id	sid	tid	token	lemma	pos
cblr-1751	1	1	haeberle	haeberle	PROPN
cblr-1751	1	2	final	final	ADJ
cblr-1751	1	3	stock	stock	NOUN
cblr-1751	1	4	-	-	PUNCT
cblr-1751	1	5	market	market	NOUN
cblr-1751	1	6	law	law	NOUN
cblr-1751	1	7	and	and	CCONJ
cblr-1751	1	8	the	the	DET
cblr-1751	1	9	accuracy	accuracy	NOUN
cblr-1751	1	10	of	of	ADP
cblr-1751	1	11	public	public	ADJ
cblr-1751	1	12	companies	company	NOUN
cblr-1751	1	13	’	'	PUNCT
cblr-1751	1	14	stock	stock	NOUN
cblr-1751	1	15	prices	price	NOUN
cblr-1751	1	16	kevin	kevin	PROPN
cblr-1751	1	17	haeberle	haeberle	PROPN
cblr-1751	1	18	the	the	DET
cblr-1751	1	19	social	social	ADJ
cblr-1751	1	20	benefits	benefit	NOUN
cblr-1751	1	21	of	of	ADP
cblr-1751	1	22	more	more	ADV
cblr-1751	1	23	accurate	accurate	ADJ
cblr-1751	1	24	stock	stock	NOUN
cblr-1751	1	25	prices	price	NOUN
cblr-1751	1	26	—	—	PUNCT
cblr-1751	1	27	that	that	ADV
cblr-1751	1	28	is	is	ADV
cblr-1751	1	29	,	,	PUNCT
cblr-1751	1	30	stock	stock	NOUN
cblr-1751	1	31	-	-	PUNCT
cblr-1751	1	32	market	market	NOUN
cblr-1751	1	33	prices	price	NOUN
cblr-1751	1	34	that	that	PRON
cblr-1751	1	35	more	more	ADV
cblr-1751	1	36	accurately	accurately	ADV
cblr-1751	1	37	reflect	reflect	VERB
cblr-1751	1	38	the	the	DET
cblr-1751	1	39	future	future	ADJ
cblr-1751	1	40	cash	cash	NOUN
cblr-1751	1	41	flows	flow	VERB
cblr-1751	1	42	that	that	SCONJ
cblr-1751	1	43	companies	company	NOUN
cblr-1751	1	44	are	be	AUX
cblr-1751	1	45	likely	likely	ADJ
cblr-1751	1	46	to	to	PART
cblr-1751	1	47	produce	produce	VERB
cblr-1751	1	48	—	—	PUNCT
cblr-1751	1	49	are	be	AUX
cblr-1751	1	50	well	well	ADV
cblr-1751	1	51	established	establish	VERB
cblr-1751	1	52	.	.	PUNCT
cblr-1751	2	1	but	but	CCONJ
cblr-1751	2	2	it	it	PRON
cblr-1751	2	3	is	be	AUX
cblr-1751	2	4	also	also	ADV
cblr-1751	2	5	thought	think	VERB
cblr-1751	2	6	that	that	SCONJ
cblr-1751	2	7	market	market	NOUN
cblr-1751	2	8	forces	force	NOUN
cblr-1751	2	9	alone	alone	ADV
cblr-1751	2	10	will	will	AUX
cblr-1751	2	11	lead	lead	VERB
cblr-1751	2	12	to	to	ADP
cblr-1751	2	13	only	only	ADV
cblr-1751	2	14	a	a	DET
cblr-1751	2	15	sub	sub	ADJ
cblr-1751	2	16	-	-	ADJ
cblr-1751	2	17	optimal	optimal	ADJ
cblr-1751	2	18	level	level	NOUN
cblr-1751	2	19	of	of	ADP
cblr-1751	2	20	stock	stock	NOUN
cblr-1751	2	21	-	-	PUNCT
cblr-1751	2	22	price	price	NOUN
cblr-1751	2	23	accuracy	accuracy	NOUN
cblr-1751	2	24	—	—	PUNCT
cblr-1751	2	25	a	a	DET
cblr-1751	2	26	level	level	NOUN
cblr-1751	2	27	that	that	PRON
cblr-1751	2	28	fails	fail	VERB
cblr-1751	2	29	to	to	PART
cblr-1751	2	30	obtain	obtain	VERB
cblr-1751	2	31	the	the	DET
cblr-1751	2	32	maximum	maximum	ADJ
cblr-1751	2	33	net	net	ADJ
cblr-1751	2	34	social	social	ADJ
cblr-1751	2	35	benefits	benefit	NOUN
cblr-1751	2	36	,	,	PUNCT
cblr-1751	2	37	or	or	CCONJ
cblr-1751	2	38	wealth	wealth	NOUN
cblr-1751	2	39	,	,	PUNCT
cblr-1751	2	40	that	that	PRON
cblr-1751	2	41	would	would	AUX
cblr-1751	2	42	result	result	VERB
cblr-1751	2	43	from	from	ADP
cblr-1751	2	44	a	a	DET
cblr-1751	2	45	higher	high	ADJ
cblr-1751	2	46	level	level	NOUN
cblr-1751	2	47	.	.	PUNCT
cblr-1751	3	1	one	one	NUM
cblr-1751	3	2	of	of	ADP
cblr-1751	3	3	the	the	DET
cblr-1751	3	4	principal	principal	NOUN
cblr-1751	3	5	aims	aim	NOUN
cblr-1751	3	6	of	of	ADP
cblr-1751	3	7	federal	federal	ADJ
cblr-1751	3	8	securities	security	NOUN
cblr-1751	3	9	law	law	NOUN
cblr-1751	3	10	has	have	AUX
cblr-1751	3	11	therefore	therefore	ADV
cblr-1751	3	12	been	be	AUX
cblr-1751	3	13	to	to	PART
cblr-1751	3	14	increase	increase	VERB
cblr-1751	3	15	the	the	DET
cblr-1751	3	16	extent	extent	NOUN
cblr-1751	3	17	to	to	PART
cblr-1751	3	18	which	which	PRON
cblr-1751	3	19	the	the	DET
cblr-1751	3	20	stock	stock	NOUN
cblr-1751	3	21	prices	price	NOUN
cblr-1751	3	22	of	of	ADP
cblr-1751	3	23	the	the	DET
cblr-1751	3	24	most	most	ADV
cblr-1751	3	25	important	important	ADJ
cblr-1751	3	26	companies	company	NOUN
cblr-1751	3	27	in	in	ADP
cblr-1751	3	28	our	our	PRON
cblr-1751	3	29	economy	economy	NOUN
cblr-1751	3	30	(	(	PUNCT
cblr-1751	3	31	public	public	ADJ
cblr-1751	3	32	companies	company	NOUN
cblr-1751	3	33	)	)	PUNCT
cblr-1751	3	34	contain	contain	VERB
cblr-1751	3	35	information	information	NOUN
cblr-1751	3	36	about	about	ADP
cblr-1751	3	37	firms	firm	NOUN
cblr-1751	3	38	’	'	PUNCT
cblr-1751	3	39	prospects	prospect	NOUN
cblr-1751	3	40	so	so	SCONJ
cblr-1751	3	41	that	that	SCONJ
cblr-1751	3	42	society	society	NOUN
cblr-1751	3	43	generates	generate	VERB
cblr-1751	3	44	more	more	ADJ
cblr-1751	3	45	wealth	wealth	NOUN
cblr-1751	3	46	.	.	PUNCT
cblr-1751	4	1	indeed	indeed	ADV
cblr-1751	4	2	,	,	PUNCT
cblr-1751	4	3	enhancing	enhance	VERB
cblr-1751	4	4	the	the	DET
cblr-1751	4	5	accuracy	accuracy	NOUN
cblr-1751	4	6	of	of	ADP
cblr-1751	4	7	these	these	DET
cblr-1751	4	8	prices	price	NOUN
cblr-1751	4	9	in	in	ADP
cblr-1751	4	10	this	this	DET
cblr-1751	4	11	way	way	NOUN
cblr-1751	4	12	is	be	AUX
cblr-1751	4	13	perhaps	perhaps	ADV
cblr-1751	4	14	the	the	DET
cblr-1751	4	15	primary	primary	ADJ
cblr-1751	4	16	justification	justification	NOUN
cblr-1751	4	17	for	for	ADP
cblr-1751	4	18	the	the	DET
cblr-1751	4	19	corporate	corporate	ADJ
cblr-1751	4	20	disclosure	disclosure	NOUN
cblr-1751	4	21	,	,	PUNCT
cblr-1751	4	22	fraud	fraud	NOUN
cblr-1751	4	23	,	,	PUNCT
cblr-1751	4	24	and	and	CCONJ
cblr-1751	4	25	insider	insider	NOUN
cblr-1751	4	26	-	-	PUNCT
cblr-1751	4	27	trading	trading	NOUN
cblr-1751	4	28	rules	rule	NOUN
cblr-1751	4	29	that	that	PRON
cblr-1751	4	30	make	make	VERB
cblr-1751	4	31	up	up	ADP
cblr-1751	4	32	the	the	DET
cblr-1751	4	33	traditional	traditional	ADJ
cblr-1751	4	34	core	core	NOUN
cblr-1751	4	35	of	of	ADP
cblr-1751	4	36	federal	federal	ADJ
cblr-1751	4	37	securities	security	NOUN
cblr-1751	4	38	law	law	NOUN
cblr-1751	4	39	.	.	PUNCT
cblr-1751	5	1			PROPN
cblr-1751	5	2	assistant	assistant	NOUN
cblr-1751	5	3	professor	professor	NOUN
cblr-1751	5	4	of	of	ADP
cblr-1751	5	5	law	law	NOUN
cblr-1751	5	6	,	,	PUNCT
cblr-1751	5	7	university	university	PROPN
cblr-1751	5	8	of	of	ADP
cblr-1751	5	9	south	south	PROPN
cblr-1751	5	10	carolina	carolina	PROPN
cblr-1751	5	11	school	school	PROPN
cblr-1751	5	12	of	of	ADP
cblr-1751	5	13	law	law	NOUN
cblr-1751	5	14	.	.	PUNCT
cblr-1751	6	1	i	i	PRON
cblr-1751	6	2	am	be	AUX
cblr-1751	6	3	grateful	grateful	ADJ
cblr-1751	6	4	to	to	ADP
cblr-1751	6	5	john	john	PROPN
cblr-1751	6	6	armour	armour	PROPN
cblr-1751	6	7	,	,	PUNCT
cblr-1751	6	8	robert	robert	PROPN
cblr-1751	6	9	bartlett	bartlett	PROPN
cblr-1751	6	10	,	,	PUNCT
cblr-1751	6	11	william	william	PROPN
cblr-1751	6	12	w.	w.	PROPN
cblr-1751	6	13	bratton	bratton	PROPN
cblr-1751	6	14	,	,	PUNCT
cblr-1751	6	15	john	john	PROPN
cblr-1751	6	16	c.	c.	PROPN
cblr-1751	6	17	coffee	coffee	PROPN
cblr-1751	6	18	,	,	PUNCT
cblr-1751	6	19	jr	jr	PROPN
cblr-1751	6	20	.	.	PROPN
cblr-1751	6	21	,	,	PUNCT
cblr-1751	6	22	lisa	lisa	PROPN
cblr-1751	6	23	m.	m.	NOUN
cblr-1751	6	24	fairfax	fairfax	PROPN
cblr-1751	6	25	,	,	PUNCT
cblr-1751	6	26	merritt	merritt	PROPN
cblr-1751	6	27	b.	b.	PROPN
cblr-1751	6	28	fox	fox	PROPN
cblr-1751	6	29	,	,	PUNCT
cblr-1751	6	30	lawrence	lawrence	PROPN
cblr-1751	6	31	r.	r.	PROPN
cblr-1751	6	32	glosten	glosten	PROPN
cblr-1751	6	33	,	,	PUNCT
cblr-1751	6	34	harvey	harvey	PROPN
cblr-1751	6	35	goldschmid	goldschmid	PROPN
cblr-1751	6	36	,	,	PUNCT
cblr-1751	6	37	jeffrey	jeffrey	PROPN
cblr-1751	6	38	n.	n.	PROPN
cblr-1751	6	39	gordon	gordon	PROPN
cblr-1751	6	40	,	,	PUNCT
cblr-1751	6	41	zohar	zohar	PROPN
cblr-1751	6	42	goshen	goshen	PROPN
cblr-1751	6	43	,	,	PUNCT
cblr-1751	6	44	edward	edward	PROPN
cblr-1751	6	45	f.	f.	PROPN
cblr-1751	6	46	greene	greene	PROPN
cblr-1751	6	47	,	,	PUNCT
cblr-1751	6	48	larry	larry	PROPN
cblr-1751	6	49	harris	harris	PROPN
cblr-1751	6	50	,	,	PUNCT
cblr-1751	6	51	frank	frank	PROPN
cblr-1751	6	52	m.	m.	PROPN
cblr-1751	6	53	hatheway	hatheway	PROPN
cblr-1751	6	54	,	,	PUNCT
cblr-1751	6	55	m.	m.	PROPN
cblr-1751	6	56	todd	todd	PROPN
cblr-1751	6	57	henderson	henderson	PROPN
cblr-1751	6	58	,	,	PUNCT
cblr-1751	6	59	robert	robert	PROPN
cblr-1751	6	60	j.	j.	PROPN
cblr-1751	6	61	jackson	jackson	PROPN
cblr-1751	6	62	,	,	PUNCT
cblr-1751	6	63	jr	jr	PROPN
cblr-1751	6	64	.	.	PROPN
cblr-1751	6	65	,	,	PUNCT
cblr-1751	6	66	albert	albert	PROPN
cblr-1751	6	67	kyle	kyle	PROPN
cblr-1751	6	68	,	,	PUNCT
cblr-1751	6	69	donald	donald	PROPN
cblr-1751	6	70	c.	c.	PROPN
cblr-1751	6	71	langevoort	langevoort	PROPN
cblr-1751	6	72	,	,	PUNCT
cblr-1751	6	73	benjamin	benjamin	PROPN
cblr-1751	6	74	means	means	PROPN
cblr-1751	6	75	,	,	PUNCT
cblr-1751	6	76	robert	robert	PROPN
cblr-1751	6	77	t.	t.	PROPN
cblr-1751	6	78	miller	miller	PROPN
cblr-1751	6	79	,	,	PUNCT
cblr-1751	6	80	henry	henry	PROPN
cblr-1751	6	81	monaghan	monaghan	PROPN
cblr-1751	6	82	,	,	PUNCT
cblr-1751	6	83	edward	edward	PROPN
cblr-1751	6	84	morrison	morrison	PROPN
cblr-1751	6	85	,	,	PUNCT
cblr-1751	6	86	erik	erik	PROPN
cblr-1751	6	87	r.	r.	PROPN
cblr-1751	6	88	sirri	sirri	PROPN
cblr-1751	6	89	,	,	PUNCT
cblr-1751	6	90	richard	richard	NOUN
cblr-1751	6	91	squire	squire	NOUN
cblr-1751	6	92	,	,	PUNCT
cblr-1751	6	93	and	and	CCONJ
cblr-1751	6	94	steve	steve	PROPN
cblr-1751	6	95	thel	thel	PROPN
cblr-1751	6	96	for	for	ADP
cblr-1751	6	97	their	their	PRON
cblr-1751	6	98	helpful	helpful	ADJ
cblr-1751	6	99	comments	comment	NOUN
cblr-1751	6	100	.	.	PUNCT
cblr-1751	7	1	i	i	PRON
cblr-1751	7	2	would	would	AUX
cblr-1751	7	3	also	also	ADV
cblr-1751	7	4	like	like	VERB
cblr-1751	7	5	to	to	PART
cblr-1751	7	6	thank	thank	VERB
cblr-1751	7	7	the	the	DET
cblr-1751	7	8	attendees	attendee	NOUN
cblr-1751	7	9	of	of	ADP
cblr-1751	7	10	the	the	DET
cblr-1751	7	11	faculty	faculty	NOUN
cblr-1751	7	12	workshops	workshop	NOUN
cblr-1751	7	13	at	at	ADP
cblr-1751	7	14	the	the	DET
cblr-1751	7	15	university	university	PROPN
cblr-1751	7	16	of	of	ADP
cblr-1751	7	17	chicago	chicago	PROPN
cblr-1751	7	18	law	law	NOUN
cblr-1751	7	19	school	school	NOUN
cblr-1751	7	20	,	,	PUNCT
cblr-1751	7	21	the	the	DET
cblr-1751	7	22	university	university	PROPN
cblr-1751	7	23	of	of	ADP
cblr-1751	7	24	maryland	maryland	PROPN
cblr-1751	7	25	school	school	PROPN
cblr-1751	7	26	of	of	ADP
cblr-1751	7	27	law	law	NOUN
cblr-1751	7	28	,	,	PUNCT
cblr-1751	7	29	the	the	DET
cblr-1751	7	30	university	university	PROPN
cblr-1751	7	31	of	of	ADP
cblr-1751	7	32	south	south	PROPN
cblr-1751	7	33	carolina	carolina	PROPN
cblr-1751	7	34	school	school	PROPN
cblr-1751	7	35	of	of	ADP
cblr-1751	7	36	law	law	NOUN
cblr-1751	7	37	,	,	PUNCT
cblr-1751	7	38	the	the	DET
cblr-1751	7	39	peking	peking	PROPN
cblr-1751	7	40	university	university	PROPN
cblr-1751	7	41	school	school	NOUN
cblr-1751	7	42	of	of	ADP
cblr-1751	7	43	transnational	transnational	ADJ
cblr-1751	7	44	law	law	NOUN
cblr-1751	7	45	,	,	PUNCT
cblr-1751	7	46	and	and	CCONJ
cblr-1751	7	47	the	the	DET
cblr-1751	7	48	wharton	wharton	PROPN
cblr-1751	7	49	school	school	NOUN
cblr-1751	7	50	of	of	ADP
cblr-1751	7	51	the	the	DET
cblr-1751	7	52	university	university	PROPN
cblr-1751	7	53	of	of	ADP
cblr-1751	7	54	pennsylvania	pennsylvania	PROPN
cblr-1751	7	55	,	,	PUNCT
cblr-1751	7	56	as	as	ADV
cblr-1751	7	57	well	well	ADV
cblr-1751	7	58	the	the	DET
cblr-1751	7	59	attendees	attendee	NOUN
cblr-1751	7	60	of	of	ADP
cblr-1751	7	61	the	the	DET
cblr-1751	7	62	columbia	columbia	PROPN
cblr-1751	7	63	law	law	PROPN
cblr-1751	7	64	school	school	PROPN
cblr-1751	7	65	and	and	CCONJ
cblr-1751	7	66	columbia	columbia	PROPN
cblr-1751	7	67	business	business	PROPN
cblr-1751	7	68	school	school	PROPN
cblr-1751	7	69	blue	blue	ADJ
cblr-1751	7	70	sky	sky	NOUN
cblr-1751	7	71	faculty	faculty	NOUN
cblr-1751	7	72	workshop	workshop	NOUN
cblr-1751	7	73	,	,	PUNCT
cblr-1751	7	74	for	for	ADP
cblr-1751	7	75	their	their	PRON
cblr-1751	7	76	helpful	helpful	ADJ
cblr-1751	7	77	comments	comment	NOUN
cblr-1751	7	78	.	.	PUNCT
cblr-1751	8	1	lastly	lastly	ADV
cblr-1751	8	2	,	,	PUNCT
cblr-1751	8	3	i	i	PRON
cblr-1751	8	4	would	would	AUX
cblr-1751	8	5	like	like	VERB
cblr-1751	8	6	to	to	PART
cblr-1751	8	7	thank	thank	VERB
cblr-1751	8	8	the	the	DET
cblr-1751	8	9	commentators	commentator	NOUN
cblr-1751	8	10	and	and	CCONJ
cblr-1751	8	11	participants	participant	NOUN
cblr-1751	8	12	who	who	PRON
cblr-1751	8	13	took	take	VERB
cblr-1751	8	14	part	part	NOUN
cblr-1751	8	15	in	in	ADP
cblr-1751	8	16	the	the	DET
cblr-1751	8	17	2015	2015	NUM
cblr-1751	8	18	junior	junior	ADJ
cblr-1751	8	19	business	business	NOUN
cblr-1751	8	20	and	and	CCONJ
cblr-1751	8	21	financial	financial	ADJ
cblr-1751	8	22	law	law	NOUN
cblr-1751	8	23	faculty	faculty	NOUN
cblr-1751	8	24	workshop	workshop	NOUN
cblr-1751	8	25	at	at	ADP
cblr-1751	8	26	george	george	PROPN
cblr-1751	8	27	washington	washington	PROPN
cblr-1751	8	28	university	university	PROPN
cblr-1751	8	29	’s	’s	PART
cblr-1751	8	30	center	center	NOUN
cblr-1751	8	31	for	for	ADP
cblr-1751	8	32	law	law	NOUN
cblr-1751	8	33	,	,	PUNCT
cblr-1751	8	34	economics	economics	PROPN
cblr-1751	8	35	&	&	CCONJ
cblr-1751	8	36	finance	finance	PROPN
cblr-1751	8	37	.	.	PUNCT
cblr-1751	9	1	haeberle	haeberle	PROPN
cblr-1751	9	2	final	final	ADJ
cblr-1751	9	3	122	122	NUM
cblr-1751	9	4	columbia	columbia	PROPN
cblr-1751	9	5	business	business	NOUN
cblr-1751	9	6	law	law	PROPN
cblr-1751	9	7	review	review	NOUN
cblr-1751	9	8	[	[	X
cblr-1751	9	9	vol	vol	NOUN
cblr-1751	9	10	.	.	NOUN
cblr-1751	9	11	2015	2015	NUM
cblr-1751	9	12	yet	yet	ADV
cblr-1751	9	13	,	,	PUNCT
cblr-1751	9	14	important	important	ADJ
cblr-1751	9	15	price	price	NOUN
cblr-1751	9	16	-	-	PUNCT
cblr-1751	9	17	accuracy	accuracy	NOUN
cblr-1751	9	18	effects	effect	NOUN
cblr-1751	9	19	of	of	ADP
cblr-1751	9	20	a	a	DET
cblr-1751	9	21	distinct	distinct	ADJ
cblr-1751	9	22	area	area	NOUN
cblr-1751	9	23	of	of	ADP
cblr-1751	9	24	the	the	DET
cblr-1751	9	25	field	field	NOUN
cblr-1751	9	26	(	(	PUNCT
cblr-1751	9	27	the	the	DET
cblr-1751	9	28	law	law	NOUN
cblr-1751	9	29	governing	govern	VERB
cblr-1751	9	30	the	the	DET
cblr-1751	9	31	market	market	NOUN
cblr-1751	9	32	in	in	ADP
cblr-1751	9	33	which	which	PRON
cblr-1751	9	34	stocks	stock	NOUN
cblr-1751	9	35	are	be	AUX
cblr-1751	9	36	traded	trade	VERB
cblr-1751	9	37	)	)	PUNCT
cblr-1751	9	38	have	have	AUX
cblr-1751	9	39	been	be	AUX
cblr-1751	9	40	overlooked	overlook	VERB
cblr-1751	9	41	.	.	PUNCT
cblr-1751	10	1	this	this	DET
cblr-1751	10	2	article	article	NOUN
cblr-1751	10	3	theorizes	theorize	VERB
cblr-1751	10	4	that	that	SCONJ
cblr-1751	10	5	a	a	DET
cblr-1751	10	6	set	set	NOUN
cblr-1751	10	7	of	of	ADP
cblr-1751	10	8	central	central	ADJ
cblr-1751	10	9	,	,	PUNCT
cblr-1751	10	10	yet	yet	ADV
cblr-1751	10	11	littlenoticed	littlenotice	VERB
cblr-1751	10	12	,	,	PUNCT
cblr-1751	10	13	stock	stock	NOUN
cblr-1751	10	14	-	-	PUNCT
cblr-1751	10	15	market	market	NOUN
cblr-1751	10	16	rules	rule	NOUN
cblr-1751	10	17	is	be	AUX
cblr-1751	10	18	resulting	result	VERB
cblr-1751	10	19	in	in	ADP
cblr-1751	10	20	society	society	NOUN
cblr-1751	10	21	producing	produce	VERB
cblr-1751	10	22	a	a	DET
cblr-1751	10	23	lower	low	ADJ
cblr-1751	10	24	level	level	NOUN
cblr-1751	10	25	of	of	ADP
cblr-1751	10	26	stock	stock	NOUN
cblr-1751	10	27	-	-	PUNCT
cblr-1751	10	28	price	price	NOUN
cblr-1751	10	29	accuracy	accuracy	NOUN
cblr-1751	10	30	than	than	SCONJ
cblr-1751	10	31	it	it	PRON
cblr-1751	10	32	otherwise	otherwise	ADV
cblr-1751	10	33	might	might	AUX
cblr-1751	10	34	.	.	PUNCT
cblr-1751	11	1	the	the	DET
cblr-1751	11	2	article	article	NOUN
cblr-1751	11	3	therefore	therefore	ADV
cblr-1751	11	4	provides	provide	VERB
cblr-1751	11	5	examples	example	NOUN
cblr-1751	11	6	of	of	ADP
cblr-1751	11	7	ways	way	NOUN
cblr-1751	11	8	in	in	ADP
cblr-1751	11	9	which	which	PRON
cblr-1751	11	10	the	the	DET
cblr-1751	11	11	laws	law	NOUN
cblr-1751	11	12	governing	govern	VERB
cblr-1751	11	13	stock	stock	NOUN
cblr-1751	11	14	trading	trading	NOUN
cblr-1751	11	15	can	can	AUX
cblr-1751	11	16	be	be	AUX
cblr-1751	11	17	altered	alter	VERB
cblr-1751	11	18	to	to	PART
cblr-1751	11	19	increase	increase	VERB
cblr-1751	11	20	stockprice	stockprice	ADJ
cblr-1751	11	21	accuracy	accuracy	NOUN
cblr-1751	11	22	.	.	PUNCT
cblr-1751	12	1	and	and	CCONJ
cblr-1751	12	2	it	it	PRON
cblr-1751	12	3	urges	urge	VERB
cblr-1751	12	4	regulators	regulator	NOUN
cblr-1751	12	5	to	to	PART
cblr-1751	12	6	consider	consider	VERB
cblr-1751	12	7	whether	whether	SCONJ
cblr-1751	12	8	such	such	ADJ
cblr-1751	12	9	alternations	alternation	NOUN
cblr-1751	12	10	might	might	AUX
cblr-1751	12	11	be	be	AUX
cblr-1751	12	12	socially	socially	ADV
cblr-1751	12	13	desirable	desirable	ADJ
cblr-1751	12	14	in	in	ADP
cblr-1751	12	15	one	one	NUM
cblr-1751	12	16	of	of	ADP
cblr-1751	12	17	two	two	NUM
cblr-1751	12	18	ways	way	NOUN
cblr-1751	12	19	:	:	PUNCT
cblr-1751	12	20	by	by	ADP
cblr-1751	12	21	enhancing	enhance	VERB
cblr-1751	12	22	the	the	DET
cblr-1751	12	23	current	current	ADJ
cblr-1751	12	24	level	level	NOUN
cblr-1751	12	25	of	of	ADP
cblr-1751	12	26	stock	stock	NOUN
cblr-1751	12	27	-	-	PUNCT
cblr-1751	12	28	price	price	NOUN
cblr-1751	12	29	accuracy	accuracy	NOUN
cblr-1751	12	30	in	in	ADP
cblr-1751	12	31	a	a	DET
cblr-1751	12	32	manner	manner	NOUN
cblr-1751	12	33	that	that	PRON
cblr-1751	12	34	results	result	VERB
cblr-1751	12	35	in	in	ADP
cblr-1751	12	36	net	net	ADJ
cblr-1751	12	37	social	social	ADJ
cblr-1751	12	38	benefits	benefit	NOUN
cblr-1751	12	39	,	,	PUNCT
cblr-1751	12	40	or	or	CCONJ
cblr-1751	12	41	by	by	ADP
cblr-1751	12	42	providing	provide	VERB
cblr-1751	12	43	society	society	NOUN
cblr-1751	12	44	with	with	ADP
cblr-1751	12	45	a	a	DET
cblr-1751	12	46	lower	low	ADJ
cblr-1751	12	47	-	-	PUNCT
cblr-1751	12	48	cost	cost	NOUN
cblr-1751	12	49	means	mean	NOUN
cblr-1751	12	50	than	than	ADP
cblr-1751	12	51	those	those	PRON
cblr-1751	12	52	associated	associate	VERB
cblr-1751	12	53	with	with	ADP
cblr-1751	12	54	existing	exist	VERB
cblr-1751	12	55	disclosure	disclosure	NOUN
cblr-1751	12	56	,	,	PUNCT
cblr-1751	12	57	fraud	fraud	NOUN
cblr-1751	12	58	,	,	PUNCT
cblr-1751	12	59	and	and	CCONJ
cblr-1751	12	60	insider	insider	NOUN
cblr-1751	12	61	-	-	PUNCT
cblr-1751	12	62	trading	trading	NOUN
cblr-1751	12	63	laws	law	NOUN
cblr-1751	12	64	for	for	ADP
cblr-1751	12	65	obtaining	obtain	VERB
cblr-1751	12	66	that	that	DET
cblr-1751	12	67	current	current	ADJ
cblr-1751	12	68	level	level	NOUN
cblr-1751	12	69	.	.	PUNCT
cblr-1751	13	1	accordingly	accordingly	ADV
cblr-1751	13	2	,	,	PUNCT
cblr-1751	13	3	the	the	DET
cblr-1751	13	4	article	article	NOUN
cblr-1751	13	5	theorizes	theorize	VERB
cblr-1751	13	6	that	that	SCONJ
cblr-1751	13	7	regulators	regulator	NOUN
cblr-1751	13	8	have	have	VERB
cblr-1751	13	9	a	a	DET
cblr-1751	13	10	fourth	fourth	ADJ
cblr-1751	13	11	main	main	ADJ
cblr-1751	13	12	securities	security	NOUN
cblr-1751	13	13	-	-	PUNCT
cblr-1751	13	14	law	law	NOUN
cblr-1751	13	15	tool	tool	NOUN
cblr-1751	13	16	(	(	PUNCT
cblr-1751	13	17	stockmarket	stockmarket	NOUN
cblr-1751	13	18	law	law	NOUN
cblr-1751	13	19	)	)	PUNCT
cblr-1751	13	20	for	for	ADP
cblr-1751	13	21	increasing	increase	VERB
cblr-1751	13	22	the	the	DET
cblr-1751	13	23	accuracy	accuracy	NOUN
cblr-1751	13	24	of	of	ADP
cblr-1751	13	25	public	public	ADJ
cblr-1751	13	26	companies	company	NOUN
cblr-1751	13	27	’	’	PART
cblr-1751	13	28	stock	stock	NOUN
cblr-1751	13	29	prices	price	NOUN
cblr-1751	13	30	,	,	PUNCT
cblr-1751	13	31	and	and	CCONJ
cblr-1751	13	32	sets	set	VERB
cblr-1751	13	33	forth	forth	ADP
cblr-1751	13	34	a	a	DET
cblr-1751	13	35	cost	cost	NOUN
cblr-1751	13	36	-	-	PUNCT
cblr-1751	13	37	benefit	benefit	NOUN
cblr-1751	13	38	framework	framework	NOUN
cblr-1751	13	39	to	to	PART
cblr-1751	13	40	help	help	VERB
cblr-1751	13	41	them	they	PRON
cblr-1751	13	42	determine	determine	VERB
cblr-1751	13	43	whether	whether	SCONJ
cblr-1751	13	44	it	it	PRON
cblr-1751	13	45	can	can	AUX
cblr-1751	13	46	be	be	AUX
cblr-1751	13	47	used	use	VERB
cblr-1751	13	48	to	to	PART
cblr-1751	13	49	achieve	achieve	VERB
cblr-1751	13	50	one	one	NUM
cblr-1751	13	51	of	of	ADP
cblr-1751	13	52	the	the	DET
cblr-1751	13	53	chief	chief	ADJ
cblr-1751	13	54	goals	goal	NOUN
cblr-1751	13	55	of	of	ADP
cblr-1751	13	56	securities	security	NOUN
cblr-1751	13	57	law	law	NOUN
cblr-1751	13	58	:	:	PUNCT
cblr-1751	13	59	obtaining	obtain	VERB
cblr-1751	13	60	a	a	DET
cblr-1751	13	61	socially	socially	ADV
cblr-1751	13	62	optimal	optimal	ADJ
cblr-1751	13	63	level	level	NOUN
cblr-1751	13	64	of	of	ADP
cblr-1751	13	65	stock	stock	NOUN
cblr-1751	13	66	-	-	PUNCT
cblr-1751	13	67	price	price	NOUN
cblr-1751	13	68	accuracy	accuracy	NOUN
cblr-1751	13	69	.	.	PUNCT
cblr-1751	14	1	i.	i.	PROPN
cblr-1751	14	2	introduction	introduction	NOUN
cblr-1751	14	3	...............................................................	...............................................................	PUNCT
cblr-1751	14	4	123	123	NUM
cblr-1751	14	5	ii	ii	NOUN
cblr-1751	14	6	.	.	PUNCT
cblr-1751	15	1	stock	stock	NOUN
cblr-1751	15	2	-	-	PUNCT
cblr-1751	15	3	price	price	NOUN
cblr-1751	15	4	accuracy	accuracy	NOUN
cblr-1751	15	5	and	and	CCONJ
cblr-1751	15	6	its	its	PRON
cblr-1751	15	7	main	main	ADJ
cblr-1751	15	8	social	social	ADJ
cblr-1751	15	9	benefits	benefit	NOUN
cblr-1751	15	10	..	..	PUNCT
cblr-1751	16	1	129	129	NUM
cblr-1751	16	2	a.	a.	NOUN
cblr-1751	16	3	stock	stock	NOUN
cblr-1751	16	4	-	-	PUNCT
cblr-1751	16	5	price	price	NOUN
cblr-1751	16	6	accuracy	accuracy	NOUN
cblr-1751	16	7	...........................................	...........................................	PUNCT
cblr-1751	16	8	130	130	NUM
cblr-1751	16	9	1	1	NUM
cblr-1751	16	10	.	.	PUNCT
cblr-1751	17	1	the	the	DET
cblr-1751	17	2	concept	concept	NOUN
cblr-1751	17	3	of	of	ADP
cblr-1751	17	4	accurate	accurate	ADJ
cblr-1751	17	5	stock	stock	NOUN
cblr-1751	17	6	prices	price	NOUN
cblr-1751	17	7	...........	...........	PUNCT
cblr-1751	17	8	130	130	NUM
cblr-1751	17	9	2	2	NUM
cblr-1751	17	10	.	.	PUNCT
cblr-1751	18	1	the	the	DET
cblr-1751	18	2	production	production	NOUN
cblr-1751	18	3	of	of	ADP
cblr-1751	18	4	accurate	accurate	ADJ
cblr-1751	18	5	stock	stock	NOUN
cblr-1751	18	6	prices	price	NOUN
cblr-1751	18	7	.......	.......	PUNCT
cblr-1751	18	8	132	132	NUM
cblr-1751	18	9	b.	b.	X
cblr-1751	18	10	the	the	DET
cblr-1751	18	11	main	main	ADJ
cblr-1751	18	12	social	social	ADJ
cblr-1751	18	13	benefits	benefit	NOUN
cblr-1751	18	14	of	of	ADP
cblr-1751	18	15	accurate	accurate	ADJ
cblr-1751	18	16	stock	stock	NOUN
cblr-1751	18	17	prices	price	NOUN
cblr-1751	18	18	...................................................................	...................................................................	PUNCT
cblr-1751	19	1	133	133	NUM
cblr-1751	19	2	1	1	NUM
cblr-1751	19	3	.	.	PUNCT
cblr-1751	19	4	corporate	corporate	ADJ
cblr-1751	19	5	governance	governance	NOUN
cblr-1751	19	6	....................................	....................................	PUNCT
cblr-1751	20	1	133	133	NUM
cblr-1751	20	2	2	2	NUM
cblr-1751	20	3	.	.	PUNCT
cblr-1751	20	4	capital	capital	NOUN
cblr-1751	20	5	allocation	allocation	NOUN
cblr-1751	20	6	...........................................	...........................................	PUNCT
cblr-1751	20	7	137	137	NUM
cblr-1751	20	8	iii	iii	NOUN
cblr-1751	20	9	.	.	PUNCT
cblr-1751	21	1	contemporary	contemporary	ADJ
cblr-1751	21	2	stock	stock	PROPN
cblr-1751	21	3	trading	trading	NOUN
cblr-1751	21	4	....................................	....................................	PUNCT
cblr-1751	21	5	139	139	NUM
cblr-1751	21	6	a.	a.	NOUN
cblr-1751	21	7	stock	stock	NOUN
cblr-1751	21	8	traders	trader	NOUN
cblr-1751	21	9	.......................................................	.......................................................	PUNCT
cblr-1751	22	1	139	139	NUM
cblr-1751	22	2	1	1	NUM
cblr-1751	22	3	.	.	PUNCT
cblr-1751	22	4	informed	inform	VERB
cblr-1751	22	5	traders	trader	NOUN
cblr-1751	22	6	...........................................	...........................................	PUNCT
cblr-1751	22	7	139	139	NUM
cblr-1751	22	8	2	2	NUM
cblr-1751	22	9	.	.	PUNCT
cblr-1751	22	10	uninformed	uninformed	ADJ
cblr-1751	22	11	traders	trader	NOUN
cblr-1751	22	12	.......................................	.......................................	PUNCT
cblr-1751	22	13	140	140	NUM
cblr-1751	22	14	3	3	X
cblr-1751	22	15	.	.	PUNCT
cblr-1751	23	1	professional	professional	ADJ
cblr-1751	23	2	liquidity	liquidity	NOUN
cblr-1751	23	3	-	-	PUNCT
cblr-1751	23	4	providing	provide	VERB
cblr-1751	23	5	traders	trader	NOUN
cblr-1751	23	6	.....	.....	PUNCT
cblr-1751	23	7	141	141	NUM
cblr-1751	23	8	b.	b.	PROPN
cblr-1751	23	9	stock	stock	PROPN
cblr-1751	23	10	trading	trading	NOUN
cblr-1751	23	11	platforms	platform	NOUN
cblr-1751	23	12	.....................................	.....................................	PUNCT
cblr-1751	24	1	144	144	NUM
cblr-1751	24	2	1	1	NUM
cblr-1751	24	3	.	.	PUNCT
cblr-1751	24	4	exchange	exchange	NOUN
cblr-1751	24	5	trading	trading	NOUN
cblr-1751	24	6	platforms	platform	NOUN
cblr-1751	24	7	.........................	.........................	PUNCT
cblr-1751	25	1	146	146	NUM
cblr-1751	25	2	2	2	NUM
cblr-1751	25	3	.	.	PUNCT
cblr-1751	25	4	off	off	ADP
cblr-1751	25	5	-	-	PUNCT
cblr-1751	25	6	exchange	exchange	NOUN
cblr-1751	25	7	trading	trading	NOUN
cblr-1751	25	8	platforms	platform	NOUN
cblr-1751	25	9	...................	...................	PUNCT
cblr-1751	26	1	148	148	NUM
cblr-1751	26	2	haeberle	haeberle	NOUN
cblr-1751	26	3	final	final	ADJ
cblr-1751	26	4	no	no	NOUN
cblr-1751	26	5	.	.	NOUN
cblr-1751	26	6	1:121	1:121	NUM
cblr-1751	26	7	]	]	X
cblr-1751	26	8	stock	stock	NOUN
cblr-1751	26	9	-	-	PUNCT
cblr-1751	26	10	price	price	NOUN
cblr-1751	26	11	accuracy	accuracy	NOUN
cblr-1751	26	12	123	123	NUM
cblr-1751	26	13	iv	iv	NOUN
cblr-1751	26	14	.	.	PUNCT
cblr-1751	26	15	implications	implication	NOUN
cblr-1751	26	16	of	of	ADP
cblr-1751	26	17	central	central	ADJ
cblr-1751	26	18	,	,	PUNCT
cblr-1751	26	19	yet	yet	CCONJ
cblr-1751	26	20	little	little	ADV
cblr-1751	26	21	-	-	PUNCT
cblr-1751	26	22	noticed	notice	VERB
cblr-1751	26	23	,	,	PUNCT
cblr-1751	26	24	stockmarket	stockmarket	NOUN
cblr-1751	26	25	rules	rule	NOUN
cblr-1751	26	26	..............................................................	..............................................................	PUNCT
cblr-1751	26	27	150	150	NUM
cblr-1751	26	28	a.	a.	NOUN
cblr-1751	26	29	contemporary	contemporary	PROPN
cblr-1751	26	30	stock	stock	PROPN
cblr-1751	26	31	trading	trading	NOUN
cblr-1751	26	32	..............................	..............................	PUNCT
cblr-1751	27	1	151	151	NUM
cblr-1751	27	2	1	1	NUM
cblr-1751	27	3	.	.	PUNCT
cblr-1751	27	4	off	off	ADP
cblr-1751	27	5	-	-	PUNCT
cblr-1751	27	6	exchange	exchange	NOUN
cblr-1751	27	7	trading	trading	NOUN
cblr-1751	27	8	....................................	....................................	PUNCT
cblr-1751	28	1	151	151	NUM
cblr-1751	28	2	2	2	NUM
cblr-1751	28	3	.	.	PUNCT
cblr-1751	28	4	exchange	exchange	NOUN
cblr-1751	28	5	trading	trading	NOUN
cblr-1751	28	6	..........................................	..........................................	PUNCT
cblr-1751	29	1	157	157	NUM
cblr-1751	29	2	3	3	NUM
cblr-1751	29	3	.	.	PUNCT
cblr-1751	29	4	exchange	exchange	NOUN
cblr-1751	29	5	liquidity	liquidity	NOUN
cblr-1751	29	6	providers	provider	NOUN
cblr-1751	29	7	’	'	PUNCT
cblr-1751	29	8	price	price	NOUN
cblr-1751	29	9	quotes	quote	NOUN
cblr-1751	29	10	.	.	PUNCT
cblr-1751	30	1	158	158	NUM
cblr-1751	30	2	b.	b.	PROPN
cblr-1751	30	3	stock	stock	NOUN
cblr-1751	30	4	-	-	PUNCT
cblr-1751	30	5	price	price	NOUN
cblr-1751	30	6	accuracy	accuracy	NOUN
cblr-1751	30	7	and	and	CCONJ
cblr-1751	30	8	its	its	PRON
cblr-1751	30	9	main	main	ADJ
cblr-1751	30	10	social	social	ADJ
cblr-1751	30	11	benefits	benefit	NOUN
cblr-1751	30	12	................................................................	................................................................	PUNCT
cblr-1751	31	1	162	162	NUM
cblr-1751	31	2	1	1	NUM
cblr-1751	31	3	.	.	PUNCT
cblr-1751	31	4	stock	stock	NOUN
cblr-1751	31	5	-	-	PUNCT
cblr-1751	31	6	price	price	NOUN
cblr-1751	31	7	accuracy	accuracy	NOUN
cblr-1751	31	8	......................................	......................................	PUNCT
cblr-1751	32	1	162	162	NUM
cblr-1751	32	2	2	2	NUM
cblr-1751	32	3	.	.	PUNCT
cblr-1751	33	1	the	the	DET
cblr-1751	33	2	main	main	ADJ
cblr-1751	33	3	social	social	ADJ
cblr-1751	33	4	benefits	benefit	NOUN
cblr-1751	33	5	of	of	ADP
cblr-1751	33	6	accurate	accurate	ADJ
cblr-1751	33	7	stock	stock	NOUN
cblr-1751	33	8	prices	price	NOUN
cblr-1751	33	9	..............................................................	..............................................................	PUNCT
cblr-1751	33	10	166	166	NUM
cblr-1751	33	11	c.	c.	PROPN
cblr-1751	33	12	securities	security	NOUN
cblr-1751	33	13	law	law	NOUN
cblr-1751	33	14	’s	’s	PART
cblr-1751	33	15	effort	effort	NOUN
cblr-1751	33	16	to	to	PART
cblr-1751	33	17	obtain	obtain	VERB
cblr-1751	33	18	a	a	DET
cblr-1751	33	19	socially	socially	ADV
cblr-1751	33	20	optimal	optimal	ADJ
cblr-1751	33	21	level	level	NOUN
cblr-1751	33	22	of	of	ADP
cblr-1751	33	23	stock	stock	NOUN
cblr-1751	33	24	-	-	PUNCT
cblr-1751	33	25	price	price	NOUN
cblr-1751	33	26	accuracy	accuracy	NOUN
cblr-1751	33	27	...............	...............	PUNCT
cblr-1751	33	28	167	167	NUM
cblr-1751	33	29	1	1	NUM
cblr-1751	33	30	.	.	PUNCT
cblr-1751	33	31	materially	materially	ADV
cblr-1751	33	32	improving	improve	VERB
cblr-1751	33	33	stock	stock	NOUN
cblr-1751	33	34	-	-	PUNCT
cblr-1751	33	35	price	price	NOUN
cblr-1751	33	36	accuracy	accuracy	NOUN
cblr-1751	33	37	via	via	ADP
cblr-1751	33	38	an	an	DET
cblr-1751	33	39	exchange	exchange	NOUN
cblr-1751	33	40	-	-	PUNCT
cblr-1751	33	41	trading	trading	NOUN
cblr-1751	33	42	mandate	mandate	NOUN
cblr-1751	33	43	................	................	PUNCT
cblr-1751	33	44	168	168	NUM
cblr-1751	33	45	2	2	NUM
cblr-1751	33	46	.	.	PUNCT
cblr-1751	33	47	materially	materially	ADV
cblr-1751	33	48	improving	improve	VERB
cblr-1751	33	49	stock	stock	NOUN
cblr-1751	33	50	-	-	PUNCT
cblr-1751	33	51	price	price	NOUN
cblr-1751	33	52	accuracy	accuracy	NOUN
cblr-1751	33	53	via	via	ADP
cblr-1751	33	54	a	a	DET
cblr-1751	33	55	public	public	ADJ
cblr-1751	33	56	-	-	PUNCT
cblr-1751	33	57	firm	firm	NOUN
cblr-1751	33	58	subsidy	subsidy	NOUN
cblr-1751	33	59	for	for	ADP
cblr-1751	33	60	exchange	exchange	NOUN
cblr-1751	33	61	liquidity	liquidity	NOUN
cblr-1751	33	62	provision	provision	NOUN
cblr-1751	33	63	.........................................	.........................................	PUNCT
cblr-1751	33	64	170	170	NUM
cblr-1751	34	1	v.	v.	ADP
cblr-1751	34	2	examining	examine	VERB
cblr-1751	34	3	whether	whether	SCONJ
cblr-1751	34	4	this	this	DET
cblr-1751	34	5	new	new	ADJ
cblr-1751	34	6	accuracyenhancing	accuracyenhancing	NOUN
cblr-1751	34	7	tool	tool	NOUN
cblr-1751	34	8	can	can	AUX
cblr-1751	34	9	be	be	AUX
cblr-1751	34	10	used	use	VERB
cblr-1751	34	11	to	to	PART
cblr-1751	34	12	improve	improve	VERB
cblr-1751	34	13	social	social	ADJ
cblr-1751	34	14	welfare	welfare	NOUN
cblr-1751	34	15	.......................................................................	.......................................................................	PUNCT
cblr-1751	34	16	172	172	NUM
cblr-1751	34	17	a.	a.	NOUN
cblr-1751	34	18	the	the	DET
cblr-1751	34	19	desirability	desirability	NOUN
cblr-1751	34	20	of	of	ADP
cblr-1751	34	21	using	use	VERB
cblr-1751	34	22	stock	stock	NOUN
cblr-1751	34	23	-	-	PUNCT
cblr-1751	34	24	market	market	NOUN
cblr-1751	34	25	law	law	NOUN
cblr-1751	34	26	to	to	PART
cblr-1751	34	27	increase	increase	VERB
cblr-1751	34	28	the	the	DET
cblr-1751	34	29	current	current	ADJ
cblr-1751	34	30	level	level	NOUN
cblr-1751	34	31	of	of	ADP
cblr-1751	34	32	stock	stock	NOUN
cblr-1751	34	33	-	-	PUNCT
cblr-1751	34	34	price	price	NOUN
cblr-1751	34	35	accuracy	accuracy	NOUN
cblr-1751	34	36	...............................................................	...............................................................	PUNCT
cblr-1751	34	37	173	173	NUM
cblr-1751	34	38	1	1	NUM
cblr-1751	34	39	.	.	PUNCT
cblr-1751	35	1	the	the	DET
cblr-1751	35	2	main	main	ADJ
cblr-1751	35	3	social	social	ADJ
cblr-1751	35	4	benefits	benefit	NOUN
cblr-1751	35	5	...............................	...............................	PUNCT
cblr-1751	35	6	173	173	NUM
cblr-1751	35	7	2	2	NUM
cblr-1751	35	8	.	.	PUNCT
cblr-1751	36	1	the	the	DET
cblr-1751	36	2	main	main	ADJ
cblr-1751	36	3	social	social	ADJ
cblr-1751	36	4	costs	cost	NOUN
cblr-1751	36	5	....................................	....................................	PUNCT
cblr-1751	36	6	175	175	NUM
cblr-1751	36	7	a.	a.	NOUN
cblr-1751	36	8	main	main	ADJ
cblr-1751	36	9	costs	cost	NOUN
cblr-1751	36	10	of	of	ADP
cblr-1751	36	11	an	an	DET
cblr-1751	36	12	exchange	exchange	NOUN
cblr-1751	36	13	-	-	PUNCT
cblr-1751	36	14	trading	trading	NOUN
cblr-1751	36	15	mandate	mandate	NOUN
cblr-1751	36	16	....................................................	....................................................	PUNCT
cblr-1751	36	17	175	175	NUM
cblr-1751	36	18	b.	b.	NOUN
cblr-1751	36	19	main	main	ADJ
cblr-1751	36	20	costs	cost	NOUN
cblr-1751	36	21	of	of	ADP
cblr-1751	36	22	a	a	DET
cblr-1751	36	23	public	public	ADJ
cblr-1751	36	24	-	-	PUNCT
cblr-1751	36	25	firm	firm	NOUN
cblr-1751	36	26	subsidy	subsidy	NOUN
cblr-1751	36	27	for	for	ADP
cblr-1751	36	28	exchange	exchange	NOUN
cblr-1751	36	29	liquidity	liquidity	NOUN
cblr-1751	36	30	provision	provision	NOUN
cblr-1751	36	31	..................	..................	PUNCT
cblr-1751	36	32	181	181	NUM
cblr-1751	36	33	b.	b.	NOUN
cblr-1751	36	34	the	the	DET
cblr-1751	36	35	desirability	desirability	NOUN
cblr-1751	36	36	of	of	ADP
cblr-1751	36	37	using	use	VERB
cblr-1751	36	38	stock	stock	NOUN
cblr-1751	36	39	-	-	PUNCT
cblr-1751	36	40	market	market	NOUN
cblr-1751	36	41	law	law	NOUN
cblr-1751	36	42	to	to	PART
cblr-1751	36	43	obtain	obtain	VERB
cblr-1751	36	44	the	the	DET
cblr-1751	36	45	current	current	ADJ
cblr-1751	36	46	level	level	NOUN
cblr-1751	36	47	of	of	ADP
cblr-1751	36	48	stock	stock	NOUN
cblr-1751	36	49	-	-	PUNCT
cblr-1751	36	50	price	price	NOUN
cblr-1751	36	51	accuracy	accuracy	NOUN
cblr-1751	36	52	...............................................................	...............................................................	PUNCT
cblr-1751	36	53	182	182	NUM
cblr-1751	36	54	vi	vi	NOUN
cblr-1751	36	55	.	.	PUNCT
cblr-1751	36	56	conclusion	conclusion	NOUN
cblr-1751	36	57	..................................................................	..................................................................	PUNCT
cblr-1751	36	58	183	183	NUM
cblr-1751	36	59	i.	i.	NOUN
cblr-1751	36	60	introduction	introduction	NOUN
cblr-1751	36	61	scholars	scholar	NOUN
cblr-1751	36	62	and	and	CCONJ
cblr-1751	36	63	lawmakers	lawmaker	NOUN
cblr-1751	36	64	have	have	AUX
cblr-1751	36	65	long	long	ADV
cblr-1751	36	66	touted	tout	VERB
cblr-1751	36	67	the	the	DET
cblr-1751	36	68	social	social	ADJ
cblr-1751	36	69	benefits	benefit	NOUN
cblr-1751	36	70	of	of	ADP
cblr-1751	36	71	public	public	ADJ
cblr-1751	36	72	-	-	PUNCT
cblr-1751	36	73	company	company	NOUN
cblr-1751	36	74	stock	stock	NOUN
cblr-1751	36	75	prices	price	NOUN
cblr-1751	36	76	that	that	PRON
cblr-1751	36	77	more	more	ADV
cblr-1751	36	78	accurately	accurately	ADV
cblr-1751	36	79	haeberle	haeberle	PROPN
cblr-1751	36	80	final	final	ADJ
cblr-1751	36	81	124	124	NUM
cblr-1751	36	82	columbia	columbia	PROPN
cblr-1751	36	83	business	business	NOUN
cblr-1751	36	84	law	law	PROPN
cblr-1751	36	85	review	review	NOUN
cblr-1751	36	86	[	[	X
cblr-1751	36	87	vol	vol	NOUN
cblr-1751	36	88	.	.	NOUN
cblr-1751	36	89	2015	2015	NUM
cblr-1751	36	90	reflect	reflect	VERB
cblr-1751	36	91	the	the	DET
cblr-1751	36	92	future	future	ADJ
cblr-1751	36	93	cash	cash	NOUN
cblr-1751	36	94	flows	flow	VERB
cblr-1751	36	95	that	that	SCONJ
cblr-1751	36	96	those	those	DET
cblr-1751	36	97	companies	company	NOUN
cblr-1751	36	98	are	be	AUX
cblr-1751	36	99	likely	likely	ADJ
cblr-1751	36	100	to	to	PART
cblr-1751	36	101	produce	produce	VERB
cblr-1751	36	102	.	.	PUNCT
cblr-1751	37	1	this	this	DET
cblr-1751	37	2	type	type	NOUN
cblr-1751	37	3	of	of	ADP
cblr-1751	37	4	enhanced	enhanced	ADJ
cblr-1751	37	5	stock	stock	NOUN
cblr-1751	37	6	-	-	PUNCT
cblr-1751	37	7	price	price	NOUN
cblr-1751	37	8	accuracy	accuracy	NOUN
cblr-1751	37	9	,	,	PUNCT
cblr-1751	37	10	they	they	PRON
cblr-1751	37	11	assert	assert	VERB
cblr-1751	37	12	,	,	PUNCT
cblr-1751	37	13	aids	aids	VERB
cblr-1751	37	14	society	society	NOUN
cblr-1751	37	15	by	by	ADP
cblr-1751	37	16	leading	lead	VERB
cblr-1751	37	17	to	to	ADP
cblr-1751	37	18	improved	improved	ADJ
cblr-1751	37	19	capital	capital	NOUN
cblr-1751	37	20	allocation	allocation	NOUN
cblr-1751	37	21	and	and	CCONJ
cblr-1751	37	22	corporate	corporate	ADJ
cblr-1751	37	23	governance	governance	NOUN
cblr-1751	37	24	.	.	PUNCT
cblr-1751	38	1	but	but	CCONJ
cblr-1751	38	2	those	those	PRON
cblr-1751	38	3	who	who	PRON
cblr-1751	38	4	impound	impound	VERB
cblr-1751	38	5	information	information	NOUN
cblr-1751	38	6	about	about	ADP
cblr-1751	38	7	firms	firm	NOUN
cblr-1751	38	8	’	'	PUNCT
cblr-1751	38	9	prospects	prospect	NOUN
cblr-1751	38	10	into	into	ADP
cblr-1751	38	11	stock	stock	NOUN
cblr-1751	38	12	prices	price	NOUN
cblr-1751	38	13	are	be	AUX
cblr-1751	38	14	unable	unable	ADJ
cblr-1751	38	15	to	to	PART
cblr-1751	38	16	capture	capture	VERB
cblr-1751	38	17	the	the	DET
cblr-1751	38	18	full	full	ADJ
cblr-1751	38	19	amount	amount	NOUN
cblr-1751	38	20	of	of	ADP
cblr-1751	38	21	these	these	DET
cblr-1751	38	22	social	social	ADJ
cblr-1751	38	23	benefits	benefit	NOUN
cblr-1751	38	24	that	that	PRON
cblr-1751	38	25	result	result	VERB
cblr-1751	38	26	from	from	ADP
cblr-1751	38	27	their	their	PRON
cblr-1751	38	28	efforts	effort	NOUN
cblr-1751	38	29	.	.	PUNCT
cblr-1751	39	1	this	this	DET
cblr-1751	39	2	inability	inability	NOUN
cblr-1751	39	3	,	,	PUNCT
cblr-1751	39	4	in	in	ADP
cblr-1751	39	5	turn	turn	NOUN
cblr-1751	39	6	,	,	PUNCT
cblr-1751	39	7	leaves	leave	VERB
cblr-1751	39	8	the	the	DET
cblr-1751	39	9	vast	vast	ADJ
cblr-1751	39	10	beneficiaries	beneficiary	NOUN
cblr-1751	39	11	of	of	ADP
cblr-1751	39	12	better	well	ADJ
cblr-1751	39	13	resource	resource	NOUN
cblr-1751	39	14	allocation	allocation	NOUN
cblr-1751	39	15	and	and	CCONJ
cblr-1751	39	16	firm	firm	ADJ
cblr-1751	39	17	management	management	NOUN
cblr-1751	39	18	on	on	ADP
cblr-1751	39	19	their	their	PRON
cblr-1751	39	20	own	own	ADJ
cblr-1751	39	21	to	to	PART
cblr-1751	39	22	band	band	VERB
cblr-1751	39	23	together	together	ADV
cblr-1751	39	24	in	in	ADP
cblr-1751	39	25	a	a	DET
cblr-1751	39	26	collective	collective	ADJ
cblr-1751	39	27	effort	effort	NOUN
cblr-1751	39	28	to	to	PART
cblr-1751	39	29	make	make	VERB
cblr-1751	39	30	stock	stock	NOUN
cblr-1751	39	31	prices	price	NOUN
cblr-1751	39	32	more	more	ADV
cblr-1751	39	33	accurate	accurate	ADJ
cblr-1751	39	34	—	—	PUNCT
cblr-1751	39	35	something	something	PRON
cblr-1751	39	36	they	they	PRON
cblr-1751	39	37	can	can	AUX
cblr-1751	39	38	not	not	PART
cblr-1751	39	39	efficiently	efficiently	ADV
cblr-1751	39	40	do	do	VERB
cblr-1751	39	41	.	.	PUNCT
cblr-1751	40	1	for	for	ADP
cblr-1751	40	2	these	these	DET
cblr-1751	40	3	reasons	reason	NOUN
cblr-1751	40	4	,	,	PUNCT
cblr-1751	40	5	market	market	NOUN
cblr-1751	40	6	forces	force	NOUN
cblr-1751	40	7	alone	alone	ADV
cblr-1751	40	8	are	be	AUX
cblr-1751	40	9	thought	think	VERB
cblr-1751	40	10	to	to	PART
cblr-1751	40	11	lead	lead	VERB
cblr-1751	40	12	only	only	ADV
cblr-1751	40	13	to	to	ADP
cblr-1751	40	14	a	a	DET
cblr-1751	40	15	suboptimal	suboptimal	ADJ
cblr-1751	40	16	level	level	NOUN
cblr-1751	40	17	of	of	ADP
cblr-1751	40	18	stock	stock	NOUN
cblr-1751	40	19	-	-	PUNCT
cblr-1751	40	20	price	price	NOUN
cblr-1751	40	21	accuracy	accuracy	NOUN
cblr-1751	40	22	—	—	PUNCT
cblr-1751	40	23	that	that	ADV
cblr-1751	40	24	is	is	ADV
cblr-1751	40	25	,	,	PUNCT
cblr-1751	40	26	a	a	DET
cblr-1751	40	27	level	level	NOUN
cblr-1751	40	28	that	that	PRON
cblr-1751	40	29	fails	fail	VERB
cblr-1751	40	30	to	to	PART
cblr-1751	40	31	obtain	obtain	VERB
cblr-1751	40	32	net	net	ADJ
cblr-1751	40	33	social	social	ADJ
cblr-1751	40	34	benefits	benefit	NOUN
cblr-1751	40	35	,	,	PUNCT
cblr-1751	40	36	or	or	CCONJ
cblr-1751	40	37	welfare	welfare	NOUN
cblr-1751	40	38	,	,	PUNCT
cblr-1751	40	39	that	that	PRON
cblr-1751	40	40	would	would	AUX
cblr-1751	40	41	result	result	VERB
cblr-1751	40	42	from	from	ADP
cblr-1751	40	43	a	a	DET
cblr-1751	40	44	higher	high	ADJ
cblr-1751	40	45	level	level	NOUN
cblr-1751	40	46	.	.	PUNCT
cblr-1751	41	1	one	one	NUM
cblr-1751	41	2	of	of	ADP
cblr-1751	41	3	the	the	DET
cblr-1751	41	4	principal	principal	NOUN
cblr-1751	41	5	aims	aim	NOUN
cblr-1751	41	6	of	of	ADP
cblr-1751	41	7	securities	security	NOUN
cblr-1751	41	8	law	law	NOUN
cblr-1751	41	9	is	be	AUX
cblr-1751	41	10	therefore	therefore	ADV
cblr-1751	41	11	to	to	PART
cblr-1751	41	12	get	get	VERB
cblr-1751	41	13	more	more	ADJ
cblr-1751	41	14	information	information	NOUN
cblr-1751	41	15	about	about	ADP
cblr-1751	41	16	firms	firm	NOUN
cblr-1751	41	17	’	'	PUNCT
cblr-1751	41	18	prospects	prospect	NOUN
cblr-1751	41	19	into	into	ADP
cblr-1751	41	20	stocks	stock	NOUN
cblr-1751	41	21	’	'	PUNCT
cblr-1751	41	22	market	market	NOUN
cblr-1751	41	23	prices	price	NOUN
cblr-1751	41	24	so	so	SCONJ
cblr-1751	41	25	that	that	SCONJ
cblr-1751	41	26	society	society	NOUN
cblr-1751	41	27	generates	generate	VERB
cblr-1751	41	28	more	more	ADJ
cblr-1751	41	29	wealth	wealth	NOUN
cblr-1751	41	30	.	.	PUNCT
cblr-1751	42	1	however	however	ADV
cblr-1751	42	2	,	,	PUNCT
cblr-1751	42	3	work	work	NOUN
cblr-1751	42	4	in	in	ADP
cblr-1751	42	5	this	this	DET
cblr-1751	42	6	area	area	NOUN
cblr-1751	42	7	has	have	AUX
cblr-1751	42	8	overwhelmingly	overwhelmingly	ADV
cblr-1751	42	9	focused	focus	VERB
cblr-1751	42	10	on	on	ADP
cblr-1751	42	11	the	the	DET
cblr-1751	42	12	corporate	corporate	ADJ
cblr-1751	42	13	disclosure	disclosure	NOUN
cblr-1751	42	14	,	,	PUNCT
cblr-1751	42	15	fraud	fraud	NOUN
cblr-1751	42	16	,	,	PUNCT
cblr-1751	42	17	and	and	CCONJ
cblr-1751	42	18	insider	insider	NOUN
cblr-1751	42	19	-	-	PUNCT
cblr-1751	42	20	trading	trading	NOUN
cblr-1751	42	21	laws	law	NOUN
cblr-1751	42	22	that	that	PRON
cblr-1751	42	23	compose	compose	VERB
cblr-1751	42	24	the	the	DET
cblr-1751	42	25	core	core	NOUN
cblr-1751	42	26	of	of	ADP
cblr-1751	42	27	a	a	DET
cblr-1751	42	28	typical	typical	ADJ
cblr-1751	42	29	securities	security	NOUN
cblr-1751	42	30	regulation	regulation	NOUN
cblr-1751	42	31	class	class	NOUN
cblr-1751	42	32	.	.	PUNCT
cblr-1751	43	1	and	and	CCONJ
cblr-1751	43	2	important	important	ADJ
cblr-1751	43	3	price	price	NOUN
cblr-1751	43	4	-	-	PUNCT
cblr-1751	43	5	accuracy	accuracy	NOUN
cblr-1751	43	6	effects	effect	NOUN
cblr-1751	43	7	of	of	ADP
cblr-1751	43	8	a	a	DET
cblr-1751	43	9	distinct	distinct	ADJ
cblr-1751	43	10	area	area	NOUN
cblr-1751	43	11	of	of	ADP
cblr-1751	43	12	the	the	DET
cblr-1751	43	13	field	field	NOUN
cblr-1751	43	14	(	(	PUNCT
cblr-1751	43	15	the	the	DET
cblr-1751	43	16	law	law	NOUN
cblr-1751	43	17	governing	govern	VERB
cblr-1751	43	18	the	the	DET
cblr-1751	43	19	market	market	NOUN
cblr-1751	43	20	in	in	ADP
cblr-1751	43	21	which	which	PRON
cblr-1751	43	22	stocks	stock	NOUN
cblr-1751	43	23	are	be	AUX
cblr-1751	43	24	traded	trade	VERB
cblr-1751	43	25	)	)	PUNCT
cblr-1751	43	26	have	have	AUX
cblr-1751	43	27	gone	go	VERB
cblr-1751	43	28	unnoticed	unnoticed	ADJ
cblr-1751	43	29	.	.	PUNCT
cblr-1751	44	1	this	this	DET
cblr-1751	44	2	article	article	NOUN
cblr-1751	44	3	theorizes	theorize	VERB
cblr-1751	44	4	that	that	SCONJ
cblr-1751	44	5	a	a	DET
cblr-1751	44	6	set	set	NOUN
cblr-1751	44	7	of	of	ADP
cblr-1751	44	8	central	central	ADJ
cblr-1751	44	9	stock	stock	NOUN
cblr-1751	44	10	-	-	PUNCT
cblr-1751	44	11	market	market	NOUN
cblr-1751	44	12	rules	rule	NOUN
cblr-1751	44	13	to	to	PART
cblr-1751	44	14	which	which	PRON
cblr-1751	44	15	no	no	DET
cblr-1751	44	16	one	one	NOUN
cblr-1751	44	17	seems	seem	VERB
cblr-1751	44	18	to	to	PART
cblr-1751	44	19	have	have	AUX
cblr-1751	44	20	paid	pay	VERB
cblr-1751	44	21	much	much	ADJ
cblr-1751	44	22	attention	attention	NOUN
cblr-1751	44	23	is	be	AUX
cblr-1751	44	24	resulting	result	VERB
cblr-1751	44	25	in	in	ADP
cblr-1751	44	26	society	society	NOUN
cblr-1751	44	27	producing	produce	VERB
cblr-1751	44	28	a	a	DET
cblr-1751	44	29	lower	low	ADJ
cblr-1751	44	30	level	level	NOUN
cblr-1751	44	31	of	of	ADP
cblr-1751	44	32	stock	stock	NOUN
cblr-1751	44	33	-	-	PUNCT
cblr-1751	44	34	price	price	NOUN
cblr-1751	44	35	accuracy	accuracy	NOUN
cblr-1751	44	36	than	than	SCONJ
cblr-1751	44	37	it	it	PRON
cblr-1751	44	38	otherwise	otherwise	ADV
cblr-1751	44	39	might	might	AUX
cblr-1751	44	40	—	—	PUNCT
cblr-1751	44	41	and	and	CCONJ
cblr-1751	44	42	therefore	therefore	ADV
cblr-1751	44	43	quite	quite	ADV
cblr-1751	44	44	plausibly	plausibly	ADV
cblr-1751	44	45	generating	generate	VERB
cblr-1751	44	46	less	less	ADJ
cblr-1751	44	47	wealth	wealth	NOUN
cblr-1751	44	48	than	than	SCONJ
cblr-1751	44	49	it	it	PRON
cblr-1751	44	50	otherwise	otherwise	ADV
cblr-1751	44	51	might	might	AUX
cblr-1751	44	52	.	.	PUNCT
cblr-1751	45	1	the	the	DET
cblr-1751	45	2	set	set	NOUN
cblr-1751	45	3	of	of	ADP
cblr-1751	45	4	rules	rule	NOUN
cblr-1751	45	5	at	at	ADP
cblr-1751	45	6	issue	issue	NOUN
cblr-1751	45	7	is	be	AUX
cblr-1751	45	8	composed	compose	VERB
cblr-1751	45	9	of	of	ADP
cblr-1751	45	10	what	what	PRON
cblr-1751	45	11	i	i	PRON
cblr-1751	45	12	refer	refer	VERB
cblr-1751	45	13	to	to	ADP
cblr-1751	45	14	as	as	ADP
cblr-1751	45	15	the	the	DET
cblr-1751	45	16	trading	trading	NOUN
cblr-1751	45	17	-	-	PUNCT
cblr-1751	45	18	platform	platform	NOUN
cblr-1751	45	19	access	access	NOUN
cblr-1751	45	20	rules	rule	NOUN
cblr-1751	45	21	:	:	PUNCT
cblr-1751	45	22	the	the	DET
cblr-1751	45	23	federal	federal	ADJ
cblr-1751	45	24	securities	security	NOUN
cblr-1751	45	25	laws	law	NOUN
cblr-1751	45	26	that	that	PRON
cblr-1751	45	27	requires	require	VERB
cblr-1751	45	28	stock	stock	NOUN
cblr-1751	45	29	exchanges	exchange	NOUN
cblr-1751	45	30	to	to	PART
cblr-1751	45	31	remain	remain	VERB
cblr-1751	45	32	open	open	ADJ
cblr-1751	45	33	to	to	ADP
cblr-1751	45	34	all	all	DET
cblr-1751	45	35	traders,1	traders,1	NOUN
cblr-1751	45	36	but	but	CCONJ
cblr-1751	45	37	that	that	PRON
cblr-1751	45	38	allows	allow	VERB
cblr-1751	45	39	off	off	ADP
cblr-1751	45	40	-	-	PUNCT
cblr-1751	45	41	exchange	exchange	NOUN
cblr-1751	45	42	trading	trading	NOUN
cblr-1751	45	43	platforms	platform	NOUN
cblr-1751	45	44	to	to	PART
cblr-1751	45	45	select	select	VERB
cblr-1751	45	46	1	1	NUM
cblr-1751	45	47	see	see	NOUN
cblr-1751	45	48	regulation	regulation	NOUN
cblr-1751	45	49	national	national	ADJ
cblr-1751	45	50	market	market	NOUN
cblr-1751	45	51	system	system	NOUN
cblr-1751	45	52	rule	rule	NOUN
cblr-1751	45	53	610(a	610(a	PROPN
cblr-1751	45	54	)	)	PUNCT
cblr-1751	45	55	,	,	PUNCT
cblr-1751	45	56	17	17	NUM
cblr-1751	45	57	c.f.r	c.f.r	NOUN
cblr-1751	45	58	.	.	PUNCT
cblr-1751	46	1	§	§	PROPN
cblr-1751	46	2	242.610(a	242.610(a	NUM
cblr-1751	46	3	)	)	PUNCT
cblr-1751	46	4	(	(	PUNCT
cblr-1751	46	5	2005	2005	NUM
cblr-1751	46	6	)	)	PUNCT
cblr-1751	46	7	(	(	PUNCT
cblr-1751	46	8	prohibiting	prohibit	VERB
cblr-1751	46	9	“	"	PUNCT
cblr-1751	46	10	national	national	ADJ
cblr-1751	46	11	securities	security	NOUN
cblr-1751	46	12	exchange[s	exchange[s	PROPN
cblr-1751	46	13	]	]	PUNCT
cblr-1751	47	1	[	[	X
cblr-1751	47	2	from	from	ADP
cblr-1751	47	3	]	]	PUNCT
cblr-1751	47	4	.	.	PUNCT
cblr-1751	47	5	.	.	PUNCT
cblr-1751	47	6	.	.	PUNCT
cblr-1751	48	1	prevent[ing	prevent[e	VERB
cblr-1751	48	2	]	]	PUNCT
cblr-1751	48	3	or	or	CCONJ
cblr-1751	48	4	inhibit[ing	inhibit[e	VERB
cblr-1751	48	5	]	]	PUNCT
cblr-1751	48	6	any	any	DET
cblr-1751	48	7	person	person	NOUN
cblr-1751	48	8	from	from	ADP
cblr-1751	48	9	obtaining	obtain	VERB
cblr-1751	48	10	efficient	efficient	ADJ
cblr-1751	48	11	access	access	NOUN
cblr-1751	48	12	”	"	PUNCT
cblr-1751	48	13	to	to	ADP
cblr-1751	48	14	the	the	DET
cblr-1751	48	15	offers	offer	NOUN
cblr-1751	48	16	to	to	PART
cblr-1751	48	17	buy	buy	VERB
cblr-1751	48	18	and	and	CCONJ
cblr-1751	48	19	sell	sell	VERB
cblr-1751	48	20	stocks	stock	NOUN
cblr-1751	48	21	that	that	PRON
cblr-1751	48	22	are	be	AUX
cblr-1751	48	23	posted	post	VERB
cblr-1751	48	24	on	on	ADP
cblr-1751	48	25	their	their	PRON
cblr-1751	48	26	trading	trading	NOUN
cblr-1751	48	27	systems	system	NOUN
cblr-1751	48	28	)	)	PUNCT
cblr-1751	48	29	;	;	PUNCT
cblr-1751	48	30	securities	security	NOUN
cblr-1751	48	31	and	and	CCONJ
cblr-1751	48	32	exchange	exchange	PROPN
cblr-1751	48	33	act	act	PROPN
cblr-1751	48	34	§	§	PROPN
cblr-1751	48	35	6	6	NUM
cblr-1751	48	36	,	,	PUNCT
cblr-1751	48	37	15	15	NUM
cblr-1751	48	38	u.s.c	u.s.c	ADJ
cblr-1751	48	39	.	.	PUNCT
cblr-1751	49	1	§	§	PROPN
cblr-1751	49	2	78f	78f	PROPN
cblr-1751	49	3	(	(	PUNCT
cblr-1751	49	4	1934	1934	NUM
cblr-1751	49	5	)	)	PUNCT
cblr-1751	49	6	(	(	PUNCT
cblr-1751	49	7	providing	provide	VERB
cblr-1751	49	8	that	that	SCONJ
cblr-1751	49	9	a	a	DET
cblr-1751	49	10	registered	register	VERB
cblr-1751	49	11	exchange	exchange	NOUN
cblr-1751	49	12	must	must	AUX
cblr-1751	49	13	allow	allow	VERB
cblr-1751	49	14	“	"	PUNCT
cblr-1751	49	15	any	any	DET
cblr-1751	49	16	registered	registered	ADJ
cblr-1751	49	17	broker	broker	NOUN
cblr-1751	49	18	or	or	CCONJ
cblr-1751	49	19	dealer	dealer	NOUN
cblr-1751	49	20	.	.	PUNCT
cblr-1751	49	21	.	.	PUNCT
cblr-1751	49	22	.	.	PUNCT
cblr-1751	50	1	[	[	X
cblr-1751	50	2	to	to	PART
cblr-1751	50	3	]	]	PUNCT
cblr-1751	50	4	become	become	VERB
cblr-1751	50	5	a	a	DET
cblr-1751	50	6	member	member	NOUN
cblr-1751	50	7	of	of	ADP
cblr-1751	50	8	[	[	X
cblr-1751	50	9	its	its	PRON
cblr-1751	50	10	]	]	PUNCT
cblr-1751	50	11	exchange	exchange	NOUN
cblr-1751	50	12	”	"	PUNCT
cblr-1751	50	13	)	)	PUNCT
cblr-1751	50	14	.	.	PUNCT
cblr-1751	51	1	haeberle	haeberle	PROPN
cblr-1751	51	2	final	final	ADJ
cblr-1751	51	3	no	no	NOUN
cblr-1751	51	4	.	.	NOUN
cblr-1751	51	5	1:121	1:121	NUM
cblr-1751	51	6	]	]	X
cblr-1751	51	7	stock	stock	NOUN
cblr-1751	51	8	-	-	PUNCT
cblr-1751	51	9	price	price	NOUN
cblr-1751	51	10	accuracy	accuracy	NOUN
cblr-1751	51	11	125	125	NUM
cblr-1751	51	12	which	which	PRON
cblr-1751	51	13	traders	trader	NOUN
cblr-1751	51	14	can	can	AUX
cblr-1751	51	15	and	and	CCONJ
cblr-1751	51	16	can	can	AUX
cblr-1751	51	17	not	not	PART
cblr-1751	51	18	access	access	VERB
cblr-1751	51	19	their	their	PRON
cblr-1751	51	20	trading	trading	NOUN
cblr-1751	51	21	systems.2	systems.2	NOUN
cblr-1751	51	22	in	in	ADP
cblr-1751	51	23	the	the	DET
cblr-1751	51	24	end	end	NOUN
cblr-1751	51	25	,	,	PUNCT
cblr-1751	51	26	i	i	PRON
cblr-1751	51	27	show	show	VERB
cblr-1751	51	28	that	that	SCONJ
cblr-1751	51	29	an	an	DET
cblr-1751	51	30	examination	examination	NOUN
cblr-1751	51	31	of	of	ADP
cblr-1751	51	32	these	these	DET
cblr-1751	51	33	rules	rule	NOUN
cblr-1751	51	34	and	and	CCONJ
cblr-1751	51	35	their	their	PRON
cblr-1751	51	36	far	far	ADV
cblr-1751	51	37	-	-	PUNCT
cblr-1751	51	38	reaching	reach	VERB
cblr-1751	51	39	effects	effect	NOUN
cblr-1751	51	40	leads	lead	VERB
cblr-1751	51	41	to	to	ADP
cblr-1751	51	42	the	the	DET
cblr-1751	51	43	conclusion	conclusion	NOUN
cblr-1751	51	44	that	that	SCONJ
cblr-1751	51	45	lawmakers	lawmaker	NOUN
cblr-1751	51	46	can	can	AUX
cblr-1751	51	47	modify	modify	VERB
cblr-1751	51	48	stock	stock	NOUN
cblr-1751	51	49	-	-	PUNCT
cblr-1751	51	50	market	market	NOUN
cblr-1751	51	51	law	law	NOUN
cblr-1751	51	52	to	to	PART
cblr-1751	51	53	increase	increase	VERB
cblr-1751	51	54	stockprice	stockprice	ADJ
cblr-1751	51	55	accuracy	accuracy	NOUN
cblr-1751	51	56	.	.	PUNCT
cblr-1751	52	1	and	and	CCONJ
cblr-1751	52	2	i	i	PRON
cblr-1751	52	3	therefore	therefore	ADV
cblr-1751	52	4	urge	urge	VERB
cblr-1751	52	5	lawmakers	lawmaker	NOUN
cblr-1751	52	6	to	to	PART
cblr-1751	52	7	consider	consider	VERB
cblr-1751	52	8	whether	whether	SCONJ
cblr-1751	52	9	such	such	ADJ
cblr-1751	52	10	legal	legal	ADJ
cblr-1751	52	11	modifications	modification	NOUN
cblr-1751	52	12	could	could	AUX
cblr-1751	52	13	be	be	AUX
cblr-1751	52	14	used	use	VERB
cblr-1751	52	15	to	to	PART
cblr-1751	52	16	increase	increase	VERB
cblr-1751	52	17	social	social	ADJ
cblr-1751	52	18	welfare	welfare	NOUN
cblr-1751	52	19	in	in	ADP
cblr-1751	52	20	one	one	NUM
cblr-1751	52	21	of	of	ADP
cblr-1751	52	22	two	two	NUM
cblr-1751	52	23	ways	way	NOUN
cblr-1751	52	24	:	:	PUNCT
cblr-1751	52	25	by	by	ADP
cblr-1751	52	26	enhancing	enhance	VERB
cblr-1751	52	27	the	the	DET
cblr-1751	52	28	current	current	ADJ
cblr-1751	52	29	level	level	NOUN
cblr-1751	52	30	of	of	ADP
cblr-1751	52	31	stock	stock	NOUN
cblr-1751	52	32	-	-	PUNCT
cblr-1751	52	33	price	price	NOUN
cblr-1751	52	34	accuracy	accuracy	NOUN
cblr-1751	52	35	in	in	ADP
cblr-1751	52	36	a	a	DET
cblr-1751	52	37	manner	manner	NOUN
cblr-1751	52	38	that	that	PRON
cblr-1751	52	39	results	result	VERB
cblr-1751	52	40	in	in	ADP
cblr-1751	52	41	net	net	ADJ
cblr-1751	52	42	social	social	ADJ
cblr-1751	52	43	benefits	benefit	NOUN
cblr-1751	52	44	,	,	PUNCT
cblr-1751	52	45	or	or	CCONJ
cblr-1751	52	46	by	by	ADP
cblr-1751	52	47	providing	provide	VERB
cblr-1751	52	48	society	society	NOUN
cblr-1751	52	49	with	with	ADP
cblr-1751	52	50	a	a	DET
cblr-1751	52	51	lower	low	ADJ
cblr-1751	52	52	-	-	PUNCT
cblr-1751	52	53	cost	cost	NOUN
cblr-1751	52	54	means	mean	NOUN
cblr-1751	52	55	than	than	ADP
cblr-1751	52	56	the	the	DET
cblr-1751	52	57	existing	exist	VERB
cblr-1751	52	58	core	core	NOUN
cblr-1751	52	59	of	of	ADP
cblr-1751	52	60	securities	security	NOUN
cblr-1751	52	61	law	law	NOUN
cblr-1751	52	62	for	for	ADP
cblr-1751	52	63	obtaining	obtain	VERB
cblr-1751	52	64	that	that	DET
cblr-1751	52	65	current	current	ADJ
cblr-1751	52	66	level	level	NOUN
cblr-1751	52	67	.	.	PUNCT
cblr-1751	53	1	accordingly	accordingly	ADV
cblr-1751	53	2	,	,	PUNCT
cblr-1751	53	3	the	the	DET
cblr-1751	53	4	article	article	NOUN
cblr-1751	53	5	theorizes	theorize	VERB
cblr-1751	53	6	that	that	SCONJ
cblr-1751	53	7	regulators	regulator	NOUN
cblr-1751	53	8	have	have	VERB
cblr-1751	53	9	a	a	DET
cblr-1751	53	10	fourth	fourth	ADJ
cblr-1751	53	11	main	main	ADJ
cblr-1751	53	12	securities	security	NOUN
cblr-1751	53	13	-	-	PUNCT
cblr-1751	53	14	law	law	NOUN
cblr-1751	53	15	tool	tool	NOUN
cblr-1751	53	16	(	(	PUNCT
cblr-1751	53	17	stockmarket	stockmarket	NOUN
cblr-1751	53	18	law	law	NOUN
cblr-1751	53	19	)	)	PUNCT
cblr-1751	53	20	for	for	ADP
cblr-1751	53	21	increasing	increase	VERB
cblr-1751	53	22	the	the	DET
cblr-1751	53	23	accuracy	accuracy	NOUN
cblr-1751	53	24	of	of	ADP
cblr-1751	53	25	public	public	ADJ
cblr-1751	53	26	companies	company	NOUN
cblr-1751	53	27	’	’	PART
cblr-1751	53	28	stock	stock	NOUN
cblr-1751	53	29	prices	price	NOUN
cblr-1751	53	30	,	,	PUNCT
cblr-1751	53	31	and	and	CCONJ
cblr-1751	53	32	offers	offer	VERB
cblr-1751	53	33	them	they	PRON
cblr-1751	53	34	a	a	DET
cblr-1751	53	35	cost	cost	NOUN
cblr-1751	53	36	-	-	PUNCT
cblr-1751	53	37	benefit	benefit	NOUN
cblr-1751	53	38	framework	framework	NOUN
cblr-1751	53	39	to	to	PART
cblr-1751	53	40	help	help	VERB
cblr-1751	53	41	them	they	PRON
cblr-1751	53	42	determine	determine	VERB
cblr-1751	53	43	whether	whether	SCONJ
cblr-1751	53	44	this	this	DET
cblr-1751	53	45	tool	tool	NOUN
cblr-1751	53	46	can	can	AUX
cblr-1751	53	47	be	be	AUX
cblr-1751	53	48	used	use	VERB
cblr-1751	53	49	to	to	PART
cblr-1751	53	50	achieve	achieve	VERB
cblr-1751	53	51	one	one	NUM
cblr-1751	53	52	of	of	ADP
cblr-1751	53	53	the	the	DET
cblr-1751	53	54	chief	chief	ADJ
cblr-1751	53	55	aims	aim	NOUN
cblr-1751	53	56	of	of	ADP
cblr-1751	53	57	securities	security	NOUN
cblr-1751	53	58	law	law	NOUN
cblr-1751	53	59	:	:	PUNCT
cblr-1751	53	60	obtaining	obtain	VERB
cblr-1751	53	61	a	a	DET
cblr-1751	53	62	welfare	welfare	NOUN
cblr-1751	53	63	-	-	PUNCT
cblr-1751	53	64	maximizing	maximize	VERB
cblr-1751	53	65	level	level	NOUN
cblr-1751	53	66	of	of	ADP
cblr-1751	53	67	stock	stock	NOUN
cblr-1751	53	68	-	-	PUNCT
cblr-1751	53	69	price	price	NOUN
cblr-1751	53	70	accuracy	accuracy	NOUN
cblr-1751	53	71	.	.	PUNCT
cblr-1751	54	1	given	give	VERB
cblr-1751	54	2	the	the	DET
cblr-1751	54	3	social	social	ADJ
cblr-1751	54	4	benefits	benefit	NOUN
cblr-1751	54	5	of	of	ADP
cblr-1751	54	6	enhanced	enhanced	ADJ
cblr-1751	54	7	stock	stock	NOUN
cblr-1751	54	8	-	-	PUNCT
cblr-1751	54	9	price	price	NOUN
cblr-1751	54	10	accuracy	accuracy	NOUN
cblr-1751	54	11	and	and	CCONJ
cblr-1751	54	12	the	the	DET
cblr-1751	54	13	concern	concern	NOUN
cblr-1751	54	14	that	that	SCONJ
cblr-1751	54	15	market	market	NOUN
cblr-1751	54	16	forces	force	NOUN
cblr-1751	54	17	without	without	ADP
cblr-1751	54	18	legal	legal	ADJ
cblr-1751	54	19	intervention	intervention	NOUN
cblr-1751	54	20	will	will	AUX
cblr-1751	54	21	fail	fail	VERB
cblr-1751	54	22	to	to	PART
cblr-1751	54	23	produce	produce	VERB
cblr-1751	54	24	accurate	accurate	ADJ
cblr-1751	54	25	stock	stock	NOUN
cblr-1751	54	26	prices	price	NOUN
cblr-1751	54	27	at	at	ADP
cblr-1751	54	28	an	an	DET
cblr-1751	54	29	optimal	optimal	ADJ
cblr-1751	54	30	level	level	NOUN
cblr-1751	54	31	,	,	PUNCT
cblr-1751	54	32	it	it	PRON
cblr-1751	54	33	should	should	AUX
cblr-1751	54	34	come	come	VERB
cblr-1751	54	35	as	as	ADV
cblr-1751	54	36	little	little	ADJ
cblr-1751	54	37	surprise	surprise	NOUN
cblr-1751	54	38	that	that	PRON
cblr-1751	54	39	much	much	ADJ
cblr-1751	54	40	of	of	ADP
cblr-1751	54	41	securities	security	NOUN
cblr-1751	54	42	law	law	NOUN
cblr-1751	54	43	attempts	attempt	VERB
cblr-1751	54	44	to	to	PART
cblr-1751	54	45	facilitate	facilitate	VERB
cblr-1751	54	46	the	the	DET
cblr-1751	54	47	generation	generation	NOUN
cblr-1751	54	48	of	of	ADP
cblr-1751	54	49	information	information	NOUN
cblr-1751	54	50	about	about	ADP
cblr-1751	54	51	firms	firm	NOUN
cblr-1751	54	52	’	’	PART
cblr-1751	54	53	prospects	prospect	NOUN
cblr-1751	54	54	and	and	CCONJ
cblr-1751	54	55	the	the	DET
cblr-1751	54	56	price	price	NOUN
cblr-1751	54	57	-	-	PUNCT
cblr-1751	54	58	correcting	correct	VERB
cblr-1751	54	59	work	work	NOUN
cblr-1751	54	60	of	of	ADP
cblr-1751	54	61	informed	informed	ADJ
cblr-1751	54	62	traders.3	traders.3	VERB
cblr-1751	54	63	informed	informed	ADJ
cblr-1751	54	64	traders	trader	NOUN
cblr-1751	54	65	—	—	PUNCT
cblr-1751	54	66	such	such	ADJ
cblr-1751	54	67	as	as	ADP
cblr-1751	54	68	some	some	DET
cblr-1751	54	69	sophisticated	sophisticated	ADJ
cblr-1751	54	70	banks	bank	NOUN
cblr-1751	54	71	,	,	PUNCT
cblr-1751	54	72	hedge	hedge	NOUN
cblr-1751	54	73	funds	fund	NOUN
cblr-1751	54	74	,	,	PUNCT
cblr-1751	54	75	private	private	ADJ
cblr-1751	54	76	equity	equity	NOUN
cblr-1751	54	77	funds	fund	NOUN
cblr-1751	54	78	,	,	PUNCT
cblr-1751	54	79	and	and	CCONJ
cblr-1751	54	80	actively	actively	ADV
cblr-1751	54	81	managed	manage	VERB
cblr-1751	54	82	mutual	mutual	ADJ
cblr-1751	54	83	funds	fund	NOUN
cblr-1751	54	84	—	—	PUNCT
cblr-1751	54	85	are	be	AUX
cblr-1751	54	86	those	those	PRON
cblr-1751	54	87	that	that	PRON
cblr-1751	54	88	buy	buy	VERB
cblr-1751	54	89	and	and	CCONJ
cblr-1751	54	90	sell	sell	VERB
cblr-1751	54	91	stocks	stock	NOUN
cblr-1751	54	92	based	base	VERB
cblr-1751	54	93	on	on	ADP
cblr-1751	54	94	superior	superior	ADJ
cblr-1751	54	95	information	information	NOUN
cblr-1751	54	96	about	about	ADP
cblr-1751	54	97	companies	company	NOUN
cblr-1751	54	98	’	'	PUNCT
cblr-1751	54	99	2	2	NUM
cblr-1751	54	100	see	see	VERB
cblr-1751	54	101	regulation	regulation	NOUN
cblr-1751	54	102	of	of	ADP
cblr-1751	54	103	exchanges	exchange	NOUN
cblr-1751	54	104	and	and	CCONJ
cblr-1751	54	105	alternative	alternative	ADJ
cblr-1751	54	106	trading	trading	NOUN
cblr-1751	54	107	system	system	NOUN
cblr-1751	54	108	rule	rule	VERB
cblr-1751	54	109	301(b)(5	301(b)(5	PROPN
cblr-1751	54	110	)	)	PUNCT
cblr-1751	54	111	,	,	PUNCT
cblr-1751	54	112	17	17	NUM
cblr-1751	54	113	c.f.r	c.f.r	NOUN
cblr-1751	54	114	.	.	PUNCT
cblr-1751	55	1	§	§	PROPN
cblr-1751	55	2	242.301(b)(5	242.301(b)(5	NUM
cblr-1751	55	3	)	)	PUNCT
cblr-1751	55	4	(	(	PUNCT
cblr-1751	55	5	1997	1997	NUM
cblr-1751	55	6	)	)	PUNCT
cblr-1751	55	7	;	;	PUNCT
cblr-1751	55	8	concept	concept	NOUN
cblr-1751	55	9	release	release	NOUN
cblr-1751	55	10	on	on	ADP
cblr-1751	55	11	equity	equity	NOUN
cblr-1751	55	12	market	market	NOUN
cblr-1751	55	13	structure	structure	NOUN
cblr-1751	55	14	,	,	PUNCT
cblr-1751	55	15	securities	security	NOUN
cblr-1751	55	16	exchange	exchange	PROPN
cblr-1751	55	17	act	act	PROPN
cblr-1751	55	18	release	release	VERB
cblr-1751	55	19	no	no	NOUN
cblr-1751	55	20	.	.	NOUN
cblr-1751	55	21	34	34	NUM
cblr-1751	55	22	-	-	SYM
cblr-1751	55	23	61358	61358	NUM
cblr-1751	55	24	,	,	PUNCT
cblr-1751	55	25	17	17	NUM
cblr-1751	55	26	c.f.r	c.f.r	NOUN
cblr-1751	55	27	.	.	PUNCT
cblr-1751	56	1	§	§	PROPN
cblr-1751	56	2	242	242	NUM
cblr-1751	56	3	,	,	PUNCT
cblr-1751	56	4	at	at	ADP
cblr-1751	56	5	72	72	NUM
cblr-1751	56	6	(	(	PUNCT
cblr-1751	56	7	“	"	PUNCT
cblr-1751	56	8	as	as	ADP
cblr-1751	56	9	[	[	NOUN
cblr-1751	56	10	trading	trading	NOUN
cblr-1751	56	11	systems	system	NOUN
cblr-1751	56	12	]	]	PUNCT
cblr-1751	56	13	that	that	PRON
cblr-1751	56	14	are	be	AUX
cblr-1751	56	15	exempt	exempt	ADJ
cblr-1751	56	16	from	from	ADP
cblr-1751	56	17	exchange	exchange	NOUN
cblr-1751	56	18	registration	registration	NOUN
cblr-1751	56	19	,	,	PUNCT
cblr-1751	56	20	[	[	X
cblr-1751	56	21	off	off	ADP
cblr-1751	56	22	-	-	PUNCT
cblr-1751	56	23	exchange	exchange	NOUN
cblr-1751	56	24	platforms	platform	NOUN
cblr-1751	56	25	]	]	PUNCT
cblr-1751	56	26	are	be	AUX
cblr-1751	56	27	not	not	PART
cblr-1751	56	28	required	require	VERB
cblr-1751	56	29	to	to	PART
cblr-1751	56	30	provide	provide	VERB
cblr-1751	56	31	fair	fair	ADJ
cblr-1751	56	32	access	access	NOUN
cblr-1751	56	33	[	[	X
cblr-1751	56	34	to	to	ADP
cblr-1751	56	35	all	all	DET
cblr-1751	56	36	traders	trader	NOUN
cblr-1751	56	37	]	]	PUNCT
cblr-1751	56	38	unless	unless	SCONJ
cblr-1751	56	39	they	they	PRON
cblr-1751	56	40	reach	reach	VERB
cblr-1751	56	41	a	a	DET
cblr-1751	56	42	5	5	NUM
cblr-1751	56	43	%	%	NOUN
cblr-1751	56	44	trading	trading	NOUN
cblr-1751	56	45	volume	volume	NOUN
cblr-1751	56	46	threshold	threshold	NOUN
cblr-1751	56	47	in	in	ADP
cblr-1751	56	48	a	a	DET
cblr-1751	56	49	stock	stock	NOUN
cblr-1751	56	50	,	,	PUNCT
cblr-1751	56	51	which	which	DET
cblr-1751	56	52	none	none	NOUN
cblr-1751	56	53	currently	currently	ADV
cblr-1751	56	54	do[es	do[e	VERB
cblr-1751	56	55	]	]	PUNCT
cblr-1751	56	56	”	"	PUNCT
cblr-1751	56	57	and	and	CCONJ
cblr-1751	56	58	that	that	SCONJ
cblr-1751	56	59	“	"	PUNCT
cblr-1751	56	60	[	[	X
cblr-1751	56	61	a]s	a]	VERB
cblr-1751	56	62	a	a	DET
cblr-1751	56	63	result	result	NOUN
cblr-1751	56	64	,	,	PUNCT
cblr-1751	56	65	access	access	NOUN
cblr-1751	56	66	to	to	ADP
cblr-1751	56	67	.	.	PUNCT
cblr-1751	56	68	.	.	PUNCT
cblr-1751	56	69	.	.	PUNCT
cblr-1751	57	1	[	[	X
cblr-1751	57	2	these	these	DET
cblr-1751	57	3	platforms	platform	NOUN
cblr-1751	57	4	]	]	PUNCT
cblr-1751	57	5	.	.	PUNCT
cblr-1751	57	6	.	.	PUNCT
cblr-1751	57	7	.	.	PUNCT
cblr-1751	58	1	is	be	AUX
cblr-1751	58	2	determined	determine	VERB
cblr-1751	58	3	primarily	primarily	ADV
cblr-1751	58	4	by	by	ADP
cblr-1751	58	5	private	private	ADJ
cblr-1751	58	6	negotiation	negotiation	NOUN
cblr-1751	58	7	.	.	PUNCT
cblr-1751	58	8	”	"	PUNCT
cblr-1751	58	9	)	)	PUNCT
cblr-1751	58	10	.	.	PUNCT
cblr-1751	59	1	3	3	NUM
cblr-1751	59	2	see	see	VERB
cblr-1751	59	3	,	,	PUNCT
cblr-1751	59	4	e.g.	e.g.	ADV
cblr-1751	59	5	,	,	PUNCT
cblr-1751	59	6	zohar	zohar	PROPN
cblr-1751	59	7	goshen	goshen	PROPN
cblr-1751	59	8	&	&	CCONJ
cblr-1751	59	9	gideon	gideon	PROPN
cblr-1751	59	10	parchomovsky	parchomovsky	PROPN
cblr-1751	59	11	,	,	PUNCT
cblr-1751	59	12	the	the	DET
cblr-1751	59	13	essential	essential	ADJ
cblr-1751	59	14	role	role	NOUN
cblr-1751	59	15	of	of	ADP
cblr-1751	59	16	securities	security	NOUN
cblr-1751	59	17	regulation	regulation	NOUN
cblr-1751	59	18	,	,	PUNCT
cblr-1751	59	19	55	55	NUM
cblr-1751	59	20	duke	duke	PROPN
cblr-1751	59	21	l.j	l.j	PROPN
cblr-1751	59	22	.	.	PROPN
cblr-1751	59	23	711	711	NUM
cblr-1751	59	24	,	,	PUNCT
cblr-1751	59	25	715	715	NUM
cblr-1751	59	26	(	(	PUNCT
cblr-1751	59	27	2006	2006	NUM
cblr-1751	59	28	)	)	PUNCT
cblr-1751	59	29	(	(	PUNCT
cblr-1751	59	30	asserting	assert	VERB
cblr-1751	59	31	that	that	SCONJ
cblr-1751	59	32	the	the	DET
cblr-1751	59	33	essential	essential	ADJ
cblr-1751	59	34	role	role	NOUN
cblr-1751	59	35	of	of	ADP
cblr-1751	59	36	“	"	PUNCT
cblr-1751	59	37	securities	security	NOUN
cblr-1751	59	38	regulation	regulation	NOUN
cblr-1751	59	39	is	be	AUX
cblr-1751	59	40	.	.	PUNCT
cblr-1751	59	41	.	.	PUNCT
cblr-1751	59	42	.	.	PUNCT
cblr-1751	60	1	to	to	PART
cblr-1751	60	2	facilitate	facilitate	VERB
cblr-1751	60	3	and	and	CCONJ
cblr-1751	60	4	protect	protect	VERB
cblr-1751	60	5	the	the	DET
cblr-1751	60	6	work	work	NOUN
cblr-1751	60	7	of	of	ADP
cblr-1751	60	8	inform[ed	inform[ed	PROPN
cblr-1751	60	9	]	]	PUNCT
cblr-1751	60	10	traders	trader	NOUN
cblr-1751	60	11	”	"	PUNCT
cblr-1751	60	12	that	that	PRON
cblr-1751	60	13	leads	lead	VERB
cblr-1751	60	14	to	to	ADP
cblr-1751	60	15	the	the	DET
cblr-1751	60	16	production	production	NOUN
cblr-1751	60	17	of	of	ADP
cblr-1751	60	18	more	more	ADJ
cblr-1751	60	19	information	information	NOUN
cblr-1751	60	20	about	about	ADP
cblr-1751	60	21	firms	firm	NOUN
cblr-1751	60	22	’	’	PART
cblr-1751	60	23	values	value	NOUN
cblr-1751	60	24	)	)	PUNCT
cblr-1751	60	25	.	.	PUNCT
cblr-1751	61	1	haeberle	haeberle	PROPN
cblr-1751	61	2	final	final	ADJ
cblr-1751	61	3	126	126	NUM
cblr-1751	61	4	columbia	columbia	PROPN
cblr-1751	61	5	business	business	NOUN
cblr-1751	61	6	law	law	PROPN
cblr-1751	61	7	review	review	NOUN
cblr-1751	61	8	[	[	X
cblr-1751	61	9	vol	vol	NOUN
cblr-1751	61	10	.	.	NOUN
cblr-1751	61	11	2015	2015	NUM
cblr-1751	61	12	values	value	NOUN
cblr-1751	61	13	.	.	PUNCT
cblr-1751	62	1	these	these	DET
cblr-1751	62	2	traders	trader	NOUN
cblr-1751	62	3	seek	seek	VERB
cblr-1751	62	4	to	to	PART
cblr-1751	62	5	profit	profit	VERB
cblr-1751	62	6	by	by	ADP
cblr-1751	62	7	producing	produce	VERB
cblr-1751	62	8	(	(	PUNCT
cblr-1751	62	9	or	or	CCONJ
cblr-1751	62	10	procuring	procuring	NOUN
cblr-1751	62	11	)	)	PUNCT
cblr-1751	62	12	such	such	ADJ
cblr-1751	62	13	information	information	NOUN
cblr-1751	62	14	,	,	PUNCT
cblr-1751	62	15	and	and	CCONJ
cblr-1751	62	16	then	then	ADV
cblr-1751	62	17	using	use	VERB
cblr-1751	62	18	it	it	PRON
cblr-1751	62	19	to	to	PART
cblr-1751	62	20	buy	buy	VERB
cblr-1751	62	21	underpriced	underpriced	ADJ
cblr-1751	62	22	stocks	stock	NOUN
cblr-1751	62	23	and	and	CCONJ
cblr-1751	62	24	sell	sell	VERB
cblr-1751	62	25	overpriced	overpriced	ADJ
cblr-1751	62	26	ones	one	NOUN
cblr-1751	62	27	.	.	PUNCT
cblr-1751	63	1	as	as	ADP
cblr-1751	63	2	a	a	DET
cblr-1751	63	3	byproduct	byproduct	NOUN
cblr-1751	63	4	of	of	ADP
cblr-1751	63	5	this	this	DET
cblr-1751	63	6	profit	profit	NOUN
cblr-1751	63	7	-	-	PUNCT
cblr-1751	63	8	motivated	motivate	VERB
cblr-1751	63	9	trading	trading	NOUN
cblr-1751	63	10	,	,	PUNCT
cblr-1751	63	11	they	they	PRON
cblr-1751	63	12	generate	generate	VERB
cblr-1751	63	13	(	(	PUNCT
cblr-1751	63	14	or	or	CCONJ
cblr-1751	63	15	pay	pay	VERB
cblr-1751	63	16	others	other	NOUN
cblr-1751	63	17	to	to	PART
cblr-1751	63	18	generate	generate	VERB
cblr-1751	63	19	)	)	PUNCT
cblr-1751	63	20	this	this	DET
cblr-1751	63	21	information	information	NOUN
cblr-1751	63	22	.	.	PUNCT
cblr-1751	64	1	and	and	CCONJ
cblr-1751	64	2	this	this	DET
cblr-1751	64	3	information	information	NOUN
cblr-1751	64	4	ultimately	ultimately	ADV
cblr-1751	64	5	results	result	VERB
cblr-1751	64	6	in	in	ADP
cblr-1751	64	7	stock	stock	NOUN
cblr-1751	64	8	prices	price	NOUN
cblr-1751	64	9	that	that	PRON
cblr-1751	64	10	more	more	ADV
cblr-1751	64	11	accurately	accurately	ADV
cblr-1751	64	12	predict	predict	VERB
cblr-1751	64	13	the	the	DET
cblr-1751	64	14	future	future	ADJ
cblr-1751	64	15	cash	cash	NOUN
cblr-1751	64	16	flows	flow	VERB
cblr-1751	64	17	that	that	SCONJ
cblr-1751	64	18	firms	firm	NOUN
cblr-1751	64	19	will	will	AUX
cblr-1751	64	20	produce	produce	VERB
cblr-1751	64	21	as	as	ADV
cblr-1751	64	22	well	well	ADV
cblr-1751	64	23	as	as	ADP
cblr-1751	64	24	the	the	DET
cblr-1751	64	25	social	social	ADJ
cblr-1751	64	26	benefits	benefit	NOUN
cblr-1751	64	27	that	that	PRON
cblr-1751	64	28	flow	flow	VERB
cblr-1751	64	29	from	from	ADP
cblr-1751	64	30	those	those	DET
cblr-1751	64	31	more	more	ADV
cblr-1751	64	32	informative	informative	ADJ
cblr-1751	64	33	prices	price	NOUN
cblr-1751	64	34	.	.	PUNCT
cblr-1751	65	1	indeed	indeed	ADV
cblr-1751	65	2	,	,	PUNCT
cblr-1751	65	3	aiding	aid	VERB
cblr-1751	65	4	informed	informed	ADJ
cblr-1751	65	5	traders	trader	NOUN
cblr-1751	65	6	and	and	CCONJ
cblr-1751	65	7	this	this	DET
cblr-1751	65	8	process	process	NOUN
cblr-1751	65	9	in	in	ADP
cblr-1751	65	10	which	which	PRON
cblr-1751	65	11	more	more	ADJ
cblr-1751	65	12	information	information	NOUN
cblr-1751	65	13	about	about	ADP
cblr-1751	65	14	companies	company	NOUN
cblr-1751	65	15	’	'	PUNCT
cblr-1751	65	16	prospects	prospect	NOUN
cblr-1751	65	17	is	be	AUX
cblr-1751	65	18	produced	produce	VERB
cblr-1751	65	19	and	and	CCONJ
cblr-1751	65	20	incorporated	incorporate	VERB
cblr-1751	65	21	into	into	ADP
cblr-1751	65	22	their	their	PRON
cblr-1751	65	23	stocks	stock	NOUN
cblr-1751	65	24	’	'	PUNCT
cblr-1751	65	25	market	market	NOUN
cblr-1751	65	26	prices	price	NOUN
cblr-1751	65	27	is	be	AUX
cblr-1751	65	28	perhaps	perhaps	ADV
cblr-1751	65	29	the	the	DET
cblr-1751	65	30	principal	principal	ADJ
cblr-1751	65	31	justification	justification	NOUN
cblr-1751	65	32	for	for	ADP
cblr-1751	65	33	the	the	DET
cblr-1751	65	34	costly	costly	ADJ
cblr-1751	65	35	rules	rule	NOUN
cblr-1751	65	36	that	that	PRON
cblr-1751	65	37	compose	compose	VERB
cblr-1751	65	38	the	the	DET
cblr-1751	65	39	three	three	NUM
cblr-1751	65	40	-	-	PUNCT
cblr-1751	65	41	pronged	pronged	ADJ
cblr-1751	65	42	traditional	traditional	ADJ
cblr-1751	65	43	core	core	NOUN
cblr-1751	65	44	of	of	ADP
cblr-1751	65	45	federal	federal	ADJ
cblr-1751	65	46	securities	security	NOUN
cblr-1751	65	47	regulation.4	regulation.4	PROPN
cblr-1751	65	48	rules	rule	NOUN
cblr-1751	65	49	that	that	PRON
cblr-1751	65	50	require	require	VERB
cblr-1751	65	51	firms	firm	NOUN
cblr-1751	65	52	to	to	PART
cblr-1751	65	53	disclose	disclose	VERB
cblr-1751	65	54	internal	internal	ADJ
cblr-1751	65	55	information	information	NOUN
cblr-1751	65	56	about	about	ADP
cblr-1751	65	57	their	their	PRON
cblr-1751	65	58	businesses	business	NOUN
cblr-1751	65	59	mandate	mandate	VERB
cblr-1751	65	60	the	the	DET
cblr-1751	65	61	provision	provision	NOUN
cblr-1751	65	62	of	of	ADP
cblr-1751	65	63	that	that	DET
cblr-1751	65	64	information	information	NOUN
cblr-1751	65	65	to	to	ADP
cblr-1751	65	66	the	the	DET
cblr-1751	65	67	public	public	NOUN
cblr-1751	65	68	,	,	PUNCT
cblr-1751	65	69	thereby	thereby	ADV
cblr-1751	65	70	ensuring	ensure	VERB
cblr-1751	65	71	the	the	DET
cblr-1751	65	72	production	production	NOUN
cblr-1751	65	73	and	and	CCONJ
cblr-1751	65	74	dissemination	dissemination	NOUN
cblr-1751	65	75	of	of	ADP
cblr-1751	65	76	important	important	ADJ
cblr-1751	65	77	information	information	NOUN
cblr-1751	65	78	that	that	PRON
cblr-1751	65	79	informed	inform	VERB
cblr-1751	65	80	traders	trader	NOUN
cblr-1751	65	81	use	use	VERB
cblr-1751	65	82	to	to	PART
cblr-1751	65	83	price	price	VERB
cblr-1751	65	84	stocks	stock	NOUN
cblr-1751	65	85	more	more	ADJ
cblr-1751	65	86	accurately.5	accurately.5	PROPN
cblr-1751	65	87	laws	law	NOUN
cblr-1751	65	88	that	that	PRON
cblr-1751	65	89	prohibit	prohibit	VERB
cblr-1751	65	90	fraud	fraud	NOUN
cblr-1751	65	91	help	help	NOUN
cblr-1751	65	92	increase	increase	VERB
cblr-1751	65	93	the	the	DET
cblr-1751	65	94	truthfulness	truthfulness	ADJ
cblr-1751	65	95	and	and	CCONJ
cblr-1751	65	96	integrity	integrity	NOUN
cblr-1751	65	97	of	of	ADP
cblr-1751	65	98	such	such	ADJ
cblr-1751	65	99	corporate	corporate	ADJ
cblr-1751	65	100	disclosures	disclosure	NOUN
cblr-1751	65	101	,	,	PUNCT
cblr-1751	65	102	thereby	thereby	ADV
cblr-1751	65	103	making	make	VERB
cblr-1751	65	104	sure	sure	ADJ
cblr-1751	65	105	that	that	SCONJ
cblr-1751	65	106	this	this	DET
cblr-1751	65	107	key	key	ADJ
cblr-1751	65	108	information	information	NOUN
cblr-1751	65	109	is	be	AUX
cblr-1751	65	110	accurate	accurate	ADJ
cblr-1751	65	111	and	and	CCONJ
cblr-1751	65	112	enabling	enable	VERB
cblr-1751	65	113	informed	informed	ADJ
cblr-1751	65	114	traders	trader	NOUN
cblr-1751	65	115	to	to	PART
cblr-1751	65	116	rely	rely	VERB
cblr-1751	65	117	on	on	ADP
cblr-1751	65	118	it	it	PRON
cblr-1751	65	119	when	when	SCONJ
cblr-1751	65	120	pricing	price	VERB
cblr-1751	65	121	stocks	stock	NOUN
cblr-1751	65	122	.	.	PUNCT
cblr-1751	66	1	and	and	CCONJ
cblr-1751	66	2	even	even	ADV
cblr-1751	66	3	the	the	DET
cblr-1751	66	4	general	general	ADJ
cblr-1751	66	5	prohibition	prohibition	NOUN
cblr-1751	66	6	on	on	ADP
cblr-1751	66	7	insider	insider	NOUN
cblr-1751	66	8	trading	trading	NOUN
cblr-1751	66	9	is	be	AUX
cblr-1751	66	10	thought	think	VERB
cblr-1751	66	11	by	by	ADP
cblr-1751	66	12	many	many	ADJ
cblr-1751	66	13	to	to	PART
cblr-1751	66	14	foster	foster	VERB
cblr-1751	66	15	investment	investment	NOUN
cblr-1751	66	16	in	in	ADP
cblr-1751	66	17	the	the	DET
cblr-1751	66	18	production	production	NOUN
cblr-1751	66	19	of	of	ADP
cblr-1751	66	20	this	this	DET
cblr-1751	66	21	valuable	valuable	ADJ
cblr-1751	66	22	information	information	NOUN
cblr-1751	66	23	by	by	ADP
cblr-1751	66	24	those	those	DET
cblr-1751	66	25	informed	inform	VERB
cblr-1751	66	26	traders	trader	NOUN
cblr-1751	66	27	who	who	PRON
cblr-1751	66	28	are	be	AUX
cblr-1751	66	29	best	well	ADV
cblr-1751	66	30	situated	situated	ADJ
cblr-1751	66	31	to	to	PART
cblr-1751	66	32	accurately	accurately	ADV
cblr-1751	66	33	evaluate	evaluate	VERB
cblr-1751	66	34	stock	stock	NOUN
cblr-1751	66	35	prices	price	NOUN
cblr-1751	66	36	(	(	PUNCT
cblr-1751	66	37	professional	professional	ADJ
cblr-1751	66	38	outside	outside	ADP
cblr-1751	66	39	informed	informed	ADJ
cblr-1751	66	40	traders	trader	NOUN
cblr-1751	66	41	)	)	PUNCT
cblr-1751	66	42	because	because	SCONJ
cblr-1751	66	43	the	the	DET
cblr-1751	66	44	proscription	proscription	NOUN
cblr-1751	66	45	increases	increase	VERB
cblr-1751	66	46	the	the	DET
cblr-1751	66	47	likelihood	likelihood	NOUN
cblr-1751	66	48	that	that	SCONJ
cblr-1751	66	49	these	these	DET
cblr-1751	66	50	traders	trader	NOUN
cblr-1751	66	51	can	can	AUX
cblr-1751	66	52	use	use	VERB
cblr-1751	66	53	this	this	DET
cblr-1751	66	54	information	information	NOUN
cblr-1751	66	55	to	to	ADP
cblr-1751	66	56	4	4	NUM
cblr-1751	66	57	see	see	VERB
cblr-1751	66	58	,	,	PUNCT
cblr-1751	66	59	e.g.	e.g.	ADV
cblr-1751	66	60	,	,	PUNCT
cblr-1751	66	61	marcel	marcel	PROPN
cblr-1751	66	62	kahan	kahan	PROPN
cblr-1751	66	63	,	,	PUNCT
cblr-1751	66	64	securities	security	NOUN
cblr-1751	66	65	laws	law	NOUN
cblr-1751	66	66	and	and	CCONJ
cblr-1751	66	67	the	the	DET
cblr-1751	66	68	social	social	ADJ
cblr-1751	66	69	cost	cost	NOUN
cblr-1751	66	70	of	of	ADP
cblr-1751	66	71	“	"	PUNCT
cblr-1751	66	72	inaccurate	inaccurate	ADJ
cblr-1751	66	73	”	"	PUNCT
cblr-1751	66	74	stock	stock	NOUN
cblr-1751	66	75	prices	price	NOUN
cblr-1751	66	76	,	,	PUNCT
cblr-1751	66	77	41	41	NUM
cblr-1751	66	78	duke	duke	PROPN
cblr-1751	66	79	l.j	l.j	PROPN
cblr-1751	66	80	.	.	PROPN
cblr-1751	66	81	977	977	NUM
cblr-1751	66	82	,	,	PUNCT
cblr-1751	66	83	979	979	NUM
cblr-1751	66	84	(	(	PUNCT
cblr-1751	66	85	1992	1992	NUM
cblr-1751	66	86	)	)	PUNCT
cblr-1751	66	87	(	(	PUNCT
cblr-1751	66	88	noting	note	VERB
cblr-1751	66	89	that	that	SCONJ
cblr-1751	66	90	this	this	DET
cblr-1751	66	91	“	"	PUNCT
cblr-1751	66	92	vast	vast	ADJ
cblr-1751	66	93	legal	legal	ADJ
cblr-1751	66	94	framework	framework	NOUN
cblr-1751	66	95	”	"	PUNCT
cblr-1751	66	96	is	be	AUX
cblr-1751	66	97	motivated	motivate	VERB
cblr-1751	66	98	“	"	PUNCT
cblr-1751	66	99	by	by	ADP
cblr-1751	66	100	one	one	NUM
cblr-1751	66	101	principal	principal	ADJ
cblr-1751	66	102	goal	goal	NOUN
cblr-1751	66	103	of	of	ADP
cblr-1751	66	104	securities	security	NOUN
cblr-1751	66	105	laws	law	NOUN
cblr-1751	66	106	:	:	PUNCT
cblr-1751	66	107	.	.	PUNCT
cblr-1751	66	108	.	.	PUNCT
cblr-1751	66	109	.	.	PUNCT
cblr-1751	67	1	creat[ing	creat[e	VERB
cblr-1751	67	2	]	]	PUNCT
cblr-1751	67	3	stock	stock	NOUN
cblr-1751	67	4	markets	market	NOUN
cblr-1751	67	5	in	in	ADP
cblr-1751	67	6	which	which	PRON
cblr-1751	67	7	the	the	DET
cblr-1751	67	8	market	market	NOUN
cblr-1751	67	9	price	price	NOUN
cblr-1751	67	10	of	of	ADP
cblr-1751	67	11	a	a	DET
cblr-1751	67	12	stock	stock	NOUN
cblr-1751	67	13	corresponds	correspond	VERB
cblr-1751	67	14	to	to	ADP
cblr-1751	67	15	its	its	PRON
cblr-1751	67	16	fundamental	fundamental	ADJ
cblr-1751	67	17	value	value	NOUN
cblr-1751	67	18	.	.	PUNCT
cblr-1751	67	19	”	"	PUNCT
cblr-1751	67	20	)	)	PUNCT
cblr-1751	67	21	.	.	PUNCT
cblr-1751	68	1	5	5	NUM
cblr-1751	68	2	see	see	VERB
cblr-1751	68	3	,	,	PUNCT
cblr-1751	68	4	e.g.	e.g.	ADV
cblr-1751	68	5	,	,	PUNCT
cblr-1751	68	6	merritt	merritt	PROPN
cblr-1751	68	7	b.	b.	PROPN
cblr-1751	68	8	fox	fox	PROPN
cblr-1751	68	9	et	et	PROPN
cblr-1751	68	10	al	al	PROPN
cblr-1751	68	11	.	.	PROPN
cblr-1751	68	12	,	,	PUNCT
cblr-1751	68	13	law	law	NOUN
cblr-1751	68	14	,	,	PUNCT
cblr-1751	68	15	share	share	VERB
cblr-1751	68	16	price	price	NOUN
cblr-1751	68	17	accuracy	accuracy	NOUN
cblr-1751	68	18	,	,	PUNCT
cblr-1751	68	19	and	and	CCONJ
cblr-1751	68	20	economic	economic	ADJ
cblr-1751	68	21	performance	performance	NOUN
cblr-1751	68	22	:	:	PUNCT
cblr-1751	68	23	the	the	DET
cblr-1751	68	24	new	new	ADJ
cblr-1751	68	25	evidence	evidence	NOUN
cblr-1751	68	26	,	,	PUNCT
cblr-1751	68	27	102	102	NUM
cblr-1751	68	28	mich	mich	NOUN
cblr-1751	68	29	.	.	PUNCT
cblr-1751	69	1	l.	l.	PROPN
cblr-1751	69	2	rev	rev	PROPN
cblr-1751	69	3	.	.	PROPN
cblr-1751	69	4	331	331	NUM
cblr-1751	69	5	,	,	PUNCT
cblr-1751	69	6	342–44	342–44	NUM
cblr-1751	69	7	(	(	PUNCT
cblr-1751	69	8	2003	2003	NUM
cblr-1751	69	9	)	)	PUNCT
cblr-1751	69	10	.	.	PUNCT
cblr-1751	70	1	haeberle	haeberle	PROPN
cblr-1751	70	2	final	final	ADJ
cblr-1751	70	3	no	no	NOUN
cblr-1751	70	4	.	.	NOUN
cblr-1751	70	5	1:121	1:121	NUM
cblr-1751	70	6	]	]	X
cblr-1751	70	7	stock	stock	NOUN
cblr-1751	70	8	-	-	PUNCT
cblr-1751	70	9	price	price	NOUN
cblr-1751	70	10	accuracy	accuracy	NOUN
cblr-1751	70	11	127	127	NUM
cblr-1751	70	12	profit	profit	NOUN
cblr-1751	70	13	because	because	SCONJ
cblr-1751	70	14	it	it	PRON
cblr-1751	70	15	protects	protect	VERB
cblr-1751	70	16	them	they	PRON
cblr-1751	70	17	from	from	ADP
cblr-1751	70	18	being	be	AUX
cblr-1751	70	19	undercut	undercut	ADJ
cblr-1751	70	20	and	and	CCONJ
cblr-1751	70	21	mislead	mislead	VERB
cblr-1751	70	22	by	by	ADP
cblr-1751	70	23	corporate	corporate	ADJ
cblr-1751	70	24	insiders	insider	NOUN
cblr-1751	70	25	and	and	CCONJ
cblr-1751	70	26	their	their	PRON
cblr-1751	70	27	tippees.6	tippees.6	NOUN
cblr-1751	70	28	yet	yet	ADV
cblr-1751	70	29	,	,	PUNCT
cblr-1751	70	30	as	as	ADP
cblr-1751	70	31	a	a	DET
cblr-1751	70	32	matter	matter	NOUN
cblr-1751	70	33	of	of	ADP
cblr-1751	70	34	theory	theory	NOUN
cblr-1751	70	35	,	,	PUNCT
cblr-1751	70	36	central	central	ADJ
cblr-1751	70	37	aspects	aspect	NOUN
cblr-1751	70	38	of	of	ADP
cblr-1751	70	39	the	the	DET
cblr-1751	70	40	federal	federal	ADJ
cblr-1751	70	41	securities	security	NOUN
cblr-1751	70	42	laws	law	NOUN
cblr-1751	70	43	that	that	PRON
cblr-1751	70	44	regulate	regulate	VERB
cblr-1751	70	45	how	how	SCONJ
cblr-1751	70	46	stocks	stock	NOUN
cblr-1751	70	47	are	be	AUX
cblr-1751	70	48	traded	trade	VERB
cblr-1751	70	49	affect	affect	VERB
cblr-1751	70	50	both	both	DET
cblr-1751	70	51	informed	inform	VERB
cblr-1751	70	52	traders	trader	NOUN
cblr-1751	70	53	and	and	CCONJ
cblr-1751	70	54	the	the	DET
cblr-1751	70	55	incentive	incentive	NOUN
cblr-1751	70	56	to	to	PART
cblr-1751	70	57	produce	produce	VERB
cblr-1751	70	58	information	information	NOUN
cblr-1751	70	59	about	about	ADP
cblr-1751	70	60	firms	firm	NOUN
cblr-1751	70	61	’	'	PUNCT
cblr-1751	70	62	prospects	prospect	NOUN
cblr-1751	70	63	in	in	ADP
cblr-1751	70	64	a	a	DET
cblr-1751	70	65	very	very	ADV
cblr-1751	70	66	different	different	ADJ
cblr-1751	70	67	way	way	NOUN
cblr-1751	70	68	.	.	PUNCT
cblr-1751	71	1	the	the	DET
cblr-1751	71	2	theory	theory	NOUN
cblr-1751	71	3	proceeds	proceed	VERB
cblr-1751	71	4	as	as	SCONJ
cblr-1751	71	5	follows	follow	VERB
cblr-1751	71	6	.	.	PUNCT
cblr-1751	72	1	the	the	DET
cblr-1751	72	2	trading	trading	NOUN
cblr-1751	72	3	-	-	PUNCT
cblr-1751	72	4	platform	platform	NOUN
cblr-1751	72	5	access	access	NOUN
cblr-1751	72	6	rules	rule	NOUN
cblr-1751	72	7	allow	allow	VERB
cblr-1751	72	8	off	off	ADP
cblr-1751	72	9	-	-	PUNCT
cblr-1751	72	10	exchange	exchange	NOUN
cblr-1751	72	11	platforms	platform	NOUN
cblr-1751	72	12	—	—	PUNCT
cblr-1751	72	13	through	through	ADP
cblr-1751	72	14	which	which	PRON
cblr-1751	72	15	an	an	DET
cblr-1751	72	16	enormous	enormous	ADJ
cblr-1751	72	17	portion	portion	NOUN
cblr-1751	72	18	of	of	ADP
cblr-1751	72	19	overall	overall	ADJ
cblr-1751	72	20	trading	trading	NOUN
cblr-1751	72	21	now	now	ADV
cblr-1751	72	22	occurs	occur	VERB
cblr-1751	72	23	—	—	PUNCT
cblr-1751	72	24	to	to	PART
cblr-1751	72	25	choose	choose	VERB
cblr-1751	72	26	which	which	PRON
cblr-1751	72	27	traders	trader	NOUN
cblr-1751	72	28	can	can	AUX
cblr-1751	72	29	and	and	CCONJ
cblr-1751	72	30	can	can	AUX
cblr-1751	72	31	not	not	PART
cblr-1751	72	32	access	access	VERB
cblr-1751	72	33	their	their	PRON
cblr-1751	72	34	trading	trading	NOUN
cblr-1751	72	35	systems	system	NOUN
cblr-1751	72	36	.	.	PUNCT
cblr-1751	73	1	these	these	DET
cblr-1751	73	2	platforms	platform	NOUN
cblr-1751	73	3	use	use	VERB
cblr-1751	73	4	this	this	DET
cblr-1751	73	5	power	power	NOUN
cblr-1751	73	6	to	to	PART
cblr-1751	73	7	target	target	VERB
cblr-1751	73	8	uninformed	uninformed	ADJ
cblr-1751	73	9	traders	trader	NOUN
cblr-1751	73	10	(	(	PUNCT
cblr-1751	73	11	such	such	ADJ
cblr-1751	73	12	as	as	ADP
cblr-1751	73	13	individual	individual	ADJ
cblr-1751	73	14	retail	retail	ADJ
cblr-1751	73	15	-	-	PUNCT
cblr-1751	73	16	level	level	NOUN
cblr-1751	73	17	investors	investor	NOUN
cblr-1751	73	18	and	and	CCONJ
cblr-1751	73	19	index	index	NOUN
cblr-1751	73	20	-	-	PUNCT
cblr-1751	73	21	driven	drive	VERB
cblr-1751	73	22	mutual	mutual	ADJ
cblr-1751	73	23	funds	fund	NOUN
cblr-1751	73	24	)	)	PUNCT
cblr-1751	73	25	and	and	CCONJ
cblr-1751	73	26	exclude	exclude	VERB
cblr-1751	73	27	informed	informed	ADJ
cblr-1751	73	28	ones	one	NOUN
cblr-1751	73	29	.	.	PUNCT
cblr-1751	74	1	this	this	DET
cblr-1751	74	2	legal	legal	ADJ
cblr-1751	74	3	ability	ability	NOUN
cblr-1751	74	4	to	to	PART
cblr-1751	74	5	discriminate	discriminate	VERB
cblr-1751	74	6	among	among	ADP
cblr-1751	74	7	traders	trader	NOUN
cblr-1751	74	8	also	also	ADV
cblr-1751	74	9	often	often	ADV
cblr-1751	74	10	results	result	VERB
cblr-1751	74	11	in	in	ADP
cblr-1751	74	12	informed	informed	ADJ
cblr-1751	74	13	traders	trader	NOUN
cblr-1751	74	14	,	,	PUNCT
cblr-1751	74	15	as	as	ADP
cblr-1751	74	16	a	a	DET
cblr-1751	74	17	practical	practical	ADJ
cblr-1751	74	18	matter	matter	NOUN
cblr-1751	74	19	,	,	PUNCT
cblr-1751	74	20	preferring	prefer	VERB
cblr-1751	74	21	to	to	PART
cblr-1751	74	22	complete	complete	VERB
cblr-1751	74	23	much	much	ADJ
cblr-1751	74	24	of	of	ADP
cblr-1751	74	25	their	their	PRON
cblr-1751	74	26	trading	trading	NOUN
cblr-1751	74	27	through	through	ADP
cblr-1751	74	28	exchanges	exchange	NOUN
cblr-1751	74	29	.	.	PUNCT
cblr-1751	75	1	in	in	ADP
cblr-1751	75	2	practice	practice	NOUN
cblr-1751	75	3	,	,	PUNCT
cblr-1751	75	4	then	then	ADV
cblr-1751	75	5	,	,	PUNCT
cblr-1751	75	6	these	these	DET
cblr-1751	75	7	trading	trading	NOUN
cblr-1751	75	8	rules	rule	NOUN
cblr-1751	75	9	lead	lead	VERB
cblr-1751	75	10	off	off	ADP
cblr-1751	75	11	-	-	PUNCT
cblr-1751	75	12	exchange	exchange	NOUN
cblr-1751	75	13	platforms	platform	NOUN
cblr-1751	75	14	to	to	PART
cblr-1751	75	15	be	be	AUX
cblr-1751	75	16	dominated	dominate	VERB
cblr-1751	75	17	by	by	ADP
cblr-1751	75	18	uninformed	uninformed	ADJ
cblr-1751	75	19	traders	trader	NOUN
cblr-1751	75	20	—	—	PUNCT
cblr-1751	75	21	and	and	CCONJ
cblr-1751	75	22	,	,	PUNCT
cblr-1751	75	23	critically	critically	ADV
cblr-1751	75	24	,	,	PUNCT
cblr-1751	75	25	open	open	ADJ
cblr-1751	75	26	exchanges	exchange	NOUN
cblr-1751	75	27	to	to	PART
cblr-1751	75	28	therefore	therefore	ADV
cblr-1751	75	29	have	have	VERB
cblr-1751	75	30	a	a	DET
cblr-1751	75	31	far	far	ADV
cblr-1751	75	32	higher	high	ADJ
cblr-1751	75	33	ratio	ratio	NOUN
cblr-1751	75	34	of	of	ADP
cblr-1751	75	35	informed	informed	ADJ
cblr-1751	75	36	traders	trader	NOUN
cblr-1751	75	37	to	to	ADP
cblr-1751	75	38	uninformed	uninformed	ADJ
cblr-1751	75	39	ones	one	NOUN
cblr-1751	75	40	.	.	PUNCT
cblr-1751	76	1	as	as	ADP
cblr-1751	76	2	a	a	DET
cblr-1751	76	3	result	result	NOUN
cblr-1751	76	4	,	,	PUNCT
cblr-1751	76	5	other	other	ADJ
cblr-1751	76	6	traders	trader	NOUN
cblr-1751	76	7	on	on	ADP
cblr-1751	76	8	exchanges	exchange	NOUN
cblr-1751	76	9	fear	fear	VERB
cblr-1751	76	10	that	that	SCONJ
cblr-1751	76	11	they	they	PRON
cblr-1751	76	12	will	will	AUX
cblr-1751	76	13	be	be	AUX
cblr-1751	76	14	trading	trade	VERB
cblr-1751	76	15	opposite	opposite	ADJ
cblr-1751	76	16	informed	informed	ADJ
cblr-1751	76	17	traders	trader	NOUN
cblr-1751	76	18	,	,	PUNCT
cblr-1751	76	19	and	and	CCONJ
cblr-1751	76	20	that	that	SCONJ
cblr-1751	76	21	these	these	DET
cblr-1751	76	22	informed	informed	ADJ
cblr-1751	76	23	traders	trader	NOUN
cblr-1751	76	24	will	will	AUX
cblr-1751	76	25	use	use	VERB
cblr-1751	76	26	superior	superior	ADJ
cblr-1751	76	27	information	information	NOUN
cblr-1751	76	28	to	to	PART
cblr-1751	76	29	profit	profit	VERB
cblr-1751	76	30	at	at	ADP
cblr-1751	76	31	their	their	PRON
cblr-1751	76	32	expense	expense	NOUN
cblr-1751	76	33	.	.	PUNCT
cblr-1751	77	1	well	well	ADV
cblr-1751	77	2	-	-	PUNCT
cblr-1751	77	3	established	establish	VERB
cblr-1751	77	4	literature	literature	NOUN
cblr-1751	77	5	in	in	ADP
cblr-1751	77	6	the	the	DET
cblr-1751	77	7	market	market	NOUN
cblr-1751	77	8	-	-	PUNCT
cblr-1751	77	9	microstructure	microstructure	ADJ
cblr-1751	77	10	area	area	NOUN
cblr-1751	77	11	of	of	ADP
cblr-1751	77	12	economics7	economics7	PROPN
cblr-1751	77	13	shows	show	VERB
cblr-1751	77	14	that	that	SCONJ
cblr-1751	77	15	these	these	DET
cblr-1751	77	16	other	other	ADJ
cblr-1751	77	17	traders	trader	NOUN
cblr-1751	77	18	respond	respond	VERB
cblr-1751	77	19	to	to	ADP
cblr-1751	77	20	this	this	DET
cblr-1751	77	21	type	type	NOUN
cblr-1751	77	22	of	of	ADP
cblr-1751	77	23	situation	situation	NOUN
cblr-1751	77	24	by	by	ADP
cblr-1751	77	25	providing	provide	VERB
cblr-1751	77	26	all	all	PRON
cblr-1751	77	27	of	of	ADP
cblr-1751	77	28	their	their	PRON
cblr-1751	77	29	counterparties	counterpartie	NOUN
cblr-1751	77	30	with	with	ADP
cblr-1751	77	31	prices	price	NOUN
cblr-1751	77	32	that	that	PRON
cblr-1751	77	33	are	be	AUX
cblr-1751	77	34	both	both	PRON
cblr-1751	77	35	inferior	inferior	ADJ
cblr-1751	77	36	and	and	CCONJ
cblr-1751	77	37	,	,	PUNCT
cblr-1751	77	38	crucially	crucially	ADV
cblr-1751	77	39	,	,	PUNCT
cblr-1751	77	40	more	more	ADV
cblr-1751	77	41	sensitive	sensitive	ADJ
cblr-1751	77	42	to	to	ADP
cblr-1751	77	43	trading	trading	NOUN
cblr-1751	77	44	activity	activity	NOUN
cblr-1751	77	45	.	.	PUNCT
cblr-1751	78	1	facing	face	VERB
cblr-1751	78	2	these	these	DET
cblr-1751	78	3	inferior	inferior	ADJ
cblr-1751	78	4	and	and	CCONJ
cblr-1751	78	5	more	more	ADV
cblr-1751	78	6	reactive	reactive	ADJ
cblr-1751	78	7	prices	price	NOUN
cblr-1751	78	8	,	,	PUNCT
cblr-1751	78	9	informed	informed	ADJ
cblr-1751	78	10	traders	trader	NOUN
cblr-1751	78	11	—	—	PUNCT
cblr-1751	78	12	who	who	PRON
cblr-1751	78	13	,	,	PUNCT
cblr-1751	78	14	often	often	ADV
cblr-1751	78	15	unable	unable	ADJ
cblr-1751	78	16	to	to	PART
cblr-1751	78	17	access	access	VERB
cblr-1751	78	18	off	off	ADP
cblr-1751	78	19	-	-	PUNCT
cblr-1751	78	20	exchange	exchange	NOUN
cblr-1751	78	21	platforms	platform	NOUN
cblr-1751	78	22	and	and	CCONJ
cblr-1751	78	23	preferring	prefer	VERB
cblr-1751	78	24	to	to	PART
cblr-1751	78	25	transact	transact	VERB
cblr-1751	78	26	via	via	ADP
cblr-1751	78	27	exchanges	exchange	NOUN
cblr-1751	78	28	,	,	PUNCT
cblr-1751	78	29	are	be	AUX
cblr-1751	78	30	to	to	ADP
cblr-1751	78	31	a	a	DET
cblr-1751	78	32	significant	significant	ADJ
cblr-1751	78	33	extent	extent	NOUN
cblr-1751	78	34	relegated	relegate	VERB
cblr-1751	78	35	to	to	ADP
cblr-1751	78	36	exchanges	exchange	NOUN
cblr-1751	78	37	—	—	PUNCT
cblr-1751	78	38	have	have	AUX
cblr-1751	78	39	fewer	few	ADJ
cblr-1751	78	40	profitable	profitable	ADJ
cblr-1751	78	41	trading	trading	NOUN
cblr-1751	78	42	6	6	NUM
cblr-1751	78	43	see	see	VERB
cblr-1751	78	44	generally	generally	ADV
cblr-1751	78	45	zohar	zohar	PROPN
cblr-1751	78	46	goshen	goshen	PROPN
cblr-1751	78	47	&	&	CCONJ
cblr-1751	78	48	gideon	gideon	PROPN
cblr-1751	78	49	parchomovsky	parchomovsky	PROPN
cblr-1751	78	50	,	,	PUNCT
cblr-1751	78	51	on	on	ADP
cblr-1751	78	52	insider	insider	NOUN
cblr-1751	78	53	trading	trading	NOUN
cblr-1751	78	54	,	,	PUNCT
cblr-1751	78	55	markets	market	NOUN
cblr-1751	78	56	,	,	PUNCT
cblr-1751	78	57	and	and	CCONJ
cblr-1751	78	58	“	"	PUNCT
cblr-1751	78	59	negative	negative	ADJ
cblr-1751	78	60	”	"	PUNCT
cblr-1751	78	61	property	property	NOUN
cblr-1751	78	62	rights	right	NOUN
cblr-1751	78	63	in	in	ADP
cblr-1751	78	64	information	information	NOUN
cblr-1751	78	65	,	,	PUNCT
cblr-1751	78	66	87	87	NUM
cblr-1751	78	67	va	va	NOUN
cblr-1751	78	68	.	.	PUNCT
cblr-1751	79	1	l.	l.	PROPN
cblr-1751	79	2	rev	rev	PROPN
cblr-1751	79	3	.	.	PROPN
cblr-1751	79	4	1229	1229	NUM
cblr-1751	79	5	(	(	PUNCT
cblr-1751	79	6	2001	2001	NUM
cblr-1751	79	7	)	)	PUNCT
cblr-1751	79	8	.	.	PUNCT
cblr-1751	80	1	7	7	NUM
cblr-1751	80	2	market	market	NOUN
cblr-1751	80	3	microstructure	microstructure	NOUN
cblr-1751	80	4	is	be	AUX
cblr-1751	80	5	a	a	DET
cblr-1751	80	6	branch	branch	NOUN
cblr-1751	80	7	of	of	ADP
cblr-1751	80	8	economics	economic	NOUN
cblr-1751	80	9	focused	focus	VERB
cblr-1751	80	10	on	on	ADP
cblr-1751	80	11	the	the	DET
cblr-1751	80	12	forces	force	NOUN
cblr-1751	80	13	at	at	ADP
cblr-1751	80	14	play	play	NOUN
cblr-1751	80	15	between	between	ADP
cblr-1751	80	16	buyers	buyer	NOUN
cblr-1751	80	17	and	and	CCONJ
cblr-1751	80	18	sellers	seller	NOUN
cblr-1751	80	19	in	in	ADP
cblr-1751	80	20	markets	market	NOUN
cblr-1751	80	21	.	.	PUNCT
cblr-1751	81	1	for	for	ADP
cblr-1751	81	2	a	a	DET
cblr-1751	81	3	seminal	seminal	ADJ
cblr-1751	81	4	treatise	treatise	NOUN
cblr-1751	81	5	on	on	ADP
cblr-1751	81	6	market	market	NOUN
cblr-1751	81	7	microstructure	microstructure	NOUN
cblr-1751	81	8	authored	author	VERB
cblr-1751	81	9	by	by	ADP
cblr-1751	81	10	a	a	DET
cblr-1751	81	11	former	former	ADJ
cblr-1751	81	12	chief	chief	ADJ
cblr-1751	81	13	economist	economist	NOUN
cblr-1751	81	14	of	of	ADP
cblr-1751	81	15	the	the	DET
cblr-1751	81	16	sec	sec	PROPN
cblr-1751	81	17	aimed	aim	VERB
cblr-1751	81	18	at	at	ADP
cblr-1751	81	19	a	a	DET
cblr-1751	81	20	broad	broad	ADJ
cblr-1751	81	21	audience	audience	NOUN
cblr-1751	81	22	,	,	PUNCT
cblr-1751	81	23	see	see	VERB
cblr-1751	81	24	larry	larry	PROPN
cblr-1751	81	25	harris	harris	PROPN
cblr-1751	81	26	,	,	PUNCT
cblr-1751	81	27	trading	trading	NOUN
cblr-1751	81	28	&	&	CCONJ
cblr-1751	81	29	exchanges	exchange	NOUN
cblr-1751	81	30	:	:	PUNCT
cblr-1751	81	31	market	market	NOUN
cblr-1751	81	32	microstructure	microstructure	NOUN
cblr-1751	81	33	for	for	ADP
cblr-1751	81	34	practitioners	practitioner	NOUN
cblr-1751	81	35	6	6	NUM
cblr-1751	81	36	(	(	PUNCT
cblr-1751	81	37	2003	2003	NUM
cblr-1751	81	38	)	)	PUNCT
cblr-1751	81	39	.	.	PUNCT
cblr-1751	82	1	haeberle	haeberle	PROPN
cblr-1751	82	2	final	final	ADJ
cblr-1751	82	3	128	128	NUM
cblr-1751	82	4	columbia	columbia	PROPN
cblr-1751	82	5	business	business	NOUN
cblr-1751	82	6	law	law	PROPN
cblr-1751	82	7	review	review	NOUN
cblr-1751	82	8	[	[	X
cblr-1751	82	9	vol	vol	NOUN
cblr-1751	82	10	.	.	NOUN
cblr-1751	82	11	2015	2015	NUM
cblr-1751	82	12	opportunities	opportunity	NOUN
cblr-1751	82	13	.	.	PUNCT
cblr-1751	83	1	thus	thus	ADV
cblr-1751	83	2	,	,	PUNCT
cblr-1751	83	3	their	their	PRON
cblr-1751	83	4	motivation	motivation	NOUN
cblr-1751	83	5	to	to	PART
cblr-1751	83	6	produce	produce	VERB
cblr-1751	83	7	(	(	PUNCT
cblr-1751	83	8	or	or	CCONJ
cblr-1751	83	9	pay	pay	VERB
cblr-1751	83	10	others	other	NOUN
cblr-1751	83	11	to	to	PART
cblr-1751	83	12	produce	produce	VERB
cblr-1751	83	13	)	)	PUNCT
cblr-1751	83	14	information	information	NOUN
cblr-1751	83	15	about	about	ADP
cblr-1751	83	16	firms	firm	NOUN
cblr-1751	83	17	’	’	PART
cblr-1751	83	18	prospects	prospect	NOUN
cblr-1751	83	19	and	and	CCONJ
cblr-1751	83	20	impound	impound	VERB
cblr-1751	83	21	it	it	PRON
cblr-1751	83	22	into	into	ADP
cblr-1751	83	23	market	market	NOUN
cblr-1751	83	24	prices	price	NOUN
cblr-1751	83	25	is	be	AUX
cblr-1751	83	26	weaker	weak	ADJ
cblr-1751	83	27	,	,	PUNCT
cblr-1751	83	28	and	and	CCONJ
cblr-1751	83	29	public	public	ADJ
cblr-1751	83	30	companies	company	NOUN
cblr-1751	83	31	’	'	PUNCT
cblr-1751	83	32	stock	stock	NOUN
cblr-1751	83	33	prices	price	NOUN
cblr-1751	83	34	are	be	AUX
cblr-1751	83	35	consequently	consequently	ADV
cblr-1751	83	36	less	less	ADV
cblr-1751	83	37	informative	informative	ADJ
cblr-1751	83	38	.	.	PUNCT
cblr-1751	84	1	the	the	DET
cblr-1751	84	2	law	law	NOUN
cblr-1751	84	3	should	should	AUX
cblr-1751	84	4	be	be	AUX
cblr-1751	84	5	able	able	ADJ
cblr-1751	84	6	to	to	PART
cblr-1751	84	7	address	address	VERB
cblr-1751	84	8	these	these	DET
cblr-1751	84	9	previously	previously	ADV
cblr-1751	84	10	unidentified	unidentified	ADJ
cblr-1751	84	11	effects	effect	NOUN
cblr-1751	84	12	that	that	SCONJ
cblr-1751	84	13	trading	trading	NOUN
cblr-1751	84	14	rules	rule	NOUN
cblr-1751	84	15	are	be	AUX
cblr-1751	84	16	now	now	ADV
cblr-1751	84	17	having	have	VERB
cblr-1751	84	18	on	on	ADP
cblr-1751	84	19	the	the	DET
cblr-1751	84	20	accuracy	accuracy	NOUN
cblr-1751	84	21	of	of	ADP
cblr-1751	84	22	stock	stock	NOUN
cblr-1751	84	23	prices	price	NOUN
cblr-1751	84	24	.	.	PUNCT
cblr-1751	85	1	for	for	ADP
cblr-1751	85	2	example	example	NOUN
cblr-1751	85	3	,	,	PUNCT
cblr-1751	85	4	a	a	DET
cblr-1751	85	5	mandate	mandate	NOUN
cblr-1751	85	6	that	that	PRON
cblr-1751	85	7	all	all	DET
cblr-1751	85	8	trading	trading	NOUN
cblr-1751	85	9	take	take	VERB
cblr-1751	85	10	place	place	NOUN
cblr-1751	85	11	through	through	ADP
cblr-1751	85	12	exchanges	exchange	NOUN
cblr-1751	85	13	would	would	AUX
cblr-1751	85	14	give	give	VERB
cblr-1751	85	15	traders	trader	NOUN
cblr-1751	85	16	on	on	ADP
cblr-1751	85	17	exchanges	exchange	NOUN
cblr-1751	85	18	comfort	comfort	VERB
cblr-1751	85	19	that	that	SCONJ
cblr-1751	85	20	they	they	PRON
cblr-1751	85	21	will	will	AUX
cblr-1751	85	22	face	face	VERB
cblr-1751	85	23	a	a	DET
cblr-1751	85	24	lower	low	ADJ
cblr-1751	85	25	ratio	ratio	NOUN
cblr-1751	85	26	of	of	ADP
cblr-1751	85	27	informed	informed	ADJ
cblr-1751	85	28	traders	trader	NOUN
cblr-1751	85	29	to	to	ADP
cblr-1751	85	30	uninformed	uninformed	ADJ
cblr-1751	85	31	ones	one	NOUN
cblr-1751	85	32	.	.	PUNCT
cblr-1751	86	1	that	that	SCONJ
cblr-1751	86	2	lower	low	ADJ
cblr-1751	86	3	ratio	ratio	NOUN
cblr-1751	86	4	would	would	AUX
cblr-1751	86	5	,	,	PUNCT
cblr-1751	86	6	in	in	ADP
cblr-1751	86	7	turn	turn	NOUN
cblr-1751	86	8	,	,	PUNCT
cblr-1751	86	9	lead	lead	VERB
cblr-1751	86	10	them	they	PRON
cblr-1751	86	11	to	to	PART
cblr-1751	86	12	provide	provide	VERB
cblr-1751	86	13	all	all	PRON
cblr-1751	86	14	of	of	ADP
cblr-1751	86	15	their	their	PRON
cblr-1751	86	16	counterparties	counterpartie	NOUN
cblr-1751	86	17	on	on	ADP
cblr-1751	86	18	exchanges	exchange	NOUN
cblr-1751	86	19	with	with	ADP
cblr-1751	86	20	prices	price	NOUN
cblr-1751	86	21	that	that	PRON
cblr-1751	86	22	are	be	AUX
cblr-1751	86	23	both	both	ADV
cblr-1751	86	24	superior	superior	ADJ
cblr-1751	86	25	and	and	CCONJ
cblr-1751	86	26	less	less	ADV
cblr-1751	86	27	sensitive	sensitive	ADJ
cblr-1751	86	28	to	to	ADP
cblr-1751	86	29	trading	trading	NOUN
cblr-1751	86	30	activity	activity	NOUN
cblr-1751	86	31	—	—	PUNCT
cblr-1751	86	32	thereby	thereby	ADV
cblr-1751	86	33	increasing	increase	VERB
cblr-1751	86	34	the	the	DET
cblr-1751	86	35	incentive	incentive	NOUN
cblr-1751	86	36	to	to	PART
cblr-1751	86	37	produce	produce	VERB
cblr-1751	86	38	information	information	NOUN
cblr-1751	86	39	about	about	ADP
cblr-1751	86	40	stocks	stock	NOUN
cblr-1751	86	41	’	'	PUNCT
cblr-1751	86	42	values	value	NOUN
cblr-1751	86	43	and	and	CCONJ
cblr-1751	86	44	impound	impound	VERB
cblr-1751	86	45	it	it	PRON
cblr-1751	86	46	into	into	ADP
cblr-1751	86	47	market	market	NOUN
cblr-1751	86	48	prices	price	NOUN
cblr-1751	86	49	.	.	PUNCT
cblr-1751	87	1	alternatively	alternatively	ADV
cblr-1751	87	2	,	,	PUNCT
cblr-1751	87	3	changing	change	VERB
cblr-1751	87	4	stock	stock	NOUN
cblr-1751	87	5	-	-	PUNCT
cblr-1751	87	6	market	market	NOUN
cblr-1751	87	7	law	law	NOUN
cblr-1751	87	8	to	to	PART
cblr-1751	87	9	impose	impose	VERB
cblr-1751	87	10	fees	fee	NOUN
cblr-1751	87	11	on	on	ADP
cblr-1751	87	12	public	public	ADJ
cblr-1751	87	13	firms	firm	NOUN
cblr-1751	87	14	to	to	PART
cblr-1751	87	15	subsidize	subsidize	VERB
cblr-1751	87	16	trading	trading	NOUN
cblr-1751	87	17	in	in	ADP
cblr-1751	87	18	their	their	PRON
cblr-1751	87	19	stocks	stock	NOUN
cblr-1751	87	20	on	on	ADP
cblr-1751	87	21	exchanges	exchange	NOUN
cblr-1751	87	22	would	would	AUX
cblr-1751	87	23	also	also	ADV
cblr-1751	87	24	likely	likely	ADV
cblr-1751	87	25	result	result	VERB
cblr-1751	87	26	in	in	ADP
cblr-1751	87	27	informed	informed	ADJ
cblr-1751	87	28	traders	trader	NOUN
cblr-1751	87	29	facing	face	VERB
cblr-1751	87	30	superior	superior	ADJ
cblr-1751	87	31	and	and	CCONJ
cblr-1751	87	32	less	less	ADV
cblr-1751	87	33	reactive	reactive	ADJ
cblr-1751	87	34	prices	price	NOUN
cblr-1751	87	35	,	,	PUNCT
cblr-1751	87	36	and	and	CCONJ
cblr-1751	87	37	therefore	therefore	ADV
cblr-1751	87	38	accomplish	accomplish	VERB
cblr-1751	87	39	the	the	DET
cblr-1751	87	40	same	same	ADJ
cblr-1751	87	41	end	end	NOUN
cblr-1751	87	42	without	without	ADP
cblr-1751	87	43	requiring	require	VERB
cblr-1751	87	44	a	a	DET
cblr-1751	87	45	restructuring	restructuring	NOUN
cblr-1751	87	46	of	of	ADP
cblr-1751	87	47	the	the	DET
cblr-1751	87	48	stock	stock	NOUN
cblr-1751	87	49	market	market	NOUN
cblr-1751	87	50	.	.	PUNCT
cblr-1751	88	1	thus	thus	ADV
cblr-1751	88	2	,	,	PUNCT
cblr-1751	88	3	it	it	PRON
cblr-1751	88	4	is	be	AUX
cblr-1751	88	5	likely	likely	ADJ
cblr-1751	88	6	that	that	SCONJ
cblr-1751	88	7	stock	stock	NOUN
cblr-1751	88	8	-	-	PUNCT
cblr-1751	88	9	market	market	NOUN
cblr-1751	88	10	law	law	NOUN
cblr-1751	88	11	can	can	AUX
cblr-1751	88	12	be	be	AUX
cblr-1751	88	13	reformed	reform	VERB
cblr-1751	88	14	to	to	PART
cblr-1751	88	15	make	make	VERB
cblr-1751	88	16	public	public	ADJ
cblr-1751	88	17	companies	company	NOUN
cblr-1751	88	18	’	’	PART
cblr-1751	88	19	stock	stock	NOUN
cblr-1751	88	20	prices	price	NOUN
cblr-1751	88	21	more	more	ADV
cblr-1751	88	22	accurately	accurately	ADV
cblr-1751	88	23	reflect	reflect	VERB
cblr-1751	88	24	the	the	DET
cblr-1751	88	25	future	future	ADJ
cblr-1751	88	26	cash	cash	NOUN
cblr-1751	88	27	flows	flow	VERB
cblr-1751	88	28	that	that	SCONJ
cblr-1751	88	29	they	they	PRON
cblr-1751	88	30	will	will	AUX
cblr-1751	88	31	produce	produce	VERB
cblr-1751	88	32	—	—	PUNCT
cblr-1751	88	33	that	that	ADV
cblr-1751	88	34	is	is	ADV
cblr-1751	88	35	,	,	PUNCT
cblr-1751	88	36	to	to	PART
cblr-1751	88	37	improve	improve	VERB
cblr-1751	88	38	stock	stock	NOUN
cblr-1751	88	39	-	-	PUNCT
cblr-1751	88	40	price	price	NOUN
cblr-1751	88	41	accuracy	accuracy	NOUN
cblr-1751	88	42	.	.	PUNCT
cblr-1751	89	1	to	to	PART
cblr-1751	89	2	be	be	AUX
cblr-1751	89	3	sure	sure	ADJ
cblr-1751	89	4	,	,	PUNCT
cblr-1751	89	5	society	society	NOUN
cblr-1751	89	6	may	may	AUX
cblr-1751	89	7	already	already	ADV
cblr-1751	89	8	be	be	AUX
cblr-1751	89	9	producing	produce	VERB
cblr-1751	89	10	a	a	DET
cblr-1751	89	11	high	high	ADJ
cblr-1751	89	12	enough	enough	ADJ
cblr-1751	89	13	level	level	NOUN
cblr-1751	89	14	of	of	ADP
cblr-1751	89	15	stock	stock	NOUN
cblr-1751	89	16	-	-	PUNCT
cblr-1751	89	17	price	price	NOUN
cblr-1751	89	18	accuracy	accuracy	NOUN
cblr-1751	89	19	.	.	PUNCT
cblr-1751	90	1	a	a	DET
cblr-1751	90	2	large	large	ADJ
cblr-1751	90	3	portion	portion	NOUN
cblr-1751	90	4	of	of	ADP
cblr-1751	90	5	existing	exist	VERB
cblr-1751	90	6	securities	security	NOUN
cblr-1751	90	7	law	law	NOUN
cblr-1751	90	8	,	,	PUNCT
cblr-1751	90	9	once	once	ADV
cblr-1751	90	10	again	again	ADV
cblr-1751	90	11	,	,	PUNCT
cblr-1751	90	12	already	already	ADV
cblr-1751	90	13	targets	target	VERB
cblr-1751	90	14	the	the	DET
cblr-1751	90	15	under	under	NOUN
cblr-1751	90	16	-	-	PUNCT
cblr-1751	90	17	production	production	NOUN
cblr-1751	90	18	of	of	ADP
cblr-1751	90	19	information	information	NOUN
cblr-1751	90	20	about	about	ADP
cblr-1751	90	21	firms	firm	NOUN
cblr-1751	90	22	’	'	PUNCT
cblr-1751	90	23	prospects	prospect	NOUN
cblr-1751	90	24	.	.	PUNCT
cblr-1751	91	1	moreover	moreover	ADV
cblr-1751	91	2	,	,	PUNCT
cblr-1751	91	3	from	from	ADP
cblr-1751	91	4	at	at	ADP
cblr-1751	91	5	least	least	ADJ
cblr-1751	91	6	a	a	DET
cblr-1751	91	7	political	political	ADJ
cblr-1751	91	8	perspective	perspective	NOUN
cblr-1751	91	9	,	,	PUNCT
cblr-1751	91	10	further	further	ADJ
cblr-1751	91	11	legal	legal	ADJ
cblr-1751	91	12	support	support	NOUN
cblr-1751	91	13	of	of	ADP
cblr-1751	91	14	sophisticated	sophisticated	ADJ
cblr-1751	91	15	banks	bank	NOUN
cblr-1751	91	16	,	,	PUNCT
cblr-1751	91	17	hedge	hedge	NOUN
cblr-1751	91	18	funds	fund	NOUN
cblr-1751	91	19	,	,	PUNCT
cblr-1751	91	20	private	private	ADJ
cblr-1751	91	21	equity	equity	NOUN
cblr-1751	91	22	funds	fund	NOUN
cblr-1751	91	23	,	,	PUNCT
cblr-1751	91	24	and	and	CCONJ
cblr-1751	91	25	actively	actively	ADV
cblr-1751	91	26	managed	manage	VERB
cblr-1751	91	27	mutual	mutual	ADJ
cblr-1751	91	28	funds	fund	NOUN
cblr-1751	91	29	may	may	AUX
cblr-1751	91	30	be	be	AUX
cblr-1751	91	31	unappealing	unappealing	ADJ
cblr-1751	91	32	—	—	PUNCT
cblr-1751	91	33	even	even	ADV
cblr-1751	91	34	if	if	SCONJ
cblr-1751	91	35	the	the	DET
cblr-1751	91	36	ultimate	ultimate	ADJ
cblr-1751	91	37	goal	goal	NOUN
cblr-1751	91	38	of	of	ADP
cblr-1751	91	39	that	that	DET
cblr-1751	91	40	support	support	NOUN
cblr-1751	91	41	is	be	AUX
cblr-1751	91	42	the	the	DET
cblr-1751	91	43	production	production	NOUN
cblr-1751	91	44	of	of	ADP
cblr-1751	91	45	valuable	valuable	ADJ
cblr-1751	91	46	information	information	NOUN
cblr-1751	91	47	and	and	CCONJ
cblr-1751	91	48	not	not	PART
cblr-1751	91	49	the	the	DET
cblr-1751	91	50	wellbeing	wellbeing	NOUN
cblr-1751	91	51	of	of	ADP
cblr-1751	91	52	these	these	DET
cblr-1751	91	53	market	market	NOUN
cblr-1751	91	54	participants	participant	NOUN
cblr-1751	91	55	.	.	PUNCT
cblr-1751	92	1	as	as	ADP
cblr-1751	92	2	such	such	ADJ
cblr-1751	92	3	,	,	PUNCT
cblr-1751	92	4	to	to	ADP
cblr-1751	92	5	the	the	DET
cblr-1751	92	6	extent	extent	NOUN
cblr-1751	92	7	that	that	SCONJ
cblr-1751	92	8	altering	alter	VERB
cblr-1751	92	9	stock	stock	NOUN
cblr-1751	92	10	-	-	PUNCT
cblr-1751	92	11	market	market	NOUN
cblr-1751	92	12	law	law	NOUN
cblr-1751	92	13	to	to	PART
cblr-1751	92	14	make	make	VERB
cblr-1751	92	15	prices	price	NOUN
cblr-1751	92	16	more	more	ADV
cblr-1751	92	17	accurate	accurate	ADJ
cblr-1751	92	18	fails	fail	NOUN
cblr-1751	92	19	to	to	PART
cblr-1751	92	20	generate	generate	VERB
cblr-1751	92	21	additional	additional	ADJ
cblr-1751	92	22	social	social	ADJ
cblr-1751	92	23	benefits	benefit	NOUN
cblr-1751	92	24	that	that	PRON
cblr-1751	92	25	exceed	exceed	VERB
cblr-1751	92	26	the	the	DET
cblr-1751	92	27	additional	additional	ADJ
cblr-1751	92	28	social	social	ADJ
cblr-1751	92	29	costs	cost	NOUN
cblr-1751	92	30	necessary	necessary	ADJ
cblr-1751	92	31	to	to	PART
cblr-1751	92	32	achieve	achieve	VERB
cblr-1751	92	33	them	they	PRON
cblr-1751	92	34	,	,	PUNCT
cblr-1751	92	35	these	these	DET
cblr-1751	92	36	alterations	alteration	NOUN
cblr-1751	92	37	certainly	certainly	ADV
cblr-1751	92	38	should	should	AUX
cblr-1751	92	39	not	not	PART
cblr-1751	92	40	be	be	AUX
cblr-1751	92	41	added	add	VERB
cblr-1751	92	42	on	on	ADP
cblr-1751	92	43	top	top	NOUN
cblr-1751	92	44	of	of	ADP
cblr-1751	92	45	the	the	DET
cblr-1751	92	46	current	current	ADJ
cblr-1751	92	47	extensive	extensive	ADJ
cblr-1751	92	48	regulatory	regulatory	ADJ
cblr-1751	92	49	regime	regime	NOUN
cblr-1751	92	50	aimed	aim	VERB
cblr-1751	92	51	at	at	ADP
cblr-1751	92	52	bolstering	bolster	VERB
cblr-1751	92	53	haeberle	haeberle	NOUN
cblr-1751	92	54	final	final	ADJ
cblr-1751	92	55	no	no	NOUN
cblr-1751	92	56	.	.	NOUN
cblr-1751	92	57	1:121	1:121	NUM
cblr-1751	92	58	]	]	X
cblr-1751	92	59	stock	stock	NOUN
cblr-1751	92	60	-	-	PUNCT
cblr-1751	92	61	price	price	NOUN
cblr-1751	92	62	accuracy	accuracy	NOUN
cblr-1751	92	63	129	129	NUM
cblr-1751	92	64	stock	stock	NOUN
cblr-1751	92	65	-	-	PUNCT
cblr-1751	92	66	price	price	NOUN
cblr-1751	92	67	accuracy	accuracy	NOUN
cblr-1751	92	68	.	.	PUNCT
cblr-1751	93	1	nevertheless	nevertheless	ADV
cblr-1751	93	2	,	,	PUNCT
cblr-1751	93	3	using	use	VERB
cblr-1751	93	4	stock	stock	NOUN
cblr-1751	93	5	-	-	PUNCT
cblr-1751	93	6	market	market	NOUN
cblr-1751	93	7	law	law	NOUN
cblr-1751	93	8	to	to	PART
cblr-1751	93	9	improve	improve	VERB
cblr-1751	93	10	the	the	DET
cblr-1751	93	11	accuracy	accuracy	NOUN
cblr-1751	93	12	of	of	ADP
cblr-1751	93	13	stock	stock	NOUN
cblr-1751	93	14	prices	price	NOUN
cblr-1751	93	15	may	may	AUX
cblr-1751	93	16	still	still	ADV
cblr-1751	93	17	be	be	AUX
cblr-1751	93	18	desirable	desirable	ADJ
cblr-1751	93	19	because	because	SCONJ
cblr-1751	93	20	it	it	PRON
cblr-1751	93	21	—	—	PUNCT
cblr-1751	93	22	along	along	ADP
cblr-1751	93	23	with	with	ADP
cblr-1751	93	24	adaptations	adaptation	NOUN
cblr-1751	93	25	to	to	ADP
cblr-1751	93	26	disclosure	disclosure	NOUN
cblr-1751	93	27	,	,	PUNCT
cblr-1751	93	28	fraud	fraud	NOUN
cblr-1751	93	29	,	,	PUNCT
cblr-1751	93	30	and	and	CCONJ
cblr-1751	93	31	insider	insider	NOUN
cblr-1751	93	32	-	-	PUNCT
cblr-1751	93	33	trading	trading	NOUN
cblr-1751	93	34	laws	law	NOUN
cblr-1751	93	35	—	—	PUNCT
cblr-1751	93	36	may	may	AUX
cblr-1751	93	37	enable	enable	VERB
cblr-1751	93	38	society	society	NOUN
cblr-1751	93	39	to	to	PART
cblr-1751	93	40	achieve	achieve	VERB
cblr-1751	93	41	its	its	PRON
cblr-1751	93	42	current	current	ADJ
cblr-1751	93	43	level	level	NOUN
cblr-1751	93	44	of	of	ADP
cblr-1751	93	45	stock	stock	NOUN
cblr-1751	93	46	-	-	PUNCT
cblr-1751	93	47	price	price	NOUN
cblr-1751	93	48	accuracy	accuracy	NOUN
cblr-1751	93	49	at	at	ADP
cblr-1751	93	50	a	a	DET
cblr-1751	93	51	lower	low	ADJ
cblr-1751	93	52	cost	cost	NOUN
cblr-1751	93	53	than	than	ADP
cblr-1751	93	54	the	the	DET
cblr-1751	93	55	one	one	NOUN
cblr-1751	93	56	associated	associate	VERB
cblr-1751	93	57	with	with	ADP
cblr-1751	93	58	those	those	DET
cblr-1751	93	59	burdensome	burdensome	ADJ
cblr-1751	93	60	rules	rule	NOUN
cblr-1751	93	61	that	that	PRON
cblr-1751	93	62	make	make	VERB
cblr-1751	93	63	up	up	ADP
cblr-1751	93	64	the	the	DET
cblr-1751	93	65	bulk	bulk	NOUN
cblr-1751	93	66	of	of	ADP
cblr-1751	93	67	existing	exist	VERB
cblr-1751	93	68	securities	security	NOUN
cblr-1751	93	69	law	law	NOUN
cblr-1751	93	70	.	.	PUNCT
cblr-1751	94	1	accordingly	accordingly	ADV
cblr-1751	94	2	,	,	PUNCT
cblr-1751	94	3	as	as	ADP
cblr-1751	94	4	a	a	DET
cblr-1751	94	5	matter	matter	NOUN
cblr-1751	94	6	of	of	ADP
cblr-1751	94	7	theory	theory	NOUN
cblr-1751	94	8	,	,	PUNCT
cblr-1751	94	9	regulators	regulator	NOUN
cblr-1751	94	10	have	have	VERB
cblr-1751	94	11	a	a	DET
cblr-1751	94	12	fourth	fourth	ADJ
cblr-1751	94	13	securities	security	NOUN
cblr-1751	94	14	-	-	PUNCT
cblr-1751	94	15	law	law	NOUN
cblr-1751	94	16	tool	tool	NOUN
cblr-1751	94	17	that	that	SCONJ
cblr-1751	94	18	they	they	PRON
cblr-1751	94	19	can	can	AUX
cblr-1751	94	20	use	use	VERB
cblr-1751	94	21	to	to	PART
cblr-1751	94	22	increase	increase	VERB
cblr-1751	94	23	the	the	DET
cblr-1751	94	24	accuracy	accuracy	NOUN
cblr-1751	94	25	of	of	ADP
cblr-1751	94	26	public	public	ADJ
cblr-1751	94	27	companies	company	NOUN
cblr-1751	94	28	’	’	PART
cblr-1751	94	29	stock	stock	NOUN
cblr-1751	94	30	prices	price	NOUN
cblr-1751	94	31	.	.	PUNCT
cblr-1751	95	1	and	and	CCONJ
cblr-1751	95	2	they	they	PRON
cblr-1751	95	3	should	should	AUX
cblr-1751	95	4	therefore	therefore	ADV
cblr-1751	95	5	consider	consider	VERB
cblr-1751	95	6	whether	whether	SCONJ
cblr-1751	95	7	this	this	DET
cblr-1751	95	8	novel	novel	ADJ
cblr-1751	95	9	tool	tool	NOUN
cblr-1751	95	10	can	can	AUX
cblr-1751	95	11	be	be	AUX
cblr-1751	95	12	used	use	VERB
cblr-1751	95	13	to	to	PART
cblr-1751	95	14	achieve	achieve	VERB
cblr-1751	95	15	what	what	PRON
cblr-1751	95	16	is	be	AUX
cblr-1751	95	17	perhaps	perhaps	ADV
cblr-1751	95	18	the	the	DET
cblr-1751	95	19	chief	chief	ADJ
cblr-1751	95	20	aim	aim	NOUN
cblr-1751	95	21	of	of	ADP
cblr-1751	95	22	the	the	DET
cblr-1751	95	23	field	field	NOUN
cblr-1751	95	24	:	:	PUNCT
cblr-1751	95	25	obtaining	obtain	VERB
cblr-1751	95	26	the	the	DET
cblr-1751	95	27	level	level	NOUN
cblr-1751	95	28	of	of	ADP
cblr-1751	95	29	stock	stock	NOUN
cblr-1751	95	30	-	-	PUNCT
cblr-1751	95	31	price	price	NOUN
cblr-1751	95	32	accuracy	accuracy	NOUN
cblr-1751	95	33	that	that	PRON
cblr-1751	95	34	generates	generate	VERB
cblr-1751	95	35	the	the	DET
cblr-1751	95	36	most	most	ADJ
cblr-1751	95	37	wealth	wealth	NOUN
cblr-1751	95	38	.	.	PUNCT
cblr-1751	96	1	the	the	DET
cblr-1751	96	2	remainder	remainder	NOUN
cblr-1751	96	3	of	of	ADP
cblr-1751	96	4	this	this	DET
cblr-1751	96	5	article	article	NOUN
cblr-1751	96	6	proceeds	proceed	VERB
cblr-1751	96	7	as	as	SCONJ
cblr-1751	96	8	follows	follow	VERB
cblr-1751	96	9	.	.	PUNCT
cblr-1751	97	1	part	part	PROPN
cblr-1751	97	2	ii	ii	PROPN
cblr-1751	97	3	provides	provide	VERB
cblr-1751	97	4	a	a	DET
cblr-1751	97	5	brief	brief	ADJ
cblr-1751	97	6	overview	overview	NOUN
cblr-1751	97	7	of	of	ADP
cblr-1751	97	8	the	the	DET
cblr-1751	97	9	concept	concept	NOUN
cblr-1751	97	10	of	of	ADP
cblr-1751	97	11	accurate	accurate	ADJ
cblr-1751	97	12	stock	stock	NOUN
cblr-1751	97	13	prices	price	NOUN
cblr-1751	97	14	,	,	PUNCT
cblr-1751	97	15	the	the	DET
cblr-1751	97	16	process	process	NOUN
cblr-1751	97	17	in	in	ADP
cblr-1751	97	18	which	which	PRON
cblr-1751	97	19	they	they	PRON
cblr-1751	97	20	are	be	AUX
cblr-1751	97	21	produced	produce	VERB
cblr-1751	97	22	,	,	PUNCT
cblr-1751	97	23	and	and	CCONJ
cblr-1751	97	24	their	their	PRON
cblr-1751	97	25	main	main	ADJ
cblr-1751	97	26	social	social	ADJ
cblr-1751	97	27	benefits	benefit	NOUN
cblr-1751	97	28	.	.	PUNCT
cblr-1751	98	1	part	part	NOUN
cblr-1751	98	2	iii	iii	NUM
cblr-1751	98	3	then	then	ADV
cblr-1751	98	4	describes	describe	VERB
cblr-1751	98	5	how	how	SCONJ
cblr-1751	98	6	stocks	stock	NOUN
cblr-1751	98	7	are	be	AUX
cblr-1751	98	8	traded	trade	VERB
cblr-1751	98	9	today	today	NOUN
cblr-1751	98	10	,	,	PUNCT
cblr-1751	98	11	focusing	focus	VERB
cblr-1751	98	12	on	on	ADP
cblr-1751	98	13	three	three	NUM
cblr-1751	98	14	basic	basic	ADJ
cblr-1751	98	15	types	type	NOUN
cblr-1751	98	16	of	of	ADP
cblr-1751	98	17	market	market	NOUN
cblr-1751	98	18	participants	participant	NOUN
cblr-1751	98	19	that	that	PRON
cblr-1751	98	20	trade	trade	VERB
cblr-1751	98	21	stocks	stock	NOUN
cblr-1751	98	22	as	as	ADV
cblr-1751	98	23	well	well	ADV
cblr-1751	98	24	as	as	ADP
cblr-1751	98	25	the	the	DET
cblr-1751	98	26	two	two	NUM
cblr-1751	98	27	broad	broad	ADJ
cblr-1751	98	28	types	type	NOUN
cblr-1751	98	29	of	of	ADP
cblr-1751	98	30	platforms	platform	NOUN
cblr-1751	98	31	through	through	ADP
cblr-1751	98	32	which	which	PRON
cblr-1751	98	33	they	they	PRON
cblr-1751	98	34	trade	trade	VERB
cblr-1751	98	35	them	they	PRON
cblr-1751	98	36	.	.	PUNCT
cblr-1751	99	1	part	part	NOUN
cblr-1751	99	2	iv	iv	NUM
cblr-1751	99	3	explores	explore	VERB
cblr-1751	99	4	how	how	SCONJ
cblr-1751	99	5	the	the	DET
cblr-1751	99	6	trading	trading	NOUN
cblr-1751	99	7	-	-	PUNCT
cblr-1751	99	8	platform	platform	NOUN
cblr-1751	99	9	access	access	NOUN
cblr-1751	99	10	rules	rule	NOUN
cblr-1751	99	11	theoretically	theoretically	ADV
cblr-1751	99	12	affect	affect	VERB
cblr-1751	99	13	this	this	DET
cblr-1751	99	14	trading	trading	NOUN
cblr-1751	99	15	and	and	CCONJ
cblr-1751	99	16	,	,	PUNCT
cblr-1751	99	17	in	in	ADP
cblr-1751	99	18	turn	turn	NOUN
cblr-1751	99	19	,	,	PUNCT
cblr-1751	99	20	stock	stock	NOUN
cblr-1751	99	21	-	-	PUNCT
cblr-1751	99	22	price	price	NOUN
cblr-1751	99	23	accuracy	accuracy	NOUN
cblr-1751	99	24	and	and	CCONJ
cblr-1751	99	25	its	its	PRON
cblr-1751	99	26	main	main	ADJ
cblr-1751	99	27	social	social	ADJ
cblr-1751	99	28	benefits	benefit	NOUN
cblr-1751	99	29	—	—	PUNCT
cblr-1751	99	30	concluding	conclude	VERB
cblr-1751	99	31	by	by	ADP
cblr-1751	99	32	offering	offer	VERB
cblr-1751	99	33	changes	change	NOUN
cblr-1751	99	34	to	to	ADP
cblr-1751	99	35	stock	stock	NOUN
cblr-1751	99	36	-	-	PUNCT
cblr-1751	99	37	market	market	NOUN
cblr-1751	99	38	law	law	NOUN
cblr-1751	99	39	that	that	PRON
cblr-1751	99	40	would	would	AUX
cblr-1751	99	41	likely	likely	ADV
cblr-1751	99	42	improve	improve	VERB
cblr-1751	99	43	stock	stock	NOUN
cblr-1751	99	44	-	-	PUNCT
cblr-1751	99	45	price	price	NOUN
cblr-1751	99	46	accuracy	accuracy	NOUN
cblr-1751	99	47	in	in	ADP
cblr-1751	99	48	a	a	DET
cblr-1751	99	49	material	material	NOUN
cblr-1751	99	50	manner	manner	NOUN
cblr-1751	99	51	.	.	PUNCT
cblr-1751	100	1	lastly	lastly	ADV
cblr-1751	100	2	,	,	PUNCT
cblr-1751	100	3	in	in	ADP
cblr-1751	100	4	light	light	NOUN
cblr-1751	100	5	of	of	ADP
cblr-1751	100	6	these	these	DET
cblr-1751	100	7	new	new	ADJ
cblr-1751	100	8	ideas	idea	NOUN
cblr-1751	100	9	,	,	PUNCT
cblr-1751	100	10	part	part	NOUN
cblr-1751	100	11	v	v	NOUN
cblr-1751	100	12	urges	urge	VERB
cblr-1751	100	13	regulators	regulator	NOUN
cblr-1751	100	14	to	to	PART
cblr-1751	100	15	consider	consider	VERB
cblr-1751	100	16	whether	whether	SCONJ
cblr-1751	100	17	such	such	ADJ
cblr-1751	100	18	accuracy	accuracy	NOUN
cblr-1751	100	19	-	-	PUNCT
cblr-1751	100	20	enhancing	enhance	VERB
cblr-1751	100	21	changes	change	NOUN
cblr-1751	100	22	to	to	ADP
cblr-1751	100	23	stock	stock	NOUN
cblr-1751	100	24	-	-	PUNCT
cblr-1751	100	25	market	market	NOUN
cblr-1751	100	26	law	law	NOUN
cblr-1751	100	27	could	could	AUX
cblr-1751	100	28	be	be	AUX
cblr-1751	100	29	used	use	VERB
cblr-1751	100	30	to	to	PART
cblr-1751	100	31	help	help	VERB
cblr-1751	100	32	society	society	NOUN
cblr-1751	100	33	achieve	achieve	VERB
cblr-1751	100	34	the	the	DET
cblr-1751	100	35	level	level	NOUN
cblr-1751	100	36	of	of	ADP
cblr-1751	100	37	stock	stock	NOUN
cblr-1751	100	38	-	-	PUNCT
cblr-1751	100	39	price	price	NOUN
cblr-1751	100	40	accuracy	accuracy	NOUN
cblr-1751	100	41	that	that	PRON
cblr-1751	100	42	maximizes	maximize	VERB
cblr-1751	100	43	social	social	ADJ
cblr-1751	100	44	welfare	welfare	NOUN
cblr-1751	100	45	—	—	PUNCT
cblr-1751	100	46	and	and	CCONJ
cblr-1751	100	47	provides	provide	VERB
cblr-1751	100	48	them	they	PRON
cblr-1751	100	49	with	with	ADP
cblr-1751	100	50	a	a	DET
cblr-1751	100	51	cost	cost	NOUN
cblr-1751	100	52	-	-	PUNCT
cblr-1751	100	53	benefit	benefit	NOUN
cblr-1751	100	54	framework	framework	NOUN
cblr-1751	100	55	to	to	PART
cblr-1751	100	56	help	help	VERB
cblr-1751	100	57	them	they	PRON
cblr-1751	100	58	make	make	VERB
cblr-1751	100	59	that	that	DET
cblr-1751	100	60	determination	determination	NOUN
cblr-1751	100	61	.	.	PUNCT
cblr-1751	101	1	ii	ii	PROPN
cblr-1751	101	2	.	.	PUNCT
cblr-1751	101	3	stock	stock	NOUN
cblr-1751	101	4	-	-	PUNCT
cblr-1751	101	5	price	price	NOUN
cblr-1751	101	6	accuracy	accuracy	NOUN
cblr-1751	101	7	and	and	CCONJ
cblr-1751	101	8	its	its	PRON
cblr-1751	101	9	main	main	ADJ
cblr-1751	101	10	social	social	ADJ
cblr-1751	101	11	benefits	benefit	NOUN
cblr-1751	101	12	companies	company	NOUN
cblr-1751	101	13	have	have	VERB
cblr-1751	101	14	values	value	NOUN
cblr-1751	101	15	that	that	PRON
cblr-1751	101	16	are	be	AUX
cblr-1751	101	17	based	base	VERB
cblr-1751	101	18	on	on	ADP
cblr-1751	101	19	the	the	DET
cblr-1751	101	20	future	future	ADJ
cblr-1751	101	21	cash	cash	NOUN
cblr-1751	101	22	flows	flow	VERB
cblr-1751	101	23	that	that	SCONJ
cblr-1751	101	24	they	they	PRON
cblr-1751	101	25	are	be	AUX
cblr-1751	101	26	likely	likely	ADJ
cblr-1751	101	27	to	to	PART
cblr-1751	101	28	produce	produce	VERB
cblr-1751	101	29	,	,	PUNCT
cblr-1751	101	30	and	and	CCONJ
cblr-1751	101	31	the	the	DET
cblr-1751	101	32	market	market	NOUN
cblr-1751	101	33	prices	price	NOUN
cblr-1751	101	34	of	of	ADP
cblr-1751	101	35	their	their	PRON
cblr-1751	101	36	stocks	stock	NOUN
cblr-1751	101	37	therefore	therefore	ADV
cblr-1751	101	38	reflect	reflect	VERB
cblr-1751	101	39	those	those	DET
cblr-1751	101	40	values	value	NOUN
cblr-1751	101	41	with	with	ADP
cblr-1751	101	42	varying	vary	VERB
cblr-1751	101	43	degrees	degree	NOUN
cblr-1751	101	44	of	of	ADP
cblr-1751	101	45	accuracy	accuracy	NOUN
cblr-1751	101	46	.	.	PUNCT
cblr-1751	102	1	these	these	DET
cblr-1751	102	2	market	market	NOUN
cblr-1751	102	3	prices	price	NOUN
cblr-1751	102	4	are	be	AUX
cblr-1751	102	5	thought	think	VERB
cblr-1751	102	6	to	to	PART
cblr-1751	102	7	become	become	VERB
cblr-1751	102	8	more	more	ADV
cblr-1751	102	9	accurate	accurate	ADJ
cblr-1751	102	10	when	when	SCONJ
cblr-1751	102	11	informed	inform	VERB
cblr-1751	102	12	traders	trader	NOUN
cblr-1751	102	13	generate	generate	VERB
cblr-1751	102	14	and	and	CCONJ
cblr-1751	102	15	haeberle	haeberle	NOUN
cblr-1751	102	16	final	final	ADJ
cblr-1751	102	17	130	130	NUM
cblr-1751	102	18	columbia	columbia	PROPN
cblr-1751	102	19	business	business	NOUN
cblr-1751	102	20	law	law	PROPN
cblr-1751	102	21	review	review	NOUN
cblr-1751	103	1	[	[	X
cblr-1751	103	2	vol	vol	NOUN
cblr-1751	103	3	.	.	NOUN
cblr-1751	103	4	2015	2015	NUM
cblr-1751	103	5	use	use	VERB
cblr-1751	103	6	information	information	NOUN
cblr-1751	103	7	about	about	ADP
cblr-1751	103	8	firms	firm	NOUN
cblr-1751	103	9	’	'	PUNCT
cblr-1751	103	10	prospects	prospect	NOUN
cblr-1751	103	11	to	to	PART
cblr-1751	103	12	purchase	purchase	VERB
cblr-1751	103	13	underpriced	underpriced	ADJ
cblr-1751	103	14	stocks	stock	NOUN
cblr-1751	103	15	or	or	CCONJ
cblr-1751	103	16	sell	sell	VERB
cblr-1751	103	17	overpriced	overpriced	ADJ
cblr-1751	103	18	ones	one	NOUN
cblr-1751	103	19	.	.	PUNCT
cblr-1751	104	1	scholars	scholar	NOUN
cblr-1751	104	2	have	have	AUX
cblr-1751	104	3	encouraged	encourage	VERB
cblr-1751	104	4	lawmakers	lawmaker	NOUN
cblr-1751	104	5	to	to	PART
cblr-1751	104	6	respect	respect	VERB
cblr-1751	104	7	this	this	DET
cblr-1751	104	8	informed	inform	VERB
cblr-1751	104	9	-	-	PUNCT
cblr-1751	104	10	trader	trader	NOUN
cblr-1751	104	11	work	work	NOUN
cblr-1751	104	12	because	because	SCONJ
cblr-1751	104	13	when	when	SCONJ
cblr-1751	104	14	stock	stock	NOUN
cblr-1751	104	15	prices	price	NOUN
cblr-1751	104	16	better	well	ADV
cblr-1751	104	17	reflect	reflect	VERB
cblr-1751	104	18	their	their	PRON
cblr-1751	104	19	values	value	NOUN
cblr-1751	104	20	,	,	PUNCT
cblr-1751	104	21	they	they	PRON
cblr-1751	104	22	contend	contend	VERB
cblr-1751	104	23	,	,	PUNCT
cblr-1751	104	24	corporations	corporation	NOUN
cblr-1751	104	25	are	be	AUX
cblr-1751	104	26	better	well	ADV
cblr-1751	104	27	governed	govern	VERB
cblr-1751	104	28	and	and	CCONJ
cblr-1751	104	29	capital	capital	NOUN
cblr-1751	104	30	is	be	AUX
cblr-1751	104	31	more	more	ADV
cblr-1751	104	32	efficiently	efficiently	ADV
cblr-1751	104	33	allocated	allocate	VERB
cblr-1751	104	34	—	—	PUNCT
cblr-1751	104	35	thereby	thereby	ADV
cblr-1751	104	36	improving	improve	VERB
cblr-1751	104	37	the	the	DET
cblr-1751	104	38	functioning	functioning	NOUN
cblr-1751	104	39	of	of	ADP
cblr-1751	104	40	the	the	DET
cblr-1751	104	41	economy	economy	NOUN
cblr-1751	104	42	in	in	ADP
cblr-1751	104	43	a	a	DET
cblr-1751	104	44	manner	manner	NOUN
cblr-1751	104	45	that	that	PRON
cblr-1751	104	46	creates	create	VERB
cblr-1751	104	47	more	more	ADJ
cblr-1751	104	48	wealth	wealth	NOUN
cblr-1751	104	49	for	for	ADP
cblr-1751	104	50	society	society	NOUN
cblr-1751	104	51	.	.	PUNCT
cblr-1751	105	1	section	section	NOUN
cblr-1751	105	2	a	a	PRON
cblr-1751	105	3	provides	provide	VERB
cblr-1751	105	4	background	background	NOUN
cblr-1751	105	5	on	on	ADP
cblr-1751	105	6	stock	stock	NOUN
cblr-1751	105	7	-	-	PUNCT
cblr-1751	105	8	price	price	NOUN
cblr-1751	105	9	accuracy	accuracy	NOUN
cblr-1751	105	10	—	—	PUNCT
cblr-1751	105	11	namely	namely	ADV
cblr-1751	105	12	,	,	PUNCT
cblr-1751	105	13	background	background	NOUN
cblr-1751	105	14	on	on	ADP
cblr-1751	105	15	what	what	PRON
cblr-1751	105	16	it	it	PRON
cblr-1751	105	17	means	mean	VERB
cblr-1751	105	18	to	to	PART
cblr-1751	105	19	say	say	VERB
cblr-1751	105	20	that	that	SCONJ
cblr-1751	105	21	a	a	DET
cblr-1751	105	22	stock	stock	NOUN
cblr-1751	105	23	’s	’s	PART
cblr-1751	105	24	market	market	NOUN
cblr-1751	105	25	price	price	NOUN
cblr-1751	105	26	accurately	accurately	ADV
cblr-1751	105	27	reflects	reflect	VERB
cblr-1751	105	28	its	its	PRON
cblr-1751	105	29	value	value	NOUN
cblr-1751	105	30	.	.	PUNCT
cblr-1751	106	1	it	it	PRON
cblr-1751	106	2	also	also	ADV
cblr-1751	106	3	describes	describe	VERB
cblr-1751	106	4	the	the	DET
cblr-1751	106	5	process	process	NOUN
cblr-1751	106	6	in	in	ADP
cblr-1751	106	7	which	which	PRON
cblr-1751	106	8	information	information	NOUN
cblr-1751	106	9	about	about	ADP
cblr-1751	106	10	stocks	stock	NOUN
cblr-1751	106	11	’	'	PUNCT
cblr-1751	106	12	values	value	NOUN
cblr-1751	106	13	is	be	AUX
cblr-1751	106	14	produced	produce	VERB
cblr-1751	106	15	and	and	CCONJ
cblr-1751	106	16	incorporated	incorporate	VERB
cblr-1751	106	17	into	into	ADP
cblr-1751	106	18	market	market	NOUN
cblr-1751	106	19	prices	price	NOUN
cblr-1751	106	20	—	—	PUNCT
cblr-1751	106	21	thereby	thereby	ADV
cblr-1751	106	22	making	make	VERB
cblr-1751	106	23	them	they	PRON
cblr-1751	106	24	more	more	ADV
cblr-1751	106	25	accurate	accurate	ADJ
cblr-1751	106	26	in	in	ADP
cblr-1751	106	27	this	this	DET
cblr-1751	106	28	way	way	NOUN
cblr-1751	106	29	.	.	PUNCT
cblr-1751	107	1	section	section	NOUN
cblr-1751	107	2	b	b	PROPN
cblr-1751	107	3	then	then	ADV
cblr-1751	107	4	offers	offer	VERB
cblr-1751	107	5	an	an	DET
cblr-1751	107	6	overview	overview	NOUN
cblr-1751	107	7	of	of	ADP
cblr-1751	107	8	the	the	DET
cblr-1751	107	9	main	main	ADJ
cblr-1751	107	10	social	social	ADJ
cblr-1751	107	11	benefits	benefit	NOUN
cblr-1751	107	12	that	that	PRON
cblr-1751	107	13	are	be	AUX
cblr-1751	107	14	thought	think	VERB
cblr-1751	107	15	to	to	PART
cblr-1751	107	16	result	result	VERB
cblr-1751	107	17	from	from	ADP
cblr-1751	107	18	higher	high	ADJ
cblr-1751	107	19	levels	level	NOUN
cblr-1751	107	20	of	of	ADP
cblr-1751	107	21	stock	stock	NOUN
cblr-1751	107	22	-	-	PUNCT
cblr-1751	107	23	price	price	NOUN
cblr-1751	107	24	accuracy	accuracy	NOUN
cblr-1751	107	25	.	.	PUNCT
cblr-1751	108	1	a.	a.	NOUN
cblr-1751	108	2	stock	stock	NOUN
cblr-1751	108	3	-	-	PUNCT
cblr-1751	108	4	price	price	NOUN
cblr-1751	108	5	accuracy	accuracy	NOUN
cblr-1751	108	6	despite	despite	SCONJ
cblr-1751	108	7	common	common	ADJ
cblr-1751	108	8	conceptions	conception	NOUN
cblr-1751	109	1	,	,	PUNCT
cblr-1751	109	2	stocks	stock	NOUN
cblr-1751	109	3	can	can	AUX
cblr-1751	109	4	be	be	AUX
cblr-1751	109	5	said	say	VERB
cblr-1751	109	6	to	to	PART
cblr-1751	109	7	have	have	VERB
cblr-1751	109	8	very	very	ADV
cblr-1751	109	9	real	real	ADJ
cblr-1751	109	10	values	value	NOUN
cblr-1751	109	11	.	.	PUNCT
cblr-1751	110	1	stock	stock	NOUN
cblr-1751	110	2	-	-	PUNCT
cblr-1751	110	3	market	market	NOUN
cblr-1751	110	4	prices	price	NOUN
cblr-1751	110	5	reflect	reflect	VERB
cblr-1751	110	6	those	those	DET
cblr-1751	110	7	values	value	NOUN
cblr-1751	110	8	with	with	ADP
cblr-1751	110	9	different	different	ADJ
cblr-1751	110	10	degrees	degree	NOUN
cblr-1751	110	11	of	of	ADP
cblr-1751	110	12	accuracy	accuracy	NOUN
cblr-1751	110	13	.	.	PUNCT
cblr-1751	111	1	when	when	SCONJ
cblr-1751	111	2	more	more	ADJ
cblr-1751	111	3	information	information	NOUN
cblr-1751	111	4	about	about	ADP
cblr-1751	111	5	the	the	DET
cblr-1751	111	6	future	future	ADJ
cblr-1751	111	7	cash	cash	NOUN
cblr-1751	111	8	flows	flow	VERB
cblr-1751	111	9	that	that	SCONJ
cblr-1751	111	10	firms	firm	NOUN
cblr-1751	111	11	are	be	AUX
cblr-1751	111	12	likely	likely	ADJ
cblr-1751	111	13	to	to	PART
cblr-1751	111	14	produce	produce	VERB
cblr-1751	111	15	is	be	AUX
cblr-1751	111	16	generated	generate	VERB
cblr-1751	111	17	and	and	CCONJ
cblr-1751	111	18	impounded	impound	VERB
cblr-1751	111	19	into	into	ADP
cblr-1751	111	20	these	these	DET
cblr-1751	111	21	prices	price	NOUN
cblr-1751	111	22	,	,	PUNCT
cblr-1751	111	23	they	they	PRON
cblr-1751	111	24	are	be	AUX
cblr-1751	111	25	understood	understand	VERB
cblr-1751	111	26	to	to	PART
cblr-1751	111	27	be	be	AUX
cblr-1751	111	28	more	more	ADV
cblr-1751	111	29	accurate	accurate	ADJ
cblr-1751	111	30	in	in	ADP
cblr-1751	111	31	this	this	DET
cblr-1751	111	32	way	way	NOUN
cblr-1751	111	33	.	.	PUNCT
cblr-1751	112	1	1	1	X
cblr-1751	112	2	.	.	X
cblr-1751	112	3	the	the	DET
cblr-1751	112	4	concept	concept	NOUN
cblr-1751	112	5	of	of	ADP
cblr-1751	112	6	accurate	accurate	ADJ
cblr-1751	112	7	stock	stock	NOUN
cblr-1751	112	8	prices	price	NOUN
cblr-1751	112	9	stocks	stock	NOUN
cblr-1751	112	10	are	be	AUX
cblr-1751	112	11	said	say	VERB
cblr-1751	112	12	to	to	PART
cblr-1751	112	13	have	have	VERB
cblr-1751	112	14	fundamental	fundamental	ADJ
cblr-1751	112	15	values	value	NOUN
cblr-1751	112	16	:	:	PUNCT
cblr-1751	112	17	the	the	DET
cblr-1751	112	18	present	present	ADJ
cblr-1751	112	19	value	value	NOUN
cblr-1751	112	20	of	of	ADP
cblr-1751	112	21	the	the	DET
cblr-1751	112	22	future	future	ADJ
cblr-1751	112	23	cash	cash	NOUN
cblr-1751	112	24	flows	flow	VERB
cblr-1751	112	25	that	that	SCONJ
cblr-1751	112	26	their	their	PRON
cblr-1751	112	27	holders	holder	NOUN
cblr-1751	112	28	will	will	AUX
cblr-1751	112	29	receive.8	receive.8	VERB
cblr-1751	112	30	for	for	ADP
cblr-1751	112	31	example	example	NOUN
cblr-1751	112	32	,	,	PUNCT
cblr-1751	112	33	imagine	imagine	VERB
cblr-1751	112	34	a	a	DET
cblr-1751	112	35	holder	holder	NOUN
cblr-1751	112	36	of	of	ADP
cblr-1751	112	37	a	a	DET
cblr-1751	112	38	share	share	NOUN
cblr-1751	112	39	of	of	ADP
cblr-1751	112	40	stock	stock	NOUN
cblr-1751	112	41	who	who	PRON
cblr-1751	112	42	will	will	AUX
cblr-1751	112	43	8	8	NUM
cblr-1751	112	44	see	see	VERB
cblr-1751	112	45	,	,	PUNCT
cblr-1751	112	46	e.g.	e.g.	ADV
cblr-1751	112	47	,	,	PUNCT
cblr-1751	112	48	kahan	kahan	INTJ
cblr-1751	112	49	,	,	PUNCT
cblr-1751	112	50	supra	supra	PROPN
cblr-1751	112	51	note	note	NOUN
cblr-1751	112	52	4	4	NUM
cblr-1751	112	53	,	,	PUNCT
cblr-1751	112	54	at	at	ADP
cblr-1751	112	55	979	979	NUM
cblr-1751	112	56	n.11	n.11	NOUN
cblr-1751	112	57	(	(	PUNCT
cblr-1751	112	58	defining	define	VERB
cblr-1751	112	59	a	a	DET
cblr-1751	112	60	stock	stock	NOUN
cblr-1751	112	61	’s	’s	PART
cblr-1751	112	62	fundamental	fundamental	ADJ
cblr-1751	112	63	value	value	NOUN
cblr-1751	112	64	as	as	ADP
cblr-1751	112	65	“	"	PUNCT
cblr-1751	112	66	the	the	DET
cblr-1751	112	67	best	good	ADJ
cblr-1751	112	68	estimate	estimate	NOUN
cblr-1751	112	69	at	at	ADP
cblr-1751	112	70	any	any	DET
cblr-1751	112	71	time	time	NOUN
cblr-1751	112	72	,	,	PUNCT
cblr-1751	112	73	and	and	CCONJ
cblr-1751	112	74	given	give	VERB
cblr-1751	112	75	all	all	DET
cblr-1751	112	76	information	information	NOUN
cblr-1751	112	77	available	available	ADJ
cblr-1751	112	78	at	at	ADP
cblr-1751	112	79	such	such	ADJ
cblr-1751	112	80	time	time	NOUN
cblr-1751	112	81	,	,	PUNCT
cblr-1751	112	82	of	of	ADP
cblr-1751	112	83	the	the	DET
cblr-1751	112	84	discounted	discount	VERB
cblr-1751	112	85	value	value	NOUN
cblr-1751	112	86	of	of	ADP
cblr-1751	112	87	all	all	DET
cblr-1751	112	88	distributions	distribution	NOUN
cblr-1751	112	89	.	.	PUNCT
cblr-1751	112	90	.	.	PUNCT
cblr-1751	112	91	.	.	PUNCT
cblr-1751	113	1	accruing	accrue	VERB
cblr-1751	113	2	to	to	ADP
cblr-1751	113	3	a	a	DET
cblr-1751	113	4	stockholder	stockholder	NOUN
cblr-1751	113	5	who	who	PRON
cblr-1751	113	6	continues	continue	VERB
cblr-1751	113	7	to	to	PART
cblr-1751	113	8	hold	hold	VERB
cblr-1751	113	9	the	the	DET
cblr-1751	113	10	stock	stock	NOUN
cblr-1751	113	11	.	.	PUNCT
cblr-1751	113	12	”	"	PUNCT
cblr-1751	113	13	)	)	PUNCT
cblr-1751	113	14	.	.	PUNCT
cblr-1751	114	1	indeed	indeed	ADV
cblr-1751	114	2	,	,	PUNCT
cblr-1751	114	3	stocks	stock	NOUN
cblr-1751	114	4	can	can	AUX
cblr-1751	114	5	even	even	ADV
cblr-1751	114	6	be	be	AUX
cblr-1751	114	7	thought	think	VERB
cblr-1751	114	8	of	of	ADP
cblr-1751	114	9	as	as	ADP
cblr-1751	114	10	ultimately	ultimately	ADV
cblr-1751	114	11	having	have	VERB
cblr-1751	114	12	actual	actual	ADJ
cblr-1751	114	13	values	value	NOUN
cblr-1751	114	14	based	base	VERB
cblr-1751	114	15	on	on	ADP
cblr-1751	114	16	the	the	DET
cblr-1751	114	17	actual	actual	ADJ
cblr-1751	114	18	amounts	amount	NOUN
cblr-1751	114	19	that	that	SCONJ
cblr-1751	114	20	their	their	PRON
cblr-1751	114	21	holders	holder	NOUN
cblr-1751	114	22	end	end	VERB
cblr-1751	114	23	up	up	ADP
cblr-1751	114	24	receiving	receive	VERB
cblr-1751	114	25	.	.	PUNCT
cblr-1751	115	1	see	see	VERB
cblr-1751	115	2	merritt	merritt	PROPN
cblr-1751	115	3	b.	b.	PROPN
cblr-1751	115	4	fox	fox	PROPN
cblr-1751	115	5	,	,	PUNCT
cblr-1751	115	6	shelf	shelf	NOUN
cblr-1751	115	7	registration	registration	NOUN
cblr-1751	115	8	,	,	PUNCT
cblr-1751	115	9	integrated	integrated	ADJ
cblr-1751	115	10	disclosure	disclosure	NOUN
cblr-1751	115	11	,	,	PUNCT
cblr-1751	115	12	and	and	CCONJ
cblr-1751	115	13	underwriter	underwriter	NOUN
cblr-1751	115	14	due	due	ADJ
cblr-1751	115	15	diligence	diligence	NOUN
cblr-1751	115	16	:	:	PUNCT
cblr-1751	115	17	an	an	DET
cblr-1751	115	18	economic	economic	ADJ
cblr-1751	115	19	analysis	analysis	NOUN
cblr-1751	115	20	,	,	PUNCT
cblr-1751	115	21	70	70	NUM
cblr-1751	115	22	va	va	NOUN
cblr-1751	115	23	.	.	PUNCT
cblr-1751	116	1	l.	l.	PROPN
cblr-1751	116	2	rev	rev	PROPN
cblr-1751	116	3	.	.	PROPN
cblr-1751	116	4	1005	1005	NUM
cblr-1751	116	5	,	,	PUNCT
cblr-1751	116	6	1013–14	1013–14	NUM
cblr-1751	116	7	(	(	PUNCT
cblr-1751	116	8	1984	1984	NUM
cblr-1751	116	9	)	)	PUNCT
cblr-1751	116	10	.	.	PUNCT
cblr-1751	117	1	haeberle	haeberle	PROPN
cblr-1751	117	2	final	final	ADJ
cblr-1751	117	3	no	no	NOUN
cblr-1751	117	4	.	.	NOUN
cblr-1751	117	5	1:121	1:121	NUM
cblr-1751	117	6	]	]	X
cblr-1751	117	7	stock	stock	NOUN
cblr-1751	117	8	-	-	PUNCT
cblr-1751	117	9	price	price	NOUN
cblr-1751	117	10	accuracy	accuracy	NOUN
cblr-1751	117	11	131	131	NUM
cblr-1751	117	12	own	own	ADJ
cblr-1751	117	13	that	that	PRON
cblr-1751	117	14	share	share	NOUN
cblr-1751	117	15	over	over	ADP
cblr-1751	117	16	the	the	DET
cblr-1751	117	17	stock	stock	NOUN
cblr-1751	117	18	’s	’s	PART
cblr-1751	117	19	lifetime	lifetime	NOUN
cblr-1751	117	20	.	.	PUNCT
cblr-1751	118	1	and	and	CCONJ
cblr-1751	118	2	further	far	ADV
cblr-1751	118	3	imagine	imagine	VERB
cblr-1751	118	4	that	that	SCONJ
cblr-1751	118	5	the	the	DET
cblr-1751	118	6	best	good	ADJ
cblr-1751	118	7	information	information	NOUN
cblr-1751	118	8	available	available	ADJ
cblr-1751	118	9	today	today	NOUN
cblr-1751	118	10	indicates	indicate	VERB
cblr-1751	118	11	that	that	SCONJ
cblr-1751	118	12	he	he	PRON
cblr-1751	118	13	will	will	AUX
cblr-1751	118	14	eventually	eventually	ADV
cblr-1751	118	15	receive	receive	VERB
cblr-1751	118	16	a	a	DET
cblr-1751	118	17	total	total	NOUN
cblr-1751	118	18	of	of	ADP
cblr-1751	118	19	three	three	NUM
cblr-1751	118	20	payments	payment	NOUN
cblr-1751	118	21	of	of	ADP
cblr-1751	118	22	$	$	SYM
cblr-1751	118	23	3.33	3.33	NUM
cblr-1751	118	24	in	in	ADP
cblr-1751	118	25	the	the	DET
cblr-1751	118	26	form	form	NOUN
cblr-1751	118	27	of	of	ADP
cblr-1751	118	28	a	a	DET
cblr-1751	118	29	mix	mix	NOUN
cblr-1751	118	30	of	of	ADP
cblr-1751	118	31	dividend	dividend	NOUN
cblr-1751	118	32	and	and	CCONJ
cblr-1751	118	33	liquidation	liquidation	NOUN
cblr-1751	118	34	distributions	distribution	NOUN
cblr-1751	118	35	.	.	PUNCT
cblr-1751	119	1	in	in	ADP
cblr-1751	119	2	this	this	DET
cblr-1751	119	3	example	example	NOUN
cblr-1751	119	4	,	,	PUNCT
cblr-1751	119	5	without	without	ADP
cblr-1751	119	6	considering	consider	VERB
cblr-1751	119	7	the	the	DET
cblr-1751	119	8	time	time	NOUN
cblr-1751	119	9	value	value	NOUN
cblr-1751	119	10	of	of	ADP
cblr-1751	119	11	money	money	NOUN
cblr-1751	119	12	and	and	CCONJ
cblr-1751	119	13	the	the	DET
cblr-1751	119	14	risk	risk	NOUN
cblr-1751	119	15	associated	associate	VERB
cblr-1751	119	16	with	with	ADP
cblr-1751	119	17	varying	vary	VERB
cblr-1751	119	18	future	future	ADJ
cblr-1751	119	19	cash	cash	NOUN
cblr-1751	119	20	flows	flow	NOUN
cblr-1751	119	21	,	,	PUNCT
cblr-1751	119	22	the	the	DET
cblr-1751	119	23	stock	stock	NOUN
cblr-1751	119	24	’s	’s	PART
cblr-1751	119	25	fundamental	fundamental	ADJ
cblr-1751	119	26	value	value	NOUN
cblr-1751	119	27	is	be	AUX
cblr-1751	119	28	$	$	SYM
cblr-1751	119	29	10	10	NUM
cblr-1751	119	30	per	per	ADP
cblr-1751	119	31	share	share	NOUN
cblr-1751	119	32	.	.	PUNCT
cblr-1751	120	1	thus	thus	ADV
cblr-1751	120	2	,	,	PUNCT
cblr-1751	120	3	if	if	SCONJ
cblr-1751	120	4	someone	someone	PRON
cblr-1751	120	5	offered	offer	VERB
cblr-1751	120	6	you	you	PRON
cblr-1751	120	7	a	a	DET
cblr-1751	120	8	choice	choice	NOUN
cblr-1751	120	9	between	between	ADP
cblr-1751	120	10	a	a	DET
cblr-1751	120	11	certificate	certificate	NOUN
cblr-1751	120	12	for	for	ADP
cblr-1751	120	13	a	a	DET
cblr-1751	120	14	share	share	NOUN
cblr-1751	120	15	of	of	ADP
cblr-1751	120	16	that	that	DET
cblr-1751	120	17	stock	stock	NOUN
cblr-1751	120	18	and	and	CCONJ
cblr-1751	120	19	9	9	NUM
cblr-1751	120	20	one	one	NUM
cblr-1751	120	21	-	-	PUNCT
cblr-1751	120	22	dollar	dollar	NOUN
cblr-1751	120	23	bills	bill	NOUN
cblr-1751	120	24	today	today	NOUN
cblr-1751	120	25	,	,	PUNCT
cblr-1751	120	26	you	you	PRON
cblr-1751	120	27	would	would	AUX
cblr-1751	120	28	choose	choose	VERB
cblr-1751	120	29	the	the	DET
cblr-1751	120	30	certificate	certificate	NOUN
cblr-1751	120	31	—	—	PUNCT
cblr-1751	120	32	and	and	CCONJ
cblr-1751	120	33	if	if	SCONJ
cblr-1751	120	34	someone	someone	PRON
cblr-1751	120	35	offered	offer	VERB
cblr-1751	120	36	you	you	PRON
cblr-1751	120	37	a	a	DET
cblr-1751	120	38	choice	choice	NOUN
cblr-1751	120	39	between	between	ADP
cblr-1751	120	40	that	that	DET
cblr-1751	120	41	certificate	certificate	NOUN
cblr-1751	120	42	and	and	CCONJ
cblr-1751	120	43	11	11	NUM
cblr-1751	120	44	one	one	NUM
cblr-1751	120	45	-	-	PUNCT
cblr-1751	120	46	dollar	dollar	NOUN
cblr-1751	120	47	bills	bill	NOUN
cblr-1751	120	48	,	,	PUNCT
cblr-1751	120	49	you	you	PRON
cblr-1751	120	50	would	would	AUX
cblr-1751	120	51	choose	choose	VERB
cblr-1751	120	52	the	the	DET
cblr-1751	120	53	bills	bill	NOUN
cblr-1751	120	54	.	.	PUNCT
cblr-1751	121	1	stocks	stock	NOUN
cblr-1751	121	2	’	'	PUNCT
cblr-1751	121	3	market	market	NOUN
cblr-1751	121	4	prices	price	NOUN
cblr-1751	121	5	reflect	reflect	VERB
cblr-1751	121	6	these	these	DET
cblr-1751	121	7	fundamental	fundamental	ADJ
cblr-1751	121	8	values	value	NOUN
cblr-1751	121	9	to	to	ADP
cblr-1751	121	10	varying	vary	VERB
cblr-1751	121	11	degrees	degree	NOUN
cblr-1751	121	12	.	.	PUNCT
cblr-1751	122	1	when	when	SCONJ
cblr-1751	122	2	those	those	DET
cblr-1751	122	3	prices	price	NOUN
cblr-1751	122	4	are	be	AUX
cblr-1751	122	5	closer	close	ADJ
cblr-1751	122	6	to	to	ADP
cblr-1751	122	7	fundamental	fundamental	ADJ
cblr-1751	122	8	values	value	NOUN
cblr-1751	122	9	,	,	PUNCT
cblr-1751	122	10	they	they	PRON
cblr-1751	122	11	are	be	AUX
cblr-1751	122	12	said	say	VERB
cblr-1751	122	13	to	to	PART
cblr-1751	122	14	have	have	VERB
cblr-1751	122	15	a	a	DET
cblr-1751	122	16	higher	high	ADJ
cblr-1751	122	17	degree	degree	NOUN
cblr-1751	122	18	of	of	ADP
cblr-1751	122	19	accuracy	accuracy	NOUN
cblr-1751	122	20	.	.	PUNCT
cblr-1751	123	1	conversely	conversely	ADV
cblr-1751	123	2	,	,	PUNCT
cblr-1751	123	3	when	when	SCONJ
cblr-1751	123	4	they	they	PRON
cblr-1751	123	5	are	be	AUX
cblr-1751	123	6	farther	far	ADV
cblr-1751	123	7	from	from	ADP
cblr-1751	123	8	those	those	DET
cblr-1751	123	9	values	value	NOUN
cblr-1751	123	10	,	,	PUNCT
cblr-1751	123	11	they	they	PRON
cblr-1751	123	12	are	be	AUX
cblr-1751	123	13	said	say	VERB
cblr-1751	123	14	to	to	PART
cblr-1751	123	15	have	have	VERB
cblr-1751	123	16	a	a	DET
cblr-1751	123	17	lower	low	ADJ
cblr-1751	123	18	degree	degree	NOUN
cblr-1751	123	19	of	of	ADP
cblr-1751	123	20	accuracy	accuracy	NOUN
cblr-1751	123	21	.	.	PUNCT
cblr-1751	124	1	for	for	ADP
cblr-1751	124	2	example	example	NOUN
cblr-1751	124	3	,	,	PUNCT
cblr-1751	124	4	if	if	SCONJ
cblr-1751	124	5	the	the	DET
cblr-1751	124	6	market	market	NOUN
cblr-1751	124	7	’s	’s	PART
cblr-1751	124	8	assessment	assessment	NOUN
cblr-1751	124	9	of	of	ADP
cblr-1751	124	10	the	the	DET
cblr-1751	124	11	stock	stock	NOUN
cblr-1751	124	12	’s	’s	PART
cblr-1751	124	13	value	value	NOUN
cblr-1751	124	14	from	from	ADP
cblr-1751	124	15	the	the	DET
cblr-1751	124	16	above	above	ADJ
cblr-1751	124	17	example	example	NOUN
cblr-1751	124	18	was	be	AUX
cblr-1751	124	19	$	$	SYM
cblr-1751	124	20	10	10	NUM
cblr-1751	124	21	per	per	ADP
cblr-1751	124	22	share	share	NOUN
cblr-1751	124	23	today	today	NOUN
cblr-1751	124	24	,	,	PUNCT
cblr-1751	124	25	it	it	PRON
cblr-1751	124	26	would	would	AUX
cblr-1751	124	27	be	be	AUX
cblr-1751	124	28	accurately	accurately	ADV
cblr-1751	124	29	priced	price	VERB
cblr-1751	124	30	.	.	PUNCT
cblr-1751	125	1	if	if	SCONJ
cblr-1751	125	2	it	it	PRON
cblr-1751	125	3	was	be	AUX
cblr-1751	125	4	instead	instead	ADV
cblr-1751	125	5	$	$	SYM
cblr-1751	125	6	11	11	NUM
cblr-1751	125	7	per	per	ADP
cblr-1751	125	8	share	share	NOUN
cblr-1751	125	9	,	,	PUNCT
cblr-1751	125	10	it	it	PRON
cblr-1751	125	11	would	would	AUX
cblr-1751	125	12	be	be	AUX
cblr-1751	125	13	inaccurately	inaccurately	ADV
cblr-1751	125	14	priced	price	VERB
cblr-1751	125	15	—	—	PUNCT
cblr-1751	125	16	and	and	CCONJ
cblr-1751	125	17	if	if	SCONJ
cblr-1751	125	18	it	it	PRON
cblr-1751	125	19	was	be	AUX
cblr-1751	125	20	instead	instead	ADV
cblr-1751	125	21	$	$	SYM
cblr-1751	125	22	12	12	NUM
cblr-1751	125	23	per	per	ADP
cblr-1751	125	24	share	share	NOUN
cblr-1751	125	25	,	,	PUNCT
cblr-1751	125	26	it	it	PRON
cblr-1751	125	27	would	would	AUX
cblr-1751	125	28	be	be	AUX
cblr-1751	125	29	even	even	ADV
cblr-1751	125	30	more	more	ADV
cblr-1751	125	31	inaccurately	inaccurately	ADV
cblr-1751	125	32	priced	price	VERB
cblr-1751	125	33	.	.	PUNCT
cblr-1751	126	1	notably	notably	ADV
cblr-1751	126	2	,	,	PUNCT
cblr-1751	126	3	stock	stock	NOUN
cblr-1751	126	4	prices	price	NOUN
cblr-1751	126	5	are	be	AUX
cblr-1751	126	6	inherently	inherently	ADV
cblr-1751	126	7	susceptible	susceptible	ADJ
cblr-1751	126	8	to	to	ADP
cblr-1751	126	9	inaccuracy	inaccuracy	NOUN
cblr-1751	126	10	.	.	PUNCT
cblr-1751	127	1	ex	ex	X
cblr-1751	127	2	ante	ante	PROPN
cblr-1751	127	3	,	,	PUNCT
cblr-1751	127	4	humans	human	NOUN
cblr-1751	127	5	can	can	AUX
cblr-1751	127	6	only	only	ADV
cblr-1751	127	7	imperfectly	imperfectly	ADV
cblr-1751	127	8	estimate	estimate	VERB
cblr-1751	127	9	the	the	DET
cblr-1751	127	10	amount	amount	NOUN
cblr-1751	127	11	of	of	ADP
cblr-1751	127	12	cash	cash	NOUN
cblr-1751	127	13	flows	flow	NOUN
cblr-1751	127	14	to	to	PART
cblr-1751	127	15	which	which	PRON
cblr-1751	127	16	an	an	DET
cblr-1751	127	17	owner	owner	NOUN
cblr-1751	127	18	of	of	ADP
cblr-1751	127	19	stock	stock	NOUN
cblr-1751	127	20	will	will	AUX
cblr-1751	127	21	be	be	AUX
cblr-1751	127	22	entitled	entitle	VERB
cblr-1751	127	23	in	in	ADP
cblr-1751	127	24	the	the	DET
cblr-1751	127	25	future	future	NOUN
cblr-1751	127	26	,	,	PUNCT
cblr-1751	127	27	the	the	DET
cblr-1751	127	28	timing	timing	NOUN
cblr-1751	127	29	of	of	ADP
cblr-1751	127	30	those	those	DET
cblr-1751	127	31	cash	cash	NOUN
cblr-1751	127	32	flows	flow	NOUN
cblr-1751	127	33	,	,	PUNCT
cblr-1751	127	34	the	the	DET
cblr-1751	127	35	risks	risk	NOUN
cblr-1751	127	36	associated	associate	VERB
cblr-1751	127	37	with	with	ADP
cblr-1751	127	38	them	they	PRON
cblr-1751	127	39	,	,	PUNCT
cblr-1751	127	40	and	and	CCONJ
cblr-1751	127	41	more	more	ADJ
cblr-1751	127	42	.	.	PUNCT
cblr-1751	128	1	in	in	ADP
cblr-1751	128	2	fact	fact	NOUN
cblr-1751	128	3	,	,	PUNCT
cblr-1751	128	4	these	these	DET
cblr-1751	128	5	cash	cash	NOUN
cblr-1751	128	6	flows	flow	NOUN
cblr-1751	128	7	and	and	CCONJ
cblr-1751	128	8	risks	risk	NOUN
cblr-1751	128	9	may	may	AUX
cblr-1751	128	10	differ	differ	VERB
cblr-1751	128	11	greatly	greatly	ADV
cblr-1751	128	12	depending	depend	VERB
cblr-1751	128	13	,	,	PUNCT
cblr-1751	128	14	for	for	ADP
cblr-1751	128	15	example	example	NOUN
cblr-1751	128	16	,	,	PUNCT
cblr-1751	128	17	on	on	ADP
cblr-1751	128	18	whether	whether	SCONJ
cblr-1751	128	19	the	the	DET
cblr-1751	128	20	company	company	NOUN
cblr-1751	128	21	in	in	ADP
cblr-1751	128	22	the	the	DET
cblr-1751	128	23	end	end	NOUN
cblr-1751	128	24	remains	remain	VERB
cblr-1751	128	25	in	in	ADP
cblr-1751	128	26	the	the	DET
cblr-1751	128	27	hands	hand	NOUN
cblr-1751	128	28	of	of	ADP
cblr-1751	128	29	existing	exist	VERB
cblr-1751	128	30	management	management	NOUN
cblr-1751	128	31	as	as	SCONJ
cblr-1751	128	32	opposed	oppose	VERB
cblr-1751	128	33	to	to	ADP
cblr-1751	128	34	an	an	DET
cblr-1751	128	35	acquirer	acquirer	NOUN
cblr-1751	128	36	such	such	ADJ
cblr-1751	128	37	as	as	ADP
cblr-1751	128	38	warren	warren	PROPN
cblr-1751	128	39	buffett	buffett	PROPN
cblr-1751	128	40	.	.	PUNCT
cblr-1751	129	1	nevertheless	nevertheless	ADV
cblr-1751	129	2	,	,	PUNCT
cblr-1751	129	3	more	more	ADJ
cblr-1751	129	4	and	and	CCONJ
cblr-1751	129	5	better	well	ADJ
cblr-1751	129	6	information	information	NOUN
cblr-1751	129	7	about	about	ADP
cblr-1751	129	8	such	such	ADJ
cblr-1751	129	9	determinants	determinant	NOUN
cblr-1751	129	10	of	of	ADP
cblr-1751	129	11	the	the	DET
cblr-1751	129	12	cash	cash	NOUN
cblr-1751	129	13	flows	flow	VERB
cblr-1751	129	14	that	that	SCONJ
cblr-1751	129	15	the	the	DET
cblr-1751	129	16	holder	holder	NOUN
cblr-1751	129	17	of	of	ADP
cblr-1751	129	18	a	a	DET
cblr-1751	129	19	stock	stock	NOUN
cblr-1751	129	20	will	will	AUX
cblr-1751	129	21	receive	receive	VERB
cblr-1751	129	22	in	in	ADP
cblr-1751	129	23	the	the	DET
cblr-1751	129	24	future	future	NOUN
cblr-1751	129	25	provides	provide	VERB
cblr-1751	129	26	a	a	DET
cblr-1751	129	27	clearer	clear	ADJ
cblr-1751	129	28	—	—	PUNCT
cblr-1751	129	29	if	if	SCONJ
cblr-1751	129	30	imperfect	imperfect	ADJ
cblr-1751	129	31	—	—	PUNCT
cblr-1751	129	32	measures	measure	NOUN
cblr-1751	129	33	of	of	ADP
cblr-1751	129	34	a	a	DET
cblr-1751	129	35	stock	stock	NOUN
cblr-1751	129	36	’s	’s	PART
cblr-1751	129	37	value	value	NOUN
cblr-1751	129	38	.	.	PUNCT
cblr-1751	130	1	thus	thus	ADV
cblr-1751	130	2	,	,	PUNCT
cblr-1751	130	3	the	the	DET
cblr-1751	130	4	degree	degree	NOUN
cblr-1751	130	5	to	to	PART
cblr-1751	130	6	which	which	PRON
cblr-1751	130	7	market	market	NOUN
cblr-1751	130	8	prices	price	NOUN
cblr-1751	130	9	provide	provide	VERB
cblr-1751	130	10	accurate	accurate	ADJ
cblr-1751	130	11	assessments	assessment	NOUN
cblr-1751	130	12	of	of	ADP
cblr-1751	130	13	stocks	stock	NOUN
cblr-1751	130	14	’	'	PUNCT
cblr-1751	130	15	fundamental	fundamental	ADJ
cblr-1751	130	16	values	value	NOUN
cblr-1751	130	17	(	(	PUNCT
cblr-1751	130	18	i.e.	i.e.	X
cblr-1751	130	19	the	the	DET
cblr-1751	130	20	level	level	NOUN
cblr-1751	130	21	of	of	ADP
cblr-1751	130	22	stock	stock	NOUN
cblr-1751	130	23	-	-	PUNCT
cblr-1751	130	24	price	price	NOUN
cblr-1751	130	25	accuracy	accuracy	NOUN
cblr-1751	130	26	)	)	PUNCT
cblr-1751	130	27	is	be	AUX
cblr-1751	130	28	a	a	DET
cblr-1751	130	29	function	function	NOUN
cblr-1751	130	30	of	of	ADP
cblr-1751	130	31	the	the	DET
cblr-1751	130	32	amount	amount	NOUN
cblr-1751	130	33	and	and	CCONJ
cblr-1751	130	34	quality	quality	NOUN
cblr-1751	130	35	of	of	ADP
cblr-1751	130	36	information	information	NOUN
cblr-1751	130	37	about	about	ADP
cblr-1751	130	38	the	the	DET
cblr-1751	130	39	likely	likely	ADJ
cblr-1751	130	40	future	future	ADJ
cblr-1751	130	41	cash	cash	NOUN
cblr-1751	130	42	flows	flow	NOUN
cblr-1751	130	43	associated	associate	VERB
cblr-1751	130	44	with	with	ADP
cblr-1751	130	45	ownership	ownership	NOUN
cblr-1751	130	46	of	of	ADP
cblr-1751	130	47	stocks	stock	NOUN
cblr-1751	130	48	that	that	PRON
cblr-1751	130	49	is	be	AUX
cblr-1751	130	50	produced	produce	VERB
cblr-1751	130	51	and	and	CCONJ
cblr-1751	130	52	incorporated	incorporate	VERB
cblr-1751	130	53	into	into	ADP
cblr-1751	130	54	their	their	PRON
cblr-1751	130	55	market	market	NOUN
cblr-1751	130	56	prices	price	NOUN
cblr-1751	130	57	.	.	PUNCT
cblr-1751	131	1	haeberle	haeberle	NOUN
cblr-1751	131	2	final	final	ADJ
cblr-1751	131	3	132	132	NUM
cblr-1751	131	4	columbia	columbia	PROPN
cblr-1751	131	5	business	business	NOUN
cblr-1751	131	6	law	law	PROPN
cblr-1751	131	7	review	review	NOUN
cblr-1751	131	8	[	[	X
cblr-1751	131	9	vol	vol	NOUN
cblr-1751	131	10	.	.	PUNCT
cblr-1751	131	11	2015	2015	NUM
cblr-1751	131	12	2	2	NUM
cblr-1751	131	13	.	.	PUNCT
cblr-1751	132	1	the	the	DET
cblr-1751	132	2	production	production	NOUN
cblr-1751	132	3	of	of	ADP
cblr-1751	132	4	accurate	accurate	ADJ
cblr-1751	132	5	stock	stock	NOUN
cblr-1751	132	6	prices	price	NOUN
cblr-1751	132	7	the	the	DET
cblr-1751	132	8	production	production	NOUN
cblr-1751	132	9	of	of	ADP
cblr-1751	132	10	accurate	accurate	ADJ
cblr-1751	132	11	stock	stock	NOUN
cblr-1751	132	12	prices	price	NOUN
cblr-1751	132	13	is	be	AUX
cblr-1751	132	14	commonly	commonly	ADV
cblr-1751	132	15	thought	think	VERB
cblr-1751	132	16	to	to	PART
cblr-1751	132	17	depend	depend	VERB
cblr-1751	132	18	on	on	ADP
cblr-1751	132	19	—	—	PUNCT
cblr-1751	132	20	among	among	ADP
cblr-1751	132	21	other	other	ADJ
cblr-1751	132	22	things	thing	NOUN
cblr-1751	132	23	—	—	PUNCT
cblr-1751	132	24	the	the	DET
cblr-1751	132	25	amount	amount	NOUN
cblr-1751	132	26	and	and	CCONJ
cblr-1751	132	27	quality	quality	NOUN
cblr-1751	132	28	of	of	ADP
cblr-1751	132	29	information	information	NOUN
cblr-1751	132	30	about	about	ADP
cblr-1751	132	31	firms	firm	NOUN
cblr-1751	132	32	’	'	PUNCT
cblr-1751	132	33	prospects	prospect	NOUN
cblr-1751	132	34	that	that	PRON
cblr-1751	132	35	is	be	AUX
cblr-1751	132	36	generated	generate	VERB
cblr-1751	132	37	by	by	ADP
cblr-1751	132	38	informed	informed	ADJ
cblr-1751	132	39	traders	trader	NOUN
cblr-1751	132	40	and	and	CCONJ
cblr-1751	132	41	their	their	PRON
cblr-1751	132	42	affiliates	affiliate	NOUN
cblr-1751	132	43	.	.	PUNCT
cblr-1751	133	1	informed	informed	ADJ
cblr-1751	133	2	traders	trader	NOUN
cblr-1751	133	3	—	—	PUNCT
cblr-1751	133	4	such	such	ADJ
cblr-1751	133	5	as	as	ADP
cblr-1751	133	6	some	some	DET
cblr-1751	133	7	investment	investment	NOUN
cblr-1751	133	8	banks	bank	NOUN
cblr-1751	133	9	,	,	PUNCT
cblr-1751	133	10	hedge	hedge	NOUN
cblr-1751	133	11	funds	fund	NOUN
cblr-1751	133	12	,	,	PUNCT
cblr-1751	133	13	private	private	ADJ
cblr-1751	133	14	equity	equity	NOUN
cblr-1751	133	15	funds	fund	NOUN
cblr-1751	133	16	,	,	PUNCT
cblr-1751	133	17	and	and	CCONJ
cblr-1751	133	18	actively	actively	ADV
cblr-1751	133	19	managed	manage	VERB
cblr-1751	133	20	mutual	mutual	ADJ
cblr-1751	133	21	funds	fund	NOUN
cblr-1751	133	22	—	—	PUNCT
cblr-1751	133	23	are	be	AUX
cblr-1751	133	24	those	those	PRON
cblr-1751	133	25	that	that	PRON
cblr-1751	133	26	buy	buy	VERB
cblr-1751	133	27	and	and	CCONJ
cblr-1751	133	28	sell	sell	VERB
cblr-1751	133	29	stocks	stock	NOUN
cblr-1751	133	30	based	base	VERB
cblr-1751	133	31	on	on	ADP
cblr-1751	133	32	information	information	NOUN
cblr-1751	133	33	as	as	ADP
cblr-1751	133	34	to	to	ADP
cblr-1751	133	35	the	the	DET
cblr-1751	133	36	likely	likely	ADJ
cblr-1751	133	37	future	future	ADJ
cblr-1751	133	38	cash	cash	NOUN
cblr-1751	133	39	flows	flow	VERB
cblr-1751	133	40	that	that	SCONJ
cblr-1751	133	41	their	their	PRON
cblr-1751	133	42	owners	owner	NOUN
cblr-1751	133	43	will	will	AUX
cblr-1751	133	44	receive	receive	VERB
cblr-1751	133	45	that	that	PRON
cblr-1751	133	46	is	be	AUX
cblr-1751	133	47	not	not	PART
cblr-1751	133	48	yet	yet	ADV
cblr-1751	133	49	incorporated	incorporate	VERB
cblr-1751	133	50	into	into	ADP
cblr-1751	133	51	their	their	PRON
cblr-1751	133	52	market	market	NOUN
cblr-1751	133	53	prices.9	prices.9	NOUN
cblr-1751	133	54	these	these	DET
cblr-1751	133	55	market	market	NOUN
cblr-1751	133	56	participants	participant	NOUN
cblr-1751	133	57	are	be	AUX
cblr-1751	133	58	incentivized	incentivize	VERB
cblr-1751	133	59	to	to	PART
cblr-1751	133	60	produce	produce	VERB
cblr-1751	133	61	more	more	ADJ
cblr-1751	133	62	and	and	CCONJ
cblr-1751	133	63	better	well	ADJ
cblr-1751	133	64	information	information	NOUN
cblr-1751	133	65	about	about	ADP
cblr-1751	133	66	these	these	DET
cblr-1751	133	67	likely	likely	ADJ
cblr-1751	133	68	cash	cash	NOUN
cblr-1751	133	69	flows	flow	NOUN
cblr-1751	133	70	because	because	SCONJ
cblr-1751	133	71	they	they	PRON
cblr-1751	133	72	are	be	AUX
cblr-1751	133	73	often	often	ADV
cblr-1751	133	74	able	able	ADJ
cblr-1751	133	75	to	to	PART
cblr-1751	133	76	use	use	VERB
cblr-1751	133	77	it	it	PRON
cblr-1751	133	78	to	to	PART
cblr-1751	133	79	earn	earn	VERB
cblr-1751	133	80	trading	trading	NOUN
cblr-1751	133	81	profits	profit	NOUN
cblr-1751	133	82	.	.	PUNCT
cblr-1751	134	1	more	more	ADV
cblr-1751	134	2	specifically	specifically	ADV
cblr-1751	134	3	,	,	PUNCT
cblr-1751	134	4	they	they	PRON
cblr-1751	134	5	are	be	AUX
cblr-1751	134	6	motivated	motivated	ADJ
cblr-1751	134	7	to	to	PART
cblr-1751	134	8	produce	produce	VERB
cblr-1751	134	9	information	information	NOUN
cblr-1751	134	10	that	that	PRON
cblr-1751	134	11	indicates	indicate	VERB
cblr-1751	134	12	that	that	SCONJ
cblr-1751	134	13	the	the	DET
cblr-1751	134	14	market	market	NOUN
cblr-1751	134	15	has	have	AUX
cblr-1751	134	16	inaccurately	inaccurately	ADV
cblr-1751	134	17	priced	price	VERB
cblr-1751	134	18	a	a	DET
cblr-1751	134	19	stock	stock	NOUN
cblr-1751	134	20	because	because	SCONJ
cblr-1751	134	21	they	they	PRON
cblr-1751	134	22	can	can	AUX
cblr-1751	134	23	use	use	VERB
cblr-1751	134	24	that	that	DET
cblr-1751	134	25	information	information	NOUN
cblr-1751	134	26	to	to	PART
cblr-1751	134	27	buy	buy	VERB
cblr-1751	134	28	stocks	stock	NOUN
cblr-1751	134	29	that	that	PRON
cblr-1751	134	30	are	be	AUX
cblr-1751	134	31	priced	price	VERB
cblr-1751	134	32	inaccurately	inaccurately	ADV
cblr-1751	134	33	low	low	ADJ
cblr-1751	134	34	or	or	CCONJ
cblr-1751	134	35	sell	sell	VERB
cblr-1751	134	36	stocks	stock	NOUN
cblr-1751	134	37	that	that	PRON
cblr-1751	134	38	are	be	AUX
cblr-1751	134	39	priced	price	VERB
cblr-1751	134	40	inaccurately	inaccurately	ADV
cblr-1751	134	41	high.10	high.10	NOUN
cblr-1751	134	42	and	and	CCONJ
cblr-1751	134	43	when	when	SCONJ
cblr-1751	134	44	they	they	PRON
cblr-1751	134	45	use	use	VERB
cblr-1751	134	46	their	their	PRON
cblr-1751	134	47	information	information	NOUN
cblr-1751	134	48	to	to	PART
cblr-1751	134	49	buy	buy	VERB
cblr-1751	134	50	an	an	DET
cblr-1751	134	51	underpriced	underpriced	ADJ
cblr-1751	134	52	stock	stock	NOUN
cblr-1751	134	53	or	or	CCONJ
cblr-1751	134	54	sell	sell	VERB
cblr-1751	134	55	an	an	DET
cblr-1751	134	56	overpriced	overpriced	ADJ
cblr-1751	134	57	one	one	NUM
cblr-1751	134	58	in	in	ADP
cblr-1751	134	59	sufficient	sufficient	ADJ
cblr-1751	134	60	quantities	quantity	NOUN
cblr-1751	134	61	,	,	PUNCT
cblr-1751	134	62	they	they	PRON
cblr-1751	134	63	place	place	VERB
cblr-1751	134	64	enough	enough	ADV
cblr-1751	134	65	upward	upward	ADV
cblr-1751	134	66	or	or	CCONJ
cblr-1751	134	67	downward	downward	ADJ
cblr-1751	134	68	pressure	pressure	NOUN
cblr-1751	134	69	,	,	PUNCT
cblr-1751	134	70	respectively	respectively	ADV
cblr-1751	134	71	,	,	PUNCT
cblr-1751	134	72	on	on	ADP
cblr-1751	134	73	its	its	PRON
cblr-1751	134	74	market	market	NOUN
cblr-1751	134	75	price	price	NOUN
cblr-1751	134	76	to	to	PART
cblr-1751	134	77	cause	cause	VERB
cblr-1751	134	78	that	that	PRON
cblr-1751	134	79	price	price	NOUN
cblr-1751	134	80	to	to	PART
cblr-1751	134	81	better	well	ADV
cblr-1751	134	82	reflect	reflect	VERB
cblr-1751	134	83	their	their	PRON
cblr-1751	134	84	information	information	NOUN
cblr-1751	134	85	—	—	PUNCT
cblr-1751	134	86	and	and	CCONJ
cblr-1751	134	87	therefore	therefore	ADV
cblr-1751	134	88	to	to	PART
cblr-1751	134	89	better	well	ADV
cblr-1751	134	90	reflect	reflect	VERB
cblr-1751	134	91	the	the	DET
cblr-1751	134	92	stock	stock	NOUN
cblr-1751	134	93	’s	’s	PART
cblr-1751	134	94	fundamental	fundamental	ADJ
cblr-1751	134	95	value.11	value.11	PROPN
cblr-1751	134	96	thus	thus	ADV
cblr-1751	134	97	,	,	PUNCT
cblr-1751	134	98	stock	stock	NOUN
cblr-1751	134	99	prices	price	NOUN
cblr-1751	134	100	become	become	VERB
cblr-1751	134	101	increasingly	increasingly	ADV
cblr-1751	134	102	accurate	accurate	ADJ
cblr-1751	134	103	as	as	ADP
cblr-1751	134	104	a	a	DET
cblr-1751	134	105	byproduct	byproduct	NOUN
cblr-1751	134	106	of	of	ADP
cblr-1751	134	107	informed	informed	ADJ
cblr-1751	134	108	traders	trader	NOUN
cblr-1751	134	109	’	’	PART
cblr-1751	134	110	profit	profit	NOUN
cblr-1751	134	111	-	-	PUNCT
cblr-1751	134	112	motivated	motivate	VERB
cblr-1751	134	113	trading	trading	NOUN
cblr-1751	134	114	.	.	PUNCT
cblr-1751	135	1	it	it	PRON
cblr-1751	135	2	is	be	AUX
cblr-1751	135	3	important	important	ADJ
cblr-1751	135	4	to	to	PART
cblr-1751	135	5	note	note	VERB
cblr-1751	135	6	that	that	SCONJ
cblr-1751	135	7	informed	inform	VERB
cblr-1751	135	8	traders	trader	NOUN
cblr-1751	135	9	will	will	AUX
cblr-1751	135	10	only	only	ADV
cblr-1751	135	11	invest	invest	VERB
cblr-1751	135	12	in	in	ADP
cblr-1751	135	13	the	the	DET
cblr-1751	135	14	production	production	NOUN
cblr-1751	135	15	of	of	ADP
cblr-1751	135	16	information	information	NOUN
cblr-1751	135	17	about	about	ADP
cblr-1751	135	18	stocks	stock	NOUN
cblr-1751	135	19	’	'	PUNCT
cblr-1751	135	20	values	value	NOUN
cblr-1751	135	21	if	if	SCONJ
cblr-1751	135	22	they	they	PRON
cblr-1751	135	23	expect	expect	VERB
cblr-1751	135	24	to	to	PART
cblr-1751	135	25	earn	earn	VERB
cblr-1751	135	26	revenues	revenue	NOUN
cblr-1751	135	27	that	that	PRON
cblr-1751	135	28	exceed	exceed	VERB
cblr-1751	135	29	the	the	DET
cblr-1751	135	30	costs	cost	NOUN
cblr-1751	135	31	associated	associate	VERB
cblr-1751	135	32	with	with	ADP
cblr-1751	135	33	procuring	procure	VERB
cblr-1751	135	34	the	the	DET
cblr-1751	135	35	information	information	NOUN
cblr-1751	135	36	and	and	CCONJ
cblr-1751	135	37	more	more	ADJ
cblr-1751	135	38	.	.	PUNCT
cblr-1751	136	1	generally	generally	ADV
cblr-1751	136	2	,	,	PUNCT
cblr-1751	136	3	the	the	DET
cblr-1751	136	4	main	main	ADJ
cblr-1751	136	5	source	source	NOUN
cblr-1751	136	6	of	of	ADP
cblr-1751	136	7	revenue	revenue	NOUN
cblr-1751	136	8	for	for	ADP
cblr-1751	136	9	informed	informed	ADJ
cblr-1751	136	10	traders	trader	NOUN
cblr-1751	136	11	comes	come	VERB
cblr-1751	136	12	in	in	ADP
cblr-1751	136	13	the	the	DET
cblr-1751	136	14	form	form	NOUN
cblr-1751	136	15	of	of	ADP
cblr-1751	136	16	trading	trading	NOUN
cblr-1751	136	17	profits	profit	NOUN
cblr-1751	136	18	.	.	PUNCT
cblr-1751	137	1	as	as	ADP
cblr-1751	137	2	such	such	ADJ
cblr-1751	137	3	,	,	PUNCT
cblr-1751	137	4	the	the	DET
cblr-1751	137	5	more	more	ADJ
cblr-1751	137	6	revenue	revenue	NOUN
cblr-1751	137	7	these	these	DET
cblr-1751	137	8	9	9	NUM
cblr-1751	137	9	see	see	VERB
cblr-1751	137	10	generally	generally	ADV
cblr-1751	137	11	infra	infra	VERB
cblr-1751	137	12	part	part	NOUN
cblr-1751	137	13	iii.a.1	iii.a.1	NOUN
cblr-1751	137	14	.	.	PUNCT
cblr-1751	138	1	10	10	NUM
cblr-1751	138	2	see	see	VERB
cblr-1751	138	3	goshen	goshen	PROPN
cblr-1751	138	4	&	&	CCONJ
cblr-1751	138	5	parchomovsky	parchomovsky	PROPN
cblr-1751	138	6	,	,	PUNCT
cblr-1751	138	7	supra	supra	PROPN
cblr-1751	138	8	note	note	NOUN
cblr-1751	138	9	3	3	NUM
cblr-1751	138	10	,	,	PUNCT
cblr-1751	138	11	at	at	ADP
cblr-1751	138	12	726	726	NUM
cblr-1751	138	13	(	(	PUNCT
cblr-1751	138	14	“	"	PUNCT
cblr-1751	138	15	[	[	X
cblr-1751	138	16	informed	inform	VERB
cblr-1751	138	17	]	]	PUNCT
cblr-1751	138	18	traders	trader	NOUN
cblr-1751	138	19	detect	detect	VERB
cblr-1751	138	20	discrepancies	discrepancy	NOUN
cblr-1751	138	21	between	between	ADP
cblr-1751	138	22	value	value	NOUN
cblr-1751	138	23	and	and	CCONJ
cblr-1751	138	24	[	[	X
cblr-1751	138	25	market	market	NOUN
cblr-1751	138	26	]	]	PUNCT
cblr-1751	138	27	price	price	NOUN
cblr-1751	138	28	based	base	VERB
cblr-1751	138	29	on	on	ADP
cblr-1751	138	30	the	the	DET
cblr-1751	138	31	information	information	NOUN
cblr-1751	138	32	they	they	PRON
cblr-1751	138	33	possess	possess	VERB
cblr-1751	138	34	.	.	PUNCT
cblr-1751	139	1	they	they	PRON
cblr-1751	139	2	then	then	ADV
cblr-1751	139	3	trade	trade	VERB
cblr-1751	139	4	to	to	PART
cblr-1751	139	5	capture	capture	VERB
cblr-1751	139	6	the	the	DET
cblr-1751	139	7	value	value	NOUN
cblr-1751	139	8	of	of	ADP
cblr-1751	139	9	their	their	PRON
cblr-1751	139	10	informational	informational	ADJ
cblr-1751	139	11	advantage	advantage	NOUN
cblr-1751	139	12	.	.	PUNCT
cblr-1751	139	13	”	"	PUNCT
cblr-1751	139	14	)	)	PUNCT
cblr-1751	139	15	.	.	PUNCT
cblr-1751	140	1	11	11	NUM
cblr-1751	140	2	see	see	VERB
cblr-1751	140	3	harris	harris	PROPN
cblr-1751	140	4	,	,	PUNCT
cblr-1751	140	5	supra	supra	PROPN
cblr-1751	140	6	note	note	PROPN
cblr-1751	140	7	7	7	NUM
cblr-1751	140	8	,	,	PUNCT
cblr-1751	140	9	at	at	ADP
cblr-1751	140	10	6	6	NUM
cblr-1751	140	11	(	(	PUNCT
cblr-1751	140	12	“	"	PUNCT
cblr-1751	140	13	[	[	X
cblr-1751	140	14	informed	inform	VERB
cblr-1751	140	15	]	]	X
cblr-1751	141	1	[	[	X
cblr-1751	141	2	t]raders	t]rader	NOUN
cblr-1751	141	3	.	.	PUNCT
cblr-1751	141	4	.	.	PUNCT
cblr-1751	141	5	.	.	PUNCT
cblr-1751	142	1	estimate	estimate	VERB
cblr-1751	142	2	fundamental	fundamental	ADJ
cblr-1751	142	3	values	value	NOUN
cblr-1751	142	4	[	[	X
cblr-1751	142	5	and	and	CCONJ
cblr-1751	142	6	]	]	X
cblr-1751	142	7	cause	cause	VERB
cblr-1751	142	8	prices	price	NOUN
cblr-1751	142	9	to	to	PART
cblr-1751	142	10	reflect	reflect	VERB
cblr-1751	142	11	their	their	PRON
cblr-1751	142	12	value	value	NOUN
cblr-1751	142	13	estimates	estimate	NOUN
cblr-1751	142	14	.	.	PUNCT
cblr-1751	142	15	”	"	PUNCT
cblr-1751	142	16	)	)	PUNCT
cblr-1751	142	17	.	.	PUNCT
cblr-1751	143	1	haeberle	haeberle	PROPN
cblr-1751	143	2	final	final	ADJ
cblr-1751	143	3	no	no	NOUN
cblr-1751	143	4	.	.	NOUN
cblr-1751	143	5	1:121	1:121	NUM
cblr-1751	143	6	]	]	X
cblr-1751	143	7	stock	stock	NOUN
cblr-1751	143	8	-	-	PUNCT
cblr-1751	143	9	price	price	NOUN
cblr-1751	143	10	accuracy	accuracy	NOUN
cblr-1751	143	11	133	133	NUM
cblr-1751	143	12	traders	trader	NOUN
cblr-1751	143	13	expect	expect	VERB
cblr-1751	143	14	to	to	PART
cblr-1751	143	15	earn	earn	VERB
cblr-1751	143	16	from	from	ADP
cblr-1751	143	17	profitable	profitable	ADJ
cblr-1751	143	18	trades	trade	NOUN
cblr-1751	143	19	,	,	PUNCT
cblr-1751	143	20	the	the	PRON
cblr-1751	143	21	stronger	strong	ADJ
cblr-1751	143	22	their	their	PRON
cblr-1751	143	23	incentive	incentive	NOUN
cblr-1751	143	24	to	to	PART
cblr-1751	143	25	produce	produce	VERB
cblr-1751	143	26	fundamental	fundamental	ADJ
cblr-1751	143	27	-	-	PUNCT
cblr-1751	143	28	value	value	NOUN
cblr-1751	143	29	information	information	NOUN
cblr-1751	143	30	and	and	CCONJ
cblr-1751	143	31	impound	impound	VERB
cblr-1751	143	32	it	it	PRON
cblr-1751	143	33	into	into	ADP
cblr-1751	143	34	market	market	NOUN
cblr-1751	143	35	prices	price	NOUN
cblr-1751	143	36	.	.	PUNCT
cblr-1751	144	1	conversely	conversely	ADV
cblr-1751	144	2	,	,	PUNCT
cblr-1751	144	3	the	the	DET
cblr-1751	144	4	less	less	ADV
cblr-1751	144	5	such	such	ADJ
cblr-1751	144	6	revenue	revenue	NOUN
cblr-1751	144	7	they	they	PRON
cblr-1751	144	8	expect	expect	VERB
cblr-1751	144	9	to	to	PART
cblr-1751	144	10	garner	garner	VERB
cblr-1751	144	11	,	,	PUNCT
cblr-1751	144	12	the	the	PRON
cblr-1751	144	13	weaker	weak	ADJ
cblr-1751	144	14	that	that	SCONJ
cblr-1751	144	15	information	information	NOUN
cblr-1751	144	16	production	production	NOUN
cblr-1751	144	17	-	-	PUNCT
cblr-1751	144	18	and	and	CCONJ
cblr-1751	144	19	-	-	PUNCT
cblr-1751	144	20	incorporation	incorporation	NOUN
cblr-1751	144	21	incentive	incentive	NOUN
cblr-1751	144	22	.	.	PUNCT
cblr-1751	145	1	accordingly	accordingly	ADV
cblr-1751	145	2	,	,	PUNCT
cblr-1751	145	3	the	the	DET
cblr-1751	145	4	extent	extent	NOUN
cblr-1751	145	5	to	to	PART
cblr-1751	145	6	which	which	PRON
cblr-1751	145	7	stock	stock	NOUN
cblr-1751	145	8	prices	price	NOUN
cblr-1751	145	9	will	will	AUX
cblr-1751	145	10	be	be	AUX
cblr-1751	145	11	accurate	accurate	ADJ
cblr-1751	145	12	—	—	PUNCT
cblr-1751	145	13	that	that	ADV
cblr-1751	145	14	is	is	ADV
cblr-1751	145	15	,	,	PUNCT
cblr-1751	145	16	the	the	DET
cblr-1751	145	17	extent	extent	NOUN
cblr-1751	145	18	to	to	PART
cblr-1751	145	19	which	which	PRON
cblr-1751	145	20	more	more	ADV
cblr-1751	145	21	and	and	CCONJ
cblr-1751	145	22	better	well	ADJ
cblr-1751	145	23	information	information	NOUN
cblr-1751	145	24	about	about	ADP
cblr-1751	145	25	firms	firm	NOUN
cblr-1751	145	26	’	'	PUNCT
cblr-1751	145	27	prospects	prospect	NOUN
cblr-1751	145	28	is	be	AUX
cblr-1751	145	29	produced	produce	VERB
cblr-1751	145	30	and	and	CCONJ
cblr-1751	145	31	incorporated	incorporate	VERB
cblr-1751	145	32	into	into	ADP
cblr-1751	145	33	market	market	NOUN
cblr-1751	145	34	prices	price	NOUN
cblr-1751	145	35	—	—	PUNCT
cblr-1751	145	36	is	be	AUX
cblr-1751	145	37	significantly	significantly	ADV
cblr-1751	145	38	driven	drive	VERB
cblr-1751	145	39	by	by	ADP
cblr-1751	145	40	the	the	DET
cblr-1751	145	41	amount	amount	NOUN
cblr-1751	145	42	of	of	ADP
cblr-1751	145	43	trading	trading	NOUN
cblr-1751	145	44	profits	profit	NOUN
cblr-1751	145	45	that	that	PRON
cblr-1751	145	46	informed	inform	VERB
cblr-1751	145	47	traders	trader	NOUN
cblr-1751	145	48	expect	expect	VERB
cblr-1751	145	49	to	to	PART
cblr-1751	145	50	realize	realize	VERB
cblr-1751	145	51	.	.	PUNCT
cblr-1751	146	1	b.	b.	VERB
cblr-1751	147	1	the	the	DET
cblr-1751	147	2	main	main	ADJ
cblr-1751	147	3	social	social	ADJ
cblr-1751	147	4	benefits	benefit	NOUN
cblr-1751	147	5	of	of	ADP
cblr-1751	147	6	accurate	accurate	ADJ
cblr-1751	147	7	stock	stock	NOUN
cblr-1751	147	8	prices12	prices12	NOUN
cblr-1751	147	9	for	for	ADP
cblr-1751	147	10	some	some	DET
cblr-1751	147	11	time	time	NOUN
cblr-1751	148	1	,	,	PUNCT
cblr-1751	148	2	scholars	scholar	NOUN
cblr-1751	148	3	and	and	CCONJ
cblr-1751	148	4	lawmakers	lawmaker	NOUN
cblr-1751	148	5	alike	alike	ADV
cblr-1751	148	6	have	have	AUX
cblr-1751	148	7	contended	contend	VERB
cblr-1751	148	8	that	that	SCONJ
cblr-1751	148	9	two	two	NUM
cblr-1751	148	10	main	main	ADJ
cblr-1751	148	11	social	social	ADJ
cblr-1751	148	12	benefits	benefit	NOUN
cblr-1751	148	13	result	result	VERB
cblr-1751	148	14	when	when	SCONJ
cblr-1751	148	15	stocks	stock	NOUN
cblr-1751	148	16	’	'	PUNCT
cblr-1751	148	17	market	market	NOUN
cblr-1751	148	18	prices	price	NOUN
cblr-1751	148	19	are	be	AUX
cblr-1751	148	20	closer	close	ADJ
cblr-1751	148	21	to	to	ADP
cblr-1751	148	22	their	their	PRON
cblr-1751	148	23	values	value	NOUN
cblr-1751	148	24	:	:	PUNCT
cblr-1751	148	25	corporations	corporation	NOUN
cblr-1751	148	26	are	be	AUX
cblr-1751	148	27	better	well	ADV
cblr-1751	148	28	governed	govern	VERB
cblr-1751	148	29	,	,	PUNCT
cblr-1751	148	30	and	and	CCONJ
cblr-1751	148	31	capital	capital	NOUN
cblr-1751	148	32	is	be	AUX
cblr-1751	148	33	better	well	ADJ
cblr-1751	148	34	allocated.13	allocated.13	VERB
cblr-1751	148	35	1	1	NUM
cblr-1751	148	36	.	.	PUNCT
cblr-1751	149	1	corporate	corporate	ADJ
cblr-1751	149	2	governance	governance	NOUN
cblr-1751	149	3	conventional	conventional	ADJ
cblr-1751	149	4	economic	economic	ADJ
cblr-1751	149	5	theory	theory	NOUN
cblr-1751	149	6	asserts	assert	VERB
cblr-1751	149	7	that	that	SCONJ
cblr-1751	149	8	society	society	NOUN
cblr-1751	149	9	obtains	obtain	VERB
cblr-1751	149	10	more	more	ADJ
cblr-1751	149	11	wealth	wealth	NOUN
cblr-1751	149	12	when	when	SCONJ
cblr-1751	149	13	publicly	publicly	ADV
cblr-1751	149	14	traded	trade	VERB
cblr-1751	149	15	corporations	corporation	NOUN
cblr-1751	149	16	maximize	maximize	VERB
cblr-1751	149	17	their	their	PRON
cblr-1751	149	18	own	own	ADJ
cblr-1751	149	19	values	value	NOUN
cblr-1751	149	20	.	.	PUNCT
cblr-1751	150	1	(	(	PUNCT
cblr-1751	150	2	this	this	DET
cblr-1751	150	3	assertion	assertion	NOUN
cblr-1751	150	4	assumes	assume	VERB
cblr-1751	150	5	,	,	PUNCT
cblr-1751	150	6	among	among	ADP
cblr-1751	150	7	other	other	ADJ
cblr-1751	150	8	things	thing	NOUN
cblr-1751	150	9	,	,	PUNCT
cblr-1751	150	10	that	that	PRON
cblr-1751	150	11	externalities	externalitie	VERB
cblr-1751	150	12	such	such	ADJ
cblr-1751	150	13	as	as	ADP
cblr-1751	150	14	pollution	pollution	NOUN
cblr-1751	150	15	are	be	AUX
cblr-1751	150	16	controlled	control	VERB
cblr-1751	150	17	.	.	PUNCT
cblr-1751	150	18	)	)	PUNCT
cblr-1751	151	1	economists	economist	NOUN
cblr-1751	151	2	reason	reason	NOUN
cblr-1751	151	3	as	as	SCONJ
cblr-1751	151	4	follows	follow	VERB
cblr-1751	151	5	:	:	PUNCT
cblr-1751	151	6	firms	firm	NOUN
cblr-1751	151	7	generally	generally	ADV
cblr-1751	151	8	maximize	maximize	VERB
cblr-1751	151	9	their	their	PRON
cblr-1751	151	10	values	value	NOUN
cblr-1751	151	11	when	when	SCONJ
cblr-1751	151	12	they	they	PRON
cblr-1751	151	13	maximize	maximize	VERB
cblr-1751	151	14	their	their	PRON
cblr-1751	151	15	profits	profit	NOUN
cblr-1751	151	16	;	;	PUNCT
cblr-1751	151	17	firms	firm	NOUN
cblr-1751	151	18	’	'	PUNCT
cblr-1751	151	19	revenues	revenue	NOUN
cblr-1751	151	20	are	be	AUX
cblr-1751	151	21	a	a	DET
cblr-1751	151	22	measure	measure	NOUN
cblr-1751	151	23	of	of	ADP
cblr-1751	151	24	the	the	DET
cblr-1751	151	25	benefits	benefit	NOUN
cblr-1751	151	26	they	they	PRON
cblr-1751	151	27	add	add	VERB
cblr-1751	151	28	to	to	ADP
cblr-1751	151	29	society	society	NOUN
cblr-1751	151	30	;	;	PUNCT
cblr-1751	151	31	firms	firm	NOUN
cblr-1751	151	32	’	'	PUNCT
cblr-1751	151	33	costs	cost	NOUN
cblr-1751	151	34	are	be	AUX
cblr-1751	151	35	an	an	DET
cblr-1751	151	36	indicator	indicator	NOUN
cblr-1751	151	37	of	of	ADP
cblr-1751	151	38	the	the	DET
cblr-1751	151	39	resources	resource	NOUN
cblr-1751	151	40	they	they	PRON
cblr-1751	151	41	take	take	VERB
cblr-1751	151	42	away	away	ADV
cblr-1751	151	43	from	from	ADP
cblr-1751	151	44	society	society	NOUN
cblr-1751	151	45	;	;	PUNCT
cblr-1751	151	46	and	and	CCONJ
cblr-1751	151	47	finally	finally	ADV
cblr-1751	151	48	,	,	PUNCT
cblr-1751	151	49	firms	firm	NOUN
cblr-1751	151	50	’	'	PUNCT
cblr-1751	151	51	profits	profit	NOUN
cblr-1751	151	52	(	(	PUNCT
cblr-1751	151	53	i.e.	i.e.	X
cblr-1751	151	54	,	,	PUNCT
cblr-1751	151	55	their	their	PRON
cblr-1751	151	56	revenues	revenue	NOUN
cblr-1751	151	57	minus	minus	CCONJ
cblr-1751	151	58	their	their	PRON
cblr-1751	151	59	costs	cost	NOUN
cblr-1751	151	60	)	)	PUNCT
cblr-1751	151	61	therefore	therefore	ADV
cblr-1751	151	62	serve	serve	VERB
cblr-1751	151	63	as	as	ADP
cblr-1751	151	64	a	a	DET
cblr-1751	151	65	loose	loose	ADJ
cblr-1751	151	66	proxy	proxy	NOUN
cblr-1751	151	67	for	for	ADP
cblr-1751	151	68	the	the	DET
cblr-1751	151	69	net	net	NOUN
cblr-1751	151	70	12	12	NUM
cblr-1751	151	71	although	although	SCONJ
cblr-1751	151	72	i	i	PRON
cblr-1751	151	73	focus	focus	VERB
cblr-1751	151	74	on	on	ADP
cblr-1751	151	75	the	the	DET
cblr-1751	151	76	two	two	NUM
cblr-1751	151	77	main	main	ADJ
cblr-1751	151	78	social	social	ADJ
cblr-1751	151	79	benefits	benefit	NOUN
cblr-1751	151	80	of	of	ADP
cblr-1751	151	81	accurate	accurate	ADJ
cblr-1751	151	82	stock	stock	NOUN
cblr-1751	151	83	prices	price	NOUN
cblr-1751	151	84	,	,	PUNCT
cblr-1751	151	85	more	more	ADV
cblr-1751	151	86	accurate	accurate	ADJ
cblr-1751	151	87	pricing	pricing	NOUN
cblr-1751	151	88	likely	likely	ADV
cblr-1751	151	89	also	also	ADV
cblr-1751	151	90	leads	lead	VERB
cblr-1751	151	91	to	to	ADP
cblr-1751	151	92	other	other	ADJ
cblr-1751	151	93	important	important	ADJ
cblr-1751	151	94	social	social	ADJ
cblr-1751	151	95	benefits	benefit	NOUN
cblr-1751	151	96	.	.	PUNCT
cblr-1751	152	1	for	for	ADP
cblr-1751	152	2	example	example	NOUN
cblr-1751	152	3	,	,	PUNCT
cblr-1751	152	4	investors	investor	NOUN
cblr-1751	152	5	will	will	AUX
cblr-1751	152	6	discount	discount	VERB
cblr-1751	152	7	the	the	DET
cblr-1751	152	8	amount	amount	NOUN
cblr-1751	152	9	they	they	PRON
cblr-1751	152	10	are	be	AUX
cblr-1751	152	11	willing	willing	ADJ
cblr-1751	152	12	to	to	PART
cblr-1751	152	13	pay	pay	VERB
cblr-1751	152	14	in	in	ADP
cblr-1751	152	15	return	return	NOUN
cblr-1751	152	16	for	for	ADP
cblr-1751	152	17	a	a	DET
cblr-1751	152	18	company	company	NOUN
cblr-1751	152	19	’s	’s	PART
cblr-1751	152	20	stock	stock	NOUN
cblr-1751	152	21	if	if	SCONJ
cblr-1751	152	22	it	it	PRON
cblr-1751	152	23	is	be	AUX
cblr-1751	152	24	likely	likely	ADJ
cblr-1751	152	25	to	to	PART
cblr-1751	152	26	be	be	AUX
cblr-1751	152	27	inaccurately	inaccurately	ADV
cblr-1751	152	28	priced	price	VERB
cblr-1751	152	29	.	.	PUNCT
cblr-1751	153	1	those	those	DET
cblr-1751	153	2	discounts	discount	NOUN
cblr-1751	153	3	harm	harm	VERB
cblr-1751	153	4	society	society	NOUN
cblr-1751	153	5	by	by	ADP
cblr-1751	153	6	increasing	increase	VERB
cblr-1751	153	7	the	the	DET
cblr-1751	153	8	cost	cost	NOUN
cblr-1751	153	9	of	of	ADP
cblr-1751	153	10	capital	capital	NOUN
cblr-1751	153	11	for	for	ADP
cblr-1751	153	12	firms	firm	NOUN
cblr-1751	153	13	.	.	PUNCT
cblr-1751	154	1	the	the	DET
cblr-1751	154	2	existence	existence	NOUN
cblr-1751	154	3	of	of	ADP
cblr-1751	154	4	this	this	DET
cblr-1751	154	5	common	common	ADJ
cblr-1751	154	6	discounting	discount	VERB
cblr-1751	154	7	practice	practice	NOUN
cblr-1751	154	8	dictates	dictate	VERB
cblr-1751	154	9	that	that	SCONJ
cblr-1751	154	10	higher	high	ADJ
cblr-1751	154	11	levels	level	NOUN
cblr-1751	154	12	of	of	ADP
cblr-1751	154	13	stock	stock	NOUN
cblr-1751	154	14	-	-	PUNCT
cblr-1751	154	15	price	price	NOUN
cblr-1751	154	16	accuracy	accuracy	NOUN
cblr-1751	154	17	would	would	AUX
cblr-1751	154	18	,	,	PUNCT
cblr-1751	154	19	at	at	ADP
cblr-1751	154	20	a	a	DET
cblr-1751	154	21	minimum	minimum	NOUN
cblr-1751	154	22	,	,	PUNCT
cblr-1751	154	23	reduce	reduce	VERB
cblr-1751	154	24	the	the	DET
cblr-1751	154	25	magnitude	magnitude	NOUN
cblr-1751	154	26	of	of	ADP
cblr-1751	154	27	such	such	ADJ
cblr-1751	154	28	discounts	discount	NOUN
cblr-1751	154	29	and	and	CCONJ
cblr-1751	154	30	therefore	therefore	ADV
cblr-1751	154	31	benefit	benefit	VERB
cblr-1751	154	32	society	society	NOUN
cblr-1751	154	33	.	.	PUNCT
cblr-1751	155	1	13	13	NUM
cblr-1751	155	2	see	see	VERB
cblr-1751	155	3	,	,	PUNCT
cblr-1751	155	4	e.g.	e.g.	ADV
cblr-1751	155	5	,	,	PUNCT
cblr-1751	155	6	fox	fox	PROPN
cblr-1751	155	7	,	,	PUNCT
cblr-1751	155	8	supra	supra	PROPN
cblr-1751	155	9	note	note	PROPN
cblr-1751	155	10	8	8	NUM
cblr-1751	155	11	,	,	PUNCT
cblr-1751	155	12	at	at	ADP
cblr-1751	155	13	1013–14	1013–14	NUM
cblr-1751	155	14	(	(	PUNCT
cblr-1751	155	15	discussing	discuss	VERB
cblr-1751	155	16	the	the	DET
cblr-1751	155	17	social	social	ADJ
cblr-1751	155	18	benefits	benefit	NOUN
cblr-1751	155	19	of	of	ADP
cblr-1751	155	20	enhanced	enhanced	ADJ
cblr-1751	155	21	stock	stock	NOUN
cblr-1751	155	22	-	-	PUNCT
cblr-1751	155	23	price	price	NOUN
cblr-1751	155	24	accuracy	accuracy	NOUN
cblr-1751	155	25	)	)	PUNCT
cblr-1751	155	26	.	.	PUNCT
cblr-1751	156	1	haeberle	haeberle	PROPN
cblr-1751	156	2	final	final	ADJ
cblr-1751	156	3	134	134	NUM
cblr-1751	156	4	columbia	columbia	PROPN
cblr-1751	156	5	business	business	NOUN
cblr-1751	156	6	law	law	NOUN
cblr-1751	156	7	review	review	NOUN
cblr-1751	156	8	[	[	X
cblr-1751	156	9	vol	vol	NOUN
cblr-1751	156	10	.	.	NOUN
cblr-1751	156	11	2015	2015	NUM
cblr-1751	156	12	utility	utility	NOUN
cblr-1751	156	13	gains	gain	NOUN
cblr-1751	156	14	that	that	PRON
cblr-1751	156	15	they	they	PRON
cblr-1751	156	16	provide	provide	VERB
cblr-1751	156	17	to	to	ADP
cblr-1751	156	18	society	society	NOUN
cblr-1751	156	19	.	.	PUNCT
cblr-1751	157	1	accordingly	accordingly	ADV
cblr-1751	157	2	,	,	PUNCT
cblr-1751	157	3	members	member	NOUN
cblr-1751	157	4	of	of	ADP
cblr-1751	157	5	society	society	NOUN
cblr-1751	157	6	want	want	VERB
cblr-1751	157	7	corporations	corporation	NOUN
cblr-1751	157	8	to	to	PART
cblr-1751	157	9	maximize	maximize	VERB
cblr-1751	157	10	their	their	PRON
cblr-1751	157	11	own	own	ADJ
cblr-1751	157	12	values	value	NOUN
cblr-1751	157	13	so	so	SCONJ
cblr-1751	157	14	that	that	SCONJ
cblr-1751	157	15	society	society	NOUN
cblr-1751	157	16	has	have	VERB
cblr-1751	157	17	more	more	ADJ
cblr-1751	157	18	wealth	wealth	NOUN
cblr-1751	157	19	—	—	PUNCT
cblr-1751	157	20	wealth	wealth	NOUN
cblr-1751	157	21	that	that	SCONJ
cblr-1751	157	22	it	it	PRON
cblr-1751	157	23	may	may	AUX
cblr-1751	157	24	ultimately	ultimately	ADV
cblr-1751	157	25	distribute	distribute	VERB
cblr-1751	157	26	as	as	SCONJ
cblr-1751	157	27	it	it	PRON
cblr-1751	157	28	sees	see	VERB
cblr-1751	157	29	fit	fit	ADJ
cblr-1751	157	30	.	.	PUNCT
cblr-1751	158	1	shareholders	shareholder	NOUN
cblr-1751	158	2	also	also	ADV
cblr-1751	158	3	want	want	VERB
cblr-1751	158	4	the	the	DET
cblr-1751	158	5	firms	firm	NOUN
cblr-1751	158	6	they	they	PRON
cblr-1751	158	7	own	own	VERB
cblr-1751	158	8	to	to	PART
cblr-1751	158	9	maximize	maximize	VERB
cblr-1751	158	10	their	their	PRON
cblr-1751	158	11	own	own	ADJ
cblr-1751	158	12	values	value	NOUN
cblr-1751	158	13	.	.	PUNCT
cblr-1751	159	1	indeed	indeed	ADV
cblr-1751	159	2	,	,	PUNCT
cblr-1751	159	3	firm	firm	ADJ
cblr-1751	159	4	value	value	NOUN
cblr-1751	159	5	maximization	maximization	NOUN
cblr-1751	159	6	,	,	PUNCT
cblr-1751	159	7	which	which	PRON
cblr-1751	159	8	maximizes	maximize	VERB
cblr-1751	159	9	shareholder	shareholder	NOUN
cblr-1751	159	10	investment	investment	NOUN
cblr-1751	159	11	returns	return	NOUN
cblr-1751	159	12	,	,	PUNCT
cblr-1751	159	13	is	be	AUX
cblr-1751	159	14	generally	generally	ADV
cblr-1751	159	15	the	the	DET
cblr-1751	159	16	only	only	ADJ
cblr-1751	159	17	goal	goal	NOUN
cblr-1751	159	18	on	on	ADP
cblr-1751	159	19	which	which	PRON
cblr-1751	159	20	the	the	DET
cblr-1751	159	21	long	long	ADJ
cblr-1751	159	22	line	line	NOUN
cblr-1751	159	23	of	of	ADP
cblr-1751	159	24	diverse	diverse	ADJ
cblr-1751	159	25	shareholders	shareholder	NOUN
cblr-1751	159	26	of	of	ADP
cblr-1751	159	27	publicly	publicly	ADV
cblr-1751	159	28	traded	trade	VERB
cblr-1751	159	29	companies	company	NOUN
cblr-1751	159	30	can	can	AUX
cblr-1751	159	31	find	find	VERB
cblr-1751	159	32	common	common	ADJ
cblr-1751	159	33	ground.14	ground.14	NOUN
cblr-1751	159	34	however	however	ADV
cblr-1751	159	35	,	,	PUNCT
cblr-1751	159	36	for	for	ADP
cblr-1751	159	37	the	the	DET
cblr-1751	159	38	overwhelming	overwhelming	ADJ
cblr-1751	159	39	majority	majority	NOUN
cblr-1751	159	40	of	of	ADP
cblr-1751	159	41	public	public	ADJ
cblr-1751	159	42	firms	firm	NOUN
cblr-1751	159	43	,	,	PUNCT
cblr-1751	159	44	the	the	DET
cblr-1751	159	45	main	main	ADJ
cblr-1751	159	46	decisions	decision	NOUN
cblr-1751	159	47	that	that	PRON
cblr-1751	159	48	determine	determine	VERB
cblr-1751	159	49	whether	whether	SCONJ
cblr-1751	159	50	or	or	CCONJ
cblr-1751	159	51	not	not	PART
cblr-1751	159	52	the	the	DET
cblr-1751	159	53	company	company	NOUN
cblr-1751	159	54	will	will	AUX
cblr-1751	159	55	in	in	ADP
cblr-1751	159	56	fact	fact	NOUN
cblr-1751	159	57	maximize	maximize	VERB
cblr-1751	159	58	its	its	PRON
cblr-1751	159	59	profits	profit	NOUN
cblr-1751	159	60	fall	fall	VERB
cblr-1751	159	61	not	not	PART
cblr-1751	159	62	within	within	ADP
cblr-1751	159	63	the	the	DET
cblr-1751	159	64	domain	domain	NOUN
cblr-1751	159	65	of	of	ADP
cblr-1751	159	66	society	society	NOUN
cblr-1751	159	67	or	or	CCONJ
cblr-1751	159	68	shareholders	shareholder	NOUN
cblr-1751	159	69	,	,	PUNCT
cblr-1751	159	70	but	but	CCONJ
cblr-1751	159	71	within	within	ADP
cblr-1751	159	72	that	that	PRON
cblr-1751	159	73	of	of	ADP
cblr-1751	159	74	corporate	corporate	ADJ
cblr-1751	159	75	managers	manager	NOUN
cblr-1751	159	76	—	—	PUNCT
cblr-1751	159	77	agents	agent	NOUN
cblr-1751	159	78	whose	whose	DET
cblr-1751	159	79	interests	interest	NOUN
cblr-1751	159	80	often	often	ADV
cblr-1751	159	81	diverge	diverge	VERB
cblr-1751	159	82	from	from	ADP
cblr-1751	159	83	those	those	PRON
cblr-1751	159	84	of	of	ADP
cblr-1751	159	85	their	their	PRON
cblr-1751	159	86	principals	principal	NOUN
cblr-1751	159	87	.	.	PUNCT
cblr-1751	160	1	as	as	ADP
cblr-1751	160	2	a	a	DET
cblr-1751	160	3	result	result	NOUN
cblr-1751	160	4	of	of	ADP
cblr-1751	160	5	this	this	DET
cblr-1751	160	6	conflict	conflict	NOUN
cblr-1751	160	7	,	,	PUNCT
cblr-1751	160	8	both	both	CCONJ
cblr-1751	160	9	society	society	NOUN
cblr-1751	160	10	and	and	CCONJ
cblr-1751	160	11	shareholders	shareholder	NOUN
cblr-1751	160	12	suffer	suffer	VERB
cblr-1751	160	13	wealth	wealth	NOUN
cblr-1751	160	14	losses	loss	NOUN
cblr-1751	160	15	in	in	ADP
cblr-1751	160	16	the	the	DET
cblr-1751	160	17	form	form	NOUN
cblr-1751	160	18	of	of	ADP
cblr-1751	160	19	wellknown	wellknown	ADJ
cblr-1751	160	20	corporate	corporate	ADJ
cblr-1751	160	21	agency	agency	NOUN
cblr-1751	160	22	costs	cost	NOUN
cblr-1751	160	23	—	—	PUNCT
cblr-1751	160	24	costs	cost	NOUN
cblr-1751	160	25	that	that	PRON
cblr-1751	160	26	arise	arise	VERB
cblr-1751	160	27	out	out	ADP
cblr-1751	160	28	of	of	ADP
cblr-1751	160	29	agent	agent	NOUN
cblr-1751	160	30	managers	manager	NOUN
cblr-1751	160	31	failing	fail	VERB
cblr-1751	160	32	to	to	PART
cblr-1751	160	33	diligently	diligently	ADV
cblr-1751	160	34	and	and	CCONJ
cblr-1751	160	35	loyally	loyally	ADV
cblr-1751	160	36	further	far	ADV
cblr-1751	160	37	the	the	DET
cblr-1751	160	38	social	social	ADJ
cblr-1751	160	39	and	and	CCONJ
cblr-1751	160	40	shareholder	shareholder	NOUN
cblr-1751	160	41	-	-	PUNCT
cblr-1751	160	42	owner	owner	NOUN
cblr-1751	160	43	goal	goal	NOUN
cblr-1751	160	44	of	of	ADP
cblr-1751	160	45	maximizing	maximize	VERB
cblr-1751	160	46	firm	firm	ADJ
cblr-1751	160	47	values.15	values.15	NOUN
cblr-1751	160	48	reducing	reduce	VERB
cblr-1751	160	49	these	these	DET
cblr-1751	160	50	agency	agency	NOUN
cblr-1751	160	51	costs	cost	NOUN
cblr-1751	160	52	is	be	AUX
cblr-1751	160	53	one	one	NUM
cblr-1751	160	54	of	of	ADP
cblr-1751	160	55	the	the	DET
cblr-1751	160	56	principal	principal	NOUN
cblr-1751	160	57	aims	aim	NOUN
cblr-1751	160	58	of	of	ADP
cblr-1751	160	59	corporate	corporate	ADJ
cblr-1751	160	60	law.16	law.16	NOUN
cblr-1751	160	61	toward	toward	ADP
cblr-1751	160	62	that	that	DET
cblr-1751	160	63	end	end	NOUN
cblr-1751	160	64	,	,	PUNCT
cblr-1751	160	65	corporate	corporate	ADJ
cblr-1751	160	66	law	law	NOUN
cblr-1751	160	67	has	have	AUX
cblr-1751	160	68	generated	generate	VERB
cblr-1751	160	69	a	a	DET
cblr-1751	160	70	wide	wide	ADJ
cblr-1751	160	71	range	range	NOUN
cblr-1751	160	72	of	of	ADP
cblr-1751	160	73	agency	agency	NOUN
cblr-1751	160	74	-	-	PUNCT
cblr-1751	160	75	cost	cost	NOUN
cblr-1751	160	76	-	-	PUNCT
cblr-1751	160	77	reducing	reduce	VERB
cblr-1751	160	78	governance	governance	NOUN
cblr-1751	160	79	devices	device	NOUN
cblr-1751	160	80	—	—	PUNCT
cblr-1751	160	81	including	include	VERB
cblr-1751	160	82	traditional	traditional	ADJ
cblr-1751	160	83	ones	one	NOUN
cblr-1751	160	84	relating	relate	VERB
cblr-1751	160	85	to	to	ADP
cblr-1751	160	86	board	board	NOUN
cblr-1751	160	87	supervision	supervision	NOUN
cblr-1751	160	88	,	,	PUNCT
cblr-1751	160	89	shareholder	shareholder	NOUN
cblr-1751	160	90	voting	voting	NOUN
cblr-1751	160	91	,	,	PUNCT
cblr-1751	160	92	and	and	CCONJ
cblr-1751	160	93	manager	manager	NOUN
cblr-1751	160	94	fiduciary	fiduciary	ADJ
cblr-1751	160	95	duties	duty	NOUN
cblr-1751	160	96	.	.	PUNCT
cblr-1751	161	1	the	the	DET
cblr-1751	161	2	supervision	supervision	NOUN
cblr-1751	161	3	of	of	ADP
cblr-1751	161	4	corporate	corporate	ADJ
cblr-1751	161	5	officers	officer	NOUN
cblr-1751	161	6	by	by	ADP
cblr-1751	161	7	a	a	DET
cblr-1751	161	8	centralized	centralized	ADJ
cblr-1751	161	9	board	board	NOUN
cblr-1751	161	10	with	with	ADP
cblr-1751	161	11	independent	independent	ADJ
cblr-1751	161	12	directors	director	NOUN
cblr-1751	161	13	—	—	PUNCT
cblr-1751	161	14	which	which	PRON
cblr-1751	161	15	is	be	AUX
cblr-1751	161	16	required	require	VERB
cblr-1751	161	17	by	by	ADP
cblr-1751	161	18	sec	sec	PROPN
cblr-1751	161	19	-	-	PUNCT
cblr-1751	161	20	approved	approve	VERB
cblr-1751	161	21	exchange	exchange	NOUN
cblr-1751	161	22	requirements	requirement	NOUN
cblr-1751	161	23	for	for	ADP
cblr-1751	161	24	publicly	publicly	ADV
cblr-1751	161	25	traded	trade	VERB
cblr-1751	161	26	14	14	NUM
cblr-1751	161	27	richard	richard	PROPN
cblr-1751	161	28	a.	a.	NOUN
cblr-1751	161	29	brealey	brealey	PROPN
cblr-1751	161	30	,	,	PUNCT
cblr-1751	161	31	stewart	stewart	PROPN
cblr-1751	161	32	c.	c.	PROPN
cblr-1751	161	33	myers	myers	PROPN
cblr-1751	161	34	&	&	CCONJ
cblr-1751	161	35	franklin	franklin	PROPN
cblr-1751	161	36	allen	allen	PROPN
cblr-1751	161	37	,	,	PUNCT
cblr-1751	161	38	principles	principle	NOUN
cblr-1751	161	39	of	of	ADP
cblr-1751	161	40	corporate	corporate	ADJ
cblr-1751	161	41	finance	finance	NOUN
cblr-1751	161	42	7	7	NUM
cblr-1751	161	43	(	(	PUNCT
cblr-1751	161	44	11th	11th	ADJ
cblr-1751	161	45	ed	ed	NOUN
cblr-1751	161	46	.	.	PROPN
cblr-1751	161	47	2013	2013	NUM
cblr-1751	161	48	)	)	PUNCT
cblr-1751	161	49	(	(	PUNCT
cblr-1751	161	50	noting	note	VERB
cblr-1751	161	51	that	that	SCONJ
cblr-1751	161	52	shareholders	shareholder	NOUN
cblr-1751	161	53	“	"	PUNCT
cblr-1751	161	54	differ	differ	VERB
cblr-1751	161	55	in	in	ADP
cblr-1751	161	56	age	age	NOUN
cblr-1751	161	57	,	,	PUNCT
cblr-1751	161	58	tastes	taste	NOUN
cblr-1751	161	59	,	,	PUNCT
cblr-1751	161	60	wealth	wealth	NOUN
cblr-1751	161	61	,	,	PUNCT
cblr-1751	161	62	time	time	NOUN
cblr-1751	161	63	horizon	horizon	NOUN
cblr-1751	161	64	,	,	PUNCT
cblr-1751	161	65	risk	risk	NOUN
cblr-1751	161	66	tolerance	tolerance	NOUN
cblr-1751	161	67	,	,	PUNCT
cblr-1751	161	68	and	and	CCONJ
cblr-1751	161	69	investment	investment	NOUN
cblr-1751	161	70	strategy	strategy	NOUN
cblr-1751	161	71	”	"	PUNCT
cblr-1751	161	72	but	but	CCONJ
cblr-1751	161	73	that	that	SCONJ
cblr-1751	161	74	they	they	PRON
cblr-1751	161	75	can	can	AUX
cblr-1751	161	76	all	all	ADV
cblr-1751	161	77	agree	agree	VERB
cblr-1751	161	78	on	on	ADP
cblr-1751	161	79	the	the	DET
cblr-1751	161	80	financial	financial	ADJ
cblr-1751	161	81	objective	objective	NOUN
cblr-1751	161	82	of	of	ADP
cblr-1751	161	83	“	"	PUNCT
cblr-1751	161	84	[	[	X
cblr-1751	161	85	m]aximiz[ing	m]aximiz[ing	NOUN
cblr-1751	161	86	]	]	PUNCT
cblr-1751	161	87	the	the	DET
cblr-1751	161	88	current	current	ADJ
cblr-1751	161	89	market	market	NOUN
cblr-1751	161	90	value	value	NOUN
cblr-1751	161	91	of	of	ADP
cblr-1751	161	92	[	[	X
cblr-1751	161	93	their	their	PRON
cblr-1751	161	94	]	]	X
cblr-1751	161	95	investment	investment	NOUN
cblr-1751	161	96	in	in	ADP
cblr-1751	161	97	the	the	DET
cblr-1751	161	98	firm	firm	NOUN
cblr-1751	161	99	.	.	PUNCT
cblr-1751	161	100	”	"	PUNCT
cblr-1751	161	101	)	)	PUNCT
cblr-1751	161	102	.	.	PUNCT
cblr-1751	162	1	15	15	NUM
cblr-1751	162	2	see	see	VERB
cblr-1751	162	3	,	,	PUNCT
cblr-1751	162	4	e.g.	e.g.	ADV
cblr-1751	162	5	,	,	PUNCT
cblr-1751	162	6	adolf	adolf	PROPN
cblr-1751	162	7	berle	berle	PROPN
cblr-1751	162	8	,	,	PUNCT
cblr-1751	162	9	jr	jr	PROPN
cblr-1751	162	10	.	.	PROPN
cblr-1751	162	11	&	&	CCONJ
cblr-1751	162	12	gardiner	gardiner	PROPN
cblr-1751	162	13	c.	c.	PROPN
cblr-1751	162	14	means	mean	VERB
cblr-1751	162	15	,	,	PUNCT
cblr-1751	162	16	the	the	DET
cblr-1751	162	17	modern	modern	ADJ
cblr-1751	162	18	corporation	corporation	NOUN
cblr-1751	162	19	and	and	CCONJ
cblr-1751	162	20	private	private	ADJ
cblr-1751	162	21	property	property	NOUN
cblr-1751	162	22	(	(	PUNCT
cblr-1751	162	23	1932	1932	NUM
cblr-1751	162	24	)	)	PUNCT
cblr-1751	162	25	(	(	PUNCT
cblr-1751	162	26	providing	provide	VERB
cblr-1751	162	27	the	the	DET
cblr-1751	162	28	seminal	seminal	ADJ
cblr-1751	162	29	articulation	articulation	NOUN
cblr-1751	162	30	of	of	ADP
cblr-1751	162	31	the	the	DET
cblr-1751	162	32	agency	agency	NOUN
cblr-1751	162	33	problem	problem	NOUN
cblr-1751	162	34	that	that	PRON
cblr-1751	162	35	flows	flow	VERB
cblr-1751	162	36	from	from	ADP
cblr-1751	162	37	the	the	DET
cblr-1751	162	38	separation	separation	NOUN
cblr-1751	162	39	of	of	ADP
cblr-1751	162	40	ownership	ownership	NOUN
cblr-1751	162	41	from	from	ADP
cblr-1751	162	42	control	control	NOUN
cblr-1751	162	43	in	in	ADP
cblr-1751	162	44	publicly	publicly	ADV
cblr-1751	162	45	traded	trade	VERB
cblr-1751	162	46	corporations	corporation	NOUN
cblr-1751	162	47	)	)	PUNCT
cblr-1751	162	48	.	.	PUNCT
cblr-1751	163	1	16	16	NUM
cblr-1751	163	2	see	see	VERB
cblr-1751	163	3	,	,	PUNCT
cblr-1751	163	4	e.g.	e.g.	ADV
cblr-1751	163	5	,	,	PUNCT
cblr-1751	163	6	william	william	PROPN
cblr-1751	163	7	t.	t.	PROPN
cblr-1751	163	8	allen	allen	PROPN
cblr-1751	163	9	,	,	PUNCT
cblr-1751	163	10	reinier	reinier	PROPN
cblr-1751	163	11	kraakman	kraakman	PROPN
cblr-1751	163	12	&	&	CCONJ
cblr-1751	163	13	guhan	guhan	PROPN
cblr-1751	163	14	subramanian	subramanian	PROPN
cblr-1751	163	15	,	,	PUNCT
cblr-1751	163	16	commentaries	commentary	NOUN
cblr-1751	163	17	and	and	CCONJ
cblr-1751	163	18	cases	case	NOUN
cblr-1751	163	19	on	on	ADP
cblr-1751	163	20	the	the	DET
cblr-1751	163	21	law	law	NOUN
cblr-1751	163	22	of	of	ADP
cblr-1751	163	23	business	business	NOUN
cblr-1751	163	24	organizations	organization	NOUN
cblr-1751	163	25	12–13	12–13	NUM
cblr-1751	163	26	(	(	PUNCT
cblr-1751	163	27	3d	3d	NUM
cblr-1751	163	28	ed	ed	NOUN
cblr-1751	163	29	.	.	PROPN
cblr-1751	163	30	2009	2009	NUM
cblr-1751	163	31	)	)	PUNCT
cblr-1751	163	32	.	.	PUNCT
cblr-1751	164	1	haeberle	haeberle	PROPN
cblr-1751	164	2	final	final	ADJ
cblr-1751	164	3	no	no	NOUN
cblr-1751	164	4	.	.	NOUN
cblr-1751	164	5	1:121	1:121	NUM
cblr-1751	164	6	]	]	X
cblr-1751	164	7	stock	stock	NOUN
cblr-1751	164	8	-	-	PUNCT
cblr-1751	164	9	price	price	NOUN
cblr-1751	164	10	accuracy	accuracy	NOUN
cblr-1751	164	11	135	135	NUM
cblr-1751	164	12	companies	company	NOUN
cblr-1751	164	13	—	—	PUNCT
cblr-1751	164	14	is	be	AUX
cblr-1751	164	15	widely	widely	ADV
cblr-1751	164	16	thought	think	VERB
cblr-1751	164	17	to	to	PART
cblr-1751	164	18	reduce	reduce	VERB
cblr-1751	164	19	these	these	DET
cblr-1751	164	20	costs	cost	NOUN
cblr-1751	164	21	by	by	ADP
cblr-1751	164	22	ensuring	ensure	VERB
cblr-1751	164	23	that	that	SCONJ
cblr-1751	164	24	a	a	DET
cblr-1751	164	25	small	small	ADJ
cblr-1751	164	26	group	group	NOUN
cblr-1751	164	27	of	of	ADP
cblr-1751	164	28	individuals	individual	NOUN
cblr-1751	164	29	that	that	PRON
cblr-1751	164	30	contains	contain	VERB
cblr-1751	164	31	outside	outside	ADJ
cblr-1751	164	32	supervisors	supervisor	NOUN
cblr-1751	164	33	can	can	AUX
cblr-1751	164	34	better	well	ADV
cblr-1751	164	35	monitor	monitor	VERB
cblr-1751	164	36	(	(	PUNCT
cblr-1751	164	37	and	and	CCONJ
cblr-1751	164	38	increase	increase	VERB
cblr-1751	164	39	)	)	PUNCT
cblr-1751	164	40	the	the	DET
cblr-1751	164	41	extent	extent	NOUN
cblr-1751	164	42	to	to	PART
cblr-1751	164	43	which	which	PRON
cblr-1751	164	44	firm	firm	NOUN
cblr-1751	164	45	insiders	insider	NOUN
cblr-1751	164	46	are	be	AUX
cblr-1751	164	47	maximizing	maximize	VERB
cblr-1751	164	48	profits	profit	NOUN
cblr-1751	164	49	on	on	ADP
cblr-1751	164	50	shareholders	shareholder	NOUN
cblr-1751	164	51	’	'	PUNCT
cblr-1751	164	52	behalf.17	behalf.17	VERB
cblr-1751	164	53	the	the	DET
cblr-1751	164	54	shareholder	shareholder	NOUN
cblr-1751	164	55	right	right	ADJ
cblr-1751	164	56	to	to	PART
cblr-1751	164	57	vote	vote	VERB
cblr-1751	164	58	in	in	ADP
cblr-1751	164	59	the	the	DET
cblr-1751	164	60	election	election	NOUN
cblr-1751	164	61	of	of	ADP
cblr-1751	164	62	directors	director	NOUN
cblr-1751	164	63	and	and	CCONJ
cblr-1751	164	64	a	a	DET
cblr-1751	164	65	variety	variety	NOUN
cblr-1751	164	66	of	of	ADP
cblr-1751	164	67	other	other	ADJ
cblr-1751	164	68	key	key	ADJ
cblr-1751	164	69	company	company	NOUN
cblr-1751	164	70	decisions	decision	NOUN
cblr-1751	164	71	—	—	PUNCT
cblr-1751	164	72	a	a	DET
cblr-1751	164	73	franchise	franchise	NOUN
cblr-1751	164	74	that	that	PRON
cblr-1751	164	75	is	be	AUX
cblr-1751	164	76	conferred	confer	VERB
cblr-1751	164	77	by	by	ADP
cblr-1751	164	78	state	state	NOUN
cblr-1751	164	79	corporate	corporate	ADJ
cblr-1751	164	80	law	law	NOUN
cblr-1751	164	81	—	—	PUNCT
cblr-1751	164	82	aims	aim	VERB
cblr-1751	164	83	to	to	PART
cblr-1751	164	84	decrease	decrease	VERB
cblr-1751	164	85	agency	agency	NOUN
cblr-1751	164	86	costs	cost	NOUN
cblr-1751	164	87	by	by	ADP
cblr-1751	164	88	ensuring	ensure	VERB
cblr-1751	164	89	firm	firm	ADJ
cblr-1751	164	90	owners	owner	NOUN
cblr-1751	164	91	will	will	AUX
cblr-1751	164	92	have	have	VERB
cblr-1751	164	93	some	some	DET
cblr-1751	164	94	degree	degree	NOUN
cblr-1751	164	95	of	of	ADP
cblr-1751	164	96	control	control	NOUN
cblr-1751	164	97	over	over	ADP
cblr-1751	164	98	the	the	DET
cblr-1751	164	99	extent	extent	NOUN
cblr-1751	164	100	to	to	PART
cblr-1751	164	101	which	which	PRON
cblr-1751	164	102	managers	manager	NOUN
cblr-1751	164	103	maximize	maximize	VERB
cblr-1751	164	104	value	value	NOUN
cblr-1751	164	105	.	.	PUNCT
cblr-1751	165	1	lastly	lastly	ADV
cblr-1751	165	2	,	,	PUNCT
cblr-1751	165	3	fiduciary	fiduciary	ADJ
cblr-1751	165	4	duties	duty	NOUN
cblr-1751	165	5	—	—	PUNCT
cblr-1751	165	6	also	also	ADV
cblr-1751	165	7	instituted	institute	VERB
cblr-1751	165	8	by	by	ADP
cblr-1751	165	9	state	state	NOUN
cblr-1751	165	10	corporate	corporate	ADJ
cblr-1751	165	11	law	law	NOUN
cblr-1751	165	12	—	—	PUNCT
cblr-1751	165	13	are	be	AUX
cblr-1751	165	14	imposed	impose	VERB
cblr-1751	165	15	on	on	ADP
cblr-1751	165	16	both	both	DET
cblr-1751	165	17	directors	director	NOUN
cblr-1751	165	18	and	and	CCONJ
cblr-1751	165	19	officers	officer	NOUN
cblr-1751	165	20	in	in	ADP
cblr-1751	165	21	an	an	DET
cblr-1751	165	22	effort	effort	NOUN
cblr-1751	165	23	to	to	PART
cblr-1751	165	24	reduce	reduce	VERB
cblr-1751	165	25	agency	agency	NOUN
cblr-1751	165	26	costs	cost	NOUN
cblr-1751	165	27	by	by	ADP
cblr-1751	165	28	legally	legally	ADV
cblr-1751	165	29	obligating	obligate	VERB
cblr-1751	165	30	these	these	DET
cblr-1751	165	31	economic	economic	ADJ
cblr-1751	165	32	agents	agent	NOUN
cblr-1751	165	33	to	to	PART
cblr-1751	165	34	work	work	VERB
cblr-1751	165	35	with	with	ADP
cblr-1751	165	36	both	both	PRON
cblr-1751	165	37	care	care	VERB
cblr-1751	165	38	for	for	ADP
cblr-1751	165	39	,	,	PUNCT
cblr-1751	165	40	and	and	CCONJ
cblr-1751	165	41	fidelity	fidelity	PROPN
cblr-1751	165	42	to	to	PART
cblr-1751	165	43	,	,	PUNCT
cblr-1751	165	44	their	their	PRON
cblr-1751	165	45	principals	principal	NOUN
cblr-1751	165	46	and	and	CCONJ
cblr-1751	165	47	their	their	PRON
cblr-1751	165	48	interest	interest	NOUN
cblr-1751	165	49	in	in	ADP
cblr-1751	165	50	value	value	NOUN
cblr-1751	165	51	maximization	maximization	NOUN
cblr-1751	165	52	.	.	PUNCT
cblr-1751	166	1	corporate	corporate	ADJ
cblr-1751	166	2	law	law	NOUN
cblr-1751	166	3	has	have	AUX
cblr-1751	166	4	also	also	ADV
cblr-1751	166	5	facilitated	facilitate	VERB
cblr-1751	166	6	the	the	DET
cblr-1751	166	7	reduction	reduction	NOUN
cblr-1751	166	8	of	of	ADP
cblr-1751	166	9	agency	agency	NOUN
cblr-1751	166	10	costs	cost	NOUN
cblr-1751	166	11	via	via	ADP
cblr-1751	166	12	more	more	ADJ
cblr-1751	166	13	recent	recent	ADJ
cblr-1751	166	14	governance	governance	NOUN
cblr-1751	166	15	devices	device	NOUN
cblr-1751	166	16	,	,	PUNCT
cblr-1751	166	17	including	include	VERB
cblr-1751	166	18	blockholder	blockholder	NOUN
cblr-1751	166	19	activism	activism	NOUN
cblr-1751	166	20	and	and	CCONJ
cblr-1751	166	21	stock	stock	NOUN
cblr-1751	166	22	compensation	compensation	NOUN
cblr-1751	166	23	.	.	PUNCT
cblr-1751	167	1	blockholder	blockholder	NOUN
cblr-1751	167	2	activism	activism	NOUN
cblr-1751	167	3	—	—	PUNCT
cblr-1751	167	4	that	that	ADV
cblr-1751	167	5	is	is	ADV
cblr-1751	167	6	,	,	PUNCT
cblr-1751	167	7	the	the	DET
cblr-1751	167	8	situation	situation	NOUN
cblr-1751	167	9	in	in	ADP
cblr-1751	167	10	which	which	PRON
cblr-1751	167	11	investors	investor	NOUN
cblr-1751	167	12	acquire	acquire	VERB
cblr-1751	167	13	significant	significant	ADJ
cblr-1751	167	14	blocks	block	NOUN
cblr-1751	167	15	of	of	ADP
cblr-1751	167	16	a	a	DET
cblr-1751	167	17	company	company	NOUN
cblr-1751	167	18	’s	’s	PART
cblr-1751	167	19	stock	stock	NOUN
cblr-1751	167	20	so	so	SCONJ
cblr-1751	167	21	that	that	SCONJ
cblr-1751	167	22	they	they	PRON
cblr-1751	167	23	have	have	VERB
cblr-1751	167	24	both	both	CCONJ
cblr-1751	167	25	the	the	DET
cblr-1751	167	26	economic	economic	ADJ
cblr-1751	167	27	incentive	incentive	NOUN
cblr-1751	167	28	and	and	CCONJ
cblr-1751	167	29	the	the	DET
cblr-1751	167	30	power	power	NOUN
cblr-1751	167	31	to	to	PART
cblr-1751	167	32	influence	influence	VERB
cblr-1751	167	33	corporate	corporate	ADJ
cblr-1751	167	34	management	management	NOUN
cblr-1751	167	35	—	—	PUNCT
cblr-1751	167	36	takes	take	VERB
cblr-1751	167	37	place	place	NOUN
cblr-1751	167	38	within	within	ADP
cblr-1751	167	39	a	a	DET
cblr-1751	167	40	highly	highly	ADV
cblr-1751	167	41	regulated	regulated	ADJ
cblr-1751	167	42	legal	legal	ADJ
cblr-1751	167	43	framework	framework	NOUN
cblr-1751	167	44	.	.	PUNCT
cblr-1751	168	1	although	although	SCONJ
cblr-1751	168	2	not	not	PART
cblr-1751	168	3	without	without	ADP
cblr-1751	168	4	controversy	controversy	NOUN
cblr-1751	168	5	,	,	PUNCT
cblr-1751	168	6	such	such	ADJ
cblr-1751	168	7	activism	activism	NOUN
cblr-1751	168	8	is	be	AUX
cblr-1751	168	9	generally	generally	ADV
cblr-1751	168	10	assumed	assume	VERB
cblr-1751	168	11	to	to	PART
cblr-1751	168	12	reduce	reduce	VERB
cblr-1751	168	13	agency	agency	NOUN
cblr-1751	168	14	costs	cost	NOUN
cblr-1751	168	15	because	because	SCONJ
cblr-1751	168	16	blockholders	blockholder	NOUN
cblr-1751	168	17	—	—	PUNCT
cblr-1751	168	18	large	large	ADJ
cblr-1751	168	19	shareholders	shareholder	NOUN
cblr-1751	168	20	whose	whose	DET
cblr-1751	168	21	profit	profit	NOUN
cblr-1751	168	22	margins	margin	NOUN
cblr-1751	168	23	increase	increase	VERB
cblr-1751	168	24	when	when	SCONJ
cblr-1751	168	25	the	the	DET
cblr-1751	168	26	profit	profit	NOUN
cblr-1751	168	27	margins	margin	NOUN
cblr-1751	168	28	of	of	ADP
cblr-1751	168	29	the	the	DET
cblr-1751	168	30	firms	firm	NOUN
cblr-1751	168	31	they	they	PRON
cblr-1751	168	32	target	target	VERB
cblr-1751	168	33	increase	increase	NOUN
cblr-1751	168	34	—	—	PUNCT
cblr-1751	168	35	are	be	AUX
cblr-1751	168	36	financially	financially	ADV
cblr-1751	168	37	incentivized	incentivize	VERB
cblr-1751	168	38	to	to	PART
cblr-1751	168	39	take	take	VERB
cblr-1751	168	40	actions	action	NOUN
cblr-1751	168	41	to	to	PART
cblr-1751	168	42	reign	reign	VERB
cblr-1751	168	43	in	in	ADP
cblr-1751	168	44	managerial	managerial	ADJ
cblr-1751	168	45	slack.18	slack.18	PROPN
cblr-1751	168	46	stock	stock	NOUN
cblr-1751	168	47	compensation	compensation	NOUN
cblr-1751	168	48	—	—	PUNCT
cblr-1751	168	49	that	that	ADV
cblr-1751	168	50	is	is	ADV
cblr-1751	168	51	,	,	PUNCT
cblr-1751	168	52	pay	pay	VERB
cblr-1751	168	53	for	for	ADP
cblr-1751	168	54	managers	manager	NOUN
cblr-1751	168	55	in	in	ADP
cblr-1751	168	56	the	the	DET
cblr-1751	168	57	form	form	NOUN
cblr-1751	168	58	of	of	ADP
cblr-1751	168	59	company	company	NOUN
cblr-1751	168	60	stock	stock	NOUN
cblr-1751	168	61	and	and	CCONJ
cblr-1751	168	62	related	related	ADJ
cblr-1751	168	63	forms	form	NOUN
cblr-1751	168	64	rather	rather	ADV
cblr-1751	168	65	than	than	ADP
cblr-1751	168	66	cash	cash	NOUN
cblr-1751	168	67	—	—	PUNCT
cblr-1751	168	68	has	have	AUX
cblr-1751	168	69	also	also	ADV
cblr-1751	168	70	been	be	AUX
cblr-1751	168	71	highly	highly	ADV
cblr-1751	168	72	influenced	influence	VERB
cblr-1751	168	73	by	by	ADP
cblr-1751	168	74	the	the	DET
cblr-1751	168	75	law	law	NOUN
cblr-1751	168	76	.	.	PUNCT
cblr-1751	169	1	this	this	DET
cblr-1751	169	2	form	form	NOUN
cblr-1751	169	3	of	of	ADP
cblr-1751	169	4	compensation	compensation	NOUN
cblr-1751	169	5	,	,	PUNCT
cblr-1751	169	6	it	it	PRON
cblr-1751	169	7	is	be	AUX
cblr-1751	169	8	argued	argue	VERB
cblr-1751	169	9	,	,	PUNCT
cblr-1751	169	10	reduces	reduce	VERB
cblr-1751	169	11	agency	agency	NOUN
cblr-1751	169	12	costs	cost	NOUN
cblr-1751	169	13	because	because	SCONJ
cblr-1751	169	14	with	with	SCONJ
cblr-1751	169	15	their	their	PRON
cblr-1751	169	16	fortunes	fortune	NOUN
cblr-1751	169	17	tied	tie	VERB
cblr-1751	169	18	to	to	ADP
cblr-1751	169	19	those	those	PRON
cblr-1751	169	20	of	of	ADP
cblr-1751	169	21	owners	owner	NOUN
cblr-1751	169	22	of	of	ADP
cblr-1751	169	23	the	the	DET
cblr-1751	169	24	enterprise	enterprise	NOUN
cblr-1751	169	25	and	and	CCONJ
cblr-1751	169	26	society	society	NOUN
cblr-1751	169	27	,	,	PUNCT
cblr-1751	169	28	managers	manager	NOUN
cblr-1751	169	29	are	be	AUX
cblr-1751	169	30	encouraged	encourage	VERB
cblr-1751	169	31	to	to	ADP
cblr-1751	169	32	17	17	NUM
cblr-1751	169	33	see	see	VERB
cblr-1751	169	34	,	,	PUNCT
cblr-1751	169	35	e.g.	e.g.	ADV
cblr-1751	169	36	,	,	PUNCT
cblr-1751	169	37	aronson	aronson	PROPN
cblr-1751	169	38	v.	v.	PROPN
cblr-1751	169	39	lewis	lewis	PROPN
cblr-1751	169	40	,	,	PUNCT
cblr-1751	169	41	473	473	NUM
cblr-1751	169	42	a.2d	a.2d	SYM
cblr-1751	169	43	805	805	NUM
cblr-1751	169	44	,	,	PUNCT
cblr-1751	169	45	811	811	NUM
cblr-1751	169	46	(	(	PUNCT
cblr-1751	169	47	del	del	PROPN
cblr-1751	169	48	.	.	NOUN
cblr-1751	169	49	1984	1984	NUM
cblr-1751	169	50	)	)	PUNCT
cblr-1751	169	51	(	(	PUNCT
cblr-1751	169	52	citing	cite	VERB
cblr-1751	169	53	del	del	PROPN
cblr-1751	169	54	.	.	PROPN
cblr-1751	169	55	code	code	PROPN
cblr-1751	169	56	.	.	PUNCT
cblr-1751	170	1	ann	ann	PROPN
cblr-1751	170	2	.	.	PUNCT
cblr-1751	171	1	tit	tit	PROPN
cblr-1751	171	2	.	.	PROPN
cblr-1751	172	1	8	8	NUM
cblr-1751	172	2	,	,	PUNCT
cblr-1751	172	3	§	§	PROPN
cblr-1751	172	4	141(a	141(a	NUM
cblr-1751	172	5	)	)	PUNCT
cblr-1751	172	6	(	(	PUNCT
cblr-1751	172	7	1983	1983	NUM
cblr-1751	172	8	)	)	PUNCT
cblr-1751	172	9	)	)	PUNCT
cblr-1751	172	10	.	.	PUNCT
cblr-1751	173	1	18	18	NUM
cblr-1751	173	2	see	see	VERB
cblr-1751	173	3	generally	generally	ADV
cblr-1751	173	4	lucian	lucian	ADJ
cblr-1751	173	5	a.	a.	PROPN
cblr-1751	173	6	bebchuk	bebchuk	PROPN
cblr-1751	173	7	&	&	CCONJ
cblr-1751	173	8	robert	robert	PROPN
cblr-1751	173	9	j.	j.	PROPN
cblr-1751	173	10	jackson	jackson	PROPN
cblr-1751	173	11	,	,	PUNCT
cblr-1751	173	12	jr	jr	PROPN
cblr-1751	173	13	.	.	PROPN
cblr-1751	173	14	,	,	PUNCT
cblr-1751	173	15	the	the	DET
cblr-1751	173	16	law	law	NOUN
cblr-1751	173	17	and	and	CCONJ
cblr-1751	173	18	economics	economic	NOUN
cblr-1751	173	19	of	of	ADP
cblr-1751	173	20	blockholder	blockholder	NOUN
cblr-1751	173	21	disclosure	disclosure	NOUN
cblr-1751	173	22	,	,	PUNCT
cblr-1751	173	23	2	2	NUM
cblr-1751	173	24	harv	harv	NOUN
cblr-1751	173	25	.	.	PUNCT
cblr-1751	174	1	bus	bus	NOUN
cblr-1751	174	2	.	.	PUNCT
cblr-1751	175	1	l.	l.	PROPN
cblr-1751	175	2	rev	rev	PROPN
cblr-1751	175	3	.	.	PROPN
cblr-1751	175	4	40	40	NUM
cblr-1751	175	5	(	(	PUNCT
cblr-1751	175	6	spring	spring	NOUN
cblr-1751	175	7	2012	2012	NUM
cblr-1751	175	8	)	)	PUNCT
cblr-1751	175	9	(	(	PUNCT
cblr-1751	175	10	asserting	assert	VERB
cblr-1751	175	11	that	that	SCONJ
cblr-1751	175	12	unlike	unlike	ADP
cblr-1751	175	13	smaller	small	ADJ
cblr-1751	175	14	dispersed	disperse	VERB
cblr-1751	175	15	shareholders	shareholder	NOUN
cblr-1751	175	16	,	,	PUNCT
cblr-1751	175	17	blockholders	blockholder	NOUN
cblr-1751	175	18	are	be	AUX
cblr-1751	175	19	incentivized	incentivize	VERB
cblr-1751	175	20	to	to	PART
cblr-1751	175	21	invest	invest	VERB
cblr-1751	175	22	in	in	ADP
cblr-1751	175	23	managerial	managerial	ADJ
cblr-1751	175	24	monitoring	monitoring	NOUN
cblr-1751	175	25	and	and	CCONJ
cblr-1751	175	26	engagement	engagement	NOUN
cblr-1751	175	27	)	)	PUNCT
cblr-1751	175	28	.	.	PUNCT
cblr-1751	176	1	haeberle	haeberle	PROPN
cblr-1751	176	2	final	final	ADJ
cblr-1751	176	3	136	136	NUM
cblr-1751	176	4	columbia	columbia	PROPN
cblr-1751	176	5	business	business	NOUN
cblr-1751	176	6	law	law	NOUN
cblr-1751	176	7	review	review	NOUN
cblr-1751	176	8	[	[	X
cblr-1751	176	9	vol	vol	NOUN
cblr-1751	176	10	.	.	NOUN
cblr-1751	176	11	2015	2015	NUM
cblr-1751	176	12	prioritize	prioritize	VERB
cblr-1751	176	13	firm	firm	ADJ
cblr-1751	176	14	value	value	NOUN
cblr-1751	176	15	maximization	maximization	NOUN
cblr-1751	176	16	over	over	ADP
cblr-1751	176	17	competing	compete	VERB
cblr-1751	176	18	personal	personal	ADJ
cblr-1751	176	19	goals.19	goals.19	NOUN
cblr-1751	176	20	however	however	ADV
cblr-1751	176	21	,	,	PUNCT
cblr-1751	176	22	there	there	PRON
cblr-1751	176	23	is	be	VERB
cblr-1751	176	24	a	a	DET
cblr-1751	176	25	consensus	consensus	NOUN
cblr-1751	176	26	that	that	SCONJ
cblr-1751	176	27	the	the	DET
cblr-1751	176	28	effectiveness	effectiveness	NOUN
cblr-1751	176	29	of	of	ADP
cblr-1751	176	30	all	all	PRON
cblr-1751	176	31	of	of	ADP
cblr-1751	176	32	these	these	DET
cblr-1751	176	33	governance	governance	NOUN
cblr-1751	176	34	devices	device	NOUN
cblr-1751	176	35	depends	depend	VERB
cblr-1751	176	36	on	on	ADP
cblr-1751	176	37	the	the	DET
cblr-1751	176	38	extent	extent	NOUN
cblr-1751	176	39	to	to	PART
cblr-1751	176	40	which	which	PRON
cblr-1751	176	41	stock	stock	NOUN
cblr-1751	176	42	prices	price	NOUN
cblr-1751	176	43	are	be	AUX
cblr-1751	176	44	accurate	accurate	ADJ
cblr-1751	176	45	.	.	PUNCT
cblr-1751	177	1	for	for	ADP
cblr-1751	177	2	the	the	DET
cblr-1751	177	3	boards	board	NOUN
cblr-1751	177	4	and	and	CCONJ
cblr-1751	177	5	shareholders	shareholder	NOUN
cblr-1751	177	6	that	that	PRON
cblr-1751	177	7	wield	wield	VERB
cblr-1751	177	8	these	these	DET
cblr-1751	177	9	devices	device	NOUN
cblr-1751	177	10	,	,	PUNCT
cblr-1751	177	11	more	more	ADV
cblr-1751	177	12	accurate	accurate	ADJ
cblr-1751	177	13	stock	stock	NOUN
cblr-1751	177	14	prices	price	NOUN
cblr-1751	177	15	—	—	PUNCT
cblr-1751	177	16	that	that	ADV
cblr-1751	177	17	is	be	AUX
cblr-1751	177	18	,	,	PUNCT
cblr-1751	177	19	prices	price	NOUN
cblr-1751	177	20	that	that	PRON
cblr-1751	177	21	contain	contain	VERB
cblr-1751	177	22	more	more	ADJ
cblr-1751	177	23	information	information	NOUN
cblr-1751	177	24	about	about	ADP
cblr-1751	177	25	firms	firm	NOUN
cblr-1751	177	26	’	'	PUNCT
cblr-1751	177	27	likely	likely	ADJ
cblr-1751	177	28	future	future	ADJ
cblr-1751	177	29	cash	cash	NOUN
cblr-1751	177	30	flows	flow	NOUN
cblr-1751	177	31	—	—	PUNCT
cblr-1751	177	32	are	be	AUX
cblr-1751	177	33	believed	believe	VERB
cblr-1751	177	34	to	to	PART
cblr-1751	177	35	better	well	ADV
cblr-1751	177	36	communicate	communicate	VERB
cblr-1751	177	37	the	the	DET
cblr-1751	177	38	extent	extent	NOUN
cblr-1751	177	39	to	to	PART
cblr-1751	177	40	which	which	PRON
cblr-1751	177	41	management	management	NOUN
cblr-1751	177	42	is	be	AUX
cblr-1751	177	43	in	in	ADP
cblr-1751	177	44	fact	fact	NOUN
cblr-1751	177	45	maximizing	maximize	VERB
cblr-1751	177	46	firm	firm	ADJ
cblr-1751	177	47	profits.20	profits.20	NOUN
cblr-1751	177	48	for	for	ADP
cblr-1751	177	49	this	this	DET
cblr-1751	177	50	reason	reason	NOUN
cblr-1751	177	51	,	,	PUNCT
cblr-1751	177	52	scholars	scholar	NOUN
cblr-1751	177	53	teach	teach	VERB
cblr-1751	177	54	that	that	SCONJ
cblr-1751	177	55	when	when	SCONJ
cblr-1751	177	56	boards	board	NOUN
cblr-1751	177	57	and	and	CCONJ
cblr-1751	177	58	shareholders	shareholder	NOUN
cblr-1751	177	59	can	can	AUX
cblr-1751	177	60	rely	rely	VERB
cblr-1751	177	61	on	on	ADP
cblr-1751	177	62	these	these	DET
cblr-1751	177	63	prices	price	NOUN
cblr-1751	177	64	for	for	ADP
cblr-1751	177	65	such	such	ADJ
cblr-1751	177	66	information	information	NOUN
cblr-1751	177	67	,	,	PUNCT
cblr-1751	177	68	they	they	PRON
cblr-1751	177	69	can	can	AUX
cblr-1751	177	70	better	well	ADV
cblr-1751	177	71	use	use	VERB
cblr-1751	177	72	the	the	DET
cblr-1751	177	73	traditional	traditional	ADJ
cblr-1751	177	74	tools	tool	NOUN
cblr-1751	177	75	that	that	PRON
cblr-1751	177	76	corporate	corporate	ADJ
cblr-1751	177	77	law	law	NOUN
cblr-1751	177	78	provides	provide	VERB
cblr-1751	177	79	for	for	ADP
cblr-1751	177	80	reducing	reduce	VERB
cblr-1751	177	81	agency	agency	NOUN
cblr-1751	177	82	costs	cost	NOUN
cblr-1751	177	83	.	.	PUNCT
cblr-1751	178	1	for	for	ADP
cblr-1751	178	2	example	example	NOUN
cblr-1751	178	3	,	,	PUNCT
cblr-1751	178	4	stock	stock	NOUN
cblr-1751	178	5	prices	price	NOUN
cblr-1751	178	6	that	that	PRON
cblr-1751	178	7	are	be	AUX
cblr-1751	178	8	accurately	accurately	ADV
cblr-1751	178	9	high	high	ADJ
cblr-1751	178	10	relative	relative	ADJ
cblr-1751	178	11	to	to	ADP
cblr-1751	178	12	a	a	DET
cblr-1751	178	13	firm	firm	NOUN
cblr-1751	178	14	’s	’s	PART
cblr-1751	178	15	book	book	NOUN
cblr-1751	178	16	value	value	NOUN
cblr-1751	178	17	or	or	CCONJ
cblr-1751	178	18	relative	relative	ADJ
cblr-1751	178	19	to	to	ADP
cblr-1751	178	20	the	the	DET
cblr-1751	178	21	stock	stock	NOUN
cblr-1751	178	22	prices	price	NOUN
cblr-1751	178	23	of	of	ADP
cblr-1751	178	24	similarly	similarly	ADV
cblr-1751	178	25	situated	situated	ADJ
cblr-1751	178	26	firms	firm	NOUN
cblr-1751	178	27	communicate	communicate	VERB
cblr-1751	178	28	to	to	ADP
cblr-1751	178	29	boards	board	NOUN
cblr-1751	178	30	and	and	CCONJ
cblr-1751	178	31	shareholders	shareholder	NOUN
cblr-1751	178	32	that	that	SCONJ
cblr-1751	178	33	management	management	NOUN
cblr-1751	178	34	is	be	AUX
cblr-1751	178	35	better	well	ADV
cblr-1751	178	36	maximizing	maximize	VERB
cblr-1751	178	37	firm	firm	ADJ
cblr-1751	178	38	value	value	NOUN
cblr-1751	178	39	,	,	PUNCT
cblr-1751	178	40	while	while	SCONJ
cblr-1751	178	41	prices	price	NOUN
cblr-1751	178	42	that	that	PRON
cblr-1751	178	43	are	be	AUX
cblr-1751	178	44	accurately	accurately	ADV
cblr-1751	178	45	low	low	ADJ
cblr-1751	178	46	relative	relative	ADJ
cblr-1751	178	47	to	to	ADP
cblr-1751	178	48	these	these	DET
cblr-1751	178	49	measures	measure	NOUN
cblr-1751	178	50	signal	signal	VERB
cblr-1751	178	51	the	the	DET
cblr-1751	178	52	opposite	opposite	NOUN
cblr-1751	178	53	.	.	PUNCT
cblr-1751	179	1	furthermore	furthermore	ADV
cblr-1751	179	2	,	,	PUNCT
cblr-1751	179	3	higher	high	ADJ
cblr-1751	179	4	levels	level	NOUN
cblr-1751	179	5	of	of	ADP
cblr-1751	179	6	stock	stock	NOUN
cblr-1751	179	7	-	-	PUNCT
cblr-1751	179	8	price	price	NOUN
cblr-1751	179	9	accuracy	accuracy	NOUN
cblr-1751	179	10	also	also	ADV
cblr-1751	179	11	improve	improve	VERB
cblr-1751	179	12	the	the	DET
cblr-1751	179	13	functioning	functioning	NOUN
cblr-1751	179	14	of	of	ADP
cblr-1751	179	15	the	the	DET
cblr-1751	179	16	newer	new	ADJ
cblr-1751	179	17	corporategovernance	corporategovernance	NOUN
cblr-1751	179	18	tools	tool	NOUN
cblr-1751	179	19	of	of	ADP
cblr-1751	179	20	blockholder	blockholder	NOUN
cblr-1751	179	21	activism	activism	NOUN
cblr-1751	179	22	and	and	CCONJ
cblr-1751	179	23	stock	stock	NOUN
cblr-1751	179	24	-	-	PUNCT
cblr-1751	179	25	based	base	VERB
cblr-1751	179	26	compensation	compensation	NOUN
cblr-1751	179	27	.	.	PUNCT
cblr-1751	180	1	for	for	ADP
cblr-1751	180	2	example	example	NOUN
cblr-1751	180	3	,	,	PUNCT
cblr-1751	180	4	when	when	SCONJ
cblr-1751	180	5	stocks	stock	NOUN
cblr-1751	180	6	’	'	PUNCT
cblr-1751	180	7	prices	price	NOUN
cblr-1751	180	8	better	well	ADV
cblr-1751	180	9	reflect	reflect	VERB
cblr-1751	180	10	their	their	PRON
cblr-1751	180	11	fundamental	fundamental	ADJ
cblr-1751	180	12	values	value	NOUN
cblr-1751	180	13	,	,	PUNCT
cblr-1751	180	14	managers	manager	NOUN
cblr-1751	180	15	place	place	VERB
cblr-1751	180	16	a	a	DET
cblr-1751	180	17	higher	high	ADJ
cblr-1751	180	18	value	value	NOUN
cblr-1751	180	19	on	on	ADP
cblr-1751	180	20	company	company	NOUN
cblr-1751	180	21	stock	stock	NOUN
cblr-1751	180	22	,	,	PUNCT
cblr-1751	180	23	thereby	thereby	ADV
cblr-1751	180	24	reducing	reduce	VERB
cblr-1751	180	25	agency	agency	NOUN
cblr-1751	180	26	costs	cost	NOUN
cblr-1751	180	27	by	by	ADP
cblr-1751	180	28	allowing	allow	VERB
cblr-1751	180	29	firms	firm	NOUN
cblr-1751	180	30	to	to	PART
cblr-1751	180	31	compensate	compensate	VERB
cblr-1751	180	32	managers	manager	NOUN
cblr-1751	180	33	with	with	ADP
cblr-1751	180	34	interest	interest	NOUN
cblr-1751	180	35	-	-	PUNCT
cblr-1751	180	36	aligning	align	VERB
cblr-1751	180	37	stock	stock	NOUN
cblr-1751	180	38	in	in	ADP
cblr-1751	180	39	lieu	lieu	NOUN
cblr-1751	180	40	of	of	ADP
cblr-1751	180	41	straight	straight	ADJ
cblr-1751	180	42	salary	salary	NOUN
cblr-1751	180	43	.	.	PUNCT
cblr-1751	181	1	more	more	ADV
cblr-1751	181	2	specifically	specifically	ADV
cblr-1751	181	3	,	,	PUNCT
cblr-1751	181	4	enhanced	enhance	VERB
cblr-1751	181	5	stockprice	stockprice	ADJ
cblr-1751	181	6	accuracy	accuracy	NOUN
cblr-1751	181	7	allows	allow	VERB
cblr-1751	181	8	companies	company	NOUN
cblr-1751	181	9	to	to	PART
cblr-1751	181	10	compensate	compensate	VERB
cblr-1751	181	11	managers	manager	NOUN
cblr-1751	181	12	in	in	ADP
cblr-1751	181	13	this	this	DET
cblr-1751	181	14	form	form	NOUN
cblr-1751	181	15	without	without	ADP
cblr-1751	181	16	having	have	VERB
cblr-1751	181	17	to	to	PART
cblr-1751	181	18	pay	pay	VERB
cblr-1751	181	19	excessive	excessive	ADJ
cblr-1751	181	20	premiums	premium	NOUN
cblr-1751	181	21	to	to	PART
cblr-1751	181	22	get	get	VERB
cblr-1751	181	23	the	the	DET
cblr-1751	181	24	managers	manager	NOUN
cblr-1751	181	25	to	to	PART
cblr-1751	181	26	accept	accept	VERB
cblr-1751	181	27	payment	payment	NOUN
cblr-1751	181	28	in	in	ADP
cblr-1751	181	29	this	this	DET
cblr-1751	181	30	riskier	risky	ADJ
cblr-1751	181	31	form.21	form.21	NOUN
cblr-1751	181	32	thus	thus	ADV
cblr-1751	181	33	,	,	PUNCT
cblr-1751	181	34	19	19	NUM
cblr-1751	181	35	see	see	VERB
cblr-1751	181	36	steven	steven	PROPN
cblr-1751	181	37	shavell	shavell	PROPN
cblr-1751	181	38	,	,	PUNCT
cblr-1751	181	39	risk	risk	NOUN
cblr-1751	181	40	sharing	sharing	NOUN
cblr-1751	181	41	and	and	CCONJ
cblr-1751	181	42	incentives	incentive	VERB
cblr-1751	181	43	in	in	ADP
cblr-1751	181	44	the	the	DET
cblr-1751	181	45	principal	principal	ADJ
cblr-1751	181	46	and	and	CCONJ
cblr-1751	181	47	agent	agent	NOUN
cblr-1751	181	48	relationship	relationship	NOUN
cblr-1751	181	49	,	,	PUNCT
cblr-1751	181	50	10	10	NUM
cblr-1751	181	51	bell	bell	PROPN
cblr-1751	181	52	j.	j.	PROPN
cblr-1751	181	53	econ	econ	PROPN
cblr-1751	181	54	.	.	PUNCT
cblr-1751	182	1	55	55	NUM
cblr-1751	182	2	(	(	PUNCT
cblr-1751	182	3	1979	1979	NUM
cblr-1751	182	4	)	)	PUNCT
cblr-1751	182	5	;	;	PUNCT
cblr-1751	182	6	michael	michael	PROPN
cblr-1751	182	7	c.	c.	PROPN
cblr-1751	182	8	jensen	jensen	PROPN
cblr-1751	182	9	&	&	CCONJ
cblr-1751	182	10	william	william	PROPN
cblr-1751	182	11	h.	h.	PROPN
cblr-1751	182	12	meckling	meckling	PROPN
cblr-1751	182	13	,	,	PUNCT
cblr-1751	182	14	theory	theory	NOUN
cblr-1751	182	15	of	of	ADP
cblr-1751	182	16	the	the	DET
cblr-1751	182	17	firm	firm	NOUN
cblr-1751	182	18	:	:	PUNCT
cblr-1751	182	19	managerial	managerial	ADJ
cblr-1751	182	20	behavior	behavior	NOUN
cblr-1751	182	21	,	,	PUNCT
cblr-1751	182	22	agency	agency	NOUN
cblr-1751	182	23	costs	cost	NOUN
cblr-1751	182	24	and	and	CCONJ
cblr-1751	182	25	ownership	ownership	NOUN
cblr-1751	182	26	structure	structure	NOUN
cblr-1751	182	27	,	,	PUNCT
cblr-1751	182	28	3	3	NUM
cblr-1751	182	29	j.	j.	PROPN
cblr-1751	182	30	fin	fin	PROPN
cblr-1751	182	31	.	.	PUNCT
cblr-1751	182	32	econ	econ	PROPN
cblr-1751	182	33	.	.	PUNCT
cblr-1751	183	1	305	305	NUM
cblr-1751	183	2	,	,	PUNCT
cblr-1751	183	3	308–10	308–10	NUM
cblr-1751	183	4	(	(	PUNCT
cblr-1751	183	5	1976	1976	NUM
cblr-1751	183	6	)	)	PUNCT
cblr-1751	183	7	.	.	PUNCT
cblr-1751	184	1	20	20	NUM
cblr-1751	184	2	see	see	VERB
cblr-1751	184	3	,	,	PUNCT
cblr-1751	184	4	e.g.	e.g.	ADV
cblr-1751	184	5	,	,	PUNCT
cblr-1751	184	6	harris	harris	PROPN
cblr-1751	184	7	,	,	PUNCT
cblr-1751	184	8	supra	supra	PROPN
cblr-1751	184	9	note	note	PROPN
cblr-1751	184	10	7	7	NUM
cblr-1751	184	11	,	,	PUNCT
cblr-1751	184	12	at	at	ADP
cblr-1751	184	13	211	211	NUM
cblr-1751	184	14	(	(	PUNCT
cblr-1751	184	15	“	"	PUNCT
cblr-1751	184	16	informative	informative	ADJ
cblr-1751	184	17	stock	stock	NOUN
cblr-1751	184	18	prices	price	NOUN
cblr-1751	184	19	provide	provide	VERB
cblr-1751	184	20	shareholders	shareholder	NOUN
cblr-1751	184	21	with	with	ADP
cblr-1751	184	22	useful	useful	ADJ
cblr-1751	184	23	information	information	NOUN
cblr-1751	184	24	about	about	ADP
cblr-1751	184	25	how	how	SCONJ
cblr-1751	184	26	well	well	ADV
cblr-1751	184	27	their	their	PRON
cblr-1751	184	28	managers	manager	NOUN
cblr-1751	184	29	are	be	AUX
cblr-1751	184	30	performing	perform	VERB
cblr-1751	184	31	.	.	PUNCT
cblr-1751	184	32	”	"	PUNCT
cblr-1751	184	33	)	)	PUNCT
cblr-1751	184	34	.	.	PUNCT
cblr-1751	185	1	21	21	NUM
cblr-1751	185	2	see	see	VERB
cblr-1751	185	3	fox	fox	NOUN
cblr-1751	185	4	,	,	PUNCT
cblr-1751	185	5	supra	supra	PROPN
cblr-1751	185	6	note	note	PROPN
cblr-1751	185	7	8	8	NUM
cblr-1751	185	8	,	,	PUNCT
cblr-1751	185	9	at	at	ADP
cblr-1751	185	10	1022	1022	NUM
cblr-1751	185	11	(	(	PUNCT
cblr-1751	185	12	“	"	PUNCT
cblr-1751	185	13	the	the	PRON
cblr-1751	185	14	higher	high	ADJ
cblr-1751	185	15	the	the	DET
cblr-1751	185	16	expected	expect	VERB
cblr-1751	185	17	accuracy	accuracy	NOUN
cblr-1751	185	18	of	of	ADP
cblr-1751	185	19	a	a	DET
cblr-1751	185	20	firm	firm	NOUN
cblr-1751	185	21	’s	’s	PART
cblr-1751	185	22	share	share	NOUN
cblr-1751	185	23	price	price	NOUN
cblr-1751	185	24	,	,	PUNCT
cblr-1751	185	25	[	[	X
cblr-1751	185	26	the	the	DET
cblr-1751	185	27	less	less	ADJ
cblr-1751	185	28	risk	risk	NOUN
cblr-1751	185	29	it	it	PRON
cblr-1751	185	30	poses	pose	VERB
cblr-1751	185	31	to	to	ADP
cblr-1751	185	32	a	a	DET
cblr-1751	185	33	manager	manager	NOUN
cblr-1751	185	34	,	,	PUNCT
cblr-1751	185	35	and	and	CCONJ
cblr-1751	185	36	therefore	therefore	ADV
cblr-1751	185	37	]	]	X
cblr-1751	185	38	the	the	DET
cblr-1751	185	39	more	more	ADV
cblr-1751	185	40	willing	willing	ADJ
cblr-1751	185	41	a	a	DET
cblr-1751	185	42	manager	manager	NOUN
cblr-1751	185	43	will	will	AUX
cblr-1751	185	44	be	be	AUX
cblr-1751	185	45	for	for	ADP
cblr-1751	185	46	a	a	DET
cblr-1751	185	47	large	large	ADJ
cblr-1751	185	48	portion	portion	NOUN
cblr-1751	185	49	of	of	ADP
cblr-1751	185	50	his	his	PRON
cblr-1751	185	51	compensation	compensation	NOUN
cblr-1751	185	52	package	package	NOUN
cblr-1751	185	53	to	to	PART
cblr-1751	185	54	be	be	AUX
cblr-1751	185	55	share	share	NOUN
cblr-1751	185	56	price	price	NOUN
cblr-1751	185	57	based	base	VERB
cblr-1751	185	58	.	.	PUNCT
cblr-1751	185	59	”	"	PUNCT
cblr-1751	185	60	)	)	PUNCT
cblr-1751	185	61	.	.	PUNCT
cblr-1751	186	1	haeberle	haeberle	PROPN
cblr-1751	186	2	final	final	ADJ
cblr-1751	186	3	no	no	NOUN
cblr-1751	186	4	.	.	NOUN
cblr-1751	186	5	1:121	1:121	NUM
cblr-1751	186	6	]	]	X
cblr-1751	186	7	stock	stock	NOUN
cblr-1751	186	8	-	-	PUNCT
cblr-1751	186	9	price	price	NOUN
cblr-1751	186	10	accuracy	accuracy	NOUN
cblr-1751	186	11	137	137	NUM
cblr-1751	186	12	when	when	SCONJ
cblr-1751	186	13	public	public	ADJ
cblr-1751	186	14	companies	company	NOUN
cblr-1751	186	15	’	’	PART
cblr-1751	186	16	stocks	stock	NOUN
cblr-1751	186	17	are	be	AUX
cblr-1751	186	18	more	more	ADV
cblr-1751	186	19	accurately	accurately	ADV
cblr-1751	186	20	priced	price	VERB
cblr-1751	186	21	,	,	PUNCT
cblr-1751	186	22	boards	board	NOUN
cblr-1751	186	23	and	and	CCONJ
cblr-1751	186	24	shareholders	shareholder	NOUN
cblr-1751	186	25	are	be	AUX
cblr-1751	186	26	widely	widely	ADV
cblr-1751	186	27	thought	think	VERB
cblr-1751	186	28	to	to	PART
cblr-1751	186	29	be	be	AUX
cblr-1751	186	30	better	well	ADV
cblr-1751	186	31	able	able	ADJ
cblr-1751	186	32	to	to	PART
cblr-1751	186	33	use	use	VERB
cblr-1751	186	34	a	a	DET
cblr-1751	186	35	variety	variety	NOUN
cblr-1751	186	36	of	of	ADP
cblr-1751	186	37	corporate	corporate	ADJ
cblr-1751	186	38	-	-	PUNCT
cblr-1751	186	39	governance	governance	NOUN
cblr-1751	186	40	devices	device	NOUN
cblr-1751	186	41	to	to	PART
cblr-1751	186	42	reduce	reduce	VERB
cblr-1751	186	43	agency	agency	NOUN
cblr-1751	186	44	costs	cost	NOUN
cblr-1751	186	45	—	—	PUNCT
cblr-1751	186	46	thereby	thereby	ADV
cblr-1751	186	47	leading	lead	VERB
cblr-1751	186	48	society	society	NOUN
cblr-1751	186	49	to	to	PART
cblr-1751	186	50	produce	produce	VERB
cblr-1751	186	51	more	more	ADJ
cblr-1751	186	52	wealth	wealth	NOUN
cblr-1751	186	53	.	.	PUNCT
cblr-1751	187	1	2	2	X
cblr-1751	187	2	.	.	X
cblr-1751	187	3	capital	capital	NOUN
cblr-1751	187	4	allocation	allocation	NOUN
cblr-1751	187	5	conventional	conventional	ADJ
cblr-1751	187	6	economic	economic	ADJ
cblr-1751	187	7	theory	theory	NOUN
cblr-1751	187	8	also	also	ADV
cblr-1751	187	9	holds	hold	VERB
cblr-1751	187	10	that	that	SCONJ
cblr-1751	187	11	society	society	NOUN
cblr-1751	187	12	generates	generate	VERB
cblr-1751	187	13	more	more	ADJ
cblr-1751	187	14	wealth	wealth	NOUN
cblr-1751	187	15	when	when	SCONJ
cblr-1751	187	16	it	it	PRON
cblr-1751	187	17	allocates	allocate	VERB
cblr-1751	187	18	its	its	PRON
cblr-1751	187	19	scarce	scarce	ADJ
cblr-1751	187	20	capital	capital	NOUN
cblr-1751	187	21	in	in	ADP
cblr-1751	187	22	an	an	DET
cblr-1751	187	23	economically	economically	ADV
cblr-1751	187	24	efficient	efficient	ADJ
cblr-1751	187	25	manner	manner	NOUN
cblr-1751	187	26	—	—	PUNCT
cblr-1751	187	27	that	that	ADV
cblr-1751	187	28	is	is	ADV
cblr-1751	187	29	,	,	PUNCT
cblr-1751	187	30	when	when	SCONJ
cblr-1751	187	31	it	it	PRON
cblr-1751	187	32	allocates	allocate	VERB
cblr-1751	187	33	a	a	DET
cblr-1751	187	34	larger	large	ADJ
cblr-1751	187	35	amount	amount	NOUN
cblr-1751	187	36	of	of	ADP
cblr-1751	187	37	capital	capital	NOUN
cblr-1751	187	38	to	to	ADP
cblr-1751	187	39	more	more	ADV
cblr-1751	187	40	promising	promising	ADJ
cblr-1751	187	41	endeavors	endeavor	NOUN
cblr-1751	187	42	and	and	CCONJ
cblr-1751	187	43	a	a	DET
cblr-1751	187	44	smaller	small	ADJ
cblr-1751	187	45	amount	amount	NOUN
cblr-1751	187	46	to	to	ADP
cblr-1751	187	47	less	less	ADV
cblr-1751	187	48	promising	promising	ADJ
cblr-1751	187	49	ones	one	NOUN
cblr-1751	187	50	.	.	PUNCT
cblr-1751	188	1	scholars	scholar	NOUN
cblr-1751	188	2	assert	assert	VERB
cblr-1751	188	3	that	that	SCONJ
cblr-1751	188	4	when	when	SCONJ
cblr-1751	188	5	stocks	stock	NOUN
cblr-1751	188	6	’	'	PUNCT
cblr-1751	188	7	market	market	NOUN
cblr-1751	188	8	prices	price	NOUN
cblr-1751	188	9	more	more	ADV
cblr-1751	188	10	accurately	accurately	ADV
cblr-1751	188	11	reflect	reflect	VERB
cblr-1751	188	12	the	the	DET
cblr-1751	188	13	the	the	DET
cblr-1751	188	14	cash	cash	NOUN
cblr-1751	188	15	flows	flow	VERB
cblr-1751	188	16	to	to	PART
cblr-1751	188	17	which	which	PRON
cblr-1751	188	18	their	their	PRON
cblr-1751	188	19	holders	holder	NOUN
cblr-1751	188	20	will	will	AUX
cblr-1751	188	21	likely	likely	ADV
cblr-1751	188	22	be	be	AUX
cblr-1751	188	23	entitled	entitle	VERB
cblr-1751	188	24	,	,	PUNCT
cblr-1751	188	25	firms	firm	NOUN
cblr-1751	188	26	with	with	ADP
cblr-1751	188	27	superior	superior	ADJ
cblr-1751	188	28	projects	project	NOUN
cblr-1751	188	29	are	be	AUX
cblr-1751	188	30	able	able	ADJ
cblr-1751	188	31	to	to	PART
cblr-1751	188	32	access	access	VERB
cblr-1751	188	33	more	more	ADJ
cblr-1751	188	34	of	of	ADP
cblr-1751	188	35	society	society	NOUN
cblr-1751	188	36	’s	’s	PART
cblr-1751	188	37	capital	capital	NOUN
cblr-1751	188	38	,	,	PUNCT
cblr-1751	188	39	and	and	CCONJ
cblr-1751	188	40	those	those	PRON
cblr-1751	188	41	with	with	ADP
cblr-1751	188	42	inferior	inferior	ADJ
cblr-1751	188	43	ones	one	NOUN
cblr-1751	188	44	are	be	AUX
cblr-1751	188	45	only	only	ADV
cblr-1751	188	46	able	able	ADJ
cblr-1751	188	47	to	to	PART
cblr-1751	188	48	access	access	VERB
cblr-1751	188	49	less	less	ADJ
cblr-1751	188	50	of	of	ADP
cblr-1751	188	51	it	it	PRON
cblr-1751	188	52	.	.	PUNCT
cblr-1751	189	1	when	when	SCONJ
cblr-1751	189	2	stocks	stock	NOUN
cblr-1751	189	3	’	'	PUNCT
cblr-1751	189	4	market	market	NOUN
cblr-1751	189	5	prices	price	NOUN
cblr-1751	189	6	are	be	AUX
cblr-1751	189	7	accurate	accurate	ADJ
cblr-1751	189	8	,	,	PUNCT
cblr-1751	189	9	these	these	DET
cblr-1751	189	10	scholars	scholar	NOUN
cblr-1751	189	11	reason	reason	VERB
cblr-1751	189	12	,	,	PUNCT
cblr-1751	189	13	companies	company	NOUN
cblr-1751	189	14	with	with	ADP
cblr-1751	189	15	larger	large	ADJ
cblr-1751	189	16	expected	expect	VERB
cblr-1751	189	17	profits	profit	NOUN
cblr-1751	189	18	have	have	VERB
cblr-1751	189	19	—	—	PUNCT
cblr-1751	189	20	all	all	PRON
cblr-1751	189	21	else	else	ADV
cblr-1751	189	22	equal	equal	ADJ
cblr-1751	189	23	—	—	PUNCT
cblr-1751	189	24	higher	high	ADJ
cblr-1751	189	25	stock	stock	NOUN
cblr-1751	189	26	prices	price	NOUN
cblr-1751	189	27	than	than	ADP
cblr-1751	189	28	those	those	PRON
cblr-1751	189	29	with	with	ADP
cblr-1751	189	30	smaller	small	ADJ
cblr-1751	189	31	expected	expect	VERB
cblr-1751	189	32	profits	profit	NOUN
cblr-1751	189	33	.	.	PUNCT
cblr-1751	190	1	as	as	ADP
cblr-1751	190	2	a	a	DET
cblr-1751	190	3	result	result	NOUN
cblr-1751	190	4	,	,	PUNCT
cblr-1751	190	5	they	they	PRON
cblr-1751	190	6	have	have	VERB
cblr-1751	190	7	a	a	DET
cblr-1751	190	8	lower	low	ADJ
cblr-1751	190	9	cost	cost	NOUN
cblr-1751	190	10	of	of	ADP
cblr-1751	190	11	capital	capital	NOUN
cblr-1751	190	12	because	because	SCONJ
cblr-1751	190	13	,	,	PUNCT
cblr-1751	190	14	for	for	ADP
cblr-1751	190	15	example	example	NOUN
cblr-1751	190	16	,	,	PUNCT
cblr-1751	190	17	they	they	PRON
cblr-1751	190	18	can	can	AUX
cblr-1751	190	19	sell	sell	VERB
cblr-1751	190	20	a	a	DET
cblr-1751	190	21	given	give	VERB
cblr-1751	190	22	portion	portion	NOUN
cblr-1751	190	23	of	of	ADP
cblr-1751	190	24	their	their	PRON
cblr-1751	190	25	company	company	NOUN
cblr-1751	190	26	in	in	ADP
cblr-1751	190	27	exchange	exchange	NOUN
cblr-1751	190	28	for	for	ADP
cblr-1751	190	29	a	a	DET
cblr-1751	190	30	larger	large	ADJ
cblr-1751	190	31	amount	amount	NOUN
cblr-1751	190	32	of	of	ADP
cblr-1751	190	33	money	money	NOUN
cblr-1751	190	34	.	.	PUNCT
cblr-1751	191	1	they	they	PRON
cblr-1751	191	2	therefore	therefore	ADV
cblr-1751	191	3	are	be	AUX
cblr-1751	191	4	able	able	ADJ
cblr-1751	191	5	to	to	PART
cblr-1751	191	6	access	access	VERB
cblr-1751	191	7	more	more	ADJ
cblr-1751	191	8	capital	capital	NOUN
cblr-1751	191	9	to	to	PART
cblr-1751	191	10	pursue	pursue	VERB
cblr-1751	191	11	their	their	PRON
cblr-1751	191	12	superior	superior	ADJ
cblr-1751	191	13	projects	project	NOUN
cblr-1751	191	14	.	.	PUNCT
cblr-1751	192	1	likewise	likewise	ADV
cblr-1751	192	2	,	,	PUNCT
cblr-1751	192	3	when	when	SCONJ
cblr-1751	192	4	stocks	stock	NOUN
cblr-1751	192	5	’	'	PUNCT
cblr-1751	192	6	market	market	NOUN
cblr-1751	192	7	prices	price	NOUN
cblr-1751	192	8	are	be	AUX
cblr-1751	192	9	accurate	accurate	ADJ
cblr-1751	192	10	,	,	PUNCT
cblr-1751	192	11	firms	firm	NOUN
cblr-1751	192	12	with	with	ADP
cblr-1751	192	13	smaller	small	ADJ
cblr-1751	192	14	expected	expect	VERB
cblr-1751	192	15	profits	profit	NOUN
cblr-1751	192	16	have	have	VERB
cblr-1751	192	17	—	—	PUNCT
cblr-1751	192	18	all	all	PRON
cblr-1751	192	19	else	else	ADV
cblr-1751	192	20	equal	equal	ADJ
cblr-1751	192	21	—	—	PUNCT
cblr-1751	192	22	lower	low	ADJ
cblr-1751	192	23	prices	price	NOUN
cblr-1751	192	24	than	than	ADP
cblr-1751	192	25	those	those	PRON
cblr-1751	192	26	with	with	ADP
cblr-1751	192	27	superior	superior	ADJ
cblr-1751	192	28	ones	one	NOUN
cblr-1751	192	29	.	.	PUNCT
cblr-1751	193	1	as	as	ADP
cblr-1751	193	2	a	a	DET
cblr-1751	193	3	result	result	NOUN
cblr-1751	193	4	,	,	PUNCT
cblr-1751	193	5	they	they	PRON
cblr-1751	193	6	have	have	VERB
cblr-1751	193	7	a	a	DET
cblr-1751	193	8	higher	high	ADJ
cblr-1751	193	9	cost	cost	NOUN
cblr-1751	193	10	of	of	ADP
cblr-1751	193	11	capital	capital	NOUN
cblr-1751	193	12	because	because	SCONJ
cblr-1751	193	13	,	,	PUNCT
cblr-1751	193	14	for	for	ADP
cblr-1751	193	15	example	example	NOUN
cblr-1751	193	16	,	,	PUNCT
cblr-1751	193	17	they	they	PRON
cblr-1751	193	18	are	be	AUX
cblr-1751	193	19	only	only	ADV
cblr-1751	193	20	able	able	ADJ
cblr-1751	193	21	to	to	PART
cblr-1751	193	22	trade	trade	VERB
cblr-1751	193	23	ownership	ownership	NOUN
cblr-1751	193	24	rights	right	NOUN
cblr-1751	193	25	to	to	ADP
cblr-1751	193	26	a	a	DET
cblr-1751	193	27	given	give	VERB
cblr-1751	193	28	portion	portion	NOUN
cblr-1751	193	29	of	of	ADP
cblr-1751	193	30	their	their	PRON
cblr-1751	193	31	company	company	NOUN
cblr-1751	193	32	for	for	ADP
cblr-1751	193	33	a	a	DET
cblr-1751	193	34	smaller	small	ADJ
cblr-1751	193	35	amount	amount	NOUN
cblr-1751	193	36	of	of	ADP
cblr-1751	193	37	money	money	NOUN
cblr-1751	193	38	.	.	PUNCT
cblr-1751	194	1	as	as	ADP
cblr-1751	194	2	a	a	DET
cblr-1751	194	3	result	result	NOUN
cblr-1751	194	4	,	,	PUNCT
cblr-1751	194	5	they	they	PRON
cblr-1751	194	6	are	be	AUX
cblr-1751	194	7	only	only	ADV
cblr-1751	194	8	able	able	ADJ
cblr-1751	194	9	to	to	PART
cblr-1751	194	10	access	access	VERB
cblr-1751	194	11	less	less	ADJ
cblr-1751	194	12	of	of	ADP
cblr-1751	194	13	society	society	NOUN
cblr-1751	194	14	’s	’s	PART
cblr-1751	194	15	capital	capital	NOUN
cblr-1751	194	16	to	to	PART
cblr-1751	194	17	pursue	pursue	VERB
cblr-1751	194	18	those	those	DET
cblr-1751	194	19	inferior	inferior	ADJ
cblr-1751	194	20	projects	project	NOUN
cblr-1751	194	21	.	.	PUNCT
cblr-1751	195	1	accordingly	accordingly	ADV
cblr-1751	195	2	,	,	PUNCT
cblr-1751	195	3	when	when	SCONJ
cblr-1751	195	4	stock	stock	NOUN
cblr-1751	195	5	prices	price	NOUN
cblr-1751	195	6	are	be	AUX
cblr-1751	195	7	accurate	accurate	ADJ
cblr-1751	195	8	,	,	PUNCT
cblr-1751	195	9	firms	firm	NOUN
cblr-1751	195	10	with	with	ADP
cblr-1751	195	11	superior	superior	ADJ
cblr-1751	195	12	prospects	prospect	NOUN
cblr-1751	195	13	—	—	PUNCT
cblr-1751	195	14	that	that	ADV
cblr-1751	195	15	is	is	ADV
cblr-1751	195	16	,	,	PUNCT
cblr-1751	195	17	those	those	PRON
cblr-1751	195	18	with	with	ADP
cblr-1751	195	19	higher	high	ADJ
cblr-1751	195	20	values	value	NOUN
cblr-1751	195	21	—	—	PUNCT
cblr-1751	195	22	will	will	AUX
cblr-1751	195	23	generally	generally	ADV
cblr-1751	195	24	draw	draw	VERB
cblr-1751	195	25	more	more	ADJ
cblr-1751	195	26	capital	capital	NOUN
cblr-1751	195	27	and	and	CCONJ
cblr-1751	195	28	firms	firm	NOUN
cblr-1751	195	29	with	with	ADP
cblr-1751	195	30	inferior	inferior	ADJ
cblr-1751	195	31	ones	one	NOUN
cblr-1751	195	32	—	—	PUNCT
cblr-1751	195	33	that	that	ADV
cblr-1751	195	34	is	is	ADV
cblr-1751	195	35	,	,	PUNCT
cblr-1751	195	36	those	those	PRON
cblr-1751	195	37	with	with	ADP
cblr-1751	195	38	smaller	small	ADJ
cblr-1751	195	39	expected	expect	VERB
cblr-1751	195	40	future	future	ADJ
cblr-1751	195	41	cash	cash	NOUN
cblr-1751	195	42	flows	flow	NOUN
cblr-1751	195	43	—	—	PUNCT
cblr-1751	195	44	will	will	AUX
cblr-1751	195	45	draw	draw	VERB
cblr-1751	195	46	less.22	less.22	NOUN
cblr-1751	195	47	22	22	NUM
cblr-1751	195	48	see	see	VERB
cblr-1751	195	49	friedrich	friedrich	PROPN
cblr-1751	195	50	hayek	hayek	PROPN
cblr-1751	195	51	,	,	PUNCT
cblr-1751	195	52	the	the	DET
cblr-1751	195	53	use	use	NOUN
cblr-1751	195	54	of	of	ADP
cblr-1751	195	55	knowledge	knowledge	NOUN
cblr-1751	195	56	in	in	ADP
cblr-1751	195	57	society	society	NOUN
cblr-1751	195	58	,	,	PUNCT
cblr-1751	195	59	35	35	NUM
cblr-1751	195	60	am	am	NOUN
cblr-1751	195	61	.	.	PUNCT
cblr-1751	196	1	econ	econ	PROPN
cblr-1751	196	2	.	.	PUNCT
cblr-1751	197	1	rev	rev	PROPN
cblr-1751	197	2	.	.	PROPN
cblr-1751	197	3	519	519	NUM
cblr-1751	197	4	,	,	PUNCT
cblr-1751	197	5	519–20	519–20	NUM
cblr-1751	197	6	(	(	PUNCT
cblr-1751	197	7	1945	1945	NUM
cblr-1751	197	8	)	)	PUNCT
cblr-1751	197	9	;	;	PUNCT
cblr-1751	197	10	see	see	VERB
cblr-1751	197	11	also	also	ADV
cblr-1751	197	12	goshen	goshen	PROPN
cblr-1751	197	13	&	&	CCONJ
cblr-1751	197	14	parchomovsky	parchomovsky	PROPN
cblr-1751	197	15	,	,	PUNCT
cblr-1751	197	16	supra	supra	PROPN
cblr-1751	197	17	haeberle	haeberle	PROPN
cblr-1751	197	18	final	final	ADJ
cblr-1751	197	19	138	138	NUM
cblr-1751	197	20	columbia	columbia	PROPN
cblr-1751	197	21	business	business	NOUN
cblr-1751	197	22	law	law	PROPN
cblr-1751	197	23	review	review	NOUN
cblr-1751	198	1	[	[	X
cblr-1751	198	2	vol	vol	NOUN
cblr-1751	198	3	.	.	NOUN
cblr-1751	198	4	2015	2015	NUM
cblr-1751	198	5	of	of	ADP
cblr-1751	198	6	course	course	NOUN
cblr-1751	198	7	,	,	PUNCT
cblr-1751	198	8	these	these	DET
cblr-1751	198	9	scholars	scholar	NOUN
cblr-1751	198	10	also	also	ADV
cblr-1751	198	11	assert	assert	VERB
cblr-1751	198	12	that	that	SCONJ
cblr-1751	198	13	the	the	DET
cblr-1751	198	14	reverse	reverse	NOUN
cblr-1751	198	15	is	be	AUX
cblr-1751	198	16	true	true	ADJ
cblr-1751	198	17	when	when	SCONJ
cblr-1751	198	18	stocks	stock	NOUN
cblr-1751	198	19	’	'	PUNCT
cblr-1751	198	20	market	market	NOUN
cblr-1751	198	21	prices	price	NOUN
cblr-1751	198	22	are	be	AUX
cblr-1751	198	23	less	less	ADV
cblr-1751	198	24	accurate	accurate	ADJ
cblr-1751	198	25	.	.	PUNCT
cblr-1751	199	1	stock	stock	NOUN
cblr-1751	199	2	prices	price	NOUN
cblr-1751	199	3	that	that	PRON
cblr-1751	199	4	do	do	AUX
cblr-1751	199	5	not	not	PART
cblr-1751	199	6	accurately	accurately	ADV
cblr-1751	199	7	reflect	reflect	VERB
cblr-1751	199	8	firms	firm	NOUN
cblr-1751	199	9	’	'	PUNCT
cblr-1751	199	10	values	value	NOUN
cblr-1751	199	11	can	can	AUX
cblr-1751	199	12	lead	lead	VERB
cblr-1751	199	13	companies	company	NOUN
cblr-1751	199	14	with	with	ADP
cblr-1751	199	15	superior	superior	ADJ
cblr-1751	199	16	prospects	prospect	NOUN
cblr-1751	199	17	to	to	PART
cblr-1751	199	18	nevertheless	nevertheless	ADV
cblr-1751	199	19	have	have	VERB
cblr-1751	199	20	difficulty	difficulty	NOUN
cblr-1751	199	21	raising	raise	VERB
cblr-1751	199	22	enough	enough	ADJ
cblr-1751	199	23	capital	capital	NOUN
cblr-1751	199	24	to	to	PART
cblr-1751	199	25	pursue	pursue	VERB
cblr-1751	199	26	their	their	PRON
cblr-1751	199	27	projects	project	NOUN
cblr-1751	199	28	and	and	CCONJ
cblr-1751	199	29	the	the	DET
cblr-1751	199	30	associated	associated	ADJ
cblr-1751	199	31	superior	superior	ADJ
cblr-1751	199	32	returns	return	NOUN
cblr-1751	199	33	.	.	PUNCT
cblr-1751	200	1	they	they	PRON
cblr-1751	200	2	can	can	AUX
cblr-1751	200	3	also	also	ADV
cblr-1751	200	4	allow	allow	VERB
cblr-1751	200	5	those	those	PRON
cblr-1751	200	6	with	with	ADP
cblr-1751	200	7	inferior	inferior	ADJ
cblr-1751	200	8	projects	project	NOUN
cblr-1751	200	9	to	to	PART
cblr-1751	200	10	raise	raise	VERB
cblr-1751	200	11	more	more	ADJ
cblr-1751	200	12	capital	capital	NOUN
cblr-1751	200	13	than	than	SCONJ
cblr-1751	200	14	society	society	NOUN
cblr-1751	200	15	should	should	AUX
cblr-1751	200	16	allocate	allocate	VERB
cblr-1751	200	17	to	to	ADP
cblr-1751	200	18	their	their	PRON
cblr-1751	200	19	projects	project	NOUN
cblr-1751	200	20	and	and	CCONJ
cblr-1751	200	21	the	the	DET
cblr-1751	200	22	associated	associated	ADJ
cblr-1751	200	23	inferior	inferior	ADJ
cblr-1751	200	24	returns	return	NOUN
cblr-1751	200	25	.	.	PUNCT
cblr-1751	201	1	accordingly	accordingly	ADV
cblr-1751	201	2	,	,	PUNCT
cblr-1751	201	3	these	these	DET
cblr-1751	201	4	scholars	scholar	NOUN
cblr-1751	201	5	teach	teach	VERB
cblr-1751	201	6	that	that	PRON
cblr-1751	201	7	inaccurate	inaccurate	ADJ
cblr-1751	201	8	stock	stock	NOUN
cblr-1751	201	9	prices	price	NOUN
cblr-1751	201	10	lead	lead	VERB
cblr-1751	201	11	society	society	NOUN
cblr-1751	201	12	to	to	PART
cblr-1751	201	13	allocate	allocate	VERB
cblr-1751	201	14	capital	capital	NOUN
cblr-1751	201	15	less	less	ADV
cblr-1751	201	16	efficiently	efficiently	ADV
cblr-1751	201	17	than	than	SCONJ
cblr-1751	201	18	it	it	PRON
cblr-1751	201	19	would	would	AUX
cblr-1751	201	20	if	if	SCONJ
cblr-1751	201	21	those	those	DET
cblr-1751	201	22	prices	price	NOUN
cblr-1751	201	23	more	more	ADV
cblr-1751	201	24	precisely	precisely	ADV
cblr-1751	201	25	reflected	reflect	VERB
cblr-1751	201	26	fundamental	fundamental	ADJ
cblr-1751	201	27	values.23	values.23	NOUN
cblr-1751	201	28	finally	finally	ADV
cblr-1751	201	29	,	,	PUNCT
cblr-1751	201	30	there	there	PRON
cblr-1751	201	31	is	be	VERB
cblr-1751	201	32	another	another	DET
cblr-1751	201	33	way	way	NOUN
cblr-1751	201	34	in	in	ADP
cblr-1751	201	35	which	which	PRON
cblr-1751	201	36	higher	high	ADJ
cblr-1751	201	37	stock	stock	NOUN
cblr-1751	201	38	-	-	PUNCT
cblr-1751	201	39	price	price	NOUN
cblr-1751	201	40	accuracy	accuracy	NOUN
cblr-1751	201	41	is	be	AUX
cblr-1751	201	42	thought	think	VERB
cblr-1751	201	43	to	to	PART
cblr-1751	201	44	increase	increase	VERB
cblr-1751	201	45	—	—	PUNCT
cblr-1751	201	46	and	and	CCONJ
cblr-1751	201	47	lower	low	ADJ
cblr-1751	201	48	stock	stock	NOUN
cblr-1751	201	49	-	-	PUNCT
cblr-1751	201	50	price	price	NOUN
cblr-1751	201	51	accuracy	accuracy	NOUN
cblr-1751	201	52	is	be	AUX
cblr-1751	201	53	thought	think	VERB
cblr-1751	201	54	to	to	PART
cblr-1751	201	55	decrease	decrease	VERB
cblr-1751	201	56	—	—	PUNCT
cblr-1751	201	57	the	the	DET
cblr-1751	201	58	extent	extent	NOUN
cblr-1751	201	59	to	to	PART
cblr-1751	201	60	which	which	PRON
cblr-1751	201	61	society	society	NOUN
cblr-1751	201	62	allocates	allocate	VERB
cblr-1751	201	63	its	its	PRON
cblr-1751	201	64	capital	capital	NOUN
cblr-1751	201	65	efficiently	efficiently	ADV
cblr-1751	201	66	.	.	PUNCT
cblr-1751	202	1	today	today	NOUN
cblr-1751	202	2	,	,	PUNCT
cblr-1751	202	3	the	the	DET
cblr-1751	202	4	predominant	predominant	ADJ
cblr-1751	202	5	source	source	NOUN
cblr-1751	202	6	of	of	ADP
cblr-1751	202	7	funds	fund	NOUN
cblr-1751	202	8	for	for	ADP
cblr-1751	202	9	new	new	ADJ
cblr-1751	202	10	investment	investment	NOUN
cblr-1751	202	11	in	in	ADP
cblr-1751	202	12	the	the	DET
cblr-1751	202	13	economy	economy	NOUN
cblr-1751	202	14	is	be	AUX
cblr-1751	202	15	internally	internally	ADV
cblr-1751	202	16	generated	generate	VERB
cblr-1751	202	17	firm	firm	ADJ
cblr-1751	202	18	capital	capital	NOUN
cblr-1751	202	19	,	,	PUNCT
cblr-1751	202	20	and	and	CCONJ
cblr-1751	202	21	the	the	DET
cblr-1751	202	22	biggest	big	ADJ
cblr-1751	202	23	consequence	consequence	NOUN
cblr-1751	202	24	of	of	ADP
cblr-1751	202	25	poor	poor	ADJ
cblr-1751	202	26	corporate	corporate	ADJ
cblr-1751	202	27	governance	governance	NOUN
cblr-1751	202	28	is	be	AUX
cblr-1751	202	29	the	the	DET
cblr-1751	202	30	misuse	misuse	NOUN
cblr-1751	202	31	of	of	ADP
cblr-1751	202	32	this	this	DET
cblr-1751	202	33	capital	capital	NOUN
cblr-1751	202	34	.	.	PUNCT
cblr-1751	203	1	when	when	SCONJ
cblr-1751	203	2	stock	stock	NOUN
cblr-1751	203	3	prices	price	NOUN
cblr-1751	203	4	are	be	AUX
cblr-1751	203	5	accurate	accurate	ADJ
cblr-1751	203	6	,	,	PUNCT
cblr-1751	203	7	boards	board	NOUN
cblr-1751	203	8	and	and	CCONJ
cblr-1751	203	9	shareholders	shareholder	NOUN
cblr-1751	203	10	are	be	AUX
cblr-1751	203	11	better	well	ADJ
cblr-1751	203	12	able	able	ADJ
cblr-1751	203	13	to	to	PART
cblr-1751	203	14	use	use	VERB
cblr-1751	203	15	the	the	DET
cblr-1751	203	16	corporate	corporate	ADJ
cblr-1751	203	17	-	-	PUNCT
cblr-1751	203	18	governance	governance	NOUN
cblr-1751	203	19	tools	tool	NOUN
cblr-1751	203	20	discussed	discuss	VERB
cblr-1751	203	21	in	in	ADP
cblr-1751	203	22	the	the	DET
cblr-1751	203	23	immediately	immediately	ADV
cblr-1751	203	24	preceding	precede	VERB
cblr-1751	203	25	subsection	subsection	NOUN
cblr-1751	203	26	to	to	PART
cblr-1751	203	27	limit	limit	VERB
cblr-1751	203	28	the	the	DET
cblr-1751	203	29	extent	extent	NOUN
cblr-1751	203	30	to	to	PART
cblr-1751	203	31	which	which	PRON
cblr-1751	203	32	managers	manager	NOUN
cblr-1751	203	33	misuse	misuse	VERB
cblr-1751	203	34	these	these	DET
cblr-1751	203	35	funds	fund	NOUN
cblr-1751	203	36	.	.	PUNCT
cblr-1751	204	1	so	so	ADV
cblr-1751	204	2	,	,	PUNCT
cblr-1751	204	3	the	the	DET
cblr-1751	204	4	corporate	corporate	ADJ
cblr-1751	204	5	-	-	PUNCT
cblr-1751	204	6	governance	governance	NOUN
cblr-1751	204	7	benefits	benefit	NOUN
cblr-1751	204	8	of	of	ADP
cblr-1751	204	9	enhanced	enhanced	ADJ
cblr-1751	204	10	stock	stock	NOUN
cblr-1751	204	11	-	-	PUNCT
cblr-1751	204	12	price	price	NOUN
cblr-1751	204	13	accuracy	accuracy	NOUN
cblr-1751	204	14	are	be	AUX
cblr-1751	204	15	also	also	ADV
cblr-1751	204	16	thought	think	VERB
cblr-1751	204	17	to	to	PART
cblr-1751	204	18	improve	improve	VERB
cblr-1751	204	19	the	the	DET
cblr-1751	204	20	efficiency	efficiency	NOUN
cblr-1751	204	21	with	with	ADP
cblr-1751	204	22	which	which	PRON
cblr-1751	204	23	society	society	NOUN
cblr-1751	204	24	allocates	allocate	VERB
cblr-1751	204	25	its	its	PRON
cblr-1751	204	26	scarce	scarce	ADJ
cblr-1751	204	27	capital	capital	NOUN
cblr-1751	204	28	.	.	PUNCT
cblr-1751	205	1	this	this	DET
cblr-1751	205	2	initial	initial	ADJ
cblr-1751	205	3	background	background	NOUN
cblr-1751	205	4	part	part	NOUN
cblr-1751	205	5	has	have	AUX
cblr-1751	205	6	recited	recite	VERB
cblr-1751	205	7	consensus	consensus	NOUN
cblr-1751	205	8	views	view	NOUN
cblr-1751	205	9	relating	relate	VERB
cblr-1751	205	10	to	to	ADP
cblr-1751	205	11	stock	stock	NOUN
cblr-1751	205	12	-	-	PUNCT
cblr-1751	205	13	price	price	NOUN
cblr-1751	205	14	accuracy	accuracy	NOUN
cblr-1751	205	15	and	and	CCONJ
cblr-1751	205	16	its	its	PRON
cblr-1751	205	17	main	main	ADJ
cblr-1751	205	18	social	social	ADJ
cblr-1751	205	19	benefits	benefit	NOUN
cblr-1751	205	20	.	.	PUNCT
cblr-1751	206	1	these	these	DET
cblr-1751	206	2	broadly	broadly	ADV
cblr-1751	206	3	accepted	accept	VERB
cblr-1751	206	4	understandings	understanding	NOUN
cblr-1751	206	5	motivate	motivate	VERB
cblr-1751	206	6	a	a	DET
cblr-1751	206	7	large	large	ADJ
cblr-1751	206	8	amount	amount	NOUN
cblr-1751	206	9	of	of	ADP
cblr-1751	206	10	law	law	NOUN
cblr-1751	206	11	and	and	CCONJ
cblr-1751	206	12	commentary	commentary	NOUN
cblr-1751	206	13	on	on	ADP
cblr-1751	206	14	the	the	DET
cblr-1751	206	15	corporate	corporate	ADJ
cblr-1751	206	16	disclosure	disclosure	NOUN
cblr-1751	206	17	,	,	PUNCT
cblr-1751	206	18	fraud	fraud	NOUN
cblr-1751	206	19	,	,	PUNCT
cblr-1751	206	20	and	and	CCONJ
cblr-1751	206	21	insider	insider	NOUN
cblr-1751	206	22	-	-	PUNCT
cblr-1751	206	23	trading	trading	NOUN
cblr-1751	206	24	laws	law	NOUN
cblr-1751	206	25	that	that	PRON
cblr-1751	206	26	make	make	VERB
cblr-1751	206	27	up	up	ADP
cblr-1751	206	28	the	the	DET
cblr-1751	206	29	lion	lion	NOUN
cblr-1751	206	30	’s	’s	PART
cblr-1751	206	31	share	share	NOUN
cblr-1751	206	32	of	of	ADP
cblr-1751	206	33	securities	security	NOUN
cblr-1751	206	34	law	law	NOUN
cblr-1751	206	35	today	today	NOUN
cblr-1751	206	36	.	.	PUNCT
cblr-1751	207	1	however	however	ADV
cblr-1751	207	2	,	,	PUNCT
cblr-1751	207	3	those	those	DET
cblr-1751	207	4	three	three	NUM
cblr-1751	207	5	main	main	ADJ
cblr-1751	207	6	areas	area	NOUN
cblr-1751	207	7	of	of	ADP
cblr-1751	207	8	securities	security	NOUN
cblr-1751	207	9	law	law	NOUN
cblr-1751	207	10	primarily	primarily	ADV
cblr-1751	207	11	center	center	VERB
cblr-1751	207	12	on	on	ADP
cblr-1751	207	13	the	the	DET
cblr-1751	207	14	firms	firm	NOUN
cblr-1751	207	15	that	that	PRON
cblr-1751	207	16	issue	issue	VERB
cblr-1751	207	17	stock	stock	NOUN
cblr-1751	207	18	.	.	PUNCT
cblr-1751	208	1	and	and	CCONJ
cblr-1751	208	2	the	the	DET
cblr-1751	208	3	ability	ability	NOUN
cblr-1751	208	4	of	of	ADP
cblr-1751	208	5	regulators	regulator	NOUN
cblr-1751	208	6	to	to	PART
cblr-1751	208	7	improve	improve	VERB
cblr-1751	208	8	stock	stock	NOUN
cblr-1751	208	9	-	-	PUNCT
cblr-1751	208	10	price	price	NOUN
cblr-1751	208	11	accuracy	accuracy	NOUN
cblr-1751	208	12	note	note	NOUN
cblr-1751	208	13	3	3	NUM
cblr-1751	208	14	,	,	PUNCT
cblr-1751	208	15	at	at	ADP
cblr-1751	208	16	720	720	NUM
cblr-1751	208	17	(	(	PUNCT
cblr-1751	208	18	“	"	PUNCT
cblr-1751	208	19	accurate	accurate	ADJ
cblr-1751	208	20	pricing	pricing	NOUN
cblr-1751	208	21	is	be	AUX
cblr-1751	208	22	essential	essential	ADJ
cblr-1751	208	23	for	for	ADP
cblr-1751	208	24	achieving	achieve	VERB
cblr-1751	208	25	efficient	efficient	ADJ
cblr-1751	208	26	allocation	allocation	NOUN
cblr-1751	208	27	of	of	ADP
cblr-1751	208	28	resources	resource	NOUN
cblr-1751	208	29	in	in	ADP
cblr-1751	208	30	the	the	DET
cblr-1751	208	31	economy	economy	NOUN
cblr-1751	208	32	.	.	PUNCT
cblr-1751	208	33	”	"	PUNCT
cblr-1751	208	34	)	)	PUNCT
cblr-1751	208	35	.	.	PUNCT
cblr-1751	209	1	23	23	NUM
cblr-1751	209	2	see	see	VERB
cblr-1751	209	3	,	,	PUNCT
cblr-1751	209	4	e.g.	e.g.	ADV
cblr-1751	209	5	,	,	PUNCT
cblr-1751	209	6	fox	fox	PROPN
cblr-1751	209	7	,	,	PUNCT
cblr-1751	209	8	supra	supra	PROPN
cblr-1751	209	9	note	note	PROPN
cblr-1751	209	10	8	8	NUM
cblr-1751	209	11	,	,	PUNCT
cblr-1751	209	12	at	at	ADP
cblr-1751	209	13	1016	1016	NUM
cblr-1751	209	14	(	(	PUNCT
cblr-1751	209	15	“	"	PUNCT
cblr-1751	209	16	if	if	SCONJ
cblr-1751	209	17	the	the	DET
cblr-1751	209	18	market	market	NOUN
cblr-1751	209	19	prices	price	NOUN
cblr-1751	209	20	of	of	ADP
cblr-1751	209	21	securities	security	NOUN
cblr-1751	209	22	are	be	AUX
cblr-1751	209	23	inaccurate	inaccurate	ADJ
cblr-1751	209	24	,	,	PUNCT
cblr-1751	209	25	a	a	DET
cblr-1751	209	26	misallocation	misallocation	NOUN
cblr-1751	209	27	of	of	ADP
cblr-1751	209	28	resources	resource	NOUN
cblr-1751	209	29	for	for	ADP
cblr-1751	209	30	real	real	ADJ
cblr-1751	209	31	investment	investment	NOUN
cblr-1751	209	32	can	can	AUX
cblr-1751	209	33	occur	occur	VERB
cblr-1751	209	34	.	.	PUNCT
cblr-1751	209	35	”	"	PUNCT
cblr-1751	209	36	)	)	PUNCT
cblr-1751	209	37	.	.	PUNCT
cblr-1751	210	1	haeberle	haeberle	PROPN
cblr-1751	210	2	final	final	ADJ
cblr-1751	210	3	no	no	NOUN
cblr-1751	210	4	.	.	NOUN
cblr-1751	210	5	1:121	1:121	NUM
cblr-1751	210	6	]	]	X
cblr-1751	210	7	stock	stock	NOUN
cblr-1751	210	8	-	-	PUNCT
cblr-1751	210	9	price	price	NOUN
cblr-1751	210	10	accuracy	accuracy	NOUN
cblr-1751	210	11	139	139	NUM
cblr-1751	210	12	in	in	ADP
cblr-1751	210	13	a	a	DET
cblr-1751	210	14	manner	manner	NOUN
cblr-1751	210	15	that	that	PRON
cblr-1751	210	16	would	would	AUX
cblr-1751	210	17	enhance	enhance	VERB
cblr-1751	210	18	firm	firm	ADJ
cblr-1751	210	19	governance	governance	NOUN
cblr-1751	210	20	and	and	CCONJ
cblr-1751	210	21	capital	capital	NOUN
cblr-1751	210	22	allocation	allocation	NOUN
cblr-1751	210	23	by	by	ADP
cblr-1751	210	24	altering	alter	VERB
cblr-1751	210	25	stock	stock	NOUN
cblr-1751	210	26	-	-	PUNCT
cblr-1751	210	27	market	market	NOUN
cblr-1751	210	28	law	law	NOUN
cblr-1751	210	29	has	have	AUX
cblr-1751	210	30	gone	go	VERB
cblr-1751	210	31	undetected	undetected	ADJ
cblr-1751	210	32	.	.	PUNCT
cblr-1751	211	1	in	in	ADP
cblr-1751	211	2	building	build	VERB
cblr-1751	211	3	to	to	ADP
cblr-1751	211	4	the	the	DET
cblr-1751	211	5	conclusion	conclusion	NOUN
cblr-1751	211	6	that	that	SCONJ
cblr-1751	211	7	it	it	PRON
cblr-1751	211	8	is	be	AUX
cblr-1751	211	9	likely	likely	ADJ
cblr-1751	211	10	that	that	SCONJ
cblr-1751	211	11	regulators	regulator	NOUN
cblr-1751	211	12	can	can	AUX
cblr-1751	211	13	materially	materially	ADV
cblr-1751	211	14	improve	improve	VERB
cblr-1751	211	15	stock	stock	NOUN
cblr-1751	211	16	-	-	PUNCT
cblr-1751	211	17	price	price	NOUN
cblr-1751	211	18	accuracy	accuracy	NOUN
cblr-1751	211	19	by	by	ADP
cblr-1751	211	20	reforming	reform	VERB
cblr-1751	211	21	central	central	ADJ
cblr-1751	211	22	aspects	aspect	NOUN
cblr-1751	211	23	of	of	ADP
cblr-1751	211	24	stock	stock	NOUN
cblr-1751	211	25	-	-	PUNCT
cblr-1751	211	26	market	market	NOUN
cblr-1751	211	27	law	law	NOUN
cblr-1751	211	28	,	,	PUNCT
cblr-1751	211	29	the	the	DET
cblr-1751	211	30	next	next	ADJ
cblr-1751	211	31	part	part	NOUN
cblr-1751	211	32	provides	provide	VERB
cblr-1751	211	33	essential	essential	ADJ
cblr-1751	211	34	background	background	NOUN
cblr-1751	211	35	on	on	ADP
cblr-1751	211	36	how	how	SCONJ
cblr-1751	211	37	stocks	stock	NOUN
cblr-1751	211	38	are	be	AUX
cblr-1751	211	39	traded	trade	VERB
cblr-1751	211	40	today	today	NOUN
cblr-1751	211	41	.	.	PUNCT
cblr-1751	212	1	iii	iii	X
cblr-1751	212	2	.	.	PUNCT
cblr-1751	213	1	contemporary	contemporary	ADJ
cblr-1751	213	2	stock	stock	PROPN
cblr-1751	213	3	trading	trading	NOUN
cblr-1751	213	4	at	at	ADP
cblr-1751	213	5	its	its	PRON
cblr-1751	213	6	core	core	NOUN
cblr-1751	213	7	,	,	PUNCT
cblr-1751	213	8	contemporary	contemporary	ADJ
cblr-1751	213	9	stock	stock	NOUN
cblr-1751	213	10	trading	trading	NOUN
cblr-1751	213	11	involves	involve	VERB
cblr-1751	213	12	the	the	DET
cblr-1751	213	13	market	market	NOUN
cblr-1751	213	14	participants	participant	NOUN
cblr-1751	213	15	who	who	PRON
cblr-1751	213	16	trade	trade	VERB
cblr-1751	213	17	stocks	stock	NOUN
cblr-1751	213	18	and	and	CCONJ
cblr-1751	213	19	the	the	DET
cblr-1751	213	20	platforms	platform	NOUN
cblr-1751	213	21	through	through	ADP
cblr-1751	213	22	which	which	PRON
cblr-1751	213	23	they	they	PRON
cblr-1751	213	24	complete	complete	VERB
cblr-1751	213	25	almost	almost	ADV
cblr-1751	213	26	all	all	PRON
cblr-1751	213	27	of	of	ADP
cblr-1751	213	28	their	their	PRON
cblr-1751	213	29	trading	trading	NOUN
cblr-1751	213	30	.	.	PUNCT
cblr-1751	214	1	the	the	DET
cblr-1751	214	2	former	former	ADJ
cblr-1751	214	3	are	be	AUX
cblr-1751	214	4	composed	compose	VERB
cblr-1751	214	5	of	of	ADP
cblr-1751	214	6	the	the	DET
cblr-1751	214	7	individuals	individual	NOUN
cblr-1751	214	8	and	and	CCONJ
cblr-1751	214	9	institutions	institution	NOUN
cblr-1751	214	10	that	that	PRON
cblr-1751	214	11	buy	buy	VERB
cblr-1751	214	12	and	and	CCONJ
cblr-1751	214	13	sell	sell	VERB
cblr-1751	214	14	public	public	ADJ
cblr-1751	214	15	companies	company	NOUN
cblr-1751	214	16	’	'	PUNCT
cblr-1751	214	17	stocks	stock	NOUN
cblr-1751	214	18	based	base	VERB
cblr-1751	214	19	on	on	ADP
cblr-1751	214	20	a	a	DET
cblr-1751	214	21	wide	wide	ADJ
cblr-1751	214	22	spectrum	spectrum	NOUN
cblr-1751	214	23	of	of	ADP
cblr-1751	214	24	motivations	motivation	NOUN
cblr-1751	214	25	.	.	PUNCT
cblr-1751	215	1	the	the	DET
cblr-1751	215	2	latter	latter	ADJ
cblr-1751	215	3	are	be	AUX
cblr-1751	215	4	made	make	VERB
cblr-1751	215	5	up	up	ADP
cblr-1751	215	6	of	of	ADP
cblr-1751	215	7	two	two	NUM
cblr-1751	215	8	types	type	NOUN
cblr-1751	215	9	of	of	ADP
cblr-1751	215	10	highly	highly	ADV
cblr-1751	215	11	sophisticated	sophisticated	ADJ
cblr-1751	215	12	electronic	electronic	ADJ
cblr-1751	215	13	trading	trading	NOUN
cblr-1751	215	14	systems	system	NOUN
cblr-1751	215	15	:	:	PUNCT
cblr-1751	215	16	exchange	exchange	NOUN
cblr-1751	215	17	platforms	platform	NOUN
cblr-1751	215	18	and	and	CCONJ
cblr-1751	215	19	off	off	ADP
cblr-1751	215	20	-	-	PUNCT
cblr-1751	215	21	exchange	exchange	NOUN
cblr-1751	215	22	platforms	platform	NOUN
cblr-1751	215	23	.	.	PUNCT
cblr-1751	216	1	section	section	NOUN
cblr-1751	216	2	a	a	PRON
cblr-1751	216	3	describes	describe	VERB
cblr-1751	216	4	the	the	DET
cblr-1751	216	5	universe	universe	NOUN
cblr-1751	216	6	of	of	ADP
cblr-1751	216	7	stock	stock	NOUN
cblr-1751	216	8	traders	trader	NOUN
cblr-1751	216	9	.	.	PUNCT
cblr-1751	217	1	section	section	NOUN
cblr-1751	217	2	b	b	PROPN
cblr-1751	217	3	then	then	ADV
cblr-1751	217	4	details	detail	VERB
cblr-1751	217	5	the	the	DET
cblr-1751	217	6	platforms	platform	NOUN
cblr-1751	217	7	through	through	ADP
cblr-1751	217	8	which	which	PRON
cblr-1751	217	9	they	they	PRON
cblr-1751	217	10	buy	buy	VERB
cblr-1751	217	11	and	and	CCONJ
cblr-1751	217	12	sell	sell	VERB
cblr-1751	217	13	stocks	stock	NOUN
cblr-1751	217	14	.	.	PUNCT
cblr-1751	218	1	a.	a.	NOUN
cblr-1751	218	2	stock	stock	PROPN
cblr-1751	218	3	traders	trader	NOUN
cblr-1751	218	4	the	the	DET
cblr-1751	218	5	market	market	NOUN
cblr-1751	218	6	participants	participant	NOUN
cblr-1751	218	7	that	that	PRON
cblr-1751	218	8	buy	buy	VERB
cblr-1751	218	9	and	and	CCONJ
cblr-1751	218	10	sell	sell	VERB
cblr-1751	218	11	stocks	stock	NOUN
cblr-1751	218	12	in	in	ADP
cblr-1751	218	13	the	the	DET
cblr-1751	218	14	contemporary	contemporary	ADJ
cblr-1751	218	15	stock	stock	NOUN
cblr-1751	218	16	market	market	NOUN
cblr-1751	218	17	can	can	AUX
cblr-1751	218	18	be	be	AUX
cblr-1751	218	19	broken	break	VERB
cblr-1751	218	20	down	down	ADP
cblr-1751	218	21	into	into	ADP
cblr-1751	218	22	three	three	NUM
cblr-1751	218	23	broad	broad	ADJ
cblr-1751	218	24	types	type	NOUN
cblr-1751	218	25	:	:	PUNCT
cblr-1751	218	26	informed	inform	VERB
cblr-1751	218	27	traders	trader	NOUN
cblr-1751	218	28	,	,	PUNCT
cblr-1751	218	29	uninformed	uninformed	ADJ
cblr-1751	218	30	traders	trader	NOUN
cblr-1751	218	31	,	,	PUNCT
cblr-1751	218	32	and	and	CCONJ
cblr-1751	218	33	professional	professional	ADJ
cblr-1751	218	34	liquidity	liquidity	NOUN
cblr-1751	218	35	-	-	PUNCT
cblr-1751	218	36	providing	provide	VERB
cblr-1751	218	37	traders.24	traders.24	NOUN
cblr-1751	218	38	1	1	NUM
cblr-1751	218	39	.	.	PUNCT
cblr-1751	219	1	informed	informed	ADJ
cblr-1751	219	2	traders	trader	NOUN
cblr-1751	219	3	informed	inform	VERB
cblr-1751	219	4	traders	trader	NOUN
cblr-1751	219	5	are	be	AUX
cblr-1751	219	6	those	those	PRON
cblr-1751	219	7	who	who	PRON
cblr-1751	219	8	purchase	purchase	VERB
cblr-1751	219	9	and	and	CCONJ
cblr-1751	219	10	sell	sell	VERB
cblr-1751	219	11	stocks	stock	NOUN
cblr-1751	219	12	based	base	VERB
cblr-1751	219	13	on	on	ADP
cblr-1751	219	14	information	information	NOUN
cblr-1751	219	15	as	as	ADP
cblr-1751	219	16	to	to	ADP
cblr-1751	219	17	companies	company	NOUN
cblr-1751	219	18	’	'	PUNCT
cblr-1751	219	19	fundamental	fundamental	ADJ
cblr-1751	219	20	values	value	NOUN
cblr-1751	219	21	that	that	PRON
cblr-1751	219	22	is	be	AUX
cblr-1751	219	23	not	not	PART
cblr-1751	219	24	yet	yet	ADV
cblr-1751	219	25	reflected	reflect	VERB
cblr-1751	219	26	in	in	ADP
cblr-1751	219	27	market	market	NOUN
cblr-1751	219	28	prices	price	NOUN
cblr-1751	219	29	—	—	PUNCT
cblr-1751	219	30	thereby	thereby	ADV
cblr-1751	219	31	making	make	VERB
cblr-1751	219	32	stock	stock	NOUN
cblr-1751	219	33	prices	price	NOUN
cblr-1751	219	34	more	more	ADV
cblr-1751	219	35	accurate.25	accurate.25	NOUN
cblr-1751	219	36	they	they	PRON
cblr-1751	219	37	specialize	specialize	VERB
cblr-1751	219	38	in	in	ADP
cblr-1751	219	39	using	use	VERB
cblr-1751	219	40	firm	firm	NOUN
cblr-1751	219	41	24	24	NUM
cblr-1751	219	42	this	this	DET
cblr-1751	219	43	simplified	simplified	ADJ
cblr-1751	219	44	description	description	NOUN
cblr-1751	219	45	of	of	ADP
cblr-1751	219	46	stock	stock	NOUN
cblr-1751	219	47	traders	trader	NOUN
cblr-1751	219	48	draws	draw	VERB
cblr-1751	219	49	from	from	ADP
cblr-1751	219	50	a	a	DET
cblr-1751	219	51	fuller	full	ADJ
cblr-1751	219	52	model	model	NOUN
cblr-1751	219	53	described	describe	VERB
cblr-1751	219	54	in	in	ADP
cblr-1751	219	55	the	the	DET
cblr-1751	219	56	seminal	seminal	ADJ
cblr-1751	219	57	treatise	treatise	NOUN
cblr-1751	219	58	on	on	ADP
cblr-1751	219	59	market	market	NOUN
cblr-1751	219	60	microstructure	microstructure	NOUN
cblr-1751	219	61	alluded	allude	VERB
cblr-1751	219	62	to	to	ADP
cblr-1751	219	63	earlier	early	ADV
cblr-1751	219	64	.	.	PUNCT
cblr-1751	220	1	see	see	VERB
cblr-1751	220	2	harris	harris	PROPN
cblr-1751	220	3	,	,	PUNCT
cblr-1751	220	4	supra	supra	PROPN
cblr-1751	220	5	note	note	NOUN
cblr-1751	220	6	7	7	NUM
cblr-1751	220	7	.	.	PUNCT
cblr-1751	220	8	a	a	DET
cblr-1751	220	9	more	more	ADV
cblr-1751	220	10	detailed	detailed	ADJ
cblr-1751	220	11	description	description	NOUN
cblr-1751	220	12	,	,	PUNCT
cblr-1751	220	13	such	such	ADJ
cblr-1751	220	14	as	as	ADP
cblr-1751	220	15	the	the	DET
cblr-1751	220	16	fuller	full	ADJ
cblr-1751	220	17	one	one	NOUN
cblr-1751	220	18	referenced	reference	VERB
cblr-1751	220	19	here	here	ADV
cblr-1751	220	20	,	,	PUNCT
cblr-1751	220	21	would	would	AUX
cblr-1751	220	22	delineate	delineate	VERB
cblr-1751	220	23	sub	sub	NOUN
cblr-1751	220	24	-	-	NOUN
cblr-1751	220	25	types	type	NOUN
cblr-1751	220	26	and	and	CCONJ
cblr-1751	220	27	describe	describe	VERB
cblr-1751	220	28	traders	trader	NOUN
cblr-1751	220	29	as	as	ADP
cblr-1751	220	30	operating	operate	VERB
cblr-1751	220	31	to	to	ADP
cblr-1751	220	32	varying	vary	VERB
cblr-1751	220	33	degrees	degree	NOUN
cblr-1751	220	34	across	across	ADP
cblr-1751	220	35	them	they	PRON
cblr-1751	220	36	.	.	PUNCT
cblr-1751	221	1	25	25	NUM
cblr-1751	221	2	see	see	VERB
cblr-1751	221	3	generally	generally	ADV
cblr-1751	221	4	supra	supra	ADJ
cblr-1751	221	5	introduction	introduction	NOUN
cblr-1751	221	6	&	&	CCONJ
cblr-1751	221	7	part	part	PROPN
cblr-1751	221	8	ii.a.2	ii.a.2	PROPN
cblr-1751	221	9	.	.	PUNCT
cblr-1751	222	1	haeberle	haeberle	PROPN
cblr-1751	222	2	final	final	ADJ
cblr-1751	222	3	140	140	NUM
cblr-1751	222	4	columbia	columbia	PROPN
cblr-1751	222	5	business	business	NOUN
cblr-1751	222	6	law	law	PROPN
cblr-1751	222	7	review	review	NOUN
cblr-1751	222	8	[	[	X
cblr-1751	222	9	vol	vol	NOUN
cblr-1751	222	10	.	.	NOUN
cblr-1751	222	11	2015	2015	NUM
cblr-1751	222	12	specific	specific	ADJ
cblr-1751	222	13	and	and	CCONJ
cblr-1751	222	14	market	market	NOUN
cblr-1751	222	15	-	-	PUNCT
cblr-1751	222	16	wide	wide	ADJ
cblr-1751	222	17	information	information	NOUN
cblr-1751	222	18	to	to	PART
cblr-1751	222	19	identify	identify	VERB
cblr-1751	222	20	when	when	SCONJ
cblr-1751	222	21	stocks	stock	NOUN
cblr-1751	222	22	’	'	PUNCT
cblr-1751	222	23	market	market	NOUN
cblr-1751	222	24	prices	price	NOUN
cblr-1751	222	25	are	be	AUX
cblr-1751	222	26	lower	low	ADJ
cblr-1751	222	27	or	or	CCONJ
cblr-1751	222	28	higher	high	ADJ
cblr-1751	222	29	than	than	ADP
cblr-1751	222	30	their	their	PRON
cblr-1751	222	31	fundamental	fundamental	ADJ
cblr-1751	222	32	values,26	values,26	NOUN
cblr-1751	222	33	and	and	CCONJ
cblr-1751	222	34	then	then	ADV
cblr-1751	222	35	buying	buy	VERB
cblr-1751	222	36	when	when	SCONJ
cblr-1751	222	37	they	they	PRON
cblr-1751	222	38	encounter	encounter	VERB
cblr-1751	222	39	underpriced	underpriced	ADJ
cblr-1751	222	40	stocks	stock	NOUN
cblr-1751	222	41	and	and	CCONJ
cblr-1751	222	42	selling	sell	VERB
cblr-1751	222	43	when	when	SCONJ
cblr-1751	222	44	they	they	PRON
cblr-1751	222	45	find	find	VERB
cblr-1751	222	46	overpriced	overpriced	ADJ
cblr-1751	222	47	ones	one	NOUN
cblr-1751	222	48	.	.	PUNCT
cblr-1751	223	1	this	this	DET
cblr-1751	223	2	group	group	NOUN
cblr-1751	223	3	of	of	ADP
cblr-1751	223	4	traders	trader	NOUN
cblr-1751	223	5	is	be	AUX
cblr-1751	223	6	composed	compose	VERB
cblr-1751	223	7	primarily	primarily	ADV
cblr-1751	223	8	of	of	ADP
cblr-1751	223	9	institutional	institutional	ADJ
cblr-1751	223	10	traders	trader	NOUN
cblr-1751	223	11	—	—	PUNCT
cblr-1751	223	12	including	include	VERB
cblr-1751	223	13	some	some	DET
cblr-1751	223	14	investment	investment	NOUN
cblr-1751	223	15	banks	bank	NOUN
cblr-1751	223	16	,	,	PUNCT
cblr-1751	223	17	hedge	hedge	NOUN
cblr-1751	223	18	funds	fund	NOUN
cblr-1751	223	19	,	,	PUNCT
cblr-1751	223	20	private	private	ADJ
cblr-1751	223	21	equity	equity	NOUN
cblr-1751	223	22	funds	fund	NOUN
cblr-1751	223	23	,	,	PUNCT
cblr-1751	223	24	and	and	CCONJ
cblr-1751	223	25	actively	actively	ADV
cblr-1751	223	26	managed	manage	VERB
cblr-1751	223	27	mutual	mutual	ADJ
cblr-1751	223	28	funds	fund	NOUN
cblr-1751	223	29	.	.	PUNCT
cblr-1751	224	1	it	it	PRON
cblr-1751	224	2	is	be	AUX
cblr-1751	224	3	also	also	ADV
cblr-1751	224	4	thought	think	VERB
cblr-1751	224	5	to	to	PART
cblr-1751	224	6	include	include	VERB
cblr-1751	224	7	some	some	DET
cblr-1751	224	8	small	small	ADJ
cblr-1751	224	9	subset	subset	NOUN
cblr-1751	224	10	of	of	ADP
cblr-1751	224	11	the	the	DET
cblr-1751	224	12	universe	universe	NOUN
cblr-1751	224	13	of	of	ADP
cblr-1751	224	14	the	the	DET
cblr-1751	224	15	individuals	individual	NOUN
cblr-1751	224	16	that	that	PRON
cblr-1751	224	17	buy	buy	VERB
cblr-1751	224	18	and	and	CCONJ
cblr-1751	224	19	sell	sell	VERB
cblr-1751	224	20	stocks	stock	NOUN
cblr-1751	224	21	through	through	ADP
cblr-1751	224	22	retail	retail	ADJ
cblr-1751	224	23	brokerage	brokerage	NOUN
cblr-1751	224	24	accounts	account	NOUN
cblr-1751	224	25	.	.	PUNCT
cblr-1751	225	1	importantly	importantly	ADV
cblr-1751	225	2	,	,	PUNCT
cblr-1751	225	3	relative	relative	ADJ
cblr-1751	225	4	to	to	ADP
cblr-1751	225	5	uninformed	uninformed	ADJ
cblr-1751	225	6	traders	trader	NOUN
cblr-1751	225	7	,	,	PUNCT
cblr-1751	225	8	informed	inform	VERB
cblr-1751	225	9	traders	trader	NOUN
cblr-1751	225	10	as	as	ADP
cblr-1751	225	11	a	a	DET
cblr-1751	225	12	whole	whole	ADJ
cblr-1751	225	13	trade	trade	NOUN
cblr-1751	225	14	in	in	ADP
cblr-1751	225	15	and	and	CCONJ
cblr-1751	225	16	out	out	ADP
cblr-1751	225	17	of	of	ADP
cblr-1751	225	18	stocks	stock	NOUN
cblr-1751	225	19	frequently	frequently	ADV
cblr-1751	225	20	.	.	PUNCT
cblr-1751	226	1	on	on	ADP
cblr-1751	226	2	one	one	NUM
cblr-1751	226	3	end	end	NOUN
cblr-1751	226	4	of	of	ADP
cblr-1751	226	5	the	the	DET
cblr-1751	226	6	informed	inform	VERB
cblr-1751	226	7	-	-	PUNCT
cblr-1751	226	8	trader	trader	NOUN
cblr-1751	226	9	spectrum	spectrum	NOUN
cblr-1751	226	10	,	,	PUNCT
cblr-1751	226	11	some	some	DET
cblr-1751	226	12	“	"	PUNCT
cblr-1751	226	13	highfrequency	highfrequency	NOUN
cblr-1751	226	14	”	"	PUNCT
cblr-1751	226	15	traders	trader	NOUN
cblr-1751	226	16	who	who	PRON
cblr-1751	226	17	are	be	AUX
cblr-1751	226	18	thought	think	VERB
cblr-1751	226	19	to	to	PART
cblr-1751	226	20	be	be	AUX
cblr-1751	226	21	trading	trade	VERB
cblr-1751	226	22	based	base	VERB
cblr-1751	226	23	on	on	ADP
cblr-1751	226	24	fundamental	fundamental	ADJ
cblr-1751	226	25	-	-	PUNCT
cblr-1751	226	26	value	value	NOUN
cblr-1751	226	27	information	information	NOUN
cblr-1751	226	28	enter	enter	VERB
cblr-1751	226	29	and	and	CCONJ
cblr-1751	226	30	exit	exit	NOUN
cblr-1751	226	31	positions	position	NOUN
cblr-1751	226	32	with	with	ADP
cblr-1751	226	33	the	the	DET
cblr-1751	226	34	help	help	NOUN
cblr-1751	226	35	of	of	ADP
cblr-1751	226	36	computer	computer	NOUN
cblr-1751	226	37	algorithms	algorithm	NOUN
cblr-1751	226	38	within	within	ADP
cblr-1751	226	39	less	less	ADJ
cblr-1751	226	40	than	than	ADP
cblr-1751	226	41	one	one	NUM
cblr-1751	226	42	millisecond	millisecond	NOUN
cblr-1751	226	43	.	.	PUNCT
cblr-1751	227	1	on	on	ADP
cblr-1751	227	2	the	the	DET
cblr-1751	227	3	other	other	ADJ
cblr-1751	227	4	end	end	NOUN
cblr-1751	227	5	of	of	ADP
cblr-1751	227	6	that	that	DET
cblr-1751	227	7	spectrum	spectrum	NOUN
cblr-1751	227	8	,	,	PUNCT
cblr-1751	227	9	private	private	ADJ
cblr-1751	227	10	equity	equity	NOUN
cblr-1751	227	11	funds	fund	NOUN
cblr-1751	227	12	,	,	PUNCT
cblr-1751	227	13	activist	activist	ADJ
cblr-1751	227	14	hedge	hedge	NOUN
cblr-1751	227	15	funds	fund	NOUN
cblr-1751	227	16	,	,	PUNCT
cblr-1751	227	17	and	and	CCONJ
cblr-1751	227	18	actively	actively	ADV
cblr-1751	227	19	managed	manage	VERB
cblr-1751	227	20	mutual	mutual	ADJ
cblr-1751	227	21	funds	fund	NOUN
cblr-1751	227	22	commonly	commonly	ADV
cblr-1751	227	23	hold	hold	VERB
cblr-1751	227	24	stocks	stock	NOUN
cblr-1751	227	25	for	for	ADP
cblr-1751	227	26	years	year	NOUN
cblr-1751	227	27	.	.	PUNCT
cblr-1751	228	1	however	however	ADV
cblr-1751	228	2	,	,	PUNCT
cblr-1751	228	3	even	even	ADV
cblr-1751	228	4	these	these	DET
cblr-1751	228	5	longer	long	ADJ
cblr-1751	228	6	-	-	PUNCT
cblr-1751	228	7	term	term	NOUN
cblr-1751	228	8	informed	informed	ADJ
cblr-1751	228	9	traders	trader	NOUN
cblr-1751	228	10	generally	generally	ADV
cblr-1751	228	11	enter	enter	VERB
cblr-1751	228	12	and	and	CCONJ
cblr-1751	228	13	exit	exit	NOUN
cblr-1751	228	14	stock	stock	NOUN
cblr-1751	228	15	positions	position	NOUN
cblr-1751	228	16	more	more	ADV
cblr-1751	228	17	frequently	frequently	ADV
cblr-1751	228	18	than	than	SCONJ
cblr-1751	228	19	uninformed	uninformed	ADJ
cblr-1751	228	20	traders	trader	NOUN
cblr-1751	228	21	do	do	VERB
cblr-1751	228	22	.	.	PUNCT
cblr-1751	229	1	2	2	X
cblr-1751	229	2	.	.	X
cblr-1751	229	3	uninformed	uninformed	ADJ
cblr-1751	229	4	traders	trader	NOUN
cblr-1751	229	5	in	in	ADP
cblr-1751	229	6	contrast	contrast	NOUN
cblr-1751	229	7	to	to	ADP
cblr-1751	229	8	informed	informed	ADJ
cblr-1751	229	9	traders	trader	NOUN
cblr-1751	229	10	,	,	PUNCT
cblr-1751	229	11	uninformed	uninformed	ADJ
cblr-1751	229	12	traders	trader	NOUN
cblr-1751	229	13	are	be	AUX
cblr-1751	229	14	the	the	DET
cblr-1751	229	15	market	market	NOUN
cblr-1751	229	16	participants	participant	NOUN
cblr-1751	229	17	that	that	PRON
cblr-1751	229	18	buy	buy	VERB
cblr-1751	229	19	and	and	CCONJ
cblr-1751	229	20	sell	sell	VERB
cblr-1751	229	21	stocks	stock	NOUN
cblr-1751	229	22	for	for	ADP
cblr-1751	229	23	reasons	reason	NOUN
cblr-1751	229	24	other	other	ADJ
cblr-1751	229	25	than	than	ADP
cblr-1751	229	26	those	those	PRON
cblr-1751	229	27	based	base	VERB
cblr-1751	229	28	on	on	ADP
cblr-1751	229	29	new	new	ADJ
cblr-1751	229	30	fundamental	fundamental	ADJ
cblr-1751	229	31	-	-	PUNCT
cblr-1751	229	32	value	value	NOUN
cblr-1751	229	33	information	information	NOUN
cblr-1751	229	34	.	.	PUNCT
cblr-1751	230	1	most	most	ADV
cblr-1751	230	2	commonly	commonly	ADV
cblr-1751	230	3	,	,	PUNCT
cblr-1751	230	4	they	they	PRON
cblr-1751	230	5	invest	invest	VERB
cblr-1751	230	6	in	in	ADP
cblr-1751	230	7	stocks	stock	NOUN
cblr-1751	230	8	to	to	PART
cblr-1751	230	9	store	store	VERB
cblr-1751	230	10	wealth	wealth	NOUN
cblr-1751	230	11	for	for	ADP
cblr-1751	230	12	future	future	ADJ
cblr-1751	230	13	consumption	consumption	NOUN
cblr-1751	230	14	.	.	PUNCT
cblr-1751	231	1	as	as	ADP
cblr-1751	231	2	such	such	ADJ
cblr-1751	231	3	,	,	PUNCT
cblr-1751	231	4	most	most	ADJ
cblr-1751	231	5	of	of	ADP
cblr-1751	231	6	their	their	PRON
cblr-1751	231	7	trading	trading	NOUN
cblr-1751	231	8	is	be	AUX
cblr-1751	231	9	driven	drive	VERB
cblr-1751	231	10	by	by	ADP
cblr-1751	231	11	the	the	DET
cblr-1751	231	12	motivation	motivation	NOUN
cblr-1751	231	13	to	to	PART
cblr-1751	231	14	accumulate	accumulate	VERB
cblr-1751	231	15	,	,	PUNCT
cblr-1751	231	16	adjust	adjust	VERB
cblr-1751	231	17	,	,	PUNCT
cblr-1751	231	18	or	or	CCONJ
cblr-1751	231	19	liquidate	liquidate	NOUN
cblr-1751	231	20	aspects	aspect	NOUN
cblr-1751	231	21	of	of	ADP
cblr-1751	231	22	their	their	PRON
cblr-1751	231	23	desired	desire	VERB
cblr-1751	231	24	portfolio	portfolio	NOUN
cblr-1751	231	25	of	of	ADP
cblr-1751	231	26	stocks.27	stocks.27	PROPN
cblr-1751	231	27	like	like	ADP
cblr-1751	231	28	informed	informed	ADJ
cblr-1751	231	29	traders	trader	NOUN
cblr-1751	231	30	,	,	PUNCT
cblr-1751	231	31	uninformed	uninformed	ADJ
cblr-1751	231	32	ones	one	NOUN
cblr-1751	231	33	come	come	VERB
cblr-1751	231	34	in	in	ADP
cblr-1751	231	35	the	the	DET
cblr-1751	231	36	form	form	NOUN
cblr-1751	231	37	of	of	ADP
cblr-1751	231	38	both	both	DET
cblr-1751	231	39	individuals	individual	NOUN
cblr-1751	231	40	and	and	CCONJ
cblr-1751	231	41	institutions	institution	NOUN
cblr-1751	231	42	.	.	PUNCT
cblr-1751	232	1	with	with	ADP
cblr-1751	232	2	regard	regard	NOUN
cblr-1751	232	3	to	to	ADP
cblr-1751	232	4	the	the	DET
cblr-1751	232	5	former	former	ADJ
cblr-1751	232	6	,	,	PUNCT
cblr-1751	232	7	scholars	scholar	NOUN
cblr-1751	232	8	,	,	PUNCT
cblr-1751	232	9	regulators	regulator	NOUN
cblr-1751	232	10	,	,	PUNCT
cblr-1751	232	11	and	and	CCONJ
cblr-1751	232	12	the	the	DET
cblr-1751	232	13	trading	trading	NOUN
cblr-1751	232	14	industry	industry	NOUN
cblr-1751	232	15	26	26	NUM
cblr-1751	232	16	see	see	VERB
cblr-1751	232	17	goshen	goshen	PROPN
cblr-1751	232	18	&	&	CCONJ
cblr-1751	232	19	parchomovsky	parchomovsky	PROPN
cblr-1751	232	20	,	,	PUNCT
cblr-1751	232	21	supra	supra	PROPN
cblr-1751	232	22	note	note	NOUN
cblr-1751	232	23	3	3	NUM
cblr-1751	232	24	,	,	PUNCT
cblr-1751	232	25	at	at	ADP
cblr-1751	232	26	714	714	NUM
cblr-1751	232	27	.	.	PUNCT
cblr-1751	233	1	27	27	NUM
cblr-1751	233	2	see	see	VERB
cblr-1751	233	3	generally	generally	ADV
cblr-1751	233	4	harris	harris	PROPN
cblr-1751	233	5	,	,	PUNCT
cblr-1751	233	6	supra	supra	PROPN
cblr-1751	233	7	note	note	PROPN
cblr-1751	233	8	7	7	NUM
cblr-1751	233	9	,	,	PUNCT
cblr-1751	233	10	at	at	ADP
cblr-1751	233	11	177–78	177–78	PROPN
cblr-1751	233	12	(	(	PUNCT
cblr-1751	233	13	describing	describe	VERB
cblr-1751	233	14	these	these	DET
cblr-1751	233	15	traders	trader	NOUN
cblr-1751	233	16	’	’	PART
cblr-1751	233	17	wealth	wealth	NOUN
cblr-1751	233	18	-	-	PUNCT
cblr-1751	233	19	storing	store	VERB
cblr-1751	233	20	motivation	motivation	NOUN
cblr-1751	233	21	as	as	ADV
cblr-1751	233	22	well	well	ADV
cblr-1751	233	23	as	as	ADP
cblr-1751	233	24	a	a	DET
cblr-1751	233	25	host	host	NOUN
cblr-1751	233	26	of	of	ADP
cblr-1751	233	27	other	other	ADJ
cblr-1751	233	28	extrainformational	extrainformational	ADJ
cblr-1751	233	29	trading	trading	NOUN
cblr-1751	233	30	motivations	motivation	NOUN
cblr-1751	233	31	)	)	PUNCT
cblr-1751	233	32	.	.	PUNCT
cblr-1751	234	1	haeberle	haeberle	PROPN
cblr-1751	234	2	final	final	ADJ
cblr-1751	234	3	no	no	NOUN
cblr-1751	234	4	.	.	NOUN
cblr-1751	234	5	1:121	1:121	NUM
cblr-1751	234	6	]	]	X
cblr-1751	234	7	stock	stock	NOUN
cblr-1751	234	8	-	-	PUNCT
cblr-1751	234	9	price	price	NOUN
cblr-1751	234	10	accuracy	accuracy	NOUN
cblr-1751	234	11	141	141	NUM
cblr-1751	234	12	generally	generally	ADV
cblr-1751	234	13	assume	assume	VERB
cblr-1751	234	14	that	that	SCONJ
cblr-1751	234	15	the	the	DET
cblr-1751	234	16	great	great	ADJ
cblr-1751	234	17	majority	majority	NOUN
cblr-1751	234	18	of	of	ADP
cblr-1751	234	19	individual	individual	ADJ
cblr-1751	234	20	retaillevel	retaillevel	NOUN
cblr-1751	234	21	traders	trader	NOUN
cblr-1751	234	22	does	do	AUX
cblr-1751	234	23	not	not	PART
cblr-1751	234	24	trade	trade	VERB
cblr-1751	234	25	on	on	ADP
cblr-1751	234	26	the	the	DET
cblr-1751	234	27	basis	basis	NOUN
cblr-1751	234	28	of	of	ADP
cblr-1751	234	29	superior	superior	ADJ
cblr-1751	234	30	information.28	information.28	NOUN
cblr-1751	234	31	with	with	ADP
cblr-1751	234	32	regard	regard	NOUN
cblr-1751	234	33	to	to	ADP
cblr-1751	234	34	the	the	DET
cblr-1751	234	35	latter	latter	ADJ
cblr-1751	234	36	,	,	PUNCT
cblr-1751	234	37	many	many	ADJ
cblr-1751	234	38	institutional	institutional	ADJ
cblr-1751	234	39	traders	trader	NOUN
cblr-1751	234	40	(	(	PUNCT
cblr-1751	234	41	such	such	ADJ
cblr-1751	234	42	as	as	ADP
cblr-1751	234	43	index	index	NOUN
cblr-1751	234	44	-	-	PUNCT
cblr-1751	234	45	driven	drive	VERB
cblr-1751	234	46	mutual	mutual	ADJ
cblr-1751	234	47	funds	fund	NOUN
cblr-1751	234	48	,	,	PUNCT
cblr-1751	234	49	pension	pension	NOUN
cblr-1751	234	50	funds	fund	NOUN
cblr-1751	234	51	,	,	PUNCT
cblr-1751	234	52	and	and	CCONJ
cblr-1751	234	53	insurance	insurance	NOUN
cblr-1751	234	54	-	-	PUNCT
cblr-1751	234	55	companies	company	NOUN
cblr-1751	234	56	)	)	PUNCT
cblr-1751	234	57	pursue	pursue	VERB
cblr-1751	234	58	diversified	diversified	ADJ
cblr-1751	234	59	portfolios	portfolio	NOUN
cblr-1751	234	60	of	of	ADP
cblr-1751	234	61	stock	stock	NOUN
cblr-1751	234	62	that	that	PRON
cblr-1751	234	63	allow	allow	VERB
cblr-1751	234	64	them	they	PRON
cblr-1751	234	65	to	to	PART
cblr-1751	234	66	earn	earn	VERB
cblr-1751	234	67	a	a	DET
cblr-1751	234	68	risk	risk	NOUN
cblr-1751	234	69	premium	premium	NOUN
cblr-1751	234	70	and	and	CCONJ
cblr-1751	234	71	are	be	AUX
cblr-1751	234	72	not	not	PART
cblr-1751	234	73	trading	trade	VERB
cblr-1751	234	74	based	base	VERB
cblr-1751	234	75	on	on	ADP
cblr-1751	234	76	unique	unique	ADJ
cblr-1751	234	77	new	new	ADJ
cblr-1751	234	78	information	information	NOUN
cblr-1751	234	79	about	about	ADP
cblr-1751	234	80	stocks	stock	NOUN
cblr-1751	234	81	’	'	PUNCT
cblr-1751	234	82	fundamental	fundamental	ADJ
cblr-1751	234	83	values	value	NOUN
cblr-1751	234	84	.	.	PUNCT
cblr-1751	235	1	critically	critically	ADV
cblr-1751	235	2	,	,	PUNCT
cblr-1751	235	3	unlike	unlike	ADP
cblr-1751	235	4	informed	informed	ADJ
cblr-1751	235	5	traders	trader	NOUN
cblr-1751	235	6	,	,	PUNCT
cblr-1751	235	7	the	the	DET
cblr-1751	235	8	majority	majority	NOUN
cblr-1751	235	9	of	of	ADP
cblr-1751	235	10	uninformed	uninformed	ADJ
cblr-1751	235	11	traders	trader	NOUN
cblr-1751	235	12	buys	buy	VERB
cblr-1751	235	13	and	and	CCONJ
cblr-1751	235	14	sells	sell	VERB
cblr-1751	235	15	in	in	ADP
cblr-1751	235	16	and	and	CCONJ
cblr-1751	235	17	out	out	ADP
cblr-1751	235	18	of	of	ADP
cblr-1751	235	19	individual	individual	ADJ
cblr-1751	235	20	stocks	stock	NOUN
cblr-1751	235	21	only	only	ADV
cblr-1751	235	22	on	on	ADP
cblr-1751	235	23	an	an	DET
cblr-1751	235	24	infrequent	infrequent	ADJ
cblr-1751	235	25	basis	basis	NOUN
cblr-1751	235	26	.	.	PUNCT
cblr-1751	236	1	in	in	ADP
cblr-1751	236	2	fact	fact	NOUN
cblr-1751	236	3	,	,	PUNCT
cblr-1751	236	4	a	a	DET
cblr-1751	236	5	large	large	ADJ
cblr-1751	236	6	portion	portion	NOUN
cblr-1751	236	7	of	of	ADP
cblr-1751	236	8	uninformed	uninformed	ADJ
cblr-1751	236	9	traders	trader	NOUN
cblr-1751	236	10	is	be	AUX
cblr-1751	236	11	made	make	VERB
cblr-1751	236	12	up	up	ADP
cblr-1751	236	13	of	of	ADP
cblr-1751	236	14	what	what	PRON
cblr-1751	236	15	are	be	AUX
cblr-1751	236	16	often	often	ADV
cblr-1751	236	17	referred	refer	VERB
cblr-1751	236	18	to	to	ADP
cblr-1751	236	19	as	as	SCONJ
cblr-1751	236	20	“	"	PUNCT
cblr-1751	236	21	buy	buy	VERB
cblr-1751	236	22	and	and	CCONJ
cblr-1751	236	23	hold	hold	VERB
cblr-1751	236	24	”	"	PUNCT
cblr-1751	236	25	investors	investor	NOUN
cblr-1751	236	26	—	—	PUNCT
cblr-1751	236	27	that	that	ADV
cblr-1751	236	28	is	be	AUX
cblr-1751	236	29	,	,	PUNCT
cblr-1751	236	30	investors	investor	NOUN
cblr-1751	236	31	that	that	PRON
cblr-1751	236	32	purchase	purchase	VERB
cblr-1751	236	33	a	a	DET
cblr-1751	236	34	number	number	NOUN
cblr-1751	236	35	of	of	ADP
cblr-1751	236	36	stocks	stock	NOUN
cblr-1751	236	37	for	for	ADP
cblr-1751	236	38	their	their	PRON
cblr-1751	236	39	stock	stock	NOUN
cblr-1751	236	40	portfolio	portfolio	NOUN
cblr-1751	236	41	,	,	PUNCT
cblr-1751	236	42	and	and	CCONJ
cblr-1751	236	43	then	then	ADV
cblr-1751	236	44	hold	hold	VERB
cblr-1751	236	45	them	they	PRON
cblr-1751	236	46	over	over	ADP
cblr-1751	236	47	sustained	sustained	ADJ
cblr-1751	236	48	periods	period	NOUN
cblr-1751	236	49	of	of	ADP
cblr-1751	236	50	time	time	NOUN
cblr-1751	236	51	that	that	PRON
cblr-1751	236	52	are	be	AUX
cblr-1751	236	53	often	often	ADV
cblr-1751	236	54	more	more	ADV
cblr-1751	236	55	easily	easily	ADV
cblr-1751	236	56	calculated	calculate	VERB
cblr-1751	236	57	by	by	ADP
cblr-1751	236	58	decades	decade	NOUN
cblr-1751	236	59	than	than	ADP
cblr-1751	236	60	milliseconds	millisecond	NOUN
cblr-1751	236	61	,	,	PUNCT
cblr-1751	236	62	seconds	second	NOUN
cblr-1751	236	63	,	,	PUNCT
cblr-1751	236	64	days	day	NOUN
cblr-1751	236	65	,	,	PUNCT
cblr-1751	236	66	weeks	week	NOUN
cblr-1751	236	67	,	,	PUNCT
cblr-1751	236	68	or	or	CCONJ
cblr-1751	236	69	even	even	ADV
cblr-1751	236	70	months	month	NOUN
cblr-1751	236	71	.	.	PUNCT
cblr-1751	237	1	for	for	ADP
cblr-1751	237	2	example	example	NOUN
cblr-1751	237	3	,	,	PUNCT
cblr-1751	237	4	individuals	individual	NOUN
cblr-1751	237	5	often	often	ADV
cblr-1751	237	6	purchase	purchase	VERB
cblr-1751	237	7	stocks	stock	NOUN
cblr-1751	237	8	in	in	ADP
cblr-1751	237	9	their	their	PRON
cblr-1751	237	10	401(k	401(k	NOUN
cblr-1751	237	11	)	)	PUNCT
cblr-1751	237	12	accounts	account	NOUN
cblr-1751	237	13	,	,	PUNCT
cblr-1751	237	14	holding	hold	VERB
cblr-1751	237	15	those	those	DET
cblr-1751	237	16	stocks	stock	NOUN
cblr-1751	237	17	until	until	SCONJ
cblr-1751	237	18	they	they	PRON
cblr-1751	237	19	sell	sell	VERB
cblr-1751	237	20	them	they	PRON
cblr-1751	237	21	off	off	ADP
cblr-1751	237	22	to	to	PART
cblr-1751	237	23	consume	consume	VERB
cblr-1751	237	24	during	during	ADP
cblr-1751	237	25	retirement	retirement	NOUN
cblr-1751	237	26	.	.	PUNCT
cblr-1751	238	1	and	and	CCONJ
cblr-1751	238	2	index	index	NOUN
cblr-1751	238	3	-	-	PUNCT
cblr-1751	238	4	driven	drive	VERB
cblr-1751	238	5	mutual	mutual	ADJ
cblr-1751	238	6	funds	fund	NOUN
cblr-1751	238	7	generally	generally	ADV
cblr-1751	238	8	accumulate	accumulate	VERB
cblr-1751	238	9	diversified	diversified	ADJ
cblr-1751	238	10	portfolios	portfolio	NOUN
cblr-1751	238	11	of	of	ADP
cblr-1751	238	12	stocks	stock	NOUN
cblr-1751	238	13	,	,	PUNCT
cblr-1751	238	14	trading	trade	VERB
cblr-1751	238	15	only	only	ADV
cblr-1751	238	16	in	in	ADP
cblr-1751	238	17	a	a	DET
cblr-1751	238	18	limited	limited	ADJ
cblr-1751	238	19	number	number	NOUN
cblr-1751	238	20	of	of	ADP
cblr-1751	238	21	circumstances	circumstance	NOUN
cblr-1751	238	22	(	(	PUNCT
cblr-1751	238	23	such	such	ADJ
cblr-1751	238	24	as	as	ADP
cblr-1751	238	25	when	when	SCONJ
cblr-1751	238	26	they	they	PRON
cblr-1751	238	27	must	must	AUX
cblr-1751	238	28	increase	increase	VERB
cblr-1751	238	29	the	the	DET
cblr-1751	238	30	size	size	NOUN
cblr-1751	238	31	of	of	ADP
cblr-1751	238	32	their	their	PRON
cblr-1751	238	33	holdings	holding	NOUN
cblr-1751	238	34	when	when	SCONJ
cblr-1751	238	35	new	new	ADJ
cblr-1751	238	36	investors	investor	NOUN
cblr-1751	238	37	buy	buy	VERB
cblr-1751	238	38	into	into	ADP
cblr-1751	238	39	their	their	PRON
cblr-1751	238	40	investment	investment	NOUN
cblr-1751	238	41	funds).29	funds).29	PROPN
cblr-1751	238	42	3	3	X
cblr-1751	238	43	.	.	X
cblr-1751	239	1	professional	professional	ADJ
cblr-1751	239	2	liquidity	liquidity	NOUN
cblr-1751	239	3	-	-	PUNCT
cblr-1751	239	4	providing	provide	VERB
cblr-1751	239	5	traders	trader	NOUN
cblr-1751	239	6	in	in	ADP
cblr-1751	239	7	today	today	NOUN
cblr-1751	239	8	’s	’s	PART
cblr-1751	239	9	stock	stock	NOUN
cblr-1751	239	10	market	market	NOUN
cblr-1751	239	11	,	,	PUNCT
cblr-1751	239	12	informed	inform	VERB
cblr-1751	239	13	traders	trader	NOUN
cblr-1751	239	14	and	and	CCONJ
cblr-1751	239	15	uninformed	uninformed	ADJ
cblr-1751	239	16	traders	trader	NOUN
cblr-1751	239	17	that	that	PRON
cblr-1751	239	18	seek	seek	VERB
cblr-1751	239	19	to	to	PART
cblr-1751	239	20	buy	buy	VERB
cblr-1751	239	21	or	or	CCONJ
cblr-1751	239	22	sell	sell	VERB
cblr-1751	239	23	stock	stock	NOUN
cblr-1751	239	24	quickly	quickly	ADV
cblr-1751	239	25	are	be	AUX
cblr-1751	239	26	generally	generally	ADV
cblr-1751	239	27	unable	unable	ADJ
cblr-1751	239	28	to	to	PART
cblr-1751	239	29	trade	trade	VERB
cblr-1751	239	30	with	with	ADP
cblr-1751	239	31	each	each	DET
cblr-1751	239	32	other	other	ADJ
cblr-1751	239	33	.	.	PUNCT
cblr-1751	240	1	instead	instead	ADV
cblr-1751	240	2	,	,	PUNCT
cblr-1751	240	3	they	they	PRON
cblr-1751	240	4	must	must	AUX
cblr-1751	240	5	trade	trade	VERB
cblr-1751	240	6	through	through	ADP
cblr-1751	240	7	the	the	DET
cblr-1751	240	8	third	third	ADJ
cblr-1751	240	9	and	and	CCONJ
cblr-1751	240	10	final	final	ADJ
cblr-1751	240	11	type	type	NOUN
cblr-1751	240	12	of	of	ADP
cblr-1751	240	13	stock	stock	NOUN
cblr-1751	240	14	trader	trader	NOUN
cblr-1751	240	15	:	:	PUNCT
cblr-1751	240	16	the	the	DET
cblr-1751	240	17	professional	professional	ADJ
cblr-1751	240	18	liquidity	liquidity	NOUN
cblr-1751	240	19	provider	provider	NOUN
cblr-1751	240	20	.	.	PUNCT
cblr-1751	241	1	professional	professional	ADJ
cblr-1751	241	2	liquidity	liquidity	PROPN
cblr-1751	241	3	28	28	NUM
cblr-1751	241	4	see	see	VERB
cblr-1751	241	5	,	,	PUNCT
cblr-1751	241	6	e.g.	e.g.	ADV
cblr-1751	241	7	,	,	PUNCT
cblr-1751	241	8	christine	christine	PROPN
cblr-1751	241	9	a.	a.	PROPN
cblr-1751	241	10	parlour	parlour	PROPN
cblr-1751	241	11	&	&	CCONJ
cblr-1751	241	12	uday	uday	PROPN
cblr-1751	241	13	rajan	rajan	PROPN
cblr-1751	241	14	,	,	PUNCT
cblr-1751	241	15	payment	payment	NOUN
cblr-1751	241	16	for	for	ADP
cblr-1751	241	17	order	order	NOUN
cblr-1751	241	18	flow	flow	NOUN
cblr-1751	241	19	,	,	PUNCT
cblr-1751	241	20	68	68	NUM
cblr-1751	241	21	j.	j.	PROPN
cblr-1751	241	22	fin	fin	PROPN
cblr-1751	241	23	.	.	PUNCT
cblr-1751	241	24	econ	econ	PROPN
cblr-1751	241	25	.	.	PUNCT
cblr-1751	242	1	379	379	NUM
cblr-1751	242	2	,	,	PUNCT
cblr-1751	242	3	381	381	NUM
cblr-1751	242	4	(	(	PUNCT
cblr-1751	242	5	2003	2003	NUM
cblr-1751	242	6	)	)	PUNCT
cblr-1751	242	7	(	(	PUNCT
cblr-1751	242	8	“	"	PUNCT
cblr-1751	242	9	retail	retail	ADJ
cblr-1751	242	10	order	order	NOUN
cblr-1751	242	11	flow	flow	NOUN
cblr-1751	242	12	is	be	AUX
cblr-1751	242	13	widely	widely	ADV
cblr-1751	242	14	believed	believe	VERB
cblr-1751	242	15	to	to	PART
cblr-1751	242	16	be	be	AUX
cblr-1751	242	17	uninformed	uninformed	ADJ
cblr-1751	242	18	.	.	PUNCT
cblr-1751	242	19	”	"	PUNCT
cblr-1751	242	20	)	)	PUNCT
cblr-1751	242	21	.	.	PUNCT
cblr-1751	243	1	29	29	NUM
cblr-1751	243	2	additionally	additionally	ADV
cblr-1751	243	3	,	,	PUNCT
cblr-1751	243	4	i	i	PRON
cblr-1751	243	5	group	group	NOUN
cblr-1751	243	6	noise	noise	NOUN
cblr-1751	243	7	traders	trader	NOUN
cblr-1751	243	8	under	under	ADP
cblr-1751	243	9	the	the	DET
cblr-1751	243	10	category	category	NOUN
cblr-1751	243	11	of	of	ADP
cblr-1751	243	12	uninformed	uninformed	ADJ
cblr-1751	243	13	trader	trader	NOUN
cblr-1751	243	14	because	because	SCONJ
cblr-1751	243	15	they	they	PRON
cblr-1751	243	16	,	,	PUNCT
cblr-1751	243	17	by	by	ADP
cblr-1751	243	18	definition	definition	NOUN
cblr-1751	243	19	,	,	PUNCT
cblr-1751	243	20	are	be	AUX
cblr-1751	243	21	traders	trader	NOUN
cblr-1751	243	22	“	"	PUNCT
cblr-1751	243	23	who	who	PRON
cblr-1751	243	24	act	act	VERB
cblr-1751	243	25	irrationally	irrationally	ADV
cblr-1751	243	26	,	,	PUNCT
cblr-1751	243	27	falsely	falsely	ADV
cblr-1751	243	28	believing	believe	VERB
cblr-1751	243	29	that	that	SCONJ
cblr-1751	243	30	they	they	PRON
cblr-1751	243	31	possess	possess	VERB
cblr-1751	243	32	some	some	DET
cblr-1751	243	33	valuable	valuable	ADJ
cblr-1751	243	34	informational	informational	ADJ
cblr-1751	243	35	advantage	advantage	NOUN
cblr-1751	243	36	or	or	CCONJ
cblr-1751	243	37	superior	superior	ADJ
cblr-1751	243	38	trading	trading	NOUN
cblr-1751	243	39	skills	skill	NOUN
cblr-1751	243	40	.	.	PUNCT
cblr-1751	243	41	”	"	PUNCT
cblr-1751	243	42	goshen	goshen	PROPN
cblr-1751	243	43	&	&	CCONJ
cblr-1751	243	44	parchomovsky	parchomovsky	PROPN
cblr-1751	243	45	,	,	PUNCT
cblr-1751	243	46	supra	supra	PROPN
cblr-1751	243	47	note	note	NOUN
cblr-1751	243	48	3	3	NUM
cblr-1751	243	49	,	,	PUNCT
cblr-1751	243	50	at	at	ADP
cblr-1751	243	51	714–15	714–15	NUM
cblr-1751	243	52	.	.	PUNCT
cblr-1751	244	1	haeberle	haeberle	PROPN
cblr-1751	244	2	final	final	ADJ
cblr-1751	244	3	142	142	NUM
cblr-1751	244	4	columbia	columbia	PROPN
cblr-1751	244	5	business	business	NOUN
cblr-1751	244	6	law	law	PROPN
cblr-1751	244	7	review	review	NOUN
cblr-1751	244	8	[	[	X
cblr-1751	244	9	vol	vol	NOUN
cblr-1751	244	10	.	.	NOUN
cblr-1751	244	11	2015	2015	NUM
cblr-1751	244	12	providers	provider	NOUN
cblr-1751	244	13	are	be	AUX
cblr-1751	244	14	those	those	PRON
cblr-1751	244	15	that	that	PRON
cblr-1751	244	16	operate	operate	VERB
cblr-1751	244	17	as	as	ADP
cblr-1751	244	18	intermediaries	intermediary	NOUN
cblr-1751	244	19	between	between	ADP
cblr-1751	244	20	other	other	ADJ
cblr-1751	244	21	stock	stock	NOUN
cblr-1751	244	22	traders	trader	NOUN
cblr-1751	244	23	in	in	ADP
cblr-1751	244	24	a	a	DET
cblr-1751	244	25	manner	manner	NOUN
cblr-1751	244	26	that	that	PRON
cblr-1751	244	27	allows	allow	VERB
cblr-1751	244	28	those	those	DET
cblr-1751	244	29	other	other	ADJ
cblr-1751	244	30	traders	trader	NOUN
cblr-1751	244	31	to	to	PART
cblr-1751	244	32	buy	buy	VERB
cblr-1751	244	33	and	and	CCONJ
cblr-1751	244	34	sell	sell	VERB
cblr-1751	244	35	stock	stock	NOUN
cblr-1751	244	36	in	in	ADP
cblr-1751	244	37	—	—	PUNCT
cblr-1751	244	38	at	at	ADP
cblr-1751	244	39	a	a	DET
cblr-1751	244	40	minimum	minimum	NOUN
cblr-1751	244	41	—	—	PUNCT
cblr-1751	244	42	a	a	DET
cblr-1751	244	43	relatively	relatively	ADV
cblr-1751	244	44	quick	quick	ADJ
cblr-1751	244	45	timeframe	timeframe	NOUN
cblr-1751	244	46	.	.	PUNCT
cblr-1751	245	1	these	these	DET
cblr-1751	245	2	professional	professional	ADJ
cblr-1751	245	3	traders	trader	NOUN
cblr-1751	245	4	typically	typically	ADV
cblr-1751	245	5	maintain	maintain	VERB
cblr-1751	245	6	an	an	DET
cblr-1751	245	7	inventory	inventory	NOUN
cblr-1751	245	8	of	of	ADP
cblr-1751	245	9	shares	share	NOUN
cblr-1751	245	10	for	for	ADP
cblr-1751	245	11	a	a	DET
cblr-1751	245	12	large	large	ADJ
cblr-1751	245	13	selection	selection	NOUN
cblr-1751	245	14	of	of	ADP
cblr-1751	245	15	public	public	ADJ
cblr-1751	245	16	stocks,30	stocks,30	NOUN
cblr-1751	245	17	thereby	thereby	ADV
cblr-1751	245	18	allowing	allow	VERB
cblr-1751	245	19	them	they	PRON
cblr-1751	245	20	to	to	PART
cblr-1751	245	21	supply	supply	VERB
cblr-1751	245	22	their	their	PRON
cblr-1751	245	23	liquidity	liquidity	NOUN
cblr-1751	245	24	services	service	NOUN
cblr-1751	245	25	to	to	ADP
cblr-1751	245	26	the	the	DET
cblr-1751	245	27	traders	trader	NOUN
cblr-1751	245	28	that	that	PRON
cblr-1751	245	29	seek	seek	VERB
cblr-1751	245	30	to	to	PART
cblr-1751	245	31	purchase	purchase	VERB
cblr-1751	245	32	and	and	CCONJ
cblr-1751	245	33	sell	sell	VERB
cblr-1751	245	34	those	those	DET
cblr-1751	245	35	stocks	stock	NOUN
cblr-1751	245	36	on	on	ADP
cblr-1751	245	37	demand	demand	NOUN
cblr-1751	245	38	.	.	PUNCT
cblr-1751	246	1	professional	professional	ADJ
cblr-1751	246	2	liquidity	liquidity	NOUN
cblr-1751	246	3	providers	provider	NOUN
cblr-1751	246	4	mostly	mostly	ADV
cblr-1751	246	5	come	come	VERB
cblr-1751	246	6	in	in	ADP
cblr-1751	246	7	the	the	DET
cblr-1751	246	8	form	form	NOUN
cblr-1751	246	9	of	of	ADP
cblr-1751	246	10	high	high	ADJ
cblr-1751	246	11	-	-	PUNCT
cblr-1751	246	12	frequency	frequency	NOUN
cblr-1751	246	13	traders	trader	NOUN
cblr-1751	246	14	—	—	PUNCT
cblr-1751	246	15	that	that	ADV
cblr-1751	246	16	is	is	ADV
cblr-1751	246	17	,	,	PUNCT
cblr-1751	246	18	a	a	DET
cblr-1751	246	19	type	type	NOUN
cblr-1751	246	20	of	of	ADP
cblr-1751	246	21	trader	trader	NOUN
cblr-1751	246	22	that	that	PRON
cblr-1751	246	23	often	often	ADV
cblr-1751	246	24	enters	enter	VERB
cblr-1751	246	25	and	and	CCONJ
cblr-1751	246	26	exits	exit	VERB
cblr-1751	246	27	stock	stock	NOUN
cblr-1751	246	28	positions	position	NOUN
cblr-1751	246	29	via	via	ADP
cblr-1751	246	30	complex	complex	ADJ
cblr-1751	246	31	algorithms	algorithm	NOUN
cblr-1751	246	32	within	within	ADP
cblr-1751	246	33	well	well	ADV
cblr-1751	246	34	under	under	ADP
cblr-1751	246	35	a	a	DET
cblr-1751	246	36	millisecond	millisecond	NOUN
cblr-1751	246	37	.	.	PUNCT
cblr-1751	247	1	thus	thus	ADV
cblr-1751	247	2	,	,	PUNCT
cblr-1751	247	3	this	this	DET
cblr-1751	247	4	third	third	ADJ
cblr-1751	247	5	type	type	NOUN
cblr-1751	247	6	of	of	ADP
cblr-1751	247	7	trader	trader	NOUN
cblr-1751	247	8	is	be	AUX
cblr-1751	247	9	essentially	essentially	ADV
cblr-1751	247	10	composed	compose	VERB
cblr-1751	247	11	of	of	ADP
cblr-1751	247	12	a	a	DET
cblr-1751	247	13	highly	highly	ADV
cblr-1751	247	14	evolved	evolved	ADJ
cblr-1751	247	15	version	version	NOUN
cblr-1751	247	16	of	of	ADP
cblr-1751	247	17	traditional	traditional	ADJ
cblr-1751	247	18	market	market	NOUN
cblr-1751	247	19	makers	maker	NOUN
cblr-1751	247	20	,	,	PUNCT
cblr-1751	247	21	securities	security	NOUN
cblr-1751	247	22	dealers	dealer	NOUN
cblr-1751	247	23	,	,	PUNCT
cblr-1751	247	24	exchange	exchange	NOUN
cblr-1751	247	25	specialists	specialist	NOUN
cblr-1751	247	26	,	,	PUNCT
cblr-1751	247	27	and	and	CCONJ
cblr-1751	247	28	the	the	DET
cblr-1751	247	29	like	like	ADJ
cblr-1751	247	30	.	.	PUNCT
cblr-1751	248	1	professional	professional	ADJ
cblr-1751	248	2	liquidity	liquidity	NOUN
cblr-1751	248	3	providers	provider	NOUN
cblr-1751	248	4	supply	supply	VERB
cblr-1751	248	5	their	their	PRON
cblr-1751	248	6	services	service	NOUN
cblr-1751	248	7	to	to	ADP
cblr-1751	248	8	other	other	ADJ
cblr-1751	248	9	traders	trader	NOUN
cblr-1751	248	10	by	by	ADP
cblr-1751	248	11	executing	execute	VERB
cblr-1751	248	12	their	their	PRON
cblr-1751	248	13	orders	order	NOUN
cblr-1751	248	14	to	to	PART
cblr-1751	248	15	buy	buy	VERB
cblr-1751	248	16	and	and	CCONJ
cblr-1751	248	17	sell	sell	VERB
cblr-1751	248	18	securities	security	NOUN
cblr-1751	248	19	at	at	ADP
cblr-1751	248	20	,	,	PUNCT
cblr-1751	248	21	respectively	respectively	ADV
cblr-1751	248	22	,	,	PUNCT
cblr-1751	248	23	“	"	PUNCT
cblr-1751	248	24	ask	ask	NOUN
cblr-1751	248	25	”	"	PUNCT
cblr-1751	248	26	and	and	CCONJ
cblr-1751	248	27	“	"	PUNCT
cblr-1751	248	28	bid	bid	VERB
cblr-1751	248	29	”	"	PUNCT
cblr-1751	248	30	prices	price	NOUN
cblr-1751	248	31	.	.	PUNCT
cblr-1751	249	1	ask	ask	VERB
cblr-1751	249	2	prices	price	NOUN
cblr-1751	249	3	are	be	AUX
cblr-1751	249	4	those	those	PRON
cblr-1751	249	5	at	at	ADP
cblr-1751	249	6	which	which	PRON
cblr-1751	249	7	these	these	DET
cblr-1751	249	8	professionals	professional	NOUN
cblr-1751	249	9	are	be	AUX
cblr-1751	249	10	willing	willing	ADJ
cblr-1751	249	11	to	to	PART
cblr-1751	249	12	sell	sell	VERB
cblr-1751	249	13	stock	stock	NOUN
cblr-1751	249	14	from	from	ADP
cblr-1751	249	15	their	their	PRON
cblr-1751	249	16	inventories	inventory	NOUN
cblr-1751	249	17	to	to	ADP
cblr-1751	249	18	those	those	PRON
cblr-1751	249	19	seeking	seek	VERB
cblr-1751	249	20	to	to	PART
cblr-1751	249	21	buy	buy	VERB
cblr-1751	249	22	stock	stock	NOUN
cblr-1751	249	23	in	in	ADP
cblr-1751	249	24	a	a	DET
cblr-1751	249	25	relatively	relatively	ADV
cblr-1751	249	26	quick	quick	ADJ
cblr-1751	249	27	timeframe	timeframe	NOUN
cblr-1751	249	28	,	,	PUNCT
cblr-1751	249	29	and	and	CCONJ
cblr-1751	249	30	thus	thus	ADV
cblr-1751	249	31	represent	represent	VERB
cblr-1751	249	32	the	the	DET
cblr-1751	249	33	prices	price	NOUN
cblr-1751	249	34	at	at	ADP
cblr-1751	249	35	which	which	PRON
cblr-1751	249	36	traders	trader	NOUN
cblr-1751	249	37	can	can	AUX
cblr-1751	249	38	buy	buy	VERB
cblr-1751	249	39	stock	stock	NOUN
cblr-1751	249	40	quickly	quickly	ADV
cblr-1751	249	41	.	.	PUNCT
cblr-1751	250	1	for	for	ADP
cblr-1751	250	2	example	example	NOUN
cblr-1751	250	3	,	,	PUNCT
cblr-1751	250	4	if	if	SCONJ
cblr-1751	250	5	a	a	DET
cblr-1751	250	6	liquidity	liquidity	NOUN
cblr-1751	250	7	provider	provider	NOUN
cblr-1751	250	8	is	be	AUX
cblr-1751	250	9	executing	execute	VERB
cblr-1751	250	10	traders	trader	NOUN
cblr-1751	250	11	’	'	PUNCT
cblr-1751	250	12	buy	buy	VERB
cblr-1751	250	13	orders	order	NOUN
cblr-1751	250	14	at	at	ADP
cblr-1751	250	15	ask	ask	NOUN
cblr-1751	250	16	prices	price	NOUN
cblr-1751	250	17	of	of	ADP
cblr-1751	250	18	$	$	SYM
cblr-1751	250	19	44.12	44.12	NUM
cblr-1751	250	20	per	per	ADP
cblr-1751	250	21	share	share	NOUN
cblr-1751	250	22	,	,	PUNCT
cblr-1751	250	23	an	an	DET
cblr-1751	250	24	investor	investor	NOUN
cblr-1751	250	25	can	can	AUX
cblr-1751	250	26	procure	procure	VERB
cblr-1751	250	27	the	the	DET
cblr-1751	250	28	stock	stock	NOUN
cblr-1751	250	29	by	by	ADP
cblr-1751	250	30	paying	pay	VERB
cblr-1751	250	31	$	$	SYM
cblr-1751	250	32	44.12	44.12	NUM
cblr-1751	250	33	per	per	ADP
cblr-1751	250	34	share	share	NOUN
cblr-1751	250	35	to	to	ADP
cblr-1751	250	36	the	the	DET
cblr-1751	250	37	liquidity	liquidity	NOUN
cblr-1751	250	38	provider	provider	NOUN
cblr-1751	250	39	.	.	PUNCT
cblr-1751	251	1	conversely	conversely	ADV
cblr-1751	251	2	,	,	PUNCT
cblr-1751	251	3	bid	bid	NOUN
cblr-1751	251	4	prices	price	NOUN
cblr-1751	251	5	are	be	AUX
cblr-1751	251	6	those	those	PRON
cblr-1751	251	7	at	at	ADP
cblr-1751	251	8	which	which	PRON
cblr-1751	251	9	liquidity	liquidity	NOUN
cblr-1751	251	10	providers	provider	NOUN
cblr-1751	251	11	are	be	AUX
cblr-1751	251	12	willing	willing	ADJ
cblr-1751	251	13	to	to	PART
cblr-1751	251	14	buy	buy	VERB
cblr-1751	251	15	stock	stock	NOUN
cblr-1751	251	16	for	for	ADP
cblr-1751	251	17	their	their	PRON
cblr-1751	251	18	inventories	inventory	NOUN
cblr-1751	251	19	from	from	ADP
cblr-1751	251	20	traders	trader	NOUN
cblr-1751	251	21	seeking	seek	VERB
cblr-1751	251	22	to	to	PART
cblr-1751	251	23	sell	sell	VERB
cblr-1751	251	24	stock	stock	NOUN
cblr-1751	251	25	quickly	quickly	ADV
cblr-1751	251	26	,	,	PUNCT
cblr-1751	251	27	and	and	CCONJ
cblr-1751	251	28	therefore	therefore	ADV
cblr-1751	251	29	represent	represent	VERB
cblr-1751	251	30	the	the	DET
cblr-1751	251	31	prices	price	NOUN
cblr-1751	251	32	at	at	ADP
cblr-1751	251	33	which	which	PRON
cblr-1751	251	34	traders	trader	NOUN
cblr-1751	251	35	can	can	AUX
cblr-1751	251	36	sell	sell	VERB
cblr-1751	251	37	stock	stock	NOUN
cblr-1751	251	38	in	in	ADP
cblr-1751	251	39	a	a	DET
cblr-1751	251	40	small	small	ADJ
cblr-1751	251	41	timeframe	timeframe	NOUN
cblr-1751	251	42	.	.	PUNCT
cblr-1751	252	1	for	for	ADP
cblr-1751	252	2	example	example	NOUN
cblr-1751	252	3	,	,	PUNCT
cblr-1751	252	4	if	if	SCONJ
cblr-1751	252	5	a	a	DET
cblr-1751	252	6	liquidity	liquidity	NOUN
cblr-1751	252	7	provider	provider	NOUN
cblr-1751	252	8	is	be	AUX
cblr-1751	252	9	transacting	transact	VERB
cblr-1751	252	10	traders	trader	NOUN
cblr-1751	252	11	’	'	PUNCT
cblr-1751	252	12	sell	sell	VERB
cblr-1751	252	13	orders	order	NOUN
cblr-1751	252	14	at	at	ADP
cblr-1751	252	15	bid	bid	NOUN
cblr-1751	252	16	prices	price	NOUN
cblr-1751	252	17	of	of	ADP
cblr-1751	252	18	$	$	SYM
cblr-1751	252	19	44.08	44.08	NUM
cblr-1751	252	20	per	per	ADP
cblr-1751	252	21	share	share	NOUN
cblr-1751	252	22	,	,	PUNCT
cblr-1751	252	23	then	then	ADV
cblr-1751	252	24	an	an	DET
cblr-1751	252	25	investor	investor	NOUN
cblr-1751	252	26	30	30	NUM
cblr-1751	252	27	see	see	VERB
cblr-1751	252	28	,	,	PUNCT
cblr-1751	252	29	e.g.	e.g.	ADV
cblr-1751	252	30	,	,	PUNCT
cblr-1751	252	31	chris	chris	PROPN
cblr-1751	252	32	concanon	concanon	PROPN
cblr-1751	252	33	,	,	PUNCT
cblr-1751	252	34	president	president	NOUN
cblr-1751	252	35	and	and	CCONJ
cblr-1751	252	36	chief	chief	ADJ
cblr-1751	252	37	operating	operating	NOUN
cblr-1751	252	38	officer	officer	NOUN
cblr-1751	252	39	,	,	PUNCT
cblr-1751	252	40	virtu	virtu	PROPN
cblr-1751	252	41	financial	financial	PROPN
cblr-1751	252	42	llc	llc	PROPN
cblr-1751	252	43	,	,	PUNCT
cblr-1751	252	44	columbia	columbia	PROPN
cblr-1751	252	45	law	law	PROPN
cblr-1751	252	46	school	school	PROPN
cblr-1751	252	47	and	and	CCONJ
cblr-1751	252	48	business	business	NOUN
cblr-1751	252	49	school	school	NOUN
cblr-1751	252	50	program	program	NOUN
cblr-1751	252	51	on	on	ADP
cblr-1751	252	52	the	the	DET
cblr-1751	252	53	law	law	NOUN
cblr-1751	252	54	and	and	CCONJ
cblr-1751	252	55	economics	economic	NOUN
cblr-1751	252	56	of	of	ADP
cblr-1751	252	57	capital	capital	NOUN
cblr-1751	252	58	markets	market	NOUN
cblr-1751	252	59	november	november	PROPN
cblr-1751	252	60	2012	2012	NUM
cblr-1751	252	61	workshop	workshop	NOUN
cblr-1751	252	62	on	on	ADP
cblr-1751	252	63	high	high	ADJ
cblr-1751	252	64	-	-	PUNCT
cblr-1751	252	65	frequency	frequency	NOUN
cblr-1751	252	66	trading	trading	NOUN
cblr-1751	252	67	(	(	PUNCT
cblr-1751	252	68	nov	nov	PROPN
cblr-1751	252	69	.	.	PROPN
cblr-1751	252	70	29	29	NUM
cblr-1751	252	71	,	,	PUNCT
cblr-1751	252	72	2012	2012	NUM
cblr-1751	252	73	)	)	PUNCT
cblr-1751	252	74	,	,	PUNCT
cblr-1751	252	75	available	available	ADJ
cblr-1751	252	76	at	at	ADP
cblr-1751	252	77	http://web.law.columbia.edu/capital-markets/previous-workshops/2012	http://web.law.columbia.edu/capital-markets/previous-workshops/2012	PRON
cblr-1751	252	78	,	,	PUNCT
cblr-1751	252	79	archived	archive	VERB
cblr-1751	252	80	at	at	ADP
cblr-1751	252	81	http://perma.cc/y5rs-67ng	http://perma.cc/y5rs-67ng	NOUN
cblr-1751	252	82	.	.	PUNCT
cblr-1751	253	1	larger	large	ADJ
cblr-1751	253	2	professional	professional	ADJ
cblr-1751	253	3	liquidity	liquidity	NOUN
cblr-1751	253	4	providers	provider	NOUN
cblr-1751	253	5	commonly	commonly	ADV
cblr-1751	253	6	supply	supply	VERB
cblr-1751	253	7	liquidity	liquidity	NOUN
cblr-1751	253	8	services	service	NOUN
cblr-1751	253	9	for	for	ADP
cblr-1751	253	10	all	all	PRON
cblr-1751	253	11	of	of	ADP
cblr-1751	253	12	the	the	DET
cblr-1751	253	13	5,000	5,000	NUM
cblr-1751	253	14	or	or	CCONJ
cblr-1751	253	15	so	so	ADV
cblr-1751	253	16	exchange	exchange	NOUN
cblr-1751	253	17	-	-	PUNCT
cblr-1751	253	18	listed	list	VERB
cblr-1751	253	19	equity	equity	NOUN
cblr-1751	253	20	securities	security	NOUN
cblr-1751	253	21	in	in	ADP
cblr-1751	253	22	the	the	DET
cblr-1751	253	23	united	united	PROPN
cblr-1751	253	24	states	states	PROPN
cblr-1751	253	25	.	.	PUNCT
cblr-1751	254	1	haeberle	haeberle	PROPN
cblr-1751	254	2	final	final	ADJ
cblr-1751	254	3	no	no	NOUN
cblr-1751	254	4	.	.	NOUN
cblr-1751	254	5	1:121	1:121	NUM
cblr-1751	254	6	]	]	X
cblr-1751	254	7	stock	stock	NOUN
cblr-1751	254	8	-	-	PUNCT
cblr-1751	254	9	price	price	NOUN
cblr-1751	254	10	accuracy	accuracy	NOUN
cblr-1751	254	11	143	143	PRON
cblr-1751	254	12	can	can	AUX
cblr-1751	254	13	sell	sell	VERB
cblr-1751	254	14	the	the	DET
cblr-1751	254	15	stock	stock	NOUN
cblr-1751	254	16	to	to	ADP
cblr-1751	254	17	the	the	DET
cblr-1751	254	18	liquidity	liquidity	NOUN
cblr-1751	254	19	provider	provider	NOUN
cblr-1751	254	20	by	by	ADP
cblr-1751	254	21	accepting	accept	VERB
cblr-1751	254	22	$	$	SYM
cblr-1751	254	23	44.08	44.08	NUM
cblr-1751	254	24	in	in	ADP
cblr-1751	254	25	return	return	NOUN
cblr-1751	254	26	for	for	ADP
cblr-1751	254	27	each	each	DET
cblr-1751	254	28	share	share	NOUN
cblr-1751	254	29	sold	sell	VERB
cblr-1751	254	30	.	.	PUNCT
cblr-1751	255	1	crucially	crucially	ADV
cblr-1751	255	2	,	,	PUNCT
cblr-1751	255	3	professional	professional	ADJ
cblr-1751	255	4	liquidity	liquidity	NOUN
cblr-1751	255	5	providers	provider	NOUN
cblr-1751	255	6	’	'	PUNCT
cblr-1751	255	7	ask	ask	VERB
cblr-1751	255	8	prices	price	NOUN
cblr-1751	255	9	are	be	AUX
cblr-1751	255	10	generally	generally	ADV
cblr-1751	255	11	above	above	ADP
cblr-1751	255	12	the	the	DET
cblr-1751	255	13	market	market	NOUN
cblr-1751	255	14	’s	’s	PART
cblr-1751	255	15	current	current	ADJ
cblr-1751	255	16	assessment	assessment	NOUN
cblr-1751	255	17	of	of	ADP
cblr-1751	255	18	a	a	DET
cblr-1751	255	19	stock	stock	NOUN
cblr-1751	255	20	’s	’s	PART
cblr-1751	255	21	fundamental	fundamental	ADJ
cblr-1751	255	22	value	value	NOUN
cblr-1751	255	23	,	,	PUNCT
cblr-1751	255	24	and	and	CCONJ
cblr-1751	255	25	their	their	PRON
cblr-1751	255	26	bid	bid	NOUN
cblr-1751	255	27	prices	price	NOUN
cblr-1751	255	28	are	be	AUX
cblr-1751	255	29	generally	generally	ADV
cblr-1751	255	30	below	below	ADP
cblr-1751	255	31	that	that	DET
cblr-1751	255	32	market	market	NOUN
cblr-1751	255	33	value	value	NOUN
cblr-1751	255	34	—	—	PUNCT
cblr-1751	255	35	with	with	ADP
cblr-1751	255	36	each	each	PRON
cblr-1751	255	37	spaced	space	VERB
cblr-1751	255	38	out	out	ADP
cblr-1751	255	39	equidistantly	equidistantly	ADV
cblr-1751	255	40	from	from	ADP
cblr-1751	255	41	it.31	it.31	NOUN
cblr-1751	255	42	this	this	DET
cblr-1751	255	43	spacing	spacing	NOUN
cblr-1751	255	44	out	out	ADP
cblr-1751	255	45	of	of	ADP
cblr-1751	255	46	their	their	PRON
cblr-1751	255	47	bid	bid	NOUN
cblr-1751	255	48	and	and	CCONJ
cblr-1751	255	49	ask	ask	VERB
cblr-1751	255	50	prices	price	NOUN
cblr-1751	255	51	around	around	ADP
cblr-1751	255	52	current	current	ADJ
cblr-1751	255	53	market	market	NOUN
cblr-1751	255	54	values	value	NOUN
cblr-1751	255	55	allows	allow	VERB
cblr-1751	255	56	liquidity	liquidity	NOUN
cblr-1751	255	57	providers	provider	NOUN
cblr-1751	255	58	to	to	PART
cblr-1751	255	59	earn	earn	VERB
cblr-1751	255	60	their	their	PRON
cblr-1751	255	61	“	"	PUNCT
cblr-1751	255	62	bid	bid	NOUN
cblr-1751	255	63	-	-	PUNCT
cblr-1751	255	64	ask	ask	NOUN
cblr-1751	255	65	spread”—that	spread”—that	PRON
cblr-1751	255	66	is	be	AUX
cblr-1751	255	67	,	,	PUNCT
cblr-1751	255	68	the	the	DET
cblr-1751	255	69	revenue	revenue	NOUN
cblr-1751	255	70	that	that	PRON
cblr-1751	255	71	they	they	PRON
cblr-1751	255	72	garner	garner	VERB
cblr-1751	255	73	when	when	SCONJ
cblr-1751	255	74	they	they	PRON
cblr-1751	255	75	are	be	AUX
cblr-1751	255	76	able	able	ADJ
cblr-1751	255	77	to	to	PART
cblr-1751	255	78	buy	buy	VERB
cblr-1751	255	79	shares	share	NOUN
cblr-1751	255	80	from	from	ADP
cblr-1751	255	81	one	one	NUM
cblr-1751	255	82	trader	trader	NOUN
cblr-1751	255	83	at	at	ADP
cblr-1751	255	84	their	their	PRON
cblr-1751	255	85	lower	low	ADJ
cblr-1751	255	86	bid	bid	NOUN
cblr-1751	255	87	prices	price	NOUN
cblr-1751	255	88	and	and	CCONJ
cblr-1751	255	89	then	then	ADV
cblr-1751	255	90	turn	turn	VERB
cblr-1751	255	91	around	around	ADV
cblr-1751	255	92	and	and	CCONJ
cblr-1751	255	93	sell	sell	VERB
cblr-1751	255	94	them	they	PRON
cblr-1751	255	95	to	to	ADP
cblr-1751	255	96	another	another	DET
cblr-1751	255	97	trader	trader	NOUN
cblr-1751	255	98	at	at	ADP
cblr-1751	255	99	their	their	PRON
cblr-1751	255	100	higher	high	ADJ
cblr-1751	255	101	ask	ask	NOUN
cblr-1751	255	102	prices	price	NOUN
cblr-1751	255	103	.	.	PUNCT
cblr-1751	256	1	indeed	indeed	ADV
cblr-1751	256	2	,	,	PUNCT
cblr-1751	256	3	by	by	ADP
cblr-1751	256	4	placing	place	VERB
cblr-1751	256	5	their	their	PRON
cblr-1751	256	6	bid	bid	NOUN
cblr-1751	256	7	quotes	quote	NOUN
cblr-1751	256	8	and	and	CCONJ
cblr-1751	256	9	ask	ask	VERB
cblr-1751	256	10	quotes	quote	NOUN
cblr-1751	256	11	equidistantly	equidistantly	ADV
cblr-1751	256	12	—	—	PUNCT
cblr-1751	256	13	yet	yet	CCONJ
cblr-1751	256	14	not	not	PART
cblr-1751	256	15	too	too	ADV
cblr-1751	256	16	far	far	ADV
cblr-1751	256	17	—	—	PUNCT
cblr-1751	256	18	away	away	ADV
cblr-1751	256	19	from	from	ADP
cblr-1751	256	20	stocks	stock	NOUN
cblr-1751	256	21	’	'	PUNCT
cblr-1751	256	22	current	current	ADJ
cblr-1751	256	23	market	market	NOUN
cblr-1751	256	24	values	value	NOUN
cblr-1751	256	25	,	,	PUNCT
cblr-1751	256	26	these	these	DET
cblr-1751	256	27	professionals	professional	NOUN
cblr-1751	256	28	aim	aim	VERB
cblr-1751	256	29	to	to	PART
cblr-1751	256	30	attract	attract	VERB
cblr-1751	256	31	an	an	DET
cblr-1751	256	32	even	even	ADV
cblr-1751	256	33	two	two	NUM
cblr-1751	256	34	-	-	PUNCT
cblr-1751	256	35	sided	sided	ADJ
cblr-1751	256	36	flow	flow	NOUN
cblr-1751	256	37	of	of	ADP
cblr-1751	256	38	trader	trader	NOUN
cblr-1751	256	39	buy	buy	VERB
cblr-1751	256	40	and	and	CCONJ
cblr-1751	256	41	sell	sell	VERB
cblr-1751	256	42	orders	order	NOUN
cblr-1751	256	43	that	that	PRON
cblr-1751	256	44	allows	allow	VERB
cblr-1751	256	45	them	they	PRON
cblr-1751	256	46	to	to	PART
cblr-1751	256	47	make	make	VERB
cblr-1751	256	48	their	their	PRON
cblr-1751	256	49	spread	spread	NOUN
cblr-1751	256	50	from	from	ADP
cblr-1751	256	51	a	a	DET
cblr-1751	256	52	long	long	ADJ
cblr-1751	256	53	line	line	NOUN
cblr-1751	256	54	of	of	ADP
cblr-1751	256	55	stock	stock	NOUN
cblr-1751	256	56	buyers	buyer	NOUN
cblr-1751	256	57	and	and	CCONJ
cblr-1751	256	58	sellers.32	sellers.32	NOUN
cblr-1751	256	59	for	for	ADP
cblr-1751	256	60	example	example	NOUN
cblr-1751	256	61	,	,	PUNCT
cblr-1751	256	62	if	if	SCONJ
cblr-1751	256	63	the	the	DET
cblr-1751	256	64	market	market	NOUN
cblr-1751	256	65	currently	currently	ADV
cblr-1751	256	66	assesses	assess	VERB
cblr-1751	256	67	a	a	DET
cblr-1751	256	68	stock	stock	NOUN
cblr-1751	256	69	’s	’s	PART
cblr-1751	256	70	fundamental	fundamental	ADJ
cblr-1751	256	71	value	value	NOUN
cblr-1751	256	72	to	to	PART
cblr-1751	256	73	be	be	AUX
cblr-1751	256	74	$	$	SYM
cblr-1751	256	75	44.10	44.10	NUM
cblr-1751	256	76	per	per	ADP
cblr-1751	256	77	share	share	NOUN
cblr-1751	256	78	,	,	PUNCT
cblr-1751	256	79	liquidity	liquidity	NOUN
cblr-1751	256	80	providers	provider	NOUN
cblr-1751	256	81	might	might	AUX
cblr-1751	256	82	be	be	AUX
cblr-1751	256	83	executing	execute	VERB
cblr-1751	256	84	traders	trader	NOUN
cblr-1751	256	85	’	'	PUNCT
cblr-1751	256	86	sell	sell	VERB
cblr-1751	256	87	orders	order	NOUN
cblr-1751	256	88	at	at	ADP
cblr-1751	256	89	their	their	PRON
cblr-1751	256	90	best	good	ADJ
cblr-1751	256	91	(	(	PUNCT
cblr-1751	256	92	highest	high	ADJ
cblr-1751	256	93	)	)	PUNCT
cblr-1751	256	94	bid	bid	NOUN
cblr-1751	256	95	prices	price	NOUN
cblr-1751	256	96	of	of	ADP
cblr-1751	256	97	$	$	SYM
cblr-1751	256	98	44.08	44.08	NUM
cblr-1751	256	99	per	per	ADP
cblr-1751	256	100	share	share	NOUN
cblr-1751	256	101	,	,	PUNCT
cblr-1751	256	102	and	and	CCONJ
cblr-1751	256	103	other	other	ADJ
cblr-1751	256	104	traders	trader	NOUN
cblr-1751	256	105	’	'	PUNCT
cblr-1751	256	106	buy	buy	VERB
cblr-1751	256	107	orders	order	NOUN
cblr-1751	256	108	at	at	ADP
cblr-1751	256	109	their	their	PRON
cblr-1751	256	110	best	good	ADJ
cblr-1751	256	111	(	(	PUNCT
cblr-1751	256	112	lowest	low	ADJ
cblr-1751	256	113	)	)	PUNCT
cblr-1751	256	114	ask	ask	VERB
cblr-1751	256	115	prices	price	NOUN
cblr-1751	256	116	of	of	ADP
cblr-1751	256	117	$	$	SYM
cblr-1751	256	118	44.12	44.12	NUM
cblr-1751	256	119	per	per	ADP
cblr-1751	256	120	share	share	NOUN
cblr-1751	256	121	.	.	PUNCT
cblr-1751	257	1	in	in	ADP
cblr-1751	257	2	this	this	DET
cblr-1751	257	3	situation	situation	NOUN
cblr-1751	257	4	,	,	PUNCT
cblr-1751	257	5	the	the	DET
cblr-1751	257	6	liquidity	liquidity	NOUN
cblr-1751	257	7	providers	provider	NOUN
cblr-1751	257	8	would	would	AUX
cblr-1751	257	9	earn	earn	VERB
cblr-1751	257	10	$	$	SYM
cblr-1751	257	11	0.04	0.04	NUM
cblr-1751	257	12	each	each	DET
cblr-1751	257	13	time	time	NOUN
cblr-1751	257	14	they	they	PRON
cblr-1751	257	15	bought	buy	VERB
cblr-1751	257	16	a	a	DET
cblr-1751	257	17	share	share	NOUN
cblr-1751	257	18	from	from	ADP
cblr-1751	257	19	a	a	DET
cblr-1751	257	20	trader	trader	NOUN
cblr-1751	257	21	at	at	ADP
cblr-1751	257	22	their	their	PRON
cblr-1751	257	23	$	$	SYM
cblr-1751	257	24	44.08	44.08	NUM
cblr-1751	257	25	bid	bid	NOUN
cblr-1751	257	26	prices	price	NOUN
cblr-1751	257	27	and	and	CCONJ
cblr-1751	257	28	turned	turn	VERB
cblr-1751	257	29	around	around	ADV
cblr-1751	257	30	and	and	CCONJ
cblr-1751	257	31	sold	sell	VERB
cblr-1751	257	32	that	that	DET
cblr-1751	257	33	share	share	NOUN
cblr-1751	257	34	to	to	ADP
cblr-1751	257	35	another	another	PRON
cblr-1751	257	36	at	at	ADP
cblr-1751	257	37	their	their	PRON
cblr-1751	257	38	$	$	SYM
cblr-1751	257	39	44.12	44.12	NUM
cblr-1751	257	40	ask	ask	NOUN
cblr-1751	257	41	prices	price	NOUN
cblr-1751	257	42	.	.	PUNCT
cblr-1751	258	1	moreover	moreover	ADV
cblr-1751	258	2	,	,	PUNCT
cblr-1751	258	3	because	because	SCONJ
cblr-1751	258	4	professional	professional	ADJ
cblr-1751	258	5	liquidity	liquidity	NOUN
cblr-1751	258	6	providers	provider	NOUN
cblr-1751	258	7	transact	transact	VERB
cblr-1751	258	8	at	at	ADP
cblr-1751	258	9	this	this	DET
cblr-1751	258	10	bid	bid	NOUN
cblr-1751	258	11	-	-	PUNCT
cblr-1751	258	12	ask	ask	NOUN
cblr-1751	258	13	spread	spread	NOUN
cblr-1751	258	14	,	,	PUNCT
cblr-1751	258	15	there	there	PRON
cblr-1751	258	16	is	be	VERB
cblr-1751	258	17	generally	generally	ADV
cblr-1751	258	18	a	a	DET
cblr-1751	258	19	difference	difference	NOUN
cblr-1751	258	20	between	between	ADP
cblr-1751	258	21	,	,	PUNCT
cblr-1751	258	22	on	on	ADP
cblr-1751	258	23	the	the	DET
cblr-1751	258	24	one	one	NUM
cblr-1751	258	25	hand	hand	NOUN
cblr-1751	258	26	,	,	PUNCT
cblr-1751	258	27	the	the	DET
cblr-1751	258	28	prices	price	NOUN
cblr-1751	258	29	at	at	ADP
cblr-1751	258	30	which	which	PRON
cblr-1751	258	31	traders	trader	NOUN
cblr-1751	258	32	can	can	AUX
cblr-1751	258	33	purchase	purchase	VERB
cblr-1751	258	34	and	and	CCONJ
cblr-1751	258	35	sell	sell	VERB
cblr-1751	258	36	stocks	stock	NOUN
cblr-1751	258	37	quickly	quickly	ADV
cblr-1751	258	38	and	and	CCONJ
cblr-1751	258	39	,	,	PUNCT
cblr-1751	258	40	on	on	ADP
cblr-1751	258	41	the	the	DET
cblr-1751	258	42	other	other	ADJ
cblr-1751	258	43	,	,	PUNCT
cblr-1751	258	44	the	the	DET
cblr-1751	258	45	market	market	NOUN
cblr-1751	258	46	’s	’s	PART
cblr-1751	258	47	valuation	valuation	NOUN
cblr-1751	258	48	of	of	ADP
cblr-1751	258	49	those	those	DET
cblr-1751	258	50	stocks	stock	NOUN
cblr-1751	258	51	.	.	PUNCT
cblr-1751	259	1	this	this	DET
cblr-1751	259	2	delta	delta	NOUN
cblr-1751	259	3	dictates	dictate	VERB
cblr-1751	259	4	that	that	SCONJ
cblr-1751	259	5	a	a	DET
cblr-1751	259	6	trader	trader	NOUN
cblr-1751	259	7	seeking	seek	VERB
cblr-1751	259	8	to	to	PART
cblr-1751	259	9	buy	buy	VERB
cblr-1751	259	10	a	a	DET
cblr-1751	259	11	stock	stock	NOUN
cblr-1751	259	12	from	from	ADP
cblr-1751	259	13	a	a	DET
cblr-1751	259	14	liquidity	liquidity	NOUN
cblr-1751	259	15	provider	provider	NOUN
cblr-1751	259	16	will	will	AUX
cblr-1751	259	17	generally	generally	ADV
cblr-1751	259	18	pay	pay	VERB
cblr-1751	259	19	more	more	ADJ
cblr-1751	259	20	than	than	ADP
cblr-1751	259	21	the	the	DET
cblr-1751	259	22	stock	stock	NOUN
cblr-1751	259	23	’s	’s	PART
cblr-1751	259	24	market	market	NOUN
cblr-1751	259	25	value	value	NOUN
cblr-1751	259	26	to	to	PART
cblr-1751	259	27	procure	procure	VERB
cblr-1751	259	28	it	it	PRON
cblr-1751	259	29	,	,	PUNCT
cblr-1751	259	30	and	and	CCONJ
cblr-1751	259	31	that	that	SCONJ
cblr-1751	259	32	a	a	DET
cblr-1751	259	33	trader	trader	NOUN
cblr-1751	259	34	that	that	PRON
cblr-1751	259	35	wants	want	VERB
cblr-1751	259	36	to	to	PART
cblr-1751	259	37	sell	sell	VERB
cblr-1751	259	38	a	a	DET
cblr-1751	259	39	stock	stock	NOUN
cblr-1751	259	40	to	to	ADP
cblr-1751	259	41	a	a	DET
cblr-1751	259	42	liquidity	liquidity	NOUN
cblr-1751	259	43	provider	provider	NOUN
cblr-1751	259	44	will	will	AUX
cblr-1751	259	45	for	for	SCONJ
cblr-1751	259	46	the	the	DET
cblr-1751	259	47	most	most	ADJ
cblr-1751	259	48	part	part	NOUN
cblr-1751	259	49	receive	receive	VERB
cblr-1751	259	50	less	less	ADJ
cblr-1751	259	51	than	than	ADP
cblr-1751	259	52	that	that	DET
cblr-1751	259	53	value	value	NOUN
cblr-1751	259	54	in	in	ADP
cblr-1751	259	55	return	return	NOUN
cblr-1751	259	56	for	for	ADP
cblr-1751	259	57	it	it	PRON
cblr-1751	259	58	.	.	PUNCT
cblr-1751	260	1	returning	return	VERB
cblr-1751	260	2	to	to	ADP
cblr-1751	260	3	the	the	DET
cblr-1751	260	4	31	31	NUM
cblr-1751	260	5	see	see	NOUN
cblr-1751	260	6	harris	harris	PROPN
cblr-1751	260	7	,	,	PUNCT
cblr-1751	260	8	supra	supra	PROPN
cblr-1751	260	9	note	note	AUX
cblr-1751	260	10	7	7	NUM
cblr-1751	260	11	,	,	PUNCT
cblr-1751	260	12	at	at	ADP
cblr-1751	260	13	287	287	NUM
cblr-1751	260	14	(	(	PUNCT
cblr-1751	260	15	“	"	PUNCT
cblr-1751	260	16	[	[	X
cblr-1751	260	17	liquidity	liquidity	NOUN
cblr-1751	260	18	providers	provider	NOUN
cblr-1751	260	19	]	]	PUNCT
cblr-1751	260	20	.	.	PUNCT
cblr-1751	260	21	.	.	PUNCT
cblr-1751	261	1	.	.	PUNCT
cblr-1751	262	1	set	set	VERB
cblr-1751	262	2	their	their	PRON
cblr-1751	262	3	bids	bid	NOUN
cblr-1751	262	4	below	below	ADP
cblr-1751	262	5	fundamental	fundamental	ADJ
cblr-1751	262	6	values	value	NOUN
cblr-1751	262	7	and	and	CCONJ
cblr-1751	262	8	their	their	PRON
cblr-1751	262	9	offers	offer	NOUN
cblr-1751	262	10	above	above	ADP
cblr-1751	262	11	them	they	PRON
cblr-1751	262	12	.	.	PUNCT
cblr-1751	262	13	”	"	PUNCT
cblr-1751	262	14	)	)	PUNCT
cblr-1751	262	15	.	.	PUNCT
cblr-1751	263	1	32	32	NUM
cblr-1751	263	2	see	see	VERB
cblr-1751	263	3	,	,	PUNCT
cblr-1751	263	4	e.g.	e.g.	ADV
cblr-1751	263	5	,	,	PUNCT
cblr-1751	263	6	i	i	PRON
cblr-1751	263	7	d.	d.	PROPN
cblr-1751	263	8	at	at	ADP
cblr-1751	263	9	401	401	NUM
cblr-1751	263	10	(	(	PUNCT
cblr-1751	263	11	“	"	PUNCT
cblr-1751	263	12	[	[	X
cblr-1751	263	13	liquidity	liquidity	NOUN
cblr-1751	263	14	providers	provider	NOUN
cblr-1751	263	15	]	]	PUNCT
cblr-1751	263	16	simply	simply	ADV
cblr-1751	263	17	try	try	VERB
cblr-1751	263	18	to	to	PART
cblr-1751	263	19	discover	discover	VERB
cblr-1751	263	20	the	the	DET
cblr-1751	263	21	prices	price	NOUN
cblr-1751	263	22	that	that	PRON
cblr-1751	263	23	produce	produce	VERB
cblr-1751	263	24	balanced	balanced	ADJ
cblr-1751	263	25	two	two	NUM
cblr-1751	263	26	-	-	PUNCT
cblr-1751	263	27	sided	sided	ADJ
cblr-1751	263	28	order	order	NOUN
cblr-1751	263	29	flows	flow	VERB
cblr-1751	263	30	.	.	PUNCT
cblr-1751	263	31	”	"	PUNCT
cblr-1751	263	32	)	)	PUNCT
cblr-1751	263	33	.	.	PUNCT
cblr-1751	264	1	haeberle	haeberle	PROPN
cblr-1751	264	2	final	final	ADJ
cblr-1751	264	3	144	144	NUM
cblr-1751	264	4	columbia	columbia	PROPN
cblr-1751	264	5	business	business	NOUN
cblr-1751	264	6	law	law	PROPN
cblr-1751	264	7	review	review	NOUN
cblr-1751	264	8	[	[	X
cblr-1751	264	9	vol	vol	NOUN
cblr-1751	264	10	.	.	NOUN
cblr-1751	264	11	2015	2015	NUM
cblr-1751	264	12	previous	previous	ADJ
cblr-1751	264	13	example	example	NOUN
cblr-1751	264	14	,	,	PUNCT
cblr-1751	264	15	if	if	SCONJ
cblr-1751	264	16	the	the	DET
cblr-1751	264	17	current	current	ADJ
cblr-1751	264	18	value	value	NOUN
cblr-1751	264	19	of	of	ADP
cblr-1751	264	20	a	a	DET
cblr-1751	264	21	stock	stock	NOUN
cblr-1751	264	22	is	be	AUX
cblr-1751	264	23	,	,	PUNCT
cblr-1751	264	24	once	once	ADV
cblr-1751	264	25	again	again	ADV
cblr-1751	264	26	,	,	PUNCT
cblr-1751	264	27	$	$	SYM
cblr-1751	264	28	44.10	44.10	NUM
cblr-1751	264	29	per	per	ADP
cblr-1751	264	30	share	share	NOUN
cblr-1751	264	31	,	,	PUNCT
cblr-1751	264	32	and	and	CCONJ
cblr-1751	264	33	liquidity	liquidity	NOUN
cblr-1751	264	34	providers	provider	NOUN
cblr-1751	264	35	’	'	PUNCT
cblr-1751	264	36	best	good	ADJ
cblr-1751	264	37	(	(	PUNCT
cblr-1751	264	38	lowest	low	ADJ
cblr-1751	264	39	)	)	PUNCT
cblr-1751	264	40	ask	ask	VERB
cblr-1751	264	41	prices	price	NOUN
cblr-1751	264	42	are	be	AUX
cblr-1751	264	43	$	$	SYM
cblr-1751	264	44	44.12	44.12	NUM
cblr-1751	264	45	per	per	ADP
cblr-1751	264	46	share	share	NOUN
cblr-1751	264	47	and	and	CCONJ
cblr-1751	264	48	their	their	PRON
cblr-1751	264	49	best	good	ADJ
cblr-1751	264	50	(	(	PUNCT
cblr-1751	264	51	highest	high	ADJ
cblr-1751	264	52	)	)	PUNCT
cblr-1751	264	53	bid	bid	NOUN
cblr-1751	264	54	prices	price	NOUN
cblr-1751	264	55	are	be	AUX
cblr-1751	264	56	$	$	SYM
cblr-1751	264	57	44.08	44.08	NUM
cblr-1751	264	58	per	per	ADP
cblr-1751	264	59	share	share	NOUN
cblr-1751	264	60	,	,	PUNCT
cblr-1751	264	61	then	then	ADV
cblr-1751	264	62	a	a	DET
cblr-1751	264	63	stock	stock	NOUN
cblr-1751	264	64	buyer	buyer	NOUN
cblr-1751	264	65	must	must	AUX
cblr-1751	264	66	pay	pay	VERB
cblr-1751	264	67	$	$	SYM
cblr-1751	264	68	0.02	0.02	NUM
cblr-1751	264	69	more	more	ADJ
cblr-1751	264	70	than	than	ADP
cblr-1751	264	71	the	the	DET
cblr-1751	264	72	stock	stock	NOUN
cblr-1751	264	73	’s	’s	PART
cblr-1751	264	74	current	current	ADJ
cblr-1751	264	75	market	market	NOUN
cblr-1751	264	76	value	value	NOUN
cblr-1751	264	77	of	of	ADP
cblr-1751	264	78	$	$	SYM
cblr-1751	264	79	44.10	44.10	NUM
cblr-1751	264	80	to	to	PART
cblr-1751	264	81	procure	procure	VERB
cblr-1751	264	82	the	the	DET
cblr-1751	264	83	stock	stock	NOUN
cblr-1751	264	84	quickly	quickly	ADV
cblr-1751	264	85	,	,	PUNCT
cblr-1751	264	86	and	and	CCONJ
cblr-1751	264	87	,	,	PUNCT
cblr-1751	264	88	likewise	likewise	ADV
cblr-1751	264	89	,	,	PUNCT
cblr-1751	264	90	a	a	DET
cblr-1751	264	91	stock	stock	NOUN
cblr-1751	264	92	seller	seller	NOUN
cblr-1751	264	93	must	must	AUX
cblr-1751	264	94	be	be	AUX
cblr-1751	264	95	willing	willing	ADJ
cblr-1751	264	96	to	to	PART
cblr-1751	264	97	accept	accept	VERB
cblr-1751	264	98	$	$	SYM
cblr-1751	264	99	0.02	0.02	NUM
cblr-1751	264	100	less	less	ADJ
cblr-1751	264	101	than	than	ADP
cblr-1751	264	102	that	that	SCONJ
cblr-1751	264	103	$	$	SYM
cblr-1751	264	104	44.10	44.10	NUM
cblr-1751	264	105	value	value	NOUN
cblr-1751	264	106	to	to	PART
cblr-1751	264	107	sell	sell	VERB
cblr-1751	264	108	the	the	DET
cblr-1751	264	109	stock	stock	NOUN
cblr-1751	264	110	in	in	ADP
cblr-1751	264	111	a	a	DET
cblr-1751	264	112	short	short	ADJ
cblr-1751	264	113	timeframe	timeframe	NOUN
cblr-1751	264	114	.	.	PUNCT
cblr-1751	265	1	lastly	lastly	ADV
cblr-1751	265	2	,	,	PUNCT
cblr-1751	265	3	it	it	PRON
cblr-1751	265	4	is	be	AUX
cblr-1751	265	5	important	important	ADJ
cblr-1751	265	6	to	to	PART
cblr-1751	265	7	note	note	VERB
cblr-1751	265	8	that	that	SCONJ
cblr-1751	265	9	the	the	DET
cblr-1751	265	10	size	size	NOUN
cblr-1751	265	11	of	of	ADP
cblr-1751	265	12	this	this	DET
cblr-1751	265	13	delta	delta	NOUN
cblr-1751	265	14	between	between	ADP
cblr-1751	265	15	the	the	DET
cblr-1751	265	16	market	market	NOUN
cblr-1751	265	17	’s	’s	PART
cblr-1751	265	18	assessment	assessment	NOUN
cblr-1751	265	19	of	of	ADP
cblr-1751	265	20	a	a	DET
cblr-1751	265	21	stock	stock	NOUN
cblr-1751	265	22	’s	’s	PART
cblr-1751	265	23	fundamental	fundamental	ADJ
cblr-1751	265	24	value	value	NOUN
cblr-1751	265	25	and	and	CCONJ
cblr-1751	265	26	liquidity	liquidity	NOUN
cblr-1751	265	27	providers	provider	NOUN
cblr-1751	265	28	’	'	PUNCT
cblr-1751	265	29	ask	ask	VERB
cblr-1751	265	30	and	and	CCONJ
cblr-1751	265	31	bid	bid	NOUN
cblr-1751	265	32	prices	price	NOUN
cblr-1751	265	33	determines	determine	VERB
cblr-1751	265	34	the	the	DET
cblr-1751	265	35	quality	quality	NOUN
cblr-1751	265	36	of	of	ADP
cblr-1751	265	37	the	the	DET
cblr-1751	265	38	prices	price	NOUN
cblr-1751	265	39	received	receive	VERB
cblr-1751	265	40	by	by	ADP
cblr-1751	265	41	the	the	DET
cblr-1751	265	42	traders	trader	NOUN
cblr-1751	265	43	that	that	PRON
cblr-1751	265	44	transact	transact	VERB
cblr-1751	265	45	against	against	ADP
cblr-1751	265	46	them	they	PRON
cblr-1751	265	47	.	.	PUNCT
cblr-1751	266	1	bid	bid	VERB
cblr-1751	266	2	and	and	CCONJ
cblr-1751	266	3	ask	ask	VERB
cblr-1751	266	4	prices	price	NOUN
cblr-1751	266	5	that	that	PRON
cblr-1751	266	6	are	be	AUX
cblr-1751	266	7	closer	close	ADJ
cblr-1751	266	8	to	to	ADP
cblr-1751	266	9	that	that	DET
cblr-1751	266	10	market	market	NOUN
cblr-1751	266	11	assessment	assessment	NOUN
cblr-1751	266	12	are	be	AUX
cblr-1751	266	13	superior	superior	ADJ
cblr-1751	266	14	,	,	PUNCT
cblr-1751	266	15	while	while	SCONJ
cblr-1751	266	16	such	such	ADJ
cblr-1751	266	17	prices	price	NOUN
cblr-1751	266	18	that	that	PRON
cblr-1751	266	19	are	be	AUX
cblr-1751	266	20	farther	far	ADV
cblr-1751	266	21	away	away	ADV
cblr-1751	266	22	from	from	ADP
cblr-1751	266	23	that	that	DET
cblr-1751	266	24	market	market	NOUN
cblr-1751	266	25	valuation	valuation	NOUN
cblr-1751	266	26	are	be	AUX
cblr-1751	266	27	inferior	inferior	ADJ
cblr-1751	266	28	.	.	PUNCT
cblr-1751	267	1	to	to	PART
cblr-1751	267	2	continue	continue	VERB
cblr-1751	267	3	the	the	DET
cblr-1751	267	4	above	above	ADJ
cblr-1751	267	5	example	example	NOUN
cblr-1751	267	6	,	,	PUNCT
cblr-1751	267	7	stock	stock	NOUN
cblr-1751	267	8	buyers	buyer	NOUN
cblr-1751	267	9	that	that	PRON
cblr-1751	267	10	pay	pay	VERB
cblr-1751	267	11	another	another	DET
cblr-1751	267	12	liquidity	liquidity	NOUN
cblr-1751	267	13	providers	provider	NOUN
cblr-1751	267	14	’	'	PUNCT
cblr-1751	267	15	higher	high	ADJ
cblr-1751	267	16	$	$	SYM
cblr-1751	267	17	44.13	44.13	NUM
cblr-1751	267	18	-	-	PUNCT
cblr-1751	267	19	per	per	ADP
cblr-1751	267	20	-	-	PUNCT
cblr-1751	267	21	share	share	NOUN
cblr-1751	267	22	ask	ask	NOUN
cblr-1751	267	23	price	price	NOUN
cblr-1751	267	24	would	would	AUX
cblr-1751	267	25	receive	receive	VERB
cblr-1751	267	26	an	an	DET
cblr-1751	267	27	inferior	inferior	ADJ
cblr-1751	267	28	price	price	NOUN
cblr-1751	267	29	,	,	PUNCT
cblr-1751	267	30	while	while	SCONJ
cblr-1751	267	31	those	those	DET
cblr-1751	267	32	that	that	PRON
cblr-1751	267	33	pay	pay	VERB
cblr-1751	267	34	yet	yet	ADV
cblr-1751	267	35	another	another	DET
cblr-1751	267	36	liquidity	liquidity	NOUN
cblr-1751	267	37	provider	provider	NOUN
cblr-1751	267	38	’s	’s	PART
cblr-1751	267	39	lower	low	ADJ
cblr-1751	267	40	$	$	SYM
cblr-1751	267	41	44.11	44.11	NUM
cblr-1751	267	42	-	-	PUNCT
cblr-1751	267	43	per	per	ADP
cblr-1751	267	44	-	-	PUNCT
cblr-1751	267	45	share	share	NOUN
cblr-1751	267	46	ask	ask	NOUN
cblr-1751	267	47	price	price	NOUN
cblr-1751	267	48	would	would	AUX
cblr-1751	267	49	receive	receive	VERB
cblr-1751	267	50	a	a	DET
cblr-1751	267	51	superior	superior	ADJ
cblr-1751	267	52	one	one	NUM
cblr-1751	267	53	.	.	PUNCT
cblr-1751	268	1	professional	professional	ADJ
cblr-1751	268	2	liquidity	liquidity	NOUN
cblr-1751	268	3	providers	provider	NOUN
cblr-1751	268	4	thus	thus	ADV
cblr-1751	268	5	provide	provide	VERB
cblr-1751	268	6	traders	trader	NOUN
cblr-1751	268	7	with	with	ADP
cblr-1751	268	8	a	a	DET
cblr-1751	268	9	valuable	valuable	ADJ
cblr-1751	268	10	service	service	NOUN
cblr-1751	268	11	:	:	PUNCT
cblr-1751	268	12	they	they	PRON
cblr-1751	268	13	allow	allow	VERB
cblr-1751	268	14	them	they	PRON
cblr-1751	268	15	to	to	PART
cblr-1751	268	16	transact	transact	VERB
cblr-1751	268	17	in	in	ADP
cblr-1751	268	18	a	a	DET
cblr-1751	268	19	relatively	relatively	ADV
cblr-1751	268	20	fast	fast	ADJ
cblr-1751	268	21	timeframe	timeframe	NOUN
cblr-1751	268	22	.	.	PUNCT
cblr-1751	269	1	however	however	ADV
cblr-1751	269	2	,	,	PUNCT
cblr-1751	269	3	the	the	DET
cblr-1751	269	4	ability	ability	NOUN
cblr-1751	269	5	to	to	PART
cblr-1751	269	6	trade	trade	VERB
cblr-1751	269	7	quickly	quickly	ADV
cblr-1751	269	8	comes	come	VERB
cblr-1751	269	9	with	with	ADP
cblr-1751	269	10	a	a	DET
cblr-1751	269	11	caveat	caveat	NOUN
cblr-1751	269	12	:	:	PUNCT
cblr-1751	269	13	those	those	PRON
cblr-1751	269	14	that	that	PRON
cblr-1751	269	15	buy	buy	VERB
cblr-1751	269	16	from	from	ADP
cblr-1751	269	17	liquidity	liquidity	NOUN
cblr-1751	269	18	providers	provider	NOUN
cblr-1751	269	19	must	must	AUX
cblr-1751	269	20	pay	pay	VERB
cblr-1751	269	21	their	their	PRON
cblr-1751	269	22	ask	ask	NOUN
cblr-1751	269	23	prices	price	NOUN
cblr-1751	269	24	,	,	PUNCT
cblr-1751	269	25	and	and	CCONJ
cblr-1751	269	26	those	those	PRON
cblr-1751	269	27	that	that	PRON
cblr-1751	269	28	sell	sell	VERB
cblr-1751	269	29	to	to	ADP
cblr-1751	269	30	them	they	PRON
cblr-1751	269	31	must	must	AUX
cblr-1751	269	32	accept	accept	VERB
cblr-1751	269	33	their	their	PRON
cblr-1751	269	34	bid	bid	NOUN
cblr-1751	269	35	prices	price	NOUN
cblr-1751	269	36	—	—	PUNCT
cblr-1751	269	37	ask	ask	VERB
cblr-1751	269	38	and	and	CCONJ
cblr-1751	269	39	bid	bid	NOUN
cblr-1751	269	40	prices	price	NOUN
cblr-1751	269	41	that	that	PRON
cblr-1751	269	42	are	be	AUX
cblr-1751	269	43	generally	generally	ADV
cblr-1751	269	44	inferior	inferior	ADJ
cblr-1751	269	45	to	to	ADP
cblr-1751	269	46	current	current	ADJ
cblr-1751	269	47	market	market	NOUN
cblr-1751	269	48	assessments	assessment	NOUN
cblr-1751	269	49	of	of	ADP
cblr-1751	269	50	stocks	stock	NOUN
cblr-1751	269	51	’	'	PUNCT
cblr-1751	269	52	values	value	NOUN
cblr-1751	269	53	.	.	PUNCT
cblr-1751	270	1	33	33	NUM
cblr-1751	270	2	b.	b.	PROPN
cblr-1751	270	3	stock	stock	PROPN
cblr-1751	270	4	trading	trading	NOUN
cblr-1751	270	5	platforms	platform	NOUN
cblr-1751	270	6	through	through	ADP
cblr-1751	270	7	the	the	DET
cblr-1751	270	8	end	end	NOUN
cblr-1751	270	9	of	of	ADP
cblr-1751	270	10	the	the	DET
cblr-1751	270	11	twentieth	twentieth	ADJ
cblr-1751	270	12	century	century	NOUN
cblr-1751	270	13	,	,	PUNCT
cblr-1751	270	14	the	the	DET
cblr-1751	270	15	great	great	ADJ
cblr-1751	270	16	majority	majority	NOUN
cblr-1751	270	17	of	of	ADP
cblr-1751	270	18	all	all	DET
cblr-1751	270	19	stock	stock	NOUN
cblr-1751	270	20	trading	trading	NOUN
cblr-1751	270	21	took	take	VERB
cblr-1751	270	22	place	place	NOUN
cblr-1751	270	23	through	through	ADP
cblr-1751	270	24	people	people	NOUN
cblr-1751	270	25	on	on	ADP
cblr-1751	270	26	the	the	DET
cblr-1751	270	27	floor	floor	NOUN
cblr-1751	270	28	of	of	ADP
cblr-1751	270	29	the	the	DET
cblr-1751	270	30	new	new	PROPN
cblr-1751	270	31	york	york	PROPN
cblr-1751	270	32	stock	stock	NOUN
cblr-1751	270	33	exchange.34	exchange.34	NOUN
cblr-1751	270	34	however	however	ADV
cblr-1751	270	35	,	,	PUNCT
cblr-1751	270	36	there	there	PRON
cblr-1751	270	37	have	have	VERB
cblr-1751	270	38	33	33	NUM
cblr-1751	270	39	this	this	DET
cblr-1751	270	40	need	need	NOUN
cblr-1751	270	41	to	to	PART
cblr-1751	270	42	transact	transact	VERB
cblr-1751	270	43	against	against	ADP
cblr-1751	270	44	these	these	DET
cblr-1751	270	45	inferior	inferior	ADJ
cblr-1751	270	46	prices	price	NOUN
cblr-1751	270	47	is	be	AUX
cblr-1751	270	48	commonly	commonly	ADV
cblr-1751	270	49	viewed	view	VERB
cblr-1751	270	50	as	as	ADP
cblr-1751	270	51	giving	give	VERB
cblr-1751	270	52	rise	rise	NOUN
cblr-1751	270	53	to	to	ADP
cblr-1751	270	54	a	a	DET
cblr-1751	270	55	“	"	PUNCT
cblr-1751	270	56	spread	spread	ADJ
cblr-1751	270	57	cost	cost	NOUN
cblr-1751	270	58	.	.	PUNCT
cblr-1751	270	59	”	"	PUNCT
cblr-1751	271	1	thus	thus	ADV
cblr-1751	271	2	,	,	PUNCT
cblr-1751	271	3	a	a	DET
cblr-1751	271	4	buyer	buyer	NOUN
cblr-1751	271	5	who	who	PRON
cblr-1751	271	6	bought	buy	VERB
cblr-1751	271	7	the	the	DET
cblr-1751	271	8	stock	stock	NOUN
cblr-1751	271	9	in	in	ADP
cblr-1751	271	10	the	the	DET
cblr-1751	271	11	example	example	NOUN
cblr-1751	271	12	in	in	ADP
cblr-1751	271	13	the	the	DET
cblr-1751	271	14	text	text	NOUN
cblr-1751	271	15	at	at	ADP
cblr-1751	271	16	a	a	DET
cblr-1751	271	17	$	$	SYM
cblr-1751	271	18	44.12	44.12	NUM
cblr-1751	271	19	ask	ask	NOUN
cblr-1751	271	20	price	price	NOUN
cblr-1751	271	21	when	when	SCONJ
cblr-1751	271	22	its	its	PRON
cblr-1751	271	23	current	current	ADJ
cblr-1751	271	24	market	market	NOUN
cblr-1751	271	25	value	value	NOUN
cblr-1751	271	26	was	be	AUX
cblr-1751	271	27	$	$	SYM
cblr-1751	271	28	44.10	44.10	NUM
cblr-1751	271	29	would	would	AUX
cblr-1751	271	30	be	be	AUX
cblr-1751	271	31	said	say	VERB
cblr-1751	271	32	to	to	PART
cblr-1751	271	33	have	have	AUX
cblr-1751	271	34	paid	pay	VERB
cblr-1751	271	35	a	a	DET
cblr-1751	271	36	$	$	SYM
cblr-1751	271	37	0.02	0.02	NUM
cblr-1751	271	38	spread	spread	ADJ
cblr-1751	271	39	cost	cost	NOUN
cblr-1751	271	40	in	in	ADP
cblr-1751	271	41	order	order	NOUN
cblr-1751	271	42	to	to	PART
cblr-1751	271	43	trade	trade	VERB
cblr-1751	271	44	on	on	ADP
cblr-1751	271	45	demand	demand	NOUN
cblr-1751	271	46	.	.	PUNCT
cblr-1751	272	1	34	34	NUM
cblr-1751	273	1	the	the	DET
cblr-1751	273	2	nyse	nyse	PROPN
cblr-1751	273	3	was	be	AUX
cblr-1751	273	4	able	able	ADJ
cblr-1751	273	5	to	to	PART
cblr-1751	273	6	maintain	maintain	VERB
cblr-1751	273	7	its	its	PRON
cblr-1751	273	8	dominance	dominance	NOUN
cblr-1751	273	9	throughout	throughout	ADP
cblr-1751	273	10	that	that	DET
cblr-1751	273	11	century	century	NOUN
cblr-1751	273	12	,	,	PUNCT
cblr-1751	273	13	in	in	ADP
cblr-1751	273	14	part	part	NOUN
cblr-1751	273	15	,	,	PUNCT
cblr-1751	273	16	by	by	ADP
cblr-1751	273	17	prohibiting	prohibit	VERB
cblr-1751	273	18	its	its	PRON
cblr-1751	273	19	members	member	NOUN
cblr-1751	273	20	from	from	ADP
cblr-1751	273	21	trading	trade	VERB
cblr-1751	273	22	stocks	stock	NOUN
cblr-1751	273	23	anywhere	anywhere	ADP
cblr-1751	273	24	haeberle	haeberle	NOUN
cblr-1751	273	25	final	final	ADJ
cblr-1751	273	26	no	no	NOUN
cblr-1751	273	27	.	.	NOUN
cblr-1751	273	28	1:121	1:121	NUM
cblr-1751	273	29	]	]	X
cblr-1751	273	30	stock	stock	NOUN
cblr-1751	273	31	-	-	PUNCT
cblr-1751	273	32	price	price	NOUN
cblr-1751	273	33	accuracy	accuracy	NOUN
cblr-1751	273	34	145	145	NUM
cblr-1751	273	35	been	be	VERB
cblr-1751	273	36	enormous	enormous	ADJ
cblr-1751	273	37	changes	change	NOUN
cblr-1751	273	38	in	in	ADP
cblr-1751	273	39	the	the	DET
cblr-1751	273	40	industrial	industrial	ADJ
cblr-1751	273	41	organization	organization	NOUN
cblr-1751	273	42	of	of	ADP
cblr-1751	273	43	the	the	DET
cblr-1751	273	44	stock	stock	NOUN
cblr-1751	273	45	market	market	NOUN
cblr-1751	273	46	since	since	SCONJ
cblr-1751	273	47	the	the	DET
cblr-1751	273	48	beginning	beginning	NOUN
cblr-1751	273	49	of	of	ADP
cblr-1751	273	50	the	the	DET
cblr-1751	273	51	twenty	twenty	NUM
cblr-1751	273	52	-	-	PUNCT
cblr-1751	273	53	first	first	ADJ
cblr-1751	273	54	century	century	NOUN
cblr-1751	273	55	.	.	PUNCT
cblr-1751	274	1	those	those	DET
cblr-1751	274	2	changes	change	NOUN
cblr-1751	274	3	have	have	AUX
cblr-1751	274	4	resulted	result	VERB
cblr-1751	274	5	in	in	ADP
cblr-1751	274	6	stock	stock	NOUN
cblr-1751	274	7	trading	trading	NOUN
cblr-1751	274	8	now	now	ADV
cblr-1751	274	9	occurring	occur	VERB
cblr-1751	274	10	almost	almost	ADV
cblr-1751	274	11	entirely	entirely	ADV
cblr-1751	274	12	through	through	ADP
cblr-1751	274	13	two	two	NUM
cblr-1751	274	14	types	type	NOUN
cblr-1751	274	15	of	of	ADP
cblr-1751	274	16	sophisticated	sophisticated	ADJ
cblr-1751	274	17	electronic	electronic	ADJ
cblr-1751	274	18	trading	trading	NOUN
cblr-1751	274	19	platforms	platform	NOUN
cblr-1751	274	20	:	:	PUNCT
cblr-1751	274	21	exchange	exchange	NOUN
cblr-1751	274	22	platforms	platform	NOUN
cblr-1751	274	23	(	(	PUNCT
cblr-1751	274	24	through	through	ADP
cblr-1751	274	25	which	which	PRON
cblr-1751	274	26	a	a	DET
cblr-1751	274	27	little	little	ADJ
cblr-1751	274	28	over	over	ADP
cblr-1751	274	29	60	60	NUM
cblr-1751	274	30	%	%	NOUN
cblr-1751	274	31	of	of	ADP
cblr-1751	274	32	all	all	DET
cblr-1751	274	33	trading	trading	NOUN
cblr-1751	274	34	takes	take	VERB
cblr-1751	274	35	place	place	NOUN
cblr-1751	274	36	)	)	PUNCT
cblr-1751	274	37	and	and	CCONJ
cblr-1751	274	38	off	off	ADP
cblr-1751	274	39	-	-	PUNCT
cblr-1751	274	40	exchange	exchange	NOUN
cblr-1751	274	41	platforms	platform	NOUN
cblr-1751	274	42	(	(	PUNCT
cblr-1751	274	43	through	through	ADP
cblr-1751	274	44	which	which	PRON
cblr-1751	274	45	the	the	DET
cblr-1751	274	46	remaining	remain	VERB
cblr-1751	274	47	almost	almost	ADV
cblr-1751	274	48	40	40	NUM
cblr-1751	274	49	%	%	NOUN
cblr-1751	274	50	occurs).35	occurs).35	PROPN
cblr-1751	274	51	else	else	ADV
cblr-1751	274	52	.	.	PUNCT
cblr-1751	275	1	see	see	VERB
cblr-1751	275	2	in	in	ADP
cblr-1751	275	3	the	the	DET
cblr-1751	275	4	midst	midst	NOUN
cblr-1751	275	5	of	of	ADP
cblr-1751	275	6	revolution	revolution	NOUN
cblr-1751	275	7	:	:	PUNCT
cblr-1751	275	8	the	the	DET
cblr-1751	275	9	sec	sec	PROPN
cblr-1751	275	10	,	,	PUNCT
cblr-1751	275	11	1973–1981	1973–1981	NUM
cblr-1751	275	12	,	,	PUNCT
cblr-1751	275	13	securities	security	NOUN
cblr-1751	275	14	and	and	CCONJ
cblr-1751	275	15	exchange	exchange	NOUN
cblr-1751	275	16	historical	historical	ADJ
cblr-1751	275	17	society	society	NOUN
cblr-1751	275	18	,	,	PUNCT
cblr-1751	275	19	http://www.sechistorical.org/museum/	http://www.sechistorical.org/museum/	ADP
cblr-1751	275	20	galleries	gallery	NOUN
cblr-1751	275	21	/	/	SYM
cblr-1751	275	22	rev	rev	PROPN
cblr-1751	275	23	/	/	SYM
cblr-1751	275	24	rev03g.php	rev03g.php	VERB
cblr-1751	275	25	,	,	PUNCT
cblr-1751	275	26	archived	archive	VERB
cblr-1751	275	27	at	at	ADP
cblr-1751	275	28	http://perma.cc/6alf-ebny	http://perma.cc/6alf-ebny	NOUN
cblr-1751	275	29	.	.	PUNCT
cblr-1751	276	1	many	many	ADJ
cblr-1751	276	2	securities	security	NOUN
cblr-1751	276	3	professionals	professional	NOUN
cblr-1751	276	4	would	would	AUX
cblr-1751	276	5	have	have	AUX
cblr-1751	276	6	faced	face	VERB
cblr-1751	276	7	serious	serious	ADJ
cblr-1751	276	8	impediments	impediment	NOUN
cblr-1751	276	9	to	to	ADP
cblr-1751	276	10	conducting	conduct	VERB
cblr-1751	276	11	a	a	DET
cblr-1751	276	12	successful	successful	ADJ
cblr-1751	276	13	business	business	NOUN
cblr-1751	276	14	if	if	SCONJ
cblr-1751	276	15	they	they	PRON
cblr-1751	276	16	had	have	AUX
cblr-1751	276	17	been	be	AUX
cblr-1751	276	18	barred	bar	VERB
cblr-1751	276	19	from	from	ADP
cblr-1751	276	20	trading	trade	VERB
cblr-1751	276	21	on	on	ADP
cblr-1751	276	22	the	the	DET
cblr-1751	276	23	dominant	dominant	ADJ
cblr-1751	276	24	exchange	exchange	NOUN
cblr-1751	276	25	.	.	PUNCT
cblr-1751	277	1	for	for	ADP
cblr-1751	277	2	that	that	DET
cblr-1751	277	3	reason	reason	NOUN
cblr-1751	277	4	,	,	PUNCT
cblr-1751	277	5	they	they	PRON
cblr-1751	277	6	opted	opt	VERB
cblr-1751	277	7	for	for	ADP
cblr-1751	277	8	membership	membership	NOUN
cblr-1751	277	9	to	to	ADP
cblr-1751	277	10	the	the	DET
cblr-1751	277	11	nyse	nyse	NOUN
cblr-1751	277	12	,	,	PUNCT
cblr-1751	277	13	and	and	CCONJ
cblr-1751	277	14	avoided	avoid	VERB
cblr-1751	277	15	trading	trading	NOUN
cblr-1751	277	16	elsewhere	elsewhere	ADV
cblr-1751	277	17	.	.	PUNCT
cblr-1751	278	1	the	the	DET
cblr-1751	278	2	extent	extent	NOUN
cblr-1751	278	3	to	to	PART
cblr-1751	278	4	which	which	PRON
cblr-1751	278	5	exchangelisted	exchangeliste	VERB
cblr-1751	278	6	stocks	stock	NOUN
cblr-1751	278	7	were	be	AUX
cblr-1751	278	8	traded	trade	VERB
cblr-1751	278	9	away	away	ADV
cblr-1751	278	10	from	from	ADP
cblr-1751	278	11	the	the	DET
cblr-1751	278	12	“	"	PUNCT
cblr-1751	278	13	big	big	ADJ
cblr-1751	278	14	board	board	NOUN
cblr-1751	278	15	”	"	PUNCT
cblr-1751	278	16	was	be	AUX
cblr-1751	278	17	therefore	therefore	ADV
cblr-1751	278	18	limited	limit	VERB
cblr-1751	278	19	in	in	ADP
cblr-1751	278	20	terms	term	NOUN
cblr-1751	278	21	of	of	ADP
cblr-1751	278	22	both	both	CCONJ
cblr-1751	278	23	its	its	PRON
cblr-1751	278	24	sophistication	sophistication	NOUN
cblr-1751	278	25	and	and	CCONJ
cblr-1751	278	26	scope	scope	NOUN
cblr-1751	278	27	.	.	PUNCT
cblr-1751	279	1	however	however	ADV
cblr-1751	279	2	,	,	PUNCT
cblr-1751	279	3	in	in	ADP
cblr-1751	279	4	1979	1979	NUM
cblr-1751	279	5	,	,	PUNCT
cblr-1751	279	6	the	the	DET
cblr-1751	279	7	sec	sec	PROPN
cblr-1751	279	8	made	make	VERB
cblr-1751	279	9	it	it	PRON
cblr-1751	279	10	illegal	illegal	ADJ
cblr-1751	279	11	for	for	SCONJ
cblr-1751	279	12	exchanges	exchange	NOUN
cblr-1751	279	13	to	to	PART
cblr-1751	279	14	prohibit	prohibit	VERB
cblr-1751	279	15	their	their	PRON
cblr-1751	279	16	members	member	NOUN
cblr-1751	279	17	from	from	ADP
cblr-1751	279	18	transacting	transact	VERB
cblr-1751	279	19	at	at	ADP
cblr-1751	279	20	other	other	ADJ
cblr-1751	279	21	exchanges	exchange	NOUN
cblr-1751	279	22	—	—	PUNCT
cblr-1751	279	23	thereby	thereby	ADV
cblr-1751	279	24	paving	pave	VERB
cblr-1751	279	25	the	the	DET
cblr-1751	279	26	way	way	NOUN
cblr-1751	279	27	for	for	ADP
cblr-1751	279	28	the	the	DET
cblr-1751	279	29	emergence	emergence	NOUN
cblr-1751	279	30	of	of	ADP
cblr-1751	279	31	competition	competition	NOUN
cblr-1751	279	32	from	from	ADP
cblr-1751	279	33	other	other	ADJ
cblr-1751	279	34	exchanges	exchange	NOUN
cblr-1751	279	35	.	.	PUNCT
cblr-1751	280	1	and	and	CCONJ
cblr-1751	280	2	in	in	ADP
cblr-1751	280	3	2002	2002	NUM
cblr-1751	280	4	,	,	PUNCT
cblr-1751	280	5	in	in	ADP
cblr-1751	280	6	the	the	DET
cblr-1751	280	7	face	face	NOUN
cblr-1751	280	8	of	of	ADP
cblr-1751	280	9	mounting	mount	VERB
cblr-1751	280	10	sec	sec	PROPN
cblr-1751	280	11	pressure	pressure	NOUN
cblr-1751	280	12	,	,	PUNCT
cblr-1751	280	13	the	the	DET
cblr-1751	280	14	nyse	nyse	PROPN
cblr-1751	280	15	repealed	repeal	VERB
cblr-1751	280	16	its	its	PRON
cblr-1751	280	17	member	member	NOUN
cblr-1751	280	18	-	-	PUNCT
cblr-1751	280	19	limitation	limitation	NOUN
cblr-1751	280	20	rule	rule	NOUN
cblr-1751	280	21	altogether	altogether	ADV
cblr-1751	280	22	—	—	PUNCT
cblr-1751	280	23	which	which	PRON
cblr-1751	280	24	thus	thus	ADV
cblr-1751	280	25	allowed	allow	VERB
cblr-1751	280	26	for	for	ADP
cblr-1751	280	27	robust	robust	ADJ
cblr-1751	280	28	off	off	ADP
cblr-1751	280	29	-	-	PUNCT
cblr-1751	280	30	exchange	exchange	NOUN
cblr-1751	280	31	competition	competition	NOUN
cblr-1751	280	32	from	from	ADP
cblr-1751	280	33	new	new	ADJ
cblr-1751	280	34	highly	highly	ADV
cblr-1751	280	35	sophisticated	sophisticated	ADJ
cblr-1751	280	36	off	off	ADP
cblr-1751	280	37	-	-	PUNCT
cblr-1751	280	38	exchange	exchange	NOUN
cblr-1751	280	39	platforms	platform	NOUN
cblr-1751	280	40	.	.	PUNCT
cblr-1751	281	1	the	the	DET
cblr-1751	281	2	sec	sec	PROPN
cblr-1751	281	3	now	now	ADV
cblr-1751	281	4	broadly	broadly	ADV
cblr-1751	281	5	proscribes	proscribe	VERB
cblr-1751	281	6	exchanges	exchange	NOUN
cblr-1751	281	7	from	from	ADP
cblr-1751	281	8	restricting	restrict	VERB
cblr-1751	281	9	where	where	SCONJ
cblr-1751	281	10	their	their	PRON
cblr-1751	281	11	members	member	NOUN
cblr-1751	281	12	transact	transact	VERB
cblr-1751	281	13	.	.	PUNCT
cblr-1751	282	1	see	see	VERB
cblr-1751	282	2	securities	security	NOUN
cblr-1751	282	3	exchange	exchange	PROPN
cblr-1751	282	4	act	act	PROPN
cblr-1751	282	5	rule	rule	PROPN
cblr-1751	282	6	19c-3	19c-3	PROPN
cblr-1751	282	7	,	,	PUNCT
cblr-1751	282	8	17	17	NUM
cblr-1751	282	9	c.f.r	c.f.r	NOUN
cblr-1751	282	10	.	.	PUNCT
cblr-1751	283	1	§	§	PROPN
cblr-1751	283	2	240.19c-3	240.19c-3	PROPN
cblr-1751	283	3	(	(	PUNCT
cblr-1751	283	4	2005	2005	NUM
cblr-1751	283	5	)	)	PUNCT
cblr-1751	283	6	.	.	PUNCT
cblr-1751	284	1	35	35	NUM
cblr-1751	284	2	see	see	VERB
cblr-1751	284	3	,	,	PUNCT
cblr-1751	284	4	e.g.	e.g.	ADV
cblr-1751	284	5	,	,	PUNCT
cblr-1751	284	6	rosenblatt	rosenblatt	PROPN
cblr-1751	284	7	securities	security	NOUN
cblr-1751	284	8	,	,	PUNCT
cblr-1751	284	9	peeling	peel	VERB
cblr-1751	284	10	the	the	DET
cblr-1751	284	11	trf	trf	PROPN
cblr-1751	284	12	onion	onion	NOUN
cblr-1751	284	13	(	(	PUNCT
cblr-1751	284	14	2013	2013	NUM
cblr-1751	284	15	)	)	PUNCT
cblr-1751	284	16	(	(	PUNCT
cblr-1751	284	17	unpublished	unpublished	ADJ
cblr-1751	284	18	study	study	NOUN
cblr-1751	284	19	on	on	ADP
cblr-1751	284	20	file	file	NOUN
cblr-1751	284	21	with	with	ADP
cblr-1751	284	22	the	the	DET
cblr-1751	284	23	author	author	NOUN
cblr-1751	284	24	)	)	PUNCT
cblr-1751	284	25	;	;	PUNCT
cblr-1751	284	26	jpmorgan	jpmorgan	PROPN
cblr-1751	284	27	,	,	PUNCT
cblr-1751	284	28	market	market	NOUN
cblr-1751	284	29	structure	structure	NOUN
cblr-1751	284	30	update	update	NOUN
cblr-1751	284	31	3	3	NUM
cblr-1751	284	32	(	(	PUNCT
cblr-1751	284	33	sept	sept	PROPN
cblr-1751	284	34	.	.	PROPN
cblr-1751	284	35	17	17	NUM
cblr-1751	284	36	,	,	PUNCT
cblr-1751	284	37	2013	2013	NUM
cblr-1751	284	38	)	)	PUNCT
cblr-1751	284	39	(	(	PUNCT
cblr-1751	284	40	on	on	ADP
cblr-1751	284	41	file	file	NOUN
cblr-1751	284	42	with	with	ADP
cblr-1751	284	43	author	author	NOUN
cblr-1751	284	44	)	)	PUNCT
cblr-1751	284	45	.	.	PUNCT
cblr-1751	285	1	notably	notably	ADV
cblr-1751	285	2	,	,	PUNCT
cblr-1751	285	3	the	the	DET
cblr-1751	285	4	distribution	distribution	NOUN
cblr-1751	285	5	of	of	ADP
cblr-1751	285	6	trading	trading	NOUN
cblr-1751	285	7	across	across	ADP
cblr-1751	285	8	these	these	DET
cblr-1751	285	9	two	two	NUM
cblr-1751	285	10	platforms	platform	NOUN
cblr-1751	285	11	can	can	AUX
cblr-1751	285	12	vary	vary	VERB
cblr-1751	285	13	widely	widely	ADV
cblr-1751	285	14	by	by	ADP
cblr-1751	285	15	individual	individual	ADJ
cblr-1751	285	16	security	security	NOUN
cblr-1751	285	17	.	.	PUNCT
cblr-1751	286	1	some	some	DET
cblr-1751	286	2	stocks	stock	NOUN
cblr-1751	286	3	trade	trade	VERB
cblr-1751	286	4	75	75	NUM
cblr-1751	286	5	%	%	NOUN
cblr-1751	286	6	through	through	ADP
cblr-1751	286	7	off	off	ADP
cblr-1751	286	8	-	-	PUNCT
cblr-1751	286	9	exchange	exchange	NOUN
cblr-1751	286	10	platforms	platform	NOUN
cblr-1751	286	11	and	and	CCONJ
cblr-1751	286	12	25	25	NUM
cblr-1751	286	13	%	%	NOUN
cblr-1751	286	14	via	via	ADP
cblr-1751	286	15	exchanges	exchange	NOUN
cblr-1751	286	16	.	.	PUNCT
cblr-1751	287	1	others	other	NOUN
cblr-1751	287	2	trade	trade	VERB
cblr-1751	287	3	15	15	NUM
cblr-1751	287	4	%	%	NOUN
cblr-1751	287	5	through	through	ADP
cblr-1751	287	6	off	off	ADP
cblr-1751	287	7	-	-	PUNCT
cblr-1751	287	8	exchange	exchange	NOUN
cblr-1751	287	9	platforms	platform	NOUN
cblr-1751	287	10	and	and	CCONJ
cblr-1751	287	11	85	85	NUM
cblr-1751	287	12	%	%	NOUN
cblr-1751	287	13	via	via	ADP
cblr-1751	287	14	exchanges	exchange	NOUN
cblr-1751	287	15	.	.	PUNCT
cblr-1751	288	1	see	see	VERB
cblr-1751	288	2	maureen	maureen	PROPN
cblr-1751	288	3	o’hara	o’hara	PROPN
cblr-1751	288	4	,	,	PUNCT
cblr-1751	288	5	is	be	AUX
cblr-1751	288	6	market	market	NOUN
cblr-1751	288	7	fragmentation	fragmentation	NOUN
cblr-1751	288	8	harming	harm	VERB
cblr-1751	288	9	market	market	NOUN
cblr-1751	288	10	quality	quality	NOUN
cblr-1751	288	11	,	,	PUNCT
cblr-1751	288	12	100	100	NUM
cblr-1751	288	13	j.	j.	PROPN
cblr-1751	288	14	fin	fin	PROPN
cblr-1751	288	15	.	.	PUNCT
cblr-1751	288	16	econ	econ	PROPN
cblr-1751	288	17	.	.	PUNCT
cblr-1751	289	1	459	459	NUM
cblr-1751	289	2	,	,	PUNCT
cblr-1751	289	3	465	465	NUM
cblr-1751	289	4	(	(	PUNCT
cblr-1751	289	5	june	june	PROPN
cblr-1751	289	6	2011	2011	NUM
cblr-1751	289	7	)	)	PUNCT
cblr-1751	289	8	.	.	PUNCT
cblr-1751	290	1	however	however	ADV
cblr-1751	290	2	,	,	PUNCT
cblr-1751	290	3	about	about	ADP
cblr-1751	290	4	half	half	NOUN
cblr-1751	290	5	of	of	ADP
cblr-1751	290	6	all	all	DET
cblr-1751	290	7	publicly	publicly	ADV
cblr-1751	290	8	traded	trade	VERB
cblr-1751	290	9	stocks	stock	NOUN
cblr-1751	290	10	now	now	ADV
cblr-1751	290	11	have	have	VERB
cblr-1751	290	12	over	over	ADP
cblr-1751	290	13	40	40	NUM
cblr-1751	290	14	%	%	NOUN
cblr-1751	290	15	of	of	ADP
cblr-1751	290	16	their	their	PRON
cblr-1751	290	17	trading	trading	NOUN
cblr-1751	290	18	volume	volume	NOUN
cblr-1751	290	19	occurring	occur	VERB
cblr-1751	290	20	through	through	ADP
cblr-1751	290	21	off	off	ADP
cblr-1751	290	22	-	-	PUNCT
cblr-1751	290	23	exchange	exchange	NOUN
cblr-1751	290	24	platforms	platform	NOUN
cblr-1751	290	25	.	.	PUNCT
cblr-1751	291	1	see	see	VERB
cblr-1751	291	2	frank	frank	PROPN
cblr-1751	291	3	hatheway	hatheway	PROPN
cblr-1751	291	4	,	,	PUNCT
cblr-1751	291	5	amy	amy	PROPN
cblr-1751	291	6	kwan	kwan	PROPN
cblr-1751	291	7	&	&	CCONJ
cblr-1751	291	8	hui	hui	PROPN
cblr-1751	291	9	zheng	zheng	PROPN
cblr-1751	291	10	,	,	PUNCT
cblr-1751	291	11	an	an	DET
cblr-1751	291	12	empirical	empirical	ADJ
cblr-1751	291	13	analysis	analysis	NOUN
cblr-1751	291	14	of	of	ADP
cblr-1751	291	15	market	market	NOUN
cblr-1751	291	16	segmentation	segmentation	NOUN
cblr-1751	291	17	on	on	ADP
cblr-1751	291	18	u.s	u.s	PROPN
cblr-1751	291	19	.	.	PROPN
cblr-1751	291	20	equities	equity	NOUN
cblr-1751	291	21	markets	market	NOUN
cblr-1751	291	22	(	(	PUNCT
cblr-1751	291	23	2013	2013	NUM
cblr-1751	291	24	)	)	PUNCT
cblr-1751	291	25	,	,	PUNCT
cblr-1751	291	26	http://web.law.columbia.edu/sites/default/files/microsites/law-economicsstudies/segmentation%20%20hatheway%20kwan%20and%20zheng%20s	http://web.law.columbia.edu/sites/default/files/microsites/law-economicsstudies/segmentation%20%20hatheway%20kwan%20and%20zheng%20s	NOUN
cblr-1751	291	27	eptember%202013%20draft%20%20v1.pdf	eptember%202013%20draft%20%20v1.pdf	NOUN
cblr-1751	291	28	,	,	PUNCT
cblr-1751	291	29	archived	archive	VERB
cblr-1751	291	30	at	at	ADP
cblr-1751	291	31	http://perma.cc/jmn6-wvf6	http://perma.cc/jmn6-wvf6	PROPN
cblr-1751	291	32	.	.	PUNCT
cblr-1751	292	1	moreover	moreover	ADV
cblr-1751	292	2	,	,	PUNCT
cblr-1751	292	3	the	the	DET
cblr-1751	292	4	portion	portion	NOUN
cblr-1751	292	5	of	of	ADP
cblr-1751	292	6	all	all	DET
cblr-1751	292	7	trading	trade	VERB
cblr-1751	292	8	attributable	attributable	ADJ
cblr-1751	292	9	to	to	ADP
cblr-1751	292	10	off	off	ADP
cblr-1751	292	11	-	-	PUNCT
cblr-1751	292	12	exchange	exchange	NOUN
cblr-1751	292	13	platforms	platform	NOUN
cblr-1751	292	14	has	have	AUX
cblr-1751	292	15	risen	rise	VERB
cblr-1751	292	16	at	at	ADP
cblr-1751	292	17	an	an	DET
cblr-1751	292	18	impressive	impressive	ADJ
cblr-1751	292	19	clip	clip	NOUN
cblr-1751	292	20	in	in	ADP
cblr-1751	292	21	the	the	DET
cblr-1751	292	22	years	year	NOUN
cblr-1751	292	23	since	since	SCONJ
cblr-1751	292	24	the	the	DET
cblr-1751	292	25	new	new	PROPN
cblr-1751	292	26	york	york	PROPN
cblr-1751	292	27	stock	stock	PROPN
cblr-1751	292	28	exchange	exchange	PROPN
cblr-1751	292	29	repealed	repeal	VERB
cblr-1751	292	30	its	its	PRON
cblr-1751	292	31	rule	rule	NOUN
cblr-1751	292	32	that	that	PRON
cblr-1751	292	33	effectively	effectively	ADV
cblr-1751	292	34	led	lead	VERB
cblr-1751	292	35	to	to	ADP
cblr-1751	292	36	the	the	DET
cblr-1751	292	37	overwhelming	overwhelming	ADJ
cblr-1751	292	38	majority	majority	NOUN
cblr-1751	292	39	of	of	ADP
cblr-1751	292	40	all	all	DET
cblr-1751	292	41	trading	trading	NOUN
cblr-1751	292	42	to	to	PART
cblr-1751	292	43	take	take	VERB
cblr-1751	292	44	place	place	NOUN
cblr-1751	292	45	on	on	ADP
cblr-1751	292	46	haeberle	haeberle	PROPN
cblr-1751	292	47	final	final	ADJ
cblr-1751	292	48	146	146	NUM
cblr-1751	292	49	columbia	columbia	PROPN
cblr-1751	292	50	business	business	NOUN
cblr-1751	292	51	law	law	PROPN
cblr-1751	292	52	review	review	NOUN
cblr-1751	293	1	[	[	X
cblr-1751	293	2	vol	vol	NOUN
cblr-1751	293	3	.	.	NOUN
cblr-1751	293	4	2015	2015	NUM
cblr-1751	293	5	1	1	NUM
cblr-1751	293	6	.	.	PUNCT
cblr-1751	294	1	exchange	exchange	NOUN
cblr-1751	294	2	trading	trading	NOUN
cblr-1751	294	3	platforms	platform	NOUN
cblr-1751	294	4	contemporary	contemporary	ADJ
cblr-1751	294	5	stock	stock	NOUN
cblr-1751	294	6	exchanges	exchange	NOUN
cblr-1751	294	7	—	—	PUNCT
cblr-1751	294	8	such	such	ADJ
cblr-1751	294	9	as	as	ADP
cblr-1751	294	10	the	the	DET
cblr-1751	294	11	well	well	ADV
cblr-1751	294	12	-	-	PUNCT
cblr-1751	294	13	known	know	VERB
cblr-1751	294	14	new	new	PROPN
cblr-1751	294	15	york	york	PROPN
cblr-1751	294	16	stock	stock	PROPN
cblr-1751	294	17	exchange	exchange	PROPN
cblr-1751	294	18	and	and	CCONJ
cblr-1751	294	19	nasdaq	nasdaq	PROPN
cblr-1751	294	20	stock	stock	NOUN
cblr-1751	294	21	market	market	NOUN
cblr-1751	294	22	—	—	PUNCT
cblr-1751	294	23	are	be	AUX
cblr-1751	294	24	electronic	electronic	ADJ
cblr-1751	294	25	trading	trading	NOUN
cblr-1751	294	26	systems	system	NOUN
cblr-1751	294	27	that	that	PRON
cblr-1751	294	28	operate	operate	VERB
cblr-1751	294	29	continuous	continuous	ADJ
cblr-1751	294	30	auctions	auction	NOUN
cblr-1751	294	31	in	in	ADP
cblr-1751	294	32	which	which	PRON
cblr-1751	294	33	liquidity	liquidity	NOUN
cblr-1751	294	34	providers	provider	NOUN
cblr-1751	294	35	post	post	VERB
cblr-1751	294	36	legally	legally	ADV
cblr-1751	294	37	binding36	binding36	X
cblr-1751	294	38	price	price	NOUN
cblr-1751	294	39	quotes.37	quotes.37	NOUN
cblr-1751	294	40	more	more	ADV
cblr-1751	294	41	precisely	precisely	ADV
cblr-1751	294	42	,	,	PUNCT
cblr-1751	294	43	these	these	DET
cblr-1751	294	44	exchange	exchange	NOUN
cblr-1751	294	45	liquidity	liquidity	NOUN
cblr-1751	294	46	providers	provider	NOUN
cblr-1751	294	47	post	post	NOUN
cblr-1751	294	48	firm	firm	ADJ
cblr-1751	294	49	ask	ask	VERB
cblr-1751	294	50	price	price	NOUN
cblr-1751	294	51	quotes	quote	NOUN
cblr-1751	294	52	—	—	PUNCT
cblr-1751	294	53	which	which	PRON
cblr-1751	294	54	allow	allow	VERB
cblr-1751	294	55	other	other	ADJ
cblr-1751	294	56	traders	trader	NOUN
cblr-1751	294	57	to	to	PART
cblr-1751	294	58	purchase	purchase	VERB
cblr-1751	294	59	stocks	stock	NOUN
cblr-1751	294	60	from	from	ADP
cblr-1751	294	61	them	they	PRON
cblr-1751	294	62	at	at	ADP
cblr-1751	294	63	the	the	DET
cblr-1751	294	64	quoted	quote	VERB
cblr-1751	294	65	price	price	NOUN
cblr-1751	294	66	on	on	ADP
cblr-1751	294	67	demand	demand	NOUN
cblr-1751	294	68	.	.	PUNCT
cblr-1751	295	1	and	and	CCONJ
cblr-1751	295	2	they	they	PRON
cblr-1751	295	3	display	display	VERB
cblr-1751	295	4	binding	bind	VERB
cblr-1751	295	5	bid	bid	NOUN
cblr-1751	295	6	price	price	NOUN
cblr-1751	295	7	quotes	quote	NOUN
cblr-1751	295	8	—	—	PUNCT
cblr-1751	295	9	which	which	PRON
cblr-1751	295	10	permit	permit	VERB
cblr-1751	295	11	other	other	ADJ
cblr-1751	295	12	traders	trader	NOUN
cblr-1751	295	13	to	to	PART
cblr-1751	295	14	sell	sell	VERB
cblr-1751	295	15	stocks	stock	NOUN
cblr-1751	295	16	to	to	ADP
cblr-1751	295	17	them	they	PRON
cblr-1751	295	18	in	in	ADP
cblr-1751	295	19	return	return	NOUN
cblr-1751	295	20	for	for	ADP
cblr-1751	295	21	the	the	DET
cblr-1751	295	22	quoted	quote	VERB
cblr-1751	295	23	price	price	NOUN
cblr-1751	295	24	immediately	immediately	ADV
cblr-1751	295	25	with	with	ADP
cblr-1751	295	26	certainty	certainty	PROPN
cblr-1751	295	27	.	.	PUNCT
cblr-1751	296	1	indeed	indeed	ADV
cblr-1751	296	2	,	,	PUNCT
cblr-1751	296	3	traders	trader	NOUN
cblr-1751	296	4	today	today	NOUN
cblr-1751	296	5	may	may	AUX
cblr-1751	296	6	submit	submit	VERB
cblr-1751	296	7	immediately	immediately	ADV
cblr-1751	296	8	executable	executable	ADJ
cblr-1751	296	9	buy	buy	VERB
cblr-1751	296	10	and	and	CCONJ
cblr-1751	296	11	sell	sell	VERB
cblr-1751	296	12	orders	order	NOUN
cblr-1751	296	13	to	to	ADP
cblr-1751	296	14	one	one	NUM
cblr-1751	296	15	or	or	CCONJ
cblr-1751	296	16	more	more	ADJ
cblr-1751	296	17	exchanges	exchange	NOUN
cblr-1751	296	18	simultaneously	simultaneously	ADV
cblr-1751	296	19	and	and	CCONJ
cblr-1751	296	20	expect	expect	VERB
cblr-1751	296	21	to	to	PART
cblr-1751	296	22	transact	transact	VERB
cblr-1751	296	23	even	even	ADV
cblr-1751	296	24	large	large	ADJ
cblr-1751	296	25	quantities	quantity	NOUN
cblr-1751	296	26	of	of	ADP
cblr-1751	296	27	shares	share	NOUN
cblr-1751	296	28	against	against	ADP
cblr-1751	296	29	liquidity	liquidity	NOUN
cblr-1751	296	30	-	-	PUNCT
cblr-1751	296	31	provider	provider	NOUN
cblr-1751	296	32	quotes	quote	NOUN
cblr-1751	296	33	in	in	ADP
cblr-1751	296	34	a	a	DET
cblr-1751	296	35	fraction	fraction	NOUN
cblr-1751	296	36	of	of	ADP
cblr-1751	296	37	a	a	DET
cblr-1751	296	38	millisecond.38	millisecond.38	NOUN
cblr-1751	296	39	its	its	PRON
cblr-1751	296	40	floor	floor	NOUN
cblr-1751	296	41	.	.	PUNCT
cblr-1751	297	1	in	in	ADP
cblr-1751	297	2	fact	fact	NOUN
cblr-1751	297	3	,	,	PUNCT
cblr-1751	297	4	just	just	ADV
cblr-1751	297	5	seven	seven	NUM
cblr-1751	297	6	years	year	NOUN
cblr-1751	297	7	ago	ago	ADV
cblr-1751	297	8	,	,	PUNCT
cblr-1751	297	9	less	less	ADJ
cblr-1751	297	10	than	than	ADP
cblr-1751	297	11	15	15	NUM
cblr-1751	297	12	%	%	NOUN
cblr-1751	297	13	of	of	ADP
cblr-1751	297	14	all	all	DET
cblr-1751	297	15	trading	trading	NOUN
cblr-1751	297	16	occurred	occur	VERB
cblr-1751	297	17	through	through	ADP
cblr-1751	297	18	off	off	ADP
cblr-1751	297	19	-	-	PUNCT
cblr-1751	297	20	exchange	exchange	NOUN
cblr-1751	297	21	trading	trading	NOUN
cblr-1751	297	22	platforms	platform	NOUN
cblr-1751	297	23	.	.	PUNCT
cblr-1751	298	1	see	see	VERB
cblr-1751	298	2	,	,	PUNCT
cblr-1751	298	3	e.g.	e.g.	ADV
cblr-1751	298	4	,	,	PUNCT
cblr-1751	298	5	rosenblatt	rosenblatt	PROPN
cblr-1751	298	6	securities	securities	PROPN
cblr-1751	298	7	,	,	PUNCT
cblr-1751	298	8	supra	supra	PROPN
cblr-1751	298	9	.	.	PUNCT
cblr-1751	299	1	36	36	NUM
cblr-1751	299	2	see	see	VERB
cblr-1751	299	3	regulation	regulation	NOUN
cblr-1751	299	4	national	national	ADJ
cblr-1751	299	5	market	market	NOUN
cblr-1751	299	6	system	system	NOUN
cblr-1751	299	7	rule	rule	VERB
cblr-1751	299	8	602(b	602(b	NOUN
cblr-1751	299	9	)	)	PUNCT
cblr-1751	299	10	,	,	PUNCT
cblr-1751	299	11	17	17	NUM
cblr-1751	299	12	c.f.r	c.f.r	NOUN
cblr-1751	299	13	.	.	PUNCT
cblr-1751	300	1	§	§	PROPN
cblr-1751	300	2	242.602(b	242.602(b	NUM
cblr-1751	300	3	)	)	PUNCT
cblr-1751	300	4	(	(	PUNCT
cblr-1751	300	5	2005	2005	NUM
cblr-1751	300	6	)	)	PUNCT
cblr-1751	300	7	.	.	PUNCT
cblr-1751	301	1	37	37	NUM
cblr-1751	301	2	almost	almost	ADV
cblr-1751	301	3	all	all	PRON
cblr-1751	301	4	exchange	exchange	NOUN
cblr-1751	301	5	trading	trading	NOUN
cblr-1751	301	6	takes	take	VERB
cblr-1751	301	7	place	place	NOUN
cblr-1751	301	8	through	through	ADP
cblr-1751	301	9	sec	sec	PROPN
cblr-1751	301	10	-	-	PUNCT
cblr-1751	301	11	approved	approve	VERB
cblr-1751	301	12	“	"	PUNCT
cblr-1751	301	13	registered	register	VERB
cblr-1751	301	14	national	national	ADJ
cblr-1751	301	15	securities	security	NOUN
cblr-1751	301	16	exchanges	exchange	NOUN
cblr-1751	301	17	.	.	PUNCT
cblr-1751	301	18	”	"	PUNCT
cblr-1751	302	1	in	in	ADP
cblr-1751	302	2	addition	addition	NOUN
cblr-1751	302	3	to	to	ADP
cblr-1751	302	4	having	have	VERB
cblr-1751	302	5	to	to	PART
cblr-1751	302	6	register	register	VERB
cblr-1751	302	7	and	and	CCONJ
cblr-1751	302	8	gain	gain	VERB
cblr-1751	302	9	sec	sec	PROPN
cblr-1751	302	10	approval	approval	NOUN
cblr-1751	302	11	to	to	PART
cblr-1751	302	12	operate	operate	VERB
cblr-1751	302	13	as	as	ADP
cblr-1751	302	14	such	such	DET
cblr-1751	302	15	an	an	DET
cblr-1751	302	16	exchange	exchange	NOUN
cblr-1751	302	17	,	,	PUNCT
cblr-1751	302	18	see	see	VERB
cblr-1751	302	19	securities	security	NOUN
cblr-1751	302	20	and	and	CCONJ
cblr-1751	302	21	exchange	exchange	PROPN
cblr-1751	302	22	act	act	PROPN
cblr-1751	302	23	§	§	PROPN
cblr-1751	302	24	6	6	NUM
cblr-1751	302	25	,	,	PUNCT
cblr-1751	302	26	15	15	NUM
cblr-1751	302	27	u.s.c	u.s.c	ADJ
cblr-1751	302	28	.	.	PUNCT
cblr-1751	303	1	§	§	PROPN
cblr-1751	303	2	78f	78f	PROPN
cblr-1751	303	3	(	(	PUNCT
cblr-1751	303	4	1934	1934	NUM
cblr-1751	303	5	)	)	PUNCT
cblr-1751	303	6	,	,	PUNCT
cblr-1751	303	7	these	these	DET
cblr-1751	303	8	trading	trading	NOUN
cblr-1751	303	9	platforms	platform	NOUN
cblr-1751	303	10	are	be	AUX
cblr-1751	303	11	heavily	heavily	ADV
cblr-1751	303	12	regulated	regulated	ADJ
cblr-1751	303	13	on	on	ADP
cblr-1751	303	14	an	an	DET
cblr-1751	303	15	ongoing	ongoing	ADJ
cblr-1751	303	16	basis	basis	NOUN
cblr-1751	303	17	.	.	PUNCT
cblr-1751	304	1	see	see	VERB
cblr-1751	304	2	,	,	PUNCT
cblr-1751	304	3	e.g.	e.g.	ADV
cblr-1751	304	4	,	,	PUNCT
cblr-1751	304	5	i	i	PROPN
cblr-1751	304	6	d.	d.	PROPN
cblr-1751	304	7	§	§	PROPN
cblr-1751	304	8	19	19	NUM
cblr-1751	304	9	,	,	PUNCT
cblr-1751	304	10	15	15	NUM
cblr-1751	304	11	u.s.c	u.s.c	ADJ
cblr-1751	304	12	.	.	PUNCT
cblr-1751	305	1	§	§	PROPN
cblr-1751	305	2	78s	78s	NUM
cblr-1751	305	3	(	(	PUNCT
cblr-1751	305	4	requiring	require	VERB
cblr-1751	305	5	exchanges	exchange	NOUN
cblr-1751	305	6	to	to	PART
cblr-1751	305	7	procure	procure	VERB
cblr-1751	305	8	sec	sec	PROPN
cblr-1751	305	9	approval	approval	NOUN
cblr-1751	305	10	before	before	ADP
cblr-1751	305	11	changing	change	VERB
cblr-1751	305	12	trading	trading	NOUN
cblr-1751	305	13	rules	rule	NOUN
cblr-1751	305	14	)	)	PUNCT
cblr-1751	305	15	.	.	PUNCT
cblr-1751	306	1	currently	currently	ADV
cblr-1751	306	2	,	,	PUNCT
cblr-1751	306	3	there	there	PRON
cblr-1751	306	4	are	be	VERB
cblr-1751	306	5	eleven	eleven	NUM
cblr-1751	306	6	trading	trading	NOUN
cblr-1751	306	7	platforms	platform	NOUN
cblr-1751	306	8	that	that	PRON
cblr-1751	306	9	are	be	AUX
cblr-1751	306	10	registered	register	VERB
cblr-1751	306	11	with	with	ADP
cblr-1751	306	12	the	the	DET
cblr-1751	306	13	sec	sec	PROPN
cblr-1751	306	14	as	as	ADP
cblr-1751	306	15	stock	stock	NOUN
cblr-1751	306	16	exchanges	exchange	NOUN
cblr-1751	306	17	.	.	PUNCT
cblr-1751	307	1	the	the	DET
cblr-1751	307	2	remainder	remainder	NOUN
cblr-1751	307	3	of	of	ADP
cblr-1751	307	4	exchange	exchange	NOUN
cblr-1751	307	5	trading	trading	NOUN
cblr-1751	307	6	takes	take	VERB
cblr-1751	307	7	place	place	NOUN
cblr-1751	307	8	through	through	ADP
cblr-1751	307	9	what	what	PRON
cblr-1751	307	10	are	be	AUX
cblr-1751	307	11	known	know	VERB
cblr-1751	307	12	as	as	ADP
cblr-1751	307	13	“	"	PUNCT
cblr-1751	307	14	electronic	electronic	ADJ
cblr-1751	307	15	communications	communication	NOUN
cblr-1751	307	16	systems	system	NOUN
cblr-1751	307	17	.	.	PUNCT
cblr-1751	307	18	”	"	PUNCT
cblr-1751	308	1	unlike	unlike	ADP
cblr-1751	308	2	registered	register	VERB
cblr-1751	308	3	exchanges	exchange	NOUN
cblr-1751	308	4	,	,	PUNCT
cblr-1751	308	5	however	however	ADV
cblr-1751	308	6	,	,	PUNCT
cblr-1751	308	7	these	these	DET
cblr-1751	308	8	systems	system	NOUN
cblr-1751	308	9	that	that	PRON
cblr-1751	308	10	too	too	ADV
cblr-1751	308	11	operate	operate	VERB
cblr-1751	308	12	continuous	continuous	ADJ
cblr-1751	308	13	auctions	auction	NOUN
cblr-1751	308	14	with	with	ADP
cblr-1751	308	15	firmly	firmly	ADV
cblr-1751	308	16	posted	post	VERB
cblr-1751	308	17	liquidityprovider	liquidityprovider	NOUN
cblr-1751	308	18	quotes	quote	NOUN
cblr-1751	308	19	are	be	AUX
cblr-1751	308	20	registered	register	VERB
cblr-1751	308	21	under	under	ADP
cblr-1751	308	22	regulation	regulation	NOUN
cblr-1751	308	23	of	of	ADP
cblr-1751	308	24	exchanges	exchange	NOUN
cblr-1751	308	25	and	and	CCONJ
cblr-1751	308	26	alternative	alternative	ADJ
cblr-1751	308	27	trading	trading	NOUN
cblr-1751	308	28	system	system	NOUN
cblr-1751	308	29	,	,	PUNCT
cblr-1751	308	30	which	which	PRON
cblr-1751	308	31	provides	provide	VERB
cblr-1751	308	32	a	a	DET
cblr-1751	308	33	more	more	ADV
cblr-1751	308	34	flexible	flexible	ADJ
cblr-1751	308	35	framework	framework	NOUN
cblr-1751	308	36	than	than	ADP
cblr-1751	308	37	the	the	DET
cblr-1751	308	38	one	one	NOUN
cblr-1751	308	39	that	that	PRON
cblr-1751	308	40	governs	govern	VERB
cblr-1751	308	41	registered	registered	ADJ
cblr-1751	308	42	exchanges	exchange	NOUN
cblr-1751	308	43	.	.	PUNCT
cblr-1751	309	1	see	see	VERB
cblr-1751	309	2	concept	concept	NOUN
cblr-1751	309	3	release	release	NOUN
cblr-1751	309	4	,	,	PUNCT
cblr-1751	309	5	supra	supra	ADJ
cblr-1751	309	6	note	note	NOUN
cblr-1751	309	7	2	2	NUM
cblr-1751	309	8	,	,	PUNCT
cblr-1751	309	9	at	at	ADP
cblr-1751	309	10	18	18	NUM
cblr-1751	309	11	.	.	PUNCT
cblr-1751	310	1	ecns	ecns	PROPN
cblr-1751	310	2	now	now	ADV
cblr-1751	310	3	host	host	VERB
cblr-1751	310	4	as	as	ADV
cblr-1751	310	5	little	little	ADJ
cblr-1751	310	6	as	as	ADP
cblr-1751	310	7	less	less	ADJ
cblr-1751	310	8	than	than	ADP
cblr-1751	310	9	one	one	NUM
cblr-1751	310	10	percent	percent	NOUN
cblr-1751	310	11	of	of	ADP
cblr-1751	310	12	all	all	DET
cblr-1751	310	13	trading	trading	NOUN
cblr-1751	310	14	.	.	PUNCT
cblr-1751	311	1	see	see	VERB
cblr-1751	311	2	i	i	PRON
cblr-1751	311	3	d.	d.	PROPN
cblr-1751	311	4	at	at	ADP
cblr-1751	311	5	14–15	14–15	NUM
cblr-1751	311	6	,	,	PUNCT
cblr-1751	311	7	18	18	NUM
cblr-1751	311	8	.	.	PUNCT
cblr-1751	311	9	38	38	NUM
cblr-1751	311	10	see	see	VERB
cblr-1751	311	11	concept	concept	NOUN
cblr-1751	311	12	release	release	NOUN
cblr-1751	311	13	,	,	PUNCT
cblr-1751	311	14	supra	supra	ADJ
cblr-1751	311	15	note	note	NOUN
cblr-1751	311	16	2	2	NUM
cblr-1751	311	17	,	,	PUNCT
cblr-1751	311	18	at	at	ADP
cblr-1751	311	19	16	16	NUM
cblr-1751	311	20	(	(	PUNCT
cblr-1751	311	21	“	"	PUNCT
cblr-1751	311	22	the	the	DET
cblr-1751	311	23	registered	register	VERB
cblr-1751	311	24	exchanges	exchange	NOUN
cblr-1751	311	25	all	all	PRON
cblr-1751	311	26	have	have	AUX
cblr-1751	311	27	adopted	adopt	VERB
cblr-1751	311	28	highly	highly	ADV
cblr-1751	311	29	automated	automate	VERB
cblr-1751	311	30	trading	trading	NOUN
cblr-1751	311	31	systems	system	NOUN
cblr-1751	311	32	that	that	PRON
cblr-1751	311	33	can	can	AUX
cblr-1751	311	34	offer	offer	VERB
cblr-1751	311	35	extremely	extremely	ADV
cblr-1751	311	36	high	high	ADJ
cblr-1751	311	37	-	-	PUNCT
cblr-1751	311	38	speed	speed	NOUN
cblr-1751	311	39	.	.	PUNCT
cblr-1751	311	40	.	.	PUNCT
cblr-1751	311	41	.	.	PUNCT
cblr-1751	312	1	order	order	NOUN
cblr-1751	312	2	responses	response	NOUN
cblr-1751	312	3	and	and	CCONJ
cblr-1751	312	4	executions	execution	NOUN
cblr-1751	312	5	.	.	PUNCT
cblr-1751	313	1	published	publish	VERB
cblr-1751	313	2	average	average	ADJ
cblr-1751	313	3	response	response	NOUN
cblr-1751	313	4	times	time	NOUN
cblr-1751	313	5	.	.	PUNCT
cblr-1751	313	6	.	.	PUNCT
cblr-1751	314	1	.	.	PUNCT
cblr-1751	315	1	have	have	AUX
cblr-1751	315	2	been	be	AUX
cblr-1751	315	3	reduced	reduce	VERB
cblr-1751	315	4	to	to	ADP
cblr-1751	315	5	less	less	ADJ
cblr-1751	315	6	than	than	ADP
cblr-1751	315	7	1	1	NUM
cblr-1751	315	8	millisecond	millisecond	NOUN
cblr-1751	315	9	.	.	PUNCT
cblr-1751	315	10	”	"	PUNCT
cblr-1751	315	11	)	)	PUNCT
cblr-1751	315	12	.	.	PUNCT
cblr-1751	316	1	haeberle	haeberle	PROPN
cblr-1751	316	2	final	final	ADJ
cblr-1751	316	3	no	no	NOUN
cblr-1751	316	4	.	.	NOUN
cblr-1751	316	5	1:121	1:121	NUM
cblr-1751	316	6	]	]	X
cblr-1751	316	7	stock	stock	NOUN
cblr-1751	316	8	-	-	PUNCT
cblr-1751	316	9	price	price	NOUN
cblr-1751	316	10	accuracy	accuracy	NOUN
cblr-1751	316	11	147	147	NUM
cblr-1751	316	12	of	of	ADP
cblr-1751	316	13	paramount	paramount	ADJ
cblr-1751	316	14	importance	importance	NOUN
cblr-1751	316	15	,	,	PUNCT
cblr-1751	316	16	trading	trading	NOUN
cblr-1751	316	17	at	at	ADP
cblr-1751	316	18	exchanges	exchange	NOUN
cblr-1751	316	19	centers	center	VERB
cblr-1751	316	20	around	around	ADP
cblr-1751	316	21	more	more	ADJ
cblr-1751	316	22	than	than	ADP
cblr-1751	316	23	simply	simply	ADV
cblr-1751	316	24	these	these	DET
cblr-1751	316	25	best	good	ADJ
cblr-1751	316	26	liquidity	liquidity	NOUN
cblr-1751	316	27	-	-	PUNCT
cblr-1751	316	28	provider	provider	NOUN
cblr-1751	316	29	ask	ask	NOUN
cblr-1751	316	30	and	and	CCONJ
cblr-1751	316	31	bid	bid	NOUN
cblr-1751	316	32	quotes	quote	NOUN
cblr-1751	316	33	.	.	PUNCT
cblr-1751	317	1	at	at	ADP
cblr-1751	317	2	the	the	DET
cblr-1751	317	3	threshold	threshold	NOUN
cblr-1751	317	4	,	,	PUNCT
cblr-1751	317	5	exchange	exchange	NOUN
cblr-1751	317	6	liquidity	liquidity	NOUN
cblr-1751	317	7	providers	provider	NOUN
cblr-1751	317	8	are	be	AUX
cblr-1751	317	9	not	not	PART
cblr-1751	317	10	willing	willing	ADJ
cblr-1751	317	11	to	to	PART
cblr-1751	317	12	post	post	VERB
cblr-1751	317	13	legally	legally	ADV
cblr-1751	317	14	binding	binding	ADJ
cblr-1751	317	15	offers	offer	NOUN
cblr-1751	317	16	to	to	ADP
cblr-1751	317	17	the	the	DET
cblr-1751	317	18	marketplace	marketplace	NOUN
cblr-1751	317	19	for	for	ADP
cblr-1751	317	20	infinite	infinite	ADJ
cblr-1751	317	21	numbers	number	NOUN
cblr-1751	317	22	of	of	ADP
cblr-1751	317	23	shares	share	NOUN
cblr-1751	317	24	at	at	ADP
cblr-1751	317	25	their	their	PRON
cblr-1751	317	26	best	good	ADJ
cblr-1751	317	27	ask	ask	NOUN
cblr-1751	317	28	and	and	CCONJ
cblr-1751	317	29	bid	bid	NOUN
cblr-1751	317	30	prices	price	NOUN
cblr-1751	317	31	.	.	PUNCT
cblr-1751	318	1	for	for	ADP
cblr-1751	318	2	this	this	DET
cblr-1751	318	3	reason	reason	NOUN
cblr-1751	318	4	,	,	PUNCT
cblr-1751	318	5	they	they	PRON
cblr-1751	318	6	quote	quote	VERB
cblr-1751	318	7	a	a	DET
cblr-1751	318	8	limited	limited	ADJ
cblr-1751	318	9	number	number	NOUN
cblr-1751	318	10	of	of	ADP
cblr-1751	318	11	shares	share	NOUN
cblr-1751	318	12	at	at	ADP
cblr-1751	318	13	those	those	DET
cblr-1751	318	14	prices	price	NOUN
cblr-1751	318	15	—	—	PUNCT
cblr-1751	318	16	and	and	CCONJ
cblr-1751	318	17	they	they	PRON
cblr-1751	318	18	then	then	ADV
cblr-1751	318	19	quote	quote	VERB
cblr-1751	318	20	successively	successively	ADV
cblr-1751	318	21	inferior	inferior	ADJ
cblr-1751	318	22	ask	ask	NOUN
cblr-1751	318	23	and	and	CCONJ
cblr-1751	318	24	bid	bid	NOUN
cblr-1751	318	25	prices	price	NOUN
cblr-1751	318	26	(	(	PUNCT
cblr-1751	318	27	both	both	PRON
cblr-1751	318	28	of	of	ADP
cblr-1751	318	29	which	which	PRON
cblr-1751	318	30	are	be	AUX
cblr-1751	318	31	also	also	ADV
cblr-1751	318	32	good	good	ADJ
cblr-1751	318	33	for	for	ADP
cblr-1751	318	34	a	a	DET
cblr-1751	318	35	set	set	ADJ
cblr-1751	318	36	number	number	NOUN
cblr-1751	318	37	of	of	ADP
cblr-1751	318	38	shares	share	NOUN
cblr-1751	318	39	only	only	ADV
cblr-1751	318	40	)	)	PUNCT
cblr-1751	318	41	.	.	PUNCT
cblr-1751	319	1	when	when	SCONJ
cblr-1751	319	2	traders	trader	NOUN
cblr-1751	319	3	exhaust	exhaust	VERB
cblr-1751	319	4	the	the	DET
cblr-1751	319	5	finite	finite	ADJ
cblr-1751	319	6	quantity	quantity	NOUN
cblr-1751	319	7	that	that	PRON
cblr-1751	319	8	is	be	AUX
cblr-1751	319	9	firmly	firmly	ADV
cblr-1751	319	10	posted	post	VERB
cblr-1751	319	11	at	at	ADP
cblr-1751	319	12	those	those	DET
cblr-1751	319	13	best	good	ADJ
cblr-1751	319	14	prices	price	NOUN
cblr-1751	319	15	,	,	PUNCT
cblr-1751	319	16	they	they	PRON
cblr-1751	319	17	must	must	AUX
cblr-1751	319	18	then	then	ADV
cblr-1751	319	19	trade	trade	VERB
cblr-1751	319	20	at	at	ADP
cblr-1751	319	21	the	the	DET
cblr-1751	319	22	next	next	ADJ
cblr-1751	319	23	-	-	PUNCT
cblr-1751	319	24	best	good	ADJ
cblr-1751	319	25	available	available	ADJ
cblr-1751	319	26	price	price	NOUN
cblr-1751	319	27	—	—	PUNCT
cblr-1751	319	28	and	and	CCONJ
cblr-1751	319	29	when	when	SCONJ
cblr-1751	319	30	the	the	DET
cblr-1751	319	31	number	number	NOUN
cblr-1751	319	32	of	of	ADP
cblr-1751	319	33	shares	share	NOUN
cblr-1751	319	34	at	at	ADP
cblr-1751	319	35	that	that	DET
cblr-1751	319	36	next	next	ADJ
cblr-1751	319	37	-	-	PUNCT
cblr-1751	319	38	best	good	ADJ
cblr-1751	319	39	price	price	NOUN
cblr-1751	319	40	is	be	AUX
cblr-1751	319	41	exhausted	exhaust	VERB
cblr-1751	319	42	,	,	PUNCT
cblr-1751	319	43	they	they	PRON
cblr-1751	319	44	must	must	AUX
cblr-1751	319	45	then	then	ADV
cblr-1751	319	46	transact	transact	VERB
cblr-1751	319	47	at	at	ADP
cblr-1751	319	48	the	the	DET
cblr-1751	319	49	next	next	ADJ
cblr-1751	319	50	level	level	NOUN
cblr-1751	319	51	of	of	ADP
cblr-1751	319	52	quoted	quote	VERB
cblr-1751	319	53	prices	price	NOUN
cblr-1751	319	54	,	,	PUNCT
cblr-1751	319	55	and	and	CCONJ
cblr-1751	319	56	so	so	ADV
cblr-1751	319	57	on	on	ADV
cblr-1751	319	58	.	.	PUNCT
cblr-1751	320	1	for	for	ADP
cblr-1751	320	2	example	example	NOUN
cblr-1751	320	3	,	,	PUNCT
cblr-1751	320	4	assume	assume	VERB
cblr-1751	320	5	again	again	ADV
cblr-1751	320	6	that	that	SCONJ
cblr-1751	320	7	exchange	exchange	NOUN
cblr-1751	320	8	liquidity	liquidity	NOUN
cblr-1751	320	9	providers	provider	NOUN
cblr-1751	320	10	’	'	PUNCT
cblr-1751	320	11	best	good	ADJ
cblr-1751	320	12	(	(	PUNCT
cblr-1751	320	13	lowest	low	ADJ
cblr-1751	320	14	)	)	PUNCT
cblr-1751	320	15	ask	ask	VERB
cblr-1751	320	16	price	price	NOUN
cblr-1751	320	17	quotes	quote	NOUN
cblr-1751	320	18	are	be	AUX
cblr-1751	320	19	$	$	SYM
cblr-1751	320	20	44.12	44.12	NUM
cblr-1751	320	21	per	per	ADP
cblr-1751	320	22	share	share	NOUN
cblr-1751	320	23	.	.	PUNCT
cblr-1751	321	1	these	these	DET
cblr-1751	321	2	liquidity	liquidity	NOUN
cblr-1751	321	3	providers	provider	NOUN
cblr-1751	321	4	may	may	AUX
cblr-1751	321	5	be	be	AUX
cblr-1751	321	6	quoting	quote	VERB
cblr-1751	321	7	only	only	ADV
cblr-1751	321	8	1,000	1,000	NUM
cblr-1751	321	9	shares	share	NOUN
cblr-1751	321	10	at	at	ADP
cblr-1751	321	11	that	that	DET
cblr-1751	321	12	best	good	ADJ
cblr-1751	321	13	ask	ask	NOUN
cblr-1751	321	14	price	price	NOUN
cblr-1751	321	15	,	,	PUNCT
cblr-1751	321	16	with	with	ADP
cblr-1751	321	17	another	another	DET
cblr-1751	321	18	1,000	1,000	NUM
cblr-1751	321	19	shares	share	NOUN
cblr-1751	321	20	at	at	ADP
cblr-1751	321	21	a	a	DET
cblr-1751	321	22	next	next	ADJ
cblr-1751	321	23	-	-	PUNCT
cblr-1751	321	24	best	good	ADJ
cblr-1751	321	25	ask	ask	VERB
cblr-1751	321	26	price	price	NOUN
cblr-1751	321	27	of	of	ADP
cblr-1751	321	28	$	$	SYM
cblr-1751	321	29	44.13	44.13	NUM
cblr-1751	321	30	per	per	ADP
cblr-1751	321	31	share	share	NOUN
cblr-1751	321	32	,	,	PUNCT
cblr-1751	321	33	and	and	CCONJ
cblr-1751	321	34	another	another	DET
cblr-1751	321	35	1,000	1,000	NUM
cblr-1751	321	36	shares	share	NOUN
cblr-1751	321	37	at	at	ADP
cblr-1751	321	38	an	an	DET
cblr-1751	321	39	even	even	ADV
cblr-1751	321	40	higher	high	ADJ
cblr-1751	321	41	next	next	ADJ
cblr-1751	321	42	-	-	PUNCT
cblr-1751	321	43	best	good	ADJ
cblr-1751	321	44	ask	ask	VERB
cblr-1751	321	45	price	price	NOUN
cblr-1751	321	46	of	of	ADP
cblr-1751	321	47	$	$	SYM
cblr-1751	321	48	44.14	44.14	NUM
cblr-1751	321	49	per	per	ADP
cblr-1751	321	50	share	share	NOUN
cblr-1751	321	51	,	,	PUNCT
cblr-1751	321	52	and	and	CCONJ
cblr-1751	321	53	so	so	ADV
cblr-1751	321	54	on	on	ADV
cblr-1751	321	55	.	.	PUNCT
cblr-1751	322	1	a	a	DET
cblr-1751	322	2	large	large	ADJ
cblr-1751	322	3	investor	investor	NOUN
cblr-1751	322	4	seeking	seek	VERB
cblr-1751	322	5	to	to	PART
cblr-1751	322	6	buy	buy	VERB
cblr-1751	322	7	,	,	PUNCT
cblr-1751	322	8	say	say	INTJ
cblr-1751	322	9	,	,	PUNCT
cblr-1751	322	10	$	$	SYM
cblr-1751	322	11	10	10	NUM
cblr-1751	322	12	million	million	NUM
cblr-1751	322	13	of	of	ADP
cblr-1751	322	14	the	the	DET
cblr-1751	322	15	stock	stock	NOUN
cblr-1751	322	16	immediately	immediately	ADV
cblr-1751	322	17	with	with	ADP
cblr-1751	322	18	certainty	certainty	NOUN
cblr-1751	322	19	would	would	AUX
cblr-1751	322	20	therefore	therefore	ADV
cblr-1751	322	21	pay	pay	VERB
cblr-1751	322	22	an	an	DET
cblr-1751	322	23	average	average	ADJ
cblr-1751	322	24	per	per	ADP
cblr-1751	322	25	-	-	PUNCT
cblr-1751	322	26	share	share	NOUN
cblr-1751	322	27	execution	execution	NOUN
cblr-1751	322	28	price	price	NOUN
cblr-1751	322	29	that	that	PRON
cblr-1751	322	30	is	be	AUX
cblr-1751	322	31	far	far	ADV
cblr-1751	322	32	higher	high	ADJ
cblr-1751	322	33	than	than	ADP
cblr-1751	322	34	simply	simply	ADV
cblr-1751	322	35	$	$	SYM
cblr-1751	322	36	44.12	44.12	NUM
cblr-1751	322	37	.	.	PUNCT
cblr-1751	323	1	stock	stock	NOUN
cblr-1751	323	2	exchanges	exchange	NOUN
cblr-1751	323	3	and	and	CCONJ
cblr-1751	323	4	the	the	DET
cblr-1751	323	5	liquidity	liquidity	NOUN
cblr-1751	323	6	providers	provider	NOUN
cblr-1751	323	7	that	that	PRON
cblr-1751	323	8	post	post	VERB
cblr-1751	323	9	quotes	quote	NOUN
cblr-1751	323	10	on	on	ADP
cblr-1751	323	11	them	they	PRON
cblr-1751	323	12	thus	thus	ADV
cblr-1751	323	13	provide	provide	VERB
cblr-1751	323	14	traders	trader	NOUN
cblr-1751	323	15	with	with	ADP
cblr-1751	323	16	a	a	DET
cblr-1751	323	17	valuable	valuable	ADJ
cblr-1751	323	18	service	service	NOUN
cblr-1751	323	19	above	above	ADV
cblr-1751	323	20	and	and	CCONJ
cblr-1751	323	21	beyond	beyond	ADP
cblr-1751	323	22	that	that	PRON
cblr-1751	323	23	provided	provide	VERB
cblr-1751	323	24	by	by	ADP
cblr-1751	323	25	professional	professional	ADJ
cblr-1751	323	26	liquidity	liquidity	NOUN
cblr-1751	323	27	providers	provider	NOUN
cblr-1751	323	28	more	more	ADV
cblr-1751	323	29	generally	generally	ADV
cblr-1751	323	30	:	:	PUNCT
cblr-1751	323	31	they	they	PRON
cblr-1751	323	32	allow	allow	VERB
cblr-1751	323	33	traders	trader	NOUN
cblr-1751	323	34	to	to	PART
cblr-1751	323	35	transact	transact	VERB
cblr-1751	323	36	immediately	immediately	ADV
cblr-1751	323	37	with	with	ADP
cblr-1751	323	38	certainty	certainty	NOUN
cblr-1751	323	39	against	against	ADP
cblr-1751	323	40	firm	firm	ADJ
cblr-1751	323	41	liquidity	liquidity	NOUN
cblr-1751	323	42	-	-	PUNCT
cblr-1751	323	43	provider	provider	NOUN
cblr-1751	323	44	quotes	quote	NOUN
cblr-1751	323	45	.	.	PUNCT
cblr-1751	324	1	however	however	ADV
cblr-1751	324	2	,	,	PUNCT
cblr-1751	324	3	the	the	DET
cblr-1751	324	4	ability	ability	NOUN
cblr-1751	324	5	to	to	PART
cblr-1751	324	6	trade	trade	VERB
cblr-1751	324	7	on	on	ADP
cblr-1751	324	8	demand	demand	NOUN
cblr-1751	324	9	at	at	ADP
cblr-1751	324	10	exchanges	exchange	NOUN
cblr-1751	324	11	comes	come	VERB
cblr-1751	324	12	with	with	ADP
cblr-1751	324	13	an	an	DET
cblr-1751	324	14	even	even	ADV
cblr-1751	324	15	more	more	ADV
cblr-1751	324	16	significant	significant	ADJ
cblr-1751	324	17	version	version	NOUN
cblr-1751	324	18	of	of	ADP
cblr-1751	324	19	the	the	DET
cblr-1751	324	20	caveat	caveat	NOUN
cblr-1751	324	21	associated	associate	VERB
cblr-1751	324	22	with	with	ADP
cblr-1751	324	23	the	the	DET
cblr-1751	324	24	services	service	NOUN
cblr-1751	324	25	provided	provide	VERB
cblr-1751	324	26	by	by	ADP
cblr-1751	324	27	liquidity	liquidity	NOUN
cblr-1751	324	28	providers	provider	NOUN
cblr-1751	324	29	more	more	ADV
cblr-1751	324	30	generally	generally	ADV
cblr-1751	324	31	:	:	PUNCT
cblr-1751	324	32	stock	stock	NOUN
cblr-1751	324	33	buyers	buyer	NOUN
cblr-1751	324	34	must	must	AUX
cblr-1751	324	35	pay	pay	VERB
cblr-1751	324	36	exchange	exchange	NOUN
cblr-1751	324	37	liquidity	liquidity	NOUN
cblr-1751	324	38	providers	provider	NOUN
cblr-1751	324	39	’	'	PUNCT
cblr-1751	324	40	ask	ask	VERB
cblr-1751	324	41	prices	price	NOUN
cblr-1751	324	42	,	,	PUNCT
cblr-1751	324	43	and	and	CCONJ
cblr-1751	324	44	stock	stock	NOUN
cblr-1751	324	45	sellers	seller	NOUN
cblr-1751	324	46	must	must	AUX
cblr-1751	324	47	accept	accept	VERB
cblr-1751	324	48	their	their	PRON
cblr-1751	324	49	bid	bid	NOUN
cblr-1751	324	50	prices	price	NOUN
cblr-1751	324	51	.	.	PUNCT
cblr-1751	324	52	and	and	CCONJ
cblr-1751	324	53	again	again	ADV
cblr-1751	324	54	,	,	PUNCT
cblr-1751	324	55	as	as	ADP
cblr-1751	324	56	a	a	DET
cblr-1751	324	57	general	general	ADJ
cblr-1751	324	58	matter	matter	NOUN
cblr-1751	324	59	,	,	PUNCT
cblr-1751	324	60	these	these	DET
cblr-1751	324	61	prices	price	NOUN
cblr-1751	324	62	are	be	AUX
cblr-1751	324	63	at	at	ADP
cblr-1751	324	64	least	least	ADJ
cblr-1751	324	65	nominally	nominally	ADV
cblr-1751	324	66	inferior	inferior	ADJ
cblr-1751	324	67	to	to	ADP
cblr-1751	324	68	those	those	PRON
cblr-1751	324	69	received	receive	VERB
cblr-1751	324	70	by	by	ADP
cblr-1751	324	71	traders	trader	NOUN
cblr-1751	324	72	that	that	PRON
cblr-1751	324	73	transact	transact	VERB
cblr-1751	324	74	through	through	ADP
cblr-1751	324	75	off	off	ADP
cblr-1751	324	76	-	-	PUNCT
cblr-1751	324	77	exchange	exchange	NOUN
cblr-1751	324	78	trading	trading	NOUN
cblr-1751	324	79	platforms	platform	NOUN
cblr-1751	324	80	.	.	PUNCT
cblr-1751	325	1	haeberle	haeberle	NOUN
cblr-1751	325	2	final	final	ADJ
cblr-1751	325	3	148	148	NUM
cblr-1751	325	4	columbia	columbia	PROPN
cblr-1751	325	5	business	business	NOUN
cblr-1751	325	6	law	law	PROPN
cblr-1751	325	7	review	review	NOUN
cblr-1751	325	8	[	[	X
cblr-1751	325	9	vol	vol	NOUN
cblr-1751	325	10	.	.	PUNCT
cblr-1751	325	11	2015	2015	NUM
cblr-1751	325	12	2	2	NUM
cblr-1751	325	13	.	.	X
cblr-1751	325	14	off	off	ADP
cblr-1751	325	15	-	-	PUNCT
cblr-1751	325	16	exchange	exchange	NOUN
cblr-1751	325	17	trading	trading	NOUN
cblr-1751	325	18	platforms39	platforms39	NOUN
cblr-1751	325	19	off	off	ADP
cblr-1751	325	20	-	-	PUNCT
cblr-1751	325	21	exchange	exchange	NOUN
cblr-1751	325	22	trading	trading	NOUN
cblr-1751	325	23	platforms	platform	NOUN
cblr-1751	325	24	are	be	AUX
cblr-1751	325	25	electronic	electronic	ADJ
cblr-1751	325	26	trading	trading	NOUN
cblr-1751	325	27	systems	system	NOUN
cblr-1751	325	28	through	through	ADP
cblr-1751	325	29	which	which	PRON
cblr-1751	325	30	liquidity	liquidity	NOUN
cblr-1751	325	31	providers	provider	NOUN
cblr-1751	325	32	—	—	PUNCT
cblr-1751	325	33	often	often	ADV
cblr-1751	325	34	the	the	DET
cblr-1751	325	35	platform	platform	NOUN
cblr-1751	325	36	owners	owner	NOUN
cblr-1751	325	37	themselves	themselves	PRON
cblr-1751	325	38	—	—	PUNCT
cblr-1751	325	39	facilitate	facilitate	VERB
cblr-1751	325	40	the	the	DET
cblr-1751	325	41	execution	execution	NOUN
cblr-1751	325	42	of	of	ADP
cblr-1751	325	43	orders	order	NOUN
cblr-1751	325	44	to	to	PART
cblr-1751	325	45	buy	buy	VERB
cblr-1751	325	46	and	and	CCONJ
cblr-1751	325	47	sell	sell	VERB
cblr-1751	325	48	stocks	stock	NOUN
cblr-1751	325	49	at	at	ADP
cblr-1751	325	50	prices	price	NOUN
cblr-1751	325	51	that	that	PRON
cblr-1751	325	52	reference	reference	VERB
cblr-1751	325	53	those	those	PRON
cblr-1751	325	54	contemporaneously	contemporaneously	ADV
cblr-1751	325	55	quoted	quote	VERB
cblr-1751	325	56	through	through	ADP
cblr-1751	325	57	exchanges	exchange	NOUN
cblr-1751	325	58	.	.	PUNCT
cblr-1751	326	1	by	by	ADP
cblr-1751	326	2	law	law	NOUN
cblr-1751	326	3	,	,	PUNCT
cblr-1751	326	4	these	these	DET
cblr-1751	326	5	off	off	ADP
cblr-1751	326	6	-	-	PUNCT
cblr-1751	326	7	exchange	exchange	NOUN
cblr-1751	326	8	transactions	transaction	NOUN
cblr-1751	326	9	must	must	AUX
cblr-1751	326	10	occur	occur	VERB
cblr-1751	326	11	at	at	ADP
cblr-1751	326	12	ask	ask	NOUN
cblr-1751	326	13	and	and	CCONJ
cblr-1751	326	14	bid	bid	VERB
cblr-1751	326	15	prices	price	NOUN
cblr-1751	326	16	that	that	PRON
cblr-1751	326	17	are	be	AUX
cblr-1751	326	18	at	at	ADV
cblr-1751	326	19	least	least	ADJ
cblr-1751	326	20	as	as	ADV
cblr-1751	326	21	good	good	ADJ
cblr-1751	326	22	as	as	ADP
cblr-1751	326	23	the	the	DET
cblr-1751	326	24	best	good	ADJ
cblr-1751	326	25	ones	one	NOUN
cblr-1751	326	26	then	then	ADV
cblr-1751	326	27	displayed	display	VERB
cblr-1751	326	28	on	on	ADP
cblr-1751	326	29	exchanges	exchange	NOUN
cblr-1751	326	30	nationwide.40	nationwide.40	ADJ
cblr-1751	326	31	and	and	CCONJ
cblr-1751	326	32	by	by	ADP
cblr-1751	326	33	practice	practice	NOUN
cblr-1751	326	34	,	,	PUNCT
cblr-1751	326	35	they	they	PRON
cblr-1751	326	36	generally	generally	ADV
cblr-1751	326	37	occur	occur	VERB
cblr-1751	326	38	at	at	ADP
cblr-1751	326	39	prices	price	NOUN
cblr-1751	326	40	that	that	PRON
cblr-1751	326	41	are	be	AUX
cblr-1751	326	42	at	at	ADP
cblr-1751	326	43	least	least	ADJ
cblr-1751	326	44	nominally	nominally	ADV
cblr-1751	326	45	superior	superior	ADJ
cblr-1751	326	46	to	to	ADP
cblr-1751	326	47	those	those	DET
cblr-1751	326	48	exchange	exchange	NOUN
cblr-1751	326	49	prices	price	NOUN
cblr-1751	326	50	.	.	PUNCT
cblr-1751	327	1	off	off	ADP
cblr-1751	327	2	-	-	PUNCT
cblr-1751	327	3	exchange	exchange	NOUN
cblr-1751	327	4	platforms	platform	NOUN
cblr-1751	327	5	come	come	VERB
cblr-1751	327	6	in	in	ADP
cblr-1751	327	7	many	many	ADJ
cblr-1751	327	8	forms	form	NOUN
cblr-1751	327	9	across	across	ADP
cblr-1751	327	10	a	a	DET
cblr-1751	327	11	wide	wide	ADJ
cblr-1751	327	12	spectrum	spectrum	NOUN
cblr-1751	327	13	.	.	PUNCT
cblr-1751	328	1	at	at	ADP
cblr-1751	328	2	one	one	NUM
cblr-1751	328	3	end	end	NOUN
cblr-1751	328	4	of	of	ADP
cblr-1751	328	5	that	that	DET
cblr-1751	328	6	spectrum	spectrum	NOUN
cblr-1751	328	7	,	,	PUNCT
cblr-1751	328	8	liquidity	liquidity	NOUN
cblr-1751	328	9	providers	provider	NOUN
cblr-1751	328	10	operating	operate	VERB
cblr-1751	328	11	on	on	ADP
cblr-1751	328	12	these	these	DET
cblr-1751	328	13	trading	trading	NOUN
cblr-1751	328	14	systems	system	NOUN
cblr-1751	328	15	execute	execute	VERB
cblr-1751	328	16	investor	investor	NOUN
cblr-1751	328	17	orders	order	NOUN
cblr-1751	328	18	at	at	ADP
cblr-1751	328	19	prices	price	NOUN
cblr-1751	328	20	that	that	PRON
cblr-1751	328	21	essentially	essentially	ADV
cblr-1751	328	22	match	match	VERB
cblr-1751	328	23	the	the	DET
cblr-1751	328	24	best	good	ADJ
cblr-1751	328	25	ones	one	NOUN
cblr-1751	328	26	posted	post	VERB
cblr-1751	328	27	on	on	ADP
cblr-1751	328	28	exchanges	exchange	NOUN
cblr-1751	328	29	.	.	PUNCT
cblr-1751	329	1	the	the	DET
cblr-1751	329	2	traders	trader	NOUN
cblr-1751	329	3	that	that	PRON
cblr-1751	329	4	transact	transact	VERB
cblr-1751	329	5	through	through	ADP
cblr-1751	329	6	these	these	DET
cblr-1751	329	7	platforms	platform	NOUN
cblr-1751	329	8	also	also	ADV
cblr-1751	329	9	generally	generally	ADV
cblr-1751	329	10	receive	receive	VERB
cblr-1751	329	11	a	a	DET
cblr-1751	329	12	nominal	nominal	ADJ
cblr-1751	329	13	improvement	improvement	NOUN
cblr-1751	329	14	on	on	ADP
cblr-1751	329	15	the	the	DET
cblr-1751	329	16	exchange	exchange	NOUN
cblr-1751	329	17	price	price	NOUN
cblr-1751	329	18	—	—	PUNCT
cblr-1751	329	19	typically	typically	ADV
cblr-1751	329	20	a	a	DET
cblr-1751	329	21	mere	mere	ADJ
cblr-1751	329	22	hundredth	hundredth	NOUN
cblr-1751	329	23	of	of	ADP
cblr-1751	329	24	a	a	DET
cblr-1751	329	25	penny	penny	NOUN
cblr-1751	329	26	(	(	PUNCT
cblr-1751	329	27	$	$	SYM
cblr-1751	329	28	0.0001	0.0001	NUM
cblr-1751	329	29	)	)	PUNCT
cblr-1751	329	30	.	.	PUNCT
cblr-1751	330	1	for	for	ADP
cblr-1751	330	2	example	example	NOUN
cblr-1751	330	3	,	,	PUNCT
cblr-1751	330	4	suppose	suppose	VERB
cblr-1751	330	5	once	once	ADV
cblr-1751	330	6	again	again	ADV
cblr-1751	330	7	that	that	SCONJ
cblr-1751	330	8	exchange	exchange	NOUN
cblr-1751	330	9	liquidity	liquidity	NOUN
cblr-1751	330	10	providers	provider	NOUN
cblr-1751	330	11	are	be	AUX
cblr-1751	330	12	posting	post	VERB
cblr-1751	330	13	best	well	ADV
cblr-1751	330	14	(	(	PUNCT
cblr-1751	330	15	lowest	low	ADJ
cblr-1751	330	16	)	)	PUNCT
cblr-1751	330	17	ask	ask	VERB
cblr-1751	330	18	quotes	quote	NOUN
cblr-1751	330	19	of	of	ADP
cblr-1751	330	20	39	39	NUM
cblr-1751	330	21	a	a	DET
cblr-1751	330	22	large	large	ADJ
cblr-1751	330	23	portion	portion	NOUN
cblr-1751	330	24	of	of	ADP
cblr-1751	330	25	the	the	DET
cblr-1751	330	26	universe	universe	NOUN
cblr-1751	330	27	of	of	ADP
cblr-1751	330	28	these	these	DET
cblr-1751	330	29	platforms	platform	NOUN
cblr-1751	330	30	has	have	AUX
cblr-1751	330	31	been	be	AUX
cblr-1751	330	32	referred	refer	VERB
cblr-1751	330	33	to	to	ADP
cblr-1751	330	34	as	as	ADP
cblr-1751	330	35	“	"	PUNCT
cblr-1751	330	36	internalizing	internalize	VERB
cblr-1751	330	37	”	"	PUNCT
cblr-1751	330	38	platforms	platform	NOUN
cblr-1751	330	39	because	because	SCONJ
cblr-1751	330	40	they	they	PRON
cblr-1751	330	41	grew	grow	VERB
cblr-1751	330	42	out	out	ADP
cblr-1751	330	43	of	of	ADP
cblr-1751	330	44	the	the	DET
cblr-1751	330	45	practice	practice	NOUN
cblr-1751	330	46	in	in	ADP
cblr-1751	330	47	which	which	PRON
cblr-1751	330	48	businesses	business	NOUN
cblr-1751	330	49	that	that	PRON
cblr-1751	330	50	operate	operate	VERB
cblr-1751	330	51	as	as	SCONJ
cblr-1751	330	52	both	both	DET
cblr-1751	330	53	stock	stock	NOUN
cblr-1751	330	54	brokers	broker	NOUN
cblr-1751	330	55	and	and	CCONJ
cblr-1751	330	56	stock	stock	NOUN
cblr-1751	330	57	dealers	dealer	NOUN
cblr-1751	330	58	transacted	transact	VERB
cblr-1751	330	59	their	their	PRON
cblr-1751	330	60	customers	customer	NOUN
cblr-1751	330	61	’	’	PART
cblr-1751	330	62	orders	order	NOUN
cblr-1751	330	63	within	within	ADP
cblr-1751	330	64	their	their	PRON
cblr-1751	330	65	organizations	organization	NOUN
cblr-1751	330	66	—	—	PUNCT
cblr-1751	330	67	that	that	ADV
cblr-1751	330	68	is	is	ADV
cblr-1751	330	69	,	,	PUNCT
cblr-1751	330	70	without	without	ADP
cblr-1751	330	71	routing	route	VERB
cblr-1751	330	72	them	they	PRON
cblr-1751	330	73	to	to	ADP
cblr-1751	330	74	outside	outside	ADJ
cblr-1751	330	75	trading	trading	NOUN
cblr-1751	330	76	platforms	platform	NOUN
cblr-1751	330	77	or	or	CCONJ
cblr-1751	330	78	stock	stock	NOUN
cblr-1751	330	79	dealers	dealer	NOUN
cblr-1751	330	80	.	.	PUNCT
cblr-1751	331	1	see	see	VERB
cblr-1751	331	2	generally	generally	ADV
cblr-1751	331	3	harris	harris	PROPN
cblr-1751	331	4	,	,	PUNCT
cblr-1751	331	5	supra	supra	PROPN
cblr-1751	331	6	note	note	PROPN
cblr-1751	331	7	7	7	NUM
cblr-1751	331	8	,	,	PUNCT
cblr-1751	331	9	at	at	ADP
cblr-1751	331	10	514	514	NUM
cblr-1751	331	11	,	,	PUNCT
cblr-1751	331	12	162	162	NUM
cblr-1751	331	13	.	.	PUNCT
cblr-1751	332	1	that	that	DET
cblr-1751	332	2	term	term	NOUN
cblr-1751	332	3	is	be	AUX
cblr-1751	332	4	now	now	ADV
cblr-1751	332	5	anachronistic	anachronistic	ADJ
cblr-1751	332	6	because	because	SCONJ
cblr-1751	332	7	the	the	DET
cblr-1751	332	8	manner	manner	NOUN
cblr-1751	332	9	in	in	ADP
cblr-1751	332	10	which	which	PRON
cblr-1751	332	11	these	these	DET
cblr-1751	332	12	platforms	platform	NOUN
cblr-1751	332	13	function	function	NOUN
cblr-1751	332	14	has	have	AUX
cblr-1751	332	15	greatly	greatly	ADV
cblr-1751	332	16	expanded	expand	VERB
cblr-1751	332	17	over	over	ADP
cblr-1751	332	18	the	the	DET
cblr-1751	332	19	past	past	ADJ
cblr-1751	332	20	decade	decade	NOUN
cblr-1751	332	21	or	or	CCONJ
cblr-1751	332	22	more	more	ADJ
cblr-1751	332	23	.	.	PUNCT
cblr-1751	333	1	further	far	ADV
cblr-1751	333	2	,	,	PUNCT
cblr-1751	333	3	a	a	DET
cblr-1751	333	4	large	large	ADJ
cblr-1751	333	5	portion	portion	NOUN
cblr-1751	333	6	of	of	ADP
cblr-1751	333	7	off	off	ADP
cblr-1751	333	8	-	-	PUNCT
cblr-1751	333	9	exchange	exchange	NOUN
cblr-1751	333	10	trading	trading	NOUN
cblr-1751	333	11	systems	system	NOUN
cblr-1751	333	12	are	be	AUX
cblr-1751	333	13	labeled	label	VERB
cblr-1751	333	14	“	"	PUNCT
cblr-1751	333	15	dark	dark	ADJ
cblr-1751	333	16	pools	pool	NOUN
cblr-1751	333	17	,	,	PUNCT
cblr-1751	333	18	”	"	PUNCT
cblr-1751	333	19	ostensibly	ostensibly	ADV
cblr-1751	333	20	because	because	SCONJ
cblr-1751	333	21	they	they	PRON
cblr-1751	333	22	allow	allow	VERB
cblr-1751	333	23	liquidity	liquidity	NOUN
cblr-1751	333	24	providers	provider	NOUN
cblr-1751	333	25	to	to	PART
cblr-1751	333	26	provide	provide	VERB
cblr-1751	333	27	bid	bid	NOUN
cblr-1751	333	28	and	and	CCONJ
cblr-1751	333	29	ask	ask	VERB
cblr-1751	333	30	prices	price	NOUN
cblr-1751	333	31	without	without	ADP
cblr-1751	333	32	openly	openly	ADV
cblr-1751	333	33	displaying	display	VERB
cblr-1751	333	34	them	they	PRON
cblr-1751	333	35	—	—	PUNCT
cblr-1751	333	36	that	that	ADV
cblr-1751	333	37	is	be	AUX
cblr-1751	333	38	,	,	PUNCT
cblr-1751	333	39	“	"	PUNCT
cblr-1751	333	40	in	in	ADP
cblr-1751	333	41	the	the	DET
cblr-1751	333	42	dark	dark	NOUN
cblr-1751	333	43	.	.	PUNCT
cblr-1751	333	44	”	"	PUNCT
cblr-1751	334	1	however	however	ADV
cblr-1751	334	2	,	,	PUNCT
cblr-1751	334	3	that	that	DET
cblr-1751	334	4	term	term	NOUN
cblr-1751	334	5	provides	provide	VERB
cblr-1751	334	6	an	an	DET
cblr-1751	334	7	inaccurate	inaccurate	ADJ
cblr-1751	334	8	impression	impression	NOUN
cblr-1751	334	9	of	of	ADP
cblr-1751	334	10	the	the	DET
cblr-1751	334	11	trading	trading	NOUN
cblr-1751	334	12	associated	associate	VERB
cblr-1751	334	13	with	with	ADP
cblr-1751	334	14	these	these	DET
cblr-1751	334	15	platforms	platform	NOUN
cblr-1751	334	16	because	because	SCONJ
cblr-1751	334	17	bid	bid	NOUN
cblr-1751	334	18	and	and	CCONJ
cblr-1751	334	19	ask	ask	VERB
cblr-1751	334	20	prices	price	NOUN
cblr-1751	334	21	available	available	ADJ
cblr-1751	334	22	at	at	ADP
cblr-1751	334	23	these	these	DET
cblr-1751	334	24	platforms	platform	NOUN
cblr-1751	334	25	are	be	AUX
cblr-1751	334	26	often	often	ADV
cblr-1751	334	27	readily	readily	ADV
cblr-1751	334	28	discernible	discernible	ADJ
cblr-1751	334	29	.	.	PUNCT
cblr-1751	335	1	moreover	moreover	ADV
cblr-1751	335	2	,	,	PUNCT
cblr-1751	335	3	transactions	transaction	NOUN
cblr-1751	335	4	through	through	ADP
cblr-1751	335	5	these	these	DET
cblr-1751	335	6	“	"	PUNCT
cblr-1751	335	7	dark	dark	ADJ
cblr-1751	335	8	pools	pool	NOUN
cblr-1751	335	9	”	"	PUNCT
cblr-1751	335	10	are	be	AUX
cblr-1751	335	11	anything	anything	PRON
cblr-1751	335	12	but	but	ADV
cblr-1751	335	13	opaque	opaque	ADJ
cblr-1751	335	14	:	:	PUNCT
cblr-1751	335	15	they	they	PRON
cblr-1751	335	16	are	be	AUX
cblr-1751	335	17	,	,	PUNCT
cblr-1751	335	18	by	by	ADP
cblr-1751	335	19	law	law	NOUN
cblr-1751	335	20	,	,	PUNCT
cblr-1751	335	21	immediately	immediately	ADV
cblr-1751	335	22	reported	report	VERB
cblr-1751	335	23	to	to	ADP
cblr-1751	335	24	the	the	DET
cblr-1751	335	25	public	public	NOUN
cblr-1751	335	26	in	in	ADP
cblr-1751	335	27	the	the	DET
cblr-1751	335	28	same	same	ADJ
cblr-1751	335	29	manner	manner	NOUN
cblr-1751	335	30	in	in	ADP
cblr-1751	335	31	which	which	PRON
cblr-1751	335	32	exchange	exchange	NOUN
cblr-1751	335	33	transactions	transaction	NOUN
cblr-1751	335	34	are	be	AUX
cblr-1751	335	35	reported	report	VERB
cblr-1751	335	36	to	to	ADP
cblr-1751	335	37	the	the	DET
cblr-1751	335	38	public	public	NOUN
cblr-1751	335	39	.	.	PUNCT
cblr-1751	336	1	see	see	VERB
cblr-1751	336	2	regulation	regulation	NOUN
cblr-1751	336	3	national	national	ADJ
cblr-1751	336	4	market	market	NOUN
cblr-1751	336	5	system	system	NOUN
cblr-1751	336	6	rule	rule	VERB
cblr-1751	336	7	601	601	NUM
cblr-1751	336	8	,	,	PUNCT
cblr-1751	336	9	17	17	NUM
cblr-1751	336	10	c.f.r	c.f.r	NOUN
cblr-1751	336	11	.	.	PUNCT
cblr-1751	337	1	§	§	PROPN
cblr-1751	337	2	242.601	242.601	NUM
cblr-1751	337	3	(	(	PUNCT
cblr-1751	337	4	2005	2005	NUM
cblr-1751	337	5	)	)	PUNCT
cblr-1751	337	6	.	.	PUNCT
cblr-1751	338	1	40	40	NUM
cblr-1751	338	2	see	see	VERB
cblr-1751	338	3	regulation	regulation	NOUN
cblr-1751	338	4	national	national	ADJ
cblr-1751	338	5	market	market	NOUN
cblr-1751	338	6	system	system	NOUN
cblr-1751	338	7	rule	rule	VERB
cblr-1751	338	8	611	611	NUM
cblr-1751	338	9	,	,	PUNCT
cblr-1751	338	10	17	17	NUM
cblr-1751	338	11	c.f.r	c.f.r	NOUN
cblr-1751	338	12	.	.	PUNCT
cblr-1751	339	1	§	§	PROPN
cblr-1751	339	2	242.611	242.611	NUM
cblr-1751	339	3	(	(	PUNCT
cblr-1751	339	4	2005	2005	NUM
cblr-1751	339	5	)	)	PUNCT
cblr-1751	339	6	.	.	PUNCT
cblr-1751	340	1	haeberle	haeberle	PROPN
cblr-1751	340	2	final	final	ADJ
cblr-1751	340	3	no	no	NOUN
cblr-1751	340	4	.	.	NOUN
cblr-1751	340	5	1:121	1:121	NUM
cblr-1751	340	6	]	]	X
cblr-1751	340	7	stock	stock	NOUN
cblr-1751	340	8	-	-	PUNCT
cblr-1751	340	9	price	price	NOUN
cblr-1751	340	10	accuracy	accuracy	NOUN
cblr-1751	340	11	149	149	NUM
cblr-1751	340	12	$	$	SYM
cblr-1751	340	13	44.12	44.12	NUM
cblr-1751	340	14	per	per	ADP
cblr-1751	340	15	share	share	NOUN
cblr-1751	340	16	.	.	PUNCT
cblr-1751	341	1	in	in	ADP
cblr-1751	341	2	this	this	DET
cblr-1751	341	3	situation	situation	NOUN
cblr-1751	341	4	,	,	PUNCT
cblr-1751	341	5	a	a	DET
cblr-1751	341	6	trader	trader	NOUN
cblr-1751	341	7	’s	’s	PART
cblr-1751	341	8	buy	buy	NOUN
cblr-1751	341	9	order	order	NOUN
cblr-1751	341	10	that	that	PRON
cblr-1751	341	11	is	be	AUX
cblr-1751	341	12	executed	execute	VERB
cblr-1751	341	13	at	at	ADP
cblr-1751	341	14	one	one	NUM
cblr-1751	341	15	of	of	ADP
cblr-1751	341	16	these	these	DET
cblr-1751	341	17	off	off	ADP
cblr-1751	341	18	-	-	PUNCT
cblr-1751	341	19	exchange	exchange	NOUN
cblr-1751	341	20	platforms	platform	NOUN
cblr-1751	341	21	would	would	AUX
cblr-1751	341	22	transact	transact	VERB
cblr-1751	341	23	at	at	ADP
cblr-1751	341	24	a	a	DET
cblr-1751	341	25	slightly	slightly	ADV
cblr-1751	341	26	better	well	ADJ
cblr-1751	341	27	(	(	PUNCT
cblr-1751	341	28	lower	low	ADJ
cblr-1751	341	29	)	)	PUNCT
cblr-1751	341	30	price	price	NOUN
cblr-1751	341	31	of	of	ADP
cblr-1751	341	32	$	$	SYM
cblr-1751	341	33	44.1199	44.1199	NUM
cblr-1751	341	34	per	per	ADP
cblr-1751	341	35	share	share	NOUN
cblr-1751	341	36	—	—	PUNCT
cblr-1751	341	37	thereby	thereby	ADV
cblr-1751	341	38	allowing	allow	VERB
cblr-1751	341	39	the	the	DET
cblr-1751	341	40	investor	investor	NOUN
cblr-1751	341	41	to	to	PART
cblr-1751	341	42	purchase	purchase	VERB
cblr-1751	341	43	the	the	DET
cblr-1751	341	44	stock	stock	NOUN
cblr-1751	341	45	at	at	ADP
cblr-1751	341	46	a	a	DET
cblr-1751	341	47	$	$	SYM
cblr-1751	341	48	0.0001	0.0001	NUM
cblr-1751	341	49	-	-	PUNCT
cblr-1751	341	50	per	per	ADP
cblr-1751	341	51	-	-	PUNCT
cblr-1751	341	52	share	share	NOUN
cblr-1751	341	53	discount	discount	NOUN
cblr-1751	341	54	on	on	ADP
cblr-1751	341	55	the	the	DET
cblr-1751	341	56	exchange	exchange	NOUN
cblr-1751	341	57	price	price	NOUN
cblr-1751	341	58	.	.	PUNCT
cblr-1751	342	1	in	in	ADP
cblr-1751	342	2	the	the	DET
cblr-1751	342	3	middle	middle	NOUN
cblr-1751	342	4	of	of	ADP
cblr-1751	342	5	the	the	DET
cblr-1751	342	6	off	off	ADP
cblr-1751	342	7	-	-	PUNCT
cblr-1751	342	8	exchange	exchange	NOUN
cblr-1751	342	9	spectrum	spectrum	NOUN
cblr-1751	342	10	are	be	AUX
cblr-1751	342	11	trading	trading	NOUN
cblr-1751	342	12	platforms	platform	NOUN
cblr-1751	342	13	that	that	PRON
cblr-1751	342	14	facilitate	facilitate	VERB
cblr-1751	342	15	trade	trade	NOUN
cblr-1751	342	16	execution	execution	NOUN
cblr-1751	342	17	that	that	PRON
cblr-1751	342	18	entails	entail	VERB
cblr-1751	342	19	much	much	ADV
cblr-1751	342	20	more	more	ADV
cblr-1751	342	21	substantial	substantial	ADJ
cblr-1751	342	22	improvement	improvement	NOUN
cblr-1751	342	23	on	on	ADP
cblr-1751	342	24	exchange	exchange	NOUN
cblr-1751	342	25	price	price	NOUN
cblr-1751	342	26	quotes	quote	NOUN
cblr-1751	342	27	.	.	PUNCT
cblr-1751	343	1	to	to	PART
cblr-1751	343	2	continue	continue	VERB
cblr-1751	343	3	the	the	DET
cblr-1751	343	4	previous	previous	ADJ
cblr-1751	343	5	example	example	NOUN
cblr-1751	343	6	,	,	PUNCT
cblr-1751	343	7	if	if	SCONJ
cblr-1751	343	8	the	the	DET
cblr-1751	343	9	best	good	ADJ
cblr-1751	343	10	(	(	PUNCT
cblr-1751	343	11	lowest	low	ADJ
cblr-1751	343	12	)	)	PUNCT
cblr-1751	343	13	ask	ask	VERB
cblr-1751	343	14	quote	quote	INTJ
cblr-1751	343	15	for	for	ADP
cblr-1751	343	16	a	a	DET
cblr-1751	343	17	stock	stock	NOUN
cblr-1751	343	18	on	on	ADP
cblr-1751	343	19	exchange	exchange	NOUN
cblr-1751	343	20	platforms	platform	NOUN
cblr-1751	343	21	is	be	AUX
cblr-1751	343	22	$	$	SYM
cblr-1751	343	23	44.12	44.12	NUM
cblr-1751	343	24	per	per	ADP
cblr-1751	343	25	share	share	NOUN
cblr-1751	343	26	,	,	PUNCT
cblr-1751	343	27	then	then	ADV
cblr-1751	343	28	off	off	ADJ
cblr-1751	343	29	-	-	PUNCT
cblr-1751	343	30	exchange	exchange	NOUN
cblr-1751	343	31	platforms	platform	NOUN
cblr-1751	343	32	may	may	AUX
cblr-1751	343	33	execute	execute	VERB
cblr-1751	343	34	traders	trader	NOUN
cblr-1751	343	35	’	’	PART
cblr-1751	343	36	orders	order	NOUN
cblr-1751	343	37	to	to	PART
cblr-1751	343	38	buy	buy	VERB
cblr-1751	343	39	stock	stock	NOUN
cblr-1751	343	40	at	at	ADP
cblr-1751	343	41	a	a	DET
cblr-1751	343	42	significantly	significantly	ADV
cblr-1751	343	43	better	well	ADJ
cblr-1751	343	44	(	(	PUNCT
cblr-1751	343	45	lower	low	ADJ
cblr-1751	343	46	)	)	PUNCT
cblr-1751	343	47	ask	ask	VERB
cblr-1751	343	48	price	price	NOUN
cblr-1751	343	49	of	of	ADP
cblr-1751	343	50	$	$	SYM
cblr-1751	343	51	44.11	44.11	NUM
cblr-1751	343	52	per	per	ADP
cblr-1751	343	53	share	share	NOUN
cblr-1751	343	54	.	.	PUNCT
cblr-1751	344	1	lastly	lastly	ADV
cblr-1751	344	2	,	,	PUNCT
cblr-1751	344	3	although	although	SCONJ
cblr-1751	344	4	they	they	PRON
cblr-1751	344	5	are	be	AUX
cblr-1751	344	6	uncommon	uncommon	ADJ
cblr-1751	344	7	today	today	NOUN
cblr-1751	344	8	,	,	PUNCT
cblr-1751	344	9	at	at	ADP
cblr-1751	344	10	the	the	DET
cblr-1751	344	11	other	other	ADJ
cblr-1751	344	12	end	end	NOUN
cblr-1751	344	13	of	of	ADP
cblr-1751	344	14	the	the	DET
cblr-1751	344	15	off	off	ADP
cblr-1751	344	16	-	-	PUNCT
cblr-1751	344	17	exchange	exchange	NOUN
cblr-1751	344	18	spectrum	spectrum	NOUN
cblr-1751	344	19	are	be	AUX
cblr-1751	344	20	trading	trade	VERB
cblr-1751	344	21	systems	system	NOUN
cblr-1751	344	22	that	that	PRON
cblr-1751	344	23	help	help	VERB
cblr-1751	344	24	traders	trader	NOUN
cblr-1751	344	25	transact	transact	VERB
cblr-1751	344	26	at	at	ADP
cblr-1751	344	27	the	the	DET
cblr-1751	344	28	midpoint	midpoint	NOUN
cblr-1751	344	29	between	between	ADP
cblr-1751	344	30	the	the	DET
cblr-1751	344	31	best	good	ADJ
cblr-1751	344	32	exchange	exchange	NOUN
cblr-1751	344	33	ask	ask	VERB
cblr-1751	344	34	and	and	CCONJ
cblr-1751	344	35	bid	bid	NOUN
cblr-1751	344	36	quotes	quote	NOUN
cblr-1751	344	37	.	.	PUNCT
cblr-1751	345	1	market	market	NOUN
cblr-1751	345	2	participants	participant	NOUN
cblr-1751	345	3	’	'	PUNCT
cblr-1751	345	4	orders	order	NOUN
cblr-1751	345	5	that	that	PRON
cblr-1751	345	6	are	be	AUX
cblr-1751	345	7	routed	route	VERB
cblr-1751	345	8	to	to	ADP
cblr-1751	345	9	these	these	DET
cblr-1751	345	10	trading	trading	NOUN
cblr-1751	345	11	platforms	platform	NOUN
cblr-1751	345	12	therefore	therefore	ADV
cblr-1751	345	13	execute	execute	VERB
cblr-1751	345	14	at	at	ADP
cblr-1751	345	15	what	what	PRON
cblr-1751	345	16	is	be	AUX
cblr-1751	345	17	generally	generally	ADV
cblr-1751	345	18	the	the	DET
cblr-1751	345	19	stock	stock	NOUN
cblr-1751	345	20	’s	’s	PART
cblr-1751	345	21	current	current	ADJ
cblr-1751	345	22	market	market	NOUN
cblr-1751	345	23	value.41	value.41	NOUN
cblr-1751	345	24	indeed	indeed	ADV
cblr-1751	345	25	,	,	PUNCT
cblr-1751	345	26	this	this	DET
cblr-1751	345	27	last	last	ADJ
cblr-1751	345	28	type	type	NOUN
cblr-1751	345	29	of	of	ADP
cblr-1751	345	30	off	off	ADP
cblr-1751	345	31	-	-	PUNCT
cblr-1751	345	32	exchange	exchange	NOUN
cblr-1751	345	33	platform	platform	NOUN
cblr-1751	345	34	generally	generally	ADV
cblr-1751	345	35	crosses	cross	VERB
cblr-1751	345	36	traders	trader	NOUN
cblr-1751	345	37	’	'	PUNCT
cblr-1751	345	38	buy	buy	VERB
cblr-1751	345	39	and	and	CCONJ
cblr-1751	345	40	sell	sell	VERB
cblr-1751	345	41	orders	order	NOUN
cblr-1751	345	42	against	against	ADP
cblr-1751	345	43	each	each	DET
cblr-1751	345	44	other	other	ADJ
cblr-1751	345	45	at	at	ADP
cblr-1751	345	46	that	that	DET
cblr-1751	345	47	price	price	NOUN
cblr-1751	345	48	—	—	PUNCT
cblr-1751	345	49	allowing	allow	VERB
cblr-1751	345	50	traders	trader	NOUN
cblr-1751	345	51	to	to	PART
cblr-1751	345	52	provide	provide	VERB
cblr-1751	345	53	liquidity	liquidity	NOUN
cblr-1751	345	54	directly	directly	ADV
cblr-1751	345	55	to	to	ADP
cblr-1751	345	56	each	each	DET
cblr-1751	345	57	other	other	ADJ
cblr-1751	345	58	,	,	PUNCT
cblr-1751	345	59	and	and	CCONJ
cblr-1751	345	60	thereby	thereby	ADV
cblr-1751	345	61	removing	remove	VERB
cblr-1751	345	62	professional	professional	ADJ
cblr-1751	345	63	liquidityprovider	liquidityprovider	NOUN
cblr-1751	345	64	intermediation	intermediation	NOUN
cblr-1751	345	65	from	from	ADP
cblr-1751	345	66	the	the	DET
cblr-1751	345	67	trading	trading	NOUN
cblr-1751	345	68	process	process	NOUN
cblr-1751	345	69	altogether.42	altogether.42	ADV
cblr-1751	345	70	thus	thus	ADV
cblr-1751	345	71	,	,	PUNCT
cblr-1751	345	72	the	the	DET
cblr-1751	345	73	trader	trader	NOUN
cblr-1751	345	74	in	in	ADP
cblr-1751	345	75	our	our	PRON
cblr-1751	345	76	earlier	early	ADJ
cblr-1751	345	77	example	example	NOUN
cblr-1751	345	78	would	would	AUX
cblr-1751	345	79	transact	transact	VERB
cblr-1751	345	80	at	at	ADP
cblr-1751	345	81	$	$	SYM
cblr-1751	345	82	44.10	44.10	NUM
cblr-1751	345	83	—	—	PUNCT
cblr-1751	345	84	which	which	PRON
cblr-1751	345	85	was	be	AUX
cblr-1751	345	86	halfway	halfway	ADV
cblr-1751	345	87	between	between	ADP
cblr-1751	345	88	the	the	DET
cblr-1751	345	89	best	good	ADJ
cblr-1751	345	90	(	(	PUNCT
cblr-1751	345	91	highest	high	ADJ
cblr-1751	345	92	)	)	PUNCT
cblr-1751	345	93	bid	bid	NOUN
cblr-1751	345	94	price	price	NOUN
cblr-1751	345	95	in	in	ADP
cblr-1751	345	96	the	the	DET
cblr-1751	345	97	market	market	NOUN
cblr-1751	345	98	of	of	ADP
cblr-1751	345	99	$	$	SYM
cblr-1751	345	100	44.08	44.08	NUM
cblr-1751	345	101	and	and	CCONJ
cblr-1751	345	102	the	the	DET
cblr-1751	345	103	best	good	ADJ
cblr-1751	345	104	(	(	PUNCT
cblr-1751	345	105	lowest	low	ADJ
cblr-1751	345	106	)	)	PUNCT
cblr-1751	345	107	ask	ask	VERB
cblr-1751	345	108	price	price	NOUN
cblr-1751	345	109	of	of	ADP
cblr-1751	345	110	$	$	SYM
cblr-1751	345	111	44.12	44.12	NUM
cblr-1751	345	112	.	.	PUNCT
cblr-1751	346	1	focusing	focus	VERB
cblr-1751	346	2	on	on	ADP
cblr-1751	346	3	the	the	DET
cblr-1751	346	4	market	market	NOUN
cblr-1751	346	5	participants	participant	NOUN
cblr-1751	346	6	that	that	PRON
cblr-1751	346	7	trade	trade	VERB
cblr-1751	346	8	stocks	stock	NOUN
cblr-1751	346	9	as	as	ADV
cblr-1751	346	10	well	well	ADV
cblr-1751	346	11	as	as	ADP
cblr-1751	346	12	the	the	DET
cblr-1751	346	13	platforms	platform	NOUN
cblr-1751	346	14	through	through	ADP
cblr-1751	346	15	which	which	PRON
cblr-1751	346	16	they	they	PRON
cblr-1751	346	17	conduct	conduct	VERB
cblr-1751	346	18	their	their	PRON
cblr-1751	346	19	buying	buying	NOUN
cblr-1751	346	20	and	and	CCONJ
cblr-1751	346	21	selling	selling	NOUN
cblr-1751	346	22	,	,	PUNCT
cblr-1751	346	23	this	this	DET
cblr-1751	346	24	part	part	NOUN
cblr-1751	346	25	has	have	AUX
cblr-1751	346	26	laid	lay	VERB
cblr-1751	346	27	out	out	ADP
cblr-1751	346	28	important	important	ADJ
cblr-1751	346	29	information	information	NOUN
cblr-1751	346	30	on	on	ADP
cblr-1751	346	31	how	how	SCONJ
cblr-1751	346	32	stocks	stock	NOUN
cblr-1751	346	33	are	be	AUX
cblr-1751	346	34	traded	trade	VERB
cblr-1751	346	35	in	in	ADP
cblr-1751	346	36	the	the	DET
cblr-1751	346	37	contemporary	contemporary	ADJ
cblr-1751	346	38	stock	stock	NOUN
cblr-1751	346	39	market	market	NOUN
cblr-1751	346	40	.	.	PUNCT
cblr-1751	347	1	and	and	CCONJ
cblr-1751	347	2	part	part	NOUN
cblr-1751	347	3	ii	ii	PROPN
cblr-1751	347	4	before	before	SCONJ
cblr-1751	347	5	it	it	PRON
cblr-1751	347	6	provided	provide	VERB
cblr-1751	347	7	an	an	DET
cblr-1751	347	8	equally	equally	ADV
cblr-1751	347	9	relevant	relevant	ADJ
cblr-1751	347	10	overview	overview	NOUN
cblr-1751	347	11	relating	relate	VERB
cblr-1751	347	12	to	to	ADP
cblr-1751	347	13	the	the	DET
cblr-1751	347	14	accuracy	accuracy	NOUN
cblr-1751	347	15	of	of	ADP
cblr-1751	347	16	stock	stock	NOUN
cblr-1751	347	17	prices	price	NOUN
cblr-1751	347	18	—	—	PUNCT
cblr-1751	347	19	including	include	VERB
cblr-1751	347	20	consensus	consensus	NOUN
cblr-1751	347	21	views	view	NOUN
cblr-1751	347	22	as	as	ADP
cblr-1751	347	23	to	to	ADP
cblr-1751	347	24	the	the	DET
cblr-1751	347	25	main	main	ADJ
cblr-1751	347	26	social	social	ADJ
cblr-1751	347	27	benefits	benefit	NOUN
cblr-1751	347	28	of	of	ADP
cblr-1751	347	29	enhanced	enhanced	ADJ
cblr-1751	347	30	accuracy	accuracy	NOUN
cblr-1751	347	31	.	.	PUNCT
cblr-1751	348	1	with	with	ADP
cblr-1751	348	2	this	this	DET
cblr-1751	348	3	background	background	NOUN
cblr-1751	348	4	,	,	PUNCT
cblr-1751	348	5	the	the	DET
cblr-1751	348	6	next	next	ADJ
cblr-1751	348	7	part	part	NOUN
cblr-1751	348	8	41	41	NUM
cblr-1751	348	9	see	see	VERB
cblr-1751	348	10	generally	generally	ADV
cblr-1751	348	11	supra	supra	ADJ
cblr-1751	348	12	part	part	PROPN
cblr-1751	348	13	iii.a.3	iii.a.3	PROPN
cblr-1751	348	14	.	.	PUNCT
cblr-1751	349	1	42	42	NUM
cblr-1751	349	2	see	see	VERB
cblr-1751	349	3	,	,	PUNCT
cblr-1751	349	4	e.g.	e.g.	ADV
cblr-1751	349	5	,	,	PUNCT
cblr-1751	349	6	o’hara	o’hara	NOUN
cblr-1751	349	7	,	,	PUNCT
cblr-1751	349	8	supra	supra	ADJ
cblr-1751	349	9	note	note	NOUN
cblr-1751	349	10	35	35	NUM
cblr-1751	349	11	,	,	PUNCT
cblr-1751	349	12	at	at	ADP
cblr-1751	349	13	463	463	NUM
cblr-1751	349	14	tbl	tbl	NOUN
cblr-1751	349	15	.	.	PUNCT
cblr-1751	350	1	1	1	X
cblr-1751	350	2	.	.	X
cblr-1751	350	3	haeberle	haeberle	PROPN
cblr-1751	350	4	final	final	ADJ
cblr-1751	350	5	150	150	NUM
cblr-1751	350	6	columbia	columbia	PROPN
cblr-1751	350	7	business	business	NOUN
cblr-1751	350	8	law	law	NOUN
cblr-1751	350	9	review	review	NOUN
cblr-1751	351	1	[	[	X
cblr-1751	351	2	vol	vol	NOUN
cblr-1751	351	3	.	.	NOUN
cblr-1751	351	4	2015	2015	NUM
cblr-1751	351	5	offers	offer	VERB
cblr-1751	351	6	novel	novel	ADJ
cblr-1751	351	7	insights	insight	NOUN
cblr-1751	351	8	on	on	ADP
cblr-1751	351	9	how	how	SCONJ
cblr-1751	351	10	central	central	ADJ
cblr-1751	351	11	,	,	PUNCT
cblr-1751	351	12	yet	yet	CCONJ
cblr-1751	351	13	little	little	ADV
cblr-1751	351	14	-	-	PUNCT
cblr-1751	351	15	noticed	notice	VERB
cblr-1751	351	16	stockmarket	stockmarket	NOUN
cblr-1751	351	17	rules	rule	NOUN
cblr-1751	351	18	affect	affect	VERB
cblr-1751	351	19	contemporary	contemporary	ADJ
cblr-1751	351	20	stock	stock	NOUN
cblr-1751	351	21	trading	trading	NOUN
cblr-1751	351	22	as	as	ADV
cblr-1751	351	23	well	well	ADV
cblr-1751	351	24	as	as	ADP
cblr-1751	351	25	stock	stock	NOUN
cblr-1751	351	26	-	-	PUNCT
cblr-1751	351	27	price	price	NOUN
cblr-1751	351	28	accuracy	accuracy	NOUN
cblr-1751	351	29	and	and	CCONJ
cblr-1751	351	30	its	its	PRON
cblr-1751	351	31	main	main	ADJ
cblr-1751	351	32	social	social	ADJ
cblr-1751	351	33	benefits	benefit	NOUN
cblr-1751	351	34	.	.	PUNCT
cblr-1751	352	1	moreover	moreover	ADV
cblr-1751	352	2	,	,	PUNCT
cblr-1751	352	3	it	it	PRON
cblr-1751	352	4	explains	explain	VERB
cblr-1751	352	5	why	why	SCONJ
cblr-1751	352	6	these	these	DET
cblr-1751	352	7	insights	insight	NOUN
cblr-1751	352	8	lead	lead	VERB
cblr-1751	352	9	to	to	ADP
cblr-1751	352	10	the	the	DET
cblr-1751	352	11	conclusion	conclusion	NOUN
cblr-1751	352	12	that	that	SCONJ
cblr-1751	352	13	lawmakers	lawmaker	NOUN
cblr-1751	352	14	,	,	PUNCT
cblr-1751	352	15	as	as	ADP
cblr-1751	352	16	a	a	DET
cblr-1751	352	17	matter	matter	NOUN
cblr-1751	352	18	of	of	ADP
cblr-1751	352	19	theory	theory	NOUN
cblr-1751	352	20	,	,	PUNCT
cblr-1751	352	21	have	have	AUX
cblr-1751	352	22	a	a	DET
cblr-1751	352	23	fourth	fourth	ADJ
cblr-1751	352	24	main	main	ADJ
cblr-1751	352	25	securities	security	NOUN
cblr-1751	352	26	-	-	PUNCT
cblr-1751	352	27	law	law	NOUN
cblr-1751	352	28	tool	tool	NOUN
cblr-1751	352	29	(	(	PUNCT
cblr-1751	352	30	stock	stock	NOUN
cblr-1751	352	31	-	-	PUNCT
cblr-1751	352	32	market	market	NOUN
cblr-1751	352	33	law	law	NOUN
cblr-1751	352	34	)	)	PUNCT
cblr-1751	352	35	for	for	ADP
cblr-1751	352	36	increasing	increase	VERB
cblr-1751	352	37	both	both	DET
cblr-1751	352	38	the	the	DET
cblr-1751	352	39	accuracy	accuracy	NOUN
cblr-1751	352	40	of	of	ADP
cblr-1751	352	41	public	public	ADJ
cblr-1751	352	42	companies	company	NOUN
cblr-1751	352	43	’	’	PART
cblr-1751	352	44	stock	stock	NOUN
cblr-1751	352	45	prices	price	NOUN
cblr-1751	352	46	and	and	CCONJ
cblr-1751	352	47	the	the	DET
cblr-1751	352	48	main	main	ADJ
cblr-1751	352	49	benefits	benefit	NOUN
cblr-1751	352	50	that	that	PRON
cblr-1751	352	51	flow	flow	VERB
cblr-1751	352	52	from	from	ADP
cblr-1751	352	53	more	more	ADV
cblr-1751	352	54	accurate	accurate	ADJ
cblr-1751	352	55	stock	stock	NOUN
cblr-1751	352	56	prices	price	NOUN
cblr-1751	352	57	.	.	PUNCT
cblr-1751	353	1	iv	iv	X
cblr-1751	353	2	.	.	PUNCT
cblr-1751	353	3	implications	implication	NOUN
cblr-1751	353	4	of	of	ADP
cblr-1751	353	5	central	central	ADJ
cblr-1751	353	6	,	,	PUNCT
cblr-1751	353	7	yet	yet	ADV
cblr-1751	353	8	littlenoticed	littlenotice	VERB
cblr-1751	353	9	,	,	PUNCT
cblr-1751	353	10	stock	stock	NOUN
cblr-1751	353	11	-	-	PUNCT
cblr-1751	353	12	market	market	NOUN
cblr-1751	353	13	rules	rule	VERB
cblr-1751	353	14	the	the	DET
cblr-1751	353	15	trading	trading	NOUN
cblr-1751	353	16	-	-	PUNCT
cblr-1751	353	17	platform	platform	NOUN
cblr-1751	353	18	access	access	NOUN
cblr-1751	353	19	rules	rule	NOUN
cblr-1751	353	20	allow	allow	VERB
cblr-1751	353	21	off	off	ADP
cblr-1751	353	22	-	-	PUNCT
cblr-1751	353	23	exchange	exchange	NOUN
cblr-1751	353	24	platforms	platform	NOUN
cblr-1751	353	25	to	to	PART
cblr-1751	353	26	determine	determine	VERB
cblr-1751	353	27	which	which	PRON
cblr-1751	353	28	traders	trader	NOUN
cblr-1751	353	29	can	can	AUX
cblr-1751	353	30	and	and	CCONJ
cblr-1751	353	31	can	can	AUX
cblr-1751	353	32	not	not	PART
cblr-1751	353	33	buy	buy	VERB
cblr-1751	353	34	and	and	CCONJ
cblr-1751	353	35	sell	sell	VERB
cblr-1751	353	36	stocks	stock	NOUN
cblr-1751	353	37	through	through	ADP
cblr-1751	353	38	their	their	PRON
cblr-1751	353	39	trading	trading	NOUN
cblr-1751	353	40	systems	system	NOUN
cblr-1751	353	41	,	,	PUNCT
cblr-1751	353	42	while	while	SCONJ
cblr-1751	353	43	requiring	require	VERB
cblr-1751	353	44	exchanges	exchange	NOUN
cblr-1751	353	45	to	to	PART
cblr-1751	353	46	remain	remain	VERB
cblr-1751	353	47	open	open	ADJ
cblr-1751	353	48	to	to	ADP
cblr-1751	353	49	all	all	DET
cblr-1751	353	50	traders.43	traders.43	NOUN
cblr-1751	353	51	as	as	SCONJ
cblr-1751	353	52	shown	show	VERB
cblr-1751	353	53	in	in	ADP
cblr-1751	353	54	this	this	DET
cblr-1751	353	55	part	part	NOUN
cblr-1751	353	56	,	,	PUNCT
cblr-1751	353	57	these	these	DET
cblr-1751	353	58	underappreciated	underappreciated	ADJ
cblr-1751	353	59	stock	stock	NOUN
cblr-1751	353	60	-	-	PUNCT
cblr-1751	353	61	market	market	NOUN
cblr-1751	353	62	rules	rule	NOUN
cblr-1751	353	63	theoretically	theoretically	ADV
cblr-1751	353	64	affect	affect	VERB
cblr-1751	353	65	contemporary	contemporary	ADJ
cblr-1751	353	66	stock	stock	NOUN
cblr-1751	353	67	trading	trading	NOUN
cblr-1751	353	68	in	in	ADP
cblr-1751	353	69	a	a	DET
cblr-1751	353	70	manner	manner	NOUN
cblr-1751	353	71	that	that	PRON
cblr-1751	353	72	ultimately	ultimately	ADV
cblr-1751	353	73	results	result	VERB
cblr-1751	353	74	in	in	ADP
cblr-1751	353	75	informed	informed	ADJ
cblr-1751	353	76	traders	trader	NOUN
cblr-1751	353	77	facing	face	VERB
cblr-1751	353	78	price	price	NOUN
cblr-1751	353	79	quotes	quote	NOUN
cblr-1751	353	80	that	that	PRON
cblr-1751	353	81	are	be	AUX
cblr-1751	353	82	both	both	PRON
cblr-1751	353	83	inferior	inferior	ADJ
cblr-1751	353	84	and	and	CCONJ
cblr-1751	353	85	more	more	ADV
cblr-1751	353	86	sensitive	sensitive	ADJ
cblr-1751	353	87	to	to	ADP
cblr-1751	353	88	trading	trading	NOUN
cblr-1751	353	89	activity	activity	NOUN
cblr-1751	353	90	.	.	PUNCT
cblr-1751	354	1	facing	face	VERB
cblr-1751	354	2	these	these	DET
cblr-1751	354	3	altered	altered	ADJ
cblr-1751	354	4	price	price	NOUN
cblr-1751	354	5	quotes	quote	NOUN
cblr-1751	354	6	,	,	PUNCT
cblr-1751	354	7	informed	inform	VERB
cblr-1751	354	8	traders	trader	NOUN
cblr-1751	354	9	have	have	VERB
cblr-1751	354	10	fewer	few	ADJ
cblr-1751	354	11	profitable	profitable	ADJ
cblr-1751	354	12	trading	trading	NOUN
cblr-1751	354	13	opportunities	opportunity	NOUN
cblr-1751	354	14	and	and	CCONJ
cblr-1751	354	15	therefore	therefore	ADV
cblr-1751	354	16	a	a	DET
cblr-1751	354	17	lower	low	ADJ
cblr-1751	354	18	incentive	incentive	NOUN
cblr-1751	354	19	to	to	PART
cblr-1751	354	20	produce	produce	VERB
cblr-1751	354	21	(	(	PUNCT
cblr-1751	354	22	or	or	CCONJ
cblr-1751	354	23	pay	pay	VERB
cblr-1751	354	24	in	in	ADP
cblr-1751	354	25	return	return	NOUN
cblr-1751	354	26	for	for	ADP
cblr-1751	354	27	)	)	PUNCT
cblr-1751	354	28	information	information	NOUN
cblr-1751	354	29	about	about	ADP
cblr-1751	354	30	firms	firm	NOUN
cblr-1751	354	31	’	'	PUNCT
cblr-1751	354	32	prospects	prospect	NOUN
cblr-1751	354	33	.	.	PUNCT
cblr-1751	355	1	this	this	DET
cblr-1751	355	2	lower	low	ADJ
cblr-1751	355	3	incentive	incentive	NOUN
cblr-1751	355	4	,	,	PUNCT
cblr-1751	355	5	in	in	ADP
cblr-1751	355	6	turn	turn	NOUN
cblr-1751	355	7	,	,	PUNCT
cblr-1751	355	8	leads	lead	VERB
cblr-1751	355	9	to	to	ADP
cblr-1751	355	10	a	a	DET
cblr-1751	355	11	situation	situation	NOUN
cblr-1751	355	12	in	in	ADP
cblr-1751	355	13	which	which	PRON
cblr-1751	355	14	society	society	NOUN
cblr-1751	355	15	generates	generate	VERB
cblr-1751	355	16	less	less	ADJ
cblr-1751	355	17	of	of	ADP
cblr-1751	355	18	this	this	DET
cblr-1751	355	19	valuable	valuable	ADJ
cblr-1751	355	20	information	information	NOUN
cblr-1751	355	21	.	.	PUNCT
cblr-1751	356	1	as	as	ADP
cblr-1751	356	2	a	a	DET
cblr-1751	356	3	result	result	NOUN
cblr-1751	356	4	,	,	PUNCT
cblr-1751	356	5	stock	stock	NOUN
cblr-1751	356	6	prices	price	NOUN
cblr-1751	356	7	are	be	AUX
cblr-1751	356	8	materially	materially	ADV
cblr-1751	356	9	less	less	ADV
cblr-1751	356	10	accurate	accurate	ADJ
cblr-1751	356	11	than	than	SCONJ
cblr-1751	356	12	they	they	PRON
cblr-1751	356	13	otherwise	otherwise	ADV
cblr-1751	356	14	might	might	AUX
cblr-1751	356	15	be	be	AUX
cblr-1751	356	16	—	—	PUNCT
cblr-1751	356	17	that	that	ADV
cblr-1751	356	18	is	is	ADV
cblr-1751	356	19	,	,	PUNCT
cblr-1751	356	20	the	the	DET
cblr-1751	356	21	lower	low	ADJ
cblr-1751	356	22	level	level	NOUN
cblr-1751	356	23	of	of	ADP
cblr-1751	356	24	stock	stock	NOUN
cblr-1751	356	25	-	-	PUNCT
cblr-1751	356	26	price	price	NOUN
cblr-1751	356	27	accuracy	accuracy	NOUN
cblr-1751	356	28	affects	affect	VERB
cblr-1751	356	29	the	the	DET
cblr-1751	356	30	quality	quality	NOUN
cblr-1751	356	31	under	under	ADP
cblr-1751	356	32	which	which	PRON
cblr-1751	356	33	corporations	corporation	NOUN
cblr-1751	356	34	are	be	AUX
cblr-1751	356	35	governed	govern	VERB
cblr-1751	356	36	and	and	CCONJ
cblr-1751	356	37	with	with	ADP
cblr-1751	356	38	which	which	DET
cblr-1751	356	39	capital	capital	NOUN
cblr-1751	356	40	is	be	AUX
cblr-1751	356	41	allocated	allocate	VERB
cblr-1751	356	42	.	.	PUNCT
cblr-1751	357	1	in	in	ADP
cblr-1751	357	2	the	the	DET
cblr-1751	357	3	end	end	NOUN
cblr-1751	357	4	,	,	PUNCT
cblr-1751	357	5	these	these	DET
cblr-1751	357	6	theoretical	theoretical	ADJ
cblr-1751	357	7	effects	effect	NOUN
cblr-1751	357	8	on	on	ADP
cblr-1751	357	9	contemporary	contemporary	ADJ
cblr-1751	357	10	stock	stock	NOUN
cblr-1751	357	11	trading	trading	NOUN
cblr-1751	357	12	and	and	CCONJ
cblr-1751	357	13	stock	stock	NOUN
cblr-1751	357	14	-	-	PUNCT
cblr-1751	357	15	price	price	NOUN
cblr-1751	357	16	accuracy	accuracy	NOUN
cblr-1751	357	17	and	and	CCONJ
cblr-1751	357	18	its	its	PRON
cblr-1751	357	19	main	main	ADJ
cblr-1751	357	20	social	social	ADJ
cblr-1751	357	21	benefits	benefit	NOUN
cblr-1751	357	22	lead	lead	VERB
cblr-1751	357	23	to	to	ADP
cblr-1751	357	24	the	the	DET
cblr-1751	357	25	inference	inference	NOUN
cblr-1751	357	26	that	that	PRON
cblr-1751	357	27	lawmakers	lawmaker	NOUN
cblr-1751	357	28	have	have	VERB
cblr-1751	357	29	an	an	DET
cblr-1751	357	30	additional	additional	ADJ
cblr-1751	357	31	securities	security	NOUN
cblr-1751	357	32	-	-	PUNCT
cblr-1751	357	33	law	law	NOUN
cblr-1751	357	34	tool	tool	NOUN
cblr-1751	357	35	for	for	ADP
cblr-1751	357	36	materially	materially	ADV
cblr-1751	357	37	increasing	increase	VERB
cblr-1751	357	38	the	the	DET
cblr-1751	357	39	accuracy	accuracy	NOUN
cblr-1751	357	40	of	of	ADP
cblr-1751	357	41	public	public	ADJ
cblr-1751	357	42	companies	company	NOUN
cblr-1751	357	43	’	’	PART
cblr-1751	357	44	stock	stock	NOUN
cblr-1751	357	45	prices	price	NOUN
cblr-1751	357	46	.	.	PUNCT
cblr-1751	358	1	that	that	PRON
cblr-1751	358	2	is	is	ADV
cblr-1751	358	3	,	,	PUNCT
cblr-1751	358	4	they	they	PRON
cblr-1751	358	5	can	can	AUX
cblr-1751	358	6	enhance	enhance	VERB
cblr-1751	358	7	the	the	DET
cblr-1751	358	8	accuracy	accuracy	NOUN
cblr-1751	358	9	of	of	ADP
cblr-1751	358	10	these	these	DET
cblr-1751	358	11	prices	price	NOUN
cblr-1751	358	12	in	in	ADP
cblr-1751	358	13	a	a	DET
cblr-1751	358	14	manner	manner	NOUN
cblr-1751	358	15	that	that	PRON
cblr-1751	358	16	improves	improve	VERB
cblr-1751	358	17	corporate	corporate	ADJ
cblr-1751	358	18	governance	governance	NOUN
cblr-1751	358	19	and	and	CCONJ
cblr-1751	358	20	capital	capital	NOUN
cblr-1751	358	21	allocation	allocation	NOUN
cblr-1751	358	22	not	not	PART
cblr-1751	358	23	just	just	ADV
cblr-1751	358	24	by	by	ADP
cblr-1751	358	25	making	make	VERB
cblr-1751	358	26	adjustments	adjustment	NOUN
cblr-1751	358	27	to	to	PART
cblr-1751	358	28	well	well	ADV
cblr-1751	358	29	-	-	PUNCT
cblr-1751	358	30	studied	study	VERB
cblr-1751	358	31	43	43	NUM
cblr-1751	358	32	see	see	NOUN
cblr-1751	358	33	supra	supra	PROPN
cblr-1751	358	34	notes	note	VERB
cblr-1751	358	35	1–2	1–2	NUM
cblr-1751	358	36	and	and	CCONJ
cblr-1751	358	37	accompanying	accompany	VERB
cblr-1751	358	38	text	text	NOUN
cblr-1751	358	39	.	.	PUNCT
cblr-1751	359	1	haeberle	haeberle	PROPN
cblr-1751	359	2	final	final	ADJ
cblr-1751	359	3	no	no	NOUN
cblr-1751	359	4	.	.	NOUN
cblr-1751	359	5	1:121	1:121	NUM
cblr-1751	359	6	]	]	X
cblr-1751	359	7	stock	stock	NOUN
cblr-1751	359	8	-	-	PUNCT
cblr-1751	359	9	price	price	NOUN
cblr-1751	359	10	accuracy	accuracy	NOUN
cblr-1751	359	11	151	151	NUM
cblr-1751	359	12	core	core	NOUN
cblr-1751	359	13	of	of	ADP
cblr-1751	359	14	securities	security	NOUN
cblr-1751	359	15	law	law	NOUN
cblr-1751	359	16	(	(	PUNCT
cblr-1751	359	17	disclosure	disclosure	NOUN
cblr-1751	359	18	,	,	PUNCT
cblr-1751	359	19	fraud	fraud	NOUN
cblr-1751	359	20	,	,	PUNCT
cblr-1751	359	21	and	and	CCONJ
cblr-1751	359	22	insider	insider	NOUN
cblr-1751	359	23	-	-	PUNCT
cblr-1751	359	24	trading	trading	NOUN
cblr-1751	359	25	laws	law	NOUN
cblr-1751	359	26	)	)	PUNCT
cblr-1751	359	27	,	,	PUNCT
cblr-1751	359	28	but	but	CCONJ
cblr-1751	359	29	also	also	ADV
cblr-1751	359	30	by	by	ADP
cblr-1751	359	31	changing	change	VERB
cblr-1751	359	32	stock	stock	NOUN
cblr-1751	359	33	-	-	PUNCT
cblr-1751	359	34	market	market	NOUN
cblr-1751	359	35	law	law	NOUN
cblr-1751	359	36	.	.	PUNCT
cblr-1751	360	1	section	section	NOUN
cblr-1751	360	2	a	a	DET
cblr-1751	360	3	examines	examine	NOUN
cblr-1751	360	4	the	the	DET
cblr-1751	360	5	likely	likely	ADJ
cblr-1751	360	6	effects	effect	NOUN
cblr-1751	360	7	of	of	ADP
cblr-1751	360	8	the	the	DET
cblr-1751	360	9	tradingplatform	tradingplatform	NOUN
cblr-1751	360	10	access	access	NOUN
cblr-1751	360	11	rules	rule	NOUN
cblr-1751	360	12	on	on	ADP
cblr-1751	360	13	contemporary	contemporary	ADJ
cblr-1751	360	14	stock	stock	NOUN
cblr-1751	360	15	trading	trading	NOUN
cblr-1751	360	16	.	.	PUNCT
cblr-1751	361	1	section	section	PROPN
cblr-1751	361	2	b	b	PROPN
cblr-1751	361	3	then	then	ADV
cblr-1751	361	4	explores	explore	VERB
cblr-1751	361	5	the	the	DET
cblr-1751	361	6	likely	likely	ADJ
cblr-1751	361	7	impact	impact	NOUN
cblr-1751	361	8	of	of	ADP
cblr-1751	361	9	those	those	DET
cblr-1751	361	10	effects	effect	NOUN
cblr-1751	361	11	on	on	ADP
cblr-1751	361	12	stockprice	stockprice	ADJ
cblr-1751	361	13	accuracy	accuracy	NOUN
cblr-1751	361	14	and	and	CCONJ
cblr-1751	361	15	its	its	PRON
cblr-1751	361	16	main	main	ADJ
cblr-1751	361	17	social	social	ADJ
cblr-1751	361	18	benefits	benefit	NOUN
cblr-1751	361	19	.	.	PUNCT
cblr-1751	362	1	finally	finally	ADV
cblr-1751	362	2	,	,	PUNCT
cblr-1751	362	3	section	section	NOUN
cblr-1751	362	4	c	c	NOUN
cblr-1751	362	5	explains	explain	VERB
cblr-1751	362	6	why	why	SCONJ
cblr-1751	362	7	these	these	DET
cblr-1751	362	8	theories	theory	NOUN
cblr-1751	362	9	lead	lead	VERB
cblr-1751	362	10	to	to	ADP
cblr-1751	362	11	the	the	DET
cblr-1751	362	12	conclusion	conclusion	NOUN
cblr-1751	362	13	that	that	SCONJ
cblr-1751	362	14	lawmakers	lawmaker	NOUN
cblr-1751	362	15	have	have	AUX
cblr-1751	362	16	a	a	DET
cblr-1751	362	17	previously	previously	ADV
cblr-1751	362	18	unidentified	unidentified	ADJ
cblr-1751	362	19	way	way	NOUN
cblr-1751	362	20	in	in	ADP
cblr-1751	362	21	which	which	PRON
cblr-1751	362	22	they	they	PRON
cblr-1751	362	23	can	can	AUX
cblr-1751	362	24	materially	materially	ADV
cblr-1751	362	25	bolster	bolster	VERB
cblr-1751	362	26	the	the	DET
cblr-1751	362	27	accuracy	accuracy	NOUN
cblr-1751	362	28	of	of	ADP
cblr-1751	362	29	public	public	ADJ
cblr-1751	362	30	companies	company	NOUN
cblr-1751	362	31	’	’	PART
cblr-1751	362	32	stock	stock	NOUN
cblr-1751	362	33	prices	price	NOUN
cblr-1751	362	34	.	.	PUNCT
cblr-1751	363	1	a.	a.	PROPN
cblr-1751	363	2	contemporary	contemporary	PROPN
cblr-1751	363	3	stock	stock	PROPN
cblr-1751	363	4	trading	trading	NOUN
cblr-1751	363	5	as	as	ADP
cblr-1751	363	6	a	a	DET
cblr-1751	363	7	matter	matter	NOUN
cblr-1751	363	8	of	of	ADP
cblr-1751	363	9	theory	theory	NOUN
cblr-1751	363	10	,	,	PUNCT
cblr-1751	363	11	the	the	DET
cblr-1751	363	12	trading	trading	NOUN
cblr-1751	363	13	-	-	PUNCT
cblr-1751	363	14	platform	platform	NOUN
cblr-1751	363	15	access	access	NOUN
cblr-1751	363	16	rules	rule	NOUN
cblr-1751	363	17	result	result	VERB
cblr-1751	363	18	in	in	ADP
cblr-1751	363	19	off	off	ADP
cblr-1751	363	20	-	-	PUNCT
cblr-1751	363	21	exchange	exchange	NOUN
cblr-1751	363	22	trading	trading	NOUN
cblr-1751	363	23	being	be	AUX
cblr-1751	363	24	dominated	dominate	VERB
cblr-1751	363	25	by	by	ADP
cblr-1751	363	26	uninformed	uninformed	ADJ
cblr-1751	363	27	traders	trader	NOUN
cblr-1751	363	28	.	.	PUNCT
cblr-1751	364	1	and	and	CCONJ
cblr-1751	364	2	because	because	SCONJ
cblr-1751	364	3	almost	almost	ADV
cblr-1751	364	4	40	40	NUM
cblr-1751	364	5	%	%	NOUN
cblr-1751	364	6	of	of	ADP
cblr-1751	364	7	all	all	DET
cblr-1751	364	8	trading44	trading44	NOUN
cblr-1751	364	9	occurs	occur	VERB
cblr-1751	364	10	through	through	ADP
cblr-1751	364	11	these	these	DET
cblr-1751	364	12	platforms	platform	NOUN
cblr-1751	364	13	that	that	PRON
cblr-1751	364	14	are	be	AUX
cblr-1751	364	15	dominated	dominate	VERB
cblr-1751	364	16	by	by	ADP
cblr-1751	364	17	uninformed	uninformed	ADJ
cblr-1751	364	18	traders	trader	NOUN
cblr-1751	364	19	,	,	PUNCT
cblr-1751	364	20	trading	trade	VERB
cblr-1751	364	21	at	at	ADP
cblr-1751	364	22	exchanges	exchange	NOUN
cblr-1751	364	23	necessarily	necessarily	ADV
cblr-1751	364	24	involves	involve	VERB
cblr-1751	364	25	a	a	DET
cblr-1751	364	26	far	far	ADV
cblr-1751	364	27	higher	high	ADJ
cblr-1751	364	28	ratio	ratio	NOUN
cblr-1751	364	29	of	of	ADP
cblr-1751	364	30	informed	informed	ADJ
cblr-1751	364	31	traders	trader	NOUN
cblr-1751	364	32	to	to	ADP
cblr-1751	364	33	uninformed	uninformed	ADJ
cblr-1751	364	34	ones	one	NOUN
cblr-1751	364	35	than	than	SCONJ
cblr-1751	364	36	it	it	PRON
cblr-1751	364	37	otherwise	otherwise	ADV
cblr-1751	364	38	might	might	AUX
cblr-1751	364	39	.	.	PUNCT
cblr-1751	365	1	in	in	ADP
cblr-1751	365	2	response	response	NOUN
cblr-1751	365	3	to	to	ADP
cblr-1751	365	4	this	this	DET
cblr-1751	365	5	higher	high	ADJ
cblr-1751	365	6	ratio	ratio	NOUN
cblr-1751	365	7	,	,	PUNCT
cblr-1751	365	8	the	the	DET
cblr-1751	365	9	exchange	exchange	NOUN
cblr-1751	365	10	trading	trading	NOUN
cblr-1751	365	11	environment	environment	NOUN
cblr-1751	365	12	changes	change	NOUN
cblr-1751	365	13	in	in	ADP
cblr-1751	365	14	ways	way	NOUN
cblr-1751	365	15	that	that	PRON
cblr-1751	365	16	result	result	VERB
cblr-1751	365	17	in	in	ADP
cblr-1751	365	18	exchange	exchange	NOUN
cblr-1751	365	19	liquidity	liquidity	NOUN
cblr-1751	365	20	providers	provider	NOUN
cblr-1751	365	21	quoting	quote	VERB
cblr-1751	365	22	prices	price	NOUN
cblr-1751	365	23	that	that	PRON
cblr-1751	365	24	are	be	AUX
cblr-1751	365	25	both	both	PRON
cblr-1751	365	26	inferior	inferior	ADJ
cblr-1751	365	27	and	and	CCONJ
cblr-1751	365	28	more	more	ADV
cblr-1751	365	29	sensitive	sensitive	ADJ
cblr-1751	365	30	to	to	ADP
cblr-1751	365	31	trading	trading	NOUN
cblr-1751	365	32	activity	activity	NOUN
cblr-1751	365	33	.	.	PUNCT
cblr-1751	366	1	1	1	X
cblr-1751	366	2	.	.	X
cblr-1751	366	3	off	off	ADP
cblr-1751	366	4	-	-	PUNCT
cblr-1751	366	5	exchange	exchange	NOUN
cblr-1751	366	6	trading	trading	NOUN
cblr-1751	366	7	at	at	ADP
cblr-1751	366	8	the	the	DET
cblr-1751	366	9	threshold	threshold	NOUN
cblr-1751	366	10	,	,	PUNCT
cblr-1751	366	11	there	there	PRON
cblr-1751	366	12	is	be	VERB
cblr-1751	366	13	strong	strong	ADJ
cblr-1751	366	14	reason	reason	NOUN
cblr-1751	366	15	to	to	PART
cblr-1751	366	16	believe	believe	VERB
cblr-1751	366	17	that	that	SCONJ
cblr-1751	366	18	the	the	DET
cblr-1751	366	19	legal	legal	ADJ
cblr-1751	366	20	ability	ability	NOUN
cblr-1751	366	21	of	of	ADP
cblr-1751	366	22	off	off	ADP
cblr-1751	366	23	-	-	PUNCT
cblr-1751	366	24	exchange	exchange	NOUN
cblr-1751	366	25	platforms	platform	NOUN
cblr-1751	366	26	to	to	PART
cblr-1751	366	27	determine	determine	VERB
cblr-1751	366	28	which	which	PRON
cblr-1751	366	29	traders	trader	NOUN
cblr-1751	366	30	can	can	AUX
cblr-1751	366	31	and	and	CCONJ
cblr-1751	366	32	can	can	AUX
cblr-1751	366	33	not	not	PART
cblr-1751	366	34	access	access	VERB
cblr-1751	366	35	their	their	PRON
cblr-1751	366	36	trading	trading	NOUN
cblr-1751	366	37	systems	system	NOUN
cblr-1751	366	38	results	result	NOUN
cblr-1751	366	39	in	in	ADP
cblr-1751	366	40	off	off	ADP
cblr-1751	366	41	-	-	PUNCT
cblr-1751	366	42	exchange	exchange	NOUN
cblr-1751	366	43	trading	trading	NOUN
cblr-1751	366	44	being	be	AUX
cblr-1751	366	45	dominated	dominate	VERB
cblr-1751	366	46	by	by	ADP
cblr-1751	366	47	uninformed	uninformed	ADJ
cblr-1751	366	48	traders	trader	NOUN
cblr-1751	366	49	.	.	PUNCT
cblr-1751	367	1	off	off	ADP
cblr-1751	367	2	-	-	PUNCT
cblr-1751	367	3	exchange	exchange	NOUN
cblr-1751	367	4	platforms	platform	NOUN
cblr-1751	367	5	likely	likely	ADV
cblr-1751	367	6	use	use	VERB
cblr-1751	367	7	their	their	PRON
cblr-1751	367	8	legal	legal	ADJ
cblr-1751	367	9	ability	ability	NOUN
cblr-1751	367	10	to	to	PART
cblr-1751	367	11	discriminate	discriminate	VERB
cblr-1751	367	12	among	among	ADP
cblr-1751	367	13	traders	trader	NOUN
cblr-1751	367	14	in	in	ADP
cblr-1751	367	15	order	order	NOUN
cblr-1751	367	16	to	to	PART
cblr-1751	367	17	target	target	VERB
cblr-1751	367	18	uninformed	uninformed	ADJ
cblr-1751	367	19	traders	trader	NOUN
cblr-1751	367	20	and	and	CCONJ
cblr-1751	367	21	exclude	exclude	VERB
cblr-1751	367	22	informed	informed	ADJ
cblr-1751	367	23	ones	one	NOUN
cblr-1751	367	24	.	.	PUNCT
cblr-1751	368	1	in	in	ADP
cblr-1751	368	2	the	the	DET
cblr-1751	368	3	moments	moment	NOUN
cblr-1751	368	4	after	after	SCONJ
cblr-1751	368	5	uninformed	uninformed	ADJ
cblr-1751	368	6	traders	trader	NOUN
cblr-1751	368	7	buy	buy	VERB
cblr-1751	368	8	or	or	CCONJ
cblr-1751	368	9	sell	sell	VERB
cblr-1751	368	10	stocks	stock	NOUN
cblr-1751	368	11	,	,	PUNCT
cblr-1751	368	12	stock	stock	NOUN
cblr-1751	368	13	prices	price	NOUN
cblr-1751	368	14	are	be	AUX
cblr-1751	368	15	generally	generally	ADV
cblr-1751	368	16	stable	stable	ADJ
cblr-1751	368	17	.	.	PUNCT
cblr-1751	369	1	after	after	ADV
cblr-1751	369	2	all	all	ADV
cblr-1751	369	3	,	,	PUNCT
cblr-1751	369	4	these	these	DET
cblr-1751	369	5	traders	trader	NOUN
cblr-1751	369	6	are	be	AUX
cblr-1751	369	7	not	not	PART
cblr-1751	369	8	trading	trade	VERB
cblr-1751	369	9	based	base	VERB
cblr-1751	369	10	on	on	ADP
cblr-1751	369	11	information	information	NOUN
cblr-1751	369	12	as	as	ADP
cblr-1751	369	13	to	to	ADP
cblr-1751	369	14	mispricings	mispricing	NOUN
cblr-1751	369	15	that	that	PRON
cblr-1751	369	16	will	will	AUX
cblr-1751	369	17	soon	soon	ADV
cblr-1751	369	18	become	become	VERB
cblr-1751	369	19	apparent	apparent	ADJ
cblr-1751	369	20	to	to	ADP
cblr-1751	369	21	the	the	DET
cblr-1751	369	22	market	market	NOUN
cblr-1751	369	23	.	.	PUNCT
cblr-1751	370	1	this	this	DET
cblr-1751	370	2	price	price	NOUN
cblr-1751	370	3	stability	stability	NOUN
cblr-1751	370	4	allows	allow	VERB
cblr-1751	370	5	those	those	PRON
cblr-1751	370	6	that	that	PRON
cblr-1751	370	7	supply	supply	VERB
cblr-1751	370	8	liquidity	liquidity	NOUN
cblr-1751	370	9	services	service	NOUN
cblr-1751	370	10	to	to	ADP
cblr-1751	370	11	uninformed	uninformed	ADJ
cblr-1751	370	12	traders	trader	NOUN
cblr-1751	370	13	to	to	PART
cblr-1751	370	14	generate	generate	VERB
cblr-1751	370	15	44	44	NUM
cblr-1751	370	16	see	see	NOUN
cblr-1751	370	17	supra	supra	PROPN
cblr-1751	370	18	note	note	PROPN
cblr-1751	370	19	35	35	NUM
cblr-1751	370	20	and	and	CCONJ
cblr-1751	370	21	accompanying	accompany	VERB
cblr-1751	370	22	text	text	NOUN
cblr-1751	370	23	.	.	PUNCT
cblr-1751	371	1	haeberle	haeberle	PROPN
cblr-1751	371	2	final	final	ADJ
cblr-1751	371	3	152	152	NUM
cblr-1751	371	4	columbia	columbia	PROPN
cblr-1751	371	5	business	business	NOUN
cblr-1751	371	6	law	law	PROPN
cblr-1751	371	7	review	review	NOUN
cblr-1751	371	8	[	[	X
cblr-1751	371	9	vol	vol	NOUN
cblr-1751	371	10	.	.	NOUN
cblr-1751	371	11	2015	2015	NUM
cblr-1751	371	12	revenue	revenue	NOUN
cblr-1751	371	13	by	by	ADP
cblr-1751	371	14	purchasing	purchase	VERB
cblr-1751	371	15	from	from	ADP
cblr-1751	371	16	some	some	PRON
cblr-1751	371	17	of	of	ADP
cblr-1751	371	18	them	they	PRON
cblr-1751	371	19	at	at	ADP
cblr-1751	371	20	their	their	PRON
cblr-1751	371	21	lower	low	ADJ
cblr-1751	371	22	bid	bid	NOUN
cblr-1751	371	23	prices	price	NOUN
cblr-1751	371	24	and	and	CCONJ
cblr-1751	371	25	selling	sell	VERB
cblr-1751	371	26	to	to	ADP
cblr-1751	371	27	others	other	NOUN
cblr-1751	371	28	at	at	ADP
cblr-1751	371	29	their	their	PRON
cblr-1751	371	30	higher	high	ADJ
cblr-1751	371	31	ask	ask	NOUN
cblr-1751	371	32	prices	price	NOUN
cblr-1751	371	33	.	.	PUNCT
cblr-1751	372	1	to	to	PART
cblr-1751	372	2	continue	continue	VERB
cblr-1751	372	3	the	the	DET
cblr-1751	372	4	basic	basic	ADJ
cblr-1751	372	5	example	example	NOUN
cblr-1751	372	6	used	use	VERB
cblr-1751	372	7	earlier	early	ADV
cblr-1751	372	8	,	,	PUNCT
cblr-1751	372	9	liquidity	liquidity	NOUN
cblr-1751	372	10	providers	provider	NOUN
cblr-1751	372	11	may	may	AUX
cblr-1751	372	12	be	be	AUX
cblr-1751	372	13	able	able	ADJ
cblr-1751	372	14	to	to	PART
cblr-1751	372	15	buy	buy	VERB
cblr-1751	372	16	a	a	DET
cblr-1751	372	17	stock	stock	NOUN
cblr-1751	372	18	at	at	ADP
cblr-1751	372	19	their	their	PRON
cblr-1751	372	20	best	good	ADJ
cblr-1751	372	21	(	(	PUNCT
cblr-1751	372	22	highest	high	ADJ
cblr-1751	372	23	)	)	PUNCT
cblr-1751	372	24	$	$	SYM
cblr-1751	372	25	44.08	44.08	NUM
cblr-1751	372	26	-	-	PUNCT
cblr-1751	372	27	pershare	pershare	NOUN
cblr-1751	372	28	bid	bid	NOUN
cblr-1751	372	29	prices	price	NOUN
cblr-1751	372	30	from	from	ADP
cblr-1751	372	31	some	some	DET
cblr-1751	372	32	uninformed	uninformed	ADJ
cblr-1751	372	33	traders	trader	NOUN
cblr-1751	372	34	,	,	PUNCT
cblr-1751	372	35	and	and	CCONJ
cblr-1751	372	36	then	then	ADV
cblr-1751	372	37	—	—	PUNCT
cblr-1751	372	38	before	before	SCONJ
cblr-1751	372	39	prices	price	NOUN
cblr-1751	372	40	move	move	VERB
cblr-1751	372	41	—	—	PUNCT
cblr-1751	372	42	sell	sell	VERB
cblr-1751	372	43	at	at	ADP
cblr-1751	372	44	their	their	PRON
cblr-1751	372	45	best	good	ADJ
cblr-1751	372	46	(	(	PUNCT
cblr-1751	372	47	lowest	low	ADJ
cblr-1751	372	48	)	)	PUNCT
cblr-1751	372	49	$	$	SYM
cblr-1751	372	50	44.12	44.12	NUM
cblr-1751	372	51	-	-	PUNCT
cblr-1751	372	52	pershare	pershare	NOUN
cblr-1751	372	53	ask	ask	VERB
cblr-1751	372	54	prices	price	NOUN
cblr-1751	372	55	to	to	ADP
cblr-1751	372	56	other	other	ADJ
cblr-1751	372	57	uninformed	uninformed	ADJ
cblr-1751	372	58	traders	trader	NOUN
cblr-1751	372	59	,	,	PUNCT
cblr-1751	372	60	thereby	thereby	ADV
cblr-1751	372	61	gaining	gain	VERB
cblr-1751	372	62	$	$	SYM
cblr-1751	372	63	0.04	0.04	NUM
cblr-1751	372	64	per	per	ADP
cblr-1751	372	65	share	share	NOUN
cblr-1751	372	66	bought	buy	VERB
cblr-1751	372	67	from	from	ADP
cblr-1751	372	68	one	one	NUM
cblr-1751	372	69	trader	trader	NOUN
cblr-1751	372	70	and	and	CCONJ
cblr-1751	372	71	sold	sell	VERB
cblr-1751	372	72	to	to	ADP
cblr-1751	372	73	another	another	PRON
cblr-1751	372	74	.	.	PUNCT
cblr-1751	373	1	because	because	SCONJ
cblr-1751	373	2	liquidity	liquidity	NOUN
cblr-1751	373	3	providers	provider	NOUN
cblr-1751	373	4	can	can	AUX
cblr-1751	373	5	profit	profit	VERB
cblr-1751	373	6	from	from	ADP
cblr-1751	373	7	their	their	PRON
cblr-1751	373	8	bid	bid	NOUN
cblr-1751	373	9	-	-	PUNCT
cblr-1751	373	10	ask	ask	NOUN
cblr-1751	373	11	spread	spread	NOUN
cblr-1751	373	12	when	when	SCONJ
cblr-1751	373	13	they	they	PRON
cblr-1751	373	14	supply	supply	VERB
cblr-1751	373	15	their	their	PRON
cblr-1751	373	16	services	service	NOUN
cblr-1751	373	17	to	to	ADP
cblr-1751	373	18	uninformed	uninformed	ADJ
cblr-1751	373	19	traders	trader	NOUN
cblr-1751	373	20	,	,	PUNCT
cblr-1751	373	21	off	off	ADP
cblr-1751	373	22	-	-	PUNCT
cblr-1751	373	23	exchange	exchange	NOUN
cblr-1751	373	24	platforms	platform	NOUN
cblr-1751	373	25	can	can	AUX
cblr-1751	373	26	earn	earn	VERB
cblr-1751	373	27	revenue	revenue	NOUN
cblr-1751	373	28	by	by	ADP
cblr-1751	373	29	meeting	meet	VERB
cblr-1751	373	30	those	those	DET
cblr-1751	373	31	market	market	NOUN
cblr-1751	373	32	participants	participant	NOUN
cblr-1751	373	33	’	'	PUNCT
cblr-1751	373	34	trading	trading	NOUN
cblr-1751	373	35	needs	need	NOUN
cblr-1751	373	36	.	.	PUNCT
cblr-1751	374	1	for	for	ADP
cblr-1751	374	2	one	one	NUM
cblr-1751	374	3	thing	thing	NOUN
cblr-1751	374	4	,	,	PUNCT
cblr-1751	374	5	these	these	DET
cblr-1751	374	6	platforms	platform	NOUN
cblr-1751	374	7	can	can	AUX
cblr-1751	374	8	bring	bring	VERB
cblr-1751	374	9	in	in	ADP
cblr-1751	374	10	money	money	NOUN
cblr-1751	374	11	by	by	ADP
cblr-1751	374	12	supplying	supply	VERB
cblr-1751	374	13	liquidity	liquidity	NOUN
cblr-1751	374	14	services	service	NOUN
cblr-1751	374	15	to	to	ADP
cblr-1751	374	16	uninformed	uninformed	ADJ
cblr-1751	374	17	traders	trader	NOUN
cblr-1751	374	18	on	on	ADP
cblr-1751	374	19	their	their	PRON
cblr-1751	374	20	own	own	ADJ
cblr-1751	374	21	platforms	platform	NOUN
cblr-1751	374	22	.	.	PUNCT
cblr-1751	375	1	for	for	ADP
cblr-1751	375	2	another	another	PRON
cblr-1751	375	3	,	,	PUNCT
cblr-1751	375	4	they	they	PRON
cblr-1751	375	5	can	can	AUX
cblr-1751	375	6	earn	earn	VERB
cblr-1751	375	7	income	income	NOUN
cblr-1751	375	8	by	by	ADP
cblr-1751	375	9	using	use	VERB
cblr-1751	375	10	their	their	PRON
cblr-1751	375	11	uninformedtrader	uninformedtrader	NOUN
cblr-1751	375	12	clients	client	NOUN
cblr-1751	375	13	in	in	ADP
cblr-1751	375	14	order	order	NOUN
cblr-1751	375	15	to	to	PART
cblr-1751	375	16	attract	attract	VERB
cblr-1751	375	17	others	other	NOUN
cblr-1751	375	18	to	to	PART
cblr-1751	375	19	perform	perform	VERB
cblr-1751	375	20	that	that	SCONJ
cblr-1751	375	21	liquidity	liquidity	NOUN
cblr-1751	375	22	-	-	PUNCT
cblr-1751	375	23	supply	supply	NOUN
cblr-1751	375	24	function	function	NOUN
cblr-1751	375	25	on	on	ADP
cblr-1751	375	26	their	their	PRON
cblr-1751	375	27	platforms	platform	NOUN
cblr-1751	375	28	.	.	PUNCT
cblr-1751	376	1	when	when	SCONJ
cblr-1751	376	2	they	they	PRON
cblr-1751	376	3	do	do	VERB
cblr-1751	376	4	so	so	ADV
cblr-1751	376	5	,	,	PUNCT
cblr-1751	376	6	the	the	DET
cblr-1751	376	7	platforms	platform	NOUN
cblr-1751	376	8	can	can	AUX
cblr-1751	376	9	earn	earn	VERB
cblr-1751	376	10	revenue	revenue	NOUN
cblr-1751	376	11	in	in	ADP
cblr-1751	376	12	a	a	DET
cblr-1751	376	13	variety	variety	NOUN
cblr-1751	376	14	of	of	ADP
cblr-1751	376	15	ways	way	NOUN
cblr-1751	376	16	—	—	PUNCT
cblr-1751	376	17	including	include	VERB
cblr-1751	376	18	by	by	ADP
cblr-1751	376	19	charging	charge	VERB
cblr-1751	376	20	those	those	DET
cblr-1751	376	21	external	external	ADJ
cblr-1751	376	22	liquidity	liquidity	NOUN
cblr-1751	376	23	providers	provider	NOUN
cblr-1751	376	24	in	in	ADP
cblr-1751	376	25	return	return	NOUN
cblr-1751	376	26	for	for	ADP
cblr-1751	376	27	the	the	DET
cblr-1751	376	28	right	right	NOUN
cblr-1751	376	29	to	to	PART
cblr-1751	376	30	supply	supply	VERB
cblr-1751	376	31	their	their	PRON
cblr-1751	376	32	services	service	NOUN
cblr-1751	376	33	through	through	ADP
cblr-1751	376	34	the	the	DET
cblr-1751	376	35	platforms	platform	NOUN
cblr-1751	376	36	,	,	PUNCT
cblr-1751	376	37	by	by	ADP
cblr-1751	376	38	charging	charge	VERB
cblr-1751	376	39	traders	trader	NOUN
cblr-1751	376	40	in	in	ADP
cblr-1751	376	41	return	return	NOUN
cblr-1751	376	42	for	for	ADP
cblr-1751	376	43	the	the	DET
cblr-1751	376	44	ability	ability	NOUN
cblr-1751	376	45	to	to	PART
cblr-1751	376	46	access	access	VERB
cblr-1751	376	47	those	those	DET
cblr-1751	376	48	liquidity	liquidity	NOUN
cblr-1751	376	49	providers	provider	NOUN
cblr-1751	376	50	’	'	PUNCT
cblr-1751	376	51	ask	ask	VERB
cblr-1751	376	52	and	and	CCONJ
cblr-1751	376	53	bid	bid	VERB
cblr-1751	376	54	prices	price	NOUN
cblr-1751	376	55	on	on	ADP
cblr-1751	376	56	the	the	DET
cblr-1751	376	57	platforms	platform	NOUN
cblr-1751	376	58	,	,	PUNCT
cblr-1751	376	59	or	or	CCONJ
cblr-1751	376	60	by	by	ADP
cblr-1751	376	61	charging	charge	VERB
cblr-1751	376	62	for	for	ADP
cblr-1751	376	63	the	the	DET
cblr-1751	376	64	dissemination	dissemination	NOUN
cblr-1751	376	65	of	of	ADP
cblr-1751	376	66	trading	trading	NOUN
cblr-1751	376	67	data	datum	NOUN
cblr-1751	376	68	attributable	attributable	ADJ
cblr-1751	376	69	to	to	ADP
cblr-1751	376	70	trades	trade	NOUN
cblr-1751	376	71	that	that	PRON
cblr-1751	376	72	took	take	VERB
cblr-1751	376	73	place	place	NOUN
cblr-1751	376	74	through	through	ADP
cblr-1751	376	75	the	the	DET
cblr-1751	376	76	platforms	platform	NOUN
cblr-1751	376	77	.	.	PUNCT
cblr-1751	377	1	accordingly	accordingly	ADV
cblr-1751	377	2	,	,	PUNCT
cblr-1751	377	3	there	there	PRON
cblr-1751	377	4	is	be	VERB
cblr-1751	377	5	strong	strong	ADJ
cblr-1751	377	6	reason	reason	NOUN
cblr-1751	377	7	to	to	PART
cblr-1751	377	8	believe	believe	VERB
cblr-1751	377	9	that	that	SCONJ
cblr-1751	377	10	off	off	ADP
cblr-1751	377	11	-	-	PUNCT
cblr-1751	377	12	exchange	exchange	NOUN
cblr-1751	377	13	platforms	platform	NOUN
cblr-1751	377	14	target	target	VERB
cblr-1751	377	15	uninformed	uninformed	ADJ
cblr-1751	377	16	traders	trader	NOUN
cblr-1751	377	17	because	because	SCONJ
cblr-1751	377	18	they	they	PRON
cblr-1751	377	19	can	can	AUX
cblr-1751	377	20	earn	earn	VERB
cblr-1751	377	21	profits	profit	NOUN
cblr-1751	377	22	by	by	ADP
cblr-1751	377	23	meeting	meet	VERB
cblr-1751	377	24	their	their	PRON
cblr-1751	377	25	trading	trading	NOUN
cblr-1751	377	26	needs	need	NOUN
cblr-1751	377	27	.	.	PUNCT
cblr-1751	378	1	empirical	empirical	ADJ
cblr-1751	378	2	evidence	evidence	NOUN
cblr-1751	378	3	supports	support	VERB
cblr-1751	378	4	this	this	DET
cblr-1751	378	5	assertion	assertion	NOUN
cblr-1751	378	6	,	,	PUNCT
cblr-1751	378	7	as	as	SCONJ
cblr-1751	378	8	shown	show	VERB
cblr-1751	378	9	by	by	ADP
cblr-1751	378	10	the	the	DET
cblr-1751	378	11	example	example	NOUN
cblr-1751	378	12	of	of	ADP
cblr-1751	378	13	individual	individual	ADJ
cblr-1751	378	14	,	,	PUNCT
cblr-1751	378	15	retail	retail	ADJ
cblr-1751	378	16	-	-	PUNCT
cblr-1751	378	17	investor	investor	NOUN
cblr-1751	378	18	trading	trading	NOUN
cblr-1751	378	19	in	in	ADP
cblr-1751	378	20	the	the	DET
cblr-1751	378	21	contemporary	contemporary	ADJ
cblr-1751	378	22	stock	stock	NOUN
cblr-1751	378	23	market	market	NOUN
cblr-1751	378	24	.	.	PUNCT
cblr-1751	379	1	these	these	DET
cblr-1751	379	2	investors	investor	NOUN
cblr-1751	379	3	are	be	AUX
cblr-1751	379	4	generally	generally	ADV
cblr-1751	379	5	presumed	presume	VERB
cblr-1751	379	6	to	to	PART
cblr-1751	379	7	be	be	AUX
cblr-1751	379	8	uninformed	uninformed	ADJ
cblr-1751	379	9	ones.45	ones.45	ADV
cblr-1751	379	10	and	and	CCONJ
cblr-1751	379	11	the	the	DET
cblr-1751	379	12	sec	sec	PROPN
cblr-1751	379	13	has	have	AUX
cblr-1751	379	14	found	find	VERB
cblr-1751	379	15	that	that	SCONJ
cblr-1751	379	16	retail	retail	ADJ
cblr-1751	379	17	stockbrokers	stockbroker	NOUN
cblr-1751	379	18	—	—	PUNCT
cblr-1751	379	19	generally	generally	ADV
cblr-1751	379	20	in	in	ADP
cblr-1751	379	21	return	return	NOUN
cblr-1751	379	22	for	for	ADP
cblr-1751	379	23	payments	payment	NOUN
cblr-1751	379	24	from	from	ADP
cblr-1751	379	25	off	off	ADP
cblr-1751	379	26	-	-	PUNCT
cblr-1751	379	27	exchange	exchange	NOUN
cblr-1751	379	28	platforms	platform	NOUN
cblr-1751	379	29	—	—	PUNCT
cblr-1751	379	30	now	now	ADV
cblr-1751	379	31	route	route	VERB
cblr-1751	379	32	nearly	nearly	ADV
cblr-1751	379	33	100	100	NUM
cblr-1751	379	34	%	%	NOUN
cblr-1751	379	35	of	of	ADP
cblr-1751	379	36	immediately	immediately	ADV
cblr-1751	379	37	executable	executable	ADJ
cblr-1751	379	38	orders	order	NOUN
cblr-1751	379	39	from	from	ADP
cblr-1751	379	40	individual	individual	ADJ
cblr-1751	379	41	traders	trader	NOUN
cblr-1751	379	42	to	to	ADP
cblr-1751	379	43	45	45	NUM
cblr-1751	379	44	see	see	VERB
cblr-1751	379	45	parlour	parlour	PROPN
cblr-1751	379	46	&	&	CCONJ
cblr-1751	379	47	rajan	rajan	PROPN
cblr-1751	379	48	,	,	PUNCT
cblr-1751	379	49	supra	supra	PROPN
cblr-1751	379	50	note	note	NOUN
cblr-1751	379	51	28	28	NUM
cblr-1751	379	52	and	and	CCONJ
cblr-1751	379	53	accompanying	accompany	VERB
cblr-1751	379	54	text	text	NOUN
cblr-1751	379	55	.	.	PUNCT
cblr-1751	380	1	haeberle	haeberle	PROPN
cblr-1751	380	2	final	final	ADJ
cblr-1751	380	3	no	no	NOUN
cblr-1751	380	4	.	.	NOUN
cblr-1751	380	5	1:121	1:121	NUM
cblr-1751	380	6	]	]	X
cblr-1751	380	7	stock	stock	NOUN
cblr-1751	380	8	-	-	PUNCT
cblr-1751	380	9	price	price	NOUN
cblr-1751	380	10	accuracy	accuracy	NOUN
cblr-1751	380	11	153	153	NUM
cblr-1751	380	12	these	these	DET
cblr-1751	380	13	platforms.46	platforms.46	PROPN
cblr-1751	380	14	furthermore	furthermore	ADV
cblr-1751	380	15	,	,	PUNCT
cblr-1751	380	16	all	all	PRON
cblr-1751	380	17	of	of	ADP
cblr-1751	380	18	the	the	DET
cblr-1751	380	19	major	major	ADJ
cblr-1751	380	20	exchanges	exchange	NOUN
cblr-1751	380	21	have	have	AUX
cblr-1751	380	22	filed	file	VERB
cblr-1751	380	23	applications	application	NOUN
cblr-1751	380	24	with	with	ADP
cblr-1751	380	25	the	the	DET
cblr-1751	380	26	sec	sec	PROPN
cblr-1751	380	27	requesting	request	VERB
cblr-1751	380	28	permission	permission	NOUN
cblr-1751	380	29	to	to	PART
cblr-1751	380	30	operate	operate	VERB
cblr-1751	380	31	off	off	ADP
cblr-1751	380	32	-	-	PUNCT
cblr-1751	380	33	exchange	exchange	NOUN
cblr-1751	380	34	platforms	platform	NOUN
cblr-1751	380	35	that	that	PRON
cblr-1751	380	36	explicitly	explicitly	ADV
cblr-1751	380	37	target	target	VERB
cblr-1751	380	38	retail	retail	ADJ
cblr-1751	380	39	investors	investor	NOUN
cblr-1751	380	40	and	and	CCONJ
cblr-1751	380	41	exclude	exclude	VERB
cblr-1751	380	42	institutional	institutional	ADJ
cblr-1751	380	43	ones	one	NOUN
cblr-1751	380	44	with	with	ADP
cblr-1751	380	45	the	the	DET
cblr-1751	380	46	stated	stated	ADJ
cblr-1751	380	47	purpose	purpose	NOUN
cblr-1751	380	48	of	of	ADP
cblr-1751	380	49	competing	compete	VERB
cblr-1751	380	50	against	against	ADP
cblr-1751	380	51	off	off	ADP
cblr-1751	380	52	-	-	PUNCT
cblr-1751	380	53	exchange	exchange	NOUN
cblr-1751	380	54	platforms	platform	NOUN
cblr-1751	380	55	in	in	ADP
cblr-1751	380	56	the	the	DET
cblr-1751	380	57	market	market	NOUN
cblr-1751	380	58	for	for	ADP
cblr-1751	380	59	individual	individual	ADJ
cblr-1751	380	60	investors	investor	NOUN
cblr-1751	380	61	’	'	PUNCT
cblr-1751	380	62	orders	order	NOUN
cblr-1751	380	63	to	to	PART
cblr-1751	380	64	buy	buy	VERB
cblr-1751	380	65	and	and	CCONJ
cblr-1751	380	66	sell	sell	VERB
cblr-1751	380	67	stock.47	stock.47	PROPN
cblr-1751	380	68	at	at	ADP
cblr-1751	380	69	the	the	DET
cblr-1751	380	70	same	same	ADJ
cblr-1751	380	71	time	time	NOUN
cblr-1751	380	72	,	,	PUNCT
cblr-1751	380	73	there	there	PRON
cblr-1751	380	74	is	be	VERB
cblr-1751	380	75	also	also	ADV
cblr-1751	380	76	strong	strong	ADJ
cblr-1751	380	77	reason	reason	NOUN
cblr-1751	380	78	to	to	PART
cblr-1751	380	79	believe	believe	VERB
cblr-1751	380	80	that	that	SCONJ
cblr-1751	380	81	off	off	ADP
cblr-1751	380	82	-	-	PUNCT
cblr-1751	380	83	exchange	exchange	NOUN
cblr-1751	380	84	platforms	platform	NOUN
cblr-1751	380	85	use	use	VERB
cblr-1751	380	86	their	their	PRON
cblr-1751	380	87	legal	legal	ADJ
cblr-1751	380	88	discretion	discretion	NOUN
cblr-1751	380	89	to	to	PART
cblr-1751	380	90	deny	deny	VERB
cblr-1751	380	91	access	access	NOUN
cblr-1751	380	92	to	to	ADP
cblr-1751	380	93	their	their	PRON
cblr-1751	380	94	platforms	platform	NOUN
cblr-1751	380	95	in	in	ADP
cblr-1751	380	96	order	order	NOUN
cblr-1751	380	97	to	to	PART
cblr-1751	380	98	exclude	exclude	VERB
cblr-1751	380	99	informed	informed	ADJ
cblr-1751	380	100	traders	trader	NOUN
cblr-1751	380	101	.	.	PUNCT
cblr-1751	381	1	in	in	ADP
cblr-1751	381	2	contrast	contrast	NOUN
cblr-1751	381	3	to	to	ADP
cblr-1751	381	4	the	the	DET
cblr-1751	381	5	moments	moment	NOUN
cblr-1751	381	6	after	after	SCONJ
cblr-1751	381	7	uninformed	uninformed	ADJ
cblr-1751	381	8	traders	trader	NOUN
cblr-1751	381	9	buy	buy	VERB
cblr-1751	381	10	and	and	CCONJ
cblr-1751	381	11	sell	sell	VERB
cblr-1751	381	12	stocks	stock	NOUN
cblr-1751	381	13	,	,	PUNCT
cblr-1751	381	14	immediately	immediately	ADV
cblr-1751	381	15	after	after	SCONJ
cblr-1751	381	16	informed	inform	VERB
cblr-1751	381	17	traders	trader	NOUN
cblr-1751	381	18	transact	transact	VERB
cblr-1751	381	19	,	,	PUNCT
cblr-1751	381	20	prices	price	NOUN
cblr-1751	381	21	generally	generally	ADV
cblr-1751	381	22	move.48	move.48	VERB
cblr-1751	381	23	these	these	DET
cblr-1751	381	24	price	price	NOUN
cblr-1751	381	25	changes	change	NOUN
cblr-1751	381	26	often	often	ADV
cblr-1751	381	27	occur	occur	VERB
cblr-1751	381	28	so	so	ADV
cblr-1751	381	29	quickly	quickly	ADV
cblr-1751	381	30	that	that	SCONJ
cblr-1751	381	31	those	those	PRON
cblr-1751	381	32	that	that	PRON
cblr-1751	381	33	provided	provide	VERB
cblr-1751	381	34	liquidity	liquidity	NOUN
cblr-1751	381	35	services	service	NOUN
cblr-1751	381	36	to	to	ADP
cblr-1751	381	37	the	the	DET
cblr-1751	381	38	informed	informed	ADJ
cblr-1751	381	39	traders	trader	NOUN
cblr-1751	381	40	—	—	PUNCT
cblr-1751	381	41	traders	trader	NOUN
cblr-1751	381	42	that	that	PRON
cblr-1751	381	43	have	have	VERB
cblr-1751	381	44	more	more	ADJ
cblr-1751	381	45	information	information	NOUN
cblr-1751	381	46	about	about	ADP
cblr-1751	381	47	stocks	stock	NOUN
cblr-1751	381	48	’	'	PUNCT
cblr-1751	381	49	fundamental	fundamental	ADJ
cblr-1751	381	50	values	value	NOUN
cblr-1751	381	51	than	than	ADP
cblr-1751	381	52	liquidity	liquidity	NOUN
cblr-1751	381	53	providers	provider	NOUN
cblr-1751	381	54	have49	have49	NOUN
cblr-1751	381	55	—	—	PUNCT
cblr-1751	381	56	get	get	VERB
cblr-1751	381	57	stuck	stuck	ADJ
cblr-1751	381	58	having	having	AUX
cblr-1751	381	59	bought	buy	VERB
cblr-1751	381	60	a	a	DET
cblr-1751	381	61	stock	stock	NOUN
cblr-1751	381	62	for	for	ADP
cblr-1751	381	63	their	their	PRON
cblr-1751	381	64	inventory	inventory	NOUN
cblr-1751	381	65	that	that	PRON
cblr-1751	381	66	was	be	AUX
cblr-1751	381	67	overvalued	overvalue	VERB
cblr-1751	381	68	,	,	PUNCT
cblr-1751	381	69	or	or	CCONJ
cblr-1751	381	70	having	having	AUX
cblr-1751	381	71	sold	sell	VERB
cblr-1751	381	72	one	one	NOUN
cblr-1751	381	73	that	that	PRON
cblr-1751	381	74	was	be	AUX
cblr-1751	381	75	undervalued	undervalue	VERB
cblr-1751	381	76	.	.	PUNCT
cblr-1751	382	1	for	for	ADP
cblr-1751	382	2	this	this	DET
cblr-1751	382	3	reason	reason	NOUN
cblr-1751	382	4	,	,	PUNCT
cblr-1751	382	5	providing	provide	VERB
cblr-1751	382	6	liquidity	liquidity	NOUN
cblr-1751	382	7	services	service	NOUN
cblr-1751	382	8	to	to	ADP
cblr-1751	382	9	46	46	NUM
cblr-1751	382	10	see	see	VERB
cblr-1751	382	11	concept	concept	NOUN
cblr-1751	382	12	release	release	NOUN
cblr-1751	382	13	,	,	PUNCT
cblr-1751	382	14	supra	supra	ADJ
cblr-1751	382	15	note	note	NOUN
cblr-1751	382	16	2	2	NUM
cblr-1751	382	17	,	,	PUNCT
cblr-1751	382	18	at	at	ADP
cblr-1751	382	19	21	21	NUM
cblr-1751	382	20	(	(	PUNCT
cblr-1751	382	21	“	"	PUNCT
cblr-1751	382	22	a	a	DET
cblr-1751	382	23	review	review	NOUN
cblr-1751	382	24	of	of	ADP
cblr-1751	382	25	the	the	DET
cblr-1751	382	26	order	order	NOUN
cblr-1751	382	27	routing	routing	NOUN
cblr-1751	382	28	disclosures	disclosure	NOUN
cblr-1751	382	29	required	require	VERB
cblr-1751	382	30	by	by	ADP
cblr-1751	382	31	rule	rule	NOUN
cblr-1751	382	32	606	606	NUM
cblr-1751	382	33	of	of	ADP
cblr-1751	382	34	regulation	regulation	NOUN
cblr-1751	382	35	[	[	X
cblr-1751	382	36	national	national	ADJ
cblr-1751	382	37	market	market	NOUN
cblr-1751	382	38	system	system	NOUN
cblr-1751	382	39	]	]	PUNCT
cblr-1751	382	40	of	of	ADP
cblr-1751	382	41	eight	eight	NUM
cblr-1751	382	42	broker	broker	NOUN
cblr-1751	382	43	-	-	PUNCT
cblr-1751	382	44	dealers	dealer	NOUN
cblr-1751	382	45	with	with	ADP
cblr-1751	382	46	significant	significant	ADJ
cblr-1751	382	47	retail	retail	ADJ
cblr-1751	382	48	customer	customer	NOUN
cblr-1751	382	49	accounts	account	NOUN
cblr-1751	382	50	reveals	reveal	VERB
cblr-1751	382	51	that	that	SCONJ
cblr-1751	382	52	nearly	nearly	ADV
cblr-1751	382	53	100	100	NUM
cblr-1751	382	54	%	%	NOUN
cblr-1751	382	55	of	of	ADP
cblr-1751	382	56	their	their	PRON
cblr-1751	382	57	customer	customer	NOUN
cblr-1751	382	58	market	market	NOUN
cblr-1751	382	59	orders	order	NOUN
cblr-1751	382	60	are	be	AUX
cblr-1751	382	61	routed	route	VERB
cblr-1751	382	62	to	to	ADP
cblr-1751	382	63	[	[	PUNCT
cblr-1751	382	64	off	off	ADP
cblr-1751	382	65	-	-	PUNCT
cblr-1751	382	66	exchange	exchange	NOUN
cblr-1751	382	67	trading	trading	NOUN
cblr-1751	382	68	platforms	platform	NOUN
cblr-1751	382	69	]	]	PUNCT
cblr-1751	382	70	.	.	PUNCT
cblr-1751	382	71	”	"	PUNCT
cblr-1751	382	72	)	)	PUNCT
cblr-1751	382	73	.	.	PUNCT
cblr-1751	383	1	47	47	NUM
cblr-1751	383	2	see	see	VERB
cblr-1751	383	3	,	,	PUNCT
cblr-1751	383	4	e.g.	e.g.	ADV
cblr-1751	383	5	,	,	PUNCT
cblr-1751	383	6	securities	security	NOUN
cblr-1751	383	7	and	and	CCONJ
cblr-1751	383	8	exchange	exchange	PROPN
cblr-1751	383	9	commission	commission	PROPN
cblr-1751	383	10	,	,	PUNCT
cblr-1751	383	11	order	order	NOUN
cblr-1751	383	12	granting	grant	VERB
cblr-1751	383	13	approval	approval	NOUN
cblr-1751	383	14	to	to	ADP
cblr-1751	383	15	proposed	propose	VERB
cblr-1751	383	16	rule	rule	NOUN
cblr-1751	383	17	changes	change	NOUN
cblr-1751	383	18	adopting	adopt	VERB
cblr-1751	383	19	nyse	nyse	PROPN
cblr-1751	383	20	rule	rule	NOUN
cblr-1751	383	21	107c	107c	PROPN
cblr-1751	383	22	to	to	PART
cblr-1751	383	23	establish	establish	VERB
cblr-1751	383	24	a	a	DET
cblr-1751	383	25	retail	retail	ADJ
cblr-1751	383	26	liquidity	liquidity	NOUN
cblr-1751	383	27	program	program	NOUN
cblr-1751	383	28	for	for	ADP
cblr-1751	383	29	nyse	nyse	NOUN
cblr-1751	383	30	-	-	PUNCT
cblr-1751	383	31	listed	list	VERB
cblr-1751	383	32	securities	security	NOUN
cblr-1751	383	33	,	,	PUNCT
cblr-1751	383	34	exchange	exchange	NOUN
cblr-1751	383	35	act	act	NOUN
cblr-1751	383	36	release	release	VERB
cblr-1751	383	37	no	no	NOUN
cblr-1751	383	38	.	.	NOUN
cblr-1751	383	39	34	34	NUM
cblr-1751	383	40	-	-	SYM
cblr-1751	383	41	67347	67347	NUM
cblr-1751	383	42	(	(	PUNCT
cblr-1751	383	43	july	july	PROPN
cblr-1751	383	44	3	3	NUM
cblr-1751	383	45	,	,	PUNCT
cblr-1751	383	46	2012	2012	NUM
cblr-1751	383	47	)	)	PUNCT
cblr-1751	383	48	.	.	PUNCT
cblr-1751	384	1	48	48	NUM
cblr-1751	384	2	see	see	VERB
cblr-1751	384	3	supra	supra	PROPN
cblr-1751	384	4	part	part	PROPN
cblr-1751	384	5	ii.a.2	ii.a.2	PROPN
cblr-1751	384	6	(	(	PUNCT
cblr-1751	384	7	explaining	explain	VERB
cblr-1751	384	8	how	how	SCONJ
cblr-1751	384	9	trader	trader	NOUN
cblr-1751	384	10	buying	buying	NOUN
cblr-1751	384	11	and	and	CCONJ
cblr-1751	384	12	selling	sell	VERB
cblr-1751	384	13	activity	activity	NOUN
cblr-1751	384	14	generally	generally	ADV
cblr-1751	384	15	places	place	NOUN
cblr-1751	384	16	,	,	PUNCT
cblr-1751	384	17	respectively	respectively	ADV
cblr-1751	384	18	,	,	PUNCT
cblr-1751	384	19	upward	upward	ADJ
cblr-1751	384	20	and	and	CCONJ
cblr-1751	384	21	downward	downward	ADJ
cblr-1751	384	22	pressure	pressure	NOUN
cblr-1751	384	23	on	on	ADP
cblr-1751	384	24	prices	price	NOUN
cblr-1751	384	25	)	)	PUNCT
cblr-1751	384	26	.	.	PUNCT
cblr-1751	385	1	49	49	NUM
cblr-1751	385	2	see	see	VERB
cblr-1751	385	3	,	,	PUNCT
cblr-1751	385	4	e.g.	e.g.	ADV
cblr-1751	385	5	,	,	PUNCT
cblr-1751	385	6	goshen	goshen	PROPN
cblr-1751	385	7	&	&	CCONJ
cblr-1751	385	8	parchomovsky	parchomovsky	PROPN
cblr-1751	385	9	,	,	PUNCT
cblr-1751	385	10	supra	supra	PROPN
cblr-1751	385	11	note	note	NOUN
cblr-1751	385	12	3	3	NUM
cblr-1751	385	13	,	,	PUNCT
cblr-1751	385	14	at	at	ADP
cblr-1751	385	15	725	725	NUM
cblr-1751	385	16	(	(	PUNCT
cblr-1751	385	17	“	"	PUNCT
cblr-1751	385	18	[	[	X
cblr-1751	385	19	liquidity	liquidity	NOUN
cblr-1751	385	20	providers	provider	NOUN
cblr-1751	385	21	]	]	PUNCT
cblr-1751	385	22	.	.	PUNCT
cblr-1751	385	23	.	.	PUNCT
cblr-1751	386	1	.	.	PUNCT
cblr-1751	387	1	do	do	AUX
cblr-1751	387	2	not	not	PART
cblr-1751	387	3	invest	invest	VERB
cblr-1751	387	4	as	as	ADV
cblr-1751	387	5	much	much	ADJ
cblr-1751	387	6	time	time	NOUN
cblr-1751	387	7	and	and	CCONJ
cblr-1751	387	8	effort	effort	NOUN
cblr-1751	387	9	in	in	ADP
cblr-1751	387	10	collecting	collect	VERB
cblr-1751	387	11	and	and	CCONJ
cblr-1751	387	12	analyzing	analyze	VERB
cblr-1751	387	13	this	this	DET
cblr-1751	387	14	information	information	NOUN
cblr-1751	387	15	[	[	X
cblr-1751	387	16	as	as	SCONJ
cblr-1751	387	17	informed	inform	VERB
cblr-1751	387	18	traders	trader	NOUN
cblr-1751	387	19	do	do	VERB
cblr-1751	387	20	]	]	PUNCT
cblr-1751	387	21	.	.	PUNCT
cblr-1751	387	22	”	"	PUNCT
cblr-1751	387	23	)	)	PUNCT
cblr-1751	387	24	;	;	PUNCT
cblr-1751	387	25	harris	harris	PROPN
cblr-1751	387	26	,	,	PUNCT
cblr-1751	387	27	supra	supra	PROPN
cblr-1751	387	28	note	note	PROPN
cblr-1751	387	29	7	7	NUM
cblr-1751	387	30	,	,	PUNCT
cblr-1751	387	31	at	at	ADP
cblr-1751	387	32	277	277	NUM
cblr-1751	387	33	(	(	PUNCT
cblr-1751	387	34	“	"	PUNCT
cblr-1751	387	35	[	[	X
cblr-1751	387	36	liquidity	liquidity	NOUN
cblr-1751	387	37	providers	provider	NOUN
cblr-1751	387	38	]	]	PUNCT
cblr-1751	387	39	tend	tend	VERB
cblr-1751	387	40	to	to	PART
cblr-1751	387	41	.	.	PUNCT
cblr-1751	387	42	.	.	PUNCT
cblr-1751	388	1	.	.	PUNCT
cblr-1751	389	1	not	not	PART
cblr-1751	389	2	know	know	VERB
cblr-1751	389	3	much	much	ADJ
cblr-1751	389	4	about	about	ADP
cblr-1751	389	5	.	.	PUNCT
cblr-1751	389	6	.	.	PUNCT
cblr-1751	389	7	.	.	PUNCT
cblr-1751	390	1	the	the	DET
cblr-1751	390	2	fundamental	fundamental	ADJ
cblr-1751	390	3	values	value	NOUN
cblr-1751	390	4	of	of	ADP
cblr-1751	390	5	the	the	DET
cblr-1751	390	6	instruments	instrument	NOUN
cblr-1751	390	7	that	that	PRON
cblr-1751	390	8	they	they	PRON
cblr-1751	390	9	trade	trade	VERB
cblr-1751	390	10	.	.	PUNCT
cblr-1751	390	11	”	"	PUNCT
cblr-1751	390	12	)	)	PUNCT
cblr-1751	390	13	;	;	PUNCT
cblr-1751	390	14	supra	supra	PROPN
cblr-1751	390	15	part	part	PROPN
cblr-1751	390	16	iii.a	iii.a	PROPN
cblr-1751	390	17	.	.	PUNCT
cblr-1751	391	1	(	(	PUNCT
cblr-1751	391	2	explaining	explain	VERB
cblr-1751	391	3	that	that	SCONJ
cblr-1751	391	4	professional	professional	ADJ
cblr-1751	391	5	liquidity	liquidity	NOUN
cblr-1751	391	6	providers	provider	NOUN
cblr-1751	391	7	primarily	primarily	ADV
cblr-1751	391	8	focus	focus	VERB
cblr-1751	391	9	on	on	ADP
cblr-1751	391	10	maintaining	maintain	VERB
cblr-1751	391	11	a	a	DET
cblr-1751	391	12	two	two	NUM
cblr-1751	391	13	-	-	PUNCT
cblr-1751	391	14	sided	sided	ADJ
cblr-1751	391	15	flow	flow	NOUN
cblr-1751	391	16	of	of	ADP
cblr-1751	391	17	buy	buy	VERB
cblr-1751	391	18	and	and	CCONJ
cblr-1751	391	19	sell	sell	VERB
cblr-1751	391	20	orders	order	NOUN
cblr-1751	391	21	,	,	PUNCT
cblr-1751	391	22	while	while	SCONJ
cblr-1751	391	23	informed	informed	ADJ
cblr-1751	391	24	traders	trader	NOUN
cblr-1751	391	25	’	'	PUNCT
cblr-1751	391	26	main	main	ADJ
cblr-1751	391	27	aim	aim	NOUN
cblr-1751	391	28	is	be	AUX
cblr-1751	391	29	to	to	PART
cblr-1751	391	30	acquire	acquire	VERB
cblr-1751	391	31	information	information	NOUN
cblr-1751	391	32	that	that	PRON
cblr-1751	391	33	indicates	indicate	VERB
cblr-1751	391	34	a	a	DET
cblr-1751	391	35	mispricing	mispricing	NOUN
cblr-1751	391	36	)	)	PUNCT
cblr-1751	391	37	.	.	PUNCT
cblr-1751	392	1	haeberle	haeberle	PROPN
cblr-1751	392	2	final	final	ADJ
cblr-1751	392	3	154	154	NUM
cblr-1751	392	4	columbia	columbia	PROPN
cblr-1751	392	5	business	business	NOUN
cblr-1751	392	6	law	law	PROPN
cblr-1751	392	7	review	review	NOUN
cblr-1751	392	8	[	[	X
cblr-1751	392	9	vol	vol	NOUN
cblr-1751	392	10	.	.	PUNCT
cblr-1751	392	11	2015	2015	NUM
cblr-1751	392	12	informed	informed	ADJ
cblr-1751	392	13	traders	trader	NOUN
cblr-1751	392	14	is	be	AUX
cblr-1751	392	15	generally	generally	ADV
cblr-1751	392	16	a	a	DET
cblr-1751	392	17	losing	lose	VERB
cblr-1751	392	18	proposition.50	proposition.50	PRON
cblr-1751	392	19	indeed	indeed	ADV
cblr-1751	392	20	,	,	PUNCT
cblr-1751	392	21	it	it	PRON
cblr-1751	392	22	is	be	AUX
cblr-1751	392	23	well	well	ADV
cblr-1751	392	24	established	establish	VERB
cblr-1751	392	25	that	that	SCONJ
cblr-1751	392	26	liquidity	liquidity	NOUN
cblr-1751	392	27	providers	provider	NOUN
cblr-1751	392	28	incur	incur	NOUN
cblr-1751	392	29	costs	cost	NOUN
cblr-1751	392	30	in	in	ADP
cblr-1751	392	31	the	the	DET
cblr-1751	392	32	form	form	NOUN
cblr-1751	392	33	of	of	ADP
cblr-1751	392	34	trading	trading	NOUN
cblr-1751	392	35	losses	loss	NOUN
cblr-1751	392	36	when	when	SCONJ
cblr-1751	392	37	they	they	PRON
cblr-1751	392	38	supply	supply	VERB
cblr-1751	392	39	their	their	PRON
cblr-1751	392	40	liquidity	liquidity	NOUN
cblr-1751	392	41	services	service	NOUN
cblr-1751	392	42	to	to	PART
cblr-1751	392	43	informed	informed	VERB
cblr-1751	392	44	traders.51	traders.51	PROPN
cblr-1751	392	45	and	and	CCONJ
cblr-1751	392	46	it	it	PRON
cblr-1751	392	47	is	be	AUX
cblr-1751	392	48	likewise	likewise	ADV
cblr-1751	392	49	well	well	ADV
cblr-1751	392	50	established	establish	VERB
cblr-1751	392	51	that	that	SCONJ
cblr-1751	392	52	these	these	DET
cblr-1751	392	53	losses	loss	NOUN
cblr-1751	392	54	to	to	PART
cblr-1751	392	55	informed	inform	VERB
cblr-1751	392	56	traders	trader	NOUN
cblr-1751	392	57	form	form	VERB
cblr-1751	392	58	one	one	NUM
cblr-1751	392	59	of	of	ADP
cblr-1751	392	60	the	the	DET
cblr-1751	392	61	main	main	ADJ
cblr-1751	392	62	costs	cost	NOUN
cblr-1751	392	63	associated	associate	VERB
cblr-1751	392	64	with	with	ADP
cblr-1751	392	65	the	the	DET
cblr-1751	392	66	liquidity	liquidity	NOUN
cblr-1751	392	67	-	-	PUNCT
cblr-1751	392	68	provision	provision	NOUN
cblr-1751	392	69	business	business	NOUN
cblr-1751	392	70	.	.	PUNCT
cblr-1751	393	1	thus	thus	ADV
cblr-1751	393	2	,	,	PUNCT
cblr-1751	393	3	off	off	ADP
cblr-1751	393	4	-	-	PUNCT
cblr-1751	393	5	exchange	exchange	NOUN
cblr-1751	393	6	platforms	platform	NOUN
cblr-1751	393	7	presumably	presumably	ADV
cblr-1751	393	8	use	use	VERB
cblr-1751	393	9	their	their	PRON
cblr-1751	393	10	legal	legal	ADJ
cblr-1751	393	11	ability	ability	NOUN
cblr-1751	393	12	to	to	PART
cblr-1751	393	13	exclude	exclude	VERB
cblr-1751	393	14	in	in	ADP
cblr-1751	393	15	order	order	NOUN
cblr-1751	393	16	to	to	PART
cblr-1751	393	17	exclude	exclude	VERB
cblr-1751	393	18	informed	informed	ADJ
cblr-1751	393	19	traders	trader	NOUN
cblr-1751	393	20	so	so	SCONJ
cblr-1751	393	21	that	that	SCONJ
cblr-1751	393	22	they	they	PRON
cblr-1751	393	23	can	can	AUX
cblr-1751	393	24	mitigate	mitigate	VERB
cblr-1751	393	25	this	this	DET
cblr-1751	393	26	cost	cost	NOUN
cblr-1751	393	27	that	that	PRON
cblr-1751	393	28	informed	inform	VERB
cblr-1751	393	29	traders	trader	NOUN
cblr-1751	393	30	impose	impose	VERB
cblr-1751	393	31	on	on	ADP
cblr-1751	393	32	liquidity	liquidity	NOUN
cblr-1751	393	33	providers.52	providers.52	PROPN
cblr-1751	393	34	moreover	moreover	ADV
cblr-1751	393	35	,	,	PUNCT
cblr-1751	393	36	the	the	DET
cblr-1751	393	37	legal	legal	ADJ
cblr-1751	393	38	ability	ability	NOUN
cblr-1751	393	39	to	to	PART
cblr-1751	393	40	discriminate	discriminate	VERB
cblr-1751	393	41	among	among	ADP
cblr-1751	393	42	traders	trader	NOUN
cblr-1751	393	43	also	also	ADV
cblr-1751	393	44	theoretically	theoretically	ADV
cblr-1751	393	45	results	result	VERB
cblr-1751	393	46	in	in	ADP
cblr-1751	393	47	trading	trading	NOUN
cblr-1751	393	48	at	at	ADP
cblr-1751	393	49	these	these	DET
cblr-1751	393	50	platforms	platform	NOUN
cblr-1751	393	51	being	be	AUX
cblr-1751	393	52	dominated	dominate	VERB
cblr-1751	393	53	by	by	ADP
cblr-1751	393	54	uninformed	uninformed	ADJ
cblr-1751	393	55	traders	trader	NOUN
cblr-1751	393	56	because	because	SCONJ
cblr-1751	393	57	it	it	PRON
cblr-1751	393	58	leads	lead	VERB
cblr-1751	393	59	a	a	DET
cblr-1751	393	60	significant	significant	ADJ
cblr-1751	393	61	portion	portion	NOUN
cblr-1751	393	62	of	of	ADP
cblr-1751	393	63	informed	informed	ADJ
cblr-1751	393	64	traders	trader	NOUN
cblr-1751	393	65	to	to	PART
cblr-1751	393	66	prefer	prefer	VERB
cblr-1751	393	67	to	to	PART
cblr-1751	393	68	complete	complete	VERB
cblr-1751	393	69	much	much	ADJ
cblr-1751	393	70	of	of	ADP
cblr-1751	393	71	its	its	PRON
cblr-1751	393	72	trading	trading	NOUN
cblr-1751	393	73	through	through	ADP
cblr-1751	393	74	exchanges	exchange	NOUN
cblr-1751	393	75	.	.	PUNCT
cblr-1751	394	1	inherent	inherent	ADJ
cblr-1751	394	2	in	in	ADP
cblr-1751	394	3	the	the	DET
cblr-1751	394	4	legal	legal	ADJ
cblr-1751	394	5	ability	ability	NOUN
cblr-1751	394	6	to	to	PART
cblr-1751	394	7	select	select	VERB
cblr-1751	394	8	which	which	DET
cblr-1751	394	9	traders	trader	NOUN
cblr-1751	394	10	they	they	PRON
cblr-1751	394	11	will	will	AUX
cblr-1751	394	12	and	and	CCONJ
cblr-1751	394	13	will	will	AUX
cblr-1751	394	14	not	not	PART
cblr-1751	394	15	welcome	welcome	VERB
cblr-1751	394	16	is	be	AUX
cblr-1751	394	17	the	the	DET
cblr-1751	394	18	ability	ability	NOUN
cblr-1751	394	19	to	to	PART
cblr-1751	394	20	select	select	VERB
cblr-1751	394	21	which	which	DET
cblr-1751	394	22	trader	trader	NOUN
cblr-1751	394	23	orders	order	NOUN
cblr-1751	394	24	they	they	PRON
cblr-1751	394	25	will	will	AUX
cblr-1751	394	26	and	and	CCONJ
cblr-1751	394	27	will	will	AUX
cblr-1751	394	28	not	not	PART
cblr-1751	394	29	transact	transact	VERB
cblr-1751	394	30	.	.	PUNCT
cblr-1751	395	1	liquidity	liquidity	NOUN
cblr-1751	395	2	providers	provider	NOUN
cblr-1751	395	3	generally	generally	ADV
cblr-1751	395	4	want	want	VERB
cblr-1751	395	5	to	to	PART
cblr-1751	395	6	execute	execute	VERB
cblr-1751	395	7	only	only	ADV
cblr-1751	395	8	an	an	DET
cblr-1751	395	9	even	even	ADV
cblr-1751	395	10	two	two	NUM
cblr-1751	395	11	-	-	PUNCT
cblr-1751	395	12	sided	sided	ADJ
cblr-1751	395	13	stream	stream	NOUN
cblr-1751	395	14	of	of	ADP
cblr-1751	395	15	buy	buy	VERB
cblr-1751	395	16	and	and	CCONJ
cblr-1751	395	17	sell	sell	VERB
cblr-1751	395	18	orders	order	NOUN
cblr-1751	395	19	that	that	PRON
cblr-1751	395	20	allows	allow	VERB
cblr-1751	395	21	them	they	PRON
cblr-1751	395	22	to	to	PART
cblr-1751	395	23	earn	earn	VERB
cblr-1751	395	24	the	the	DET
cblr-1751	395	25	difference	difference	NOUN
cblr-1751	395	26	between	between	ADP
cblr-1751	395	27	their	their	PRON
cblr-1751	395	28	higher	high	ADJ
cblr-1751	395	29	ask	ask	NOUN
cblr-1751	395	30	prices	price	NOUN
cblr-1751	395	31	and	and	CCONJ
cblr-1751	395	32	lower	low	ADJ
cblr-1751	395	33	bid	bid	NOUN
cblr-1751	395	34	prices.53	prices.53	NOUN
cblr-1751	395	35	off	off	ADP
cblr-1751	395	36	-	-	PUNCT
cblr-1751	395	37	exchange	exchange	NOUN
cblr-1751	395	38	liquidity	liquidity	NOUN
cblr-1751	395	39	providers	provider	NOUN
cblr-1751	395	40	therefore	therefore	ADV
cblr-1751	395	41	have	have	VERB
cblr-1751	395	42	an	an	DET
cblr-1751	395	43	incentive	incentive	NOUN
cblr-1751	395	44	to	to	PART
cblr-1751	395	45	execute	execute	VERB
cblr-1751	395	46	only	only	ADV
cblr-1751	395	47	those	those	DET
cblr-1751	395	48	orders	order	NOUN
cblr-1751	395	49	that	that	PRON
cblr-1751	395	50	will	will	AUX
cblr-1751	395	51	allow	allow	VERB
cblr-1751	395	52	them	they	PRON
cblr-1751	395	53	to	to	PART
cblr-1751	395	54	maintain	maintain	VERB
cblr-1751	395	55	a	a	DET
cblr-1751	395	56	flow	flow	NOUN
cblr-1751	395	57	of	of	ADP
cblr-1751	395	58	trader	trader	NOUN
cblr-1751	395	59	orders	order	NOUN
cblr-1751	395	60	that	that	PRON
cblr-1751	395	61	is	be	AUX
cblr-1751	395	62	at	at	ADP
cblr-1751	395	63	least	least	ADJ
cblr-1751	395	64	somewhat	somewhat	ADV
cblr-1751	395	65	balanced	balanced	ADJ
cblr-1751	395	66	,	,	PUNCT
cblr-1751	395	67	and	and	CCONJ
cblr-1751	395	68	to	to	PART
cblr-1751	395	69	avoid	avoid	VERB
cblr-1751	395	70	50	50	NUM
cblr-1751	395	71	see	see	NOUN
cblr-1751	395	72	harris	harris	PROPN
cblr-1751	395	73	,	,	PUNCT
cblr-1751	396	1	supra	supra	PROPN
cblr-1751	396	2	note	note	PROPN
cblr-1751	396	3	7	7	NUM
cblr-1751	396	4	,	,	PUNCT
cblr-1751	396	5	at	at	ADP
cblr-1751	396	6	299	299	NUM
cblr-1751	396	7	(	(	PUNCT
cblr-1751	396	8	“	"	PUNCT
cblr-1751	396	9	[	[	X
cblr-1751	396	10	i]nformed	i]nforme	VERB
cblr-1751	396	11	traders	trader	NOUN
cblr-1751	396	12	choose	choose	VERB
cblr-1751	396	13	the	the	DET
cblr-1751	396	14	side	side	NOUN
cblr-1751	396	15	of	of	ADP
cblr-1751	396	16	the	the	DET
cblr-1751	396	17	market	market	NOUN
cblr-1751	396	18	on	on	ADP
cblr-1751	396	19	which	which	PRON
cblr-1751	396	20	they	they	PRON
cblr-1751	396	21	trade	trade	VERB
cblr-1751	396	22	,	,	PUNCT
cblr-1751	396	23	and	and	CCONJ
cblr-1751	396	24	the	the	DET
cblr-1751	396	25	[	[	X
cblr-1751	396	26	liquidity	liquidity	NOUN
cblr-1751	396	27	providers	provider	NOUN
cblr-1751	396	28	]	]	PUNCT
cblr-1751	396	29	end	end	VERB
cblr-1751	396	30	up	up	ADP
cblr-1751	396	31	losing	lose	VERB
cblr-1751	396	32	money	money	NOUN
cblr-1751	396	33	to	to	ADP
cblr-1751	396	34	them	they	PRON
cblr-1751	396	35	.	.	PUNCT
cblr-1751	396	36	”	"	PUNCT
cblr-1751	396	37	)	)	PUNCT
cblr-1751	396	38	.	.	PUNCT
cblr-1751	397	1	51	51	NUM
cblr-1751	397	2	for	for	ADP
cblr-1751	397	3	the	the	DET
cblr-1751	397	4	seminal	seminal	ADJ
cblr-1751	397	5	work	work	NOUN
cblr-1751	397	6	identifying	identify	VERB
cblr-1751	397	7	and	and	CCONJ
cblr-1751	397	8	measuring	measure	VERB
cblr-1751	397	9	this	this	DET
cblr-1751	397	10	liquidityprovider	liquidityprovider	NOUN
cblr-1751	397	11	cost	cost	NOUN
cblr-1751	397	12	,	,	PUNCT
cblr-1751	397	13	see	see	VERB
cblr-1751	397	14	generally	generally	ADV
cblr-1751	397	15	lawrence	lawrence	PROPN
cblr-1751	397	16	r.	r.	PROPN
cblr-1751	397	17	glosten	glosten	PROPN
cblr-1751	397	18	&	&	CCONJ
cblr-1751	397	19	paul	paul	PROPN
cblr-1751	397	20	r.	r.	PROPN
cblr-1751	397	21	milgrom	milgrom	PROPN
cblr-1751	397	22	,	,	PUNCT
cblr-1751	397	23	bid	bid	VERB
cblr-1751	397	24	,	,	PUNCT
cblr-1751	397	25	ask	ask	NOUN
cblr-1751	397	26	and	and	CCONJ
cblr-1751	397	27	transaction	transaction	NOUN
cblr-1751	397	28	prices	price	NOUN
cblr-1751	397	29	in	in	ADP
cblr-1751	397	30	a	a	DET
cblr-1751	397	31	specialist	specialist	ADJ
cblr-1751	397	32	market	market	NOUN
cblr-1751	397	33	with	with	ADP
cblr-1751	397	34	heterogeneously	heterogeneously	ADV
cblr-1751	397	35	informed	informed	ADJ
cblr-1751	397	36	traders	trader	NOUN
cblr-1751	397	37	,	,	PUNCT
cblr-1751	397	38	14	14	NUM
cblr-1751	397	39	j.	j.	PROPN
cblr-1751	397	40	fin	fin	PROPN
cblr-1751	397	41	.	.	PUNCT
cblr-1751	397	42	econ	econ	PROPN
cblr-1751	397	43	.	.	PUNCT
cblr-1751	398	1	71	71	NUM
cblr-1751	398	2	(	(	PUNCT
cblr-1751	398	3	1985	1985	NUM
cblr-1751	398	4	)	)	PUNCT
cblr-1751	398	5	.	.	PUNCT
cblr-1751	399	1	52	52	NUM
cblr-1751	399	2	of	of	ADP
cblr-1751	399	3	course	course	NOUN
cblr-1751	399	4	,	,	PUNCT
cblr-1751	399	5	off	off	ADP
cblr-1751	399	6	-	-	PUNCT
cblr-1751	399	7	exchange	exchange	NOUN
cblr-1751	399	8	platforms	platform	NOUN
cblr-1751	399	9	will	will	AUX
cblr-1751	399	10	at	at	ADP
cblr-1751	399	11	times	time	NOUN
cblr-1751	399	12	have	have	VERB
cblr-1751	399	13	difficulty	difficulty	NOUN
cblr-1751	399	14	identifying	identify	VERB
cblr-1751	399	15	—	—	PUNCT
cblr-1751	399	16	and	and	CCONJ
cblr-1751	399	17	therefore	therefore	ADV
cblr-1751	399	18	excluding	exclude	VERB
cblr-1751	399	19	—	—	PUNCT
cblr-1751	399	20	informed	inform	VERB
cblr-1751	399	21	traders	trader	NOUN
cblr-1751	399	22	.	.	PUNCT
cblr-1751	400	1	however	however	ADV
cblr-1751	400	2	,	,	PUNCT
cblr-1751	400	3	these	these	DET
cblr-1751	400	4	platforms	platform	NOUN
cblr-1751	400	5	have	have	VERB
cblr-1751	400	6	plenary	plenary	ADJ
cblr-1751	400	7	access	access	NOUN
cblr-1751	400	8	to	to	ADP
cblr-1751	400	9	their	their	PRON
cblr-1751	400	10	customers	customer	NOUN
cblr-1751	400	11	’	’	PART
cblr-1751	400	12	identities	identity	NOUN
cblr-1751	400	13	and	and	CCONJ
cblr-1751	400	14	trading	trading	NOUN
cblr-1751	400	15	performance	performance	NOUN
cblr-1751	400	16	,	,	PUNCT
cblr-1751	400	17	and	and	CCONJ
cblr-1751	400	18	—	—	PUNCT
cblr-1751	400	19	not	not	PART
cblr-1751	400	20	unlike	unlike	ADP
cblr-1751	400	21	a	a	DET
cblr-1751	400	22	casino	casino	NOUN
cblr-1751	400	23	—	—	PUNCT
cblr-1751	400	24	can	can	AUX
cblr-1751	400	25	exclude	exclude	VERB
cblr-1751	400	26	known	know	VERB
cblr-1751	400	27	informed	informed	ADJ
cblr-1751	400	28	traders	trader	NOUN
cblr-1751	400	29	and	and	CCONJ
cblr-1751	400	30	repeat	repeat	NOUN
cblr-1751	400	31	winners	winner	NOUN
cblr-1751	400	32	.	.	PUNCT
cblr-1751	401	1	moreover	moreover	ADV
cblr-1751	401	2	,	,	PUNCT
cblr-1751	401	3	these	these	DET
cblr-1751	401	4	platforms	platform	NOUN
cblr-1751	401	5	may	may	AUX
cblr-1751	401	6	also	also	ADV
cblr-1751	401	7	exclude	exclude	VERB
cblr-1751	401	8	informed	informed	ADJ
cblr-1751	401	9	traders	trader	NOUN
cblr-1751	401	10	by	by	ADP
cblr-1751	401	11	only	only	ADV
cblr-1751	401	12	granting	grant	VERB
cblr-1751	401	13	access	access	NOUN
cblr-1751	401	14	to	to	ADP
cblr-1751	401	15	traders	trader	NOUN
cblr-1751	401	16	who	who	PRON
cblr-1751	401	17	they	they	PRON
cblr-1751	401	18	know	know	VERB
cblr-1751	401	19	are	be	AUX
cblr-1751	401	20	uninformed	uninformed	ADJ
cblr-1751	401	21	(	(	PUNCT
cblr-1751	401	22	such	such	ADJ
cblr-1751	401	23	as	as	ADP
cblr-1751	401	24	familiar	familiar	ADJ
cblr-1751	401	25	portfolio	portfolio	NOUN
cblr-1751	401	26	managers	manager	NOUN
cblr-1751	401	27	at	at	ADP
cblr-1751	401	28	index	index	NOUN
cblr-1751	401	29	funds	fund	NOUN
cblr-1751	401	30	)	)	PUNCT
cblr-1751	401	31	.	.	PUNCT
cblr-1751	402	1	53	53	NUM
cblr-1751	402	2	see	see	VERB
cblr-1751	402	3	harris	harris	PROPN
cblr-1751	402	4	,	,	PUNCT
cblr-1751	402	5	supra	supra	PROPN
cblr-1751	402	6	note	note	PROPN
cblr-1751	402	7	7	7	NUM
cblr-1751	402	8	,	,	PUNCT
cblr-1751	402	9	at	at	ADP
cblr-1751	402	10	401	401	NUM
cblr-1751	402	11	(	(	PUNCT
cblr-1751	402	12	“	"	PUNCT
cblr-1751	402	13	[	[	X
cblr-1751	402	14	liquidity	liquidity	NOUN
cblr-1751	402	15	providers	provider	NOUN
cblr-1751	402	16	]	]	PUNCT
cblr-1751	402	17	simply	simply	ADV
cblr-1751	402	18	try	try	VERB
cblr-1751	402	19	to	to	PART
cblr-1751	402	20	discover	discover	VERB
cblr-1751	402	21	the	the	DET
cblr-1751	402	22	prices	price	NOUN
cblr-1751	402	23	that	that	PRON
cblr-1751	402	24	produce	produce	VERB
cblr-1751	402	25	balanced	balanced	ADJ
cblr-1751	402	26	two	two	NUM
cblr-1751	402	27	-	-	PUNCT
cblr-1751	402	28	sided	sided	ADJ
cblr-1751	402	29	order	order	NOUN
cblr-1751	402	30	flows	flow	VERB
cblr-1751	402	31	.	.	PUNCT
cblr-1751	402	32	”	"	PUNCT
cblr-1751	402	33	)	)	PUNCT
cblr-1751	402	34	.	.	PUNCT
cblr-1751	403	1	haeberle	haeberle	PROPN
cblr-1751	403	2	final	final	ADJ
cblr-1751	403	3	no	no	NOUN
cblr-1751	403	4	.	.	NOUN
cblr-1751	403	5	1:121	1:121	NUM
cblr-1751	403	6	]	]	X
cblr-1751	403	7	stock	stock	NOUN
cblr-1751	403	8	-	-	PUNCT
cblr-1751	403	9	price	price	NOUN
cblr-1751	403	10	accuracy	accuracy	NOUN
cblr-1751	403	11	155	155	NUM
cblr-1751	403	12	providing	provide	VERB
cblr-1751	403	13	liquidity	liquidity	NOUN
cblr-1751	403	14	services	service	NOUN
cblr-1751	403	15	opposite	opposite	ADP
cblr-1751	403	16	a	a	DET
cblr-1751	403	17	disproportionately	disproportionately	ADV
cblr-1751	403	18	high	high	ADJ
cblr-1751	403	19	set	set	NOUN
cblr-1751	403	20	of	of	ADP
cblr-1751	403	21	buy	buy	NOUN
cblr-1751	403	22	orders	order	NOUN
cblr-1751	403	23	or	or	CCONJ
cblr-1751	403	24	sell	sell	VERB
cblr-1751	403	25	orders	order	NOUN
cblr-1751	403	26	.	.	PUNCT
cblr-1751	404	1	as	as	ADP
cblr-1751	404	2	a	a	DET
cblr-1751	404	3	result	result	NOUN
cblr-1751	404	4	,	,	PUNCT
cblr-1751	404	5	they	they	PRON
cblr-1751	404	6	will	will	AUX
cblr-1751	404	7	often	often	ADV
cblr-1751	404	8	not	not	PART
cblr-1751	404	9	execute	execute	VERB
cblr-1751	404	10	orders	order	NOUN
cblr-1751	404	11	from	from	ADP
cblr-1751	404	12	even	even	ADV
cblr-1751	404	13	the	the	DET
cblr-1751	404	14	traders	trader	NOUN
cblr-1751	404	15	to	to	PART
cblr-1751	404	16	which	which	PRON
cblr-1751	404	17	they	they	PRON
cblr-1751	404	18	grant	grant	VERB
cblr-1751	404	19	access	access	NOUN
cblr-1751	404	20	—	—	PUNCT
cblr-1751	404	21	let	let	VERB
cblr-1751	404	22	alone	alone	ADV
cblr-1751	404	23	execute	execute	VERB
cblr-1751	404	24	them	they	PRON
cblr-1751	404	25	with	with	ADP
cblr-1751	404	26	certainty	certainty	NOUN
cblr-1751	404	27	within	within	ADP
cblr-1751	404	28	less	less	ADJ
cblr-1751	404	29	than	than	ADP
cblr-1751	404	30	a	a	DET
cblr-1751	404	31	millisecond	millisecond	NOUN
cblr-1751	404	32	as	as	SCONJ
cblr-1751	404	33	exchanges	exchange	NOUN
cblr-1751	404	34	do	do	VERB
cblr-1751	404	35	.	.	PUNCT
cblr-1751	405	1	in	in	ADP
cblr-1751	405	2	fact	fact	NOUN
cblr-1751	405	3	,	,	PUNCT
cblr-1751	405	4	these	these	DET
cblr-1751	405	5	platforms	platform	NOUN
cblr-1751	405	6	often	often	ADV
cblr-1751	405	7	reject	reject	VERB
cblr-1751	405	8	—	—	PUNCT
cblr-1751	405	9	or	or	CCONJ
cblr-1751	405	10	at	at	ADP
cblr-1751	405	11	least	least	ADJ
cblr-1751	405	12	do	do	AUX
cblr-1751	405	13	not	not	PART
cblr-1751	405	14	immediately	immediately	ADV
cblr-1751	405	15	execute	execute	VERB
cblr-1751	405	16	—	—	PUNCT
cblr-1751	405	17	the	the	DET
cblr-1751	405	18	trader	trader	NOUN
cblr-1751	405	19	orders	order	NOUN
cblr-1751	405	20	they	they	PRON
cblr-1751	405	21	receive	receive	VERB
cblr-1751	405	22	.	.	PUNCT
cblr-1751	406	1	consequently	consequently	ADV
cblr-1751	406	2	,	,	PUNCT
cblr-1751	406	3	these	these	DET
cblr-1751	406	4	traders	trader	NOUN
cblr-1751	406	5	and	and	CCONJ
cblr-1751	406	6	their	their	PRON
cblr-1751	406	7	brokers	broker	NOUN
cblr-1751	406	8	must	must	AUX
cblr-1751	406	9	route	route	VERB
cblr-1751	406	10	their	their	PRON
cblr-1751	406	11	orders	order	NOUN
cblr-1751	406	12	to	to	PART
cblr-1751	406	13	other	other	ADJ
cblr-1751	406	14	off	off	ADP
cblr-1751	406	15	-	-	PUNCT
cblr-1751	406	16	exchange	exchange	NOUN
cblr-1751	406	17	platforms	platform	NOUN
cblr-1751	406	18	—	—	PUNCT
cblr-1751	406	19	with	with	ADP
cblr-1751	406	20	orders	order	NOUN
cblr-1751	406	21	commonly	commonly	ADV
cblr-1751	406	22	going	go	VERB
cblr-1751	406	23	through	through	ADP
cblr-1751	406	24	several	several	ADJ
cblr-1751	406	25	such	such	ADJ
cblr-1751	406	26	platforms	platform	NOUN
cblr-1751	406	27	in	in	ADP
cblr-1751	406	28	succession.54	succession.54	NOUN
cblr-1751	406	29	in	in	ADP
cblr-1751	406	30	fact	fact	NOUN
cblr-1751	406	31	,	,	PUNCT
cblr-1751	406	32	orders	order	NOUN
cblr-1751	406	33	are	be	AUX
cblr-1751	406	34	often	often	ADV
cblr-1751	406	35	routed	route	VERB
cblr-1751	406	36	to	to	ADP
cblr-1751	406	37	several	several	ADJ
cblr-1751	406	38	such	such	ADJ
cblr-1751	406	39	platforms	platform	NOUN
cblr-1751	406	40	before	before	ADP
cblr-1751	406	41	ultimately	ultimately	ADV
cblr-1751	406	42	being	be	AUX
cblr-1751	406	43	sent	send	VERB
cblr-1751	406	44	to	to	ADP
cblr-1751	406	45	exchanges	exchange	NOUN
cblr-1751	406	46	for	for	ADP
cblr-1751	406	47	guaranteed	guarantee	VERB
cblr-1751	406	48	execution	execution	NOUN
cblr-1751	406	49	.	.	PUNCT
cblr-1751	407	1	in	in	ADP
cblr-1751	407	2	the	the	DET
cblr-1751	407	3	end	end	NOUN
cblr-1751	407	4	,	,	PUNCT
cblr-1751	407	5	the	the	DET
cblr-1751	407	6	legal	legal	ADJ
cblr-1751	407	7	ability	ability	NOUN
cblr-1751	407	8	to	to	PART
cblr-1751	407	9	select	select	VERB
cblr-1751	407	10	which	which	DET
cblr-1751	407	11	traders	trader	NOUN
cblr-1751	407	12	they	they	PRON
cblr-1751	407	13	will	will	AUX
cblr-1751	407	14	and	and	CCONJ
cblr-1751	407	15	will	will	AUX
cblr-1751	407	16	not	not	PART
cblr-1751	407	17	allow	allow	VERB
cblr-1751	407	18	to	to	PART
cblr-1751	407	19	access	access	VERB
cblr-1751	407	20	them	they	PRON
cblr-1751	407	21	can	can	AUX
cblr-1751	407	22	result	result	VERB
cblr-1751	407	23	in	in	ADP
cblr-1751	407	24	these	these	DET
cblr-1751	407	25	trading	trading	NOUN
cblr-1751	407	26	systems	system	NOUN
cblr-1751	407	27	providing	provide	VERB
cblr-1751	407	28	liquidity	liquidity	NOUN
cblr-1751	407	29	services	service	NOUN
cblr-1751	407	30	that	that	PRON
cblr-1751	407	31	entail	entail	VERB
cblr-1751	407	32	,	,	PUNCT
cblr-1751	407	33	at	at	ADP
cblr-1751	407	34	a	a	DET
cblr-1751	407	35	minimum	minimum	NOUN
cblr-1751	407	36	,	,	PUNCT
cblr-1751	407	37	some	some	DET
cblr-1751	407	38	material	material	NOUN
cblr-1751	407	39	time	time	NOUN
cblr-1751	407	40	delay	delay	NOUN
cblr-1751	407	41	—	—	PUNCT
cblr-1751	407	42	and	and	CCONJ
cblr-1751	407	43	,	,	PUNCT
cblr-1751	407	44	at	at	ADP
cblr-1751	407	45	a	a	DET
cblr-1751	407	46	maximum	maximum	ADJ
cblr-1751	407	47	,	,	PUNCT
cblr-1751	407	48	no	no	DET
cblr-1751	407	49	execution	execution	NOUN
cblr-1751	407	50	whatsoever	whatsoever	ADV
cblr-1751	407	51	.	.	PUNCT
cblr-1751	408	1	thus	thus	ADV
cblr-1751	408	2	,	,	PUNCT
cblr-1751	408	3	the	the	DET
cblr-1751	408	4	legal	legal	ADJ
cblr-1751	408	5	ability	ability	NOUN
cblr-1751	408	6	to	to	PART
cblr-1751	408	7	pick	pick	VERB
cblr-1751	408	8	and	and	CCONJ
cblr-1751	408	9	choose	choose	VERB
cblr-1751	408	10	traders	trader	NOUN
cblr-1751	408	11	—	—	PUNCT
cblr-1751	408	12	which	which	PRON
cblr-1751	408	13	includes	include	VERB
cblr-1751	408	14	the	the	DET
cblr-1751	408	15	power	power	NOUN
cblr-1751	408	16	to	to	PART
cblr-1751	408	17	select	select	VERB
cblr-1751	408	18	specific	specific	ADJ
cblr-1751	408	19	trader	trader	NOUN
cblr-1751	408	20	orders	order	NOUN
cblr-1751	408	21	and	and	CCONJ
cblr-1751	408	22	reject	reject	VERB
cblr-1751	408	23	or	or	CCONJ
cblr-1751	408	24	pass	pass	VERB
cblr-1751	408	25	on	on	ADP
cblr-1751	408	26	others	other	NOUN
cblr-1751	408	27	—	—	PUNCT
cblr-1751	408	28	also	also	ADV
cblr-1751	408	29	results	result	VERB
cblr-1751	408	30	in	in	ADP
cblr-1751	408	31	off	off	ADP
cblr-1751	408	32	-	-	PUNCT
cblr-1751	408	33	exchange	exchange	NOUN
cblr-1751	408	34	platforms	platform	NOUN
cblr-1751	408	35	operating	operate	VERB
cblr-1751	408	36	in	in	ADP
cblr-1751	408	37	a	a	DET
cblr-1751	408	38	manner	manner	NOUN
cblr-1751	408	39	that	that	PRON
cblr-1751	408	40	provides	provide	VERB
cblr-1751	408	41	traders	trader	NOUN
cblr-1751	408	42	with	with	ADP
cblr-1751	408	43	relatively	relatively	ADV
cblr-1751	408	44	little	little	ADJ
cblr-1751	408	45	speed	speed	NOUN
cblr-1751	408	46	and	and	CCONJ
cblr-1751	408	47	certainty	certainty	NOUN
cblr-1751	408	48	value.55	value.55	NOUN
cblr-1751	408	49	speed	speed	NOUN
cblr-1751	408	50	and	and	CCONJ
cblr-1751	408	51	certainty	certainty	NOUN
cblr-1751	408	52	are	be	AUX
cblr-1751	408	53	often	often	ADV
cblr-1751	408	54	of	of	ADP
cblr-1751	408	55	special	special	ADJ
cblr-1751	408	56	concern	concern	NOUN
cblr-1751	408	57	to	to	ADP
cblr-1751	408	58	informed	informed	ADJ
cblr-1751	408	59	traders	trader	NOUN
cblr-1751	408	60	.	.	PUNCT
cblr-1751	409	1	informed	inform	VERB
cblr-1751	409	2	traders	trader	NOUN
cblr-1751	409	3	profit	profit	NOUN
cblr-1751	409	4	based	base	VERB
cblr-1751	409	5	on	on	ADP
cblr-1751	409	6	an	an	DET
cblr-1751	409	7	information	information	NOUN
cblr-1751	409	8	asset	asset	NOUN
cblr-1751	409	9	:	:	PUNCT
cblr-1751	409	10	information	information	NOUN
cblr-1751	409	11	about	about	ADP
cblr-1751	409	12	firms	firm	NOUN
cblr-1751	409	13	’	'	PUNCT
cblr-1751	409	14	prospects	prospect	NOUN
cblr-1751	409	15	that	that	PRON
cblr-1751	409	16	is	be	AUX
cblr-1751	409	17	not	not	PART
cblr-1751	409	18	yet	yet	ADV
cblr-1751	409	19	incorporated	incorporate	VERB
cblr-1751	409	20	into	into	ADP
cblr-1751	409	21	their	their	PRON
cblr-1751	409	22	market	market	NOUN
cblr-1751	409	23	prices.56	prices.56	NOUN
cblr-1751	409	24	however	however	ADV
cblr-1751	409	25	,	,	PUNCT
cblr-1751	409	26	the	the	DET
cblr-1751	409	27	value	value	NOUN
cblr-1751	409	28	of	of	ADP
cblr-1751	409	29	this	this	DET
cblr-1751	409	30	asset	asset	NOUN
cblr-1751	409	31	generally	generally	ADV
cblr-1751	409	32	depreciates	depreciate	VERB
cblr-1751	409	33	over	over	ADP
cblr-1751	409	34	time	time	NOUN
cblr-1751	409	35	.	.	PUNCT
cblr-1751	410	1	moreover	moreover	ADV
cblr-1751	410	2	,	,	PUNCT
cblr-1751	410	3	the	the	DET
cblr-1751	410	4	time	time	NOUN
cblr-1751	410	5	period	period	NOUN
cblr-1751	410	6	over	over	ADP
cblr-1751	410	7	which	which	PRON
cblr-1751	410	8	it	it	PRON
cblr-1751	410	9	loses	lose	VERB
cblr-1751	410	10	its	its	PRON
cblr-1751	410	11	value	value	NOUN
cblr-1751	410	12	is	be	AUX
cblr-1751	410	13	frequently	frequently	ADV
cblr-1751	410	14	small	small	ADJ
cblr-1751	410	15	for	for	ADP
cblr-1751	410	16	three	three	NUM
cblr-1751	410	17	reasons	reason	NOUN
cblr-1751	410	18	.	.	PUNCT
cblr-1751	411	1	first	first	ADV
cblr-1751	411	2	,	,	PUNCT
cblr-1751	411	3	slow	slow	ADJ
cblr-1751	411	4	trade	trade	NOUN
cblr-1751	411	5	execution	execution	NOUN
cblr-1751	411	6	by	by	ADP
cblr-1751	411	7	the	the	DET
cblr-1751	411	8	initial	initial	ADJ
cblr-1751	411	9	investor	investor	NOUN
cblr-1751	411	10	to	to	PART
cblr-1751	411	11	procure	procure	VERB
cblr-1751	411	12	information	information	NOUN
cblr-1751	411	13	risks	risk	NOUN
cblr-1751	411	14	that	that	PRON
cblr-1751	411	15	other	other	ADJ
cblr-1751	411	16	54	54	NUM
cblr-1751	411	17	see	see	VERB
cblr-1751	411	18	robert	robert	PROPN
cblr-1751	411	19	a.	a.	PROPN
cblr-1751	411	20	bright	bright	PROPN
cblr-1751	411	21	,	,	PUNCT
cblr-1751	411	22	dennis	dennis	PROPN
cblr-1751	411	23	dick	dick	PROPN
cblr-1751	411	24	&	&	CCONJ
cblr-1751	411	25	diane	diane	PROPN
cblr-1751	411	26	anderson	anderson	PROPN
cblr-1751	411	27	,	,	PUNCT
cblr-1751	411	28	untitled	untitle	VERB
cblr-1751	411	29	sec	sec	PROPN
cblr-1751	411	30	comment	comment	NOUN
cblr-1751	411	31	letter	letter	NOUN
cblr-1751	411	32	(	(	PUNCT
cblr-1751	411	33	mar	mar	PROPN
cblr-1751	411	34	.	.	PROPN
cblr-1751	411	35	24	24	NUM
cblr-1751	411	36	,	,	PUNCT
cblr-1751	411	37	2010	2010	NUM
cblr-1751	411	38	)	)	PUNCT
cblr-1751	411	39	,	,	PUNCT
cblr-1751	411	40	available	available	ADJ
cblr-1751	411	41	at	at	ADP
cblr-1751	411	42	http://www.sec.gov/	http://www.sec.gov/	PROPN
cblr-1751	411	43	comments	comment	NOUN
cblr-1751	411	44	/	/	SYM
cblr-1751	411	45	s7	s7	PROPN
cblr-1751	411	46	-	-	PUNCT
cblr-1751	411	47	02	02	NUM
cblr-1751	411	48	-	-	PUNCT
cblr-1751	411	49	10	10	NUM
cblr-1751	411	50	/	/	SYM
cblr-1751	411	51	s70210	s70210	NOUN
cblr-1751	411	52	-	-	PUNCT
cblr-1751	411	53	63.pdf	63.pdf	PROPN
cblr-1751	411	54	,	,	PUNCT
cblr-1751	411	55	archived	archive	VERB
cblr-1751	411	56	at	at	ADP
cblr-1751	411	57	http://perma.cc/g5f2x2da	http://perma.cc/g5f2x2da	PROPN
cblr-1751	411	58	.	.	PUNCT
cblr-1751	412	1	55	55	NUM
cblr-1751	412	2	orders	order	NOUN
cblr-1751	412	3	submitted	submit	VERB
cblr-1751	412	4	to	to	ADP
cblr-1751	412	5	the	the	DET
cblr-1751	412	6	off	off	ADJ
cblr-1751	412	7	-	-	PUNCT
cblr-1751	412	8	exchange	exchange	NOUN
cblr-1751	412	9	platforms	platform	NOUN
cblr-1751	412	10	that	that	PRON
cblr-1751	412	11	cross	cross	VERB
cblr-1751	412	12	traders	trader	NOUN
cblr-1751	412	13	’	’	PART
cblr-1751	412	14	orders	order	NOUN
cblr-1751	412	15	against	against	ADP
cblr-1751	412	16	each	each	DET
cblr-1751	412	17	other	other	ADJ
cblr-1751	412	18	without	without	ADP
cblr-1751	412	19	the	the	DET
cblr-1751	412	20	intermediation	intermediation	NOUN
cblr-1751	412	21	of	of	ADP
cblr-1751	412	22	a	a	DET
cblr-1751	412	23	professional	professional	ADJ
cblr-1751	412	24	liquidity	liquidity	NOUN
cblr-1751	412	25	provider	provider	NOUN
cblr-1751	412	26	,	,	PUNCT
cblr-1751	412	27	see	see	VERB
cblr-1751	412	28	supra	supra	PROPN
cblr-1751	412	29	part	part	PROPN
cblr-1751	412	30	iii.b.2	iii.b.2	PROPN
cblr-1751	412	31	,	,	PUNCT
cblr-1751	412	32	are	be	AUX
cblr-1751	412	33	associated	associate	VERB
cblr-1751	412	34	with	with	ADP
cblr-1751	412	35	an	an	DET
cblr-1751	412	36	especially	especially	ADV
cblr-1751	412	37	low	low	ADJ
cblr-1751	412	38	level	level	NOUN
cblr-1751	412	39	of	of	ADP
cblr-1751	412	40	execution	execution	NOUN
cblr-1751	412	41	speed	speed	NOUN
cblr-1751	412	42	and	and	CCONJ
cblr-1751	412	43	certainty	certainty	NOUN
cblr-1751	412	44	because	because	SCONJ
cblr-1751	412	45	they	they	PRON
cblr-1751	412	46	require	require	VERB
cblr-1751	412	47	corresponding	corresponding	ADJ
cblr-1751	412	48	,	,	PUNCT
cblr-1751	412	49	opposite	opposite	ADJ
cblr-1751	412	50	-	-	PUNCT
cblr-1751	412	51	side	side	NOUN
cblr-1751	412	52	orders	order	NOUN
cblr-1751	412	53	in	in	ADP
cblr-1751	412	54	order	order	NOUN
cblr-1751	412	55	to	to	PART
cblr-1751	412	56	facilitate	facilitate	VERB
cblr-1751	412	57	a	a	DET
cblr-1751	412	58	trade	trade	NOUN
cblr-1751	412	59	.	.	PUNCT
cblr-1751	413	1	56	56	NUM
cblr-1751	413	2	see	see	VERB
cblr-1751	413	3	generally	generally	ADV
cblr-1751	413	4	supra	supra	ADJ
cblr-1751	413	5	part	part	PROPN
cblr-1751	413	6	iii.a.1	iii.a.1	NOUN
cblr-1751	413	7	.	.	PUNCT
cblr-1751	414	1	haeberle	haeberle	PROPN
cblr-1751	414	2	final	final	ADJ
cblr-1751	414	3	156	156	NUM
cblr-1751	414	4	columbia	columbia	PROPN
cblr-1751	414	5	business	business	NOUN
cblr-1751	414	6	law	law	PROPN
cblr-1751	414	7	review	review	NOUN
cblr-1751	415	1	[	[	X
cblr-1751	415	2	vol	vol	NOUN
cblr-1751	415	3	.	.	NOUN
cblr-1751	415	4	2015	2015	NUM
cblr-1751	415	5	traders	trader	NOUN
cblr-1751	415	6	will	will	AUX
cblr-1751	415	7	have	have	VERB
cblr-1751	415	8	time	time	NOUN
cblr-1751	415	9	to	to	PART
cblr-1751	415	10	discover	discover	VERB
cblr-1751	415	11	the	the	DET
cblr-1751	415	12	information	information	NOUN
cblr-1751	415	13	and	and	CCONJ
cblr-1751	415	14	trade	trade	NOUN
cblr-1751	415	15	on	on	ADP
cblr-1751	415	16	it	it	PRON
cblr-1751	415	17	first	first	ADV
cblr-1751	415	18	,	,	PUNCT
cblr-1751	415	19	thereby	thereby	ADV
cblr-1751	415	20	causing	cause	VERB
cblr-1751	415	21	prices	price	NOUN
cblr-1751	415	22	to	to	PART
cblr-1751	415	23	reflect	reflect	VERB
cblr-1751	415	24	that	that	DET
cblr-1751	415	25	information	information	NOUN
cblr-1751	415	26	before	before	SCONJ
cblr-1751	415	27	the	the	DET
cblr-1751	415	28	initial	initial	ADJ
cblr-1751	415	29	trader	trader	NOUN
cblr-1751	415	30	can	can	AUX
cblr-1751	415	31	profit	profit	VERB
cblr-1751	415	32	on	on	ADP
cblr-1751	415	33	it.57	it.57	PROPN
cblr-1751	415	34	second	second	ADJ
cblr-1751	415	35	,	,	PUNCT
cblr-1751	415	36	when	when	SCONJ
cblr-1751	415	37	information	information	NOUN
cblr-1751	415	38	is	be	AUX
cblr-1751	415	39	known	know	VERB
cblr-1751	415	40	by	by	ADP
cblr-1751	415	41	the	the	DET
cblr-1751	415	42	corporate	corporate	ADJ
cblr-1751	415	43	issuer	issuer	NOUN
cblr-1751	415	44	of	of	ADP
cblr-1751	415	45	a	a	DET
cblr-1751	415	46	stock	stock	NOUN
cblr-1751	415	47	,	,	PUNCT
cblr-1751	415	48	but	but	CCONJ
cblr-1751	415	49	has	have	AUX
cblr-1751	415	50	not	not	PART
cblr-1751	415	51	been	be	AUX
cblr-1751	415	52	made	make	VERB
cblr-1751	415	53	public	public	ADJ
cblr-1751	415	54	by	by	ADP
cblr-1751	415	55	that	that	DET
cblr-1751	415	56	issuer	issuer	NOUN
cblr-1751	415	57	,	,	PUNCT
cblr-1751	415	58	the	the	DET
cblr-1751	415	59	issuer	issuer	NOUN
cblr-1751	415	60	may	may	AUX
cblr-1751	415	61	at	at	ADP
cblr-1751	415	62	any	any	DET
cblr-1751	415	63	time	time	NOUN
cblr-1751	415	64	make	make	VERB
cblr-1751	415	65	it	it	PRON
cblr-1751	415	66	public	public	ADJ
cblr-1751	415	67	via	via	ADP
cblr-1751	415	68	disclosure	disclosure	NOUN
cblr-1751	415	69	or	or	CCONJ
cblr-1751	415	70	other	other	ADJ
cblr-1751	415	71	means	mean	NOUN
cblr-1751	415	72	—	—	PUNCT
cblr-1751	415	73	thereby	thereby	ADV
cblr-1751	415	74	greatly	greatly	ADV
cblr-1751	415	75	reducing	reduce	VERB
cblr-1751	415	76	or	or	CCONJ
cblr-1751	415	77	eliminating	eliminate	VERB
cblr-1751	415	78	altogether	altogether	ADV
cblr-1751	415	79	the	the	DET
cblr-1751	415	80	value	value	NOUN
cblr-1751	415	81	of	of	ADP
cblr-1751	415	82	the	the	DET
cblr-1751	415	83	information	information	NOUN
cblr-1751	415	84	to	to	ADP
cblr-1751	415	85	an	an	DET
cblr-1751	415	86	informed	informed	ADJ
cblr-1751	415	87	trader	trader	NOUN
cblr-1751	415	88	who	who	PRON
cblr-1751	415	89	had	have	AUX
cblr-1751	415	90	procured	procure	VERB
cblr-1751	415	91	it	it	PRON
cblr-1751	415	92	earlier.58	earlier.58	PROPN
cblr-1751	415	93	third	third	ADJ
cblr-1751	415	94	,	,	PUNCT
cblr-1751	415	95	and	and	CCONJ
cblr-1751	415	96	perhaps	perhaps	ADV
cblr-1751	415	97	most	most	ADV
cblr-1751	415	98	importantly	importantly	ADV
cblr-1751	415	99	,	,	PUNCT
cblr-1751	415	100	slow	slow	ADJ
cblr-1751	415	101	and	and	CCONJ
cblr-1751	415	102	uncertain	uncertain	ADJ
cblr-1751	415	103	execution	execution	NOUN
cblr-1751	415	104	risks	risk	NOUN
cblr-1751	415	105	that	that	SCONJ
cblr-1751	415	106	an	an	DET
cblr-1751	415	107	informed	informed	ADJ
cblr-1751	415	108	trader	trader	NOUN
cblr-1751	415	109	’s	’s	PART
cblr-1751	415	110	own	own	ADJ
cblr-1751	415	111	transactions	transaction	NOUN
cblr-1751	415	112	themselves	themselves	PRON
cblr-1751	415	113	will	will	AUX
cblr-1751	415	114	alert	alert	VERB
cblr-1751	415	115	the	the	DET
cblr-1751	415	116	rest	rest	NOUN
cblr-1751	415	117	of	of	ADP
cblr-1751	415	118	the	the	DET
cblr-1751	415	119	market	market	NOUN
cblr-1751	415	120	to	to	ADP
cblr-1751	415	121	its	its	PRON
cblr-1751	415	122	information	information	NOUN
cblr-1751	415	123	before	before	SCONJ
cblr-1751	415	124	it	it	PRON
cblr-1751	415	125	can	can	AUX
cblr-1751	415	126	capture	capture	VERB
cblr-1751	415	127	sufficient	sufficient	ADJ
cblr-1751	415	128	trading	trading	NOUN
cblr-1751	415	129	profits.59	profits.59	NOUN
cblr-1751	415	130	as	as	ADP
cblr-1751	415	131	a	a	DET
cblr-1751	415	132	result	result	NOUN
cblr-1751	415	133	,	,	PUNCT
cblr-1751	415	134	many	many	ADJ
cblr-1751	415	135	informed	informed	ADJ
cblr-1751	415	136	traders	trader	NOUN
cblr-1751	415	137	place	place	VERB
cblr-1751	415	138	a	a	DET
cblr-1751	415	139	high	high	ADJ
cblr-1751	415	140	premium	premium	NOUN
cblr-1751	415	141	on	on	ADP
cblr-1751	415	142	the	the	DET
cblr-1751	415	143	ability	ability	NOUN
cblr-1751	415	144	to	to	PART
cblr-1751	415	145	transact	transact	VERB
cblr-1751	415	146	quickly	quickly	ADV
cblr-1751	415	147	with	with	ADP
cblr-1751	415	148	certainty	certainty	NOUN
cblr-1751	415	149	.	.	PUNCT
cblr-1751	416	1	in	in	ADP
cblr-1751	416	2	fact	fact	NOUN
cblr-1751	416	3	,	,	PUNCT
cblr-1751	416	4	for	for	ADP
cblr-1751	416	5	these	these	DET
cblr-1751	416	6	traders	trader	NOUN
cblr-1751	416	7	execution	execution	NOUN
cblr-1751	416	8	speed	speed	NOUN
cblr-1751	416	9	and	and	CCONJ
cblr-1751	416	10	certainty	certainty	NOUN
cblr-1751	416	11	are	be	AUX
cblr-1751	416	12	often	often	ADV
cblr-1751	416	13	more	more	ADV
cblr-1751	416	14	important	important	ADJ
cblr-1751	416	15	than	than	ADP
cblr-1751	416	16	even	even	ADV
cblr-1751	416	17	the	the	DET
cblr-1751	416	18	quality	quality	NOUN
cblr-1751	416	19	of	of	ADP
cblr-1751	416	20	the	the	DET
cblr-1751	416	21	prices	price	NOUN
cblr-1751	416	22	they	they	PRON
cblr-1751	416	23	receive.60	receive.60	VERB
cblr-1751	416	24	so	so	ADV
cblr-1751	416	25	,	,	PUNCT
cblr-1751	416	26	to	to	PART
cblr-1751	416	27	maximize	maximize	VERB
cblr-1751	416	28	the	the	DET
cblr-1751	416	29	profits	profit	NOUN
cblr-1751	416	30	that	that	PRON
cblr-1751	416	31	they	they	PRON
cblr-1751	416	32	earn	earn	AUX
cblr-1751	416	33	based	base	VERB
cblr-1751	416	34	on	on	ADP
cblr-1751	416	35	their	their	PRON
cblr-1751	416	36	depreciating	depreciate	VERB
cblr-1751	416	37	asset	asset	NOUN
cblr-1751	416	38	,	,	PUNCT
cblr-1751	416	39	even	even	ADV
cblr-1751	416	40	those	those	DET
cblr-1751	416	41	informed	inform	VERB
cblr-1751	416	42	traders	trader	NOUN
cblr-1751	416	43	that	that	PRON
cblr-1751	416	44	are	be	AUX
cblr-1751	416	45	able	able	ADJ
cblr-1751	416	46	to	to	PART
cblr-1751	416	47	access	access	VERB
cblr-1751	416	48	off	off	ADP
cblr-1751	416	49	-	-	PUNCT
cblr-1751	416	50	exchange	exchange	NOUN
cblr-1751	416	51	platforms	platform	NOUN
cblr-1751	416	52	often	often	ADV
cblr-1751	416	53	prefer	prefer	VERB
cblr-1751	416	54	to	to	PART
cblr-1751	416	55	complete	complete	VERB
cblr-1751	416	56	much	much	ADJ
cblr-1751	416	57	of	of	ADP
cblr-1751	416	58	their	their	PRON
cblr-1751	416	59	trading	trading	NOUN
cblr-1751	416	60	at	at	ADP
cblr-1751	416	61	exchanges.61	exchanges.61	PROPN
cblr-1751	416	62	57	57	NUM
cblr-1751	416	63	see	see	NOUN
cblr-1751	416	64	,	,	PUNCT
cblr-1751	416	65	e.g.	e.g.	ADV
cblr-1751	416	66	,	,	PUNCT
cblr-1751	416	67	goshen	goshen	PROPN
cblr-1751	416	68	&	&	CCONJ
cblr-1751	416	69	parchomovsky	parchomovsky	PROPN
cblr-1751	416	70	,	,	PUNCT
cblr-1751	416	71	supra	supra	PROPN
cblr-1751	416	72	note	note	PROPN
cblr-1751	416	73	6	6	NUM
cblr-1751	416	74	,	,	PUNCT
cblr-1751	416	75	at	at	ADP
cblr-1751	416	76	1267	1267	NUM
cblr-1751	416	77	(	(	PUNCT
cblr-1751	416	78	“	"	PUNCT
cblr-1751	416	79	because	because	SCONJ
cblr-1751	416	80	[	[	X
cblr-1751	416	81	informed	inform	VERB
cblr-1751	416	82	traders	trader	NOUN
cblr-1751	416	83	]	]	PUNCT
cblr-1751	416	84	operate	operate	VERB
cblr-1751	416	85	in	in	ADP
cblr-1751	416	86	a	a	DET
cblr-1751	416	87	competitive	competitive	ADJ
cblr-1751	416	88	environment	environment	NOUN
cblr-1751	416	89	to	to	PART
cblr-1751	416	90	maximize	maximize	VERB
cblr-1751	416	91	the	the	DET
cblr-1751	416	92	return	return	NOUN
cblr-1751	416	93	on	on	ADP
cblr-1751	416	94	investment	investment	NOUN
cblr-1751	416	95	in	in	ADP
cblr-1751	416	96	information	information	NOUN
cblr-1751	416	97	,	,	PUNCT
cblr-1751	416	98	the	the	DET
cblr-1751	416	99	[	[	X
cblr-1751	416	100	informed	informed	ADJ
cblr-1751	416	101	trader	trader	NOUN
cblr-1751	416	102	]	]	PUNCT
cblr-1751	416	103	who	who	PRON
cblr-1751	416	104	first	first	ADV
cblr-1751	416	105	obtains	obtain	VERB
cblr-1751	416	106	nonpublic	nonpublic	ADJ
cblr-1751	416	107	information	information	NOUN
cblr-1751	416	108	will	will	AUX
cblr-1751	416	109	have	have	VERB
cblr-1751	416	110	to	to	PART
cblr-1751	416	111	process	process	VERB
cblr-1751	416	112	the	the	DET
cblr-1751	416	113	information	information	NOUN
cblr-1751	416	114	to	to	ADP
cblr-1751	416	115	the	the	DET
cblr-1751	416	116	market	market	NOUN
cblr-1751	416	117	as	as	ADV
cblr-1751	416	118	quickly	quickly	ADV
cblr-1751	416	119	as	as	ADP
cblr-1751	416	120	possible	possible	ADJ
cblr-1751	416	121	,	,	PUNCT
cblr-1751	416	122	lest	lest	SCONJ
cblr-1751	416	123	she	she	PRON
cblr-1751	416	124	be	be	AUX
cblr-1751	416	125	beaten	beat	VERB
cblr-1751	416	126	by	by	ADP
cblr-1751	416	127	other	other	ADJ
cblr-1751	416	128	[	[	X
cblr-1751	416	129	informed	informed	ADJ
cblr-1751	416	130	traders	trader	NOUN
cblr-1751	416	131	]	]	X
cblr-1751	416	132	.	.	PUNCT
cblr-1751	416	133	”	"	PUNCT
cblr-1751	416	134	)	)	PUNCT
cblr-1751	416	135	.	.	PUNCT
cblr-1751	417	1	58	58	NUM
cblr-1751	418	1	once	once	SCONJ
cblr-1751	418	2	the	the	DET
cblr-1751	418	3	information	information	NOUN
cblr-1751	418	4	is	be	AUX
cblr-1751	418	5	publicly	publicly	ADV
cblr-1751	418	6	disclosed	disclose	VERB
cblr-1751	418	7	,	,	PUNCT
cblr-1751	418	8	any	any	DET
cblr-1751	418	9	trader	trader	NOUN
cblr-1751	418	10	that	that	PRON
cblr-1751	418	11	is	be	AUX
cblr-1751	418	12	able	able	ADJ
cblr-1751	418	13	to	to	PART
cblr-1751	418	14	analyze	analyze	VERB
cblr-1751	418	15	its	its	PRON
cblr-1751	418	16	import	import	NOUN
cblr-1751	418	17	can	can	AUX
cblr-1751	418	18	trade	trade	VERB
cblr-1751	418	19	on	on	ADP
cblr-1751	418	20	it	it	PRON
cblr-1751	418	21	.	.	PUNCT
cblr-1751	419	1	further	far	ADV
cblr-1751	419	2	,	,	PUNCT
cblr-1751	419	3	liquidity	liquidity	NOUN
cblr-1751	419	4	providers	provider	NOUN
cblr-1751	419	5	themselves	themselves	PRON
cblr-1751	419	6	may	may	AUX
cblr-1751	419	7	learn	learn	VERB
cblr-1751	419	8	of	of	ADP
cblr-1751	419	9	this	this	DET
cblr-1751	419	10	publicly	publicly	ADV
cblr-1751	419	11	disseminated	disseminate	VERB
cblr-1751	419	12	information	information	NOUN
cblr-1751	419	13	and	and	CCONJ
cblr-1751	419	14	adjust	adjust	VERB
cblr-1751	419	15	their	their	PRON
cblr-1751	419	16	bid	bid	NOUN
cblr-1751	419	17	and	and	CCONJ
cblr-1751	419	18	ask	ask	VERB
cblr-1751	419	19	prices	price	NOUN
cblr-1751	419	20	accordingly	accordingly	ADV
cblr-1751	419	21	.	.	PUNCT
cblr-1751	420	1	59	59	NUM
cblr-1751	420	2	see	see	VERB
cblr-1751	420	3	generally	generally	ADV
cblr-1751	420	4	infra	infra	VERB
cblr-1751	420	5	part	part	NOUN
cblr-1751	420	6	iv.b	iv.b	PROPN
cblr-1751	420	7	.	.	PUNCT
cblr-1751	421	1	(	(	PUNCT
cblr-1751	421	2	explaining	explain	VERB
cblr-1751	421	3	how	how	SCONJ
cblr-1751	421	4	liquidity	liquidity	NOUN
cblr-1751	421	5	providers	provider	NOUN
cblr-1751	421	6	adjust	adjust	VERB
cblr-1751	421	7	their	their	PRON
cblr-1751	421	8	price	price	NOUN
cblr-1751	421	9	quotes	quote	NOUN
cblr-1751	421	10	—	—	PUNCT
cblr-1751	421	11	and	and	CCONJ
cblr-1751	421	12	therefore	therefore	ADV
cblr-1751	421	13	market	market	NOUN
cblr-1751	421	14	prices	price	NOUN
cblr-1751	421	15	—	—	PUNCT
cblr-1751	421	16	in	in	ADP
cblr-1751	421	17	response	response	NOUN
cblr-1751	421	18	to	to	ADP
cblr-1751	421	19	large	large	ADJ
cblr-1751	421	20	one	one	NUM
cblr-1751	421	21	-	-	PUNCT
cblr-1751	421	22	sided	sided	ADJ
cblr-1751	421	23	buying	buying	NOUN
cblr-1751	421	24	or	or	CCONJ
cblr-1751	421	25	selling	sell	VERB
cblr-1751	421	26	activity	activity	NOUN
cblr-1751	421	27	within	within	ADP
cblr-1751	421	28	milliseconds	millisecond	NOUN
cblr-1751	421	29	)	)	PUNCT
cblr-1751	421	30	.	.	PUNCT
cblr-1751	422	1	60	60	NUM
cblr-1751	422	2	see	see	VERB
cblr-1751	422	3	o’hara	o’hara	NOUN
cblr-1751	422	4	,	,	PUNCT
cblr-1751	422	5	supra	supra	NOUN
cblr-1751	422	6	note	note	NOUN
cblr-1751	422	7	35	35	NUM
cblr-1751	422	8	,	,	PUNCT
cblr-1751	422	9	at	at	ADP
cblr-1751	422	10	463	463	NUM
cblr-1751	422	11	(	(	PUNCT
cblr-1751	422	12	“	"	PUNCT
cblr-1751	422	13	for	for	ADP
cblr-1751	422	14	some	some	DET
cblr-1751	422	15	traders	trader	NOUN
cblr-1751	422	16	,	,	PUNCT
cblr-1751	422	17	[	[	X
cblr-1751	422	18	execution	execution	NOUN
cblr-1751	422	19	]	]	PUNCT
cblr-1751	422	20	speed	speed	NOUN
cblr-1751	422	21	is	be	AUX
cblr-1751	422	22	more	more	ADV
cblr-1751	422	23	important	important	ADJ
cblr-1751	422	24	than	than	ADP
cblr-1751	422	25	[	[	X
cblr-1751	422	26	the	the	DET
cblr-1751	422	27	inferior	inferior	ADJ
cblr-1751	422	28	prices	price	NOUN
cblr-1751	422	29	often	often	ADV
cblr-1751	422	30	associated	associate	VERB
cblr-1751	422	31	with	with	ADP
cblr-1751	422	32	transacting	transact	VERB
cblr-1751	422	33	at	at	ADP
cblr-1751	422	34	large	large	ADJ
cblr-1751	422	35	bid	bid	NOUN
cblr-1751	422	36	-	-	PUNCT
cblr-1751	422	37	ask	ask	VERB
cblr-1751	422	38	]	]	PUNCT
cblr-1751	422	39	spread[s	spread[s	NOUN
cblr-1751	422	40	]	]	PUNCT
cblr-1751	422	41	.	.	PUNCT
cblr-1751	422	42	”	"	PUNCT
cblr-1751	422	43	)	)	PUNCT
cblr-1751	422	44	.	.	PUNCT
cblr-1751	423	1	61	61	NUM
cblr-1751	423	2	to	to	PART
cblr-1751	423	3	be	be	AUX
cblr-1751	423	4	sure	sure	ADJ
cblr-1751	423	5	,	,	PUNCT
cblr-1751	423	6	some	some	DET
cblr-1751	423	7	subset	subset	NOUN
cblr-1751	423	8	of	of	ADP
cblr-1751	423	9	the	the	DET
cblr-1751	423	10	informed	inform	VERB
cblr-1751	423	11	-	-	PUNCT
cblr-1751	423	12	trader	trader	NOUN
cblr-1751	423	13	universe	universe	NOUN
cblr-1751	423	14	will	will	AUX
cblr-1751	423	15	nevertheless	nevertheless	ADV
cblr-1751	423	16	want	want	VERB
cblr-1751	423	17	to	to	PART
cblr-1751	423	18	conduct	conduct	VERB
cblr-1751	423	19	a	a	DET
cblr-1751	423	20	portion	portion	NOUN
cblr-1751	423	21	of	of	ADP
cblr-1751	423	22	its	its	PRON
cblr-1751	423	23	trading	trading	NOUN
cblr-1751	423	24	through	through	ADP
cblr-1751	423	25	off	off	ADP
cblr-1751	423	26	-	-	PUNCT
cblr-1751	423	27	exchange	exchange	NOUN
cblr-1751	423	28	platforms	platform	NOUN
cblr-1751	423	29	.	.	PUNCT
cblr-1751	424	1	for	for	ADP
cblr-1751	424	2	example	example	NOUN
cblr-1751	424	3	,	,	PUNCT
cblr-1751	424	4	many	many	ADJ
cblr-1751	424	5	activist	activist	ADJ
cblr-1751	424	6	hedge	hedge	NOUN
cblr-1751	424	7	funds	fund	NOUN
cblr-1751	424	8	,	,	PUNCT
cblr-1751	424	9	private	private	ADJ
cblr-1751	424	10	equity	equity	NOUN
cblr-1751	424	11	funds	fund	NOUN
cblr-1751	424	12	,	,	PUNCT
cblr-1751	424	13	and	and	CCONJ
cblr-1751	424	14	actively	actively	ADV
cblr-1751	424	15	managed	manage	VERB
cblr-1751	424	16	mutual	mutual	ADJ
cblr-1751	424	17	funds	fund	NOUN
cblr-1751	424	18	trade	trade	NOUN
cblr-1751	424	19	based	base	VERB
cblr-1751	424	20	on	on	ADP
cblr-1751	424	21	information	information	NOUN
cblr-1751	424	22	that	that	PRON
cblr-1751	424	23	does	do	AUX
cblr-1751	424	24	not	not	PART
cblr-1751	424	25	depreciate	depreciate	VERB
cblr-1751	424	26	in	in	ADP
cblr-1751	424	27	value	value	NOUN
cblr-1751	424	28	as	as	ADV
cblr-1751	424	29	quickly	quickly	ADV
cblr-1751	424	30	as	as	ADP
cblr-1751	424	31	many	many	ADJ
cblr-1751	424	32	other	other	ADJ
cblr-1751	424	33	types	type	NOUN
cblr-1751	424	34	of	of	ADP
cblr-1751	424	35	information	information	NOUN
cblr-1751	424	36	.	.	PUNCT
cblr-1751	425	1	haeberle	haeberle	PROPN
cblr-1751	425	2	final	final	ADJ
cblr-1751	425	3	no	no	NOUN
cblr-1751	425	4	.	.	NOUN
cblr-1751	425	5	1:121	1:121	NUM
cblr-1751	425	6	]	]	X
cblr-1751	425	7	stock	stock	NOUN
cblr-1751	425	8	-	-	PUNCT
cblr-1751	425	9	price	price	NOUN
cblr-1751	425	10	accuracy	accuracy	NOUN
cblr-1751	425	11	157	157	NUM
cblr-1751	425	12	lastly	lastly	ADV
cblr-1751	425	13	,	,	PUNCT
cblr-1751	425	14	it	it	PRON
cblr-1751	425	15	is	be	AUX
cblr-1751	425	16	important	important	ADJ
cblr-1751	425	17	to	to	PART
cblr-1751	425	18	recall	recall	VERB
cblr-1751	425	19	that	that	SCONJ
cblr-1751	425	20	traders	trader	NOUN
cblr-1751	425	21	are	be	AUX
cblr-1751	425	22	only	only	ADV
cblr-1751	425	23	able	able	ADJ
cblr-1751	425	24	to	to	PART
cblr-1751	425	25	transact	transact	VERB
cblr-1751	425	26	at	at	ADP
cblr-1751	425	27	off	off	ADP
cblr-1751	425	28	-	-	PUNCT
cblr-1751	425	29	exchange	exchange	NOUN
cblr-1751	425	30	platforms	platform	NOUN
cblr-1751	425	31	at	at	ADP
cblr-1751	425	32	prices	price	NOUN
cblr-1751	425	33	that	that	PRON
cblr-1751	425	34	are	be	AUX
cblr-1751	425	35	equal	equal	ADJ
cblr-1751	425	36	to	to	ADP
cblr-1751	425	37	or	or	CCONJ
cblr-1751	425	38	better	well	ADJ
cblr-1751	425	39	than	than	ADP
cblr-1751	425	40	those	those	PRON
cblr-1751	425	41	posted	post	VERB
cblr-1751	425	42	on	on	ADP
cblr-1751	425	43	exchanges.62	exchanges.62	ADJ
cblr-1751	425	44	those	those	PRON
cblr-1751	425	45	that	that	PRON
cblr-1751	425	46	trade	trade	VERB
cblr-1751	425	47	off	off	ADP
cblr-1751	425	48	-	-	PUNCT
cblr-1751	425	49	exchange	exchange	NOUN
cblr-1751	425	50	will	will	AUX
cblr-1751	425	51	therefore	therefore	ADV
cblr-1751	425	52	often	often	ADV
cblr-1751	425	53	face	face	VERB
cblr-1751	425	54	only	only	ADV
cblr-1751	425	55	a	a	DET
cblr-1751	425	56	relatively	relatively	ADV
cblr-1751	425	57	small	small	ADJ
cblr-1751	425	58	number	number	NOUN
cblr-1751	425	59	of	of	ADP
cblr-1751	425	60	shares	share	NOUN
cblr-1751	425	61	available	available	ADJ
cblr-1751	425	62	at	at	ADP
cblr-1751	425	63	these	these	DET
cblr-1751	425	64	platforms	platform	NOUN
cblr-1751	425	65	because	because	SCONJ
cblr-1751	425	66	liquidity	liquidity	NOUN
cblr-1751	425	67	providers	provider	NOUN
cblr-1751	425	68	are	be	AUX
cblr-1751	425	69	only	only	ADV
cblr-1751	425	70	willing	willing	ADJ
cblr-1751	425	71	to	to	PART
cblr-1751	425	72	supply	supply	VERB
cblr-1751	425	73	so	so	ADV
cblr-1751	425	74	much	much	ADJ
cblr-1751	425	75	liquidity	liquidity	NOUN
cblr-1751	425	76	at	at	ADP
cblr-1751	425	77	those	those	DET
cblr-1751	425	78	top	top	ADJ
cblr-1751	425	79	prices.63	prices.63	NOUN
cblr-1751	425	80	as	as	ADP
cblr-1751	425	81	a	a	DET
cblr-1751	425	82	result	result	NOUN
cblr-1751	425	83	,	,	PUNCT
cblr-1751	425	84	informed	informed	ADJ
cblr-1751	425	85	traders	trader	NOUN
cblr-1751	425	86	will	will	AUX
cblr-1751	425	87	be	be	AUX
cblr-1751	425	88	forced	force	VERB
cblr-1751	425	89	to	to	PART
cblr-1751	425	90	turn	turn	VERB
cblr-1751	425	91	to	to	ADP
cblr-1751	425	92	exchanges	exchange	NOUN
cblr-1751	425	93	to	to	PART
cblr-1751	425	94	complete	complete	VERB
cblr-1751	425	95	their	their	PRON
cblr-1751	425	96	desired	desire	VERB
cblr-1751	425	97	trading	trading	NOUN
cblr-1751	425	98	at	at	ADP
cblr-1751	425	99	those	those	DET
cblr-1751	425	100	prices	price	NOUN
cblr-1751	425	101	as	as	ADV
cblr-1751	425	102	well	well	ADV
cblr-1751	425	103	as	as	ADP
cblr-1751	425	104	the	the	DET
cblr-1751	425	105	next	next	ADJ
cblr-1751	425	106	-	-	PUNCT
cblr-1751	425	107	best	good	ADJ
cblr-1751	425	108	ask	ask	NOUN
cblr-1751	425	109	and	and	CCONJ
cblr-1751	425	110	bid	bid	NOUN
cblr-1751	425	111	prices	price	NOUN
cblr-1751	425	112	—	—	PUNCT
cblr-1751	425	113	meaning	mean	VERB
cblr-1751	425	114	that	that	SCONJ
cblr-1751	425	115	there	there	PRON
cblr-1751	425	116	is	be	VERB
cblr-1751	425	117	a	a	DET
cblr-1751	425	118	second	second	ADJ
cblr-1751	425	119	reason	reason	NOUN
cblr-1751	425	120	why	why	SCONJ
cblr-1751	425	121	informed	informed	ADJ
cblr-1751	425	122	traders	trader	NOUN
cblr-1751	425	123	will	will	AUX
cblr-1751	425	124	prefer	prefer	VERB
cblr-1751	425	125	to	to	PART
cblr-1751	425	126	complete	complete	VERB
cblr-1751	425	127	much	much	ADJ
cblr-1751	425	128	of	of	ADP
cblr-1751	425	129	their	their	PRON
cblr-1751	425	130	trading	trading	NOUN
cblr-1751	425	131	through	through	ADP
cblr-1751	425	132	exchanges	exchange	NOUN
cblr-1751	425	133	.	.	PUNCT
cblr-1751	426	1	thus	thus	ADV
cblr-1751	426	2	,	,	PUNCT
cblr-1751	426	3	as	as	ADP
cblr-1751	426	4	a	a	DET
cblr-1751	426	5	matter	matter	NOUN
cblr-1751	426	6	of	of	ADP
cblr-1751	426	7	theory	theory	NOUN
cblr-1751	426	8	,	,	PUNCT
cblr-1751	426	9	the	the	DET
cblr-1751	426	10	trading	trading	NOUN
cblr-1751	426	11	-	-	PUNCT
cblr-1751	426	12	platform	platform	NOUN
cblr-1751	426	13	access	access	NOUN
cblr-1751	426	14	rules	rule	NOUN
cblr-1751	426	15	result	result	VERB
cblr-1751	426	16	in	in	ADP
cblr-1751	426	17	off	off	ADP
cblr-1751	426	18	-	-	PUNCT
cblr-1751	426	19	exchange	exchange	NOUN
cblr-1751	426	20	trading	trading	NOUN
cblr-1751	426	21	being	be	AUX
cblr-1751	426	22	dominated	dominate	VERB
cblr-1751	426	23	by	by	ADP
cblr-1751	426	24	uninformed	uninformed	ADJ
cblr-1751	426	25	traders	trader	NOUN
cblr-1751	426	26	.	.	PUNCT
cblr-1751	427	1	2	2	X
cblr-1751	427	2	.	.	X
cblr-1751	427	3	exchange	exchange	NOUN
cblr-1751	427	4	trading	trading	NOUN
cblr-1751	427	5	in	in	ADP
cblr-1751	427	6	addition	addition	NOUN
cblr-1751	427	7	to	to	ADP
cblr-1751	427	8	their	their	PRON
cblr-1751	427	9	impact	impact	NOUN
cblr-1751	427	10	on	on	ADP
cblr-1751	427	11	off	off	ADP
cblr-1751	427	12	-	-	PUNCT
cblr-1751	427	13	exchange	exchange	NOUN
cblr-1751	427	14	trading	trading	NOUN
cblr-1751	427	15	,	,	PUNCT
cblr-1751	427	16	the	the	DET
cblr-1751	427	17	trading	trading	NOUN
cblr-1751	427	18	-	-	PUNCT
cblr-1751	427	19	platform	platform	NOUN
cblr-1751	427	20	access	access	NOUN
cblr-1751	427	21	rules	rule	NOUN
cblr-1751	427	22	also	also	ADV
cblr-1751	427	23	leave	leave	VERB
cblr-1751	427	24	their	their	PRON
cblr-1751	427	25	mark	mark	NOUN
cblr-1751	427	26	on	on	ADP
cblr-1751	427	27	exchange	exchange	NOUN
cblr-1751	427	28	trading	trading	NOUN
cblr-1751	427	29	.	.	PUNCT
cblr-1751	428	1	because	because	SCONJ
cblr-1751	428	2	these	these	DET
cblr-1751	428	3	rules	rule	NOUN
cblr-1751	428	4	require	require	VERB
cblr-1751	428	5	exchanges	exchange	NOUN
cblr-1751	428	6	to	to	PART
cblr-1751	428	7	welcome	welcome	VERB
cblr-1751	428	8	all	all	DET
cblr-1751	428	9	traders	trader	NOUN
cblr-1751	428	10	,	,	PUNCT
cblr-1751	428	11	exchange	exchange	NOUN
cblr-1751	428	12	trading	trading	NOUN
cblr-1751	428	13	is	be	AUX
cblr-1751	428	14	characterized	characterize	VERB
cblr-1751	428	15	by	by	ADP
cblr-1751	428	16	a	a	DET
cblr-1751	428	17	mix	mix	NOUN
cblr-1751	428	18	of	of	ADP
cblr-1751	428	19	both	both	DET
cblr-1751	428	20	informed	informed	ADJ
cblr-1751	428	21	and	and	CCONJ
cblr-1751	428	22	uninformed	uninformed	ADJ
cblr-1751	428	23	traders	trader	NOUN
cblr-1751	428	24	.	.	PUNCT
cblr-1751	429	1	however	however	ADV
cblr-1751	429	2	,	,	PUNCT
cblr-1751	429	3	almost	almost	ADV
cblr-1751	429	4	40	40	NUM
cblr-1751	429	5	%	%	NOUN
cblr-1751	429	6	of	of	ADP
cblr-1751	429	7	all	all	DET
cblr-1751	429	8	trading	trading	NOUN
cblr-1751	429	9	now	now	ADV
cblr-1751	429	10	occurs	occur	VERB
cblr-1751	429	11	through	through	ADP
cblr-1751	429	12	off	off	ADP
cblr-1751	429	13	-	-	PUNCT
cblr-1751	429	14	exchange	exchange	NOUN
cblr-1751	429	15	platforms,64	platforms,64	NOUN
cblr-1751	429	16	which	which	PRON
cblr-1751	429	17	are	be	AUX
cblr-1751	429	18	theoretically	theoretically	ADV
cblr-1751	429	19	dominated	dominate	VERB
cblr-1751	429	20	by	by	ADP
cblr-1751	429	21	uninformed	uninformed	ADJ
cblr-1751	429	22	traders	trader	NOUN
cblr-1751	429	23	as	as	ADP
cblr-1751	429	24	a	a	DET
cblr-1751	429	25	result	result	NOUN
cblr-1751	429	26	of	of	ADP
cblr-1751	429	27	their	their	PRON
cblr-1751	429	28	ability	ability	NOUN
cblr-1751	429	29	to	to	PART
cblr-1751	429	30	discriminate	discriminate	VERB
cblr-1751	429	31	among	among	ADP
cblr-1751	429	32	traders	trader	NOUN
cblr-1751	429	33	.	.	PUNCT
cblr-1751	430	1	with	with	ADP
cblr-1751	430	2	such	such	DET
cblr-1751	430	3	a	a	DET
cblr-1751	430	4	large	large	ADJ
cblr-1751	430	5	portion	portion	NOUN
cblr-1751	430	6	of	of	ADP
cblr-1751	430	7	the	the	DET
cblr-1751	430	8	uninformed	uninformed	ADJ
cblr-1751	430	9	they	they	PRON
cblr-1751	430	10	therefore	therefore	ADV
cblr-1751	430	11	likely	likely	ADV
cblr-1751	430	12	meet	meet	VERB
cblr-1751	430	13	some	some	PRON
cblr-1751	430	14	of	of	ADP
cblr-1751	430	15	their	their	PRON
cblr-1751	430	16	trading	trading	NOUN
cblr-1751	430	17	needs	need	NOUN
cblr-1751	430	18	through	through	ADP
cblr-1751	430	19	both	both	DET
cblr-1751	430	20	exchanges	exchange	NOUN
cblr-1751	430	21	and	and	CCONJ
cblr-1751	430	22	off	off	ADP
cblr-1751	430	23	-	-	PUNCT
cblr-1751	430	24	exchange	exchange	NOUN
cblr-1751	430	25	platforms	platform	NOUN
cblr-1751	430	26	via	via	ADP
cblr-1751	430	27	smaller	small	ADJ
cblr-1751	430	28	trades	trade	NOUN
cblr-1751	430	29	over	over	ADP
cblr-1751	430	30	a	a	DET
cblr-1751	430	31	sustained	sustained	ADJ
cblr-1751	430	32	period	period	NOUN
cblr-1751	430	33	.	.	PUNCT
cblr-1751	431	1	furthermore	furthermore	ADV
cblr-1751	431	2	,	,	PUNCT
cblr-1751	431	3	even	even	ADV
cblr-1751	431	4	the	the	DET
cblr-1751	431	5	informed	informed	ADJ
cblr-1751	431	6	traders	trader	NOUN
cblr-1751	431	7	that	that	PRON
cblr-1751	431	8	do	do	AUX
cblr-1751	431	9	have	have	VERB
cblr-1751	431	10	informational	informational	ADJ
cblr-1751	431	11	assets	asset	NOUN
cblr-1751	431	12	that	that	PRON
cblr-1751	431	13	depreciate	depreciate	VERB
cblr-1751	431	14	more	more	ADV
cblr-1751	431	15	quickly	quickly	ADV
cblr-1751	431	16	routinely	routinely	ADV
cblr-1751	431	17	attempt	attempt	VERB
cblr-1751	431	18	to	to	PART
cblr-1751	431	19	achieve	achieve	VERB
cblr-1751	431	20	their	their	PRON
cblr-1751	431	21	speed	speed	NOUN
cblr-1751	431	22	and	and	CCONJ
cblr-1751	431	23	certainty	certainty	NOUN
cblr-1751	431	24	goals	goal	NOUN
cblr-1751	431	25	by	by	ADP
cblr-1751	431	26	at	at	ADV
cblr-1751	431	27	least	least	ADJ
cblr-1751	431	28	initially	initially	ADV
cblr-1751	431	29	sending	send	VERB
cblr-1751	431	30	their	their	PRON
cblr-1751	431	31	orders	order	NOUN
cblr-1751	431	32	to	to	ADP
cblr-1751	431	33	both	both	DET
cblr-1751	431	34	exchanges	exchange	NOUN
cblr-1751	431	35	and	and	CCONJ
cblr-1751	431	36	off	off	ADP
cblr-1751	431	37	-	-	PUNCT
cblr-1751	431	38	exchange	exchange	NOUN
cblr-1751	431	39	platforms	platform	NOUN
cblr-1751	431	40	simultaneously	simultaneously	ADV
cblr-1751	431	41	when	when	SCONJ
cblr-1751	431	42	they	they	PRON
cblr-1751	431	43	begin	begin	VERB
cblr-1751	431	44	trading	trade	VERB
cblr-1751	431	45	.	.	PUNCT
cblr-1751	432	1	62	62	NUM
cblr-1751	432	2	see	see	VERB
cblr-1751	432	3	supra	supra	PROPN
cblr-1751	432	4	note	note	PROPN
cblr-1751	432	5	36	36	NUM
cblr-1751	432	6	and	and	CCONJ
cblr-1751	432	7	accompanying	accompany	VERB
cblr-1751	432	8	text	text	NOUN
cblr-1751	432	9	.	.	PUNCT
cblr-1751	433	1	63	63	NUM
cblr-1751	433	2	see	see	VERB
cblr-1751	433	3	supra	supra	PROPN
cblr-1751	433	4	part	part	PROPN
cblr-1751	433	5	iii.b.1	iii.b.1	PROPN
cblr-1751	433	6	(	(	PUNCT
cblr-1751	433	7	explaining	explain	VERB
cblr-1751	433	8	this	this	DET
cblr-1751	433	9	concept	concept	NOUN
cblr-1751	433	10	in	in	ADP
cblr-1751	433	11	the	the	DET
cblr-1751	433	12	closely	closely	ADV
cblr-1751	433	13	related	relate	VERB
cblr-1751	433	14	context	context	NOUN
cblr-1751	433	15	of	of	ADP
cblr-1751	433	16	exchange	exchange	NOUN
cblr-1751	433	17	liquidity	liquidity	NOUN
cblr-1751	433	18	providers	provider	NOUN
cblr-1751	433	19	and	and	CCONJ
cblr-1751	433	20	the	the	DET
cblr-1751	433	21	limited	limited	ADJ
cblr-1751	433	22	number	number	NOUN
cblr-1751	433	23	of	of	ADP
cblr-1751	433	24	shares	share	NOUN
cblr-1751	433	25	that	that	PRON
cblr-1751	433	26	they	they	PRON
cblr-1751	433	27	are	be	AUX
cblr-1751	433	28	willing	willing	ADJ
cblr-1751	433	29	to	to	PART
cblr-1751	433	30	offer	offer	VERB
cblr-1751	433	31	at	at	ADP
cblr-1751	433	32	their	their	PRON
cblr-1751	433	33	best	good	ADJ
cblr-1751	433	34	(	(	PUNCT
cblr-1751	433	35	lowest	low	ADJ
cblr-1751	433	36	)	)	PUNCT
cblr-1751	433	37	ask	ask	VERB
cblr-1751	433	38	prices	price	NOUN
cblr-1751	433	39	and	and	CCONJ
cblr-1751	433	40	best	good	ADJ
cblr-1751	433	41	(	(	PUNCT
cblr-1751	433	42	highest	high	ADJ
cblr-1751	433	43	)	)	PUNCT
cblr-1751	433	44	bid	bid	NOUN
cblr-1751	433	45	prices	price	NOUN
cblr-1751	433	46	)	)	PUNCT
cblr-1751	433	47	.	.	PUNCT
cblr-1751	434	1	64	64	NUM
cblr-1751	434	2	see	see	VERB
cblr-1751	434	3	o’hara	o’hara	NOUN
cblr-1751	434	4	,	,	PUNCT
cblr-1751	434	5	supra	supra	NOUN
cblr-1751	434	6	note	note	NOUN
cblr-1751	434	7	35	35	NUM
cblr-1751	434	8	,	,	PUNCT
cblr-1751	434	9	at	at	ADP
cblr-1751	434	10	465	465	NUM
cblr-1751	434	11	.	.	PUNCT
cblr-1751	435	1	haeberle	haeberle	PROPN
cblr-1751	435	2	final	final	ADJ
cblr-1751	435	3	158	158	NUM
cblr-1751	435	4	columbia	columbia	PROPN
cblr-1751	435	5	business	business	NOUN
cblr-1751	435	6	law	law	PROPN
cblr-1751	435	7	review	review	NOUN
cblr-1751	435	8	[	[	X
cblr-1751	435	9	vol	vol	NOUN
cblr-1751	435	10	.	.	NOUN
cblr-1751	435	11	2015	2015	NUM
cblr-1751	435	12	trader	trader	NOUN
cblr-1751	435	13	universe	universe	NOUN
cblr-1751	435	14	now	now	ADV
cblr-1751	435	15	transacting	transact	VERB
cblr-1751	435	16	via	via	ADP
cblr-1751	435	17	off	off	ADP
cblr-1751	435	18	-	-	PUNCT
cblr-1751	435	19	exchange	exchange	NOUN
cblr-1751	435	20	platforms	platform	NOUN
cblr-1751	435	21	,	,	PUNCT
cblr-1751	435	22	exchange	exchange	NOUN
cblr-1751	435	23	trading	trading	NOUN
cblr-1751	435	24	necessarily	necessarily	ADV
cblr-1751	435	25	entails	entail	VERB
cblr-1751	435	26	a	a	DET
cblr-1751	435	27	far	far	ADV
cblr-1751	435	28	higher	high	ADJ
cblr-1751	435	29	ratio	ratio	NOUN
cblr-1751	435	30	of	of	ADP
cblr-1751	435	31	informed	informed	ADJ
cblr-1751	435	32	traders	trader	NOUN
cblr-1751	435	33	to	to	ADP
cblr-1751	435	34	uninformed	uninformed	ADJ
cblr-1751	435	35	ones	one	NOUN
cblr-1751	435	36	than	than	SCONJ
cblr-1751	435	37	it	it	PRON
cblr-1751	435	38	otherwise	otherwise	ADV
cblr-1751	435	39	might	might	AUX
cblr-1751	435	40	.	.	PUNCT
cblr-1751	436	1	3	3	X
cblr-1751	436	2	.	.	X
cblr-1751	436	3	exchange	exchange	NOUN
cblr-1751	436	4	liquidity	liquidity	NOUN
cblr-1751	436	5	providers	provider	NOUN
cblr-1751	436	6	’	'	PUNCT
cblr-1751	436	7	price	price	NOUN
cblr-1751	436	8	quotes	quote	NOUN
cblr-1751	436	9	of	of	ADP
cblr-1751	436	10	critical	critical	ADJ
cblr-1751	436	11	importance	importance	NOUN
cblr-1751	436	12	here	here	ADV
cblr-1751	436	13	,	,	PUNCT
cblr-1751	436	14	the	the	DET
cblr-1751	436	15	heightened	heightened	ADJ
cblr-1751	436	16	ratio	ratio	NOUN
cblr-1751	436	17	of	of	ADP
cblr-1751	436	18	informed	informed	ADJ
cblr-1751	436	19	traders	trader	NOUN
cblr-1751	436	20	to	to	ADP
cblr-1751	436	21	uninformed	uninformed	ADJ
cblr-1751	436	22	ones	one	NOUN
cblr-1751	436	23	discussed	discuss	VERB
cblr-1751	436	24	immediately	immediately	ADV
cblr-1751	436	25	above	above	ADV
cblr-1751	436	26	creates	create	VERB
cblr-1751	436	27	an	an	DET
cblr-1751	436	28	exchange	exchange	NOUN
cblr-1751	436	29	trading	trading	NOUN
cblr-1751	436	30	environment	environment	NOUN
cblr-1751	436	31	that	that	PRON
cblr-1751	436	32	causes	cause	VERB
cblr-1751	436	33	exchange	exchange	NOUN
cblr-1751	436	34	liquidity	liquidity	NOUN
cblr-1751	436	35	providers	provider	NOUN
cblr-1751	436	36	to	to	PART
cblr-1751	436	37	quote	quote	VERB
cblr-1751	436	38	prices	price	NOUN
cblr-1751	436	39	that	that	PRON
cblr-1751	436	40	are	be	AUX
cblr-1751	436	41	both	both	PRON
cblr-1751	436	42	inferior	inferior	ADJ
cblr-1751	436	43	and	and	CCONJ
cblr-1751	436	44	more	more	ADV
cblr-1751	436	45	sensitive	sensitive	ADJ
cblr-1751	436	46	to	to	ADP
cblr-1751	436	47	trading	trading	NOUN
cblr-1751	436	48	activity	activity	NOUN
cblr-1751	436	49	.	.	PUNCT
cblr-1751	437	1	professional	professional	ADJ
cblr-1751	437	2	liquidity	liquidity	NOUN
cblr-1751	437	3	providers	provider	NOUN
cblr-1751	437	4	will	will	AUX
cblr-1751	437	5	not	not	PART
cblr-1751	437	6	supply	supply	VERB
cblr-1751	437	7	their	their	PRON
cblr-1751	437	8	services	service	NOUN
cblr-1751	437	9	unless	unless	SCONJ
cblr-1751	437	10	they	they	PRON
cblr-1751	437	11	can	can	AUX
cblr-1751	437	12	earn	earn	VERB
cblr-1751	437	13	revenues	revenue	NOUN
cblr-1751	437	14	that	that	PRON
cblr-1751	437	15	outweigh	outweigh	VERB
cblr-1751	437	16	their	their	PRON
cblr-1751	437	17	costs	cost	NOUN
cblr-1751	437	18	.	.	PUNCT
cblr-1751	438	1	and	and	CCONJ
cblr-1751	438	2	one	one	NUM
cblr-1751	438	3	of	of	ADP
cblr-1751	438	4	their	their	PRON
cblr-1751	438	5	largest	large	ADJ
cblr-1751	438	6	costs	cost	NOUN
cblr-1751	438	7	arises	arise	VERB
cblr-1751	438	8	out	out	ADP
cblr-1751	438	9	of	of	ADP
cblr-1751	438	10	the	the	DET
cblr-1751	438	11	trading	trading	NOUN
cblr-1751	438	12	losses	loss	NOUN
cblr-1751	438	13	that	that	PRON
cblr-1751	438	14	informed	inform	VERB
cblr-1751	438	15	traders	trader	NOUN
cblr-1751	438	16	impose	impose	VERB
cblr-1751	438	17	on	on	ADP
cblr-1751	438	18	them.65	them.65	PRON
cblr-1751	438	19	moreover	moreover	ADV
cblr-1751	438	20	,	,	PUNCT
cblr-1751	438	21	exchange	exchange	NOUN
cblr-1751	438	22	liquidity	liquidity	NOUN
cblr-1751	438	23	providers	provider	NOUN
cblr-1751	438	24	are	be	AUX
cblr-1751	438	25	especially	especially	ADV
cblr-1751	438	26	concerned	concerned	ADJ
cblr-1751	438	27	with	with	ADP
cblr-1751	438	28	these	these	DET
cblr-1751	438	29	costs	cost	NOUN
cblr-1751	438	30	.	.	PUNCT
cblr-1751	439	1	for	for	ADP
cblr-1751	439	2	one	one	NUM
cblr-1751	439	3	thing	thing	NOUN
cblr-1751	439	4	,	,	PUNCT
cblr-1751	439	5	when	when	SCONJ
cblr-1751	439	6	these	these	DET
cblr-1751	439	7	liquidity	liquidity	NOUN
cblr-1751	439	8	providers	provider	NOUN
cblr-1751	439	9	post	post	VERB
cblr-1751	439	10	their	their	PRON
cblr-1751	439	11	quotes	quote	NOUN
cblr-1751	439	12	,	,	PUNCT
cblr-1751	439	13	those	those	DET
cblr-1751	439	14	quotes	quote	NOUN
cblr-1751	439	15	must	must	AUX
cblr-1751	439	16	—	—	PUNCT
cblr-1751	439	17	by	by	ADP
cblr-1751	439	18	law	law	NOUN
cblr-1751	439	19	—	—	PUNCT
cblr-1751	439	20	be	be	AUX
cblr-1751	439	21	firm.66	firm.66	NOUN
cblr-1751	439	22	for	for	ADP
cblr-1751	439	23	another	another	PRON
cblr-1751	439	24	,	,	PUNCT
cblr-1751	439	25	any	any	DET
cblr-1751	439	26	trader	trader	NOUN
cblr-1751	439	27	—	—	PUNCT
cblr-1751	439	28	also	also	ADV
cblr-1751	439	29	by	by	ADP
cblr-1751	439	30	law	law	NOUN
cblr-1751	439	31	—	—	PUNCT
cblr-1751	439	32	may	may	AUX
cblr-1751	439	33	access	access	VERB
cblr-1751	439	34	those	those	DET
cblr-1751	439	35	firm	firm	ADJ
cblr-1751	439	36	quotes.67	quotes.67	NOUN
cblr-1751	439	37	to	to	PART
cblr-1751	439	38	maintain	maintain	VERB
cblr-1751	439	39	a	a	DET
cblr-1751	439	40	business	business	NOUN
cblr-1751	439	41	with	with	ADP
cblr-1751	439	42	revenues	revenue	NOUN
cblr-1751	439	43	that	that	SCONJ
cblr-1751	439	44	at	at	ADV
cblr-1751	439	45	least	least	ADJ
cblr-1751	439	46	equal	equal	ADJ
cblr-1751	439	47	their	their	PRON
cblr-1751	439	48	costs	cost	NOUN
cblr-1751	439	49	,	,	PUNCT
cblr-1751	439	50	these	these	DET
cblr-1751	439	51	vulnerable	vulnerable	ADJ
cblr-1751	439	52	liquidity	liquidity	NOUN
cblr-1751	439	53	providers	provider	NOUN
cblr-1751	439	54	must	must	AUX
cblr-1751	439	55	therefore	therefore	ADV
cblr-1751	439	56	be	be	AUX
cblr-1751	439	57	particularly	particularly	ADV
cblr-1751	439	58	aware	aware	ADJ
cblr-1751	439	59	of	of	ADP
cblr-1751	439	60	how	how	SCONJ
cblr-1751	439	61	to	to	PART
cblr-1751	439	62	offset	offset	VERB
cblr-1751	439	63	the	the	DET
cblr-1751	439	64	tradingloss	tradingloss	ADJ
cblr-1751	439	65	costs	cost	NOUN
cblr-1751	439	66	imposed	impose	VERB
cblr-1751	439	67	by	by	ADP
cblr-1751	439	68	informed	informed	ADJ
cblr-1751	439	69	traders	trader	NOUN
cblr-1751	439	70	.	.	PUNCT
cblr-1751	440	1	the	the	DET
cblr-1751	440	2	main	main	ADJ
cblr-1751	440	3	way	way	NOUN
cblr-1751	440	4	in	in	ADP
cblr-1751	440	5	which	which	PRON
cblr-1751	440	6	exchange	exchange	NOUN
cblr-1751	440	7	liquidity	liquidity	NOUN
cblr-1751	440	8	providers	provider	NOUN
cblr-1751	440	9	offset	offset	VERB
cblr-1751	440	10	the	the	DET
cblr-1751	440	11	costs	cost	NOUN
cblr-1751	440	12	that	that	PRON
cblr-1751	440	13	informed	inform	VERB
cblr-1751	440	14	traders	trader	NOUN
cblr-1751	440	15	impose	impose	VERB
cblr-1751	440	16	on	on	ADP
cblr-1751	440	17	them	they	PRON
cblr-1751	440	18	is	be	AUX
cblr-1751	440	19	by	by	ADP
cblr-1751	440	20	garnering	garner	VERB
cblr-1751	440	21	revenues	revenue	NOUN
cblr-1751	440	22	via	via	ADP
cblr-1751	440	23	spread	spread	NOUN
cblr-1751	440	24	-	-	PUNCT
cblr-1751	440	25	earning	earn	VERB
cblr-1751	440	26	transactions	transaction	NOUN
cblr-1751	440	27	with	with	ADP
cblr-1751	440	28	uninformed	uninformed	ADJ
cblr-1751	440	29	traders.68	traders.68	NOUN
cblr-1751	440	30	liquidity	liquidity	NOUN
cblr-1751	440	31	providers	provider	NOUN
cblr-1751	440	32	generate	generate	VERB
cblr-1751	440	33	revenues	revenue	NOUN
cblr-1751	440	34	by	by	ADP
cblr-1751	440	35	purchasing	purchase	VERB
cblr-1751	440	36	from	from	ADP
cblr-1751	440	37	some	some	DET
cblr-1751	440	38	uninformed	uninformed	ADJ
cblr-1751	440	39	traders	trader	NOUN
cblr-1751	440	40	at	at	ADP
cblr-1751	440	41	their	their	PRON
cblr-1751	440	42	lower	low	ADJ
cblr-1751	440	43	bid	bid	NOUN
cblr-1751	440	44	prices	price	NOUN
cblr-1751	440	45	,	,	PUNCT
cblr-1751	440	46	and	and	CCONJ
cblr-1751	440	47	more	more	ADV
cblr-1751	440	48	or	or	CCONJ
cblr-1751	440	49	less	less	ADV
cblr-1751	440	50	contemporaneously	contemporaneously	ADV
cblr-1751	440	51	selling	sell	VERB
cblr-1751	440	52	to	to	ADP
cblr-1751	440	53	65	65	NUM
cblr-1751	440	54	see	see	VERB
cblr-1751	440	55	supra	supra	PROPN
cblr-1751	440	56	part	part	NOUN
cblr-1751	440	57	iv.a.1	iv.a.1	PROPN
cblr-1751	440	58	.	.	PUNCT
cblr-1751	441	1	66	66	NUM
cblr-1751	441	2	see	see	VERB
cblr-1751	441	3	supra	supra	PROPN
cblr-1751	441	4	note	note	PROPN
cblr-1751	441	5	37	37	NUM
cblr-1751	441	6	.	.	NOUN
cblr-1751	442	1	67	67	NUM
cblr-1751	443	1	see	see	VERB
cblr-1751	443	2	supra	supra	PROPN
cblr-1751	443	3	note	note	NOUN
cblr-1751	443	4	1	1	NUM
cblr-1751	443	5	and	and	CCONJ
cblr-1751	443	6	accompanying	accompany	VERB
cblr-1751	443	7	text	text	NOUN
cblr-1751	443	8	;	;	PUNCT
cblr-1751	443	9	see	see	VERB
cblr-1751	443	10	generally	generally	ADV
cblr-1751	443	11	supra	supra	ADJ
cblr-1751	443	12	part	part	PROPN
cblr-1751	443	13	iii.b.1	iii.b.1	NOUN
cblr-1751	443	14	.	.	PUNCT
cblr-1751	444	1	68	68	NUM
cblr-1751	444	2	see	see	VERB
cblr-1751	444	3	glosten	glosten	ADJ
cblr-1751	444	4	&	&	CCONJ
cblr-1751	444	5	milgrom	milgrom	ADJ
cblr-1751	444	6	,	,	PUNCT
cblr-1751	444	7	supra	supra	PROPN
cblr-1751	444	8	note	note	NOUN
cblr-1751	444	9	51	51	NUM
cblr-1751	444	10	,	,	PUNCT
cblr-1751	444	11	at	at	ADP
cblr-1751	444	12	72	72	NUM
cblr-1751	444	13	;	;	PUNCT
cblr-1751	444	14	harris	harris	PROPN
cblr-1751	444	15	,	,	PUNCT
cblr-1751	444	16	supra	supra	PROPN
cblr-1751	444	17	note	note	PROPN
cblr-1751	444	18	7	7	NUM
cblr-1751	444	19	,	,	PUNCT
cblr-1751	444	20	at	at	ADP
cblr-1751	444	21	299	299	NUM
cblr-1751	444	22	(	(	PUNCT
cblr-1751	444	23	stating	state	VERB
cblr-1751	444	24	that	that	SCONJ
cblr-1751	444	25	exchange	exchange	NOUN
cblr-1751	444	26	liquidity	liquidity	NOUN
cblr-1751	444	27	providers	provider	NOUN
cblr-1751	444	28	seek	seek	VERB
cblr-1751	444	29	“	"	PUNCT
cblr-1751	444	30	to	to	PART
cblr-1751	444	31	recoup	recoup	VERB
cblr-1751	444	32	from	from	ADP
cblr-1751	444	33	uninformed	uninformed	ADJ
cblr-1751	444	34	traders	trader	NOUN
cblr-1751	444	35	what	what	PRON
cblr-1751	444	36	they	they	PRON
cblr-1751	444	37	lose	lose	VERB
cblr-1751	444	38	to	to	ADP
cblr-1751	444	39	informed	informed	ADJ
cblr-1751	444	40	traders	trader	NOUN
cblr-1751	444	41	.	.	PUNCT
cblr-1751	444	42	”	"	PUNCT
cblr-1751	444	43	)	)	PUNCT
cblr-1751	444	44	;	;	PUNCT
cblr-1751	444	45	see	see	VERB
cblr-1751	444	46	generally	generally	ADV
cblr-1751	444	47	albert	albert	PROPN
cblr-1751	444	48	s.	s.	PROPN
cblr-1751	444	49	kyle	kyle	PROPN
cblr-1751	444	50	,	,	PUNCT
cblr-1751	444	51	informed	inform	VERB
cblr-1751	444	52	speculation	speculation	NOUN
cblr-1751	444	53	with	with	ADP
cblr-1751	444	54	imperfect	imperfect	ADJ
cblr-1751	444	55	competition	competition	NOUN
cblr-1751	444	56	,	,	PUNCT
cblr-1751	444	57	56	56	NUM
cblr-1751	444	58	rev	rev	X
cblr-1751	444	59	.	.	PROPN
cblr-1751	444	60	econ	econ	PROPN
cblr-1751	444	61	.	.	PUNCT
cblr-1751	445	1	studies	study	NOUN
cblr-1751	445	2	317	317	NUM
cblr-1751	445	3	(	(	PUNCT
cblr-1751	445	4	1989	1989	NUM
cblr-1751	445	5	)	)	PUNCT
cblr-1751	445	6	(	(	PUNCT
cblr-1751	445	7	providing	provide	VERB
cblr-1751	445	8	the	the	DET
cblr-1751	445	9	seminal	seminal	ADJ
cblr-1751	445	10	articulation	articulation	NOUN
cblr-1751	445	11	of	of	ADP
cblr-1751	445	12	this	this	DET
cblr-1751	445	13	wellestablished	wellestablished	ADJ
cblr-1751	445	14	principle	principle	NOUN
cblr-1751	445	15	of	of	ADP
cblr-1751	445	16	market	market	NOUN
cblr-1751	445	17	microstructure	microstructure	NOUN
cblr-1751	445	18	)	)	PUNCT
cblr-1751	445	19	.	.	PUNCT
cblr-1751	446	1	haeberle	haeberle	PROPN
cblr-1751	446	2	final	final	ADJ
cblr-1751	446	3	no	no	NOUN
cblr-1751	446	4	.	.	NOUN
cblr-1751	446	5	1:121	1:121	NUM
cblr-1751	446	6	]	]	X
cblr-1751	446	7	stock	stock	NOUN
cblr-1751	446	8	-	-	PUNCT
cblr-1751	446	9	price	price	NOUN
cblr-1751	446	10	accuracy	accuracy	NOUN
cblr-1751	446	11	159	159	NUM
cblr-1751	446	12	other	other	ADJ
cblr-1751	446	13	uninformed	uninformed	ADJ
cblr-1751	446	14	traders	trader	NOUN
cblr-1751	446	15	at	at	ADP
cblr-1751	446	16	their	their	PRON
cblr-1751	446	17	higher	high	ADJ
cblr-1751	446	18	ask	ask	NOUN
cblr-1751	446	19	prices.69	prices.69	NOUN
cblr-1751	446	20	indeed	indeed	ADV
cblr-1751	446	21	,	,	PUNCT
cblr-1751	446	22	the	the	DET
cblr-1751	446	23	primary	primary	ADJ
cblr-1751	446	24	goal	goal	NOUN
cblr-1751	446	25	of	of	ADP
cblr-1751	446	26	those	those	PRON
cblr-1751	446	27	in	in	ADP
cblr-1751	446	28	the	the	DET
cblr-1751	446	29	liquidity	liquidity	NOUN
cblr-1751	446	30	-	-	PUNCT
cblr-1751	446	31	provision	provision	NOUN
cblr-1751	446	32	business	business	NOUN
cblr-1751	446	33	is	be	AUX
cblr-1751	446	34	to	to	PART
cblr-1751	446	35	determine	determine	VERB
cblr-1751	446	36	the	the	DET
cblr-1751	446	37	bid	bid	NOUN
cblr-1751	446	38	and	and	CCONJ
cblr-1751	446	39	ask	ask	VERB
cblr-1751	446	40	prices	price	NOUN
cblr-1751	446	41	that	that	PRON
cblr-1751	446	42	will	will	AUX
cblr-1751	446	43	allow	allow	VERB
cblr-1751	446	44	them	they	PRON
cblr-1751	446	45	to	to	PART
cblr-1751	446	46	maintain	maintain	VERB
cblr-1751	446	47	a	a	DET
cblr-1751	446	48	two	two	NUM
cblr-1751	446	49	-	-	PUNCT
cblr-1751	446	50	sided	sided	ADJ
cblr-1751	446	51	flow	flow	NOUN
cblr-1751	446	52	of	of	ADP
cblr-1751	446	53	sell	sell	NOUN
cblr-1751	446	54	and	and	CCONJ
cblr-1751	446	55	buy	buy	VERB
cblr-1751	446	56	orders	order	NOUN
cblr-1751	446	57	so	so	SCONJ
cblr-1751	446	58	that	that	SCONJ
cblr-1751	446	59	they	they	PRON
cblr-1751	446	60	can	can	AUX
cblr-1751	446	61	complete	complete	VERB
cblr-1751	446	62	as	as	ADP
cblr-1751	446	63	many	many	ADJ
cblr-1751	446	64	of	of	ADP
cblr-1751	446	65	these	these	DET
cblr-1751	446	66	spreadearning	spreadearne	VERB
cblr-1751	446	67	transactions	transaction	NOUN
cblr-1751	446	68	as	as	ADP
cblr-1751	446	69	possible	possible	ADJ
cblr-1751	446	70	—	—	PUNCT
cblr-1751	446	71	and	and	CCONJ
cblr-1751	446	72	so	so	SCONJ
cblr-1751	446	73	that	that	SCONJ
cblr-1751	446	74	they	they	PRON
cblr-1751	446	75	,	,	PUNCT
cblr-1751	446	76	at	at	ADP
cblr-1751	446	77	a	a	DET
cblr-1751	446	78	minimum	minimum	NOUN
cblr-1751	446	79	,	,	PUNCT
cblr-1751	446	80	have	have	VERB
cblr-1751	446	81	enough	enough	ADJ
cblr-1751	446	82	revenue	revenue	NOUN
cblr-1751	446	83	from	from	ADP
cblr-1751	446	84	these	these	DET
cblr-1751	446	85	transactions	transaction	NOUN
cblr-1751	446	86	to	to	AUX
cblr-1751	446	87	more	more	ADV
cblr-1751	446	88	than	than	ADP
cblr-1751	446	89	cover	cover	VERB
cblr-1751	446	90	their	their	PRON
cblr-1751	446	91	costs	cost	NOUN
cblr-1751	446	92	(	(	PUNCT
cblr-1751	446	93	including	include	VERB
cblr-1751	446	94	those	those	PRON
cblr-1751	446	95	imposed	impose	VERB
cblr-1751	446	96	by	by	ADP
cblr-1751	446	97	informed	informed	ADJ
cblr-1751	446	98	traders	trader	NOUN
cblr-1751	446	99	)	)	PUNCT
cblr-1751	446	100	.	.	PUNCT
cblr-1751	447	1	additionally	additionally	ADV
cblr-1751	447	2	,	,	PUNCT
cblr-1751	447	3	exchange	exchange	NOUN
cblr-1751	447	4	liquidity	liquidity	NOUN
cblr-1751	447	5	providers	provider	NOUN
cblr-1751	447	6	are	be	AUX
cblr-1751	447	7	able	able	ADJ
cblr-1751	447	8	to	to	PART
cblr-1751	447	9	increase	increase	VERB
cblr-1751	447	10	the	the	DET
cblr-1751	447	11	chances	chance	NOUN
cblr-1751	447	12	of	of	ADP
cblr-1751	447	13	garnering	garner	VERB
cblr-1751	447	14	sufficient	sufficient	ADJ
cblr-1751	447	15	revenues	revenue	NOUN
cblr-1751	447	16	to	to	PART
cblr-1751	447	17	cover	cover	VERB
cblr-1751	447	18	their	their	PRON
cblr-1751	447	19	costs	cost	NOUN
cblr-1751	447	20	by	by	ADP
cblr-1751	447	21	minimizing	minimize	VERB
cblr-1751	447	22	the	the	DET
cblr-1751	447	23	costs	cost	NOUN
cblr-1751	447	24	imposed	impose	VERB
cblr-1751	447	25	by	by	ADP
cblr-1751	447	26	informed	informed	ADJ
cblr-1751	447	27	traders	trader	NOUN
cblr-1751	447	28	.	.	PUNCT
cblr-1751	448	1	specifically	specifically	ADV
cblr-1751	448	2	,	,	PUNCT
cblr-1751	448	3	they	they	PRON
cblr-1751	448	4	minimize	minimize	VERB
cblr-1751	448	5	these	these	DET
cblr-1751	448	6	costs	cost	NOUN
cblr-1751	448	7	by	by	ADP
cblr-1751	448	8	altering	alter	VERB
cblr-1751	448	9	their	their	PRON
cblr-1751	448	10	price	price	NOUN
cblr-1751	448	11	quotes	quote	NOUN
cblr-1751	448	12	in	in	ADP
cblr-1751	448	13	two	two	NUM
cblr-1751	448	14	well	well	ADV
cblr-1751	448	15	-	-	PUNCT
cblr-1751	448	16	known	know	VERB
cblr-1751	448	17	ways	way	NOUN
cblr-1751	448	18	.	.	PUNCT
cblr-1751	449	1	first	first	ADV
cblr-1751	449	2	,	,	PUNCT
cblr-1751	449	3	exchange	exchange	NOUN
cblr-1751	449	4	liquidity	liquidity	NOUN
cblr-1751	449	5	providers	provider	NOUN
cblr-1751	449	6	minimize	minimize	VERB
cblr-1751	449	7	the	the	DET
cblr-1751	449	8	costs	cost	NOUN
cblr-1751	449	9	imposed	impose	VERB
cblr-1751	449	10	by	by	ADP
cblr-1751	449	11	informed	inform	VERB
cblr-1751	449	12	traders	trader	NOUN
cblr-1751	449	13	by	by	ADP
cblr-1751	449	14	quoting	quote	VERB
cblr-1751	449	15	inferior	inferior	ADJ
cblr-1751	449	16	prices	price	NOUN
cblr-1751	449	17	.	.	PUNCT
cblr-1751	450	1	inferior	inferior	ADJ
cblr-1751	450	2	prices	price	NOUN
cblr-1751	450	3	reduce	reduce	VERB
cblr-1751	450	4	the	the	DET
cblr-1751	450	5	extent	extent	NOUN
cblr-1751	450	6	to	to	PART
cblr-1751	450	7	which	which	PRON
cblr-1751	450	8	informed	inform	VERB
cblr-1751	450	9	traders	trader	NOUN
cblr-1751	450	10	will	will	AUX
cblr-1751	450	11	spot	spot	VERB
cblr-1751	450	12	profitable	profitable	ADJ
cblr-1751	450	13	trading	trading	NOUN
cblr-1751	450	14	opportunities.70	opportunities.70	ADJ
cblr-1751	450	15	to	to	PART
cblr-1751	450	16	return	return	VERB
cblr-1751	450	17	to	to	ADP
cblr-1751	450	18	the	the	DET
cblr-1751	450	19	example	example	NOUN
cblr-1751	450	20	used	use	VERB
cblr-1751	450	21	much	much	ADV
cblr-1751	450	22	earlier	early	ADV
cblr-1751	450	23	,	,	PUNCT
cblr-1751	450	24	imagine	imagine	VERB
cblr-1751	450	25	that	that	SCONJ
cblr-1751	450	26	the	the	DET
cblr-1751	450	27	market	market	NOUN
cblr-1751	450	28	currently	currently	ADV
cblr-1751	450	29	assesses	assess	VERB
cblr-1751	450	30	the	the	DET
cblr-1751	450	31	value	value	NOUN
cblr-1751	450	32	of	of	ADP
cblr-1751	450	33	a	a	DET
cblr-1751	450	34	stock	stock	NOUN
cblr-1751	450	35	to	to	PART
cblr-1751	450	36	be	be	AUX
cblr-1751	450	37	$	$	SYM
cblr-1751	450	38	44.10	44.10	NUM
cblr-1751	450	39	per	per	ADP
cblr-1751	450	40	share	share	NOUN
cblr-1751	450	41	,	,	PUNCT
cblr-1751	450	42	that	that	PRON
cblr-1751	450	43	exchange	exchange	NOUN
cblr-1751	450	44	liquidity	liquidity	NOUN
cblr-1751	450	45	providers	provider	NOUN
cblr-1751	450	46	are	be	AUX
cblr-1751	450	47	providing	provide	VERB
cblr-1751	450	48	best	well	ADV
cblr-1751	450	49	(	(	PUNCT
cblr-1751	450	50	lowest	low	ADJ
cblr-1751	450	51	)	)	PUNCT
cblr-1751	450	52	ask	ask	VERB
cblr-1751	450	53	quotes	quote	NOUN
cblr-1751	450	54	of	of	ADP
cblr-1751	450	55	$	$	SYM
cblr-1751	450	56	44.12	44.12	NUM
cblr-1751	450	57	per	per	ADP
cblr-1751	450	58	share	share	NOUN
cblr-1751	450	59	,	,	PUNCT
cblr-1751	450	60	and	and	CCONJ
cblr-1751	450	61	that	that	SCONJ
cblr-1751	450	62	informed	inform	VERB
cblr-1751	450	63	traders	trader	NOUN
cblr-1751	450	64	have	have	VERB
cblr-1751	450	65	information	information	NOUN
cblr-1751	450	66	that	that	PRON
cblr-1751	450	67	leads	lead	VERB
cblr-1751	450	68	them	they	PRON
cblr-1751	450	69	to	to	PART
cblr-1751	450	70	conclude	conclude	VERB
cblr-1751	450	71	that	that	SCONJ
cblr-1751	450	72	the	the	DET
cblr-1751	450	73	stock	stock	NOUN
cblr-1751	450	74	is	be	AUX
cblr-1751	450	75	actually	actually	ADV
cblr-1751	450	76	worth	worth	ADJ
cblr-1751	450	77	$	$	SYM
cblr-1751	450	78	44.17	44.17	NUM
cblr-1751	450	79	per	per	ADP
cblr-1751	450	80	share	share	NOUN
cblr-1751	450	81	.	.	PUNCT
cblr-1751	451	1	if	if	SCONJ
cblr-1751	451	2	these	these	DET
cblr-1751	451	3	traders	trader	NOUN
cblr-1751	451	4	buy	buy	VERB
cblr-1751	451	5	the	the	DET
cblr-1751	451	6	stock	stock	NOUN
cblr-1751	451	7	at	at	ADP
cblr-1751	451	8	$	$	SYM
cblr-1751	451	9	44.12	44.12	NUM
cblr-1751	451	10	per	per	ADP
cblr-1751	451	11	share	share	NOUN
cblr-1751	451	12	from	from	ADP
cblr-1751	451	13	the	the	DET
cblr-1751	451	14	liquidity	liquidity	NOUN
cblr-1751	451	15	providers	provider	NOUN
cblr-1751	451	16	,	,	PUNCT
cblr-1751	451	17	then	then	ADV
cblr-1751	451	18	they	they	PRON
cblr-1751	451	19	will	will	AUX
cblr-1751	451	20	profit	profit	VERB
cblr-1751	451	21	at	at	ADP
cblr-1751	451	22	the	the	DET
cblr-1751	451	23	liquidity	liquidity	NOUN
cblr-1751	451	24	providers	provider	NOUN
cblr-1751	451	25	’	'	PUNCT
cblr-1751	451	26	expense	expense	NOUN
cblr-1751	451	27	.	.	PUNCT
cblr-1751	452	1	however	however	ADV
cblr-1751	452	2	,	,	PUNCT
cblr-1751	452	3	if	if	SCONJ
cblr-1751	452	4	the	the	DET
cblr-1751	452	5	liquidity	liquidity	NOUN
cblr-1751	452	6	providers	provider	NOUN
cblr-1751	452	7	instead	instead	ADV
cblr-1751	452	8	were	be	AUX
cblr-1751	452	9	quoting	quote	VERB
cblr-1751	452	10	inferior	inferior	ADJ
cblr-1751	452	11	$	$	SYM
cblr-1751	452	12	44.18	44.18	NUM
cblr-1751	452	13	-	-	PUNCT
cblr-1751	452	14	per	per	ADP
cblr-1751	452	15	-	-	PUNCT
cblr-1751	452	16	share	share	NOUN
cblr-1751	452	17	best	good	ADJ
cblr-1751	452	18	ask	ask	NOUN
cblr-1751	452	19	prices	price	NOUN
cblr-1751	452	20	,	,	PUNCT
cblr-1751	452	21	then	then	ADV
cblr-1751	452	22	these	these	DET
cblr-1751	452	23	traders	trader	NOUN
cblr-1751	452	24	would	would	AUX
cblr-1751	452	25	not	not	PART
cblr-1751	452	26	be	be	AUX
cblr-1751	452	27	able	able	ADJ
cblr-1751	452	28	to	to	PART
cblr-1751	452	29	trade	trade	VERB
cblr-1751	452	30	profitably	profitably	ADV
cblr-1751	452	31	—	—	PUNCT
cblr-1751	452	32	and	and	CCONJ
cblr-1751	452	33	they	they	PRON
cblr-1751	452	34	therefore	therefore	ADV
cblr-1751	452	35	would	would	AUX
cblr-1751	452	36	not	not	PART
cblr-1751	452	37	impose	impose	VERB
cblr-1751	452	38	trading	trading	NOUN
cblr-1751	452	39	losses	loss	NOUN
cblr-1751	452	40	on	on	ADP
cblr-1751	452	41	the	the	DET
cblr-1751	452	42	liquidity	liquidity	NOUN
cblr-1751	452	43	providers	provider	NOUN
cblr-1751	452	44	.	.	PUNCT
cblr-1751	453	1	of	of	ADP
cblr-1751	453	2	paramount	paramount	ADJ
cblr-1751	453	3	importance	importance	NOUN
cblr-1751	453	4	here	here	ADV
cblr-1751	453	5	,	,	PUNCT
cblr-1751	453	6	exchange	exchange	NOUN
cblr-1751	453	7	liquidity	liquidity	NOUN
cblr-1751	453	8	providers	provider	NOUN
cblr-1751	453	9	do	do	AUX
cblr-1751	453	10	not	not	PART
cblr-1751	453	11	merely	merely	ADV
cblr-1751	453	12	decrease	decrease	VERB
cblr-1751	453	13	the	the	DET
cblr-1751	453	14	costs	cost	NOUN
cblr-1751	453	15	imposed	impose	VERB
cblr-1751	453	16	by	by	ADP
cblr-1751	453	17	informed	inform	VERB
cblr-1751	453	18	traders	trader	NOUN
cblr-1751	453	19	by	by	ADP
cblr-1751	453	20	quoting	quote	VERB
cblr-1751	453	21	inferior	inferior	ADJ
cblr-1751	453	22	best	well	ADV
cblr-1751	453	23	(	(	PUNCT
cblr-1751	453	24	lowest	low	ADJ
cblr-1751	453	25	)	)	PUNCT
cblr-1751	453	26	ask	ask	VERB
cblr-1751	453	27	quotes	quote	NOUN
cblr-1751	453	28	and	and	CCONJ
cblr-1751	453	29	best	good	ADJ
cblr-1751	453	30	(	(	PUNCT
cblr-1751	453	31	highest	high	ADJ
cblr-1751	453	32	)	)	PUNCT
cblr-1751	453	33	bid	bid	NOUN
cblr-1751	453	34	quotes	quote	NOUN
cblr-1751	453	35	.	.	PUNCT
cblr-1751	454	1	they	they	PRON
cblr-1751	454	2	also	also	ADV
cblr-1751	454	3	decrease	decrease	VERB
cblr-1751	454	4	these	these	DET
cblr-1751	454	5	costs	cost	NOUN
cblr-1751	454	6	by	by	ADP
cblr-1751	454	7	altering	alter	VERB
cblr-1751	454	8	the	the	DET
cblr-1751	454	9	number	number	NOUN
cblr-1751	454	10	of	of	ADP
cblr-1751	454	11	shares	share	NOUN
cblr-1751	454	12	that	that	PRON
cblr-1751	454	13	they	they	PRON
cblr-1751	454	14	are	be	AUX
cblr-1751	454	15	willing	willing	ADJ
cblr-1751	454	16	to	to	PART
cblr-1751	454	17	trade	trade	VERB
cblr-1751	454	18	at	at	ADP
cblr-1751	454	19	those	those	DET
cblr-1751	454	20	prices	price	NOUN
cblr-1751	454	21	as	as	ADV
cblr-1751	454	22	well	well	ADV
cblr-1751	454	23	as	as	ADP
cblr-1751	454	24	the	the	DET
cblr-1751	454	25	number	number	NOUN
cblr-1751	454	26	that	that	PRON
cblr-1751	454	27	they	they	PRON
cblr-1751	454	28	are	be	AUX
cblr-1751	454	29	69	69	NUM
cblr-1751	454	30	see	see	NOUN
cblr-1751	454	31	supra	supra	PROPN
cblr-1751	454	32	part	part	NOUN
cblr-1751	454	33	iv.a.1	iv.a.1	NOUN
cblr-1751	454	34	.	.	PUNCT
cblr-1751	455	1	70	70	NUM
cblr-1751	455	2	see	see	VERB
cblr-1751	455	3	harris	harris	PROPN
cblr-1751	455	4	,	,	PUNCT
cblr-1751	455	5	supra	supra	PROPN
cblr-1751	455	6	note	note	PROPN
cblr-1751	455	7	7	7	NUM
cblr-1751	455	8	,	,	PUNCT
cblr-1751	455	9	at	at	ADP
cblr-1751	455	10	6	6	NUM
cblr-1751	455	11	,	,	PUNCT
cblr-1751	455	12	298	298	NUM
cblr-1751	455	13	.	.	PUNCT
cblr-1751	456	1	haeberle	haeberle	PROPN
cblr-1751	456	2	final	final	ADJ
cblr-1751	456	3	160	160	NUM
cblr-1751	456	4	columbia	columbia	PROPN
cblr-1751	456	5	business	business	NOUN
cblr-1751	456	6	law	law	PROPN
cblr-1751	456	7	review	review	NOUN
cblr-1751	456	8	[	[	X
cblr-1751	456	9	vol	vol	NOUN
cblr-1751	456	10	.	.	NOUN
cblr-1751	456	11	2015	2015	NUM
cblr-1751	456	12	willing	willing	ADJ
cblr-1751	456	13	to	to	PART
cblr-1751	456	14	trade	trade	VERB
cblr-1751	456	15	at	at	ADP
cblr-1751	456	16	their	their	PRON
cblr-1751	456	17	successively	successively	ADV
cblr-1751	456	18	inferior	inferior	ADJ
cblr-1751	456	19	quoted	quote	VERB
cblr-1751	456	20	prices.71	prices.71	NOUN
cblr-1751	456	21	for	for	ADP
cblr-1751	456	22	example	example	NOUN
cblr-1751	456	23	,	,	PUNCT
cblr-1751	456	24	a	a	DET
cblr-1751	456	25	liquidity	liquidity	NOUN
cblr-1751	456	26	provider	provider	NOUN
cblr-1751	456	27	may	may	AUX
cblr-1751	456	28	quote	quote	VERB
cblr-1751	456	29	a	a	DET
cblr-1751	456	30	$	$	SYM
cblr-1751	456	31	44.12	44.12	NUM
cblr-1751	456	32	-	-	PUNCT
cblr-1751	456	33	pershare	pershare	NOUN
cblr-1751	456	34	best	good	ADJ
cblr-1751	456	35	(	(	PUNCT
cblr-1751	456	36	lowest	low	ADJ
cblr-1751	456	37	)	)	PUNCT
cblr-1751	456	38	ask	ask	VERB
cblr-1751	456	39	price	price	NOUN
cblr-1751	456	40	,	,	PUNCT
cblr-1751	456	41	albeit	albeit	SCONJ
cblr-1751	456	42	while	while	SCONJ
cblr-1751	456	43	posting	post	VERB
cblr-1751	456	44	a	a	DET
cblr-1751	456	45	mere	mere	ADJ
cblr-1751	456	46	500	500	NUM
cblr-1751	456	47	shares	share	NOUN
cblr-1751	456	48	at	at	ADP
cblr-1751	456	49	that	that	DET
cblr-1751	456	50	price	price	NOUN
cblr-1751	456	51	rather	rather	ADV
cblr-1751	456	52	than	than	ADP
cblr-1751	456	53	1,000	1,000	NUM
cblr-1751	456	54	,	,	PUNCT
cblr-1751	456	55	another	another	DET
cblr-1751	456	56	500	500	NUM
cblr-1751	456	57	shares	share	NOUN
cblr-1751	456	58	at	at	ADP
cblr-1751	456	59	$	$	SYM
cblr-1751	456	60	44.13	44.13	NUM
cblr-1751	456	61	per	per	ADP
cblr-1751	456	62	share	share	NOUN
cblr-1751	456	63	rather	rather	ADV
cblr-1751	456	64	than	than	ADP
cblr-1751	456	65	1,000	1,000	NUM
cblr-1751	456	66	,	,	PUNCT
cblr-1751	456	67	and	and	CCONJ
cblr-1751	456	68	so	so	ADV
cblr-1751	456	69	on	on	ADV
cblr-1751	456	70	.	.	PUNCT
cblr-1751	457	1	accordingly	accordingly	ADV
cblr-1751	457	2	,	,	PUNCT
cblr-1751	457	3	exchange	exchange	NOUN
cblr-1751	457	4	liquidity	liquidity	NOUN
cblr-1751	457	5	providers	provider	NOUN
cblr-1751	457	6	may	may	AUX
cblr-1751	457	7	decrease	decrease	VERB
cblr-1751	457	8	their	their	PRON
cblr-1751	457	9	losses	loss	NOUN
cblr-1751	457	10	to	to	PART
cblr-1751	457	11	informed	inform	VERB
cblr-1751	457	12	traders	trader	NOUN
cblr-1751	457	13	by	by	ADP
cblr-1751	457	14	quoting	quote	VERB
cblr-1751	457	15	inferior	inferior	ADJ
cblr-1751	457	16	prices	price	NOUN
cblr-1751	457	17	—	—	PUNCT
cblr-1751	457	18	including	include	VERB
cblr-1751	457	19	both	both	CCONJ
cblr-1751	457	20	inferior	inferior	ADJ
cblr-1751	457	21	best	good	ADJ
cblr-1751	457	22	(	(	PUNCT
cblr-1751	457	23	lowest	low	ADJ
cblr-1751	457	24	)	)	PUNCT
cblr-1751	457	25	ask	ask	VERB
cblr-1751	457	26	prices	price	NOUN
cblr-1751	457	27	and	and	CCONJ
cblr-1751	457	28	best	good	ADJ
cblr-1751	457	29	(	(	PUNCT
cblr-1751	457	30	highest	high	ADJ
cblr-1751	457	31	)	)	PUNCT
cblr-1751	457	32	bid	bid	NOUN
cblr-1751	457	33	prices	price	NOUN
cblr-1751	457	34	as	as	ADV
cblr-1751	457	35	well	well	ADV
cblr-1751	457	36	as	as	ADP
cblr-1751	457	37	inferior	inferior	ADJ
cblr-1751	457	38	quantities	quantity	NOUN
cblr-1751	457	39	of	of	ADP
cblr-1751	457	40	shares	share	NOUN
cblr-1751	457	41	at	at	ADP
cblr-1751	457	42	those	those	DET
cblr-1751	457	43	prices	price	NOUN
cblr-1751	457	44	and	and	CCONJ
cblr-1751	457	45	beyond	beyond	ADP
cblr-1751	457	46	.	.	PUNCT
cblr-1751	458	1	second	second	ADJ
cblr-1751	458	2	,	,	PUNCT
cblr-1751	458	3	and	and	CCONJ
cblr-1751	458	4	equally	equally	ADV
cblr-1751	458	5	as	as	ADV
cblr-1751	458	6	important	important	ADJ
cblr-1751	458	7	here	here	ADV
cblr-1751	458	8	,	,	PUNCT
cblr-1751	458	9	exchange	exchange	NOUN
cblr-1751	458	10	liquidity	liquidity	NOUN
cblr-1751	458	11	providers	provider	NOUN
cblr-1751	458	12	decrease	decrease	VERB
cblr-1751	458	13	the	the	DET
cblr-1751	458	14	costs	cost	NOUN
cblr-1751	458	15	imposed	impose	VERB
cblr-1751	458	16	by	by	ADP
cblr-1751	458	17	informed	inform	VERB
cblr-1751	458	18	traders	trader	NOUN
cblr-1751	458	19	by	by	ADP
cblr-1751	458	20	altering	alter	VERB
cblr-1751	458	21	the	the	DET
cblr-1751	458	22	sensitivity	sensitivity	NOUN
cblr-1751	458	23	of	of	ADP
cblr-1751	458	24	their	their	PRON
cblr-1751	458	25	quote	quote	NOUN
cblr-1751	458	26	-	-	PUNCT
cblr-1751	458	27	adjustment	adjustment	NOUN
cblr-1751	458	28	triggers	trigger	NOUN
cblr-1751	458	29	.	.	PUNCT
cblr-1751	459	1	these	these	DET
cblr-1751	459	2	liquidity	liquidity	NOUN
cblr-1751	459	3	providers	provider	NOUN
cblr-1751	459	4	alter	alter	VERB
cblr-1751	459	5	their	their	PRON
cblr-1751	459	6	price	price	NOUN
cblr-1751	459	7	quotes	quote	NOUN
cblr-1751	459	8	in	in	ADP
cblr-1751	459	9	response	response	NOUN
cblr-1751	459	10	to	to	ADP
cblr-1751	459	11	the	the	DET
cblr-1751	459	12	information	information	NOUN
cblr-1751	459	13	that	that	PRON
cblr-1751	459	14	they	they	PRON
cblr-1751	459	15	glean	glean	VERB
cblr-1751	459	16	from	from	ADP
cblr-1751	459	17	trading	trading	NOUN
cblr-1751	459	18	activity	activity	NOUN
cblr-1751	459	19	and	and	CCONJ
cblr-1751	459	20	more	more	ADJ
cblr-1751	459	21	.	.	PUNCT
cblr-1751	460	1	it	it	PRON
cblr-1751	460	2	is	be	AUX
cblr-1751	460	3	such	such	ADJ
cblr-1751	460	4	liquidity	liquidity	NOUN
cblr-1751	460	5	-	-	PUNCT
cblr-1751	460	6	provider	provider	NOUN
cblr-1751	460	7	alterations	alteration	NOUN
cblr-1751	460	8	that	that	PRON
cblr-1751	460	9	result	result	VERB
cblr-1751	460	10	in	in	ADP
cblr-1751	460	11	informed	informed	ADJ
cblr-1751	460	12	traders	trader	NOUN
cblr-1751	460	13	’	’	PART
cblr-1751	460	14	information	information	NOUN
cblr-1751	460	15	being	be	AUX
cblr-1751	460	16	absorbed	absorb	VERB
cblr-1751	460	17	into	into	ADP
cblr-1751	460	18	market	market	NOUN
cblr-1751	460	19	prices.72	prices.72	NOUN
cblr-1751	460	20	and	and	CCONJ
cblr-1751	460	21	in	in	ADP
cblr-1751	460	22	today	today	NOUN
cblr-1751	460	23	’s	’s	PART
cblr-1751	460	24	market	market	NOUN
cblr-1751	460	25	,	,	PUNCT
cblr-1751	460	26	these	these	DET
cblr-1751	460	27	price	price	NOUN
cblr-1751	460	28	changes	change	NOUN
cblr-1751	460	29	commonly	commonly	ADV
cblr-1751	460	30	occur	occur	VERB
cblr-1751	460	31	within	within	ADP
cblr-1751	460	32	mere	mere	ADJ
cblr-1751	460	33	milliseconds	millisecond	NOUN
cblr-1751	460	34	after	after	SCONJ
cblr-1751	460	35	trades	trade	NOUN
cblr-1751	460	36	are	be	AUX
cblr-1751	460	37	executed	execute	VERB
cblr-1751	460	38	.	.	PUNCT
cblr-1751	461	1	for	for	ADP
cblr-1751	461	2	example	example	NOUN
cblr-1751	461	3	,	,	PUNCT
cblr-1751	461	4	suppose	suppose	VERB
cblr-1751	461	5	again	again	ADV
cblr-1751	461	6	that	that	SCONJ
cblr-1751	461	7	exchange	exchange	NOUN
cblr-1751	461	8	liquidity	liquidity	NOUN
cblr-1751	461	9	providers	provider	NOUN
cblr-1751	461	10	are	be	AUX
cblr-1751	461	11	posting	post	VERB
cblr-1751	461	12	best	well	ADV
cblr-1751	461	13	(	(	PUNCT
cblr-1751	461	14	lowest	low	ADJ
cblr-1751	461	15	)	)	PUNCT
cblr-1751	461	16	ask	ask	VERB
cblr-1751	461	17	quotes	quote	NOUN
cblr-1751	461	18	of	of	ADP
cblr-1751	461	19	$	$	SYM
cblr-1751	461	20	44.12	44.12	NUM
cblr-1751	461	21	per	per	ADP
cblr-1751	461	22	share	share	NOUN
cblr-1751	461	23	,	,	PUNCT
cblr-1751	461	24	and	and	CCONJ
cblr-1751	461	25	that	that	SCONJ
cblr-1751	461	26	they	they	PRON
cblr-1751	461	27	observe	observe	VERB
cblr-1751	461	28	net	net	ADJ
cblr-1751	461	29	buying	buying	NOUN
cblr-1751	461	30	against	against	ADP
cblr-1751	461	31	ask	ask	VERB
cblr-1751	461	32	quotes	quote	NOUN
cblr-1751	461	33	in	in	ADP
cblr-1751	461	34	the	the	DET
cblr-1751	461	35	market	market	NOUN
cblr-1751	461	36	more	more	ADV
cblr-1751	461	37	generally	generally	ADV
cblr-1751	461	38	for	for	ADP
cblr-1751	461	39	30,000	30,000	NUM
cblr-1751	461	40	shares	share	NOUN
cblr-1751	461	41	in	in	ADP
cblr-1751	461	42	a	a	DET
cblr-1751	461	43	short	short	ADJ
cblr-1751	461	44	time	time	NOUN
cblr-1751	461	45	period	period	NOUN
cblr-1751	461	46	.	.	PUNCT
cblr-1751	462	1	after	after	ADP
cblr-1751	462	2	observing	observe	VERB
cblr-1751	462	3	that	that	SCONJ
cblr-1751	462	4	buying	buying	NOUN
cblr-1751	462	5	activity	activity	NOUN
cblr-1751	462	6	,	,	PUNCT
cblr-1751	462	7	they	they	PRON
cblr-1751	462	8	may	may	AUX
cblr-1751	462	9	increase	increase	VERB
cblr-1751	462	10	their	their	PRON
cblr-1751	462	11	best	good	ADJ
cblr-1751	462	12	(	(	PUNCT
cblr-1751	462	13	lowest	low	ADJ
cblr-1751	462	14	)	)	PUNCT
cblr-1751	462	15	ask	ask	VERB
cblr-1751	462	16	quotes	quote	NOUN
cblr-1751	462	17	up	up	ADP
cblr-1751	462	18	from	from	ADP
cblr-1751	462	19	$	$	SYM
cblr-1751	462	20	44.12	44.12	NUM
cblr-1751	462	21	per	per	ADP
cblr-1751	462	22	share	share	NOUN
cblr-1751	462	23	to	to	ADP
cblr-1751	462	24	$	$	SYM
cblr-1751	462	25	44.16	44.16	NUM
cblr-1751	462	26	per	per	ADP
cblr-1751	462	27	share	share	NOUN
cblr-1751	462	28	in	in	ADP
cblr-1751	462	29	order	order	NOUN
cblr-1751	462	30	to	to	PART
cblr-1751	462	31	protect	protect	VERB
cblr-1751	462	32	themselves	themselves	PRON
cblr-1751	462	33	from	from	ADP
cblr-1751	462	34	incurring	incur	VERB
cblr-1751	462	35	losses	loss	NOUN
cblr-1751	462	36	to	to	ADP
cblr-1751	462	37	informed	inform	VERB
cblr-1751	462	38	traders	trader	NOUN
cblr-1751	462	39	.	.	PUNCT
cblr-1751	463	1	but	but	CCONJ
cblr-1751	463	2	if	if	SCONJ
cblr-1751	463	3	they	they	PRON
cblr-1751	463	4	wanted	want	VERB
cblr-1751	463	5	even	even	ADV
cblr-1751	463	6	more	more	ADJ
cblr-1751	463	7	protection	protection	NOUN
cblr-1751	463	8	,	,	PUNCT
cblr-1751	463	9	they	they	PRON
cblr-1751	463	10	may	may	AUX
cblr-1751	463	11	update	update	VERB
cblr-1751	463	12	their	their	PRON
cblr-1751	463	13	quotes	quote	NOUN
cblr-1751	463	14	upward	upward	ADV
cblr-1751	463	15	after	after	ADP
cblr-1751	463	16	observing	observe	VERB
cblr-1751	463	17	only	only	ADV
cblr-1751	463	18	10,000	10,000	NUM
cblr-1751	463	19	shares	share	NOUN
cblr-1751	463	20	of	of	ADP
cblr-1751	463	21	such	such	ADJ
cblr-1751	463	22	buying	buying	NOUN
cblr-1751	463	23	activity	activity	NOUN
cblr-1751	463	24	in	in	ADP
cblr-1751	463	25	that	that	DET
cblr-1751	463	26	same	same	ADJ
cblr-1751	463	27	time	time	NOUN
cblr-1751	463	28	period	period	NOUN
cblr-1751	463	29	.	.	PUNCT
cblr-1751	464	1	thus	thus	ADV
cblr-1751	464	2	,	,	PUNCT
cblr-1751	464	3	exchange	exchange	NOUN
cblr-1751	464	4	liquidity	liquidity	NOUN
cblr-1751	464	5	providers	provider	NOUN
cblr-1751	464	6	also	also	ADV
cblr-1751	464	7	mitigate	mitigate	VERB
cblr-1751	464	8	their	their	PRON
cblr-1751	464	9	losses	loss	NOUN
cblr-1751	464	10	to	to	PART
cblr-1751	464	11	informed	inform	VERB
cblr-1751	464	12	traders	trader	NOUN
cblr-1751	464	13	by	by	ADP
cblr-1751	464	14	lowering	lower	VERB
cblr-1751	464	15	the	the	DET
cblr-1751	464	16	threshold	threshold	NOUN
cblr-1751	464	17	that	that	PRON
cblr-1751	464	18	elicits	elicit	VERB
cblr-1751	464	19	their	their	PRON
cblr-1751	464	20	pricequote	pricequote	ADJ
cblr-1751	464	21	adjustments	adjustment	NOUN
cblr-1751	464	22	.	.	PUNCT
cblr-1751	465	1	71	71	NUM
cblr-1751	465	2	see	see	VERB
cblr-1751	465	3	generally	generally	ADV
cblr-1751	465	4	supra	supra	ADJ
cblr-1751	465	5	part	part	PROPN
cblr-1751	465	6	iii.b.2	iii.b.2	PROPN
cblr-1751	465	7	(	(	PUNCT
cblr-1751	465	8	detailing	detail	VERB
cblr-1751	465	9	these	these	DET
cblr-1751	465	10	aspects	aspect	NOUN
cblr-1751	465	11	of	of	ADP
cblr-1751	465	12	exchange	exchange	NOUN
cblr-1751	465	13	liquidity	liquidity	NOUN
cblr-1751	465	14	providers	provider	NOUN
cblr-1751	465	15	’	'	PUNCT
cblr-1751	465	16	quotes	quote	NOUN
cblr-1751	465	17	)	)	PUNCT
cblr-1751	465	18	.	.	PUNCT
cblr-1751	466	1	72	72	NUM
cblr-1751	466	2	see	see	VERB
cblr-1751	466	3	generally	generally	ADV
cblr-1751	466	4	supra	supra	ADJ
cblr-1751	466	5	part	part	PROPN
cblr-1751	466	6	ii.a.2	ii.a.2	PROPN
cblr-1751	466	7	(	(	PUNCT
cblr-1751	466	8	describing	describe	VERB
cblr-1751	466	9	the	the	DET
cblr-1751	466	10	process	process	NOUN
cblr-1751	466	11	in	in	ADP
cblr-1751	466	12	which	which	PRON
cblr-1751	466	13	fundamental	fundamental	ADJ
cblr-1751	466	14	-	-	PUNCT
cblr-1751	466	15	value	value	NOUN
cblr-1751	466	16	information	information	NOUN
cblr-1751	466	17	is	be	AUX
cblr-1751	466	18	incorporated	incorporate	VERB
cblr-1751	466	19	into	into	ADP
cblr-1751	466	20	stocks	stock	NOUN
cblr-1751	466	21	’	'	PUNCT
cblr-1751	466	22	market	market	NOUN
cblr-1751	466	23	prices	price	NOUN
cblr-1751	466	24	as	as	ADP
cblr-1751	466	25	a	a	DET
cblr-1751	466	26	consequence	consequence	NOUN
cblr-1751	466	27	of	of	ADP
cblr-1751	466	28	trading	trading	NOUN
cblr-1751	466	29	activity	activity	NOUN
cblr-1751	466	30	)	)	PUNCT
cblr-1751	466	31	.	.	PUNCT
cblr-1751	467	1	haeberle	haeberle	PROPN
cblr-1751	467	2	final	final	ADJ
cblr-1751	467	3	no	no	NOUN
cblr-1751	467	4	.	.	NOUN
cblr-1751	467	5	1:121	1:121	NUM
cblr-1751	467	6	]	]	X
cblr-1751	467	7	stock	stock	NOUN
cblr-1751	467	8	-	-	PUNCT
cblr-1751	467	9	price	price	NOUN
cblr-1751	467	10	accuracy	accuracy	NOUN
cblr-1751	467	11	161	161	NUM
cblr-1751	467	12	the	the	DET
cblr-1751	467	13	trading	trading	NOUN
cblr-1751	467	14	-	-	PUNCT
cblr-1751	467	15	platform	platform	NOUN
cblr-1751	467	16	access	access	NOUN
cblr-1751	467	17	rules	rule	NOUN
cblr-1751	467	18	,	,	PUNCT
cblr-1751	467	19	however	however	ADV
cblr-1751	467	20	,	,	PUNCT
cblr-1751	467	21	lead	lead	VERB
cblr-1751	467	22	to	to	ADP
cblr-1751	467	23	a	a	DET
cblr-1751	467	24	trading	trading	NOUN
cblr-1751	467	25	environment	environment	NOUN
cblr-1751	467	26	on	on	ADP
cblr-1751	467	27	exchanges	exchange	NOUN
cblr-1751	467	28	in	in	ADP
cblr-1751	467	29	which	which	PRON
cblr-1751	467	30	the	the	DET
cblr-1751	467	31	main	main	ADJ
cblr-1751	467	32	source	source	NOUN
cblr-1751	467	33	of	of	ADP
cblr-1751	467	34	revenue	revenue	NOUN
cblr-1751	467	35	for	for	ADP
cblr-1751	467	36	exchange	exchange	NOUN
cblr-1751	467	37	liquidity	liquidity	NOUN
cblr-1751	467	38	providers	provider	NOUN
cblr-1751	467	39	is	be	AUX
cblr-1751	467	40	far	far	ADV
cblr-1751	467	41	smaller	small	ADJ
cblr-1751	467	42	than	than	SCONJ
cblr-1751	467	43	it	it	PRON
cblr-1751	467	44	otherwise	otherwise	ADV
cblr-1751	467	45	might	might	AUX
cblr-1751	467	46	be	be	AUX
cblr-1751	467	47	.	.	PUNCT
cblr-1751	468	1	those	those	DET
cblr-1751	468	2	rules	rule	NOUN
cblr-1751	468	3	result	result	VERB
cblr-1751	468	4	in	in	ADP
cblr-1751	468	5	large	large	ADJ
cblr-1751	468	6	numbers	number	NOUN
cblr-1751	468	7	of	of	ADP
cblr-1751	468	8	uninformed	uninformed	ADJ
cblr-1751	468	9	traders	trader	NOUN
cblr-1751	468	10	completing	complete	VERB
cblr-1751	468	11	their	their	PRON
cblr-1751	468	12	trading	trading	NOUN
cblr-1751	468	13	through	through	ADP
cblr-1751	468	14	off	off	ADP
cblr-1751	468	15	-	-	PUNCT
cblr-1751	468	16	exchange	exchange	NOUN
cblr-1751	468	17	platforms	platform	NOUN
cblr-1751	468	18	rather	rather	ADV
cblr-1751	468	19	than	than	ADP
cblr-1751	468	20	exchanges	exchange	NOUN
cblr-1751	468	21	.	.	PUNCT
cblr-1751	469	1	to	to	PART
cblr-1751	469	2	ensure	ensure	VERB
cblr-1751	469	3	that	that	SCONJ
cblr-1751	469	4	they	they	PRON
cblr-1751	469	5	have	have	VERB
cblr-1751	469	6	revenues	revenue	NOUN
cblr-1751	469	7	that	that	PRON
cblr-1751	469	8	exceed	exceed	VERB
cblr-1751	469	9	their	their	PRON
cblr-1751	469	10	costs	cost	NOUN
cblr-1751	469	11	despite	despite	SCONJ
cblr-1751	469	12	this	this	DET
cblr-1751	469	13	lower	low	ADJ
cblr-1751	469	14	revenue	revenue	NOUN
cblr-1751	469	15	received	receive	VERB
cblr-1751	469	16	from	from	ADP
cblr-1751	469	17	uninformed	uninformed	ADJ
cblr-1751	469	18	traders	trader	NOUN
cblr-1751	469	19	,	,	PUNCT
cblr-1751	469	20	exchange	exchange	NOUN
cblr-1751	469	21	liquidity	liquidity	NOUN
cblr-1751	469	22	providers	provider	NOUN
cblr-1751	469	23	must	must	AUX
cblr-1751	469	24	take	take	VERB
cblr-1751	469	25	steps	step	NOUN
cblr-1751	469	26	to	to	PART
cblr-1751	469	27	further	far	ADV
cblr-1751	469	28	reduce	reduce	VERB
cblr-1751	469	29	the	the	DET
cblr-1751	469	30	costs	cost	NOUN
cblr-1751	469	31	imposed	impose	VERB
cblr-1751	469	32	by	by	ADP
cblr-1751	469	33	informed	informed	ADJ
cblr-1751	469	34	traders	trader	NOUN
cblr-1751	469	35	.	.	PUNCT
cblr-1751	470	1	they	they	PRON
cblr-1751	470	2	do	do	VERB
cblr-1751	470	3	so	so	ADV
cblr-1751	470	4	by	by	ADP
cblr-1751	470	5	bolstering	bolster	VERB
cblr-1751	470	6	their	their	PRON
cblr-1751	470	7	price	price	NOUN
cblr-1751	470	8	-	-	PUNCT
cblr-1751	470	9	quote	quote	NOUN
cblr-1751	470	10	defenses	defense	NOUN
cblr-1751	470	11	against	against	ADP
cblr-1751	470	12	informed	inform	VERB
cblr-1751	470	13	-	-	PUNCT
cblr-1751	470	14	trader	trader	NOUN
cblr-1751	470	15	losses	loss	NOUN
cblr-1751	470	16	—	—	PUNCT
cblr-1751	470	17	that	that	ADV
cblr-1751	470	18	is	is	ADV
cblr-1751	470	19	,	,	PUNCT
cblr-1751	470	20	by	by	ADP
cblr-1751	470	21	quoting	quote	VERB
cblr-1751	470	22	inferior	inferior	ADJ
cblr-1751	470	23	prices73	prices73	NOUN
cblr-1751	470	24	and	and	CCONJ
cblr-1751	470	25	reducing	reduce	VERB
cblr-1751	470	26	the	the	DET
cblr-1751	470	27	trading	trading	NOUN
cblr-1751	470	28	-	-	PUNCT
cblr-1751	470	29	activity	activity	NOUN
cblr-1751	470	30	thresholds	threshold	NOUN
cblr-1751	470	31	that	that	PRON
cblr-1751	470	32	trigger	trigger	VERB
cblr-1751	470	33	their	their	PRON
cblr-1751	470	34	adjustments	adjustment	NOUN
cblr-1751	470	35	to	to	ADP
cblr-1751	470	36	their	their	PRON
cblr-1751	470	37	prices	price	NOUN
cblr-1751	470	38	.	.	PUNCT
cblr-1751	471	1	accordingly	accordingly	ADV
cblr-1751	471	2	,	,	PUNCT
cblr-1751	471	3	the	the	DET
cblr-1751	471	4	far	far	ADV
cblr-1751	471	5	higher	high	ADJ
cblr-1751	471	6	ratio	ratio	NOUN
cblr-1751	471	7	of	of	ADP
cblr-1751	471	8	informed	inform	VERB
cblr-1751	471	9	73	73	NUM
cblr-1751	471	10	a	a	DET
cblr-1751	471	11	parallel	parallel	ADJ
cblr-1751	471	12	work	work	NOUN
cblr-1751	471	13	in	in	ADP
cblr-1751	471	14	progress	progress	NOUN
cblr-1751	471	15	in	in	ADP
cblr-1751	471	16	financial	financial	ADJ
cblr-1751	471	17	economics	economic	NOUN
cblr-1751	471	18	provides	provide	VERB
cblr-1751	471	19	preliminary	preliminary	ADJ
cblr-1751	471	20	empirical	empirical	ADJ
cblr-1751	471	21	support	support	NOUN
cblr-1751	471	22	for	for	ADP
cblr-1751	471	23	the	the	DET
cblr-1751	471	24	proposition	proposition	NOUN
cblr-1751	471	25	that	that	SCONJ
cblr-1751	471	26	the	the	DET
cblr-1751	471	27	growth	growth	NOUN
cblr-1751	471	28	of	of	ADP
cblr-1751	471	29	offexchange	offexchange	NOUN
cblr-1751	471	30	trading	trading	NOUN
cblr-1751	471	31	is	be	AUX
cblr-1751	471	32	causing	cause	VERB
cblr-1751	471	33	exchange	exchange	NOUN
cblr-1751	471	34	liquidity	liquidity	NOUN
cblr-1751	471	35	providers	provider	NOUN
cblr-1751	471	36	to	to	PART
cblr-1751	471	37	quote	quote	VERB
cblr-1751	471	38	inferior	inferior	ADJ
cblr-1751	471	39	prices	price	NOUN
cblr-1751	471	40	.	.	PUNCT
cblr-1751	472	1	see	see	VERB
cblr-1751	472	2	frank	frank	PROPN
cblr-1751	472	3	hatheway	hatheway	PROPN
cblr-1751	472	4	,	,	PUNCT
cblr-1751	472	5	amy	amy	PROPN
cblr-1751	472	6	kwan	kwan	PROPN
cblr-1751	472	7	&	&	CCONJ
cblr-1751	472	8	hui	hui	PROPN
cblr-1751	472	9	zheng	zheng	PROPN
cblr-1751	472	10	,	,	PUNCT
cblr-1751	472	11	an	an	DET
cblr-1751	472	12	empirical	empirical	ADJ
cblr-1751	472	13	analysis	analysis	NOUN
cblr-1751	472	14	of	of	ADP
cblr-1751	472	15	market	market	NOUN
cblr-1751	472	16	segmentation	segmentation	NOUN
cblr-1751	472	17	on	on	ADP
cblr-1751	472	18	u.s	u.s	PROPN
cblr-1751	472	19	.	.	PROPN
cblr-1751	472	20	equities	equity	NOUN
cblr-1751	472	21	markets	market	VERB
cblr-1751	472	22	3	3	NUM
cblr-1751	472	23	(	(	PUNCT
cblr-1751	472	24	working	working	NOUN
cblr-1751	472	25	paper	paper	NOUN
cblr-1751	472	26	,	,	PUNCT
cblr-1751	472	27	2014	2014	NUM
cblr-1751	472	28	)	)	PUNCT
cblr-1751	472	29	(	(	PUNCT
cblr-1751	472	30	“	"	PUNCT
cblr-1751	472	31	[	[	X
cblr-1751	472	32	o]ur	o]ur	NUM
cblr-1751	472	33	results	result	NOUN
cblr-1751	472	34	show	show	VERB
cblr-1751	472	35	that	that	SCONJ
cblr-1751	472	36	[	[	X
cblr-1751	472	37	off	off	ADP
cblr-1751	472	38	-	-	PUNCT
cblr-1751	472	39	exchange	exchange	NOUN
cblr-1751	472	40	]	]	PUNCT
cblr-1751	472	41	venues	venue	NOUN
cblr-1751	472	42	successfully	successfully	ADV
cblr-1751	472	43	segment	segment	VERB
cblr-1751	472	44	the	the	DET
cblr-1751	472	45	market	market	NOUN
cblr-1751	472	46	and	and	CCONJ
cblr-1751	472	47	attract	attract	VERB
cblr-1751	472	48	uninformed	uninformed	ADJ
cblr-1751	472	49	order	order	NOUN
cblr-1751	472	50	flow	flow	NOUN
cblr-1751	472	51	from	from	ADP
cblr-1751	472	52	[	[	X
cblr-1751	472	53	exchanges	exchange	NOUN
cblr-1751	472	54	]	]	PUNCT
cblr-1751	472	55	.	.	PUNCT
cblr-1751	473	1	the	the	DET
cblr-1751	473	2	resulting	result	VERB
cblr-1751	473	3	market	market	NOUN
cblr-1751	473	4	fragmentation	fragmentation	NOUN
cblr-1751	473	5	leaves	leave	VERB
cblr-1751	473	6	liquidity	liquidity	NOUN
cblr-1751	473	7	providers	provider	NOUN
cblr-1751	473	8	worse	bad	ADJ
cblr-1751	473	9	off	off	ADP
cblr-1751	473	10	on	on	ADP
cblr-1751	473	11	[	[	NOUN
cblr-1751	473	12	exchanges	exchange	NOUN
cblr-1751	473	13	]	]	PUNCT
cblr-1751	473	14	,	,	PUNCT
cblr-1751	473	15	consequently	consequently	ADV
cblr-1751	473	16	harming	harm	VERB
cblr-1751	473	17	overall	overall	ADJ
cblr-1751	473	18	market	market	NOUN
cblr-1751	473	19	quality	quality	NOUN
cblr-1751	473	20	.	.	PUNCT
cblr-1751	473	21	”	"	PUNCT
cblr-1751	473	22	)	)	PUNCT
cblr-1751	473	23	,	,	PUNCT
cblr-1751	473	24	available	available	ADJ
cblr-1751	473	25	at	at	ADP
cblr-1751	473	26	http://www.rhsmith.umd.edu/files/documents/centers/cfp/research/hathe	http://www.rhsmith.umd.edu/files/documents/centers/cfp/research/hathe	DET
cblr-1751	473	27	way_kwan_zheng.pdf	way_kwan_zheng.pdf	PROPN
cblr-1751	473	28	,	,	PUNCT
cblr-1751	473	29	archived	archive	VERB
cblr-1751	473	30	at	at	ADP
cblr-1751	473	31	http://perma.cc/hm4z-nyub	http://perma.cc/hm4z-nyub	NOUN
cblr-1751	473	32	.	.	PUNCT
cblr-1751	474	1	moreover	moreover	ADV
cblr-1751	474	2	,	,	PUNCT
cblr-1751	474	3	financial	financial	ADJ
cblr-1751	474	4	economists	economist	NOUN
cblr-1751	474	5	have	have	AUX
cblr-1751	474	6	empirically	empirically	ADV
cblr-1751	474	7	demonstrated	demonstrate	VERB
cblr-1751	474	8	that	that	SCONJ
cblr-1751	474	9	previous	previous	ADJ
cblr-1751	474	10	diversions	diversion	NOUN
cblr-1751	474	11	of	of	ADP
cblr-1751	474	12	far	far	ADV
cblr-1751	474	13	narrower	narrow	ADJ
cblr-1751	474	14	sets	set	NOUN
cblr-1751	474	15	of	of	ADP
cblr-1751	474	16	uninformed	uninformed	ADJ
cblr-1751	474	17	traders	trader	NOUN
cblr-1751	474	18	away	away	ADV
cblr-1751	474	19	from	from	ADP
cblr-1751	474	20	far	far	ADV
cblr-1751	474	21	narrower	narrow	ADJ
cblr-1751	474	22	sets	set	NOUN
cblr-1751	474	23	of	of	ADP
cblr-1751	474	24	liquidity	liquidity	NOUN
cblr-1751	474	25	providers	provider	NOUN
cblr-1751	474	26	caused	cause	VERB
cblr-1751	474	27	those	those	DET
cblr-1751	474	28	liquidity	liquidity	NOUN
cblr-1751	474	29	providers	provider	NOUN
cblr-1751	474	30	to	to	PART
cblr-1751	474	31	quote	quote	VERB
cblr-1751	474	32	inferior	inferior	ADJ
cblr-1751	474	33	prices	price	NOUN
cblr-1751	474	34	.	.	PUNCT
cblr-1751	475	1	see	see	VERB
cblr-1751	475	2	david	david	PROPN
cblr-1751	475	3	easley	easley	PROPN
cblr-1751	475	4	,	,	PUNCT
cblr-1751	475	5	nicholas	nicholas	PROPN
cblr-1751	475	6	m.	m.	PROPN
cblr-1751	475	7	kiefer	kiefer	PROPN
cblr-1751	475	8	&	&	CCONJ
cblr-1751	475	9	maureen	maureen	PROPN
cblr-1751	475	10	o’hara	o’hara	PROPN
cblr-1751	475	11	,	,	PUNCT
cblr-1751	475	12	cream	cream	NOUN
cblr-1751	475	13	-	-	PUNCT
cblr-1751	475	14	skimming	skim	VERB
cblr-1751	475	15	or	or	CCONJ
cblr-1751	475	16	profit	profit	NOUN
cblr-1751	475	17	-	-	PUNCT
cblr-1751	475	18	sharing	sharing	NOUN
cblr-1751	475	19	?	?	PUNCT
cblr-1751	476	1	the	the	DET
cblr-1751	476	2	curious	curious	ADJ
cblr-1751	476	3	role	role	NOUN
cblr-1751	476	4	of	of	ADP
cblr-1751	476	5	purchased	purchase	VERB
cblr-1751	476	6	order	order	NOUN
cblr-1751	476	7	flow	flow	NOUN
cblr-1751	476	8	,	,	PUNCT
cblr-1751	476	9	51	51	NUM
cblr-1751	476	10	j.	j.	PROPN
cblr-1751	476	11	fin	fin	PROPN
cblr-1751	476	12	.	.	PROPN
cblr-1751	476	13	811	811	NUM
cblr-1751	476	14	,	,	PUNCT
cblr-1751	476	15	831	831	NUM
cblr-1751	476	16	(	(	PUNCT
cblr-1751	476	17	1996	1996	NUM
cblr-1751	476	18	)	)	PUNCT
cblr-1751	476	19	(	(	PUNCT
cblr-1751	476	20	“	"	PUNCT
cblr-1751	476	21	since	since	SCONJ
cblr-1751	476	22	the	the	DET
cblr-1751	476	23	orders	order	NOUN
cblr-1751	476	24	diverted	divert	VERB
cblr-1751	476	25	[	[	PUNCT
cblr-1751	476	26	away	away	ADV
cblr-1751	476	27	from	from	ADP
cblr-1751	476	28	the	the	DET
cblr-1751	476	29	new	new	PROPN
cblr-1751	476	30	york	york	PROPN
cblr-1751	476	31	stock	stock	PROPN
cblr-1751	476	32	exchange	exchange	PROPN
cblr-1751	476	33	and	and	CCONJ
cblr-1751	476	34	to	to	ADP
cblr-1751	476	35	regional	regional	ADJ
cblr-1751	476	36	exchanges	exchange	NOUN
cblr-1751	476	37	]	]	PUNCT
cblr-1751	476	38	are	be	AUX
cblr-1751	476	39	the	the	DET
cblr-1751	476	40	[	[	X
cblr-1751	476	41	informationally	informationally	ADV
cblr-1751	476	42	]	]	PUNCT
cblr-1751	476	43	‘	'	PUNCT
cblr-1751	476	44	least	least	ADJ
cblr-1751	476	45	risky	risky	ADJ
cblr-1751	476	46	,	,	PUNCT
cblr-1751	476	47	’	'	PUNCT
cblr-1751	476	48	an	an	DET
cblr-1751	476	49	adverse	adverse	ADJ
cblr-1751	476	50	selection	selection	NOUN
cblr-1751	476	51	problem	problem	NOUN
cblr-1751	476	52	arises	arise	VERB
cblr-1751	476	53	with	with	ADP
cblr-1751	476	54	respect	respect	NOUN
cblr-1751	476	55	to	to	ADP
cblr-1751	476	56	the	the	DET
cblr-1751	476	57	remaining	remain	VERB
cblr-1751	476	58	order	order	NOUN
cblr-1751	476	59	flow	flow	NOUN
cblr-1751	476	60	[	[	PUNCT
cblr-1751	476	61	that	that	PRON
cblr-1751	476	62	goes	go	VERB
cblr-1751	476	63	to	to	ADP
cblr-1751	476	64	the	the	DET
cblr-1751	476	65	new	new	PROPN
cblr-1751	476	66	york	york	PROPN
cblr-1751	476	67	stock	stock	PROPN
cblr-1751	476	68	exchange	exchange	PROPN
cblr-1751	476	69	]	]	PUNCT
cblr-1751	476	70	.	.	PUNCT
cblr-1751	477	1	this	this	PRON
cblr-1751	477	2	,	,	PUNCT
cblr-1751	477	3	in	in	ADP
cblr-1751	477	4	turn	turn	NOUN
cblr-1751	477	5	,	,	PUNCT
cblr-1751	477	6	dictates	dictate	VERB
cblr-1751	477	7	that	that	SCONJ
cblr-1751	477	8	prices	price	NOUN
cblr-1751	477	9	on	on	ADP
cblr-1751	477	10	the	the	DET
cblr-1751	477	11	nyse	nyse	PROPN
cblr-1751	477	12	will	will	AUX
cblr-1751	477	13	worsen	worsen	VERB
cblr-1751	477	14	to	to	PART
cblr-1751	477	15	reflect	reflect	VERB
cblr-1751	477	16	the	the	DET
cblr-1751	477	17	change	change	NOUN
cblr-1751	477	18	in	in	ADP
cblr-1751	477	19	order	order	NOUN
cblr-1751	477	20	composition	composition	NOUN
cblr-1751	477	21	.	.	PUNCT
cblr-1751	477	22	”	"	PUNCT
cblr-1751	477	23	)	)	PUNCT
cblr-1751	477	24	;	;	PUNCT
cblr-1751	477	25	see	see	VERB
cblr-1751	477	26	generally	generally	ADV
cblr-1751	477	27	mark	mark	VERB
cblr-1751	477	28	j.	j.	PROPN
cblr-1751	477	29	ready	ready	PROPN
cblr-1751	477	30	,	,	PUNCT
cblr-1751	477	31	the	the	DET
cblr-1751	477	32	specialist	specialist	NOUN
cblr-1751	477	33	’s	’s	PART
cblr-1751	477	34	discretion	discretion	NOUN
cblr-1751	477	35	:	:	PUNCT
cblr-1751	477	36	stopped	stop	VERB
cblr-1751	477	37	orders	order	NOUN
cblr-1751	477	38	and	and	CCONJ
cblr-1751	477	39	price	price	NOUN
cblr-1751	477	40	improvement	improvement	NOUN
cblr-1751	477	41	,	,	PUNCT
cblr-1751	477	42	12	12	NUM
cblr-1751	477	43	rev	rev	X
cblr-1751	477	44	.	.	PROPN
cblr-1751	477	45	fin	fin	NOUN
cblr-1751	477	46	.	.	PUNCT
cblr-1751	477	47	stud	stud	PROPN
cblr-1751	477	48	.	.	PUNCT
cblr-1751	478	1	1075	1075	NUM
cblr-1751	478	2	(	(	PUNCT
cblr-1751	478	3	1999	1999	NUM
cblr-1751	478	4	)	)	PUNCT
cblr-1751	478	5	(	(	PUNCT
cblr-1751	478	6	evidencing	evidence	VERB
cblr-1751	478	7	that	that	SCONJ
cblr-1751	478	8	the	the	DET
cblr-1751	478	9	new	new	PROPN
cblr-1751	478	10	york	york	PROPN
cblr-1751	478	11	stock	stock	PROPN
cblr-1751	478	12	exchange	exchange	PROPN
cblr-1751	478	13	specialized	specialized	ADJ
cblr-1751	478	14	liquidity	liquidity	NOUN
cblr-1751	478	15	providers	provider	NOUN
cblr-1751	478	16	were	be	AUX
cblr-1751	478	17	using	use	VERB
cblr-1751	478	18	their	their	PRON
cblr-1751	478	19	privileges	privilege	NOUN
cblr-1751	478	20	to	to	PART
cblr-1751	478	21	transact	transact	VERB
cblr-1751	478	22	against	against	ADP
cblr-1751	478	23	uninformed	uninformed	ADJ
cblr-1751	478	24	traders	trader	NOUN
cblr-1751	478	25	,	,	PUNCT
cblr-1751	478	26	leaving	leave	VERB
cblr-1751	478	27	external	external	ADJ
cblr-1751	478	28	liquidity	liquidity	NOUN
cblr-1751	478	29	providers	provider	NOUN
cblr-1751	478	30	that	that	PRON
cblr-1751	478	31	posted	post	VERB
cblr-1751	478	32	quotes	quote	NOUN
cblr-1751	478	33	at	at	ADP
cblr-1751	478	34	the	the	DET
cblr-1751	478	35	exchange	exchange	NOUN
cblr-1751	478	36	to	to	PART
cblr-1751	478	37	face	face	VERB
cblr-1751	478	38	a	a	DET
cblr-1751	478	39	higher	high	ADJ
cblr-1751	478	40	ratio	ratio	NOUN
cblr-1751	478	41	of	of	ADP
cblr-1751	478	42	informed	informed	ADJ
cblr-1751	478	43	traders	trader	NOUN
cblr-1751	478	44	to	to	ADP
cblr-1751	478	45	uninformed	uninformed	ADJ
cblr-1751	478	46	ones	one	NOUN
cblr-1751	478	47	than	than	SCONJ
cblr-1751	478	48	they	they	PRON
cblr-1751	478	49	might	might	AUX
cblr-1751	478	50	otherwise	otherwise	ADV
cblr-1751	478	51	have	have	AUX
cblr-1751	478	52	faced	face	VERB
cblr-1751	478	53	,	,	PUNCT
cblr-1751	478	54	and	and	CCONJ
cblr-1751	478	55	therefore	therefore	ADV
cblr-1751	478	56	causing	cause	VERB
cblr-1751	478	57	them	they	PRON
cblr-1751	478	58	to	to	PART
cblr-1751	478	59	quote	quote	VERB
cblr-1751	478	60	inferior	inferior	ADJ
cblr-1751	478	61	prices	price	NOUN
cblr-1751	478	62	)	)	PUNCT
cblr-1751	478	63	.	.	PUNCT
cblr-1751	479	1	haeberle	haeberle	PROPN
cblr-1751	479	2	final	final	ADJ
cblr-1751	479	3	162	162	NUM
cblr-1751	479	4	columbia	columbia	PROPN
cblr-1751	479	5	business	business	NOUN
cblr-1751	479	6	law	law	PROPN
cblr-1751	479	7	review	review	NOUN
cblr-1751	479	8	[	[	X
cblr-1751	479	9	vol	vol	NOUN
cblr-1751	479	10	.	.	NOUN
cblr-1751	479	11	2015	2015	NUM
cblr-1751	479	12	traders	trader	NOUN
cblr-1751	479	13	to	to	ADP
cblr-1751	479	14	uninformed	uninformed	ADJ
cblr-1751	479	15	ones	one	NOUN
cblr-1751	479	16	caused	cause	VERB
cblr-1751	479	17	by	by	ADP
cblr-1751	479	18	the	the	DET
cblr-1751	479	19	trading	trading	NOUN
cblr-1751	479	20	-	-	PUNCT
cblr-1751	479	21	platform	platform	NOUN
cblr-1751	479	22	access	access	NOUN
cblr-1751	479	23	rules	rule	NOUN
cblr-1751	479	24	elicits	elicit	VERB
cblr-1751	479	25	a	a	DET
cblr-1751	479	26	response	response	NOUN
cblr-1751	479	27	from	from	ADP
cblr-1751	479	28	exchange	exchange	NOUN
cblr-1751	479	29	liquidity	liquidity	NOUN
cblr-1751	479	30	providers	provider	NOUN
cblr-1751	479	31	:	:	PUNCT
cblr-1751	479	32	they	they	PRON
cblr-1751	479	33	quote	quote	VERB
cblr-1751	479	34	prices	price	NOUN
cblr-1751	479	35	that	that	PRON
cblr-1751	479	36	are	be	AUX
cblr-1751	479	37	both	both	PRON
cblr-1751	479	38	inferior	inferior	ADJ
cblr-1751	479	39	and	and	CCONJ
cblr-1751	479	40	more	more	ADV
cblr-1751	479	41	sensitive	sensitive	ADJ
cblr-1751	479	42	to	to	ADP
cblr-1751	479	43	trading	trading	NOUN
cblr-1751	479	44	activity	activity	NOUN
cblr-1751	479	45	.	.	PUNCT
cblr-1751	480	1	b.	b.	PROPN
cblr-1751	480	2	stock	stock	NOUN
cblr-1751	480	3	-	-	PUNCT
cblr-1751	480	4	price	price	NOUN
cblr-1751	480	5	accuracy	accuracy	NOUN
cblr-1751	480	6	and	and	CCONJ
cblr-1751	480	7	its	its	PRON
cblr-1751	480	8	main	main	ADJ
cblr-1751	480	9	social	social	ADJ
cblr-1751	480	10	benefits	benefit	NOUN
cblr-1751	480	11	the	the	DET
cblr-1751	480	12	inferior	inferior	ADJ
cblr-1751	480	13	and	and	CCONJ
cblr-1751	480	14	more	more	ADV
cblr-1751	480	15	sensitive	sensitive	ADJ
cblr-1751	480	16	quotes	quote	NOUN
cblr-1751	480	17	posted	post	VERB
cblr-1751	480	18	by	by	ADP
cblr-1751	480	19	exchange	exchange	NOUN
cblr-1751	480	20	liquidity	liquidity	NOUN
cblr-1751	480	21	providers	provider	NOUN
cblr-1751	480	22	that	that	PRON
cblr-1751	480	23	theoretically	theoretically	ADV
cblr-1751	480	24	result	result	VERB
cblr-1751	480	25	from	from	ADP
cblr-1751	480	26	the	the	DET
cblr-1751	480	27	trading	trading	NOUN
cblr-1751	480	28	-	-	PUNCT
cblr-1751	480	29	platform	platform	NOUN
cblr-1751	480	30	access	access	NOUN
cblr-1751	480	31	rules	rule	NOUN
cblr-1751	480	32	have	have	VERB
cblr-1751	480	33	considerable	considerable	ADJ
cblr-1751	480	34	import	import	NOUN
cblr-1751	480	35	for	for	ADP
cblr-1751	480	36	informed	informed	ADJ
cblr-1751	480	37	traders	trader	NOUN
cblr-1751	480	38	.	.	PUNCT
cblr-1751	481	1	specifically	specifically	ADV
cblr-1751	481	2	,	,	PUNCT
cblr-1751	481	3	they	they	PRON
cblr-1751	481	4	affect	affect	VERB
cblr-1751	481	5	their	their	PRON
cblr-1751	481	6	trading	trading	NOUN
cblr-1751	481	7	profits	profit	NOUN
cblr-1751	481	8	—	—	PUNCT
cblr-1751	481	9	and	and	CCONJ
cblr-1751	481	10	therefore	therefore	ADV
cblr-1751	481	11	the	the	DET
cblr-1751	481	12	extent	extent	NOUN
cblr-1751	481	13	to	to	PART
cblr-1751	481	14	which	which	PRON
cblr-1751	481	15	these	these	DET
cblr-1751	481	16	traders	trader	NOUN
cblr-1751	481	17	will	will	AUX
cblr-1751	481	18	invest	invest	VERB
cblr-1751	481	19	in	in	ADP
cblr-1751	481	20	the	the	DET
cblr-1751	481	21	production	production	NOUN
cblr-1751	481	22	of	of	ADP
cblr-1751	481	23	information	information	NOUN
cblr-1751	481	24	about	about	ADP
cblr-1751	481	25	firms	firm	NOUN
cblr-1751	481	26	’	’	PART
cblr-1751	481	27	prospects	prospect	NOUN
cblr-1751	481	28	.	.	PUNCT
cblr-1751	482	1	and	and	CCONJ
cblr-1751	482	2	for	for	ADP
cblr-1751	482	3	that	that	DET
cblr-1751	482	4	reason	reason	NOUN
cblr-1751	482	5	,	,	PUNCT
cblr-1751	482	6	the	the	DET
cblr-1751	482	7	exchange	exchange	NOUN
cblr-1751	482	8	trading	trading	NOUN
cblr-1751	482	9	environment	environment	NOUN
cblr-1751	482	10	to	to	PART
cblr-1751	482	11	which	which	PRON
cblr-1751	482	12	the	the	DET
cblr-1751	482	13	trading	trading	NOUN
cblr-1751	482	14	-	-	PUNCT
cblr-1751	482	15	platform	platform	NOUN
cblr-1751	482	16	access	access	NOUN
cblr-1751	482	17	rules	rule	NOUN
cblr-1751	482	18	lead	lead	NOUN
cblr-1751	482	19	has	have	VERB
cblr-1751	482	20	significant	significant	ADJ
cblr-1751	482	21	theoretical	theoretical	ADJ
cblr-1751	482	22	implications	implication	NOUN
cblr-1751	482	23	for	for	ADP
cblr-1751	482	24	both	both	CCONJ
cblr-1751	482	25	stock	stock	NOUN
cblr-1751	482	26	-	-	PUNCT
cblr-1751	482	27	price	price	NOUN
cblr-1751	482	28	accuracy	accuracy	NOUN
cblr-1751	482	29	and	and	CCONJ
cblr-1751	482	30	its	its	PRON
cblr-1751	482	31	main	main	ADJ
cblr-1751	482	32	social	social	ADJ
cblr-1751	482	33	benefits	benefit	NOUN
cblr-1751	482	34	.	.	PUNCT
cblr-1751	483	1	1	1	X
cblr-1751	483	2	.	.	X
cblr-1751	483	3	stock	stock	NOUN
cblr-1751	483	4	-	-	PUNCT
cblr-1751	483	5	price	price	NOUN
cblr-1751	483	6	accuracy	accuracy	NOUN
cblr-1751	483	7	informed	inform	VERB
cblr-1751	483	8	traders	trader	NOUN
cblr-1751	483	9	will	will	AUX
cblr-1751	483	10	only	only	ADV
cblr-1751	483	11	produce	produce	VERB
cblr-1751	483	12	or	or	CCONJ
cblr-1751	483	13	procure	procure	VERB
cblr-1751	483	14	information	information	NOUN
cblr-1751	483	15	about	about	ADP
cblr-1751	483	16	firms	firm	NOUN
cblr-1751	483	17	’	'	PUNCT
cblr-1751	483	18	fundamental	fundamental	ADJ
cblr-1751	483	19	values	value	NOUN
cblr-1751	483	20	and	and	CCONJ
cblr-1751	483	21	impound	impound	VERB
cblr-1751	483	22	it	it	PRON
cblr-1751	483	23	into	into	ADP
cblr-1751	483	24	market	market	NOUN
cblr-1751	483	25	prices	price	NOUN
cblr-1751	483	26	if	if	SCONJ
cblr-1751	483	27	they	they	PRON
cblr-1751	483	28	can	can	AUX
cblr-1751	483	29	earn	earn	VERB
cblr-1751	483	30	trading	trading	NOUN
cblr-1751	483	31	profits.74	profits.74	NOUN
cblr-1751	483	32	and	and	CCONJ
cblr-1751	483	33	to	to	PART
cblr-1751	483	34	earn	earn	VERB
cblr-1751	483	35	trading	trading	NOUN
cblr-1751	483	36	profits	profit	NOUN
cblr-1751	483	37	,	,	PUNCT
cblr-1751	483	38	they	they	PRON
cblr-1751	483	39	must	must	AUX
cblr-1751	483	40	bring	bring	VERB
cblr-1751	483	41	in	in	ADP
cblr-1751	483	42	trading	trading	NOUN
cblr-1751	483	43	revenues	revenue	NOUN
cblr-1751	483	44	that	that	PRON
cblr-1751	483	45	surpass	surpass	VERB
cblr-1751	483	46	their	their	PRON
cblr-1751	483	47	costs	cost	NOUN
cblr-1751	483	48	.	.	PUNCT
cblr-1751	484	1	these	these	DET
cblr-1751	484	2	costs	cost	NOUN
cblr-1751	484	3	include	include	VERB
cblr-1751	484	4	considerable	considerable	ADJ
cblr-1751	484	5	ones	one	NOUN
cblr-1751	484	6	such	such	ADJ
cblr-1751	484	7	as	as	ADP
cblr-1751	484	8	those	those	PRON
cblr-1751	484	9	relating	relate	VERB
cblr-1751	484	10	to	to	ADP
cblr-1751	484	11	the	the	DET
cblr-1751	484	12	procurement	procurement	NOUN
cblr-1751	484	13	and	and	CCONJ
cblr-1751	484	14	analysis	analysis	NOUN
cblr-1751	484	15	of	of	ADP
cblr-1751	484	16	fundamental	fundamental	ADJ
cblr-1751	484	17	-	-	PUNCT
cblr-1751	484	18	value	value	NOUN
cblr-1751	484	19	information	information	NOUN
cblr-1751	484	20	.	.	PUNCT
cblr-1751	485	1	informed	inform	VERB
cblr-1751	485	2	traders	trader	NOUN
cblr-1751	485	3	therefore	therefore	ADV
cblr-1751	485	4	must	must	AUX
cblr-1751	485	5	often	often	ADV
cblr-1751	485	6	buy	buy	VERB
cblr-1751	485	7	and	and	CCONJ
cblr-1751	485	8	sell	sell	VERB
cblr-1751	485	9	stock	stock	NOUN
cblr-1751	485	10	in	in	ADP
cblr-1751	485	11	large	large	ADJ
cblr-1751	485	12	quantities	quantity	NOUN
cblr-1751	485	13	to	to	PART
cblr-1751	485	14	realize	realize	VERB
cblr-1751	485	15	revenues	revenue	NOUN
cblr-1751	485	16	sufficient	sufficient	ADJ
cblr-1751	485	17	to	to	PART
cblr-1751	485	18	offset	offset	VERB
cblr-1751	485	19	the	the	DET
cblr-1751	485	20	high	high	ADJ
cblr-1751	485	21	costs	cost	NOUN
cblr-1751	485	22	associated	associate	VERB
cblr-1751	485	23	with	with	ADP
cblr-1751	485	24	their	their	PRON
cblr-1751	485	25	valuable	valuable	ADJ
cblr-1751	485	26	work.75	work.75	NOUN
cblr-1751	485	27	however	however	ADV
cblr-1751	485	28	,	,	PUNCT
cblr-1751	485	29	it	it	PRON
cblr-1751	485	30	is	be	AUX
cblr-1751	485	31	likely	likely	ADJ
cblr-1751	485	32	that	that	SCONJ
cblr-1751	485	33	informed	informed	ADJ
cblr-1751	485	34	traders	trader	NOUN
cblr-1751	485	35	are	be	AUX
cblr-1751	485	36	to	to	ADP
cblr-1751	485	37	some	some	DET
cblr-1751	485	38	significant	significant	ADJ
cblr-1751	485	39	extent	extent	NOUN
cblr-1751	485	40	relegated	relegate	VERB
cblr-1751	485	41	to	to	ADP
cblr-1751	485	42	transacting	transact	VERB
cblr-1751	485	43	against	against	ADP
cblr-1751	485	44	firm	firm	ADJ
cblr-1751	485	45	liquidity	liquidity	NOUN
cblr-1751	485	46	-	-	PUNCT
cblr-1751	485	47	provider	provider	NOUN
cblr-1751	485	48	quotes	quote	NOUN
cblr-1751	485	49	on	on	ADP
cblr-1751	485	50	exchanges	exchange	NOUN
cblr-1751	485	51	.	.	PUNCT
cblr-1751	486	1	for	for	ADP
cblr-1751	486	2	one	one	NUM
cblr-1751	486	3	thing	thing	NOUN
cblr-1751	486	4	,	,	PUNCT
cblr-1751	486	5	there	there	PRON
cblr-1751	486	6	is	be	VERB
cblr-1751	486	7	strong	strong	ADJ
cblr-1751	486	8	reason	reason	NOUN
cblr-1751	486	9	to	to	PART
cblr-1751	486	10	believe	believe	VERB
cblr-1751	486	11	that	that	SCONJ
cblr-1751	486	12	informed	informed	ADJ
cblr-1751	486	13	traders	trader	NOUN
cblr-1751	486	14	are	be	AUX
cblr-1751	486	15	often	often	ADV
cblr-1751	486	16	excluded	exclude	VERB
cblr-1751	486	17	by	by	ADP
cblr-1751	486	18	off	off	ADP
cblr-1751	486	19	-	-	PUNCT
cblr-1751	486	20	exchange	exchange	NOUN
cblr-1751	486	21	trading	trading	NOUN
cblr-1751	486	22	platforms.76	platforms.76	NOUN
cblr-1751	486	23	for	for	ADP
cblr-1751	486	24	another	another	PRON
cblr-1751	486	25	,	,	PUNCT
cblr-1751	486	26	it	it	PRON
cblr-1751	486	27	74	74	NUM
cblr-1751	486	28	see	see	VERB
cblr-1751	486	29	generally	generally	ADV
cblr-1751	486	30	supra	supra	PROPN
cblr-1751	486	31	part	part	PROPN
cblr-1751	486	32	ii.a.2	ii.a.2	PROPN
cblr-1751	486	33	;	;	PUNCT
cblr-1751	486	34	supra	supra	PROPN
cblr-1751	486	35	part	part	PROPN
cblr-1751	486	36	iii.a.1	iii.a.1	NOUN
cblr-1751	486	37	.	.	PUNCT
cblr-1751	487	1	75	75	NUM
cblr-1751	487	2	see	see	VERB
cblr-1751	487	3	harris	harris	PROPN
cblr-1751	487	4	,	,	PUNCT
cblr-1751	487	5	supra	supra	PROPN
cblr-1751	487	6	note	note	PROPN
cblr-1751	487	7	7	7	NUM
cblr-1751	487	8	,	,	PUNCT
cblr-1751	487	9	at	at	ADP
cblr-1751	487	10	290	290	NUM
cblr-1751	487	11	(	(	PUNCT
cblr-1751	487	12	“	"	PUNCT
cblr-1751	487	13	[	[	X
cblr-1751	487	14	i]nformed	i]nforme	VERB
cblr-1751	487	15	traders	trader	NOUN
cblr-1751	487	16	like	like	VERB
cblr-1751	487	17	to	to	PART
cblr-1751	487	18	acquire	acquire	VERB
cblr-1751	487	19	large	large	ADJ
cblr-1751	487	20	positions	position	NOUN
cblr-1751	487	21	in	in	ADP
cblr-1751	487	22	order	order	NOUN
cblr-1751	487	23	to	to	PART
cblr-1751	487	24	maximize	maximize	VERB
cblr-1751	487	25	their	their	PRON
cblr-1751	487	26	profits	profit	NOUN
cblr-1751	487	27	”	"	PUNCT
cblr-1751	487	28	)	)	PUNCT
cblr-1751	487	29	.	.	PUNCT
cblr-1751	488	1	76	76	NUM
cblr-1751	488	2	see	see	VERB
cblr-1751	488	3	generally	generally	ADV
cblr-1751	488	4	supra	supra	ADJ
cblr-1751	488	5	part	part	NOUN
cblr-1751	488	6	iv.a.1	iv.a.1	NOUN
cblr-1751	488	7	.	.	PUNCT
cblr-1751	489	1	haeberle	haeberle	PROPN
cblr-1751	489	2	final	final	ADJ
cblr-1751	489	3	no	no	NOUN
cblr-1751	489	4	.	.	NOUN
cblr-1751	489	5	1:121	1:121	NUM
cblr-1751	489	6	]	]	X
cblr-1751	489	7	stock	stock	NOUN
cblr-1751	489	8	-	-	PUNCT
cblr-1751	489	9	price	price	NOUN
cblr-1751	489	10	accuracy	accuracy	NOUN
cblr-1751	489	11	163	163	NUM
cblr-1751	489	12	is	be	AUX
cblr-1751	489	13	likely	likely	ADJ
cblr-1751	489	14	that	that	SCONJ
cblr-1751	489	15	a	a	DET
cblr-1751	489	16	large	large	ADJ
cblr-1751	489	17	portion	portion	NOUN
cblr-1751	489	18	of	of	ADP
cblr-1751	489	19	even	even	ADV
cblr-1751	489	20	those	those	DET
cblr-1751	489	21	informed	inform	VERB
cblr-1751	489	22	traders	trader	NOUN
cblr-1751	489	23	that	that	PRON
cblr-1751	489	24	are	be	AUX
cblr-1751	489	25	able	able	ADJ
cblr-1751	489	26	to	to	PART
cblr-1751	489	27	access	access	VERB
cblr-1751	489	28	off	off	ADP
cblr-1751	489	29	-	-	PUNCT
cblr-1751	489	30	exchange	exchange	NOUN
cblr-1751	489	31	platforms	platform	NOUN
cblr-1751	489	32	prefers	prefer	VERB
cblr-1751	489	33	to	to	PART
cblr-1751	489	34	complete	complete	VERB
cblr-1751	489	35	much	much	ADJ
cblr-1751	489	36	of	of	ADP
cblr-1751	489	37	its	its	PRON
cblr-1751	489	38	trading	trading	NOUN
cblr-1751	489	39	through	through	ADP
cblr-1751	489	40	exchanges	exchange	NOUN
cblr-1751	489	41	in	in	ADP
cblr-1751	489	42	order	order	NOUN
cblr-1751	489	43	to	to	PART
cblr-1751	489	44	trade	trade	VERB
cblr-1751	489	45	quickly	quickly	ADV
cblr-1751	489	46	with	with	ADP
cblr-1751	489	47	certainty	certainty	NOUN
cblr-1751	489	48	against	against	ADP
cblr-1751	489	49	firm	firm	ADJ
cblr-1751	489	50	liquidity	liquidity	NOUN
cblr-1751	489	51	-	-	PUNCT
cblr-1751	489	52	provider	provider	NOUN
cblr-1751	489	53	quotes.77	quotes.77	NOUN
cblr-1751	489	54	and	and	CCONJ
cblr-1751	489	55	,	,	PUNCT
cblr-1751	489	56	as	as	ADP
cblr-1751	489	57	a	a	DET
cblr-1751	489	58	result	result	NOUN
cblr-1751	489	59	of	of	ADP
cblr-1751	489	60	the	the	DET
cblr-1751	489	61	trading	trading	NOUN
cblr-1751	489	62	-	-	PUNCT
cblr-1751	489	63	platform	platform	NOUN
cblr-1751	489	64	access	access	NOUN
cblr-1751	489	65	rules	rule	NOUN
cblr-1751	489	66	,	,	PUNCT
cblr-1751	489	67	the	the	DET
cblr-1751	489	68	price	price	NOUN
cblr-1751	489	69	quotes	quote	VERB
cblr-1751	489	70	that	that	SCONJ
cblr-1751	489	71	they	they	PRON
cblr-1751	489	72	face	face	VERB
cblr-1751	489	73	on	on	ADP
cblr-1751	489	74	exchanges	exchange	NOUN
cblr-1751	489	75	are	be	AUX
cblr-1751	489	76	both	both	PRON
cblr-1751	489	77	of	of	ADP
cblr-1751	489	78	lower	low	ADJ
cblr-1751	489	79	quality	quality	NOUN
cblr-1751	489	80	and	and	CCONJ
cblr-1751	489	81	more	more	ADV
cblr-1751	489	82	sensitive	sensitive	ADJ
cblr-1751	489	83	to	to	ADP
cblr-1751	489	84	trading	trading	NOUN
cblr-1751	489	85	activity	activity	NOUN
cblr-1751	489	86	than	than	SCONJ
cblr-1751	489	87	they	they	PRON
cblr-1751	489	88	might	might	AUX
cblr-1751	489	89	otherwise	otherwise	ADV
cblr-1751	489	90	be.78	be.78	VERB
cblr-1751	489	91	the	the	DET
cblr-1751	489	92	lower	low	ADJ
cblr-1751	489	93	-	-	PUNCT
cblr-1751	489	94	quality	quality	NOUN
cblr-1751	489	95	price	price	NOUN
cblr-1751	489	96	quotes	quote	NOUN
cblr-1751	489	97	and	and	CCONJ
cblr-1751	489	98	more	more	ADV
cblr-1751	489	99	sensitive	sensitive	ADJ
cblr-1751	489	100	quoteadjustment	quoteadjustment	NOUN
cblr-1751	489	101	triggers	trigger	NOUN
cblr-1751	489	102	associated	associate	VERB
cblr-1751	489	103	with	with	ADP
cblr-1751	489	104	the	the	DET
cblr-1751	489	105	current	current	ADJ
cblr-1751	489	106	exchange	exchange	PROPN
cblr-1751	489	107	trading	trading	NOUN
cblr-1751	489	108	environment	environment	NOUN
cblr-1751	489	109	—	—	PUNCT
cblr-1751	489	110	by	by	ADP
cblr-1751	489	111	liquidity	liquidity	NOUN
cblr-1751	489	112	-	-	PUNCT
cblr-1751	489	113	provider	provider	NOUN
cblr-1751	489	114	design	design	NOUN
cblr-1751	489	115	—	—	PUNCT
cblr-1751	489	116	decrease	decrease	NOUN
cblr-1751	489	117	informed	informed	ADJ
cblr-1751	489	118	traders	trader	NOUN
cblr-1751	489	119	’	’	PART
cblr-1751	489	120	profits	profit	NOUN
cblr-1751	489	121	.	.	PUNCT
cblr-1751	490	1	the	the	DET
cblr-1751	490	2	inferior	inferior	ADJ
cblr-1751	490	3	-	-	PUNCT
cblr-1751	490	4	pricing	pricing	NOUN
cblr-1751	490	5	aspect	aspect	NOUN
cblr-1751	490	6	of	of	ADP
cblr-1751	490	7	that	that	DET
cblr-1751	490	8	environment	environment	NOUN
cblr-1751	490	9	decreases	decrease	VERB
cblr-1751	490	10	informed	inform	VERB
cblr-1751	490	11	-	-	PUNCT
cblr-1751	490	12	trader	trader	NOUN
cblr-1751	490	13	profits	profit	NOUN
cblr-1751	490	14	by	by	ADP
cblr-1751	490	15	decreasing	decrease	VERB
cblr-1751	490	16	the	the	DET
cblr-1751	490	17	margin	margin	NOUN
cblr-1751	490	18	between	between	ADP
cblr-1751	490	19	the	the	DET
cblr-1751	490	20	prices	price	NOUN
cblr-1751	490	21	for	for	ADP
cblr-1751	490	22	which	which	PRON
cblr-1751	490	23	these	these	DET
cblr-1751	490	24	traders	trader	NOUN
cblr-1751	490	25	can	can	AUX
cblr-1751	490	26	purchase	purchase	VERB
cblr-1751	490	27	undervalued	undervalue	VERB
cblr-1751	490	28	stocks	stock	NOUN
cblr-1751	490	29	and	and	CCONJ
cblr-1751	490	30	those	those	PRON
cblr-1751	490	31	for	for	ADP
cblr-1751	490	32	which	which	PRON
cblr-1751	490	33	they	they	PRON
cblr-1751	490	34	can	can	AUX
cblr-1751	490	35	sell	sell	VERB
cblr-1751	490	36	them	they	PRON
cblr-1751	490	37	.	.	PUNCT
cblr-1751	491	1	(	(	PUNCT
cblr-1751	491	2	inferior	inferior	ADJ
cblr-1751	491	3	quotes	quote	NOUN
cblr-1751	491	4	also	also	ADV
cblr-1751	491	5	decrease	decrease	VERB
cblr-1751	491	6	informedtrader	informedtrader	NOUN
cblr-1751	491	7	profits	profit	NOUN
cblr-1751	491	8	by	by	ADP
cblr-1751	491	9	decreasing	decrease	VERB
cblr-1751	491	10	the	the	DET
cblr-1751	491	11	short	short	ADJ
cblr-1751	491	12	-	-	PUNCT
cblr-1751	491	13	sale	sale	NOUN
cblr-1751	491	14	margin	margin	NOUN
cblr-1751	491	15	between	between	ADP
cblr-1751	491	16	the	the	DET
cblr-1751	491	17	price	price	NOUN
cblr-1751	491	18	for	for	ADP
cblr-1751	491	19	which	which	PRON
cblr-1751	491	20	these	these	DET
cblr-1751	491	21	traders	trader	NOUN
cblr-1751	491	22	can	can	AUX
cblr-1751	491	23	sell	sell	VERB
cblr-1751	491	24	overvalued	overvalued	ADJ
cblr-1751	491	25	stocks	stock	NOUN
cblr-1751	491	26	and	and	CCONJ
cblr-1751	491	27	the	the	DET
cblr-1751	491	28	price	price	NOUN
cblr-1751	491	29	for	for	ADP
cblr-1751	491	30	which	which	PRON
cblr-1751	491	31	they	they	PRON
cblr-1751	491	32	can	can	AUX
cblr-1751	491	33	re	re	VERB
cblr-1751	491	34	-	-	VERB
cblr-1751	491	35	purchase	purchase	VERB
cblr-1751	491	36	them	they	PRON
cblr-1751	491	37	.	.	PUNCT
cblr-1751	491	38	)	)	PUNCT
cblr-1751	491	39	to	to	PART
cblr-1751	491	40	illustrate	illustrate	VERB
cblr-1751	491	41	this	this	DET
cblr-1751	491	42	point	point	NOUN
cblr-1751	491	43	,	,	PUNCT
cblr-1751	491	44	suppose	suppose	VERB
cblr-1751	491	45	once	once	ADV
cblr-1751	491	46	again	again	ADV
cblr-1751	491	47	that	that	SCONJ
cblr-1751	491	48	the	the	DET
cblr-1751	491	49	market	market	NOUN
cblr-1751	491	50	currently	currently	ADV
cblr-1751	491	51	values	value	VERB
cblr-1751	491	52	a	a	DET
cblr-1751	491	53	stock	stock	NOUN
cblr-1751	491	54	at	at	ADP
cblr-1751	491	55	$	$	SYM
cblr-1751	491	56	44.10	44.10	NUM
cblr-1751	491	57	per	per	ADP
cblr-1751	491	58	share	share	NOUN
cblr-1751	491	59	and	and	CCONJ
cblr-1751	491	60	that	that	SCONJ
cblr-1751	491	61	an	an	DET
cblr-1751	491	62	informed	informed	ADJ
cblr-1751	491	63	trader	trader	NOUN
cblr-1751	491	64	has	have	VERB
cblr-1751	491	65	information	information	NOUN
cblr-1751	491	66	that	that	PRON
cblr-1751	491	67	leads	lead	VERB
cblr-1751	491	68	it	it	PRON
cblr-1751	491	69	to	to	PART
cblr-1751	491	70	conclude	conclude	VERB
cblr-1751	491	71	that	that	SCONJ
cblr-1751	491	72	the	the	DET
cblr-1751	491	73	stock	stock	NOUN
cblr-1751	491	74	is	be	AUX
cblr-1751	491	75	really	really	ADV
cblr-1751	491	76	worth	worth	ADJ
cblr-1751	491	77	$	$	SYM
cblr-1751	491	78	44.15	44.15	NUM
cblr-1751	491	79	per	per	ADP
cblr-1751	491	80	share	share	NOUN
cblr-1751	491	81	.	.	PUNCT
cblr-1751	492	1	if	if	SCONJ
cblr-1751	492	2	liquidity	liquidity	NOUN
cblr-1751	492	3	providers	provider	NOUN
cblr-1751	492	4	are	be	AUX
cblr-1751	492	5	posting	post	VERB
cblr-1751	492	6	best	well	ADV
cblr-1751	492	7	(	(	PUNCT
cblr-1751	492	8	lowest	low	ADJ
cblr-1751	492	9	)	)	PUNCT
cblr-1751	492	10	ask	ask	VERB
cblr-1751	492	11	prices	price	NOUN
cblr-1751	492	12	of	of	ADP
cblr-1751	492	13	$	$	SYM
cblr-1751	492	14	44.12	44.12	NUM
cblr-1751	492	15	per	per	ADP
cblr-1751	492	16	share	share	NOUN
cblr-1751	492	17	,	,	PUNCT
cblr-1751	492	18	then	then	ADV
cblr-1751	492	19	the	the	DET
cblr-1751	492	20	informed	informed	ADJ
cblr-1751	492	21	trader	trader	NOUN
cblr-1751	492	22	will	will	AUX
cblr-1751	492	23	be	be	AUX
cblr-1751	492	24	able	able	ADJ
cblr-1751	492	25	to	to	PART
cblr-1751	492	26	buy	buy	VERB
cblr-1751	492	27	the	the	DET
cblr-1751	492	28	stock	stock	NOUN
cblr-1751	492	29	at	at	ADP
cblr-1751	492	30	$	$	SYM
cblr-1751	492	31	44.12	44.12	NUM
cblr-1751	492	32	per	per	ADP
cblr-1751	492	33	share	share	NOUN
cblr-1751	492	34	,	,	PUNCT
cblr-1751	492	35	and	and	CCONJ
cblr-1751	492	36	then	then	ADV
cblr-1751	492	37	—	—	PUNCT
cblr-1751	492	38	after	after	SCONJ
cblr-1751	492	39	the	the	DET
cblr-1751	492	40	market	market	NOUN
cblr-1751	492	41	recognizes	recognize	VERB
cblr-1751	492	42	the	the	DET
cblr-1751	492	43	underlying	underlie	VERB
cblr-1751	492	44	information	information	NOUN
cblr-1751	492	45	—	—	PUNCT
cblr-1751	492	46	sell	sell	VERB
cblr-1751	492	47	it	it	PRON
cblr-1751	492	48	at	at	ADP
cblr-1751	492	49	some	some	DET
cblr-1751	492	50	higher	high	ADJ
cblr-1751	492	51	price	price	NOUN
cblr-1751	492	52	that	that	PRON
cblr-1751	492	53	reflects	reflect	VERB
cblr-1751	492	54	that	that	SCONJ
cblr-1751	492	55	more	more	ADV
cblr-1751	492	56	accurate	accurate	ADJ
cblr-1751	492	57	$	$	SYM
cblr-1751	492	58	44.15	44.15	NUM
cblr-1751	492	59	-	-	PUNCT
cblr-1751	492	60	per	per	ADP
cblr-1751	492	61	-	-	PUNCT
cblr-1751	492	62	share	share	NOUN
cblr-1751	492	63	value	value	NOUN
cblr-1751	492	64	.	.	PUNCT
cblr-1751	493	1	however	however	ADV
cblr-1751	493	2	,	,	PUNCT
cblr-1751	493	3	if	if	SCONJ
cblr-1751	493	4	exchange	exchange	NOUN
cblr-1751	493	5	liquidity	liquidity	NOUN
cblr-1751	493	6	providers	provider	NOUN
cblr-1751	493	7	—	—	PUNCT
cblr-1751	493	8	in	in	ADP
cblr-1751	493	9	response	response	NOUN
cblr-1751	493	10	to	to	ADP
cblr-1751	493	11	the	the	DET
cblr-1751	493	12	high	high	ADJ
cblr-1751	493	13	ratio	ratio	NOUN
cblr-1751	493	14	of	of	ADP
cblr-1751	493	15	informed	informed	ADJ
cblr-1751	493	16	traders	trader	NOUN
cblr-1751	493	17	to	to	ADP
cblr-1751	493	18	uninformed	uninformed	ADJ
cblr-1751	493	19	ones	one	NOUN
cblr-1751	493	20	associated	associate	VERB
cblr-1751	493	21	with	with	ADP
cblr-1751	493	22	exchange	exchange	NOUN
cblr-1751	493	23	trading	trading	NOUN
cblr-1751	493	24	—	—	PUNCT
cblr-1751	493	25	are	be	AUX
cblr-1751	493	26	posting	post	VERB
cblr-1751	493	27	best	well	ADV
cblr-1751	493	28	(	(	PUNCT
cblr-1751	493	29	lowest	low	ADJ
cblr-1751	493	30	)	)	PUNCT
cblr-1751	493	31	ask	ask	VERB
cblr-1751	493	32	prices	price	NOUN
cblr-1751	493	33	of	of	ADP
cblr-1751	493	34	$	$	SYM
cblr-1751	493	35	44.15	44.15	NUM
cblr-1751	493	36	per	per	ADP
cblr-1751	493	37	share	share	NOUN
cblr-1751	493	38	,	,	PUNCT
cblr-1751	493	39	then	then	ADV
cblr-1751	493	40	our	our	PRON
cblr-1751	493	41	informed	informed	ADJ
cblr-1751	493	42	trader	trader	NOUN
cblr-1751	493	43	will	will	AUX
cblr-1751	493	44	not	not	PART
cblr-1751	493	45	find	find	VERB
cblr-1751	493	46	a	a	DET
cblr-1751	493	47	profit	profit	NOUN
cblr-1751	493	48	margin	margin	NOUN
cblr-1751	493	49	that	that	PRON
cblr-1751	493	50	incentivizes	incentivize	VERB
cblr-1751	493	51	it	it	PRON
cblr-1751	493	52	to	to	PART
cblr-1751	493	53	use	use	VERB
cblr-1751	493	54	its	its	PRON
cblr-1751	493	55	information	information	NOUN
cblr-1751	493	56	to	to	PART
cblr-1751	493	57	purchase	purchase	VERB
cblr-1751	493	58	this	this	DET
cblr-1751	493	59	undervalued	undervalue	VERB
cblr-1751	493	60	security	security	NOUN
cblr-1751	493	61	.	.	PUNCT
cblr-1751	494	1	the	the	DET
cblr-1751	494	2	quote	quote	NOUN
cblr-1751	494	3	-	-	PUNCT
cblr-1751	494	4	adjustment	adjustment	NOUN
cblr-1751	494	5	-	-	PUNCT
cblr-1751	494	6	trigger	trigger	NOUN
cblr-1751	494	7	aspect	aspect	NOUN
cblr-1751	494	8	of	of	ADP
cblr-1751	494	9	the	the	DET
cblr-1751	494	10	current	current	ADJ
cblr-1751	494	11	exchange	exchange	NOUN
cblr-1751	494	12	trading	trading	NOUN
cblr-1751	494	13	environment	environment	NOUN
cblr-1751	494	14	likewise	likewise	ADV
cblr-1751	494	15	prevents	prevent	VERB
cblr-1751	494	16	informed	inform	VERB
cblr-1751	494	17	77	77	NUM
cblr-1751	494	18	see	see	VERB
cblr-1751	494	19	generally	generally	ADV
cblr-1751	494	20	i	i	PRON
cblr-1751	494	21	d.	d.	PROPN
cblr-1751	494	22	78	78	NUM
cblr-1751	494	23	see	see	VERB
cblr-1751	494	24	generally	generally	ADV
cblr-1751	494	25	supra	supra	ADJ
cblr-1751	494	26	part	part	NOUN
cblr-1751	494	27	iv.a.3	iv.a.3	ADJ
cblr-1751	494	28	.	.	PUNCT
cblr-1751	495	1	haeberle	haeberle	PROPN
cblr-1751	495	2	final	final	ADJ
cblr-1751	495	3	164	164	NUM
cblr-1751	495	4	columbia	columbia	PROPN
cblr-1751	495	5	business	business	NOUN
cblr-1751	495	6	law	law	PROPN
cblr-1751	495	7	review	review	NOUN
cblr-1751	495	8	[	[	X
cblr-1751	495	9	vol	vol	NOUN
cblr-1751	495	10	.	.	NOUN
cblr-1751	495	11	2015	2015	NUM
cblr-1751	495	12	traders	trader	NOUN
cblr-1751	495	13	from	from	ADP
cblr-1751	495	14	garnering	garner	VERB
cblr-1751	495	15	profits	profit	NOUN
cblr-1751	495	16	that	that	SCONJ
cblr-1751	495	17	they	they	PRON
cblr-1751	495	18	might	might	AUX
cblr-1751	495	19	otherwise	otherwise	ADV
cblr-1751	495	20	gain	gain	VERB
cblr-1751	495	21	.	.	PUNCT
cblr-1751	496	1	these	these	DET
cblr-1751	496	2	more	more	ADV
cblr-1751	496	3	reactive	reactive	ADJ
cblr-1751	496	4	triggers	trigger	NOUN
cblr-1751	496	5	greatly	greatly	ADV
cblr-1751	496	6	reduce	reduce	VERB
cblr-1751	496	7	the	the	DET
cblr-1751	496	8	size	size	NOUN
cblr-1751	496	9	of	of	ADP
cblr-1751	496	10	informed	inform	VERB
cblr-1751	496	11	-	-	PUNCT
cblr-1751	496	12	trader	trader	NOUN
cblr-1751	496	13	profits	profit	NOUN
cblr-1751	496	14	.	.	PUNCT
cblr-1751	497	1	in	in	ADP
cblr-1751	497	2	fact	fact	NOUN
cblr-1751	497	3	,	,	PUNCT
cblr-1751	497	4	these	these	DET
cblr-1751	497	5	sensitive	sensitive	ADJ
cblr-1751	497	6	price	price	NOUN
cblr-1751	497	7	quotes	quote	NOUN
cblr-1751	497	8	are	be	AUX
cblr-1751	497	9	likely	likely	ADJ
cblr-1751	497	10	the	the	DET
cblr-1751	497	11	primary	primary	ADJ
cblr-1751	497	12	intra	intra	ADJ
cblr-1751	497	13	-	-	ADJ
cblr-1751	497	14	market	market	ADJ
cblr-1751	497	15	business	business	NOUN
cblr-1751	497	16	concern	concern	NOUN
cblr-1751	497	17	of	of	ADP
cblr-1751	497	18	informed	informed	ADJ
cblr-1751	497	19	traders	trader	NOUN
cblr-1751	497	20	today	today	NOUN
cblr-1751	497	21	—	—	PUNCT
cblr-1751	497	22	as	as	SCONJ
cblr-1751	497	23	highlighted	highlight	VERB
cblr-1751	497	24	by	by	ADP
cblr-1751	497	25	descriptions	description	NOUN
cblr-1751	497	26	of	of	ADP
cblr-1751	497	27	the	the	DET
cblr-1751	497	28	contemporary	contemporary	ADJ
cblr-1751	497	29	stock	stock	NOUN
cblr-1751	497	30	market	market	NOUN
cblr-1751	497	31	in	in	ADP
cblr-1751	497	32	a	a	DET
cblr-1751	497	33	recent	recent	ADJ
cblr-1751	497	34	highly	highly	ADV
cblr-1751	497	35	publicized	publicize	VERB
cblr-1751	497	36	book	book	NOUN
cblr-1751	497	37	by	by	ADP
cblr-1751	497	38	best	well	ADV
cblr-1751	497	39	-	-	PUNCT
cblr-1751	497	40	selling	sell	VERB
cblr-1751	497	41	author	author	NOUN
cblr-1751	497	42	michael	michael	PROPN
cblr-1751	497	43	lewis.79	lewis.79	VERB
cblr-1751	497	44	to	to	PART
cblr-1751	497	45	explain	explain	VERB
cblr-1751	497	46	the	the	DET
cblr-1751	497	47	point	point	NOUN
cblr-1751	497	48	,	,	PUNCT
cblr-1751	497	49	start	start	VERB
cblr-1751	497	50	again	again	ADV
cblr-1751	497	51	with	with	ADP
cblr-1751	497	52	the	the	DET
cblr-1751	497	53	assumption	assumption	NOUN
cblr-1751	497	54	that	that	SCONJ
cblr-1751	497	55	the	the	DET
cblr-1751	497	56	market	market	NOUN
cblr-1751	497	57	currently	currently	ADV
cblr-1751	497	58	values	value	VERB
cblr-1751	497	59	a	a	DET
cblr-1751	497	60	stock	stock	NOUN
cblr-1751	497	61	at	at	ADP
cblr-1751	497	62	$	$	SYM
cblr-1751	497	63	44.10	44.10	NUM
cblr-1751	497	64	per	per	ADP
cblr-1751	497	65	share	share	NOUN
cblr-1751	497	66	,	,	PUNCT
cblr-1751	497	67	and	and	CCONJ
cblr-1751	497	68	that	that	SCONJ
cblr-1751	497	69	our	our	PRON
cblr-1751	497	70	informed	informed	ADJ
cblr-1751	497	71	trader	trader	NOUN
cblr-1751	497	72	again	again	ADV
cblr-1751	497	73	has	have	VERB
cblr-1751	497	74	information	information	NOUN
cblr-1751	497	75	that	that	PRON
cblr-1751	497	76	leads	lead	VERB
cblr-1751	497	77	it	it	PRON
cblr-1751	497	78	to	to	PART
cblr-1751	497	79	conclude	conclude	VERB
cblr-1751	497	80	that	that	SCONJ
cblr-1751	497	81	the	the	DET
cblr-1751	497	82	stock	stock	NOUN
cblr-1751	497	83	is	be	AUX
cblr-1751	497	84	really	really	ADV
cblr-1751	497	85	worth	worth	ADJ
cblr-1751	497	86	$	$	SYM
cblr-1751	497	87	44.15	44.15	NUM
cblr-1751	497	88	per	per	ADP
cblr-1751	497	89	share	share	NOUN
cblr-1751	497	90	.	.	PUNCT
cblr-1751	498	1	even	even	ADV
cblr-1751	498	2	if	if	SCONJ
cblr-1751	498	3	the	the	DET
cblr-1751	498	4	best	good	ADJ
cblr-1751	498	5	(	(	PUNCT
cblr-1751	498	6	lowest	low	ADJ
cblr-1751	498	7	)	)	PUNCT
cblr-1751	498	8	liquidity	liquidity	NOUN
cblr-1751	498	9	-	-	PUNCT
cblr-1751	498	10	provider	provider	NOUN
cblr-1751	498	11	ask	ask	NOUN
cblr-1751	498	12	quote	quote	INTJ
cblr-1751	498	13	in	in	ADP
cblr-1751	498	14	the	the	DET
cblr-1751	498	15	market	market	NOUN
cblr-1751	498	16	is	be	AUX
cblr-1751	498	17	$	$	SYM
cblr-1751	498	18	44.12	44.12	NUM
cblr-1751	498	19	per	per	ADP
cblr-1751	498	20	share	share	NOUN
cblr-1751	498	21	,	,	PUNCT
cblr-1751	498	22	the	the	DET
cblr-1751	498	23	informed	informed	ADJ
cblr-1751	498	24	trader	trader	NOUN
cblr-1751	498	25	will	will	AUX
cblr-1751	498	26	expect	expect	VERB
cblr-1751	498	27	only	only	ADV
cblr-1751	498	28	a	a	DET
cblr-1751	498	29	small	small	ADJ
cblr-1751	498	30	profit	profit	NOUN
cblr-1751	498	31	if	if	SCONJ
cblr-1751	498	32	just	just	ADV
cblr-1751	498	33	milliseconds	millisecond	VERB
cblr-1751	498	34	after	after	SCONJ
cblr-1751	498	35	it	it	PRON
cblr-1751	498	36	purchases	purchase	VERB
cblr-1751	498	37	,	,	PUNCT
cblr-1751	498	38	say	say	INTJ
cblr-1751	498	39	,	,	PUNCT
cblr-1751	498	40	5,000	5,000	NUM
cblr-1751	498	41	shares	share	NOUN
cblr-1751	498	42	at	at	ADP
cblr-1751	498	43	that	that	DET
cblr-1751	498	44	price	price	NOUN
cblr-1751	498	45	,	,	PUNCT
cblr-1751	498	46	all	all	DET
cblr-1751	498	47	liquidity	liquidity	NOUN
cblr-1751	498	48	providers	provider	NOUN
cblr-1751	498	49	in	in	ADP
cblr-1751	498	50	the	the	DET
cblr-1751	498	51	market	market	NOUN
cblr-1751	498	52	move	move	VERB
cblr-1751	498	53	their	their	PRON
cblr-1751	498	54	best	good	ADJ
cblr-1751	498	55	(	(	PUNCT
cblr-1751	498	56	lowest	low	ADJ
cblr-1751	498	57	)	)	PUNCT
cblr-1751	498	58	ask	ask	VERB
cblr-1751	498	59	prices	price	NOUN
cblr-1751	498	60	up	up	ADP
cblr-1751	498	61	by	by	ADP
cblr-1751	498	62	$	$	SYM
cblr-1751	498	63	0.05	0.05	NUM
cblr-1751	498	64	per	per	ADP
cblr-1751	498	65	share	share	NOUN
cblr-1751	498	66	to	to	ADP
cblr-1751	498	67	$	$	SYM
cblr-1751	498	68	44.17	44.17	NUM
cblr-1751	498	69	per	per	ADP
cblr-1751	498	70	share.80	share.80	NOUN
cblr-1751	498	71	when	when	SCONJ
cblr-1751	498	72	informed	informed	ADJ
cblr-1751	498	73	traders	trader	NOUN
cblr-1751	498	74	expect	expect	VERB
cblr-1751	498	75	smaller	small	ADJ
cblr-1751	498	76	trading	trading	NOUN
cblr-1751	498	77	profits	profit	NOUN
cblr-1751	498	78	,	,	PUNCT
cblr-1751	498	79	they	they	PRON
cblr-1751	498	80	will	will	AUX
cblr-1751	498	81	invest	invest	VERB
cblr-1751	498	82	less	less	ADJ
cblr-1751	498	83	in	in	ADP
cblr-1751	498	84	the	the	DET
cblr-1751	498	85	production	production	NOUN
cblr-1751	498	86	of	of	ADP
cblr-1751	498	87	information	information	NOUN
cblr-1751	498	88	about	about	ADP
cblr-1751	498	89	firms	firm	NOUN
cblr-1751	498	90	’	'	PUNCT
cblr-1751	498	91	prospects	prospect	NOUN
cblr-1751	498	92	.	.	PUNCT
cblr-1751	499	1	as	as	ADP
cblr-1751	499	2	a	a	DET
cblr-1751	499	3	result	result	NOUN
cblr-1751	499	4	,	,	PUNCT
cblr-1751	499	5	a	a	DET
cblr-1751	499	6	lower	low	ADJ
cblr-1751	499	7	amount	amount	NOUN
cblr-1751	499	8	of	of	ADP
cblr-1751	499	9	information	information	NOUN
cblr-1751	499	10	as	as	SCONJ
cblr-1751	499	11	to	to	ADP
cblr-1751	499	12	firms	firm	NOUN
cblr-1751	499	13	’	'	PUNCT
cblr-1751	499	14	values	value	NOUN
cblr-1751	499	15	will	will	AUX
cblr-1751	499	16	be	be	AUX
cblr-1751	499	17	produced	produce	VERB
cblr-1751	499	18	—	—	PUNCT
cblr-1751	499	19	and	and	CCONJ
cblr-1751	499	20	therefore	therefore	ADV
cblr-1751	499	21	a	a	DET
cblr-1751	499	22	lower	low	ADJ
cblr-1751	499	23	amount	amount	NOUN
cblr-1751	499	24	will	will	AUX
cblr-1751	499	25	be	be	AUX
cblr-1751	499	26	incorporated	incorporate	VERB
cblr-1751	499	27	into	into	ADP
cblr-1751	499	28	stock	stock	NOUN
cblr-1751	499	29	prices	price	NOUN
cblr-1751	499	30	.	.	PUNCT
cblr-1751	500	1	even	even	ADV
cblr-1751	500	2	more	more	ADV
cblr-1751	500	3	,	,	PUNCT
cblr-1751	500	4	when	when	SCONJ
cblr-1751	500	5	the	the	DET
cblr-1751	500	6	profits	profit	NOUN
cblr-1751	500	7	associated	associate	VERB
cblr-1751	500	8	with	with	ADP
cblr-1751	500	9	informed	informed	ADJ
cblr-1751	500	10	trading	trading	NOUN
cblr-1751	500	11	for	for	ADP
cblr-1751	500	12	any	any	DET
cblr-1751	500	13	79	79	NUM
cblr-1751	500	14	see	see	VERB
cblr-1751	500	15	generally	generally	ADV
cblr-1751	500	16	michael	michael	PROPN
cblr-1751	500	17	lewis	lewis	PROPN
cblr-1751	500	18	,	,	PUNCT
cblr-1751	500	19	flash	flash	VERB
cblr-1751	500	20	boys	boy	NOUN
cblr-1751	500	21	:	:	PUNCT
cblr-1751	500	22	a	a	DET
cblr-1751	500	23	wall	wall	PROPN
cblr-1751	500	24	street	street	PROPN
cblr-1751	500	25	revolt	revolt	NOUN
cblr-1751	500	26	(	(	PUNCT
cblr-1751	500	27	2014	2014	NUM
cblr-1751	500	28	)	)	PUNCT
cblr-1751	500	29	.	.	PUNCT
cblr-1751	501	1	interestingly	interestingly	ADV
cblr-1751	501	2	,	,	PUNCT
cblr-1751	501	3	lewis	lewis	PROPN
cblr-1751	501	4	’s	’s	PART
cblr-1751	501	5	central	central	ADJ
cblr-1751	501	6	gripe	gripe	NOUN
cblr-1751	501	7	about	about	ADP
cblr-1751	501	8	the	the	DET
cblr-1751	501	9	“	"	PUNCT
cblr-1751	501	10	rigged	rig	VERB
cblr-1751	501	11	”	"	PUNCT
cblr-1751	501	12	american	american	PROPN
cblr-1751	501	13	stock	stock	NOUN
cblr-1751	501	14	market	market	NOUN
cblr-1751	501	15	,	,	PUNCT
cblr-1751	501	16	to	to	PART
cblr-1751	501	17	use	use	VERB
cblr-1751	501	18	his	his	PRON
cblr-1751	501	19	words	word	NOUN
cblr-1751	501	20	on	on	ADP
cblr-1751	501	21	a	a	DET
cblr-1751	501	22	popular	popular	ADJ
cblr-1751	501	23	sunday	sunday	PROPN
cblr-1751	501	24	evening	evening	NOUN
cblr-1751	501	25	television	television	PROPN
cblr-1751	501	26	news	news	PROPN
cblr-1751	501	27	magazine	magazine	NOUN
cblr-1751	501	28	episode	episode	NOUN
cblr-1751	501	29	,	,	PUNCT
cblr-1751	501	30	appears	appear	VERB
cblr-1751	501	31	to	to	PART
cblr-1751	501	32	be	be	AUX
cblr-1751	501	33	this	this	DET
cblr-1751	501	34	aspect	aspect	NOUN
cblr-1751	501	35	of	of	ADP
cblr-1751	501	36	the	the	DET
cblr-1751	501	37	market	market	NOUN
cblr-1751	501	38	.	.	PUNCT
cblr-1751	502	1	given	give	VERB
cblr-1751	502	2	the	the	DET
cblr-1751	502	3	exchange	exchange	NOUN
cblr-1751	502	4	trading	trading	NOUN
cblr-1751	502	5	environment	environment	NOUN
cblr-1751	502	6	described	describe	VERB
cblr-1751	502	7	above	above	ADV
cblr-1751	502	8	in	in	ADP
cblr-1751	502	9	parts	part	NOUN
cblr-1751	502	10	iv.a.2	iv.a.2	PROPN
cblr-1751	502	11	and	and	CCONJ
cblr-1751	502	12	iv.a.3	iv.a.3	ADJ
cblr-1751	502	13	,	,	PUNCT
cblr-1751	502	14	the	the	DET
cblr-1751	502	15	process	process	NOUN
cblr-1751	502	16	in	in	ADP
cblr-1751	502	17	which	which	PRON
cblr-1751	502	18	information	information	NOUN
cblr-1751	502	19	is	be	AUX
cblr-1751	502	20	incorporated	incorporate	VERB
cblr-1751	502	21	into	into	ADP
cblr-1751	502	22	stock	stock	NOUN
cblr-1751	502	23	prices	price	NOUN
cblr-1751	502	24	described	describe	VERB
cblr-1751	502	25	above	above	ADV
cblr-1751	502	26	in	in	ADP
cblr-1751	502	27	part	part	NOUN
cblr-1751	502	28	ii.a	ii.a	NOUN
cblr-1751	502	29	.	.	PROPN
cblr-1751	502	30	,	,	PUNCT
cblr-1751	502	31	and	and	CCONJ
cblr-1751	502	32	well	well	ADV
cblr-1751	502	33	-	-	PUNCT
cblr-1751	502	34	established	establish	VERB
cblr-1751	502	35	models	model	NOUN
cblr-1751	502	36	of	of	ADP
cblr-1751	502	37	the	the	DET
cblr-1751	502	38	economics	economic	NOUN
cblr-1751	502	39	of	of	ADP
cblr-1751	502	40	the	the	DET
cblr-1751	502	41	stock	stock	NOUN
cblr-1751	502	42	market	market	NOUN
cblr-1751	502	43	traceable	traceable	ADJ
cblr-1751	502	44	to	to	ADP
cblr-1751	502	45	work	work	NOUN
cblr-1751	502	46	by	by	ADP
cblr-1751	502	47	lawrence	lawrence	PROPN
cblr-1751	502	48	r.	r.	PROPN
cblr-1751	502	49	glosten	glosten	PROPN
cblr-1751	502	50	and	and	CCONJ
cblr-1751	502	51	paul	paul	PROPN
cblr-1751	502	52	r.	r.	PROPN
cblr-1751	502	53	milgrom	milgrom	ADV
cblr-1751	502	54	in	in	ADP
cblr-1751	502	55	1985	1985	NUM
cblr-1751	502	56	,	,	PUNCT
cblr-1751	502	57	see	see	VERB
cblr-1751	502	58	supra	supra	PROPN
cblr-1751	502	59	note	note	PROPN
cblr-1751	502	60	51	51	NUM
cblr-1751	502	61	,	,	PUNCT
cblr-1751	502	62	the	the	DET
cblr-1751	502	63	market	market	NOUN
cblr-1751	502	64	appears	appear	VERB
cblr-1751	502	65	to	to	PART
cblr-1751	502	66	be	be	AUX
cblr-1751	502	67	operating	operate	VERB
cblr-1751	502	68	exactly	exactly	ADV
cblr-1751	502	69	as	as	SCONJ
cblr-1751	502	70	one	one	PRON
cblr-1751	502	71	would	would	AUX
cblr-1751	502	72	think	think	VERB
cblr-1751	502	73	it	it	PRON
cblr-1751	502	74	should	should	AUX
cblr-1751	502	75	.	.	PUNCT
cblr-1751	503	1	that	that	PRON
cblr-1751	503	2	is	be	AUX
cblr-1751	503	3	,	,	PUNCT
cblr-1751	503	4	with	with	ADP
cblr-1751	503	5	price	price	NOUN
cblr-1751	503	6	quotes	quote	NOUN
cblr-1751	503	7	quite	quite	ADV
cblr-1751	503	8	quickly	quickly	ADV
cblr-1751	503	9	reflecting	reflect	VERB
cblr-1751	503	10	significant	significant	ADJ
cblr-1751	503	11	buying	buying	NOUN
cblr-1751	503	12	or	or	CCONJ
cblr-1751	503	13	selling	sell	VERB
cblr-1751	503	14	activity	activity	NOUN
cblr-1751	503	15	given	give	VERB
cblr-1751	503	16	the	the	DET
cblr-1751	503	17	chances	chance	NOUN
cblr-1751	503	18	that	that	SCONJ
cblr-1751	503	19	such	such	ADJ
cblr-1751	503	20	activity	activity	NOUN
cblr-1751	503	21	is	be	AUX
cblr-1751	503	22	the	the	DET
cblr-1751	503	23	result	result	NOUN
cblr-1751	503	24	of	of	ADP
cblr-1751	503	25	trading	trading	NOUN
cblr-1751	503	26	based	base	VERB
cblr-1751	503	27	on	on	ADP
cblr-1751	503	28	superior	superior	ADJ
cblr-1751	503	29	information	information	NOUN
cblr-1751	503	30	.	.	PUNCT
cblr-1751	504	1	80	80	NUM
cblr-1751	504	2	liquidity	liquidity	NOUN
cblr-1751	504	3	providers	provider	NOUN
cblr-1751	504	4	throughout	throughout	ADP
cblr-1751	504	5	the	the	DET
cblr-1751	504	6	market	market	NOUN
cblr-1751	504	7	learn	learn	NOUN
cblr-1751	504	8	of	of	ADP
cblr-1751	504	9	transactions	transaction	NOUN
cblr-1751	504	10	right	right	ADV
cblr-1751	504	11	after	after	SCONJ
cblr-1751	504	12	they	they	PRON
cblr-1751	504	13	occur	occur	VERB
cblr-1751	504	14	.	.	PUNCT
cblr-1751	505	1	see	see	VERB
cblr-1751	505	2	regulation	regulation	NOUN
cblr-1751	505	3	national	national	ADJ
cblr-1751	505	4	market	market	NOUN
cblr-1751	505	5	system	system	NOUN
cblr-1751	505	6	,	,	PUNCT
cblr-1751	505	7	rule	rule	VERB
cblr-1751	505	8	601	601	NUM
cblr-1751	505	9	,	,	PUNCT
cblr-1751	505	10	17	17	NUM
cblr-1751	505	11	c.f.r	c.f.r	NOUN
cblr-1751	505	12	.	.	PUNCT
cblr-1751	506	1	§	§	PROPN
cblr-1751	506	2	242.601	242.601	NUM
cblr-1751	506	3	(	(	PUNCT
cblr-1751	506	4	2005	2005	NUM
cblr-1751	506	5	)	)	PUNCT
cblr-1751	506	6	(	(	PUNCT
cblr-1751	506	7	requiring	require	VERB
cblr-1751	506	8	all	all	DET
cblr-1751	506	9	platforms	platform	NOUN
cblr-1751	506	10	to	to	PART
cblr-1751	506	11	report	report	VERB
cblr-1751	506	12	transactions	transaction	NOUN
cblr-1751	506	13	executed	execute	VERB
cblr-1751	506	14	through	through	ADP
cblr-1751	506	15	their	their	PRON
cblr-1751	506	16	systems	system	NOUN
cblr-1751	506	17	immediately	immediately	ADV
cblr-1751	506	18	after	after	SCONJ
cblr-1751	506	19	they	they	PRON
cblr-1751	506	20	take	take	VERB
cblr-1751	506	21	place	place	NOUN
cblr-1751	506	22	)	)	PUNCT
cblr-1751	506	23	.	.	PUNCT
cblr-1751	507	1	this	this	DET
cblr-1751	507	2	transaction	transaction	NOUN
cblr-1751	507	3	-	-	PUNCT
cblr-1751	507	4	reporting	report	VERB
cblr-1751	507	5	system	system	NOUN
cblr-1751	507	6	leads	lead	VERB
cblr-1751	507	7	to	to	ADP
cblr-1751	507	8	market	market	NOUN
cblr-1751	507	9	-	-	PUNCT
cblr-1751	507	10	wide	wide	ADJ
cblr-1751	507	11	price	price	NOUN
cblr-1751	507	12	movements	movement	NOUN
cblr-1751	507	13	even	even	ADV
cblr-1751	507	14	after	after	ADP
cblr-1751	507	15	trading	trading	NOUN
cblr-1751	507	16	that	that	PRON
cblr-1751	507	17	is	be	AUX
cblr-1751	507	18	isolated	isolate	VERB
cblr-1751	507	19	to	to	ADP
cblr-1751	507	20	as	as	ADV
cblr-1751	507	21	little	little	ADJ
cblr-1751	507	22	as	as	ADP
cblr-1751	507	23	one	one	NUM
cblr-1751	507	24	liquidity	liquidity	NOUN
cblr-1751	507	25	provider	provider	NOUN
cblr-1751	507	26	.	.	PUNCT
cblr-1751	508	1	haeberle	haeberle	PROPN
cblr-1751	508	2	final	final	ADJ
cblr-1751	508	3	no	no	NOUN
cblr-1751	508	4	.	.	NOUN
cblr-1751	508	5	1:121	1:121	NUM
cblr-1751	508	6	]	]	X
cblr-1751	508	7	stock	stock	NOUN
cblr-1751	508	8	-	-	PUNCT
cblr-1751	508	9	price	price	NOUN
cblr-1751	508	10	accuracy	accuracy	NOUN
cblr-1751	508	11	165	165	NUM
cblr-1751	508	12	particular	particular	ADJ
cblr-1751	508	13	stock	stock	NOUN
cblr-1751	508	14	drop	drop	NOUN
cblr-1751	508	15	below	below	ADP
cblr-1751	508	16	a	a	DET
cblr-1751	508	17	certain	certain	ADJ
cblr-1751	508	18	threshold	threshold	NOUN
cblr-1751	508	19	,	,	PUNCT
cblr-1751	508	20	the	the	DET
cblr-1751	508	21	informed	inform	VERB
cblr-1751	508	22	-	-	PUNCT
cblr-1751	508	23	trader	trader	NOUN
cblr-1751	508	24	incentive	incentive	NOUN
cblr-1751	508	25	to	to	PART
cblr-1751	508	26	follow	follow	VERB
cblr-1751	508	27	the	the	DET
cblr-1751	508	28	stock	stock	NOUN
cblr-1751	508	29	and	and	CCONJ
cblr-1751	508	30	research	research	VERB
cblr-1751	508	31	its	its	PRON
cblr-1751	508	32	value	value	NOUN
cblr-1751	508	33	disappears	disappear	VERB
cblr-1751	508	34	altogether	altogether	ADV
cblr-1751	508	35	.	.	PUNCT
cblr-1751	509	1	thus	thus	ADV
cblr-1751	509	2	,	,	PUNCT
cblr-1751	509	3	the	the	DET
cblr-1751	509	4	federal	federal	ADJ
cblr-1751	509	5	securities	security	NOUN
cblr-1751	509	6	laws	law	NOUN
cblr-1751	509	7	that	that	PRON
cblr-1751	509	8	allow	allow	VERB
cblr-1751	509	9	off	off	ADP
cblr-1751	509	10	-	-	PUNCT
cblr-1751	509	11	exchange	exchange	NOUN
cblr-1751	509	12	platforms	platform	NOUN
cblr-1751	509	13	to	to	PART
cblr-1751	509	14	pick	pick	VERB
cblr-1751	509	15	who	who	PRON
cblr-1751	509	16	can	can	AUX
cblr-1751	509	17	and	and	CCONJ
cblr-1751	509	18	who	who	PRON
cblr-1751	509	19	can	can	AUX
cblr-1751	509	20	not	not	PART
cblr-1751	509	21	access	access	VERB
cblr-1751	509	22	their	their	PRON
cblr-1751	509	23	trading	trading	NOUN
cblr-1751	509	24	systems	system	NOUN
cblr-1751	509	25	while	while	SCONJ
cblr-1751	509	26	requiring	require	VERB
cblr-1751	509	27	exchanges	exchange	NOUN
cblr-1751	509	28	to	to	PART
cblr-1751	509	29	grant	grant	VERB
cblr-1751	509	30	access	access	NOUN
cblr-1751	509	31	to	to	ADP
cblr-1751	509	32	all	all	DET
cblr-1751	509	33	traders	trader	NOUN
cblr-1751	509	34	theoretically	theoretically	ADV
cblr-1751	509	35	result	result	VERB
cblr-1751	509	36	in	in	ADP
cblr-1751	509	37	informed	informed	ADJ
cblr-1751	509	38	traders	trader	NOUN
cblr-1751	509	39	spotting	spot	VERB
cblr-1751	509	40	fewer	few	ADJ
cblr-1751	509	41	profit	profit	NOUN
cblr-1751	509	42	opportunities	opportunity	NOUN
cblr-1751	509	43	than	than	SCONJ
cblr-1751	509	44	they	they	PRON
cblr-1751	509	45	otherwise	otherwise	ADV
cblr-1751	509	46	might	might	AUX
cblr-1751	509	47	—	—	PUNCT
cblr-1751	509	48	and	and	CCONJ
cblr-1751	509	49	therefore	therefore	ADV
cblr-1751	509	50	lead	lead	VERB
cblr-1751	509	51	society	society	NOUN
cblr-1751	509	52	to	to	PART
cblr-1751	509	53	achieve	achieve	VERB
cblr-1751	509	54	a	a	DET
cblr-1751	509	55	lower	low	ADJ
cblr-1751	509	56	level	level	NOUN
cblr-1751	509	57	of	of	ADP
cblr-1751	509	58	stock	stock	NOUN
cblr-1751	509	59	-	-	PUNCT
cblr-1751	509	60	price	price	NOUN
cblr-1751	509	61	accuracy	accuracy	NOUN
cblr-1751	509	62	than	than	SCONJ
cblr-1751	509	63	it	it	PRON
cblr-1751	509	64	otherwise	otherwise	ADV
cblr-1751	509	65	might.81	might.81	PROPN
cblr-1751	509	66	notably	notably	ADV
cblr-1751	509	67	,	,	PUNCT
cblr-1751	509	68	this	this	DET
cblr-1751	509	69	concern	concern	NOUN
cblr-1751	509	70	about	about	ADP
cblr-1751	509	71	the	the	DET
cblr-1751	509	72	effect	effect	NOUN
cblr-1751	509	73	of	of	ADP
cblr-1751	509	74	the	the	DET
cblr-1751	509	75	tradingplatform	tradingplatform	NOUN
cblr-1751	509	76	access	access	NOUN
cblr-1751	509	77	rules	rule	NOUN
cblr-1751	509	78	on	on	ADP
cblr-1751	509	79	stock	stock	NOUN
cblr-1751	509	80	-	-	PUNCT
cblr-1751	509	81	price	price	NOUN
cblr-1751	509	82	accuracy	accuracy	NOUN
cblr-1751	509	83	is	be	AUX
cblr-1751	509	84	likely	likely	ADV
cblr-1751	509	85	relevant	relevant	ADJ
cblr-1751	509	86	for	for	ADP
cblr-1751	509	87	the	the	DET
cblr-1751	509	88	overwhelming	overwhelming	ADJ
cblr-1751	509	89	majority	majority	NOUN
cblr-1751	509	90	of	of	ADP
cblr-1751	509	91	the	the	DET
cblr-1751	509	92	5,000	5,000	NUM
cblr-1751	509	93	or	or	CCONJ
cblr-1751	509	94	so	so	ADV
cblr-1751	509	95	stocks	stock	NOUN
cblr-1751	509	96	that	that	PRON
cblr-1751	509	97	are	be	AUX
cblr-1751	509	98	publicly	publicly	ADV
cblr-1751	509	99	traded	trade	VERB
cblr-1751	509	100	in	in	ADP
cblr-1751	509	101	the	the	DET
cblr-1751	509	102	american	american	ADJ
cblr-1751	509	103	stock	stock	NOUN
cblr-1751	509	104	market	market	NOUN
cblr-1751	509	105	.	.	PUNCT
cblr-1751	510	1	after	after	ADV
cblr-1751	510	2	all	all	ADV
cblr-1751	510	3	,	,	PUNCT
cblr-1751	510	4	about	about	ADV
cblr-1751	510	5	half	half	NOUN
cblr-1751	510	6	of	of	ADP
cblr-1751	510	7	all	all	DET
cblr-1751	510	8	publicly	publicly	ADV
cblr-1751	510	9	traded	trade	VERB
cblr-1751	510	10	stocks	stock	NOUN
cblr-1751	510	11	have	have	VERB
cblr-1751	510	12	over	over	ADP
cblr-1751	510	13	40	40	NUM
cblr-1751	510	14	%	%	NOUN
cblr-1751	510	15	of	of	ADP
cblr-1751	510	16	their	their	PRON
cblr-1751	510	17	trading	trading	NOUN
cblr-1751	510	18	taking	take	VERB
cblr-1751	510	19	place	place	NOUN
cblr-1751	510	20	via	via	ADP
cblr-1751	510	21	off	off	ADP
cblr-1751	510	22	-	-	PUNCT
cblr-1751	510	23	exchange	exchange	NOUN
cblr-1751	510	24	platforms.82	platforms.82	NOUN
cblr-1751	510	25	however	however	ADV
cblr-1751	510	26	,	,	PUNCT
cblr-1751	510	27	the	the	DET
cblr-1751	510	28	concern	concern	NOUN
cblr-1751	510	29	is	be	AUX
cblr-1751	510	30	perhaps	perhaps	ADV
cblr-1751	510	31	most	most	ADV
cblr-1751	510	32	significant	significant	ADJ
cblr-1751	510	33	for	for	ADP
cblr-1751	510	34	the	the	DET
cblr-1751	510	35	stocks	stock	NOUN
cblr-1751	510	36	of	of	ADP
cblr-1751	510	37	firms	firm	NOUN
cblr-1751	510	38	on	on	ADP
cblr-1751	510	39	the	the	DET
cblr-1751	510	40	smalland	smalland	NOUN
cblr-1751	510	41	mediumsize	mediumsize	PROPN
cblr-1751	510	42	end	end	PROPN
cblr-1751	510	43	of	of	ADP
cblr-1751	510	44	the	the	DET
cblr-1751	510	45	public	public	ADJ
cblr-1751	510	46	-	-	PUNCT
cblr-1751	510	47	firm	firm	NOUN
cblr-1751	510	48	spectrum	spectrum	NOUN
cblr-1751	510	49	,	,	PUNCT
cblr-1751	510	50	as	as	SCONJ
cblr-1751	510	51	opposed	oppose	VERB
cblr-1751	510	52	to	to	ADP
cblr-1751	510	53	household	household	NOUN
cblr-1751	510	54	names	name	NOUN
cblr-1751	510	55	such	such	ADJ
cblr-1751	510	56	as	as	ADP
cblr-1751	510	57	apple	apple	NOUN
cblr-1751	510	58	,	,	PUNCT
cblr-1751	510	59	exxonmobile	exxonmobile	ADJ
cblr-1751	510	60	,	,	PUNCT
cblr-1751	510	61	and	and	CCONJ
cblr-1751	510	62	wal	wal	PROPN
cblr-1751	510	63	-	-	PUNCT
cblr-1751	510	64	mart	mart	NOUN
cblr-1751	510	65	.	.	PUNCT
cblr-1751	511	1	liquidity	liquidity	NOUN
cblr-1751	511	2	81	81	NUM
cblr-1751	511	3	at	at	ADP
cblr-1751	511	4	first	first	ADJ
cblr-1751	511	5	glance	glance	NOUN
cblr-1751	511	6	,	,	PUNCT
cblr-1751	511	7	the	the	DET
cblr-1751	511	8	posited	posit	VERB
cblr-1751	511	9	relationship	relationship	NOUN
cblr-1751	511	10	between	between	ADP
cblr-1751	511	11	these	these	DET
cblr-1751	511	12	trading	trading	NOUN
cblr-1751	511	13	rules	rule	NOUN
cblr-1751	511	14	and	and	CCONJ
cblr-1751	511	15	stock	stock	NOUN
cblr-1751	511	16	-	-	PUNCT
cblr-1751	511	17	price	price	NOUN
cblr-1751	511	18	accuracy	accuracy	NOUN
cblr-1751	511	19	may	may	AUX
cblr-1751	511	20	appear	appear	VERB
cblr-1751	511	21	to	to	PART
cblr-1751	511	22	be	be	AUX
cblr-1751	511	23	at	at	ADP
cblr-1751	511	24	odds	odd	NOUN
cblr-1751	511	25	with	with	ADP
cblr-1751	511	26	what	what	PRON
cblr-1751	511	27	may	may	AUX
cblr-1751	511	28	be	be	AUX
cblr-1751	511	29	the	the	DET
cblr-1751	511	30	best	well	ADV
cblr-1751	511	31	-	-	PUNCT
cblr-1751	511	32	known	know	VERB
cblr-1751	511	33	theory	theory	NOUN
cblr-1751	511	34	in	in	ADP
cblr-1751	511	35	financial	financial	ADJ
cblr-1751	511	36	economics	economic	NOUN
cblr-1751	511	37	:	:	PUNCT
cblr-1751	511	38	the	the	DET
cblr-1751	511	39	efficient	efficient	ADJ
cblr-1751	511	40	-	-	PUNCT
cblr-1751	511	41	market	market	NOUN
cblr-1751	511	42	hypothesis	hypothesis	NOUN
cblr-1751	511	43	.	.	PUNCT
cblr-1751	512	1	however	however	ADV
cblr-1751	512	2	,	,	PUNCT
cblr-1751	512	3	it	it	PRON
cblr-1751	512	4	is	be	AUX
cblr-1751	512	5	important	important	ADJ
cblr-1751	512	6	to	to	PART
cblr-1751	512	7	note	note	VERB
cblr-1751	512	8	that	that	SCONJ
cblr-1751	512	9	the	the	DET
cblr-1751	512	10	concept	concept	NOUN
cblr-1751	512	11	of	of	ADP
cblr-1751	512	12	stock	stock	NOUN
cblr-1751	512	13	-	-	PUNCT
cblr-1751	512	14	price	price	NOUN
cblr-1751	512	15	accuracy	accuracy	NOUN
cblr-1751	512	16	is	be	AUX
cblr-1751	512	17	distinct	distinct	ADJ
cblr-1751	512	18	from	from	ADP
cblr-1751	512	19	that	that	PRON
cblr-1751	512	20	of	of	ADP
cblr-1751	512	21	market	market	NOUN
cblr-1751	512	22	efficiency	efficiency	NOUN
cblr-1751	512	23	.	.	PUNCT
cblr-1751	513	1	the	the	DET
cblr-1751	513	2	latter	latter	ADJ
cblr-1751	513	3	concerns	concern	VERB
cblr-1751	513	4	the	the	DET
cblr-1751	513	5	extent	extent	NOUN
cblr-1751	513	6	to	to	PART
cblr-1751	513	7	which	which	PRON
cblr-1751	513	8	information	information	NOUN
cblr-1751	513	9	,	,	PUNCT
cblr-1751	513	10	once	once	ADV
cblr-1751	513	11	public	public	ADJ
cblr-1751	513	12	,	,	PUNCT
cblr-1751	513	13	is	be	AUX
cblr-1751	513	14	incorporated	incorporate	VERB
cblr-1751	513	15	into	into	ADP
cblr-1751	513	16	market	market	NOUN
cblr-1751	513	17	prices	price	NOUN
cblr-1751	513	18	.	.	PUNCT
cblr-1751	514	1	it	it	PRON
cblr-1751	514	2	therefore	therefore	ADV
cblr-1751	514	3	depends	depend	VERB
cblr-1751	514	4	primarily	primarily	ADV
cblr-1751	514	5	on	on	ADP
cblr-1751	514	6	the	the	DET
cblr-1751	514	7	process	process	NOUN
cblr-1751	514	8	in	in	ADP
cblr-1751	514	9	which	which	PRON
cblr-1751	514	10	public	public	ADJ
cblr-1751	514	11	information	information	NOUN
cblr-1751	514	12	is	be	AUX
cblr-1751	514	13	incorporated	incorporate	VERB
cblr-1751	514	14	into	into	ADP
cblr-1751	514	15	those	those	DET
cblr-1751	514	16	prices	price	NOUN
cblr-1751	514	17	.	.	PUNCT
cblr-1751	515	1	the	the	DET
cblr-1751	515	2	former	former	ADJ
cblr-1751	515	3	instead	instead	ADV
cblr-1751	515	4	focuses	focus	VERB
cblr-1751	515	5	on	on	ADP
cblr-1751	515	6	the	the	DET
cblr-1751	515	7	extent	extent	NOUN
cblr-1751	515	8	to	to	PART
cblr-1751	515	9	which	which	PRON
cblr-1751	515	10	market	market	NOUN
cblr-1751	515	11	prices	price	NOUN
cblr-1751	515	12	reflect	reflect	VERB
cblr-1751	515	13	fundamental	fundamental	ADJ
cblr-1751	515	14	values	value	NOUN
cblr-1751	515	15	.	.	PUNCT
cblr-1751	516	1	it	it	PRON
cblr-1751	516	2	therefore	therefore	ADV
cblr-1751	516	3	turns	turn	VERB
cblr-1751	516	4	not	not	PART
cblr-1751	516	5	only	only	ADV
cblr-1751	516	6	on	on	ADP
cblr-1751	516	7	the	the	DET
cblr-1751	516	8	process	process	NOUN
cblr-1751	516	9	in	in	ADP
cblr-1751	516	10	which	which	PRON
cblr-1751	516	11	information	information	NOUN
cblr-1751	516	12	is	be	AUX
cblr-1751	516	13	incorporated	incorporate	VERB
cblr-1751	516	14	into	into	ADP
cblr-1751	516	15	prices	price	NOUN
cblr-1751	516	16	,	,	PUNCT
cblr-1751	516	17	but	but	CCONJ
cblr-1751	516	18	also	also	ADV
cblr-1751	516	19	on	on	ADP
cblr-1751	516	20	the	the	DET
cblr-1751	516	21	extent	extent	NOUN
cblr-1751	516	22	to	to	PART
cblr-1751	516	23	which	which	PRON
cblr-1751	516	24	information	information	NOUN
cblr-1751	516	25	is	be	AUX
cblr-1751	516	26	produced	produce	VERB
cblr-1751	516	27	.	.	PUNCT
cblr-1751	517	1	this	this	DET
cblr-1751	517	2	distinction	distinction	NOUN
cblr-1751	517	3	is	be	AUX
cblr-1751	517	4	perhaps	perhaps	ADV
cblr-1751	517	5	best	well	ADV
cblr-1751	517	6	explained	explain	VERB
cblr-1751	517	7	by	by	ADP
cblr-1751	517	8	recognizing	recognize	VERB
cblr-1751	517	9	that	that	SCONJ
cblr-1751	517	10	prices	price	NOUN
cblr-1751	517	11	can	can	AUX
cblr-1751	517	12	be	be	AUX
cblr-1751	517	13	highly	highly	ADV
cblr-1751	517	14	efficient	efficient	ADJ
cblr-1751	517	15	,	,	PUNCT
cblr-1751	517	16	yet	yet	ADV
cblr-1751	517	17	not	not	PART
cblr-1751	517	18	accurate	accurate	ADJ
cblr-1751	517	19	whatsoever	whatsoever	ADV
cblr-1751	517	20	.	.	PUNCT
cblr-1751	518	1	to	to	PART
cblr-1751	518	2	illustrate	illustrate	VERB
cblr-1751	518	3	the	the	DET
cblr-1751	518	4	point	point	NOUN
cblr-1751	518	5	,	,	PUNCT
cblr-1751	518	6	imagine	imagine	VERB
cblr-1751	518	7	a	a	DET
cblr-1751	518	8	firm	firm	NOUN
cblr-1751	518	9	that	that	PRON
cblr-1751	518	10	discloses	disclose	VERB
cblr-1751	518	11	only	only	ADV
cblr-1751	518	12	the	the	DET
cblr-1751	518	13	bare	bare	ADJ
cblr-1751	518	14	minimum	minimum	NOUN
cblr-1751	518	15	about	about	ADP
cblr-1751	518	16	its	its	PRON
cblr-1751	518	17	business	business	NOUN
cblr-1751	518	18	to	to	ADP
cblr-1751	518	19	the	the	DET
cblr-1751	518	20	public	public	NOUN
cblr-1751	518	21	,	,	PUNCT
cblr-1751	518	22	and	and	CCONJ
cblr-1751	518	23	otherwise	otherwise	ADV
cblr-1751	518	24	operates	operate	VERB
cblr-1751	518	25	with	with	ADP
cblr-1751	518	26	secrecy	secrecy	NOUN
cblr-1751	518	27	.	.	PUNCT
cblr-1751	519	1	that	that	DET
cblr-1751	519	2	firm	firm	NOUN
cblr-1751	519	3	’s	’s	PART
cblr-1751	519	4	stock	stock	NOUN
cblr-1751	519	5	price	price	NOUN
cblr-1751	519	6	may	may	AUX
cblr-1751	519	7	be	be	AUX
cblr-1751	519	8	perfectly	perfectly	ADV
cblr-1751	519	9	efficient	efficient	ADJ
cblr-1751	519	10	in	in	ADP
cblr-1751	519	11	today	today	NOUN
cblr-1751	519	12	’s	’s	PART
cblr-1751	519	13	market	market	NOUN
cblr-1751	519	14	.	.	PUNCT
cblr-1751	520	1	after	after	ADV
cblr-1751	520	2	all	all	ADV
cblr-1751	520	3	,	,	PUNCT
cblr-1751	520	4	as	as	ADV
cblr-1751	520	5	soon	soon	ADV
cblr-1751	520	6	as	as	SCONJ
cblr-1751	520	7	information	information	NOUN
cblr-1751	520	8	about	about	ADP
cblr-1751	520	9	its	its	PRON
cblr-1751	520	10	prospects	prospect	NOUN
cblr-1751	520	11	comes	come	VERB
cblr-1751	520	12	out	out	ADP
cblr-1751	520	13	,	,	PUNCT
cblr-1751	520	14	even	even	ADV
cblr-1751	520	15	a	a	DET
cblr-1751	520	16	small	small	ADJ
cblr-1751	520	17	amount	amount	NOUN
cblr-1751	520	18	of	of	ADP
cblr-1751	520	19	trading	trading	NOUN
cblr-1751	520	20	based	base	VERB
cblr-1751	520	21	on	on	ADP
cblr-1751	520	22	that	that	DET
cblr-1751	520	23	information	information	NOUN
cblr-1751	520	24	would	would	AUX
cblr-1751	520	25	immediately	immediately	ADV
cblr-1751	520	26	affect	affect	VERB
cblr-1751	520	27	its	its	PRON
cblr-1751	520	28	market	market	NOUN
cblr-1751	520	29	price	price	NOUN
cblr-1751	520	30	.	.	PUNCT
cblr-1751	521	1	however	however	ADV
cblr-1751	521	2	,	,	PUNCT
cblr-1751	521	3	that	that	DET
cblr-1751	521	4	price	price	NOUN
cblr-1751	521	5	may	may	AUX
cblr-1751	521	6	still	still	ADV
cblr-1751	521	7	be	be	AUX
cblr-1751	521	8	highly	highly	ADV
cblr-1751	521	9	inaccurate	inaccurate	ADJ
cblr-1751	521	10	because	because	SCONJ
cblr-1751	521	11	little	little	ADJ
cblr-1751	521	12	information	information	NOUN
cblr-1751	521	13	on	on	ADP
cblr-1751	521	14	the	the	DET
cblr-1751	521	15	firm	firm	NOUN
cblr-1751	521	16	’s	’s	PART
cblr-1751	521	17	prospects	prospect	NOUN
cblr-1751	521	18	may	may	AUX
cblr-1751	521	19	have	have	AUX
cblr-1751	521	20	been	be	AUX
cblr-1751	521	21	produced	produce	VERB
cblr-1751	521	22	.	.	PUNCT
cblr-1751	522	1	82	82	NUM
cblr-1751	522	2	see	see	VERB
cblr-1751	522	3	hatheway	hatheway	NOUN
cblr-1751	522	4	,	,	PUNCT
cblr-1751	522	5	kwan	kwan	PROPN
cblr-1751	522	6	&	&	CCONJ
cblr-1751	522	7	zheng	zheng	PROPN
cblr-1751	522	8	,	,	PUNCT
cblr-1751	522	9	supra	supra	PROPN
cblr-1751	522	10	note	note	PROPN
cblr-1751	522	11	35	35	NUM
cblr-1751	522	12	.	.	PUNCT
cblr-1751	523	1	haeberle	haeberle	PROPN
cblr-1751	523	2	final	final	ADJ
cblr-1751	523	3	166	166	NUM
cblr-1751	523	4	columbia	columbia	PROPN
cblr-1751	523	5	business	business	NOUN
cblr-1751	523	6	law	law	PROPN
cblr-1751	523	7	review	review	NOUN
cblr-1751	523	8	[	[	X
cblr-1751	523	9	vol	vol	NOUN
cblr-1751	523	10	.	.	NOUN
cblr-1751	523	11	2015	2015	NUM
cblr-1751	523	12	provision	provision	NOUN
cblr-1751	523	13	for	for	ADP
cblr-1751	523	14	these	these	DET
cblr-1751	523	15	stocks	stock	NOUN
cblr-1751	523	16	tends	tend	VERB
cblr-1751	523	17	to	to	PART
cblr-1751	523	18	be	be	AUX
cblr-1751	523	19	characterized	characterize	VERB
cblr-1751	523	20	by	by	ADP
cblr-1751	523	21	inferior	inferior	ADJ
cblr-1751	523	22	pricing	pricing	NOUN
cblr-1751	523	23	and	and	CCONJ
cblr-1751	523	24	very	very	ADV
cblr-1751	523	25	sensitive	sensitive	ADJ
cblr-1751	523	26	quote	quote	ADJ
cblr-1751	523	27	-	-	PUNCT
cblr-1751	523	28	adjustment	adjustment	NOUN
cblr-1751	523	29	triggers	trigger	NOUN
cblr-1751	523	30	—	—	PUNCT
cblr-1751	523	31	making	make	VERB
cblr-1751	523	32	it	it	PRON
cblr-1751	523	33	hard	hard	ADJ
cblr-1751	523	34	for	for	SCONJ
cblr-1751	523	35	informed	inform	VERB
cblr-1751	523	36	traders	trader	NOUN
cblr-1751	523	37	to	to	PART
cblr-1751	523	38	identify	identify	VERB
cblr-1751	523	39	pricing	pricing	NOUN
cblr-1751	523	40	inaccuracies	inaccuracy	NOUN
cblr-1751	523	41	that	that	PRON
cblr-1751	523	42	allow	allow	VERB
cblr-1751	523	43	them	they	PRON
cblr-1751	523	44	to	to	PART
cblr-1751	523	45	earn	earn	VERB
cblr-1751	523	46	significant	significant	ADJ
cblr-1751	523	47	trading	trading	NOUN
cblr-1751	523	48	profits	profit	NOUN
cblr-1751	523	49	before	before	SCONJ
cblr-1751	523	50	market	market	NOUN
cblr-1751	523	51	prices	price	NOUN
cblr-1751	523	52	adjust	adjust	VERB
cblr-1751	523	53	to	to	ADP
cblr-1751	523	54	the	the	DET
cblr-1751	523	55	information	information	NOUN
cblr-1751	523	56	on	on	ADP
cblr-1751	523	57	which	which	PRON
cblr-1751	523	58	they	they	PRON
cblr-1751	523	59	are	be	AUX
cblr-1751	523	60	trading	trade	VERB
cblr-1751	523	61	.	.	PUNCT
cblr-1751	524	1	not	not	PART
cblr-1751	524	2	surprisingly	surprisingly	ADV
cblr-1751	524	3	,	,	PUNCT
cblr-1751	524	4	informed	informed	ADJ
cblr-1751	524	5	traders	trader	NOUN
cblr-1751	524	6	and	and	CCONJ
cblr-1751	524	7	others	other	NOUN
cblr-1751	524	8	tend	tend	VERB
cblr-1751	524	9	to	to	PART
cblr-1751	524	10	produce	produce	VERB
cblr-1751	524	11	far	far	ADV
cblr-1751	524	12	less	less	ADJ
cblr-1751	524	13	information	information	NOUN
cblr-1751	524	14	about	about	ADP
cblr-1751	524	15	these	these	DET
cblr-1751	524	16	firms	firm	NOUN
cblr-1751	524	17	relative	relative	ADJ
cblr-1751	524	18	to	to	ADP
cblr-1751	524	19	larger	large	ADJ
cblr-1751	524	20	ones	one	NOUN
cblr-1751	524	21	.	.	PUNCT
cblr-1751	525	1	in	in	ADP
cblr-1751	525	2	fact	fact	NOUN
cblr-1751	525	3	,	,	PUNCT
cblr-1751	525	4	some	some	DET
cblr-1751	525	5	large	large	ADJ
cblr-1751	525	6	portion	portion	NOUN
cblr-1751	525	7	of	of	ADP
cblr-1751	525	8	these	these	DET
cblr-1751	525	9	firms	firm	NOUN
cblr-1751	525	10	lacks	lack	VERB
cblr-1751	525	11	a	a	DET
cblr-1751	525	12	robust	robust	ADJ
cblr-1751	525	13	informed	inform	VERB
cblr-1751	525	14	-	-	PUNCT
cblr-1751	525	15	trader	trader	NOUN
cblr-1751	525	16	following	follow	VERB
cblr-1751	525	17	altogether	altogether	ADV
cblr-1751	525	18	,	,	PUNCT
cblr-1751	525	19	and	and	CCONJ
cblr-1751	525	20	relatively	relatively	ADV
cblr-1751	525	21	little	little	ADJ
cblr-1751	525	22	is	be	AUX
cblr-1751	525	23	known	know	VERB
cblr-1751	525	24	about	about	ADP
cblr-1751	525	25	the	the	DET
cblr-1751	525	26	future	future	ADJ
cblr-1751	525	27	cash	cash	NOUN
cblr-1751	525	28	flows	flow	VERB
cblr-1751	525	29	that	that	SCONJ
cblr-1751	525	30	they	they	PRON
cblr-1751	525	31	will	will	AUX
cblr-1751	525	32	produce	produce	VERB
cblr-1751	525	33	.	.	PUNCT
cblr-1751	526	1	so	so	ADV
cblr-1751	526	2	,	,	PUNCT
cblr-1751	526	3	while	while	SCONJ
cblr-1751	526	4	the	the	DET
cblr-1751	526	5	tradingplatform	tradingplatform	NOUN
cblr-1751	526	6	access	access	NOUN
cblr-1751	526	7	rules	rule	NOUN
cblr-1751	526	8	lead	lead	VERB
cblr-1751	526	9	to	to	ADP
cblr-1751	526	10	an	an	DET
cblr-1751	526	11	exchange	exchange	NOUN
cblr-1751	526	12	trading	trading	NOUN
cblr-1751	526	13	environment	environment	NOUN
cblr-1751	526	14	that	that	PRON
cblr-1751	526	15	theoretically	theoretically	ADV
cblr-1751	526	16	impedes	impede	VERB
cblr-1751	526	17	stock	stock	NOUN
cblr-1751	526	18	-	-	PUNCT
cblr-1751	526	19	price	price	NOUN
cblr-1751	526	20	accuracy	accuracy	NOUN
cblr-1751	526	21	for	for	ADP
cblr-1751	526	22	the	the	DET
cblr-1751	526	23	great	great	ADJ
cblr-1751	526	24	majority	majority	NOUN
cblr-1751	526	25	of	of	ADP
cblr-1751	526	26	all	all	DET
cblr-1751	526	27	public	public	ADJ
cblr-1751	526	28	companies	company	NOUN
cblr-1751	526	29	,	,	PUNCT
cblr-1751	526	30	this	this	DET
cblr-1751	526	31	effect	effect	NOUN
cblr-1751	526	32	is	be	AUX
cblr-1751	526	33	perhaps	perhaps	ADV
cblr-1751	526	34	most	most	ADV
cblr-1751	526	35	disconcerting	disconcerting	ADJ
cblr-1751	526	36	for	for	ADP
cblr-1751	526	37	smallerand	smallerand	NOUN
cblr-1751	526	38	mid	mid	ADJ
cblr-1751	526	39	-	-	NOUN
cblr-1751	526	40	size	size	NOUN
cblr-1751	526	41	companies	company	NOUN
cblr-1751	526	42	.	.	PUNCT
cblr-1751	527	1	2	2	X
cblr-1751	527	2	.	.	X
cblr-1751	527	3	the	the	DET
cblr-1751	527	4	main	main	ADJ
cblr-1751	527	5	social	social	ADJ
cblr-1751	527	6	benefits	benefit	NOUN
cblr-1751	527	7	of	of	ADP
cblr-1751	527	8	accurate	accurate	ADJ
cblr-1751	527	9	stock	stock	NOUN
cblr-1751	527	10	prices	price	NOUN
cblr-1751	527	11	as	as	ADP
cblr-1751	527	12	a	a	DET
cblr-1751	527	13	general	general	ADJ
cblr-1751	527	14	matter	matter	NOUN
cblr-1751	527	15	,	,	PUNCT
cblr-1751	527	16	laws	law	NOUN
cblr-1751	527	17	that	that	PRON
cblr-1751	527	18	result	result	VERB
cblr-1751	527	19	in	in	ADP
cblr-1751	527	20	society	society	NOUN
cblr-1751	527	21	generating	generate	VERB
cblr-1751	527	22	a	a	DET
cblr-1751	527	23	lower	low	ADJ
cblr-1751	527	24	level	level	NOUN
cblr-1751	527	25	of	of	ADP
cblr-1751	527	26	stock	stock	NOUN
cblr-1751	527	27	-	-	PUNCT
cblr-1751	527	28	price	price	NOUN
cblr-1751	527	29	accuracy	accuracy	NOUN
cblr-1751	527	30	deprive	deprive	ADJ
cblr-1751	527	31	society	society	NOUN
cblr-1751	527	32	of	of	ADP
cblr-1751	527	33	valuable	valuable	ADJ
cblr-1751	527	34	benefits	benefit	NOUN
cblr-1751	527	35	(	(	PUNCT
cblr-1751	527	36	namely	namely	ADV
cblr-1751	527	37	,	,	PUNCT
cblr-1751	527	38	those	those	PRON
cblr-1751	527	39	relating	relate	VERB
cblr-1751	527	40	to	to	ADP
cblr-1751	527	41	corporate	corporate	ADJ
cblr-1751	527	42	governance	governance	NOUN
cblr-1751	527	43	and	and	CCONJ
cblr-1751	527	44	capital	capital	NOUN
cblr-1751	527	45	allocation).83	allocation).83	PROPN
cblr-1751	527	46	to	to	PART
cblr-1751	527	47	be	be	AUX
cblr-1751	527	48	sure	sure	ADJ
cblr-1751	527	49	,	,	PUNCT
cblr-1751	527	50	though	though	ADV
cblr-1751	527	51	,	,	PUNCT
cblr-1751	527	52	not	not	PART
cblr-1751	527	53	all	all	DET
cblr-1751	527	54	effects	effect	NOUN
cblr-1751	527	55	on	on	ADP
cblr-1751	527	56	stock	stock	NOUN
cblr-1751	527	57	-	-	PUNCT
cblr-1751	527	58	price	price	NOUN
cblr-1751	527	59	accuracy	accuracy	NOUN
cblr-1751	527	60	emanate	emanate	VERB
cblr-1751	527	61	to	to	PART
cblr-1751	527	62	affect	affect	VERB
cblr-1751	527	63	the	the	DET
cblr-1751	527	64	quality	quality	NOUN
cblr-1751	527	65	of	of	ADP
cblr-1751	527	66	these	these	DET
cblr-1751	527	67	benefits.84	benefits.84	NOUN
cblr-1751	527	68	for	for	ADP
cblr-1751	527	69	example	example	NOUN
cblr-1751	527	70	,	,	PUNCT
cblr-1751	527	71	think	think	VERB
cblr-1751	527	72	about	about	ADP
cblr-1751	527	73	laws	law	NOUN
cblr-1751	527	74	that	that	PRON
cblr-1751	527	75	would	would	AUX
cblr-1751	527	76	require	require	VERB
cblr-1751	527	77	firms	firm	NOUN
cblr-1751	527	78	to	to	PART
cblr-1751	527	79	disclose	disclose	VERB
cblr-1751	527	80	new	new	ADJ
cblr-1751	527	81	material	material	NOUN
cblr-1751	527	82	information	information	NOUN
cblr-1751	527	83	within	within	ADP
cblr-1751	527	84	a	a	DET
cblr-1751	527	85	minute	minute	NOUN
cblr-1751	527	86	of	of	ADP
cblr-1751	527	87	learning	learning	NOUN
cblr-1751	527	88	of	of	ADP
cblr-1751	527	89	that	that	DET
cblr-1751	527	90	information	information	NOUN
cblr-1751	527	91	rather	rather	ADV
cblr-1751	527	92	than	than	ADP
cblr-1751	527	93	within	within	ADV
cblr-1751	527	94	,	,	PUNCT
cblr-1751	527	95	say	say	INTJ
cblr-1751	527	96	,	,	PUNCT
cblr-1751	527	97	a	a	DET
cblr-1751	527	98	week	week	NOUN
cblr-1751	527	99	.	.	PUNCT
cblr-1751	528	1	such	such	ADJ
cblr-1751	528	2	laws	law	NOUN
cblr-1751	528	3	that	that	PRON
cblr-1751	528	4	result	result	VERB
cblr-1751	528	5	in	in	ADP
cblr-1751	528	6	information	information	NOUN
cblr-1751	528	7	about	about	ADP
cblr-1751	528	8	firms	firm	NOUN
cblr-1751	528	9	’	'	PUNCT
cblr-1751	528	10	fundamental	fundamental	ADJ
cblr-1751	528	11	values	value	NOUN
cblr-1751	528	12	being	be	AUX
cblr-1751	528	13	incorporated	incorporate	VERB
cblr-1751	528	14	into	into	ADP
cblr-1751	528	15	their	their	PRON
cblr-1751	528	16	stock	stock	NOUN
cblr-1751	528	17	prices	price	NOUN
cblr-1751	528	18	within	within	ADP
cblr-1751	528	19	minutes	minute	NOUN
cblr-1751	528	20	of	of	ADP
cblr-1751	528	21	a	a	DET
cblr-1751	528	22	new	new	ADJ
cblr-1751	528	23	development	development	NOUN
cblr-1751	528	24	rather	rather	ADV
cblr-1751	528	25	than	than	ADP
cblr-1751	528	26	a	a	DET
cblr-1751	528	27	week	week	NOUN
cblr-1751	528	28	are	be	AUX
cblr-1751	528	29	unlikely	unlikely	ADJ
cblr-1751	528	30	to	to	PART
cblr-1751	528	31	result	result	VERB
cblr-1751	528	32	in	in	ADP
cblr-1751	528	33	any	any	DET
cblr-1751	528	34	sort	sort	NOUN
cblr-1751	528	35	of	of	ADP
cblr-1751	528	36	disconcerting	disconcert	VERB
cblr-1751	528	37	misallocation	misallocation	NOUN
cblr-1751	528	38	of	of	ADP
cblr-1751	528	39	capital	capital	NOUN
cblr-1751	528	40	.	.	PUNCT
cblr-1751	529	1	thus	thus	ADV
cblr-1751	529	2	,	,	PUNCT
cblr-1751	529	3	despite	despite	SCONJ
cblr-1751	529	4	the	the	DET
cblr-1751	529	5	general	general	ADJ
cblr-1751	529	6	concern	concern	NOUN
cblr-1751	529	7	about	about	ADP
cblr-1751	529	8	laws	law	NOUN
cblr-1751	529	9	that	that	PRON
cblr-1751	529	10	reduce	reduce	VERB
cblr-1751	529	11	stock	stock	NOUN
cblr-1751	529	12	-	-	PUNCT
cblr-1751	529	13	price	price	NOUN
cblr-1751	529	14	83	83	NUM
cblr-1751	529	15	see	see	NOUN
cblr-1751	529	16	generally	generally	ADV
cblr-1751	529	17	supra	supra	ADJ
cblr-1751	529	18	part	part	NOUN
cblr-1751	529	19	ii.b	ii.b	PROPN
cblr-1751	529	20	.	.	PUNCT
cblr-1751	530	1	(	(	PUNCT
cblr-1751	530	2	describing	describe	VERB
cblr-1751	530	3	the	the	DET
cblr-1751	530	4	main	main	ADJ
cblr-1751	530	5	social	social	ADJ
cblr-1751	530	6	benefits	benefit	NOUN
cblr-1751	530	7	of	of	ADP
cblr-1751	530	8	more	more	ADV
cblr-1751	530	9	accurate	accurate	ADJ
cblr-1751	530	10	stock	stock	NOUN
cblr-1751	530	11	prices	price	NOUN
cblr-1751	530	12	)	)	PUNCT
cblr-1751	530	13	.	.	PUNCT
cblr-1751	531	1	84	84	NUM
cblr-1751	531	2	see	see	VERB
cblr-1751	531	3	generally	generally	ADV
cblr-1751	531	4	kahan	kahan	ADJ
cblr-1751	531	5	,	,	PUNCT
cblr-1751	531	6	supra	supra	PROPN
cblr-1751	531	7	note	note	NOUN
cblr-1751	531	8	4	4	NUM
cblr-1751	531	9	(	(	PUNCT
cblr-1751	531	10	comparing	compare	VERB
cblr-1751	531	11	instances	instance	NOUN
cblr-1751	531	12	in	in	ADP
cblr-1751	531	13	which	which	PRON
cblr-1751	531	14	enhanced	enhance	VERB
cblr-1751	531	15	stock	stock	NOUN
cblr-1751	531	16	-	-	PUNCT
cblr-1751	531	17	price	price	NOUN
cblr-1751	531	18	accuracy	accuracy	NOUN
cblr-1751	531	19	results	result	NOUN
cblr-1751	531	20	in	in	ADP
cblr-1751	531	21	significant	significant	ADJ
cblr-1751	531	22	social	social	ADJ
cblr-1751	531	23	benefits	benefit	NOUN
cblr-1751	531	24	with	with	ADP
cblr-1751	531	25	those	those	PRON
cblr-1751	531	26	in	in	ADP
cblr-1751	531	27	which	which	PRON
cblr-1751	531	28	it	it	PRON
cblr-1751	531	29	does	do	AUX
cblr-1751	531	30	not	not	PART
cblr-1751	531	31	lead	lead	VERB
cblr-1751	531	32	to	to	ADP
cblr-1751	531	33	such	such	ADJ
cblr-1751	531	34	benefits	benefit	NOUN
cblr-1751	531	35	)	)	PUNCT
cblr-1751	531	36	.	.	PUNCT
cblr-1751	532	1	haeberle	haeberle	PROPN
cblr-1751	532	2	final	final	ADJ
cblr-1751	532	3	no	no	NOUN
cblr-1751	532	4	.	.	NOUN
cblr-1751	532	5	1:121	1:121	NUM
cblr-1751	532	6	]	]	X
cblr-1751	532	7	stock	stock	NOUN
cblr-1751	532	8	-	-	PUNCT
cblr-1751	532	9	price	price	NOUN
cblr-1751	532	10	accuracy	accuracy	NOUN
cblr-1751	532	11	167	167	NUM
cblr-1751	532	12	accuracy	accuracy	NOUN
cblr-1751	532	13	,	,	PUNCT
cblr-1751	532	14	not	not	PART
cblr-1751	532	15	all	all	DET
cblr-1751	532	16	such	such	ADJ
cblr-1751	532	17	reductions	reduction	NOUN
cblr-1751	532	18	are	be	AUX
cblr-1751	532	19	of	of	ADP
cblr-1751	532	20	the	the	DET
cblr-1751	532	21	kind	kind	NOUN
cblr-1751	532	22	about	about	ADP
cblr-1751	532	23	which	which	PRON
cblr-1751	532	24	society	society	NOUN
cblr-1751	532	25	should	should	AUX
cblr-1751	532	26	care	care	VERB
cblr-1751	532	27	.	.	PUNCT
cblr-1751	533	1	critically	critically	ADV
cblr-1751	533	2	,	,	PUNCT
cblr-1751	533	3	there	there	PRON
cblr-1751	533	4	is	be	VERB
cblr-1751	533	5	reason	reason	NOUN
cblr-1751	533	6	to	to	PART
cblr-1751	533	7	believe	believe	VERB
cblr-1751	533	8	that	that	SCONJ
cblr-1751	533	9	the	the	DET
cblr-1751	533	10	effects	effect	NOUN
cblr-1751	533	11	on	on	ADP
cblr-1751	533	12	stock	stock	NOUN
cblr-1751	533	13	-	-	PUNCT
cblr-1751	533	14	price	price	NOUN
cblr-1751	533	15	identified	identify	VERB
cblr-1751	533	16	here	here	ADV
cblr-1751	533	17	are	be	AUX
cblr-1751	533	18	important	important	ADJ
cblr-1751	533	19	to	to	ADP
cblr-1751	533	20	society	society	NOUN
cblr-1751	533	21	.	.	PUNCT
cblr-1751	534	1	these	these	DET
cblr-1751	534	2	effects	effect	NOUN
cblr-1751	534	3	on	on	ADP
cblr-1751	534	4	stock	stock	NOUN
cblr-1751	534	5	-	-	PUNCT
cblr-1751	534	6	price	price	NOUN
cblr-1751	534	7	accuracy	accuracy	NOUN
cblr-1751	534	8	are	be	AUX
cblr-1751	534	9	traceable	traceable	ADJ
cblr-1751	534	10	to	to	ADP
cblr-1751	534	11	the	the	DET
cblr-1751	534	12	incentive	incentive	NOUN
cblr-1751	534	13	to	to	PART
cblr-1751	534	14	produce	produce	VERB
cblr-1751	534	15	information	information	NOUN
cblr-1751	534	16	about	about	ADP
cblr-1751	534	17	firms	firm	NOUN
cblr-1751	534	18	’	’	PART
cblr-1751	534	19	values	value	NOUN
cblr-1751	534	20	.	.	PUNCT
cblr-1751	535	1	and	and	CCONJ
cblr-1751	535	2	that	that	SCONJ
cblr-1751	535	3	incentive	incentive	NOUN
cblr-1751	535	4	drives	drive	VERB
cblr-1751	535	5	the	the	DET
cblr-1751	535	6	process	process	NOUN
cblr-1751	535	7	that	that	PRON
cblr-1751	535	8	results	result	VERB
cblr-1751	535	9	in	in	ADP
cblr-1751	535	10	accurate	accurate	ADJ
cblr-1751	535	11	stock	stock	NOUN
cblr-1751	535	12	prices.85	prices.85	NOUN
cblr-1751	535	13	more	more	ADV
cblr-1751	535	14	specifically	specifically	ADV
cblr-1751	535	15	,	,	PUNCT
cblr-1751	535	16	the	the	DET
cblr-1751	535	17	trading	trading	NOUN
cblr-1751	535	18	-	-	PUNCT
cblr-1751	535	19	platform	platform	NOUN
cblr-1751	535	20	access	access	NOUN
cblr-1751	535	21	rules	rule	NOUN
cblr-1751	535	22	deprive	deprive	VERB
cblr-1751	535	23	informed	informed	ADJ
cblr-1751	535	24	traders	trader	NOUN
cblr-1751	535	25	of	of	ADP
cblr-1751	535	26	profits	profit	NOUN
cblr-1751	535	27	that	that	PRON
cblr-1751	535	28	would	would	AUX
cblr-1751	535	29	otherwise	otherwise	ADV
cblr-1751	535	30	incentivize	incentivize	VERB
cblr-1751	535	31	them	they	PRON
cblr-1751	535	32	to	to	PART
cblr-1751	535	33	engage	engage	VERB
cblr-1751	535	34	in	in	ADP
cblr-1751	535	35	their	their	PRON
cblr-1751	535	36	price	price	NOUN
cblr-1751	535	37	-	-	PUNCT
cblr-1751	535	38	correcting	correct	VERB
cblr-1751	535	39	work	work	NOUN
cblr-1751	535	40	.	.	PUNCT
cblr-1751	536	1	these	these	DET
cblr-1751	536	2	rules	rule	NOUN
cblr-1751	536	3	therefore	therefore	ADV
cblr-1751	536	4	reduce	reduce	VERB
cblr-1751	536	5	the	the	DET
cblr-1751	536	6	extent	extent	NOUN
cblr-1751	536	7	to	to	PART
cblr-1751	536	8	which	which	PRON
cblr-1751	536	9	informed	inform	VERB
cblr-1751	536	10	traders	trader	NOUN
cblr-1751	536	11	will	will	AUX
cblr-1751	536	12	produce	produce	VERB
cblr-1751	536	13	or	or	CCONJ
cblr-1751	536	14	procure	procure	VERB
cblr-1751	536	15	information	information	NOUN
cblr-1751	536	16	about	about	ADP
cblr-1751	536	17	firms	firm	NOUN
cblr-1751	536	18	’	’	PART
cblr-1751	536	19	values	value	NOUN
cblr-1751	536	20	.	.	PUNCT
cblr-1751	537	1	as	as	ADP
cblr-1751	537	2	a	a	DET
cblr-1751	537	3	result	result	NOUN
cblr-1751	537	4	,	,	PUNCT
cblr-1751	537	5	less	less	ADJ
cblr-1751	537	6	such	such	ADJ
cblr-1751	537	7	information	information	NOUN
cblr-1751	537	8	will	will	AUX
cblr-1751	537	9	be	be	AUX
cblr-1751	537	10	produced	produce	VERB
cblr-1751	537	11	—	—	PUNCT
cblr-1751	537	12	and	and	CCONJ
cblr-1751	537	13	stock	stock	NOUN
cblr-1751	537	14	prices	price	NOUN
cblr-1751	537	15	will	will	AUX
cblr-1751	537	16	drift	drift	VERB
cblr-1751	537	17	away	away	ADV
cblr-1751	537	18	from	from	ADP
cblr-1751	537	19	their	their	PRON
cblr-1751	537	20	values	value	NOUN
cblr-1751	537	21	for	for	ADP
cblr-1751	537	22	sustained	sustained	ADJ
cblr-1751	537	23	periods	period	NOUN
cblr-1751	537	24	measured	measure	VERB
cblr-1751	537	25	more	more	ADV
cblr-1751	537	26	easily	easily	ADV
cblr-1751	537	27	in	in	ADP
cblr-1751	537	28	weeks	week	NOUN
cblr-1751	537	29	than	than	ADP
cblr-1751	537	30	milliseconds	millisecond	NOUN
cblr-1751	537	31	.	.	PUNCT
cblr-1751	538	1	in	in	ADP
cblr-1751	538	2	fact	fact	NOUN
cblr-1751	538	3	,	,	PUNCT
cblr-1751	538	4	for	for	ADP
cblr-1751	538	5	whichever	whichever	PRON
cblr-1751	538	6	of	of	ADP
cblr-1751	538	7	the	the	DET
cblr-1751	538	8	5,000	5,000	NUM
cblr-1751	538	9	or	or	CCONJ
cblr-1751	538	10	so	so	ADV
cblr-1751	538	11	public	public	ADJ
cblr-1751	538	12	companies	company	NOUN
cblr-1751	538	13	in	in	ADP
cblr-1751	538	14	america	america	PROPN
cblr-1751	538	15	that	that	PRON
cblr-1751	538	16	struggle	struggle	VERB
cblr-1751	538	17	to	to	PART
cblr-1751	538	18	attract	attract	VERB
cblr-1751	538	19	informed	informed	ADJ
cblr-1751	538	20	traders	trader	NOUN
cblr-1751	538	21	to	to	PART
cblr-1751	538	22	follow	follow	VERB
cblr-1751	538	23	them	they	PRON
cblr-1751	538	24	and	and	CCONJ
cblr-1751	538	25	analyze	analyze	VERB
cblr-1751	538	26	their	their	PRON
cblr-1751	538	27	prospects	prospect	NOUN
cblr-1751	538	28	,	,	PUNCT
cblr-1751	538	29	a	a	DET
cblr-1751	538	30	lower	low	ADJ
cblr-1751	538	31	incentive	incentive	NOUN
cblr-1751	538	32	to	to	PART
cblr-1751	538	33	produce	produce	VERB
cblr-1751	538	34	fundamental	fundamental	ADJ
cblr-1751	538	35	-	-	PUNCT
cblr-1751	538	36	value	value	NOUN
cblr-1751	538	37	information	information	NOUN
cblr-1751	538	38	and	and	CCONJ
cblr-1751	538	39	engage	engage	VERB
cblr-1751	538	40	in	in	ADP
cblr-1751	538	41	price	price	NOUN
cblr-1751	538	42	-	-	PUNCT
cblr-1751	538	43	correcting	correct	VERB
cblr-1751	538	44	work	work	NOUN
cblr-1751	538	45	can	can	AUX
cblr-1751	538	46	cause	cause	VERB
cblr-1751	538	47	a	a	DET
cblr-1751	538	48	loss	loss	NOUN
cblr-1751	538	49	of	of	ADP
cblr-1751	538	50	an	an	DET
cblr-1751	538	51	informed	inform	VERB
cblr-1751	538	52	-	-	PUNCT
cblr-1751	538	53	trader	trader	NOUN
cblr-1751	538	54	following	follow	VERB
cblr-1751	538	55	altogether.86	altogether.86	PROPN
cblr-1751	538	56	accordingly	accordingly	ADV
cblr-1751	538	57	,	,	PUNCT
cblr-1751	538	58	the	the	DET
cblr-1751	538	59	trading	trading	NOUN
cblr-1751	538	60	-	-	PUNCT
cblr-1751	538	61	platform	platform	NOUN
cblr-1751	538	62	access	access	NOUN
cblr-1751	538	63	rules	rule	NOUN
cblr-1751	538	64	’	'	PUNCT
cblr-1751	538	65	effect	effect	NOUN
cblr-1751	538	66	on	on	ADP
cblr-1751	538	67	stock	stock	NOUN
cblr-1751	538	68	-	-	PUNCT
cblr-1751	538	69	price	price	NOUN
cblr-1751	538	70	accuracy	accuracy	NOUN
cblr-1751	538	71	is	be	AUX
cblr-1751	538	72	likely	likely	ADJ
cblr-1751	538	73	of	of	ADP
cblr-1751	538	74	the	the	DET
cblr-1751	538	75	kind	kind	NOUN
cblr-1751	538	76	that	that	PRON
cblr-1751	538	77	has	have	VERB
cblr-1751	538	78	a	a	DET
cblr-1751	538	79	negative	negative	ADJ
cblr-1751	538	80	impact	impact	NOUN
cblr-1751	538	81	on	on	ADP
cblr-1751	538	82	the	the	DET
cblr-1751	538	83	quality	quality	NOUN
cblr-1751	538	84	of	of	ADP
cblr-1751	538	85	firm	firm	ADJ
cblr-1751	538	86	governance	governance	NOUN
cblr-1751	538	87	and	and	CCONJ
cblr-1751	538	88	capital	capital	NOUN
cblr-1751	538	89	allocation	allocation	NOUN
cblr-1751	538	90	,	,	PUNCT
cblr-1751	538	91	and	and	CCONJ
cblr-1751	538	92	not	not	PART
cblr-1751	538	93	merely	merely	ADV
cblr-1751	538	94	some	some	DET
cblr-1751	538	95	immaterial	immaterial	ADJ
cblr-1751	538	96	one	one	NOUN
cblr-1751	538	97	.	.	PUNCT
cblr-1751	539	1	c.	c.	PROPN
cblr-1751	539	2	securities	securities	PROPN
cblr-1751	539	3	law	law	NOUN
cblr-1751	539	4	’s	’s	PART
cblr-1751	539	5	effort	effort	NOUN
cblr-1751	539	6	to	to	PART
cblr-1751	539	7	obtain	obtain	VERB
cblr-1751	539	8	a	a	DET
cblr-1751	539	9	socially	socially	ADV
cblr-1751	539	10	optimal	optimal	ADJ
cblr-1751	539	11	level	level	NOUN
cblr-1751	539	12	of	of	ADP
cblr-1751	539	13	stock	stock	NOUN
cblr-1751	539	14	-	-	PUNCT
cblr-1751	539	15	price	price	NOUN
cblr-1751	539	16	accuracy	accuracy	NOUN
cblr-1751	539	17	the	the	DET
cblr-1751	539	18	conclusion	conclusion	NOUN
cblr-1751	539	19	that	that	SCONJ
cblr-1751	539	20	central	central	ADJ
cblr-1751	539	21	aspects	aspect	NOUN
cblr-1751	539	22	of	of	ADP
cblr-1751	539	23	the	the	DET
cblr-1751	539	24	law	law	NOUN
cblr-1751	539	25	governing	govern	VERB
cblr-1751	539	26	stock	stock	NOUN
cblr-1751	539	27	trading	trading	NOUN
cblr-1751	539	28	are	be	AUX
cblr-1751	539	29	leading	lead	VERB
cblr-1751	539	30	society	society	NOUN
cblr-1751	539	31	to	to	PART
cblr-1751	539	32	generate	generate	VERB
cblr-1751	539	33	a	a	DET
cblr-1751	539	34	materially	materially	ADV
cblr-1751	539	35	lower	low	ADJ
cblr-1751	539	36	level	level	NOUN
cblr-1751	539	37	of	of	ADP
cblr-1751	539	38	stock	stock	NOUN
cblr-1751	539	39	-	-	PUNCT
cblr-1751	539	40	price	price	NOUN
cblr-1751	539	41	accuracy	accuracy	NOUN
cblr-1751	539	42	than	than	SCONJ
cblr-1751	539	43	it	it	PRON
cblr-1751	539	44	otherwise	otherwise	ADV
cblr-1751	539	45	might	might	AUX
cblr-1751	539	46	leads	lead	VERB
cblr-1751	539	47	to	to	ADP
cblr-1751	539	48	a	a	DET
cblr-1751	539	49	key	key	ADJ
cblr-1751	539	50	inference	inference	NOUN
cblr-1751	539	51	:	:	PUNCT
cblr-1751	539	52	lawmakers	lawmaker	NOUN
cblr-1751	539	53	have	have	VERB
cblr-1751	539	54	a	a	DET
cblr-1751	539	55	new	new	ADJ
cblr-1751	539	56	securitieslaw	securitieslaw	NOUN
cblr-1751	539	57	tool	tool	NOUN
cblr-1751	539	58	for	for	ADP
cblr-1751	539	59	improving	improve	VERB
cblr-1751	539	60	stock	stock	NOUN
cblr-1751	539	61	-	-	PUNCT
cblr-1751	539	62	price	price	NOUN
cblr-1751	539	63	accuracy	accuracy	NOUN
cblr-1751	539	64	.	.	PUNCT
cblr-1751	540	1	in	in	ADP
cblr-1751	540	2	different	different	ADJ
cblr-1751	540	3	words	word	NOUN
cblr-1751	540	4	,	,	PUNCT
cblr-1751	540	5	the	the	DET
cblr-1751	540	6	theoretical	theoretical	ADJ
cblr-1751	540	7	effects	effect	NOUN
cblr-1751	540	8	of	of	ADP
cblr-1751	540	9	trading	trading	NOUN
cblr-1751	540	10	-	-	PUNCT
cblr-1751	540	11	platform	platform	NOUN
cblr-1751	540	12	access	access	NOUN
cblr-1751	540	13	rules	rule	VERB
cblr-1751	540	14	85	85	NUM
cblr-1751	540	15	see	see	VERB
cblr-1751	540	16	generally	generally	ADV
cblr-1751	540	17	supra	supra	PROPN
cblr-1751	540	18	part	part	PROPN
cblr-1751	540	19	ii.a.2	ii.a.2	PROPN
cblr-1751	540	20	.	.	PUNCT
cblr-1751	541	1	86	86	NUM
cblr-1751	541	2	see	see	VERB
cblr-1751	541	3	goshen	goshen	PROPN
cblr-1751	541	4	&	&	CCONJ
cblr-1751	541	5	parchomovsky	parchomovsky	PROPN
cblr-1751	541	6	,	,	PUNCT
cblr-1751	541	7	supra	supra	PROPN
cblr-1751	541	8	note	note	PROPN
cblr-1751	541	9	6	6	NUM
cblr-1751	541	10	,	,	PUNCT
cblr-1751	541	11	at	at	ADP
cblr-1751	541	12	1263–66	1263–66	PROPN
cblr-1751	541	13	(	(	PUNCT
cblr-1751	541	14	highlighting	highlight	VERB
cblr-1751	541	15	concerns	concern	NOUN
cblr-1751	541	16	about	about	ADP
cblr-1751	541	17	the	the	DET
cblr-1751	541	18	accuracy	accuracy	NOUN
cblr-1751	541	19	of	of	ADP
cblr-1751	541	20	firms	firm	NOUN
cblr-1751	541	21	’	’	PART
cblr-1751	541	22	stock	stock	NOUN
cblr-1751	541	23	prices	price	NOUN
cblr-1751	541	24	and	and	CCONJ
cblr-1751	541	25	more	more	ADJ
cblr-1751	541	26	when	when	SCONJ
cblr-1751	541	27	informed	informed	ADJ
cblr-1751	541	28	traders	trader	NOUN
cblr-1751	541	29	cease	cease	VERB
cblr-1751	541	30	to	to	PART
cblr-1751	541	31	follow	follow	VERB
cblr-1751	541	32	those	those	DET
cblr-1751	541	33	firms	firm	NOUN
cblr-1751	541	34	)	)	PUNCT
cblr-1751	541	35	.	.	PUNCT
cblr-1751	542	1	haeberle	haeberle	PROPN
cblr-1751	542	2	final	final	ADJ
cblr-1751	542	3	168	168	NUM
cblr-1751	542	4	columbia	columbia	PROPN
cblr-1751	542	5	business	business	NOUN
cblr-1751	542	6	law	law	PROPN
cblr-1751	542	7	review	review	NOUN
cblr-1751	542	8	[	[	X
cblr-1751	542	9	vol	vol	NOUN
cblr-1751	542	10	.	.	NOUN
cblr-1751	542	11	2015	2015	NUM
cblr-1751	542	12	set	set	VERB
cblr-1751	542	13	out	out	ADP
cblr-1751	542	14	earlier	early	ADV
cblr-1751	542	15	in	in	ADP
cblr-1751	542	16	this	this	DET
cblr-1751	542	17	part	part	NOUN
cblr-1751	542	18	suggest	suggest	VERB
cblr-1751	542	19	that	that	SCONJ
cblr-1751	542	20	modifications	modification	NOUN
cblr-1751	542	21	to	to	ADP
cblr-1751	542	22	stock	stock	NOUN
cblr-1751	542	23	-	-	PUNCT
cblr-1751	542	24	market	market	NOUN
cblr-1751	542	25	law	law	NOUN
cblr-1751	542	26	would	would	AUX
cblr-1751	542	27	alter	alter	VERB
cblr-1751	542	28	contemporary	contemporary	ADJ
cblr-1751	542	29	stock	stock	NOUN
cblr-1751	542	30	trading	trading	NOUN
cblr-1751	542	31	in	in	ADP
cblr-1751	542	32	a	a	DET
cblr-1751	542	33	way	way	NOUN
cblr-1751	542	34	that	that	PRON
cblr-1751	542	35	would	would	AUX
cblr-1751	542	36	enhance	enhance	VERB
cblr-1751	542	37	stock	stock	NOUN
cblr-1751	542	38	-	-	PUNCT
cblr-1751	542	39	price	price	NOUN
cblr-1751	542	40	accuracy	accuracy	NOUN
cblr-1751	542	41	and	and	CCONJ
cblr-1751	542	42	its	its	PRON
cblr-1751	542	43	main	main	ADJ
cblr-1751	542	44	social	social	ADJ
cblr-1751	542	45	benefits	benefit	NOUN
cblr-1751	542	46	.	.	PUNCT
cblr-1751	543	1	this	this	DET
cblr-1751	543	2	conclusion	conclusion	NOUN
cblr-1751	543	3	becomes	become	VERB
cblr-1751	543	4	clear	clear	ADJ
cblr-1751	543	5	by	by	ADP
cblr-1751	543	6	thinking	think	VERB
cblr-1751	543	7	about	about	ADP
cblr-1751	543	8	two	two	NUM
cblr-1751	543	9	examples	example	NOUN
cblr-1751	543	10	of	of	ADP
cblr-1751	543	11	ways	way	NOUN
cblr-1751	543	12	in	in	ADP
cblr-1751	543	13	which	which	PRON
cblr-1751	543	14	stock	stock	NOUN
cblr-1751	543	15	-	-	PUNCT
cblr-1751	543	16	market	market	NOUN
cblr-1751	543	17	law	law	NOUN
cblr-1751	543	18	could	could	AUX
cblr-1751	543	19	be	be	AUX
cblr-1751	543	20	modified	modify	VERB
cblr-1751	543	21	in	in	ADP
cblr-1751	543	22	order	order	NOUN
cblr-1751	543	23	to	to	PART
cblr-1751	543	24	spur	spur	VERB
cblr-1751	543	25	the	the	DET
cblr-1751	543	26	production	production	NOUN
cblr-1751	543	27	of	of	ADP
cblr-1751	543	28	accurate	accurate	ADJ
cblr-1751	543	29	stock	stock	NOUN
cblr-1751	543	30	prices	price	NOUN
cblr-1751	543	31	:	:	PUNCT
cblr-1751	543	32	by	by	ADP
cblr-1751	543	33	implementing	implement	VERB
cblr-1751	543	34	an	an	DET
cblr-1751	543	35	exchange	exchange	NOUN
cblr-1751	543	36	-	-	PUNCT
cblr-1751	543	37	trading	trading	NOUN
cblr-1751	543	38	mandate	mandate	NOUN
cblr-1751	543	39	,	,	PUNCT
cblr-1751	543	40	or	or	CCONJ
cblr-1751	543	41	by	by	ADP
cblr-1751	543	42	requiring	require	VERB
cblr-1751	543	43	a	a	DET
cblr-1751	543	44	public	public	ADJ
cblr-1751	543	45	-	-	PUNCT
cblr-1751	543	46	firm	firm	NOUN
cblr-1751	543	47	subsidy	subsidy	NOUN
cblr-1751	543	48	for	for	ADP
cblr-1751	543	49	exchange	exchange	NOUN
cblr-1751	543	50	liquidity	liquidity	NOUN
cblr-1751	543	51	provision	provision	NOUN
cblr-1751	543	52	.	.	PUNCT
cblr-1751	544	1	1	1	X
cblr-1751	544	2	.	.	X
cblr-1751	544	3	materially	materially	ADV
cblr-1751	544	4	improving	improve	VERB
cblr-1751	544	5	stock	stock	NOUN
cblr-1751	544	6	-	-	PUNCT
cblr-1751	544	7	price	price	NOUN
cblr-1751	544	8	accuracy	accuracy	NOUN
cblr-1751	544	9	via	via	ADP
cblr-1751	544	10	an	an	DET
cblr-1751	544	11	exchange	exchange	NOUN
cblr-1751	544	12	-	-	PUNCT
cblr-1751	544	13	trading	trading	NOUN
cblr-1751	544	14	mandate	mandate	NOUN
cblr-1751	544	15	one	one	NUM
cblr-1751	544	16	way	way	NOUN
cblr-1751	544	17	in	in	ADP
cblr-1751	544	18	which	which	PRON
cblr-1751	544	19	stock	stock	NOUN
cblr-1751	544	20	-	-	PUNCT
cblr-1751	544	21	market	market	NOUN
cblr-1751	544	22	law	law	NOUN
cblr-1751	544	23	could	could	AUX
cblr-1751	544	24	be	be	AUX
cblr-1751	544	25	altered	alter	VERB
cblr-1751	544	26	to	to	PART
cblr-1751	544	27	materially	materially	ADV
cblr-1751	544	28	enhance	enhance	VERB
cblr-1751	544	29	the	the	DET
cblr-1751	544	30	accuracy	accuracy	NOUN
cblr-1751	544	31	of	of	ADP
cblr-1751	544	32	stock	stock	NOUN
cblr-1751	544	33	prices	price	NOUN
cblr-1751	544	34	would	would	AUX
cblr-1751	544	35	be	be	AUX
cblr-1751	544	36	by	by	ADP
cblr-1751	544	37	mandating	mandate	VERB
cblr-1751	544	38	that	that	SCONJ
cblr-1751	544	39	all	all	DET
cblr-1751	544	40	trading	trading	NOUN
cblr-1751	544	41	take	take	VERB
cblr-1751	544	42	place	place	NOUN
cblr-1751	544	43	through	through	ADP
cblr-1751	544	44	exchanges	exchange	NOUN
cblr-1751	544	45	.	.	PUNCT
cblr-1751	545	1	such	such	DET
cblr-1751	545	2	a	a	DET
cblr-1751	545	3	general	general	ADJ
cblr-1751	545	4	prohibition	prohibition	NOUN
cblr-1751	545	5	on	on	ADP
cblr-1751	545	6	trading	trading	NOUN
cblr-1751	545	7	via	via	ADP
cblr-1751	545	8	sophisticated	sophisticated	ADJ
cblr-1751	545	9	electronic	electronic	ADJ
cblr-1751	545	10	platforms	platform	NOUN
cblr-1751	545	11	that	that	PRON
cblr-1751	545	12	fail	fail	VERB
cblr-1751	545	13	to	to	PART
cblr-1751	545	14	both	both	CCONJ
cblr-1751	545	15	post	post	VERB
cblr-1751	545	16	firm	firm	ADJ
cblr-1751	545	17	quotes	quote	NOUN
cblr-1751	545	18	and	and	CCONJ
cblr-1751	545	19	allow	allow	VERB
cblr-1751	545	20	all	all	DET
cblr-1751	545	21	traders	trader	NOUN
cblr-1751	545	22	to	to	PART
cblr-1751	545	23	access	access	VERB
cblr-1751	545	24	them	they	PRON
cblr-1751	545	25	would	would	AUX
cblr-1751	545	26	affect	affect	VERB
cblr-1751	545	27	the	the	DET
cblr-1751	545	28	exchange	exchange	NOUN
cblr-1751	545	29	trading	trading	NOUN
cblr-1751	545	30	environment	environment	NOUN
cblr-1751	545	31	in	in	ADP
cblr-1751	545	32	a	a	DET
cblr-1751	545	33	manner	manner	NOUN
cblr-1751	545	34	that	that	PRON
cblr-1751	545	35	would	would	AUX
cblr-1751	545	36	lead	lead	VERB
cblr-1751	545	37	to	to	ADP
cblr-1751	545	38	both	both	PRON
cblr-1751	545	39	more	more	ADV
cblr-1751	545	40	accurate	accurate	ADJ
cblr-1751	545	41	stock	stock	NOUN
cblr-1751	545	42	prices	price	NOUN
cblr-1751	545	43	and	and	CCONJ
cblr-1751	545	44	more	more	ADJ
cblr-1751	545	45	of	of	ADP
cblr-1751	545	46	the	the	DET
cblr-1751	545	47	benefits	benefit	NOUN
cblr-1751	545	48	that	that	PRON
cblr-1751	545	49	generally	generally	ADV
cblr-1751	545	50	flow	flow	VERB
cblr-1751	545	51	from	from	ADP
cblr-1751	545	52	them	they	PRON
cblr-1751	545	53	.	.	PUNCT
cblr-1751	546	1	after	after	ADV
cblr-1751	546	2	all	all	ADV
cblr-1751	546	3	,	,	PUNCT
cblr-1751	546	4	the	the	DET
cblr-1751	546	5	mandate	mandate	NOUN
cblr-1751	546	6	would	would	AUX
cblr-1751	546	7	result	result	VERB
cblr-1751	546	8	in	in	ADP
cblr-1751	546	9	exchange	exchange	NOUN
cblr-1751	546	10	liquidity	liquidity	NOUN
cblr-1751	546	11	providers	provider	NOUN
cblr-1751	546	12	facing	face	VERB
cblr-1751	546	13	a	a	DET
cblr-1751	546	14	markedly	markedly	ADV
cblr-1751	546	15	lower	low	ADJ
cblr-1751	546	16	ratio	ratio	NOUN
cblr-1751	546	17	of	of	ADP
cblr-1751	546	18	informed	informed	ADJ
cblr-1751	546	19	traders	trader	NOUN
cblr-1751	546	20	to	to	ADP
cblr-1751	546	21	uninformed	uninformed	ADJ
cblr-1751	546	22	ones	one	NOUN
cblr-1751	546	23	than	than	SCONJ
cblr-1751	546	24	they	they	PRON
cblr-1751	546	25	currently	currently	ADV
cblr-1751	546	26	encounter	encounter	VERB
cblr-1751	546	27	.	.	PUNCT
cblr-1751	547	1	as	as	ADP
cblr-1751	547	2	a	a	DET
cblr-1751	547	3	result	result	NOUN
cblr-1751	547	4	,	,	PUNCT
cblr-1751	547	5	these	these	DET
cblr-1751	547	6	liquidity	liquidity	NOUN
cblr-1751	547	7	providers	provider	NOUN
cblr-1751	547	8	would	would	AUX
cblr-1751	547	9	have	have	VERB
cblr-1751	547	10	more	more	ADJ
cblr-1751	547	11	opportunities	opportunity	NOUN
cblr-1751	547	12	to	to	PART
cblr-1751	547	13	offset	offset	VERB
cblr-1751	547	14	the	the	DET
cblr-1751	547	15	losses	loss	NOUN
cblr-1751	547	16	they	they	PRON
cblr-1751	547	17	incur	incur	VERB
cblr-1751	547	18	to	to	ADP
cblr-1751	547	19	informed	informed	ADJ
cblr-1751	547	20	traders	trader	NOUN
cblr-1751	547	21	by	by	ADP
cblr-1751	547	22	completing	complete	VERB
cblr-1751	547	23	spread	spread	NOUN
cblr-1751	547	24	-	-	PUNCT
cblr-1751	547	25	earning	earn	VERB
cblr-1751	547	26	transactions	transaction	NOUN
cblr-1751	547	27	with	with	ADP
cblr-1751	547	28	uninformed	uninformed	ADJ
cblr-1751	547	29	traders	trader	NOUN
cblr-1751	547	30	.	.	PUNCT
cblr-1751	548	1	assuming	assume	VERB
cblr-1751	548	2	healthy	healthy	ADJ
cblr-1751	548	3	competition	competition	NOUN
cblr-1751	548	4	in	in	ADP
cblr-1751	548	5	the	the	DET
cblr-1751	548	6	exchange	exchange	NOUN
cblr-1751	548	7	liquidity	liquidity	NOUN
cblr-1751	548	8	-	-	PUNCT
cblr-1751	548	9	provision	provision	NOUN
cblr-1751	548	10	business,87	business,87	NOUN
cblr-1751	548	11	these	these	DET
cblr-1751	548	12	liquidity	liquidity	NOUN
cblr-1751	548	13	providers	provider	NOUN
cblr-1751	548	14	would	would	AUX
cblr-1751	548	15	respond	respond	VERB
cblr-1751	548	16	by	by	ADP
cblr-1751	548	17	posting	post	VERB
cblr-1751	548	18	superior	superior	ADJ
cblr-1751	548	19	price	price	NOUN
cblr-1751	548	20	quotes	quote	NOUN
cblr-1751	548	21	and	and	CCONJ
cblr-1751	548	22	increasing	increase	VERB
cblr-1751	548	23	the	the	DET
cblr-1751	548	24	threshold	threshold	NOUN
cblr-1751	548	25	that	that	PRON
cblr-1751	548	26	triggers	trigger	VERB
cblr-1751	548	27	their	their	PRON
cblr-1751	548	28	87	87	NUM
cblr-1751	548	29	largeand	largeand	ADJ
cblr-1751	548	30	medium	medium	ADJ
cblr-1751	548	31	-	-	PUNCT
cblr-1751	548	32	size	size	NOUN
cblr-1751	548	33	firms	firm	NOUN
cblr-1751	548	34	are	be	AUX
cblr-1751	548	35	commonly	commonly	ADV
cblr-1751	548	36	held	hold	VERB
cblr-1751	548	37	by	by	ADP
cblr-1751	548	38	large	large	ADJ
cblr-1751	548	39	uninformed	uninformed	ADJ
cblr-1751	548	40	institutional	institutional	ADJ
cblr-1751	548	41	investors	investor	NOUN
cblr-1751	548	42	and	and	CCONJ
cblr-1751	548	43	more	more	ADJ
cblr-1751	548	44	.	.	PUNCT
cblr-1751	549	1	for	for	ADP
cblr-1751	549	2	this	this	DET
cblr-1751	549	3	reason	reason	NOUN
cblr-1751	549	4	,	,	PUNCT
cblr-1751	549	5	professional	professional	ADJ
cblr-1751	549	6	liquidity	liquidity	NOUN
cblr-1751	549	7	providers	provider	NOUN
cblr-1751	549	8	face	face	VERB
cblr-1751	549	9	competition	competition	NOUN
cblr-1751	549	10	—	—	PUNCT
cblr-1751	549	11	for	for	ADP
cblr-1751	549	12	at	at	ADP
cblr-1751	549	13	least	least	ADJ
cblr-1751	549	14	these	these	DET
cblr-1751	549	15	stocks	stock	NOUN
cblr-1751	549	16	—	—	PUNCT
cblr-1751	549	17	from	from	ADP
cblr-1751	549	18	not	not	PART
cblr-1751	549	19	only	only	ADV
cblr-1751	549	20	a	a	DET
cblr-1751	549	21	healthy	healthy	ADJ
cblr-1751	549	22	set	set	NOUN
cblr-1751	549	23	of	of	ADP
cblr-1751	549	24	fellow	fellow	ADJ
cblr-1751	549	25	liquidity	liquidity	NOUN
cblr-1751	549	26	-	-	PUNCT
cblr-1751	549	27	providing	provide	VERB
cblr-1751	549	28	professionals	professional	NOUN
cblr-1751	549	29	seeking	seek	VERB
cblr-1751	549	30	to	to	PART
cblr-1751	549	31	cater	cater	VERB
cblr-1751	549	32	to	to	ADP
cblr-1751	549	33	these	these	DET
cblr-1751	549	34	uninformed	uninformed	ADJ
cblr-1751	549	35	traders	trader	NOUN
cblr-1751	549	36	’	'	PUNCT
cblr-1751	549	37	needs	need	NOUN
cblr-1751	549	38	,	,	PUNCT
cblr-1751	549	39	but	but	CCONJ
cblr-1751	549	40	also	also	ADV
cblr-1751	549	41	from	from	ADP
cblr-1751	549	42	these	these	DET
cblr-1751	549	43	uninformed	uninformed	ADJ
cblr-1751	549	44	traders	trader	NOUN
cblr-1751	549	45	themselves	themselves	PRON
cblr-1751	549	46	.	.	PUNCT
cblr-1751	550	1	see	see	VERB
cblr-1751	550	2	infra	infra	NOUN
cblr-1751	550	3	part	part	NOUN
cblr-1751	550	4	v.a.2.a	v.a.2.a	PROPN
cblr-1751	550	5	(	(	PUNCT
cblr-1751	550	6	explaining	explain	VERB
cblr-1751	550	7	that	that	SCONJ
cblr-1751	550	8	uninformed	uninformed	ADJ
cblr-1751	550	9	traders	trader	NOUN
cblr-1751	550	10	commonly	commonly	ADV
cblr-1751	550	11	accomplish	accomplish	VERB
cblr-1751	550	12	their	their	PRON
cblr-1751	550	13	trading	trading	NOUN
cblr-1751	550	14	needs	need	NOUN
cblr-1751	550	15	by	by	ADP
cblr-1751	550	16	acting	act	VERB
cblr-1751	550	17	as	as	ADP
cblr-1751	550	18	liquidity	liquidity	NOUN
cblr-1751	550	19	providers	provider	NOUN
cblr-1751	550	20	to	to	ADP
cblr-1751	550	21	other	other	ADJ
cblr-1751	550	22	traders	trader	NOUN
cblr-1751	550	23	—	—	PUNCT
cblr-1751	550	24	that	that	ADV
cblr-1751	550	25	is	is	ADV
cblr-1751	550	26	,	,	PUNCT
cblr-1751	550	27	by	by	ADP
cblr-1751	550	28	completing	complete	VERB
cblr-1751	550	29	their	their	PRON
cblr-1751	550	30	buying	buying	NOUN
cblr-1751	550	31	needs	need	NOUN
cblr-1751	550	32	via	via	ADP
cblr-1751	550	33	bid	bid	NOUN
cblr-1751	550	34	quotes	quote	NOUN
cblr-1751	550	35	and	and	CCONJ
cblr-1751	550	36	their	their	PRON
cblr-1751	550	37	selling	selling	NOUN
cblr-1751	550	38	needs	need	NOUN
cblr-1751	550	39	via	via	ADP
cblr-1751	550	40	ask	ask	NOUN
cblr-1751	550	41	quotes	quote	NOUN
cblr-1751	550	42	)	)	PUNCT
cblr-1751	550	43	.	.	PUNCT
cblr-1751	551	1	haeberle	haeberle	PROPN
cblr-1751	551	2	final	final	ADJ
cblr-1751	551	3	no	no	NOUN
cblr-1751	551	4	.	.	NOUN
cblr-1751	551	5	1:121	1:121	NUM
cblr-1751	551	6	]	]	X
cblr-1751	551	7	stock	stock	NOUN
cblr-1751	551	8	-	-	PUNCT
cblr-1751	551	9	price	price	NOUN
cblr-1751	551	10	accuracy	accuracy	NOUN
cblr-1751	551	11	169	169	NUM
cblr-1751	551	12	adjustments	adjustment	NOUN
cblr-1751	551	13	of	of	ADP
cblr-1751	551	14	those	those	DET
cblr-1751	551	15	price	price	NOUN
cblr-1751	551	16	quotes	quote	NOUN
cblr-1751	551	17	.	.	PUNCT
cblr-1751	552	1	in	in	ADP
cblr-1751	552	2	such	such	DET
cblr-1751	552	3	a	a	DET
cblr-1751	552	4	trading	trading	NOUN
cblr-1751	552	5	environment	environment	NOUN
cblr-1751	552	6	,	,	PUNCT
cblr-1751	552	7	informed	inform	VERB
cblr-1751	552	8	traders	trader	NOUN
cblr-1751	552	9	would	would	AUX
cblr-1751	552	10	have	have	VERB
cblr-1751	552	11	more	more	ADJ
cblr-1751	552	12	opportunities	opportunity	NOUN
cblr-1751	552	13	to	to	PART
cblr-1751	552	14	profit	profit	VERB
cblr-1751	552	15	based	base	VERB
cblr-1751	552	16	on	on	ADP
cblr-1751	552	17	superior	superior	ADJ
cblr-1751	552	18	information	information	NOUN
cblr-1751	552	19	as	as	SCONJ
cblr-1751	552	20	to	to	PART
cblr-1751	552	21	firm	firm	VERB
cblr-1751	552	22	’s	’s	PART
cblr-1751	552	23	fundamental	fundamental	ADJ
cblr-1751	552	24	values	value	NOUN
cblr-1751	552	25	.	.	PUNCT
cblr-1751	553	1	and	and	CCONJ
cblr-1751	553	2	for	for	ADP
cblr-1751	553	3	that	that	DET
cblr-1751	553	4	reason	reason	NOUN
cblr-1751	553	5	,	,	PUNCT
cblr-1751	553	6	they	they	PRON
cblr-1751	553	7	(	(	PUNCT
cblr-1751	553	8	and	and	CCONJ
cblr-1751	553	9	those	those	PRON
cblr-1751	553	10	from	from	ADP
cblr-1751	553	11	whom	whom	PRON
cblr-1751	553	12	they	they	PRON
cblr-1751	553	13	procure	procure	VERB
cblr-1751	553	14	information	information	NOUN
cblr-1751	553	15	)	)	PUNCT
cblr-1751	553	16	would	would	AUX
cblr-1751	553	17	have	have	VERB
cblr-1751	553	18	a	a	DET
cblr-1751	553	19	larger	large	ADJ
cblr-1751	553	20	incentive	incentive	NOUN
cblr-1751	553	21	to	to	PART
cblr-1751	553	22	produce	produce	VERB
cblr-1751	553	23	this	this	DET
cblr-1751	553	24	socially	socially	ADV
cblr-1751	553	25	valuable	valuable	ADJ
cblr-1751	553	26	information	information	NOUN
cblr-1751	553	27	—	—	PUNCT
cblr-1751	553	28	which	which	PRON
cblr-1751	553	29	would	would	AUX
cblr-1751	553	30	lead	lead	VERB
cblr-1751	553	31	to	to	ADP
cblr-1751	553	32	materially	materially	ADV
cblr-1751	553	33	higher	high	ADJ
cblr-1751	553	34	levels	level	NOUN
cblr-1751	553	35	of	of	ADP
cblr-1751	553	36	stock	stock	NOUN
cblr-1751	553	37	-	-	PUNCT
cblr-1751	553	38	price	price	NOUN
cblr-1751	553	39	accuracy	accuracy	NOUN
cblr-1751	553	40	.	.	PUNCT
cblr-1751	554	1	notably	notably	ADV
cblr-1751	554	2	,	,	PUNCT
cblr-1751	554	3	such	such	DET
cblr-1751	554	4	a	a	DET
cblr-1751	554	5	broad	broad	ADJ
cblr-1751	554	6	prohibition	prohibition	NOUN
cblr-1751	554	7	would	would	AUX
cblr-1751	554	8	only	only	ADV
cblr-1751	554	9	apply	apply	VERB
cblr-1751	554	10	to	to	ADP
cblr-1751	554	11	the	the	DET
cblr-1751	554	12	trading	trading	NOUN
cblr-1751	554	13	of	of	ADP
cblr-1751	554	14	public	public	ADJ
cblr-1751	554	15	companies	company	NOUN
cblr-1751	554	16	’	'	PUNCT
cblr-1751	554	17	stocks	stock	NOUN
cblr-1751	554	18	.	.	PUNCT
cblr-1751	555	1	further	far	ADV
cblr-1751	555	2	,	,	PUNCT
cblr-1751	555	3	even	even	ADV
cblr-1751	555	4	for	for	ADP
cblr-1751	555	5	those	those	DET
cblr-1751	555	6	stocks	stock	NOUN
cblr-1751	555	7	,	,	PUNCT
cblr-1751	555	8	the	the	DET
cblr-1751	555	9	mandate	mandate	NOUN
cblr-1751	555	10	would	would	AUX
cblr-1751	555	11	be	be	AUX
cblr-1751	555	12	limited	limit	VERB
cblr-1751	555	13	to	to	ADP
cblr-1751	555	14	a	a	DET
cblr-1751	555	15	prohibition	prohibition	NOUN
cblr-1751	555	16	on	on	ADP
cblr-1751	555	17	trading	trade	VERB
cblr-1751	555	18	through	through	ADP
cblr-1751	555	19	sophisticated	sophisticated	ADJ
cblr-1751	555	20	electronic	electronic	ADJ
cblr-1751	555	21	off	off	ADP
cblr-1751	555	22	-	-	PUNCT
cblr-1751	555	23	exchange	exchange	NOUN
cblr-1751	555	24	trading	trading	NOUN
cblr-1751	555	25	platforms	platform	NOUN
cblr-1751	555	26	.	.	PUNCT
cblr-1751	556	1	it	it	PRON
cblr-1751	556	2	would	would	AUX
cblr-1751	556	3	therefore	therefore	ADV
cblr-1751	556	4	not	not	PART
cblr-1751	556	5	affect	affect	VERB
cblr-1751	556	6	the	the	DET
cblr-1751	556	7	ability	ability	NOUN
cblr-1751	556	8	of	of	ADP
cblr-1751	556	9	parties	party	NOUN
cblr-1751	556	10	to	to	PART
cblr-1751	556	11	negotiate	negotiate	VERB
cblr-1751	556	12	agreements	agreement	NOUN
cblr-1751	556	13	to	to	PART
cblr-1751	556	14	buy	buy	VERB
cblr-1751	556	15	and	and	CCONJ
cblr-1751	556	16	sell	sell	VERB
cblr-1751	556	17	blocks	block	NOUN
cblr-1751	556	18	of	of	ADP
cblr-1751	556	19	stock	stock	NOUN
cblr-1751	556	20	with	with	ADP
cblr-1751	556	21	each	each	DET
cblr-1751	556	22	other	other	ADJ
cblr-1751	556	23	.	.	PUNCT
cblr-1751	557	1	additionally	additionally	ADV
cblr-1751	557	2	,	,	PUNCT
cblr-1751	557	3	policymakers	policymaker	NOUN
cblr-1751	557	4	could	could	AUX
cblr-1751	557	5	adopt	adopt	VERB
cblr-1751	557	6	this	this	DET
cblr-1751	557	7	measure	measure	NOUN
cblr-1751	557	8	in	in	ADP
cblr-1751	557	9	whole	whole	NOUN
cblr-1751	557	10	or	or	CCONJ
cblr-1751	557	11	in	in	ADP
cblr-1751	557	12	part	part	NOUN
cblr-1751	557	13	,	,	PUNCT
cblr-1751	557	14	with	with	ADP
cblr-1751	557	15	the	the	DET
cblr-1751	557	16	degree	degree	NOUN
cblr-1751	557	17	of	of	ADP
cblr-1751	557	18	its	its	PRON
cblr-1751	557	19	impact	impact	NOUN
cblr-1751	557	20	on	on	ADP
cblr-1751	557	21	price	price	NOUN
cblr-1751	557	22	accuracy	accuracy	NOUN
cblr-1751	557	23	turning	turning	NOUN
cblr-1751	557	24	on	on	ADP
cblr-1751	557	25	the	the	DET
cblr-1751	557	26	breadth	breadth	NOUN
cblr-1751	557	27	of	of	ADP
cblr-1751	557	28	the	the	DET
cblr-1751	557	29	mandate	mandate	NOUN
cblr-1751	557	30	adopted	adopt	VERB
cblr-1751	557	31	.	.	PUNCT
cblr-1751	558	1	indeed	indeed	ADV
cblr-1751	558	2	,	,	PUNCT
cblr-1751	558	3	they	they	PRON
cblr-1751	558	4	could	could	AUX
cblr-1751	558	5	begin	begin	VERB
cblr-1751	558	6	by	by	ADP
cblr-1751	558	7	experimenting	experiment	VERB
cblr-1751	558	8	with	with	ADP
cblr-1751	558	9	a	a	DET
cblr-1751	558	10	cross	cross	NOUN
cblr-1751	558	11	-	-	NOUN
cblr-1751	558	12	section	section	NOUN
cblr-1751	558	13	of	of	ADP
cblr-1751	558	14	stocks	stock	NOUN
cblr-1751	558	15	,	,	PUNCT
cblr-1751	558	16	which	which	PRON
cblr-1751	558	17	is	be	AUX
cblr-1751	558	18	something	something	PRON
cblr-1751	558	19	that	that	PRON
cblr-1751	558	20	congress	congress	PROPN
cblr-1751	558	21	and	and	CCONJ
cblr-1751	558	22	the	the	DET
cblr-1751	558	23	sec	sec	PROPN
cblr-1751	558	24	have	have	AUX
cblr-1751	558	25	recently	recently	ADV
cblr-1751	558	26	shown	show	VERB
cblr-1751	558	27	an	an	DET
cblr-1751	558	28	inclination	inclination	NOUN
cblr-1751	558	29	to	to	PART
cblr-1751	558	30	do	do	AUX
cblr-1751	558	31	in	in	ADP
cblr-1751	558	32	this	this	DET
cblr-1751	558	33	general	general	NOUN
cblr-1751	558	34	area.88	area.88	CCONJ
cblr-1751	558	35	lastly	lastly	ADV
cblr-1751	558	36	,	,	PUNCT
cblr-1751	558	37	it	it	PRON
cblr-1751	558	38	is	be	AUX
cblr-1751	558	39	worth	worth	ADJ
cblr-1751	558	40	noting	note	VERB
cblr-1751	558	41	that	that	SCONJ
cblr-1751	558	42	congress	congress	PROPN
cblr-1751	558	43	has	have	AUX
cblr-1751	558	44	granted	grant	VERB
cblr-1751	558	45	the	the	DET
cblr-1751	558	46	sec	sec	PROPN
cblr-1751	558	47	broad	broad	ADJ
cblr-1751	558	48	powers	power	NOUN
cblr-1751	558	49	to	to	PART
cblr-1751	558	50	promulgate	promulgate	VERB
cblr-1751	558	51	and	and	CCONJ
cblr-1751	558	52	revise	revise	VERB
cblr-1751	558	53	stock	stock	NOUN
cblr-1751	558	54	-	-	PUNCT
cblr-1751	558	55	trading	trading	NOUN
cblr-1751	558	56	rules	rule	NOUN
cblr-1751	558	57	to	to	PART
cblr-1751	558	58	develop	develop	VERB
cblr-1751	558	59	and	and	CCONJ
cblr-1751	558	60	improve	improve	VERB
cblr-1751	558	61	a	a	DET
cblr-1751	558	62	national	national	ADJ
cblr-1751	558	63	market	market	NOUN
cblr-1751	558	64	system	system	NOUN
cblr-1751	558	65	for	for	ADP
cblr-1751	558	66	the	the	DET
cblr-1751	558	67	trading	trading	NOUN
cblr-1751	558	68	of	of	ADP
cblr-1751	558	69	exchange	exchange	NOUN
cblr-1751	558	70	-	-	PUNCT
cblr-1751	558	71	listed	list	VERB
cblr-1751	558	72	equity	equity	NOUN
cblr-1751	558	73	securities.89	securities.89	PROPN
cblr-1751	558	74	this	this	DET
cblr-1751	558	75	rulemaking	rulemake	VERB
cblr-1751	558	76	delegation	delegation	NOUN
cblr-1751	558	77	could	could	AUX
cblr-1751	558	78	be	be	AUX
cblr-1751	558	79	read	read	VERB
cblr-1751	558	80	to	to	PART
cblr-1751	558	81	allow	allow	VERB
cblr-1751	558	82	the	the	DET
cblr-1751	558	83	sec	sec	PROPN
cblr-1751	558	84	to	to	PART
cblr-1751	558	85	impose	impose	VERB
cblr-1751	558	86	the	the	DET
cblr-1751	558	87	exchange	exchange	NOUN
cblr-1751	558	88	-	-	PUNCT
cblr-1751	558	89	trading	trading	NOUN
cblr-1751	558	90	mandate	mandate	NOUN
cblr-1751	558	91	in	in	ADP
cblr-1751	558	92	the	the	DET
cblr-1751	558	93	name	name	NOUN
cblr-1751	558	94	of	of	ADP
cblr-1751	558	95	enhanced	enhanced	ADJ
cblr-1751	558	96	stock	stock	NOUN
cblr-1751	558	97	-	-	PUNCT
cblr-1751	558	98	price	price	NOUN
cblr-1751	558	99	accuracy	accuracy	NOUN
cblr-1751	558	100	.	.	PUNCT
cblr-1751	559	1	as	as	ADP
cblr-1751	559	2	such	such	ADJ
cblr-1751	559	3	,	,	PUNCT
cblr-1751	559	4	the	the	DET
cblr-1751	559	5	sec	sec	PROPN
cblr-1751	559	6	may	may	AUX
cblr-1751	559	7	be	be	AUX
cblr-1751	559	8	able	able	ADJ
cblr-1751	559	9	to	to	PART
cblr-1751	559	10	promulgate	promulgate	VERB
cblr-1751	559	11	such	such	DET
cblr-1751	559	12	a	a	DET
cblr-1751	559	13	mandate	mandate	NOUN
cblr-1751	559	14	—	—	PUNCT
cblr-1751	559	15	in	in	ADP
cblr-1751	559	16	whole	whole	NOUN
cblr-1751	559	17	or	or	CCONJ
cblr-1751	559	18	in	in	ADP
cblr-1751	559	19	part	part	NOUN
cblr-1751	559	20	—	—	PUNCT
cblr-1751	559	21	without	without	ADP
cblr-1751	559	22	any	any	DET
cblr-1751	559	23	additional	additional	ADJ
cblr-1751	559	24	congressional	congressional	ADJ
cblr-1751	559	25	action	action	NOUN
cblr-1751	559	26	.	.	PUNCT
cblr-1751	560	1	88	88	NUM
cblr-1751	560	2	see	see	VERB
cblr-1751	560	3	,	,	PUNCT
cblr-1751	560	4	e.g.	e.g.	ADV
cblr-1751	560	5	,	,	PUNCT
cblr-1751	560	6	the	the	DET
cblr-1751	560	7	jumpstart	jumpstart	NOUN
cblr-1751	560	8	our	our	PRON
cblr-1751	560	9	business	business	NOUN
cblr-1751	560	10	start	start	NOUN
cblr-1751	560	11	-	-	PUNCT
cblr-1751	560	12	ups	up	NOUN
cblr-1751	560	13	act	act	NOUN
cblr-1751	560	14	§	§	PROPN
cblr-1751	560	15	106	106	NUM
cblr-1751	560	16	,	,	PUNCT
cblr-1751	560	17	15	15	NUM
cblr-1751	560	18	u.s.c	u.s.c	NOUN
cblr-1751	560	19	.	.	PUNCT
cblr-1751	561	1	§	§	PROPN
cblr-1751	561	2	78k-1(c)(6	78k-1(c)(6	PROPN
cblr-1751	561	3	)	)	PUNCT
cblr-1751	561	4	(	(	PUNCT
cblr-1751	561	5	2012	2012	NUM
cblr-1751	561	6	)	)	PUNCT
cblr-1751	561	7	(	(	PUNCT
cblr-1751	561	8	encouraging	encourage	VERB
cblr-1751	561	9	the	the	DET
cblr-1751	561	10	sec	sec	PROPN
cblr-1751	561	11	to	to	PART
cblr-1751	561	12	set	set	VERB
cblr-1751	561	13	up	up	ADP
cblr-1751	561	14	a	a	DET
cblr-1751	561	15	study	study	NOUN
cblr-1751	561	16	in	in	ADP
cblr-1751	561	17	which	which	PRON
cblr-1751	561	18	a	a	DET
cblr-1751	561	19	sample	sample	NOUN
cblr-1751	561	20	of	of	ADP
cblr-1751	561	21	public	public	ADJ
cblr-1751	561	22	firms	firm	NOUN
cblr-1751	561	23	experiment	experiment	VERB
cblr-1751	561	24	with	with	ADP
cblr-1751	561	25	different	different	ADJ
cblr-1751	561	26	trading	trading	NOUN
cblr-1751	561	27	rules	rule	NOUN
cblr-1751	561	28	relating	relate	VERB
cblr-1751	561	29	to	to	ADP
cblr-1751	561	30	the	the	DET
cblr-1751	561	31	minimum	minimum	ADJ
cblr-1751	561	32	allowable	allowable	ADJ
cblr-1751	561	33	increment	increment	NOUN
cblr-1751	561	34	between	between	ADP
cblr-1751	561	35	quoted	quote	VERB
cblr-1751	561	36	prices	price	NOUN
cblr-1751	561	37	)	)	PUNCT
cblr-1751	561	38	.	.	PUNCT
cblr-1751	562	1	89	89	NUM
cblr-1751	562	2	see	see	VERB
cblr-1751	562	3	generally	generally	ADV
cblr-1751	562	4	securities	security	NOUN
cblr-1751	562	5	exchange	exchange	PROPN
cblr-1751	562	6	act	act	PROPN
cblr-1751	562	7	§	§	PROPN
cblr-1751	562	8	11a	11a	NUM
cblr-1751	562	9	,	,	PUNCT
cblr-1751	562	10	15	15	NUM
cblr-1751	562	11	u.s.c	u.s.c	NOUN
cblr-1751	562	12	.	.	PUNCT
cblr-1751	563	1	§	§	PROPN
cblr-1751	563	2	78k-1	78k-1	PROPN
cblr-1751	563	3	(	(	PUNCT
cblr-1751	563	4	2012	2012	NUM
cblr-1751	563	5	)	)	PUNCT
cblr-1751	563	6	.	.	PUNCT
cblr-1751	564	1	haeberle	haeberle	PROPN
cblr-1751	564	2	final	final	ADJ
cblr-1751	564	3	170	170	NUM
cblr-1751	564	4	columbia	columbia	PROPN
cblr-1751	564	5	business	business	NOUN
cblr-1751	564	6	law	law	PROPN
cblr-1751	564	7	review	review	NOUN
cblr-1751	564	8	[	[	X
cblr-1751	564	9	vol	vol	NOUN
cblr-1751	564	10	.	.	NOUN
cblr-1751	564	11	2015	2015	NUM
cblr-1751	564	12	2	2	NUM
cblr-1751	564	13	.	.	PUNCT
cblr-1751	564	14	materially	materially	ADV
cblr-1751	564	15	improving	improve	VERB
cblr-1751	564	16	stock	stock	NOUN
cblr-1751	564	17	-	-	PUNCT
cblr-1751	564	18	price	price	NOUN
cblr-1751	564	19	accuracy	accuracy	NOUN
cblr-1751	564	20	via	via	ADP
cblr-1751	564	21	a	a	DET
cblr-1751	564	22	public	public	ADJ
cblr-1751	564	23	-	-	PUNCT
cblr-1751	564	24	firm	firm	NOUN
cblr-1751	564	25	subsidy	subsidy	NOUN
cblr-1751	564	26	for	for	ADP
cblr-1751	564	27	exchange	exchange	NOUN
cblr-1751	564	28	liquidity	liquidity	NOUN
cblr-1751	564	29	provision	provision	NOUN
cblr-1751	564	30	another	another	DET
cblr-1751	564	31	example	example	NOUN
cblr-1751	564	32	of	of	ADP
cblr-1751	564	33	a	a	DET
cblr-1751	564	34	way	way	NOUN
cblr-1751	564	35	in	in	ADP
cblr-1751	564	36	which	which	PRON
cblr-1751	564	37	lawmakers	lawmaker	NOUN
cblr-1751	564	38	could	could	AUX
cblr-1751	564	39	change	change	VERB
cblr-1751	564	40	stock	stock	NOUN
cblr-1751	564	41	-	-	PUNCT
cblr-1751	564	42	market	market	NOUN
cblr-1751	564	43	law	law	NOUN
cblr-1751	564	44	to	to	PART
cblr-1751	564	45	improve	improve	VERB
cblr-1751	564	46	price	price	NOUN
cblr-1751	564	47	accuracy	accuracy	NOUN
cblr-1751	564	48	would	would	AUX
cblr-1751	564	49	be	be	AUX
cblr-1751	564	50	by	by	ADP
cblr-1751	564	51	imposing	impose	VERB
cblr-1751	564	52	a	a	DET
cblr-1751	564	53	public	public	ADJ
cblr-1751	564	54	-	-	PUNCT
cblr-1751	564	55	firm	firm	NOUN
cblr-1751	564	56	subsidy	subsidy	NOUN
cblr-1751	564	57	to	to	PART
cblr-1751	564	58	support	support	VERB
cblr-1751	564	59	exchange	exchange	NOUN
cblr-1751	564	60	liquidity	liquidity	NOUN
cblr-1751	564	61	provision	provision	NOUN
cblr-1751	564	62	.	.	PUNCT
cblr-1751	565	1	such	such	DET
cblr-1751	565	2	a	a	DET
cblr-1751	565	3	subsidy	subsidy	NOUN
cblr-1751	565	4	could	could	AUX
cblr-1751	565	5	come	come	VERB
cblr-1751	565	6	in	in	ADP
cblr-1751	565	7	the	the	DET
cblr-1751	565	8	form	form	NOUN
cblr-1751	565	9	of	of	ADP
cblr-1751	565	10	a	a	DET
cblr-1751	565	11	mandate	mandate	NOUN
cblr-1751	565	12	that	that	PRON
cblr-1751	565	13	requires	require	VERB
cblr-1751	565	14	firms	firm	NOUN
cblr-1751	565	15	to	to	PART
cblr-1751	565	16	make	make	VERB
cblr-1751	565	17	payments	payment	NOUN
cblr-1751	565	18	to	to	ADP
cblr-1751	565	19	the	the	DET
cblr-1751	565	20	exchange	exchange	NOUN
cblr-1751	565	21	liquidity	liquidity	NOUN
cblr-1751	565	22	providers	provider	NOUN
cblr-1751	565	23	that	that	PRON
cblr-1751	565	24	post	post	VERB
cblr-1751	565	25	the	the	DET
cblr-1751	565	26	most	most	ADV
cblr-1751	565	27	competitive	competitive	ADJ
cblr-1751	565	28	quotes	quote	NOUN
cblr-1751	565	29	in	in	ADP
cblr-1751	565	30	their	their	PRON
cblr-1751	565	31	stocks	stock	NOUN
cblr-1751	565	32	.	.	PUNCT
cblr-1751	566	1	these	these	DET
cblr-1751	566	2	mandatory	mandatory	ADJ
cblr-1751	566	3	payments	payment	NOUN
cblr-1751	566	4	could	could	AUX
cblr-1751	566	5	be	be	AUX
cblr-1751	566	6	distributed	distribute	VERB
cblr-1751	566	7	as	as	ADP
cblr-1751	566	8	a	a	DET
cblr-1751	566	9	per	per	ADP
cblr-1751	566	10	-	-	PUNCT
cblr-1751	566	11	share	share	NOUN
cblr-1751	566	12	rebate	rebate	NOUN
cblr-1751	566	13	each	each	DET
cblr-1751	566	14	time	time	NOUN
cblr-1751	566	15	one	one	NUM
cblr-1751	566	16	of	of	ADP
cblr-1751	566	17	the	the	DET
cblr-1751	566	18	liquidity	liquidity	NOUN
cblr-1751	566	19	providers	provider	NOUN
cblr-1751	566	20	’	'	PUNCT
cblr-1751	566	21	standing	stand	VERB
cblr-1751	566	22	quotes	quote	NOUN
cblr-1751	566	23	executes	execute	VERB
cblr-1751	566	24	against	against	ADP
cblr-1751	566	25	an	an	DET
cblr-1751	566	26	incoming	incoming	ADJ
cblr-1751	566	27	order	order	NOUN
cblr-1751	566	28	.	.	PUNCT
cblr-1751	567	1	suppose	suppose	VERB
cblr-1751	567	2	,	,	PUNCT
cblr-1751	567	3	for	for	ADP
cblr-1751	567	4	example	example	NOUN
cblr-1751	567	5	,	,	PUNCT
cblr-1751	567	6	that	that	SCONJ
cblr-1751	567	7	two	two	NUM
cblr-1751	567	8	liquidity	liquidity	NOUN
cblr-1751	567	9	providers	provider	NOUN
cblr-1751	567	10	quote	quote	INTJ
cblr-1751	567	11	ask	ask	VERB
cblr-1751	567	12	prices	price	NOUN
cblr-1751	567	13	for	for	ADP
cblr-1751	567	14	1,000	1,000	NUM
cblr-1751	567	15	shares	share	NOUN
cblr-1751	567	16	of	of	ADP
cblr-1751	567	17	the	the	DET
cblr-1751	567	18	same	same	ADJ
cblr-1751	567	19	stock	stock	NOUN
cblr-1751	567	20	.	.	PUNCT
cblr-1751	568	1	one	one	NUM
cblr-1751	568	2	posts	post	VERB
cblr-1751	568	3	a	a	DET
cblr-1751	568	4	superior	superior	ADJ
cblr-1751	568	5	(	(	PUNCT
cblr-1751	568	6	lower	low	ADJ
cblr-1751	568	7	)	)	PUNCT
cblr-1751	568	8	ask	ask	VERB
cblr-1751	568	9	price	price	NOUN
cblr-1751	568	10	of	of	ADP
cblr-1751	568	11	$	$	SYM
cblr-1751	568	12	44.11	44.11	NUM
cblr-1751	568	13	per	per	ADP
cblr-1751	568	14	share	share	NOUN
cblr-1751	568	15	,	,	PUNCT
cblr-1751	568	16	and	and	CCONJ
cblr-1751	568	17	the	the	DET
cblr-1751	568	18	other	other	ADJ
cblr-1751	568	19	posts	post	NOUN
cblr-1751	568	20	an	an	PRON
cblr-1751	568	21	inferior	inferior	ADJ
cblr-1751	568	22	(	(	PUNCT
cblr-1751	568	23	higher	high	ADJ
cblr-1751	568	24	)	)	PUNCT
cblr-1751	568	25	ask	ask	VERB
cblr-1751	568	26	price	price	NOUN
cblr-1751	568	27	of	of	ADP
cblr-1751	568	28	$	$	SYM
cblr-1751	568	29	44.12	44.12	NUM
cblr-1751	568	30	per	per	ADP
cblr-1751	568	31	share	share	NOUN
cblr-1751	568	32	.	.	PUNCT
cblr-1751	569	1	suppose	suppose	VERB
cblr-1751	569	2	,	,	PUNCT
cblr-1751	569	3	too	too	ADV
cblr-1751	569	4	,	,	PUNCT
cblr-1751	569	5	that	that	SCONJ
cblr-1751	569	6	a	a	DET
cblr-1751	569	7	trader	trader	NOUN
cblr-1751	569	8	submits	submit	VERB
cblr-1751	569	9	a	a	DET
cblr-1751	569	10	buy	buy	NOUN
cblr-1751	569	11	order	order	NOUN
cblr-1751	569	12	that	that	PRON
cblr-1751	569	13	seeks	seek	VERB
cblr-1751	569	14	to	to	PART
cblr-1751	569	15	transact	transact	VERB
cblr-1751	569	16	immediately	immediately	ADV
cblr-1751	569	17	against	against	ADP
cblr-1751	569	18	the	the	DET
cblr-1751	569	19	best	good	ADJ
cblr-1751	569	20	(	(	PUNCT
cblr-1751	569	21	lowest	low	ADJ
cblr-1751	569	22	)	)	PUNCT
cblr-1751	569	23	ask	ask	VERB
cblr-1751	569	24	prices	price	NOUN
cblr-1751	569	25	in	in	ADP
cblr-1751	569	26	the	the	DET
cblr-1751	569	27	market	market	NOUN
cblr-1751	569	28	for	for	ADP
cblr-1751	569	29	1,000	1,000	NUM
cblr-1751	569	30	shares	share	NOUN
cblr-1751	569	31	of	of	ADP
cblr-1751	569	32	that	that	DET
cblr-1751	569	33	stock	stock	NOUN
cblr-1751	569	34	.	.	PUNCT
cblr-1751	570	1	in	in	ADP
cblr-1751	570	2	this	this	DET
cblr-1751	570	3	example	example	NOUN
cblr-1751	570	4	,	,	PUNCT
cblr-1751	570	5	then	then	ADV
cblr-1751	570	6	,	,	PUNCT
cblr-1751	570	7	the	the	DET
cblr-1751	570	8	liquidity	liquidity	NOUN
cblr-1751	570	9	provider	provider	NOUN
cblr-1751	570	10	quoting	quote	VERB
cblr-1751	570	11	the	the	DET
cblr-1751	570	12	more	more	ADV
cblr-1751	570	13	competitive	competitive	ADJ
cblr-1751	570	14	$	$	SYM
cblr-1751	570	15	44.11	44.11	NUM
cblr-1751	570	16	-	-	PUNCT
cblr-1751	570	17	per	per	ADP
cblr-1751	570	18	-	-	PUNCT
cblr-1751	570	19	share	share	NOUN
cblr-1751	570	20	ask	ask	NOUN
cblr-1751	570	21	price	price	NOUN
cblr-1751	570	22	would	would	AUX
cblr-1751	570	23	complete	complete	VERB
cblr-1751	570	24	this	this	DET
cblr-1751	570	25	transaction	transaction	NOUN
cblr-1751	570	26	,	,	PUNCT
cblr-1751	570	27	but	but	CCONJ
cblr-1751	570	28	the	the	DET
cblr-1751	570	29	liquidity	liquidity	NOUN
cblr-1751	570	30	provider	provider	NOUN
cblr-1751	570	31	offering	offering	NOUN
cblr-1751	570	32	to	to	PART
cblr-1751	570	33	sell	sell	VERB
cblr-1751	570	34	the	the	DET
cblr-1751	570	35	shares	share	NOUN
cblr-1751	570	36	at	at	ADP
cblr-1751	570	37	the	the	DET
cblr-1751	570	38	$	$	SYM
cblr-1751	570	39	44.12	44.12	NUM
cblr-1751	570	40	price	price	NOUN
cblr-1751	570	41	would	would	AUX
cblr-1751	570	42	not	not	PART
cblr-1751	570	43	.	.	PUNCT
cblr-1751	571	1	in	in	ADP
cblr-1751	571	2	this	this	DET
cblr-1751	571	3	way	way	NOUN
cblr-1751	571	4	,	,	PUNCT
cblr-1751	571	5	the	the	DET
cblr-1751	571	6	proposed	propose	VERB
cblr-1751	571	7	subsidy	subsidy	NOUN
cblr-1751	571	8	would	would	AUX
cblr-1751	571	9	reward	reward	VERB
cblr-1751	571	10	those	those	DET
cblr-1751	571	11	liquidity	liquidity	NOUN
cblr-1751	571	12	providers	provider	NOUN
cblr-1751	571	13	with	with	ADP
cblr-1751	571	14	the	the	DET
cblr-1751	571	15	most	most	ADV
cblr-1751	571	16	competitive	competitive	ADJ
cblr-1751	571	17	quotes	quote	NOUN
cblr-1751	571	18	—	—	PUNCT
cblr-1751	571	19	and	and	CCONJ
cblr-1751	571	20	thus	thus	ADV
cblr-1751	571	21	encourage	encourage	VERB
cblr-1751	571	22	liquidity	liquidity	NOUN
cblr-1751	571	23	providers	provider	NOUN
cblr-1751	571	24	to	to	PART
cblr-1751	571	25	offer	offer	VERB
cblr-1751	571	26	the	the	DET
cblr-1751	571	27	shares	share	NOUN
cblr-1751	571	28	at	at	ADP
cblr-1751	571	29	the	the	DET
cblr-1751	571	30	most	most	ADV
cblr-1751	571	31	competitive	competitive	ADJ
cblr-1751	571	32	prices	price	NOUN
cblr-1751	571	33	in	in	ADP
cblr-1751	571	34	order	order	NOUN
cblr-1751	571	35	to	to	PART
cblr-1751	571	36	capture	capture	VERB
cblr-1751	571	37	the	the	DET
cblr-1751	571	38	subsidy	subsidy	NOUN
cblr-1751	571	39	.	.	PUNCT
cblr-1751	572	1	in	in	ADP
cblr-1751	572	2	the	the	DET
cblr-1751	572	3	end	end	NOUN
cblr-1751	572	4	,	,	PUNCT
cblr-1751	572	5	this	this	DET
cblr-1751	572	6	type	type	NOUN
cblr-1751	572	7	of	of	ADP
cblr-1751	572	8	firm	firm	ADJ
cblr-1751	572	9	subsidy	subsidy	NOUN
cblr-1751	572	10	would	would	AUX
cblr-1751	572	11	achieve	achieve	VERB
cblr-1751	572	12	the	the	DET
cblr-1751	572	13	same	same	ADJ
cblr-1751	572	14	type	type	NOUN
cblr-1751	572	15	of	of	ADP
cblr-1751	572	16	effect	effect	NOUN
cblr-1751	572	17	that	that	SCONJ
cblr-1751	572	18	the	the	DET
cblr-1751	572	19	exchange	exchange	NOUN
cblr-1751	572	20	-	-	PUNCT
cblr-1751	572	21	trading	trading	NOUN
cblr-1751	572	22	mandate	mandate	NOUN
cblr-1751	572	23	would	would	AUX
cblr-1751	572	24	achieve	achieve	VERB
cblr-1751	572	25	.	.	PUNCT
cblr-1751	573	1	that	that	PRON
cblr-1751	573	2	is	is	ADV
cblr-1751	573	3	,	,	PUNCT
cblr-1751	573	4	it	it	PRON
cblr-1751	573	5	would	would	AUX
cblr-1751	573	6	incentivize	incentivize	VERB
cblr-1751	573	7	exchange	exchange	NOUN
cblr-1751	573	8	liquidity	liquidity	NOUN
cblr-1751	573	9	providers	provider	NOUN
cblr-1751	573	10	to	to	PART
cblr-1751	573	11	post	post	VERB
cblr-1751	573	12	superior	superior	ADJ
cblr-1751	573	13	price	price	NOUN
cblr-1751	573	14	quotes	quote	NOUN
cblr-1751	573	15	with	with	ADP
cblr-1751	573	16	less	less	ADV
cblr-1751	573	17	sensitive	sensitive	ADJ
cblr-1751	573	18	quote	quote	NOUN
cblr-1751	573	19	-	-	PUNCT
cblr-1751	573	20	adjustment	adjustment	NOUN
cblr-1751	573	21	triggers	trigger	NOUN
cblr-1751	573	22	,	,	PUNCT
cblr-1751	573	23	which	which	PRON
cblr-1751	573	24	would	would	AUX
cblr-1751	573	25	in	in	ADP
cblr-1751	573	26	turn	turn	VERB
cblr-1751	573	27	likely	likely	ADV
cblr-1751	573	28	lead	lead	VERB
cblr-1751	573	29	to	to	ADP
cblr-1751	573	30	larger	large	ADJ
cblr-1751	573	31	profit	profit	NOUN
cblr-1751	573	32	opportunities	opportunity	NOUN
cblr-1751	573	33	for	for	ADP
cblr-1751	573	34	informed	informed	ADJ
cblr-1751	573	35	traders	trader	NOUN
cblr-1751	573	36	and	and	CCONJ
cblr-1751	573	37	therefore	therefore	ADV
cblr-1751	573	38	a	a	DET
cblr-1751	573	39	higher	high	ADJ
cblr-1751	573	40	level	level	NOUN
cblr-1751	573	41	of	of	ADP
cblr-1751	573	42	stockprice	stockprice	ADJ
cblr-1751	573	43	accuracy	accuracy	NOUN
cblr-1751	573	44	.	.	PUNCT
cblr-1751	574	1	with	with	ADP
cblr-1751	574	2	this	this	DET
cblr-1751	574	3	perspective	perspective	NOUN
cblr-1751	574	4	on	on	ADP
cblr-1751	574	5	a	a	DET
cblr-1751	574	6	public	public	ADJ
cblr-1751	574	7	-	-	PUNCT
cblr-1751	574	8	firm	firm	NOUN
cblr-1751	574	9	subsidy	subsidy	NOUN
cblr-1751	574	10	for	for	ADP
cblr-1751	574	11	exchange	exchange	NOUN
cblr-1751	574	12	liquidity	liquidity	NOUN
cblr-1751	574	13	provision	provision	NOUN
cblr-1751	574	14	,	,	PUNCT
cblr-1751	574	15	one	one	PRON
cblr-1751	574	16	could	could	AUX
cblr-1751	574	17	view	view	VERB
cblr-1751	574	18	the	the	DET
cblr-1751	574	19	exchangetrading	exchangetrade	VERB
cblr-1751	574	20	mandate	mandate	NOUN
cblr-1751	574	21	as	as	ADP
cblr-1751	574	22	,	,	PUNCT
cblr-1751	574	23	effectively	effectively	ADV
cblr-1751	574	24	,	,	PUNCT
cblr-1751	574	25	a	a	DET
cblr-1751	574	26	similar	similar	ADJ
cblr-1751	574	27	type	type	NOUN
cblr-1751	574	28	of	of	ADP
cblr-1751	574	29	mandatory	mandatory	ADJ
cblr-1751	574	30	subsidy	subsidy	NOUN
cblr-1751	574	31	.	.	PUNCT
cblr-1751	575	1	remember	remember	VERB
cblr-1751	575	2	that	that	SCONJ
cblr-1751	575	3	exchange	exchange	NOUN
cblr-1751	575	4	liquidity	liquidity	NOUN
cblr-1751	575	5	providers	provider	NOUN
cblr-1751	575	6	make	make	VERB
cblr-1751	575	7	up	up	ADP
cblr-1751	575	8	what	what	PRON
cblr-1751	575	9	they	they	PRON
cblr-1751	575	10	lose	lose	VERB
cblr-1751	575	11	to	to	ADP
cblr-1751	575	12	informed	inform	VERB
cblr-1751	575	13	traders	trader	NOUN
cblr-1751	575	14	by	by	ADP
cblr-1751	575	15	completing	complete	VERB
cblr-1751	575	16	spreadhaeberle	spreadhaeberle	NOUN
cblr-1751	575	17	final	final	ADJ
cblr-1751	575	18	no	no	NOUN
cblr-1751	575	19	.	.	NOUN
cblr-1751	575	20	1:121	1:121	NUM
cblr-1751	575	21	]	]	X
cblr-1751	575	22	stock	stock	NOUN
cblr-1751	575	23	-	-	PUNCT
cblr-1751	575	24	price	price	NOUN
cblr-1751	575	25	accuracy	accuracy	NOUN
cblr-1751	575	26	171	171	NUM
cblr-1751	575	27	earning	earning	NOUN
cblr-1751	575	28	transactions	transaction	NOUN
cblr-1751	575	29	with	with	ADP
cblr-1751	575	30	uninformed	uninformed	ADJ
cblr-1751	575	31	ones.90	ones.90	NOUN
cblr-1751	575	32	this	this	DET
cblr-1751	575	33	fact	fact	NOUN
cblr-1751	575	34	gives	give	VERB
cblr-1751	575	35	rise	rise	NOUN
cblr-1751	575	36	to	to	ADP
cblr-1751	575	37	the	the	DET
cblr-1751	575	38	inference	inference	NOUN
cblr-1751	575	39	that	that	PRON
cblr-1751	575	40	forcing	force	VERB
cblr-1751	575	41	the	the	DET
cblr-1751	575	42	off	off	ADJ
cblr-1751	575	43	-	-	PUNCT
cblr-1751	575	44	exchange	exchange	NOUN
cblr-1751	575	45	trading	trading	NOUN
cblr-1751	575	46	that	that	PRON
cblr-1751	575	47	is	be	AUX
cblr-1751	575	48	now	now	ADV
cblr-1751	575	49	dominated	dominate	VERB
cblr-1751	575	50	by	by	ADP
cblr-1751	575	51	uninformed	uninformed	ADJ
cblr-1751	575	52	traders	trader	NOUN
cblr-1751	575	53	to	to	PART
cblr-1751	575	54	go	go	VERB
cblr-1751	575	55	through	through	ADP
cblr-1751	575	56	exchanges	exchange	NOUN
cblr-1751	575	57	would	would	AUX
cblr-1751	575	58	provide	provide	VERB
cblr-1751	575	59	an	an	DET
cblr-1751	575	60	uninformed	uninformed	ADJ
cblr-1751	575	61	-	-	PUNCT
cblr-1751	575	62	trader	trader	NOUN
cblr-1751	575	63	subsidy	subsidy	NOUN
cblr-1751	575	64	of	of	ADP
cblr-1751	575	65	exchange	exchange	NOUN
cblr-1751	575	66	liquidity	liquidity	NOUN
cblr-1751	575	67	provision	provision	NOUN
cblr-1751	575	68	.	.	PUNCT
cblr-1751	576	1	it	it	PRON
cblr-1751	576	2	would	would	AUX
cblr-1751	576	3	do	do	VERB
cblr-1751	576	4	so	so	ADV
cblr-1751	576	5	because	because	SCONJ
cblr-1751	576	6	pushing	push	VERB
cblr-1751	576	7	these	these	DET
cblr-1751	576	8	traders	trader	NOUN
cblr-1751	576	9	to	to	ADP
cblr-1751	576	10	exchanges	exchange	NOUN
cblr-1751	576	11	would	would	AUX
cblr-1751	576	12	permit	permit	VERB
cblr-1751	576	13	exchange	exchange	NOUN
cblr-1751	576	14	liquidity	liquidity	NOUN
cblr-1751	576	15	providers	provider	NOUN
cblr-1751	576	16	to	to	PART
cblr-1751	576	17	earn	earn	VERB
cblr-1751	576	18	more	more	ADJ
cblr-1751	576	19	revenue	revenue	NOUN
cblr-1751	576	20	from	from	ADP
cblr-1751	576	21	supplying	supply	VERB
cblr-1751	576	22	their	their	PRON
cblr-1751	576	23	services	service	NOUN
cblr-1751	576	24	to	to	ADP
cblr-1751	576	25	uninformed	uninformed	ADJ
cblr-1751	576	26	traders	trader	NOUN
cblr-1751	576	27	.	.	PUNCT
cblr-1751	577	1	for	for	ADP
cblr-1751	577	2	these	these	DET
cblr-1751	577	3	reasons	reason	NOUN
cblr-1751	577	4	,	,	PUNCT
cblr-1751	577	5	the	the	DET
cblr-1751	577	6	exchangetrading	exchangetrade	VERB
cblr-1751	577	7	mandate	mandate	NOUN
cblr-1751	577	8	can	can	AUX
cblr-1751	577	9	also	also	ADV
cblr-1751	577	10	be	be	AUX
cblr-1751	577	11	seen	see	VERB
cblr-1751	577	12	as	as	ADP
cblr-1751	577	13	a	a	DET
cblr-1751	577	14	mandatory	mandatory	ADJ
cblr-1751	577	15	subsidy	subsidy	NOUN
cblr-1751	577	16	for	for	ADP
cblr-1751	577	17	exchange	exchange	NOUN
cblr-1751	577	18	liquidity	liquidity	NOUN
cblr-1751	577	19	provision	provision	NOUN
cblr-1751	577	20	—	—	PUNCT
cblr-1751	577	21	albeit	albeit	SCONJ
cblr-1751	577	22	one	one	NUM
cblr-1751	577	23	in	in	ADP
cblr-1751	577	24	which	which	PRON
cblr-1751	577	25	the	the	DET
cblr-1751	577	26	uninformed	uninformed	ADJ
cblr-1751	577	27	traders	trader	NOUN
cblr-1751	577	28	that	that	PRON
cblr-1751	577	29	currently	currently	ADV
cblr-1751	577	30	transact	transact	VERB
cblr-1751	577	31	through	through	ADP
cblr-1751	577	32	offexchange	offexchange	NOUN
cblr-1751	577	33	platforms	platform	NOUN
cblr-1751	577	34	would	would	AUX
cblr-1751	577	35	be	be	AUX
cblr-1751	577	36	providing	provide	VERB
cblr-1751	577	37	the	the	DET
cblr-1751	577	38	subsidy	subsidy	NOUN
cblr-1751	577	39	.	.	PUNCT
cblr-1751	578	1	however	however	ADV
cblr-1751	578	2	one	one	NUM
cblr-1751	578	3	views	view	VERB
cblr-1751	578	4	the	the	DET
cblr-1751	578	5	exchange	exchange	NOUN
cblr-1751	578	6	-	-	PUNCT
cblr-1751	578	7	trading	trading	NOUN
cblr-1751	578	8	mandate	mandate	NOUN
cblr-1751	578	9	,	,	PUNCT
cblr-1751	578	10	one	one	NUM
cblr-1751	578	11	attractive	attractive	ADJ
cblr-1751	578	12	attribute	attribute	NOUN
cblr-1751	578	13	of	of	ADP
cblr-1751	578	14	the	the	DET
cblr-1751	578	15	public	public	ADJ
cblr-1751	578	16	-	-	PUNCT
cblr-1751	578	17	firm	firm	NOUN
cblr-1751	578	18	subsidy	subsidy	NOUN
cblr-1751	578	19	is	be	AUX
cblr-1751	578	20	clear	clear	ADJ
cblr-1751	578	21	:	:	PUNCT
cblr-1751	578	22	it	it	PRON
cblr-1751	578	23	leaves	leave	VERB
cblr-1751	578	24	the	the	DET
cblr-1751	578	25	current	current	ADJ
cblr-1751	578	26	private	private	ADJ
cblr-1751	578	27	ordering	ordering	NOUN
cblr-1751	578	28	of	of	ADP
cblr-1751	578	29	the	the	DET
cblr-1751	578	30	stock	stock	NOUN
cblr-1751	578	31	market	market	NOUN
cblr-1751	578	32	in	in	ADP
cblr-1751	578	33	place	place	NOUN
cblr-1751	578	34	.	.	PUNCT
cblr-1751	579	1	but	but	CCONJ
cblr-1751	579	2	despite	despite	SCONJ
cblr-1751	579	3	the	the	DET
cblr-1751	579	4	appeal	appeal	NOUN
cblr-1751	579	5	of	of	ADP
cblr-1751	579	6	going	go	VERB
cblr-1751	579	7	with	with	ADP
cblr-1751	579	8	a	a	DET
cblr-1751	579	9	straight	straight	ADJ
cblr-1751	579	10	-	-	PUNCT
cblr-1751	579	11	up	up	ADP
cblr-1751	579	12	firm	firm	ADJ
cblr-1751	579	13	subsidy	subsidy	NOUN
cblr-1751	579	14	that	that	PRON
cblr-1751	579	15	defers	defer	VERB
cblr-1751	579	16	to	to	ADP
cblr-1751	579	17	that	that	DET
cblr-1751	579	18	current	current	ADJ
cblr-1751	579	19	industrial	industrial	ADJ
cblr-1751	579	20	organization	organization	NOUN
cblr-1751	579	21	of	of	ADP
cblr-1751	579	22	the	the	DET
cblr-1751	579	23	stock	stock	NOUN
cblr-1751	579	24	market	market	NOUN
cblr-1751	579	25	,	,	PUNCT
cblr-1751	579	26	two	two	NUM
cblr-1751	579	27	caveats	caveat	NOUN
cblr-1751	579	28	should	should	AUX
cblr-1751	579	29	be	be	AUX
cblr-1751	579	30	kept	keep	VERB
cblr-1751	579	31	in	in	ADP
cblr-1751	579	32	mind	mind	NOUN
cblr-1751	579	33	.	.	PUNCT
cblr-1751	580	1	first	first	ADV
cblr-1751	580	2	,	,	PUNCT
cblr-1751	580	3	the	the	DET
cblr-1751	580	4	contemplated	contemplate	VERB
cblr-1751	580	5	subsidy	subsidy	NOUN
cblr-1751	580	6	effectively	effectively	ADV
cblr-1751	580	7	involves	involve	VERB
cblr-1751	580	8	taxing	tax	VERB
cblr-1751	580	9	the	the	DET
cblr-1751	580	10	investors	investor	NOUN
cblr-1751	580	11	who	who	PRON
cblr-1751	580	12	currently	currently	ADV
cblr-1751	580	13	own	own	VERB
cblr-1751	580	14	public	public	ADJ
cblr-1751	580	15	-	-	PUNCT
cblr-1751	580	16	company	company	NOUN
cblr-1751	580	17	stocks	stock	NOUN
cblr-1751	580	18	in	in	ADP
cblr-1751	580	19	order	order	NOUN
cblr-1751	580	20	to	to	PART
cblr-1751	580	21	help	help	VERB
cblr-1751	580	22	sophisticated	sophisticated	ADJ
cblr-1751	580	23	banks	bank	NOUN
cblr-1751	580	24	,	,	PUNCT
cblr-1751	580	25	hedge	hedge	NOUN
cblr-1751	580	26	funds	fund	NOUN
cblr-1751	580	27	,	,	PUNCT
cblr-1751	580	28	private	private	ADJ
cblr-1751	580	29	equity	equity	NOUN
cblr-1751	580	30	funds	fund	NOUN
cblr-1751	580	31	,	,	PUNCT
cblr-1751	580	32	and	and	CCONJ
cblr-1751	580	33	actively	actively	ADV
cblr-1751	580	34	managed	manage	VERB
cblr-1751	580	35	mutual	mutual	ADJ
cblr-1751	580	36	funds	fund	NOUN
cblr-1751	580	37	.	.	PUNCT
cblr-1751	581	1	although	although	SCONJ
cblr-1751	581	2	many	many	ADJ
cblr-1751	581	3	would	would	AUX
cblr-1751	581	4	argue	argue	VERB
cblr-1751	581	5	that	that	SCONJ
cblr-1751	581	6	the	the	DET
cblr-1751	581	7	three	three	NUM
cblr-1751	581	8	main	main	ADJ
cblr-1751	581	9	areas	area	NOUN
cblr-1751	581	10	of	of	ADP
cblr-1751	581	11	securities	security	NOUN
cblr-1751	581	12	law	law	NOUN
cblr-1751	581	13	do	do	VERB
cblr-1751	581	14	exactly	exactly	ADV
cblr-1751	581	15	this	this	PRON
cblr-1751	581	16	,	,	PUNCT
cblr-1751	581	17	and	and	CCONJ
cblr-1751	581	18	even	even	ADV
cblr-1751	581	19	though	though	SCONJ
cblr-1751	581	20	these	these	DET
cblr-1751	581	21	market	market	NOUN
cblr-1751	581	22	participants	participant	NOUN
cblr-1751	581	23	are	be	AUX
cblr-1751	581	24	thought	think	VERB
cblr-1751	581	25	to	to	PART
cblr-1751	581	26	be	be	AUX
cblr-1751	581	27	integral	integral	ADJ
cblr-1751	581	28	to	to	ADP
cblr-1751	581	29	the	the	DET
cblr-1751	581	30	production	production	NOUN
cblr-1751	581	31	of	of	ADP
cblr-1751	581	32	information	information	NOUN
cblr-1751	581	33	about	about	ADP
cblr-1751	581	34	firms	firm	NOUN
cblr-1751	581	35	’	’	PART
cblr-1751	581	36	prospects	prospect	NOUN
cblr-1751	581	37	,	,	PUNCT
cblr-1751	581	38	such	such	DET
cblr-1751	581	39	a	a	DET
cblr-1751	581	40	new	new	ADJ
cblr-1751	581	41	subsidy	subsidy	NOUN
cblr-1751	581	42	is	be	AUX
cblr-1751	581	43	likely	likely	ADJ
cblr-1751	581	44	to	to	PART
cblr-1751	581	45	be	be	AUX
cblr-1751	581	46	unpopular	unpopular	ADJ
cblr-1751	581	47	as	as	ADP
cblr-1751	581	48	a	a	DET
cblr-1751	581	49	matter	matter	NOUN
cblr-1751	581	50	of	of	ADP
cblr-1751	581	51	politics	politic	NOUN
cblr-1751	581	52	.	.	PUNCT
cblr-1751	582	1	second	second	ADJ
cblr-1751	582	2	,	,	PUNCT
cblr-1751	582	3	relative	relative	ADJ
cblr-1751	582	4	to	to	ADP
cblr-1751	582	5	the	the	DET
cblr-1751	582	6	exchangetrading	exchangetrade	VERB
cblr-1751	582	7	mandate	mandate	NOUN
cblr-1751	582	8	,	,	PUNCT
cblr-1751	582	9	it	it	PRON
cblr-1751	582	10	would	would	AUX
cblr-1751	582	11	presumably	presumably	ADV
cblr-1751	582	12	be	be	AUX
cblr-1751	582	13	tougher	tough	ADJ
cblr-1751	582	14	to	to	PART
cblr-1751	582	15	argue	argue	VERB
cblr-1751	582	16	that	that	SCONJ
cblr-1751	582	17	a	a	DET
cblr-1751	582	18	public	public	ADJ
cblr-1751	582	19	-	-	PUNCT
cblr-1751	582	20	firm	firm	NOUN
cblr-1751	582	21	subsidy	subsidy	NOUN
cblr-1751	582	22	falls	fall	VERB
cblr-1751	582	23	under	under	ADP
cblr-1751	582	24	the	the	DET
cblr-1751	582	25	congressional	congressional	ADJ
cblr-1751	582	26	delegation	delegation	NOUN
cblr-1751	582	27	that	that	PRON
cblr-1751	582	28	empowers	empower	VERB
cblr-1751	582	29	the	the	DET
cblr-1751	582	30	sec	sec	PROPN
cblr-1751	582	31	to	to	PART
cblr-1751	582	32	regulate	regulate	VERB
cblr-1751	582	33	the	the	DET
cblr-1751	582	34	stock	stock	NOUN
cblr-1751	582	35	market	market	NOUN
cblr-1751	582	36	.	.	PUNCT
cblr-1751	583	1	without	without	ADP
cblr-1751	583	2	getting	get	VERB
cblr-1751	583	3	into	into	ADP
cblr-1751	583	4	further	further	ADJ
cblr-1751	583	5	detail,91	detail,91	NOUN
cblr-1751	583	6	this	this	DET
cblr-1751	583	7	part	part	NOUN
cblr-1751	583	8	has	have	AUX
cblr-1751	583	9	shown	show	VERB
cblr-1751	583	10	that	that	SCONJ
cblr-1751	583	11	a	a	DET
cblr-1751	583	12	central	central	ADJ
cblr-1751	583	13	,	,	PUNCT
cblr-1751	583	14	yet	yet	CCONJ
cblr-1751	583	15	little	little	ADV
cblr-1751	583	16	-	-	PUNCT
cblr-1751	583	17	noticed	noticed	ADJ
cblr-1751	583	18	,	,	PUNCT
cblr-1751	583	19	set	set	NOUN
cblr-1751	583	20	of	of	ADP
cblr-1751	583	21	stock	stock	NOUN
cblr-1751	583	22	-	-	PUNCT
cblr-1751	583	23	market	market	NOUN
cblr-1751	583	24	rules	rule	NOUN
cblr-1751	583	25	90	90	NUM
cblr-1751	583	26	see	see	VERB
cblr-1751	583	27	supra	supra	PROPN
cblr-1751	583	28	part	part	PROPN
cblr-1751	583	29	iv.b.1	iv.b.1	PROPN
cblr-1751	583	30	.	.	PROPN
cblr-1751	583	31	91	91	NUM
cblr-1751	583	32	other	other	ADJ
cblr-1751	583	33	changes	change	NOUN
cblr-1751	583	34	to	to	ADP
cblr-1751	583	35	stock	stock	NOUN
cblr-1751	583	36	-	-	PUNCT
cblr-1751	583	37	market	market	NOUN
cblr-1751	583	38	law	law	NOUN
cblr-1751	583	39	would	would	AUX
cblr-1751	583	40	undoubtedly	undoubtedly	ADV
cblr-1751	583	41	have	have	VERB
cblr-1751	583	42	similar	similar	ADJ
cblr-1751	583	43	results	result	NOUN
cblr-1751	583	44	.	.	PUNCT
cblr-1751	584	1	for	for	ADP
cblr-1751	584	2	example	example	NOUN
cblr-1751	584	3	,	,	PUNCT
cblr-1751	584	4	requiring	require	VERB
cblr-1751	584	5	off	off	ADP
cblr-1751	584	6	-	-	PUNCT
cblr-1751	584	7	exchange	exchange	NOUN
cblr-1751	584	8	platforms	platform	NOUN
cblr-1751	584	9	to	to	PART
cblr-1751	584	10	accept	accept	VERB
cblr-1751	584	11	all	all	DET
cblr-1751	584	12	investors	investor	NOUN
cblr-1751	584	13	may	may	AUX
cblr-1751	584	14	accomplish	accomplish	VERB
cblr-1751	584	15	these	these	DET
cblr-1751	584	16	same	same	ADJ
cblr-1751	584	17	ends	end	NOUN
cblr-1751	584	18	—	—	PUNCT
cblr-1751	584	19	and	and	CCONJ
cblr-1751	584	20	fall	fall	VERB
cblr-1751	584	21	squarely	squarely	ADV
cblr-1751	584	22	within	within	ADP
cblr-1751	584	23	the	the	DET
cblr-1751	584	24	sec	sec	PROPN
cblr-1751	584	25	’s	’s	PART
cblr-1751	584	26	rulemaking	rulemaking	NOUN
cblr-1751	584	27	authority	authority	NOUN
cblr-1751	584	28	.	.	PUNCT
cblr-1751	585	1	such	such	DET
cblr-1751	585	2	a	a	DET
cblr-1751	585	3	change	change	NOUN
cblr-1751	585	4	in	in	ADP
cblr-1751	585	5	the	the	DET
cblr-1751	585	6	law	law	NOUN
cblr-1751	585	7	too	too	ADV
cblr-1751	585	8	would	would	AUX
cblr-1751	585	9	have	have	VERB
cblr-1751	585	10	the	the	DET
cblr-1751	585	11	benefit	benefit	NOUN
cblr-1751	585	12	of	of	ADP
cblr-1751	585	13	allowing	allow	VERB
cblr-1751	585	14	these	these	DET
cblr-1751	585	15	platforms	platform	NOUN
cblr-1751	585	16	to	to	PART
cblr-1751	585	17	continue	continue	VERB
cblr-1751	585	18	to	to	PART
cblr-1751	585	19	exist	exist	VERB
cblr-1751	585	20	.	.	PUNCT
cblr-1751	586	1	however	however	ADV
cblr-1751	586	2	,	,	PUNCT
cblr-1751	586	3	it	it	PRON
cblr-1751	586	4	might	might	AUX
cblr-1751	586	5	haeberle	haeberle	VERB
cblr-1751	586	6	final	final	ADJ
cblr-1751	586	7	172	172	NUM
cblr-1751	586	8	columbia	columbia	PROPN
cblr-1751	586	9	business	business	NOUN
cblr-1751	586	10	law	law	PROPN
cblr-1751	586	11	review	review	NOUN
cblr-1751	586	12	[	[	X
cblr-1751	586	13	vol	vol	NOUN
cblr-1751	586	14	.	.	NOUN
cblr-1751	586	15	2015	2015	NUM
cblr-1751	586	16	has	have	VERB
cblr-1751	586	17	significant	significant	ADJ
cblr-1751	586	18	theoretical	theoretical	ADJ
cblr-1751	586	19	implications	implication	NOUN
cblr-1751	586	20	for	for	ADP
cblr-1751	586	21	contemporary	contemporary	ADJ
cblr-1751	586	22	stock	stock	NOUN
cblr-1751	586	23	trading	trading	NOUN
cblr-1751	586	24	as	as	ADV
cblr-1751	586	25	well	well	ADV
cblr-1751	586	26	as	as	ADP
cblr-1751	586	27	stock	stock	NOUN
cblr-1751	586	28	-	-	PUNCT
cblr-1751	586	29	price	price	NOUN
cblr-1751	586	30	accuracy	accuracy	NOUN
cblr-1751	586	31	and	and	CCONJ
cblr-1751	586	32	its	its	PRON
cblr-1751	586	33	main	main	ADJ
cblr-1751	586	34	social	social	ADJ
cblr-1751	586	35	benefits	benefit	NOUN
cblr-1751	586	36	.	.	PUNCT
cblr-1751	587	1	in	in	ADP
cblr-1751	587	2	so	so	ADV
cblr-1751	587	3	doing	do	VERB
cblr-1751	587	4	,	,	PUNCT
cblr-1751	587	5	it	it	PRON
cblr-1751	587	6	has	have	AUX
cblr-1751	587	7	demonstrated	demonstrate	VERB
cblr-1751	587	8	that	that	SCONJ
cblr-1751	587	9	more	more	ADJ
cblr-1751	587	10	than	than	SCONJ
cblr-1751	587	11	simply	simply	ADV
cblr-1751	587	12	the	the	DET
cblr-1751	587	13	conventional	conventional	ADJ
cblr-1751	587	14	securities	security	NOUN
cblr-1751	587	15	-	-	PUNCT
cblr-1751	587	16	law	law	NOUN
cblr-1751	587	17	tools	tool	NOUN
cblr-1751	587	18	of	of	ADP
cblr-1751	587	19	disclosure	disclosure	NOUN
cblr-1751	587	20	,	,	PUNCT
cblr-1751	587	21	fraud	fraud	NOUN
cblr-1751	587	22	,	,	PUNCT
cblr-1751	587	23	and	and	CCONJ
cblr-1751	587	24	insider	insider	NOUN
cblr-1751	587	25	-	-	PUNCT
cblr-1751	587	26	trading	trading	NOUN
cblr-1751	587	27	law	law	NOUN
cblr-1751	587	28	can	can	AUX
cblr-1751	587	29	be	be	AUX
cblr-1751	587	30	used	use	VERB
cblr-1751	587	31	to	to	PART
cblr-1751	587	32	materially	materially	ADV
cblr-1751	587	33	increase	increase	VERB
cblr-1751	587	34	stock	stock	NOUN
cblr-1751	587	35	-	-	PUNCT
cblr-1751	587	36	price	price	NOUN
cblr-1751	587	37	accuracy	accuracy	NOUN
cblr-1751	587	38	.	.	PUNCT
cblr-1751	588	1	instead	instead	ADV
cblr-1751	588	2	,	,	PUNCT
cblr-1751	588	3	stockmarket	stockmarket	NOUN
cblr-1751	588	4	law	law	NOUN
cblr-1751	588	5	too	too	ADV
cblr-1751	588	6	can	can	AUX
cblr-1751	588	7	be	be	AUX
cblr-1751	588	8	deployed	deploy	VERB
cblr-1751	588	9	toward	toward	ADP
cblr-1751	588	10	that	that	DET
cblr-1751	588	11	end	end	NOUN
cblr-1751	588	12	—	—	PUNCT
cblr-1751	588	13	for	for	ADP
cblr-1751	588	14	example	example	NOUN
cblr-1751	588	15	,	,	PUNCT
cblr-1751	588	16	by	by	ADP
cblr-1751	588	17	mandating	mandate	VERB
cblr-1751	588	18	that	that	SCONJ
cblr-1751	588	19	all	all	DET
cblr-1751	588	20	trading	trading	NOUN
cblr-1751	588	21	take	take	VERB
cblr-1751	588	22	place	place	NOUN
cblr-1751	588	23	through	through	ADP
cblr-1751	588	24	exchanges	exchange	NOUN
cblr-1751	588	25	or	or	CCONJ
cblr-1751	588	26	by	by	ADP
cblr-1751	588	27	imposing	impose	VERB
cblr-1751	588	28	a	a	DET
cblr-1751	588	29	public	public	ADJ
cblr-1751	588	30	-	-	PUNCT
cblr-1751	588	31	firm	firm	NOUN
cblr-1751	588	32	subsidy	subsidy	NOUN
cblr-1751	588	33	for	for	ADP
cblr-1751	588	34	exchange	exchange	NOUN
cblr-1751	588	35	liquidity	liquidity	NOUN
cblr-1751	588	36	provision	provision	NOUN
cblr-1751	588	37	.	.	PUNCT
cblr-1751	589	1	yet	yet	CCONJ
cblr-1751	589	2	this	this	DET
cblr-1751	589	3	area	area	NOUN
cblr-1751	589	4	of	of	ADP
cblr-1751	589	5	securities	security	NOUN
cblr-1751	589	6	law	law	NOUN
cblr-1751	589	7	has	have	AUX
cblr-1751	589	8	been	be	AUX
cblr-1751	589	9	omitted	omit	VERB
cblr-1751	589	10	from	from	ADP
cblr-1751	589	11	the	the	DET
cblr-1751	589	12	broad	broad	ADJ
cblr-1751	589	13	debate	debate	NOUN
cblr-1751	589	14	on	on	ADP
cblr-1751	589	15	how	how	SCONJ
cblr-1751	589	16	to	to	PART
cblr-1751	589	17	best	well	ADV
cblr-1751	589	18	achieve	achieve	VERB
cblr-1751	589	19	one	one	NUM
cblr-1751	589	20	of	of	ADP
cblr-1751	589	21	the	the	DET
cblr-1751	589	22	principal	principal	ADJ
cblr-1751	589	23	goals	goal	NOUN
cblr-1751	589	24	of	of	ADP
cblr-1751	589	25	the	the	DET
cblr-1751	589	26	field	field	NOUN
cblr-1751	589	27	:	:	PUNCT
cblr-1751	589	28	obtaining	obtain	VERB
cblr-1751	589	29	a	a	DET
cblr-1751	589	30	socially	socially	ADV
cblr-1751	589	31	optimal	optimal	ADJ
cblr-1751	589	32	level	level	NOUN
cblr-1751	589	33	of	of	ADP
cblr-1751	589	34	stock	stock	NOUN
cblr-1751	589	35	-	-	PUNCT
cblr-1751	589	36	price	price	NOUN
cblr-1751	589	37	accuracy	accuracy	NOUN
cblr-1751	589	38	.	.	PUNCT
cblr-1751	590	1	given	give	VERB
cblr-1751	590	2	this	this	DET
cblr-1751	590	3	gap	gap	NOUN
cblr-1751	590	4	between	between	ADP
cblr-1751	590	5	the	the	DET
cblr-1751	590	6	conventional	conventional	ADJ
cblr-1751	590	7	approach	approach	NOUN
cblr-1751	590	8	to	to	ADP
cblr-1751	590	9	reaching	reach	VERB
cblr-1751	590	10	this	this	DET
cblr-1751	590	11	goal	goal	NOUN
cblr-1751	590	12	and	and	CCONJ
cblr-1751	590	13	what	what	DET
cblr-1751	590	14	stockmarket	stockmarket	NOUN
cblr-1751	590	15	law	law	NOUN
cblr-1751	590	16	can	can	AUX
cblr-1751	590	17	likely	likely	ADV
cblr-1751	590	18	do	do	VERB
cblr-1751	590	19	,	,	PUNCT
cblr-1751	590	20	part	part	NOUN
cblr-1751	590	21	v	v	NOUN
cblr-1751	590	22	urges	urge	VERB
cblr-1751	590	23	regulators	regulator	NOUN
cblr-1751	590	24	to	to	PART
cblr-1751	590	25	consider	consider	VERB
cblr-1751	590	26	whether	whether	SCONJ
cblr-1751	590	27	they	they	PRON
cblr-1751	590	28	can	can	AUX
cblr-1751	590	29	make	make	VERB
cblr-1751	590	30	accuracy	accuracy	NOUN
cblr-1751	590	31	-	-	PUNCT
cblr-1751	590	32	enhancing	enhance	VERB
cblr-1751	590	33	reforms	reform	NOUN
cblr-1751	590	34	to	to	ADP
cblr-1751	590	35	stockmarket	stockmarket	NOUN
cblr-1751	590	36	law	law	NOUN
cblr-1751	590	37	that	that	PRON
cblr-1751	590	38	would	would	AUX
cblr-1751	590	39	increase	increase	VERB
cblr-1751	590	40	social	social	ADJ
cblr-1751	590	41	welfare	welfare	NOUN
cblr-1751	590	42	.	.	PUNCT
cblr-1751	591	1	v.	v.	ADP
cblr-1751	591	2	examining	examine	VERB
cblr-1751	591	3	whether	whether	SCONJ
cblr-1751	591	4	this	this	DET
cblr-1751	591	5	new	new	ADJ
cblr-1751	591	6	accuracyenhancing	accuracyenhancing	NOUN
cblr-1751	591	7	tool	tool	NOUN
cblr-1751	591	8	can	can	AUX
cblr-1751	591	9	be	be	AUX
cblr-1751	591	10	used	use	VERB
cblr-1751	591	11	to	to	PART
cblr-1751	591	12	improve	improve	VERB
cblr-1751	591	13	social	social	ADJ
cblr-1751	591	14	welfare	welfare	NOUN
cblr-1751	591	15	regulators	regulator	NOUN
cblr-1751	591	16	should	should	AUX
cblr-1751	591	17	consider	consider	VERB
cblr-1751	591	18	whether	whether	SCONJ
cblr-1751	591	19	accuracy	accuracy	NOUN
cblr-1751	591	20	-	-	PUNCT
cblr-1751	591	21	enhancing	enhance	VERB
cblr-1751	591	22	changes	change	NOUN
cblr-1751	591	23	to	to	ADP
cblr-1751	591	24	stock	stock	NOUN
cblr-1751	591	25	-	-	PUNCT
cblr-1751	591	26	market	market	NOUN
cblr-1751	591	27	law	law	NOUN
cblr-1751	591	28	can	can	AUX
cblr-1751	591	29	be	be	AUX
cblr-1751	591	30	used	use	VERB
cblr-1751	591	31	to	to	PART
cblr-1751	591	32	improve	improve	VERB
cblr-1751	591	33	social	social	ADJ
cblr-1751	591	34	welfare	welfare	NOUN
cblr-1751	591	35	in	in	ADP
cblr-1751	591	36	one	one	NUM
cblr-1751	591	37	of	of	ADP
cblr-1751	591	38	two	two	NUM
cblr-1751	591	39	ways	way	NOUN
cblr-1751	591	40	.	.	PUNCT
cblr-1751	592	1	first	first	ADV
cblr-1751	592	2	,	,	PUNCT
cblr-1751	592	3	they	they	PRON
cblr-1751	592	4	should	should	AUX
cblr-1751	592	5	examine	examine	VERB
cblr-1751	592	6	whether	whether	SCONJ
cblr-1751	592	7	such	such	ADJ
cblr-1751	592	8	changes	change	NOUN
cblr-1751	592	9	to	to	ADP
cblr-1751	592	10	stock	stock	NOUN
cblr-1751	592	11	-	-	PUNCT
cblr-1751	592	12	market	market	NOUN
cblr-1751	592	13	law	law	NOUN
cblr-1751	592	14	would	would	AUX
cblr-1751	592	15	enhance	enhance	VERB
cblr-1751	592	16	the	the	DET
cblr-1751	592	17	current	current	ADJ
cblr-1751	592	18	level	level	NOUN
cblr-1751	592	19	of	of	ADP
cblr-1751	592	20	stock	stock	NOUN
cblr-1751	592	21	-	-	PUNCT
cblr-1751	592	22	price	price	NOUN
cblr-1751	592	23	accuracy	accuracy	NOUN
cblr-1751	592	24	in	in	ADP
cblr-1751	592	25	a	a	DET
cblr-1751	592	26	manner	manner	NOUN
cblr-1751	592	27	that	that	PRON
cblr-1751	592	28	would	would	AUX
cblr-1751	592	29	lead	lead	VERB
cblr-1751	592	30	to	to	ADP
cblr-1751	592	31	net	net	ADJ
cblr-1751	592	32	social	social	ADJ
cblr-1751	592	33	benefits	benefit	NOUN
cblr-1751	592	34	.	.	PUNCT
cblr-1751	593	1	second	second	ADJ
cblr-1751	593	2	,	,	PUNCT
cblr-1751	593	3	even	even	ADV
cblr-1751	593	4	if	if	SCONJ
cblr-1751	593	5	they	they	PRON
cblr-1751	593	6	determine	determine	VERB
cblr-1751	593	7	that	that	SCONJ
cblr-1751	593	8	altering	alter	VERB
cblr-1751	593	9	stock	stock	NOUN
cblr-1751	593	10	-	-	PUNCT
cblr-1751	593	11	market	market	NOUN
cblr-1751	593	12	law	law	NOUN
cblr-1751	593	13	in	in	ADP
cblr-1751	593	14	this	this	DET
cblr-1751	593	15	way	way	NOUN
cblr-1751	593	16	would	would	AUX
cblr-1751	593	17	not	not	PART
cblr-1751	593	18	yield	yield	VERB
cblr-1751	593	19	net	net	ADJ
cblr-1751	593	20	social	social	ADJ
cblr-1751	593	21	benefits	benefit	NOUN
cblr-1751	593	22	,	,	PUNCT
cblr-1751	593	23	they	they	PRON
cblr-1751	593	24	should	should	AUX
cblr-1751	593	25	take	take	VERB
cblr-1751	593	26	steps	step	NOUN
cblr-1751	593	27	to	to	PART
cblr-1751	593	28	figure	figure	VERB
cblr-1751	593	29	out	out	ADP
cblr-1751	593	30	whether	whether	SCONJ
cblr-1751	593	31	those	those	DET
cblr-1751	593	32	alterations	alteration	NOUN
cblr-1751	593	33	in	in	ADP
cblr-1751	593	34	conjunction	conjunction	NOUN
cblr-1751	593	35	with	with	ADP
cblr-1751	593	36	reforms	reform	NOUN
cblr-1751	593	37	to	to	ADP
cblr-1751	593	38	securities	security	NOUN
cblr-1751	593	39	law	law	NOUN
cblr-1751	593	40	more	more	ADV
cblr-1751	593	41	generally	generally	ADV
cblr-1751	593	42	would	would	AUX
cblr-1751	593	43	help	help	VERB
cblr-1751	593	44	society	society	NOUN
cblr-1751	593	45	obtain	obtain	VERB
cblr-1751	593	46	the	the	DET
cblr-1751	593	47	current	current	ADJ
cblr-1751	593	48	level	level	NOUN
cblr-1751	593	49	of	of	ADP
cblr-1751	593	50	stock	stock	NOUN
cblr-1751	593	51	-	-	PUNCT
cblr-1751	593	52	price	price	NOUN
cblr-1751	593	53	accuracy	accuracy	NOUN
cblr-1751	593	54	at	at	ADP
cblr-1751	593	55	a	a	DET
cblr-1751	593	56	lower	low	ADJ
cblr-1751	593	57	cost	cost	NOUN
cblr-1751	593	58	than	than	SCONJ
cblr-1751	593	59	the	the	DET
cblr-1751	593	60	effectively	effectively	ADV
cblr-1751	593	61	take	take	VERB
cblr-1751	593	62	away	away	ADV
cblr-1751	593	63	much	much	ADJ
cblr-1751	593	64	of	of	ADP
cblr-1751	593	65	the	the	DET
cblr-1751	593	66	appeal	appeal	NOUN
cblr-1751	593	67	that	that	SCONJ
cblr-1751	593	68	these	these	DET
cblr-1751	593	69	platforms	platform	NOUN
cblr-1751	593	70	now	now	ADV
cblr-1751	593	71	have	have	VERB
cblr-1751	593	72	.	.	PUNCT
cblr-1751	594	1	without	without	ADP
cblr-1751	594	2	their	their	PRON
cblr-1751	594	3	ability	ability	NOUN
cblr-1751	594	4	to	to	PART
cblr-1751	594	5	present	present	VERB
cblr-1751	594	6	liquidity	liquidity	NOUN
cblr-1751	594	7	providers	provider	NOUN
cblr-1751	594	8	with	with	ADP
cblr-1751	594	9	the	the	DET
cblr-1751	594	10	pool	pool	NOUN
cblr-1751	594	11	of	of	ADP
cblr-1751	594	12	uninformed	uninformed	ADJ
cblr-1751	594	13	traders	trader	NOUN
cblr-1751	594	14	that	that	SCONJ
cblr-1751	594	15	they	they	PRON
cblr-1751	594	16	now	now	ADV
cblr-1751	594	17	present	present	ADJ
cblr-1751	594	18	to	to	ADP
cblr-1751	594	19	them	they	PRON
cblr-1751	594	20	,	,	PUNCT
cblr-1751	594	21	liquidity	liquidity	NOUN
cblr-1751	594	22	providers	provider	NOUN
cblr-1751	594	23	would	would	AUX
cblr-1751	594	24	lack	lack	VERB
cblr-1751	594	25	the	the	DET
cblr-1751	594	26	incentive	incentive	NOUN
cblr-1751	594	27	that	that	PRON
cblr-1751	594	28	they	they	PRON
cblr-1751	594	29	now	now	ADV
cblr-1751	594	30	have	have	VERB
cblr-1751	594	31	to	to	PART
cblr-1751	594	32	provide	provide	VERB
cblr-1751	594	33	their	their	PRON
cblr-1751	594	34	services	service	NOUN
cblr-1751	594	35	on	on	ADP
cblr-1751	594	36	these	these	DET
cblr-1751	594	37	platforms	platform	NOUN
cblr-1751	594	38	.	.	PUNCT
cblr-1751	595	1	in	in	ADP
cblr-1751	595	2	the	the	DET
cblr-1751	595	3	end	end	NOUN
cblr-1751	595	4	,	,	PUNCT
cblr-1751	595	5	the	the	DET
cblr-1751	595	6	platforms	platform	NOUN
cblr-1751	595	7	may	may	AUX
cblr-1751	595	8	host	host	VERB
cblr-1751	595	9	little	little	ADJ
cblr-1751	595	10	trading	trading	NOUN
cblr-1751	595	11	activity	activity	NOUN
cblr-1751	595	12	relative	relative	ADJ
cblr-1751	595	13	to	to	ADP
cblr-1751	595	14	the	the	DET
cblr-1751	595	15	amount	amount	NOUN
cblr-1751	595	16	they	they	PRON
cblr-1751	595	17	now	now	ADV
cblr-1751	595	18	host	host	NOUN
cblr-1751	595	19	.	.	PUNCT
cblr-1751	596	1	haeberle	haeberle	PROPN
cblr-1751	596	2	final	final	ADJ
cblr-1751	596	3	no	no	NOUN
cblr-1751	596	4	.	.	NOUN
cblr-1751	596	5	1:121	1:121	NUM
cblr-1751	596	6	]	]	X
cblr-1751	596	7	stock	stock	NOUN
cblr-1751	596	8	-	-	PUNCT
cblr-1751	596	9	price	price	NOUN
cblr-1751	596	10	accuracy	accuracy	NOUN
cblr-1751	596	11	173	173	NUM
cblr-1751	596	12	one	one	NUM
cblr-1751	596	13	associated	associate	VERB
cblr-1751	596	14	with	with	ADP
cblr-1751	596	15	the	the	DET
cblr-1751	596	16	burdensome	burdensome	ADJ
cblr-1751	596	17	existing	exist	VERB
cblr-1751	596	18	core	core	NOUN
cblr-1751	596	19	of	of	ADP
cblr-1751	596	20	securities	security	NOUN
cblr-1751	596	21	law	law	NOUN
cblr-1751	596	22	.	.	PUNCT
cblr-1751	597	1	section	section	NOUN
cblr-1751	597	2	a	a	DET
cblr-1751	597	3	urges	urge	VERB
cblr-1751	597	4	regulators	regulator	NOUN
cblr-1751	597	5	to	to	PART
cblr-1751	597	6	consider	consider	VERB
cblr-1751	597	7	the	the	DET
cblr-1751	597	8	desirability	desirability	NOUN
cblr-1751	597	9	of	of	ADP
cblr-1751	597	10	using	use	VERB
cblr-1751	597	11	stock	stock	NOUN
cblr-1751	597	12	-	-	PUNCT
cblr-1751	597	13	market	market	NOUN
cblr-1751	597	14	law	law	NOUN
cblr-1751	597	15	to	to	PART
cblr-1751	597	16	increase	increase	VERB
cblr-1751	597	17	the	the	DET
cblr-1751	597	18	current	current	ADJ
cblr-1751	597	19	level	level	NOUN
cblr-1751	597	20	of	of	ADP
cblr-1751	597	21	stockprice	stockprice	ADJ
cblr-1751	597	22	accuracy	accuracy	NOUN
cblr-1751	597	23	—	—	PUNCT
cblr-1751	597	24	and	and	CCONJ
cblr-1751	597	25	details	detail	NOUN
cblr-1751	597	26	some	some	PRON
cblr-1751	597	27	of	of	ADP
cblr-1751	597	28	the	the	DET
cblr-1751	597	29	main	main	ADJ
cblr-1751	597	30	social	social	ADJ
cblr-1751	597	31	benefits	benefit	NOUN
cblr-1751	597	32	and	and	CCONJ
cblr-1751	597	33	costs	cost	NOUN
cblr-1751	597	34	that	that	SCONJ
cblr-1751	597	35	they	they	PRON
cblr-1751	597	36	should	should	AUX
cblr-1751	597	37	consider	consider	VERB
cblr-1751	597	38	in	in	ADP
cblr-1751	597	39	making	make	VERB
cblr-1751	597	40	that	that	DET
cblr-1751	597	41	determination	determination	NOUN
cblr-1751	597	42	.	.	PUNCT
cblr-1751	598	1	section	section	NOUN
cblr-1751	598	2	b	b	PROPN
cblr-1751	598	3	urges	urge	VERB
cblr-1751	598	4	them	they	PRON
cblr-1751	598	5	to	to	PART
cblr-1751	598	6	think	think	VERB
cblr-1751	598	7	about	about	ADP
cblr-1751	598	8	whether	whether	SCONJ
cblr-1751	598	9	it	it	PRON
cblr-1751	598	10	would	would	AUX
cblr-1751	598	11	be	be	AUX
cblr-1751	598	12	socially	socially	ADV
cblr-1751	598	13	desirable	desirable	ADJ
cblr-1751	598	14	to	to	PART
cblr-1751	598	15	direct	direct	VERB
cblr-1751	598	16	the	the	DET
cblr-1751	598	17	use	use	NOUN
cblr-1751	598	18	of	of	ADP
cblr-1751	598	19	this	this	DET
cblr-1751	598	20	new	new	ADJ
cblr-1751	598	21	tool	tool	NOUN
cblr-1751	598	22	to	to	PART
cblr-1751	598	23	replace	replace	VERB
cblr-1751	598	24	some	some	PRON
cblr-1751	598	25	of	of	ADP
cblr-1751	598	26	the	the	DET
cblr-1751	598	27	work	work	NOUN
cblr-1751	598	28	now	now	ADV
cblr-1751	598	29	accomplished	accomplish	VERB
cblr-1751	598	30	by	by	ADP
cblr-1751	598	31	disclosure	disclosure	NOUN
cblr-1751	598	32	,	,	PUNCT
cblr-1751	598	33	fraud	fraud	NOUN
cblr-1751	598	34	,	,	PUNCT
cblr-1751	598	35	and	and	CCONJ
cblr-1751	598	36	insider	insider	NOUN
cblr-1751	598	37	-	-	PUNCT
cblr-1751	598	38	trading	trading	NOUN
cblr-1751	598	39	laws	law	NOUN
cblr-1751	598	40	—	—	PUNCT
cblr-1751	598	41	and	and	CCONJ
cblr-1751	598	42	touches	touch	VERB
cblr-1751	598	43	on	on	ADP
cblr-1751	598	44	the	the	DET
cblr-1751	598	45	considerations	consideration	NOUN
cblr-1751	598	46	that	that	PRON
cblr-1751	598	47	would	would	AUX
cblr-1751	598	48	dictate	dictate	VERB
cblr-1751	598	49	whether	whether	SCONJ
cblr-1751	598	50	this	this	DET
cblr-1751	598	51	tack	tack	NOUN
cblr-1751	598	52	would	would	AUX
cblr-1751	598	53	in	in	ADP
cblr-1751	598	54	fact	fact	NOUN
cblr-1751	598	55	provide	provide	VERB
cblr-1751	598	56	a	a	DET
cblr-1751	598	57	lower	low	ADJ
cblr-1751	598	58	-	-	PUNCT
cblr-1751	598	59	cost	cost	NOUN
cblr-1751	598	60	way	way	NOUN
cblr-1751	598	61	of	of	ADP
cblr-1751	598	62	arriving	arrive	VERB
cblr-1751	598	63	at	at	ADP
cblr-1751	598	64	the	the	DET
cblr-1751	598	65	current	current	ADJ
cblr-1751	598	66	level	level	NOUN
cblr-1751	598	67	of	of	ADP
cblr-1751	598	68	stock	stock	NOUN
cblr-1751	598	69	-	-	PUNCT
cblr-1751	598	70	price	price	NOUN
cblr-1751	598	71	accuracy	accuracy	NOUN
cblr-1751	598	72	.	.	PUNCT
cblr-1751	599	1	a.	a.	NOUN
cblr-1751	599	2	the	the	DET
cblr-1751	599	3	desirability	desirability	NOUN
cblr-1751	599	4	of	of	ADP
cblr-1751	599	5	using	use	VERB
cblr-1751	599	6	stock	stock	NOUN
cblr-1751	599	7	-	-	PUNCT
cblr-1751	599	8	market	market	NOUN
cblr-1751	599	9	law	law	NOUN
cblr-1751	599	10	to	to	PART
cblr-1751	599	11	increase	increase	VERB
cblr-1751	599	12	the	the	DET
cblr-1751	599	13	current	current	ADJ
cblr-1751	599	14	level	level	NOUN
cblr-1751	599	15	of	of	ADP
cblr-1751	599	16	stock	stock	NOUN
cblr-1751	599	17	-	-	PUNCT
cblr-1751	599	18	price	price	NOUN
cblr-1751	599	19	accuracy	accuracy	NOUN
cblr-1751	599	20	regulators	regulator	NOUN
cblr-1751	599	21	should	should	AUX
cblr-1751	599	22	consider	consider	VERB
cblr-1751	599	23	whether	whether	SCONJ
cblr-1751	599	24	instituting	institute	VERB
cblr-1751	599	25	reforms	reform	NOUN
cblr-1751	599	26	to	to	ADP
cblr-1751	599	27	stock	stock	NOUN
cblr-1751	599	28	-	-	PUNCT
cblr-1751	599	29	market	market	NOUN
cblr-1751	599	30	law	law	NOUN
cblr-1751	599	31	in	in	ADP
cblr-1751	599	32	order	order	NOUN
cblr-1751	599	33	to	to	PART
cblr-1751	599	34	increase	increase	VERB
cblr-1751	599	35	the	the	DET
cblr-1751	599	36	current	current	ADJ
cblr-1751	599	37	level	level	NOUN
cblr-1751	599	38	of	of	ADP
cblr-1751	599	39	stock	stock	NOUN
cblr-1751	599	40	-	-	PUNCT
cblr-1751	599	41	price	price	NOUN
cblr-1751	599	42	accuracy	accuracy	NOUN
cblr-1751	599	43	would	would	AUX
cblr-1751	599	44	generate	generate	VERB
cblr-1751	599	45	social	social	ADJ
cblr-1751	599	46	benefits	benefit	NOUN
cblr-1751	599	47	that	that	PRON
cblr-1751	599	48	exceed	exceed	VERB
cblr-1751	599	49	the	the	DET
cblr-1751	599	50	social	social	ADJ
cblr-1751	599	51	costs	cost	NOUN
cblr-1751	599	52	necessary	necessary	ADJ
cblr-1751	599	53	to	to	PART
cblr-1751	599	54	achieve	achieve	VERB
cblr-1751	599	55	them	they	PRON
cblr-1751	599	56	.	.	PUNCT
cblr-1751	600	1	the	the	DET
cblr-1751	600	2	enormous	enormous	ADJ
cblr-1751	600	3	task	task	NOUN
cblr-1751	600	4	of	of	ADP
cblr-1751	600	5	evaluating	evaluate	VERB
cblr-1751	600	6	the	the	DET
cblr-1751	600	7	relative	relative	ADJ
cblr-1751	600	8	weights	weight	NOUN
cblr-1751	600	9	of	of	ADP
cblr-1751	600	10	all	all	DET
cblr-1751	600	11	such	such	ADJ
cblr-1751	600	12	benefits	benefit	NOUN
cblr-1751	600	13	and	and	CCONJ
cblr-1751	600	14	costs	cost	NOUN
cblr-1751	600	15	is	be	AUX
cblr-1751	600	16	well	well	ADV
cblr-1751	600	17	beyond	beyond	ADP
cblr-1751	600	18	the	the	DET
cblr-1751	600	19	scope	scope	NOUN
cblr-1751	600	20	of	of	ADP
cblr-1751	600	21	this	this	DET
cblr-1751	600	22	article	article	NOUN
cblr-1751	600	23	.	.	PUNCT
cblr-1751	601	1	nevertheless	nevertheless	ADV
cblr-1751	601	2	,	,	PUNCT
cblr-1751	601	3	this	this	DET
cblr-1751	601	4	section	section	NOUN
cblr-1751	601	5	discusses	discuss	VERB
cblr-1751	601	6	some	some	PRON
cblr-1751	601	7	of	of	ADP
cblr-1751	601	8	the	the	DET
cblr-1751	601	9	main	main	ADJ
cblr-1751	601	10	benefits	benefit	NOUN
cblr-1751	601	11	and	and	CCONJ
cblr-1751	601	12	costs	cost	NOUN
cblr-1751	601	13	associated	associate	VERB
cblr-1751	601	14	with	with	ADP
cblr-1751	601	15	using	use	VERB
cblr-1751	601	16	at	at	ADP
cblr-1751	601	17	least	least	ADJ
cblr-1751	601	18	the	the	DET
cblr-1751	601	19	new	new	ADJ
cblr-1751	601	20	accuracy	accuracy	NOUN
cblr-1751	601	21	-	-	PUNCT
cblr-1751	601	22	enhancing	enhance	VERB
cblr-1751	601	23	changes	change	NOUN
cblr-1751	601	24	sketched	sketch	VERB
cblr-1751	601	25	out	out	ADP
cblr-1751	601	26	in	in	ADP
cblr-1751	601	27	this	this	DET
cblr-1751	601	28	article	article	NOUN
cblr-1751	601	29	,	,	PUNCT
cblr-1751	601	30	thereby	thereby	ADV
cblr-1751	601	31	providing	provide	VERB
cblr-1751	601	32	regulators	regulator	NOUN
cblr-1751	601	33	with	with	ADP
cblr-1751	601	34	a	a	DET
cblr-1751	601	35	basic	basic	ADJ
cblr-1751	601	36	cost	cost	NOUN
cblr-1751	601	37	-	-	PUNCT
cblr-1751	601	38	benefit	benefit	NOUN
cblr-1751	601	39	framework	framework	NOUN
cblr-1751	601	40	for	for	ADP
cblr-1751	601	41	making	make	VERB
cblr-1751	601	42	that	that	DET
cblr-1751	601	43	evaluation	evaluation	NOUN
cblr-1751	601	44	.	.	PUNCT
cblr-1751	602	1	1	1	X
cblr-1751	602	2	.	.	X
cblr-1751	602	3	the	the	DET
cblr-1751	602	4	main	main	ADJ
cblr-1751	602	5	social	social	ADJ
cblr-1751	602	6	benefits	benefit	NOUN
cblr-1751	602	7	using	use	VERB
cblr-1751	602	8	an	an	DET
cblr-1751	602	9	exchange	exchange	NOUN
cblr-1751	602	10	-	-	PUNCT
cblr-1751	602	11	trading	trading	NOUN
cblr-1751	602	12	mandate	mandate	NOUN
cblr-1751	602	13	or	or	CCONJ
cblr-1751	602	14	a	a	DET
cblr-1751	602	15	public	public	ADJ
cblr-1751	602	16	-	-	PUNCT
cblr-1751	602	17	firm	firm	NOUN
cblr-1751	602	18	subsidy	subsidy	NOUN
cblr-1751	602	19	for	for	ADP
cblr-1751	602	20	exchange	exchange	NOUN
cblr-1751	602	21	liquidity	liquidity	NOUN
cblr-1751	602	22	provision	provision	NOUN
cblr-1751	602	23	to	to	PART
cblr-1751	602	24	increase	increase	VERB
cblr-1751	602	25	the	the	DET
cblr-1751	602	26	current	current	ADJ
cblr-1751	602	27	level	level	NOUN
cblr-1751	602	28	of	of	ADP
cblr-1751	602	29	stock	stock	NOUN
cblr-1751	602	30	-	-	PUNCT
cblr-1751	602	31	price	price	NOUN
cblr-1751	602	32	accuracy	accuracy	NOUN
cblr-1751	602	33	would	would	AUX
cblr-1751	602	34	have	have	VERB
cblr-1751	602	35	at	at	ADV
cblr-1751	602	36	least	least	ADV
cblr-1751	602	37	two	two	NUM
cblr-1751	602	38	main	main	ADJ
cblr-1751	602	39	social	social	ADJ
cblr-1751	602	40	benefits	benefit	NOUN
cblr-1751	602	41	.	.	PUNCT
cblr-1751	603	1	the	the	DET
cblr-1751	603	2	first	first	ADJ
cblr-1751	603	3	would	would	AUX
cblr-1751	603	4	be	be	AUX
cblr-1751	603	5	the	the	DET
cblr-1751	603	6	improvement	improvement	NOUN
cblr-1751	603	7	in	in	ADP
cblr-1751	603	8	corporate	corporate	ADJ
cblr-1751	603	9	governance	governance	NOUN
cblr-1751	603	10	and	and	CCONJ
cblr-1751	603	11	capital	capital	NOUN
cblr-1751	603	12	allocation	allocation	NOUN
cblr-1751	603	13	that	that	PRON
cblr-1751	603	14	would	would	AUX
cblr-1751	603	15	result	result	VERB
cblr-1751	603	16	from	from	ADP
cblr-1751	603	17	a	a	DET
cblr-1751	603	18	higher	high	ADJ
cblr-1751	603	19	level	level	NOUN
cblr-1751	603	20	of	of	ADP
cblr-1751	603	21	stock	stock	NOUN
cblr-1751	603	22	-	-	PUNCT
cblr-1751	603	23	price	price	NOUN
cblr-1751	603	24	accuracy.92	accuracy.92	NOUN
cblr-1751	603	25	after	after	ADV
cblr-1751	603	26	all	all	ADV
cblr-1751	603	27	,	,	PUNCT
cblr-1751	603	28	both	both	PRON
cblr-1751	603	29	of	of	ADP
cblr-1751	603	30	these	these	DET
cblr-1751	603	31	illustrative	illustrative	ADJ
cblr-1751	603	32	reforms	reform	NOUN
cblr-1751	603	33	to	to	ADP
cblr-1751	603	34	stock	stock	NOUN
cblr-1751	603	35	-	-	PUNCT
cblr-1751	603	36	market	market	NOUN
cblr-1751	603	37	law	law	NOUN
cblr-1751	603	38	would	would	AUX
cblr-1751	603	39	92	92	NUM
cblr-1751	603	40	see	see	VERB
cblr-1751	603	41	generally	generally	ADV
cblr-1751	603	42	supra	supra	ADJ
cblr-1751	603	43	part	part	NOUN
cblr-1751	603	44	ii.b	ii.b	PROPN
cblr-1751	603	45	&	&	CCONJ
cblr-1751	603	46	part	part	PROPN
cblr-1751	603	47	iv.b.2	iv.b.2	PROPN
cblr-1751	603	48	.	.	PUNCT
cblr-1751	604	1	haeberle	haeberle	PROPN
cblr-1751	604	2	final	final	ADJ
cblr-1751	604	3	174	174	NUM
cblr-1751	604	4	columbia	columbia	PROPN
cblr-1751	604	5	business	business	NOUN
cblr-1751	604	6	law	law	PROPN
cblr-1751	604	7	review	review	NOUN
cblr-1751	604	8	[	[	X
cblr-1751	604	9	vol	vol	NOUN
cblr-1751	604	10	.	.	NOUN
cblr-1751	604	11	2015	2015	NUM
cblr-1751	604	12	lead	lead	VERB
cblr-1751	604	13	to	to	ADP
cblr-1751	604	14	price	price	NOUN
cblr-1751	604	15	quotes	quote	NOUN
cblr-1751	604	16	on	on	ADP
cblr-1751	604	17	exchanges	exchange	NOUN
cblr-1751	604	18	that	that	PRON
cblr-1751	604	19	are	be	AUX
cblr-1751	604	20	superior	superior	ADJ
cblr-1751	604	21	and	and	CCONJ
cblr-1751	604	22	less	less	ADV
cblr-1751	604	23	sensitive	sensitive	ADJ
cblr-1751	604	24	to	to	ADP
cblr-1751	604	25	trading	trading	NOUN
cblr-1751	604	26	activity	activity	NOUN
cblr-1751	604	27	.	.	PUNCT
cblr-1751	605	1	and	and	CCONJ
cblr-1751	605	2	when	when	SCONJ
cblr-1751	605	3	these	these	DET
cblr-1751	605	4	quotes	quote	NOUN
cblr-1751	605	5	change	change	VERB
cblr-1751	605	6	in	in	ADP
cblr-1751	605	7	this	this	DET
cblr-1751	605	8	way	way	NOUN
cblr-1751	605	9	,	,	PUNCT
cblr-1751	605	10	informed	informed	ADJ
cblr-1751	605	11	traders	trader	NOUN
cblr-1751	605	12	have	have	VERB
cblr-1751	605	13	more	more	ADJ
cblr-1751	605	14	profit	profit	NOUN
cblr-1751	605	15	opportunities	opportunity	NOUN
cblr-1751	605	16	—	—	PUNCT
cblr-1751	605	17	meaning	mean	VERB
cblr-1751	605	18	that	that	SCONJ
cblr-1751	605	19	the	the	DET
cblr-1751	605	20	incentive	incentive	NOUN
cblr-1751	605	21	for	for	ADP
cblr-1751	605	22	them	they	PRON
cblr-1751	605	23	(	(	PUNCT
cblr-1751	605	24	and	and	CCONJ
cblr-1751	605	25	those	those	PRON
cblr-1751	605	26	from	from	ADP
cblr-1751	605	27	whom	whom	PRON
cblr-1751	605	28	they	they	PRON
cblr-1751	605	29	procure	procure	VERB
cblr-1751	605	30	information	information	NOUN
cblr-1751	605	31	)	)	PUNCT
cblr-1751	605	32	to	to	PART
cblr-1751	605	33	produce	produce	VERB
cblr-1751	605	34	information	information	NOUN
cblr-1751	605	35	about	about	ADP
cblr-1751	605	36	firms	firm	NOUN
cblr-1751	605	37	’	'	PUNCT
cblr-1751	605	38	prospects	prospect	NOUN
cblr-1751	605	39	is	be	AUX
cblr-1751	605	40	higher	high	ADJ
cblr-1751	605	41	.	.	PUNCT
cblr-1751	606	1	the	the	DET
cblr-1751	606	2	second	second	ADJ
cblr-1751	606	3	main	main	ADJ
cblr-1751	606	4	social	social	ADJ
cblr-1751	606	5	benefit	benefit	NOUN
cblr-1751	606	6	of	of	ADP
cblr-1751	606	7	making	make	VERB
cblr-1751	606	8	accuracyenhancing	accuracyenhance	VERB
cblr-1751	606	9	changes	change	NOUN
cblr-1751	606	10	to	to	ADP
cblr-1751	606	11	stock	stock	NOUN
cblr-1751	606	12	-	-	PUNCT
cblr-1751	606	13	market	market	NOUN
cblr-1751	606	14	law	law	NOUN
cblr-1751	606	15	would	would	AUX
cblr-1751	606	16	also	also	ADV
cblr-1751	606	17	relate	relate	VERB
cblr-1751	606	18	to	to	ADP
cblr-1751	606	19	these	these	DET
cblr-1751	606	20	better	well	ADJ
cblr-1751	606	21	and	and	CCONJ
cblr-1751	606	22	less	less	ADV
cblr-1751	606	23	-	-	PUNCT
cblr-1751	606	24	reactive	reactive	ADJ
cblr-1751	606	25	price	price	NOUN
cblr-1751	606	26	quotes	quote	NOUN
cblr-1751	606	27	on	on	ADP
cblr-1751	606	28	exchanges	exchange	NOUN
cblr-1751	606	29	.	.	PUNCT
cblr-1751	607	1	however	however	ADV
cblr-1751	607	2	,	,	PUNCT
cblr-1751	607	3	it	it	PRON
cblr-1751	607	4	would	would	AUX
cblr-1751	607	5	relate	relate	VERB
cblr-1751	607	6	to	to	ADP
cblr-1751	607	7	how	how	SCONJ
cblr-1751	607	8	those	those	DET
cblr-1751	607	9	price	price	NOUN
cblr-1751	607	10	quotes	quote	NOUN
cblr-1751	607	11	affect	affect	VERB
cblr-1751	607	12	something	something	PRON
cblr-1751	607	13	distinct	distinct	ADJ
cblr-1751	607	14	from	from	ADP
cblr-1751	607	15	price	price	NOUN
cblr-1751	607	16	-	-	PUNCT
cblr-1751	607	17	accuracy	accuracy	NOUN
cblr-1751	607	18	.	.	PUNCT
cblr-1751	608	1	over	over	ADP
cblr-1751	608	2	60	60	NUM
cblr-1751	608	3	%	%	NOUN
cblr-1751	608	4	of	of	ADP
cblr-1751	608	5	all	all	DET
cblr-1751	608	6	trading	trading	NOUN
cblr-1751	608	7	still	still	ADV
cblr-1751	608	8	takes	take	VERB
cblr-1751	608	9	place	place	NOUN
cblr-1751	608	10	through	through	ADP
cblr-1751	608	11	exchanges	exchange	NOUN
cblr-1751	608	12	.	.	PUNCT
cblr-1751	609	1	despite	despite	SCONJ
cblr-1751	609	2	the	the	DET
cblr-1751	609	3	higher	high	ADJ
cblr-1751	609	4	ratio	ratio	NOUN
cblr-1751	609	5	of	of	ADP
cblr-1751	609	6	informed	informed	ADJ
cblr-1751	609	7	traders	trader	NOUN
cblr-1751	609	8	to	to	ADP
cblr-1751	609	9	uninformed	uninformed	ADJ
cblr-1751	609	10	ones	one	NOUN
cblr-1751	609	11	at	at	ADP
cblr-1751	609	12	the	the	DET
cblr-1751	609	13	heart	heart	NOUN
cblr-1751	609	14	of	of	ADP
cblr-1751	609	15	this	this	DET
cblr-1751	609	16	article	article	NOUN
cblr-1751	609	17	,	,	PUNCT
cblr-1751	609	18	the	the	DET
cblr-1751	609	19	overwhelming	overwhelming	ADJ
cblr-1751	609	20	majority	majority	NOUN
cblr-1751	609	21	of	of	ADP
cblr-1751	609	22	that	that	DET
cblr-1751	609	23	trading	trading	NOUN
cblr-1751	609	24	is	be	AUX
cblr-1751	609	25	still	still	ADV
cblr-1751	609	26	attributable	attributable	ADJ
cblr-1751	609	27	to	to	ADP
cblr-1751	609	28	uninformed	uninformed	ADJ
cblr-1751	609	29	traders	trader	NOUN
cblr-1751	609	30	.	.	PUNCT
cblr-1751	610	1	these	these	DET
cblr-1751	610	2	traders	trader	NOUN
cblr-1751	610	3	now	now	ADV
cblr-1751	610	4	face	face	VERB
cblr-1751	610	5	the	the	DET
cblr-1751	610	6	same	same	ADJ
cblr-1751	610	7	inferior	inferior	ADJ
cblr-1751	610	8	prices	price	NOUN
cblr-1751	610	9	and	and	CCONJ
cblr-1751	610	10	hair	hair	NOUN
cblr-1751	610	11	-	-	PUNCT
cblr-1751	610	12	trigger	trigger	NOUN
cblr-1751	610	13	price	price	NOUN
cblr-1751	610	14	-	-	PUNCT
cblr-1751	610	15	quote	quote	NOUN
cblr-1751	610	16	adjustment	adjustment	NOUN
cblr-1751	610	17	thresholds	threshold	NOUN
cblr-1751	610	18	that	that	PRON
cblr-1751	610	19	informed	inform	VERB
cblr-1751	610	20	traders	trader	NOUN
cblr-1751	610	21	now	now	ADV
cblr-1751	610	22	face	face	VERB
cblr-1751	610	23	at	at	ADP
cblr-1751	610	24	exchanges	exchange	NOUN
cblr-1751	610	25	.	.	PUNCT
cblr-1751	611	1	if	if	SCONJ
cblr-1751	611	2	all	all	DET
cblr-1751	611	3	trading	trading	NOUN
cblr-1751	611	4	instead	instead	ADV
cblr-1751	611	5	took	take	VERB
cblr-1751	611	6	place	place	NOUN
cblr-1751	611	7	through	through	ADP
cblr-1751	611	8	exchanges	exchange	NOUN
cblr-1751	611	9	,	,	PUNCT
cblr-1751	611	10	or	or	CCONJ
cblr-1751	611	11	if	if	SCONJ
cblr-1751	611	12	exchange	exchange	NOUN
cblr-1751	611	13	liquidity	liquidity	NOUN
cblr-1751	611	14	provision	provision	NOUN
cblr-1751	611	15	were	be	AUX
cblr-1751	611	16	subsidized	subsidize	VERB
cblr-1751	611	17	,	,	PUNCT
cblr-1751	611	18	then	then	ADV
cblr-1751	611	19	these	these	DET
cblr-1751	611	20	traders	trader	NOUN
cblr-1751	611	21	would	would	AUX
cblr-1751	611	22	share	share	VERB
cblr-1751	611	23	in	in	ADP
cblr-1751	611	24	the	the	DET
cblr-1751	611	25	benefit	benefit	NOUN
cblr-1751	611	26	of	of	ADP
cblr-1751	611	27	superior	superior	ADJ
cblr-1751	611	28	pricing	pricing	NOUN
cblr-1751	611	29	and	and	CCONJ
cblr-1751	611	30	less	less	ADV
cblr-1751	611	31	sensitive	sensitive	ADJ
cblr-1751	611	32	quote	quote	NOUN
cblr-1751	611	33	-	-	PUNCT
cblr-1751	611	34	adjustment	adjustment	NOUN
cblr-1751	611	35	triggers	trigger	NOUN
cblr-1751	611	36	.	.	PUNCT
cblr-1751	612	1	facing	face	VERB
cblr-1751	612	2	these	these	DET
cblr-1751	612	3	better	well	ADJ
cblr-1751	612	4	and	and	CCONJ
cblr-1751	612	5	less	less	ADV
cblr-1751	612	6	sensitive	sensitive	ADJ
cblr-1751	612	7	prices	price	NOUN
cblr-1751	612	8	,	,	PUNCT
cblr-1751	612	9	these	these	DET
cblr-1751	612	10	traders	trader	NOUN
cblr-1751	612	11	would	would	AUX
cblr-1751	612	12	likely	likely	ADV
cblr-1751	612	13	—	—	PUNCT
cblr-1751	612	14	at	at	ADP
cblr-1751	612	15	a	a	DET
cblr-1751	612	16	minimum	minimum	NOUN
cblr-1751	612	17	—	—	PUNCT
cblr-1751	612	18	engage	engage	NOUN
cblr-1751	612	19	in	in	ADP
cblr-1751	612	20	more	more	ADJ
cblr-1751	612	21	voluntary	voluntary	ADJ
cblr-1751	612	22	transactions	transaction	NOUN
cblr-1751	612	23	that	that	PRON
cblr-1751	612	24	are	be	AUX
cblr-1751	612	25	thought	think	VERB
cblr-1751	612	26	to	to	PART
cblr-1751	612	27	be	be	AUX
cblr-1751	612	28	welfareincreasing	welfareincrease	VERB
cblr-1751	612	29	.	.	PUNCT
cblr-1751	613	1	perhaps	perhaps	ADV
cblr-1751	613	2	even	even	ADV
cblr-1751	613	3	more	more	ADV
cblr-1751	613	4	importantly	importantly	ADV
cblr-1751	613	5	,	,	PUNCT
cblr-1751	613	6	finding	find	VERB
cblr-1751	613	7	stock	stock	NOUN
cblr-1751	613	8	transactions	transaction	NOUN
cblr-1751	613	9	to	to	PART
cblr-1751	613	10	be	be	AUX
cblr-1751	613	11	less	less	ADV
cblr-1751	613	12	costly	costly	ADJ
cblr-1751	613	13	when	when	SCONJ
cblr-1751	613	14	facing	face	VERB
cblr-1751	613	15	these	these	DET
cblr-1751	613	16	altered	altered	ADJ
cblr-1751	613	17	prices	price	NOUN
cblr-1751	613	18	,	,	PUNCT
cblr-1751	613	19	these	these	DET
cblr-1751	613	20	traders	trader	NOUN
cblr-1751	613	21	may	may	AUX
cblr-1751	613	22	increase	increase	VERB
cblr-1751	613	23	the	the	DET
cblr-1751	613	24	amount	amount	NOUN
cblr-1751	613	25	they	they	PRON
cblr-1751	613	26	are	be	AUX
cblr-1751	613	27	willing	willing	ADJ
cblr-1751	613	28	to	to	PART
cblr-1751	613	29	pay	pay	VERB
cblr-1751	613	30	in	in	ADP
cblr-1751	613	31	return	return	NOUN
cblr-1751	613	32	for	for	ADP
cblr-1751	613	33	stocks	stock	NOUN
cblr-1751	613	34	—	—	PUNCT
cblr-1751	613	35	thereby	thereby	ADV
cblr-1751	613	36	decreasing	decrease	VERB
cblr-1751	613	37	firms	firm	NOUN
cblr-1751	613	38	’	'	PUNCT
cblr-1751	613	39	costs	cost	NOUN
cblr-1751	613	40	associated	associate	VERB
cblr-1751	613	41	with	with	ADP
cblr-1751	613	42	raising	raise	VERB
cblr-1751	613	43	capital	capital	NOUN
cblr-1751	613	44	and	and	CCONJ
cblr-1751	613	45	increasing	increase	VERB
cblr-1751	613	46	the	the	DET
cblr-1751	613	47	economic	economic	ADJ
cblr-1751	613	48	benefits	benefit	NOUN
cblr-1751	613	49	to	to	PART
cblr-1751	613	50	which	which	PRON
cblr-1751	613	51	those	those	DET
cblr-1751	613	52	lower	low	ADJ
cblr-1751	613	53	costs	cost	VERB
cblr-1751	613	54	lead.93	lead.93	NOUN
cblr-1751	613	55	thus	thus	ADV
cblr-1751	613	56	,	,	PUNCT
cblr-1751	613	57	the	the	DET
cblr-1751	613	58	changes	change	NOUN
cblr-1751	613	59	to	to	ADP
cblr-1751	613	60	stock	stock	NOUN
cblr-1751	613	61	-	-	PUNCT
cblr-1751	613	62	market	market	NOUN
cblr-1751	613	63	law	law	NOUN
cblr-1751	613	64	contemplated	contemplate	VERB
cblr-1751	613	65	here	here	ADV
cblr-1751	613	66	would	would	AUX
cblr-1751	613	67	lead	lead	VERB
cblr-1751	613	68	to	to	ADP
cblr-1751	613	69	at	at	ADV
cblr-1751	613	70	least	least	ADV
cblr-1751	613	71	two	two	NUM
cblr-1751	613	72	main	main	ADJ
cblr-1751	613	73	sets	set	NOUN
cblr-1751	613	74	of	of	ADP
cblr-1751	613	75	social	social	ADJ
cblr-1751	613	76	benefits	benefit	NOUN
cblr-1751	613	77	:	:	PUNCT
cblr-1751	613	78	those	those	DET
cblr-1751	613	79	93	93	NUM
cblr-1751	613	80	notably	notably	ADV
cblr-1751	613	81	,	,	PUNCT
cblr-1751	613	82	these	these	DET
cblr-1751	613	83	changes	change	NOUN
cblr-1751	613	84	would	would	AUX
cblr-1751	613	85	also	also	ADV
cblr-1751	613	86	aid	aid	VERB
cblr-1751	613	87	the	the	DET
cblr-1751	613	88	many	many	ADJ
cblr-1751	613	89	noise	noise	NOUN
cblr-1751	613	90	traders	trader	NOUN
cblr-1751	613	91	that	that	PRON
cblr-1751	613	92	would	would	AUX
cblr-1751	613	93	undoubtedly	undoubtedly	ADV
cblr-1751	613	94	trade	trade	VERB
cblr-1751	613	95	via	via	ADP
cblr-1751	613	96	exchanges	exchange	NOUN
cblr-1751	613	97	should	should	AUX
cblr-1751	613	98	either	either	ADV
cblr-1751	613	99	of	of	ADP
cblr-1751	613	100	these	these	DET
cblr-1751	613	101	reforms	reform	NOUN
cblr-1751	613	102	be	be	AUX
cblr-1751	613	103	implemented	implement	VERB
cblr-1751	613	104	.	.	PUNCT
cblr-1751	614	1	see	see	VERB
cblr-1751	614	2	supra	supra	PROPN
cblr-1751	614	3	note	note	PROPN
cblr-1751	614	4	27	27	NUM
cblr-1751	614	5	(	(	PUNCT
cblr-1751	614	6	describing	describe	VERB
cblr-1751	614	7	these	these	DET
cblr-1751	614	8	traders	trader	NOUN
cblr-1751	614	9	)	)	PUNCT
cblr-1751	614	10	.	.	PUNCT
cblr-1751	615	1	although	although	SCONJ
cblr-1751	615	2	it	it	PRON
cblr-1751	615	3	is	be	AUX
cblr-1751	615	4	unlikely	unlikely	ADJ
cblr-1751	615	5	that	that	SCONJ
cblr-1751	615	6	policymakers	policymaker	NOUN
cblr-1751	615	7	would	would	AUX
cblr-1751	615	8	want	want	VERB
cblr-1751	615	9	to	to	PART
cblr-1751	615	10	aid	aid	VERB
cblr-1751	615	11	these	these	DET
cblr-1751	615	12	irrational	irrational	ADJ
cblr-1751	615	13	traders	trader	NOUN
cblr-1751	615	14	directly	directly	ADV
cblr-1751	615	15	,	,	PUNCT
cblr-1751	615	16	it	it	PRON
cblr-1751	615	17	is	be	AUX
cblr-1751	615	18	worth	worth	ADJ
cblr-1751	615	19	noting	note	VERB
cblr-1751	615	20	that	that	SCONJ
cblr-1751	615	21	they	they	PRON
cblr-1751	615	22	are	be	AUX
cblr-1751	615	23	uninformed	uninformed	ADJ
cblr-1751	615	24	traders	trader	NOUN
cblr-1751	615	25	who	who	PRON
cblr-1751	615	26	generally	generally	ADV
cblr-1751	615	27	lose	lose	VERB
cblr-1751	615	28	to	to	ADP
cblr-1751	615	29	informed	informed	ADJ
cblr-1751	615	30	traders	trader	NOUN
cblr-1751	615	31	—	—	PUNCT
cblr-1751	615	32	and	and	CCONJ
cblr-1751	615	33	therefore	therefore	ADV
cblr-1751	615	34	provide	provide	VERB
cblr-1751	615	35	those	those	DET
cblr-1751	615	36	traders	trader	NOUN
cblr-1751	615	37	with	with	ADP
cblr-1751	615	38	larger	large	ADJ
cblr-1751	615	39	profits	profit	NOUN
cblr-1751	615	40	.	.	PUNCT
cblr-1751	616	1	haeberle	haeberle	NOUN
cblr-1751	616	2	final	final	ADJ
cblr-1751	616	3	no	no	NOUN
cblr-1751	616	4	.	.	NOUN
cblr-1751	616	5	1:121	1:121	NUM
cblr-1751	616	6	]	]	X
cblr-1751	616	7	stock	stock	NOUN
cblr-1751	616	8	-	-	PUNCT
cblr-1751	616	9	price	price	NOUN
cblr-1751	616	10	accuracy	accuracy	NOUN
cblr-1751	616	11	175	175	NUM
cblr-1751	616	12	related	relate	VERB
cblr-1751	616	13	to	to	ADP
cblr-1751	616	14	more	more	ADV
cblr-1751	616	15	accurate	accurate	ADJ
cblr-1751	616	16	stock	stock	NOUN
cblr-1751	616	17	prices	price	NOUN
cblr-1751	616	18	,	,	PUNCT
cblr-1751	616	19	and	and	CCONJ
cblr-1751	616	20	those	those	PRON
cblr-1751	616	21	associated	associate	VERB
cblr-1751	616	22	with	with	ADP
cblr-1751	616	23	better	well	ADJ
cblr-1751	616	24	prices	price	NOUN
cblr-1751	616	25	for	for	ADP
cblr-1751	616	26	the	the	DET
cblr-1751	616	27	uninformed	uninformed	ADJ
cblr-1751	616	28	traders	trader	NOUN
cblr-1751	616	29	that	that	PRON
cblr-1751	616	30	now	now	ADV
cblr-1751	616	31	transact	transact	VERB
cblr-1751	616	32	through	through	ADP
cblr-1751	616	33	exchanges	exchange	NOUN
cblr-1751	616	34	.	.	PUNCT
cblr-1751	617	1	2	2	X
cblr-1751	617	2	.	.	X
cblr-1751	617	3	the	the	DET
cblr-1751	617	4	main	main	ADJ
cblr-1751	617	5	social	social	ADJ
cblr-1751	617	6	costs	cost	NOUN
cblr-1751	617	7	altering	alter	VERB
cblr-1751	617	8	stock	stock	NOUN
cblr-1751	617	9	-	-	PUNCT
cblr-1751	617	10	market	market	NOUN
cblr-1751	617	11	law	law	NOUN
cblr-1751	617	12	to	to	PART
cblr-1751	617	13	improve	improve	VERB
cblr-1751	617	14	the	the	DET
cblr-1751	617	15	current	current	ADJ
cblr-1751	617	16	level	level	NOUN
cblr-1751	617	17	of	of	ADP
cblr-1751	617	18	stock	stock	NOUN
cblr-1751	617	19	-	-	PUNCT
cblr-1751	617	20	price	price	NOUN
cblr-1751	617	21	accuracy	accuracy	NOUN
cblr-1751	617	22	would	would	AUX
cblr-1751	617	23	also	also	ADV
cblr-1751	617	24	impose	impose	VERB
cblr-1751	617	25	notable	notable	ADJ
cblr-1751	617	26	social	social	ADJ
cblr-1751	617	27	costs	cost	NOUN
cblr-1751	617	28	that	that	PRON
cblr-1751	617	29	regulators	regulator	NOUN
cblr-1751	617	30	should	should	AUX
cblr-1751	617	31	consider	consider	VERB
cblr-1751	617	32	in	in	ADP
cblr-1751	617	33	attempting	attempt	VERB
cblr-1751	617	34	to	to	PART
cblr-1751	617	35	determine	determine	VERB
cblr-1751	617	36	whether	whether	SCONJ
cblr-1751	617	37	or	or	CCONJ
cblr-1751	617	38	not	not	PART
cblr-1751	617	39	such	such	ADJ
cblr-1751	617	40	alterations	alteration	NOUN
cblr-1751	617	41	would	would	AUX
cblr-1751	617	42	result	result	VERB
cblr-1751	617	43	in	in	ADP
cblr-1751	617	44	net	net	ADJ
cblr-1751	617	45	social	social	ADJ
cblr-1751	617	46	benefits	benefit	NOUN
cblr-1751	617	47	.	.	PUNCT
cblr-1751	618	1	the	the	DET
cblr-1751	618	2	main	main	ADJ
cblr-1751	618	3	costs	cost	NOUN
cblr-1751	618	4	of	of	ADP
cblr-1751	618	5	such	such	ADJ
cblr-1751	618	6	alterations	alteration	NOUN
cblr-1751	618	7	differ	differ	VERB
cblr-1751	618	8	based	base	VERB
cblr-1751	618	9	on	on	ADP
cblr-1751	618	10	the	the	DET
cblr-1751	618	11	form	form	NOUN
cblr-1751	618	12	of	of	ADP
cblr-1751	618	13	the	the	DET
cblr-1751	618	14	change	change	NOUN
cblr-1751	618	15	.	.	PUNCT
cblr-1751	619	1	this	this	DET
cblr-1751	619	2	section	section	NOUN
cblr-1751	619	3	provides	provide	VERB
cblr-1751	619	4	a	a	DET
cblr-1751	619	5	window	window	NOUN
cblr-1751	619	6	into	into	ADP
cblr-1751	619	7	such	such	ADJ
cblr-1751	619	8	costs	cost	NOUN
cblr-1751	619	9	by	by	ADP
cblr-1751	619	10	examining	examine	VERB
cblr-1751	619	11	the	the	DET
cblr-1751	619	12	main	main	ADJ
cblr-1751	619	13	costs	cost	NOUN
cblr-1751	619	14	of	of	ADP
cblr-1751	619	15	the	the	DET
cblr-1751	619	16	two	two	NUM
cblr-1751	619	17	illustrative	illustrative	ADJ
cblr-1751	619	18	changes	change	NOUN
cblr-1751	619	19	to	to	ADP
cblr-1751	619	20	stock	stock	NOUN
cblr-1751	619	21	-	-	PUNCT
cblr-1751	619	22	market	market	NOUN
cblr-1751	619	23	law	law	NOUN
cblr-1751	619	24	discussed	discuss	VERB
cblr-1751	619	25	above	above	ADV
cblr-1751	619	26	.	.	PUNCT
cblr-1751	620	1	a.	a.	NOUN
cblr-1751	620	2	main	main	ADJ
cblr-1751	620	3	costs	cost	NOUN
cblr-1751	620	4	of	of	ADP
cblr-1751	620	5	an	an	DET
cblr-1751	620	6	exchange	exchange	NOUN
cblr-1751	620	7	-	-	PUNCT
cblr-1751	620	8	trading	trading	NOUN
cblr-1751	620	9	mandate	mandate	NOUN
cblr-1751	620	10	requiring	require	VERB
cblr-1751	620	11	that	that	SCONJ
cblr-1751	620	12	stock	stock	NOUN
cblr-1751	620	13	trading	trading	NOUN
cblr-1751	620	14	be	be	AUX
cblr-1751	620	15	generally	generally	ADV
cblr-1751	620	16	conducted	conduct	VERB
cblr-1751	620	17	through	through	ADP
cblr-1751	620	18	exchanges	exchange	NOUN
cblr-1751	620	19	would	would	AUX
cblr-1751	620	20	result	result	VERB
cblr-1751	620	21	in	in	ADP
cblr-1751	620	22	at	at	ADV
cblr-1751	620	23	least	least	ADV
cblr-1751	620	24	two	two	NUM
cblr-1751	620	25	main	main	ADJ
cblr-1751	620	26	social	social	ADJ
cblr-1751	620	27	costs	cost	NOUN
cblr-1751	620	28	.	.	PUNCT
cblr-1751	621	1	first	first	ADV
cblr-1751	621	2	,	,	PUNCT
cblr-1751	621	3	the	the	DET
cblr-1751	621	4	mandate	mandate	NOUN
cblr-1751	621	5	may	may	AUX
cblr-1751	621	6	eliminate	eliminate	VERB
cblr-1751	621	7	important	important	ADJ
cblr-1751	621	8	benefits	benefit	NOUN
cblr-1751	621	9	that	that	PRON
cblr-1751	621	10	traders	trader	NOUN
cblr-1751	621	11	currently	currently	ADV
cblr-1751	621	12	receive	receive	VERB
cblr-1751	621	13	as	as	ADP
cblr-1751	621	14	a	a	DET
cblr-1751	621	15	result	result	NOUN
cblr-1751	621	16	of	of	ADP
cblr-1751	621	17	private	private	ADJ
cblr-1751	621	18	competition	competition	NOUN
cblr-1751	621	19	and	and	CCONJ
cblr-1751	621	20	innovation	innovation	NOUN
cblr-1751	621	21	among	among	ADP
cblr-1751	621	22	trading	trading	NOUN
cblr-1751	621	23	platforms	platform	NOUN
cblr-1751	621	24	.	.	PUNCT
cblr-1751	622	1	relatively	relatively	ADV
cblr-1751	622	2	little	little	ADJ
cblr-1751	622	3	is	be	AUX
cblr-1751	622	4	publicly	publicly	ADV
cblr-1751	622	5	known	know	VERB
cblr-1751	622	6	about	about	ADP
cblr-1751	622	7	how	how	SCONJ
cblr-1751	622	8	off	off	ADP
cblr-1751	622	9	-	-	PUNCT
cblr-1751	622	10	exchange	exchange	NOUN
cblr-1751	622	11	platforms	platform	NOUN
cblr-1751	622	12	operate	operate	VERB
cblr-1751	622	13	.	.	PUNCT
cblr-1751	623	1	certainly	certainly	ADV
cblr-1751	623	2	,	,	PUNCT
cblr-1751	623	3	however	however	ADV
cblr-1751	623	4	,	,	PUNCT
cblr-1751	623	5	the	the	DET
cblr-1751	623	6	many	many	ADJ
cblr-1751	623	7	entities	entity	NOUN
cblr-1751	623	8	that	that	PRON
cblr-1751	623	9	run	run	VERB
cblr-1751	623	10	these	these	DET
cblr-1751	623	11	trading	trading	NOUN
cblr-1751	623	12	platforms	platform	NOUN
cblr-1751	623	13	have	have	AUX
cblr-1751	623	14	produced	produce	VERB
cblr-1751	623	15	innovation	innovation	NOUN
cblr-1751	623	16	that	that	PRON
cblr-1751	623	17	benefits	benefit	VERB
cblr-1751	623	18	the	the	DET
cblr-1751	623	19	many	many	ADJ
cblr-1751	623	20	traders	trader	NOUN
cblr-1751	623	21	that	that	PRON
cblr-1751	623	22	have	have	AUX
cblr-1751	623	23	been	be	AUX
cblr-1751	623	24	attracted	attract	VERB
cblr-1751	623	25	to	to	ADP
cblr-1751	623	26	them	they	PRON
cblr-1751	623	27	.	.	PUNCT
cblr-1751	624	1	at	at	ADP
cblr-1751	624	2	a	a	DET
cblr-1751	624	3	minimum	minimum	NOUN
cblr-1751	624	4	,	,	PUNCT
cblr-1751	624	5	this	this	DET
cblr-1751	624	6	innovation	innovation	NOUN
cblr-1751	624	7	results	result	VERB
cblr-1751	624	8	in	in	ADP
cblr-1751	624	9	socially	socially	ADV
cblr-1751	624	10	valuable	valuable	ADJ
cblr-1751	624	11	trades	trade	NOUN
cblr-1751	624	12	between	between	ADP
cblr-1751	624	13	buyers	buyer	NOUN
cblr-1751	624	14	and	and	CCONJ
cblr-1751	624	15	sellers	seller	NOUN
cblr-1751	624	16	that	that	PRON
cblr-1751	624	17	may	may	AUX
cblr-1751	624	18	not	not	PART
cblr-1751	624	19	otherwise	otherwise	ADV
cblr-1751	624	20	occur	occur	VERB
cblr-1751	624	21	.	.	PUNCT
cblr-1751	625	1	however	however	ADV
cblr-1751	625	2	,	,	PUNCT
cblr-1751	625	3	it	it	PRON
cblr-1751	625	4	is	be	AUX
cblr-1751	625	5	important	important	ADJ
cblr-1751	625	6	to	to	PART
cblr-1751	625	7	note	note	VERB
cblr-1751	625	8	that	that	SCONJ
cblr-1751	625	9	mandating	mandate	VERB
cblr-1751	625	10	that	that	SCONJ
cblr-1751	625	11	all	all	DET
cblr-1751	625	12	trading	trading	NOUN
cblr-1751	625	13	generally	generally	ADV
cblr-1751	625	14	occur	occur	VERB
cblr-1751	625	15	on	on	ADP
cblr-1751	625	16	exchanges	exchange	NOUN
cblr-1751	625	17	would	would	AUX
cblr-1751	625	18	not	not	PART
cblr-1751	625	19	necessarily	necessarily	ADV
cblr-1751	625	20	deprive	deprive	VERB
cblr-1751	625	21	society	society	NOUN
cblr-1751	625	22	of	of	ADP
cblr-1751	625	23	these	these	DET
cblr-1751	625	24	benefits	benefit	NOUN
cblr-1751	625	25	.	.	PUNCT
cblr-1751	626	1	with	with	ADP
cblr-1751	626	2	this	this	DET
cblr-1751	626	3	larger	large	ADJ
cblr-1751	626	4	universe	universe	NOUN
cblr-1751	626	5	of	of	ADP
cblr-1751	626	6	traders	trader	NOUN
cblr-1751	626	7	completing	complete	VERB
cblr-1751	626	8	its	its	PRON
cblr-1751	626	9	buying	buying	NOUN
cblr-1751	626	10	and	and	CCONJ
cblr-1751	626	11	selling	sell	VERB
cblr-1751	626	12	through	through	ADP
cblr-1751	626	13	exchanges	exchange	NOUN
cblr-1751	626	14	,	,	PUNCT
cblr-1751	626	15	exchanges	exchange	NOUN
cblr-1751	626	16	will	will	AUX
cblr-1751	626	17	have	have	VERB
cblr-1751	626	18	greater	great	ADJ
cblr-1751	626	19	reason	reason	NOUN
cblr-1751	626	20	to	to	PART
cblr-1751	626	21	compete	compete	VERB
cblr-1751	626	22	for	for	ADP
cblr-1751	626	23	the	the	DET
cblr-1751	626	24	business	business	NOUN
cblr-1751	626	25	of	of	ADP
cblr-1751	626	26	uninformed	uninformed	ADJ
cblr-1751	626	27	individual	individual	ADJ
cblr-1751	626	28	and	and	CCONJ
cblr-1751	626	29	institutional	institutional	ADJ
cblr-1751	626	30	traders	trader	NOUN
cblr-1751	626	31	.	.	PUNCT
cblr-1751	627	1	today	today	NOUN
cblr-1751	627	2	,	,	PUNCT
cblr-1751	627	3	these	these	DET
cblr-1751	627	4	trading	trading	NOUN
cblr-1751	627	5	platforms	platform	NOUN
cblr-1751	627	6	have	have	VERB
cblr-1751	627	7	less	less	ADJ
cblr-1751	627	8	reason	reason	NOUN
cblr-1751	627	9	to	to	PART
cblr-1751	627	10	innovate	innovate	VERB
cblr-1751	627	11	in	in	ADP
cblr-1751	627	12	this	this	DET
cblr-1751	627	13	way	way	NOUN
cblr-1751	627	14	because	because	SCONJ
cblr-1751	627	15	such	such	DET
cblr-1751	627	16	a	a	DET
cblr-1751	627	17	large	large	ADJ
cblr-1751	627	18	portion	portion	NOUN
cblr-1751	627	19	of	of	ADP
cblr-1751	627	20	uninformed	uninformed	ADJ
cblr-1751	627	21	trading	trading	NOUN
cblr-1751	627	22	is	be	AUX
cblr-1751	627	23	occurring	occur	VERB
cblr-1751	627	24	through	through	ADP
cblr-1751	627	25	off	off	ADP
cblr-1751	627	26	-	-	PUNCT
cblr-1751	627	27	exchange	exchange	NOUN
cblr-1751	627	28	platforms	platform	NOUN
cblr-1751	627	29	.	.	PUNCT
cblr-1751	628	1	one	one	PRON
cblr-1751	628	2	would	would	AUX
cblr-1751	628	3	expect	expect	VERB
cblr-1751	628	4	,	,	PUNCT
cblr-1751	628	5	though	though	ADV
cblr-1751	628	6	,	,	PUNCT
cblr-1751	628	7	that	that	SCONJ
cblr-1751	628	8	requiring	require	VERB
cblr-1751	628	9	trading	trading	NOUN
cblr-1751	628	10	to	to	PART
cblr-1751	628	11	take	take	VERB
cblr-1751	628	12	place	place	NOUN
cblr-1751	628	13	haeberle	haeberle	NOUN
cblr-1751	628	14	final	final	ADJ
cblr-1751	628	15	176	176	NUM
cblr-1751	628	16	columbia	columbia	PROPN
cblr-1751	628	17	business	business	NOUN
cblr-1751	628	18	law	law	PROPN
cblr-1751	628	19	review	review	NOUN
cblr-1751	629	1	[	[	X
cblr-1751	629	2	vol	vol	NOUN
cblr-1751	629	3	.	.	NOUN
cblr-1751	629	4	2015	2015	NUM
cblr-1751	629	5	via	via	ADP
cblr-1751	629	6	exchanges	exchange	NOUN
cblr-1751	629	7	would	would	AUX
cblr-1751	629	8	give	give	VERB
cblr-1751	629	9	those	those	DET
cblr-1751	629	10	more	more	ADV
cblr-1751	629	11	traditional	traditional	ADJ
cblr-1751	629	12	platforms	platform	NOUN
cblr-1751	629	13	powerful	powerful	ADJ
cblr-1751	629	14	new	new	ADJ
cblr-1751	629	15	motivations	motivation	NOUN
cblr-1751	629	16	to	to	PART
cblr-1751	629	17	provide	provide	VERB
cblr-1751	629	18	innovations	innovation	NOUN
cblr-1751	629	19	that	that	SCONJ
cblr-1751	629	20	these	these	DET
cblr-1751	629	21	traders	trader	NOUN
cblr-1751	629	22	will	will	AUX
cblr-1751	629	23	value	value	VERB
cblr-1751	629	24	.	.	PUNCT
cblr-1751	630	1	therefore	therefore	ADV
cblr-1751	630	2	,	,	PUNCT
cblr-1751	630	3	the	the	DET
cblr-1751	630	4	magnitude	magnitude	NOUN
cblr-1751	630	5	of	of	ADP
cblr-1751	630	6	this	this	DET
cblr-1751	630	7	first	first	ADJ
cblr-1751	630	8	cost	cost	NOUN
cblr-1751	630	9	is	be	AUX
cblr-1751	630	10	likely	likely	ADV
cblr-1751	630	11	lower	low	ADJ
cblr-1751	630	12	than	than	SCONJ
cblr-1751	630	13	it	it	PRON
cblr-1751	630	14	first	first	ADV
cblr-1751	630	15	appears	appear	VERB
cblr-1751	630	16	.	.	PUNCT
cblr-1751	631	1	the	the	DET
cblr-1751	631	2	second	second	ADJ
cblr-1751	631	3	notable	notable	ADJ
cblr-1751	631	4	cost	cost	NOUN
cblr-1751	631	5	to	to	PART
cblr-1751	631	6	which	which	PRON
cblr-1751	631	7	the	the	DET
cblr-1751	631	8	exchange	exchange	NOUN
cblr-1751	631	9	-	-	PUNCT
cblr-1751	631	10	trading	trading	NOUN
cblr-1751	631	11	mandate	mandate	NOUN
cblr-1751	631	12	may	may	AUX
cblr-1751	631	13	lead	lead	VERB
cblr-1751	631	14	relates	relate	VERB
cblr-1751	631	15	specifically	specifically	ADV
cblr-1751	631	16	to	to	ADP
cblr-1751	631	17	the	the	DET
cblr-1751	631	18	quality	quality	NOUN
cblr-1751	631	19	of	of	ADP
cblr-1751	631	20	prices	price	NOUN
cblr-1751	631	21	received	receive	VERB
cblr-1751	631	22	by	by	ADP
cblr-1751	631	23	the	the	DET
cblr-1751	631	24	traders	trader	NOUN
cblr-1751	631	25	that	that	PRON
cblr-1751	631	26	currently	currently	ADV
cblr-1751	631	27	transact	transact	VERB
cblr-1751	631	28	through	through	ADP
cblr-1751	631	29	offexchange	offexchange	NOUN
cblr-1751	631	30	platforms	platform	NOUN
cblr-1751	631	31	.	.	PUNCT
cblr-1751	632	1	on	on	ADP
cblr-1751	632	2	the	the	DET
cblr-1751	632	3	surface	surface	NOUN
cblr-1751	632	4	,	,	PUNCT
cblr-1751	632	5	off	off	ADP
cblr-1751	632	6	-	-	PUNCT
cblr-1751	632	7	exchange	exchange	NOUN
cblr-1751	632	8	platforms	platform	NOUN
cblr-1751	632	9	appear	appear	VERB
cblr-1751	632	10	to	to	PART
cblr-1751	632	11	provide	provide	VERB
cblr-1751	632	12	these	these	DET
cblr-1751	632	13	traders	trader	NOUN
cblr-1751	632	14	with	with	ADP
cblr-1751	632	15	prices	price	NOUN
cblr-1751	632	16	that	that	PRON
cblr-1751	632	17	are	be	AUX
cblr-1751	632	18	superior	superior	ADJ
cblr-1751	632	19	to	to	ADP
cblr-1751	632	20	those	those	PRON
cblr-1751	632	21	available	available	ADJ
cblr-1751	632	22	at	at	ADP
cblr-1751	632	23	exchanges.94	exchanges.94	PROPN
cblr-1751	632	24	if	if	SCONJ
cblr-1751	632	25	the	the	DET
cblr-1751	632	26	law	law	NOUN
cblr-1751	632	27	were	be	AUX
cblr-1751	632	28	changed	change	VERB
cblr-1751	632	29	to	to	PART
cblr-1751	632	30	eliminate	eliminate	VERB
cblr-1751	632	31	these	these	DET
cblr-1751	632	32	platforms	platform	NOUN
cblr-1751	632	33	,	,	PUNCT
cblr-1751	632	34	then	then	ADV
cblr-1751	632	35	these	these	DET
cblr-1751	632	36	traders	trader	NOUN
cblr-1751	632	37	would	would	AUX
cblr-1751	632	38	therefore	therefore	ADV
cblr-1751	632	39	—	—	PUNCT
cblr-1751	632	40	at	at	ADP
cblr-1751	632	41	least	least	ADJ
cblr-1751	632	42	at	at	ADP
cblr-1751	632	43	first	first	ADJ
cblr-1751	632	44	glance	glance	NOUN
cblr-1751	632	45	—	—	PUNCT
cblr-1751	632	46	not	not	PART
cblr-1751	632	47	receive	receive	VERB
cblr-1751	632	48	these	these	DET
cblr-1751	632	49	prices	price	NOUN
cblr-1751	632	50	that	that	PRON
cblr-1751	632	51	likely	likely	ADV
cblr-1751	632	52	lead	lead	VERB
cblr-1751	632	53	to	to	ADP
cblr-1751	632	54	more	more	ADJ
cblr-1751	632	55	welfare	welfare	NOUN
cblr-1751	632	56	-	-	PUNCT
cblr-1751	632	57	increasing	increase	VERB
cblr-1751	632	58	transactions	transaction	NOUN
cblr-1751	632	59	among	among	ADP
cblr-1751	632	60	uninformed	uninformed	ADJ
cblr-1751	632	61	traders	trader	NOUN
cblr-1751	632	62	as	as	ADV
cblr-1751	632	63	well	well	ADV
cblr-1751	632	64	as	as	ADP
cblr-1751	632	65	a	a	DET
cblr-1751	632	66	lower	low	ADJ
cblr-1751	632	67	cost	cost	NOUN
cblr-1751	632	68	of	of	ADP
cblr-1751	632	69	capital	capital	NOUN
cblr-1751	632	70	for	for	ADP
cblr-1751	632	71	firms	firm	NOUN
cblr-1751	632	72	.	.	PUNCT
cblr-1751	633	1	but	but	CCONJ
cblr-1751	633	2	,	,	PUNCT
cblr-1751	633	3	the	the	DET
cblr-1751	633	4	value	value	NOUN
cblr-1751	633	5	of	of	ADP
cblr-1751	633	6	the	the	DET
cblr-1751	633	7	superior	superior	ADJ
cblr-1751	633	8	prices	price	NOUN
cblr-1751	633	9	offered	offer	VERB
cblr-1751	633	10	by	by	ADP
cblr-1751	633	11	offexchange	offexchange	NOUN
cblr-1751	633	12	platforms	platform	NOUN
cblr-1751	633	13	today	today	NOUN
cblr-1751	633	14	is	be	AUX
cblr-1751	633	15	not	not	PART
cblr-1751	633	16	as	as	ADV
cblr-1751	633	17	substantial	substantial	ADJ
cblr-1751	633	18	as	as	SCONJ
cblr-1751	633	19	it	it	PRON
cblr-1751	633	20	might	might	AUX
cblr-1751	633	21	initially	initially	ADV
cblr-1751	633	22	appear	appear	VERB
cblr-1751	633	23	.	.	PUNCT
cblr-1751	634	1	indeed	indeed	ADV
cblr-1751	634	2	,	,	PUNCT
cblr-1751	634	3	these	these	DET
cblr-1751	634	4	platforms	platform	NOUN
cblr-1751	634	5	may	may	AUX
cblr-1751	634	6	not	not	PART
cblr-1751	634	7	provide	provide	VERB
cblr-1751	634	8	a	a	DET
cblr-1751	634	9	large	large	ADJ
cblr-1751	634	10	portion	portion	NOUN
cblr-1751	634	11	of	of	ADP
cblr-1751	634	12	the	the	DET
cblr-1751	634	13	traders	trader	NOUN
cblr-1751	634	14	that	that	PRON
cblr-1751	634	15	transacts	transact	VERB
cblr-1751	634	16	through	through	ADP
cblr-1751	634	17	them	they	PRON
cblr-1751	634	18	with	with	ADP
cblr-1751	634	19	any	any	DET
cblr-1751	634	20	price	price	NOUN
cblr-1751	634	21	-	-	PUNCT
cblr-1751	634	22	quality	quality	NOUN
cblr-1751	634	23	benefit	benefit	NOUN
cblr-1751	634	24	whatsoever	whatsoever	ADV
cblr-1751	634	25	relative	relative	ADJ
cblr-1751	634	26	to	to	ADP
cblr-1751	634	27	a	a	DET
cblr-1751	634	28	market	market	NOUN
cblr-1751	634	29	where	where	SCONJ
cblr-1751	634	30	all	all	DET
cblr-1751	634	31	trading	trading	NOUN
cblr-1751	634	32	took	take	VERB
cblr-1751	634	33	place	place	NOUN
cblr-1751	634	34	on	on	ADP
cblr-1751	634	35	exchanges	exchange	NOUN
cblr-1751	634	36	.	.	PUNCT
cblr-1751	635	1	at	at	ADP
cblr-1751	635	2	the	the	DET
cblr-1751	635	3	threshold	threshold	NOUN
cblr-1751	635	4	,	,	PUNCT
cblr-1751	635	5	the	the	DET
cblr-1751	635	6	“	"	PUNCT
cblr-1751	635	7	price	price	NOUN
cblr-1751	635	8	improvement	improvement	NOUN
cblr-1751	635	9	”	"	PUNCT
cblr-1751	635	10	offered	offer	VERB
cblr-1751	635	11	by	by	ADP
cblr-1751	635	12	a	a	DET
cblr-1751	635	13	large	large	ADJ
cblr-1751	635	14	portion	portion	NOUN
cblr-1751	635	15	of	of	ADP
cblr-1751	635	16	offexchange	offexchange	NOUN
cblr-1751	635	17	platforms	platform	NOUN
cblr-1751	635	18	is	be	AUX
cblr-1751	635	19	,	,	PUNCT
cblr-1751	635	20	at	at	ADP
cblr-1751	635	21	best	good	ADJ
cblr-1751	635	22	,	,	PUNCT
cblr-1751	635	23	nominal.95	nominal.95	NOUN
cblr-1751	635	24	but	but	CCONJ
cblr-1751	635	25	more	more	ADV
cblr-1751	635	26	importantly	importantly	ADV
cblr-1751	635	27	,	,	PUNCT
cblr-1751	635	28	because	because	SCONJ
cblr-1751	635	29	a	a	DET
cblr-1751	635	30	substantial	substantial	ADJ
cblr-1751	635	31	portion	portion	NOUN
cblr-1751	635	32	of	of	ADP
cblr-1751	635	33	these	these	DET
cblr-1751	635	34	platforms	platform	NOUN
cblr-1751	635	35	essentially	essentially	ADV
cblr-1751	635	36	matches	match	VERB
cblr-1751	635	37	the	the	DET
cblr-1751	635	38	best	good	ADJ
cblr-1751	635	39	(	(	PUNCT
cblr-1751	635	40	highest	high	ADJ
cblr-1751	635	41	)	)	PUNCT
cblr-1751	635	42	bid	bid	NOUN
cblr-1751	635	43	quote	quote	INTJ
cblr-1751	635	44	prices	price	NOUN
cblr-1751	635	45	and	and	CCONJ
cblr-1751	635	46	best	good	ADJ
cblr-1751	635	47	(	(	PUNCT
cblr-1751	635	48	lowest	low	ADJ
cblr-1751	635	49	)	)	PUNCT
cblr-1751	635	50	ask	ask	NOUN
cblr-1751	635	51	quote	quote	INTJ
cblr-1751	635	52	prices	price	NOUN
cblr-1751	635	53	generated	generate	VERB
cblr-1751	635	54	by	by	ADP
cblr-1751	635	55	liquidity	liquidity	NOUN
cblr-1751	635	56	providers	provider	NOUN
cblr-1751	635	57	on	on	ADP
cblr-1751	635	58	exchanges	exchange	NOUN
cblr-1751	635	59	,	,	PUNCT
cblr-1751	635	60	the	the	DET
cblr-1751	635	61	traders	trader	NOUN
cblr-1751	635	62	who	who	PRON
cblr-1751	635	63	currently	currently	ADV
cblr-1751	635	64	transact	transact	VERB
cblr-1751	635	65	through	through	ADP
cblr-1751	635	66	them	they	PRON
cblr-1751	635	67	may	may	AUX
cblr-1751	635	68	actually	actually	ADV
cblr-1751	635	69	face	face	VERB
cblr-1751	635	70	better	well	ADJ
cblr-1751	635	71	prices	price	NOUN
cblr-1751	635	72	if	if	SCONJ
cblr-1751	635	73	all	all	DET
cblr-1751	635	74	trading	trading	NOUN
cblr-1751	635	75	occurred	occur	VERB
cblr-1751	635	76	instead	instead	ADV
cblr-1751	635	77	through	through	ADP
cblr-1751	635	78	exchanges	exchange	NOUN
cblr-1751	635	79	.	.	PUNCT
cblr-1751	636	1	recall	recall	VERB
cblr-1751	636	2	that	that	PRON
cblr-1751	636	3	exchange	exchange	NOUN
cblr-1751	636	4	price	price	NOUN
cblr-1751	636	5	quotes	quote	NOUN
cblr-1751	636	6	now	now	ADV
cblr-1751	636	7	reflect	reflect	VERB
cblr-1751	636	8	the	the	DET
cblr-1751	636	9	higher	high	ADJ
cblr-1751	636	10	ratio	ratio	NOUN
cblr-1751	636	11	of	of	ADP
cblr-1751	636	12	informed	informed	ADJ
cblr-1751	636	13	traders	trader	NOUN
cblr-1751	636	14	to	to	ADP
cblr-1751	636	15	uninformed	uninformed	ADJ
cblr-1751	636	16	ones	one	NOUN
cblr-1751	636	17	that	that	PRON
cblr-1751	636	18	results	result	VERB
cblr-1751	636	19	from	from	ADP
cblr-1751	636	20	the	the	DET
cblr-1751	636	21	trading	trading	NOUN
cblr-1751	636	22	-	-	PUNCT
cblr-1751	636	23	platform	platform	NOUN
cblr-1751	636	24	access	access	NOUN
cblr-1751	636	25	rules	rule	NOUN
cblr-1751	636	26	—	—	PUNCT
cblr-1751	636	27	and	and	CCONJ
cblr-1751	636	28	that	that	SCONJ
cblr-1751	636	29	this	this	DET
cblr-1751	636	30	higher	high	ADJ
cblr-1751	636	31	94	94	NUM
cblr-1751	636	32	see	see	VERB
cblr-1751	636	33	supra	supra	PROPN
cblr-1751	636	34	part	part	PROPN
cblr-1751	636	35	iii.b.2	iii.b.2	PROPN
cblr-1751	636	36	(	(	PUNCT
cblr-1751	636	37	explaining	explain	VERB
cblr-1751	636	38	that	that	SCONJ
cblr-1751	636	39	off	off	ADP
cblr-1751	636	40	-	-	PUNCT
cblr-1751	636	41	exchange	exchange	NOUN
cblr-1751	636	42	platforms	platform	NOUN
cblr-1751	636	43	generally	generally	ADV
cblr-1751	636	44	provide	provide	VERB
cblr-1751	636	45	traders	trader	NOUN
cblr-1751	636	46	with	with	ADP
cblr-1751	636	47	the	the	DET
cblr-1751	636	48	prices	price	NOUN
cblr-1751	636	49	that	that	PRON
cblr-1751	636	50	are	be	AUX
cblr-1751	636	51	at	at	ADP
cblr-1751	636	52	least	least	ADJ
cblr-1751	636	53	nominally	nominally	ADV
cblr-1751	636	54	better	well	ADJ
cblr-1751	636	55	than	than	ADP
cblr-1751	636	56	the	the	DET
cblr-1751	636	57	best	good	ADJ
cblr-1751	636	58	ones	one	NOUN
cblr-1751	636	59	quoted	quote	VERB
cblr-1751	636	60	on	on	ADP
cblr-1751	636	61	exchanges	exchange	NOUN
cblr-1751	636	62	nationwide	nationwide	ADV
cblr-1751	636	63	)	)	PUNCT
cblr-1751	636	64	.	.	PUNCT
cblr-1751	637	1	95	95	NUM
cblr-1751	637	2	see	see	VERB
cblr-1751	637	3	i	i	PROPN
cblr-1751	637	4	d.	d.	PROPN
cblr-1751	637	5	;	;	PUNCT
cblr-1751	637	6	concept	concept	NOUN
cblr-1751	637	7	release	release	NOUN
cblr-1751	637	8	,	,	PUNCT
cblr-1751	637	9	supra	supra	PROPN
cblr-1751	637	10	note	note	NOUN
cblr-1751	637	11	2	2	NUM
cblr-1751	637	12	(	(	PUNCT
cblr-1751	637	13	“	"	PUNCT
cblr-1751	637	14	the	the	DET
cblr-1751	637	15	[	[	X
cblr-1751	637	16	typical	typical	ADJ
cblr-1751	637	17	off	off	ADP
cblr-1751	637	18	-	-	PUNCT
cblr-1751	637	19	exchange	exchange	NOUN
cblr-1751	637	20	platform	platform	NOUN
cblr-1751	637	21	that	that	PRON
cblr-1751	637	22	is	be	AUX
cblr-1751	637	23	focused	focus	VERB
cblr-1751	637	24	on	on	ADP
cblr-1751	637	25	individual	individual	ADJ
cblr-1751	637	26	retail	retail	ADJ
cblr-1751	637	27	-	-	PUNCT
cblr-1751	637	28	level	level	NOUN
cblr-1751	637	29	investors	investor	NOUN
cblr-1751	637	30	]	]	PUNCT
cblr-1751	637	31	immediately	immediately	ADV
cblr-1751	637	32	executes	execute	VERB
cblr-1751	637	33	retail	retail	ADJ
cblr-1751	637	34	order[s	order[s	NOUN
cblr-1751	637	35	]	]	PUNCT
cblr-1751	638	1	[	[	X
cblr-1751	638	2	at	at	ADP
cblr-1751	638	3	a	a	DET
cblr-1751	638	4	price	price	NOUN
cblr-1751	638	5	that	that	PRON
cblr-1751	638	6	is	be	AUX
cblr-1751	638	7	]	]	PUNCT
cblr-1751	638	8	slightly	slightly	ADV
cblr-1751	638	9	better	well	ADJ
cblr-1751	638	10	than	than	ADP
cblr-1751	638	11	the	the	DET
cblr-1751	638	12	best	good	ADJ
cblr-1751	638	13	[	[	X
cblr-1751	638	14	quoted	quote	VERB
cblr-1751	638	15	]	]	PUNCT
cblr-1751	638	16	price	price	NOUN
cblr-1751	638	17	in	in	ADP
cblr-1751	638	18	the	the	DET
cblr-1751	638	19	market	market	NOUN
cblr-1751	638	20	(	(	PUNCT
cblr-1751	638	21	usually	usually	ADV
cblr-1751	638	22	by	by	ADP
cblr-1751	638	23	.0001	.0001	PROPN
cblr-1751	638	24	[	[	X
cblr-1751	638	25	per	per	ADP
cblr-1751	638	26	share	share	NOUN
cblr-1751	638	27	.	.	PUNCT
cblr-1751	638	28	]	]	X
cblr-1751	638	29	)	)	PUNCT
cblr-1751	638	30	”	"	PUNCT
cblr-1751	638	31	)	)	PUNCT
cblr-1751	638	32	.	.	PUNCT
cblr-1751	639	1	haeberle	haeberle	PROPN
cblr-1751	639	2	final	final	ADJ
cblr-1751	639	3	no	no	NOUN
cblr-1751	639	4	.	.	NOUN
cblr-1751	639	5	1:121	1:121	NUM
cblr-1751	639	6	]	]	X
cblr-1751	639	7	stock	stock	NOUN
cblr-1751	639	8	-	-	PUNCT
cblr-1751	639	9	price	price	NOUN
cblr-1751	639	10	accuracy	accuracy	NOUN
cblr-1751	639	11	177	177	NUM
cblr-1751	639	12	ratio	ratio	NOUN
cblr-1751	639	13	leads	lead	VERB
cblr-1751	639	14	to	to	ADP
cblr-1751	639	15	inferior	inferior	ADJ
cblr-1751	639	16	price	price	NOUN
cblr-1751	639	17	quotes	quote	NOUN
cblr-1751	639	18	on	on	ADP
cblr-1751	639	19	exchanges.96	exchanges.96	PROPN
cblr-1751	639	20	as	as	SCONJ
cblr-1751	639	21	such	such	ADJ
cblr-1751	639	22	,	,	PUNCT
cblr-1751	639	23	off	off	ADP
cblr-1751	639	24	-	-	PUNCT
cblr-1751	639	25	exchange	exchange	NOUN
cblr-1751	639	26	platforms	platform	NOUN
cblr-1751	639	27	may	may	AUX
cblr-1751	639	28	be	be	AUX
cblr-1751	639	29	charging	charge	VERB
cblr-1751	639	30	a	a	DET
cblr-1751	639	31	substantial	substantial	ADJ
cblr-1751	639	32	portion	portion	NOUN
cblr-1751	639	33	of	of	ADP
cblr-1751	639	34	the	the	DET
cblr-1751	639	35	traders	trader	NOUN
cblr-1751	639	36	that	that	PRON
cblr-1751	639	37	transact	transact	VERB
cblr-1751	639	38	through	through	ADP
cblr-1751	639	39	them	they	PRON
cblr-1751	639	40	prices	price	NOUN
cblr-1751	639	41	that	that	PRON
cblr-1751	639	42	reflect	reflect	VERB
cblr-1751	639	43	the	the	DET
cblr-1751	639	44	higher	high	ADJ
cblr-1751	639	45	ratio	ratio	NOUN
cblr-1751	639	46	of	of	ADP
cblr-1751	639	47	informed	informed	ADJ
cblr-1751	639	48	traders	trader	NOUN
cblr-1751	639	49	to	to	ADP
cblr-1751	639	50	uninformed	uninformed	ADJ
cblr-1751	639	51	ones	one	NOUN
cblr-1751	639	52	associated	associate	VERB
cblr-1751	639	53	with	with	ADP
cblr-1751	639	54	the	the	DET
cblr-1751	639	55	distinct	distinct	ADJ
cblr-1751	639	56	exchange	exchange	PROPN
cblr-1751	639	57	trading	trading	NOUN
cblr-1751	639	58	environment	environment	NOUN
cblr-1751	639	59	.	.	PUNCT
cblr-1751	640	1	these	these	DET
cblr-1751	640	2	prices	price	NOUN
cblr-1751	640	3	are	be	AUX
cblr-1751	640	4	therefore	therefore	ADV
cblr-1751	640	5	inferior	inferior	ADJ
cblr-1751	640	6	to	to	ADP
cblr-1751	640	7	the	the	DET
cblr-1751	640	8	ones	one	NOUN
cblr-1751	640	9	that	that	PRON
cblr-1751	640	10	uninformed	uninformed	ADJ
cblr-1751	640	11	traders	trader	NOUN
cblr-1751	640	12	would	would	AUX
cblr-1751	640	13	receive	receive	VERB
cblr-1751	640	14	through	through	ADP
cblr-1751	640	15	exchanges	exchange	NOUN
cblr-1751	640	16	if	if	SCONJ
cblr-1751	640	17	exchanges	exchange	NOUN
cblr-1751	640	18	had	have	VERB
cblr-1751	640	19	a	a	DET
cblr-1751	640	20	lower	low	ADJ
cblr-1751	640	21	ratio	ratio	NOUN
cblr-1751	640	22	of	of	ADP
cblr-1751	640	23	informed	informed	ADJ
cblr-1751	640	24	traders	trader	NOUN
cblr-1751	640	25	to	to	ADP
cblr-1751	640	26	uninformed	uninformed	ADJ
cblr-1751	640	27	ones	one	NOUN
cblr-1751	640	28	.	.	PUNCT
cblr-1751	641	1	and	and	CCONJ
cblr-1751	641	2	exchanges	exchange	NOUN
cblr-1751	641	3	would	would	AUX
cblr-1751	641	4	have	have	VERB
cblr-1751	641	5	such	such	DET
cblr-1751	641	6	a	a	DET
cblr-1751	641	7	lower	low	ADJ
cblr-1751	641	8	ratio	ratio	NOUN
cblr-1751	641	9	in	in	ADP
cblr-1751	641	10	a	a	DET
cblr-1751	641	11	market	market	NOUN
cblr-1751	641	12	where	where	SCONJ
cblr-1751	641	13	all	all	DET
cblr-1751	641	14	trading	trading	NOUN
cblr-1751	641	15	occurred	occur	VERB
cblr-1751	641	16	through	through	ADP
cblr-1751	641	17	them	they	PRON
cblr-1751	641	18	.	.	PUNCT
cblr-1751	642	1	thus	thus	ADV
cblr-1751	642	2	,	,	PUNCT
cblr-1751	642	3	off	off	ADP
cblr-1751	642	4	-	-	PUNCT
cblr-1751	642	5	exchange	exchange	NOUN
cblr-1751	642	6	platforms	platform	NOUN
cblr-1751	642	7	are	be	AUX
cblr-1751	642	8	now	now	ADV
cblr-1751	642	9	providing	provide	VERB
cblr-1751	642	10	uninformed	uninformed	ADJ
cblr-1751	642	11	traders	trader	NOUN
cblr-1751	642	12	as	as	ADP
cblr-1751	642	13	a	a	DET
cblr-1751	642	14	whole	whole	NOUN
cblr-1751	642	15	with	with	ADP
cblr-1751	642	16	less	less	ADJ
cblr-1751	642	17	of	of	ADP
cblr-1751	642	18	a	a	DET
cblr-1751	642	19	price	price	NOUN
cblr-1751	642	20	-	-	PUNCT
cblr-1751	642	21	quality	quality	NOUN
cblr-1751	642	22	benefit	benefit	NOUN
cblr-1751	642	23	than	than	SCONJ
cblr-1751	642	24	they	they	PRON
cblr-1751	642	25	appear	appear	VERB
cblr-1751	642	26	to	to	PART
cblr-1751	642	27	be	be	AUX
cblr-1751	642	28	providing	provide	VERB
cblr-1751	642	29	at	at	ADP
cblr-1751	642	30	first	first	ADJ
cblr-1751	642	31	glance	glance	NOUN
cblr-1751	642	32	—	—	PUNCT
cblr-1751	642	33	and	and	CCONJ
cblr-1751	642	34	are	be	AUX
cblr-1751	642	35	therefore	therefore	ADV
cblr-1751	642	36	supplying	supply	VERB
cblr-1751	642	37	society	society	NOUN
cblr-1751	642	38	with	with	ADP
cblr-1751	642	39	fewer	few	ADJ
cblr-1751	642	40	of	of	ADP
cblr-1751	642	41	the	the	DET
cblr-1751	642	42	benefits	benefit	NOUN
cblr-1751	642	43	associated	associate	VERB
cblr-1751	642	44	with	with	ADP
cblr-1751	642	45	increased	increase	VERB
cblr-1751	642	46	price	price	NOUN
cblr-1751	642	47	quality	quality	NOUN
cblr-1751	642	48	.	.	PUNCT
cblr-1751	643	1	indeed	indeed	ADV
cblr-1751	643	2	,	,	PUNCT
cblr-1751	643	3	uninformed	uninformed	ADJ
cblr-1751	643	4	traders	trader	NOUN
cblr-1751	643	5	themselves	themselves	PRON
cblr-1751	643	6	might	might	AUX
cblr-1751	643	7	actually	actually	ADV
cblr-1751	643	8	prefer	prefer	VERB
cblr-1751	643	9	that	that	SCONJ
cblr-1751	643	10	all	all	DET
cblr-1751	643	11	trading	trading	NOUN
cblr-1751	643	12	be	be	AUX
cblr-1751	643	13	conducted	conduct	VERB
cblr-1751	643	14	on	on	ADP
cblr-1751	643	15	exchanges	exchange	NOUN
cblr-1751	643	16	today	today	NOUN
cblr-1751	643	17	.	.	PUNCT
cblr-1751	644	1	however	however	ADV
cblr-1751	644	2	,	,	PUNCT
cblr-1751	644	3	the	the	DET
cblr-1751	644	4	large	large	ADJ
cblr-1751	644	5	portion	portion	NOUN
cblr-1751	644	6	of	of	ADP
cblr-1751	644	7	them	they	PRON
cblr-1751	644	8	that	that	PRON
cblr-1751	644	9	is	be	AUX
cblr-1751	644	10	composed	compose	VERB
cblr-1751	644	11	of	of	ADP
cblr-1751	644	12	individual	individual	ADJ
cblr-1751	644	13	,	,	PUNCT
cblr-1751	644	14	retail	retail	ADJ
cblr-1751	644	15	-	-	PUNCT
cblr-1751	644	16	level	level	NOUN
cblr-1751	644	17	investors	investor	NOUN
cblr-1751	644	18	.	.	PUNCT
cblr-1751	645	1	those	those	DET
cblr-1751	645	2	investors	investor	NOUN
cblr-1751	645	3	are	be	AUX
cblr-1751	645	4	likely	likely	ADV
cblr-1751	645	5	routed	route	VERB
cblr-1751	645	6	to	to	ADP
cblr-1751	645	7	off	off	ADP
cblr-1751	645	8	-	-	PUNCT
cblr-1751	645	9	exchange	exchange	NOUN
cblr-1751	645	10	platforms	platform	NOUN
cblr-1751	645	11	by	by	ADP
cblr-1751	645	12	their	their	PRON
cblr-1751	645	13	agents	agent	NOUN
cblr-1751	645	14	(	(	PUNCT
cblr-1751	645	15	stock	stock	NOUN
cblr-1751	645	16	brokers	broker	NOUN
cblr-1751	645	17	)	)	PUNCT
cblr-1751	645	18	without	without	ADP
cblr-1751	645	19	their	their	PRON
cblr-1751	645	20	knowledge	knowledge	NOUN
cblr-1751	645	21	.	.	PUNCT
cblr-1751	646	1	the	the	DET
cblr-1751	646	2	remainder	remainder	NOUN
cblr-1751	646	3	of	of	ADP
cblr-1751	646	4	the	the	DET
cblr-1751	646	5	uninformed	uninformed	ADJ
cblr-1751	646	6	traders	trader	NOUN
cblr-1751	646	7	that	that	SCONJ
cblr-1751	646	8	current	current	ADJ
cblr-1751	646	9	transact	transact	NOUN
cblr-1751	646	10	off	off	ADP
cblr-1751	646	11	-	-	PUNCT
cblr-1751	646	12	exchange	exchange	NOUN
cblr-1751	646	13	is	be	AUX
cblr-1751	646	14	made	make	VERB
cblr-1751	646	15	up	up	ADP
cblr-1751	646	16	of	of	ADP
cblr-1751	646	17	larger	large	ADJ
cblr-1751	646	18	index	index	NOUN
cblr-1751	646	19	funds	fund	NOUN
cblr-1751	646	20	and	and	CCONJ
cblr-1751	646	21	the	the	DET
cblr-1751	646	22	like	like	ADJ
cblr-1751	646	23	.	.	PUNCT
cblr-1751	647	1	it	it	PRON
cblr-1751	647	2	is	be	AUX
cblr-1751	647	3	unlikely	unlikely	ADJ
cblr-1751	647	4	that	that	SCONJ
cblr-1751	647	5	these	these	DET
cblr-1751	647	6	market	market	NOUN
cblr-1751	647	7	participants	participant	NOUN
cblr-1751	647	8	are	be	AUX
cblr-1751	647	9	able	able	ADJ
cblr-1751	647	10	to	to	PART
cblr-1751	647	11	work	work	VERB
cblr-1751	647	12	collectively	collectively	ADV
cblr-1751	647	13	in	in	ADP
cblr-1751	647	14	order	order	NOUN
cblr-1751	647	15	to	to	PART
cblr-1751	647	16	ensure	ensure	VERB
cblr-1751	647	17	that	that	SCONJ
cblr-1751	647	18	they	they	PRON
cblr-1751	647	19	all	all	PRON
cblr-1751	647	20	move	move	VERB
cblr-1751	647	21	their	their	PRON
cblr-1751	647	22	trading	trading	NOUN
cblr-1751	647	23	to	to	ADP
cblr-1751	647	24	exchanges	exchange	NOUN
cblr-1751	647	25	—	—	PUNCT
cblr-1751	647	26	thereby	thereby	ADV
cblr-1751	647	27	removing	remove	VERB
cblr-1751	647	28	the	the	DET
cblr-1751	647	29	incentive	incentive	NOUN
cblr-1751	647	30	for	for	SCONJ
cblr-1751	647	31	any	any	DET
cblr-1751	647	32	one	one	NUM
cblr-1751	647	33	of	of	ADP
cblr-1751	647	34	them	they	PRON
cblr-1751	647	35	to	to	PART
cblr-1751	647	36	move	move	VERB
cblr-1751	647	37	its	its	PRON
cblr-1751	647	38	trading	trading	NOUN
cblr-1751	647	39	to	to	ADP
cblr-1751	647	40	exchanges	exchange	NOUN
cblr-1751	647	41	.	.	PUNCT
cblr-1751	648	1	after	after	ADV
cblr-1751	648	2	all	all	ADV
cblr-1751	648	3	,	,	PUNCT
cblr-1751	648	4	the	the	DET
cblr-1751	648	5	superior	superior	ADJ
cblr-1751	648	6	exchange	exchange	NOUN
cblr-1751	648	7	pricing	pricing	NOUN
cblr-1751	648	8	anticipated	anticipate	VERB
cblr-1751	648	9	here	here	ADV
cblr-1751	648	10	will	will	AUX
cblr-1751	648	11	only	only	ADV
cblr-1751	648	12	result	result	VERB
cblr-1751	648	13	if	if	SCONJ
cblr-1751	648	14	enormous	enormous	ADJ
cblr-1751	648	15	amounts	amount	NOUN
cblr-1751	648	16	of	of	ADP
cblr-1751	648	17	off	off	ADP
cblr-1751	648	18	-	-	PUNCT
cblr-1751	648	19	exchange	exchange	NOUN
cblr-1751	648	20	trading	trading	NOUN
cblr-1751	648	21	is	be	AUX
cblr-1751	648	22	moved	move	VERB
cblr-1751	648	23	to	to	ADP
cblr-1751	648	24	exchanges	exchange	NOUN
cblr-1751	648	25	.	.	PUNCT
cblr-1751	649	1	further	far	ADV
cblr-1751	649	2	,	,	PUNCT
cblr-1751	649	3	briefly	briefly	ADV
cblr-1751	649	4	looking	look	VERB
cblr-1751	649	5	even	even	ADV
cblr-1751	649	6	more	more	ADV
cblr-1751	649	7	deeply	deeply	ADV
cblr-1751	649	8	into	into	ADP
cblr-1751	649	9	the	the	DET
cblr-1751	649	10	mechanics	mechanic	NOUN
cblr-1751	649	11	of	of	ADP
cblr-1751	649	12	exchange	exchange	NOUN
cblr-1751	649	13	trading	trading	NOUN
cblr-1751	649	14	shows	show	VERB
cblr-1751	649	15	that	that	SCONJ
cblr-1751	649	16	the	the	DET
cblr-1751	649	17	value	value	NOUN
cblr-1751	649	18	of	of	ADP
cblr-1751	649	19	any	any	DET
cblr-1751	649	20	superior	superior	ADJ
cblr-1751	649	21	pricing	pricing	NOUN
cblr-1751	649	22	currently	currently	ADV
cblr-1751	649	23	provided	provide	VERB
cblr-1751	649	24	by	by	ADP
cblr-1751	649	25	off	off	ADP
cblr-1751	649	26	-	-	PUNCT
cblr-1751	649	27	exchange	exchange	NOUN
cblr-1751	649	28	platforms	platform	NOUN
cblr-1751	649	29	may	may	AUX
cblr-1751	649	30	be	be	AUX
cblr-1751	649	31	larger	large	ADJ
cblr-1751	649	32	than	than	SCONJ
cblr-1751	649	33	it	it	PRON
cblr-1751	649	34	first	first	ADV
cblr-1751	649	35	appears	appear	VERB
cblr-1751	649	36	for	for	ADP
cblr-1751	649	37	a	a	DET
cblr-1751	649	38	second	second	ADJ
cblr-1751	649	39	reason	reason	NOUN
cblr-1751	649	40	:	:	PUNCT
cblr-1751	649	41	even	even	ADV
cblr-1751	649	42	if	if	SCONJ
cblr-1751	649	43	all	all	DET
cblr-1751	649	44	uninformed	uninformed	ADJ
cblr-1751	649	45	traders	trader	NOUN
cblr-1751	649	46	were	be	AUX
cblr-1751	649	47	forced	force	VERB
cblr-1751	649	48	to	to	PART
cblr-1751	649	49	transact	transact	VERB
cblr-1751	649	50	through	through	ADP
cblr-1751	649	51	exchanges	exchange	NOUN
cblr-1751	649	52	,	,	PUNCT
cblr-1751	649	53	they	they	PRON
cblr-1751	649	54	would	would	AUX
cblr-1751	649	55	not	not	PART
cblr-1751	649	56	always	always	ADV
cblr-1751	649	57	have	have	VERB
cblr-1751	649	58	to	to	PART
cblr-1751	649	59	transact	transact	VERB
cblr-1751	649	60	against	against	ADP
cblr-1751	649	61	exchange	exchange	NOUN
cblr-1751	649	62	liquidity	liquidity	NOUN
cblr-1751	649	63	providers	provider	NOUN
cblr-1751	649	64	’	'	PUNCT
cblr-1751	649	65	price	price	NOUN
cblr-1751	649	66	quotes	quote	NOUN
cblr-1751	649	67	.	.	PUNCT
cblr-1751	650	1	96	96	NUM
cblr-1751	650	2	see	see	VERB
cblr-1751	650	3	generally	generally	ADV
cblr-1751	650	4	supra	supra	ADJ
cblr-1751	650	5	part	part	NOUN
cblr-1751	650	6	iv.a	iv.a	VERB
cblr-1751	650	7	.	.	PUNCT
cblr-1751	651	1	haeberle	haeberle	PROPN
cblr-1751	651	2	final	final	ADJ
cblr-1751	651	3	178	178	NUM
cblr-1751	651	4	columbia	columbia	PROPN
cblr-1751	651	5	business	business	NOUN
cblr-1751	651	6	law	law	PROPN
cblr-1751	651	7	review	review	NOUN
cblr-1751	651	8	[	[	X
cblr-1751	651	9	vol	vol	NOUN
cblr-1751	651	10	.	.	NOUN
cblr-1751	651	11	2015	2015	NUM
cblr-1751	651	12	instead	instead	ADV
cblr-1751	651	13	,	,	PUNCT
cblr-1751	651	14	these	these	DET
cblr-1751	651	15	traders	trader	NOUN
cblr-1751	651	16	will	will	AUX
cblr-1751	651	17	often	often	ADV
cblr-1751	651	18	be	be	AUX
cblr-1751	651	19	able	able	ADJ
cblr-1751	651	20	to	to	PART
cblr-1751	651	21	accomplish	accomplish	VERB
cblr-1751	651	22	their	their	PRON
cblr-1751	651	23	trading	trading	NOUN
cblr-1751	651	24	goals	goal	NOUN
cblr-1751	651	25	through	through	ADP
cblr-1751	651	26	exchanges	exchange	NOUN
cblr-1751	651	27	by	by	ADP
cblr-1751	651	28	purchasing	purchase	VERB
cblr-1751	651	29	at	at	ADP
cblr-1751	651	30	bid	bid	NOUN
cblr-1751	651	31	prices	price	NOUN
cblr-1751	651	32	and	and	CCONJ
cblr-1751	651	33	selling	sell	VERB
cblr-1751	651	34	at	at	ADP
cblr-1751	651	35	ask	ask	NOUN
cblr-1751	651	36	prices	price	NOUN
cblr-1751	651	37	.	.	PUNCT
cblr-1751	652	1	and	and	CCONJ
cblr-1751	652	2	the	the	DET
cblr-1751	652	3	former	former	ADJ
cblr-1751	652	4	are	be	AUX
cblr-1751	652	5	generally	generally	ADV
cblr-1751	652	6	lower	low	ADJ
cblr-1751	652	7	than	than	ADP
cblr-1751	652	8	the	the	DET
cblr-1751	652	9	market	market	NOUN
cblr-1751	652	10	’s	’s	PART
cblr-1751	652	11	current	current	ADJ
cblr-1751	652	12	assessment	assessment	NOUN
cblr-1751	652	13	of	of	ADP
cblr-1751	652	14	the	the	DET
cblr-1751	652	15	stock	stock	NOUN
cblr-1751	652	16	’s	’s	PART
cblr-1751	652	17	fundamental	fundamental	ADJ
cblr-1751	652	18	value	value	NOUN
cblr-1751	652	19	,	,	PUNCT
cblr-1751	652	20	while	while	SCONJ
cblr-1751	652	21	the	the	DET
cblr-1751	652	22	latter	latter	ADJ
cblr-1751	652	23	are	be	AUX
cblr-1751	652	24	generally	generally	ADV
cblr-1751	652	25	higher	high	ADJ
cblr-1751	652	26	than	than	ADP
cblr-1751	652	27	that	that	DET
cblr-1751	652	28	assessment).97	assessment).97	NOUN
cblr-1751	652	29	in	in	ADP
cblr-1751	652	30	contrast	contrast	NOUN
cblr-1751	652	31	to	to	ADP
cblr-1751	652	32	informed	informed	ADJ
cblr-1751	652	33	traders	trader	NOUN
cblr-1751	652	34	,	,	PUNCT
cblr-1751	652	35	uninformed	uninformed	ADJ
cblr-1751	652	36	traders	trader	NOUN
cblr-1751	652	37	place	place	VERB
cblr-1751	652	38	a	a	DET
cblr-1751	652	39	relatively	relatively	ADV
cblr-1751	652	40	low	low	ADJ
cblr-1751	652	41	value	value	NOUN
cblr-1751	652	42	on	on	ADP
cblr-1751	652	43	execution	execution	NOUN
cblr-1751	652	44	speed	speed	NOUN
cblr-1751	652	45	and	and	CCONJ
cblr-1751	652	46	certainty.98	certainty.98	NOUN
cblr-1751	652	47	by	by	ADP
cblr-1751	652	48	definition	definition	NOUN
cblr-1751	652	49	,	,	PUNCT
cblr-1751	652	50	these	these	DET
cblr-1751	652	51	traders	trader	NOUN
cblr-1751	652	52	are	be	AUX
cblr-1751	652	53	not	not	PART
cblr-1751	652	54	transacting	transact	VERB
cblr-1751	652	55	based	base	VERB
cblr-1751	652	56	on	on	ADP
cblr-1751	652	57	some	some	DET
cblr-1751	652	58	depreciating	depreciate	VERB
cblr-1751	652	59	informational	informational	ADJ
cblr-1751	652	60	asset	asset	NOUN
cblr-1751	652	61	relating	relate	VERB
cblr-1751	652	62	to	to	ADP
cblr-1751	652	63	a	a	DET
cblr-1751	652	64	delta	delta	NOUN
cblr-1751	652	65	between	between	ADP
cblr-1751	652	66	current	current	ADJ
cblr-1751	652	67	market	market	NOUN
cblr-1751	652	68	prices	price	NOUN
cblr-1751	652	69	and	and	CCONJ
cblr-1751	652	70	fundamental	fundamental	ADJ
cblr-1751	652	71	values	value	NOUN
cblr-1751	652	72	that	that	PRON
cblr-1751	652	73	could	could	AUX
cblr-1751	652	74	change	change	VERB
cblr-1751	652	75	at	at	ADP
cblr-1751	652	76	any	any	DET
cblr-1751	652	77	moment	moment	NOUN
cblr-1751	652	78	.	.	PUNCT
cblr-1751	653	1	instead	instead	ADV
cblr-1751	653	2	,	,	PUNCT
cblr-1751	653	3	before	before	SCONJ
cblr-1751	653	4	their	their	PRON
cblr-1751	653	5	transactions	transaction	NOUN
cblr-1751	653	6	take	take	VERB
cblr-1751	653	7	place	place	NOUN
cblr-1751	653	8	,	,	PUNCT
cblr-1751	653	9	as	as	ADV
cblr-1751	653	10	far	far	ADV
cblr-1751	653	11	as	as	SCONJ
cblr-1751	653	12	they	they	PRON
cblr-1751	653	13	know	know	VERB
cblr-1751	653	14	,	,	PUNCT
cblr-1751	653	15	stock	stock	NOUN
cblr-1751	653	16	prices	price	NOUN
cblr-1751	653	17	during	during	ADP
cblr-1751	653	18	that	that	DET
cblr-1751	653	19	next	next	ADJ
cblr-1751	653	20	interval	interval	NOUN
cblr-1751	653	21	of	of	ADP
cblr-1751	653	22	time	time	NOUN
cblr-1751	653	23	have	have	VERB
cblr-1751	653	24	a	a	DET
cblr-1751	653	25	more	more	ADJ
cblr-1751	653	26	or	or	CCONJ
cblr-1751	653	27	less	less	ADJ
cblr-1751	653	28	50	50	NUM
cblr-1751	653	29	-	-	SYM
cblr-1751	653	30	50	50	NUM
cblr-1751	653	31	chance	chance	NOUN
cblr-1751	653	32	of	of	ADP
cblr-1751	653	33	increasing	increase	VERB
cblr-1751	653	34	or	or	CCONJ
cblr-1751	653	35	decreasing.99	decreasing.99	NOUN
cblr-1751	653	36	accordingly	accordingly	ADV
cblr-1751	653	37	,	,	PUNCT
cblr-1751	653	38	whether	whether	SCONJ
cblr-1751	653	39	their	their	PRON
cblr-1751	653	40	orders	order	NOUN
cblr-1751	653	41	to	to	PART
cblr-1751	653	42	buy	buy	VERB
cblr-1751	653	43	and	and	CCONJ
cblr-1751	653	44	sell	sell	VERB
cblr-1751	653	45	pieces	piece	NOUN
cblr-1751	653	46	of	of	ADP
cblr-1751	653	47	their	their	PRON
cblr-1751	653	48	stock	stock	NOUN
cblr-1751	653	49	portfolios	portfolio	NOUN
cblr-1751	653	50	are	be	AUX
cblr-1751	653	51	executed	execute	VERB
cblr-1751	653	52	in	in	ADP
cblr-1751	653	53	a	a	DET
cblr-1751	653	54	fraction	fraction	NOUN
cblr-1751	653	55	of	of	ADP
cblr-1751	653	56	a	a	DET
cblr-1751	653	57	millisecond	millisecond	NOUN
cblr-1751	653	58	,	,	PUNCT
cblr-1751	653	59	an	an	DET
cblr-1751	653	60	hour	hour	NOUN
cblr-1751	653	61	,	,	PUNCT
cblr-1751	653	62	or	or	CCONJ
cblr-1751	653	63	even	even	ADV
cblr-1751	653	64	a	a	DET
cblr-1751	653	65	week	week	NOUN
cblr-1751	653	66	is	be	AUX
cblr-1751	653	67	largely	largely	ADV
cblr-1751	653	68	—	—	PUNCT
cblr-1751	653	69	before	before	ADP
cblr-1751	653	70	the	the	DET
cblr-1751	653	71	transaction	transaction	NOUN
cblr-1751	653	72	—	—	PUNCT
cblr-1751	653	73	irrelevant	irrelevant	ADJ
cblr-1751	653	74	to	to	ADP
cblr-1751	653	75	these	these	DET
cblr-1751	653	76	traders	trader	NOUN
cblr-1751	653	77	.	.	PUNCT
cblr-1751	654	1	by	by	ADP
cblr-1751	654	2	law	law	NOUN
cblr-1751	654	3	,	,	PUNCT
cblr-1751	654	4	such	such	ADJ
cblr-1751	654	5	patient	patient	ADJ
cblr-1751	654	6	traders	trader	NOUN
cblr-1751	654	7	are	be	AUX
cblr-1751	654	8	now	now	ADV
cblr-1751	654	9	able	able	ADJ
cblr-1751	654	10	to	to	PART
cblr-1751	654	11	complete	complete	VERB
cblr-1751	654	12	their	their	PRON
cblr-1751	654	13	trading	trading	NOUN
cblr-1751	654	14	needs	need	NOUN
cblr-1751	654	15	by	by	ADP
cblr-1751	654	16	providing	provide	VERB
cblr-1751	654	17	liquidity	liquidity	NOUN
cblr-1751	654	18	services	service	NOUN
cblr-1751	654	19	to	to	ADP
cblr-1751	654	20	other	other	ADJ
cblr-1751	654	21	stock	stock	NOUN
cblr-1751	654	22	traders	trader	NOUN
cblr-1751	654	23	on	on	ADP
cblr-1751	654	24	exchanges	exchange	NOUN
cblr-1751	654	25	.	.	PUNCT
cblr-1751	655	1	any	any	DET
cblr-1751	655	2	trader	trader	NOUN
cblr-1751	655	3	may	may	AUX
cblr-1751	655	4	access	access	VERB
cblr-1751	655	5	any	any	DET
cblr-1751	655	6	exchange	exchange	NOUN
cblr-1751	655	7	through	through	ADP
cblr-1751	655	8	any	any	DET
cblr-1751	655	9	one	one	NUM
cblr-1751	655	10	of	of	ADP
cblr-1751	655	11	a	a	DET
cblr-1751	655	12	long	long	ADJ
cblr-1751	655	13	list	list	NOUN
cblr-1751	655	14	of	of	ADP
cblr-1751	655	15	stock	stock	NOUN
cblr-1751	655	16	brokers	broker	NOUN
cblr-1751	655	17	that	that	PRON
cblr-1751	655	18	is	be	AUX
cblr-1751	655	19	a	a	DET
cblr-1751	655	20	member	member	NOUN
cblr-1751	655	21	of	of	ADP
cblr-1751	655	22	that	that	DET
cblr-1751	655	23	exchange.100	exchange.100	NOUN
cblr-1751	655	24	and	and	CCONJ
cblr-1751	655	25	every	every	DET
cblr-1751	655	26	exchange	exchange	NOUN
cblr-1751	655	27	allows	allow	VERB
cblr-1751	655	28	its	its	PRON
cblr-1751	655	29	members	member	NOUN
cblr-1751	655	30	to	to	PART
cblr-1751	655	31	post	post	VERB
cblr-1751	655	32	their	their	PRON
cblr-1751	655	33	clients	client	NOUN
cblr-1751	655	34	’	’	PART
cblr-1751	655	35	bid	bid	NOUN
cblr-1751	655	36	and	and	CCONJ
cblr-1751	655	37	ask	ask	VERB
cblr-1751	655	38	quotes	quote	NOUN
cblr-1751	655	39	on	on	ADP
cblr-1751	655	40	the	the	DET
cblr-1751	655	41	exchange	exchange	NOUN
cblr-1751	655	42	’s	’s	PART
cblr-1751	655	43	trading	trading	NOUN
cblr-1751	655	44	system	system	NOUN
cblr-1751	655	45	.	.	PUNCT
cblr-1751	656	1	for	for	ADP
cblr-1751	656	2	these	these	DET
cblr-1751	656	3	reasons	reason	NOUN
cblr-1751	656	4	,	,	PUNCT
cblr-1751	656	5	all	all	DET
cblr-1751	656	6	traders	trader	NOUN
cblr-1751	656	7	can	can	AUX
cblr-1751	656	8	accomplish	accomplish	VERB
cblr-1751	656	9	a	a	DET
cblr-1751	656	10	portion	portion	NOUN
cblr-1751	656	11	of	of	ADP
cblr-1751	656	12	their	their	PRON
cblr-1751	656	13	trading	trading	NOUN
cblr-1751	656	14	needs	need	NOUN
cblr-1751	656	15	over	over	ADP
cblr-1751	656	16	time	time	NOUN
cblr-1751	656	17	by	by	ADP
cblr-1751	656	18	purchasing	purchase	VERB
cblr-1751	656	19	stocks	stock	NOUN
cblr-1751	656	20	by	by	ADP
cblr-1751	656	21	placing	place	VERB
cblr-1751	656	22	market	market	NOUN
cblr-1751	656	23	bid	bid	NOUN
cblr-1751	656	24	quotes	quote	NOUN
cblr-1751	656	25	and	and	CCONJ
cblr-1751	656	26	selling	sell	VERB
cblr-1751	656	27	them	they	PRON
cblr-1751	656	28	by	by	ADP
cblr-1751	656	29	placing	place	VERB
cblr-1751	656	30	market	market	NOUN
cblr-1751	656	31	ask	ask	NOUN
cblr-1751	656	32	quotes	quote	NOUN
cblr-1751	656	33	.	.	PUNCT
cblr-1751	657	1	by	by	ADP
cblr-1751	657	2	purchasing	purchase	VERB
cblr-1751	657	3	at	at	ADP
cblr-1751	657	4	bid	bid	NOUN
cblr-1751	657	5	prices	price	NOUN
cblr-1751	657	6	and	and	CCONJ
cblr-1751	657	7	selling	sell	VERB
cblr-1751	657	8	at	at	ADP
cblr-1751	657	9	ask	ask	NOUN
cblr-1751	657	10	prices	price	NOUN
cblr-1751	657	11	in	in	ADP
cblr-1751	657	12	this	this	DET
cblr-1751	657	13	manner	manner	NOUN
cblr-1751	657	14	,	,	PUNCT
cblr-1751	657	15	these	these	DET
cblr-1751	657	16	patient	patient	ADJ
cblr-1751	657	17	traders	trader	NOUN
cblr-1751	657	18	avoid	avoid	VERB
cblr-1751	657	19	the	the	DET
cblr-1751	657	20	inferior	inferior	ADJ
cblr-1751	657	21	prices	price	NOUN
cblr-1751	657	22	associated	associate	VERB
cblr-1751	657	23	with	with	ADP
cblr-1751	657	24	transacting	transact	VERB
cblr-1751	657	25	immediately	immediately	ADV
cblr-1751	657	26	with	with	ADP
cblr-1751	657	27	certainty	certainty	NOUN
cblr-1751	657	28	against	against	ADP
cblr-1751	657	29	other	other	ADJ
cblr-1751	657	30	liquidity	liquidity	NOUN
cblr-1751	657	31	providers	provider	NOUN
cblr-1751	657	32	’	'	PUNCT
cblr-1751	657	33	ask	ask	VERB
cblr-1751	657	34	prices	price	NOUN
cblr-1751	657	35	and	and	CCONJ
cblr-1751	657	36	bid	bid	NOUN
cblr-1751	657	37	prices	price	NOUN
cblr-1751	657	38	.	.	PUNCT
cblr-1751	658	1	as	as	ADP
cblr-1751	658	2	a	a	DET
cblr-1751	658	3	result	result	NOUN
cblr-1751	658	4	,	,	PUNCT
cblr-1751	658	5	these	these	DET
cblr-1751	658	6	traders	trader	NOUN
cblr-1751	658	7	can	can	AUX
cblr-1751	658	8	—	—	PUNCT
cblr-1751	658	9	and	and	CCONJ
cblr-1751	658	10	routinely	routinely	ADV
cblr-1751	658	11	do	do	AUX
cblr-1751	658	12	—	—	PUNCT
cblr-1751	658	13	meet	meet	VERB
cblr-1751	658	14	some	some	DET
cblr-1751	658	15	significant	significant	ADJ
cblr-1751	658	16	portion	portion	NOUN
cblr-1751	658	17	of	of	ADP
cblr-1751	658	18	their	their	PRON
cblr-1751	658	19	trading	trading	NOUN
cblr-1751	658	20	97	97	NUM
cblr-1751	658	21	see	see	NOUN
cblr-1751	658	22	supra	supra	PROPN
cblr-1751	658	23	part	part	PROPN
cblr-1751	658	24	iii.a.3	iii.a.3	PROPN
cblr-1751	658	25	.	.	PUNCT
cblr-1751	659	1	98	98	NUM
cblr-1751	659	2	see	see	VERB
cblr-1751	659	3	generally	generally	ADV
cblr-1751	659	4	supra	supra	ADJ
cblr-1751	659	5	part	part	NOUN
cblr-1751	659	6	iv.a.1	iv.a.1	PROPN
cblr-1751	659	7	(	(	PUNCT
cblr-1751	659	8	explaining	explain	VERB
cblr-1751	659	9	the	the	DET
cblr-1751	659	10	premium	premium	NOUN
cblr-1751	659	11	that	that	PRON
cblr-1751	659	12	informed	inform	VERB
cblr-1751	659	13	traders	trader	NOUN
cblr-1751	659	14	place	place	VERB
cblr-1751	659	15	on	on	ADP
cblr-1751	659	16	the	the	DET
cblr-1751	659	17	ability	ability	NOUN
cblr-1751	659	18	to	to	PART
cblr-1751	659	19	transact	transact	VERB
cblr-1751	659	20	quickly	quickly	ADV
cblr-1751	659	21	with	with	ADP
cblr-1751	659	22	certainty	certainty	PROPN
cblr-1751	659	23	)	)	PUNCT
cblr-1751	659	24	.	.	PUNCT
cblr-1751	660	1	99	99	NUM
cblr-1751	660	2	for	for	ADP
cblr-1751	660	3	one	one	NUM
cblr-1751	660	4	of	of	ADP
cblr-1751	660	5	the	the	DET
cblr-1751	660	6	seminal	seminal	ADJ
cblr-1751	660	7	works	work	NOUN
cblr-1751	660	8	on	on	ADP
cblr-1751	660	9	this	this	DET
cblr-1751	660	10	concept	concept	NOUN
cblr-1751	660	11	,	,	PUNCT
cblr-1751	660	12	see	see	VERB
cblr-1751	660	13	generally	generally	ADV
cblr-1751	660	14	eugene	eugene	PROPN
cblr-1751	660	15	f.	f.	PROPN
cblr-1751	660	16	fama	fama	PROPN
cblr-1751	660	17	,	,	PUNCT
cblr-1751	660	18	the	the	DET
cblr-1751	660	19	behavior	behavior	NOUN
cblr-1751	660	20	of	of	ADP
cblr-1751	660	21	stock	stock	NOUN
cblr-1751	660	22	market	market	NOUN
cblr-1751	660	23	prices	price	NOUN
cblr-1751	660	24	,	,	PUNCT
cblr-1751	660	25	38	38	NUM
cblr-1751	660	26	j.	j.	PROPN
cblr-1751	660	27	bus	bus	NOUN
cblr-1751	660	28	.	.	PUNCT
cblr-1751	661	1	34	34	NUM
cblr-1751	661	2	(	(	PUNCT
cblr-1751	661	3	1965	1965	NUM
cblr-1751	661	4	)	)	PUNCT
cblr-1751	661	5	.	.	PUNCT
cblr-1751	662	1	100	100	NUM
cblr-1751	662	2	see	see	VERB
cblr-1751	662	3	supra	supra	PROPN
cblr-1751	662	4	note	note	NOUN
cblr-1751	662	5	1	1	NUM
cblr-1751	662	6	and	and	CCONJ
cblr-1751	662	7	accompanying	accompany	VERB
cblr-1751	662	8	text	text	NOUN
cblr-1751	662	9	.	.	PUNCT
cblr-1751	663	1	haeberle	haeberle	PROPN
cblr-1751	663	2	final	final	ADJ
cblr-1751	663	3	no	no	NOUN
cblr-1751	663	4	.	.	NOUN
cblr-1751	663	5	1:121	1:121	NUM
cblr-1751	663	6	]	]	X
cblr-1751	663	7	stock	stock	NOUN
cblr-1751	663	8	-	-	PUNCT
cblr-1751	663	9	price	price	NOUN
cblr-1751	663	10	accuracy	accuracy	NOUN
cblr-1751	663	11	179	179	NUM
cblr-1751	663	12	needs	need	NOUN
cblr-1751	663	13	by	by	ADP
cblr-1751	663	14	providing	provide	VERB
cblr-1751	663	15	liquidity	liquidity	NOUN
cblr-1751	663	16	services	service	NOUN
cblr-1751	663	17	to	to	ADP
cblr-1751	663	18	other	other	ADJ
cblr-1751	663	19	traders	trader	NOUN
cblr-1751	663	20	.	.	PUNCT
cblr-1751	664	1	that	that	PRON
cblr-1751	664	2	is	is	ADV
cblr-1751	664	3	,	,	PUNCT
cblr-1751	664	4	they	they	PRON
cblr-1751	664	5	complete	complete	VERB
cblr-1751	664	6	their	their	PRON
cblr-1751	664	7	trading	trading	NOUN
cblr-1751	664	8	needs	need	NOUN
cblr-1751	664	9	by	by	ADP
cblr-1751	664	10	posting	post	VERB
cblr-1751	664	11	bid	bid	NOUN
cblr-1751	664	12	price	price	NOUN
cblr-1751	664	13	quotes	quote	NOUN
cblr-1751	664	14	and	and	CCONJ
cblr-1751	664	15	ask	ask	VERB
cblr-1751	664	16	price	price	NOUN
cblr-1751	664	17	quotes	quote	NOUN
cblr-1751	664	18	against	against	ADP
cblr-1751	664	19	which	which	PRON
cblr-1751	664	20	other	other	ADJ
cblr-1751	664	21	traders	trader	NOUN
cblr-1751	664	22	will	will	AUX
cblr-1751	664	23	transact.101	transact.101	VERB
cblr-1751	664	24	thus	thus	ADV
cblr-1751	664	25	,	,	PUNCT
cblr-1751	664	26	the	the	DET
cblr-1751	664	27	social	social	ADJ
cblr-1751	664	28	costs	cost	NOUN
cblr-1751	664	29	arising	arise	VERB
cblr-1751	664	30	out	out	ADP
cblr-1751	664	31	of	of	ADP
cblr-1751	664	32	any	any	DET
cblr-1751	664	33	inferior	inferior	ADJ
cblr-1751	664	34	prices	price	NOUN
cblr-1751	664	35	that	that	PRON
cblr-1751	664	36	uninformed	uninformed	ADJ
cblr-1751	664	37	traders	trader	NOUN
cblr-1751	664	38	face	face	VERB
cblr-1751	664	39	under	under	ADP
cblr-1751	664	40	an	an	DET
cblr-1751	664	41	exchangetrading	exchangetrade	VERB
cblr-1751	664	42	mandate	mandate	NOUN
cblr-1751	664	43	may	may	AUX
cblr-1751	664	44	be	be	AUX
cblr-1751	664	45	far	far	ADV
cblr-1751	664	46	smaller	small	ADJ
cblr-1751	664	47	than	than	SCONJ
cblr-1751	664	48	they	they	PRON
cblr-1751	664	49	might	might	AUX
cblr-1751	664	50	initially	initially	ADV
cblr-1751	664	51	appear	appear	VERB
cblr-1751	664	52	for	for	ADP
cblr-1751	664	53	this	this	DET
cblr-1751	664	54	second	second	ADJ
cblr-1751	664	55	reason.102	reason.102	NOUN
cblr-1751	664	56	lastly	lastly	ADV
cblr-1751	664	57	,	,	PUNCT
cblr-1751	664	58	and	and	CCONJ
cblr-1751	664	59	perhaps	perhaps	ADV
cblr-1751	664	60	most	most	ADV
cblr-1751	664	61	importantly	importantly	ADV
cblr-1751	664	62	,	,	PUNCT
cblr-1751	664	63	it	it	PRON
cblr-1751	664	64	may	may	AUX
cblr-1751	664	65	be	be	AUX
cblr-1751	664	66	helpful	helpful	ADJ
cblr-1751	664	67	to	to	PART
cblr-1751	664	68	take	take	VERB
cblr-1751	664	69	a	a	DET
cblr-1751	664	70	step	step	NOUN
cblr-1751	664	71	back	back	ADV
cblr-1751	664	72	from	from	ADP
cblr-1751	664	73	the	the	DET
cblr-1751	664	74	nuanced	nuanced	ADJ
cblr-1751	664	75	mechanics	mechanic	NOUN
cblr-1751	664	76	of	of	ADP
cblr-1751	664	77	the	the	DET
cblr-1751	664	78	contemporary	contemporary	ADJ
cblr-1751	664	79	stock	stock	NOUN
cblr-1751	664	80	market	market	NOUN
cblr-1751	664	81	to	to	PART
cblr-1751	664	82	recognize	recognize	VERB
cblr-1751	664	83	something	something	PRON
cblr-1751	664	84	more	more	ADV
cblr-1751	664	85	basic	basic	ADJ
cblr-1751	664	86	:	:	PUNCT
cblr-1751	664	87	any	any	DET
cblr-1751	664	88	inferior	inferior	ADJ
cblr-1751	664	89	prices	price	NOUN
cblr-1751	664	90	imposed	impose	VERB
cblr-1751	664	91	on	on	ADP
cblr-1751	664	92	uninformed	uninformed	ADJ
cblr-1751	664	93	traders	trader	NOUN
cblr-1751	664	94	by	by	ADP
cblr-1751	664	95	an	an	DET
cblr-1751	664	96	exchange	exchange	NOUN
cblr-1751	664	97	-	-	PUNCT
cblr-1751	664	98	trading	trading	NOUN
cblr-1751	664	99	mandate	mandate	NOUN
cblr-1751	664	100	may	may	AUX
cblr-1751	664	101	very	very	ADV
cblr-1751	664	102	well	well	ADV
cblr-1751	664	103	be	be	AUX
cblr-1751	664	104	immaterial	immaterial	ADJ
cblr-1751	664	105	.	.	PUNCT
cblr-1751	665	1	this	this	DET
cblr-1751	665	2	point	point	NOUN
cblr-1751	665	3	becomes	become	VERB
cblr-1751	665	4	clear	clear	ADJ
cblr-1751	665	5	when	when	SCONJ
cblr-1751	665	6	viewing	view	VERB
cblr-1751	665	7	these	these	DET
cblr-1751	665	8	inferior	inferior	ADJ
cblr-1751	665	9	prices	price	NOUN
cblr-1751	665	10	as	as	ADP
cblr-1751	665	11	giving	give	VERB
cblr-1751	665	12	rise	rise	NOUN
cblr-1751	665	13	to	to	ADP
cblr-1751	665	14	a	a	DET
cblr-1751	665	15	spread	spread	ADJ
cblr-1751	665	16	cost.103	cost.103	NOUN
cblr-1751	665	17	like	like	ADP
cblr-1751	665	18	all	all	DET
cblr-1751	665	19	traders	trader	NOUN
cblr-1751	665	20	,	,	PUNCT
cblr-1751	665	21	uninformed	uninformed	ADJ
cblr-1751	665	22	traders	trader	NOUN
cblr-1751	665	23	amortize	amortize	VERB
cblr-1751	665	24	their	their	PRON
cblr-1751	665	25	trading	trading	NOUN
cblr-1751	665	26	costs	cost	NOUN
cblr-1751	665	27	(	(	PUNCT
cblr-1751	665	28	including	include	VERB
cblr-1751	665	29	spread	spread	VERB
cblr-1751	665	30	costs	cost	NOUN
cblr-1751	665	31	)	)	PUNCT
cblr-1751	665	32	over	over	ADP
cblr-1751	665	33	the	the	DET
cblr-1751	665	34	lifetime	lifetime	NOUN
cblr-1751	665	35	of	of	ADP
cblr-1751	665	36	an	an	DET
cblr-1751	665	37	investment	investment	NOUN
cblr-1751	665	38	.	.	PUNCT
cblr-1751	666	1	but	but	CCONJ
cblr-1751	666	2	,	,	PUNCT
cblr-1751	666	3	in	in	ADP
cblr-1751	666	4	contrast	contrast	NOUN
cblr-1751	666	5	to	to	ADP
cblr-1751	666	6	most	most	ADJ
cblr-1751	666	7	other	other	ADJ
cblr-1751	666	8	traders	trader	NOUN
cblr-1751	666	9	,	,	PUNCT
cblr-1751	666	10	the	the	DET
cblr-1751	666	11	typical	typical	ADJ
cblr-1751	666	12	investment	investment	NOUN
cblr-1751	666	13	horizon	horizon	NOUN
cblr-1751	666	14	of	of	ADP
cblr-1751	666	15	an	an	DET
cblr-1751	666	16	uninformed	uninformed	ADJ
cblr-1751	666	17	trader	trader	NOUN
cblr-1751	666	18	is	be	AUX
cblr-1751	666	19	long.104	long.104	NOUN
cblr-1751	666	20	and	and	CCONJ
cblr-1751	666	21	that	that	SCONJ
cblr-1751	666	22	sustained	sustain	VERB
cblr-1751	666	23	time	time	NOUN
cblr-1751	666	24	span	span	NOUN
cblr-1751	666	25	is	be	AUX
cblr-1751	666	26	relevant	relevant	ADJ
cblr-1751	666	27	to	to	ADP
cblr-1751	666	28	any	any	DET
cblr-1751	666	29	assessment	assessment	NOUN
cblr-1751	666	30	of	of	ADP
cblr-1751	666	31	101	101	NUM
cblr-1751	666	32	purchasing	purchasing	NOUN
cblr-1751	666	33	and	and	CCONJ
cblr-1751	666	34	selling	sell	VERB
cblr-1751	666	35	stocks	stock	NOUN
cblr-1751	666	36	via	via	ADP
cblr-1751	666	37	quotes	quote	NOUN
cblr-1751	666	38	rather	rather	ADV
cblr-1751	666	39	than	than	ADP
cblr-1751	666	40	transacting	transact	VERB
cblr-1751	666	41	immediately	immediately	ADV
cblr-1751	666	42	by	by	ADP
cblr-1751	666	43	paying	pay	VERB
cblr-1751	666	44	liquidity	liquidity	NOUN
cblr-1751	666	45	providers	provider	NOUN
cblr-1751	666	46	’	'	PUNCT
cblr-1751	666	47	quoted	quote	VERB
cblr-1751	666	48	prices	price	NOUN
cblr-1751	666	49	has	have	VERB
cblr-1751	666	50	its	its	PRON
cblr-1751	666	51	own	own	ADJ
cblr-1751	666	52	risks	risk	NOUN
cblr-1751	666	53	,	,	PUNCT
cblr-1751	666	54	including	include	VERB
cblr-1751	666	55	the	the	DET
cblr-1751	666	56	risk	risk	NOUN
cblr-1751	666	57	of	of	ADP
cblr-1751	666	58	losing	lose	VERB
cblr-1751	666	59	to	to	ADP
cblr-1751	666	60	informed	informed	ADJ
cblr-1751	666	61	traders	trader	NOUN
cblr-1751	666	62	.	.	PUNCT
cblr-1751	667	1	it	it	PRON
cblr-1751	667	2	also	also	ADV
cblr-1751	667	3	presents	present	VERB
cblr-1751	667	4	the	the	DET
cblr-1751	667	5	risk	risk	NOUN
cblr-1751	667	6	of	of	ADP
cblr-1751	667	7	non	non	ADJ
cblr-1751	667	8	-	-	NOUN
cblr-1751	667	9	execution	execution	NOUN
cblr-1751	667	10	as	as	SCONJ
cblr-1751	667	11	market	market	NOUN
cblr-1751	667	12	prices	price	NOUN
cblr-1751	667	13	move	move	VERB
cblr-1751	667	14	in	in	ADP
cblr-1751	667	15	the	the	DET
cblr-1751	667	16	opposite	opposite	ADJ
cblr-1751	667	17	direction	direction	NOUN
cblr-1751	667	18	of	of	ADP
cblr-1751	667	19	the	the	DET
cblr-1751	667	20	best	good	ADJ
cblr-1751	667	21	quoted	quote	VERB
cblr-1751	667	22	price	price	NOUN
cblr-1751	667	23	,	,	PUNCT
cblr-1751	667	24	thereby	thereby	ADV
cblr-1751	667	25	leaving	leave	VERB
cblr-1751	667	26	the	the	DET
cblr-1751	667	27	trader	trader	NOUN
cblr-1751	667	28	to	to	PART
cblr-1751	667	29	transact	transact	VERB
cblr-1751	667	30	at	at	ADP
cblr-1751	667	31	a	a	DET
cblr-1751	667	32	worse	bad	ADJ
cblr-1751	667	33	price	price	NOUN
cblr-1751	667	34	than	than	SCONJ
cblr-1751	667	35	if	if	SCONJ
cblr-1751	667	36	its	its	PRON
cblr-1751	667	37	order	order	NOUN
cblr-1751	667	38	had	have	AUX
cblr-1751	667	39	simply	simply	ADV
cblr-1751	667	40	been	be	AUX
cblr-1751	667	41	executed	execute	VERB
cblr-1751	667	42	immediately	immediately	ADV
cblr-1751	667	43	against	against	ADP
cblr-1751	667	44	a	a	DET
cblr-1751	667	45	price	price	NOUN
cblr-1751	667	46	quote	quote	NOUN
cblr-1751	667	47	.	.	PUNCT
cblr-1751	668	1	still	still	ADV
cblr-1751	668	2	,	,	PUNCT
cblr-1751	668	3	completing	complete	VERB
cblr-1751	668	4	one	one	NUM
cblr-1751	668	5	’s	’s	PART
cblr-1751	668	6	trading	trading	NOUN
cblr-1751	668	7	needs	need	NOUN
cblr-1751	668	8	by	by	ADP
cblr-1751	668	9	providing	provide	VERB
cblr-1751	668	10	liquidity	liquidity	NOUN
cblr-1751	668	11	to	to	ADP
cblr-1751	668	12	other	other	ADJ
cblr-1751	668	13	less	less	ADV
cblr-1751	668	14	patient	patient	ADJ
cblr-1751	668	15	market	market	NOUN
cblr-1751	668	16	participants	participant	NOUN
cblr-1751	668	17	often	often	ADV
cblr-1751	668	18	results	result	VERB
cblr-1751	668	19	in	in	ADP
cblr-1751	668	20	obtaining	obtain	VERB
cblr-1751	668	21	superior	superior	ADJ
cblr-1751	668	22	prices	price	NOUN
cblr-1751	668	23	.	.	PUNCT
cblr-1751	669	1	102	102	NUM
cblr-1751	669	2	interestingly	interestingly	ADV
cblr-1751	669	3	,	,	PUNCT
cblr-1751	669	4	the	the	DET
cblr-1751	669	5	portion	portion	NOUN
cblr-1751	669	6	of	of	ADP
cblr-1751	669	7	current	current	ADJ
cblr-1751	669	8	off	off	ADJ
cblr-1751	669	9	-	-	PUNCT
cblr-1751	669	10	exchange	exchange	NOUN
cblr-1751	669	11	uninformed	uninformed	ADJ
cblr-1751	669	12	trading	trading	NOUN
cblr-1751	669	13	that	that	PRON
cblr-1751	669	14	would	would	AUX
cblr-1751	669	15	—	—	PUNCT
cblr-1751	669	16	in	in	ADP
cblr-1751	669	17	a	a	DET
cblr-1751	669	18	world	world	NOUN
cblr-1751	669	19	where	where	SCONJ
cblr-1751	669	20	all	all	DET
cblr-1751	669	21	trading	trading	NOUN
cblr-1751	669	22	took	take	VERB
cblr-1751	669	23	place	place	NOUN
cblr-1751	669	24	through	through	ADP
cblr-1751	669	25	exchanges	exchange	NOUN
cblr-1751	669	26	—	—	PUNCT
cblr-1751	669	27	proceed	proceed	VERB
cblr-1751	669	28	through	through	ADP
cblr-1751	669	29	providing	provide	VERB
cblr-1751	669	30	other	other	ADJ
cblr-1751	669	31	traders	trader	NOUN
cblr-1751	669	32	with	with	ADP
cblr-1751	669	33	firm	firm	ADJ
cblr-1751	669	34	bid	bid	NOUN
cblr-1751	669	35	and	and	CCONJ
cblr-1751	669	36	ask	ask	VERB
cblr-1751	669	37	quotes	quote	NOUN
cblr-1751	669	38	rather	rather	ADV
cblr-1751	669	39	than	than	ADP
cblr-1751	669	40	transacting	transact	VERB
cblr-1751	669	41	against	against	ADP
cblr-1751	669	42	liquidity	liquidity	NOUN
cblr-1751	669	43	-	-	PUNCT
cblr-1751	669	44	provider	provider	NOUN
cblr-1751	669	45	quotes	quote	NOUN
cblr-1751	669	46	would	would	AUX
cblr-1751	669	47	not	not	PART
cblr-1751	669	48	help	help	VERB
cblr-1751	669	49	reduce	reduce	VERB
cblr-1751	669	50	the	the	DET
cblr-1751	669	51	current	current	ADJ
cblr-1751	669	52	exchange	exchange	NOUN
cblr-1751	669	53	ratio	ratio	NOUN
cblr-1751	669	54	of	of	ADP
cblr-1751	669	55	informed	informed	ADJ
cblr-1751	669	56	traders	trader	NOUN
cblr-1751	669	57	to	to	ADP
cblr-1751	669	58	uninformed	uninformed	ADJ
cblr-1751	669	59	ones	one	NOUN
cblr-1751	669	60	.	.	PUNCT
cblr-1751	670	1	for	for	ADP
cblr-1751	670	2	this	this	DET
cblr-1751	670	3	reason	reason	NOUN
cblr-1751	670	4	,	,	PUNCT
cblr-1751	670	5	even	even	ADV
cblr-1751	670	6	if	if	SCONJ
cblr-1751	670	7	all	all	DET
cblr-1751	670	8	trading	trading	NOUN
cblr-1751	670	9	took	take	VERB
cblr-1751	670	10	place	place	NOUN
cblr-1751	670	11	on	on	ADP
cblr-1751	670	12	exchanges	exchange	NOUN
cblr-1751	670	13	,	,	PUNCT
cblr-1751	670	14	some	some	DET
cblr-1751	670	15	degree	degree	NOUN
cblr-1751	670	16	of	of	ADP
cblr-1751	670	17	the	the	DET
cblr-1751	670	18	issue	issue	NOUN
cblr-1751	670	19	for	for	ADP
cblr-1751	670	20	price	price	NOUN
cblr-1751	670	21	accuracy	accuracy	NOUN
cblr-1751	670	22	identified	identify	VERB
cblr-1751	670	23	here	here	ADV
cblr-1751	670	24	may	may	AUX
cblr-1751	670	25	still	still	ADV
cblr-1751	670	26	exist	exist	VERB
cblr-1751	670	27	.	.	PUNCT
cblr-1751	671	1	103	103	NUM
cblr-1751	671	2	see	see	NOUN
cblr-1751	671	3	supra	supra	PROPN
cblr-1751	671	4	note	note	PROPN
cblr-1751	671	5	33	33	NUM
cblr-1751	671	6	.	.	PUNCT
cblr-1751	672	1	104	104	NUM
cblr-1751	672	2	see	see	VERB
cblr-1751	672	3	supra	supra	PROPN
cblr-1751	672	4	part	part	NOUN
cblr-1751	672	5	iii.a.1	iii.a.1	X
cblr-1751	672	6	(	(	PUNCT
cblr-1751	672	7	stating	state	VERB
cblr-1751	672	8	that	that	SCONJ
cblr-1751	672	9	informed	informed	ADJ
cblr-1751	672	10	traders	trader	NOUN
cblr-1751	672	11	enter	enter	VERB
cblr-1751	672	12	and	and	CCONJ
cblr-1751	672	13	exit	exit	NOUN
cblr-1751	672	14	stock	stock	NOUN
cblr-1751	672	15	positions	position	NOUN
cblr-1751	672	16	far	far	ADV
cblr-1751	672	17	more	more	ADV
cblr-1751	672	18	frequently	frequently	ADV
cblr-1751	672	19	than	than	ADP
cblr-1751	672	20	uninformed	uninformed	ADJ
cblr-1751	672	21	traders	trader	NOUN
cblr-1751	672	22	)	)	PUNCT
cblr-1751	672	23	;	;	PUNCT
cblr-1751	672	24	supra	supra	PROPN
cblr-1751	672	25	part	part	NOUN
cblr-1751	672	26	iii.a.2	iii.a.2	PROPN
cblr-1751	672	27	(	(	PUNCT
cblr-1751	672	28	describing	describe	VERB
cblr-1751	672	29	the	the	DET
cblr-1751	672	30	longer	long	ADJ
cblr-1751	672	31	-	-	PUNCT
cblr-1751	672	32	term	term	NOUN
cblr-1751	672	33	investment	investment	NOUN
cblr-1751	672	34	window	window	NOUN
cblr-1751	672	35	of	of	ADP
cblr-1751	672	36	the	the	DET
cblr-1751	672	37	typical	typical	ADJ
cblr-1751	672	38	uninformed	uninformed	ADJ
cblr-1751	672	39	trader	trader	NOUN
cblr-1751	672	40	,	,	PUNCT
cblr-1751	672	41	including	include	VERB
cblr-1751	672	42	“	"	PUNCT
cblr-1751	672	43	buy	buy	VERB
cblr-1751	672	44	and	and	CCONJ
cblr-1751	672	45	hold	hold	VERB
cblr-1751	672	46	”	"	PUNCT
cblr-1751	672	47	investors	investor	NOUN
cblr-1751	672	48	that	that	PRON
cblr-1751	672	49	maintain	maintain	VERB
cblr-1751	672	50	ownership	ownership	NOUN
cblr-1751	672	51	of	of	ADP
cblr-1751	672	52	stocks	stock	NOUN
cblr-1751	672	53	over	over	ADP
cblr-1751	672	54	sustained	sustained	ADJ
cblr-1751	672	55	periods	period	NOUN
cblr-1751	672	56	of	of	ADP
cblr-1751	672	57	time	time	NOUN
cblr-1751	672	58	more	more	ADV
cblr-1751	672	59	easily	easily	ADV
cblr-1751	672	60	measured	measure	VERB
cblr-1751	672	61	in	in	ADP
cblr-1751	672	62	decades	decade	NOUN
cblr-1751	672	63	than	than	ADP
cblr-1751	672	64	milliseconds	millisecond	NOUN
cblr-1751	672	65	,	,	PUNCT
cblr-1751	672	66	seconds	second	NOUN
cblr-1751	672	67	,	,	PUNCT
cblr-1751	672	68	days	day	NOUN
cblr-1751	672	69	,	,	PUNCT
cblr-1751	672	70	or	or	CCONJ
cblr-1751	672	71	even	even	ADV
cblr-1751	672	72	weeks	week	NOUN
cblr-1751	672	73	)	)	PUNCT
cblr-1751	672	74	.	.	PUNCT
cblr-1751	673	1	haeberle	haeberle	PROPN
cblr-1751	673	2	final	final	ADJ
cblr-1751	673	3	180	180	NUM
cblr-1751	673	4	columbia	columbia	PROPN
cblr-1751	673	5	business	business	NOUN
cblr-1751	673	6	law	law	PROPN
cblr-1751	673	7	review	review	NOUN
cblr-1751	673	8	[	[	X
cblr-1751	673	9	vol	vol	NOUN
cblr-1751	673	10	.	.	NOUN
cblr-1751	673	11	2015	2015	NUM
cblr-1751	673	12	whether	whether	SCONJ
cblr-1751	673	13	inferior	inferior	ADJ
cblr-1751	673	14	exchange	exchange	NOUN
cblr-1751	673	15	pricing	pricing	NOUN
cblr-1751	673	16	would	would	AUX
cblr-1751	673	17	impose	impose	VERB
cblr-1751	673	18	material	material	NOUN
cblr-1751	673	19	costs	cost	NOUN
cblr-1751	673	20	on	on	ADP
cblr-1751	673	21	society	society	NOUN
cblr-1751	673	22	.	.	PUNCT
cblr-1751	674	1	in	in	ADP
cblr-1751	674	2	today	today	NOUN
cblr-1751	674	3	’s	’s	PART
cblr-1751	674	4	market	market	NOUN
cblr-1751	674	5	the	the	DET
cblr-1751	674	6	delta	delta	NOUN
cblr-1751	674	7	between	between	ADP
cblr-1751	674	8	bid	bid	NOUN
cblr-1751	674	9	and	and	CCONJ
cblr-1751	674	10	ask	ask	VERB
cblr-1751	674	11	prices	price	NOUN
cblr-1751	674	12	and	and	CCONJ
cblr-1751	674	13	current	current	ADJ
cblr-1751	674	14	market	market	NOUN
cblr-1751	674	15	valuations	valuation	NOUN
cblr-1751	674	16	is	be	AUX
cblr-1751	674	17	generally	generally	ADV
cblr-1751	674	18	on	on	ADP
cblr-1751	674	19	the	the	DET
cblr-1751	674	20	order	order	NOUN
cblr-1751	674	21	of	of	ADP
cblr-1751	674	22	a	a	DET
cblr-1751	674	23	mere	mere	ADJ
cblr-1751	674	24	penny	penny	NOUN
cblr-1751	674	25	or	or	CCONJ
cblr-1751	674	26	two	two	NUM
cblr-1751	674	27	for	for	ADP
cblr-1751	674	28	most	most	ADJ
cblr-1751	674	29	stocks105	stocks105	PROPN
cblr-1751	674	30	—	—	PUNCT
cblr-1751	674	31	meaning	mean	VERB
cblr-1751	674	32	that	that	SCONJ
cblr-1751	674	33	the	the	DET
cblr-1751	674	34	spread	spread	ADJ
cblr-1751	674	35	cost	cost	NOUN
cblr-1751	674	36	associated	associate	VERB
cblr-1751	674	37	with	with	ADP
cblr-1751	674	38	the	the	DET
cblr-1751	674	39	delta	delta	NOUN
cblr-1751	674	40	between	between	ADP
cblr-1751	674	41	bid	bid	NOUN
cblr-1751	674	42	prices	price	NOUN
cblr-1751	674	43	and	and	CCONJ
cblr-1751	674	44	stock	stock	NOUN
cblr-1751	674	45	’s	’s	PART
cblr-1751	674	46	fundamental	fundamental	ADJ
cblr-1751	674	47	values	value	NOUN
cblr-1751	674	48	and	and	CCONJ
cblr-1751	674	49	ask	ask	VERB
cblr-1751	674	50	prices	price	NOUN
cblr-1751	674	51	and	and	CCONJ
cblr-1751	674	52	those	those	DET
cblr-1751	674	53	values	value	NOUN
cblr-1751	674	54	is	be	AUX
cblr-1751	674	55	typically	typically	ADV
cblr-1751	674	56	but	but	CCONJ
cblr-1751	674	57	a	a	DET
cblr-1751	674	58	half	half	NOUN
cblr-1751	674	59	cent	cent	NOUN
cblr-1751	674	60	or	or	CCONJ
cblr-1751	674	61	a	a	DET
cblr-1751	674	62	cent	cent	NOUN
cblr-1751	674	63	.	.	PUNCT
cblr-1751	675	1	for	for	ADP
cblr-1751	675	2	example	example	NOUN
cblr-1751	675	3	,	,	PUNCT
cblr-1751	675	4	if	if	SCONJ
cblr-1751	675	5	a	a	DET
cblr-1751	675	6	longterm	longterm	ADJ
cblr-1751	675	7	uninformed	uninformed	ADJ
cblr-1751	675	8	trader	trader	NOUN
cblr-1751	675	9	purchases	purchase	VERB
cblr-1751	675	10	a	a	DET
cblr-1751	675	11	stock	stock	NOUN
cblr-1751	675	12	at	at	ADP
cblr-1751	675	13	an	an	DET
cblr-1751	675	14	exchange	exchange	NOUN
cblr-1751	675	15	liquidity	liquidity	NOUN
cblr-1751	675	16	provider	provider	NOUN
cblr-1751	675	17	’s	’s	PART
cblr-1751	675	18	ask	ask	NOUN
cblr-1751	675	19	price	price	NOUN
cblr-1751	675	20	of	of	ADP
cblr-1751	675	21	$	$	SYM
cblr-1751	675	22	44.11	44.11	NUM
cblr-1751	675	23	per	per	ADP
cblr-1751	675	24	share	share	NOUN
cblr-1751	675	25	when	when	SCONJ
cblr-1751	675	26	the	the	DET
cblr-1751	675	27	current	current	ADJ
cblr-1751	675	28	market	market	NOUN
cblr-1751	675	29	valuation	valuation	NOUN
cblr-1751	675	30	of	of	ADP
cblr-1751	675	31	the	the	DET
cblr-1751	675	32	stock	stock	NOUN
cblr-1751	675	33	is	be	AUX
cblr-1751	675	34	$	$	SYM
cblr-1751	675	35	44.10	44.10	NUM
cblr-1751	675	36	per	per	ADP
cblr-1751	675	37	share	share	NOUN
cblr-1751	675	38	,	,	PUNCT
cblr-1751	675	39	that	that	DET
cblr-1751	675	40	trader	trader	NOUN
cblr-1751	675	41	can	can	AUX
cblr-1751	675	42	be	be	AUX
cblr-1751	675	43	said	say	VERB
cblr-1751	675	44	to	to	PART
cblr-1751	675	45	overpay	overpay	VERB
cblr-1751	675	46	by	by	ADP
cblr-1751	675	47	$	$	SYM
cblr-1751	675	48	0.01	0.01	NUM
cblr-1751	675	49	per	per	ADP
cblr-1751	675	50	share	share	NOUN
cblr-1751	675	51	as	as	ADP
cblr-1751	675	52	a	a	DET
cblr-1751	675	53	result	result	NOUN
cblr-1751	675	54	of	of	ADP
cblr-1751	675	55	having	have	VERB
cblr-1751	675	56	to	to	PART
cblr-1751	675	57	transact	transact	VERB
cblr-1751	675	58	against	against	ADP
cblr-1751	675	59	that	that	PRON
cblr-1751	675	60	ask	ask	VERB
cblr-1751	675	61	quote	quote	INTJ
cblr-1751	675	62	.	.	PUNCT
cblr-1751	676	1	and	and	CCONJ
cblr-1751	676	2	twenty	twenty	NUM
cblr-1751	676	3	years	year	NOUN
cblr-1751	676	4	later	later	ADV
cblr-1751	676	5	when	when	SCONJ
cblr-1751	676	6	that	that	DET
cblr-1751	676	7	trader	trader	NOUN
cblr-1751	676	8	sells	sell	VERB
cblr-1751	676	9	the	the	DET
cblr-1751	676	10	stock	stock	NOUN
cblr-1751	676	11	,	,	PUNCT
cblr-1751	676	12	she	she	PRON
cblr-1751	676	13	would	would	AUX
cblr-1751	676	14	likely	likely	ADV
cblr-1751	676	15	sell	sell	VERB
cblr-1751	676	16	it	it	PRON
cblr-1751	676	17	in	in	ADP
cblr-1751	676	18	return	return	NOUN
cblr-1751	676	19	for	for	ADP
cblr-1751	676	20	the	the	DET
cblr-1751	676	21	price	price	NOUN
cblr-1751	676	22	provided	provide	VERB
cblr-1751	676	23	by	by	ADP
cblr-1751	676	24	an	an	DET
cblr-1751	676	25	exchange	exchange	NOUN
cblr-1751	676	26	liquidity	liquidity	NOUN
cblr-1751	676	27	provider	provider	NOUN
cblr-1751	676	28	’s	’s	PART
cblr-1751	676	29	bid	bid	NOUN
cblr-1751	676	30	quote	quote	INTJ
cblr-1751	676	31	that	that	PRON
cblr-1751	676	32	is	be	AUX
cblr-1751	676	33	similarly	similarly	ADV
cblr-1751	676	34	below	below	ADP
cblr-1751	676	35	the	the	DET
cblr-1751	676	36	stock	stock	NOUN
cblr-1751	676	37	’s	’s	PART
cblr-1751	676	38	then	then	ADV
cblr-1751	676	39	-	-	PUNCT
cblr-1751	676	40	current	current	ADJ
cblr-1751	676	41	value	value	NOUN
cblr-1751	676	42	.	.	PUNCT
cblr-1751	677	1	these	these	DET
cblr-1751	677	2	aspects	aspect	NOUN
cblr-1751	677	3	of	of	ADP
cblr-1751	677	4	stock	stock	NOUN
cblr-1751	677	5	trading	trading	NOUN
cblr-1751	677	6	dictate	dictate	VERB
cblr-1751	677	7	that	that	SCONJ
cblr-1751	677	8	the	the	DET
cblr-1751	677	9	investor	investor	NOUN
cblr-1751	677	10	will	will	AUX
cblr-1751	677	11	have	have	AUX
cblr-1751	677	12	paid	pay	VERB
cblr-1751	677	13	a	a	DET
cblr-1751	677	14	mere	mere	ADJ
cblr-1751	677	15	0.02	0.02	NUM
cblr-1751	677	16	%	%	NOUN
cblr-1751	677	17	spread	spread	NOUN
cblr-1751	677	18	cost	cost	NOUN
cblr-1751	677	19	in	in	ADP
cblr-1751	677	20	order	order	NOUN
cblr-1751	677	21	to	to	PART
cblr-1751	677	22	purchase	purchase	VERB
cblr-1751	677	23	the	the	DET
cblr-1751	677	24	stock	stock	NOUN
cblr-1751	677	25	,	,	PUNCT
cblr-1751	677	26	and	and	CCONJ
cblr-1751	677	27	paid	pay	VERB
cblr-1751	677	28	some	some	DET
cblr-1751	677	29	similar	similar	ADJ
cblr-1751	677	30	tiny	tiny	ADJ
cblr-1751	677	31	twenty	twenty	NUM
cblr-1751	677	32	years	year	NOUN
cblr-1751	677	33	later	later	ADV
cblr-1751	677	34	in	in	ADP
cblr-1751	677	35	order	order	NOUN
cblr-1751	677	36	to	to	PART
cblr-1751	677	37	sell	sell	VERB
cblr-1751	677	38	the	the	DET
cblr-1751	677	39	stock	stock	NOUN
cblr-1751	677	40	.	.	PUNCT
cblr-1751	678	1	these	these	DET
cblr-1751	678	2	transactions	transaction	NOUN
cblr-1751	678	3	would	would	AUX
cblr-1751	678	4	thus	thus	ADV
cblr-1751	678	5	give	give	VERB
cblr-1751	678	6	rise	rise	NOUN
cblr-1751	678	7	to	to	ADP
cblr-1751	678	8	a	a	DET
cblr-1751	678	9	total	total	ADJ
cblr-1751	678	10	bid	bid	NOUN
cblr-1751	678	11	-	-	PUNCT
cblr-1751	678	12	ask	ask	NOUN
cblr-1751	678	13	spread	spread	VERB
cblr-1751	678	14	cost	cost	NOUN
cblr-1751	678	15	of	of	ADP
cblr-1751	678	16	approximately	approximately	ADV
cblr-1751	678	17	0.04%—which	0.04%—which	ADJ
cblr-1751	678	18	is	be	AUX
cblr-1751	678	19	the	the	DET
cblr-1751	678	20	average	average	ADJ
cblr-1751	678	21	size	size	NOUN
cblr-1751	678	22	of	of	ADP
cblr-1751	678	23	the	the	DET
cblr-1751	678	24	bid	bid	NOUN
cblr-1751	678	25	-	-	PUNCT
cblr-1751	678	26	ask	ask	NOUN
cblr-1751	678	27	spread	spread	VERB
cblr-1751	678	28	cost	cost	NOUN
cblr-1751	678	29	associated	associate	VERB
cblr-1751	678	30	with	with	ADP
cblr-1751	678	31	buying	buying	NOUN
cblr-1751	678	32	and	and	CCONJ
cblr-1751	678	33	selling	sell	VERB
cblr-1751	678	34	the	the	DET
cblr-1751	678	35	stocks	stock	NOUN
cblr-1751	678	36	of	of	ADP
cblr-1751	678	37	large	large	ADJ
cblr-1751	678	38	public	public	ADJ
cblr-1751	678	39	companies	company	NOUN
cblr-1751	679	1	today.106	today.106	NUM
cblr-1751	679	2	so	so	ADV
cblr-1751	679	3	,	,	PUNCT
cblr-1751	679	4	the	the	DET
cblr-1751	679	5	costs	cost	NOUN
cblr-1751	679	6	associated	associate	VERB
cblr-1751	679	7	with	with	ADP
cblr-1751	679	8	any	any	DET
cblr-1751	679	9	inferior	inferior	ADJ
cblr-1751	679	10	pricing	pricing	NOUN
cblr-1751	679	11	for	for	ADP
cblr-1751	679	12	those	those	DET
cblr-1751	679	13	uninformed	uninformed	ADJ
cblr-1751	679	14	traders	trader	NOUN
cblr-1751	679	15	that	that	PRON
cblr-1751	679	16	currently	currently	ADV
cblr-1751	679	17	transact	transact	VERB
cblr-1751	679	18	off	off	ADP
cblr-1751	679	19	-	-	PUNCT
cblr-1751	679	20	exchange	exchange	NOUN
cblr-1751	679	21	that	that	PRON
cblr-1751	679	22	resulted	result	VERB
cblr-1751	679	23	from	from	ADP
cblr-1751	679	24	moving	move	VERB
cblr-1751	679	25	their	their	PRON
cblr-1751	679	26	trading	trading	NOUN
cblr-1751	679	27	to	to	ADP
cblr-1751	679	28	exchanges	exchange	NOUN
cblr-1751	679	29	may	may	AUX
cblr-1751	679	30	be	be	AUX
cblr-1751	679	31	of	of	ADP
cblr-1751	679	32	little	little	ADJ
cblr-1751	679	33	social	social	ADJ
cblr-1751	679	34	consequence	consequence	NOUN
cblr-1751	679	35	in	in	ADP
cblr-1751	679	36	a	a	DET
cblr-1751	679	37	world	world	NOUN
cblr-1751	679	38	where	where	SCONJ
cblr-1751	679	39	uninformed	uninformed	ADJ
cblr-1751	679	40	traders	trader	NOUN
cblr-1751	679	41	invest	invest	VERB
cblr-1751	679	42	over	over	ADP
cblr-1751	679	43	long	long	ADJ
cblr-1751	679	44	periods	period	NOUN
cblr-1751	679	45	of	of	ADP
cblr-1751	679	46	time	time	NOUN
cblr-1751	679	47	and	and	CCONJ
cblr-1751	679	48	the	the	DET
cblr-1751	679	49	difference	difference	NOUN
cblr-1751	679	50	between	between	ADP
cblr-1751	679	51	exchange	exchange	NOUN
cblr-1751	679	52	liquidity	liquidity	NOUN
cblr-1751	679	53	providers	provider	NOUN
cblr-1751	679	54	’	'	PUNCT
cblr-1751	679	55	quotes	quote	NOUN
cblr-1751	679	56	and	and	CCONJ
cblr-1751	679	57	current	current	ADJ
cblr-1751	679	58	market	market	NOUN
cblr-1751	679	59	values	value	NOUN
cblr-1751	679	60	is	be	AUX
cblr-1751	679	61	but	but	CCONJ
cblr-1751	679	62	a	a	DET
cblr-1751	679	63	penny	penny	NOUN
cblr-1751	679	64	or	or	CCONJ
cblr-1751	679	65	two	two	NUM
cblr-1751	679	66	for	for	ADP
cblr-1751	679	67	most	most	ADJ
cblr-1751	679	68	stocks	stock	NOUN
cblr-1751	679	69	.	.	PUNCT
cblr-1751	680	1	105	105	NUM
cblr-1751	680	2	see	see	VERB
cblr-1751	680	3	,	,	PUNCT
cblr-1751	680	4	e.g.	e.g.	ADV
cblr-1751	680	5	,	,	PUNCT
cblr-1751	680	6	cfa	cfa	PROPN
cblr-1751	680	7	institute	institute	PROPN
cblr-1751	680	8	,	,	PUNCT
cblr-1751	680	9	issue	issue	NOUN
cblr-1751	680	10	brief	brief	NOUN
cblr-1751	680	11	:	:	PUNCT
cblr-1751	680	12	dark	dark	ADJ
cblr-1751	680	13	pools	pool	NOUN
cblr-1751	680	14	,	,	PUNCT
cblr-1751	680	15	internalization	internalization	NOUN
cblr-1751	680	16	,	,	PUNCT
cblr-1751	680	17	and	and	CCONJ
cblr-1751	680	18	equity	equity	NOUN
cblr-1751	680	19	market	market	NOUN
cblr-1751	680	20	quality	quality	NOUN
cblr-1751	680	21	5	5	NUM
cblr-1751	680	22	(	(	PUNCT
cblr-1751	680	23	2012	2012	NUM
cblr-1751	680	24	)	)	PUNCT
cblr-1751	680	25	(	(	PUNCT
cblr-1751	680	26	noting	note	VERB
cblr-1751	680	27	that	that	SCONJ
cblr-1751	680	28	in	in	ADP
cblr-1751	680	29	a	a	DET
cblr-1751	680	30	cross	cross	ADJ
cblr-1751	680	31	-	-	ADJ
cblr-1751	680	32	sectional	sectional	ADJ
cblr-1751	680	33	sample	sample	NOUN
cblr-1751	680	34	of	of	ADP
cblr-1751	680	35	large	large	ADJ
cblr-1751	680	36	-	-	PUNCT
cblr-1751	680	37	company	company	NOUN
cblr-1751	680	38	,	,	PUNCT
cblr-1751	680	39	medium	medium	ADJ
cblr-1751	680	40	-	-	PUNCT
cblr-1751	680	41	company	company	NOUN
cblr-1751	680	42	,	,	PUNCT
cblr-1751	680	43	and	and	CCONJ
cblr-1751	680	44	smallcompany	smallcompany	NOUN
cblr-1751	680	45	stocks	stock	NOUN
cblr-1751	680	46	,	,	PUNCT
cblr-1751	680	47	the	the	DET
cblr-1751	680	48	median	median	NOUN
cblr-1751	680	49	quoted	quote	VERB
cblr-1751	680	50	bid	bid	NOUN
cblr-1751	680	51	-	-	PUNCT
cblr-1751	680	52	ask	ask	NOUN
cblr-1751	680	53	spread	spread	NOUN
cblr-1751	680	54	was	be	AUX
cblr-1751	680	55	,	,	PUNCT
cblr-1751	680	56	respectively	respectively	ADV
cblr-1751	680	57	,	,	PUNCT
cblr-1751	680	58	one	one	NUM
cblr-1751	680	59	cent	cent	NOUN
cblr-1751	680	60	(	(	PUNCT
cblr-1751	680	61	0.04	0.04	NUM
cblr-1751	680	62	%	%	NOUN
cblr-1751	680	63	of	of	ADP
cblr-1751	680	64	the	the	DET
cblr-1751	680	65	average	average	ADJ
cblr-1751	680	66	large	large	ADJ
cblr-1751	680	67	-	-	PUNCT
cblr-1751	680	68	company	company	NOUN
cblr-1751	680	69	stock	stock	NOUN
cblr-1751	680	70	’s	’s	PART
cblr-1751	680	71	value	value	NOUN
cblr-1751	680	72	)	)	PUNCT
cblr-1751	680	73	,	,	PUNCT
cblr-1751	680	74	two	two	NUM
cblr-1751	680	75	cents	cent	NOUN
cblr-1751	680	76	(	(	PUNCT
cblr-1751	680	77	0.09	0.09	NUM
cblr-1751	680	78	%	%	NOUN
cblr-1751	680	79	of	of	ADP
cblr-1751	680	80	the	the	DET
cblr-1751	680	81	average	average	ADJ
cblr-1751	680	82	medium	medium	ADJ
cblr-1751	680	83	-	-	PUNCT
cblr-1751	680	84	company	company	NOUN
cblr-1751	680	85	stock	stock	NOUN
cblr-1751	680	86	’s	’s	PART
cblr-1751	680	87	value	value	NOUN
cblr-1751	680	88	)	)	PUNCT
cblr-1751	680	89	,	,	PUNCT
cblr-1751	680	90	and	and	CCONJ
cblr-1751	680	91	nine	nine	NUM
cblr-1751	680	92	cents	cent	NOUN
cblr-1751	680	93	(	(	PUNCT
cblr-1751	680	94	0.83	0.83	NUM
cblr-1751	680	95	%	%	NOUN
cblr-1751	680	96	of	of	ADP
cblr-1751	680	97	the	the	DET
cblr-1751	680	98	average	average	ADJ
cblr-1751	680	99	small	small	ADJ
cblr-1751	680	100	-	-	PUNCT
cblr-1751	680	101	company	company	NOUN
cblr-1751	680	102	stock	stock	NOUN
cblr-1751	680	103	’s	’s	PART
cblr-1751	680	104	value	value	NOUN
cblr-1751	680	105	)	)	PUNCT
cblr-1751	680	106	.	.	PUNCT
cblr-1751	681	1	106	106	NUM
cblr-1751	681	2	see	see	VERB
cblr-1751	681	3	i	i	PROPN
cblr-1751	681	4	d.	d.	PROPN
cblr-1751	681	5	haeberle	haeberle	PROPN
cblr-1751	681	6	final	final	PROPN
cblr-1751	681	7	no	no	NOUN
cblr-1751	681	8	.	.	NOUN
cblr-1751	681	9	1:121	1:121	NUM
cblr-1751	681	10	]	]	X
cblr-1751	681	11	stock	stock	NOUN
cblr-1751	681	12	-	-	PUNCT
cblr-1751	681	13	price	price	NOUN
cblr-1751	681	14	accuracy	accuracy	NOUN
cblr-1751	681	15	181	181	NUM
cblr-1751	681	16	b.	b.	NOUN
cblr-1751	681	17	main	main	ADJ
cblr-1751	681	18	costs	cost	NOUN
cblr-1751	681	19	of	of	ADP
cblr-1751	681	20	a	a	DET
cblr-1751	681	21	public	public	ADJ
cblr-1751	681	22	-	-	PUNCT
cblr-1751	681	23	firm	firm	NOUN
cblr-1751	681	24	subsidy	subsidy	NOUN
cblr-1751	681	25	for	for	ADP
cblr-1751	681	26	exchange	exchange	NOUN
cblr-1751	681	27	liquidity	liquidity	NOUN
cblr-1751	681	28	provision	provision	NOUN
cblr-1751	681	29	there	there	PRON
cblr-1751	681	30	are	be	VERB
cblr-1751	681	31	at	at	ADV
cblr-1751	681	32	least	least	ADJ
cblr-1751	681	33	three	three	NUM
cblr-1751	681	34	key	key	ADJ
cblr-1751	681	35	social	social	ADJ
cblr-1751	681	36	costs	cost	NOUN
cblr-1751	681	37	associated	associate	VERB
cblr-1751	681	38	with	with	ADP
cblr-1751	681	39	offering	offer	VERB
cblr-1751	681	40	liquidity	liquidity	NOUN
cblr-1751	681	41	providers	provider	NOUN
cblr-1751	681	42	a	a	DET
cblr-1751	681	43	subsidy	subsidy	NOUN
cblr-1751	681	44	funded	fund	VERB
cblr-1751	681	45	through	through	ADP
cblr-1751	681	46	a	a	DET
cblr-1751	681	47	fee	fee	NOUN
cblr-1751	681	48	on	on	ADP
cblr-1751	681	49	public	public	ADJ
cblr-1751	681	50	companies	company	NOUN
cblr-1751	681	51	.	.	PUNCT
cblr-1751	682	1	first	first	ADV
cblr-1751	682	2	,	,	PUNCT
cblr-1751	682	3	to	to	ADP
cblr-1751	682	4	the	the	DET
cblr-1751	682	5	extent	extent	NOUN
cblr-1751	682	6	that	that	SCONJ
cblr-1751	682	7	public	public	ADJ
cblr-1751	682	8	firms	firm	NOUN
cblr-1751	682	9	produce	produce	VERB
cblr-1751	682	10	goods	good	NOUN
cblr-1751	682	11	and	and	CCONJ
cblr-1751	682	12	services	service	NOUN
cblr-1751	682	13	in	in	ADP
cblr-1751	682	14	competitive	competitive	ADJ
cblr-1751	682	15	markets	market	NOUN
cblr-1751	682	16	,	,	PUNCT
cblr-1751	682	17	we	we	PRON
cblr-1751	682	18	can	can	AUX
cblr-1751	682	19	expect	expect	VERB
cblr-1751	682	20	this	this	DET
cblr-1751	682	21	fee	fee	NOUN
cblr-1751	682	22	to	to	PART
cblr-1751	682	23	increase	increase	VERB
cblr-1751	682	24	these	these	DET
cblr-1751	682	25	companies	company	NOUN
cblr-1751	682	26	’	'	PUNCT
cblr-1751	682	27	costs	cost	NOUN
cblr-1751	682	28	in	in	ADP
cblr-1751	682	29	a	a	DET
cblr-1751	682	30	manner	manner	NOUN
cblr-1751	682	31	that	that	PRON
cblr-1751	682	32	leads	lead	VERB
cblr-1751	682	33	them	they	PRON
cblr-1751	682	34	to	to	PART
cblr-1751	682	35	increase	increase	VERB
cblr-1751	682	36	the	the	DET
cblr-1751	682	37	prices	price	NOUN
cblr-1751	682	38	that	that	PRON
cblr-1751	682	39	they	they	PRON
cblr-1751	682	40	charge	charge	VERB
cblr-1751	682	41	for	for	ADP
cblr-1751	682	42	those	those	DET
cblr-1751	682	43	goods	good	NOUN
cblr-1751	682	44	and	and	CCONJ
cblr-1751	682	45	services	service	NOUN
cblr-1751	682	46	.	.	PUNCT
cblr-1751	683	1	in	in	ADP
cblr-1751	683	2	this	this	DET
cblr-1751	683	3	way	way	NOUN
cblr-1751	683	4	,	,	PUNCT
cblr-1751	683	5	the	the	DET
cblr-1751	683	6	fees	fee	NOUN
cblr-1751	683	7	would	would	AUX
cblr-1751	683	8	impose	impose	VERB
cblr-1751	683	9	a	a	DET
cblr-1751	683	10	social	social	ADJ
cblr-1751	683	11	cost	cost	NOUN
cblr-1751	683	12	in	in	ADP
cblr-1751	683	13	the	the	DET
cblr-1751	683	14	form	form	NOUN
cblr-1751	683	15	of	of	ADP
cblr-1751	683	16	lost	lose	VERB
cblr-1751	683	17	opportunities	opportunity	NOUN
cblr-1751	683	18	for	for	SCONJ
cblr-1751	683	19	consumers	consumer	NOUN
cblr-1751	683	20	to	to	PART
cblr-1751	683	21	transact	transact	VERB
cblr-1751	683	22	with	with	ADP
cblr-1751	683	23	these	these	DET
cblr-1751	683	24	firms	firm	NOUN
cblr-1751	683	25	.	.	PUNCT
cblr-1751	684	1	second	second	ADV
cblr-1751	684	2	,	,	PUNCT
cblr-1751	684	3	imposing	impose	VERB
cblr-1751	684	4	a	a	DET
cblr-1751	684	5	fee	fee	NOUN
cblr-1751	684	6	on	on	ADP
cblr-1751	684	7	publicly	publicly	ADV
cblr-1751	684	8	traded	trade	VERB
cblr-1751	684	9	firms	firm	NOUN
cblr-1751	684	10	would	would	AUX
cblr-1751	684	11	,	,	PUNCT
cblr-1751	684	12	on	on	ADP
cblr-1751	684	13	the	the	DET
cblr-1751	684	14	margin	margin	NOUN
cblr-1751	684	15	,	,	PUNCT
cblr-1751	684	16	dissuade	dissuade	VERB
cblr-1751	684	17	some	some	DET
cblr-1751	684	18	companies	company	NOUN
cblr-1751	684	19	from	from	ADP
cblr-1751	684	20	publicly	publicly	ADV
cblr-1751	684	21	listing	list	VERB
cblr-1751	684	22	their	their	PRON
cblr-1751	684	23	shares	share	NOUN
cblr-1751	684	24	altogether	altogether	ADV
cblr-1751	684	25	.	.	PUNCT
cblr-1751	685	1	the	the	DET
cblr-1751	685	2	exact	exact	ADJ
cblr-1751	685	3	marginal	marginal	ADJ
cblr-1751	685	4	effect	effect	NOUN
cblr-1751	685	5	would	would	AUX
cblr-1751	685	6	be	be	AUX
cblr-1751	685	7	unclear	unclear	ADJ
cblr-1751	685	8	—	—	PUNCT
cblr-1751	685	9	particularly	particularly	ADV
cblr-1751	685	10	in	in	ADP
cblr-1751	685	11	light	light	NOUN
cblr-1751	685	12	of	of	ADP
cblr-1751	685	13	the	the	DET
cblr-1751	685	14	already	already	ADV
cblr-1751	685	15	-	-	PUNCT
cblr-1751	685	16	substantial	substantial	ADJ
cblr-1751	685	17	costs	cost	NOUN
cblr-1751	685	18	associated	associate	VERB
cblr-1751	685	19	with	with	ADP
cblr-1751	685	20	being	be	AUX
cblr-1751	685	21	a	a	DET
cblr-1751	685	22	publicly	publicly	ADV
cblr-1751	685	23	traded	trade	VERB
cblr-1751	685	24	company	company	NOUN
cblr-1751	685	25	in	in	ADP
cblr-1751	685	26	the	the	DET
cblr-1751	685	27	united	united	PROPN
cblr-1751	685	28	states	states	PROPN
cblr-1751	685	29	.	.	PUNCT
cblr-1751	686	1	but	but	CCONJ
cblr-1751	686	2	policymakers	policymaker	NOUN
cblr-1751	686	3	consider	consider	VERB
cblr-1751	686	4	a	a	DET
cblr-1751	686	5	public	public	ADJ
cblr-1751	686	6	-	-	PUNCT
cblr-1751	686	7	firm	firm	NOUN
cblr-1751	686	8	subsidy	subsidy	NOUN
cblr-1751	686	9	for	for	ADP
cblr-1751	686	10	exchange	exchange	NOUN
cblr-1751	686	11	liquidity	liquidity	NOUN
cblr-1751	686	12	provision	provision	NOUN
cblr-1751	686	13	should	should	AUX
cblr-1751	686	14	nevertheless	nevertheless	ADV
cblr-1751	686	15	examine	examine	VERB
cblr-1751	686	16	whether	whether	SCONJ
cblr-1751	686	17	imposing	impose	VERB
cblr-1751	686	18	such	such	DET
cblr-1751	686	19	a	a	DET
cblr-1751	686	20	fee	fee	NOUN
cblr-1751	686	21	might	might	AUX
cblr-1751	686	22	meaningfully	meaningfully	ADV
cblr-1751	686	23	impair	impair	VERB
cblr-1751	686	24	the	the	DET
cblr-1751	686	25	ability	ability	NOUN
cblr-1751	686	26	of	of	ADP
cblr-1751	686	27	private	private	ADJ
cblr-1751	686	28	firms	firm	NOUN
cblr-1751	686	29	to	to	PART
cblr-1751	686	30	raise	raise	VERB
cblr-1751	686	31	public	public	ADJ
cblr-1751	686	32	capital	capital	NOUN
cblr-1751	686	33	.	.	PUNCT
cblr-1751	687	1	those	those	DET
cblr-1751	687	2	concerns	concern	NOUN
cblr-1751	687	3	deserve	deserve	VERB
cblr-1751	687	4	particular	particular	ADJ
cblr-1751	687	5	attention	attention	NOUN
cblr-1751	687	6	in	in	ADP
cblr-1751	687	7	light	light	NOUN
cblr-1751	687	8	of	of	ADP
cblr-1751	687	9	the	the	DET
cblr-1751	687	10	well	well	ADV
cblr-1751	687	11	-	-	PUNCT
cblr-1751	687	12	documented	document	VERB
cblr-1751	687	13	costs	cost	NOUN
cblr-1751	687	14	that	that	PRON
cblr-1751	687	15	result	result	VERB
cblr-1751	687	16	when	when	SCONJ
cblr-1751	687	17	companies	company	NOUN
cblr-1751	687	18	are	be	AUX
cblr-1751	687	19	deterred	deter	VERB
cblr-1751	687	20	from	from	ADP
cblr-1751	687	21	raising	raise	VERB
cblr-1751	687	22	equity	equity	NOUN
cblr-1751	687	23	capital	capital	NOUN
cblr-1751	687	24	.	.	PUNCT
cblr-1751	688	1	finally	finally	ADV
cblr-1751	688	2	,	,	PUNCT
cblr-1751	688	3	to	to	ADP
cblr-1751	688	4	the	the	DET
cblr-1751	688	5	extent	extent	NOUN
cblr-1751	688	6	that	that	SCONJ
cblr-1751	688	7	domestic	domestic	ADJ
cblr-1751	688	8	exchanges	exchange	NOUN
cblr-1751	688	9	impose	impose	VERB
cblr-1751	688	10	these	these	DET
cblr-1751	688	11	fees	fee	NOUN
cblr-1751	688	12	but	but	CCONJ
cblr-1751	688	13	foreign	foreign	ADJ
cblr-1751	688	14	ones	one	NOUN
cblr-1751	688	15	do	do	VERB
cblr-1751	688	16	not	not	PART
cblr-1751	688	17	,	,	PUNCT
cblr-1751	688	18	some	some	DET
cblr-1751	688	19	firms	firm	NOUN
cblr-1751	688	20	may	may	AUX
cblr-1751	688	21	be	be	AUX
cblr-1751	688	22	more	more	ADV
cblr-1751	688	23	inclined	inclined	ADJ
cblr-1751	688	24	to	to	PART
cblr-1751	688	25	list	list	VERB
cblr-1751	688	26	their	their	PRON
cblr-1751	688	27	shares	share	NOUN
cblr-1751	688	28	only	only	ADV
cblr-1751	688	29	on	on	ADP
cblr-1751	688	30	the	the	DET
cblr-1751	688	31	latter.107	latter.107	NOUN
cblr-1751	688	32	while	while	SCONJ
cblr-1751	688	33	it	it	PRON
cblr-1751	688	34	is	be	AUX
cblr-1751	688	35	unclear	unclear	ADJ
cblr-1751	688	36	whether	whether	SCONJ
cblr-1751	688	37	this	this	DET
cblr-1751	688	38	result	result	NOUN
cblr-1751	688	39	would	would	AUX
cblr-1751	688	40	even	even	ADV
cblr-1751	688	41	be	be	AUX
cblr-1751	688	42	problematic	problematic	ADJ
cblr-1751	688	43	from	from	ADP
cblr-1751	688	44	a	a	DET
cblr-1751	688	45	social	social	ADJ
cblr-1751	688	46	point	point	NOUN
cblr-1751	688	47	of	of	ADP
cblr-1751	688	48	view	view	NOUN
cblr-1751	688	49	,	,	PUNCT
cblr-1751	688	50	united	united	PROPN
cblr-1751	688	51	states	states	PROPN
cblr-1751	688	52	regulators	regulator	NOUN
cblr-1751	688	53	would	would	AUX
cblr-1751	688	54	doubtless	doubtless	VERB
cblr-1751	688	55	want	want	VERB
cblr-1751	688	56	to	to	PART
cblr-1751	688	57	consider	consider	VERB
cblr-1751	688	58	this	this	DET
cblr-1751	688	59	effect	effect	NOUN
cblr-1751	688	60	when	when	SCONJ
cblr-1751	688	61	contemplating	contemplate	VERB
cblr-1751	688	62	the	the	DET
cblr-1751	688	63	imposition	imposition	NOUN
cblr-1751	688	64	of	of	ADP
cblr-1751	688	65	a	a	DET
cblr-1751	688	66	fee	fee	NOUN
cblr-1751	688	67	of	of	ADP
cblr-1751	688	68	this	this	DET
cblr-1751	688	69	kind	kind	NOUN
cblr-1751	688	70	.	.	PUNCT
cblr-1751	689	1	107	107	NUM
cblr-1751	689	2	see	see	VERB
cblr-1751	689	3	,	,	PUNCT
cblr-1751	689	4	e.g.	e.g.	ADV
cblr-1751	689	5	,	,	PUNCT
cblr-1751	689	6	john	john	PROPN
cblr-1751	689	7	c.	c.	PROPN
cblr-1751	689	8	coffee	coffee	PROPN
cblr-1751	689	9	,	,	PUNCT
cblr-1751	689	10	jr	jr	PROPN
cblr-1751	689	11	.	.	PROPN
cblr-1751	689	12	&	&	CCONJ
cblr-1751	689	13	hillary	hillary	PROPN
cblr-1751	689	14	a.	a.	PROPN
cblr-1751	689	15	sale	sale	PROPN
cblr-1751	689	16	,	,	PUNCT
cblr-1751	689	17	securities	security	NOUN
cblr-1751	689	18	regulation	regulation	NOUN
cblr-1751	689	19	cases	case	NOUN
cblr-1751	689	20	and	and	CCONJ
cblr-1751	689	21	materials	material	NOUN
cblr-1751	689	22	45	45	NUM
cblr-1751	689	23	(	(	PUNCT
cblr-1751	689	24	12th	12th	NOUN
cblr-1751	689	25	ed	ed	NOUN
cblr-1751	689	26	.	.	PROPN
cblr-1751	689	27	2013	2013	NUM
cblr-1751	689	28	)	)	PUNCT
cblr-1751	689	29	(	(	PUNCT
cblr-1751	689	30	noting	note	VERB
cblr-1751	689	31	that	that	SCONJ
cblr-1751	689	32	“	"	PUNCT
cblr-1751	689	33	shortly	shortly	ADV
cblr-1751	689	34	after	after	ADP
cblr-1751	689	35	2000	2000	NUM
cblr-1751	689	36	,	,	PUNCT
cblr-1751	689	37	[	[	X
cblr-1751	689	38	the	the	DET
cblr-1751	689	39	]	]	X
cblr-1751	689	40	migration	migration	NOUN
cblr-1751	689	41	of	of	ADP
cblr-1751	689	42	foreign	foreign	ADJ
cblr-1751	689	43	issuers	issuer	NOUN
cblr-1751	689	44	to	to	ADP
cblr-1751	689	45	the	the	DET
cblr-1751	689	46	u.s	u.s	PROPN
cblr-1751	689	47	.	.	PROPN
cblr-1751	689	48	market	market	NOUN
cblr-1751	689	49	largely	largely	ADV
cblr-1751	689	50	halted	halt	VERB
cblr-1751	689	51	”	"	PUNCT
cblr-1751	689	52	and	and	CCONJ
cblr-1751	689	53	that	that	SCONJ
cblr-1751	689	54	“	"	PUNCT
cblr-1751	689	55	[	[	X
cblr-1751	689	56	c]learly	c]learly	X
cblr-1751	689	57	.	.	PUNCT
cblr-1751	689	58	.	.	PUNCT
cblr-1751	689	59	.	.	PUNCT
cblr-1751	690	1	foreign	foreign	ADJ
cblr-1751	690	2	issuers	issuer	NOUN
cblr-1751	690	3	began	begin	VERB
cblr-1751	690	4	to	to	PART
cblr-1751	690	5	find	find	VERB
cblr-1751	690	6	the	the	DET
cblr-1751	690	7	costs	cost	NOUN
cblr-1751	690	8	of	of	ADP
cblr-1751	690	9	a	a	DET
cblr-1751	690	10	u.s	u.s	PROPN
cblr-1751	690	11	.	.	PROPN
cblr-1751	690	12	listing	list	VERB
cblr-1751	690	13	[	[	PUNCT
cblr-1751	690	14	that	that	PRON
cblr-1751	690	15	resulted	result	VERB
cblr-1751	690	16	from	from	ADP
cblr-1751	690	17	legal	legal	ADJ
cblr-1751	690	18	changes	change	NOUN
cblr-1751	690	19	]	]	PUNCT
cblr-1751	690	20	.	.	PUNCT
cblr-1751	690	21	.	.	PUNCT
cblr-1751	690	22	.	.	PUNCT
cblr-1751	691	1	to	to	PART
cblr-1751	691	2	be	be	AUX
cblr-1751	691	3	dauntingly	dauntingly	ADV
cblr-1751	691	4	expensive	expensive	ADJ
cblr-1751	691	5	.	.	PUNCT
cblr-1751	691	6	”	"	PUNCT
cblr-1751	692	1	)	)	PUNCT
cblr-1751	692	2	.	.	PUNCT
cblr-1751	693	1	haeberle	haeberle	PROPN
cblr-1751	693	2	final	final	ADJ
cblr-1751	693	3	182	182	NUM
cblr-1751	693	4	columbia	columbia	PROPN
cblr-1751	693	5	business	business	NOUN
cblr-1751	693	6	law	law	PROPN
cblr-1751	693	7	review	review	NOUN
cblr-1751	693	8	[	[	X
cblr-1751	693	9	vol	vol	NOUN
cblr-1751	693	10	.	.	NOUN
cblr-1751	693	11	2015	2015	NUM
cblr-1751	693	12	b.	b.	X
cblr-1751	694	1	the	the	DET
cblr-1751	694	2	desirability	desirability	NOUN
cblr-1751	694	3	of	of	ADP
cblr-1751	694	4	using	use	VERB
cblr-1751	694	5	stock	stock	NOUN
cblr-1751	694	6	-	-	PUNCT
cblr-1751	694	7	market	market	NOUN
cblr-1751	694	8	law	law	NOUN
cblr-1751	694	9	to	to	PART
cblr-1751	694	10	obtain	obtain	VERB
cblr-1751	694	11	the	the	DET
cblr-1751	694	12	current	current	ADJ
cblr-1751	694	13	level	level	NOUN
cblr-1751	694	14	of	of	ADP
cblr-1751	694	15	stock	stock	NOUN
cblr-1751	694	16	-	-	PUNCT
cblr-1751	694	17	price	price	NOUN
cblr-1751	694	18	accuracy	accuracy	NOUN
cblr-1751	694	19	after	after	ADP
cblr-1751	694	20	doing	do	VERB
cblr-1751	694	21	a	a	DET
cblr-1751	694	22	cost	cost	NOUN
cblr-1751	694	23	-	-	PUNCT
cblr-1751	694	24	benefit	benefit	NOUN
cblr-1751	694	25	analysis	analysis	NOUN
cblr-1751	694	26	,	,	PUNCT
cblr-1751	694	27	regulators	regulator	NOUN
cblr-1751	694	28	may	may	AUX
cblr-1751	694	29	very	very	ADV
cblr-1751	694	30	well	well	ADV
cblr-1751	694	31	come	come	VERB
cblr-1751	694	32	to	to	ADP
cblr-1751	694	33	the	the	DET
cblr-1751	694	34	conclusion	conclusion	NOUN
cblr-1751	694	35	that	that	SCONJ
cblr-1751	694	36	using	use	VERB
cblr-1751	694	37	stock	stock	NOUN
cblr-1751	694	38	-	-	PUNCT
cblr-1751	694	39	market	market	NOUN
cblr-1751	694	40	law	law	NOUN
cblr-1751	694	41	to	to	PART
cblr-1751	694	42	increase	increase	VERB
cblr-1751	694	43	the	the	DET
cblr-1751	694	44	current	current	ADJ
cblr-1751	694	45	level	level	NOUN
cblr-1751	694	46	of	of	ADP
cblr-1751	694	47	stock	stock	NOUN
cblr-1751	694	48	-	-	PUNCT
cblr-1751	694	49	price	price	NOUN
cblr-1751	694	50	accuracy	accuracy	NOUN
cblr-1751	694	51	in	in	ADP
cblr-1751	694	52	one	one	NUM
cblr-1751	694	53	of	of	ADP
cblr-1751	694	54	the	the	DET
cblr-1751	694	55	above	above	ADJ
cblr-1751	694	56	ways	way	NOUN
cblr-1751	694	57	or	or	CCONJ
cblr-1751	694	58	in	in	ADP
cblr-1751	694	59	yet	yet	ADV
cblr-1751	694	60	some	some	DET
cblr-1751	694	61	other	other	ADJ
cblr-1751	694	62	way	way	NOUN
cblr-1751	694	63	is	be	AUX
cblr-1751	694	64	socially	socially	ADV
cblr-1751	694	65	undesirable	undesirable	ADJ
cblr-1751	694	66	.	.	PUNCT
cblr-1751	695	1	but	but	CCONJ
cblr-1751	695	2	regulators	regulator	NOUN
cblr-1751	695	3	should	should	AUX
cblr-1751	695	4	still	still	ADV
cblr-1751	695	5	consider	consider	VERB
cblr-1751	695	6	whether	whether	SCONJ
cblr-1751	695	7	they	they	PRON
cblr-1751	695	8	can	can	AUX
cblr-1751	695	9	use	use	VERB
cblr-1751	695	10	accuracy	accuracy	NOUN
cblr-1751	695	11	-	-	PUNCT
cblr-1751	695	12	enhancing	enhance	VERB
cblr-1751	695	13	changes	change	NOUN
cblr-1751	695	14	to	to	ADP
cblr-1751	695	15	stock	stock	NOUN
cblr-1751	695	16	-	-	PUNCT
cblr-1751	695	17	market	market	NOUN
cblr-1751	695	18	law	law	NOUN
cblr-1751	695	19	in	in	ADP
cblr-1751	695	20	a	a	DET
cblr-1751	695	21	manner	manner	NOUN
cblr-1751	695	22	that	that	PRON
cblr-1751	695	23	improves	improve	VERB
cblr-1751	695	24	social	social	ADJ
cblr-1751	695	25	welfare	welfare	NOUN
cblr-1751	695	26	in	in	ADP
cblr-1751	695	27	distinct	distinct	ADJ
cblr-1751	695	28	way	way	NOUN
cblr-1751	695	29	:	:	PUNCT
cblr-1751	695	30	by	by	ADP
cblr-1751	695	31	serving	serve	VERB
cblr-1751	695	32	as	as	ADP
cblr-1751	695	33	an	an	DET
cblr-1751	695	34	alternative	alternative	NOUN
cblr-1751	695	35	,	,	PUNCT
cblr-1751	695	36	lower	low	ADJ
cblr-1751	695	37	-	-	PUNCT
cblr-1751	695	38	cost	cost	NOUN
cblr-1751	695	39	means	mean	NOUN
cblr-1751	695	40	for	for	ADP
cblr-1751	695	41	obtaining	obtain	VERB
cblr-1751	695	42	the	the	DET
cblr-1751	695	43	current	current	ADJ
cblr-1751	695	44	level	level	NOUN
cblr-1751	695	45	of	of	ADP
cblr-1751	695	46	stock	stock	NOUN
cblr-1751	695	47	-	-	PUNCT
cblr-1751	695	48	price	price	NOUN
cblr-1751	695	49	accuracy	accuracy	NOUN
cblr-1751	695	50	.	.	PUNCT
cblr-1751	696	1	improving	improve	VERB
cblr-1751	696	2	the	the	DET
cblr-1751	696	3	accuracy	accuracy	NOUN
cblr-1751	696	4	of	of	ADP
cblr-1751	696	5	public	public	ADJ
cblr-1751	696	6	companies	company	NOUN
cblr-1751	696	7	’	'	PUNCT
cblr-1751	696	8	stock	stock	NOUN
cblr-1751	696	9	prices	price	NOUN
cblr-1751	696	10	is	be	AUX
cblr-1751	696	11	perhaps	perhaps	ADV
cblr-1751	696	12	the	the	DET
cblr-1751	696	13	principal	principal	ADJ
cblr-1751	696	14	aim	aim	NOUN
cblr-1751	696	15	of	of	ADP
cblr-1751	696	16	the	the	DET
cblr-1751	696	17	three	three	NUM
cblr-1751	696	18	main	main	ADJ
cblr-1751	696	19	areas	area	NOUN
cblr-1751	696	20	of	of	ADP
cblr-1751	696	21	securities	security	NOUN
cblr-1751	696	22	regulation.108	regulation.108	NOUN
cblr-1751	696	23	however	however	ADV
cblr-1751	696	24	,	,	PUNCT
cblr-1751	696	25	these	these	DET
cblr-1751	696	26	core	core	ADJ
cblr-1751	696	27	areas	area	NOUN
cblr-1751	696	28	of	of	ADP
cblr-1751	696	29	securities	security	NOUN
cblr-1751	696	30	law	law	NOUN
cblr-1751	696	31	that	that	PRON
cblr-1751	696	32	are	be	AUX
cblr-1751	696	33	so	so	ADV
cblr-1751	696	34	focused	focused	ADJ
cblr-1751	696	35	on	on	ADP
cblr-1751	696	36	improving	improve	VERB
cblr-1751	696	37	stock	stock	NOUN
cblr-1751	696	38	-	-	PUNCT
cblr-1751	696	39	price	price	NOUN
cblr-1751	696	40	accuracy	accuracy	NOUN
cblr-1751	696	41	impose	impose	VERB
cblr-1751	696	42	well	well	ADV
cblr-1751	696	43	-	-	PUNCT
cblr-1751	696	44	documented	document	VERB
cblr-1751	696	45	costs	cost	NOUN
cblr-1751	696	46	on	on	ADP
cblr-1751	696	47	society	society	NOUN
cblr-1751	696	48	.	.	PUNCT
cblr-1751	697	1	mandatory	mandatory	ADJ
cblr-1751	697	2	-	-	PUNCT
cblr-1751	697	3	disclosure	disclosure	NOUN
cblr-1751	697	4	laws	law	NOUN
cblr-1751	697	5	force	force	NOUN
cblr-1751	697	6	firms	firm	NOUN
cblr-1751	697	7	to	to	PART
cblr-1751	697	8	devote	devote	VERB
cblr-1751	697	9	substantial	substantial	ADJ
cblr-1751	697	10	resources	resource	NOUN
cblr-1751	697	11	toward	toward	ADP
cblr-1751	697	12	providing	provide	VERB
cblr-1751	697	13	the	the	DET
cblr-1751	697	14	market	market	NOUN
cblr-1751	697	15	with	with	ADP
cblr-1751	697	16	information	information	NOUN
cblr-1751	697	17	that	that	PRON
cblr-1751	697	18	is	be	AUX
cblr-1751	697	19	necessary	necessary	ADJ
cblr-1751	697	20	to	to	PART
cblr-1751	697	21	produce	produce	VERB
cblr-1751	697	22	more	more	ADV
cblr-1751	697	23	accurate	accurate	ADJ
cblr-1751	697	24	stock	stock	NOUN
cblr-1751	697	25	prices.109	prices.109	ADJ
cblr-1751	697	26	laws	law	NOUN
cblr-1751	697	27	prohibiting	prohibit	VERB
cblr-1751	697	28	fraud	fraud	NOUN
cblr-1751	697	29	require	require	VERB
cblr-1751	697	30	these	these	DET
cblr-1751	697	31	businesses	business	NOUN
cblr-1751	697	32	to	to	PART
cblr-1751	697	33	expend	expend	VERB
cblr-1751	697	34	substantial	substantial	ADJ
cblr-1751	697	35	resources	resource	NOUN
cblr-1751	697	36	to	to	PART
cblr-1751	697	37	ensure	ensure	VERB
cblr-1751	697	38	the	the	DET
cblr-1751	697	39	truthfulness	truthfulness	ADJ
cblr-1751	697	40	and	and	CCONJ
cblr-1751	697	41	integrity	integrity	NOUN
cblr-1751	697	42	of	of	ADP
cblr-1751	697	43	their	their	PRON
cblr-1751	697	44	disclosures	disclosure	NOUN
cblr-1751	697	45	so	so	SCONJ
cblr-1751	697	46	that	that	SCONJ
cblr-1751	697	47	market	market	NOUN
cblr-1751	697	48	participants	participant	NOUN
cblr-1751	697	49	can	can	AUX
cblr-1751	697	50	rely	rely	VERB
cblr-1751	697	51	on	on	ADP
cblr-1751	697	52	them	they	PRON
cblr-1751	697	53	when	when	SCONJ
cblr-1751	697	54	determining	determine	VERB
cblr-1751	697	55	stocks	stock	NOUN
cblr-1751	697	56	’	'	PUNCT
cblr-1751	697	57	values	value	NOUN
cblr-1751	697	58	.	.	PUNCT
cblr-1751	698	1	and	and	CCONJ
cblr-1751	698	2	laws	law	NOUN
cblr-1751	698	3	that	that	PRON
cblr-1751	698	4	limit	limit	VERB
cblr-1751	698	5	insider	insider	NOUN
cblr-1751	698	6	trading	trading	NOUN
cblr-1751	698	7	can	can	AUX
cblr-1751	698	8	be	be	AUX
cblr-1751	698	9	viewed	view	VERB
cblr-1751	698	10	as	as	ADP
cblr-1751	698	11	imposing	impose	VERB
cblr-1751	698	12	lawenforcement	lawenforcement	NOUN
cblr-1751	698	13	and	and	CCONJ
cblr-1751	698	14	compliance	compliance	NOUN
cblr-1751	698	15	costs	cost	NOUN
cblr-1751	698	16	on	on	ADP
cblr-1751	698	17	society	society	NOUN
cblr-1751	698	18	to	to	PART
cblr-1751	698	19	protect	protect	VERB
cblr-1751	698	20	the	the	DET
cblr-1751	698	21	sophisticated	sophisticated	ADJ
cblr-1751	698	22	outside	outside	ADJ
cblr-1751	698	23	informed	informed	ADJ
cblr-1751	698	24	traders	trader	NOUN
cblr-1751	698	25	that	that	PRON
cblr-1751	698	26	will	will	AUX
cblr-1751	698	27	best	well	ADV
cblr-1751	698	28	generate	generate	VERB
cblr-1751	698	29	accurate	accurate	ADJ
cblr-1751	698	30	market	market	NOUN
cblr-1751	698	31	prices	price	NOUN
cblr-1751	698	32	from	from	ADP
cblr-1751	698	33	being	be	AUX
cblr-1751	698	34	undercut	undercut	ADJ
cblr-1751	698	35	and	and	CCONJ
cblr-1751	698	36	mislead	mislead	VERB
cblr-1751	698	37	by	by	ADP
cblr-1751	698	38	the	the	DET
cblr-1751	698	39	trading	trading	NOUN
cblr-1751	698	40	of	of	ADP
cblr-1751	698	41	corporate	corporate	ADJ
cblr-1751	698	42	insiders.110	insiders.110	NOUN
cblr-1751	698	43	to	to	ADP
cblr-1751	698	44	the	the	DET
cblr-1751	698	45	extent	extent	NOUN
cblr-1751	698	46	that	that	SCONJ
cblr-1751	698	47	these	these	DET
cblr-1751	698	48	securities	security	NOUN
cblr-1751	698	49	laws	law	NOUN
cblr-1751	698	50	now	now	ADV
cblr-1751	698	51	impose	impose	VERB
cblr-1751	698	52	burdens	burden	NOUN
cblr-1751	698	53	on	on	ADP
cblr-1751	698	54	society	society	NOUN
cblr-1751	698	55	in	in	ADP
cblr-1751	698	56	order	order	NOUN
cblr-1751	698	57	to	to	PART
cblr-1751	698	58	bring	bring	VERB
cblr-1751	698	59	about	about	ADP
cblr-1751	698	60	price	price	NOUN
cblr-1751	698	61	-	-	PUNCT
cblr-1751	698	62	accuracy	accuracy	NOUN
cblr-1751	698	63	benefits	benefit	NOUN
cblr-1751	698	64	,	,	PUNCT
cblr-1751	698	65	lawmakers	lawmaker	NOUN
cblr-1751	698	66	should	should	AUX
cblr-1751	698	67	consider	consider	VERB
cblr-1751	698	68	whether	whether	SCONJ
cblr-1751	698	69	society	society	NOUN
cblr-1751	698	70	could	could	AUX
cblr-1751	698	71	obtain	obtain	VERB
cblr-1751	698	72	a	a	DET
cblr-1751	698	73	better	well	ADJ
cblr-1751	698	74	cost	cost	NOUN
cblr-1751	698	75	-	-	PUNCT
cblr-1751	698	76	benefit	benefit	NOUN
cblr-1751	698	77	ratio	ratio	NOUN
cblr-1751	698	78	by	by	ADP
cblr-1751	698	79	using	use	VERB
cblr-1751	698	80	stock	stock	NOUN
cblr-1751	698	81	-	-	PUNCT
cblr-1751	698	82	market	market	NOUN
cblr-1751	698	83	law	law	NOUN
cblr-1751	698	84	in	in	ADP
cblr-1751	698	85	lieu	lieu	NOUN
cblr-1751	698	86	of	of	ADP
cblr-1751	698	87	parts	part	NOUN
cblr-1751	698	88	of	of	ADP
cblr-1751	698	89	those	those	DET
cblr-1751	698	90	existing	exist	VERB
cblr-1751	698	91	laws	law	NOUN
cblr-1751	698	92	.	.	PUNCT
cblr-1751	699	1	more	more	ADV
cblr-1751	699	2	simply	simply	ADV
cblr-1751	699	3	stated	state	VERB
cblr-1751	699	4	,	,	PUNCT
cblr-1751	699	5	they	they	PRON
cblr-1751	699	6	should	should	AUX
cblr-1751	699	7	examine	examine	VERB
cblr-1751	699	8	whether	whether	SCONJ
cblr-1751	699	9	securities	security	NOUN
cblr-1751	699	10	law	law	NOUN
cblr-1751	699	11	can	can	AUX
cblr-1751	699	12	produce	produce	VERB
cblr-1751	699	13	more	more	ADJ
cblr-1751	699	14	bang	bang	NOUN
cblr-1751	699	15	for	for	ADP
cblr-1751	699	16	its	its	PRON
cblr-1751	699	17	buck	buck	NOUN
cblr-1751	699	18	by	by	ADP
cblr-1751	699	19	using	use	VERB
cblr-1751	699	20	a	a	DET
cblr-1751	699	21	novel	novel	ADJ
cblr-1751	699	22	approach	approach	NOUN
cblr-1751	699	23	in	in	ADP
cblr-1751	699	24	place	place	NOUN
cblr-1751	699	25	of	of	ADP
cblr-1751	699	26	108	108	NUM
cblr-1751	699	27	see	see	NOUN
cblr-1751	699	28	supra	supra	PROPN
cblr-1751	699	29	notes	note	VERB
cblr-1751	699	30	4–6	4–6	NOUN
cblr-1751	699	31	and	and	CCONJ
cblr-1751	699	32	accompanying	accompany	VERB
cblr-1751	699	33	text	text	NOUN
cblr-1751	699	34	.	.	PUNCT
cblr-1751	700	1	109	109	NUM
cblr-1751	700	2	see	see	NOUN
cblr-1751	700	3	,	,	PUNCT
cblr-1751	700	4	e.g.	e.g.	ADV
cblr-1751	700	5	,	,	PUNCT
cblr-1751	700	6	fox	fox	PROPN
cblr-1751	700	7	et	et	PROPN
cblr-1751	700	8	al	al	PROPN
cblr-1751	700	9	.	.	PROPN
cblr-1751	700	10	,	,	PUNCT
cblr-1751	700	11	supra	supra	PROPN
cblr-1751	700	12	note	note	NOUN
cblr-1751	700	13	5	5	NUM
cblr-1751	700	14	.	.	NOUN
cblr-1751	700	15	110	110	NUM
cblr-1751	700	16	see	see	VERB
cblr-1751	700	17	,	,	PUNCT
cblr-1751	700	18	e.g.	e.g.	ADV
cblr-1751	700	19	,	,	PUNCT
cblr-1751	700	20	goshen	goshen	PROPN
cblr-1751	700	21	&	&	CCONJ
cblr-1751	700	22	parchomovsky	parchomovsky	PROPN
cblr-1751	700	23	,	,	PUNCT
cblr-1751	700	24	supra	supra	PROPN
cblr-1751	700	25	note	note	NOUN
cblr-1751	700	26	6	6	NUM
cblr-1751	700	27	.	.	PUNCT
cblr-1751	701	1	haeberle	haeberle	PROPN
cblr-1751	701	2	final	final	ADJ
cblr-1751	701	3	no	no	NOUN
cblr-1751	701	4	.	.	NOUN
cblr-1751	701	5	1:121	1:121	NUM
cblr-1751	701	6	]	]	X
cblr-1751	701	7	stock	stock	NOUN
cblr-1751	701	8	-	-	PUNCT
cblr-1751	701	9	price	price	NOUN
cblr-1751	701	10	accuracy	accuracy	NOUN
cblr-1751	701	11	183	183	NUM
cblr-1751	701	12	some	some	PRON
cblr-1751	701	13	of	of	ADP
cblr-1751	701	14	the	the	DET
cblr-1751	701	15	conventional	conventional	ADJ
cblr-1751	701	16	ones	one	NOUN
cblr-1751	701	17	:	:	PUNCT
cblr-1751	701	18	adopt	adopt	VERB
cblr-1751	701	19	accuracy	accuracy	NOUN
cblr-1751	701	20	-	-	PUNCT
cblr-1751	701	21	enhancing	enhance	VERB
cblr-1751	701	22	alterations	alteration	NOUN
cblr-1751	701	23	to	to	ADP
cblr-1751	701	24	stock	stock	NOUN
cblr-1751	701	25	-	-	PUNCT
cblr-1751	701	26	market	market	NOUN
cblr-1751	701	27	law	law	NOUN
cblr-1751	701	28	like	like	ADP
cblr-1751	701	29	the	the	DET
cblr-1751	701	30	ones	one	NOUN
cblr-1751	701	31	set	set	VERB
cblr-1751	701	32	forth	forth	ADP
cblr-1751	701	33	in	in	ADP
cblr-1751	701	34	this	this	DET
cblr-1751	701	35	article	article	NOUN
cblr-1751	701	36	while	while	SCONJ
cblr-1751	701	37	also	also	ADV
cblr-1751	701	38	reducing	reduce	VERB
cblr-1751	701	39	some	some	DET
cblr-1751	701	40	burdensome	burdensome	ADJ
cblr-1751	701	41	aspects	aspect	NOUN
cblr-1751	701	42	of	of	ADP
cblr-1751	701	43	the	the	DET
cblr-1751	701	44	core	core	NOUN
cblr-1751	701	45	of	of	ADP
cblr-1751	701	46	securities	security	NOUN
cblr-1751	701	47	law	law	NOUN
cblr-1751	701	48	.	.	PUNCT
cblr-1751	702	1	as	as	ADP
cblr-1751	702	2	with	with	ADP
cblr-1751	702	3	the	the	DET
cblr-1751	702	4	relative	relative	ADJ
cblr-1751	702	5	weights	weight	NOUN
cblr-1751	702	6	of	of	ADP
cblr-1751	702	7	the	the	DET
cblr-1751	702	8	social	social	ADJ
cblr-1751	702	9	costs	cost	NOUN
cblr-1751	702	10	and	and	CCONJ
cblr-1751	702	11	benefits	benefit	NOUN
cblr-1751	702	12	outlined	outline	VERB
cblr-1751	702	13	in	in	ADP
cblr-1751	702	14	the	the	DET
cblr-1751	702	15	preceding	precede	VERB
cblr-1751	702	16	section	section	NOUN
cblr-1751	702	17	,	,	PUNCT
cblr-1751	702	18	determining	determine	VERB
cblr-1751	702	19	whether	whether	SCONJ
cblr-1751	702	20	or	or	CCONJ
cblr-1751	702	21	not	not	PART
cblr-1751	702	22	stock	stock	NOUN
cblr-1751	702	23	-	-	PUNCT
cblr-1751	702	24	market	market	NOUN
cblr-1751	702	25	-	-	PUNCT
cblr-1751	702	26	law	law	NOUN
cblr-1751	702	27	reforms	reform	NOUN
cblr-1751	702	28	would	would	AUX
cblr-1751	702	29	provide	provide	VERB
cblr-1751	702	30	a	a	DET
cblr-1751	702	31	lower	low	ADJ
cblr-1751	702	32	-	-	PUNCT
cblr-1751	702	33	cost	cost	NOUN
cblr-1751	702	34	means	mean	NOUN
cblr-1751	702	35	for	for	ADP
cblr-1751	702	36	achieving	achieve	VERB
cblr-1751	702	37	the	the	DET
cblr-1751	702	38	current	current	ADJ
cblr-1751	702	39	level	level	NOUN
cblr-1751	702	40	of	of	ADP
cblr-1751	702	41	stockprice	stockprice	ADJ
cblr-1751	702	42	accuracy	accuracy	NOUN
cblr-1751	702	43	than	than	ADP
cblr-1751	702	44	the	the	DET
cblr-1751	702	45	existing	exist	VERB
cblr-1751	702	46	aspects	aspect	NOUN
cblr-1751	702	47	of	of	ADP
cblr-1751	702	48	disclosure	disclosure	NOUN
cblr-1751	702	49	,	,	PUNCT
cblr-1751	702	50	fraud	fraud	NOUN
cblr-1751	702	51	,	,	PUNCT
cblr-1751	702	52	and	and	CCONJ
cblr-1751	702	53	insider	insider	NOUN
cblr-1751	702	54	-	-	PUNCT
cblr-1751	702	55	trading	trading	NOUN
cblr-1751	702	56	law	law	NOUN
cblr-1751	702	57	now	now	ADV
cblr-1751	702	58	aimed	aim	VERB
cblr-1751	702	59	at	at	ADP
cblr-1751	702	60	that	that	DET
cblr-1751	702	61	end	end	NOUN
cblr-1751	702	62	is	be	AUX
cblr-1751	702	63	far	far	ADV
cblr-1751	702	64	beyond	beyond	ADP
cblr-1751	702	65	the	the	DET
cblr-1751	702	66	scope	scope	NOUN
cblr-1751	702	67	of	of	ADP
cblr-1751	702	68	this	this	DET
cblr-1751	702	69	work	work	NOUN
cblr-1751	702	70	.	.	PUNCT
cblr-1751	703	1	however	however	ADV
cblr-1751	703	2	,	,	PUNCT
cblr-1751	703	3	those	those	DET
cblr-1751	703	4	same	same	ADJ
cblr-1751	703	5	costs	cost	NOUN
cblr-1751	703	6	and	and	CCONJ
cblr-1751	703	7	benefits	benefit	NOUN
cblr-1751	703	8	of	of	ADP
cblr-1751	703	9	the	the	DET
cblr-1751	703	10	exchange	exchange	NOUN
cblr-1751	703	11	-	-	PUNCT
cblr-1751	703	12	trading	trading	NOUN
cblr-1751	703	13	mandate	mandate	NOUN
cblr-1751	703	14	and	and	CCONJ
cblr-1751	703	15	the	the	DET
cblr-1751	703	16	publicfirm	publicfirm	ADJ
cblr-1751	703	17	subsidy	subsidy	NOUN
cblr-1751	703	18	discussed	discuss	VERB
cblr-1751	703	19	in	in	ADP
cblr-1751	703	20	that	that	DET
cblr-1751	703	21	section	section	NOUN
cblr-1751	703	22	provide	provide	VERB
cblr-1751	703	23	regulators	regulator	NOUN
cblr-1751	703	24	with	with	ADP
cblr-1751	703	25	a	a	DET
cblr-1751	703	26	basic	basic	ADJ
cblr-1751	703	27	framework	framework	NOUN
cblr-1751	703	28	for	for	ADP
cblr-1751	703	29	beginning	begin	VERB
cblr-1751	703	30	to	to	PART
cblr-1751	703	31	examine	examine	VERB
cblr-1751	703	32	that	that	DET
cblr-1751	703	33	complex	complex	ADJ
cblr-1751	703	34	and	and	CCONJ
cblr-1751	703	35	important	important	ADJ
cblr-1751	703	36	issue	issue	NOUN
cblr-1751	703	37	.	.	PUNCT
cblr-1751	704	1	in	in	ADP
cblr-1751	704	2	sum	sum	NOUN
cblr-1751	704	3	,	,	PUNCT
cblr-1751	704	4	as	as	ADP
cblr-1751	704	5	a	a	DET
cblr-1751	704	6	matter	matter	NOUN
cblr-1751	704	7	of	of	ADP
cblr-1751	704	8	theory	theory	NOUN
cblr-1751	704	9	,	,	PUNCT
cblr-1751	704	10	stock	stock	NOUN
cblr-1751	704	11	-	-	PUNCT
cblr-1751	704	12	market	market	NOUN
cblr-1751	704	13	law	law	NOUN
cblr-1751	704	14	can	can	AUX
cblr-1751	704	15	be	be	AUX
cblr-1751	704	16	used	use	VERB
cblr-1751	704	17	to	to	PART
cblr-1751	704	18	enhance	enhance	VERB
cblr-1751	704	19	the	the	DET
cblr-1751	704	20	accuracy	accuracy	NOUN
cblr-1751	704	21	of	of	ADP
cblr-1751	704	22	public	public	ADJ
cblr-1751	704	23	firms	firm	NOUN
cblr-1751	704	24	’	’	PART
cblr-1751	704	25	stock	stock	NOUN
cblr-1751	704	26	prices	price	NOUN
cblr-1751	704	27	—	—	PUNCT
cblr-1751	704	28	and	and	CCONJ
cblr-1751	704	29	this	this	DET
cblr-1751	704	30	part	part	NOUN
cblr-1751	704	31	has	have	AUX
cblr-1751	704	32	set	set	VERB
cblr-1751	704	33	forth	forth	ADP
cblr-1751	704	34	a	a	DET
cblr-1751	704	35	basic	basic	ADJ
cblr-1751	704	36	cost	cost	NOUN
cblr-1751	704	37	-	-	PUNCT
cblr-1751	704	38	benefit	benefit	NOUN
cblr-1751	704	39	framework	framework	NOUN
cblr-1751	704	40	to	to	PART
cblr-1751	704	41	help	help	VERB
cblr-1751	704	42	regulators	regulator	NOUN
cblr-1751	704	43	determine	determine	VERB
cblr-1751	704	44	whether	whether	SCONJ
cblr-1751	704	45	using	use	VERB
cblr-1751	704	46	it	it	PRON
cblr-1751	704	47	to	to	PART
cblr-1751	704	48	do	do	VERB
cblr-1751	704	49	so	so	ADV
cblr-1751	704	50	would	would	AUX
cblr-1751	704	51	increase	increase	VERB
cblr-1751	704	52	the	the	DET
cblr-1751	704	53	overall	overall	ADJ
cblr-1751	704	54	level	level	NOUN
cblr-1751	704	55	of	of	ADP
cblr-1751	704	56	wealth	wealth	NOUN
cblr-1751	704	57	generated	generate	VERB
cblr-1751	704	58	by	by	ADP
cblr-1751	704	59	society	society	NOUN
cblr-1751	704	60	.	.	PUNCT
cblr-1751	705	1	vi	vi	X
cblr-1751	705	2	.	.	NOUN
cblr-1751	705	3	conclusion	conclusion	NOUN
cblr-1751	705	4	for	for	ADP
cblr-1751	705	5	decades	decade	NOUN
cblr-1751	705	6	,	,	PUNCT
cblr-1751	705	7	securities	security	NOUN
cblr-1751	705	8	law	law	NOUN
cblr-1751	705	9	has	have	AUX
cblr-1751	705	10	been	be	AUX
cblr-1751	705	11	motivated	motivate	VERB
cblr-1751	705	12	by	by	ADP
cblr-1751	705	13	the	the	DET
cblr-1751	705	14	view	view	NOUN
cblr-1751	705	15	that	that	SCONJ
cblr-1751	705	16	accurate	accurate	ADJ
cblr-1751	705	17	stock	stock	NOUN
cblr-1751	705	18	prices	price	NOUN
cblr-1751	705	19	convey	convey	VERB
cblr-1751	705	20	valuable	valuable	ADJ
cblr-1751	705	21	social	social	ADJ
cblr-1751	705	22	benefits	benefit	NOUN
cblr-1751	705	23	relating	relate	VERB
cblr-1751	705	24	to	to	ADP
cblr-1751	705	25	corporate	corporate	ADJ
cblr-1751	705	26	governance	governance	NOUN
cblr-1751	705	27	and	and	CCONJ
cblr-1751	705	28	capital	capital	NOUN
cblr-1751	705	29	allocation	allocation	NOUN
cblr-1751	705	30	,	,	PUNCT
cblr-1751	705	31	yet	yet	CCONJ
cblr-1751	705	32	will	will	AUX
cblr-1751	705	33	be	be	AUX
cblr-1751	705	34	under	under	ADV
cblr-1751	705	35	-	-	PUNCT
cblr-1751	705	36	produced	produce	VERB
cblr-1751	705	37	absent	absent	ADJ
cblr-1751	705	38	legal	legal	ADJ
cblr-1751	705	39	intervention	intervention	NOUN
cblr-1751	705	40	into	into	ADP
cblr-1751	705	41	market	market	NOUN
cblr-1751	705	42	forces	force	NOUN
cblr-1751	705	43	.	.	PUNCT
cblr-1751	706	1	the	the	DET
cblr-1751	706	2	effects	effect	NOUN
cblr-1751	706	3	of	of	ADP
cblr-1751	706	4	the	the	DET
cblr-1751	706	5	wellknown	wellknown	ADJ
cblr-1751	706	6	securities	security	NOUN
cblr-1751	706	7	laws	law	NOUN
cblr-1751	706	8	that	that	PRON
cblr-1751	706	9	mandate	mandate	VERB
cblr-1751	706	10	firm	firm	ADJ
cblr-1751	706	11	disclosure	disclosure	NOUN
cblr-1751	706	12	and	and	CCONJ
cblr-1751	706	13	prohibit	prohibit	VERB
cblr-1751	706	14	corporate	corporate	ADJ
cblr-1751	706	15	fraud	fraud	NOUN
cblr-1751	706	16	as	as	ADV
cblr-1751	706	17	well	well	ADV
cblr-1751	706	18	as	as	ADP
cblr-1751	706	19	insider	insider	NOUN
cblr-1751	706	20	trading	trading	NOUN
cblr-1751	706	21	on	on	ADP
cblr-1751	706	22	the	the	DET
cblr-1751	706	23	accuracy	accuracy	NOUN
cblr-1751	706	24	of	of	ADP
cblr-1751	706	25	public	public	ADJ
cblr-1751	706	26	companies	company	NOUN
cblr-1751	706	27	’	’	PART
cblr-1751	706	28	stock	stock	NOUN
cblr-1751	706	29	prices	price	NOUN
cblr-1751	706	30	and	and	CCONJ
cblr-1751	706	31	the	the	DET
cblr-1751	706	32	amount	amount	NOUN
cblr-1751	706	33	of	of	ADP
cblr-1751	706	34	wealth	wealth	NOUN
cblr-1751	706	35	generated	generate	VERB
cblr-1751	706	36	by	by	ADP
cblr-1751	706	37	society	society	NOUN
cblr-1751	706	38	have	have	AUX
cblr-1751	706	39	therefore	therefore	ADV
cblr-1751	706	40	been	be	AUX
cblr-1751	706	41	wellstudied	wellstudie	VERB
cblr-1751	706	42	.	.	PUNCT
cblr-1751	707	1	but	but	CCONJ
cblr-1751	707	2	the	the	DET
cblr-1751	707	3	price	price	NOUN
cblr-1751	707	4	-	-	PUNCT
cblr-1751	707	5	accuracy	accuracy	NOUN
cblr-1751	707	6	and	and	CCONJ
cblr-1751	707	7	welfare	welfare	NOUN
cblr-1751	707	8	implications	implication	NOUN
cblr-1751	707	9	of	of	ADP
cblr-1751	707	10	another	another	DET
cblr-1751	707	11	,	,	PUNCT
cblr-1751	707	12	long	long	ADV
cblr-1751	707	13	-	-	PUNCT
cblr-1751	707	14	overlooked	overlook	VERB
cblr-1751	707	15	area	area	NOUN
cblr-1751	707	16	(	(	PUNCT
cblr-1751	707	17	stock	stock	NOUN
cblr-1751	707	18	-	-	PUNCT
cblr-1751	707	19	market	market	NOUN
cblr-1751	707	20	law	law	NOUN
cblr-1751	707	21	)	)	PUNCT
cblr-1751	707	22	have	have	AUX
cblr-1751	707	23	generally	generally	ADV
cblr-1751	707	24	escaped	escape	VERB
cblr-1751	707	25	the	the	DET
cblr-1751	707	26	attention	attention	NOUN
cblr-1751	707	27	of	of	ADP
cblr-1751	707	28	those	those	PRON
cblr-1751	707	29	who	who	PRON
cblr-1751	707	30	have	have	AUX
cblr-1751	707	31	long	long	ADV
cblr-1751	707	32	praised	praise	VERB
cblr-1751	707	33	the	the	DET
cblr-1751	707	34	social	social	ADJ
cblr-1751	707	35	benefits	benefit	NOUN
cblr-1751	707	36	of	of	ADP
cblr-1751	707	37	more	more	ADV
cblr-1751	707	38	accurate	accurate	ADJ
cblr-1751	707	39	stock	stock	NOUN
cblr-1751	707	40	prices	price	NOUN
cblr-1751	707	41	.	.	PUNCT
cblr-1751	708	1	this	this	DET
cblr-1751	708	2	article	article	NOUN
cblr-1751	708	3	has	have	AUX
cblr-1751	708	4	used	use	VERB
cblr-1751	708	5	well	well	ADV
cblr-1751	708	6	-	-	PUNCT
cblr-1751	708	7	established	establish	VERB
cblr-1751	708	8	lessons	lesson	NOUN
cblr-1751	708	9	from	from	ADP
cblr-1751	708	10	market	market	NOUN
cblr-1751	708	11	-	-	PUNCT
cblr-1751	708	12	microstructure	microstructure	ADJ
cblr-1751	708	13	economics	economic	NOUN
cblr-1751	708	14	to	to	PART
cblr-1751	708	15	theorize	theorize	VERB
cblr-1751	708	16	that	that	SCONJ
cblr-1751	708	17	the	the	DET
cblr-1751	708	18	federal	federal	ADJ
cblr-1751	708	19	securities	security	NOUN
cblr-1751	708	20	laws	law	NOUN
cblr-1751	708	21	governing	govern	VERB
cblr-1751	708	22	the	the	DET
cblr-1751	708	23	market	market	NOUN
cblr-1751	708	24	in	in	ADP
cblr-1751	708	25	which	which	PRON
cblr-1751	708	26	stocks	stock	NOUN
cblr-1751	708	27	are	be	AUX
cblr-1751	708	28	traded	trade	VERB
cblr-1751	708	29	result	result	NOUN
cblr-1751	708	30	in	in	ADP
cblr-1751	708	31	society	society	NOUN
cblr-1751	708	32	producing	produce	VERB
cblr-1751	708	33	a	a	DET
cblr-1751	708	34	lower	low	ADJ
cblr-1751	708	35	level	level	NOUN
cblr-1751	708	36	of	of	ADP
cblr-1751	708	37	price	price	NOUN
cblr-1751	708	38	haeberle	haeberle	NOUN
cblr-1751	708	39	final	final	ADJ
cblr-1751	708	40	184	184	NUM
cblr-1751	708	41	columbia	columbia	PROPN
cblr-1751	708	42	business	business	NOUN
cblr-1751	708	43	law	law	PROPN
cblr-1751	708	44	review	review	NOUN
cblr-1751	708	45	[	[	X
cblr-1751	708	46	vol	vol	NOUN
cblr-1751	708	47	.	.	NOUN
cblr-1751	708	48	2015	2015	NUM
cblr-1751	708	49	accuracy	accuracy	NOUN
cblr-1751	708	50	than	than	SCONJ
cblr-1751	708	51	it	it	PRON
cblr-1751	708	52	otherwise	otherwise	ADV
cblr-1751	708	53	might	might	AUX
cblr-1751	708	54	—	—	PUNCT
cblr-1751	708	55	thereby	thereby	ADV
cblr-1751	708	56	failing	fail	VERB
cblr-1751	708	57	to	to	PART
cblr-1751	708	58	generate	generate	VERB
cblr-1751	708	59	the	the	DET
cblr-1751	708	60	benefits	benefit	NOUN
cblr-1751	708	61	of	of	ADP
cblr-1751	708	62	improved	improve	VERB
cblr-1751	708	63	corporate	corporate	ADJ
cblr-1751	708	64	governance	governance	NOUN
cblr-1751	708	65	and	and	CCONJ
cblr-1751	708	66	capital	capital	NOUN
cblr-1751	708	67	allocation	allocation	NOUN
cblr-1751	708	68	that	that	PRON
cblr-1751	708	69	it	it	PRON
cblr-1751	708	70	otherwise	otherwise	ADV
cblr-1751	708	71	might	might	AUX
cblr-1751	708	72	.	.	PUNCT
cblr-1751	709	1	because	because	SCONJ
cblr-1751	709	2	the	the	DET
cblr-1751	709	3	trading	trading	NOUN
cblr-1751	709	4	-	-	PUNCT
cblr-1751	709	5	platform	platform	NOUN
cblr-1751	709	6	access	access	NOUN
cblr-1751	709	7	rules	rule	NOUN
cblr-1751	709	8	mandate	mandate	NOUN
cblr-1751	709	9	that	that	SCONJ
cblr-1751	709	10	all	all	DET
cblr-1751	709	11	traders	trader	NOUN
cblr-1751	709	12	can	can	AUX
cblr-1751	709	13	buy	buy	VERB
cblr-1751	709	14	and	and	CCONJ
cblr-1751	709	15	sell	sell	VERB
cblr-1751	709	16	stocks	stock	NOUN
cblr-1751	709	17	through	through	ADP
cblr-1751	709	18	exchanges	exchange	NOUN
cblr-1751	709	19	,	,	PUNCT
cblr-1751	709	20	but	but	CCONJ
cblr-1751	709	21	allow	allow	VERB
cblr-1751	709	22	offexchange	offexchange	NOUN
cblr-1751	709	23	platforms	platform	NOUN
cblr-1751	709	24	to	to	PART
cblr-1751	709	25	decide	decide	VERB
cblr-1751	709	26	which	which	PRON
cblr-1751	709	27	traders	trader	NOUN
cblr-1751	709	28	can	can	AUX
cblr-1751	709	29	and	and	CCONJ
cblr-1751	709	30	can	can	AUX
cblr-1751	709	31	not	not	PART
cblr-1751	709	32	access	access	VERB
cblr-1751	709	33	their	their	PRON
cblr-1751	709	34	trading	trading	NOUN
cblr-1751	709	35	systems	system	NOUN
cblr-1751	709	36	,	,	PUNCT
cblr-1751	709	37	off	off	ADP
cblr-1751	709	38	-	-	PUNCT
cblr-1751	709	39	exchange	exchange	NOUN
cblr-1751	709	40	trading	trading	NOUN
cblr-1751	709	41	is	be	AUX
cblr-1751	709	42	dominated	dominate	VERB
cblr-1751	709	43	by	by	ADP
cblr-1751	709	44	uninformed	uninformed	ADJ
cblr-1751	709	45	traders	trader	NOUN
cblr-1751	709	46	.	.	PUNCT
cblr-1751	710	1	consequently	consequently	ADV
cblr-1751	710	2	,	,	PUNCT
cblr-1751	710	3	exchange	exchange	NOUN
cblr-1751	710	4	trading	trading	NOUN
cblr-1751	710	5	entails	entail	VERB
cblr-1751	710	6	a	a	DET
cblr-1751	710	7	far	far	ADV
cblr-1751	710	8	higher	high	ADJ
cblr-1751	710	9	ratio	ratio	NOUN
cblr-1751	710	10	of	of	ADP
cblr-1751	710	11	informed	informed	ADJ
cblr-1751	710	12	traders	trader	NOUN
cblr-1751	710	13	to	to	ADP
cblr-1751	710	14	uninformed	uninformed	ADJ
cblr-1751	710	15	ones	one	NOUN
cblr-1751	710	16	than	than	SCONJ
cblr-1751	710	17	it	it	PRON
cblr-1751	710	18	otherwise	otherwise	ADV
cblr-1751	710	19	might	might	AUX
cblr-1751	710	20	.	.	PUNCT
cblr-1751	711	1	in	in	ADP
cblr-1751	711	2	response	response	NOUN
cblr-1751	711	3	to	to	ADP
cblr-1751	711	4	the	the	DET
cblr-1751	711	5	concern	concern	NOUN
cblr-1751	711	6	that	that	SCONJ
cblr-1751	711	7	they	they	PRON
cblr-1751	711	8	will	will	AUX
cblr-1751	711	9	be	be	AUX
cblr-1751	711	10	unable	unable	ADJ
cblr-1751	711	11	to	to	PART
cblr-1751	711	12	bring	bring	VERB
cblr-1751	711	13	in	in	ADV
cblr-1751	711	14	enough	enough	ADJ
cblr-1751	711	15	revenue	revenue	NOUN
cblr-1751	711	16	to	to	PART
cblr-1751	711	17	cover	cover	VERB
cblr-1751	711	18	the	the	DET
cblr-1751	711	19	costs	cost	NOUN
cblr-1751	711	20	that	that	PRON
cblr-1751	711	21	informed	inform	VERB
cblr-1751	711	22	traders	trader	NOUN
cblr-1751	711	23	impose	impose	VERB
cblr-1751	711	24	on	on	ADP
cblr-1751	711	25	them	they	PRON
cblr-1751	711	26	,	,	PUNCT
cblr-1751	711	27	exchange	exchange	NOUN
cblr-1751	711	28	liquidity	liquidity	NOUN
cblr-1751	711	29	providers	provider	NOUN
cblr-1751	711	30	alter	alter	VERB
cblr-1751	711	31	their	their	PRON
cblr-1751	711	32	price	price	NOUN
cblr-1751	711	33	quotes	quote	NOUN
cblr-1751	711	34	in	in	ADP
cblr-1751	711	35	two	two	NUM
cblr-1751	711	36	ways	way	NOUN
cblr-1751	711	37	:	:	PUNCT
cblr-1751	711	38	by	by	ADP
cblr-1751	711	39	providing	provide	VERB
cblr-1751	711	40	inferior	inferior	ADJ
cblr-1751	711	41	price	price	NOUN
cblr-1751	711	42	quotes	quote	NOUN
cblr-1751	711	43	and	and	CCONJ
cblr-1751	711	44	by	by	ADP
cblr-1751	711	45	lowering	lower	VERB
cblr-1751	711	46	the	the	DET
cblr-1751	711	47	trading	trading	NOUN
cblr-1751	711	48	-	-	PUNCT
cblr-1751	711	49	activity	activity	NOUN
cblr-1751	711	50	thresholds	threshold	NOUN
cblr-1751	711	51	that	that	PRON
cblr-1751	711	52	trigger	trigger	VERB
cblr-1751	711	53	their	their	PRON
cblr-1751	711	54	adjustments	adjustment	NOUN
cblr-1751	711	55	of	of	ADP
cblr-1751	711	56	those	those	DET
cblr-1751	711	57	quotes	quote	NOUN
cblr-1751	711	58	.	.	PUNCT
cblr-1751	712	1	facing	face	VERB
cblr-1751	712	2	these	these	DET
cblr-1751	712	3	altered	altered	ADJ
cblr-1751	712	4	quotes	quote	NOUN
cblr-1751	712	5	,	,	PUNCT
cblr-1751	712	6	informed	informed	ADJ
cblr-1751	712	7	traders	trader	NOUN
cblr-1751	712	8	—	—	PUNCT
cblr-1751	712	9	traders	trader	NOUN
cblr-1751	712	10	whose	whose	DET
cblr-1751	712	11	buying	buying	NOUN
cblr-1751	712	12	and	and	CCONJ
cblr-1751	712	13	selling	selling	NOUN
cblr-1751	712	14	activity	activity	NOUN
cblr-1751	712	15	is	be	AUX
cblr-1751	712	16	to	to	ADP
cblr-1751	712	17	a	a	DET
cblr-1751	712	18	significant	significant	ADJ
cblr-1751	712	19	extent	extent	NOUN
cblr-1751	712	20	often	often	ADV
cblr-1751	712	21	relegated	relegate	VERB
cblr-1751	712	22	to	to	ADP
cblr-1751	712	23	exchanges	exchange	NOUN
cblr-1751	712	24	—	—	PUNCT
cblr-1751	712	25	will	will	AUX
cblr-1751	712	26	have	have	VERB
cblr-1751	712	27	lower	low	ADJ
cblr-1751	712	28	expected	expect	VERB
cblr-1751	712	29	trading	trading	NOUN
cblr-1751	712	30	profits	profit	NOUN
cblr-1751	712	31	.	.	PUNCT
cblr-1751	713	1	for	for	ADP
cblr-1751	713	2	this	this	DET
cblr-1751	713	3	reason	reason	NOUN
cblr-1751	713	4	,	,	PUNCT
cblr-1751	713	5	these	these	DET
cblr-1751	713	6	market	market	NOUN
cblr-1751	713	7	participants	participant	NOUN
cblr-1751	713	8	will	will	AUX
cblr-1751	713	9	invest	invest	VERB
cblr-1751	713	10	less	less	ADJ
cblr-1751	713	11	in	in	ADP
cblr-1751	713	12	the	the	DET
cblr-1751	713	13	production	production	NOUN
cblr-1751	713	14	(	(	PUNCT
cblr-1751	713	15	or	or	CCONJ
cblr-1751	713	16	procurement	procurement	NOUN
cblr-1751	713	17	)	)	PUNCT
cblr-1751	713	18	of	of	ADP
cblr-1751	713	19	information	information	NOUN
cblr-1751	713	20	about	about	ADP
cblr-1751	713	21	firms	firm	NOUN
cblr-1751	713	22	’	’	PART
cblr-1751	713	23	values	value	NOUN
cblr-1751	713	24	—	—	PUNCT
cblr-1751	713	25	and	and	CCONJ
cblr-1751	713	26	inaccurate	inaccurate	ADJ
cblr-1751	713	27	stock	stock	NOUN
cblr-1751	713	28	prices	price	NOUN
cblr-1751	713	29	will	will	AUX
cblr-1751	713	30	remain	remain	VERB
cblr-1751	713	31	uncorrected	uncorrected	ADJ
cblr-1751	713	32	over	over	ADP
cblr-1751	713	33	sustained	sustained	ADJ
cblr-1751	713	34	periods	period	NOUN
cblr-1751	713	35	more	more	ADV
cblr-1751	713	36	often	often	ADV
cblr-1751	713	37	than	than	SCONJ
cblr-1751	713	38	they	they	PRON
cblr-1751	713	39	otherwise	otherwise	ADV
cblr-1751	713	40	might	might	AUX
cblr-1751	713	41	.	.	PUNCT
cblr-1751	714	1	these	these	DET
cblr-1751	714	2	theoretical	theoretical	ADJ
cblr-1751	714	3	implications	implication	NOUN
cblr-1751	714	4	of	of	ADP
cblr-1751	714	5	little	little	ADJ
cblr-1751	714	6	-	-	PUNCT
cblr-1751	714	7	noticed	notice	VERB
cblr-1751	714	8	trading	trading	NOUN
cblr-1751	714	9	rules	rule	NOUN
cblr-1751	714	10	thus	thus	ADV
cblr-1751	714	11	led	lead	VERB
cblr-1751	714	12	to	to	ADP
cblr-1751	714	13	the	the	DET
cblr-1751	714	14	inference	inference	NOUN
cblr-1751	714	15	that	that	PRON
cblr-1751	714	16	regulators	regulator	NOUN
cblr-1751	714	17	can	can	AUX
cblr-1751	714	18	change	change	VERB
cblr-1751	714	19	stockmarket	stockmarket	NOUN
cblr-1751	714	20	law	law	NOUN
cblr-1751	714	21	to	to	PART
cblr-1751	714	22	improve	improve	VERB
cblr-1751	714	23	stock	stock	NOUN
cblr-1751	714	24	-	-	PUNCT
cblr-1751	714	25	price	price	NOUN
cblr-1751	714	26	accuracy	accuracy	NOUN
cblr-1751	714	27	—	—	PUNCT
cblr-1751	714	28	and	and	CCONJ
cblr-1751	714	29	that	that	SCONJ
cblr-1751	714	30	they	they	PRON
cblr-1751	714	31	therefore	therefore	ADV
cblr-1751	714	32	have	have	VERB
cblr-1751	714	33	a	a	DET
cblr-1751	714	34	previously	previously	ADV
cblr-1751	714	35	unidentified	unidentified	ADJ
cblr-1751	714	36	tool	tool	NOUN
cblr-1751	714	37	that	that	SCONJ
cblr-1751	714	38	they	they	PRON
cblr-1751	714	39	can	can	AUX
cblr-1751	714	40	use	use	VERB
cblr-1751	714	41	to	to	PART
cblr-1751	714	42	make	make	VERB
cblr-1751	714	43	public	public	ADJ
cblr-1751	714	44	companies	company	NOUN
cblr-1751	714	45	’	’	PART
cblr-1751	714	46	stock	stock	NOUN
cblr-1751	714	47	prices	price	NOUN
cblr-1751	714	48	more	more	ADV
cblr-1751	714	49	accurate	accurate	ADJ
cblr-1751	714	50	.	.	PUNCT
cblr-1751	715	1	building	build	VERB
cblr-1751	715	2	on	on	ADP
cblr-1751	715	3	these	these	DET
cblr-1751	715	4	theories	theory	NOUN
cblr-1751	715	5	,	,	PUNCT
cblr-1751	715	6	this	this	DET
cblr-1751	715	7	article	article	NOUN
cblr-1751	715	8	has	have	AUX
cblr-1751	715	9	argued	argue	VERB
cblr-1751	715	10	that	that	SCONJ
cblr-1751	715	11	regulators	regulator	NOUN
cblr-1751	715	12	should	should	AUX
cblr-1751	715	13	consider	consider	VERB
cblr-1751	715	14	whether	whether	SCONJ
cblr-1751	715	15	they	they	PRON
cblr-1751	715	16	can	can	AUX
cblr-1751	715	17	use	use	VERB
cblr-1751	715	18	this	this	DET
cblr-1751	715	19	new	new	ADJ
cblr-1751	715	20	securities	security	NOUN
cblr-1751	715	21	-	-	PUNCT
cblr-1751	715	22	law	law	NOUN
cblr-1751	715	23	tool	tool	NOUN
cblr-1751	715	24	to	to	PART
cblr-1751	715	25	achieve	achieve	VERB
cblr-1751	715	26	what	what	PRON
cblr-1751	715	27	is	be	AUX
cblr-1751	715	28	perhaps	perhaps	ADV
cblr-1751	715	29	the	the	DET
cblr-1751	715	30	principal	principal	ADJ
cblr-1751	715	31	aim	aim	NOUN
cblr-1751	715	32	of	of	ADP
cblr-1751	715	33	modern	modern	ADJ
cblr-1751	715	34	securities	security	NOUN
cblr-1751	715	35	regulation	regulation	NOUN
cblr-1751	715	36	:	:	PUNCT
cblr-1751	715	37	obtaining	obtain	VERB
cblr-1751	715	38	a	a	DET
cblr-1751	715	39	wealthmaximizing	wealthmaximizing	NOUN
cblr-1751	715	40	level	level	NOUN
cblr-1751	715	41	of	of	ADP
cblr-1751	715	42	stock	stock	NOUN
cblr-1751	715	43	-	-	PUNCT
cblr-1751	715	44	price	price	NOUN
cblr-1751	715	45	accuracy	accuracy	NOUN
cblr-1751	715	46	.	.	PUNCT
cblr-1751	716	1	however	however	ADV
cblr-1751	716	2	,	,	PUNCT
cblr-1751	716	3	it	it	PRON
cblr-1751	716	4	has	have	AUX
cblr-1751	716	5	also	also	ADV
cblr-1751	716	6	cautioned	caution	VERB
cblr-1751	716	7	that	that	SCONJ
cblr-1751	716	8	the	the	DET
cblr-1751	716	9	pursuit	pursuit	NOUN
cblr-1751	716	10	of	of	ADP
cblr-1751	716	11	such	such	ADJ
cblr-1751	716	12	reforms	reform	NOUN
cblr-1751	716	13	would	would	AUX
cblr-1751	716	14	be	be	AUX
cblr-1751	716	15	illadvised	illadvise	VERB
cblr-1751	716	16	if	if	SCONJ
cblr-1751	716	17	the	the	DET
cblr-1751	716	18	social	social	ADJ
cblr-1751	716	19	benefits	benefit	NOUN
cblr-1751	716	20	that	that	PRON
cblr-1751	716	21	would	would	AUX
cblr-1751	716	22	result	result	VERB
cblr-1751	716	23	from	from	ADP
cblr-1751	716	24	the	the	DET
cblr-1751	716	25	higher	high	ADJ
cblr-1751	716	26	level	level	NOUN
cblr-1751	716	27	of	of	ADP
cblr-1751	716	28	price	price	NOUN
cblr-1751	716	29	accuracy	accuracy	NOUN
cblr-1751	716	30	to	to	PART
cblr-1751	716	31	which	which	PRON
cblr-1751	716	32	they	they	PRON
cblr-1751	716	33	would	would	AUX
cblr-1751	716	34	lead	lead	VERB
cblr-1751	716	35	would	would	AUX
cblr-1751	716	36	fail	fail	VERB
cblr-1751	716	37	to	to	PART
cblr-1751	716	38	outweigh	outweigh	VERB
cblr-1751	716	39	the	the	DET
cblr-1751	716	40	social	social	ADJ
cblr-1751	716	41	costs	cost	NOUN
cblr-1751	716	42	necessary	necessary	ADJ
cblr-1751	716	43	to	to	PART
cblr-1751	716	44	achieve	achieve	VERB
cblr-1751	716	45	them	they	PRON
cblr-1751	716	46	.	.	PUNCT
cblr-1751	717	1	still	still	ADV
cblr-1751	717	2	,	,	PUNCT
cblr-1751	717	3	though	though	ADV
cblr-1751	717	4	,	,	PUNCT
cblr-1751	717	5	it	it	PRON
cblr-1751	717	6	has	have	AUX
cblr-1751	717	7	advised	advise	VERB
cblr-1751	717	8	regulators	regulator	NOUN
cblr-1751	717	9	to	to	PART
cblr-1751	717	10	determine	determine	VERB
cblr-1751	717	11	whether	whether	SCONJ
cblr-1751	717	12	accuracy	accuracy	NOUN
cblr-1751	717	13	-	-	PUNCT
cblr-1751	717	14	enhancing	enhance	VERB
cblr-1751	717	15	changes	change	NOUN
cblr-1751	717	16	to	to	ADP
cblr-1751	717	17	stock	stock	NOUN
cblr-1751	717	18	market	market	NOUN
cblr-1751	717	19	law	law	NOUN
cblr-1751	717	20	may	may	AUX
cblr-1751	717	21	haeberle	haeberle	VERB
cblr-1751	717	22	final	final	ADJ
cblr-1751	717	23	no	no	NOUN
cblr-1751	717	24	.	.	NOUN
cblr-1751	717	25	1:121	1:121	NUM
cblr-1751	717	26	]	]	X
cblr-1751	717	27	stock	stock	NOUN
cblr-1751	717	28	-	-	PUNCT
cblr-1751	717	29	price	price	NOUN
cblr-1751	717	30	accuracy	accuracy	NOUN
cblr-1751	717	31	185	185	NUM
cblr-1751	717	32	improve	improve	VERB
cblr-1751	717	33	social	social	ADJ
cblr-1751	717	34	welfare	welfare	NOUN
cblr-1751	717	35	even	even	ADV
cblr-1751	717	36	if	if	SCONJ
cblr-1751	717	37	the	the	DET
cblr-1751	717	38	marginal	marginal	ADJ
cblr-1751	717	39	benefits	benefit	NOUN
cblr-1751	717	40	of	of	ADP
cblr-1751	717	41	increases	increase	NOUN
cblr-1751	717	42	to	to	ADP
cblr-1751	717	43	the	the	DET
cblr-1751	717	44	current	current	ADJ
cblr-1751	717	45	level	level	NOUN
cblr-1751	717	46	of	of	ADP
cblr-1751	717	47	price	price	NOUN
cblr-1751	717	48	accuracy	accuracy	NOUN
cblr-1751	717	49	and	and	CCONJ
cblr-1751	717	50	more	more	ADJ
cblr-1751	717	51	would	would	AUX
cblr-1751	717	52	not	not	PART
cblr-1751	717	53	outweigh	outweigh	VERB
cblr-1751	717	54	the	the	DET
cblr-1751	717	55	marginal	marginal	ADJ
cblr-1751	717	56	costs	cost	NOUN
cblr-1751	717	57	associated	associate	VERB
cblr-1751	717	58	with	with	ADP
cblr-1751	717	59	those	those	DET
cblr-1751	717	60	changes	change	NOUN
cblr-1751	717	61	.	.	PUNCT
cblr-1751	718	1	after	after	ADV
cblr-1751	718	2	all	all	ADV
cblr-1751	718	3	,	,	PUNCT
cblr-1751	718	4	these	these	DET
cblr-1751	718	5	policymakers	policymaker	NOUN
cblr-1751	718	6	may	may	AUX
cblr-1751	718	7	find	find	VERB
cblr-1751	718	8	that	that	SCONJ
cblr-1751	718	9	they	they	PRON
cblr-1751	718	10	can	can	AUX
cblr-1751	718	11	to	to	PART
cblr-1751	718	12	achieve	achieve	VERB
cblr-1751	718	13	the	the	DET
cblr-1751	718	14	current	current	ADJ
cblr-1751	718	15	level	level	NOUN
cblr-1751	718	16	of	of	ADP
cblr-1751	718	17	stock	stock	NOUN
cblr-1751	718	18	-	-	PUNCT
cblr-1751	718	19	price	price	NOUN
cblr-1751	718	20	accuracy	accuracy	NOUN
cblr-1751	718	21	at	at	ADP
cblr-1751	718	22	a	a	DET
cblr-1751	718	23	lower	low	ADJ
cblr-1751	718	24	cost	cost	NOUN
cblr-1751	718	25	by	by	ADP
cblr-1751	718	26	relying	rely	VERB
cblr-1751	718	27	more	more	ADV
cblr-1751	718	28	on	on	ADP
cblr-1751	718	29	stock	stock	NOUN
cblr-1751	718	30	-	-	PUNCT
cblr-1751	718	31	market	market	NOUN
cblr-1751	718	32	law	law	NOUN
cblr-1751	718	33	and	and	CCONJ
cblr-1751	718	34	less	less	ADJ
cblr-1751	718	35	on	on	ADP
cblr-1751	718	36	the	the	DET
cblr-1751	718	37	resource	resource	NOUN
cblr-1751	718	38	-	-	PUNCT
cblr-1751	718	39	intensive	intensive	ADJ
cblr-1751	718	40	core	core	NOUN
cblr-1751	718	41	of	of	ADP
cblr-1751	718	42	securities	security	NOUN
cblr-1751	718	43	law	law	NOUN
cblr-1751	718	44	that	that	PRON
cblr-1751	718	45	has	have	AUX
cblr-1751	718	46	long	long	ADV
cblr-1751	718	47	been	be	AUX
cblr-1751	718	48	deployed	deploy	VERB
cblr-1751	718	49	toward	toward	ADP
cblr-1751	718	50	that	that	DET
cblr-1751	718	51	end	end	NOUN
cblr-1751	718	52	.	.	PUNCT
cblr-1751	719	1	these	these	DET
cblr-1751	719	2	conclusions	conclusion	NOUN
cblr-1751	719	3	arising	arise	VERB
cblr-1751	719	4	out	out	ADP
cblr-1751	719	5	of	of	ADP
cblr-1751	719	6	the	the	DET
cblr-1751	719	7	analysis	analysis	NOUN
cblr-1751	719	8	of	of	ADP
cblr-1751	719	9	long	long	ADJ
cblr-1751	719	10	overlooked	overlook	VERB
cblr-1751	719	11	trading	trading	NOUN
cblr-1751	719	12	rules	rule	NOUN
cblr-1751	719	13	that	that	PRON
cblr-1751	719	14	dictate	dictate	VERB
cblr-1751	719	15	which	which	PRON
cblr-1751	719	16	of	of	ADP
cblr-1751	719	17	the	the	DET
cblr-1751	719	18	two	two	NUM
cblr-1751	719	19	broad	broad	ADJ
cblr-1751	719	20	types	type	NOUN
cblr-1751	719	21	of	of	ADP
cblr-1751	719	22	trading	trading	NOUN
cblr-1751	719	23	platforms	platform	NOUN
cblr-1751	719	24	is	be	AUX
cblr-1751	719	25	able	able	ADJ
cblr-1751	719	26	to	to	PART
cblr-1751	719	27	discriminate	discriminate	VERB
cblr-1751	719	28	among	among	ADP
cblr-1751	719	29	traders	trader	NOUN
cblr-1751	719	30	and	and	CCONJ
cblr-1751	719	31	which	which	PRON
cblr-1751	719	32	is	be	AUX
cblr-1751	719	33	not	not	PART
cblr-1751	719	34	thus	thus	ADV
cblr-1751	719	35	reflect	reflect	VERB
cblr-1751	719	36	important	important	ADJ
cblr-1751	719	37	considerations	consideration	NOUN
cblr-1751	719	38	for	for	ADP
cblr-1751	719	39	policymakers	policymaker	NOUN
cblr-1751	719	40	.	.	PUNCT
cblr-1751	720	1	but	but	CCONJ
cblr-1751	720	2	just	just	ADV
cblr-1751	720	3	as	as	ADV
cblr-1751	720	4	importantly	importantly	ADV
cblr-1751	720	5	,	,	PUNCT
cblr-1751	720	6	the	the	DET
cblr-1751	720	7	analysis	analysis	NOUN
cblr-1751	720	8	provided	provide	VERB
cblr-1751	720	9	in	in	ADP
cblr-1751	720	10	this	this	DET
cblr-1751	720	11	article	article	NOUN
cblr-1751	720	12	has	have	AUX
cblr-1751	720	13	merely	merely	ADV
cblr-1751	720	14	scratched	scratch	VERB
cblr-1751	720	15	the	the	DET
cblr-1751	720	16	surface	surface	NOUN
cblr-1751	720	17	of	of	ADP
cblr-1751	720	18	what	what	PRON
cblr-1751	720	19	can	can	AUX
cblr-1751	720	20	be	be	AUX
cblr-1751	720	21	learned	learn	VERB
cblr-1751	720	22	through	through	ADP
cblr-1751	720	23	marketmicrostructure	marketmicrostructure	NOUN
cblr-1751	720	24	-	-	PUNCT
cblr-1751	720	25	driven	drive	VERB
cblr-1751	720	26	examinations	examination	NOUN
cblr-1751	720	27	of	of	ADP
cblr-1751	720	28	the	the	DET
cblr-1751	720	29	law	law	NOUN
cblr-1751	720	30	governing	govern	VERB
cblr-1751	720	31	the	the	DET
cblr-1751	720	32	market	market	NOUN
cblr-1751	720	33	in	in	ADP
cblr-1751	720	34	which	which	PRON
cblr-1751	720	35	stocks	stock	NOUN
cblr-1751	720	36	—	—	PUNCT
cblr-1751	720	37	and	and	CCONJ
cblr-1751	720	38	financial	financial	ADJ
cblr-1751	720	39	instruments	instrument	NOUN
cblr-1751	720	40	more	more	ADV
cblr-1751	720	41	broadly	broadly	ADV
cblr-1751	720	42	—	—	PUNCT
cblr-1751	720	43	are	be	AUX
cblr-1751	720	44	traded	trade	VERB
cblr-1751	720	45	.	.	PUNCT
cblr-1751	721	1	in	in	ADP
cblr-1751	721	2	particular	particular	ADJ
cblr-1751	721	3	,	,	PUNCT
cblr-1751	721	4	the	the	DET
cblr-1751	721	5	article	article	NOUN
cblr-1751	721	6	has	have	AUX
cblr-1751	721	7	shown	show	VERB
cblr-1751	721	8	that	that	SCONJ
cblr-1751	721	9	this	this	DET
cblr-1751	721	10	relatively	relatively	ADV
cblr-1751	721	11	unstudied	unstudied	ADJ
cblr-1751	721	12	area	area	NOUN
cblr-1751	721	13	of	of	ADP
cblr-1751	721	14	law	law	NOUN
cblr-1751	721	15	can	can	AUX
cblr-1751	721	16	have	have	VERB
cblr-1751	721	17	implications	implication	NOUN
cblr-1751	721	18	that	that	PRON
cblr-1751	721	19	go	go	VERB
cblr-1751	721	20	far	far	ADV
cblr-1751	721	21	beyond	beyond	ADP
cblr-1751	721	22	trading	trading	NOUN
cblr-1751	721	23	minutia	minutia	NOUN
cblr-1751	721	24	to	to	PART
cblr-1751	721	25	influence	influence	VERB
cblr-1751	721	26	the	the	DET
cblr-1751	721	27	degree	degree	NOUN
cblr-1751	721	28	to	to	PART
cblr-1751	721	29	which	which	PRON
cblr-1751	721	30	key	key	ADJ
cblr-1751	721	31	prices	price	NOUN
cblr-1751	721	32	reflect	reflect	VERB
cblr-1751	721	33	public	public	ADJ
cblr-1751	721	34	companies	company	NOUN
cblr-1751	721	35	’	’	PART
cblr-1751	721	36	prospects	prospect	NOUN
cblr-1751	721	37	in	in	ADP
cblr-1751	721	38	a	a	DET
cblr-1751	721	39	manner	manner	NOUN
cblr-1751	721	40	that	that	PRON
cblr-1751	721	41	reverberates	reverberate	VERB
cblr-1751	721	42	throughout	throughout	ADP
cblr-1751	721	43	society	society	NOUN
cblr-1751	721	44	.	.	PUNCT