id	sid	tid	token	lemma	pos
cblr-1706	1	1	microsoft	microsoft	PROPN
cblr-1706	1	2	word	word	NOUN
cblr-1706	1	3	1_2018.3_johnsen_final.docx	1_2018.3_johnsen_final.docx	PROPN
cblr-1706	1	4	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	1	5	a	a	DET
cblr-1706	1	6	transaction	transaction	NOUN
cblr-1706	1	7	cost	cost	NOUN
cblr-1706	1	8	assessment	assessment	NOUN
cblr-1706	1	9	of	of	ADP
cblr-1706	1	10	sec	sec	PROPN
cblr-1706	1	11	regulation	regulation	NOUN
cblr-1706	1	12	best	good	ADJ
cblr-1706	1	13	interest	interest	NOUN
cblr-1706	1	14	d.	d.	PROPN
cblr-1706	1	15	bruce	bruce	PROPN
cblr-1706	1	16	johnsen	johnsen	PROPN
cblr-1706	1	17	*	*	PROPN
cblr-1706	1	18	the	the	DET
cblr-1706	1	19	u.s	u.s	PROPN
cblr-1706	1	20	.	.	PROPN
cblr-1706	1	21	securities	securities	PROPN
cblr-1706	1	22	and	and	CCONJ
cblr-1706	1	23	exchange	exchange	PROPN
cblr-1706	1	24	commission	commission	PROPN
cblr-1706	1	25	(	(	PUNCT
cblr-1706	1	26	“	"	PUNCT
cblr-1706	1	27	sec	sec	PROPN
cblr-1706	1	28	”	"	PUNCT
cblr-1706	1	29	)	)	PUNCT
cblr-1706	1	30	is	be	AUX
cblr-1706	1	31	required	require	VERB
cblr-1706	1	32	to	to	PART
cblr-1706	1	33	provide	provide	VERB
cblr-1706	1	34	an	an	DET
cblr-1706	1	35	economic	economic	ADJ
cblr-1706	1	36	analysis	analysis	NOUN
cblr-1706	1	37	of	of	ADP
cblr-1706	1	38	proposed	propose	VERB
cblr-1706	1	39	regulations	regulation	NOUN
cblr-1706	1	40	and	and	CCONJ
cblr-1706	1	41	to	to	PART
cblr-1706	1	42	show	show	VERB
cblr-1706	1	43	they	they	PRON
cblr-1706	1	44	plausibly	plausibly	ADV
cblr-1706	1	45	meet	meet	VERB
cblr-1706	1	46	a	a	DET
cblr-1706	1	47	cost	cost	NOUN
cblr-1706	1	48	-	-	PUNCT
cblr-1706	1	49	benefit	benefit	NOUN
cblr-1706	1	50	test	test	NOUN
cblr-1706	1	51	.	.	PUNCT
cblr-1706	2	1	it	it	PRON
cblr-1706	2	2	recently	recently	ADV
cblr-1706	2	3	proposed	propose	VERB
cblr-1706	2	4	regulation	regulation	NOUN
cblr-1706	2	5	best	good	ADJ
cblr-1706	2	6	interest	interest	NOUN
cblr-1706	2	7	(	(	PUNCT
cblr-1706	2	8	rbi	rbi	NOUN
cblr-1706	2	9	)	)	PUNCT
cblr-1706	2	10	to	to	PART
cblr-1706	2	11	replace	replace	VERB
cblr-1706	2	12	the	the	DET
cblr-1706	2	13	longstanding	longstanding	ADJ
cblr-1706	2	14	suitability	suitability	NOUN
cblr-1706	2	15	rule	rule	NOUN
cblr-1706	2	16	for	for	ADP
cblr-1706	2	17	securities	security	NOUN
cblr-1706	2	18	brokers	broker	NOUN
cblr-1706	2	19	when	when	SCONJ
cblr-1706	2	20	providing	provide	VERB
cblr-1706	2	21	their	their	PRON
cblr-1706	2	22	retail	retail	ADJ
cblr-1706	2	23	clients	client	NOUN
cblr-1706	2	24	with	with	ADP
cblr-1706	2	25	incidental	incidental	ADJ
cblr-1706	2	26	investment	investment	NOUN
cblr-1706	2	27	advice	advice	NOUN
cblr-1706	2	28	.	.	PUNCT
cblr-1706	3	1	despite	despite	SCONJ
cblr-1706	3	2	a	a	DET
cblr-1706	3	3	dearth	dearth	NOUN
cblr-1706	3	4	of	of	ADP
cblr-1706	3	5	empirical	empirical	ADJ
cblr-1706	3	6	support	support	NOUN
cblr-1706	3	7	,	,	PUNCT
cblr-1706	3	8	the	the	DET
cblr-1706	3	9	proposing	propose	VERB
cblr-1706	3	10	release	release	NOUN
cblr-1706	3	11	concludes	conclude	VERB
cblr-1706	3	12	that	that	SCONJ
cblr-1706	3	13	a	a	DET
cblr-1706	3	14	best	good	ADJ
cblr-1706	3	15	interest	interest	NOUN
cblr-1706	3	16	standard	standard	NOUN
cblr-1706	3	17	would	would	AUX
cblr-1706	3	18	better	well	ADV
cblr-1706	3	19	mitigate	mitigate	VERB
cblr-1706	3	20	the	the	DET
cblr-1706	3	21	conflicts	conflict	NOUN
cblr-1706	3	22	of	of	ADP
cblr-1706	3	23	interest	interest	NOUN
cblr-1706	3	24	brokers	broker	NOUN
cblr-1706	3	25	face	face	VERB
cblr-1706	3	26	between	between	ADP
cblr-1706	3	27	providing	provide	VERB
cblr-1706	3	28	their	their	PRON
cblr-1706	3	29	clients	client	NOUN
cblr-1706	3	30	with	with	ADP
cblr-1706	3	31	impartial	impartial	ADJ
cblr-1706	3	32	advice	advice	NOUN
cblr-1706	3	33	and	and	CCONJ
cblr-1706	3	34	inflating	inflate	VERB
cblr-1706	3	35	their	their	PRON
cblr-1706	3	36	own	own	ADJ
cblr-1706	3	37	compensation	compensation	NOUN
cblr-1706	3	38	.	.	PUNCT
cblr-1706	4	1	the	the	DET
cblr-1706	4	2	empirical	empirical	ADJ
cblr-1706	4	3	vacuum	vacuum	NOUN
cblr-1706	4	4	is	be	AUX
cblr-1706	4	5	a	a	DET
cblr-1706	4	6	result	result	NOUN
cblr-1706	4	7	of	of	ADP
cblr-1706	4	8	the	the	DET
cblr-1706	4	9	sec	sec	PROPN
cblr-1706	4	10	’s	’s	PART
cblr-1706	4	11	failure	failure	NOUN
cblr-1706	4	12	to	to	PART
cblr-1706	4	13	ask	ask	VERB
cblr-1706	4	14	the	the	DET
cblr-1706	4	15	right	right	ADJ
cblr-1706	4	16	economic	economic	ADJ
cblr-1706	4	17	question	question	NOUN
cblr-1706	4	18	,	,	PUNCT
cblr-1706	4	19	which	which	PRON
cblr-1706	4	20	nobel	nobel	PROPN
cblr-1706	4	21	laureate	laureate	PROPN
cblr-1706	4	22	ronald	ronald	PROPN
cblr-1706	4	23	coase	coase	PROPN
cblr-1706	4	24	raised	raise	VERB
cblr-1706	4	25	over	over	ADP
cblr-1706	4	26	half	half	DET
cblr-1706	4	27	a	a	DET
cblr-1706	4	28	century	century	NOUN
cblr-1706	4	29	ago	ago	ADV
cblr-1706	4	30	:	:	PUNCT
cblr-1706	4	31	why	why	SCONJ
cblr-1706	4	32	does	do	AUX
cblr-1706	4	33	the	the	DET
cblr-1706	4	34	rule	rule	NOUN
cblr-1706	4	35	of	of	ADP
cblr-1706	4	36	liability	liability	NOUN
cblr-1706	4	37	matter	matter	NOUN
cblr-1706	4	38	?	?	PUNCT
cblr-1706	5	1	what	what	PRON
cblr-1706	5	2	transaction	transaction	NOUN
cblr-1706	5	3	costs	cost	NOUN
cblr-1706	5	4	prevent	prevent	VERB
cblr-1706	5	5	the	the	DET
cblr-1706	5	6	parties	party	NOUN
cblr-1706	5	7	—	—	PUNCT
cblr-1706	5	8	who	who	PRON
cblr-1706	5	9	in	in	ADP
cblr-1706	5	10	this	this	DET
cblr-1706	5	11	setting	set	VERB
cblr-1706	5	12	negotiate	negotiate	NOUN
cblr-1706	5	13	face	face	NOUN
cblr-1706	5	14	-	-	PUNCT
cblr-1706	5	15	toface	toface	NOUN
cblr-1706	5	16	—	—	PUNCT
cblr-1706	5	17	from	from	ADP
cblr-1706	5	18	correcting	correct	VERB
cblr-1706	5	19	any	any	DET
cblr-1706	5	20	market	market	NOUN
cblr-1706	5	21	failure	failure	NOUN
cblr-1706	5	22	through	through	ADP
cblr-1706	5	23	private	private	ADJ
cblr-1706	5	24	ordering	ordering	NOUN
cblr-1706	5	25	?	?	PUNCT
cblr-1706	6	1	this	this	DET
cblr-1706	6	2	essay	essay	NOUN
cblr-1706	6	3	provides	provide	VERB
cblr-1706	6	4	a	a	DET
cblr-1706	6	5	transaction	transaction	NOUN
cblr-1706	6	6	cost	cost	NOUN
cblr-1706	6	7	assessment	assessment	NOUN
cblr-1706	6	8	of	of	ADP
cblr-1706	6	9	rbi	rbi	NOUN
cblr-1706	6	10	and	and	CCONJ
cblr-1706	6	11	concludes	conclude	VERB
cblr-1706	6	12	that	that	SCONJ
cblr-1706	6	13	a	a	DET
cblr-1706	6	14	far	far	ADV
cblr-1706	6	15	more	more	ADV
cblr-1706	6	16	thorough	thorough	ADJ
cblr-1706	6	17	economic	economic	ADJ
cblr-1706	6	18	analysis	analysis	NOUN
cblr-1706	6	19	is	be	AUX
cblr-1706	6	20	necessary	necessary	ADJ
cblr-1706	6	21	to	to	PART
cblr-1706	6	22	justify	justify	VERB
cblr-1706	6	23	imposing	impose	VERB
cblr-1706	6	24	a	a	DET
cblr-1706	6	25	best	good	ADJ
cblr-1706	6	26	interest	interest	NOUN
cblr-1706	6	27	standard	standard	NOUN
cblr-1706	6	28	on	on	ADP
cblr-1706	6	29	retail	retail	ADJ
cblr-1706	6	30	brokers	broker	NOUN
cblr-1706	6	31	.	.	PUNCT
cblr-1706	7	1	*	*	PUNCT
cblr-1706	7	2	professor	professor	NOUN
cblr-1706	7	3	of	of	ADP
cblr-1706	7	4	law	law	NOUN
cblr-1706	7	5	,	,	PUNCT
cblr-1706	7	6	antonin	antonin	PROPN
cblr-1706	7	7	scalia	scalia	PROPN
cblr-1706	7	8	law	law	PROPN
cblr-1706	7	9	school	school	PROPN
cblr-1706	7	10	,	,	PUNCT
cblr-1706	7	11	george	george	PROPN
cblr-1706	7	12	mason	mason	PROPN
cblr-1706	7	13	university	university	PROPN
cblr-1706	7	14	.	.	PUNCT
cblr-1706	8	1	b.a	b.a	PROPN
cblr-1706	8	2	.	.	PROPN
cblr-1706	8	3	,	,	PUNCT
cblr-1706	8	4	m.a	m.a	PROPN
cblr-1706	8	5	,	,	PUNCT
cblr-1706	8	6	and	and	CCONJ
cblr-1706	8	7	ph.d	ph.d	PROPN
cblr-1706	8	8	.	.	PUNCT
cblr-1706	9	1	(	(	PUNCT
cblr-1706	9	2	economics	economics	PROPN
cblr-1706	9	3	)	)	PUNCT
cblr-1706	9	4	,	,	PUNCT
cblr-1706	9	5	university	university	NOUN
cblr-1706	9	6	of	of	ADP
cblr-1706	9	7	washington	washington	PROPN
cblr-1706	9	8	;	;	PUNCT
cblr-1706	9	9	j.d	j.d	PROPN
cblr-1706	9	10	.	.	PROPN
cblr-1706	9	11	,	,	PUNCT
cblr-1706	9	12	emory	emory	PROPN
cblr-1706	9	13	university	university	PROPN
cblr-1706	9	14	school	school	NOUN
cblr-1706	9	15	of	of	ADP
cblr-1706	9	16	law	law	NOUN
cblr-1706	9	17	.	.	PUNCT
cblr-1706	10	1	for	for	ADP
cblr-1706	10	2	helpful	helpful	ADJ
cblr-1706	10	3	comments	comment	NOUN
cblr-1706	10	4	and	and	CCONJ
cblr-1706	10	5	encouragement	encouragement	NOUN
cblr-1706	10	6	on	on	ADP
cblr-1706	10	7	earlier	early	ADJ
cblr-1706	10	8	drafts	draft	NOUN
cblr-1706	10	9	,	,	PUNCT
cblr-1706	10	10	i	i	PRON
cblr-1706	10	11	thank	thank	VERB
cblr-1706	10	12	doug	doug	PROPN
cblr-1706	10	13	allen	allen	PROPN
cblr-1706	10	14	,	,	PUNCT
cblr-1706	10	15	caroline	caroline	PROPN
cblr-1706	10	16	cecot	cecot	PROPN
cblr-1706	10	17	,	,	PUNCT
cblr-1706	10	18	doug	doug	PROPN
cblr-1706	10	19	ginsburg	ginsburg	PROPN
cblr-1706	10	20	,	,	PUNCT
cblr-1706	10	21	jonathan	jonathan	PROPN
cblr-1706	10	22	klick	klick	PROPN
cblr-1706	10	23	,	,	PUNCT
cblr-1706	10	24	robert	robert	PROPN
cblr-1706	10	25	ledig	ledig	PROPN
cblr-1706	10	26	,	,	PUNCT
cblr-1706	10	27	j.w	j.w	PROPN
cblr-1706	10	28	.	.	PROPN
cblr-1706	10	29	verret	verret	PROPN
cblr-1706	10	30	,	,	PUNCT
cblr-1706	10	31	dick	dick	PROPN
cblr-1706	10	32	zerbe	zerbe	PROPN
cblr-1706	10	33	,	,	PUNCT
cblr-1706	10	34	and	and	CCONJ
cblr-1706	10	35	participants	participant	NOUN
cblr-1706	10	36	in	in	ADP
cblr-1706	10	37	the	the	PRON
cblr-1706	10	38	robert	robert	PROPN
cblr-1706	10	39	a.	a.	PROPN
cblr-1706	10	40	levy	levy	PROPN
cblr-1706	10	41	fellows	fellow	VERB
cblr-1706	10	42	workshop	workshop	NOUN
cblr-1706	10	43	at	at	ADP
cblr-1706	10	44	scalia	scalia	PROPN
cblr-1706	10	45	law	law	PROPN
cblr-1706	10	46	school	school	PROPN
cblr-1706	10	47	and	and	CCONJ
cblr-1706	10	48	the	the	DET
cblr-1706	10	49	school	school	NOUN
cblr-1706	10	50	of	of	ADP
cblr-1706	10	51	public	public	ADJ
cblr-1706	10	52	policy	policy	NOUN
cblr-1706	10	53	seminar	seminar	NOUN
cblr-1706	10	54	at	at	ADP
cblr-1706	10	55	the	the	DET
cblr-1706	10	56	university	university	PROPN
cblr-1706	10	57	of	of	ADP
cblr-1706	10	58	washington	washington	PROPN
cblr-1706	10	59	.	.	PUNCT
cblr-1706	11	1	i	i	PRON
cblr-1706	11	2	also	also	ADV
cblr-1706	11	3	thank	thank	VERB
cblr-1706	11	4	mike	mike	PROPN
cblr-1706	11	5	leahy	leahy	PROPN
cblr-1706	11	6	and	and	CCONJ
cblr-1706	11	7	dan	dan	PROPN
cblr-1706	11	8	monahan	monahan	PROPN
cblr-1706	11	9	for	for	ADP
cblr-1706	11	10	excellent	excellent	ADJ
cblr-1706	11	11	research	research	NOUN
cblr-1706	11	12	assistance	assistance	NOUN
cblr-1706	11	13	.	.	PUNCT
cblr-1706	12	1	the	the	DET
cblr-1706	12	2	mercatus	mercatus	PROPN
cblr-1706	12	3	center	center	PROPN
cblr-1706	12	4	at	at	ADP
cblr-1706	12	5	george	george	PROPN
cblr-1706	12	6	mason	mason	PROPN
cblr-1706	12	7	university	university	PROPN
cblr-1706	12	8	provided	provide	VERB
cblr-1706	12	9	research	research	NOUN
cblr-1706	12	10	funding	funding	NOUN
cblr-1706	12	11	.	.	PUNCT
cblr-1706	13	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	13	2	696	696	NUM
cblr-1706	13	3	columbia	columbia	PROPN
cblr-1706	13	4	business	business	NOUN
cblr-1706	13	5	law	law	NOUN
cblr-1706	13	6	review	review	NOUN
cblr-1706	13	7	[	[	X
cblr-1706	13	8	vol	vol	NOUN
cblr-1706	13	9	.	.	NOUN
cblr-1706	13	10	2018	2018	NUM
cblr-1706	13	11	i.	i.	NOUN
cblr-1706	13	12	introduction	introduction	NOUN
cblr-1706	13	13	................................................................	................................................................	PUNCT
cblr-1706	13	14	696	696	NUM
cblr-1706	13	15	ii	ii	NOUN
cblr-1706	13	16	.	.	PUNCT
cblr-1706	14	1	overview	overview	NOUN
cblr-1706	14	2	of	of	ADP
cblr-1706	14	3	cost	cost	NOUN
cblr-1706	14	4	-	-	PUNCT
cblr-1706	14	5	benefit	benefit	NOUN
cblr-1706	14	6	analysis	analysis	NOUN
cblr-1706	14	7	of	of	ADP
cblr-1706	14	8	financial	financial	ADJ
cblr-1706	14	9	regulation	regulation	NOUN
cblr-1706	14	10	..................................................................	..................................................................	PUNCT
cblr-1706	15	1	706	706	NUM
cblr-1706	15	2	a.	a.	NOUN
cblr-1706	15	3	brief	brief	ADJ
cblr-1706	15	4	history	history	NOUN
cblr-1706	15	5	of	of	ADP
cblr-1706	15	6	cost	cost	NOUN
cblr-1706	15	7	-	-	PUNCT
cblr-1706	15	8	benefit	benefit	NOUN
cblr-1706	15	9	analysis	analysis	NOUN
cblr-1706	15	10	................	................	PUNCT
cblr-1706	15	11	706	706	NUM
cblr-1706	15	12	b.	b.	NOUN
cblr-1706	15	13	cost	cost	NOUN
cblr-1706	15	14	-	-	PUNCT
cblr-1706	15	15	benefit	benefit	NOUN
cblr-1706	15	16	analysis	analysis	NOUN
cblr-1706	15	17	at	at	ADP
cblr-1706	15	18	the	the	DET
cblr-1706	15	19	sec	sec	PROPN
cblr-1706	15	20	........................	........................	PUNCT
cblr-1706	15	21	708	708	NUM
cblr-1706	15	22	1	1	NUM
cblr-1706	15	23	.	.	PUNCT
cblr-1706	15	24	statutory	statutory	ADJ
cblr-1706	15	25	and	and	CCONJ
cblr-1706	15	26	case	case	NOUN
cblr-1706	15	27	law	law	NOUN
cblr-1706	15	28	.................................	.................................	PUNCT
cblr-1706	15	29	708	708	NUM
cblr-1706	15	30	2	2	NUM
cblr-1706	15	31	.	.	PUNCT
cblr-1706	16	1	the	the	DET
cblr-1706	16	2	sec	sec	PROPN
cblr-1706	16	3	’s	’s	PART
cblr-1706	16	4	current	current	ADJ
cblr-1706	16	5	guidance	guidance	NOUN
cblr-1706	16	6	memo	memo	NOUN
cblr-1706	16	7	..............	..............	PUNCT
cblr-1706	16	8	713	713	NUM
cblr-1706	16	9	iii	iii	NOUN
cblr-1706	16	10	.	.	PUNCT
cblr-1706	17	1	the	the	DET
cblr-1706	17	2	assault	assault	NOUN
cblr-1706	17	3	on	on	ADP
cblr-1706	17	4	suitability	suitability	NOUN
cblr-1706	17	5	.........................................	.........................................	PUNCT
cblr-1706	17	6	716	716	NUM
cblr-1706	17	7	a.	a.	NOUN
cblr-1706	17	8	fiduciary	fiduciary	ADJ
cblr-1706	17	9	status	status	NOUN
cblr-1706	17	10	for	for	ADP
cblr-1706	17	11	retail	retail	ADJ
cblr-1706	17	12	brokers	broker	NOUN
cblr-1706	17	13	?	?	PUNCT
cblr-1706	18	1	...................	...................	PUNCT
cblr-1706	19	1	716	716	NUM
cblr-1706	19	2	1	1	NUM
cblr-1706	19	3	.	.	PUNCT
cblr-1706	20	1	the	the	DET
cblr-1706	20	2	sec	sec	PROPN
cblr-1706	20	3	’s	’s	PART
cblr-1706	20	4	2011	2011	NUM
cblr-1706	20	5	study	study	NOUN
cblr-1706	20	6	and	and	CCONJ
cblr-1706	20	7	dol	dol	NOUN
cblr-1706	20	8	’s	’s	PART
cblr-1706	20	9	response	response	NOUN
cblr-1706	20	10	..	..	PUNCT
cblr-1706	20	11	716	716	NUM
cblr-1706	20	12	b.	b.	NOUN
cblr-1706	20	13	the	the	DET
cblr-1706	20	14	sec	sec	PROPN
cblr-1706	20	15	’s	’s	PART
cblr-1706	20	16	regulation	regulation	NOUN
cblr-1706	20	17	best	good	ADJ
cblr-1706	20	18	interest	interest	NOUN
cblr-1706	20	19	....................	....................	PUNCT
cblr-1706	21	1	718	718	NUM
cblr-1706	21	2	iv	iv	NOUN
cblr-1706	21	3	.	.	PUNCT
cblr-1706	21	4	basic	basic	ADJ
cblr-1706	21	5	economics	economic	NOUN
cblr-1706	21	6	.........................................................	.........................................................	PUNCT
cblr-1706	22	1	720	720	NUM
cblr-1706	22	2	a.	a.	NOUN
cblr-1706	22	3	assessing	assess	VERB
cblr-1706	22	4	welfare	welfare	NOUN
cblr-1706	22	5	in	in	ADP
cblr-1706	22	6	the	the	DET
cblr-1706	22	7	basic	basic	ADJ
cblr-1706	22	8	neoclassical	neoclassical	ADJ
cblr-1706	22	9	model	model	NOUN
cblr-1706	22	10	.....................................................................	.....................................................................	PUNCT
cblr-1706	22	11	720	720	NUM
cblr-1706	22	12	b.	b.	NOUN
cblr-1706	22	13	market	market	NOUN
cblr-1706	22	14	failure	failure	NOUN
cblr-1706	22	15	as	as	ADP
cblr-1706	22	16	a	a	DET
cblr-1706	22	17	basis	basis	NOUN
cblr-1706	22	18	for	for	ADP
cblr-1706	22	19	corrective	corrective	ADJ
cblr-1706	22	20	rules	rule	NOUN
cblr-1706	22	21	..	..	PUNCT
cblr-1706	22	22	726	726	NUM
cblr-1706	22	23	c.	c.	NOUN
cblr-1706	22	24	a	a	DET
cblr-1706	22	25	closer	close	ADJ
cblr-1706	22	26	look	look	NOUN
cblr-1706	22	27	at	at	ADP
cblr-1706	22	28	market	market	NOUN
cblr-1706	22	29	failure	failure	NOUN
cblr-1706	22	30	.........................	.........................	PUNCT
cblr-1706	23	1	730	730	NUM
cblr-1706	23	2	v.	v.	ADP
cblr-1706	23	3	a	a	DET
cblr-1706	23	4	transaction	transaction	NOUN
cblr-1706	23	5	cost	cost	NOUN
cblr-1706	23	6	assessment	assessment	NOUN
cblr-1706	23	7	of	of	ADP
cblr-1706	23	8	regulation	regulation	NOUN
cblr-1706	23	9	best	good	ADJ
cblr-1706	23	10	interest	interest	NOUN
cblr-1706	23	11	............................................	............................................	PUNCT
cblr-1706	24	1	733	733	NUM
cblr-1706	24	2	a.	a.	NOUN
cblr-1706	24	3	preliminaries	preliminary	NOUN
cblr-1706	24	4	........................................................	........................................................	PUNCT
cblr-1706	24	5	733	733	NUM
cblr-1706	24	6	b.	b.	X
cblr-1706	24	7	the	the	DET
cblr-1706	24	8	best	good	ADJ
cblr-1706	24	9	interest	interest	NOUN
cblr-1706	24	10	standard	standard	NOUN
cblr-1706	24	11	.................................	.................................	PUNCT
cblr-1706	24	12	737	737	NUM
cblr-1706	24	13	vi	vi	NOUN
cblr-1706	24	14	.	.	NOUN
cblr-1706	24	15	summary	summary	NOUN
cblr-1706	24	16	and	and	CCONJ
cblr-1706	24	17	concluding	conclude	VERB
cblr-1706	24	18	remarks	remark	NOUN
cblr-1706	24	19	.........................	.........................	PUNCT
cblr-1706	24	20	753	753	NUM
cblr-1706	24	21	“	"	PUNCT
cblr-1706	24	22	[	[	X
cblr-1706	24	23	i]f	i]f	X
cblr-1706	24	24	[	[	PUNCT
cblr-1706	24	25	a	a	DET
cblr-1706	24	26	financial	financial	ADJ
cblr-1706	24	27	regulator	regulator	NOUN
cblr-1706	24	28	]	]	PUNCT
cblr-1706	24	29	finds	find	VERB
cblr-1706	24	30	something	something	PRON
cblr-1706	24	31	—	—	PUNCT
cblr-1706	24	32	a	a	DET
cblr-1706	24	33	business	business	NOUN
cblr-1706	24	34	practice	practice	NOUN
cblr-1706	24	35	of	of	ADP
cblr-1706	24	36	one	one	NUM
cblr-1706	24	37	sort	sort	NOUN
cblr-1706	24	38	or	or	CCONJ
cblr-1706	24	39	other	other	ADJ
cblr-1706	24	40	—	—	PUNCT
cblr-1706	24	41	that	that	SCONJ
cblr-1706	24	42	he	he	PRON
cblr-1706	24	43	does	do	AUX
cblr-1706	24	44	not	not	PART
cblr-1706	24	45	understand	understand	VERB
cblr-1706	24	46	,	,	PUNCT
cblr-1706	24	47	he	he	PRON
cblr-1706	24	48	looks	look	VERB
cblr-1706	24	49	for	for	ADP
cblr-1706	24	50	a	a	DET
cblr-1706	24	51	[	[	X
cblr-1706	24	52	conflict	conflict	NOUN
cblr-1706	24	53	of	of	ADP
cblr-1706	24	54	interest	interest	NOUN
cblr-1706	24	55	]	]	PUNCT
cblr-1706	24	56	explanation	explanation	NOUN
cblr-1706	24	57	.	.	PUNCT
cblr-1706	25	1	and	and	CCONJ
cblr-1706	25	2	as	as	ADP
cblr-1706	25	3	in	in	ADP
cblr-1706	25	4	this	this	DET
cblr-1706	25	5	field	field	NOUN
cblr-1706	25	6	[	[	X
cblr-1706	25	7	they	they	PRON
cblr-1706	25	8	]	]	PUNCT
cblr-1706	25	9	are	be	AUX
cblr-1706	25	10	very	very	ADV
cblr-1706	25	11	ignorant	ignorant	ADJ
cblr-1706	25	12	,	,	PUNCT
cblr-1706	25	13	the	the	DET
cblr-1706	25	14	number	number	NOUN
cblr-1706	25	15	of	of	ADP
cblr-1706	25	16	[	[	X
cblr-1706	25	17	misunderstood	misunderstood	X
cblr-1706	25	18	]	]	X
cblr-1706	25	19	practices	practice	NOUN
cblr-1706	25	20	tends	tend	VERB
cblr-1706	25	21	to	to	PART
cblr-1706	25	22	be	be	AUX
cblr-1706	25	23	very	very	ADV
cblr-1706	25	24	large	large	ADJ
cblr-1706	25	25	,	,	PUNCT
cblr-1706	25	26	and	and	CCONJ
cblr-1706	25	27	the	the	DET
cblr-1706	25	28	reliance	reliance	NOUN
cblr-1706	25	29	on	on	ADP
cblr-1706	25	30	a	a	DET
cblr-1706	25	31	[	[	X
cblr-1706	25	32	conflict	conflict	NOUN
cblr-1706	25	33	of	of	ADP
cblr-1706	25	34	interest	interest	NOUN
cblr-1706	25	35	]	]	PUNCT
cblr-1706	25	36	explanation	explanation	NOUN
cblr-1706	25	37	,	,	PUNCT
cblr-1706	25	38	frequent	frequent	ADJ
cblr-1706	25	39	.	.	PUNCT
cblr-1706	25	40	”1	”1	PUNCT
cblr-1706	26	1	i.	i.	PROPN
cblr-1706	26	2	introduction	introduction	NOUN
cblr-1706	26	3	this	this	DET
cblr-1706	26	4	essay	essay	NOUN
cblr-1706	26	5	examines	examine	VERB
cblr-1706	26	6	the	the	DET
cblr-1706	26	7	costs	cost	NOUN
cblr-1706	26	8	of	of	ADP
cblr-1706	26	9	transacting	transact	VERB
cblr-1706	26	10	investment	investment	NOUN
cblr-1706	26	11	advice	advice	NOUN
cblr-1706	26	12	and	and	CCONJ
cblr-1706	26	13	the	the	DET
cblr-1706	26	14	implications	implication	NOUN
cblr-1706	26	15	for	for	ADP
cblr-1706	26	16	u.s	u.s	PROPN
cblr-1706	26	17	.	.	PROPN
cblr-1706	26	18	financial	financial	ADJ
cblr-1706	26	19	market	market	NOUN
cblr-1706	26	20	1	1	NUM
cblr-1706	26	21	see	see	VERB
cblr-1706	26	22	r.h	r.h	PROPN
cblr-1706	26	23	.	.	PROPN
cblr-1706	26	24	coase	coase	PROPN
cblr-1706	26	25	,	,	PUNCT
cblr-1706	26	26	industrial	industrial	ADJ
cblr-1706	26	27	organization	organization	NOUN
cblr-1706	26	28	:	:	PUNCT
cblr-1706	26	29	a	a	DET
cblr-1706	26	30	proposal	proposal	NOUN
cblr-1706	26	31	for	for	ADP
cblr-1706	26	32	research	research	NOUN
cblr-1706	26	33	,	,	PUNCT
cblr-1706	26	34	in	in	ADP
cblr-1706	26	35	3	3	NUM
cblr-1706	26	36	policy	policy	NOUN
cblr-1706	26	37	issues	issue	NOUN
cblr-1706	26	38	and	and	CCONJ
cblr-1706	26	39	research	research	NOUN
cblr-1706	26	40	opportunities	opportunity	NOUN
cblr-1706	26	41	in	in	ADP
cblr-1706	26	42	industrial	industrial	ADJ
cblr-1706	26	43	organization	organization	NOUN
cblr-1706	26	44	59	59	NUM
cblr-1706	26	45	,	,	PUNCT
cblr-1706	26	46	67	67	NUM
cblr-1706	26	47	(	(	PUNCT
cblr-1706	26	48	victor	victor	PROPN
cblr-1706	26	49	r.	r.	PROPN
cblr-1706	26	50	fuchs	fuchs	PROPN
cblr-1706	26	51	ed	ed	PROPN
cblr-1706	26	52	.	.	PROPN
cblr-1706	26	53	,	,	PUNCT
cblr-1706	26	54	1972	1972	NUM
cblr-1706	26	55	)	)	PUNCT
cblr-1706	26	56	(	(	PUNCT
cblr-1706	26	57	“	"	PUNCT
cblr-1706	26	58	[	[	X
cblr-1706	26	59	i]f	i]f	NOUN
cblr-1706	26	60	an	an	DET
cblr-1706	26	61	economist	economist	NOUN
cblr-1706	26	62	finds	find	VERB
cblr-1706	26	63	something	something	PRON
cblr-1706	26	64	—	—	PUNCT
cblr-1706	26	65	a	a	DET
cblr-1706	26	66	business	business	NOUN
cblr-1706	26	67	practice	practice	NOUN
cblr-1706	26	68	of	of	ADP
cblr-1706	26	69	one	one	NUM
cblr-1706	26	70	sort	sort	NOUN
cblr-1706	26	71	or	or	CCONJ
cblr-1706	26	72	another	another	PRON
cblr-1706	26	73	—	—	PUNCT
cblr-1706	26	74	that	that	SCONJ
cblr-1706	26	75	he	he	PRON
cblr-1706	26	76	does	do	AUX
cblr-1706	26	77	not	not	PART
cblr-1706	26	78	understand	understand	VERB
cblr-1706	26	79	,	,	PUNCT
cblr-1706	26	80	he	he	PRON
cblr-1706	26	81	looks	look	VERB
cblr-1706	26	82	for	for	ADP
cblr-1706	26	83	a	a	DET
cblr-1706	26	84	monopoly	monopoly	NOUN
cblr-1706	26	85	explanation	explanation	NOUN
cblr-1706	26	86	.	.	PUNCT
cblr-1706	27	1	and	and	CCONJ
cblr-1706	27	2	as	as	ADP
cblr-1706	27	3	in	in	ADP
cblr-1706	27	4	this	this	DET
cblr-1706	27	5	field	field	NOUN
cblr-1706	27	6	we	we	PRON
cblr-1706	27	7	are	be	AUX
cblr-1706	27	8	very	very	ADV
cblr-1706	27	9	ignorant	ignorant	ADJ
cblr-1706	27	10	,	,	PUNCT
cblr-1706	27	11	the	the	DET
cblr-1706	27	12	number	number	NOUN
cblr-1706	27	13	of	of	ADP
cblr-1706	27	14	[	[	X
cblr-1706	27	15	misunderstood	misunderstood	X
cblr-1706	27	16	]	]	X
cblr-1706	27	17	practices	practice	NOUN
cblr-1706	27	18	tends	tend	VERB
cblr-1706	27	19	to	to	PART
cblr-1706	27	20	be	be	AUX
cblr-1706	27	21	very	very	ADV
cblr-1706	27	22	large	large	ADJ
cblr-1706	27	23	,	,	PUNCT
cblr-1706	27	24	and	and	CCONJ
cblr-1706	27	25	the	the	DET
cblr-1706	27	26	reliance	reliance	NOUN
cblr-1706	27	27	on	on	ADP
cblr-1706	27	28	a	a	DET
cblr-1706	27	29	monopoly	monopoly	NOUN
cblr-1706	27	30	explanation	explanation	NOUN
cblr-1706	27	31	,	,	PUNCT
cblr-1706	27	32	frequent	frequent	ADJ
cblr-1706	27	33	.	.	PUNCT
cblr-1706	27	34	”	"	PUNCT
cblr-1706	27	35	)	)	PUNCT
cblr-1706	27	36	.	.	PUNCT
cblr-1706	28	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	28	2	no	no	NOUN
cblr-1706	28	3	.	.	PUNCT
cblr-1706	29	1	3:695	3:695	NUM
cblr-1706	29	2	]	]	X
cblr-1706	29	3	a	a	DET
cblr-1706	29	4	transaction	transaction	NOUN
cblr-1706	29	5	cost	cost	NOUN
cblr-1706	29	6	assessment	assessment	NOUN
cblr-1706	29	7	697	697	NUM
cblr-1706	29	8	regulation	regulation	NOUN
cblr-1706	29	9	.	.	PUNCT
cblr-1706	30	1	american	american	ADJ
cblr-1706	30	2	retail	retail	ADJ
cblr-1706	30	3	investors	investor	NOUN
cblr-1706	30	4	get	get	VERB
cblr-1706	30	5	professional	professional	ADJ
cblr-1706	30	6	investment	investment	NOUN
cblr-1706	30	7	advice	advice	NOUN
cblr-1706	30	8	from	from	ADP
cblr-1706	30	9	one	one	NUM
cblr-1706	30	10	of	of	ADP
cblr-1706	30	11	two	two	NUM
cblr-1706	30	12	primary	primary	ADJ
cblr-1706	30	13	sources	source	NOUN
cblr-1706	30	14	subject	subject	ADJ
cblr-1706	30	15	to	to	ADP
cblr-1706	30	16	federal	federal	ADJ
cblr-1706	30	17	regulation	regulation	NOUN
cblr-1706	30	18	:	:	PUNCT
cblr-1706	30	19	investment	investment	NOUN
cblr-1706	30	20	advisers	adviser	NOUN
cblr-1706	30	21	and	and	CCONJ
cblr-1706	30	22	securities	security	NOUN
cblr-1706	30	23	brokers	broker	NOUN
cblr-1706	30	24	.	.	PUNCT
cblr-1706	31	1	advisers	adviser	NOUN
cblr-1706	31	2	are	be	AUX
cblr-1706	31	3	fiduciaries	fiduciary	NOUN
cblr-1706	31	4	compensated	compensate	VERB
cblr-1706	31	5	specifically	specifically	ADV
cblr-1706	31	6	for	for	ADP
cblr-1706	31	7	giving	give	VERB
cblr-1706	31	8	advice	advice	NOUN
cblr-1706	31	9	,	,	PUNCT
cblr-1706	31	10	often	often	ADV
cblr-1706	31	11	in	in	ADP
cblr-1706	31	12	the	the	DET
cblr-1706	31	13	form	form	NOUN
cblr-1706	31	14	of	of	ADP
cblr-1706	31	15	a	a	DET
cblr-1706	31	16	periodic	periodic	ADJ
cblr-1706	31	17	share	share	NOUN
cblr-1706	31	18	of	of	ADP
cblr-1706	31	19	the	the	DET
cblr-1706	31	20	value	value	NOUN
cblr-1706	31	21	of	of	ADP
cblr-1706	31	22	client	client	NOUN
cblr-1706	31	23	accounts.2	accounts.2	NOUN
cblr-1706	31	24	securities	security	NOUN
cblr-1706	31	25	brokers	broker	NOUN
cblr-1706	31	26	,	,	PUNCT
cblr-1706	31	27	by	by	ADP
cblr-1706	31	28	contrast	contrast	NOUN
cblr-1706	31	29	,	,	PUNCT
cblr-1706	31	30	give	give	VERB
cblr-1706	31	31	investment	investment	NOUN
cblr-1706	31	32	advice	advice	NOUN
cblr-1706	31	33	only	only	ADV
cblr-1706	31	34	incidental	incidental	ADJ
cblr-1706	31	35	to	to	ADP
cblr-1706	31	36	executing	execute	VERB
cblr-1706	31	37	trades	trade	NOUN
cblr-1706	31	38	on	on	ADP
cblr-1706	31	39	their	their	PRON
cblr-1706	31	40	clients	client	NOUN
cblr-1706	31	41	’	'	PUNCT
cblr-1706	31	42	behalf	behalf	NOUN
cblr-1706	31	43	,	,	PUNCT
cblr-1706	31	44	for	for	ADP
cblr-1706	31	45	which	which	PRON
cblr-1706	31	46	they	they	PRON
cblr-1706	31	47	receive	receive	VERB
cblr-1706	31	48	brokerage	brokerage	NOUN
cblr-1706	31	49	commissions	commission	NOUN
cblr-1706	31	50	or	or	CCONJ
cblr-1706	31	51	other	other	ADJ
cblr-1706	31	52	fees	fee	NOUN
cblr-1706	31	53	on	on	ADP
cblr-1706	31	54	account	account	NOUN
cblr-1706	31	55	transactions.3	transactions.3	PROPN
cblr-1706	31	56	given	give	VERB
cblr-1706	31	57	the	the	DET
cblr-1706	31	58	evanescent	evanescent	NOUN
cblr-1706	31	59	quality	quality	NOUN
cblr-1706	31	60	of	of	ADP
cblr-1706	31	61	investment	investment	NOUN
cblr-1706	31	62	advice	advice	NOUN
cblr-1706	31	63	,	,	PUNCT
cblr-1706	31	64	there	there	PRON
cblr-1706	31	65	can	can	AUX
cblr-1706	31	66	be	be	AUX
cblr-1706	31	67	no	no	DET
cblr-1706	31	68	doubt	doubt	NOUN
cblr-1706	31	69	that	that	SCONJ
cblr-1706	31	70	transacting	transact	VERB
cblr-1706	31	71	investment	investment	NOUN
cblr-1706	31	72	advice	advice	NOUN
cblr-1706	31	73	raises	raise	VERB
cblr-1706	31	74	myriad	myriad	ADJ
cblr-1706	31	75	conflicts	conflict	NOUN
cblr-1706	31	76	of	of	ADP
cblr-1706	31	77	interest	interest	NOUN
cblr-1706	31	78	or	or	CCONJ
cblr-1706	31	79	that	that	SCONJ
cblr-1706	31	80	opportunities	opportunity	NOUN
cblr-1706	31	81	abound	abound	VERB
cblr-1706	31	82	for	for	SCONJ
cblr-1706	31	83	the	the	DET
cblr-1706	31	84	parties	party	NOUN
cblr-1706	31	85	to	to	PART
cblr-1706	31	86	take	take	VERB
cblr-1706	31	87	advantage	advantage	NOUN
cblr-1706	31	88	of	of	ADP
cblr-1706	31	89	one	one	NUM
cblr-1706	31	90	another	another	DET
cblr-1706	31	91	absent	absent	ADJ
cblr-1706	31	92	basic	basic	ADJ
cblr-1706	31	93	legal	legal	ADJ
cblr-1706	31	94	protections	protection	NOUN
cblr-1706	31	95	.	.	PUNCT
cblr-1706	32	1	securities	security	NOUN
cblr-1706	32	2	brokers	broker	NOUN
cblr-1706	32	3	have	have	AUX
cblr-1706	32	4	long	long	ADV
cblr-1706	32	5	been	be	AUX
cblr-1706	32	6	subject	subject	ADJ
cblr-1706	32	7	to	to	ADP
cblr-1706	32	8	the	the	DET
cblr-1706	32	9	suitability	suitability	NOUN
cblr-1706	32	10	rule	rule	NOUN
cblr-1706	32	11	when	when	SCONJ
cblr-1706	32	12	providing	provide	VERB
cblr-1706	32	13	incidental	incidental	ADJ
cblr-1706	32	14	advice.4	advice.4	NOUN
cblr-1706	32	15	the	the	DET
cblr-1706	32	16	suitability	suitability	NOUN
cblr-1706	32	17	rule	rule	NOUN
cblr-1706	32	18	requires	require	VERB
cblr-1706	32	19	brokers	broker	NOUN
cblr-1706	32	20	to	to	PART
cblr-1706	32	21	be	be	AUX
cblr-1706	32	22	reasonably	reasonably	ADV
cblr-1706	32	23	informed	informed	ADJ
cblr-1706	32	24	of	of	ADP
cblr-1706	32	25	their	their	PRON
cblr-1706	32	26	clients	client	NOUN
cblr-1706	32	27	’	’	PART
cblr-1706	32	28	financial	financial	ADJ
cblr-1706	32	29	circumstances	circumstance	NOUN
cblr-1706	32	30	and	and	CCONJ
cblr-1706	32	31	to	to	PART
cblr-1706	32	32	have	have	VERB
cblr-1706	32	33	a	a	DET
cblr-1706	32	34	reasonable	reasonable	ADJ
cblr-1706	32	35	basis	basis	NOUN
cblr-1706	32	36	to	to	PART
cblr-1706	32	37	believe	believe	VERB
cblr-1706	32	38	their	their	PRON
cblr-1706	32	39	recommendations	recommendation	NOUN
cblr-1706	32	40	are	be	AUX
cblr-1706	32	41	2	2	NUM
cblr-1706	32	42	section	section	NOUN
cblr-1706	32	43	2(a)(11	2(a)(11	NUM
cblr-1706	32	44	)	)	PUNCT
cblr-1706	32	45	of	of	ADP
cblr-1706	32	46	the	the	DET
cblr-1706	32	47	investment	investment	NOUN
cblr-1706	32	48	advisers	adviser	NOUN
cblr-1706	32	49	act	act	VERB
cblr-1706	32	50	of	of	ADP
cblr-1706	32	51	1940	1940	NUM
cblr-1706	32	52	defines	define	VERB
cblr-1706	32	53	an	an	DET
cblr-1706	32	54	investment	investment	NOUN
cblr-1706	32	55	adviser	adviser	NOUN
cblr-1706	32	56	as	as	ADP
cblr-1706	32	57	any	any	DET
cblr-1706	32	58	person	person	NOUN
cblr-1706	32	59	who	who	PRON
cblr-1706	32	60	,	,	PUNCT
cblr-1706	32	61	for	for	ADP
cblr-1706	32	62	compensation	compensation	NOUN
cblr-1706	32	63	,	,	PUNCT
cblr-1706	32	64	engages	engage	VERB
cblr-1706	32	65	in	in	ADP
cblr-1706	32	66	the	the	DET
cblr-1706	32	67	business	business	NOUN
cblr-1706	32	68	of	of	ADP
cblr-1706	32	69	advising	advise	VERB
cblr-1706	32	70	others	other	NOUN
cblr-1706	32	71	,	,	PUNCT
cblr-1706	32	72	either	either	CCONJ
cblr-1706	32	73	directly	directly	ADV
cblr-1706	32	74	or	or	CCONJ
cblr-1706	32	75	through	through	ADP
cblr-1706	32	76	publications	publication	NOUN
cblr-1706	32	77	or	or	CCONJ
cblr-1706	32	78	writings	writing	NOUN
cblr-1706	32	79	,	,	PUNCT
cblr-1706	32	80	as	as	ADP
cblr-1706	32	81	to	to	ADP
cblr-1706	32	82	the	the	DET
cblr-1706	32	83	value	value	NOUN
cblr-1706	32	84	of	of	ADP
cblr-1706	32	85	securities	security	NOUN
cblr-1706	32	86	or	or	CCONJ
cblr-1706	32	87	as	as	ADP
cblr-1706	32	88	to	to	ADP
cblr-1706	32	89	the	the	DET
cblr-1706	32	90	advisability	advisability	NOUN
cblr-1706	32	91	of	of	ADP
cblr-1706	32	92	investing	invest	VERB
cblr-1706	32	93	in	in	ADP
cblr-1706	32	94	,	,	PUNCT
cblr-1706	32	95	purchasing	purchasing	NOUN
cblr-1706	32	96	,	,	PUNCT
cblr-1706	32	97	or	or	CCONJ
cblr-1706	32	98	selling	sell	VERB
cblr-1706	32	99	securities	security	NOUN
cblr-1706	32	100	,	,	PUNCT
cblr-1706	32	101	or	or	CCONJ
cblr-1706	32	102	who	who	PRON
cblr-1706	32	103	,	,	PUNCT
cblr-1706	32	104	for	for	ADP
cblr-1706	32	105	compensation	compensation	NOUN
cblr-1706	32	106	and	and	CCONJ
cblr-1706	32	107	as	as	ADP
cblr-1706	32	108	part	part	NOUN
cblr-1706	32	109	of	of	ADP
cblr-1706	32	110	a	a	DET
cblr-1706	32	111	regular	regular	ADJ
cblr-1706	32	112	business	business	NOUN
cblr-1706	32	113	,	,	PUNCT
cblr-1706	32	114	issues	issue	NOUN
cblr-1706	32	115	or	or	CCONJ
cblr-1706	32	116	promulgates	promulgate	VERB
cblr-1706	32	117	analyses	analysis	NOUN
cblr-1706	32	118	or	or	CCONJ
cblr-1706	32	119	reports	report	NOUN
cblr-1706	32	120	concerning	concern	VERB
cblr-1706	32	121	securities	security	NOUN
cblr-1706	32	122	.	.	PUNCT
cblr-1706	33	1	investment	investment	NOUN
cblr-1706	33	2	advisers	adviser	NOUN
cblr-1706	33	3	act	act	VERB
cblr-1706	33	4	§	§	PROPN
cblr-1706	33	5	2(a)(11	2(a)(11	NUM
cblr-1706	33	6	)	)	PUNCT
cblr-1706	33	7	,	,	PUNCT
cblr-1706	33	8	15	15	NUM
cblr-1706	33	9	u.s.c	u.s.c	ADJ
cblr-1706	33	10	.	.	PUNCT
cblr-1706	34	1	§	§	PROPN
cblr-1706	34	2	80b-2	80b-2	PROPN
cblr-1706	34	3	(	(	PUNCT
cblr-1706	34	4	2012	2012	NUM
cblr-1706	34	5	)	)	PUNCT
cblr-1706	34	6	.	.	PUNCT
cblr-1706	35	1	3	3	NUM
cblr-1706	35	2	section	section	NOUN
cblr-1706	35	3	2(a)(11	2(a)(11	NUM
cblr-1706	35	4	)	)	PUNCT
cblr-1706	35	5	excepts	except	VERB
cblr-1706	35	6	from	from	ADP
cblr-1706	35	7	the	the	DET
cblr-1706	35	8	definition	definition	NOUN
cblr-1706	35	9	of	of	ADP
cblr-1706	35	10	investment	investment	NOUN
cblr-1706	35	11	adviser	adviser	NOUN
cblr-1706	35	12	“	"	PUNCT
cblr-1706	35	13	any	any	DET
cblr-1706	35	14	broker	broker	NOUN
cblr-1706	35	15	or	or	CCONJ
cblr-1706	35	16	dealer	dealer	NOUN
cblr-1706	35	17	whose	whose	DET
cblr-1706	35	18	performance	performance	NOUN
cblr-1706	35	19	of	of	ADP
cblr-1706	35	20	such	such	ADJ
cblr-1706	35	21	services	service	NOUN
cblr-1706	35	22	is	be	AUX
cblr-1706	35	23	solely	solely	ADV
cblr-1706	35	24	incidental	incidental	ADJ
cblr-1706	35	25	to	to	ADP
cblr-1706	35	26	the	the	DET
cblr-1706	35	27	conduct	conduct	NOUN
cblr-1706	35	28	of	of	ADP
cblr-1706	35	29	his	his	PRON
cblr-1706	35	30	business	business	NOUN
cblr-1706	35	31	as	as	ADP
cblr-1706	35	32	a	a	DET
cblr-1706	35	33	broker	broker	NOUN
cblr-1706	35	34	or	or	CCONJ
cblr-1706	35	35	dealer	dealer	NOUN
cblr-1706	35	36	and	and	CCONJ
cblr-1706	35	37	who	who	PRON
cblr-1706	35	38	receives	receive	VERB
cblr-1706	35	39	no	no	DET
cblr-1706	35	40	special	special	ADJ
cblr-1706	35	41	compensation	compensation	NOUN
cblr-1706	35	42	therefor	therefor	ADP
cblr-1706	35	43	.	.	PUNCT
cblr-1706	35	44	”	"	PUNCT
cblr-1706	36	1	i	i	PRON
cblr-1706	36	2	d.	d.	PROPN
cblr-1706	36	3	4	4	NUM
cblr-1706	36	4	see	see	VERB
cblr-1706	36	5	finra	finra	NOUN
cblr-1706	36	6	,	,	PUNCT
cblr-1706	36	7	rule	rule	VERB
cblr-1706	36	8	2111	2111	NUM
cblr-1706	36	9	(	(	PUNCT
cblr-1706	36	10	2014	2014	NUM
cblr-1706	36	11	)	)	PUNCT
cblr-1706	36	12	,	,	PUNCT
cblr-1706	36	13	http://finra.complinet.com/en/display/display_main.html?rbid=2403&recor	http://finra.complinet.com/en/display/display_main.html?rbid=2403&recor	AUX
cblr-1706	36	14	d_id=15663	d_id=15663	VERB
cblr-1706	36	15	[	[	X
cblr-1706	36	16	https://perma.cc/xm6j-4qre	https://perma.cc/xm6j-4qre	X
cblr-1706	36	17	]	]	X
cblr-1706	36	18	.	.	PUNCT
cblr-1706	37	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	37	2	698	698	NUM
cblr-1706	37	3	columbia	columbia	PROPN
cblr-1706	37	4	business	business	NOUN
cblr-1706	37	5	law	law	PROPN
cblr-1706	37	6	review	review	NOUN
cblr-1706	37	7	[	[	X
cblr-1706	37	8	vol	vol	NOUN
cblr-1706	37	9	.	.	PUNCT
cblr-1706	37	10	2018	2018	NUM
cblr-1706	37	11	appropriate	appropriate	ADJ
cblr-1706	37	12	under	under	ADP
cblr-1706	37	13	the	the	DET
cblr-1706	37	14	circumstances	circumstance	NOUN
cblr-1706	37	15	,	,	PUNCT
cblr-1706	37	16	with	with	ADP
cblr-1706	37	17	potential	potential	ADJ
cblr-1706	37	18	civil	civil	ADJ
cblr-1706	37	19	liability	liability	NOUN
cblr-1706	37	20	for	for	ADP
cblr-1706	37	21	failure	failure	NOUN
cblr-1706	37	22	to	to	PART
cblr-1706	37	23	do	do	AUX
cblr-1706	37	24	so.5	so.5	PROPN
cblr-1706	37	25	the	the	DET
cblr-1706	37	26	suitability	suitability	NOUN
cblr-1706	37	27	rule	rule	NOUN
cblr-1706	37	28	has	have	AUX
cblr-1706	37	29	recently	recently	ADV
cblr-1706	37	30	come	come	VERB
cblr-1706	37	31	under	under	ADP
cblr-1706	37	32	multiple	multiple	ADJ
cblr-1706	37	33	attacks	attack	NOUN
cblr-1706	37	34	from	from	ADP
cblr-1706	37	35	federal	federal	ADJ
cblr-1706	37	36	regulators	regulator	NOUN
cblr-1706	37	37	charged	charge	VERB
cblr-1706	37	38	with	with	ADP
cblr-1706	37	39	protecting	protect	VERB
cblr-1706	37	40	american	american	ADJ
cblr-1706	37	41	investors	investor	NOUN
cblr-1706	37	42	.	.	PUNCT
cblr-1706	38	1	in	in	ADP
cblr-1706	38	2	2011	2011	NUM
cblr-1706	38	3	,	,	PUNCT
cblr-1706	38	4	the	the	DET
cblr-1706	38	5	sec	sec	PROPN
cblr-1706	38	6	published	publish	VERB
cblr-1706	38	7	a	a	DET
cblr-1706	38	8	study	study	NOUN
cblr-1706	38	9	recommending	recommend	VERB
cblr-1706	38	10	that	that	SCONJ
cblr-1706	38	11	brokers	broker	NOUN
cblr-1706	38	12	be	be	AUX
cblr-1706	38	13	held	hold	VERB
cblr-1706	38	14	to	to	ADP
cblr-1706	38	15	the	the	DET
cblr-1706	38	16	same	same	ADJ
cblr-1706	38	17	fiduciary	fiduciary	ADJ
cblr-1706	38	18	standard	standard	NOUN
cblr-1706	38	19	as	as	ADP
cblr-1706	38	20	advisers,6	advisers,6	ADJ
cblr-1706	38	21	but	but	CCONJ
cblr-1706	38	22	it	it	PRON
cblr-1706	38	23	took	take	VERB
cblr-1706	38	24	no	no	DET
cblr-1706	38	25	immediate	immediate	ADJ
cblr-1706	38	26	action	action	NOUN
cblr-1706	38	27	.	.	PUNCT
cblr-1706	39	1	until	until	SCONJ
cblr-1706	39	2	the	the	DET
cblr-1706	39	3	fifth	fifth	ADJ
cblr-1706	39	4	circuit	circuit	NOUN
cblr-1706	39	5	court	court	NOUN
cblr-1706	39	6	of	of	ADP
cblr-1706	39	7	appeals	appeal	NOUN
cblr-1706	39	8	vacated	vacate	VERB
cblr-1706	39	9	it	it	PRON
cblr-1706	39	10	in	in	ADP
cblr-1706	39	11	march	march	PROPN
cblr-1706	39	12	2018,7	2018,7	NUM
cblr-1706	39	13	the	the	DET
cblr-1706	39	14	u.s	u.s	PROPN
cblr-1706	39	15	.	.	PROPN
cblr-1706	39	16	department	department	PROPN
cblr-1706	39	17	of	of	ADP
cblr-1706	39	18	labor	labor	NOUN
cblr-1706	39	19	(	(	PUNCT
cblr-1706	39	20	“	"	PUNCT
cblr-1706	39	21	dol	dol	NOUN
cblr-1706	39	22	”	"	PUNCT
cblr-1706	39	23	)	)	PUNCT
cblr-1706	39	24	’s	’s	PART
cblr-1706	39	25	fiduciary	fiduciary	ADJ
cblr-1706	39	26	rule	rule	NOUN
cblr-1706	39	27	sought	seek	VERB
cblr-1706	39	28	to	to	PART
cblr-1706	39	29	extend	extend	VERB
cblr-1706	39	30	investment	investment	NOUN
cblr-1706	39	31	advisers	adviser	NOUN
cblr-1706	39	32	’	’	PART
cblr-1706	39	33	fiduciary	fiduciary	ADJ
cblr-1706	39	34	duty	duty	NOUN
cblr-1706	39	35	to	to	ADP
cblr-1706	39	36	securities	security	NOUN
cblr-1706	39	37	brokers	broker	NOUN
cblr-1706	39	38	when	when	SCONJ
cblr-1706	39	39	they	they	PRON
cblr-1706	39	40	provide	provide	VERB
cblr-1706	39	41	incidental	incidental	ADJ
cblr-1706	39	42	investment	investment	NOUN
cblr-1706	39	43	advice	advice	NOUN
cblr-1706	39	44	for	for	ADP
cblr-1706	39	45	their	their	PRON
cblr-1706	39	46	clients	client	NOUN
cblr-1706	39	47	’	’	PART
cblr-1706	39	48	retirement	retirement	NOUN
cblr-1706	39	49	accounts.8	accounts.8	PROPN
cblr-1706	39	50	the	the	DET
cblr-1706	39	51	u.s	u.s	PROPN
cblr-1706	39	52	.	.	PROPN
cblr-1706	39	53	securities	securities	PROPN
cblr-1706	39	54	and	and	CCONJ
cblr-1706	39	55	exchange	exchange	PROPN
cblr-1706	39	56	commission	commission	PROPN
cblr-1706	39	57	(	(	PUNCT
cblr-1706	39	58	“	"	PUNCT
cblr-1706	39	59	sec	sec	PROPN
cblr-1706	39	60	”	"	PUNCT
cblr-1706	39	61	)	)	PUNCT
cblr-1706	39	62	now	now	ADV
cblr-1706	39	63	proposes	propose	VERB
cblr-1706	39	64	regulation	regulation	NOUN
cblr-1706	39	65	best	good	ADJ
cblr-1706	39	66	interest	interest	NOUN
cblr-1706	39	67	(	(	PUNCT
cblr-1706	39	68	rbi	rbi	PROPN
cblr-1706	39	69	)	)	PUNCT
cblr-1706	39	70	,	,	PUNCT
cblr-1706	39	71	which	which	PRON
cblr-1706	39	72	,	,	PUNCT
cblr-1706	39	73	if	if	SCONJ
cblr-1706	39	74	implemented	implement	VERB
cblr-1706	39	75	,	,	PUNCT
cblr-1706	39	76	would	would	AUX
cblr-1706	39	77	hold	hold	VERB
cblr-1706	39	78	brokers	broker	NOUN
cblr-1706	39	79	to	to	ADP
cblr-1706	39	80	a	a	DET
cblr-1706	39	81	strict	strict	ADJ
cblr-1706	39	82	“	"	PUNCT
cblr-1706	39	83	best	good	ADJ
cblr-1706	39	84	interest	interest	NOUN
cblr-1706	39	85	”	"	PUNCT
cblr-1706	39	86	standard	standard	NOUN
cblr-1706	39	87	—	—	PUNCT
cblr-1706	39	88	seemingly	seemingly	ADV
cblr-1706	39	89	identical	identical	ADJ
cblr-1706	39	90	to	to	ADP
cblr-1706	39	91	a	a	DET
cblr-1706	39	92	fiduciary	fiduciary	ADJ
cblr-1706	39	93	duty	duty	NOUN
cblr-1706	39	94	—	—	PUNCT
cblr-1706	39	95	when	when	SCONJ
cblr-1706	39	96	providing	provide	VERB
cblr-1706	39	97	incidental	incidental	ADJ
cblr-1706	39	98	investment	investment	NOUN
cblr-1706	39	99	advice	advice	NOUN
cblr-1706	39	100	covering	cover	VERB
cblr-1706	39	101	any	any	DET
cblr-1706	39	102	client	client	NOUN
cblr-1706	39	103	account.9	account.9	VERB
cblr-1706	39	104	the	the	DET
cblr-1706	39	105	best	good	ADJ
cblr-1706	39	106	interest	interest	NOUN
cblr-1706	39	107	standard	standard	NOUN
cblr-1706	39	108	is	be	AUX
cblr-1706	39	109	aimed	aim	VERB
cblr-1706	39	110	at	at	ADP
cblr-1706	39	111	preventing	prevent	VERB
cblr-1706	39	112	retail	retail	ADJ
cblr-1706	39	113	brokers	broker	NOUN
cblr-1706	39	114	from	from	ADP
cblr-1706	39	115	recommending	recommend	VERB
cblr-1706	39	116	securities	security	NOUN
cblr-1706	39	117	to	to	PART
cblr-1706	39	118	inflate	inflate	VERB
cblr-1706	39	119	their	their	PRON
cblr-1706	39	120	own	own	ADJ
cblr-1706	39	121	compensation	compensation	NOUN
cblr-1706	39	122	at	at	ADP
cblr-1706	39	123	their	their	PRON
cblr-1706	39	124	clients	client	NOUN
cblr-1706	39	125	’	’	PART
cblr-1706	39	126	expense	expense	NOUN
cblr-1706	39	127	.	.	PUNCT
cblr-1706	40	1	proposed	propose	VERB
cblr-1706	40	2	rbi	rbi	NOUN
cblr-1706	40	3	states	state	NOUN
cblr-1706	40	4	that	that	SCONJ
cblr-1706	40	5	a	a	DET
cblr-1706	40	6	broker	broker	NOUN
cblr-1706	40	7	must	must	AUX
cblr-1706	40	8	“	"	PUNCT
cblr-1706	40	9	act	act	VERB
cblr-1706	40	10	in	in	ADP
cblr-1706	40	11	the	the	DET
cblr-1706	40	12	best	good	ADJ
cblr-1706	40	13	interest	interest	NOUN
cblr-1706	40	14	of	of	ADP
cblr-1706	40	15	the	the	DET
cblr-1706	40	16	retail	retail	ADJ
cblr-1706	40	17	customer	customer	NOUN
cblr-1706	40	18	at	at	ADP
cblr-1706	40	19	the	the	DET
cblr-1706	40	20	time	time	NOUN
cblr-1706	40	21	the	the	DET
cblr-1706	40	22	recommendation	recommendation	NOUN
cblr-1706	40	23	is	be	AUX
cblr-1706	40	24	made	make	VERB
cblr-1706	40	25	without	without	ADP
cblr-1706	40	26	placing	place	VERB
cblr-1706	40	27	[	[	PUNCT
cblr-1706	40	28	its	its	PRON
cblr-1706	40	29	]	]	X
cblr-1706	40	30	financial	financial	ADJ
cblr-1706	40	31	or	or	CCONJ
cblr-1706	40	32	other	other	ADJ
cblr-1706	40	33	interest	interest	NOUN
cblr-1706	40	34	.	.	PUNCT
cblr-1706	40	35	.	.	PUNCT
cblr-1706	40	36	.	.	PUNCT
cblr-1706	41	1	ahead	ahead	ADV
cblr-1706	41	2	of	of	ADP
cblr-1706	41	3	the	the	DET
cblr-1706	41	4	interest	interest	NOUN
cblr-1706	41	5	of	of	ADP
cblr-1706	41	6	the	the	DET
cblr-1706	41	7	retail	retail	ADJ
cblr-1706	41	8	customer	customer	NOUN
cblr-1706	41	9	.	.	PUNCT
cblr-1706	41	10	’”10	’”10	PUNCT
cblr-1706	42	1	among	among	ADP
cblr-1706	42	2	other	other	ADJ
cblr-1706	42	3	things	thing	NOUN
cblr-1706	42	4	,	,	PUNCT
cblr-1706	42	5	the	the	DET
cblr-1706	42	6	broker	broker	NOUN
cblr-1706	42	7	must	must	AUX
cblr-1706	42	8	exercise	exercise	VERB
cblr-1706	42	9	reasonable	reasonable	ADJ
cblr-1706	42	10	care	care	NOUN
cblr-1706	42	11	,	,	PUNCT
cblr-1706	42	12	fully	fully	ADV
cblr-1706	42	13	disclose	disclose	VERB
cblr-1706	42	14	all	all	DET
cblr-1706	42	15	material	material	ADJ
cblr-1706	42	16	conflicts	conflict	NOUN
cblr-1706	42	17	of	of	ADP
cblr-1706	42	18	interest	interest	NOUN
cblr-1706	42	19	,	,	PUNCT
cblr-1706	42	20	and	and	CCONJ
cblr-1706	42	21	establish	establish	VERB
cblr-1706	42	22	written	write	VERB
cblr-1706	42	23	policies	policy	NOUN
cblr-1706	42	24	5	5	NUM
cblr-1706	42	25	see	see	VERB
cblr-1706	42	26	,	,	PUNCT
cblr-1706	42	27	e.g.	e.g.	ADV
cblr-1706	42	28	,	,	PUNCT
cblr-1706	42	29	f.	f.	PROPN
cblr-1706	42	30	harris	harris	PROPN
cblr-1706	42	31	nichols	nichols	PROPN
cblr-1706	42	32	,	,	PUNCT
cblr-1706	42	33	the	the	DET
cblr-1706	42	34	broker	broker	NOUN
cblr-1706	42	35	’s	’s	PART
cblr-1706	42	36	duty	duty	NOUN
cblr-1706	42	37	to	to	ADP
cblr-1706	42	38	his	his	PRON
cblr-1706	42	39	customer	customer	NOUN
cblr-1706	42	40	under	under	ADP
cblr-1706	42	41	evolving	evolve	VERB
cblr-1706	42	42	federal	federal	ADJ
cblr-1706	42	43	fiduciary	fiduciary	ADJ
cblr-1706	42	44	and	and	CCONJ
cblr-1706	42	45	suitability	suitability	NOUN
cblr-1706	42	46	standards	standard	NOUN
cblr-1706	42	47	,	,	PUNCT
cblr-1706	42	48	26	26	NUM
cblr-1706	42	49	buff	buff	PROPN
cblr-1706	42	50	.	.	PUNCT
cblr-1706	43	1	l.	l.	PROPN
cblr-1706	43	2	rev	rev	PROPN
cblr-1706	43	3	.	.	PROPN
cblr-1706	44	1	435	435	NUM
cblr-1706	44	2	(	(	PUNCT
cblr-1706	44	3	1977	1977	NUM
cblr-1706	44	4	)	)	PUNCT
cblr-1706	44	5	.	.	PUNCT
cblr-1706	45	1	6	6	NUM
cblr-1706	45	2	sec	sec	PROPN
cblr-1706	45	3	,	,	PUNCT
cblr-1706	45	4	study	study	NOUN
cblr-1706	45	5	on	on	ADP
cblr-1706	45	6	investment	investment	NOUN
cblr-1706	45	7	advisers	adviser	NOUN
cblr-1706	45	8	and	and	CCONJ
cblr-1706	45	9	broker	broker	NOUN
cblr-1706	45	10	-	-	PUNCT
cblr-1706	45	11	dealers	dealer	NOUN
cblr-1706	45	12	:	:	PUNCT
cblr-1706	45	13	as	as	SCONJ
cblr-1706	45	14	required	require	VERB
cblr-1706	45	15	by	by	ADP
cblr-1706	45	16	section	section	NOUN
cblr-1706	45	17	913	913	NUM
cblr-1706	45	18	of	of	ADP
cblr-1706	45	19	the	the	DET
cblr-1706	45	20	dodd	dodd	PROPN
cblr-1706	45	21	-	-	PUNCT
cblr-1706	45	22	frank	frank	PROPN
cblr-1706	45	23	wall	wall	PROPN
cblr-1706	45	24	street	street	PROPN
cblr-1706	45	25	reform	reform	PROPN
cblr-1706	45	26	and	and	CCONJ
cblr-1706	45	27	consumer	consumer	NOUN
cblr-1706	45	28	protection	protection	NOUN
cblr-1706	45	29	act	act	NOUN
cblr-1706	45	30	(	(	PUNCT
cblr-1706	45	31	2011	2011	NUM
cblr-1706	45	32	)	)	PUNCT
cblr-1706	46	1	[	[	X
cblr-1706	46	2	hereinafter	hereinafter	NOUN
cblr-1706	46	3	2011	2011	NUM
cblr-1706	46	4	study	study	NOUN
cblr-1706	46	5	]	]	PUNCT
cblr-1706	46	6	.	.	PUNCT
cblr-1706	47	1	7	7	NUM
cblr-1706	47	2	chamber	chamber	PROPN
cblr-1706	47	3	of	of	ADP
cblr-1706	47	4	commerce	commerce	PROPN
cblr-1706	47	5	of	of	ADP
cblr-1706	47	6	the	the	DET
cblr-1706	47	7	u.s	u.s	PROPN
cblr-1706	47	8	.	.	PROPN
cblr-1706	47	9	v.	v.	ADP
cblr-1706	47	10	dep’t	dep’t	PROPN
cblr-1706	47	11	of	of	ADP
cblr-1706	47	12	labor	labor	NOUN
cblr-1706	47	13	,	,	PUNCT
cblr-1706	47	14	885	885	NUM
cblr-1706	47	15	f.3d	f.3d	NUM
cblr-1706	47	16	360	360	NUM
cblr-1706	47	17	(	(	PUNCT
cblr-1706	47	18	5th	5th	ADJ
cblr-1706	47	19	cir	cir	NOUN
cblr-1706	47	20	.	.	PROPN
cblr-1706	47	21	2018	2018	NUM
cblr-1706	47	22	)	)	PUNCT
cblr-1706	47	23	.	.	PUNCT
cblr-1706	48	1	8	8	NUM
cblr-1706	48	2	dep’t	dep’t	NOUN
cblr-1706	48	3	of	of	ADP
cblr-1706	48	4	labor	labor	NOUN
cblr-1706	48	5	fiduciary	fiduciary	ADJ
cblr-1706	48	6	rule	rule	NOUN
cblr-1706	48	7	,	,	PUNCT
cblr-1706	48	8	29	29	NUM
cblr-1706	48	9	c.f.r	c.f.r	NOUN
cblr-1706	48	10	.	.	PUNCT
cblr-1706	49	1	§	§	PROPN
cblr-1706	49	2	2510.3	2510.3	NUM
cblr-1706	49	3	-	-	SYM
cblr-1706	49	4	21(a)(1	21(a)(1	NUM
cblr-1706	49	5	)	)	PUNCT
cblr-1706	49	6	(	(	PUNCT
cblr-1706	49	7	2017	2017	NUM
cblr-1706	49	8	)	)	PUNCT
cblr-1706	50	1	[	[	X
cblr-1706	50	2	hereinafter	hereinafter	NOUN
cblr-1706	50	3	fiduciary	fiduciary	ADJ
cblr-1706	50	4	rule	rule	NOUN
cblr-1706	50	5	]	]	PUNCT
cblr-1706	50	6	.	.	PUNCT
cblr-1706	51	1	9	9	NUM
cblr-1706	51	2	regulation	regulation	NOUN
cblr-1706	51	3	best	good	ADJ
cblr-1706	51	4	interest	interest	NOUN
cblr-1706	51	5	,	,	PUNCT
cblr-1706	51	6	83	83	NUM
cblr-1706	51	7	fed	feed	VERB
cblr-1706	51	8	.	.	PUNCT
cblr-1706	52	1	reg	reg	PROPN
cblr-1706	52	2	.	.	PROPN
cblr-1706	53	1	21,574	21,574	NUM
cblr-1706	53	2	(	(	PUNCT
cblr-1706	53	3	proposed	propose	VERB
cblr-1706	53	4	may	may	PROPN
cblr-1706	53	5	9	9	NUM
cblr-1706	53	6	,	,	PUNCT
cblr-1706	53	7	2018	2018	NUM
cblr-1706	53	8	)	)	PUNCT
cblr-1706	53	9	(	(	PUNCT
cblr-1706	53	10	to	to	PART
cblr-1706	53	11	be	be	AUX
cblr-1706	53	12	codified	codify	VERB
cblr-1706	53	13	at	at	ADP
cblr-1706	53	14	17	17	NUM
cblr-1706	53	15	c.f.r	c.f.r	NOUN
cblr-1706	53	16	.	.	PUNCT
cblr-1706	54	1	pt	pt	PROPN
cblr-1706	54	2	.	.	PROPN
cblr-1706	54	3	240	240	NUM
cblr-1706	54	4	)	)	PUNCT
cblr-1706	54	5	.	.	PUNCT
cblr-1706	55	1	the	the	DET
cblr-1706	55	2	public	public	ADJ
cblr-1706	55	3	comment	comment	NOUN
cblr-1706	55	4	period	period	NOUN
cblr-1706	55	5	for	for	ADP
cblr-1706	55	6	rbi	rbi	NOUN
cblr-1706	55	7	closed	close	VERB
cblr-1706	55	8	on	on	ADP
cblr-1706	55	9	august	august	PROPN
cblr-1706	55	10	7	7	NUM
cblr-1706	55	11	,	,	PUNCT
cblr-1706	55	12	2018	2018	NUM
cblr-1706	55	13	.	.	PUNCT
cblr-1706	56	1	i	i	PRON
cblr-1706	56	2	d.	d.	PROPN
cblr-1706	56	3	10	10	NUM
cblr-1706	57	1	i	i	PRON
cblr-1706	57	2	d.	d.	PROPN
cblr-1706	57	3	at	at	ADP
cblr-1706	57	4	21,598	21,598	NUM
cblr-1706	57	5	.	.	PUNCT
cblr-1706	58	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	58	2	no	no	NOUN
cblr-1706	58	3	.	.	PUNCT
cblr-1706	59	1	3:695	3:695	NUM
cblr-1706	59	2	]	]	X
cblr-1706	59	3	a	a	DET
cblr-1706	59	4	transaction	transaction	NOUN
cblr-1706	59	5	cost	cost	NOUN
cblr-1706	59	6	assessment	assessment	NOUN
cblr-1706	59	7	699	699	NUM
cblr-1706	59	8	and	and	CCONJ
cblr-1706	59	9	procedures	procedure	NOUN
cblr-1706	59	10	reasonably	reasonably	ADV
cblr-1706	59	11	designed	design	VERB
cblr-1706	59	12	to	to	PART
cblr-1706	59	13	identify	identify	VERB
cblr-1706	59	14	and	and	CCONJ
cblr-1706	59	15	disclose	disclose	VERB
cblr-1706	59	16	or	or	CCONJ
cblr-1706	59	17	entirely	entirely	ADV
cblr-1706	59	18	eliminate	eliminate	VERB
cblr-1706	59	19	these	these	DET
cblr-1706	59	20	conflicts.11	conflicts.11	NOUN
cblr-1706	59	21	as	as	ADP
cblr-1706	59	22	with	with	ADP
cblr-1706	59	23	the	the	DET
cblr-1706	59	24	suitability	suitability	NOUN
cblr-1706	59	25	rule	rule	NOUN
cblr-1706	59	26	,	,	PUNCT
cblr-1706	59	27	a	a	DET
cblr-1706	59	28	breach	breach	NOUN
cblr-1706	59	29	could	could	AUX
cblr-1706	59	30	subject	subject	VERB
cblr-1706	59	31	them	they	PRON
cblr-1706	59	32	to	to	ADP
cblr-1706	59	33	civil	civil	ADJ
cblr-1706	59	34	liability	liability	NOUN
cblr-1706	59	35	to	to	ADP
cblr-1706	59	36	aggrieved	aggrieved	ADJ
cblr-1706	59	37	parties12	parties12	NOUN
cblr-1706	59	38	and	and	CCONJ
cblr-1706	59	39	to	to	ADP
cblr-1706	59	40	financial	financial	ADJ
cblr-1706	59	41	industry	industry	NOUN
cblr-1706	59	42	regulatory	regulatory	ADJ
cblr-1706	59	43	authority	authority	NOUN
cblr-1706	59	44	(	(	PUNCT
cblr-1706	59	45	“	"	PUNCT
cblr-1706	59	46	finra	finra	NOUN
cblr-1706	59	47	”	"	PUNCT
cblr-1706	59	48	)	)	PUNCT
cblr-1706	59	49	and	and	CCONJ
cblr-1706	59	50	sec	sec	PROPN
cblr-1706	59	51	enforcement	enforcement	NOUN
cblr-1706	59	52	actions	action	NOUN
cblr-1706	59	53	carrying	carry	VERB
cblr-1706	59	54	significant	significant	ADJ
cblr-1706	59	55	sanctions.13	sanctions.13	NOUN
cblr-1706	59	56	whether	whether	SCONJ
cblr-1706	59	57	rbi	rbi	NOUN
cblr-1706	59	58	is	be	AUX
cblr-1706	59	59	economically	economically	ADV
cblr-1706	59	60	justified	justified	ADJ
cblr-1706	59	61	is	be	AUX
cblr-1706	59	62	the	the	DET
cblr-1706	59	63	central	central	ADJ
cblr-1706	59	64	question	question	NOUN
cblr-1706	59	65	of	of	ADP
cblr-1706	59	66	this	this	DET
cblr-1706	59	67	essay	essay	NOUN
cblr-1706	59	68	.	.	PUNCT
cblr-1706	60	1	as	as	SCONJ
cblr-1706	60	2	originally	originally	ADV
cblr-1706	60	3	written	write	VERB
cblr-1706	60	4	,	,	PUNCT
cblr-1706	60	5	the	the	DET
cblr-1706	60	6	u.s	u.s	PROPN
cblr-1706	60	7	.	.	PROPN
cblr-1706	60	8	securities	securities	PROPN
cblr-1706	60	9	and	and	CCONJ
cblr-1706	60	10	exchange	exchange	PROPN
cblr-1706	60	11	act	act	PROPN
cblr-1706	60	12	authorized	authorize	VERB
cblr-1706	60	13	the	the	DET
cblr-1706	60	14	sec	sec	PROPN
cblr-1706	60	15	to	to	PART
cblr-1706	60	16	regulate	regulate	VERB
cblr-1706	60	17	financial	financial	ADJ
cblr-1706	60	18	markets	market	NOUN
cblr-1706	60	19	as	as	ADP
cblr-1706	60	20	“	"	PUNCT
cblr-1706	60	21	necessary	necessary	ADJ
cblr-1706	60	22	or	or	CCONJ
cblr-1706	60	23	appropriate	appropriate	ADJ
cblr-1706	60	24	in	in	ADP
cblr-1706	60	25	the	the	DET
cblr-1706	60	26	public	public	ADJ
cblr-1706	60	27	interest	interest	NOUN
cblr-1706	60	28	or	or	CCONJ
cblr-1706	60	29	for	for	ADP
cblr-1706	60	30	the	the	DET
cblr-1706	60	31	protection	protection	NOUN
cblr-1706	60	32	of	of	ADP
cblr-1706	60	33	investors	investor	NOUN
cblr-1706	60	34	.	.	PUNCT
cblr-1706	61	1	”14	”14	VERB
cblr-1706	61	2	in	in	ADP
cblr-1706	61	3	addition	addition	NOUN
cblr-1706	61	4	,	,	PUNCT
cblr-1706	61	5	it	it	PRON
cblr-1706	61	6	must	must	AUX
cblr-1706	61	7	now	now	ADV
cblr-1706	61	8	also	also	ADV
cblr-1706	61	9	consider	consider	VERB
cblr-1706	61	10	whether	whether	SCONJ
cblr-1706	61	11	a	a	DET
cblr-1706	61	12	proposed	propose	VERB
cblr-1706	61	13	rule	rule	NOUN
cblr-1706	61	14	will	will	AUX
cblr-1706	61	15	promote	promote	VERB
cblr-1706	61	16	“	"	PUNCT
cblr-1706	61	17	efficiency	efficiency	NOUN
cblr-1706	61	18	,	,	PUNCT
cblr-1706	61	19	competition	competition	NOUN
cblr-1706	61	20	,	,	PUNCT
cblr-1706	61	21	and	and	CCONJ
cblr-1706	61	22	capital	capital	NOUN
cblr-1706	61	23	formation	formation	NOUN
cblr-1706	61	24	.	.	PUNCT
cblr-1706	62	1	”15	”15	ADJ
cblr-1706	62	2	federal	federal	ADJ
cblr-1706	62	3	circuit	circuit	NOUN
cblr-1706	62	4	court	court	NOUN
cblr-1706	62	5	case	case	NOUN
cblr-1706	62	6	law16	law16	ADJ
cblr-1706	62	7	and	and	CCONJ
cblr-1706	62	8	the	the	DET
cblr-1706	62	9	sec	sec	PROPN
cblr-1706	62	10	’s	’s	PART
cblr-1706	62	11	own	own	ADJ
cblr-1706	62	12	internal	internal	ADJ
cblr-1706	62	13	pronouncements	pronouncement	NOUN
cblr-1706	62	14	have	have	AUX
cblr-1706	62	15	interpreted	interpret	VERB
cblr-1706	62	16	this	this	DET
cblr-1706	62	17	language	language	NOUN
cblr-1706	62	18	to	to	PART
cblr-1706	62	19	require	require	VERB
cblr-1706	62	20	the	the	DET
cblr-1706	62	21	sec	sec	PROPN
cblr-1706	62	22	to	to	PART
cblr-1706	62	23	perform	perform	VERB
cblr-1706	62	24	an	an	DET
cblr-1706	62	25	economic	economic	ADJ
cblr-1706	62	26	analysis	analysis	NOUN
cblr-1706	62	27	of	of	ADP
cblr-1706	62	28	proposed	propose	VERB
cblr-1706	62	29	rules	rule	NOUN
cblr-1706	62	30	and	and	CCONJ
cblr-1706	62	31	to	to	PART
cblr-1706	62	32	quantify	quantify	VERB
cblr-1706	62	33	costs	cost	NOUN
cblr-1706	62	34	and	and	CCONJ
cblr-1706	62	35	benefits	benefit	NOUN
cblr-1706	62	36	to	to	ADP
cblr-1706	62	37	the	the	DET
cblr-1706	62	38	extent	extent	NOUN
cblr-1706	62	39	feasible.17	feasible.17	NOUN
cblr-1706	62	40	11	11	NUM
cblr-1706	62	41	i	i	PRON
cblr-1706	62	42	d.	d.	PROPN
cblr-1706	62	43	at	at	ADP
cblr-1706	62	44	21,598–625	21,598–625	PROPN
cblr-1706	62	45	.	.	PROPN
cblr-1706	63	1	12	12	NUM
cblr-1706	63	2	see	see	VERB
cblr-1706	63	3	fox	fox	PROPN
cblr-1706	63	4	v.	v.	PROPN
cblr-1706	63	5	lifemark	lifemark	PROPN
cblr-1706	63	6	sec	sec	PROPN
cblr-1706	63	7	.	.	PROPN
cblr-1706	63	8	corp	corp	PROPN
cblr-1706	63	9	.	.	PROPN
cblr-1706	63	10	,	,	PUNCT
cblr-1706	63	11	84	84	NUM
cblr-1706	63	12	f.	f.	PROPN
cblr-1706	63	13	supp	supp	PROPN
cblr-1706	63	14	.	.	PUNCT
cblr-1706	64	1	3d	3d	NUM
cblr-1706	64	2	239	239	NUM
cblr-1706	64	3	,	,	PUNCT
cblr-1706	64	4	244	244	NUM
cblr-1706	64	5	(	(	PUNCT
cblr-1706	64	6	w.d.n.y	w.d.n.y	PROPN
cblr-1706	64	7	.	.	NOUN
cblr-1706	64	8	2015	2015	NUM
cblr-1706	64	9	)	)	PUNCT
cblr-1706	64	10	;	;	PUNCT
cblr-1706	64	11	kathy	kathy	PROPN
cblr-1706	64	12	connelly	connelly	PROPN
cblr-1706	64	13	,	,	PUNCT
cblr-1706	64	14	note	note	VERB
cblr-1706	64	15	,	,	PUNCT
cblr-1706	64	16	the	the	DET
cblr-1706	64	17	suitability	suitability	NOUN
cblr-1706	64	18	rule	rule	NOUN
cblr-1706	64	19	:	:	PUNCT
cblr-1706	64	20	should	should	AUX
cblr-1706	64	21	a	a	DET
cblr-1706	64	22	private	private	ADJ
cblr-1706	64	23	right	right	NOUN
cblr-1706	64	24	of	of	ADP
cblr-1706	64	25	action	action	NOUN
cblr-1706	64	26	exist	exist	VERB
cblr-1706	64	27	?	?	PUNCT
cblr-1706	64	28	,	,	PUNCT
cblr-1706	64	29	55	55	NUM
cblr-1706	64	30	st	st	PROPN
cblr-1706	64	31	.	.	PROPN
cblr-1706	64	32	john	john	PROPN
cblr-1706	64	33	’s	’s	PROPN
cblr-1706	64	34	l.	l.	PROPN
cblr-1706	64	35	rev	rev	PROPN
cblr-1706	64	36	.	.	PROPN
cblr-1706	64	37	493	493	NUM
cblr-1706	64	38	,	,	PUNCT
cblr-1706	64	39	504–06	504–06	NUM
cblr-1706	64	40	(	(	PUNCT
cblr-1706	64	41	1981	1981	NUM
cblr-1706	64	42	)	)	PUNCT
cblr-1706	64	43	.	.	PUNCT
cblr-1706	65	1	13	13	NUM
cblr-1706	65	2	see	see	VERB
cblr-1706	65	3	regulation	regulation	NOUN
cblr-1706	65	4	best	good	ADJ
cblr-1706	65	5	interest	interest	NOUN
cblr-1706	65	6	,	,	PUNCT
cblr-1706	65	7	83	83	NUM
cblr-1706	65	8	fed	feed	VERB
cblr-1706	65	9	.	.	PUNCT
cblr-1706	66	1	reg	reg	PROPN
cblr-1706	66	2	.	.	PUNCT
cblr-1706	67	1	at	at	ADP
cblr-1706	67	2	21,577	21,577	NUM
cblr-1706	67	3	n.16	n.16	PROPN
cblr-1706	67	4	.	.	PUNCT
cblr-1706	68	1	see	see	VERB
cblr-1706	68	2	also	also	ADV
cblr-1706	68	3	press	press	NOUN
cblr-1706	68	4	release	release	NOUN
cblr-1706	68	5	,	,	PUNCT
cblr-1706	68	6	finra	finra	NOUN
cblr-1706	68	7	,	,	PUNCT
cblr-1706	68	8	finra	finra	PROPN
cblr-1706	68	9	sanctions	sanction	NOUN
cblr-1706	68	10	fifth	fifth	ADJ
cblr-1706	68	11	third	third	ADJ
cblr-1706	68	12	securities	securities	PROPN
cblr-1706	68	13	,	,	PUNCT
cblr-1706	68	14	inc	inc	PROPN
cblr-1706	68	15	.	.	PROPN
cblr-1706	68	16	,	,	PUNCT
cblr-1706	68	17	$	$	SYM
cblr-1706	68	18	6	6	NUM
cblr-1706	68	19	million	million	NUM
cblr-1706	68	20	for	for	ADP
cblr-1706	68	21	cost	cost	NOUN
cblr-1706	68	22	and	and	CCONJ
cblr-1706	68	23	fee	fee	NOUN
cblr-1706	68	24	disclosure	disclosure	NOUN
cblr-1706	68	25	failures	failure	NOUN
cblr-1706	68	26	and	and	CCONJ
cblr-1706	68	27	unsuitable	unsuitable	ADJ
cblr-1706	68	28	recommendations	recommendation	NOUN
cblr-1706	68	29	related	relate	VERB
cblr-1706	68	30	to	to	ADP
cblr-1706	68	31	variable	variable	ADJ
cblr-1706	68	32	annuity	annuity	NOUN
cblr-1706	68	33	exchanges	exchange	NOUN
cblr-1706	68	34	(	(	PUNCT
cblr-1706	68	35	may	may	PROPN
cblr-1706	68	36	8	8	NUM
cblr-1706	68	37	,	,	PUNCT
cblr-1706	68	38	2018	2018	NUM
cblr-1706	68	39	)	)	PUNCT
cblr-1706	68	40	,	,	PUNCT
cblr-1706	68	41	http://www.finra.org/newsroom/2018/finra-sanctions-fifth-third-securities6-million-va-exchange-violations	http://www.finra.org/newsroom/2018/finra-sanctions-fifth-third-securities6-million-va-exchange-violation	NOUN
cblr-1706	69	1	[	[	X
cblr-1706	69	2	https://perma.cc/s4cn-qyjf	https://perma.cc/s4cn-qyjf	NOUN
cblr-1706	69	3	]	]	X
cblr-1706	69	4	;	;	PUNCT
cblr-1706	69	5	press	press	NOUN
cblr-1706	69	6	release	release	NOUN
cblr-1706	69	7	,	,	PUNCT
cblr-1706	69	8	sec	sec	PROPN
cblr-1706	69	9	,	,	PUNCT
cblr-1706	69	10	morgan	morgan	PROPN
cblr-1706	69	11	stanley	stanley	PROPN
cblr-1706	69	12	settles	settle	VERB
cblr-1706	69	13	charges	charge	NOUN
cblr-1706	69	14	related	relate	VERB
cblr-1706	69	15	to	to	ADP
cblr-1706	69	16	etf	etf	NOUN
cblr-1706	69	17	investments	investment	NOUN
cblr-1706	69	18	(	(	PUNCT
cblr-1706	69	19	feb	feb	PROPN
cblr-1706	69	20	.	.	PROPN
cblr-1706	69	21	14	14	NUM
cblr-1706	69	22	,	,	PUNCT
cblr-1706	69	23	2017	2017	NUM
cblr-1706	69	24	)	)	PUNCT
cblr-1706	69	25	,	,	PUNCT
cblr-1706	69	26	https://www.sec.gov/news/pressrelease/201746.html	https://www.sec.gov/news/pressrelease/201746.html	VERB
cblr-1706	69	27	[	[	X
cblr-1706	69	28	https://perma.cc/6tzb-8a2r	https://perma.cc/6tzb-8a2r	X
cblr-1706	69	29	]	]	X
cblr-1706	69	30	.	.	PUNCT
cblr-1706	70	1	14	14	NUM
cblr-1706	70	2	15	15	NUM
cblr-1706	70	3	u.s.c	u.s.c	NOUN
cblr-1706	70	4	.	.	PUNCT
cblr-1706	71	1	§	§	PROPN
cblr-1706	71	2	78c(a)(27	78c(a)(27	NUM
cblr-1706	71	3	)	)	PUNCT
cblr-1706	71	4	(	(	PUNCT
cblr-1706	71	5	2012	2012	NUM
cblr-1706	71	6	)	)	PUNCT
cblr-1706	71	7	.	.	PUNCT
cblr-1706	72	1	15	15	NUM
cblr-1706	72	2	15	15	NUM
cblr-1706	72	3	u.s.c	u.s.c	NOUN
cblr-1706	72	4	.	.	PUNCT
cblr-1706	73	1	§	§	PROPN
cblr-1706	73	2	77b(b	77b(b	PROPN
cblr-1706	73	3	)	)	PUNCT
cblr-1706	73	4	(	(	PUNCT
cblr-1706	73	5	2012	2012	NUM
cblr-1706	73	6	)	)	PUNCT
cblr-1706	73	7	;	;	PUNCT
cblr-1706	73	8	15	15	NUM
cblr-1706	73	9	u.s.c	u.s.c	NOUN
cblr-1706	73	10	.	.	PUNCT
cblr-1706	74	1	§	§	PROPN
cblr-1706	74	2	78c(f	78c(f	NUM
cblr-1706	74	3	)	)	PUNCT
cblr-1706	74	4	(	(	PUNCT
cblr-1706	74	5	2012	2012	NUM
cblr-1706	74	6	)	)	PUNCT
cblr-1706	74	7	.	.	PUNCT
cblr-1706	75	1	16	16	NUM
cblr-1706	75	2	see	see	VERB
cblr-1706	75	3	bus	bus	NOUN
cblr-1706	75	4	.	.	PUNCT
cblr-1706	76	1	roundtable	roundtable	PROPN
cblr-1706	76	2	v.	v.	ADP
cblr-1706	76	3	sec	sec	PROPN
cblr-1706	76	4	,	,	PUNCT
cblr-1706	76	5	647	647	NUM
cblr-1706	76	6	f.3d	f.3d	NUM
cblr-1706	76	7	1144	1144	NUM
cblr-1706	76	8	,	,	PUNCT
cblr-1706	76	9	1148–49	1148–49	NUM
cblr-1706	76	10	(	(	PUNCT
cblr-1706	76	11	d.c	d.c	PROPN
cblr-1706	76	12	.	.	PROPN
cblr-1706	76	13	cir	cir	PROPN
cblr-1706	76	14	.	.	PROPN
cblr-1706	77	1	2011	2011	NUM
cblr-1706	77	2	)	)	PUNCT
cblr-1706	78	1	;	;	PUNCT
cblr-1706	78	2	am	be	AUX
cblr-1706	78	3	.	.	PUNCT
cblr-1706	79	1	equity	equity	NOUN
cblr-1706	79	2	inv	inv	PROPN
cblr-1706	79	3	.	.	PUNCT
cblr-1706	80	1	life	life	NOUN
cblr-1706	80	2	ins	ins	PROPN
cblr-1706	80	3	.	.	PUNCT
cblr-1706	80	4	co.	co.	PROPN
cblr-1706	80	5	v.	v.	ADP
cblr-1706	80	6	sec	sec	PROPN
cblr-1706	80	7	,	,	PUNCT
cblr-1706	80	8	613	613	NUM
cblr-1706	80	9	f.3d	f.3d	NUM
cblr-1706	80	10	166	166	NUM
cblr-1706	80	11	,	,	PUNCT
cblr-1706	80	12	178	178	NUM
cblr-1706	80	13	(	(	PUNCT
cblr-1706	80	14	d.c	d.c	PROPN
cblr-1706	80	15	.	.	PROPN
cblr-1706	80	16	cir	cir	PROPN
cblr-1706	80	17	.	.	PROPN
cblr-1706	80	18	2010	2010	NUM
cblr-1706	80	19	)	)	PUNCT
cblr-1706	80	20	;	;	PUNCT
cblr-1706	80	21	chamber	chamber	PROPN
cblr-1706	80	22	of	of	ADP
cblr-1706	80	23	commerce	commerce	PROPN
cblr-1706	80	24	of	of	ADP
cblr-1706	80	25	the	the	DET
cblr-1706	80	26	u.s	u.s	PROPN
cblr-1706	80	27	.	.	PROPN
cblr-1706	80	28	v.	v.	PROPN
cblr-1706	80	29	sec	sec	PROPN
cblr-1706	80	30	,	,	PUNCT
cblr-1706	80	31	412	412	NUM
cblr-1706	80	32	f.3d	f.3d	NUM
cblr-1706	80	33	133	133	NUM
cblr-1706	80	34	,	,	PUNCT
cblr-1706	80	35	136	136	NUM
cblr-1706	80	36	(	(	PUNCT
cblr-1706	80	37	d.c	d.c	PROPN
cblr-1706	80	38	.	.	PROPN
cblr-1706	80	39	cir	cir	PROPN
cblr-1706	80	40	.	.	PROPN
cblr-1706	80	41	2005	2005	NUM
cblr-1706	80	42	)	)	PUNCT
cblr-1706	80	43	.	.	PUNCT
cblr-1706	81	1	17	17	NUM
cblr-1706	81	2	see	see	VERB
cblr-1706	81	3	memorandum	memorandum	NOUN
cblr-1706	81	4	from	from	ADP
cblr-1706	81	5	sec	sec	PROPN
cblr-1706	81	6	div	div	PROPN
cblr-1706	81	7	.	.	PUNCT
cblr-1706	81	8	of	of	ADP
cblr-1706	81	9	risk	risk	NOUN
cblr-1706	81	10	,	,	PUNCT
cblr-1706	81	11	strategy	strategy	NOUN
cblr-1706	81	12	,	,	PUNCT
cblr-1706	81	13	&	&	CCONJ
cblr-1706	81	14	fin	fin	PROPN
cblr-1706	81	15	.	.	PUNCT
cblr-1706	82	1	innovation	innovation	NOUN
cblr-1706	82	2	and	and	CCONJ
cblr-1706	82	3	sec	sec	PROPN
cblr-1706	82	4	office	office	NOUN
cblr-1706	82	5	of	of	ADP
cblr-1706	82	6	the	the	DET
cblr-1706	82	7	gen	gen	PROPN
cblr-1706	82	8	.	.	PROPN
cblr-1706	82	9	counsel	counsel	PROPN
cblr-1706	82	10	to	to	ADP
cblr-1706	82	11	staff	staff	NOUN
cblr-1706	82	12	of	of	ADP
cblr-1706	82	13	the	the	DET
cblr-1706	82	14	rulewriting	rulewriting	NOUN
cblr-1706	82	15	divisions	division	NOUN
cblr-1706	82	16	and	and	CCONJ
cblr-1706	82	17	offices	office	NOUN
cblr-1706	82	18	,	,	PUNCT
cblr-1706	82	19	current	current	ADJ
cblr-1706	82	20	guidance	guidance	NOUN
cblr-1706	82	21	on	on	ADP
cblr-1706	82	22	economic	economic	ADJ
cblr-1706	82	23	analysis	analysis	NOUN
cblr-1706	82	24	in	in	ADP
cblr-1706	82	25	sec	sec	PROPN
cblr-1706	82	26	rulemakings	rulemaking	NOUN
cblr-1706	82	27	10	10	NUM
cblr-1706	82	28	(	(	PUNCT
cblr-1706	82	29	2012	2012	NUM
cblr-1706	82	30	)	)	PUNCT
cblr-1706	83	1	[	[	X
cblr-1706	83	2	hereinafter	hereinafter	NOUN
cblr-1706	83	3	current	current	ADJ
cblr-1706	83	4	guidance	guidance	NOUN
cblr-1706	83	5	]	]	X
cblr-1706	83	6	,	,	PUNCT
cblr-1706	83	7	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	83	8	700	700	NUM
cblr-1706	83	9	columbia	columbia	PROPN
cblr-1706	83	10	business	business	NOUN
cblr-1706	83	11	law	law	NOUN
cblr-1706	83	12	review	review	NOUN
cblr-1706	83	13	[	[	X
cblr-1706	83	14	vol	vol	NOUN
cblr-1706	83	15	.	.	NOUN
cblr-1706	83	16	2018	2018	NUM
cblr-1706	83	17	quantified	quantify	VERB
cblr-1706	83	18	cost	cost	NOUN
cblr-1706	83	19	-	-	PUNCT
cblr-1706	83	20	benefit	benefit	NOUN
cblr-1706	83	21	analysis	analysis	NOUN
cblr-1706	83	22	(	(	PUNCT
cblr-1706	83	23	“	"	PUNCT
cblr-1706	83	24	cba	cba	PROPN
cblr-1706	83	25	”	"	PUNCT
cblr-1706	83	26	)	)	PUNCT
cblr-1706	83	27	is	be	AUX
cblr-1706	83	28	notoriously	notoriously	ADV
cblr-1706	83	29	difficult	difficult	ADJ
cblr-1706	83	30	to	to	PART
cblr-1706	83	31	do,18	do,18	PROPN
cblr-1706	83	32	but	but	CCONJ
cblr-1706	83	33	both	both	PRON
cblr-1706	83	34	executive	executive	ADJ
cblr-1706	83	35	branch	branch	NOUN
cblr-1706	83	36	and	and	CCONJ
cblr-1706	83	37	independent	independent	ADJ
cblr-1706	83	38	agencies	agency	NOUN
cblr-1706	83	39	are	be	AUX
cblr-1706	83	40	required	require	VERB
cblr-1706	83	41	to	to	PART
cblr-1706	83	42	perform	perform	VERB
cblr-1706	83	43	some	some	DET
cblr-1706	83	44	plausible	plausible	ADJ
cblr-1706	83	45	assessment	assessment	NOUN
cblr-1706	83	46	of	of	ADP
cblr-1706	83	47	costs	cost	NOUN
cblr-1706	83	48	and	and	CCONJ
cblr-1706	83	49	benefits	benefit	NOUN
cblr-1706	83	50	when	when	SCONJ
cblr-1706	83	51	proposing	propose	VERB
cblr-1706	83	52	new	new	ADJ
cblr-1706	83	53	rules	rule	NOUN
cblr-1706	83	54	.	.	PUNCT
cblr-1706	84	1	in	in	ADP
cblr-1706	84	2	michigan	michigan	PROPN
cblr-1706	84	3	v.	v.	ADP
cblr-1706	84	4	environmental	environmental	PROPN
cblr-1706	84	5	protection	protection	PROPN
cblr-1706	84	6	agency,19	agency,19	VERB
cblr-1706	84	7	the	the	DET
cblr-1706	84	8	u.s	u.s	PROPN
cblr-1706	84	9	.	.	PROPN
cblr-1706	84	10	supreme	supreme	PROPN
cblr-1706	84	11	court	court	PROPN
cblr-1706	84	12	recently	recently	ADV
cblr-1706	84	13	found	find	VERB
cblr-1706	84	14	that	that	SCONJ
cblr-1706	84	15	the	the	DET
cblr-1706	84	16	environmental	environmental	PROPN
cblr-1706	84	17	protection	protection	PROPN
cblr-1706	84	18	agency	agency	PROPN
cblr-1706	84	19	(	(	PUNCT
cblr-1706	84	20	“	"	PUNCT
cblr-1706	84	21	epa	epa	PROPN
cblr-1706	84	22	”	"	PUNCT
cblr-1706	84	23	)	)	PUNCT
cblr-1706	84	24	must	must	AUX
cblr-1706	84	25	consider	consider	VERB
cblr-1706	84	26	both	both	DET
cblr-1706	84	27	costs	cost	NOUN
cblr-1706	84	28	and	and	CCONJ
cblr-1706	84	29	benefits	benefit	NOUN
cblr-1706	84	30	in	in	ADP
cblr-1706	84	31	regulating	regulate	VERB
cblr-1706	84	32	under	under	ADP
cblr-1706	84	33	the	the	DET
cblr-1706	84	34	clean	clean	PROPN
cblr-1706	84	35	air	air	PROPN
cblr-1706	84	36	act	act	PROPN
cblr-1706	84	37	’s	’s	PART
cblr-1706	84	38	“	"	PUNCT
cblr-1706	84	39	appropriate	appropriate	ADJ
cblr-1706	84	40	and	and	CCONJ
cblr-1706	84	41	necessary	necessary	ADJ
cblr-1706	84	42	”	"	PUNCT
cblr-1706	84	43	standard,20	standard,20	NOUN
cblr-1706	84	44	and	and	CCONJ
cblr-1706	84	45	that	that	DET
cblr-1706	84	46	failure	failure	NOUN
cblr-1706	84	47	to	to	PART
cblr-1706	84	48	do	do	AUX
cblr-1706	84	49	so	so	ADV
cblr-1706	84	50	rendered	render	VERB
cblr-1706	84	51	the	the	DET
cblr-1706	84	52	rule	rule	NOUN
cblr-1706	84	53	arbitrary	arbitrary	ADJ
cblr-1706	84	54	and	and	CCONJ
cblr-1706	84	55	capricious	capricious	ADJ
cblr-1706	84	56	under	under	ADP
cblr-1706	84	57	the	the	DET
cblr-1706	84	58	administrative	administrative	ADJ
cblr-1706	84	59	procedure	procedure	NOUN
cblr-1706	84	60	act	act	NOUN
cblr-1706	84	61	(	(	PUNCT
cblr-1706	84	62	“	"	PUNCT
cblr-1706	84	63	apa	apa	PROPN
cblr-1706	84	64	”	"	PUNCT
cblr-1706	84	65	)	)	PUNCT
cblr-1706	84	66	.	.	PUNCT
cblr-1706	85	1	as	as	SCONJ
cblr-1706	85	2	the	the	DET
cblr-1706	85	3	court	court	NOUN
cblr-1706	85	4	put	put	VERB
cblr-1706	85	5	it	it	PRON
cblr-1706	85	6	,	,	PUNCT
cblr-1706	85	7	[	[	X
cblr-1706	85	8	t]he	t]he	ADV
cblr-1706	85	9	phrase	phrase	NOUN
cblr-1706	85	10	‘	'	PUNCT
cblr-1706	85	11	appropriate	appropriate	ADJ
cblr-1706	85	12	and	and	CCONJ
cblr-1706	85	13	necessary	necessary	ADJ
cblr-1706	85	14	’	'	PUNCT
cblr-1706	85	15	requires	require	VERB
cblr-1706	85	16	at	at	ADP
cblr-1706	85	17	least	least	ADJ
cblr-1706	85	18	some	some	PRON
cblr-1706	85	19	attention	attention	NOUN
cblr-1706	85	20	to	to	ADP
cblr-1706	85	21	cost	cost	NOUN
cblr-1706	85	22	.	.	PUNCT
cblr-1706	86	1	one	one	PRON
cblr-1706	86	2	would	would	AUX
cblr-1706	86	3	not	not	PART
cblr-1706	86	4	say	say	VERB
cblr-1706	86	5	that	that	SCONJ
cblr-1706	86	6	it	it	PRON
cblr-1706	86	7	is	be	AUX
cblr-1706	86	8	even	even	ADV
cblr-1706	86	9	rational	rational	ADJ
cblr-1706	86	10	,	,	PUNCT
cblr-1706	86	11	never	never	ADV
cblr-1706	86	12	mind	mind	VERB
cblr-1706	86	13	‘	'	PUNCT
cblr-1706	86	14	appropriate	appropriate	ADJ
cblr-1706	86	15	,	,	PUNCT
cblr-1706	86	16	’	'	PUNCT
cblr-1706	86	17	to	to	PART
cblr-1706	86	18	impose	impose	VERB
cblr-1706	86	19	billions	billion	NOUN
cblr-1706	86	20	of	of	ADP
cblr-1706	86	21	dollars	dollar	NOUN
cblr-1706	86	22	in	in	ADP
cblr-1706	86	23	economic	economic	ADJ
cblr-1706	86	24	costs	cost	NOUN
cblr-1706	86	25	in	in	ADP
cblr-1706	86	26	return	return	NOUN
cblr-1706	86	27	for	for	ADP
cblr-1706	86	28	a	a	DET
cblr-1706	86	29	few	few	ADJ
cblr-1706	86	30	dollars	dollar	NOUN
cblr-1706	86	31	in	in	ADP
cblr-1706	86	32	health	health	NOUN
cblr-1706	86	33	or	or	CCONJ
cblr-1706	86	34	environmental	environmental	ADJ
cblr-1706	86	35	benefits	benefit	NOUN
cblr-1706	86	36	.	.	PUNCT
cblr-1706	86	37	.	.	PUNCT
cblr-1706	86	38	.	.	PUNCT
cblr-1706	86	39	.	.	PUNCT
cblr-1706	87	1	no	no	DET
cblr-1706	87	2	regulation	regulation	NOUN
cblr-1706	87	3	is	be	AUX
cblr-1706	87	4	‘	'	PUNCT
cblr-1706	87	5	appropriate	appropriate	ADJ
cblr-1706	87	6	’	'	PUNCT
cblr-1706	87	7	if	if	SCONJ
cblr-1706	87	8	it	it	PRON
cblr-1706	87	9	does	do	VERB
cblr-1706	87	10	significantly	significantly	ADV
cblr-1706	87	11	more	more	ADJ
cblr-1706	87	12	harm	harm	NOUN
cblr-1706	87	13	than	than	SCONJ
cblr-1706	87	14	good.21	good.21	PROPN
cblr-1706	87	15	other	other	ADJ
cblr-1706	87	16	federal	federal	ADJ
cblr-1706	87	17	statutes	statute	NOUN
cblr-1706	87	18	contain	contain	VERB
cblr-1706	87	19	the	the	DET
cblr-1706	87	20	same	same	ADJ
cblr-1706	87	21	enabling	enable	VERB
cblr-1706	87	22	language.22	language.22	NOUN
cblr-1706	87	23	going	go	VERB
cblr-1706	87	24	at	at	ADV
cblr-1706	87	25	least	least	ADJ
cblr-1706	87	26	as	as	ADV
cblr-1706	87	27	far	far	ADV
cblr-1706	87	28	back	back	ADV
cblr-1706	87	29	as	as	SCONJ
cblr-1706	87	30	the	the	DET
cblr-1706	87	31	writings	writing	NOUN
cblr-1706	87	32	of	of	ADP
cblr-1706	87	33	a.c	a.c	PROPN
cblr-1706	87	34	.	.	PUNCT
cblr-1706	87	35	pigou	pigou	NOUN
cblr-1706	87	36	almost	almost	ADV
cblr-1706	87	37	a	a	PRON
cblr-1706	87	38	century	century	NOUN
cblr-1706	87	39	ago,23	ago,23	NOUN
cblr-1706	87	40	mainstream	mainstream	NOUN
cblr-1706	87	41	economists	economist	NOUN
cblr-1706	87	42	and	and	CCONJ
cblr-1706	87	43	policy	policy	NOUN
cblr-1706	87	44	commentators	commentator	NOUN
cblr-1706	87	45	have	have	AUX
cblr-1706	87	46	widely	widely	ADV
cblr-1706	87	47	asserted	assert	VERB
cblr-1706	87	48	that	that	SCONJ
cblr-1706	87	49	government	government	NOUN
cblr-1706	87	50	regulation	regulation	NOUN
cblr-1706	87	51	is	be	AUX
cblr-1706	87	52	justified	justify	VERB
cblr-1706	87	53	when	when	SCONJ
cblr-1706	87	54	markets	market	NOUN
cblr-1706	87	55	fail	fail	VERB
cblr-1706	87	56	to	to	PART
cblr-1706	87	57	efficiently	efficiently	ADV
cblr-1706	87	58	allocate	allocate	VERB
cblr-1706	87	59	resources	resource	NOUN
cblr-1706	87	60	owing	owe	VERB
cblr-1706	87	61	to	to	ADP
cblr-1706	87	62	so	so	ADV
cblr-1706	87	63	-	-	PUNCT
cblr-1706	87	64	called	call	VERB
cblr-1706	87	65	“	"	PUNCT
cblr-1706	87	66	externalities	externality	NOUN
cblr-1706	87	67	”	"	PUNCT
cblr-1706	87	68	—	—	PUNCT
cblr-1706	87	69	http://www.sec.gov/divisions/riskfin/rsfi_guidance_econ_analy_secrulemaki	http://www.sec.gov/divisions/riskfin/rsfi_guidance_econ_analy_secrulemaki	PUNCT
cblr-1706	87	70	ng.pdf	ng.pdf	PROPN
cblr-1706	87	71	[	[	X
cblr-1706	87	72	https://perma.cc/32gb-dakr	https://perma.cc/32gb-dakr	X
cblr-1706	87	73	]	]	X
cblr-1706	87	74	.	.	PUNCT
cblr-1706	88	1	18	18	NUM
cblr-1706	88	2	wendy	wendy	PROPN
cblr-1706	88	3	l.	l.	PROPN
cblr-1706	88	4	gramm	gramm	PROPN
cblr-1706	88	5	,	,	PUNCT
cblr-1706	88	6	regulatory	regulatory	ADJ
cblr-1706	88	7	review	review	NOUN
cblr-1706	88	8	issues	issue	NOUN
cblr-1706	88	9	,	,	PUNCT
cblr-1706	88	10	october	october	PROPN
cblr-1706	88	11	1985	1985	NUM
cblr-1706	88	12	–	–	PUNCT
cblr-1706	88	13	february	february	NOUN
cblr-1706	88	14	1988	1988	NUM
cblr-1706	88	15	,	,	PUNCT
cblr-1706	88	16	63	63	NUM
cblr-1706	88	17	admin	admin	ADJ
cblr-1706	88	18	.	.	PUNCT
cblr-1706	89	1	l.	l.	PROPN
cblr-1706	89	2	rev	rev	PROPN
cblr-1706	89	3	.	.	PROPN
cblr-1706	89	4	27	27	NUM
cblr-1706	89	5	,	,	PUNCT
cblr-1706	89	6	33	33	NUM
cblr-1706	89	7	(	(	PUNCT
cblr-1706	89	8	2011	2011	NUM
cblr-1706	89	9	)	)	PUNCT
cblr-1706	89	10	;	;	PUNCT
cblr-1706	89	11	cass	cass	PROPN
cblr-1706	89	12	r.	r.	PROPN
cblr-1706	89	13	sunstein	sunstein	PROPN
cblr-1706	89	14	,	,	PUNCT
cblr-1706	89	15	financial	financial	ADJ
cblr-1706	89	16	regulation	regulation	NOUN
cblr-1706	89	17	and	and	CCONJ
cblr-1706	89	18	cost	cost	NOUN
cblr-1706	89	19	-	-	PUNCT
cblr-1706	89	20	benefit	benefit	NOUN
cblr-1706	89	21	analysis	analysis	NOUN
cblr-1706	89	22	,	,	PUNCT
cblr-1706	89	23	124	124	NUM
cblr-1706	89	24	yale	yale	PROPN
cblr-1706	89	25	l.j.f	l.j.f	NOUN
cblr-1706	89	26	.	.	PUNCT
cblr-1706	89	27	263	263	NUM
cblr-1706	89	28	,	,	PUNCT
cblr-1706	89	29	264	264	NUM
cblr-1706	89	30	–	–	PUNCT
cblr-1706	89	31	65	65	NUM
cblr-1706	89	32	(	(	PUNCT
cblr-1706	89	33	2015	2015	NUM
cblr-1706	89	34	)	)	PUNCT
cblr-1706	89	35	;	;	PUNCT
cblr-1706	89	36	see	see	VERB
cblr-1706	89	37	also	also	ADV
cblr-1706	89	38	john	john	PROPN
cblr-1706	89	39	c.	c.	PROPN
cblr-1706	89	40	coates	coat	VERB
cblr-1706	89	41	iv	iv	NUM
cblr-1706	89	42	,	,	PUNCT
cblr-1706	89	43	cost	cost	NOUN
cblr-1706	89	44	-	-	PUNCT
cblr-1706	89	45	benefit	benefit	NOUN
cblr-1706	89	46	analysis	analysis	NOUN
cblr-1706	89	47	of	of	ADP
cblr-1706	89	48	financial	financial	ADJ
cblr-1706	89	49	regulation	regulation	NOUN
cblr-1706	89	50	:	:	PUNCT
cblr-1706	89	51	case	case	NOUN
cblr-1706	89	52	studies	study	NOUN
cblr-1706	89	53	and	and	CCONJ
cblr-1706	89	54	implications	implication	NOUN
cblr-1706	89	55	,	,	PUNCT
cblr-1706	89	56	124	124	NUM
cblr-1706	89	57	yale	yale	PROPN
cblr-1706	89	58	l.j	l.j	PROPN
cblr-1706	89	59	.	.	PROPN
cblr-1706	89	60	882	882	NUM
cblr-1706	89	61	(	(	PUNCT
cblr-1706	89	62	2015	2015	NUM
cblr-1706	89	63	)	)	PUNCT
cblr-1706	89	64	;	;	PUNCT
cblr-1706	89	65	jeffrey	jeffrey	PROPN
cblr-1706	89	66	n.	n.	PROPN
cblr-1706	89	67	gordon	gordon	PROPN
cblr-1706	89	68	,	,	PUNCT
cblr-1706	89	69	the	the	DET
cblr-1706	89	70	empty	empty	ADJ
cblr-1706	89	71	call	call	NOUN
cblr-1706	89	72	for	for	ADP
cblr-1706	89	73	benefit	benefit	NOUN
cblr-1706	89	74	-	-	PUNCT
cblr-1706	89	75	cost	cost	NOUN
cblr-1706	89	76	analysis	analysis	NOUN
cblr-1706	89	77	in	in	ADP
cblr-1706	89	78	financial	financial	ADJ
cblr-1706	89	79	regulation	regulation	NOUN
cblr-1706	89	80	,	,	PUNCT
cblr-1706	89	81	43	43	NUM
cblr-1706	89	82	j.	j.	PROPN
cblr-1706	89	83	legal	legal	ADJ
cblr-1706	89	84	stud	stud	NOUN
cblr-1706	89	85	.	.	PUNCT
cblr-1706	90	1	s351	s351	PROPN
cblr-1706	90	2	(	(	PUNCT
cblr-1706	90	3	2014	2014	NUM
cblr-1706	90	4	)	)	PUNCT
cblr-1706	90	5	;	;	PUNCT
cblr-1706	90	6	eric	eric	PROPN
cblr-1706	90	7	a.	a.	PROPN
cblr-1706	90	8	posner	posner	PROPN
cblr-1706	90	9	&	&	CCONJ
cblr-1706	90	10	e.	e.	PROPN
cblr-1706	90	11	glen	glen	PROPN
cblr-1706	90	12	weyl	weyl	PROPN
cblr-1706	90	13	,	,	PUNCT
cblr-1706	90	14	cost	cost	NOUN
cblr-1706	90	15	-	-	PUNCT
cblr-1706	90	16	benefit	benefit	NOUN
cblr-1706	90	17	analysis	analysis	NOUN
cblr-1706	90	18	of	of	ADP
cblr-1706	90	19	financial	financial	ADJ
cblr-1706	90	20	regulations	regulation	NOUN
cblr-1706	90	21	:	:	PUNCT
cblr-1706	90	22	a	a	DET
cblr-1706	90	23	response	response	NOUN
cblr-1706	90	24	to	to	ADP
cblr-1706	90	25	criticisms	criticism	NOUN
cblr-1706	90	26	,	,	PUNCT
cblr-1706	90	27	124	124	NUM
cblr-1706	90	28	yale	yale	PROPN
cblr-1706	90	29	l.j.f	l.j.f	PROPN
cblr-1706	90	30	.	.	PUNCT
cblr-1706	91	1	246	246	NUM
cblr-1706	91	2	(	(	PUNCT
cblr-1706	91	3	2015	2015	NUM
cblr-1706	91	4	)	)	PUNCT
cblr-1706	91	5	.	.	PUNCT
cblr-1706	92	1	19	19	NUM
cblr-1706	92	2	135	135	NUM
cblr-1706	92	3	s.	s.	PROPN
cblr-1706	92	4	ct	ct	PROPN
cblr-1706	92	5	.	.	PROPN
cblr-1706	92	6	2699	2699	NUM
cblr-1706	92	7	(	(	PUNCT
cblr-1706	92	8	2015	2015	NUM
cblr-1706	92	9	)	)	PUNCT
cblr-1706	92	10	.	.	PUNCT
cblr-1706	93	1	20	20	NUM
cblr-1706	93	2	42	42	NUM
cblr-1706	93	3	u.s.c	u.s.c	ADJ
cblr-1706	93	4	.	.	PUNCT
cblr-1706	94	1	§	§	PROPN
cblr-1706	94	2	7412(n)(1)(a	7412(n)(1)(a	PROPN
cblr-1706	94	3	)	)	PUNCT
cblr-1706	94	4	(	(	PUNCT
cblr-1706	94	5	2012	2012	NUM
cblr-1706	94	6	)	)	PUNCT
cblr-1706	94	7	.	.	PUNCT
cblr-1706	95	1	21	21	NUM
cblr-1706	95	2	michigan	michigan	PROPN
cblr-1706	95	3	,	,	PUNCT
cblr-1706	95	4	135	135	NUM
cblr-1706	95	5	s.	s.	PROPN
cblr-1706	95	6	ct	ct	PROPN
cblr-1706	95	7	.	.	PUNCT
cblr-1706	96	1	at	at	ADP
cblr-1706	96	2	2707	2707	NUM
cblr-1706	96	3	.	.	PUNCT
cblr-1706	97	1	22	22	NUM
cblr-1706	97	2	see	see	VERB
cblr-1706	97	3	supra	supra	PROPN
cblr-1706	97	4	notes	note	VERB
cblr-1706	97	5	14–17	14–17	NUM
cblr-1706	97	6	and	and	CCONJ
cblr-1706	97	7	accompanying	accompany	VERB
cblr-1706	97	8	text	text	NOUN
cblr-1706	97	9	.	.	PUNCT
cblr-1706	98	1	23	23	NUM
cblr-1706	98	2	see	see	VERB
cblr-1706	98	3	a.c	a.c	PROPN
cblr-1706	98	4	.	.	PROPN
cblr-1706	98	5	pigou	pigou	PROPN
cblr-1706	98	6	,	,	PUNCT
cblr-1706	98	7	the	the	DET
cblr-1706	98	8	economics	economic	NOUN
cblr-1706	98	9	of	of	ADP
cblr-1706	98	10	welfare	welfare	NOUN
cblr-1706	98	11	(	(	PUNCT
cblr-1706	98	12	1920	1920	NUM
cblr-1706	98	13	)	)	PUNCT
cblr-1706	98	14	.	.	PUNCT
cblr-1706	99	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	99	2	no	no	NOUN
cblr-1706	99	3	.	.	PUNCT
cblr-1706	100	1	3:695	3:695	NUM
cblr-1706	100	2	]	]	X
cblr-1706	100	3	a	a	DET
cblr-1706	100	4	transaction	transaction	NOUN
cblr-1706	100	5	cost	cost	NOUN
cblr-1706	100	6	assessment	assessment	NOUN
cblr-1706	100	7	701	701	NUM
cblr-1706	100	8	situations	situation	NOUN
cblr-1706	100	9	in	in	ADP
cblr-1706	100	10	which	which	PRON
cblr-1706	100	11	one	one	NUM
cblr-1706	100	12	party	party	NOUN
cblr-1706	100	13	takes	take	VERB
cblr-1706	100	14	an	an	DET
cblr-1706	100	15	action	action	NOUN
cblr-1706	100	16	that	that	PRON
cblr-1706	100	17	imposes	impose	VERB
cblr-1706	100	18	costs	cost	NOUN
cblr-1706	100	19	or	or	CCONJ
cblr-1706	100	20	bestows	bestow	VERB
cblr-1706	100	21	benefits	benefit	NOUN
cblr-1706	100	22	on	on	ADP
cblr-1706	100	23	another	another	DET
cblr-1706	100	24	party	party	NOUN
cblr-1706	100	25	—	—	PUNCT
cblr-1706	100	26	but	but	CCONJ
cblr-1706	100	27	fails	fail	VERB
cblr-1706	100	28	to	to	PART
cblr-1706	100	29	account	account	VERB
cblr-1706	100	30	for	for	ADP
cblr-1706	100	31	them	they	PRON
cblr-1706	100	32	in	in	ADP
cblr-1706	100	33	choosing	choose	VERB
cblr-1706	100	34	the	the	DET
cblr-1706	100	35	activity	activity	NOUN
cblr-1706	100	36	level.24	level.24	NOUN
cblr-1706	100	37	as	as	ADP
cblr-1706	100	38	a	a	DET
cblr-1706	100	39	result	result	NOUN
cblr-1706	100	40	,	,	PUNCT
cblr-1706	100	41	self	self	NOUN
cblr-1706	100	42	-	-	PUNCT
cblr-1706	100	43	interest	interest	NOUN
cblr-1706	100	44	will	will	AUX
cblr-1706	100	45	lead	lead	VERB
cblr-1706	100	46	to	to	ADP
cblr-1706	100	47	too	too	ADV
cblr-1706	100	48	much	much	ADJ
cblr-1706	100	49	or	or	CCONJ
cblr-1706	100	50	too	too	ADV
cblr-1706	100	51	little	little	ADJ
cblr-1706	100	52	of	of	ADP
cblr-1706	100	53	the	the	DET
cblr-1706	100	54	activity	activity	NOUN
cblr-1706	100	55	,	,	PUNCT
cblr-1706	100	56	leading	lead	VERB
cblr-1706	100	57	to	to	ADP
cblr-1706	100	58	socially	socially	ADV
cblr-1706	100	59	inefficient	inefficient	ADJ
cblr-1706	100	60	resource	resource	NOUN
cblr-1706	100	61	allocation	allocation	NOUN
cblr-1706	100	62	.	.	PUNCT
cblr-1706	101	1	following	follow	VERB
cblr-1706	101	2	pigou	pigou	PROPN
cblr-1706	101	3	,	,	PUNCT
cblr-1706	101	4	the	the	DET
cblr-1706	101	5	general	general	ADJ
cblr-1706	101	6	belief	belief	NOUN
cblr-1706	101	7	is	be	AUX
cblr-1706	101	8	that	that	SCONJ
cblr-1706	101	9	a	a	DET
cblr-1706	101	10	regulation	regulation	NOUN
cblr-1706	101	11	correcting	correct	VERB
cblr-1706	101	12	a	a	DET
cblr-1706	101	13	market	market	NOUN
cblr-1706	101	14	failure	failure	NOUN
cblr-1706	101	15	will	will	AUX
cblr-1706	101	16	improve	improve	VERB
cblr-1706	101	17	resource	resource	NOUN
cblr-1706	101	18	allocation	allocation	NOUN
cblr-1706	101	19	and	and	CCONJ
cblr-1706	101	20	generate	generate	VERB
cblr-1706	101	21	benefits	benefit	NOUN
cblr-1706	101	22	in	in	ADP
cblr-1706	101	23	excess	excess	NOUN
cblr-1706	101	24	of	of	ADP
cblr-1706	101	25	its	its	PRON
cblr-1706	101	26	costs	cost	NOUN
cblr-1706	101	27	,	,	PUNCT
cblr-1706	101	28	hence	hence	ADV
cblr-1706	101	29	the	the	DET
cblr-1706	101	30	use	use	NOUN
cblr-1706	101	31	of	of	ADP
cblr-1706	101	32	cba	cba	PROPN
cblr-1706	101	33	as	as	ADP
cblr-1706	101	34	a	a	DET
cblr-1706	101	35	metric	metric	NOUN
cblr-1706	101	36	for	for	ADP
cblr-1706	101	37	social	social	ADJ
cblr-1706	101	38	welfare	welfare	NOUN
cblr-1706	101	39	.	.	PUNCT
cblr-1706	102	1	in	in	ADP
cblr-1706	102	2	his	his	PRON
cblr-1706	102	3	path	path	NOUN
cblr-1706	102	4	-	-	PUNCT
cblr-1706	102	5	breaking	break	VERB
cblr-1706	102	6	work	work	NOUN
cblr-1706	102	7	the	the	DET
cblr-1706	102	8	problem	problem	NOUN
cblr-1706	102	9	of	of	ADP
cblr-1706	102	10	social	social	ADJ
cblr-1706	102	11	cost,25	cost,25	ADJ
cblr-1706	102	12	nobel	nobel	PROPN
cblr-1706	102	13	laureate	laureate	PROPN
cblr-1706	102	14	ronald	ronald	PROPN
cblr-1706	102	15	coase	coase	PROPN
cblr-1706	102	16	turned	turn	VERB
cblr-1706	102	17	this	this	DET
cblr-1706	102	18	belief	belief	NOUN
cblr-1706	102	19	on	on	ADP
cblr-1706	102	20	its	its	PRON
cblr-1706	102	21	head	head	NOUN
cblr-1706	102	22	.	.	PUNCT
cblr-1706	103	1	he	he	PRON
cblr-1706	103	2	showed	show	VERB
cblr-1706	103	3	that	that	SCONJ
cblr-1706	103	4	any	any	DET
cblr-1706	103	5	threat	threat	NOUN
cblr-1706	103	6	of	of	ADP
cblr-1706	103	7	inefficient	inefficient	ADJ
cblr-1706	103	8	resource	resource	NOUN
cblr-1706	103	9	allocation	allocation	NOUN
cblr-1706	103	10	creates	create	VERB
cblr-1706	103	11	an	an	DET
cblr-1706	103	12	opportunity	opportunity	NOUN
cblr-1706	103	13	for	for	SCONJ
cblr-1706	103	14	market	market	NOUN
cblr-1706	103	15	participants	participant	NOUN
cblr-1706	103	16	to	to	PART
cblr-1706	103	17	gain	gain	VERB
cblr-1706	103	18	by	by	ADP
cblr-1706	103	19	internalizing	internalize	VERB
cblr-1706	103	20	the	the	DET
cblr-1706	103	21	externality	externality	NOUN
cblr-1706	103	22	through	through	ADP
cblr-1706	103	23	private	private	ADJ
cblr-1706	103	24	transactions	transaction	NOUN
cblr-1706	103	25	.	.	PUNCT
cblr-1706	104	1	if	if	SCONJ
cblr-1706	104	2	transaction	transaction	NOUN
cblr-1706	104	3	costs	cost	NOUN
cblr-1706	104	4	were	be	AUX
cblr-1706	104	5	zero	zero	NUM
cblr-1706	104	6	,	,	PUNCT
cblr-1706	104	7	the	the	DET
cblr-1706	104	8	parties	party	NOUN
cblr-1706	104	9	would	would	AUX
cblr-1706	104	10	naturally	naturally	ADV
cblr-1706	104	11	negotiate	negotiate	VERB
cblr-1706	104	12	for	for	ADP
cblr-1706	104	13	the	the	DET
cblr-1706	104	14	socially	socially	ADV
cblr-1706	104	15	optimal	optimal	ADJ
cblr-1706	104	16	activity	activity	NOUN
cblr-1706	104	17	level	level	NOUN
cblr-1706	104	18	in	in	ADP
cblr-1706	104	19	their	their	PRON
cblr-1706	104	20	own	own	ADJ
cblr-1706	104	21	self	self	NOUN
cblr-1706	104	22	-	-	PUNCT
cblr-1706	104	23	interest	interest	NOUN
cblr-1706	104	24	because	because	SCONJ
cblr-1706	104	25	doing	do	VERB
cblr-1706	104	26	so	so	ADV
cblr-1706	104	27	would	would	AUX
cblr-1706	104	28	increase	increase	VERB
cblr-1706	104	29	their	their	PRON
cblr-1706	104	30	joint	joint	ADJ
cblr-1706	104	31	gains	gain	NOUN
cblr-1706	104	32	from	from	ADP
cblr-1706	104	33	trade	trade	NOUN
cblr-1706	104	34	.	.	PUNCT
cblr-1706	105	1	the	the	DET
cblr-1706	105	2	regulatory	regulatory	ADJ
cblr-1706	105	3	rule	rule	NOUN
cblr-1706	105	4	—	—	PUNCT
cblr-1706	105	5	e.g.	e.g.	ADV
cblr-1706	105	6	,	,	PUNCT
cblr-1706	105	7	suitability	suitability	NOUN
cblr-1706	105	8	versus	versus	ADP
cblr-1706	105	9	best	good	ADJ
cblr-1706	105	10	interest	interest	NOUN
cblr-1706	105	11	—	—	PUNCT
cblr-1706	105	12	would	would	AUX
cblr-1706	105	13	have	have	VERB
cblr-1706	105	14	no	no	DET
cblr-1706	105	15	effect	effect	NOUN
cblr-1706	105	16	on	on	ADP
cblr-1706	105	17	resource	resource	NOUN
cblr-1706	105	18	allocation	allocation	NOUN
cblr-1706	105	19	or	or	CCONJ
cblr-1706	105	20	the	the	DET
cblr-1706	105	21	parties	party	NOUN
cblr-1706	105	22	’	’	PART
cblr-1706	105	23	joint	joint	ADJ
cblr-1706	105	24	welfare	welfare	NOUN
cblr-1706	105	25	,	,	PUNCT
cblr-1706	105	26	and	and	CCONJ
cblr-1706	105	27	therefore	therefore	ADV
cblr-1706	105	28	government	government	NOUN
cblr-1706	105	29	regulation	regulation	NOUN
cblr-1706	105	30	would	would	AUX
cblr-1706	105	31	be	be	AUX
cblr-1706	105	32	unnecessary.26	unnecessary.26	ADJ
cblr-1706	105	33	transaction	transaction	NOUN
cblr-1706	105	34	costs	cost	NOUN
cblr-1706	105	35	are	be	AUX
cblr-1706	105	36	never	never	ADV
cblr-1706	105	37	zero	zero	NUM
cblr-1706	105	38	,	,	PUNCT
cblr-1706	105	39	and	and	CCONJ
cblr-1706	105	40	,	,	PUNCT
cblr-1706	105	41	in	in	ADP
cblr-1706	105	42	any	any	DET
cblr-1706	105	43	event	event	NOUN
cblr-1706	105	44	,	,	PUNCT
cblr-1706	105	45	they	they	PRON
cblr-1706	105	46	increase	increase	VERB
cblr-1706	105	47	with	with	ADP
cblr-1706	105	48	the	the	DET
cblr-1706	105	49	number	number	NOUN
cblr-1706	105	50	,	,	PUNCT
cblr-1706	105	51	size	size	NOUN
cblr-1706	105	52	,	,	PUNCT
cblr-1706	105	53	and	and	CCONJ
cblr-1706	105	54	complexity	complexity	NOUN
cblr-1706	105	55	of	of	ADP
cblr-1706	105	56	transactions	transaction	NOUN
cblr-1706	105	57	,	,	PUNCT
cblr-1706	105	58	eventually	eventually	ADV
cblr-1706	105	59	overwhelming	overwhelm	VERB
cblr-1706	105	60	the	the	DET
cblr-1706	105	61	benefits	benefit	NOUN
cblr-1706	105	62	from	from	ADP
cblr-1706	105	63	negotiating	negotiate	VERB
cblr-1706	105	64	further	further	ADJ
cblr-1706	105	65	adjustments	adjustment	NOUN
cblr-1706	105	66	.	.	PUNCT
cblr-1706	106	1	some	some	DET
cblr-1706	106	2	inefficiency	inefficiency	NOUN
cblr-1706	106	3	will	will	AUX
cblr-1706	106	4	persist	persist	VERB
cblr-1706	106	5	in	in	ADP
cblr-1706	106	6	the	the	DET
cblr-1706	106	7	form	form	NOUN
cblr-1706	106	8	of	of	ADP
cblr-1706	106	9	resource	resource	NOUN
cblr-1706	106	10	misallocation	misallocation	NOUN
cblr-1706	106	11	,	,	PUNCT
cblr-1706	106	12	which	which	PRON
cblr-1706	106	13	by	by	ADP
cblr-1706	106	14	definition	definition	NOUN
cblr-1706	106	15	is	be	AUX
cblr-1706	106	16	a	a	DET
cblr-1706	106	17	state	state	NOUN
cblr-1706	106	18	of	of	ADP
cblr-1706	106	19	affairs	affair	NOUN
cblr-1706	106	20	in	in	ADP
cblr-1706	106	21	which	which	PRON
cblr-1706	106	22	,	,	PUNCT
cblr-1706	106	23	at	at	ADP
cblr-1706	106	24	the	the	DET
cblr-1706	106	25	margin	margin	NOUN
cblr-1706	106	26	,	,	PUNCT
cblr-1706	106	27	benefits	benefit	NOUN
cblr-1706	106	28	fall	fall	VERB
cblr-1706	106	29	short	short	ADV
cblr-1706	106	30	of	of	ADP
cblr-1706	106	31	costs	cost	NOUN
cblr-1706	106	32	or	or	CCONJ
cblr-1706	106	33	vice	vice	NOUN
cblr-1706	106	34	-	-	NOUN
cblr-1706	106	35	versa	versa	NOUN
cblr-1706	106	36	.	.	PUNCT
cblr-1706	107	1	potential	potential	ADJ
cblr-1706	107	2	gains	gain	NOUN
cblr-1706	107	3	from	from	ADP
cblr-1706	107	4	trade	trade	NOUN
cblr-1706	107	5	are	be	AUX
cblr-1706	107	6	lost	lose	VERB
cblr-1706	107	7	,	,	PUNCT
cblr-1706	107	8	but	but	CCONJ
cblr-1706	107	9	only	only	ADV
cblr-1706	107	10	because	because	SCONJ
cblr-1706	107	11	the	the	DET
cblr-1706	107	12	transaction	transaction	NOUN
cblr-1706	107	13	costs	cost	VERB
cblr-1706	107	14	the	the	DET
cblr-1706	107	15	24	24	NUM
cblr-1706	107	16	the	the	DET
cblr-1706	107	17	activity	activity	NOUN
cblr-1706	107	18	level	level	NOUN
cblr-1706	107	19	might	might	AUX
cblr-1706	107	20	be	be	AUX
cblr-1706	107	21	the	the	DET
cblr-1706	107	22	amount	amount	NOUN
cblr-1706	107	23	of	of	ADP
cblr-1706	107	24	trading	trading	NOUN
cblr-1706	107	25	a	a	DET
cblr-1706	107	26	broker	broker	NOUN
cblr-1706	107	27	does	do	VERB
cblr-1706	107	28	for	for	ADP
cblr-1706	107	29	a	a	DET
cblr-1706	107	30	client	client	NOUN
cblr-1706	107	31	’s	’s	PART
cblr-1706	107	32	account	account	NOUN
cblr-1706	107	33	over	over	ADP
cblr-1706	107	34	which	which	PRON
cblr-1706	107	35	the	the	DET
cblr-1706	107	36	broker	broker	NOUN
cblr-1706	107	37	has	have	VERB
cblr-1706	107	38	trading	trading	NOUN
cblr-1706	107	39	discretion	discretion	NOUN
cblr-1706	107	40	,	,	PUNCT
cblr-1706	107	41	or	or	CCONJ
cblr-1706	107	42	the	the	DET
cblr-1706	107	43	amount	amount	NOUN
cblr-1706	107	44	of	of	ADP
cblr-1706	107	45	research	research	NOUN
cblr-1706	107	46	a	a	DET
cblr-1706	107	47	broker	broker	NOUN
cblr-1706	107	48	does	do	VERB
cblr-1706	107	49	as	as	ADP
cblr-1706	107	50	a	a	DET
cblr-1706	107	51	basis	basis	NOUN
cblr-1706	107	52	for	for	ADP
cblr-1706	107	53	recommending	recommend	VERB
cblr-1706	107	54	trades	trade	NOUN
cblr-1706	107	55	to	to	ADP
cblr-1706	107	56	a	a	DET
cblr-1706	107	57	client	client	NOUN
cblr-1706	107	58	who	who	PRON
cblr-1706	107	59	directs	direct	VERB
cblr-1706	107	60	his	his	PRON
cblr-1706	107	61	or	or	CCONJ
cblr-1706	107	62	her	her	PRON
cblr-1706	107	63	own	own	ADJ
cblr-1706	107	64	account	account	NOUN
cblr-1706	107	65	.	.	PUNCT
cblr-1706	108	1	25	25	NUM
cblr-1706	108	2	see	see	VERB
cblr-1706	108	3	generally	generally	ADV
cblr-1706	108	4	r.h	r.h	PROPN
cblr-1706	108	5	.	.	PROPN
cblr-1706	108	6	coase	coase	PROPN
cblr-1706	108	7	,	,	PUNCT
cblr-1706	108	8	the	the	DET
cblr-1706	108	9	problem	problem	NOUN
cblr-1706	108	10	of	of	ADP
cblr-1706	108	11	social	social	ADJ
cblr-1706	108	12	cost	cost	NOUN
cblr-1706	108	13	,	,	PUNCT
cblr-1706	108	14	3	3	NUM
cblr-1706	108	15	j.l	j.l	PROPN
cblr-1706	108	16	.	.	PROPN
cblr-1706	108	17	&	&	CCONJ
cblr-1706	108	18	econ	econ	PROPN
cblr-1706	108	19	.	.	PROPN
cblr-1706	109	1	1	1	NUM
cblr-1706	109	2	,	,	PUNCT
cblr-1706	109	3	43–44	43–44	NUM
cblr-1706	109	4	(	(	PUNCT
cblr-1706	109	5	1960	1960	NUM
cblr-1706	109	6	)	)	PUNCT
cblr-1706	109	7	.	.	PUNCT
cblr-1706	110	1	this	this	PRON
cblr-1706	110	2	is	be	AUX
cblr-1706	110	3	arguably	arguably	ADV
cblr-1706	110	4	the	the	DET
cblr-1706	110	5	most	most	ADV
cblr-1706	110	6	influential	influential	ADJ
cblr-1706	110	7	article	article	NOUN
cblr-1706	110	8	ever	ever	ADV
cblr-1706	110	9	published	publish	VERB
cblr-1706	110	10	in	in	ADP
cblr-1706	110	11	economics	economic	NOUN
cblr-1706	110	12	based	base	VERB
cblr-1706	110	13	on	on	ADP
cblr-1706	110	14	citation	citation	NOUN
cblr-1706	110	15	count	count	NOUN
cblr-1706	110	16	.	.	PUNCT
cblr-1706	111	1	see	see	VERB
cblr-1706	111	2	william	william	PROPN
cblr-1706	111	3	m.	m.	PROPN
cblr-1706	111	4	landes	landes	PROPN
cblr-1706	111	5	&	&	CCONJ
cblr-1706	111	6	sonia	sonia	PROPN
cblr-1706	111	7	lahr	lahr	PROPN
cblr-1706	111	8	-	-	PUNCT
cblr-1706	111	9	pastor	pastor	PROPN
cblr-1706	111	10	,	,	PUNCT
cblr-1706	111	11	measuring	measure	VERB
cblr-1706	111	12	coase	coase	PROPN
cblr-1706	111	13	’s	’s	PART
cblr-1706	111	14	influence	influence	NOUN
cblr-1706	111	15	,	,	PUNCT
cblr-1706	111	16	54	54	NUM
cblr-1706	111	17	j.l	j.l	PROPN
cblr-1706	111	18	.	.	PROPN
cblr-1706	111	19	&	&	CCONJ
cblr-1706	111	20	econ	econ	PROPN
cblr-1706	111	21	.	.	PUNCT
cblr-1706	112	1	383	383	NUM
cblr-1706	112	2	,	,	PUNCT
cblr-1706	112	3	383	383	NUM
cblr-1706	112	4	(	(	PUNCT
cblr-1706	112	5	2011	2011	NUM
cblr-1706	112	6	)	)	PUNCT
cblr-1706	112	7	.	.	PUNCT
cblr-1706	113	1	26	26	NUM
cblr-1706	113	2	although	although	SCONJ
cblr-1706	113	3	the	the	DET
cblr-1706	113	4	parties	party	NOUN
cblr-1706	113	5	’	'	PUNCT
cblr-1706	113	6	joint	joint	ADJ
cblr-1706	113	7	wealth	wealth	NOUN
cblr-1706	113	8	would	would	AUX
cblr-1706	113	9	be	be	AUX
cblr-1706	113	10	at	at	ADP
cblr-1706	113	11	a	a	DET
cblr-1706	113	12	maximum	maximum	NOUN
cblr-1706	113	13	,	,	PUNCT
cblr-1706	113	14	the	the	DET
cblr-1706	113	15	distribution	distribution	NOUN
cblr-1706	113	16	of	of	ADP
cblr-1706	113	17	wealth	wealth	NOUN
cblr-1706	113	18	between	between	ADP
cblr-1706	113	19	them	they	PRON
cblr-1706	113	20	is	be	AUX
cblr-1706	113	21	indeterminate	indeterminate	ADJ
cblr-1706	113	22	.	.	PUNCT
cblr-1706	114	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	114	2	702	702	NUM
cblr-1706	114	3	columbia	columbia	PROPN
cblr-1706	114	4	business	business	NOUN
cblr-1706	114	5	law	law	NOUN
cblr-1706	114	6	review	review	NOUN
cblr-1706	114	7	[	[	X
cblr-1706	114	8	vol	vol	NOUN
cblr-1706	114	9	.	.	NOUN
cblr-1706	114	10	2018	2018	NUM
cblr-1706	114	11	parties	party	NOUN
cblr-1706	114	12	must	must	AUX
cblr-1706	114	13	incur	incur	VERB
cblr-1706	114	14	to	to	PART
cblr-1706	114	15	capture	capture	VERB
cblr-1706	114	16	them	they	PRON
cblr-1706	114	17	outweigh	outweigh	VERB
cblr-1706	114	18	the	the	DET
cblr-1706	114	19	benefits	benefit	NOUN
cblr-1706	114	20	.	.	PUNCT
cblr-1706	115	1	for	for	ADP
cblr-1706	115	2	a	a	DET
cblr-1706	115	3	given	give	VERB
cblr-1706	115	4	regulatory	regulatory	ADJ
cblr-1706	115	5	framework	framework	NOUN
cblr-1706	115	6	,	,	PUNCT
cblr-1706	115	7	the	the	DET
cblr-1706	115	8	parties	party	NOUN
cblr-1706	115	9	will	will	AUX
cblr-1706	115	10	negotiate	negotiate	VERB
cblr-1706	115	11	what	what	PRON
cblr-1706	115	12	they	they	PRON
cblr-1706	115	13	privately	privately	ADV
cblr-1706	115	14	perceive	perceive	VERB
cblr-1706	115	15	as	as	ADP
cblr-1706	115	16	efficient	efficient	ADJ
cblr-1706	115	17	resource	resource	NOUN
cblr-1706	115	18	allocation	allocation	NOUN
cblr-1706	115	19	with	with	ADP
cblr-1706	115	20	due	due	ADJ
cblr-1706	115	21	consideration	consideration	NOUN
cblr-1706	115	22	for	for	ADP
cblr-1706	115	23	the	the	DET
cblr-1706	115	24	costs	cost	NOUN
cblr-1706	115	25	of	of	ADP
cblr-1706	115	26	transacting	transact	VERB
cblr-1706	115	27	.	.	PUNCT
cblr-1706	116	1	the	the	DET
cblr-1706	116	2	outcome	outcome	NOUN
cblr-1706	116	3	is	be	AUX
cblr-1706	116	4	an	an	DET
cblr-1706	116	5	equilibrium	equilibrium	NOUN
cblr-1706	116	6	in	in	ADP
cblr-1706	116	7	the	the	DET
cblr-1706	116	8	sense	sense	NOUN
cblr-1706	116	9	that	that	SCONJ
cblr-1706	116	10	neither	neither	DET
cblr-1706	116	11	party	party	NOUN
cblr-1706	116	12	has	have	AUX
cblr-1706	116	13	any	any	DET
cblr-1706	116	14	incentive	incentive	NOUN
cblr-1706	116	15	to	to	PART
cblr-1706	116	16	negotiate	negotiate	VERB
cblr-1706	116	17	further	further	ADJ
cblr-1706	116	18	adjustments	adjustment	NOUN
cblr-1706	116	19	given	give	VERB
cblr-1706	116	20	the	the	DET
cblr-1706	116	21	transaction	transaction	NOUN
cblr-1706	116	22	costs	cost	NOUN
cblr-1706	116	23	they	they	PRON
cblr-1706	116	24	face	face	VERB
cblr-1706	116	25	.	.	PUNCT
cblr-1706	117	1	the	the	DET
cblr-1706	117	2	main	main	ADJ
cblr-1706	117	3	coasean	coasean	ADJ
cblr-1706	117	4	point	point	NOUN
cblr-1706	117	5	,	,	PUNCT
cblr-1706	117	6	often	often	ADV
cblr-1706	117	7	misunderstood	misunderstood	ADJ
cblr-1706	117	8	,	,	PUNCT
cblr-1706	117	9	is	be	AUX
cblr-1706	117	10	that	that	SCONJ
cblr-1706	117	11	the	the	DET
cblr-1706	117	12	costs	cost	NOUN
cblr-1706	117	13	of	of	ADP
cblr-1706	117	14	transacting	transact	VERB
cblr-1706	117	15	can	can	AUX
cblr-1706	117	16	be	be	AUX
cblr-1706	117	17	operationalized	operationalize	VERB
cblr-1706	117	18	to	to	PART
cblr-1706	117	19	explain	explain	VERB
cblr-1706	117	20	why	why	SCONJ
cblr-1706	117	21	the	the	DET
cblr-1706	117	22	rule	rule	NOUN
cblr-1706	117	23	of	of	ADP
cblr-1706	117	24	liability	liability	NOUN
cblr-1706	117	25	indeed	indeed	ADV
cblr-1706	117	26	affects	affect	VERB
cblr-1706	117	27	resource	resource	NOUN
cblr-1706	117	28	allocation	allocation	NOUN
cblr-1706	117	29	and	and	CCONJ
cblr-1706	117	30	why	why	SCONJ
cblr-1706	117	31	one	one	NUM
cblr-1706	117	32	rule	rule	NOUN
cblr-1706	117	33	of	of	ADP
cblr-1706	117	34	liability	liability	NOUN
cblr-1706	117	35	might	might	AUX
cblr-1706	117	36	therefore	therefore	ADV
cblr-1706	117	37	be	be	AUX
cblr-1706	117	38	better	well	ADJ
cblr-1706	117	39	than	than	ADP
cblr-1706	117	40	another	another	PRON
cblr-1706	117	41	.	.	PUNCT
cblr-1706	118	1	rather	rather	ADV
cblr-1706	118	2	than	than	ADP
cblr-1706	118	3	asking	ask	VERB
cblr-1706	118	4	whether	whether	SCONJ
cblr-1706	118	5	the	the	DET
cblr-1706	118	6	overall	overall	ADJ
cblr-1706	118	7	benefits	benefit	NOUN
cblr-1706	118	8	of	of	ADP
cblr-1706	118	9	a	a	DET
cblr-1706	118	10	proposed	propose	VERB
cblr-1706	118	11	rule	rule	NOUN
cblr-1706	118	12	will	will	AUX
cblr-1706	118	13	exceed	exceed	VERB
cblr-1706	118	14	the	the	DET
cblr-1706	118	15	overall	overall	ADJ
cblr-1706	118	16	costs	cost	NOUN
cblr-1706	118	17	,	,	PUNCT
cblr-1706	118	18	in	in	ADP
cblr-1706	118	19	a	a	DET
cblr-1706	118	20	coasean	coasean	ADJ
cblr-1706	118	21	framework	framework	NOUN
cblr-1706	118	22	the	the	DET
cblr-1706	118	23	proper	proper	ADJ
cblr-1706	118	24	question	question	NOUN
cblr-1706	118	25	is	be	AUX
cblr-1706	118	26	simply	simply	ADV
cblr-1706	118	27	whether	whether	SCONJ
cblr-1706	118	28	,	,	PUNCT
cblr-1706	118	29	at	at	ADP
cblr-1706	118	30	the	the	DET
cblr-1706	118	31	margin	margin	NOUN
cblr-1706	118	32	,	,	PUNCT
cblr-1706	118	33	the	the	DET
cblr-1706	118	34	proposed	propose	VERB
cblr-1706	118	35	regulation	regulation	NOUN
cblr-1706	118	36	is	be	AUX
cblr-1706	118	37	likely	likely	ADJ
cblr-1706	118	38	to	to	PART
cblr-1706	118	39	reduce	reduce	VERB
cblr-1706	118	40	the	the	DET
cblr-1706	118	41	parties	party	NOUN
cblr-1706	118	42	’	'	PUNCT
cblr-1706	118	43	costs	cost	NOUN
cblr-1706	118	44	of	of	ADP
cblr-1706	118	45	transacting	transact	VERB
cblr-1706	118	46	.	.	PUNCT
cblr-1706	119	1	if	if	SCONJ
cblr-1706	119	2	so	so	ADV
cblr-1706	119	3	,	,	PUNCT
cblr-1706	119	4	they	they	PRON
cblr-1706	119	5	can	can	AUX
cblr-1706	119	6	be	be	AUX
cblr-1706	119	7	counted	count	VERB
cblr-1706	119	8	on	on	ADP
cblr-1706	119	9	to	to	PART
cblr-1706	119	10	make	make	VERB
cblr-1706	119	11	all	all	DET
cblr-1706	119	12	efficient	efficient	ADJ
cblr-1706	119	13	adjustments	adjustment	NOUN
cblr-1706	119	14	to	to	ADP
cblr-1706	119	15	the	the	DET
cblr-1706	119	16	new	new	ADJ
cblr-1706	119	17	rule	rule	NOUN
cblr-1706	119	18	based	base	VERB
cblr-1706	119	19	on	on	ADP
cblr-1706	119	20	their	their	PRON
cblr-1706	119	21	knowledge	knowledge	NOUN
cblr-1706	119	22	of	of	ADP
cblr-1706	119	23	the	the	DET
cblr-1706	119	24	particular	particular	ADJ
cblr-1706	119	25	circumstances	circumstance	NOUN
cblr-1706	119	26	of	of	ADP
cblr-1706	119	27	time	time	NOUN
cblr-1706	119	28	and	and	CCONJ
cblr-1706	119	29	place	place	NOUN
cblr-1706	119	30	.	.	PUNCT
cblr-1706	120	1	this	this	DET
cblr-1706	120	2	knowledge	knowledge	NOUN
cblr-1706	120	3	is	be	AUX
cblr-1706	120	4	fleeting	fleeting	ADJ
cblr-1706	120	5	,	,	PUNCT
cblr-1706	120	6	circumstantial	circumstantial	ADJ
cblr-1706	120	7	,	,	PUNCT
cblr-1706	120	8	and	and	CCONJ
cblr-1706	120	9	inherently	inherently	ADV
cblr-1706	120	10	unavailable	unavailable	ADJ
cblr-1706	120	11	to	to	ADP
cblr-1706	120	12	outside	outside	ADJ
cblr-1706	120	13	observers	observer	NOUN
cblr-1706	120	14	because	because	SCONJ
cblr-1706	120	15	it	it	PRON
cblr-1706	120	16	requires	require	VERB
cblr-1706	120	17	them	they	PRON
cblr-1706	120	18	to	to	PART
cblr-1706	120	19	identify	identify	VERB
cblr-1706	120	20	a	a	DET
cblr-1706	120	21	counterfactual	counterfactual	NOUN
cblr-1706	120	22	.	.	PUNCT
cblr-1706	121	1	this	this	PRON
cblr-1706	121	2	is	be	AUX
cblr-1706	121	3	one	one	NUM
cblr-1706	121	4	reason	reason	NOUN
cblr-1706	121	5	why	why	SCONJ
cblr-1706	121	6	quantified	quantify	VERB
cblr-1706	121	7	cba	cba	PROPN
cblr-1706	121	8	of	of	ADP
cblr-1706	121	9	proposed	propose	VERB
cblr-1706	121	10	regulation	regulation	NOUN
cblr-1706	121	11	is	be	AUX
cblr-1706	121	12	so	so	ADV
cblr-1706	121	13	difficult.27	difficult.27	PROPN
cblr-1706	121	14	to	to	ADP
cblr-1706	121	15	the	the	DET
cblr-1706	121	16	extent	extent	NOUN
cblr-1706	121	17	that	that	SCONJ
cblr-1706	121	18	regulators	regulator	NOUN
cblr-1706	121	19	can	can	AUX
cblr-1706	121	20	identify	identify	VERB
cblr-1706	121	21	the	the	DET
cblr-1706	121	22	relevant	relevant	ADJ
cblr-1706	121	23	transaction	transaction	NOUN
cblr-1706	121	24	costs	cost	NOUN
cblr-1706	121	25	and	and	CCONJ
cblr-1706	121	26	reduce	reduce	VERB
cblr-1706	121	27	them	they	PRON
cblr-1706	121	28	through	through	ADP
cblr-1706	121	29	regulatory	regulatory	ADJ
cblr-1706	121	30	rules	rule	NOUN
cblr-1706	121	31	,	,	PUNCT
cblr-1706	121	32	market	market	NOUN
cblr-1706	121	33	participants	participant	NOUN
cblr-1706	121	34	will	will	AUX
cblr-1706	121	35	move	move	VERB
cblr-1706	121	36	toward	toward	ADP
cblr-1706	121	37	optimal	optimal	ADJ
cblr-1706	121	38	resource	resource	NOUN
cblr-1706	121	39	allocation	allocation	NOUN
cblr-1706	121	40	through	through	ADP
cblr-1706	121	41	private	private	ADJ
cblr-1706	121	42	ordering	ordering	NOUN
cblr-1706	121	43	.	.	PUNCT
cblr-1706	122	1	this	this	PRON
cblr-1706	122	2	is	be	AUX
cblr-1706	122	3	not	not	PART
cblr-1706	122	4	to	to	PART
cblr-1706	122	5	say	say	VERB
cblr-1706	122	6	that	that	SCONJ
cblr-1706	122	7	private	private	ADJ
cblr-1706	122	8	markets	market	NOUN
cblr-1706	122	9	solve	solve	VERB
cblr-1706	122	10	all	all	DET
cblr-1706	122	11	problems	problem	NOUN
cblr-1706	122	12	or	or	CCONJ
cblr-1706	122	13	that	that	PRON
cblr-1706	122	14	government	government	NOUN
cblr-1706	122	15	regulation	regulation	NOUN
cblr-1706	122	16	is	be	AUX
cblr-1706	122	17	incapable	incapable	ADJ
cblr-1706	122	18	of	of	ADP
cblr-1706	122	19	improving	improve	VERB
cblr-1706	122	20	resource	resource	NOUN
cblr-1706	122	21	allocation	allocation	NOUN
cblr-1706	122	22	.	.	PUNCT
cblr-1706	123	1	where	where	SCONJ
cblr-1706	123	2	economic	economic	ADJ
cblr-1706	123	3	analysis	analysis	NOUN
cblr-1706	123	4	is	be	AUX
cblr-1706	123	5	required	require	VERB
cblr-1706	123	6	and	and	CCONJ
cblr-1706	123	7	the	the	DET
cblr-1706	123	8	parties	party	NOUN
cblr-1706	123	9	deal	deal	VERB
cblr-1706	123	10	directly	directly	ADV
cblr-1706	123	11	,	,	PUNCT
cblr-1706	123	12	it	it	PRON
cblr-1706	123	13	simply	simply	ADV
cblr-1706	123	14	means	mean	VERB
cblr-1706	123	15	that	that	SCONJ
cblr-1706	123	16	regulation	regulation	NOUN
cblr-1706	123	17	is	be	AUX
cblr-1706	123	18	justified	justify	VERB
cblr-1706	123	19	only	only	ADV
cblr-1706	123	20	if	if	SCONJ
cblr-1706	123	21	,	,	PUNCT
cblr-1706	123	22	27	27	NUM
cblr-1706	123	23	see	see	VERB
cblr-1706	123	24	james	james	PROPN
cblr-1706	123	25	m.	m.	PROPN
cblr-1706	123	26	buchanan	buchanan	PROPN
cblr-1706	123	27	,	,	PUNCT
cblr-1706	123	28	cost	cost	NOUN
cblr-1706	123	29	and	and	CCONJ
cblr-1706	123	30	choice	choice	NOUN
cblr-1706	123	31	:	:	PUNCT
cblr-1706	123	32	an	an	DET
cblr-1706	123	33	inquiry	inquiry	NOUN
cblr-1706	123	34	in	in	ADP
cblr-1706	123	35	economic	economic	ADJ
cblr-1706	123	36	theory	theory	NOUN
cblr-1706	123	37	(	(	PUNCT
cblr-1706	123	38	1969	1969	NUM
cblr-1706	123	39	)	)	PUNCT
cblr-1706	123	40	;	;	PUNCT
cblr-1706	123	41	f.a	f.a	PROPN
cblr-1706	123	42	.	.	PROPN
cblr-1706	123	43	hayek	hayek	PROPN
cblr-1706	123	44	,	,	PUNCT
cblr-1706	123	45	the	the	DET
cblr-1706	123	46	use	use	NOUN
cblr-1706	123	47	of	of	ADP
cblr-1706	123	48	knowledge	knowledge	NOUN
cblr-1706	123	49	in	in	ADP
cblr-1706	123	50	society	society	NOUN
cblr-1706	123	51	,	,	PUNCT
cblr-1706	123	52	35	35	NUM
cblr-1706	123	53	am	am	NOUN
cblr-1706	123	54	.	.	PUNCT
cblr-1706	124	1	econ	econ	PROPN
cblr-1706	124	2	.	.	PUNCT
cblr-1706	125	1	rev	rev	PROPN
cblr-1706	125	2	.	.	PROPN
cblr-1706	126	1	519	519	NUM
cblr-1706	126	2	(	(	PUNCT
cblr-1706	126	3	1945	1945	NUM
cblr-1706	126	4	)	)	PUNCT
cblr-1706	126	5	.	.	PUNCT
cblr-1706	127	1	cass	cass	PROPN
cblr-1706	127	2	sunstein	sunstein	PROPN
cblr-1706	127	3	,	,	PUNCT
cblr-1706	127	4	former	former	ADJ
cblr-1706	127	5	administrator	administrator	NOUN
cblr-1706	127	6	of	of	ADP
cblr-1706	127	7	the	the	DET
cblr-1706	127	8	office	office	NOUN
cblr-1706	127	9	of	of	ADP
cblr-1706	127	10	information	information	NOUN
cblr-1706	127	11	and	and	CCONJ
cblr-1706	127	12	regulatory	regulatory	ADJ
cblr-1706	127	13	affairs	affair	NOUN
cblr-1706	127	14	,	,	PUNCT
cblr-1706	127	15	acknowledges	acknowledge	VERB
cblr-1706	127	16	that	that	SCONJ
cblr-1706	127	17	financial	financial	ADJ
cblr-1706	127	18	regulators	regulator	NOUN
cblr-1706	127	19	are	be	AUX
cblr-1706	127	20	plagued	plague	VERB
cblr-1706	127	21	by	by	ADP
cblr-1706	127	22	the	the	DET
cblr-1706	127	23	hayekian	hayekian	ADJ
cblr-1706	127	24	knowledge	knowledge	NOUN
cblr-1706	127	25	problem	problem	NOUN
cblr-1706	127	26	,	,	PUNCT
cblr-1706	127	27	which	which	PRON
cblr-1706	127	28	is	be	AUX
cblr-1706	127	29	that	that	SCONJ
cblr-1706	127	30	the	the	DET
cblr-1706	127	31	information	information	NOUN
cblr-1706	127	32	necessary	necessary	ADJ
cblr-1706	127	33	to	to	PART
cblr-1706	127	34	formulate	formulate	VERB
cblr-1706	127	35	rational	rational	ADJ
cblr-1706	127	36	regulations	regulation	NOUN
cblr-1706	127	37	is	be	AUX
cblr-1706	127	38	dispersed	disperse	VERB
cblr-1706	127	39	across	across	ADP
cblr-1706	127	40	many	many	ADJ
cblr-1706	127	41	members	member	NOUN
cblr-1706	127	42	of	of	ADP
cblr-1706	127	43	society	society	NOUN
cblr-1706	127	44	.	.	PUNCT
cblr-1706	128	1	in	in	ADP
cblr-1706	128	2	some	some	DET
cblr-1706	128	3	cases	case	NOUN
cblr-1706	128	4	,	,	PUNCT
cblr-1706	128	5	“	"	PUNCT
cblr-1706	128	6	knightian	knightian	ADJ
cblr-1706	128	7	uncertainty	uncertainty	NOUN
cblr-1706	128	8	”	"	PUNCT
cblr-1706	128	9	will	will	AUX
cblr-1706	128	10	make	make	VERB
cblr-1706	128	11	it	it	PRON
cblr-1706	128	12	impossible	impossible	ADJ
cblr-1706	128	13	for	for	SCONJ
cblr-1706	128	14	them	they	PRON
cblr-1706	128	15	to	to	PART
cblr-1706	128	16	perform	perform	VERB
cblr-1706	128	17	reliable	reliable	ADJ
cblr-1706	128	18	cba	cba	PROPN
cblr-1706	128	19	.	.	PUNCT
cblr-1706	129	1	sunstein	sunstein	PROPN
cblr-1706	129	2	,	,	PUNCT
cblr-1706	129	3	supra	supra	PROPN
cblr-1706	129	4	note	note	PROPN
cblr-1706	129	5	18	18	NUM
cblr-1706	129	6	,	,	PUNCT
cblr-1706	129	7	at	at	ADP
cblr-1706	129	8	264–65	264–65	NOUN
cblr-1706	129	9	.	.	PUNCT
cblr-1706	130	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	130	2	no	no	NOUN
cblr-1706	130	3	.	.	PUNCT
cblr-1706	131	1	3:695	3:695	NUM
cblr-1706	131	2	]	]	X
cblr-1706	131	3	a	a	DET
cblr-1706	131	4	transaction	transaction	NOUN
cblr-1706	131	5	cost	cost	NOUN
cblr-1706	131	6	assessment	assessment	NOUN
cblr-1706	131	7	703	703	NUM
cblr-1706	131	8	and	and	CCONJ
cblr-1706	131	9	to	to	ADP
cblr-1706	131	10	the	the	DET
cblr-1706	131	11	extent	extent	NOUN
cblr-1706	131	12	that	that	SCONJ
cblr-1706	131	13	,	,	PUNCT
cblr-1706	131	14	it	it	PRON
cblr-1706	131	15	reduces	reduce	VERB
cblr-1706	131	16	the	the	DET
cblr-1706	131	17	parties	party	NOUN
cblr-1706	131	18	’	’	PART
cblr-1706	131	19	transaction	transaction	NOUN
cblr-1706	131	20	costs	cost	NOUN
cblr-1706	131	21	.	.	PUNCT
cblr-1706	132	1	it	it	PRON
cblr-1706	132	2	is	be	AUX
cblr-1706	132	3	insufficient	insufficient	ADJ
cblr-1706	132	4	to	to	PART
cblr-1706	132	5	identify	identify	VERB
cblr-1706	132	6	problems	problem	NOUN
cblr-1706	132	7	that	that	PRON
cblr-1706	132	8	need	need	VERB
cblr-1706	132	9	correcting	correct	VERB
cblr-1706	132	10	(	(	PUNCT
cblr-1706	132	11	including	include	VERB
cblr-1706	132	12	conflicts	conflict	NOUN
cblr-1706	132	13	of	of	ADP
cblr-1706	132	14	interest	interest	NOUN
cblr-1706	132	15	)	)	PUNCT
cblr-1706	132	16	without	without	ADP
cblr-1706	132	17	credibly	credibly	ADV
cblr-1706	132	18	making	make	VERB
cblr-1706	132	19	this	this	DET
cblr-1706	132	20	showing	showing	NOUN
cblr-1706	132	21	.	.	PUNCT
cblr-1706	133	1	only	only	ADV
cblr-1706	133	2	then	then	ADV
cblr-1706	133	3	can	can	AUX
cblr-1706	133	4	the	the	DET
cblr-1706	133	5	“	"	PUNCT
cblr-1706	133	6	problem	problem	NOUN
cblr-1706	133	7	”	"	PUNCT
cblr-1706	133	8	be	be	AUX
cblr-1706	133	9	properly	properly	ADV
cblr-1706	133	10	characterized	characterize	VERB
cblr-1706	133	11	as	as	ADP
cblr-1706	133	12	a	a	DET
cblr-1706	133	13	market	market	NOUN
cblr-1706	133	14	failure	failure	NOUN
cblr-1706	133	15	requiring	require	VERB
cblr-1706	133	16	a	a	DET
cblr-1706	133	17	corrective	corrective	ADJ
cblr-1706	133	18	rule	rule	NOUN
cblr-1706	133	19	.	.	PUNCT
cblr-1706	134	1	as	as	SCONJ
cblr-1706	134	2	coase	coase	PROPN
cblr-1706	134	3	stated	state	VERB
cblr-1706	134	4	in	in	ADP
cblr-1706	134	5	his	his	PRON
cblr-1706	134	6	nobel	nobel	PROPN
cblr-1706	134	7	address	address	NOUN
cblr-1706	134	8	,	,	PUNCT
cblr-1706	134	9	“	"	PUNCT
cblr-1706	134	10	what	what	PRON
cblr-1706	134	11	i	i	PRON
cblr-1706	134	12	think	think	VERB
cblr-1706	134	13	will	will	AUX
cblr-1706	134	14	be	be	AUX
cblr-1706	134	15	considered	consider	VERB
cblr-1706	134	16	in	in	ADP
cblr-1706	134	17	the	the	DET
cblr-1706	134	18	future	future	NOUN
cblr-1706	134	19	to	to	PART
cblr-1706	134	20	have	have	AUX
cblr-1706	134	21	been	be	AUX
cblr-1706	134	22	the	the	DET
cblr-1706	134	23	important	important	ADJ
cblr-1706	134	24	contribution	contribution	NOUN
cblr-1706	134	25	of	of	ADP
cblr-1706	134	26	this	this	DET
cblr-1706	134	27	article	article	NOUN
cblr-1706	134	28	is	be	AUX
cblr-1706	134	29	the	the	DET
cblr-1706	134	30	explicit	explicit	ADJ
cblr-1706	134	31	introduction	introduction	NOUN
cblr-1706	134	32	of	of	ADP
cblr-1706	134	33	transaction	transaction	NOUN
cblr-1706	134	34	costs	cost	NOUN
cblr-1706	134	35	into	into	ADP
cblr-1706	134	36	economic	economic	ADJ
cblr-1706	134	37	analysis	analysis	NOUN
cblr-1706	134	38	.	.	PUNCT
cblr-1706	135	1	”28	”28	NOUN
cblr-1706	135	2	three	three	NUM
cblr-1706	135	3	generations	generation	NOUN
cblr-1706	135	4	of	of	ADP
cblr-1706	135	5	scholars	scholar	NOUN
cblr-1706	135	6	have	have	AUX
cblr-1706	135	7	developed	develop	VERB
cblr-1706	135	8	coase	coase	PROPN
cblr-1706	135	9	’s	’s	PART
cblr-1706	135	10	insights	insight	NOUN
cblr-1706	135	11	into	into	ADP
cblr-1706	135	12	the	the	DET
cblr-1706	135	13	field	field	NOUN
cblr-1706	135	14	now	now	ADV
cblr-1706	135	15	known	know	VERB
cblr-1706	135	16	as	as	ADP
cblr-1706	135	17	transaction	transaction	NOUN
cblr-1706	135	18	cost	cost	NOUN
cblr-1706	135	19	economics	economic	NOUN
cblr-1706	135	20	(	(	PUNCT
cblr-1706	135	21	“	"	PUNCT
cblr-1706	135	22	tce”).29	tce”).29	NOUN
cblr-1706	135	23	transaction	transaction	NOUN
cblr-1706	135	24	costs	cost	NOUN
cblr-1706	135	25	can	can	AUX
cblr-1706	135	26	and	and	CCONJ
cblr-1706	135	27	have	have	AUX
cblr-1706	135	28	been	be	AUX
cblr-1706	135	29	used	use	VERB
cblr-1706	135	30	to	to	PART
cblr-1706	135	31	predict	predict	VERB
cblr-1706	135	32	the	the	DET
cblr-1706	135	33	likely	likely	ADV
cblr-1706	135	34	competitive	competitive	ADJ
cblr-1706	135	35	effects	effect	NOUN
cblr-1706	135	36	of	of	ADP
cblr-1706	135	37	a	a	DET
cblr-1706	135	38	change	change	NOUN
cblr-1706	135	39	in	in	ADP
cblr-1706	135	40	the	the	DET
cblr-1706	135	41	rule	rule	NOUN
cblr-1706	135	42	of	of	ADP
cblr-1706	135	43	liability	liability	NOUN
cblr-1706	135	44	on	on	ADP
cblr-1706	135	45	evolved	evolved	ADJ
cblr-1706	135	46	patterns	pattern	NOUN
cblr-1706	135	47	of	of	ADP
cblr-1706	135	48	economic	economic	ADJ
cblr-1706	135	49	organization	organization	NOUN
cblr-1706	135	50	,	,	PUNCT
cblr-1706	135	51	such	such	ADJ
cblr-1706	135	52	as	as	ADP
cblr-1706	135	53	those	those	PRON
cblr-1706	135	54	found	find	VERB
cblr-1706	135	55	in	in	ADP
cblr-1706	135	56	the	the	DET
cblr-1706	135	57	financial	financial	ADJ
cblr-1706	135	58	services	service	NOUN
cblr-1706	136	1	industry.30	industry.30	ADP
cblr-1706	136	2	indeed	indeed	ADV
cblr-1706	136	3	,	,	PUNCT
cblr-1706	136	4	tce	tce	PROPN
cblr-1706	136	5	has	have	VERB
cblr-1706	136	6	28	28	NUM
cblr-1706	136	7	douglas	douglas	PROPN
cblr-1706	136	8	w.	w.	PROPN
cblr-1706	136	9	allen	allen	PROPN
cblr-1706	136	10	,	,	PUNCT
cblr-1706	136	11	transaction	transaction	NOUN
cblr-1706	136	12	costs	cost	NOUN
cblr-1706	136	13	,	,	PUNCT
cblr-1706	136	14	in	in	ADP
cblr-1706	136	15	1	1	NUM
cblr-1706	136	16	encyclopedia	encyclopedia	NOUN
cblr-1706	136	17	of	of	ADP
cblr-1706	136	18	law	law	NOUN
cblr-1706	136	19	and	and	CCONJ
cblr-1706	136	20	economics	economic	NOUN
cblr-1706	136	21	:	:	PUNCT
cblr-1706	136	22	the	the	DET
cblr-1706	136	23	history	history	NOUN
cblr-1706	136	24	and	and	CCONJ
cblr-1706	136	25	methodology	methodology	NOUN
cblr-1706	136	26	of	of	ADP
cblr-1706	136	27	law	law	NOUN
cblr-1706	136	28	and	and	CCONJ
cblr-1706	136	29	economics	economic	NOUN
cblr-1706	136	30	896	896	NUM
cblr-1706	136	31	(	(	PUNCT
cblr-1706	136	32	boudewijn	boudewijn	PROPN
cblr-1706	136	33	bouckaert	bouckaert	PROPN
cblr-1706	136	34	&	&	CCONJ
cblr-1706	136	35	gerrit	gerrit	PROPN
cblr-1706	136	36	de	de	PROPN
cblr-1706	136	37	geest	geest	PROPN
cblr-1706	136	38	eds	ed	NOUN
cblr-1706	136	39	.	.	PROPN
cblr-1706	136	40	,	,	PUNCT
cblr-1706	136	41	2000	2000	NUM
cblr-1706	136	42	)	)	PUNCT
cblr-1706	136	43	.	.	PUNCT
cblr-1706	137	1	29	29	NUM
cblr-1706	137	2	nobel	nobel	PROPN
cblr-1706	137	3	laureate	laureate	PROPN
cblr-1706	137	4	oliver	oliver	PROPN
cblr-1706	137	5	williamson	williamson	PROPN
cblr-1706	137	6	probably	probably	ADV
cblr-1706	137	7	coined	coin	VERB
cblr-1706	137	8	the	the	DET
cblr-1706	137	9	term	term	NOUN
cblr-1706	137	10	“	"	PUNCT
cblr-1706	137	11	transaction	transaction	NOUN
cblr-1706	137	12	cost	cost	NOUN
cblr-1706	137	13	economics	economic	NOUN
cblr-1706	137	14	”	"	PUNCT
cblr-1706	137	15	and	and	CCONJ
cblr-1706	137	16	was	be	AUX
cblr-1706	137	17	a	a	DET
cblr-1706	137	18	leading	lead	VERB
cblr-1706	137	19	member	member	NOUN
cblr-1706	137	20	of	of	ADP
cblr-1706	137	21	a	a	DET
cblr-1706	137	22	group	group	NOUN
cblr-1706	137	23	of	of	ADP
cblr-1706	137	24	economists	economist	NOUN
cblr-1706	137	25	that	that	PRON
cblr-1706	137	26	revolutionized	revolutionize	VERB
cblr-1706	137	27	antitrust	antitrust	ADJ
cblr-1706	137	28	scholarship	scholarship	NOUN
cblr-1706	137	29	,	,	PUNCT
cblr-1706	137	30	and	and	CCONJ
cblr-1706	137	31	ultimately	ultimately	ADV
cblr-1706	137	32	the	the	DET
cblr-1706	137	33	law	law	NOUN
cblr-1706	137	34	itself	itself	PRON
cblr-1706	137	35	,	,	PUNCT
cblr-1706	137	36	by	by	ADP
cblr-1706	137	37	carefully	carefully	ADV
cblr-1706	137	38	applying	apply	VERB
cblr-1706	137	39	transaction	transaction	NOUN
cblr-1706	137	40	cost	cost	VERB
cblr-1706	137	41	economics	economic	NOUN
cblr-1706	137	42	to	to	ADP
cblr-1706	137	43	various	various	ADJ
cblr-1706	137	44	business	business	NOUN
cblr-1706	137	45	practices	practice	NOUN
cblr-1706	137	46	,	,	PUNCT
cblr-1706	137	47	most	most	ADV
cblr-1706	137	48	successfully	successfully	ADV
cblr-1706	137	49	to	to	ADP
cblr-1706	137	50	vertical	vertical	ADJ
cblr-1706	137	51	business	business	NOUN
cblr-1706	137	52	arrangements	arrangement	NOUN
cblr-1706	137	53	.	.	PUNCT
cblr-1706	138	1	see	see	VERB
cblr-1706	138	2	,	,	PUNCT
cblr-1706	138	3	e.g.	e.g.	ADV
cblr-1706	138	4	,	,	PUNCT
cblr-1706	138	5	robert	robert	PROPN
cblr-1706	138	6	dahlstrom	dahlstrom	PROPN
cblr-1706	138	7	&	&	CCONJ
cblr-1706	138	8	arne	arne	PROPN
cblr-1706	138	9	nygaard	nygaard	PROPN
cblr-1706	138	10	,	,	PUNCT
cblr-1706	138	11	the	the	DET
cblr-1706	138	12	2009	2009	NUM
cblr-1706	138	13	nobel	nobel	PROPN
cblr-1706	138	14	prize	prize	PROPN
cblr-1706	138	15	in	in	ADP
cblr-1706	138	16	economics	economics	PROPN
cblr-1706	138	17	to	to	ADP
cblr-1706	138	18	oliver	oliver	PROPN
cblr-1706	138	19	e.	e.	PROPN
cblr-1706	138	20	williamson	williamson	PROPN
cblr-1706	138	21	:	:	PUNCT
cblr-1706	138	22	recognition	recognition	NOUN
cblr-1706	138	23	of	of	ADP
cblr-1706	138	24	the	the	DET
cblr-1706	138	25	influence	influence	NOUN
cblr-1706	138	26	of	of	ADP
cblr-1706	138	27	transaction	transaction	NOUN
cblr-1706	138	28	cost	cost	VERB
cblr-1706	138	29	economics	economic	NOUN
cblr-1706	138	30	on	on	ADP
cblr-1706	138	31	business	business	NOUN
cblr-1706	138	32	research	research	NOUN
cblr-1706	138	33	,	,	PUNCT
cblr-1706	138	34	86	86	NUM
cblr-1706	138	35	j.	j.	PROPN
cblr-1706	138	36	retailing	retailing	PROPN
cblr-1706	138	37	209	209	NUM
cblr-1706	138	38	(	(	PUNCT
cblr-1706	138	39	2010	2010	NUM
cblr-1706	138	40	)	)	PUNCT
cblr-1706	138	41	.	.	PUNCT
cblr-1706	139	1	30	30	NUM
cblr-1706	139	2	for	for	ADP
cblr-1706	139	3	work	work	NOUN
cblr-1706	139	4	on	on	ADP
cblr-1706	139	5	financial	financial	ADJ
cblr-1706	139	6	markets	market	NOUN
cblr-1706	139	7	,	,	PUNCT
cblr-1706	139	8	see	see	VERB
cblr-1706	139	9	,	,	PUNCT
cblr-1706	139	10	e.g.	e.g.	ADV
cblr-1706	139	11	,	,	PUNCT
cblr-1706	139	12	stephen	stephen	PROPN
cblr-1706	139	13	a.	a.	PROPN
cblr-1706	139	14	berkowitz	berkowitz	PROPN
cblr-1706	139	15	,	,	PUNCT
cblr-1706	139	16	dennis	dennis	PROPN
cblr-1706	139	17	e.	e.	PROPN
cblr-1706	139	18	logue	logue	PROPN
cblr-1706	139	19	&	&	CCONJ
cblr-1706	139	20	eugene	eugene	PROPN
cblr-1706	139	21	a.	a.	PROPN
cblr-1706	139	22	noser	noser	PROPN
cblr-1706	139	23	,	,	PUNCT
cblr-1706	139	24	jr	jr	PROPN
cblr-1706	139	25	.	.	PROPN
cblr-1706	139	26	,	,	PUNCT
cblr-1706	139	27	the	the	DET
cblr-1706	139	28	total	total	ADJ
cblr-1706	139	29	cost	cost	NOUN
cblr-1706	139	30	of	of	ADP
cblr-1706	139	31	transactions	transaction	NOUN
cblr-1706	139	32	on	on	ADP
cblr-1706	139	33	the	the	DET
cblr-1706	139	34	nyse	nyse	PROPN
cblr-1706	139	35	,	,	PUNCT
cblr-1706	139	36	43	43	NUM
cblr-1706	139	37	j.	j.	PROPN
cblr-1706	139	38	fin	fin	PROPN
cblr-1706	139	39	.	.	PUNCT
cblr-1706	140	1	97	97	NUM
cblr-1706	140	2	(	(	PUNCT
cblr-1706	140	3	1988	1988	NUM
cblr-1706	140	4	)	)	PUNCT
cblr-1706	140	5	;	;	PUNCT
cblr-1706	141	1	harold	harold	PROPN
cblr-1706	141	2	demsetz	demsetz	PROPN
cblr-1706	141	3	,	,	PUNCT
cblr-1706	141	4	the	the	DET
cblr-1706	141	5	cost	cost	NOUN
cblr-1706	141	6	of	of	ADP
cblr-1706	141	7	transacting	transacting	NOUN
cblr-1706	141	8	,	,	PUNCT
cblr-1706	141	9	82	82	NUM
cblr-1706	141	10	q.j	q.j	PROPN
cblr-1706	141	11	.	.	PROPN
cblr-1706	141	12	econ	econ	PROPN
cblr-1706	141	13	.	.	PUNCT
cblr-1706	142	1	33	33	NUM
cblr-1706	142	2	(	(	PUNCT
cblr-1706	142	3	1968	1968	NUM
cblr-1706	142	4	)	)	PUNCT
cblr-1706	142	5	;	;	PUNCT
cblr-1706	142	6	kenneth	kenneth	PROPN
cblr-1706	142	7	d.	d.	PROPN
cblr-1706	142	8	garbade	garbade	PROPN
cblr-1706	142	9	&	&	CCONJ
cblr-1706	142	10	william	william	PROPN
cblr-1706	142	11	l.	l.	PROPN
cblr-1706	142	12	silber	silber	PROPN
cblr-1706	142	13	,	,	PUNCT
cblr-1706	142	14	best	good	ADJ
cblr-1706	142	15	execution	execution	NOUN
cblr-1706	142	16	in	in	ADP
cblr-1706	142	17	securities	security	NOUN
cblr-1706	142	18	markets	market	NOUN
cblr-1706	142	19	:	:	PUNCT
cblr-1706	142	20	an	an	DET
cblr-1706	142	21	application	application	NOUN
cblr-1706	142	22	of	of	ADP
cblr-1706	142	23	signaling	signal	VERB
cblr-1706	142	24	and	and	CCONJ
cblr-1706	142	25	agency	agency	NOUN
cblr-1706	142	26	theory	theory	NOUN
cblr-1706	142	27	,	,	PUNCT
cblr-1706	142	28	37	37	NUM
cblr-1706	142	29	j.	j.	PROPN
cblr-1706	142	30	fin	fin	PROPN
cblr-1706	142	31	.	.	PUNCT
cblr-1706	143	1	493	493	NUM
cblr-1706	143	2	(	(	PUNCT
cblr-1706	143	3	1982	1982	NUM
cblr-1706	143	4	)	)	PUNCT
cblr-1706	143	5	;	;	PUNCT
cblr-1706	143	6	d.	d.	PROPN
cblr-1706	143	7	bruce	bruce	PROPN
cblr-1706	143	8	johnsen	johnsen	PROPN
cblr-1706	143	9	,	,	PUNCT
cblr-1706	143	10	property	property	NOUN
cblr-1706	143	11	rights	right	NOUN
cblr-1706	143	12	to	to	ADP
cblr-1706	143	13	investment	investment	NOUN
cblr-1706	143	14	research	research	NOUN
cblr-1706	143	15	:	:	PUNCT
cblr-1706	143	16	the	the	DET
cblr-1706	143	17	agency	agency	NOUN
cblr-1706	143	18	costs	cost	NOUN
cblr-1706	143	19	of	of	ADP
cblr-1706	143	20	soft	soft	ADJ
cblr-1706	143	21	dollar	dollar	NOUN
cblr-1706	143	22	brokerage	brokerage	NOUN
cblr-1706	143	23	,	,	PUNCT
cblr-1706	143	24	11	11	NUM
cblr-1706	143	25	yale	yale	NOUN
cblr-1706	143	26	j.	j.	PROPN
cblr-1706	143	27	on	on	ADP
cblr-1706	143	28	reg	reg	PROPN
cblr-1706	143	29	.	.	PUNCT
cblr-1706	144	1	75	75	NUM
cblr-1706	144	2	(	(	PUNCT
cblr-1706	144	3	1994	1994	NUM
cblr-1706	144	4	)	)	PUNCT
cblr-1706	144	5	;	;	PUNCT
cblr-1706	144	6	d.	d.	PROPN
cblr-1706	144	7	bruce	bruce	PROPN
cblr-1706	144	8	johnsen	johnsen	PROPN
cblr-1706	144	9	,	,	PUNCT
cblr-1706	144	10	the	the	DET
cblr-1706	144	11	quasi	quasi	ADJ
cblr-1706	144	12	-	-	ADJ
cblr-1706	144	13	rent	rent	ADJ
cblr-1706	144	14	structure	structure	NOUN
cblr-1706	144	15	of	of	ADP
cblr-1706	144	16	corporate	corporate	ADJ
cblr-1706	144	17	enterprise	enterprise	NOUN
cblr-1706	144	18	:	:	PUNCT
cblr-1706	144	19	a	a	DET
cblr-1706	144	20	transaction	transaction	NOUN
cblr-1706	144	21	cost	cost	NOUN
cblr-1706	144	22	theory	theory	NOUN
cblr-1706	144	23	,	,	PUNCT
cblr-1706	144	24	44	44	NUM
cblr-1706	144	25	emory	emory	PROPN
cblr-1706	144	26	l.j	l.j	PROPN
cblr-1706	144	27	.	.	PROPN
cblr-1706	144	28	1277	1277	NUM
cblr-1706	144	29	(	(	PUNCT
cblr-1706	144	30	1995	1995	NUM
cblr-1706	144	31	)	)	PUNCT
cblr-1706	144	32	.	.	PUNCT
cblr-1706	145	1	for	for	ADP
cblr-1706	145	2	more	more	ADV
cblr-1706	145	3	general	general	ADJ
cblr-1706	145	4	foundational	foundational	ADJ
cblr-1706	145	5	work	work	NOUN
cblr-1706	145	6	,	,	PUNCT
cblr-1706	145	7	see	see	VERB
cblr-1706	145	8	,	,	PUNCT
cblr-1706	145	9	for	for	ADP
cblr-1706	145	10	example	example	NOUN
cblr-1706	145	11	,	,	PUNCT
cblr-1706	145	12	armen	armen	PROPN
cblr-1706	145	13	a.	a.	PROPN
cblr-1706	145	14	alchian	alchian	PROPN
cblr-1706	145	15	,	,	PUNCT
cblr-1706	145	16	why	why	SCONJ
cblr-1706	145	17	money	money	NOUN
cblr-1706	145	18	?	?	PUNCT
cblr-1706	145	19	,	,	PUNCT
cblr-1706	145	20	9	9	NUM
cblr-1706	145	21	j.	j.	PROPN
cblr-1706	145	22	money	money	PROPN
cblr-1706	145	23	,	,	PUNCT
cblr-1706	145	24	credit	credit	NOUN
cblr-1706	145	25	&	&	CCONJ
cblr-1706	145	26	banking	banking	NOUN
cblr-1706	145	27	133	133	NUM
cblr-1706	145	28	(	(	PUNCT
cblr-1706	145	29	1977	1977	NUM
cblr-1706	145	30	)	)	PUNCT
cblr-1706	145	31	;	;	PUNCT
cblr-1706	145	32	yoram	yoram	PROPN
cblr-1706	145	33	barzel	barzel	PROPN
cblr-1706	145	34	,	,	PUNCT
cblr-1706	145	35	some	some	DET
cblr-1706	145	36	fallacies	fallacy	NOUN
cblr-1706	145	37	in	in	ADP
cblr-1706	145	38	the	the	DET
cblr-1706	145	39	interpretation	interpretation	NOUN
cblr-1706	145	40	of	of	ADP
cblr-1706	145	41	information	information	NOUN
cblr-1706	145	42	costs	cost	NOUN
cblr-1706	145	43	,	,	PUNCT
cblr-1706	145	44	20	20	NUM
cblr-1706	145	45	j.l	j.l	PROPN
cblr-1706	145	46	.	.	PROPN
cblr-1706	145	47	&	&	CCONJ
cblr-1706	145	48	econ	econ	PROPN
cblr-1706	145	49	.	.	PUNCT
cblr-1706	146	1	291	291	NUM
cblr-1706	146	2	(	(	PUNCT
cblr-1706	146	3	1977	1977	NUM
cblr-1706	146	4	)	)	PUNCT
cblr-1706	146	5	;	;	PUNCT
cblr-1706	147	1	steven	steven	PROPN
cblr-1706	147	2	n.s	n.s	PROPN
cblr-1706	147	3	.	.	PROPN
cblr-1706	147	4	cheung	cheung	PROPN
cblr-1706	147	5	,	,	PUNCT
cblr-1706	147	6	transaction	transaction	NOUN
cblr-1706	147	7	costs	cost	NOUN
cblr-1706	147	8	,	,	PUNCT
cblr-1706	147	9	risk	risk	NOUN
cblr-1706	147	10	aversion	aversion	NOUN
cblr-1706	147	11	,	,	PUNCT
cblr-1706	147	12	and	and	CCONJ
cblr-1706	147	13	the	the	DET
cblr-1706	147	14	choice	choice	NOUN
cblr-1706	147	15	of	of	ADP
cblr-1706	147	16	contractual	contractual	ADJ
cblr-1706	147	17	arrangements	arrangement	NOUN
cblr-1706	147	18	,	,	PUNCT
cblr-1706	147	19	12	12	NUM
cblr-1706	147	20	j.l	j.l	PROPN
cblr-1706	147	21	.	.	PROPN
cblr-1706	147	22	&	&	CCONJ
cblr-1706	147	23	econ	econ	PROPN
cblr-1706	147	24	.	.	PUNCT
cblr-1706	148	1	23	23	NUM
cblr-1706	148	2	(	(	PUNCT
cblr-1706	148	3	1969	1969	NUM
cblr-1706	148	4	)	)	PUNCT
cblr-1706	148	5	;	;	PUNCT
cblr-1706	148	6	r.	r.	PROPN
cblr-1706	148	7	2018.3_johnsen_final	2018.3_johnsen_final	PROPN
cblr-1706	148	8	704	704	NUM
cblr-1706	148	9	columbia	columbia	PROPN
cblr-1706	148	10	business	business	NOUN
cblr-1706	148	11	law	law	PROPN
cblr-1706	148	12	review	review	NOUN
cblr-1706	149	1	[	[	X
cblr-1706	149	2	vol	vol	NOUN
cblr-1706	149	3	.	.	PUNCT
cblr-1706	149	4	2018	2018	NUM
cblr-1706	149	5	revolutionized	revolutionize	VERB
cblr-1706	149	6	antitrust	antitrust	ADJ
cblr-1706	149	7	law.31	law.31	NOUN
cblr-1706	149	8	where	where	SCONJ
cblr-1706	149	9	federal	federal	ADJ
cblr-1706	149	10	courts	court	NOUN
cblr-1706	149	11	once	once	ADV
cblr-1706	149	12	routinely	routinely	ADV
cblr-1706	149	13	condemned	condemn	VERB
cblr-1706	149	14	vertical	vertical	ADJ
cblr-1706	149	15	arrangements	arrangement	NOUN
cblr-1706	149	16	such	such	ADJ
cblr-1706	149	17	as	as	ADP
cblr-1706	149	18	exclusive	exclusive	ADJ
cblr-1706	149	19	retailer	retailer	NOUN
cblr-1706	149	20	territories	territory	NOUN
cblr-1706	149	21	,	,	PUNCT
cblr-1706	149	22	exclusive	exclusive	ADJ
cblr-1706	149	23	product	product	NOUN
cblr-1706	149	24	dealing	dealing	NOUN
cblr-1706	149	25	,	,	PUNCT
cblr-1706	149	26	resale	resale	NOUN
cblr-1706	149	27	price	price	NOUN
cblr-1706	149	28	maintenance	maintenance	NOUN
cblr-1706	149	29	,	,	PUNCT
cblr-1706	149	30	price	price	NOUN
cblr-1706	149	31	discrimination	discrimination	NOUN
cblr-1706	149	32	,	,	PUNCT
cblr-1706	149	33	customer	customer	NOUN
cblr-1706	149	34	loyalty	loyalty	NOUN
cblr-1706	149	35	programs	program	NOUN
cblr-1706	149	36	,	,	PUNCT
cblr-1706	149	37	and	and	CCONJ
cblr-1706	149	38	others	other	NOUN
cblr-1706	149	39	,	,	PUNCT
cblr-1706	149	40	they	they	PRON
cblr-1706	149	41	now	now	ADV
cblr-1706	149	42	often	often	ADV
cblr-1706	149	43	embrace	embrace	VERB
cblr-1706	149	44	them	they	PRON
cblr-1706	149	45	as	as	ADP
cblr-1706	149	46	efficient	efficient	ADJ
cblr-1706	149	47	methods	method	NOUN
cblr-1706	149	48	of	of	ADP
cblr-1706	149	49	reducing	reduce	VERB
cblr-1706	149	50	conflicts	conflict	NOUN
cblr-1706	149	51	of	of	ADP
cblr-1706	149	52	interest	interest	NOUN
cblr-1706	149	53	between	between	ADP
cblr-1706	149	54	product	product	NOUN
cblr-1706	149	55	or	or	CCONJ
cblr-1706	149	56	service	service	NOUN
cblr-1706	149	57	providers	provider	NOUN
cblr-1706	149	58	and	and	CCONJ
cblr-1706	149	59	their	their	PRON
cblr-1706	149	60	independent	independent	ADJ
cblr-1706	149	61	retailers	retailer	NOUN
cblr-1706	149	62	to	to	ADP
cblr-1706	149	63	the	the	DET
cblr-1706	149	64	benefit	benefit	NOUN
cblr-1706	149	65	of	of	ADP
cblr-1706	149	66	consumers.32	consumers.32	PROPN
cblr-1706	149	67	the	the	DET
cblr-1706	149	68	attendant	attendant	ADJ
cblr-1706	149	69	body	body	NOUN
cblr-1706	149	70	of	of	ADP
cblr-1706	149	71	theoretical	theoretical	ADJ
cblr-1706	149	72	and	and	CCONJ
cblr-1706	149	73	empirical	empirical	ADJ
cblr-1706	149	74	scholarship	scholarship	NOUN
cblr-1706	149	75	and	and	CCONJ
cblr-1706	149	76	antitrust	antitrust	ADJ
cblr-1706	149	77	case	case	NOUN
cblr-1706	149	78	law	law	NOUN
cblr-1706	149	79	provides	provide	VERB
cblr-1706	149	80	a	a	DET
cblr-1706	149	81	rich	rich	ADJ
cblr-1706	149	82	archive	archive	NOUN
cblr-1706	149	83	to	to	PART
cblr-1706	149	84	help	help	VERB
cblr-1706	149	85	the	the	DET
cblr-1706	149	86	sec	sec	PROPN
cblr-1706	149	87	better	well	ADJ
cblr-1706	149	88	address	address	NOUN
cblr-1706	149	89	conflicts	conflict	NOUN
cblr-1706	149	90	of	of	ADP
cblr-1706	149	91	interest	interest	NOUN
cblr-1706	149	92	in	in	ADP
cblr-1706	149	93	the	the	DET
cblr-1706	149	94	provision	provision	NOUN
cblr-1706	149	95	of	of	ADP
cblr-1706	149	96	investment	investment	NOUN
cblr-1706	149	97	advice	advice	NOUN
cblr-1706	149	98	and	and	CCONJ
cblr-1706	149	99	throughout	throughout	ADP
cblr-1706	149	100	the	the	DET
cblr-1706	149	101	financial	financial	ADJ
cblr-1706	149	102	services	service	NOUN
cblr-1706	149	103	industry	industry	NOUN
cblr-1706	149	104	.	.	PUNCT
cblr-1706	150	1	this	this	DET
cblr-1706	150	2	essay	essay	PROPN
cblr-1706	150	3	assesses	assess	VERB
cblr-1706	150	4	rbi	rbi	X
cblr-1706	150	5	by	by	ADP
cblr-1706	150	6	identifying	identify	VERB
cblr-1706	150	7	the	the	DET
cblr-1706	150	8	nature	nature	NOUN
cblr-1706	150	9	of	of	ADP
cblr-1706	150	10	the	the	DET
cblr-1706	150	11	transaction	transaction	NOUN
cblr-1706	150	12	costs	cost	VERB
cblr-1706	150	13	retail	retail	ADJ
cblr-1706	150	14	securities	security	NOUN
cblr-1706	150	15	brokers	broker	NOUN
cblr-1706	150	16	and	and	CCONJ
cblr-1706	150	17	their	their	PRON
cblr-1706	150	18	clients	client	NOUN
cblr-1706	150	19	h.	h.	PROPN
cblr-1706	150	20	coase	coase	PROPN
cblr-1706	150	21	,	,	PUNCT
cblr-1706	150	22	the	the	DET
cblr-1706	150	23	nature	nature	NOUN
cblr-1706	150	24	of	of	ADP
cblr-1706	150	25	the	the	DET
cblr-1706	150	26	firm	firm	NOUN
cblr-1706	150	27	,	,	PUNCT
cblr-1706	150	28	4	4	NUM
cblr-1706	150	29	economica	economica	PROPN
cblr-1706	150	30	386	386	NUM
cblr-1706	150	31	(	(	PUNCT
cblr-1706	150	32	1937	1937	NUM
cblr-1706	150	33	)	)	PUNCT
cblr-1706	150	34	;	;	PUNCT
cblr-1706	150	35	michael	michael	PROPN
cblr-1706	150	36	c.	c.	PROPN
cblr-1706	150	37	jensen	jensen	PROPN
cblr-1706	150	38	&	&	CCONJ
cblr-1706	150	39	william	william	PROPN
cblr-1706	150	40	h.	h.	PROPN
cblr-1706	150	41	meckling	meckling	PROPN
cblr-1706	150	42	,	,	PUNCT
cblr-1706	150	43	theory	theory	NOUN
cblr-1706	150	44	of	of	ADP
cblr-1706	150	45	the	the	DET
cblr-1706	150	46	firm	firm	NOUN
cblr-1706	150	47	:	:	PUNCT
cblr-1706	150	48	managerial	managerial	ADJ
cblr-1706	150	49	behavior	behavior	NOUN
cblr-1706	150	50	,	,	PUNCT
cblr-1706	150	51	agency	agency	NOUN
cblr-1706	150	52	costs	cost	NOUN
cblr-1706	150	53	and	and	CCONJ
cblr-1706	150	54	ownership	ownership	NOUN
cblr-1706	150	55	structure	structure	NOUN
cblr-1706	150	56	,	,	PUNCT
cblr-1706	150	57	3	3	NUM
cblr-1706	150	58	j.	j.	PROPN
cblr-1706	150	59	fin	fin	PROPN
cblr-1706	150	60	.	.	PUNCT
cblr-1706	151	1	econ	econ	PROPN
cblr-1706	151	2	.	.	PUNCT
cblr-1706	152	1	305	305	NUM
cblr-1706	152	2	(	(	PUNCT
cblr-1706	152	3	1976	1976	NUM
cblr-1706	152	4	)	)	PUNCT
cblr-1706	152	5	;	;	PUNCT
cblr-1706	152	6	benjamin	benjamin	PROPN
cblr-1706	152	7	klein	klein	PROPN
cblr-1706	152	8	&	&	CCONJ
cblr-1706	152	9	keith	keith	PROPN
cblr-1706	152	10	b.	b.	PROPN
cblr-1706	152	11	leffler	leffler	PROPN
cblr-1706	152	12	,	,	PUNCT
cblr-1706	152	13	the	the	DET
cblr-1706	152	14	role	role	NOUN
cblr-1706	152	15	of	of	ADP
cblr-1706	152	16	market	market	NOUN
cblr-1706	152	17	forces	force	NOUN
cblr-1706	152	18	in	in	ADP
cblr-1706	152	19	assuring	assure	VERB
cblr-1706	152	20	contractual	contractual	ADJ
cblr-1706	152	21	performance	performance	NOUN
cblr-1706	152	22	,	,	PUNCT
cblr-1706	152	23	89	89	NUM
cblr-1706	152	24	j.	j.	PROPN
cblr-1706	152	25	pol	pol	PROPN
cblr-1706	152	26	.	.	PUNCT
cblr-1706	152	27	econ	econ	PROPN
cblr-1706	152	28	.	.	PUNCT
cblr-1706	153	1	615	615	NUM
cblr-1706	153	2	(	(	PUNCT
cblr-1706	153	3	1981	1981	NUM
cblr-1706	153	4	)	)	PUNCT
cblr-1706	153	5	;	;	PUNCT
cblr-1706	153	6	f.h	f.h	PROPN
cblr-1706	153	7	.	.	PROPN
cblr-1706	153	8	knight	knight	PROPN
cblr-1706	153	9	,	,	PUNCT
cblr-1706	153	10	some	some	DET
cblr-1706	153	11	fallacies	fallacy	NOUN
cblr-1706	153	12	in	in	ADP
cblr-1706	153	13	the	the	DET
cblr-1706	153	14	interpretation	interpretation	NOUN
cblr-1706	153	15	of	of	ADP
cblr-1706	153	16	social	social	ADJ
cblr-1706	153	17	cost	cost	NOUN
cblr-1706	153	18	,	,	PUNCT
cblr-1706	153	19	38	38	NUM
cblr-1706	153	20	q.j	q.j	PROPN
cblr-1706	153	21	.	.	PROPN
cblr-1706	153	22	econ	econ	PROPN
cblr-1706	153	23	.	.	PUNCT
cblr-1706	154	1	582	582	NUM
cblr-1706	154	2	(	(	PUNCT
cblr-1706	154	3	1924	1924	NUM
cblr-1706	154	4	)	)	PUNCT
cblr-1706	154	5	.	.	PUNCT
cblr-1706	155	1	for	for	ADP
cblr-1706	155	2	more	more	ADV
cblr-1706	155	3	recent	recent	ADJ
cblr-1706	155	4	work	work	NOUN
cblr-1706	155	5	,	,	PUNCT
cblr-1706	155	6	see	see	VERB
cblr-1706	155	7	,	,	PUNCT
cblr-1706	155	8	for	for	ADP
cblr-1706	155	9	example	example	NOUN
cblr-1706	155	10	,	,	PUNCT
cblr-1706	155	11	douglas	douglas	PROPN
cblr-1706	155	12	w.	w.	PROPN
cblr-1706	155	13	allen	allen	PROPN
cblr-1706	155	14	&	&	CCONJ
cblr-1706	155	15	dean	dean	PROPN
cblr-1706	155	16	lueck	lueck	PROPN
cblr-1706	155	17	,	,	PUNCT
cblr-1706	155	18	transaction	transaction	NOUN
cblr-1706	155	19	costs	cost	NOUN
cblr-1706	155	20	and	and	CCONJ
cblr-1706	155	21	the	the	DET
cblr-1706	155	22	design	design	NOUN
cblr-1706	155	23	of	of	ADP
cblr-1706	155	24	cropshare	cropshare	NOUN
cblr-1706	155	25	contracts	contract	NOUN
cblr-1706	155	26	,	,	PUNCT
cblr-1706	155	27	24	24	NUM
cblr-1706	155	28	rand	rand	NOUN
cblr-1706	155	29	j.	j.	PROPN
cblr-1706	155	30	econ	econ	PROPN
cblr-1706	155	31	.	.	PUNCT
cblr-1706	156	1	78	78	NUM
cblr-1706	156	2	(	(	PUNCT
cblr-1706	156	3	1993	1993	NUM
cblr-1706	156	4	)	)	PUNCT
cblr-1706	156	5	;	;	PUNCT
cblr-1706	157	1	d.	d.	PROPN
cblr-1706	157	2	bruce	bruce	PROPN
cblr-1706	157	3	johnsen	johnsen	PROPN
cblr-1706	157	4	,	,	PUNCT
cblr-1706	157	5	the	the	DET
cblr-1706	157	6	formation	formation	NOUN
cblr-1706	157	7	and	and	CCONJ
cblr-1706	157	8	protection	protection	NOUN
cblr-1706	157	9	of	of	ADP
cblr-1706	157	10	property	property	NOUN
cblr-1706	157	11	rights	right	NOUN
cblr-1706	157	12	among	among	ADP
cblr-1706	157	13	the	the	DET
cblr-1706	157	14	southern	southern	ADJ
cblr-1706	157	15	kwakiutl	kwakiutl	PROPN
cblr-1706	157	16	indians	indians	PROPN
cblr-1706	157	17	,	,	PUNCT
cblr-1706	157	18	15	15	NUM
cblr-1706	157	19	j.	j.	ADJ
cblr-1706	157	20	legal	legal	ADJ
cblr-1706	157	21	stud	stud	NOUN
cblr-1706	157	22	.	.	PUNCT
cblr-1706	158	1	41	41	NUM
cblr-1706	158	2	(	(	PUNCT
cblr-1706	158	3	1986	1986	NUM
cblr-1706	158	4	)	)	PUNCT
cblr-1706	158	5	;	;	PUNCT
cblr-1706	158	6	gary	gary	PROPN
cblr-1706	158	7	d.	d.	PROPN
cblr-1706	158	8	libecap	libecap	PROPN
cblr-1706	158	9	&	&	CCONJ
cblr-1706	158	10	dean	dean	PROPN
cblr-1706	158	11	lueck	lueck	PROPN
cblr-1706	158	12	,	,	PUNCT
cblr-1706	158	13	the	the	DET
cblr-1706	158	14	demarcation	demarcation	NOUN
cblr-1706	158	15	of	of	ADP
cblr-1706	158	16	land	land	NOUN
cblr-1706	158	17	and	and	CCONJ
cblr-1706	158	18	the	the	DET
cblr-1706	158	19	role	role	NOUN
cblr-1706	158	20	of	of	ADP
cblr-1706	158	21	coordinating	coordinate	VERB
cblr-1706	158	22	property	property	NOUN
cblr-1706	158	23	institutions	institution	NOUN
cblr-1706	158	24	,	,	PUNCT
cblr-1706	158	25	119	119	NUM
cblr-1706	158	26	j.	j.	PROPN
cblr-1706	158	27	pol	pol	PROPN
cblr-1706	158	28	.	.	PUNCT
cblr-1706	158	29	econ	econ	PROPN
cblr-1706	158	30	.	.	PUNCT
cblr-1706	159	1	426	426	NUM
cblr-1706	159	2	(	(	PUNCT
cblr-1706	159	3	2011	2011	NUM
cblr-1706	159	4	)	)	PUNCT
cblr-1706	159	5	;	;	PUNCT
cblr-1706	159	6	scott	scott	PROPN
cblr-1706	159	7	e.	e.	PROPN
cblr-1706	159	8	masten	masten	PROPN
cblr-1706	159	9	&	&	CCONJ
cblr-1706	159	10	keith	keith	PROPN
cblr-1706	159	11	j.	j.	PROPN
cblr-1706	159	12	crocker	crocker	PROPN
cblr-1706	159	13	,	,	PUNCT
cblr-1706	159	14	efficient	efficient	ADJ
cblr-1706	159	15	adaptation	adaptation	NOUN
cblr-1706	159	16	in	in	ADP
cblr-1706	159	17	longterm	longterm	ADJ
cblr-1706	159	18	contracts	contract	NOUN
cblr-1706	159	19	:	:	PUNCT
cblr-1706	159	20	take	take	VERB
cblr-1706	159	21	-	-	PUNCT
cblr-1706	159	22	or	or	CCONJ
cblr-1706	159	23	-	-	PUNCT
cblr-1706	159	24	pay	pay	NOUN
cblr-1706	159	25	provisions	provision	NOUN
cblr-1706	159	26	for	for	ADP
cblr-1706	159	27	natural	natural	ADJ
cblr-1706	159	28	gas	gas	NOUN
cblr-1706	159	29	,	,	PUNCT
cblr-1706	159	30	75	75	NUM
cblr-1706	159	31	am	am	NOUN
cblr-1706	159	32	.	.	PUNCT
cblr-1706	160	1	econ	econ	PROPN
cblr-1706	160	2	.	.	PUNCT
cblr-1706	161	1	rev	rev	PROPN
cblr-1706	161	2	.	.	PROPN
cblr-1706	161	3	1083	1083	NUM
cblr-1706	161	4	(	(	PUNCT
cblr-1706	161	5	1985	1985	NUM
cblr-1706	161	6	)	)	PUNCT
cblr-1706	161	7	;	;	PUNCT
cblr-1706	162	1	scott	scott	PROPN
cblr-1706	162	2	e.	e.	PROPN
cblr-1706	162	3	masten	masten	PROPN
cblr-1706	162	4	,	,	PUNCT
cblr-1706	162	5	james	james	PROPN
cblr-1706	162	6	w.	w.	PROPN
cblr-1706	162	7	meehan	meehan	PROPN
cblr-1706	162	8	,	,	PUNCT
cblr-1706	162	9	jr	jr	PROPN
cblr-1706	162	10	.	.	PROPN
cblr-1706	162	11	&	&	CCONJ
cblr-1706	162	12	edward	edward	PROPN
cblr-1706	162	13	a.	a.	PROPN
cblr-1706	162	14	snyder	snyder	PROPN
cblr-1706	162	15	,	,	PUNCT
cblr-1706	162	16	the	the	DET
cblr-1706	162	17	costs	cost	NOUN
cblr-1706	162	18	of	of	ADP
cblr-1706	162	19	organization	organization	NOUN
cblr-1706	162	20	,	,	PUNCT
cblr-1706	162	21	7	7	NUM
cblr-1706	162	22	j.l	j.l	PROPN
cblr-1706	162	23	.	.	PROPN
cblr-1706	162	24	econ	econ	PROPN
cblr-1706	162	25	.	.	PROPN
cblr-1706	162	26	&	&	CCONJ
cblr-1706	162	27	org	org	PROPN
cblr-1706	162	28	.	.	PROPN
cblr-1706	162	29	1	1	NUM
cblr-1706	162	30	(	(	PUNCT
cblr-1706	162	31	1991	1991	NUM
cblr-1706	162	32	)	)	PUNCT
cblr-1706	162	33	;	;	PUNCT
cblr-1706	162	34	scott	scott	PROPN
cblr-1706	162	35	e.	e.	PROPN
cblr-1706	162	36	masten	masten	PROPN
cblr-1706	162	37	,	,	PUNCT
cblr-1706	162	38	james	james	PROPN
cblr-1706	162	39	w.	w.	PROPN
cblr-1706	162	40	meehan	meehan	PROPN
cblr-1706	162	41	,	,	PUNCT
cblr-1706	162	42	jr	jr	PROPN
cblr-1706	162	43	.	.	PROPN
cblr-1706	162	44	&	&	CCONJ
cblr-1706	162	45	edward	edward	PROPN
cblr-1706	162	46	a.	a.	PROPN
cblr-1706	162	47	snyder	snyder	PROPN
cblr-1706	162	48	,	,	PUNCT
cblr-1706	162	49	vertical	vertical	ADJ
cblr-1706	162	50	integration	integration	NOUN
cblr-1706	162	51	in	in	ADP
cblr-1706	162	52	the	the	DET
cblr-1706	162	53	u.s	u.s	PROPN
cblr-1706	162	54	.	.	PROPN
cblr-1706	162	55	auto	auto	NOUN
cblr-1706	162	56	industry	industry	NOUN
cblr-1706	162	57	:	:	PUNCT
cblr-1706	162	58	a	a	DET
cblr-1706	162	59	note	note	NOUN
cblr-1706	162	60	on	on	ADP
cblr-1706	162	61	the	the	DET
cblr-1706	162	62	influence	influence	NOUN
cblr-1706	162	63	of	of	ADP
cblr-1706	162	64	transaction	transaction	NOUN
cblr-1706	162	65	specific	specific	ADJ
cblr-1706	162	66	assets	asset	NOUN
cblr-1706	162	67	,	,	PUNCT
cblr-1706	162	68	12	12	NUM
cblr-1706	162	69	j.	j.	PROPN
cblr-1706	162	70	econ	econ	PROPN
cblr-1706	162	71	.	.	PUNCT
cblr-1706	162	72	behav	behav	PROPN
cblr-1706	162	73	.	.	PUNCT
cblr-1706	162	74	&	&	CCONJ
cblr-1706	162	75	org	org	PROPN
cblr-1706	162	76	.	.	PUNCT
cblr-1706	163	1	265	265	NUM
cblr-1706	163	2	(	(	PUNCT
cblr-1706	163	3	1989	1989	NUM
cblr-1706	163	4	)	)	PUNCT
cblr-1706	163	5	.	.	PUNCT
cblr-1706	164	1	31	31	NUM
cblr-1706	164	2	for	for	ADP
cblr-1706	164	3	early	early	ADJ
cblr-1706	164	4	influential	influential	ADJ
cblr-1706	164	5	work	work	NOUN
cblr-1706	164	6	in	in	ADP
cblr-1706	164	7	antitrust	antitrust	ADJ
cblr-1706	164	8	,	,	PUNCT
cblr-1706	164	9	see	see	VERB
cblr-1706	164	10	lee	lee	PROPN
cblr-1706	164	11	benham	benham	PROPN
cblr-1706	164	12	,	,	PUNCT
cblr-1706	164	13	the	the	DET
cblr-1706	164	14	effect	effect	NOUN
cblr-1706	164	15	of	of	ADP
cblr-1706	164	16	advertising	advertising	NOUN
cblr-1706	164	17	on	on	ADP
cblr-1706	164	18	the	the	DET
cblr-1706	164	19	price	price	NOUN
cblr-1706	164	20	of	of	ADP
cblr-1706	164	21	eyeglasses	eyeglass	NOUN
cblr-1706	164	22	,	,	PUNCT
cblr-1706	164	23	15	15	NUM
cblr-1706	164	24	j.l	j.l	PROPN
cblr-1706	164	25	.	.	PROPN
cblr-1706	164	26	&	&	CCONJ
cblr-1706	164	27	econ	econ	PROPN
cblr-1706	164	28	.	.	PUNCT
cblr-1706	165	1	337	337	NUM
cblr-1706	165	2	(	(	PUNCT
cblr-1706	165	3	1972	1972	NUM
cblr-1706	165	4	)	)	PUNCT
cblr-1706	165	5	;	;	PUNCT
cblr-1706	165	6	benjamin	benjamin	PROPN
cblr-1706	165	7	klein	klein	PROPN
cblr-1706	165	8	,	,	PUNCT
cblr-1706	165	9	robert	robert	PROPN
cblr-1706	165	10	g.	g.	PROPN
cblr-1706	165	11	crawford	crawford	PROPN
cblr-1706	165	12	&	&	CCONJ
cblr-1706	165	13	armen	armen	PROPN
cblr-1706	165	14	a.	a.	PROPN
cblr-1706	165	15	alchian	alchian	PROPN
cblr-1706	165	16	,	,	PUNCT
cblr-1706	165	17	vertical	vertical	ADJ
cblr-1706	165	18	integration	integration	NOUN
cblr-1706	165	19	,	,	PUNCT
cblr-1706	165	20	appropriable	appropriable	ADJ
cblr-1706	165	21	rents	rent	NOUN
cblr-1706	165	22	,	,	PUNCT
cblr-1706	165	23	and	and	CCONJ
cblr-1706	165	24	the	the	DET
cblr-1706	165	25	competitive	competitive	ADJ
cblr-1706	165	26	contracting	contracting	NOUN
cblr-1706	165	27	process	process	NOUN
cblr-1706	165	28	,	,	PUNCT
cblr-1706	165	29	21	21	NUM
cblr-1706	165	30	j.l	j.l	PROPN
cblr-1706	165	31	.	.	PROPN
cblr-1706	165	32	&	&	CCONJ
cblr-1706	165	33	econ	econ	PROPN
cblr-1706	165	34	.	.	PUNCT
cblr-1706	166	1	297	297	NUM
cblr-1706	166	2	(	(	PUNCT
cblr-1706	166	3	1978	1978	NUM
cblr-1706	166	4	)	)	PUNCT
cblr-1706	166	5	;	;	PUNCT
cblr-1706	166	6	klein	klein	PROPN
cblr-1706	166	7	&	&	CCONJ
cblr-1706	166	8	leffler	leffler	PROPN
cblr-1706	166	9	,	,	PUNCT
cblr-1706	166	10	supra	supra	PROPN
cblr-1706	166	11	note	note	NOUN
cblr-1706	166	12	30	30	NUM
cblr-1706	166	13	;	;	PUNCT
cblr-1706	166	14	howard	howard	PROPN
cblr-1706	166	15	p.	p.	PROPN
cblr-1706	166	16	marvel	marvel	PROPN
cblr-1706	166	17	,	,	PUNCT
cblr-1706	166	18	exclusive	exclusive	ADJ
cblr-1706	166	19	dealing	dealing	NOUN
cblr-1706	166	20	,	,	PUNCT
cblr-1706	167	1	25	25	NUM
cblr-1706	167	2	j.l	j.l	PROPN
cblr-1706	167	3	.	.	PROPN
cblr-1706	167	4	&	&	CCONJ
cblr-1706	167	5	econ	econ	PROPN
cblr-1706	167	6	.	.	PROPN
cblr-1706	167	7	1	1	NUM
cblr-1706	167	8	(	(	PUNCT
cblr-1706	167	9	1982	1982	NUM
cblr-1706	167	10	)	)	PUNCT
cblr-1706	167	11	;	;	PUNCT
cblr-1706	167	12	lester	lester	PROPN
cblr-1706	167	13	g.	g.	PROPN
cblr-1706	167	14	telser	telser	PROPN
cblr-1706	167	15	,	,	PUNCT
cblr-1706	167	16	why	why	SCONJ
cblr-1706	167	17	should	should	AUX
cblr-1706	167	18	manufacturers	manufacturer	NOUN
cblr-1706	167	19	want	want	VERB
cblr-1706	167	20	fair	fair	ADJ
cblr-1706	167	21	trade	trade	NOUN
cblr-1706	167	22	?	?	PUNCT
cblr-1706	167	23	,	,	PUNCT
cblr-1706	167	24	3	3	NUM
cblr-1706	167	25	j.l	j.l	PROPN
cblr-1706	167	26	.	.	PROPN
cblr-1706	167	27	&	&	CCONJ
cblr-1706	167	28	econ	econ	PROPN
cblr-1706	167	29	.	.	PUNCT
cblr-1706	168	1	86	86	NUM
cblr-1706	168	2	(	(	PUNCT
cblr-1706	168	3	1960	1960	NUM
cblr-1706	168	4	)	)	PUNCT
cblr-1706	168	5	.	.	PUNCT
cblr-1706	169	1	32	32	NUM
cblr-1706	169	2	see	see	VERB
cblr-1706	169	3	,	,	PUNCT
cblr-1706	169	4	e.g.	e.g.	ADV
cblr-1706	169	5	,	,	PUNCT
cblr-1706	169	6	leegin	leegin	NOUN
cblr-1706	169	7	creative	creative	ADJ
cblr-1706	169	8	leather	leather	NOUN
cblr-1706	169	9	prods	prod	NOUN
cblr-1706	169	10	.	.	PUNCT
cblr-1706	169	11	,	,	PUNCT
cblr-1706	169	12	inc	inc	PROPN
cblr-1706	169	13	.	.	PROPN
cblr-1706	170	1	v.	v.	PROPN
cblr-1706	170	2	psks	psks	PROPN
cblr-1706	170	3	,	,	PUNCT
cblr-1706	170	4	inc	inc	PROPN
cblr-1706	170	5	.	.	PROPN
cblr-1706	170	6	,	,	PUNCT
cblr-1706	170	7	551	551	NUM
cblr-1706	170	8	u.s	u.s	PROPN
cblr-1706	170	9	.	.	PROPN
cblr-1706	170	10	877	877	NUM
cblr-1706	170	11	(	(	PUNCT
cblr-1706	170	12	2007	2007	NUM
cblr-1706	170	13	)	)	PUNCT
cblr-1706	170	14	.	.	PUNCT
cblr-1706	171	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	171	2	no	no	NOUN
cblr-1706	171	3	.	.	PUNCT
cblr-1706	172	1	3:695	3:695	NUM
cblr-1706	172	2	]	]	X
cblr-1706	172	3	a	a	DET
cblr-1706	172	4	transaction	transaction	NOUN
cblr-1706	172	5	cost	cost	NOUN
cblr-1706	172	6	assessment	assessment	NOUN
cblr-1706	172	7	705	705	NUM
cblr-1706	172	8	face	face	NOUN
cblr-1706	172	9	in	in	ADP
cblr-1706	172	10	transacting	transact	VERB
cblr-1706	172	11	investment	investment	NOUN
cblr-1706	172	12	advice	advice	NOUN
cblr-1706	172	13	.	.	PUNCT
cblr-1706	173	1	it	it	PRON
cblr-1706	173	2	has	have	VERB
cblr-1706	173	3	six	six	NUM
cblr-1706	173	4	parts	part	NOUN
cblr-1706	173	5	.	.	PUNCT
cblr-1706	174	1	part	part	PROPN
cblr-1706	174	2	ii	ii	PROPN
cblr-1706	174	3	provides	provide	VERB
cblr-1706	174	4	a	a	DET
cblr-1706	174	5	brief	brief	ADJ
cblr-1706	174	6	history	history	NOUN
cblr-1706	174	7	of	of	ADP
cblr-1706	174	8	cba	cba	PROPN
cblr-1706	174	9	in	in	ADP
cblr-1706	174	10	federal	federal	ADJ
cblr-1706	174	11	regulation	regulation	NOUN
cblr-1706	174	12	.	.	PUNCT
cblr-1706	175	1	it	it	PRON
cblr-1706	175	2	explains	explain	VERB
cblr-1706	175	3	the	the	DET
cblr-1706	175	4	sec	sec	PROPN
cblr-1706	175	5	’s	’s	PART
cblr-1706	175	6	statutory	statutory	ADJ
cblr-1706	175	7	mandate	mandate	NOUN
cblr-1706	175	8	to	to	PART
cblr-1706	175	9	perform	perform	VERB
cblr-1706	175	10	cba	cba	NOUN
cblr-1706	175	11	of	of	ADP
cblr-1706	175	12	proposed	propose	VERB
cblr-1706	175	13	rules	rule	NOUN
cblr-1706	175	14	and	and	CCONJ
cblr-1706	175	15	then	then	ADV
cblr-1706	175	16	reviews	review	VERB
cblr-1706	175	17	three	three	NUM
cblr-1706	175	18	landmark	landmark	NOUN
cblr-1706	175	19	decisions	decision	NOUN
cblr-1706	175	20	from	from	ADP
cblr-1706	175	21	the	the	DET
cblr-1706	175	22	u.s	u.s	PROPN
cblr-1706	175	23	.	.	PROPN
cblr-1706	175	24	court	court	PROPN
cblr-1706	175	25	of	of	ADP
cblr-1706	175	26	appeals	appeal	NOUN
cblr-1706	175	27	for	for	ADP
cblr-1706	175	28	the	the	DET
cblr-1706	175	29	district	district	PROPN
cblr-1706	175	30	of	of	ADP
cblr-1706	175	31	columbia	columbia	PROPN
cblr-1706	175	32	circuit	circuit	PROPN
cblr-1706	175	33	(	(	PUNCT
cblr-1706	175	34	“	"	PUNCT
cblr-1706	175	35	d.c	d.c	PROPN
cblr-1706	175	36	.	.	PROPN
cblr-1706	175	37	circuit	circuit	PROPN
cblr-1706	175	38	”	"	PUNCT
cblr-1706	175	39	)	)	PUNCT
cblr-1706	175	40	rejecting	reject	VERB
cblr-1706	175	41	the	the	DET
cblr-1706	175	42	sec	sec	PROPN
cblr-1706	175	43	’s	’s	PART
cblr-1706	175	44	cba	cba	NOUN
cblr-1706	175	45	as	as	ADP
cblr-1706	175	46	“	"	PUNCT
cblr-1706	175	47	arbitrary	arbitrary	ADJ
cblr-1706	175	48	and	and	CCONJ
cblr-1706	175	49	capricious	capricious	ADJ
cblr-1706	175	50	”	"	PUNCT
cblr-1706	175	51	under	under	ADP
cblr-1706	175	52	the	the	DET
cblr-1706	175	53	apa.33	apa.33	PROPN
cblr-1706	175	54	part	part	NOUN
cblr-1706	175	55	iii	iii	NOUN
cblr-1706	175	56	describes	describe	VERB
cblr-1706	175	57	the	the	DET
cblr-1706	175	58	assault	assault	NOUN
cblr-1706	175	59	by	by	ADP
cblr-1706	175	60	the	the	DET
cblr-1706	175	61	sec	sec	PROPN
cblr-1706	175	62	and	and	CCONJ
cblr-1706	175	63	the	the	DET
cblr-1706	175	64	dol	dol	NOUN
cblr-1706	175	65	on	on	ADP
cblr-1706	175	66	the	the	DET
cblr-1706	175	67	traditional	traditional	ADJ
cblr-1706	175	68	suitability	suitability	NOUN
cblr-1706	175	69	rule	rule	NOUN
cblr-1706	175	70	for	for	ADP
cblr-1706	175	71	retail	retail	ADJ
cblr-1706	175	72	brokers	broker	NOUN
cblr-1706	175	73	,	,	PUNCT
cblr-1706	175	74	culminating	culminate	VERB
cblr-1706	175	75	in	in	ADP
cblr-1706	175	76	rbi	rbi	PROPN
cblr-1706	175	77	.	.	PROPN
cblr-1706	175	78	part	part	NOUN
cblr-1706	175	79	iv	iv	PRON
cblr-1706	175	80	provides	provide	VERB
cblr-1706	175	81	a	a	DET
cblr-1706	175	82	basic	basic	ADJ
cblr-1706	175	83	economic	economic	ADJ
cblr-1706	175	84	overview	overview	NOUN
cblr-1706	175	85	of	of	ADP
cblr-1706	175	86	the	the	DET
cblr-1706	175	87	neoclassical	neoclassical	ADJ
cblr-1706	175	88	model	model	NOUN
cblr-1706	175	89	of	of	ADP
cblr-1706	175	90	exchange	exchange	NOUN
cblr-1706	175	91	,	,	PUNCT
cblr-1706	175	92	the	the	DET
cblr-1706	175	93	foundation	foundation	NOUN
cblr-1706	175	94	for	for	ADP
cblr-1706	175	95	traditional	traditional	ADJ
cblr-1706	175	96	cba	cba	NOUN
cblr-1706	175	97	.	.	PUNCT
cblr-1706	176	1	it	it	PRON
cblr-1706	176	2	reviews	review	VERB
cblr-1706	176	3	the	the	DET
cblr-1706	176	4	standard	standard	ADJ
cblr-1706	176	5	economic	economic	ADJ
cblr-1706	176	6	rationale	rationale	NOUN
cblr-1706	176	7	for	for	ADP
cblr-1706	176	8	government	government	NOUN
cblr-1706	176	9	regulation	regulation	NOUN
cblr-1706	176	10	based	base	VERB
cblr-1706	176	11	on	on	ADP
cblr-1706	176	12	so	so	ADV
cblr-1706	176	13	-	-	PUNCT
cblr-1706	176	14	called	call	VERB
cblr-1706	176	15	externalities	externality	NOUN
cblr-1706	176	16	that	that	PRON
cblr-1706	176	17	are	be	AUX
cblr-1706	176	18	said	say	VERB
cblr-1706	176	19	to	to	PART
cblr-1706	176	20	cause	cause	VERB
cblr-1706	176	21	the	the	DET
cblr-1706	176	22	market	market	NOUN
cblr-1706	176	23	to	to	PART
cblr-1706	176	24	fail	fail	VERB
cblr-1706	176	25	and	and	CCONJ
cblr-1706	176	26	takes	take	VERB
cblr-1706	176	27	a	a	DET
cblr-1706	176	28	more	more	ADV
cblr-1706	176	29	careful	careful	ADJ
cblr-1706	176	30	look	look	NOUN
cblr-1706	176	31	at	at	ADP
cblr-1706	176	32	market	market	NOUN
cblr-1706	176	33	failure	failure	NOUN
cblr-1706	176	34	by	by	ADP
cblr-1706	176	35	accounting	account	VERB
cblr-1706	176	36	for	for	ADP
cblr-1706	176	37	the	the	DET
cblr-1706	176	38	costs	cost	NOUN
cblr-1706	176	39	of	of	ADP
cblr-1706	176	40	transacting	transact	VERB
cblr-1706	176	41	.	.	PUNCT
cblr-1706	177	1	where	where	SCONJ
cblr-1706	177	2	traditional	traditional	ADJ
cblr-1706	177	3	cba	cba	NOUN
cblr-1706	177	4	is	be	AUX
cblr-1706	177	5	inconclusive	inconclusive	ADJ
cblr-1706	177	6	and	and	CCONJ
cblr-1706	177	7	the	the	DET
cblr-1706	177	8	parties	party	NOUN
cblr-1706	177	9	’	’	PART
cblr-1706	177	10	costs	cost	NOUN
cblr-1706	177	11	of	of	ADP
cblr-1706	177	12	transacting	transact	VERB
cblr-1706	177	13	are	be	AUX
cblr-1706	177	14	modest	modest	ADJ
cblr-1706	177	15	,	,	PUNCT
cblr-1706	177	16	the	the	DET
cblr-1706	177	17	regulator	regulator	NOUN
cblr-1706	177	18	should	should	AUX
cblr-1706	177	19	assess	assess	VERB
cblr-1706	177	20	the	the	DET
cblr-1706	177	21	proposed	propose	VERB
cblr-1706	177	22	rule	rule	NOUN
cblr-1706	177	23	’s	’s	PART
cblr-1706	177	24	likely	likely	ADJ
cblr-1706	177	25	effect	effect	NOUN
cblr-1706	177	26	on	on	ADP
cblr-1706	177	27	the	the	DET
cblr-1706	177	28	parties	party	NOUN
cblr-1706	177	29	’	’	PART
cblr-1706	177	30	costs	cost	NOUN
cblr-1706	177	31	of	of	ADP
cblr-1706	177	32	transacting	transact	VERB
cblr-1706	177	33	.	.	PUNCT
cblr-1706	178	1	the	the	DET
cblr-1706	178	2	rule	rule	NOUN
cblr-1706	178	3	is	be	AUX
cblr-1706	178	4	justified	justify	VERB
cblr-1706	178	5	only	only	ADV
cblr-1706	178	6	if	if	SCONJ
cblr-1706	178	7	transaction	transaction	NOUN
cblr-1706	178	8	costs	cost	NOUN
cblr-1706	178	9	are	be	AUX
cblr-1706	178	10	likely	likely	ADJ
cblr-1706	178	11	to	to	PART
cblr-1706	178	12	fall.34	fall.34	VERB
cblr-1706	178	13	part	part	NOUN
cblr-1706	178	14	v	v	NOUN
cblr-1706	178	15	examines	examine	VERB
cblr-1706	178	16	the	the	DET
cblr-1706	178	17	rbi	rbi	NOUN
cblr-1706	178	18	proposing	propose	VERB
cblr-1706	178	19	release	release	NOUN
cblr-1706	178	20	and	and	CCONJ
cblr-1706	178	21	explains	explain	VERB
cblr-1706	178	22	the	the	DET
cblr-1706	178	23	sec	sec	PROPN
cblr-1706	178	24	’s	’s	PART
cblr-1706	178	25	economic	economic	ADJ
cblr-1706	178	26	rationale	rationale	NOUN
cblr-1706	178	27	for	for	ADP
cblr-1706	178	28	the	the	DET
cblr-1706	178	29	best	good	ADJ
cblr-1706	178	30	interest	interest	NOUN
cblr-1706	178	31	standard	standard	NOUN
cblr-1706	178	32	.	.	PUNCT
cblr-1706	179	1	a	a	DET
cblr-1706	179	2	preliminary	preliminary	ADJ
cblr-1706	179	3	transaction	transaction	NOUN
cblr-1706	179	4	cost	cost	NOUN
cblr-1706	179	5	assessment	assessment	NOUN
cblr-1706	179	6	shows	show	VERB
cblr-1706	179	7	that	that	SCONJ
cblr-1706	179	8	its	its	PRON
cblr-1706	179	9	cba	cba	NOUN
cblr-1706	179	10	provides	provide	VERB
cblr-1706	179	11	insufficient	insufficient	ADJ
cblr-1706	179	12	analytical	analytical	ADJ
cblr-1706	179	13	or	or	CCONJ
cblr-1706	179	14	empirical	empirical	ADJ
cblr-1706	179	15	justification	justification	NOUN
cblr-1706	179	16	for	for	ADP
cblr-1706	179	17	the	the	DET
cblr-1706	179	18	best	good	ADJ
cblr-1706	179	19	interest	interest	NOUN
cblr-1706	179	20	standard	standard	NOUN
cblr-1706	179	21	.	.	PUNCT
cblr-1706	180	1	far	far	ADV
cblr-1706	180	2	more	more	ADJ
cblr-1706	180	3	work	work	NOUN
cblr-1706	180	4	building	building	NOUN
cblr-1706	180	5	and	and	CCONJ
cblr-1706	180	6	testing	test	VERB
cblr-1706	180	7	a	a	DET
cblr-1706	180	8	transaction	transaction	NOUN
cblr-1706	180	9	cost	cost	NOUN
cblr-1706	180	10	model	model	NOUN
cblr-1706	180	11	of	of	ADP
cblr-1706	180	12	the	the	DET
cblr-1706	180	13	market	market	NOUN
cblr-1706	180	14	for	for	ADP
cblr-1706	180	15	retail	retail	ADJ
cblr-1706	180	16	brokerage	brokerage	NOUN
cblr-1706	180	17	is	be	AUX
cblr-1706	180	18	necessary	necessary	ADJ
cblr-1706	180	19	before	before	SCONJ
cblr-1706	180	20	a	a	DET
cblr-1706	180	21	compelling	compelling	ADJ
cblr-1706	180	22	case	case	NOUN
cblr-1706	180	23	can	can	AUX
cblr-1706	180	24	be	be	AUX
cblr-1706	180	25	made	make	VERB
cblr-1706	180	26	that	that	SCONJ
cblr-1706	180	27	a	a	DET
cblr-1706	180	28	change	change	NOUN
cblr-1706	180	29	in	in	ADP
cblr-1706	180	30	the	the	DET
cblr-1706	180	31	rule	rule	NOUN
cblr-1706	180	32	of	of	ADP
cblr-1706	180	33	liability	liability	NOUN
cblr-1706	180	34	will	will	AUX
cblr-1706	180	35	improve	improve	VERB
cblr-1706	180	36	investor	investor	NOUN
cblr-1706	180	37	welfare	welfare	NOUN
cblr-1706	180	38	in	in	ADP
cblr-1706	180	39	a	a	DET
cblr-1706	180	40	way	way	NOUN
cblr-1706	180	41	that	that	PRON
cblr-1706	180	42	properly	properly	ADV
cblr-1706	180	43	considers	consider	VERB
cblr-1706	180	44	efficiency	efficiency	NOUN
cblr-1706	180	45	,	,	PUNCT
cblr-1706	180	46	competition	competition	NOUN
cblr-1706	180	47	,	,	PUNCT
cblr-1706	180	48	and	and	CCONJ
cblr-1706	180	49	capital	capital	NOUN
cblr-1706	180	50	formation	formation	NOUN
cblr-1706	180	51	.	.	PUNCT
cblr-1706	181	1	this	this	DET
cblr-1706	181	2	conclusion	conclusion	NOUN
cblr-1706	181	3	is	be	AUX
cblr-1706	181	4	all	all	DET
cblr-1706	181	5	the	the	DET
cblr-1706	181	6	more	more	ADV
cblr-1706	181	7	forceful	forceful	ADJ
cblr-1706	181	8	owing	owe	VERB
cblr-1706	181	9	to	to	ADP
cblr-1706	181	10	the	the	DET
cblr-1706	181	11	uncertainty	uncertainty	NOUN
cblr-1706	181	12	such	such	DET
cblr-1706	181	13	a	a	DET
cblr-1706	181	14	dramatic	dramatic	ADJ
cblr-1706	181	15	change	change	NOUN
cblr-1706	181	16	would	would	AUX
cblr-1706	181	17	entail	entail	VERB
cblr-1706	181	18	.	.	PUNCT
cblr-1706	182	1	part	part	NOUN
cblr-1706	182	2	vi	vi	PROPN
cblr-1706	182	3	provides	provide	VERB
cblr-1706	182	4	a	a	DET
cblr-1706	182	5	summary	summary	NOUN
cblr-1706	182	6	and	and	CCONJ
cblr-1706	182	7	concluding	concluding	NOUN
cblr-1706	182	8	remarks	remark	NOUN
cblr-1706	182	9	.	.	PUNCT
cblr-1706	183	1	33	33	NUM
cblr-1706	183	2	bus	bus	NOUN
cblr-1706	183	3	.	.	PUNCT
cblr-1706	184	1	roundtable	roundtable	PROPN
cblr-1706	184	2	v.	v.	ADP
cblr-1706	184	3	sec	sec	PROPN
cblr-1706	184	4	,	,	PUNCT
cblr-1706	184	5	647	647	NUM
cblr-1706	184	6	f.3d	f.3d	NUM
cblr-1706	184	7	1144	1144	NUM
cblr-1706	184	8	,	,	PUNCT
cblr-1706	184	9	1148–49	1148–49	NUM
cblr-1706	184	10	(	(	PUNCT
cblr-1706	184	11	d.c	d.c	PROPN
cblr-1706	184	12	.	.	PROPN
cblr-1706	184	13	cir	cir	PROPN
cblr-1706	184	14	.	.	PROPN
cblr-1706	185	1	2011	2011	NUM
cblr-1706	185	2	)	)	PUNCT
cblr-1706	186	1	;	;	PUNCT
cblr-1706	186	2	am	be	AUX
cblr-1706	186	3	.	.	PUNCT
cblr-1706	187	1	equity	equity	NOUN
cblr-1706	187	2	inv	inv	PROPN
cblr-1706	187	3	.	.	PUNCT
cblr-1706	188	1	life	life	NOUN
cblr-1706	188	2	ins	ins	PROPN
cblr-1706	188	3	.	.	PUNCT
cblr-1706	188	4	co.	co.	PROPN
cblr-1706	188	5	v.	v.	ADP
cblr-1706	188	6	sec	sec	PROPN
cblr-1706	188	7	,	,	PUNCT
cblr-1706	188	8	613	613	NUM
cblr-1706	188	9	f.3d	f.3d	NUM
cblr-1706	188	10	166	166	NUM
cblr-1706	188	11	,	,	PUNCT
cblr-1706	188	12	178	178	NUM
cblr-1706	188	13	(	(	PUNCT
cblr-1706	188	14	d.c	d.c	PROPN
cblr-1706	188	15	.	.	PROPN
cblr-1706	188	16	cir	cir	PROPN
cblr-1706	188	17	.	.	PROPN
cblr-1706	188	18	2010	2010	NUM
cblr-1706	188	19	)	)	PUNCT
cblr-1706	188	20	;	;	PUNCT
cblr-1706	188	21	chamber	chamber	PROPN
cblr-1706	188	22	of	of	ADP
cblr-1706	188	23	commerce	commerce	PROPN
cblr-1706	188	24	of	of	ADP
cblr-1706	188	25	the	the	DET
cblr-1706	188	26	u.s	u.s	PROPN
cblr-1706	188	27	.	.	PROPN
cblr-1706	188	28	v.	v.	PROPN
cblr-1706	188	29	sec	sec	PROPN
cblr-1706	188	30	,	,	PUNCT
cblr-1706	188	31	412	412	NUM
cblr-1706	188	32	f.3d	f.3d	NUM
cblr-1706	188	33	133	133	NUM
cblr-1706	188	34	,	,	PUNCT
cblr-1706	188	35	136	136	NUM
cblr-1706	188	36	(	(	PUNCT
cblr-1706	188	37	d.c	d.c	PROPN
cblr-1706	188	38	.	.	PROPN
cblr-1706	188	39	cir	cir	PROPN
cblr-1706	188	40	.	.	PROPN
cblr-1706	188	41	2005	2005	NUM
cblr-1706	188	42	)	)	PUNCT
cblr-1706	188	43	.	.	PUNCT
cblr-1706	189	1	34	34	NUM
cblr-1706	189	2	to	to	PART
cblr-1706	189	3	be	be	AUX
cblr-1706	189	4	more	more	ADV
cblr-1706	189	5	precise	precise	ADJ
cblr-1706	189	6	,	,	PUNCT
cblr-1706	189	7	a	a	DET
cblr-1706	189	8	rule	rule	NOUN
cblr-1706	189	9	is	be	AUX
cblr-1706	189	10	justified	justify	VERB
cblr-1706	189	11	if	if	SCONJ
cblr-1706	189	12	it	it	PRON
cblr-1706	189	13	reduces	reduce	VERB
cblr-1706	189	14	the	the	DET
cblr-1706	189	15	discounted	discount	VERB
cblr-1706	189	16	present	present	ADJ
cblr-1706	189	17	value	value	NOUN
cblr-1706	189	18	of	of	ADP
cblr-1706	189	19	transaction	transaction	NOUN
cblr-1706	189	20	costs	cost	NOUN
cblr-1706	189	21	by	by	ADP
cblr-1706	189	22	more	more	ADJ
cblr-1706	189	23	than	than	ADP
cblr-1706	189	24	the	the	DET
cblr-1706	189	25	up	up	ADJ
cblr-1706	189	26	-	-	PUNCT
cblr-1706	189	27	front	front	NOUN
cblr-1706	189	28	costs	cost	NOUN
cblr-1706	189	29	of	of	ADP
cblr-1706	189	30	implementing	implement	VERB
cblr-1706	189	31	it	it	PRON
cblr-1706	189	32	.	.	PUNCT
cblr-1706	190	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	190	2	706	706	NUM
cblr-1706	190	3	columbia	columbia	PROPN
cblr-1706	190	4	business	business	NOUN
cblr-1706	190	5	law	law	PROPN
cblr-1706	190	6	review	review	NOUN
cblr-1706	191	1	[	[	X
cblr-1706	191	2	vol	vol	NOUN
cblr-1706	191	3	.	.	PUNCT
cblr-1706	191	4	2018	2018	NUM
cblr-1706	191	5	ii	ii	PROPN
cblr-1706	191	6	.	.	PUNCT
cblr-1706	192	1	overview	overview	NOUN
cblr-1706	192	2	of	of	ADP
cblr-1706	192	3	cost	cost	NOUN
cblr-1706	192	4	-	-	PUNCT
cblr-1706	192	5	benefit	benefit	NOUN
cblr-1706	192	6	analysis	analysis	NOUN
cblr-1706	192	7	of	of	ADP
cblr-1706	192	8	financial	financial	ADJ
cblr-1706	192	9	regulation	regulation	NOUN
cblr-1706	192	10	a.	a.	NOUN
cblr-1706	192	11	brief	brief	PROPN
cblr-1706	192	12	history	history	NOUN
cblr-1706	192	13	of	of	ADP
cblr-1706	192	14	cost	cost	NOUN
cblr-1706	192	15	-	-	PUNCT
cblr-1706	192	16	benefit	benefit	NOUN
cblr-1706	192	17	analysis	analysis	NOUN
cblr-1706	192	18	in	in	ADP
cblr-1706	192	19	1980	1980	NUM
cblr-1706	192	20	,	,	PUNCT
cblr-1706	192	21	president	president	PROPN
cblr-1706	192	22	carter	carter	PROPN
cblr-1706	192	23	signed	sign	VERB
cblr-1706	192	24	the	the	DET
cblr-1706	192	25	paperwork	paperwork	NOUN
cblr-1706	192	26	reduction	reduction	NOUN
cblr-1706	192	27	act	act	NOUN
cblr-1706	192	28	into	into	ADP
cblr-1706	192	29	law.35	law.35	PROPN
cblr-1706	192	30	this	this	DET
cblr-1706	192	31	statute	statute	NOUN
cblr-1706	192	32	created	create	VERB
cblr-1706	192	33	the	the	DET
cblr-1706	192	34	office	office	NOUN
cblr-1706	192	35	of	of	ADP
cblr-1706	192	36	information	information	NOUN
cblr-1706	192	37	and	and	CCONJ
cblr-1706	192	38	regulatory	regulatory	ADJ
cblr-1706	192	39	affairs	affair	NOUN
cblr-1706	192	40	(	(	PUNCT
cblr-1706	192	41	“	"	PUNCT
cblr-1706	192	42	oira	oira	PROPN
cblr-1706	192	43	”	"	PUNCT
cblr-1706	192	44	)	)	PUNCT
cblr-1706	192	45	to	to	PART
cblr-1706	192	46	“	"	PUNCT
cblr-1706	192	47	review	review	VERB
cblr-1706	192	48	and	and	CCONJ
cblr-1706	192	49	approve	approve	VERB
cblr-1706	192	50	agency	agency	NOUN
cblr-1706	192	51	collections	collection	NOUN
cblr-1706	192	52	of	of	ADP
cblr-1706	192	53	information	information	NOUN
cblr-1706	192	54	,	,	PUNCT
cblr-1706	192	55	including	include	VERB
cblr-1706	192	56	those	those	PRON
cblr-1706	192	57	related	relate	VERB
cblr-1706	192	58	to	to	ADP
cblr-1706	192	59	regulations	regulation	NOUN
cblr-1706	192	60	.	.	PUNCT
cblr-1706	193	1	”36	”36	NOUN
cblr-1706	193	2	shortly	shortly	ADV
cblr-1706	193	3	thereafter	thereafter	ADV
cblr-1706	193	4	,	,	PUNCT
cblr-1706	193	5	president	president	PROPN
cblr-1706	193	6	reagan	reagan	PROPN
cblr-1706	193	7	put	put	VERB
cblr-1706	193	8	teeth	tooth	NOUN
cblr-1706	193	9	into	into	ADP
cblr-1706	193	10	regulatory	regulatory	ADJ
cblr-1706	193	11	oversight	oversight	NOUN
cblr-1706	193	12	with	with	ADP
cblr-1706	193	13	his	his	PRON
cblr-1706	193	14	executive	executive	ADJ
cblr-1706	193	15	order	order	NOUN
cblr-1706	193	16	12,291	12,291	NUM
cblr-1706	193	17	mandating	mandate	VERB
cblr-1706	193	18	that	that	SCONJ
cblr-1706	193	19	executive	executive	ADJ
cblr-1706	193	20	agencies	agency	NOUN
cblr-1706	193	21	perform	perform	VERB
cblr-1706	193	22	cba	cba	PROPN
cblr-1706	193	23	of	of	ADP
cblr-1706	193	24	proposed	propose	VERB
cblr-1706	193	25	rules.37	rules.37	NOUN
cblr-1706	193	26	in	in	ADP
cblr-1706	193	27	relevant	relevant	ADJ
cblr-1706	193	28	part	part	NOUN
cblr-1706	193	29	,	,	PUNCT
cblr-1706	193	30	section	section	NOUN
cblr-1706	193	31	2	2	NUM
cblr-1706	193	32	of	of	ADP
cblr-1706	193	33	the	the	DET
cblr-1706	193	34	executive	executive	ADJ
cblr-1706	193	35	order	order	NOUN
cblr-1706	193	36	states	state	NOUN
cblr-1706	193	37	:	:	PUNCT
cblr-1706	193	38	(	(	PUNCT
cblr-1706	193	39	a	a	X
cblr-1706	193	40	)	)	PUNCT
cblr-1706	193	41	administrative	administrative	ADJ
cblr-1706	193	42	decisions	decision	NOUN
cblr-1706	193	43	shall	shall	AUX
cblr-1706	193	44	be	be	AUX
cblr-1706	193	45	based	base	VERB
cblr-1706	193	46	on	on	ADP
cblr-1706	193	47	adequate	adequate	ADJ
cblr-1706	193	48	information	information	NOUN
cblr-1706	193	49	concerning	concern	VERB
cblr-1706	193	50	the	the	DET
cblr-1706	193	51	need	need	NOUN
cblr-1706	193	52	for	for	ADP
cblr-1706	193	53	and	and	CCONJ
cblr-1706	193	54	consequences	consequence	NOUN
cblr-1706	193	55	of	of	ADP
cblr-1706	193	56	proposed	propose	VERB
cblr-1706	193	57	government	government	NOUN
cblr-1706	193	58	action	action	NOUN
cblr-1706	193	59	;	;	PUNCT
cblr-1706	193	60	(	(	PUNCT
cblr-1706	193	61	b	b	X
cblr-1706	193	62	)	)	PUNCT
cblr-1706	193	63	regulatory	regulatory	ADJ
cblr-1706	193	64	action	action	NOUN
cblr-1706	193	65	shall	shall	AUX
cblr-1706	193	66	not	not	PART
cblr-1706	193	67	be	be	AUX
cblr-1706	193	68	undertaken	undertake	VERB
cblr-1706	193	69	unless	unless	SCONJ
cblr-1706	193	70	the	the	DET
cblr-1706	193	71	potential	potential	ADJ
cblr-1706	193	72	benefits	benefit	NOUN
cblr-1706	193	73	to	to	ADP
cblr-1706	193	74	society	society	NOUN
cblr-1706	193	75	for	for	ADP
cblr-1706	193	76	the	the	DET
cblr-1706	193	77	regulation	regulation	NOUN
cblr-1706	193	78	outweigh	outweigh	VERB
cblr-1706	193	79	the	the	DET
cblr-1706	193	80	potential	potential	ADJ
cblr-1706	193	81	costs	cost	NOUN
cblr-1706	193	82	to	to	ADP
cblr-1706	193	83	society	society	NOUN
cblr-1706	193	84	;	;	PUNCT
cblr-1706	193	85	.	.	PUNCT
cblr-1706	193	86	.	.	PUNCT
cblr-1706	193	87	.	.	PUNCT
cblr-1706	193	88	.	.	PUNCT
cblr-1706	194	1	(	(	PUNCT
cblr-1706	194	2	e	e	X
cblr-1706	194	3	)	)	PUNCT
cblr-1706	194	4	agencies	agency	NOUN
cblr-1706	194	5	shall	shall	AUX
cblr-1706	194	6	set	set	VERB
cblr-1706	194	7	regulatory	regulatory	ADJ
cblr-1706	194	8	priorities	priority	NOUN
cblr-1706	194	9	with	with	ADP
cblr-1706	194	10	the	the	DET
cblr-1706	194	11	aim	aim	NOUN
cblr-1706	194	12	of	of	ADP
cblr-1706	194	13	maximizing	maximize	VERB
cblr-1706	194	14	the	the	DET
cblr-1706	194	15	aggregate	aggregate	ADJ
cblr-1706	194	16	net	net	ADJ
cblr-1706	194	17	benefits	benefit	NOUN
cblr-1706	194	18	to	to	ADP
cblr-1706	194	19	society	society	NOUN
cblr-1706	194	20	,	,	PUNCT
cblr-1706	194	21	taking	take	VERB
cblr-1706	194	22	into	into	ADP
cblr-1706	194	23	account	account	NOUN
cblr-1706	194	24	the	the	DET
cblr-1706	194	25	condition	condition	NOUN
cblr-1706	194	26	of	of	ADP
cblr-1706	194	27	the	the	DET
cblr-1706	194	28	particular	particular	ADJ
cblr-1706	194	29	industries	industry	NOUN
cblr-1706	194	30	affected	affect	VERB
cblr-1706	194	31	by	by	ADP
cblr-1706	194	32	regulations	regulation	NOUN
cblr-1706	194	33	,	,	PUNCT
cblr-1706	194	34	the	the	DET
cblr-1706	194	35	35	35	NUM
cblr-1706	194	36	44	44	NUM
cblr-1706	194	37	u.s.c	u.s.c	NOUN
cblr-1706	194	38	.	.	PUNCT
cblr-1706	195	1	§	§	PROPN
cblr-1706	195	2	§	§	PROPN
cblr-1706	195	3	3501–21	3501–21	NUM
cblr-1706	195	4	(	(	PUNCT
cblr-1706	195	5	2012	2012	NUM
cblr-1706	195	6	)	)	PUNCT
cblr-1706	195	7	.	.	PUNCT
cblr-1706	196	1	36	36	NUM
cblr-1706	196	2	susan	susan	PROPN
cblr-1706	196	3	e.	e.	PROPN
cblr-1706	196	4	dudley	dudley	PROPN
cblr-1706	196	5	,	,	PUNCT
cblr-1706	196	6	observations	observation	NOUN
cblr-1706	196	7	on	on	ADP
cblr-1706	196	8	oira	oira	PROPN
cblr-1706	196	9	’s	’s	PART
cblr-1706	196	10	thirtieth	thirtieth	ADJ
cblr-1706	196	11	anniversary	anniversary	NOUN
cblr-1706	196	12	,	,	PUNCT
cblr-1706	196	13	63	63	NUM
cblr-1706	196	14	admin	admin	ADJ
cblr-1706	196	15	.	.	PUNCT
cblr-1706	197	1	l.	l.	PROPN
cblr-1706	197	2	rev	rev	PROPN
cblr-1706	197	3	.	.	PROPN
cblr-1706	197	4	113	113	NUM
cblr-1706	197	5	,	,	PUNCT
cblr-1706	197	6	114	114	NUM
cblr-1706	197	7	(	(	PUNCT
cblr-1706	197	8	2011	2011	NUM
cblr-1706	197	9	)	)	PUNCT
cblr-1706	197	10	;	;	PUNCT
cblr-1706	197	11	see	see	VERB
cblr-1706	197	12	also	also	ADV
cblr-1706	197	13	gramm	gramm	PROPN
cblr-1706	197	14	,	,	PUNCT
cblr-1706	197	15	supra	supra	PROPN
cblr-1706	197	16	note	note	PROPN
cblr-1706	197	17	18	18	NUM
cblr-1706	197	18	,	,	PUNCT
cblr-1706	197	19	at	at	ADP
cblr-1706	197	20	28	28	NUM
cblr-1706	197	21	;	;	PUNCT
cblr-1706	197	22	jim	jim	PROPN
cblr-1706	197	23	tozzi	tozzi	PROPN
cblr-1706	197	24	,	,	PUNCT
cblr-1706	197	25	oira	oira	PROPN
cblr-1706	197	26	’s	’s	PART
cblr-1706	197	27	formative	formative	ADJ
cblr-1706	197	28	years	year	NOUN
cblr-1706	197	29	:	:	PUNCT
cblr-1706	197	30	the	the	DET
cblr-1706	197	31	historical	historical	ADJ
cblr-1706	197	32	record	record	NOUN
cblr-1706	197	33	of	of	ADP
cblr-1706	197	34	centralized	centralized	ADJ
cblr-1706	197	35	regulatory	regulatory	ADJ
cblr-1706	197	36	review	review	NOUN
cblr-1706	197	37	preceding	precede	VERB
cblr-1706	197	38	oira	oira	PROPN
cblr-1706	197	39	’s	’s	PART
cblr-1706	197	40	founding	founding	NOUN
cblr-1706	197	41	,	,	PUNCT
cblr-1706	197	42	63	63	NUM
cblr-1706	197	43	admin	admin	ADJ
cblr-1706	197	44	.	.	PUNCT
cblr-1706	198	1	l.	l.	PROPN
cblr-1706	198	2	rev	rev	PROPN
cblr-1706	198	3	.	.	PROPN
cblr-1706	198	4	37	37	NUM
cblr-1706	198	5	,	,	PUNCT
cblr-1706	198	6	55	55	NUM
cblr-1706	198	7	(	(	PUNCT
cblr-1706	198	8	2011	2011	NUM
cblr-1706	198	9	)	)	PUNCT
cblr-1706	198	10	.	.	PUNCT
cblr-1706	199	1	37	37	NUM
cblr-1706	199	2	exec	exec	NOUN
cblr-1706	199	3	.	.	PUNCT
cblr-1706	200	1	order	order	NOUN
cblr-1706	200	2	no	no	PRON
cblr-1706	200	3	.	.	PROPN
cblr-1706	200	4	12,291	12,291	NUM
cblr-1706	200	5	,	,	PUNCT
cblr-1706	200	6	46	46	NUM
cblr-1706	200	7	fed	feed	VERB
cblr-1706	200	8	.	.	PUNCT
cblr-1706	201	1	reg	reg	PROPN
cblr-1706	201	2	.	.	PROPN
cblr-1706	202	1	13,193	13,193	NUM
cblr-1706	202	2	(	(	PUNCT
cblr-1706	202	3	feb	feb	PROPN
cblr-1706	202	4	.	.	PROPN
cblr-1706	202	5	17	17	NUM
cblr-1706	202	6	,	,	PUNCT
cblr-1706	202	7	1981	1981	NUM
cblr-1706	202	8	)	)	PUNCT
cblr-1706	202	9	.	.	PUNCT
cblr-1706	203	1	subsection	subsection	NOUN
cblr-1706	203	2	(	(	PUNCT
cblr-1706	203	3	1)(d	1)(d	NUM
cblr-1706	203	4	)	)	PUNCT
cblr-1706	203	5	reads	read	NOUN
cblr-1706	203	6	as	as	SCONJ
cblr-1706	203	7	follows	follow	VERB
cblr-1706	203	8	:	:	PUNCT
cblr-1706	203	9	“	"	PUNCT
cblr-1706	203	10	‘	'	PUNCT
cblr-1706	203	11	agency	agency	NOUN
cblr-1706	203	12	’	'	PUNCT
cblr-1706	203	13	means	mean	VERB
cblr-1706	203	14	any	any	DET
cblr-1706	203	15	authority	authority	NOUN
cblr-1706	203	16	of	of	ADP
cblr-1706	203	17	the	the	DET
cblr-1706	203	18	united	united	PROPN
cblr-1706	203	19	states	states	PROPN
cblr-1706	203	20	that	that	PRON
cblr-1706	203	21	is	be	AUX
cblr-1706	203	22	an	an	DET
cblr-1706	203	23	‘	'	PUNCT
cblr-1706	203	24	agency	agency	NOUN
cblr-1706	203	25	’	'	PUNCT
cblr-1706	203	26	under	under	ADP
cblr-1706	203	27	44	44	NUM
cblr-1706	203	28	u.s.c	u.s.c	ADJ
cblr-1706	203	29	.	.	PUNCT
cblr-1706	204	1	3502(1	3502(1	NUM
cblr-1706	204	2	)	)	PUNCT
cblr-1706	205	1	,	,	PUNCT
cblr-1706	205	2	excluding	exclude	VERB
cblr-1706	205	3	those	those	DET
cblr-1706	205	4	agencies	agency	NOUN
cblr-1706	205	5	specified	specify	VERB
cblr-1706	205	6	in	in	ADP
cblr-1706	205	7	44	44	NUM
cblr-1706	205	8	u.s.c	u.s.c	ADJ
cblr-1706	205	9	.	.	PUNCT
cblr-1706	206	1	3502(10	3502(10	NUM
cblr-1706	206	2	)	)	PUNCT
cblr-1706	206	3	.	.	PUNCT
cblr-1706	206	4	”	"	PUNCT
cblr-1706	207	1	note	note	VERB
cblr-1706	207	2	that	that	SCONJ
cblr-1706	207	3	amendments	amendment	NOUN
cblr-1706	207	4	have	have	AUX
cblr-1706	207	5	since	since	SCONJ
cblr-1706	207	6	moved	move	VERB
cblr-1706	207	7	the	the	DET
cblr-1706	207	8	definition	definition	NOUN
cblr-1706	207	9	of	of	ADP
cblr-1706	207	10	“	"	PUNCT
cblr-1706	207	11	agency	agency	NOUN
cblr-1706	207	12	”	"	PUNCT
cblr-1706	207	13	to	to	ADP
cblr-1706	207	14	44	44	NUM
cblr-1706	207	15	u.s.c	u.s.c	ADJ
cblr-1706	207	16	.	.	PUNCT
cblr-1706	208	1	§	§	PROPN
cblr-1706	208	2	3502(5	3502(5	NUM
cblr-1706	208	3	)	)	PUNCT
cblr-1706	208	4	.	.	PUNCT
cblr-1706	209	1	this	this	DET
cblr-1706	209	2	definition	definition	NOUN
cblr-1706	209	3	refers	refer	VERB
cblr-1706	209	4	to	to	ADP
cblr-1706	209	5	“	"	PUNCT
cblr-1706	209	6	independent	independent	ADJ
cblr-1706	209	7	agencies	agency	NOUN
cblr-1706	209	8	”	"	PUNCT
cblr-1706	209	9	and	and	CCONJ
cblr-1706	209	10	specifically	specifically	ADV
cblr-1706	209	11	lists	list	VERB
cblr-1706	209	12	the	the	DET
cblr-1706	209	13	sec	sec	PROPN
cblr-1706	209	14	among	among	ADP
cblr-1706	209	15	them	they	PRON
cblr-1706	209	16	.	.	PUNCT
cblr-1706	210	1	44	44	NUM
cblr-1706	210	2	u.s.c	u.s.c	ADJ
cblr-1706	210	3	.	.	PUNCT
cblr-1706	211	1	§	§	PROPN
cblr-1706	211	2	3502(5	3502(5	NUM
cblr-1706	211	3	)	)	PUNCT
cblr-1706	211	4	.	.	PUNCT
cblr-1706	212	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	212	2	no	no	NOUN
cblr-1706	212	3	.	.	PUNCT
cblr-1706	213	1	3:695	3:695	NUM
cblr-1706	213	2	]	]	X
cblr-1706	213	3	a	a	DET
cblr-1706	213	4	transaction	transaction	NOUN
cblr-1706	213	5	cost	cost	NOUN
cblr-1706	213	6	assessment	assessment	NOUN
cblr-1706	213	7	707	707	NUM
cblr-1706	213	8	condition	condition	NOUN
cblr-1706	213	9	of	of	ADP
cblr-1706	213	10	the	the	DET
cblr-1706	213	11	national	national	ADJ
cblr-1706	213	12	economy	economy	NOUN
cblr-1706	213	13	,	,	PUNCT
cblr-1706	213	14	and	and	CCONJ
cblr-1706	213	15	other	other	ADJ
cblr-1706	213	16	regulatory	regulatory	ADJ
cblr-1706	213	17	actions	action	NOUN
cblr-1706	213	18	contemplated	contemplate	VERB
cblr-1706	213	19	for	for	ADP
cblr-1706	213	20	the	the	DET
cblr-1706	213	21	future.38	future.38	NOUN
cblr-1706	213	22	the	the	DET
cblr-1706	213	23	executive	executive	ADJ
cblr-1706	213	24	order	order	NOUN
cblr-1706	213	25	makes	make	VERB
cblr-1706	213	26	the	the	DET
cblr-1706	213	27	office	office	NOUN
cblr-1706	213	28	of	of	ADP
cblr-1706	213	29	management	management	NOUN
cblr-1706	213	30	and	and	CCONJ
cblr-1706	213	31	budget	budget	NOUN
cblr-1706	213	32	(	(	PUNCT
cblr-1706	213	33	omb	omb	PROPN
cblr-1706	213	34	)	)	PUNCT
cblr-1706	213	35	responsible	responsible	ADJ
cblr-1706	213	36	for	for	ADP
cblr-1706	213	37	assessing	assess	VERB
cblr-1706	213	38	regulations	regulation	NOUN
cblr-1706	213	39	to	to	PART
cblr-1706	213	40	ensure	ensure	VERB
cblr-1706	213	41	they	they	PRON
cblr-1706	213	42	plausibly	plausibly	ADV
cblr-1706	213	43	maximize	maximize	VERB
cblr-1706	213	44	aggregate	aggregate	ADJ
cblr-1706	213	45	net	net	ADJ
cblr-1706	213	46	benefits	benefit	NOUN
cblr-1706	213	47	to	to	ADP
cblr-1706	213	48	society	society	NOUN
cblr-1706	213	49	.	.	PUNCT
cblr-1706	214	1	it	it	PRON
cblr-1706	214	2	requires	require	VERB
cblr-1706	214	3	regulatory	regulatory	ADJ
cblr-1706	214	4	impact	impact	NOUN
cblr-1706	214	5	analysis	analysis	NOUN
cblr-1706	214	6	(	(	PUNCT
cblr-1706	214	7	ria	ria	PROPN
cblr-1706	214	8	)	)	PUNCT
cblr-1706	214	9	of	of	ADP
cblr-1706	214	10	“	"	PUNCT
cblr-1706	214	11	major	major	ADJ
cblr-1706	214	12	rules”39	rules”39	PROPN
cblr-1706	214	13	and	and	CCONJ
cblr-1706	214	14	requires	require	VERB
cblr-1706	214	15	the	the	DET
cblr-1706	214	16	director	director	NOUN
cblr-1706	214	17	of	of	ADP
cblr-1706	214	18	omb	omb	NOUN
cblr-1706	214	19	to	to	ADP
cblr-1706	214	20	“	"	PUNCT
cblr-1706	214	21	[	[	X
cblr-1706	214	22	m]onitor	m]onitor	NOUN
cblr-1706	214	23	agency	agency	NOUN
cblr-1706	214	24	compliance	compliance	NOUN
cblr-1706	214	25	with	with	ADP
cblr-1706	214	26	the	the	DET
cblr-1706	214	27	requirements	requirement	NOUN
cblr-1706	214	28	of	of	ADP
cblr-1706	214	29	this	this	DET
cblr-1706	214	30	order	order	NOUN
cblr-1706	214	31	and	and	CCONJ
cblr-1706	214	32	advise	advise	VERB
cblr-1706	214	33	the	the	DET
cblr-1706	214	34	president	president	NOUN
cblr-1706	214	35	with	with	ADP
cblr-1706	214	36	respect	respect	NOUN
cblr-1706	214	37	to	to	ADP
cblr-1706	214	38	such	such	ADJ
cblr-1706	214	39	compliance	compliance	NOUN
cblr-1706	214	40	.	.	PUNCT
cblr-1706	215	1	”40	”40	NOUN
cblr-1706	215	2	in	in	ADP
cblr-1706	215	3	1993	1993	NUM
cblr-1706	215	4	,	,	PUNCT
cblr-1706	215	5	president	president	PROPN
cblr-1706	215	6	clinton	clinton	PROPN
cblr-1706	215	7	’s	’s	PART
cblr-1706	215	8	executive	executive	ADJ
cblr-1706	215	9	order	order	NOUN
cblr-1706	215	10	12,866	12,866	NUM
cblr-1706	215	11	replaced	replace	VERB
cblr-1706	215	12	executive	executive	ADJ
cblr-1706	215	13	order	order	NOUN
cblr-1706	215	14	12,291.41	12,291.41	NUM
cblr-1706	215	15	it	it	PRON
cblr-1706	215	16	maintains	maintain	VERB
cblr-1706	215	17	the	the	DET
cblr-1706	215	18	substantive	substantive	ADJ
cblr-1706	215	19	cost	cost	NOUN
cblr-1706	215	20	-	-	PUNCT
cblr-1706	215	21	benefit	benefit	NOUN
cblr-1706	215	22	provisions	provision	NOUN
cblr-1706	215	23	but	but	CCONJ
cblr-1706	215	24	adds	add	VERB
cblr-1706	215	25	others	other	NOUN
cblr-1706	215	26	and	and	CCONJ
cblr-1706	215	27	recognizes	recognize	VERB
cblr-1706	215	28	oira	oira	PROPN
cblr-1706	215	29	as	as	ADP
cblr-1706	215	30	the	the	DET
cblr-1706	215	31	authority	authority	NOUN
cblr-1706	215	32	for	for	ADP
cblr-1706	215	33	oversight	oversight	NOUN
cblr-1706	215	34	and	and	CCONJ
cblr-1706	215	35	review	review	NOUN
cblr-1706	215	36	of	of	ADP
cblr-1706	215	37	agency	agency	NOUN
cblr-1706	215	38	cba.42	cba.42	NOUN
cblr-1706	215	39	notably	notably	ADV
cblr-1706	215	40	,	,	PUNCT
cblr-1706	215	41	it	it	PRON
cblr-1706	215	42	frames	frame	VERB
cblr-1706	215	43	the	the	DET
cblr-1706	215	44	call	call	NOUN
cblr-1706	215	45	for	for	ADP
cblr-1706	215	46	regulation	regulation	NOUN
cblr-1706	215	47	in	in	ADP
cblr-1706	215	48	the	the	DET
cblr-1706	215	49	language	language	NOUN
cblr-1706	215	50	of	of	ADP
cblr-1706	215	51	market	market	NOUN
cblr-1706	215	52	failure	failure	NOUN
cblr-1706	215	53	.	.	PUNCT
cblr-1706	216	1	the	the	DET
cblr-1706	216	2	preamble	preamble	NOUN
cblr-1706	216	3	and	and	CCONJ
cblr-1706	216	4	section	section	NOUN
cblr-1706	216	5	1	1	NUM
cblr-1706	216	6	to	to	ADP
cblr-1706	216	7	executive	executive	ADJ
cblr-1706	216	8	order	order	NOUN
cblr-1706	216	9	12,866	12,866	NUM
cblr-1706	216	10	provides	provide	VERB
cblr-1706	216	11	the	the	DET
cblr-1706	216	12	following	follow	VERB
cblr-1706	216	13	seemingly	seemingly	ADV
cblr-1706	216	14	sensible	sensible	ADJ
cblr-1706	216	15	foundation	foundation	NOUN
cblr-1706	216	16	for	for	ADP
cblr-1706	216	17	justifying	justify	VERB
cblr-1706	216	18	federal	federal	ADJ
cblr-1706	216	19	regulation	regulation	NOUN
cblr-1706	216	20	:	:	PUNCT
cblr-1706	217	1	[	[	X
cblr-1706	217	2	t]he	t]he	ADV
cblr-1706	217	3	private	private	ADJ
cblr-1706	217	4	sector	sector	NOUN
cblr-1706	217	5	and	and	CCONJ
cblr-1706	217	6	private	private	ADJ
cblr-1706	217	7	markets	market	NOUN
cblr-1706	217	8	are	be	AUX
cblr-1706	217	9	the	the	DET
cblr-1706	217	10	best	good	ADJ
cblr-1706	217	11	engine	engine	NOUN
cblr-1706	217	12	for	for	ADP
cblr-1706	217	13	economic	economic	ADJ
cblr-1706	217	14	growth	growth	NOUN
cblr-1706	217	15	.	.	PUNCT
cblr-1706	217	16	.	.	PUNCT
cblr-1706	217	17	.	.	PUNCT
cblr-1706	217	18	.	.	PUNCT
cblr-1706	218	1	federal	federal	ADJ
cblr-1706	218	2	agencies	agency	NOUN
cblr-1706	218	3	should	should	AUX
cblr-1706	218	4	promulgate	promulgate	VERB
cblr-1706	218	5	only	only	ADV
cblr-1706	218	6	such	such	ADJ
cblr-1706	218	7	regulations	regulation	NOUN
cblr-1706	218	8	as	as	ADP
cblr-1706	218	9	.	.	PUNCT
cblr-1706	218	10	.	.	PUNCT
cblr-1706	219	1	.	.	PUNCT
cblr-1706	219	2	are	be	AUX
cblr-1706	219	3	made	make	VERB
cblr-1706	219	4	necessary	necessary	ADJ
cblr-1706	219	5	by	by	ADP
cblr-1706	219	6	compelling	compelling	ADJ
cblr-1706	219	7	public	public	ADJ
cblr-1706	219	8	need	need	NOUN
cblr-1706	219	9	,	,	PUNCT
cblr-1706	219	10	such	such	ADJ
cblr-1706	219	11	as	as	ADP
cblr-1706	219	12	material	material	ADJ
cblr-1706	219	13	failures	failure	NOUN
cblr-1706	219	14	of	of	ADP
cblr-1706	219	15	private	private	ADJ
cblr-1706	219	16	markets	market	NOUN
cblr-1706	219	17	to	to	PART
cblr-1706	219	18	protect	protect	VERB
cblr-1706	219	19	.	.	PUNCT
cblr-1706	220	1	.	.	PUNCT
cblr-1706	220	2	.	.	PUNCT
cblr-1706	221	1	the	the	DET
cblr-1706	221	2	well	well	ADV
cblr-1706	221	3	-	-	PUNCT
cblr-1706	221	4	being	being	NOUN
cblr-1706	221	5	of	of	ADP
cblr-1706	221	6	the	the	DET
cblr-1706	221	7	american	american	PROPN
cblr-1706	221	8	people.43	people.43	PROPN
cblr-1706	221	9	section	section	NOUN
cblr-1706	221	10	1(b)(7	1(b)(7	NUM
cblr-1706	221	11	)	)	PUNCT
cblr-1706	221	12	of	of	ADP
cblr-1706	221	13	the	the	DET
cblr-1706	221	14	order	order	NOUN
cblr-1706	221	15	also	also	ADV
cblr-1706	221	16	advises	advise	VERB
cblr-1706	221	17	federal	federal	ADJ
cblr-1706	221	18	agencies	agency	NOUN
cblr-1706	221	19	to	to	PART
cblr-1706	221	20	“	"	PUNCT
cblr-1706	221	21	base	base	VERB
cblr-1706	221	22	[	[	X
cblr-1706	221	23	their	their	PRON
cblr-1706	221	24	]	]	PUNCT
cblr-1706	221	25	decisions	decision	NOUN
cblr-1706	221	26	on	on	ADP
cblr-1706	221	27	the	the	DET
cblr-1706	221	28	best	good	ADJ
cblr-1706	221	29	reasonably	reasonably	ADV
cblr-1706	221	30	obtainable	obtainable	ADJ
cblr-1706	221	31	scientific	scientific	ADJ
cblr-1706	221	32	,	,	PUNCT
cblr-1706	221	33	technical	technical	ADJ
cblr-1706	221	34	,	,	PUNCT
cblr-1706	221	35	economic	economic	ADJ
cblr-1706	221	36	,	,	PUNCT
cblr-1706	221	37	and	and	CCONJ
cblr-1706	221	38	other	other	ADJ
cblr-1706	221	39	information	information	NOUN
cblr-1706	221	40	concerning	concern	VERB
cblr-1706	221	41	the	the	DET
cblr-1706	221	42	need	need	NOUN
cblr-1706	221	43	for	for	ADP
cblr-1706	221	44	,	,	PUNCT
cblr-1706	221	45	and	and	CCONJ
cblr-1706	221	46	consequences	consequence	NOUN
cblr-1706	221	47	of	of	ADP
cblr-1706	221	48	,	,	PUNCT
cblr-1706	221	49	the	the	DET
cblr-1706	221	50	intended	intended	ADJ
cblr-1706	221	51	regulation	regulation	NOUN
cblr-1706	221	52	.	.	PUNCT
cblr-1706	222	1	”44	”44	PROPN
cblr-1706	222	2	38	38	NUM
cblr-1706	222	3	exec	exec	NOUN
cblr-1706	222	4	.	.	PUNCT
cblr-1706	223	1	order	order	NOUN
cblr-1706	223	2	no	no	PRON
cblr-1706	223	3	.	.	PROPN
cblr-1706	223	4	12,291	12,291	NUM
cblr-1706	223	5	,	,	PUNCT
cblr-1706	223	6	46	46	NUM
cblr-1706	223	7	fed	feed	VERB
cblr-1706	223	8	.	.	PUNCT
cblr-1706	224	1	reg	reg	PROPN
cblr-1706	224	2	.	.	PUNCT
cblr-1706	225	1	at	at	ADP
cblr-1706	225	2	13,193–94	13,193–94	NUM
cblr-1706	225	3	(	(	PUNCT
cblr-1706	225	4	emphasis	emphasis	NOUN
cblr-1706	225	5	added	add	VERB
cblr-1706	225	6	)	)	PUNCT
cblr-1706	225	7	.	.	PUNCT
cblr-1706	226	1	39	39	NUM
cblr-1706	227	1	i	i	PRON
cblr-1706	227	2	d.	d.	NOUN
cblr-1706	227	3	at	at	ADP
cblr-1706	227	4	13,194	13,194	NUM
cblr-1706	227	5	.	.	PUNCT
cblr-1706	228	1	40	40	NUM
cblr-1706	229	1	i	i	PRON
cblr-1706	229	2	d.	d.	PROPN
cblr-1706	229	3	at	at	ADP
cblr-1706	229	4	13,196	13,196	NUM
cblr-1706	229	5	.	.	PUNCT
cblr-1706	230	1	41	41	NUM
cblr-1706	230	2	exec	exec	NOUN
cblr-1706	230	3	.	.	PUNCT
cblr-1706	231	1	order	order	NOUN
cblr-1706	231	2	no	no	INTJ
cblr-1706	232	1	.	.	NOUN
cblr-1706	232	2	12,866	12,866	NUM
cblr-1706	232	3	,	,	PUNCT
cblr-1706	232	4	58	58	NUM
cblr-1706	232	5	fed	fed	PROPN
cblr-1706	232	6	.	.	PUNCT
cblr-1706	233	1	reg	reg	PROPN
cblr-1706	233	2	.	.	PUNCT
cblr-1706	234	1	51,735	51,735	NUM
cblr-1706	234	2	(	(	PUNCT
cblr-1706	234	3	sept	sept	PROPN
cblr-1706	234	4	.	.	PROPN
cblr-1706	234	5	30	30	NUM
cblr-1706	234	6	,	,	PUNCT
cblr-1706	234	7	1993	1993	NUM
cblr-1706	234	8	)	)	PUNCT
cblr-1706	234	9	.	.	PUNCT
cblr-1706	235	1	42	42	NUM
cblr-1706	236	1	i	i	PRON
cblr-1706	236	2	d.	d.	PROPN
cblr-1706	236	3	§	§	PROPN
cblr-1706	236	4	6(b	6(b	NUM
cblr-1706	236	5	)	)	PUNCT
cblr-1706	236	6	.	.	PUNCT
cblr-1706	237	1	43	43	NUM
cblr-1706	238	1	i	i	PRON
cblr-1706	238	2	d.	d.	VERB
cblr-1706	238	3	at	at	ADP
cblr-1706	238	4	51,735	51,735	NUM
cblr-1706	238	5	(	(	PUNCT
cblr-1706	238	6	emphasis	emphasis	NOUN
cblr-1706	238	7	added	add	VERB
cblr-1706	238	8	)	)	PUNCT
cblr-1706	238	9	.	.	PUNCT
cblr-1706	239	1	44	44	NUM
cblr-1706	240	1	i	i	PRON
cblr-1706	240	2	d.	d.	PROPN
cblr-1706	240	3	at	at	ADP
cblr-1706	240	4	51,736	51,736	NUM
cblr-1706	240	5	.	.	PUNCT
cblr-1706	241	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	241	2	708	708	NUM
cblr-1706	241	3	columbia	columbia	PROPN
cblr-1706	241	4	business	business	NOUN
cblr-1706	241	5	law	law	PROPN
cblr-1706	241	6	review	review	NOUN
cblr-1706	241	7	[	[	X
cblr-1706	241	8	vol	vol	NOUN
cblr-1706	241	9	.	.	NOUN
cblr-1706	241	10	2018	2018	NUM
cblr-1706	241	11	executive	executive	ADJ
cblr-1706	241	12	order	order	NOUN
cblr-1706	241	13	12,866	12,866	NUM
cblr-1706	241	14	remains	remain	NOUN
cblr-1706	241	15	in	in	ADP
cblr-1706	241	16	effect	effect	NOUN
cblr-1706	241	17	today	today	NOUN
cblr-1706	241	18	,	,	PUNCT
cblr-1706	241	19	but	but	CCONJ
cblr-1706	241	20	in	in	ADP
cblr-1706	241	21	january	january	PROPN
cblr-1706	241	22	2011	2011	NUM
cblr-1706	241	23	president	president	PROPN
cblr-1706	241	24	obama	obama	PROPN
cblr-1706	241	25	reinforced	reinforce	VERB
cblr-1706	241	26	it	it	PRON
cblr-1706	241	27	with	with	ADP
cblr-1706	241	28	executive	executive	ADJ
cblr-1706	241	29	order	order	NOUN
cblr-1706	241	30	13,563	13,563	NUM
cblr-1706	241	31	,	,	PUNCT
cblr-1706	241	32	requiring	require	VERB
cblr-1706	241	33	,	,	PUNCT
cblr-1706	241	34	among	among	ADP
cblr-1706	241	35	other	other	ADJ
cblr-1706	241	36	things	thing	NOUN
cblr-1706	241	37	,	,	PUNCT
cblr-1706	241	38	executive	executive	ADJ
cblr-1706	241	39	agencies	agency	NOUN
cblr-1706	241	40	to	to	PART
cblr-1706	241	41	allow	allow	VERB
cblr-1706	241	42	internet	internet	NOUN
cblr-1706	241	43	submission	submission	NOUN
cblr-1706	241	44	of	of	ADP
cblr-1706	241	45	public	public	ADJ
cblr-1706	241	46	comments	comment	NOUN
cblr-1706	241	47	,	,	PUNCT
cblr-1706	241	48	to	to	PART
cblr-1706	241	49	provide	provide	VERB
cblr-1706	241	50	for	for	ADP
cblr-1706	241	51	greater	great	ADJ
cblr-1706	241	52	coordination	coordination	NOUN
cblr-1706	241	53	with	with	ADP
cblr-1706	241	54	other	other	ADJ
cblr-1706	241	55	agencies	agency	NOUN
cblr-1706	241	56	,	,	PUNCT
cblr-1706	241	57	to	to	PART
cblr-1706	241	58	ensure	ensure	VERB
cblr-1706	241	59	scientific	scientific	ADJ
cblr-1706	241	60	integrity	integrity	NOUN
cblr-1706	241	61	,	,	PUNCT
cblr-1706	241	62	and	and	CCONJ
cblr-1706	241	63	to	to	PART
cblr-1706	241	64	further	far	ADV
cblr-1706	241	65	provide	provide	VERB
cblr-1706	241	66	for	for	ADP
cblr-1706	241	67	retrospective	retrospective	ADJ
cblr-1706	241	68	analysis	analysis	NOUN
cblr-1706	241	69	of	of	ADP
cblr-1706	241	70	existing	exist	VERB
cblr-1706	241	71	rules.45	rules.45	NOUN
cblr-1706	241	72	although	although	SCONJ
cblr-1706	241	73	independent	independent	ADJ
cblr-1706	241	74	agencies	agency	NOUN
cblr-1706	241	75	such	such	ADJ
cblr-1706	241	76	as	as	ADP
cblr-1706	241	77	the	the	DET
cblr-1706	241	78	sec	sec	PROPN
cblr-1706	241	79	are	be	AUX
cblr-1706	241	80	exempt	exempt	ADJ
cblr-1706	241	81	from	from	ADP
cblr-1706	241	82	these	these	DET
cblr-1706	241	83	orders	order	NOUN
cblr-1706	241	84	,	,	PUNCT
cblr-1706	241	85	executive	executive	ADJ
cblr-1706	241	86	order	order	NOUN
cblr-1706	241	87	13,579	13,579	NUM
cblr-1706	241	88	provides	provide	VERB
cblr-1706	241	89	that	that	SCONJ
cblr-1706	241	90	they	they	PRON
cblr-1706	241	91	should	should	AUX
cblr-1706	241	92	comply	comply	VERB
cblr-1706	241	93	with	with	ADP
cblr-1706	241	94	its	its	PRON
cblr-1706	241	95	provisions	provision	NOUN
cblr-1706	241	96	to	to	ADP
cblr-1706	241	97	the	the	DET
cblr-1706	241	98	extent	extent	NOUN
cblr-1706	241	99	permitted	permit	VERB
cblr-1706	241	100	by	by	ADP
cblr-1706	241	101	law.46	law.46	NOUN
cblr-1706	241	102	at	at	ADP
cblr-1706	241	103	the	the	DET
cblr-1706	241	104	very	very	ADV
cblr-1706	241	105	least	least	ADJ
cblr-1706	241	106	,	,	PUNCT
cblr-1706	241	107	the	the	DET
cblr-1706	241	108	executive	executive	ADJ
cblr-1706	241	109	orders	order	NOUN
cblr-1706	241	110	outline	outline	VERB
cblr-1706	241	111	best	good	ADJ
cblr-1706	241	112	practices	practice	NOUN
cblr-1706	241	113	for	for	ADP
cblr-1706	241	114	all	all	DET
cblr-1706	241	115	federal	federal	ADJ
cblr-1706	241	116	agency	agency	NOUN
cblr-1706	241	117	rulemaking	rulemaking	NOUN
cblr-1706	241	118	.	.	PUNCT
cblr-1706	242	1	b.	b.	PROPN
cblr-1706	242	2	cost	cost	NOUN
cblr-1706	242	3	-	-	PUNCT
cblr-1706	242	4	benefit	benefit	NOUN
cblr-1706	242	5	analysis	analysis	NOUN
cblr-1706	242	6	at	at	ADP
cblr-1706	242	7	the	the	DET
cblr-1706	242	8	sec	sec	PROPN
cblr-1706	242	9	1	1	NUM
cblr-1706	242	10	.	.	PUNCT
cblr-1706	242	11	statutory	statutory	ADJ
cblr-1706	242	12	and	and	CCONJ
cblr-1706	242	13	case	case	NOUN
cblr-1706	242	14	law	law	NOUN
cblr-1706	242	15	in	in	ADP
cblr-1706	242	16	1996	1996	NUM
cblr-1706	243	1	,	,	PUNCT
cblr-1706	243	2	congress	congress	PROPN
cblr-1706	243	3	passed	pass	VERB
cblr-1706	243	4	the	the	DET
cblr-1706	243	5	national	national	ADJ
cblr-1706	243	6	securities	securities	PROPN
cblr-1706	243	7	market	market	NOUN
cblr-1706	243	8	improvement	improvement	NOUN
cblr-1706	243	9	act	act	NOUN
cblr-1706	243	10	(	(	PUNCT
cblr-1706	243	11	“	"	PUNCT
cblr-1706	243	12	nsmia	nsmia	NOUN
cblr-1706	243	13	”	"	PUNCT
cblr-1706	243	14	)	)	PUNCT
cblr-1706	243	15	adding	add	VERB
cblr-1706	243	16	the	the	DET
cblr-1706	243	17	following	follow	VERB
cblr-1706	243	18	language	language	NOUN
cblr-1706	243	19	to	to	ADP
cblr-1706	243	20	the	the	DET
cblr-1706	243	21	securities	security	NOUN
cblr-1706	243	22	act	act	NOUN
cblr-1706	243	23	of	of	ADP
cblr-1706	243	24	1933	1933	NUM
cblr-1706	243	25	,	,	PUNCT
cblr-1706	243	26	securities	security	NOUN
cblr-1706	243	27	exchange	exchange	PROPN
cblr-1706	243	28	act	act	NOUN
cblr-1706	243	29	of	of	ADP
cblr-1706	243	30	1934	1934	NUM
cblr-1706	243	31	(	(	PUNCT
cblr-1706	243	32	“	"	PUNCT
cblr-1706	243	33	sea	sea	NOUN
cblr-1706	243	34	”	"	PUNCT
cblr-1706	243	35	)	)	PUNCT
cblr-1706	243	36	,	,	PUNCT
cblr-1706	243	37	and	and	CCONJ
cblr-1706	243	38	the	the	DET
cblr-1706	243	39	investment	investment	NOUN
cblr-1706	243	40	company	company	NOUN
cblr-1706	243	41	act	act	NOUN
cblr-1706	243	42	of	of	ADP
cblr-1706	243	43	1940	1940	NUM
cblr-1706	243	44	(	(	PUNCT
cblr-1706	243	45	“	"	PUNCT
cblr-1706	243	46	ica	ica	PROPN
cblr-1706	243	47	”	"	PUNCT
cblr-1706	243	48	):	):	PUNCT
cblr-1706	243	49	(	(	PUNCT
cblr-1706	243	50	b	b	X
cblr-1706	243	51	)	)	PUNCT
cblr-1706	243	52	consideration	consideration	NOUN
cblr-1706	243	53	of	of	ADP
cblr-1706	243	54	promotion	promotion	NOUN
cblr-1706	243	55	of	of	ADP
cblr-1706	243	56	efficiency	efficiency	NOUN
cblr-1706	243	57	,	,	PUNCT
cblr-1706	243	58	competition	competition	NOUN
cblr-1706	243	59	,	,	PUNCT
cblr-1706	243	60	and	and	CCONJ
cblr-1706	243	61	capital	capital	NOUN
cblr-1706	243	62	formation.—whenever	formation.—whenever	ADV
cblr-1706	243	63	pursuant	pursuant	ADJ
cblr-1706	243	64	to	to	ADP
cblr-1706	243	65	this	this	DET
cblr-1706	243	66	title	title	NOUN
cblr-1706	243	67	the	the	DET
cblr-1706	243	68	commission	commission	NOUN
cblr-1706	243	69	is	be	AUX
cblr-1706	243	70	engaged	engage	VERB
cblr-1706	243	71	in	in	ADP
cblr-1706	243	72	rulemaking	rulemaking	NOUN
cblr-1706	243	73	and	and	CCONJ
cblr-1706	243	74	is	be	AUX
cblr-1706	243	75	required	require	VERB
cblr-1706	243	76	to	to	PART
cblr-1706	243	77	consider	consider	VERB
cblr-1706	243	78	or	or	CCONJ
cblr-1706	243	79	determine	determine	VERB
cblr-1706	243	80	whether	whether	SCONJ
cblr-1706	243	81	an	an	DET
cblr-1706	243	82	action	action	NOUN
cblr-1706	243	83	is	be	AUX
cblr-1706	243	84	necessary	necessary	ADJ
cblr-1706	243	85	or	or	CCONJ
cblr-1706	243	86	appropriate	appropriate	ADJ
cblr-1706	243	87	in	in	ADP
cblr-1706	243	88	the	the	DET
cblr-1706	243	89	public	public	ADJ
cblr-1706	243	90	interest	interest	NOUN
cblr-1706	243	91	,	,	PUNCT
cblr-1706	243	92	the	the	DET
cblr-1706	243	93	commission	commission	NOUN
cblr-1706	243	94	shall	shall	AUX
cblr-1706	243	95	also	also	ADV
cblr-1706	243	96	consider	consider	VERB
cblr-1706	243	97	,	,	PUNCT
cblr-1706	243	98	in	in	ADP
cblr-1706	243	99	addition	addition	NOUN
cblr-1706	243	100	to	to	ADP
cblr-1706	243	101	the	the	DET
cblr-1706	243	102	protection	protection	NOUN
cblr-1706	243	103	of	of	ADP
cblr-1706	243	104	investors	investor	NOUN
cblr-1706	243	105	,	,	PUNCT
cblr-1706	243	106	whether	whether	SCONJ
cblr-1706	243	107	the	the	DET
cblr-1706	243	108	action	action	NOUN
cblr-1706	243	109	will	will	AUX
cblr-1706	243	110	promote	promote	VERB
cblr-1706	243	111	efficiency	efficiency	NOUN
cblr-1706	243	112	,	,	PUNCT
cblr-1706	243	113	competition	competition	NOUN
cblr-1706	243	114	,	,	PUNCT
cblr-1706	243	115	and	and	CCONJ
cblr-1706	243	116	capital	capital	NOUN
cblr-1706	243	117	formation.47	formation.47	PROPN
cblr-1706	243	118	beginning	begin	VERB
cblr-1706	243	119	in	in	ADP
cblr-1706	243	120	2005	2005	NUM
cblr-1706	243	121	,	,	PUNCT
cblr-1706	243	122	three	three	NUM
cblr-1706	243	123	cases	case	NOUN
cblr-1706	243	124	from	from	ADP
cblr-1706	243	125	the	the	DET
cblr-1706	243	126	d.c	d.c	PROPN
cblr-1706	243	127	.	.	PROPN
cblr-1706	243	128	circuit	circuit	PROPN
cblr-1706	243	129	found	find	VERB
cblr-1706	243	130	that	that	SCONJ
cblr-1706	243	131	the	the	DET
cblr-1706	243	132	efficiency	efficiency	NOUN
cblr-1706	243	133	-	-	PUNCT
cblr-1706	243	134	competition	competition	NOUN
cblr-1706	243	135	-	-	PUNCT
cblr-1706	243	136	capital	capital	NOUN
cblr-1706	243	137	formation	formation	NOUN
cblr-1706	243	138	language	language	NOUN
cblr-1706	243	139	45	45	NUM
cblr-1706	243	140	exec	exec	NOUN
cblr-1706	243	141	.	.	PUNCT
cblr-1706	244	1	order	order	NOUN
cblr-1706	244	2	no	no	PRON
cblr-1706	244	3	.	.	NOUN
cblr-1706	244	4	13,563	13,563	NUM
cblr-1706	244	5	,	,	PUNCT
cblr-1706	244	6	76	76	NUM
cblr-1706	244	7	fed	fed	PROPN
cblr-1706	244	8	.	.	PUNCT
cblr-1706	245	1	reg	reg	PROPN
cblr-1706	245	2	.	.	PUNCT
cblr-1706	246	1	3821	3821	NUM
cblr-1706	246	2	(	(	PUNCT
cblr-1706	246	3	jan	jan	PROPN
cblr-1706	246	4	.	.	PROPN
cblr-1706	246	5	21	21	NUM
cblr-1706	246	6	,	,	PUNCT
cblr-1706	246	7	2011	2011	NUM
cblr-1706	246	8	)	)	PUNCT
cblr-1706	246	9	.	.	PUNCT
cblr-1706	247	1	46	46	NUM
cblr-1706	247	2	exec	exec	NOUN
cblr-1706	247	3	.	.	PUNCT
cblr-1706	248	1	order	order	NOUN
cblr-1706	248	2	no	no	PRON
cblr-1706	248	3	.	.	NOUN
cblr-1706	248	4	13,579	13,579	NUM
cblr-1706	248	5	,	,	PUNCT
cblr-1706	248	6	76	76	NUM
cblr-1706	248	7	fed	fed	PROPN
cblr-1706	248	8	.	.	PUNCT
cblr-1706	249	1	reg	reg	PROPN
cblr-1706	249	2	.	.	PROPN
cblr-1706	250	1	41,587	41,587	NUM
cblr-1706	250	2	(	(	PUNCT
cblr-1706	250	3	july	july	PROPN
cblr-1706	250	4	14	14	NUM
cblr-1706	250	5	,	,	PUNCT
cblr-1706	250	6	2011	2011	NUM
cblr-1706	250	7	)	)	PUNCT
cblr-1706	250	8	.	.	PUNCT
cblr-1706	251	1	47	47	NUM
cblr-1706	251	2	pub	pub	NOUN
cblr-1706	251	3	.	.	PUNCT
cblr-1706	252	1	l.	l.	PROPN
cblr-1706	252	2	no	no	INTJ
cblr-1706	252	3	.	.	PROPN
cblr-1706	253	1	104	104	NUM
cblr-1706	253	2	-	-	SYM
cblr-1706	253	3	290	290	NUM
cblr-1706	253	4	,	,	PUNCT
cblr-1706	253	5	§	§	PROPN
cblr-1706	253	6	106(b	106(b	PROPN
cblr-1706	253	7	)	)	PUNCT
cblr-1706	253	8	,	,	PUNCT
cblr-1706	253	9	110	110	NUM
cblr-1706	253	10	stat	stat	NOUN
cblr-1706	253	11	.	.	PUNCT
cblr-1706	254	1	3416	3416	NUM
cblr-1706	254	2	,	,	PUNCT
cblr-1706	254	3	3424	3424	NUM
cblr-1706	254	4	(	(	PUNCT
cblr-1706	254	5	1996	1996	NUM
cblr-1706	254	6	)	)	PUNCT
cblr-1706	254	7	(	(	PUNCT
cblr-1706	254	8	codified	codify	VERB
cblr-1706	254	9	as	as	SCONJ
cblr-1706	254	10	amended	amend	VERB
cblr-1706	254	11	at	at	ADP
cblr-1706	254	12	15	15	NUM
cblr-1706	254	13	u.s.c	u.s.c	ADJ
cblr-1706	254	14	.	.	PUNCT
cblr-1706	255	1	§	§	PROPN
cblr-1706	255	2	77b(b	77b(b	PROPN
cblr-1706	255	3	)	)	PUNCT
cblr-1706	255	4	(	(	PUNCT
cblr-1706	255	5	2012	2012	NUM
cblr-1706	255	6	)	)	PUNCT
cblr-1706	255	7	,	,	PUNCT
cblr-1706	255	8	15	15	NUM
cblr-1706	255	9	u.s.c	u.s.c	ADJ
cblr-1706	255	10	.	.	PUNCT
cblr-1706	256	1	§	§	PROPN
cblr-1706	256	2	78c(f	78c(f	NUM
cblr-1706	256	3	)	)	PUNCT
cblr-1706	256	4	(	(	PUNCT
cblr-1706	256	5	2012	2012	NUM
cblr-1706	256	6	)	)	PUNCT
cblr-1706	256	7	,	,	PUNCT
cblr-1706	256	8	and	and	CCONJ
cblr-1706	256	9	15	15	NUM
cblr-1706	256	10	u.s.c	u.s.c	ADJ
cblr-1706	256	11	.	.	PUNCT
cblr-1706	257	1	§	§	PROPN
cblr-1706	257	2	80a–2(c	80a–2(c	NUM
cblr-1706	257	3	)	)	PUNCT
cblr-1706	257	4	(	(	PUNCT
cblr-1706	257	5	2012	2012	NUM
cblr-1706	257	6	)	)	PUNCT
cblr-1706	257	7	)	)	PUNCT
cblr-1706	257	8	.	.	PUNCT
cblr-1706	258	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	258	2	no	no	NOUN
cblr-1706	258	3	.	.	PUNCT
cblr-1706	259	1	3:695	3:695	NUM
cblr-1706	259	2	]	]	X
cblr-1706	259	3	a	a	DET
cblr-1706	259	4	transaction	transaction	NOUN
cblr-1706	259	5	cost	cost	NOUN
cblr-1706	259	6	assessment	assessment	NOUN
cblr-1706	259	7	709	709	NUM
cblr-1706	259	8	requires	require	VERB
cblr-1706	259	9	the	the	DET
cblr-1706	259	10	sec	sec	PROPN
cblr-1706	259	11	to	to	PART
cblr-1706	259	12	perform	perform	VERB
cblr-1706	259	13	cba	cba	NOUN
cblr-1706	259	14	of	of	ADP
cblr-1706	259	15	all	all	DET
cblr-1706	259	16	proposed	propose	VERB
cblr-1706	259	17	rules	rule	NOUN
cblr-1706	259	18	,	,	PUNCT
cblr-1706	259	19	and	and	CCONJ
cblr-1706	259	20	in	in	ADP
cblr-1706	259	21	each	each	DET
cblr-1706	259	22	case	case	NOUN
cblr-1706	259	23	it	it	PRON
cblr-1706	259	24	found	find	VERB
cblr-1706	259	25	the	the	DET
cblr-1706	259	26	sec	sec	PROPN
cblr-1706	259	27	’s	’s	PART
cblr-1706	259	28	cba	cba	NOUN
cblr-1706	259	29	deficient	deficient	ADJ
cblr-1706	259	30	.	.	PUNCT
cblr-1706	260	1	in	in	ADP
cblr-1706	260	2	chamber	chamber	PROPN
cblr-1706	260	3	of	of	ADP
cblr-1706	260	4	commerce	commerce	PROPN
cblr-1706	260	5	v.	v.	ADP
cblr-1706	260	6	sec,48	sec,48	NOUN
cblr-1706	260	7	the	the	DET
cblr-1706	260	8	chamber	chamber	NOUN
cblr-1706	260	9	sought	seek	VERB
cblr-1706	260	10	review	review	NOUN
cblr-1706	260	11	of	of	ADP
cblr-1706	260	12	the	the	DET
cblr-1706	260	13	sec	sec	PROPN
cblr-1706	260	14	’s	’s	PART
cblr-1706	260	15	investment	investment	NOUN
cblr-1706	260	16	company	company	NOUN
cblr-1706	260	17	governance	governance	NOUN
cblr-1706	260	18	rule	rule	NOUN
cblr-1706	260	19	(	(	PUNCT
cblr-1706	260	20	“	"	PUNCT
cblr-1706	260	21	governance	governance	NOUN
cblr-1706	260	22	rule”).49	rule”).49	NOUN
cblr-1706	260	23	over	over	ADP
cblr-1706	260	24	the	the	DET
cblr-1706	260	25	dissent	dissent	NOUN
cblr-1706	260	26	of	of	ADP
cblr-1706	260	27	two	two	NUM
cblr-1706	260	28	commissioners	commissioner	NOUN
cblr-1706	260	29	,	,	PUNCT
cblr-1706	260	30	the	the	DET
cblr-1706	260	31	governance	governance	NOUN
cblr-1706	260	32	rule	rule	NOUN
cblr-1706	260	33	would	would	AUX
cblr-1706	260	34	have	have	AUX
cblr-1706	260	35	conditioned	condition	VERB
cblr-1706	260	36	various	various	ADJ
cblr-1706	260	37	exemptions	exemption	NOUN
cblr-1706	260	38	most	most	ADJ
cblr-1706	260	39	mutual	mutual	ADJ
cblr-1706	260	40	funds	fund	NOUN
cblr-1706	260	41	enjoy	enjoy	VERB
cblr-1706	260	42	from	from	ADP
cblr-1706	260	43	provisions	provision	NOUN
cblr-1706	260	44	of	of	ADP
cblr-1706	260	45	the	the	DET
cblr-1706	260	46	ica	ica	PROPN
cblr-1706	260	47	on	on	ADP
cblr-1706	260	48	having	have	VERB
cblr-1706	260	49	boards	board	NOUN
cblr-1706	260	50	with	with	ADP
cblr-1706	260	51	at	at	ADV
cblr-1706	260	52	least	least	ADV
cblr-1706	260	53	seventy	seventy	NUM
cblr-1706	260	54	-	-	PUNCT
cblr-1706	260	55	five	five	NUM
cblr-1706	260	56	percent	percent	NOUN
cblr-1706	260	57	outside	outside	ADP
cblr-1706	260	58	directors	director	NOUN
cblr-1706	260	59	and	and	CCONJ
cblr-1706	260	60	an	an	DET
cblr-1706	260	61	independent	independent	ADJ
cblr-1706	260	62	chairman.50	chairman.50	NOUN
cblr-1706	260	63	the	the	DET
cblr-1706	260	64	sec	sec	PROPN
cblr-1706	260	65	considered	consider	VERB
cblr-1706	260	66	the	the	DET
cblr-1706	260	67	rule	rule	NOUN
cblr-1706	260	68	“	"	PUNCT
cblr-1706	260	69	necessary	necessary	ADJ
cblr-1706	260	70	and	and	CCONJ
cblr-1706	260	71	appropriate	appropriate	ADJ
cblr-1706	260	72	in	in	ADP
cblr-1706	260	73	the	the	DET
cblr-1706	260	74	public	public	ADJ
cblr-1706	260	75	interest	interest	NOUN
cblr-1706	260	76	and	and	CCONJ
cblr-1706	260	77	.	.	PUNCT
cblr-1706	260	78	.	.	PUNCT
cblr-1706	260	79	.	.	PUNCT
cblr-1706	261	1	consistent	consistent	ADJ
cblr-1706	261	2	with	with	ADP
cblr-1706	261	3	the	the	DET
cblr-1706	261	4	protection	protection	NOUN
cblr-1706	261	5	of	of	ADP
cblr-1706	261	6	investors”51	investors”51	PROPN
cblr-1706	261	7	owing	owe	VERB
cblr-1706	261	8	to	to	ADP
cblr-1706	261	9	recent	recent	ADJ
cblr-1706	261	10	scandals	scandal	NOUN
cblr-1706	261	11	involving	involve	VERB
cblr-1706	261	12	late	late	ADJ
cblr-1706	261	13	trading	trading	NOUN
cblr-1706	261	14	of	of	ADP
cblr-1706	261	15	mutual	mutual	ADJ
cblr-1706	261	16	fund	fund	NOUN
cblr-1706	261	17	shares	share	NOUN
cblr-1706	261	18	,	,	PUNCT
cblr-1706	261	19	inappropriate	inappropriate	ADJ
cblr-1706	261	20	market	market	NOUN
cblr-1706	261	21	timing	timing	NOUN
cblr-1706	261	22	of	of	ADP
cblr-1706	261	23	fund	fund	NOUN
cblr-1706	261	24	shares	share	NOUN
cblr-1706	261	25	,	,	PUNCT
cblr-1706	261	26	and	and	CCONJ
cblr-1706	261	27	misuse	misuse	NOUN
cblr-1706	261	28	of	of	ADP
cblr-1706	261	29	nonpublic	nonpublic	ADJ
cblr-1706	261	30	information	information	NOUN
cblr-1706	261	31	about	about	ADP
cblr-1706	261	32	fund	fund	NOUN
cblr-1706	261	33	portfolios.52	portfolios.52	NOUN
cblr-1706	261	34	it	it	PRON
cblr-1706	261	35	viewed	view	VERB
cblr-1706	261	36	these	these	DET
cblr-1706	261	37	actions	action	NOUN
cblr-1706	261	38	as	as	ADP
cblr-1706	261	39	serious	serious	ADJ
cblr-1706	261	40	breakdowns	breakdown	NOUN
cblr-1706	261	41	in	in	ADP
cblr-1706	261	42	internal	internal	ADJ
cblr-1706	261	43	advisory	advisory	ADJ
cblr-1706	261	44	firm	firm	NOUN
cblr-1706	261	45	controls	control	NOUN
cblr-1706	261	46	and	and	CCONJ
cblr-1706	261	47	evidence	evidence	NOUN
cblr-1706	261	48	that	that	SCONJ
cblr-1706	261	49	the	the	DET
cblr-1706	261	50	funds	fund	NOUN
cblr-1706	261	51	were	be	AUX
cblr-1706	261	52	being	be	AUX
cblr-1706	261	53	used	use	VERB
cblr-1706	261	54	for	for	ADP
cblr-1706	261	55	the	the	DET
cblr-1706	261	56	benefit	benefit	NOUN
cblr-1706	261	57	of	of	ADP
cblr-1706	261	58	the	the	DET
cblr-1706	261	59	advisory	advisory	ADJ
cblr-1706	261	60	firm	firm	NOUN
cblr-1706	261	61	or	or	CCONJ
cblr-1706	261	62	its	its	PRON
cblr-1706	261	63	employees	employee	NOUN
cblr-1706	261	64	,	,	PUNCT
cblr-1706	261	65	possibly	possibly	ADV
cblr-1706	261	66	including	include	VERB
cblr-1706	261	67	inside	inside	ADP
cblr-1706	261	68	directors	director	NOUN
cblr-1706	261	69	of	of	ADP
cblr-1706	261	70	the	the	DET
cblr-1706	261	71	affected	affected	ADJ
cblr-1706	261	72	funds	fund	NOUN
cblr-1706	261	73	,	,	PUNCT
cblr-1706	261	74	rather	rather	ADV
cblr-1706	261	75	than	than	ADP
cblr-1706	261	76	for	for	ADP
cblr-1706	261	77	the	the	DET
cblr-1706	261	78	benefit	benefit	NOUN
cblr-1706	261	79	of	of	ADP
cblr-1706	261	80	fund	fund	NOUN
cblr-1706	261	81	shareholders.53	shareholders.53	PROPN
cblr-1706	261	82	in	in	ADP
cblr-1706	261	83	the	the	DET
cblr-1706	261	84	sec	sec	PROPN
cblr-1706	261	85	’s	’s	PART
cblr-1706	261	86	view	view	NOUN
cblr-1706	261	87	,	,	PUNCT
cblr-1706	261	88	the	the	DET
cblr-1706	261	89	proposed	propose	VERB
cblr-1706	261	90	fund	fund	NOUN
cblr-1706	261	91	governance	governance	NOUN
cblr-1706	261	92	standards	standard	NOUN
cblr-1706	261	93	would	would	AUX
cblr-1706	261	94	put	put	VERB
cblr-1706	261	95	fund	fund	NOUN
cblr-1706	261	96	boards	board	NOUN
cblr-1706	261	97	in	in	ADP
cblr-1706	261	98	a	a	DET
cblr-1706	261	99	better	well	ADJ
cblr-1706	261	100	position	position	NOUN
cblr-1706	261	101	to	to	PART
cblr-1706	261	102	demand	demand	VERB
cblr-1706	261	103	that	that	SCONJ
cblr-1706	261	104	their	their	PRON
cblr-1706	261	105	managers	manager	NOUN
cblr-1706	261	106	adhere	adhere	VERB
cblr-1706	261	107	to	to	ADP
cblr-1706	261	108	the	the	DET
cblr-1706	261	109	highest	high	ADJ
cblr-1706	261	110	of	of	ADP
cblr-1706	261	111	compliance	compliance	NOUN
cblr-1706	261	112	48	48	NUM
cblr-1706	261	113	chamber	chamber	NOUN
cblr-1706	261	114	of	of	ADP
cblr-1706	261	115	commerce	commerce	PROPN
cblr-1706	261	116	of	of	ADP
cblr-1706	261	117	the	the	DET
cblr-1706	261	118	u.s	u.s	PROPN
cblr-1706	261	119	.	.	PROPN
cblr-1706	261	120	v.	v.	PROPN
cblr-1706	261	121	sec	sec	PROPN
cblr-1706	261	122	,	,	PUNCT
cblr-1706	261	123	412	412	NUM
cblr-1706	261	124	f.3d	f.3d	NUM
cblr-1706	261	125	133	133	NUM
cblr-1706	261	126	(	(	PUNCT
cblr-1706	261	127	d.c	d.c	PROPN
cblr-1706	261	128	.	.	PROPN
cblr-1706	261	129	cir	cir	PROPN
cblr-1706	261	130	.	.	PROPN
cblr-1706	261	131	2005	2005	NUM
cblr-1706	261	132	)	)	PUNCT
cblr-1706	261	133	.	.	PUNCT
cblr-1706	262	1	the	the	DET
cblr-1706	262	2	sea	sea	NOUN
cblr-1706	262	3	,	,	PUNCT
cblr-1706	262	4	the	the	DET
cblr-1706	262	5	ica	ica	PROPN
cblr-1706	262	6	,	,	PUNCT
cblr-1706	262	7	and	and	CCONJ
cblr-1706	262	8	investment	investment	NOUN
cblr-1706	262	9	advisers	adviser	NOUN
cblr-1706	262	10	act	act	VERB
cblr-1706	262	11	(	(	PUNCT
cblr-1706	262	12	“	"	PUNCT
cblr-1706	262	13	iaa	iaa	NOUN
cblr-1706	262	14	”	"	PUNCT
cblr-1706	262	15	)	)	PUNCT
cblr-1706	262	16	all	all	PRON
cblr-1706	262	17	allow	allow	VERB
cblr-1706	262	18	persons	person	NOUN
cblr-1706	262	19	aggrieved	aggrieve	VERB
cblr-1706	262	20	by	by	ADP
cblr-1706	262	21	a	a	DET
cblr-1706	262	22	final	final	ADJ
cblr-1706	262	23	order	order	NOUN
cblr-1706	262	24	of	of	ADP
cblr-1706	262	25	the	the	DET
cblr-1706	262	26	commission	commission	NOUN
cblr-1706	262	27	to	to	PART
cblr-1706	262	28	obtain	obtain	VERB
cblr-1706	262	29	review	review	NOUN
cblr-1706	262	30	of	of	ADP
cblr-1706	262	31	the	the	DET
cblr-1706	262	32	order	order	NOUN
cblr-1706	262	33	in	in	ADP
cblr-1706	262	34	the	the	DET
cblr-1706	262	35	united	united	PROPN
cblr-1706	262	36	states	states	PROPN
cblr-1706	262	37	court	court	PROPN
cblr-1706	262	38	of	of	ADP
cblr-1706	262	39	appeals	appeal	NOUN
cblr-1706	262	40	for	for	ADP
cblr-1706	262	41	the	the	DET
cblr-1706	262	42	circuit	circuit	NOUN
cblr-1706	262	43	in	in	ADP
cblr-1706	262	44	which	which	PRON
cblr-1706	262	45	he	he	PRON
cblr-1706	262	46	or	or	CCONJ
cblr-1706	262	47	she	she	PRON
cblr-1706	262	48	resides	reside	VERB
cblr-1706	262	49	or	or	CCONJ
cblr-1706	262	50	has	have	VERB
cblr-1706	262	51	his	his	PRON
cblr-1706	262	52	or	or	CCONJ
cblr-1706	262	53	her	her	PRON
cblr-1706	262	54	principal	principal	ADJ
cblr-1706	262	55	place	place	NOUN
cblr-1706	262	56	of	of	ADP
cblr-1706	262	57	business	business	NOUN
cblr-1706	262	58	or	or	CCONJ
cblr-1706	262	59	in	in	ADP
cblr-1706	262	60	the	the	DET
cblr-1706	262	61	district	district	PROPN
cblr-1706	262	62	of	of	ADP
cblr-1706	262	63	columbia	columbia	PROPN
cblr-1706	262	64	circuit	circuit	PROPN
cblr-1706	262	65	.	.	PUNCT
cblr-1706	263	1	see	see	VERB
cblr-1706	263	2	15	15	NUM
cblr-1706	263	3	u.s.c	u.s.c	ADJ
cblr-1706	263	4	.	.	PUNCT
cblr-1706	264	1	§	§	PROPN
cblr-1706	264	2	78y(a)(1	78y(a)(1	NUM
cblr-1706	264	3	)	)	PUNCT
cblr-1706	264	4	(	(	PUNCT
cblr-1706	264	5	2012	2012	NUM
cblr-1706	264	6	)	)	PUNCT
cblr-1706	264	7	;	;	PUNCT
cblr-1706	264	8	15	15	NUM
cblr-1706	264	9	u.s.c	u.s.c	NOUN
cblr-1706	264	10	.	.	PUNCT
cblr-1706	265	1	§	§	PROPN
cblr-1706	265	2	80a-42(a	80a-42(a	NUM
cblr-1706	265	3	)	)	PUNCT
cblr-1706	265	4	(	(	PUNCT
cblr-1706	265	5	2012	2012	NUM
cblr-1706	265	6	)	)	PUNCT
cblr-1706	265	7	;	;	PUNCT
cblr-1706	265	8	15	15	NUM
cblr-1706	265	9	u.s.c	u.s.c	NOUN
cblr-1706	265	10	.	.	PUNCT
cblr-1706	266	1	§	§	PROPN
cblr-1706	266	2	80b-13(a	80b-13(a	NUM
cblr-1706	266	3	)	)	PUNCT
cblr-1706	266	4	(	(	PUNCT
cblr-1706	266	5	2012	2012	NUM
cblr-1706	266	6	)	)	PUNCT
cblr-1706	266	7	.	.	PUNCT
cblr-1706	267	1	49	49	NUM
cblr-1706	267	2	investment	investment	NOUN
cblr-1706	267	3	company	company	NOUN
cblr-1706	267	4	governance	governance	NOUN
cblr-1706	267	5	,	,	PUNCT
cblr-1706	267	6	69	69	NUM
cblr-1706	267	7	fed	feed	VERB
cblr-1706	267	8	.	.	PUNCT
cblr-1706	268	1	reg	reg	PROPN
cblr-1706	268	2	.	.	PUNCT
cblr-1706	269	1	46,378	46,378	NUM
cblr-1706	269	2	(	(	PUNCT
cblr-1706	269	3	aug	aug	PROPN
cblr-1706	269	4	.	.	PROPN
cblr-1706	269	5	2	2	NUM
cblr-1706	269	6	,	,	PUNCT
cblr-1706	269	7	2004	2004	NUM
cblr-1706	269	8	)	)	PUNCT
cblr-1706	270	1	[	[	X
cblr-1706	270	2	hereinafter	hereinafter	NOUN
cblr-1706	270	3	governance	governance	NOUN
cblr-1706	270	4	rule	rule	NOUN
cblr-1706	270	5	]	]	PUNCT
cblr-1706	270	6	.	.	PUNCT
cblr-1706	271	1	50	50	NUM
cblr-1706	271	2	i	i	PRON
cblr-1706	271	3	d.	d.	PROPN
cblr-1706	271	4	at	at	ADP
cblr-1706	271	5	46,381	46,381	NUM
cblr-1706	271	6	.	.	PUNCT
cblr-1706	272	1	the	the	DET
cblr-1706	272	2	ica	ica	PROPN
cblr-1706	272	3	mandates	mandate	VERB
cblr-1706	272	4	that	that	PRON
cblr-1706	272	5	mutual	mutual	ADJ
cblr-1706	272	6	funds	fund	NOUN
cblr-1706	272	7	have	have	VERB
cblr-1706	272	8	no	no	DET
cblr-1706	272	9	more	more	ADJ
cblr-1706	272	10	than	than	ADP
cblr-1706	272	11	sixty	sixty	NUM
cblr-1706	272	12	percent	percent	NOUN
cblr-1706	272	13	“	"	PUNCT
cblr-1706	272	14	interested	interested	ADJ
cblr-1706	272	15	”	"	PUNCT
cblr-1706	272	16	directors	director	NOUN
cblr-1706	272	17	.	.	PUNCT
cblr-1706	273	1	see	see	VERB
cblr-1706	273	2	15	15	NUM
cblr-1706	273	3	u.s.c	u.s.c	ADJ
cblr-1706	273	4	.	.	PUNCT
cblr-1706	274	1	§	§	PROPN
cblr-1706	274	2	80a-10(a	80a-10(a	NUM
cblr-1706	274	3	)	)	PUNCT
cblr-1706	274	4	.	.	PUNCT
cblr-1706	275	1	by	by	ADP
cblr-1706	275	2	ica	ica	PROPN
cblr-1706	275	3	rule	rule	PROPN
cblr-1706	275	4	12(b)-1	12(b)-1	NUM
cblr-1706	275	5	,	,	PUNCT
cblr-1706	275	6	the	the	DET
cblr-1706	275	7	sec	sec	PROPN
cblr-1706	275	8	had	have	AUX
cblr-1706	275	9	already	already	ADV
cblr-1706	275	10	conditioned	condition	VERB
cblr-1706	275	11	various	various	ADJ
cblr-1706	275	12	exemptions	exemption	NOUN
cblr-1706	275	13	on	on	ADP
cblr-1706	275	14	a	a	DET
cblr-1706	275	15	mutual	mutual	ADJ
cblr-1706	275	16	fund	fund	NOUN
cblr-1706	275	17	having	have	VERB
cblr-1706	275	18	a	a	DET
cblr-1706	275	19	majority	majority	NOUN
cblr-1706	275	20	of	of	ADP
cblr-1706	275	21	outside	outside	ADJ
cblr-1706	275	22	directors	director	NOUN
cblr-1706	275	23	.	.	PUNCT
cblr-1706	276	1	see	see	VERB
cblr-1706	276	2	66	66	NUM
cblr-1706	276	3	fed	fed	PROPN
cblr-1706	276	4	.	.	PUNCT
cblr-1706	277	1	reg	reg	PROPN
cblr-1706	277	2	.	.	PUNCT
cblr-1706	277	3	3733	3733	NUM
cblr-1706	277	4	(	(	PUNCT
cblr-1706	277	5	jan	jan	PROPN
cblr-1706	277	6	.	.	PROPN
cblr-1706	277	7	16	16	NUM
cblr-1706	277	8	,	,	PUNCT
cblr-1706	277	9	2001	2001	NUM
cblr-1706	277	10	)	)	PUNCT
cblr-1706	278	1	(	(	PUNCT
cblr-1706	278	2	to	to	PART
cblr-1706	278	3	be	be	AUX
cblr-1706	278	4	codified	codify	VERB
cblr-1706	278	5	at	at	ADP
cblr-1706	278	6	17	17	NUM
cblr-1706	278	7	cfr	cfr	PROPN
cblr-1706	278	8	pts	pt	NOUN
cblr-1706	278	9	.	.	PROPN
cblr-1706	278	10	239	239	NUM
cblr-1706	278	11	,	,	PUNCT
cblr-1706	278	12	240	240	NUM
cblr-1706	278	13	,	,	PUNCT
cblr-1706	278	14	270	270	NUM
cblr-1706	278	15	,	,	PUNCT
cblr-1706	278	16	274	274	NUM
cblr-1706	278	17	)	)	PUNCT
cblr-1706	278	18	.	.	PUNCT
cblr-1706	279	1	51	51	NUM
cblr-1706	279	2	governance	governance	NOUN
cblr-1706	279	3	rule	rule	NOUN
cblr-1706	279	4	,	,	PUNCT
cblr-1706	279	5	69	69	NUM
cblr-1706	279	6	fed	feed	VERB
cblr-1706	279	7	.	.	PUNCT
cblr-1706	280	1	reg	reg	PROPN
cblr-1706	280	2	.	.	PUNCT
cblr-1706	281	1	at	at	ADP
cblr-1706	281	2	46,379	46,379	NUM
cblr-1706	281	3	n.11	n.11	NOUN
cblr-1706	281	4	.	.	PROPN
cblr-1706	281	5	52	52	NUM
cblr-1706	281	6	i	i	PRON
cblr-1706	281	7	d.	d.	PROPN
cblr-1706	281	8	at	at	ADP
cblr-1706	281	9	46,378	46,378	NUM
cblr-1706	281	10	.	.	PUNCT
cblr-1706	282	1	53	53	NUM
cblr-1706	282	2	i	i	PRON
cblr-1706	282	3	d.	d.	PROPN
cblr-1706	282	4	at	at	ADP
cblr-1706	282	5	46,379	46,379	NUM
cblr-1706	282	6	.	.	PUNCT
cblr-1706	283	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	283	2	710	710	NUM
cblr-1706	283	3	columbia	columbia	PROPN
cblr-1706	283	4	business	business	NOUN
cblr-1706	283	5	law	law	NOUN
cblr-1706	283	6	review	review	NOUN
cblr-1706	283	7	[	[	X
cblr-1706	283	8	vol	vol	NOUN
cblr-1706	283	9	.	.	NOUN
cblr-1706	283	10	2018	2018	NUM
cblr-1706	283	11	standards	standard	NOUN
cblr-1706	283	12	and	and	CCONJ
cblr-1706	283	13	to	to	PART
cblr-1706	283	14	better	well	ADV
cblr-1706	283	15	oversee	oversee	VERB
cblr-1706	283	16	activities	activity	NOUN
cblr-1706	283	17	involving	involve	VERB
cblr-1706	283	18	conflicts	conflict	NOUN
cblr-1706	283	19	of	of	ADP
cblr-1706	283	20	interest.54	interest.54	NOUN
cblr-1706	283	21	the	the	DET
cblr-1706	283	22	chamber	chamber	NOUN
cblr-1706	283	23	challenged	challenge	VERB
cblr-1706	283	24	the	the	DET
cblr-1706	283	25	governance	governance	NOUN
cblr-1706	283	26	rule	rule	NOUN
cblr-1706	283	27	on	on	ADP
cblr-1706	283	28	two	two	NUM
cblr-1706	283	29	grounds	ground	NOUN
cblr-1706	283	30	.	.	PUNCT
cblr-1706	284	1	among	among	ADP
cblr-1706	284	2	other	other	ADJ
cblr-1706	284	3	things	thing	NOUN
cblr-1706	284	4	,	,	PUNCT
cblr-1706	284	5	it	it	PRON
cblr-1706	284	6	argued	argue	VERB
cblr-1706	284	7	that	that	SCONJ
cblr-1706	284	8	the	the	DET
cblr-1706	284	9	sec	sec	PROPN
cblr-1706	284	10	lacked	lack	VERB
cblr-1706	284	11	substantive	substantive	ADJ
cblr-1706	284	12	authority	authority	NOUN
cblr-1706	284	13	under	under	ADP
cblr-1706	284	14	the	the	DET
cblr-1706	284	15	ica	ica	PROPN
cblr-1706	284	16	to	to	PART
cblr-1706	284	17	adopt	adopt	VERB
cblr-1706	284	18	the	the	DET
cblr-1706	284	19	two	two	NUM
cblr-1706	284	20	conditions	condition	NOUN
cblr-1706	284	21	and	and	CCONJ
cblr-1706	284	22	that	that	SCONJ
cblr-1706	284	23	the	the	DET
cblr-1706	284	24	sec	sec	PROPN
cblr-1706	284	25	’s	’s	PART
cblr-1706	284	26	rulemaking	rulemaking	NOUN
cblr-1706	284	27	process	process	NOUN
cblr-1706	284	28	violated	violate	VERB
cblr-1706	284	29	the	the	DET
cblr-1706	284	30	apa.55	apa.55	NOUN
cblr-1706	284	31	the	the	DET
cblr-1706	284	32	court	court	NOUN
cblr-1706	284	33	found	find	VERB
cblr-1706	284	34	that	that	SCONJ
cblr-1706	284	35	the	the	DET
cblr-1706	284	36	sec	sec	PROPN
cblr-1706	284	37	does	do	AUX
cblr-1706	284	38	have	have	VERB
cblr-1706	284	39	the	the	DET
cblr-1706	284	40	substantive	substantive	ADJ
cblr-1706	284	41	authority	authority	NOUN
cblr-1706	284	42	to	to	PART
cblr-1706	284	43	condition	condition	VERB
cblr-1706	284	44	access	access	NOUN
cblr-1706	284	45	to	to	ADP
cblr-1706	284	46	various	various	ADJ
cblr-1706	284	47	exemptions	exemption	NOUN
cblr-1706	284	48	on	on	ADP
cblr-1706	284	49	compliance	compliance	NOUN
cblr-1706	284	50	with	with	ADP
cblr-1706	284	51	the	the	DET
cblr-1706	284	52	governance	governance	NOUN
cblr-1706	284	53	rule.56	rule.56	VERB
cblr-1706	284	54	it	it	PRON
cblr-1706	284	55	took	take	VERB
cblr-1706	284	56	issue	issue	NOUN
cblr-1706	284	57	with	with	ADP
cblr-1706	284	58	the	the	DET
cblr-1706	284	59	sec	sec	PROPN
cblr-1706	284	60	on	on	ADP
cblr-1706	284	61	an	an	DET
cblr-1706	284	62	important	important	ADJ
cblr-1706	284	63	point	point	NOUN
cblr-1706	284	64	,	,	PUNCT
cblr-1706	284	65	however	however	ADV
cblr-1706	284	66	.	.	PUNCT
cblr-1706	285	1	the	the	DET
cblr-1706	285	2	court	court	NOUN
cblr-1706	285	3	found	find	VERB
cblr-1706	285	4	that	that	SCONJ
cblr-1706	285	5	the	the	DET
cblr-1706	285	6	sec	sec	PROPN
cblr-1706	285	7	had	have	AUX
cblr-1706	285	8	failed	fail	VERB
cblr-1706	285	9	to	to	PART
cblr-1706	285	10	adequately	adequately	ADV
cblr-1706	285	11	consider	consider	VERB
cblr-1706	285	12	the	the	DET
cblr-1706	285	13	costs	cost	NOUN
cblr-1706	285	14	of	of	ADP
cblr-1706	285	15	the	the	DET
cblr-1706	285	16	conditions	condition	NOUN
cblr-1706	285	17	it	it	PRON
cblr-1706	285	18	proposed	propose	VERB
cblr-1706	285	19	and	and	CCONJ
cblr-1706	285	20	hence	hence	ADV
cblr-1706	285	21	their	their	PRON
cblr-1706	285	22	likely	likely	ADJ
cblr-1706	285	23	effect	effect	NOUN
cblr-1706	285	24	on	on	ADP
cblr-1706	285	25	efficiency	efficiency	NOUN
cblr-1706	285	26	,	,	PUNCT
cblr-1706	285	27	competition	competition	NOUN
cblr-1706	285	28	,	,	PUNCT
cblr-1706	285	29	and	and	CCONJ
cblr-1706	285	30	capital	capital	PROPN
cblr-1706	285	31	formation.57	formation.57	PROPN
cblr-1706	285	32	although	although	SCONJ
cblr-1706	285	33	an	an	DET
cblr-1706	285	34	empirical	empirical	ADJ
cblr-1706	285	35	study	study	NOUN
cblr-1706	285	36	is	be	AUX
cblr-1706	285	37	unnecessary	unnecessary	ADJ
cblr-1706	285	38	,	,	PUNCT
cblr-1706	285	39	a	a	DET
cblr-1706	285	40	regulator	regulator	NOUN
cblr-1706	285	41	must	must	AUX
cblr-1706	285	42	nevertheless	nevertheless	ADV
cblr-1706	285	43	do	do	VERB
cblr-1706	285	44	its	its	PRON
cblr-1706	285	45	best	good	ADJ
cblr-1706	285	46	to	to	PART
cblr-1706	285	47	assess	assess	VERB
cblr-1706	285	48	costs	cost	NOUN
cblr-1706	285	49	.	.	PUNCT
cblr-1706	286	1	the	the	DET
cblr-1706	286	2	sec	sec	PROPN
cblr-1706	286	3	claimed	claim	VERB
cblr-1706	286	4	the	the	DET
cblr-1706	286	5	factual	factual	ADJ
cblr-1706	286	6	record	record	NOUN
cblr-1706	286	7	on	on	ADP
cblr-1706	286	8	which	which	PRON
cblr-1706	286	9	it	it	PRON
cblr-1706	286	10	had	have	AUX
cblr-1706	286	11	based	base	VERB
cblr-1706	286	12	its	its	PRON
cblr-1706	286	13	ruling	ruling	NOUN
cblr-1706	286	14	lacked	lack	VERB
cblr-1706	286	15	a	a	DET
cblr-1706	286	16	“	"	PUNCT
cblr-1706	286	17	reliable	reliable	ADJ
cblr-1706	286	18	basis	basis	NOUN
cblr-1706	286	19	for	for	ADP
cblr-1706	286	20	determining	determine	VERB
cblr-1706	286	21	how	how	SCONJ
cblr-1706	286	22	funds	fund	NOUN
cblr-1706	286	23	would	would	AUX
cblr-1706	286	24	choose	choose	VERB
cblr-1706	286	25	to	to	PART
cblr-1706	286	26	satisfy	satisfy	VERB
cblr-1706	286	27	the	the	DET
cblr-1706	286	28	condition	condition	NOUN
cblr-1706	286	29	and	and	CCONJ
cblr-1706	286	30	therefore	therefore	ADV
cblr-1706	286	31	it	it	PRON
cblr-1706	286	32	was	be	AUX
cblr-1706	286	33	difficult	difficult	ADJ
cblr-1706	286	34	to	to	PART
cblr-1706	286	35	determine	determine	VERB
cblr-1706	286	36	the	the	DET
cblr-1706	286	37	costs	cost	NOUN
cblr-1706	286	38	associated	associate	VERB
cblr-1706	286	39	with	with	ADP
cblr-1706	286	40	electing	elect	VERB
cblr-1706	286	41	independent	independent	ADJ
cblr-1706	286	42	directors	director	NOUN
cblr-1706	286	43	.	.	PUNCT
cblr-1706	287	1	”58	”58	PROPN
cblr-1706	287	2	the	the	DET
cblr-1706	287	3	court	court	NOUN
cblr-1706	287	4	was	be	AUX
cblr-1706	287	5	unmoved	unmoved	ADJ
cblr-1706	287	6	:	:	PUNCT
cblr-1706	287	7	that	that	SCONJ
cblr-1706	287	8	particular	particular	ADJ
cblr-1706	287	9	difficulty	difficulty	NOUN
cblr-1706	287	10	may	may	AUX
cblr-1706	287	11	mean	mean	VERB
cblr-1706	287	12	the	the	DET
cblr-1706	287	13	commission	commission	NOUN
cblr-1706	287	14	can	can	AUX
cblr-1706	287	15	determine	determine	VERB
cblr-1706	287	16	only	only	ADV
cblr-1706	287	17	the	the	DET
cblr-1706	287	18	range	range	NOUN
cblr-1706	287	19	within	within	ADP
cblr-1706	287	20	which	which	PRON
cblr-1706	287	21	a	a	DET
cblr-1706	287	22	fund	fund	NOUN
cblr-1706	287	23	’s	’s	PART
cblr-1706	287	24	cost	cost	NOUN
cblr-1706	287	25	of	of	ADP
cblr-1706	287	26	compliance	compliance	NOUN
cblr-1706	287	27	will	will	AUX
cblr-1706	287	28	fall	fall	VERB
cblr-1706	287	29	,	,	PUNCT
cblr-1706	287	30	depending	depend	VERB
cblr-1706	287	31	upon	upon	SCONJ
cblr-1706	287	32	how	how	SCONJ
cblr-1706	287	33	it	it	PRON
cblr-1706	287	34	responds	respond	VERB
cblr-1706	287	35	to	to	ADP
cblr-1706	287	36	the	the	DET
cblr-1706	287	37	condition	condition	NOUN
cblr-1706	287	38	but	but	CCONJ
cblr-1706	287	39	,	,	PUNCT
cblr-1706	287	40	as	as	SCONJ
cblr-1706	287	41	the	the	DET
cblr-1706	287	42	chamber	chamber	NOUN
cblr-1706	287	43	contends	contend	VERB
cblr-1706	287	44	,	,	PUNCT
cblr-1706	287	45	it	it	PRON
cblr-1706	287	46	does	do	AUX
cblr-1706	287	47	not	not	PART
cblr-1706	287	48	excuse	excuse	VERB
cblr-1706	287	49	the	the	DET
cblr-1706	287	50	commission	commission	NOUN
cblr-1706	287	51	from	from	ADP
cblr-1706	287	52	its	its	PRON
cblr-1706	287	53	statutory	statutory	ADJ
cblr-1706	287	54	obligation	obligation	NOUN
cblr-1706	287	55	to	to	PART
cblr-1706	287	56	determine	determine	VERB
cblr-1706	287	57	as	as	ADV
cblr-1706	287	58	best	well	ADV
cblr-1706	287	59	it	it	PRON
cblr-1706	287	60	can	can	AUX
cblr-1706	287	61	the	the	DET
cblr-1706	287	62	economic	economic	ADJ
cblr-1706	287	63	implications	implication	NOUN
cblr-1706	287	64	of	of	ADP
cblr-1706	287	65	the	the	DET
cblr-1706	287	66	rule	rule	NOUN
cblr-1706	287	67	it	it	PRON
cblr-1706	287	68	has	have	AUX
cblr-1706	287	69	proposed	propose	VERB
cblr-1706	287	70	.	.	PUNCT
cblr-1706	287	71	.	.	PUNCT
cblr-1706	287	72	.	.	PUNCT
cblr-1706	287	73	.	.	PUNCT
cblr-1706	288	1	[	[	X
cblr-1706	288	2	u]ncertainty	u]ncertainty	X
cblr-1706	288	3	may	may	AUX
cblr-1706	288	4	limit	limit	VERB
cblr-1706	288	5	what	what	PRON
cblr-1706	288	6	the	the	DET
cblr-1706	288	7	commission	commission	NOUN
cblr-1706	288	8	can	can	AUX
cblr-1706	288	9	do	do	VERB
cblr-1706	288	10	,	,	PUNCT
cblr-1706	288	11	but	but	CCONJ
cblr-1706	288	12	does	do	AUX
cblr-1706	288	13	not	not	PART
cblr-1706	288	14	excuse	excuse	VERB
cblr-1706	288	15	the	the	DET
cblr-1706	288	16	commission	commission	NOUN
cblr-1706	288	17	from	from	ADP
cblr-1706	288	18	its	its	PRON
cblr-1706	288	19	statutory	statutory	ADJ
cblr-1706	288	20	obligation	obligation	NOUN
cblr-1706	288	21	to	to	PART
cblr-1706	288	22	do	do	AUX
cblr-1706	288	23	what	what	PRON
cblr-1706	288	24	it	it	PRON
cblr-1706	288	25	can	can	AUX
cblr-1706	288	26	to	to	PART
cblr-1706	288	27	apprise	apprise	VERB
cblr-1706	288	28	itself	itself	PRON
cblr-1706	288	29	—	—	PUNCT
cblr-1706	288	30	and	and	CCONJ
cblr-1706	288	31	hence	hence	ADV
cblr-1706	288	32	the	the	DET
cblr-1706	288	33	public	public	NOUN
cblr-1706	288	34	and	and	CCONJ
cblr-1706	288	35	the	the	DET
cblr-1706	288	36	congress	congress	PROPN
cblr-1706	288	37	—	—	PUNCT
cblr-1706	288	38	of	of	ADP
cblr-1706	288	39	the	the	DET
cblr-1706	288	40	54	54	NUM
cblr-1706	288	41	i	i	PRON
cblr-1706	288	42	d.	d.	PROPN
cblr-1706	288	43	55	55	NUM
cblr-1706	288	44	5	5	NUM
cblr-1706	288	45	u.s.c	u.s.c	ADJ
cblr-1706	288	46	.	.	PUNCT
cblr-1706	289	1	§	§	PROPN
cblr-1706	289	2	500	500	NUM
cblr-1706	289	3	(	(	PUNCT
cblr-1706	289	4	2012	2012	NUM
cblr-1706	289	5	)	)	PUNCT
cblr-1706	289	6	.	.	PUNCT
cblr-1706	290	1	56	56	NUM
cblr-1706	290	2	chamber	chamber	NOUN
cblr-1706	290	3	of	of	ADP
cblr-1706	290	4	commerce	commerce	PROPN
cblr-1706	290	5	of	of	ADP
cblr-1706	290	6	the	the	DET
cblr-1706	290	7	u.s	u.s	PROPN
cblr-1706	290	8	.	.	PROPN
cblr-1706	290	9	v.	v.	PROPN
cblr-1706	290	10	sec	sec	PROPN
cblr-1706	290	11	,	,	PUNCT
cblr-1706	290	12	412	412	NUM
cblr-1706	290	13	f.3d	f.3d	NUM
cblr-1706	290	14	133	133	NUM
cblr-1706	290	15	,	,	PUNCT
cblr-1706	290	16	136	136	NUM
cblr-1706	290	17	(	(	PUNCT
cblr-1706	290	18	d.c	d.c	PROPN
cblr-1706	290	19	.	.	PROPN
cblr-1706	290	20	cir	cir	PROPN
cblr-1706	290	21	.	.	PROPN
cblr-1706	290	22	2005	2005	NUM
cblr-1706	290	23	)	)	PUNCT
cblr-1706	290	24	.	.	PUNCT
cblr-1706	291	1	57	57	NUM
cblr-1706	292	1	i	i	PRON
cblr-1706	292	2	d.	d.	PROPN
cblr-1706	292	3	58	58	NUM
cblr-1706	293	1	i	i	PRON
cblr-1706	293	2	d.	d.	PROPN
cblr-1706	293	3	at	at	ADP
cblr-1706	293	4	143	143	PROPN
cblr-1706	293	5	(	(	PUNCT
cblr-1706	293	6	internal	internal	ADJ
cblr-1706	293	7	quotations	quotation	NOUN
cblr-1706	293	8	omitted	omit	VERB
cblr-1706	293	9	)	)	PUNCT
cblr-1706	293	10	(	(	PUNCT
cblr-1706	293	11	citations	citation	NOUN
cblr-1706	293	12	omitted	omit	VERB
cblr-1706	293	13	)	)	PUNCT
cblr-1706	293	14	.	.	PUNCT
cblr-1706	294	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	294	2	no	no	NOUN
cblr-1706	294	3	.	.	PUNCT
cblr-1706	295	1	3:695	3:695	NUM
cblr-1706	295	2	]	]	X
cblr-1706	295	3	a	a	DET
cblr-1706	295	4	transaction	transaction	NOUN
cblr-1706	295	5	cost	cost	NOUN
cblr-1706	295	6	assessment	assessment	NOUN
cblr-1706	295	7	711	711	NUM
cblr-1706	295	8	economic	economic	ADJ
cblr-1706	295	9	consequences	consequence	NOUN
cblr-1706	295	10	of	of	ADP
cblr-1706	295	11	a	a	DET
cblr-1706	295	12	proposed	propose	VERB
cblr-1706	295	13	regulation	regulation	NOUN
cblr-1706	295	14	before	before	SCONJ
cblr-1706	295	15	it	it	PRON
cblr-1706	295	16	decides	decide	VERB
cblr-1706	295	17	whether	whether	SCONJ
cblr-1706	295	18	to	to	PART
cblr-1706	295	19	adopt	adopt	VERB
cblr-1706	295	20	the	the	DET
cblr-1706	295	21	measure.59	measure.59	NOUN
cblr-1706	295	22	accordingly	accordingly	ADV
cblr-1706	295	23	,	,	PUNCT
cblr-1706	295	24	the	the	DET
cblr-1706	295	25	court	court	NOUN
cblr-1706	295	26	held	hold	VERB
cblr-1706	295	27	that	that	SCONJ
cblr-1706	295	28	the	the	DET
cblr-1706	295	29	sec	sec	PROPN
cblr-1706	295	30	had	have	AUX
cblr-1706	295	31	violated	violate	VERB
cblr-1706	295	32	its	its	PRON
cblr-1706	295	33	obligation	obligation	NOUN
cblr-1706	295	34	under	under	ADP
cblr-1706	295	35	the	the	DET
cblr-1706	295	36	ica	ica	PROPN
cblr-1706	295	37	,	,	PUNCT
cblr-1706	295	38	and	and	CCONJ
cblr-1706	295	39	therefore	therefore	ADV
cblr-1706	295	40	the	the	DET
cblr-1706	295	41	apa	apa	PROPN
cblr-1706	295	42	,	,	PUNCT
cblr-1706	295	43	by	by	ADP
cblr-1706	295	44	failing	fail	VERB
cblr-1706	295	45	to	to	PART
cblr-1706	295	46	adequately	adequately	ADV
cblr-1706	295	47	consider	consider	VERB
cblr-1706	295	48	the	the	DET
cblr-1706	295	49	costs	cost	NOUN
cblr-1706	295	50	the	the	DET
cblr-1706	295	51	two	two	NUM
cblr-1706	295	52	challenged	challenge	VERB
cblr-1706	295	53	conditions	condition	NOUN
cblr-1706	295	54	imposed	impose	VERB
cblr-1706	295	55	on	on	ADP
cblr-1706	295	56	mutual	mutual	ADJ
cblr-1706	295	57	funds.60	funds.60	NOUN
cblr-1706	295	58	the	the	DET
cblr-1706	295	59	petitioner	petitioner	NOUN
cblr-1706	295	60	in	in	ADP
cblr-1706	295	61	american	american	PROPN
cblr-1706	295	62	equity	equity	PROPN
cblr-1706	295	63	v.	v.	ADP
cblr-1706	295	64	sec	sec	PROPN
cblr-1706	295	65	,	,	PUNCT
cblr-1706	295	66	american	american	PROPN
cblr-1706	295	67	equity	equity	NOUN
cblr-1706	295	68	investment	investment	PROPN
cblr-1706	295	69	life	life	NOUN
cblr-1706	295	70	insurance	insurance	NOUN
cblr-1706	295	71	company	company	NOUN
cblr-1706	295	72	,	,	PUNCT
cblr-1706	295	73	sought	seek	VERB
cblr-1706	295	74	the	the	DET
cblr-1706	295	75	d.c	d.c	PROPN
cblr-1706	295	76	.	.	PROPN
cblr-1706	295	77	circuit	circuit	PROPN
cblr-1706	295	78	’s	’s	PART
cblr-1706	295	79	review	review	NOUN
cblr-1706	295	80	of	of	ADP
cblr-1706	295	81	the	the	DET
cblr-1706	295	82	sec	sec	PROPN
cblr-1706	295	83	’s	’s	PART
cblr-1706	295	84	proposed	propose	VERB
cblr-1706	295	85	rule	rule	NOUN
cblr-1706	295	86	151a	151a	NOUN
cblr-1706	295	87	under	under	ADP
cblr-1706	295	88	the	the	DET
cblr-1706	295	89	sea.61	sea.61	NOUN
cblr-1706	295	90	according	accord	VERB
cblr-1706	295	91	to	to	ADP
cblr-1706	295	92	the	the	DET
cblr-1706	295	93	rule	rule	NOUN
cblr-1706	295	94	,	,	PUNCT
cblr-1706	295	95	fixed	fix	VERB
cblr-1706	295	96	index	index	NOUN
cblr-1706	295	97	annuity	annuity	NOUN
cblr-1706	295	98	contracts	contract	NOUN
cblr-1706	295	99	would	would	AUX
cblr-1706	295	100	not	not	PART
cblr-1706	295	101	qualify	qualify	VERB
cblr-1706	295	102	for	for	ADP
cblr-1706	295	103	the	the	DET
cblr-1706	295	104	act	act	NOUN
cblr-1706	295	105	’s	’s	PART
cblr-1706	295	106	registration	registration	NOUN
cblr-1706	295	107	exemption	exemption	NOUN
cblr-1706	295	108	for	for	ADP
cblr-1706	295	109	“	"	PUNCT
cblr-1706	295	110	annuity	annuity	NOUN
cblr-1706	295	111	contracts	contract	NOUN
cblr-1706	295	112	”	"	PUNCT
cblr-1706	295	113	because	because	SCONJ
cblr-1706	295	114	they	they	PRON
cblr-1706	295	115	include	include	VERB
cblr-1706	295	116	certain	certain	ADJ
cblr-1706	295	117	elements	element	NOUN
cblr-1706	295	118	of	of	ADP
cblr-1706	295	119	risk	risk	NOUN
cblr-1706	295	120	characteristic	characteristic	NOUN
cblr-1706	295	121	of	of	ADP
cblr-1706	295	122	a	a	DET
cblr-1706	295	123	security	security	NOUN
cblr-1706	295	124	,	,	PUNCT
cblr-1706	295	125	rather	rather	ADV
cblr-1706	295	126	than	than	ADP
cblr-1706	295	127	those	those	PRON
cblr-1706	295	128	of	of	ADP
cblr-1706	295	129	a	a	DET
cblr-1706	295	130	mere	mere	ADJ
cblr-1706	295	131	insurance	insurance	NOUN
cblr-1706	295	132	contract.62	contract.62	NOUN
cblr-1706	295	133	absent	absent	ADJ
cblr-1706	295	134	this	this	DET
cblr-1706	295	135	exemption	exemption	NOUN
cblr-1706	295	136	,	,	PUNCT
cblr-1706	295	137	as	as	SCONJ
cblr-1706	295	138	an	an	DET
cblr-1706	295	139	issuer	issuer	NOUN
cblr-1706	295	140	of	of	ADP
cblr-1706	295	141	securities	security	NOUN
cblr-1706	295	142	american	american	PROPN
cblr-1706	295	143	equity	equity	PROPN
cblr-1706	295	144	was	be	AUX
cblr-1706	295	145	therefore	therefore	ADV
cblr-1706	295	146	subject	subject	ADJ
cblr-1706	295	147	to	to	ADP
cblr-1706	295	148	the	the	DET
cblr-1706	295	149	act	act	NOUN
cblr-1706	295	150	’s	’s	PART
cblr-1706	295	151	registration	registration	NOUN
cblr-1706	295	152	and	and	CCONJ
cblr-1706	295	153	reporting	reporting	NOUN
cblr-1706	295	154	requirements	requirement	NOUN
cblr-1706	295	155	.	.	PUNCT
cblr-1706	296	1	the	the	DET
cblr-1706	296	2	court	court	NOUN
cblr-1706	296	3	rejected	reject	VERB
cblr-1706	296	4	american	american	PROPN
cblr-1706	296	5	equity	equity	PROPN
cblr-1706	296	6	’s	’s	PART
cblr-1706	296	7	claim	claim	NOUN
cblr-1706	296	8	that	that	SCONJ
cblr-1706	296	9	the	the	DET
cblr-1706	296	10	sec	sec	PROPN
cblr-1706	296	11	had	have	AUX
cblr-1706	296	12	exceeded	exceed	VERB
cblr-1706	296	13	its	its	PRON
cblr-1706	296	14	authority	authority	NOUN
cblr-1706	296	15	in	in	ADP
cblr-1706	296	16	excluding	exclude	VERB
cblr-1706	296	17	fixed	fix	VERB
cblr-1706	296	18	index	index	NOUN
cblr-1706	296	19	annuities	annuity	NOUN
cblr-1706	296	20	from	from	ADP
cblr-1706	296	21	the	the	DET
cblr-1706	296	22	annuity	annuity	NOUN
cblr-1706	296	23	contract	contract	NOUN
cblr-1706	296	24	exemption	exemption	NOUN
cblr-1706	296	25	but	but	CCONJ
cblr-1706	296	26	agreed	agree	VERB
cblr-1706	296	27	with	with	ADP
cblr-1706	296	28	its	its	PRON
cblr-1706	296	29	claim	claim	NOUN
cblr-1706	296	30	that	that	SCONJ
cblr-1706	296	31	the	the	DET
cblr-1706	296	32	sec	sec	PROPN
cblr-1706	296	33	had	have	AUX
cblr-1706	296	34	failed	fail	VERB
cblr-1706	296	35	to	to	PART
cblr-1706	296	36	properly	properly	ADV
cblr-1706	296	37	consider	consider	VERB
cblr-1706	296	38	the	the	DET
cblr-1706	296	39	rule	rule	NOUN
cblr-1706	296	40	’s	’s	PART
cblr-1706	296	41	effect	effect	NOUN
cblr-1706	296	42	on	on	ADP
cblr-1706	296	43	efficiency	efficiency	NOUN
cblr-1706	296	44	,	,	PUNCT
cblr-1706	296	45	competition	competition	NOUN
cblr-1706	296	46	,	,	PUNCT
cblr-1706	296	47	and	and	CCONJ
cblr-1706	296	48	capital	capital	NOUN
cblr-1706	296	49	formation.63	formation.63	VERB
cblr-1706	296	50	the	the	DET
cblr-1706	296	51	thrust	thrust	NOUN
cblr-1706	296	52	of	of	ADP
cblr-1706	296	53	the	the	DET
cblr-1706	296	54	sec	sec	PROPN
cblr-1706	296	55	’s	’s	PART
cblr-1706	296	56	rationale	rationale	NOUN
cblr-1706	296	57	for	for	ADP
cblr-1706	296	58	the	the	DET
cblr-1706	296	59	rule	rule	NOUN
cblr-1706	296	60	was	be	AUX
cblr-1706	296	61	that	that	SCONJ
cblr-1706	296	62	the	the	DET
cblr-1706	296	63	absence	absence	NOUN
cblr-1706	296	64	of	of	ADP
cblr-1706	296	65	a	a	DET
cblr-1706	296	66	clear	clear	ADJ
cblr-1706	296	67	rule	rule	NOUN
cblr-1706	296	68	identifying	identify	VERB
cblr-1706	296	69	the	the	DET
cblr-1706	296	70	regulatory	regulatory	ADJ
cblr-1706	296	71	status	status	NOUN
cblr-1706	296	72	of	of	ADP
cblr-1706	296	73	fixed	fix	VERB
cblr-1706	296	74	index	index	NOUN
cblr-1706	296	75	annuities	annuity	NOUN
cblr-1706	296	76	injected	inject	VERB
cblr-1706	296	77	sufficient	sufficient	ADJ
cblr-1706	296	78	uncertainty	uncertainty	NOUN
cblr-1706	296	79	into	into	ADP
cblr-1706	296	80	the	the	DET
cblr-1706	296	81	market	market	NOUN
cblr-1706	296	82	that	that	DET
cblr-1706	296	83	efficiency	efficiency	NOUN
cblr-1706	296	84	,	,	PUNCT
cblr-1706	296	85	competition	competition	NOUN
cblr-1706	296	86	,	,	PUNCT
cblr-1706	296	87	and	and	CCONJ
cblr-1706	296	88	capital	capital	NOUN
cblr-1706	296	89	formation	formation	NOUN
cblr-1706	296	90	59	59	NUM
cblr-1706	297	1	i	i	PRON
cblr-1706	297	2	d.	d.	PROPN
cblr-1706	297	3	at	at	ADP
cblr-1706	297	4	143–44	143–44	PROPN
cblr-1706	297	5	.	.	PUNCT
cblr-1706	298	1	60	60	NUM
cblr-1706	299	1	i	i	PRON
cblr-1706	299	2	d.	d.	PROPN
cblr-1706	299	3	at	at	ADP
cblr-1706	299	4	144	144	NUM
cblr-1706	299	5	.	.	PUNCT
cblr-1706	300	1	the	the	DET
cblr-1706	300	2	aftermath	aftermath	NOUN
cblr-1706	300	3	of	of	ADP
cblr-1706	300	4	chamber	chamber	PROPN
cblr-1706	300	5	of	of	ADP
cblr-1706	300	6	commerce	commerce	PROPN
cblr-1706	300	7	is	be	AUX
cblr-1706	300	8	worth	worth	ADJ
cblr-1706	300	9	recounting	recount	VERB
cblr-1706	300	10	.	.	PUNCT
cblr-1706	301	1	when	when	SCONJ
cblr-1706	301	2	the	the	DET
cblr-1706	301	3	court	court	NOUN
cblr-1706	301	4	sent	send	VERB
cblr-1706	301	5	the	the	DET
cblr-1706	301	6	matter	matter	NOUN
cblr-1706	301	7	back	back	ADV
cblr-1706	301	8	to	to	ADP
cblr-1706	301	9	the	the	DET
cblr-1706	301	10	sec	sec	PROPN
cblr-1706	301	11	,	,	PUNCT
cblr-1706	301	12	the	the	DET
cblr-1706	301	13	sec	sec	PROPN
cblr-1706	301	14	had	have	VERB
cblr-1706	301	15	only	only	ADV
cblr-1706	301	16	eight	eight	NUM
cblr-1706	301	17	days	day	NOUN
cblr-1706	301	18	to	to	PART
cblr-1706	301	19	reconsider	reconsider	VERB
cblr-1706	301	20	the	the	DET
cblr-1706	301	21	effect	effect	NOUN
cblr-1706	301	22	of	of	ADP
cblr-1706	301	23	the	the	DET
cblr-1706	301	24	rule	rule	NOUN
cblr-1706	301	25	on	on	ADP
cblr-1706	301	26	costs	cost	NOUN
cblr-1706	301	27	before	before	SCONJ
cblr-1706	301	28	chairman	chairman	PROPN
cblr-1706	301	29	donaldson	donaldson	PROPN
cblr-1706	301	30	’s	’s	PART
cblr-1706	301	31	term	term	NOUN
cblr-1706	301	32	would	would	AUX
cblr-1706	301	33	expire	expire	VERB
cblr-1706	301	34	.	.	PUNCT
cblr-1706	302	1	having	have	VERB
cblr-1706	302	2	no	no	DET
cblr-1706	302	3	time	time	NOUN
cblr-1706	302	4	to	to	PART
cblr-1706	302	5	add	add	VERB
cblr-1706	302	6	to	to	ADP
cblr-1706	302	7	the	the	DET
cblr-1706	302	8	record	record	NOUN
cblr-1706	302	9	,	,	PUNCT
cblr-1706	302	10	it	it	PRON
cblr-1706	302	11	relied	rely	VERB
cblr-1706	302	12	on	on	ADP
cblr-1706	302	13	the	the	DET
cblr-1706	302	14	existing	exist	VERB
cblr-1706	302	15	record	record	NOUN
cblr-1706	302	16	to	to	PART
cblr-1706	302	17	reaffirm	reaffirm	VERB
cblr-1706	302	18	the	the	DET
cblr-1706	302	19	rule	rule	NOUN
cblr-1706	302	20	.	.	PUNCT
cblr-1706	303	1	the	the	DET
cblr-1706	303	2	chamber	chamber	PROPN
cblr-1706	303	3	of	of	ADP
cblr-1706	303	4	commerce	commerce	PROPN
cblr-1706	303	5	again	again	ADV
cblr-1706	303	6	sought	seek	VERB
cblr-1706	303	7	review	review	NOUN
cblr-1706	303	8	.	.	PUNCT
cblr-1706	304	1	since	since	SCONJ
cblr-1706	304	2	the	the	DET
cblr-1706	304	3	sec	sec	PROPN
cblr-1706	304	4	had	have	AUX
cblr-1706	304	5	already	already	ADV
cblr-1706	304	6	admitted	admit	VERB
cblr-1706	304	7	that	that	SCONJ
cblr-1706	304	8	the	the	DET
cblr-1706	304	9	existing	exist	VERB
cblr-1706	304	10	record	record	NOUN
cblr-1706	304	11	was	be	AUX
cblr-1706	304	12	inadequate	inadequate	ADJ
cblr-1706	304	13	to	to	PART
cblr-1706	304	14	assess	assess	VERB
cblr-1706	304	15	costs	cost	NOUN
cblr-1706	304	16	,	,	PUNCT
cblr-1706	304	17	the	the	DET
cblr-1706	304	18	d.c	d.c	PROPN
cblr-1706	304	19	.	.	PROPN
cblr-1706	304	20	circuit	circuit	PROPN
cblr-1706	304	21	once	once	ADV
cblr-1706	304	22	again	again	ADV
cblr-1706	304	23	found	find	VERB
cblr-1706	304	24	it	it	PRON
cblr-1706	304	25	had	have	AUX
cblr-1706	304	26	violated	violate	VERB
cblr-1706	304	27	the	the	DET
cblr-1706	304	28	apa	apa	PROPN
cblr-1706	304	29	and	and	CCONJ
cblr-1706	304	30	sent	send	VERB
cblr-1706	304	31	the	the	DET
cblr-1706	304	32	case	case	NOUN
cblr-1706	304	33	back	back	ADV
cblr-1706	304	34	for	for	ADP
cblr-1706	304	35	further	further	ADJ
cblr-1706	304	36	consideration	consideration	NOUN
cblr-1706	304	37	based	base	VERB
cblr-1706	304	38	on	on	ADP
cblr-1706	304	39	an	an	DET
cblr-1706	304	40	enhanced	enhanced	ADJ
cblr-1706	304	41	record	record	NOUN
cblr-1706	304	42	.	.	PUNCT
cblr-1706	305	1	see	see	VERB
cblr-1706	305	2	chamber	chamber	PROPN
cblr-1706	305	3	of	of	ADP
cblr-1706	305	4	commerce	commerce	PROPN
cblr-1706	305	5	of	of	ADP
cblr-1706	305	6	the	the	DET
cblr-1706	305	7	u.s	u.s	PROPN
cblr-1706	305	8	.	.	PROPN
cblr-1706	305	9	v.	v.	PROPN
cblr-1706	305	10	sec	sec	PROPN
cblr-1706	305	11	,	,	PUNCT
cblr-1706	305	12	443	443	NUM
cblr-1706	305	13	f.	f.	PROPN
cblr-1706	305	14	3d	3d	PROPN
cblr-1706	305	15	890	890	NUM
cblr-1706	305	16	(	(	PUNCT
cblr-1706	305	17	d.c	d.c	PROPN
cblr-1706	305	18	.	.	PROPN
cblr-1706	305	19	cir	cir	PROPN
cblr-1706	305	20	.	.	PUNCT
cblr-1706	305	21	2006	2006	NUM
cblr-1706	305	22	)	)	PUNCT
cblr-1706	305	23	.	.	PUNCT
cblr-1706	306	1	61	61	NUM
cblr-1706	306	2	am	am	NOUN
cblr-1706	306	3	.	.	PUNCT
cblr-1706	307	1	equity	equity	NOUN
cblr-1706	307	2	inv	inv	PROPN
cblr-1706	307	3	.	.	PUNCT
cblr-1706	308	1	life	life	NOUN
cblr-1706	308	2	ins	ins	PROPN
cblr-1706	308	3	.	.	PUNCT
cblr-1706	308	4	co.	co.	PROPN
cblr-1706	308	5	v.	v.	ADP
cblr-1706	308	6	sec	sec	PROPN
cblr-1706	308	7	,	,	PUNCT
cblr-1706	308	8	613	613	NUM
cblr-1706	308	9	f.3d	f.3d	NUM
cblr-1706	308	10	166	166	NUM
cblr-1706	308	11	(	(	PUNCT
cblr-1706	308	12	d.c	d.c	PROPN
cblr-1706	308	13	.	.	PROPN
cblr-1706	308	14	cir	cir	PROPN
cblr-1706	308	15	.	.	PUNCT
cblr-1706	308	16	2010	2010	NUM
cblr-1706	308	17	)	)	PUNCT
cblr-1706	308	18	.	.	PUNCT
cblr-1706	309	1	62	62	NUM
cblr-1706	310	1	i	i	PRON
cblr-1706	310	2	d.	d.	VERB
cblr-1706	310	3	at	at	ADP
cblr-1706	310	4	173	173	NUM
cblr-1706	310	5	.	.	PUNCT
cblr-1706	310	6	63	63	NUM
cblr-1706	311	1	i	i	PRON
cblr-1706	311	2	d.	d.	PROPN
cblr-1706	311	3	at	at	ADP
cblr-1706	311	4	167	167	NUM
cblr-1706	311	5	,	,	PUNCT
cblr-1706	311	6	177	177	NUM
cblr-1706	311	7	.	.	NOUN
cblr-1706	311	8	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	311	9	712	712	NUM
cblr-1706	311	10	columbia	columbia	PROPN
cblr-1706	311	11	business	business	NOUN
cblr-1706	311	12	law	law	PROPN
cblr-1706	311	13	review	review	NOUN
cblr-1706	312	1	[	[	X
cblr-1706	312	2	vol	vol	NOUN
cblr-1706	312	3	.	.	NOUN
cblr-1706	312	4	2018	2018	NUM
cblr-1706	312	5	were	be	AUX
cblr-1706	312	6	undermined.64	undermined.64	ADJ
cblr-1706	312	7	in	in	ADP
cblr-1706	312	8	the	the	DET
cblr-1706	312	9	court	court	NOUN
cblr-1706	312	10	’s	’s	PART
cblr-1706	312	11	opinion	opinion	NOUN
cblr-1706	312	12	,	,	PUNCT
cblr-1706	312	13	however	however	ADV
cblr-1706	312	14	,	,	PUNCT
cblr-1706	312	15	it	it	PRON
cblr-1706	312	16	was	be	AUX
cblr-1706	312	17	not	not	PART
cblr-1706	312	18	enough	enough	ADJ
cblr-1706	312	19	for	for	ADP
cblr-1706	312	20	the	the	DET
cblr-1706	312	21	sec	sec	PROPN
cblr-1706	312	22	simply	simply	ADV
cblr-1706	312	23	to	to	PART
cblr-1706	312	24	declare	declare	VERB
cblr-1706	312	25	that	that	SCONJ
cblr-1706	312	26	some	some	DET
cblr-1706	312	27	rule	rule	NOUN
cblr-1706	312	28	is	be	AUX
cblr-1706	312	29	necessary.65	necessary.65	ADP
cblr-1706	312	30	it	it	PRON
cblr-1706	312	31	must	must	AUX
cblr-1706	312	32	first	first	ADV
cblr-1706	312	33	establish	establish	VERB
cblr-1706	312	34	a	a	DET
cblr-1706	312	35	pre	pre	ADJ
cblr-1706	312	36	-	-	ADJ
cblr-1706	312	37	rule	rule	ADJ
cblr-1706	312	38	baseline	baseline	NOUN
cblr-1706	312	39	for	for	ADP
cblr-1706	312	40	assessing	assess	VERB
cblr-1706	312	41	efficiency	efficiency	NOUN
cblr-1706	312	42	,	,	PUNCT
cblr-1706	312	43	competition	competition	NOUN
cblr-1706	312	44	,	,	PUNCT
cblr-1706	312	45	and	and	CCONJ
cblr-1706	312	46	capital	capital	NOUN
cblr-1706	312	47	formation	formation	NOUN
cblr-1706	312	48	in	in	ADP
cblr-1706	312	49	the	the	DET
cblr-1706	312	50	market	market	NOUN
cblr-1706	312	51	for	for	ADP
cblr-1706	312	52	fixed	fix	VERB
cblr-1706	312	53	index	index	NOUN
cblr-1706	312	54	annuities	annuity	NOUN
cblr-1706	312	55	and	and	CCONJ
cblr-1706	312	56	then	then	ADV
cblr-1706	312	57	identify	identify	VERB
cblr-1706	312	58	the	the	DET
cblr-1706	312	59	relative	relative	ADJ
cblr-1706	312	60	merits	merit	NOUN
cblr-1706	312	61	of	of	ADP
cblr-1706	312	62	the	the	DET
cblr-1706	312	63	proposed	propose	VERB
cblr-1706	312	64	rule	rule	NOUN
cblr-1706	312	65	in	in	ADP
cblr-1706	312	66	comparison	comparison	NOUN
cblr-1706	312	67	to	to	ADP
cblr-1706	312	68	the	the	DET
cblr-1706	312	69	alternative.66	alternative.66	NOUN
cblr-1706	312	70	it	it	PRON
cblr-1706	312	71	had	have	AUX
cblr-1706	312	72	not	not	PART
cblr-1706	312	73	done	do	VERB
cblr-1706	312	74	so	so	ADV
cblr-1706	312	75	.	.	PUNCT
cblr-1706	313	1	the	the	DET
cblr-1706	313	2	court	court	NOUN
cblr-1706	313	3	explained	explain	VERB
cblr-1706	313	4	:	:	PUNCT
cblr-1706	313	5	section	section	NOUN
cblr-1706	313	6	2(b	2(b	NUM
cblr-1706	313	7	)	)	PUNCT
cblr-1706	313	8	does	do	AUX
cblr-1706	313	9	not	not	PART
cblr-1706	313	10	ask	ask	VERB
cblr-1706	313	11	for	for	ADP
cblr-1706	313	12	an	an	DET
cblr-1706	313	13	analysis	analysis	NOUN
cblr-1706	313	14	of	of	ADP
cblr-1706	313	15	whether	whether	SCONJ
cblr-1706	313	16	any	any	DET
cblr-1706	313	17	rule	rule	NOUN
cblr-1706	313	18	would	would	AUX
cblr-1706	313	19	have	have	AUX
cblr-1706	313	20	an	an	DET
cblr-1706	313	21	effect	effect	NOUN
cblr-1706	313	22	on	on	ADP
cblr-1706	313	23	competition	competition	NOUN
cblr-1706	313	24	.	.	PUNCT
cblr-1706	314	1	rather	rather	ADV
cblr-1706	314	2	,	,	PUNCT
cblr-1706	314	3	it	it	PRON
cblr-1706	314	4	asks	ask	VERB
cblr-1706	314	5	for	for	ADP
cblr-1706	314	6	an	an	DET
cblr-1706	314	7	analysis	analysis	NOUN
cblr-1706	314	8	of	of	ADP
cblr-1706	314	9	whether	whether	SCONJ
cblr-1706	314	10	the	the	DET
cblr-1706	314	11	specific	specific	ADJ
cblr-1706	314	12	rule	rule	NOUN
cblr-1706	314	13	will	will	AUX
cblr-1706	314	14	promote	promote	VERB
cblr-1706	314	15	efficiency	efficiency	NOUN
cblr-1706	314	16	,	,	PUNCT
cblr-1706	314	17	competition	competition	NOUN
cblr-1706	314	18	,	,	PUNCT
cblr-1706	314	19	and	and	CCONJ
cblr-1706	314	20	capital	capital	NOUN
cblr-1706	314	21	formation	formation	NOUN
cblr-1706	314	22	.	.	PUNCT
cblr-1706	315	1	the	the	DET
cblr-1706	315	2	sec	sec	PROPN
cblr-1706	315	3	’s	’s	PART
cblr-1706	315	4	reasoning	reasoning	NOUN
cblr-1706	315	5	with	with	ADP
cblr-1706	315	6	respect	respect	NOUN
cblr-1706	315	7	to	to	ADP
cblr-1706	315	8	competition	competition	NOUN
cblr-1706	315	9	supports	support	NOUN
cblr-1706	315	10	at	at	ADP
cblr-1706	315	11	most	most	ADJ
cblr-1706	315	12	the	the	DET
cblr-1706	315	13	conclusion	conclusion	NOUN
cblr-1706	315	14	that	that	SCONJ
cblr-1706	315	15	any	any	DET
cblr-1706	315	16	sec	sec	PROPN
cblr-1706	315	17	action	action	NOUN
cblr-1706	315	18	in	in	ADP
cblr-1706	315	19	this	this	DET
cblr-1706	315	20	area	area	NOUN
cblr-1706	315	21	could	could	AUX
cblr-1706	315	22	promote	promote	VERB
cblr-1706	315	23	competition	competition	NOUN
cblr-1706	315	24	,	,	PUNCT
cblr-1706	315	25	but	but	CCONJ
cblr-1706	315	26	does	do	AUX
cblr-1706	315	27	not	not	PART
cblr-1706	315	28	establish	establish	VERB
cblr-1706	315	29	rule	rule	NOUN
cblr-1706	315	30	151a	151a	NOUN
cblr-1706	315	31	’s	’s	PART
cblr-1706	315	32	effect	effect	NOUN
cblr-1706	315	33	on	on	ADP
cblr-1706	315	34	competition.67	competition.67	NOUN
cblr-1706	315	35	accordingly	accordingly	ADV
cblr-1706	315	36	,	,	PUNCT
cblr-1706	315	37	the	the	DET
cblr-1706	315	38	court	court	NOUN
cblr-1706	315	39	determined	determine	VERB
cblr-1706	315	40	the	the	DET
cblr-1706	315	41	sec	sec	PROPN
cblr-1706	315	42	lacked	lack	VERB
cblr-1706	315	43	a	a	DET
cblr-1706	315	44	reasoned	reasoned	ADJ
cblr-1706	315	45	basis	basis	NOUN
cblr-1706	315	46	for	for	ADP
cblr-1706	315	47	imposing	impose	VERB
cblr-1706	315	48	the	the	DET
cblr-1706	315	49	specific	specific	ADJ
cblr-1706	315	50	rule	rule	NOUN
cblr-1706	315	51	it	it	PRON
cblr-1706	315	52	had	have	AUX
cblr-1706	315	53	chosen	choose	VERB
cblr-1706	315	54	and	and	CCONJ
cblr-1706	315	55	was	be	AUX
cblr-1706	315	56	therefore	therefore	ADV
cblr-1706	315	57	arbitrary	arbitrary	ADJ
cblr-1706	315	58	and	and	CCONJ
cblr-1706	315	59	capricious	capricious	ADJ
cblr-1706	315	60	in	in	ADP
cblr-1706	315	61	violation	violation	NOUN
cblr-1706	315	62	of	of	ADP
cblr-1706	315	63	the	the	DET
cblr-1706	315	64	apa.68	apa.68	NOUN
cblr-1706	315	65	most	most	ADV
cblr-1706	315	66	recently	recently	ADV
cblr-1706	315	67	,	,	PUNCT
cblr-1706	315	68	in	in	ADP
cblr-1706	315	69	business	business	NOUN
cblr-1706	315	70	roundtable	roundtable	ADJ
cblr-1706	315	71	v.	v.	ADP
cblr-1706	315	72	sec,69	sec,69	VERB
cblr-1706	315	73	the	the	DET
cblr-1706	315	74	d.c	d.c	PROPN
cblr-1706	315	75	.	.	PROPN
cblr-1706	315	76	circuit	circuit	PROPN
cblr-1706	315	77	vacated	vacate	VERB
cblr-1706	315	78	sea	sea	NOUN
cblr-1706	315	79	rule	rule	NOUN
cblr-1706	315	80	14a-11	14a-11	NUM
cblr-1706	315	81	,	,	PUNCT
cblr-1706	315	82	known	know	VERB
cblr-1706	315	83	as	as	ADP
cblr-1706	315	84	the	the	DET
cblr-1706	315	85	proxy	proxy	NOUN
cblr-1706	315	86	access	access	NOUN
cblr-1706	315	87	rule.70	rule.70	ADJ
cblr-1706	315	88	with	with	ADP
cblr-1706	315	89	modest	modest	ADJ
cblr-1706	315	90	limitations	limitation	NOUN
cblr-1706	315	91	,	,	PUNCT
cblr-1706	315	92	the	the	DET
cblr-1706	315	93	proxy	proxy	NOUN
cblr-1706	315	94	access	access	NOUN
cblr-1706	315	95	rule	rule	NOUN
cblr-1706	315	96	would	would	AUX
cblr-1706	315	97	have	have	AUX
cblr-1706	315	98	required	require	VERB
cblr-1706	315	99	any	any	DET
cblr-1706	315	100	company	company	NOUN
cblr-1706	315	101	subject	subject	ADJ
cblr-1706	315	102	to	to	ADP
cblr-1706	315	103	the	the	DET
cblr-1706	315	104	sea	sea	NOUN
cblr-1706	315	105	,	,	PUNCT
cblr-1706	315	106	including	include	VERB
cblr-1706	315	107	investment	investment	NOUN
cblr-1706	315	108	companies	company	NOUN
cblr-1706	315	109	,	,	PUNCT
cblr-1706	315	110	to	to	PART
cblr-1706	315	111	add	add	VERB
cblr-1706	315	112	to	to	ADP
cblr-1706	315	113	their	their	PRON
cblr-1706	315	114	proxy	proxy	ADJ
cblr-1706	315	115	materials	material	NOUN
cblr-1706	315	116	the	the	DET
cblr-1706	315	117	name	name	NOUN
cblr-1706	315	118	of	of	ADP
cblr-1706	315	119	anyone	anyone	PRON
cblr-1706	315	120	nominated	nominate	VERB
cblr-1706	315	121	for	for	ADP
cblr-1706	315	122	a	a	DET
cblr-1706	315	123	directors	director	NOUN
cblr-1706	315	124	seat	seat	NOUN
cblr-1706	315	125	by	by	ADP
cblr-1706	315	126	a	a	DET
cblr-1706	315	127	shareholder	shareholder	NOUN
cblr-1706	315	128	who	who	PRON
cblr-1706	315	129	had	have	AUX
cblr-1706	315	130	held	hold	VERB
cblr-1706	315	131	at	at	ADV
cblr-1706	315	132	least	least	ADV
cblr-1706	315	133	three	three	NUM
cblr-1706	315	134	percent	percent	NOUN
cblr-1706	315	135	of	of	ADP
cblr-1706	315	136	the	the	DET
cblr-1706	315	137	firm	firm	NOUN
cblr-1706	315	138	’s	’s	PART
cblr-1706	315	139	voting	voting	NOUN
cblr-1706	315	140	stock	stock	NOUN
cblr-1706	315	141	for	for	ADP
cblr-1706	315	142	at	at	ADV
cblr-1706	315	143	least	least	ADV
cblr-1706	315	144	three	three	NUM
cblr-1706	315	145	years.71	years.71	NOUN
cblr-1706	315	146	the	the	DET
cblr-1706	315	147	effect	effect	NOUN
cblr-1706	315	148	of	of	ADP
cblr-1706	315	149	the	the	DET
cblr-1706	315	150	rule	rule	NOUN
cblr-1706	315	151	would	would	AUX
cblr-1706	315	152	have	have	AUX
cblr-1706	315	153	been	be	AUX
cblr-1706	315	154	to	to	PART
cblr-1706	315	155	allow	allow	VERB
cblr-1706	315	156	qualified	qualified	ADJ
cblr-1706	315	157	dissident	dissident	ADJ
cblr-1706	315	158	64	64	NUM
cblr-1706	316	1	i	i	PRON
cblr-1706	316	2	d.	d.	PROPN
cblr-1706	316	3	at	at	ADP
cblr-1706	316	4	177	177	NUM
cblr-1706	316	5	.	.	PUNCT
cblr-1706	317	1	65	65	NUM
cblr-1706	318	1	i	i	PRON
cblr-1706	318	2	d.	d.	PROPN
cblr-1706	318	3	at	at	ADP
cblr-1706	318	4	178	178	NUM
cblr-1706	318	5	.	.	PUNCT
cblr-1706	319	1	66	66	NUM
cblr-1706	320	1	i	i	PRON
cblr-1706	320	2	d.	d.	PROPN
cblr-1706	320	3	at	at	ADP
cblr-1706	320	4	178–80	178–80	PROPN
cblr-1706	320	5	.	.	PROPN
cblr-1706	321	1	67	67	NUM
cblr-1706	322	1	i	i	PRON
cblr-1706	322	2	d.	d.	PROPN
cblr-1706	322	3	at	at	ADP
cblr-1706	322	4	178	178	NUM
cblr-1706	322	5	(	(	PUNCT
cblr-1706	322	6	internal	internal	ADJ
cblr-1706	322	7	citations	citation	NOUN
cblr-1706	322	8	omitted	omit	VERB
cblr-1706	322	9	)	)	PUNCT
cblr-1706	322	10	(	(	PUNCT
cblr-1706	322	11	emphasis	emphasis	NOUN
cblr-1706	322	12	added	add	VERB
cblr-1706	322	13	)	)	PUNCT
cblr-1706	322	14	.	.	PUNCT
cblr-1706	323	1	68	68	NUM
cblr-1706	324	1	i	i	PRON
cblr-1706	324	2	d.	d.	NOUN
cblr-1706	324	3	at	at	ADP
cblr-1706	324	4	177	177	NUM
cblr-1706	324	5	.	.	PUNCT
cblr-1706	325	1	69	69	NUM
cblr-1706	325	2	bus	bus	NOUN
cblr-1706	325	3	.	.	PUNCT
cblr-1706	326	1	roundtable	roundtable	PROPN
cblr-1706	326	2	v.	v.	ADP
cblr-1706	326	3	sec	sec	PROPN
cblr-1706	326	4	,	,	PUNCT
cblr-1706	326	5	647	647	NUM
cblr-1706	326	6	f.3d	f.3d	NUM
cblr-1706	326	7	1144	1144	NUM
cblr-1706	326	8	(	(	PUNCT
cblr-1706	326	9	d.c	d.c	PROPN
cblr-1706	326	10	.	.	PROPN
cblr-1706	326	11	cir	cir	PROPN
cblr-1706	326	12	.	.	PROPN
cblr-1706	327	1	2011	2011	NUM
cblr-1706	327	2	)	)	PUNCT
cblr-1706	327	3	.	.	PUNCT
cblr-1706	328	1	70	70	NUM
cblr-1706	328	2	proxy	proxy	NOUN
cblr-1706	328	3	access	access	NOUN
cblr-1706	328	4	rule	rule	NOUN
cblr-1706	328	5	:	:	PUNCT
cblr-1706	328	6	facilitating	facilitate	VERB
cblr-1706	328	7	shareholder	shareholder	NOUN
cblr-1706	328	8	director	director	NOUN
cblr-1706	328	9	nominations	nomination	NOUN
cblr-1706	328	10	,	,	PUNCT
cblr-1706	328	11	75	75	NUM
cblr-1706	328	12	fed	feed	VERB
cblr-1706	328	13	.	.	PUNCT
cblr-1706	329	1	reg	reg	PROPN
cblr-1706	329	2	.	.	PROPN
cblr-1706	330	1	56,668	56,668	NUM
cblr-1706	330	2	(	(	PUNCT
cblr-1706	330	3	sept	sept	PROPN
cblr-1706	330	4	.	.	PROPN
cblr-1706	330	5	16	16	NUM
cblr-1706	330	6	,	,	PUNCT
cblr-1706	330	7	2010	2010	NUM
cblr-1706	330	8	)	)	PUNCT
cblr-1706	330	9	.	.	PUNCT
cblr-1706	331	1	71	71	NUM
cblr-1706	332	1	i	i	PRON
cblr-1706	332	2	d.	d.	PROPN
cblr-1706	332	3	at	at	ADP
cblr-1706	332	4	56,674–75	56,674–75	PROPN
cblr-1706	332	5	.	.	PROPN
cblr-1706	332	6	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	332	7	no	no	NOUN
cblr-1706	332	8	.	.	PUNCT
cblr-1706	333	1	3:695	3:695	NUM
cblr-1706	333	2	]	]	X
cblr-1706	333	3	a	a	DET
cblr-1706	333	4	transaction	transaction	NOUN
cblr-1706	333	5	cost	cost	NOUN
cblr-1706	333	6	assessment	assessment	NOUN
cblr-1706	333	7	713	713	NUM
cblr-1706	333	8	shareholders	shareholder	NOUN
cblr-1706	333	9	partial	partial	ADJ
cblr-1706	333	10	control	control	NOUN
cblr-1706	333	11	over	over	ADP
cblr-1706	333	12	the	the	DET
cblr-1706	333	13	ballot	ballot	NOUN
cblr-1706	333	14	to	to	PART
cblr-1706	333	15	elect	elect	VERB
cblr-1706	333	16	the	the	DET
cblr-1706	333	17	company	company	NOUN
cblr-1706	333	18	’s	’s	PART
cblr-1706	333	19	board	board	NOUN
cblr-1706	333	20	of	of	ADP
cblr-1706	333	21	directors	director	NOUN
cblr-1706	333	22	.	.	PUNCT
cblr-1706	334	1	the	the	DET
cblr-1706	334	2	sec	sec	PROPN
cblr-1706	334	3	reasoned	reason	VERB
cblr-1706	334	4	that	that	SCONJ
cblr-1706	334	5	the	the	DET
cblr-1706	334	6	rule	rule	NOUN
cblr-1706	334	7	could	could	AUX
cblr-1706	334	8	create	create	VERB
cblr-1706	334	9	“	"	PUNCT
cblr-1706	334	10	potential	potential	ADJ
cblr-1706	334	11	benefits	benefit	NOUN
cblr-1706	334	12	of	of	ADP
cblr-1706	334	13	improved	improved	ADJ
cblr-1706	334	14	board	board	NOUN
cblr-1706	334	15	and	and	CCONJ
cblr-1706	334	16	company	company	NOUN
cblr-1706	334	17	performance	performance	NOUN
cblr-1706	334	18	and	and	CCONJ
cblr-1706	334	19	shareholder	shareholder	NOUN
cblr-1706	334	20	value	value	NOUN
cblr-1706	334	21	[	[	X
cblr-1706	334	22	that	that	PRON
cblr-1706	334	23	]	]	PUNCT
cblr-1706	334	24	justify	justify	VERB
cblr-1706	334	25	[	[	X
cblr-1706	334	26	its	its	PRON
cblr-1706	334	27	]	]	PUNCT
cblr-1706	334	28	potential	potential	ADJ
cblr-1706	334	29	costs	cost	NOUN
cblr-1706	334	30	.	.	PUNCT
cblr-1706	335	1	”72	”72	VERB
cblr-1706	335	2	over	over	ADP
cblr-1706	335	3	the	the	DET
cblr-1706	335	4	dissent	dissent	NOUN
cblr-1706	335	5	of	of	ADP
cblr-1706	335	6	two	two	NUM
cblr-1706	335	7	commissioners	commissioner	NOUN
cblr-1706	335	8	,	,	PUNCT
cblr-1706	335	9	it	it	PRON
cblr-1706	335	10	had	have	AUX
cblr-1706	335	11	rejected	reject	VERB
cblr-1706	335	12	proposals	proposal	NOUN
cblr-1706	335	13	to	to	PART
cblr-1706	335	14	allow	allow	VERB
cblr-1706	335	15	each	each	DET
cblr-1706	335	16	company	company	NOUN
cblr-1706	335	17	to	to	PART
cblr-1706	335	18	choose	choose	VERB
cblr-1706	335	19	whether	whether	SCONJ
cblr-1706	335	20	to	to	PART
cblr-1706	335	21	adopt	adopt	VERB
cblr-1706	335	22	and	and	CCONJ
cblr-1706	335	23	disclose	disclose	VERB
cblr-1706	335	24	the	the	DET
cblr-1706	335	25	same	same	ADJ
cblr-1706	335	26	requirements	requirement	NOUN
cblr-1706	335	27	,	,	PUNCT
cblr-1706	335	28	arguing	argue	VERB
cblr-1706	335	29	that	that	SCONJ
cblr-1706	335	30	“	"	PUNCT
cblr-1706	335	31	exclusive	exclusive	ADJ
cblr-1706	335	32	reliance	reliance	NOUN
cblr-1706	335	33	on	on	ADP
cblr-1706	335	34	private	private	ADJ
cblr-1706	335	35	ordering	ordering	NOUN
cblr-1706	335	36	under	under	ADP
cblr-1706	335	37	state	state	NOUN
cblr-1706	335	38	law	law	NOUN
cblr-1706	335	39	would	would	AUX
cblr-1706	335	40	not	not	PART
cblr-1706	335	41	be	be	AUX
cblr-1706	335	42	as	as	ADV
cblr-1706	335	43	effective	effective	ADJ
cblr-1706	335	44	and	and	CCONJ
cblr-1706	335	45	efficient	efficient	ADJ
cblr-1706	335	46	”	"	PUNCT
cblr-1706	335	47	in	in	ADP
cblr-1706	335	48	helping	help	VERB
cblr-1706	335	49	shareholders	shareholder	NOUN
cblr-1706	335	50	exercise	exercise	VERB
cblr-1706	335	51	their	their	PRON
cblr-1706	335	52	control	control	NOUN
cblr-1706	335	53	rights.73	rights.73	NOUN
cblr-1706	335	54	it	it	PRON
cblr-1706	335	55	had	have	AUX
cblr-1706	335	56	also	also	ADV
cblr-1706	335	57	rejected	reject	VERB
cblr-1706	335	58	a	a	DET
cblr-1706	335	59	proposal	proposal	NOUN
cblr-1706	335	60	to	to	PART
cblr-1706	335	61	exclude	exclude	VERB
cblr-1706	335	62	investment	investment	NOUN
cblr-1706	335	63	companies	company	NOUN
cblr-1706	335	64	from	from	ADP
cblr-1706	335	65	the	the	DET
cblr-1706	335	66	rule	rule	NOUN
cblr-1706	335	67	,	,	PUNCT
cblr-1706	335	68	which	which	PRON
cblr-1706	335	69	were	be	AUX
cblr-1706	335	70	already	already	ADV
cblr-1706	335	71	subject	subject	ADJ
cblr-1706	335	72	to	to	ADP
cblr-1706	335	73	statutory	statutory	ADJ
cblr-1706	335	74	safeguards	safeguard	NOUN
cblr-1706	335	75	under	under	ADP
cblr-1706	335	76	the	the	DET
cblr-1706	335	77	ica.74	ica.74	ADJ
cblr-1706	335	78	even	even	ADV
cblr-1706	335	79	though	though	SCONJ
cblr-1706	335	80	the	the	DET
cblr-1706	335	81	sec	sec	PROPN
cblr-1706	335	82	acknowledged	acknowledge	VERB
cblr-1706	335	83	the	the	DET
cblr-1706	335	84	rule	rule	NOUN
cblr-1706	335	85	might	might	AUX
cblr-1706	335	86	have	have	VERB
cblr-1706	335	87	adverse	adverse	ADJ
cblr-1706	335	88	effects	effect	NOUN
cblr-1706	335	89	on	on	ADP
cblr-1706	335	90	corporations	corporation	NOUN
cblr-1706	335	91	and	and	CCONJ
cblr-1706	335	92	their	their	PRON
cblr-1706	335	93	boards	board	NOUN
cblr-1706	335	94	in	in	ADP
cblr-1706	335	95	terms	term	NOUN
cblr-1706	335	96	of	of	ADP
cblr-1706	335	97	distraction	distraction	NOUN
cblr-1706	335	98	from	from	ADP
cblr-1706	335	99	long	long	ADJ
cblr-1706	335	100	-	-	PUNCT
cblr-1706	335	101	term	term	NOUN
cblr-1706	335	102	strategic	strategic	ADJ
cblr-1706	335	103	planning	planning	NOUN
cblr-1706	335	104	,	,	PUNCT
cblr-1706	335	105	it	it	PRON
cblr-1706	335	106	reasoned	reason	VERB
cblr-1706	335	107	that	that	SCONJ
cblr-1706	335	108	established	establish	VERB
cblr-1706	335	109	state	state	NOUN
cblr-1706	335	110	law	law	NOUN
cblr-1706	335	111	proxy	proxy	NOUN
cblr-1706	335	112	rules	rule	NOUN
cblr-1706	335	113	,	,	PUNCT
cblr-1706	335	114	and	and	CCONJ
cblr-1706	335	115	not	not	PART
cblr-1706	335	116	the	the	DET
cblr-1706	335	117	rule	rule	NOUN
cblr-1706	335	118	’s	’s	PART
cblr-1706	335	119	enhanced	enhance	VERB
cblr-1706	335	120	proxy	proxy	NOUN
cblr-1706	335	121	access	access	NOUN
cblr-1706	335	122	,	,	PUNCT
cblr-1706	335	123	are	be	AUX
cblr-1706	335	124	the	the	DET
cblr-1706	335	125	underlying	underlying	ADJ
cblr-1706	335	126	cause	cause	NOUN
cblr-1706	335	127	of	of	ADP
cblr-1706	335	128	any	any	DET
cblr-1706	335	129	adverse	adverse	ADJ
cblr-1706	335	130	effects	effect	NOUN
cblr-1706	335	131	on	on	ADP
cblr-1706	335	132	corporate	corporate	ADJ
cblr-1706	335	133	boards.75	boards.75	NOUN
cblr-1706	335	134	the	the	DET
cblr-1706	335	135	court	court	NOUN
cblr-1706	335	136	disagreed	disagree	VERB
cblr-1706	335	137	and	and	CCONJ
cblr-1706	335	138	found	find	VERB
cblr-1706	335	139	the	the	DET
cblr-1706	335	140	rule	rule	NOUN
cblr-1706	335	141	arbitrary	arbitrary	ADJ
cblr-1706	335	142	and	and	CCONJ
cblr-1706	335	143	capricious	capricious	ADJ
cblr-1706	335	144	in	in	ADP
cblr-1706	335	145	violation	violation	NOUN
cblr-1706	335	146	of	of	ADP
cblr-1706	335	147	the	the	DET
cblr-1706	335	148	apa	apa	PROPN
cblr-1706	335	149	.	.	PROPN
cblr-1706	336	1	among	among	ADP
cblr-1706	336	2	other	other	ADJ
cblr-1706	336	3	things	thing	NOUN
cblr-1706	336	4	,	,	PUNCT
cblr-1706	336	5	it	it	PRON
cblr-1706	336	6	faulted	fault	VERB
cblr-1706	336	7	the	the	DET
cblr-1706	336	8	sec	sec	PROPN
cblr-1706	336	9	for	for	ADP
cblr-1706	336	10	declaring	declare	VERB
cblr-1706	336	11	the	the	DET
cblr-1706	336	12	costs	cost	NOUN
cblr-1706	336	13	of	of	ADP
cblr-1706	336	14	board	board	NOUN
cblr-1706	336	15	distraction	distraction	NOUN
cblr-1706	336	16	from	from	ADP
cblr-1706	336	17	enhanced	enhanced	ADJ
cblr-1706	336	18	proxy	proxy	NOUN
cblr-1706	336	19	access	access	NOUN
cblr-1706	336	20	to	to	PART
cblr-1706	336	21	be	be	AUX
cblr-1706	336	22	merely	merely	ADV
cblr-1706	336	23	an	an	DET
cblr-1706	336	24	incident	incident	NOUN
cblr-1706	336	25	of	of	ADP
cblr-1706	336	26	traditional	traditional	ADJ
cblr-1706	336	27	state	state	NOUN
cblr-1706	336	28	law	law	NOUN
cblr-1706	336	29	proxy	proxy	NOUN
cblr-1706	336	30	contest	contest	NOUN
cblr-1706	336	31	rules.76	rules.76	PROPN
cblr-1706	336	32	citing	cite	VERB
cblr-1706	336	33	to	to	ADP
cblr-1706	336	34	chamber	chamber	PROPN
cblr-1706	336	35	of	of	ADP
cblr-1706	336	36	commerce	commerce	PROPN
cblr-1706	336	37	,	,	PUNCT
cblr-1706	336	38	the	the	DET
cblr-1706	336	39	court	court	NOUN
cblr-1706	336	40	reiterated	reiterate	VERB
cblr-1706	336	41	:	:	PUNCT
cblr-1706	336	42	“	"	PUNCT
cblr-1706	336	43	as	as	SCONJ
cblr-1706	336	44	we	we	PRON
cblr-1706	336	45	have	have	AUX
cblr-1706	336	46	said	say	VERB
cblr-1706	336	47	before	before	ADV
cblr-1706	336	48	,	,	PUNCT
cblr-1706	336	49	this	this	DET
cblr-1706	336	50	type	type	NOUN
cblr-1706	336	51	of	of	ADP
cblr-1706	336	52	reasoning	reasoning	NOUN
cblr-1706	336	53	,	,	PUNCT
cblr-1706	336	54	which	which	PRON
cblr-1706	336	55	fails	fail	VERB
cblr-1706	336	56	to	to	PART
cblr-1706	336	57	view	view	VERB
cblr-1706	336	58	a	a	DET
cblr-1706	336	59	cost	cost	NOUN
cblr-1706	336	60	at	at	ADP
cblr-1706	336	61	the	the	DET
cblr-1706	336	62	margin	margin	NOUN
cblr-1706	336	63	,	,	PUNCT
cblr-1706	336	64	is	be	AUX
cblr-1706	336	65	illogical	illogical	ADJ
cblr-1706	336	66	and	and	CCONJ
cblr-1706	336	67	,	,	PUNCT
cblr-1706	336	68	in	in	ADP
cblr-1706	336	69	an	an	DET
cblr-1706	336	70	economic	economic	ADJ
cblr-1706	336	71	analysis	analysis	NOUN
cblr-1706	336	72	,	,	PUNCT
cblr-1706	336	73	unacceptable	unacceptable	ADJ
cblr-1706	336	74	.	.	PUNCT
cblr-1706	336	75	”77	”77	NOUN
cblr-1706	337	1	2	2	NUM
cblr-1706	337	2	.	.	PUNCT
cblr-1706	337	3	the	the	DET
cblr-1706	337	4	sec	sec	PROPN
cblr-1706	337	5	’s	’s	PART
cblr-1706	337	6	current	current	ADJ
cblr-1706	337	7	guidance	guidance	NOUN
cblr-1706	337	8	memo	memo	NOUN
cblr-1706	337	9	with	with	ADP
cblr-1706	337	10	three	three	NUM
cblr-1706	337	11	consecutive	consecutive	ADJ
cblr-1706	337	12	losses	loss	NOUN
cblr-1706	337	13	in	in	ADP
cblr-1706	337	14	the	the	DET
cblr-1706	337	15	d.c	d.c	PROPN
cblr-1706	337	16	.	.	PROPN
cblr-1706	337	17	circuit	circuit	PROPN
cblr-1706	337	18	,	,	PUNCT
cblr-1706	337	19	the	the	DET
cblr-1706	337	20	sec	sec	PROPN
cblr-1706	337	21	must	must	AUX
cblr-1706	337	22	have	have	AUX
cblr-1706	337	23	resolved	resolve	VERB
cblr-1706	337	24	to	to	PART
cblr-1706	337	25	take	take	VERB
cblr-1706	337	26	economic	economic	ADJ
cblr-1706	337	27	analysis	analysis	NOUN
cblr-1706	337	28	in	in	ADP
cblr-1706	337	29	the	the	DET
cblr-1706	337	30	72	72	NUM
cblr-1706	337	31	i	i	NOUN
cblr-1706	337	32	d.	d.	NOUN
cblr-1706	337	33	at	at	ADP
cblr-1706	337	34	56,761	56,761	NUM
cblr-1706	337	35	.	.	PUNCT
cblr-1706	338	1	73	73	NUM
cblr-1706	339	1	i	i	PRON
cblr-1706	339	2	d.	d.	PROPN
cblr-1706	339	3	at	at	ADP
cblr-1706	339	4	56,759–60	56,759–60	NUM
cblr-1706	339	5	.	.	PUNCT
cblr-1706	340	1	74	74	NUM
cblr-1706	340	2	bus	bus	NOUN
cblr-1706	340	3	.	.	PUNCT
cblr-1706	341	1	roundtable	roundtable	ADJ
cblr-1706	341	2	,	,	PUNCT
cblr-1706	341	3	647	647	NUM
cblr-1706	341	4	f.3d	f.3d	NUM
cblr-1706	341	5	at	at	ADP
cblr-1706	341	6	1154	1154	NUM
cblr-1706	341	7	.	.	PUNCT
cblr-1706	342	1	75	75	NUM
cblr-1706	342	2	i	i	PRON
cblr-1706	342	3	d.	d.	NOUN
cblr-1706	342	4	at	at	ADP
cblr-1706	342	5	1155–56	1155–56	NUM
cblr-1706	342	6	.	.	PUNCT
cblr-1706	343	1	76	76	NUM
cblr-1706	344	1	i	i	PRON
cblr-1706	344	2	d.	d.	PROPN
cblr-1706	344	3	at	at	ADP
cblr-1706	344	4	1154	1154	NUM
cblr-1706	344	5	(	(	PUNCT
cblr-1706	344	6	emphasis	emphasis	NOUN
cblr-1706	344	7	added	add	VERB
cblr-1706	344	8	)	)	PUNCT
cblr-1706	344	9	.	.	PUNCT
cblr-1706	345	1	77	77	NUM
cblr-1706	346	1	i	i	PRON
cblr-1706	346	2	d.	d.	PROPN
cblr-1706	346	3	at	at	ADP
cblr-1706	346	4	1151	1151	NUM
cblr-1706	346	5	,	,	PUNCT
cblr-1706	346	6	1154	1154	NUM
cblr-1706	346	7	(	(	PUNCT
cblr-1706	346	8	emphasis	emphasis	NOUN
cblr-1706	346	9	added	add	VERB
cblr-1706	346	10	)	)	PUNCT
cblr-1706	346	11	.	.	PUNCT
cblr-1706	347	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	347	2	714	714	NUM
cblr-1706	347	3	columbia	columbia	PROPN
cblr-1706	347	4	business	business	NOUN
cblr-1706	347	5	law	law	PROPN
cblr-1706	347	6	review	review	NOUN
cblr-1706	348	1	[	[	X
cblr-1706	348	2	vol	vol	NOUN
cblr-1706	348	3	.	.	NOUN
cblr-1706	348	4	2018	2018	NUM
cblr-1706	348	5	rulemaking	rulemaking	NOUN
cblr-1706	348	6	process	process	NOUN
cblr-1706	348	7	more	more	ADV
cblr-1706	348	8	seriously	seriously	ADV
cblr-1706	348	9	.	.	PUNCT
cblr-1706	349	1	in	in	ADP
cblr-1706	349	2	march	march	PROPN
cblr-1706	349	3	2012	2012	NUM
cblr-1706	349	4	,	,	PUNCT
cblr-1706	349	5	it	it	PRON
cblr-1706	349	6	published	publish	VERB
cblr-1706	349	7	an	an	DET
cblr-1706	349	8	internal	internal	ADJ
cblr-1706	349	9	memo	memo	NOUN
cblr-1706	349	10	titled	title	VERB
cblr-1706	349	11	,	,	PUNCT
cblr-1706	349	12	“	"	PUNCT
cblr-1706	349	13	current	current	ADJ
cblr-1706	349	14	guidance	guidance	NOUN
cblr-1706	349	15	on	on	ADP
cblr-1706	349	16	economic	economic	ADJ
cblr-1706	349	17	analysis	analysis	NOUN
cblr-1706	349	18	in	in	ADP
cblr-1706	349	19	sec	sec	PROPN
cblr-1706	349	20	rulemakings	rulemaking	NOUN
cblr-1706	349	21	”	"	PUNCT
cblr-1706	349	22	(	(	PUNCT
cblr-1706	349	23	“	"	PUNCT
cblr-1706	349	24	current	current	ADJ
cblr-1706	349	25	guidance”),78	guidance”),78	NOUN
cblr-1706	349	26	which	which	PRON
cblr-1706	349	27	the	the	DET
cblr-1706	349	28	then	then	ADV
cblr-1706	349	29	-	-	PUNCT
cblr-1706	349	30	division	division	NOUN
cblr-1706	349	31	of	of	ADP
cblr-1706	349	32	risk	risk	NOUN
cblr-1706	349	33	,	,	PUNCT
cblr-1706	349	34	strategy	strategy	NOUN
cblr-1706	349	35	,	,	PUNCT
cblr-1706	349	36	and	and	CCONJ
cblr-1706	349	37	financial	financial	ADJ
cblr-1706	349	38	innovation	innovation	NOUN
cblr-1706	349	39	(	(	PUNCT
cblr-1706	349	40	“	"	PUNCT
cblr-1706	349	41	rsfi	rsfi	NOUN
cblr-1706	349	42	”	"	PUNCT
cblr-1706	349	43	)	)	PUNCT
cblr-1706	349	44	and	and	CCONJ
cblr-1706	349	45	the	the	DET
cblr-1706	349	46	office	office	NOUN
cblr-1706	349	47	of	of	ADP
cblr-1706	349	48	the	the	DET
cblr-1706	349	49	general	general	ADJ
cblr-1706	349	50	counsel	counsel	NOUN
cblr-1706	349	51	jointly	jointly	ADV
cblr-1706	349	52	authored	author	VERB
cblr-1706	349	53	.	.	PUNCT
cblr-1706	350	1	the	the	DET
cblr-1706	350	2	memo	memo	NOUN
cblr-1706	350	3	is	be	AUX
cblr-1706	350	4	conceptually	conceptually	ADV
cblr-1706	350	5	clear	clear	ADJ
cblr-1706	350	6	and	and	CCONJ
cblr-1706	350	7	appears	appear	VERB
cblr-1706	350	8	to	to	PART
cblr-1706	350	9	reflect	reflect	VERB
cblr-1706	350	10	an	an	DET
cblr-1706	350	11	honest	honest	ADJ
cblr-1706	350	12	commitment	commitment	NOUN
cblr-1706	350	13	to	to	ADP
cblr-1706	350	14	integrating	integrate	VERB
cblr-1706	350	15	economic	economic	ADJ
cblr-1706	350	16	analysis	analysis	NOUN
cblr-1706	350	17	into	into	ADP
cblr-1706	350	18	the	the	DET
cblr-1706	350	19	rulemaking	rulemaking	NOUN
cblr-1706	350	20	process	process	NOUN
cblr-1706	350	21	.	.	PUNCT
cblr-1706	351	1	as	as	SCONJ
cblr-1706	351	2	one	one	NUM
cblr-1706	351	3	commentator	commentator	NOUN
cblr-1706	351	4	put	put	VERB
cblr-1706	351	5	it	it	PRON
cblr-1706	351	6	,	,	PUNCT
cblr-1706	351	7	“	"	PUNCT
cblr-1706	351	8	the	the	DET
cblr-1706	351	9	2012	2012	NUM
cblr-1706	351	10	guidance	guidance	NOUN
cblr-1706	351	11	has	have	AUX
cblr-1706	351	12	in	in	ADP
cblr-1706	351	13	effect	effect	NOUN
cblr-1706	351	14	amended	amend	VERB
cblr-1706	351	15	the	the	DET
cblr-1706	351	16	micro	micro	NOUN
cblr-1706	351	17	-	-	NOUN
cblr-1706	351	18	constitution	constitution	NOUN
cblr-1706	351	19	of	of	ADP
cblr-1706	351	20	the	the	DET
cblr-1706	351	21	sec	sec	PROPN
cblr-1706	351	22	staff	staff	NOUN
cblr-1706	351	23	,	,	PUNCT
cblr-1706	351	24	elevating	elevate	VERB
cblr-1706	351	25	the	the	DET
cblr-1706	351	26	economists	economist	NOUN
cblr-1706	351	27	to	to	ADP
cblr-1706	351	28	the	the	DET
cblr-1706	351	29	status	status	NOUN
cblr-1706	351	30	of	of	ADP
cblr-1706	351	31	a	a	DET
cblr-1706	351	32	co	co	ADJ
cblr-1706	351	33	-	-	ADJ
cblr-1706	351	34	equal	equal	ADJ
cblr-1706	351	35	branch	branch	NOUN
cblr-1706	351	36	of	of	ADP
cblr-1706	351	37	the	the	DET
cblr-1706	351	38	agency	agency	NOUN
cblr-1706	351	39	.	.	PUNCT
cblr-1706	352	1	”79	”79	PROPN
cblr-1706	352	2	rather	rather	ADV
cblr-1706	352	3	than	than	ADP
cblr-1706	352	4	economic	economic	ADJ
cblr-1706	352	5	analysis	analysis	NOUN
cblr-1706	352	6	of	of	ADP
cblr-1706	352	7	proposed	propose	VERB
cblr-1706	352	8	rules	rule	NOUN
cblr-1706	352	9	being	be	AUX
cblr-1706	352	10	relegated	relegate	VERB
cblr-1706	352	11	to	to	ADP
cblr-1706	352	12	the	the	DET
cblr-1706	352	13	“	"	PUNCT
cblr-1706	352	14	back	back	NOUN
cblr-1706	352	15	-	-	PUNCT
cblr-1706	352	16	end”80	end”80	NOUN
cblr-1706	352	17	of	of	ADP
cblr-1706	352	18	the	the	DET
cblr-1706	352	19	rulemaking	rulemaking	NOUN
cblr-1706	352	20	process	process	NOUN
cblr-1706	352	21	,	,	PUNCT
cblr-1706	352	22	it	it	PRON
cblr-1706	352	23	is	be	AUX
cblr-1706	352	24	now	now	ADV
cblr-1706	352	25	included	include	VERB
cblr-1706	352	26	in	in	ADP
cblr-1706	352	27	the	the	DET
cblr-1706	352	28	earliest	early	ADJ
cblr-1706	352	29	stages	stage	NOUN
cblr-1706	352	30	,	,	PUNCT
cblr-1706	352	31	from	from	ADP
cblr-1706	352	32	preproposal	preproposal	NOUN
cblr-1706	352	33	to	to	PART
cblr-1706	352	34	adoption.81	adoption.81	VERB
cblr-1706	352	35	another	another	DET
cblr-1706	352	36	commentator	commentator	NOUN
cblr-1706	352	37	reports	report	VERB
cblr-1706	352	38	that	that	SCONJ
cblr-1706	352	39	between	between	ADP
cblr-1706	352	40	2011	2011	NUM
cblr-1706	352	41	and	and	CCONJ
cblr-1706	352	42	2014	2014	NUM
cblr-1706	352	43	,	,	PUNCT
cblr-1706	352	44	the	the	DET
cblr-1706	352	45	budget	budget	NOUN
cblr-1706	352	46	and	and	CCONJ
cblr-1706	352	47	staff	staff	NOUN
cblr-1706	352	48	of	of	ADP
cblr-1706	352	49	ph.d	ph.d	PROPN
cblr-1706	352	50	.	.	PUNCT
cblr-1706	353	1	economists	economist	NOUN
cblr-1706	353	2	in	in	ADP
cblr-1706	353	3	rsfi	rsfi	NOUN
cblr-1706	353	4	(	(	PUNCT
cblr-1706	353	5	by	by	ADP
cblr-1706	353	6	then	then	ADV
cblr-1706	353	7	renamed	rename	VERB
cblr-1706	353	8	the	the	DET
cblr-1706	353	9	division	division	NOUN
cblr-1706	353	10	of	of	ADP
cblr-1706	353	11	economics	economic	NOUN
cblr-1706	353	12	and	and	CCONJ
cblr-1706	353	13	risk	risk	NOUN
cblr-1706	353	14	analysis	analysis	NOUN
cblr-1706	353	15	)	)	PUNCT
cblr-1706	353	16	more	more	ADJ
cblr-1706	353	17	than	than	SCONJ
cblr-1706	353	18	doubled.82	doubled.82	VERB
cblr-1706	353	19	the	the	DET
cblr-1706	353	20	current	current	ADJ
cblr-1706	353	21	guidance	guidance	NOUN
cblr-1706	353	22	memo	memo	NOUN
cblr-1706	353	23	asserts	assert	VERB
cblr-1706	353	24	that	that	SCONJ
cblr-1706	353	25	the	the	DET
cblr-1706	353	26	sec	sec	PROPN
cblr-1706	353	27	has	have	VERB
cblr-1706	353	28	no	no	DET
cblr-1706	353	29	explicit	explicit	ADJ
cblr-1706	353	30	statutory	statutory	ADJ
cblr-1706	353	31	or	or	CCONJ
cblr-1706	353	32	executive	executive	ADJ
cblr-1706	353	33	duty	duty	NOUN
cblr-1706	353	34	to	to	PART
cblr-1706	353	35	conduct	conduct	VERB
cblr-1706	353	36	cba	cba	NOUN
cblr-1706	353	37	when	when	SCONJ
cblr-1706	353	38	it	it	PRON
cblr-1706	353	39	adopts	adopt	VERB
cblr-1706	353	40	a	a	DET
cblr-1706	353	41	rule	rule	NOUN
cblr-1706	353	42	.	.	PUNCT
cblr-1706	354	1	as	as	ADP
cblr-1706	354	2	a	a	DET
cblr-1706	354	3	matter	matter	NOUN
cblr-1706	354	4	of	of	ADP
cblr-1706	354	5	good	good	ADJ
cblr-1706	354	6	regulatory	regulatory	ADJ
cblr-1706	354	7	practice,83	practice,83	NOUN
cblr-1706	354	8	however	however	ADV
cblr-1706	354	9	,	,	PUNCT
cblr-1706	354	10	it	it	PRON
cblr-1706	354	11	accepts	accept	VERB
cblr-1706	354	12	the	the	DET
cblr-1706	354	13	chamber	chamber	PROPN
cblr-1706	354	14	of	of	ADP
cblr-1706	354	15	commerce	commerce	PROPN
cblr-1706	354	16	court	court	PROPN
cblr-1706	354	17	’s	’s	PART
cblr-1706	354	18	admonition	admonition	NOUN
cblr-1706	354	19	that	that	SCONJ
cblr-1706	354	20	it	it	PRON
cblr-1706	354	21	has	have	AUX
cblr-1706	354	22	a	a	DET
cblr-1706	354	23	“	"	PUNCT
cblr-1706	354	24	statutory	statutory	ADJ
cblr-1706	354	25	obligation	obligation	NOUN
cblr-1706	354	26	to	to	PART
cblr-1706	354	27	determine	determine	VERB
cblr-1706	354	28	78	78	NUM
cblr-1706	354	29	current	current	ADJ
cblr-1706	354	30	guidance	guidance	NOUN
cblr-1706	354	31	,	,	PUNCT
cblr-1706	354	32	supra	supra	PROPN
cblr-1706	354	33	note	note	NOUN
cblr-1706	354	34	17	17	NUM
cblr-1706	354	35	.	.	PUNCT
cblr-1706	355	1	79	79	NUM
cblr-1706	355	2	bruce	bruce	PROPN
cblr-1706	355	3	r.	r.	PROPN
cblr-1706	355	4	kraus	kraus	PROPN
cblr-1706	355	5	,	,	PUNCT
cblr-1706	355	6	economists	economist	NOUN
cblr-1706	355	7	in	in	ADP
cblr-1706	355	8	the	the	DET
cblr-1706	355	9	room	room	NOUN
cblr-1706	355	10	at	at	ADP
cblr-1706	355	11	the	the	DET
cblr-1706	355	12	sec	sec	PROPN
cblr-1706	355	13	,	,	PUNCT
cblr-1706	355	14	124	124	NUM
cblr-1706	355	15	yale	yale	PROPN
cblr-1706	355	16	l.j.f	l.j.f	PROPN
cblr-1706	355	17	.	.	PROPN
cblr-1706	355	18	280	280	NUM
cblr-1706	355	19	,	,	PUNCT
cblr-1706	355	20	302	302	NUM
cblr-1706	355	21	(	(	PUNCT
cblr-1706	355	22	2015	2015	NUM
cblr-1706	355	23	)	)	PUNCT
cblr-1706	355	24	.	.	PUNCT
cblr-1706	356	1	80	80	NUM
cblr-1706	356	2	see	see	VERB
cblr-1706	356	3	jerry	jerry	PROPN
cblr-1706	356	4	ellig	ellig	PROPN
cblr-1706	356	5	&	&	CCONJ
cblr-1706	356	6	hester	hester	PROPN
cblr-1706	356	7	peirce	peirce	PROPN
cblr-1706	356	8	,	,	PUNCT
cblr-1706	356	9	sec	sec	PROPN
cblr-1706	356	10	regulatory	regulatory	ADJ
cblr-1706	356	11	analysis	analysis	NOUN
cblr-1706	356	12	:	:	PUNCT
cblr-1706	356	13	“	"	PUNCT
cblr-1706	356	14	a	a	DET
cblr-1706	356	15	long	long	ADJ
cblr-1706	356	16	way	way	NOUN
cblr-1706	356	17	to	to	PART
cblr-1706	356	18	go	go	VERB
cblr-1706	356	19	and	and	CCONJ
cblr-1706	356	20	a	a	DET
cblr-1706	356	21	short	short	ADJ
cblr-1706	356	22	time	time	NOUN
cblr-1706	356	23	to	to	PART
cblr-1706	356	24	get	get	VERB
cblr-1706	356	25	there	there	ADV
cblr-1706	356	26	”	"	PUNCT
cblr-1706	356	27	,	,	PUNCT
cblr-1706	356	28	8	8	NUM
cblr-1706	356	29	brook	brook	NOUN
cblr-1706	356	30	.	.	PUNCT
cblr-1706	357	1	j.	j.	PROPN
cblr-1706	357	2	corp	corp	PROPN
cblr-1706	357	3	.	.	PROPN
cblr-1706	357	4	fin	fin	PROPN
cblr-1706	357	5	.	.	PUNCT
cblr-1706	357	6	&	&	CCONJ
cblr-1706	357	7	com	com	PROPN
cblr-1706	357	8	.	.	PROPN
cblr-1706	357	9	l.	l.	PROPN
cblr-1706	357	10	361	361	PROPN
cblr-1706	357	11	,	,	PUNCT
cblr-1706	357	12	365–66	365–66	NUM
cblr-1706	357	13	(	(	PUNCT
cblr-1706	357	14	2014	2014	NUM
cblr-1706	357	15	)	)	PUNCT
cblr-1706	357	16	.	.	PUNCT
cblr-1706	358	1	81	81	NUM
cblr-1706	358	2	kraus	kraus	PROPN
cblr-1706	358	3	,	,	PUNCT
cblr-1706	358	4	supra	supra	PROPN
cblr-1706	358	5	note	note	PROPN
cblr-1706	358	6	79	79	NUM
cblr-1706	358	7	,	,	PUNCT
cblr-1706	358	8	at	at	ADP
cblr-1706	358	9	300	300	NUM
cblr-1706	358	10	.	.	PUNCT
cblr-1706	359	1	82	82	NUM
cblr-1706	359	2	see	see	VERB
cblr-1706	359	3	joshua	joshua	PROPN
cblr-1706	359	4	t.	t.	PROPN
cblr-1706	359	5	white	white	PROPN
cblr-1706	359	6	,	,	PUNCT
cblr-1706	359	7	the	the	DET
cblr-1706	359	8	evolving	evolve	VERB
cblr-1706	359	9	role	role	NOUN
cblr-1706	359	10	of	of	ADP
cblr-1706	359	11	economic	economic	ADJ
cblr-1706	359	12	analysis	analysis	NOUN
cblr-1706	359	13	in	in	ADP
cblr-1706	359	14	sec	sec	PROPN
cblr-1706	359	15	rulemaking	rulemaking	NOUN
cblr-1706	359	16	,	,	PUNCT
cblr-1706	359	17	50	50	NUM
cblr-1706	359	18	ga	ga	NOUN
cblr-1706	359	19	.	.	PUNCT
cblr-1706	359	20	l.	l.	PROPN
cblr-1706	359	21	rev	rev	PROPN
cblr-1706	359	22	.	.	PROPN
cblr-1706	359	23	293	293	NUM
cblr-1706	359	24	,	,	PUNCT
cblr-1706	359	25	308–09	308–09	NUM
cblr-1706	359	26	(	(	PUNCT
cblr-1706	359	27	2015	2015	NUM
cblr-1706	359	28	)	)	PUNCT
cblr-1706	359	29	.	.	PUNCT
cblr-1706	360	1	83	83	NUM
cblr-1706	360	2	see	see	VERB
cblr-1706	360	3	also	also	ADV
cblr-1706	360	4	the	the	DET
cblr-1706	360	5	2011	2011	NUM
cblr-1706	360	6	statement	statement	NOUN
cblr-1706	360	7	of	of	ADP
cblr-1706	360	8	sec	sec	PROPN
cblr-1706	360	9	chairman	chairman	PROPN
cblr-1706	360	10	arthur	arthur	PROPN
cblr-1706	360	11	levitt	levitt	PROPN
cblr-1706	360	12	,	,	PUNCT
cblr-1706	360	13	recognizing	recognize	VERB
cblr-1706	360	14	that	that	SCONJ
cblr-1706	360	15	there	there	PRON
cblr-1706	360	16	is	be	VERB
cblr-1706	360	17	“	"	PUNCT
cblr-1706	360	18	an	an	DET
cblr-1706	360	19	expectation	expectation	NOUN
cblr-1706	360	20	that	that	PRON
cblr-1706	360	21	the	the	DET
cblr-1706	360	22	sec	sec	PROPN
cblr-1706	360	23	would	would	AUX
cblr-1706	360	24	perform	perform	VERB
cblr-1706	360	25	costbenefit	costbenefit	NOUN
cblr-1706	360	26	analyses	analysis	NOUN
cblr-1706	360	27	as	as	ADP
cblr-1706	360	28	part	part	NOUN
cblr-1706	360	29	of	of	ADP
cblr-1706	360	30	the	the	DET
cblr-1706	360	31	rulemaking	rulemaking	NOUN
cblr-1706	360	32	process	process	NOUN
cblr-1706	360	33	.	.	PUNCT
cblr-1706	360	34	”	"	PUNCT
cblr-1706	361	1	office	office	NOUN
cblr-1706	361	2	of	of	ADP
cblr-1706	361	3	audits	audits	NOUN
cblr-1706	361	4	,	,	PUNCT
cblr-1706	361	5	office	office	NOUN
cblr-1706	361	6	of	of	ADP
cblr-1706	361	7	inspector	inspector	NOUN
cblr-1706	361	8	gen	gen	PROPN
cblr-1706	361	9	.	.	PROPN
cblr-1706	361	10	,	,	PUNCT
cblr-1706	361	11	sec	sec	PROPN
cblr-1706	361	12	,	,	PUNCT
cblr-1706	361	13	report	report	VERB
cblr-1706	361	14	no	no	INTJ
cblr-1706	361	15	.	.	PROPN
cblr-1706	361	16	499	499	NUM
cblr-1706	361	17	,	,	PUNCT
cblr-1706	361	18	follow	follow	VERB
cblr-1706	361	19	-	-	PUNCT
cblr-1706	361	20	up	up	ADP
cblr-1706	361	21	review	review	NOUN
cblr-1706	361	22	of	of	ADP
cblr-1706	361	23	cost	cost	NOUN
cblr-1706	361	24	-	-	PUNCT
cblr-1706	361	25	benefit	benefit	NOUN
cblr-1706	361	26	analyses	analysis	NOUN
cblr-1706	361	27	in	in	ADP
cblr-1706	361	28	selected	select	VERB
cblr-1706	361	29	dodd	dodd	PROPN
cblr-1706	361	30	-	-	PUNCT
cblr-1706	361	31	frank	frank	ADJ
cblr-1706	361	32	rulemakings	rulemaking	NOUN
cblr-1706	361	33	6	6	NUM
cblr-1706	361	34	(	(	PUNCT
cblr-1706	361	35	2012	2012	NUM
cblr-1706	361	36	)	)	PUNCT
cblr-1706	361	37	,	,	PUNCT
cblr-1706	361	38	https://www.sec.gov/about/offices/oig/reports/audits/2012/rpt499_followupr	https://www.sec.gov/about/offices/oig/reports/audits/2012/rpt499_followupr	NOUN
cblr-1706	361	39	eviewofd-f_costbenefitanalyses_508.pdf	eviewofd-f_costbenefitanalyses_508.pdf	PROPN
cblr-1706	362	1	[	[	X
cblr-1706	362	2	https://perma.cc/j2yk-4rnl	https://perma.cc/j2yk-4rnl	NOUN
cblr-1706	362	3	]	]	X
cblr-1706	362	4	.	.	PUNCT
cblr-1706	363	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	363	2	no	no	NOUN
cblr-1706	363	3	.	.	PUNCT
cblr-1706	364	1	3:695	3:695	NUM
cblr-1706	364	2	]	]	X
cblr-1706	364	3	a	a	DET
cblr-1706	364	4	transaction	transaction	NOUN
cblr-1706	364	5	cost	cost	NOUN
cblr-1706	364	6	assessment	assessment	NOUN
cblr-1706	364	7	715	715	NUM
cblr-1706	364	8	as	as	ADV
cblr-1706	364	9	best	good	ADJ
cblr-1706	364	10	it	it	PRON
cblr-1706	364	11	can	can	AUX
cblr-1706	364	12	the	the	DET
cblr-1706	364	13	economic	economic	ADJ
cblr-1706	364	14	implications	implication	NOUN
cblr-1706	364	15	”	"	PUNCT
cblr-1706	364	16	of	of	ADP
cblr-1706	364	17	a	a	DET
cblr-1706	364	18	proposed	propose	VERB
cblr-1706	364	19	rule.84	rule.84	NOUN
cblr-1706	364	20	it	it	PRON
cblr-1706	364	21	correctly	correctly	ADV
cblr-1706	364	22	recognizes	recognize	VERB
cblr-1706	364	23	the	the	DET
cblr-1706	364	24	difficulty	difficulty	NOUN
cblr-1706	364	25	of	of	ADP
cblr-1706	364	26	doing	do	VERB
cblr-1706	364	27	reliable	reliable	ADJ
cblr-1706	364	28	cba	cba	NOUN
cblr-1706	364	29	of	of	ADP
cblr-1706	364	30	financial	financial	ADJ
cblr-1706	364	31	regulation	regulation	NOUN
cblr-1706	364	32	—	—	PUNCT
cblr-1706	364	33	especially	especially	ADV
cblr-1706	364	34	to	to	ADP
cblr-1706	364	35	the	the	DET
cblr-1706	364	36	point	point	NOUN
cblr-1706	364	37	of	of	ADP
cblr-1706	364	38	quantifying	quantify	VERB
cblr-1706	364	39	costs	cost	NOUN
cblr-1706	364	40	and	and	CCONJ
cblr-1706	364	41	benefits.85	benefits.85	NOUN
cblr-1706	364	42	nevertheless	nevertheless	ADV
cblr-1706	364	43	,	,	PUNCT
cblr-1706	364	44	it	it	PRON
cblr-1706	364	45	instructs	instruct	VERB
cblr-1706	364	46	sec	sec	PROPN
cblr-1706	364	47	economists	economist	NOUN
cblr-1706	364	48	to	to	PART
cblr-1706	364	49	“	"	PUNCT
cblr-1706	364	50	quantify	quantify	VERB
cblr-1706	364	51	anticipated	anticipate	VERB
cblr-1706	364	52	costs	cost	NOUN
cblr-1706	364	53	and	and	CCONJ
cblr-1706	364	54	benefits	benefit	NOUN
cblr-1706	364	55	”	"	PUNCT
cblr-1706	364	56	to	to	ADP
cblr-1706	364	57	the	the	DET
cblr-1706	364	58	extent	extent	NOUN
cblr-1706	364	59	feasible	feasible	ADJ
cblr-1706	364	60	,	,	PUNCT
cblr-1706	364	61	“	"	PUNCT
cblr-1706	364	62	even	even	ADV
cblr-1706	364	63	where	where	SCONJ
cblr-1706	364	64	the	the	DET
cblr-1706	364	65	available	available	ADJ
cblr-1706	364	66	data	data	NOUN
cblr-1706	364	67	is	be	AUX
cblr-1706	364	68	imperfect	imperfect	ADJ
cblr-1706	364	69	.	.	PUNCT
cblr-1706	365	1	”86	”86	NOUN
cblr-1706	365	2	among	among	ADP
cblr-1706	365	3	the	the	DET
cblr-1706	365	4	benefits	benefit	NOUN
cblr-1706	365	5	a	a	DET
cblr-1706	365	6	rule	rule	NOUN
cblr-1706	365	7	might	might	AUX
cblr-1706	365	8	provide	provide	VERB
cblr-1706	365	9	,	,	PUNCT
cblr-1706	365	10	the	the	DET
cblr-1706	365	11	memo	memo	NOUN
cblr-1706	365	12	lists	list	NOUN
cblr-1706	365	13	reduced	reduce	VERB
cblr-1706	365	14	incentive	incentive	NOUN
cblr-1706	365	15	misalignment	misalignment	NOUN
cblr-1706	365	16	,	,	PUNCT
cblr-1706	365	17	reduced	reduce	VERB
cblr-1706	365	18	monitoring	monitoring	NOUN
cblr-1706	365	19	costs	cost	NOUN
cblr-1706	365	20	,	,	PUNCT
cblr-1706	365	21	lower	low	ADJ
cblr-1706	365	22	cost	cost	NOUN
cblr-1706	365	23	of	of	ADP
cblr-1706	365	24	capital	capital	NOUN
cblr-1706	365	25	,	,	PUNCT
cblr-1706	365	26	better	well	ADJ
cblr-1706	365	27	information	information	NOUN
cblr-1706	365	28	sharing	sharing	NOUN
cblr-1706	365	29	resulting	result	VERB
cblr-1706	365	30	in	in	ADP
cblr-1706	365	31	lower	low	ADJ
cblr-1706	365	32	risk	risk	NOUN
cblr-1706	365	33	premiums	premium	NOUN
cblr-1706	365	34	and	and	CCONJ
cblr-1706	365	35	better	well	ADJ
cblr-1706	365	36	allocation	allocation	NOUN
cblr-1706	365	37	of	of	ADP
cblr-1706	365	38	capital	capital	NOUN
cblr-1706	365	39	,	,	PUNCT
cblr-1706	365	40	enhanced	enhance	VERB
cblr-1706	365	41	competition	competition	NOUN
cblr-1706	365	42	leading	lead	VERB
cblr-1706	365	43	to	to	ADP
cblr-1706	365	44	reduced	reduce	VERB
cblr-1706	365	45	prices	price	NOUN
cblr-1706	365	46	or	or	CCONJ
cblr-1706	365	47	higher	high	ADJ
cblr-1706	365	48	quality	quality	NOUN
cblr-1706	365	49	,	,	PUNCT
cblr-1706	365	50	the	the	DET
cblr-1706	365	51	avoidance	avoidance	NOUN
cblr-1706	365	52	of	of	ADP
cblr-1706	365	53	collective	collective	ADJ
cblr-1706	365	54	action	action	NOUN
cblr-1706	365	55	problems	problem	NOUN
cblr-1706	365	56	,	,	PUNCT
cblr-1706	365	57	the	the	DET
cblr-1706	365	58	avoidance	avoidance	NOUN
cblr-1706	365	59	of	of	ADP
cblr-1706	365	60	moral	moral	ADJ
cblr-1706	365	61	hazard	hazard	NOUN
cblr-1706	365	62	,	,	PUNCT
cblr-1706	365	63	reduced	reduce	VERB
cblr-1706	365	64	transaction	transaction	NOUN
cblr-1706	365	65	costs	cost	NOUN
cblr-1706	365	66	,	,	PUNCT
cblr-1706	365	67	and	and	CCONJ
cblr-1706	365	68	more	more	ADV
cblr-1706	365	69	efficient	efficient	ADJ
cblr-1706	365	70	enforcement	enforcement	NOUN
cblr-1706	365	71	of	of	ADP
cblr-1706	365	72	sec	sec	PROPN
cblr-1706	365	73	rules.87	rules.87	PROPN
cblr-1706	365	74	drawing	draw	VERB
cblr-1706	365	75	on	on	ADP
cblr-1706	365	76	principles	principle	NOUN
cblr-1706	365	77	set	set	VERB
cblr-1706	365	78	out	out	ADP
cblr-1706	365	79	in	in	ADP
cblr-1706	365	80	executive	executive	ADJ
cblr-1706	365	81	order	order	NOUN
cblr-1706	365	82	12,866	12,866	NUM
cblr-1706	365	83	,	,	PUNCT
cblr-1706	365	84	the	the	DET
cblr-1706	365	85	memo	memo	NOUN
cblr-1706	365	86	relies	rely	VERB
cblr-1706	365	87	largely	largely	ADV
cblr-1706	365	88	on	on	ADP
cblr-1706	365	89	the	the	DET
cblr-1706	365	90	notion	notion	NOUN
cblr-1706	365	91	of	of	ADP
cblr-1706	365	92	market	market	NOUN
cblr-1706	365	93	failure	failure	NOUN
cblr-1706	365	94	as	as	ADP
cblr-1706	365	95	the	the	DET
cblr-1706	365	96	justification	justification	NOUN
cblr-1706	365	97	for	for	ADP
cblr-1706	365	98	regulation.88	regulation.88	PROPN
cblr-1706	365	99	it	it	PRON
cblr-1706	365	100	identifies	identify	VERB
cblr-1706	365	101	collective	collective	ADJ
cblr-1706	365	102	action	action	NOUN
cblr-1706	365	103	problems	problem	NOUN
cblr-1706	365	104	as	as	ADP
cblr-1706	365	105	a	a	DET
cblr-1706	365	106	primary	primary	ADJ
cblr-1706	365	107	reason	reason	NOUN
cblr-1706	365	108	market	market	NOUN
cblr-1706	365	109	participants	participant	NOUN
cblr-1706	365	110	can	can	AUX
cblr-1706	365	111	not	not	PART
cblr-1706	365	112	resolve	resolve	VERB
cblr-1706	365	113	market	market	NOUN
cblr-1706	365	114	failures	failure	NOUN
cblr-1706	365	115	through	through	ADP
cblr-1706	365	116	private	private	ADJ
cblr-1706	365	117	ordering	ordering	NOUN
cblr-1706	365	118	,	,	PUNCT
cblr-1706	365	119	and	and	CCONJ
cblr-1706	365	120	it	it	PRON
cblr-1706	365	121	lists	list	VERB
cblr-1706	365	122	the	the	DET
cblr-1706	365	123	following	following	NOUN
cblr-1706	365	124	as	as	ADP
cblr-1706	365	125	examples	example	NOUN
cblr-1706	365	126	of	of	ADP
cblr-1706	365	127	market	market	NOUN
cblr-1706	365	128	failure	failure	NOUN
cblr-1706	365	129	:	:	PUNCT
cblr-1706	365	130	“	"	PUNCT
cblr-1706	365	131	market	market	NOUN
cblr-1706	365	132	power	power	NOUN
cblr-1706	365	133	,	,	PUNCT
cblr-1706	365	134	externalities	externality	NOUN
cblr-1706	365	135	,	,	PUNCT
cblr-1706	365	136	principal	principal	ADJ
cblr-1706	365	137	-	-	PUNCT
cblr-1706	365	138	agent	agent	NOUN
cblr-1706	365	139	problems	problem	NOUN
cblr-1706	365	140	(	(	PUNCT
cblr-1706	365	141	such	such	ADJ
cblr-1706	365	142	as	as	ADP
cblr-1706	365	143	economic	economic	ADJ
cblr-1706	365	144	conflicts	conflict	NOUN
cblr-1706	365	145	of	of	ADP
cblr-1706	365	146	interest	interest	NOUN
cblr-1706	365	147	)	)	PUNCT
cblr-1706	365	148	,	,	PUNCT
cblr-1706	365	149	and	and	CCONJ
cblr-1706	365	150	asymmetric	asymmetric	ADJ
cblr-1706	365	151	information	information	NOUN
cblr-1706	365	152	.	.	PUNCT
cblr-1706	366	1	”89	”89	PROPN
cblr-1706	366	2	as	as	SCONJ
cblr-1706	366	3	discussed	discuss	VERB
cblr-1706	366	4	below	below	ADV
cblr-1706	366	5	,	,	PUNCT
cblr-1706	366	6	there	there	PRON
cblr-1706	366	7	is	be	VERB
cblr-1706	366	8	good	good	ADJ
cblr-1706	366	9	reason	reason	NOUN
cblr-1706	366	10	to	to	PART
cblr-1706	366	11	be	be	AUX
cblr-1706	366	12	skeptical	skeptical	ADJ
cblr-1706	366	13	that	that	SCONJ
cblr-1706	366	14	every	every	DET
cblr-1706	366	15	perceived	perceive	VERB
cblr-1706	366	16	market	market	NOUN
cblr-1706	366	17	failure	failure	NOUN
cblr-1706	366	18	justifies	justify	VERB
cblr-1706	366	19	regulation	regulation	NOUN
cblr-1706	366	20	,	,	PUNCT
cblr-1706	366	21	including	include	VERB
cblr-1706	366	22	those	those	DET
cblr-1706	366	23	market	market	NOUN
cblr-1706	366	24	failures	failure	NOUN
cblr-1706	366	25	specifically	specifically	ADV
cblr-1706	366	26	listed	list	VERB
cblr-1706	366	27	.	.	PUNCT
cblr-1706	367	1	the	the	DET
cblr-1706	367	2	critical	critical	ADJ
cblr-1706	367	3	question	question	NOUN
cblr-1706	367	4	in	in	ADP
cblr-1706	367	5	determining	determine	VERB
cblr-1706	367	6	if	if	SCONJ
cblr-1706	367	7	a	a	DET
cblr-1706	367	8	given	give	VERB
cblr-1706	367	9	regulation	regulation	NOUN
cblr-1706	367	10	is	be	AUX
cblr-1706	367	11	justified	justify	VERB
cblr-1706	367	12	by	by	ADP
cblr-1706	367	13	a	a	DET
cblr-1706	367	14	market	market	NOUN
cblr-1706	367	15	failure	failure	NOUN
cblr-1706	367	16	is	be	AUX
cblr-1706	367	17	whether	whether	SCONJ
cblr-1706	367	18	the	the	DET
cblr-1706	367	19	regulation	regulation	NOUN
cblr-1706	367	20	ameliorates	ameliorate	VERB
cblr-1706	367	21	the	the	DET
cblr-1706	367	22	market	market	NOUN
cblr-1706	367	23	failure	failure	NOUN
cblr-1706	367	24	by	by	ADP
cblr-1706	367	25	lowering	lower	VERB
cblr-1706	367	26	the	the	DET
cblr-1706	367	27	parties	party	NOUN
cblr-1706	367	28	’	'	PUNCT
cblr-1706	367	29	costs	cost	NOUN
cblr-1706	367	30	of	of	ADP
cblr-1706	367	31	transacting	transact	VERB
cblr-1706	367	32	.	.	PUNCT
cblr-1706	368	1	84	84	NUM
cblr-1706	368	2	chamber	chamber	NOUN
cblr-1706	368	3	of	of	ADP
cblr-1706	368	4	commerce	commerce	PROPN
cblr-1706	368	5	of	of	ADP
cblr-1706	368	6	the	the	DET
cblr-1706	368	7	u.s	u.s	PROPN
cblr-1706	368	8	.	.	PROPN
cblr-1706	368	9	v.	v.	PROPN
cblr-1706	368	10	sec	sec	PROPN
cblr-1706	368	11	,	,	PUNCT
cblr-1706	368	12	412	412	NUM
cblr-1706	368	13	f.3d	f.3d	NUM
cblr-1706	368	14	133	133	NUM
cblr-1706	368	15	,	,	PUNCT
cblr-1706	368	16	143	143	NUM
cblr-1706	368	17	(	(	PUNCT
cblr-1706	368	18	d.c	d.c	PROPN
cblr-1706	368	19	.	.	PROPN
cblr-1706	368	20	cir	cir	PROPN
cblr-1706	368	21	.	.	PROPN
cblr-1706	368	22	2005	2005	NUM
cblr-1706	368	23	)	)	PUNCT
cblr-1706	368	24	.	.	PUNCT
cblr-1706	369	1	85	85	NUM
cblr-1706	369	2	current	current	ADJ
cblr-1706	369	3	guidance	guidance	NOUN
cblr-1706	369	4	,	,	PUNCT
cblr-1706	369	5	supra	supra	PROPN
cblr-1706	369	6	note	note	NOUN
cblr-1706	369	7	17	17	NUM
cblr-1706	369	8	,	,	PUNCT
cblr-1706	369	9	at	at	ADP
cblr-1706	369	10	10	10	NUM
cblr-1706	369	11	(	(	PUNCT
cblr-1706	369	12	citing	cite	VERB
cblr-1706	369	13	u.s	u.s	PROPN
cblr-1706	369	14	.	.	PROPN
cblr-1706	369	15	gov’t	gov’t	PROPN
cblr-1706	369	16	accountability	accountability	NOUN
cblr-1706	369	17	office	office	NOUN
cblr-1706	369	18	,	,	PUNCT
cblr-1706	369	19	gao-12	gao-12	NOUN
cblr-1706	369	20	-	-	SYM
cblr-1706	369	21	151	151	NUM
cblr-1706	369	22	,	,	PUNCT
cblr-1706	369	23	dodd	dodd	PROPN
cblr-1706	369	24	-	-	PUNCT
cblr-1706	369	25	frank	frank	PROPN
cblr-1706	369	26	act	act	PROPN
cblr-1706	369	27	regulations	regulation	NOUN
cblr-1706	369	28	:	:	PUNCT
cblr-1706	369	29	implementation	implementation	NOUN
cblr-1706	369	30	could	could	AUX
cblr-1706	369	31	benefit	benefit	VERB
cblr-1706	369	32	from	from	ADP
cblr-1706	369	33	additional	additional	ADJ
cblr-1706	369	34	analyses	analysis	NOUN
cblr-1706	369	35	and	and	CCONJ
cblr-1706	369	36	coordination	coordination	NOUN
cblr-1706	369	37	19	19	NUM
cblr-1706	369	38	(	(	PUNCT
cblr-1706	369	39	2011	2011	NUM
cblr-1706	369	40	)	)	PUNCT
cblr-1706	369	41	)	)	PUNCT
cblr-1706	369	42	.	.	PUNCT
cblr-1706	370	1	86	86	NUM
cblr-1706	371	1	i	i	PRON
cblr-1706	371	2	d.	d.	PROPN
cblr-1706	371	3	at	at	ADP
cblr-1706	371	4	13	13	NUM
cblr-1706	371	5	.	.	PUNCT
cblr-1706	372	1	87	87	NUM
cblr-1706	373	1	i	i	PRON
cblr-1706	373	2	d.	d.	PROPN
cblr-1706	373	3	at	at	ADP
cblr-1706	373	4	10–11	10–11	NUM
cblr-1706	373	5	.	.	PUNCT
cblr-1706	374	1	88	88	NUM
cblr-1706	375	1	i	i	PRON
cblr-1706	375	2	d.	d.	NOUN
cblr-1706	375	3	at	at	ADP
cblr-1706	375	4	4–5	4–5	PROPN
cblr-1706	375	5	.	.	PROPN
cblr-1706	375	6	89	89	NUM
cblr-1706	376	1	i	i	PRON
cblr-1706	376	2	d.	d.	PROPN
cblr-1706	376	3	at	at	ADP
cblr-1706	376	4	5	5	NUM
cblr-1706	376	5	.	.	NOUN
cblr-1706	376	6	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	376	7	716	716	NUM
cblr-1706	376	8	columbia	columbia	PROPN
cblr-1706	376	9	business	business	NOUN
cblr-1706	376	10	law	law	NOUN
cblr-1706	376	11	review	review	NOUN
cblr-1706	376	12	[	[	X
cblr-1706	376	13	vol	vol	NOUN
cblr-1706	376	14	.	.	PUNCT
cblr-1706	376	15	2018	2018	NUM
cblr-1706	376	16	iii	iii	NOUN
cblr-1706	376	17	.	.	PUNCT
cblr-1706	377	1	the	the	DET
cblr-1706	377	2	assault	assault	NOUN
cblr-1706	377	3	on	on	ADP
cblr-1706	377	4	suitability	suitability	NOUN
cblr-1706	377	5	a.	a.	NOUN
cblr-1706	377	6	fiduciary	fiduciary	ADJ
cblr-1706	377	7	status	status	NOUN
cblr-1706	377	8	for	for	ADP
cblr-1706	377	9	retail	retail	ADJ
cblr-1706	377	10	brokers	broker	NOUN
cblr-1706	377	11	?	?	PUNCT
cblr-1706	378	1	1	1	X
cblr-1706	378	2	.	.	X
cblr-1706	379	1	the	the	DET
cblr-1706	379	2	sec	sec	PROPN
cblr-1706	379	3	’s	’s	PART
cblr-1706	379	4	2011	2011	NUM
cblr-1706	379	5	study	study	NOUN
cblr-1706	379	6	and	and	CCONJ
cblr-1706	379	7	dol	dol	NOUN
cblr-1706	379	8	’s	’s	PART
cblr-1706	379	9	response	response	NOUN
cblr-1706	379	10	in	in	ADP
cblr-1706	379	11	january	january	PROPN
cblr-1706	379	12	2011	2011	NUM
cblr-1706	379	13	,	,	PUNCT
cblr-1706	379	14	the	the	DET
cblr-1706	379	15	sec	sec	PROPN
cblr-1706	379	16	published	publish	VERB
cblr-1706	379	17	its	its	PRON
cblr-1706	379	18	study	study	NOUN
cblr-1706	379	19	on	on	ADP
cblr-1706	379	20	investment	investment	NOUN
cblr-1706	379	21	advisers	adviser	NOUN
cblr-1706	379	22	and	and	CCONJ
cblr-1706	379	23	broker	broker	NOUN
cblr-1706	379	24	-	-	PUNCT
cblr-1706	379	25	dealers	dealer	NOUN
cblr-1706	379	26	(	(	PUNCT
cblr-1706	379	27	“	"	PUNCT
cblr-1706	379	28	2011	2011	NUM
cblr-1706	379	29	study	study	NOUN
cblr-1706	379	30	”	"	PUNCT
cblr-1706	379	31	)	)	PUNCT
cblr-1706	379	32	recommending	recommend	VERB
cblr-1706	379	33	that	that	SCONJ
cblr-1706	379	34	securities	security	NOUN
cblr-1706	379	35	brokers	broker	NOUN
cblr-1706	379	36	be	be	AUX
cblr-1706	379	37	held	hold	VERB
cblr-1706	379	38	to	to	ADP
cblr-1706	379	39	a	a	DET
cblr-1706	379	40	fiduciary	fiduciary	ADJ
cblr-1706	379	41	standard.90	standard.90	NOUN
cblr-1706	379	42	the	the	DET
cblr-1706	379	43	2011	2011	NUM
cblr-1706	379	44	study	study	NOUN
cblr-1706	379	45	relies	rely	VERB
cblr-1706	379	46	heavily	heavily	ADV
cblr-1706	379	47	on	on	ADP
cblr-1706	379	48	a	a	DET
cblr-1706	379	49	2008	2008	NUM
cblr-1706	379	50	rand	rand	NOUN
cblr-1706	379	51	foundation	foundation	NOUN
cblr-1706	379	52	report	report	NOUN
cblr-1706	379	53	assessing	assess	VERB
cblr-1706	379	54	retail	retail	ADJ
cblr-1706	379	55	investors	investor	NOUN
cblr-1706	379	56	’	’	PART
cblr-1706	379	57	knowledge	knowledge	NOUN
cblr-1706	379	58	of	of	ADP
cblr-1706	379	59	their	their	PRON
cblr-1706	379	60	investment	investment	NOUN
cblr-1706	379	61	accounts	account	NOUN
cblr-1706	379	62	based	base	VERB
cblr-1706	379	63	on	on	ADP
cblr-1706	379	64	survey	survey	NOUN
cblr-1706	379	65	evidence.91	evidence.91	NOUN
cblr-1706	379	66	the	the	DET
cblr-1706	379	67	report	report	NOUN
cblr-1706	379	68	finds	find	VERB
cblr-1706	379	69	that	that	SCONJ
cblr-1706	379	70	retail	retail	ADJ
cblr-1706	379	71	investors	investor	NOUN
cblr-1706	379	72	are	be	AUX
cblr-1706	379	73	generally	generally	ADV
cblr-1706	379	74	unaware	unaware	ADJ
cblr-1706	379	75	or	or	CCONJ
cblr-1706	379	76	confused	confused	ADJ
cblr-1706	379	77	“	"	PUNCT
cblr-1706	379	78	regarding	regard	VERB
cblr-1706	379	79	the	the	DET
cblr-1706	379	80	roles	role	NOUN
cblr-1706	379	81	,	,	PUNCT
cblr-1706	379	82	titles	title	NOUN
cblr-1706	379	83	,	,	PUNCT
cblr-1706	379	84	and	and	CCONJ
cblr-1706	379	85	legal	legal	ADJ
cblr-1706	379	86	obligations	obligation	NOUN
cblr-1706	379	87	of	of	ADP
cblr-1706	379	88	investment	investment	NOUN
cblr-1706	379	89	advisers	adviser	NOUN
cblr-1706	379	90	and	and	CCONJ
cblr-1706	379	91	broker	broker	NOUN
cblr-1706	379	92	-	-	PUNCT
cblr-1706	379	93	dealers	dealer	NOUN
cblr-1706	379	94	,	,	PUNCT
cblr-1706	379	95	although	although	SCONJ
cblr-1706	379	96	.	.	PUNCT
cblr-1706	379	97	.	.	PUNCT
cblr-1706	379	98	.	.	PUNCT
cblr-1706	380	1	investors	investor	NOUN
cblr-1706	380	2	generally	generally	ADV
cblr-1706	380	3	were	be	AUX
cblr-1706	380	4	satisfied	satisfied	ADJ
cblr-1706	380	5	with	with	ADP
cblr-1706	380	6	their	their	PRON
cblr-1706	380	7	financial	financial	ADJ
cblr-1706	380	8	professionals	professional	NOUN
cblr-1706	380	9	.	.	PUNCT
cblr-1706	381	1	”92	”92	VERB
cblr-1706	381	2	the	the	DET
cblr-1706	381	3	2011	2011	NUM
cblr-1706	381	4	study	study	NOUN
cblr-1706	381	5	also	also	ADV
cblr-1706	381	6	finds	find	VERB
cblr-1706	381	7	that	that	SCONJ
cblr-1706	381	8	retail	retail	ADJ
cblr-1706	381	9	brokers	broker	NOUN
cblr-1706	381	10	suffer	suffer	VERB
cblr-1706	381	11	from	from	ADP
cblr-1706	381	12	material	material	ADJ
cblr-1706	381	13	conflicts	conflict	NOUN
cblr-1706	381	14	of	of	ADP
cblr-1706	381	15	interest	interest	NOUN
cblr-1706	381	16	that	that	PRON
cblr-1706	381	17	often	often	ADV
cblr-1706	381	18	go	go	VERB
cblr-1706	381	19	undisclosed	undisclosed	ADJ
cblr-1706	381	20	to	to	ADP
cblr-1706	381	21	their	their	PRON
cblr-1706	381	22	clients	client	NOUN
cblr-1706	381	23	and	and	CCONJ
cblr-1706	381	24	that	that	SCONJ
cblr-1706	381	25	brokers	broker	NOUN
cblr-1706	381	26	sometimes	sometimes	ADV
cblr-1706	381	27	take	take	VERB
cblr-1706	381	28	advantage	advantage	NOUN
cblr-1706	381	29	of	of	ADP
cblr-1706	381	30	their	their	PRON
cblr-1706	381	31	clients	client	NOUN
cblr-1706	381	32	’	’	PART
cblr-1706	381	33	ignorance	ignorance	NOUN
cblr-1706	381	34	by	by	ADP
cblr-1706	381	35	recommending	recommend	VERB
cblr-1706	381	36	investments	investment	NOUN
cblr-1706	381	37	to	to	PART
cblr-1706	381	38	maximize	maximize	VERB
cblr-1706	381	39	their	their	PRON
cblr-1706	381	40	own	own	ADJ
cblr-1706	381	41	compensation.93	compensation.93	NOUN
cblr-1706	381	42	the	the	DET
cblr-1706	381	43	2011	2011	NUM
cblr-1706	381	44	study	study	NOUN
cblr-1706	381	45	offers	offer	VERB
cblr-1706	381	46	little	little	ADJ
cblr-1706	381	47	in	in	ADP
cblr-1706	381	48	the	the	DET
cblr-1706	381	49	way	way	NOUN
cblr-1706	381	50	of	of	ADP
cblr-1706	381	51	substantive	substantive	ADJ
cblr-1706	381	52	analysis	analysis	NOUN
cblr-1706	381	53	of	of	ADP
cblr-1706	381	54	retail	retail	ADJ
cblr-1706	381	55	investor	investor	NOUN
cblr-1706	381	56	ignorance	ignorance	NOUN
cblr-1706	381	57	or	or	CCONJ
cblr-1706	381	58	broker	broker	NOUN
cblr-1706	381	59	performance	performance	NOUN
cblr-1706	381	60	to	to	PART
cblr-1706	381	61	justify	justify	VERB
cblr-1706	381	62	its	its	PRON
cblr-1706	381	63	findings	finding	NOUN
cblr-1706	381	64	,	,	PUNCT
cblr-1706	381	65	let	let	VERB
cblr-1706	381	66	alone	alone	ADV
cblr-1706	381	67	a	a	DET
cblr-1706	381	68	penetrating	penetrate	VERB
cblr-1706	381	69	assessment	assessment	NOUN
cblr-1706	381	70	of	of	ADP
cblr-1706	381	71	the	the	DET
cblr-1706	381	72	subtle	subtle	ADJ
cblr-1706	381	73	trade	trade	NOUN
cblr-1706	381	74	-	-	PUNCT
cblr-1706	381	75	offs	off	NOUN
cblr-1706	381	76	that	that	PRON
cblr-1706	381	77	are	be	AUX
cblr-1706	381	78	invariably	invariably	ADV
cblr-1706	381	79	at	at	ADP
cblr-1706	381	80	stake	stake	NOUN
cblr-1706	381	81	in	in	ADP
cblr-1706	381	82	any	any	DET
cblr-1706	381	83	conflict	conflict	NOUN
cblr-1706	381	84	of	of	ADP
cblr-1706	381	85	interest	interest	NOUN
cblr-1706	381	86	setting	set	VERB
cblr-1706	381	87	.	.	PUNCT
cblr-1706	382	1	yet	yet	ADV
cblr-1706	382	2	,	,	PUNCT
cblr-1706	382	3	with	with	ADP
cblr-1706	382	4	no	no	DET
cblr-1706	382	5	empirical	empirical	ADJ
cblr-1706	382	6	support	support	NOUN
cblr-1706	382	7	,	,	PUNCT
cblr-1706	382	8	it	it	PRON
cblr-1706	382	9	asserts	assert	VERB
cblr-1706	382	10	that	that	SCONJ
cblr-1706	382	11	brokerage	brokerage	NOUN
cblr-1706	382	12	clients	client	NOUN
cblr-1706	382	13	“	"	PUNCT
cblr-1706	382	14	expect	expect	VERB
cblr-1706	382	15	”	"	PUNCT
cblr-1706	382	16	their	their	PRON
cblr-1706	382	17	brokers	broker	NOUN
cblr-1706	382	18	to	to	PART
cblr-1706	382	19	act	act	VERB
cblr-1706	382	20	in	in	ADP
cblr-1706	382	21	their	their	PRON
cblr-1706	382	22	best	good	ADJ
cblr-1706	382	23	interest	interest	NOUN
cblr-1706	382	24	when	when	SCONJ
cblr-1706	382	25	giving	give	VERB
cblr-1706	382	26	advice.94	advice.94	NOUN
cblr-1706	382	27	to	to	PART
cblr-1706	382	28	correct	correct	VERB
cblr-1706	382	29	the	the	DET
cblr-1706	382	30	problem	problem	NOUN
cblr-1706	382	31	of	of	ADP
cblr-1706	382	32	investor	investor	NOUN
cblr-1706	382	33	ignorance	ignorance	NOUN
cblr-1706	382	34	,	,	PUNCT
cblr-1706	382	35	and	and	CCONJ
cblr-1706	382	36	perhaps	perhaps	ADV
cblr-1706	382	37	failed	fail	VERB
cblr-1706	382	38	expectations	expectation	NOUN
cblr-1706	382	39	,	,	PUNCT
cblr-1706	382	40	the	the	DET
cblr-1706	382	41	2011	2011	NUM
cblr-1706	382	42	study	study	NOUN
cblr-1706	382	43	recommends	recommend	VERB
cblr-1706	382	44	that	that	SCONJ
cblr-1706	382	45	retail	retail	ADJ
cblr-1706	382	46	brokers	broker	NOUN
cblr-1706	382	47	be	be	AUX
cblr-1706	382	48	held	hold	VERB
cblr-1706	382	49	to	to	ADP
cblr-1706	382	50	the	the	DET
cblr-1706	382	51	same	same	ADJ
cblr-1706	382	52	fiduciary	fiduciary	ADJ
cblr-1706	382	53	standard	standard	NOUN
cblr-1706	382	54	as	as	ADP
cblr-1706	382	55	investment	investment	NOUN
cblr-1706	382	56	advisers	adviser	NOUN
cblr-1706	382	57	:	:	PUNCT
cblr-1706	382	58	90	90	NUM
cblr-1706	382	59	see	see	VERB
cblr-1706	382	60	2011	2011	NUM
cblr-1706	382	61	study	study	NOUN
cblr-1706	382	62	,	,	PUNCT
cblr-1706	382	63	supra	supra	PROPN
cblr-1706	382	64	note	note	NOUN
cblr-1706	382	65	6	6	NUM
cblr-1706	382	66	.	.	SYM
cblr-1706	382	67	91	91	NUM
cblr-1706	382	68	see	see	VERB
cblr-1706	382	69	angela	angela	PROPN
cblr-1706	382	70	a.	a.	PROPN
cblr-1706	382	71	hung	hung	PROPN
cblr-1706	382	72	,	,	PUNCT
cblr-1706	382	73	noreen	noreen	PROPN
cblr-1706	382	74	clancy	clancy	PROPN
cblr-1706	382	75	,	,	PUNCT
cblr-1706	382	76	jeff	jeff	PROPN
cblr-1706	382	77	dominitz	dominitz	PROPN
cblr-1706	382	78	,	,	PUNCT
cblr-1706	382	79	eric	eric	PROPN
cblr-1706	382	80	talley	talley	PROPN
cblr-1706	382	81	,	,	PUNCT
cblr-1706	382	82	claude	claude	PROPN
cblr-1706	382	83	berrebi	berrebi	PROPN
cblr-1706	382	84	&	&	CCONJ
cblr-1706	382	85	farrukh	farrukh	PROPN
cblr-1706	382	86	suvankulov	suvankulov	PROPN
cblr-1706	382	87	,	,	PUNCT
cblr-1706	382	88	rand	rand	NOUN
cblr-1706	382	89	institute	institute	NOUN
cblr-1706	382	90	for	for	ADP
cblr-1706	382	91	civil	civil	ADJ
cblr-1706	382	92	justice	justice	NOUN
cblr-1706	382	93	,	,	PUNCT
cblr-1706	382	94	investor	investor	NOUN
cblr-1706	382	95	and	and	CCONJ
cblr-1706	382	96	industry	industry	NOUN
cblr-1706	382	97	perspectives	perspective	NOUN
cblr-1706	382	98	on	on	ADP
cblr-1706	382	99	investment	investment	NOUN
cblr-1706	382	100	advisers	adviser	NOUN
cblr-1706	382	101	and	and	CCONJ
cblr-1706	382	102	broker	broker	NOUN
cblr-1706	382	103	dealers	dealer	NOUN
cblr-1706	382	104	71	71	NUM
cblr-1706	382	105	(	(	PUNCT
cblr-1706	382	106	2008	2008	NUM
cblr-1706	382	107	)	)	PUNCT
cblr-1706	382	108	.	.	PUNCT
cblr-1706	383	1	92	92	NUM
cblr-1706	383	2	2011	2011	NUM
cblr-1706	383	3	study	study	NOUN
cblr-1706	383	4	,	,	PUNCT
cblr-1706	383	5	supra	supra	PROPN
cblr-1706	383	6	note	note	PROPN
cblr-1706	383	7	6	6	NUM
cblr-1706	383	8	,	,	PUNCT
cblr-1706	383	9	at	at	ADP
cblr-1706	383	10	v.	v.	ADP
cblr-1706	383	11	93	93	NUM
cblr-1706	383	12	see	see	VERB
cblr-1706	383	13	i	i	PRON
cblr-1706	383	14	d.	d.	PROPN
cblr-1706	383	15	at	at	ADP
cblr-1706	383	16	101	101	NUM
cblr-1706	383	17	.	.	PUNCT
cblr-1706	384	1	94	94	NUM
cblr-1706	385	1	i	i	PRON
cblr-1706	385	2	d.	d.	PROPN
cblr-1706	385	3	at	at	ADP
cblr-1706	385	4	i.	i.	PROPN
cblr-1706	385	5	2018.3_johnsen_final	2018.3_johnsen_final	PROPN
cblr-1706	385	6	no	no	NOUN
cblr-1706	385	7	.	.	PUNCT
cblr-1706	386	1	3:695	3:695	NUM
cblr-1706	386	2	]	]	X
cblr-1706	386	3	a	a	DET
cblr-1706	386	4	transaction	transaction	NOUN
cblr-1706	386	5	cost	cost	NOUN
cblr-1706	386	6	assessment	assessment	NOUN
cblr-1706	386	7	717	717	NUM
cblr-1706	387	1	[	[	X
cblr-1706	387	2	t]he	t]he	ADV
cblr-1706	387	3	standard	standard	NOUN
cblr-1706	387	4	of	of	ADP
cblr-1706	387	5	conduct	conduct	NOUN
cblr-1706	387	6	for	for	ADP
cblr-1706	387	7	all	all	DET
cblr-1706	387	8	brokers	broker	NOUN
cblr-1706	387	9	,	,	PUNCT
cblr-1706	387	10	dealers	dealer	NOUN
cblr-1706	387	11	,	,	PUNCT
cblr-1706	387	12	and	and	CCONJ
cblr-1706	387	13	investment	investment	NOUN
cblr-1706	387	14	advisers	adviser	NOUN
cblr-1706	387	15	,	,	PUNCT
cblr-1706	387	16	when	when	SCONJ
cblr-1706	387	17	providing	provide	VERB
cblr-1706	387	18	personalized	personalized	ADJ
cblr-1706	387	19	investment	investment	NOUN
cblr-1706	387	20	advice	advice	NOUN
cblr-1706	387	21	about	about	ADP
cblr-1706	387	22	securities	security	NOUN
cblr-1706	387	23	to	to	ADP
cblr-1706	387	24	retail	retail	ADJ
cblr-1706	387	25	customers	customer	NOUN
cblr-1706	387	26	(	(	PUNCT
cblr-1706	387	27	and	and	CCONJ
cblr-1706	387	28	such	such	ADJ
cblr-1706	387	29	other	other	ADJ
cblr-1706	387	30	customers	customer	NOUN
cblr-1706	387	31	as	as	ADP
cblr-1706	387	32	the	the	DET
cblr-1706	387	33	commission	commission	NOUN
cblr-1706	387	34	may	may	AUX
cblr-1706	387	35	by	by	ADP
cblr-1706	387	36	rule	rule	NOUN
cblr-1706	387	37	provide	provide	NOUN
cblr-1706	387	38	)	)	PUNCT
cblr-1706	387	39	,	,	PUNCT
cblr-1706	387	40	shall	shall	AUX
cblr-1706	387	41	be	be	AUX
cblr-1706	387	42	to	to	PART
cblr-1706	387	43	act	act	VERB
cblr-1706	387	44	in	in	ADP
cblr-1706	387	45	the	the	DET
cblr-1706	387	46	best	good	ADJ
cblr-1706	387	47	interest	interest	NOUN
cblr-1706	387	48	of	of	ADP
cblr-1706	387	49	the	the	DET
cblr-1706	387	50	customer	customer	NOUN
cblr-1706	387	51	without	without	ADP
cblr-1706	387	52	regard	regard	NOUN
cblr-1706	387	53	to	to	ADP
cblr-1706	387	54	the	the	DET
cblr-1706	387	55	financial	financial	ADJ
cblr-1706	387	56	or	or	CCONJ
cblr-1706	387	57	other	other	ADJ
cblr-1706	387	58	interest	interest	NOUN
cblr-1706	387	59	of	of	ADP
cblr-1706	387	60	the	the	DET
cblr-1706	387	61	broker	broker	NOUN
cblr-1706	387	62	,	,	PUNCT
cblr-1706	387	63	dealer	dealer	NOUN
cblr-1706	387	64	,	,	PUNCT
cblr-1706	387	65	or	or	CCONJ
cblr-1706	387	66	investment	investment	NOUN
cblr-1706	387	67	adviser	adviser	NOUN
cblr-1706	387	68	providing	provide	VERB
cblr-1706	387	69	the	the	DET
cblr-1706	387	70	advice.95	advice.95	NOUN
cblr-1706	387	71	although	although	SCONJ
cblr-1706	387	72	the	the	DET
cblr-1706	387	73	2011	2011	NUM
cblr-1706	387	74	study	study	NOUN
cblr-1706	387	75	provides	provide	VERB
cblr-1706	387	76	an	an	DET
cblr-1706	387	77	abstract	abstract	ADJ
cblr-1706	387	78	cost	cost	NOUN
cblr-1706	387	79	assessment	assessment	NOUN
cblr-1706	387	80	,	,	PUNCT
cblr-1706	387	81	it	it	PRON
cblr-1706	387	82	says	say	VERB
cblr-1706	387	83	little	little	ADJ
cblr-1706	387	84	about	about	ADP
cblr-1706	387	85	the	the	DET
cblr-1706	387	86	likely	likely	ADJ
cblr-1706	387	87	benefits	benefit	NOUN
cblr-1706	387	88	of	of	ADP
cblr-1706	387	89	a	a	DET
cblr-1706	387	90	fiduciary	fiduciary	ADJ
cblr-1706	387	91	rule	rule	NOUN
cblr-1706	387	92	.	.	PUNCT
cblr-1706	388	1	it	it	PRON
cblr-1706	388	2	nonetheless	nonetheless	ADV
cblr-1706	388	3	recommends	recommend	VERB
cblr-1706	388	4	in	in	ADP
cblr-1706	388	5	favor	favor	NOUN
cblr-1706	388	6	of	of	ADP
cblr-1706	388	7	a	a	DET
cblr-1706	388	8	uniform	uniform	ADJ
cblr-1706	388	9	fiduciary	fiduciary	ADJ
cblr-1706	388	10	standard	standard	NOUN
cblr-1706	388	11	without	without	ADP
cblr-1706	388	12	having	having	AUX
cblr-1706	388	13	performed	perform	VERB
cblr-1706	388	14	an	an	DET
cblr-1706	388	15	adequate	adequate	ADJ
cblr-1706	388	16	cba	cba	NOUN
cblr-1706	388	17	or	or	CCONJ
cblr-1706	388	18	any	any	DET
cblr-1706	388	19	other	other	ADJ
cblr-1706	388	20	thorough	thorough	ADJ
cblr-1706	388	21	economic	economic	ADJ
cblr-1706	388	22	analysis	analysis	NOUN
cblr-1706	388	23	.	.	PUNCT
cblr-1706	389	1	following	follow	VERB
cblr-1706	389	2	collaboration	collaboration	NOUN
cblr-1706	389	3	with	with	ADP
cblr-1706	389	4	the	the	DET
cblr-1706	389	5	sec	sec	PROPN
cblr-1706	389	6	,	,	PUNCT
cblr-1706	389	7	the	the	DET
cblr-1706	389	8	dol	dol	NOUN
cblr-1706	389	9	moved	move	VERB
cblr-1706	389	10	to	to	PART
cblr-1706	389	11	expand	expand	VERB
cblr-1706	389	12	its	its	PRON
cblr-1706	389	13	longstanding	longstanding	ADJ
cblr-1706	389	14	fiduciary	fiduciary	ADJ
cblr-1706	389	15	rule	rule	NOUN
cblr-1706	389	16	for	for	ADP
cblr-1706	389	17	investment	investment	NOUN
cblr-1706	389	18	managers	manager	NOUN
cblr-1706	389	19	who	who	PRON
cblr-1706	389	20	exercise	exercise	VERB
cblr-1706	389	21	investment	investment	NOUN
cblr-1706	389	22	discretion	discretion	NOUN
cblr-1706	389	23	over	over	ADP
cblr-1706	389	24	clients	client	NOUN
cblr-1706	389	25	’	’	PART
cblr-1706	389	26	retirement	retirement	NOUN
cblr-1706	389	27	accounts	account	NOUN
cblr-1706	389	28	to	to	PART
cblr-1706	389	29	cover	cover	VERB
cblr-1706	389	30	the	the	DET
cblr-1706	389	31	incidental	incidental	ADJ
cblr-1706	389	32	investment	investment	NOUN
cblr-1706	389	33	advice	advice	NOUN
cblr-1706	389	34	that	that	PRON
cblr-1706	389	35	securities	security	NOUN
cblr-1706	389	36	brokers	broker	NOUN
cblr-1706	389	37	provide	provide	VERB
cblr-1706	389	38	their	their	PRON
cblr-1706	389	39	retail	retail	ADJ
cblr-1706	389	40	clients.96	clients.96	NOUN
cblr-1706	389	41	soon	soon	ADV
cblr-1706	389	42	after	after	SCONJ
cblr-1706	389	43	the	the	DET
cblr-1706	389	44	dol	dol	NOUN
cblr-1706	389	45	finalized	finalize	VERB
cblr-1706	389	46	it	it	PRON
cblr-1706	389	47	,	,	PUNCT
cblr-1706	389	48	the	the	DET
cblr-1706	389	49	u.s	u.s	PROPN
cblr-1706	389	50	.	.	PROPN
cblr-1706	389	51	chamber	chamber	PROPN
cblr-1706	389	52	of	of	ADP
cblr-1706	389	53	commerce	commerce	PROPN
cblr-1706	389	54	challenged	challenge	VERB
cblr-1706	389	55	the	the	DET
cblr-1706	389	56	expanded	expand	VERB
cblr-1706	389	57	fiduciary	fiduciary	ADJ
cblr-1706	389	58	rule.97	rule.97	NOUN
cblr-1706	389	59	in	in	ADP
cblr-1706	389	60	march	march	PROPN
cblr-1706	389	61	2018	2018	NUM
cblr-1706	389	62	,	,	PUNCT
cblr-1706	389	63	the	the	DET
cblr-1706	389	64	united	united	PROPN
cblr-1706	389	65	states	states	PROPN
cblr-1706	389	66	court	court	PROPN
cblr-1706	389	67	of	of	ADP
cblr-1706	389	68	appeals	appeal	NOUN
cblr-1706	389	69	for	for	ADP
cblr-1706	389	70	the	the	DET
cblr-1706	389	71	fifth	fifth	ADJ
cblr-1706	389	72	circuit	circuit	NOUN
cblr-1706	389	73	vacated	vacate	VERB
cblr-1706	389	74	the	the	DET
cblr-1706	389	75	fiduciary	fiduciary	ADJ
cblr-1706	389	76	rule	rule	NOUN
cblr-1706	389	77	completely.98	completely.98	NOUN
cblr-1706	389	78	securities	security	NOUN
cblr-1706	389	79	brokers	broker	NOUN
cblr-1706	389	80	earn	earn	VERB
cblr-1706	389	81	commissions	commission	NOUN
cblr-1706	389	82	and	and	CCONJ
cblr-1706	389	83	fees	fee	NOUN
cblr-1706	389	84	solely	solely	ADV
cblr-1706	389	85	for	for	ADP
cblr-1706	389	86	buying	buy	VERB
cblr-1706	389	87	or	or	CCONJ
cblr-1706	389	88	selling	sell	VERB
cblr-1706	389	89	securities	security	NOUN
cblr-1706	389	90	and	and	CCONJ
cblr-1706	389	91	provide	provide	VERB
cblr-1706	389	92	their	their	PRON
cblr-1706	389	93	clients	client	NOUN
cblr-1706	389	94	with	with	ADP
cblr-1706	389	95	investment	investment	NOUN
cblr-1706	389	96	advice	advice	NOUN
cblr-1706	389	97	only	only	ADV
cblr-1706	389	98	incidentally	incidentally	ADV
cblr-1706	389	99	.	.	PUNCT
cblr-1706	390	1	among	among	ADP
cblr-1706	390	2	other	other	ADJ
cblr-1706	390	3	things	thing	NOUN
cblr-1706	390	4	,	,	PUNCT
cblr-1706	390	5	the	the	DET
cblr-1706	390	6	court	court	NOUN
cblr-1706	390	7	found	find	VERB
cblr-1706	390	8	that	that	SCONJ
cblr-1706	390	9	the	the	DET
cblr-1706	390	10	rule	rule	NOUN
cblr-1706	390	11	conflicts	conflict	NOUN
cblr-1706	390	12	with	with	ADP
cblr-1706	390	13	the	the	DET
cblr-1706	390	14	employee	employee	NOUN
cblr-1706	390	15	retirement	retirement	PROPN
cblr-1706	390	16	income	income	PROPN
cblr-1706	390	17	security	security	PROPN
cblr-1706	390	18	act	act	NOUN
cblr-1706	390	19	of	of	ADP
cblr-1706	390	20	1974	1974	NUM
cblr-1706	390	21	(	(	PUNCT
cblr-1706	390	22	“	"	PUNCT
cblr-1706	390	23	erisa	erisa	NOUN
cblr-1706	390	24	”	"	PUNCT
cblr-1706	390	25	)	)	PUNCT
cblr-1706	390	26	’s	’	VERB
cblr-1706	390	27	clear	clear	ADJ
cblr-1706	390	28	statutory	statutory	ADJ
cblr-1706	390	29	text	text	NOUN
cblr-1706	390	30	,	,	PUNCT
cblr-1706	390	31	95	95	NUM
cblr-1706	391	1	i	i	PRON
cblr-1706	391	2	d.	d.	PROPN
cblr-1706	391	3	at	at	ADP
cblr-1706	391	4	vi	vi	PROPN
cblr-1706	391	5	.	.	PROPN
cblr-1706	391	6	96	96	NUM
cblr-1706	391	7	fiduciary	fiduciary	ADJ
cblr-1706	391	8	rule	rule	NOUN
cblr-1706	391	9	,	,	PUNCT
cblr-1706	391	10	29	29	NUM
cblr-1706	391	11	c.f.r	c.f.r	NOUN
cblr-1706	391	12	.	.	PUNCT
cblr-1706	392	1	§	§	PROPN
cblr-1706	392	2	2510.3	2510.3	NUM
cblr-1706	392	3	-	-	SYM
cblr-1706	392	4	21(a)(1	21(a)(1	NUM
cblr-1706	392	5	)	)	PUNCT
cblr-1706	392	6	(	(	PUNCT
cblr-1706	392	7	2018	2018	NUM
cblr-1706	392	8	)	)	PUNCT
cblr-1706	392	9	.	.	PUNCT
cblr-1706	393	1	97	97	NUM
cblr-1706	394	1	the	the	DET
cblr-1706	394	2	dol	dol	NOUN
cblr-1706	394	3	issued	issue	VERB
cblr-1706	394	4	the	the	DET
cblr-1706	394	5	final	final	ADJ
cblr-1706	394	6	rule	rule	NOUN
cblr-1706	394	7	on	on	ADP
cblr-1706	394	8	april	april	PROPN
cblr-1706	394	9	7	7	NUM
cblr-1706	394	10	,	,	PUNCT
cblr-1706	394	11	2016	2016	NUM
cblr-1706	394	12	.	.	PUNCT
cblr-1706	395	1	see	see	VERB
cblr-1706	395	2	ilyse	ilyse	PROPN
cblr-1706	395	3	schuman	schuman	PROPN
cblr-1706	395	4	,	,	PUNCT
cblr-1706	395	5	melissa	melissa	PROPN
cblr-1706	395	6	kurtzman	kurtzman	PROPN
cblr-1706	395	7	,	,	PUNCT
cblr-1706	395	8	steve	steve	PROPN
cblr-1706	395	9	friedman	friedman	PROPN
cblr-1706	395	10	&	&	CCONJ
cblr-1706	395	11	sean	sean	PROPN
cblr-1706	395	12	brown	brown	PROPN
cblr-1706	395	13	,	,	PUNCT
cblr-1706	395	14	department	department	NOUN
cblr-1706	395	15	of	of	ADP
cblr-1706	395	16	labor	labor	NOUN
cblr-1706	395	17	issues	issue	NOUN
cblr-1706	395	18	final	final	ADJ
cblr-1706	395	19	fiduciary	fiduciary	ADJ
cblr-1706	395	20	rule	rule	NOUN
cblr-1706	395	21	,	,	PUNCT
cblr-1706	395	22	littler	little	ADJ
cblr-1706	395	23	(	(	PUNCT
cblr-1706	395	24	apr	apr	NOUN
cblr-1706	395	25	.	.	PROPN
cblr-1706	395	26	7	7	NUM
cblr-1706	395	27	,	,	PUNCT
cblr-1706	395	28	2016	2016	NUM
cblr-1706	395	29	)	)	PUNCT
cblr-1706	395	30	,	,	PUNCT
cblr-1706	396	1	https://www.littler.com/publication-press/publication/department-laborissues-final-fiduciary-rule	https://www.littler.com/publication-press/publication/department-laborissues-final-fiduciary-rule	PROPN
cblr-1706	396	2	[	[	X
cblr-1706	396	3	http://perma.cc/q95d-amqb	http://perma.cc/q95d-amqb	PROPN
cblr-1706	396	4	]	]	X
cblr-1706	396	5	.	.	PUNCT
cblr-1706	397	1	the	the	DET
cblr-1706	397	2	chamber	chamber	NOUN
cblr-1706	397	3	filed	file	VERB
cblr-1706	397	4	in	in	ADP
cblr-1706	397	5	the	the	DET
cblr-1706	397	6	u.s	u.s	PROPN
cblr-1706	397	7	.	.	PROPN
cblr-1706	397	8	district	district	PROPN
cblr-1706	397	9	court	court	NOUN
cblr-1706	397	10	for	for	ADP
cblr-1706	397	11	the	the	DET
cblr-1706	397	12	northern	northern	ADJ
cblr-1706	397	13	district	district	NOUN
cblr-1706	397	14	of	of	ADP
cblr-1706	397	15	texas	texas	PROPN
cblr-1706	397	16	on	on	ADP
cblr-1706	397	17	june	june	PROPN
cblr-1706	397	18	1	1	NUM
cblr-1706	397	19	,	,	PUNCT
cblr-1706	397	20	2016	2016	NUM
cblr-1706	397	21	.	.	PUNCT
cblr-1706	398	1	see	see	VERB
cblr-1706	398	2	complaint	complaint	NOUN
cblr-1706	398	3	,	,	PUNCT
cblr-1706	398	4	chamber	chamber	PROPN
cblr-1706	398	5	of	of	ADP
cblr-1706	398	6	commerce	commerce	PROPN
cblr-1706	398	7	of	of	ADP
cblr-1706	398	8	the	the	DET
cblr-1706	398	9	u.s	u.s	PROPN
cblr-1706	398	10	.	.	PROPN
cblr-1706	398	11	v.	v.	ADP
cblr-1706	398	12	hugler	hugler	NOUN
cblr-1706	398	13	,	,	PUNCT
cblr-1706	398	14	231	231	NUM
cblr-1706	398	15	f.	f.	PROPN
cblr-1706	398	16	supp	supp	PROPN
cblr-1706	398	17	.	.	PUNCT
cblr-1706	399	1	3d	3d	NUM
cblr-1706	399	2	152	152	NUM
cblr-1706	399	3	(	(	PUNCT
cblr-1706	399	4	n.d	n.d	PROPN
cblr-1706	399	5	.	.	PROPN
cblr-1706	399	6	tex	tex	PROPN
cblr-1706	399	7	.	.	PROPN
cblr-1706	399	8	2017	2017	NUM
cblr-1706	399	9	)	)	PUNCT
cblr-1706	399	10	(	(	PUNCT
cblr-1706	399	11	no	no	INTJ
cblr-1706	399	12	.	.	NOUN
cblr-1706	399	13	3:16	3:16	NUM
cblr-1706	399	14	–	–	PUNCT
cblr-1706	399	15	cv–1476	cv–1476	ADJ
cblr-1706	399	16	–	–	PUNCT
cblr-1706	399	17	m	m	NOUN
cblr-1706	399	18	)	)	PUNCT
cblr-1706	399	19	,	,	PUNCT
cblr-1706	399	20	rev’d	rev’d	NOUN
cblr-1706	399	21	,	,	PUNCT
cblr-1706	399	22	885	885	NUM
cblr-1706	399	23	f.3d	f.3d	NUM
cblr-1706	399	24	360	360	NUM
cblr-1706	399	25	(	(	PUNCT
cblr-1706	399	26	5th	5th	ADJ
cblr-1706	399	27	cir	cir	NOUN
cblr-1706	399	28	.	.	PROPN
cblr-1706	399	29	2018	2018	NUM
cblr-1706	399	30	)	)	PUNCT
cblr-1706	399	31	.	.	PUNCT
cblr-1706	400	1	98	98	NUM
cblr-1706	400	2	chamber	chamber	NOUN
cblr-1706	400	3	of	of	ADP
cblr-1706	400	4	commerce	commerce	PROPN
cblr-1706	400	5	of	of	ADP
cblr-1706	400	6	the	the	DET
cblr-1706	400	7	u.s	u.s	PROPN
cblr-1706	400	8	.	.	PROPN
cblr-1706	400	9	v.	v.	PROPN
cblr-1706	400	10	u.s	u.s	PROPN
cblr-1706	400	11	.	.	PROPN
cblr-1706	400	12	dep’t	dep’t	PROPN
cblr-1706	400	13	of	of	ADP
cblr-1706	400	14	labor	labor	NOUN
cblr-1706	400	15	,	,	PUNCT
cblr-1706	400	16	885	885	NUM
cblr-1706	400	17	f.3d	f.3d	NUM
cblr-1706	400	18	360	360	NUM
cblr-1706	400	19	,	,	PUNCT
cblr-1706	400	20	363	363	NUM
cblr-1706	400	21	(	(	PUNCT
cblr-1706	400	22	5th	5th	ADJ
cblr-1706	400	23	cir	cir	NOUN
cblr-1706	400	24	.	.	PROPN
cblr-1706	400	25	2018	2018	NUM
cblr-1706	400	26	)	)	PUNCT
cblr-1706	400	27	.	.	PUNCT
cblr-1706	401	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	401	2	718	718	NUM
cblr-1706	401	3	columbia	columbia	PROPN
cblr-1706	401	4	business	business	NOUN
cblr-1706	401	5	law	law	PROPN
cblr-1706	401	6	review	review	NOUN
cblr-1706	401	7	[	[	X
cblr-1706	401	8	vol	vol	NOUN
cblr-1706	401	9	.	.	NOUN
cblr-1706	401	10	2018	2018	NUM
cblr-1706	401	11	which	which	PRON
cblr-1706	401	12	applies	apply	VERB
cblr-1706	401	13	only	only	ADV
cblr-1706	401	14	to	to	ADP
cblr-1706	401	15	persons	person	NOUN
cblr-1706	401	16	who	who	PRON
cblr-1706	401	17	render	render	VERB
cblr-1706	401	18	investment	investment	NOUN
cblr-1706	401	19	advice	advice	NOUN
cblr-1706	401	20	for	for	ADP
cblr-1706	401	21	a	a	DET
cblr-1706	401	22	fee	fee	NOUN
cblr-1706	401	23	or	or	CCONJ
cblr-1706	401	24	other	other	ADJ
cblr-1706	401	25	compensation.99	compensation.99	NOUN
cblr-1706	401	26	there	there	PRON
cblr-1706	401	27	is	be	VERB
cblr-1706	401	28	no	no	DET
cblr-1706	401	29	evidence	evidence	NOUN
cblr-1706	401	30	that	that	SCONJ
cblr-1706	401	31	the	the	DET
cblr-1706	401	32	trump	trump	NOUN
cblr-1706	401	33	administration	administration	NOUN
cblr-1706	401	34	plans	plan	VERB
cblr-1706	401	35	to	to	PART
cblr-1706	401	36	appeal	appeal	VERB
cblr-1706	401	37	or	or	CCONJ
cblr-1706	401	38	to	to	PART
cblr-1706	401	39	amend	amend	VERB
cblr-1706	401	40	the	the	DET
cblr-1706	401	41	fiduciary	fiduciary	ADJ
cblr-1706	401	42	rule	rule	NOUN
cblr-1706	401	43	to	to	PART
cblr-1706	401	44	conform	conform	VERB
cblr-1706	401	45	to	to	ADP
cblr-1706	401	46	the	the	DET
cblr-1706	401	47	statute	statute	NOUN
cblr-1706	401	48	.	.	PUNCT
cblr-1706	402	1	b.	b.	PROPN
cblr-1706	403	1	the	the	DET
cblr-1706	403	2	sec	sec	PROPN
cblr-1706	403	3	’s	’s	PART
cblr-1706	403	4	regulation	regulation	NOUN
cblr-1706	403	5	best	good	ADJ
cblr-1706	403	6	interest	interest	NOUN
cblr-1706	403	7	in	in	ADP
cblr-1706	403	8	june	june	PROPN
cblr-1706	403	9	2017	2017	NUM
cblr-1706	403	10	,	,	PUNCT
cblr-1706	403	11	sec	sec	PROPN
cblr-1706	403	12	chairman	chairman	PROPN
cblr-1706	403	13	jay	jay	PROPN
cblr-1706	403	14	clayton	clayton	PROPN
cblr-1706	403	15	called	call	VERB
cblr-1706	403	16	for	for	ADP
cblr-1706	403	17	public	public	ADJ
cblr-1706	403	18	comments	comment	NOUN
cblr-1706	403	19	on	on	ADP
cblr-1706	403	20	the	the	DET
cblr-1706	403	21	2011	2011	NUM
cblr-1706	403	22	study.100	study.100	NOUN
cblr-1706	403	23	apparently	apparently	ADV
cblr-1706	403	24	based	base	VERB
cblr-1706	403	25	on	on	ADP
cblr-1706	403	26	these	these	DET
cblr-1706	403	27	comments	comment	NOUN
cblr-1706	403	28	,	,	PUNCT
cblr-1706	403	29	the	the	DET
cblr-1706	403	30	sec	sec	PROPN
cblr-1706	403	31	proposed	propose	VERB
cblr-1706	403	32	rbi	rbi	NOUN
cblr-1706	403	33	in	in	ADP
cblr-1706	403	34	may	may	PROPN
cblr-1706	403	35	2018	2018	NUM
cblr-1706	403	36	.	.	PUNCT
cblr-1706	404	1	rather	rather	ADV
cblr-1706	404	2	than	than	ADP
cblr-1706	404	3	holding	hold	VERB
cblr-1706	404	4	retail	retail	ADJ
cblr-1706	404	5	securities	security	NOUN
cblr-1706	404	6	brokers	broker	NOUN
cblr-1706	404	7	to	to	ADP
cblr-1706	404	8	the	the	DET
cblr-1706	404	9	same	same	ADJ
cblr-1706	404	10	fiduciary	fiduciary	ADJ
cblr-1706	404	11	standard	standard	NOUN
cblr-1706	404	12	as	as	ADP
cblr-1706	404	13	investment	investment	NOUN
cblr-1706	404	14	advisers	adviser	NOUN
cblr-1706	404	15	,	,	PUNCT
cblr-1706	404	16	rbi	rbi	NOUN
cblr-1706	404	17	proposes	propose	VERB
cblr-1706	404	18	that	that	SCONJ
cblr-1706	404	19	they	they	PRON
cblr-1706	404	20	be	be	VERB
cblr-1706	404	21	subject	subject	ADJ
cblr-1706	404	22	only	only	ADV
cblr-1706	404	23	to	to	ADP
cblr-1706	404	24	a	a	DET
cblr-1706	404	25	best	good	ADJ
cblr-1706	404	26	interest	interest	NOUN
cblr-1706	404	27	obligation	obligation	NOUN
cblr-1706	404	28	.	.	PUNCT
cblr-1706	405	1	since	since	SCONJ
cblr-1706	405	2	the	the	DET
cblr-1706	405	3	2011	2011	NUM
cblr-1706	405	4	study	study	NOUN
cblr-1706	405	5	states	state	VERB
cblr-1706	405	6	that	that	SCONJ
cblr-1706	405	7	the	the	DET
cblr-1706	405	8	essence	essence	NOUN
cblr-1706	405	9	of	of	ADP
cblr-1706	405	10	a	a	DET
cblr-1706	405	11	fiduciary	fiduciary	ADJ
cblr-1706	405	12	standard	standard	NOUN
cblr-1706	405	13	for	for	ADP
cblr-1706	405	14	brokers	broker	NOUN
cblr-1706	405	15	is	be	AUX
cblr-1706	405	16	the	the	DET
cblr-1706	405	17	obligation	obligation	NOUN
cblr-1706	405	18	to	to	PART
cblr-1706	405	19	act	act	VERB
cblr-1706	405	20	in	in	ADP
cblr-1706	405	21	their	their	PRON
cblr-1706	405	22	clients	client	NOUN
cblr-1706	405	23	’	'	PUNCT
cblr-1706	405	24	best	good	ADJ
cblr-1706	405	25	interest,101	interest,101	NOUN
cblr-1706	406	1	it	it	PRON
cblr-1706	406	2	does	do	AUX
cblr-1706	406	3	not	not	PART
cblr-1706	406	4	appear	appear	VERB
cblr-1706	406	5	that	that	SCONJ
cblr-1706	406	6	rbi	rbi	NOUN
cblr-1706	406	7	proposes	propose	VERB
cblr-1706	406	8	anything	anything	PRON
cblr-1706	406	9	different	different	ADJ
cblr-1706	406	10	than	than	ADP
cblr-1706	406	11	the	the	DET
cblr-1706	406	12	2011	2011	NUM
cblr-1706	406	13	study	study	NOUN
cblr-1706	406	14	.	.	PUNCT
cblr-1706	407	1	the	the	DET
cblr-1706	407	2	rbi	rbi	NOUN
cblr-1706	407	3	proposing	propose	VERB
cblr-1706	407	4	release	release	NOUN
cblr-1706	407	5	occupies	occupy	VERB
cblr-1706	407	6	over	over	ADP
cblr-1706	407	7	one	one	NUM
cblr-1706	407	8	hundred	hundred	NUM
cblr-1706	407	9	pages	page	NOUN
cblr-1706	407	10	in	in	ADP
cblr-1706	407	11	the	the	DET
cblr-1706	407	12	federal	federal	ADJ
cblr-1706	407	13	register	register	NOUN
cblr-1706	407	14	and	and	CCONJ
cblr-1706	407	15	addresses	address	NOUN
cblr-1706	407	16	a	a	DET
cblr-1706	407	17	broad	broad	ADJ
cblr-1706	407	18	range	range	NOUN
cblr-1706	407	19	of	of	ADP
cblr-1706	407	20	issues.102	issues.102	NOUN
cblr-1706	407	21	it	it	PRON
cblr-1706	407	22	repeats	repeat	VERB
cblr-1706	407	23	the	the	DET
cblr-1706	407	24	2011	2011	NUM
cblr-1706	407	25	study	study	NOUN
cblr-1706	407	26	’s	’s	PART
cblr-1706	407	27	conclusion	conclusion	NOUN
cblr-1706	407	28	that	that	SCONJ
cblr-1706	407	29	material	material	ADJ
cblr-1706	407	30	conflicts	conflict	NOUN
cblr-1706	407	31	of	of	ADP
cblr-1706	407	32	interest	interest	NOUN
cblr-1706	407	33	abound	abound	NOUN
cblr-1706	407	34	in	in	ADP
cblr-1706	407	35	the	the	DET
cblr-1706	407	36	retail	retail	ADJ
cblr-1706	407	37	brokerage	brokerage	NOUN
cblr-1706	407	38	industry	industry	NOUN
cblr-1706	407	39	,	,	PUNCT
cblr-1706	407	40	that	that	SCONJ
cblr-1706	407	41	clients	client	NOUN
cblr-1706	407	42	are	be	AUX
cblr-1706	407	43	ignorant	ignorant	ADJ
cblr-1706	407	44	of	of	ADP
cblr-1706	407	45	these	these	DET
cblr-1706	407	46	conflicts	conflict	NOUN
cblr-1706	407	47	and	and	CCONJ
cblr-1706	407	48	incapable	incapable	ADJ
cblr-1706	407	49	of	of	ADP
cblr-1706	407	50	protecting	protect	VERB
cblr-1706	407	51	themselves	themselves	PRON
cblr-1706	407	52	,	,	PUNCT
cblr-1706	407	53	and	and	CCONJ
cblr-1706	407	54	that	that	SCONJ
cblr-1706	407	55	brokers	broker	NOUN
cblr-1706	407	56	sometimes	sometimes	ADV
cblr-1706	407	57	exploit	exploit	VERB
cblr-1706	407	58	their	their	PRON
cblr-1706	407	59	informational	informational	ADJ
cblr-1706	407	60	advantage	advantage	NOUN
cblr-1706	407	61	by	by	ADP
cblr-1706	407	62	recommending	recommend	VERB
cblr-1706	407	63	investments	investment	NOUN
cblr-1706	407	64	that	that	PRON
cblr-1706	407	65	increase	increase	VERB
cblr-1706	407	66	their	their	PRON
cblr-1706	407	67	own	own	ADJ
cblr-1706	407	68	compensation	compensation	NOUN
cblr-1706	407	69	while	while	SCONJ
cblr-1706	407	70	compromising	compromise	VERB
cblr-1706	407	71	their	their	PRON
cblr-1706	407	72	clients	client	NOUN
cblr-1706	407	73	’	’	PART
cblr-1706	407	74	investment	investment	NOUN
cblr-1706	407	75	returns.103	returns.103	VERB
cblr-1706	407	76	a	a	DET
cblr-1706	407	77	prominent	prominent	ADJ
cblr-1706	407	78	example	example	NOUN
cblr-1706	407	79	,	,	PUNCT
cblr-1706	407	80	and	and	CCONJ
cblr-1706	407	81	one	one	NUM
cblr-1706	407	82	the	the	DET
cblr-1706	407	83	dol	dol	NOUN
cblr-1706	407	84	relied	rely	VERB
cblr-1706	407	85	on	on	ADP
cblr-1706	407	86	heavily	heavily	ADV
cblr-1706	407	87	to	to	PART
cblr-1706	407	88	justify	justify	VERB
cblr-1706	407	89	its	its	PRON
cblr-1706	407	90	expanded	expand	VERB
cblr-1706	407	91	fiduciary	fiduciary	ADJ
cblr-1706	407	92	rule,104	rule,104	NOUN
cblr-1706	407	93	occurs	occur	VERB
cblr-1706	407	94	99	99	NUM
cblr-1706	408	1	i	i	PROPN
cblr-1706	408	2	d.	d.	PROPN
cblr-1706	408	3	at	at	ADP
cblr-1706	408	4	372	372	NUM
cblr-1706	408	5	.	.	NOUN
cblr-1706	408	6	100	100	NUM
cblr-1706	408	7	jay	jay	PROPN
cblr-1706	408	8	clayton	clayton	PROPN
cblr-1706	408	9	,	,	PUNCT
cblr-1706	408	10	chairman	chairman	NOUN
cblr-1706	408	11	,	,	PUNCT
cblr-1706	408	12	sec	sec	PROPN
cblr-1706	408	13	,	,	PUNCT
cblr-1706	408	14	public	public	ADJ
cblr-1706	408	15	statement	statement	NOUN
cblr-1706	408	16	:	:	PUNCT
cblr-1706	408	17	public	public	ADJ
cblr-1706	408	18	comments	comment	NOUN
cblr-1706	408	19	from	from	ADP
cblr-1706	408	20	retail	retail	ADJ
cblr-1706	408	21	investors	investor	NOUN
cblr-1706	408	22	and	and	CCONJ
cblr-1706	408	23	other	other	ADJ
cblr-1706	408	24	interested	interested	ADJ
cblr-1706	408	25	parties	party	NOUN
cblr-1706	408	26	on	on	ADP
cblr-1706	408	27	standards	standard	NOUN
cblr-1706	408	28	of	of	ADP
cblr-1706	408	29	conduct	conduct	NOUN
cblr-1706	408	30	for	for	ADP
cblr-1706	408	31	investment	investment	NOUN
cblr-1706	408	32	advisers	adviser	NOUN
cblr-1706	408	33	and	and	CCONJ
cblr-1706	408	34	broker	broker	NOUN
cblr-1706	408	35	-	-	PUNCT
cblr-1706	408	36	dealers	dealer	NOUN
cblr-1706	408	37	(	(	PUNCT
cblr-1706	408	38	june	june	PROPN
cblr-1706	408	39	1	1	NUM
cblr-1706	408	40	,	,	PUNCT
cblr-1706	408	41	2017	2017	NUM
cblr-1706	408	42	)	)	PUNCT
cblr-1706	408	43	,	,	PUNCT
cblr-1706	408	44	https://www.sec.gov/news/public-statement/statement-chairman-clayton2017-05-31	https://www.sec.gov/news/public-statement/statement-chairman-clayton2017-05-31	PROPN
cblr-1706	408	45	[	[	X
cblr-1706	408	46	https://perma.cc/w8fq-cmur	https://perma.cc/w8fq-cmur	NOUN
cblr-1706	408	47	]	]	X
cblr-1706	408	48	.	.	PUNCT
cblr-1706	409	1	101	101	NUM
cblr-1706	409	2	see	see	VERB
cblr-1706	409	3	regulation	regulation	NOUN
cblr-1706	409	4	best	good	ADJ
cblr-1706	409	5	interest	interest	NOUN
cblr-1706	409	6	,	,	PUNCT
cblr-1706	409	7	83	83	NUM
cblr-1706	409	8	fed	feed	VERB
cblr-1706	409	9	.	.	PUNCT
cblr-1706	410	1	reg	reg	PROPN
cblr-1706	410	2	.	.	PROPN
cblr-1706	411	1	21,574	21,574	NUM
cblr-1706	411	2	(	(	PUNCT
cblr-1706	411	3	proposed	propose	VERB
cblr-1706	411	4	may	may	PROPN
cblr-1706	411	5	9	9	NUM
cblr-1706	411	6	,	,	PUNCT
cblr-1706	411	7	2018	2018	NUM
cblr-1706	411	8	)	)	PUNCT
cblr-1706	411	9	(	(	PUNCT
cblr-1706	411	10	to	to	PART
cblr-1706	411	11	be	be	AUX
cblr-1706	411	12	codified	codify	VERB
cblr-1706	411	13	at	at	ADP
cblr-1706	411	14	17	17	NUM
cblr-1706	411	15	c.f.r	c.f.r	NOUN
cblr-1706	411	16	.	.	PUNCT
cblr-1706	412	1	pt	pt	PROPN
cblr-1706	412	2	.	.	PROPN
cblr-1706	412	3	240	240	NUM
cblr-1706	412	4	)	)	PUNCT
cblr-1706	412	5	.	.	PUNCT
cblr-1706	413	1	102	102	NUM
cblr-1706	413	2	see	see	VERB
cblr-1706	413	3	i	i	PRON
cblr-1706	413	4	d.	d.	PROPN
cblr-1706	413	5	at	at	ADP
cblr-1706	413	6	21,579	21,579	NUM
cblr-1706	413	7	.	.	PUNCT
cblr-1706	414	1	103	103	NUM
cblr-1706	414	2	see	see	VERB
cblr-1706	414	3	i	i	PROPN
cblr-1706	414	4	d.	d.	PROPN
cblr-1706	414	5	at	at	ADP
cblr-1706	414	6	21,583	21,583	NUM
cblr-1706	414	7	,	,	PUNCT
cblr-1706	414	8	21,618	21,618	NUM
cblr-1706	414	9	.	.	PUNCT
cblr-1706	415	1	104	104	NUM
cblr-1706	416	1	the	the	DET
cblr-1706	416	2	fiduciary	fiduciary	ADJ
cblr-1706	416	3	rule	rule	NOUN
cblr-1706	416	4	relies	rely	VERB
cblr-1706	416	5	specifically	specifically	ADV
cblr-1706	416	6	on	on	ADP
cblr-1706	416	7	“	"	PUNCT
cblr-1706	416	8	variation	variation	NOUN
cblr-1706	416	9	in	in	ADP
cblr-1706	416	10	the	the	DET
cblr-1706	416	11	share	share	NOUN
cblr-1706	416	12	of	of	ADP
cblr-1706	416	13	front	front	ADJ
cblr-1706	416	14	-	-	PUNCT
cblr-1706	416	15	end	end	NOUN
cblr-1706	416	16	loads	load	NOUN
cblr-1706	416	17	that	that	SCONJ
cblr-1706	416	18	advisers	adviser	NOUN
cblr-1706	416	19	receive	receive	VERB
cblr-1706	416	20	when	when	SCONJ
cblr-1706	416	21	selling	sell	VERB
cblr-1706	416	22	different	different	ADJ
cblr-1706	416	23	mutual	mutual	ADJ
cblr-1706	416	24	funds	fund	NOUN
cblr-1706	416	25	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	416	26	no	no	NOUN
cblr-1706	416	27	.	.	PUNCT
cblr-1706	417	1	3:695	3:695	NUM
cblr-1706	417	2	]	]	X
cblr-1706	417	3	a	a	DET
cblr-1706	417	4	transaction	transaction	NOUN
cblr-1706	417	5	cost	cost	NOUN
cblr-1706	417	6	assessment	assessment	NOUN
cblr-1706	417	7	719	719	NUM
cblr-1706	417	8	when	when	SCONJ
cblr-1706	417	9	a	a	DET
cblr-1706	417	10	broker	broker	NOUN
cblr-1706	417	11	recommends	recommend	VERB
cblr-1706	417	12	that	that	SCONJ
cblr-1706	417	13	a	a	DET
cblr-1706	417	14	client	client	NOUN
cblr-1706	417	15	invest	invest	VERB
cblr-1706	417	16	in	in	ADP
cblr-1706	417	17	mutual	mutual	ADJ
cblr-1706	417	18	fund	fund	NOUN
cblr-1706	417	19	shares	share	NOUN
cblr-1706	417	20	whose	whose	DET
cblr-1706	417	21	issuers	issuer	NOUN
cblr-1706	417	22	pay	pay	VERB
cblr-1706	417	23	the	the	DET
cblr-1706	417	24	broker	broker	NOUN
cblr-1706	417	25	a	a	DET
cblr-1706	417	26	sales	sale	NOUN
cblr-1706	417	27	fee	fee	NOUN
cblr-1706	417	28	—	—	PUNCT
cblr-1706	417	29	called	call	VERB
cblr-1706	417	30	a	a	DET
cblr-1706	417	31	“	"	PUNCT
cblr-1706	417	32	load	load	NOUN
cblr-1706	417	33	”	"	PUNCT
cblr-1706	417	34	—	—	PUNCT
cblr-1706	417	35	rather	rather	ADV
cblr-1706	417	36	than	than	ADP
cblr-1706	417	37	one	one	NUM
cblr-1706	417	38	of	of	ADP
cblr-1706	417	39	the	the	DET
cblr-1706	417	40	increasing	increase	VERB
cblr-1706	417	41	number	number	NOUN
cblr-1706	417	42	of	of	ADP
cblr-1706	417	43	funds	fund	NOUN
cblr-1706	417	44	that	that	PRON
cblr-1706	417	45	charge	charge	VERB
cblr-1706	417	46	no	no	ADV
cblr-1706	417	47	load.105	load.105	NOUN
cblr-1706	417	48	the	the	DET
cblr-1706	417	49	rbi	rbi	NOUN
cblr-1706	417	50	’s	’s	PART
cblr-1706	417	51	best	good	ADJ
cblr-1706	417	52	interest	interest	NOUN
cblr-1706	417	53	standard	standard	NOUN
cblr-1706	417	54	would	would	AUX
cblr-1706	417	55	require	require	VERB
cblr-1706	417	56	brokers	broker	NOUN
cblr-1706	417	57	to	to	PART
cblr-1706	417	58	disclose	disclose	VERB
cblr-1706	417	59	all	all	DET
cblr-1706	417	60	such	such	ADJ
cblr-1706	417	61	conflicts	conflict	NOUN
cblr-1706	417	62	of	of	ADP
cblr-1706	417	63	interest	interest	NOUN
cblr-1706	417	64	or	or	CCONJ
cblr-1706	417	65	,	,	PUNCT
cblr-1706	417	66	if	if	SCONJ
cblr-1706	417	67	disclosure	disclosure	NOUN
cblr-1706	417	68	is	be	AUX
cblr-1706	417	69	ineffective	ineffective	ADJ
cblr-1706	417	70	,	,	PUNCT
cblr-1706	417	71	to	to	PART
cblr-1706	417	72	eliminate	eliminate	VERB
cblr-1706	417	73	them	they	PRON
cblr-1706	417	74	entirely	entirely	ADV
cblr-1706	417	75	by	by	ADP
cblr-1706	417	76	refraining	refrain	VERB
cblr-1706	417	77	from	from	ADP
cblr-1706	417	78	making	make	VERB
cblr-1706	417	79	the	the	DET
cblr-1706	417	80	recommendation.106	recommendation.106	NOUN
cblr-1706	417	81	in	in	ADP
cblr-1706	417	82	a	a	DET
cblr-1706	417	83	subsection	subsection	NOUN
cblr-1706	417	84	entitled	entitle	VERB
cblr-1706	417	85	broad	broad	ADJ
cblr-1706	417	86	economic	economic	ADJ
cblr-1706	417	87	considerations	consideration	NOUN
cblr-1706	417	88	,	,	PUNCT
cblr-1706	417	89	the	the	DET
cblr-1706	417	90	proposing	propose	VERB
cblr-1706	417	91	release	release	NOUN
cblr-1706	417	92	relies	rely	VERB
cblr-1706	417	93	on	on	ADP
cblr-1706	417	94	influential	influential	ADJ
cblr-1706	417	95	work	work	NOUN
cblr-1706	417	96	by	by	ADP
cblr-1706	417	97	jensen	jensen	PROPN
cblr-1706	417	98	and	and	CCONJ
cblr-1706	417	99	meckling	meckle	VERB
cblr-1706	417	100	to	to	PART
cblr-1706	417	101	lay	lay	VERB
cblr-1706	417	102	a	a	DET
cblr-1706	417	103	proper	proper	ADJ
cblr-1706	417	104	economic	economic	ADJ
cblr-1706	417	105	foundation	foundation	NOUN
cblr-1706	417	106	for	for	ADP
cblr-1706	417	107	understanding	understand	VERB
cblr-1706	417	108	principal	principal	ADJ
cblr-1706	417	109	-	-	PUNCT
cblr-1706	417	110	agent	agent	NOUN
cblr-1706	417	111	relations	relation	NOUN
cblr-1706	417	112	such	such	ADJ
cblr-1706	417	113	as	as	ADP
cblr-1706	417	114	those	those	PRON
cblr-1706	417	115	between	between	ADP
cblr-1706	417	116	securities	security	NOUN
cblr-1706	417	117	brokers	broker	NOUN
cblr-1706	417	118	and	and	CCONJ
cblr-1706	417	119	their	their	PRON
cblr-1706	417	120	retail	retail	NOUN
cblr-1706	417	121	clients.107	clients.107	NOUN
cblr-1706	417	122	an	an	DET
cblr-1706	417	123	agency	agency	NOUN
cblr-1706	417	124	relationship	relationship	NOUN
cblr-1706	417	125	is	be	AUX
cblr-1706	417	126	one	one	NUM
cblr-1706	417	127	in	in	ADP
cblr-1706	417	128	which	which	PRON
cblr-1706	417	129	the	the	DET
cblr-1706	417	130	principal	principal	NOUN
cblr-1706	417	131	delegates	delegate	VERB
cblr-1706	417	132	some	some	DET
cblr-1706	417	133	decision	decision	NOUN
cblr-1706	417	134	-	-	PUNCT
cblr-1706	417	135	making	make	VERB
cblr-1706	417	136	authority	authority	NOUN
cblr-1706	417	137	to	to	ADP
cblr-1706	417	138	the	the	DET
cblr-1706	417	139	agent	agent	NOUN
cblr-1706	417	140	to	to	PART
cblr-1706	417	141	act	act	VERB
cblr-1706	417	142	on	on	ADP
cblr-1706	417	143	the	the	DET
cblr-1706	417	144	principal	principal	NOUN
cblr-1706	417	145	’s	’s	PART
cblr-1706	417	146	behalf	behalf	NOUN
cblr-1706	417	147	.	.	PUNCT
cblr-1706	418	1	the	the	DET
cblr-1706	418	2	“	"	PUNCT
cblr-1706	418	3	principal	principal	NOUN
cblr-1706	418	4	”	"	PUNCT
cblr-1706	418	5	can	can	AUX
cblr-1706	418	6	consist	consist	VERB
cblr-1706	418	7	of	of	ADP
cblr-1706	418	8	multiple	multiple	ADJ
cblr-1706	418	9	parties	party	NOUN
cblr-1706	418	10	,	,	PUNCT
cblr-1706	418	11	as	as	ADP
cblr-1706	418	12	with	with	ADP
cblr-1706	418	13	shareholders	shareholder	NOUN
cblr-1706	418	14	in	in	ADP
cblr-1706	418	15	a	a	DET
cblr-1706	418	16	corporation	corporation	NOUN
cblr-1706	418	17	.	.	PUNCT
cblr-1706	419	1	the	the	DET
cblr-1706	419	2	parties	party	NOUN
cblr-1706	419	3	’	’	PART
cblr-1706	419	4	interests	interest	NOUN
cblr-1706	419	5	will	will	AUX
cblr-1706	419	6	invariably	invariably	ADV
cblr-1706	419	7	diverge	diverge	VERB
cblr-1706	419	8	and	and	CCONJ
cblr-1706	419	9	lead	lead	VERB
cblr-1706	419	10	to	to	ADP
cblr-1706	419	11	conflicts	conflict	NOUN
cblr-1706	419	12	of	of	ADP
cblr-1706	419	13	interest	interest	NOUN
cblr-1706	419	14	,	,	PUNCT
cblr-1706	419	15	or	or	CCONJ
cblr-1706	419	16	agency	agency	NOUN
cblr-1706	419	17	problems	problem	NOUN
cblr-1706	419	18	.	.	PUNCT
cblr-1706	420	1	though	though	SCONJ
cblr-1706	420	2	costly	costly	ADJ
cblr-1706	420	3	,	,	PUNCT
cblr-1706	420	4	the	the	DET
cblr-1706	420	5	principal	principal	NOUN
cblr-1706	420	6	will	will	AUX
cblr-1706	420	7	normally	normally	ADV
cblr-1706	420	8	monitor	monitor	VERB
cblr-1706	420	9	the	the	DET
cblr-1706	420	10	agent	agent	NOUN
cblr-1706	420	11	to	to	PART
cblr-1706	420	12	ensure	ensure	VERB
cblr-1706	420	13	he	he	PRON
cblr-1706	420	14	or	or	CCONJ
cblr-1706	420	15	she	she	PRON
cblr-1706	420	16	avoids	avoid	VERB
cblr-1706	420	17	shirking	shirk	VERB
cblr-1706	420	18	or	or	CCONJ
cblr-1706	420	19	consuming	consume	VERB
cblr-1706	420	20	the	the	DET
cblr-1706	420	21	principal	principal	NOUN
cblr-1706	420	22	’s	’s	PART
cblr-1706	420	23	assets	asset	NOUN
cblr-1706	420	24	for	for	ADP
cblr-1706	420	25	his	his	PRON
cblr-1706	420	26	or	or	CCONJ
cblr-1706	420	27	her	her	PRON
cblr-1706	420	28	personal	personal	ADJ
cblr-1706	420	29	benefit	benefit	NOUN
cblr-1706	420	30	,	,	PUNCT
cblr-1706	420	31	and	and	CCONJ
cblr-1706	420	32	the	the	DET
cblr-1706	420	33	agent	agent	NOUN
cblr-1706	420	34	will	will	AUX
cblr-1706	420	35	attempt	attempt	VERB
cblr-1706	420	36	to	to	PART
cblr-1706	420	37	bond	bond	VERB
cblr-1706	420	38	himself	himself	PRON
cblr-1706	420	39	against	against	ADP
cblr-1706	420	40	such	such	ADJ
cblr-1706	420	41	behavior	behavior	NOUN
cblr-1706	420	42	through	through	ADP
cblr-1706	420	43	contractual	contractual	ADJ
cblr-1706	420	44	or	or	CCONJ
cblr-1706	420	45	reputational	reputational	ADJ
cblr-1706	420	46	mechanisms	mechanism	NOUN
cblr-1706	420	47	.	.	PUNCT
cblr-1706	421	1	together	together	ADV
cblr-1706	421	2	,	,	PUNCT
cblr-1706	421	3	monitoring	monitor	VERB
cblr-1706	421	4	and	and	CCONJ
cblr-1706	421	5	bonding	bonding	NOUN
cblr-1706	421	6	constitute	constitute	NOUN
cblr-1706	421	7	agency	agency	NOUN
cblr-1706	421	8	costs.108	costs.108	NUM
cblr-1706	421	9	because	because	SCONJ
cblr-1706	421	10	these	these	DET
cblr-1706	421	11	costs	cost	NOUN
cblr-1706	421	12	will	will	AUX
cblr-1706	421	13	exceed	exceed	VERB
cblr-1706	421	14	any	any	DET
cblr-1706	421	15	further	further	ADJ
cblr-1706	421	16	benefits	benefit	NOUN
cblr-1706	421	17	at	at	ADP
cblr-1706	421	18	some	some	DET
cblr-1706	421	19	point	point	NOUN
cblr-1706	421	20	,	,	PUNCT
cblr-1706	421	21	.	.	PUNCT
cblr-1706	421	22	.	.	PUNCT
cblr-1706	421	23	.	.	PUNCT
cblr-1706	422	1	.	.	PUNCT
cblr-1706	422	2	”	"	PUNCT
cblr-1706	423	1	definition	definition	NOUN
cblr-1706	423	2	of	of	ADP
cblr-1706	423	3	the	the	DET
cblr-1706	423	4	term	term	NOUN
cblr-1706	423	5	“	"	PUNCT
cblr-1706	423	6	fiduciary	fiduciary	ADJ
cblr-1706	423	7	”	"	PUNCT
cblr-1706	423	8	;	;	PUNCT
cblr-1706	423	9	conflict	conflict	NOUN
cblr-1706	423	10	of	of	ADP
cblr-1706	423	11	interest	interest	NOUN
cblr-1706	423	12	rule	rule	NOUN
cblr-1706	423	13	–	–	PUNCT
cblr-1706	423	14	retirement	retirement	NOUN
cblr-1706	423	15	investment	investment	NOUN
cblr-1706	423	16	advice	advice	NOUN
cblr-1706	423	17	,	,	PUNCT
cblr-1706	423	18	81	81	NUM
cblr-1706	423	19	fed	feed	VERB
cblr-1706	423	20	.	.	PUNCT
cblr-1706	424	1	reg	reg	PROPN
cblr-1706	424	2	.	.	PUNCT
cblr-1706	425	1	20,946	20,946	NUM
cblr-1706	425	2	,	,	PUNCT
cblr-1706	425	3	20,951	20,951	NUM
cblr-1706	425	4	(	(	PUNCT
cblr-1706	425	5	apr	apr	PROPN
cblr-1706	425	6	.	.	PROPN
cblr-1706	425	7	8	8	NUM
cblr-1706	425	8	,	,	PUNCT
cblr-1706	425	9	2016	2016	NUM
cblr-1706	425	10	)	)	PUNCT
cblr-1706	425	11	.	.	PUNCT
cblr-1706	426	1	105	105	NUM
cblr-1706	426	2	with	with	ADP
cblr-1706	426	3	a	a	DET
cblr-1706	426	4	traditional	traditional	ADJ
cblr-1706	426	5	up	up	ADJ
cblr-1706	426	6	-	-	PUNCT
cblr-1706	426	7	front	front	NOUN
cblr-1706	426	8	load	load	NOUN
cblr-1706	426	9	the	the	DET
cblr-1706	426	10	client	client	NOUN
cblr-1706	426	11	deposits	deposit	NOUN
cblr-1706	426	12	,	,	PUNCT
cblr-1706	426	13	say	say	INTJ
cblr-1706	426	14	,	,	PUNCT
cblr-1706	426	15	$	$	SYM
cblr-1706	426	16	100	100	NUM
cblr-1706	426	17	with	with	ADP
cblr-1706	426	18	a	a	DET
cblr-1706	426	19	broker	broker	NOUN
cblr-1706	426	20	,	,	PUNCT
cblr-1706	426	21	who	who	PRON
cblr-1706	426	22	remits	remit	VERB
cblr-1706	426	23	$	$	SYM
cblr-1706	426	24	95	95	NUM
cblr-1706	426	25	to	to	ADP
cblr-1706	426	26	the	the	DET
cblr-1706	426	27	fund	fund	NOUN
cblr-1706	426	28	company	company	NOUN
cblr-1706	426	29	in	in	ADP
cblr-1706	426	30	exchange	exchange	NOUN
cblr-1706	426	31	for	for	ADP
cblr-1706	426	32	shares	share	NOUN
cblr-1706	426	33	deposited	deposit	VERB
cblr-1706	426	34	to	to	ADP
cblr-1706	426	35	the	the	DET
cblr-1706	426	36	client	client	NOUN
cblr-1706	426	37	’s	’s	PART
cblr-1706	426	38	account	account	NOUN
cblr-1706	426	39	.	.	PUNCT
cblr-1706	427	1	the	the	DET
cblr-1706	427	2	broker	broker	NOUN
cblr-1706	427	3	pockets	pocket	VERB
cblr-1706	427	4	the	the	DET
cblr-1706	427	5	five	five	NUM
cblr-1706	427	6	-	-	PUNCT
cblr-1706	427	7	dollar	dollar	NOUN
cblr-1706	427	8	difference	difference	NOUN
cblr-1706	427	9	to	to	PART
cblr-1706	427	10	compensate	compensate	VERB
cblr-1706	427	11	for	for	ADP
cblr-1706	427	12	marketing	marketing	NOUN
cblr-1706	427	13	costs	cost	NOUN
cblr-1706	427	14	,	,	PUNCT
cblr-1706	427	15	as	as	SCONJ
cblr-1706	427	16	clearly	clearly	ADV
cblr-1706	427	17	set	set	VERB
cblr-1706	427	18	out	out	ADP
cblr-1706	427	19	in	in	ADP
cblr-1706	427	20	the	the	DET
cblr-1706	427	21	fund	fund	NOUN
cblr-1706	427	22	’s	’s	PART
cblr-1706	427	23	prospectus	prospectus	NOUN
cblr-1706	427	24	.	.	PUNCT
cblr-1706	428	1	106	106	NUM
cblr-1706	428	2	see	see	VERB
cblr-1706	428	3	regulation	regulation	NOUN
cblr-1706	428	4	best	good	ADJ
cblr-1706	428	5	interest	interest	NOUN
cblr-1706	428	6	,	,	PUNCT
cblr-1706	428	7	83	83	NUM
cblr-1706	428	8	fed	feed	VERB
cblr-1706	428	9	.	.	PUNCT
cblr-1706	429	1	reg	reg	PROPN
cblr-1706	429	2	.	.	PUNCT
cblr-1706	430	1	at	at	ADP
cblr-1706	430	2	21,603	21,603	NUM
cblr-1706	430	3	,	,	PUNCT
cblr-1706	430	4	21,611	21,611	NUM
cblr-1706	430	5	.	.	PUNCT
cblr-1706	431	1	107	107	NUM
cblr-1706	432	1	i	i	PRON
cblr-1706	432	2	d.	d.	PROPN
cblr-1706	432	3	at	at	ADP
cblr-1706	432	4	21,629	21,629	NUM
cblr-1706	432	5	n.371	n.371	NOUN
cblr-1706	432	6	.	.	PUNCT
cblr-1706	433	1	108	108	NUM
cblr-1706	433	2	it	it	PRON
cblr-1706	433	3	is	be	AUX
cblr-1706	433	4	tempting	tempting	ADJ
cblr-1706	433	5	to	to	PART
cblr-1706	433	6	think	think	VERB
cblr-1706	433	7	the	the	DET
cblr-1706	433	8	principal	principal	NOUN
cblr-1706	433	9	bears	bear	VERB
cblr-1706	433	10	the	the	DET
cblr-1706	433	11	costs	cost	NOUN
cblr-1706	433	12	of	of	ADP
cblr-1706	433	13	monitoring	monitoring	NOUN
cblr-1706	433	14	and	and	CCONJ
cblr-1706	433	15	the	the	DET
cblr-1706	433	16	agent	agent	NOUN
cblr-1706	433	17	bears	bear	VERB
cblr-1706	433	18	the	the	DET
cblr-1706	433	19	costs	cost	NOUN
cblr-1706	433	20	of	of	ADP
cblr-1706	433	21	bonding	bonding	NOUN
cblr-1706	433	22	.	.	PUNCT
cblr-1706	434	1	this	this	PRON
cblr-1706	434	2	is	be	AUX
cblr-1706	434	3	not	not	PART
cblr-1706	434	4	necessarily	necessarily	ADV
cblr-1706	434	5	correct	correct	ADJ
cblr-1706	434	6	.	.	PUNCT
cblr-1706	435	1	just	just	ADV
cblr-1706	435	2	as	as	ADP
cblr-1706	435	3	with	with	ADP
cblr-1706	435	4	the	the	DET
cblr-1706	435	5	incidence	incidence	NOUN
cblr-1706	435	6	of	of	ADP
cblr-1706	435	7	a	a	DET
cblr-1706	435	8	tax	tax	NOUN
cblr-1706	435	9	,	,	PUNCT
cblr-1706	435	10	who	who	PRON
cblr-1706	435	11	bears	bear	VERB
cblr-1706	435	12	the	the	DET
cblr-1706	435	13	burden	burden	NOUN
cblr-1706	435	14	depends	depend	VERB
cblr-1706	435	15	on	on	ADP
cblr-1706	435	16	the	the	DET
cblr-1706	435	17	relative	relative	ADJ
cblr-1706	435	18	demand	demand	NOUN
cblr-1706	435	19	and	and	CCONJ
cblr-1706	435	20	supply	supply	NOUN
cblr-1706	435	21	elasticities	elasticity	NOUN
cblr-1706	435	22	—	—	PUNCT
cblr-1706	435	23	the	the	DET
cblr-1706	435	24	ability	ability	NOUN
cblr-1706	435	25	of	of	ADP
cblr-1706	435	26	the	the	DET
cblr-1706	435	27	parties	party	NOUN
cblr-1706	435	28	to	to	PART
cblr-1706	435	29	reduce	reduce	VERB
cblr-1706	435	30	the	the	DET
cblr-1706	435	31	associated	associated	ADJ
cblr-1706	435	32	costs	cost	NOUN
cblr-1706	435	33	or	or	CCONJ
cblr-1706	435	34	to	to	PART
cblr-1706	435	35	find	find	VERB
cblr-1706	435	36	suitable	suitable	ADJ
cblr-1706	435	37	alternatives	alternative	NOUN
cblr-1706	435	38	.	.	PUNCT
cblr-1706	436	1	see	see	VERB
cblr-1706	436	2	,	,	PUNCT
cblr-1706	436	3	e.g.	e.g.	ADV
cblr-1706	436	4	,	,	PUNCT
cblr-1706	436	5	n.	n.	PROPN
cblr-1706	436	6	gregory	gregory	PROPN
cblr-1706	436	7	mankiw	mankiw	PROPN
cblr-1706	436	8	,	,	PUNCT
cblr-1706	436	9	principles	principle	NOUN
cblr-1706	436	10	of	of	ADP
cblr-1706	436	11	economics	economic	NOUN
cblr-1706	436	12	124	124	NUM
cblr-1706	436	13	(	(	PUNCT
cblr-1706	436	14	8th	8th	ADJ
cblr-1706	436	15	ed	ed	NOUN
cblr-1706	436	16	.	.	PROPN
cblr-1706	436	17	2018	2018	NUM
cblr-1706	436	18	)	)	PUNCT
cblr-1706	436	19	.	.	PUNCT
cblr-1706	437	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	437	2	720	720	NUM
cblr-1706	437	3	columbia	columbia	PROPN
cblr-1706	437	4	business	business	NOUN
cblr-1706	437	5	law	law	PROPN
cblr-1706	437	6	review	review	NOUN
cblr-1706	437	7	[	[	X
cblr-1706	437	8	vol	vol	NOUN
cblr-1706	437	9	.	.	NOUN
cblr-1706	437	10	2018	2018	NUM
cblr-1706	438	1	the	the	DET
cblr-1706	438	2	parties	party	NOUN
cblr-1706	438	3	will	will	AUX
cblr-1706	438	4	stop	stop	VERB
cblr-1706	438	5	short	short	ADV
cblr-1706	438	6	of	of	ADP
cblr-1706	438	7	first	first	ADJ
cblr-1706	438	8	-	-	PUNCT
cblr-1706	438	9	best	good	ADJ
cblr-1706	438	10	resource	resource	NOUN
cblr-1706	438	11	allocation	allocation	NOUN
cblr-1706	438	12	and	and	CCONJ
cblr-1706	438	13	leave	leave	VERB
cblr-1706	438	14	some	some	DET
cblr-1706	438	15	potential	potential	ADJ
cblr-1706	438	16	gains	gain	NOUN
cblr-1706	438	17	from	from	ADP
cblr-1706	438	18	trade	trade	NOUN
cblr-1706	438	19	on	on	ADP
cblr-1706	438	20	the	the	DET
cblr-1706	438	21	table	table	NOUN
cblr-1706	438	22	.	.	PUNCT
cblr-1706	439	1	jensen	jensen	PROPN
cblr-1706	439	2	and	and	CCONJ
cblr-1706	439	3	meckling	meckling	NOUN
cblr-1706	439	4	refer	refer	VERB
cblr-1706	439	5	to	to	ADP
cblr-1706	439	6	these	these	DET
cblr-1706	439	7	forgone	forgone	NOUN
cblr-1706	439	8	gains	gain	NOUN
cblr-1706	439	9	as	as	ADP
cblr-1706	439	10	the	the	DET
cblr-1706	439	11	“	"	PUNCT
cblr-1706	439	12	residual	residual	ADJ
cblr-1706	439	13	losses	loss	NOUN
cblr-1706	439	14	.	.	PUNCT
cblr-1706	440	1	”109	”109	VERB
cblr-1706	440	2	residual	residual	ADJ
cblr-1706	440	3	losses	loss	NOUN
cblr-1706	440	4	are	be	AUX
cblr-1706	440	5	a	a	DET
cblr-1706	440	6	cost	cost	NOUN
cblr-1706	440	7	only	only	ADV
cblr-1706	440	8	relative	relative	ADJ
cblr-1706	440	9	to	to	ADP
cblr-1706	440	10	a	a	DET
cblr-1706	440	11	first	first	ADJ
cblr-1706	440	12	-	-	PUNCT
cblr-1706	440	13	best	good	ADJ
cblr-1706	440	14	world	world	NOUN
cblr-1706	440	15	in	in	ADP
cblr-1706	440	16	which	which	PRON
cblr-1706	440	17	monitoring	monitoring	NOUN
cblr-1706	440	18	and	and	CCONJ
cblr-1706	440	19	bonding	bonding	NOUN
cblr-1706	440	20	are	be	AUX
cblr-1706	440	21	costless	costless	NOUN
cblr-1706	440	22	.	.	PUNCT
cblr-1706	441	1	at	at	ADP
cblr-1706	441	2	the	the	DET
cblr-1706	441	3	margin	margin	NOUN
cblr-1706	441	4	,	,	PUNCT
cblr-1706	441	5	it	it	PRON
cblr-1706	441	6	simply	simply	ADV
cblr-1706	441	7	does	do	AUX
cblr-1706	441	8	not	not	PART
cblr-1706	441	9	pay	pay	VERB
cblr-1706	441	10	the	the	DET
cblr-1706	441	11	parties	party	NOUN
cblr-1706	441	12	to	to	PART
cblr-1706	441	13	incur	incur	VERB
cblr-1706	441	14	an	an	DET
cblr-1706	441	15	added	add	VERB
cblr-1706	441	16	dollar	dollar	NOUN
cblr-1706	441	17	monitoring	monitoring	NOUN
cblr-1706	441	18	or	or	CCONJ
cblr-1706	441	19	bonding	bonding	NOUN
cblr-1706	441	20	if	if	SCONJ
cblr-1706	441	21	doing	do	VERB
cblr-1706	441	22	so	so	ADV
cblr-1706	441	23	reduces	reduce	VERB
cblr-1706	441	24	residual	residual	ADJ
cblr-1706	441	25	losses	loss	NOUN
cblr-1706	441	26	by	by	ADP
cblr-1706	441	27	less	less	ADJ
cblr-1706	441	28	than	than	ADP
cblr-1706	441	29	a	a	DET
cblr-1706	441	30	dollar	dollar	NOUN
cblr-1706	441	31	.	.	PUNCT
cblr-1706	442	1	in	in	ADP
cblr-1706	442	2	this	this	DET
cblr-1706	442	3	sense	sense	NOUN
cblr-1706	442	4	,	,	PUNCT
cblr-1706	442	5	the	the	DET
cblr-1706	442	6	parties	party	NOUN
cblr-1706	442	7	are	be	AUX
cblr-1706	442	8	content	content	ADJ
cblr-1706	442	9	with	with	ADP
cblr-1706	442	10	second	second	ADV
cblr-1706	442	11	-	-	PUNCT
cblr-1706	442	12	best	good	ADJ
cblr-1706	442	13	resource	resource	NOUN
cblr-1706	442	14	allocation	allocation	NOUN
cblr-1706	442	15	.	.	PUNCT
cblr-1706	443	1	iv	iv	X
cblr-1706	443	2	.	.	PUNCT
cblr-1706	443	3	basic	basic	ADJ
cblr-1706	443	4	economics	economic	NOUN
cblr-1706	443	5	this	this	DET
cblr-1706	443	6	part	part	NOUN
cblr-1706	443	7	reviews	review	VERB
cblr-1706	443	8	the	the	DET
cblr-1706	443	9	basic	basic	ADJ
cblr-1706	443	10	economics	economic	NOUN
cblr-1706	443	11	of	of	ADP
cblr-1706	443	12	regulation	regulation	NOUN
cblr-1706	443	13	,	,	PUNCT
cblr-1706	443	14	including	include	VERB
cblr-1706	443	15	a	a	DET
cblr-1706	443	16	brief	brief	ADJ
cblr-1706	443	17	look	look	NOUN
cblr-1706	443	18	at	at	ADP
cblr-1706	443	19	the	the	DET
cblr-1706	443	20	neoclassical	neoclassical	ADJ
cblr-1706	443	21	model	model	NOUN
cblr-1706	443	22	on	on	ADP
cblr-1706	443	23	which	which	PRON
cblr-1706	443	24	cba	cba	NOUN
cblr-1706	443	25	rests	rest	VERB
cblr-1706	443	26	.	.	PUNCT
cblr-1706	444	1	its	its	PRON
cblr-1706	444	2	focus	focus	NOUN
cblr-1706	444	3	is	be	AUX
cblr-1706	444	4	on	on	ADP
cblr-1706	444	5	describing	describe	VERB
cblr-1706	444	6	what	what	PRON
cblr-1706	444	7	cba	cba	PROPN
cblr-1706	444	8	attempts	attempt	VERB
cblr-1706	444	9	to	to	PART
cblr-1706	444	10	measure	measure	VERB
cblr-1706	444	11	,	,	PUNCT
cblr-1706	444	12	and	and	CCONJ
cblr-1706	444	13	it	it	PRON
cblr-1706	444	14	abstracts	abstract	VERB
cblr-1706	444	15	from	from	ADP
cblr-1706	444	16	thorny	thorny	ADJ
cblr-1706	444	17	issues	issue	NOUN
cblr-1706	444	18	involving	involve	VERB
cblr-1706	444	19	risk	risk	NOUN
cblr-1706	444	20	,	,	PUNCT
cblr-1706	444	21	the	the	DET
cblr-1706	444	22	value	value	NOUN
cblr-1706	444	23	of	of	ADP
cblr-1706	444	24	life,110	life,110	PROPN
cblr-1706	444	25	and	and	CCONJ
cblr-1706	444	26	various	various	ADJ
cblr-1706	444	27	moral	moral	ADJ
cblr-1706	444	28	conundrums	conundrum	NOUN
cblr-1706	444	29	.	.	PUNCT
cblr-1706	445	1	it	it	PRON
cblr-1706	445	2	then	then	ADV
cblr-1706	445	3	discusses	discuss	VERB
cblr-1706	445	4	market	market	NOUN
cblr-1706	445	5	failure	failure	NOUN
cblr-1706	445	6	as	as	ADP
cblr-1706	445	7	the	the	DET
cblr-1706	445	8	justification	justification	NOUN
cblr-1706	445	9	for	for	ADP
cblr-1706	445	10	corrective	corrective	ADJ
cblr-1706	445	11	regulation	regulation	NOUN
cblr-1706	445	12	and	and	CCONJ
cblr-1706	445	13	takes	take	VERB
cblr-1706	445	14	a	a	DET
cblr-1706	445	15	closer	close	ADJ
cblr-1706	445	16	look	look	NOUN
cblr-1706	445	17	at	at	ADP
cblr-1706	445	18	market	market	NOUN
cblr-1706	445	19	failure	failure	NOUN
cblr-1706	445	20	to	to	PART
cblr-1706	445	21	account	account	VERB
cblr-1706	445	22	for	for	ADP
cblr-1706	445	23	the	the	DET
cblr-1706	445	24	costs	cost	NOUN
cblr-1706	445	25	of	of	ADP
cblr-1706	445	26	transacting	transact	VERB
cblr-1706	445	27	.	.	PUNCT
cblr-1706	446	1	a.	a.	NOUN
cblr-1706	446	2	assessing	assess	VERB
cblr-1706	446	3	welfare	welfare	NOUN
cblr-1706	446	4	in	in	ADP
cblr-1706	446	5	the	the	DET
cblr-1706	446	6	basic	basic	ADJ
cblr-1706	446	7	neoclassical	neoclassical	ADJ
cblr-1706	446	8	model111	model111	PROPN
cblr-1706	446	9	the	the	DET
cblr-1706	446	10	neoclassical	neoclassical	ADJ
cblr-1706	446	11	model	model	NOUN
cblr-1706	446	12	of	of	ADP
cblr-1706	446	13	market	market	NOUN
cblr-1706	446	14	exchange	exchange	NOUN
cblr-1706	446	15	provides	provide	VERB
cblr-1706	446	16	the	the	DET
cblr-1706	446	17	theoretical	theoretical	ADJ
cblr-1706	446	18	foundation	foundation	NOUN
cblr-1706	446	19	for	for	ADP
cblr-1706	446	20	traditional	traditional	ADJ
cblr-1706	446	21	cba	cba	NOUN
cblr-1706	446	22	.	.	PUNCT
cblr-1706	447	1	it	it	PRON
cblr-1706	447	2	illustrates	illustrate	VERB
cblr-1706	447	3	the	the	DET
cblr-1706	447	4	welfare	welfare	NOUN
cblr-1706	447	5	effects	effect	NOUN
cblr-1706	447	6	of	of	ADP
cblr-1706	447	7	trade	trade	NOUN
cblr-1706	447	8	embedded	embed	VERB
cblr-1706	447	9	in	in	ADP
cblr-1706	447	10	market	market	NOUN
cblr-1706	447	11	demand	demand	NOUN
cblr-1706	447	12	and	and	CCONJ
cblr-1706	447	13	supply	supply	NOUN
cblr-1706	447	14	assuming	assume	VERB
cblr-1706	447	15	,	,	PUNCT
cblr-1706	447	16	among	among	ADP
cblr-1706	447	17	other	other	ADJ
cblr-1706	447	18	things	thing	NOUN
cblr-1706	447	19	,	,	PUNCT
cblr-1706	447	20	that	that	SCONJ
cblr-1706	447	21	individuals	individual	NOUN
cblr-1706	447	22	and	and	CCONJ
cblr-1706	447	23	firms	firm	NOUN
cblr-1706	447	24	are	be	AUX
cblr-1706	447	25	rational	rational	ADJ
cblr-1706	447	26	utility	utility	NOUN
cblr-1706	447	27	maximizers	maximizer	NOUN
cblr-1706	447	28	,	,	PUNCT
cblr-1706	447	29	that	that	SCONJ
cblr-1706	447	30	no	no	DET
cblr-1706	447	31	buyer	buyer	NOUN
cblr-1706	447	32	or	or	CCONJ
cblr-1706	447	33	seller	seller	NOUN
cblr-1706	447	34	has	have	VERB
cblr-1706	447	35	market	market	NOUN
cblr-1706	447	36	power	power	NOUN
cblr-1706	447	37	,	,	PUNCT
cblr-1706	447	38	that	that	SCONJ
cblr-1706	447	39	all	all	DET
cblr-1706	447	40	economic	economic	ADJ
cblr-1706	447	41	actors	actor	NOUN
cblr-1706	447	42	bear	bear	VERB
cblr-1706	447	43	the	the	DET
cblr-1706	447	44	full	full	ADJ
cblr-1706	447	45	costs	cost	NOUN
cblr-1706	447	46	of	of	ADP
cblr-1706	447	47	their	their	PRON
cblr-1706	447	48	decisions	decision	NOUN
cblr-1706	447	49	and	and	CCONJ
cblr-1706	447	50	capture	capture	VERB
cblr-1706	447	51	the	the	DET
cblr-1706	447	52	full	full	ADJ
cblr-1706	447	53	benefits	benefit	NOUN
cblr-1706	447	54	,	,	PUNCT
cblr-1706	447	55	that	that	SCONJ
cblr-1706	447	56	all	all	DET
cblr-1706	447	57	109	109	NUM
cblr-1706	447	58	jensen	jensen	PROPN
cblr-1706	447	59	&	&	CCONJ
cblr-1706	447	60	meckling	meckling	PROPN
cblr-1706	447	61	,	,	PUNCT
cblr-1706	447	62	supra	supra	PROPN
cblr-1706	447	63	note	note	NOUN
cblr-1706	447	64	30	30	NUM
cblr-1706	447	65	,	,	PUNCT
cblr-1706	447	66	at	at	ADP
cblr-1706	447	67	308	308	NUM
cblr-1706	447	68	.	.	PUNCT
cblr-1706	448	1	110	110	NUM
cblr-1706	448	2	see	see	VERB
cblr-1706	448	3	,	,	PUNCT
cblr-1706	448	4	e.g.	e.g.	ADV
cblr-1706	448	5	,	,	PUNCT
cblr-1706	448	6	w.	w.	PROPN
cblr-1706	448	7	kip	kip	PROPN
cblr-1706	448	8	viscusi	viscusi	PROPN
cblr-1706	448	9	&	&	CCONJ
cblr-1706	448	10	joseph	joseph	PROPN
cblr-1706	448	11	e.	e.	PROPN
cblr-1706	448	12	aldy	aldy	PROPN
cblr-1706	448	13	,	,	PUNCT
cblr-1706	448	14	the	the	DET
cblr-1706	448	15	value	value	NOUN
cblr-1706	448	16	of	of	ADP
cblr-1706	448	17	a	a	DET
cblr-1706	448	18	statistical	statistical	ADJ
cblr-1706	448	19	life	life	NOUN
cblr-1706	448	20	:	:	PUNCT
cblr-1706	448	21	a	a	DET
cblr-1706	448	22	critical	critical	ADJ
cblr-1706	448	23	review	review	NOUN
cblr-1706	448	24	of	of	ADP
cblr-1706	448	25	market	market	NOUN
cblr-1706	448	26	estimates	estimate	NOUN
cblr-1706	448	27	throughout	throughout	ADP
cblr-1706	448	28	the	the	DET
cblr-1706	448	29	world	world	NOUN
cblr-1706	448	30	,	,	PUNCT
cblr-1706	448	31	27	27	NUM
cblr-1706	448	32	j.	j.	PROPN
cblr-1706	448	33	risk	risk	NOUN
cblr-1706	448	34	&	&	CCONJ
cblr-1706	448	35	uncertainty	uncertainty	NOUN
cblr-1706	448	36	5	5	NUM
cblr-1706	448	37	(	(	PUNCT
cblr-1706	448	38	2003	2003	NUM
cblr-1706	448	39	)	)	PUNCT
cblr-1706	448	40	.	.	PUNCT
cblr-1706	449	1	111	111	NUM
cblr-1706	449	2	the	the	DET
cblr-1706	449	3	reader	reader	NOUN
cblr-1706	449	4	in	in	ADP
cblr-1706	449	5	need	need	NOUN
cblr-1706	449	6	of	of	ADP
cblr-1706	449	7	a	a	DET
cblr-1706	449	8	more	more	ADV
cblr-1706	449	9	elaborate	elaborate	ADJ
cblr-1706	449	10	description	description	NOUN
cblr-1706	449	11	of	of	ADP
cblr-1706	449	12	the	the	DET
cblr-1706	449	13	neoclassical	neoclassical	ADJ
cblr-1706	449	14	model	model	NOUN
cblr-1706	449	15	can	can	AUX
cblr-1706	449	16	consult	consult	VERB
cblr-1706	449	17	any	any	DET
cblr-1706	449	18	intermediate	intermediate	ADJ
cblr-1706	449	19	price	price	NOUN
cblr-1706	449	20	theory	theory	NOUN
cblr-1706	449	21	text	text	NOUN
cblr-1706	449	22	.	.	PUNCT
cblr-1706	450	1	see	see	VERB
cblr-1706	450	2	,	,	PUNCT
cblr-1706	450	3	e.g.	e.g.	ADV
cblr-1706	450	4	,	,	PUNCT
cblr-1706	450	5	armen	armen	PROPN
cblr-1706	450	6	a.	a.	PROPN
cblr-1706	450	7	alchian	alchian	PROPN
cblr-1706	450	8	,	,	PUNCT
cblr-1706	450	9	william	william	PROPN
cblr-1706	450	10	r.	r.	PROPN
cblr-1706	450	11	allen	allen	PROPN
cblr-1706	450	12	,	,	PUNCT
cblr-1706	450	13	exchange	exchange	PROPN
cblr-1706	450	14	&	&	CCONJ
cblr-1706	450	15	production	production	NOUN
cblr-1706	450	16	:	:	PUNCT
cblr-1706	450	17	competition	competition	NOUN
cblr-1706	450	18	,	,	PUNCT
cblr-1706	450	19	coordination	coordination	NOUN
cblr-1706	450	20	&	&	CCONJ
cblr-1706	450	21	control	control	PROPN
cblr-1706	450	22	(	(	PUNCT
cblr-1706	450	23	3d	3d	PROPN
cblr-1706	450	24	ed	ed	NOUN
cblr-1706	450	25	.	.	PROPN
cblr-1706	450	26	1983	1983	NUM
cblr-1706	450	27	)	)	PUNCT
cblr-1706	450	28	;	;	PUNCT
cblr-1706	450	29	n.	n.	PROPN
cblr-1706	450	30	gregory	gregory	PROPN
cblr-1706	450	31	mankiw	mankiw	PROPN
cblr-1706	450	32	,	,	PUNCT
cblr-1706	450	33	principles	principle	NOUN
cblr-1706	450	34	of	of	ADP
cblr-1706	450	35	economics	economic	NOUN
cblr-1706	450	36	(	(	PUNCT
cblr-1706	450	37	8th	8th	ADJ
cblr-1706	450	38	ed	ed	NOUN
cblr-1706	450	39	.	.	PROPN
cblr-1706	450	40	2018	2018	NUM
cblr-1706	450	41	)	)	PUNCT
cblr-1706	450	42	.	.	PUNCT
cblr-1706	451	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	451	2	no	no	NOUN
cblr-1706	451	3	.	.	PUNCT
cblr-1706	452	1	3:695	3:695	NUM
cblr-1706	452	2	]	]	X
cblr-1706	452	3	a	a	DET
cblr-1706	452	4	transaction	transaction	NOUN
cblr-1706	452	5	cost	cost	NOUN
cblr-1706	452	6	assessment	assessment	NOUN
cblr-1706	452	7	721	721	NUM
cblr-1706	452	8	parties	party	NOUN
cblr-1706	452	9	have	have	VERB
cblr-1706	452	10	full	full	ADJ
cblr-1706	452	11	information	information	NOUN
cblr-1706	452	12	,	,	PUNCT
cblr-1706	452	13	and	and	CCONJ
cblr-1706	452	14	that	that	SCONJ
cblr-1706	452	15	the	the	DET
cblr-1706	452	16	interacting	interact	VERB
cblr-1706	452	17	parties	party	NOUN
cblr-1706	452	18	face	face	VERB
cblr-1706	452	19	zero	zero	NUM
cblr-1706	452	20	transaction	transaction	NOUN
cblr-1706	452	21	costs	cost	NOUN
cblr-1706	452	22	.	.	PUNCT
cblr-1706	453	1	in	in	ADP
cblr-1706	453	2	equilibrium	equilibrium	NOUN
cblr-1706	453	3	,	,	PUNCT
cblr-1706	453	4	the	the	DET
cblr-1706	453	5	model	model	NOUN
cblr-1706	453	6	hypothesizes	hypothesize	VERB
cblr-1706	453	7	that	that	SCONJ
cblr-1706	453	8	market	market	NOUN
cblr-1706	453	9	prices	price	NOUN
cblr-1706	453	10	will	will	AUX
cblr-1706	453	11	reflect	reflect	VERB
cblr-1706	453	12	marginal	marginal	ADJ
cblr-1706	453	13	benefits	benefit	NOUN
cblr-1706	453	14	and	and	CCONJ
cblr-1706	453	15	costs	cost	NOUN
cblr-1706	453	16	,	,	PUNCT
cblr-1706	453	17	and	and	CCONJ
cblr-1706	453	18	that	that	SCONJ
cblr-1706	453	19	the	the	DET
cblr-1706	453	20	parties	party	NOUN
cblr-1706	453	21	will	will	AUX
cblr-1706	453	22	capture	capture	VERB
cblr-1706	453	23	all	all	DET
cblr-1706	453	24	potential	potential	ADJ
cblr-1706	453	25	gains	gain	NOUN
cblr-1706	453	26	from	from	ADP
cblr-1706	453	27	trade	trade	NOUN
cblr-1706	453	28	in	in	ADP
cblr-1706	453	29	the	the	DET
cblr-1706	453	30	form	form	NOUN
cblr-1706	453	31	of	of	ADP
cblr-1706	453	32	consumer	consumer	NOUN
cblr-1706	453	33	and	and	CCONJ
cblr-1706	453	34	producer	producer	NOUN
cblr-1706	453	35	surplus	surplus	NOUN
cblr-1706	453	36	,	,	PUNCT
cblr-1706	453	37	or	or	CCONJ
cblr-1706	453	38	social	social	ADJ
cblr-1706	453	39	welfare	welfare	NOUN
cblr-1706	453	40	.	.	PUNCT
cblr-1706	454	1	with	with	ADP
cblr-1706	454	2	costless	costless	NOUN
cblr-1706	454	3	transacting	transacting	NOUN
cblr-1706	454	4	,	,	PUNCT
cblr-1706	454	5	the	the	DET
cblr-1706	454	6	allocation	allocation	NOUN
cblr-1706	454	7	of	of	ADP
cblr-1706	454	8	resources	resource	NOUN
cblr-1706	454	9	is	be	AUX
cblr-1706	454	10	said	say	VERB
cblr-1706	454	11	to	to	PART
cblr-1706	454	12	be	be	AUX
cblr-1706	454	13	socially	socially	ADV
cblr-1706	454	14	optimal	optimal	ADJ
cblr-1706	454	15	,	,	PUNCT
cblr-1706	454	16	or	or	CCONJ
cblr-1706	454	17	“	"	PUNCT
cblr-1706	454	18	first	first	ADV
cblr-1706	454	19	best	well	ADV
cblr-1706	454	20	.	.	PUNCT
cblr-1706	454	21	”	"	PUNCT
cblr-1706	455	1	these	these	DET
cblr-1706	455	2	assumptions	assumption	NOUN
cblr-1706	455	3	provide	provide	VERB
cblr-1706	455	4	a	a	DET
cblr-1706	455	5	foundation	foundation	NOUN
cblr-1706	455	6	for	for	ADP
cblr-1706	455	7	explaining	explain	VERB
cblr-1706	455	8	how	how	SCONJ
cblr-1706	455	9	individuals	individual	NOUN
cblr-1706	455	10	and	and	CCONJ
cblr-1706	455	11	firms	firm	NOUN
cblr-1706	455	12	make	make	VERB
cblr-1706	455	13	decisions	decision	NOUN
cblr-1706	455	14	and	and	CCONJ
cblr-1706	455	15	are	be	AUX
cblr-1706	455	16	not	not	PART
cblr-1706	455	17	an	an	DET
cblr-1706	455	18	attempt	attempt	NOUN
cblr-1706	455	19	to	to	PART
cblr-1706	455	20	accurately	accurately	ADV
cblr-1706	455	21	characterize	characterize	VERB
cblr-1706	455	22	reality	reality	NOUN
cblr-1706	455	23	.	.	PUNCT
cblr-1706	456	1	all	all	PRON
cblr-1706	456	2	that	that	PRON
cblr-1706	456	3	matters	matter	VERB
cblr-1706	456	4	is	be	AUX
cblr-1706	456	5	that	that	SCONJ
cblr-1706	456	6	the	the	DET
cblr-1706	456	7	assumptions	assumption	NOUN
cblr-1706	456	8	lead	lead	VERB
cblr-1706	456	9	to	to	ADP
cblr-1706	456	10	testable	testable	ADJ
cblr-1706	456	11	predictions	prediction	NOUN
cblr-1706	456	12	consistent	consistent	ADJ
cblr-1706	456	13	with	with	ADP
cblr-1706	456	14	real	real	ADJ
cblr-1706	456	15	-	-	PUNCT
cblr-1706	456	16	world	world	NOUN
cblr-1706	456	17	observation	observation	NOUN
cblr-1706	456	18	.	.	PUNCT
cblr-1706	457	1	whether	whether	SCONJ
cblr-1706	457	2	or	or	CCONJ
cblr-1706	457	3	not	not	PART
cblr-1706	457	4	people	people	NOUN
cblr-1706	457	5	make	make	VERB
cblr-1706	457	6	cognitively	cognitively	ADV
cblr-1706	457	7	rational	rational	ADJ
cblr-1706	457	8	decisions	decision	NOUN
cblr-1706	457	9	is	be	AUX
cblr-1706	457	10	irrelevant	irrelevant	ADJ
cblr-1706	457	11	.	.	PUNCT
cblr-1706	458	1	the	the	DET
cblr-1706	458	2	important	important	ADJ
cblr-1706	458	3	question	question	NOUN
cblr-1706	458	4	is	be	AUX
cblr-1706	458	5	whether	whether	SCONJ
cblr-1706	458	6	they	they	PRON
cblr-1706	458	7	behave	behave	VERB
cblr-1706	458	8	as	as	SCONJ
cblr-1706	458	9	if	if	SCONJ
cblr-1706	458	10	they	they	PRON
cblr-1706	458	11	are	be	AUX
cblr-1706	458	12	cognitively	cognitively	ADV
cblr-1706	458	13	rational	rational	ADJ
cblr-1706	458	14	and	and	CCONJ
cblr-1706	458	15	fully	fully	ADV
cblr-1706	458	16	informed.112	informed.112	ADJ
cblr-1706	458	17	transaction	transaction	NOUN
cblr-1706	458	18	cost	cost	NOUN
cblr-1706	458	19	economics	economic	NOUN
cblr-1706	458	20	has	have	AUX
cblr-1706	458	21	shown	show	VERB
cblr-1706	458	22	many	many	ADJ
cblr-1706	458	23	times	time	NOUN
cblr-1706	458	24	that	that	SCONJ
cblr-1706	458	25	behavior	behavior	NOUN
cblr-1706	458	26	seemingly	seemingly	ADV
cblr-1706	458	27	consistent	consistent	ADJ
cblr-1706	458	28	with	with	ADP
cblr-1706	458	29	the	the	DET
cblr-1706	458	30	neoclassical	neoclassical	ADJ
cblr-1706	458	31	model	model	NOUN
cblr-1706	458	32	can	can	AUX
cblr-1706	458	33	be	be	AUX
cblr-1706	458	34	easily	easily	ADV
cblr-1706	458	35	explained	explain	VERB
cblr-1706	458	36	by	by	ADP
cblr-1706	458	37	relaxing	relax	VERB
cblr-1706	458	38	its	its	PRON
cblr-1706	458	39	assumptions	assumption	NOUN
cblr-1706	458	40	to	to	PART
cblr-1706	458	41	accommodate	accommodate	VERB
cblr-1706	458	42	the	the	DET
cblr-1706	458	43	costs	cost	NOUN
cblr-1706	458	44	of	of	ADP
cblr-1706	458	45	transacting	transact	VERB
cblr-1706	458	46	.	.	PUNCT
cblr-1706	459	1	112	112	NUM
cblr-1706	459	2	see	see	VERB
cblr-1706	459	3	milton	milton	PROPN
cblr-1706	459	4	friedman	friedman	PROPN
cblr-1706	459	5	,	,	PUNCT
cblr-1706	459	6	the	the	DET
cblr-1706	459	7	methodology	methodology	NOUN
cblr-1706	459	8	of	of	ADP
cblr-1706	459	9	positive	positive	ADJ
cblr-1706	459	10	economics	economic	NOUN
cblr-1706	459	11	,	,	PUNCT
cblr-1706	459	12	in	in	ADP
cblr-1706	459	13	essays	essay	NOUN
cblr-1706	459	14	in	in	ADP
cblr-1706	459	15	positive	positive	ADJ
cblr-1706	459	16	economics	economic	NOUN
cblr-1706	459	17	3	3	NUM
cblr-1706	459	18	,	,	PUNCT
cblr-1706	459	19	40–41	40–41	NUM
cblr-1706	459	20	(	(	PUNCT
cblr-1706	459	21	1953	1953	NUM
cblr-1706	459	22	)	)	PUNCT
cblr-1706	459	23	.	.	PUNCT
cblr-1706	460	1	in	in	ADP
cblr-1706	460	2	a	a	DET
cblr-1706	460	3	competitive	competitive	ADJ
cblr-1706	460	4	market	market	NOUN
cblr-1706	460	5	,	,	PUNCT
cblr-1706	460	6	firms	firm	NOUN
cblr-1706	460	7	that	that	PRON
cblr-1706	460	8	happen	happen	VERB
cblr-1706	460	9	to	to	ADP
cblr-1706	460	10	zig	zig	VERB
cblr-1706	460	11	when	when	SCONJ
cblr-1706	460	12	they	they	PRON
cblr-1706	460	13	should	should	AUX
cblr-1706	460	14	zag	zag	VERB
cblr-1706	460	15	will	will	AUX
cblr-1706	460	16	be	be	AUX
cblr-1706	460	17	eliminated	eliminate	VERB
cblr-1706	460	18	from	from	ADP
cblr-1706	460	19	the	the	DET
cblr-1706	460	20	system	system	NOUN
cblr-1706	460	21	.	.	PUNCT
cblr-1706	461	1	those	those	PRON
cblr-1706	461	2	remaining	remain	VERB
cblr-1706	461	3	will	will	AUX
cblr-1706	461	4	appear	appear	VERB
cblr-1706	461	5	to	to	PART
cblr-1706	461	6	have	have	AUX
cblr-1706	461	7	chosen	choose	VERB
cblr-1706	461	8	correctly	correctly	ADV
cblr-1706	461	9	even	even	ADV
cblr-1706	461	10	if	if	SCONJ
cblr-1706	461	11	their	their	PRON
cblr-1706	461	12	managers	manager	NOUN
cblr-1706	461	13	lacked	lack	VERB
cblr-1706	461	14	the	the	DET
cblr-1706	461	15	wherewithal	wherewithal	NOUN
cblr-1706	461	16	to	to	PART
cblr-1706	461	17	make	make	VERB
cblr-1706	461	18	an	an	DET
cblr-1706	461	19	intelligent	intelligent	ADJ
cblr-1706	461	20	choice	choice	NOUN
cblr-1706	461	21	.	.	PUNCT
cblr-1706	462	1	see	see	VERB
cblr-1706	462	2	armen	armen	PROPN
cblr-1706	462	3	e.	e.	PROPN
cblr-1706	462	4	alchian	alchian	PROPN
cblr-1706	462	5	,	,	PUNCT
cblr-1706	462	6	uncertainty	uncertainty	NOUN
cblr-1706	462	7	,	,	PUNCT
cblr-1706	462	8	evolution	evolution	NOUN
cblr-1706	462	9	,	,	PUNCT
cblr-1706	462	10	and	and	CCONJ
cblr-1706	462	11	economic	economic	ADJ
cblr-1706	462	12	theory	theory	NOUN
cblr-1706	462	13	,	,	PUNCT
cblr-1706	462	14	58	58	NUM
cblr-1706	462	15	j.	j.	PROPN
cblr-1706	462	16	pol	pol	PROPN
cblr-1706	462	17	.	.	PUNCT
cblr-1706	463	1	econ	econ	PROPN
cblr-1706	463	2	.	.	PUNCT
cblr-1706	464	1	211	211	NUM
cblr-1706	464	2	,	,	PUNCT
cblr-1706	464	3	220–21	220–21	NUM
cblr-1706	464	4	(	(	PUNCT
cblr-1706	464	5	1950	1950	NUM
cblr-1706	464	6	)	)	PUNCT
cblr-1706	464	7	.	.	PUNCT
cblr-1706	465	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	465	2	722	722	NUM
cblr-1706	465	3	columbia	columbia	PROPN
cblr-1706	465	4	business	business	NOUN
cblr-1706	465	5	law	law	PROPN
cblr-1706	465	6	review	review	NOUN
cblr-1706	465	7	[	[	X
cblr-1706	465	8	vol	vol	NOUN
cblr-1706	465	9	.	.	PUNCT
cblr-1706	465	10	2018	2018	NUM
cblr-1706	465	11	figure	figure	NOUN
cblr-1706	465	12	1	1	NUM
cblr-1706	465	13	:	:	PUNCT
cblr-1706	465	14	social	social	ADJ
cblr-1706	465	15	welfare	welfare	NOUN
cblr-1706	465	16	figure	figure	NOUN
cblr-1706	465	17	1	1	NUM
cblr-1706	465	18	shows	show	VERB
cblr-1706	465	19	the	the	DET
cblr-1706	465	20	unit	unit	NOUN
cblr-1706	465	21	rate	rate	NOUN
cblr-1706	465	22	of	of	ADP
cblr-1706	465	23	output	output	NOUN
cblr-1706	465	24	for	for	ADP
cblr-1706	465	25	a	a	DET
cblr-1706	465	26	traded	trade	VERB
cblr-1706	465	27	good	good	NOUN
cblr-1706	465	28	,	,	PUNCT
cblr-1706	465	29	q	q	X
cblr-1706	465	30	,	,	PUNCT
cblr-1706	465	31	on	on	ADP
cblr-1706	465	32	the	the	DET
cblr-1706	465	33	horizontal	horizontal	ADJ
cblr-1706	465	34	axis	axis	NOUN
cblr-1706	465	35	and	and	CCONJ
cblr-1706	465	36	the	the	DET
cblr-1706	465	37	price	price	NOUN
cblr-1706	465	38	in	in	ADP
cblr-1706	465	39	dollars	dollar	NOUN
cblr-1706	465	40	per	per	ADP
cblr-1706	465	41	unit	unit	NOUN
cblr-1706	465	42	,	,	PUNCT
cblr-1706	465	43	p	p	X
cblr-1706	465	44	,	,	PUNCT
cblr-1706	465	45	on	on	ADP
cblr-1706	465	46	the	the	DET
cblr-1706	465	47	vertical	vertical	ADJ
cblr-1706	465	48	axis	axis	NOUN
cblr-1706	465	49	.	.	PUNCT
cblr-1706	466	1	line	line	NOUN
cblr-1706	466	2	d	d	PROPN
cblr-1706	466	3	shows	show	VERB
cblr-1706	466	4	consumer	consumer	NOUN
cblr-1706	466	5	demand	demand	NOUN
cblr-1706	466	6	for	for	ADP
cblr-1706	466	7	the	the	DET
cblr-1706	466	8	good	good	NOUN
cblr-1706	466	9	,	,	PUNCT
cblr-1706	466	10	which	which	PRON
cblr-1706	466	11	is	be	AUX
cblr-1706	466	12	synonymous	synonymous	ADJ
cblr-1706	466	13	with	with	ADP
cblr-1706	466	14	aggregate	aggregate	ADJ
cblr-1706	466	15	marginal	marginal	ADJ
cblr-1706	466	16	valuation	valuation	NOUN
cblr-1706	466	17	(	(	PUNCT
cblr-1706	466	18	∑	∑	NOUN
cblr-1706	466	19	mvi	mvi	PROPN
cblr-1706	466	20	)	)	PUNCT
cblr-1706	466	21	across	across	ADP
cblr-1706	466	22	i	i	PRON
cblr-1706	466	23	consumers	consumer	NOUN
cblr-1706	466	24	,	,	PUNCT
cblr-1706	466	25	or	or	CCONJ
cblr-1706	466	26	social	social	ADJ
cblr-1706	466	27	benefit	benefit	NOUN
cblr-1706	466	28	,	,	PUNCT
cblr-1706	466	29	for	for	ADP
cblr-1706	466	30	each	each	DET
cblr-1706	466	31	possible	possible	ADJ
cblr-1706	466	32	rate	rate	NOUN
cblr-1706	466	33	of	of	ADP
cblr-1706	466	34	output	output	NOUN
cblr-1706	466	35	.	.	PUNCT
cblr-1706	467	1	the	the	DET
cblr-1706	467	2	demand	demand	NOUN
cblr-1706	467	3	curve	curve	NOUN
cblr-1706	467	4	slopes	slope	NOUN
cblr-1706	467	5	downward	downward	ADV
cblr-1706	467	6	to	to	ADP
cblr-1706	467	7	the	the	DET
cblr-1706	467	8	right	right	NOUN
cblr-1706	467	9	to	to	PART
cblr-1706	467	10	reflect	reflect	VERB
cblr-1706	467	11	diminishing	diminish	VERB
cblr-1706	467	12	marginal	marginal	ADJ
cblr-1706	467	13	valuation	valuation	NOUN
cblr-1706	467	14	.	.	PUNCT
cblr-1706	468	1	line	line	NOUN
cblr-1706	468	2	s	s	PROPN
cblr-1706	468	3	shows	show	NOUN
cblr-1706	468	4	aggregate	aggregate	ADJ
cblr-1706	468	5	supply	supply	NOUN
cblr-1706	468	6	of	of	ADP
cblr-1706	468	7	the	the	DET
cblr-1706	468	8	good	good	NOUN
cblr-1706	468	9	across	across	ADP
cblr-1706	468	10	i	i	PROPN
cblr-1706	468	11	producers	producer	NOUN
cblr-1706	468	12	,	,	PUNCT
cblr-1706	468	13	roughly	roughly	ADV
cblr-1706	468	14	reflecting	reflect	VERB
cblr-1706	468	15	their	their	PRON
cblr-1706	468	16	aggregate	aggregate	ADJ
cblr-1706	468	17	marginal	marginal	ADJ
cblr-1706	468	18	cost	cost	NOUN
cblr-1706	468	19	(	(	PUNCT
cblr-1706	468	20	∑	∑	ADV
cblr-1706	468	21	mcj	mcj	PROPN
cblr-1706	468	22	)	)	PUNCT
cblr-1706	468	23	for	for	ADP
cblr-1706	468	24	each	each	DET
cblr-1706	468	25	possible	possible	ADJ
cblr-1706	468	26	quantity	quantity	NOUN
cblr-1706	468	27	,	,	PUNCT
cblr-1706	468	28	with	with	ADP
cblr-1706	468	29	these	these	DET
cblr-1706	468	30	costs	cost	NOUN
cblr-1706	468	31	equal	equal	ADJ
cblr-1706	468	32	to	to	ADP
cblr-1706	468	33	the	the	DET
cblr-1706	468	34	value	value	NOUN
cblr-1706	468	35	of	of	ADP
cblr-1706	468	36	productive	productive	ADJ
cblr-1706	468	37	inputs	input	NOUN
cblr-1706	468	38	if	if	SCONJ
cblr-1706	468	39	deployed	deploy	VERB
cblr-1706	468	40	elsewhere	elsewhere	ADV
cblr-1706	468	41	.	.	PUNCT
cblr-1706	469	1	the	the	DET
cblr-1706	469	2	supply	supply	NOUN
cblr-1706	469	3	curve	curve	NOUN
cblr-1706	469	4	slopes	slope	NOUN
cblr-1706	469	5	up	up	ADP
cblr-1706	469	6	to	to	ADP
cblr-1706	469	7	the	the	DET
cblr-1706	469	8	right	right	NOUN
cblr-1706	469	9	,	,	PUNCT
cblr-1706	469	10	reflecting	reflect	VERB
cblr-1706	469	11	increasing	increase	VERB
cblr-1706	469	12	marginal	marginal	ADJ
cblr-1706	469	13	cost	cost	NOUN
cblr-1706	469	14	.	.	PUNCT
cblr-1706	470	1	in	in	ADP
cblr-1706	470	2	a	a	DET
cblr-1706	470	3	well	well	ADV
cblr-1706	470	4	-	-	PUNCT
cblr-1706	470	5	functioning	function	VERB
cblr-1706	470	6	competitive	competitive	ADJ
cblr-1706	470	7	market	market	NOUN
cblr-1706	470	8	with	with	ADP
cblr-1706	470	9	no	no	DET
cblr-1706	470	10	transaction	transaction	NOUN
cblr-1706	470	11	costs	cost	NOUN
cblr-1706	470	12	,	,	PUNCT
cblr-1706	470	13	the	the	DET
cblr-1706	470	14	equilibrium	equilibrium	NOUN
cblr-1706	470	15	price	price	NOUN
cblr-1706	470	16	is	be	AUX
cblr-1706	470	17	p	p	PROPN
cblr-1706	470	18	*	*	PUNCT
cblr-1706	470	19	and	and	CCONJ
cblr-1706	470	20	output	output	NOUN
cblr-1706	470	21	is	be	AUX
cblr-1706	470	22	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	470	23	no	no	NOUN
cblr-1706	470	24	.	.	PUNCT
cblr-1706	471	1	3:695	3:695	NUM
cblr-1706	471	2	]	]	X
cblr-1706	471	3	a	a	DET
cblr-1706	471	4	transaction	transaction	NOUN
cblr-1706	471	5	cost	cost	NOUN
cblr-1706	471	6	assessment	assessment	NOUN
cblr-1706	471	7	723	723	NUM
cblr-1706	471	8	q	q	NOUN
cblr-1706	471	9	*	*	PUNCT
cblr-1706	471	10	.	.	PUNCT
cblr-1706	472	1	consumers	consumer	NOUN
cblr-1706	472	2	make	make	VERB
cblr-1706	472	3	total	total	ADJ
cblr-1706	472	4	expenditures	expenditure	NOUN
cblr-1706	472	5	equal	equal	ADJ
cblr-1706	472	6	to	to	PART
cblr-1706	472	7	rectangle	rectangle	VERB
cblr-1706	472	8	p	p	X
cblr-1706	472	9	*	*	NOUN
cblr-1706	472	10	x	x	X
cblr-1706	472	11	q	q	NOUN
cblr-1706	472	12	*	*	NOUN
cblr-1706	472	13	.	.	PUNCT
cblr-1706	473	1	for	for	ADP
cblr-1706	473	2	the	the	DET
cblr-1706	473	3	marginal	marginal	ADJ
cblr-1706	473	4	unit	unit	NOUN
cblr-1706	473	5	of	of	ADP
cblr-1706	473	6	the	the	DET
cblr-1706	473	7	good	good	ADJ
cblr-1706	473	8	,	,	PUNCT
cblr-1706	473	9	consumer	consumer	NOUN
cblr-1706	473	10	valuation	valuation	NOUN
cblr-1706	473	11	is	be	AUX
cblr-1706	473	12	exactly	exactly	ADV
cblr-1706	473	13	equal	equal	ADJ
cblr-1706	473	14	to	to	ADP
cblr-1706	473	15	price	price	NOUN
cblr-1706	473	16	,	,	PUNCT
cblr-1706	473	17	and	and	CCONJ
cblr-1706	473	18	consumers	consumer	NOUN
cblr-1706	473	19	are	be	AUX
cblr-1706	473	20	indifferent	indifferent	ADJ
cblr-1706	473	21	to	to	ADP
cblr-1706	473	22	whether	whether	SCONJ
cblr-1706	473	23	they	they	PRON
cblr-1706	473	24	buy	buy	VERB
cblr-1706	473	25	this	this	DET
cblr-1706	473	26	unit	unit	NOUN
cblr-1706	473	27	or	or	CCONJ
cblr-1706	473	28	not	not	PART
cblr-1706	473	29	,	,	PUNCT
cblr-1706	473	30	so	so	ADV
cblr-1706	473	31	it	it	PRON
cblr-1706	473	32	generates	generate	VERB
cblr-1706	473	33	no	no	DET
cblr-1706	473	34	surplus—“net	surplus—“net	NOUN
cblr-1706	473	35	benefits”—at	benefits”—at	NOUN
cblr-1706	473	36	margin	margin	NOUN
cblr-1706	473	37	.	.	PUNCT
cblr-1706	474	1	moving	move	VERB
cblr-1706	474	2	backward	backward	ADV
cblr-1706	474	3	along	along	ADP
cblr-1706	474	4	the	the	DET
cblr-1706	474	5	demand	demand	NOUN
cblr-1706	474	6	curve	curve	NOUN
cblr-1706	474	7	,	,	PUNCT
cblr-1706	474	8	consumers	consumer	NOUN
cblr-1706	474	9	’	'	PUNCT
cblr-1706	474	10	valuation	valuation	NOUN
cblr-1706	474	11	of	of	ADP
cblr-1706	474	12	the	the	DET
cblr-1706	474	13	good	good	NOUN
cblr-1706	474	14	increasingly	increasingly	ADV
cblr-1706	474	15	exceeds	exceed	VERB
cblr-1706	474	16	the	the	DET
cblr-1706	474	17	price	price	NOUN
cblr-1706	474	18	they	they	PRON
cblr-1706	474	19	pay	pay	VERB
cblr-1706	474	20	.	.	PUNCT
cblr-1706	475	1	for	for	ADP
cblr-1706	475	2	q	q	NOUN
cblr-1706	475	3	*	*	VERB
cblr-1706	475	4	units	unit	NOUN
cblr-1706	475	5	per	per	ADP
cblr-1706	475	6	period	period	NOUN
cblr-1706	475	7	,	,	PUNCT
cblr-1706	475	8	their	their	PRON
cblr-1706	475	9	total	total	ADJ
cblr-1706	475	10	valuation	valuation	NOUN
cblr-1706	475	11	is	be	AUX
cblr-1706	475	12	represented	represent	VERB
cblr-1706	475	13	by	by	ADP
cblr-1706	475	14	the	the	DET
cblr-1706	475	15	large	large	ADJ
cblr-1706	475	16	trapezoid	trapezoid	NOUN
cblr-1706	475	17	under	under	ADP
cblr-1706	475	18	the	the	DET
cblr-1706	475	19	demand	demand	NOUN
cblr-1706	475	20	curve	curve	NOUN
cblr-1706	475	21	between	between	ADP
cblr-1706	475	22	zero	zero	NUM
cblr-1706	475	23	units	unit	NOUN
cblr-1706	475	24	and	and	CCONJ
cblr-1706	475	25	q	q	NOUN
cblr-1706	475	26	*	*	NOUN
cblr-1706	475	27	units	unit	NOUN
cblr-1706	475	28	.	.	PUNCT
cblr-1706	476	1	subtracting	subtract	VERB
cblr-1706	476	2	their	their	PRON
cblr-1706	476	3	total	total	ADJ
cblr-1706	476	4	expenditures	expenditure	NOUN
cblr-1706	476	5	,	,	PUNCT
cblr-1706	476	6	p	p	X
cblr-1706	476	7	*	*	PUNCT
cblr-1706	476	8	x	x	SYM
cblr-1706	476	9	q	q	PUNCT
cblr-1706	476	10	*	*	NOUN
cblr-1706	476	11	,	,	PUNCT
cblr-1706	476	12	the	the	DET
cblr-1706	476	13	remaining	remain	VERB
cblr-1706	476	14	upper	upper	ADJ
cblr-1706	476	15	dotted	dotted	ADJ
cblr-1706	476	16	triangle	triangle	NOUN
cblr-1706	476	17	is	be	AUX
cblr-1706	476	18	known	know	VERB
cblr-1706	476	19	as	as	ADP
cblr-1706	476	20	consumer	consumer	NOUN
cblr-1706	476	21	surplus	surplus	NOUN
cblr-1706	476	22	,	,	PUNCT
cblr-1706	476	23	one	one	NUM
cblr-1706	476	24	component	component	NOUN
cblr-1706	476	25	of	of	ADP
cblr-1706	476	26	social	social	ADJ
cblr-1706	476	27	welfare	welfare	NOUN
cblr-1706	476	28	.	.	PUNCT
cblr-1706	477	1	a	a	DET
cblr-1706	477	2	similar	similar	ADJ
cblr-1706	477	3	story	story	NOUN
cblr-1706	477	4	can	can	AUX
cblr-1706	477	5	be	be	AUX
cblr-1706	477	6	told	tell	VERB
cblr-1706	477	7	for	for	ADP
cblr-1706	477	8	producers	producer	NOUN
cblr-1706	477	9	.	.	PUNCT
cblr-1706	478	1	for	for	ADP
cblr-1706	478	2	q	q	PROPN
cblr-1706	478	3	*	*	NOUN
cblr-1706	478	4	units	unit	NOUN
cblr-1706	478	5	,	,	PUNCT
cblr-1706	478	6	they	they	PRON
cblr-1706	478	7	are	be	AUX
cblr-1706	478	8	indifferent	indifferent	ADJ
cblr-1706	478	9	to	to	ADP
cblr-1706	478	10	whether	whether	SCONJ
cblr-1706	478	11	or	or	CCONJ
cblr-1706	478	12	not	not	PART
cblr-1706	478	13	they	they	PRON
cblr-1706	478	14	supply	supply	VERB
cblr-1706	478	15	the	the	DET
cblr-1706	478	16	marginal	marginal	ADJ
cblr-1706	478	17	unit	unit	NOUN
cblr-1706	478	18	because	because	SCONJ
cblr-1706	478	19	p	p	X
cblr-1706	478	20	*	*	PUNCT
cblr-1706	478	21	=	=	PRON
cblr-1706	478	22	mc	mc	PROPN
cblr-1706	478	23	for	for	ADP
cblr-1706	478	24	that	that	DET
cblr-1706	478	25	unit	unit	NOUN
cblr-1706	478	26	.	.	PUNCT
cblr-1706	479	1	as	as	ADP
cblr-1706	479	2	a	a	DET
cblr-1706	479	3	result	result	NOUN
cblr-1706	479	4	of	of	ADP
cblr-1706	479	5	supplying	supply	VERB
cblr-1706	479	6	q	q	NOUN
cblr-1706	479	7	*	*	NOUN
cblr-1706	479	8	units	unit	NOUN
cblr-1706	479	9	rather	rather	ADV
cblr-1706	479	10	than	than	ADP
cblr-1706	479	11	none	none	NOUN
cblr-1706	479	12	,	,	PUNCT
cblr-1706	479	13	they	they	PRON
cblr-1706	479	14	earn	earn	VERB
cblr-1706	479	15	total	total	ADJ
cblr-1706	479	16	revenues	revenue	NOUN
cblr-1706	479	17	of	of	ADP
cblr-1706	479	18	p	p	X
cblr-1706	479	19	*	*	PUNCT
cblr-1706	479	20	x	x	X
cblr-1706	479	21	q	q	PUNCT
cblr-1706	479	22	*	*	PUNCT
cblr-1706	479	23	,	,	PUNCT
cblr-1706	479	24	exactly	exactly	ADV
cblr-1706	479	25	what	what	PRON
cblr-1706	479	26	consumers	consumer	NOUN
cblr-1706	479	27	spend	spend	VERB
cblr-1706	479	28	.	.	PUNCT
cblr-1706	480	1	their	their	PRON
cblr-1706	480	2	cost	cost	NOUN
cblr-1706	480	3	of	of	ADP
cblr-1706	480	4	supplying	supply	VERB
cblr-1706	480	5	q	q	NOUN
cblr-1706	480	6	*	*	NOUN
cblr-1706	480	7	units	unit	NOUN
cblr-1706	480	8	is	be	AUX
cblr-1706	480	9	the	the	DET
cblr-1706	480	10	trapezoid	trapezoid	NOUN
cblr-1706	480	11	beneath	beneath	ADP
cblr-1706	480	12	mc	mc	PROPN
cblr-1706	480	13	from	from	ADP
cblr-1706	480	14	zero	zero	NUM
cblr-1706	480	15	to	to	ADP
cblr-1706	480	16	q	q	PROPN
cblr-1706	480	17	*	*	NOUN
cblr-1706	480	18	.	.	PUNCT
cblr-1706	481	1	the	the	DET
cblr-1706	481	2	difference	difference	NOUN
cblr-1706	481	3	is	be	AUX
cblr-1706	481	4	represented	represent	VERB
cblr-1706	481	5	by	by	ADP
cblr-1706	481	6	the	the	DET
cblr-1706	481	7	lower	low	ADJ
cblr-1706	481	8	crosshatched	crosshatch	VERB
cblr-1706	481	9	triangle	triangle	NOUN
cblr-1706	481	10	.	.	PUNCT
cblr-1706	482	1	together	together	ADV
cblr-1706	482	2	,	,	PUNCT
cblr-1706	482	3	consumer	consumer	NOUN
cblr-1706	482	4	and	and	CCONJ
cblr-1706	482	5	producer	producer	NOUN
cblr-1706	482	6	surplus	surplus	NOUN
cblr-1706	482	7	constitute	constitute	VERB
cblr-1706	482	8	the	the	DET
cblr-1706	482	9	gains	gain	NOUN
cblr-1706	482	10	from	from	ADP
cblr-1706	482	11	trade	trade	NOUN
cblr-1706	482	12	,	,	PUNCT
cblr-1706	482	13	total	total	ADJ
cblr-1706	482	14	social	social	ADJ
cblr-1706	482	15	welfare	welfare	NOUN
cblr-1706	482	16	,	,	PUNCT
cblr-1706	482	17	or	or	CCONJ
cblr-1706	482	18	what	what	PRON
cblr-1706	482	19	executive	executive	ADJ
cblr-1706	482	20	order	order	NOUN
cblr-1706	482	21	12,291	12,291	NUM
cblr-1706	482	22	refers	refer	VERB
cblr-1706	482	23	to	to	ADP
cblr-1706	482	24	as	as	ADP
cblr-1706	482	25	the	the	DET
cblr-1706	482	26	“	"	PUNCT
cblr-1706	482	27	aggregate	aggregate	ADJ
cblr-1706	482	28	net	net	ADJ
cblr-1706	482	29	benefits	benefit	NOUN
cblr-1706	482	30	to	to	PART
cblr-1706	482	31	society”113	society”113	VERB
cblr-1706	482	32	from	from	ADP
cblr-1706	482	33	having	have	VERB
cblr-1706	482	34	q	q	NOUN
cblr-1706	482	35	*	*	NOUN
cblr-1706	482	36	units	unit	NOUN
cblr-1706	482	37	rather	rather	ADV
cblr-1706	482	38	than	than	ADP
cblr-1706	482	39	none	none	NOUN
cblr-1706	482	40	at	at	ADV
cblr-1706	482	41	all	all	ADV
cblr-1706	482	42	.	.	PUNCT
cblr-1706	483	1	the	the	DET
cblr-1706	483	2	resulting	result	VERB
cblr-1706	483	3	allocation	allocation	NOUN
cblr-1706	483	4	of	of	ADP
cblr-1706	483	5	resources	resource	NOUN
cblr-1706	483	6	is	be	AUX
cblr-1706	483	7	said	say	VERB
cblr-1706	483	8	to	to	PART
cblr-1706	483	9	be	be	AUX
cblr-1706	483	10	pareto	pareto	VERB
cblr-1706	483	11	optimal	optimal	ADJ
cblr-1706	483	12	because	because	SCONJ
cblr-1706	483	13	no	no	DET
cblr-1706	483	14	reallocation	reallocation	NOUN
cblr-1706	483	15	can	can	AUX
cblr-1706	483	16	improve	improve	VERB
cblr-1706	483	17	social	social	ADJ
cblr-1706	483	18	welfare	welfare	NOUN
cblr-1706	483	19	.	.	PUNCT
cblr-1706	484	1	hypothetically	hypothetically	ADV
cblr-1706	484	2	,	,	PUNCT
cblr-1706	484	3	if	if	SCONJ
cblr-1706	484	4	output	output	NOUN
cblr-1706	484	5	is	be	AUX
cblr-1706	484	6	forced	force	VERB
cblr-1706	484	7	below	below	ADP
cblr-1706	484	8	q	q	PROPN
cblr-1706	484	9	*	*	PROPN
cblr-1706	484	10	,	,	PUNCT
cblr-1706	484	11	consumers	consumer	NOUN
cblr-1706	484	12	sacrifice	sacrifice	VERB
cblr-1706	484	13	more	more	ADJ
cblr-1706	484	14	value	value	NOUN
cblr-1706	484	15	than	than	SCONJ
cblr-1706	484	16	producers	producer	NOUN
cblr-1706	484	17	save	save	VERB
cblr-1706	484	18	.	.	PUNCT
cblr-1706	485	1	if	if	SCONJ
cblr-1706	485	2	output	output	NOUN
cblr-1706	485	3	is	be	AUX
cblr-1706	485	4	forced	force	VERB
cblr-1706	485	5	above	above	ADP
cblr-1706	485	6	q	q	PROPN
cblr-1706	485	7	*	*	PROPN
cblr-1706	485	8	,	,	PUNCT
cblr-1706	485	9	producers	producer	NOUN
cblr-1706	485	10	lose	lose	VERB
cblr-1706	485	11	more	more	ADJ
cblr-1706	485	12	value	value	NOUN
cblr-1706	485	13	than	than	SCONJ
cblr-1706	485	14	consumers	consumer	NOUN
cblr-1706	485	15	gain	gain	VERB
cblr-1706	485	16	.	.	PUNCT
cblr-1706	486	1	the	the	DET
cblr-1706	486	2	neoclassical	neoclassical	ADJ
cblr-1706	486	3	model	model	NOUN
cblr-1706	486	4	is	be	AUX
cblr-1706	486	5	remarkably	remarkably	ADV
cblr-1706	486	6	powerful	powerful	ADJ
cblr-1706	486	7	for	for	ADP
cblr-1706	486	8	predicting	predict	VERB
cblr-1706	486	9	the	the	DET
cblr-1706	486	10	direction	direction	NOUN
cblr-1706	486	11	of	of	ADP
cblr-1706	486	12	the	the	DET
cblr-1706	486	13	marginal	marginal	ADJ
cblr-1706	486	14	effects	effect	NOUN
cblr-1706	486	15	from	from	ADP
cblr-1706	486	16	an	an	DET
cblr-1706	486	17	outside	outside	ADJ
cblr-1706	486	18	shock	shock	NOUN
cblr-1706	486	19	,	,	PUNCT
cblr-1706	486	20	widely	widely	ADV
cblr-1706	486	21	known	know	VERB
cblr-1706	486	22	as	as	ADP
cblr-1706	486	23	“	"	PUNCT
cblr-1706	486	24	comparative	comparative	ADJ
cblr-1706	486	25	statics	static	NOUN
cblr-1706	486	26	.	.	PUNCT
cblr-1706	486	27	”114	”114	PROPN
cblr-1706	487	1	obvious	obvious	ADJ
cblr-1706	487	2	examples	example	NOUN
cblr-1706	487	3	include	include	VERB
cblr-1706	487	4	the	the	DET
cblr-1706	487	5	imposition	imposition	NOUN
cblr-1706	487	6	of	of	ADP
cblr-1706	487	7	a	a	DET
cblr-1706	487	8	new	new	ADJ
cblr-1706	487	9	tax	tax	NOUN
cblr-1706	487	10	or	or	CCONJ
cblr-1706	487	11	a	a	DET
cblr-1706	487	12	restriction	restriction	NOUN
cblr-1706	487	13	on	on	ADP
cblr-1706	487	14	trade	trade	NOUN
cblr-1706	487	15	that	that	SCONJ
cblr-1706	487	16	shifts	shift	NOUN
cblr-1706	487	17	either	either	CCONJ
cblr-1706	487	18	the	the	DET
cblr-1706	487	19	demand	demand	NOUN
cblr-1706	487	20	or	or	CCONJ
cblr-1706	487	21	supply	supply	NOUN
cblr-1706	487	22	curve	curve	NOUN
cblr-1706	487	23	and	and	CCONJ
cblr-1706	487	24	causes	cause	VERB
cblr-1706	487	25	predictable	predictable	ADJ
cblr-1706	487	26	changes	change	NOUN
cblr-1706	487	27	in	in	ADP
cblr-1706	487	28	prices	price	NOUN
cblr-1706	487	29	,	,	PUNCT
cblr-1706	487	30	rates	rate	NOUN
cblr-1706	487	31	of	of	ADP
cblr-1706	487	32	113	113	NUM
cblr-1706	487	33	see	see	NOUN
cblr-1706	487	34	exec	exec	NOUN
cblr-1706	487	35	.	.	PUNCT
cblr-1706	488	1	order	order	NOUN
cblr-1706	488	2	no	no	INTJ
cblr-1706	488	3	.	.	PROPN
cblr-1706	488	4	12,291	12,291	NUM
cblr-1706	488	5	,	,	PUNCT
cblr-1706	488	6	46	46	NUM
cblr-1706	488	7	fed	feed	VERB
cblr-1706	488	8	.	.	PUNCT
cblr-1706	489	1	reg	reg	PROPN
cblr-1706	489	2	.	.	PROPN
cblr-1706	490	1	13,193	13,193	NUM
cblr-1706	490	2	§	§	PROPN
cblr-1706	490	3	2	2	NUM
cblr-1706	490	4	(	(	PUNCT
cblr-1706	490	5	feb	feb	PROPN
cblr-1706	490	6	.	.	PROPN
cblr-1706	490	7	17	17	NUM
cblr-1706	490	8	,	,	PUNCT
cblr-1706	490	9	1981	1981	NUM
cblr-1706	490	10	)	)	PUNCT
cblr-1706	490	11	.	.	PUNCT
cblr-1706	491	1	114	114	NUM
cblr-1706	491	2	see	see	VERB
cblr-1706	491	3	generally	generally	ADV
cblr-1706	491	4	eugene	eugene	PROPN
cblr-1706	491	5	silberberg	silberberg	PROPN
cblr-1706	491	6	&	&	CCONJ
cblr-1706	491	7	wing	wing	PROPN
cblr-1706	491	8	suen	suen	PROPN
cblr-1706	491	9	,	,	PUNCT
cblr-1706	491	10	the	the	DET
cblr-1706	491	11	structure	structure	NOUN
cblr-1706	491	12	of	of	ADP
cblr-1706	491	13	economics	economic	NOUN
cblr-1706	491	14	:	:	PUNCT
cblr-1706	491	15	a	a	DET
cblr-1706	491	16	mathematical	mathematical	ADJ
cblr-1706	491	17	analysis	analysis	NOUN
cblr-1706	491	18	1–15	1–15	PROPN
cblr-1706	491	19	(	(	PUNCT
cblr-1706	491	20	3d	3d	NUM
cblr-1706	491	21	ed	ed	NOUN
cblr-1706	491	22	.	.	PROPN
cblr-1706	491	23	2001	2001	NUM
cblr-1706	491	24	)	)	PUNCT
cblr-1706	491	25	.	.	PUNCT
cblr-1706	492	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	492	2	724	724	NUM
cblr-1706	492	3	columbia	columbia	PROPN
cblr-1706	492	4	business	business	NOUN
cblr-1706	492	5	law	law	PROPN
cblr-1706	492	6	review	review	NOUN
cblr-1706	492	7	[	[	X
cblr-1706	492	8	vol	vol	NOUN
cblr-1706	492	9	.	.	NOUN
cblr-1706	492	10	2018	2018	NUM
cblr-1706	492	11	output	output	NOUN
cblr-1706	492	12	,	,	PUNCT
cblr-1706	492	13	and	and	CCONJ
cblr-1706	492	14	other	other	ADJ
cblr-1706	492	15	observable	observable	ADJ
cblr-1706	492	16	reflections	reflection	NOUN
cblr-1706	492	17	of	of	ADP
cblr-1706	492	18	the	the	DET
cblr-1706	492	19	parties	party	NOUN
cblr-1706	492	20	’	’	PART
cblr-1706	492	21	behavior	behavior	NOUN
cblr-1706	492	22	.	.	PUNCT
cblr-1706	493	1	more	more	ADV
cblr-1706	493	2	generally	generally	ADV
cblr-1706	493	3	,	,	PUNCT
cblr-1706	493	4	the	the	DET
cblr-1706	493	5	model	model	NOUN
cblr-1706	493	6	can	can	AUX
cblr-1706	493	7	be	be	AUX
cblr-1706	493	8	used	use	VERB
cblr-1706	493	9	to	to	PART
cblr-1706	493	10	explain	explain	VERB
cblr-1706	493	11	how	how	SCONJ
cblr-1706	493	12	and	and	CCONJ
cblr-1706	493	13	why	why	SCONJ
cblr-1706	493	14	observed	observed	ADJ
cblr-1706	493	15	patterns	pattern	NOUN
cblr-1706	493	16	of	of	ADP
cblr-1706	493	17	behavior	behavior	NOUN
cblr-1706	493	18	vary	vary	VERB
cblr-1706	493	19	across	across	ADP
cblr-1706	493	20	time	time	NOUN
cblr-1706	493	21	or	or	CCONJ
cblr-1706	493	22	differ	differ	VERB
cblr-1706	493	23	cross	cross	ADJ
cblr-1706	493	24	-	-	ADJ
cblr-1706	493	25	sectionally	sectionally	ADV
cblr-1706	493	26	when	when	SCONJ
cblr-1706	493	27	the	the	DET
cblr-1706	493	28	constraints	constraint	NOUN
cblr-1706	493	29	that	that	PRON
cblr-1706	493	30	market	market	NOUN
cblr-1706	493	31	participants	participant	NOUN
cblr-1706	493	32	face	face	VERB
cblr-1706	493	33	change	change	NOUN
cblr-1706	493	34	at	at	ADP
cblr-1706	493	35	the	the	DET
cblr-1706	493	36	margin	margin	NOUN
cblr-1706	493	37	.	.	PUNCT
cblr-1706	494	1	the	the	DET
cblr-1706	494	2	model	model	NOUN
cblr-1706	494	3	is	be	AUX
cblr-1706	494	4	not	not	PART
cblr-1706	494	5	only	only	ADV
cblr-1706	494	6	testable	testable	ADJ
cblr-1706	494	7	,	,	PUNCT
cblr-1706	494	8	but	but	CCONJ
cblr-1706	494	9	has	have	AUX
cblr-1706	494	10	been	be	AUX
cblr-1706	494	11	repeatedly	repeatedly	ADV
cblr-1706	494	12	tested	test	VERB
cblr-1706	494	13	and	and	CCONJ
cblr-1706	494	14	has	have	AUX
cblr-1706	494	15	survived	survive	VERB
cblr-1706	494	16	testing	test	VERB
cblr-1706	494	17	largely	largely	ADV
cblr-1706	494	18	intact	intact	ADJ
cblr-1706	494	19	.	.	PUNCT
cblr-1706	495	1	the	the	DET
cblr-1706	495	2	neoclassical	neoclassical	ADJ
cblr-1706	495	3	model	model	NOUN
cblr-1706	495	4	’s	’s	PART
cblr-1706	495	5	reliability	reliability	NOUN
cblr-1706	495	6	falls	fall	VERB
cblr-1706	495	7	off	off	ADP
cblr-1706	495	8	as	as	SCONJ
cblr-1706	495	9	we	we	PRON
cblr-1706	495	10	move	move	VERB
cblr-1706	495	11	beyond	beyond	ADP
cblr-1706	495	12	comparative	comparative	ADJ
cblr-1706	495	13	statics	static	NOUN
cblr-1706	495	14	.	.	PUNCT
cblr-1706	496	1	quantifying	quantify	VERB
cblr-1706	496	2	social	social	ADJ
cblr-1706	496	3	welfare	welfare	NOUN
cblr-1706	496	4	,	,	PUNCT
cblr-1706	496	5	or	or	CCONJ
cblr-1706	496	6	even	even	ADV
cblr-1706	496	7	just	just	ADV
cblr-1706	496	8	the	the	DET
cblr-1706	496	9	marginal	marginal	ADJ
cblr-1706	496	10	effect	effect	NOUN
cblr-1706	496	11	on	on	ADP
cblr-1706	496	12	social	social	ADJ
cblr-1706	496	13	welfare	welfare	NOUN
cblr-1706	496	14	from	from	ADP
cblr-1706	496	15	a	a	DET
cblr-1706	496	16	given	give	VERB
cblr-1706	496	17	shock	shock	NOUN
cblr-1706	496	18	,	,	PUNCT
cblr-1706	496	19	is	be	AUX
cblr-1706	496	20	far	far	ADV
cblr-1706	496	21	less	less	ADV
cblr-1706	496	22	reliable	reliable	ADJ
cblr-1706	496	23	.	.	PUNCT
cblr-1706	497	1	economists	economist	NOUN
cblr-1706	497	2	hypothesize	hypothesize	VERB
cblr-1706	497	3	that	that	SCONJ
cblr-1706	497	4	the	the	DET
cblr-1706	497	5	area	area	NOUN
cblr-1706	497	6	under	under	ADP
cblr-1706	497	7	a	a	DET
cblr-1706	497	8	demand	demand	NOUN
cblr-1706	497	9	curve	curve	NOUN
cblr-1706	497	10	up	up	ADP
cblr-1706	497	11	to	to	ADP
cblr-1706	497	12	any	any	DET
cblr-1706	497	13	arbitrary	arbitrary	ADJ
cblr-1706	497	14	rate	rate	NOUN
cblr-1706	497	15	of	of	ADP
cblr-1706	497	16	output	output	NOUN
cblr-1706	497	17	reflects	reflect	VERB
cblr-1706	497	18	total	total	ADJ
cblr-1706	497	19	consumer	consumer	NOUN
cblr-1706	497	20	valuation	valuation	NOUN
cblr-1706	497	21	,	,	PUNCT
cblr-1706	497	22	but	but	CCONJ
cblr-1706	497	23	getting	get	VERB
cblr-1706	497	24	enough	enough	ADJ
cblr-1706	497	25	data	datum	NOUN
cblr-1706	497	26	to	to	PART
cblr-1706	497	27	reliably	reliably	ADV
cblr-1706	497	28	estimate	estimate	VERB
cblr-1706	497	29	a	a	DET
cblr-1706	497	30	real	real	ADJ
cblr-1706	497	31	-	-	PUNCT
cblr-1706	497	32	world	world	NOUN
cblr-1706	497	33	demand	demand	NOUN
cblr-1706	497	34	curve	curve	NOUN
cblr-1706	497	35	is	be	AUX
cblr-1706	497	36	problematic	problematic	ADJ
cblr-1706	497	37	.	.	PUNCT
cblr-1706	498	1	not	not	PART
cblr-1706	498	2	only	only	ADV
cblr-1706	498	3	is	be	AUX
cblr-1706	498	4	the	the	DET
cblr-1706	498	5	economy	economy	NOUN
cblr-1706	498	6	a	a	DET
cblr-1706	498	7	noisy	noisy	ADJ
cblr-1706	498	8	place	place	NOUN
cblr-1706	498	9	,	,	PUNCT
cblr-1706	498	10	but	but	CCONJ
cblr-1706	498	11	most	most	ADJ
cblr-1706	498	12	of	of	ADP
cblr-1706	498	13	the	the	DET
cblr-1706	498	14	variation	variation	NOUN
cblr-1706	498	15	we	we	PRON
cblr-1706	498	16	observe	observe	VERB
cblr-1706	498	17	is	be	AUX
cblr-1706	498	18	in	in	ADP
cblr-1706	498	19	a	a	DET
cblr-1706	498	20	narrow	narrow	ADJ
cblr-1706	498	21	neighborhood	neighborhood	NOUN
cblr-1706	498	22	around	around	ADP
cblr-1706	498	23	the	the	DET
cblr-1706	498	24	equilibrium	equilibrium	NOUN
cblr-1706	498	25	price	price	NOUN
cblr-1706	498	26	and	and	CCONJ
cblr-1706	498	27	quantity	quantity	NOUN
cblr-1706	498	28	.	.	PUNCT
cblr-1706	499	1	among	among	ADP
cblr-1706	499	2	other	other	ADJ
cblr-1706	499	3	things	thing	NOUN
cblr-1706	499	4	,	,	PUNCT
cblr-1706	499	5	accurate	accurate	ADJ
cblr-1706	499	6	quantification	quantification	NOUN
cblr-1706	499	7	requires	require	VERB
cblr-1706	499	8	the	the	DET
cblr-1706	499	9	researcher	researcher	NOUN
cblr-1706	499	10	to	to	PART
cblr-1706	499	11	estimate	estimate	VERB
cblr-1706	499	12	how	how	SCONJ
cblr-1706	499	13	much	much	ADJ
cblr-1706	499	14	people	people	NOUN
cblr-1706	499	15	would	would	AUX
cblr-1706	499	16	pay	pay	VERB
cblr-1706	499	17	for	for	ADP
cblr-1706	499	18	the	the	DET
cblr-1706	499	19	first	first	ADJ
cblr-1706	499	20	few	few	ADJ
cblr-1706	499	21	units	unit	NOUN
cblr-1706	499	22	of	of	ADP
cblr-1706	499	23	a	a	DET
cblr-1706	499	24	good	good	NOUN
cblr-1706	499	25	whose	whose	DET
cblr-1706	499	26	normal	normal	ADJ
cblr-1706	499	27	consumption	consumption	NOUN
cblr-1706	499	28	might	might	AUX
cblr-1706	499	29	be	be	AUX
cblr-1706	499	30	in	in	ADP
cblr-1706	499	31	the	the	DET
cblr-1706	499	32	millions	million	NOUN
cblr-1706	499	33	.	.	PUNCT
cblr-1706	500	1	the	the	DET
cblr-1706	500	2	thorny	thorny	ADJ
cblr-1706	500	3	scientific	scientific	ADJ
cblr-1706	500	4	question	question	NOUN
cblr-1706	500	5	is	be	AUX
cblr-1706	500	6	what	what	DET
cblr-1706	500	7	evidence	evidence	NOUN
cblr-1706	500	8	could	could	AUX
cblr-1706	500	9	possibly	possibly	ADV
cblr-1706	500	10	refute	refute	VERB
cblr-1706	500	11	any	any	DET
cblr-1706	500	12	specific	specific	ADJ
cblr-1706	500	13	measure	measure	NOUN
cblr-1706	500	14	of	of	ADP
cblr-1706	500	15	social	social	ADJ
cblr-1706	500	16	welfare	welfare	NOUN
cblr-1706	500	17	or	or	CCONJ
cblr-1706	500	18	,	,	PUNCT
cblr-1706	500	19	by	by	ADP
cblr-1706	500	20	implication	implication	NOUN
cblr-1706	500	21	,	,	PUNCT
cblr-1706	500	22	any	any	DET
cblr-1706	500	23	cost	cost	NOUN
cblr-1706	500	24	-	-	PUNCT
cblr-1706	500	25	benefit	benefit	NOUN
cblr-1706	500	26	analysis	analysis	NOUN
cblr-1706	500	27	?	?	PUNCT
cblr-1706	501	1	the	the	DET
cblr-1706	501	2	same	same	ADJ
cblr-1706	501	3	can	can	AUX
cblr-1706	501	4	be	be	AUX
cblr-1706	501	5	said	say	VERB
cblr-1706	501	6	on	on	ADP
cblr-1706	501	7	the	the	DET
cblr-1706	501	8	producer	producer	NOUN
cblr-1706	501	9	side	side	NOUN
cblr-1706	501	10	.	.	PUNCT
cblr-1706	502	1	the	the	DET
cblr-1706	502	2	supply	supply	NOUN
cblr-1706	502	3	curve	curve	NOUN
cblr-1706	502	4	roughly	roughly	ADV
cblr-1706	502	5	reflects	reflect	VERB
cblr-1706	502	6	marginal	marginal	ADJ
cblr-1706	502	7	costs	cost	NOUN
cblr-1706	502	8	aggregated	aggregate	VERB
cblr-1706	502	9	across	across	ADP
cblr-1706	502	10	all	all	DET
cblr-1706	502	11	producers	producer	NOUN
cblr-1706	502	12	,	,	PUNCT
cblr-1706	502	13	but	but	CCONJ
cblr-1706	502	14	(	(	PUNCT
cblr-1706	502	15	as	as	SCONJ
cblr-1706	502	16	executive	executive	ADJ
cblr-1706	502	17	order	order	NOUN
cblr-1706	502	18	12,866	12,866	NUM
cblr-1706	502	19	recognizes	recognize	NOUN
cblr-1706	502	20	)	)	PUNCT
cblr-1706	502	21	the	the	DET
cblr-1706	502	22	economic	economic	ADJ
cblr-1706	502	23	definition	definition	NOUN
cblr-1706	502	24	of	of	ADP
cblr-1706	502	25	cost	cost	NOUN
cblr-1706	502	26	is	be	AUX
cblr-1706	502	27	opportunity	opportunity	NOUN
cblr-1706	502	28	cost	cost	NOUN
cblr-1706	502	29	—	—	PUNCT
cblr-1706	502	30	the	the	DET
cblr-1706	502	31	value	value	NOUN
cblr-1706	502	32	of	of	ADP
cblr-1706	502	33	the	the	DET
cblr-1706	502	34	next	next	ADJ
cblr-1706	502	35	best	good	ADJ
cblr-1706	502	36	opportunity	opportunity	NOUN
cblr-1706	502	37	forgone	forgone	NOUN
cblr-1706	502	38	.	.	PUNCT
cblr-1706	503	1	opportunity	opportunity	NOUN
cblr-1706	503	2	costs	cost	NOUN
cblr-1706	503	3	are	be	AUX
cblr-1706	503	4	seldom	seldom	ADV
cblr-1706	503	5	observable	observable	ADJ
cblr-1706	503	6	in	in	ADP
cblr-1706	503	7	an	an	DET
cblr-1706	503	8	objective	objective	ADJ
cblr-1706	503	9	way	way	NOUN
cblr-1706	503	10	.	.	PUNCT
cblr-1706	504	1	they	they	PRON
cblr-1706	504	2	have	have	VERB
cblr-1706	504	3	only	only	ADV
cblr-1706	504	4	a	a	DET
cblr-1706	504	5	loose	loose	ADJ
cblr-1706	504	6	relationship	relationship	NOUN
cblr-1706	504	7	to	to	ADP
cblr-1706	504	8	out	out	ADP
cblr-1706	504	9	-	-	PUNCT
cblr-1706	504	10	of	of	ADP
cblr-1706	504	11	-	-	PUNCT
cblr-1706	504	12	pocket	pocket	NOUN
cblr-1706	504	13	expenses	expense	NOUN
cblr-1706	504	14	,	,	PUNCT
cblr-1706	504	15	do	do	AUX
cblr-1706	504	16	not	not	PART
cblr-1706	504	17	appear	appear	VERB
cblr-1706	504	18	on	on	ADP
cblr-1706	504	19	balance	balance	NOUN
cblr-1706	504	20	sheets	sheet	NOUN
cblr-1706	504	21	or	or	CCONJ
cblr-1706	504	22	income	income	NOUN
cblr-1706	504	23	statements	statement	NOUN
cblr-1706	504	24	,	,	PUNCT
cblr-1706	504	25	and	and	CCONJ
cblr-1706	504	26	,	,	PUNCT
cblr-1706	504	27	in	in	ADP
cblr-1706	504	28	any	any	DET
cblr-1706	504	29	event	event	NOUN
cblr-1706	504	30	,	,	PUNCT
cblr-1706	504	31	reflect	reflect	VERB
cblr-1706	504	32	the	the	DET
cblr-1706	504	33	value	value	NOUN
cblr-1706	504	34	of	of	ADP
cblr-1706	504	35	actions	action	NOUN
cblr-1706	504	36	not	not	PART
cblr-1706	504	37	taken	take	VERB
cblr-1706	504	38	and	and	CCONJ
cblr-1706	504	39	therefore	therefore	ADV
cblr-1706	504	40	unobservable	unobservable	ADJ
cblr-1706	504	41	.	.	PUNCT
cblr-1706	505	1	indeed	indeed	ADV
cblr-1706	505	2	,	,	PUNCT
cblr-1706	505	3	economists	economist	NOUN
cblr-1706	505	4	generally	generally	ADV
cblr-1706	505	5	do	do	AUX
cblr-1706	505	6	not	not	PART
cblr-1706	505	7	assert	assert	VERB
cblr-1706	505	8	that	that	SCONJ
cblr-1706	505	9	market	market	NOUN
cblr-1706	505	10	participants	participant	NOUN
cblr-1706	505	11	themselves	themselves	PRON
cblr-1706	505	12	know	know	VERB
cblr-1706	505	13	the	the	DET
cblr-1706	505	14	opportunity	opportunity	NOUN
cblr-1706	505	15	cost	cost	NOUN
cblr-1706	505	16	of	of	ADP
cblr-1706	505	17	their	their	PRON
cblr-1706	505	18	decisions	decision	NOUN
cblr-1706	505	19	,	,	PUNCT
cblr-1706	505	20	only	only	ADV
cblr-1706	505	21	that	that	SCONJ
cblr-1706	505	22	they	they	PRON
cblr-1706	505	23	behave	behave	VERB
cblr-1706	505	24	as	as	SCONJ
cblr-1706	505	25	if	if	SCONJ
cblr-1706	505	26	they	they	PRON
cblr-1706	505	27	know	know	VERB
cblr-1706	505	28	.	.	PUNCT
cblr-1706	506	1	assessing	assess	VERB
cblr-1706	506	2	opportunity	opportunity	NOUN
cblr-1706	506	3	cost	cost	NOUN
cblr-1706	506	4	at	at	ADP
cblr-1706	506	5	the	the	DET
cblr-1706	506	6	margin	margin	NOUN
cblr-1706	506	7	is	be	AUX
cblr-1706	506	8	also	also	ADV
cblr-1706	506	9	troublesome	troublesome	ADJ
cblr-1706	506	10	because	because	SCONJ
cblr-1706	506	11	it	it	PRON
cblr-1706	506	12	represents	represent	VERB
cblr-1706	506	13	the	the	DET
cblr-1706	506	14	increase	increase	NOUN
cblr-1706	506	15	in	in	ADP
cblr-1706	506	16	total	total	ADJ
cblr-1706	506	17	cost	cost	NOUN
cblr-1706	506	18	owing	owe	VERB
cblr-1706	506	19	to	to	ADP
cblr-1706	506	20	a	a	DET
cblr-1706	506	21	one	one	NUM
cblr-1706	506	22	-	-	PUNCT
cblr-1706	506	23	unit	unit	NOUN
cblr-1706	506	24	increase	increase	NOUN
cblr-1706	506	25	in	in	ADP
cblr-1706	506	26	output	output	NOUN
cblr-1706	506	27	while	while	SCONJ
cblr-1706	506	28	holding	hold	VERB
cblr-1706	506	29	all	all	DET
cblr-1706	506	30	else	else	ADV
cblr-1706	506	31	equal	equal	ADJ
cblr-1706	506	32	,	,	PUNCT
cblr-1706	506	33	a	a	DET
cblr-1706	506	34	normally	normally	ADV
cblr-1706	506	35	unobservable	unobservable	ADJ
cblr-1706	506	36	counterfactual	counterfactual	NOUN
cblr-1706	506	37	.	.	PUNCT
cblr-1706	507	1	what	what	PRON
cblr-1706	507	2	most	most	ADV
cblr-1706	507	3	laymen	laymen	VERB
cblr-1706	507	4	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	507	5	no	no	NOUN
cblr-1706	507	6	.	.	PUNCT
cblr-1706	508	1	3:695	3:695	NUM
cblr-1706	508	2	]	]	X
cblr-1706	508	3	a	a	DET
cblr-1706	508	4	transaction	transaction	NOUN
cblr-1706	508	5	cost	cost	NOUN
cblr-1706	508	6	assessment	assessment	NOUN
cblr-1706	508	7	725	725	NUM
cblr-1706	508	8	have	have	AUX
cblr-1706	508	9	in	in	ADP
cblr-1706	508	10	mind	mind	NOUN
cblr-1706	508	11	when	when	SCONJ
cblr-1706	508	12	they	they	PRON
cblr-1706	508	13	think	think	VERB
cblr-1706	508	14	of	of	ADP
cblr-1706	508	15	cost	cost	NOUN
cblr-1706	508	16	is	be	AUX
cblr-1706	508	17	average	average	ADJ
cblr-1706	508	18	cost	cost	NOUN
cblr-1706	508	19	—	—	PUNCT
cblr-1706	508	20	total	total	ADJ
cblr-1706	508	21	cost	cost	NOUN
cblr-1706	508	22	divided	divide	VERB
cblr-1706	508	23	by	by	ADP
cblr-1706	508	24	total	total	ADJ
cblr-1706	508	25	output	output	NOUN
cblr-1706	508	26	—	—	PUNCT
cblr-1706	508	27	which	which	PRON
cblr-1706	508	28	is	be	AUX
cblr-1706	508	29	much	much	ADV
cblr-1706	508	30	easier	easy	ADJ
cblr-1706	508	31	to	to	PART
cblr-1706	508	32	observe	observe	VERB
cblr-1706	508	33	and	and	CCONJ
cblr-1706	508	34	measure	measure	VERB
cblr-1706	508	35	,	,	PUNCT
cblr-1706	508	36	but	but	CCONJ
cblr-1706	508	37	in	in	ADP
cblr-1706	508	38	many	many	ADJ
cblr-1706	508	39	settings	setting	NOUN
cblr-1706	508	40	it	it	PRON
cblr-1706	508	41	is	be	AUX
cblr-1706	508	42	an	an	DET
cblr-1706	508	43	inappropriate	inappropriate	ADJ
cblr-1706	508	44	basis	basis	NOUN
cblr-1706	508	45	for	for	ADP
cblr-1706	508	46	predicting	predict	VERB
cblr-1706	508	47	the	the	DET
cblr-1706	508	48	choices	choice	NOUN
cblr-1706	508	49	people	people	NOUN
cblr-1706	508	50	make	make	VERB
cblr-1706	508	51	or	or	CCONJ
cblr-1706	508	52	the	the	DET
cblr-1706	508	53	relevant	relevant	ADJ
cblr-1706	508	54	costs	cost	NOUN
cblr-1706	508	55	for	for	ADP
cblr-1706	508	56	cba	cba	PROPN
cblr-1706	508	57	.	.	PUNCT
cblr-1706	509	1	this	this	PRON
cblr-1706	509	2	is	be	AUX
cblr-1706	509	3	not	not	PART
cblr-1706	509	4	to	to	PART
cblr-1706	509	5	say	say	VERB
cblr-1706	509	6	quantified	quantified	PROPN
cblr-1706	509	7	cba	cba	PROPN
cblr-1706	509	8	is	be	AUX
cblr-1706	509	9	hopeless	hopeless	ADJ
cblr-1706	509	10	.	.	PUNCT
cblr-1706	510	1	over	over	ADP
cblr-1706	510	2	the	the	DET
cblr-1706	510	3	years	year	NOUN
cblr-1706	510	4	,	,	PUNCT
cblr-1706	510	5	econometricians	econometrician	NOUN
cblr-1706	510	6	have	have	AUX
cblr-1706	510	7	made	make	VERB
cblr-1706	510	8	tremendous	tremendous	ADJ
cblr-1706	510	9	progress	progress	NOUN
cblr-1706	510	10	developing	develop	VERB
cblr-1706	510	11	empirical	empirical	ADJ
cblr-1706	510	12	methods	method	NOUN
cblr-1706	510	13	to	to	PART
cblr-1706	510	14	help	help	VERB
cblr-1706	510	15	see	see	VERB
cblr-1706	510	16	through	through	ADP
cblr-1706	510	17	the	the	DET
cblr-1706	510	18	noise	noise	NOUN
cblr-1706	510	19	in	in	ADP
cblr-1706	510	20	the	the	DET
cblr-1706	510	21	data	datum	NOUN
cblr-1706	510	22	and	and	CCONJ
cblr-1706	510	23	to	to	PART
cblr-1706	510	24	disentangle	disentangle	VERB
cblr-1706	510	25	the	the	DET
cblr-1706	510	26	various	various	ADJ
cblr-1706	510	27	factors	factor	NOUN
cblr-1706	510	28	that	that	PRON
cblr-1706	510	29	influence	influence	VERB
cblr-1706	510	30	market	market	NOUN
cblr-1706	510	31	outcomes	outcome	NOUN
cblr-1706	510	32	.	.	PUNCT
cblr-1706	511	1	far	far	ADV
cblr-1706	511	2	more	more	ADV
cblr-1706	511	3	complete	complete	ADJ
cblr-1706	511	4	data	datum	NOUN
cblr-1706	511	5	is	be	AUX
cblr-1706	511	6	now	now	ADV
cblr-1706	511	7	available.115	available.115	NOUN
cblr-1706	511	8	with	with	ADP
cblr-1706	511	9	the	the	DET
cblr-1706	511	10	advent	advent	NOUN
cblr-1706	511	11	of	of	ADP
cblr-1706	511	12	scanners	scanner	NOUN
cblr-1706	511	13	that	that	PRON
cblr-1706	511	14	record	record	VERB
cblr-1706	511	15	millions	million	NOUN
cblr-1706	511	16	of	of	ADP
cblr-1706	511	17	retail	retail	ADJ
cblr-1706	511	18	transactions	transaction	NOUN
cblr-1706	511	19	evidencing	evidence	VERB
cblr-1706	511	20	huge	huge	ADJ
cblr-1706	511	21	variations	variation	NOUN
cblr-1706	511	22	in	in	ADP
cblr-1706	511	23	prices	price	NOUN
cblr-1706	511	24	and	and	CCONJ
cblr-1706	511	25	quantities	quantity	NOUN
cblr-1706	511	26	,	,	PUNCT
cblr-1706	511	27	economists	economist	NOUN
cblr-1706	511	28	have	have	AUX
cblr-1706	511	29	begun	begin	VERB
cblr-1706	511	30	to	to	PART
cblr-1706	511	31	make	make	VERB
cblr-1706	511	32	headway	headway	NOUN
cblr-1706	511	33	estimating	estimate	VERB
cblr-1706	511	34	demand	demand	NOUN
cblr-1706	511	35	and	and	CCONJ
cblr-1706	511	36	consumer	consumer	NOUN
cblr-1706	511	37	surplus	surplus	NOUN
cblr-1706	511	38	,	,	PUNCT
cblr-1706	511	39	possibly	possibly	ADV
cblr-1706	511	40	bringing	bring	VERB
cblr-1706	511	41	quantified	quantify	VERB
cblr-1706	511	42	cba	cba	NOUN
cblr-1706	511	43	within	within	ADP
cblr-1706	511	44	reach	reach	NOUN
cblr-1706	511	45	.	.	PUNCT
cblr-1706	512	1	one	one	NUM
cblr-1706	512	2	early	early	ADJ
cblr-1706	512	3	study	study	NOUN
cblr-1706	512	4	estimates	estimate	VERB
cblr-1706	512	5	the	the	DET
cblr-1706	512	6	demand	demand	NOUN
cblr-1706	512	7	for	for	ADP
cblr-1706	512	8	a	a	DET
cblr-1706	512	9	new	new	ADJ
cblr-1706	512	10	breakfast	breakfast	NOUN
cblr-1706	512	11	cereal	cereal	NOUN
cblr-1706	512	12	,	,	PUNCT
cblr-1706	512	13	putting	put	VERB
cblr-1706	512	14	the	the	DET
cblr-1706	512	15	annual	annual	ADJ
cblr-1706	512	16	addition	addition	NOUN
cblr-1706	512	17	to	to	ADP
cblr-1706	512	18	consumer	consumer	NOUN
cblr-1706	512	19	surplus	surplus	NOUN
cblr-1706	512	20	in	in	ADP
cblr-1706	512	21	the	the	DET
cblr-1706	512	22	range	range	NOUN
cblr-1706	512	23	of	of	ADP
cblr-1706	512	24	$	$	SYM
cblr-1706	512	25	66	66	NUM
cblr-1706	512	26	to	to	PART
cblr-1706	512	27	$	$	SYM
cblr-1706	512	28	78	78	NUM
cblr-1706	512	29	billon.116	billon.116	NUM
cblr-1706	512	30	another	another	DET
cblr-1706	512	31	estimates	estimate	VERB
cblr-1706	512	32	the	the	DET
cblr-1706	512	33	demand	demand	NOUN
cblr-1706	512	34	for	for	ADP
cblr-1706	512	35	uber	uber	ADJ
cblr-1706	512	36	rides	ride	NOUN
cblr-1706	512	37	,	,	PUNCT
cblr-1706	512	38	with	with	ADP
cblr-1706	512	39	total	total	ADJ
cblr-1706	512	40	benefits	benefit	NOUN
cblr-1706	512	41	to	to	ADP
cblr-1706	512	42	u.s	u.s	PROPN
cblr-1706	512	43	.	.	PROPN
cblr-1706	512	44	consumers	consumer	NOUN
cblr-1706	512	45	also	also	ADV
cblr-1706	512	46	in	in	ADP
cblr-1706	512	47	the	the	DET
cblr-1706	512	48	billions	billion	NOUN
cblr-1706	512	49	of	of	ADP
cblr-1706	512	50	dollars.117	dollars.117	NOUN
cblr-1706	512	51	these	these	PRON
cblr-1706	512	52	are	be	AUX
cblr-1706	512	53	situations	situation	NOUN
cblr-1706	512	54	in	in	ADP
cblr-1706	512	55	which	which	PRON
cblr-1706	512	56	the	the	DET
cblr-1706	512	57	researchers	researcher	NOUN
cblr-1706	512	58	picked	pick	VERB
cblr-1706	512	59	the	the	DET
cblr-1706	512	60	subject	subject	NOUN
cblr-1706	512	61	matter	matter	NOUN
cblr-1706	512	62	based	base	VERB
cblr-1706	512	63	on	on	ADP
cblr-1706	512	64	knowledge	knowledge	NOUN
cblr-1706	512	65	that	that	SCONJ
cblr-1706	512	66	sufficient	sufficient	ADJ
cblr-1706	512	67	data	datum	NOUN
cblr-1706	512	68	were	be	AUX
cblr-1706	512	69	available	available	ADJ
cblr-1706	512	70	for	for	ADP
cblr-1706	512	71	analysis	analysis	NOUN
cblr-1706	512	72	,	,	PUNCT
cblr-1706	512	73	rather	rather	ADV
cblr-1706	512	74	than	than	ADP
cblr-1706	512	75	because	because	SCONJ
cblr-1706	512	76	of	of	ADP
cblr-1706	512	77	the	the	DET
cblr-1706	512	78	pressing	press	VERB
cblr-1706	512	79	need	need	NOUN
cblr-1706	512	80	to	to	PART
cblr-1706	512	81	do	do	AUX
cblr-1706	512	82	cba	cba	PROPN
cblr-1706	512	83	of	of	ADP
cblr-1706	512	84	proposed	propose	VERB
cblr-1706	512	85	regulation	regulation	NOUN
cblr-1706	512	86	in	in	ADP
cblr-1706	512	87	a	a	DET
cblr-1706	512	88	specific	specific	ADJ
cblr-1706	512	89	setting	setting	NOUN
cblr-1706	512	90	.	.	PUNCT
cblr-1706	513	1	in	in	ADP
cblr-1706	513	2	most	most	ADJ
cblr-1706	513	3	financial	financial	ADJ
cblr-1706	513	4	settings	setting	NOUN
cblr-1706	513	5	calling	call	VERB
cblr-1706	513	6	for	for	ADP
cblr-1706	513	7	cba	cba	NOUN
cblr-1706	513	8	of	of	ADP
cblr-1706	513	9	corrective	corrective	ADJ
cblr-1706	513	10	rules	rule	NOUN
cblr-1706	513	11	,	,	PUNCT
cblr-1706	513	12	the	the	DET
cblr-1706	513	13	necessary	necessary	ADJ
cblr-1706	513	14	data	datum	NOUN
cblr-1706	513	15	are	be	AUX
cblr-1706	513	16	unlikely	unlikely	ADJ
cblr-1706	513	17	to	to	PART
cblr-1706	513	18	exist	exist	VERB
cblr-1706	513	19	and	and	CCONJ
cblr-1706	513	20	collecting	collect	VERB
cblr-1706	513	21	them	they	PRON
cblr-1706	513	22	may	may	AUX
cblr-1706	513	23	be	be	AUX
cblr-1706	513	24	unfeasibly	unfeasibly	ADV
cblr-1706	513	25	costly	costly	ADJ
cblr-1706	513	26	or	or	CCONJ
cblr-1706	513	27	time	time	NOUN
cblr-1706	513	28	consuming	consume	VERB
cblr-1706	513	29	.	.	PUNCT
cblr-1706	514	1	115	115	NUM
cblr-1706	514	2	see	see	VERB
cblr-1706	514	3	henry	henry	PROPN
cblr-1706	514	4	g.	g.	PROPN
cblr-1706	514	5	manne	manne	PROPN
cblr-1706	514	6	,	,	PUNCT
cblr-1706	514	7	economics	economic	NOUN
cblr-1706	514	8	and	and	CCONJ
cblr-1706	514	9	financial	financial	ADJ
cblr-1706	514	10	regulation	regulation	NOUN
cblr-1706	514	11	,	,	PUNCT
cblr-1706	514	12	35	35	NUM
cblr-1706	514	13	regulation	regulation	NOUN
cblr-1706	514	14	20	20	NUM
cblr-1706	514	15	,	,	PUNCT
cblr-1706	514	16	22	22	NUM
cblr-1706	514	17	(	(	PUNCT
cblr-1706	514	18	2012	2012	NUM
cblr-1706	514	19	)	)	PUNCT
cblr-1706	514	20	.	.	PUNCT
cblr-1706	515	1	116	116	NUM
cblr-1706	515	2	jerry	jerry	PROPN
cblr-1706	515	3	a.	a.	PROPN
cblr-1706	515	4	hausman	hausman	PROPN
cblr-1706	515	5	,	,	PUNCT
cblr-1706	515	6	valuation	valuation	NOUN
cblr-1706	515	7	of	of	ADP
cblr-1706	515	8	new	new	ADJ
cblr-1706	515	9	goods	good	NOUN
cblr-1706	515	10	under	under	ADP
cblr-1706	515	11	perfect	perfect	ADJ
cblr-1706	515	12	and	and	CCONJ
cblr-1706	515	13	imperfect	imperfect	ADJ
cblr-1706	515	14	competition	competition	NOUN
cblr-1706	515	15	,	,	PUNCT
cblr-1706	515	16	in	in	ADP
cblr-1706	515	17	the	the	DET
cblr-1706	515	18	economics	economic	NOUN
cblr-1706	515	19	of	of	ADP
cblr-1706	515	20	new	new	ADJ
cblr-1706	515	21	goods	good	NOUN
cblr-1706	515	22	209	209	NUM
cblr-1706	515	23	,	,	PUNCT
cblr-1706	515	24	228	228	NUM
cblr-1706	515	25	,	,	PUNCT
cblr-1706	515	26	234–35	234–35	NUM
cblr-1706	515	27	(	(	PUNCT
cblr-1706	515	28	timothy	timothy	PROPN
cblr-1706	515	29	f.	f.	PROPN
cblr-1706	515	30	bresnahan	bresnahan	PROPN
cblr-1706	515	31	&	&	CCONJ
cblr-1706	515	32	robert	robert	PROPN
cblr-1706	515	33	j.	j.	PROPN
cblr-1706	515	34	gordon	gordon	PROPN
cblr-1706	515	35	eds	eds	PROPN
cblr-1706	515	36	.	.	PROPN
cblr-1706	515	37	,	,	PUNCT
cblr-1706	515	38	1997	1997	NUM
cblr-1706	515	39	)	)	PUNCT
cblr-1706	515	40	.	.	PUNCT
cblr-1706	516	1	(	(	PUNCT
cblr-1706	516	2	“	"	PUNCT
cblr-1706	516	3	the	the	DET
cblr-1706	516	4	correct	correct	ADJ
cblr-1706	516	5	economic	economic	ADJ
cblr-1706	516	6	approach	approach	NOUN
cblr-1706	516	7	to	to	ADP
cblr-1706	516	8	the	the	DET
cblr-1706	516	9	evaluation	evaluation	NOUN
cblr-1706	516	10	of	of	ADP
cblr-1706	516	11	new	new	ADJ
cblr-1706	516	12	goods	good	NOUN
cblr-1706	516	13	has	have	AUX
cblr-1706	516	14	been	be	AUX
cblr-1706	516	15	known	know	VERB
cblr-1706	516	16	for	for	ADP
cblr-1706	516	17	over	over	ADP
cblr-1706	516	18	fifty	fifty	NUM
cblr-1706	516	19	years	year	NOUN
cblr-1706	516	20	.	.	PUNCT
cblr-1706	516	21	.	.	PUNCT
cblr-1706	516	22	.	.	PUNCT
cblr-1706	516	23	.	.	PUNCT
cblr-1706	517	1	however	however	ADV
cblr-1706	517	2	,	,	PUNCT
cblr-1706	517	3	it	it	PRON
cblr-1706	517	4	has	have	AUX
cblr-1706	517	5	not	not	PART
cblr-1706	517	6	been	be	AUX
cblr-1706	517	7	implemented	implement	VERB
cblr-1706	517	8	by	by	ADP
cblr-1706	517	9	government	government	NOUN
cblr-1706	517	10	statistical	statistical	ADJ
cblr-1706	517	11	agencies	agency	NOUN
cblr-1706	517	12	,	,	PUNCT
cblr-1706	517	13	perhaps	perhaps	ADV
cblr-1706	517	14	because	because	SCONJ
cblr-1706	517	15	of	of	ADP
cblr-1706	517	16	its	its	PRON
cblr-1706	517	17	complications	complication	NOUN
cblr-1706	517	18	and	and	CCONJ
cblr-1706	517	19	data	datum	NOUN
cblr-1706	517	20	requirements	requirement	NOUN
cblr-1706	517	21	.	.	PUNCT
cblr-1706	518	1	data	datum	NOUN
cblr-1706	518	2	are	be	AUX
cblr-1706	518	3	now	now	ADV
cblr-1706	518	4	available	available	ADJ
cblr-1706	518	5	.	.	PUNCT
cblr-1706	518	6	”	"	PUNCT
cblr-1706	518	7	)	)	PUNCT
cblr-1706	518	8	.	.	PUNCT
cblr-1706	519	1	117	117	NUM
cblr-1706	519	2	peter	peter	PROPN
cblr-1706	519	3	cohen	cohen	PROPN
cblr-1706	519	4	,	,	PUNCT
cblr-1706	519	5	robert	robert	PROPN
cblr-1706	519	6	hahn	hahn	PROPN
cblr-1706	519	7	,	,	PUNCT
cblr-1706	519	8	jonathan	jonathan	PROPN
cblr-1706	519	9	hall	hall	PROPN
cblr-1706	519	10	,	,	PUNCT
cblr-1706	519	11	steven	steven	PROPN
cblr-1706	519	12	levitt	levitt	PROPN
cblr-1706	519	13	&	&	CCONJ
cblr-1706	519	14	robert	robert	PROPN
cblr-1706	519	15	metcalfe	metcalfe	PROPN
cblr-1706	519	16	,	,	PUNCT
cblr-1706	519	17	using	use	VERB
cblr-1706	519	18	big	big	ADJ
cblr-1706	519	19	data	datum	NOUN
cblr-1706	519	20	to	to	PART
cblr-1706	519	21	estimate	estimate	VERB
cblr-1706	519	22	consumer	consumer	NOUN
cblr-1706	519	23	surplus	surplus	NOUN
cblr-1706	519	24	:	:	PUNCT
cblr-1706	519	25	the	the	DET
cblr-1706	519	26	case	case	NOUN
cblr-1706	519	27	of	of	ADP
cblr-1706	519	28	uber	uber	ADJ
cblr-1706	519	29	1	1	NUM
cblr-1706	519	30	(	(	PUNCT
cblr-1706	519	31	nat’l	nat’l	NUM
cblr-1706	519	32	bureau	bureau	PROPN
cblr-1706	519	33	of	of	ADP
cblr-1706	519	34	econ	econ	PROPN
cblr-1706	519	35	.	.	PUNCT
cblr-1706	520	1	research	research	PROPN
cblr-1706	520	2	,	,	PUNCT
cblr-1706	520	3	working	work	VERB
cblr-1706	520	4	paper	paper	NOUN
cblr-1706	520	5	no	no	INTJ
cblr-1706	520	6	.	.	PROPN
cblr-1706	520	7	22627	22627	NUM
cblr-1706	520	8	,	,	PUNCT
cblr-1706	520	9	2016	2016	NUM
cblr-1706	520	10	)	)	PUNCT
cblr-1706	520	11	.	.	PUNCT
cblr-1706	521	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	521	2	726	726	NUM
cblr-1706	521	3	columbia	columbia	PROPN
cblr-1706	521	4	business	business	NOUN
cblr-1706	521	5	law	law	PROPN
cblr-1706	521	6	review	review	NOUN
cblr-1706	522	1	[	[	X
cblr-1706	522	2	vol	vol	NOUN
cblr-1706	522	3	.	.	NOUN
cblr-1706	522	4	2018	2018	NUM
cblr-1706	522	5	b.	b.	NOUN
cblr-1706	522	6	market	market	NOUN
cblr-1706	522	7	failure	failure	NOUN
cblr-1706	522	8	as	as	ADP
cblr-1706	522	9	a	a	DET
cblr-1706	522	10	basis	basis	NOUN
cblr-1706	522	11	for	for	ADP
cblr-1706	522	12	corrective	corrective	ADJ
cblr-1706	522	13	rules	rule	NOUN
cblr-1706	522	14	the	the	DET
cblr-1706	522	15	neoclassical	neoclassical	ADJ
cblr-1706	522	16	model	model	NOUN
cblr-1706	522	17	states	state	VERB
cblr-1706	522	18	that	that	SCONJ
cblr-1706	522	19	people	people	NOUN
cblr-1706	522	20	acting	act	VERB
cblr-1706	522	21	in	in	ADP
cblr-1706	522	22	their	their	PRON
cblr-1706	522	23	own	own	ADJ
cblr-1706	522	24	self	self	NOUN
cblr-1706	522	25	-	-	PUNCT
cblr-1706	522	26	interest	interest	NOUN
cblr-1706	522	27	will	will	AUX
cblr-1706	522	28	efficiently	efficiently	ADV
cblr-1706	522	29	allocate	allocate	VERB
cblr-1706	522	30	resources	resource	NOUN
cblr-1706	522	31	only	only	ADV
cblr-1706	522	32	if	if	SCONJ
cblr-1706	522	33	they	they	PRON
cblr-1706	522	34	bear	bear	VERB
cblr-1706	522	35	the	the	DET
cblr-1706	522	36	full	full	ADJ
cblr-1706	522	37	costs	cost	NOUN
cblr-1706	522	38	or	or	CCONJ
cblr-1706	522	39	capture	capture	VERB
cblr-1706	522	40	the	the	DET
cblr-1706	522	41	full	full	ADJ
cblr-1706	522	42	benefits	benefit	NOUN
cblr-1706	522	43	of	of	ADP
cblr-1706	522	44	their	their	PRON
cblr-1706	522	45	actions.118	actions.118	VERB
cblr-1706	522	46	when	when	SCONJ
cblr-1706	522	47	some	some	DET
cblr-1706	522	48	costs	cost	NOUN
cblr-1706	522	49	or	or	CCONJ
cblr-1706	522	50	benefits	benefit	NOUN
cblr-1706	522	51	fall	fall	VERB
cblr-1706	522	52	on	on	ADP
cblr-1706	522	53	third	third	ADJ
cblr-1706	522	54	parties	party	NOUN
cblr-1706	522	55	—	—	PUNCT
cblr-1706	522	56	so	so	ADV
cblr-1706	522	57	-	-	PUNCT
cblr-1706	522	58	called	call	VERB
cblr-1706	522	59	externalities	externality	NOUN
cblr-1706	522	60	—	—	PUNCT
cblr-1706	522	61	the	the	DET
cblr-1706	522	62	decision	decision	NOUN
cblr-1706	522	63	maker	maker	NOUN
cblr-1706	522	64	’s	’s	PART
cblr-1706	522	65	resource	resource	NOUN
cblr-1706	522	66	allocation	allocation	NOUN
cblr-1706	522	67	decisions	decision	NOUN
cblr-1706	522	68	could	could	AUX
cblr-1706	522	69	exceed	exceed	VERB
cblr-1706	522	70	or	or	CCONJ
cblr-1706	522	71	fall	fall	VERB
cblr-1706	522	72	short	short	ADV
cblr-1706	522	73	of	of	ADP
cblr-1706	522	74	optimality	optimality	NOUN
cblr-1706	522	75	,	,	PUNCT
cblr-1706	522	76	and	and	CCONJ
cblr-1706	522	77	the	the	DET
cblr-1706	522	78	market	market	NOUN
cblr-1706	522	79	is	be	AUX
cblr-1706	522	80	said	say	VERB
cblr-1706	522	81	to	to	PART
cblr-1706	522	82	fail	fail	VERB
cblr-1706	522	83	.	.	PUNCT
cblr-1706	523	1	every	every	DET
cblr-1706	523	2	undergraduate	undergraduate	ADJ
cblr-1706	523	3	economics	economic	NOUN
cblr-1706	523	4	major	major	NOUN
cblr-1706	523	5	learns	learn	VERB
cblr-1706	523	6	that	that	SCONJ
cblr-1706	523	7	market	market	NOUN
cblr-1706	523	8	failure	failure	NOUN
cblr-1706	523	9	owing	owe	VERB
cblr-1706	523	10	to	to	ADP
cblr-1706	523	11	externalities	externality	NOUN
cblr-1706	523	12	justifies	justify	VERB
cblr-1706	523	13	government	government	NOUN
cblr-1706	523	14	regulation	regulation	NOUN
cblr-1706	523	15	.	.	PUNCT
cblr-1706	524	1	118	118	NUM
cblr-1706	524	2	see	see	VERB
cblr-1706	524	3	supra	supra	PROPN
cblr-1706	524	4	section	section	NOUN
cblr-1706	524	5	iv.a	iv.a	VERB
cblr-1706	524	6	.	.	PUNCT
cblr-1706	525	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	525	2	no	no	NOUN
cblr-1706	525	3	.	.	PUNCT
cblr-1706	526	1	3:695	3:695	NUM
cblr-1706	526	2	]	]	X
cblr-1706	526	3	a	a	DET
cblr-1706	526	4	transaction	transaction	NOUN
cblr-1706	526	5	cost	cost	NOUN
cblr-1706	526	6	assessment	assessment	NOUN
cblr-1706	526	7	727	727	NUM
cblr-1706	526	8	figure	figure	NOUN
cblr-1706	526	9	2	2	NUM
cblr-1706	526	10	:	:	PUNCT
cblr-1706	526	11	externalities	externality	NOUN
cblr-1706	526	12	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	526	13	728	728	NUM
cblr-1706	526	14	columbia	columbia	PROPN
cblr-1706	526	15	business	business	NOUN
cblr-1706	526	16	law	law	PROPN
cblr-1706	526	17	review	review	NOUN
cblr-1706	526	18	[	[	X
cblr-1706	526	19	vol	vol	NOUN
cblr-1706	526	20	.	.	PUNCT
cblr-1706	526	21	2018	2018	NUM
cblr-1706	526	22	figure	figure	NOUN
cblr-1706	526	23	2	2	NUM
cblr-1706	526	24	illustrates	illustrate	VERB
cblr-1706	526	25	the	the	DET
cblr-1706	526	26	accepted	accept	VERB
cblr-1706	526	27	mechanics	mechanic	NOUN
cblr-1706	526	28	of	of	ADP
cblr-1706	526	29	how	how	SCONJ
cblr-1706	526	30	externalities	externality	NOUN
cblr-1706	526	31	lead	lead	VERB
cblr-1706	526	32	to	to	ADP
cblr-1706	526	33	market	market	NOUN
cblr-1706	526	34	failure	failure	NOUN
cblr-1706	526	35	.	.	PUNCT
cblr-1706	527	1	panel	panel	NOUN
cblr-1706	527	2	a	a	DET
cblr-1706	527	3	shows	show	VERB
cblr-1706	527	4	a	a	DET
cblr-1706	527	5	negative	negative	ADJ
cblr-1706	527	6	externality	externality	NOUN
cblr-1706	527	7	while	while	SCONJ
cblr-1706	527	8	panel	panel	NOUN
cblr-1706	527	9	b	b	PROPN
cblr-1706	527	10	shows	show	VERB
cblr-1706	527	11	a	a	DET
cblr-1706	527	12	positive	positive	ADJ
cblr-1706	527	13	externality	externality	NOUN
cblr-1706	527	14	,	,	PUNCT
cblr-1706	527	15	and	and	CCONJ
cblr-1706	527	16	in	in	ADP
cblr-1706	527	17	either	either	DET
cblr-1706	527	18	case	case	NOUN
cblr-1706	527	19	,	,	PUNCT
cblr-1706	527	20	the	the	DET
cblr-1706	527	21	activity	activity	NOUN
cblr-1706	527	22	in	in	ADP
cblr-1706	527	23	question	question	NOUN
cblr-1706	527	24	may	may	AUX
cblr-1706	527	25	involve	involve	VERB
cblr-1706	527	26	a	a	DET
cblr-1706	527	27	nontraded	nontraded	ADJ
cblr-1706	527	28	good	good	NOUN
cblr-1706	527	29	such	such	ADJ
cblr-1706	527	30	as	as	ADP
cblr-1706	527	31	driving	drive	VERB
cblr-1706	527	32	on	on	ADP
cblr-1706	527	33	open	open	ADJ
cblr-1706	527	34	-	-	PUNCT
cblr-1706	527	35	access	access	NOUN
cblr-1706	527	36	public	public	ADJ
cblr-1706	527	37	roads	road	NOUN
cblr-1706	527	38	.	.	PUNCT
cblr-1706	528	1	line	line	NOUN
cblr-1706	528	2	mpb	mpb	PROPN
cblr-1706	528	3	in	in	ADP
cblr-1706	528	4	panel	panel	NOUN
cblr-1706	528	5	a	a	DET
cblr-1706	528	6	reflects	reflect	VERB
cblr-1706	528	7	the	the	DET
cblr-1706	528	8	marginal	marginal	ADJ
cblr-1706	528	9	private	private	ADJ
cblr-1706	528	10	benefits	benefit	NOUN
cblr-1706	528	11	to	to	ADP
cblr-1706	528	12	a	a	DET
cblr-1706	528	13	decision	decision	NOUN
cblr-1706	528	14	maker	maker	NOUN
cblr-1706	528	15	from	from	ADP
cblr-1706	528	16	engaging	engage	VERB
cblr-1706	528	17	in	in	ADP
cblr-1706	528	18	some	some	DET
cblr-1706	528	19	socially	socially	ADV
cblr-1706	528	20	productive	productive	ADJ
cblr-1706	528	21	activity	activity	NOUN
cblr-1706	528	22	,	,	PUNCT
cblr-1706	528	23	such	such	ADJ
cblr-1706	528	24	as	as	ADP
cblr-1706	528	25	driving	drive	VERB
cblr-1706	528	26	to	to	PART
cblr-1706	528	27	work	work	VERB
cblr-1706	528	28	during	during	ADP
cblr-1706	528	29	rush	rush	NOUN
cblr-1706	528	30	hour	hour	NOUN
cblr-1706	528	31	.	.	PUNCT
cblr-1706	529	1	because	because	SCONJ
cblr-1706	529	2	the	the	DET
cblr-1706	529	3	decision	decision	NOUN
cblr-1706	529	4	maker	maker	NOUN
cblr-1706	529	5	captures	capture	VERB
cblr-1706	529	6	all	all	DET
cblr-1706	529	7	relevant	relevant	ADJ
cblr-1706	529	8	benefits	benefit	NOUN
cblr-1706	529	9	,	,	PUNCT
cblr-1706	529	10	there	there	PRON
cblr-1706	529	11	are	be	VERB
cblr-1706	529	12	no	no	DET
cblr-1706	529	13	external	external	ADJ
cblr-1706	529	14	benefits	benefit	NOUN
cblr-1706	529	15	that	that	PRON
cblr-1706	529	16	spill	spill	VERB
cblr-1706	529	17	over	over	ADP
cblr-1706	529	18	on	on	ADP
cblr-1706	529	19	others	other	NOUN
cblr-1706	529	20	;	;	PUNCT
cblr-1706	529	21	thus	thus	ADV
cblr-1706	529	22	,	,	PUNCT
cblr-1706	529	23	marginal	marginal	ADJ
cblr-1706	529	24	private	private	ADJ
cblr-1706	529	25	benefit	benefit	NOUN
cblr-1706	529	26	is	be	AUX
cblr-1706	529	27	identical	identical	ADJ
cblr-1706	529	28	to	to	ADP
cblr-1706	529	29	marginal	marginal	ADJ
cblr-1706	529	30	social	social	ADJ
cblr-1706	529	31	benefit	benefit	NOUN
cblr-1706	529	32	(	(	PUNCT
cblr-1706	529	33	mpb	mpb	PROPN
cblr-1706	529	34	≡	≡	PROPN
cblr-1706	529	35	msb	msb	PROPN
cblr-1706	529	36	)	)	PUNCT
cblr-1706	529	37	.	.	PUNCT
cblr-1706	530	1	on	on	ADP
cblr-1706	530	2	the	the	DET
cblr-1706	530	3	other	other	ADJ
cblr-1706	530	4	side	side	NOUN
cblr-1706	530	5	of	of	ADP
cblr-1706	530	6	the	the	DET
cblr-1706	530	7	equation	equation	NOUN
cblr-1706	530	8	,	,	PUNCT
cblr-1706	530	9	the	the	DET
cblr-1706	530	10	decision	decision	NOUN
cblr-1706	530	11	maker	maker	NOUN
cblr-1706	530	12	’s	’s	PART
cblr-1706	530	13	private	private	ADJ
cblr-1706	530	14	costs	cost	NOUN
cblr-1706	530	15	are	be	AUX
cblr-1706	530	16	given	give	VERB
cblr-1706	530	17	by	by	ADP
cblr-1706	530	18	mpc	mpc	PROPN
cblr-1706	530	19	.	.	PUNCT
cblr-1706	530	20	being	be	AUX
cblr-1706	530	21	self	self	NOUN
cblr-1706	530	22	-	-	PUNCT
cblr-1706	530	23	interested	interested	ADJ
cblr-1706	530	24	,	,	PUNCT
cblr-1706	530	25	he	he	PRON
cblr-1706	530	26	or	or	CCONJ
cblr-1706	530	27	she	she	PRON
cblr-1706	530	28	will	will	AUX
cblr-1706	530	29	engage	engage	VERB
cblr-1706	530	30	in	in	ADP
cblr-1706	530	31	ao	ao	PROPN
cblr-1706	530	32	units	unit	NOUN
cblr-1706	530	33	of	of	ADP
cblr-1706	530	34	the	the	DET
cblr-1706	530	35	activity	activity	NOUN
cblr-1706	530	36	,	,	PUNCT
cblr-1706	530	37	where	where	SCONJ
cblr-1706	530	38	mpb	mpb	PROPN
cblr-1706	530	39	=	=	PROPN
cblr-1706	530	40	mpc	mpc	PROPN
cblr-1706	530	41	.	.	PUNCT
cblr-1706	531	1	according	accord	VERB
cblr-1706	531	2	to	to	ADP
cblr-1706	531	3	standard	standard	ADJ
cblr-1706	531	4	welfare	welfare	NOUN
cblr-1706	531	5	analysis	analysis	NOUN
cblr-1706	531	6	,	,	PUNCT
cblr-1706	531	7	at	at	ADP
cblr-1706	531	8	ao	ao	NOUN
cblr-1706	531	9	the	the	DET
cblr-1706	531	10	decision	decision	NOUN
cblr-1706	531	11	maker	maker	NOUN
cblr-1706	531	12	does	do	VERB
cblr-1706	531	13	too	too	ADV
cblr-1706	531	14	much	much	ADJ
cblr-1706	531	15	of	of	ADP
cblr-1706	531	16	the	the	DET
cblr-1706	531	17	activity	activity	NOUN
cblr-1706	531	18	,	,	PUNCT
cblr-1706	531	19	neglecting	neglect	VERB
cblr-1706	531	20	to	to	PART
cblr-1706	531	21	consider	consider	VERB
cblr-1706	531	22	the	the	DET
cblr-1706	531	23	marginal	marginal	ADJ
cblr-1706	531	24	external	external	ADJ
cblr-1706	531	25	costs	cost	NOUN
cblr-1706	531	26	,	,	PUNCT
cblr-1706	531	27	ec	ec	PROPN
cblr-1706	531	28	,	,	PUNCT
cblr-1706	531	29	that	that	PRON
cblr-1706	531	30	spill	spill	VERB
cblr-1706	531	31	over	over	ADP
cblr-1706	531	32	on	on	ADP
cblr-1706	531	33	others	other	NOUN
cblr-1706	531	34	in	in	ADP
cblr-1706	531	35	the	the	DET
cblr-1706	531	36	form	form	NOUN
cblr-1706	531	37	of	of	ADP
cblr-1706	531	38	traffic	traffic	NOUN
cblr-1706	531	39	congestion	congestion	NOUN
cblr-1706	531	40	.	.	PUNCT
cblr-1706	532	1	from	from	ADP
cblr-1706	532	2	society	society	NOUN
cblr-1706	532	3	’s	’s	PART
cblr-1706	532	4	standpoint	standpoint	NOUN
cblr-1706	532	5	optimality	optimality	NOUN
cblr-1706	532	6	occurs	occur	VERB
cblr-1706	532	7	at	at	ADP
cblr-1706	532	8	a	a	DET
cblr-1706	532	9	*	*	NOUN
cblr-1706	532	10	,	,	PUNCT
cblr-1706	532	11	where	where	SCONJ
cblr-1706	532	12	marginal	marginal	ADJ
cblr-1706	532	13	social	social	ADJ
cblr-1706	532	14	benefits	benefit	NOUN
cblr-1706	532	15	just	just	ADV
cblr-1706	532	16	equal	equal	ADJ
cblr-1706	532	17	marginal	marginal	ADJ
cblr-1706	532	18	social	social	ADJ
cblr-1706	532	19	costs	cost	NOUN
cblr-1706	532	20	;	;	PUNCT
cblr-1706	533	1	msb	msb	PROPN
cblr-1706	533	2	=	=	SYM
cblr-1706	533	3	msc	msc	PROPN
cblr-1706	533	4	≡	≡	PROPN
cblr-1706	533	5	mpc	mpc	PROPN
cblr-1706	533	6	+	+	CCONJ
cblr-1706	533	7	ec	ec	PROPN
cblr-1706	533	8	.	.	PUNCT
cblr-1706	534	1	social	social	ADJ
cblr-1706	534	2	welfare	welfare	NOUN
cblr-1706	534	3	falls	fall	VERB
cblr-1706	534	4	short	short	ADV
cblr-1706	534	5	of	of	ADP
cblr-1706	534	6	the	the	DET
cblr-1706	534	7	optimum	optimum	NOUN
cblr-1706	534	8	by	by	ADP
cblr-1706	534	9	the	the	DET
cblr-1706	534	10	shaded	shaded	ADJ
cblr-1706	534	11	triangle	triangle	NOUN
cblr-1706	534	12	,	,	PUNCT
cblr-1706	534	13	a	a	DET
cblr-1706	534	14	deadweight	deadweight	NOUN
cblr-1706	534	15	loss	loss	NOUN
cblr-1706	534	16	reflecting	reflect	VERB
cblr-1706	534	17	resources	resource	NOUN
cblr-1706	534	18	use	use	VERB
cblr-1706	534	19	whose	whose	DET
cblr-1706	534	20	social	social	ADJ
cblr-1706	534	21	value	value	NOUN
cblr-1706	534	22	falls	fall	VERB
cblr-1706	534	23	short	short	ADV
cblr-1706	534	24	of	of	ADP
cblr-1706	534	25	its	its	PRON
cblr-1706	534	26	social	social	ADJ
cblr-1706	534	27	cost	cost	NOUN
cblr-1706	534	28	,	,	PUNCT
cblr-1706	534	29	more	more	ADV
cblr-1706	534	30	generally	generally	ADV
cblr-1706	534	31	referred	refer	VERB
cblr-1706	534	32	to	to	ADP
cblr-1706	534	33	as	as	ADP
cblr-1706	534	34	forgone	forgone	NOUN
cblr-1706	534	35	gains	gain	NOUN
cblr-1706	534	36	from	from	ADP
cblr-1706	534	37	trade	trade	NOUN
cblr-1706	534	38	.	.	PUNCT
cblr-1706	535	1	the	the	DET
cblr-1706	535	2	mechanics	mechanic	NOUN
cblr-1706	535	3	of	of	ADP
cblr-1706	535	4	positive	positive	ADJ
cblr-1706	535	5	externalities	externality	NOUN
cblr-1706	535	6	follow	follow	VERB
cblr-1706	535	7	much	much	ADV
cblr-1706	535	8	the	the	DET
cblr-1706	535	9	same	same	ADJ
cblr-1706	535	10	reasoning	reasoning	NOUN
cblr-1706	535	11	,	,	PUNCT
cblr-1706	535	12	shown	show	VERB
cblr-1706	535	13	in	in	ADP
cblr-1706	535	14	panel	panel	NOUN
cblr-1706	535	15	b.	b.	PROPN
cblr-1706	535	16	here	here	ADV
cblr-1706	535	17	,	,	PUNCT
cblr-1706	535	18	the	the	DET
cblr-1706	535	19	decision	decision	NOUN
cblr-1706	535	20	maker	maker	NOUN
cblr-1706	535	21	equates	equate	VERB
cblr-1706	535	22	his	his	PRON
cblr-1706	535	23	or	or	CCONJ
cblr-1706	535	24	her	her	PRON
cblr-1706	535	25	marginal	marginal	ADJ
cblr-1706	535	26	private	private	ADJ
cblr-1706	535	27	benefits	benefit	NOUN
cblr-1706	535	28	with	with	ADP
cblr-1706	535	29	marginal	marginal	ADJ
cblr-1706	535	30	private	private	ADJ
cblr-1706	535	31	costs	cost	NOUN
cblr-1706	535	32	and	and	CCONJ
cblr-1706	535	33	ignores	ignore	VERB
cblr-1706	535	34	any	any	DET
cblr-1706	535	35	external	external	ADJ
cblr-1706	535	36	benefits	benefit	NOUN
cblr-1706	535	37	that	that	PRON
cblr-1706	535	38	spill	spill	VERB
cblr-1706	535	39	onto	onto	ADP
cblr-1706	535	40	others	other	NOUN
cblr-1706	535	41	because	because	SCONJ
cblr-1706	535	42	he	he	PRON
cblr-1706	535	43	or	or	CCONJ
cblr-1706	535	44	she	she	PRON
cblr-1706	535	45	is	be	AUX
cblr-1706	535	46	unable	unable	ADJ
cblr-1706	535	47	to	to	PART
cblr-1706	535	48	charge	charge	VERB
cblr-1706	535	49	a	a	DET
cblr-1706	535	50	price	price	NOUN
cblr-1706	535	51	for	for	ADP
cblr-1706	535	52	them	they	PRON
cblr-1706	535	53	.	.	PUNCT
cblr-1706	536	1	the	the	DET
cblr-1706	536	2	decision	decision	NOUN
cblr-1706	536	3	maker	maker	NOUN
cblr-1706	536	4	ends	end	VERB
cblr-1706	536	5	up	up	ADP
cblr-1706	536	6	doing	do	VERB
cblr-1706	536	7	too	too	ADV
cblr-1706	536	8	little	little	ADJ
cblr-1706	536	9	of	of	ADP
cblr-1706	536	10	the	the	DET
cblr-1706	536	11	activity	activity	NOUN
cblr-1706	536	12	;	;	PUNCT
cblr-1706	536	13	â	â	PRON
cblr-1706	536	14	falls	fall	VERB
cblr-1706	536	15	short	short	ADV
cblr-1706	536	16	of	of	ADP
cblr-1706	536	17	a	a	PRON
cblr-1706	536	18	*	*	NOUN
cblr-1706	536	19	.	.	PUNCT
cblr-1706	537	1	the	the	DET
cblr-1706	537	2	shaded	shade	VERB
cblr-1706	537	3	triangle	triangle	NOUN
cblr-1706	537	4	shows	show	VERB
cblr-1706	537	5	the	the	DET
cblr-1706	537	6	associated	associated	ADJ
cblr-1706	537	7	loss	loss	NOUN
cblr-1706	537	8	in	in	ADP
cblr-1706	537	9	social	social	ADJ
cblr-1706	537	10	welfare	welfare	NOUN
cblr-1706	537	11	.	.	PUNCT
cblr-1706	538	1	a	a	DET
cblr-1706	538	2	relevant	relevant	ADJ
cblr-1706	538	3	example	example	NOUN
cblr-1706	538	4	comes	come	VERB
cblr-1706	538	5	from	from	ADP
cblr-1706	538	6	the	the	DET
cblr-1706	538	7	principal	principal	ADJ
cblr-1706	538	8	-	-	PUNCT
cblr-1706	538	9	agent	agent	NOUN
cblr-1706	538	10	setting.119	setting.119	NOUN
cblr-1706	538	11	the	the	DET
cblr-1706	538	12	agent	agent	NOUN
cblr-1706	538	13	is	be	AUX
cblr-1706	538	14	charged	charge	VERB
cblr-1706	538	15	with	with	ADP
cblr-1706	538	16	acting	act	VERB
cblr-1706	538	17	to	to	PART
cblr-1706	538	18	increase	increase	VERB
cblr-1706	538	19	the	the	DET
cblr-1706	538	20	principal	principal	NOUN
cblr-1706	538	21	’s	’s	PART
cblr-1706	538	22	wealth	wealth	NOUN
cblr-1706	538	23	,	,	PUNCT
cblr-1706	538	24	but	but	CCONJ
cblr-1706	538	25	,	,	PUNCT
cblr-1706	538	26	although	although	SCONJ
cblr-1706	538	27	the	the	DET
cblr-1706	538	28	agent	agent	NOUN
cblr-1706	538	29	bears	bear	VERB
cblr-1706	538	30	the	the	DET
cblr-1706	538	31	full	full	ADJ
cblr-1706	538	32	costs	cost	NOUN
cblr-1706	538	33	of	of	ADP
cblr-1706	538	34	such	such	ADJ
cblr-1706	538	35	actions	action	NOUN
cblr-1706	538	36	,	,	PUNCT
cblr-1706	538	37	he	he	PRON
cblr-1706	538	38	or	or	CCONJ
cblr-1706	538	39	she	she	PRON
cblr-1706	538	40	normally	normally	ADV
cblr-1706	538	41	receives	receive	VERB
cblr-1706	538	42	only	only	ADV
cblr-1706	538	43	a	a	DET
cblr-1706	538	44	small	small	ADJ
cblr-1706	538	45	fraction	fraction	NOUN
cblr-1706	538	46	of	of	ADP
cblr-1706	538	47	the	the	DET
cblr-1706	538	48	associated	associated	ADJ
cblr-1706	538	49	benefits	benefit	NOUN
cblr-1706	538	50	.	.	PUNCT
cblr-1706	539	1	the	the	DET
cblr-1706	539	2	119	119	NUM
cblr-1706	539	3	garbade	garbade	NOUN
cblr-1706	539	4	&	&	CCONJ
cblr-1706	539	5	silber	silber	PROPN
cblr-1706	539	6	,	,	PUNCT
cblr-1706	539	7	supra	supra	PROPN
cblr-1706	539	8	note	note	NOUN
cblr-1706	539	9	30	30	NUM
cblr-1706	539	10	,	,	PUNCT
cblr-1706	539	11	at	at	ADP
cblr-1706	539	12	495–98	495–98	NUM
cblr-1706	539	13	.	.	PUNCT
cblr-1706	540	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	540	2	no	no	NOUN
cblr-1706	540	3	.	.	PUNCT
cblr-1706	541	1	3:695	3:695	NUM
cblr-1706	541	2	]	]	X
cblr-1706	541	3	a	a	DET
cblr-1706	541	4	transaction	transaction	NOUN
cblr-1706	541	5	cost	cost	NOUN
cblr-1706	541	6	assessment	assessment	NOUN
cblr-1706	541	7	729	729	NUM
cblr-1706	541	8	decision	decision	NOUN
cblr-1706	541	9	maker	maker	NOUN
cblr-1706	541	10	therefore	therefore	ADV
cblr-1706	541	11	stops	stop	VERB
cblr-1706	541	12	short	short	ADV
cblr-1706	541	13	of	of	ADP
cblr-1706	541	14	the	the	DET
cblr-1706	541	15	activity	activity	NOUN
cblr-1706	541	16	level	level	NOUN
cblr-1706	541	17	that	that	PRON
cblr-1706	541	18	maximizes	maximize	VERB
cblr-1706	541	19	the	the	DET
cblr-1706	541	20	net	net	ADJ
cblr-1706	541	21	social	social	ADJ
cblr-1706	541	22	benefits	benefit	NOUN
cblr-1706	541	23	.	.	PUNCT
cblr-1706	542	1	for	for	ADP
cblr-1706	542	2	example	example	NOUN
cblr-1706	542	3	,	,	PUNCT
cblr-1706	542	4	a	a	DET
cblr-1706	542	5	retail	retail	ADJ
cblr-1706	542	6	securities	security	NOUN
cblr-1706	542	7	broker	broker	NOUN
cblr-1706	542	8	might	might	AUX
cblr-1706	542	9	exert	exert	VERB
cblr-1706	542	10	too	too	ADV
cblr-1706	542	11	little	little	ADJ
cblr-1706	542	12	effort	effort	NOUN
cblr-1706	542	13	identifying	identify	VERB
cblr-1706	542	14	profitable	profitable	ADJ
cblr-1706	542	15	trades	trade	NOUN
cblr-1706	542	16	for	for	ADP
cblr-1706	542	17	his	his	PRON
cblr-1706	542	18	or	or	CCONJ
cblr-1706	542	19	her	her	PRON
cblr-1706	542	20	client	client	NOUN
cblr-1706	542	21	’s	’s	PART
cblr-1706	542	22	benefit	benefit	NOUN
cblr-1706	542	23	or	or	CCONJ
cblr-1706	542	24	undersearch	undersearch	NOUN
cblr-1706	542	25	for	for	ADP
cblr-1706	542	26	price	price	NOUN
cblr-1706	542	27	improvement	improvement	NOUN
cblr-1706	542	28	on	on	ADP
cblr-1706	542	29	trades	trade	NOUN
cblr-1706	542	30	the	the	DET
cblr-1706	542	31	client	client	NOUN
cblr-1706	542	32	orders	order	NOUN
cblr-1706	542	33	.	.	PUNCT
cblr-1706	543	1	a	a	DET
cblr-1706	543	2	simple	simple	ADJ
cblr-1706	543	3	solution	solution	NOUN
cblr-1706	543	4	to	to	ADP
cblr-1706	543	5	the	the	DET
cblr-1706	543	6	problem	problem	NOUN
cblr-1706	543	7	of	of	ADP
cblr-1706	543	8	too	too	ADV
cblr-1706	543	9	much	much	ADJ
cblr-1706	543	10	or	or	CCONJ
cblr-1706	543	11	too	too	ADV
cblr-1706	543	12	little	little	ADJ
cblr-1706	543	13	activity	activity	NOUN
cblr-1706	543	14	is	be	AUX
cblr-1706	543	15	government	government	NOUN
cblr-1706	543	16	mandates	mandate	NOUN
cblr-1706	543	17	,	,	PUNCT
cblr-1706	543	18	such	such	ADJ
cblr-1706	543	19	as	as	ADP
cblr-1706	543	20	limiting	limit	VERB
cblr-1706	543	21	to	to	ADP
cblr-1706	543	22	a	a	PRON
cblr-1706	543	23	*	*	NOUN
cblr-1706	543	24	the	the	DET
cblr-1706	543	25	number	number	NOUN
cblr-1706	543	26	of	of	ADP
cblr-1706	543	27	travelers	traveler	NOUN
cblr-1706	543	28	allowed	allow	VERB
cblr-1706	543	29	to	to	PART
cblr-1706	543	30	enter	enter	VERB
cblr-1706	543	31	the	the	DET
cblr-1706	543	32	roadway	roadway	NOUN
cblr-1706	543	33	.	.	PUNCT
cblr-1706	544	1	a	a	DET
cblr-1706	544	2	common	common	ADJ
cblr-1706	544	3	example	example	NOUN
cblr-1706	544	4	of	of	ADP
cblr-1706	544	5	a	a	DET
cblr-1706	544	6	solution	solution	NOUN
cblr-1706	544	7	to	to	ADP
cblr-1706	544	8	negative	negative	ADJ
cblr-1706	544	9	externalities	externality	NOUN
cblr-1706	544	10	is	be	AUX
cblr-1706	544	11	highoccupancy	highoccupancy	NOUN
cblr-1706	544	12	vehicle	vehicle	NOUN
cblr-1706	544	13	(	(	PUNCT
cblr-1706	544	14	“	"	PUNCT
cblr-1706	544	15	hov	hov	PROPN
cblr-1706	544	16	”	"	PUNCT
cblr-1706	544	17	)	)	PUNCT
cblr-1706	544	18	restrictions	restriction	NOUN
cblr-1706	544	19	requiring	require	VERB
cblr-1706	544	20	a	a	DET
cblr-1706	544	21	minimum	minimum	ADJ
cblr-1706	544	22	number	number	NOUN
cblr-1706	544	23	of	of	ADP
cblr-1706	544	24	vehicle	vehicle	NOUN
cblr-1706	544	25	occupants	occupant	NOUN
cblr-1706	544	26	on	on	ADP
cblr-1706	544	27	specific	specific	ADJ
cblr-1706	544	28	roads	road	NOUN
cblr-1706	544	29	at	at	ADP
cblr-1706	544	30	peak	peak	NOUN
cblr-1706	544	31	travel	travel	NOUN
cblr-1706	544	32	times	time	NOUN
cblr-1706	544	33	.	.	PUNCT
cblr-1706	545	1	speed	speed	NOUN
cblr-1706	545	2	limits	limit	NOUN
cblr-1706	545	3	,	,	PUNCT
cblr-1706	545	4	in	in	ADP
cblr-1706	545	5	essence	essence	NOUN
cblr-1706	545	6	,	,	PUNCT
cblr-1706	545	7	are	be	AUX
cblr-1706	545	8	another	another	PRON
cblr-1706	545	9	.	.	PUNCT
cblr-1706	546	1	examples	example	NOUN
cblr-1706	546	2	of	of	ADP
cblr-1706	546	3	mandates	mandate	NOUN
cblr-1706	546	4	to	to	PART
cblr-1706	546	5	solve	solve	VERB
cblr-1706	546	6	positive	positive	ADJ
cblr-1706	546	7	externalities	externality	NOUN
cblr-1706	546	8	include	include	VERB
cblr-1706	546	9	required	require	VERB
cblr-1706	546	10	vaccinations	vaccination	NOUN
cblr-1706	546	11	and	and	CCONJ
cblr-1706	546	12	minimum	minimum	NOUN
cblr-1706	546	13	schooling	schooling	NOUN
cblr-1706	546	14	requirements	requirement	NOUN
cblr-1706	546	15	.	.	PUNCT
cblr-1706	547	1	mandates	mandate	NOUN
cblr-1706	547	2	can	can	AUX
cblr-1706	547	3	be	be	AUX
cblr-1706	547	4	cumbersome	cumbersome	ADJ
cblr-1706	547	5	because	because	SCONJ
cblr-1706	547	6	they	they	PRON
cblr-1706	547	7	require	require	VERB
cblr-1706	547	8	the	the	DET
cblr-1706	547	9	regulator	regulator	NOUN
cblr-1706	547	10	to	to	PART
cblr-1706	547	11	gather	gather	VERB
cblr-1706	547	12	information	information	NOUN
cblr-1706	547	13	to	to	PART
cblr-1706	547	14	identify	identify	VERB
cblr-1706	547	15	a	a	DET
cblr-1706	547	16	*	*	PUNCT
cblr-1706	547	17	and	and	CCONJ
cblr-1706	547	18	leave	leave	VERB
cblr-1706	547	19	little	little	ADJ
cblr-1706	547	20	discretion	discretion	NOUN
cblr-1706	547	21	to	to	PART
cblr-1706	547	22	market	market	VERB
cblr-1706	547	23	participants	participant	NOUN
cblr-1706	547	24	about	about	ADP
cblr-1706	547	25	how	how	SCONJ
cblr-1706	547	26	to	to	PART
cblr-1706	547	27	make	make	VERB
cblr-1706	547	28	efficient	efficient	ADJ
cblr-1706	547	29	adjustments	adjustment	NOUN
cblr-1706	547	30	in	in	ADP
cblr-1706	547	31	response	response	NOUN
cblr-1706	547	32	.	.	PUNCT
cblr-1706	548	1	corrective	corrective	ADJ
cblr-1706	548	2	taxes	taxis	NOUN
cblr-1706	548	3	are	be	AUX
cblr-1706	548	4	an	an	DET
cblr-1706	548	5	alternative	alternative	NOUN
cblr-1706	548	6	to	to	ADP
cblr-1706	548	7	quantity	quantity	NOUN
cblr-1706	548	8	mandates.120	mandates.120	ADV
cblr-1706	548	9	by	by	ADP
cblr-1706	548	10	forcing	force	VERB
cblr-1706	548	11	travelers	traveler	NOUN
cblr-1706	548	12	to	to	PART
cblr-1706	548	13	bear	bear	VERB
cblr-1706	548	14	the	the	DET
cblr-1706	548	15	full	full	ADJ
cblr-1706	548	16	social	social	ADJ
cblr-1706	548	17	cost	cost	NOUN
cblr-1706	548	18	of	of	ADP
cblr-1706	548	19	their	their	PRON
cblr-1706	548	20	travel	travel	NOUN
cblr-1706	548	21	decisions	decision	NOUN
cblr-1706	548	22	,	,	PUNCT
cblr-1706	548	23	for	for	ADP
cblr-1706	548	24	example	example	NOUN
cblr-1706	548	25	,	,	PUNCT
cblr-1706	548	26	a	a	DET
cblr-1706	548	27	road	road	NOUN
cblr-1706	548	28	tax	tax	NOUN
cblr-1706	548	29	equal	equal	ADJ
cblr-1706	548	30	to	to	ADP
cblr-1706	548	31	ec	ec	PROPN
cblr-1706	548	32	is	be	AUX
cblr-1706	548	33	said	say	VERB
cblr-1706	548	34	to	to	PART
cblr-1706	548	35	correct	correct	VERB
cblr-1706	548	36	the	the	DET
cblr-1706	548	37	market	market	NOUN
cblr-1706	548	38	failure	failure	NOUN
cblr-1706	548	39	and	and	CCONJ
cblr-1706	548	40	restore	restore	VERB
cblr-1706	548	41	socially	socially	ADV
cblr-1706	548	42	optimal	optimal	ADJ
cblr-1706	548	43	resource	resource	NOUN
cblr-1706	548	44	allocation	allocation	NOUN
cblr-1706	548	45	while	while	SCONJ
cblr-1706	548	46	leaving	leave	VERB
cblr-1706	548	47	people	people	NOUN
cblr-1706	548	48	free	free	ADJ
cblr-1706	548	49	to	to	PART
cblr-1706	548	50	choose	choose	VERB
cblr-1706	548	51	how	how	SCONJ
cblr-1706	548	52	much	much	ADJ
cblr-1706	548	53	and	and	CCONJ
cblr-1706	548	54	when	when	SCONJ
cblr-1706	548	55	to	to	PART
cblr-1706	548	56	travel	travel	VERB
cblr-1706	548	57	.	.	PUNCT
cblr-1706	549	1	they	they	PRON
cblr-1706	549	2	naturally	naturally	ADV
cblr-1706	549	3	choose	choose	VERB
cblr-1706	549	4	activity	activity	NOUN
cblr-1706	549	5	level	level	NOUN
cblr-1706	549	6	a	a	PRON
cblr-1706	549	7	*	*	X
cblr-1706	549	8	rather	rather	ADV
cblr-1706	549	9	than	than	ADP
cblr-1706	549	10	ao	ao	PROPN
cblr-1706	549	11	.	.	PUNCT
cblr-1706	550	1	gasoline	gasoline	NOUN
cblr-1706	550	2	and	and	CCONJ
cblr-1706	550	3	cigarette	cigarette	NOUN
cblr-1706	550	4	taxes	taxis	NOUN
cblr-1706	550	5	are	be	AUX
cblr-1706	550	6	arguable	arguable	ADJ
cblr-1706	550	7	examples	example	NOUN
cblr-1706	550	8	of	of	ADP
cblr-1706	550	9	corrective	corrective	ADJ
cblr-1706	550	10	taxation	taxation	NOUN
cblr-1706	550	11	.	.	PUNCT
cblr-1706	551	1	where	where	SCONJ
cblr-1706	551	2	feasible	feasible	ADJ
cblr-1706	551	3	,	,	PUNCT
cblr-1706	551	4	corrective	corrective	ADJ
cblr-1706	551	5	taxes	taxis	NOUN
cblr-1706	551	6	impose	impose	VERB
cblr-1706	551	7	a	a	DET
cblr-1706	551	8	smaller	small	ADJ
cblr-1706	551	9	information	information	NOUN
cblr-1706	551	10	burden	burden	NOUN
cblr-1706	551	11	on	on	ADP
cblr-1706	551	12	the	the	DET
cblr-1706	551	13	regulator	regulator	NOUN
cblr-1706	551	14	than	than	ADP
cblr-1706	551	15	government	government	NOUN
cblr-1706	551	16	mandates	mandate	NOUN
cblr-1706	551	17	because	because	SCONJ
cblr-1706	551	18	they	they	PRON
cblr-1706	551	19	allow	allow	VERB
cblr-1706	551	20	market	market	NOUN
cblr-1706	551	21	participants	participant	NOUN
cblr-1706	551	22	to	to	PART
cblr-1706	551	23	make	make	VERB
cblr-1706	551	24	economizing	economizing	ADJ
cblr-1706	551	25	adjustments	adjustment	NOUN
cblr-1706	551	26	as	as	ADV
cblr-1706	551	27	long	long	ADV
cblr-1706	551	28	as	as	SCONJ
cblr-1706	551	29	they	they	PRON
cblr-1706	551	30	are	be	AUX
cblr-1706	551	31	willing	willing	ADJ
cblr-1706	551	32	to	to	PART
cblr-1706	551	33	pay	pay	VERB
cblr-1706	551	34	the	the	DET
cblr-1706	551	35	tax	tax	NOUN
cblr-1706	551	36	.	.	PUNCT
cblr-1706	552	1	two	two	NUM
cblr-1706	552	2	additional	additional	ADJ
cblr-1706	552	3	responses	response	NOUN
cblr-1706	552	4	are	be	AUX
cblr-1706	552	5	available	available	ADJ
cblr-1706	552	6	to	to	PART
cblr-1706	552	7	correct	correct	VERB
cblr-1706	552	8	market	market	NOUN
cblr-1706	552	9	failure	failure	NOUN
cblr-1706	552	10	.	.	PUNCT
cblr-1706	553	1	one	one	NUM
cblr-1706	553	2	is	be	AUX
cblr-1706	553	3	for	for	SCONJ
cblr-1706	553	4	the	the	DET
cblr-1706	553	5	government	government	NOUN
cblr-1706	553	6	to	to	PART
cblr-1706	553	7	do	do	VERB
cblr-1706	553	8	nothing	nothing	PRON
cblr-1706	553	9	and	and	CCONJ
cblr-1706	553	10	the	the	DET
cblr-1706	553	11	other	other	ADJ
cblr-1706	553	12	is	be	AUX
cblr-1706	553	13	for	for	SCONJ
cblr-1706	553	14	it	it	PRON
cblr-1706	553	15	to	to	PART
cblr-1706	553	16	require	require	VERB
cblr-1706	553	17	one	one	NUM
cblr-1706	553	18	party	party	NOUN
cblr-1706	553	19	to	to	PART
cblr-1706	553	20	compensate	compensate	VERB
cblr-1706	553	21	the	the	DET
cblr-1706	553	22	other	other	ADJ
cblr-1706	553	23	by	by	ADP
cblr-1706	553	24	establishing	establish	VERB
cblr-1706	553	25	or	or	CCONJ
cblr-1706	553	26	changing	change	VERB
cblr-1706	553	27	the	the	DET
cblr-1706	553	28	rule	rule	NOUN
cblr-1706	553	29	of	of	ADP
cblr-1706	553	30	liability	liability	NOUN
cblr-1706	553	31	.	.	PUNCT
cblr-1706	554	1	these	these	DET
cblr-1706	554	2	possibilities	possibility	NOUN
cblr-1706	554	3	are	be	AUX
cblr-1706	554	4	discussed	discuss	VERB
cblr-1706	554	5	below	below	ADV
cblr-1706	554	6	.	.	PUNCT
cblr-1706	555	1	120	120	NUM
cblr-1706	555	2	see	see	VERB
cblr-1706	555	3	mankiw	mankiw	PROPN
cblr-1706	555	4	,	,	PUNCT
cblr-1706	555	5	supra	supra	PROPN
cblr-1706	555	6	note	note	PROPN
cblr-1706	555	7	108	108	NUM
cblr-1706	555	8	,	,	PUNCT
cblr-1706	555	9	at	at	ADP
cblr-1706	555	10	495–96	495–96	PROPN
cblr-1706	555	11	.	.	PUNCT
cblr-1706	556	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	556	2	730	730	NUM
cblr-1706	556	3	columbia	columbia	PROPN
cblr-1706	556	4	business	business	NOUN
cblr-1706	556	5	law	law	PROPN
cblr-1706	556	6	review	review	NOUN
cblr-1706	556	7	[	[	X
cblr-1706	556	8	vol	vol	NOUN
cblr-1706	556	9	.	.	NOUN
cblr-1706	556	10	2018	2018	NUM
cblr-1706	556	11	c.	c.	NOUN
cblr-1706	556	12	a	a	DET
cblr-1706	556	13	closer	close	ADJ
cblr-1706	556	14	look	look	NOUN
cblr-1706	556	15	at	at	ADP
cblr-1706	556	16	market	market	NOUN
cblr-1706	556	17	failure	failure	NOUN
cblr-1706	556	18	coase	coase	NOUN
cblr-1706	556	19	famously	famously	ADV
cblr-1706	556	20	introduced	introduce	VERB
cblr-1706	556	21	the	the	DET
cblr-1706	556	22	“	"	PUNCT
cblr-1706	556	23	costs	cost	NOUN
cblr-1706	556	24	of	of	ADP
cblr-1706	556	25	market	market	NOUN
cblr-1706	556	26	transactions	transaction	NOUN
cblr-1706	556	27	”	"	PUNCT
cblr-1706	556	28	into	into	ADP
cblr-1706	556	29	the	the	DET
cblr-1706	556	30	market	market	NOUN
cblr-1706	556	31	failure	failure	NOUN
cblr-1706	556	32	debate	debate	NOUN
cblr-1706	556	33	and	and	CCONJ
cblr-1706	556	34	traced	trace	VERB
cblr-1706	556	35	the	the	DET
cblr-1706	556	36	implications	implication	NOUN
cblr-1706	556	37	for	for	ADP
cblr-1706	556	38	the	the	DET
cblr-1706	556	39	optimal	optimal	ADJ
cblr-1706	556	40	rule	rule	NOUN
cblr-1706	556	41	of	of	ADP
cblr-1706	556	42	liability.121	liability.121	ADV
cblr-1706	556	43	he	he	PRON
cblr-1706	556	44	used	use	VERB
cblr-1706	556	45	the	the	DET
cblr-1706	556	46	example	example	NOUN
cblr-1706	556	47	of	of	ADP
cblr-1706	556	48	a	a	DET
cblr-1706	556	49	rancher	rancher	NOUN
cblr-1706	556	50	’s	’s	PART
cblr-1706	556	51	cattle	cattle	NOUN
cblr-1706	556	52	straying	stray	VERB
cblr-1706	556	53	and	and	CCONJ
cblr-1706	556	54	trampling	trample	VERB
cblr-1706	556	55	the	the	DET
cblr-1706	556	56	neighboring	neighboring	NOUN
cblr-1706	556	57	farmer	farmer	NOUN
cblr-1706	556	58	’s	’s	PART
cblr-1706	556	59	crops	crop	NOUN
cblr-1706	556	60	,	,	PUNCT
cblr-1706	556	61	a	a	DET
cblr-1706	556	62	garden	garden	NOUN
cblr-1706	556	63	-	-	PUNCT
cblr-1706	556	64	variety	variety	NOUN
cblr-1706	556	65	negative	negative	ADJ
cblr-1706	556	66	externality	externality	NOUN
cblr-1706	556	67	that	that	SCONJ
cblr-1706	556	68	the	the	DET
cblr-1706	556	69	common	common	ADJ
cblr-1706	556	70	law	law	NOUN
cblr-1706	556	71	regularly	regularly	ADV
cblr-1706	556	72	addressed	address	VERB
cblr-1706	556	73	under	under	ADP
cblr-1706	556	74	the	the	DET
cblr-1706	556	75	law	law	NOUN
cblr-1706	556	76	of	of	ADP
cblr-1706	556	77	nuisance	nuisance	NOUN
cblr-1706	556	78	,	,	PUNCT
cblr-1706	556	79	either	either	CCONJ
cblr-1706	556	80	with	with	ADP
cblr-1706	556	81	a	a	DET
cblr-1706	556	82	liability	liability	NOUN
cblr-1706	556	83	rule	rule	NOUN
cblr-1706	556	84	or	or	CCONJ
cblr-1706	556	85	with	with	ADP
cblr-1706	556	86	a	a	DET
cblr-1706	556	87	property	property	NOUN
cblr-1706	556	88	rule.122	rule.122	NOUN
cblr-1706	556	89	under	under	ADP
cblr-1706	556	90	the	the	DET
cblr-1706	556	91	implausible	implausible	ADJ
cblr-1706	556	92	assumption	assumption	NOUN
cblr-1706	556	93	of	of	ADP
cblr-1706	556	94	zero	zero	NUM
cblr-1706	556	95	transaction	transaction	NOUN
cblr-1706	556	96	costs	cost	NOUN
cblr-1706	556	97	,	,	PUNCT
cblr-1706	556	98	he	he	PRON
cblr-1706	556	99	showed	show	VERB
cblr-1706	556	100	that	that	SCONJ
cblr-1706	556	101	the	the	DET
cblr-1706	556	102	rule	rule	NOUN
cblr-1706	556	103	of	of	ADP
cblr-1706	556	104	liability	liability	NOUN
cblr-1706	556	105	would	would	AUX
cblr-1706	556	106	have	have	VERB
cblr-1706	556	107	no	no	DET
cblr-1706	556	108	effect	effect	NOUN
cblr-1706	556	109	on	on	ADP
cblr-1706	556	110	the	the	DET
cblr-1706	556	111	number	number	NOUN
cblr-1706	556	112	of	of	ADP
cblr-1706	556	113	cattle	cattle	NOUN
cblr-1706	556	114	the	the	DET
cblr-1706	556	115	rancher	rancher	NOUN
cblr-1706	556	116	raises	raise	VERB
cblr-1706	556	117	or	or	CCONJ
cblr-1706	556	118	the	the	DET
cblr-1706	556	119	extent	extent	NOUN
cblr-1706	556	120	of	of	ADP
cblr-1706	556	121	crop	crop	NOUN
cblr-1706	556	122	damage	damage	NOUN
cblr-1706	556	123	(	(	PUNCT
cblr-1706	556	124	resource	resource	NOUN
cblr-1706	556	125	allocation	allocation	NOUN
cblr-1706	556	126	)	)	PUNCT
cblr-1706	556	127	.	.	PUNCT
cblr-1706	557	1	whether	whether	SCONJ
cblr-1706	557	2	ranchers	rancher	NOUN
cblr-1706	557	3	have	have	AUX
cblr-1706	557	4	to	to	PART
cblr-1706	557	5	pay	pay	VERB
cblr-1706	557	6	for	for	ADP
cblr-1706	557	7	damage	damage	NOUN
cblr-1706	557	8	to	to	ADP
cblr-1706	557	9	farmers	farmer	NOUN
cblr-1706	557	10	’	'	PUNCT
cblr-1706	557	11	crops	crop	NOUN
cblr-1706	557	12	or	or	CCONJ
cblr-1706	557	13	farmers	farmer	NOUN
cblr-1706	557	14	have	have	VERB
cblr-1706	557	15	to	to	PART
cblr-1706	557	16	pay	pay	VERB
cblr-1706	557	17	ranchers	rancher	NOUN
cblr-1706	557	18	to	to	PART
cblr-1706	557	19	reduce	reduce	VERB
cblr-1706	557	20	their	their	PRON
cblr-1706	557	21	herd	herd	NOUN
cblr-1706	557	22	size	size	NOUN
cblr-1706	557	23	,	,	PUNCT
cblr-1706	557	24	efficient	efficient	ADJ
cblr-1706	557	25	resource	resource	NOUN
cblr-1706	557	26	allocation	allocation	NOUN
cblr-1706	557	27	will	will	AUX
cblr-1706	557	28	prevail	prevail	VERB
cblr-1706	557	29	.	.	PUNCT
cblr-1706	558	1	this	this	DET
cblr-1706	558	2	irrelevance	irrelevance	NOUN
cblr-1706	558	3	result	result	NOUN
cblr-1706	558	4	has	have	AUX
cblr-1706	558	5	since	since	SCONJ
cblr-1706	558	6	come	come	VERB
cblr-1706	558	7	to	to	PART
cblr-1706	558	8	be	be	AUX
cblr-1706	558	9	known	know	VERB
cblr-1706	558	10	as	as	ADP
cblr-1706	558	11	the	the	DET
cblr-1706	558	12	coase	coase	PROPN
cblr-1706	558	13	theorem.123	theorem.123	NOUN
cblr-1706	558	14	but	but	CCONJ
cblr-1706	558	15	coase	coase	PROPN
cblr-1706	558	16	never	never	ADV
cblr-1706	558	17	touted	tout	VERB
cblr-1706	558	18	his	his	PRON
cblr-1706	558	19	analysis	analysis	NOUN
cblr-1706	558	20	as	as	ADP
cblr-1706	558	21	“	"	PUNCT
cblr-1706	558	22	the	the	DET
cblr-1706	558	23	coase	coase	PROPN
cblr-1706	558	24	theorem	theorem	PROPN
cblr-1706	558	25	,	,	PUNCT
cblr-1706	558	26	”	"	PUNCT
cblr-1706	558	27	nor	nor	CCONJ
cblr-1706	558	28	did	do	AUX
cblr-1706	558	29	he	he	PRON
cblr-1706	558	30	endorse	endorse	VERB
cblr-1706	558	31	the	the	DET
cblr-1706	558	32	relevance	relevance	NOUN
cblr-1706	558	33	of	of	ADP
cblr-1706	558	34	zero	zero	NUM
cblr-1706	558	35	transaction	transaction	NOUN
cblr-1706	558	36	costs	cost	NOUN
cblr-1706	558	37	to	to	ADP
cblr-1706	558	38	the	the	DET
cblr-1706	558	39	real	real	ADJ
cblr-1706	558	40	world	world	NOUN
cblr-1706	558	41	.	.	PUNCT
cblr-1706	559	1	as	as	SCONJ
cblr-1706	559	2	he	he	PRON
cblr-1706	559	3	lamented	lament	VERB
cblr-1706	559	4	:	:	PUNCT
cblr-1706	559	5	a	a	DET
cblr-1706	559	6	better	well	ADJ
cblr-1706	559	7	approach	approach	NOUN
cblr-1706	559	8	would	would	AUX
cblr-1706	559	9	seem	seem	VERB
cblr-1706	559	10	to	to	PART
cblr-1706	559	11	be	be	AUX
cblr-1706	559	12	to	to	PART
cblr-1706	559	13	start	start	VERB
cblr-1706	559	14	our	our	PRON
cblr-1706	559	15	analysis	analysis	NOUN
cblr-1706	559	16	with	with	ADP
cblr-1706	559	17	a	a	DET
cblr-1706	559	18	situation	situation	NOUN
cblr-1706	559	19	approximating	approximate	VERB
cblr-1706	559	20	that	that	SCONJ
cblr-1706	559	21	which	which	PRON
cblr-1706	559	22	actually	actually	ADV
cblr-1706	559	23	exists	exist	VERB
cblr-1706	559	24	,	,	PUNCT
cblr-1706	559	25	to	to	PART
cblr-1706	559	26	examine	examine	VERB
cblr-1706	559	27	the	the	DET
cblr-1706	559	28	effects	effect	NOUN
cblr-1706	559	29	of	of	ADP
cblr-1706	559	30	a	a	DET
cblr-1706	559	31	proposed	propose	VERB
cblr-1706	559	32	policy	policy	NOUN
cblr-1706	559	33	change	change	NOUN
cblr-1706	559	34	and	and	CCONJ
cblr-1706	559	35	to	to	PART
cblr-1706	559	36	attempt	attempt	VERB
cblr-1706	559	37	to	to	PART
cblr-1706	559	38	decide	decide	VERB
cblr-1706	559	39	whether	whether	SCONJ
cblr-1706	559	40	the	the	DET
cblr-1706	559	41	new	new	ADJ
cblr-1706	559	42	situation	situation	NOUN
cblr-1706	559	43	would	would	AUX
cblr-1706	559	44	be	be	AUX
cblr-1706	559	45	,	,	PUNCT
cblr-1706	559	46	in	in	ADP
cblr-1706	559	47	total	total	ADJ
cblr-1706	559	48	,	,	PUNCT
cblr-1706	559	49	better	well	ADJ
cblr-1706	559	50	or	or	CCONJ
cblr-1706	559	51	worse	bad	ADJ
cblr-1706	559	52	than	than	ADP
cblr-1706	559	53	121	121	NUM
cblr-1706	559	54	see	see	NOUN
cblr-1706	559	55	coase	coase	NOUN
cblr-1706	559	56	,	,	PUNCT
cblr-1706	559	57	supra	supra	PROPN
cblr-1706	559	58	note	note	NOUN
cblr-1706	559	59	25	25	NUM
cblr-1706	559	60	.	.	PUNCT
cblr-1706	560	1	the	the	DET
cblr-1706	560	2	problem	problem	NOUN
cblr-1706	560	3	of	of	ADP
cblr-1706	560	4	social	social	ADJ
cblr-1706	560	5	cost	cost	NOUN
cblr-1706	560	6	was	be	AUX
cblr-1706	560	7	the	the	DET
cblr-1706	560	8	culmination	culmination	NOUN
cblr-1706	560	9	of	of	ADP
cblr-1706	560	10	several	several	ADJ
cblr-1706	560	11	of	of	ADP
cblr-1706	560	12	coase	coase	PROPN
cblr-1706	560	13	’s	’s	PART
cblr-1706	560	14	earlier	early	ADJ
cblr-1706	560	15	works	work	NOUN
cblr-1706	560	16	.	.	PUNCT
cblr-1706	561	1	see	see	VERB
cblr-1706	561	2	generally	generally	ADV
cblr-1706	561	3	r.	r.	PROPN
cblr-1706	561	4	h.	h.	PROPN
cblr-1706	561	5	coase	coase	PROPN
cblr-1706	561	6	,	,	PUNCT
cblr-1706	561	7	the	the	DET
cblr-1706	561	8	federal	federal	PROPN
cblr-1706	561	9	communications	communications	PROPN
cblr-1706	561	10	commission	commission	PROPN
cblr-1706	561	11	,	,	PUNCT
cblr-1706	561	12	2	2	NUM
cblr-1706	561	13	j.l	j.l	PROPN
cblr-1706	561	14	.	.	PROPN
cblr-1706	561	15	&	&	CCONJ
cblr-1706	561	16	econ	econ	PROPN
cblr-1706	561	17	.	.	PROPN
cblr-1706	562	1	1	1	NUM
cblr-1706	562	2	(	(	PUNCT
cblr-1706	562	3	1959	1959	NUM
cblr-1706	562	4	)	)	PUNCT
cblr-1706	563	1	;	;	PUNCT
cblr-1706	563	2	coase	coase	PROPN
cblr-1706	563	3	,	,	PUNCT
cblr-1706	563	4	supra	supra	PROPN
cblr-1706	563	5	note	note	NOUN
cblr-1706	563	6	30	30	NUM
cblr-1706	563	7	.	.	X
cblr-1706	564	1	122	122	NUM
cblr-1706	564	2	see	see	VERB
cblr-1706	564	3	coase	coase	NOUN
cblr-1706	564	4	,	,	PUNCT
cblr-1706	564	5	supra	supra	PROPN
cblr-1706	564	6	note	note	PROPN
cblr-1706	564	7	25	25	NUM
cblr-1706	564	8	,	,	PUNCT
cblr-1706	564	9	at	at	ADP
cblr-1706	564	10	2–6	2–6	NOUN
cblr-1706	564	11	.	.	PUNCT
cblr-1706	564	12	in	in	ADP
cblr-1706	564	13	a	a	DET
cblr-1706	564	14	nutshell	nutshell	NOUN
cblr-1706	564	15	,	,	PUNCT
cblr-1706	564	16	a	a	DET
cblr-1706	564	17	liability	liability	NOUN
cblr-1706	564	18	rule	rule	NOUN
cblr-1706	564	19	is	be	AUX
cblr-1706	564	20	one	one	NUM
cblr-1706	564	21	enforced	enforce	VERB
cblr-1706	564	22	by	by	ADP
cblr-1706	564	23	judicially	judicially	ADV
cblr-1706	564	24	assessed	assess	VERB
cblr-1706	564	25	damages	damage	NOUN
cblr-1706	564	26	,	,	PUNCT
cblr-1706	564	27	while	while	SCONJ
cblr-1706	564	28	a	a	DET
cblr-1706	564	29	property	property	NOUN
cblr-1706	564	30	rule	rule	NOUN
cblr-1706	564	31	is	be	AUX
cblr-1706	564	32	one	one	NUM
cblr-1706	564	33	enforced	enforce	VERB
cblr-1706	564	34	through	through	ADP
cblr-1706	564	35	injunction	injunction	NOUN
cblr-1706	564	36	or	or	CCONJ
cblr-1706	564	37	specific	specific	ADJ
cblr-1706	564	38	performance	performance	NOUN
cblr-1706	564	39	.	.	PUNCT
cblr-1706	565	1	guido	guido	PROPN
cblr-1706	565	2	calabresi	calabresi	PROPN
cblr-1706	565	3	&	&	CCONJ
cblr-1706	565	4	a.	a.	PROPN
cblr-1706	565	5	douglas	douglas	PROPN
cblr-1706	565	6	melamed	melamed	PROPN
cblr-1706	565	7	,	,	PUNCT
cblr-1706	565	8	property	property	NOUN
cblr-1706	565	9	rules	rule	NOUN
cblr-1706	565	10	,	,	PUNCT
cblr-1706	565	11	liability	liability	NOUN
cblr-1706	565	12	rules	rule	NOUN
cblr-1706	565	13	,	,	PUNCT
cblr-1706	565	14	and	and	CCONJ
cblr-1706	565	15	inalienability	inalienability	NOUN
cblr-1706	565	16	:	:	PUNCT
cblr-1706	565	17	one	one	NUM
cblr-1706	565	18	view	view	NOUN
cblr-1706	565	19	of	of	ADP
cblr-1706	565	20	the	the	DET
cblr-1706	565	21	cathedral	cathedral	NOUN
cblr-1706	565	22	,	,	PUNCT
cblr-1706	565	23	85	85	NUM
cblr-1706	565	24	harv	harv	NOUN
cblr-1706	565	25	.	.	PUNCT
cblr-1706	566	1	l.	l.	PROPN
cblr-1706	566	2	rev	rev	PROPN
cblr-1706	566	3	.	.	PROPN
cblr-1706	566	4	1089	1089	NUM
cblr-1706	566	5	,	,	PUNCT
cblr-1706	566	6	1092	1092	NUM
cblr-1706	566	7	(	(	PUNCT
cblr-1706	566	8	1972	1972	NUM
cblr-1706	566	9	)	)	PUNCT
cblr-1706	566	10	.	.	PUNCT
cblr-1706	567	1	123	123	NUM
cblr-1706	567	2	the	the	DET
cblr-1706	567	3	coase	coase	PROPN
cblr-1706	567	4	theorem	theorem	NOUN
cblr-1706	567	5	is	be	AUX
cblr-1706	567	6	virtually	virtually	ADV
cblr-1706	567	7	identical	identical	ADJ
cblr-1706	567	8	to	to	ADP
cblr-1706	567	9	the	the	DET
cblr-1706	567	10	modigliani	modigliani	ADJ
cblr-1706	567	11	and	and	CCONJ
cblr-1706	567	12	miller	miller	PROPN
cblr-1706	567	13	irrelevance	irrelevance	NOUN
cblr-1706	567	14	theorem	theorem	NOUN
cblr-1706	567	15	(	(	PUNCT
cblr-1706	567	16	under	under	ADP
cblr-1706	567	17	given	give	VERB
cblr-1706	567	18	assumptions	assumption	NOUN
cblr-1706	567	19	,	,	PUNCT
cblr-1706	567	20	a	a	DET
cblr-1706	567	21	firm	firm	NOUN
cblr-1706	567	22	’s	’s	PART
cblr-1706	567	23	capital	capital	NOUN
cblr-1706	567	24	structure	structure	NOUN
cblr-1706	567	25	–	–	PUNCT
cblr-1706	567	26	how	how	SCONJ
cblr-1706	567	27	it	it	PRON
cblr-1706	567	28	is	be	AUX
cblr-1706	567	29	financed	finance	VERB
cblr-1706	567	30	–	–	PUNCT
cblr-1706	567	31	will	will	AUX
cblr-1706	567	32	have	have	VERB
cblr-1706	567	33	no	no	DET
cblr-1706	567	34	effect	effect	NOUN
cblr-1706	567	35	on	on	ADP
cblr-1706	567	36	firm	firm	ADJ
cblr-1706	567	37	value	value	NOUN
cblr-1706	567	38	)	)	PUNCT
cblr-1706	567	39	.	.	PUNCT
cblr-1706	568	1	see	see	VERB
cblr-1706	568	2	franco	franco	PROPN
cblr-1706	568	3	modigliani	modigliani	PROPN
cblr-1706	568	4	&	&	CCONJ
cblr-1706	568	5	merton	merton	PROPN
cblr-1706	568	6	h.	h.	PROPN
cblr-1706	568	7	miller	miller	PROPN
cblr-1706	568	8	,	,	PUNCT
cblr-1706	568	9	the	the	DET
cblr-1706	568	10	cost	cost	NOUN
cblr-1706	568	11	of	of	ADP
cblr-1706	568	12	capital	capital	NOUN
cblr-1706	568	13	,	,	PUNCT
cblr-1706	568	14	corporation	corporation	NOUN
cblr-1706	568	15	finance	finance	NOUN
cblr-1706	568	16	and	and	CCONJ
cblr-1706	568	17	the	the	DET
cblr-1706	568	18	theory	theory	NOUN
cblr-1706	568	19	of	of	ADP
cblr-1706	568	20	investment	investment	NOUN
cblr-1706	568	21	,	,	PUNCT
cblr-1706	568	22	48	48	NUM
cblr-1706	568	23	am	am	NOUN
cblr-1706	568	24	.	.	PUNCT
cblr-1706	569	1	econ	econ	PROPN
cblr-1706	569	2	.	.	PUNCT
cblr-1706	570	1	rev	rev	PROPN
cblr-1706	570	2	.	.	PROPN
cblr-1706	570	3	261	261	NUM
cblr-1706	570	4	(	(	PUNCT
cblr-1706	570	5	1958	1958	NUM
cblr-1706	570	6	)	)	PUNCT
cblr-1706	570	7	.	.	PUNCT
cblr-1706	571	1	for	for	ADP
cblr-1706	571	2	such	such	ADJ
cblr-1706	571	3	theorems	theorem	NOUN
cblr-1706	571	4	,	,	PUNCT
cblr-1706	571	5	the	the	DET
cblr-1706	571	6	explanatory	explanatory	ADJ
cblr-1706	571	7	power	power	NOUN
cblr-1706	571	8	comes	come	VERB
cblr-1706	571	9	from	from	ADP
cblr-1706	571	10	relaxing	relax	VERB
cblr-1706	571	11	the	the	DET
cblr-1706	571	12	underlying	underlie	VERB
cblr-1706	571	13	assumptions	assumption	NOUN
cblr-1706	571	14	.	.	PUNCT
cblr-1706	572	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	572	2	no	no	NOUN
cblr-1706	572	3	.	.	PUNCT
cblr-1706	573	1	3:695	3:695	NUM
cblr-1706	573	2	]	]	X
cblr-1706	573	3	a	a	DET
cblr-1706	573	4	transaction	transaction	NOUN
cblr-1706	573	5	cost	cost	NOUN
cblr-1706	573	6	assessment	assessment	NOUN
cblr-1706	573	7	731	731	NUM
cblr-1706	573	8	the	the	DET
cblr-1706	573	9	original	original	ADJ
cblr-1706	573	10	one	one	NOUN
cblr-1706	573	11	.	.	PUNCT
cblr-1706	574	1	in	in	ADP
cblr-1706	574	2	this	this	DET
cblr-1706	574	3	way	way	NOUN
cblr-1706	574	4	,	,	PUNCT
cblr-1706	574	5	conclusions	conclusion	NOUN
cblr-1706	574	6	for	for	ADP
cblr-1706	574	7	policy	policy	NOUN
cblr-1706	574	8	would	would	AUX
cblr-1706	574	9	have	have	VERB
cblr-1706	574	10	some	some	DET
cblr-1706	574	11	relevance	relevance	NOUN
cblr-1706	574	12	to	to	ADP
cblr-1706	574	13	the	the	DET
cblr-1706	574	14	actual	actual	ADJ
cblr-1706	574	15	situation.124	situation.124	NOUN
cblr-1706	574	16	in	in	ADP
cblr-1706	574	17	a	a	DET
cblr-1706	574	18	coasean	coasean	ADJ
cblr-1706	574	19	framework	framework	NOUN
cblr-1706	574	20	,	,	PUNCT
cblr-1706	574	21	it	it	PRON
cblr-1706	574	22	begs	beg	VERB
cblr-1706	574	23	the	the	DET
cblr-1706	574	24	question	question	NOUN
cblr-1706	574	25	to	to	PART
cblr-1706	574	26	label	label	VERB
cblr-1706	574	27	one	one	NUM
cblr-1706	574	28	party	party	NOUN
cblr-1706	574	29	the	the	DET
cblr-1706	574	30	victim	victim	NOUN
cblr-1706	574	31	and	and	CCONJ
cblr-1706	574	32	the	the	DET
cblr-1706	574	33	other	other	ADJ
cblr-1706	574	34	the	the	DET
cblr-1706	574	35	wrongdoer	wrongdoer	NOUN
cblr-1706	574	36	,	,	PUNCT
cblr-1706	574	37	or	or	CCONJ
cblr-1706	574	38	to	to	PART
cblr-1706	574	39	say	say	VERB
cblr-1706	574	40	that	that	SCONJ
cblr-1706	574	41	one	one	NUM
cblr-1706	574	42	party	party	NOUN
cblr-1706	574	43	injures	injure	VERB
cblr-1706	574	44	or	or	CCONJ
cblr-1706	574	45	imposes	impose	VERB
cblr-1706	574	46	external	external	ADJ
cblr-1706	574	47	costs	cost	NOUN
cblr-1706	574	48	on	on	ADP
cblr-1706	574	49	another	another	PRON
cblr-1706	574	50	.	.	PUNCT
cblr-1706	575	1	which	which	PRON
cblr-1706	575	2	parties	party	NOUN
cblr-1706	575	3	courts	court	NOUN
cblr-1706	575	4	deem	deem	VERB
cblr-1706	575	5	as	as	ADP
cblr-1706	575	6	wrongdoers	wrongdoer	NOUN
cblr-1706	575	7	and	and	CCONJ
cblr-1706	575	8	which	which	PRON
cblr-1706	575	9	they	they	PRON
cblr-1706	575	10	deem	deem	VERB
cblr-1706	575	11	as	as	SCONJ
cblr-1706	575	12	the	the	DET
cblr-1706	575	13	victims	victim	NOUN
cblr-1706	575	14	is	be	AUX
cblr-1706	575	15	the	the	DET
cblr-1706	575	16	outcome	outcome	NOUN
cblr-1706	575	17	of	of	ADP
cblr-1706	575	18	a	a	DET
cblr-1706	575	19	legal	legal	ADJ
cblr-1706	575	20	process	process	NOUN
cblr-1706	575	21	influenced	influence	VERB
cblr-1706	575	22	by	by	ADP
cblr-1706	575	23	the	the	DET
cblr-1706	575	24	costs	cost	NOUN
cblr-1706	575	25	of	of	ADP
cblr-1706	575	26	transacting	transact	VERB
cblr-1706	575	27	.	.	PUNCT
cblr-1706	576	1	two	two	NUM
cblr-1706	576	2	parties	party	NOUN
cblr-1706	576	3	simply	simply	ADV
cblr-1706	576	4	want	want	VERB
cblr-1706	576	5	to	to	PART
cblr-1706	576	6	use	use	VERB
cblr-1706	576	7	a	a	DET
cblr-1706	576	8	scarce	scarce	ADJ
cblr-1706	576	9	resource	resource	NOUN
cblr-1706	576	10	in	in	ADP
cblr-1706	576	11	mutually	mutually	ADV
cblr-1706	576	12	incompatible	incompatible	ADJ
cblr-1706	576	13	ways	way	NOUN
cblr-1706	576	14	,	,	PUNCT
cblr-1706	576	15	an	an	DET
cblr-1706	576	16	inevitable	inevitable	ADJ
cblr-1706	576	17	condition	condition	NOUN
cblr-1706	576	18	in	in	ADP
cblr-1706	576	19	a	a	DET
cblr-1706	576	20	world	world	NOUN
cblr-1706	576	21	of	of	ADP
cblr-1706	576	22	scarcity	scarcity	NOUN
cblr-1706	576	23	.	.	PUNCT
cblr-1706	577	1	the	the	DET
cblr-1706	577	2	rancher	rancher	NOUN
cblr-1706	577	3	whose	whose	DET
cblr-1706	577	4	cattle	cattle	NOUN
cblr-1706	577	5	stray	stray	VERB
cblr-1706	577	6	is	be	AUX
cblr-1706	577	7	no	no	PRON
cblr-1706	577	8	more	more	ADV
cblr-1706	577	9	economically	economically	ADV
cblr-1706	577	10	responsible	responsible	ADJ
cblr-1706	577	11	—	—	PUNCT
cblr-1706	577	12	the	the	DET
cblr-1706	577	13	cause	cause	NOUN
cblr-1706	577	14	—	—	PUNCT
cblr-1706	577	15	for	for	ADP
cblr-1706	577	16	injury	injury	NOUN
cblr-1706	577	17	to	to	ADP
cblr-1706	577	18	the	the	DET
cblr-1706	577	19	farmer	farmer	NOUN
cblr-1706	577	20	as	as	ADP
cblr-1706	577	21	a	a	DET
cblr-1706	577	22	result	result	NOUN
cblr-1706	577	23	of	of	ADP
cblr-1706	577	24	increasing	increase	VERB
cblr-1706	577	25	his	his	PRON
cblr-1706	577	26	or	or	CCONJ
cblr-1706	577	27	her	her	PRON
cblr-1706	577	28	herd	herd	NOUN
cblr-1706	577	29	size	size	NOUN
cblr-1706	577	30	than	than	SCONJ
cblr-1706	577	31	the	the	DET
cblr-1706	577	32	farmer	farmer	NOUN
cblr-1706	577	33	is	be	AUX
cblr-1706	577	34	responsible	responsible	ADJ
cblr-1706	577	35	for	for	ADP
cblr-1706	577	36	planting	plant	VERB
cblr-1706	577	37	crops	crop	NOUN
cblr-1706	577	38	where	where	SCONJ
cblr-1706	577	39	cattle	cattle	NOUN
cblr-1706	577	40	are	be	AUX
cblr-1706	577	41	likely	likely	ADJ
cblr-1706	577	42	to	to	PART
cblr-1706	577	43	stray	stray	VERB
cblr-1706	577	44	.	.	PUNCT
cblr-1706	578	1	in	in	ADP
cblr-1706	578	2	coase	coase	PROPN
cblr-1706	578	3	’s	’s	PART
cblr-1706	578	4	words	word	NOUN
cblr-1706	578	5	,	,	PUNCT
cblr-1706	578	6	“	"	PUNCT
cblr-1706	578	7	[	[	X
cblr-1706	578	8	i]t	i]t	NOUN
cblr-1706	578	9	is	be	AUX
cblr-1706	578	10	true	true	ADJ
cblr-1706	578	11	that	that	SCONJ
cblr-1706	578	12	there	there	PRON
cblr-1706	578	13	would	would	AUX
cblr-1706	578	14	be	be	AUX
cblr-1706	578	15	no	no	DET
cblr-1706	578	16	crop	crop	NOUN
cblr-1706	578	17	damage	damage	NOUN
cblr-1706	578	18	without	without	ADP
cblr-1706	578	19	the	the	DET
cblr-1706	578	20	cattle	cattle	NOUN
cblr-1706	578	21	.	.	PUNCT
cblr-1706	579	1	it	it	PRON
cblr-1706	579	2	is	be	AUX
cblr-1706	579	3	equally	equally	ADV
cblr-1706	579	4	true	true	ADJ
cblr-1706	579	5	that	that	SCONJ
cblr-1706	579	6	there	there	PRON
cblr-1706	579	7	would	would	AUX
cblr-1706	579	8	be	be	AUX
cblr-1706	579	9	no	no	DET
cblr-1706	579	10	crop	crop	NOUN
cblr-1706	579	11	damage	damage	NOUN
cblr-1706	579	12	without	without	ADP
cblr-1706	579	13	the	the	DET
cblr-1706	579	14	crops	crop	NOUN
cblr-1706	579	15	.	.	PUNCT
cblr-1706	580	1	”125	”125	PROPN
cblr-1706	580	2	injury	injury	NOUN
cblr-1706	580	3	,	,	PUNCT
cblr-1706	580	4	or	or	CCONJ
cblr-1706	580	5	damage	damage	NOUN
cblr-1706	580	6	,	,	PUNCT
cblr-1706	580	7	is	be	AUX
cblr-1706	580	8	a	a	DET
cblr-1706	580	9	reciprocal	reciprocal	ADJ
cblr-1706	580	10	problem	problem	NOUN
cblr-1706	580	11	,	,	PUNCT
cblr-1706	580	12	and	and	CCONJ
cblr-1706	580	13	,	,	PUNCT
cblr-1706	580	14	operationally	operationally	ADV
cblr-1706	580	15	,	,	PUNCT
cblr-1706	580	16	who	who	PRON
cblr-1706	580	17	ends	end	VERB
cblr-1706	580	18	up	up	ADP
cblr-1706	580	19	with	with	ADP
cblr-1706	580	20	the	the	DET
cblr-1706	580	21	right	right	NOUN
cblr-1706	580	22	to	to	PART
cblr-1706	580	23	injure	injure	VERB
cblr-1706	580	24	whom	whom	PRON
cblr-1706	580	25	is	be	AUX
cblr-1706	580	26	determined	determine	VERB
cblr-1706	580	27	by	by	ADP
cblr-1706	580	28	the	the	DET
cblr-1706	580	29	costs	cost	NOUN
cblr-1706	580	30	of	of	ADP
cblr-1706	580	31	transacting	transact	VERB
cblr-1706	580	32	.	.	PUNCT
cblr-1706	581	1	transaction	transaction	NOUN
cblr-1706	581	2	cost	cost	NOUN
cblr-1706	581	3	economics	economic	NOUN
cblr-1706	581	4	generates	generate	VERB
cblr-1706	581	5	testable	testable	ADJ
cblr-1706	581	6	scientific	scientific	ADJ
cblr-1706	581	7	hypotheses	hypothesis	NOUN
cblr-1706	581	8	about	about	ADP
cblr-1706	581	9	how	how	SCONJ
cblr-1706	581	10	the	the	DET
cblr-1706	581	11	parties	party	NOUN
cblr-1706	581	12	’	’	PART
cblr-1706	581	13	choice	choice	NOUN
cblr-1706	581	14	of	of	ADP
cblr-1706	581	15	organization	organization	NOUN
cblr-1706	581	16	varies	vary	VERB
cblr-1706	581	17	at	at	ADP
cblr-1706	581	18	the	the	DET
cblr-1706	581	19	margin	margin	NOUN
cblr-1706	581	20	when	when	SCONJ
cblr-1706	581	21	the	the	DET
cblr-1706	581	22	costs	cost	NOUN
cblr-1706	581	23	of	of	ADP
cblr-1706	581	24	transacting	transact	VERB
cblr-1706	581	25	change	change	NOUN
cblr-1706	581	26	over	over	ADP
cblr-1706	581	27	time	time	NOUN
cblr-1706	581	28	or	or	CCONJ
cblr-1706	581	29	differ	differ	VERB
cblr-1706	581	30	cross	cross	ADJ
cblr-1706	581	31	-	-	ADJ
cblr-1706	581	32	sectionally	sectionally	ADV
cblr-1706	581	33	.	.	PUNCT
cblr-1706	582	1	to	to	PART
cblr-1706	582	2	generate	generate	VERB
cblr-1706	582	3	implications	implication	NOUN
cblr-1706	582	4	for	for	ADP
cblr-1706	582	5	testing	testing	NOUN
cblr-1706	582	6	,	,	PUNCT
cblr-1706	582	7	it	it	PRON
cblr-1706	582	8	is	be	AUX
cblr-1706	582	9	absolutely	absolutely	ADV
cblr-1706	582	10	essential	essential	ADJ
cblr-1706	582	11	that	that	SCONJ
cblr-1706	582	12	the	the	DET
cblr-1706	582	13	researcher	researcher	NOUN
cblr-1706	582	14	identify	identify	VERB
cblr-1706	582	15	the	the	DET
cblr-1706	582	16	equilibrium	equilibrium	NOUN
cblr-1706	582	17	conditions	condition	NOUN
cblr-1706	582	18	that	that	SCONJ
cblr-1706	582	19	the	the	DET
cblr-1706	582	20	parties	party	NOUN
cblr-1706	582	21	face	face	VERB
cblr-1706	582	22	inclusive	inclusive	ADJ
cblr-1706	582	23	of	of	ADP
cblr-1706	582	24	transaction	transaction	NOUN
cblr-1706	582	25	costs	cost	NOUN
cblr-1706	582	26	.	.	PUNCT
cblr-1706	583	1	looking	look	VERB
cblr-1706	583	2	back	back	ADV
cblr-1706	583	3	to	to	PART
cblr-1706	583	4	figure	figure	VERB
cblr-1706	583	5	2	2	NUM
cblr-1706	583	6	,	,	PUNCT
cblr-1706	583	7	a	a	DET
cblr-1706	583	8	transaction	transaction	NOUN
cblr-1706	583	9	cost	cost	NOUN
cblr-1706	583	10	equilibrium	equilibrium	NOUN
cblr-1706	583	11	occurs	occur	VERB
cblr-1706	583	12	where	where	SCONJ
cblr-1706	583	13	the	the	DET
cblr-1706	583	14	marginal	marginal	ADJ
cblr-1706	583	15	cost	cost	NOUN
cblr-1706	583	16	of	of	ADP
cblr-1706	583	17	transacting	transact	VERB
cblr-1706	583	18	equals	equal	VERB
cblr-1706	583	19	the	the	DET
cblr-1706	583	20	marginal	marginal	ADJ
cblr-1706	583	21	“	"	PUNCT
cblr-1706	583	22	external	external	ADJ
cblr-1706	583	23	cost	cost	NOUN
cblr-1706	583	24	”	"	PUNCT
cblr-1706	583	25	or	or	CCONJ
cblr-1706	583	26	“	"	PUNCT
cblr-1706	583	27	external	external	ADJ
cblr-1706	583	28	benefit	benefit	NOUN
cblr-1706	583	29	,	,	PUNCT
cblr-1706	583	30	”	"	PUNCT
cblr-1706	583	31	depending	depend	VERB
cblr-1706	583	32	on	on	ADP
cblr-1706	583	33	the	the	DET
cblr-1706	583	34	situation	situation	NOUN
cblr-1706	583	35	.	.	PUNCT
cblr-1706	584	1	for	for	ADP
cblr-1706	584	2	any	any	DET
cblr-1706	584	3	level	level	NOUN
cblr-1706	584	4	of	of	ADP
cblr-1706	584	5	activity	activity	NOUN
cblr-1706	584	6	beyond	beyond	ADP
cblr-1706	584	7	ao	ao	NOUN
cblr-1706	584	8	in	in	ADP
cblr-1706	584	9	figure	figure	NOUN
cblr-1706	584	10	2	2	NUM
cblr-1706	584	11	,	,	PUNCT
cblr-1706	584	12	the	the	DET
cblr-1706	584	13	gains	gain	NOUN
cblr-1706	584	14	from	from	ADP
cblr-1706	584	15	correcting	correct	VERB
cblr-1706	584	16	the	the	DET
cblr-1706	584	17	level	level	NOUN
cblr-1706	584	18	of	of	ADP
cblr-1706	584	19	activity	activity	NOUN
cblr-1706	584	20	exceed	exceed	VERB
cblr-1706	584	21	the	the	DET
cblr-1706	584	22	transaction	transaction	NOUN
cblr-1706	584	23	costs	cost	NOUN
cblr-1706	584	24	,	,	PUNCT
cblr-1706	584	25	consistent	consistent	ADJ
cblr-1706	584	26	with	with	ADP
cblr-1706	584	27	market	market	NOUN
cblr-1706	584	28	equilibrium	equilibrium	NOUN
cblr-1706	584	29	.	.	PUNCT
cblr-1706	585	1	the	the	DET
cblr-1706	585	2	length	length	NOUN
cblr-1706	585	3	of	of	ADP
cblr-1706	585	4	line	line	NOUN
cblr-1706	585	5	segments	segment	NOUN
cblr-1706	585	6	ab	ab	PROPN
cblr-1706	585	7	and	and	CCONJ
cblr-1706	585	8	cd	cd	PROPN
cblr-1706	585	9	in	in	ADP
cblr-1706	585	10	figure	figure	NOUN
cblr-1706	585	11	2	2	NUM
cblr-1706	585	12	reflect	reflect	VERB
cblr-1706	585	13	margin	margin	NOUN
cblr-1706	585	14	transaction	transaction	NOUN
cblr-1706	585	15	costs	cost	NOUN
cblr-1706	585	16	at	at	ADP
cblr-1706	585	17	ao	ao	PROPN
cblr-1706	585	18	.	.	PUNCT
cblr-1706	586	1	if	if	SCONJ
cblr-1706	586	2	the	the	DET
cblr-1706	586	3	cost	cost	NOUN
cblr-1706	586	4	of	of	ADP
cblr-1706	586	5	transacting	transact	VERB
cblr-1706	586	6	at	at	ADP
cblr-1706	586	7	ao	ao	PROPN
cblr-1706	586	8	in	in	ADP
cblr-1706	586	9	panel	panel	NOUN
cblr-1706	586	10	a	a	PRON
cblr-1706	586	11	of	of	ADP
cblr-1706	586	12	figure	figure	NOUN
cblr-1706	586	13	2	2	NUM
cblr-1706	586	14	were	be	AUX
cblr-1706	586	15	less	less	ADJ
cblr-1706	586	16	than	than	ADP
cblr-1706	586	17	the	the	DET
cblr-1706	586	18	value	value	NOUN
cblr-1706	586	19	reflected	reflect	VERB
cblr-1706	586	20	in	in	ADP
cblr-1706	586	21	line	line	NOUN
cblr-1706	586	22	segment	segment	PROPN
cblr-1706	586	23	ab	ab	PROPN
cblr-1706	586	24	,	,	PUNCT
cblr-1706	586	25	the	the	DET
cblr-1706	586	26	parties	party	NOUN
cblr-1706	586	27	would	would	AUX
cblr-1706	586	28	find	find	VERB
cblr-1706	586	29	it	it	PRON
cblr-1706	586	30	in	in	ADP
cblr-1706	586	31	their	their	PRON
cblr-1706	586	32	interest	interest	NOUN
cblr-1706	586	33	124	124	NUM
cblr-1706	586	34	coase	coase	NOUN
cblr-1706	586	35	,	,	PUNCT
cblr-1706	586	36	supra	supra	PROPN
cblr-1706	586	37	note	note	PROPN
cblr-1706	586	38	25	25	NUM
cblr-1706	586	39	,	,	PUNCT
cblr-1706	586	40	at	at	ADP
cblr-1706	586	41	43	43	NUM
cblr-1706	586	42	.	.	PUNCT
cblr-1706	587	1	125	125	NUM
cblr-1706	588	1	i	i	PRON
cblr-1706	588	2	d.	d.	PROPN
cblr-1706	588	3	at	at	ADP
cblr-1706	588	4	13	13	NUM
cblr-1706	588	5	.	.	PUNCT
cblr-1706	589	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	589	2	732	732	NUM
cblr-1706	589	3	columbia	columbia	PROPN
cblr-1706	589	4	business	business	NOUN
cblr-1706	589	5	law	law	PROPN
cblr-1706	589	6	review	review	NOUN
cblr-1706	589	7	[	[	X
cblr-1706	589	8	vol	vol	NOUN
cblr-1706	589	9	.	.	NOUN
cblr-1706	589	10	2018	2018	NUM
cblr-1706	589	11	to	to	PART
cblr-1706	589	12	move	move	VERB
cblr-1706	589	13	to	to	ADP
cblr-1706	589	14	a	a	DET
cblr-1706	589	15	lower	low	ADJ
cblr-1706	589	16	and	and	CCONJ
cblr-1706	589	17	more	more	ADV
cblr-1706	589	18	socially	socially	ADV
cblr-1706	589	19	efficient	efficient	ADJ
cblr-1706	589	20	level	level	NOUN
cblr-1706	589	21	of	of	ADP
cblr-1706	589	22	activity	activity	NOUN
cblr-1706	589	23	.	.	PUNCT
cblr-1706	590	1	at	at	ADP
cblr-1706	590	2	ao	ao	NOUN
cblr-1706	590	3	the	the	DET
cblr-1706	590	4	marginal	marginal	ADJ
cblr-1706	590	5	private	private	ADJ
cblr-1706	590	6	cost	cost	NOUN
cblr-1706	590	7	(	(	PUNCT
cblr-1706	590	8	mpc	mpc	NOUN
cblr-1706	590	9	)	)	PUNCT
cblr-1706	590	10	of	of	ADP
cblr-1706	590	11	the	the	DET
cblr-1706	590	12	activity	activity	NOUN
cblr-1706	590	13	is	be	AUX
cblr-1706	590	14	equal	equal	ADJ
cblr-1706	590	15	to	to	ADP
cblr-1706	590	16	the	the	DET
cblr-1706	590	17	marginal	marginal	ADJ
cblr-1706	590	18	social	social	ADJ
cblr-1706	590	19	cost	cost	NOUN
cblr-1706	590	20	(	(	PUNCT
cblr-1706	590	21	msc	msc	NOUN
cblr-1706	590	22	)	)	PUNCT
cblr-1706	590	23	,	,	PUNCT
cblr-1706	590	24	and	and	CCONJ
cblr-1706	590	25	the	the	DET
cblr-1706	590	26	outcome	outcome	NOUN
cblr-1706	590	27	is	be	AUX
cblr-1706	590	28	socially	socially	ADV
cblr-1706	590	29	efficient	efficient	ADJ
cblr-1706	590	30	.	.	PUNCT
cblr-1706	591	1	the	the	DET
cblr-1706	591	2	parties	party	NOUN
cblr-1706	591	3	are	be	AUX
cblr-1706	591	4	in	in	ADP
cblr-1706	591	5	equilibrium	equilibrium	NOUN
cblr-1706	591	6	in	in	ADP
cblr-1706	591	7	the	the	DET
cblr-1706	591	8	sense	sense	NOUN
cblr-1706	591	9	that	that	SCONJ
cblr-1706	591	10	neither	neither	PRON
cblr-1706	591	11	is	be	AUX
cblr-1706	591	12	interested	interested	ADJ
cblr-1706	591	13	in	in	ADP
cblr-1706	591	14	adjusting	adjust	VERB
cblr-1706	591	15	given	give	VERB
cblr-1706	591	16	the	the	DET
cblr-1706	591	17	transaction	transaction	NOUN
cblr-1706	591	18	costs	cost	NOUN
cblr-1706	591	19	they	they	PRON
cblr-1706	591	20	would	would	AUX
cblr-1706	591	21	incur	incur	VERB
cblr-1706	591	22	to	to	PART
cblr-1706	591	23	do	do	VERB
cblr-1706	591	24	so	so	ADV
cblr-1706	591	25	.	.	PUNCT
cblr-1706	592	1	whereas	whereas	SCONJ
cblr-1706	592	2	the	the	DET
cblr-1706	592	3	pre	pre	ADJ
cblr-1706	592	4	-	-	ADJ
cblr-1706	592	5	coasean	coasean	ADJ
cblr-1706	592	6	market	market	NOUN
cblr-1706	592	7	failure	failure	NOUN
cblr-1706	592	8	rationale	rationale	NOUN
cblr-1706	592	9	for	for	ADP
cblr-1706	592	10	government	government	NOUN
cblr-1706	592	11	regulation	regulation	NOUN
cblr-1706	592	12	envisioned	envision	VERB
cblr-1706	592	13	a	a	DET
cblr-1706	592	14	frictionless	frictionless	NOUN
cblr-1706	592	15	world	world	NOUN
cblr-1706	592	16	out	out	ADP
cblr-1706	592	17	of	of	ADP
cblr-1706	592	18	equilibrium	equilibrium	NOUN
cblr-1706	592	19	owing	owe	VERB
cblr-1706	592	20	to	to	ADP
cblr-1706	592	21	externalities	externality	NOUN
cblr-1706	592	22	that	that	PRON
cblr-1706	592	23	need	need	VERB
cblr-1706	592	24	correcting	correct	VERB
cblr-1706	592	25	,	,	PUNCT
cblr-1706	592	26	the	the	DET
cblr-1706	592	27	coasean	coasean	ADJ
cblr-1706	592	28	framework	framework	NOUN
cblr-1706	592	29	envisions	envision	VERB
cblr-1706	592	30	a	a	DET
cblr-1706	592	31	world	world	NOUN
cblr-1706	592	32	in	in	ADP
cblr-1706	592	33	equilibrium	equilibrium	NOUN
cblr-1706	592	34	once	once	ADV
cblr-1706	592	35	having	having	AUX
cblr-1706	592	36	accounted	account	VERB
cblr-1706	592	37	for	for	ADP
cblr-1706	592	38	the	the	DET
cblr-1706	592	39	cost	cost	NOUN
cblr-1706	592	40	of	of	ADP
cblr-1706	592	41	transacting	transact	VERB
cblr-1706	592	42	.	.	PUNCT
cblr-1706	593	1	inefficient	inefficient	ADJ
cblr-1706	593	2	resource	resource	NOUN
cblr-1706	593	3	allocation	allocation	NOUN
cblr-1706	593	4	leaves	leave	VERB
cblr-1706	593	5	money	money	NOUN
cblr-1706	593	6	on	on	ADP
cblr-1706	593	7	the	the	DET
cblr-1706	593	8	table	table	NOUN
cblr-1706	593	9	and	and	CCONJ
cblr-1706	593	10	creates	create	VERB
cblr-1706	593	11	the	the	DET
cblr-1706	593	12	opportunity	opportunity	NOUN
cblr-1706	593	13	for	for	SCONJ
cblr-1706	593	14	market	market	NOUN
cblr-1706	593	15	participants	participant	NOUN
cblr-1706	593	16	to	to	PART
cblr-1706	593	17	cooperate	cooperate	VERB
cblr-1706	593	18	to	to	PART
cblr-1706	593	19	capture	capture	VERB
cblr-1706	593	20	untapped	untapped	ADJ
cblr-1706	593	21	gains	gain	NOUN
cblr-1706	593	22	from	from	ADP
cblr-1706	593	23	trade	trade	NOUN
cblr-1706	593	24	.	.	PUNCT
cblr-1706	594	1	this	this	DET
cblr-1706	594	2	inefficiency	inefficiency	NOUN
cblr-1706	594	3	can	can	AUX
cblr-1706	594	4	sensibly	sensibly	ADV
cblr-1706	594	5	persist	persist	VERB
cblr-1706	594	6	only	only	ADV
cblr-1706	594	7	where	where	SCONJ
cblr-1706	594	8	the	the	DET
cblr-1706	594	9	cost	cost	NOUN
cblr-1706	594	10	of	of	ADP
cblr-1706	594	11	transacting	transact	VERB
cblr-1706	594	12	exceeds	exceed	VERB
cblr-1706	594	13	the	the	DET
cblr-1706	594	14	value	value	NOUN
cblr-1706	594	15	of	of	ADP
cblr-1706	594	16	these	these	DET
cblr-1706	594	17	untapped	untapped	ADJ
cblr-1706	594	18	gains	gain	NOUN
cblr-1706	594	19	.	.	PUNCT
cblr-1706	595	1	transaction	transaction	NOUN
cblr-1706	595	2	costs	cost	NOUN
cblr-1706	595	3	are	be	AUX
cblr-1706	595	4	real	real	ADJ
cblr-1706	595	5	costs	cost	NOUN
cblr-1706	595	6	,	,	PUNCT
cblr-1706	595	7	and	and	CCONJ
cblr-1706	595	8	it	it	PRON
cblr-1706	595	9	pays	pay	VERB
cblr-1706	595	10	to	to	PART
cblr-1706	595	11	spend	spend	VERB
cblr-1706	595	12	a	a	DET
cblr-1706	595	13	dollar	dollar	NOUN
cblr-1706	595	14	transacting	transact	VERB
cblr-1706	595	15	only	only	ADV
cblr-1706	595	16	if	if	SCONJ
cblr-1706	595	17	doing	do	VERB
cblr-1706	595	18	so	so	ADV
cblr-1706	595	19	would	would	AUX
cblr-1706	595	20	generate	generate	VERB
cblr-1706	595	21	more	more	ADJ
cblr-1706	595	22	than	than	ADP
cblr-1706	595	23	a	a	DET
cblr-1706	595	24	dollar	dollar	NOUN
cblr-1706	595	25	in	in	ADP
cblr-1706	595	26	gains	gain	NOUN
cblr-1706	595	27	.	.	PUNCT
cblr-1706	596	1	given	give	VERB
cblr-1706	596	2	established	establish	VERB
cblr-1706	596	3	legal	legal	ADJ
cblr-1706	596	4	and	and	CCONJ
cblr-1706	596	5	regulatory	regulatory	ADJ
cblr-1706	596	6	rules	rule	NOUN
cblr-1706	596	7	,	,	PUNCT
cblr-1706	596	8	private	private	ADJ
cblr-1706	596	9	parties	party	NOUN
cblr-1706	596	10	will	will	AUX
cblr-1706	596	11	internalize	internalize	VERB
cblr-1706	596	12	,	,	PUNCT
cblr-1706	596	13	or	or	CCONJ
cblr-1706	596	14	correct	correct	ADJ
cblr-1706	596	15	,	,	PUNCT
cblr-1706	596	16	all	all	DET
cblr-1706	596	17	externalities	externality	NOUN
cblr-1706	596	18	that	that	SCONJ
cblr-1706	596	19	the	the	DET
cblr-1706	596	20	cost	cost	NOUN
cblr-1706	596	21	of	of	ADP
cblr-1706	596	22	transacting	transacting	NOUN
cblr-1706	596	23	allows	allow	VERB
cblr-1706	596	24	because	because	SCONJ
cblr-1706	596	25	doing	do	VERB
cblr-1706	596	26	so	so	ADV
cblr-1706	596	27	makes	make	VERB
cblr-1706	596	28	them	they	PRON
cblr-1706	596	29	better	well	ADJ
cblr-1706	596	30	off	off	ADP
cblr-1706	596	31	.	.	PUNCT
cblr-1706	597	1	where	where	SCONJ
cblr-1706	597	2	the	the	DET
cblr-1706	597	3	parties	party	NOUN
cblr-1706	597	4	negotiate	negotiate	VERB
cblr-1706	597	5	face	face	NOUN
cblr-1706	597	6	-	-	PUNCT
cblr-1706	597	7	to	to	ADP
cblr-1706	597	8	-	-	PUNCT
cblr-1706	597	9	face	face	NOUN
cblr-1706	597	10	,	,	PUNCT
cblr-1706	597	11	as	as	ADP
cblr-1706	597	12	in	in	ADP
cblr-1706	597	13	retail	retail	ADJ
cblr-1706	597	14	securities	security	NOUN
cblr-1706	597	15	brokerage	brokerage	NOUN
cblr-1706	597	16	,	,	PUNCT
cblr-1706	597	17	transaction	transaction	NOUN
cblr-1706	597	18	costs	cost	NOUN
cblr-1706	597	19	can	can	AUX
cblr-1706	597	20	be	be	AUX
cblr-1706	597	21	presumed	presume	VERB
cblr-1706	597	22	sufficiently	sufficiently	ADV
cblr-1706	597	23	low	low	ADJ
cblr-1706	597	24	such	such	ADJ
cblr-1706	597	25	that	that	SCONJ
cblr-1706	597	26	they	they	PRON
cblr-1706	597	27	have	have	VERB
cblr-1706	597	28	an	an	DET
cblr-1706	597	29	ever	ever	ADV
cblr-1706	597	30	-	-	PUNCT
cblr-1706	597	31	present	present	ADJ
cblr-1706	597	32	tendency	tendency	NOUN
cblr-1706	597	33	to	to	PART
cblr-1706	597	34	move	move	VERB
cblr-1706	597	35	toward	toward	ADP
cblr-1706	597	36	optimal	optimal	ADJ
cblr-1706	597	37	resource	resource	NOUN
cblr-1706	597	38	allocation	allocation	NOUN
cblr-1706	597	39	.	.	PUNCT
cblr-1706	598	1	undoubtedly	undoubtedly	ADV
cblr-1706	598	2	,	,	PUNCT
cblr-1706	598	3	in	in	ADP
cblr-1706	598	4	some	some	DET
cblr-1706	598	5	subset	subset	NOUN
cblr-1706	598	6	of	of	ADP
cblr-1706	598	7	cases	case	NOUN
cblr-1706	598	8	,	,	PUNCT
cblr-1706	598	9	courts	court	NOUN
cblr-1706	598	10	of	of	ADP
cblr-1706	598	11	law	law	NOUN
cblr-1706	598	12	or	or	CCONJ
cblr-1706	598	13	government	government	NOUN
cblr-1706	598	14	regulators	regulator	NOUN
cblr-1706	598	15	can	can	AUX
cblr-1706	598	16	step	step	VERB
cblr-1706	598	17	in	in	ADP
cblr-1706	598	18	to	to	PART
cblr-1706	598	19	establish	establish	VERB
cblr-1706	598	20	a	a	DET
cblr-1706	598	21	rule	rule	NOUN
cblr-1706	598	22	of	of	ADP
cblr-1706	598	23	liability	liability	NOUN
cblr-1706	598	24	that	that	PRON
cblr-1706	598	25	reduces	reduce	VERB
cblr-1706	598	26	the	the	DET
cblr-1706	598	27	cost	cost	NOUN
cblr-1706	598	28	of	of	ADP
cblr-1706	598	29	transacting	transacting	NOUN
cblr-1706	598	30	,	,	PUNCT
cblr-1706	598	31	thereby	thereby	ADV
cblr-1706	598	32	allowing	allow	VERB
cblr-1706	598	33	the	the	DET
cblr-1706	598	34	parties	party	NOUN
cblr-1706	598	35	to	to	PART
cblr-1706	598	36	capture	capture	VERB
cblr-1706	598	37	further	further	ADJ
cblr-1706	598	38	gains	gain	NOUN
cblr-1706	598	39	from	from	ADP
cblr-1706	598	40	trade	trade	NOUN
cblr-1706	598	41	.	.	PUNCT
cblr-1706	599	1	in	in	ADP
cblr-1706	599	2	the	the	DET
cblr-1706	599	3	event	event	NOUN
cblr-1706	599	4	traditional	traditional	ADJ
cblr-1706	599	5	cba	cba	PROPN
cblr-1706	599	6	is	be	AUX
cblr-1706	599	7	problematic	problematic	ADJ
cblr-1706	599	8	or	or	CCONJ
cblr-1706	599	9	incomplete	incomplete	ADJ
cblr-1706	599	10	,	,	PUNCT
cblr-1706	599	11	transaction	transaction	NOUN
cblr-1706	599	12	cost	cost	NOUN
cblr-1706	599	13	analysis	analysis	NOUN
cblr-1706	599	14	provides	provide	VERB
cblr-1706	599	15	a	a	DET
cblr-1706	599	16	workable	workable	ADJ
cblr-1706	599	17	and	and	CCONJ
cblr-1706	599	18	informative	informative	ADJ
cblr-1706	599	19	alternative	alternative	NOUN
cblr-1706	599	20	.	.	PUNCT
cblr-1706	600	1	it	it	PRON
cblr-1706	600	2	would	would	AUX
cblr-1706	600	3	require	require	VERB
cblr-1706	600	4	the	the	DET
cblr-1706	600	5	regulator	regulator	NOUN
cblr-1706	600	6	to	to	PART
cblr-1706	600	7	describe	describe	VERB
cblr-1706	600	8	the	the	DET
cblr-1706	600	9	initial	initial	ADJ
cblr-1706	600	10	equilibrium	equilibrium	NOUN
cblr-1706	600	11	inclusive	inclusive	NOUN
cblr-1706	600	12	of	of	ADP
cblr-1706	600	13	transaction	transaction	NOUN
cblr-1706	600	14	costs	cost	NOUN
cblr-1706	600	15	,	,	PUNCT
cblr-1706	600	16	and	and	CCONJ
cblr-1706	600	17	then	then	ADV
cblr-1706	600	18	to	to	PART
cblr-1706	600	19	show	show	VERB
cblr-1706	600	20	how	how	SCONJ
cblr-1706	600	21	the	the	DET
cblr-1706	600	22	proposed	propose	VERB
cblr-1706	600	23	rule	rule	NOUN
cblr-1706	600	24	will	will	AUX
cblr-1706	600	25	likely	likely	ADV
cblr-1706	600	26	reduce	reduce	VERB
cblr-1706	600	27	them	they	PRON
cblr-1706	600	28	,	,	PUNCT
cblr-1706	600	29	moving	move	VERB
cblr-1706	600	30	the	the	DET
cblr-1706	600	31	parties	party	NOUN
cblr-1706	600	32	to	to	ADP
cblr-1706	600	33	a	a	DET
cblr-1706	600	34	superior	superior	ADJ
cblr-1706	600	35	equilibrium.126	equilibrium.126	NOUN
cblr-1706	600	36	the	the	DET
cblr-1706	600	37	126	126	NUM
cblr-1706	600	38	the	the	DET
cblr-1706	600	39	first	first	ADJ
cblr-1706	600	40	scholarly	scholarly	ADJ
cblr-1706	600	41	article	article	NOUN
cblr-1706	600	42	to	to	PART
cblr-1706	600	43	propose	propose	VERB
cblr-1706	600	44	this	this	DET
cblr-1706	600	45	approach	approach	NOUN
cblr-1706	600	46	appears	appear	VERB
cblr-1706	600	47	to	to	PART
cblr-1706	600	48	be	be	AUX
cblr-1706	600	49	d.	d.	PROPN
cblr-1706	600	50	bruce	bruce	PROPN
cblr-1706	600	51	johnsen	johnsen	PROPN
cblr-1706	600	52	,	,	PUNCT
cblr-1706	600	53	transaction	transaction	NOUN
cblr-1706	600	54	cost	cost	NOUN
cblr-1706	600	55	-	-	PUNCT
cblr-1706	600	56	benefit	benefit	NOUN
cblr-1706	600	57	analysis	analysis	NOUN
cblr-1706	600	58	,	,	PUNCT
cblr-1706	600	59	with	with	ADP
cblr-1706	600	60	applications	application	NOUN
cblr-1706	600	61	to	to	ADP
cblr-1706	600	62	financial	financial	ADJ
cblr-1706	600	63	regulation	regulation	NOUN
cblr-1706	600	64	(	(	PUNCT
cblr-1706	600	65	mar	mar	PROPN
cblr-1706	600	66	.	.	PROPN
cblr-1706	600	67	6	6	NUM
cblr-1706	600	68	,	,	PUNCT
cblr-1706	600	69	2013	2013	NUM
cblr-1706	600	70	)	)	PUNCT
cblr-1706	600	71	(	(	PUNCT
cblr-1706	600	72	unpublished	unpublished	ADJ
cblr-1706	600	73	manuscript	manuscript	NOUN
cblr-1706	600	74	)	)	PUNCT
cblr-1706	600	75	,	,	PUNCT
cblr-1706	600	76	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	600	77	no	no	NOUN
cblr-1706	600	78	.	.	PUNCT
cblr-1706	601	1	3:695	3:695	NUM
cblr-1706	601	2	]	]	X
cblr-1706	601	3	a	a	DET
cblr-1706	601	4	transaction	transaction	NOUN
cblr-1706	601	5	cost	cost	NOUN
cblr-1706	601	6	assessment	assessment	NOUN
cblr-1706	601	7	733	733	NUM
cblr-1706	601	8	informational	informational	ADJ
cblr-1706	601	9	burden	burden	NOUN
cblr-1706	601	10	this	this	PRON
cblr-1706	601	11	puts	put	VERB
cblr-1706	601	12	on	on	ADP
cblr-1706	601	13	the	the	DET
cblr-1706	601	14	regulator	regulator	NOUN
cblr-1706	601	15	in	in	ADP
cblr-1706	601	16	modest	modest	ADJ
cblr-1706	601	17	transaction	transaction	NOUN
cblr-1706	601	18	cost	cost	NOUN
cblr-1706	601	19	settings	setting	NOUN
cblr-1706	601	20	is	be	AUX
cblr-1706	601	21	far	far	ADV
cblr-1706	601	22	lower	low	ADJ
cblr-1706	601	23	than	than	ADP
cblr-1706	601	24	for	for	ADP
cblr-1706	601	25	traditional	traditional	ADJ
cblr-1706	601	26	cba	cba	NOUN
cblr-1706	601	27	.	.	PUNCT
cblr-1706	602	1	it	it	PRON
cblr-1706	602	2	avoids	avoid	VERB
cblr-1706	602	3	a	a	DET
cblr-1706	602	4	grand	grand	ADJ
cblr-1706	602	5	accounting	accounting	NOUN
cblr-1706	602	6	for	for	ADP
cblr-1706	602	7	aggregate	aggregate	ADJ
cblr-1706	602	8	costs	cost	NOUN
cblr-1706	602	9	and	and	CCONJ
cblr-1706	602	10	benefits	benefit	NOUN
cblr-1706	602	11	based	base	VERB
cblr-1706	602	12	on	on	ADP
cblr-1706	602	13	demand	demand	NOUN
cblr-1706	602	14	and	and	CCONJ
cblr-1706	602	15	supply	supply	NOUN
cblr-1706	602	16	functions	function	NOUN
cblr-1706	602	17	that	that	PRON
cblr-1706	602	18	are	be	AUX
cblr-1706	602	19	unobservable	unobservable	ADJ
cblr-1706	602	20	and	and	CCONJ
cblr-1706	602	21	not	not	PART
cblr-1706	602	22	meant	mean	VERB
cblr-1706	602	23	to	to	PART
cblr-1706	602	24	be	be	AUX
cblr-1706	602	25	anything	anything	PRON
cblr-1706	602	26	more	more	ADJ
cblr-1706	602	27	than	than	ADP
cblr-1706	602	28	mental	mental	ADJ
cblr-1706	602	29	constructs	construct	NOUN
cblr-1706	602	30	to	to	PART
cblr-1706	602	31	generate	generate	VERB
cblr-1706	602	32	testable	testable	ADJ
cblr-1706	602	33	hypotheses	hypothesis	NOUN
cblr-1706	602	34	.	.	PUNCT
cblr-1706	603	1	transaction	transaction	NOUN
cblr-1706	603	2	cost	cost	NOUN
cblr-1706	603	3	analysis	analysis	NOUN
cblr-1706	603	4	requires	require	VERB
cblr-1706	603	5	merely	merely	ADV
cblr-1706	603	6	a	a	DET
cblr-1706	603	7	qualitative	qualitative	ADJ
cblr-1706	603	8	explanation	explanation	NOUN
cblr-1706	603	9	for	for	ADP
cblr-1706	603	10	why	why	SCONJ
cblr-1706	603	11	,	,	PUNCT
cblr-1706	603	12	“	"	PUNCT
cblr-1706	603	13	at	at	ADP
cblr-1706	603	14	the	the	DET
cblr-1706	603	15	margin	margin	NOUN
cblr-1706	603	16	”	"	PUNCT
cblr-1706	603	17	the	the	DET
cblr-1706	603	18	rule	rule	NOUN
cblr-1706	603	19	is	be	AUX
cblr-1706	603	20	likely	likely	ADJ
cblr-1706	603	21	to	to	PART
cblr-1706	603	22	reduce	reduce	VERB
cblr-1706	603	23	the	the	DET
cblr-1706	603	24	relevant	relevant	ADJ
cblr-1706	603	25	transaction	transaction	NOUN
cblr-1706	603	26	costs	cost	NOUN
cblr-1706	603	27	,	,	PUNCT
cblr-1706	603	28	which	which	PRON
cblr-1706	603	29	is	be	AUX
cblr-1706	603	30	more	more	ADV
cblr-1706	603	31	consistent	consistent	ADJ
cblr-1706	603	32	than	than	ADP
cblr-1706	603	33	the	the	DET
cblr-1706	603	34	neoclassical	neoclassical	ADJ
cblr-1706	603	35	model	model	NOUN
cblr-1706	603	36	’s	’s	PART
cblr-1706	603	37	core	core	ADJ
cblr-1706	603	38	comparative	comparative	ADJ
cblr-1706	603	39	statics	statics	NOUN
cblr-1706	603	40	role	role	NOUN
cblr-1706	603	41	.	.	PUNCT
cblr-1706	604	1	v.	v.	ADP
cblr-1706	604	2	a	a	DET
cblr-1706	604	3	transaction	transaction	NOUN
cblr-1706	604	4	cost	cost	NOUN
cblr-1706	604	5	assessment	assessment	NOUN
cblr-1706	604	6	of	of	ADP
cblr-1706	604	7	regulation	regulation	NOUN
cblr-1706	604	8	best	good	ADJ
cblr-1706	604	9	interest	interest	NOUN
cblr-1706	604	10	a.	a.	NOUN
cblr-1706	604	11	preliminaries	preliminary	NOUN
cblr-1706	604	12	rbi	rbi	VERB
cblr-1706	604	13	’s	’s	PART
cblr-1706	604	14	economic	economic	ADJ
cblr-1706	604	15	analysis	analysis	NOUN
cblr-1706	604	16	relies	rely	VERB
cblr-1706	604	17	on	on	ADP
cblr-1706	604	18	influential	influential	ADJ
cblr-1706	604	19	work	work	NOUN
cblr-1706	604	20	by	by	ADP
cblr-1706	604	21	jensen	jensen	PROPN
cblr-1706	604	22	and	and	CCONJ
cblr-1706	604	23	meckling	meckle	VERB
cblr-1706	604	24	on	on	ADP
cblr-1706	604	25	agency	agency	NOUN
cblr-1706	604	26	theory	theory	NOUN
cblr-1706	604	27	for	for	ADP
cblr-1706	604	28	its	its	PRON
cblr-1706	604	29	theoretical	theoretical	ADJ
cblr-1706	604	30	foundation.127	foundation.127	NOUN
cblr-1706	604	31	unfortunately	unfortunately	ADV
cblr-1706	604	32	,	,	PUNCT
cblr-1706	604	33	it	it	PRON
cblr-1706	604	34	fails	fail	VERB
cblr-1706	604	35	to	to	PART
cblr-1706	604	36	fully	fully	ADV
cblr-1706	604	37	decipher	decipher	ADV
cblr-1706	604	38	some	some	PRON
cblr-1706	604	39	of	of	ADP
cblr-1706	604	40	the	the	DET
cblr-1706	604	41	obvious	obvious	ADJ
cblr-1706	604	42	economic	economic	ADJ
cblr-1706	604	43	implications	implication	NOUN
cblr-1706	604	44	of	of	ADP
cblr-1706	604	45	their	their	PRON
cblr-1706	604	46	analysis	analysis	NOUN
cblr-1706	604	47	for	for	ADP
cblr-1706	604	48	the	the	DET
cblr-1706	604	49	market	market	NOUN
cblr-1706	604	50	for	for	ADP
cblr-1706	604	51	investment	investment	NOUN
cblr-1706	604	52	advice	advice	NOUN
cblr-1706	604	53	.	.	PUNCT
cblr-1706	605	1	a	a	DET
cblr-1706	605	2	fundamental	fundamental	ADJ
cblr-1706	605	3	example	example	NOUN
cblr-1706	605	4	is	be	AUX
cblr-1706	605	5	that	that	SCONJ
cblr-1706	605	6	rbi	rbi	NOUN
cblr-1706	605	7	treats	treat	NOUN
cblr-1706	605	8	conflicts	conflict	NOUN
cblr-1706	605	9	of	of	ADP
cblr-1706	605	10	interest	interest	NOUN
cblr-1706	605	11	as	as	ADP
cblr-1706	605	12	a	a	DET
cblr-1706	605	13	market	market	NOUN
cblr-1706	605	14	failure	failure	NOUN
cblr-1706	605	15	.	.	PUNCT
cblr-1706	606	1	conflicts	conflict	NOUN
cblr-1706	606	2	of	of	ADP
cblr-1706	606	3	interest	interest	NOUN
cblr-1706	606	4	arise	arise	VERB
cblr-1706	606	5	from	from	ADP
cblr-1706	606	6	the	the	DET
cblr-1706	606	7	information	information	NOUN
cblr-1706	606	8	asymmetry	asymmetry	NOUN
cblr-1706	606	9	inherent	inherent	ADJ
cblr-1706	606	10	in	in	ADP
cblr-1706	606	11	specialization	specialization	NOUN
cblr-1706	606	12	.	.	PUNCT
cblr-1706	607	1	the	the	DET
cblr-1706	607	2	more	more	ADV
cblr-1706	607	3	specialized	specialized	ADJ
cblr-1706	607	4	the	the	DET
cblr-1706	607	5	parties	party	NOUN
cblr-1706	607	6	are	be	AUX
cblr-1706	607	7	,	,	PUNCT
cblr-1706	607	8	the	the	PRON
cblr-1706	607	9	greater	great	ADJ
cblr-1706	607	10	the	the	DET
cblr-1706	607	11	information	information	NOUN
cblr-1706	607	12	asymmetry	asymmetry	NOUN
cblr-1706	607	13	and	and	CCONJ
cblr-1706	607	14	the	the	PRON
cblr-1706	607	15	greater	great	ADJ
cblr-1706	607	16	the	the	DET
cblr-1706	607	17	potential	potential	ADJ
cblr-1706	607	18	losses	loss	NOUN
cblr-1706	607	19	from	from	ADP
cblr-1706	607	20	self	self	NOUN
cblr-1706	607	21	-	-	PUNCT
cblr-1706	607	22	seeking	seek	VERB
cblr-1706	607	23	behavior	behavior	NOUN
cblr-1706	607	24	.	.	PUNCT
cblr-1706	608	1	but	but	CCONJ
cblr-1706	608	2	specialization	specialization	NOUN
cblr-1706	608	3	has	have	VERB
cblr-1706	608	4	tremendous	tremendous	ADJ
cblr-1706	608	5	benefits	benefit	NOUN
cblr-1706	608	6	and	and	CCONJ
cblr-1706	608	7	,	,	PUNCT
cblr-1706	608	8	in	in	ADP
cblr-1706	608	9	general	general	ADJ
cblr-1706	608	10	,	,	PUNCT
cblr-1706	608	11	it	it	PRON
cblr-1706	608	12	will	will	AUX
cblr-1706	608	13	proceed	proceed	VERB
cblr-1706	608	14	only	only	ADV
cblr-1706	608	15	as	as	ADV
cblr-1706	608	16	long	long	ADV
cblr-1706	608	17	as	as	SCONJ
cblr-1706	608	18	the	the	DET
cblr-1706	608	19	net	net	ADJ
cblr-1706	608	20	benefits	benefit	NOUN
cblr-1706	608	21	to	to	ADP
cblr-1706	608	22	principals	principal	NOUN
cblr-1706	608	23	and	and	CCONJ
cblr-1706	608	24	agents	agent	NOUN
cblr-1706	608	25	exceed	exceed	VERB
cblr-1706	608	26	the	the	DET
cblr-1706	608	27	expected	expect	VERB
cblr-1706	608	28	losses	loss	NOUN
cblr-1706	608	29	.	.	PUNCT
cblr-1706	609	1	the	the	DET
cblr-1706	609	2	parties	party	NOUN
cblr-1706	609	3	are	be	AUX
cblr-1706	609	4	willing	willing	ADJ
cblr-1706	609	5	to	to	PART
cblr-1706	609	6	tolerate	tolerate	VERB
cblr-1706	609	7	conflicts	conflict	NOUN
cblr-1706	609	8	of	of	ADP
cblr-1706	609	9	interest	interest	NOUN
cblr-1706	609	10	and	and	CCONJ
cblr-1706	609	11	information	information	NOUN
cblr-1706	609	12	asymmetry	asymmetry	NOUN
cblr-1706	609	13	because	because	SCONJ
cblr-1706	609	14	they	they	PRON
cblr-1706	609	15	have	have	AUX
cblr-1706	609	16	adopted	adopt	VERB
cblr-1706	609	17	or	or	CCONJ
cblr-1706	609	18	adapted	adapt	VERB
cblr-1706	609	19	contracts	contract	NOUN
cblr-1706	609	20	,	,	PUNCT
cblr-1706	610	1	business	business	NOUN
cblr-1706	610	2	https://works.bepress.com/d_bruce_johnsen/7/	https://works.bepress.com/d_bruce_johnsen/7/	PROPN
cblr-1706	611	1	[	[	X
cblr-1706	611	2	https://perma.cc/q36fcysq	https://perma.cc/q36fcysq	X
cblr-1706	611	3	]	]	PUNCT
cblr-1706	611	4	.	.	PUNCT
cblr-1706	612	1	127	127	NUM
cblr-1706	612	2	see	see	VERB
cblr-1706	612	3	supra	supra	PROPN
cblr-1706	612	4	note	note	PROPN
cblr-1706	612	5	107	107	NUM
cblr-1706	612	6	and	and	CCONJ
cblr-1706	612	7	accompanying	accompany	VERB
cblr-1706	612	8	text	text	NOUN
cblr-1706	612	9	;	;	PUNCT
cblr-1706	612	10	see	see	VERB
cblr-1706	612	11	also	also	ADV
cblr-1706	612	12	jensen	jensen	PROPN
cblr-1706	612	13	&	&	CCONJ
cblr-1706	612	14	meckling	meckling	PROPN
cblr-1706	612	15	,	,	PUNCT
cblr-1706	612	16	supra	supra	PROPN
cblr-1706	612	17	note	note	NOUN
cblr-1706	612	18	30	30	NUM
cblr-1706	612	19	.	.	PUNCT
cblr-1706	613	1	the	the	DET
cblr-1706	613	2	proposing	propose	VERB
cblr-1706	613	3	release	release	NOUN
cblr-1706	613	4	also	also	ADV
cblr-1706	613	5	cites	cite	VERB
cblr-1706	613	6	coase	coase	PROPN
cblr-1706	613	7	.	.	PUNCT
cblr-1706	614	1	regulation	regulation	NOUN
cblr-1706	614	2	best	good	ADJ
cblr-1706	614	3	interest	interest	NOUN
cblr-1706	614	4	,	,	PUNCT
cblr-1706	614	5	83	83	NUM
cblr-1706	614	6	fed	feed	VERB
cblr-1706	614	7	.	.	PUNCT
cblr-1706	615	1	reg	reg	PROPN
cblr-1706	615	2	.	.	PROPN
cblr-1706	615	3	21,574	21,574	NUM
cblr-1706	615	4	,	,	PUNCT
cblr-1706	615	5	21,630	21,630	NUM
cblr-1706	615	6	n.378	n.378	ADP
cblr-1706	615	7	(	(	PUNCT
cblr-1706	615	8	proposed	propose	VERB
cblr-1706	615	9	may	may	PROPN
cblr-1706	615	10	9	9	NUM
cblr-1706	615	11	,	,	PUNCT
cblr-1706	615	12	2018	2018	NUM
cblr-1706	615	13	)	)	PUNCT
cblr-1706	615	14	(	(	PUNCT
cblr-1706	615	15	to	to	PART
cblr-1706	615	16	be	be	AUX
cblr-1706	615	17	codified	codify	VERB
cblr-1706	615	18	at	at	ADP
cblr-1706	615	19	17	17	NUM
cblr-1706	615	20	c.f.r	c.f.r	NOUN
cblr-1706	615	21	.	.	PUNCT
cblr-1706	616	1	pt	pt	PROPN
cblr-1706	616	2	.	.	PROPN
cblr-1706	616	3	240	240	NUM
cblr-1706	616	4	)	)	PUNCT
cblr-1706	616	5	.	.	PUNCT
cblr-1706	617	1	for	for	ADP
cblr-1706	617	2	assessing	assess	VERB
cblr-1706	617	3	the	the	DET
cblr-1706	617	4	best	good	ADJ
cblr-1706	617	5	interest	interest	NOUN
cblr-1706	617	6	rule	rule	NOUN
cblr-1706	617	7	,	,	PUNCT
cblr-1706	617	8	agency	agency	NOUN
cblr-1706	617	9	costs	cost	NOUN
cblr-1706	617	10	can	can	AUX
cblr-1706	617	11	be	be	AUX
cblr-1706	617	12	treated	treat	VERB
cblr-1706	617	13	as	as	ADP
cblr-1706	617	14	a	a	DET
cblr-1706	617	15	subset	subset	NOUN
cblr-1706	617	16	of	of	ADP
cblr-1706	617	17	transaction	transaction	NOUN
cblr-1706	617	18	costs	cost	NOUN
cblr-1706	617	19	applied	apply	VERB
cblr-1706	617	20	to	to	ADP
cblr-1706	617	21	principal	principal	ADJ
cblr-1706	617	22	-	-	PUNCT
cblr-1706	617	23	agent	agent	NOUN
cblr-1706	617	24	relations	relation	NOUN
cblr-1706	617	25	.	.	PUNCT
cblr-1706	618	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	618	2	734	734	NUM
cblr-1706	618	3	columbia	columbia	PROPN
cblr-1706	618	4	business	business	NOUN
cblr-1706	618	5	law	law	PROPN
cblr-1706	618	6	review	review	NOUN
cblr-1706	619	1	[	[	X
cblr-1706	619	2	vol	vol	NOUN
cblr-1706	619	3	.	.	NOUN
cblr-1706	619	4	2018	2018	NUM
cblr-1706	619	5	customs	custom	NOUN
cblr-1706	619	6	,	,	PUNCT
cblr-1706	619	7	and	and	CCONJ
cblr-1706	619	8	other	other	ADJ
cblr-1706	619	9	mechanisms	mechanism	NOUN
cblr-1706	619	10	to	to	PART
cblr-1706	619	11	ensure	ensure	VERB
cblr-1706	619	12	,	,	PUNCT
cblr-1706	619	13	in	in	ADP
cblr-1706	619	14	general	general	ADJ
cblr-1706	619	15	,	,	PUNCT
cblr-1706	619	16	that	that	SCONJ
cblr-1706	619	17	they	they	PRON
cblr-1706	619	18	can	can	AUX
cblr-1706	619	19	trust	trust	VERB
cblr-1706	619	20	one	one	NUM
cblr-1706	619	21	another	another	DET
cblr-1706	619	22	trading	trading	NOUN
cblr-1706	619	23	in	in	ADP
cblr-1706	619	24	relative	relative	ADJ
cblr-1706	619	25	ignorance	ignorance	NOUN
cblr-1706	619	26	.	.	PUNCT
cblr-1706	620	1	it	it	PRON
cblr-1706	620	2	would	would	AUX
cblr-1706	620	3	be	be	AUX
cblr-1706	620	4	socially	socially	ADV
cblr-1706	620	5	wasteful	wasteful	ADJ
cblr-1706	620	6	for	for	SCONJ
cblr-1706	620	7	the	the	DET
cblr-1706	620	8	ignorant	ignorant	ADJ
cblr-1706	620	9	party	party	NOUN
cblr-1706	620	10	(	(	PUNCT
cblr-1706	620	11	the	the	DET
cblr-1706	620	12	principal	principal	NOUN
cblr-1706	620	13	)	)	PUNCT
cblr-1706	620	14	to	to	PART
cblr-1706	620	15	incur	incur	VERB
cblr-1706	620	16	the	the	DET
cblr-1706	620	17	costs	cost	NOUN
cblr-1706	620	18	of	of	ADP
cblr-1706	620	19	duplicating	duplicate	VERB
cblr-1706	620	20	the	the	DET
cblr-1706	620	21	information	information	NOUN
cblr-1706	620	22	the	the	DET
cblr-1706	620	23	informed	informed	ADJ
cblr-1706	620	24	party	party	NOUN
cblr-1706	620	25	(	(	PUNCT
cblr-1706	620	26	the	the	DET
cblr-1706	620	27	agent	agent	NOUN
cblr-1706	620	28	)	)	PUNCT
cblr-1706	620	29	already	already	ADV
cblr-1706	620	30	has.128	has.128	VERB
cblr-1706	620	31	in	in	ADP
cblr-1706	620	32	general	general	ADJ
cblr-1706	620	33	,	,	PUNCT
cblr-1706	620	34	rather	rather	ADV
cblr-1706	620	35	than	than	ADP
cblr-1706	620	36	being	be	AUX
cblr-1706	620	37	a	a	DET
cblr-1706	620	38	reflection	reflection	NOUN
cblr-1706	620	39	of	of	ADP
cblr-1706	620	40	market	market	NOUN
cblr-1706	620	41	failure	failure	NOUN
cblr-1706	620	42	,	,	PUNCT
cblr-1706	620	43	persistent	persistent	ADJ
cblr-1706	620	44	conflicts	conflict	NOUN
cblr-1706	620	45	of	of	ADP
cblr-1706	620	46	interest	interest	NOUN
cblr-1706	620	47	and	and	CCONJ
cblr-1706	620	48	information	information	NOUN
cblr-1706	620	49	asymmetries	asymmetry	NOUN
cblr-1706	620	50	are	be	AUX
cblr-1706	620	51	a	a	DET
cblr-1706	620	52	reflection	reflection	NOUN
cblr-1706	620	53	of	of	ADP
cblr-1706	620	54	market	market	NOUN
cblr-1706	620	55	success	success	NOUN
cblr-1706	620	56	.	.	PUNCT
cblr-1706	621	1	while	while	SCONJ
cblr-1706	621	2	it	it	PRON
cblr-1706	621	3	is	be	AUX
cblr-1706	621	4	true	true	ADJ
cblr-1706	621	5	that	that	SCONJ
cblr-1706	621	6	agents	agent	NOUN
cblr-1706	621	7	violate	violate	VERB
cblr-1706	621	8	principals	principal	NOUN
cblr-1706	621	9	’	'	PUNCT
cblr-1706	621	10	trust	trust	NOUN
cblr-1706	621	11	from	from	ADP
cblr-1706	621	12	time	time	NOUN
cblr-1706	621	13	to	to	ADP
cblr-1706	621	14	time	time	NOUN
cblr-1706	621	15	,	,	PUNCT
cblr-1706	621	16	the	the	DET
cblr-1706	621	17	magnitude	magnitude	NOUN
cblr-1706	621	18	of	of	ADP
cblr-1706	621	19	the	the	DET
cblr-1706	621	20	problem	problem	NOUN
cblr-1706	621	21	is	be	AUX
cblr-1706	621	22	undoubtedly	undoubtedly	ADV
cblr-1706	621	23	small	small	ADJ
cblr-1706	621	24	relative	relative	ADJ
cblr-1706	621	25	to	to	ADP
cblr-1706	621	26	the	the	DET
cblr-1706	621	27	total	total	ADJ
cblr-1706	621	28	gains	gain	NOUN
cblr-1706	621	29	from	from	ADP
cblr-1706	621	30	specialization	specialization	NOUN
cblr-1706	621	31	.	.	PUNCT
cblr-1706	622	1	no	no	PRON
cblr-1706	622	2	doubt	doubt	ADV
cblr-1706	622	3	some	some	DET
cblr-1706	622	4	gains	gain	NOUN
cblr-1706	622	5	from	from	ADP
cblr-1706	622	6	trade	trade	NOUN
cblr-1706	622	7	go	go	VERB
cblr-1706	622	8	untapped	untapped	ADJ
cblr-1706	622	9	owing	owe	VERB
cblr-1706	622	10	to	to	ADP
cblr-1706	622	11	the	the	DET
cblr-1706	622	12	potential	potential	NOUN
cblr-1706	622	13	for	for	ADP
cblr-1706	622	14	breach	breach	NOUN
cblr-1706	622	15	of	of	ADP
cblr-1706	622	16	trust	trust	NOUN
cblr-1706	622	17	.	.	PUNCT
cblr-1706	623	1	gains	gain	NOUN
cblr-1706	623	2	from	from	ADP
cblr-1706	623	3	trade	trade	NOUN
cblr-1706	623	4	that	that	PRON
cblr-1706	623	5	are	be	AUX
cblr-1706	623	6	not	not	PART
cblr-1706	623	7	clearly	clearly	ADV
cblr-1706	623	8	assigned	assign	VERB
cblr-1706	623	9	could	could	AUX
cblr-1706	623	10	be	be	AUX
cblr-1706	623	11	entirely	entirely	ADV
cblr-1706	623	12	dissipated	dissipate	VERB
cblr-1706	623	13	through	through	ADP
cblr-1706	623	14	costly	costly	ADJ
cblr-1706	623	15	attempts	attempt	NOUN
cblr-1706	623	16	by	by	ADP
cblr-1706	623	17	one	one	NUM
cblr-1706	623	18	or	or	CCONJ
cblr-1706	623	19	the	the	DET
cblr-1706	623	20	other	other	ADJ
cblr-1706	623	21	party	party	NOUN
cblr-1706	623	22	to	to	PART
cblr-1706	623	23	capture	capture	VERB
cblr-1706	623	24	or	or	CCONJ
cblr-1706	623	25	protect	protect	VERB
cblr-1706	623	26	them.129	them.129	PROPN
cblr-1706	623	27	but	but	CCONJ
cblr-1706	623	28	because	because	SCONJ
cblr-1706	623	29	the	the	DET
cblr-1706	623	30	parties	party	NOUN
cblr-1706	623	31	want	want	VERB
cblr-1706	623	32	to	to	PART
cblr-1706	623	33	avoid	avoid	VERB
cblr-1706	623	34	dissipation	dissipation	NOUN
cblr-1706	623	35	,	,	PUNCT
cblr-1706	623	36	they	they	PRON
cblr-1706	623	37	will	will	AUX
cblr-1706	623	38	find	find	VERB
cblr-1706	623	39	it	it	PRON
cblr-1706	623	40	in	in	ADP
cblr-1706	623	41	their	their	PRON
cblr-1706	623	42	interest	interest	NOUN
cblr-1706	623	43	to	to	PART
cblr-1706	623	44	develop	develop	VERB
cblr-1706	623	45	mitigating	mitigate	VERB
cblr-1706	623	46	arrangements	arrangement	NOUN
cblr-1706	623	47	to	to	ADP
cblr-1706	623	48	the	the	DET
cblr-1706	623	49	extent	extent	NOUN
cblr-1706	623	50	the	the	DET
cblr-1706	623	51	costs	cost	NOUN
cblr-1706	623	52	of	of	ADP
cblr-1706	623	53	transacting	transact	VERB
cblr-1706	623	54	allow.130	allow.130	ADV
cblr-1706	623	55	as	as	ADP
cblr-1706	623	56	principals	principal	NOUN
cblr-1706	623	57	,	,	PUNCT
cblr-1706	623	58	retail	retail	ADJ
cblr-1706	623	59	brokerage	brokerage	NOUN
cblr-1706	623	60	clients	client	NOUN
cblr-1706	623	61	can	can	AUX
cblr-1706	623	62	and	and	CCONJ
cblr-1706	623	63	do	do	AUX
cblr-1706	623	64	monitor	monitor	VERB
cblr-1706	623	65	their	their	PRON
cblr-1706	623	66	brokers	broker	NOUN
cblr-1706	623	67	’	’	PART
cblr-1706	623	68	investment	investment	NOUN
cblr-1706	623	69	recommendations	recommendation	NOUN
cblr-1706	623	70	by	by	ADP
cblr-1706	623	71	comparing	compare	VERB
cblr-1706	623	72	investment	investment	NOUN
cblr-1706	623	73	performance	performance	NOUN
cblr-1706	623	74	with	with	ADP
cblr-1706	623	75	friends	friend	NOUN
cblr-1706	623	76	,	,	PUNCT
cblr-1706	623	77	consulting	consult	VERB
cblr-1706	623	78	industry	industry	NOUN
cblr-1706	623	79	publications	publication	NOUN
cblr-1706	623	80	and	and	CCONJ
cblr-1706	623	81	other	other	ADJ
cblr-1706	623	82	metrics	metric	NOUN
cblr-1706	623	83	,	,	PUNCT
cblr-1706	623	84	and	and	CCONJ
cblr-1706	623	85	seeking	seek	VERB
cblr-1706	623	86	satisfaction	satisfaction	NOUN
cblr-1706	623	87	for	for	ADP
cblr-1706	623	88	dramatic	dramatic	ADJ
cblr-1706	623	89	underperformance	underperformance	NOUN
cblr-1706	623	90	through	through	ADP
cblr-1706	623	91	binding	bind	VERB
cblr-1706	623	92	arbitration	arbitration	NOUN
cblr-1706	623	93	,	,	PUNCT
cblr-1706	623	94	etc	etc	X
cblr-1706	623	95	.	.	X
cblr-1706	624	1	brokers	broker	NOUN
cblr-1706	624	2	take	take	VERB
cblr-1706	624	3	measures	measure	NOUN
cblr-1706	624	4	to	to	PART
cblr-1706	624	5	bond	bond	VERB
cblr-1706	624	6	their	their	PRON
cblr-1706	624	7	fidelity	fidelity	NOUN
cblr-1706	624	8	by	by	ADP
cblr-1706	624	9	,	,	PUNCT
cblr-1706	624	10	for	for	ADP
cblr-1706	624	11	example	example	NOUN
cblr-1706	624	12	,	,	PUNCT
cblr-1706	624	13	providing	provide	VERB
cblr-1706	624	14	detailed	detailed	ADJ
cblr-1706	624	15	account	account	NOUN
cblr-1706	624	16	statements	statement	NOUN
cblr-1706	624	17	that	that	PRON
cblr-1706	624	18	give	give	VERB
cblr-1706	624	19	snapshots	snapshot	NOUN
cblr-1706	624	20	of	of	ADP
cblr-1706	624	21	performance	performance	NOUN
cblr-1706	624	22	,	,	PUNCT
cblr-1706	624	23	subjecting	subject	VERB
cblr-1706	624	24	themselves	themselves	PRON
cblr-1706	624	25	to	to	ADP
cblr-1706	624	26	binding	bind	VERB
cblr-1706	624	27	arbitration	arbitration	NOUN
cblr-1706	624	28	,	,	PUNCT
cblr-1706	624	29	and	and	CCONJ
cblr-1706	624	30	subjecting	subject	VERB
cblr-1706	624	31	themselves	themselves	PRON
cblr-1706	624	32	and	and	CCONJ
cblr-1706	624	33	their	their	PRON
cblr-1706	624	34	firms	firm	NOUN
cblr-1706	624	35	to	to	ADP
cblr-1706	624	36	reputational	reputational	ADJ
cblr-1706	624	37	loss	loss	NOUN
cblr-1706	624	38	for	for	ADP
cblr-1706	624	39	wrongdoing	wrongdoing	NOUN
cblr-1706	624	40	.	.	PUNCT
cblr-1706	625	1	in	in	ADP
cblr-1706	625	2	any	any	DET
cblr-1706	625	3	principal	principal	ADJ
cblr-1706	625	4	-	-	PUNCT
cblr-1706	625	5	agent	agent	NOUN
cblr-1706	625	6	setting	setting	NOUN
cblr-1706	625	7	,	,	PUNCT
cblr-1706	625	8	transaction	transaction	NOUN
cblr-1706	625	9	costs	cost	NOUN
cblr-1706	625	10	are	be	AUX
cblr-1706	625	11	low	low	ADJ
cblr-1706	625	12	enough	enough	ADV
cblr-1706	625	13	that	that	SCONJ
cblr-1706	625	14	the	the	DET
cblr-1706	625	15	parties	party	NOUN
cblr-1706	625	16	can	can	AUX
cblr-1706	625	17	engage	engage	VERB
cblr-1706	625	18	in	in	ADP
cblr-1706	625	19	some	some	DET
cblr-1706	625	20	measure	measure	NOUN
cblr-1706	625	21	of	of	ADP
cblr-1706	625	22	faceto	faceto	NOUN
cblr-1706	625	23	-	-	PUNCT
cblr-1706	625	24	face	face	NOUN
cblr-1706	625	25	bargaining	bargaining	NOUN
cblr-1706	625	26	,	,	PUNCT
cblr-1706	625	27	and	and	CCONJ
cblr-1706	625	28	market	market	NOUN
cblr-1706	625	29	mechanisms	mechanism	NOUN
cblr-1706	625	30	are	be	AUX
cblr-1706	625	31	therefore	therefore	ADV
cblr-1706	625	32	likely	likely	ADJ
cblr-1706	625	33	to	to	PART
cblr-1706	625	34	push	push	VERB
cblr-1706	625	35	their	their	PRON
cblr-1706	625	36	contract	contract	NOUN
cblr-1706	625	37	terms	term	NOUN
cblr-1706	625	38	and	and	CCONJ
cblr-1706	625	39	other	other	ADJ
cblr-1706	625	40	arrangements	arrangement	NOUN
cblr-1706	625	41	toward	toward	ADP
cblr-1706	625	42	efficiency	efficiency	NOUN
cblr-1706	625	43	.	.	PUNCT
cblr-1706	626	1	this	this	PRON
cblr-1706	626	2	is	be	AUX
cblr-1706	626	3	especially	especially	ADV
cblr-1706	626	4	likely	likely	ADJ
cblr-1706	626	5	in	in	ADP
cblr-1706	626	6	securities	security	NOUN
cblr-1706	626	7	128	128	NUM
cblr-1706	626	8	avoiding	avoid	VERB
cblr-1706	626	9	information	information	NOUN
cblr-1706	626	10	duplication	duplication	NOUN
cblr-1706	626	11	is	be	AUX
cblr-1706	626	12	apparently	apparently	ADV
cblr-1706	626	13	one	one	NUM
cblr-1706	626	14	reason	reason	NOUN
cblr-1706	626	15	the	the	DET
cblr-1706	626	16	securities	security	NOUN
cblr-1706	626	17	laws	law	NOUN
cblr-1706	626	18	focus	focus	VERB
cblr-1706	626	19	on	on	ADP
cblr-1706	626	20	mandating	mandate	VERB
cblr-1706	626	21	disclosure	disclosure	NOUN
cblr-1706	626	22	rather	rather	ADV
cblr-1706	626	23	than	than	ADP
cblr-1706	626	24	mandating	mandate	VERB
cblr-1706	626	25	substantive	substantive	ADJ
cblr-1706	626	26	behavior	behavior	NOUN
cblr-1706	626	27	.	.	PUNCT
cblr-1706	627	1	129	129	NUM
cblr-1706	627	2	see	see	VERB
cblr-1706	627	3	generally	generally	ADV
cblr-1706	627	4	gordon	gordon	PROPN
cblr-1706	627	5	tullock	tullock	PROPN
cblr-1706	627	6	,	,	PUNCT
cblr-1706	627	7	the	the	DET
cblr-1706	627	8	welfare	welfare	NOUN
cblr-1706	627	9	costs	cost	NOUN
cblr-1706	627	10	of	of	ADP
cblr-1706	627	11	tariffs	tariff	NOUN
cblr-1706	627	12	,	,	PUNCT
cblr-1706	627	13	monopolies	monopoly	NOUN
cblr-1706	627	14	,	,	PUNCT
cblr-1706	627	15	and	and	CCONJ
cblr-1706	627	16	theft	theft	NOUN
cblr-1706	627	17	,	,	PUNCT
cblr-1706	627	18	5	5	NUM
cblr-1706	627	19	w.	w.	PROPN
cblr-1706	627	20	econ	econ	PROPN
cblr-1706	627	21	.	.	PUNCT
cblr-1706	628	1	j.	j.	PROPN
cblr-1706	628	2	224	224	NUM
cblr-1706	628	3	(	(	PUNCT
cblr-1706	628	4	1967	1967	NUM
cblr-1706	628	5	)	)	PUNCT
cblr-1706	628	6	.	.	PUNCT
cblr-1706	629	1	130	130	NUM
cblr-1706	629	2	see	see	VERB
cblr-1706	629	3	barzel	barzel	NOUN
cblr-1706	629	4	,	,	PUNCT
cblr-1706	629	5	supra	supra	PROPN
cblr-1706	629	6	note	note	NOUN
cblr-1706	629	7	30	30	NUM
cblr-1706	629	8	.	.	NOUN
cblr-1706	630	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	630	2	no	no	NOUN
cblr-1706	630	3	.	.	PUNCT
cblr-1706	631	1	3:695	3:695	NUM
cblr-1706	631	2	]	]	X
cblr-1706	631	3	a	a	DET
cblr-1706	631	4	transaction	transaction	NOUN
cblr-1706	631	5	cost	cost	NOUN
cblr-1706	631	6	assessment	assessment	NOUN
cblr-1706	631	7	735	735	NUM
cblr-1706	631	8	markets	market	NOUN
cblr-1706	631	9	because	because	SCONJ
cblr-1706	631	10	of	of	ADP
cblr-1706	631	11	the	the	DET
cblr-1706	631	12	huge	huge	ADJ
cblr-1706	631	13	numbers	number	NOUN
cblr-1706	631	14	of	of	ADP
cblr-1706	631	15	brokers	broker	NOUN
cblr-1706	631	16	and	and	CCONJ
cblr-1706	631	17	investment	investment	NOUN
cblr-1706	631	18	advisers	adviser	NOUN
cblr-1706	631	19	,	,	PUNCT
cblr-1706	631	20	who	who	PRON
cblr-1706	631	21	are	be	AUX
cblr-1706	631	22	in	in	ADP
cblr-1706	631	23	constant	constant	ADJ
cblr-1706	631	24	competition	competition	NOUN
cblr-1706	631	25	among	among	ADP
cblr-1706	631	26	themselves	themselves	PRON
cblr-1706	631	27	to	to	PART
cblr-1706	631	28	manage	manage	VERB
cblr-1706	631	29	retail	retail	ADJ
cblr-1706	631	30	investors	investor	NOUN
cblr-1706	631	31	’	'	PUNCT
cblr-1706	631	32	money.131	money.131	NOUN
cblr-1706	631	33	the	the	DET
cblr-1706	631	34	same	same	ADJ
cblr-1706	631	35	goes	go	VERB
cblr-1706	631	36	for	for	ADP
cblr-1706	631	37	mutual	mutual	ADJ
cblr-1706	631	38	funds	fund	NOUN
cblr-1706	631	39	,	,	PUNCT
cblr-1706	631	40	insurance	insurance	NOUN
cblr-1706	631	41	products	product	NOUN
cblr-1706	631	42	,	,	PUNCT
cblr-1706	631	43	banks	bank	NOUN
cblr-1706	631	44	,	,	PUNCT
cblr-1706	631	45	and	and	CCONJ
cblr-1706	631	46	financial	financial	ADJ
cblr-1706	631	47	planners	planner	NOUN
cblr-1706	631	48	.	.	PUNCT
cblr-1706	632	1	many	many	ADJ
cblr-1706	632	2	brokerage	brokerage	NOUN
cblr-1706	632	3	firm	firm	NOUN
cblr-1706	632	4	clients	client	NOUN
cblr-1706	632	5	hold	hold	VERB
cblr-1706	632	6	assets	asset	NOUN
cblr-1706	632	7	in	in	ADP
cblr-1706	632	8	both	both	DET
cblr-1706	632	9	brokerage	brokerage	NOUN
cblr-1706	632	10	accounts	account	NOUN
cblr-1706	632	11	and	and	CCONJ
cblr-1706	632	12	advisory	advisory	ADJ
cblr-1706	632	13	accounts,132	accounts,132	NOUN
cblr-1706	632	14	and	and	CCONJ
cblr-1706	632	15	they	they	PRON
cblr-1706	632	16	can	can	AUX
cblr-1706	632	17	easily	easily	ADV
cblr-1706	632	18	shift	shift	VERB
cblr-1706	632	19	money	money	NOUN
cblr-1706	632	20	between	between	ADP
cblr-1706	632	21	them	they	PRON
cblr-1706	632	22	for	for	ADP
cblr-1706	632	23	any	any	DET
cblr-1706	632	24	reason	reason	NOUN
cblr-1706	632	25	.	.	PUNCT
cblr-1706	633	1	in	in	ADP
cblr-1706	633	2	a	a	DET
cblr-1706	633	3	very	very	ADV
cblr-1706	633	4	real	real	ADJ
cblr-1706	633	5	sense	sense	NOUN
cblr-1706	633	6	,	,	PUNCT
cblr-1706	633	7	the	the	DET
cblr-1706	633	8	suitability	suitability	NOUN
cblr-1706	633	9	rule	rule	NOUN
cblr-1706	633	10	for	for	ADP
cblr-1706	633	11	retail	retail	ADJ
cblr-1706	633	12	brokers	broker	NOUN
cblr-1706	633	13	has	have	AUX
cblr-1706	633	14	long	long	ADV
cblr-1706	633	15	been	be	AUX
cblr-1706	633	16	in	in	ADP
cblr-1706	633	17	competition	competition	NOUN
cblr-1706	633	18	with	with	ADP
cblr-1706	633	19	the	the	DET
cblr-1706	633	20	fiduciary	fiduciary	ADJ
cblr-1706	633	21	duty	duty	NOUN
cblr-1706	633	22	of	of	ADP
cblr-1706	633	23	investment	investment	NOUN
cblr-1706	633	24	advisers	adviser	NOUN
cblr-1706	633	25	.	.	PUNCT
cblr-1706	634	1	it	it	PRON
cblr-1706	634	2	must	must	AUX
cblr-1706	634	3	be	be	AUX
cblr-1706	634	4	true	true	ADJ
cblr-1706	634	5	,	,	PUNCT
cblr-1706	634	6	all	all	DET
cblr-1706	634	7	things	thing	NOUN
cblr-1706	634	8	considered	consider	VERB
cblr-1706	634	9	(	(	PUNCT
cblr-1706	634	10	including	include	VERB
cblr-1706	634	11	the	the	DET
cblr-1706	634	12	costs	cost	NOUN
cblr-1706	634	13	of	of	ADP
cblr-1706	634	14	transacting	transacting	NOUN
cblr-1706	634	15	)	)	PUNCT
cblr-1706	634	16	,	,	PUNCT
cblr-1706	634	17	that	that	SCONJ
cblr-1706	634	18	the	the	DET
cblr-1706	634	19	marginal	marginal	ADJ
cblr-1706	634	20	investor	investor	NOUN
cblr-1706	634	21	is	be	AUX
cblr-1706	634	22	indifferent	indifferent	ADJ
cblr-1706	634	23	between	between	ADP
cblr-1706	634	24	these	these	DET
cblr-1706	634	25	alternatives	alternative	NOUN
cblr-1706	634	26	.	.	PUNCT
cblr-1706	635	1	as	as	SCONJ
cblr-1706	635	2	the	the	DET
cblr-1706	635	3	rbi	rbi	NOUN
cblr-1706	635	4	proposing	propose	VERB
cblr-1706	635	5	release	release	NOUN
cblr-1706	635	6	correctly	correctly	ADV
cblr-1706	635	7	recognizes	recognize	VERB
cblr-1706	635	8	,	,	PUNCT
cblr-1706	635	9	any	any	DET
cblr-1706	635	10	regulation	regulation	NOUN
cblr-1706	635	11	that	that	PRON
cblr-1706	635	12	reduces	reduce	VERB
cblr-1706	635	13	agency	agency	NOUN
cblr-1706	635	14	costs	cost	NOUN
cblr-1706	635	15	is	be	AUX
cblr-1706	635	16	very	very	ADV
cblr-1706	635	17	likely	likely	ADJ
cblr-1706	635	18	to	to	PART
cblr-1706	635	19	increase	increase	VERB
cblr-1706	635	20	trade	trade	NOUN
cblr-1706	635	21	and	and	CCONJ
cblr-1706	635	22	make	make	VERB
cblr-1706	635	23	the	the	DET
cblr-1706	635	24	affected	affected	ADJ
cblr-1706	635	25	parties	party	NOUN
cblr-1706	635	26	better	well	ADV
cblr-1706	635	27	off	off	ADV
cblr-1706	635	28	.	.	PUNCT
cblr-1706	636	1	the	the	DET
cblr-1706	636	2	“	"	PUNCT
cblr-1706	636	3	output	output	NOUN
cblr-1706	636	4	effect	effect	NOUN
cblr-1706	636	5	”	"	PUNCT
cblr-1706	636	6	is	be	AUX
cblr-1706	636	7	a	a	DET
cblr-1706	636	8	rough	rough	ADJ
cblr-1706	636	9	-	-	PUNCT
cblr-1706	636	10	and	and	CCONJ
cblr-1706	636	11	-	-	PUNCT
cblr-1706	636	12	ready	ready	ADJ
cblr-1706	636	13	basis	basis	NOUN
cblr-1706	636	14	for	for	ADP
cblr-1706	636	15	evaluating	evaluate	VERB
cblr-1706	636	16	a	a	DET
cblr-1706	636	17	proposed	propose	VERB
cblr-1706	636	18	rule.133	rule.133	NOUN
cblr-1706	636	19	the	the	DET
cblr-1706	636	20	release	release	NOUN
cblr-1706	636	21	also	also	ADV
cblr-1706	636	22	recognizes	recognize	VERB
cblr-1706	636	23	that	that	SCONJ
cblr-1706	636	24	principals	principal	NOUN
cblr-1706	636	25	and	and	CCONJ
cblr-1706	636	26	agents	agent	NOUN
cblr-1706	636	27	are	be	AUX
cblr-1706	636	28	capable	capable	ADJ
cblr-1706	636	29	of	of	ADP
cblr-1706	636	30	reducing	reduce	VERB
cblr-1706	636	31	residual	residual	ADJ
cblr-1706	636	32	losses	loss	NOUN
cblr-1706	636	33	through	through	ADP
cblr-1706	636	34	efficient	efficient	ADJ
cblr-1706	636	35	economic	economic	ADJ
cblr-1706	636	36	organization.134	organization.134	NOUN
cblr-1706	636	37	owing	owe	VERB
cblr-1706	636	38	to	to	ADP
cblr-1706	636	39	agency	agency	NOUN
cblr-1706	636	40	costs	cost	NOUN
cblr-1706	636	41	,	,	PUNCT
cblr-1706	636	42	however	however	ADV
cblr-1706	636	43	,	,	PUNCT
cblr-1706	636	44	it	it	PRON
cblr-1706	636	45	correctly	correctly	ADV
cblr-1706	636	46	argues	argue	VERB
cblr-1706	636	47	that	that	SCONJ
cblr-1706	636	48	the	the	DET
cblr-1706	636	49	parties	party	NOUN
cblr-1706	636	50	may	may	AUX
cblr-1706	636	51	be	be	AUX
cblr-1706	636	52	unable	unable	ADJ
cblr-1706	636	53	to	to	PART
cblr-1706	636	54	contract	contract	VERB
cblr-1706	636	55	over	over	ADP
cblr-1706	636	56	certain	certain	ADJ
cblr-1706	636	57	actions	action	NOUN
cblr-1706	636	58	,	,	PUNCT
cblr-1706	636	59	a	a	DET
cblr-1706	636	60	problem	problem	NOUN
cblr-1706	636	61	that	that	SCONJ
cblr-1706	636	62	“	"	PUNCT
cblr-1706	636	63	can	can	AUX
cblr-1706	636	64	”	"	PUNCT
cblr-1706	636	65	best	well	ADV
cblr-1706	636	66	be	be	AUX
cblr-1706	636	67	addressed	address	VERB
cblr-1706	636	68	by	by	ADP
cblr-1706	636	69	establishing	establish	VERB
cblr-1706	636	70	a	a	DET
cblr-1706	636	71	mandatory	mandatory	ADJ
cblr-1706	636	72	standard	standard	NOUN
cblr-1706	636	73	of	of	ADP
cblr-1706	636	74	liability.135	liability.135	NOUN
cblr-1706	636	75	yet	yet	ADV
cblr-1706	636	76	it	it	PRON
cblr-1706	636	77	repeatedly	repeatedly	ADV
cblr-1706	636	78	emphasizes	emphasize	VERB
cblr-1706	636	79	the	the	DET
cblr-1706	636	80	inability	inability	NOUN
cblr-1706	636	81	to	to	PART
cblr-1706	636	82	quantify	quantify	VERB
cblr-1706	636	83	either	either	CCONJ
cblr-1706	636	84	the	the	DET
cblr-1706	636	85	costs	cost	NOUN
cblr-1706	636	86	or	or	CCONJ
cblr-1706	636	87	the	the	DET
cblr-1706	636	88	benefits	benefit	NOUN
cblr-1706	636	89	of	of	ADP
cblr-1706	636	90	the	the	DET
cblr-1706	636	91	best	good	ADJ
cblr-1706	636	92	interest	interest	NOUN
cblr-1706	636	93	standard	standard	NOUN
cblr-1706	636	94	relative	relative	ADJ
cblr-1706	636	95	to	to	ADP
cblr-1706	636	96	the	the	DET
cblr-1706	636	97	suitability	suitability	NOUN
cblr-1706	636	98	rule	rule	NOUN
cblr-1706	636	99	because	because	SCONJ
cblr-1706	636	100	the	the	DET
cblr-1706	636	101	necessary	necessary	ADJ
cblr-1706	636	102	data	data	NOUN
cblr-1706	636	103	is	be	AUX
cblr-1706	636	104	unavailable.136	unavailable.136	ADJ
cblr-1706	636	105	indeed	indeed	ADV
cblr-1706	636	106	,	,	PUNCT
cblr-1706	636	107	the	the	DET
cblr-1706	636	108	release	release	NOUN
cblr-1706	636	109	candidly	candidly	ADV
cblr-1706	636	110	states	state	VERB
cblr-1706	636	111	that	that	SCONJ
cblr-1706	636	112	it	it	PRON
cblr-1706	636	113	is	be	AUX
cblr-1706	636	114	unable	unable	ADJ
cblr-1706	636	115	to	to	PART
cblr-1706	636	116	determine	determine	VERB
cblr-1706	636	117	the	the	DET
cblr-1706	636	118	extent	extent	NOUN
cblr-1706	636	119	to	to	ADP
cblr-1706	636	120	131	131	NUM
cblr-1706	636	121	see	see	VERB
cblr-1706	636	122	regulation	regulation	NOUN
cblr-1706	636	123	best	good	ADJ
cblr-1706	636	124	interest	interest	NOUN
cblr-1706	636	125	,	,	PUNCT
cblr-1706	636	126	83	83	NUM
cblr-1706	636	127	fed	feed	VERB
cblr-1706	636	128	.	.	PUNCT
cblr-1706	637	1	reg	reg	PROPN
cblr-1706	637	2	.	.	PROPN
cblr-1706	637	3	21,574	21,574	NUM
cblr-1706	637	4	,	,	PUNCT
cblr-1706	637	5	21,632–39	21,632–39	NUM
cblr-1706	637	6	(	(	PUNCT
cblr-1706	637	7	proposed	propose	VERB
cblr-1706	637	8	may	may	PROPN
cblr-1706	637	9	9	9	NUM
cblr-1706	637	10	,	,	PUNCT
cblr-1706	637	11	2018	2018	NUM
cblr-1706	637	12	)	)	PUNCT
cblr-1706	637	13	(	(	PUNCT
cblr-1706	637	14	to	to	PART
cblr-1706	637	15	be	be	AUX
cblr-1706	637	16	codified	codify	VERB
cblr-1706	637	17	at	at	ADP
cblr-1706	637	18	17	17	NUM
cblr-1706	637	19	c.f.r	c.f.r	NOUN
cblr-1706	637	20	.	.	PUNCT
cblr-1706	638	1	pt	pt	PROPN
cblr-1706	638	2	.	.	PROPN
cblr-1706	638	3	240	240	NUM
cblr-1706	638	4	)	)	PUNCT
cblr-1706	638	5	.	.	PUNCT
cblr-1706	639	1	132	132	NUM
cblr-1706	639	2	2011	2011	NUM
cblr-1706	639	3	study	study	NOUN
cblr-1706	639	4	,	,	PUNCT
cblr-1706	639	5	supra	supra	PROPN
cblr-1706	639	6	note	note	PROPN
cblr-1706	639	7	6	6	NUM
cblr-1706	639	8	,	,	PUNCT
cblr-1706	639	9	at	at	ADP
cblr-1706	639	10	11	11	NUM
cblr-1706	639	11	.	.	PUNCT
cblr-1706	640	1	133	133	NUM
cblr-1706	640	2	this	this	PRON
cblr-1706	640	3	is	be	AUX
cblr-1706	640	4	the	the	DET
cblr-1706	640	5	same	same	ADJ
cblr-1706	640	6	test	test	NOUN
cblr-1706	640	7	that	that	PRON
cblr-1706	640	8	robert	robert	PROPN
cblr-1706	640	9	bork	bork	PROPN
cblr-1706	640	10	proposed	propose	VERB
cblr-1706	640	11	to	to	PART
cblr-1706	640	12	separate	separate	VERB
cblr-1706	640	13	efficient	efficient	ADJ
cblr-1706	640	14	from	from	ADP
cblr-1706	640	15	inefficient	inefficient	ADJ
cblr-1706	640	16	conduct	conduct	NOUN
cblr-1706	640	17	in	in	ADP
cblr-1706	640	18	the	the	DET
cblr-1706	640	19	antitrust	antitrust	ADJ
cblr-1706	640	20	setting	setting	NOUN
cblr-1706	640	21	.	.	PUNCT
cblr-1706	641	1	see	see	VERB
cblr-1706	641	2	robert	robert	PROPN
cblr-1706	641	3	h.	h.	PROPN
cblr-1706	641	4	bork	bork	PROPN
cblr-1706	641	5	,	,	PUNCT
cblr-1706	641	6	a	a	DET
cblr-1706	641	7	reply	reply	NOUN
cblr-1706	641	8	to	to	ADP
cblr-1706	641	9	professors	professor	NOUN
cblr-1706	641	10	gould	gould	PROPN
cblr-1706	641	11	and	and	CCONJ
cblr-1706	641	12	yamey	yamey	VERB
cblr-1706	641	13	,	,	PUNCT
cblr-1706	641	14	76	76	NUM
cblr-1706	641	15	yale	yale	PROPN
cblr-1706	641	16	l.j	l.j	PROPN
cblr-1706	641	17	.	.	PROPN
cblr-1706	641	18	731	731	NUM
cblr-1706	641	19	(	(	PUNCT
cblr-1706	641	20	1967	1967	NUM
cblr-1706	641	21	)	)	PUNCT
cblr-1706	641	22	;	;	PUNCT
cblr-1706	641	23	see	see	VERB
cblr-1706	641	24	also	also	ADV
cblr-1706	641	25	robert	robert	PROPN
cblr-1706	641	26	h.	h.	PROPN
cblr-1706	641	27	bork	bork	PROPN
cblr-1706	641	28	,	,	PUNCT
cblr-1706	641	29	the	the	DET
cblr-1706	641	30	antitrust	antitrust	ADJ
cblr-1706	641	31	paradox	paradox	NOUN
cblr-1706	641	32	(	(	PUNCT
cblr-1706	641	33	1978	1978	NUM
cblr-1706	641	34	)	)	PUNCT
cblr-1706	641	35	.	.	PUNCT
cblr-1706	642	1	134	134	NUM
cblr-1706	642	2	regulation	regulation	NOUN
cblr-1706	642	3	best	good	ADJ
cblr-1706	642	4	interest	interest	NOUN
cblr-1706	642	5	,	,	PUNCT
cblr-1706	642	6	83	83	NUM
cblr-1706	642	7	fed	feed	VERB
cblr-1706	642	8	.	.	PUNCT
cblr-1706	643	1	reg	reg	PROPN
cblr-1706	643	2	.	.	PUNCT
cblr-1706	644	1	at	at	ADP
cblr-1706	644	2	21,630–31	21,630–31	NUM
cblr-1706	644	3	.	.	NOUN
cblr-1706	644	4	135	135	NUM
cblr-1706	644	5	i	i	NOUN
cblr-1706	644	6	d.	d.	PROPN
cblr-1706	644	7	136	136	NUM
cblr-1706	644	8	see	see	VERB
cblr-1706	644	9	i	i	PRON
cblr-1706	644	10	d.	d.	PROPN
cblr-1706	644	11	at	at	ADP
cblr-1706	644	12	21,643–44	21,643–44	NUM
cblr-1706	644	13	,	,	PUNCT
cblr-1706	644	14	21,647–48	21,647–48	NUM
cblr-1706	644	15	,	,	PUNCT
cblr-1706	644	16	21,656	21,656	NUM
cblr-1706	644	17	,	,	PUNCT
cblr-1706	644	18	21,658–59	21,658–59	NUM
cblr-1706	644	19	.	.	NOUN
cblr-1706	645	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	645	2	736	736	NUM
cblr-1706	645	3	columbia	columbia	PROPN
cblr-1706	645	4	business	business	NOUN
cblr-1706	645	5	law	law	PROPN
cblr-1706	645	6	review	review	NOUN
cblr-1706	645	7	[	[	X
cblr-1706	645	8	vol	vol	NOUN
cblr-1706	645	9	.	.	NOUN
cblr-1706	645	10	2018	2018	NUM
cblr-1706	645	11	which	which	PRON
cblr-1706	645	12	brokers	broker	NOUN
cblr-1706	645	13	currently	currently	ADV
cblr-1706	645	14	serve	serve	VERB
cblr-1706	645	15	their	their	PRON
cblr-1706	645	16	own	own	ADJ
cblr-1706	645	17	interests	interest	NOUN
cblr-1706	645	18	at	at	ADP
cblr-1706	645	19	the	the	DET
cblr-1706	645	20	expense	expense	NOUN
cblr-1706	645	21	of	of	ADP
cblr-1706	645	22	their	their	PRON
cblr-1706	645	23	retail	retail	ADJ
cblr-1706	645	24	clients.137	clients.137	NOUN
cblr-1706	645	25	the	the	DET
cblr-1706	645	26	sec	sec	PROPN
cblr-1706	645	27	has	have	AUX
cblr-1706	645	28	not	not	PART
cblr-1706	645	29	only	only	ADV
cblr-1706	645	30	failed	fail	VERB
cblr-1706	645	31	to	to	PART
cblr-1706	645	32	empirically	empirically	ADV
cblr-1706	645	33	identify	identify	VERB
cblr-1706	645	34	the	the	DET
cblr-1706	645	35	likely	likely	ADJ
cblr-1706	645	36	benefits	benefit	NOUN
cblr-1706	645	37	of	of	ADP
cblr-1706	645	38	the	the	DET
cblr-1706	645	39	solution	solution	NOUN
cblr-1706	645	40	it	it	PRON
cblr-1706	645	41	proposes	propose	VERB
cblr-1706	645	42	,	,	PUNCT
cblr-1706	645	43	but	but	CCONJ
cblr-1706	645	44	it	it	PRON
cblr-1706	645	45	is	be	AUX
cblr-1706	645	46	unable	unable	ADJ
cblr-1706	645	47	to	to	PART
cblr-1706	645	48	empirically	empirically	ADV
cblr-1706	645	49	demonstrate	demonstrate	VERB
cblr-1706	645	50	there	there	PRON
cblr-1706	645	51	is	be	VERB
cblr-1706	645	52	any	any	DET
cblr-1706	645	53	problem	problem	NOUN
cblr-1706	645	54	to	to	PART
cblr-1706	645	55	be	be	AUX
cblr-1706	645	56	solved	solve	VERB
cblr-1706	645	57	.	.	PUNCT
cblr-1706	646	1	despite	despite	SCONJ
cblr-1706	646	2	this	this	PRON
cblr-1706	646	3	,	,	PUNCT
cblr-1706	646	4	and	and	CCONJ
cblr-1706	646	5	despite	despite	SCONJ
cblr-1706	646	6	its	its	PRON
cblr-1706	646	7	claim	claim	NOUN
cblr-1706	646	8	that	that	SCONJ
cblr-1706	646	9	investors	investor	NOUN
cblr-1706	646	10	are	be	AUX
cblr-1706	646	11	routinely	routinely	ADV
cblr-1706	646	12	confused	confused	ADJ
cblr-1706	646	13	over	over	ADP
cblr-1706	646	14	their	their	PRON
cblr-1706	646	15	investment	investment	NOUN
cblr-1706	646	16	representative	representative	NOUN
cblr-1706	646	17	’s	’s	PART
cblr-1706	646	18	status	status	NOUN
cblr-1706	646	19	and	and	CCONJ
cblr-1706	646	20	legal	legal	ADJ
cblr-1706	646	21	duties	duty	NOUN
cblr-1706	646	22	,	,	PUNCT
cblr-1706	646	23	it	it	PRON
cblr-1706	646	24	repeatedly	repeatedly	ADV
cblr-1706	646	25	asserts	assert	VERB
cblr-1706	646	26	that	that	SCONJ
cblr-1706	646	27	a	a	DET
cblr-1706	646	28	best	good	ADJ
cblr-1706	646	29	interest	interest	NOUN
cblr-1706	646	30	standard	standard	NOUN
cblr-1706	646	31	would	would	AUX
cblr-1706	646	32	better	well	ADV
cblr-1706	646	33	match	match	VERB
cblr-1706	646	34	investors	investor	NOUN
cblr-1706	646	35	’	'	PUNCT
cblr-1706	646	36	“	"	PUNCT
cblr-1706	646	37	expectations	expectation	NOUN
cblr-1706	646	38	”	"	PUNCT
cblr-1706	646	39	than	than	ADP
cblr-1706	646	40	a	a	DET
cblr-1706	646	41	suitability	suitability	NOUN
cblr-1706	646	42	rule.138	rule.138	NUM
cblr-1706	646	43	it	it	PRON
cblr-1706	646	44	provides	provide	VERB
cblr-1706	646	45	no	no	DET
cblr-1706	646	46	plausible	plausible	ADJ
cblr-1706	646	47	empirical	empirical	ADJ
cblr-1706	646	48	evidence	evidence	NOUN
cblr-1706	646	49	that	that	SCONJ
cblr-1706	646	50	investors	investor	NOUN
cblr-1706	646	51	actually	actually	ADV
cblr-1706	646	52	hold	hold	VERB
cblr-1706	646	53	such	such	ADJ
cblr-1706	646	54	expectations	expectation	NOUN
cblr-1706	646	55	,	,	PUNCT
cblr-1706	646	56	let	let	VERB
cblr-1706	646	57	alone	alone	ADV
cblr-1706	646	58	how	how	SCONJ
cblr-1706	646	59	they	they	PRON
cblr-1706	646	60	might	might	AUX
cblr-1706	646	61	have	have	AUX
cblr-1706	646	62	formed	form	VERB
cblr-1706	646	63	such	such	ADJ
cblr-1706	646	64	expectations	expectation	NOUN
cblr-1706	646	65	over	over	ADP
cblr-1706	646	66	the	the	DET
cblr-1706	646	67	course	course	NOUN
cblr-1706	646	68	of	of	ADP
cblr-1706	646	69	decades	decade	NOUN
cblr-1706	646	70	under	under	ADP
cblr-1706	646	71	the	the	DET
cblr-1706	646	72	suitability	suitability	NOUN
cblr-1706	646	73	rule	rule	NOUN
cblr-1706	646	74	.	.	PUNCT
cblr-1706	647	1	it	it	PRON
cblr-1706	647	2	is	be	AUX
cblr-1706	647	3	one	one	NUM
cblr-1706	647	4	thing	thing	NOUN
cblr-1706	647	5	to	to	PART
cblr-1706	647	6	argue	argue	VERB
cblr-1706	647	7	that	that	SCONJ
cblr-1706	647	8	some	some	DET
cblr-1706	647	9	legal	legal	ADJ
cblr-1706	647	10	standard	standard	NOUN
cblr-1706	647	11	is	be	AUX
cblr-1706	647	12	necessary	necessary	ADJ
cblr-1706	647	13	because	because	SCONJ
cblr-1706	647	14	certain	certain	ADJ
cblr-1706	647	15	attributes	attribute	NOUN
cblr-1706	647	16	of	of	ADP
cblr-1706	647	17	agency	agency	NOUN
cblr-1706	647	18	relationships	relationship	NOUN
cblr-1706	647	19	might	might	AUX
cblr-1706	647	20	be	be	AUX
cblr-1706	647	21	noncontractible	noncontractible	ADJ
cblr-1706	647	22	and	and	CCONJ
cblr-1706	647	23	quite	quite	DET
cblr-1706	647	24	another	another	PRON
cblr-1706	647	25	to	to	PART
cblr-1706	647	26	conclude	conclude	VERB
cblr-1706	647	27	,	,	PUNCT
cblr-1706	647	28	with	with	ADP
cblr-1706	647	29	no	no	DET
cblr-1706	647	30	theoretical	theoretical	ADJ
cblr-1706	647	31	or	or	CCONJ
cblr-1706	647	32	empirical	empirical	ADJ
cblr-1706	647	33	support	support	NOUN
cblr-1706	647	34	,	,	PUNCT
cblr-1706	647	35	that	that	SCONJ
cblr-1706	647	36	the	the	DET
cblr-1706	647	37	best	good	ADJ
cblr-1706	647	38	interest	interest	NOUN
cblr-1706	647	39	standard	standard	NOUN
cblr-1706	647	40	better	well	ADJ
cblr-1706	647	41	mitigates	mitigate	NOUN
cblr-1706	647	42	conflicts	conflict	NOUN
cblr-1706	647	43	of	of	ADP
cblr-1706	647	44	interest	interest	NOUN
cblr-1706	647	45	than	than	ADP
cblr-1706	647	46	the	the	DET
cblr-1706	647	47	suitability	suitability	NOUN
cblr-1706	647	48	rule	rule	NOUN
cblr-1706	647	49	.	.	PUNCT
cblr-1706	648	1	this	this	PRON
cblr-1706	648	2	was	be	AUX
cblr-1706	648	3	exactly	exactly	ADV
cblr-1706	648	4	the	the	DET
cblr-1706	648	5	american	american	PROPN
cblr-1706	648	6	equity	equity	PROPN
cblr-1706	648	7	court	court	PROPN
cblr-1706	648	8	’s	’s	PART
cblr-1706	648	9	point	point	NOUN
cblr-1706	648	10	when	when	SCONJ
cblr-1706	648	11	it	it	PRON
cblr-1706	648	12	said	say	VERB
cblr-1706	648	13	that	that	SCONJ
cblr-1706	648	14	it	it	PRON
cblr-1706	648	15	is	be	AUX
cblr-1706	648	16	not	not	PART
cblr-1706	648	17	enough	enough	ADJ
cblr-1706	648	18	for	for	SCONJ
cblr-1706	648	19	the	the	DET
cblr-1706	648	20	sec	sec	PROPN
cblr-1706	648	21	to	to	PART
cblr-1706	648	22	argue	argue	VERB
cblr-1706	648	23	that	that	SCONJ
cblr-1706	648	24	“	"	PUNCT
cblr-1706	648	25	any	any	DET
cblr-1706	648	26	”	"	PUNCT
cblr-1706	648	27	rule	rule	NOUN
cblr-1706	648	28	“	"	PUNCT
cblr-1706	648	29	could	could	AUX
cblr-1706	648	30	”	"	PUNCT
cblr-1706	648	31	promote	promote	VERB
cblr-1706	648	32	efficiency	efficiency	NOUN
cblr-1706	648	33	,	,	PUNCT
cblr-1706	648	34	competition	competition	NOUN
cblr-1706	648	35	,	,	PUNCT
cblr-1706	648	36	and	and	CCONJ
cblr-1706	648	37	capital	capital	NOUN
cblr-1706	648	38	formation.139	formation.139	PROPN
cblr-1706	648	39	it	it	PRON
cblr-1706	648	40	must	must	AUX
cblr-1706	648	41	make	make	VERB
cblr-1706	648	42	a	a	DET
cblr-1706	648	43	plausible	plausible	ADJ
cblr-1706	648	44	showing	showing	NOUN
cblr-1706	648	45	that	that	SCONJ
cblr-1706	648	46	the	the	DET
cblr-1706	648	47	specific	specific	ADJ
cblr-1706	648	48	rule	rule	NOUN
cblr-1706	648	49	it	it	PRON
cblr-1706	648	50	selected	select	VERB
cblr-1706	648	51	will	will	AUX
cblr-1706	648	52	do	do	AUX
cblr-1706	648	53	so	so	ADV
cblr-1706	648	54	relative	relative	ADJ
cblr-1706	648	55	to	to	ADP
cblr-1706	648	56	the	the	DET
cblr-1706	648	57	established	establish	VERB
cblr-1706	648	58	baseline	baseline	NOUN
cblr-1706	648	59	.	.	PUNCT
cblr-1706	649	1	the	the	DET
cblr-1706	649	2	rbi	rbi	NOUN
cblr-1706	649	3	proposing	propose	VERB
cblr-1706	649	4	release	release	NOUN
cblr-1706	649	5	raises	raise	VERB
cblr-1706	649	6	several	several	ADJ
cblr-1706	649	7	empirical	empirical	ADJ
cblr-1706	649	8	questions	question	NOUN
cblr-1706	649	9	:	:	PUNCT
cblr-1706	649	10	which	which	DET
cblr-1706	649	11	legal	legal	ADJ
cblr-1706	649	12	standard	standard	NOUN
cblr-1706	649	13	is	be	AUX
cblr-1706	649	14	more	more	ADV
cblr-1706	649	15	efficient	efficient	ADJ
cblr-1706	649	16	?	?	PUNCT
cblr-1706	650	1	why	why	SCONJ
cblr-1706	650	2	does	do	AUX
cblr-1706	650	3	the	the	DET
cblr-1706	650	4	rule	rule	NOUN
cblr-1706	650	5	of	of	ADP
cblr-1706	650	6	liability	liability	NOUN
cblr-1706	650	7	matter	matter	NOUN
cblr-1706	650	8	?	?	PUNCT
cblr-1706	651	1	what	what	PRON
cblr-1706	651	2	transaction	transaction	NOUN
cblr-1706	651	3	costs	cost	VERB
cblr-1706	651	4	impede	impede	VERB
cblr-1706	651	5	the	the	DET
cblr-1706	651	6	parties	party	NOUN
cblr-1706	651	7	from	from	ADP
cblr-1706	651	8	solving	solve	VERB
cblr-1706	651	9	the	the	DET
cblr-1706	651	10	purported	purport	VERB
cblr-1706	651	11	problem	problem	NOUN
cblr-1706	651	12	?	?	PUNCT
cblr-1706	652	1	these	these	PRON
cblr-1706	652	2	are	be	AUX
cblr-1706	652	3	questions	question	NOUN
cblr-1706	652	4	the	the	DET
cblr-1706	652	5	sec	sec	PROPN
cblr-1706	652	6	can	can	AUX
cblr-1706	652	7	and	and	CCONJ
cblr-1706	652	8	should	should	AUX
cblr-1706	652	9	address	address	VERB
cblr-1706	652	10	with	with	ADP
cblr-1706	652	11	specificity	specificity	NOUN
cblr-1706	652	12	before	before	ADP
cblr-1706	652	13	attempting	attempt	VERB
cblr-1706	652	14	to	to	PART
cblr-1706	652	15	correct	correct	VERB
cblr-1706	652	16	a	a	DET
cblr-1706	652	17	problem	problem	NOUN
cblr-1706	652	18	that	that	PRON
cblr-1706	652	19	may	may	AUX
cblr-1706	652	20	not	not	PART
cblr-1706	652	21	even	even	ADV
cblr-1706	652	22	exist	exist	VERB
cblr-1706	652	23	.	.	PUNCT
cblr-1706	653	1	simply	simply	ADV
cblr-1706	653	2	stating	state	VERB
cblr-1706	653	3	that	that	SCONJ
cblr-1706	653	4	the	the	DET
cblr-1706	653	5	broker	broker	NOUN
cblr-1706	653	6	-	-	PUNCT
cblr-1706	653	7	client	client	NOUN
cblr-1706	653	8	relationship	relationship	NOUN
cblr-1706	653	9	suffers	suffer	VERB
cblr-1706	653	10	from	from	ADP
cblr-1706	653	11	conflicts	conflict	NOUN
cblr-1706	653	12	of	of	ADP
cblr-1706	653	13	interest	interest	NOUN
cblr-1706	653	14	that	that	PRON
cblr-1706	653	15	may	may	AUX
cblr-1706	653	16	harm	harm	VERB
cblr-1706	653	17	clients	client	NOUN
cblr-1706	653	18	is	be	AUX
cblr-1706	653	19	137	137	NUM
cblr-1706	653	20	i	i	NOUN
cblr-1706	653	21	d.	d.	NOUN
cblr-1706	653	22	at	at	ADP
cblr-1706	653	23	21,658	21,658	NUM
cblr-1706	653	24	(	(	PUNCT
cblr-1706	653	25	“	"	PUNCT
cblr-1706	653	26	[	[	X
cblr-1706	653	27	t]he	t]he	ADJ
cblr-1706	653	28	commission	commission	NOUN
cblr-1706	653	29	lacks	lack	VERB
cblr-1706	653	30	data	datum	NOUN
cblr-1706	653	31	on	on	ADP
cblr-1706	653	32	the	the	DET
cblr-1706	653	33	extent	extent	NOUN
cblr-1706	653	34	to	to	PART
cblr-1706	653	35	which	which	PRON
cblr-1706	653	36	current	current	ADJ
cblr-1706	653	37	broker	broker	NOUN
cblr-1706	653	38	-	-	PUNCT
cblr-1706	653	39	dealer	dealer	NOUN
cblr-1706	653	40	recommendations	recommendation	NOUN
cblr-1706	653	41	are	be	AUX
cblr-1706	653	42	subject	subject	ADJ
cblr-1706	653	43	to	to	ADP
cblr-1706	653	44	conflicts	conflict	NOUN
cblr-1706	653	45	of	of	ADP
cblr-1706	653	46	interest	interest	NOUN
cblr-1706	653	47	related	relate	VERB
cblr-1706	653	48	to	to	ADP
cblr-1706	653	49	financial	financial	ADJ
cblr-1706	653	50	incentives	incentive	NOUN
cblr-1706	653	51	”	"	PUNCT
cblr-1706	653	52	)	)	PUNCT
cblr-1706	653	53	.	.	PUNCT
cblr-1706	654	1	138	138	NUM
cblr-1706	654	2	see	see	VERB
cblr-1706	654	3	i	i	PRON
cblr-1706	654	4	d.	d.	PROPN
cblr-1706	654	5	at	at	ADP
cblr-1706	654	6	21,584–85	21,584–85	NUM
cblr-1706	654	7	,	,	PUNCT
cblr-1706	654	8	21,630–31	21,630–31	NUM
cblr-1706	654	9	,	,	PUNCT
cblr-1706	654	10	21,642–44	21,642–44	NUM
cblr-1706	654	11	.	.	NOUN
cblr-1706	654	12	139	139	NUM
cblr-1706	654	13	am	am	NOUN
cblr-1706	654	14	.	.	PUNCT
cblr-1706	655	1	equity	equity	NOUN
cblr-1706	655	2	inv	inv	PROPN
cblr-1706	655	3	.	.	PUNCT
cblr-1706	656	1	life	life	NOUN
cblr-1706	656	2	ins	ins	PROPN
cblr-1706	656	3	.	.	PUNCT
cblr-1706	656	4	co.	co.	PROPN
cblr-1706	656	5	v.	v.	ADP
cblr-1706	656	6	sec	sec	PROPN
cblr-1706	656	7	,	,	PUNCT
cblr-1706	656	8	613	613	NUM
cblr-1706	656	9	f.3d	f.3d	NUM
cblr-1706	656	10	166	166	NUM
cblr-1706	656	11	,	,	PUNCT
cblr-1706	656	12	178	178	NUM
cblr-1706	656	13	(	(	PUNCT
cblr-1706	656	14	d.c	d.c	PROPN
cblr-1706	656	15	.	.	PROPN
cblr-1706	656	16	cir	cir	PROPN
cblr-1706	656	17	.	.	PUNCT
cblr-1706	656	18	2010	2010	NUM
cblr-1706	656	19	)	)	PUNCT
cblr-1706	656	20	.	.	PUNCT
cblr-1706	657	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	657	2	no	no	NOUN
cblr-1706	657	3	.	.	PUNCT
cblr-1706	658	1	3:695	3:695	NUM
cblr-1706	658	2	]	]	X
cblr-1706	658	3	a	a	DET
cblr-1706	658	4	transaction	transaction	NOUN
cblr-1706	658	5	cost	cost	NOUN
cblr-1706	658	6	assessment	assessment	NOUN
cblr-1706	658	7	737	737	NUM
cblr-1706	658	8	insufficient	insufficient	ADJ
cblr-1706	658	9	,	,	PUNCT
cblr-1706	658	10	not	not	PART
cblr-1706	658	11	least	least	ADJ
cblr-1706	658	12	because	because	SCONJ
cblr-1706	658	13	any	any	DET
cblr-1706	658	14	form	form	NOUN
cblr-1706	658	15	of	of	ADP
cblr-1706	658	16	organization	organization	NOUN
cblr-1706	658	17	will	will	AUX
cblr-1706	658	18	suffer	suffer	VERB
cblr-1706	658	19	from	from	ADP
cblr-1706	658	20	conflicts	conflict	NOUN
cblr-1706	658	21	of	of	ADP
cblr-1706	658	22	interest	interest	NOUN
cblr-1706	658	23	on	on	ADP
cblr-1706	658	24	some	some	DET
cblr-1706	658	25	dimension	dimension	NOUN
cblr-1706	658	26	or	or	CCONJ
cblr-1706	658	27	other	other	ADJ
cblr-1706	658	28	as	as	ADV
cblr-1706	658	29	long	long	ADV
cblr-1706	658	30	as	as	SCONJ
cblr-1706	658	31	transacting	transact	VERB
cblr-1706	658	32	is	be	AUX
cblr-1706	658	33	costly	costly	ADJ
cblr-1706	658	34	.	.	PUNCT
cblr-1706	659	1	residual	residual	ADJ
cblr-1706	659	2	attempts	attempt	NOUN
cblr-1706	659	3	at	at	ADP
cblr-1706	659	4	wealth	wealth	NOUN
cblr-1706	659	5	transfer	transfer	NOUN
cblr-1706	659	6	will	will	AUX
cblr-1706	659	7	always	always	ADV
cblr-1706	659	8	occur	occur	VERB
cblr-1706	659	9	.	.	PUNCT
cblr-1706	660	1	the	the	DET
cblr-1706	660	2	rbi	rbi	NOUN
cblr-1706	660	3	proposing	propose	VERB
cblr-1706	660	4	release	release	NOUN
cblr-1706	660	5	doubles	double	VERB
cblr-1706	660	6	down	down	ADP
cblr-1706	660	7	on	on	ADP
cblr-1706	660	8	its	its	PRON
cblr-1706	660	9	empirical	empirical	ADJ
cblr-1706	660	10	ignorance	ignorance	NOUN
cblr-1706	660	11	by	by	ADP
cblr-1706	660	12	proposing	propose	VERB
cblr-1706	660	13	that	that	SCONJ
cblr-1706	660	14	the	the	DET
cblr-1706	660	15	parties	party	NOUN
cblr-1706	660	16	be	be	AUX
cblr-1706	660	17	prohibited	prohibit	VERB
cblr-1706	660	18	from	from	ADP
cblr-1706	660	19	contracting	contract	VERB
cblr-1706	660	20	out	out	ADP
cblr-1706	660	21	of	of	ADP
cblr-1706	660	22	the	the	DET
cblr-1706	660	23	best	good	ADJ
cblr-1706	660	24	interest	interest	NOUN
cblr-1706	660	25	standard.140	standard.140	PROPN
cblr-1706	660	26	jensen	jensen	PROPN
cblr-1706	660	27	and	and	CCONJ
cblr-1706	660	28	meckling	meckling	NOUN
cblr-1706	660	29	,	,	PUNCT
cblr-1706	660	30	and	and	CCONJ
cblr-1706	660	31	coase	coase	PROPN
cblr-1706	660	32	,	,	PUNCT
cblr-1706	660	33	both	both	PRON
cblr-1706	660	34	make	make	VERB
cblr-1706	660	35	clear	clear	ADJ
cblr-1706	660	36	that	that	SCONJ
cblr-1706	660	37	private	private	ADJ
cblr-1706	660	38	contracting	contracting	NOUN
cblr-1706	660	39	is	be	AUX
cblr-1706	660	40	a	a	DET
cblr-1706	660	41	powerful	powerful	ADJ
cblr-1706	660	42	mechanism	mechanism	NOUN
cblr-1706	660	43	for	for	ADP
cblr-1706	660	44	averting	avert	VERB
cblr-1706	660	45	what	what	PRON
cblr-1706	660	46	might	might	AUX
cblr-1706	660	47	otherwise	otherwise	ADV
cblr-1706	660	48	constitute	constitute	VERB
cblr-1706	660	49	market	market	NOUN
cblr-1706	660	50	failures	failure	NOUN
cblr-1706	660	51	.	.	PUNCT
cblr-1706	661	1	by	by	ADP
cblr-1706	661	2	proposing	propose	VERB
cblr-1706	661	3	a	a	DET
cblr-1706	661	4	mandatory	mandatory	ADJ
cblr-1706	661	5	rule	rule	NOUN
cblr-1706	661	6	rather	rather	ADV
cblr-1706	661	7	than	than	ADP
cblr-1706	661	8	a	a	DET
cblr-1706	661	9	default	default	NOUN
cblr-1706	661	10	rule	rule	NOUN
cblr-1706	661	11	,	,	PUNCT
cblr-1706	661	12	the	the	DET
cblr-1706	661	13	release	release	NOUN
cblr-1706	661	14	ignores	ignore	VERB
cblr-1706	661	15	this	this	PRON
cblr-1706	661	16	and	and	CCONJ
cblr-1706	661	17	would	would	AUX
cblr-1706	661	18	freeze	freeze	VERB
cblr-1706	661	19	the	the	DET
cblr-1706	661	20	state	state	NOUN
cblr-1706	661	21	of	of	ADP
cblr-1706	661	22	economic	economic	ADJ
cblr-1706	661	23	organization	organization	NOUN
cblr-1706	661	24	in	in	ADP
cblr-1706	661	25	place	place	NOUN
cblr-1706	661	26	,	,	PUNCT
cblr-1706	661	27	despite	despite	SCONJ
cblr-1706	661	28	ample	ample	ADJ
cblr-1706	661	29	theoretical	theoretical	ADJ
cblr-1706	661	30	and	and	CCONJ
cblr-1706	661	31	empirical	empirical	ADJ
cblr-1706	661	32	evidence	evidence	NOUN
cblr-1706	661	33	in	in	ADP
cblr-1706	661	34	the	the	DET
cblr-1706	661	35	scholarly	scholarly	ADJ
cblr-1706	661	36	literature141	literature141	PROPN
cblr-1706	661	37	and	and	CCONJ
cblr-1706	661	38	established	establish	VERB
cblr-1706	661	39	antitrust	antitrust	ADJ
cblr-1706	661	40	case	case	NOUN
cblr-1706	661	41	law142	law142	PROPN
cblr-1706	661	42	that	that	SCONJ
cblr-1706	661	43	the	the	DET
cblr-1706	661	44	dynamism	dynamism	NOUN
cblr-1706	661	45	of	of	ADP
cblr-1706	661	46	private	private	ADJ
cblr-1706	661	47	contracting	contracting	NOUN
cblr-1706	661	48	can	can	AUX
cblr-1706	661	49	be	be	AUX
cblr-1706	661	50	remarkably	remarkably	ADV
cblr-1706	661	51	effective	effective	ADJ
cblr-1706	661	52	.	.	PUNCT
cblr-1706	662	1	imposing	impose	VERB
cblr-1706	662	2	a	a	DET
cblr-1706	662	3	mandatory	mandatory	ADJ
cblr-1706	662	4	best	good	ADJ
cblr-1706	662	5	interest	interest	NOUN
cblr-1706	662	6	standard	standard	NOUN
cblr-1706	662	7	may	may	AUX
cblr-1706	662	8	increase	increase	VERB
cblr-1706	662	9	the	the	DET
cblr-1706	662	10	costs	cost	NOUN
cblr-1706	662	11	of	of	ADP
cblr-1706	662	12	transacting	transact	VERB
cblr-1706	662	13	rather	rather	ADV
cblr-1706	662	14	than	than	ADP
cblr-1706	662	15	lower	lower	VERB
cblr-1706	662	16	them	they	PRON
cblr-1706	662	17	,	,	PUNCT
cblr-1706	662	18	and	and	CCONJ
cblr-1706	662	19	the	the	DET
cblr-1706	662	20	burden	burden	NOUN
cblr-1706	662	21	of	of	ADP
cblr-1706	662	22	persuasion	persuasion	NOUN
cblr-1706	662	23	lies	lie	VERB
cblr-1706	662	24	with	with	ADP
cblr-1706	662	25	the	the	DET
cblr-1706	662	26	sec	sec	PROPN
cblr-1706	662	27	according	accord	VERB
cblr-1706	662	28	to	to	ADP
cblr-1706	662	29	federal	federal	ADJ
cblr-1706	662	30	case	case	NOUN
cblr-1706	662	31	law	law	NOUN
cblr-1706	662	32	and	and	CCONJ
cblr-1706	662	33	its	its	PRON
cblr-1706	662	34	own	own	ADJ
cblr-1706	662	35	internal	internal	ADJ
cblr-1706	662	36	pronouncements	pronouncement	NOUN
cblr-1706	662	37	.	.	PUNCT
cblr-1706	663	1	b.	b.	PROPN
cblr-1706	663	2	the	the	DET
cblr-1706	663	3	best	good	ADJ
cblr-1706	663	4	interest	interest	NOUN
cblr-1706	663	5	standard	standard	NOUN
cblr-1706	663	6	the	the	DET
cblr-1706	663	7	rbi	rbi	NOUN
cblr-1706	663	8	proposing	propose	VERB
cblr-1706	663	9	release	release	NOUN
cblr-1706	663	10	repeatedly	repeatedly	ADV
cblr-1706	663	11	states	state	VERB
cblr-1706	663	12	that	that	SCONJ
cblr-1706	663	13	brokers	broker	NOUN
cblr-1706	663	14	are	be	AUX
cblr-1706	663	15	conflicted	conflict	VERB
cblr-1706	663	16	when	when	SCONJ
cblr-1706	663	17	giving	give	VERB
cblr-1706	663	18	their	their	PRON
cblr-1706	663	19	clients	client	NOUN
cblr-1706	663	20	investment	investment	NOUN
cblr-1706	663	21	advice	advice	NOUN
cblr-1706	663	22	,	,	PUNCT
cblr-1706	663	23	especially	especially	ADV
cblr-1706	663	24	by	by	ADP
cblr-1706	663	25	the	the	DET
cblr-1706	663	26	financial	financial	ADJ
cblr-1706	663	27	incentives	incentive	NOUN
cblr-1706	663	28	that	that	PRON
cblr-1706	663	29	determine	determine	VERB
cblr-1706	663	30	their	their	PRON
cblr-1706	663	31	compensation.143	compensation.143	NOUN
cblr-1706	663	32	on	on	ADP
cblr-1706	663	33	one	one	NUM
cblr-1706	663	34	hand	hand	NOUN
cblr-1706	663	35	,	,	PUNCT
cblr-1706	663	36	the	the	DET
cblr-1706	663	37	release	release	NOUN
cblr-1706	663	38	speculates	speculate	VERB
cblr-1706	663	39	that	that	SCONJ
cblr-1706	663	40	under	under	ADP
cblr-1706	663	41	the	the	DET
cblr-1706	663	42	suitability	suitability	NOUN
cblr-1706	663	43	rule	rule	NOUN
cblr-1706	663	44	,	,	PUNCT
cblr-1706	663	45	brokers	broker	NOUN
cblr-1706	663	46	might	might	AUX
cblr-1706	663	47	give	give	VERB
cblr-1706	663	48	advice	advice	NOUN
cblr-1706	663	49	that	that	SCONJ
cblr-1706	663	50	140	140	NUM
cblr-1706	663	51	regulation	regulation	NOUN
cblr-1706	663	52	best	good	ADJ
cblr-1706	663	53	interest	interest	NOUN
cblr-1706	663	54	,	,	PUNCT
cblr-1706	663	55	83	83	NUM
cblr-1706	663	56	fed	feed	VERB
cblr-1706	663	57	.	.	PUNCT
cblr-1706	664	1	reg	reg	PROPN
cblr-1706	664	2	.	.	PUNCT
cblr-1706	665	1	at	at	ADP
cblr-1706	665	2	21,595	21,595	NUM
cblr-1706	665	3	.	.	PUNCT
cblr-1706	666	1	141	141	NUM
cblr-1706	666	2	purely	purely	ADV
cblr-1706	666	3	by	by	ADP
cblr-1706	666	4	way	way	NOUN
cblr-1706	666	5	of	of	ADP
cblr-1706	666	6	example	example	NOUN
cblr-1706	666	7	,	,	PUNCT
cblr-1706	666	8	see	see	VERB
cblr-1706	666	9	allen	allen	PROPN
cblr-1706	666	10	&	&	CCONJ
cblr-1706	666	11	lueck	lueck	PROPN
cblr-1706	666	12	,	,	PUNCT
cblr-1706	666	13	supra	supra	PROPN
cblr-1706	666	14	note	note	PROPN
cblr-1706	666	15	30	30	NUM
cblr-1706	666	16	;	;	PUNCT
cblr-1706	666	17	benham	benham	PROPN
cblr-1706	666	18	,	,	PUNCT
cblr-1706	666	19	supra	supra	PROPN
cblr-1706	666	20	note	note	PROPN
cblr-1706	666	21	31	31	NUM
cblr-1706	666	22	;	;	PUNCT
cblr-1706	666	23	cheung	cheung	PROPN
cblr-1706	666	24	,	,	PUNCT
cblr-1706	666	25	supra	supra	PROPN
cblr-1706	666	26	note	note	PROPN
cblr-1706	666	27	30	30	NUM
cblr-1706	666	28	;	;	PUNCT
cblr-1706	666	29	johnsen	johnsen	PROPN
cblr-1706	666	30	,	,	PUNCT
cblr-1706	666	31	the	the	DET
cblr-1706	666	32	formation	formation	NOUN
cblr-1706	666	33	and	and	CCONJ
cblr-1706	666	34	protection	protection	NOUN
cblr-1706	666	35	of	of	ADP
cblr-1706	666	36	property	property	NOUN
cblr-1706	666	37	rights	right	NOUN
cblr-1706	666	38	among	among	ADP
cblr-1706	666	39	the	the	DET
cblr-1706	666	40	southern	southern	ADJ
cblr-1706	666	41	kwakiutl	kwakiutl	PROPN
cblr-1706	666	42	indians	indians	PROPN
cblr-1706	666	43	,	,	PUNCT
cblr-1706	666	44	supra	supra	PROPN
cblr-1706	666	45	note	note	PROPN
cblr-1706	666	46	30	30	NUM
cblr-1706	666	47	;	;	PUNCT
cblr-1706	666	48	klein	klein	PROPN
cblr-1706	666	49	&	&	CCONJ
cblr-1706	666	50	leffler	leffler	PROPN
cblr-1706	666	51	,	,	PUNCT
cblr-1706	666	52	supra	supra	PROPN
cblr-1706	666	53	note	note	NOUN
cblr-1706	666	54	30	30	NUM
cblr-1706	666	55	;	;	PUNCT
cblr-1706	666	56	libecap	libecap	PROPN
cblr-1706	666	57	&	&	CCONJ
cblr-1706	666	58	lueck	lueck	PROPN
cblr-1706	666	59	,	,	PUNCT
cblr-1706	666	60	supra	supra	PROPN
cblr-1706	666	61	note	note	PROPN
cblr-1706	666	62	30	30	NUM
cblr-1706	666	63	;	;	PUNCT
cblr-1706	666	64	masten	masten	PROPN
cblr-1706	666	65	&	&	CCONJ
cblr-1706	666	66	crocker	crocker	PROPN
cblr-1706	666	67	,	,	PUNCT
cblr-1706	666	68	supra	supra	PROPN
cblr-1706	666	69	note	note	PROPN
cblr-1706	666	70	30	30	NUM
cblr-1706	666	71	;	;	PUNCT
cblr-1706	666	72	masten	masten	VERB
cblr-1706	666	73	,	,	PUNCT
cblr-1706	666	74	meehan	meehan	PROPN
cblr-1706	666	75	&	&	CCONJ
cblr-1706	666	76	snyder	snyder	PROPN
cblr-1706	666	77	,	,	PUNCT
cblr-1706	666	78	the	the	DET
cblr-1706	666	79	costs	cost	NOUN
cblr-1706	666	80	of	of	ADP
cblr-1706	666	81	organization	organization	NOUN
cblr-1706	666	82	,	,	PUNCT
cblr-1706	666	83	supra	supra	PROPN
cblr-1706	666	84	note	note	PROPN
cblr-1706	666	85	30	30	NUM
cblr-1706	666	86	;	;	PUNCT
cblr-1706	666	87	masten	masten	VERB
cblr-1706	666	88	,	,	PUNCT
cblr-1706	666	89	meehan	meehan	PROPN
cblr-1706	666	90	&	&	CCONJ
cblr-1706	666	91	snyder	snyder	PROPN
cblr-1706	666	92	,	,	PUNCT
cblr-1706	666	93	vertical	vertical	ADJ
cblr-1706	666	94	integration	integration	NOUN
cblr-1706	666	95	in	in	ADP
cblr-1706	666	96	the	the	DET
cblr-1706	666	97	u.s	u.s	PROPN
cblr-1706	666	98	.	.	PROPN
cblr-1706	666	99	auto	auto	NOUN
cblr-1706	666	100	industry	industry	NOUN
cblr-1706	666	101	:	:	PUNCT
cblr-1706	666	102	a	a	DET
cblr-1706	666	103	note	note	NOUN
cblr-1706	666	104	on	on	ADP
cblr-1706	666	105	the	the	DET
cblr-1706	666	106	influence	influence	NOUN
cblr-1706	666	107	of	of	ADP
cblr-1706	666	108	transaction	transaction	NOUN
cblr-1706	666	109	specific	specific	ADJ
cblr-1706	666	110	assets	asset	NOUN
cblr-1706	666	111	,	,	PUNCT
cblr-1706	666	112	supra	supra	NOUN
cblr-1706	666	113	note	note	NOUN
cblr-1706	666	114	30	30	NUM
cblr-1706	666	115	;	;	PUNCT
cblr-1706	666	116	telser	telser	NUM
cblr-1706	666	117	,	,	PUNCT
cblr-1706	666	118	supra	supra	PROPN
cblr-1706	666	119	note	note	NOUN
cblr-1706	666	120	31	31	NUM
cblr-1706	666	121	.	.	PUNCT
cblr-1706	667	1	142	142	NUM
cblr-1706	667	2	see	see	VERB
cblr-1706	667	3	,	,	PUNCT
cblr-1706	667	4	e.g.	e.g.	ADV
cblr-1706	667	5	,	,	PUNCT
cblr-1706	667	6	cont’l	cont’l	PROPN
cblr-1706	667	7	t.v	t.v	PROPN
cblr-1706	667	8	.	.	PROPN
cblr-1706	667	9	,	,	PUNCT
cblr-1706	667	10	inc	inc	PROPN
cblr-1706	667	11	.	.	PROPN
cblr-1706	668	1	v.	v.	PROPN
cblr-1706	668	2	gte	gte	PROPN
cblr-1706	668	3	sylvania	sylvania	PROPN
cblr-1706	668	4	,	,	PUNCT
cblr-1706	668	5	inc	inc	PROPN
cblr-1706	668	6	.	.	PROPN
cblr-1706	668	7	,	,	PUNCT
cblr-1706	668	8	433	433	NUM
cblr-1706	668	9	u.s	u.s	PROPN
cblr-1706	668	10	.	.	PROPN
cblr-1706	668	11	36	36	NUM
cblr-1706	668	12	(	(	PUNCT
cblr-1706	668	13	1977	1977	NUM
cblr-1706	668	14	)	)	PUNCT
cblr-1706	668	15	;	;	PUNCT
cblr-1706	668	16	leegin	leegin	NOUN
cblr-1706	668	17	creative	creative	ADJ
cblr-1706	668	18	leather	leather	NOUN
cblr-1706	668	19	prods	prod	NOUN
cblr-1706	668	20	.	.	PUNCT
cblr-1706	668	21	,	,	PUNCT
cblr-1706	668	22	inc	inc	PROPN
cblr-1706	668	23	.	.	PROPN
cblr-1706	669	1	v.	v.	PROPN
cblr-1706	669	2	psks	psks	PROPN
cblr-1706	669	3	,	,	PUNCT
cblr-1706	669	4	inc	inc	PROPN
cblr-1706	669	5	.	.	PROPN
cblr-1706	669	6	,	,	PUNCT
cblr-1706	669	7	551	551	NUM
cblr-1706	669	8	u.s	u.s	PROPN
cblr-1706	669	9	.	.	PROPN
cblr-1706	669	10	877	877	NUM
cblr-1706	669	11	(	(	PUNCT
cblr-1706	669	12	2007	2007	NUM
cblr-1706	669	13	)	)	PUNCT
cblr-1706	669	14	.	.	PUNCT
cblr-1706	670	1	143	143	NUM
cblr-1706	670	2	regulation	regulation	NOUN
cblr-1706	670	3	best	good	ADJ
cblr-1706	670	4	interest	interest	NOUN
cblr-1706	670	5	,	,	PUNCT
cblr-1706	670	6	83	83	NUM
cblr-1706	670	7	fed	feed	VERB
cblr-1706	670	8	.	.	PUNCT
cblr-1706	671	1	reg	reg	PROPN
cblr-1706	671	2	.	.	PUNCT
cblr-1706	672	1	at	at	ADP
cblr-1706	672	2	21,574–76	21,574–76	PROPN
cblr-1706	672	3	.	.	PUNCT
cblr-1706	672	4	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	672	5	738	738	NUM
cblr-1706	672	6	columbia	columbia	PROPN
cblr-1706	672	7	business	business	NOUN
cblr-1706	672	8	law	law	NOUN
cblr-1706	672	9	review	review	NOUN
cblr-1706	673	1	[	[	X
cblr-1706	673	2	vol	vol	NOUN
cblr-1706	673	3	.	.	NOUN
cblr-1706	673	4	2018	2018	NUM
cblr-1706	673	5	yields	yield	NOUN
cblr-1706	673	6	’	'	PUNCT
cblr-1706	673	7	the	the	DET
cblr-1706	673	8	maximum	maximum	ADJ
cblr-1706	673	9	expected	expected	ADJ
cblr-1706	673	10	return	return	NOUN
cblr-1706	673	11	for	for	ADP
cblr-1706	673	12	a	a	DET
cblr-1706	673	13	given	give	VERB
cblr-1706	673	14	risk	risk	NOUN
cblr-1706	673	15	(	(	PUNCT
cblr-1706	673	16	net	net	NOUN
cblr-1706	673	17	of	of	ADP
cblr-1706	673	18	fees	fee	NOUN
cblr-1706	673	19	)	)	PUNCT
cblr-1706	673	20	for	for	ADP
cblr-1706	673	21	their	their	PRON
cblr-1706	673	22	clients	client	NOUN
cblr-1706	673	23	,	,	PUNCT
cblr-1706	673	24	thereby	thereby	ADV
cblr-1706	673	25	serving	serve	VERB
cblr-1706	673	26	their	their	PRON
cblr-1706	673	27	clients	client	NOUN
cblr-1706	673	28	’	’	PART
cblr-1706	673	29	best	good	ADJ
cblr-1706	673	30	interest.144	interest.144	PROPN
cblr-1706	673	31	on	on	ADP
cblr-1706	673	32	the	the	DET
cblr-1706	673	33	other	other	ADJ
cblr-1706	673	34	hand	hand	NOUN
cblr-1706	673	35	,	,	PUNCT
cblr-1706	673	36	they	they	PRON
cblr-1706	673	37	might	might	AUX
cblr-1706	673	38	adjust	adjust	VERB
cblr-1706	673	39	their	their	PRON
cblr-1706	673	40	advice	advice	NOUN
cblr-1706	673	41	,	,	PUNCT
cblr-1706	673	42	more	more	ADJ
cblr-1706	673	43	or	or	CCONJ
cblr-1706	673	44	less	less	ADJ
cblr-1706	673	45	,	,	PUNCT
cblr-1706	673	46	to	to	PART
cblr-1706	673	47	increase	increase	VERB
cblr-1706	673	48	their	their	PRON
cblr-1706	673	49	own	own	ADJ
cblr-1706	673	50	compensation	compensation	NOUN
cblr-1706	673	51	while	while	SCONJ
cblr-1706	673	52	recommending	recommend	VERB
cblr-1706	673	53	investments	investment	NOUN
cblr-1706	673	54	likely	likely	ADJ
cblr-1706	673	55	to	to	PART
cblr-1706	673	56	underperform	underperform	VERB
cblr-1706	673	57	,	,	PUNCT
cblr-1706	673	58	thereby	thereby	ADV
cblr-1706	673	59	compromising	compromise	VERB
cblr-1706	673	60	their	their	PRON
cblr-1706	673	61	clients	client	NOUN
cblr-1706	673	62	’	’	PART
cblr-1706	673	63	best	good	ADJ
cblr-1706	673	64	interest	interest	NOUN
cblr-1706	673	65	.	.	PUNCT
cblr-1706	674	1	absent	absent	ADJ
cblr-1706	674	2	unambiguous	unambiguous	ADJ
cblr-1706	674	3	agency	agency	NOUN
cblr-1706	674	4	theory	theory	NOUN
cblr-1706	674	5	to	to	PART
cblr-1706	674	6	suggest	suggest	VERB
cblr-1706	674	7	retail	retail	ADJ
cblr-1706	674	8	brokers	broker	NOUN
cblr-1706	674	9	systematically	systematically	ADV
cblr-1706	674	10	give	give	VERB
cblr-1706	674	11	their	their	PRON
cblr-1706	674	12	clients	client	NOUN
cblr-1706	674	13	tainted	taint	VERB
cblr-1706	674	14	advice	advice	NOUN
cblr-1706	674	15	,	,	PUNCT
cblr-1706	674	16	the	the	DET
cblr-1706	674	17	issue	issue	NOUN
cblr-1706	674	18	is	be	AUX
cblr-1706	674	19	entirely	entirely	ADV
cblr-1706	674	20	an	an	DET
cblr-1706	674	21	empirical	empirical	ADJ
cblr-1706	674	22	one	one	NUM
cblr-1706	674	23	,	,	PUNCT
cblr-1706	674	24	and	and	CCONJ
cblr-1706	674	25	yet	yet	ADV
cblr-1706	674	26	the	the	DET
cblr-1706	674	27	release	release	NOUN
cblr-1706	674	28	ignores	ignore	VERB
cblr-1706	674	29	much	much	ADJ
cblr-1706	674	30	of	of	ADP
cblr-1706	674	31	the	the	DET
cblr-1706	674	32	relevant	relevant	ADJ
cblr-1706	674	33	literature	literature	NOUN
cblr-1706	674	34	and	and	CCONJ
cblr-1706	674	35	case	case	NOUN
cblr-1706	674	36	law	law	NOUN
cblr-1706	674	37	that	that	PRON
cblr-1706	674	38	would	would	AUX
cblr-1706	674	39	help	help	VERB
cblr-1706	674	40	resolve	resolve	VERB
cblr-1706	674	41	the	the	DET
cblr-1706	674	42	issue	issue	NOUN
cblr-1706	674	43	.	.	PUNCT
cblr-1706	675	1	garbade	garbade	NOUN
cblr-1706	675	2	and	and	CCONJ
cblr-1706	675	3	silber	silber	PROPN
cblr-1706	675	4	provide	provide	VERB
cblr-1706	675	5	an	an	DET
cblr-1706	675	6	agency	agency	NOUN
cblr-1706	675	7	cost	cost	NOUN
cblr-1706	675	8	analysis	analysis	NOUN
cblr-1706	675	9	of	of	ADP
cblr-1706	675	10	securities	security	NOUN
cblr-1706	675	11	brokers	broker	NOUN
cblr-1706	675	12	’	'	PUNCT
cblr-1706	675	13	fiduciary	fiduciary	ADJ
cblr-1706	675	14	duty	duty	NOUN
cblr-1706	675	15	of	of	ADP
cblr-1706	675	16	“	"	PUNCT
cblr-1706	675	17	best	good	ADJ
cblr-1706	675	18	execution	execution	NOUN
cblr-1706	675	19	”	"	PUNCT
cblr-1706	675	20	when	when	SCONJ
cblr-1706	675	21	trading	trade	VERB
cblr-1706	675	22	on	on	ADP
cblr-1706	675	23	their	their	PRON
cblr-1706	675	24	clients	client	NOUN
cblr-1706	675	25	’	’	PART
cblr-1706	675	26	behalf.145	behalf.145	NOUN
cblr-1706	675	27	although	although	SCONJ
cblr-1706	675	28	their	their	PRON
cblr-1706	675	29	analysis	analysis	NOUN
cblr-1706	675	30	does	do	AUX
cblr-1706	675	31	not	not	PART
cblr-1706	675	32	deal	deal	VERB
cblr-1706	675	33	specifically	specifically	ADV
cblr-1706	675	34	with	with	ADP
cblr-1706	675	35	brokers	broker	NOUN
cblr-1706	675	36	giving	give	VERB
cblr-1706	675	37	investment	investment	NOUN
cblr-1706	675	38	advice	advice	NOUN
cblr-1706	675	39	to	to	ADP
cblr-1706	675	40	retail	retail	ADJ
cblr-1706	675	41	clients	client	NOUN
cblr-1706	675	42	,	,	PUNCT
cblr-1706	675	43	it	it	PRON
cblr-1706	675	44	provides	provide	VERB
cblr-1706	675	45	a	a	DET
cblr-1706	675	46	useful	useful	ADJ
cblr-1706	675	47	example	example	NOUN
cblr-1706	675	48	of	of	ADP
cblr-1706	675	49	how	how	SCONJ
cblr-1706	675	50	transaction	transaction	NOUN
cblr-1706	675	51	costs	cost	VERB
cblr-1706	675	52	influence	influence	VERB
cblr-1706	675	53	economic	economic	ADJ
cblr-1706	675	54	organization	organization	NOUN
cblr-1706	675	55	.	.	PUNCT
cblr-1706	676	1	the	the	DET
cblr-1706	676	2	authors	author	NOUN
cblr-1706	676	3	examine	examine	VERB
cblr-1706	676	4	the	the	DET
cblr-1706	676	5	general	general	ADJ
cblr-1706	676	6	agency	agency	NOUN
cblr-1706	676	7	law	law	NOUN
cblr-1706	676	8	rule	rule	VERB
cblr-1706	676	9	that	that	SCONJ
cblr-1706	676	10	a	a	DET
cblr-1706	676	11	broker	broker	NOUN
cblr-1706	676	12	has	have	VERB
cblr-1706	676	13	a	a	DET
cblr-1706	676	14	fiduciary	fiduciary	ADJ
cblr-1706	676	15	duty	duty	NOUN
cblr-1706	676	16	to	to	PART
cblr-1706	676	17	“	"	PUNCT
cblr-1706	676	18	act	act	VERB
cblr-1706	676	19	solely	solely	ADV
cblr-1706	676	20	for	for	ADP
cblr-1706	676	21	the	the	DET
cblr-1706	676	22	benefit	benefit	NOUN
cblr-1706	676	23	of	of	ADP
cblr-1706	676	24	[	[	PUNCT
cblr-1706	676	25	his	his	PRON
cblr-1706	676	26	customer	customer	NOUN
cblr-1706	676	27	]	]	PUNCT
cblr-1706	676	28	in	in	ADP
cblr-1706	676	29	all	all	DET
cblr-1706	676	30	matters	matter	NOUN
cblr-1706	676	31	connected	connect	VERB
cblr-1706	676	32	with	with	ADP
cblr-1706	676	33	his	his	PRON
cblr-1706	676	34	agency	agency	NOUN
cblr-1706	676	35	”	"	PUNCT
cblr-1706	676	36	as	as	ADV
cblr-1706	676	37	well	well	ADV
cblr-1706	676	38	as	as	ADP
cblr-1706	676	39	the	the	DET
cblr-1706	676	40	sec	sec	PROPN
cblr-1706	676	41	’s	’s	PART
cblr-1706	676	42	specific	specific	ADJ
cblr-1706	676	43	formulation	formulation	NOUN
cblr-1706	676	44	of	of	ADP
cblr-1706	676	45	this	this	DET
cblr-1706	676	46	rule	rule	NOUN
cblr-1706	676	47	requiring	require	VERB
cblr-1706	676	48	a	a	DET
cblr-1706	676	49	broker	broker	NOUN
cblr-1706	676	50	who	who	PRON
cblr-1706	676	51	accepts	accept	VERB
cblr-1706	676	52	a	a	DET
cblr-1706	676	53	customer	customer	NOUN
cblr-1706	676	54	’s	’s	PART
cblr-1706	676	55	market	market	NOUN
cblr-1706	676	56	sell	sell	VERB
cblr-1706	676	57	order	order	NOUN
cblr-1706	676	58	“	"	PUNCT
cblr-1706	676	59	to	to	PART
cblr-1706	676	60	sell	sell	VERB
cblr-1706	676	61	the	the	DET
cblr-1706	676	62	stock	stock	NOUN
cblr-1706	676	63	at	at	ADP
cblr-1706	676	64	the	the	DET
cblr-1706	676	65	highest	high	ADJ
cblr-1706	676	66	possible	possible	ADJ
cblr-1706	676	67	price	price	NOUN
cblr-1706	676	68	.	.	PUNCT
cblr-1706	676	69	”146	”146	PUNCT
cblr-1706	677	1	a	a	DET
cblr-1706	677	2	broker	broker	NOUN
cblr-1706	677	3	’s	’s	PART
cblr-1706	677	4	job	job	NOUN
cblr-1706	677	5	is	be	AUX
cblr-1706	677	6	to	to	PART
cblr-1706	677	7	search	search	VERB
cblr-1706	677	8	for	for	ADP
cblr-1706	677	9	attractive	attractive	ADJ
cblr-1706	677	10	trading	trading	NOUN
cblr-1706	677	11	opportunities	opportunity	NOUN
cblr-1706	677	12	on	on	ADP
cblr-1706	677	13	the	the	DET
cblr-1706	677	14	client	client	NOUN
cblr-1706	677	15	’s	’s	PART
cblr-1706	677	16	behalf	behalf	NOUN
cblr-1706	677	17	,	,	PUNCT
cblr-1706	677	18	but	but	CCONJ
cblr-1706	677	19	search	search	NOUN
cblr-1706	677	20	is	be	AUX
cblr-1706	677	21	costly	costly	ADJ
cblr-1706	677	22	,	,	PUNCT
cblr-1706	677	23	and	and	CCONJ
cblr-1706	677	24	in	in	ADP
cblr-1706	677	25	a	a	DET
cblr-1706	677	26	competitive	competitive	ADJ
cblr-1706	677	27	market	market	NOUN
cblr-1706	677	28	principals	principal	NOUN
cblr-1706	677	29	must	must	AUX
cblr-1706	677	30	compensate	compensate	VERB
cblr-1706	677	31	agents	agent	NOUN
cblr-1706	677	32	for	for	ADP
cblr-1706	677	33	these	these	DET
cblr-1706	677	34	costs	cost	NOUN
cblr-1706	677	35	.	.	PUNCT
cblr-1706	678	1	the	the	DET
cblr-1706	678	2	authors	author	NOUN
cblr-1706	678	3	question	question	VERB
cblr-1706	678	4	why	why	SCONJ
cblr-1706	678	5	it	it	PRON
cblr-1706	678	6	would	would	AUX
cblr-1706	678	7	be	be	AUX
cblr-1706	678	8	in	in	ADP
cblr-1706	678	9	the	the	DET
cblr-1706	678	10	client	client	NOUN
cblr-1706	678	11	’s	’s	PART
cblr-1706	678	12	interest	interest	NOUN
cblr-1706	678	13	for	for	SCONJ
cblr-1706	678	14	the	the	DET
cblr-1706	678	15	broker	broker	NOUN
cblr-1706	678	16	to	to	PART
cblr-1706	678	17	spend	spend	VERB
cblr-1706	678	18	a	a	DET
cblr-1706	678	19	dollar	dollar	NOUN
cblr-1706	678	20	to	to	PART
cblr-1706	678	21	discover	discover	VERB
cblr-1706	678	22	a	a	DET
cblr-1706	678	23	bid	bid	NOUN
cblr-1706	678	24	price	price	NOUN
cblr-1706	678	25	that	that	PRON
cblr-1706	678	26	is	be	AUX
cblr-1706	678	27	less	less	ADJ
cblr-1706	678	28	than	than	ADP
cblr-1706	678	29	a	a	DET
cblr-1706	678	30	dollar	dollar	NOUN
cblr-1706	678	31	higher	high	ADJ
cblr-1706	678	32	than	than	ADP
cblr-1706	678	33	the	the	DET
cblr-1706	678	34	highest	high	ADJ
cblr-1706	678	35	bid	bid	NOUN
cblr-1706	678	36	the	the	DET
cblr-1706	678	37	agent	agent	NOUN
cblr-1706	678	38	has	have	AUX
cblr-1706	678	39	already	already	ADV
cblr-1706	678	40	found	find	VERB
cblr-1706	678	41	,	,	PUNCT
cblr-1706	678	42	which	which	PRON
cblr-1706	678	43	is	be	AUX
cblr-1706	678	44	what	what	PRON
cblr-1706	678	45	the	the	DET
cblr-1706	678	46	sec	sec	PROPN
cblr-1706	678	47	’s	’s	PART
cblr-1706	678	48	“	"	PUNCT
cblr-1706	678	49	highest	high	ADJ
cblr-1706	678	50	possible	possible	ADJ
cblr-1706	678	51	price	price	NOUN
cblr-1706	678	52	”	"	PUNCT
cblr-1706	678	53	rule	rule	NOUN
cblr-1706	678	54	appeared	appear	VERB
cblr-1706	678	55	to	to	PART
cblr-1706	678	56	require	require	VERB
cblr-1706	678	57	.	.	PUNCT
cblr-1706	679	1	the	the	DET
cblr-1706	679	2	rule	rule	NOUN
cblr-1706	679	3	clearly	clearly	ADV
cblr-1706	679	4	fails	fail	VERB
cblr-1706	679	5	a	a	DET
cblr-1706	679	6	cost	cost	NOUN
cblr-1706	679	7	-	-	PUNCT
cblr-1706	679	8	benefit	benefit	NOUN
cblr-1706	679	9	test	test	NOUN
cblr-1706	679	10	.	.	PUNCT
cblr-1706	680	1	the	the	DET
cblr-1706	680	2	above	above	ADJ
cblr-1706	680	3	statements	statement	NOUN
cblr-1706	680	4	of	of	ADP
cblr-1706	680	5	144	144	NUM
cblr-1706	680	6	the	the	DET
cblr-1706	680	7	proposing	propose	VERB
cblr-1706	680	8	release	release	NOUN
cblr-1706	680	9	points	point	VERB
cblr-1706	680	10	out	out	ADP
cblr-1706	680	11	that	that	SCONJ
cblr-1706	680	12	the	the	DET
cblr-1706	680	13	suitability	suitability	NOUN
cblr-1706	680	14	rule	rule	NOUN
cblr-1706	680	15	,	,	PUNCT
cblr-1706	680	16	as	as	SCONJ
cblr-1706	680	17	applied	apply	VERB
cblr-1706	680	18	by	by	ADP
cblr-1706	680	19	finra	finra	PROPN
cblr-1706	680	20	and	and	CCONJ
cblr-1706	680	21	common	common	ADJ
cblr-1706	680	22	law	law	NOUN
cblr-1706	680	23	courts	court	NOUN
cblr-1706	680	24	,	,	PUNCT
cblr-1706	680	25	requires	require	VERB
cblr-1706	680	26	brokers	broker	NOUN
cblr-1706	680	27	to	to	PART
cblr-1706	680	28	give	give	VERB
cblr-1706	680	29	the	the	DET
cblr-1706	680	30	investment	investment	NOUN
cblr-1706	680	31	advice	advice	NOUN
cblr-1706	680	32	that	that	PRON
cblr-1706	680	33	serves	serve	VERB
cblr-1706	680	34	their	their	PRON
cblr-1706	680	35	clients	client	NOUN
cblr-1706	680	36	’	’	PART
cblr-1706	680	37	best	good	ADJ
cblr-1706	680	38	interest	interest	NOUN
cblr-1706	680	39	.	.	PUNCT
cblr-1706	681	1	see	see	VERB
cblr-1706	681	2	i	i	PRON
cblr-1706	681	3	d.	d.	PROPN
cblr-1706	681	4	at	at	ADP
cblr-1706	681	5	21,577	21,577	NUM
cblr-1706	681	6	n.15	n.15	NOUN
cblr-1706	681	7	.	.	PROPN
cblr-1706	681	8	145	145	NUM
cblr-1706	681	9	see	see	VERB
cblr-1706	681	10	garbade	garbade	NOUN
cblr-1706	681	11	&	&	CCONJ
cblr-1706	681	12	silber	silber	PROPN
cblr-1706	681	13	,	,	PUNCT
cblr-1706	681	14	supra	supra	PROPN
cblr-1706	681	15	note	note	NOUN
cblr-1706	681	16	30	30	NUM
cblr-1706	681	17	.	.	PUNCT
cblr-1706	682	1	146	146	NUM
cblr-1706	683	1	i	i	PRON
cblr-1706	683	2	d.	d.	PROPN
cblr-1706	683	3	at	at	ADP
cblr-1706	683	4	493	493	NUM
cblr-1706	683	5	(	(	PUNCT
cblr-1706	683	6	internal	internal	ADJ
cblr-1706	683	7	quotations	quotation	NOUN
cblr-1706	683	8	omitted	omit	VERB
cblr-1706	683	9	)	)	PUNCT
cblr-1706	683	10	(	(	PUNCT
cblr-1706	683	11	citations	citation	NOUN
cblr-1706	683	12	omitted	omit	VERB
cblr-1706	683	13	)	)	PUNCT
cblr-1706	683	14	(	(	PUNCT
cblr-1706	683	15	emphasis	emphasis	NOUN
cblr-1706	683	16	added	add	VERB
cblr-1706	683	17	)	)	PUNCT
cblr-1706	683	18	.	.	PUNCT
cblr-1706	684	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	684	2	no	no	NOUN
cblr-1706	684	3	.	.	PUNCT
cblr-1706	685	1	3:695	3:695	NUM
cblr-1706	685	2	]	]	X
cblr-1706	685	3	a	a	DET
cblr-1706	685	4	transaction	transaction	NOUN
cblr-1706	685	5	cost	cost	NOUN
cblr-1706	685	6	assessment	assessment	NOUN
cblr-1706	685	7	739	739	NUM
cblr-1706	685	8	fiduciary	fiduciary	ADJ
cblr-1706	685	9	duty	duty	NOUN
cblr-1706	685	10	are	be	AUX
cblr-1706	685	11	therefore	therefore	ADV
cblr-1706	685	12	economically	economically	ADV
cblr-1706	685	13	confused	confused	ADJ
cblr-1706	685	14	and	and	CCONJ
cblr-1706	685	15	,	,	PUNCT
cblr-1706	685	16	if	if	SCONJ
cblr-1706	685	17	taken	take	VERB
cblr-1706	685	18	literally	literally	ADV
cblr-1706	685	19	,	,	PUNCT
cblr-1706	685	20	legally	legally	ADV
cblr-1706	685	21	unworkable	unworkable	ADJ
cblr-1706	685	22	.	.	PUNCT
cblr-1706	686	1	only	only	ADV
cblr-1706	686	2	in	in	ADP
cblr-1706	686	3	the	the	DET
cblr-1706	686	4	implausible	implausible	ADJ
cblr-1706	686	5	case	case	NOUN
cblr-1706	686	6	where	where	SCONJ
cblr-1706	686	7	search	search	NOUN
cblr-1706	686	8	is	be	AUX
cblr-1706	686	9	costless	costless	NOUN
cblr-1706	686	10	do	do	AUX
cblr-1706	686	11	these	these	DET
cblr-1706	686	12	rules	rule	NOUN
cblr-1706	686	13	make	make	VERB
cblr-1706	686	14	economic	economic	ADJ
cblr-1706	686	15	sense	sense	NOUN
cblr-1706	686	16	.	.	PUNCT
cblr-1706	687	1	a	a	DET
cblr-1706	687	2	more	more	ADV
cblr-1706	687	3	economically	economically	ADV
cblr-1706	687	4	rational	rational	ADJ
cblr-1706	687	5	general	general	ADJ
cblr-1706	687	6	expression	expression	NOUN
cblr-1706	687	7	of	of	ADP
cblr-1706	687	8	the	the	DET
cblr-1706	687	9	fiduciary	fiduciary	ADJ
cblr-1706	687	10	duty	duty	NOUN
cblr-1706	687	11	requires	require	VERB
cblr-1706	687	12	the	the	DET
cblr-1706	687	13	fiduciary	fiduciary	NOUN
cblr-1706	687	14	to	to	PART
cblr-1706	687	15	act	act	VERB
cblr-1706	687	16	with	with	ADP
cblr-1706	687	17	the	the	DET
cblr-1706	687	18	“	"	PUNCT
cblr-1706	687	19	same	same	ADJ
cblr-1706	687	20	degree	degree	NOUN
cblr-1706	687	21	of	of	ADP
cblr-1706	687	22	fidelity	fidelity	NOUN
cblr-1706	687	23	and	and	CCONJ
cblr-1706	687	24	care	care	NOUN
cblr-1706	687	25	”	"	PUNCT
cblr-1706	687	26	as	as	ADP
cblr-1706	687	27	an	an	DET
cblr-1706	687	28	“	"	PUNCT
cblr-1706	687	29	ordinarily	ordinarily	ADV
cblr-1706	687	30	prudent	prudent	ADJ
cblr-1706	687	31	man	man	NOUN
cblr-1706	687	32	.	.	PUNCT
cblr-1706	687	33	.	.	PUNCT
cblr-1706	687	34	.	.	PUNCT
cblr-1706	688	1	in	in	ADP
cblr-1706	688	2	the	the	DET
cblr-1706	688	3	management	management	NOUN
cblr-1706	688	4	of	of	ADP
cblr-1706	688	5	his	his	PRON
cblr-1706	688	6	own	own	ADJ
cblr-1706	688	7	affairs	affair	NOUN
cblr-1706	688	8	of	of	ADP
cblr-1706	688	9	like	like	ADJ
cblr-1706	688	10	magnitude	magnitude	NOUN
cblr-1706	688	11	and	and	CCONJ
cblr-1706	688	12	importance.147	importance.147	NOUN
cblr-1706	688	13	not	not	PART
cblr-1706	688	14	surprisingly	surprisingly	ADV
cblr-1706	688	15	,	,	PUNCT
cblr-1706	688	16	the	the	DET
cblr-1706	688	17	sec	sec	PROPN
cblr-1706	688	18	has	have	AUX
cblr-1706	688	19	since	since	SCONJ
cblr-1706	688	20	revised	revise	VERB
cblr-1706	688	21	its	its	PRON
cblr-1706	688	22	regulations	regulation	NOUN
cblr-1706	688	23	to	to	PART
cblr-1706	688	24	require	require	VERB
cblr-1706	688	25	retail	retail	ADJ
cblr-1706	688	26	brokers	broker	NOUN
cblr-1706	688	27	merely	merely	ADV
cblr-1706	688	28	“	"	PUNCT
cblr-1706	688	29	to	to	PART
cblr-1706	688	30	seek	seek	VERB
cblr-1706	688	31	the	the	DET
cblr-1706	688	32	most	most	ADV
cblr-1706	688	33	favorable	favorable	ADJ
cblr-1706	688	34	terms	term	NOUN
cblr-1706	688	35	reasonably	reasonably	ADV
cblr-1706	688	36	available	available	ADJ
cblr-1706	688	37	under	under	ADP
cblr-1706	688	38	the	the	DET
cblr-1706	688	39	circumstances	circumstance	NOUN
cblr-1706	688	40	”	"	PUNCT
cblr-1706	688	41	on	on	ADP
cblr-1706	688	42	their	their	PRON
cblr-1706	688	43	clients	client	NOUN
cblr-1706	688	44	’	'	PUNCT
cblr-1706	688	45	behalf.148	behalf.148	NOUN
cblr-1706	688	46	garbade	garbade	NOUN
cblr-1706	688	47	and	and	CCONJ
cblr-1706	688	48	silber	silber	PROPN
cblr-1706	688	49	’s	’s	PART
cblr-1706	688	50	highest	high	ADJ
cblr-1706	688	51	-	-	PUNCT
cblr-1706	688	52	possible	possible	ADJ
cblr-1706	688	53	-	-	PUNCT
cblr-1706	688	54	price	price	NOUN
cblr-1706	688	55	example	example	NOUN
cblr-1706	688	56	of	of	ADP
cblr-1706	688	57	“	"	PUNCT
cblr-1706	688	58	best	good	ADJ
cblr-1706	688	59	execution	execution	NOUN
cblr-1706	688	60	”	"	PUNCT
cblr-1706	688	61	applies	apply	VERB
cblr-1706	688	62	equally	equally	ADV
cblr-1706	688	63	to	to	ADP
cblr-1706	688	64	rbi	rbi	VERB
cblr-1706	688	65	’s	’s	PART
cblr-1706	688	66	best	good	ADJ
cblr-1706	688	67	interest	interest	NOUN
cblr-1706	688	68	standard	standard	NOUN
cblr-1706	688	69	,	,	PUNCT
cblr-1706	688	70	which	which	PRON
cblr-1706	688	71	would	would	AUX
cblr-1706	688	72	appear	appear	VERB
cblr-1706	688	73	to	to	PART
cblr-1706	688	74	require	require	VERB
cblr-1706	688	75	the	the	DET
cblr-1706	688	76	broker	broker	NOUN
cblr-1706	688	77	to	to	PART
cblr-1706	688	78	spend	spend	VERB
cblr-1706	688	79	a	a	DET
cblr-1706	688	80	dollar	dollar	NOUN
cblr-1706	688	81	to	to	PART
cblr-1706	688	82	generate	generate	VERB
cblr-1706	688	83	less	less	ADJ
cblr-1706	688	84	than	than	ADP
cblr-1706	688	85	a	a	DET
cblr-1706	688	86	dollar	dollar	NOUN
cblr-1706	688	87	in	in	ADP
cblr-1706	688	88	benefit	benefit	NOUN
cblr-1706	688	89	for	for	ADP
cblr-1706	688	90	the	the	DET
cblr-1706	688	91	client	client	NOUN
cblr-1706	688	92	.	.	PUNCT
cblr-1706	689	1	it	it	PRON
cblr-1706	689	2	also	also	ADV
cblr-1706	689	3	compounds	compound	VERB
cblr-1706	689	4	the	the	DET
cblr-1706	689	5	economic	economic	ADJ
cblr-1706	689	6	confusion	confusion	NOUN
cblr-1706	689	7	by	by	ADP
cblr-1706	689	8	prohibiting	prohibit	VERB
cblr-1706	689	9	brokers	broker	NOUN
cblr-1706	689	10	and	and	CCONJ
cblr-1706	689	11	their	their	PRON
cblr-1706	689	12	clients	client	NOUN
cblr-1706	689	13	from	from	ADP
cblr-1706	689	14	adjusting	adjust	VERB
cblr-1706	689	15	by	by	ADP
cblr-1706	689	16	private	private	ADJ
cblr-1706	689	17	agreement	agreement	NOUN
cblr-1706	689	18	to	to	ADP
cblr-1706	689	19	the	the	DET
cblr-1706	689	20	literal	literal	ADJ
cblr-1706	689	21	statement	statement	NOUN
cblr-1706	689	22	of	of	ADP
cblr-1706	689	23	the	the	DET
cblr-1706	689	24	legal	legal	ADJ
cblr-1706	689	25	rule	rule	NOUN
cblr-1706	689	26	in	in	ADP
cblr-1706	689	27	an	an	DET
cblr-1706	689	28	economically	economically	ADV
cblr-1706	689	29	rational	rational	ADJ
cblr-1706	689	30	way	way	NOUN
cblr-1706	689	31	.	.	PUNCT
cblr-1706	690	1	according	accord	VERB
cblr-1706	690	2	to	to	ADP
cblr-1706	690	3	garbade	garbade	NOUN
cblr-1706	690	4	and	and	CCONJ
cblr-1706	690	5	silber	silber	PROPN
cblr-1706	690	6	,	,	PUNCT
cblr-1706	690	7	a	a	DET
cblr-1706	690	8	sufficient	sufficient	ADJ
cblr-1706	690	9	fraction	fraction	NOUN
cblr-1706	690	10	of	of	ADP
cblr-1706	690	11	clients	client	NOUN
cblr-1706	690	12	in	in	ADP
cblr-1706	690	13	the	the	DET
cblr-1706	690	14	marketplace	marketplace	NOUN
cblr-1706	690	15	know	know	VERB
cblr-1706	690	16	their	their	PRON
cblr-1706	690	17	brokers	broker	NOUN
cblr-1706	690	18	have	have	VERB
cblr-1706	690	19	an	an	DET
cblr-1706	690	20	incentive	incentive	NOUN
cblr-1706	690	21	to	to	PART
cblr-1706	690	22	act	act	VERB
cblr-1706	690	23	in	in	ADP
cblr-1706	690	24	their	their	PRON
cblr-1706	690	25	own	own	ADJ
cblr-1706	690	26	self	self	NOUN
cblr-1706	690	27	-	-	PUNCT
cblr-1706	690	28	interest	interest	NOUN
cblr-1706	690	29	,	,	PUNCT
cblr-1706	690	30	and	and	CCONJ
cblr-1706	690	31	competition	competition	NOUN
cblr-1706	690	32	will	will	AUX
cblr-1706	690	33	therefore	therefore	ADV
cblr-1706	690	34	set	set	VERB
cblr-1706	690	35	the	the	DET
cblr-1706	690	36	fee	fee	NOUN
cblr-1706	690	37	schedule	schedule	NOUN
cblr-1706	690	38	to	to	PART
cblr-1706	690	39	encourage	encourage	VERB
cblr-1706	690	40	efficient	efficient	ADJ
cblr-1706	690	41	broker	broker	NOUN
cblr-1706	690	42	behavior	behavior	NOUN
cblr-1706	690	43	.	.	PUNCT
cblr-1706	691	1	the	the	DET
cblr-1706	691	2	article	article	NOUN
cblr-1706	691	3	identifies	identify	VERB
cblr-1706	691	4	the	the	DET
cblr-1706	691	5	contractual	contractual	ADJ
cblr-1706	691	6	arrangements	arrangement	NOUN
cblr-1706	691	7	that	that	PRON
cblr-1706	691	8	mitigate	mitigate	VERB
cblr-1706	691	9	conflicts	conflict	NOUN
cblr-1706	691	10	of	of	ADP
cblr-1706	691	11	interest	interest	NOUN
cblr-1706	691	12	by	by	ADP
cblr-1706	691	13	properly	properly	ADV
cblr-1706	691	14	motivating	motivate	VERB
cblr-1706	691	15	brokers	broker	NOUN
cblr-1706	691	16	to	to	PART
cblr-1706	691	17	trade	trade	VERB
cblr-1706	691	18	on	on	ADP
cblr-1706	691	19	their	their	PRON
cblr-1706	691	20	clients	client	NOUN
cblr-1706	691	21	’	'	PUNCT
cblr-1706	691	22	behalf	behalf	NOUN
cblr-1706	691	23	,	,	PUNCT
cblr-1706	691	24	even	even	ADV
cblr-1706	691	25	though	though	SCONJ
cblr-1706	691	26	the	the	DET
cblr-1706	691	27	parties	party	NOUN
cblr-1706	691	28	know	know	VERB
cblr-1706	691	29	this	this	PRON
cblr-1706	691	30	will	will	AUX
cblr-1706	691	31	fall	fall	VERB
cblr-1706	691	32	short	short	ADV
cblr-1706	691	33	of	of	ADP
cblr-1706	691	34	bringing	bring	VERB
cblr-1706	691	35	the	the	DET
cblr-1706	691	36	highest	high	ADJ
cblr-1706	691	37	(	(	PUNCT
cblr-1706	691	38	or	or	CCONJ
cblr-1706	691	39	lowest	low	ADJ
cblr-1706	691	40	)	)	PUNCT
cblr-1706	691	41	possible	possible	ADJ
cblr-1706	691	42	price.149	price.149	NOUN
cblr-1706	691	43	such	such	ADJ
cblr-1706	691	44	arrangements	arrangement	NOUN
cblr-1706	691	45	include	include	VERB
cblr-1706	691	46	:	:	PUNCT
cblr-1706	691	47	1	1	X
cblr-1706	691	48	)	)	PUNCT
cblr-1706	691	49	explicit	explicit	ADJ
cblr-1706	691	50	contracting	contracting	NOUN
cblr-1706	691	51	to	to	PART
cblr-1706	691	52	limit	limit	VERB
cblr-1706	691	53	an	an	DET
cblr-1706	691	54	agent	agent	NOUN
cblr-1706	691	55	’s	’s	PART
cblr-1706	691	56	discretion	discretion	NOUN
cblr-1706	691	57	,	,	PUNCT
cblr-1706	691	58	such	such	ADJ
cblr-1706	691	59	as	as	ADP
cblr-1706	691	60	by	by	ADP
cblr-1706	691	61	placing	place	VERB
cblr-1706	691	62	a	a	DET
cblr-1706	691	63	limit	limit	NOUN
cblr-1706	691	64	order	order	NOUN
cblr-1706	691	65	rather	rather	ADV
cblr-1706	691	66	than	than	ADP
cblr-1706	691	67	a	a	DET
cblr-1706	691	68	market	market	NOUN
cblr-1706	691	69	147	147	NUM
cblr-1706	691	70	see	see	NOUN
cblr-1706	691	71	,	,	PUNCT
cblr-1706	691	72	e.g.	e.g.	ADV
cblr-1706	691	73	,	,	PUNCT
cblr-1706	691	74	alaska	alaska	PROPN
cblr-1706	691	75	plastics	plastics	PROPN
cblr-1706	691	76	,	,	PUNCT
cblr-1706	691	77	inc	inc	PROPN
cblr-1706	691	78	.	.	PROPN
cblr-1706	691	79	,	,	PUNCT
cblr-1706	691	80	v.	v.	PROPN
cblr-1706	691	81	coppock	coppock	NOUN
cblr-1706	691	82	,	,	PUNCT
cblr-1706	691	83	621	621	NUM
cblr-1706	691	84	p.2d	p.2d	SYM
cblr-1706	691	85	270	270	NUM
cblr-1706	691	86	,	,	PUNCT
cblr-1706	691	87	278	278	NUM
cblr-1706	691	88	(	(	PUNCT
cblr-1706	691	89	alaska	alaska	NOUN
cblr-1706	691	90	1980	1980	NUM
cblr-1706	691	91	)	)	PUNCT
cblr-1706	691	92	(	(	PUNCT
cblr-1706	691	93	citing	cite	VERB
cblr-1706	691	94	nanfito	nanfito	ADJ
cblr-1706	691	95	v.	v.	ADP
cblr-1706	691	96	tekseed	tekseed	PROPN
cblr-1706	691	97	hybrid	hybrid	PROPN
cblr-1706	691	98	co.	co.	PROPN
cblr-1706	691	99	,	,	PUNCT
cblr-1706	691	100	341	341	NUM
cblr-1706	691	101	f.	f.	PROPN
cblr-1706	691	102	supp	supp	PROPN
cblr-1706	691	103	240	240	NUM
cblr-1706	691	104	,	,	PUNCT
cblr-1706	691	105	244	244	NUM
cblr-1706	691	106	(	(	PUNCT
cblr-1706	691	107	d.	d.	PROPN
cblr-1706	691	108	neb	neb	PROPN
cblr-1706	691	109	.	.	PROPN
cblr-1706	691	110	1972	1972	NUM
cblr-1706	691	111	)	)	PUNCT
cblr-1706	691	112	)	)	PUNCT
cblr-1706	691	113	.	.	PUNCT
cblr-1706	692	1	148	148	NUM
cblr-1706	692	2	order	order	NOUN
cblr-1706	692	3	execution	execution	NOUN
cblr-1706	692	4	obligations	obligation	NOUN
cblr-1706	692	5	,	,	PUNCT
cblr-1706	692	6	61	61	NUM
cblr-1706	692	7	fed	feed	VERB
cblr-1706	692	8	.	.	PUNCT
cblr-1706	693	1	reg	reg	PROPN
cblr-1706	693	2	.	.	PUNCT
cblr-1706	694	1	48,290	48,290	NUM
cblr-1706	694	2	,	,	PUNCT
cblr-1706	694	3	48,322	48,322	NUM
cblr-1706	694	4	(	(	PUNCT
cblr-1706	694	5	sept	sept	PROPN
cblr-1706	694	6	.	.	PROPN
cblr-1706	694	7	12	12	NUM
cblr-1706	694	8	,	,	PUNCT
cblr-1706	694	9	1996	1996	NUM
cblr-1706	694	10	)	)	PUNCT
cblr-1706	694	11	(	(	PUNCT
cblr-1706	694	12	to	to	PART
cblr-1706	694	13	be	be	AUX
cblr-1706	694	14	codified	codify	VERB
cblr-1706	694	15	at	at	ADP
cblr-1706	694	16	17	17	NUM
cblr-1706	694	17	c.f.r	c.f.r	NOUN
cblr-1706	694	18	.	.	PUNCT
cblr-1706	695	1	pt	pt	PROPN
cblr-1706	695	2	.	.	PROPN
cblr-1706	695	3	240	240	NUM
cblr-1706	695	4	)	)	PUNCT
cblr-1706	695	5	.	.	PUNCT
cblr-1706	696	1	149	149	NUM
cblr-1706	696	2	garbade	garbade	NOUN
cblr-1706	696	3	&	&	CCONJ
cblr-1706	696	4	silber	silber	PROPN
cblr-1706	696	5	,	,	PUNCT
cblr-1706	696	6	supra	supra	PROPN
cblr-1706	696	7	note	note	NOUN
cblr-1706	696	8	30	30	NUM
cblr-1706	696	9	,	,	PUNCT
cblr-1706	696	10	at	at	ADP
cblr-1706	696	11	495	495	NUM
cblr-1706	696	12	.	.	PUNCT
cblr-1706	697	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	697	2	740	740	NUM
cblr-1706	697	3	columbia	columbia	PROPN
cblr-1706	697	4	business	business	NOUN
cblr-1706	697	5	law	law	PROPN
cblr-1706	697	6	review	review	NOUN
cblr-1706	697	7	[	[	X
cblr-1706	697	8	vol	vol	NOUN
cblr-1706	697	9	.	.	NOUN
cblr-1706	697	10	2018	2018	NUM
cblr-1706	697	11	order;150	order;150	ADP
cblr-1706	697	12	2	2	X
cblr-1706	697	13	)	)	PUNCT
cblr-1706	697	14	bonding	bonding	NOUN
cblr-1706	697	15	by	by	ADP
cblr-1706	697	16	agents	agent	NOUN
cblr-1706	697	17	to	to	PART
cblr-1706	697	18	validate	validate	VERB
cblr-1706	697	19	claims	claim	NOUN
cblr-1706	697	20	of	of	ADP
cblr-1706	697	21	superior	superior	ADJ
cblr-1706	697	22	execution	execution	NOUN
cblr-1706	697	23	;	;	PUNCT
cblr-1706	697	24	and	and	CCONJ
cblr-1706	697	25	3	3	X
cblr-1706	697	26	)	)	PUNCT
cblr-1706	697	27	collective	collective	ADJ
cblr-1706	697	28	action	action	NOUN
cblr-1706	697	29	to	to	PART
cblr-1706	697	30	reduce	reduce	VERB
cblr-1706	697	31	the	the	DET
cblr-1706	697	32	transaction	transaction	NOUN
cblr-1706	697	33	costs	cost	NOUN
cblr-1706	697	34	to	to	ADP
cblr-1706	697	35	clients	client	NOUN
cblr-1706	697	36	of	of	ADP
cblr-1706	697	37	monitoring	monitor	VERB
cblr-1706	697	38	broker	broker	NOUN
cblr-1706	697	39	performance	performance	NOUN
cblr-1706	697	40	ex	ex	PRON
cblr-1706	697	41	post.151	post.151	NOUN
cblr-1706	697	42	as	as	ADP
cblr-1706	697	43	a	a	DET
cblr-1706	697	44	general	general	ADJ
cblr-1706	697	45	matter	matter	NOUN
cblr-1706	697	46	,	,	PUNCT
cblr-1706	697	47	the	the	DET
cblr-1706	697	48	authors	author	NOUN
cblr-1706	697	49	show	show	VERB
cblr-1706	697	50	that	that	SCONJ
cblr-1706	697	51	rational	rational	ADJ
cblr-1706	697	52	clients	client	NOUN
cblr-1706	697	53	will	will	AUX
cblr-1706	697	54	not	not	PART
cblr-1706	697	55	want	want	VERB
cblr-1706	697	56	their	their	PRON
cblr-1706	697	57	brokers	broker	NOUN
cblr-1706	697	58	to	to	PART
cblr-1706	697	59	uncover	uncover	VERB
cblr-1706	697	60	the	the	DET
cblr-1706	697	61	“	"	PUNCT
cblr-1706	697	62	highest	high	ADJ
cblr-1706	697	63	”	"	PUNCT
cblr-1706	697	64	available	available	ADJ
cblr-1706	697	65	price	price	NOUN
cblr-1706	697	66	and	and	CCONJ
cblr-1706	697	67	that	that	SCONJ
cblr-1706	697	68	the	the	DET
cblr-1706	697	69	market	market	NOUN
cblr-1706	697	70	establishes	establish	VERB
cblr-1706	697	71	brokerage	brokerage	NOUN
cblr-1706	697	72	commissions	commission	NOUN
cblr-1706	697	73	accordingly.152	accordingly.152	NUM
cblr-1706	697	74	they	they	PRON
cblr-1706	697	75	also	also	ADV
cblr-1706	697	76	show	show	VERB
cblr-1706	697	77	that	that	SCONJ
cblr-1706	697	78	the	the	DET
cblr-1706	697	79	finegrained	finegraine	VERB
cblr-1706	697	80	patterns	pattern	NOUN
cblr-1706	697	81	of	of	ADP
cblr-1706	697	82	economic	economic	ADJ
cblr-1706	697	83	organization	organization	NOUN
cblr-1706	697	84	in	in	ADP
cblr-1706	697	85	securities	security	NOUN
cblr-1706	697	86	brokerage	brokerage	NOUN
cblr-1706	697	87	are	be	AUX
cblr-1706	697	88	consistent	consistent	ADJ
cblr-1706	697	89	with	with	ADP
cblr-1706	697	90	the	the	DET
cblr-1706	697	91	hypothesis	hypothesis	NOUN
cblr-1706	697	92	that	that	PRON
cblr-1706	697	93	brokers	broker	NOUN
cblr-1706	697	94	and	and	CCONJ
cblr-1706	697	95	their	their	PRON
cblr-1706	697	96	clients	client	NOUN
cblr-1706	697	97	cooperate	cooperate	VERB
cblr-1706	697	98	to	to	PART
cblr-1706	697	99	maximize	maximize	VERB
cblr-1706	697	100	joint	joint	ADJ
cblr-1706	697	101	gains	gain	NOUN
cblr-1706	697	102	from	from	ADP
cblr-1706	697	103	trade	trade	NOUN
cblr-1706	697	104	,	,	PUNCT
cblr-1706	697	105	net	net	NOUN
cblr-1706	697	106	of	of	ADP
cblr-1706	697	107	transaction	transaction	NOUN
cblr-1706	697	108	costs	cost	NOUN
cblr-1706	697	109	,	,	PUNCT
cblr-1706	697	110	rather	rather	ADV
cblr-1706	697	111	than	than	ADP
cblr-1706	697	112	exclusively	exclusively	ADV
cblr-1706	697	113	focusing	focus	VERB
cblr-1706	697	114	on	on	ADP
cblr-1706	697	115	the	the	DET
cblr-1706	697	116	client	client	NOUN
cblr-1706	697	117	’s	’s	PART
cblr-1706	697	118	welfare.153	welfare.153	VERB
cblr-1706	697	119	the	the	DET
cblr-1706	697	120	sec	sec	PROPN
cblr-1706	697	121	can	can	AUX
cblr-1706	697	122	and	and	CCONJ
cblr-1706	697	123	should	should	AUX
cblr-1706	697	124	conduct	conduct	VERB
cblr-1706	697	125	similar	similar	ADJ
cblr-1706	697	126	studies	study	NOUN
cblr-1706	697	127	regarding	regard	VERB
cblr-1706	697	128	brokers	broker	NOUN
cblr-1706	697	129	’	'	PUNCT
cblr-1706	697	130	provision	provision	NOUN
cblr-1706	697	131	of	of	ADP
cblr-1706	697	132	investment	investment	NOUN
cblr-1706	697	133	advice	advice	NOUN
cblr-1706	697	134	to	to	ADP
cblr-1706	697	135	retail	retail	ADJ
cblr-1706	697	136	clients	client	NOUN
cblr-1706	697	137	before	before	ADP
cblr-1706	697	138	imposing	impose	VERB
cblr-1706	697	139	a	a	DET
cblr-1706	697	140	nonnegotiable	nonnegotiable	ADJ
cblr-1706	697	141	best	good	ADJ
cblr-1706	697	142	interest	interest	NOUN
cblr-1706	697	143	requirement	requirement	NOUN
cblr-1706	697	144	on	on	ADP
cblr-1706	697	145	them	they	PRON
cblr-1706	697	146	.	.	PUNCT
cblr-1706	698	1	the	the	DET
cblr-1706	698	2	sec	sec	PROPN
cblr-1706	698	3	’s	’s	PART
cblr-1706	698	4	discussion	discussion	NOUN
cblr-1706	698	5	of	of	ADP
cblr-1706	698	6	broker	broker	NOUN
cblr-1706	698	7	conflicts	conflict	NOUN
cblr-1706	698	8	rests	rest	VERB
cblr-1706	698	9	on	on	ADP
cblr-1706	698	10	the	the	DET
cblr-1706	698	11	unsupported	unsupported	ADJ
cblr-1706	698	12	,	,	PUNCT
cblr-1706	698	13	and	and	CCONJ
cblr-1706	698	14	unsupportable	unsupportable	ADJ
cblr-1706	698	15	,	,	PUNCT
cblr-1706	698	16	conclusion	conclusion	NOUN
cblr-1706	698	17	that	that	SCONJ
cblr-1706	698	18	any	any	DET
cblr-1706	698	19	system	system	NOUN
cblr-1706	698	20	of	of	ADP
cblr-1706	698	21	compensation	compensation	NOUN
cblr-1706	698	22	other	other	ADJ
cblr-1706	698	23	than	than	ADP
cblr-1706	698	24	one	one	NUM
cblr-1706	698	25	that	that	PRON
cblr-1706	698	26	is	be	AUX
cblr-1706	698	27	entirely	entirely	ADV
cblr-1706	698	28	neutral	neutral	ADJ
cblr-1706	698	29	across	across	ADP
cblr-1706	698	30	different	different	ADJ
cblr-1706	698	31	investment	investment	NOUN
cblr-1706	698	32	products	product	NOUN
cblr-1706	698	33	necessarily	necessarily	ADV
cblr-1706	698	34	taints	taint	VERB
cblr-1706	698	35	the	the	DET
cblr-1706	698	36	broker	broker	NOUN
cblr-1706	698	37	’s	’s	PART
cblr-1706	698	38	advice	advice	NOUN
cblr-1706	698	39	and	and	CCONJ
cblr-1706	698	40	compromises	compromise	VERB
cblr-1706	698	41	his	his	PRON
cblr-1706	698	42	or	or	CCONJ
cblr-1706	698	43	her	her	PRON
cblr-1706	698	44	clients	client	NOUN
cblr-1706	698	45	’	’	PART
cblr-1706	698	46	best	good	ADJ
cblr-1706	698	47	interest	interest	NOUN
cblr-1706	698	48	.	.	PUNCT
cblr-1706	699	1	the	the	DET
cblr-1706	699	2	weight	weight	NOUN
cblr-1706	699	3	of	of	ADP
cblr-1706	699	4	the	the	DET
cblr-1706	699	5	scholarly	scholarly	ADJ
cblr-1706	699	6	empirical	empirical	ADJ
cblr-1706	699	7	work	work	NOUN
cblr-1706	699	8	on	on	ADP
cblr-1706	699	9	conflicts	conflict	NOUN
cblr-1706	699	10	of	of	ADP
cblr-1706	699	11	interest	interest	NOUN
cblr-1706	699	12	suggests	suggest	VERB
cblr-1706	699	13	otherwise	otherwise	ADV
cblr-1706	699	14	,	,	PUNCT
cblr-1706	699	15	but	but	CCONJ
cblr-1706	699	16	rbi	rbi	NOUN
cblr-1706	699	17	ignores	ignore	VERB
cblr-1706	699	18	it	it	PRON
cblr-1706	699	19	.	.	PUNCT
cblr-1706	700	1	by	by	ADP
cblr-1706	700	2	way	way	NOUN
cblr-1706	700	3	of	of	ADP
cblr-1706	700	4	example	example	NOUN
cblr-1706	700	5	,	,	PUNCT
cblr-1706	700	6	competent	competent	ADJ
cblr-1706	700	7	scholarly	scholarly	ADJ
cblr-1706	700	8	research	research	NOUN
cblr-1706	700	9	from	from	ADP
cblr-1706	700	10	experimental	experimental	ADJ
cblr-1706	700	11	economics	economic	NOUN
cblr-1706	700	12	suggests	suggest	VERB
cblr-1706	700	13	that	that	SCONJ
cblr-1706	700	14	in	in	ADP
cblr-1706	700	15	some	some	DET
cblr-1706	700	16	cases	case	NOUN
cblr-1706	700	17	mandatory	mandatory	ADJ
cblr-1706	700	18	disclosure	disclosure	NOUN
cblr-1706	700	19	of	of	ADP
cblr-1706	700	20	conflicts	conflict	NOUN
cblr-1706	700	21	can	can	AUX
cblr-1706	700	22	actually	actually	ADV
cblr-1706	700	23	hurt	hurt	VERB
cblr-1706	700	24	the	the	DET
cblr-1706	700	25	principal	principal	NOUN
cblr-1706	700	26	.	.	PUNCT
cblr-1706	701	1	cain	cain	PROPN
cblr-1706	701	2	,	,	PUNCT
cblr-1706	701	3	lowenstein	lowenstein	PROPN
cblr-1706	701	4	,	,	PUNCT
cblr-1706	701	5	and	and	CCONJ
cblr-1706	701	6	moore	moore	PROPN
cblr-1706	701	7	show	show	VERB
cblr-1706	701	8	that	that	SCONJ
cblr-1706	701	9	“	"	PUNCT
cblr-1706	701	10	disclosure	disclosure	NOUN
cblr-1706	701	11	can	can	AUX
cblr-1706	701	12	increase	increase	VERB
cblr-1706	701	13	the	the	DET
cblr-1706	701	14	bias	bias	NOUN
cblr-1706	701	15	in	in	ADP
cblr-1706	701	16	advice	advice	NOUN
cblr-1706	701	17	because	because	SCONJ
cblr-1706	701	18	it	it	PRON
cblr-1706	701	19	leads	lead	VERB
cblr-1706	701	20	150	150	NUM
cblr-1706	701	21	i	i	PRON
cblr-1706	701	22	d.	d.	NOUN
cblr-1706	701	23	at	at	ADP
cblr-1706	701	24	498	498	NUM
cblr-1706	701	25	.	.	PUNCT
cblr-1706	702	1	with	with	ADP
cblr-1706	702	2	a	a	DET
cblr-1706	702	3	market	market	NOUN
cblr-1706	702	4	order	order	NOUN
cblr-1706	702	5	,	,	PUNCT
cblr-1706	702	6	the	the	DET
cblr-1706	702	7	client	client	NOUN
cblr-1706	702	8	instructs	instruct	VERB
cblr-1706	702	9	the	the	DET
cblr-1706	702	10	broker	broker	NOUN
cblr-1706	702	11	to	to	PART
cblr-1706	702	12	buy	buy	VERB
cblr-1706	702	13	or	or	CCONJ
cblr-1706	702	14	sell	sell	VERB
cblr-1706	702	15	at	at	ADP
cblr-1706	702	16	the	the	DET
cblr-1706	702	17	prevailing	prevail	VERB
cblr-1706	702	18	market	market	NOUN
cblr-1706	702	19	price	price	NOUN
cblr-1706	702	20	,	,	PUNCT
cblr-1706	702	21	whatever	whatever	PRON
cblr-1706	702	22	that	that	PRON
cblr-1706	702	23	might	might	AUX
cblr-1706	702	24	happen	happen	VERB
cblr-1706	702	25	to	to	PART
cblr-1706	702	26	be	be	AUX
cblr-1706	702	27	.	.	PUNCT
cblr-1706	703	1	with	with	ADP
cblr-1706	703	2	a	a	DET
cblr-1706	703	3	limit	limit	NOUN
cblr-1706	703	4	order	order	NOUN
cblr-1706	703	5	,	,	PUNCT
cblr-1706	703	6	the	the	DET
cblr-1706	703	7	client	client	NOUN
cblr-1706	703	8	instructs	instruct	VERB
cblr-1706	703	9	the	the	DET
cblr-1706	703	10	broker	broker	NOUN
cblr-1706	703	11	to	to	PART
cblr-1706	703	12	buy	buy	VERB
cblr-1706	703	13	at	at	ADP
cblr-1706	703	14	a	a	DET
cblr-1706	703	15	price	price	NOUN
cblr-1706	703	16	no	no	ADV
cblr-1706	703	17	greater	great	ADJ
cblr-1706	703	18	that	that	SCONJ
cblr-1706	703	19	$	$	SYM
cblr-1706	703	20	x	x	X
cblr-1706	703	21	/	/	SYM
cblr-1706	703	22	share	share	NOUN
cblr-1706	703	23	or	or	CCONJ
cblr-1706	703	24	sell	sell	VERB
cblr-1706	703	25	at	at	ADP
cblr-1706	703	26	a	a	DET
cblr-1706	703	27	price	price	NOUN
cblr-1706	703	28	no	no	ADV
cblr-1706	703	29	less	less	ADJ
cblr-1706	703	30	than	than	ADP
cblr-1706	703	31	$	$	SYM
cblr-1706	703	32	y	y	NOUN
cblr-1706	703	33	/	/	SYM
cblr-1706	703	34	share	share	NOUN
cblr-1706	703	35	.	.	PUNCT
cblr-1706	704	1	with	with	ADP
cblr-1706	704	2	a	a	DET
cblr-1706	704	3	market	market	NOUN
cblr-1706	704	4	order	order	NOUN
cblr-1706	704	5	,	,	PUNCT
cblr-1706	704	6	the	the	DET
cblr-1706	704	7	broker	broker	NOUN
cblr-1706	704	8	earns	earn	VERB
cblr-1706	704	9	a	a	DET
cblr-1706	704	10	commission	commission	NOUN
cblr-1706	704	11	no	no	ADV
cblr-1706	704	12	matter	matter	ADV
cblr-1706	704	13	what	what	DET
cblr-1706	704	14	price	price	NOUN
cblr-1706	704	15	he	he	PRON
cblr-1706	704	16	or	or	CCONJ
cblr-1706	704	17	she	she	PRON
cblr-1706	704	18	uncovers	uncover	NOUN
cblr-1706	704	19	during	during	ADP
cblr-1706	704	20	his	his	PRON
cblr-1706	704	21	or	or	CCONJ
cblr-1706	704	22	her	her	PRON
cblr-1706	704	23	search	search	NOUN
cblr-1706	704	24	,	,	PUNCT
cblr-1706	704	25	whereas	whereas	SCONJ
cblr-1706	704	26	with	with	ADP
cblr-1706	704	27	a	a	DET
cblr-1706	704	28	limit	limit	NOUN
cblr-1706	704	29	order	order	NOUN
cblr-1706	704	30	the	the	DET
cblr-1706	704	31	broker	broker	NOUN
cblr-1706	704	32	earns	earn	VERB
cblr-1706	704	33	a	a	DET
cblr-1706	704	34	commission	commission	NOUN
cblr-1706	704	35	only	only	ADV
cblr-1706	704	36	if	if	SCONJ
cblr-1706	704	37	he	he	PRON
cblr-1706	704	38	or	or	CCONJ
cblr-1706	704	39	she	she	PRON
cblr-1706	704	40	uncovers	uncover	VERB
cblr-1706	704	41	the	the	DET
cblr-1706	704	42	stated	state	VERB
cblr-1706	704	43	limit	limit	NOUN
cblr-1706	704	44	price	price	NOUN
cblr-1706	704	45	or	or	CCONJ
cblr-1706	704	46	better	well	ADJ
cblr-1706	704	47	.	.	PUNCT
cblr-1706	705	1	the	the	DET
cblr-1706	705	2	authors	author	NOUN
cblr-1706	705	3	argue	argue	VERB
cblr-1706	705	4	that	that	SCONJ
cblr-1706	705	5	limit	limit	NOUN
cblr-1706	705	6	orders	order	NOUN
cblr-1706	705	7	give	give	VERB
cblr-1706	705	8	brokers	broker	NOUN
cblr-1706	705	9	more	more	ADJ
cblr-1706	705	10	incentive	incentive	NOUN
cblr-1706	705	11	to	to	PART
cblr-1706	705	12	search	search	VERB
cblr-1706	705	13	for	for	ADP
cblr-1706	705	14	better	well	ADJ
cblr-1706	705	15	prices	price	NOUN
cblr-1706	705	16	.	.	PUNCT
cblr-1706	706	1	brokers	broker	NOUN
cblr-1706	706	2	and	and	CCONJ
cblr-1706	706	3	their	their	PRON
cblr-1706	706	4	clients	client	NOUN
cblr-1706	706	5	transact	transact	VERB
cblr-1706	706	6	using	use	VERB
cblr-1706	706	7	many	many	ADJ
cblr-1706	706	8	different	different	ADJ
cblr-1706	706	9	types	type	NOUN
cblr-1706	706	10	of	of	ADP
cblr-1706	706	11	orders	order	NOUN
cblr-1706	706	12	,	,	PUNCT
cblr-1706	706	13	each	each	PRON
cblr-1706	706	14	with	with	ADP
cblr-1706	706	15	their	their	PRON
cblr-1706	706	16	own	own	ADJ
cblr-1706	706	17	built	build	VERB
cblr-1706	706	18	-	-	PUNCT
cblr-1706	706	19	in	in	ADP
cblr-1706	706	20	incentives	incentive	NOUN
cblr-1706	706	21	.	.	PUNCT
cblr-1706	707	1	151	151	NUM
cblr-1706	707	2	i	i	PRON
cblr-1706	707	3	d.	d.	VERB
cblr-1706	707	4	at	at	ADP
cblr-1706	707	5	498–501	498–501	NUM
cblr-1706	707	6	.	.	PUNCT
cblr-1706	708	1	152	152	NUM
cblr-1706	709	1	i	i	PRON
cblr-1706	709	2	d.	d.	PROPN
cblr-1706	709	3	at	at	ADP
cblr-1706	709	4	495–98	495–98	NUM
cblr-1706	709	5	.	.	PUNCT
cblr-1706	710	1	153	153	NUM
cblr-1706	711	1	i	i	PROPN
cblr-1706	711	2	d.	d.	PROPN
cblr-1706	711	3	at	at	ADP
cblr-1706	711	4	494–95	494–95	PROPN
cblr-1706	711	5	.	.	PUNCT
cblr-1706	712	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	712	2	no	no	NOUN
cblr-1706	712	3	.	.	PUNCT
cblr-1706	713	1	3:695	3:695	NUM
cblr-1706	713	2	]	]	X
cblr-1706	713	3	a	a	DET
cblr-1706	713	4	transaction	transaction	NOUN
cblr-1706	713	5	cost	cost	NOUN
cblr-1706	713	6	assessment	assessment	NOUN
cblr-1706	713	7	741	741	NUM
cblr-1706	713	8	[	[	X
cblr-1706	713	9	agents	agent	NOUN
cblr-1706	713	10	]	]	PUNCT
cblr-1706	713	11	to	to	PART
cblr-1706	713	12	feel	feel	VERB
cblr-1706	713	13	morally	morally	ADV
cblr-1706	713	14	licensed	licensed	ADJ
cblr-1706	713	15	and	and	CCONJ
cblr-1706	713	16	strategically	strategically	ADV
cblr-1706	713	17	encouraged	encouraged	ADJ
cblr-1706	713	18	to	to	PART
cblr-1706	713	19	exaggerate	exaggerate	VERB
cblr-1706	713	20	their	their	PRON
cblr-1706	713	21	advice	advice	NOUN
cblr-1706	713	22	even	even	ADV
cblr-1706	713	23	further	far	ADV
cblr-1706	713	24	.	.	PUNCT
cblr-1706	714	1	”154	”154	PROPN
cblr-1706	715	1	in	in	ADP
cblr-1706	715	2	a	a	DET
cblr-1706	715	3	2007	2007	NUM
cblr-1706	715	4	article	article	NOUN
cblr-1706	715	5	,	,	PUNCT
cblr-1706	715	6	mehran	mehran	PROPN
cblr-1706	715	7	and	and	CCONJ
cblr-1706	715	8	stulz	stulz	ADJ
cblr-1706	715	9	provide	provide	VERB
cblr-1706	715	10	an	an	DET
cblr-1706	715	11	extensive	extensive	ADJ
cblr-1706	715	12	literature	literature	NOUN
cblr-1706	715	13	review	review	NOUN
cblr-1706	715	14	of	of	ADP
cblr-1706	715	15	conflicts	conflict	NOUN
cblr-1706	715	16	of	of	ADP
cblr-1706	715	17	interest	interest	NOUN
cblr-1706	715	18	in	in	ADP
cblr-1706	715	19	financial	financial	ADJ
cblr-1706	715	20	services	service	NOUN
cblr-1706	715	21	.	.	PUNCT
cblr-1706	716	1	they	they	PRON
cblr-1706	716	2	conclude	conclude	VERB
cblr-1706	716	3	:	:	PUNCT
cblr-1706	717	1	[	[	X
cblr-1706	717	2	a]lthough	a]lthough	SCONJ
cblr-1706	717	3	conflicts	conflict	NOUN
cblr-1706	717	4	of	of	ADP
cblr-1706	717	5	interest	interest	NOUN
cblr-1706	717	6	are	be	AUX
cblr-1706	717	7	omnipresent	omnipresent	ADJ
cblr-1706	717	8	when	when	SCONJ
cblr-1706	717	9	contracting	contracting	NOUN
cblr-1706	717	10	is	be	AUX
cblr-1706	717	11	costly	costly	ADJ
cblr-1706	717	12	and	and	CCONJ
cblr-1706	717	13	parties	party	NOUN
cblr-1706	717	14	are	be	AUX
cblr-1706	717	15	imperfectly	imperfectly	ADV
cblr-1706	717	16	informed	inform	VERB
cblr-1706	717	17	,	,	PUNCT
cblr-1706	717	18	there	there	PRON
cblr-1706	717	19	are	be	VERB
cblr-1706	717	20	important	important	ADJ
cblr-1706	717	21	factors	factor	NOUN
cblr-1706	717	22	that	that	PRON
cblr-1706	717	23	mitigate	mitigate	VERB
cblr-1706	717	24	their	their	PRON
cblr-1706	717	25	impact	impact	NOUN
cblr-1706	717	26	and	and	CCONJ
cblr-1706	717	27	,	,	PUNCT
cblr-1706	717	28	strikingly	strikingly	ADV
cblr-1706	717	29	,	,	PUNCT
cblr-1706	717	30	it	it	PRON
cblr-1706	717	31	is	be	AUX
cblr-1706	717	32	possible	possible	ADJ
cblr-1706	717	33	for	for	SCONJ
cblr-1706	717	34	customers	customer	NOUN
cblr-1706	717	35	of	of	ADP
cblr-1706	717	36	financial	financial	ADJ
cblr-1706	717	37	institutions	institution	NOUN
cblr-1706	717	38	to	to	PART
cblr-1706	717	39	benefit	benefit	VERB
cblr-1706	717	40	from	from	ADP
cblr-1706	717	41	the	the	DET
cblr-1706	717	42	existence	existence	NOUN
cblr-1706	717	43	of	of	ADP
cblr-1706	717	44	such	such	ADJ
cblr-1706	717	45	conflicts	conflict	NOUN
cblr-1706	717	46	.	.	PUNCT
cblr-1706	718	1	the	the	DET
cblr-1706	718	2	empirical	empirical	ADJ
cblr-1706	718	3	literature	literature	NOUN
cblr-1706	718	4	reaches	reach	VERB
cblr-1706	718	5	conclusions	conclusion	NOUN
cblr-1706	718	6	that	that	PRON
cblr-1706	718	7	differ	differ	VERB
cblr-1706	718	8	across	across	ADP
cblr-1706	718	9	types	type	NOUN
cblr-1706	718	10	of	of	ADP
cblr-1706	718	11	conflicts	conflict	NOUN
cblr-1706	718	12	of	of	ADP
cblr-1706	718	13	interest	interest	NOUN
cblr-1706	718	14	but	but	CCONJ
cblr-1706	718	15	are	be	AUX
cblr-1706	718	16	overall	overall	ADV
cblr-1706	718	17	more	more	ADV
cblr-1706	718	18	ambivalent	ambivalent	ADJ
cblr-1706	718	19	and	and	CCONJ
cblr-1706	718	20	certainly	certainly	ADV
cblr-1706	718	21	more	more	ADV
cblr-1706	718	22	benign	benign	ADJ
cblr-1706	718	23	than	than	ADP
cblr-1706	718	24	the	the	DET
cblr-1706	718	25	conclusions	conclusion	NOUN
cblr-1706	718	26	drawn	draw	VERB
cblr-1706	718	27	by	by	ADP
cblr-1706	718	28	journalists	journalist	NOUN
cblr-1706	718	29	and	and	CCONJ
cblr-1706	718	30	politicians	politician	NOUN
cblr-1706	718	31	from	from	ADP
cblr-1706	718	32	mostly	mostly	ADV
cblr-1706	718	33	anecdotal	anecdotal	ADJ
cblr-1706	718	34	evidence	evidence	NOUN
cblr-1706	718	35	.	.	PUNCT
cblr-1706	718	36	.	.	PUNCT
cblr-1706	718	37	.	.	PUNCT
cblr-1706	718	38	.	.	PUNCT
cblr-1706	719	1	.	.	PUNCT
cblr-1706	720	1	the	the	DET
cblr-1706	720	2	existence	existence	NOUN
cblr-1706	720	3	of	of	ADP
cblr-1706	720	4	a	a	DET
cblr-1706	720	5	conflict	conflict	NOUN
cblr-1706	720	6	of	of	ADP
cblr-1706	720	7	interest	interest	NOUN
cblr-1706	720	8	within	within	ADP
cblr-1706	720	9	a	a	DET
cblr-1706	720	10	financial	financial	ADJ
cblr-1706	720	11	institution	institution	NOUN
cblr-1706	720	12	does	do	AUX
cblr-1706	720	13	not	not	PART
cblr-1706	720	14	mean	mean	VERB
cblr-1706	720	15	that	that	SCONJ
cblr-1706	720	16	,	,	PUNCT
cblr-1706	720	17	in	in	ADP
cblr-1706	720	18	equilibrium	equilibrium	NOUN
cblr-1706	720	19	,	,	PUNCT
cblr-1706	720	20	the	the	DET
cblr-1706	720	21	customers	customer	NOUN
cblr-1706	720	22	of	of	ADP
cblr-1706	720	23	that	that	DET
cblr-1706	720	24	institution	institution	NOUN
cblr-1706	720	25	will	will	AUX
cblr-1706	720	26	be	be	AUX
cblr-1706	720	27	harmed	harm	VERB
cblr-1706	720	28	.	.	PUNCT
cblr-1706	720	29	.	.	PUNCT
cblr-1706	720	30	.	.	PUNCT
cblr-1706	720	31	.	.	PUNCT
cblr-1706	721	1	[	[	X
cblr-1706	721	2	a	a	X
cblr-1706	721	3	]	]	X
cblr-1706	721	4	variety	variety	NOUN
cblr-1706	721	5	of	of	ADP
cblr-1706	721	6	mechanisms	mechanism	NOUN
cblr-1706	721	7	help	help	VERB
cblr-1706	721	8	control	control	VERB
cblr-1706	721	9	conflicts	conflict	NOUN
cblr-1706	721	10	of	of	ADP
cblr-1706	721	11	interest	interest	NOUN
cblr-1706	721	12	and	and	CCONJ
cblr-1706	721	13	their	their	PRON
cblr-1706	721	14	impact	impact	NOUN
cblr-1706	721	15	.	.	PUNCT
cblr-1706	722	1	for	for	ADP
cblr-1706	722	2	instance	instance	NOUN
cblr-1706	722	3	,	,	PUNCT
cblr-1706	722	4	a	a	DET
cblr-1706	722	5	financial	financial	ADJ
cblr-1706	722	6	institution	institution	NOUN
cblr-1706	722	7	’s	’s	PART
cblr-1706	722	8	concerns	concern	NOUN
cblr-1706	722	9	about	about	ADP
cblr-1706	722	10	its	its	PRON
cblr-1706	722	11	reputation	reputation	NOUN
cblr-1706	722	12	might	might	AUX
cblr-1706	722	13	lead	lead	VERB
cblr-1706	722	14	it	it	PRON
cblr-1706	722	15	to	to	PART
cblr-1706	722	16	control	control	VERB
cblr-1706	722	17	conflicts	conflict	NOUN
cblr-1706	722	18	of	of	ADP
cblr-1706	722	19	interest	interest	NOUN
cblr-1706	722	20	so	so	SCONJ
cblr-1706	722	21	that	that	SCONJ
cblr-1706	722	22	they	they	PRON
cblr-1706	722	23	have	have	VERB
cblr-1706	722	24	no	no	DET
cblr-1706	722	25	material	material	NOUN
cblr-1706	722	26	impact	impact	NOUN
cblr-1706	722	27	on	on	ADP
cblr-1706	722	28	its	its	PRON
cblr-1706	722	29	customers	customer	NOUN
cblr-1706	722	30	.	.	PUNCT
cblr-1706	723	1	alternatively	alternatively	ADV
cblr-1706	723	2	,	,	PUNCT
cblr-1706	723	3	a	a	DET
cblr-1706	723	4	financial	financial	ADJ
cblr-1706	723	5	institution	institution	NOUN
cblr-1706	723	6	’s	’s	PART
cblr-1706	723	7	customers	customer	NOUN
cblr-1706	723	8	can	can	AUX
cblr-1706	723	9	rationally	rationally	ADV
cblr-1706	723	10	take	take	VERB
cblr-1706	723	11	into	into	ADP
cblr-1706	723	12	account	account	NOUN
cblr-1706	723	13	how	how	SCONJ
cblr-1706	723	14	these	these	DET
cblr-1706	723	15	conflicts	conflict	NOUN
cblr-1706	723	16	affect	affect	VERB
cblr-1706	723	17	the	the	DET
cblr-1706	723	18	financial	financial	ADJ
cblr-1706	723	19	institution	institution	NOUN
cblr-1706	723	20	’s	’s	PART
cblr-1706	723	21	actions	action	NOUN
cblr-1706	723	22	[	[	X
cblr-1706	723	23	and	and	CCONJ
cblr-1706	723	24	adjust	adjust	VERB
cblr-1706	723	25	accordingly].155	accordingly].155	ADP
cblr-1706	723	26	154	154	NUM
cblr-1706	723	27	daylian	daylian	PROPN
cblr-1706	723	28	m.	m.	NOUN
cblr-1706	723	29	cain	cain	PROPN
cblr-1706	723	30	,	,	PUNCT
cblr-1706	723	31	george	george	PROPN
cblr-1706	723	32	loewenstein	loewenstein	PROPN
cblr-1706	723	33	&	&	CCONJ
cblr-1706	723	34	don	don	PROPN
cblr-1706	723	35	a.	a.	PROPN
cblr-1706	723	36	moore	moore	PROPN
cblr-1706	723	37	,	,	PUNCT
cblr-1706	723	38	the	the	DET
cblr-1706	723	39	dirt	dirt	NOUN
cblr-1706	723	40	on	on	ADP
cblr-1706	723	41	coming	come	VERB
cblr-1706	723	42	clean	clean	ADJ
cblr-1706	723	43	:	:	PUNCT
cblr-1706	723	44	perverse	perverse	ADJ
cblr-1706	723	45	effects	effect	NOUN
cblr-1706	723	46	of	of	ADP
cblr-1706	723	47	disclosing	disclose	VERB
cblr-1706	723	48	conflicts	conflict	NOUN
cblr-1706	723	49	of	of	ADP
cblr-1706	723	50	interest	interest	NOUN
cblr-1706	723	51	,	,	PUNCT
cblr-1706	723	52	34	34	NUM
cblr-1706	723	53	j.	j.	PROPN
cblr-1706	723	54	legal	legal	ADJ
cblr-1706	723	55	stud	stud	NOUN
cblr-1706	723	56	.	.	PUNCT
cblr-1706	724	1	1	1	NUM
cblr-1706	724	2	,	,	PUNCT
cblr-1706	724	3	1	1	NUM
cblr-1706	724	4	(	(	PUNCT
cblr-1706	724	5	2005	2005	NUM
cblr-1706	724	6	)	)	PUNCT
cblr-1706	724	7	.	.	PUNCT
cblr-1706	725	1	the	the	DET
cblr-1706	725	2	sec	sec	PROPN
cblr-1706	725	3	has	have	AUX
cblr-1706	725	4	shown	show	VERB
cblr-1706	725	5	modest	modest	ADJ
cblr-1706	725	6	appreciation	appreciation	NOUN
cblr-1706	725	7	for	for	ADP
cblr-1706	725	8	the	the	DET
cblr-1706	725	9	general	general	ADJ
cblr-1706	725	10	point	point	NOUN
cblr-1706	725	11	that	that	SCONJ
cblr-1706	725	12	disclosure	disclosure	NOUN
cblr-1706	725	13	can	can	AUX
cblr-1706	725	14	make	make	VERB
cblr-1706	725	15	a	a	DET
cblr-1706	725	16	problem	problem	NOUN
cblr-1706	725	17	worse	bad	ADJ
cblr-1706	725	18	.	.	PUNCT
cblr-1706	726	1	in	in	ADP
cblr-1706	726	2	2004	2004	NUM
cblr-1706	726	3	,	,	PUNCT
cblr-1706	726	4	it	it	PRON
cblr-1706	726	5	withdrew	withdraw	VERB
cblr-1706	726	6	a	a	DET
cblr-1706	726	7	proposal	proposal	NOUN
cblr-1706	726	8	to	to	PART
cblr-1706	726	9	require	require	VERB
cblr-1706	726	10	funds	fund	NOUN
cblr-1706	726	11	to	to	PART
cblr-1706	726	12	provide	provide	VERB
cblr-1706	726	13	specific	specific	ADJ
cblr-1706	726	14	disclosure	disclosure	NOUN
cblr-1706	726	15	of	of	ADP
cblr-1706	726	16	how	how	SCONJ
cblr-1706	726	17	they	they	PRON
cblr-1706	726	18	detect	detect	VERB
cblr-1706	726	19	market	market	NOUN
cblr-1706	726	20	timing	timing	NOUN
cblr-1706	726	21	because	because	SCONJ
cblr-1706	726	22	the	the	DET
cblr-1706	726	23	disclosure	disclosure	NOUN
cblr-1706	726	24	would	would	AUX
cblr-1706	726	25	likely	likely	ADV
cblr-1706	726	26	provide	provide	VERB
cblr-1706	726	27	market	market	NOUN
cblr-1706	726	28	timers	timer	NOUN
cblr-1706	726	29	with	with	ADP
cblr-1706	726	30	a	a	DET
cblr-1706	726	31	“	"	PUNCT
cblr-1706	726	32	road	road	NOUN
cblr-1706	726	33	map	map	NOUN
cblr-1706	726	34	”	"	PUNCT
cblr-1706	726	35	to	to	PART
cblr-1706	726	36	evade	evade	VERB
cblr-1706	726	37	detection	detection	NOUN
cblr-1706	726	38	.	.	PUNCT
cblr-1706	727	1	see	see	VERB
cblr-1706	727	2	disclosure	disclosure	NOUN
cblr-1706	727	3	regarding	regard	VERB
cblr-1706	727	4	market	market	NOUN
cblr-1706	727	5	timing	timing	NOUN
cblr-1706	727	6	and	and	CCONJ
cblr-1706	727	7	selective	selective	ADJ
cblr-1706	727	8	disclosure	disclosure	NOUN
cblr-1706	727	9	of	of	ADP
cblr-1706	727	10	portfolio	portfolio	NOUN
cblr-1706	727	11	holdings	holding	NOUN
cblr-1706	727	12	,	,	PUNCT
cblr-1706	727	13	69	69	NUM
cblr-1706	727	14	fed	feed	VERB
cblr-1706	727	15	.	.	PUNCT
cblr-1706	728	1	reg	reg	PROPN
cblr-1706	728	2	.	.	PROPN
cblr-1706	729	1	22,300	22,300	NUM
cblr-1706	729	2	(	(	PUNCT
cblr-1706	729	3	apr	apr	PROPN
cblr-1706	729	4	.	.	PROPN
cblr-1706	729	5	23	23	NUM
cblr-1706	729	6	,	,	PUNCT
cblr-1706	729	7	2004	2004	NUM
cblr-1706	729	8	)	)	PUNCT
cblr-1706	729	9	(	(	PUNCT
cblr-1706	729	10	to	to	PART
cblr-1706	729	11	be	be	AUX
cblr-1706	729	12	codified	codify	VERB
cblr-1706	729	13	at	at	ADP
cblr-1706	729	14	17	17	NUM
cblr-1706	729	15	c.f.r	c.f.r	NOUN
cblr-1706	729	16	.	.	PUNCT
cblr-1706	730	1	pts	pts	PROPN
cblr-1706	730	2	.	.	PROPN
cblr-1706	730	3	239	239	NUM
cblr-1706	730	4	,	,	PUNCT
cblr-1706	730	5	274	274	NUM
cblr-1706	730	6	)	)	PUNCT
cblr-1706	730	7	.	.	PUNCT
cblr-1706	731	1	155	155	NUM
cblr-1706	731	2	hamid	hamid	PROPN
cblr-1706	731	3	mehran	mehran	PROPN
cblr-1706	731	4	&	&	CCONJ
cblr-1706	731	5	rené	rené	PROPN
cblr-1706	731	6	m.	m.	PROPN
cblr-1706	731	7	stulz	stulz	PROPN
cblr-1706	731	8	,	,	PUNCT
cblr-1706	731	9	the	the	DET
cblr-1706	731	10	economics	economic	NOUN
cblr-1706	731	11	of	of	ADP
cblr-1706	731	12	conflicts	conflict	NOUN
cblr-1706	731	13	of	of	ADP
cblr-1706	731	14	interest	interest	NOUN
cblr-1706	731	15	,	,	PUNCT
cblr-1706	731	16	85	85	NUM
cblr-1706	731	17	j.	j.	PROPN
cblr-1706	731	18	fin	fin	PROPN
cblr-1706	731	19	.	.	PUNCT
cblr-1706	732	1	econ	econ	PROPN
cblr-1706	732	2	.	.	PUNCT
cblr-1706	733	1	267	267	NUM
cblr-1706	733	2	,	,	PUNCT
cblr-1706	733	3	267	267	NUM
cblr-1706	733	4	,	,	PUNCT
cblr-1706	733	5	269	269	NUM
cblr-1706	733	6	(	(	PUNCT
cblr-1706	733	7	2007	2007	NUM
cblr-1706	733	8	)	)	PUNCT
cblr-1706	733	9	.	.	PUNCT
cblr-1706	734	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	734	2	742	742	NUM
cblr-1706	734	3	columbia	columbia	PROPN
cblr-1706	734	4	business	business	NOUN
cblr-1706	734	5	law	law	PROPN
cblr-1706	734	6	review	review	NOUN
cblr-1706	735	1	[	[	X
cblr-1706	735	2	vol	vol	NOUN
cblr-1706	735	3	.	.	PUNCT
cblr-1706	735	4	2018	2018	NUM
cblr-1706	735	5	following	follow	VERB
cblr-1706	735	6	the	the	DET
cblr-1706	735	7	dol	dol	NOUN
cblr-1706	735	8	’s	’s	PART
cblr-1706	735	9	regulatory	regulatory	ADJ
cblr-1706	735	10	impact	impact	NOUN
cblr-1706	735	11	analysis	analysis	NOUN
cblr-1706	735	12	for	for	ADP
cblr-1706	735	13	the	the	DET
cblr-1706	735	14	fiduciary	fiduciary	ADJ
cblr-1706	735	15	rule	rule	NOUN
cblr-1706	735	16	,	,	PUNCT
cblr-1706	735	17	the	the	DET
cblr-1706	735	18	rbi	rbi	NOUN
cblr-1706	735	19	proposing	propose	VERB
cblr-1706	735	20	release	release	NOUN
cblr-1706	735	21	pinpoints	pinpoint	NOUN
cblr-1706	735	22	frontend	frontend	VERB
cblr-1706	735	23	sales	sale	NOUN
cblr-1706	735	24	loads	load	NOUN
cblr-1706	735	25	as	as	ADP
cblr-1706	735	26	a	a	DET
cblr-1706	735	27	particularly	particularly	ADV
cblr-1706	735	28	troubling	troubling	ADJ
cblr-1706	735	29	form	form	NOUN
cblr-1706	735	30	of	of	ADP
cblr-1706	735	31	broker	broker	PROPN
cblr-1706	735	32	compensation.156	compensation.156	PROPN
cblr-1706	735	33	section	section	NOUN
cblr-1706	735	34	22	22	NUM
cblr-1706	735	35	of	of	ADP
cblr-1706	735	36	the	the	DET
cblr-1706	735	37	ica	ica	PROPN
cblr-1706	735	38	allows	allow	VERB
cblr-1706	735	39	mutual	mutual	ADJ
cblr-1706	735	40	funds	fund	NOUN
cblr-1706	735	41	to	to	PART
cblr-1706	735	42	impose	impose	VERB
cblr-1706	735	43	minimum	minimum	ADJ
cblr-1706	735	44	sales	sale	NOUN
cblr-1706	735	45	loads	load	NOUN
cblr-1706	735	46	on	on	ADP
cblr-1706	735	47	any	any	DET
cblr-1706	735	48	broker	broker	NOUN
cblr-1706	735	49	who	who	PRON
cblr-1706	735	50	sells	sell	VERB
cblr-1706	735	51	the	the	DET
cblr-1706	735	52	fund	fund	NOUN
cblr-1706	735	53	’s	’s	PART
cblr-1706	735	54	shares	share	NOUN
cblr-1706	735	55	to	to	ADP
cblr-1706	735	56	retail	retail	ADJ
cblr-1706	735	57	investors	investor	NOUN
cblr-1706	735	58	,	,	PUNCT
cblr-1706	735	59	as	as	SCONJ
cblr-1706	735	60	set	set	VERB
cblr-1706	735	61	out	out	ADP
cblr-1706	735	62	in	in	ADP
cblr-1706	735	63	the	the	DET
cblr-1706	735	64	fund	fund	NOUN
cblr-1706	735	65	’s	’s	PART
cblr-1706	735	66	prospectus.157	prospectus.157	PROPN
cblr-1706	735	67	recall	recall	VERB
cblr-1706	735	68	that	that	PRON
cblr-1706	735	69	with	with	ADP
cblr-1706	735	70	a	a	DET
cblr-1706	735	71	standard	standard	ADJ
cblr-1706	735	72	front	front	ADJ
cblr-1706	735	73	-	-	PUNCT
cblr-1706	735	74	end	end	NOUN
cblr-1706	735	75	load	load	NOUN
cblr-1706	735	76	,	,	PUNCT
cblr-1706	735	77	the	the	DET
cblr-1706	735	78	client	client	NOUN
cblr-1706	735	79	might	might	AUX
cblr-1706	735	80	pay	pay	VERB
cblr-1706	735	81	one	one	NUM
cblr-1706	735	82	hundred	hundred	NUM
cblr-1706	735	83	dollars	dollar	NOUN
cblr-1706	735	84	to	to	ADP
cblr-1706	735	85	the	the	DET
cblr-1706	735	86	broker	broker	NOUN
cblr-1706	735	87	but	but	CCONJ
cblr-1706	735	88	receive	receive	VERB
cblr-1706	735	89	an	an	DET
cblr-1706	735	90	investment	investment	NOUN
cblr-1706	735	91	in	in	ADP
cblr-1706	735	92	the	the	DET
cblr-1706	735	93	fund	fund	NOUN
cblr-1706	735	94	of	of	ADP
cblr-1706	735	95	only	only	ADV
cblr-1706	735	96	ninety	ninety	NUM
cblr-1706	735	97	-	-	PUNCT
cblr-1706	735	98	five	five	NUM
cblr-1706	735	99	dollars	dollar	NOUN
cblr-1706	735	100	.	.	PUNCT
cblr-1706	736	1	the	the	DET
cblr-1706	736	2	brokerage	brokerage	NOUN
cblr-1706	736	3	firm	firm	NOUN
cblr-1706	736	4	receives	receive	VERB
cblr-1706	736	5	the	the	DET
cblr-1706	736	6	five	five	NUM
cblr-1706	736	7	-	-	PUNCT
cblr-1706	736	8	dollar	dollar	NOUN
cblr-1706	736	9	front	front	ADJ
cblr-1706	736	10	-	-	PUNCT
cblr-1706	736	11	end	end	NOUN
cblr-1706	736	12	load	load	NOUN
cblr-1706	736	13	,	,	PUNCT
cblr-1706	736	14	which	which	PRON
cblr-1706	736	15	it	it	PRON
cblr-1706	736	16	splits	split	VERB
cblr-1706	736	17	with	with	ADP
cblr-1706	736	18	the	the	DET
cblr-1706	736	19	individual	individual	ADJ
cblr-1706	736	20	broker	broker	NOUN
cblr-1706	736	21	according	accord	VERB
cblr-1706	736	22	to	to	ADP
cblr-1706	736	23	internal	internal	ADJ
cblr-1706	736	24	firm	firm	NOUN
cblr-1706	736	25	compensation	compensation	NOUN
cblr-1706	736	26	policy	policy	NOUN
cblr-1706	736	27	.	.	PUNCT
cblr-1706	737	1	it	it	PRON
cblr-1706	737	2	would	would	AUX
cblr-1706	737	3	be	be	AUX
cblr-1706	737	4	a	a	DET
cblr-1706	737	5	prospectus	prospectus	NOUN
cblr-1706	737	6	violation	violation	NOUN
cblr-1706	737	7	for	for	SCONJ
cblr-1706	737	8	a	a	DET
cblr-1706	737	9	broker	broker	NOUN
cblr-1706	737	10	to	to	PART
cblr-1706	737	11	depart	depart	VERB
cblr-1706	737	12	from	from	ADP
cblr-1706	737	13	this	this	DET
cblr-1706	737	14	prescription	prescription	NOUN
cblr-1706	737	15	.	.	PUNCT
cblr-1706	738	1	just	just	ADV
cblr-1706	738	2	as	as	SCONJ
cblr-1706	738	3	in	in	ADP
cblr-1706	738	4	any	any	DET
cblr-1706	738	5	other	other	ADJ
cblr-1706	738	6	retail	retail	ADJ
cblr-1706	738	7	setting	setting	NOUN
cblr-1706	738	8	,	,	PUNCT
cblr-1706	738	9	the	the	DET
cblr-1706	738	10	price	price	NOUN
cblr-1706	738	11	the	the	DET
cblr-1706	738	12	client	client	NOUN
cblr-1706	738	13	pays	pay	VERB
cblr-1706	738	14	for	for	ADP
cblr-1706	738	15	load	load	NOUN
cblr-1706	738	16	shares	share	NOUN
cblr-1706	738	17	includes	include	VERB
cblr-1706	738	18	compensation	compensation	NOUN
cblr-1706	738	19	for	for	ADP
cblr-1706	738	20	the	the	DET
cblr-1706	738	21	costs	cost	NOUN
cblr-1706	738	22	of	of	ADP
cblr-1706	738	23	marketing	market	VERB
cblr-1706	738	24	the	the	DET
cblr-1706	738	25	good	good	NOUN
cblr-1706	738	26	,	,	PUNCT
cblr-1706	738	27	which	which	PRON
cblr-1706	738	28	in	in	ADP
cblr-1706	738	29	this	this	DET
cblr-1706	738	30	setting	setting	NOUN
cblr-1706	738	31	is	be	AUX
cblr-1706	738	32	itemized	itemize	VERB
cblr-1706	738	33	and	and	CCONJ
cblr-1706	738	34	disclosed	disclose	VERB
cblr-1706	738	35	to	to	ADP
cblr-1706	738	36	the	the	DET
cblr-1706	738	37	client	client	NOUN
cblr-1706	738	38	in	in	ADP
cblr-1706	738	39	the	the	DET
cblr-1706	738	40	fund	fund	NOUN
cblr-1706	738	41	’s	’s	PART
cblr-1706	738	42	prospectus	prospectus	NOUN
cblr-1706	738	43	.	.	PUNCT
cblr-1706	739	1	the	the	DET
cblr-1706	739	2	dol	dol	NOUN
cblr-1706	739	3	and	and	CCONJ
cblr-1706	739	4	sec	sec	PROPN
cblr-1706	739	5	believe	believe	VERB
cblr-1706	739	6	front	front	ADJ
cblr-1706	739	7	-	-	PUNCT
cblr-1706	739	8	end	end	NOUN
cblr-1706	739	9	loads	load	NOUN
cblr-1706	739	10	raise	raise	VERB
cblr-1706	739	11	serious	serious	ADJ
cblr-1706	739	12	conflicts	conflict	NOUN
cblr-1706	739	13	of	of	ADP
cblr-1706	739	14	interest	interest	NOUN
cblr-1706	739	15	because	because	SCONJ
cblr-1706	739	16	a	a	DET
cblr-1706	739	17	broker	broker	NOUN
cblr-1706	739	18	might	might	AUX
cblr-1706	739	19	recommend	recommend	VERB
cblr-1706	739	20	a	a	DET
cblr-1706	739	21	load	load	NOUN
cblr-1706	739	22	fund	fund	NOUN
cblr-1706	739	23	over	over	ADP
cblr-1706	739	24	a	a	DET
cblr-1706	739	25	noload	noload	NOUN
cblr-1706	739	26	fund	fund	NOUN
cblr-1706	739	27	to	to	PART
cblr-1706	739	28	increase	increase	VERB
cblr-1706	739	29	his	his	PRON
cblr-1706	739	30	or	or	CCONJ
cblr-1706	739	31	her	her	PRON
cblr-1706	739	32	compensation	compensation	NOUN
cblr-1706	739	33	,	,	PUNCT
cblr-1706	739	34	even	even	ADV
cblr-1706	739	35	though	though	SCONJ
cblr-1706	739	36	the	the	DET
cblr-1706	739	37	two	two	NUM
cblr-1706	739	38	funds	fund	NOUN
cblr-1706	739	39	have	have	VERB
cblr-1706	739	40	the	the	DET
cblr-1706	739	41	same	same	ADJ
cblr-1706	739	42	style	style	NOUN
cblr-1706	739	43	,	,	PUNCT
cblr-1706	739	44	investment	investment	NOUN
cblr-1706	739	45	objective	objective	NOUN
cblr-1706	739	46	,	,	PUNCT
cblr-1706	739	47	expected	expect	VERB
cblr-1706	739	48	return	return	NOUN
cblr-1706	739	49	,	,	PUNCT
cblr-1706	739	50	and	and	CCONJ
cblr-1706	739	51	risk	risk	VERB
cblr-1706	739	52	profile.158	profile.158	NOUN
cblr-1706	739	53	minimum	minimum	NOUN
cblr-1706	739	54	sales	sale	NOUN
cblr-1706	739	55	loads	load	NOUN
cblr-1706	739	56	are	be	AUX
cblr-1706	739	57	a	a	DET
cblr-1706	739	58	garden	garden	NOUN
cblr-1706	739	59	-	-	PUNCT
cblr-1706	739	60	variety	variety	NOUN
cblr-1706	739	61	form	form	NOUN
cblr-1706	739	62	of	of	ADP
cblr-1706	739	63	resale	resale	NOUN
cblr-1706	739	64	price	price	NOUN
cblr-1706	739	65	maintenance	maintenance	NOUN
cblr-1706	739	66	(	(	PUNCT
cblr-1706	739	67	“	"	PUNCT
cblr-1706	739	68	rpm	rpm	PROPN
cblr-1706	739	69	”	"	PUNCT
cblr-1706	739	70	)	)	PUNCT
cblr-1706	739	71	,	,	PUNCT
cblr-1706	739	72	according	accord	VERB
cblr-1706	739	73	to	to	ADP
cblr-1706	739	74	which	which	PRON
cblr-1706	739	75	a	a	DET
cblr-1706	739	76	product	product	NOUN
cblr-1706	739	77	manufacturer	manufacturer	NOUN
cblr-1706	739	78	contractually	contractually	ADV
cblr-1706	739	79	obligates	obligate	VERB
cblr-1706	739	80	its	its	PRON
cblr-1706	739	81	independent	independent	ADJ
cblr-1706	739	82	retailers	retailer	NOUN
cblr-1706	739	83	to	to	PART
cblr-1706	739	84	charge	charge	VERB
cblr-1706	739	85	no	no	PRON
cblr-1706	739	86	less	less	ADJ
cblr-1706	739	87	than	than	ADP
cblr-1706	739	88	a	a	DET
cblr-1706	739	89	stated	state	VERB
cblr-1706	739	90	price	price	NOUN
cblr-1706	739	91	.	.	PUNCT
cblr-1706	740	1	rather	rather	ADV
cblr-1706	740	2	than	than	SCONJ
cblr-1706	740	3	compete	compete	VERB
cblr-1706	740	4	on	on	ADP
cblr-1706	740	5	price	price	NOUN
cblr-1706	740	6	,	,	PUNCT
cblr-1706	740	7	retailers	retailer	NOUN
cblr-1706	740	8	—	—	PUNCT
cblr-1706	740	9	in	in	ADP
cblr-1706	740	10	this	this	DET
cblr-1706	740	11	case	case	NOUN
cblr-1706	740	12	retail	retail	ADJ
cblr-1706	740	13	securities	security	NOUN
cblr-1706	740	14	brokers	broker	NOUN
cblr-1706	740	15	—	—	PUNCT
cblr-1706	740	16	compete	compete	VERB
cblr-1706	740	17	by	by	ADP
cblr-1706	740	18	providing	provide	VERB
cblr-1706	740	19	customers	customer	NOUN
cblr-1706	740	20	—	—	PUNCT
cblr-1706	740	21	in	in	ADP
cblr-1706	740	22	this	this	DET
cblr-1706	740	23	case	case	NOUN
cblr-1706	740	24	retail	retail	ADJ
cblr-1706	740	25	investors	investor	NOUN
cblr-1706	740	26	—	—	PUNCT
cblr-1706	740	27	with	with	ADP
cblr-1706	740	28	valuable	valuable	ADJ
cblr-1706	740	29	information	information	NOUN
cblr-1706	740	30	and	and	CCONJ
cblr-1706	740	31	other	other	ADJ
cblr-1706	740	32	point	point	NOUN
cblr-1706	740	33	-	-	PUNCT
cblr-1706	740	34	of	of	ADP
cblr-1706	740	35	-	-	PUNCT
cblr-1706	740	36	sale	sale	NOUN
cblr-1706	740	37	services	service	NOUN
cblr-1706	740	38	on	on	ADP
cblr-1706	740	39	which	which	PRON
cblr-1706	740	40	the	the	DET
cblr-1706	740	41	retailer	retailer	NOUN
cblr-1706	740	42	might	might	AUX
cblr-1706	740	43	otherwise	otherwise	ADV
cblr-1706	740	44	skimp	skimp	VERB
cblr-1706	740	45	,	,	PUNCT
cblr-1706	740	46	contrary	contrary	ADJ
cblr-1706	740	47	to	to	ADP
cblr-1706	740	48	the	the	DET
cblr-1706	740	49	manufacturer	manufacturer	NOUN
cblr-1706	740	50	’s	’s	PART
cblr-1706	740	51	wishes	wish	NOUN
cblr-1706	740	52	and	and	CCONJ
cblr-1706	740	53	consumers	consumer	NOUN
cblr-1706	740	54	’	’	PART
cblr-1706	740	55	best	good	ADJ
cblr-1706	740	56	interest	interest	NOUN
cblr-1706	740	57	.	.	PUNCT
cblr-1706	741	1	for	for	ADP
cblr-1706	741	2	over	over	ADP
cblr-1706	741	3	one	one	NUM
cblr-1706	741	4	hundred	hundred	NUM
cblr-1706	741	5	years	year	NOUN
cblr-1706	741	6	federal	federal	ADJ
cblr-1706	741	7	courts	court	NOUN
cblr-1706	741	8	summarily	summarily	ADV
cblr-1706	741	9	condemned	condemn	VERB
cblr-1706	741	10	rpm	rpm	ADV
cblr-1706	741	11	as	as	ADP
cblr-1706	741	12	illegal	illegal	ADJ
cblr-1706	741	13	per	per	X
cblr-1706	741	14	se	se	X
cblr-1706	741	15	under	under	ADP
cblr-1706	741	16	the	the	DET
cblr-1706	741	17	sherman	sherman	NOUN
cblr-1706	741	18	156	156	NUM
cblr-1706	741	19	regulation	regulation	NOUN
cblr-1706	741	20	best	good	ADJ
cblr-1706	741	21	interest	interest	NOUN
cblr-1706	741	22	,	,	PUNCT
cblr-1706	741	23	83	83	NUM
cblr-1706	741	24	fed	feed	VERB
cblr-1706	741	25	.	.	PUNCT
cblr-1706	742	1	reg	reg	PROPN
cblr-1706	742	2	.	.	PROPN
cblr-1706	742	3	21,574	21,574	NUM
cblr-1706	742	4	,	,	PUNCT
cblr-1706	742	5	21,645	21,645	NUM
cblr-1706	742	6	n.460	n.460	NUM
cblr-1706	742	7	(	(	PUNCT
cblr-1706	742	8	proposed	propose	VERB
cblr-1706	742	9	may	may	PROPN
cblr-1706	742	10	9	9	NUM
cblr-1706	742	11	,	,	PUNCT
cblr-1706	742	12	2018	2018	NUM
cblr-1706	742	13	)	)	PUNCT
cblr-1706	742	14	(	(	PUNCT
cblr-1706	742	15	to	to	PART
cblr-1706	742	16	be	be	AUX
cblr-1706	742	17	codified	codify	VERB
cblr-1706	742	18	at	at	ADP
cblr-1706	742	19	17	17	NUM
cblr-1706	742	20	c.f.r	c.f.r	NOUN
cblr-1706	742	21	.	.	PUNCT
cblr-1706	743	1	pt	pt	PROPN
cblr-1706	743	2	.	.	PROPN
cblr-1706	743	3	240	240	NUM
cblr-1706	743	4	)	)	PUNCT
cblr-1706	743	5	.	.	PUNCT
cblr-1706	744	1	157	157	NUM
cblr-1706	744	2	15	15	NUM
cblr-1706	744	3	u.s.c	u.s.c	NOUN
cblr-1706	744	4	.	.	PUNCT
cblr-1706	745	1	§	§	PROPN
cblr-1706	745	2	80a–22	80a–22	NUM
cblr-1706	745	3	(	(	PUNCT
cblr-1706	745	4	2012	2012	NUM
cblr-1706	745	5	)	)	PUNCT
cblr-1706	745	6	.	.	PUNCT
cblr-1706	746	1	158	158	NUM
cblr-1706	746	2	see	see	VERB
cblr-1706	746	3	regulation	regulation	NOUN
cblr-1706	746	4	best	good	ADJ
cblr-1706	746	5	interest	interest	NOUN
cblr-1706	746	6	,	,	PUNCT
cblr-1706	746	7	83	83	NUM
cblr-1706	746	8	fed	feed	VERB
cblr-1706	746	9	.	.	PUNCT
cblr-1706	747	1	reg	reg	PROPN
cblr-1706	747	2	.	.	PUNCT
cblr-1706	748	1	at	at	ADP
cblr-1706	748	2	21,645	21,645	NUM
cblr-1706	748	3	n.460	n.460	NUM
cblr-1706	748	4	.	.	PUNCT
cblr-1706	748	5	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	748	6	no	no	NOUN
cblr-1706	748	7	.	.	PUNCT
cblr-1706	748	8	3:695	3:695	NUM
cblr-1706	748	9	]	]	X
cblr-1706	748	10	a	a	DET
cblr-1706	748	11	transaction	transaction	NOUN
cblr-1706	748	12	cost	cost	NOUN
cblr-1706	748	13	assessment	assessment	NOUN
cblr-1706	748	14	743	743	NUM
cblr-1706	748	15	antitrust	antitrust	ADJ
cblr-1706	748	16	act	act	NOUN
cblr-1706	748	17	of	of	ADP
cblr-1706	748	18	1890	1890	NUM
cblr-1706	748	19	,	,	PUNCT
cblr-1706	748	20	thinking	think	VERB
cblr-1706	748	21	it	it	PRON
cblr-1706	748	22	facilitated	facilitate	VERB
cblr-1706	748	23	monopoly.159	monopoly.159	NUM
cblr-1706	748	24	yet	yet	ADV
cblr-1706	748	25	in	in	ADP
cblr-1706	748	26	the	the	DET
cblr-1706	748	27	2007	2007	NUM
cblr-1706	748	28	case	case	NOUN
cblr-1706	748	29	leegin	leegin	NOUN
cblr-1706	748	30	v.	v.	ADP
cblr-1706	748	31	psks	psks	PROPN
cblr-1706	748	32	,	,	PUNCT
cblr-1706	748	33	the	the	DET
cblr-1706	748	34	supreme	supreme	PROPN
cblr-1706	748	35	court	court	PROPN
cblr-1706	748	36	overruled	overrule	VERB
cblr-1706	748	37	the	the	DET
cblr-1706	748	38	use	use	NOUN
cblr-1706	748	39	of	of	ADP
cblr-1706	748	40	the	the	DET
cblr-1706	748	41	per	per	X
cblr-1706	748	42	se	se	X
cblr-1706	748	43	rule	rule	NOUN
cblr-1706	748	44	in	in	ADP
cblr-1706	748	45	this	this	DET
cblr-1706	748	46	context	context	NOUN
cblr-1706	748	47	,	,	PUNCT
cblr-1706	748	48	finding	find	VERB
cblr-1706	748	49	that	that	SCONJ
cblr-1706	748	50	rpm	rpm	NOUN
cblr-1706	748	51	,	,	PUNCT
cblr-1706	748	52	like	like	ADP
cblr-1706	748	53	virtually	virtually	ADV
cblr-1706	748	54	all	all	PRON
cblr-1706	748	55	vertical	vertical	ADJ
cblr-1706	748	56	arrangements	arrangement	NOUN
cblr-1706	748	57	,	,	PUNCT
cblr-1706	748	58	likely	likely	ADV
cblr-1706	748	59	provides	provide	VERB
cblr-1706	748	60	tremendous	tremendous	ADJ
cblr-1706	748	61	benefits	benefit	NOUN
cblr-1706	748	62	to	to	PART
cblr-1706	748	63	consumers.160	consumers.160	VERB
cblr-1706	748	64	the	the	DET
cblr-1706	748	65	court	court	NOUN
cblr-1706	748	66	pointed	point	VERB
cblr-1706	748	67	out	out	ADP
cblr-1706	748	68	that	that	SCONJ
cblr-1706	748	69	the	the	DET
cblr-1706	748	70	economic	economic	ADJ
cblr-1706	748	71	scholarship	scholarship	NOUN
cblr-1706	748	72	is	be	AUX
cblr-1706	748	73	now	now	ADV
cblr-1706	748	74	“	"	PUNCT
cblr-1706	748	75	replete	replete	ADJ
cblr-1706	748	76	with	with	ADP
cblr-1706	748	77	procompetitive	procompetitive	ADJ
cblr-1706	748	78	justifications	justification	NOUN
cblr-1706	748	79	for	for	ADP
cblr-1706	748	80	a	a	DET
cblr-1706	748	81	manufacturer	manufacturer	NOUN
cblr-1706	748	82	’s	’s	PART
cblr-1706	748	83	use	use	NOUN
cblr-1706	748	84	of	of	ADP
cblr-1706	748	85	resale	resale	NOUN
cblr-1706	748	86	price	price	NOUN
cblr-1706	748	87	maintenance	maintenance	NOUN
cblr-1706	748	88	.	.	PUNCT
cblr-1706	749	1	”161	”161	VERB
cblr-1706	749	2	absent	absent	ADJ
cblr-1706	749	3	rpm	rpm	NOUN
cblr-1706	749	4	,	,	PUNCT
cblr-1706	749	5	a	a	DET
cblr-1706	749	6	retailer	retailer	NOUN
cblr-1706	749	7	can	can	AUX
cblr-1706	749	8	free	free	VERB
cblr-1706	749	9	ride	ride	VERB
cblr-1706	749	10	by	by	ADP
cblr-1706	749	11	neglecting	neglect	VERB
cblr-1706	749	12	to	to	PART
cblr-1706	749	13	provide	provide	VERB
cblr-1706	749	14	point	point	NOUN
cblr-1706	749	15	-	-	PUNCT
cblr-1706	749	16	of	of	ADP
cblr-1706	749	17	-	-	PUNCT
cblr-1706	749	18	sale	sale	NOUN
cblr-1706	749	19	services	service	NOUN
cblr-1706	749	20	,	,	PUNCT
cblr-1706	749	21	setting	set	VERB
cblr-1706	749	22	a	a	DET
cblr-1706	749	23	low	low	ADJ
cblr-1706	749	24	price	price	NOUN
cblr-1706	749	25	,	,	PUNCT
cblr-1706	749	26	and	and	CCONJ
cblr-1706	749	27	luring	lure	VERB
cblr-1706	749	28	customers	customer	NOUN
cblr-1706	749	29	away	away	ADV
cblr-1706	749	30	from	from	ADP
cblr-1706	749	31	highservice	highservice	ADJ
cblr-1706	749	32	retailers	retailer	NOUN
cblr-1706	749	33	after	after	SCONJ
cblr-1706	749	34	the	the	DET
cblr-1706	749	35	customer	customer	NOUN
cblr-1706	749	36	has	have	AUX
cblr-1706	749	37	already	already	ADV
cblr-1706	749	38	acquired	acquire	VERB
cblr-1706	749	39	their	their	PRON
cblr-1706	749	40	services.162	services.162	ADJ
cblr-1706	749	41	high	high	ADJ
cblr-1706	749	42	-	-	PUNCT
cblr-1706	749	43	service	service	NOUN
cblr-1706	749	44	retailers	retailer	NOUN
cblr-1706	749	45	could	could	AUX
cblr-1706	749	46	be	be	AUX
cblr-1706	749	47	driven	drive	VERB
cblr-1706	749	48	from	from	ADP
cblr-1706	749	49	the	the	DET
cblr-1706	749	50	market	market	NOUN
cblr-1706	749	51	.	.	PUNCT
cblr-1706	750	1	a	a	DET
cblr-1706	750	2	degenerate	degenerate	ADJ
cblr-1706	750	3	equilibrium	equilibrium	NOUN
cblr-1706	750	4	would	would	AUX
cblr-1706	750	5	ensue	ensue	VERB
cblr-1706	750	6	in	in	ADP
cblr-1706	750	7	which	which	PRON
cblr-1706	750	8	consumers	consumer	NOUN
cblr-1706	750	9	value	value	VERB
cblr-1706	750	10	retail	retail	ADJ
cblr-1706	750	11	services	service	NOUN
cblr-1706	750	12	but	but	CCONJ
cblr-1706	750	13	no	no	DET
cblr-1706	750	14	retailer	retailer	NOUN
cblr-1706	750	15	provides	provide	VERB
cblr-1706	750	16	them	they	PRON
cblr-1706	750	17	.	.	PUNCT
cblr-1706	751	1	manufacturers	manufacturer	NOUN
cblr-1706	751	2	would	would	AUX
cblr-1706	751	3	then	then	ADV
cblr-1706	751	4	have	have	VERB
cblr-1706	751	5	to	to	PART
cblr-1706	751	6	find	find	VERB
cblr-1706	751	7	alternative	alternative	ADJ
cblr-1706	751	8	ways	way	NOUN
cblr-1706	751	9	to	to	PART
cblr-1706	751	10	provide	provide	VERB
cblr-1706	751	11	consumers	consumer	NOUN
cblr-1706	751	12	with	with	ADP
cblr-1706	751	13	valuable	valuable	ADJ
cblr-1706	751	14	information	information	NOUN
cblr-1706	751	15	that	that	PRON
cblr-1706	751	16	involve	involve	VERB
cblr-1706	751	17	higher	high	ADJ
cblr-1706	751	18	transaction	transaction	NOUN
cblr-1706	751	19	costs	cost	NOUN
cblr-1706	751	20	,	,	PUNCT
cblr-1706	751	21	or	or	CCONJ
cblr-1706	751	22	consumers	consumer	NOUN
cblr-1706	751	23	would	would	AUX
cblr-1706	751	24	have	have	VERB
cblr-1706	751	25	to	to	PART
cblr-1706	751	26	inform	inform	VERB
cblr-1706	751	27	themselves	themselves	PRON
cblr-1706	751	28	.	.	PUNCT
cblr-1706	752	1	the	the	DET
cblr-1706	752	2	output	output	NOUN
cblr-1706	752	3	effect	effect	NOUN
cblr-1706	752	4	would	would	AUX
cblr-1706	752	5	be	be	AUX
cblr-1706	752	6	negative	negative	ADJ
cblr-1706	752	7	and	and	CCONJ
cblr-1706	752	8	would	would	AUX
cblr-1706	752	9	very	very	ADV
cblr-1706	752	10	likely	likely	ADV
cblr-1706	752	11	reduce	reduce	VERB
cblr-1706	752	12	net	net	ADJ
cblr-1706	752	13	social	social	ADJ
cblr-1706	752	14	benefits	benefit	NOUN
cblr-1706	752	15	.	.	PUNCT
cblr-1706	753	1	among	among	ADP
cblr-1706	753	2	its	its	PRON
cblr-1706	753	3	pro	pro	ADJ
cblr-1706	753	4	-	-	ADJ
cblr-1706	753	5	competitive	competitive	ADJ
cblr-1706	753	6	effects	effect	NOUN
cblr-1706	753	7	,	,	PUNCT
cblr-1706	753	8	rpm	rpm	PROPN
cblr-1706	753	9	allows	allow	VERB
cblr-1706	753	10	the	the	DET
cblr-1706	753	11	manufacturer	manufacturer	NOUN
cblr-1706	753	12	to	to	PART
cblr-1706	753	13	avoid	avoid	VERB
cblr-1706	753	14	or	or	CCONJ
cblr-1706	753	15	economize	economize	VERB
cblr-1706	753	16	on	on	ADP
cblr-1706	753	17	monitoring	monitor	VERB
cblr-1706	753	18	its	its	PRON
cblr-1706	753	19	retailers	retailer	NOUN
cblr-1706	753	20	,	,	PUNCT
cblr-1706	753	21	which	which	PRON
cblr-1706	753	22	reduces	reduce	VERB
cblr-1706	753	23	transaction	transaction	NOUN
cblr-1706	753	24	costs	cost	NOUN
cblr-1706	753	25	.	.	PUNCT
cblr-1706	754	1	in	in	ADP
cblr-1706	754	2	the	the	DET
cblr-1706	754	3	court	court	NOUN
cblr-1706	754	4	’s	’s	PART
cblr-1706	754	5	words	word	NOUN
cblr-1706	754	6	,	,	PUNCT
cblr-1706	754	7	“	"	PUNCT
cblr-1706	754	8	[	[	X
cblr-1706	754	9	i]t	i]t	PRON
cblr-1706	754	10	may	may	AUX
cblr-1706	754	11	be	be	AUX
cblr-1706	754	12	difficult	difficult	ADJ
cblr-1706	754	13	and	and	CCONJ
cblr-1706	754	14	inefficient	inefficient	ADJ
cblr-1706	754	15	for	for	SCONJ
cblr-1706	754	16	a	a	DET
cblr-1706	754	17	manufacturer	manufacturer	NOUN
cblr-1706	754	18	to	to	PART
cblr-1706	754	19	make	make	VERB
cblr-1706	754	20	and	and	CCONJ
cblr-1706	754	21	enforce	enforce	VERB
cblr-1706	754	22	a	a	DET
cblr-1706	754	23	contract	contract	NOUN
cblr-1706	754	24	with	with	ADP
cblr-1706	754	25	a	a	DET
cblr-1706	754	26	retailer	retailer	NOUN
cblr-1706	754	27	specifying	specify	VERB
cblr-1706	754	28	the	the	DET
cblr-1706	754	29	different	different	ADJ
cblr-1706	754	30	services	service	NOUN
cblr-1706	754	31	the	the	DET
cblr-1706	754	32	retailer	retailer	NOUN
cblr-1706	754	33	must	must	AUX
cblr-1706	754	34	perform	perform	VERB
cblr-1706	754	35	.	.	PUNCT
cblr-1706	755	1	”163	”163	VERB
cblr-1706	756	1	rpm	rpm	NOUN
cblr-1706	756	2	avoids	avoid	VERB
cblr-1706	756	3	the	the	DET
cblr-1706	756	4	manufacturer	manufacturer	NOUN
cblr-1706	756	5	-	-	PUNCT
cblr-1706	756	6	retailer	retailer	NOUN
cblr-1706	756	7	conflict	conflict	NOUN
cblr-1706	756	8	of	of	ADP
cblr-1706	756	9	interest	interest	NOUN
cblr-1706	756	10	.	.	PUNCT
cblr-1706	757	1	as	as	SCONJ
cblr-1706	757	2	the	the	DET
cblr-1706	757	3	court	court	NOUN
cblr-1706	757	4	concluded	conclude	VERB
cblr-1706	757	5	,	,	PUNCT
cblr-1706	757	6	“	"	PUNCT
cblr-1706	757	7	the	the	DET
cblr-1706	757	8	interests	interest	NOUN
cblr-1706	757	9	of	of	ADP
cblr-1706	757	10	manufacturers	manufacturer	NOUN
cblr-1706	757	11	and	and	CCONJ
cblr-1706	757	12	consumers	consumer	NOUN
cblr-1706	757	13	are	be	AUX
cblr-1706	757	14	aligned	align	VERB
cblr-1706	757	15	with	with	ADP
cblr-1706	757	16	respect	respect	NOUN
cblr-1706	757	17	to	to	ADP
cblr-1706	757	18	retailer	retailer	NOUN
cblr-1706	757	19	profit	profit	NOUN
cblr-1706	757	20	margins	margin	NOUN
cblr-1706	757	21	.	.	PUNCT
cblr-1706	758	1	”164	”164	NOUN
cblr-1706	758	2	159	159	NUM
cblr-1706	758	3	see	see	VERB
cblr-1706	758	4	dr	dr	PROPN
cblr-1706	758	5	.	.	PROPN
cblr-1706	758	6	miles	miles	PROPN
cblr-1706	758	7	med	med	PROPN
cblr-1706	758	8	.	.	PUNCT
cblr-1706	758	9	co.	co.	PROPN
cblr-1706	759	1	v.	v.	ADP
cblr-1706	759	2	john	john	PROPN
cblr-1706	759	3	d.	d.	PROPN
cblr-1706	759	4	park	park	PROPN
cblr-1706	759	5	&	&	CCONJ
cblr-1706	759	6	sons	sons	PROPN
cblr-1706	759	7	co.	co.	PROPN
cblr-1706	759	8	,	,	PUNCT
cblr-1706	759	9	220	220	NUM
cblr-1706	759	10	u.s	u.s	PROPN
cblr-1706	759	11	.	.	PROPN
cblr-1706	759	12	373	373	NUM
cblr-1706	759	13	(	(	PUNCT
cblr-1706	759	14	1911	1911	NUM
cblr-1706	759	15	)	)	PUNCT
cblr-1706	759	16	,	,	PUNCT
cblr-1706	760	1	overruled	overrule	VERB
cblr-1706	760	2	by	by	ADP
cblr-1706	760	3	leegin	leegin	NOUN
cblr-1706	760	4	creative	creative	ADJ
cblr-1706	760	5	leather	leather	NOUN
cblr-1706	760	6	prods	prod	NOUN
cblr-1706	760	7	.	.	PUNCT
cblr-1706	761	1	v.	v.	ADP
cblr-1706	761	2	psks	psks	PROPN
cblr-1706	761	3	,	,	PUNCT
cblr-1706	761	4	inc	inc	PROPN
cblr-1706	761	5	.	.	PROPN
cblr-1706	761	6	,	,	PUNCT
cblr-1706	761	7	511	511	NUM
cblr-1706	761	8	u.s	u.s	PROPN
cblr-1706	761	9	.	.	PROPN
cblr-1706	761	10	877	877	NUM
cblr-1706	761	11	(	(	PUNCT
cblr-1706	761	12	2007	2007	NUM
cblr-1706	761	13	)	)	PUNCT
cblr-1706	761	14	.	.	PUNCT
cblr-1706	762	1	160	160	NUM
cblr-1706	762	2	leegin	leegin	NOUN
cblr-1706	762	3	creative	creative	ADJ
cblr-1706	762	4	leather	leather	NOUN
cblr-1706	762	5	prods	prod	NOUN
cblr-1706	762	6	.	.	PUNCT
cblr-1706	762	7	,	,	PUNCT
cblr-1706	762	8	inc	inc	PROPN
cblr-1706	762	9	.	.	PROPN
cblr-1706	763	1	v.	v.	PROPN
cblr-1706	763	2	psks	psks	PROPN
cblr-1706	763	3	,	,	PUNCT
cblr-1706	763	4	inc	inc	PROPN
cblr-1706	763	5	.	.	PROPN
cblr-1706	763	6	,	,	PUNCT
cblr-1706	763	7	551	551	NUM
cblr-1706	763	8	u.s	u.s	PROPN
cblr-1706	763	9	.	.	PROPN
cblr-1706	763	10	877	877	NUM
cblr-1706	763	11	,	,	PUNCT
cblr-1706	763	12	907	907	NUM
cblr-1706	763	13	(	(	PUNCT
cblr-1706	763	14	2007	2007	NUM
cblr-1706	763	15	)	)	PUNCT
cblr-1706	763	16	.	.	PUNCT
cblr-1706	764	1	161	161	NUM
cblr-1706	765	1	i	i	PRON
cblr-1706	765	2	d.	d.	PROPN
cblr-1706	765	3	at	at	ADP
cblr-1706	765	4	889	889	NUM
cblr-1706	765	5	.	.	PUNCT
cblr-1706	766	1	162	162	NUM
cblr-1706	767	1	i	i	PRON
cblr-1706	767	2	d.	d.	PROPN
cblr-1706	767	3	at	at	ADP
cblr-1706	767	4	890–91	890–91	NUM
cblr-1706	767	5	.	.	PUNCT
cblr-1706	768	1	163	163	NUM
cblr-1706	769	1	i	i	PRON
cblr-1706	769	2	d.	d.	NOUN
cblr-1706	769	3	at	at	ADP
cblr-1706	769	4	892	892	NUM
cblr-1706	769	5	.	.	PUNCT
cblr-1706	770	1	164	164	NUM
cblr-1706	770	2	i	i	PRON
cblr-1706	770	3	d.	d.	PROPN
cblr-1706	770	4	at	at	ADP
cblr-1706	770	5	896	896	NUM
cblr-1706	770	6	.	.	PUNCT
cblr-1706	770	7	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	770	8	744	744	NUM
cblr-1706	770	9	columbia	columbia	PROPN
cblr-1706	770	10	business	business	NOUN
cblr-1706	770	11	law	law	NOUN
cblr-1706	770	12	review	review	NOUN
cblr-1706	771	1	[	[	X
cblr-1706	771	2	vol	vol	NOUN
cblr-1706	771	3	.	.	NOUN
cblr-1706	771	4	2018	2018	NUM
cblr-1706	771	5	one	one	NUM
cblr-1706	771	6	of	of	ADP
cblr-1706	771	7	coase	coase	PROPN
cblr-1706	771	8	’s	’s	PART
cblr-1706	771	9	fundamental	fundamental	ADJ
cblr-1706	771	10	insights	insight	NOUN
cblr-1706	771	11	regarding	regard	VERB
cblr-1706	771	12	external	external	ADJ
cblr-1706	771	13	costs	cost	NOUN
cblr-1706	771	14	is	be	AUX
cblr-1706	771	15	that	that	SCONJ
cblr-1706	771	16	injury	injury	NOUN
cblr-1706	771	17	is	be	AUX
cblr-1706	771	18	reciprocal.165	reciprocal.165	NOUN
cblr-1706	771	19	in	in	ADP
cblr-1706	771	20	the	the	DET
cblr-1706	771	21	retail	retail	ADJ
cblr-1706	771	22	broker	broker	NOUN
cblr-1706	771	23	-	-	PUNCT
cblr-1706	771	24	client	client	NOUN
cblr-1706	771	25	relationship	relationship	NOUN
cblr-1706	771	26	,	,	PUNCT
cblr-1706	771	27	clients	client	NOUN
cblr-1706	771	28	also	also	ADV
cblr-1706	771	29	face	face	VERB
cblr-1706	771	30	conflicts	conflict	NOUN
cblr-1706	771	31	of	of	ADP
cblr-1706	771	32	interest	interest	NOUN
cblr-1706	771	33	that	that	PRON
cblr-1706	771	34	may	may	AUX
cblr-1706	771	35	undermine	undermine	VERB
cblr-1706	771	36	the	the	DET
cblr-1706	771	37	parties	party	NOUN
cblr-1706	771	38	’	'	PUNCT
cblr-1706	771	39	long	long	ADJ
cblr-1706	771	40	-	-	PUNCT
cblr-1706	771	41	run	run	NOUN
cblr-1706	771	42	interests	interest	NOUN
cblr-1706	771	43	.	.	PUNCT
cblr-1706	772	1	a	a	DET
cblr-1706	772	2	client	client	NOUN
cblr-1706	772	3	might	might	AUX
cblr-1706	772	4	split	split	VERB
cblr-1706	772	5	his	his	PRON
cblr-1706	772	6	or	or	CCONJ
cblr-1706	772	7	her	her	PRON
cblr-1706	772	8	wealth	wealth	NOUN
cblr-1706	772	9	between	between	ADP
cblr-1706	772	10	brokerage	brokerage	NOUN
cblr-1706	772	11	accounts	account	NOUN
cblr-1706	772	12	at	at	ADP
cblr-1706	772	13	two	two	NUM
cblr-1706	772	14	different	different	ADJ
cblr-1706	772	15	firms	firm	NOUN
cblr-1706	772	16	,	,	PUNCT
cblr-1706	772	17	one	one	NUM
cblr-1706	772	18	with	with	ADP
cblr-1706	772	19	a	a	DET
cblr-1706	772	20	full	full	ADJ
cblr-1706	772	21	-	-	PUNCT
cblr-1706	772	22	service	service	NOUN
cblr-1706	772	23	broker	broker	NOUN
cblr-1706	772	24	that	that	PRON
cblr-1706	772	25	provides	provide	VERB
cblr-1706	772	26	advice	advice	NOUN
cblr-1706	772	27	and	and	CCONJ
cblr-1706	772	28	other	other	ADJ
cblr-1706	772	29	valuable	valuable	ADJ
cblr-1706	772	30	services	service	NOUN
cblr-1706	772	31	but	but	CCONJ
cblr-1706	772	32	sells	sell	VERB
cblr-1706	772	33	only	only	ADV
cblr-1706	772	34	mutual	mutual	ADJ
cblr-1706	772	35	funds	fund	NOUN
cblr-1706	772	36	subject	subject	ADJ
cblr-1706	772	37	to	to	ADP
cblr-1706	772	38	up	up	ADP
cblr-1706	772	39	-	-	PUNCT
cblr-1706	772	40	front	front	NOUN
cblr-1706	772	41	loads	load	NOUN
cblr-1706	772	42	and	and	CCONJ
cblr-1706	772	43	the	the	DET
cblr-1706	772	44	other	other	ADJ
cblr-1706	772	45	with	with	ADP
cblr-1706	772	46	a	a	DET
cblr-1706	772	47	discount	discount	NOUN
cblr-1706	772	48	broker	broker	NOUN
cblr-1706	772	49	that	that	PRON
cblr-1706	772	50	provides	provide	VERB
cblr-1706	772	51	no	no	DET
cblr-1706	772	52	services	service	NOUN
cblr-1706	772	53	but	but	CCONJ
cblr-1706	772	54	sells	sell	VERB
cblr-1706	772	55	no	no	DET
cblr-1706	772	56	-	-	PUNCT
cblr-1706	772	57	load	load	NOUN
cblr-1706	772	58	funds	fund	NOUN
cblr-1706	772	59	.	.	PUNCT
cblr-1706	773	1	the	the	DET
cblr-1706	773	2	client	client	NOUN
cblr-1706	773	3	could	could	AUX
cblr-1706	773	4	take	take	VERB
cblr-1706	773	5	the	the	DET
cblr-1706	773	6	full	full	ADJ
cblr-1706	773	7	-	-	PUNCT
cblr-1706	773	8	service	service	NOUN
cblr-1706	773	9	broker	broker	NOUN
cblr-1706	773	10	’s	’s	PART
cblr-1706	773	11	advice	advice	NOUN
cblr-1706	773	12	as	as	ADP
cblr-1706	773	13	to	to	ADP
cblr-1706	773	14	what	what	PRON
cblr-1706	773	15	mutual	mutual	ADJ
cblr-1706	773	16	funds	fund	NOUN
cblr-1706	773	17	are	be	AUX
cblr-1706	773	18	appropriate	appropriate	ADJ
cblr-1706	773	19	for	for	ADP
cblr-1706	773	20	his	his	PRON
cblr-1706	773	21	or	or	CCONJ
cblr-1706	773	22	her	her	PRON
cblr-1706	773	23	circumstances	circumstance	NOUN
cblr-1706	773	24	and	and	CCONJ
cblr-1706	773	25	use	use	VERB
cblr-1706	773	26	it	it	PRON
cblr-1706	773	27	,	,	PUNCT
cblr-1706	773	28	in	in	ADP
cblr-1706	773	29	part	part	NOUN
cblr-1706	773	30	,	,	PUNCT
cblr-1706	773	31	to	to	PART
cblr-1706	773	32	invest	invest	VERB
cblr-1706	773	33	in	in	ADP
cblr-1706	773	34	similar	similar	ADJ
cblr-1706	773	35	no	no	DET
cblr-1706	773	36	-	-	PUNCT
cblr-1706	773	37	load	load	NOUN
cblr-1706	773	38	funds	fund	NOUN
cblr-1706	773	39	through	through	ADP
cblr-1706	773	40	a	a	DET
cblr-1706	773	41	discount	discount	NOUN
cblr-1706	773	42	brokerage	brokerage	NOUN
cblr-1706	773	43	account	account	NOUN
cblr-1706	773	44	,	,	PUNCT
cblr-1706	773	45	thereby	thereby	ADV
cblr-1706	773	46	reducing	reduce	VERB
cblr-1706	773	47	the	the	DET
cblr-1706	773	48	total	total	ADJ
cblr-1706	773	49	broker	broker	NOUN
cblr-1706	773	50	compensation	compensation	PROPN
cblr-1706	773	51	paid	pay	VERB
cblr-1706	773	52	.	.	PUNCT
cblr-1706	774	1	mutual	mutual	ADJ
cblr-1706	774	2	fund	fund	NOUN
cblr-1706	774	3	companies	company	NOUN
cblr-1706	774	4	that	that	PRON
cblr-1706	774	5	impose	impose	VERB
cblr-1706	774	6	up	up	ADP
cblr-1706	774	7	-	-	PUNCT
cblr-1706	774	8	front	front	NOUN
cblr-1706	774	9	loads	load	NOUN
cblr-1706	774	10	on	on	ADP
cblr-1706	774	11	the	the	DET
cblr-1706	774	12	sale	sale	NOUN
cblr-1706	774	13	of	of	ADP
cblr-1706	774	14	their	their	PRON
cblr-1706	774	15	shares	share	NOUN
cblr-1706	774	16	apparently	apparently	ADV
cblr-1706	774	17	believe	believe	VERB
cblr-1706	774	18	those	those	DET
cblr-1706	774	19	investors	investor	NOUN
cblr-1706	774	20	who	who	PRON
cblr-1706	774	21	buy	buy	VERB
cblr-1706	774	22	their	their	PRON
cblr-1706	774	23	shares	share	NOUN
cblr-1706	774	24	are	be	AUX
cblr-1706	774	25	better	well	ADJ
cblr-1706	774	26	off	off	ADP
cblr-1706	774	27	receiving	receive	VERB
cblr-1706	774	28	the	the	DET
cblr-1706	774	29	services	service	NOUN
cblr-1706	774	30	and	and	CCONJ
cblr-1706	774	31	paying	pay	VERB
cblr-1706	774	32	the	the	DET
cblr-1706	774	33	load	load	NOUN
cblr-1706	774	34	.	.	PUNCT
cblr-1706	775	1	in	in	ADP
cblr-1706	775	2	making	make	VERB
cblr-1706	775	3	this	this	DET
cblr-1706	775	4	decision	decision	NOUN
cblr-1706	775	5	,	,	PUNCT
cblr-1706	775	6	the	the	DET
cblr-1706	775	7	fund	fund	NOUN
cblr-1706	775	8	company	company	NOUN
cblr-1706	775	9	’s	’s	PART
cblr-1706	775	10	profit	profit	NOUN
cblr-1706	775	11	or	or	CCONJ
cblr-1706	775	12	loss	loss	NOUN
cblr-1706	775	13	depends	depend	VERB
cblr-1706	775	14	on	on	ADP
cblr-1706	775	15	how	how	SCONJ
cblr-1706	775	16	the	the	DET
cblr-1706	775	17	load	load	NOUN
cblr-1706	775	18	affects	affect	VERB
cblr-1706	775	19	its	its	PRON
cblr-1706	775	20	costs	cost	NOUN
cblr-1706	775	21	of	of	ADP
cblr-1706	775	22	capital	capital	NOUN
cblr-1706	775	23	.	.	PUNCT
cblr-1706	776	1	if	if	SCONJ
cblr-1706	776	2	broker	broker	NOUN
cblr-1706	776	3	-	-	PUNCT
cblr-1706	776	4	provided	provide	VERB
cblr-1706	776	5	services	service	NOUN
cblr-1706	776	6	are	be	AUX
cblr-1706	776	7	worth	worth	ADJ
cblr-1706	776	8	more	more	ADJ
cblr-1706	776	9	to	to	ADP
cblr-1706	776	10	retail	retail	ADJ
cblr-1706	776	11	investors	investor	NOUN
cblr-1706	776	12	than	than	ADP
cblr-1706	776	13	the	the	DET
cblr-1706	776	14	load	load	NOUN
cblr-1706	776	15	they	they	PRON
cblr-1706	776	16	pay	pay	VERB
cblr-1706	776	17	,	,	PUNCT
cblr-1706	776	18	the	the	DET
cblr-1706	776	19	arrangement	arrangement	NOUN
cblr-1706	776	20	will	will	AUX
cblr-1706	776	21	increase	increase	VERB
cblr-1706	776	22	their	their	PRON
cblr-1706	776	23	expected	expect	VERB
cblr-1706	776	24	investment	investment	NOUN
cblr-1706	776	25	returns	return	NOUN
cblr-1706	776	26	(	(	PUNCT
cblr-1706	776	27	net	net	NOUN
cblr-1706	776	28	of	of	ADP
cblr-1706	776	29	the	the	DET
cblr-1706	776	30	costs	cost	NOUN
cblr-1706	776	31	of	of	ADP
cblr-1706	776	32	information	information	NOUN
cblr-1706	776	33	provision	provision	NOUN
cblr-1706	776	34	)	)	PUNCT
cblr-1706	776	35	and	and	CCONJ
cblr-1706	776	36	the	the	DET
cblr-1706	776	37	investment	investment	NOUN
cblr-1706	776	38	company	company	NOUN
cblr-1706	776	39	’s	’s	PART
cblr-1706	776	40	cost	cost	NOUN
cblr-1706	776	41	of	of	ADP
cblr-1706	776	42	capital	capital	NOUN
cblr-1706	776	43	falls	fall	VERB
cblr-1706	776	44	.	.	PUNCT
cblr-1706	777	1	if	if	SCONJ
cblr-1706	777	2	not	not	PART
cblr-1706	777	3	,	,	PUNCT
cblr-1706	777	4	it	it	PRON
cblr-1706	777	5	rises	rise	VERB
cblr-1706	777	6	.	.	PUNCT
cblr-1706	778	1	just	just	ADV
cblr-1706	778	2	as	as	SCONJ
cblr-1706	778	3	manufacturer	manufacturer	NOUN
cblr-1706	778	4	and	and	CCONJ
cblr-1706	778	5	consumer	consumer	NOUN
cblr-1706	778	6	interests	interest	NOUN
cblr-1706	778	7	are	be	AUX
cblr-1706	778	8	aligned	align	VERB
cblr-1706	778	9	with	with	ADP
cblr-1706	778	10	respect	respect	NOUN
cblr-1706	778	11	to	to	ADP
cblr-1706	778	12	retailer	retailer	NOUN
cblr-1706	778	13	compensation	compensation	NOUN
cblr-1706	778	14	,	,	PUNCT
cblr-1706	778	15	there	there	PRON
cblr-1706	778	16	is	be	VERB
cblr-1706	778	17	little	little	ADJ
cblr-1706	778	18	reason	reason	NOUN
cblr-1706	778	19	to	to	PART
cblr-1706	778	20	distrust	distrust	VERB
cblr-1706	778	21	the	the	DET
cblr-1706	778	22	investment	investment	NOUN
cblr-1706	778	23	company	company	NOUN
cblr-1706	778	24	to	to	PART
cblr-1706	778	25	make	make	VERB
cblr-1706	778	26	the	the	DET
cblr-1706	778	27	load	load	NOUN
cblr-1706	778	28	-	-	PUNCT
cblr-1706	778	29	fee	fee	NOUN
cblr-1706	778	30	decision	decision	NOUN
cblr-1706	778	31	other	other	ADJ
cblr-1706	778	32	than	than	SCONJ
cblr-1706	778	33	to	to	PART
cblr-1706	778	34	maximize	maximize	VERB
cblr-1706	778	35	the	the	DET
cblr-1706	778	36	gains	gain	NOUN
cblr-1706	778	37	from	from	ADP
cblr-1706	778	38	trade	trade	NOUN
cblr-1706	778	39	for	for	ADP
cblr-1706	778	40	given	give	VERB
cblr-1706	778	41	costs	cost	NOUN
cblr-1706	778	42	of	of	ADP
cblr-1706	778	43	transacting	transact	VERB
cblr-1706	778	44	.	.	PUNCT
cblr-1706	779	1	the	the	DET
cblr-1706	779	2	gains	gain	NOUN
cblr-1706	779	3	are	be	AUX
cblr-1706	779	4	then	then	ADV
cblr-1706	779	5	shared	share	VERB
cblr-1706	779	6	in	in	ADP
cblr-1706	779	7	some	some	DET
cblr-1706	779	8	way	way	NOUN
cblr-1706	779	9	between	between	ADP
cblr-1706	779	10	the	the	DET
cblr-1706	779	11	parties	party	NOUN
cblr-1706	779	12	.	.	PUNCT
cblr-1706	780	1	all	all	DET
cblr-1706	780	2	costs	cost	NOUN
cblr-1706	780	3	and	and	CCONJ
cblr-1706	780	4	benefits	benefit	NOUN
cblr-1706	780	5	of	of	ADP
cblr-1706	780	6	the	the	DET
cblr-1706	780	7	load	load	NOUN
cblr-1706	780	8	decisions	decision	NOUN
cblr-1706	780	9	are	be	AUX
cblr-1706	780	10	internalized	internalize	VERB
cblr-1706	780	11	to	to	ADP
cblr-1706	780	12	the	the	DET
cblr-1706	780	13	investment	investment	NOUN
cblr-1706	780	14	company	company	NOUN
cblr-1706	780	15	.	.	PUNCT
cblr-1706	781	1	the	the	DET
cblr-1706	781	2	industry	industry	NOUN
cblr-1706	781	3	’s	’s	PART
cblr-1706	781	4	use	use	NOUN
cblr-1706	781	5	of	of	ADP
cblr-1706	781	6	front	front	ADJ
cblr-1706	781	7	-	-	PUNCT
cblr-1706	781	8	end	end	NOUN
cblr-1706	781	9	loads	load	NOUN
cblr-1706	781	10	has	have	AUX
cblr-1706	781	11	evolved	evolve	VERB
cblr-1706	781	12	to	to	PART
cblr-1706	781	13	mitigate	mitigate	VERB
cblr-1706	781	14	any	any	DET
cblr-1706	781	15	residual	residual	ADJ
cblr-1706	781	16	conflicts	conflict	NOUN
cblr-1706	781	17	of	of	ADP
cblr-1706	781	18	interest	interest	NOUN
cblr-1706	781	19	.	.	PUNCT
cblr-1706	782	1	depending	depend	VERB
cblr-1706	782	2	on	on	ADP
cblr-1706	782	3	the	the	DET
cblr-1706	782	4	share	share	NOUN
cblr-1706	782	5	class	class	NOUN
cblr-1706	782	6	,	,	PUNCT
cblr-1706	782	7	many	many	ADJ
cblr-1706	782	8	fund	fund	NOUN
cblr-1706	782	9	companies	company	NOUN
cblr-1706	782	10	have	have	AUX
cblr-1706	782	11	adopted	adopt	VERB
cblr-1706	782	12	back	back	ADJ
cblr-1706	782	13	-	-	PUNCT
cblr-1706	782	14	end	end	NOUN
cblr-1706	782	15	loads	load	NOUN
cblr-1706	782	16	and	and	CCONJ
cblr-1706	782	17	even	even	ADV
cblr-1706	782	18	made	make	VERB
cblr-1706	782	19	them	they	PRON
cblr-1706	782	20	contingent	contingent	ADJ
cblr-1706	782	21	on	on	ADP
cblr-1706	782	22	certain	certain	ADJ
cblr-1706	782	23	events	event	NOUN
cblr-1706	782	24	or	or	CCONJ
cblr-1706	782	25	actions	action	NOUN
cblr-1706	782	26	by	by	ADP
cblr-1706	782	27	the	the	DET
cblr-1706	782	28	parties	party	NOUN
cblr-1706	782	29	,	,	PUNCT
cblr-1706	782	30	such	such	ADJ
cblr-1706	782	31	as	as	ADP
cblr-1706	782	32	minimum	minimum	ADJ
cblr-1706	782	33	holding	holding	NOUN
cblr-1706	782	34	period	period	NOUN
cblr-1706	782	35	165	165	NUM
cblr-1706	782	36	see	see	NOUN
cblr-1706	782	37	coase	coase	NOUN
cblr-1706	782	38	,	,	PUNCT
cblr-1706	782	39	supra	supra	PROPN
cblr-1706	782	40	note	note	PROPN
cblr-1706	782	41	25	25	NUM
cblr-1706	782	42	.	.	NOUN
cblr-1706	782	43	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	782	44	no	no	NOUN
cblr-1706	782	45	.	.	PUNCT
cblr-1706	783	1	3:695	3:695	NUM
cblr-1706	783	2	]	]	X
cblr-1706	783	3	a	a	DET
cblr-1706	783	4	transaction	transaction	NOUN
cblr-1706	783	5	cost	cost	NOUN
cblr-1706	783	6	assessment	assessment	NOUN
cblr-1706	783	7	745	745	NUM
cblr-1706	783	8	requirements.166	requirements.166	ADJ
cblr-1706	783	9	evidence	evidence	NOUN
cblr-1706	783	10	the	the	DET
cblr-1706	783	11	rbi	rbi	NOUN
cblr-1706	783	12	proposing	propose	VERB
cblr-1706	783	13	release	release	NOUN
cblr-1706	783	14	cites	cite	VERB
cblr-1706	783	15	suggests	suggest	VERB
cblr-1706	783	16	that	that	SCONJ
cblr-1706	783	17	these	these	PRON
cblr-1706	783	18	and	and	CCONJ
cblr-1706	783	19	other	other	ADJ
cblr-1706	783	20	iterations	iteration	NOUN
cblr-1706	783	21	have	have	AUX
cblr-1706	783	22	worked	work	VERB
cblr-1706	783	23	to	to	PART
cblr-1706	783	24	better	well	ADV
cblr-1706	783	25	align	align	VERB
cblr-1706	783	26	the	the	DET
cblr-1706	783	27	parties	party	NOUN
cblr-1706	783	28	’	'	PUNCT
cblr-1706	783	29	incentives	incentive	NOUN
cblr-1706	783	30	by	by	ADP
cblr-1706	783	31	reducing	reduce	VERB
cblr-1706	783	32	transaction	transaction	NOUN
cblr-1706	783	33	costs.167	costs.167	ADP
cblr-1706	783	34	the	the	DET
cblr-1706	783	35	rpm	rpm	NOUN
cblr-1706	783	36	analysis	analysis	NOUN
cblr-1706	783	37	applies	apply	VERB
cblr-1706	783	38	equally	equally	ADV
cblr-1706	783	39	to	to	ADP
cblr-1706	783	40	full	full	ADJ
cblr-1706	783	41	-	-	PUNCT
cblr-1706	783	42	service	service	NOUN
cblr-1706	783	43	brokerage	brokerage	NOUN
cblr-1706	783	44	.	.	PUNCT
cblr-1706	784	1	brokers	broker	NOUN
cblr-1706	784	2	’	'	PUNCT
cblr-1706	784	3	primary	primary	ADJ
cblr-1706	784	4	function	function	NOUN
cblr-1706	784	5	is	be	AUX
cblr-1706	784	6	to	to	PART
cblr-1706	784	7	execute	execute	VERB
cblr-1706	784	8	securities	security	NOUN
cblr-1706	784	9	trades	trade	NOUN
cblr-1706	784	10	in	in	ADP
cblr-1706	784	11	the	the	DET
cblr-1706	784	12	secondary	secondary	ADJ
cblr-1706	784	13	market	market	NOUN
cblr-1706	784	14	on	on	ADP
cblr-1706	784	15	their	their	PRON
cblr-1706	784	16	clients	client	NOUN
cblr-1706	784	17	’	’	PART
cblr-1706	784	18	behalf	behalf	NOUN
cblr-1706	784	19	rather	rather	ADV
cblr-1706	784	20	than	than	ADP
cblr-1706	784	21	to	to	PART
cblr-1706	784	22	give	give	VERB
cblr-1706	784	23	investment	investment	NOUN
cblr-1706	784	24	advice.168	advice.168	NOUN
cblr-1706	784	25	they	they	PRON
cblr-1706	784	26	are	be	AUX
cblr-1706	784	27	normally	normally	ADV
cblr-1706	784	28	paid	pay	VERB
cblr-1706	784	29	a	a	DET
cblr-1706	784	30	commission	commission	NOUN
cblr-1706	784	31	of	of	ADP
cblr-1706	784	32	pennies	penny	NOUN
cblr-1706	784	33	per	per	ADP
cblr-1706	784	34	share	share	NOUN
cblr-1706	784	35	to	to	PART
cblr-1706	784	36	do	do	VERB
cblr-1706	784	37	so	so	ADV
cblr-1706	784	38	.	.	PUNCT
cblr-1706	785	1	discount	discount	NOUN
cblr-1706	785	2	brokers	broker	NOUN
cblr-1706	785	3	charge	charge	VERB
cblr-1706	785	4	low	low	ADJ
cblr-1706	785	5	commissions	commission	NOUN
cblr-1706	785	6	but	but	CCONJ
cblr-1706	785	7	provide	provide	VERB
cblr-1706	785	8	no	no	DET
cblr-1706	785	9	investment	investment	NOUN
cblr-1706	785	10	advice.169	advice.169	PROPN
cblr-1706	785	11	full	full	ADJ
cblr-1706	785	12	-	-	PUNCT
cblr-1706	785	13	service	service	NOUN
cblr-1706	785	14	brokers	broker	NOUN
cblr-1706	785	15	charge	charge	VERB
cblr-1706	785	16	premium	premium	NOUN
cblr-1706	785	17	commissions	commission	NOUN
cblr-1706	785	18	but	but	CCONJ
cblr-1706	785	19	also	also	ADV
cblr-1706	785	20	provide	provide	VERB
cblr-1706	785	21	their	their	PRON
cblr-1706	785	22	clients	client	NOUN
cblr-1706	785	23	with	with	ADP
cblr-1706	785	24	incidental	incidental	ADJ
cblr-1706	785	25	advice.170	advice.170	NOUN
cblr-1706	785	26	why	why	SCONJ
cblr-1706	785	27	would	would	AUX
cblr-1706	785	28	an	an	DET
cblr-1706	785	29	investor	investor	NOUN
cblr-1706	785	30	,	,	PUNCT
cblr-1706	785	31	as	as	ADP
cblr-1706	785	32	principal	principal	ADJ
cblr-1706	785	33	,	,	PUNCT
cblr-1706	785	34	want	want	VERB
cblr-1706	785	35	to	to	PART
cblr-1706	785	36	pay	pay	VERB
cblr-1706	785	37	a	a	DET
cblr-1706	785	38	premium	premium	ADJ
cblr-1706	785	39	commission	commission	NOUN
cblr-1706	785	40	for	for	ADP
cblr-1706	785	41	securities	security	NOUN
cblr-1706	785	42	trades	trade	NOUN
cblr-1706	785	43	that	that	SCONJ
cblr-1706	785	44	he	he	PRON
cblr-1706	785	45	or	or	CCONJ
cblr-1706	785	46	she	she	PRON
cblr-1706	785	47	could	could	AUX
cblr-1706	785	48	get	get	VERB
cblr-1706	785	49	for	for	ADP
cblr-1706	785	50	far	far	ADV
cblr-1706	785	51	less	less	ADJ
cblr-1706	785	52	from	from	ADP
cblr-1706	785	53	a	a	DET
cblr-1706	785	54	discount	discount	NOUN
cblr-1706	785	55	broker	broker	NOUN
cblr-1706	785	56	?	?	PUNCT
cblr-1706	786	1	as	as	ADP
cblr-1706	786	2	with	with	ADP
cblr-1706	786	3	point	point	NOUN
cblr-1706	786	4	-	-	PUNCT
cblr-1706	786	5	of	of	ADP
cblr-1706	786	6	-	-	PUNCT
cblr-1706	786	7	sale	sale	NOUN
cblr-1706	786	8	services	service	NOUN
cblr-1706	786	9	,	,	PUNCT
cblr-1706	786	10	sound	sound	ADJ
cblr-1706	786	11	investment	investment	NOUN
cblr-1706	786	12	advice	advice	NOUN
cblr-1706	786	13	and	and	CCONJ
cblr-1706	786	14	the	the	DET
cblr-1706	786	15	execution	execution	NOUN
cblr-1706	786	16	of	of	ADP
cblr-1706	786	17	securities	security	NOUN
cblr-1706	786	18	trades	trade	NOUN
cblr-1706	786	19	are	be	AUX
cblr-1706	786	20	complements	complement	NOUN
cblr-1706	786	21	.	.	PUNCT
cblr-1706	787	1	the	the	PRON
cblr-1706	787	2	better	well	ADJ
cblr-1706	787	3	the	the	DET
cblr-1706	787	4	advice	advice	NOUN
cblr-1706	787	5	a	a	DET
cblr-1706	787	6	broker	broker	NOUN
cblr-1706	787	7	provides	provide	VERB
cblr-1706	787	8	his	his	PRON
cblr-1706	787	9	or	or	CCONJ
cblr-1706	787	10	her	her	PRON
cblr-1706	787	11	client	client	NOUN
cblr-1706	787	12	,	,	PUNCT
cblr-1706	787	13	the	the	PRON
cblr-1706	787	14	more	more	ADJ
cblr-1706	787	15	trades	trade	VERB
cblr-1706	787	16	the	the	DET
cblr-1706	787	17	client	client	NOUN
cblr-1706	787	18	will	will	AUX
cblr-1706	787	19	do	do	VERB
cblr-1706	787	20	,	,	PUNCT
cblr-1706	787	21	the	the	PRON
cblr-1706	787	22	greater	great	ADJ
cblr-1706	787	23	the	the	DET
cblr-1706	787	24	client	client	NOUN
cblr-1706	787	25	’s	’s	PART
cblr-1706	787	26	investment	investment	NOUN
cblr-1706	787	27	returns	return	NOUN
cblr-1706	787	28	,	,	PUNCT
cblr-1706	787	29	and	and	CCONJ
cblr-1706	787	30	,	,	PUNCT
cblr-1706	787	31	appropriately	appropriately	ADV
cblr-1706	787	32	,	,	PUNCT
cblr-1706	787	33	the	the	PRON
cblr-1706	787	34	higher	high	ADJ
cblr-1706	787	35	the	the	DET
cblr-1706	787	36	broker	broker	NOUN
cblr-1706	787	37	’s	’s	PART
cblr-1706	787	38	compensation	compensation	NOUN
cblr-1706	787	39	.	.	PUNCT
cblr-1706	788	1	bundling	bundle	VERB
cblr-1706	788	2	advice	advice	NOUN
cblr-1706	788	3	and	and	CCONJ
cblr-1706	788	4	execution	execution	NOUN
cblr-1706	788	5	together	together	ADV
cblr-1706	788	6	is	be	AUX
cblr-1706	788	7	necessary	necessary	ADJ
cblr-1706	788	8	because	because	SCONJ
cblr-1706	788	9	transacting	transact	VERB
cblr-1706	788	10	investment	investment	NOUN
cblr-1706	788	11	advice	advice	NOUN
cblr-1706	788	12	independently	independently	ADV
cblr-1706	788	13	is	be	AUX
cblr-1706	788	14	noncontractible	noncontractible	ADJ
cblr-1706	788	15	.	.	PUNCT
cblr-1706	789	1	how	how	SCONJ
cblr-1706	789	2	is	be	AUX
cblr-1706	789	3	an	an	DET
cblr-1706	789	4	investor	investor	NOUN
cblr-1706	789	5	to	to	PART
cblr-1706	789	6	assess	assess	VERB
cblr-1706	789	7	the	the	DET
cblr-1706	789	8	quality	quality	NOUN
cblr-1706	789	9	of	of	ADP
cblr-1706	789	10	investment	investment	NOUN
cblr-1706	789	11	advice	advice	NOUN
cblr-1706	789	12	barring	bar	VERB
cblr-1706	789	13	any	any	DET
cblr-1706	789	14	further	further	ADJ
cblr-1706	789	15	association	association	NOUN
cblr-1706	789	16	with	with	ADP
cblr-1706	789	17	the	the	DET
cblr-1706	789	18	provider?171	provider?171	PROPN
cblr-1706	789	19	the	the	DET
cblr-1706	789	20	transaction	transaction	NOUN
cblr-1706	789	21	costs	cost	VERB
cblr-1706	789	22	166	166	NUM
cblr-1706	789	23	see	see	VERB
cblr-1706	789	24	regulation	regulation	NOUN
cblr-1706	789	25	best	good	ADJ
cblr-1706	789	26	interest	interest	NOUN
cblr-1706	789	27	,	,	PUNCT
cblr-1706	789	28	83	83	NUM
cblr-1706	789	29	fed	feed	VERB
cblr-1706	789	30	.	.	PUNCT
cblr-1706	790	1	reg	reg	PROPN
cblr-1706	790	2	.	.	PROPN
cblr-1706	790	3	21,574	21,574	NUM
cblr-1706	790	4	,	,	PUNCT
cblr-1706	790	5	21,642	21,642	NUM
cblr-1706	790	6	(	(	PUNCT
cblr-1706	790	7	proposed	propose	VERB
cblr-1706	790	8	may	may	PROPN
cblr-1706	790	9	9	9	NUM
cblr-1706	790	10	,	,	PUNCT
cblr-1706	790	11	2018	2018	NUM
cblr-1706	790	12	)	)	PUNCT
cblr-1706	790	13	(	(	PUNCT
cblr-1706	790	14	to	to	PART
cblr-1706	790	15	be	be	AUX
cblr-1706	790	16	codified	codify	VERB
cblr-1706	790	17	at	at	ADP
cblr-1706	790	18	17	17	NUM
cblr-1706	790	19	c.f.r	c.f.r	NOUN
cblr-1706	790	20	.	.	PUNCT
cblr-1706	791	1	pt	pt	PROPN
cblr-1706	791	2	.	.	PROPN
cblr-1706	791	3	240	240	NUM
cblr-1706	791	4	)	)	PUNCT
cblr-1706	791	5	.	.	PUNCT
cblr-1706	792	1	167	167	NUM
cblr-1706	792	2	see	see	VERB
cblr-1706	792	3	i	i	PRON
cblr-1706	792	4	d.	d.	PROPN
cblr-1706	792	5	at	at	ADP
cblr-1706	792	6	21,657	21,657	NUM
cblr-1706	792	7	.	.	PUNCT
cblr-1706	793	1	168	168	NUM
cblr-1706	793	2	i	i	PRON
cblr-1706	793	3	d.	d.	PROPN
cblr-1706	793	4	at	at	ADP
cblr-1706	793	5	21,632	21,632	NUM
cblr-1706	793	6	.	.	PUNCT
cblr-1706	794	1	169	169	NUM
cblr-1706	795	1	i	i	PRON
cblr-1706	795	2	d.	d.	NOUN
cblr-1706	795	3	at	at	ADP
cblr-1706	795	4	21,574–75	21,574–75	NUM
cblr-1706	795	5	.	.	PUNCT
cblr-1706	796	1	170	170	NUM
cblr-1706	797	1	i	i	PRON
cblr-1706	797	2	d.	d.	PROPN
cblr-1706	797	3	171	171	NUM
cblr-1706	797	4	in	in	ADP
cblr-1706	797	5	the	the	DET
cblr-1706	797	6	market	market	NOUN
cblr-1706	797	7	for	for	ADP
cblr-1706	797	8	consumer	consumer	NOUN
cblr-1706	797	9	goods	good	NOUN
cblr-1706	797	10	,	,	PUNCT
cblr-1706	797	11	consumer	consumer	NOUN
cblr-1706	797	12	reports	report	NOUN
cblr-1706	797	13	provides	provide	VERB
cblr-1706	797	14	information	information	NOUN
cblr-1706	797	15	and	and	CCONJ
cblr-1706	797	16	advice	advice	NOUN
cblr-1706	797	17	that	that	PRON
cblr-1706	797	18	consumers	consumer	NOUN
cblr-1706	797	19	might	might	AUX
cblr-1706	797	20	otherwise	otherwise	ADV
cblr-1706	797	21	obtain	obtain	VERB
cblr-1706	797	22	from	from	ADP
cblr-1706	797	23	the	the	DET
cblr-1706	797	24	product	product	NOUN
cblr-1706	797	25	seller	seller	NOUN
cblr-1706	797	26	.	.	PUNCT
cblr-1706	798	1	consumer	consumer	NOUN
cblr-1706	798	2	reports	report	NOUN
cblr-1706	798	3	exists	exist	VERB
cblr-1706	798	4	because	because	SCONJ
cblr-1706	798	5	some	some	DET
cblr-1706	798	6	segment	segment	NOUN
cblr-1706	798	7	of	of	ADP
cblr-1706	798	8	consumer	consumer	NOUN
cblr-1706	798	9	market	market	NOUN
cblr-1706	798	10	believes	believe	VERB
cblr-1706	798	11	product	product	NOUN
cblr-1706	798	12	sellers	seller	NOUN
cblr-1706	798	13	face	face	VERB
cblr-1706	798	14	a	a	DET
cblr-1706	798	15	conflict	conflict	NOUN
cblr-1706	798	16	of	of	ADP
cblr-1706	798	17	interest	interest	NOUN
cblr-1706	798	18	in	in	ADP
cblr-1706	798	19	providing	provide	VERB
cblr-1706	798	20	information	information	NOUN
cblr-1706	798	21	about	about	ADP
cblr-1706	798	22	product	product	NOUN
cblr-1706	798	23	quality	quality	NOUN
cblr-1706	798	24	.	.	PUNCT
cblr-1706	799	1	repeated	repeat	VERB
cblr-1706	799	2	evidence	evidence	NOUN
cblr-1706	799	3	shows	show	VERB
cblr-1706	799	4	that	that	SCONJ
cblr-1706	799	5	consumer	consumer	NOUN
cblr-1706	799	6	reports	report	NOUN
cblr-1706	799	7	is	be	AUX
cblr-1706	799	8	often	often	ADV
cblr-1706	799	9	wildly	wildly	ADV
cblr-1706	799	10	incorrect	incorrect	ADJ
cblr-1706	799	11	in	in	ADP
cblr-1706	799	12	its	its	PRON
cblr-1706	799	13	assessments	assessment	NOUN
cblr-1706	799	14	.	.	PUNCT
cblr-1706	800	1	the	the	DET
cblr-1706	800	2	problem	problem	NOUN
cblr-1706	800	3	is	be	AUX
cblr-1706	800	4	that	that	SCONJ
cblr-1706	800	5	consumers	consumer	NOUN
cblr-1706	800	6	can	can	AUX
cblr-1706	800	7	not	not	PART
cblr-1706	800	8	punish	punish	VERB
cblr-1706	800	9	it	it	PRON
cblr-1706	800	10	with	with	ADP
cblr-1706	800	11	a	a	DET
cblr-1706	800	12	loss	loss	NOUN
cblr-1706	800	13	in	in	ADP
cblr-1706	800	14	sales	sale	NOUN
cblr-1706	800	15	of	of	ADP
cblr-1706	800	16	the	the	DET
cblr-1706	800	17	underlying	underlie	VERB
cblr-1706	800	18	good	good	NOUN
cblr-1706	800	19	if	if	SCONJ
cblr-1706	800	20	it	it	PRON
cblr-1706	800	21	is	be	AUX
cblr-1706	800	22	wrong	wrong	ADJ
cblr-1706	800	23	.	.	PUNCT
cblr-1706	801	1	while	while	SCONJ
cblr-1706	801	2	it	it	PRON
cblr-1706	801	3	is	be	AUX
cblr-1706	801	4	true	true	ADJ
cblr-1706	801	5	that	that	SCONJ
cblr-1706	801	6	consumers	consumer	NOUN
cblr-1706	801	7	can	can	AUX
cblr-1706	801	8	stop	stop	VERB
cblr-1706	801	9	consulting	consult	VERB
cblr-1706	801	10	consumer	consumer	NOUN
cblr-1706	801	11	reports	report	NOUN
cblr-1706	801	12	if	if	SCONJ
cblr-1706	801	13	they	they	PRON
cblr-1706	801	14	are	be	AUX
cblr-1706	801	15	dissatisfied	dissatisfied	ADJ
cblr-1706	801	16	,	,	PUNCT
cblr-1706	801	17	this	this	DET
cblr-1706	801	18	response	response	NOUN
cblr-1706	801	19	does	do	VERB
cblr-1706	801	20	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	801	21	746	746	NUM
cblr-1706	801	22	columbia	columbia	PROPN
cblr-1706	801	23	business	business	NOUN
cblr-1706	801	24	law	law	PROPN
cblr-1706	801	25	review	review	NOUN
cblr-1706	801	26	[	[	X
cblr-1706	801	27	vol	vol	NOUN
cblr-1706	801	28	.	.	NOUN
cblr-1706	801	29	2018	2018	NUM
cblr-1706	801	30	investors	investor	NOUN
cblr-1706	801	31	would	would	AUX
cblr-1706	801	32	have	have	VERB
cblr-1706	801	33	to	to	PART
cblr-1706	801	34	incur	incur	VERB
cblr-1706	801	35	to	to	PART
cblr-1706	801	36	verify	verify	VERB
cblr-1706	801	37	the	the	DET
cblr-1706	801	38	advice	advice	NOUN
cblr-1706	801	39	in	in	ADP
cblr-1706	801	40	most	most	ADJ
cblr-1706	801	41	settings	setting	NOUN
cblr-1706	801	42	would	would	AUX
cblr-1706	801	43	be	be	AUX
cblr-1706	801	44	prohibitive	prohibitive	ADJ
cblr-1706	801	45	.	.	PUNCT
cblr-1706	802	1	paying	pay	VERB
cblr-1706	802	2	brokers	broker	NOUN
cblr-1706	802	3	for	for	ADP
cblr-1706	802	4	(	(	PUNCT
cblr-1706	802	5	costly	costly	ADJ
cblr-1706	802	6	)	)	PUNCT
cblr-1706	802	7	advice	advice	NOUN
cblr-1706	802	8	only	only	ADV
cblr-1706	802	9	if	if	SCONJ
cblr-1706	802	10	they	they	PRON
cblr-1706	802	11	are	be	AUX
cblr-1706	802	12	willing	willing	ADJ
cblr-1706	802	13	to	to	PART
cblr-1706	802	14	incur	incur	VERB
cblr-1706	802	15	the	the	DET
cblr-1706	802	16	costs	cost	NOUN
cblr-1706	802	17	of	of	ADP
cblr-1706	802	18	executing	execute	VERB
cblr-1706	802	19	the	the	DET
cblr-1706	802	20	associated	associate	VERB
cblr-1706	802	21	trades	trade	NOUN
cblr-1706	802	22	is	be	AUX
cblr-1706	802	23	likely	likely	ADJ
cblr-1706	802	24	an	an	DET
cblr-1706	802	25	informative	informative	ADJ
cblr-1706	802	26	signal	signal	NOUN
cblr-1706	802	27	to	to	ADP
cblr-1706	802	28	brokerage	brokerage	NOUN
cblr-1706	802	29	clients	client	NOUN
cblr-1706	802	30	over	over	ADP
cblr-1706	802	31	the	the	DET
cblr-1706	802	32	course	course	NOUN
cblr-1706	802	33	of	of	ADP
cblr-1706	802	34	the	the	DET
cblr-1706	802	35	potentially	potentially	ADV
cblr-1706	802	36	long	long	ADJ
cblr-1706	802	37	-	-	PUNCT
cblr-1706	802	38	term	term	NOUN
cblr-1706	802	39	relationship	relationship	NOUN
cblr-1706	802	40	.	.	PUNCT
cblr-1706	803	1	since	since	SCONJ
cblr-1706	803	2	the	the	DET
cblr-1706	803	3	client	client	NOUN
cblr-1706	803	4	knows	know	VERB
cblr-1706	803	5	the	the	DET
cblr-1706	803	6	counterfactual	counterfactual	ADJ
cblr-1706	803	7	,	,	PUNCT
cblr-1706	803	8	it	it	PRON
cblr-1706	803	9	is	be	AUX
cblr-1706	803	10	fairly	fairly	ADV
cblr-1706	803	11	easy	easy	ADJ
cblr-1706	803	12	for	for	SCONJ
cblr-1706	803	13	the	the	DET
cblr-1706	803	14	marginal	marginal	ADJ
cblr-1706	803	15	investor	investor	NOUN
cblr-1706	803	16	to	to	PART
cblr-1706	803	17	assess	assess	VERB
cblr-1706	803	18	the	the	DET
cblr-1706	803	19	effect	effect	NOUN
cblr-1706	803	20	of	of	ADP
cblr-1706	803	21	the	the	DET
cblr-1706	803	22	brokerage	brokerage	NOUN
cblr-1706	803	23	commissions	commission	NOUN
cblr-1706	803	24	on	on	ADP
cblr-1706	803	25	investment	investment	NOUN
cblr-1706	803	26	returns	return	NOUN
cblr-1706	803	27	and	and	CCONJ
cblr-1706	803	28	to	to	PART
cblr-1706	803	29	adjust	adjust	VERB
cblr-1706	803	30	patronage	patronage	NOUN
cblr-1706	803	31	with	with	ADP
cblr-1706	803	32	the	the	DET
cblr-1706	803	33	broker	broker	NOUN
cblr-1706	803	34	accordingly	accordingly	ADV
cblr-1706	803	35	.	.	PUNCT
cblr-1706	804	1	the	the	DET
cblr-1706	804	2	prospect	prospect	NOUN
cblr-1706	804	3	of	of	ADP
cblr-1706	804	4	being	be	AUX
cblr-1706	804	5	terminated	terminate	VERB
cblr-1706	804	6	and	and	CCONJ
cblr-1706	804	7	losing	lose	VERB
cblr-1706	804	8	a	a	DET
cblr-1706	804	9	stream	stream	NOUN
cblr-1706	804	10	of	of	ADP
cblr-1706	804	11	premium	premium	ADJ
cblr-1706	804	12	commissions	commission	NOUN
cblr-1706	804	13	is	be	AUX
cblr-1706	804	14	an	an	DET
cblr-1706	804	15	effective	effective	ADJ
cblr-1706	804	16	way	way	NOUN
cblr-1706	804	17	to	to	PART
cblr-1706	804	18	bond	bond	VERB
cblr-1706	804	19	a	a	DET
cblr-1706	804	20	broker	broker	NOUN
cblr-1706	804	21	’s	’s	PART
cblr-1706	804	22	performance	performance	NOUN
cblr-1706	804	23	in	in	ADP
cblr-1706	804	24	the	the	DET
cblr-1706	804	25	provision	provision	NOUN
cblr-1706	804	26	of	of	ADP
cblr-1706	804	27	incidental	incidental	ADJ
cblr-1706	804	28	investment	investment	NOUN
cblr-1706	804	29	advice	advice	NOUN
cblr-1706	804	30	.	.	PUNCT
cblr-1706	805	1	as	as	ADP
cblr-1706	805	2	with	with	ADP
cblr-1706	805	3	load	load	NOUN
cblr-1706	805	4	fees	fee	NOUN
cblr-1706	805	5	,	,	PUNCT
cblr-1706	805	6	this	this	DET
cblr-1706	805	7	kind	kind	NOUN
cblr-1706	805	8	of	of	ADP
cblr-1706	805	9	free	free	ADJ
cblr-1706	805	10	riding	riding	NOUN
cblr-1706	805	11	reduces	reduce	VERB
cblr-1706	805	12	fullservice	fullservice	PROPN
cblr-1706	805	13	brokers	broker	NOUN
cblr-1706	805	14	’	'	PUNCT
cblr-1706	805	15	ability	ability	NOUN
cblr-1706	805	16	to	to	PART
cblr-1706	805	17	earn	earn	VERB
cblr-1706	805	18	a	a	DET
cblr-1706	805	19	return	return	NOUN
cblr-1706	805	20	on	on	ADP
cblr-1706	805	21	their	their	PRON
cblr-1706	805	22	investment	investment	NOUN
cblr-1706	805	23	in	in	ADP
cblr-1706	805	24	providing	provide	VERB
cblr-1706	805	25	incidental	incidental	ADJ
cblr-1706	805	26	advice	advice	NOUN
cblr-1706	805	27	,	,	PUNCT
cblr-1706	805	28	which	which	PRON
cblr-1706	805	29	some	some	DET
cblr-1706	805	30	investors	investor	NOUN
cblr-1706	805	31	value	value	VERB
cblr-1706	805	32	.	.	PUNCT
cblr-1706	806	1	under	under	ADP
cblr-1706	806	2	rbi	rbi	NOUN
cblr-1706	806	3	,	,	PUNCT
cblr-1706	806	4	many	many	ADJ
cblr-1706	806	5	of	of	ADP
cblr-1706	806	6	these	these	DET
cblr-1706	806	7	investors	investor	NOUN
cblr-1706	806	8	are	be	AUX
cblr-1706	806	9	likely	likely	ADJ
cblr-1706	806	10	to	to	PART
cblr-1706	806	11	find	find	VERB
cblr-1706	806	12	themselves	themselves	PRON
cblr-1706	806	13	without	without	ADP
cblr-1706	806	14	advice	advice	NOUN
cblr-1706	806	15	,	,	PUNCT
cblr-1706	806	16	paying	pay	VERB
cblr-1706	806	17	even	even	ADV
cblr-1706	806	18	higher	high	ADJ
cblr-1706	806	19	commissions	commission	NOUN
cblr-1706	806	20	,	,	PUNCT
cblr-1706	806	21	or	or	CCONJ
cblr-1706	806	22	pushed	push	VERB
cblr-1706	806	23	into	into	ADP
cblr-1706	806	24	an	an	DET
cblr-1706	806	25	otherwise	otherwise	ADV
cblr-1706	806	26	less	less	ADV
cblr-1706	806	27	-	-	PUNCT
cblr-1706	806	28	preferred	prefer	VERB
cblr-1706	806	29	form	form	NOUN
cblr-1706	806	30	of	of	ADP
cblr-1706	806	31	organization	organization	NOUN
cblr-1706	806	32	such	such	ADJ
cblr-1706	806	33	as	as	ADP
cblr-1706	806	34	an	an	DET
cblr-1706	806	35	advisory	advisory	ADJ
cblr-1706	806	36	account	account	NOUN
cblr-1706	806	37	that	that	PRON
cblr-1706	806	38	charges	charge	VERB
cblr-1706	806	39	recurring	recur	VERB
cblr-1706	806	40	fees	fee	NOUN
cblr-1706	806	41	.	.	PUNCT
cblr-1706	807	1	for	for	ADP
cblr-1706	807	2	small	small	ADJ
cblr-1706	807	3	account	account	NOUN
cblr-1706	807	4	holders	holder	NOUN
cblr-1706	807	5	who	who	PRON
cblr-1706	807	6	plan	plan	VERB
cblr-1706	807	7	to	to	PART
cblr-1706	807	8	trade	trade	VERB
cblr-1706	807	9	infrequently	infrequently	ADV
cblr-1706	807	10	,	,	PUNCT
cblr-1706	807	11	advisory	advisory	ADJ
cblr-1706	807	12	accounts	account	NOUN
cblr-1706	807	13	are	be	AUX
cblr-1706	807	14	expensive	expensive	ADJ
cblr-1706	807	15	,	,	PUNCT
cblr-1706	807	16	even	even	ADV
cblr-1706	807	17	relative	relative	ADJ
cblr-1706	807	18	to	to	ADP
cblr-1706	807	19	full	full	ADJ
cblr-1706	807	20	-	-	PUNCT
cblr-1706	807	21	service	service	NOUN
cblr-1706	807	22	brokerage	brokerage	NOUN
cblr-1706	807	23	accounts.172	accounts.172	NOUN
cblr-1706	807	24	one	one	NUM
cblr-1706	807	25	way	way	NOUN
cblr-1706	807	26	a	a	DET
cblr-1706	807	27	full	full	ADJ
cblr-1706	807	28	-	-	PUNCT
cblr-1706	807	29	service	service	NOUN
cblr-1706	807	30	broker	broker	NOUN
cblr-1706	807	31	might	might	AUX
cblr-1706	807	32	prevent	prevent	VERB
cblr-1706	807	33	clients	client	NOUN
cblr-1706	807	34	from	from	ADP
cblr-1706	807	35	free	free	ADJ
cblr-1706	807	36	riding	riding	NOUN
cblr-1706	807	37	is	be	AUX
cblr-1706	807	38	by	by	ADP
cblr-1706	807	39	convincing	convince	VERB
cblr-1706	807	40	them	they	PRON
cblr-1706	807	41	to	to	PART
cblr-1706	807	42	place	place	VERB
cblr-1706	807	43	their	their	PRON
cblr-1706	807	44	entire	entire	ADJ
cblr-1706	807	45	investment	investment	NOUN
cblr-1706	807	46	portfolio	portfolio	NOUN
cblr-1706	807	47	with	with	ADP
cblr-1706	807	48	him	he	PRON
cblr-1706	807	49	.	.	PUNCT
cblr-1706	808	1	unfortunately	unfortunately	ADV
cblr-1706	808	2	,	,	PUNCT
cblr-1706	808	3	the	the	DET
cblr-1706	808	4	transaction	transaction	NOUN
cblr-1706	808	5	costs	cost	VERB
cblr-1706	808	6	to	to	ADP
cblr-1706	808	7	the	the	DET
cblr-1706	808	8	broker	broker	NOUN
cblr-1706	808	9	of	of	ADP
cblr-1706	808	10	confirming	confirm	VERB
cblr-1706	808	11	this	this	PRON
cblr-1706	808	12	are	be	AUX
cblr-1706	808	13	extremely	extremely	ADV
cblr-1706	808	14	high	high	ADJ
cblr-1706	808	15	.	.	PUNCT
cblr-1706	809	1	brokers	broker	NOUN
cblr-1706	809	2	likely	likely	ADV
cblr-1706	809	3	address	address	VERB
cblr-1706	809	4	this	this	DET
cblr-1706	809	5	problem	problem	NOUN
cblr-1706	809	6	by	by	ADP
cblr-1706	809	7	giving	give	VERB
cblr-1706	809	8	clients	client	NOUN
cblr-1706	809	9	with	with	ADP
cblr-1706	809	10	larger	large	ADJ
cblr-1706	809	11	accounts	account	NOUN
cblr-1706	809	12	(	(	PUNCT
cblr-1706	809	13	a	a	DET
cblr-1706	809	14	crude	crude	ADJ
cblr-1706	809	15	proxy	proxy	NOUN
cblr-1706	809	16	for	for	ADP
cblr-1706	809	17	the	the	DET
cblr-1706	809	18	client	client	NOUN
cblr-1706	809	19	’s	’s	PART
cblr-1706	809	20	entire	entire	ADJ
cblr-1706	809	21	portfolio	portfolio	NOUN
cblr-1706	809	22	)	)	PUNCT
cblr-1706	809	23	preferential	preferential	ADJ
cblr-1706	809	24	access	access	NOUN
cblr-1706	809	25	to	to	ADP
cblr-1706	809	26	investment	investment	NOUN
cblr-1706	809	27	advice	advice	NOUN
cblr-1706	809	28	.	.	PUNCT
cblr-1706	810	1	surely	surely	ADV
cblr-1706	810	2	free	free	ADJ
cblr-1706	810	3	riding	riding	NOUN
cblr-1706	810	4	by	by	ADP
cblr-1706	810	5	retail	retail	ADJ
cblr-1706	810	6	brokerage	brokerage	NOUN
cblr-1706	810	7	clients	client	NOUN
cblr-1706	810	8	on	on	ADP
cblr-1706	810	9	their	their	PRON
cblr-1706	810	10	brokers	broker	NOUN
cblr-1706	810	11	’	'	PUNCT
cblr-1706	810	12	investment	investment	NOUN
cblr-1706	810	13	advice	advice	NOUN
cblr-1706	810	14	is	be	AUX
cblr-1706	810	15	relevant	relevant	ADJ
cblr-1706	810	16	to	to	ADP
cblr-1706	810	17	understanding	understand	VERB
cblr-1706	810	18	why	why	SCONJ
cblr-1706	810	19	the	the	DET
cblr-1706	810	20	rule	rule	NOUN
cblr-1706	810	21	of	of	ADP
cblr-1706	810	22	liability	liability	NOUN
cblr-1706	810	23	matters	matter	NOUN
cblr-1706	810	24	,	,	PUNCT
cblr-1706	810	25	and	and	CCONJ
cblr-1706	810	26	it	it	PRON
cblr-1706	810	27	is	be	AUX
cblr-1706	810	28	an	an	DET
cblr-1706	810	29	issue	issue	NOUN
cblr-1706	810	30	the	the	DET
cblr-1706	810	31	sec	sec	PROPN
cblr-1706	810	32	staff	staff	NOUN
cblr-1706	810	33	should	should	AUX
cblr-1706	810	34	address	address	VERB
cblr-1706	810	35	both	both	CCONJ
cblr-1706	810	36	theoretically	theoretically	ADV
cblr-1706	810	37	and	and	CCONJ
cblr-1706	810	38	empirically	empirically	ADV
cblr-1706	810	39	before	before	ADP
cblr-1706	810	40	imposing	impose	VERB
cblr-1706	810	41	a	a	DET
cblr-1706	810	42	mandatory	mandatory	ADJ
cblr-1706	810	43	best	good	ADJ
cblr-1706	810	44	interest	interest	NOUN
cblr-1706	810	45	standard	standard	NOUN
cblr-1706	810	46	.	.	PUNCT
cblr-1706	811	1	not	not	PART
cblr-1706	811	2	directly	directly	ADV
cblr-1706	811	3	tie	tie	VERB
cblr-1706	811	4	the	the	DET
cblr-1706	811	5	marginal	marginal	ADJ
cblr-1706	811	6	penalty	penalty	NOUN
cblr-1706	811	7	consumer	consumer	NOUN
cblr-1706	811	8	reports	report	NOUN
cblr-1706	811	9	suffers	suffer	VERB
cblr-1706	811	10	to	to	ADP
cblr-1706	811	11	specific	specific	ADJ
cblr-1706	811	12	incorrect	incorrect	ADJ
cblr-1706	811	13	advice	advice	NOUN
cblr-1706	811	14	.	.	PUNCT
cblr-1706	812	1	172	172	NUM
cblr-1706	812	2	see	see	VERB
cblr-1706	812	3	u.s	u.s	PROPN
cblr-1706	812	4	.	.	PROPN
cblr-1706	812	5	chamber	chamber	PROPN
cblr-1706	812	6	of	of	ADP
cblr-1706	812	7	commerce	commerce	PROPN
cblr-1706	812	8	,	,	PUNCT
cblr-1706	812	9	fiduciary	fiduciary	ADJ
cblr-1706	812	10	rule	rule	NOUN
cblr-1706	812	11	:	:	PUNCT
cblr-1706	812	12	initial	initial	ADJ
cblr-1706	812	13	impact	impact	NOUN
cblr-1706	812	14	analysis	analysis	NOUN
cblr-1706	812	15	,	,	PUNCT
cblr-1706	812	16	8	8	NUM
cblr-1706	812	17	,	,	PUNCT
cblr-1706	812	18	11	11	NUM
cblr-1706	812	19	(	(	PUNCT
cblr-1706	812	20	2017	2017	NUM
cblr-1706	812	21	)	)	PUNCT
cblr-1706	812	22	.	.	PUNCT
cblr-1706	813	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	813	2	no	no	NOUN
cblr-1706	813	3	.	.	PUNCT
cblr-1706	814	1	3:695	3:695	NUM
cblr-1706	814	2	]	]	X
cblr-1706	814	3	a	a	DET
cblr-1706	814	4	transaction	transaction	NOUN
cblr-1706	814	5	cost	cost	NOUN
cblr-1706	814	6	assessment	assessment	NOUN
cblr-1706	814	7	747	747	NUM
cblr-1706	814	8	pressed	press	VERB
cblr-1706	814	9	to	to	ADP
cblr-1706	814	10	its	its	PRON
cblr-1706	814	11	logical	logical	ADJ
cblr-1706	814	12	limit	limit	NOUN
cblr-1706	814	13	,	,	PUNCT
cblr-1706	814	14	rbi	rbi	NOUN
cblr-1706	814	15	could	could	AUX
cblr-1706	814	16	injure	injure	VERB
cblr-1706	814	17	investors	investor	NOUN
cblr-1706	814	18	rather	rather	ADV
cblr-1706	814	19	than	than	ADP
cblr-1706	814	20	protect	protect	VERB
cblr-1706	814	21	them	they	PRON
cblr-1706	814	22	.	.	PUNCT
cblr-1706	815	1	as	as	ADP
cblr-1706	815	2	with	with	ADP
cblr-1706	815	3	the	the	DET
cblr-1706	815	4	“	"	PUNCT
cblr-1706	815	5	highest	high	ADJ
cblr-1706	815	6	possible	possible	ADJ
cblr-1706	815	7	price	price	NOUN
cblr-1706	815	8	”	"	PUNCT
cblr-1706	815	9	rule	rule	NOUN
cblr-1706	815	10	,	,	PUNCT
cblr-1706	815	11	the	the	DET
cblr-1706	815	12	best	good	ADJ
cblr-1706	815	13	interest	interest	NOUN
cblr-1706	815	14	standard	standard	NOUN
cblr-1706	815	15	seems	seem	VERB
cblr-1706	815	16	to	to	PART
cblr-1706	815	17	suggest	suggest	VERB
cblr-1706	815	18	that	that	SCONJ
cblr-1706	815	19	brokers	broker	NOUN
cblr-1706	815	20	must	must	AUX
cblr-1706	815	21	forgo	forgo	VERB
cblr-1706	815	22	a	a	DET
cblr-1706	815	23	dollar	dollar	NOUN
cblr-1706	815	24	of	of	ADP
cblr-1706	815	25	compensation	compensation	NOUN
cblr-1706	815	26	to	to	PART
cblr-1706	815	27	yield	yield	VERB
cblr-1706	815	28	their	their	PRON
cblr-1706	815	29	client	client	NOUN
cblr-1706	815	30	less	less	ADJ
cblr-1706	815	31	than	than	ADP
cblr-1706	815	32	a	a	DET
cblr-1706	815	33	dollar	dollar	NOUN
cblr-1706	815	34	of	of	ADP
cblr-1706	815	35	expected	expect	VERB
cblr-1706	815	36	investment	investment	NOUN
cblr-1706	815	37	returns	return	NOUN
cblr-1706	815	38	.	.	PUNCT
cblr-1706	816	1	if	if	SCONJ
cblr-1706	816	2	taken	take	VERB
cblr-1706	816	3	literally	literally	ADV
cblr-1706	816	4	,	,	PUNCT
cblr-1706	816	5	it	it	PRON
cblr-1706	816	6	could	could	AUX
cblr-1706	816	7	be	be	AUX
cblr-1706	816	8	interpreted	interpret	VERB
cblr-1706	816	9	to	to	PART
cblr-1706	816	10	require	require	VERB
cblr-1706	816	11	brokers	broker	NOUN
cblr-1706	816	12	to	to	PART
cblr-1706	816	13	work	work	VERB
cblr-1706	816	14	free	free	ADJ
cblr-1706	816	15	of	of	ADP
cblr-1706	816	16	charge	charge	NOUN
cblr-1706	816	17	.	.	PUNCT
cblr-1706	817	1	once	once	ADV
cblr-1706	817	2	having	having	AUX
cblr-1706	817	3	provided	provide	VERB
cblr-1706	817	4	a	a	DET
cblr-1706	817	5	client	client	NOUN
cblr-1706	817	6	with	with	ADP
cblr-1706	817	7	investment	investment	NOUN
cblr-1706	817	8	advice	advice	NOUN
cblr-1706	817	9	,	,	PUNCT
cblr-1706	817	10	for	for	ADP
cblr-1706	817	11	example	example	NOUN
cblr-1706	817	12	,	,	PUNCT
cblr-1706	817	13	the	the	DET
cblr-1706	817	14	strict	strict	ADJ
cblr-1706	817	15	logic	logic	NOUN
cblr-1706	817	16	of	of	ADP
cblr-1706	817	17	the	the	DET
cblr-1706	817	18	best	good	ADJ
cblr-1706	817	19	interest	interest	NOUN
cblr-1706	817	20	rule	rule	NOUN
cblr-1706	817	21	could	could	AUX
cblr-1706	817	22	be	be	AUX
cblr-1706	817	23	construed	construe	VERB
cblr-1706	817	24	to	to	PART
cblr-1706	817	25	require	require	VERB
cblr-1706	817	26	brokers	broker	NOUN
cblr-1706	817	27	to	to	PART
cblr-1706	817	28	advise	advise	VERB
cblr-1706	817	29	their	their	PRON
cblr-1706	817	30	clients	client	NOUN
cblr-1706	817	31	to	to	PART
cblr-1706	817	32	open	open	VERB
cblr-1706	817	33	a	a	DET
cblr-1706	817	34	discount	discount	NOUN
cblr-1706	817	35	brokerage	brokerage	NOUN
cblr-1706	817	36	account	account	NOUN
cblr-1706	817	37	and	and	CCONJ
cblr-1706	817	38	to	to	PART
cblr-1706	817	39	make	make	VERB
cblr-1706	817	40	the	the	DET
cblr-1706	817	41	associated	associated	ADJ
cblr-1706	817	42	trades	trade	NOUN
cblr-1706	817	43	through	through	ADP
cblr-1706	817	44	that	that	DET
cblr-1706	817	45	account	account	NOUN
cblr-1706	817	46	.	.	PUNCT
cblr-1706	818	1	this	this	PRON
cblr-1706	818	2	is	be	AUX
cblr-1706	818	3	unsustainable	unsustainable	ADJ
cblr-1706	818	4	,	,	PUNCT
cblr-1706	818	5	but	but	CCONJ
cblr-1706	818	6	at	at	ADP
cblr-1706	818	7	least	least	ADJ
cblr-1706	818	8	in	in	ADP
cblr-1706	818	9	the	the	DET
cblr-1706	818	10	short	short	ADJ
cblr-1706	818	11	-	-	PUNCT
cblr-1706	818	12	term	term	NOUN
cblr-1706	818	13	it	it	PRON
cblr-1706	818	14	is	be	AUX
cblr-1706	818	15	clearly	clearly	ADV
cblr-1706	818	16	in	in	ADP
cblr-1706	818	17	the	the	DET
cblr-1706	818	18	client	client	NOUN
cblr-1706	818	19	’s	’s	PART
cblr-1706	818	20	best	good	ADJ
cblr-1706	818	21	interest	interest	NOUN
cblr-1706	818	22	.	.	PUNCT
cblr-1706	819	1	in	in	ADP
cblr-1706	819	2	the	the	DET
cblr-1706	819	3	long	long	ADJ
cblr-1706	819	4	term	term	NOUN
cblr-1706	819	5	,	,	PUNCT
cblr-1706	819	6	clients	client	NOUN
cblr-1706	819	7	must	must	AUX
cblr-1706	819	8	bear	bear	VERB
cblr-1706	819	9	the	the	DET
cblr-1706	819	10	cost	cost	NOUN
cblr-1706	819	11	of	of	ADP
cblr-1706	819	12	being	be	AUX
cblr-1706	819	13	informed	inform	VERB
cblr-1706	819	14	if	if	SCONJ
cblr-1706	819	15	a	a	DET
cblr-1706	819	16	degenerate	degenerate	ADJ
cblr-1706	819	17	equilibrium	equilibrium	NOUN
cblr-1706	819	18	is	be	AUX
cblr-1706	819	19	to	to	PART
cblr-1706	819	20	be	be	AUX
cblr-1706	819	21	avoided	avoid	VERB
cblr-1706	819	22	.	.	PUNCT
cblr-1706	820	1	the	the	DET
cblr-1706	820	2	proposing	propose	VERB
cblr-1706	820	3	release	release	NOUN
cblr-1706	820	4	provides	provide	VERB
cblr-1706	820	5	no	no	DET
cblr-1706	820	6	explanation	explanation	NOUN
cblr-1706	820	7	about	about	ADP
cblr-1706	820	8	how	how	SCONJ
cblr-1706	820	9	the	the	DET
cblr-1706	820	10	best	good	ADJ
cblr-1706	820	11	interest	interest	NOUN
cblr-1706	820	12	rule	rule	NOUN
cblr-1706	820	13	would	would	AUX
cblr-1706	820	14	distinguish	distinguish	VERB
cblr-1706	820	15	between	between	ADP
cblr-1706	820	16	a	a	DET
cblr-1706	820	17	given	give	VERB
cblr-1706	820	18	client	client	NOUN
cblr-1706	820	19	’s	’s	PART
cblr-1706	820	20	short	short	ADJ
cblr-1706	820	21	-	-	PUNCT
cblr-1706	820	22	term	term	NOUN
cblr-1706	820	23	best	good	ADJ
cblr-1706	820	24	interest	interest	NOUN
cblr-1706	820	25	and	and	CCONJ
cblr-1706	820	26	the	the	DET
cblr-1706	820	27	long	long	ADJ
cblr-1706	820	28	-	-	PUNCT
cblr-1706	820	29	term	term	NOUN
cblr-1706	820	30	best	good	ADJ
cblr-1706	820	31	interest	interest	NOUN
cblr-1706	820	32	of	of	ADP
cblr-1706	820	33	the	the	DET
cblr-1706	820	34	market	market	NOUN
cblr-1706	820	35	of	of	ADP
cblr-1706	820	36	current	current	ADJ
cblr-1706	820	37	and	and	CCONJ
cblr-1706	820	38	potential	potential	ADJ
cblr-1706	820	39	brokerage	brokerage	NOUN
cblr-1706	820	40	clients	client	NOUN
cblr-1706	820	41	.	.	PUNCT
cblr-1706	821	1	the	the	DET
cblr-1706	821	2	suitability	suitability	NOUN
cblr-1706	821	3	standard	standard	NOUN
cblr-1706	821	4	suffers	suffer	VERB
cblr-1706	821	5	no	no	DET
cblr-1706	821	6	such	such	ADJ
cblr-1706	821	7	paradox	paradox	NOUN
cblr-1706	821	8	.	.	PUNCT
cblr-1706	822	1	the	the	DET
cblr-1706	822	2	likely	likely	ADJ
cblr-1706	822	3	response	response	NOUN
cblr-1706	822	4	,	,	PUNCT
cblr-1706	822	5	consistent	consistent	ADJ
cblr-1706	822	6	with	with	ADP
cblr-1706	822	7	both	both	CCONJ
cblr-1706	822	8	the	the	DET
cblr-1706	822	9	sec	sec	PROPN
cblr-1706	822	10	’s	’s	PART
cblr-1706	822	11	abandonment	abandonment	NOUN
cblr-1706	822	12	of	of	ADP
cblr-1706	822	13	the	the	DET
cblr-1706	822	14	strict	strict	ADJ
cblr-1706	822	15	highest	high	ADJ
cblr-1706	822	16	-	-	PUNCT
cblr-1706	822	17	possible	possible	ADJ
cblr-1706	822	18	-	-	PUNCT
cblr-1706	822	19	price	price	NOUN
cblr-1706	822	20	rule	rule	NOUN
cblr-1706	822	21	and	and	CCONJ
cblr-1706	822	22	current	current	ADJ
cblr-1706	822	23	case	case	NOUN
cblr-1706	822	24	law	law	NOUN
cblr-1706	822	25	under	under	ADP
cblr-1706	822	26	the	the	DET
cblr-1706	822	27	suitability	suitability	NOUN
cblr-1706	822	28	standard	standard	NOUN
cblr-1706	822	29	,	,	PUNCT
cblr-1706	822	30	is	be	AUX
cblr-1706	822	31	that	that	SCONJ
cblr-1706	822	32	under	under	ADP
cblr-1706	822	33	the	the	DET
cblr-1706	822	34	best	good	ADJ
cblr-1706	822	35	interest	interest	NOUN
cblr-1706	822	36	standard	standard	ADJ
cblr-1706	822	37	brokers	broker	NOUN
cblr-1706	822	38	be	be	AUX
cblr-1706	822	39	permitted	permit	VERB
cblr-1706	822	40	to	to	PART
cblr-1706	822	41	earn	earn	VERB
cblr-1706	822	42	“	"	PUNCT
cblr-1706	822	43	reasonable	reasonable	ADJ
cblr-1706	822	44	”	"	PUNCT
cblr-1706	822	45	compensation.173	compensation.173	NOUN
cblr-1706	822	46	but	but	CCONJ
cblr-1706	822	47	if	if	SCONJ
cblr-1706	822	48	so	so	ADV
cblr-1706	822	49	,	,	PUNCT
cblr-1706	822	50	how	how	SCONJ
cblr-1706	822	51	does	do	AUX
cblr-1706	822	52	the	the	DET
cblr-1706	822	53	best	good	ADJ
cblr-1706	822	54	interest	interest	NOUN
cblr-1706	822	55	standard	standard	NOUN
cblr-1706	822	56	improve	improve	VERB
cblr-1706	822	57	on	on	ADP
cblr-1706	822	58	the	the	DET
cblr-1706	822	59	suitability	suitability	NOUN
cblr-1706	822	60	standard	standard	NOUN
cblr-1706	822	61	?	?	PUNCT
cblr-1706	823	1	rather	rather	ADV
cblr-1706	823	2	than	than	ADP
cblr-1706	823	3	being	be	AUX
cblr-1706	823	4	an	an	DET
cblr-1706	823	5	improvement	improvement	NOUN
cblr-1706	823	6	,	,	PUNCT
cblr-1706	823	7	it	it	PRON
cblr-1706	823	8	appears	appear	VERB
cblr-1706	823	9	to	to	PART
cblr-1706	823	10	inject	inject	VERB
cblr-1706	823	11	substantial	substantial	ADJ
cblr-1706	823	12	uncertainty	uncertainty	NOUN
cblr-1706	823	13	into	into	ADP
cblr-1706	823	14	the	the	DET
cblr-1706	823	15	retail	retail	ADJ
cblr-1706	823	16	broker	broker	NOUN
cblr-1706	823	17	-	-	PUNCT
cblr-1706	823	18	client	client	NOUN
cblr-1706	823	19	relationship	relationship	NOUN
cblr-1706	823	20	.	.	PUNCT
cblr-1706	824	1	the	the	DET
cblr-1706	824	2	assumption	assumption	NOUN
cblr-1706	824	3	imbedded	imbed	VERB
cblr-1706	824	4	in	in	ADP
cblr-1706	824	5	rbi	rbi	NOUN
cblr-1706	824	6	is	be	AUX
cblr-1706	824	7	that	that	SCONJ
cblr-1706	824	8	the	the	DET
cblr-1706	824	9	parties	party	NOUN
cblr-1706	824	10	are	be	AUX
cblr-1706	824	11	competing	compete	VERB
cblr-1706	824	12	for	for	ADP
cblr-1706	824	13	a	a	DET
cblr-1706	824	14	fixed	fix	VERB
cblr-1706	824	15	pie	pie	NOUN
cblr-1706	824	16	,	,	PUNCT
cblr-1706	824	17	and	and	CCONJ
cblr-1706	824	18	that	that	SCONJ
cblr-1706	824	19	any	any	DET
cblr-1706	824	20	value	value	NOUN
cblr-1706	824	21	the	the	DET
cblr-1706	824	22	broker	broker	NOUN
cblr-1706	824	23	captures	capture	NOUN
cblr-1706	824	24	must	must	AUX
cblr-1706	824	25	therefore	therefore	ADV
cblr-1706	824	26	come	come	VERB
cblr-1706	824	27	at	at	ADP
cblr-1706	824	28	his	his	PRON
cblr-1706	824	29	or	or	CCONJ
cblr-1706	824	30	her	her	PRON
cblr-1706	824	31	clients	client	NOUN
cblr-1706	824	32	’	’	PART
cblr-1706	824	33	expense	expense	NOUN
cblr-1706	824	34	.	.	PUNCT
cblr-1706	825	1	this	this	DET
cblr-1706	825	2	stance	stance	NOUN
cblr-1706	825	3	fails	fail	VERB
cblr-1706	825	4	to	to	PART
cblr-1706	825	5	come	come	VERB
cblr-1706	825	6	to	to	ADP
cblr-1706	825	7	grips	grip	NOUN
cblr-1706	825	8	with	with	ADP
cblr-1706	825	9	economic	economic	ADJ
cblr-1706	825	10	reality	reality	NOUN
cblr-1706	825	11	.	.	PUNCT
cblr-1706	826	1	investment	investment	NOUN
cblr-1706	826	2	advice	advice	NOUN
cblr-1706	826	3	generates	generate	VERB
cblr-1706	826	4	benefits	benefit	NOUN
cblr-1706	826	5	for	for	ADP
cblr-1706	826	6	clients	client	NOUN
cblr-1706	826	7	but	but	CCONJ
cblr-1706	826	8	requires	require	VERB
cblr-1706	826	9	the	the	DET
cblr-1706	826	10	parties	party	NOUN
cblr-1706	826	11	to	to	PART
cblr-1706	826	12	balance	balance	VERB
cblr-1706	826	13	delicate	delicate	ADJ
cblr-1706	826	14	trade	trade	NOUN
cblr-1706	826	15	-	-	PUNCT
cblr-1706	826	16	offs	off	NOUN
cblr-1706	826	17	if	if	SCONJ
cblr-1706	826	18	they	they	PRON
cblr-1706	826	19	are	be	AUX
cblr-1706	826	20	to	to	PART
cblr-1706	826	21	expand	expand	VERB
cblr-1706	826	22	the	the	DET
cblr-1706	826	23	pie	pie	NOUN
cblr-1706	826	24	.	.	PUNCT
cblr-1706	827	1	since	since	SCONJ
cblr-1706	827	2	the	the	DET
cblr-1706	827	3	broker	broker	NOUN
cblr-1706	827	4	receives	receive	VERB
cblr-1706	827	5	only	only	ADV
cblr-1706	827	6	a	a	DET
cblr-1706	827	7	tiny	tiny	ADJ
cblr-1706	827	8	fraction	fraction	NOUN
cblr-1706	827	9	173	173	NUM
cblr-1706	827	10	see	see	VERB
cblr-1706	827	11	,	,	PUNCT
cblr-1706	827	12	e.g.	e.g.	ADV
cblr-1706	827	13	,	,	PUNCT
cblr-1706	827	14	finra	finra	NOUN
cblr-1706	827	15	,	,	PUNCT
cblr-1706	827	16	rule	rule	VERB
cblr-1706	827	17	2121	2121	NUM
cblr-1706	827	18	(	(	PUNCT
cblr-1706	827	19	2014	2014	NUM
cblr-1706	827	20	)	)	PUNCT
cblr-1706	827	21	;	;	PUNCT
cblr-1706	827	22	finra	finra	NOUN
cblr-1706	827	23	,	,	PUNCT
cblr-1706	827	24	rule	rule	VERB
cblr-1706	827	25	2122	2122	NUM
cblr-1706	827	26	(	(	PUNCT
cblr-1706	827	27	2014	2014	NUM
cblr-1706	827	28	)	)	PUNCT
cblr-1706	827	29	;	;	PUNCT
cblr-1706	827	30	finra	finra	NOUN
cblr-1706	827	31	,	,	PUNCT
cblr-1706	827	32	rule	rule	VERB
cblr-1706	827	33	2341	2341	NUM
cblr-1706	827	34	(	(	PUNCT
cblr-1706	827	35	2017	2017	NUM
cblr-1706	827	36	)	)	PUNCT
cblr-1706	827	37	;	;	PUNCT
cblr-1706	827	38	see	see	VERB
cblr-1706	827	39	also	also	ADV
cblr-1706	827	40	15	15	NUM
cblr-1706	827	41	u.s.c	u.s.c	ADJ
cblr-1706	827	42	.	.	PUNCT
cblr-1706	828	1	§	§	PROPN
cblr-1706	828	2	78j	78j	NUM
cblr-1706	828	3	(	(	PUNCT
cblr-1706	828	4	2012	2012	NUM
cblr-1706	828	5	)	)	PUNCT
cblr-1706	828	6	;	;	PUNCT
cblr-1706	828	7	15	15	NUM
cblr-1706	828	8	u.s.c	u.s.c	NOUN
cblr-1706	828	9	.	.	PUNCT
cblr-1706	829	1	§	§	PROPN
cblr-1706	829	2	78o	78o	NUM
cblr-1706	829	3	(	(	PUNCT
cblr-1706	829	4	2012	2012	NUM
cblr-1706	829	5	)	)	PUNCT
cblr-1706	829	6	.	.	PUNCT
cblr-1706	830	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	830	2	748	748	NUM
cblr-1706	830	3	columbia	columbia	PROPN
cblr-1706	830	4	business	business	NOUN
cblr-1706	830	5	law	law	PROPN
cblr-1706	830	6	review	review	NOUN
cblr-1706	830	7	[	[	X
cblr-1706	830	8	vol	vol	NOUN
cblr-1706	830	9	.	.	NOUN
cblr-1706	830	10	2018	2018	NUM
cblr-1706	830	11	of	of	ADP
cblr-1706	830	12	any	any	DET
cblr-1706	830	13	benefits	benefit	NOUN
cblr-1706	830	14	he	he	PRON
cblr-1706	830	15	or	or	CCONJ
cblr-1706	830	16	she	she	PRON
cblr-1706	830	17	generates	generate	VERB
cblr-1706	830	18	for	for	ADP
cblr-1706	830	19	clients	client	NOUN
cblr-1706	830	20	,	,	PUNCT
cblr-1706	830	21	the	the	DET
cblr-1706	830	22	“	"	PUNCT
cblr-1706	830	23	problem	problem	NOUN
cblr-1706	830	24	,	,	PUNCT
cblr-1706	830	25	”	"	PUNCT
cblr-1706	830	26	if	if	SCONJ
cblr-1706	830	27	one	one	PRON
cblr-1706	830	28	exists	exist	VERB
cblr-1706	830	29	at	at	ADV
cblr-1706	830	30	all	all	ADV
cblr-1706	830	31	,	,	PUNCT
cblr-1706	830	32	is	be	AUX
cblr-1706	830	33	that	that	SCONJ
cblr-1706	830	34	the	the	DET
cblr-1706	830	35	broker	broker	NOUN
cblr-1706	830	36	will	will	AUX
cblr-1706	830	37	have	have	VERB
cblr-1706	830	38	too	too	ADV
cblr-1706	830	39	little	little	ADJ
cblr-1706	830	40	incentive	incentive	NOUN
cblr-1706	830	41	to	to	PART
cblr-1706	830	42	make	make	VERB
cblr-1706	830	43	informed	informed	ADJ
cblr-1706	830	44	recommendations	recommendation	NOUN
cblr-1706	830	45	.	.	PUNCT
cblr-1706	831	1	there	there	PRON
cblr-1706	831	2	is	be	VERB
cblr-1706	831	3	nothing	nothing	PRON
cblr-1706	831	4	troubling	troubling	ADJ
cblr-1706	831	5	about	about	ADP
cblr-1706	831	6	brokers	broker	NOUN
cblr-1706	831	7	charging	charge	VERB
cblr-1706	831	8	clients	client	NOUN
cblr-1706	831	9	for	for	ADP
cblr-1706	831	10	advice	advice	NOUN
cblr-1706	831	11	if	if	SCONJ
cblr-1706	831	12	doing	do	VERB
cblr-1706	831	13	so	so	ADV
cblr-1706	831	14	increases	increase	VERB
cblr-1706	831	15	their	their	PRON
cblr-1706	831	16	account	account	NOUN
cblr-1706	831	17	values	value	NOUN
cblr-1706	831	18	net	net	NOUN
cblr-1706	831	19	of	of	ADP
cblr-1706	831	20	commissions	commission	NOUN
cblr-1706	831	21	and	and	CCONJ
cblr-1706	831	22	other	other	ADJ
cblr-1706	831	23	fees	fee	NOUN
cblr-1706	831	24	.	.	PUNCT
cblr-1706	832	1	but	but	CCONJ
cblr-1706	832	2	in	in	ADP
cblr-1706	832	3	noisy	noisy	ADJ
cblr-1706	832	4	securities	security	NOUN
cblr-1706	832	5	markets	market	NOUN
cblr-1706	832	6	,	,	PUNCT
cblr-1706	832	7	advice	advice	NOUN
cblr-1706	832	8	expected	expect	VERB
cblr-1706	832	9	to	to	PART
cblr-1706	832	10	be	be	AUX
cblr-1706	832	11	profitable	profitable	ADJ
cblr-1706	832	12	ex	ex	X
cblr-1706	832	13	ante	ante	NOUN
cblr-1706	832	14	can	can	AUX
cblr-1706	832	15	look	look	VERB
cblr-1706	832	16	like	like	ADP
cblr-1706	832	17	bad	bad	ADJ
cblr-1706	832	18	or	or	CCONJ
cblr-1706	832	19	tainted	taint	VERB
cblr-1706	832	20	advice	advice	NOUN
cblr-1706	832	21	ex	ex	X
cblr-1706	832	22	post	post	NOUN
cblr-1706	832	23	.	.	PUNCT
cblr-1706	832	24	by	by	ADP
cblr-1706	832	25	establishing	establish	VERB
cblr-1706	832	26	an	an	DET
cblr-1706	832	27	objective	objective	ADJ
cblr-1706	832	28	and	and	CCONJ
cblr-1706	832	29	contemporaneous	contemporaneous	ADJ
cblr-1706	832	30	basis	basis	NOUN
cblr-1706	832	31	for	for	ADP
cblr-1706	832	32	broker	broker	NOUN
cblr-1706	832	33	liability	liability	NOUN
cblr-1706	832	34	,	,	PUNCT
cblr-1706	832	35	however	however	ADV
cblr-1706	832	36	imperfect	imperfect	ADJ
cblr-1706	832	37	,	,	PUNCT
cblr-1706	832	38	the	the	DET
cblr-1706	832	39	suitability	suitability	NOUN
cblr-1706	832	40	rule	rule	NOUN
cblr-1706	832	41	guards	guard	NOUN
cblr-1706	832	42	against	against	ADP
cblr-1706	832	43	hindsight	hindsight	ADJ
cblr-1706	832	44	bias	bias	NOUN
cblr-1706	832	45	that	that	PRON
cblr-1706	832	46	could	could	AUX
cblr-1706	832	47	have	have	VERB
cblr-1706	832	48	a	a	DET
cblr-1706	832	49	chilling	chilling	ADJ
cblr-1706	832	50	effect	effect	NOUN
cblr-1706	832	51	on	on	ADP
cblr-1706	832	52	brokers	broker	NOUN
cblr-1706	832	53	’	'	PUNCT
cblr-1706	832	54	willingness	willingness	NOUN
cblr-1706	832	55	to	to	PART
cblr-1706	832	56	make	make	VERB
cblr-1706	832	57	any	any	DET
cblr-1706	832	58	recommendation	recommendation	NOUN
cblr-1706	832	59	at	at	ADV
cblr-1706	832	60	all	all	ADV
cblr-1706	832	61	.	.	PUNCT
cblr-1706	833	1	the	the	DET
cblr-1706	833	2	rbi	rbi	NOUN
cblr-1706	833	3	proposing	propose	VERB
cblr-1706	833	4	release	release	NOUN
cblr-1706	833	5	attempts	attempt	NOUN
cblr-1706	833	6	to	to	PART
cblr-1706	833	7	address	address	VERB
cblr-1706	833	8	this	this	DET
cblr-1706	833	9	problem	problem	NOUN
cblr-1706	833	10	by	by	ADP
cblr-1706	833	11	specifying	specify	VERB
cblr-1706	833	12	that	that	SCONJ
cblr-1706	833	13	the	the	DET
cblr-1706	833	14	best	good	ADJ
cblr-1706	833	15	interest	interest	NOUN
cblr-1706	833	16	obligation	obligation	NOUN
cblr-1706	833	17	arises	arise	VERB
cblr-1706	833	18	at	at	ADP
cblr-1706	833	19	the	the	DET
cblr-1706	833	20	moment	moment	NOUN
cblr-1706	833	21	the	the	DET
cblr-1706	833	22	broker	broker	NOUN
cblr-1706	833	23	gives	give	VERB
cblr-1706	833	24	the	the	DET
cblr-1706	833	25	advice.174	advice.174	PROPN
cblr-1706	833	26	the	the	DET
cblr-1706	833	27	release	release	NOUN
cblr-1706	833	28	fails	fail	VERB
cblr-1706	833	29	to	to	PART
cblr-1706	833	30	explain	explain	VERB
cblr-1706	833	31	why	why	SCONJ
cblr-1706	833	32	the	the	DET
cblr-1706	833	33	benefits	benefit	NOUN
cblr-1706	833	34	of	of	ADP
cblr-1706	833	35	the	the	DET
cblr-1706	833	36	best	good	ADJ
cblr-1706	833	37	interest	interest	NOUN
cblr-1706	833	38	standard	standard	PROPN
cblr-1706	833	39	outweigh	outweigh	VERB
cblr-1706	833	40	what	what	PRON
cblr-1706	833	41	could	could	AUX
cblr-1706	833	42	be	be	AUX
cblr-1706	833	43	enormous	enormous	ADJ
cblr-1706	833	44	costs	cost	NOUN
cblr-1706	833	45	from	from	ADP
cblr-1706	833	46	legal	legal	ADJ
cblr-1706	833	47	uncertainty	uncertainty	NOUN
cblr-1706	833	48	owing	owe	VERB
cblr-1706	833	49	to	to	ADP
cblr-1706	833	50	hindsight	hindsight	ADJ
cblr-1706	833	51	bias.175	bias.175	NOUN
cblr-1706	833	52	indeed	indeed	ADV
cblr-1706	833	53	,	,	PUNCT
cblr-1706	833	54	it	it	PRON
cblr-1706	833	55	is	be	AUX
cblr-1706	833	56	completely	completely	ADV
cblr-1706	833	57	silent	silent	ADJ
cblr-1706	833	58	on	on	ADP
cblr-1706	833	59	this	this	DET
cblr-1706	833	60	issue	issue	NOUN
cblr-1706	833	61	.	.	PUNCT
cblr-1706	834	1	absent	absent	ADJ
cblr-1706	834	2	clear	clear	ADJ
cblr-1706	834	3	evidence	evidence	NOUN
cblr-1706	834	4	of	of	ADP
cblr-1706	834	5	self	self	NOUN
cblr-1706	834	6	-	-	PUNCT
cblr-1706	834	7	dealing	deal	VERB
cblr-1706	834	8	,	,	PUNCT
cblr-1706	834	9	common	common	ADJ
cblr-1706	834	10	law	law	NOUN
cblr-1706	834	11	courts	court	NOUN
cblr-1706	834	12	are	be	AUX
cblr-1706	834	13	unlikely	unlikely	ADJ
cblr-1706	834	14	to	to	PART
cblr-1706	834	15	hold	hold	VERB
cblr-1706	834	16	a	a	DET
cblr-1706	834	17	securities	security	NOUN
cblr-1706	834	18	broker	broker	NOUN
cblr-1706	834	19	liable	liable	ADJ
cblr-1706	834	20	for	for	ADP
cblr-1706	834	21	selling	sell	VERB
cblr-1706	834	22	a	a	DET
cblr-1706	834	23	client	client	NOUN
cblr-1706	834	24	a	a	DET
cblr-1706	834	25	popular	popular	ADJ
cblr-1706	834	26	financial	financial	ADJ
cblr-1706	834	27	product	product	NOUN
cblr-1706	834	28	,	,	PUNCT
cblr-1706	834	29	such	such	ADJ
cblr-1706	834	30	as	as	ADP
cblr-1706	834	31	load	load	NOUN
cblr-1706	834	32	fund	fund	NOUN
cblr-1706	834	33	shares	share	NOUN
cblr-1706	834	34	that	that	PRON
cblr-1706	834	35	compete	compete	VERB
cblr-1706	834	36	head	head	NOUN
cblr-1706	834	37	-	-	PUNCT
cblr-1706	834	38	to	to	ADP
cblr-1706	834	39	-	-	PUNCT
cblr-1706	834	40	head	head	NOUN
cblr-1706	834	41	against	against	ADP
cblr-1706	834	42	no	no	DET
cblr-1706	834	43	-	-	PUNCT
cblr-1706	834	44	load	load	NOUN
cblr-1706	834	45	shares	share	NOUN
cblr-1706	834	46	or	or	CCONJ
cblr-1706	834	47	for	for	ADP
cblr-1706	834	48	accepting	accept	VERB
cblr-1706	834	49	payments	payment	NOUN
cblr-1706	834	50	from	from	ADP
cblr-1706	834	51	proprietary	proprietary	ADJ
cblr-1706	834	52	mutual	mutual	ADJ
cblr-1706	834	53	fund	fund	NOUN
cblr-1706	834	54	providers	provider	NOUN
cblr-1706	834	55	in	in	ADP
cblr-1706	834	56	exchange	exchange	NOUN
cblr-1706	834	57	for	for	ADP
cblr-1706	834	58	marketing	market	VERB
cblr-1706	834	59	their	their	PRON
cblr-1706	834	60	investment	investment	NOUN
cblr-1706	834	61	products	product	NOUN
cblr-1706	834	62	.	.	PUNCT
cblr-1706	835	1	this	this	DET
cblr-1706	835	2	question	question	NOUN
cblr-1706	835	3	has	have	AUX
cblr-1706	835	4	already	already	ADV
cblr-1706	835	5	been	be	AUX
cblr-1706	835	6	asked	ask	VERB
cblr-1706	835	7	and	and	CCONJ
cblr-1706	835	8	answered	answer	VERB
cblr-1706	835	9	for	for	ADP
cblr-1706	835	10	the	the	DET
cblr-1706	835	11	sec	sec	PROPN
cblr-1706	835	12	on	on	ADP
cblr-1706	835	13	at	at	ADV
cblr-1706	835	14	least	least	ADV
cblr-1706	835	15	one	one	NUM
cblr-1706	835	16	occasion	occasion	NOUN
cblr-1706	835	17	involving	involve	VERB
cblr-1706	835	18	revenue	revenue	NOUN
cblr-1706	835	19	sharing,176	sharing,176	NOUN
cblr-1706	835	20	174	174	NUM
cblr-1706	835	21	see	see	VERB
cblr-1706	835	22	regulation	regulation	NOUN
cblr-1706	835	23	best	good	ADJ
cblr-1706	835	24	interest	interest	NOUN
cblr-1706	835	25	,	,	PUNCT
cblr-1706	835	26	83	83	NUM
cblr-1706	835	27	fed	feed	VERB
cblr-1706	835	28	.	.	PUNCT
cblr-1706	836	1	reg	reg	PROPN
cblr-1706	836	2	.	.	PUNCT
cblr-1706	837	1	at	at	ADP
cblr-1706	837	2	21,592	21,592	NUM
cblr-1706	837	3	.	.	PUNCT
cblr-1706	838	1	175	175	NUM
cblr-1706	838	2	perhaps	perhaps	ADV
cblr-1706	838	3	this	this	PRON
cblr-1706	838	4	is	be	AUX
cblr-1706	838	5	what	what	PRON
cblr-1706	838	6	the	the	DET
cblr-1706	838	7	proposing	propose	VERB
cblr-1706	838	8	release	release	NOUN
cblr-1706	838	9	attempts	attempt	VERB
cblr-1706	838	10	to	to	PART
cblr-1706	838	11	address	address	VERB
cblr-1706	838	12	when	when	SCONJ
cblr-1706	838	13	it	it	PRON
cblr-1706	838	14	states	state	VERB
cblr-1706	838	15	that	that	SCONJ
cblr-1706	838	16	the	the	DET
cblr-1706	838	17	broker	broker	NOUN
cblr-1706	838	18	’s	’s	PART
cblr-1706	838	19	disclosure	disclosure	NOUN
cblr-1706	838	20	obligation	obligation	NOUN
cblr-1706	838	21	would	would	AUX
cblr-1706	838	22	be	be	AUX
cblr-1706	838	23	subject	subject	ADJ
cblr-1706	838	24	to	to	ADP
cblr-1706	838	25	a	a	DET
cblr-1706	838	26	negligence	negligence	NOUN
cblr-1706	838	27	standard	standard	NOUN
cblr-1706	838	28	rather	rather	ADV
cblr-1706	838	29	than	than	ADP
cblr-1706	838	30	a	a	DET
cblr-1706	838	31	strict	strict	ADJ
cblr-1706	838	32	liability	liability	NOUN
cblr-1706	838	33	standard	standard	NOUN
cblr-1706	838	34	.	.	PUNCT
cblr-1706	839	1	see	see	VERB
cblr-1706	839	2	regulation	regulation	NOUN
cblr-1706	839	3	best	good	ADJ
cblr-1706	839	4	interest	interest	NOUN
cblr-1706	839	5	,	,	PUNCT
cblr-1706	839	6	83	83	NUM
cblr-1706	839	7	fed	feed	VERB
cblr-1706	839	8	.	.	PUNCT
cblr-1706	840	1	reg	reg	PROPN
cblr-1706	840	2	.	.	PUNCT
cblr-1706	841	1	at	at	ADP
cblr-1706	841	2	21,604	21,604	NUM
cblr-1706	841	3	.	.	PUNCT
cblr-1706	842	1	176	176	NUM
cblr-1706	842	2	2011	2011	NUM
cblr-1706	842	3	study	study	NOUN
cblr-1706	842	4	,	,	PUNCT
cblr-1706	842	5	supra	supra	PROPN
cblr-1706	842	6	note	note	PROPN
cblr-1706	842	7	6	6	NUM
cblr-1706	842	8	,	,	PUNCT
cblr-1706	842	9	at	at	ADP
cblr-1706	842	10	56	56	NUM
cblr-1706	842	11	n.253	n.253	NOUN
cblr-1706	842	12	(	(	PUNCT
cblr-1706	842	13	“	"	PUNCT
cblr-1706	842	14	revenue	revenue	NOUN
cblr-1706	842	15	sharing	sharing	NOUN
cblr-1706	842	16	occurs	occur	VERB
cblr-1706	842	17	when	when	SCONJ
cblr-1706	842	18	a	a	DET
cblr-1706	842	19	broker	broker	NOUN
cblr-1706	842	20	-	-	PUNCT
cblr-1706	842	21	dealer	dealer	NOUN
cblr-1706	842	22	is	be	AUX
cblr-1706	842	23	paid	pay	VERB
cblr-1706	842	24	by	by	ADP
cblr-1706	842	25	a	a	DET
cblr-1706	842	26	mutual	mutual	ADJ
cblr-1706	842	27	fund	fund	NOUN
cblr-1706	842	28	in	in	ADP
cblr-1706	842	29	exchange	exchange	NOUN
cblr-1706	842	30	for	for	ADP
cblr-1706	842	31	promoting	promote	VERB
cblr-1706	842	32	the	the	DET
cblr-1706	842	33	funds	fund	NOUN
cblr-1706	842	34	to	to	ADP
cblr-1706	842	35	the	the	DET
cblr-1706	842	36	broker	broker	NOUN
cblr-1706	842	37	-	-	PUNCT
cblr-1706	842	38	dealer	dealer	NOUN
cblr-1706	842	39	’s	’s	PART
cblr-1706	842	40	customers	customer	NOUN
cblr-1706	842	41	.	.	PUNCT
cblr-1706	843	1	when	when	SCONJ
cblr-1706	843	2	a	a	DET
cblr-1706	843	3	broker	broker	NOUN
cblr-1706	843	4	-	-	PUNCT
cblr-1706	843	5	dealer	dealer	NOUN
cblr-1706	843	6	makes	make	VERB
cblr-1706	843	7	a	a	DET
cblr-1706	843	8	recommendation	recommendation	NOUN
cblr-1706	843	9	of	of	ADP
cblr-1706	843	10	a	a	DET
cblr-1706	843	11	mutual	mutual	ADJ
cblr-1706	843	12	fund	fund	NOUN
cblr-1706	843	13	as	as	ADP
cblr-1706	843	14	to	to	ADP
cblr-1706	843	15	which	which	PRON
cblr-1706	843	16	it	it	PRON
cblr-1706	843	17	receives	receive	VERB
cblr-1706	843	18	revenue	revenue	NOUN
cblr-1706	843	19	sharing	sharing	NOUN
cblr-1706	843	20	payments	payment	NOUN
cblr-1706	843	21	,	,	PUNCT
cblr-1706	843	22	it	it	PRON
cblr-1706	843	23	must	must	AUX
cblr-1706	843	24	disclose	disclose	VERB
cblr-1706	843	25	the	the	DET
cblr-1706	843	26	revenue	revenue	NOUN
cblr-1706	843	27	sharing	sharing	NOUN
cblr-1706	843	28	arrangement	arrangement	NOUN
cblr-1706	843	29	to	to	ADP
cblr-1706	843	30	the	the	DET
cblr-1706	843	31	customer	customer	NOUN
cblr-1706	843	32	because	because	SCONJ
cblr-1706	843	33	it	it	PRON
cblr-1706	843	34	is	be	AUX
cblr-1706	843	35	information	information	NOUN
cblr-1706	843	36	about	about	ADP
cblr-1706	843	37	the	the	DET
cblr-1706	843	38	potential	potential	ADJ
cblr-1706	843	39	bias	bias	NOUN
cblr-1706	843	40	of	of	ADP
cblr-1706	843	41	the	the	DET
cblr-1706	843	42	investment	investment	NOUN
cblr-1706	843	43	advice	advice	NOUN
cblr-1706	843	44	.	.	PUNCT
cblr-1706	843	45	”	"	PUNCT
cblr-1706	843	46	)	)	PUNCT
cblr-1706	843	47	.	.	PUNCT
cblr-1706	844	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	844	2	no	no	NOUN
cblr-1706	844	3	.	.	PUNCT
cblr-1706	845	1	3:695	3:695	NUM
cblr-1706	845	2	]	]	X
cblr-1706	845	3	a	a	DET
cblr-1706	845	4	transaction	transaction	NOUN
cblr-1706	845	5	cost	cost	NOUN
cblr-1706	845	6	assessment	assessment	NOUN
cblr-1706	845	7	749	749	NUM
cblr-1706	845	8	another	another	DET
cblr-1706	845	9	broker	broker	NOUN
cblr-1706	845	10	-	-	PUNCT
cblr-1706	845	11	compensation	compensation	NOUN
cblr-1706	845	12	practice	practice	NOUN
cblr-1706	845	13	the	the	DET
cblr-1706	845	14	proposing	propose	VERB
cblr-1706	845	15	release	release	NOUN
cblr-1706	845	16	considers	consider	VERB
cblr-1706	845	17	conflicted.177	conflicted.177	ADJ
cblr-1706	845	18	in	in	ADP
cblr-1706	845	19	re	re	PROPN
cblr-1706	845	20	morgan	morgan	PROPN
cblr-1706	845	21	stanley	stanley	PROPN
cblr-1706	845	22	dw	dw	PROPN
cblr-1706	845	23	,	,	PUNCT
cblr-1706	845	24	inc	inc	PROPN
cblr-1706	845	25	.	.	PROPN
cblr-1706	845	26	was	be	AUX
cblr-1706	845	27	an	an	DET
cblr-1706	845	28	sec	sec	PROPN
cblr-1706	845	29	civil	civil	ADJ
cblr-1706	845	30	action	action	NOUN
cblr-1706	845	31	against	against	ADP
cblr-1706	845	32	morgan	morgan	PROPN
cblr-1706	845	33	stanley	stanley	PROPN
cblr-1706	845	34	dean	dean	PROPN
cblr-1706	845	35	witter	witter	PROPN
cblr-1706	845	36	(	(	PUNCT
cblr-1706	845	37	“	"	PUNCT
cblr-1706	845	38	msdw	msdw	NOUN
cblr-1706	845	39	”	"	PUNCT
cblr-1706	845	40	)	)	PUNCT
cblr-1706	845	41	condemning	condemn	VERB
cblr-1706	845	42	its	its	PRON
cblr-1706	845	43	so	so	ADV
cblr-1706	845	44	-	-	PUNCT
cblr-1706	845	45	called	call	VERB
cblr-1706	845	46	“	"	PUNCT
cblr-1706	845	47	partners	partner	NOUN
cblr-1706	845	48	program	program	NOUN
cblr-1706	845	49	.	.	PUNCT
cblr-1706	846	1	”178	”178	ADV
cblr-1706	846	2	at	at	ADP
cblr-1706	846	3	the	the	DET
cblr-1706	846	4	time	time	NOUN
cblr-1706	846	5	,	,	PUNCT
cblr-1706	846	6	fund	fund	NOUN
cblr-1706	846	7	supermarkets	supermarket	NOUN
cblr-1706	846	8	had	have	AUX
cblr-1706	846	9	recently	recently	ADV
cblr-1706	846	10	become	become	VERB
cblr-1706	846	11	popular	popular	ADJ
cblr-1706	846	12	in	in	ADP
cblr-1706	846	13	brokerage	brokerage	NOUN
cblr-1706	846	14	houses	house	NOUN
cblr-1706	846	15	everywhere	everywhere	ADV
cblr-1706	846	16	.	.	PUNCT
cblr-1706	847	1	they	they	PRON
cblr-1706	847	2	give	give	VERB
cblr-1706	847	3	retail	retail	ADJ
cblr-1706	847	4	brokers	broker	NOUN
cblr-1706	847	5	a	a	DET
cblr-1706	847	6	platform	platform	NOUN
cblr-1706	847	7	of	of	ADP
cblr-1706	847	8	proprietary	proprietary	ADJ
cblr-1706	847	9	and	and	CCONJ
cblr-1706	847	10	nonproprietary	nonproprietary	ADJ
cblr-1706	847	11	mutual	mutual	ADJ
cblr-1706	847	12	funds	fund	NOUN
cblr-1706	847	13	to	to	PART
cblr-1706	847	14	choose	choose	VERB
cblr-1706	847	15	from	from	ADP
cblr-1706	847	16	in	in	ADP
cblr-1706	847	17	making	make	VERB
cblr-1706	847	18	investment	investment	NOUN
cblr-1706	847	19	recommendations	recommendation	NOUN
cblr-1706	847	20	to	to	ADP
cblr-1706	847	21	their	their	PRON
cblr-1706	847	22	clients.179	clients.179	ADJ
cblr-1706	847	23	fund	fund	NOUN
cblr-1706	847	24	supermarkets	supermarket	NOUN
cblr-1706	847	25	limit	limit	VERB
cblr-1706	847	26	the	the	DET
cblr-1706	847	27	conflicts	conflict	NOUN
cblr-1706	847	28	of	of	ADP
cblr-1706	847	29	interest	interest	NOUN
cblr-1706	847	30	brokers	broker	NOUN
cblr-1706	847	31	allegedly	allegedly	ADV
cblr-1706	847	32	face	face	VERB
cblr-1706	847	33	in	in	ADP
cblr-1706	847	34	offering	offer	VERB
cblr-1706	847	35	their	their	PRON
cblr-1706	847	36	firm	firm	NOUN
cblr-1706	847	37	’s	’s	PART
cblr-1706	847	38	proprietary	proprietary	ADJ
cblr-1706	847	39	funds	fund	NOUN
cblr-1706	847	40	by	by	ADP
cblr-1706	847	41	making	make	VERB
cblr-1706	847	42	a	a	DET
cblr-1706	847	43	large	large	ADJ
cblr-1706	847	44	number	number	NOUN
cblr-1706	847	45	of	of	ADP
cblr-1706	847	46	nonproprietary	nonproprietary	ADJ
cblr-1706	847	47	funds	fund	NOUN
cblr-1706	847	48	available	available	ADJ
cblr-1706	847	49	.	.	PUNCT
cblr-1706	848	1	yet	yet	ADV
cblr-1706	848	2	,	,	PUNCT
cblr-1706	848	3	as	as	ADP
cblr-1706	848	4	with	with	ADP
cblr-1706	848	5	consumer	consumer	NOUN
cblr-1706	848	6	choice	choice	NOUN
cblr-1706	848	7	generally	generally	ADV
cblr-1706	848	8	,	,	PUNCT
cblr-1706	848	9	the	the	DET
cblr-1706	848	10	supermarket	supermarket	NOUN
cblr-1706	848	11	platform	platform	NOUN
cblr-1706	848	12	presents	present	VERB
cblr-1706	848	13	brokers	broker	NOUN
cblr-1706	848	14	with	with	ADP
cblr-1706	848	15	endless	endless	ADJ
cblr-1706	848	16	options	option	NOUN
cblr-1706	848	17	,	,	PUNCT
cblr-1706	848	18	and	and	CCONJ
cblr-1706	848	19	the	the	DET
cblr-1706	848	20	costs	cost	NOUN
cblr-1706	848	21	of	of	ADP
cblr-1706	848	22	being	be	AUX
cblr-1706	848	23	adequately	adequately	ADV
cblr-1706	848	24	informed	inform	VERB
cblr-1706	848	25	about	about	ADP
cblr-1706	848	26	every	every	DET
cblr-1706	848	27	fund	fund	NOUN
cblr-1706	848	28	in	in	ADP
cblr-1706	848	29	the	the	DET
cblr-1706	848	30	supermarket	supermarket	NOUN
cblr-1706	848	31	are	be	AUX
cblr-1706	848	32	overwhelming.180	overwhelming.180	ADP
cblr-1706	848	33	the	the	DET
cblr-1706	848	34	partners	partner	NOUN
cblr-1706	848	35	program	program	NOUN
cblr-1706	848	36	gave	give	VERB
cblr-1706	848	37	preferred	preferred	ADJ
cblr-1706	848	38	status	status	NOUN
cblr-1706	848	39	,	,	PUNCT
cblr-1706	848	40	known	know	VERB
cblr-1706	848	41	as	as	ADP
cblr-1706	848	42	“	"	PUNCT
cblr-1706	848	43	shelf	shelf	NOUN
cblr-1706	848	44	space,”181	space,”181	VERB
cblr-1706	848	45	to	to	ADP
cblr-1706	848	46	certain	certain	ADJ
cblr-1706	848	47	fund	fund	NOUN
cblr-1706	848	48	complexes	complex	NOUN
cblr-1706	848	49	,	,	PUNCT
cblr-1706	848	50	but	but	CCONJ
cblr-1706	848	51	it	it	PRON
cblr-1706	848	52	also	also	ADV
cblr-1706	848	53	177	177	NUM
cblr-1706	848	54	see	see	VERB
cblr-1706	848	55	regulation	regulation	NOUN
cblr-1706	848	56	best	good	ADJ
cblr-1706	848	57	interest	interest	NOUN
cblr-1706	848	58	,	,	PUNCT
cblr-1706	848	59	83	83	NUM
cblr-1706	848	60	fed	feed	VERB
cblr-1706	848	61	.	.	PUNCT
cblr-1706	849	1	reg	reg	PROPN
cblr-1706	849	2	.	.	PUNCT
cblr-1706	850	1	at	at	ADP
cblr-1706	850	2	21,603	21,603	NUM
cblr-1706	850	3	n.205	n.205	NOUN
cblr-1706	850	4	.	.	PROPN
cblr-1706	850	5	178	178	NUM
cblr-1706	850	6	morgan	morgan	PROPN
cblr-1706	850	7	stanley	stanley	PROPN
cblr-1706	850	8	dw	dw	PROPN
cblr-1706	850	9	,	,	PUNCT
cblr-1706	850	10	inc	inc	PROPN
cblr-1706	850	11	.	.	PROPN
cblr-1706	850	12	,	,	PUNCT
cblr-1706	850	13	exchange	exchange	PROPN
cblr-1706	850	14	act	act	PROPN
cblr-1706	850	15	release	release	VERB
cblr-1706	850	16	no	no	NOUN
cblr-1706	850	17	.	.	NOUN
cblr-1706	850	18	48789	48789	NUM
cblr-1706	850	19	,	,	PUNCT
cblr-1706	850	20	2003	2003	NUM
cblr-1706	850	21	wl	wl	SYM
cblr-1706	850	22	22703073	22703073	NUM
cblr-1706	850	23	(	(	PUNCT
cblr-1706	850	24	nov	nov	PROPN
cblr-1706	850	25	.	.	PROPN
cblr-1706	850	26	17	17	NUM
cblr-1706	850	27	,	,	PUNCT
cblr-1706	850	28	2003	2003	NUM
cblr-1706	850	29	)	)	PUNCT
cblr-1706	850	30	.	.	PUNCT
cblr-1706	851	1	179	179	NUM
cblr-1706	851	2	a	a	DET
cblr-1706	851	3	broker	broker	NOUN
cblr-1706	851	4	’s	’s	PART
cblr-1706	851	5	proprietary	proprietary	ADJ
cblr-1706	851	6	funds	fund	NOUN
cblr-1706	851	7	are	be	AUX
cblr-1706	851	8	those	those	PRON
cblr-1706	851	9	issued	issue	VERB
cblr-1706	851	10	by	by	ADP
cblr-1706	851	11	an	an	DET
cblr-1706	851	12	affiliated	affiliated	ADJ
cblr-1706	851	13	investment	investment	NOUN
cblr-1706	851	14	company	company	NOUN
cblr-1706	851	15	.	.	PUNCT
cblr-1706	852	1	nonproprietary	nonproprietary	ADJ
cblr-1706	852	2	funds	fund	NOUN
cblr-1706	852	3	are	be	AUX
cblr-1706	852	4	those	those	PRON
cblr-1706	852	5	issued	issue	VERB
cblr-1706	852	6	by	by	ADP
cblr-1706	852	7	unaffiliated	unaffiliated	ADJ
cblr-1706	852	8	investment	investment	NOUN
cblr-1706	852	9	companies	company	NOUN
cblr-1706	852	10	.	.	PUNCT
cblr-1706	853	1	see	see	VERB
cblr-1706	853	2	,	,	PUNCT
cblr-1706	853	3	for	for	ADP
cblr-1706	853	4	example	example	NOUN
cblr-1706	853	5	,	,	PUNCT
cblr-1706	853	6	nonproprietary	nonproprietary	ADJ
cblr-1706	853	7	vs.	vs.	ADP
cblr-1706	853	8	proprietary	proprietary	ADJ
cblr-1706	853	9	mutual	mutual	ADJ
cblr-1706	853	10	fund	fund	NOUN
cblr-1706	853	11	,	,	PUNCT
cblr-1706	853	12	zacks	zack	NOUN
cblr-1706	853	13	,	,	PUNCT
cblr-1706	853	14	https://finance.zacks.com/nonproprietary	https://finance.zacks.com/nonproprietary	ADJ
cblr-1706	853	15	-vs	-vs	NOUN
cblr-1706	853	16	-	-	PUNCT
cblr-1706	853	17	proprietary	proprietary	ADJ
cblr-1706	853	18	-	-	PUNCT
cblr-1706	853	19	mutual	mutual	ADJ
cblr-1706	853	20	-	-	PUNCT
cblr-1706	853	21	fund-10416.html	fund-10416.html	NOUN
cblr-1706	854	1	[	[	X
cblr-1706	854	2	https://perma.cc/gk6p-yw5	https://perma.cc/gk6p-yw5	X
cblr-1706	854	3	t	t	NOUN
cblr-1706	854	4	]	]	PUNCT
cblr-1706	854	5	.	.	PUNCT
cblr-1706	855	1	180	180	NUM
cblr-1706	855	2	see	see	VERB
cblr-1706	855	3	,	,	PUNCT
cblr-1706	855	4	e.g.	e.g.	ADV
cblr-1706	855	5	,	,	PUNCT
cblr-1706	855	6	alina	alina	PROPN
cblr-1706	855	7	tugend	tugend	PROPN
cblr-1706	855	8	,	,	PUNCT
cblr-1706	855	9	too	too	ADV
cblr-1706	855	10	many	many	ADJ
cblr-1706	855	11	choices	choice	NOUN
cblr-1706	855	12	:	:	PUNCT
cblr-1706	855	13	a	a	DET
cblr-1706	855	14	problem	problem	NOUN
cblr-1706	855	15	that	that	PRON
cblr-1706	855	16	can	can	AUX
cblr-1706	855	17	paralyze	paralyze	VERB
cblr-1706	855	18	,	,	PUNCT
cblr-1706	855	19	n.y	n.y	PROPN
cblr-1706	855	20	.	.	PROPN
cblr-1706	855	21	times	times	PROPN
cblr-1706	855	22	(	(	PUNCT
cblr-1706	855	23	feb	feb	PROPN
cblr-1706	855	24	.	.	PROPN
cblr-1706	855	25	26	26	NUM
cblr-1706	855	26	,	,	PUNCT
cblr-1706	855	27	2010	2010	NUM
cblr-1706	855	28	)	)	PUNCT
cblr-1706	855	29	,	,	PUNCT
cblr-1706	855	30	https://www.nytimes.com/2010/02/27/your-money/27shortcuts.html	https://www.nytimes.com/2010/02/27/your-money/27shortcuts.html	PROPN
cblr-1706	856	1	[	[	X
cblr-1706	856	2	https://perma.cc/t9nr-aqsd	https://perma.cc/t9nr-aqsd	NOUN
cblr-1706	856	3	]	]	PUNCT
cblr-1706	856	4	.	.	PUNCT
cblr-1706	857	1	181	181	NUM
cblr-1706	857	2	payment	payment	NOUN
cblr-1706	857	3	for	for	ADP
cblr-1706	857	4	shelf	shelf	NOUN
cblr-1706	857	5	space	space	NOUN
cblr-1706	857	6	is	be	AUX
cblr-1706	857	7	common	common	ADJ
cblr-1706	857	8	in	in	ADP
cblr-1706	857	9	grocery	grocery	NOUN
cblr-1706	857	10	retailing	retailing	NOUN
cblr-1706	857	11	.	.	PUNCT
cblr-1706	858	1	see	see	VERB
cblr-1706	858	2	benjamin	benjamin	PROPN
cblr-1706	858	3	klein	klein	PROPN
cblr-1706	858	4	&	&	CCONJ
cblr-1706	858	5	joshua	joshua	PROPN
cblr-1706	858	6	d.	d.	PROPN
cblr-1706	858	7	wright	wright	PROPN
cblr-1706	858	8	,	,	PUNCT
cblr-1706	858	9	the	the	DET
cblr-1706	858	10	economics	economic	NOUN
cblr-1706	858	11	of	of	ADP
cblr-1706	858	12	slotting	slotting	NOUN
cblr-1706	858	13	contracts	contract	NOUN
cblr-1706	858	14	,	,	PUNCT
cblr-1706	858	15	50	50	NUM
cblr-1706	858	16	j.l	j.l	PROPN
cblr-1706	858	17	.	.	PROPN
cblr-1706	858	18	econ	econ	PROPN
cblr-1706	858	19	.	.	PUNCT
cblr-1706	859	1	421	421	NUM
cblr-1706	859	2	,	,	PUNCT
cblr-1706	859	3	421	421	NUM
cblr-1706	859	4	(	(	PUNCT
cblr-1706	859	5	2007	2007	NUM
cblr-1706	859	6	)	)	PUNCT
cblr-1706	859	7	(	(	PUNCT
cblr-1706	859	8	“	"	PUNCT
cblr-1706	859	9	shelf	shelf	NOUN
cblr-1706	859	10	space	space	NOUN
cblr-1706	859	11	contracts	contract	NOUN
cblr-1706	859	12	are	be	AUX
cblr-1706	859	13	shown	show	VERB
cblr-1706	859	14	to	to	PART
cblr-1706	859	15	be	be	AUX
cblr-1706	859	16	a	a	DET
cblr-1706	859	17	consequence	consequence	NOUN
cblr-1706	859	18	of	of	ADP
cblr-1706	859	19	the	the	DET
cblr-1706	859	20	normal	normal	ADJ
cblr-1706	859	21	competitive	competitive	ADJ
cblr-1706	859	22	process	process	NOUN
cblr-1706	859	23	when	when	SCONJ
cblr-1706	859	24	retailer	retailer	NOUN
cblr-1706	859	25	shelf	shelf	NOUN
cblr-1706	859	26	space	space	NOUN
cblr-1706	859	27	is	be	AUX
cblr-1706	859	28	promotional	promotional	ADJ
cblr-1706	859	29	,	,	PUNCT
cblr-1706	859	30	in	in	ADP
cblr-1706	859	31	the	the	DET
cblr-1706	859	32	sense	sense	NOUN
cblr-1706	859	33	that	that	SCONJ
cblr-1706	859	34	the	the	DET
cblr-1706	859	35	shelf	shelf	NOUN
cblr-1706	859	36	space	space	NOUN
cblr-1706	859	37	induces	induce	VERB
cblr-1706	859	38	profitable	profitable	ADJ
cblr-1706	859	39	incremental	incremental	ADJ
cblr-1706	859	40	individual	individual	ADJ
cblr-1706	859	41	manufacturer	manufacturer	NOUN
cblr-1706	859	42	sales	sale	NOUN
cblr-1706	859	43	without	without	ADP
cblr-1706	859	44	drawing	draw	VERB
cblr-1706	859	45	customers	customer	NOUN
cblr-1706	859	46	from	from	ADP
cblr-1706	859	47	competing	compete	VERB
cblr-1706	859	48	stores	store	NOUN
cblr-1706	859	49	.	.	PUNCT
cblr-1706	860	1	in	in	ADP
cblr-1706	860	2	these	these	DET
cblr-1706	860	3	circumstances	circumstance	NOUN
cblr-1706	860	4	,	,	PUNCT
cblr-1706	860	5	retailer	retailer	NOUN
cblr-1706	860	6	and	and	CCONJ
cblr-1706	860	7	manufacturer	manufacturer	NOUN
cblr-1706	860	8	incentives	incentive	NOUN
cblr-1706	860	9	do	do	AUX
cblr-1706	860	10	not	not	PART
cblr-1706	860	11	coincide	coincide	VERB
cblr-1706	860	12	with	with	ADP
cblr-1706	860	13	regard	regard	NOUN
cblr-1706	860	14	to	to	ADP
cblr-1706	860	15	the	the	DET
cblr-1706	860	16	provision	provision	NOUN
cblr-1706	860	17	of	of	ADP
cblr-1706	860	18	promotional	promotional	ADJ
cblr-1706	860	19	shelf	shelf	NOUN
cblr-1706	860	20	space	space	NOUN
cblr-1706	860	21	,	,	PUNCT
cblr-1706	860	22	and	and	CCONJ
cblr-1706	860	23	manufacturers	manufacturer	NOUN
cblr-1706	860	24	must	must	AUX
cblr-1706	860	25	enter	enter	VERB
cblr-1706	860	26	shelf	shelf	NOUN
cblr-1706	860	27	space	space	NOUN
cblr-1706	860	28	contracts	contract	NOUN
cblr-1706	860	29	with	with	ADP
cblr-1706	860	30	retailers	retailer	NOUN
cblr-1706	860	31	.	.	PUNCT
cblr-1706	861	1	retailers	retailer	NOUN
cblr-1706	861	2	are	be	AUX
cblr-1706	861	3	compensated	compensate	VERB
cblr-1706	861	4	for	for	ADP
cblr-1706	861	5	supplying	supply	VERB
cblr-1706	861	6	promotional	promotional	ADJ
cblr-1706	861	7	shelf	shelf	NOUN
cblr-1706	861	8	space	space	NOUN
cblr-1706	861	9	at	at	ADP
cblr-1706	861	10	least	least	ADJ
cblr-1706	861	11	partially	partially	ADV
cblr-1706	861	12	with	with	ADP
cblr-1706	861	13	a	a	DET
cblr-1706	861	14	per	per	ADP
cblr-1706	861	15	-	-	PUNCT
cblr-1706	861	16	unit	unit	NOUN
cblr-1706	861	17	-	-	PUNCT
cblr-1706	861	18	time	time	NOUN
cblr-1706	861	19	slotting	slotting	NOUN
cblr-1706	861	20	fee	fee	NOUN
cblr-1706	861	21	when	when	SCONJ
cblr-1706	861	22	inter	inter	ADJ
cblr-1706	861	23	-	-	ADJ
cblr-1706	861	24	retailer	retailer	ADJ
cblr-1706	861	25	price	price	NOUN
cblr-1706	861	26	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	861	27	750	750	NUM
cblr-1706	861	28	columbia	columbia	PROPN
cblr-1706	861	29	business	business	NOUN
cblr-1706	861	30	law	law	NOUN
cblr-1706	861	31	review	review	NOUN
cblr-1706	862	1	[	[	X
cblr-1706	862	2	vol	vol	NOUN
cblr-1706	862	3	.	.	PUNCT
cblr-1706	862	4	2018	2018	NUM
cblr-1706	862	5	required	require	VERB
cblr-1706	862	6	msdw	msdw	ADJ
cblr-1706	862	7	brokers	broker	NOUN
cblr-1706	862	8	to	to	PART
cblr-1706	862	9	attend	attend	VERB
cblr-1706	862	10	certain	certain	ADJ
cblr-1706	862	11	informational	informational	ADJ
cblr-1706	862	12	meetings	meeting	NOUN
cblr-1706	862	13	and	and	CCONJ
cblr-1706	862	14	presentations	presentation	NOUN
cblr-1706	862	15	hosted	host	VERB
cblr-1706	862	16	by	by	ADP
cblr-1706	862	17	the	the	DET
cblr-1706	862	18	fund	fund	NOUN
cblr-1706	862	19	advisers	adviser	NOUN
cblr-1706	862	20	.	.	PUNCT
cblr-1706	863	1	msdw	msdw	PROPN
cblr-1706	863	2	undoubtedly	undoubtedly	ADV
cblr-1706	863	3	designed	design	VERB
cblr-1706	863	4	the	the	DET
cblr-1706	863	5	partners	partner	NOUN
cblr-1706	863	6	program	program	NOUN
cblr-1706	863	7	to	to	PART
cblr-1706	863	8	overcome	overcome	VERB
cblr-1706	863	9	the	the	DET
cblr-1706	863	10	information	information	NOUN
cblr-1706	863	11	problem	problem	NOUN
cblr-1706	863	12	by	by	ADP
cblr-1706	863	13	promoting	promote	VERB
cblr-1706	863	14	the	the	DET
cblr-1706	863	15	sale	sale	NOUN
cblr-1706	863	16	of	of	ADP
cblr-1706	863	17	its	its	PRON
cblr-1706	863	18	partners	partner	NOUN
cblr-1706	863	19	’	'	PUNCT
cblr-1706	863	20	funds	fund	NOUN
cblr-1706	863	21	,	,	PUNCT
cblr-1706	863	22	including	include	VERB
cblr-1706	863	23	co	co	NOUN
cblr-1706	863	24	-	-	PROPN
cblr-1706	863	25	defendant	defendant	ADJ
cblr-1706	863	26	massachusetts	massachusetts	PROPN
cblr-1706	863	27	financial	financial	PROPN
cblr-1706	863	28	services	service	NOUN
cblr-1706	863	29	,	,	PUNCT
cblr-1706	863	30	through	through	ADP
cblr-1706	863	31	enhanced	enhanced	ADJ
cblr-1706	863	32	compensation	compensation	NOUN
cblr-1706	863	33	to	to	ADP
cblr-1706	863	34	partnering	partner	VERB
cblr-1706	863	35	retail	retail	ADJ
cblr-1706	863	36	brokers	broker	NOUN
cblr-1706	863	37	.	.	PUNCT
cblr-1706	864	1	the	the	DET
cblr-1706	864	2	sec	sec	PROPN
cblr-1706	864	3	found	find	VERB
cblr-1706	864	4	that	that	SCONJ
cblr-1706	864	5	the	the	DET
cblr-1706	864	6	partners	partner	NOUN
cblr-1706	864	7	program	program	NOUN
cblr-1706	864	8	created	create	VERB
cblr-1706	864	9	a	a	DET
cblr-1706	864	10	conflict	conflict	NOUN
cblr-1706	864	11	of	of	ADP
cblr-1706	864	12	interest	interest	NOUN
cblr-1706	864	13	for	for	ADP
cblr-1706	864	14	msdw	msdw	ADJ
cblr-1706	864	15	brokers	broker	NOUN
cblr-1706	864	16	because	because	SCONJ
cblr-1706	864	17	they	they	PRON
cblr-1706	864	18	“	"	PUNCT
cblr-1706	864	19	received	receive	VERB
cblr-1706	864	20	additional	additional	ADJ
cblr-1706	864	21	compensation	compensation	NOUN
cblr-1706	864	22	for	for	ADP
cblr-1706	864	23	the	the	DET
cblr-1706	864	24	sale	sale	NOUN
cblr-1706	864	25	of	of	ADP
cblr-1706	864	26	the	the	DET
cblr-1706	864	27	mutual	mutual	ADJ
cblr-1706	864	28	funds	fund	NOUN
cblr-1706	864	29	of	of	ADP
cblr-1706	864	30	a	a	DET
cblr-1706	864	31	select	select	ADJ
cblr-1706	864	32	group	group	NOUN
cblr-1706	864	33	of	of	ADP
cblr-1706	864	34	fund	fund	NOUN
cblr-1706	864	35	complexes	complex	NOUN
cblr-1706	864	36	.	.	PUNCT
cblr-1706	864	37	”182	”182	PROPN
cblr-1706	865	1	the	the	DET
cblr-1706	865	2	participating	participate	VERB
cblr-1706	865	3	partners	partner	NOUN
cblr-1706	865	4	provided	provide	VERB
cblr-1706	865	5	various	various	ADJ
cblr-1706	865	6	general	general	ADJ
cblr-1706	865	7	disclosures	disclosure	NOUN
cblr-1706	865	8	about	about	ADP
cblr-1706	865	9	the	the	DET
cblr-1706	865	10	program	program	NOUN
cblr-1706	865	11	in	in	ADP
cblr-1706	865	12	periodic	periodic	ADJ
cblr-1706	865	13	reports	report	NOUN
cblr-1706	865	14	to	to	ADP
cblr-1706	865	15	the	the	DET
cblr-1706	865	16	sec	sec	PROPN
cblr-1706	865	17	and	and	CCONJ
cblr-1706	865	18	in	in	ADP
cblr-1706	865	19	their	their	PRON
cblr-1706	865	20	prospectuses	prospectus	NOUN
cblr-1706	865	21	,	,	PUNCT
cblr-1706	865	22	concerning	concern	VERB
cblr-1706	865	23	payments	payment	NOUN
cblr-1706	865	24	to	to	ADP
cblr-1706	865	25	brokers	broker	NOUN
cblr-1706	865	26	who	who	PRON
cblr-1706	865	27	distributed	distribute	VERB
cblr-1706	865	28	fund	fund	NOUN
cblr-1706	865	29	shares.183	shares.183	NOUN
cblr-1706	865	30	in	in	ADP
cblr-1706	865	31	the	the	DET
cblr-1706	865	32	sec	sec	PROPN
cblr-1706	865	33	’s	’s	PART
cblr-1706	865	34	opinion	opinion	NOUN
cblr-1706	865	35	,	,	PUNCT
cblr-1706	865	36	however	however	ADV
cblr-1706	865	37	,	,	PUNCT
cblr-1706	865	38	“	"	PUNCT
cblr-1706	865	39	none	none	NOUN
cblr-1706	865	40	adequately	adequately	ADV
cblr-1706	865	41	disclose[d	disclose[d	PROPN
cblr-1706	865	42	]	]	PUNCT
cblr-1706	865	43	the	the	DET
cblr-1706	865	44	preferred	preferred	ADJ
cblr-1706	865	45	programs	program	NOUN
cblr-1706	865	46	as	as	ADP
cblr-1706	865	47	such	such	ADJ
cblr-1706	865	48	,	,	PUNCT
cblr-1706	865	49	nor	nor	CCONJ
cblr-1706	865	50	[	[	X
cblr-1706	865	51	did	do	AUX
cblr-1706	865	52	]	]	X
cblr-1706	865	53	most	most	ADV
cblr-1706	865	54	provide	provide	VERB
cblr-1706	865	55	sufficient	sufficient	ADJ
cblr-1706	865	56	facts	fact	NOUN
cblr-1706	865	57	about	about	ADP
cblr-1706	865	58	the	the	DET
cblr-1706	865	59	preferred	prefer	VERB
cblr-1706	865	60	programs	program	NOUN
cblr-1706	865	61	for	for	SCONJ
cblr-1706	865	62	investors	investor	NOUN
cblr-1706	865	63	to	to	PART
cblr-1706	865	64	appreciate	appreciate	VERB
cblr-1706	865	65	the	the	DET
cblr-1706	865	66	dimension	dimension	NOUN
cblr-1706	865	67	of	of	ADP
cblr-1706	865	68	the	the	DET
cblr-1706	865	69	conflicts	conflict	NOUN
cblr-1706	865	70	of	of	ADP
cblr-1706	865	71	interest	interest	NOUN
cblr-1706	865	72	inherent	inherent	ADJ
cblr-1706	865	73	in	in	ADP
cblr-1706	865	74	them	they	PRON
cblr-1706	865	75	.	.	PUNCT
cblr-1706	865	76	”184	”184	PUNCT
cblr-1706	866	1	despite	despite	SCONJ
cblr-1706	866	2	the	the	DET
cblr-1706	866	3	absence	absence	NOUN
cblr-1706	866	4	of	of	ADP
cblr-1706	866	5	serious	serious	ADJ
cblr-1706	866	6	investor	investor	NOUN
cblr-1706	866	7	complaints,185	complaints,185	PROPN
cblr-1706	867	1	the	the	DET
cblr-1706	867	2	sec	sec	PROPN
cblr-1706	867	3	found	find	VERB
cblr-1706	867	4	msdw	msdw	NOUN
cblr-1706	867	5	had	have	AUX
cblr-1706	867	6	engaged	engage	VERB
cblr-1706	867	7	in	in	ADP
cblr-1706	867	8	securities	security	NOUN
cblr-1706	867	9	fraud	fraud	NOUN
cblr-1706	867	10	,	,	PUNCT
cblr-1706	867	11	ordered	order	VERB
cblr-1706	867	12	it	it	PRON
cblr-1706	867	13	to	to	PART
cblr-1706	867	14	cease	cease	VERB
cblr-1706	867	15	and	and	CCONJ
cblr-1706	867	16	desist	desist	VERB
cblr-1706	867	17	,	,	PUNCT
cblr-1706	867	18	censured	censure	VERB
cblr-1706	867	19	it	it	PRON
cblr-1706	867	20	,	,	PUNCT
cblr-1706	867	21	assessed	assess	VERB
cblr-1706	867	22	it	it	PRON
cblr-1706	867	23	$	$	SYM
cblr-1706	867	24	50	50	NUM
cblr-1706	867	25	million	million	NUM
cblr-1706	867	26	in	in	ADP
cblr-1706	867	27	disgorgement	disgorgement	NOUN
cblr-1706	867	28	,	,	PUNCT
cblr-1706	867	29	prejudgment	prejudgment	NOUN
cblr-1706	867	30	interest	interest	NOUN
cblr-1706	867	31	,	,	PUNCT
cblr-1706	867	32	and	and	CCONJ
cblr-1706	867	33	civil	civil	ADJ
cblr-1706	867	34	penalties	penalty	NOUN
cblr-1706	867	35	,	,	PUNCT
cblr-1706	867	36	and	and	CCONJ
cblr-1706	867	37	required	require	VERB
cblr-1706	867	38	it	it	PRON
cblr-1706	867	39	to	to	PART
cblr-1706	867	40	satisfy	satisfy	VERB
cblr-1706	867	41	a	a	DET
cblr-1706	867	42	list	list	NOUN
cblr-1706	867	43	of	of	ADP
cblr-1706	867	44	twenty	twenty	NUM
cblr-1706	867	45	-	-	PUNCT
cblr-1706	867	46	eight	eight	NUM
cblr-1706	867	47	ongoing	ongoing	ADJ
cblr-1706	867	48	compliance	compliance	NOUN
cblr-1706	867	49	plans.186	plans.186	ADJ
cblr-1706	867	50	federal	federal	ADJ
cblr-1706	867	51	courts	court	NOUN
cblr-1706	867	52	dismissed	dismiss	VERB
cblr-1706	867	53	nine	nine	NUM
cblr-1706	867	54	of	of	ADP
cblr-1706	867	55	the	the	DET
cblr-1706	867	56	eleven	eleven	NUM
cblr-1706	867	57	civil	civil	ADJ
cblr-1706	867	58	suits	suit	NOUN
cblr-1706	867	59	that	that	PRON
cblr-1706	867	60	followed	follow	VERB
cblr-1706	867	61	the	the	DET
cblr-1706	867	62	sec	sec	PROPN
cblr-1706	867	63	enforcement	enforcement	NOUN
cblr-1706	867	64	action	action	NOUN
cblr-1706	867	65	on	on	ADP
cblr-1706	867	66	the	the	DET
cblr-1706	867	67	pleadings	pleading	NOUN
cblr-1706	867	68	in	in	ADP
cblr-1706	867	69	competition	competition	NOUN
cblr-1706	867	70	on	on	ADP
cblr-1706	867	71	the	the	DET
cblr-1706	867	72	particular	particular	ADJ
cblr-1706	867	73	product	product	NOUN
cblr-1706	867	74	makes	make	VERB
cblr-1706	867	75	compensation	compensation	NOUN
cblr-1706	867	76	with	with	ADP
cblr-1706	867	77	a	a	DET
cblr-1706	867	78	lower	low	ADJ
cblr-1706	867	79	wholesale	wholesale	ADJ
cblr-1706	867	80	price	price	NOUN
cblr-1706	867	81	a	a	DET
cblr-1706	867	82	more	more	ADV
cblr-1706	867	83	costly	costly	ADJ
cblr-1706	867	84	way	way	NOUN
cblr-1706	867	85	to	to	PART
cblr-1706	867	86	generate	generate	VERB
cblr-1706	867	87	equilibrium	equilibrium	NOUN
cblr-1706	867	88	retailer	retailer	NOUN
cblr-1706	867	89	shelf	shelf	NOUN
cblr-1706	867	90	space	space	NOUN
cblr-1706	867	91	rents	rent	NOUN
cblr-1706	867	92	.	.	PUNCT
cblr-1706	867	93	”	"	PUNCT
cblr-1706	867	94	)	)	PUNCT
cblr-1706	867	95	.	.	PUNCT
cblr-1706	868	1	182	182	NUM
cblr-1706	868	2	morgan	morgan	PROPN
cblr-1706	868	3	stanley	stanley	PROPN
cblr-1706	868	4	dw	dw	PROPN
cblr-1706	868	5	,	,	PUNCT
cblr-1706	868	6	inc	inc	PROPN
cblr-1706	868	7	.	.	PROPN
cblr-1706	868	8	,	,	PUNCT
cblr-1706	868	9	exchange	exchange	PROPN
cblr-1706	868	10	act	act	PROPN
cblr-1706	868	11	release	release	VERB
cblr-1706	868	12	no	no	NOUN
cblr-1706	868	13	.	.	NOUN
cblr-1706	868	14	48,789	48,789	NUM
cblr-1706	868	15	,	,	PUNCT
cblr-1706	868	16	2003	2003	NUM
cblr-1706	868	17	wl	wl	NOUN
cblr-1706	868	18	22703073	22703073	NUM
cblr-1706	868	19	,	,	PUNCT
cblr-1706	868	20	at	at	ADP
cblr-1706	868	21	*	*	PROPN
cblr-1706	868	22	2	2	NUM
cblr-1706	868	23	(	(	PUNCT
cblr-1706	868	24	nov	nov	PROPN
cblr-1706	868	25	.	.	PROPN
cblr-1706	868	26	17	17	NUM
cblr-1706	868	27	,	,	PUNCT
cblr-1706	868	28	2003	2003	NUM
cblr-1706	868	29	)	)	PUNCT
cblr-1706	868	30	.	.	PUNCT
cblr-1706	869	1	183	183	NUM
cblr-1706	870	1	i	i	PRON
cblr-1706	870	2	d.	d.	VERB
cblr-1706	870	3	at	at	ADP
cblr-1706	870	4	*	*	PROPN
cblr-1706	870	5	5	5	NUM
cblr-1706	870	6	.	.	X
cblr-1706	871	1	184	184	NUM
cblr-1706	871	2	i	i	NOUN
cblr-1706	871	3	d.	d.	PROPN
cblr-1706	871	4	185	185	NUM
cblr-1706	871	5	see	see	VERB
cblr-1706	871	6	d.	d.	PROPN
cblr-1706	871	7	bruce	bruce	PROPN
cblr-1706	871	8	johnsen	johnsen	PROPN
cblr-1706	871	9	,	,	PUNCT
cblr-1706	871	10	the	the	DET
cblr-1706	871	11	sec	sec	PROPN
cblr-1706	871	12	’s	’s	PART
cblr-1706	871	13	mistaken	mistaken	ADJ
cblr-1706	871	14	ban	ban	NOUN
cblr-1706	871	15	on	on	ADP
cblr-1706	871	16	directed	direct	VERB
cblr-1706	871	17	brokerage	brokerage	NOUN
cblr-1706	871	18	:	:	PUNCT
cblr-1706	871	19	a	a	DET
cblr-1706	871	20	transaction	transaction	NOUN
cblr-1706	871	21	cost	cost	NOUN
cblr-1706	871	22	analysis	analysis	NOUN
cblr-1706	871	23	,	,	PUNCT
cblr-1706	871	24	40	40	NUM
cblr-1706	871	25	ariz	ariz	NOUN
cblr-1706	871	26	.	.	PUNCT
cblr-1706	872	1	st	st	PROPN
cblr-1706	872	2	.	.	PROPN
cblr-1706	872	3	l.j	l.j	PROPN
cblr-1706	872	4	.	.	PROPN
cblr-1706	872	5	1241	1241	NUM
cblr-1706	872	6	,	,	PUNCT
cblr-1706	872	7	1260	1260	NUM
cblr-1706	872	8	(	(	PUNCT
cblr-1706	872	9	2008	2008	NUM
cblr-1706	872	10	)	)	PUNCT
cblr-1706	872	11	.	.	PUNCT
cblr-1706	873	1	186	186	NUM
cblr-1706	873	2	morgan	morgan	PROPN
cblr-1706	873	3	stanley	stanley	PROPN
cblr-1706	873	4	dw	dw	PROPN
cblr-1706	873	5	,	,	PUNCT
cblr-1706	873	6	inc	inc	PROPN
cblr-1706	873	7	.	.	PROPN
cblr-1706	873	8	,	,	PUNCT
cblr-1706	873	9	exchange	exchange	PROPN
cblr-1706	873	10	act	act	PROPN
cblr-1706	873	11	release	release	VERB
cblr-1706	873	12	no	no	NOUN
cblr-1706	873	13	.	.	NOUN
cblr-1706	873	14	48,789	48,789	NUM
cblr-1706	873	15	,	,	PUNCT
cblr-1706	873	16	2003	2003	NUM
cblr-1706	873	17	wl	wl	NOUN
cblr-1706	873	18	22703073	22703073	NUM
cblr-1706	873	19	,	,	PUNCT
cblr-1706	873	20	at	at	ADP
cblr-1706	873	21	*	*	PROPN
cblr-1706	873	22	12	12	NUM
cblr-1706	873	23	(	(	PUNCT
cblr-1706	873	24	nov	nov	PROPN
cblr-1706	873	25	.	.	PROPN
cblr-1706	873	26	17	17	NUM
cblr-1706	873	27	,	,	PUNCT
cblr-1706	873	28	2003	2003	NUM
cblr-1706	873	29	)	)	PUNCT
cblr-1706	873	30	.	.	PUNCT
cblr-1706	874	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	874	2	no	no	NOUN
cblr-1706	874	3	.	.	PUNCT
cblr-1706	875	1	3:695	3:695	NUM
cblr-1706	875	2	]	]	X
cblr-1706	875	3	a	a	DET
cblr-1706	875	4	transaction	transaction	NOUN
cblr-1706	875	5	cost	cost	NOUN
cblr-1706	875	6	assessment	assessment	NOUN
cblr-1706	875	7	751	751	NUM
cblr-1706	875	8	favor	favor	NOUN
cblr-1706	875	9	of	of	ADP
cblr-1706	875	10	the	the	DET
cblr-1706	875	11	defendants187	defendants187	PROPN
cblr-1706	875	12	because	because	SCONJ
cblr-1706	875	13	they	they	PRON
cblr-1706	875	14	considered	consider	VERB
cblr-1706	875	15	the	the	DET
cblr-1706	875	16	payments	payment	NOUN
cblr-1706	875	17	to	to	ADP
cblr-1706	875	18	msdw	msdw	ADJ
cblr-1706	875	19	brokers	broker	NOUN
cblr-1706	875	20	immaterial	immaterial	ADJ
cblr-1706	875	21	to	to	ADP
cblr-1706	875	22	the	the	DET
cblr-1706	875	23	average	average	ADJ
cblr-1706	875	24	investor	investor	NOUN
cblr-1706	875	25	.	.	PUNCT
cblr-1706	876	1	nonetheless	nonetheless	ADV
cblr-1706	876	2	,	,	PUNCT
cblr-1706	876	3	the	the	DET
cblr-1706	876	4	sec	sec	PROPN
cblr-1706	876	5	subsequently	subsequently	ADV
cblr-1706	876	6	passed	pass	VERB
cblr-1706	876	7	a	a	DET
cblr-1706	876	8	rule	rule	NOUN
cblr-1706	876	9	prohibiting	prohibit	VERB
cblr-1706	876	10	the	the	DET
cblr-1706	876	11	practice	practice	NOUN
cblr-1706	876	12	in	in	ADP
cblr-1706	876	13	any	any	DET
cblr-1706	876	14	form.188	form.188	PROPN
cblr-1706	876	15	one	one	NUM
cblr-1706	876	16	notable	notable	ADJ
cblr-1706	876	17	but	but	CCONJ
cblr-1706	876	18	overlooked	overlook	VERB
cblr-1706	876	19	feature	feature	NOUN
cblr-1706	876	20	of	of	ADP
cblr-1706	876	21	the	the	DET
cblr-1706	876	22	arrangement	arrangement	NOUN
cblr-1706	876	23	was	be	AUX
cblr-1706	876	24	that	that	SCONJ
cblr-1706	876	25	the	the	DET
cblr-1706	876	26	brokers	broker	NOUN
cblr-1706	876	27	who	who	PRON
cblr-1706	876	28	sold	sell	VERB
cblr-1706	876	29	fund	fund	NOUN
cblr-1706	876	30	shares	share	NOUN
cblr-1706	876	31	received	receive	VERB
cblr-1706	876	32	only	only	ADV
cblr-1706	876	33	a	a	DET
cblr-1706	876	34	portion	portion	NOUN
cblr-1706	876	35	of	of	ADP
cblr-1706	876	36	their	their	PRON
cblr-1706	876	37	compensation	compensation	NOUN
cblr-1706	876	38	on	on	ADP
cblr-1706	876	39	sale	sale	NOUN
cblr-1706	876	40	.	.	PUNCT
cblr-1706	877	1	the	the	DET
cblr-1706	877	2	remainder	remainder	NOUN
cblr-1706	877	3	was	be	AUX
cblr-1706	877	4	back	back	ADJ
cblr-1706	877	5	-	-	PUNCT
cblr-1706	877	6	end	end	NOUN
cblr-1706	877	7	loaded	load	VERB
cblr-1706	877	8	in	in	ADP
cblr-1706	877	9	the	the	DET
cblr-1706	877	10	form	form	NOUN
cblr-1706	877	11	of	of	ADP
cblr-1706	877	12	trailing	trail	VERB
cblr-1706	877	13	payments	payment	NOUN
cblr-1706	877	14	that	that	PRON
cblr-1706	877	15	continued	continue	VERB
cblr-1706	877	16	for	for	ADP
cblr-1706	877	17	one	one	NUM
cblr-1706	877	18	year	year	NOUN
cblr-1706	877	19	as	as	ADV
cblr-1706	877	20	long	long	ADV
cblr-1706	877	21	the	the	DET
cblr-1706	877	22	client	client	NOUN
cblr-1706	877	23	retained	retain	VERB
cblr-1706	877	24	his	his	PRON
cblr-1706	877	25	or	or	CCONJ
cblr-1706	877	26	her	her	PRON
cblr-1706	877	27	shares	share	NOUN
cblr-1706	877	28	,	,	PUNCT
cblr-1706	877	29	terminating	terminate	VERB
cblr-1706	877	30	the	the	DET
cblr-1706	877	31	moment	moment	NOUN
cblr-1706	877	32	he	he	PRON
cblr-1706	877	33	or	or	CCONJ
cblr-1706	877	34	she	she	PRON
cblr-1706	877	35	sold.189	sold.189	INTJ
cblr-1706	878	1	if	if	SCONJ
cblr-1706	878	2	,	,	PUNCT
cblr-1706	878	3	as	as	SCONJ
cblr-1706	878	4	seems	seem	VERB
cblr-1706	878	5	likely	likely	ADJ
cblr-1706	878	6	,	,	PUNCT
cblr-1706	878	7	retail	retail	ADJ
cblr-1706	878	8	investors	investor	NOUN
cblr-1706	878	9	are	be	AUX
cblr-1706	878	10	likely	likely	ADJ
cblr-1706	878	11	to	to	PART
cblr-1706	878	12	discover	discover	VERB
cblr-1706	878	13	and	and	CCONJ
cblr-1706	878	14	sell	sell	VERB
cblr-1706	878	15	unsuitable	unsuitable	ADJ
cblr-1706	878	16	investments	investment	NOUN
cblr-1706	878	17	within	within	ADP
cblr-1706	878	18	a	a	DET
cblr-1706	878	19	year	year	NOUN
cblr-1706	878	20	of	of	ADP
cblr-1706	878	21	buying	buying	NOUN
cblr-1706	878	22	,	,	PUNCT
cblr-1706	878	23	this	this	DET
cblr-1706	878	24	method	method	NOUN
cblr-1706	878	25	of	of	ADP
cblr-1706	878	26	broker	broker	NOUN
cblr-1706	878	27	compensation	compensation	NOUN
cblr-1706	878	28	mitigates	mitigate	VERB
cblr-1706	878	29	any	any	DET
cblr-1706	878	30	tendency	tendency	NOUN
cblr-1706	878	31	brokers	broker	NOUN
cblr-1706	878	32	might	might	AUX
cblr-1706	878	33	have	have	VERB
cblr-1706	878	34	to	to	PART
cblr-1706	878	35	recommend	recommend	VERB
cblr-1706	878	36	ill	ill	ADV
cblr-1706	878	37	-	-	PUNCT
cblr-1706	878	38	suited	suit	VERB
cblr-1706	878	39	funds	fund	NOUN
cblr-1706	878	40	.	.	PUNCT
cblr-1706	879	1	this	this	PRON
cblr-1706	879	2	is	be	AUX
cblr-1706	879	3	an	an	DET
cblr-1706	879	4	unremarkable	unremarkable	ADJ
cblr-1706	879	5	but	but	CCONJ
cblr-1706	879	6	apparently	apparently	ADV
cblr-1706	879	7	overlooked	overlook	VERB
cblr-1706	879	8	form	form	NOUN
cblr-1706	879	9	of	of	ADP
cblr-1706	879	10	bonding	bonding	NOUN
cblr-1706	879	11	brokers	broker	NOUN
cblr-1706	879	12	’	'	PUNCT
cblr-1706	879	13	fidelity	fidelity	NOUN
cblr-1706	879	14	.	.	PUNCT
cblr-1706	880	1	the	the	DET
cblr-1706	880	2	bond	bond	NOUN
cblr-1706	880	3	reduced	reduce	VERB
cblr-1706	880	4	clients	client	NOUN
cblr-1706	880	5	’	’	PART
cblr-1706	880	6	up	up	ADP
cblr-1706	880	7	-	-	PUNCT
cblr-1706	880	8	front	front	NOUN
cblr-1706	880	9	transaction	transaction	NOUN
cblr-1706	880	10	costs	cost	NOUN
cblr-1706	880	11	of	of	ADP
cblr-1706	880	12	assessing	assess	VERB
cblr-1706	880	13	their	their	PRON
cblr-1706	880	14	broker	broker	NOUN
cblr-1706	880	15	’s	’s	PART
cblr-1706	880	16	investment	investment	NOUN
cblr-1706	880	17	advice	advice	NOUN
cblr-1706	880	18	.	.	PUNCT
cblr-1706	881	1	nothing	nothing	PRON
cblr-1706	881	2	in	in	ADP
cblr-1706	881	3	the	the	DET
cblr-1706	881	4	case	case	NOUN
cblr-1706	881	5	documents	document	NOUN
cblr-1706	881	6	indicates	indicate	VERB
cblr-1706	881	7	that	that	SCONJ
cblr-1706	881	8	the	the	DET
cblr-1706	881	9	sec	sec	PROPN
cblr-1706	881	10	was	be	AUX
cblr-1706	881	11	aware	aware	ADJ
cblr-1706	881	12	of	of	ADP
cblr-1706	881	13	or	or	CCONJ
cblr-1706	881	14	concerned	concerned	ADJ
cblr-1706	881	15	about	about	ADP
cblr-1706	881	16	the	the	DET
cblr-1706	881	17	positive	positive	ADJ
cblr-1706	881	18	effects	effect	NOUN
cblr-1706	881	19	of	of	ADP
cblr-1706	881	20	the	the	DET
cblr-1706	881	21	program	program	NOUN
cblr-1706	881	22	on	on	ADP
cblr-1706	881	23	broker	broker	NOUN
cblr-1706	881	24	incentives	incentive	NOUN
cblr-1706	881	25	.	.	PUNCT
cblr-1706	882	1	recall	recall	VERB
cblr-1706	882	2	that	that	SCONJ
cblr-1706	882	3	the	the	DET
cblr-1706	882	4	sec	sec	PROPN
cblr-1706	882	5	’s	’s	PART
cblr-1706	882	6	2011	2011	NUM
cblr-1706	882	7	study	study	NOUN
cblr-1706	882	8	of	of	ADP
cblr-1706	882	9	retail	retail	ADJ
cblr-1706	882	10	broker	broker	NOUN
cblr-1706	882	11	conflicts	conflict	NOUN
cblr-1706	882	12	relied	rely	VERB
cblr-1706	882	13	on	on	ADP
cblr-1706	882	14	a	a	DET
cblr-1706	882	15	2008	2008	NUM
cblr-1706	882	16	rand	rand	NOUN
cblr-1706	882	17	foundation	foundation	NOUN
cblr-1706	882	18	report	report	NOUN
cblr-1706	882	19	assessing	assess	VERB
cblr-1706	882	20	retail	retail	ADJ
cblr-1706	882	21	investors	investor	NOUN
cblr-1706	882	22	’	’	PART
cblr-1706	882	23	understanding	understanding	NOUN
cblr-1706	882	24	of	of	ADP
cblr-1706	882	25	various	various	ADJ
cblr-1706	882	26	details	detail	NOUN
cblr-1706	882	27	regarding	regard	VERB
cblr-1706	882	28	their	their	PRON
cblr-1706	882	29	187	187	NUM
cblr-1706	882	30	johnsen	johnsen	PROPN
cblr-1706	882	31	,	,	PUNCT
cblr-1706	882	32	supra	supra	ADJ
cblr-1706	882	33	note	note	NOUN
cblr-1706	882	34	185	185	NUM
cblr-1706	882	35	,	,	PUNCT
cblr-1706	882	36	at	at	ADP
cblr-1706	882	37	1286	1286	NUM
cblr-1706	882	38	n.177	n.177	NUM
cblr-1706	882	39	;	;	PUNCT
cblr-1706	882	40	see	see	VERB
cblr-1706	882	41	also	also	ADV
cblr-1706	882	42	siemers	siemer	NOUN
cblr-1706	882	43	v.	v.	ADP
cblr-1706	882	44	wells	wells	PROPN
cblr-1706	882	45	fargo	fargo	PROPN
cblr-1706	882	46	&	&	CCONJ
cblr-1706	882	47	co.	co.	PROPN
cblr-1706	882	48	,	,	PUNCT
cblr-1706	882	49	no	no	INTJ
cblr-1706	882	50	.	.	PUNCT
cblr-1706	883	1	c	c	NOUN
cblr-1706	883	2	05	05	NUM
cblr-1706	883	3	-	-	PUNCT
cblr-1706	883	4	04518	04518	NUM
cblr-1706	883	5	wha	wha	NOUN
cblr-1706	883	6	,	,	PUNCT
cblr-1706	883	7	2006	2006	NUM
cblr-1706	883	8	wl	wl	NOUN
cblr-1706	883	9	2355411	2355411	NUM
cblr-1706	883	10	(	(	PUNCT
cblr-1706	883	11	n.d	n.d	PROPN
cblr-1706	883	12	.	.	PROPN
cblr-1706	883	13	cal	cal	PROPN
cblr-1706	883	14	.	.	PUNCT
cblr-1706	884	1	aug	aug	PROPN
cblr-1706	884	2	.	.	PROPN
cblr-1706	884	3	14	14	NUM
cblr-1706	884	4	,	,	PUNCT
cblr-1706	884	5	2006	2006	NUM
cblr-1706	884	6	)	)	PUNCT
cblr-1706	884	7	;	;	PUNCT
cblr-1706	884	8	forsythe	forsythe	PROPN
cblr-1706	884	9	v.	v.	ADP
cblr-1706	884	10	sun	sun	PROPN
cblr-1706	884	11	life	life	PROPN
cblr-1706	884	12	fin	fin	PROPN
cblr-1706	884	13	.	.	PROPN
cblr-1706	884	14	,	,	PUNCT
cblr-1706	884	15	inc	inc	PROPN
cblr-1706	884	16	.	.	PROPN
cblr-1706	884	17	,	,	PUNCT
cblr-1706	884	18	417	417	NUM
cblr-1706	884	19	f.	f.	PROPN
cblr-1706	884	20	supp	supp	PROPN
cblr-1706	884	21	.	.	PUNCT
cblr-1706	885	1	2d	2d	PROPN
cblr-1706	885	2	100	100	NUM
cblr-1706	885	3	,	,	PUNCT
cblr-1706	885	4	108	108	NUM
cblr-1706	885	5	,	,	PUNCT
cblr-1706	885	6	117	117	NUM
cblr-1706	885	7	(	(	PUNCT
cblr-1706	885	8	d.	d.	PROPN
cblr-1706	885	9	mass	mass	PROPN
cblr-1706	885	10	.	.	PUNCT
cblr-1706	885	11	2006	2006	NUM
cblr-1706	885	12	)	)	PUNCT
cblr-1706	885	13	(	(	PUNCT
cblr-1706	885	14	denying	deny	VERB
cblr-1706	885	15	the	the	DET
cblr-1706	885	16	motion	motion	NOUN
cblr-1706	885	17	to	to	PART
cblr-1706	885	18	dismiss	dismiss	VERB
cblr-1706	885	19	the	the	DET
cblr-1706	885	20	investment	investment	NOUN
cblr-1706	885	21	company	company	NOUN
cblr-1706	885	22	act	act	VERB
cblr-1706	885	23	36(b	36(b	NUM
cblr-1706	885	24	)	)	PUNCT
cblr-1706	885	25	claim	claim	NOUN
cblr-1706	885	26	,	,	PUNCT
cblr-1706	885	27	but	but	CCONJ
cblr-1706	885	28	drastically	drastically	ADV
cblr-1706	885	29	narrowing	narrow	VERB
cblr-1706	885	30	it	it	PRON
cblr-1706	885	31	;	;	PUNCT
cblr-1706	885	32	the	the	DET
cblr-1706	885	33	current	current	ADJ
cblr-1706	885	34	disposition	disposition	NOUN
cblr-1706	885	35	of	of	ADP
cblr-1706	885	36	this	this	DET
cblr-1706	885	37	case	case	NOUN
cblr-1706	885	38	is	be	AUX
cblr-1706	885	39	unknown	unknown	ADJ
cblr-1706	885	40	)	)	PUNCT
cblr-1706	885	41	.	.	PUNCT
cblr-1706	886	1	but	but	CCONJ
cblr-1706	886	2	see	see	VERB
cblr-1706	886	3	aig	aig	PROPN
cblr-1706	886	4	advisor	advisor	PROPN
cblr-1706	886	5	grp	grp	PROPN
cblr-1706	886	6	.	.	PROPN
cblr-1706	886	7	,	,	PUNCT
cblr-1706	886	8	no	no	INTJ
cblr-1706	886	9	.	.	NOUN
cblr-1706	886	10	06	06	NUM
cblr-1706	886	11	cv	cv	PROPN
cblr-1706	886	12	1625(jg	1625(jg	PROPN
cblr-1706	886	13	)	)	PUNCT
cblr-1706	886	14	,	,	PUNCT
cblr-1706	886	15	2007	2007	NUM
cblr-1706	886	16	wl	wl	NOUN
cblr-1706	886	17	1213395	1213395	NUM
cblr-1706	886	18	,	,	PUNCT
cblr-1706	886	19	at	at	ADP
cblr-1706	886	20	*	*	PROPN
cblr-1706	886	21	7–9	7–9	PROPN
cblr-1706	886	22	(	(	PUNCT
cblr-1706	886	23	e.d.n.y	e.d.n.y	PROPN
cblr-1706	886	24	.	.	PUNCT
cblr-1706	886	25	apr	apr	PROPN
cblr-1706	886	26	.	.	PROPN
cblr-1706	886	27	25	25	NUM
cblr-1706	886	28	,	,	PUNCT
cblr-1706	886	29	2007	2007	NUM
cblr-1706	886	30	)	)	PUNCT
cblr-1706	886	31	;	;	PUNCT
cblr-1706	886	32	in	in	ADP
cblr-1706	886	33	re	re	PROPN
cblr-1706	886	34	aig	aig	PROPN
cblr-1706	886	35	advisor	advisor	PROPN
cblr-1706	886	36	grp	grp	PROPN
cblr-1706	886	37	.	.	PUNCT
cblr-1706	886	38	sec	sec	PROPN
cblr-1706	886	39	.	.	PUNCT
cblr-1706	886	40	litig	litig	PROPN
cblr-1706	886	41	.	.	PUNCT
cblr-1706	886	42	,	,	PUNCT
cblr-1706	886	43	309	309	NUM
cblr-1706	886	44	f.	f.	PROPN
cblr-1706	886	45	app’x	app’x	PROPN
cblr-1706	886	46	495	495	NUM
cblr-1706	886	47	(	(	PUNCT
cblr-1706	886	48	2d	2d	NUM
cblr-1706	886	49	cir	cir	NOUN
cblr-1706	886	50	.	.	PUNCT
cblr-1706	886	51	2009	2009	NUM
cblr-1706	886	52	)	)	PUNCT
cblr-1706	886	53	(	(	PUNCT
cblr-1706	886	54	ruling	rule	VERB
cblr-1706	886	55	that	that	SCONJ
cblr-1706	886	56	where	where	SCONJ
cblr-1706	886	57	broker	broker	NOUN
cblr-1706	886	58	-	-	PUNCT
cblr-1706	886	59	dealer	dealer	NOUN
cblr-1706	886	60	received	receive	VERB
cblr-1706	886	61	payments	payment	NOUN
cblr-1706	886	62	in	in	ADP
cblr-1706	886	63	form	form	NOUN
cblr-1706	886	64	of	of	ADP
cblr-1706	886	65	revenue	revenue	NOUN
cblr-1706	886	66	sharing	sharing	NOUN
cblr-1706	886	67	and	and	CCONJ
cblr-1706	886	68	directed	direct	VERB
cblr-1706	886	69	brokerage	brokerage	NOUN
cblr-1706	886	70	from	from	ADP
cblr-1706	886	71	mutual	mutual	ADJ
cblr-1706	886	72	funds	fund	NOUN
cblr-1706	886	73	in	in	ADP
cblr-1706	886	74	exchange	exchange	NOUN
cblr-1706	886	75	for	for	ADP
cblr-1706	886	76	recommending	recommend	VERB
cblr-1706	886	77	the	the	DET
cblr-1706	886	78	funds	fund	NOUN
cblr-1706	886	79	to	to	ADP
cblr-1706	886	80	customers	customer	NOUN
cblr-1706	886	81	,	,	PUNCT
cblr-1706	886	82	omissions	omission	NOUN
cblr-1706	886	83	concerning	concern	VERB
cblr-1706	886	84	such	such	ADJ
cblr-1706	886	85	conflicts	conflict	NOUN
cblr-1706	886	86	of	of	ADP
cblr-1706	886	87	interest	interest	NOUN
cblr-1706	886	88	are	be	AUX
cblr-1706	886	89	not	not	PART
cblr-1706	886	90	immaterial	immaterial	ADJ
cblr-1706	886	91	as	as	ADP
cblr-1706	886	92	a	a	DET
cblr-1706	886	93	matter	matter	NOUN
cblr-1706	886	94	of	of	ADP
cblr-1706	886	95	law	law	NOUN
cblr-1706	886	96	)	)	PUNCT
cblr-1706	886	97	.	.	PUNCT
cblr-1706	887	1	188	188	NUM
cblr-1706	887	2	prohibition	prohibition	NOUN
cblr-1706	887	3	on	on	ADP
cblr-1706	887	4	the	the	DET
cblr-1706	887	5	use	use	NOUN
cblr-1706	887	6	of	of	ADP
cblr-1706	887	7	brokerage	brokerage	NOUN
cblr-1706	887	8	commissions	commission	NOUN
cblr-1706	887	9	to	to	PART
cblr-1706	887	10	finance	finance	VERB
cblr-1706	887	11	distribution	distribution	NOUN
cblr-1706	887	12	,	,	PUNCT
cblr-1706	887	13	69	69	NUM
cblr-1706	887	14	fed	feed	VERB
cblr-1706	887	15	.	.	PUNCT
cblr-1706	888	1	reg	reg	PROPN
cblr-1706	888	2	.	.	PUNCT
cblr-1706	889	1	54,728	54,728	NUM
cblr-1706	889	2	(	(	PUNCT
cblr-1706	889	3	sept	sept	PROPN
cblr-1706	889	4	.	.	PROPN
cblr-1706	889	5	9	9	NUM
cblr-1706	889	6	,	,	PUNCT
cblr-1706	889	7	2004	2004	NUM
cblr-1706	889	8	)	)	PUNCT
cblr-1706	889	9	(	(	PUNCT
cblr-1706	889	10	to	to	PART
cblr-1706	889	11	be	be	AUX
cblr-1706	889	12	codified	codify	VERB
cblr-1706	889	13	at	at	ADP
cblr-1706	889	14	17	17	NUM
cblr-1706	889	15	c.f.r	c.f.r	NOUN
cblr-1706	889	16	.	.	PUNCT
cblr-1706	890	1	pt	pt	PROPN
cblr-1706	890	2	.	.	PROPN
cblr-1706	890	3	270	270	NUM
cblr-1706	890	4	)	)	PUNCT
cblr-1706	890	5	.	.	PUNCT
cblr-1706	891	1	189	189	NUM
cblr-1706	891	2	see	see	VERB
cblr-1706	891	3	johnsen	johnsen	PROPN
cblr-1706	891	4	,	,	PUNCT
cblr-1706	891	5	supra	supra	PROPN
cblr-1706	891	6	note	note	NOUN
cblr-1706	891	7	185	185	NUM
cblr-1706	891	8	,	,	PUNCT
cblr-1706	891	9	at	at	ADP
cblr-1706	891	10	1275	1275	NUM
cblr-1706	891	11	.	.	PUNCT
cblr-1706	892	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	892	2	752	752	NUM
cblr-1706	892	3	columbia	columbia	PROPN
cblr-1706	892	4	business	business	NOUN
cblr-1706	892	5	law	law	NOUN
cblr-1706	892	6	review	review	NOUN
cblr-1706	892	7	[	[	X
cblr-1706	892	8	vol	vol	NOUN
cblr-1706	892	9	.	.	NOUN
cblr-1706	892	10	2018	2018	NUM
cblr-1706	892	11	investment	investment	NOUN
cblr-1706	892	12	accounts	account	NOUN
cblr-1706	892	13	based	base	VERB
cblr-1706	892	14	on	on	ADP
cblr-1706	892	15	survey	survey	NOUN
cblr-1706	892	16	evidence.190	evidence.190	VERB
cblr-1706	892	17	from	from	ADP
cblr-1706	892	18	this	this	PRON
cblr-1706	892	19	,	,	PUNCT
cblr-1706	892	20	the	the	DET
cblr-1706	892	21	2011	2011	NUM
cblr-1706	892	22	study	study	NOUN
cblr-1706	892	23	concluded	conclude	VERB
cblr-1706	892	24	that	that	SCONJ
cblr-1706	892	25	retail	retail	ADJ
cblr-1706	892	26	investors	investor	NOUN
cblr-1706	892	27	generally	generally	ADV
cblr-1706	892	28	are	be	AUX
cblr-1706	892	29	unaware	unaware	ADJ
cblr-1706	892	30	or	or	CCONJ
cblr-1706	892	31	confused	confused	ADJ
cblr-1706	892	32	“	"	PUNCT
cblr-1706	892	33	regarding	regard	VERB
cblr-1706	892	34	the	the	DET
cblr-1706	892	35	roles	role	NOUN
cblr-1706	892	36	,	,	PUNCT
cblr-1706	892	37	titles	title	NOUN
cblr-1706	892	38	,	,	PUNCT
cblr-1706	892	39	and	and	CCONJ
cblr-1706	892	40	legal	legal	ADJ
cblr-1706	892	41	obligations	obligation	NOUN
cblr-1706	892	42	of	of	ADP
cblr-1706	892	43	investment	investment	NOUN
cblr-1706	892	44	advisers	adviser	NOUN
cblr-1706	892	45	and	and	CCONJ
cblr-1706	892	46	broker	broker	NOUN
cblr-1706	892	47	-	-	PUNCT
cblr-1706	892	48	dealers	dealer	NOUN
cblr-1706	892	49	,	,	PUNCT
cblr-1706	892	50	although	although	SCONJ
cblr-1706	892	51	[	[	X
cblr-1706	892	52	the	the	DET
cblr-1706	892	53	report	report	NOUN
cblr-1706	892	54	also	also	ADV
cblr-1706	892	55	finds	find	VERB
cblr-1706	892	56	]	]	PUNCT
cblr-1706	892	57	that	that	SCONJ
cblr-1706	892	58	investors	investor	NOUN
cblr-1706	892	59	generally	generally	ADV
cblr-1706	892	60	were	be	AUX
cblr-1706	892	61	satisfied	satisfied	ADJ
cblr-1706	892	62	with	with	ADP
cblr-1706	892	63	their	their	PRON
cblr-1706	892	64	financial	financial	ADJ
cblr-1706	892	65	professionals	professional	NOUN
cblr-1706	892	66	.	.	PUNCT
cblr-1706	892	67	”191	”191	PUNCT
cblr-1706	893	1	the	the	DET
cblr-1706	893	2	proper	proper	ADJ
cblr-1706	893	3	economic	economic	ADJ
cblr-1706	893	4	inference	inference	NOUN
cblr-1706	893	5	from	from	ADP
cblr-1706	893	6	this	this	DET
cblr-1706	893	7	observation	observation	NOUN
cblr-1706	893	8	is	be	AUX
cblr-1706	893	9	not	not	PART
cblr-1706	893	10	that	that	SCONJ
cblr-1706	893	11	it	it	PRON
cblr-1706	893	12	reflects	reflect	VERB
cblr-1706	893	13	a	a	DET
cblr-1706	893	14	“	"	PUNCT
cblr-1706	893	15	problem	problem	NOUN
cblr-1706	893	16	”	"	PUNCT
cblr-1706	893	17	to	to	PART
cblr-1706	893	18	be	be	AUX
cblr-1706	893	19	solved	solve	VERB
cblr-1706	893	20	but	but	CCONJ
cblr-1706	893	21	that	that	SCONJ
cblr-1706	893	22	most	most	ADJ
cblr-1706	893	23	retail	retail	ADJ
cblr-1706	893	24	investors	investor	NOUN
cblr-1706	893	25	consider	consider	VERB
cblr-1706	893	26	brokerage	brokerage	NOUN
cblr-1706	893	27	and	and	CCONJ
cblr-1706	893	28	advisory	advisory	ADJ
cblr-1706	893	29	accounts	account	NOUN
cblr-1706	893	30	to	to	PART
cblr-1706	893	31	be	be	AUX
cblr-1706	893	32	sufficiently	sufficiently	ADV
cblr-1706	893	33	close	close	ADJ
cblr-1706	893	34	substitutes	substitute	NOUN
cblr-1706	893	35	and	and	CCONJ
cblr-1706	893	36	sufficiently	sufficiently	ADV
cblr-1706	893	37	unproblematic	unproblematic	ADJ
cblr-1706	893	38	that	that	SCONJ
cblr-1706	893	39	it	it	PRON
cblr-1706	893	40	is	be	AUX
cblr-1706	893	41	not	not	PART
cblr-1706	893	42	worth	worth	ADJ
cblr-1706	893	43	their	their	PRON
cblr-1706	893	44	time	time	NOUN
cblr-1706	893	45	and	and	CCONJ
cblr-1706	893	46	effort	effort	NOUN
cblr-1706	893	47	to	to	PART
cblr-1706	893	48	identify	identify	VERB
cblr-1706	893	49	the	the	DET
cblr-1706	893	50	finer	fine	ADJ
cblr-1706	893	51	differences	difference	NOUN
cblr-1706	893	52	between	between	ADP
cblr-1706	893	53	them	they	PRON
cblr-1706	893	54	.	.	PUNCT
cblr-1706	894	1	as	as	ADP
cblr-1706	894	2	in	in	ADP
cblr-1706	894	3	any	any	DET
cblr-1706	894	4	retail	retail	ADJ
cblr-1706	894	5	setting	setting	NOUN
cblr-1706	894	6	,	,	PUNCT
cblr-1706	894	7	for	for	SCONJ
cblr-1706	894	8	the	the	DET
cblr-1706	894	9	market	market	NOUN
cblr-1706	894	10	to	to	PART
cblr-1706	894	11	work	work	VERB
cblr-1706	894	12	well	well	INTJ
cblr-1706	894	13	it	it	PRON
cblr-1706	894	14	is	be	AUX
cblr-1706	894	15	sufficient	sufficient	ADJ
cblr-1706	894	16	that	that	SCONJ
cblr-1706	894	17	some	some	DET
cblr-1706	894	18	investors	investor	NOUN
cblr-1706	894	19	—	—	PUNCT
cblr-1706	894	20	those	those	PRON
cblr-1706	894	21	who	who	PRON
cblr-1706	894	22	are	be	AUX
cblr-1706	894	23	on	on	ADP
cblr-1706	894	24	the	the	DET
cblr-1706	894	25	margin	margin	NOUN
cblr-1706	894	26	between	between	ADP
cblr-1706	894	27	alternative	alternative	ADJ
cblr-1706	894	28	products	product	NOUN
cblr-1706	894	29	,	,	PUNCT
cblr-1706	894	30	forms	form	NOUN
cblr-1706	894	31	of	of	ADP
cblr-1706	894	32	organization	organization	NOUN
cblr-1706	894	33	,	,	PUNCT
cblr-1706	894	34	or	or	CCONJ
cblr-1706	894	35	legal	legal	ADJ
cblr-1706	894	36	protections	protection	NOUN
cblr-1706	894	37	—	—	PUNCT
cblr-1706	894	38	do	do	VERB
cblr-1706	894	39	their	their	PRON
cblr-1706	894	40	homework	homework	NOUN
cblr-1706	894	41	and	and	CCONJ
cblr-1706	894	42	allocate	allocate	VERB
cblr-1706	894	43	their	their	PRON
cblr-1706	894	44	funds	fund	NOUN
cblr-1706	894	45	accordingly	accordingly	ADV
cblr-1706	894	46	.	.	PUNCT
cblr-1706	895	1	few	few	ADJ
cblr-1706	895	2	consumers	consumer	NOUN
cblr-1706	895	3	know	know	VERB
cblr-1706	895	4	or	or	CCONJ
cblr-1706	895	5	care	care	VERB
cblr-1706	895	6	whether	whether	SCONJ
cblr-1706	895	7	their	their	PRON
cblr-1706	895	8	soft	soft	ADJ
cblr-1706	895	9	drinks	drink	NOUN
cblr-1706	895	10	are	be	AUX
cblr-1706	895	11	made	make	VERB
cblr-1706	895	12	from	from	ADP
cblr-1706	895	13	corn	corn	NOUN
cblr-1706	895	14	syrup	syrup	NOUN
cblr-1706	895	15	or	or	CCONJ
cblr-1706	895	16	cane	cane	NOUN
cblr-1706	895	17	sugar	sugar	NOUN
cblr-1706	895	18	,	,	PUNCT
cblr-1706	895	19	for	for	ADP
cblr-1706	895	20	example	example	NOUN
cblr-1706	895	21	,	,	PUNCT
cblr-1706	895	22	but	but	CCONJ
cblr-1706	895	23	a	a	DET
cblr-1706	895	24	select	select	ADJ
cblr-1706	895	25	few	few	ADJ
cblr-1706	895	26	are	be	AUX
cblr-1706	895	27	knowledgeable	knowledgeable	ADJ
cblr-1706	895	28	of	of	ADP
cblr-1706	895	29	and	and	CCONJ
cblr-1706	895	30	sensitive	sensitive	ADJ
cblr-1706	895	31	to	to	ADP
cblr-1706	895	32	the	the	DET
cblr-1706	895	33	difference	difference	NOUN
cblr-1706	895	34	.	.	PUNCT
cblr-1706	896	1	these	these	DET
cblr-1706	896	2	marginal	marginal	ADJ
cblr-1706	896	3	consumers	consumer	NOUN
cblr-1706	896	4	’	'	PUNCT
cblr-1706	896	5	decisions	decision	NOUN
cblr-1706	896	6	guide	guide	VERB
cblr-1706	896	7	relative	relative	ADJ
cblr-1706	896	8	prices	price	NOUN
cblr-1706	896	9	and	and	CCONJ
cblr-1706	896	10	other	other	ADJ
cblr-1706	896	11	terms	term	NOUN
cblr-1706	896	12	of	of	ADP
cblr-1706	896	13	trade	trade	NOUN
cblr-1706	896	14	in	in	ADP
cblr-1706	896	15	the	the	DET
cblr-1706	896	16	market	market	NOUN
cblr-1706	896	17	for	for	ADP
cblr-1706	896	18	soft	soft	ADJ
cblr-1706	896	19	drinks	drink	NOUN
cblr-1706	896	20	and	and	CCONJ
cblr-1706	896	21	no	no	DET
cblr-1706	896	22	doubt	doubt	NOUN
cblr-1706	896	23	in	in	ADP
cblr-1706	896	24	the	the	DET
cblr-1706	896	25	market	market	NOUN
cblr-1706	896	26	for	for	ADP
cblr-1706	896	27	investment	investment	NOUN
cblr-1706	896	28	advice	advice	NOUN
cblr-1706	896	29	,	,	PUNCT
cblr-1706	896	30	where	where	SCONJ
cblr-1706	896	31	far	far	ADV
cblr-1706	896	32	more	more	ADJ
cblr-1706	896	33	is	be	AUX
cblr-1706	896	34	at	at	ADP
cblr-1706	896	35	stake	stake	NOUN
cblr-1706	896	36	.	.	PUNCT
cblr-1706	897	1	the	the	DET
cblr-1706	897	2	proposing	propose	VERB
cblr-1706	897	3	release	release	NOUN
cblr-1706	897	4	points	point	VERB
cblr-1706	897	5	out	out	ADP
cblr-1706	897	6	that	that	SCONJ
cblr-1706	897	7	many	many	ADJ
cblr-1706	897	8	brokerage	brokerage	NOUN
cblr-1706	897	9	firm	firm	NOUN
cblr-1706	897	10	clients	client	NOUN
cblr-1706	897	11	maintain	maintain	VERB
cblr-1706	897	12	both	both	CCONJ
cblr-1706	897	13	a	a	DET
cblr-1706	897	14	brokerage	brokerage	NOUN
cblr-1706	897	15	account	account	NOUN
cblr-1706	897	16	and	and	CCONJ
cblr-1706	897	17	an	an	DET
cblr-1706	897	18	advisory	advisory	ADJ
cblr-1706	897	19	account.192	account.192	NOUN
cblr-1706	897	20	many	many	ADJ
cblr-1706	897	21	undoubtedly	undoubtedly	ADV
cblr-1706	897	22	transfer	transfer	VERB
cblr-1706	897	23	funds	fund	NOUN
cblr-1706	897	24	between	between	ADP
cblr-1706	897	25	them	they	PRON
cblr-1706	897	26	from	from	ADP
cblr-1706	897	27	time	time	NOUN
cblr-1706	897	28	to	to	ADP
cblr-1706	897	29	time	time	NOUN
cblr-1706	897	30	,	,	PUNCT
cblr-1706	897	31	and	and	CCONJ
cblr-1706	897	32	brokerage	brokerage	NOUN
cblr-1706	897	33	firms	firm	NOUN
cblr-1706	897	34	normally	normally	ADV
cblr-1706	897	35	make	make	VERB
cblr-1706	897	36	this	this	DET
cblr-1706	897	37	easy	easy	ADJ
cblr-1706	897	38	and	and	CCONJ
cblr-1706	897	39	inexpensive	inexpensive	ADJ
cblr-1706	897	40	.	.	PUNCT
cblr-1706	898	1	assets	asset	NOUN
cblr-1706	898	2	move	move	VERB
cblr-1706	898	3	fluidly	fluidly	ADV
cblr-1706	898	4	between	between	ADP
cblr-1706	898	5	broker	broker	NOUN
cblr-1706	898	6	and	and	CCONJ
cblr-1706	898	7	adviser	adviser	NOUN
cblr-1706	898	8	accounts	account	NOUN
cblr-1706	898	9	as	as	SCONJ
cblr-1706	898	10	their	their	PRON
cblr-1706	898	11	relative	relative	ADJ
cblr-1706	898	12	merits	merit	NOUN
cblr-1706	898	13	vary	vary	VERB
cblr-1706	898	14	.	.	PUNCT
cblr-1706	899	1	the	the	DET
cblr-1706	899	2	hypothesis	hypothesis	NOUN
cblr-1706	899	3	that	that	PRON
cblr-1706	899	4	retail	retail	ADJ
cblr-1706	899	5	investors	investor	NOUN
cblr-1706	899	6	respond	respond	VERB
cblr-1706	899	7	at	at	ADP
cblr-1706	899	8	the	the	DET
cblr-1706	899	9	margin	margin	NOUN
cblr-1706	899	10	in	in	ADP
cblr-1706	899	11	this	this	DET
cblr-1706	899	12	way	way	NOUN
cblr-1706	899	13	to	to	PART
cblr-1706	899	14	changed	change	VERB
cblr-1706	899	15	circumstances	circumstance	NOUN
cblr-1706	899	16	is	be	AUX
cblr-1706	899	17	testable	testable	ADJ
cblr-1706	899	18	and	and	CCONJ
cblr-1706	899	19	well	well	ADV
cblr-1706	899	20	within	within	ADP
cblr-1706	899	21	the	the	DET
cblr-1706	899	22	sec	sec	PROPN
cblr-1706	899	23	’s	’s	PART
cblr-1706	899	24	wherewithal	wherewithal	NOUN
cblr-1706	899	25	and	and	CCONJ
cblr-1706	899	26	competence.193	competence.193	NOUN
cblr-1706	899	27	for	for	ADP
cblr-1706	899	28	example	example	NOUN
cblr-1706	899	29	,	,	PUNCT
cblr-1706	899	30	it	it	PRON
cblr-1706	899	31	is	be	AUX
cblr-1706	899	32	widely	widely	ADV
cblr-1706	899	33	reported	report	VERB
cblr-1706	899	34	that	that	SCONJ
cblr-1706	899	35	in	in	ADP
cblr-1706	899	36	anticipation	anticipation	NOUN
cblr-1706	899	37	of	of	ADP
cblr-1706	899	38	the	the	DET
cblr-1706	899	39	dol	dol	NOUN
cblr-1706	899	40	’s	’s	PART
cblr-1706	899	41	now	now	ADV
cblr-1706	899	42	-	-	PUNCT
cblr-1706	899	43	defunct	defunct	ADJ
cblr-1706	899	44	fiduciary	fiduciary	ADJ
cblr-1706	899	45	rule	rule	NOUN
cblr-1706	899	46	retail	retail	ADJ
cblr-1706	899	47	clients	client	NOUN
cblr-1706	899	48	began	begin	VERB
cblr-1706	899	49	190	190	NUM
cblr-1706	899	50	see	see	NOUN
cblr-1706	899	51	supra	supra	PROPN
cblr-1706	899	52	note	note	PROPN
cblr-1706	899	53	91	91	NUM
cblr-1706	899	54	and	and	CCONJ
cblr-1706	899	55	accompanying	accompany	VERB
cblr-1706	899	56	text	text	NOUN
cblr-1706	899	57	.	.	PUNCT
cblr-1706	900	1	191	191	NUM
cblr-1706	900	2	2011	2011	NUM
cblr-1706	900	3	study	study	NOUN
cblr-1706	900	4	,	,	PUNCT
cblr-1706	900	5	supra	supra	PROPN
cblr-1706	900	6	note	note	PROPN
cblr-1706	900	7	6	6	NUM
cblr-1706	900	8	,	,	PUNCT
cblr-1706	900	9	at	at	ADP
cblr-1706	900	10	v.	v.	ADP
cblr-1706	900	11	192	192	NUM
cblr-1706	900	12	i	i	PRON
cblr-1706	900	13	d.	d.	PROPN
cblr-1706	900	14	at	at	ADP
cblr-1706	900	15	11	11	NUM
cblr-1706	900	16	.	.	PUNCT
cblr-1706	900	17	193	193	NUM
cblr-1706	900	18	see	see	NOUN
cblr-1706	900	19	,	,	PUNCT
cblr-1706	900	20	e.g.	e.g.	ADV
cblr-1706	900	21	,	,	PUNCT
cblr-1706	900	22	stephen	stephen	PROPN
cblr-1706	900	23	choi	choi	PROPN
cblr-1706	900	24	&	&	CCONJ
cblr-1706	900	25	marcel	marcel	PROPN
cblr-1706	900	26	kahan	kahan	PROPN
cblr-1706	900	27	,	,	PUNCT
cblr-1706	900	28	the	the	DET
cblr-1706	900	29	market	market	NOUN
cblr-1706	900	30	penalty	penalty	NOUN
cblr-1706	900	31	for	for	ADP
cblr-1706	900	32	mutual	mutual	ADJ
cblr-1706	900	33	fund	fund	NOUN
cblr-1706	900	34	scandals	scandal	NOUN
cblr-1706	900	35	,	,	PUNCT
cblr-1706	900	36	87	87	NUM
cblr-1706	900	37	b.u	b.u	PROPN
cblr-1706	900	38	.	.	PROPN
cblr-1706	900	39	l.	l.	PROPN
cblr-1706	900	40	rev	rev	PROPN
cblr-1706	900	41	.	.	PROPN
cblr-1706	900	42	1021	1021	NUM
cblr-1706	900	43	,	,	PUNCT
cblr-1706	900	44	1028–29	1028–29	PRON
cblr-1706	900	45	(	(	PUNCT
cblr-1706	900	46	2007	2007	NUM
cblr-1706	900	47	)	)	PUNCT
cblr-1706	900	48	.	.	PUNCT
cblr-1706	901	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	901	2	no	no	NOUN
cblr-1706	901	3	.	.	PUNCT
cblr-1706	902	1	3:695	3:695	NUM
cblr-1706	902	2	]	]	X
cblr-1706	902	3	a	a	DET
cblr-1706	902	4	transaction	transaction	NOUN
cblr-1706	902	5	cost	cost	NOUN
cblr-1706	902	6	assessment	assessment	NOUN
cblr-1706	902	7	753	753	NUM
cblr-1706	902	8	migrating	migrating	NOUN
cblr-1706	902	9	away	away	ADV
cblr-1706	902	10	from	from	ADP
cblr-1706	902	11	transaction	transaction	NOUN
cblr-1706	902	12	based	base	VERB
cblr-1706	902	13	-	-	PUNCT
cblr-1706	902	14	brokerage	brokerage	NOUN
cblr-1706	902	15	accounts	account	NOUN
cblr-1706	902	16	and	and	CCONJ
cblr-1706	902	17	toward	toward	ADP
cblr-1706	902	18	fee	fee	NOUN
cblr-1706	902	19	-	-	PUNCT
cblr-1706	902	20	based	base	VERB
cblr-1706	902	21	advisory	advisory	ADJ
cblr-1706	902	22	accounts	account	NOUN
cblr-1706	902	23	and	and	CCONJ
cblr-1706	902	24	other	other	ADJ
cblr-1706	902	25	products.194	products.194	NOUN
cblr-1706	902	26	if	if	SCONJ
cblr-1706	902	27	investors	investor	NOUN
cblr-1706	902	28	respond	respond	VERB
cblr-1706	902	29	as	as	SCONJ
cblr-1706	902	30	predicted	predict	VERB
cblr-1706	902	31	to	to	ADP
cblr-1706	902	32	marginal	marginal	ADJ
cblr-1706	902	33	shocks	shock	NOUN
cblr-1706	902	34	,	,	PUNCT
cblr-1706	902	35	doubt	doubt	ADV
cblr-1706	902	36	is	be	AUX
cblr-1706	902	37	cast	cast	VERB
cblr-1706	902	38	on	on	ADP
cblr-1706	902	39	rbi	rbi	PROPN
cblr-1706	902	40	’s	’s	PART
cblr-1706	902	41	shaky	shaky	ADJ
cblr-1706	902	42	empirical	empirical	ADJ
cblr-1706	902	43	foundation	foundation	NOUN
cblr-1706	902	44	,	,	PUNCT
cblr-1706	902	45	specifically	specifically	ADV
cblr-1706	902	46	that	that	SCONJ
cblr-1706	902	47	retail	retail	ADJ
cblr-1706	902	48	investors	investor	NOUN
cblr-1706	902	49	are	be	AUX
cblr-1706	902	50	too	too	ADV
cblr-1706	902	51	ignorant	ignorant	ADJ
cblr-1706	902	52	to	to	PART
cblr-1706	902	53	protect	protect	VERB
cblr-1706	902	54	themselves	themselves	PRON
cblr-1706	902	55	from	from	ADP
cblr-1706	902	56	entering	enter	VERB
cblr-1706	902	57	into	into	ADP
cblr-1706	902	58	sub	sub	ADJ
cblr-1706	902	59	-	-	ADJ
cblr-1706	902	60	optimal	optimal	ADJ
cblr-1706	902	61	business	business	NOUN
cblr-1706	902	62	relationships	relationship	NOUN
cblr-1706	902	63	on	on	ADP
cblr-1706	902	64	a	a	DET
cblr-1706	902	65	significant	significant	ADJ
cblr-1706	902	66	scale	scale	NOUN
cblr-1706	902	67	.	.	PUNCT
cblr-1706	903	1	vi	vi	X
cblr-1706	903	2	.	.	PROPN
cblr-1706	903	3	summary	summary	NOUN
cblr-1706	903	4	and	and	CCONJ
cblr-1706	903	5	concluding	conclude	VERB
cblr-1706	903	6	remarks	remark	NOUN
cblr-1706	903	7	there	there	PRON
cblr-1706	903	8	is	be	VERB
cblr-1706	903	9	no	no	DET
cblr-1706	903	10	such	such	ADJ
cblr-1706	903	11	thing	thing	NOUN
cblr-1706	903	12	as	as	ADP
cblr-1706	903	13	a	a	DET
cblr-1706	903	14	conflict	conflict	NOUN
cblr-1706	903	15	-	-	PUNCT
cblr-1706	903	16	free	free	ADJ
cblr-1706	903	17	transaction	transaction	NOUN
cblr-1706	903	18	.	.	PUNCT
cblr-1706	904	1	pay	pay	VERB
cblr-1706	904	2	shop	shop	NOUN
cblr-1706	904	3	-	-	PUNCT
cblr-1706	904	4	floor	floor	NOUN
cblr-1706	904	5	workers	worker	NOUN
cblr-1706	904	6	by	by	ADP
cblr-1706	904	7	the	the	DET
cblr-1706	904	8	hour	hour	NOUN
cblr-1706	904	9	and	and	CCONJ
cblr-1706	904	10	they	they	PRON
cblr-1706	904	11	will	will	AUX
cblr-1706	904	12	likely	likely	ADV
cblr-1706	904	13	loaf	loaf	NOUN
cblr-1706	904	14	and	and	CCONJ
cblr-1706	904	15	pad	pad	VERB
cblr-1706	904	16	their	their	PRON
cblr-1706	904	17	hours	hour	NOUN
cblr-1706	904	18	.	.	PUNCT
cblr-1706	905	1	pay	pay	VERB
cblr-1706	905	2	them	they	PRON
cblr-1706	905	3	by	by	ADP
cblr-1706	905	4	the	the	DET
cblr-1706	905	5	piece	piece	NOUN
cblr-1706	905	6	and	and	CCONJ
cblr-1706	905	7	they	they	PRON
cblr-1706	905	8	will	will	AUX
cblr-1706	905	9	likely	likely	ADV
cblr-1706	905	10	abuse	abuse	VERB
cblr-1706	905	11	the	the	DET
cblr-1706	905	12	employer	employer	NOUN
cblr-1706	905	13	’s	’s	PART
cblr-1706	905	14	equipment	equipment	NOUN
cblr-1706	905	15	to	to	PART
cblr-1706	905	16	increase	increase	VERB
cblr-1706	905	17	output	output	NOUN
cblr-1706	905	18	and	and	CCONJ
cblr-1706	905	19	their	their	PRON
cblr-1706	905	20	compensation	compensation	NOUN
cblr-1706	905	21	.	.	PUNCT
cblr-1706	906	1	the	the	DET
cblr-1706	906	2	conflict	conflict	NOUN
cblr-1706	906	3	of	of	ADP
cblr-1706	906	4	interest	interest	NOUN
cblr-1706	906	5	problem	problem	NOUN
cblr-1706	906	6	amplifies	amplify	VERB
cblr-1706	906	7	where	where	SCONJ
cblr-1706	906	8	one	one	NUM
cblr-1706	906	9	party	party	NOUN
cblr-1706	906	10	agrees	agree	VERB
cblr-1706	906	11	to	to	PART
cblr-1706	906	12	act	act	VERB
cblr-1706	906	13	on	on	ADP
cblr-1706	906	14	behalf	behalf	NOUN
cblr-1706	906	15	of	of	ADP
cblr-1706	906	16	another	another	PRON
cblr-1706	906	17	,	,	PUNCT
cblr-1706	906	18	as	as	ADP
cblr-1706	906	19	in	in	ADP
cblr-1706	906	20	the	the	DET
cblr-1706	906	21	broker	broker	NOUN
cblr-1706	906	22	-	-	PUNCT
cblr-1706	906	23	client	client	NOUN
cblr-1706	906	24	relationship	relationship	NOUN
cblr-1706	906	25	.	.	PUNCT
cblr-1706	907	1	the	the	DET
cblr-1706	907	2	adviser	adviser	NOUN
cblr-1706	907	3	-	-	PUNCT
cblr-1706	907	4	investor	investor	NOUN
cblr-1706	907	5	relationship	relationship	NOUN
cblr-1706	907	6	is	be	AUX
cblr-1706	907	7	no	no	ADV
cblr-1706	907	8	different	different	ADJ
cblr-1706	907	9	.	.	PUNCT
cblr-1706	908	1	rather	rather	ADV
cblr-1706	908	2	than	than	ADP
cblr-1706	908	3	charging	charge	VERB
cblr-1706	908	4	a	a	DET
cblr-1706	908	5	commission	commission	NOUN
cblr-1706	908	6	,	,	PUNCT
cblr-1706	908	7	investment	investment	NOUN
cblr-1706	908	8	advisers	adviser	NOUN
cblr-1706	908	9	normally	normally	ADV
cblr-1706	908	10	charge	charge	VERB
cblr-1706	908	11	a	a	DET
cblr-1706	908	12	periodic	periodic	ADJ
cblr-1706	908	13	asset	asset	NOUN
cblr-1706	908	14	-	-	PUNCT
cblr-1706	908	15	based	base	VERB
cblr-1706	908	16	fee	fee	NOUN
cblr-1706	908	17	.	.	PUNCT
cblr-1706	909	1	it	it	PRON
cblr-1706	909	2	is	be	AUX
cblr-1706	909	3	widely	widely	ADV
cblr-1706	909	4	recognized	recognize	VERB
cblr-1706	909	5	,	,	PUNCT
cblr-1706	909	6	for	for	ADP
cblr-1706	909	7	example	example	NOUN
cblr-1706	909	8	,	,	PUNCT
cblr-1706	909	9	that	that	SCONJ
cblr-1706	909	10	an	an	DET
cblr-1706	909	11	adviser	adviser	NOUN
cblr-1706	909	12	who	who	PRON
cblr-1706	909	13	charges	charge	VERB
cblr-1706	909	14	a	a	DET
cblr-1706	909	15	high	high	ADJ
cblr-1706	909	16	fee	fee	NOUN
cblr-1706	909	17	to	to	PART
cblr-1706	909	18	cover	cover	VERB
cblr-1706	909	19	the	the	DET
cblr-1706	909	20	cost	cost	NOUN
cblr-1706	909	21	of	of	ADP
cblr-1706	909	22	actively	actively	ADV
cblr-1706	909	23	managing	manage	VERB
cblr-1706	909	24	the	the	DET
cblr-1706	909	25	portfolio	portfolio	NOUN
cblr-1706	909	26	might	might	AUX
cblr-1706	909	27	refrain	refrain	VERB
cblr-1706	909	28	from	from	ADP
cblr-1706	909	29	making	make	VERB
cblr-1706	909	30	the	the	DET
cblr-1706	909	31	effort	effort	NOUN
cblr-1706	909	32	and	and	CCONJ
cblr-1706	909	33	simply	simply	ADV
cblr-1706	909	34	invest	invest	VERB
cblr-1706	909	35	in	in	ADP
cblr-1706	909	36	an	an	DET
cblr-1706	909	37	index	index	NOUN
cblr-1706	909	38	.	.	PUNCT
cblr-1706	910	1	in	in	ADP
cblr-1706	910	2	noisy	noisy	ADJ
cblr-1706	910	3	securities	security	NOUN
cblr-1706	910	4	markets	market	NOUN
cblr-1706	910	5	,	,	PUNCT
cblr-1706	910	6	it	it	PRON
cblr-1706	910	7	is	be	AUX
cblr-1706	910	8	difficult	difficult	ADJ
cblr-1706	910	9	for	for	SCONJ
cblr-1706	910	10	investors	investor	NOUN
cblr-1706	910	11	to	to	PART
cblr-1706	910	12	discover	discover	VERB
cblr-1706	910	13	“	"	PUNCT
cblr-1706	910	14	closet	closet	NOUN
cblr-1706	910	15	indexing	indexing	NOUN
cblr-1706	910	16	”	"	PUNCT
cblr-1706	910	17	and	and	CCONJ
cblr-1706	910	18	hold	hold	VERB
cblr-1706	910	19	their	their	PRON
cblr-1706	910	20	advisers	adviser	NOUN
cblr-1706	910	21	accountable	accountable	ADJ
cblr-1706	910	22	for	for	ADP
cblr-1706	910	23	misconduct	misconduct	NOUN
cblr-1706	910	24	,	,	PUNCT
cblr-1706	910	25	even	even	ADV
cblr-1706	910	26	under	under	ADP
cblr-1706	910	27	a	a	DET
cblr-1706	910	28	fiduciary	fiduciary	ADJ
cblr-1706	910	29	standard	standard	NOUN
cblr-1706	910	30	.	.	PUNCT
cblr-1706	911	1	so	so	ADV
cblr-1706	911	2	-	-	PUNCT
cblr-1706	911	3	called	call	VERB
cblr-1706	911	4	“	"	PUNCT
cblr-1706	911	5	wrap	wrap	NOUN
cblr-1706	911	6	fee	fee	NOUN
cblr-1706	911	7	”	"	PUNCT
cblr-1706	911	8	programs	program	NOUN
cblr-1706	911	9	in	in	ADP
cblr-1706	911	10	which	which	PRON
cblr-1706	911	11	clients	client	NOUN
cblr-1706	911	12	pay	pay	VERB
cblr-1706	911	13	for	for	ADP
cblr-1706	911	14	brokerage	brokerage	NOUN
cblr-1706	911	15	and	and	CCONJ
cblr-1706	911	16	advisory	advisory	ADJ
cblr-1706	911	17	services	service	NOUN
cblr-1706	911	18	with	with	ADP
cblr-1706	911	19	a	a	DET
cblr-1706	911	20	single	single	ADJ
cblr-1706	911	21	all	all	ADV
cblr-1706	911	22	-	-	PUNCT
cblr-1706	911	23	in	in	ADP
cblr-1706	911	24	-	-	PUNCT
cblr-1706	911	25	one	one	NUM
cblr-1706	911	26	management	management	NOUN
cblr-1706	911	27	fee	fee	NOUN
cblr-1706	911	28	also	also	ADV
cblr-1706	911	29	pose	pose	VERB
cblr-1706	911	30	conflicts	conflict	NOUN
cblr-1706	911	31	of	of	ADP
cblr-1706	911	32	interest.195	interest.195	ADJ
cblr-1706	911	33	investment	investment	NOUN
cblr-1706	911	34	advisory	advisory	ADJ
cblr-1706	911	35	clients	client	NOUN
cblr-1706	911	36	normally	normally	ADV
cblr-1706	911	37	authorize	authorize	VERB
cblr-1706	911	38	the	the	DET
cblr-1706	911	39	adviser	adviser	NOUN
cblr-1706	911	40	to	to	PART
cblr-1706	911	41	use	use	VERB
cblr-1706	911	42	portfolio	portfolio	NOUN
cblr-1706	911	43	assets	asset	NOUN
cblr-1706	911	44	to	to	PART
cblr-1706	911	45	pay	pay	VERB
cblr-1706	911	46	brokerage	brokerage	NOUN
cblr-1706	911	47	commissions	commission	NOUN
cblr-1706	911	48	in	in	ADP
cblr-1706	911	49	exchange	exchange	NOUN
cblr-1706	911	50	for	for	ADP
cblr-1706	911	51	portfolio	portfolio	NOUN
cblr-1706	911	52	trades	trade	NOUN
cblr-1706	911	53	.	.	PUNCT
cblr-1706	912	1	this	this	PRON
cblr-1706	912	2	can	can	AUX
cblr-1706	912	3	include	include	VERB
cblr-1706	912	4	paying	pay	VERB
cblr-1706	912	5	full	full	ADJ
cblr-1706	912	6	-	-	PUNCT
cblr-1706	912	7	service	service	NOUN
cblr-1706	912	8	194	194	NUM
cblr-1706	912	9	see	see	NOUN
cblr-1706	912	10	regulation	regulation	NOUN
cblr-1706	912	11	best	good	ADJ
cblr-1706	912	12	interest	interest	NOUN
cblr-1706	912	13	,	,	PUNCT
cblr-1706	912	14	83	83	NUM
cblr-1706	912	15	fed	feed	VERB
cblr-1706	912	16	.	.	PUNCT
cblr-1706	913	1	reg	reg	PROPN
cblr-1706	913	2	.	.	PROPN
cblr-1706	913	3	21,574	21,574	NUM
cblr-1706	913	4	,	,	PUNCT
cblr-1706	913	5	21,582	21,582	NUM
cblr-1706	913	6	(	(	PUNCT
cblr-1706	913	7	proposed	propose	VERB
cblr-1706	913	8	may	may	PROPN
cblr-1706	913	9	9	9	NUM
cblr-1706	913	10	,	,	PUNCT
cblr-1706	913	11	2018	2018	NUM
cblr-1706	913	12	)	)	PUNCT
cblr-1706	913	13	(	(	PUNCT
cblr-1706	913	14	to	to	PART
cblr-1706	913	15	be	be	AUX
cblr-1706	913	16	codified	codify	VERB
cblr-1706	913	17	at	at	ADP
cblr-1706	913	18	17	17	NUM
cblr-1706	913	19	c.f.r	c.f.r	NOUN
cblr-1706	913	20	.	.	PUNCT
cblr-1706	914	1	pt	pt	PROPN
cblr-1706	914	2	.	.	PROPN
cblr-1706	914	3	240	240	NUM
cblr-1706	914	4	)	)	PUNCT
cblr-1706	914	5	;	;	PUNCT
cblr-1706	914	6	mark	mark	PROPN
cblr-1706	914	7	schoeff	schoeff	PROPN
cblr-1706	914	8	,	,	PUNCT
cblr-1706	914	9	jr	jr	PROPN
cblr-1706	914	10	.	.	PROPN
cblr-1706	914	11	,	,	PUNCT
cblr-1706	914	12	the	the	DET
cblr-1706	914	13	legacy	legacy	NOUN
cblr-1706	914	14	of	of	ADP
cblr-1706	914	15	the	the	DET
cblr-1706	914	16	dol	dol	NOUN
cblr-1706	914	17	’s	’s	PART
cblr-1706	914	18	fiduciary	fiduciary	ADJ
cblr-1706	914	19	rule	rule	NOUN
cblr-1706	914	20	:	:	PUNCT
cblr-1706	914	21	almost	almost	ADV
cblr-1706	914	22	gone	go	VERB
cblr-1706	914	23	,	,	PUNCT
cblr-1706	914	24	but	but	CCONJ
cblr-1706	914	25	never	never	ADV
cblr-1706	914	26	forgotten	forget	VERB
cblr-1706	914	27	,	,	PUNCT
cblr-1706	914	28	investment	investment	NOUN
cblr-1706	914	29	news	news	NOUN
cblr-1706	914	30	(	(	PUNCT
cblr-1706	914	31	june	june	PROPN
cblr-1706	914	32	2	2	NUM
cblr-1706	914	33	,	,	PUNCT
cblr-1706	914	34	2018	2018	NUM
cblr-1706	914	35	,	,	PUNCT
cblr-1706	914	36	6:00	6:00	NUM
cblr-1706	914	37	am	am	NOUN
cblr-1706	914	38	)	)	PUNCT
cblr-1706	914	39	,	,	PUNCT
cblr-1706	914	40	https://www.investmentnews.com/article/20180602/free/180609998/thelegacy-of-the-dol-fiduciary-rule-almost-gone-but-never-forgotten	https://www.investmentnews.com/article/20180602/free/180609998/thelegacy-of-the-dol-fiduciary-rule-almost-gone-but-never-forgotten	VERB
cblr-1706	915	1	[	[	X
cblr-1706	915	2	https://perma.cc/4ju8-6x5d	https://perma.cc/4ju8-6x5d	X
cblr-1706	915	3	]	]	X
cblr-1706	915	4	.	.	PUNCT
cblr-1706	916	1	195	195	NUM
cblr-1706	916	2	see	see	VERB
cblr-1706	916	3	2011	2011	NUM
cblr-1706	916	4	study	study	NOUN
cblr-1706	916	5	,	,	PUNCT
cblr-1706	916	6	supra	supra	PROPN
cblr-1706	916	7	note	note	PROPN
cblr-1706	916	8	6	6	NUM
cblr-1706	916	9	,	,	PUNCT
cblr-1706	916	10	at	at	ADP
cblr-1706	916	11	7	7	NUM
cblr-1706	916	12	n.7	n.7	X
cblr-1706	916	13	.	.	PUNCT
cblr-1706	917	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	917	2	754	754	NUM
cblr-1706	917	3	columbia	columbia	PROPN
cblr-1706	917	4	business	business	NOUN
cblr-1706	917	5	law	law	NOUN
cblr-1706	917	6	review	review	NOUN
cblr-1706	917	7	[	[	X
cblr-1706	917	8	vol	vol	NOUN
cblr-1706	917	9	.	.	NOUN
cblr-1706	917	10	2018	2018	NUM
cblr-1706	917	11	institutional	institutional	ADJ
cblr-1706	917	12	brokers	broker	NOUN
cblr-1706	917	13	a	a	DET
cblr-1706	917	14	high	high	ADJ
cblr-1706	917	15	commission	commission	NOUN
cblr-1706	917	16	in	in	ADP
cblr-1706	917	17	partial	partial	ADJ
cblr-1706	917	18	exchange	exchange	NOUN
cblr-1706	917	19	for	for	ADP
cblr-1706	917	20	investment	investment	NOUN
cblr-1706	917	21	advice	advice	NOUN
cblr-1706	917	22	or	or	CCONJ
cblr-1706	917	23	research	research	NOUN
cblr-1706	917	24	—	—	PUNCT
cblr-1706	917	25	so	so	ADV
cblr-1706	917	26	-	-	PUNCT
cblr-1706	917	27	called	call	VERB
cblr-1706	917	28	“	"	PUNCT
cblr-1706	917	29	soft	soft	ADJ
cblr-1706	917	30	dollar	dollar	NOUN
cblr-1706	917	31	brokerage”—an	brokerage”—an	NOUN
cblr-1706	917	32	arrangement	arrangement	NOUN
cblr-1706	917	33	some	some	PRON
cblr-1706	917	34	consider	consider	VERB
cblr-1706	917	35	fraught	fraught	ADJ
cblr-1706	917	36	with	with	ADP
cblr-1706	917	37	conflicts	conflict	NOUN
cblr-1706	917	38	of	of	ADP
cblr-1706	917	39	interest.196	interest.196	ADJ
cblr-1706	917	40	retail	retail	ADJ
cblr-1706	917	41	investors	investor	NOUN
cblr-1706	917	42	therefore	therefore	ADV
cblr-1706	917	43	face	face	VERB
cblr-1706	917	44	a	a	DET
cblr-1706	917	45	trade	trade	NOUN
cblr-1706	917	46	-	-	PUNCT
cblr-1706	917	47	off	off	NOUN
cblr-1706	917	48	between	between	ADP
cblr-1706	917	49	alternative	alternative	ADJ
cblr-1706	917	50	conflicts	conflict	NOUN
cblr-1706	917	51	of	of	ADP
cblr-1706	917	52	interest	interest	NOUN
cblr-1706	917	53	when	when	SCONJ
cblr-1706	917	54	deciding	decide	VERB
cblr-1706	917	55	whether	whether	SCONJ
cblr-1706	917	56	to	to	PART
cblr-1706	917	57	place	place	VERB
cblr-1706	917	58	their	their	PRON
cblr-1706	917	59	money	money	NOUN
cblr-1706	917	60	with	with	ADP
cblr-1706	917	61	a	a	DET
cblr-1706	917	62	broker	broker	NOUN
cblr-1706	917	63	or	or	CCONJ
cblr-1706	917	64	with	with	ADP
cblr-1706	917	65	an	an	DET
cblr-1706	917	66	investment	investment	NOUN
cblr-1706	917	67	adviser	adviser	NOUN
cblr-1706	917	68	.	.	PUNCT
cblr-1706	918	1	nothing	nothing	PRON
cblr-1706	918	2	in	in	ADP
cblr-1706	918	3	the	the	DET
cblr-1706	918	4	rbi	rbi	NOUN
cblr-1706	918	5	proposing	propose	VERB
cblr-1706	918	6	release	release	NOUN
cblr-1706	918	7	even	even	ADV
cblr-1706	918	8	purports	purport	VERB
cblr-1706	918	9	to	to	PART
cblr-1706	918	10	address	address	VERB
cblr-1706	918	11	the	the	DET
cblr-1706	918	12	relative	relative	ADJ
cblr-1706	918	13	magnitude	magnitude	NOUN
cblr-1706	918	14	of	of	ADP
cblr-1706	918	15	broker	broker	NOUN
cblr-1706	918	16	conflicts	conflict	NOUN
cblr-1706	918	17	under	under	ADP
cblr-1706	918	18	the	the	DET
cblr-1706	918	19	suitability	suitability	NOUN
cblr-1706	918	20	rule	rule	NOUN
cblr-1706	918	21	and	and	CCONJ
cblr-1706	918	22	investment	investment	NOUN
cblr-1706	918	23	adviser	adviser	NOUN
cblr-1706	918	24	conflicts	conflict	NOUN
cblr-1706	918	25	under	under	ADP
cblr-1706	918	26	the	the	DET
cblr-1706	918	27	best	good	ADJ
cblr-1706	918	28	interest	interest	NOUN
cblr-1706	918	29	standard	standard	NOUN
cblr-1706	918	30	.	.	PUNCT
cblr-1706	919	1	if	if	SCONJ
cblr-1706	919	2	merely	merely	ADV
cblr-1706	919	3	pointing	point	VERB
cblr-1706	919	4	out	out	ADP
cblr-1706	919	5	a	a	DET
cblr-1706	919	6	conflict	conflict	NOUN
cblr-1706	919	7	of	of	ADP
cblr-1706	919	8	interest	interest	NOUN
cblr-1706	919	9	is	be	AUX
cblr-1706	919	10	enough	enough	ADJ
cblr-1706	919	11	to	to	PART
cblr-1706	919	12	justify	justify	VERB
cblr-1706	919	13	regulation	regulation	NOUN
cblr-1706	919	14	,	,	PUNCT
cblr-1706	919	15	there	there	PRON
cblr-1706	919	16	is	be	VERB
cblr-1706	919	17	no	no	DET
cblr-1706	919	18	principled	principled	ADJ
cblr-1706	919	19	limit	limit	NOUN
cblr-1706	919	20	to	to	ADP
cblr-1706	919	21	regulation	regulation	NOUN
cblr-1706	919	22	.	.	PUNCT
cblr-1706	920	1	there	there	PRON
cblr-1706	920	2	can	can	AUX
cblr-1706	920	3	be	be	AUX
cblr-1706	920	4	little	little	ADJ
cblr-1706	920	5	doubt	doubt	NOUN
cblr-1706	920	6	congress	congress	PROPN
cblr-1706	920	7	intended	intend	VERB
cblr-1706	920	8	to	to	PART
cblr-1706	920	9	address	address	VERB
cblr-1706	920	10	this	this	DET
cblr-1706	920	11	general	general	ADJ
cblr-1706	920	12	problem	problem	NOUN
cblr-1706	920	13	by	by	ADP
cblr-1706	920	14	imposing	impose	VERB
cblr-1706	920	15	on	on	ADP
cblr-1706	920	16	the	the	DET
cblr-1706	920	17	sec	sec	PROPN
cblr-1706	920	18	the	the	DET
cblr-1706	920	19	empirical	empirical	ADJ
cblr-1706	920	20	requirement	requirement	NOUN
cblr-1706	920	21	that	that	SCONJ
cblr-1706	920	22	it	it	PRON
cblr-1706	920	23	assess	assess	VERB
cblr-1706	920	24	a	a	DET
cblr-1706	920	25	rule	rule	NOUN
cblr-1706	920	26	’s	’s	PART
cblr-1706	920	27	likely	likely	ADJ
cblr-1706	920	28	effect	effect	NOUN
cblr-1706	920	29	on	on	ADP
cblr-1706	920	30	efficiency	efficiency	NOUN
cblr-1706	920	31	,	,	PUNCT
cblr-1706	920	32	competition	competition	NOUN
cblr-1706	920	33	,	,	PUNCT
cblr-1706	920	34	and	and	CCONJ
cblr-1706	920	35	capital	capital	NOUN
cblr-1706	920	36	formation	formation	NOUN
cblr-1706	920	37	,	,	PUNCT
cblr-1706	920	38	which	which	PRON
cblr-1706	920	39	federal	federal	ADJ
cblr-1706	920	40	courts	court	NOUN
cblr-1706	920	41	have	have	AUX
cblr-1706	920	42	interpreted	interpret	VERB
cblr-1706	920	43	to	to	PART
cblr-1706	920	44	mandate	mandate	VERB
cblr-1706	920	45	some	some	DET
cblr-1706	920	46	kind	kind	NOUN
cblr-1706	920	47	of	of	ADP
cblr-1706	920	48	plausible	plausible	ADJ
cblr-1706	920	49	cba	cba	NOUN
cblr-1706	920	50	.	.	PUNCT
cblr-1706	921	1	yet	yet	CCONJ
cblr-1706	921	2	the	the	DET
cblr-1706	921	3	rbi	rbi	NOUN
cblr-1706	921	4	proposing	propose	VERB
cblr-1706	921	5	release	release	NOUN
cblr-1706	921	6	states	state	NOUN
cblr-1706	921	7	that	that	SCONJ
cblr-1706	921	8	the	the	DET
cblr-1706	921	9	data	datum	NOUN
cblr-1706	921	10	necessary	necessary	ADJ
cblr-1706	921	11	to	to	PART
cblr-1706	921	12	perform	perform	VERB
cblr-1706	921	13	a	a	DET
cblr-1706	921	14	traditional	traditional	ADJ
cblr-1706	921	15	cba	cba	NOUN
cblr-1706	921	16	are	be	AUX
cblr-1706	921	17	unavailable	unavailable	ADJ
cblr-1706	921	18	.	.	PUNCT
cblr-1706	922	1	as	as	ADP
cblr-1706	922	2	a	a	DET
cblr-1706	922	3	result	result	NOUN
cblr-1706	922	4	,	,	PUNCT
cblr-1706	922	5	it	it	PRON
cblr-1706	922	6	clearly	clearly	ADV
cblr-1706	922	7	fails	fail	VERB
cblr-1706	922	8	to	to	PART
cblr-1706	922	9	provide	provide	VERB
cblr-1706	922	10	adequate	adequate	ADJ
cblr-1706	922	11	empirical	empirical	ADJ
cblr-1706	922	12	support	support	NOUN
cblr-1706	922	13	for	for	ADP
cblr-1706	922	14	imposing	impose	VERB
cblr-1706	922	15	a	a	DET
cblr-1706	922	16	best	good	ADJ
cblr-1706	922	17	interest	interest	NOUN
cblr-1706	922	18	standard	standard	NOUN
cblr-1706	922	19	on	on	ADP
cblr-1706	922	20	retail	retail	ADJ
cblr-1706	922	21	brokers	broker	NOUN
cblr-1706	922	22	.	.	PUNCT
cblr-1706	923	1	to	to	PART
cblr-1706	923	2	correct	correct	VERB
cblr-1706	923	3	this	this	DET
cblr-1706	923	4	shortcoming	shortcoming	NOUN
cblr-1706	923	5	,	,	PUNCT
cblr-1706	923	6	the	the	DET
cblr-1706	923	7	sec	sec	PROPN
cblr-1706	923	8	should	should	AUX
cblr-1706	923	9	start	start	VERB
cblr-1706	923	10	with	with	ADP
cblr-1706	923	11	the	the	DET
cblr-1706	923	12	foundational	foundational	ADJ
cblr-1706	923	13	questions	question	NOUN
cblr-1706	923	14	any	any	DET
cblr-1706	923	15	regulator	regulator	NOUN
cblr-1706	923	16	should	should	AUX
cblr-1706	923	17	ask	ask	VERB
cblr-1706	923	18	in	in	ADP
cblr-1706	923	19	the	the	DET
cblr-1706	923	20	context	context	NOUN
cblr-1706	923	21	of	of	ADP
cblr-1706	923	22	direct	direct	ADJ
cblr-1706	923	23	trading	trading	NOUN
cblr-1706	923	24	relationships	relationship	NOUN
cblr-1706	923	25	:	:	PUNCT
cblr-1706	923	26	why	why	SCONJ
cblr-1706	923	27	does	do	AUX
cblr-1706	923	28	the	the	DET
cblr-1706	923	29	rule	rule	NOUN
cblr-1706	923	30	of	of	ADP
cblr-1706	923	31	liability	liability	NOUN
cblr-1706	923	32	matter	matter	NOUN
cblr-1706	923	33	?	?	PUNCT
cblr-1706	924	1	what	what	PRON
cblr-1706	924	2	transaction	transaction	NOUN
cblr-1706	924	3	costs	cost	NOUN
cblr-1706	924	4	prevent	prevent	VERB
cblr-1706	924	5	the	the	DET
cblr-1706	924	6	parties	party	NOUN
cblr-1706	924	7	from	from	ADP
cblr-1706	924	8	maximizing	maximize	VERB
cblr-1706	924	9	the	the	DET
cblr-1706	924	10	gains	gain	NOUN
cblr-1706	924	11	from	from	ADP
cblr-1706	924	12	trade	trade	NOUN
cblr-1706	924	13	?	?	PUNCT
cblr-1706	925	1	what	what	PRON
cblr-1706	925	2	marginal	marginal	ADJ
cblr-1706	925	3	effect	effect	NOUN
cblr-1706	925	4	is	be	AUX
cblr-1706	925	5	the	the	DET
cblr-1706	925	6	best	good	ADJ
cblr-1706	925	7	interest	interest	NOUN
cblr-1706	925	8	standard	standard	NOUN
cblr-1706	925	9	likely	likely	ADJ
cblr-1706	925	10	to	to	PART
cblr-1706	925	11	have	have	VERB
cblr-1706	925	12	on	on	ADP
cblr-1706	925	13	the	the	DET
cblr-1706	925	14	costs	cost	NOUN
cblr-1706	925	15	of	of	ADP
cblr-1706	925	16	transacting	transact	VERB
cblr-1706	925	17	?	?	PUNCT
cblr-1706	926	1	answering	answer	VERB
cblr-1706	926	2	these	these	DET
cblr-1706	926	3	questions	question	NOUN
cblr-1706	926	4	is	be	AUX
cblr-1706	926	5	far	far	ADV
cblr-1706	926	6	easier	easy	ADJ
cblr-1706	926	7	and	and	CCONJ
cblr-1706	926	8	less	less	ADJ
cblr-1706	926	9	information	information	NOUN
cblr-1706	926	10	intensive	intensive	ADJ
cblr-1706	926	11	than	than	ADP
cblr-1706	926	12	performing	perform	VERB
cblr-1706	926	13	the	the	DET
cblr-1706	926	14	grand	grand	ADJ
cblr-1706	926	15	accounting	accounting	NOUN
cblr-1706	926	16	for	for	ADP
cblr-1706	926	17	costs	cost	NOUN
cblr-1706	926	18	and	and	CCONJ
cblr-1706	926	19	benefits	benefit	NOUN
cblr-1706	926	20	that	that	PRON
cblr-1706	926	21	traditional	traditional	ADJ
cblr-1706	926	22	cba	cba	NOUN
cblr-1706	926	23	requires	require	VERB
cblr-1706	926	24	.	.	PUNCT
cblr-1706	927	1	the	the	DET
cblr-1706	927	2	rbi	rbi	NOUN
cblr-1706	927	3	proposing	propose	VERB
cblr-1706	927	4	release	release	NOUN
cblr-1706	927	5	assumes	assume	VERB
cblr-1706	927	6	the	the	DET
cblr-1706	927	7	world	world	NOUN
cblr-1706	927	8	is	be	AUX
cblr-1706	927	9	out	out	ADP
cblr-1706	927	10	of	of	ADP
cblr-1706	927	11	equilibrium	equilibrium	NOUN
cblr-1706	927	12	and	and	CCONJ
cblr-1706	927	13	that	that	SCONJ
cblr-1706	927	14	retail	retail	ADJ
cblr-1706	927	15	investors	investor	NOUN
cblr-1706	927	16	are	be	AUX
cblr-1706	927	17	virtually	virtually	ADV
cblr-1706	927	18	helpless	helpless	ADJ
cblr-1706	927	19	to	to	PART
cblr-1706	927	20	protect	protect	VERB
cblr-1706	927	21	themselves	themselves	PRON
cblr-1706	927	22	at	at	ADP
cblr-1706	927	23	any	any	DET
cblr-1706	927	24	cost	cost	NOUN
cblr-1706	927	25	.	.	PUNCT
cblr-1706	928	1	but	but	CCONJ
cblr-1706	928	2	there	there	PRON
cblr-1706	928	3	is	be	VERB
cblr-1706	928	4	no	no	DET
cblr-1706	928	5	testable	testable	ADJ
cblr-1706	928	6	economic	economic	ADJ
cblr-1706	928	7	theory	theory	NOUN
cblr-1706	928	8	of	of	ADP
cblr-1706	928	9	disequilibrium	disequilibrium	NOUN
cblr-1706	928	10	capable	capable	ADJ
cblr-1706	928	11	of	of	ADP
cblr-1706	928	12	informing	inform	VERB
cblr-1706	928	13	196	196	NUM
cblr-1706	928	14	i	i	PRON
cblr-1706	928	15	d.	d.	PROPN
cblr-1706	928	16	at	at	ADP
cblr-1706	928	17	24	24	NUM
cblr-1706	928	18	n.95	n.95	NOUN
cblr-1706	928	19	.	.	NOUN
cblr-1706	928	20	for	for	ADP
cblr-1706	928	21	an	an	DET
cblr-1706	928	22	analysis	analysis	NOUN
cblr-1706	928	23	showing	show	VERB
cblr-1706	928	24	that	that	SCONJ
cblr-1706	928	25	soft	soft	ADJ
cblr-1706	928	26	dollar	dollar	NOUN
cblr-1706	928	27	brokerage	brokerage	NOUN
cblr-1706	928	28	solves	solve	NOUN
cblr-1706	928	29	rather	rather	ADV
cblr-1706	928	30	than	than	ADP
cblr-1706	928	31	worsens	worsen	VERB
cblr-1706	928	32	conflicts	conflict	NOUN
cblr-1706	928	33	of	of	ADP
cblr-1706	928	34	interest	interest	NOUN
cblr-1706	928	35	,	,	PUNCT
cblr-1706	928	36	see	see	VERB
cblr-1706	928	37	d.	d.	PROPN
cblr-1706	928	38	bruce	bruce	PROPN
cblr-1706	928	39	johnsen	johnsen	PROPN
cblr-1706	928	40	,	,	PUNCT
cblr-1706	928	41	the	the	DET
cblr-1706	928	42	sec	sec	PROPN
cblr-1706	928	43	’s	’s	PART
cblr-1706	928	44	2006	2006	NUM
cblr-1706	928	45	soft	soft	ADJ
cblr-1706	928	46	dollar	dollar	NOUN
cblr-1706	928	47	guidance	guidance	NOUN
cblr-1706	928	48	:	:	PUNCT
cblr-1706	928	49	law	law	NOUN
cblr-1706	928	50	and	and	CCONJ
cblr-1706	928	51	economics	economic	NOUN
cblr-1706	928	52	,	,	PUNCT
cblr-1706	928	53	30	30	NUM
cblr-1706	928	54	cardozo	cardozo	PROPN
cblr-1706	928	55	l.	l.	PROPN
cblr-1706	928	56	rev	rev	PROPN
cblr-1706	928	57	.	.	PROPN
cblr-1706	928	58	1545	1545	NUM
cblr-1706	928	59	(	(	PUNCT
cblr-1706	928	60	2009	2009	NUM
cblr-1706	928	61	)	)	PUNCT
cblr-1706	928	62	.	.	PUNCT
cblr-1706	929	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	929	2	no	no	NOUN
cblr-1706	929	3	.	.	PUNCT
cblr-1706	930	1	3:695	3:695	NUM
cblr-1706	930	2	]	]	X
cblr-1706	930	3	a	a	DET
cblr-1706	930	4	transaction	transaction	NOUN
cblr-1706	930	5	cost	cost	NOUN
cblr-1706	930	6	assessment	assessment	NOUN
cblr-1706	930	7	755	755	NUM
cblr-1706	930	8	regulatory	regulatory	ADJ
cblr-1706	930	9	policy	policy	NOUN
cblr-1706	930	10	.	.	PUNCT
cblr-1706	931	1	sensible	sensible	ADJ
cblr-1706	931	2	regulation	regulation	NOUN
cblr-1706	931	3	must	must	AUX
cblr-1706	931	4	be	be	AUX
cblr-1706	931	5	premised	premise	VERB
cblr-1706	931	6	on	on	ADP
cblr-1706	931	7	understanding	understand	VERB
cblr-1706	931	8	why	why	SCONJ
cblr-1706	931	9	,	,	PUNCT
cblr-1706	931	10	and	and	CCONJ
cblr-1706	931	11	under	under	ADP
cblr-1706	931	12	what	what	PRON
cblr-1706	931	13	current	current	ADJ
cblr-1706	931	14	circumstances	circumstance	NOUN
cblr-1706	931	15	,	,	PUNCT
cblr-1706	931	16	observed	observe	VERB
cblr-1706	931	17	market	market	NOUN
cblr-1706	931	18	practices	practice	NOUN
cblr-1706	931	19	reflect	reflect	VERB
cblr-1706	931	20	an	an	DET
cblr-1706	931	21	equilibrium	equilibrium	NOUN
cblr-1706	931	22	determined	determine	VERB
cblr-1706	931	23	in	in	ADP
cblr-1706	931	24	part	part	NOUN
cblr-1706	931	25	by	by	ADP
cblr-1706	931	26	the	the	DET
cblr-1706	931	27	costs	cost	NOUN
cblr-1706	931	28	of	of	ADP
cblr-1706	931	29	transacting	transact	VERB
cblr-1706	931	30	and	and	CCONJ
cblr-1706	931	31	how	how	SCONJ
cblr-1706	931	32	government	government	NOUN
cblr-1706	931	33	regulation	regulation	NOUN
cblr-1706	931	34	can	can	AUX
cblr-1706	931	35	make	make	VERB
cblr-1706	931	36	things	thing	NOUN
cblr-1706	931	37	better	well	ADJ
cblr-1706	931	38	by	by	ADP
cblr-1706	931	39	reducing	reduce	VERB
cblr-1706	931	40	them	they	PRON
cblr-1706	931	41	.	.	PUNCT
cblr-1706	932	1	prohibiting	prohibit	VERB
cblr-1706	932	2	the	the	DET
cblr-1706	932	3	parties	party	NOUN
cblr-1706	932	4	from	from	ADP
cblr-1706	932	5	contracting	contract	VERB
cblr-1706	932	6	around	around	ADP
cblr-1706	932	7	the	the	DET
cblr-1706	932	8	best	good	ADJ
cblr-1706	932	9	interest	interest	NOUN
cblr-1706	932	10	standard	standard	NOUN
cblr-1706	932	11	would	would	AUX
cblr-1706	932	12	increase	increase	VERB
cblr-1706	932	13	transaction	transaction	NOUN
cblr-1706	932	14	costs	cost	NOUN
cblr-1706	932	15	and	and	CCONJ
cblr-1706	932	16	could	could	AUX
cblr-1706	932	17	be	be	AUX
cblr-1706	932	18	disastrous	disastrous	ADJ
cblr-1706	932	19	.	.	PUNCT
cblr-1706	933	1	over	over	ADP
cblr-1706	933	2	the	the	DET
cblr-1706	933	3	long	long	ADJ
cblr-1706	933	4	run	run	NOUN
cblr-1706	933	5	,	,	PUNCT
cblr-1706	933	6	competition	competition	NOUN
cblr-1706	933	7	in	in	ADP
cblr-1706	933	8	financial	financial	ADJ
cblr-1706	933	9	services	service	NOUN
cblr-1706	933	10	has	have	AUX
cblr-1706	933	11	been	be	AUX
cblr-1706	933	12	an	an	DET
cblr-1706	933	13	inexorable	inexorable	ADJ
cblr-1706	933	14	driver	driver	NOUN
cblr-1706	933	15	of	of	ADP
cblr-1706	933	16	organizational	organizational	ADJ
cblr-1706	933	17	innovation	innovation	NOUN
cblr-1706	933	18	,	,	PUNCT
cblr-1706	933	19	clearly	clearly	ADV
cblr-1706	933	20	reducing	reduce	VERB
cblr-1706	933	21	transaction	transaction	NOUN
cblr-1706	933	22	costs	cost	NOUN
cblr-1706	933	23	to	to	PART
cblr-1706	933	24	correct	correct	VERB
cblr-1706	933	25	the	the	DET
cblr-1706	933	26	revealed	reveal	VERB
cblr-1706	933	27	shortcomings	shortcoming	NOUN
cblr-1706	933	28	of	of	ADP
cblr-1706	933	29	existing	exist	VERB
cblr-1706	933	30	arrangements	arrangement	NOUN
cblr-1706	933	31	and	and	CCONJ
cblr-1706	933	32	dramatically	dramatically	ADV
cblr-1706	933	33	improving	improve	VERB
cblr-1706	933	34	investor	investor	NOUN
cblr-1706	933	35	welfare	welfare	NOUN
cblr-1706	933	36	.	.	PUNCT
cblr-1706	934	1	in	in	ADP
cblr-1706	934	2	the	the	DET
cblr-1706	934	3	1970s	1970	NOUN
cblr-1706	934	4	and	and	CCONJ
cblr-1706	934	5	‘	'	PUNCT
cblr-1706	934	6	80s	80	NOUN
cblr-1706	934	7	,	,	PUNCT
cblr-1706	934	8	the	the	DET
cblr-1706	934	9	brokerage	brokerage	NOUN
cblr-1706	934	10	industry	industry	NOUN
cblr-1706	934	11	sought	seek	VERB
cblr-1706	934	12	and	and	CCONJ
cblr-1706	934	13	achieved	achieve	VERB
cblr-1706	934	14	the	the	DET
cblr-1706	934	15	legal	legal	ADJ
cblr-1706	934	16	authority	authority	NOUN
cblr-1706	934	17	to	to	PART
cblr-1706	934	18	include	include	VERB
cblr-1706	934	19	binding	bind	VERB
cblr-1706	934	20	pre	pre	ADJ
cblr-1706	934	21	-	-	ADJ
cblr-1706	934	22	dispute	dispute	ADJ
cblr-1706	934	23	arbitration	arbitration	NOUN
cblr-1706	934	24	clauses	clause	NOUN
cblr-1706	934	25	in	in	ADP
cblr-1706	934	26	client	client	NOUN
cblr-1706	934	27	account	account	NOUN
cblr-1706	934	28	contracts	contract	NOUN
cblr-1706	934	29	to	to	PART
cblr-1706	934	30	ensure	ensure	VERB
cblr-1706	934	31	clients	client	NOUN
cblr-1706	934	32	access	access	NOUN
cblr-1706	934	33	to	to	PART
cblr-1706	934	34	swift	swift	VERB
cblr-1706	934	35	justice.197	justice.197	NOUN
cblr-1706	934	36	consumer	consumer	NOUN
cblr-1706	934	37	advocates	advocate	NOUN
cblr-1706	934	38	widely	widely	ADV
cblr-1706	934	39	assumed	assume	VERB
cblr-1706	934	40	that	that	SCONJ
cblr-1706	934	41	the	the	DET
cblr-1706	934	42	industry	industry	NOUN
cblr-1706	934	43	planned	plan	VERB
cblr-1706	934	44	to	to	PART
cblr-1706	934	45	stack	stack	VERB
cblr-1706	934	46	the	the	DET
cblr-1706	934	47	deck	deck	NOUN
cblr-1706	934	48	against	against	ADP
cblr-1706	934	49	retail	retail	ADJ
cblr-1706	934	50	investors	investor	NOUN
cblr-1706	934	51	,	,	PUNCT
cblr-1706	934	52	who	who	PRON
cblr-1706	934	53	would	would	AUX
cblr-1706	934	54	then	then	ADV
cblr-1706	934	55	be	be	AUX
cblr-1706	934	56	even	even	ADV
cblr-1706	934	57	more	more	ADV
cblr-1706	934	58	powerless	powerless	ADJ
cblr-1706	934	59	than	than	ADP
cblr-1706	934	60	before	before	ADV
cblr-1706	934	61	.	.	PUNCT
cblr-1706	935	1	yet	yet	ADV
cblr-1706	935	2	,	,	PUNCT
cblr-1706	935	3	a	a	DET
cblr-1706	935	4	detailed	detailed	ADJ
cblr-1706	935	5	1992	1992	NUM
cblr-1706	935	6	government	government	NOUN
cblr-1706	935	7	accounting	accounting	NOUN
cblr-1706	935	8	office	office	NOUN
cblr-1706	935	9	report	report	NOUN
cblr-1706	935	10	to	to	ADP
cblr-1706	935	11	congress	congress	PROPN
cblr-1706	935	12	found	find	VERB
cblr-1706	935	13	“	"	PUNCT
cblr-1706	935	14	no	no	DET
cblr-1706	935	15	indication	indication	NOUN
cblr-1706	935	16	of	of	ADP
cblr-1706	935	17	a	a	DET
cblr-1706	935	18	pro	pro	ADJ
cblr-1706	935	19	-	-	ADJ
cblr-1706	935	20	industry	industry	ADJ
cblr-1706	935	21	bias	bias	NOUN
cblr-1706	935	22	”	"	PUNCT
cblr-1706	935	23	in	in	ADP
cblr-1706	935	24	arbitration	arbitration	NOUN
cblr-1706	935	25	outcomes.198	outcomes.198	ADJ
cblr-1706	935	26	other	other	ADJ
cblr-1706	935	27	important	important	ADJ
cblr-1706	935	28	examples	example	NOUN
cblr-1706	935	29	of	of	ADP
cblr-1706	935	30	innovation	innovation	NOUN
cblr-1706	935	31	in	in	ADP
cblr-1706	935	32	financial	financial	ADJ
cblr-1706	935	33	services	service	NOUN
cblr-1706	935	34	include	include	VERB
cblr-1706	935	35	the	the	DET
cblr-1706	935	36	breathtaking	breathtaking	ADJ
cblr-1706	935	37	arrival	arrival	NOUN
cblr-1706	935	38	of	of	ADP
cblr-1706	935	39	money	money	NOUN
cblr-1706	935	40	market	market	NOUN
cblr-1706	935	41	mutual	mutual	ADJ
cblr-1706	935	42	funds	fund	NOUN
cblr-1706	935	43	,	,	PUNCT
cblr-1706	935	44	the	the	DET
cblr-1706	935	45	proliferation	proliferation	NOUN
cblr-1706	935	46	of	of	ADP
cblr-1706	935	47	funds	fund	NOUN
cblr-1706	935	48	with	with	ADP
cblr-1706	935	49	different	different	ADJ
cblr-1706	935	50	styles	style	NOUN
cblr-1706	935	51	and	and	CCONJ
cblr-1706	935	52	investment	investment	NOUN
cblr-1706	935	53	objectives	objective	NOUN
cblr-1706	935	54	,	,	PUNCT
cblr-1706	935	55	the	the	DET
cblr-1706	935	56	creation	creation	NOUN
cblr-1706	935	57	of	of	ADP
cblr-1706	935	58	various	various	ADJ
cblr-1706	935	59	market	market	NOUN
cblr-1706	935	60	indexes	index	NOUN
cblr-1706	935	61	to	to	PART
cblr-1706	935	62	serve	serve	VERB
cblr-1706	935	63	as	as	ADP
cblr-1706	935	64	benchmarks	benchmark	NOUN
cblr-1706	935	65	for	for	ADP
cblr-1706	935	66	monitoring	monitor	VERB
cblr-1706	935	67	performance	performance	NOUN
cblr-1706	935	68	,	,	PUNCT
cblr-1706	935	69	the	the	DET
cblr-1706	935	70	development	development	NOUN
cblr-1706	935	71	of	of	ADP
cblr-1706	935	72	mutual	mutual	ADJ
cblr-1706	935	73	fund	fund	NOUN
cblr-1706	935	74	ratings	rating	NOUN
cblr-1706	935	75	,	,	PUNCT
cblr-1706	935	76	the	the	DET
cblr-1706	935	77	emergence	emergence	NOUN
cblr-1706	935	78	of	of	ADP
cblr-1706	935	79	mutual	mutual	ADJ
cblr-1706	935	80	fund	fund	NOUN
cblr-1706	935	81	proxy	proxy	NOUN
cblr-1706	935	82	aggregators	aggregator	NOUN
cblr-1706	935	83	,	,	PUNCT
cblr-1706	935	84	the	the	DET
cblr-1706	935	85	appearance	appearance	NOUN
cblr-1706	935	86	and	and	CCONJ
cblr-1706	935	87	197	197	NUM
cblr-1706	935	88	in	in	ADP
cblr-1706	935	89	shearson	shearson	PROPN
cblr-1706	935	90	/	/	SYM
cblr-1706	935	91	am	am	PROPN
cblr-1706	935	92	.	.	PUNCT
cblr-1706	936	1	express	express	PROPN
cblr-1706	936	2	,	,	PUNCT
cblr-1706	936	3	inc	inc	PROPN
cblr-1706	936	4	.	.	PROPN
cblr-1706	937	1	v.	v.	PROPN
cblr-1706	937	2	mcmahon	mcmahon	PROPN
cblr-1706	937	3	,	,	PUNCT
cblr-1706	937	4	the	the	DET
cblr-1706	937	5	supreme	supreme	PROPN
cblr-1706	937	6	court	court	PROPN
cblr-1706	937	7	held	hold	VERB
cblr-1706	937	8	mandatory	mandatory	ADJ
cblr-1706	937	9	pre	pre	ADJ
cblr-1706	937	10	-	-	ADJ
cblr-1706	937	11	dispute	dispute	ADJ
cblr-1706	937	12	arbitration	arbitration	NOUN
cblr-1706	937	13	clauses	clause	NOUN
cblr-1706	937	14	enforceable	enforceable	ADJ
cblr-1706	937	15	under	under	ADP
cblr-1706	937	16	the	the	DET
cblr-1706	937	17	securities	securities	PROPN
cblr-1706	937	18	&	&	CCONJ
cblr-1706	937	19	exchange	exchange	PROPN
cblr-1706	937	20	act	act	PROPN
cblr-1706	937	21	of	of	ADP
cblr-1706	937	22	1934	1934	NUM
cblr-1706	937	23	.	.	PUNCT
cblr-1706	938	1	482	482	NUM
cblr-1706	939	1	u.s	u.s	PROPN
cblr-1706	939	2	.	.	PROPN
cblr-1706	939	3	220	220	NUM
cblr-1706	939	4	,	,	PUNCT
cblr-1706	939	5	238	238	NUM
cblr-1706	939	6	(	(	PUNCT
cblr-1706	939	7	1987	1987	NUM
cblr-1706	939	8	)	)	PUNCT
cblr-1706	939	9	.	.	PUNCT
cblr-1706	940	1	in	in	ADP
cblr-1706	940	2	1989	1989	NUM
cblr-1706	940	3	,	,	PUNCT
cblr-1706	940	4	the	the	DET
cblr-1706	940	5	court	court	NOUN
cblr-1706	940	6	held	hold	VERB
cblr-1706	940	7	them	they	PRON
cblr-1706	940	8	enforceable	enforceable	ADJ
cblr-1706	940	9	under	under	ADP
cblr-1706	940	10	the	the	DET
cblr-1706	940	11	securities	security	NOUN
cblr-1706	940	12	act	act	NOUN
cblr-1706	940	13	of	of	ADP
cblr-1706	940	14	1933	1933	NUM
cblr-1706	940	15	in	in	ADP
cblr-1706	940	16	rodriguez	rodriguez	PROPN
cblr-1706	940	17	de	de	PROPN
cblr-1706	940	18	quijas	quijas	PROPN
cblr-1706	940	19	v.	v.	PROPN
cblr-1706	940	20	shearson	shearson	PROPN
cblr-1706	940	21	/	/	SYM
cblr-1706	940	22	am	am	PROPN
cblr-1706	940	23	.	.	PUNCT
cblr-1706	941	1	express	express	PROPN
cblr-1706	941	2	,	,	PUNCT
cblr-1706	941	3	inc	inc	PROPN
cblr-1706	941	4	.	.	PROPN
cblr-1706	941	5	,	,	PUNCT
cblr-1706	941	6	490	490	NUM
cblr-1706	941	7	u.s	u.s	PROPN
cblr-1706	941	8	.	.	PROPN
cblr-1706	941	9	477	477	NUM
cblr-1706	941	10	,	,	PUNCT
cblr-1706	941	11	481	481	NUM
cblr-1706	941	12	(	(	PUNCT
cblr-1706	941	13	1989	1989	NUM
cblr-1706	941	14	)	)	PUNCT
cblr-1706	941	15	.	.	PUNCT
cblr-1706	942	1	198	198	NUM
cblr-1706	942	2	u.s	u.s	PROPN
cblr-1706	942	3	.	.	PROPN
cblr-1706	942	4	gov’t	gov’t	PROPN
cblr-1706	942	5	accountability	accountability	NOUN
cblr-1706	942	6	office	office	NOUN
cblr-1706	942	7	,	,	PUNCT
cblr-1706	942	8	gao	gao	PROPN
cblr-1706	942	9	/	/	SYM
cblr-1706	942	10	ggd-92	ggd-92	NOUN
cblr-1706	942	11	-	-	PUNCT
cblr-1706	942	12	74	74	NUM
cblr-1706	942	13	,	,	PUNCT
cblr-1706	942	14	securities	security	NOUN
cblr-1706	942	15	arbitration	arbitration	NOUN
cblr-1706	942	16	:	:	PUNCT
cblr-1706	942	17	how	how	SCONJ
cblr-1706	942	18	investors	investor	NOUN
cblr-1706	942	19	fare	fare	VERB
cblr-1706	942	20	6	6	NUM
cblr-1706	942	21	(	(	PUNCT
cblr-1706	942	22	1992	1992	NUM
cblr-1706	942	23	)	)	PUNCT
cblr-1706	942	24	.	.	PUNCT
cblr-1706	943	1	the	the	DET
cblr-1706	943	2	report	report	NOUN
cblr-1706	943	3	also	also	ADV
cblr-1706	943	4	notes	note	VERB
cblr-1706	943	5	that	that	SCONJ
cblr-1706	943	6	accounts	account	VERB
cblr-1706	943	7	allowing	allow	VERB
cblr-1706	943	8	margin	margin	NOUN
cblr-1706	943	9	or	or	CCONJ
cblr-1706	943	10	options	option	NOUN
cblr-1706	943	11	trades	trade	NOUN
cblr-1706	943	12	were	be	AUX
cblr-1706	943	13	far	far	ADV
cblr-1706	943	14	more	more	ADV
cblr-1706	943	15	likely	likely	ADJ
cblr-1706	943	16	to	to	PART
cblr-1706	943	17	provide	provide	VERB
cblr-1706	943	18	for	for	ADP
cblr-1706	943	19	pre	pre	ADJ
cblr-1706	943	20	-	-	ADJ
cblr-1706	943	21	dispute	dispute	ADJ
cblr-1706	943	22	mandatory	mandatory	ADJ
cblr-1706	943	23	arbitration	arbitration	NOUN
cblr-1706	943	24	than	than	ADP
cblr-1706	943	25	more	more	ADJ
cblr-1706	943	26	simple	simple	ADJ
cblr-1706	943	27	cash	cash	NOUN
cblr-1706	943	28	accounts	account	NOUN
cblr-1706	943	29	.	.	PUNCT
cblr-1706	944	1	i	i	PRON
cblr-1706	944	2	d.	d.	PROPN
cblr-1706	944	3	this	this	PRON
cblr-1706	944	4	clearly	clearly	ADV
cblr-1706	944	5	shows	show	VERB
cblr-1706	944	6	that	that	SCONJ
cblr-1706	944	7	the	the	DET
cblr-1706	944	8	patterns	pattern	NOUN
cblr-1706	944	9	of	of	ADP
cblr-1706	944	10	organization	organization	NOUN
cblr-1706	944	11	in	in	ADP
cblr-1706	944	12	securities	security	NOUN
cblr-1706	944	13	brokerage	brokerage	NOUN
cblr-1706	944	14	are	be	AUX
cblr-1706	944	15	,	,	PUNCT
cblr-1706	944	16	on	on	ADP
cblr-1706	944	17	this	this	DET
cblr-1706	944	18	margin	margin	NOUN
cblr-1706	944	19	,	,	PUNCT
cblr-1706	944	20	consistent	consistent	ADJ
cblr-1706	944	21	with	with	ADP
cblr-1706	944	22	rational	rational	ADJ
cblr-1706	944	23	cooperative	cooperative	ADJ
cblr-1706	944	24	behavior	behavior	NOUN
cblr-1706	944	25	between	between	ADP
cblr-1706	944	26	broker	broker	NOUN
cblr-1706	944	27	-	-	PUNCT
cblr-1706	944	28	dealer	dealer	NOUN
cblr-1706	944	29	firms	firm	NOUN
cblr-1706	944	30	and	and	CCONJ
cblr-1706	944	31	their	their	PRON
cblr-1706	944	32	retail	retail	ADJ
cblr-1706	944	33	clients	client	NOUN
cblr-1706	944	34	.	.	PUNCT
cblr-1706	945	1	2018.3_johnsen_final	2018.3_johnsen_final	NUM
cblr-1706	945	2	756	756	NUM
cblr-1706	945	3	columbia	columbia	PROPN
cblr-1706	945	4	business	business	NOUN
cblr-1706	945	5	law	law	PROPN
cblr-1706	945	6	review	review	NOUN
cblr-1706	945	7	[	[	X
cblr-1706	945	8	vol	vol	NOUN
cblr-1706	945	9	.	.	PUNCT
cblr-1706	945	10	2018	2018	NUM
cblr-1706	945	11	increasing	increase	VERB
cblr-1706	945	12	popularity	popularity	NOUN
cblr-1706	945	13	of	of	ADP
cblr-1706	945	14	index	index	NOUN
cblr-1706	945	15	funds	fund	NOUN
cblr-1706	945	16	,	,	PUNCT
cblr-1706	945	17	the	the	DET
cblr-1706	945	18	rise	rise	NOUN
cblr-1706	945	19	of	of	ADP
cblr-1706	945	20	exchange	exchange	NOUN
cblr-1706	945	21	traded	trade	VERB
cblr-1706	945	22	funds	fund	NOUN
cblr-1706	945	23	,	,	PUNCT
cblr-1706	945	24	the	the	DET
cblr-1706	945	25	gradual	gradual	ADJ
cblr-1706	945	26	decline	decline	NOUN
cblr-1706	945	27	of	of	ADP
cblr-1706	945	28	up	up	ADP
cblr-1706	945	29	-	-	PUNCT
cblr-1706	945	30	front	front	NOUN
cblr-1706	945	31	loads	load	NOUN
cblr-1706	945	32	,	,	PUNCT
cblr-1706	945	33	the	the	DET
cblr-1706	945	34	appearance	appearance	NOUN
cblr-1706	945	35	of	of	ADP
cblr-1706	945	36	no	no	DET
cblr-1706	945	37	-	-	PUNCT
cblr-1706	945	38	load	load	NOUN
cblr-1706	945	39	funds	fund	NOUN
cblr-1706	945	40	,	,	PUNCT
cblr-1706	945	41	and	and	CCONJ
cblr-1706	945	42	what	what	PRON
cblr-1706	945	43	the	the	DET
cblr-1706	945	44	rbi	rbi	NOUN
cblr-1706	945	45	reports	report	VERB
cblr-1706	945	46	as	as	ADP
cblr-1706	945	47	“	"	PUNCT
cblr-1706	945	48	clean	clean	ADJ
cblr-1706	945	49	”	"	PUNCT
cblr-1706	945	50	shares	share	NOUN
cblr-1706	945	51	free	free	ADJ
cblr-1706	945	52	of	of	ADP
cblr-1706	945	53	sales	sale	NOUN
cblr-1706	945	54	charges,199	charges,199	VERB
cblr-1706	945	55	the	the	DET
cblr-1706	945	56	displacement	displacement	NOUN
cblr-1706	945	57	of	of	ADP
cblr-1706	945	58	loads	load	NOUN
cblr-1706	945	59	with	with	ADP
cblr-1706	945	60	12b-1	12b-1	NUM
cblr-1706	945	61	fees	fee	NOUN
cblr-1706	945	62	,	,	PUNCT
cblr-1706	945	63	the	the	DET
cblr-1706	945	64	increasing	increase	VERB
cblr-1706	945	65	use	use	NOUN
cblr-1706	945	66	of	of	ADP
cblr-1706	945	67	back	back	NOUN
cblr-1706	945	68	-	-	PUNCT
cblr-1706	945	69	end	end	NOUN
cblr-1706	945	70	and	and	CCONJ
cblr-1706	945	71	contingent	contingent	VERB
cblr-1706	945	72	deferred	defer	VERB
cblr-1706	945	73	sales	sale	NOUN
cblr-1706	945	74	loads	load	NOUN
cblr-1706	945	75	that	that	PRON
cblr-1706	945	76	disappear	disappear	VERB
cblr-1706	945	77	entirely	entirely	ADV
cblr-1706	945	78	if	if	SCONJ
cblr-1706	945	79	the	the	DET
cblr-1706	945	80	investor	investor	NOUN
cblr-1706	945	81	holds	hold	VERB
cblr-1706	945	82	shares	share	NOUN
cblr-1706	945	83	for	for	ADP
cblr-1706	945	84	a	a	DET
cblr-1706	945	85	prescribed	prescribed	ADJ
cblr-1706	945	86	number	number	NOUN
cblr-1706	945	87	of	of	ADP
cblr-1706	945	88	years	year	NOUN
cblr-1706	945	89	,	,	PUNCT
cblr-1706	945	90	and	and	CCONJ
cblr-1706	945	91	so	so	ADV
cblr-1706	945	92	on	on	ADV
cblr-1706	945	93	.	.	PUNCT
cblr-1706	946	1	it	it	PRON
cblr-1706	946	2	is	be	AUX
cblr-1706	946	3	unsurprising	unsurprising	ADJ
cblr-1706	946	4	that	that	SCONJ
cblr-1706	946	5	u.s	u.s	PROPN
cblr-1706	946	6	.	.	PROPN
cblr-1706	946	7	retirement	retirement	NOUN
cblr-1706	946	8	savers	saver	NOUN
cblr-1706	946	9	have	have	AUX
cblr-1706	946	10	experienced	experience	VERB
cblr-1706	946	11	investment	investment	NOUN
cblr-1706	946	12	returns	return	NOUN
cblr-1706	946	13	over	over	ADP
cblr-1706	946	14	the	the	DET
cblr-1706	946	15	past	past	ADJ
cblr-1706	946	16	fifty	fifty	NUM
cblr-1706	946	17	years	year	NOUN
cblr-1706	946	18	far	far	ADV
cblr-1706	946	19	in	in	ADP
cblr-1706	946	20	excess	excess	NOUN
cblr-1706	946	21	of	of	ADP
cblr-1706	946	22	most	most	ADJ
cblr-1706	946	23	other	other	ADJ
cblr-1706	946	24	countries	country	NOUN
cblr-1706	946	25	across	across	ADP
cblr-1706	946	26	the	the	DET
cblr-1706	946	27	globe,200	globe,200	PROPN
cblr-1706	946	28	or	or	CCONJ
cblr-1706	946	29	that	that	SCONJ
cblr-1706	946	30	the	the	DET
cblr-1706	946	31	u.s	u.s	PROPN
cblr-1706	946	32	.	.	PROPN
cblr-1706	946	33	has	have	AUX
cblr-1706	946	34	been	be	AUX
cblr-1706	946	35	the	the	DET
cblr-1706	946	36	leading	lead	VERB
cblr-1706	946	37	exporter	exporter	NOUN
cblr-1706	946	38	of	of	ADP
cblr-1706	946	39	financial	financial	ADJ
cblr-1706	946	40	innovation	innovation	NOUN
cblr-1706	946	41	.	.	PUNCT
cblr-1706	947	1	the	the	DET
cblr-1706	947	2	notion	notion	NOUN
cblr-1706	947	3	that	that	SCONJ
cblr-1706	947	4	private	private	ADJ
cblr-1706	947	5	contracting	contracting	NOUN
cblr-1706	947	6	in	in	ADP
cblr-1706	947	7	the	the	DET
cblr-1706	947	8	retail	retail	ADJ
cblr-1706	947	9	brokerage	brokerage	NOUN
cblr-1706	947	10	industry	industry	NOUN
cblr-1706	947	11	must	must	AUX
cblr-1706	947	12	be	be	AUX
cblr-1706	947	13	prohibited	prohibit	VERB
cblr-1706	947	14	because	because	SCONJ
cblr-1706	947	15	most	most	ADJ
cblr-1706	947	16	investors	investor	NOUN
cblr-1706	947	17	appear	appear	VERB
cblr-1706	947	18	ignorant	ignorant	ADJ
cblr-1706	947	19	or	or	CCONJ
cblr-1706	947	20	confused	confused	ADJ
cblr-1706	947	21	suffers	suffer	NOUN
cblr-1706	947	22	from	from	ADP
cblr-1706	947	23	the	the	DET
cblr-1706	947	24	fatal	fatal	ADJ
cblr-1706	947	25	conceit	conceit	NOUN
cblr-1706	947	26	of	of	ADP
cblr-1706	947	27	central	central	ADJ
cblr-1706	947	28	planning	planning	NOUN
cblr-1706	947	29	,	,	PUNCT
cblr-1706	947	30	which	which	PRON
cblr-1706	947	31	is	be	AUX
cblr-1706	947	32	that	that	SCONJ
cblr-1706	947	33	the	the	DET
cblr-1706	947	34	market	market	NOUN
cblr-1706	947	35	is	be	AUX
cblr-1706	947	36	incapable	incapable	ADJ
cblr-1706	947	37	of	of	ADP
cblr-1706	947	38	performing	perform	VERB
cblr-1706	947	39	well	well	ADV
cblr-1706	947	40	unless	unless	SCONJ
cblr-1706	947	41	it	it	PRON
cblr-1706	947	42	is	be	AUX
cblr-1706	947	43	designed	design	VERB
cblr-1706	947	44	,	,	PUNCT
cblr-1706	947	45	rationalized	rationalize	VERB
cblr-1706	947	46	,	,	PUNCT
cblr-1706	947	47	and	and	CCONJ
cblr-1706	947	48	administered	administer	VERB
cblr-1706	947	49	by	by	ADP
cblr-1706	947	50	a	a	DET
cblr-1706	947	51	committee	committee	NOUN
cblr-1706	947	52	of	of	ADP
cblr-1706	947	53	experts.201	experts.201	PROPN
cblr-1706	947	54	while	while	SCONJ
cblr-1706	947	55	the	the	DET
cblr-1706	947	56	securities	security	NOUN
cblr-1706	947	57	laws	law	NOUN
cblr-1706	947	58	enable	enable	VERB
cblr-1706	947	59	the	the	DET
cblr-1706	947	60	sec	sec	PROPN
cblr-1706	947	61	to	to	PART
cblr-1706	947	62	make	make	VERB
cblr-1706	947	63	expert	expert	ADJ
cblr-1706	947	64	judgments	judgment	NOUN
cblr-1706	947	65	to	to	PART
cblr-1706	947	66	protect	protect	VERB
cblr-1706	947	67	investors	investor	NOUN
cblr-1706	947	68	,	,	PUNCT
cblr-1706	947	69	the	the	DET
cblr-1706	947	70	efficiency	efficiency	NOUN
cblr-1706	947	71	,	,	PUNCT
cblr-1706	947	72	competition	competition	NOUN
cblr-1706	947	73	,	,	PUNCT
cblr-1706	947	74	capital	capital	NOUN
cblr-1706	947	75	formation	formation	NOUN
cblr-1706	947	76	requirement	requirement	NOUN
cblr-1706	947	77	constrains	constrain	VERB
cblr-1706	947	78	its	its	PRON
cblr-1706	947	79	ability	ability	NOUN
cblr-1706	947	80	to	to	PART
cblr-1706	947	81	do	do	AUX
cblr-1706	947	82	so	so	ADV
cblr-1706	947	83	unless	unless	SCONJ
cblr-1706	947	84	it	it	PRON
cblr-1706	947	85	can	can	AUX
cblr-1706	947	86	provide	provide	VERB
cblr-1706	947	87	convincing	convincing	ADJ
cblr-1706	947	88	empirical	empirical	ADJ
cblr-1706	947	89	evidence	evidence	NOUN
cblr-1706	947	90	that	that	SCONJ
cblr-1706	947	91	the	the	DET
cblr-1706	947	92	benefits	benefit	NOUN
cblr-1706	947	93	are	be	AUX
cblr-1706	947	94	likely	likely	ADJ
cblr-1706	947	95	to	to	PART
cblr-1706	947	96	exceed	exceed	VERB
cblr-1706	947	97	the	the	DET
cblr-1706	947	98	costs	cost	NOUN
cblr-1706	947	99	.	.	PUNCT
cblr-1706	948	1	where	where	SCONJ
cblr-1706	948	2	the	the	DET
cblr-1706	948	3	data	datum	NOUN
cblr-1706	948	4	necessary	necessary	ADJ
cblr-1706	948	5	to	to	PART
cblr-1706	948	6	do	do	VERB
cblr-1706	948	7	plausible	plausible	ADJ
cblr-1706	948	8	cba	cba	NOUN
cblr-1706	948	9	are	be	AUX
cblr-1706	948	10	unavailable	unavailable	ADJ
cblr-1706	948	11	,	,	PUNCT
cblr-1706	948	12	the	the	DET
cblr-1706	948	13	coasean	coasean	ADJ
cblr-1706	948	14	approach	approach	NOUN
cblr-1706	948	15	provides	provide	VERB
cblr-1706	948	16	a	a	DET
cblr-1706	948	17	theoretically	theoretically	ADV
cblr-1706	948	18	sound	sound	ADJ
cblr-1706	948	19	and	and	CCONJ
cblr-1706	948	20	empirically	empirically	ADV
cblr-1706	948	21	tractable	tractable	ADJ
cblr-1706	948	22	alternative	alternative	NOUN
cblr-1706	948	23	reflecting	reflect	VERB
cblr-1706	948	24	“	"	PUNCT
cblr-1706	948	25	the	the	DET
cblr-1706	948	26	best	well	ADV
cblr-1706	948	27	reasonably	reasonably	ADV
cblr-1706	948	28	obtainable	obtainable	ADJ
cblr-1706	948	29	scientific	scientific	ADJ
cblr-1706	948	30	,	,	PUNCT
cblr-1706	948	31	technical	technical	ADJ
cblr-1706	948	32	,	,	PUNCT
cblr-1706	948	33	economic	economic	ADJ
cblr-1706	948	34	,	,	PUNCT
cblr-1706	948	35	and	and	CCONJ
cblr-1706	948	36	other	other	ADJ
cblr-1706	948	37	information	information	NOUN
cblr-1706	948	38	concerning	concern	VERB
cblr-1706	948	39	the	the	DET
cblr-1706	948	40	need	need	NOUN
cblr-1706	948	41	for	for	ADP
cblr-1706	948	42	,	,	PUNCT
cblr-1706	948	43	and	and	CCONJ
cblr-1706	948	44	consequences	consequence	NOUN
cblr-1706	948	45	of	of	ADP
cblr-1706	948	46	,	,	PUNCT
cblr-1706	948	47	the	the	DET
cblr-1706	948	48	intended	intended	ADJ
cblr-1706	948	49	regulation	regulation	NOUN
cblr-1706	948	50	.	.	PUNCT
cblr-1706	949	1	”202	”202	NOUN
cblr-1706	949	2	199	199	NUM
cblr-1706	949	3	regulation	regulation	NOUN
cblr-1706	949	4	best	good	ADJ
cblr-1706	949	5	interest	interest	NOUN
cblr-1706	949	6	,	,	PUNCT
cblr-1706	949	7	83	83	NUM
cblr-1706	949	8	fed	feed	VERB
cblr-1706	949	9	.	.	PUNCT
cblr-1706	950	1	reg	reg	PROPN
cblr-1706	950	2	.	.	PUNCT
cblr-1706	951	1	at	at	ADP
cblr-1706	951	2	21,583	21,583	NUM
cblr-1706	951	3	.	.	PUNCT
cblr-1706	952	1	200	200	NUM
cblr-1706	952	2	see	see	VERB
cblr-1706	952	3	alberto	alberto	PROPN
cblr-1706	952	4	r.	r.	PROPN
cblr-1706	952	5	musalem	musalem	PROPN
cblr-1706	952	6	&	&	CCONJ
cblr-1706	952	7	ricardo	ricardo	PROPN
cblr-1706	952	8	pasquini	pasquini	PROPN
cblr-1706	952	9	,	,	PUNCT
cblr-1706	952	10	private	private	ADJ
cblr-1706	952	11	pension	pension	NOUN
cblr-1706	952	12	systems	system	NOUN
cblr-1706	952	13	:	:	PUNCT
cblr-1706	952	14	cross	cross	ADJ
cblr-1706	952	15	-	-	ADJ
cblr-1706	952	16	country	country	ADJ
cblr-1706	952	17	investment	investment	NOUN
cblr-1706	952	18	performance	performance	NOUN
cblr-1706	952	19	(	(	PUNCT
cblr-1706	952	20	world	world	PROPN
cblr-1706	952	21	bank	bank	PROPN
cblr-1706	952	22	,	,	PUNCT
cblr-1706	952	23	discussion	discussion	NOUN
cblr-1706	952	24	paper	paper	NOUN
cblr-1706	952	25	no	no	NOUN
cblr-1706	952	26	.	.	PROPN
cblr-1706	952	27	1214	1214	NUM
cblr-1706	952	28	,	,	PUNCT
cblr-1706	952	29	2012	2012	NUM
cblr-1706	952	30	)	)	PUNCT
cblr-1706	952	31	,	,	PUNCT
cblr-1706	952	32	http://siteresources.worldbank.org/social	http://siteresources.worldbank.org/social	NOUN
cblr-1706	952	33	protection	protection	NOUN
cblr-1706	952	34	/	/	SYM
cblr-1706	952	35	resources	resource	NOUN
cblr-1706	952	36	/	/	SYM
cblr-1706	952	37	sp	sp	NOUN
cblr-1706	952	38	-	-	PUNCT
cblr-1706	952	39	discussion	discussion	NOUN
cblr-1706	952	40	-	-	PUNCT
cblr-1706	952	41	papers	paper	NOUN
cblr-1706	952	42	/	/	SYM
cblr-1706	952	43	pensions	pension	NOUN
cblr-1706	952	44	-	-	PUNCT
cblr-1706	952	45	dp/1214.pdf	dp/1214.pdf	PROPN
cblr-1706	952	46	[	[	X
cblr-1706	952	47	https://perma.cc/2flt-z9qr	https://perma.cc/2flt-z9qr	NOUN
cblr-1706	952	48	]	]	X
cblr-1706	952	49	.	.	PUNCT
cblr-1706	953	1	201	201	NUM
cblr-1706	953	2	see	see	VERB
cblr-1706	953	3	friedrich	friedrich	PROPN
cblr-1706	953	4	august	august	PROPN
cblr-1706	953	5	hayek	hayek	PROPN
cblr-1706	953	6	,	,	PUNCT
cblr-1706	953	7	the	the	DET
cblr-1706	953	8	fatal	fatal	ADJ
cblr-1706	953	9	conceit	conceit	NOUN
cblr-1706	953	10	:	:	PUNCT
cblr-1706	953	11	the	the	DET
cblr-1706	953	12	errors	error	NOUN
cblr-1706	953	13	of	of	ADP
cblr-1706	953	14	socialism	socialism	NOUN
cblr-1706	953	15	86–87	86–87	NUM
cblr-1706	953	16	(	(	PUNCT
cblr-1706	953	17	w.w	w.w	PROPN
cblr-1706	953	18	.	.	PROPN
cblr-1706	953	19	bartley	bartley	PROPN
cblr-1706	953	20	,	,	PUNCT
cblr-1706	953	21	iii	iii	PROPN
cblr-1706	953	22	ed	ed	NOUN
cblr-1706	953	23	.	.	PROPN
cblr-1706	953	24	,	,	PUNCT
cblr-1706	953	25	1991	1991	NUM
cblr-1706	953	26	)	)	PUNCT
cblr-1706	953	27	.	.	PUNCT
cblr-1706	954	1	202	202	NUM
cblr-1706	954	2	supra	supra	PROPN
cblr-1706	954	3	note	note	NOUN
cblr-1706	954	4	44	44	NUM
cblr-1706	954	5	and	and	CCONJ
cblr-1706	954	6	accompanying	accompany	VERB
cblr-1706	954	7	text	text	NOUN
cblr-1706	954	8	.	.	PUNCT