id	sid	tid	token	lemma	pos
cblr-1762	1	1	microsoft	microsoft	PROPN
cblr-1762	1	2	word	word	PROPN
cblr-1762	1	3	1_2015.3_sharfman_final3	1_2015.3_sharfman_final3	NUM
cblr-1762	1	4	sharfman	sharfman	NOUN
cblr-1762	1	5	–	–	PUNCT
cblr-1762	1	6	final	final	ADJ
cblr-1762	1	7	activist	activist	ADJ
cblr-1762	1	8	hedge	hedge	NOUN
cblr-1762	1	9	funds	fund	NOUN
cblr-1762	1	10	in	in	ADP
cblr-1762	1	11	a	a	DET
cblr-1762	1	12	world	world	NOUN
cblr-1762	1	13	of	of	ADP
cblr-1762	1	14	board	board	NOUN
cblr-1762	1	15	independence	independence	NOUN
cblr-1762	1	16	:	:	PUNCT
cblr-1762	1	17	creators	creator	NOUN
cblr-1762	1	18	or	or	CCONJ
cblr-1762	1	19	destroyers	destroyer	NOUN
cblr-1762	1	20	of	of	ADP
cblr-1762	1	21	long	long	ADJ
cblr-1762	1	22	-	-	PUNCT
cblr-1762	1	23	term	term	NOUN
cblr-1762	1	24	value	value	NOUN
cblr-1762	1	25	?	?	PUNCT
cblr-1762	2	1	bernard	bernard	PROPN
cblr-1762	2	2	s.	s.	PROPN
cblr-1762	2	3	sharfman	sharfman	VERB
cblr-1762	2	4	numerous	numerous	ADJ
cblr-1762	2	5	empirical	empirical	ADJ
cblr-1762	2	6	studies	study	NOUN
cblr-1762	2	7	have	have	AUX
cblr-1762	2	8	shown	show	VERB
cblr-1762	2	9	that	that	PRON
cblr-1762	2	10	hedge	hedge	NOUN
cblr-1762	2	11	fund	fund	NOUN
cblr-1762	2	12	activism	activism	NOUN
cblr-1762	2	13	has	have	AUX
cblr-1762	2	14	led	lead	VERB
cblr-1762	2	15	to	to	ADP
cblr-1762	2	16	enhanced	enhance	VERB
cblr-1762	2	17	returns	return	NOUN
cblr-1762	2	18	to	to	ADP
cblr-1762	2	19	investors	investor	NOUN
cblr-1762	2	20	and	and	CCONJ
cblr-1762	2	21	increased	increase	VERB
cblr-1762	2	22	firm	firm	ADJ
cblr-1762	2	23	performance	performance	NOUN
cblr-1762	2	24	.	.	PUNCT
cblr-1762	3	1	nevertheless	nevertheless	ADV
cblr-1762	3	2	,	,	PUNCT
cblr-1762	3	3	leading	lead	VERB
cblr-1762	3	4	figures	figure	NOUN
cblr-1762	3	5	in	in	ADP
cblr-1762	3	6	the	the	DET
cblr-1762	3	7	corporate	corporate	ADJ
cblr-1762	3	8	governance	governance	NOUN
cblr-1762	3	9	world	world	NOUN
cblr-1762	3	10	have	have	AUX
cblr-1762	3	11	taken	take	VERB
cblr-1762	3	12	issue	issue	NOUN
cblr-1762	3	13	with	with	ADP
cblr-1762	3	14	these	these	DET
cblr-1762	3	15	studies	study	NOUN
cblr-1762	3	16	and	and	CCONJ
cblr-1762	3	17	have	have	AUX
cblr-1762	3	18	argued	argue	VERB
cblr-1762	3	19	that	that	SCONJ
cblr-1762	3	20	hedge	hedge	NOUN
cblr-1762	3	21	fund	fund	NOUN
cblr-1762	3	22	activism	activism	NOUN
cblr-1762	3	23	leads	lead	VERB
cblr-1762	3	24	to	to	ADP
cblr-1762	3	25	long	long	ADJ
cblr-1762	3	26	-	-	PUNCT
cblr-1762	3	27	term	term	NOUN
cblr-1762	3	28	value	value	NOUN
cblr-1762	3	29	destruction	destruction	NOUN
cblr-1762	3	30	.	.	PUNCT
cblr-1762	4	1	this	this	DET
cblr-1762	4	2	article	article	NOUN
cblr-1762	4	3	argues	argue	VERB
cblr-1762	4	4	that	that	SCONJ
cblr-1762	4	5	an	an	DET
cblr-1762	4	6	activist	activist	ADJ
cblr-1762	4	7	hedge	hedge	NOUN
cblr-1762	4	8	fund	fund	NOUN
cblr-1762	4	9	creates	create	VERB
cblr-1762	4	10	long	long	ADJ
cblr-1762	4	11	-	-	PUNCT
cblr-1762	4	12	term	term	NOUN
cblr-1762	4	13	value	value	NOUN
cblr-1762	4	14	by	by	ADP
cblr-1762	4	15	signaling	signal	VERB
cblr-1762	4	16	to	to	ADP
cblr-1762	4	17	the	the	DET
cblr-1762	4	18	board	board	NOUN
cblr-1762	4	19	of	of	ADP
cblr-1762	4	20	directors	director	NOUN
cblr-1762	4	21	(	(	PUNCT
cblr-1762	4	22	“	"	PUNCT
cblr-1762	4	23	board	board	NOUN
cblr-1762	4	24	”	"	PUNCT
cblr-1762	4	25	)	)	PUNCT
cblr-1762	4	26	that	that	SCONJ
cblr-1762	4	27	its	its	PRON
cblr-1762	4	28	executive	executive	ADJ
cblr-1762	4	29	management	management	NOUN
cblr-1762	4	30	team	team	NOUN
cblr-1762	4	31	may	may	AUX
cblr-1762	4	32	be	be	AUX
cblr-1762	4	33	making	make	VERB
cblr-1762	4	34	inefficient	inefficient	ADJ
cblr-1762	4	35	decisions	decision	NOUN
cblr-1762	4	36	and	and	CCONJ
cblr-1762	4	37	providing	provide	VERB
cblr-1762	4	38	recommendations	recommendation	NOUN
cblr-1762	4	39	on	on	ADP
cblr-1762	4	40	how	how	SCONJ
cblr-1762	4	41	the	the	DET
cblr-1762	4	42	company	company	NOUN
cblr-1762	4	43	should	should	AUX
cblr-1762	4	44	proceed	proceed	VERB
cblr-1762	4	45	in	in	ADP
cblr-1762	4	46	light	light	NOUN
cblr-1762	4	47	of	of	ADP
cblr-1762	4	48	those	those	DET
cblr-1762	4	49	inefficiencies	inefficiency	NOUN
cblr-1762	4	50	.	.	PUNCT
cblr-1762	5	1	these	these	DET
cblr-1762	5	2	recommendations	recommendation	NOUN
cblr-1762	5	3	require	require	VERB
cblr-1762	5	4	the	the	DET
cblr-1762	5	5	board	board	NOUN
cblr-1762	5	6	to	to	PART
cblr-1762	5	7	review	review	VERB
cblr-1762	5	8	and	and	CCONJ
cblr-1762	5	9	question	question	VERB
cblr-1762	5	10	the	the	DET
cblr-1762	5	11	direction	direction	NOUN
cblr-1762	5	12	executive	executive	ADJ
cblr-1762	5	13	management	management	NOUN
cblr-1762	5	14	is	be	AUX
cblr-1762	5	15	taking	take	VERB
cblr-1762	5	16	the	the	DET
cblr-1762	5	17	company	company	NOUN
cblr-1762	5	18	and	and	CCONJ
cblr-1762	5	19	then	then	ADV
cblr-1762	5	20	choose	choose	VERB
cblr-1762	5	21	which	which	DET
cblr-1762	5	22	path	path	NOUN
cblr-1762	5	23	the	the	DET
cblr-1762	5	24	company	company	NOUN
cblr-1762	5	25	should	should	AUX
cblr-1762	5	26	take	take	VERB
cblr-1762	5	27	:	:	PUNCT
cblr-1762	5	28	the	the	DET
cblr-1762	5	29	one	one	NOUN
cblr-1762	5	30	recommended	recommend	VERB
cblr-1762	5	31	by	by	ADP
cblr-1762	5	32	executive	executive	ADJ
cblr-1762	5	33	management	management	NOUN
cblr-1762	5	34	,	,	PUNCT
cblr-1762	5	35	the	the	DET
cblr-1762	5	36	one	one	NOUN
cblr-1762	5	37	recommended	recommend	VERB
cblr-1762	5	38	by	by	ADP
cblr-1762	5	39	the	the	DET
cblr-1762	5	40	activist	activist	ADJ
cblr-1762	5	41	hedge	hedge	NOUN
cblr-1762	5	42	fund	fund	PROPN
cblr-1762	5	43	,	,	PUNCT
cblr-1762	5	44	or	or	CCONJ
cblr-1762	5	45	a	a	DET
cblr-1762	5	46	combination	combination	NOUN
cblr-1762	5	47	of	of	ADP
cblr-1762	5	48	both	both	PRON
cblr-1762	5	49	.	.	PUNCT
cblr-1762	6	1	this	this	DET
cblr-1762	6	2	argument	argument	NOUN
cblr-1762	6	3	relies	rely	VERB
cblr-1762	6	4	on	on	ADP
cblr-1762	6	5	the	the	DET
cblr-1762	6	6	existence	existence	NOUN
cblr-1762	6	7	of	of	ADP
cblr-1762	6	8	a	a	DET
cblr-1762	6	9	board	board	NOUN
cblr-1762	6	10	that	that	PRON
cblr-1762	6	11	can	can	AUX
cblr-1762	6	12	act	act	VERB
cblr-1762	6	13	as	as	ADP
cblr-1762	6	14	an	an	DET
cblr-1762	6	15	independent	independent	ADJ
cblr-1762	6	16	arbitrator	arbitrator	NOUN
cblr-1762	6	17	in	in	ADP
cblr-1762	6	18	deciding	decide	VERB
cblr-1762	6	19	whose	whose	DET
cblr-1762	6	20	recommendations	recommendation	NOUN
cblr-1762	6	21	should	should	AUX
cblr-1762	6	22	be	be	AUX
cblr-1762	6	23	followed	follow	VERB
cblr-1762	6	24	.	.	PUNCT
cblr-1762	7	1	in	in	ADP
cblr-1762	7	2	addition	addition	NOUN
cblr-1762	7	3	,	,	PUNCT
cblr-1762	7	4	this	this	DET
cblr-1762	7	5	article	article	NOUN
cblr-1762	7	6	discusses	discuss	VERB
cblr-1762	7	7	the	the	DET
cblr-1762	7	8	implications	implication	NOUN
cblr-1762	7	9	for	for	ADP
cblr-1762	7	10	shareholder	shareholder	NOUN
cblr-1762	7	11	voting	voting	NOUN
cblr-1762	7	12	when	when	SCONJ
cblr-1762	7	13	an	an	DET
cblr-1762	7	14	activist	activist	ADJ
cblr-1762	7	15	hedge	hedge	NOUN
cblr-1762	7	16	fund	fund	NOUN
cblr-1762	7	17	interacts	interact	VERB
cblr-1762	7	18	with	with	ADP
cblr-1762	7	19	an	an	DET
cblr-1762	7	20	independent	independent	ADJ
cblr-1762	7	21	board	board	NOUN
cblr-1762	7	22	.	.	PUNCT
cblr-1762	8	1	finally	finally	ADV
cblr-1762	8	2	,	,	PUNCT
cblr-1762	8	3	it	it	PRON
cblr-1762	8	4	gives	give	VERB
cblr-1762	8	5	an	an	DET
cblr-1762	8	6	explanation	explanation	NOUN
cblr-1762	8	7	for	for	ADP
cblr-1762	8	8	why	why	SCONJ
cblr-1762	8	9	activist	activist	ADJ
cblr-1762	8	10	hedge	hedge	NOUN
cblr-1762	8	11	funds	fund	NOUN
cblr-1762	8	12	do	do	AUX
cblr-1762	8	13	not	not	PART
cblr-1762	8	14	provide	provide	VERB
cblr-1762	8	15	recommendations	recommendation	NOUN
cblr-1762	8	16	that	that	PRON
cblr-1762	8	17	involve	involve	VERB
cblr-1762	8	18	long	long	ADJ
cblr-1762	8	19	-	-	PUNCT
cblr-1762	8	20	term	term	NOUN
cblr-1762	8	21	investment	investment	NOUN
cblr-1762	8	22	.	.	PUNCT
cblr-1762	9	1			PROPN
cblr-1762	9	2	bernard	bernard	PROPN
cblr-1762	9	3	s.	s.	PROPN
cblr-1762	9	4	sharfman	sharfman	PROPN
cblr-1762	9	5	is	be	AUX
cblr-1762	9	6	currently	currently	ADV
cblr-1762	9	7	an	an	DET
cblr-1762	9	8	adjunct	adjunct	ADJ
cblr-1762	9	9	professor	professor	NOUN
cblr-1762	9	10	of	of	ADP
cblr-1762	9	11	business	business	NOUN
cblr-1762	9	12	law	law	NOUN
cblr-1762	9	13	at	at	ADP
cblr-1762	9	14	the	the	DET
cblr-1762	9	15	george	george	PROPN
cblr-1762	9	16	mason	mason	PROPN
cblr-1762	9	17	university	university	PROPN
cblr-1762	9	18	school	school	NOUN
cblr-1762	9	19	of	of	ADP
cblr-1762	9	20	business	business	NOUN
cblr-1762	9	21	,	,	PUNCT
cblr-1762	9	22	an	an	DET
cblr-1762	9	23	associate	associate	ADJ
cblr-1762	9	24	fellow	fellow	NOUN
cblr-1762	9	25	of	of	ADP
cblr-1762	9	26	the	the	DET
cblr-1762	9	27	r	r	PROPN
cblr-1762	9	28	street	street	PROPN
cblr-1762	9	29	institute	institute	PROPN
cblr-1762	9	30	,	,	PUNCT
cblr-1762	9	31	a	a	DET
cblr-1762	9	32	member	member	NOUN
cblr-1762	9	33	of	of	ADP
cblr-1762	9	34	the	the	DET
cblr-1762	9	35	journal	journal	NOUN
cblr-1762	9	36	of	of	ADP
cblr-1762	9	37	corporation	corporation	PROPN
cblr-1762	9	38	law	law	NOUN
cblr-1762	9	39	’s	’s	PART
cblr-1762	9	40	editorial	editorial	ADJ
cblr-1762	9	41	advisory	advisory	PROPN
cblr-1762	9	42	board	board	NOUN
cblr-1762	9	43	,	,	PUNCT
cblr-1762	9	44	and	and	CCONJ
cblr-1762	9	45	a	a	DET
cblr-1762	9	46	former	former	ADJ
cblr-1762	9	47	visiting	visit	VERB
cblr-1762	9	48	assistant	assistant	ADJ
cblr-1762	9	49	professor	professor	NOUN
cblr-1762	9	50	of	of	ADP
cblr-1762	9	51	law	law	NOUN
cblr-1762	9	52	at	at	ADP
cblr-1762	9	53	case	case	NOUN
cblr-1762	9	54	western	western	PROPN
cblr-1762	9	55	reserve	reserve	PROPN
cblr-1762	9	56	university	university	PROPN
cblr-1762	9	57	school	school	NOUN
cblr-1762	9	58	of	of	ADP
cblr-1762	9	59	law	law	NOUN
cblr-1762	9	60	(	(	PUNCT
cblr-1762	9	61	spring	spring	NOUN
cblr-1762	9	62	2013	2013	NUM
cblr-1762	9	63	and	and	CCONJ
cblr-1762	9	64	2014	2014	NUM
cblr-1762	9	65	)	)	PUNCT
cblr-1762	9	66	.	.	PUNCT
cblr-1762	10	1	mr	mr	PROPN
cblr-1762	10	2	.	.	PROPN
cblr-1762	10	3	sharfman	sharfman	PROPN
cblr-1762	10	4	is	be	AUX
cblr-1762	10	5	dedicating	dedicate	VERB
cblr-1762	10	6	this	this	DET
cblr-1762	10	7	article	article	NOUN
cblr-1762	10	8	to	to	ADP
cblr-1762	10	9	his	his	PRON
cblr-1762	10	10	wife	wife	NOUN
cblr-1762	10	11	,	,	PUNCT
cblr-1762	10	12	susan	susan	PROPN
cblr-1762	10	13	thea	thea	PROPN
cblr-1762	10	14	david	david	PROPN
cblr-1762	10	15	,	,	PUNCT
cblr-1762	10	16	and	and	CCONJ
cblr-1762	10	17	his	his	PRON
cblr-1762	10	18	daughter	daughter	NOUN
cblr-1762	10	19	,	,	PUNCT
cblr-1762	10	20	amy	amy	PROPN
cblr-1762	10	21	david	david	PROPN
cblr-1762	10	22	sharfman	sharfman	PROPN
cblr-1762	10	23	.	.	PUNCT
cblr-1762	11	1	sharfman	sharfman	PROPN
cblr-1762	11	2	–	–	PUNCT
cblr-1762	11	3	final	final	ADJ
cblr-1762	11	4	814	814	NUM
cblr-1762	11	5	columbia	columbia	PROPN
cblr-1762	11	6	business	business	NOUN
cblr-1762	11	7	law	law	NOUN
cblr-1762	11	8	review	review	NOUN
cblr-1762	11	9	[	[	X
cblr-1762	11	10	vol	vol	NOUN
cblr-1762	11	11	.	.	NOUN
cblr-1762	11	12	2015	2015	NUM
cblr-1762	11	13	i.	i.	NOUN
cblr-1762	11	14	  	  	SPACE
cblr-1762	11	15	introduction	introduction	NOUN
cblr-1762	11	16	................................................................	................................................................	PUNCT
cblr-1762	11	17	814	814	NUM
cblr-1762	11	18	  	  	SPACE
cblr-1762	11	19	ii	ii	NOUN
cblr-1762	11	20	.	.	PUNCT
cblr-1762	11	21	  	  	SPACE
cblr-1762	12	1	what	what	PRON
cblr-1762	12	2	is	be	AUX
cblr-1762	12	3	hedge	hedge	NOUN
cblr-1762	12	4	fund	fund	NOUN
cblr-1762	12	5	activism	activism	NOUN
cblr-1762	12	6	and	and	CCONJ
cblr-1762	12	7	how	how	SCONJ
cblr-1762	12	8	does	do	AUX
cblr-1762	12	9	it	it	PRON
cblr-1762	12	10	work	work	VERB
cblr-1762	12	11	?	?	PUNCT
cblr-1762	12	12	..........................................................................	..........................................................................	PUNCT
cblr-1762	13	1	823	823	NUM
cblr-1762	13	2	  	  	SPACE
cblr-1762	13	3	iii	iii	NOUN
cblr-1762	13	4	.	.	PUNCT
cblr-1762	13	5	  	  	SPACE
cblr-1762	14	1	what	what	PRON
cblr-1762	14	2	makes	make	VERB
cblr-1762	14	3	an	an	DET
cblr-1762	14	4	activist	activist	ADJ
cblr-1762	14	5	hedge	hedge	NOUN
cblr-1762	14	6	fund	fund	NOUN
cblr-1762	14	7	unique	unique	ADJ
cblr-1762	14	8	?	?	PUNCT
cblr-1762	15	1	........	........	PUNCT
cblr-1762	16	1	827	827	NUM
cblr-1762	16	2	  	  	SPACE
cblr-1762	16	3	iv	iv	NUM
cblr-1762	16	4	.	.	PUNCT
cblr-1762	16	5	  	  	SPACE
cblr-1762	16	6	defining	define	VERB
cblr-1762	16	7	long	long	ADJ
cblr-1762	16	8	-	-	PUNCT
cblr-1762	16	9	term	term	NOUN
cblr-1762	16	10	value	value	NOUN
cblr-1762	16	11	creation	creation	NOUN
cblr-1762	16	12	.........................	.........................	PUNCT
cblr-1762	16	13	831	831	NUM
cblr-1762	16	14	  	  	SPACE
cblr-1762	16	15	a.	a.	NOUN
cblr-1762	16	16	  	  	SPACE
cblr-1762	16	17	defining	define	VERB
cblr-1762	16	18	value	value	NOUN
cblr-1762	16	19	.....................................................	.....................................................	PUNCT
cblr-1762	16	20	831	831	NUM
cblr-1762	16	21	  	  	SPACE
cblr-1762	16	22	b.	b.	PROPN
cblr-1762	16	23	  	  	SPACE
cblr-1762	16	24	investment	investment	NOUN
cblr-1762	16	25	time	time	NOUN
cblr-1762	16	26	horizon	horizon	NOUN
cblr-1762	16	27	...................................	...................................	PUNCT
cblr-1762	16	28	832	832	NUM
cblr-1762	16	29	  	  	SPACE
cblr-1762	16	30	c.	c.	NOUN
cblr-1762	16	31	  	  	SPACE
cblr-1762	16	32	for	for	ADP
cblr-1762	16	33	the	the	DET
cblr-1762	16	34	benefit	benefit	NOUN
cblr-1762	16	35	of	of	ADP
cblr-1762	16	36	shareholders	shareholder	NOUN
cblr-1762	16	37	..........................	..........................	PUNCT
cblr-1762	17	1	833	833	NUM
cblr-1762	17	2	  	  	SPACE
cblr-1762	17	3	d.	d.	NOUN
cblr-1762	17	4	  	  	SPACE
cblr-1762	17	5	implementing	implement	VERB
cblr-1762	17	6	long	long	ADJ
cblr-1762	17	7	-	-	PUNCT
cblr-1762	17	8	term	term	NOUN
cblr-1762	17	9	value	value	NOUN
cblr-1762	17	10	creation	creation	NOUN
cblr-1762	17	11	.........	.........	PUNCT
cblr-1762	18	1	834	834	NUM
cblr-1762	18	2	  	  	SPACE
cblr-1762	18	3	e.	e.	PROPN
cblr-1762	18	4	  	  	SPACE
cblr-1762	18	5	summary	summary	NOUN
cblr-1762	18	6	..............................................................	..............................................................	PUNCT
cblr-1762	18	7	837	837	NUM
cblr-1762	18	8	  	  	SPACE
cblr-1762	18	9	v.	v.	ADP
cblr-1762	18	10	  	  	SPACE
cblr-1762	18	11	an	an	DET
cblr-1762	18	12	integrated	integrated	ADJ
cblr-1762	18	13	model	model	NOUN
cblr-1762	18	14	of	of	ADP
cblr-1762	18	15	corporate	corporate	ADJ
cblr-1762	18	16	governance	governance	NOUN
cblr-1762	18	17	........	........	PUNCT
cblr-1762	18	18	838	838	NUM
cblr-1762	18	19	  	  	SPACE
cblr-1762	18	20	a.	a.	NOUN
cblr-1762	18	21	  	  	SPACE
cblr-1762	18	22	corporate	corporate	ADJ
cblr-1762	18	23	law	law	NOUN
cblr-1762	18	24	and	and	CCONJ
cblr-1762	18	25	the	the	DET
cblr-1762	18	26	corporate	corporate	ADJ
cblr-1762	18	27	governance	governance	NOUN
cblr-1762	18	28	structure	structure	NOUN
cblr-1762	18	29	of	of	ADP
cblr-1762	18	30	a	a	DET
cblr-1762	18	31	public	public	ADJ
cblr-1762	18	32	company	company	NOUN
cblr-1762	18	33	...........................	...........................	PUNCT
cblr-1762	18	34	838	838	NUM
cblr-1762	18	35	  	  	SPACE
cblr-1762	18	36	b.	b.	NOUN
cblr-1762	18	37	  	  	SPACE
cblr-1762	18	38	the	the	DET
cblr-1762	18	39	independent	independent	PROPN
cblr-1762	18	40	board	board	PROPN
cblr-1762	18	41	.......................................	.......................................	PUNCT
cblr-1762	18	42	839	839	NUM
cblr-1762	18	43	  	  	SPACE
cblr-1762	18	44	c.	c.	NOUN
cblr-1762	18	45	  	  	SPACE
cblr-1762	18	46	the	the	DET
cblr-1762	18	47	value	value	NOUN
cblr-1762	18	48	of	of	ADP
cblr-1762	18	49	stock	stock	NOUN
cblr-1762	18	50	market	market	NOUN
cblr-1762	18	51	signals	signal	NOUN
cblr-1762	18	52	....................	....................	PUNCT
cblr-1762	18	53	842	842	NUM
cblr-1762	18	54	  	  	SPACE
cblr-1762	18	55	d.	d.	PROPN
cblr-1762	18	56	  	  	SPACE
cblr-1762	18	57	stock	stock	NOUN
cblr-1762	18	58	market	market	NOUN
cblr-1762	18	59	signals	signal	NOUN
cblr-1762	18	60	and	and	CCONJ
cblr-1762	18	61	the	the	DET
cblr-1762	18	62	independent	independent	PROPN
cblr-1762	18	63	board	board	PROPN
cblr-1762	18	64	....................................................................	....................................................................	PUNCT
cblr-1762	18	65	843	843	NUM
cblr-1762	18	66	  	  	SPACE
cblr-1762	18	67	e.	e.	PROPN
cblr-1762	18	68	  	  	SPACE
cblr-1762	18	69	the	the	DET
cblr-1762	18	70	board	board	NOUN
cblr-1762	18	71	as	as	ADP
cblr-1762	18	72	arbitrator	arbitrator	NOUN
cblr-1762	18	73	......................................	......................................	PUNCT
cblr-1762	18	74	844	844	NUM
cblr-1762	18	75	  	  	SPACE
cblr-1762	18	76	f.	f.	PROPN
cblr-1762	18	77	  	  	SPACE
cblr-1762	18	78	summarizing	summarize	VERB
cblr-1762	18	79	the	the	DET
cblr-1762	18	80	integrated	integrated	ADJ
cblr-1762	18	81	model	model	NOUN
cblr-1762	18	82	...................	...................	PUNCT
cblr-1762	18	83	847	847	NUM
cblr-1762	18	84	  	  	SPACE
cblr-1762	18	85	vi	vi	NOUN
cblr-1762	18	86	.	.	PUNCT
cblr-1762	18	87	  	  	SPACE
cblr-1762	18	88	the	the	DET
cblr-1762	18	89	implications	implication	NOUN
cblr-1762	18	90	for	for	ADP
cblr-1762	18	91	shareholder	shareholder	NOUN
cblr-1762	18	92	voting	voting	NOUN
cblr-1762	18	93	.................	.................	PUNCT
cblr-1762	18	94	847	847	NUM
cblr-1762	18	95	  	  	SPACE
cblr-1762	18	96	vii	vii	PROPN
cblr-1762	18	97	.	.	PUNCT
cblr-1762	18	98	  	  	SPACE
cblr-1762	18	99	the	the	DET
cblr-1762	18	100	recommendations	recommendation	NOUN
cblr-1762	18	101	of	of	ADP
cblr-1762	18	102	the	the	DET
cblr-1762	18	103	activist	activist	ADJ
cblr-1762	18	104	hedge	hedge	NOUN
cblr-1762	18	105	fund	fund	NOUN
cblr-1762	18	106	.	.	PUNCT
cblr-1762	19	1	851	851	NUM
cblr-1762	19	2	  	  	SPACE
cblr-1762	19	3	a.	a.	NOUN
cblr-1762	19	4	  	  	SPACE
cblr-1762	19	5	cognitive	cognitive	ADJ
cblr-1762	19	6	limitations	limitation	NOUN
cblr-1762	19	7	..........................................	..........................................	PUNCT
cblr-1762	19	8	855	855	NUM
cblr-1762	19	9	  	  	SPACE
cblr-1762	19	10	b.	b.	PROPN
cblr-1762	19	11	  	  	SPACE
cblr-1762	19	12	the	the	DET
cblr-1762	19	13	limitations	limitation	NOUN
cblr-1762	19	14	of	of	ADP
cblr-1762	19	15	stock	stock	NOUN
cblr-1762	19	16	market	market	NOUN
cblr-1762	19	17	signals	signal	NOUN
cblr-1762	19	18	...........	...........	PUNCT
cblr-1762	19	19	856	856	NUM
cblr-1762	19	20	  	  	SPACE
cblr-1762	19	21	c.	c.	NOUN
cblr-1762	19	22	  	  	SPACE
cblr-1762	19	23	the	the	DET
cblr-1762	19	24	board	board	NOUN
cblr-1762	19	25	’s	’s	PART
cblr-1762	19	26	response	response	NOUN
cblr-1762	19	27	to	to	ADP
cblr-1762	19	28	recommendations	recommendation	NOUN
cblr-1762	19	29	......	......	PUNCT
cblr-1762	19	30	857	857	NUM
cblr-1762	19	31	  	  	SPACE
cblr-1762	19	32	viii	viii	NOUN
cblr-1762	19	33	.	.	PUNCT
cblr-1762	19	34	  	  	SPACE
cblr-1762	19	35	conclusion	conclusion	NOUN
cblr-1762	19	36	..................................................................	..................................................................	PUNCT
cblr-1762	19	37	858	858	NUM
cblr-1762	19	38	  	  	SPACE
cblr-1762	19	39	i.	i.	NOUN
cblr-1762	19	40	introduction	introduction	NOUN
cblr-1762	19	41	numerous	numerous	ADJ
cblr-1762	19	42	empirical	empirical	ADJ
cblr-1762	19	43	studies	study	NOUN
cblr-1762	19	44	have	have	AUX
cblr-1762	19	45	shown	show	VERB
cblr-1762	19	46	that	that	PRON
cblr-1762	19	47	hedge	hedge	NOUN
cblr-1762	19	48	fund	fund	NOUN
cblr-1762	19	49	activism	activism	NOUN
cblr-1762	19	50	has	have	AUX
cblr-1762	19	51	led	lead	VERB
cblr-1762	19	52	to	to	ADP
cblr-1762	19	53	enhanced	enhance	VERB
cblr-1762	19	54	returns	return	NOUN
cblr-1762	19	55	to	to	ADP
cblr-1762	19	56	investors	investor	NOUN
cblr-1762	19	57	and	and	CCONJ
cblr-1762	19	58	increased	increase	VERB
cblr-1762	19	59	firm	firm	NOUN
cblr-1762	19	60	performance.1	performance.1	VERB
cblr-1762	19	61	some	some	DET
cblr-1762	19	62	scholars	scholar	NOUN
cblr-1762	19	63	explain	explain	VERB
cblr-1762	19	64	these	these	DET
cblr-1762	19	65	1	1	NUM
cblr-1762	19	66	see	see	VERB
cblr-1762	19	67	generally	generally	ADV
cblr-1762	19	68	alon	alon	PROPN
cblr-1762	19	69	brav	brav	PROPN
cblr-1762	19	70	,	,	PUNCT
cblr-1762	19	71	wei	wei	PROPN
cblr-1762	19	72	jiang	jiang	PROPN
cblr-1762	19	73	,	,	PUNCT
cblr-1762	19	74	frank	frank	PROPN
cblr-1762	19	75	partnoy	partnoy	PROPN
cblr-1762	19	76	&	&	CCONJ
cblr-1762	19	77	randall	randall	PROPN
cblr-1762	19	78	thomas	thomas	PROPN
cblr-1762	19	79	,	,	PUNCT
cblr-1762	19	80	hedge	hedge	NOUN
cblr-1762	19	81	fund	fund	NOUN
cblr-1762	19	82	activism	activism	NOUN
cblr-1762	19	83	,	,	PUNCT
cblr-1762	19	84	corporate	corporate	ADJ
cblr-1762	19	85	governance	governance	NOUN
cblr-1762	19	86	,	,	PUNCT
cblr-1762	19	87	and	and	CCONJ
cblr-1762	19	88	firm	firm	ADJ
cblr-1762	19	89	performance	performance	NOUN
cblr-1762	19	90	,	,	PUNCT
cblr-1762	19	91	63	63	NUM
cblr-1762	19	92	j.	j.	PROPN
cblr-1762	19	93	fin	fin	PROPN
cblr-1762	19	94	.	.	PUNCT
cblr-1762	20	1	1729	1729	NUM
cblr-1762	20	2	(	(	PUNCT
cblr-1762	20	3	2008	2008	NUM
cblr-1762	20	4	)	)	PUNCT
cblr-1762	21	1	[	[	X
cblr-1762	21	2	hereinafter	hereinafter	NOUN
cblr-1762	21	3	brav	brav	PROPN
cblr-1762	21	4	et	et	PROPN
cblr-1762	21	5	al	al	PROPN
cblr-1762	21	6	.	.	PROPN
cblr-1762	21	7	,	,	PUNCT
cblr-1762	21	8	hedge	hedge	NOUN
cblr-1762	21	9	fund	fund	NOUN
cblr-1762	21	10	activism	activism	NOUN
cblr-1762	21	11	]	]	X
cblr-1762	21	12	;	;	PUNCT
cblr-1762	21	13	april	april	PROPN
cblr-1762	21	14	klein	klein	PROPN
cblr-1762	21	15	&	&	CCONJ
cblr-1762	21	16	emanuel	emanuel	PROPN
cblr-1762	21	17	zur	zur	PROPN
cblr-1762	21	18	,	,	PUNCT
cblr-1762	21	19	entrepreneurial	entrepreneurial	ADJ
cblr-1762	21	20	shareholder	shareholder	NOUN
cblr-1762	21	21	activism	activism	NOUN
cblr-1762	21	22	:	:	PUNCT
cblr-1762	21	23	hedge	hedge	NOUN
cblr-1762	21	24	funds	fund	NOUN
cblr-1762	21	25	and	and	CCONJ
cblr-1762	21	26	other	other	ADJ
cblr-1762	21	27	private	private	ADJ
cblr-1762	21	28	investors	investor	NOUN
cblr-1762	21	29	,	,	PUNCT
cblr-1762	21	30	64	64	NUM
cblr-1762	21	31	j.	j.	PROPN
cblr-1762	21	32	fin	fin	PROPN
cblr-1762	21	33	.	.	PUNCT
cblr-1762	22	1	187	187	NUM
cblr-1762	22	2	(	(	PUNCT
cblr-1762	22	3	2009	2009	NUM
cblr-1762	22	4	)	)	PUNCT
cblr-1762	22	5	;	;	PUNCT
cblr-1762	22	6	sharfman	sharfman	NOUN
cblr-1762	22	7	–	–	PUNCT
cblr-1762	22	8	final	final	ADJ
cblr-1762	22	9	no	no	NOUN
cblr-1762	22	10	.	.	PUNCT
cblr-1762	23	1	3:813	3:813	NUM
cblr-1762	23	2	]	]	X
cblr-1762	23	3	activist	activist	ADJ
cblr-1762	23	4	hedge	hedge	NOUN
cblr-1762	23	5	funds	fund	NOUN
cblr-1762	23	6	and	and	CCONJ
cblr-1762	23	7	long	long	ADJ
cblr-1762	23	8	-	-	PUNCT
cblr-1762	23	9	term	term	NOUN
cblr-1762	23	10	value	value	NOUN
cblr-1762	23	11	815	815	NUM
cblr-1762	23	12	results	result	NOUN
cblr-1762	23	13	by	by	ADP
cblr-1762	23	14	arguing	argue	VERB
cblr-1762	23	15	that	that	SCONJ
cblr-1762	23	16	activist	activist	ADJ
cblr-1762	23	17	hedge	hedge	NOUN
cblr-1762	23	18	funds	fund	NOUN
cblr-1762	23	19	act	act	VERB
cblr-1762	23	20	as	as	ADP
cblr-1762	23	21	a	a	DET
cblr-1762	23	22	corrective	corrective	ADJ
cblr-1762	23	23	mechanism	mechanism	NOUN
cblr-1762	23	24	in	in	ADP
cblr-1762	23	25	the	the	DET
cblr-1762	23	26	corporate	corporate	ADJ
cblr-1762	23	27	governance	governance	NOUN
cblr-1762	23	28	of	of	ADP
cblr-1762	23	29	a	a	DET
cblr-1762	23	30	public	public	ADJ
cblr-1762	23	31	company	company	NOUN
cblr-1762	23	32	,	,	PUNCT
cblr-1762	23	33	leading	lead	VERB
cblr-1762	23	34	to	to	ADP
cblr-1762	23	35	higher	high	ADJ
cblr-1762	23	36	stock	stock	NOUN
cblr-1762	23	37	prices	price	NOUN
cblr-1762	23	38	and	and	CCONJ
cblr-1762	23	39	better	well	ADJ
cblr-1762	23	40	company	company	NOUN
cblr-1762	23	41	performance.2	performance.2	PROPN
cblr-1762	23	42	nevertheless	nevertheless	ADV
cblr-1762	23	43	,	,	PUNCT
cblr-1762	23	44	leading	lead	VERB
cblr-1762	23	45	figures	figure	NOUN
cblr-1762	23	46	in	in	ADP
cblr-1762	23	47	the	the	DET
cblr-1762	23	48	corporate	corporate	ADJ
cblr-1762	23	49	governance	governance	NOUN
cblr-1762	23	50	world	world	NOUN
cblr-1762	23	51	,	,	PUNCT
cblr-1762	23	52	most	most	ADV
cblr-1762	23	53	notably	notably	ADV
cblr-1762	23	54	martin	martin	PROPN
cblr-1762	23	55	lipton	lipton	PROPN
cblr-1762	23	56	,	,	PUNCT
cblr-1762	23	57	have	have	AUX
cblr-1762	23	58	disagreed	disagree	VERB
cblr-1762	23	59	with	with	ADP
cblr-1762	23	60	these	these	DET
cblr-1762	23	61	studies	study	NOUN
cblr-1762	23	62	and	and	CCONJ
cblr-1762	23	63	have	have	AUX
cblr-1762	23	64	argued	argue	VERB
cblr-1762	23	65	that	that	SCONJ
cblr-1762	23	66	hedge	hedge	NOUN
cblr-1762	23	67	fund	fund	NOUN
cblr-1762	23	68	activism	activism	NOUN
cblr-1762	23	69	leads	lead	VERB
cblr-1762	23	70	to	to	ADP
cblr-1762	23	71	long	long	ADJ
cblr-1762	23	72	-	-	PUNCT
cblr-1762	23	73	term	term	NOUN
cblr-1762	23	74	value	value	NOUN
cblr-1762	23	75	destruction	destruction	NOUN
cblr-1762	23	76	:	:	PUNCT
cblr-1762	23	77	while	while	SCONJ
cblr-1762	23	78	there	there	PRON
cblr-1762	23	79	is	be	VERB
cblr-1762	23	80	no	no	DET
cblr-1762	23	81	question	question	NOUN
cblr-1762	23	82	that	that	SCONJ
cblr-1762	23	83	almost	almost	ADV
cblr-1762	23	84	every	every	DET
cblr-1762	23	85	attack	attack	NOUN
cblr-1762	23	86	,	,	PUNCT
cblr-1762	23	87	or	or	CCONJ
cblr-1762	23	88	even	even	ADV
cblr-1762	23	89	rumor	rumor	NOUN
cblr-1762	23	90	of	of	ADP
cblr-1762	23	91	an	an	DET
cblr-1762	23	92	attack	attack	NOUN
cblr-1762	23	93	,	,	PUNCT
cblr-1762	23	94	by	by	ADP
cblr-1762	23	95	an	an	DET
cblr-1762	23	96	activist	activist	ADJ
cblr-1762	23	97	hedge	hedge	NOUN
cblr-1762	23	98	fund	fund	NOUN
cblr-1762	23	99	will	will	AUX
cblr-1762	23	100	result	result	VERB
cblr-1762	23	101	in	in	ADP
cblr-1762	23	102	an	an	DET
cblr-1762	23	103	immediate	immediate	ADJ
cblr-1762	23	104	increase	increase	NOUN
cblr-1762	23	105	in	in	ADP
cblr-1762	23	106	the	the	DET
cblr-1762	23	107	stock	stock	NOUN
cblr-1762	23	108	market	market	NOUN
cblr-1762	23	109	price	price	NOUN
cblr-1762	23	110	of	of	ADP
cblr-1762	23	111	the	the	DET
cblr-1762	23	112	target	target	NOUN
cblr-1762	23	113	,	,	PUNCT
cblr-1762	23	114	such	such	ADJ
cblr-1762	23	115	gains	gain	NOUN
cblr-1762	23	116	are	be	AUX
cblr-1762	23	117	not	not	PART
cblr-1762	23	118	necessarily	necessarily	ADV
cblr-1762	23	119	indicative	indicative	ADJ
cblr-1762	23	120	of	of	ADP
cblr-1762	23	121	real	real	ADJ
cblr-1762	23	122	value	value	NOUN
cblr-1762	23	123	creation	creation	NOUN
cblr-1762	23	124	.	.	PUNCT
cblr-1762	24	1	to	to	ADP
cblr-1762	24	2	the	the	DET
cblr-1762	24	3	contrary	contrary	NOUN
cblr-1762	24	4	,	,	PUNCT
cblr-1762	24	5	the	the	DET
cblr-1762	24	6	attacks	attack	NOUN
cblr-1762	24	7	and	and	CCONJ
cblr-1762	24	8	the	the	DET
cblr-1762	24	9	efforts	effort	NOUN
cblr-1762	24	10	by	by	ADP
cblr-1762	24	11	companies	company	NOUN
cblr-1762	24	12	to	to	PART
cblr-1762	24	13	adopt	adopt	VERB
cblr-1762	24	14	short	short	ADJ
cblr-1762	24	15	-	-	PUNCT
cblr-1762	24	16	term	term	NOUN
cblr-1762	24	17	strategies	strategy	NOUN
cblr-1762	24	18	to	to	PART
cblr-1762	24	19	avoid	avoid	VERB
cblr-1762	24	20	becoming	become	VERB
cblr-1762	24	21	a	a	DET
cblr-1762	24	22	nicole	nicole	PROPN
cblr-1762	24	23	m.	m.	PROPN
cblr-1762	24	24	boyson	boyson	PROPN
cblr-1762	24	25	&	&	CCONJ
cblr-1762	24	26	robert	robert	PROPN
cblr-1762	24	27	m.	m.	PROPN
cblr-1762	24	28	mooradian	mooradian	PROPN
cblr-1762	24	29	,	,	PUNCT
cblr-1762	24	30	corporate	corporate	ADJ
cblr-1762	24	31	governance	governance	NOUN
cblr-1762	24	32	and	and	CCONJ
cblr-1762	24	33	hedge	hedge	NOUN
cblr-1762	24	34	fund	fund	NOUN
cblr-1762	24	35	activism	activism	NOUN
cblr-1762	24	36	,	,	PUNCT
cblr-1762	24	37	14	14	NUM
cblr-1762	24	38	rev	rev	X
cblr-1762	24	39	.	.	PUNCT
cblr-1762	25	1	derivatives	derivative	NOUN
cblr-1762	25	2	res	re	NOUN
cblr-1762	25	3	.	.	PUNCT
cblr-1762	26	1	169	169	NUM
cblr-1762	26	2	(	(	PUNCT
cblr-1762	26	3	2011	2011	NUM
cblr-1762	26	4	)	)	PUNCT
cblr-1762	26	5	;	;	PUNCT
cblr-1762	26	6	christopher	christopher	PROPN
cblr-1762	26	7	p.	p.	PROPN
cblr-1762	26	8	clifford	clifford	PROPN
cblr-1762	26	9	,	,	PUNCT
cblr-1762	26	10	value	value	NOUN
cblr-1762	26	11	creation	creation	NOUN
cblr-1762	26	12	or	or	CCONJ
cblr-1762	26	13	destruction	destruction	NOUN
cblr-1762	26	14	?	?	PUNCT
cblr-1762	27	1	hedge	hedge	NOUN
cblr-1762	27	2	funds	fund	NOUN
cblr-1762	27	3	as	as	ADP
cblr-1762	27	4	shareholder	shareholder	NOUN
cblr-1762	27	5	activists	activist	NOUN
cblr-1762	27	6	,	,	PUNCT
cblr-1762	27	7	14	14	NUM
cblr-1762	27	8	j.	j.	PROPN
cblr-1762	27	9	corp	corp	PROPN
cblr-1762	27	10	.	.	PROPN
cblr-1762	27	11	fin	fin	PROPN
cblr-1762	27	12	.	.	PUNCT
cblr-1762	28	1	323	323	NUM
cblr-1762	28	2	(	(	PUNCT
cblr-1762	28	3	2008	2008	NUM
cblr-1762	28	4	)	)	PUNCT
cblr-1762	28	5	;	;	PUNCT
cblr-1762	28	6	robin	robin	PROPN
cblr-1762	28	7	greenwood	greenwood	PROPN
cblr-1762	28	8	&	&	CCONJ
cblr-1762	28	9	michael	michael	PROPN
cblr-1762	28	10	schor	schor	PROPN
cblr-1762	28	11	,	,	PUNCT
cblr-1762	28	12	investor	investor	NOUN
cblr-1762	28	13	activism	activism	NOUN
cblr-1762	28	14	and	and	CCONJ
cblr-1762	28	15	takeovers	takeover	NOUN
cblr-1762	28	16	,	,	PUNCT
cblr-1762	28	17	92	92	NUM
cblr-1762	28	18	j.	j.	PROPN
cblr-1762	28	19	fin	fin	PROPN
cblr-1762	28	20	.	.	PUNCT
cblr-1762	28	21	econ	econ	PROPN
cblr-1762	28	22	.	.	PUNCT
cblr-1762	29	1	362	362	NUM
cblr-1762	29	2	(	(	PUNCT
cblr-1762	29	3	2009	2009	NUM
cblr-1762	29	4	)	)	PUNCT
cblr-1762	29	5	;	;	PUNCT
cblr-1762	29	6	lucian	lucian	PROPN
cblr-1762	29	7	a.	a.	PROPN
cblr-1762	29	8	bebchuk	bebchuk	PROPN
cblr-1762	29	9	,	,	PUNCT
cblr-1762	29	10	alon	alon	PROPN
cblr-1762	29	11	brav	brav	PROPN
cblr-1762	29	12	&	&	CCONJ
cblr-1762	29	13	wei	wei	PROPN
cblr-1762	29	14	jiang	jiang	PROPN
cblr-1762	29	15	,	,	PUNCT
cblr-1762	29	16	the	the	DET
cblr-1762	29	17	long	long	ADJ
cblr-1762	29	18	-	-	PUNCT
cblr-1762	29	19	term	term	NOUN
cblr-1762	29	20	effects	effect	NOUN
cblr-1762	29	21	of	of	ADP
cblr-1762	29	22	hedge	hedge	NOUN
cblr-1762	29	23	fund	fund	NOUN
cblr-1762	29	24	activism	activism	NOUN
cblr-1762	29	25	,	,	PUNCT
cblr-1762	29	26	115	115	NUM
cblr-1762	29	27	colum	colum	NOUN
cblr-1762	29	28	.	.	PUNCT
cblr-1762	30	1	l.	l.	PROPN
cblr-1762	30	2	rev	rev	PROPN
cblr-1762	30	3	.	.	PROPN
cblr-1762	30	4	1085	1085	NUM
cblr-1762	30	5	(	(	PUNCT
cblr-1762	30	6	2015	2015	NUM
cblr-1762	30	7	)	)	PUNCT
cblr-1762	30	8	c.n.v	c.n.v	NOUN
cblr-1762	30	9	.	.	PUNCT
cblr-1762	30	10	krishnan	krishnan	PROPN
cblr-1762	30	11	,	,	PUNCT
cblr-1762	30	12	frank	frank	PROPN
cblr-1762	30	13	partnoy	partnoy	PROPN
cblr-1762	30	14	&	&	CCONJ
cblr-1762	30	15	randall	randall	PROPN
cblr-1762	30	16	s.	s.	PROPN
cblr-1762	30	17	thomas	thomas	PROPN
cblr-1762	30	18	,	,	PUNCT
cblr-1762	30	19	top	top	ADJ
cblr-1762	30	20	hedge	hedge	NOUN
cblr-1762	30	21	funds	fund	NOUN
cblr-1762	30	22	:	:	PUNCT
cblr-1762	30	23	the	the	DET
cblr-1762	30	24	importance	importance	NOUN
cblr-1762	30	25	of	of	ADP
cblr-1762	30	26	reputation	reputation	NOUN
cblr-1762	30	27	in	in	ADP
cblr-1762	30	28	shareholder	shareholder	NOUN
cblr-1762	30	29	activism	activism	NOUN
cblr-1762	30	30	(	(	PUNCT
cblr-1762	30	31	2015	2015	NUM
cblr-1762	30	32	)	)	PUNCT
cblr-1762	30	33	,	,	PUNCT
cblr-1762	31	1	http://ssrn.com/abstract=2589992	http://ssrn.com/abstract=2589992	PROPN
cblr-1762	31	2	[	[	X
cblr-1762	31	3	http://perma.cc/9h3k-e9fu	http://perma.cc/9h3k-e9fu	NOUN
cblr-1762	31	4	]	]	PUNCT
cblr-1762	31	5	.	.	PUNCT
cblr-1762	32	1	see	see	VERB
cblr-1762	32	2	also	also	ADV
cblr-1762	32	3	shane	shane	PROPN
cblr-1762	32	4	goodwin	goodwin	PROPN
cblr-1762	32	5	,	,	PUNCT
cblr-1762	32	6	myopic	myopic	ADJ
cblr-1762	32	7	investor	investor	NOUN
cblr-1762	32	8	myth	myth	NOUN
cblr-1762	32	9	debunked	debunk	VERB
cblr-1762	32	10	:	:	PUNCT
cblr-1762	32	11	the	the	DET
cblr-1762	32	12	long	long	ADJ
cblr-1762	32	13	-	-	PUNCT
cblr-1762	32	14	term	term	NOUN
cblr-1762	32	15	efficacy	efficacy	NOUN
cblr-1762	32	16	of	of	ADP
cblr-1762	32	17	shareholder	shareholder	NOUN
cblr-1762	32	18	advocacy	advocacy	NOUN
cblr-1762	32	19	in	in	ADP
cblr-1762	32	20	the	the	DET
cblr-1762	32	21	boardroom	boardroom	NOUN
cblr-1762	32	22	11–12	11–12	NUM
cblr-1762	32	23	(	(	PUNCT
cblr-1762	32	24	june	june	PROPN
cblr-1762	32	25	13	13	NUM
cblr-1762	32	26	,	,	PUNCT
cblr-1762	32	27	2014	2014	NUM
cblr-1762	32	28	)	)	PUNCT
cblr-1762	32	29	(	(	PUNCT
cblr-1762	32	30	working	working	NOUN
cblr-1762	32	31	paper	paper	NOUN
cblr-1762	32	32	)	)	PUNCT
cblr-1762	32	33	,	,	PUNCT
cblr-1762	32	34	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2450214	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2450214	VERB
cblr-1762	32	35	[	[	X
cblr-1762	32	36	http://perma.cc/5zls-225p	http://perma.cc/5zls-225p	X
cblr-1762	32	37	]	]	X
cblr-1762	32	38	(	(	PUNCT
cblr-1762	32	39	finding	find	VERB
cblr-1762	32	40	the	the	DET
cblr-1762	32	41	retention	retention	NOUN
cblr-1762	32	42	of	of	ADP
cblr-1762	32	43	gains	gain	NOUN
cblr-1762	32	44	over	over	ADP
cblr-1762	32	45	a	a	DET
cblr-1762	32	46	five	five	NUM
cblr-1762	32	47	-	-	PUNCT
cblr-1762	32	48	year	year	NOUN
cblr-1762	32	49	period	period	NOUN
cblr-1762	32	50	in	in	ADP
cblr-1762	32	51	the	the	DET
cblr-1762	32	52	context	context	NOUN
cblr-1762	32	53	of	of	ADP
cblr-1762	32	54	an	an	DET
cblr-1762	32	55	activist	activist	ADJ
cblr-1762	32	56	hedge	hedge	NOUN
cblr-1762	32	57	fund	fund	NOUN
cblr-1762	32	58	gaining	gain	VERB
cblr-1762	32	59	board	board	NOUN
cblr-1762	32	60	representation	representation	NOUN
cblr-1762	32	61	)	)	PUNCT
cblr-1762	32	62	.	.	PUNCT
cblr-1762	33	1	for	for	ADP
cblr-1762	33	2	empirical	empirical	ADJ
cblr-1762	33	3	results	result	NOUN
cblr-1762	33	4	consistent	consistent	ADJ
cblr-1762	33	5	with	with	ADP
cblr-1762	33	6	these	these	DET
cblr-1762	33	7	studies	study	NOUN
cblr-1762	33	8	but	but	CCONJ
cblr-1762	33	9	focusing	focus	VERB
cblr-1762	33	10	on	on	ADP
cblr-1762	33	11	hedge	hedge	NOUN
cblr-1762	33	12	fund	fund	NOUN
cblr-1762	33	13	activity	activity	NOUN
cblr-1762	33	14	outside	outside	ADP
cblr-1762	33	15	the	the	DET
cblr-1762	33	16	united	united	PROPN
cblr-1762	33	17	states	states	PROPN
cblr-1762	33	18	,	,	PUNCT
cblr-1762	33	19	see	see	VERB
cblr-1762	33	20	dionysia	dionysia	PROPN
cblr-1762	33	21	katelouzou	katelouzou	PROPN
cblr-1762	33	22	,	,	PUNCT
cblr-1762	33	23	myths	myth	NOUN
cblr-1762	33	24	and	and	CCONJ
cblr-1762	33	25	realities	reality	NOUN
cblr-1762	33	26	of	of	ADP
cblr-1762	33	27	hedge	hedge	NOUN
cblr-1762	33	28	fund	fund	NOUN
cblr-1762	33	29	activism	activism	NOUN
cblr-1762	33	30	:	:	PUNCT
cblr-1762	33	31	some	some	DET
cblr-1762	33	32	empirical	empirical	ADJ
cblr-1762	33	33	evidence	evidence	NOUN
cblr-1762	33	34	,	,	PUNCT
cblr-1762	33	35	7	7	NUM
cblr-1762	33	36	va	va	NOUN
cblr-1762	33	37	.	.	PUNCT
cblr-1762	33	38	l.	l.	PROPN
cblr-1762	33	39	&	&	CCONJ
cblr-1762	33	40	bus	bus	PROPN
cblr-1762	33	41	.	.	PUNCT
cblr-1762	34	1	rev	rev	PROPN
cblr-1762	34	2	.	.	PROPN
cblr-1762	34	3	459	459	NUM
cblr-1762	34	4	,	,	PUNCT
cblr-1762	34	5	479	479	NUM
cblr-1762	34	6	(	(	PUNCT
cblr-1762	34	7	2013	2013	NUM
cblr-1762	34	8	)	)	PUNCT
cblr-1762	34	9	.	.	PUNCT
cblr-1762	35	1	2	2	NUM
cblr-1762	35	2	paul	paul	PROPN
cblr-1762	35	3	rose	rise	VERB
cblr-1762	35	4	&	&	CCONJ
cblr-1762	35	5	bernard	bernard	PROPN
cblr-1762	35	6	s.	s.	PROPN
cblr-1762	35	7	sharfman	sharfman	PROPN
cblr-1762	35	8	,	,	PUNCT
cblr-1762	35	9	shareholder	shareholder	NOUN
cblr-1762	35	10	activism	activism	NOUN
cblr-1762	35	11	as	as	ADP
cblr-1762	35	12	a	a	DET
cblr-1762	35	13	corrective	corrective	ADJ
cblr-1762	35	14	mechanism	mechanism	NOUN
cblr-1762	35	15	in	in	ADP
cblr-1762	35	16	corporate	corporate	ADJ
cblr-1762	35	17	governance	governance	NOUN
cblr-1762	35	18	,	,	PUNCT
cblr-1762	35	19	2014	2014	NUM
cblr-1762	35	20	byu	byu	PROPN
cblr-1762	35	21	l.	l.	PROPN
cblr-1762	35	22	rev	rev	PROPN
cblr-1762	35	23	.	.	PROPN
cblr-1762	35	24	1015	1015	NUM
cblr-1762	35	25	,	,	PUNCT
cblr-1762	35	26	1050–51	1050–51	NUM
cblr-1762	35	27	(	(	PUNCT
cblr-1762	35	28	2015	2015	NUM
cblr-1762	35	29	)	)	PUNCT
cblr-1762	35	30	(	(	PUNCT
cblr-1762	35	31	failing	fail	VERB
cblr-1762	35	32	to	to	PART
cblr-1762	35	33	address	address	VERB
cblr-1762	35	34	the	the	DET
cblr-1762	35	35	implications	implication	NOUN
cblr-1762	35	36	of	of	ADP
cblr-1762	35	37	executive	executive	ADJ
cblr-1762	35	38	management	management	NOUN
cblr-1762	35	39	acting	act	VERB
cblr-1762	35	40	as	as	ADP
cblr-1762	35	41	a	a	DET
cblr-1762	35	42	separate	separate	ADJ
cblr-1762	35	43	locus	locus	NOUN
cblr-1762	35	44	of	of	ADP
cblr-1762	35	45	authority	authority	NOUN
cblr-1762	35	46	in	in	ADP
cblr-1762	35	47	the	the	DET
cblr-1762	35	48	corporate	corporate	ADJ
cblr-1762	35	49	governance	governance	NOUN
cblr-1762	35	50	of	of	ADP
cblr-1762	35	51	a	a	DET
cblr-1762	35	52	public	public	ADJ
cblr-1762	35	53	company	company	NOUN
cblr-1762	35	54	and	and	CCONJ
cblr-1762	35	55	thus	thus	ADV
cblr-1762	35	56	distinguishing	distinguish	VERB
cblr-1762	35	57	itself	itself	PRON
cblr-1762	35	58	from	from	ADP
cblr-1762	35	59	the	the	DET
cblr-1762	35	60	present	present	ADJ
cblr-1762	35	61	article	article	NOUN
cblr-1762	35	62	,	,	PUNCT
cblr-1762	35	63	which	which	PRON
cblr-1762	35	64	addresses	address	VERB
cblr-1762	35	65	the	the	DET
cblr-1762	35	66	implications	implication	NOUN
cblr-1762	35	67	of	of	ADP
cblr-1762	35	68	executive	executive	ADJ
cblr-1762	35	69	management	management	NOUN
cblr-1762	35	70	being	be	AUX
cblr-1762	35	71	delegated	delegate	VERB
cblr-1762	35	72	a	a	DET
cblr-1762	35	73	large	large	ADJ
cblr-1762	35	74	amount	amount	NOUN
cblr-1762	35	75	of	of	ADP
cblr-1762	35	76	decision	decision	NOUN
cblr-1762	35	77	-	-	PUNCT
cblr-1762	35	78	making	make	VERB
cblr-1762	35	79	authority	authority	NOUN
cblr-1762	35	80	)	)	PUNCT
cblr-1762	35	81	.	.	PUNCT
cblr-1762	36	1	sharfman	sharfman	PROPN
cblr-1762	36	2	–	–	PUNCT
cblr-1762	36	3	final	final	ADJ
cblr-1762	36	4	816	816	NUM
cblr-1762	36	5	columbia	columbia	PROPN
cblr-1762	36	6	business	business	NOUN
cblr-1762	36	7	law	law	PROPN
cblr-1762	36	8	review	review	NOUN
cblr-1762	36	9	[	[	X
cblr-1762	36	10	vol	vol	NOUN
cblr-1762	36	11	.	.	NOUN
cblr-1762	36	12	2015	2015	NUM
cblr-1762	36	13	target	target	NOUN
cblr-1762	36	14	have	have	AUX
cblr-1762	36	15	had	have	VERB
cblr-1762	36	16	very	very	ADV
cblr-1762	36	17	serious	serious	ADJ
cblr-1762	36	18	adverse	adverse	ADJ
cblr-1762	36	19	effects	effect	NOUN
cblr-1762	36	20	on	on	ADP
cblr-1762	36	21	the	the	DET
cblr-1762	36	22	companies	company	NOUN
cblr-1762	36	23	,	,	PUNCT
cblr-1762	36	24	their	their	PRON
cblr-1762	36	25	long	long	ADJ
cblr-1762	36	26	-	-	PUNCT
cblr-1762	36	27	term	term	NOUN
cblr-1762	36	28	shareholders	shareholder	NOUN
cblr-1762	36	29	,	,	PUNCT
cblr-1762	36	30	and	and	CCONJ
cblr-1762	36	31	the	the	DET
cblr-1762	36	32	american	american	PROPN
cblr-1762	36	33	economy.3	economy.3	PROPN
cblr-1762	36	34	if	if	SCONJ
cblr-1762	36	35	so	so	ADV
cblr-1762	36	36	,	,	PUNCT
cblr-1762	36	37	then	then	ADV
cblr-1762	36	38	the	the	DET
cblr-1762	36	39	actions	action	NOUN
cblr-1762	36	40	of	of	ADP
cblr-1762	36	41	activist	activist	ADJ
cblr-1762	36	42	hedge	hedge	NOUN
cblr-1762	36	43	funds	fund	NOUN
cblr-1762	36	44	allegedly	allegedly	ADV
cblr-1762	36	45	compel	compel	VERB
cblr-1762	36	46	public	public	ADJ
cblr-1762	36	47	companies	company	NOUN
cblr-1762	36	48	to	to	PART
cblr-1762	36	49	enter	enter	VERB
cblr-1762	36	50	into	into	ADP
cblr-1762	36	51	detrimental	detrimental	ADJ
cblr-1762	36	52	shortterm	shortterm	NOUN
cblr-1762	36	53	strategies	strategy	NOUN
cblr-1762	36	54	in	in	ADP
cblr-1762	36	55	order	order	NOUN
cblr-1762	36	56	to	to	PART
cblr-1762	36	57	be	be	AUX
cblr-1762	36	58	removed	remove	VERB
cblr-1762	36	59	from	from	ADP
cblr-1762	36	60	the	the	DET
cblr-1762	36	61	activists	activist	NOUN
cblr-1762	36	62	’	'	PUNCT
cblr-1762	36	63	target	target	NOUN
cblr-1762	36	64	list.4	list.4	ADJ
cblr-1762	36	65	this	this	PRON
cblr-1762	36	66	is	be	AUX
cblr-1762	36	67	something	something	PRON
cblr-1762	36	68	akin	akin	ADJ
cblr-1762	36	69	to	to	ADP
cblr-1762	36	70	greenmail	greenmail	NOUN
cblr-1762	36	71	where	where	SCONJ
cblr-1762	36	72	the	the	DET
cblr-1762	36	73	corporation	corporation	NOUN
cblr-1762	36	74	must	must	AUX
cblr-1762	36	75	deplete	deplete	VERB
cblr-1762	36	76	its	its	PRON
cblr-1762	36	77	resources	resource	NOUN
cblr-1762	36	78	to	to	PART
cblr-1762	36	79	make	make	VERB
cblr-1762	36	80	the	the	DET
cblr-1762	36	81	hostile	hostile	ADJ
cblr-1762	36	82	bidder	bidder	NOUN
cblr-1762	36	83	go	go	VERB
cblr-1762	36	84	away.5	away.5	PROPN
cblr-1762	36	85	moreover	moreover	ADV
cblr-1762	36	86	,	,	PUNCT
cblr-1762	36	87	according	accord	VERB
cblr-1762	36	88	to	to	ADP
cblr-1762	36	89	lipton	lipton	PROPN
cblr-1762	36	90	,	,	PUNCT
cblr-1762	36	91	the	the	DET
cblr-1762	36	92	strategies	strategy	NOUN
cblr-1762	36	93	of	of	ADP
cblr-1762	36	94	activist	activist	ADJ
cblr-1762	36	95	hedge	hedge	NOUN
cblr-1762	36	96	funds	fund	NOUN
cblr-1762	36	97	are	be	AUX
cblr-1762	36	98	meant	mean	VERB
cblr-1762	36	99	to	to	PART
cblr-1762	36	100	achieve	achieve	VERB
cblr-1762	36	101	shortterm	shortterm	NOUN
cblr-1762	36	102	gains	gain	NOUN
cblr-1762	36	103	without	without	ADP
cblr-1762	36	104	regard	regard	NOUN
cblr-1762	36	105	to	to	ADP
cblr-1762	36	106	the	the	DET
cblr-1762	36	107	welfare	welfare	NOUN
cblr-1762	36	108	of	of	ADP
cblr-1762	36	109	the	the	DET
cblr-1762	36	110	companies	company	NOUN
cblr-1762	36	111	they	they	PRON
cblr-1762	36	112	target	target	VERB
cblr-1762	36	113	:	:	PUNCT
cblr-1762	36	114	institutional	institutional	ADJ
cblr-1762	36	115	investors	investor	NOUN
cblr-1762	36	116	on	on	ADP
cblr-1762	36	117	average	average	ADJ
cblr-1762	36	118	own	own	ADJ
cblr-1762	36	119	more	more	ADJ
cblr-1762	36	120	than	than	ADP
cblr-1762	36	121	70	70	NUM
cblr-1762	36	122	%	%	NOUN
cblr-1762	36	123	of	of	ADP
cblr-1762	36	124	the	the	DET
cblr-1762	36	125	shares	share	NOUN
cblr-1762	36	126	of	of	ADP
cblr-1762	36	127	the	the	DET
cblr-1762	36	128	major	major	ADJ
cblr-1762	36	129	public	public	ADJ
cblr-1762	36	130	companies	company	NOUN
cblr-1762	36	131	.	.	PUNCT
cblr-1762	37	1	their	their	PRON
cblr-1762	37	2	voting	voting	NOUN
cblr-1762	37	3	power	power	NOUN
cblr-1762	37	4	is	be	AUX
cblr-1762	37	5	being	be	AUX
cblr-1762	37	6	harnessed	harness	VERB
cblr-1762	37	7	by	by	ADP
cblr-1762	37	8	a	a	DET
cblr-1762	37	9	gaggle	gaggle	NOUN
cblr-1762	37	10	of	of	ADP
cblr-1762	37	11	activist	activist	ADJ
cblr-1762	37	12	hedge	hedge	NOUN
cblr-1762	37	13	funds	fund	NOUN
cblr-1762	37	14	who	who	PRON
cblr-1762	37	15	troll	troll	VERB
cblr-1762	37	16	through	through	ADP
cblr-1762	37	17	sec	sec	PROPN
cblr-1762	37	18	filings	filing	NOUN
cblr-1762	37	19	looking	look	VERB
cblr-1762	37	20	for	for	ADP
cblr-1762	37	21	opportunities	opportunity	NOUN
cblr-1762	37	22	to	to	PART
cblr-1762	37	23	demand	demand	VERB
cblr-1762	37	24	a	a	DET
cblr-1762	37	25	change	change	NOUN
cblr-1762	37	26	in	in	ADP
cblr-1762	37	27	a	a	DET
cblr-1762	37	28	company	company	NOUN
cblr-1762	37	29	’s	’s	PART
cblr-1762	37	30	strategy	strategy	NOUN
cblr-1762	37	31	or	or	CCONJ
cblr-1762	37	32	portfolio	portfolio	NOUN
cblr-1762	37	33	that	that	PRON
cblr-1762	37	34	will	will	AUX
cblr-1762	37	35	create	create	VERB
cblr-1762	37	36	a	a	DET
cblr-1762	37	37	3	3	NUM
cblr-1762	37	38	martin	martin	PROPN
cblr-1762	37	39	lipton	lipton	PROPN
cblr-1762	37	40	,	,	PUNCT
cblr-1762	37	41	empiricism	empiricism	NOUN
cblr-1762	37	42	and	and	CCONJ
cblr-1762	37	43	experience	experience	NOUN
cblr-1762	37	44	;	;	PUNCT
cblr-1762	37	45	activism	activism	NOUN
cblr-1762	37	46	and	and	CCONJ
cblr-1762	37	47	shorttermism	shorttermism	NOUN
cblr-1762	37	48	;	;	PUNCT
cblr-1762	37	49	the	the	DET
cblr-1762	37	50	real	real	ADJ
cblr-1762	37	51	world	world	NOUN
cblr-1762	37	52	of	of	ADP
cblr-1762	37	53	business	business	NOUN
cblr-1762	37	54	,	,	PUNCT
cblr-1762	37	55	harvard	harvard	PROPN
cblr-1762	37	56	law	law	PROPN
cblr-1762	37	57	school	school	PROPN
cblr-1762	37	58	forum	forum	PROPN
cblr-1762	37	59	on	on	ADP
cblr-1762	37	60	corp	corp	PROPN
cblr-1762	37	61	.	.	PROPN
cblr-1762	37	62	governance	governance	PROPN
cblr-1762	37	63	&	&	CCONJ
cblr-1762	37	64	fin	fin	PROPN
cblr-1762	37	65	.	.	PUNCT
cblr-1762	38	1	regulation	regulation	NOUN
cblr-1762	38	2	(	(	PUNCT
cblr-1762	38	3	oct	oct	PROPN
cblr-1762	38	4	.	.	PROPN
cblr-1762	38	5	28	28	NUM
cblr-1762	38	6	,	,	PUNCT
cblr-1762	38	7	2013	2013	NUM
cblr-1762	38	8	)	)	PUNCT
cblr-1762	38	9	,	,	PUNCT
cblr-1762	38	10	http://blogs.law.harvard.edu/corpgov/2013/10/28/empiricism-and-experien	http://blogs.law.harvard.edu/corpgov/2013/10/28/empiricism-and-experien	PROPN
cblr-1762	38	11	ce	ce	PROPN
cblr-1762	38	12	-	-	PUNCT
cblr-1762	38	13	activism	activism	NOUN
cblr-1762	38	14	-	-	PUNCT
cblr-1762	38	15	and	and	CCONJ
cblr-1762	38	16	-	-	PUNCT
cblr-1762	38	17	short	short	ADJ
cblr-1762	38	18	-	-	PUNCT
cblr-1762	38	19	termism	termism	NOUN
cblr-1762	38	20	-	-	PUNCT
cblr-1762	38	21	the	the	DET
cblr-1762	38	22	-	-	PUNCT
cblr-1762	38	23	real	real	ADJ
cblr-1762	38	24	-	-	PUNCT
cblr-1762	38	25	world	world	NOUN
cblr-1762	38	26	-	-	PUNCT
cblr-1762	38	27	of	of	ADP
cblr-1762	38	28	-	-	PUNCT
cblr-1762	38	29	business/	business/	NOUN
cblr-1762	38	30	[	[	X
cblr-1762	38	31	http://perma.cc	http://perma.cc	PROPN
cblr-1762	38	32	/wqz9	/wqz9	NOUN
cblr-1762	38	33	-	-	NOUN
cblr-1762	38	34	6j2y	6j2y	NOUN
cblr-1762	38	35	]	]	PUNCT
cblr-1762	38	36	.	.	PUNCT
cblr-1762	39	1	see	see	VERB
cblr-1762	39	2	also	also	ADV
cblr-1762	39	3	bill	bill	PROPN
cblr-1762	39	4	george	george	PROPN
cblr-1762	39	5	&	&	CCONJ
cblr-1762	39	6	jay	jay	PROPN
cblr-1762	39	7	w.	w.	PROPN
cblr-1762	39	8	lorsch	lorsch	PROPN
cblr-1762	39	9	,	,	PUNCT
cblr-1762	39	10	how	how	SCONJ
cblr-1762	39	11	to	to	PART
cblr-1762	39	12	outsmart	outsmart	VERB
cblr-1762	39	13	activist	activist	ADJ
cblr-1762	39	14	investors	investor	NOUN
cblr-1762	39	15	,	,	PUNCT
cblr-1762	39	16	harv	harv	NOUN
cblr-1762	39	17	.	.	PUNCT
cblr-1762	40	1	bus	bus	NOUN
cblr-1762	40	2	.	.	PUNCT
cblr-1762	41	1	rev	rev	PROPN
cblr-1762	41	2	.	.	PROPN
cblr-1762	41	3	,	,	PUNCT
cblr-1762	41	4	may	may	AUX
cblr-1762	41	5	2014	2014	NUM
cblr-1762	41	6	,	,	PUNCT
cblr-1762	41	7	88	88	NUM
cblr-1762	41	8	,	,	PUNCT
cblr-1762	41	9	90	90	NUM
cblr-1762	41	10	(	(	PUNCT
cblr-1762	41	11	“	"	PUNCT
cblr-1762	41	12	we	we	PRON
cblr-1762	41	13	remain	remain	VERB
cblr-1762	41	14	unconvinced	unconvinced	ADJ
cblr-1762	41	15	,	,	PUNCT
cblr-1762	41	16	however	however	ADV
cblr-1762	41	17	,	,	PUNCT
cblr-1762	41	18	that	that	DET
cblr-1762	41	19	hedge	hedge	NOUN
cblr-1762	41	20	fund	fund	NOUN
cblr-1762	41	21	activism	activism	NOUN
cblr-1762	41	22	is	be	AUX
cblr-1762	41	23	a	a	DET
cblr-1762	41	24	positive	positive	ADJ
cblr-1762	41	25	trend	trend	NOUN
cblr-1762	41	26	for	for	ADP
cblr-1762	41	27	u.s	u.s	PROPN
cblr-1762	41	28	.	.	PROPN
cblr-1762	41	29	corporations	corporation	NOUN
cblr-1762	41	30	and	and	CCONJ
cblr-1762	41	31	the	the	DET
cblr-1762	41	32	economy	economy	NOUN
cblr-1762	41	33	;	;	PUNCT
cblr-1762	41	34	in	in	ADP
cblr-1762	41	35	fact	fact	NOUN
cblr-1762	41	36	,	,	PUNCT
cblr-1762	41	37	we	we	PRON
cblr-1762	41	38	find	find	VERB
cblr-1762	41	39	that	that	SCONJ
cblr-1762	41	40	it	it	PRON
cblr-1762	41	41	reinforces	reinforce	VERB
cblr-1762	41	42	shorttermism	shorttermism	NOUN
cblr-1762	41	43	and	and	CCONJ
cblr-1762	41	44	excessive	excessive	ADJ
cblr-1762	41	45	attention	attention	NOUN
cblr-1762	41	46	to	to	ADP
cblr-1762	41	47	financial	financial	ADJ
cblr-1762	41	48	metrics	metric	NOUN
cblr-1762	41	49	.	.	PUNCT
cblr-1762	41	50	”	"	PUNCT
cblr-1762	41	51	)	)	PUNCT
cblr-1762	41	52	;	;	PUNCT
cblr-1762	41	53	stephen	stephen	PROPN
cblr-1762	41	54	bainbridge	bainbridge	PROPN
cblr-1762	41	55	,	,	PUNCT
cblr-1762	41	56	dennis	dennis	PROPN
cblr-1762	41	57	berman	berman	PROPN
cblr-1762	41	58	on	on	ADP
cblr-1762	41	59	the	the	DET
cblr-1762	41	60	activist	activist	ADJ
cblr-1762	41	61	hedge	hedge	NOUN
cblr-1762	41	62	funds	fund	NOUN
cblr-1762	41	63	short	short	ADJ
cblr-1762	41	64	-	-	PUNCT
cblr-1762	41	65	term	term	NOUN
cblr-1762	41	66	playbook	playbook	NOUN
cblr-1762	41	67	,	,	PUNCT
cblr-1762	41	68	professorbainbridge.com	professorbainbridge.com	X
cblr-1762	41	69	(	(	PUNCT
cblr-1762	41	70	jan	jan	PROPN
cblr-1762	41	71	.	.	PROPN
cblr-1762	41	72	28	28	NUM
cblr-1762	41	73	,	,	PUNCT
cblr-1762	41	74	2015	2015	NUM
cblr-1762	41	75	,	,	PUNCT
cblr-1762	41	76	10:35	10:35	NUM
cblr-1762	41	77	am	am	NOUN
cblr-1762	41	78	)	)	PUNCT
cblr-1762	41	79	,	,	PUNCT
cblr-1762	41	80	http://www.professorbainbridge.com/professorbainbridgecom/2015/01/denn	http://www.professorbainbridge.com/professorbainbridgecom/2015/01/denn	PROPN
cblr-1762	41	81	is-berman-on-the-activist-hedge-funds-short-term-playbook.html	is-berman-on-the-activist-hedge-funds-short-term-playbook.html	PROPN
cblr-1762	42	1	[	[	X
cblr-1762	42	2	http://	http://	PROPN
cblr-1762	42	3	perma.cc/n4f7-zjn2	perma.cc/n4f7-zjn2	PROPN
cblr-1762	42	4	]	]	X
cblr-1762	42	5	(	(	PUNCT
cblr-1762	42	6	agreeing	agree	VERB
cblr-1762	42	7	that	that	SCONJ
cblr-1762	42	8	the	the	DET
cblr-1762	42	9	problem	problem	NOUN
cblr-1762	42	10	with	with	ADP
cblr-1762	42	11	hedge	hedge	NOUN
cblr-1762	42	12	fund	fund	NOUN
cblr-1762	42	13	activism	activism	NOUN
cblr-1762	42	14	is	be	AUX
cblr-1762	42	15	its	its	PRON
cblr-1762	42	16	focus	focus	NOUN
cblr-1762	42	17	on	on	ADP
cblr-1762	42	18	the	the	DET
cblr-1762	42	19	short	short	ADJ
cblr-1762	42	20	term	term	NOUN
cblr-1762	42	21	)	)	PUNCT
cblr-1762	42	22	.	.	PUNCT
cblr-1762	43	1	4	4	NUM
cblr-1762	43	2	lipton	lipton	PROPN
cblr-1762	43	3	,	,	PUNCT
cblr-1762	43	4	supra	supra	PROPN
cblr-1762	43	5	note	note	NOUN
cblr-1762	43	6	3	3	NUM
cblr-1762	43	7	.	.	SYM
cblr-1762	43	8	5	5	NUM
cblr-1762	43	9	cheff	cheff	PROPN
cblr-1762	43	10	v.	v.	PROPN
cblr-1762	43	11	mathes	mathes	PROPN
cblr-1762	43	12	,	,	PUNCT
cblr-1762	43	13	199	199	NUM
cblr-1762	43	14	a.2d	a.2d	SYM
cblr-1762	43	15	548	548	NUM
cblr-1762	43	16	,	,	PUNCT
cblr-1762	43	17	548	548	NUM
cblr-1762	43	18	(	(	PUNCT
cblr-1762	43	19	del	del	PROPN
cblr-1762	43	20	.	.	PROPN
cblr-1762	43	21	1964	1964	NUM
cblr-1762	43	22	)	)	PUNCT
cblr-1762	43	23	(	(	PUNCT
cblr-1762	43	24	dealing	deal	VERB
cblr-1762	43	25	with	with	ADP
cblr-1762	43	26	a	a	DET
cblr-1762	43	27	case	case	NOUN
cblr-1762	43	28	where	where	SCONJ
cblr-1762	43	29	board	board	NOUN
cblr-1762	43	30	repurchased	repurchase	VERB
cblr-1762	43	31	shares	share	NOUN
cblr-1762	43	32	at	at	ADP
cblr-1762	43	33	a	a	DET
cblr-1762	43	34	price	price	NOUN
cblr-1762	43	35	above	above	ADP
cblr-1762	43	36	market	market	NOUN
cblr-1762	43	37	to	to	PART
cblr-1762	43	38	get	get	VERB
cblr-1762	43	39	hostile	hostile	ADJ
cblr-1762	43	40	bidder	bidder	NOUN
cblr-1762	43	41	to	to	PART
cblr-1762	43	42	go	go	VERB
cblr-1762	43	43	away	away	ADV
cblr-1762	43	44	and	and	CCONJ
cblr-1762	43	45	not	not	PART
cblr-1762	43	46	attempt	attempt	VERB
cblr-1762	43	47	to	to	PART
cblr-1762	43	48	gain	gain	VERB
cblr-1762	43	49	control	control	NOUN
cblr-1762	43	50	)	)	PUNCT
cblr-1762	43	51	.	.	PUNCT
cblr-1762	44	1	sharfman	sharfman	PROPN
cblr-1762	44	2	–	–	PUNCT
cblr-1762	44	3	final	final	ADJ
cblr-1762	44	4	no	no	NOUN
cblr-1762	44	5	.	.	PUNCT
cblr-1762	45	1	3:813	3:813	NUM
cblr-1762	45	2	]	]	X
cblr-1762	45	3	activist	activist	ADJ
cblr-1762	45	4	hedge	hedge	NOUN
cblr-1762	45	5	funds	fund	NOUN
cblr-1762	45	6	and	and	CCONJ
cblr-1762	45	7	long	long	ADJ
cblr-1762	45	8	-	-	PUNCT
cblr-1762	45	9	term	term	NOUN
cblr-1762	45	10	value	value	NOUN
cblr-1762	45	11	817	817	NUM
cblr-1762	45	12	short	short	ADJ
cblr-1762	45	13	-	-	PUNCT
cblr-1762	45	14	term	term	NOUN
cblr-1762	45	15	profit	profit	NOUN
cblr-1762	45	16	without	without	ADP
cblr-1762	45	17	regard	regard	NOUN
cblr-1762	45	18	to	to	ADP
cblr-1762	45	19	the	the	DET
cblr-1762	45	20	impact	impact	NOUN
cblr-1762	45	21	on	on	ADP
cblr-1762	45	22	the	the	DET
cblr-1762	45	23	company	company	NOUN
cblr-1762	45	24	’s	’s	PART
cblr-1762	45	25	long	long	ADJ
cblr-1762	45	26	-	-	PUNCT
cblr-1762	45	27	term	term	NOUN
cblr-1762	45	28	prospects.6	prospects.6	PROPN
cblr-1762	45	29	the	the	DET
cblr-1762	45	30	short	short	ADJ
cblr-1762	45	31	-	-	PUNCT
cblr-1762	45	32	term	term	NOUN
cblr-1762	45	33	profit	profit	NOUN
cblr-1762	45	34	presumably	presumably	ADV
cblr-1762	45	35	refers	refer	VERB
cblr-1762	45	36	to	to	ADP
cblr-1762	45	37	the	the	DET
cblr-1762	45	38	capital	capital	NOUN
cblr-1762	45	39	gain	gain	NOUN
cblr-1762	45	40	that	that	PRON
cblr-1762	45	41	would	would	AUX
cblr-1762	45	42	accrue	accrue	VERB
cblr-1762	45	43	to	to	ADP
cblr-1762	45	44	the	the	DET
cblr-1762	45	45	activist	activist	ADJ
cblr-1762	45	46	hedge	hedge	NOUN
cblr-1762	45	47	fund	fund	NOUN
cblr-1762	45	48	after	after	ADP
cblr-1762	45	49	buying	buy	VERB
cblr-1762	45	50	a	a	DET
cblr-1762	45	51	significant	significant	ADJ
cblr-1762	45	52	amount	amount	NOUN
cblr-1762	45	53	of	of	ADP
cblr-1762	45	54	company	company	NOUN
cblr-1762	45	55	shares	share	NOUN
cblr-1762	45	56	and	and	CCONJ
cblr-1762	45	57	then	then	ADV
cblr-1762	45	58	selling	sell	VERB
cblr-1762	45	59	those	those	DET
cblr-1762	45	60	shares	share	NOUN
cblr-1762	45	61	for	for	ADP
cblr-1762	45	62	a	a	DET
cblr-1762	45	63	higher	high	ADJ
cblr-1762	45	64	price	price	NOUN
cblr-1762	45	65	at	at	ADP
cblr-1762	45	66	the	the	DET
cblr-1762	45	67	end	end	NOUN
cblr-1762	45	68	of	of	ADP
cblr-1762	45	69	its	its	PRON
cblr-1762	45	70	relatively	relatively	ADV
cblr-1762	45	71	short	short	ADJ
cblr-1762	45	72	investment	investment	NOUN
cblr-1762	45	73	horizon.7	horizon.7	PROPN
cblr-1762	45	74	allegedly	allegedly	ADV
cblr-1762	45	75	,	,	PUNCT
cblr-1762	45	76	an	an	DET
cblr-1762	45	77	increase	increase	NOUN
cblr-1762	45	78	in	in	ADP
cblr-1762	45	79	the	the	DET
cblr-1762	45	80	price	price	NOUN
cblr-1762	45	81	of	of	ADP
cblr-1762	45	82	a	a	DET
cblr-1762	45	83	company	company	NOUN
cblr-1762	45	84	’s	’s	PART
cblr-1762	45	85	shares	share	NOUN
cblr-1762	45	86	resulting	result	VERB
cblr-1762	45	87	from	from	ADP
cblr-1762	45	88	the	the	DET
cblr-1762	45	89	recommendations	recommendation	NOUN
cblr-1762	45	90	of	of	ADP
cblr-1762	45	91	the	the	DET
cblr-1762	45	92	activist	activist	ADJ
cblr-1762	45	93	hedge	hedge	NOUN
cblr-1762	45	94	fund	fund	NOUN
cblr-1762	45	95	can	can	AUX
cblr-1762	45	96	be	be	AUX
cblr-1762	45	97	harmful	harmful	ADJ
cblr-1762	45	98	to	to	ADP
cblr-1762	45	99	a	a	DET
cblr-1762	45	100	company	company	NOUN
cblr-1762	45	101	’s	’s	PART
cblr-1762	45	102	long	long	ADJ
cblr-1762	45	103	-	-	PUNCT
cblr-1762	45	104	term	term	NOUN
cblr-1762	45	105	fortunes	fortune	NOUN
cblr-1762	45	106	.	.	PUNCT
cblr-1762	46	1	this	this	DET
cblr-1762	46	2	paradoxical	paradoxical	ADJ
cblr-1762	46	3	understanding	understanding	NOUN
cblr-1762	46	4	of	of	ADP
cblr-1762	46	5	how	how	SCONJ
cblr-1762	46	6	such	such	ADJ
cblr-1762	46	7	recommendations	recommendation	NOUN
cblr-1762	46	8	affect	affect	VERB
cblr-1762	46	9	corporate	corporate	ADJ
cblr-1762	46	10	governance	governance	NOUN
cblr-1762	46	11	is	be	AUX
cblr-1762	46	12	referred	refer	VERB
cblr-1762	46	13	to	to	ADP
cblr-1762	46	14	as	as	ADP
cblr-1762	46	15	“	"	PUNCT
cblr-1762	46	16	short	short	ADJ
cblr-1762	46	17	-	-	PUNCT
cblr-1762	46	18	termism	termism	NOUN
cblr-1762	46	19	”	"	PUNCT
cblr-1762	46	20	:	:	PUNCT
cblr-1762	46	21	short	short	ADJ
cblr-1762	46	22	-	-	PUNCT
cblr-1762	46	23	termism	termism	NOUN
cblr-1762	46	24	refers	refer	VERB
cblr-1762	46	25	to	to	ADP
cblr-1762	46	26	companies	company	NOUN
cblr-1762	46	27	taking	take	VERB
cblr-1762	46	28	actions	action	NOUN
cblr-1762	46	29	that	that	PRON
cblr-1762	46	30	are	be	AUX
cblr-1762	46	31	profitable	profitable	ADJ
cblr-1762	46	32	in	in	ADP
cblr-1762	46	33	the	the	DET
cblr-1762	46	34	short	short	ADJ
cblr-1762	46	35	term	term	NOUN
cblr-1762	46	36	but	but	CCONJ
cblr-1762	46	37	valuedecreasing	valuedecrease	VERB
cblr-1762	46	38	in	in	ADP
cblr-1762	46	39	the	the	DET
cblr-1762	46	40	long	long	ADJ
cblr-1762	46	41	term	term	NOUN
cblr-1762	46	42	,	,	PUNCT
cblr-1762	46	43	such	such	ADJ
cblr-1762	46	44	as	as	ADP
cblr-1762	46	45	increasing	increase	VERB
cblr-1762	46	46	nearterm	nearterm	NOUN
cblr-1762	46	47	earnings	earning	NOUN
cblr-1762	46	48	by	by	ADP
cblr-1762	46	49	cutting	cut	VERB
cblr-1762	46	50	research	research	NOUN
cblr-1762	46	51	that	that	PRON
cblr-1762	46	52	would	would	AUX
cblr-1762	46	53	pay	pay	VERB
cblr-1762	46	54	off	off	ADP
cblr-1762	46	55	later	later	ADV
cblr-1762	46	56	on	on	ADV
cblr-1762	46	57	.	.	PUNCT
cblr-1762	47	1	activist	activist	ADJ
cblr-1762	47	2	investors	investor	NOUN
cblr-1762	47	3	with	with	ADP
cblr-1762	47	4	short	short	ADJ
cblr-1762	47	5	investment	investment	NOUN
cblr-1762	47	6	horizons	horizon	NOUN
cblr-1762	47	7	,	,	PUNCT
cblr-1762	47	8	it	it	PRON
cblr-1762	47	9	is	be	AUX
cblr-1762	47	10	argued	argue	VERB
cblr-1762	47	11	,	,	PUNCT
cblr-1762	47	12	seek	seek	VERB
cblr-1762	47	13	actions	action	NOUN
cblr-1762	47	14	that	that	PRON
cblr-1762	47	15	boost	boost	VERB
cblr-1762	47	16	shortterm	shortterm	PROPN
cblr-1762	47	17	stock	stock	NOUN
cblr-1762	47	18	price	price	NOUN
cblr-1762	47	19	at	at	ADP
cblr-1762	47	20	the	the	DET
cblr-1762	47	21	expense	expense	NOUN
cblr-1762	47	22	of	of	ADP
cblr-1762	47	23	long	long	ADJ
cblr-1762	47	24	-	-	PUNCT
cblr-1762	47	25	term	term	NOUN
cblr-1762	47	26	value	value	NOUN
cblr-1762	47	27	and	and	CCONJ
cblr-1762	47	28	often	often	ADV
cblr-1762	47	29	succeed	succeed	VERB
cblr-1762	47	30	in	in	ADP
cblr-1762	47	31	pressuring	pressure	VERB
cblr-1762	47	32	companies	company	NOUN
cblr-1762	47	33	to	to	PART
cblr-1762	47	34	take	take	VERB
cblr-1762	47	35	such	such	ADJ
cblr-1762	47	36	actions.8	actions.8	PROPN
cblr-1762	47	37	6	6	NUM
cblr-1762	47	38	martin	martin	PROPN
cblr-1762	47	39	lipton	lipton	PROPN
cblr-1762	47	40	,	,	PUNCT
cblr-1762	47	41	bite	bite	VERB
cblr-1762	47	42	the	the	DET
cblr-1762	47	43	apple	apple	NOUN
cblr-1762	47	44	;	;	PUNCT
cblr-1762	47	45	poison	poison	VERB
cblr-1762	47	46	the	the	DET
cblr-1762	47	47	apple	apple	NOUN
cblr-1762	47	48	;	;	PUNCT
cblr-1762	47	49	paralyze	paralyze	VERB
cblr-1762	47	50	the	the	DET
cblr-1762	47	51	company	company	NOUN
cblr-1762	47	52	;	;	PUNCT
cblr-1762	47	53	wreck	wreck	VERB
cblr-1762	47	54	the	the	DET
cblr-1762	47	55	economy	economy	NOUN
cblr-1762	47	56	,	,	PUNCT
cblr-1762	47	57	harvard	harvard	PROPN
cblr-1762	47	58	law	law	PROPN
cblr-1762	47	59	school	school	PROPN
cblr-1762	47	60	forum	forum	PROPN
cblr-1762	47	61	on	on	ADP
cblr-1762	47	62	corp	corp	PROPN
cblr-1762	47	63	.	.	PROPN
cblr-1762	47	64	governance	governance	PROPN
cblr-1762	47	65	&	&	CCONJ
cblr-1762	47	66	fin	fin	PROPN
cblr-1762	47	67	.	.	PUNCT
cblr-1762	48	1	regulation	regulation	NOUN
cblr-1762	48	2	(	(	PUNCT
cblr-1762	48	3	feb	feb	PROPN
cblr-1762	48	4	.	.	PROPN
cblr-1762	48	5	26	26	NUM
cblr-1762	48	6	,	,	PUNCT
cblr-1762	48	7	2013	2013	NUM
cblr-1762	48	8	)	)	PUNCT
cblr-1762	48	9	,	,	PUNCT
cblr-1762	48	10	http://blogs.law.harvard.edu/corpgov/2013/02/26/bite-the-apple-poison-theapple-paralyze-the-company-wreck-the-economy/	http://blogs.law.harvard.edu/corpgov/2013/02/26/bite-the-apple-poison-theapple-paralyze-the-company-wreck-the-economy/	X
cblr-1762	49	1	[	[	X
cblr-1762	49	2	http://perma.cc/cqy74p48	http://perma.cc/cqy74p48	X
cblr-1762	49	3	]	]	X
cblr-1762	49	4	.	.	PUNCT
cblr-1762	49	5	7	7	NUM
cblr-1762	49	6	see	see	VERB
cblr-1762	49	7	brav	brav	PROPN
cblr-1762	49	8	et	et	PROPN
cblr-1762	49	9	al	al	PROPN
cblr-1762	49	10	.	.	PROPN
cblr-1762	49	11	,	,	PUNCT
cblr-1762	49	12	hedge	hedge	NOUN
cblr-1762	49	13	fund	fund	NOUN
cblr-1762	49	14	activism	activism	NOUN
cblr-1762	49	15	,	,	PUNCT
cblr-1762	49	16	supra	supra	PROPN
cblr-1762	49	17	note	note	NOUN
cblr-1762	49	18	1	1	NUM
cblr-1762	49	19	,	,	PUNCT
cblr-1762	49	20	at	at	ADP
cblr-1762	49	21	1732	1732	NUM
cblr-1762	49	22	(	(	PUNCT
cblr-1762	49	23	estimating	estimate	VERB
cblr-1762	49	24	holding	hold	VERB
cblr-1762	49	25	periods	period	NOUN
cblr-1762	49	26	of	of	ADP
cblr-1762	49	27	activist	activist	ADJ
cblr-1762	49	28	hedge	hedge	NOUN
cblr-1762	49	29	funds	fund	NOUN
cblr-1762	49	30	to	to	PART
cblr-1762	49	31	average	average	VERB
cblr-1762	49	32	around	around	ADV
cblr-1762	49	33	20	20	NUM
cblr-1762	49	34	months	month	NOUN
cblr-1762	49	35	)	)	PUNCT
cblr-1762	49	36	;	;	PUNCT
cblr-1762	49	37	alon	alon	PROPN
cblr-1762	49	38	brav	brav	PROPN
cblr-1762	49	39	,	,	PUNCT
cblr-1762	49	40	wei	wei	PROPN
cblr-1762	49	41	jiang	jiang	PROPN
cblr-1762	49	42	&	&	CCONJ
cblr-1762	49	43	hyunseob	hyunseob	PROPN
cblr-1762	49	44	kim	kim	PROPN
cblr-1762	49	45	,	,	PUNCT
cblr-1762	49	46	hedge	hedge	NOUN
cblr-1762	49	47	fund	fund	NOUN
cblr-1762	49	48	activism	activism	NOUN
cblr-1762	49	49	:	:	PUNCT
cblr-1762	49	50	a	a	DET
cblr-1762	49	51	review	review	NOUN
cblr-1762	49	52	,	,	PUNCT
cblr-1762	49	53	4	4	NUM
cblr-1762	49	54	found	find	VERB
cblr-1762	49	55	.	.	PUNCT
cblr-1762	50	1	&	&	CCONJ
cblr-1762	50	2	trends	trend	VERB
cblr-1762	50	3	fin	fin	NOUN
cblr-1762	50	4	.	.	PUNCT
cblr-1762	51	1	185	185	NUM
cblr-1762	51	2	,	,	PUNCT
cblr-1762	51	3	204	204	NUM
cblr-1762	51	4	(	(	PUNCT
cblr-1762	51	5	2009	2009	NUM
cblr-1762	51	6	)	)	PUNCT
cblr-1762	51	7	(	(	PUNCT
cblr-1762	51	8	reporting	report	VERB
cblr-1762	51	9	a	a	DET
cblr-1762	51	10	266	266	NUM
cblr-1762	51	11	-	-	PUNCT
cblr-1762	51	12	day	day	NOUN
cblr-1762	51	13	median	median	ADJ
cblr-1762	51	14	period	period	NOUN
cblr-1762	51	15	between	between	ADP
cblr-1762	51	16	schedule	schedule	NOUN
cblr-1762	51	17	13d	13d	NOUN
cblr-1762	51	18	filing	filing	NOUN
cblr-1762	51	19	and	and	CCONJ
cblr-1762	51	20	divestment	divestment	NOUN
cblr-1762	51	21	)	)	PUNCT
cblr-1762	51	22	.	.	PUNCT
cblr-1762	52	1	8	8	NUM
cblr-1762	52	2	lucian	lucian	PROPN
cblr-1762	52	3	a.	a.	NOUN
cblr-1762	52	4	bebchuk	bebchuk	PROPN
cblr-1762	52	5	,	,	PUNCT
cblr-1762	52	6	the	the	DET
cblr-1762	52	7	myth	myth	NOUN
cblr-1762	52	8	that	that	SCONJ
cblr-1762	52	9	insulating	insulate	VERB
cblr-1762	52	10	boards	board	NOUN
cblr-1762	52	11	serves	serve	VERB
cblr-1762	52	12	longterm	longterm	NOUN
cblr-1762	52	13	value	value	NOUN
cblr-1762	52	14	,	,	PUNCT
cblr-1762	52	15	113	113	NUM
cblr-1762	52	16	colum	colum	NOUN
cblr-1762	52	17	.	.	PUNCT
cblr-1762	53	1	l.	l.	PROPN
cblr-1762	53	2	rev	rev	PROPN
cblr-1762	53	3	.	.	PROPN
cblr-1762	53	4	1637	1637	NUM
cblr-1762	53	5	,	,	PUNCT
cblr-1762	53	6	1638–39	1638–39	NUM
cblr-1762	53	7	(	(	PUNCT
cblr-1762	53	8	2013	2013	NUM
cblr-1762	53	9	)	)	PUNCT
cblr-1762	53	10	.	.	PUNCT
cblr-1762	54	1	see	see	VERB
cblr-1762	54	2	also	also	ADV
cblr-1762	54	3	lynne	lynne	PROPN
cblr-1762	54	4	l.	l.	PROPN
cblr-1762	54	5	dallas	dallas	PROPN
cblr-1762	54	6	,	,	PUNCT
cblr-1762	54	7	short	short	ADJ
cblr-1762	54	8	-	-	PUNCT
cblr-1762	54	9	termism	termism	NOUN
cblr-1762	54	10	,	,	PUNCT
cblr-1762	54	11	the	the	DET
cblr-1762	54	12	financial	financial	ADJ
cblr-1762	54	13	crisis	crisis	NOUN
cblr-1762	54	14	,	,	PUNCT
cblr-1762	54	15	and	and	CCONJ
cblr-1762	54	16	corporate	corporate	ADJ
cblr-1762	54	17	governance	governance	NOUN
cblr-1762	54	18	,	,	PUNCT
cblr-1762	54	19	37	37	NUM
cblr-1762	54	20	j.	j.	PROPN
cblr-1762	54	21	corp	corp	PROPN
cblr-1762	54	22	.	.	PROPN
cblr-1762	54	23	l.	l.	PROPN
cblr-1762	54	24	265	265	NUM
cblr-1762	54	25	,	,	PUNCT
cblr-1762	54	26	268	268	NUM
cblr-1762	54	27	(	(	PUNCT
cblr-1762	54	28	2011	2011	NUM
cblr-1762	54	29	)	)	PUNCT
cblr-1762	54	30	(	(	PUNCT
cblr-1762	54	31	defining	define	VERB
cblr-1762	54	32	short	short	ADJ
cblr-1762	54	33	-	-	PUNCT
cblr-1762	54	34	termism	termism	NOUN
cblr-1762	54	35	as	as	ADP
cblr-1762	54	36	“	"	PUNCT
cblr-1762	54	37	the	the	DET
cblr-1762	54	38	excessive	excessive	ADJ
cblr-1762	54	39	focus	focus	NOUN
cblr-1762	54	40	of	of	ADP
cblr-1762	54	41	corporate	corporate	ADJ
cblr-1762	54	42	managers	manager	NOUN
cblr-1762	54	43	,	,	PUNCT
cblr-1762	54	44	asset	asset	NOUN
cblr-1762	54	45	managers	manager	NOUN
cblr-1762	54	46	,	,	PUNCT
cblr-1762	54	47	investors	investor	NOUN
cblr-1762	54	48	,	,	PUNCT
cblr-1762	54	49	and	and	CCONJ
cblr-1762	54	50	analysts	analyst	NOUN
cblr-1762	54	51	on	on	ADP
cblr-1762	54	52	short	short	ADJ
cblr-1762	54	53	-	-	PUNCT
cblr-1762	54	54	term	term	NOUN
cblr-1762	54	55	results	result	NOUN
cblr-1762	54	56	,	,	PUNCT
cblr-1762	54	57	whether	whether	SCONJ
cblr-1762	54	58	quarterly	quarterly	ADJ
cblr-1762	54	59	earnings	earning	NOUN
cblr-1762	54	60	or	or	CCONJ
cblr-1762	54	61	short	short	ADJ
cblr-1762	54	62	-	-	PUNCT
cblr-1762	54	63	term	term	NOUN
cblr-1762	54	64	portfolio	portfolio	NOUN
cblr-1762	54	65	returns	return	NOUN
cblr-1762	54	66	,	,	PUNCT
cblr-1762	54	67	and	and	CCONJ
cblr-1762	54	68	a	a	DET
cblr-1762	54	69	repudiation	repudiation	NOUN
cblr-1762	54	70	of	of	ADP
cblr-1762	54	71	concern	concern	NOUN
cblr-1762	54	72	for	for	ADP
cblr-1762	54	73	long	long	ADJ
cblr-1762	54	74	-	-	PUNCT
cblr-1762	54	75	term	term	NOUN
cblr-1762	54	76	value	value	NOUN
cblr-1762	54	77	creation	creation	NOUN
cblr-1762	54	78	and	and	CCONJ
cblr-1762	54	79	the	the	DET
cblr-1762	54	80	fundamental	fundamental	ADJ
cblr-1762	54	81	value	value	NOUN
cblr-1762	54	82	of	of	ADP
cblr-1762	54	83	firms	firm	NOUN
cblr-1762	54	84	.	.	PUNCT
cblr-1762	54	85	”	"	PUNCT
cblr-1762	54	86	)	)	PUNCT
cblr-1762	54	87	.	.	PUNCT
cblr-1762	55	1	sharfman	sharfman	NOUN
cblr-1762	55	2	–	–	PUNCT
cblr-1762	55	3	final	final	ADJ
cblr-1762	55	4	818	818	NUM
cblr-1762	55	5	columbia	columbia	PROPN
cblr-1762	55	6	business	business	NOUN
cblr-1762	55	7	law	law	PROPN
cblr-1762	55	8	review	review	NOUN
cblr-1762	55	9	[	[	X
cblr-1762	55	10	vol	vol	NOUN
cblr-1762	55	11	.	.	NOUN
cblr-1762	55	12	2015	2015	NUM
cblr-1762	55	13	according	accord	VERB
cblr-1762	55	14	to	to	ADP
cblr-1762	55	15	then	then	ADV
cblr-1762	55	16	-	-	PUNCT
cblr-1762	55	17	vice	vice	NOUN
cblr-1762	55	18	chancellor	chancellor	PROPN
cblr-1762	55	19	leo	leo	PROPN
cblr-1762	55	20	strine	strine	PROPN
cblr-1762	55	21	(	(	PUNCT
cblr-1762	55	22	currently	currently	ADV
cblr-1762	55	23	the	the	DET
cblr-1762	55	24	chief	chief	ADJ
cblr-1762	55	25	justice	justice	NOUN
cblr-1762	55	26	of	of	ADP
cblr-1762	55	27	the	the	DET
cblr-1762	55	28	delaware	delaware	PROPN
cblr-1762	55	29	supreme	supreme	PROPN
cblr-1762	55	30	court	court	PROPN
cblr-1762	55	31	):	):	PUNCT
cblr-1762	56	1	[	[	X
cblr-1762	56	2	m]any	m]any	NOUN
cblr-1762	56	3	activist	activist	ADJ
cblr-1762	56	4	investors	investor	NOUN
cblr-1762	56	5	hold	hold	VERB
cblr-1762	56	6	their	their	PRON
cblr-1762	56	7	stock	stock	NOUN
cblr-1762	56	8	for	for	ADP
cblr-1762	56	9	a	a	DET
cblr-1762	56	10	very	very	ADV
cblr-1762	56	11	short	short	ADJ
cblr-1762	56	12	period	period	NOUN
cblr-1762	56	13	of	of	ADP
cblr-1762	56	14	time	time	NOUN
cblr-1762	56	15	and	and	CCONJ
cblr-1762	56	16	may	may	AUX
cblr-1762	56	17	have	have	VERB
cblr-1762	56	18	the	the	DET
cblr-1762	56	19	potential	potential	NOUN
cblr-1762	56	20	to	to	PART
cblr-1762	56	21	reap	reap	VERB
cblr-1762	56	22	profits	profit	NOUN
cblr-1762	56	23	based	base	VERB
cblr-1762	56	24	on	on	ADP
cblr-1762	56	25	short	short	ADJ
cblr-1762	56	26	-	-	PUNCT
cblr-1762	56	27	term	term	NOUN
cblr-1762	56	28	trading	trading	NOUN
cblr-1762	56	29	strategies	strategy	NOUN
cblr-1762	56	30	that	that	PRON
cblr-1762	56	31	arbitrage	arbitrage	VERB
cblr-1762	56	32	corporate	corporate	ADJ
cblr-1762	56	33	policies	policy	NOUN
cblr-1762	56	34	.	.	PUNCT
cblr-1762	56	35	.	.	PUNCT
cblr-1762	56	36	.	.	PUNCT
cblr-1762	56	37	.	.	PUNCT
cblr-1762	57	1	[	[	X
cblr-1762	57	2	t]here	t]here	PROPN
cblr-1762	57	3	is	be	AUX
cblr-1762	57	4	a	a	DET
cblr-1762	57	5	danger	danger	NOUN
cblr-1762	57	6	that	that	SCONJ
cblr-1762	57	7	activist	activist	ADJ
cblr-1762	57	8	stockholders	stockholder	NOUN
cblr-1762	57	9	will	will	AUX
cblr-1762	57	10	make	make	VERB
cblr-1762	57	11	proposals	proposal	NOUN
cblr-1762	57	12	motivated	motivate	VERB
cblr-1762	57	13	by	by	ADP
cblr-1762	57	14	interests	interest	NOUN
cblr-1762	57	15	other	other	ADJ
cblr-1762	57	16	than	than	ADP
cblr-1762	57	17	maximizing	maximize	VERB
cblr-1762	57	18	the	the	DET
cblr-1762	57	19	long	long	ADJ
cblr-1762	57	20	-	-	PUNCT
cblr-1762	57	21	term	term	NOUN
cblr-1762	57	22	,	,	PUNCT
cblr-1762	57	23	sustainable	sustainable	ADJ
cblr-1762	57	24	profitability	profitability	NOUN
cblr-1762	57	25	of	of	ADP
cblr-1762	57	26	the	the	DET
cblr-1762	57	27	corporation.9	corporation.9	NOUN
cblr-1762	57	28	these	these	DET
cblr-1762	57	29	allegations	allegation	NOUN
cblr-1762	57	30	imply	imply	VERB
cblr-1762	57	31	that	that	SCONJ
cblr-1762	57	32	activist	activist	ADJ
cblr-1762	57	33	hedge	hedge	NOUN
cblr-1762	57	34	funds	fund	NOUN
cblr-1762	57	35	operate	operate	VERB
cblr-1762	57	36	in	in	ADP
cblr-1762	57	37	a	a	DET
cblr-1762	57	38	very	very	ADV
cblr-1762	57	39	predictable	predictable	ADJ
cblr-1762	57	40	and	and	CCONJ
cblr-1762	57	41	somewhat	somewhat	ADV
cblr-1762	57	42	unbelievable	unbelievable	ADJ
cblr-1762	57	43	fashion	fashion	NOUN
cblr-1762	57	44	.	.	PUNCT
cblr-1762	58	1	first	first	ADV
cblr-1762	58	2	,	,	PUNCT
cblr-1762	58	3	they	they	PRON
cblr-1762	58	4	make	make	VERB
cblr-1762	58	5	a	a	DET
cblr-1762	58	6	significant	significant	ADJ
cblr-1762	58	7	investment	investment	NOUN
cblr-1762	58	8	in	in	ADP
cblr-1762	58	9	the	the	DET
cblr-1762	58	10	company	company	NOUN
cblr-1762	58	11	.	.	PUNCT
cblr-1762	59	1	second	second	ADJ
cblr-1762	59	2	,	,	PUNCT
cblr-1762	59	3	they	they	PRON
cblr-1762	59	4	fool	fool	VERB
cblr-1762	59	5	other	other	ADJ
cblr-1762	59	6	investors	investor	NOUN
cblr-1762	59	7	into	into	ADP
cblr-1762	59	8	believing	believe	VERB
cblr-1762	59	9	their	their	PRON
cblr-1762	59	10	recommendations	recommendation	NOUN
cblr-1762	59	11	are	be	AUX
cblr-1762	59	12	wealth	wealth	NOUN
cblr-1762	59	13	-	-	PUNCT
cblr-1762	59	14	enhancing	enhance	VERB
cblr-1762	59	15	.	.	PUNCT
cblr-1762	60	1	third	third	ADV
cblr-1762	60	2	,	,	PUNCT
cblr-1762	60	3	their	their	PRON
cblr-1762	60	4	recommendations	recommendation	NOUN
cblr-1762	60	5	force	force	NOUN
cblr-1762	60	6	boards	board	NOUN
cblr-1762	60	7	to	to	PART
cblr-1762	60	8	respond	respond	VERB
cblr-1762	60	9	by	by	ADP
cblr-1762	60	10	taking	take	VERB
cblr-1762	60	11	actions	action	NOUN
cblr-1762	60	12	that	that	PRON
cblr-1762	60	13	have	have	VERB
cblr-1762	60	14	the	the	DET
cblr-1762	60	15	effect	effect	NOUN
cblr-1762	60	16	of	of	ADP
cblr-1762	60	17	increasing	increase	VERB
cblr-1762	60	18	the	the	DET
cblr-1762	60	19	share	share	NOUN
cblr-1762	60	20	price	price	NOUN
cblr-1762	60	21	of	of	ADP
cblr-1762	60	22	the	the	DET
cblr-1762	60	23	company	company	NOUN
cblr-1762	60	24	,	,	PUNCT
cblr-1762	60	25	but	but	CCONJ
cblr-1762	60	26	only	only	ADV
cblr-1762	60	27	in	in	ADP
cblr-1762	60	28	the	the	DET
cblr-1762	60	29	short	short	ADJ
cblr-1762	60	30	term	term	NOUN
cblr-1762	60	31	.	.	PUNCT
cblr-1762	61	1	fourth	fourth	ADJ
cblr-1762	61	2	,	,	PUNCT
cblr-1762	61	3	after	after	ADP
cblr-1762	61	4	a	a	DET
cblr-1762	61	5	relatively	relatively	ADV
cblr-1762	61	6	short	short	ADJ
cblr-1762	61	7	holding	holding	NOUN
cblr-1762	61	8	period	period	NOUN
cblr-1762	61	9	,	,	PUNCT
cblr-1762	61	10	activist	activist	ADJ
cblr-1762	61	11	hedge	hedge	NOUN
cblr-1762	61	12	funds	fund	NOUN
cblr-1762	61	13	sell	sell	VERB
cblr-1762	61	14	their	their	PRON
cblr-1762	61	15	shares	share	NOUN
cblr-1762	61	16	in	in	ADP
cblr-1762	61	17	the	the	DET
cblr-1762	61	18	company	company	NOUN
cblr-1762	61	19	but	but	CCONJ
cblr-1762	61	20	prior	prior	ADV
cblr-1762	61	21	to	to	ADP
cblr-1762	61	22	the	the	DET
cblr-1762	61	23	other	other	ADJ
cblr-1762	61	24	shareholders	shareholder	NOUN
cblr-1762	61	25	’	'	PUNCT
cblr-1762	61	26	finding	find	VERB
cblr-1762	61	27	out	out	ADP
cblr-1762	61	28	that	that	SCONJ
cblr-1762	61	29	the	the	DET
cblr-1762	61	30	company	company	NOUN
cblr-1762	61	31	’s	’s	PART
cblr-1762	61	32	long	long	ADJ
cblr-1762	61	33	-	-	PUNCT
cblr-1762	61	34	term	term	NOUN
cblr-1762	61	35	value	value	NOUN
cblr-1762	61	36	has	have	AUX
cblr-1762	61	37	been	be	AUX
cblr-1762	61	38	damaged.10	damaged.10	NOUN
cblr-1762	61	39	as	as	ADP
cblr-1762	61	40	a	a	DET
cblr-1762	61	41	result	result	NOUN
cblr-1762	61	42	,	,	PUNCT
cblr-1762	61	43	activist	activist	ADJ
cblr-1762	61	44	hedge	hedge	NOUN
cblr-1762	61	45	funds	fund	NOUN
cblr-1762	61	46	may	may	AUX
cblr-1762	61	47	be	be	AUX
cblr-1762	61	48	perceived	perceive	VERB
cblr-1762	61	49	as	as	ADP
cblr-1762	61	50	being	be	AUX
cblr-1762	61	51	no	no	ADV
cblr-1762	61	52	better	well	ADJ
cblr-1762	61	53	than	than	ADP
cblr-1762	61	54	the	the	DET
cblr-1762	61	55	executives	executive	NOUN
cblr-1762	61	56	of	of	ADP
cblr-1762	61	57	public	public	ADJ
cblr-1762	61	58	9	9	NUM
cblr-1762	61	59	leo	leo	PROPN
cblr-1762	61	60	e.	e.	PROPN
cblr-1762	61	61	strine	strine	PROPN
cblr-1762	61	62	,	,	PUNCT
cblr-1762	61	63	jr	jr	PROPN
cblr-1762	61	64	.	.	PROPN
cblr-1762	61	65	,	,	PUNCT
cblr-1762	61	66	one	one	NUM
cblr-1762	61	67	fundamental	fundamental	ADJ
cblr-1762	61	68	corporate	corporate	ADJ
cblr-1762	61	69	governance	governance	NOUN
cblr-1762	61	70	question	question	NOUN
cblr-1762	61	71	we	we	PRON
cblr-1762	61	72	face	face	VERB
cblr-1762	61	73	:	:	PUNCT
cblr-1762	61	74	can	can	AUX
cblr-1762	61	75	corporations	corporation	NOUN
cblr-1762	61	76	be	be	AUX
cblr-1762	61	77	managed	manage	VERB
cblr-1762	61	78	for	for	ADP
cblr-1762	61	79	the	the	DET
cblr-1762	61	80	long	long	ADJ
cblr-1762	61	81	term	term	NOUN
cblr-1762	61	82	unless	unless	SCONJ
cblr-1762	61	83	their	their	PRON
cblr-1762	61	84	powerful	powerful	ADJ
cblr-1762	61	85	electorates	electorate	NOUN
cblr-1762	61	86	also	also	ADV
cblr-1762	61	87	act	act	VERB
cblr-1762	61	88	and	and	CCONJ
cblr-1762	61	89	think	think	VERB
cblr-1762	61	90	long	long	ADJ
cblr-1762	61	91	term	term	NOUN
cblr-1762	61	92	?	?	PUNCT
cblr-1762	61	93	,	,	PUNCT
cblr-1762	61	94	66	66	NUM
cblr-1762	61	95	bus	bus	NOUN
cblr-1762	61	96	.	.	PUNCT
cblr-1762	62	1	law	law	NOUN
cblr-1762	62	2	.	.	PUNCT
cblr-1762	63	1	1	1	NUM
cblr-1762	63	2	,	,	PUNCT
cblr-1762	63	3	8	8	NUM
cblr-1762	63	4	(	(	PUNCT
cblr-1762	63	5	2010	2010	NUM
cblr-1762	63	6	)	)	PUNCT
cblr-1762	63	7	.	.	PUNCT
cblr-1762	64	1	10	10	NUM
cblr-1762	64	2	marcel	marcel	PROPN
cblr-1762	64	3	kahan	kahan	PROPN
cblr-1762	64	4	&	&	CCONJ
cblr-1762	64	5	edward	edward	PROPN
cblr-1762	64	6	b.	b.	PROPN
cblr-1762	64	7	rock	rock	PROPN
cblr-1762	64	8	,	,	PUNCT
cblr-1762	64	9	hedge	hedge	NOUN
cblr-1762	64	10	funds	fund	NOUN
cblr-1762	64	11	in	in	ADP
cblr-1762	64	12	corporate	corporate	ADJ
cblr-1762	64	13	governance	governance	NOUN
cblr-1762	64	14	and	and	CCONJ
cblr-1762	64	15	corporate	corporate	ADJ
cblr-1762	64	16	control	control	NOUN
cblr-1762	64	17	,	,	PUNCT
cblr-1762	64	18	155	155	NUM
cblr-1762	64	19	u.	u.	PROPN
cblr-1762	64	20	pa	pa	PROPN
cblr-1762	64	21	.	.	PUNCT
cblr-1762	64	22	l.	l.	PROPN
cblr-1762	64	23	rev	rev	PROPN
cblr-1762	64	24	.	.	PROPN
cblr-1762	64	25	1021	1021	NUM
cblr-1762	64	26	,	,	PUNCT
cblr-1762	64	27	1084	1084	NUM
cblr-1762	64	28	(	(	PUNCT
cblr-1762	64	29	2007	2007	NUM
cblr-1762	64	30	)	)	PUNCT
cblr-1762	64	31	(	(	PUNCT
cblr-1762	64	32	“	"	PUNCT
cblr-1762	64	33	for	for	ADP
cblr-1762	64	34	the	the	DET
cblr-1762	64	35	short	short	ADJ
cblr-1762	64	36	-	-	PUNCT
cblr-1762	64	37	term	term	NOUN
cblr-1762	64	38	trading	trading	NOUN
cblr-1762	64	39	horizon	horizon	NOUN
cblr-1762	64	40	of	of	ADP
cblr-1762	64	41	hedge	hedge	NOUN
cblr-1762	64	42	funds	fund	NOUN
cblr-1762	64	43	to	to	PART
cblr-1762	64	44	generate	generate	VERB
cblr-1762	64	45	a	a	DET
cblr-1762	64	46	shortterm	shortterm	NOUN
cblr-1762	64	47	investment	investment	NOUN
cblr-1762	64	48	outlook	outlook	NOUN
cblr-1762	64	49	for	for	ADP
cblr-1762	64	50	hedge	hedge	NOUN
cblr-1762	64	51	fund	fund	NOUN
cblr-1762	64	52	managers	manager	NOUN
cblr-1762	64	53	,	,	PUNCT
cblr-1762	64	54	the	the	DET
cblr-1762	64	55	stock	stock	NOUN
cblr-1762	64	56	market	market	NOUN
cblr-1762	64	57	must	must	AUX
cblr-1762	64	58	suffer	suffer	VERB
cblr-1762	64	59	from	from	ADP
cblr-1762	64	60	myopia	myopia	NOUN
cblr-1762	64	61	:	:	PUNCT
cblr-1762	64	62	that	that	PRON
cblr-1762	64	63	is	is	ADV
cblr-1762	64	64	,	,	PUNCT
cblr-1762	64	65	it	it	PRON
cblr-1762	64	66	must	must	AUX
cblr-1762	64	67	undervalue	undervalue	VERB
cblr-1762	64	68	long	long	ADJ
cblr-1762	64	69	-	-	PUNCT
cblr-1762	64	70	term	term	NOUN
cblr-1762	64	71	investments	investment	NOUN
cblr-1762	64	72	relative	relative	ADJ
cblr-1762	64	73	to	to	ADP
cblr-1762	64	74	short	short	ADJ
cblr-1762	64	75	-	-	PUNCT
cblr-1762	64	76	term	term	NOUN
cblr-1762	64	77	investments	investment	NOUN
cblr-1762	64	78	.	.	PUNCT
cblr-1762	65	1	if	if	SCONJ
cblr-1762	65	2	the	the	DET
cblr-1762	65	3	market	market	NOUN
cblr-1762	65	4	does	do	AUX
cblr-1762	65	5	not	not	PART
cblr-1762	65	6	itself	itself	PRON
cblr-1762	65	7	suffer	suffer	VERB
cblr-1762	65	8	from	from	ADP
cblr-1762	65	9	such	such	DET
cblr-1762	65	10	a	a	DET
cblr-1762	65	11	bias	bias	NOUN
cblr-1762	65	12	,	,	PUNCT
cblr-1762	65	13	then	then	ADV
cblr-1762	65	14	the	the	DET
cblr-1762	65	15	interests	interest	NOUN
cblr-1762	65	16	of	of	ADP
cblr-1762	65	17	investors	investor	NOUN
cblr-1762	65	18	with	with	ADP
cblr-1762	65	19	short	short	ADJ
cblr-1762	65	20	-	-	PUNCT
cblr-1762	65	21	term	term	NOUN
cblr-1762	65	22	trading	trading	NOUN
cblr-1762	65	23	horizons	horizon	NOUN
cblr-1762	65	24	will	will	AUX
cblr-1762	65	25	not	not	PART
cblr-1762	65	26	conflict	conflict	VERB
cblr-1762	65	27	with	with	ADP
cblr-1762	65	28	those	those	PRON
cblr-1762	65	29	of	of	ADP
cblr-1762	65	30	investors	investor	NOUN
cblr-1762	65	31	with	with	ADP
cblr-1762	65	32	long	long	ADJ
cblr-1762	65	33	-	-	PUNCT
cblr-1762	65	34	term	term	NOUN
cblr-1762	65	35	trading	trading	NOUN
cblr-1762	65	36	horizons	horizon	NOUN
cblr-1762	65	37	.	.	PUNCT
cblr-1762	65	38	”	"	PUNCT
cblr-1762	65	39	)	)	PUNCT
cblr-1762	65	40	.	.	PUNCT
cblr-1762	66	1	see	see	AUX
cblr-1762	66	2	also	also	ADV
cblr-1762	66	3	george	george	PROPN
cblr-1762	66	4	w.	w.	PROPN
cblr-1762	66	5	dent	dent	PROPN
cblr-1762	66	6	,	,	PUNCT
cblr-1762	66	7	jr	jr	PROPN
cblr-1762	66	8	.	.	PROPN
cblr-1762	66	9	,	,	PUNCT
cblr-1762	66	10	the	the	DET
cblr-1762	66	11	essential	essential	ADJ
cblr-1762	66	12	unity	unity	NOUN
cblr-1762	66	13	of	of	ADP
cblr-1762	66	14	shareholders	shareholder	NOUN
cblr-1762	66	15	and	and	CCONJ
cblr-1762	66	16	the	the	DET
cblr-1762	66	17	myth	myth	NOUN
cblr-1762	66	18	of	of	ADP
cblr-1762	66	19	investor	investor	NOUN
cblr-1762	66	20	short	short	ADJ
cblr-1762	66	21	-	-	PUNCT
cblr-1762	66	22	termism	termism	NOUN
cblr-1762	66	23	,	,	PUNCT
cblr-1762	66	24	35	35	NUM
cblr-1762	66	25	del	del	PROPN
cblr-1762	66	26	.	.	PROPN
cblr-1762	66	27	j.	j.	PROPN
cblr-1762	66	28	corp	corp	PROPN
cblr-1762	66	29	.	.	PROPN
cblr-1762	66	30	l.	l.	PROPN
cblr-1762	66	31	97	97	NUM
cblr-1762	66	32	,	,	PUNCT
cblr-1762	66	33	116–19	116–19	NUM
cblr-1762	66	34	,	,	PUNCT
cblr-1762	66	35	122–28	122–28	NUM
cblr-1762	66	36	(	(	PUNCT
cblr-1762	66	37	2010	2010	NUM
cblr-1762	66	38	)	)	PUNCT
cblr-1762	66	39	(	(	PUNCT
cblr-1762	66	40	arguing	argue	VERB
cblr-1762	66	41	that	that	SCONJ
cblr-1762	66	42	this	this	DET
cblr-1762	66	43	alleged	allege	VERB
cblr-1762	66	44	short	short	ADJ
cblr-1762	66	45	-	-	PUNCT
cblr-1762	66	46	termism	termism	NOUN
cblr-1762	66	47	on	on	ADP
cblr-1762	66	48	the	the	DET
cblr-1762	66	49	part	part	NOUN
cblr-1762	66	50	of	of	ADP
cblr-1762	66	51	institutional	institutional	ADJ
cblr-1762	66	52	investors	investor	NOUN
cblr-1762	66	53	,	,	PUNCT
cblr-1762	66	54	including	include	VERB
cblr-1762	66	55	hedge	hedge	NOUN
cblr-1762	66	56	funds	fund	NOUN
cblr-1762	66	57	,	,	PUNCT
cblr-1762	66	58	is	be	AUX
cblr-1762	66	59	of	of	ADP
cblr-1762	66	60	dubious	dubious	ADJ
cblr-1762	66	61	validity	validity	NOUN
cblr-1762	66	62	and	and	CCONJ
cblr-1762	66	63	noting	note	VERB
cblr-1762	66	64	that	that	SCONJ
cblr-1762	66	65	such	such	ADJ
cblr-1762	66	66	short	short	ADJ
cblr-1762	66	67	-	-	PUNCT
cblr-1762	66	68	termism	termism	NOUN
cblr-1762	66	69	has	have	AUX
cblr-1762	66	70	not	not	PART
cblr-1762	66	71	been	be	AUX
cblr-1762	66	72	empirically	empirically	ADV
cblr-1762	66	73	verified	verify	VERB
cblr-1762	66	74	)	)	PUNCT
cblr-1762	66	75	.	.	PUNCT
cblr-1762	67	1	sharfman	sharfman	PROPN
cblr-1762	67	2	–	–	PUNCT
cblr-1762	67	3	final	final	ADJ
cblr-1762	67	4	no	no	NOUN
cblr-1762	67	5	.	.	PUNCT
cblr-1762	68	1	3:813	3:813	NUM
cblr-1762	68	2	]	]	X
cblr-1762	68	3	activist	activist	ADJ
cblr-1762	68	4	hedge	hedge	NOUN
cblr-1762	68	5	funds	fund	NOUN
cblr-1762	68	6	and	and	CCONJ
cblr-1762	68	7	long	long	ADJ
cblr-1762	68	8	-	-	PUNCT
cblr-1762	68	9	term	term	NOUN
cblr-1762	68	10	value	value	NOUN
cblr-1762	68	11	819	819	NUM
cblr-1762	68	12	companies	company	NOUN
cblr-1762	68	13	when	when	SCONJ
cblr-1762	68	14	they	they	PRON
cblr-1762	68	15	act	act	VERB
cblr-1762	68	16	to	to	PART
cblr-1762	68	17	manipulate	manipulate	VERB
cblr-1762	68	18	company	company	NOUN
cblr-1762	68	19	operations	operation	NOUN
cblr-1762	68	20	and	and	CCONJ
cblr-1762	68	21	strategies	strategy	NOUN
cblr-1762	68	22	to	to	PART
cblr-1762	68	23	increase	increase	VERB
cblr-1762	68	24	reported	report	VERB
cblr-1762	68	25	short	short	ADJ
cblr-1762	68	26	-	-	PUNCT
cblr-1762	68	27	term	term	NOUN
cblr-1762	68	28	profits	profit	NOUN
cblr-1762	68	29	at	at	ADP
cblr-1762	68	30	the	the	DET
cblr-1762	68	31	expense	expense	NOUN
cblr-1762	68	32	of	of	ADP
cblr-1762	68	33	long	long	ADJ
cblr-1762	68	34	-	-	PUNCT
cblr-1762	68	35	term	term	NOUN
cblr-1762	68	36	value	value	NOUN
cblr-1762	68	37	.	.	PUNCT
cblr-1762	69	1	as	as	SCONJ
cblr-1762	69	2	one	one	PRON
cblr-1762	69	3	would	would	AUX
cblr-1762	69	4	suspect	suspect	VERB
cblr-1762	69	5	,	,	PUNCT
cblr-1762	69	6	the	the	DET
cblr-1762	69	7	supporters	supporter	NOUN
cblr-1762	69	8	of	of	ADP
cblr-1762	69	9	the	the	DET
cblr-1762	69	10	shorttermism	shorttermism	NOUN
cblr-1762	69	11	argument	argument	NOUN
cblr-1762	69	12	minimize	minimize	VERB
cblr-1762	69	13	the	the	DET
cblr-1762	69	14	informational	informational	ADJ
cblr-1762	69	15	value	value	NOUN
cblr-1762	69	16	of	of	ADP
cblr-1762	69	17	the	the	DET
cblr-1762	69	18	empirical	empirical	ADJ
cblr-1762	69	19	studies	study	NOUN
cblr-1762	69	20	that	that	PRON
cblr-1762	69	21	show	show	VERB
cblr-1762	69	22	hedge	hedge	NOUN
cblr-1762	69	23	fund	fund	NOUN
cblr-1762	69	24	activism	activism	NOUN
cblr-1762	69	25	to	to	PART
cblr-1762	69	26	be	be	AUX
cblr-1762	69	27	beneficial	beneficial	ADJ
cblr-1762	69	28	to	to	ADP
cblr-1762	69	29	shareholders	shareholder	NOUN
cblr-1762	69	30	and	and	CCONJ
cblr-1762	69	31	to	to	PART
cblr-1762	69	32	enhance	enhance	VERB
cblr-1762	69	33	the	the	DET
cblr-1762	69	34	operating	operating	NOUN
cblr-1762	69	35	performance	performance	NOUN
cblr-1762	69	36	of	of	ADP
cblr-1762	69	37	the	the	DET
cblr-1762	69	38	companies	company	NOUN
cblr-1762	69	39	it	it	PRON
cblr-1762	69	40	targets	target	VERB
cblr-1762	69	41	.	.	PUNCT
cblr-1762	70	1	it	it	PRON
cblr-1762	70	2	is	be	AUX
cblr-1762	70	3	not	not	PART
cblr-1762	70	4	surprising	surprising	ADJ
cblr-1762	70	5	that	that	SCONJ
cblr-1762	70	6	the	the	DET
cblr-1762	70	7	methodologies	methodology	NOUN
cblr-1762	70	8	of	of	ADP
cblr-1762	70	9	the	the	DET
cblr-1762	70	10	numerous	numerous	ADJ
cblr-1762	70	11	empirical	empirical	ADJ
cblr-1762	70	12	studies	study	NOUN
cblr-1762	70	13	demonstrating	demonstrate	VERB
cblr-1762	70	14	the	the	DET
cblr-1762	70	15	benefits	benefit	NOUN
cblr-1762	70	16	of	of	ADP
cblr-1762	70	17	hedge	hedge	NOUN
cblr-1762	70	18	fund	fund	NOUN
cblr-1762	70	19	activism	activism	NOUN
cblr-1762	70	20	have	have	AUX
cblr-1762	70	21	been	be	AUX
cblr-1762	70	22	criticized	criticize	VERB
cblr-1762	70	23	by	by	ADP
cblr-1762	70	24	those	those	PRON
cblr-1762	70	25	with	with	ADP
cblr-1762	70	26	significant	significant	ADJ
cblr-1762	70	27	knowledge	knowledge	NOUN
cblr-1762	70	28	of	of	ADP
cblr-1762	70	29	statistical	statistical	ADJ
cblr-1762	70	30	methods.11	methods.11	NOUN
cblr-1762	70	31	after	after	ADV
cblr-1762	70	32	all	all	ADV
cblr-1762	70	33	,	,	PUNCT
cblr-1762	70	34	that	that	PRON
cblr-1762	70	35	is	be	AUX
cblr-1762	70	36	the	the	DET
cblr-1762	70	37	normal	normal	ADJ
cblr-1762	70	38	part	part	NOUN
cblr-1762	70	39	of	of	ADP
cblr-1762	70	40	the	the	DET
cblr-1762	70	41	vetting	vetting	NOUN
cblr-1762	70	42	process	process	NOUN
cblr-1762	70	43	for	for	ADP
cblr-1762	70	44	such	such	ADJ
cblr-1762	70	45	studies	study	NOUN
cblr-1762	70	46	.	.	PUNCT
cblr-1762	71	1	however	however	ADV
cblr-1762	71	2	,	,	PUNCT
cblr-1762	71	3	it	it	PRON
cblr-1762	71	4	is	be	AUX
cblr-1762	71	5	surprising	surprising	ADJ
cblr-1762	71	6	that	that	SCONJ
cblr-1762	71	7	some	some	PRON
cblr-1762	71	8	of	of	ADP
cblr-1762	71	9	the	the	DET
cblr-1762	71	10	most	most	ADV
cblr-1762	71	11	prominent	prominent	ADJ
cblr-1762	71	12	corporate	corporate	ADJ
cblr-1762	71	13	law	law	NOUN
cblr-1762	71	14	figures	figure	NOUN
cblr-1762	71	15	of	of	ADP
cblr-1762	71	16	our	our	PRON
cblr-1762	71	17	time	time	NOUN
cblr-1762	71	18	,	,	PUNCT
cblr-1762	71	19	most	most	ADV
cblr-1762	71	20	notably	notably	ADV
cblr-1762	71	21	martin	martin	PROPN
cblr-1762	71	22	lipton	lipton	PROPN
cblr-1762	71	23	(	(	PUNCT
cblr-1762	71	24	the	the	DET
cblr-1762	71	25	inventor	inventor	NOUN
cblr-1762	71	26	of	of	ADP
cblr-1762	71	27	the	the	DET
cblr-1762	71	28	poison	poison	NOUN
cblr-1762	71	29	pill	pill	NOUN
cblr-1762	71	30	and	and	CCONJ
cblr-1762	71	31	the	the	DET
cblr-1762	71	32	leading	lead	VERB
cblr-1762	71	33	corporate	corporate	ADJ
cblr-1762	71	34	law	law	NOUN
cblr-1762	71	35	practitioner	practitioner	NOUN
cblr-1762	71	36	of	of	ADP
cblr-1762	71	37	his	his	PRON
cblr-1762	71	38	time	time	NOUN
cblr-1762	71	39	)	)	PUNCT
cblr-1762	71	40	,	,	PUNCT
cblr-1762	71	41	the	the	DET
cblr-1762	71	42	honorable	honorable	ADJ
cblr-1762	71	43	leo	leo	PROPN
cblr-1762	71	44	strine	strine	PROPN
cblr-1762	71	45	(	(	PUNCT
cblr-1762	71	46	chief	chief	NOUN
cblr-1762	71	47	justice	justice	NOUN
cblr-1762	71	48	of	of	ADP
cblr-1762	71	49	the	the	DET
cblr-1762	71	50	delaware	delaware	PROPN
cblr-1762	71	51	supreme	supreme	PROPN
cblr-1762	71	52	court	court	PROPN
cblr-1762	71	53	)	)	PUNCT
cblr-1762	71	54	,	,	PUNCT
cblr-1762	71	55	and	and	CCONJ
cblr-1762	71	56	stephen	stephen	PROPN
cblr-1762	71	57	bainbridge	bainbridge	PROPN
cblr-1762	71	58	(	(	PUNCT
cblr-1762	71	59	the	the	DET
cblr-1762	71	60	leading	lead	VERB
cblr-1762	71	61	academic	academic	ADJ
cblr-1762	71	62	proponent	proponent	NOUN
cblr-1762	71	63	of	of	ADP
cblr-1762	71	64	corporate	corporate	ADJ
cblr-1762	71	65	law	law	NOUN
cblr-1762	71	66	’s	’s	PART
cblr-1762	71	67	traditional	traditional	ADJ
cblr-1762	71	68	model	model	NOUN
cblr-1762	71	69	of	of	ADP
cblr-1762	71	70	corporate	corporate	ADJ
cblr-1762	71	71	governance	governance	NOUN
cblr-1762	71	72	)	)	PUNCT
cblr-1762	71	73	,	,	PUNCT
cblr-1762	71	74	have	have	AUX
cblr-1762	71	75	rejected	reject	VERB
cblr-1762	71	76	these	these	DET
cblr-1762	71	77	studies	study	NOUN
cblr-1762	71	78	outright,12	outright,12	VERB
cblr-1762	71	79	11	11	NUM
cblr-1762	71	80	yvan	yvan	PROPN
cblr-1762	71	81	allaire	allaire	PROPN
cblr-1762	71	82	&	&	CCONJ
cblr-1762	71	83	françois	françois	PROPN
cblr-1762	71	84	dauphin	dauphin	PROPN
cblr-1762	71	85	,	,	PUNCT
cblr-1762	71	86	inst	inst	PROPN
cblr-1762	71	87	.	.	PROPN
cblr-1762	72	1	for	for	ADP
cblr-1762	72	2	governance	governance	NOUN
cblr-1762	72	3	of	of	ADP
cblr-1762	72	4	private	private	ADJ
cblr-1762	72	5	&	&	CCONJ
cblr-1762	72	6	public	public	ADJ
cblr-1762	72	7	orgs	orgs	PROPN
cblr-1762	72	8	.	.	PUNCT
cblr-1762	72	9	,	,	PUNCT
cblr-1762	72	10	“	"	PUNCT
cblr-1762	72	11	activist	activist	ADJ
cblr-1762	72	12	”	"	PUNCT
cblr-1762	72	13	hedge	hedge	NOUN
cblr-1762	72	14	funds	fund	NOUN
cblr-1762	72	15	:	:	PUNCT
cblr-1762	72	16	creators	creator	NOUN
cblr-1762	72	17	of	of	ADP
cblr-1762	72	18	lasting	last	VERB
cblr-1762	72	19	wealth	wealth	NOUN
cblr-1762	72	20	?	?	PUNCT
cblr-1762	73	1	what	what	PRON
cblr-1762	73	2	do	do	AUX
cblr-1762	73	3	the	the	DET
cblr-1762	73	4	empirical	empirical	ADJ
cblr-1762	73	5	studies	study	NOUN
cblr-1762	73	6	really	really	ADV
cblr-1762	73	7	say	say	VERB
cblr-1762	73	8	?	?	PUNCT
cblr-1762	73	9	,	,	PUNCT
cblr-1762	73	10	6	6	NUM
cblr-1762	73	11	(	(	PUNCT
cblr-1762	73	12	july	july	PROPN
cblr-1762	73	13	2014	2014	NUM
cblr-1762	73	14	)	)	PUNCT
cblr-1762	73	15	,	,	PUNCT
cblr-1762	73	16	http://igopp.org/wp-content/uploads/2014/07/igopp_article_template2014	http://igopp.org/wp-content/uploads/2014/07/igopp_article_template2014	X
cblr-1762	74	1	_	_	PUNCT
cblr-1762	74	2	activism_en_v6.pdf	activism_en_v6.pdf	NOUN
cblr-1762	74	3	[	[	X
cblr-1762	74	4	http://perma.cc/tn6f-r9hx	http://perma.cc/tn6f-r9hx	NOUN
cblr-1762	74	5	]	]	PUNCT
cblr-1762	74	6	(	(	PUNCT
cblr-1762	74	7	“	"	PUNCT
cblr-1762	74	8	econometrics	econometric	NOUN
cblr-1762	74	9	provides	provide	VERB
cblr-1762	74	10	a	a	DET
cblr-1762	74	11	crude	crude	ADJ
cblr-1762	74	12	tool	tool	NOUN
cblr-1762	74	13	kit	kit	PROPN
cblr-1762	74	14	,	,	PUNCT
cblr-1762	74	15	a	a	DET
cblr-1762	74	16	weak	weak	ADJ
cblr-1762	74	17	lens	lens	NOUN
cblr-1762	74	18	through	through	ADP
cblr-1762	74	19	which	which	PRON
cblr-1762	74	20	the	the	DET
cblr-1762	74	21	researcher	researcher	NOUN
cblr-1762	74	22	can	can	AUX
cblr-1762	74	23	,	,	PUNCT
cblr-1762	74	24	at	at	ADP
cblr-1762	74	25	best	good	ADJ
cblr-1762	74	26	,	,	PUNCT
cblr-1762	74	27	view	view	VERB
cblr-1762	74	28	the	the	DET
cblr-1762	74	29	blurred	blurred	ADJ
cblr-1762	74	30	contours	contours	NOUN
cblr-1762	74	31	of	of	ADP
cblr-1762	74	32	complex	complex	ADJ
cblr-1762	74	33	phenomena	phenomenon	NOUN
cblr-1762	74	34	.	.	PUNCT
cblr-1762	74	35	”	"	PUNCT
cblr-1762	74	36	)	)	PUNCT
cblr-1762	74	37	;	;	PUNCT
cblr-1762	74	38	yvan	yvan	PROPN
cblr-1762	74	39	allaire	allaire	PROPN
cblr-1762	74	40	&	&	CCONJ
cblr-1762	74	41	françois	françois	PROPN
cblr-1762	74	42	dauphin	dauphin	PROPN
cblr-1762	74	43	,	,	PUNCT
cblr-1762	74	44	inst	inst	PROPN
cblr-1762	74	45	.	.	PROPN
cblr-1762	75	1	for	for	ADP
cblr-1762	75	2	governance	governance	NOUN
cblr-1762	75	3	of	of	ADP
cblr-1762	75	4	private	private	ADJ
cblr-1762	75	5	&	&	CCONJ
cblr-1762	75	6	public	public	ADJ
cblr-1762	75	7	orgs	orgs	PROPN
cblr-1762	75	8	,	,	PUNCT
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cblr-1762	75	10	unanswered	unanswered	ADJ
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cblr-1762	75	12	(	(	PUNCT
cblr-1762	75	13	and	and	CCONJ
cblr-1762	75	14	new	new	ADJ
cblr-1762	75	15	ones	one	NOUN
cblr-1762	75	16	)	)	PUNCT
cblr-1762	75	17	to	to	PART
cblr-1762	75	18	bebchuk	bebchuk	PROPN
cblr-1762	75	19	,	,	PUNCT
cblr-1762	75	20	brav	brav	PROPN
cblr-1762	75	21	and	and	CCONJ
cblr-1762	75	22	jiang	jiang	PROPN
cblr-1762	75	23	(	(	PUNCT
cblr-1762	75	24	jan	jan	PROPN
cblr-1762	75	25	.	.	PROPN
cblr-1762	75	26	2015	2015	NUM
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cblr-1762	75	28	,	,	PUNCT
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cblr-1762	75	30	df	df	PROPN
cblr-1762	76	1	[	[	X
cblr-1762	76	2	http://perma.cc/2tbe-kmau	http://perma.cc/2tbe-kmau	X
cblr-1762	76	3	]	]	X
cblr-1762	76	4	;	;	PUNCT
cblr-1762	76	5	john	john	PROPN
cblr-1762	76	6	c.	c.	PROPN
cblr-1762	76	7	coffee	coffee	PROPN
cblr-1762	76	8	,	,	PUNCT
cblr-1762	76	9	jr	jr	PROPN
cblr-1762	76	10	.	.	PROPN
cblr-1762	76	11	&	&	CCONJ
cblr-1762	76	12	darius	darius	PROPN
cblr-1762	76	13	palia	palia	PROPN
cblr-1762	76	14	,	,	PUNCT
cblr-1762	76	15	the	the	DET
cblr-1762	76	16	impact	impact	NOUN
cblr-1762	76	17	of	of	ADP
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cblr-1762	76	19	fund	fund	NOUN
cblr-1762	76	20	activism	activism	NOUN
cblr-1762	76	21	:	:	PUNCT
cblr-1762	76	22	evidence	evidence	NOUN
cblr-1762	76	23	and	and	CCONJ
cblr-1762	76	24	implications	implication	NOUN
cblr-1762	76	25	4–5	4–5	PROPN
cblr-1762	76	26	(	(	PUNCT
cblr-1762	76	27	european	european	PROPN
cblr-1762	76	28	corp	corp	PROPN
cblr-1762	76	29	.	.	PROPN
cblr-1762	76	30	governance	governance	PROPN
cblr-1762	76	31	inst	inst	PROPN
cblr-1762	76	32	.	.	PROPN
cblr-1762	76	33	,	,	PUNCT
cblr-1762	76	34	working	work	VERB
cblr-1762	76	35	paper	paper	NOUN
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cblr-1762	76	38	266	266	NUM
cblr-1762	76	39	,	,	PUNCT
cblr-1762	76	40	2014	2014	NUM
cblr-1762	76	41	)	)	PUNCT
cblr-1762	76	42	,	,	PUNCT
cblr-1762	77	1	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2496518	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2496518	PROPN
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cblr-1762	77	3	http://perma	http://perma	NOUN
cblr-1762	77	4	.	.	PUNCT
cblr-1762	77	5	cc	cc	NOUN
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cblr-1762	77	7	v74r	v74r	NOUN
cblr-1762	77	8	-	-	PUNCT
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cblr-1762	77	14	lipton	lipton	PROPN
cblr-1762	77	15	,	,	PUNCT
cblr-1762	77	16	the	the	DET
cblr-1762	77	17	bebchuk	bebchuk	NOUN
cblr-1762	77	18	syllogism	syllogism	NOUN
cblr-1762	77	19	,	,	PUNCT
cblr-1762	77	20	harvard	harvard	PROPN
cblr-1762	77	21	law	law	PROPN
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cblr-1762	77	24	on	on	ADP
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cblr-1762	77	28	&	&	CCONJ
cblr-1762	77	29	fin	fin	PROPN
cblr-1762	77	30	.	.	PUNCT
cblr-1762	78	1	regulation	regulation	NOUN
cblr-1762	78	2	(	(	PUNCT
cblr-1762	78	3	aug	aug	PROPN
cblr-1762	78	4	.	.	PROPN
cblr-1762	78	5	26	26	NUM
cblr-1762	78	6	,	,	PUNCT
cblr-1762	78	7	2013	2013	NUM
cblr-1762	78	8	)	)	PUNCT
cblr-1762	78	9	,	,	PUNCT
cblr-1762	78	10	http://blogs.law.harvard.edu/corpgov/2013/08/26/the-bebchuk-syllogism/	http://blogs.law.harvard.edu/corpgov/2013/08/26/the-bebchuk-syllogism/	PROPN
cblr-1762	79	1	[	[	X
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cblr-1762	79	4	(	(	PUNCT
cblr-1762	79	5	“	"	PUNCT
cblr-1762	79	6	no	no	DET
cblr-1762	79	7	empirical	empirical	ADJ
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cblr-1762	79	9	,	,	PUNCT
cblr-1762	79	10	with	with	ADP
cblr-1762	79	11	imperfect	imperfect	ADJ
cblr-1762	79	12	proxies	proxy	NOUN
cblr-1762	79	13	for	for	ADP
cblr-1762	79	14	value	value	NOUN
cblr-1762	79	15	creation	creation	NOUN
cblr-1762	79	16	and	and	CCONJ
cblr-1762	79	17	flawed	flaw	VERB
cblr-1762	79	18	attempts	attempt	NOUN
cblr-1762	79	19	to	to	PART
cblr-1762	79	20	isolate	isolate	VERB
cblr-1762	79	21	the	the	DET
cblr-1762	79	22	effects	effect	NOUN
cblr-1762	79	23	of	of	ADP
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cblr-1762	79	31	law	law	PROPN
cblr-1762	79	32	review	review	NOUN
cblr-1762	80	1	[	[	X
cblr-1762	80	2	vol	vol	NOUN
cblr-1762	80	3	.	.	NOUN
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cblr-1762	80	5	cast	cast	VERB
cblr-1762	80	6	significant	significant	ADJ
cblr-1762	80	7	doubt	doubt	NOUN
cblr-1762	80	8	on	on	ADP
cblr-1762	80	9	their	their	PRON
cblr-1762	80	10	value,13	value,13	NOUN
cblr-1762	80	11	or	or	CCONJ
cblr-1762	80	12	at	at	ADP
cblr-1762	80	13	least	least	ADJ
cblr-1762	80	14	have	have	AUX
cblr-1762	80	15	taken	take	VERB
cblr-1762	80	16	the	the	DET
cblr-1762	80	17	position	position	NOUN
cblr-1762	80	18	that	that	SCONJ
cblr-1762	80	19	their	their	PRON
cblr-1762	80	20	use	use	NOUN
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cblr-1762	80	26	in	in	ADP
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cblr-1762	80	28	,	,	PUNCT
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cblr-1762	80	30	bebchuk	bebchuk	PROPN
cblr-1762	80	31	,	,	PUNCT
cblr-1762	80	32	alon	alon	PROPN
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cblr-1762	80	34	,	,	PUNCT
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cblr-1762	80	38	strongly	strongly	ADV
cblr-1762	80	39	urge	urge	VERB
cblr-1762	80	40	,	,	PUNCT
cblr-1762	80	41	“	"	PUNCT
cblr-1762	80	42	do	do	AUX
cblr-1762	80	43	n’t	not	PART
cblr-1762	80	44	run	run	VERB
cblr-1762	80	45	away	away	ADV
cblr-1762	80	46	from	from	ADP
cblr-1762	80	47	the	the	DET
cblr-1762	80	48	evidence	evidence	NOUN
cblr-1762	80	49	.	.	PUNCT
cblr-1762	81	1	”15	”15	ADJ
cblr-1762	82	1	but	but	CCONJ
cblr-1762	82	2	why	why	SCONJ
cblr-1762	82	3	would	would	AUX
cblr-1762	82	4	these	these	PRON
cblr-1762	82	5	noted	note	VERB
cblr-1762	82	6	corporate	corporate	ADJ
cblr-1762	82	7	law	law	NOUN
cblr-1762	82	8	leaders	leader	NOUN
cblr-1762	82	9	run	run	VERB
cblr-1762	82	10	away	away	ADV
cblr-1762	82	11	from	from	ADP
cblr-1762	82	12	the	the	DET
cblr-1762	82	13	evidence	evidence	NOUN
cblr-1762	82	14	?	?	PUNCT
cblr-1762	83	1	a	a	DET
cblr-1762	83	2	plausible	plausible	ADJ
cblr-1762	83	3	explanation	explanation	NOUN
cblr-1762	83	4	is	be	AUX
cblr-1762	83	5	that	that	SCONJ
cblr-1762	83	6	these	these	DET
cblr-1762	83	7	leaders	leader	NOUN
cblr-1762	83	8	are	be	AUX
cblr-1762	83	9	first	first	ADJ
cblr-1762	83	10	and	and	CCONJ
cblr-1762	83	11	foremost	foremost	ADJ
cblr-1762	83	12	corporate	corporate	ADJ
cblr-1762	83	13	law	law	NOUN
cblr-1762	83	14	experts	expert	NOUN
cblr-1762	83	15	who	who	PRON
cblr-1762	83	16	buy	buy	VERB
cblr-1762	83	17	into	into	ADP
cblr-1762	83	18	corporate	corporate	ADJ
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cblr-1762	83	21	approach	approach	NOUN
cblr-1762	83	22	to	to	ADP
cblr-1762	83	23	corporate	corporate	ADJ
cblr-1762	83	24	governance	governance	NOUN
cblr-1762	83	25	.	.	PUNCT
cblr-1762	84	1	that	that	DET
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cblr-1762	84	8	call	call	VERB
cblr-1762	84	9	the	the	DET
cblr-1762	84	10	“	"	PUNCT
cblr-1762	84	11	authority	authority	NOUN
cblr-1762	84	12	model”16	model”16	PROPN
cblr-1762	84	13	of	of	ADP
cblr-1762	84	14	corporate	corporate	ADJ
cblr-1762	84	15	governance	governance	NOUN
cblr-1762	84	16	or	or	CCONJ
cblr-1762	84	17	what	what	PRON
cblr-1762	84	18	over	over	ADP
cblr-1762	84	19	a	a	DET
cblr-1762	84	20	long	long	ADJ
cblr-1762	84	21	-	-	PUNCT
cblr-1762	84	22	term	term	NOUN
cblr-1762	84	23	horizon	horizon	NOUN
cblr-1762	84	24	influenced	influence	VERB
cblr-1762	84	25	by	by	ADP
cblr-1762	84	26	varying	vary	VERB
cblr-1762	84	27	economic	economic	ADJ
cblr-1762	84	28	,	,	PUNCT
cblr-1762	84	29	market	market	NOUN
cblr-1762	84	30	and	and	CCONJ
cblr-1762	84	31	firmspecific	firmspecific	ADJ
cblr-1762	84	32	conditions	condition	NOUN
cblr-1762	84	33	,	,	PUNCT
cblr-1762	84	34	is	be	AUX
cblr-1762	84	35	capable	capable	ADJ
cblr-1762	84	36	of	of	ADP
cblr-1762	84	37	measuring	measure	VERB
cblr-1762	84	38	the	the	DET
cblr-1762	84	39	damage	damage	NOUN
cblr-1762	84	40	done	do	VERB
cblr-1762	84	41	to	to	ADP
cblr-1762	84	42	american	american	ADJ
cblr-1762	84	43	companies	company	NOUN
cblr-1762	84	44	and	and	CCONJ
cblr-1762	84	45	the	the	DET
cblr-1762	84	46	american	american	ADJ
cblr-1762	84	47	economy	economy	NOUN
cblr-1762	84	48	by	by	ADP
cblr-1762	84	49	the	the	DET
cblr-1762	84	50	short	short	ADJ
cblr-1762	84	51	-	-	PUNCT
cblr-1762	84	52	term	term	NOUN
cblr-1762	84	53	focus	focus	NOUN
cblr-1762	84	54	that	that	PRON
cblr-1762	84	55	dominates	dominate	VERB
cblr-1762	84	56	both	both	DET
cblr-1762	84	57	investment	investment	NOUN
cblr-1762	84	58	strategy	strategy	NOUN
cblr-1762	84	59	and	and	CCONJ
cblr-1762	84	60	business	business	NOUN
cblr-1762	84	61	-	-	PUNCT
cblr-1762	84	62	management	management	NOUN
cblr-1762	84	63	strategy	strategy	NOUN
cblr-1762	84	64	today	today	NOUN
cblr-1762	84	65	.	.	PUNCT
cblr-1762	84	66	”	"	PUNCT
cblr-1762	84	67	)	)	PUNCT
cblr-1762	84	68	.	.	PUNCT
cblr-1762	85	1	13	13	NUM
cblr-1762	85	2	leo	leo	PROPN
cblr-1762	85	3	e.	e.	PROPN
cblr-1762	85	4	strine	strine	PROPN
cblr-1762	85	5	jr	jr	PROPN
cblr-1762	85	6	.	.	PROPN
cblr-1762	85	7	,	,	PUNCT
cblr-1762	85	8	can	can	AUX
cblr-1762	85	9	we	we	PRON
cblr-1762	85	10	do	do	VERB
cblr-1762	85	11	better	well	ADV
cblr-1762	85	12	by	by	ADP
cblr-1762	85	13	ordinary	ordinary	ADJ
cblr-1762	85	14	investors	investor	NOUN
cblr-1762	85	15	?	?	PUNCT
cblr-1762	86	1	a	a	DET
cblr-1762	86	2	pragmatic	pragmatic	ADJ
cblr-1762	86	3	reaction	reaction	NOUN
cblr-1762	86	4	to	to	ADP
cblr-1762	86	5	the	the	DET
cblr-1762	86	6	dueling	duel	VERB
cblr-1762	86	7	ideological	ideological	ADJ
cblr-1762	86	8	mythologists	mythologist	NOUN
cblr-1762	86	9	of	of	ADP
cblr-1762	86	10	corporate	corporate	ADJ
cblr-1762	86	11	law	law	NOUN
cblr-1762	86	12	,	,	PUNCT
cblr-1762	86	13	114	114	NUM
cblr-1762	86	14	colum	colum	NOUN
cblr-1762	86	15	.	.	PUNCT
cblr-1762	87	1	l.	l.	PROPN
cblr-1762	87	2	rev	rev	PROPN
cblr-1762	87	3	.	.	PROPN
cblr-1762	87	4	449	449	NUM
cblr-1762	87	5	,	,	PUNCT
cblr-1762	87	6	461–62	461–62	NUM
cblr-1762	87	7	(	(	PUNCT
cblr-1762	87	8	2014	2014	NUM
cblr-1762	87	9	)	)	PUNCT
cblr-1762	87	10	(	(	PUNCT
cblr-1762	87	11	“	"	PUNCT
cblr-1762	87	12	i	i	PRON
cblr-1762	87	13	must	must	AUX
cblr-1762	87	14	admit	admit	VERB
cblr-1762	87	15	to	to	ADP
cblr-1762	87	16	having	have	VERB
cblr-1762	87	17	a	a	DET
cblr-1762	87	18	healthy	healthy	ADJ
cblr-1762	87	19	skepticism	skepticism	NOUN
cblr-1762	87	20	whenever	whenever	SCONJ
cblr-1762	87	21	the	the	DET
cblr-1762	87	22	‘	'	PUNCT
cblr-1762	87	23	law	law	NOUN
cblr-1762	87	24	ampersand	ampersand	NOUN
cblr-1762	87	25	’	'	PUNCT
cblr-1762	87	26	movement	movement	NOUN
cblr-1762	87	27	cranks	crank	VERB
cblr-1762	87	28	up	up	ADP
cblr-1762	87	29	its	its	PRON
cblr-1762	87	30	machinery	machinery	NOUN
cblr-1762	87	31	and	and	CCONJ
cblr-1762	87	32	tries	try	VERB
cblr-1762	87	33	to	to	PART
cblr-1762	87	34	prove	prove	VERB
cblr-1762	87	35	empirically	empirically	ADV
cblr-1762	87	36	a	a	DET
cblr-1762	87	37	contestable	contestable	ADJ
cblr-1762	87	38	proposition	proposition	NOUN
cblr-1762	87	39	about	about	ADP
cblr-1762	87	40	a	a	DET
cblr-1762	87	41	complicated	complicated	ADJ
cblr-1762	87	42	question	question	NOUN
cblr-1762	87	43	involving	involve	VERB
cblr-1762	87	44	the	the	DET
cblr-1762	87	45	governance	governance	NOUN
cblr-1762	87	46	of	of	ADP
cblr-1762	87	47	a	a	DET
cblr-1762	87	48	human	human	ADJ
cblr-1762	87	49	community	community	NOUN
cblr-1762	87	50	of	of	ADP
cblr-1762	87	51	any	any	DET
cblr-1762	87	52	kind	kind	NOUN
cblr-1762	87	53	.	.	PUNCT
cblr-1762	87	54	”	"	PUNCT
cblr-1762	87	55	)	)	PUNCT
cblr-1762	87	56	;	;	PUNCT
cblr-1762	87	57	stephen	stephen	PROPN
cblr-1762	87	58	m.	m.	PROPN
cblr-1762	87	59	bainbridge	bainbridge	PROPN
cblr-1762	87	60	,	,	PUNCT
cblr-1762	87	61	everything	everything	PRON
cblr-1762	87	62	the	the	DET
cblr-1762	87	63	economist	economist	NOUN
cblr-1762	87	64	says	say	VERB
cblr-1762	87	65	about	about	ADP
cblr-1762	87	66	shareholder	shareholder	NOUN
cblr-1762	87	67	activism	activism	NOUN
cblr-1762	87	68	is	be	AUX
cblr-1762	87	69	wrong	wrong	ADJ
cblr-1762	87	70	,	,	PUNCT
cblr-1762	87	71	professorbainbridge.com	professorbainbridge.com	X
cblr-1762	87	72	(	(	PUNCT
cblr-1762	87	73	feb	feb	PROPN
cblr-1762	87	74	.	.	PROPN
cblr-1762	87	75	13	13	NUM
cblr-1762	87	76	,	,	PUNCT
cblr-1762	87	77	2014	2014	NUM
cblr-1762	87	78	,	,	PUNCT
cblr-1762	87	79	5:41	5:41	NUM
cblr-1762	87	80	pm	pm	NOUN
cblr-1762	87	81	)	)	PUNCT
cblr-1762	87	82	,	,	PUNCT
cblr-1762	88	1	http://www.professorbainbridge.com/professorbainbridgecom/2014/02/ever	http://www.professorbainbridge.com/professorbainbridgecom/2014/02/ever	PROPN
cblr-1762	88	2	ything-the-economist-says-about-shareholder-activism-is-wrong.html	ything-the-economist-says-about-shareholder-activism-is-wrong.html	PROPN
cblr-1762	89	1	[	[	X
cblr-1762	89	2	http://perma.cc/ru9u-d5sx	http://perma.cc/ru9u-d5sx	X
cblr-1762	89	3	]	]	X
cblr-1762	89	4	(	(	PUNCT
cblr-1762	89	5	“	"	PUNCT
cblr-1762	89	6	i	i	PRON
cblr-1762	89	7	am	be	AUX
cblr-1762	89	8	just	just	ADV
cblr-1762	89	9	saying	say	VERB
cblr-1762	89	10	that	that	SCONJ
cblr-1762	89	11	all	all	DET
cblr-1762	89	12	empirical	empirical	ADJ
cblr-1762	89	13	studies	study	NOUN
cblr-1762	89	14	need	need	VERB
cblr-1762	89	15	to	to	PART
cblr-1762	89	16	be	be	AUX
cblr-1762	89	17	taken	take	VERB
cblr-1762	89	18	with	with	ADP
cblr-1762	89	19	a	a	DET
cblr-1762	89	20	grain	grain	NOUN
cblr-1762	89	21	of	of	ADP
cblr-1762	89	22	salt	salt	NOUN
cblr-1762	89	23	and	and	CCONJ
cblr-1762	89	24	those	those	PRON
cblr-1762	89	25	by	by	ADP
cblr-1762	89	26	folks	folk	NOUN
cblr-1762	89	27	with	with	ADP
cblr-1762	89	28	an	an	DET
cblr-1762	89	29	agenda	agenda	NOUN
cblr-1762	89	30	need	need	VERB
cblr-1762	89	31	a	a	DET
cblr-1762	89	32	larger	large	ADJ
cblr-1762	89	33	than	than	ADP
cblr-1762	89	34	usual	usual	ADJ
cblr-1762	89	35	grain	grain	NOUN
cblr-1762	89	36	.	.	PUNCT
cblr-1762	89	37	”	"	PUNCT
cblr-1762	89	38	)	)	PUNCT
cblr-1762	89	39	;	;	PUNCT
cblr-1762	89	40	allaire	allaire	PROPN
cblr-1762	89	41	&	&	CCONJ
cblr-1762	89	42	dauphin	dauphin	PROPN
cblr-1762	89	43	,	,	PUNCT
cblr-1762	89	44	“	"	PUNCT
cblr-1762	89	45	activist	activist	ADJ
cblr-1762	89	46	”	"	PUNCT
cblr-1762	89	47	hedge	hedge	NOUN
cblr-1762	89	48	funds	fund	NOUN
cblr-1762	89	49	,	,	PUNCT
cblr-1762	89	50	supra	supra	PROPN
cblr-1762	89	51	note	note	PROPN
cblr-1762	89	52	11	11	NUM
cblr-1762	89	53	,	,	PUNCT
cblr-1762	89	54	at	at	ADP
cblr-1762	89	55	6	6	NUM
cblr-1762	89	56	;	;	PUNCT
cblr-1762	89	57	allaire	allaire	PROPN
cblr-1762	89	58	&	&	CCONJ
cblr-1762	89	59	dauphin	dauphin	PROPN
cblr-1762	89	60	,	,	PUNCT
cblr-1762	89	61	still	still	ADV
cblr-1762	89	62	unanswered	unanswered	ADJ
cblr-1762	89	63	questions	question	NOUN
cblr-1762	89	64	,	,	PUNCT
cblr-1762	89	65	supra	supra	PROPN
cblr-1762	89	66	note	note	PROPN
cblr-1762	89	67	11	11	NUM
cblr-1762	89	68	,	,	PUNCT
cblr-1762	89	69	at	at	ADP
cblr-1762	89	70	9	9	NUM
cblr-1762	89	71	,	,	PUNCT
cblr-1762	89	72	15	15	NUM
cblr-1762	89	73	.	.	NOUN
cblr-1762	89	74	14	14	NUM
cblr-1762	89	75	coffee	coffee	NOUN
cblr-1762	89	76	&	&	CCONJ
cblr-1762	89	77	palia	palia	PROPN
cblr-1762	89	78	,	,	PUNCT
cblr-1762	89	79	supra	supra	PROPN
cblr-1762	89	80	note	note	PROPN
cblr-1762	89	81	11	11	NUM
cblr-1762	89	82	,	,	PUNCT
cblr-1762	89	83	at	at	ADP
cblr-1762	89	84	4–5	4–5	PROPN
cblr-1762	89	85	.	.	PROPN
cblr-1762	89	86	15	15	NUM
cblr-1762	89	87	lucian	lucian	PROPN
cblr-1762	89	88	bebchuk	bebchuk	PROPN
cblr-1762	89	89	,	,	PUNCT
cblr-1762	89	90	alon	alon	PROPN
cblr-1762	89	91	brav	brav	PROPN
cblr-1762	89	92	&	&	CCONJ
cblr-1762	89	93	wei	wei	PROPN
cblr-1762	89	94	jiang	jiang	PROPN
cblr-1762	89	95	,	,	PUNCT
cblr-1762	89	96	do	do	AUX
cblr-1762	89	97	n’t	not	PART
cblr-1762	89	98	run	run	VERB
cblr-1762	89	99	away	away	ADV
cblr-1762	89	100	from	from	ADP
cblr-1762	89	101	the	the	DET
cblr-1762	89	102	evidence	evidence	NOUN
cblr-1762	89	103	:	:	PUNCT
cblr-1762	89	104	a	a	DET
cblr-1762	89	105	reply	reply	NOUN
cblr-1762	89	106	to	to	PART
cblr-1762	89	107	wachtell	wachtell	PROPN
cblr-1762	89	108	lipton	lipton	PROPN
cblr-1762	89	109	,	,	PUNCT
cblr-1762	89	110	harvard	harvard	PROPN
cblr-1762	89	111	law	law	PROPN
cblr-1762	89	112	school	school	PROPN
cblr-1762	89	113	forum	forum	PROPN
cblr-1762	89	114	on	on	ADP
cblr-1762	89	115	corp	corp	PROPN
cblr-1762	89	116	.	.	PROPN
cblr-1762	89	117	governance	governance	PROPN
cblr-1762	89	118	&	&	CCONJ
cblr-1762	89	119	fin	fin	PROPN
cblr-1762	89	120	.	.	PUNCT
cblr-1762	90	1	regulation	regulation	NOUN
cblr-1762	90	2	(	(	PUNCT
cblr-1762	90	3	sept	sept	PROPN
cblr-1762	90	4	.	.	PROPN
cblr-1762	90	5	17	17	NUM
cblr-1762	90	6	,	,	PUNCT
cblr-1762	90	7	2013	2013	NUM
cblr-1762	90	8	)	)	PUNCT
cblr-1762	90	9	,	,	PUNCT
cblr-1762	90	10	http://corpgov.law.harvard.edu/2013/09/17/dont-run-away-from-the-eviden	http://corpgov.law.harvard.edu/2013/09/17/dont-run-away-from-the-eviden	PROPN
cblr-1762	90	11	ce	ce	PROPN
cblr-1762	90	12	-	-	PUNCT
cblr-1762	90	13	a	a	DET
cblr-1762	90	14	-	-	PUNCT
cblr-1762	90	15	reply	reply	NOUN
cblr-1762	90	16	-	-	PUNCT
cblr-1762	90	17	to	to	ADP
cblr-1762	90	18	-	-	PUNCT
cblr-1762	90	19	wachtell	wachtell	NOUN
cblr-1762	90	20	-	-	PUNCT
cblr-1762	90	21	lipton/	lipton/	NOUN
cblr-1762	91	1	[	[	X
cblr-1762	91	2	http://perma.cc/b7x7-ywpv	http://perma.cc/b7x7-ywpv	X
cblr-1762	91	3	]	]	PUNCT
cblr-1762	91	4	.	.	PUNCT
cblr-1762	92	1	16	16	NUM
cblr-1762	92	2	see	see	VERB
cblr-1762	92	3	michael	michael	PROPN
cblr-1762	92	4	p.	p.	PROPN
cblr-1762	92	5	dooley	dooley	PROPN
cblr-1762	92	6	,	,	PUNCT
cblr-1762	92	7	two	two	NUM
cblr-1762	92	8	models	model	NOUN
cblr-1762	92	9	of	of	ADP
cblr-1762	92	10	corporate	corporate	ADJ
cblr-1762	92	11	governance	governance	NOUN
cblr-1762	92	12	,	,	PUNCT
cblr-1762	92	13	47	47	NUM
cblr-1762	92	14	bus	bus	NOUN
cblr-1762	92	15	.	.	PUNCT
cblr-1762	93	1	law	law	NOUN
cblr-1762	93	2	.	.	PUNCT
cblr-1762	94	1	461	461	NUM
cblr-1762	94	2	,	,	PUNCT
cblr-1762	94	3	463	463	NUM
cblr-1762	94	4	(	(	PUNCT
cblr-1762	94	5	1992	1992	NUM
cblr-1762	94	6	)	)	PUNCT
cblr-1762	94	7	(	(	PUNCT
cblr-1762	94	8	referring	refer	VERB
cblr-1762	94	9	to	to	ADP
cblr-1762	94	10	two	two	NUM
cblr-1762	94	11	models	model	NOUN
cblr-1762	94	12	of	of	ADP
cblr-1762	94	13	corporate	corporate	ADJ
cblr-1762	94	14	governance	governance	NOUN
cblr-1762	94	15	,	,	PUNCT
cblr-1762	94	16	the	the	DET
cblr-1762	94	17	“	"	PUNCT
cblr-1762	94	18	authority	authority	NOUN
cblr-1762	94	19	model	model	NOUN
cblr-1762	94	20	”	"	PUNCT
cblr-1762	94	21	and	and	CCONJ
cblr-1762	94	22	the	the	DET
cblr-1762	94	23	“	"	PUNCT
cblr-1762	94	24	responsibility	responsibility	NOUN
cblr-1762	94	25	model	model	NOUN
cblr-1762	94	26	,	,	PUNCT
cblr-1762	94	27	”	"	PUNCT
cblr-1762	94	28	of	of	ADP
cblr-1762	94	29	which	which	PRON
cblr-1762	94	30	the	the	DET
cblr-1762	94	31	former	former	ADJ
cblr-1762	94	32	dominates	dominate	VERB
cblr-1762	94	33	corporate	corporate	ADJ
cblr-1762	94	34	law	law	NOUN
cblr-1762	94	35	)	)	PUNCT
cblr-1762	94	36	.	.	PUNCT
cblr-1762	95	1	in	in	ADP
cblr-1762	95	2	two	two	NUM
cblr-1762	95	3	models	model	NOUN
cblr-1762	95	4	of	of	ADP
cblr-1762	95	5	corporate	corporate	ADJ
cblr-1762	95	6	governance	governance	NOUN
cblr-1762	95	7	,	,	PUNCT
cblr-1762	95	8	professor	professor	NOUN
cblr-1762	95	9	michael	michael	PROPN
cblr-1762	95	10	dooley	dooley	PROPN
cblr-1762	95	11	was	be	AUX
cblr-1762	95	12	the	the	DET
cblr-1762	95	13	first	first	ADJ
cblr-1762	95	14	to	to	PART
cblr-1762	95	15	make	make	VERB
cblr-1762	95	16	the	the	DET
cblr-1762	95	17	connection	connection	NOUN
cblr-1762	95	18	sharfman	sharfman	NOUN
cblr-1762	95	19	–	–	PUNCT
cblr-1762	95	20	final	final	ADJ
cblr-1762	95	21	no	no	NOUN
cblr-1762	95	22	.	.	PUNCT
cblr-1762	96	1	3:813	3:813	NUM
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cblr-1762	96	3	activist	activist	ADJ
cblr-1762	96	4	hedge	hedge	NOUN
cblr-1762	96	5	funds	fund	NOUN
cblr-1762	96	6	and	and	CCONJ
cblr-1762	96	7	long	long	ADJ
cblr-1762	96	8	-	-	PUNCT
cblr-1762	96	9	term	term	NOUN
cblr-1762	96	10	value	value	NOUN
cblr-1762	96	11	821	821	NUM
cblr-1762	96	12	stephen	stephen	NOUN
cblr-1762	96	13	bainbridge	bainbridge	PROPN
cblr-1762	96	14	would	would	AUX
cblr-1762	96	15	call	call	VERB
cblr-1762	96	16	“	"	PUNCT
cblr-1762	96	17	director	director	NOUN
cblr-1762	96	18	primacy	primacy	NOUN
cblr-1762	96	19	.	.	PUNCT
cblr-1762	97	1	”17	”17	PROPN
cblr-1762	97	2	that	that	DET
cblr-1762	97	3	model	model	NOUN
cblr-1762	97	4	of	of	ADP
cblr-1762	97	5	corporate	corporate	ADJ
cblr-1762	97	6	governance	governance	NOUN
cblr-1762	97	7	is	be	AUX
cblr-1762	97	8	powerfully	powerfully	ADV
cblr-1762	97	9	summarized	summarize	VERB
cblr-1762	97	10	in	in	ADP
cblr-1762	97	11	stephen	stephen	PROPN
cblr-1762	97	12	bainbridge	bainbridge	PROPN
cblr-1762	97	13	’s	’s	PART
cblr-1762	97	14	statement	statement	NOUN
cblr-1762	97	15	that	that	SCONJ
cblr-1762	97	16	the	the	DET
cblr-1762	97	17	“	"	PUNCT
cblr-1762	97	18	[	[	X
cblr-1762	97	19	p]reservation	p]reservation	NOUN
cblr-1762	97	20	of	of	ADP
cblr-1762	97	21	managerial	managerial	ADJ
cblr-1762	97	22	discretion	discretion	NOUN
cblr-1762	97	23	should	should	AUX
cblr-1762	97	24	always	always	ADV
cblr-1762	97	25	be	be	AUX
cblr-1762	97	26	the	the	DET
cblr-1762	97	27	null	null	ADJ
cblr-1762	97	28	hypothesis	hypothesis	NOUN
cblr-1762	97	29	.	.	PUNCT
cblr-1762	98	1	”18	”18	ADJ
cblr-1762	98	2	corporate	corporate	ADJ
cblr-1762	98	3	law	law	NOUN
cblr-1762	98	4	concentrates	concentrate	VERB
cblr-1762	98	5	decision	decision	NOUN
cblr-1762	98	6	-	-	PUNCT
cblr-1762	98	7	making	make	VERB
cblr-1762	98	8	authority	authority	NOUN
cblr-1762	98	9	in	in	ADP
cblr-1762	98	10	the	the	DET
cblr-1762	98	11	board	board	NOUN
cblr-1762	98	12	because	because	SCONJ
cblr-1762	98	13	it	it	PRON
cblr-1762	98	14	recognizes	recognize	VERB
cblr-1762	98	15	that	that	SCONJ
cblr-1762	98	16	a	a	DET
cblr-1762	98	17	centralized	centralized	ADJ
cblr-1762	98	18	,	,	PUNCT
cblr-1762	98	19	hierarchical	hierarchical	ADJ
cblr-1762	98	20	authority	authority	NOUN
cblr-1762	98	21	is	be	AUX
cblr-1762	98	22	necessary	necessary	ADJ
cblr-1762	98	23	for	for	ADP
cblr-1762	98	24	the	the	DET
cblr-1762	98	25	successful	successful	ADJ
cblr-1762	98	26	management	management	NOUN
cblr-1762	98	27	of	of	ADP
cblr-1762	98	28	a	a	DET
cblr-1762	98	29	corporation	corporation	NOUN
cblr-1762	98	30	,	,	PUNCT
cblr-1762	98	31	especially	especially	ADV
cblr-1762	98	32	if	if	SCONJ
cblr-1762	98	33	it	it	PRON
cblr-1762	98	34	is	be	AUX
cblr-1762	98	35	a	a	DET
cblr-1762	98	36	public	public	ADJ
cblr-1762	98	37	company	company	NOUN
cblr-1762	98	38	.	.	PUNCT
cblr-1762	99	1	michael	michael	PROPN
cblr-1762	99	2	dooley	dooley	PROPN
cblr-1762	99	3	observed	observe	VERB
cblr-1762	99	4	that	that	SCONJ
cblr-1762	99	5	the	the	DET
cblr-1762	99	6	value	value	NOUN
cblr-1762	99	7	of	of	ADP
cblr-1762	99	8	centralized	centralized	ADJ
cblr-1762	99	9	authority	authority	NOUN
cblr-1762	99	10	in	in	ADP
cblr-1762	99	11	an	an	DET
cblr-1762	99	12	organization	organization	NOUN
cblr-1762	99	13	,	,	PUNCT
cblr-1762	99	14	such	such	ADJ
cblr-1762	99	15	as	as	ADP
cblr-1762	99	16	in	in	ADP
cblr-1762	99	17	a	a	DET
cblr-1762	99	18	public	public	ADJ
cblr-1762	99	19	company	company	NOUN
cblr-1762	99	20	,	,	PUNCT
cblr-1762	99	21	is	be	AUX
cblr-1762	99	22	magnified	magnify	VERB
cblr-1762	99	23	as	as	SCONJ
cblr-1762	99	24	the	the	DET
cblr-1762	99	25	knowledge	knowledge	NOUN
cblr-1762	99	26	and	and	CCONJ
cblr-1762	99	27	interests	interest	NOUN
cblr-1762	99	28	of	of	ADP
cblr-1762	99	29	its	its	PRON
cblr-1762	99	30	members	member	NOUN
cblr-1762	99	31	diverge.19	diverge.19	VERB
cblr-1762	99	32	for	for	ADP
cblr-1762	99	33	those	those	PRON
cblr-1762	99	34	who	who	PRON
cblr-1762	99	35	believe	believe	VERB
cblr-1762	99	36	in	in	ADP
cblr-1762	99	37	such	such	DET
cblr-1762	99	38	a	a	DET
cblr-1762	99	39	model	model	NOUN
cblr-1762	99	40	of	of	ADP
cblr-1762	99	41	corporate	corporate	ADJ
cblr-1762	99	42	governance	governance	NOUN
cblr-1762	99	43	,	,	PUNCT
cblr-1762	99	44	the	the	DET
cblr-1762	99	45	only	only	ADJ
cblr-1762	99	46	thing	thing	NOUN
cblr-1762	99	47	that	that	PRON
cblr-1762	99	48	can	can	AUX
cblr-1762	99	49	reject	reject	VERB
cblr-1762	99	50	the	the	DET
cblr-1762	99	51	null	null	ADJ
cblr-1762	99	52	hypothesis	hypothesis	NOUN
cblr-1762	99	53	is	be	AUX
cblr-1762	99	54	the	the	DET
cblr-1762	99	55	judicial	judicial	ADJ
cblr-1762	99	56	review	review	NOUN
cblr-1762	99	57	of	of	ADP
cblr-1762	99	58	a	a	DET
cblr-1762	99	59	board	board	NOUN
cblr-1762	99	60	’s	’s	PART
cblr-1762	99	61	decision	decision	NOUN
cblr-1762	99	62	for	for	ADP
cblr-1762	99	63	a	a	DET
cblr-1762	99	64	breach	breach	NOUN
cblr-1762	99	65	of	of	ADP
cblr-1762	99	66	its	its	PRON
cblr-1762	99	67	fiduciary	fiduciary	ADJ
cblr-1762	99	68	duties	duty	NOUN
cblr-1762	99	69	.	.	PUNCT
cblr-1762	100	1	there	there	PRON
cblr-1762	100	2	is	be	VERB
cblr-1762	100	3	no	no	DET
cblr-1762	100	4	room	room	NOUN
cblr-1762	100	5	for	for	ADP
cblr-1762	100	6	a	a	DET
cblr-1762	100	7	nonmanagerial	nonmanagerial	ADJ
cblr-1762	100	8	locus	locus	NOUN
cblr-1762	100	9	of	of	ADP
cblr-1762	100	10	authority	authority	NOUN
cblr-1762	100	11	in	in	ADP
cblr-1762	100	12	corporate	corporate	ADJ
cblr-1762	100	13	governance	governance	NOUN
cblr-1762	100	14	if	if	SCONJ
cblr-1762	100	15	that	that	DET
cblr-1762	100	16	locus	locus	NOUN
cblr-1762	100	17	of	of	ADP
cblr-1762	100	18	authority	authority	NOUN
cblr-1762	100	19	,	,	PUNCT
cblr-1762	100	20	such	such	ADJ
cblr-1762	100	21	as	as	ADP
cblr-1762	100	22	an	an	DET
cblr-1762	100	23	activist	activist	ADJ
cblr-1762	100	24	hedge	hedge	NOUN
cblr-1762	100	25	fund	fund	NOUN
cblr-1762	100	26	,	,	PUNCT
cblr-1762	100	27	shifts	shift	NOUN
cblr-1762	100	28	decision	decision	NOUN
cblr-1762	100	29	-	-	PUNCT
cblr-1762	100	30	making	make	VERB
cblr-1762	100	31	away	away	ADV
cblr-1762	100	32	from	from	ADP
cblr-1762	100	33	the	the	DET
cblr-1762	100	34	board	board	NOUN
cblr-1762	100	35	.	.	PUNCT
cblr-1762	101	1	fortunately	fortunately	ADV
cblr-1762	101	2	,	,	PUNCT
cblr-1762	101	3	there	there	PRON
cblr-1762	101	4	is	be	VERB
cblr-1762	101	5	no	no	DET
cblr-1762	101	6	need	need	NOUN
cblr-1762	101	7	to	to	PART
cblr-1762	101	8	reject	reject	VERB
cblr-1762	101	9	the	the	DET
cblr-1762	101	10	null	null	ADJ
cblr-1762	101	11	hypothesis	hypothesis	NOUN
cblr-1762	101	12	in	in	ADP
cblr-1762	101	13	order	order	NOUN
cblr-1762	101	14	to	to	PART
cblr-1762	101	15	argue	argue	VERB
cblr-1762	101	16	hedge	hedge	NOUN
cblr-1762	101	17	fund	fund	NOUN
cblr-1762	101	18	activism	activism	NOUN
cblr-1762	101	19	provides	provide	VERB
cblr-1762	101	20	significant	significant	ADJ
cblr-1762	101	21	value	value	NOUN
cblr-1762	101	22	for	for	ADP
cblr-1762	101	23	the	the	DET
cblr-1762	101	24	corporate	corporate	ADJ
cblr-1762	101	25	governance	governance	NOUN
cblr-1762	101	26	of	of	ADP
cblr-1762	101	27	a	a	DET
cblr-1762	101	28	public	public	ADJ
cblr-1762	101	29	company	company	NOUN
cblr-1762	101	30	.	.	PUNCT
cblr-1762	102	1	presented	present	VERB
cblr-1762	102	2	here	here	ADV
cblr-1762	102	3	is	be	AUX
cblr-1762	102	4	a	a	DET
cblr-1762	102	5	new	new	ADJ
cblr-1762	102	6	argument	argument	NOUN
cblr-1762	102	7	in	in	ADP
cblr-1762	102	8	support	support	NOUN
cblr-1762	102	9	of	of	ADP
cblr-1762	102	10	hedge	hedge	NOUN
cblr-1762	102	11	fund	fund	NOUN
cblr-1762	102	12	between	between	ADP
cblr-1762	102	13	the	the	DET
cblr-1762	102	14	work	work	NOUN
cblr-1762	102	15	of	of	ADP
cblr-1762	102	16	kenneth	kenneth	PROPN
cblr-1762	102	17	arrow	arrow	NOUN
cblr-1762	102	18	and	and	CCONJ
cblr-1762	102	19	the	the	DET
cblr-1762	102	20	structure	structure	NOUN
cblr-1762	102	21	of	of	ADP
cblr-1762	102	22	delaware	delaware	PROPN
cblr-1762	102	23	corporate	corporate	ADJ
cblr-1762	102	24	law	law	NOUN
cblr-1762	102	25	.	.	PUNCT
cblr-1762	103	1	i	i	PRON
cblr-1762	103	2	d.	d.	PROPN
cblr-1762	103	3	at	at	ADP
cblr-1762	103	4	467	467	NUM
cblr-1762	103	5	.	.	PROPN
cblr-1762	103	6	17	17	NUM
cblr-1762	103	7	stephen	stephen	PROPN
cblr-1762	103	8	m.	m.	PROPN
cblr-1762	103	9	bainbridge	bainbridge	PROPN
cblr-1762	103	10	,	,	PUNCT
cblr-1762	103	11	director	director	NOUN
cblr-1762	103	12	primacy	primacy	NOUN
cblr-1762	103	13	:	:	PUNCT
cblr-1762	103	14	the	the	DET
cblr-1762	103	15	means	mean	NOUN
cblr-1762	103	16	and	and	CCONJ
cblr-1762	103	17	ends	end	NOUN
cblr-1762	103	18	of	of	ADP
cblr-1762	103	19	corporate	corporate	ADJ
cblr-1762	103	20	governance	governance	NOUN
cblr-1762	103	21	,	,	PUNCT
cblr-1762	103	22	97	97	NUM
cblr-1762	103	23	nw	nw	NOUN
cblr-1762	103	24	.	.	PUNCT
cblr-1762	103	25	u.	u.	PROPN
cblr-1762	103	26	l.	l.	PROPN
cblr-1762	103	27	rev	rev	PROPN
cblr-1762	103	28	.	.	PROPN
cblr-1762	103	29	547	547	NUM
cblr-1762	103	30	,	,	PUNCT
cblr-1762	103	31	550	550	NUM
cblr-1762	103	32	(	(	PUNCT
cblr-1762	103	33	2003	2003	NUM
cblr-1762	103	34	)	)	PUNCT
cblr-1762	104	1	[	[	X
cblr-1762	104	2	hereinafter	hereinafter	NOUN
cblr-1762	104	3	bainbridge	bainbridge	NOUN
cblr-1762	104	4	,	,	PUNCT
cblr-1762	104	5	director	director	NOUN
cblr-1762	104	6	primacy	primacy	NOUN
cblr-1762	104	7	]	]	PUNCT
cblr-1762	104	8	;	;	PUNCT
cblr-1762	104	9	stephen	stephen	PROPN
cblr-1762	104	10	m.	m.	PROPN
cblr-1762	104	11	bainbridge	bainbridge	PROPN
cblr-1762	104	12	,	,	PUNCT
cblr-1762	104	13	the	the	DET
cblr-1762	104	14	board	board	NOUN
cblr-1762	104	15	of	of	ADP
cblr-1762	104	16	directors	director	NOUN
cblr-1762	104	17	as	as	ADP
cblr-1762	104	18	nexus	nexus	NOUN
cblr-1762	104	19	of	of	ADP
cblr-1762	104	20	contracts	contract	NOUN
cblr-1762	104	21	,	,	PUNCT
cblr-1762	104	22	88	88	NUM
cblr-1762	104	23	iowa	iowa	PROPN
cblr-1762	104	24	l.	l.	PROPN
cblr-1762	104	25	rev	rev	PROPN
cblr-1762	104	26	.	.	PROPN
cblr-1762	104	27	1	1	NUM
cblr-1762	104	28	,	,	PUNCT
cblr-1762	104	29	7	7	NUM
cblr-1762	104	30	(	(	PUNCT
cblr-1762	104	31	2002	2002	NUM
cblr-1762	104	32	)	)	PUNCT
cblr-1762	104	33	.	.	PUNCT
cblr-1762	104	34	18	18	NUM
cblr-1762	104	35	steven	steven	PROPN
cblr-1762	104	36	m.	m.	PROPN
cblr-1762	104	37	bainbridge	bainbridge	PROPN
cblr-1762	104	38	,	,	PUNCT
cblr-1762	104	39	the	the	DET
cblr-1762	104	40	business	business	NOUN
cblr-1762	104	41	judgment	judgment	NOUN
cblr-1762	104	42	rule	rule	NOUN
cblr-1762	104	43	as	as	ADP
cblr-1762	104	44	abstention	abstention	NOUN
cblr-1762	104	45	doctrine	doctrine	NOUN
cblr-1762	104	46	,	,	PUNCT
cblr-1762	104	47	57	57	NUM
cblr-1762	104	48	vand	vand	NOUN
cblr-1762	104	49	.	.	PUNCT
cblr-1762	105	1	l.	l.	PROPN
cblr-1762	105	2	rev	rev	PROPN
cblr-1762	105	3	.	.	PROPN
cblr-1762	105	4	83	83	NUM
cblr-1762	105	5	,	,	PUNCT
cblr-1762	105	6	109	109	NUM
cblr-1762	105	7	(	(	PUNCT
cblr-1762	105	8	2004	2004	NUM
cblr-1762	105	9	)	)	PUNCT
cblr-1762	106	1	[	[	X
cblr-1762	106	2	hereinafter	hereinafter	NOUN
cblr-1762	106	3	bainbridge	bainbridge	NOUN
cblr-1762	106	4	,	,	PUNCT
cblr-1762	106	5	the	the	DET
cblr-1762	106	6	business	business	NOUN
cblr-1762	106	7	judgment	judgment	NOUN
cblr-1762	106	8	rule	rule	NOUN
cblr-1762	106	9	]	]	PUNCT
cblr-1762	106	10	.	.	PUNCT
cblr-1762	107	1	for	for	ADP
cblr-1762	107	2	a	a	DET
cblr-1762	107	3	blog	blog	NOUN
cblr-1762	107	4	post	post	NOUN
cblr-1762	107	5	summarizing	summarize	VERB
cblr-1762	107	6	this	this	DET
cblr-1762	107	7	issue	issue	NOUN
cblr-1762	107	8	with	with	ADP
cblr-1762	107	9	corporate	corporate	ADJ
cblr-1762	107	10	law	law	NOUN
cblr-1762	107	11	leaders	leader	NOUN
cblr-1762	107	12	,	,	PUNCT
cblr-1762	107	13	see	see	VERB
cblr-1762	107	14	bernard	bernard	PROPN
cblr-1762	107	15	s.	s.	PROPN
cblr-1762	107	16	sharfman	sharfman	PROPN
cblr-1762	107	17	,	,	PUNCT
cblr-1762	107	18	why	why	SCONJ
cblr-1762	107	19	run	run	VERB
cblr-1762	107	20	away	away	ADV
cblr-1762	107	21	from	from	ADP
cblr-1762	107	22	the	the	DET
cblr-1762	107	23	evidence	evidence	NOUN
cblr-1762	107	24	?	?	PUNCT
cblr-1762	107	25	,	,	PUNCT
cblr-1762	107	26	harvard	harvard	PROPN
cblr-1762	107	27	law	law	PROPN
cblr-1762	107	28	school	school	PROPN
cblr-1762	107	29	forum	forum	PROPN
cblr-1762	107	30	on	on	ADP
cblr-1762	107	31	corp	corp	PROPN
cblr-1762	107	32	.	.	PROPN
cblr-1762	107	33	governance	governance	PROPN
cblr-1762	107	34	&	&	CCONJ
cblr-1762	107	35	fin	fin	PROPN
cblr-1762	107	36	.	.	PUNCT
cblr-1762	108	1	regulation	regulation	NOUN
cblr-1762	108	2	(	(	PUNCT
cblr-1762	108	3	may	may	PROPN
cblr-1762	108	4	7	7	NUM
cblr-1762	108	5	,	,	PUNCT
cblr-1762	108	6	2015	2015	NUM
cblr-1762	108	7	)	)	PUNCT
cblr-1762	108	8	,	,	PUNCT
cblr-1762	108	9	http://corpgov.law.harvard.edu/2015	http://corpgov.law.harvard.edu/2015	ADV
cblr-1762	108	10	/05/07	/05/07	PUNCT
cblr-1762	108	11	/	/	SYM
cblr-1762	108	12	why	why	ADV
cblr-1762	108	13	-	-	PUNCT
cblr-1762	108	14	run	run	VERB
cblr-1762	108	15	-	-	PUNCT
cblr-1762	108	16	away	away	NOUN
cblr-1762	108	17	-	-	PUNCT
cblr-1762	108	18	from	from	ADP
cblr-1762	108	19	-	-	PUNCT
cblr-1762	108	20	the	the	DET
cblr-1762	108	21	-	-	PUNCT
cblr-1762	108	22	evidence/	evidence/	NUM
cblr-1762	108	23	[	[	X
cblr-1762	108	24	http://perma.cc/gfw3-9syf	http://perma.cc/gfw3-9syf	X
cblr-1762	108	25	]	]	X
cblr-1762	108	26	.	.	PUNCT
cblr-1762	109	1	19	19	NUM
cblr-1762	109	2	dooley	dooley	NOUN
cblr-1762	109	3	,	,	PUNCT
cblr-1762	109	4	supra	supra	PROPN
cblr-1762	109	5	note	note	PROPN
cblr-1762	109	6	16	16	NUM
cblr-1762	109	7	,	,	PUNCT
cblr-1762	109	8	at	at	ADP
cblr-1762	109	9	467	467	NUM
cblr-1762	109	10	(	(	PUNCT
cblr-1762	109	11	“	"	PUNCT
cblr-1762	109	12	where	where	SCONJ
cblr-1762	109	13	the	the	DET
cblr-1762	109	14	residual	residual	ADJ
cblr-1762	109	15	claimants	claimant	NOUN
cblr-1762	109	16	are	be	AUX
cblr-1762	109	17	not	not	PART
cblr-1762	109	18	expected	expect	VERB
cblr-1762	109	19	to	to	PART
cblr-1762	109	20	run	run	VERB
cblr-1762	109	21	the	the	DET
cblr-1762	109	22	firm	firm	NOUN
cblr-1762	109	23	and	and	CCONJ
cblr-1762	109	24	especially	especially	ADV
cblr-1762	109	25	when	when	SCONJ
cblr-1762	109	26	they	they	PRON
cblr-1762	109	27	are	be	AUX
cblr-1762	109	28	many	many	ADJ
cblr-1762	109	29	in	in	ADP
cblr-1762	109	30	number	number	NOUN
cblr-1762	109	31	(	(	PUNCT
cblr-1762	109	32	thus	thus	ADV
cblr-1762	109	33	increasing	increase	VERB
cblr-1762	109	34	disparities	disparity	NOUN
cblr-1762	109	35	in	in	ADP
cblr-1762	109	36	information	information	NOUN
cblr-1762	109	37	and	and	CCONJ
cblr-1762	109	38	interests	interest	NOUN
cblr-1762	109	39	)	)	PUNCT
cblr-1762	109	40	,	,	PUNCT
cblr-1762	109	41	their	their	PRON
cblr-1762	109	42	function	function	NOUN
cblr-1762	109	43	becomes	become	VERB
cblr-1762	109	44	specialized	specialized	ADJ
cblr-1762	109	45	to	to	ADP
cblr-1762	109	46	risk	risk	NOUN
cblr-1762	109	47	-	-	PUNCT
cblr-1762	109	48	bearing	bearing	NOUN
cblr-1762	109	49	,	,	PUNCT
cblr-1762	109	50	thereby	thereby	ADV
cblr-1762	109	51	creating	create	VERB
cblr-1762	109	52	both	both	CCONJ
cblr-1762	109	53	the	the	DET
cblr-1762	109	54	opportunity	opportunity	NOUN
cblr-1762	109	55	and	and	CCONJ
cblr-1762	109	56	necessity	necessity	NOUN
cblr-1762	109	57	for	for	ADP
cblr-1762	109	58	managerial	managerial	ADJ
cblr-1762	109	59	specialists	specialist	NOUN
cblr-1762	109	60	.	.	PUNCT
cblr-1762	109	61	”	"	PUNCT
cblr-1762	109	62	)	)	PUNCT
cblr-1762	109	63	.	.	PUNCT
cblr-1762	110	1	sharfman	sharfman	PROPN
cblr-1762	110	2	–	–	PUNCT
cblr-1762	110	3	final	final	ADJ
cblr-1762	110	4	822	822	NUM
cblr-1762	110	5	columbia	columbia	PROPN
cblr-1762	110	6	business	business	NOUN
cblr-1762	110	7	law	law	PROPN
cblr-1762	110	8	review	review	NOUN
cblr-1762	110	9	[	[	X
cblr-1762	110	10	vol	vol	NOUN
cblr-1762	110	11	.	.	NOUN
cblr-1762	110	12	2015	2015	NUM
cblr-1762	110	13	activism	activism	NOUN
cblr-1762	110	14	that	that	PRON
cblr-1762	110	15	does	do	AUX
cblr-1762	110	16	not	not	PART
cblr-1762	110	17	imply	imply	VERB
cblr-1762	110	18	that	that	DET
cblr-1762	110	19	decision	decision	NOUN
cblr-1762	110	20	-	-	PUNCT
cblr-1762	110	21	making	making	NOUN
cblr-1762	110	22	is	be	AUX
cblr-1762	110	23	shifted	shift	VERB
cblr-1762	110	24	from	from	ADP
cblr-1762	110	25	the	the	DET
cblr-1762	110	26	board	board	NOUN
cblr-1762	110	27	.	.	PUNCT
cblr-1762	111	1	this	this	DET
cblr-1762	111	2	article	article	NOUN
cblr-1762	111	3	argues	argue	VERB
cblr-1762	111	4	that	that	SCONJ
cblr-1762	111	5	an	an	DET
cblr-1762	111	6	activist	activist	ADJ
cblr-1762	111	7	hedge	hedge	NOUN
cblr-1762	111	8	fund	fund	NOUN
cblr-1762	111	9	creates	create	VERB
cblr-1762	111	10	long	long	ADJ
cblr-1762	111	11	-	-	PUNCT
cblr-1762	111	12	term	term	NOUN
cblr-1762	111	13	value	value	NOUN
cblr-1762	111	14	by	by	ADP
cblr-1762	111	15	both	both	DET
cblr-1762	111	16	signaling	signal	VERB
cblr-1762	111	17	to	to	ADP
cblr-1762	111	18	the	the	DET
cblr-1762	111	19	board	board	NOUN
cblr-1762	111	20	that	that	PRON
cblr-1762	111	21	its	its	PRON
cblr-1762	111	22	executive	executive	ADJ
cblr-1762	111	23	management	management	NOUN
cblr-1762	111	24	team	team	NOUN
cblr-1762	111	25	may	may	AUX
cblr-1762	111	26	be	be	AUX
cblr-1762	111	27	making	make	VERB
cblr-1762	111	28	inefficient	inefficient	ADJ
cblr-1762	111	29	decisions	decision	NOUN
cblr-1762	111	30	and	and	CCONJ
cblr-1762	111	31	providing	provide	VERB
cblr-1762	111	32	recommendations	recommendation	NOUN
cblr-1762	111	33	on	on	ADP
cblr-1762	111	34	how	how	SCONJ
cblr-1762	111	35	the	the	DET
cblr-1762	111	36	company	company	NOUN
cblr-1762	111	37	should	should	AUX
cblr-1762	111	38	proceed	proceed	VERB
cblr-1762	111	39	.	.	PUNCT
cblr-1762	112	1	these	these	DET
cblr-1762	112	2	recommendations	recommendation	NOUN
cblr-1762	112	3	require	require	VERB
cblr-1762	112	4	the	the	DET
cblr-1762	112	5	board	board	NOUN
cblr-1762	112	6	to	to	PART
cblr-1762	112	7	review	review	VERB
cblr-1762	112	8	and	and	CCONJ
cblr-1762	112	9	question	question	VERB
cblr-1762	112	10	the	the	DET
cblr-1762	112	11	direction	direction	NOUN
cblr-1762	112	12	executive	executive	ADJ
cblr-1762	112	13	management	management	NOUN
cblr-1762	112	14	is	be	AUX
cblr-1762	112	15	taking	take	VERB
cblr-1762	112	16	the	the	DET
cblr-1762	112	17	company	company	NOUN
cblr-1762	112	18	and	and	CCONJ
cblr-1762	112	19	then	then	ADV
cblr-1762	112	20	choose	choose	VERB
cblr-1762	112	21	which	which	DET
cblr-1762	112	22	path	path	NOUN
cblr-1762	112	23	the	the	DET
cblr-1762	112	24	company	company	NOUN
cblr-1762	112	25	should	should	AUX
cblr-1762	112	26	take	take	VERB
cblr-1762	112	27	:	:	PUNCT
cblr-1762	112	28	the	the	DET
cblr-1762	112	29	one	one	NOUN
cblr-1762	112	30	recommended	recommend	VERB
cblr-1762	112	31	by	by	ADP
cblr-1762	112	32	executive	executive	ADJ
cblr-1762	112	33	management	management	NOUN
cblr-1762	112	34	,	,	PUNCT
cblr-1762	112	35	the	the	DET
cblr-1762	112	36	one	one	NOUN
cblr-1762	112	37	recommended	recommend	VERB
cblr-1762	112	38	by	by	ADP
cblr-1762	112	39	the	the	DET
cblr-1762	112	40	activist	activist	ADJ
cblr-1762	112	41	hedge	hedge	NOUN
cblr-1762	112	42	fund	fund	PROPN
cblr-1762	112	43	,	,	PUNCT
cblr-1762	112	44	or	or	CCONJ
cblr-1762	112	45	a	a	DET
cblr-1762	112	46	combination	combination	NOUN
cblr-1762	112	47	of	of	ADP
cblr-1762	112	48	both	both	PRON
cblr-1762	112	49	.	.	PUNCT
cblr-1762	113	1	this	this	DET
cblr-1762	113	2	argument	argument	NOUN
cblr-1762	113	3	relies	rely	VERB
cblr-1762	113	4	on	on	ADP
cblr-1762	113	5	the	the	DET
cblr-1762	113	6	ability	ability	NOUN
cblr-1762	113	7	of	of	ADP
cblr-1762	113	8	the	the	DET
cblr-1762	113	9	board	board	NOUN
cblr-1762	113	10	to	to	PART
cblr-1762	113	11	act	act	VERB
cblr-1762	113	12	as	as	ADP
cblr-1762	113	13	an	an	DET
cblr-1762	113	14	independent	independent	ADJ
cblr-1762	113	15	arbitrator	arbitrator	NOUN
cblr-1762	113	16	deciding	decide	VERB
cblr-1762	113	17	whose	whose	DET
cblr-1762	113	18	recommendations	recommendation	NOUN
cblr-1762	113	19	should	should	AUX
cblr-1762	113	20	be	be	AUX
cblr-1762	113	21	followed	follow	VERB
cblr-1762	113	22	.	.	PUNCT
cblr-1762	114	1	this	this	DET
cblr-1762	114	2	process	process	NOUN
cblr-1762	114	3	can	can	AUX
cblr-1762	114	4	be	be	AUX
cblr-1762	114	5	summarized	summarize	VERB
cblr-1762	114	6	in	in	ADP
cblr-1762	114	7	the	the	DET
cblr-1762	114	8	following	follow	VERB
cblr-1762	114	9	thesis	thesis	NOUN
cblr-1762	114	10	statement	statement	NOUN
cblr-1762	114	11	:	:	PUNCT
cblr-1762	114	12	an	an	DET
cblr-1762	114	13	activist	activist	ADJ
cblr-1762	114	14	hedge	hedge	NOUN
cblr-1762	114	15	fund	fund	NOUN
cblr-1762	114	16	can	can	AUX
cblr-1762	114	17	create	create	VERB
cblr-1762	114	18	long	long	ADJ
cblr-1762	114	19	-	-	PUNCT
cblr-1762	114	20	term	term	NOUN
cblr-1762	114	21	value	value	NOUN
cblr-1762	114	22	at	at	ADP
cblr-1762	114	23	a	a	DET
cblr-1762	114	24	public	public	ADJ
cblr-1762	114	25	company	company	NOUN
cblr-1762	114	26	if	if	SCONJ
cblr-1762	114	27	the	the	DET
cblr-1762	114	28	board	board	NOUN
cblr-1762	114	29	has	have	VERB
cblr-1762	114	30	enough	enough	ADJ
cblr-1762	114	31	independence	independence	NOUN
cblr-1762	114	32	to	to	PART
cblr-1762	114	33	act	act	VERB
cblr-1762	114	34	as	as	ADP
cblr-1762	114	35	an	an	DET
cblr-1762	114	36	impartial	impartial	ADJ
cblr-1762	114	37	arbitrator	arbitrator	NOUN
cblr-1762	114	38	deciding	decide	VERB
cblr-1762	114	39	between	between	ADP
cblr-1762	114	40	the	the	DET
cblr-1762	114	41	advice	advice	NOUN
cblr-1762	114	42	provided	provide	VERB
cblr-1762	114	43	by	by	ADP
cblr-1762	114	44	executive	executive	ADJ
cblr-1762	114	45	management	management	NOUN
cblr-1762	114	46	and	and	CCONJ
cblr-1762	114	47	the	the	DET
cblr-1762	114	48	activist	activist	ADJ
cblr-1762	114	49	hedge	hedge	NOUN
cblr-1762	114	50	fund	fund	PROPN
cblr-1762	114	51	.	.	PUNCT
cblr-1762	115	1	the	the	DET
cblr-1762	115	2	exclusive	exclusive	ADJ
cblr-1762	115	3	focus	focus	NOUN
cblr-1762	115	4	of	of	ADP
cblr-1762	115	5	this	this	DET
cblr-1762	115	6	article	article	NOUN
cblr-1762	115	7	is	be	AUX
cblr-1762	115	8	on	on	ADP
cblr-1762	115	9	the	the	DET
cblr-1762	115	10	corporate	corporate	ADJ
cblr-1762	115	11	governance	governance	NOUN
cblr-1762	115	12	of	of	ADP
cblr-1762	115	13	public	public	ADJ
cblr-1762	115	14	companies	company	NOUN
cblr-1762	115	15	.	.	PUNCT
cblr-1762	116	1	for	for	ADP
cblr-1762	116	2	purposes	purpose	NOUN
cblr-1762	116	3	of	of	ADP
cblr-1762	116	4	this	this	DET
cblr-1762	116	5	article	article	NOUN
cblr-1762	116	6	,	,	PUNCT
cblr-1762	116	7	a	a	DET
cblr-1762	116	8	public	public	ADJ
cblr-1762	116	9	company	company	NOUN
cblr-1762	116	10	can	can	AUX
cblr-1762	116	11	be	be	AUX
cblr-1762	116	12	defined	define	VERB
cblr-1762	116	13	as	as	ADP
cblr-1762	116	14	a	a	DET
cblr-1762	116	15	for	for	ADP
cblr-1762	116	16	-	-	PUNCT
cblr-1762	116	17	profit	profit	NOUN
cblr-1762	116	18	corporation	corporation	NOUN
cblr-1762	116	19	that	that	PRON
cblr-1762	116	20	is	be	AUX
cblr-1762	116	21	publicly	publicly	ADV
cblr-1762	116	22	traded	trade	VERB
cblr-1762	116	23	on	on	ADP
cblr-1762	116	24	a	a	DET
cblr-1762	116	25	national	national	ADJ
cblr-1762	116	26	exchange	exchange	NOUN
cblr-1762	116	27	or	or	CCONJ
cblr-1762	116	28	over	over	ADP
cblr-1762	116	29	-	-	PUNCT
cblr-1762	116	30	thecounter	thecounter	NOUN
cblr-1762	116	31	,	,	PUNCT
cblr-1762	116	32	but	but	CCONJ
cblr-1762	116	33	does	do	AUX
cblr-1762	116	34	not	not	PART
cblr-1762	116	35	have	have	VERB
cblr-1762	116	36	a	a	DET
cblr-1762	116	37	controlling	control	VERB
cblr-1762	116	38	shareholder	shareholder	NOUN
cblr-1762	116	39	.	.	PUNCT
cblr-1762	117	1	this	this	DET
cblr-1762	117	2	type	type	NOUN
cblr-1762	117	3	of	of	ADP
cblr-1762	117	4	company	company	NOUN
cblr-1762	117	5	is	be	AUX
cblr-1762	117	6	susceptible	susceptible	ADJ
cblr-1762	117	7	to	to	ADP
cblr-1762	117	8	the	the	DET
cblr-1762	117	9	influence	influence	NOUN
cblr-1762	117	10	of	of	ADP
cblr-1762	117	11	an	an	DET
cblr-1762	117	12	activist	activist	ADJ
cblr-1762	117	13	hedge	hedge	NOUN
cblr-1762	117	14	fund	fund	NOUN
cblr-1762	117	15	.	.	PUNCT
cblr-1762	118	1	the	the	DET
cblr-1762	118	2	discussion	discussion	NOUN
cblr-1762	118	3	that	that	PRON
cblr-1762	118	4	follows	follow	VERB
cblr-1762	118	5	,	,	PUNCT
cblr-1762	118	6	when	when	SCONJ
cblr-1762	118	7	it	it	PRON
cblr-1762	118	8	references	reference	VERB
cblr-1762	118	9	state	state	NOUN
cblr-1762	118	10	corporate	corporate	ADJ
cblr-1762	118	11	law	law	NOUN
cblr-1762	118	12	,	,	PUNCT
cblr-1762	118	13	has	have	AUX
cblr-1762	118	14	been	be	AUX
cblr-1762	118	15	pragmatically	pragmatically	ADV
cblr-1762	118	16	framed	frame	VERB
cblr-1762	118	17	in	in	ADP
cblr-1762	118	18	the	the	DET
cblr-1762	118	19	context	context	NOUN
cblr-1762	118	20	of	of	ADP
cblr-1762	118	21	delaware	delaware	PROPN
cblr-1762	118	22	corporate	corporate	PROPN
cblr-1762	118	23	law	law	NOUN
cblr-1762	118	24	.	.	PUNCT
cblr-1762	119	1	delaware	delaware	PROPN
cblr-1762	119	2	is	be	AUX
cblr-1762	119	3	the	the	DET
cblr-1762	119	4	state	state	NOUN
cblr-1762	119	5	where	where	SCONJ
cblr-1762	119	6	the	the	DET
cblr-1762	119	7	majority	majority	NOUN
cblr-1762	119	8	of	of	ADP
cblr-1762	119	9	the	the	DET
cblr-1762	119	10	largest	large	ADJ
cblr-1762	119	11	u.s	u.s	PROPN
cblr-1762	119	12	.	.	PROPN
cblr-1762	119	13	companies	company	NOUN
cblr-1762	119	14	are	be	AUX
cblr-1762	119	15	incorporated,20	incorporated,20	ADP
cblr-1762	119	16	and	and	CCONJ
cblr-1762	119	17	its	its	PRON
cblr-1762	119	18	corporate	corporate	ADJ
cblr-1762	119	19	law	law	NOUN
cblr-1762	119	20	often	often	ADV
cblr-1762	119	21	serves	serve	VERB
cblr-1762	119	22	as	as	ADP
cblr-1762	119	23	the	the	DET
cblr-1762	119	24	authority	authority	NOUN
cblr-1762	119	25	that	that	PRON
cblr-1762	119	26	other	other	ADJ
cblr-1762	119	27	20	20	NUM
cblr-1762	119	28	see	see	VERB
cblr-1762	119	29	lewis	lewis	PROPN
cblr-1762	119	30	s.	s.	PROPN
cblr-1762	119	31	black	black	PROPN
cblr-1762	119	32	,	,	PUNCT
cblr-1762	119	33	jr	jr	PROPN
cblr-1762	119	34	.	.	PROPN
cblr-1762	119	35	,	,	PUNCT
cblr-1762	119	36	why	why	SCONJ
cblr-1762	119	37	corporations	corporation	NOUN
cblr-1762	119	38	choose	choose	VERB
cblr-1762	119	39	delaware	delaware	PROPN
cblr-1762	119	40	1	1	NUM
cblr-1762	119	41	(	(	PUNCT
cblr-1762	119	42	2007	2007	NUM
cblr-1762	119	43	)	)	PUNCT
cblr-1762	119	44	,	,	PUNCT
cblr-1762	119	45	delaware.gov/whycorporations_web.pdf	delaware.gov/whycorporations_web.pdf	PROPN
cblr-1762	119	46	[	[	X
cblr-1762	119	47	http://perma.cc/8vfuzvzj	http://perma.cc/8vfuzvzj	X
cblr-1762	119	48	]	]	X
cblr-1762	119	49	(	(	PUNCT
cblr-1762	119	50	stating	state	VERB
cblr-1762	119	51	that	that	SCONJ
cblr-1762	119	52	delaware	delaware	PROPN
cblr-1762	119	53	is	be	AUX
cblr-1762	119	54	the	the	DET
cblr-1762	119	55	“	"	PUNCT
cblr-1762	119	56	favored	favor	VERB
cblr-1762	119	57	state	state	NOUN
cblr-1762	119	58	of	of	ADP
cblr-1762	119	59	incorporation	incorporation	NOUN
cblr-1762	119	60	for	for	ADP
cblr-1762	119	61	u.s	u.s	PROPN
cblr-1762	119	62	.	.	PROPN
cblr-1762	119	63	businesses	business	NOUN
cblr-1762	119	64	.	.	PUNCT
cblr-1762	119	65	.	.	PUNCT
cblr-1762	119	66	.	.	PUNCT
cblr-1762	119	67	.	.	PUNCT
cblr-1762	119	68	”	"	PUNCT
cblr-1762	119	69	)	)	PUNCT
cblr-1762	119	70	.	.	PUNCT
cblr-1762	120	1	according	accord	VERB
cblr-1762	120	2	to	to	ADP
cblr-1762	120	3	the	the	DET
cblr-1762	120	4	state	state	NOUN
cblr-1762	120	5	of	of	ADP
cblr-1762	120	6	delaware	delaware	PROPN
cblr-1762	120	7	website	website	PROPN
cblr-1762	120	8	,	,	PUNCT
cblr-1762	120	9	delaware	delaware	PROPN
cblr-1762	120	10	is	be	AUX
cblr-1762	120	11	the	the	DET
cblr-1762	120	12	legal	legal	ADJ
cblr-1762	120	13	home	home	NOUN
cblr-1762	120	14	to	to	ADP
cblr-1762	120	15	“	"	PUNCT
cblr-1762	120	16	[	[	PUNCT
cblr-1762	120	17	m]ore	m]ore	NOUN
cblr-1762	120	18	than	than	ADP
cblr-1762	120	19	50	50	NUM
cblr-1762	120	20	%	%	NOUN
cblr-1762	120	21	of	of	ADP
cblr-1762	120	22	all	all	DET
cblr-1762	120	23	publicly	publicly	ADV
cblr-1762	120	24	-	-	PUNCT
cblr-1762	120	25	traded	trade	VERB
cblr-1762	120	26	companies	company	NOUN
cblr-1762	120	27	in	in	ADP
cblr-1762	120	28	the	the	DET
cblr-1762	120	29	united	united	PROPN
cblr-1762	120	30	states	states	PROPN
cblr-1762	120	31	including	include	VERB
cblr-1762	120	32	64	64	NUM
cblr-1762	120	33	%	%	NOUN
cblr-1762	120	34	of	of	ADP
cblr-1762	120	35	the	the	DET
cblr-1762	120	36	fortune	fortune	NOUN
cblr-1762	120	37	500	500	NUM
cblr-1762	120	38	.	.	PUNCT
cblr-1762	120	39	”	"	PUNCT
cblr-1762	121	1	about	about	ADP
cblr-1762	121	2	agency	agency	NOUN
cblr-1762	121	3	,	,	PUNCT
cblr-1762	121	4	state	state	NOUN
cblr-1762	121	5	of	of	ADP
cblr-1762	121	6	del	del	PROPN
cblr-1762	121	7	.	.	PROPN
cblr-1762	121	8	,	,	PUNCT
cblr-1762	121	9	http://corp.delaware.gov/aboutagency.shtml	http://corp.delaware.gov/aboutagency.shtml	PUNCT
cblr-1762	122	1	[	[	X
cblr-1762	122	2	http://perma.cc/7v3e9efu	http://perma.cc/7v3e9efu	NOUN
cblr-1762	122	3	]	]	PUNCT
cblr-1762	122	4	.	.	PUNCT
cblr-1762	123	1	sharfman	sharfman	PROPN
cblr-1762	123	2	–	–	PUNCT
cblr-1762	123	3	final	final	ADJ
cblr-1762	123	4	no	no	NOUN
cblr-1762	123	5	.	.	PUNCT
cblr-1762	124	1	3:813	3:813	NUM
cblr-1762	124	2	]	]	X
cblr-1762	124	3	activist	activist	ADJ
cblr-1762	124	4	hedge	hedge	NOUN
cblr-1762	124	5	funds	fund	NOUN
cblr-1762	124	6	and	and	CCONJ
cblr-1762	124	7	long	long	ADJ
cblr-1762	124	8	-	-	PUNCT
cblr-1762	124	9	term	term	NOUN
cblr-1762	124	10	value	value	NOUN
cblr-1762	124	11	823	823	NUM
cblr-1762	124	12	u.s	u.s	PROPN
cblr-1762	124	13	.	.	PROPN
cblr-1762	124	14	states	state	NOUN
cblr-1762	124	15	look	look	VERB
cblr-1762	124	16	to	to	ADP
cblr-1762	124	17	when	when	SCONJ
cblr-1762	124	18	developing	develop	VERB
cblr-1762	124	19	their	their	PRON
cblr-1762	124	20	own	own	ADJ
cblr-1762	124	21	statutory	statutory	ADJ
cblr-1762	124	22	and	and	CCONJ
cblr-1762	124	23	case	case	NOUN
cblr-1762	124	24	law.21	law.21	PROPN
cblr-1762	124	25	therefore	therefore	ADV
cblr-1762	124	26	,	,	PUNCT
cblr-1762	124	27	the	the	DET
cblr-1762	124	28	primary	primary	ADJ
cblr-1762	124	29	examples	example	NOUN
cblr-1762	124	30	are	be	AUX
cblr-1762	124	31	from	from	ADP
cblr-1762	124	32	delaware	delaware	PROPN
cblr-1762	124	33	,	,	PUNCT
cblr-1762	124	34	but	but	CCONJ
cblr-1762	124	35	the	the	DET
cblr-1762	124	36	article	article	NOUN
cblr-1762	124	37	is	be	AUX
cblr-1762	124	38	meant	mean	VERB
cblr-1762	124	39	to	to	PART
cblr-1762	124	40	be	be	AUX
cblr-1762	124	41	global	global	ADJ
cblr-1762	124	42	in	in	ADP
cblr-1762	124	43	nature	nature	NOUN
cblr-1762	124	44	.	.	PUNCT
cblr-1762	125	1	this	this	DET
cblr-1762	125	2	article	article	NOUN
cblr-1762	125	3	proceeds	proceed	VERB
cblr-1762	125	4	as	as	SCONJ
cblr-1762	125	5	follows	follow	VERB
cblr-1762	125	6	.	.	PUNCT
cblr-1762	126	1	part	part	PROPN
cblr-1762	126	2	ii	ii	PROPN
cblr-1762	126	3	describes	describe	VERB
cblr-1762	126	4	hedge	hedge	NOUN
cblr-1762	126	5	fund	fund	NOUN
cblr-1762	126	6	activism	activism	NOUN
cblr-1762	126	7	and	and	CCONJ
cblr-1762	126	8	how	how	SCONJ
cblr-1762	126	9	it	it	PRON
cblr-1762	126	10	works	work	VERB
cblr-1762	126	11	.	.	PUNCT
cblr-1762	127	1	part	part	NOUN
cblr-1762	127	2	iii	iii	PROPN
cblr-1762	127	3	explains	explain	VERB
cblr-1762	127	4	the	the	DET
cblr-1762	127	5	distinct	distinct	ADJ
cblr-1762	127	6	role	role	NOUN
cblr-1762	127	7	that	that	PRON
cblr-1762	127	8	activist	activist	ADJ
cblr-1762	127	9	hedge	hedge	NOUN
cblr-1762	127	10	funds	fund	NOUN
cblr-1762	127	11	play	play	VERB
cblr-1762	127	12	in	in	ADP
cblr-1762	127	13	the	the	DET
cblr-1762	127	14	stock	stock	NOUN
cblr-1762	127	15	market	market	NOUN
cblr-1762	127	16	.	.	PUNCT
cblr-1762	128	1	part	part	NOUN
cblr-1762	128	2	iv	iv	NUM
cblr-1762	128	3	defines	define	NOUN
cblr-1762	128	4	“	"	PUNCT
cblr-1762	128	5	long	long	ADJ
cblr-1762	128	6	-	-	PUNCT
cblr-1762	128	7	term	term	NOUN
cblr-1762	128	8	value	value	NOUN
cblr-1762	128	9	creation	creation	NOUN
cblr-1762	128	10	,	,	PUNCT
cblr-1762	128	11	”	"	PUNCT
cblr-1762	128	12	an	an	DET
cblr-1762	128	13	essential	essential	ADJ
cblr-1762	128	14	requirement	requirement	NOUN
cblr-1762	128	15	prior	prior	ADV
cblr-1762	128	16	to	to	ADP
cblr-1762	128	17	determining	determine	VERB
cblr-1762	128	18	if	if	SCONJ
cblr-1762	128	19	hedge	hedge	NOUN
cblr-1762	128	20	fund	fund	NOUN
cblr-1762	128	21	activism	activism	NOUN
cblr-1762	128	22	creates	create	VERB
cblr-1762	128	23	or	or	CCONJ
cblr-1762	128	24	destroys	destroy	VERB
cblr-1762	128	25	long	long	ADJ
cblr-1762	128	26	-	-	PUNCT
cblr-1762	128	27	term	term	NOUN
cblr-1762	128	28	value	value	NOUN
cblr-1762	128	29	.	.	PUNCT
cblr-1762	129	1	part	part	NOUN
cblr-1762	129	2	v	v	NOUN
cblr-1762	129	3	provides	provide	VERB
cblr-1762	129	4	an	an	DET
cblr-1762	129	5	integrated	integrated	ADJ
cblr-1762	129	6	model	model	NOUN
cblr-1762	129	7	of	of	ADP
cblr-1762	129	8	corporate	corporate	ADJ
cblr-1762	129	9	governance	governance	NOUN
cblr-1762	129	10	that	that	PRON
cblr-1762	129	11	the	the	DET
cblr-1762	129	12	activist	activist	ADJ
cblr-1762	129	13	hedge	hedge	NOUN
cblr-1762	129	14	fund	fund	NOUN
cblr-1762	129	15	must	must	AUX
cblr-1762	129	16	deal	deal	VERB
cblr-1762	129	17	with	with	ADP
cblr-1762	129	18	and	and	CCONJ
cblr-1762	129	19	be	be	AUX
cblr-1762	129	20	a	a	DET
cblr-1762	129	21	part	part	NOUN
cblr-1762	129	22	of	of	ADP
cblr-1762	129	23	.	.	PUNCT
cblr-1762	130	1	this	this	DET
cblr-1762	130	2	model	model	NOUN
cblr-1762	130	3	incorporates	incorporate	VERB
cblr-1762	130	4	(	(	PUNCT
cblr-1762	130	5	i	i	NOUN
cblr-1762	130	6	)	)	PUNCT
cblr-1762	130	7	decision	decision	NOUN
cblr-1762	130	8	-	-	PUNCT
cblr-1762	130	9	making	make	VERB
cblr-1762	130	10	authority	authority	NOUN
cblr-1762	130	11	provided	provide	VERB
cblr-1762	130	12	by	by	ADP
cblr-1762	130	13	corporate	corporate	ADJ
cblr-1762	130	14	law	law	NOUN
cblr-1762	130	15	,	,	PUNCT
cblr-1762	130	16	(	(	PUNCT
cblr-1762	130	17	ii	ii	NOUN
cblr-1762	130	18	)	)	PUNCT
cblr-1762	130	19	stock	stock	NOUN
cblr-1762	130	20	market	market	NOUN
cblr-1762	130	21	signals	signal	NOUN
cblr-1762	130	22	provided	provide	VERB
cblr-1762	130	23	by	by	ADP
cblr-1762	130	24	the	the	DET
cblr-1762	130	25	stock	stock	NOUN
cblr-1762	130	26	market	market	NOUN
cblr-1762	130	27	to	to	ADP
cblr-1762	130	28	the	the	DET
cblr-1762	130	29	independent	independent	ADJ
cblr-1762	130	30	board	board	NOUN
cblr-1762	130	31	of	of	ADP
cblr-1762	130	32	a	a	DET
cblr-1762	130	33	public	public	ADJ
cblr-1762	130	34	company	company	NOUN
cblr-1762	130	35	,	,	PUNCT
cblr-1762	130	36	and	and	CCONJ
cblr-1762	130	37	(	(	PUNCT
cblr-1762	130	38	iii	iii	X
cblr-1762	130	39	)	)	PUNCT
cblr-1762	130	40	a	a	DET
cblr-1762	130	41	rationale	rationale	NOUN
cblr-1762	130	42	for	for	ADP
cblr-1762	130	43	why	why	SCONJ
cblr-1762	130	44	the	the	DET
cblr-1762	130	45	board	board	NOUN
cblr-1762	130	46	should	should	AUX
cblr-1762	130	47	be	be	AUX
cblr-1762	130	48	receptive	receptive	ADJ
cblr-1762	130	49	to	to	ADP
cblr-1762	130	50	those	those	DET
cblr-1762	130	51	signals	signal	NOUN
cblr-1762	130	52	in	in	ADP
cblr-1762	130	53	order	order	NOUN
cblr-1762	130	54	to	to	PART
cblr-1762	130	55	create	create	VERB
cblr-1762	130	56	long	long	ADJ
cblr-1762	130	57	-	-	PUNCT
cblr-1762	130	58	term	term	NOUN
cblr-1762	130	59	value	value	NOUN
cblr-1762	130	60	.	.	PUNCT
cblr-1762	131	1	part	part	NOUN
cblr-1762	131	2	vi	vi	PROPN
cblr-1762	131	3	discusses	discuss	VERB
cblr-1762	131	4	the	the	DET
cblr-1762	131	5	implications	implication	NOUN
cblr-1762	131	6	for	for	ADP
cblr-1762	131	7	shareholder	shareholder	NOUN
cblr-1762	131	8	voting	voting	NOUN
cblr-1762	131	9	when	when	SCONJ
cblr-1762	131	10	an	an	DET
cblr-1762	131	11	activist	activist	ADJ
cblr-1762	131	12	hedge	hedge	NOUN
cblr-1762	131	13	fund	fund	NOUN
cblr-1762	131	14	interacts	interact	VERB
cblr-1762	131	15	with	with	ADP
cblr-1762	131	16	an	an	DET
cblr-1762	131	17	independent	independent	ADJ
cblr-1762	131	18	board	board	NOUN
cblr-1762	131	19	.	.	PUNCT
cblr-1762	132	1	part	part	NOUN
cblr-1762	132	2	vii	vii	PROPN
cblr-1762	132	3	explains	explain	VERB
cblr-1762	132	4	the	the	DET
cblr-1762	132	5	relatively	relatively	ADV
cblr-1762	132	6	limited	limited	ADJ
cblr-1762	132	7	types	type	NOUN
cblr-1762	132	8	of	of	ADP
cblr-1762	132	9	recommendations	recommendation	NOUN
cblr-1762	132	10	provided	provide	VERB
cblr-1762	132	11	by	by	ADP
cblr-1762	132	12	activist	activist	ADJ
cblr-1762	132	13	hedge	hedge	NOUN
cblr-1762	132	14	funds	fund	NOUN
cblr-1762	132	15	and	and	CCONJ
cblr-1762	132	16	why	why	SCONJ
cblr-1762	132	17	they	they	PRON
cblr-1762	132	18	are	be	AUX
cblr-1762	132	19	still	still	ADV
cblr-1762	132	20	value	value	NOUN
cblr-1762	132	21	enhancing	enhancing	NOUN
cblr-1762	132	22	.	.	PUNCT
cblr-1762	133	1	part	part	NOUN
cblr-1762	133	2	viii	viii	NOUN
cblr-1762	133	3	concludes	conclude	VERB
cblr-1762	133	4	by	by	ADP
cblr-1762	133	5	summarizing	summarize	VERB
cblr-1762	133	6	this	this	DET
cblr-1762	133	7	article	article	NOUN
cblr-1762	133	8	’s	’s	PART
cblr-1762	133	9	findings	finding	NOUN
cblr-1762	133	10	and	and	CCONJ
cblr-1762	133	11	recommendations	recommendation	NOUN
cblr-1762	133	12	.	.	PUNCT
cblr-1762	134	1	ii	ii	X
cblr-1762	134	2	.	.	PUNCT
cblr-1762	135	1	what	what	PRON
cblr-1762	135	2	is	be	AUX
cblr-1762	135	3	hedge	hedge	NOUN
cblr-1762	135	4	fund	fund	NOUN
cblr-1762	135	5	activism	activism	NOUN
cblr-1762	135	6	and	and	CCONJ
cblr-1762	135	7	how	how	SCONJ
cblr-1762	135	8	does	do	AUX
cblr-1762	135	9	it	it	PRON
cblr-1762	135	10	work	work	VERB
cblr-1762	135	11	?	?	PUNCT
cblr-1762	136	1	hedge	hedge	NOUN
cblr-1762	136	2	fund	fund	NOUN
cblr-1762	136	3	activism22	activism22	NOUN
cblr-1762	136	4	is	be	AUX
cblr-1762	136	5	a	a	DET
cblr-1762	136	6	type	type	NOUN
cblr-1762	136	7	of	of	ADP
cblr-1762	136	8	shareholder	shareholder	NOUN
cblr-1762	136	9	activism	activism	NOUN
cblr-1762	136	10	.	.	PUNCT
cblr-1762	137	1	shareholder	shareholder	NOUN
cblr-1762	137	2	activism	activism	NOUN
cblr-1762	137	3	can	can	AUX
cblr-1762	137	4	be	be	AUX
cblr-1762	137	5	defined	define	VERB
cblr-1762	137	6	as	as	ADP
cblr-1762	137	7	“	"	PUNCT
cblr-1762	137	8	any	any	DET
cblr-1762	137	9	action(s	action(s	NOUN
cblr-1762	137	10	)	)	PUNCT
cblr-1762	137	11	of	of	ADP
cblr-1762	137	12	any	any	DET
cblr-1762	137	13	shareholder	shareholder	NOUN
cblr-1762	137	14	or	or	CCONJ
cblr-1762	137	15	shareholder	shareholder	NOUN
cblr-1762	137	16	group	group	NOUN
cblr-1762	137	17	with	with	ADP
cblr-1762	137	18	the	the	DET
cblr-1762	137	19	purpose	purpose	NOUN
cblr-1762	137	20	of	of	ADP
cblr-1762	137	21	bringing	bring	VERB
cblr-1762	137	22	about	about	ADP
cblr-1762	137	23	change	change	NOUN
cblr-1762	137	24	within	within	ADP
cblr-1762	137	25	a	a	DET
cblr-1762	137	26	public	public	ADJ
cblr-1762	137	27	company	company	NOUN
cblr-1762	137	28	without	without	ADP
cblr-1762	137	29	trying	try	VERB
cblr-1762	137	30	to	to	PART
cblr-1762	137	31	gain	gain	VERB
cblr-1762	137	32	control	control	NOUN
cblr-1762	137	33	.	.	PUNCT
cblr-1762	138	1	”23	”23	ADV
cblr-1762	138	2	shareholder	shareholder	NOUN
cblr-1762	138	3	activism	activism	NOUN
cblr-1762	138	4	can	can	AUX
cblr-1762	138	5	be	be	AUX
cblr-1762	138	6	divided	divide	VERB
cblr-1762	138	7	21	21	NUM
cblr-1762	138	8	see	see	VERB
cblr-1762	138	9	nadelle	nadelle	PROPN
cblr-1762	138	10	grossman	grossman	NOUN
cblr-1762	138	11	,	,	PUNCT
cblr-1762	138	12	director	director	NOUN
cblr-1762	138	13	compliance	compliance	NOUN
cblr-1762	138	14	with	with	ADP
cblr-1762	138	15	elusive	elusive	ADJ
cblr-1762	138	16	fiduciary	fiduciary	ADJ
cblr-1762	138	17	duties	duty	NOUN
cblr-1762	138	18	in	in	ADP
cblr-1762	138	19	a	a	DET
cblr-1762	138	20	climate	climate	NOUN
cblr-1762	138	21	of	of	ADP
cblr-1762	138	22	corporate	corporate	ADJ
cblr-1762	138	23	governance	governance	NOUN
cblr-1762	138	24	reform	reform	NOUN
cblr-1762	138	25	,	,	PUNCT
cblr-1762	138	26	12	12	NUM
cblr-1762	138	27	fordham	fordham	PROPN
cblr-1762	138	28	j.	j.	PROPN
cblr-1762	138	29	corp	corp	PROPN
cblr-1762	138	30	.	.	PROPN
cblr-1762	138	31	&	&	CCONJ
cblr-1762	138	32	fin	fin	PROPN
cblr-1762	138	33	.	.	PUNCT
cblr-1762	139	1	l.	l.	PROPN
cblr-1762	139	2	393	393	NUM
cblr-1762	139	3	,	,	PUNCT
cblr-1762	139	4	397	397	NUM
cblr-1762	139	5	(	(	PUNCT
cblr-1762	139	6	2007	2007	NUM
cblr-1762	139	7	)	)	PUNCT
cblr-1762	139	8	.	.	PUNCT
cblr-1762	140	1	22	22	NUM
cblr-1762	140	2	hedge	hedge	NOUN
cblr-1762	140	3	fund	fund	NOUN
cblr-1762	140	4	activism	activism	NOUN
cblr-1762	140	5	is	be	AUX
cblr-1762	140	6	more	more	ADV
cblr-1762	140	7	formally	formally	ADV
cblr-1762	140	8	referred	refer	VERB
cblr-1762	140	9	to	to	ADP
cblr-1762	140	10	as	as	ADP
cblr-1762	140	11	offensive	offensive	ADJ
cblr-1762	140	12	shareholder	shareholder	NOUN
cblr-1762	140	13	activism	activism	NOUN
cblr-1762	140	14	.	.	PUNCT
cblr-1762	141	1	see	see	VERB
cblr-1762	141	2	brian	brian	PROPN
cblr-1762	141	3	r.	r.	PROPN
cblr-1762	141	4	cheffins	cheffins	PROPN
cblr-1762	141	5	&	&	CCONJ
cblr-1762	141	6	john	john	PROPN
cblr-1762	141	7	armour	armour	PROPN
cblr-1762	141	8	,	,	PUNCT
cblr-1762	141	9	the	the	DET
cblr-1762	141	10	past	past	NOUN
cblr-1762	141	11	,	,	PUNCT
cblr-1762	141	12	present	present	ADJ
cblr-1762	141	13	,	,	PUNCT
cblr-1762	141	14	and	and	CCONJ
cblr-1762	141	15	future	future	NOUN
cblr-1762	141	16	of	of	ADP
cblr-1762	141	17	shareholder	shareholder	NOUN
cblr-1762	141	18	activism	activism	NOUN
cblr-1762	141	19	by	by	ADP
cblr-1762	141	20	hedge	hedge	NOUN
cblr-1762	141	21	funds	fund	NOUN
cblr-1762	141	22	,	,	PUNCT
cblr-1762	141	23	37	37	NUM
cblr-1762	141	24	j.	j.	PROPN
cblr-1762	141	25	corp	corp	PROPN
cblr-1762	141	26	.	.	PROPN
cblr-1762	141	27	l.	l.	PROPN
cblr-1762	141	28	51	51	NUM
cblr-1762	141	29	,	,	PUNCT
cblr-1762	141	30	56–57	56–57	NUM
cblr-1762	141	31	(	(	PUNCT
cblr-1762	141	32	2011	2011	NUM
cblr-1762	141	33	)	)	PUNCT
cblr-1762	141	34	.	.	PUNCT
cblr-1762	142	1	23	23	NUM
cblr-1762	142	2	rose	rise	VERB
cblr-1762	142	3	&	&	CCONJ
cblr-1762	142	4	sharfman	sharfman	PROPN
cblr-1762	142	5	,	,	PUNCT
cblr-1762	142	6	supra	supra	PROPN
cblr-1762	142	7	note	note	NOUN
cblr-1762	142	8	2	2	NUM
cblr-1762	142	9	,	,	PUNCT
cblr-1762	142	10	at	at	ADP
cblr-1762	142	11	1017	1017	NUM
cblr-1762	142	12	.	.	PUNCT
cblr-1762	143	1	professor	professor	NOUN
cblr-1762	143	2	andreas	andreas	PROPN
cblr-1762	143	3	jansson	jansson	PROPN
cblr-1762	143	4	describes	describe	VERB
cblr-1762	143	5	shareholder	shareholder	NOUN
cblr-1762	143	6	activism	activism	NOUN
cblr-1762	143	7	as	as	ADP
cblr-1762	143	8	outside	outside	ADP
cblr-1762	143	9	shareholders	shareholder	NOUN
cblr-1762	143	10	who	who	PRON
cblr-1762	143	11	sharfman	sharfman	VERB
cblr-1762	143	12	–	–	PUNCT
cblr-1762	143	13	final	final	ADJ
cblr-1762	143	14	824	824	NUM
cblr-1762	143	15	columbia	columbia	PROPN
cblr-1762	143	16	business	business	NOUN
cblr-1762	143	17	law	law	PROPN
cblr-1762	143	18	review	review	NOUN
cblr-1762	143	19	[	[	X
cblr-1762	143	20	vol	vol	NOUN
cblr-1762	143	21	.	.	NOUN
cblr-1762	143	22	2015	2015	NUM
cblr-1762	143	23	into	into	ADP
cblr-1762	143	24	non	non	ADJ
cblr-1762	143	25	-	-	ADJ
cblr-1762	143	26	performance	performance	NOUN
cblr-1762	143	27	-	-	PUNCT
cblr-1762	143	28	driven	drive	VERB
cblr-1762	143	29	and	and	CCONJ
cblr-1762	143	30	performance	performance	NOUN
cblr-1762	143	31	-	-	PUNCT
cblr-1762	143	32	driven	drive	VERB
cblr-1762	143	33	activism	activism	NOUN
cblr-1762	143	34	.	.	PUNCT
cblr-1762	144	1	non	non	ADJ
cblr-1762	144	2	-	-	ADJ
cblr-1762	144	3	performance	performance	NOUN
cblr-1762	144	4	-	-	PUNCT
cblr-1762	144	5	driven	drive	VERB
cblr-1762	144	6	activism	activism	NOUN
cblr-1762	144	7	focuses	focus	VERB
cblr-1762	144	8	on	on	ADP
cblr-1762	144	9	changes	change	NOUN
cblr-1762	144	10	in	in	ADP
cblr-1762	144	11	a	a	DET
cblr-1762	144	12	public	public	ADJ
cblr-1762	144	13	company	company	NOUN
cblr-1762	144	14	’s	’s	PART
cblr-1762	144	15	governance	governance	NOUN
cblr-1762	144	16	arrangements	arrangement	NOUN
cblr-1762	144	17	,	,	PUNCT
cblr-1762	144	18	executive	executive	NOUN
cblr-1762	144	19	compensation	compensation	NOUN
cblr-1762	144	20	,	,	PUNCT
cblr-1762	144	21	and	and	CCONJ
cblr-1762	144	22	social	social	ADJ
cblr-1762	144	23	policy.24	policy.24	NOUN
cblr-1762	144	24	performancedriven	performancedriven	ADJ
cblr-1762	144	25	activism	activism	NOUN
cblr-1762	144	26	focuses	focus	VERB
cblr-1762	144	27	on	on	ADP
cblr-1762	144	28	advocating	advocate	VERB
cblr-1762	144	29	for	for	ADP
cblr-1762	144	30	significant	significant	ADJ
cblr-1762	144	31	changes	change	NOUN
cblr-1762	144	32	in	in	ADP
cblr-1762	144	33	corporate	corporate	ADJ
cblr-1762	144	34	strategy	strategy	NOUN
cblr-1762	144	35	to	to	PART
cblr-1762	144	36	increase	increase	VERB
cblr-1762	144	37	the	the	DET
cblr-1762	144	38	market	market	NOUN
cblr-1762	144	39	price	price	NOUN
cblr-1762	144	40	of	of	ADP
cblr-1762	144	41	a	a	DET
cblr-1762	144	42	company	company	NOUN
cblr-1762	144	43	’s	’s	PART
cblr-1762	144	44	stock.25	stock.25	PROPN
cblr-1762	144	45	hedge	hedge	NOUN
cblr-1762	144	46	fund	fund	NOUN
cblr-1762	144	47	activism	activism	NOUN
cblr-1762	144	48	is	be	AUX
cblr-1762	144	49	a	a	DET
cblr-1762	144	50	type	type	NOUN
cblr-1762	144	51	of	of	ADP
cblr-1762	144	52	performance	performance	NOUN
cblr-1762	144	53	-	-	PUNCT
cblr-1762	144	54	driven	drive	VERB
cblr-1762	144	55	activism	activism	NOUN
cblr-1762	144	56	.	.	PUNCT
cblr-1762	145	1	hedge	hedge	NOUN
cblr-1762	145	2	fund	fund	PROPN
cblr-1762	145	3	activism	activism	NOUN
cblr-1762	145	4	can	can	AUX
cblr-1762	145	5	also	also	ADV
cblr-1762	145	6	be	be	AUX
cblr-1762	145	7	distinguished	distinguish	VERB
cblr-1762	145	8	from	from	ADP
cblr-1762	145	9	another	another	DET
cblr-1762	145	10	type	type	NOUN
cblr-1762	145	11	of	of	ADP
cblr-1762	145	12	peformance	peformance	NOUN
cblr-1762	145	13	-	-	PUNCT
cblr-1762	145	14	driven	drive	VERB
cblr-1762	145	15	activism	activism	NOUN
cblr-1762	145	16	,	,	PUNCT
cblr-1762	145	17	defensive	defensive	ADJ
cblr-1762	145	18	shareholder	shareholder	NOUN
cblr-1762	145	19	activism	activism	NOUN
cblr-1762	145	20	.	.	PUNCT
cblr-1762	146	1	unlike	unlike	ADP
cblr-1762	146	2	hedge	hedge	NOUN
cblr-1762	146	3	fund	fund	NOUN
cblr-1762	146	4	activism	activism	NOUN
cblr-1762	146	5	,	,	PUNCT
cblr-1762	146	6	defensive	defensive	ADJ
cblr-1762	146	7	shareholder	shareholder	NOUN
cblr-1762	146	8	activism	activism	NOUN
cblr-1762	146	9	is	be	AUX
cblr-1762	146	10	reactionary	reactionary	ADJ
cblr-1762	146	11	,	,	PUNCT
cblr-1762	146	12	with	with	SCONJ
cblr-1762	146	13	institutional	institutional	ADJ
cblr-1762	146	14	investors	investor	NOUN
cblr-1762	146	15	only	only	ADV
cblr-1762	146	16	becoming	becoming	AUX
cblr-1762	146	17	dissatisifed	dissatisife	VERB
cblr-1762	146	18	with	with	ADP
cblr-1762	146	19	the	the	DET
cblr-1762	146	20	company	company	NOUN
cblr-1762	146	21	’s	’s	PART
cblr-1762	146	22	performance	performance	NOUN
cblr-1762	146	23	subsequent	subsequent	ADJ
cblr-1762	146	24	to	to	ADP
cblr-1762	146	25	their	their	PRON
cblr-1762	146	26	investment.26	investment.26	ADJ
cblr-1762	146	27	hedge	hedge	NOUN
cblr-1762	146	28	fund	fund	NOUN
cblr-1762	146	29	activism	activism	NOUN
cblr-1762	146	30	typically	typically	ADV
cblr-1762	146	31	begins	begin	VERB
cblr-1762	146	32	with	with	ADP
cblr-1762	146	33	a	a	DET
cblr-1762	146	34	relatively	relatively	ADV
cblr-1762	146	35	unregulated	unregulated	ADJ
cblr-1762	146	36	investment	investment	NOUN
cblr-1762	146	37	fund	fund	NOUN
cblr-1762	146	38	(	(	PUNCT
cblr-1762	146	39	the	the	DET
cblr-1762	146	40	hedge	hedge	NOUN
cblr-1762	146	41	fund	fund	PROPN
cblr-1762	146	42	)	)	PUNCT
cblr-1762	146	43	accumulating	accumulate	VERB
cblr-1762	146	44	a	a	DET
cblr-1762	146	45	significant	significant	ADJ
cblr-1762	146	46	amount	amount	NOUN
cblr-1762	146	47	of	of	ADP
cblr-1762	146	48	a	a	DET
cblr-1762	146	49	public	public	ADJ
cblr-1762	146	50	company	company	NOUN
cblr-1762	146	51	’s	’s	PART
cblr-1762	146	52	stock	stock	NOUN
cblr-1762	146	53	,	,	PUNCT
cblr-1762	146	54	usually	usually	ADV
cblr-1762	146	55	around	around	ADP
cblr-1762	146	56	five	five	NUM
cblr-1762	146	57	to	to	PART
cblr-1762	146	58	ten	ten	NUM
cblr-1762	146	59	percent	percent	NOUN
cblr-1762	146	60	of	of	ADP
cblr-1762	146	61	the	the	DET
cblr-1762	146	62	shares	share	NOUN
cblr-1762	146	63	outstanding.27	outstanding.27	ADP
cblr-1762	146	64	the	the	DET
cblr-1762	146	65	activist	activist	ADJ
cblr-1762	146	66	hedge	hedge	NOUN
cblr-1762	146	67	fund	fund	PROPN
cblr-1762	146	68	makes	make	VERB
cblr-1762	146	69	purchases	purchase	NOUN
cblr-1762	146	70	based	base	VERB
cblr-1762	146	71	on	on	ADP
cblr-1762	146	72	its	its	PRON
cblr-1762	146	73	determination	determination	NOUN
cblr-1762	146	74	that	that	SCONJ
cblr-1762	146	75	the	the	DET
cblr-1762	146	76	target	target	NOUN
cblr-1762	146	77	company	company	NOUN
cblr-1762	146	78	is	be	AUX
cblr-1762	146	79	suffering	suffer	VERB
cblr-1762	146	80	from	from	ADP
cblr-1762	146	81	“	"	PUNCT
cblr-1762	146	82	influence	influence	VERB
cblr-1762	146	83	corporate	corporate	ADJ
cblr-1762	146	84	insiders	insider	NOUN
cblr-1762	146	85	.	.	PUNCT
cblr-1762	146	86	.	.	PUNCT
cblr-1762	146	87	.	.	PUNCT
cblr-1762	147	1	by	by	ADP
cblr-1762	147	2	voicing	voice	VERB
cblr-1762	147	3	their	their	PRON
cblr-1762	147	4	opinions	opinion	NOUN
cblr-1762	147	5	in	in	ADP
cblr-1762	147	6	order	order	NOUN
cblr-1762	147	7	to	to	PART
cblr-1762	147	8	affect	affect	VERB
cblr-1762	147	9	corporate	corporate	ADJ
cblr-1762	147	10	behavior	behavior	NOUN
cblr-1762	147	11	.	.	PUNCT
cblr-1762	147	12	”	"	PUNCT
cblr-1762	148	1	andreas	andreas	PROPN
cblr-1762	148	2	jansson	jansson	PROPN
cblr-1762	148	3	,	,	PUNCT
cblr-1762	148	4	no	no	DET
cblr-1762	148	5	exit	exit	NOUN
cblr-1762	148	6	!	!	PUNCT
cblr-1762	148	7	:	:	PUNCT
cblr-1762	149	1	the	the	DET
cblr-1762	149	2	logic	logic	NOUN
cblr-1762	149	3	of	of	ADP
cblr-1762	149	4	defensive	defensive	ADJ
cblr-1762	149	5	shareholder	shareholder	NOUN
cblr-1762	149	6	activism	activism	NOUN
cblr-1762	149	7	,	,	PUNCT
cblr-1762	149	8	10	10	NUM
cblr-1762	149	9	corp	corp	PROPN
cblr-1762	149	10	.	.	PROPN
cblr-1762	149	11	board	board	PROPN
cblr-1762	149	12	:	:	PUNCT
cblr-1762	149	13	role	role	NOUN
cblr-1762	149	14	,	,	PUNCT
cblr-1762	149	15	duties	duty	NOUN
cblr-1762	149	16	&	&	CCONJ
cblr-1762	149	17	composition	composition	NOUN
cblr-1762	149	18	16	16	NUM
cblr-1762	149	19	,	,	PUNCT
cblr-1762	149	20	16	16	NUM
cblr-1762	149	21	(	(	PUNCT
cblr-1762	149	22	2014	2014	NUM
cblr-1762	149	23	)	)	PUNCT
cblr-1762	149	24	.	.	PUNCT
cblr-1762	150	1	24	24	NUM
cblr-1762	150	2	see	see	VERB
cblr-1762	150	3	james	james	PROPN
cblr-1762	150	4	r.	r.	PROPN
cblr-1762	150	5	copland	copland	PROPN
cblr-1762	150	6	,	,	PUNCT
cblr-1762	150	7	yevgeniy	yevgeniy	PROPN
cblr-1762	150	8	feyman	feyman	PROPN
cblr-1762	150	9	&	&	CCONJ
cblr-1762	150	10	margaret	margaret	PROPN
cblr-1762	150	11	o’keefe	o’keefe	PROPN
cblr-1762	150	12	,	,	PUNCT
cblr-1762	150	13	manhattan	manhattan	PROPN
cblr-1762	150	14	inst	inst	PROPN
cblr-1762	150	15	.	.	PUNCT
cblr-1762	150	16	ctr	ctr	PROPN
cblr-1762	150	17	.	.	PUNCT
cblr-1762	151	1	for	for	ADP
cblr-1762	151	2	legal	legal	ADJ
cblr-1762	151	3	pol’y	pol’y	NOUN
cblr-1762	151	4	,	,	PUNCT
cblr-1762	151	5	proxy	proxy	NOUN
cblr-1762	151	6	monitor	monitor	NOUN
cblr-1762	151	7	2012	2012	NUM
cblr-1762	151	8	:	:	PUNCT
cblr-1762	151	9	a	a	DET
cblr-1762	151	10	report	report	NOUN
cblr-1762	151	11	on	on	ADP
cblr-1762	151	12	corporate	corporate	ADJ
cblr-1762	151	13	governance	governance	NOUN
cblr-1762	151	14	and	and	CCONJ
cblr-1762	151	15	shareholder	shareholder	NOUN
cblr-1762	151	16	activism	activism	NOUN
cblr-1762	151	17	1	1	NUM
cblr-1762	151	18	,	,	PUNCT
cblr-1762	151	19	11	11	NUM
cblr-1762	151	20	(	(	PUNCT
cblr-1762	151	21	2012	2012	NUM
cblr-1762	151	22	)	)	PUNCT
cblr-1762	151	23	,	,	PUNCT
cblr-1762	151	24	http://www.proxymonitor.org/forms/pmr_04.aspx	http://www.proxymonitor.org/forms/pmr_04.aspx	NOUN
cblr-1762	152	1	[	[	X
cblr-1762	152	2	http://perma.cc/9kppgv8l	http://perma.cc/9kppgv8l	X
cblr-1762	152	3	]	]	PUNCT
cblr-1762	152	4	.	.	PUNCT
cblr-1762	153	1	25	25	NUM
cblr-1762	153	2	rose	rise	VERB
cblr-1762	153	3	&	&	CCONJ
cblr-1762	153	4	sharfman	sharfman	PROPN
cblr-1762	153	5	,	,	PUNCT
cblr-1762	153	6	supra	supra	PROPN
cblr-1762	153	7	note	note	NOUN
cblr-1762	153	8	2	2	NUM
cblr-1762	153	9	,	,	PUNCT
cblr-1762	153	10	at	at	ADP
cblr-1762	153	11	1018	1018	NUM
cblr-1762	153	12	.	.	PUNCT
cblr-1762	154	1	26	26	NUM
cblr-1762	155	1	i	i	PRON
cblr-1762	155	2	d.	d.	PROPN
cblr-1762	155	3	as	as	SCONJ
cblr-1762	155	4	explained	explain	VERB
cblr-1762	155	5	by	by	ADP
cblr-1762	155	6	marcel	marcel	PROPN
cblr-1762	155	7	kahan	kahan	PROPN
cblr-1762	155	8	and	and	CCONJ
cblr-1762	155	9	edward	edward	PROPN
cblr-1762	155	10	rock	rock	PROPN
cblr-1762	155	11	:	:	PUNCT
cblr-1762	155	12	mutual	mutual	ADJ
cblr-1762	155	13	fund	fund	NOUN
cblr-1762	155	14	and	and	CCONJ
cblr-1762	155	15	public	public	ADJ
cblr-1762	155	16	pension	pension	NOUN
cblr-1762	155	17	fund	fund	NOUN
cblr-1762	155	18	activism	activism	NOUN
cblr-1762	155	19	,	,	PUNCT
cblr-1762	155	20	if	if	SCONJ
cblr-1762	155	21	it	it	PRON
cblr-1762	155	22	occurs	occur	VERB
cblr-1762	155	23	,	,	PUNCT
cblr-1762	155	24	tends	tend	VERB
cblr-1762	155	25	to	to	PART
cblr-1762	155	26	be	be	AUX
cblr-1762	155	27	incidental	incidental	ADJ
cblr-1762	155	28	and	and	CCONJ
cblr-1762	155	29	ex	ex	ADJ
cblr-1762	155	30	post	post	NOUN
cblr-1762	155	31	:	:	PUNCT
cblr-1762	155	32	when	when	SCONJ
cblr-1762	155	33	fund	fund	NOUN
cblr-1762	155	34	management	management	NOUN
cblr-1762	155	35	notes	note	VERB
cblr-1762	155	36	that	that	SCONJ
cblr-1762	155	37	portfolio	portfolio	NOUN
cblr-1762	155	38	companies	company	NOUN
cblr-1762	155	39	are	be	AUX
cblr-1762	155	40	underperforming	underperform	VERB
cblr-1762	155	41	,	,	PUNCT
cblr-1762	155	42	or	or	CCONJ
cblr-1762	155	43	that	that	SCONJ
cblr-1762	155	44	their	their	PRON
cblr-1762	155	45	governance	governance	NOUN
cblr-1762	155	46	regime	regime	NOUN
cblr-1762	155	47	is	be	AUX
cblr-1762	155	48	deficient	deficient	ADJ
cblr-1762	155	49	,	,	PUNCT
cblr-1762	155	50	they	they	PRON
cblr-1762	155	51	will	will	AUX
cblr-1762	155	52	sometimes	sometimes	ADV
cblr-1762	155	53	become	become	VERB
cblr-1762	155	54	active	active	ADJ
cblr-1762	155	55	.	.	PUNCT
cblr-1762	156	1	in	in	ADP
cblr-1762	156	2	contrast	contrast	NOUN
cblr-1762	156	3	,	,	PUNCT
cblr-1762	156	4	hedge	hedge	NOUN
cblr-1762	156	5	fund	fund	NOUN
cblr-1762	156	6	activism	activism	NOUN
cblr-1762	156	7	is	be	AUX
cblr-1762	156	8	strategic	strategic	ADJ
cblr-1762	156	9	and	and	CCONJ
cblr-1762	156	10	ex	ex	ADJ
cblr-1762	156	11	ante	ante	NOUN
cblr-1762	156	12	:	:	PUNCT
cblr-1762	156	13	hedge	hedge	NOUN
cblr-1762	156	14	fund	fund	NOUN
cblr-1762	156	15	managers	manager	NOUN
cblr-1762	156	16	first	first	ADV
cblr-1762	156	17	determine	determine	VERB
cblr-1762	156	18	whether	whether	SCONJ
cblr-1762	156	19	a	a	DET
cblr-1762	156	20	company	company	NOUN
cblr-1762	156	21	would	would	AUX
cblr-1762	156	22	benefit	benefit	VERB
cblr-1762	156	23	from	from	ADP
cblr-1762	156	24	activism	activism	NOUN
cblr-1762	156	25	,	,	PUNCT
cblr-1762	156	26	then	then	ADV
cblr-1762	156	27	take	take	VERB
cblr-1762	156	28	a	a	DET
cblr-1762	156	29	position	position	NOUN
cblr-1762	156	30	and	and	CCONJ
cblr-1762	156	31	become	become	VERB
cblr-1762	156	32	active	active	ADJ
cblr-1762	156	33	.	.	PUNCT
cblr-1762	157	1	kahan	kahan	PROPN
cblr-1762	157	2	&	&	CCONJ
cblr-1762	157	3	rock	rock	PROPN
cblr-1762	157	4	,	,	PUNCT
cblr-1762	157	5	supra	supra	PROPN
cblr-1762	157	6	note	note	PROPN
cblr-1762	157	7	10	10	NUM
cblr-1762	157	8	,	,	PUNCT
cblr-1762	157	9	at	at	ADP
cblr-1762	157	10	1069	1069	NUM
cblr-1762	157	11	(	(	PUNCT
cblr-1762	157	12	footnote	footnote	NOUN
cblr-1762	157	13	omitted	omit	VERB
cblr-1762	157	14	)	)	PUNCT
cblr-1762	157	15	.	.	PUNCT
cblr-1762	158	1	27	27	NUM
cblr-1762	158	2	see	see	VERB
cblr-1762	158	3	cheffins	cheffin	NOUN
cblr-1762	158	4	&	&	CCONJ
cblr-1762	158	5	armour	armour	PROPN
cblr-1762	158	6	,	,	PUNCT
cblr-1762	158	7	supra	supra	PROPN
cblr-1762	158	8	note	note	NOUN
cblr-1762	158	9	22	22	NUM
cblr-1762	158	10	,	,	PUNCT
cblr-1762	158	11	at	at	ADP
cblr-1762	158	12	56	56	NUM
cblr-1762	158	13	.	.	PUNCT
cblr-1762	159	1	sharfman	sharfman	NOUN
cblr-1762	159	2	–	–	PUNCT
cblr-1762	159	3	final	final	ADJ
cblr-1762	159	4	no	no	NOUN
cblr-1762	159	5	.	.	PUNCT
cblr-1762	160	1	3:813	3:813	NUM
cblr-1762	160	2	]	]	X
cblr-1762	160	3	activist	activist	ADJ
cblr-1762	160	4	hedge	hedge	NOUN
cblr-1762	160	5	funds	fund	NOUN
cblr-1762	160	6	and	and	CCONJ
cblr-1762	160	7	long	long	ADJ
cblr-1762	160	8	-	-	PUNCT
cblr-1762	160	9	term	term	NOUN
cblr-1762	160	10	value	value	NOUN
cblr-1762	160	11	825	825	NUM
cblr-1762	160	12	significant	significant	ADJ
cblr-1762	160	13	managerial	managerial	ADJ
cblr-1762	160	14	inefficiencies	inefficiency	NOUN
cblr-1762	160	15	.	.	PUNCT
cblr-1762	161	1	it	it	PRON
cblr-1762	161	2	believes	believe	VERB
cblr-1762	161	3	that	that	SCONJ
cblr-1762	161	4	if	if	SCONJ
cblr-1762	161	5	management	management	NOUN
cblr-1762	161	6	adopts	adopt	VERB
cblr-1762	161	7	its	its	PRON
cblr-1762	161	8	recommended	recommend	VERB
cblr-1762	161	9	strategies	strategy	NOUN
cblr-1762	161	10	,	,	PUNCT
cblr-1762	161	11	then	then	ADV
cblr-1762	161	12	the	the	DET
cblr-1762	161	13	value	value	NOUN
cblr-1762	161	14	of	of	ADP
cblr-1762	161	15	the	the	DET
cblr-1762	161	16	company	company	NOUN
cblr-1762	161	17	’s	’s	PART
cblr-1762	161	18	common	common	ADJ
cblr-1762	161	19	stock	stock	NOUN
cblr-1762	161	20	would	would	AUX
cblr-1762	161	21	significantly	significantly	ADV
cblr-1762	161	22	increase	increase	VERB
cblr-1762	161	23	and	and	CCONJ
cblr-1762	161	24	the	the	DET
cblr-1762	161	25	company	company	NOUN
cblr-1762	161	26	’s	’s	PART
cblr-1762	161	27	performance	performance	NOUN
cblr-1762	161	28	would	would	AUX
cblr-1762	161	29	improve.28	improve.28	VERB
cblr-1762	161	30	in	in	ADP
cblr-1762	161	31	order	order	NOUN
cblr-1762	161	32	for	for	ADP
cblr-1762	161	33	an	an	DET
cblr-1762	161	34	activist	activist	ADJ
cblr-1762	161	35	hedge	hedge	NOUN
cblr-1762	161	36	fund	fund	NOUN
cblr-1762	161	37	to	to	PART
cblr-1762	161	38	maximize	maximize	VERB
cblr-1762	161	39	returns	return	NOUN
cblr-1762	161	40	,	,	PUNCT
cblr-1762	161	41	it	it	PRON
cblr-1762	161	42	can	can	AUX
cblr-1762	161	43	not	not	PART
cblr-1762	161	44	hold	hold	VERB
cblr-1762	161	45	the	the	DET
cblr-1762	161	46	target	target	NOUN
cblr-1762	161	47	company	company	NOUN
cblr-1762	161	48	’s	’s	PART
cblr-1762	161	49	stock	stock	NOUN
cblr-1762	161	50	for	for	ADP
cblr-1762	161	51	a	a	DET
cblr-1762	161	52	long	long	ADJ
cblr-1762	161	53	period	period	NOUN
cblr-1762	161	54	of	of	ADP
cblr-1762	161	55	time.29	time.29	NOUN
cblr-1762	161	56	once	once	SCONJ
cblr-1762	161	57	it	it	PRON
cblr-1762	161	58	removes	remove	VERB
cblr-1762	161	59	the	the	DET
cblr-1762	161	60	perceived	perceive	VERB
cblr-1762	161	61	impediment	impediment	NOUN
cblr-1762	161	62	to	to	ADP
cblr-1762	161	63	shareholder	shareholder	VERB
cblr-1762	161	64	wealth	wealth	NOUN
cblr-1762	161	65	maximization	maximization	NOUN
cblr-1762	161	66	at	at	ADP
cblr-1762	161	67	the	the	DET
cblr-1762	161	68	target	target	NOUN
cblr-1762	161	69	company	company	NOUN
cblr-1762	161	70	,	,	PUNCT
cblr-1762	161	71	it	it	PRON
cblr-1762	161	72	must	must	AUX
cblr-1762	161	73	move	move	VERB
cblr-1762	161	74	on	on	ADP
cblr-1762	161	75	to	to	ADP
cblr-1762	161	76	the	the	DET
cblr-1762	161	77	next	next	ADJ
cblr-1762	161	78	corporation	corporation	NOUN
cblr-1762	161	79	in	in	ADP
cblr-1762	161	80	order	order	NOUN
cblr-1762	161	81	to	to	PART
cblr-1762	161	82	maximize	maximize	VERB
cblr-1762	161	83	its	its	PRON
cblr-1762	161	84	number	number	NOUN
cblr-1762	161	85	of	of	ADP
cblr-1762	161	86	interventions	intervention	NOUN
cblr-1762	161	87	,	,	PUNCT
cblr-1762	161	88	and	and	CCONJ
cblr-1762	161	89	thus	thus	ADV
cblr-1762	161	90	the	the	DET
cblr-1762	161	91	profits	profit	NOUN
cblr-1762	161	92	of	of	ADP
cblr-1762	161	93	its	its	PRON
cblr-1762	161	94	own	own	ADJ
cblr-1762	161	95	investors.30	investors.30	NOUN
cblr-1762	161	96	it	it	PRON
cblr-1762	161	97	is	be	AUX
cblr-1762	161	98	not	not	PART
cblr-1762	161	99	possible	possible	ADJ
cblr-1762	161	100	for	for	SCONJ
cblr-1762	161	101	long	long	ADJ
cblr-1762	161	102	-	-	PUNCT
cblr-1762	161	103	term	term	NOUN
cblr-1762	161	104	investors	investor	NOUN
cblr-1762	161	105	like	like	ADP
cblr-1762	161	106	warren	warren	PROPN
cblr-1762	161	107	buffett	buffett	PROPN
cblr-1762	161	108	and	and	CCONJ
cblr-1762	161	109	berkshire	berkshire	PROPN
cblr-1762	161	110	hathaway	hathaway	PROPN
cblr-1762	161	111	to	to	PART
cblr-1762	161	112	participate	participate	VERB
cblr-1762	161	113	in	in	ADP
cblr-1762	161	114	such	such	ADJ
cblr-1762	161	115	corrective	corrective	ADJ
cblr-1762	161	116	activism	activism	NOUN
cblr-1762	161	117	precisely	precisely	ADV
cblr-1762	161	118	because	because	SCONJ
cblr-1762	161	119	they	they	PRON
cblr-1762	161	120	have	have	VERB
cblr-1762	161	121	such	such	ADJ
cblr-1762	161	122	long	long	ADJ
cblr-1762	161	123	holding	hold	VERB
cblr-1762	161	124	periods.31	periods.31	NOUN
cblr-1762	161	125	therefore	therefore	ADV
cblr-1762	161	126	,	,	PUNCT
cblr-1762	161	127	such	such	ADJ
cblr-1762	161	128	long	long	ADJ
cblr-1762	161	129	-	-	PUNCT
cblr-1762	161	130	term	term	NOUN
cblr-1762	161	131	investors	investor	NOUN
cblr-1762	161	132	must	must	AUX
cblr-1762	161	133	yield	yield	VERB
cblr-1762	161	134	this	this	DET
cblr-1762	161	135	market	market	NOUN
cblr-1762	161	136	to	to	ADP
cblr-1762	161	137	activist	activist	ADJ
cblr-1762	161	138	hedge	hedge	NOUN
cblr-1762	161	139	funds	fund	NOUN
cblr-1762	161	140	.	.	PUNCT
cblr-1762	162	1	the	the	DET
cblr-1762	162	2	threat	threat	NOUN
cblr-1762	162	3	of	of	ADP
cblr-1762	162	4	a	a	DET
cblr-1762	162	5	proxy	proxy	NOUN
cblr-1762	162	6	contest	contest	NOUN
cblr-1762	162	7	may	may	AUX
cblr-1762	162	8	be	be	AUX
cblr-1762	162	9	the	the	DET
cblr-1762	162	10	most	most	ADV
cblr-1762	162	11	important	important	ADJ
cblr-1762	162	12	weapon	weapon	NOUN
cblr-1762	162	13	the	the	DET
cblr-1762	162	14	activist	activist	ADJ
cblr-1762	162	15	hedge	hedge	NOUN
cblr-1762	162	16	fund	fund	NOUN
cblr-1762	162	17	has	have	VERB
cblr-1762	162	18	in	in	ADP
cblr-1762	162	19	its	its	PRON
cblr-1762	162	20	arsenal	arsenal	NOUN
cblr-1762	162	21	to	to	PART
cblr-1762	162	22	effect	effect	VERB
cblr-1762	162	23	change	change	NOUN
cblr-1762	162	24	.	.	PUNCT
cblr-1762	163	1	in	in	ADP
cblr-1762	163	2	2013	2013	NUM
cblr-1762	163	3	,	,	PUNCT
cblr-1762	163	4	activist	activist	ADJ
cblr-1762	163	5	hedge	hedge	NOUN
cblr-1762	163	6	funds	fund	NOUN
cblr-1762	163	7	initiated	initiate	VERB
cblr-1762	163	8	twenty	twenty	NUM
cblr-1762	163	9	-	-	PUNCT
cblr-1762	163	10	four	four	NUM
cblr-1762	163	11	of	of	ADP
cblr-1762	163	12	the	the	DET
cblr-1762	163	13	thirty	thirty	NUM
cblr-1762	163	14	-	-	PUNCT
cblr-1762	163	15	five	five	NUM
cblr-1762	163	16	proxy	proxy	NOUN
cblr-1762	163	17	contests	contest	NOUN
cblr-1762	163	18	conducted	conduct	VERB
cblr-1762	163	19	with	with	ADP
cblr-1762	163	20	respect	respect	NOUN
cblr-1762	163	21	to	to	ADP
cblr-1762	163	22	russell	russell	PROPN
cblr-1762	163	23	3000	3000	NUM
cblr-1762	163	24	companies.32	companies.32	PROPN
cblr-1762	163	25	they	they	PRON
cblr-1762	163	26	also	also	ADV
cblr-1762	163	27	won	win	VERB
cblr-1762	163	28	nineteen	nineteen	NUM
cblr-1762	163	29	of	of	ADP
cblr-1762	163	30	these	these	DET
cblr-1762	163	31	twenty	twenty	NUM
cblr-1762	163	32	-	-	PUNCT
cblr-1762	163	33	four	four	NUM
cblr-1762	163	34	contests.33	contests.33	NOUN
cblr-1762	163	35	however	however	ADV
cblr-1762	163	36	,	,	PUNCT
cblr-1762	163	37	as	as	SCONJ
cblr-1762	163	38	these	these	DET
cblr-1762	163	39	numbers	number	NOUN
cblr-1762	163	40	suggest	suggest	VERB
cblr-1762	163	41	,	,	PUNCT
cblr-1762	163	42	the	the	DET
cblr-1762	163	43	threat	threat	NOUN
cblr-1762	163	44	of	of	ADP
cblr-1762	163	45	a	a	DET
cblr-1762	163	46	proxy	proxy	NOUN
cblr-1762	163	47	contest	contest	NOUN
cblr-1762	163	48	appears	appear	VERB
cblr-1762	163	49	to	to	PART
cblr-1762	163	50	be	be	AUX
cblr-1762	163	51	more	more	ADV
cblr-1762	163	52	important	important	ADJ
cblr-1762	163	53	to	to	ADP
cblr-1762	163	54	the	the	DET
cblr-1762	163	55	activist	activist	ADJ
cblr-1762	163	56	hedge	hedge	NOUN
cblr-1762	163	57	fund	fund	NOUN
cblr-1762	163	58	than	than	ADP
cblr-1762	163	59	actually	actually	ADV
cblr-1762	163	60	engaging	engage	VERB
cblr-1762	163	61	in	in	ADP
cblr-1762	163	62	one	one	NUM
cblr-1762	163	63	.	.	PUNCT
cblr-1762	164	1	brav	brav	PROPN
cblr-1762	164	2	,	,	PUNCT
cblr-1762	164	3	jiang	jiang	PROPN
cblr-1762	164	4	,	,	PUNCT
cblr-1762	164	5	partnoy	partnoy	VERB
cblr-1762	164	6	,	,	PUNCT
cblr-1762	164	7	and	and	CCONJ
cblr-1762	164	8	thomas	thomas	PROPN
cblr-1762	164	9	report	report	VERB
cblr-1762	164	10	that	that	SCONJ
cblr-1762	164	11	only	only	ADV
cblr-1762	164	12	thirteen	thirteen	NUM
cblr-1762	164	13	percent	percent	NOUN
cblr-1762	164	14	of	of	ADP
cblr-1762	164	15	hedge	hedge	NOUN
cblr-1762	164	16	fund	fund	NOUN
cblr-1762	164	17	activism	activism	NOUN
cblr-1762	164	18	(	(	PUNCT
cblr-1762	164	19	as	as	SCONJ
cblr-1762	164	20	represented	represent	VERB
cblr-1762	164	21	primarily	primarily	ADV
cblr-1762	164	22	by	by	ADP
cblr-1762	164	23	a	a	DET
cblr-1762	164	24	hedge	hedge	NOUN
cblr-1762	164	25	fund	fund	NOUN
cblr-1762	164	26	’s	’s	PART
cblr-1762	164	27	filing	filing	NOUN
cblr-1762	164	28	of	of	ADP
cblr-1762	164	29	an	an	DET
cblr-1762	164	30	sec	sec	PROPN
cblr-1762	164	31	form	form	NOUN
cblr-1762	164	32	schedule	schedule	NOUN
cblr-1762	164	33	13d	13d	NOUN
cblr-1762	164	34	)	)	PUNCT
cblr-1762	164	35	resulted	result	VERB
cblr-1762	164	36	in	in	ADP
cblr-1762	164	37	a	a	DET
cblr-1762	164	38	proxy	proxy	NOUN
cblr-1762	164	39	contest	contest	NOUN
cblr-1762	164	40	,	,	PUNCT
cblr-1762	164	41	while	while	SCONJ
cblr-1762	164	42	klein	klein	PROPN
cblr-1762	164	43	and	and	CCONJ
cblr-1762	164	44	zur	zur	PROPN
cblr-1762	164	45	reported	report	VERB
cblr-1762	164	46	that	that	SCONJ
cblr-1762	164	47	only	only	ADV
cblr-1762	164	48	28	28	NUM
cblr-1762	164	49	i	i	PROPN
cblr-1762	164	50	d.	d.	PROPN
cblr-1762	164	51	29	29	NUM
cblr-1762	164	52	holding	hold	VERB
cblr-1762	164	53	periods	period	NOUN
cblr-1762	164	54	of	of	ADP
cblr-1762	164	55	activist	activist	ADJ
cblr-1762	164	56	hedge	hedge	NOUN
cblr-1762	164	57	funds	fund	NOUN
cblr-1762	164	58	are	be	AUX
cblr-1762	164	59	estimated	estimate	VERB
cblr-1762	164	60	to	to	PART
cblr-1762	164	61	average	average	VERB
cblr-1762	164	62	around	around	ADV
cblr-1762	164	63	20	20	NUM
cblr-1762	164	64	months	month	NOUN
cblr-1762	164	65	.	.	PUNCT
cblr-1762	165	1	see	see	VERB
cblr-1762	165	2	brav	brav	PROPN
cblr-1762	165	3	et	et	PROPN
cblr-1762	165	4	al	al	PROPN
cblr-1762	165	5	.	.	PROPN
cblr-1762	165	6	,	,	PUNCT
cblr-1762	165	7	hedge	hedge	NOUN
cblr-1762	165	8	fund	fund	NOUN
cblr-1762	165	9	activism	activism	NOUN
cblr-1762	165	10	,	,	PUNCT
cblr-1762	165	11	supra	supra	PROPN
cblr-1762	165	12	note	note	NOUN
cblr-1762	165	13	1	1	NUM
cblr-1762	165	14	,	,	PUNCT
cblr-1762	165	15	at	at	ADP
cblr-1762	165	16	1732	1732	NUM
cblr-1762	165	17	.	.	PUNCT
cblr-1762	166	1	30	30	NUM
cblr-1762	166	2	rose	rise	VERB
cblr-1762	166	3	&	&	CCONJ
cblr-1762	166	4	sharfman	sharfman	PROPN
cblr-1762	166	5	,	,	PUNCT
cblr-1762	166	6	supra	supra	PROPN
cblr-1762	166	7	note	note	NOUN
cblr-1762	166	8	2	2	NUM
cblr-1762	166	9	,	,	PUNCT
cblr-1762	166	10	at	at	ADP
cblr-1762	166	11	1046	1046	NUM
cblr-1762	166	12	.	.	PUNCT
cblr-1762	167	1	31	31	NUM
cblr-1762	168	1	i	i	PRON
cblr-1762	168	2	d.	d.	PROPN
cblr-1762	168	3	32	32	NUM
cblr-1762	168	4	coffee	coffee	NOUN
cblr-1762	168	5	&	&	CCONJ
cblr-1762	168	6	palia	palia	PROPN
cblr-1762	168	7	,	,	PUNCT
cblr-1762	168	8	supra	supra	PROPN
cblr-1762	168	9	note	note	PROPN
cblr-1762	168	10	11	11	NUM
cblr-1762	168	11	,	,	PUNCT
cblr-1762	168	12	at	at	ADP
cblr-1762	168	13	12	12	NUM
cblr-1762	168	14	(	(	PUNCT
cblr-1762	168	15	citing	cite	VERB
cblr-1762	168	16	richard	richard	PROPN
cblr-1762	168	17	lee	lee	PROPN
cblr-1762	168	18	&	&	CCONJ
cblr-1762	168	19	jason	jason	PROPN
cblr-1762	168	20	d.	d.	PROPN
cblr-1762	168	21	schloetzer	schloetzer	PROPN
cblr-1762	168	22	,	,	PUNCT
cblr-1762	168	23	the	the	DET
cblr-1762	168	24	conference	conference	NOUN
cblr-1762	168	25	bd	bd	PROPN
cblr-1762	168	26	.	.	PROPN
cblr-1762	168	27	,	,	PUNCT
cblr-1762	168	28	director	director	NOUN
cblr-1762	168	29	notes	note	VERB
cblr-1762	168	30	:	:	PUNCT
cblr-1762	168	31	the	the	DET
cblr-1762	168	32	activism	activism	NOUN
cblr-1762	168	33	of	of	ADP
cblr-1762	168	34	carl	carl	PROPN
cblr-1762	168	35	icahn	icahn	PROPN
cblr-1762	168	36	and	and	CCONJ
cblr-1762	168	37	bill	bill	PROPN
cblr-1762	168	38	ackman	ackman	NOUN
cblr-1762	168	39	1	1	NUM
cblr-1762	168	40	,	,	PUNCT
cblr-1762	168	41	2	2	NUM
cblr-1762	168	42	(	(	PUNCT
cblr-1762	168	43	may	may	NOUN
cblr-1762	168	44	2014	2014	NUM
cblr-1762	168	45	)	)	PUNCT
cblr-1762	168	46	,	,	PUNCT
cblr-1762	168	47	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2442317	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2442317	VERB
cblr-1762	168	48	[	[	X
cblr-1762	168	49	http://perma	http://perma	NOUN
cblr-1762	168	50	.	.	PUNCT
cblr-1762	169	1	cc	cc	NOUN
cblr-1762	169	2	/	/	SYM
cblr-1762	169	3	k33q	k33q	PROPN
cblr-1762	169	4	-	-	PUNCT
cblr-1762	169	5	cv88	cv88	PROPN
cblr-1762	169	6	]	]	PUNCT
cblr-1762	169	7	)	)	PUNCT
cblr-1762	169	8	.	.	PUNCT
cblr-1762	170	1	33	33	NUM
cblr-1762	170	2	i	i	PROPN
cblr-1762	170	3	d.	d.	PROPN
cblr-1762	170	4	sharfman	sharfman	PROPN
cblr-1762	170	5	–	–	PUNCT
cblr-1762	170	6	final	final	ADJ
cblr-1762	170	7	826	826	NUM
cblr-1762	170	8	columbia	columbia	PROPN
cblr-1762	170	9	business	business	NOUN
cblr-1762	170	10	law	law	PROPN
cblr-1762	170	11	review	review	NOUN
cblr-1762	170	12	[	[	X
cblr-1762	170	13	vol	vol	NOUN
cblr-1762	170	14	.	.	NOUN
cblr-1762	170	15	2015	2015	NUM
cblr-1762	170	16	twelve	twelve	NUM
cblr-1762	170	17	percent	percent	NOUN
cblr-1762	170	18	of	of	ADP
cblr-1762	170	19	offensive	offensive	ADJ
cblr-1762	170	20	shareholder	shareholder	NOUN
cblr-1762	170	21	activism	activism	NOUN
cblr-1762	170	22	initiated	initiate	VERB
cblr-1762	170	23	by	by	ADP
cblr-1762	170	24	hedge	hedge	NOUN
cblr-1762	170	25	funds	fund	NOUN
cblr-1762	170	26	and	and	CCONJ
cblr-1762	170	27	other	other	ADJ
cblr-1762	170	28	activists	activist	NOUN
cblr-1762	170	29	resulted	result	VERB
cblr-1762	170	30	in	in	ADP
cblr-1762	170	31	a	a	DET
cblr-1762	170	32	proxy	proxy	NOUN
cblr-1762	170	33	contest.34	contest.34	NOUN
cblr-1762	170	34	but	but	CCONJ
cblr-1762	170	35	just	just	ADV
cblr-1762	170	36	because	because	SCONJ
cblr-1762	170	37	many	many	ADJ
cblr-1762	170	38	activist	activist	ADJ
cblr-1762	170	39	hedge	hedge	NOUN
cblr-1762	170	40	funds	fund	NOUN
cblr-1762	170	41	enter	enter	VERB
cblr-1762	170	42	into	into	ADP
cblr-1762	170	43	settlement	settlement	NOUN
cblr-1762	170	44	agreements	agreement	NOUN
cblr-1762	170	45	in	in	ADP
cblr-1762	170	46	advance	advance	NOUN
cblr-1762	170	47	of	of	ADP
cblr-1762	170	48	running	run	VERB
cblr-1762	170	49	an	an	DET
cblr-1762	170	50	actual	actual	ADJ
cblr-1762	170	51	proxy	proxy	NOUN
cblr-1762	170	52	contest	contest	NOUN
cblr-1762	170	53	does	do	AUX
cblr-1762	170	54	not	not	PART
cblr-1762	170	55	mean	mean	VERB
cblr-1762	170	56	that	that	SCONJ
cblr-1762	170	57	they	they	PRON
cblr-1762	170	58	refrain	refrain	VERB
cblr-1762	170	59	from	from	ADP
cblr-1762	170	60	seeking	seek	VERB
cblr-1762	170	61	board	board	NOUN
cblr-1762	170	62	representation	representation	NOUN
cblr-1762	170	63	.	.	PUNCT
cblr-1762	171	1	activist	activist	ADJ
cblr-1762	171	2	hedge	hedge	NOUN
cblr-1762	171	3	funds	fund	NOUN
cblr-1762	171	4	still	still	ADV
cblr-1762	171	5	do	do	AUX
cblr-1762	171	6	gain	gain	VERB
cblr-1762	171	7	board	board	NOUN
cblr-1762	171	8	representation	representation	NOUN
cblr-1762	171	9	.	.	PUNCT
cblr-1762	172	1	according	accord	VERB
cblr-1762	172	2	to	to	ADP
cblr-1762	172	3	shane	shane	PROPN
cblr-1762	172	4	goodwin	goodwin	PROPN
cblr-1762	172	5	,	,	PUNCT
cblr-1762	172	6	between	between	ADP
cblr-1762	172	7	1996	1996	NUM
cblr-1762	172	8	and	and	CCONJ
cblr-1762	172	9	2013	2013	NUM
cblr-1762	172	10	,	,	PUNCT
cblr-1762	172	11	739	739	NUM
cblr-1762	172	12	activist	activist	ADJ
cblr-1762	172	13	interventions	intervention	NOUN
cblr-1762	172	14	resulted	result	VERB
cblr-1762	172	15	in	in	ADP
cblr-1762	172	16	the	the	DET
cblr-1762	172	17	granting	granting	NOUN
cblr-1762	172	18	of	of	ADP
cblr-1762	172	19	at	at	ADV
cblr-1762	172	20	least	least	ADV
cblr-1762	172	21	one	one	NUM
cblr-1762	172	22	board	board	NOUN
cblr-1762	172	23	seat	seat	NOUN
cblr-1762	172	24	to	to	ADP
cblr-1762	172	25	an	an	DET
cblr-1762	172	26	activist	activist	NOUN
cblr-1762	172	27	shareholder.35	shareholder.35	NOUN
cblr-1762	172	28	moreover	moreover	ADV
cblr-1762	172	29	,	,	PUNCT
cblr-1762	172	30	representation	representation	NOUN
cblr-1762	172	31	without	without	ADP
cblr-1762	172	32	control	control	NOUN
cblr-1762	172	33	appears	appear	VERB
cblr-1762	172	34	to	to	PART
cblr-1762	172	35	suit	suit	VERB
cblr-1762	172	36	the	the	DET
cblr-1762	172	37	needs	need	NOUN
cblr-1762	172	38	of	of	ADP
cblr-1762	172	39	the	the	DET
cblr-1762	172	40	activist	activist	ADJ
cblr-1762	172	41	hedge	hedge	NOUN
cblr-1762	172	42	fund	fund	PROPN
cblr-1762	172	43	.	.	PUNCT
cblr-1762	173	1	coffee	coffee	NOUN
cblr-1762	173	2	and	and	CCONJ
cblr-1762	173	3	palia	palia	PROPN
cblr-1762	173	4	speculate	speculate	VERB
cblr-1762	173	5	that	that	SCONJ
cblr-1762	173	6	since	since	SCONJ
cblr-1762	173	7	shareholders	shareholder	NOUN
cblr-1762	173	8	would	would	AUX
cblr-1762	173	9	be	be	AUX
cblr-1762	173	10	unwilling	unwilling	ADJ
cblr-1762	173	11	to	to	PART
cblr-1762	173	12	provide	provide	VERB
cblr-1762	173	13	control	control	NOUN
cblr-1762	173	14	(	(	PUNCT
cblr-1762	173	15	via	via	ADP
cblr-1762	173	16	a	a	DET
cblr-1762	173	17	proxy	proxy	NOUN
cblr-1762	173	18	contest	contest	NOUN
cblr-1762	173	19	)	)	PUNCT
cblr-1762	173	20	to	to	ADP
cblr-1762	173	21	an	an	DET
cblr-1762	173	22	activist	activist	ADJ
cblr-1762	173	23	hedge	hedge	NOUN
cblr-1762	173	24	fund	fund	NOUN
cblr-1762	173	25	without	without	ADP
cblr-1762	173	26	a	a	DET
cblr-1762	173	27	control	control	NOUN
cblr-1762	173	28	premium	premium	NOUN
cblr-1762	173	29	,	,	PUNCT
cblr-1762	173	30	such	such	ADJ
cblr-1762	173	31	representation	representation	NOUN
cblr-1762	173	32	on	on	ADP
cblr-1762	173	33	the	the	DET
cblr-1762	173	34	board	board	NOUN
cblr-1762	173	35	,	,	PUNCT
cblr-1762	173	36	though	though	SCONJ
cblr-1762	173	37	minimal	minimal	ADJ
cblr-1762	173	38	,	,	PUNCT
cblr-1762	173	39	allows	allow	VERB
cblr-1762	173	40	the	the	DET
cblr-1762	173	41	activist	activist	NOUN
cblr-1762	173	42	to	to	PART
cblr-1762	173	43	push	push	VERB
cblr-1762	173	44	a	a	DET
cblr-1762	173	45	specific	specific	ADJ
cblr-1762	173	46	agenda	agenda	NOUN
cblr-1762	173	47	(	(	PUNCT
cblr-1762	173	48	“	"	PUNCT
cblr-1762	173	49	e.g.	e.g.	ADV
cblr-1762	173	50	,	,	PUNCT
cblr-1762	173	51	the	the	DET
cblr-1762	173	52	spinoff	spinoff	NOUN
cblr-1762	173	53	of	of	ADP
cblr-1762	173	54	a	a	DET
cblr-1762	173	55	division	division	NOUN
cblr-1762	173	56	,	,	PUNCT
cblr-1762	173	57	a	a	DET
cblr-1762	173	58	higher	high	ADJ
cblr-1762	173	59	dividend	dividend	NOUN
cblr-1762	173	60	payout	payout	NOUN
cblr-1762	173	61	,	,	PUNCT
cblr-1762	173	62	a	a	DET
cblr-1762	173	63	stock	stock	NOUN
cblr-1762	173	64	buyback	buyback	NOUN
cblr-1762	173	65	,	,	PUNCT
cblr-1762	173	66	etc	etc	X
cblr-1762	173	67	.	.	X
cblr-1762	173	68	”).36	”).36	X
cblr-1762	173	69	in	in	ADP
cblr-1762	173	70	addition	addition	NOUN
cblr-1762	173	71	,	,	PUNCT
cblr-1762	173	72	“	"	PUNCT
cblr-1762	173	73	the	the	DET
cblr-1762	173	74	targets	target	NOUN
cblr-1762	173	75	of	of	ADP
cblr-1762	173	76	hedge	hedge	NOUN
cblr-1762	173	77	fund	fund	NOUN
cblr-1762	173	78	activism	activism	NOUN
cblr-1762	173	79	exhibit	exhibit	VERB
cblr-1762	173	80	relatively	relatively	ADV
cblr-1762	173	81	high	high	ADJ
cblr-1762	173	82	trading	trading	NOUN
cblr-1762	173	83	liquidity	liquidity	NOUN
cblr-1762	173	84	,	,	PUNCT
cblr-1762	173	85	institutional	institutional	ADJ
cblr-1762	173	86	ownership	ownership	NOUN
cblr-1762	173	87	,	,	PUNCT
cblr-1762	173	88	and	and	CCONJ
cblr-1762	173	89	analyst	analyst	NOUN
cblr-1762	173	90	coverage	coverage	NOUN
cblr-1762	173	91	.	.	PUNCT
cblr-1762	174	1	essentially	essentially	ADV
cblr-1762	174	2	,	,	PUNCT
cblr-1762	174	3	these	these	DET
cblr-1762	174	4	characteristics	characteristic	NOUN
cblr-1762	174	5	allow	allow	VERB
cblr-1762	174	6	the	the	DET
cblr-1762	174	7	activist	activist	ADJ
cblr-1762	174	8	investors	investor	NOUN
cblr-1762	174	9	to	to	PART
cblr-1762	174	10	accumulate	accumulate	VERB
cblr-1762	174	11	significant	significant	ADJ
cblr-1762	174	12	stakes	stake	NOUN
cblr-1762	174	13	in	in	ADP
cblr-1762	174	14	the	the	DET
cblr-1762	174	15	target	target	NOUN
cblr-1762	174	16	firms	firm	NOUN
cblr-1762	174	17	quickly	quickly	ADV
cblr-1762	174	18	without	without	ADP
cblr-1762	174	19	adverse	adverse	ADJ
cblr-1762	174	20	price	price	NOUN
cblr-1762	174	21	impact	impact	NOUN
cblr-1762	174	22	,	,	PUNCT
cblr-1762	174	23	and	and	CCONJ
cblr-1762	174	24	to	to	PART
cblr-1762	174	25	get	get	VERB
cblr-1762	174	26	more	more	ADJ
cblr-1762	174	27	support	support	NOUN
cblr-1762	174	28	for	for	ADP
cblr-1762	174	29	their	their	PRON
cblr-1762	174	30	agendas	agenda	NOUN
cblr-1762	174	31	from	from	ADP
cblr-1762	174	32	fellow	fellow	ADJ
cblr-1762	174	33	sophisticated	sophisticated	ADJ
cblr-1762	174	34	investors	investor	NOUN
cblr-1762	174	35	.	.	PUNCT
cblr-1762	175	1	”37	”37	ADP
cblr-1762	175	2	such	such	ADJ
cblr-1762	175	3	targets	target	NOUN
cblr-1762	175	4	allow	allow	VERB
cblr-1762	175	5	for	for	SCONJ
cblr-1762	175	6	the	the	DET
cblr-1762	175	7	potential	potential	NOUN
cblr-1762	175	8	of	of	ADP
cblr-1762	175	9	wolf	wolf	PROPN
cblr-1762	175	10	packs	pack	NOUN
cblr-1762	175	11	to	to	PART
cblr-1762	175	12	develop	develop	VERB
cblr-1762	175	13	.	.	PUNCT
cblr-1762	176	1	a	a	DET
cblr-1762	176	2	wolf	wolf	PROPN
cblr-1762	176	3	pack	pack	NOUN
cblr-1762	176	4	is	be	AUX
cblr-1762	176	5	made	make	VERB
cblr-1762	176	6	up	up	ADP
cblr-1762	176	7	of	of	ADP
cblr-1762	176	8	a	a	DET
cblr-1762	176	9	“	"	PUNCT
cblr-1762	176	10	loose	loose	ADJ
cblr-1762	176	11	network	network	NOUN
cblr-1762	176	12	of	of	ADP
cblr-1762	176	13	activist	activist	ADJ
cblr-1762	176	14	investors	investor	NOUN
cblr-1762	176	15	”	"	PUNCT
cblr-1762	176	16	able	able	ADJ
cblr-1762	176	17	to	to	PART
cblr-1762	176	18	“	"	PUNCT
cblr-1762	176	19	take	take	VERB
cblr-1762	176	20	collective	collective	ADJ
cblr-1762	176	21	(	(	PUNCT
cblr-1762	176	22	or	or	CCONJ
cblr-1762	176	23	,	,	PUNCT
cblr-1762	176	24	at	at	ADP
cblr-1762	176	25	least	least	ADJ
cblr-1762	176	26	,	,	PUNCT
cblr-1762	176	27	parallel	parallel	ADJ
cblr-1762	176	28	)	)	PUNCT
cblr-1762	176	29	action	action	NOUN
cblr-1762	176	30	without	without	ADP
cblr-1762	176	31	forming	form	VERB
cblr-1762	176	32	a	a	DET
cblr-1762	176	33	‘	'	PUNCT
cblr-1762	176	34	group	group	NOUN
cblr-1762	176	35	’	'	PUNCT
cblr-1762	176	36	for	for	ADP
cblr-1762	176	37	purposes	purpose	NOUN
cblr-1762	176	38	of	of	ADP
cblr-1762	176	39	the	the	DET
cblr-1762	176	40	federal	federal	ADJ
cblr-1762	176	41	securities	security	NOUN
cblr-1762	176	42	laws	law	NOUN
cblr-1762	176	43	(	(	PUNCT
cblr-1762	176	44	which	which	PRON
cblr-1762	176	45	would	would	AUX
cblr-1762	176	46	trigger	trigger	VERB
cblr-1762	176	47	an	an	DET
cblr-1762	176	48	earlier	early	ADJ
cblr-1762	176	49	disclosure	disclosure	NOUN
cblr-1762	176	50	obligation).”38	obligation).”38	NUM
cblr-1762	176	51	through	through	ADP
cblr-1762	176	52	the	the	DET
cblr-1762	176	53	process	process	NOUN
cblr-1762	176	54	of	of	ADP
cblr-1762	176	55	informal	informal	ADJ
cblr-1762	176	56	signaling	signaling	NOUN
cblr-1762	176	57	,	,	PUNCT
cblr-1762	176	58	the	the	DET
cblr-1762	176	59	lead	lead	ADJ
cblr-1762	176	60	activist	activist	ADJ
cblr-1762	176	61	hedge	hedge	NOUN
cblr-1762	176	62	fund	fund	NOUN
cblr-1762	176	63	can	can	AUX
cblr-1762	176	64	put	put	VERB
cblr-1762	176	65	extra	extra	ADJ
cblr-1762	176	66	pressure	pressure	NOUN
cblr-1762	176	67	34	34	NUM
cblr-1762	176	68	brav	brav	PROPN
cblr-1762	176	69	et	et	PROPN
cblr-1762	176	70	al	al	PROPN
cblr-1762	176	71	.	.	PROPN
cblr-1762	176	72	,	,	PUNCT
cblr-1762	176	73	hedge	hedge	NOUN
cblr-1762	176	74	fund	fund	NOUN
cblr-1762	176	75	activism	activism	NOUN
cblr-1762	176	76	,	,	PUNCT
cblr-1762	176	77	supra	supra	PROPN
cblr-1762	176	78	note	note	NOUN
cblr-1762	176	79	1	1	NUM
cblr-1762	176	80	,	,	PUNCT
cblr-1762	176	81	at	at	ADP
cblr-1762	176	82	1743	1743	NUM
cblr-1762	176	83	;	;	PUNCT
cblr-1762	176	84	klein	klein	PROPN
cblr-1762	176	85	&	&	CCONJ
cblr-1762	176	86	zur	zur	PROPN
cblr-1762	176	87	,	,	PUNCT
cblr-1762	176	88	supra	supra	PROPN
cblr-1762	176	89	note	note	NOUN
cblr-1762	176	90	1	1	NUM
cblr-1762	176	91	,	,	PUNCT
cblr-1762	176	92	at	at	ADP
cblr-1762	176	93	213	213	NUM
cblr-1762	176	94	,	,	PUNCT
cblr-1762	176	95	215	215	NUM
cblr-1762	176	96	.	.	NOUN
cblr-1762	176	97	35	35	NUM
cblr-1762	176	98	goodwin	goodwin	PROPN
cblr-1762	176	99	,	,	PUNCT
cblr-1762	176	100	supra	supra	PROPN
cblr-1762	176	101	note	note	PROPN
cblr-1762	176	102	1	1	NUM
cblr-1762	176	103	,	,	PUNCT
cblr-1762	176	104	at	at	ADP
cblr-1762	176	105	52	52	NUM
cblr-1762	176	106	.	.	PUNCT
cblr-1762	177	1	36	36	NUM
cblr-1762	177	2	coffee	coffee	NOUN
cblr-1762	177	3	&	&	CCONJ
cblr-1762	177	4	palia	palia	PROPN
cblr-1762	177	5	,	,	PUNCT
cblr-1762	177	6	supra	supra	PROPN
cblr-1762	177	7	note	note	PROPN
cblr-1762	177	8	11	11	NUM
cblr-1762	177	9	,	,	PUNCT
cblr-1762	177	10	at	at	ADP
cblr-1762	177	11	19–20	19–20	NUM
cblr-1762	177	12	.	.	PUNCT
cblr-1762	177	13	37	37	NUM
cblr-1762	177	14	see	see	VERB
cblr-1762	177	15	brav	brav	PROPN
cblr-1762	177	16	et	et	PROPN
cblr-1762	177	17	al	al	PROPN
cblr-1762	177	18	.	.	PROPN
cblr-1762	177	19	,	,	PUNCT
cblr-1762	177	20	hedge	hedge	NOUN
cblr-1762	177	21	fund	fund	NOUN
cblr-1762	177	22	activism	activism	NOUN
cblr-1762	177	23	:	:	PUNCT
cblr-1762	177	24	a	a	DET
cblr-1762	177	25	review	review	NOUN
cblr-1762	177	26	,	,	PUNCT
cblr-1762	177	27	supra	supra	PROPN
cblr-1762	177	28	note	note	PROPN
cblr-1762	177	29	7	7	NUM
cblr-1762	177	30	,	,	PUNCT
cblr-1762	177	31	at	at	ADP
cblr-1762	177	32	4	4	NUM
cblr-1762	177	33	.	.	PUNCT
cblr-1762	177	34	38	38	NUM
cblr-1762	177	35	see	see	VERB
cblr-1762	177	36	coffee	coffee	NOUN
cblr-1762	177	37	&	&	CCONJ
cblr-1762	177	38	palia	palia	PROPN
cblr-1762	177	39	,	,	PUNCT
cblr-1762	177	40	supra	supra	PROPN
cblr-1762	177	41	note	note	PROPN
cblr-1762	177	42	11	11	NUM
cblr-1762	177	43	,	,	PUNCT
cblr-1762	177	44	at	at	ADP
cblr-1762	177	45	3	3	NUM
cblr-1762	177	46	,	,	PUNCT
cblr-1762	177	47	23	23	NUM
cblr-1762	177	48	.	.	PUNCT
cblr-1762	178	1	sharfman	sharfman	NOUN
cblr-1762	178	2	–	–	PUNCT
cblr-1762	178	3	final	final	ADJ
cblr-1762	178	4	no	no	NOUN
cblr-1762	178	5	.	.	PUNCT
cblr-1762	179	1	3:813	3:813	NUM
cblr-1762	179	2	]	]	X
cblr-1762	179	3	activist	activist	ADJ
cblr-1762	179	4	hedge	hedge	NOUN
cblr-1762	179	5	funds	fund	NOUN
cblr-1762	179	6	and	and	CCONJ
cblr-1762	179	7	long	long	ADJ
cblr-1762	179	8	-	-	PUNCT
cblr-1762	179	9	term	term	NOUN
cblr-1762	179	10	value	value	NOUN
cblr-1762	179	11	827	827	NUM
cblr-1762	179	12	on	on	ADP
cblr-1762	179	13	the	the	DET
cblr-1762	179	14	board	board	NOUN
cblr-1762	179	15	knowing	know	VERB
cblr-1762	179	16	that	that	SCONJ
cblr-1762	179	17	it	it	PRON
cblr-1762	179	18	has	have	VERB
cblr-1762	179	19	the	the	DET
cblr-1762	179	20	support	support	NOUN
cblr-1762	179	21	of	of	ADP
cblr-1762	179	22	a	a	DET
cblr-1762	179	23	significant	significant	ADJ
cblr-1762	179	24	share	share	NOUN
cblr-1762	179	25	base	base	NOUN
cblr-1762	179	26	held	hold	VERB
cblr-1762	179	27	by	by	ADP
cblr-1762	179	28	other	other	ADJ
cblr-1762	179	29	hedge	hedge	PROPN
cblr-1762	179	30	funds.39	funds.39	PROPN
cblr-1762	179	31	iii	iii	PROPN
cblr-1762	179	32	.	.	PUNCT
cblr-1762	180	1	what	what	PRON
cblr-1762	180	2	makes	make	VERB
cblr-1762	180	3	an	an	DET
cblr-1762	180	4	activist	activist	ADJ
cblr-1762	180	5	hedge	hedge	NOUN
cblr-1762	180	6	fund	fund	NOUN
cblr-1762	180	7	unique	unique	ADJ
cblr-1762	180	8	?	?	PUNCT
cblr-1762	181	1	the	the	DET
cblr-1762	181	2	activist	activist	ADJ
cblr-1762	181	3	hedge	hedge	NOUN
cblr-1762	181	4	fund	fund	NOUN
cblr-1762	181	5	is	be	AUX
cblr-1762	181	6	a	a	DET
cblr-1762	181	7	stock	stock	NOUN
cblr-1762	181	8	market	market	NOUN
cblr-1762	181	9	participant	participant	NOUN
cblr-1762	181	10	and	and	CCONJ
cblr-1762	181	11	can	can	AUX
cblr-1762	181	12	be	be	AUX
cblr-1762	181	13	described	describe	VERB
cblr-1762	181	14	in	in	ADP
cblr-1762	181	15	that	that	DET
cblr-1762	181	16	context	context	NOUN
cblr-1762	181	17	as	as	ADP
cblr-1762	181	18	a	a	DET
cblr-1762	181	19	special	special	ADJ
cblr-1762	181	20	type	type	NOUN
cblr-1762	181	21	of	of	ADP
cblr-1762	181	22	information	information	NOUN
cblr-1762	181	23	trader.40	trader.40	ADP
cblr-1762	181	24	the	the	DET
cblr-1762	181	25	information	information	NOUN
cblr-1762	181	26	trader	trader	NOUN
cblr-1762	181	27	is	be	AUX
cblr-1762	181	28	“	"	PUNCT
cblr-1762	181	29	willing	willing	ADJ
cblr-1762	181	30	and	and	CCONJ
cblr-1762	181	31	able	able	ADJ
cblr-1762	181	32	to	to	PART
cblr-1762	181	33	devote	devote	VERB
cblr-1762	181	34	resources	resource	NOUN
cblr-1762	181	35	to	to	ADP
cblr-1762	181	36	gathering	gather	VERB
cblr-1762	181	37	and	and	CCONJ
cblr-1762	181	38	analyzing	analyze	VERB
cblr-1762	181	39	information	information	NOUN
cblr-1762	181	40	as	as	ADP
cblr-1762	181	41	a	a	DET
cblr-1762	181	42	basis	basis	NOUN
cblr-1762	181	43	for	for	ADP
cblr-1762	181	44	its	its	PRON
cblr-1762	181	45	investment	investment	NOUN
cblr-1762	181	46	decisions	decision	NOUN
cblr-1762	181	47	.	.	PUNCT
cblr-1762	182	1	”41	”41	PROPN
cblr-1762	182	2	information	information	NOUN
cblr-1762	182	3	traders	trader	NOUN
cblr-1762	182	4	look	look	VERB
cblr-1762	182	5	for	for	ADP
cblr-1762	182	6	differences	difference	NOUN
cblr-1762	182	7	between	between	ADP
cblr-1762	182	8	value	value	NOUN
cblr-1762	182	9	and	and	CCONJ
cblr-1762	182	10	price	price	NOUN
cblr-1762	182	11	based	base	VERB
cblr-1762	182	12	on	on	ADP
cblr-1762	182	13	the	the	DET
cblr-1762	182	14	information	information	NOUN
cblr-1762	182	15	they	they	PRON
cblr-1762	182	16	possess	possess	VERB
cblr-1762	182	17	and	and	CCONJ
cblr-1762	182	18	“	"	PUNCT
cblr-1762	182	19	then	then	ADV
cblr-1762	182	20	trade	trade	VERB
cblr-1762	182	21	to	to	PART
cblr-1762	182	22	capture	capture	VERB
cblr-1762	182	23	the	the	DET
cblr-1762	182	24	value	value	NOUN
cblr-1762	182	25	of	of	ADP
cblr-1762	182	26	their	their	PRON
cblr-1762	182	27	informational	informational	ADJ
cblr-1762	182	28	advantage	advantage	NOUN
cblr-1762	182	29	.	.	PUNCT
cblr-1762	183	1	”42	”42	AUX
cblr-1762	183	2	information	information	NOUN
cblr-1762	183	3	traders	trader	NOUN
cblr-1762	183	4	move	move	VERB
cblr-1762	183	5	security	security	NOUN
cblr-1762	183	6	prices	price	NOUN
cblr-1762	183	7	toward	toward	ADP
cblr-1762	183	8	their	their	PRON
cblr-1762	183	9	fundamental	fundamental	ADJ
cblr-1762	183	10	values	value	NOUN
cblr-1762	183	11	and	and	CCONJ
cblr-1762	183	12	are	be	AUX
cblr-1762	183	13	in	in	ADP
cblr-1762	183	14	essence	essence	NOUN
cblr-1762	183	15	“	"	PUNCT
cblr-1762	183	16	the	the	DET
cblr-1762	183	17	agents	agent	NOUN
cblr-1762	183	18	who	who	PRON
cblr-1762	183	19	render	render	VERB
cblr-1762	183	20	markets	market	NOUN
cblr-1762	183	21	efficient	efficient	ADJ
cblr-1762	183	22	.	.	PUNCT
cblr-1762	184	1	”43	”43	ADJ
cblr-1762	184	2	activist	activist	ADJ
cblr-1762	184	3	hedge	hedge	NOUN
cblr-1762	184	4	funds	fund	NOUN
cblr-1762	184	5	need	need	VERB
cblr-1762	184	6	to	to	PART
cblr-1762	184	7	be	be	AUX
cblr-1762	184	8	distinguished	distinguish	VERB
cblr-1762	184	9	from	from	ADP
cblr-1762	184	10	the	the	DET
cblr-1762	184	11	more	more	ADV
cblr-1762	184	12	common	common	ADJ
cblr-1762	184	13	type	type	NOUN
cblr-1762	184	14	of	of	ADP
cblr-1762	184	15	information	information	NOUN
cblr-1762	184	16	trader	trader	NOUN
cblr-1762	184	17	,	,	PUNCT
cblr-1762	184	18	the	the	DET
cblr-1762	184	19	value	value	NOUN
cblr-1762	184	20	investor	investor	NOUN
cblr-1762	184	21	.	.	PUNCT
cblr-1762	185	1	value	value	NOUN
cblr-1762	185	2	investors	investor	NOUN
cblr-1762	185	3	devote	devote	VERB
cblr-1762	185	4	whatever	whatever	DET
cblr-1762	185	5	limited	limited	ADJ
cblr-1762	185	6	time	time	NOUN
cblr-1762	185	7	,	,	PUNCT
cblr-1762	185	8	resources	resource	NOUN
cblr-1762	185	9	,	,	PUNCT
cblr-1762	185	10	and	and	CCONJ
cblr-1762	185	11	skill	skill	NOUN
cblr-1762	185	12	they	they	PRON
cblr-1762	185	13	have	have	VERB
cblr-1762	185	14	to	to	PART
cblr-1762	185	15	valuation	valuation	VERB
cblr-1762	185	16	,	,	PUNCT
cblr-1762	185	17	not	not	PART
cblr-1762	185	18	to	to	ADP
cblr-1762	185	19	the	the	DET
cblr-1762	185	20	process	process	NOUN
cblr-1762	185	21	of	of	ADP
cblr-1762	185	22	trying	try	VERB
cblr-1762	185	23	to	to	PART
cblr-1762	185	24	correct	correct	VERB
cblr-1762	185	25	managerial	managerial	ADJ
cblr-1762	185	26	inefficiencies	inefficiency	NOUN
cblr-1762	185	27	through	through	ADP
cblr-1762	185	28	an	an	DET
cblr-1762	185	29	attempt	attempt	NOUN
cblr-1762	185	30	to	to	ADP
cblr-1762	185	31	39	39	NUM
cblr-1762	185	32	brav	brav	PROPN
cblr-1762	185	33	,	,	PUNCT
cblr-1762	185	34	dasgupta	dasgupta	PROPN
cblr-1762	185	35	,	,	PUNCT
cblr-1762	185	36	and	and	CCONJ
cblr-1762	185	37	mathews	mathews	PROPN
cblr-1762	185	38	found	find	VERB
cblr-1762	185	39	that	that	SCONJ
cblr-1762	185	40	“	"	PUNCT
cblr-1762	185	41	[	[	X
cblr-1762	185	42	h]olding	h]olde	VERB
cblr-1762	185	43	constant	constant	ADJ
cblr-1762	185	44	total	total	ADJ
cblr-1762	185	45	activist	activist	ADJ
cblr-1762	185	46	ownership	ownership	NOUN
cblr-1762	185	47	,	,	PUNCT
cblr-1762	185	48	the	the	DET
cblr-1762	185	49	presence	presence	NOUN
cblr-1762	185	50	of	of	ADP
cblr-1762	185	51	a	a	DET
cblr-1762	185	52	lead	lead	ADJ
cblr-1762	185	53	activist	activist	NOUN
cblr-1762	185	54	increases	increase	VERB
cblr-1762	185	55	the	the	DET
cblr-1762	185	56	probability	probability	NOUN
cblr-1762	185	57	of	of	ADP
cblr-1762	185	58	successful	successful	ADJ
cblr-1762	185	59	activism	activism	NOUN
cblr-1762	185	60	due	due	ADP
cblr-1762	185	61	to	to	ADP
cblr-1762	185	62	improved	improved	ADJ
cblr-1762	185	63	coordination	coordination	NOUN
cblr-1762	185	64	among	among	ADP
cblr-1762	185	65	activists	activist	NOUN
cblr-1762	185	66	.	.	PUNCT
cblr-1762	185	67	”	"	PUNCT
cblr-1762	186	1	alon	alon	PROPN
cblr-1762	186	2	brav	brav	PROPN
cblr-1762	186	3	,	,	PUNCT
cblr-1762	186	4	amil	amil	PROPN
cblr-1762	186	5	dasgupta	dasgupta	PROPN
cblr-1762	186	6	&	&	CCONJ
cblr-1762	186	7	richmond	richmond	PROPN
cblr-1762	186	8	mathews	mathews	PROPN
cblr-1762	186	9	,	,	PUNCT
cblr-1762	186	10	wolf	wolf	PROPN
cblr-1762	186	11	pack	pack	NOUN
cblr-1762	186	12	activism	activism	NOUN
cblr-1762	186	13	(	(	PUNCT
cblr-1762	186	14	2015	2015	NUM
cblr-1762	186	15	)	)	PUNCT
cblr-1762	186	16	,	,	PUNCT
cblr-1762	186	17	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2529230	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2529230	PROPN
cblr-1762	187	1	[	[	X
cblr-1762	187	2	http://perma	http://perma	NOUN
cblr-1762	187	3	.	.	PUNCT
cblr-1762	187	4	cc	cc	NOUN
cblr-1762	187	5	/	/	SYM
cblr-1762	187	6	bm9h	bm9h	NOUN
cblr-1762	187	7	-	-	PUNCT
cblr-1762	187	8	hzv6	hzv6	NOUN
cblr-1762	187	9	]	]	PUNCT
cblr-1762	187	10	.	.	PUNCT
cblr-1762	188	1	40	40	NUM
cblr-1762	188	2	zohar	zohar	PROPN
cblr-1762	188	3	goshen	goshen	PROPN
cblr-1762	188	4	&	&	CCONJ
cblr-1762	188	5	gideon	gideon	PROPN
cblr-1762	188	6	parchomovsky	parchomovsky	PROPN
cblr-1762	188	7	,	,	PUNCT
cblr-1762	188	8	the	the	DET
cblr-1762	188	9	essential	essential	ADJ
cblr-1762	188	10	role	role	NOUN
cblr-1762	188	11	of	of	ADP
cblr-1762	188	12	securities	security	NOUN
cblr-1762	188	13	regulation	regulation	NOUN
cblr-1762	188	14	,	,	PUNCT
cblr-1762	188	15	55	55	NUM
cblr-1762	188	16	duke	duke	PROPN
cblr-1762	188	17	l.j	l.j	PROPN
cblr-1762	188	18	.	.	PROPN
cblr-1762	188	19	711	711	NUM
cblr-1762	188	20	,	,	PUNCT
cblr-1762	188	21	721–23	721–23	NOUN
cblr-1762	188	22	(	(	PUNCT
cblr-1762	188	23	2006	2006	NUM
cblr-1762	188	24	)	)	PUNCT
cblr-1762	188	25	.	.	PUNCT
cblr-1762	189	1	non	non	ADJ
cblr-1762	189	2	-	-	ADJ
cblr-1762	189	3	information	information	ADJ
cblr-1762	189	4	traders	trader	NOUN
cblr-1762	189	5	include	include	VERB
cblr-1762	189	6	insiders	insider	NOUN
cblr-1762	189	7	such	such	ADJ
cblr-1762	189	8	as	as	ADP
cblr-1762	189	9	directors	director	NOUN
cblr-1762	189	10	and	and	CCONJ
cblr-1762	189	11	executive	executive	ADJ
cblr-1762	189	12	management	management	NOUN
cblr-1762	189	13	who	who	PRON
cblr-1762	189	14	have	have	VERB
cblr-1762	189	15	access	access	NOUN
cblr-1762	189	16	to	to	ADP
cblr-1762	189	17	non	non	ADJ
cblr-1762	189	18	-	-	ADJ
cblr-1762	189	19	public	public	ADJ
cblr-1762	189	20	information	information	NOUN
cblr-1762	189	21	but	but	CCONJ
cblr-1762	189	22	are	be	AUX
cblr-1762	189	23	significantly	significantly	ADV
cblr-1762	189	24	restricted	restrict	VERB
cblr-1762	189	25	in	in	ADP
cblr-1762	189	26	the	the	DET
cblr-1762	189	27	trading	trading	NOUN
cblr-1762	189	28	of	of	ADP
cblr-1762	189	29	that	that	DET
cblr-1762	189	30	information	information	NOUN
cblr-1762	189	31	;	;	PUNCT
cblr-1762	189	32	liquidity	liquidity	NOUN
cblr-1762	189	33	traders	trader	NOUN
cblr-1762	189	34	who	who	PRON
cblr-1762	189	35	invest	invest	VERB
cblr-1762	189	36	in	in	ADP
cblr-1762	189	37	passive	passive	ADJ
cblr-1762	189	38	,	,	PUNCT
cblr-1762	189	39	index	index	NOUN
cblr-1762	189	40	funds	fund	NOUN
cblr-1762	189	41	;	;	PUNCT
cblr-1762	189	42	noise	noise	NOUN
cblr-1762	189	43	traders	trader	NOUN
cblr-1762	189	44	who	who	PRON
cblr-1762	189	45	invest	invest	VERB
cblr-1762	189	46	based	base	VERB
cblr-1762	189	47	on	on	ADP
cblr-1762	189	48	fads	fad	NOUN
cblr-1762	189	49	,	,	PUNCT
cblr-1762	189	50	rumors	rumor	NOUN
cblr-1762	189	51	or	or	CCONJ
cblr-1762	189	52	old	old	ADJ
cblr-1762	189	53	information	information	NOUN
cblr-1762	189	54	;	;	PUNCT
cblr-1762	189	55	and	and	CCONJ
cblr-1762	189	56	market	market	NOUN
cblr-1762	189	57	makers	maker	NOUN
cblr-1762	189	58	,	,	PUNCT
cblr-1762	189	59	professionals	professional	NOUN
cblr-1762	189	60	who	who	PRON
cblr-1762	189	61	facilitate	facilitate	VERB
cblr-1762	189	62	trading	trading	NOUN
cblr-1762	189	63	and	and	CCONJ
cblr-1762	189	64	maintain	maintain	VERB
cblr-1762	189	65	a	a	DET
cblr-1762	189	66	market	market	NOUN
cblr-1762	189	67	for	for	ADP
cblr-1762	189	68	securities	security	NOUN
cblr-1762	189	69	by	by	ADP
cblr-1762	189	70	offering	offer	VERB
cblr-1762	189	71	to	to	PART
cblr-1762	189	72	buy	buy	VERB
cblr-1762	189	73	or	or	CCONJ
cblr-1762	189	74	sell	sell	VERB
cblr-1762	189	75	securities	security	NOUN
cblr-1762	189	76	on	on	ADP
cblr-1762	189	77	a	a	DET
cblr-1762	189	78	regular	regular	ADJ
cblr-1762	189	79	basis	basis	NOUN
cblr-1762	189	80	.	.	PUNCT
cblr-1762	190	1	i	i	PRON
cblr-1762	190	2	d.	d.	PROPN
cblr-1762	190	3	at	at	ADP
cblr-1762	190	4	720–26	720–26	NUM
cblr-1762	190	5	.	.	PUNCT
cblr-1762	191	1	41	41	NUM
cblr-1762	192	1	i	i	PRON
cblr-1762	192	2	d.	d.	PROPN
cblr-1762	192	3	at	at	ADP
cblr-1762	192	4	723	723	NUM
cblr-1762	192	5	.	.	PUNCT
cblr-1762	193	1	42	42	NUM
cblr-1762	194	1	i	i	PRON
cblr-1762	194	2	d.	d.	VERB
cblr-1762	194	3	at	at	ADP
cblr-1762	194	4	726	726	NUM
cblr-1762	194	5	.	.	NUM
cblr-1762	194	6	43	43	NUM
cblr-1762	195	1	i	i	PRON
cblr-1762	195	2	d.	d.	VERB
cblr-1762	195	3	at	at	ADP
cblr-1762	195	4	719	719	NUM
cblr-1762	195	5	.	.	PUNCT
cblr-1762	196	1	sharfman	sharfman	PROPN
cblr-1762	196	2	–	–	PUNCT
cblr-1762	196	3	final	final	ADJ
cblr-1762	196	4	828	828	NUM
cblr-1762	196	5	columbia	columbia	PROPN
cblr-1762	196	6	business	business	NOUN
cblr-1762	196	7	law	law	PROPN
cblr-1762	196	8	review	review	NOUN
cblr-1762	197	1	[	[	X
cblr-1762	197	2	vol	vol	NOUN
cblr-1762	197	3	.	.	NOUN
cblr-1762	197	4	2015	2015	NUM
cblr-1762	197	5	acquire	acquire	VERB
cblr-1762	197	6	control	control	NOUN
cblr-1762	197	7	or	or	CCONJ
cblr-1762	197	8	hedge	hedge	NOUN
cblr-1762	197	9	fund	fund	NOUN
cblr-1762	197	10	activism.44	activism.44	NOUN
cblr-1762	197	11	value	value	VERB
cblr-1762	197	12	investors	investor	NOUN
cblr-1762	197	13	incorporate	incorporate	VERB
cblr-1762	197	14	information	information	NOUN
cblr-1762	197	15	on	on	ADP
cblr-1762	197	16	managerial	managerial	ADJ
cblr-1762	197	17	inefficiencies	inefficiency	NOUN
cblr-1762	197	18	into	into	ADP
cblr-1762	197	19	the	the	DET
cblr-1762	197	20	price	price	NOUN
cblr-1762	197	21	of	of	ADP
cblr-1762	197	22	a	a	DET
cblr-1762	197	23	company	company	NOUN
cblr-1762	197	24	’s	’s	PART
cblr-1762	197	25	stock	stock	NOUN
cblr-1762	197	26	by	by	ADP
cblr-1762	197	27	voting	vote	VERB
cblr-1762	197	28	with	with	ADP
cblr-1762	197	29	their	their	PRON
cblr-1762	197	30	feet,45	feet,45	NOUN
cblr-1762	197	31	i.e.	i.e.	ADV
cblr-1762	197	32	,	,	PUNCT
cblr-1762	197	33	selling	sell	VERB
cblr-1762	197	34	their	their	PRON
cblr-1762	197	35	shares	share	NOUN
cblr-1762	197	36	when	when	SCONJ
cblr-1762	197	37	they	they	PRON
cblr-1762	197	38	perceive	perceive	VERB
cblr-1762	197	39	managerial	managerial	ADJ
cblr-1762	197	40	inefficiencies	inefficiency	NOUN
cblr-1762	197	41	,	,	PUNCT
cblr-1762	197	42	rather	rather	ADV
cblr-1762	197	43	than	than	ADP
cblr-1762	197	44	becoming	become	VERB
cblr-1762	197	45	proactive	proactive	ADJ
cblr-1762	197	46	in	in	ADP
cblr-1762	197	47	the	the	DET
cblr-1762	197	48	corporate	corporate	ADJ
cblr-1762	197	49	governance	governance	NOUN
cblr-1762	197	50	of	of	ADP
cblr-1762	197	51	any	any	DET
cblr-1762	197	52	particular	particular	ADJ
cblr-1762	197	53	firm.46	firm.46	NOUN
cblr-1762	197	54	it	it	PRON
cblr-1762	197	55	should	should	AUX
cblr-1762	197	56	be	be	AUX
cblr-1762	197	57	expected	expect	VERB
cblr-1762	197	58	that	that	SCONJ
cblr-1762	197	59	a	a	DET
cblr-1762	197	60	significant	significant	ADJ
cblr-1762	197	61	number	number	NOUN
cblr-1762	197	62	,	,	PUNCT
cblr-1762	197	63	if	if	SCONJ
cblr-1762	197	64	not	not	PART
cblr-1762	197	65	most	most	ADJ
cblr-1762	197	66	,	,	PUNCT
cblr-1762	197	67	of	of	ADP
cblr-1762	197	68	information	information	NOUN
cblr-1762	197	69	traders	trader	NOUN
cblr-1762	197	70	are	be	AUX
cblr-1762	197	71	“	"	PUNCT
cblr-1762	197	72	value	value	NOUN
cblr-1762	197	73	investors	investor	NOUN
cblr-1762	197	74	.	.	PUNCT
cblr-1762	198	1	”47	”47	NOUN
cblr-1762	198	2	this	this	PRON
cblr-1762	198	3	should	should	AUX
cblr-1762	198	4	not	not	PART
cblr-1762	198	5	be	be	AUX
cblr-1762	198	6	surprising	surprising	ADJ
cblr-1762	198	7	since	since	SCONJ
cblr-1762	198	8	becoming	become	VERB
cblr-1762	198	9	an	an	DET
cblr-1762	198	10	acquirer	acquirer	NOUN
cblr-1762	198	11	or	or	CCONJ
cblr-1762	198	12	an	an	DET
cblr-1762	198	13	activist	activist	ADJ
cblr-1762	198	14	hedge	hedge	NOUN
cblr-1762	198	15	fund	fund	NOUN
cblr-1762	198	16	means	mean	VERB
cblr-1762	198	17	not	not	PART
cblr-1762	198	18	just	just	ADV
cblr-1762	198	19	identifying	identify	VERB
cblr-1762	198	20	managerial	managerial	ADJ
cblr-1762	198	21	inefficiencies	inefficiency	NOUN
cblr-1762	198	22	,	,	PUNCT
cblr-1762	198	23	but	but	CCONJ
cblr-1762	198	24	also	also	ADV
cblr-1762	198	25	raising	raise	VERB
cblr-1762	198	26	large	large	ADJ
cblr-1762	198	27	amounts	amount	NOUN
cblr-1762	198	28	of	of	ADP
cblr-1762	198	29	capital	capital	NOUN
cblr-1762	198	30	in	in	ADP
cblr-1762	198	31	order	order	NOUN
cblr-1762	198	32	to	to	PART
cblr-1762	198	33	acquire	acquire	VERB
cblr-1762	198	34	or	or	CCONJ
cblr-1762	198	35	make	make	VERB
cblr-1762	198	36	a	a	DET
cblr-1762	198	37	significant	significant	ADJ
cblr-1762	198	38	investment	investment	NOUN
cblr-1762	198	39	in	in	ADP
cblr-1762	198	40	the	the	DET
cblr-1762	198	41	company	company	NOUN
cblr-1762	198	42	.	.	PUNCT
cblr-1762	199	1	it	it	PRON
cblr-1762	199	2	also	also	ADV
cblr-1762	199	3	requires	require	VERB
cblr-1762	199	4	possessing	possess	VERB
cblr-1762	199	5	the	the	DET
cblr-1762	199	6	skill	skill	NOUN
cblr-1762	199	7	necessary	necessary	ADJ
cblr-1762	199	8	to	to	PART
cblr-1762	199	9	implement	implement	VERB
cblr-1762	199	10	the	the	DET
cblr-1762	199	11	necessary	necessary	ADJ
cblr-1762	199	12	changes	change	NOUN
cblr-1762	199	13	.	.	PUNCT
cblr-1762	200	1	moreover	moreover	ADV
cblr-1762	200	2	,	,	PUNCT
cblr-1762	200	3	becoming	become	VERB
cblr-1762	200	4	an	an	DET
cblr-1762	200	5	acquirer	acquirer	NOUN
cblr-1762	200	6	or	or	CCONJ
cblr-1762	200	7	activist	activist	ADJ
cblr-1762	200	8	hedge	hedge	NOUN
cblr-1762	200	9	fund	fund	NOUN
cblr-1762	200	10	may	may	AUX
cblr-1762	200	11	mean	mean	VERB
cblr-1762	200	12	giving	give	VERB
cblr-1762	200	13	up	up	ADP
cblr-1762	200	14	the	the	DET
cblr-1762	200	15	benefits	benefit	NOUN
cblr-1762	200	16	of	of	ADP
cblr-1762	200	17	portfolio	portfolio	NOUN
cblr-1762	200	18	diversification	diversification	NOUN
cblr-1762	200	19	as	as	SCONJ
cblr-1762	200	20	the	the	DET
cblr-1762	200	21	acquisition	acquisition	NOUN
cblr-1762	200	22	becomes	become	VERB
cblr-1762	200	23	an	an	DET
cblr-1762	200	24	overweighed	overweighe	VERB
cblr-1762	200	25	investment	investment	NOUN
cblr-1762	200	26	in	in	ADP
cblr-1762	200	27	the	the	DET
cblr-1762	200	28	information	information	NOUN
cblr-1762	200	29	trader	trader	NOUN
cblr-1762	200	30	’s	’s	PART
cblr-1762	200	31	portfolio	portfolio	NOUN
cblr-1762	200	32	,	,	PUNCT
cblr-1762	200	33	exposing	expose	VERB
cblr-1762	200	34	the	the	DET
cblr-1762	200	35	trader	trader	NOUN
cblr-1762	200	36	to	to	ADP
cblr-1762	200	37	non	non	ADJ
cblr-1762	200	38	-	-	ADJ
cblr-1762	200	39	systematic	systematic	ADJ
cblr-1762	200	40	risk	risk	NOUN
cblr-1762	200	41	.	.	PUNCT
cblr-1762	201	1	44	44	NUM
cblr-1762	201	2	rose	rise	VERB
cblr-1762	201	3	&	&	CCONJ
cblr-1762	201	4	sharfman	sharfman	PROPN
cblr-1762	201	5	,	,	PUNCT
cblr-1762	201	6	supra	supra	PROPN
cblr-1762	201	7	note	note	NOUN
cblr-1762	201	8	2	2	NUM
cblr-1762	201	9	,	,	PUNCT
cblr-1762	201	10	at	at	ADP
cblr-1762	201	11	1033	1033	NUM
cblr-1762	201	12	.	.	PUNCT
cblr-1762	202	1	45	45	NUM
cblr-1762	202	2	according	accord	VERB
cblr-1762	202	3	to	to	ADP
cblr-1762	202	4	professors	professor	NOUN
cblr-1762	202	5	armen	armen	PROPN
cblr-1762	202	6	alchian	alchian	PROPN
cblr-1762	202	7	and	and	CCONJ
cblr-1762	202	8	harold	harold	PROPN
cblr-1762	202	9	demsetz	demsetz	PROPN
cblr-1762	202	10	in	in	ADP
cblr-1762	202	11	their	their	PRON
cblr-1762	202	12	seminal	seminal	ADJ
cblr-1762	202	13	article	article	NOUN
cblr-1762	202	14	,	,	PUNCT
cblr-1762	202	15	production	production	NOUN
cblr-1762	202	16	,	,	PUNCT
cblr-1762	202	17	information	information	NOUN
cblr-1762	202	18	costs	cost	NOUN
cblr-1762	202	19	,	,	PUNCT
cblr-1762	202	20	and	and	CCONJ
cblr-1762	202	21	economic	economic	ADJ
cblr-1762	202	22	organization	organization	NOUN
cblr-1762	202	23	,	,	PUNCT
cblr-1762	202	24	“	"	PUNCT
cblr-1762	202	25	[	[	X
cblr-1762	202	26	a]ny	a]ny	X
cblr-1762	202	27	shareholder	shareholder	NOUN
cblr-1762	202	28	can	can	AUX
cblr-1762	202	29	remove	remove	VERB
cblr-1762	202	30	his	his	PRON
cblr-1762	202	31	wealth	wealth	NOUN
cblr-1762	202	32	from	from	ADP
cblr-1762	202	33	control	control	NOUN
cblr-1762	202	34	by	by	ADP
cblr-1762	202	35	those	those	PRON
cblr-1762	202	36	with	with	ADP
cblr-1762	202	37	whom	whom	PRON
cblr-1762	202	38	he	he	PRON
cblr-1762	202	39	has	have	VERB
cblr-1762	202	40	differences	difference	NOUN
cblr-1762	202	41	of	of	ADP
cblr-1762	202	42	opinion	opinion	NOUN
cblr-1762	202	43	.	.	PUNCT
cblr-1762	203	1	rather	rather	ADV
cblr-1762	203	2	than	than	SCONJ
cblr-1762	203	3	try	try	VERB
cblr-1762	203	4	to	to	PART
cblr-1762	203	5	control	control	VERB
cblr-1762	203	6	the	the	DET
cblr-1762	203	7	decisions	decision	NOUN
cblr-1762	203	8	of	of	ADP
cblr-1762	203	9	the	the	DET
cblr-1762	203	10	management	management	NOUN
cblr-1762	203	11	,	,	PUNCT
cblr-1762	203	12	which	which	PRON
cblr-1762	203	13	is	be	AUX
cblr-1762	203	14	harder	hard	ADJ
cblr-1762	203	15	to	to	PART
cblr-1762	203	16	do	do	VERB
cblr-1762	203	17	with	with	ADP
cblr-1762	203	18	many	many	ADJ
cblr-1762	203	19	stockholders	stockholder	NOUN
cblr-1762	203	20	than	than	SCONJ
cblr-1762	203	21	with	with	ADP
cblr-1762	203	22	only	only	ADV
cblr-1762	203	23	a	a	DET
cblr-1762	203	24	few	few	ADJ
cblr-1762	203	25	,	,	PUNCT
cblr-1762	203	26	unrestricted	unrestricted	ADJ
cblr-1762	203	27	salability	salability	NOUN
cblr-1762	203	28	provides	provide	VERB
cblr-1762	203	29	a	a	DET
cblr-1762	203	30	more	more	ADV
cblr-1762	203	31	acceptable	acceptable	ADJ
cblr-1762	203	32	escape	escape	NOUN
cblr-1762	203	33	to	to	ADP
cblr-1762	203	34	each	each	DET
cblr-1762	203	35	stockholder	stockholder	NOUN
cblr-1762	203	36	from	from	ADP
cblr-1762	203	37	continued	continue	VERB
cblr-1762	203	38	policies	policy	NOUN
cblr-1762	203	39	with	with	ADP
cblr-1762	203	40	which	which	PRON
cblr-1762	203	41	he	he	PRON
cblr-1762	203	42	disagrees	disagree	VERB
cblr-1762	203	43	.	.	PUNCT
cblr-1762	203	44	”	"	PUNCT
cblr-1762	204	1	armen	armen	PROPN
cblr-1762	204	2	a.	a.	PROPN
cblr-1762	204	3	alchian	alchian	PROPN
cblr-1762	204	4	&	&	CCONJ
cblr-1762	204	5	harold	harold	PROPN
cblr-1762	204	6	demsetz	demsetz	PROPN
cblr-1762	204	7	,	,	PUNCT
cblr-1762	204	8	production	production	NOUN
cblr-1762	204	9	,	,	PUNCT
cblr-1762	204	10	information	information	NOUN
cblr-1762	204	11	costs	cost	NOUN
cblr-1762	204	12	,	,	PUNCT
cblr-1762	204	13	and	and	CCONJ
cblr-1762	204	14	economic	economic	ADJ
cblr-1762	204	15	organization	organization	NOUN
cblr-1762	204	16	,	,	PUNCT
cblr-1762	204	17	62	62	NUM
cblr-1762	204	18	am	am	NOUN
cblr-1762	204	19	.	.	PUNCT
cblr-1762	205	1	econ	econ	PROPN
cblr-1762	205	2	.	.	PUNCT
cblr-1762	206	1	rev	rev	PROPN
cblr-1762	206	2	.	.	PROPN
cblr-1762	206	3	777	777	NUM
cblr-1762	206	4	,	,	PUNCT
cblr-1762	206	5	788	788	NUM
cblr-1762	206	6	(	(	PUNCT
cblr-1762	206	7	1972	1972	NUM
cblr-1762	206	8	)	)	PUNCT
cblr-1762	206	9	.	.	PUNCT
cblr-1762	207	1	46	46	NUM
cblr-1762	207	2	bernard	bernard	PROPN
cblr-1762	207	3	s.	s.	PROPN
cblr-1762	207	4	sharfman	sharfman	PROPN
cblr-1762	207	5	,	,	PUNCT
cblr-1762	207	6	a	a	DET
cblr-1762	207	7	theory	theory	NOUN
cblr-1762	207	8	of	of	ADP
cblr-1762	207	9	shareholder	shareholder	NOUN
cblr-1762	207	10	activism	activism	NOUN
cblr-1762	207	11	and	and	CCONJ
cblr-1762	207	12	its	its	PRON
cblr-1762	207	13	place	place	NOUN
cblr-1762	207	14	in	in	ADP
cblr-1762	207	15	corporate	corporate	ADJ
cblr-1762	207	16	law	law	NOUN
cblr-1762	207	17	,	,	PUNCT
cblr-1762	207	18	82	82	NUM
cblr-1762	207	19	tenn	tenn	PROPN
cblr-1762	207	20	.	.	PUNCT
cblr-1762	208	1	l.	l.	PROPN
cblr-1762	208	2	rev	rev	PROPN
cblr-1762	208	3	.	.	PUNCT
cblr-1762	209	1	(	(	PUNCT
cblr-1762	209	2	forthcoming	forthcoming	ADJ
cblr-1762	209	3	2015	2015	NUM
cblr-1762	209	4	)	)	PUNCT
cblr-1762	209	5	,	,	PUNCT
cblr-1762	209	6	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2549757	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2549757	VERB
cblr-1762	209	7	[	[	PUNCT
cblr-1762	209	8	http://perma	http://perma	NOUN
cblr-1762	209	9	.	.	PUNCT
cblr-1762	210	1	cc	cc	NOUN
cblr-1762	210	2	/	/	SYM
cblr-1762	210	3	mlj2	mlj2	NOUN
cblr-1762	210	4	-	-	PUNCT
cblr-1762	210	5	qtv5	qtv5	NOUN
cblr-1762	210	6	]	]	PUNCT
cblr-1762	210	7	.	.	PUNCT
cblr-1762	211	1	47	47	NUM
cblr-1762	211	2	gilson	gilson	PROPN
cblr-1762	211	3	and	and	CCONJ
cblr-1762	211	4	gordon	gordon	PROPN
cblr-1762	211	5	refer	refer	VERB
cblr-1762	211	6	to	to	ADP
cblr-1762	211	7	institutional	institutional	ADJ
cblr-1762	211	8	investors	investor	NOUN
cblr-1762	211	9	who	who	PRON
cblr-1762	211	10	are	be	AUX
cblr-1762	211	11	value	value	NOUN
cblr-1762	211	12	investors	investor	NOUN
cblr-1762	211	13	(	(	PUNCT
cblr-1762	211	14	earn	earn	VERB
cblr-1762	211	15	returns	return	NOUN
cblr-1762	211	16	based	base	VERB
cblr-1762	211	17	on	on	ADP
cblr-1762	211	18	fundamental	fundamental	ADJ
cblr-1762	211	19	analysis	analysis	NOUN
cblr-1762	211	20	and	and	CCONJ
cblr-1762	211	21	diversification	diversification	NOUN
cblr-1762	211	22	)	)	PUNCT
cblr-1762	211	23	as	as	ADP
cblr-1762	211	24	“	"	PUNCT
cblr-1762	211	25	rationally	rationally	ADV
cblr-1762	211	26	reticent	reticent	ADJ
cblr-1762	211	27	.	.	PUNCT
cblr-1762	211	28	”	"	PUNCT
cblr-1762	212	1	ronald	ronald	PROPN
cblr-1762	212	2	j.	j.	PROPN
cblr-1762	212	3	gilson	gilson	PROPN
cblr-1762	212	4	&	&	CCONJ
cblr-1762	212	5	jeffrey	jeffrey	PROPN
cblr-1762	212	6	n.	n.	PROPN
cblr-1762	212	7	gordon	gordon	PROPN
cblr-1762	212	8	,	,	PUNCT
cblr-1762	212	9	the	the	DET
cblr-1762	212	10	agency	agency	NOUN
cblr-1762	212	11	costs	cost	NOUN
cblr-1762	212	12	of	of	ADP
cblr-1762	212	13	agency	agency	NOUN
cblr-1762	212	14	capitalism	capitalism	NOUN
cblr-1762	212	15	:	:	PUNCT
cblr-1762	212	16	activist	activist	ADJ
cblr-1762	212	17	investors	investor	NOUN
cblr-1762	212	18	and	and	CCONJ
cblr-1762	212	19	the	the	DET
cblr-1762	212	20	revaluation	revaluation	NOUN
cblr-1762	212	21	of	of	ADP
cblr-1762	212	22	governance	governance	NOUN
cblr-1762	212	23	rights	right	NOUN
cblr-1762	212	24	,	,	PUNCT
cblr-1762	212	25	113	113	NUM
cblr-1762	212	26	colum	colum	NOUN
cblr-1762	212	27	.	.	PUNCT
cblr-1762	213	1	l.	l.	PROPN
cblr-1762	213	2	rev	rev	PROPN
cblr-1762	213	3	.	.	PROPN
cblr-1762	213	4	863	863	NUM
cblr-1762	213	5	,	,	PUNCT
cblr-1762	213	6	867	867	NUM
cblr-1762	213	7	(	(	PUNCT
cblr-1762	213	8	2013	2013	NUM
cblr-1762	213	9	)	)	PUNCT
cblr-1762	213	10	.	.	PUNCT
cblr-1762	214	1	they	they	PRON
cblr-1762	214	2	vote	vote	VERB
cblr-1762	214	3	,	,	PUNCT
cblr-1762	214	4	but	but	CCONJ
cblr-1762	214	5	they	they	PRON
cblr-1762	214	6	do	do	AUX
cblr-1762	214	7	not	not	PART
cblr-1762	214	8	propose	propose	VERB
cblr-1762	214	9	or	or	CCONJ
cblr-1762	214	10	get	get	VERB
cblr-1762	214	11	involved	involve	VERB
cblr-1762	214	12	in	in	ADP
cblr-1762	214	13	trying	try	VERB
cblr-1762	214	14	to	to	PART
cblr-1762	214	15	influence	influence	VERB
cblr-1762	214	16	the	the	DET
cblr-1762	214	17	management	management	NOUN
cblr-1762	214	18	of	of	ADP
cblr-1762	214	19	the	the	DET
cblr-1762	214	20	corporation	corporation	NOUN
cblr-1762	214	21	.	.	PUNCT
cblr-1762	215	1	see	see	VERB
cblr-1762	215	2	i	i	PRON
cblr-1762	215	3	d.	d.	PROPN
cblr-1762	215	4	sharfman	sharfman	PROPN
cblr-1762	215	5	–	–	PUNCT
cblr-1762	215	6	final	final	ADJ
cblr-1762	215	7	no	no	NOUN
cblr-1762	215	8	.	.	PUNCT
cblr-1762	216	1	3:813	3:813	NUM
cblr-1762	216	2	]	]	X
cblr-1762	216	3	activist	activist	ADJ
cblr-1762	216	4	hedge	hedge	NOUN
cblr-1762	216	5	funds	fund	NOUN
cblr-1762	216	6	and	and	CCONJ
cblr-1762	216	7	long	long	ADJ
cblr-1762	216	8	-	-	PUNCT
cblr-1762	216	9	term	term	NOUN
cblr-1762	216	10	value	value	NOUN
cblr-1762	216	11	829	829	NUM
cblr-1762	216	12	like	like	ADP
cblr-1762	216	13	value	value	NOUN
cblr-1762	216	14	investors	investor	NOUN
cblr-1762	216	15	,	,	PUNCT
cblr-1762	216	16	activist	activist	ADJ
cblr-1762	216	17	hedge	hedge	NOUN
cblr-1762	216	18	funds	fund	NOUN
cblr-1762	216	19	are	be	AUX
cblr-1762	216	20	information	information	NOUN
cblr-1762	216	21	traders	trader	NOUN
cblr-1762	216	22	that	that	PRON
cblr-1762	216	23	provide	provide	VERB
cblr-1762	216	24	signals	signal	NOUN
cblr-1762	216	25	on	on	ADP
cblr-1762	216	26	managerial	managerial	ADJ
cblr-1762	216	27	inefficiencies	inefficiency	NOUN
cblr-1762	216	28	to	to	ADP
cblr-1762	216	29	the	the	DET
cblr-1762	216	30	boards	board	NOUN
cblr-1762	216	31	of	of	ADP
cblr-1762	216	32	public	public	ADJ
cblr-1762	216	33	companies	company	NOUN
cblr-1762	216	34	.	.	PUNCT
cblr-1762	217	1	however	however	ADV
cblr-1762	217	2	,	,	PUNCT
cblr-1762	217	3	they	they	PRON
cblr-1762	217	4	are	be	AUX
cblr-1762	217	5	distinguished	distinguish	VERB
cblr-1762	217	6	from	from	ADP
cblr-1762	217	7	value	value	NOUN
cblr-1762	217	8	investors	investor	NOUN
cblr-1762	217	9	by	by	ADP
cblr-1762	217	10	their	their	PRON
cblr-1762	217	11	willingness	willingness	NOUN
cblr-1762	217	12	to	to	PART
cblr-1762	217	13	“	"	PUNCT
cblr-1762	217	14	take	take	VERB
cblr-1762	217	15	large	large	ADJ
cblr-1762	217	16	positions	position	NOUN
cblr-1762	217	17	in	in	ADP
cblr-1762	217	18	public	public	ADJ
cblr-1762	217	19	companies	company	NOUN
cblr-1762	217	20	as	as	ADP
cblr-1762	217	21	a	a	DET
cblr-1762	217	22	means	means	NOUN
cblr-1762	217	23	to	to	PART
cblr-1762	217	24	effect	effect	VERB
cblr-1762	217	25	change,”48	change,”48	NOUN
cblr-1762	217	26	to	to	PART
cblr-1762	217	27	spend	spend	VERB
cblr-1762	217	28	resources	resource	NOUN
cblr-1762	217	29	to	to	PART
cblr-1762	217	30	identify	identify	VERB
cblr-1762	217	31	strategic	strategic	ADJ
cblr-1762	217	32	changes	change	NOUN
cblr-1762	217	33	that	that	PRON
cblr-1762	217	34	they	they	PRON
cblr-1762	217	35	believe	believe	VERB
cblr-1762	217	36	will	will	AUX
cblr-1762	217	37	increase	increase	VERB
cblr-1762	217	38	the	the	DET
cblr-1762	217	39	share	share	NOUN
cblr-1762	217	40	price	price	NOUN
cblr-1762	217	41	of	of	ADP
cblr-1762	217	42	the	the	DET
cblr-1762	217	43	targeted	target	VERB
cblr-1762	217	44	public	public	ADJ
cblr-1762	217	45	company	company	NOUN
cblr-1762	217	46	,	,	PUNCT
cblr-1762	217	47	and	and	CCONJ
cblr-1762	217	48	then	then	ADV
cblr-1762	217	49	to	to	PART
cblr-1762	217	50	spend	spend	VERB
cblr-1762	217	51	even	even	ADV
cblr-1762	217	52	more	more	ADJ
cblr-1762	217	53	resources	resource	NOUN
cblr-1762	217	54	to	to	PART
cblr-1762	217	55	try	try	VERB
cblr-1762	217	56	to	to	PART
cblr-1762	217	57	get	get	VERB
cblr-1762	217	58	the	the	DET
cblr-1762	217	59	company	company	NOUN
cblr-1762	217	60	to	to	PART
cblr-1762	217	61	implement	implement	VERB
cblr-1762	217	62	those	those	DET
cblr-1762	217	63	changes.49	changes.49	NOUN
cblr-1762	217	64	the	the	DET
cblr-1762	217	65	actions	action	NOUN
cblr-1762	217	66	of	of	ADP
cblr-1762	217	67	the	the	DET
cblr-1762	217	68	activist	activist	ADJ
cblr-1762	217	69	hedge	hedge	NOUN
cblr-1762	217	70	fund	fund	NOUN
cblr-1762	217	71	provide	provide	VERB
cblr-1762	217	72	additional	additional	ADJ
cblr-1762	217	73	and	and	CCONJ
cblr-1762	217	74	confirming	confirm	VERB
cblr-1762	217	75	signals	signal	NOUN
cblr-1762	217	76	to	to	ADP
cblr-1762	217	77	the	the	DET
cblr-1762	217	78	board	board	NOUN
cblr-1762	217	79	and	and	CCONJ
cblr-1762	217	80	other	other	ADJ
cblr-1762	217	81	stock	stock	NOUN
cblr-1762	217	82	market	market	NOUN
cblr-1762	217	83	participants	participant	NOUN
cblr-1762	217	84	that	that	SCONJ
cblr-1762	217	85	managerial	managerial	ADJ
cblr-1762	217	86	inefficiencies	inefficiency	NOUN
cblr-1762	217	87	may	may	AUX
cblr-1762	217	88	exist	exist	VERB
cblr-1762	217	89	at	at	ADP
cblr-1762	217	90	the	the	DET
cblr-1762	217	91	company	company	NOUN
cblr-1762	217	92	.	.	PUNCT
cblr-1762	218	1	but	but	CCONJ
cblr-1762	218	2	most	most	ADV
cblr-1762	218	3	importantly	importantly	ADV
cblr-1762	218	4	,	,	PUNCT
cblr-1762	218	5	they	they	PRON
cblr-1762	218	6	provide	provide	VERB
cblr-1762	218	7	recommendations	recommendation	NOUN
cblr-1762	218	8	that	that	SCONJ
cblr-1762	218	9	the	the	DET
cblr-1762	218	10	board	board	NOUN
cblr-1762	218	11	can	can	AUX
cblr-1762	218	12	consider	consider	VERB
cblr-1762	218	13	to	to	PART
cblr-1762	218	14	correct	correct	VERB
cblr-1762	218	15	the	the	DET
cblr-1762	218	16	alleged	allege	VERB
cblr-1762	218	17	inefficiencies	inefficiency	NOUN
cblr-1762	218	18	.	.	PUNCT
cblr-1762	219	1	in	in	ADP
cblr-1762	219	2	essence	essence	NOUN
cblr-1762	219	3	,	,	PUNCT
cblr-1762	219	4	they	they	PRON
cblr-1762	219	5	are	be	AUX
cblr-1762	219	6	information	information	NOUN
cblr-1762	219	7	traders	trader	NOUN
cblr-1762	219	8	who	who	PRON
cblr-1762	219	9	take	take	VERB
cblr-1762	219	10	on	on	ADP
cblr-1762	219	11	the	the	DET
cblr-1762	219	12	additional	additional	ADJ
cblr-1762	219	13	role	role	NOUN
cblr-1762	219	14	of	of	ADP
cblr-1762	219	15	shareholder	shareholder	NOUN
cblr-1762	219	16	activist	activist	NOUN
cblr-1762	219	17	to	to	PART
cblr-1762	219	18	correct	correct	VERB
cblr-1762	219	19	managerial	managerial	ADJ
cblr-1762	219	20	inefficiencies.50	inefficiencies.50	PROPN
cblr-1762	219	21	unlike	unlike	ADP
cblr-1762	219	22	value	value	NOUN
cblr-1762	219	23	investors	investor	NOUN
cblr-1762	219	24	,	,	PUNCT
cblr-1762	219	25	they	they	PRON
cblr-1762	219	26	do	do	AUX
cblr-1762	219	27	not	not	PART
cblr-1762	219	28	vote	vote	VERB
cblr-1762	219	29	with	with	ADP
cblr-1762	219	30	their	their	PRON
cblr-1762	219	31	feet	foot	NOUN
cblr-1762	219	32	.	.	PUNCT
cblr-1762	220	1	if	if	SCONJ
cblr-1762	220	2	indeed	indeed	ADV
cblr-1762	220	3	the	the	DET
cblr-1762	220	4	objective	objective	NOUN
cblr-1762	220	5	of	of	ADP
cblr-1762	220	6	activist	activist	ADJ
cblr-1762	220	7	hedge	hedge	NOUN
cblr-1762	220	8	funds	fund	NOUN
cblr-1762	220	9	is	be	AUX
cblr-1762	220	10	to	to	PART
cblr-1762	220	11	correct	correct	VERB
cblr-1762	220	12	managerial	managerial	ADJ
cblr-1762	220	13	inefficiencies	inefficiency	NOUN
cblr-1762	220	14	,	,	PUNCT
cblr-1762	220	15	then	then	ADV
cblr-1762	220	16	their	their	PRON
cblr-1762	220	17	actions	action	NOUN
cblr-1762	220	18	are	be	AUX
cblr-1762	220	19	consistent	consistent	ADJ
cblr-1762	220	20	with	with	ADP
cblr-1762	220	21	the	the	DET
cblr-1762	220	22	following	following	ADJ
cblr-1762	220	23	thesis	thesis	NOUN
cblr-1762	220	24	:	:	PUNCT
cblr-1762	220	25	48	48	NUM
cblr-1762	220	26	bernard	bernard	PROPN
cblr-1762	220	27	s.	s.	PROPN
cblr-1762	220	28	sharfman	sharfman	PROPN
cblr-1762	220	29	,	,	PUNCT
cblr-1762	220	30	what	what	PRON
cblr-1762	220	31	’s	’	VERB
cblr-1762	220	32	wrong	wrong	ADJ
cblr-1762	220	33	with	with	ADP
cblr-1762	220	34	shareholder	shareholder	NOUN
cblr-1762	220	35	empowerment	empowerment	NOUN
cblr-1762	220	36	?	?	PUNCT
cblr-1762	220	37	,	,	PUNCT
cblr-1762	220	38	37	37	NUM
cblr-1762	220	39	j.	j.	PROPN
cblr-1762	220	40	corp	corp	PROPN
cblr-1762	220	41	.	.	PROPN
cblr-1762	220	42	l.	l.	PROPN
cblr-1762	220	43	903	903	NUM
cblr-1762	220	44	,	,	PUNCT
cblr-1762	220	45	906–07	906–07	NUM
cblr-1762	220	46	(	(	PUNCT
cblr-1762	220	47	2012	2012	NUM
cblr-1762	220	48	)	)	PUNCT
cblr-1762	220	49	.	.	PUNCT
cblr-1762	221	1	49	49	NUM
cblr-1762	221	2	cheffins	cheffin	NOUN
cblr-1762	221	3	&	&	CCONJ
cblr-1762	221	4	armour	armour	PROPN
cblr-1762	221	5	,	,	PUNCT
cblr-1762	221	6	supra	supra	PROPN
cblr-1762	221	7	note	note	NOUN
cblr-1762	221	8	22	22	NUM
cblr-1762	221	9	,	,	PUNCT
cblr-1762	221	10	at	at	ADP
cblr-1762	221	11	56–58	56–58	NUM
cblr-1762	221	12	.	.	PUNCT
cblr-1762	222	1	50	50	NUM
cblr-1762	222	2	brav	brav	PROPN
cblr-1762	222	3	,	,	PUNCT
cblr-1762	222	4	jiang	jiang	PROPN
cblr-1762	222	5	,	,	PUNCT
cblr-1762	222	6	and	and	CCONJ
cblr-1762	222	7	kim	kim	PROPN
cblr-1762	222	8	’s	’s	PART
cblr-1762	222	9	empirical	empirical	ADJ
cblr-1762	222	10	research	research	NOUN
cblr-1762	222	11	is	be	AUX
cblr-1762	222	12	consistent	consistent	ADJ
cblr-1762	222	13	with	with	ADP
cblr-1762	222	14	this	this	DET
cblr-1762	222	15	description	description	NOUN
cblr-1762	222	16	:	:	PUNCT
cblr-1762	222	17	the	the	DET
cblr-1762	222	18	significant	significant	ADJ
cblr-1762	222	19	coefficients	coefficient	NOUN
cblr-1762	222	20	on	on	ADP
cblr-1762	222	21	the	the	DET
cblr-1762	222	22	valuation	valuation	NOUN
cblr-1762	222	23	variable	variable	NOUN
cblr-1762	222	24	,	,	PUNCT
cblr-1762	222	25	q	q	PUNCT
cblr-1762	222	26	(	(	PUNCT
cblr-1762	222	27	defined	define	VERB
cblr-1762	222	28	as	as	ADP
cblr-1762	222	29	(	(	PUNCT
cblr-1762	222	30	book	book	NOUN
cblr-1762	222	31	value	value	NOUN
cblr-1762	222	32	of	of	ADP
cblr-1762	222	33	debt	debt	NOUN
cblr-1762	222	34	+	+	CCONJ
cblr-1762	222	35	market	market	NOUN
cblr-1762	222	36	value	value	NOUN
cblr-1762	222	37	of	of	ADP
cblr-1762	222	38	equity)/(book	equity)/(book	NOUN
cblr-1762	222	39	value	value	NOUN
cblr-1762	222	40	of	of	ADP
cblr-1762	222	41	debt	debt	NOUN
cblr-1762	222	42	+	+	CCONJ
cblr-1762	222	43	book	book	NOUN
cblr-1762	222	44	value	value	NOUN
cblr-1762	222	45	of	of	ADP
cblr-1762	222	46	equity	equity	NOUN
cblr-1762	222	47	)	)	PUNCT
cblr-1762	222	48	)	)	PUNCT
cblr-1762	222	49	,	,	PUNCT
cblr-1762	222	50	indicate	indicate	VERB
cblr-1762	222	51	that	that	SCONJ
cblr-1762	222	52	the	the	DET
cblr-1762	222	53	activist	activist	ADJ
cblr-1762	222	54	hedge	hedge	NOUN
cblr-1762	222	55	funds	fund	NOUN
cblr-1762	222	56	resemble	resemble	VERB
cblr-1762	222	57	“	"	PUNCT
cblr-1762	222	58	value	value	NOUN
cblr-1762	222	59	investors	investor	NOUN
cblr-1762	222	60	.	.	PUNCT
cblr-1762	222	61	”	"	PUNCT
cblr-1762	223	1	this	this	DET
cblr-1762	223	2	result	result	NOUN
cblr-1762	223	3	suggests	suggest	VERB
cblr-1762	223	4	that	that	SCONJ
cblr-1762	223	5	activist	activist	ADJ
cblr-1762	223	6	hedge	hedge	NOUN
cblr-1762	223	7	funds	fund	NOUN
cblr-1762	223	8	attempt	attempt	VERB
cblr-1762	223	9	to	to	PART
cblr-1762	223	10	identify	identify	VERB
cblr-1762	223	11	undervalued	undervalued	ADJ
cblr-1762	223	12	companies	company	NOUN
cblr-1762	223	13	where	where	SCONJ
cblr-1762	223	14	the	the	DET
cblr-1762	223	15	potential	potential	NOUN
cblr-1762	223	16	for	for	ADP
cblr-1762	223	17	improvement	improvement	NOUN
cblr-1762	223	18	is	be	AUX
cblr-1762	223	19	high	high	ADJ
cblr-1762	223	20	.	.	PUNCT
cblr-1762	224	1	in	in	ADP
cblr-1762	224	2	fact	fact	NOUN
cblr-1762	224	3	,	,	PUNCT
cblr-1762	224	4	in	in	ADP
cblr-1762	224	5	about	about	ADV
cblr-1762	224	6	two	two	NUM
cblr-1762	224	7	-	-	PUNCT
cblr-1762	224	8	thirds	third	NOUN
cblr-1762	224	9	of	of	ADP
cblr-1762	224	10	the	the	DET
cblr-1762	224	11	cases	case	NOUN
cblr-1762	224	12	,	,	PUNCT
cblr-1762	224	13	the	the	DET
cblr-1762	224	14	hedge	hedge	NOUN
cblr-1762	224	15	fund	fund	NOUN
cblr-1762	224	16	explicitly	explicitly	ADV
cblr-1762	224	17	states	state	VERB
cblr-1762	224	18	that	that	SCONJ
cblr-1762	224	19	it	it	PRON
cblr-1762	224	20	believes	believe	VERB
cblr-1762	224	21	the	the	DET
cblr-1762	224	22	target	target	NOUN
cblr-1762	224	23	is	be	AUX
cblr-1762	224	24	undervalued	undervalue	VERB
cblr-1762	224	25	.	.	PUNCT
cblr-1762	225	1	to	to	ADP
cblr-1762	225	2	the	the	DET
cblr-1762	225	3	extent	extent	NOUN
cblr-1762	225	4	that	that	SCONJ
cblr-1762	225	5	activist	activist	ADJ
cblr-1762	225	6	hedge	hedge	NOUN
cblr-1762	225	7	funds	fund	NOUN
cblr-1762	225	8	profit	profit	NOUN
cblr-1762	225	9	from	from	ADP
cblr-1762	225	10	the	the	DET
cblr-1762	225	11	improvement	improvement	NOUN
cblr-1762	225	12	of	of	ADP
cblr-1762	225	13	the	the	DET
cblr-1762	225	14	companies	company	NOUN
cblr-1762	225	15	’	’	PART
cblr-1762	225	16	operations	operation	NOUN
cblr-1762	225	17	and	and	CCONJ
cblr-1762	225	18	strategies	strategy	NOUN
cblr-1762	225	19	,	,	PUNCT
cblr-1762	225	20	it	it	PRON
cblr-1762	225	21	is	be	AUX
cblr-1762	225	22	also	also	ADV
cblr-1762	225	23	important	important	ADJ
cblr-1762	225	24	that	that	SCONJ
cblr-1762	225	25	hedge	hedge	NOUN
cblr-1762	225	26	funds	fund	NOUN
cblr-1762	225	27	target	target	VERB
cblr-1762	225	28	companies	company	NOUN
cblr-1762	225	29	whose	whose	DET
cblr-1762	225	30	stock	stock	NOUN
cblr-1762	225	31	prices	price	NOUN
cblr-1762	225	32	have	have	VERB
cblr-1762	225	33	yet	yet	ADV
cblr-1762	225	34	to	to	PART
cblr-1762	225	35	reflect	reflect	VERB
cblr-1762	225	36	the	the	DET
cblr-1762	225	37	potential	potential	NOUN
cblr-1762	225	38	for	for	ADP
cblr-1762	225	39	improvement	improvement	NOUN
cblr-1762	225	40	.	.	PUNCT
cblr-1762	226	1	see	see	VERB
cblr-1762	226	2	brav	brav	PROPN
cblr-1762	226	3	et	et	PROPN
cblr-1762	226	4	al	al	PROPN
cblr-1762	226	5	.	.	PROPN
cblr-1762	226	6	,	,	PUNCT
cblr-1762	226	7	supra	supra	PROPN
cblr-1762	226	8	note	note	PROPN
cblr-1762	226	9	7	7	NUM
cblr-1762	226	10	,	,	PUNCT
cblr-1762	226	11	at	at	ADP
cblr-1762	226	12	207	207	NUM
cblr-1762	226	13	.	.	PUNCT
cblr-1762	227	1	sharfman	sharfman	NOUN
cblr-1762	227	2	–	–	PUNCT
cblr-1762	227	3	final	final	ADJ
cblr-1762	227	4	830	830	NUM
cblr-1762	227	5	columbia	columbia	PROPN
cblr-1762	227	6	business	business	NOUN
cblr-1762	227	7	law	law	PROPN
cblr-1762	227	8	review	review	NOUN
cblr-1762	227	9	[	[	X
cblr-1762	227	10	vol	vol	NOUN
cblr-1762	227	11	.	.	PUNCT
cblr-1762	227	12	2015	2015	NUM
cblr-1762	227	13	thesis	thesis	NOUN
cblr-1762	227	14	:	:	PUNCT
cblr-1762	227	15	in	in	ADP
cblr-1762	227	16	the	the	DET
cblr-1762	227	17	context	context	NOUN
cblr-1762	227	18	of	of	ADP
cblr-1762	227	19	public	public	ADJ
cblr-1762	227	20	companies	company	NOUN
cblr-1762	227	21	,	,	PUNCT
cblr-1762	227	22	shareholder	shareholder	NOUN
cblr-1762	227	23	activism	activism	NOUN
cblr-1762	227	24	may	may	AUX
cblr-1762	227	25	constitute	constitute	VERB
cblr-1762	227	26	a	a	DET
cblr-1762	227	27	valuable	valuable	ADJ
cblr-1762	227	28	asset	asset	NOUN
cblr-1762	227	29	in	in	ADP
cblr-1762	227	30	and	and	CCONJ
cblr-1762	227	31	of	of	ADP
cblr-1762	227	32	itself	itself	PRON
cblr-1762	227	33	if	if	SCONJ
cblr-1762	227	34	the	the	DET
cblr-1762	227	35	goal	goal	NOUN
cblr-1762	227	36	of	of	ADP
cblr-1762	227	37	such	such	ADJ
cblr-1762	227	38	activism	activism	NOUN
cblr-1762	227	39	is	be	AUX
cblr-1762	227	40	to	to	PART
cblr-1762	227	41	enhance	enhance	VERB
cblr-1762	227	42	managerial	managerial	ADJ
cblr-1762	227	43	efficiency.51	efficiency.51	NOUN
cblr-1762	227	44	this	this	DET
cblr-1762	227	45	thesis	thesis	NOUN
cblr-1762	227	46	is	be	AUX
cblr-1762	227	47	essentially	essentially	ADV
cblr-1762	227	48	a	a	DET
cblr-1762	227	49	subdued	subdued	ADJ
cblr-1762	227	50	form	form	NOUN
cblr-1762	227	51	of	of	ADP
cblr-1762	227	52	henry	henry	PROPN
cblr-1762	227	53	manne	manne	PROPN
cblr-1762	227	54	’s	’s	PART
cblr-1762	227	55	thesis	thesis	NOUN
cblr-1762	227	56	regarding	regard	VERB
cblr-1762	227	57	the	the	DET
cblr-1762	227	58	market	market	NOUN
cblr-1762	227	59	for	for	ADP
cblr-1762	227	60	corporate	corporate	ADJ
cblr-1762	227	61	control	control	NOUN
cblr-1762	227	62	.	.	PUNCT
cblr-1762	228	1	both	both	PRON
cblr-1762	228	2	begin	begin	VERB
cblr-1762	228	3	with	with	ADP
cblr-1762	228	4	manne	manne	PROPN
cblr-1762	228	5	’s	’s	PART
cblr-1762	228	6	premise	premise	NOUN
cblr-1762	228	7	that	that	SCONJ
cblr-1762	228	8	there	there	PRON
cblr-1762	228	9	exists	exist	VERB
cblr-1762	228	10	“	"	PUNCT
cblr-1762	228	11	a	a	DET
cblr-1762	228	12	high	high	ADJ
cblr-1762	228	13	positive	positive	ADJ
cblr-1762	228	14	correlation	correlation	NOUN
cblr-1762	228	15	between	between	ADP
cblr-1762	228	16	corporate	corporate	ADJ
cblr-1762	228	17	managerial	managerial	ADJ
cblr-1762	228	18	efficiency	efficiency	NOUN
cblr-1762	228	19	and	and	CCONJ
cblr-1762	228	20	the	the	DET
cblr-1762	228	21	market	market	NOUN
cblr-1762	228	22	price	price	NOUN
cblr-1762	228	23	of	of	ADP
cblr-1762	228	24	shares	share	NOUN
cblr-1762	228	25	of	of	ADP
cblr-1762	228	26	that	that	DET
cblr-1762	228	27	company	company	NOUN
cblr-1762	228	28	.	.	PUNCT
cblr-1762	229	1	”52	”52	PUNCT
cblr-1762	229	2	such	such	DET
cblr-1762	229	3	a	a	DET
cblr-1762	229	4	premise	premise	NOUN
cblr-1762	229	5	means	mean	VERB
cblr-1762	229	6	that	that	SCONJ
cblr-1762	229	7	the	the	DET
cblr-1762	229	8	price	price	NOUN
cblr-1762	229	9	of	of	ADP
cblr-1762	229	10	a	a	DET
cblr-1762	229	11	public	public	ADJ
cblr-1762	229	12	company	company	NOUN
cblr-1762	229	13	’s	’s	PART
cblr-1762	229	14	stock	stock	NOUN
cblr-1762	229	15	will	will	AUX
cblr-1762	229	16	in	in	ADP
cblr-1762	229	17	part	part	NOUN
cblr-1762	229	18	reflect	reflect	VERB
cblr-1762	229	19	managerial	managerial	ADJ
cblr-1762	229	20	performance	performance	NOUN
cblr-1762	229	21	.	.	PUNCT
cblr-1762	230	1	manne	manne	PROPN
cblr-1762	230	2	used	use	VERB
cblr-1762	230	3	this	this	DET
cblr-1762	230	4	premise	premise	NOUN
cblr-1762	230	5	to	to	PART
cblr-1762	230	6	argue	argue	VERB
cblr-1762	230	7	that	that	SCONJ
cblr-1762	230	8	“	"	PUNCT
cblr-1762	230	9	the	the	DET
cblr-1762	230	10	control	control	NOUN
cblr-1762	230	11	of	of	ADP
cblr-1762	230	12	corporations	corporation	NOUN
cblr-1762	230	13	may	may	AUX
cblr-1762	230	14	constitute	constitute	VERB
cblr-1762	230	15	a	a	DET
cblr-1762	230	16	valuable	valuable	ADJ
cblr-1762	230	17	asset	asset	NOUN
cblr-1762	230	18	”	"	PUNCT
cblr-1762	230	19	in	in	ADP
cblr-1762	230	20	and	and	CCONJ
cblr-1762	230	21	of	of	ADP
cblr-1762	230	22	itself	itself	PRON
cblr-1762	230	23	,	,	PUNCT
cblr-1762	230	24	an	an	DET
cblr-1762	230	25	asset	asset	NOUN
cblr-1762	230	26	that	that	SCONJ
cblr-1762	230	27	“	"	PUNCT
cblr-1762	230	28	exists	exist	VERB
cblr-1762	230	29	independent	independent	ADJ
cblr-1762	230	30	of	of	ADP
cblr-1762	230	31	any	any	DET
cblr-1762	230	32	interest	interest	NOUN
cblr-1762	230	33	in	in	ADP
cblr-1762	230	34	either	either	DET
cblr-1762	230	35	economics	economic	NOUN
cblr-1762	230	36	of	of	ADP
cblr-1762	230	37	scale	scale	NOUN
cblr-1762	230	38	or	or	CCONJ
cblr-1762	230	39	monopoly	monopoly	NOUN
cblr-1762	230	40	profits	profit	NOUN
cblr-1762	230	41	,	,	PUNCT
cblr-1762	230	42	”	"	PUNCT
cblr-1762	230	43	if	if	SCONJ
cblr-1762	230	44	the	the	DET
cblr-1762	230	45	acquirer	acquirer	NOUN
cblr-1762	230	46	takes	take	VERB
cblr-1762	230	47	control	control	NOUN
cblr-1762	230	48	with	with	ADP
cblr-1762	230	49	the	the	DET
cblr-1762	230	50	expectation	expectation	NOUN
cblr-1762	230	51	of	of	ADP
cblr-1762	230	52	correcting	correct	VERB
cblr-1762	230	53	managerial	managerial	ADJ
cblr-1762	230	54	inefficiencies.53	inefficiencies.53	NOUN
cblr-1762	230	55	“	"	PUNCT
cblr-1762	230	56	paradoxically	paradoxically	ADV
cblr-1762	230	57	,	,	PUNCT
cblr-1762	230	58	”	"	PUNCT
cblr-1762	230	59	value	value	NOUN
cblr-1762	230	60	investors	investor	NOUN
cblr-1762	230	61	“	"	PUNCT
cblr-1762	230	62	who	who	PRON
cblr-1762	230	63	have	have	VERB
cblr-1762	230	64	the	the	DET
cblr-1762	230	65	necessary	necessary	ADJ
cblr-1762	230	66	information	information	NOUN
cblr-1762	230	67	,	,	PUNCT
cblr-1762	230	68	but	but	CCONJ
cblr-1762	230	69	do	do	AUX
cblr-1762	230	70	not	not	PART
cblr-1762	230	71	participate	participate	VERB
cblr-1762	230	72	in	in	ADP
cblr-1762	230	73	the	the	DET
cblr-1762	230	74	market	market	NOUN
cblr-1762	230	75	for	for	ADP
cblr-1762	230	76	corporate	corporate	ADJ
cblr-1762	230	77	control	control	NOUN
cblr-1762	230	78	,	,	PUNCT
cblr-1762	230	79	create	create	VERB
cblr-1762	230	80	the	the	DET
cblr-1762	230	81	foundation	foundation	NOUN
cblr-1762	230	82	for	for	ADP
cblr-1762	230	83	its	its	PRON
cblr-1762	230	84	success	success	NOUN
cblr-1762	230	85	.	.	PUNCT
cblr-1762	231	1	”54	”54	VERB
cblr-1762	232	1	moreover	moreover	ADV
cblr-1762	232	2	a	a	DET
cblr-1762	232	3	“	"	PUNCT
cblr-1762	232	4	critical	critical	ADJ
cblr-1762	232	5	assumption	assumption	NOUN
cblr-1762	232	6	surrounding	surround	VERB
cblr-1762	232	7	the	the	DET
cblr-1762	232	8	market	market	NOUN
cblr-1762	232	9	for	for	ADP
cblr-1762	232	10	corporate	corporate	ADJ
cblr-1762	232	11	control	control	NOUN
cblr-1762	232	12	”	"	PUNCT
cblr-1762	232	13	is	be	AUX
cblr-1762	232	14	that	that	SCONJ
cblr-1762	232	15	value	value	NOUN
cblr-1762	232	16	investors	investor	NOUN
cblr-1762	232	17	would	would	AUX
cblr-1762	232	18	“	"	PUNCT
cblr-1762	232	19	rather	rather	ADV
cblr-1762	232	20	sell	sell	VERB
cblr-1762	232	21	their	their	PRON
cblr-1762	232	22	shares	share	NOUN
cblr-1762	232	23	than	than	SCONJ
cblr-1762	232	24	attempt	attempt	VERB
cblr-1762	232	25	to	to	PART
cblr-1762	232	26	acquire	acquire	VERB
cblr-1762	232	27	control	control	NOUN
cblr-1762	232	28	.	.	PUNCT
cblr-1762	233	1	”55	”55	PROPN
cblr-1762	233	2	however	however	ADV
cblr-1762	233	3	,	,	PUNCT
cblr-1762	233	4	a	a	DET
cblr-1762	233	5	low	low	ADJ
cblr-1762	233	6	share	share	NOUN
cblr-1762	233	7	price56	price56	NOUN
cblr-1762	233	8	resulting	result	VERB
cblr-1762	233	9	from	from	ADP
cblr-1762	233	10	a	a	DET
cblr-1762	233	11	significant	significant	ADJ
cblr-1762	233	12	number	number	NOUN
cblr-1762	233	13	of	of	ADP
cblr-1762	233	14	value	value	NOUN
cblr-1762	233	15	investors	investor	NOUN
cblr-1762	233	16	voting	vote	VERB
cblr-1762	233	17	with	with	ADP
cblr-1762	233	18	their	their	PRON
cblr-1762	233	19	feet	foot	NOUN
cblr-1762	233	20	does	do	AUX
cblr-1762	233	21	provide	provide	VERB
cblr-1762	233	22	an	an	DET
cblr-1762	233	23	opportunity	opportunity	NOUN
cblr-1762	233	24	for	for	SCONJ
cblr-1762	233	25	an	an	DET
cblr-1762	233	26	information	information	NOUN
cblr-1762	233	27	trader	trader	NOUN
cblr-1762	233	28	to	to	PART
cblr-1762	233	29	make	make	VERB
cblr-1762	233	30	the	the	DET
cblr-1762	233	31	investment	investment	NOUN
cblr-1762	233	32	necessary	necessary	ADJ
cblr-1762	233	33	to	to	PART
cblr-1762	233	34	acquire	acquire	VERB
cblr-1762	233	35	control	control	NOUN
cblr-1762	233	36	and	and	CCONJ
cblr-1762	233	37	use	use	VERB
cblr-1762	233	38	its	its	PRON
cblr-1762	233	39	expertise	expertise	NOUN
cblr-1762	233	40	51	51	NUM
cblr-1762	233	41	sharfman	sharfman	NOUN
cblr-1762	233	42	,	,	PUNCT
cblr-1762	233	43	supra	supra	PROPN
cblr-1762	233	44	note	note	NOUN
cblr-1762	233	45	46	46	NUM
cblr-1762	233	46	.	.	PUNCT
cblr-1762	234	1	52	52	NUM
cblr-1762	234	2	henry	henry	PROPN
cblr-1762	234	3	g.	g.	PROPN
cblr-1762	234	4	manne	manne	PROPN
cblr-1762	234	5	,	,	PUNCT
cblr-1762	234	6	mergers	merger	NOUN
cblr-1762	234	7	and	and	CCONJ
cblr-1762	234	8	the	the	DET
cblr-1762	234	9	market	market	NOUN
cblr-1762	234	10	for	for	ADP
cblr-1762	234	11	corporate	corporate	ADJ
cblr-1762	234	12	control	control	NOUN
cblr-1762	234	13	,	,	PUNCT
cblr-1762	234	14	73	73	NUM
cblr-1762	234	15	j.	j.	PROPN
cblr-1762	234	16	pol	pol	PROPN
cblr-1762	234	17	.	.	PUNCT
cblr-1762	234	18	econ	econ	PROPN
cblr-1762	234	19	.	.	PUNCT
cblr-1762	235	1	110	110	NUM
cblr-1762	235	2	,	,	PUNCT
cblr-1762	235	3	112	112	NUM
cblr-1762	235	4	(	(	PUNCT
cblr-1762	235	5	1965	1965	NUM
cblr-1762	235	6	)	)	PUNCT
cblr-1762	235	7	.	.	PUNCT
cblr-1762	236	1	53	53	NUM
cblr-1762	236	2	i	i	PROPN
cblr-1762	236	3	d.	d.	PROPN
cblr-1762	236	4	54	54	NUM
cblr-1762	236	5	sharfman	sharfman	NOUN
cblr-1762	236	6	,	,	PUNCT
cblr-1762	236	7	supra	supra	PROPN
cblr-1762	236	8	note	note	NOUN
cblr-1762	236	9	46	46	NUM
cblr-1762	236	10	.	.	PUNCT
cblr-1762	236	11	55	55	NUM
cblr-1762	237	1	i	i	PRON
cblr-1762	237	2	d.	d.	PROPN
cblr-1762	237	3	56	56	NUM
cblr-1762	237	4	according	accord	VERB
cblr-1762	237	5	to	to	ADP
cblr-1762	237	6	manne	manne	PROPN
cblr-1762	237	7	,	,	PUNCT
cblr-1762	237	8	“	"	PUNCT
cblr-1762	237	9	[	[	X
cblr-1762	237	10	t]he	t]he	ADV
cblr-1762	237	11	lower	lower	VERB
cblr-1762	237	12	the	the	DET
cblr-1762	237	13	stock	stock	NOUN
cblr-1762	237	14	price	price	NOUN
cblr-1762	237	15	,	,	PUNCT
cblr-1762	237	16	relative	relative	ADJ
cblr-1762	237	17	to	to	ADP
cblr-1762	237	18	what	what	PRON
cblr-1762	237	19	it	it	PRON
cblr-1762	237	20	could	could	AUX
cblr-1762	237	21	be	be	AUX
cblr-1762	237	22	with	with	ADP
cblr-1762	237	23	more	more	ADV
cblr-1762	237	24	efficient	efficient	ADJ
cblr-1762	237	25	management	management	NOUN
cblr-1762	237	26	,	,	PUNCT
cblr-1762	237	27	the	the	PRON
cblr-1762	237	28	more	more	ADV
cblr-1762	237	29	attractive	attractive	ADJ
cblr-1762	237	30	the	the	DET
cblr-1762	237	31	takeover	takeover	NOUN
cblr-1762	237	32	becomes	become	VERB
cblr-1762	237	33	to	to	ADP
cblr-1762	237	34	those	those	PRON
cblr-1762	237	35	who	who	PRON
cblr-1762	237	36	believe	believe	VERB
cblr-1762	237	37	that	that	SCONJ
cblr-1762	237	38	they	they	PRON
cblr-1762	237	39	can	can	AUX
cblr-1762	237	40	manage	manage	VERB
cblr-1762	237	41	the	the	DET
cblr-1762	237	42	company	company	NOUN
cblr-1762	237	43	more	more	ADV
cblr-1762	237	44	efficiently	efficiently	ADV
cblr-1762	237	45	.	.	PUNCT
cblr-1762	238	1	and	and	CCONJ
cblr-1762	238	2	the	the	DET
cblr-1762	238	3	potential	potential	ADJ
cblr-1762	238	4	return	return	NOUN
cblr-1762	238	5	from	from	ADP
cblr-1762	238	6	the	the	DET
cblr-1762	238	7	successful	successful	ADJ
cblr-1762	238	8	take	take	VERB
cblr-1762	238	9	-	-	PUNCT
cblr-1762	238	10	over	over	NOUN
cblr-1762	238	11	and	and	CCONJ
cblr-1762	238	12	revitalization	revitalization	NOUN
cblr-1762	238	13	of	of	ADP
cblr-1762	238	14	poorly	poorly	ADV
cblr-1762	238	15	run	run	VERB
cblr-1762	238	16	company	company	NOUN
cblr-1762	238	17	can	can	AUX
cblr-1762	238	18	be	be	AUX
cblr-1762	238	19	enormous	enormous	ADJ
cblr-1762	238	20	.	.	PUNCT
cblr-1762	238	21	”	"	PUNCT
cblr-1762	239	1	manne	manne	PROPN
cblr-1762	239	2	,	,	PUNCT
cblr-1762	239	3	supra	supra	PROPN
cblr-1762	239	4	note	note	PROPN
cblr-1762	239	5	52	52	NUM
cblr-1762	239	6	,	,	PUNCT
cblr-1762	239	7	at	at	ADP
cblr-1762	239	8	113	113	NUM
cblr-1762	239	9	.	.	PUNCT
cblr-1762	240	1	sharfman	sharfman	NOUN
cblr-1762	240	2	–	–	PUNCT
cblr-1762	240	3	final	final	ADJ
cblr-1762	240	4	no	no	NOUN
cblr-1762	240	5	.	.	PUNCT
cblr-1762	241	1	3:813	3:813	NUM
cblr-1762	241	2	]	]	X
cblr-1762	241	3	activist	activist	ADJ
cblr-1762	241	4	hedge	hedge	NOUN
cblr-1762	241	5	funds	fund	NOUN
cblr-1762	241	6	and	and	CCONJ
cblr-1762	241	7	long	long	ADJ
cblr-1762	241	8	-	-	PUNCT
cblr-1762	241	9	term	term	NOUN
cblr-1762	241	10	value	value	NOUN
cblr-1762	241	11	831	831	NUM
cblr-1762	241	12	to	to	PART
cblr-1762	241	13	correct	correct	VERB
cblr-1762	241	14	the	the	DET
cblr-1762	241	15	managerial	managerial	ADJ
cblr-1762	241	16	inefficiencies.57	inefficiencies.57	NOUN
cblr-1762	241	17	once	once	SCONJ
cblr-1762	241	18	these	these	DET
cblr-1762	241	19	inefficiencies	inefficiency	NOUN
cblr-1762	241	20	have	have	AUX
cblr-1762	241	21	been	be	AUX
cblr-1762	241	22	corrected	correct	VERB
cblr-1762	241	23	,	,	PUNCT
cblr-1762	241	24	the	the	DET
cblr-1762	241	25	information	information	NOUN
cblr-1762	241	26	trader	trader	NOUN
cblr-1762	241	27	can	can	AUX
cblr-1762	241	28	then	then	ADV
cblr-1762	241	29	sell	sell	VERB
cblr-1762	241	30	its	its	PRON
cblr-1762	241	31	investment	investment	NOUN
cblr-1762	241	32	for	for	ADP
cblr-1762	241	33	a	a	DET
cblr-1762	241	34	large	large	ADJ
cblr-1762	241	35	profit	profit	NOUN
cblr-1762	241	36	if	if	SCONJ
cblr-1762	241	37	it	it	PRON
cblr-1762	241	38	so	so	ADV
cblr-1762	241	39	desires.58	desires.58	VERB
cblr-1762	241	40	in	in	ADP
cblr-1762	241	41	order	order	NOUN
cblr-1762	241	42	to	to	PART
cblr-1762	241	43	determine	determine	VERB
cblr-1762	241	44	successful	successful	ADJ
cblr-1762	241	45	hedge	hedge	NOUN
cblr-1762	241	46	fund	fund	NOUN
cblr-1762	241	47	activism	activism	NOUN
cblr-1762	241	48	,	,	PUNCT
cblr-1762	241	49	the	the	DET
cblr-1762	241	50	theory	theory	NOUN
cblr-1762	241	51	of	of	ADP
cblr-1762	241	52	shareholder	shareholder	NOUN
cblr-1762	241	53	activism	activism	NOUN
cblr-1762	241	54	depends	depend	VERB
cblr-1762	241	55	upon	upon	SCONJ
cblr-1762	241	56	the	the	DET
cblr-1762	241	57	same	same	ADJ
cblr-1762	241	58	principles	principle	NOUN
cblr-1762	241	59	as	as	ADP
cblr-1762	241	60	the	the	DET
cblr-1762	241	61	market	market	NOUN
cblr-1762	241	62	for	for	ADP
cblr-1762	241	63	corporate	corporate	ADJ
cblr-1762	241	64	control	control	NOUN
cblr-1762	241	65	.	.	PUNCT
cblr-1762	242	1	a	a	DET
cblr-1762	242	2	low	low	ADJ
cblr-1762	242	3	share	share	NOUN
cblr-1762	242	4	price	price	NOUN
cblr-1762	242	5	provides	provide	VERB
cblr-1762	242	6	opportunities	opportunity	NOUN
cblr-1762	242	7	for	for	SCONJ
cblr-1762	242	8	the	the	DET
cblr-1762	242	9	activist	activist	ADJ
cblr-1762	242	10	hedge	hedge	NOUN
cblr-1762	242	11	fund	fund	NOUN
cblr-1762	242	12	to	to	PART
cblr-1762	242	13	buy	buy	VERB
cblr-1762	242	14	low	low	ADJ
cblr-1762	242	15	,	,	PUNCT
cblr-1762	242	16	provide	provide	VERB
cblr-1762	242	17	recommendations	recommendation	NOUN
cblr-1762	242	18	that	that	PRON
cblr-1762	242	19	will	will	AUX
cblr-1762	242	20	be	be	AUX
cblr-1762	242	21	implemented	implement	VERB
cblr-1762	242	22	by	by	ADP
cblr-1762	242	23	the	the	DET
cblr-1762	242	24	board	board	NOUN
cblr-1762	242	25	,	,	PUNCT
cblr-1762	242	26	and	and	CCONJ
cblr-1762	242	27	then	then	ADV
cblr-1762	242	28	sell	sell	VERB
cblr-1762	242	29	for	for	ADP
cblr-1762	242	30	a	a	DET
cblr-1762	242	31	profit	profit	NOUN
cblr-1762	242	32	.	.	PUNCT
cblr-1762	243	1	this	this	PRON
cblr-1762	243	2	assumes	assume	VERB
cblr-1762	243	3	that	that	SCONJ
cblr-1762	243	4	the	the	DET
cblr-1762	243	5	activist	activist	NOUN
cblr-1762	243	6	holds	hold	VERB
cblr-1762	243	7	enough	enough	ADJ
cblr-1762	243	8	shares	share	NOUN
cblr-1762	243	9	in	in	ADP
cblr-1762	243	10	the	the	DET
cblr-1762	243	11	company	company	NOUN
cblr-1762	243	12	to	to	PART
cblr-1762	243	13	earn	earn	VERB
cblr-1762	243	14	a	a	DET
cblr-1762	243	15	large	large	ADJ
cblr-1762	243	16	enough	enough	ADJ
cblr-1762	243	17	return	return	NOUN
cblr-1762	243	18	on	on	ADP
cblr-1762	243	19	the	the	DET
cblr-1762	243	20	expected	expect	VERB
cblr-1762	243	21	increase	increase	NOUN
cblr-1762	243	22	in	in	ADP
cblr-1762	243	23	the	the	DET
cblr-1762	243	24	stock	stock	NOUN
cblr-1762	243	25	price	price	NOUN
cblr-1762	243	26	to	to	PART
cblr-1762	243	27	cover	cover	VERB
cblr-1762	243	28	the	the	DET
cblr-1762	243	29	costs	cost	NOUN
cblr-1762	243	30	of	of	ADP
cblr-1762	243	31	its	its	PRON
cblr-1762	243	32	activism.59	activism.59	PROPN
cblr-1762	243	33	if	if	SCONJ
cblr-1762	243	34	so	so	ADV
cblr-1762	243	35	,	,	PUNCT
cblr-1762	243	36	then	then	ADV
cblr-1762	243	37	successful	successful	ADJ
cblr-1762	243	38	hedge	hedge	NOUN
cblr-1762	243	39	fund	fund	NOUN
cblr-1762	243	40	activism	activism	NOUN
cblr-1762	243	41	benefits	benefit	VERB
cblr-1762	243	42	all	all	DET
cblr-1762	243	43	shareholders.60	shareholders.60	VERB
cblr-1762	243	44	such	such	ADJ
cblr-1762	243	45	activism	activism	NOUN
cblr-1762	243	46	also	also	ADV
cblr-1762	243	47	has	have	VERB
cblr-1762	243	48	the	the	DET
cblr-1762	243	49	attributes	attribute	NOUN
cblr-1762	243	50	of	of	ADP
cblr-1762	243	51	a	a	DET
cblr-1762	243	52	public	public	ADJ
cblr-1762	243	53	good	good	NOUN
cblr-1762	243	54	as	as	SCONJ
cblr-1762	243	55	the	the	DET
cblr-1762	243	56	activists	activist	NOUN
cblr-1762	243	57	absorb	absorb	VERB
cblr-1762	243	58	all	all	DET
cblr-1762	243	59	costs	cost	NOUN
cblr-1762	243	60	privately	privately	ADV
cblr-1762	243	61	but	but	CCONJ
cblr-1762	243	62	share	share	VERB
cblr-1762	243	63	the	the	DET
cblr-1762	243	64	value	value	NOUN
cblr-1762	243	65	created	create	VERB
cblr-1762	243	66	with	with	ADP
cblr-1762	243	67	all	all	DET
cblr-1762	243	68	other	other	ADJ
cblr-1762	243	69	public	public	ADJ
cblr-1762	243	70	shareholders.61	shareholders.61	NOUN
cblr-1762	243	71	iv	iv	NOUN
cblr-1762	243	72	.	.	PUNCT
cblr-1762	243	73	defining	define	VERB
cblr-1762	243	74	long	long	ADJ
cblr-1762	243	75	-	-	PUNCT
cblr-1762	243	76	term	term	NOUN
cblr-1762	243	77	value	value	NOUN
cblr-1762	243	78	creation	creation	NOUN
cblr-1762	243	79	having	have	VERB
cblr-1762	243	80	a	a	DET
cblr-1762	243	81	common	common	ADJ
cblr-1762	243	82	understanding	understanding	NOUN
cblr-1762	243	83	of	of	ADP
cblr-1762	243	84	what	what	PRON
cblr-1762	243	85	is	be	AUX
cblr-1762	243	86	meant	mean	VERB
cblr-1762	243	87	by	by	ADP
cblr-1762	243	88	“	"	PUNCT
cblr-1762	243	89	long	long	ADJ
cblr-1762	243	90	-	-	PUNCT
cblr-1762	243	91	term	term	NOUN
cblr-1762	243	92	value	value	NOUN
cblr-1762	243	93	creation	creation	NOUN
cblr-1762	243	94	”	"	PUNCT
cblr-1762	243	95	is	be	AUX
cblr-1762	243	96	critical	critical	ADJ
cblr-1762	243	97	to	to	ADP
cblr-1762	243	98	having	have	VERB
cblr-1762	243	99	a	a	DET
cblr-1762	243	100	productive	productive	ADJ
cblr-1762	243	101	discussion	discussion	NOUN
cblr-1762	243	102	regarding	regard	VERB
cblr-1762	243	103	the	the	DET
cblr-1762	243	104	merits	merit	NOUN
cblr-1762	243	105	of	of	ADP
cblr-1762	243	106	hedge	hedge	NOUN
cblr-1762	243	107	fund	fund	NOUN
cblr-1762	243	108	activism	activism	NOUN
cblr-1762	243	109	.	.	PUNCT
cblr-1762	244	1	however	however	ADV
cblr-1762	244	2	,	,	PUNCT
cblr-1762	244	3	this	this	DET
cblr-1762	244	4	term	term	NOUN
cblr-1762	244	5	is	be	AUX
cblr-1762	244	6	rarely	rarely	ADV
cblr-1762	244	7	defined	define	VERB
cblr-1762	244	8	in	in	ADP
cblr-1762	244	9	the	the	DET
cblr-1762	244	10	debate	debate	NOUN
cblr-1762	244	11	,	,	PUNCT
cblr-1762	244	12	an	an	DET
cblr-1762	244	13	omission	omission	NOUN
cblr-1762	244	14	that	that	PRON
cblr-1762	244	15	should	should	AUX
cblr-1762	244	16	not	not	PART
cblr-1762	244	17	be	be	AUX
cblr-1762	244	18	allowed	allow	VERB
cblr-1762	244	19	to	to	PART
cblr-1762	244	20	continue	continue	VERB
cblr-1762	244	21	if	if	SCONJ
cblr-1762	244	22	the	the	DET
cblr-1762	244	23	ongoing	ongoing	ADJ
cblr-1762	244	24	debate	debate	NOUN
cblr-1762	244	25	is	be	AUX
cblr-1762	244	26	to	to	PART
cblr-1762	244	27	have	have	VERB
cblr-1762	244	28	any	any	DET
cblr-1762	244	29	productive	productive	ADJ
cblr-1762	244	30	value	value	NOUN
cblr-1762	244	31	.	.	PUNCT
cblr-1762	245	1	a.	a.	NOUN
cblr-1762	245	2	defining	define	VERB
cblr-1762	245	3	value	value	NOUN
cblr-1762	245	4	to	to	PART
cblr-1762	245	5	begin	begin	VERB
cblr-1762	245	6	,	,	PUNCT
cblr-1762	245	7	defining	define	VERB
cblr-1762	245	8	long	long	ADJ
cblr-1762	245	9	-	-	PUNCT
cblr-1762	245	10	term	term	NOUN
cblr-1762	245	11	value	value	NOUN
cblr-1762	245	12	creation	creation	NOUN
cblr-1762	245	13	means	mean	VERB
cblr-1762	245	14	having	have	VERB
cblr-1762	245	15	an	an	DET
cblr-1762	245	16	understanding	understanding	NOUN
cblr-1762	245	17	of	of	ADP
cblr-1762	245	18	what	what	PRON
cblr-1762	245	19	is	be	AUX
cblr-1762	245	20	meant	mean	VERB
cblr-1762	245	21	by	by	ADP
cblr-1762	245	22	a	a	DET
cblr-1762	245	23	firm	firm	ADJ
cblr-1762	245	24	having	have	VERB
cblr-1762	245	25	value	value	NOUN
cblr-1762	245	26	.	.	PUNCT
cblr-1762	246	1	from	from	ADP
cblr-1762	246	2	a	a	DET
cblr-1762	246	3	corporate	corporate	ADJ
cblr-1762	246	4	finance	finance	NOUN
cblr-1762	246	5	perspective	perspective	NOUN
cblr-1762	246	6	,	,	PUNCT
cblr-1762	246	7	the	the	DET
cblr-1762	246	8	approach	approach	NOUN
cblr-1762	246	9	taken	take	VERB
cblr-1762	246	10	here	here	ADV
cblr-1762	246	11	,	,	PUNCT
cblr-1762	246	12	a	a	DET
cblr-1762	246	13	firm	firm	NOUN
cblr-1762	246	14	creates	create	VERB
cblr-1762	246	15	value	value	NOUN
cblr-1762	246	16	by	by	ADP
cblr-1762	246	17	generating	generate	VERB
cblr-1762	246	18	enough	enough	ADJ
cblr-1762	246	19	cash	cash	NOUN
cblr-1762	246	20	inflows	inflow	NOUN
cblr-1762	246	21	to	to	PART
cblr-1762	246	22	cover	cover	VERB
cblr-1762	246	23	its	its	PRON
cblr-1762	246	24	cash	cash	NOUN
cblr-1762	246	25	outflows	outflow	NOUN
cblr-1762	246	26	.	.	PUNCT
cblr-1762	247	1	however	however	ADV
cblr-1762	247	2	,	,	PUNCT
cblr-1762	247	3	that	that	SCONJ
cblr-1762	247	4	still	still	ADV
cblr-1762	247	5	does	do	AUX
cblr-1762	247	6	not	not	PART
cblr-1762	247	7	provide	provide	VERB
cblr-1762	247	8	a	a	DET
cblr-1762	247	9	complete	complete	ADJ
cblr-1762	247	10	picture	picture	NOUN
cblr-1762	247	11	of	of	ADP
cblr-1762	247	12	whether	whether	SCONJ
cblr-1762	247	13	or	or	CCONJ
cblr-1762	247	14	not	not	PART
cblr-1762	247	15	a	a	DET
cblr-1762	247	16	firm	firm	NOUN
cblr-1762	247	17	has	have	AUX
cblr-1762	247	18	57	57	NUM
cblr-1762	247	19	sharfman	sharfman	NOUN
cblr-1762	247	20	,	,	PUNCT
cblr-1762	247	21	supra	supra	PROPN
cblr-1762	247	22	note	note	NOUN
cblr-1762	247	23	46	46	NUM
cblr-1762	247	24	.	.	PUNCT
cblr-1762	248	1	58	58	NUM
cblr-1762	249	1	i	i	PRON
cblr-1762	249	2	d.	d.	PROPN
cblr-1762	249	3	59	59	NUM
cblr-1762	250	1	i	i	PRON
cblr-1762	250	2	d.	d.	PROPN
cblr-1762	250	3	60	60	NUM
cblr-1762	251	1	i	i	PRON
cblr-1762	251	2	d.	d.	PROPN
cblr-1762	251	3	61	61	NUM
cblr-1762	251	4	jansson	jansson	PROPN
cblr-1762	251	5	,	,	PUNCT
cblr-1762	251	6	supra	supra	PROPN
cblr-1762	251	7	note	note	PROPN
cblr-1762	251	8	23	23	NUM
cblr-1762	251	9	,	,	PUNCT
cblr-1762	251	10	at	at	ADP
cblr-1762	251	11	16	16	NUM
cblr-1762	251	12	.	.	PUNCT
cblr-1762	252	1	sharfman	sharfman	PROPN
cblr-1762	252	2	–	–	PUNCT
cblr-1762	252	3	final	final	ADJ
cblr-1762	252	4	832	832	NUM
cblr-1762	252	5	columbia	columbia	PROPN
cblr-1762	252	6	business	business	NOUN
cblr-1762	252	7	law	law	PROPN
cblr-1762	252	8	review	review	NOUN
cblr-1762	252	9	[	[	X
cblr-1762	252	10	vol	vol	NOUN
cblr-1762	252	11	.	.	NOUN
cblr-1762	252	12	2015	2015	NUM
cblr-1762	252	13	value	value	NOUN
cblr-1762	252	14	.	.	PUNCT
cblr-1762	253	1	the	the	DET
cblr-1762	253	2	timing	timing	NOUN
cblr-1762	253	3	of	of	ADP
cblr-1762	253	4	the	the	DET
cblr-1762	253	5	inflows	inflow	NOUN
cblr-1762	253	6	and	and	CCONJ
cblr-1762	253	7	outflows	outflow	NOUN
cblr-1762	253	8	must	must	AUX
cblr-1762	253	9	then	then	ADV
cblr-1762	253	10	be	be	AUX
cblr-1762	253	11	discounted	discount	VERB
cblr-1762	253	12	by	by	ADP
cblr-1762	253	13	the	the	DET
cblr-1762	253	14	proper	proper	ADJ
cblr-1762	253	15	interest	interest	NOUN
cblr-1762	253	16	rate	rate	NOUN
cblr-1762	253	17	to	to	PART
cblr-1762	253	18	determine	determine	VERB
cblr-1762	253	19	if	if	SCONJ
cblr-1762	253	20	they	they	PRON
cblr-1762	253	21	have	have	VERB
cblr-1762	253	22	a	a	DET
cblr-1762	253	23	positive	positive	ADJ
cblr-1762	253	24	net	net	ADJ
cblr-1762	253	25	present	present	ADJ
cblr-1762	253	26	value	value	NOUN
cblr-1762	253	27	.	.	PUNCT
cblr-1762	254	1	if	if	SCONJ
cblr-1762	254	2	they	they	PRON
cblr-1762	254	3	do	do	VERB
cblr-1762	254	4	,	,	PUNCT
cblr-1762	254	5	then	then	ADV
cblr-1762	254	6	the	the	DET
cblr-1762	254	7	firm	firm	NOUN
cblr-1762	254	8	has	have	VERB
cblr-1762	254	9	value	value	NOUN
cblr-1762	254	10	.	.	PUNCT
cblr-1762	255	1	moreover	moreover	ADV
cblr-1762	255	2	,	,	PUNCT
cblr-1762	255	3	if	if	SCONJ
cblr-1762	255	4	the	the	DET
cblr-1762	255	5	net	net	ADJ
cblr-1762	255	6	present	present	ADJ
cblr-1762	255	7	value	value	NOUN
cblr-1762	255	8	of	of	ADP
cblr-1762	255	9	a	a	DET
cblr-1762	255	10	firm	firm	NOUN
cblr-1762	255	11	’s	’s	PART
cblr-1762	255	12	net	net	ADJ
cblr-1762	255	13	cash	cash	NOUN
cblr-1762	255	14	flows	flow	NOUN
cblr-1762	255	15	is	be	AUX
cblr-1762	255	16	the	the	DET
cblr-1762	255	17	proper	proper	ADJ
cblr-1762	255	18	definition	definition	NOUN
cblr-1762	255	19	of	of	ADP
cblr-1762	255	20	a	a	DET
cblr-1762	255	21	firm	firm	NOUN
cblr-1762	255	22	’s	’s	PART
cblr-1762	255	23	value	value	NOUN
cblr-1762	255	24	,	,	PUNCT
cblr-1762	255	25	then	then	ADV
cblr-1762	255	26	continuously	continuously	ADV
cblr-1762	255	27	making	make	VERB
cblr-1762	255	28	investments	investment	NOUN
cblr-1762	255	29	with	with	ADP
cblr-1762	255	30	present	present	ADJ
cblr-1762	255	31	values	value	NOUN
cblr-1762	255	32	expected	expect	VERB
cblr-1762	255	33	to	to	PART
cblr-1762	255	34	be	be	AUX
cblr-1762	255	35	positive	positive	ADJ
cblr-1762	255	36	should	should	AUX
cblr-1762	255	37	lead	lead	VERB
cblr-1762	255	38	to	to	ADP
cblr-1762	255	39	long	long	ADJ
cblr-1762	255	40	-	-	PUNCT
cblr-1762	255	41	term	term	NOUN
cblr-1762	255	42	value	value	NOUN
cblr-1762	255	43	creation	creation	NOUN
cblr-1762	255	44	.	.	PUNCT
cblr-1762	256	1	such	such	DET
cblr-1762	256	2	a	a	DET
cblr-1762	256	3	process	process	NOUN
cblr-1762	256	4	can	can	AUX
cblr-1762	256	5	be	be	AUX
cblr-1762	256	6	referred	refer	VERB
cblr-1762	256	7	to	to	ADP
cblr-1762	256	8	as	as	ADP
cblr-1762	256	9	sustainable	sustainable	ADJ
cblr-1762	256	10	value	value	NOUN
cblr-1762	256	11	creation	creation	NOUN
cblr-1762	256	12	.	.	PUNCT
cblr-1762	257	1	however	however	ADV
cblr-1762	257	2	,	,	PUNCT
cblr-1762	257	3	if	if	SCONJ
cblr-1762	257	4	we	we	PRON
cblr-1762	257	5	want	want	VERB
cblr-1762	257	6	to	to	PART
cblr-1762	257	7	make	make	VERB
cblr-1762	257	8	sure	sure	ADJ
cblr-1762	257	9	that	that	SCONJ
cblr-1762	257	10	sustainable	sustainable	ADJ
cblr-1762	257	11	value	value	NOUN
cblr-1762	257	12	creation	creation	NOUN
cblr-1762	257	13	has	have	VERB
cblr-1762	257	14	the	the	DET
cblr-1762	257	15	best	good	ADJ
cblr-1762	257	16	chance	chance	NOUN
cblr-1762	257	17	of	of	ADP
cblr-1762	257	18	occurring	occur	VERB
cblr-1762	257	19	at	at	ADP
cblr-1762	257	20	any	any	DET
cblr-1762	257	21	point	point	NOUN
cblr-1762	257	22	in	in	ADP
cblr-1762	257	23	time	time	NOUN
cblr-1762	257	24	,	,	PUNCT
cblr-1762	257	25	then	then	ADV
cblr-1762	257	26	the	the	DET
cblr-1762	257	27	management	management	NOUN
cblr-1762	257	28	of	of	ADP
cblr-1762	257	29	a	a	DET
cblr-1762	257	30	public	public	ADJ
cblr-1762	257	31	company	company	NOUN
cblr-1762	257	32	should	should	AUX
cblr-1762	257	33	also	also	ADV
cblr-1762	257	34	have	have	VERB
cblr-1762	257	35	the	the	DET
cblr-1762	257	36	responsibility	responsibility	NOUN
cblr-1762	257	37	of	of	ADP
cblr-1762	257	38	trying	try	VERB
cblr-1762	257	39	to	to	PART
cblr-1762	257	40	maximize	maximize	VERB
cblr-1762	257	41	this	this	DET
cblr-1762	257	42	net	net	ADJ
cblr-1762	257	43	present	present	ADJ
cblr-1762	257	44	value	value	NOUN
cblr-1762	257	45	as	as	ADP
cblr-1762	257	46	part	part	NOUN
cblr-1762	257	47	of	of	ADP
cblr-1762	257	48	its	its	PRON
cblr-1762	257	49	decision	decision	NOUN
cblr-1762	257	50	-	-	PUNCT
cblr-1762	257	51	making	make	VERB
cblr-1762	257	52	calculus	calculus	NOUN
cblr-1762	257	53	.	.	PUNCT
cblr-1762	258	1	hence	hence	ADV
cblr-1762	258	2	,	,	PUNCT
cblr-1762	258	3	longterm	longterm	NOUN
cblr-1762	258	4	value	value	NOUN
cblr-1762	258	5	creation	creation	NOUN
cblr-1762	258	6	is	be	AUX
cblr-1762	258	7	equivalent	equivalent	ADJ
cblr-1762	258	8	to	to	ADP
cblr-1762	258	9	maximizing	maximize	VERB
cblr-1762	258	10	a	a	DET
cblr-1762	258	11	firm	firm	NOUN
cblr-1762	258	12	’s	’s	PART
cblr-1762	258	13	net	net	ADJ
cblr-1762	258	14	present	present	ADJ
cblr-1762	258	15	value.62	value.62	NOUN
cblr-1762	258	16	this	this	DET
cblr-1762	258	17	maximization	maximization	NOUN
cblr-1762	258	18	is	be	AUX
cblr-1762	258	19	what	what	PRON
cblr-1762	258	20	the	the	DET
cblr-1762	258	21	board	board	NOUN
cblr-1762	258	22	and	and	CCONJ
cblr-1762	258	23	executive	executive	ADJ
cblr-1762	258	24	management	management	NOUN
cblr-1762	258	25	should	should	AUX
cblr-1762	258	26	be	be	AUX
cblr-1762	258	27	striving	strive	VERB
cblr-1762	258	28	to	to	PART
cblr-1762	258	29	achieve	achieve	VERB
cblr-1762	258	30	.	.	PUNCT
cblr-1762	259	1	b.	b.	PROPN
cblr-1762	259	2	investment	investment	PROPN
cblr-1762	259	3	time	time	PROPN
cblr-1762	259	4	horizon	horizon	PROPN
cblr-1762	259	5	defining	define	VERB
cblr-1762	259	6	what	what	PRON
cblr-1762	259	7	is	be	AUX
cblr-1762	259	8	meant	mean	VERB
cblr-1762	259	9	by	by	ADP
cblr-1762	259	10	long	long	ADJ
cblr-1762	259	11	-	-	PUNCT
cblr-1762	259	12	term	term	NOUN
cblr-1762	259	13	is	be	AUX
cblr-1762	259	14	another	another	DET
cblr-1762	259	15	issue	issue	NOUN
cblr-1762	259	16	that	that	PRON
cblr-1762	259	17	must	must	AUX
cblr-1762	259	18	be	be	AUX
cblr-1762	259	19	dealt	deal	VERB
cblr-1762	259	20	with	with	ADP
cblr-1762	259	21	up	up	ADJ
cblr-1762	259	22	-	-	PUNCT
cblr-1762	259	23	front	front	NOUN
cblr-1762	259	24	.	.	PUNCT
cblr-1762	260	1	fortunately	fortunately	ADV
cblr-1762	260	2	,	,	PUNCT
cblr-1762	260	3	the	the	DET
cblr-1762	260	4	delaware	delaware	PROPN
cblr-1762	260	5	supreme	supreme	PROPN
cblr-1762	260	6	court	court	PROPN
cblr-1762	260	7	in	in	ADP
cblr-1762	260	8	paramount	paramount	PROPN
cblr-1762	260	9	communications	communications	PROPN
cblr-1762	260	10	,	,	PUNCT
cblr-1762	260	11	inc	inc	PROPN
cblr-1762	260	12	.	.	PROPN
cblr-1762	260	13	v.	v.	PROPN
cblr-1762	260	14	time	time	PROPN
cblr-1762	260	15	inc	inc	PROPN
cblr-1762	260	16	.	.	PROPN
cblr-1762	260	17	provides	provide	VERB
cblr-1762	260	18	us	we	PRON
cblr-1762	260	19	with	with	ADP
cblr-1762	260	20	excellent	excellent	ADJ
cblr-1762	260	21	guidance	guidance	NOUN
cblr-1762	260	22	:	:	PUNCT
cblr-1762	261	1	[	[	X
cblr-1762	261	2	w]e	w]e	NOUN
cblr-1762	261	3	think	think	VERB
cblr-1762	261	4	it	it	PRON
cblr-1762	261	5	unwise	unwise	ADJ
cblr-1762	261	6	to	to	PART
cblr-1762	261	7	place	place	VERB
cblr-1762	261	8	undue	undue	ADJ
cblr-1762	261	9	emphasis	emphasis	NOUN
cblr-1762	261	10	upon	upon	SCONJ
cblr-1762	261	11	long	long	ADJ
cblr-1762	261	12	-	-	PUNCT
cblr-1762	261	13	term	term	NOUN
cblr-1762	261	14	versus	versus	ADP
cblr-1762	261	15	short	short	ADJ
cblr-1762	261	16	-	-	PUNCT
cblr-1762	261	17	term	term	NOUN
cblr-1762	261	18	corporate	corporate	ADJ
cblr-1762	261	19	strategy	strategy	NOUN
cblr-1762	261	20	.	.	PUNCT
cblr-1762	261	21	.	.	PUNCT
cblr-1762	261	22	.	.	PUNCT
cblr-1762	261	23	.	.	PUNCT
cblr-1762	262	1	delaware	delaware	PROPN
cblr-1762	262	2	law	law	PROPN
cblr-1762	262	3	imposes	impose	VERB
cblr-1762	262	4	on	on	ADP
cblr-1762	262	5	a	a	DET
cblr-1762	262	6	board	board	NOUN
cblr-1762	262	7	of	of	ADP
cblr-1762	262	8	directors	director	NOUN
cblr-1762	262	9	the	the	DET
cblr-1762	262	10	duty	duty	NOUN
cblr-1762	262	11	to	to	PART
cblr-1762	262	12	manage	manage	VERB
cblr-1762	262	13	the	the	DET
cblr-1762	262	14	business	business	NOUN
cblr-1762	262	15	and	and	CCONJ
cblr-1762	262	16	affairs	affair	NOUN
cblr-1762	262	17	of	of	ADP
cblr-1762	262	18	the	the	DET
cblr-1762	262	19	corporation	corporation	NOUN
cblr-1762	262	20	.	.	PUNCT
cblr-1762	263	1	8	8	NUM
cblr-1762	263	2	del.c	del.c	ADJ
cblr-1762	263	3	.	.	PUNCT
cblr-1762	264	1	§	§	PROPN
cblr-1762	264	2	141(a	141(a	PROPN
cblr-1762	264	3	)	)	PUNCT
cblr-1762	264	4	.	.	PUNCT
cblr-1762	265	1	this	this	DET
cblr-1762	265	2	broad	broad	ADJ
cblr-1762	265	3	mandate	mandate	NOUN
cblr-1762	265	4	62	62	NUM
cblr-1762	265	5	the	the	DET
cblr-1762	265	6	boston	boston	PROPN
cblr-1762	265	7	consulting	consulting	PROPN
cblr-1762	265	8	group	group	NOUN
cblr-1762	265	9	provides	provide	VERB
cblr-1762	265	10	a	a	DET
cblr-1762	265	11	definition	definition	NOUN
cblr-1762	265	12	of	of	ADP
cblr-1762	265	13	sustainable	sustainable	ADJ
cblr-1762	265	14	value	value	NOUN
cblr-1762	265	15	creation	creation	NOUN
cblr-1762	265	16	that	that	PRON
cblr-1762	265	17	places	place	VERB
cblr-1762	265	18	itself	itself	PRON
cblr-1762	265	19	in	in	ADP
cblr-1762	265	20	the	the	DET
cblr-1762	265	21	middle	middle	ADJ
cblr-1762	265	22	ground	ground	NOUN
cblr-1762	265	23	between	between	ADP
cblr-1762	265	24	the	the	DET
cblr-1762	265	25	definition	definition	NOUN
cblr-1762	265	26	used	use	VERB
cblr-1762	265	27	above	above	ADV
cblr-1762	265	28	and	and	CCONJ
cblr-1762	265	29	this	this	DET
cblr-1762	265	30	article	article	NOUN
cblr-1762	265	31	’s	’s	PART
cblr-1762	265	32	definition	definition	NOUN
cblr-1762	265	33	of	of	ADP
cblr-1762	265	34	long	long	ADJ
cblr-1762	265	35	-	-	PUNCT
cblr-1762	265	36	term	term	NOUN
cblr-1762	265	37	value	value	NOUN
cblr-1762	265	38	creation	creation	NOUN
cblr-1762	265	39	.	.	PUNCT
cblr-1762	266	1	“	"	PUNCT
cblr-1762	266	2	by	by	ADP
cblr-1762	266	3	definition	definition	NOUN
cblr-1762	266	4	,	,	PUNCT
cblr-1762	266	5	sustainable	sustainable	ADJ
cblr-1762	266	6	value	value	NOUN
cblr-1762	266	7	creation	creation	NOUN
cblr-1762	266	8	means	mean	VERB
cblr-1762	266	9	delivering	deliver	VERB
cblr-1762	266	10	superior	superior	ADJ
cblr-1762	266	11	shareholder	shareholder	NOUN
cblr-1762	266	12	returns	return	NOUN
cblr-1762	266	13	over	over	ADP
cblr-1762	266	14	the	the	DET
cblr-1762	266	15	long	long	ADJ
cblr-1762	266	16	term	term	NOUN
cblr-1762	266	17	,	,	PUNCT
cblr-1762	266	18	by	by	ADP
cblr-1762	266	19	which	which	PRON
cblr-1762	266	20	we	we	PRON
cblr-1762	266	21	mean	mean	VERB
cblr-1762	266	22	over	over	ADP
cblr-1762	266	23	a	a	DET
cblr-1762	266	24	decade	decade	NOUN
cblr-1762	266	25	or	or	CCONJ
cblr-1762	266	26	more	more	ADJ
cblr-1762	266	27	,	,	PUNCT
cblr-1762	266	28	not	not	PART
cblr-1762	266	29	just	just	ADV
cblr-1762	266	30	a	a	DET
cblr-1762	266	31	few	few	ADJ
cblr-1762	266	32	years	year	NOUN
cblr-1762	266	33	.	.	PUNCT
cblr-1762	266	34	”	"	PUNCT
cblr-1762	267	1	see	see	VERB
cblr-1762	267	2	eric	eric	PROPN
cblr-1762	267	3	olsen	olsen	PROPN
cblr-1762	267	4	et	et	PROPN
cblr-1762	267	5	al	al	PROPN
cblr-1762	267	6	.	.	PROPN
cblr-1762	267	7	,	,	PUNCT
cblr-1762	267	8	boston	boston	PROPN
cblr-1762	267	9	consulting	consulting	PROPN
cblr-1762	267	10	grp	grp	PROPN
cblr-1762	267	11	.	.	PROPN
cblr-1762	267	12	,	,	PUNCT
cblr-1762	267	13	searching	search	VERB
cblr-1762	267	14	for	for	ADP
cblr-1762	267	15	sustainability	sustainability	NOUN
cblr-1762	267	16	:	:	PUNCT
cblr-1762	267	17	value	value	NOUN
cblr-1762	267	18	creation	creation	NOUN
cblr-1762	267	19	in	in	ADP
cblr-1762	267	20	an	an	DET
cblr-1762	267	21	era	era	NOUN
cblr-1762	267	22	of	of	ADP
cblr-1762	267	23	diminished	diminish	VERB
cblr-1762	267	24	expectations	expectation	NOUN
cblr-1762	267	25	7	7	NUM
cblr-1762	267	26	(	(	PUNCT
cblr-1762	267	27	2009	2009	NUM
cblr-1762	267	28	)	)	PUNCT
cblr-1762	267	29	,	,	PUNCT
cblr-1762	267	30	http://www.bcg.com/documents	http://www.bcg.com/documents	PROPN
cblr-1762	267	31	/file31738.pdf	/file31738.pdf	PUNCT
cblr-1762	268	1	[	[	X
cblr-1762	268	2	http://perma.cc/ubn7-bxkb	http://perma.cc/ubn7-bxkb	X
cblr-1762	268	3	]	]	X
cblr-1762	268	4	.	.	PUNCT
cblr-1762	269	1	however	however	ADV
cblr-1762	269	2	,	,	PUNCT
cblr-1762	269	3	why	why	SCONJ
cblr-1762	269	4	the	the	DET
cblr-1762	269	5	definition	definition	NOUN
cblr-1762	269	6	stops	stop	VERB
cblr-1762	269	7	short	short	ADV
cblr-1762	269	8	of	of	ADP
cblr-1762	269	9	including	include	VERB
cblr-1762	269	10	shareholder	shareholder	NOUN
cblr-1762	269	11	wealth	wealth	NOUN
cblr-1762	269	12	maximization	maximization	NOUN
cblr-1762	269	13	is	be	AUX
cblr-1762	269	14	not	not	PART
cblr-1762	269	15	clear	clear	ADJ
cblr-1762	269	16	.	.	PUNCT
cblr-1762	270	1	sharfman	sharfman	NOUN
cblr-1762	270	2	–	–	PUNCT
cblr-1762	270	3	final	final	ADJ
cblr-1762	270	4	no	no	NOUN
cblr-1762	270	5	.	.	PUNCT
cblr-1762	271	1	3:813	3:813	NUM
cblr-1762	271	2	]	]	X
cblr-1762	271	3	activist	activist	ADJ
cblr-1762	271	4	hedge	hedge	NOUN
cblr-1762	271	5	funds	fund	NOUN
cblr-1762	271	6	and	and	CCONJ
cblr-1762	271	7	long	long	ADJ
cblr-1762	271	8	-	-	PUNCT
cblr-1762	271	9	term	term	NOUN
cblr-1762	271	10	value	value	NOUN
cblr-1762	271	11	833	833	NUM
cblr-1762	271	12	includes	include	VERB
cblr-1762	271	13	a	a	DET
cblr-1762	271	14	conferred	conferred	ADJ
cblr-1762	271	15	authority	authority	NOUN
cblr-1762	271	16	to	to	PART
cblr-1762	271	17	set	set	VERB
cblr-1762	271	18	a	a	DET
cblr-1762	271	19	corporate	corporate	ADJ
cblr-1762	271	20	course	course	NOUN
cblr-1762	271	21	of	of	ADP
cblr-1762	271	22	action	action	NOUN
cblr-1762	271	23	,	,	PUNCT
cblr-1762	271	24	including	include	VERB
cblr-1762	271	25	time	time	NOUN
cblr-1762	271	26	frame	frame	NOUN
cblr-1762	271	27	,	,	PUNCT
cblr-1762	271	28	designed	design	VERB
cblr-1762	271	29	to	to	PART
cblr-1762	271	30	enhance	enhance	VERB
cblr-1762	271	31	corporate	corporate	ADJ
cblr-1762	271	32	profitability	profitability	NOUN
cblr-1762	271	33	.	.	PUNCT
cblr-1762	272	1	thus	thus	ADV
cblr-1762	272	2	,	,	PUNCT
cblr-1762	272	3	the	the	DET
cblr-1762	272	4	question	question	NOUN
cblr-1762	272	5	of	of	ADP
cblr-1762	272	6	“	"	PUNCT
cblr-1762	272	7	long	long	ADJ
cblr-1762	272	8	-	-	PUNCT
cblr-1762	272	9	term	term	NOUN
cblr-1762	272	10	”	"	PUNCT
cblr-1762	272	11	versus	versus	ADP
cblr-1762	272	12	“	"	PUNCT
cblr-1762	272	13	short	short	ADJ
cblr-1762	272	14	-	-	PUNCT
cblr-1762	272	15	term	term	NOUN
cblr-1762	272	16	”	"	PUNCT
cblr-1762	272	17	values	value	NOUN
cblr-1762	272	18	is	be	AUX
cblr-1762	272	19	largely	largely	ADV
cblr-1762	272	20	irrelevant	irrelevant	ADJ
cblr-1762	272	21	because	because	SCONJ
cblr-1762	272	22	directors	director	NOUN
cblr-1762	272	23	,	,	PUNCT
cblr-1762	272	24	generally	generally	ADV
cblr-1762	272	25	,	,	PUNCT
cblr-1762	272	26	are	be	AUX
cblr-1762	272	27	obliged	oblige	VERB
cblr-1762	272	28	to	to	PART
cblr-1762	272	29	chart	chart	VERB
cblr-1762	272	30	a	a	DET
cblr-1762	272	31	course	course	NOUN
cblr-1762	272	32	for	for	ADP
cblr-1762	272	33	a	a	DET
cblr-1762	272	34	corporation	corporation	NOUN
cblr-1762	272	35	which	which	PRON
cblr-1762	272	36	is	be	AUX
cblr-1762	272	37	in	in	ADP
cblr-1762	272	38	its	its	PRON
cblr-1762	272	39	best	good	ADJ
cblr-1762	272	40	interests	interest	NOUN
cblr-1762	272	41	without	without	ADP
cblr-1762	272	42	regard	regard	NOUN
cblr-1762	272	43	to	to	ADP
cblr-1762	272	44	a	a	DET
cblr-1762	272	45	fixed	fix	VERB
cblr-1762	272	46	investment	investment	NOUN
cblr-1762	272	47	horizon.63	horizon.63	PROPN
cblr-1762	272	48	thus	thus	ADV
cblr-1762	272	49	,	,	PUNCT
cblr-1762	272	50	the	the	DET
cblr-1762	272	51	meaning	meaning	NOUN
cblr-1762	272	52	of	of	ADP
cblr-1762	272	53	“	"	PUNCT
cblr-1762	272	54	long	long	ADJ
cblr-1762	272	55	-	-	PUNCT
cblr-1762	272	56	term	term	NOUN
cblr-1762	272	57	”	"	PUNCT
cblr-1762	272	58	can	can	AUX
cblr-1762	272	59	not	not	PART
cblr-1762	272	60	be	be	AUX
cblr-1762	272	61	characterized	characterize	VERB
cblr-1762	272	62	by	by	ADP
cblr-1762	272	63	being	be	AUX
cblr-1762	272	64	greater	great	ADJ
cblr-1762	272	65	than	than	ADP
cblr-1762	272	66	any	any	DET
cblr-1762	272	67	specific	specific	ADJ
cblr-1762	272	68	number	number	NOUN
cblr-1762	272	69	of	of	ADP
cblr-1762	272	70	days	day	NOUN
cblr-1762	272	71	,	,	PUNCT
cblr-1762	272	72	months	month	NOUN
cblr-1762	272	73	,	,	PUNCT
cblr-1762	272	74	or	or	CCONJ
cblr-1762	272	75	years	year	NOUN
cblr-1762	272	76	.	.	PUNCT
cblr-1762	273	1	it	it	PRON
cblr-1762	273	2	simply	simply	ADV
cblr-1762	273	3	depends	depend	VERB
cblr-1762	273	4	on	on	ADP
cblr-1762	273	5	the	the	DET
cblr-1762	273	6	situation	situation	NOUN
cblr-1762	273	7	.	.	PUNCT
cblr-1762	274	1	the	the	DET
cblr-1762	274	2	lack	lack	NOUN
cblr-1762	274	3	of	of	ADP
cblr-1762	274	4	a	a	DET
cblr-1762	274	5	minimum	minimum	ADJ
cblr-1762	274	6	period	period	NOUN
cblr-1762	274	7	of	of	ADP
cblr-1762	274	8	time	time	NOUN
cblr-1762	274	9	associated	associate	VERB
cblr-1762	274	10	with	with	ADP
cblr-1762	274	11	the	the	DET
cblr-1762	274	12	definition	definition	NOUN
cblr-1762	274	13	may	may	AUX
cblr-1762	274	14	appear	appear	VERB
cblr-1762	274	15	to	to	PART
cblr-1762	274	16	make	make	VERB
cblr-1762	274	17	the	the	DET
cblr-1762	274	18	term	term	NOUN
cblr-1762	274	19	trivial	trivial	ADJ
cblr-1762	274	20	,	,	PUNCT
cblr-1762	274	21	but	but	CCONJ
cblr-1762	274	22	this	this	PRON
cblr-1762	274	23	is	be	AUX
cblr-1762	274	24	not	not	PART
cblr-1762	274	25	correct	correct	ADJ
cblr-1762	274	26	.	.	PUNCT
cblr-1762	275	1	as	as	SCONJ
cblr-1762	275	2	discussed	discuss	VERB
cblr-1762	275	3	in	in	ADP
cblr-1762	275	4	section	section	NOUN
cblr-1762	275	5	d	d	PROPN
cblr-1762	275	6	of	of	ADP
cblr-1762	275	7	this	this	DET
cblr-1762	275	8	part	part	NOUN
cblr-1762	275	9	,	,	PUNCT
cblr-1762	275	10	“	"	PUNCT
cblr-1762	275	11	long	long	ADJ
cblr-1762	275	12	-	-	PUNCT
cblr-1762	275	13	term	term	NOUN
cblr-1762	275	14	”	"	PUNCT
cblr-1762	275	15	as	as	ADP
cblr-1762	275	16	an	an	DET
cblr-1762	275	17	adjective	adjective	NOUN
cblr-1762	275	18	of	of	ADP
cblr-1762	275	19	“	"	PUNCT
cblr-1762	275	20	value	value	NOUN
cblr-1762	275	21	creation	creation	NOUN
cblr-1762	275	22	”	"	PUNCT
cblr-1762	275	23	refers	refer	VERB
cblr-1762	275	24	to	to	ADP
cblr-1762	275	25	the	the	DET
cblr-1762	275	26	process	process	NOUN
cblr-1762	275	27	of	of	ADP
cblr-1762	275	28	how	how	SCONJ
cblr-1762	275	29	a	a	DET
cblr-1762	275	30	board	board	NOUN
cblr-1762	275	31	and	and	CCONJ
cblr-1762	275	32	its	its	PRON
cblr-1762	275	33	executive	executive	ADJ
cblr-1762	275	34	management	management	NOUN
cblr-1762	275	35	go	go	VERB
cblr-1762	275	36	about	about	ADP
cblr-1762	275	37	implementing	implement	VERB
cblr-1762	275	38	value	value	NOUN
cblr-1762	275	39	creation	creation	NOUN
cblr-1762	275	40	over	over	ADP
cblr-1762	275	41	the	the	DET
cblr-1762	275	42	foreseeable	foreseeable	ADJ
cblr-1762	275	43	future	future	NOUN
cblr-1762	275	44	and	and	CCONJ
cblr-1762	275	45	beyond	beyond	ADP
cblr-1762	275	46	.	.	PUNCT
cblr-1762	276	1	c.	c.	NOUN
cblr-1762	276	2	for	for	ADP
cblr-1762	276	3	the	the	DET
cblr-1762	276	4	benefit	benefit	NOUN
cblr-1762	276	5	of	of	ADP
cblr-1762	276	6	shareholders	shareholder	NOUN
cblr-1762	276	7	the	the	DET
cblr-1762	276	8	next	next	ADJ
cblr-1762	276	9	question	question	NOUN
cblr-1762	276	10	that	that	PRON
cblr-1762	276	11	needs	need	VERB
cblr-1762	276	12	to	to	PART
cblr-1762	276	13	be	be	AUX
cblr-1762	276	14	asked	ask	VERB
cblr-1762	276	15	is	be	AUX
cblr-1762	276	16	for	for	ADP
cblr-1762	276	17	whose	whose	DET
cblr-1762	276	18	benefit	benefit	NOUN
cblr-1762	276	19	are	be	AUX
cblr-1762	276	20	the	the	DET
cblr-1762	276	21	board	board	NOUN
cblr-1762	276	22	and	and	CCONJ
cblr-1762	276	23	executive	executive	ADJ
cblr-1762	276	24	management	management	NOUN
cblr-1762	276	25	maximizing	maximize	VERB
cblr-1762	276	26	net	net	ADJ
cblr-1762	276	27	present	present	ADJ
cblr-1762	276	28	value	value	NOUN
cblr-1762	276	29	?	?	PUNCT
cblr-1762	277	1	if	if	SCONJ
cblr-1762	277	2	it	it	PRON
cblr-1762	277	3	is	be	AUX
cblr-1762	277	4	accepted	accept	VERB
cblr-1762	277	5	that	that	SCONJ
cblr-1762	277	6	shareholders	shareholder	NOUN
cblr-1762	277	7	are	be	AUX
cblr-1762	277	8	the	the	DET
cblr-1762	277	9	sole	sole	ADJ
cblr-1762	277	10	claimants	claimant	NOUN
cblr-1762	277	11	on	on	ADP
cblr-1762	277	12	the	the	DET
cblr-1762	277	13	residual	residual	ADJ
cblr-1762	277	14	cash	cash	NOUN
cblr-1762	277	15	flows	flow	NOUN
cblr-1762	277	16	generated	generate	VERB
cblr-1762	277	17	by	by	ADP
cblr-1762	277	18	the	the	DET
cblr-1762	277	19	firm	firm	NOUN
cblr-1762	277	20	,	,	PUNCT
cblr-1762	277	21	since	since	SCONJ
cblr-1762	277	22	other	other	ADJ
cblr-1762	277	23	parties	party	NOUN
cblr-1762	277	24	transacting	transact	VERB
cblr-1762	277	25	with	with	ADP
cblr-1762	277	26	the	the	DET
cblr-1762	277	27	corporation	corporation	NOUN
cblr-1762	277	28	can	can	AUX
cblr-1762	277	29	adequately	adequately	ADV
cblr-1762	277	30	protect	protect	VERB
cblr-1762	277	31	themselves	themselves	PRON
cblr-1762	277	32	by	by	ADP
cblr-1762	277	33	contract,64	contract,64	NOUN
cblr-1762	277	34	then	then	ADV
cblr-1762	277	35	this	this	DET
cblr-1762	277	36	definition	definition	NOUN
cblr-1762	277	37	of	of	ADP
cblr-1762	277	38	long	long	ADJ
cblr-1762	277	39	-	-	PUNCT
cblr-1762	277	40	term	term	NOUN
cblr-1762	277	41	value	value	NOUN
cblr-1762	277	42	creation	creation	NOUN
cblr-1762	277	43	is	be	AUX
cblr-1762	277	44	63	63	NUM
cblr-1762	277	45	paramount	paramount	PROPN
cblr-1762	277	46	comm’ns	comm’ns	PROPN
cblr-1762	277	47	inc	inc	PROPN
cblr-1762	277	48	.	.	PROPN
cblr-1762	278	1	v.	v.	PROPN
cblr-1762	278	2	time	time	PROPN
cblr-1762	278	3	inc	inc	PROPN
cblr-1762	278	4	.	.	PROPN
cblr-1762	278	5	,	,	PUNCT
cblr-1762	278	6	571	571	NUM
cblr-1762	278	7	a.2d	a.2d	SYM
cblr-1762	278	8	1140	1140	NUM
cblr-1762	278	9	,	,	PUNCT
cblr-1762	278	10	1150	1150	NUM
cblr-1762	278	11	(	(	PUNCT
cblr-1762	278	12	del	del	PROPN
cblr-1762	278	13	.	.	PROPN
cblr-1762	278	14	1989	1989	NUM
cblr-1762	278	15	)	)	PUNCT
cblr-1762	278	16	.	.	PUNCT
cblr-1762	279	1	64	64	NUM
cblr-1762	279	2	this	this	PRON
cblr-1762	279	3	would	would	AUX
cblr-1762	279	4	include	include	VERB
cblr-1762	279	5	communities	community	NOUN
cblr-1762	279	6	who	who	PRON
cblr-1762	279	7	provide	provide	VERB
cblr-1762	279	8	tax	tax	NOUN
cblr-1762	279	9	credits	credit	NOUN
cblr-1762	279	10	and	and	CCONJ
cblr-1762	279	11	abatements	abatement	NOUN
cblr-1762	279	12	to	to	ADP
cblr-1762	279	13	companies	company	NOUN
cblr-1762	279	14	who	who	PRON
cblr-1762	279	15	agree	agree	VERB
cblr-1762	279	16	to	to	PART
cblr-1762	279	17	remain	remain	VERB
cblr-1762	279	18	or	or	CCONJ
cblr-1762	279	19	relocate	relocate	VERB
cblr-1762	279	20	to	to	ADP
cblr-1762	279	21	their	their	PRON
cblr-1762	279	22	geographic	geographic	ADJ
cblr-1762	279	23	area	area	NOUN
cblr-1762	279	24	,	,	PUNCT
cblr-1762	279	25	vendors	vendor	NOUN
cblr-1762	279	26	who	who	PRON
cblr-1762	279	27	customize	customize	VERB
cblr-1762	279	28	their	their	PRON
cblr-1762	279	29	production	production	NOUN
cblr-1762	279	30	to	to	PART
cblr-1762	279	31	provide	provide	VERB
cblr-1762	279	32	specialized	specialized	ADJ
cblr-1762	279	33	inputs	input	NOUN
cblr-1762	279	34	,	,	PUNCT
cblr-1762	279	35	and	and	CCONJ
cblr-1762	279	36	researchers	researcher	NOUN
cblr-1762	279	37	who	who	PRON
cblr-1762	279	38	invest	invest	VERB
cblr-1762	279	39	many	many	ADJ
cblr-1762	279	40	years	year	NOUN
cblr-1762	279	41	of	of	ADP
cblr-1762	279	42	specialized	specialized	ADJ
cblr-1762	279	43	effort	effort	NOUN
cblr-1762	279	44	and	and	CCONJ
cblr-1762	279	45	skill	skill	NOUN
cblr-1762	279	46	as	as	ADP
cblr-1762	279	47	employees	employee	NOUN
cblr-1762	279	48	,	,	PUNCT
cblr-1762	279	49	three	three	NUM
cblr-1762	279	50	examples	example	NOUN
cblr-1762	279	51	of	of	ADP
cblr-1762	279	52	other	other	ADJ
cblr-1762	279	53	parties	party	NOUN
cblr-1762	279	54	that	that	PRON
cblr-1762	279	55	transact	transact	VERB
cblr-1762	279	56	with	with	ADP
cblr-1762	279	57	public	public	ADJ
cblr-1762	279	58	companies	company	NOUN
cblr-1762	279	59	via	via	ADP
cblr-1762	279	60	contract	contract	NOUN
cblr-1762	279	61	.	.	PUNCT
cblr-1762	280	1	under	under	ADP
cblr-1762	280	2	a	a	DET
cblr-1762	280	3	team	team	NOUN
cblr-1762	280	4	production	production	NOUN
cblr-1762	280	5	approach	approach	NOUN
cblr-1762	280	6	to	to	ADP
cblr-1762	280	7	corporate	corporate	ADJ
cblr-1762	280	8	governance	governance	NOUN
cblr-1762	280	9	,	,	PUNCT
cblr-1762	280	10	an	an	DET
cblr-1762	280	11	approach	approach	NOUN
cblr-1762	280	12	that	that	PRON
cblr-1762	280	13	is	be	AUX
cblr-1762	280	14	not	not	PART
cblr-1762	280	15	taken	take	VERB
cblr-1762	280	16	here	here	ADV
cblr-1762	280	17	,	,	PUNCT
cblr-1762	280	18	these	these	DET
cblr-1762	280	19	three	three	NUM
cblr-1762	280	20	examples	example	NOUN
cblr-1762	280	21	would	would	AUX
cblr-1762	280	22	represent	represent	VERB
cblr-1762	280	23	persons	person	NOUN
cblr-1762	280	24	or	or	CCONJ
cblr-1762	280	25	entities	entity	NOUN
cblr-1762	280	26	that	that	PRON
cblr-1762	280	27	make	make	VERB
cblr-1762	280	28	specialized	specialized	ADJ
cblr-1762	280	29	investments	investment	NOUN
cblr-1762	280	30	in	in	ADP
cblr-1762	280	31	the	the	DET
cblr-1762	280	32	public	public	ADJ
cblr-1762	280	33	company	company	NOUN
cblr-1762	280	34	that	that	PRON
cblr-1762	280	35	have	have	VERB
cblr-1762	280	36	little	little	ADJ
cblr-1762	280	37	or	or	CCONJ
cblr-1762	280	38	no	no	PRON
cblr-1762	280	39	value	value	NOUN
cblr-1762	280	40	outside	outside	ADP
cblr-1762	280	41	the	the	DET
cblr-1762	280	42	company	company	NOUN
cblr-1762	280	43	.	.	PUNCT
cblr-1762	281	1	see	see	VERB
cblr-1762	281	2	margaret	margaret	PROPN
cblr-1762	281	3	m.	m.	PROPN
cblr-1762	281	4	blair	blair	PROPN
cblr-1762	281	5	&	&	CCONJ
cblr-1762	281	6	lynn	lynn	PROPN
cblr-1762	281	7	a.	a.	PROPN
cblr-1762	281	8	stout	stout	PROPN
cblr-1762	281	9	,	,	PUNCT
cblr-1762	281	10	a	a	DET
cblr-1762	281	11	team	team	NOUN
cblr-1762	281	12	production	production	NOUN
cblr-1762	281	13	theory	theory	NOUN
cblr-1762	281	14	of	of	ADP
cblr-1762	281	15	corporate	corporate	ADJ
cblr-1762	281	16	law	law	NOUN
cblr-1762	281	17	,	,	PUNCT
cblr-1762	281	18	85	85	NUM
cblr-1762	281	19	va	va	NOUN
cblr-1762	281	20	.	.	PUNCT
cblr-1762	282	1	l.	l.	PROPN
cblr-1762	282	2	rev	rev	PROPN
cblr-1762	282	3	.	.	PROPN
cblr-1762	282	4	247	247	NUM
cblr-1762	282	5	,	,	PUNCT
cblr-1762	282	6	272	272	NUM
cblr-1762	282	7	(	(	PUNCT
cblr-1762	282	8	1999	1999	NUM
cblr-1762	282	9	)	)	PUNCT
cblr-1762	282	10	.	.	PUNCT
cblr-1762	283	1	like	like	ADP
cblr-1762	283	2	equity	equity	NOUN
cblr-1762	283	3	investors	investor	NOUN
cblr-1762	283	4	,	,	PUNCT
cblr-1762	283	5	these	these	DET
cblr-1762	283	6	stakeholders	stakeholder	NOUN
cblr-1762	283	7	have	have	AUX
cblr-1762	283	8	made	make	VERB
cblr-1762	283	9	firm	firm	ADJ
cblr-1762	283	10	-	-	PUNCT
cblr-1762	283	11	specific	specific	ADJ
cblr-1762	283	12	investments	investment	NOUN
cblr-1762	283	13	and	and	CCONJ
cblr-1762	283	14	sharfman	sharfman	NOUN
cblr-1762	283	15	–	–	PUNCT
cblr-1762	284	1	final	final	ADJ
cblr-1762	284	2	834	834	NUM
cblr-1762	284	3	columbia	columbia	PROPN
cblr-1762	284	4	business	business	NOUN
cblr-1762	284	5	law	law	PROPN
cblr-1762	284	6	review	review	NOUN
cblr-1762	284	7	[	[	X
cblr-1762	284	8	vol	vol	NOUN
cblr-1762	284	9	.	.	PUNCT
cblr-1762	284	10	2015	2015	NUM
cblr-1762	284	11	equivalent	equivalent	ADJ
cblr-1762	284	12	to	to	ADP
cblr-1762	284	13	shareholder	shareholder	VERB
cblr-1762	284	14	wealth	wealth	NOUN
cblr-1762	284	15	maximization.65	maximization.65	PROPN
cblr-1762	284	16	hence	hence	ADV
cblr-1762	284	17	,	,	PUNCT
cblr-1762	284	18	long	long	ADJ
cblr-1762	284	19	-	-	PUNCT
cblr-1762	284	20	term	term	NOUN
cblr-1762	284	21	value	value	NOUN
cblr-1762	284	22	creation	creation	NOUN
cblr-1762	284	23	equals	equal	VERB
cblr-1762	284	24	maximizing	maximize	VERB
cblr-1762	284	25	a	a	DET
cblr-1762	284	26	firm	firm	NOUN
cblr-1762	284	27	’s	’s	PART
cblr-1762	284	28	net	net	ADJ
cblr-1762	284	29	present	present	ADJ
cblr-1762	284	30	value	value	NOUN
cblr-1762	284	31	,	,	PUNCT
cblr-1762	284	32	which	which	PRON
cblr-1762	284	33	equates	equate	VERB
cblr-1762	284	34	to	to	ADP
cblr-1762	284	35	shareholder	shareholder	NOUN
cblr-1762	284	36	wealth	wealth	NOUN
cblr-1762	284	37	maximization	maximization	NOUN
cblr-1762	284	38	.	.	PUNCT
cblr-1762	285	1	a	a	DET
cblr-1762	285	2	special	special	ADJ
cblr-1762	285	3	result	result	NOUN
cblr-1762	285	4	occurs	occur	VERB
cblr-1762	285	5	when	when	SCONJ
cblr-1762	285	6	shareholder	shareholder	NOUN
cblr-1762	285	7	wealth	wealth	NOUN
cblr-1762	285	8	maximization	maximization	NOUN
cblr-1762	285	9	is	be	AUX
cblr-1762	285	10	defined	define	VERB
cblr-1762	285	11	to	to	PART
cblr-1762	285	12	be	be	AUX
cblr-1762	285	13	equivalent	equivalent	ADJ
cblr-1762	285	14	to	to	ADP
cblr-1762	285	15	long	long	ADJ
cblr-1762	285	16	-	-	PUNCT
cblr-1762	285	17	term	term	NOUN
cblr-1762	285	18	value	value	NOUN
cblr-1762	285	19	creation	creation	NOUN
cblr-1762	285	20	.	.	PUNCT
cblr-1762	286	1	this	this	DET
cblr-1762	286	2	equivalency	equivalency	NOUN
cblr-1762	286	3	allows	allow	VERB
cblr-1762	286	4	for	for	ADP
cblr-1762	286	5	the	the	DET
cblr-1762	286	6	expectation	expectation	NOUN
cblr-1762	286	7	that	that	SCONJ
cblr-1762	286	8	a	a	DET
cblr-1762	286	9	unity	unity	NOUN
cblr-1762	286	10	of	of	ADP
cblr-1762	286	11	purpose	purpose	NOUN
cblr-1762	286	12	exists	exist	VERB
cblr-1762	286	13	between	between	ADP
cblr-1762	286	14	corporate	corporate	ADJ
cblr-1762	286	15	management	management	NOUN
cblr-1762	286	16	and	and	CCONJ
cblr-1762	286	17	those	those	DET
cblr-1762	286	18	shareholders	shareholder	NOUN
cblr-1762	286	19	who	who	PRON
cblr-1762	286	20	seek	seek	VERB
cblr-1762	286	21	to	to	PART
cblr-1762	286	22	correct	correct	VERB
cblr-1762	286	23	managerial	managerial	ADJ
cblr-1762	286	24	efficiencies	efficiency	NOUN
cblr-1762	286	25	through	through	ADP
cblr-1762	286	26	shareholder	shareholder	NOUN
cblr-1762	286	27	activism	activism	NOUN
cblr-1762	286	28	.	.	PUNCT
cblr-1762	287	1	while	while	SCONJ
cblr-1762	287	2	there	there	PRON
cblr-1762	287	3	may	may	AUX
cblr-1762	287	4	be	be	AUX
cblr-1762	287	5	disagreement	disagreement	NOUN
cblr-1762	287	6	between	between	ADP
cblr-1762	287	7	shareholders	shareholder	NOUN
cblr-1762	287	8	and	and	CCONJ
cblr-1762	287	9	the	the	DET
cblr-1762	287	10	board	board	NOUN
cblr-1762	287	11	regarding	regard	VERB
cblr-1762	287	12	the	the	DET
cblr-1762	287	13	correct	correct	ADJ
cblr-1762	287	14	strategy	strategy	NOUN
cblr-1762	287	15	the	the	DET
cblr-1762	287	16	corporation	corporation	NOUN
cblr-1762	287	17	should	should	AUX
cblr-1762	287	18	implement	implement	VERB
cblr-1762	287	19	,	,	PUNCT
cblr-1762	287	20	at	at	ADP
cblr-1762	287	21	least	least	ADJ
cblr-1762	287	22	there	there	PRON
cblr-1762	287	23	will	will	AUX
cblr-1762	287	24	be	be	AUX
cblr-1762	287	25	no	no	DET
cblr-1762	287	26	disagreement	disagreement	NOUN
cblr-1762	287	27	on	on	ADP
cblr-1762	287	28	the	the	DET
cblr-1762	287	29	ultimate	ultimate	ADJ
cblr-1762	287	30	corporate	corporate	ADJ
cblr-1762	287	31	objective	objective	NOUN
cblr-1762	287	32	,	,	PUNCT
cblr-1762	287	33	giving	give	VERB
cblr-1762	287	34	the	the	DET
cblr-1762	287	35	company	company	NOUN
cblr-1762	287	36	the	the	DET
cblr-1762	287	37	best	good	ADJ
cblr-1762	287	38	opportunity	opportunity	NOUN
cblr-1762	287	39	to	to	PART
cblr-1762	287	40	maximize	maximize	VERB
cblr-1762	287	41	shareholder	shareholder	NOUN
cblr-1762	287	42	wealth	wealth	NOUN
cblr-1762	287	43	.	.	PUNCT
cblr-1762	288	1	d.	d.	PROPN
cblr-1762	288	2	implementing	implement	VERB
cblr-1762	288	3	long	long	ADJ
cblr-1762	288	4	-	-	PUNCT
cblr-1762	288	5	term	term	NOUN
cblr-1762	288	6	value	value	NOUN
cblr-1762	288	7	creation	creation	NOUN
cblr-1762	288	8	but	but	CCONJ
cblr-1762	288	9	how	how	SCONJ
cblr-1762	288	10	is	be	AUX
cblr-1762	288	11	long	long	ADJ
cblr-1762	288	12	-	-	PUNCT
cblr-1762	288	13	term	term	NOUN
cblr-1762	288	14	value	value	NOUN
cblr-1762	288	15	creation	creation	NOUN
cblr-1762	288	16	to	to	PART
cblr-1762	288	17	take	take	VERB
cblr-1762	288	18	place	place	NOUN
cblr-1762	288	19	in	in	ADP
cblr-1762	288	20	the	the	DET
cblr-1762	288	21	real	real	ADJ
cblr-1762	288	22	world	world	NOUN
cblr-1762	288	23	decision	decision	NOUN
cblr-1762	288	24	-	-	PUNCT
cblr-1762	288	25	making	making	NOUN
cblr-1762	288	26	of	of	ADP
cblr-1762	288	27	a	a	DET
cblr-1762	288	28	public	public	ADJ
cblr-1762	288	29	company	company	NOUN
cblr-1762	288	30	?	?	PUNCT
cblr-1762	289	1	first	first	ADV
cblr-1762	289	2	,	,	PUNCT
cblr-1762	289	3	this	this	PRON
cblr-1762	289	4	requires	require	VERB
cblr-1762	289	5	an	an	DET
cblr-1762	289	6	ongoing	ongoing	ADJ
cblr-1762	289	7	process	process	NOUN
cblr-1762	289	8	of	of	ADP
cblr-1762	289	9	corporate	corporate	ADJ
cblr-1762	289	10	decision	decision	NOUN
cblr-1762	289	11	-	-	PUNCT
cblr-1762	289	12	making	making	NOUN
cblr-1762	289	13	that	that	PRON
cblr-1762	289	14	is	be	AUX
cblr-1762	289	15	not	not	PART
cblr-1762	289	16	biased	bias	VERB
cblr-1762	289	17	toward	toward	ADP
cblr-1762	289	18	short	short	ADJ
cblr-1762	289	19	-	-	PUNCT
cblr-1762	289	20	term	term	NOUN
cblr-1762	289	21	or	or	CCONJ
cblr-1762	289	22	long	long	ADJ
cblr-1762	289	23	-	-	PUNCT
cblr-1762	289	24	term	term	NOUN
cblr-1762	289	25	investment	investment	NOUN
cblr-1762	289	26	horizons	horizon	NOUN
cblr-1762	289	27	at	at	ADP
cblr-1762	289	28	any	any	DET
cblr-1762	289	29	point	point	NOUN
cblr-1762	289	30	in	in	ADP
cblr-1762	289	31	time	time	NOUN
cblr-1762	289	32	.	.	PUNCT
cblr-1762	290	1	the	the	DET
cblr-1762	290	2	company	company	NOUN
cblr-1762	290	3	’s	’s	PART
cblr-1762	290	4	board	board	NOUN
cblr-1762	290	5	,	,	PUNCT
cblr-1762	290	6	as	as	ADP
cblr-1762	290	7	the	the	DET
cblr-1762	290	8	default	default	NOUN
cblr-1762	290	9	locus	locus	NOUN
cblr-1762	290	10	of	of	ADP
cblr-1762	290	11	authority	authority	NOUN
cblr-1762	290	12	for	for	ADP
cblr-1762	290	13	all	all	DET
cblr-1762	290	14	corporate	corporate	ADJ
cblr-1762	290	15	decision	decision	NOUN
cblr-1762	290	16	-	-	PUNCT
cblr-1762	290	17	making,66	making,66	NOUN
cblr-1762	290	18	and	and	CCONJ
cblr-1762	290	19	executive	executive	ADJ
cblr-1762	290	20	management	management	NOUN
cblr-1762	290	21	,	,	PUNCT
cblr-1762	290	22	with	with	SCONJ
cblr-1762	290	23	its	its	PRON
cblr-1762	290	24	decision	decision	NOUN
cblr-1762	290	25	-	-	PUNCT
cblr-1762	290	26	making	make	VERB
cblr-1762	290	27	authority	authority	NOUN
cblr-1762	290	28	delegated	delegate	VERB
cblr-1762	290	29	to	to	ADP
cblr-1762	290	30	it	it	PRON
cblr-1762	290	31	by	by	ADP
cblr-1762	290	32	the	the	DET
cblr-1762	290	33	board,67	board,67	NOUN
cblr-1762	290	34	must	must	AUX
cblr-1762	290	35	evaluate	evaluate	VERB
cblr-1762	290	36	all	all	PRON
cblr-1762	290	37	therefore	therefore	ADV
cblr-1762	290	38	should	should	AUX
cblr-1762	290	39	have	have	VERB
cblr-1762	290	40	equivalent	equivalent	ADJ
cblr-1762	290	41	standing	standing	NOUN
cblr-1762	290	42	as	as	ADP
cblr-1762	290	43	claimants	claimant	NOUN
cblr-1762	290	44	on	on	ADP
cblr-1762	290	45	the	the	DET
cblr-1762	290	46	residual	residual	ADJ
cblr-1762	290	47	cash	cash	NOUN
cblr-1762	290	48	flows	flow	NOUN
cblr-1762	290	49	generated	generate	VERB
cblr-1762	290	50	by	by	ADP
cblr-1762	290	51	the	the	DET
cblr-1762	290	52	firm	firm	NOUN
cblr-1762	290	53	.	.	PUNCT
cblr-1762	291	1	i	i	PRON
cblr-1762	291	2	d.	d.	PROPN
cblr-1762	291	3	at	at	ADP
cblr-1762	291	4	274–76	274–76	NUM
cblr-1762	291	5	.	.	PUNCT
cblr-1762	292	1	65	65	NUM
cblr-1762	292	2	mark	mark	PROPN
cblr-1762	292	3	j.	j.	PROPN
cblr-1762	292	4	roe	roe	PROPN
cblr-1762	292	5	,	,	PUNCT
cblr-1762	292	6	the	the	DET
cblr-1762	292	7	shareholder	shareholder	NOUN
cblr-1762	292	8	wealth	wealth	NOUN
cblr-1762	292	9	maximization	maximization	NOUN
cblr-1762	292	10	norm	norm	NOUN
cblr-1762	292	11	and	and	CCONJ
cblr-1762	292	12	industrial	industrial	ADJ
cblr-1762	292	13	organization	organization	NOUN
cblr-1762	292	14	,	,	PUNCT
cblr-1762	292	15	149	149	NUM
cblr-1762	292	16	u.	u.	NOUN
cblr-1762	292	17	pa	pa	PROPN
cblr-1762	292	18	.	.	PUNCT
cblr-1762	292	19	l.	l.	PROPN
cblr-1762	292	20	rev	rev	PROPN
cblr-1762	292	21	.	.	PROPN
cblr-1762	292	22	2063	2063	NUM
cblr-1762	292	23	,	,	PUNCT
cblr-1762	292	24	2065	2065	NUM
cblr-1762	292	25	(	(	PUNCT
cblr-1762	292	26	2001	2001	NUM
cblr-1762	292	27	)	)	PUNCT
cblr-1762	292	28	(	(	PUNCT
cblr-1762	292	29	“	"	PUNCT
cblr-1762	292	30	the	the	DET
cblr-1762	292	31	prevailing	prevail	VERB
cblr-1762	292	32	academic	academic	ADJ
cblr-1762	292	33	and	and	CCONJ
cblr-1762	292	34	business	business	NOUN
cblr-1762	292	35	view	view	NOUN
cblr-1762	292	36	in	in	ADP
cblr-1762	292	37	the	the	DET
cblr-1762	292	38	united	united	PROPN
cblr-1762	292	39	states	states	PROPN
cblr-1762	292	40	is	be	AUX
cblr-1762	292	41	that	that	SCONJ
cblr-1762	292	42	shareholder	shareholder	NOUN
cblr-1762	292	43	wealth	wealth	NOUN
cblr-1762	292	44	maximization	maximization	NOUN
cblr-1762	292	45	fits	fit	VERB
cblr-1762	292	46	with	with	ADP
cblr-1762	292	47	a	a	DET
cblr-1762	292	48	utilitarian	utilitarian	ADJ
cblr-1762	292	49	,	,	PUNCT
cblr-1762	292	50	greatest	great	ADJ
cblr-1762	292	51	-	-	PUNCT
cblr-1762	292	52	good	good	ADJ
cblr-1762	292	53	-	-	PUNCT
cblr-1762	292	54	forthe	forthe	NOUN
cblr-1762	292	55	-	-	PUNCT
cblr-1762	292	56	greatest	great	ADJ
cblr-1762	292	57	-	-	PUNCT
cblr-1762	292	58	number	number	NOUN
cblr-1762	292	59	philosophy	philosophy	NOUN
cblr-1762	292	60	.	.	PUNCT
cblr-1762	292	61	”	"	PUNCT
cblr-1762	292	62	)	)	PUNCT
cblr-1762	292	63	.	.	PUNCT
cblr-1762	293	1	66	66	NUM
cblr-1762	294	1	the	the	DET
cblr-1762	294	2	delaware	delaware	PROPN
cblr-1762	294	3	general	general	PROPN
cblr-1762	294	4	corporation	corporation	PROPN
cblr-1762	294	5	law	law	NOUN
cblr-1762	294	6	provides	provide	VERB
cblr-1762	294	7	that	that	SCONJ
cblr-1762	294	8	“	"	PUNCT
cblr-1762	294	9	[	[	X
cblr-1762	294	10	t]he	t]he	X
cblr-1762	294	11	business	business	NOUN
cblr-1762	294	12	and	and	CCONJ
cblr-1762	294	13	affairs	affair	NOUN
cblr-1762	294	14	of	of	ADP
cblr-1762	294	15	every	every	DET
cblr-1762	294	16	corporation	corporation	NOUN
cblr-1762	294	17	organized	organize	VERB
cblr-1762	294	18	under	under	ADP
cblr-1762	294	19	this	this	DET
cblr-1762	294	20	chapter	chapter	NOUN
cblr-1762	294	21	shall	shall	AUX
cblr-1762	294	22	be	be	AUX
cblr-1762	294	23	managed	manage	VERB
cblr-1762	294	24	by	by	ADP
cblr-1762	294	25	or	or	CCONJ
cblr-1762	294	26	under	under	ADP
cblr-1762	294	27	the	the	DET
cblr-1762	294	28	direction	direction	NOUN
cblr-1762	294	29	of	of	ADP
cblr-1762	294	30	a	a	DET
cblr-1762	294	31	board	board	NOUN
cblr-1762	294	32	of	of	ADP
cblr-1762	294	33	directors	director	NOUN
cblr-1762	294	34	,	,	PUNCT
cblr-1762	294	35	except	except	SCONJ
cblr-1762	294	36	as	as	SCONJ
cblr-1762	294	37	may	may	AUX
cblr-1762	294	38	be	be	AUX
cblr-1762	294	39	otherwise	otherwise	ADV
cblr-1762	294	40	provided	provide	VERB
cblr-1762	294	41	in	in	ADP
cblr-1762	294	42	this	this	DET
cblr-1762	294	43	chapter	chapter	NOUN
cblr-1762	294	44	or	or	CCONJ
cblr-1762	294	45	in	in	ADP
cblr-1762	294	46	its	its	PRON
cblr-1762	294	47	certificate	certificate	NOUN
cblr-1762	294	48	of	of	ADP
cblr-1762	294	49	incorporation	incorporation	NOUN
cblr-1762	294	50	.	.	PUNCT
cblr-1762	294	51	”	"	PUNCT
cblr-1762	295	1	del	del	PROPN
cblr-1762	295	2	.	.	PROPN
cblr-1762	295	3	code	code	PROPN
cblr-1762	295	4	ann	ann	PROPN
cblr-1762	295	5	.	.	PUNCT
cblr-1762	296	1	tit	tit	PROPN
cblr-1762	296	2	.	.	PROPN
cblr-1762	297	1	8	8	NUM
cblr-1762	297	2	,	,	PUNCT
cblr-1762	297	3	§	§	PROPN
cblr-1762	297	4	141(a	141(a	NUM
cblr-1762	297	5	)	)	PUNCT
cblr-1762	297	6	(	(	PUNCT
cblr-1762	297	7	2011	2011	NUM
cblr-1762	297	8	)	)	PUNCT
cblr-1762	297	9	.	.	PUNCT
cblr-1762	298	1	67	67	NUM
cblr-1762	299	1	the	the	DET
cblr-1762	299	2	delaware	delaware	PROPN
cblr-1762	299	3	general	general	PROPN
cblr-1762	299	4	corporation	corporation	PROPN
cblr-1762	299	5	law	law	NOUN
cblr-1762	299	6	provides	provide	VERB
cblr-1762	299	7	that	that	SCONJ
cblr-1762	299	8	“	"	PUNCT
cblr-1762	299	9	[	[	X
cblr-1762	299	10	e]very	e]very	ADP
cblr-1762	299	11	corporation	corporation	NOUN
cblr-1762	299	12	organized	organize	VERB
cblr-1762	299	13	under	under	ADP
cblr-1762	299	14	this	this	DET
cblr-1762	299	15	chapter	chapter	NOUN
cblr-1762	299	16	shall	shall	AUX
cblr-1762	299	17	have	have	VERB
cblr-1762	299	18	such	such	ADJ
cblr-1762	299	19	officers	officer	NOUN
cblr-1762	299	20	with	with	ADP
cblr-1762	299	21	such	such	ADJ
cblr-1762	299	22	titles	title	NOUN
cblr-1762	299	23	and	and	CCONJ
cblr-1762	299	24	duties	duty	NOUN
cblr-1762	299	25	as	as	SCONJ
cblr-1762	299	26	shall	shall	AUX
cblr-1762	299	27	be	be	AUX
cblr-1762	299	28	stated	state	VERB
cblr-1762	299	29	in	in	ADP
cblr-1762	299	30	the	the	DET
cblr-1762	299	31	bylaws	bylaw	NOUN
cblr-1762	299	32	or	or	CCONJ
cblr-1762	299	33	in	in	ADP
cblr-1762	299	34	a	a	DET
cblr-1762	299	35	resolution	resolution	NOUN
cblr-1762	299	36	of	of	ADP
cblr-1762	299	37	sharfman	sharfman	NOUN
cblr-1762	299	38	–	–	PUNCT
cblr-1762	299	39	final	final	ADJ
cblr-1762	299	40	no	no	NOUN
cblr-1762	299	41	.	.	PUNCT
cblr-1762	300	1	3:813	3:813	NUM
cblr-1762	300	2	]	]	X
cblr-1762	300	3	activist	activist	ADJ
cblr-1762	300	4	hedge	hedge	NOUN
cblr-1762	300	5	funds	fund	NOUN
cblr-1762	300	6	and	and	CCONJ
cblr-1762	300	7	long	long	ADJ
cblr-1762	300	8	-	-	PUNCT
cblr-1762	300	9	term	term	NOUN
cblr-1762	300	10	value	value	NOUN
cblr-1762	300	11	835	835	NUM
cblr-1762	300	12	profitable	profitable	ADJ
cblr-1762	300	13	opportunities	opportunity	NOUN
cblr-1762	300	14	available	available	ADJ
cblr-1762	300	15	to	to	ADP
cblr-1762	300	16	the	the	DET
cblr-1762	300	17	company	company	NOUN
cblr-1762	300	18	,	,	PUNCT
cblr-1762	300	19	no	no	ADV
cblr-1762	300	20	matter	matter	ADV
cblr-1762	300	21	what	what	PRON
cblr-1762	300	22	the	the	DET
cblr-1762	300	23	investment	investment	NOUN
cblr-1762	300	24	horizon	horizon	NOUN
cblr-1762	300	25	,	,	PUNCT
cblr-1762	300	26	and	and	CCONJ
cblr-1762	300	27	then	then	ADV
cblr-1762	300	28	pick	pick	VERB
cblr-1762	300	29	those	those	DET
cblr-1762	300	30	opportunities	opportunity	NOUN
cblr-1762	300	31	that	that	PRON
cblr-1762	300	32	have	have	VERB
cblr-1762	300	33	the	the	DET
cblr-1762	300	34	expectation	expectation	NOUN
cblr-1762	300	35	of	of	ADP
cblr-1762	300	36	maximizing	maximize	VERB
cblr-1762	300	37	the	the	DET
cblr-1762	300	38	present	present	ADJ
cblr-1762	300	39	value	value	NOUN
cblr-1762	300	40	of	of	ADP
cblr-1762	300	41	the	the	DET
cblr-1762	300	42	company	company	NOUN
cblr-1762	300	43	’s	’s	PART
cblr-1762	300	44	cash	cash	NOUN
cblr-1762	300	45	flows	flow	NOUN
cblr-1762	300	46	given	give	VERB
cblr-1762	300	47	whatever	whatever	DET
cblr-1762	300	48	constraints	constraint	NOUN
cblr-1762	300	49	the	the	DET
cblr-1762	300	50	company	company	NOUN
cblr-1762	300	51	may	may	AUX
cblr-1762	300	52	face	face	VERB
cblr-1762	300	53	in	in	ADP
cblr-1762	300	54	terms	term	NOUN
cblr-1762	300	55	of	of	ADP
cblr-1762	300	56	financing	financing	NOUN
cblr-1762	300	57	and	and	CCONJ
cblr-1762	300	58	other	other	ADJ
cblr-1762	300	59	finite	finite	ADJ
cblr-1762	300	60	resources	resource	NOUN
cblr-1762	300	61	.	.	PUNCT
cblr-1762	301	1	therefore	therefore	ADV
cblr-1762	301	2	,	,	PUNCT
cblr-1762	301	3	creating	create	VERB
cblr-1762	301	4	long	long	ADJ
cblr-1762	301	5	-	-	PUNCT
cblr-1762	301	6	term	term	NOUN
cblr-1762	301	7	value	value	NOUN
cblr-1762	301	8	does	do	AUX
cblr-1762	301	9	not	not	PART
cblr-1762	301	10	restrict	restrict	VERB
cblr-1762	301	11	the	the	DET
cblr-1762	301	12	board	board	NOUN
cblr-1762	301	13	to	to	ADP
cblr-1762	301	14	considering	consider	VERB
cblr-1762	301	15	only	only	ADV
cblr-1762	301	16	those	those	DET
cblr-1762	301	17	profitable	profitable	ADJ
cblr-1762	301	18	investment	investment	NOUN
cblr-1762	301	19	projects	project	NOUN
cblr-1762	301	20	or	or	CCONJ
cblr-1762	301	21	strategies	strategy	NOUN
cblr-1762	301	22	that	that	PRON
cblr-1762	301	23	have	have	VERB
cblr-1762	301	24	the	the	DET
cblr-1762	301	25	longest	long	ADJ
cblr-1762	301	26	time	time	NOUN
cblr-1762	301	27	horizons	horizon	NOUN
cblr-1762	301	28	.	.	PUNCT
cblr-1762	302	1	that	that	PRON
cblr-1762	302	2	is	be	AUX
cblr-1762	302	3	,	,	PUNCT
cblr-1762	302	4	there	there	PRON
cblr-1762	302	5	is	be	VERB
cblr-1762	302	6	nothing	nothing	PRON
cblr-1762	302	7	wrong	wrong	ADJ
cblr-1762	302	8	with	with	ADP
cblr-1762	302	9	a	a	DET
cblr-1762	302	10	portfolio	portfolio	NOUN
cblr-1762	302	11	of	of	ADP
cblr-1762	302	12	short	short	ADJ
cblr-1762	302	13	and	and	CCONJ
cblr-1762	302	14	intermediate	intermediate	ADJ
cblr-1762	302	15	investment	investment	NOUN
cblr-1762	302	16	horizon	horizon	NOUN
cblr-1762	302	17	products	product	NOUN
cblr-1762	302	18	and	and	CCONJ
cblr-1762	302	19	strategies	strategy	NOUN
cblr-1762	302	20	if	if	SCONJ
cblr-1762	302	21	that	that	PRON
cblr-1762	302	22	is	be	AUX
cblr-1762	302	23	what	what	PRON
cblr-1762	302	24	maximizes	maximize	VERB
cblr-1762	302	25	shareholder	shareholder	NOUN
cblr-1762	302	26	wealth	wealth	NOUN
cblr-1762	302	27	at	at	ADP
cblr-1762	302	28	any	any	DET
cblr-1762	302	29	decision	decision	NOUN
cblr-1762	302	30	point	point	NOUN
cblr-1762	302	31	in	in	ADP
cblr-1762	302	32	time	time	NOUN
cblr-1762	302	33	.	.	PUNCT
cblr-1762	303	1	according	accord	VERB
cblr-1762	303	2	to	to	ADP
cblr-1762	303	3	mark	mark	PROPN
cblr-1762	303	4	roe	roe	PROPN
cblr-1762	303	5	,	,	PUNCT
cblr-1762	303	6	“	"	PUNCT
cblr-1762	303	7	the	the	DET
cblr-1762	303	8	long	long	ADJ
cblr-1762	303	9	term	term	NOUN
cblr-1762	303	10	is	be	AUX
cblr-1762	303	11	not	not	PART
cblr-1762	303	12	to	to	PART
cblr-1762	303	13	be	be	AUX
cblr-1762	303	14	preferred	prefer	VERB
cblr-1762	303	15	,	,	PUNCT
cblr-1762	303	16	just	just	ADV
cblr-1762	303	17	for	for	ADP
cblr-1762	303	18	its	its	PRON
cblr-1762	303	19	own	own	ADJ
cblr-1762	303	20	sake	sake	NOUN
cblr-1762	303	21	,	,	PUNCT
cblr-1762	303	22	if	if	SCONJ
cblr-1762	303	23	it	it	PRON
cblr-1762	303	24	yields	yield	VERB
cblr-1762	303	25	poorer	poor	ADJ
cblr-1762	303	26	returns	return	NOUN
cblr-1762	303	27	and	and	CCONJ
cblr-1762	303	28	wastes	waste	VERB
cblr-1762	303	29	resources	resource	NOUN
cblr-1762	303	30	.	.	PUNCT
cblr-1762	303	31	”68	”68	NOUN
cblr-1762	303	32	conversely	conversely	ADV
cblr-1762	303	33	,	,	PUNCT
cblr-1762	303	34	the	the	DET
cblr-1762	303	35	board	board	NOUN
cblr-1762	303	36	can	can	AUX
cblr-1762	303	37	not	not	PART
cblr-1762	303	38	be	be	AUX
cblr-1762	303	39	biased	bias	VERB
cblr-1762	303	40	against	against	ADP
cblr-1762	303	41	profitable	profitable	ADJ
cblr-1762	303	42	investment	investment	NOUN
cblr-1762	303	43	projects	project	NOUN
cblr-1762	303	44	or	or	CCONJ
cblr-1762	303	45	strategies	strategy	NOUN
cblr-1762	303	46	that	that	PRON
cblr-1762	303	47	may	may	AUX
cblr-1762	303	48	not	not	PART
cblr-1762	303	49	come	come	VERB
cblr-1762	303	50	to	to	ADP
cblr-1762	303	51	fruition	fruition	NOUN
cblr-1762	303	52	for	for	ADP
cblr-1762	303	53	many	many	ADJ
cblr-1762	303	54	years	year	NOUN
cblr-1762	303	55	.	.	PUNCT
cblr-1762	304	1	if	if	SCONJ
cblr-1762	304	2	this	this	DET
cblr-1762	304	3	bias	bias	NOUN
cblr-1762	304	4	exists	exist	VERB
cblr-1762	304	5	,	,	PUNCT
cblr-1762	304	6	then	then	ADV
cblr-1762	304	7	the	the	DET
cblr-1762	304	8	decision	decision	NOUN
cblr-1762	304	9	makers	maker	NOUN
cblr-1762	304	10	can	can	AUX
cblr-1762	304	11	be	be	AUX
cblr-1762	304	12	accused	accuse	VERB
cblr-1762	304	13	of	of	ADP
cblr-1762	304	14	short	short	ADJ
cblr-1762	304	15	-	-	PUNCT
cblr-1762	304	16	termism	termism	NOUN
cblr-1762	304	17	.	.	PUNCT
cblr-1762	305	1	perhaps	perhaps	ADV
cblr-1762	305	2	most	most	ADV
cblr-1762	305	3	importantly	importantly	ADV
cblr-1762	305	4	,	,	PUNCT
cblr-1762	305	5	this	this	PRON
cblr-1762	305	6	is	be	AUX
cblr-1762	305	7	an	an	DET
cblr-1762	305	8	“	"	PUNCT
cblr-1762	305	9	intrinsic	intrinsic	ADJ
cblr-1762	305	10	value,”69	value,”69	NOUN
cblr-1762	305	11	not	not	PART
cblr-1762	305	12	a	a	DET
cblr-1762	305	13	“	"	PUNCT
cblr-1762	305	14	market	market	NOUN
cblr-1762	305	15	value	value	NOUN
cblr-1762	305	16	”	"	PUNCT
cblr-1762	305	17	approach	approach	NOUN
cblr-1762	305	18	to	to	ADP
cblr-1762	305	19	corporate	corporate	ADJ
cblr-1762	305	20	governance	governance	NOUN
cblr-1762	305	21	.	.	PUNCT
cblr-1762	306	1	that	that	PRON
cblr-1762	306	2	is	be	AUX
cblr-1762	306	3	,	,	PUNCT
cblr-1762	306	4	the	the	DET
cblr-1762	306	5	role	role	NOUN
cblr-1762	306	6	of	of	ADP
cblr-1762	306	7	the	the	DET
cblr-1762	306	8	board	board	NOUN
cblr-1762	306	9	and	and	CCONJ
cblr-1762	306	10	its	its	PRON
cblr-1762	306	11	executive	executive	ADJ
cblr-1762	306	12	management	management	NOUN
cblr-1762	306	13	is	be	AUX
cblr-1762	306	14	not	not	PART
cblr-1762	306	15	to	to	PART
cblr-1762	306	16	directly	directly	ADV
cblr-1762	306	17	maximize	maximize	VERB
cblr-1762	306	18	the	the	DET
cblr-1762	306	19	market	market	NOUN
cblr-1762	306	20	price	price	NOUN
cblr-1762	306	21	of	of	ADP
cblr-1762	306	22	the	the	DET
cblr-1762	306	23	company	company	NOUN
cblr-1762	306	24	’s	’s	PART
cblr-1762	306	25	shares	share	NOUN
cblr-1762	306	26	,	,	PUNCT
cblr-1762	306	27	but	but	CCONJ
cblr-1762	306	28	to	to	PART
cblr-1762	306	29	maximize	maximize	VERB
cblr-1762	306	30	the	the	DET
cblr-1762	306	31	“	"	PUNCT
cblr-1762	306	32	intrinsic	intrinsic	ADJ
cblr-1762	306	33	value	value	NOUN
cblr-1762	306	34	”	"	PUNCT
cblr-1762	306	35	of	of	ADP
cblr-1762	306	36	the	the	DET
cblr-1762	306	37	company	company	NOUN
cblr-1762	306	38	’s	’s	PART
cblr-1762	306	39	shares.70	shares.70	NOUN
cblr-1762	306	40	it	it	PRON
cblr-1762	306	41	is	be	AUX
cblr-1762	306	42	noteworthy	noteworthy	ADJ
cblr-1762	306	43	that	that	SCONJ
cblr-1762	306	44	the	the	DET
cblr-1762	306	45	delaware	delaware	PROPN
cblr-1762	306	46	the	the	DET
cblr-1762	306	47	board	board	NOUN
cblr-1762	306	48	of	of	ADP
cblr-1762	306	49	directors	director	NOUN
cblr-1762	306	50	which	which	PRON
cblr-1762	306	51	is	be	AUX
cblr-1762	306	52	not	not	PART
cblr-1762	306	53	inconsistent	inconsistent	ADJ
cblr-1762	306	54	with	with	ADP
cblr-1762	306	55	the	the	DET
cblr-1762	306	56	bylaws	bylaw	NOUN
cblr-1762	306	57	.	.	PUNCT
cblr-1762	306	58	”	"	PUNCT
cblr-1762	307	1	del	del	PROPN
cblr-1762	307	2	.	.	PROPN
cblr-1762	307	3	code	code	PROPN
cblr-1762	307	4	ann	ann	PROPN
cblr-1762	307	5	.	.	PUNCT
cblr-1762	308	1	tit	tit	PROPN
cblr-1762	308	2	.	.	PROPN
cblr-1762	309	1	8	8	NUM
cblr-1762	309	2	,	,	PUNCT
cblr-1762	309	3	§	§	PROPN
cblr-1762	309	4	142(a	142(a	PROPN
cblr-1762	309	5	)	)	PUNCT
cblr-1762	309	6	(	(	PUNCT
cblr-1762	309	7	2010	2010	NUM
cblr-1762	309	8	)	)	PUNCT
cblr-1762	309	9	.	.	PUNCT
cblr-1762	310	1	68	68	NUM
cblr-1762	310	2	mark	mark	PROPN
cblr-1762	310	3	j.	j.	PROPN
cblr-1762	310	4	roe	roe	PROPN
cblr-1762	310	5	,	,	PUNCT
cblr-1762	310	6	corporate	corporate	ADJ
cblr-1762	310	7	short	short	NOUN
cblr-1762	310	8	-	-	PUNCT
cblr-1762	310	9	termism––in	termism––in	NOUN
cblr-1762	310	10	the	the	DET
cblr-1762	310	11	boardroom	boardroom	NOUN
cblr-1762	310	12	and	and	CCONJ
cblr-1762	310	13	in	in	ADP
cblr-1762	310	14	the	the	DET
cblr-1762	310	15	courtroom	courtroom	NOUN
cblr-1762	310	16	,	,	PUNCT
cblr-1762	310	17	68	68	NUM
cblr-1762	310	18	bus	bus	NOUN
cblr-1762	310	19	.	.	PUNCT
cblr-1762	311	1	law	law	NOUN
cblr-1762	311	2	.	.	PUNCT
cblr-1762	312	1	977	977	NUM
cblr-1762	312	2	,	,	PUNCT
cblr-1762	312	3	981	981	NUM
cblr-1762	312	4	(	(	PUNCT
cblr-1762	312	5	2013	2013	NUM
cblr-1762	312	6	)	)	PUNCT
cblr-1762	312	7	.	.	PUNCT
cblr-1762	313	1	69	69	NUM
cblr-1762	313	2	there	there	PRON
cblr-1762	313	3	are	be	VERB
cblr-1762	313	4	five	five	NUM
cblr-1762	313	5	basic	basic	ADJ
cblr-1762	313	6	assumptions	assumption	NOUN
cblr-1762	313	7	that	that	PRON
cblr-1762	313	8	underlie	underlie	VERB
cblr-1762	313	9	the	the	DET
cblr-1762	313	10	“	"	PUNCT
cblr-1762	313	11	intrinsic	intrinsic	ADJ
cblr-1762	313	12	value	value	NOUN
cblr-1762	313	13	”	"	PUNCT
cblr-1762	313	14	approach	approach	NOUN
cblr-1762	313	15	to	to	ADP
cblr-1762	313	16	corporate	corporate	ADJ
cblr-1762	313	17	governance	governance	NOUN
cblr-1762	313	18	:	:	PUNCT
cblr-1762	313	19	(	(	PUNCT
cblr-1762	313	20	1	1	X
cblr-1762	313	21	)	)	PUNCT
cblr-1762	313	22	the	the	DET
cblr-1762	313	23	board	board	NOUN
cblr-1762	313	24	has	have	VERB
cblr-1762	313	25	private	private	ADJ
cblr-1762	313	26	information	information	NOUN
cblr-1762	313	27	as	as	ADP
cblr-1762	313	28	to	to	ADP
cblr-1762	313	29	company	company	NOUN
cblr-1762	313	30	value	value	NOUN
cblr-1762	313	31	,	,	PUNCT
cblr-1762	313	32	(	(	PUNCT
cblr-1762	313	33	2	2	X
cblr-1762	313	34	)	)	PUNCT
cblr-1762	313	35	there	there	PRON
cblr-1762	313	36	are	be	VERB
cblr-1762	313	37	barriers	barrier	NOUN
cblr-1762	313	38	to	to	ADP
cblr-1762	313	39	this	this	DET
cblr-1762	313	40	information	information	NOUN
cblr-1762	313	41	being	be	AUX
cblr-1762	313	42	communicated	communicate	VERB
cblr-1762	313	43	to	to	ADP
cblr-1762	313	44	the	the	DET
cblr-1762	313	45	market	market	NOUN
cblr-1762	313	46	,	,	PUNCT
cblr-1762	313	47	(	(	PUNCT
cblr-1762	313	48	3	3	X
cblr-1762	313	49	)	)	PUNCT
cblr-1762	313	50	the	the	DET
cblr-1762	313	51	valuation	valuation	NOUN
cblr-1762	313	52	gap	gap	NOUN
cblr-1762	313	53	between	between	ADP
cblr-1762	313	54	valuations	valuation	NOUN
cblr-1762	313	55	based	base	VERB
cblr-1762	313	56	on	on	ADP
cblr-1762	313	57	the	the	DET
cblr-1762	313	58	company	company	NOUN
cblr-1762	313	59	’s	’s	PART
cblr-1762	313	60	private	private	ADJ
cblr-1762	313	61	versus	versus	ADP
cblr-1762	313	62	the	the	DET
cblr-1762	313	63	market	market	NOUN
cblr-1762	313	64	’s	’s	PART
cblr-1762	313	65	public	public	ADJ
cblr-1762	313	66	information	information	NOUN
cblr-1762	313	67	can	can	AUX
cblr-1762	313	68	be	be	AUX
cblr-1762	313	69	large	large	ADJ
cblr-1762	313	70	,	,	PUNCT
cblr-1762	313	71	(	(	PUNCT
cblr-1762	313	72	4	4	X
cblr-1762	313	73	)	)	PUNCT
cblr-1762	313	74	valuation	valuation	NOUN
cblr-1762	313	75	gaps	gap	NOUN
cblr-1762	313	76	persist	persist	VERB
cblr-1762	313	77	over	over	ADP
cblr-1762	313	78	a	a	DET
cblr-1762	313	79	significant	significant	ADJ
cblr-1762	313	80	period	period	NOUN
cblr-1762	313	81	of	of	ADP
cblr-1762	313	82	time	time	NOUN
cblr-1762	313	83	,	,	PUNCT
cblr-1762	313	84	and	and	CCONJ
cblr-1762	313	85	(	(	PUNCT
cblr-1762	313	86	5	5	X
cblr-1762	313	87	)	)	PUNCT
cblr-1762	313	88	the	the	DET
cblr-1762	313	89	market	market	NOUN
cblr-1762	313	90	for	for	ADP
cblr-1762	313	91	corporate	corporate	ADJ
cblr-1762	313	92	control	control	NOUN
cblr-1762	313	93	can	can	AUX
cblr-1762	313	94	not	not	PART
cblr-1762	313	95	eliminate	eliminate	VERB
cblr-1762	313	96	the	the	DET
cblr-1762	313	97	valuation	valuation	NOUN
cblr-1762	313	98	gaps	gap	NOUN
cblr-1762	313	99	.	.	PUNCT
cblr-1762	314	1	richard	richard	PROPN
cblr-1762	314	2	e.	e.	PROPN
cblr-1762	314	3	kihlstrom	kihlstrom	PROPN
cblr-1762	314	4	&	&	CCONJ
cblr-1762	314	5	michael	michael	PROPN
cblr-1762	314	6	l.	l.	PROPN
cblr-1762	314	7	wachter	wachter	PROPN
cblr-1762	314	8	,	,	PUNCT
cblr-1762	314	9	corporate	corporate	ADJ
cblr-1762	314	10	policy	policy	NOUN
cblr-1762	314	11	and	and	CCONJ
cblr-1762	314	12	the	the	DET
cblr-1762	314	13	coherence	coherence	NOUN
cblr-1762	314	14	of	of	ADP
cblr-1762	314	15	delaware	delaware	PROPN
cblr-1762	314	16	takeover	takeover	PROPN
cblr-1762	314	17	law	law	NOUN
cblr-1762	314	18	,	,	PUNCT
cblr-1762	314	19	152	152	NUM
cblr-1762	314	20	u.	u.	PROPN
cblr-1762	314	21	pa	pa	PROPN
cblr-1762	314	22	.	.	PUNCT
cblr-1762	314	23	l.	l.	PROPN
cblr-1762	314	24	rev	rev	PROPN
cblr-1762	314	25	.	.	PROPN
cblr-1762	314	26	523	523	NUM
cblr-1762	314	27	,	,	PUNCT
cblr-1762	314	28	534	534	NUM
cblr-1762	314	29	n.34	n.34	NOUN
cblr-1762	314	30	(	(	PUNCT
cblr-1762	314	31	2003	2003	NUM
cblr-1762	314	32	)	)	PUNCT
cblr-1762	314	33	.	.	PUNCT
cblr-1762	315	1	70	70	NUM
cblr-1762	315	2	henry	henry	PROPN
cblr-1762	315	3	t.c	t.c	PROPN
cblr-1762	315	4	.	.	PROPN
cblr-1762	315	5	hu	hu	PROPN
cblr-1762	315	6	,	,	PUNCT
cblr-1762	315	7	efficient	efficient	ADJ
cblr-1762	315	8	markets	market	NOUN
cblr-1762	315	9	and	and	CCONJ
cblr-1762	315	10	the	the	DET
cblr-1762	315	11	law	law	NOUN
cblr-1762	315	12	:	:	PUNCT
cblr-1762	315	13	a	a	DET
cblr-1762	315	14	predictable	predictable	ADJ
cblr-1762	315	15	past	past	NOUN
cblr-1762	315	16	and	and	CCONJ
cblr-1762	315	17	an	an	DET
cblr-1762	315	18	uncertain	uncertain	ADJ
cblr-1762	315	19	future	future	NOUN
cblr-1762	315	20	,	,	PUNCT
cblr-1762	315	21	4	4	NUM
cblr-1762	315	22	ann	ann	PROPN
cblr-1762	315	23	.	.	PUNCT
cblr-1762	315	24	rev	rev	PROPN
cblr-1762	315	25	.	.	PROPN
cblr-1762	316	1	fin	fin	PROPN
cblr-1762	316	2	.	.	PUNCT
cblr-1762	317	1	econ	econ	PROPN
cblr-1762	317	2	.	.	PUNCT
cblr-1762	318	1	179	179	NUM
cblr-1762	318	2	,	,	PUNCT
cblr-1762	318	3	203	203	NUM
cblr-1762	318	4	(	(	PUNCT
cblr-1762	318	5	2012	2012	NUM
cblr-1762	318	6	)	)	PUNCT
cblr-1762	318	7	.	.	PUNCT
cblr-1762	319	1	see	see	VERB
cblr-1762	319	2	also	also	ADV
cblr-1762	319	3	sharfman	sharfman	NOUN
cblr-1762	319	4	–	–	PUNCT
cblr-1762	319	5	final	final	ADJ
cblr-1762	319	6	836	836	NUM
cblr-1762	319	7	columbia	columbia	PROPN
cblr-1762	319	8	business	business	NOUN
cblr-1762	319	9	law	law	PROPN
cblr-1762	319	10	review	review	NOUN
cblr-1762	320	1	[	[	X
cblr-1762	320	2	vol	vol	NOUN
cblr-1762	320	3	.	.	NOUN
cblr-1762	320	4	2015	2015	NUM
cblr-1762	320	5	courts	court	NOUN
cblr-1762	320	6	have	have	AUX
cblr-1762	320	7	endorsed	endorse	VERB
cblr-1762	320	8	the	the	DET
cblr-1762	320	9	“	"	PUNCT
cblr-1762	320	10	intrinsic	intrinsic	ADJ
cblr-1762	320	11	value	value	NOUN
cblr-1762	320	12	”	"	PUNCT
cblr-1762	320	13	approach	approach	NOUN
cblr-1762	320	14	since	since	SCONJ
cblr-1762	320	15	the	the	DET
cblr-1762	320	16	landmark	landmark	NOUN
cblr-1762	320	17	case	case	NOUN
cblr-1762	320	18	of	of	ADP
cblr-1762	320	19	smith	smith	PROPN
cblr-1762	320	20	v.	v.	ADP
cblr-1762	320	21	van	van	PROPN
cblr-1762	320	22	gorkom.71	gorkom.71	PROPN
cblr-1762	320	23	according	accord	VERB
cblr-1762	320	24	to	to	ADP
cblr-1762	320	25	the	the	DET
cblr-1762	320	26	delaware	delaware	PROPN
cblr-1762	320	27	supreme	supreme	PROPN
cblr-1762	320	28	court	court	PROPN
cblr-1762	320	29	in	in	ADP
cblr-1762	320	30	paramount	paramount	PROPN
cblr-1762	320	31	communications	communications	PROPN
cblr-1762	320	32	,	,	PUNCT
cblr-1762	320	33	inc	inc	PROPN
cblr-1762	320	34	.	.	PROPN
cblr-1762	320	35	v.	v.	PROPN
cblr-1762	320	36	time	time	PROPN
cblr-1762	320	37	inc	inc	PROPN
cblr-1762	320	38	.	.	PROPN
cblr-1762	320	39	,	,	PUNCT
cblr-1762	320	40	“	"	PUNCT
cblr-1762	320	41	it	it	PRON
cblr-1762	320	42	is	be	AUX
cblr-1762	320	43	not	not	PART
cblr-1762	320	44	a	a	DET
cblr-1762	320	45	breach	breach	NOUN
cblr-1762	320	46	of	of	ADP
cblr-1762	320	47	faith	faith	NOUN
cblr-1762	320	48	for	for	ADP
cblr-1762	320	49	directors	director	NOUN
cblr-1762	320	50	to	to	PART
cblr-1762	320	51	determine	determine	VERB
cblr-1762	320	52	that	that	SCONJ
cblr-1762	320	53	the	the	DET
cblr-1762	320	54	present	present	ADJ
cblr-1762	320	55	stock	stock	NOUN
cblr-1762	320	56	market	market	NOUN
cblr-1762	320	57	price	price	NOUN
cblr-1762	320	58	of	of	ADP
cblr-1762	320	59	shares	share	NOUN
cblr-1762	320	60	is	be	AUX
cblr-1762	320	61	not	not	PART
cblr-1762	320	62	representative	representative	ADJ
cblr-1762	320	63	of	of	ADP
cblr-1762	320	64	true	true	ADJ
cblr-1762	320	65	value	value	NOUN
cblr-1762	320	66	or	or	CCONJ
cblr-1762	320	67	that	that	SCONJ
cblr-1762	320	68	there	there	PRON
cblr-1762	320	69	may	may	AUX
cblr-1762	320	70	indeed	indeed	ADV
cblr-1762	320	71	be	be	AUX
cblr-1762	320	72	several	several	ADJ
cblr-1762	320	73	market	market	NOUN
cblr-1762	320	74	values	value	NOUN
cblr-1762	320	75	for	for	ADP
cblr-1762	320	76	any	any	DET
cblr-1762	320	77	corporation	corporation	NOUN
cblr-1762	320	78	’s	’s	PART
cblr-1762	320	79	stock	stock	NOUN
cblr-1762	320	80	.	.	PUNCT
cblr-1762	321	1	”72	”72	VERB
cblr-1762	321	2	for	for	ADP
cblr-1762	321	3	purposes	purpose	NOUN
cblr-1762	321	4	of	of	ADP
cblr-1762	321	5	corporate	corporate	ADJ
cblr-1762	321	6	governance	governance	NOUN
cblr-1762	321	7	,	,	PUNCT
cblr-1762	321	8	this	this	DET
cblr-1762	321	9	approach	approach	NOUN
cblr-1762	321	10	is	be	AUX
cblr-1762	321	11	quite	quite	ADV
cblr-1762	321	12	reasonable	reasonable	ADJ
cblr-1762	321	13	as	as	SCONJ
cblr-1762	321	14	the	the	DET
cblr-1762	321	15	market	market	NOUN
cblr-1762	321	16	price	price	NOUN
cblr-1762	321	17	only	only	ADV
cblr-1762	321	18	reflects	reflect	VERB
cblr-1762	321	19	public	public	ADJ
cblr-1762	321	20	information	information	NOUN
cblr-1762	321	21	while	while	SCONJ
cblr-1762	321	22	the	the	DET
cblr-1762	321	23	board	board	NOUN
cblr-1762	321	24	and	and	CCONJ
cblr-1762	321	25	executive	executive	ADJ
cblr-1762	321	26	management	management	NOUN
cblr-1762	321	27	have	have	AUX
cblr-1762	321	28	available	available	ADJ
cblr-1762	321	29	confidential	confidential	ADJ
cblr-1762	321	30	information	information	NOUN
cblr-1762	321	31	on	on	ADP
cblr-1762	321	32	which	which	PRON
cblr-1762	321	33	to	to	PART
cblr-1762	321	34	base	base	VERB
cblr-1762	321	35	their	their	PRON
cblr-1762	321	36	decisions	decision	NOUN
cblr-1762	321	37	.	.	PUNCT
cblr-1762	322	1	unfortunately	unfortunately	ADV
cblr-1762	322	2	,	,	PUNCT
cblr-1762	322	3	it	it	PRON
cblr-1762	322	4	is	be	AUX
cblr-1762	322	5	not	not	PART
cblr-1762	322	6	empirically	empirically	ADV
cblr-1762	322	7	known	know	VERB
cblr-1762	322	8	how	how	SCONJ
cblr-1762	322	9	much	much	ADJ
cblr-1762	322	10	informational	informational	ADJ
cblr-1762	322	11	asymmetry	asymmetry	NOUN
cblr-1762	322	12	exists	exist	VERB
cblr-1762	322	13	between	between	ADP
cblr-1762	322	14	management	management	NOUN
cblr-1762	322	15	and	and	CCONJ
cblr-1762	322	16	shareholders	shareholder	NOUN
cblr-1762	322	17	at	at	ADP
cblr-1762	322	18	any	any	DET
cblr-1762	322	19	public	public	ADJ
cblr-1762	322	20	company	company	NOUN
cblr-1762	322	21	at	at	ADP
cblr-1762	322	22	any	any	DET
cblr-1762	322	23	point	point	NOUN
cblr-1762	322	24	in	in	ADP
cblr-1762	322	25	time.73	time.73	NOUN
cblr-1762	322	26	it	it	PRON
cblr-1762	322	27	may	may	AUX
cblr-1762	322	28	be	be	AUX
cblr-1762	322	29	a	a	DET
cblr-1762	322	30	little	little	ADJ
cblr-1762	322	31	,	,	PUNCT
cblr-1762	322	32	it	it	PRON
cblr-1762	322	33	may	may	AUX
cblr-1762	322	34	be	be	AUX
cblr-1762	322	35	a	a	DET
cblr-1762	322	36	lot	lot	NOUN
cblr-1762	322	37	;	;	PUNCT
cblr-1762	322	38	the	the	DET
cblr-1762	322	39	extent	extent	NOUN
cblr-1762	322	40	of	of	ADP
cblr-1762	322	41	the	the	DET
cblr-1762	322	42	asymmetry	asymmetry	NOUN
cblr-1762	322	43	may	may	AUX
cblr-1762	322	44	be	be	AUX
cblr-1762	322	45	unknowable.74	unknowable.74	ADJ
cblr-1762	322	46	however	however	ADV
cblr-1762	322	47	,	,	PUNCT
cblr-1762	322	48	it	it	PRON
cblr-1762	322	49	is	be	AUX
cblr-1762	322	50	beyond	beyond	ADP
cblr-1762	322	51	doubt	doubt	NOUN
cblr-1762	322	52	that	that	SCONJ
cblr-1762	322	53	information	information	NOUN
cblr-1762	322	54	asymmetries	asymmetry	NOUN
cblr-1762	322	55	do	do	VERB
cblr-1762	322	56	exist75	exist75	NOUN
cblr-1762	322	57	and	and	CCONJ
cblr-1762	322	58	that	that	SCONJ
cblr-1762	322	59	shareholders	shareholder	NOUN
cblr-1762	322	60	,	,	PUNCT
cblr-1762	322	61	including	include	VERB
cblr-1762	322	62	activist	activist	ADJ
cblr-1762	322	63	hedge	hedge	NOUN
cblr-1762	322	64	funds	fund	NOUN
cblr-1762	322	65	,	,	PUNCT
cblr-1762	322	66	are	be	AUX
cblr-1762	322	67	at	at	ADP
cblr-1762	322	68	an	an	DET
cblr-1762	322	69	informational	informational	ADJ
cblr-1762	322	70	disadvantage	disadvantage	NOUN
cblr-1762	322	71	relative	relative	ADJ
cblr-1762	322	72	to	to	ADP
cblr-1762	322	73	directors	director	NOUN
cblr-1762	322	74	.	.	PUNCT
cblr-1762	323	1	of	of	ADP
cblr-1762	323	2	course	course	NOUN
cblr-1762	323	3	,	,	PUNCT
cblr-1762	323	4	as	as	SCONJ
cblr-1762	323	5	the	the	DET
cblr-1762	323	6	confidential	confidential	ADJ
cblr-1762	323	7	information	information	NOUN
cblr-1762	323	8	eventually	eventually	ADV
cblr-1762	323	9	becomes	become	VERB
cblr-1762	323	10	public	public	ADJ
cblr-1762	323	11	,	,	PUNCT
cblr-1762	323	12	the	the	DET
cblr-1762	323	13	market	market	NOUN
cblr-1762	323	14	price	price	NOUN
cblr-1762	323	15	should	should	AUX
cblr-1762	323	16	eventually	eventually	ADV
cblr-1762	323	17	reflect	reflect	VERB
cblr-1762	323	18	this	this	DET
cblr-1762	323	19	previously	previously	ADV
cblr-1762	323	20	confidential	confidential	ADJ
cblr-1762	323	21	information	information	NOUN
cblr-1762	323	22	,	,	PUNCT
cblr-1762	323	23	but	but	CCONJ
cblr-1762	323	24	the	the	DET
cblr-1762	323	25	duration	duration	NOUN
cblr-1762	323	26	of	of	ADP
cblr-1762	323	27	this	this	DET
cblr-1762	323	28	process	process	NOUN
cblr-1762	323	29	from	from	ADP
cblr-1762	323	30	confidential	confidential	ADJ
cblr-1762	323	31	to	to	ADP
cblr-1762	323	32	public	public	ADJ
cblr-1762	323	33	is	be	AUX
cblr-1762	323	34	not	not	PART
cblr-1762	323	35	known.76	known.76	PROPN
cblr-1762	323	36	second	second	ADJ
cblr-1762	323	37	,	,	PUNCT
cblr-1762	323	38	it	it	PRON
cblr-1762	323	39	is	be	AUX
cblr-1762	323	40	not	not	PART
cblr-1762	323	41	enough	enough	ADJ
cblr-1762	323	42	that	that	SCONJ
cblr-1762	323	43	the	the	DET
cblr-1762	323	44	board	board	NOUN
cblr-1762	323	45	and	and	CCONJ
cblr-1762	323	46	its	its	PRON
cblr-1762	323	47	executive	executive	ADJ
cblr-1762	323	48	management	management	NOUN
cblr-1762	323	49	do	do	VERB
cblr-1762	323	50	a	a	DET
cblr-1762	323	51	great	great	ADJ
cblr-1762	323	52	job	job	NOUN
cblr-1762	323	53	in	in	ADP
cblr-1762	323	54	identifying	identify	VERB
cblr-1762	323	55	opportunities	opportunity	NOUN
cblr-1762	323	56	that	that	PRON
cblr-1762	323	57	allow	allow	VERB
cblr-1762	323	58	for	for	ADP
cblr-1762	323	59	long	long	ADJ
cblr-1762	323	60	-	-	PUNCT
cblr-1762	323	61	term	term	NOUN
cblr-1762	323	62	value	value	NOUN
cblr-1762	323	63	creation	creation	NOUN
cblr-1762	323	64	/	/	SYM
cblr-1762	323	65	shareholder	shareholder	NOUN
cblr-1762	323	66	wealth	wealth	NOUN
cblr-1762	323	67	roger	roger	PROPN
cblr-1762	323	68	j.	j.	PROPN
cblr-1762	323	69	dennis	dennis	PROPN
cblr-1762	323	70	,	,	PUNCT
cblr-1762	323	71	valuing	value	VERB
cblr-1762	323	72	the	the	DET
cblr-1762	323	73	firm	firm	NOUN
cblr-1762	323	74	and	and	CCONJ
cblr-1762	323	75	the	the	DET
cblr-1762	323	76	development	development	NOUN
cblr-1762	323	77	of	of	ADP
cblr-1762	323	78	delaware	delaware	PROPN
cblr-1762	323	79	corporate	corporate	PROPN
cblr-1762	323	80	law	law	NOUN
cblr-1762	323	81	,	,	PUNCT
cblr-1762	323	82	17	17	NUM
cblr-1762	323	83	rutgers	rutgers	PROPN
cblr-1762	323	84	l.j	l.j	PROPN
cblr-1762	323	85	.	.	PROPN
cblr-1762	323	86	1	1	NUM
cblr-1762	323	87	,	,	PUNCT
cblr-1762	323	88	9	9	NUM
cblr-1762	323	89	(	(	PUNCT
cblr-1762	323	90	1985	1985	NUM
cblr-1762	323	91	)	)	PUNCT
cblr-1762	323	92	.	.	PUNCT
cblr-1762	324	1	71	71	NUM
cblr-1762	324	2	smith	smith	PROPN
cblr-1762	324	3	v.	v.	ADP
cblr-1762	324	4	van	van	PROPN
cblr-1762	324	5	gorkom	gorkom	PROPN
cblr-1762	324	6	,	,	PUNCT
cblr-1762	324	7	488	488	NUM
cblr-1762	324	8	a.2d	a.2d	NUM
cblr-1762	324	9	858	858	NUM
cblr-1762	324	10	,	,	PUNCT
cblr-1762	324	11	876	876	NUM
cblr-1762	324	12	(	(	PUNCT
cblr-1762	324	13	del	del	PROPN
cblr-1762	324	14	.	.	PROPN
cblr-1762	324	15	1985	1985	NUM
cblr-1762	324	16	)	)	PUNCT
cblr-1762	324	17	.	.	PUNCT
cblr-1762	325	1	in	in	ADP
cblr-1762	325	2	van	van	PROPN
cblr-1762	325	3	gorkom	gorkom	NOUN
cblr-1762	325	4	,	,	PUNCT
cblr-1762	325	5	the	the	DET
cblr-1762	325	6	court	court	NOUN
cblr-1762	325	7	stated	state	VERB
cblr-1762	325	8	:	:	PUNCT
cblr-1762	325	9	“	"	PUNCT
cblr-1762	325	10	the	the	DET
cblr-1762	325	11	fact	fact	NOUN
cblr-1762	325	12	that	that	SCONJ
cblr-1762	325	13	the	the	DET
cblr-1762	325	14	board	board	NOUN
cblr-1762	325	15	had	have	AUX
cblr-1762	325	16	no	no	DET
cblr-1762	325	17	reasonably	reasonably	ADV
cblr-1762	325	18	adequate	adequate	ADJ
cblr-1762	325	19	information	information	NOUN
cblr-1762	325	20	indicative	indicative	ADJ
cblr-1762	325	21	of	of	ADP
cblr-1762	325	22	the	the	DET
cblr-1762	325	23	intrinsic	intrinsic	ADJ
cblr-1762	325	24	value	value	NOUN
cblr-1762	325	25	of	of	ADP
cblr-1762	325	26	the	the	DET
cblr-1762	325	27	company	company	NOUN
cblr-1762	325	28	,	,	PUNCT
cblr-1762	325	29	other	other	ADJ
cblr-1762	325	30	than	than	ADP
cblr-1762	325	31	a	a	DET
cblr-1762	325	32	concededly	concededly	ADV
cblr-1762	325	33	depressed	depressed	ADJ
cblr-1762	325	34	market	market	NOUN
cblr-1762	325	35	price	price	NOUN
cblr-1762	325	36	,	,	PUNCT
cblr-1762	325	37	was	be	AUX
cblr-1762	325	38	without	without	ADP
cblr-1762	325	39	question	question	NOUN
cblr-1762	325	40	material	material	NOUN
cblr-1762	325	41	to	to	ADP
cblr-1762	325	42	the	the	DET
cblr-1762	325	43	shareholders	shareholder	NOUN
cblr-1762	325	44	voting	vote	VERB
cblr-1762	325	45	on	on	ADP
cblr-1762	325	46	the	the	DET
cblr-1762	325	47	merger	merger	NOUN
cblr-1762	325	48	.	.	PUNCT
cblr-1762	325	49	”	"	PUNCT
cblr-1762	326	1	i	i	PRON
cblr-1762	326	2	d.	d.	PROPN
cblr-1762	326	3	at	at	ADP
cblr-1762	326	4	890	890	NUM
cblr-1762	326	5	.	.	PUNCT
cblr-1762	326	6	72	72	NUM
cblr-1762	326	7	paramount	paramount	ADJ
cblr-1762	326	8	commc’ns	commc’ns	PROPN
cblr-1762	326	9	,	,	PUNCT
cblr-1762	326	10	inc	inc	PROPN
cblr-1762	326	11	.	.	PROPN
cblr-1762	326	12	v.	v.	PROPN
cblr-1762	326	13	time	time	PROPN
cblr-1762	326	14	inc	inc	PROPN
cblr-1762	326	15	.	.	PROPN
cblr-1762	326	16	,	,	PUNCT
cblr-1762	326	17	571	571	NUM
cblr-1762	326	18	a.2d	a.2d	SYM
cblr-1762	326	19	1140	1140	NUM
cblr-1762	326	20	,	,	PUNCT
cblr-1762	326	21	1150	1150	NUM
cblr-1762	326	22	n.12	n.12	NOUN
cblr-1762	326	23	(	(	PUNCT
cblr-1762	326	24	del	del	PROPN
cblr-1762	326	25	.	.	NOUN
cblr-1762	326	26	1990	1990	NUM
cblr-1762	326	27	)	)	PUNCT
cblr-1762	326	28	(	(	PUNCT
cblr-1762	326	29	citing	cite	VERB
cblr-1762	326	30	van	van	PROPN
cblr-1762	326	31	gorkom	gorkom	NOUN
cblr-1762	326	32	,	,	PUNCT
cblr-1762	326	33	488	488	NUM
cblr-1762	326	34	a.2d	a.2d	PUNCT
cblr-1762	326	35	at	at	ADP
cblr-1762	326	36	876	876	NUM
cblr-1762	326	37	)	)	PUNCT
cblr-1762	326	38	.	.	PUNCT
cblr-1762	327	1	73	73	NUM
cblr-1762	327	2	see	see	VERB
cblr-1762	327	3	william	william	PROPN
cblr-1762	327	4	w.	w.	PROPN
cblr-1762	327	5	bratton	bratton	PROPN
cblr-1762	327	6	&	&	CCONJ
cblr-1762	327	7	michael	michael	PROPN
cblr-1762	327	8	l.	l.	PROPN
cblr-1762	327	9	wachter	wachter	PROPN
cblr-1762	327	10	,	,	PUNCT
cblr-1762	327	11	the	the	DET
cblr-1762	327	12	case	case	NOUN
cblr-1762	327	13	against	against	ADP
cblr-1762	327	14	shareholder	shareholder	NOUN
cblr-1762	327	15	empowerment	empowerment	NOUN
cblr-1762	327	16	,	,	PUNCT
cblr-1762	327	17	158	158	NUM
cblr-1762	327	18	u.	u.	PROPN
cblr-1762	327	19	pa	pa	PROPN
cblr-1762	327	20	.	.	PUNCT
cblr-1762	327	21	l.	l.	PROPN
cblr-1762	327	22	rev	rev	PROPN
cblr-1762	327	23	.	.	PROPN
cblr-1762	327	24	653	653	NUM
cblr-1762	327	25	,	,	PUNCT
cblr-1762	327	26	696	696	NUM
cblr-1762	327	27	(	(	PUNCT
cblr-1762	327	28	2010	2010	NUM
cblr-1762	327	29	)	)	PUNCT
cblr-1762	327	30	.	.	PUNCT
cblr-1762	328	1	74	74	NUM
cblr-1762	329	1	i	i	PRON
cblr-1762	329	2	d.	d.	PROPN
cblr-1762	329	3	75	75	NUM
cblr-1762	330	1	i	i	PRON
cblr-1762	330	2	d.	d.	PROPN
cblr-1762	330	3	76	76	NUM
cblr-1762	331	1	i	i	PROPN
cblr-1762	331	2	d.	d.	PROPN
cblr-1762	331	3	sharfman	sharfman	PROPN
cblr-1762	331	4	–	–	PUNCT
cblr-1762	331	5	final	final	ADJ
cblr-1762	331	6	no	no	NOUN
cblr-1762	331	7	.	.	PUNCT
cblr-1762	332	1	3:813	3:813	NUM
cblr-1762	332	2	]	]	X
cblr-1762	332	3	activist	activist	ADJ
cblr-1762	332	4	hedge	hedge	NOUN
cblr-1762	332	5	funds	fund	NOUN
cblr-1762	332	6	and	and	CCONJ
cblr-1762	332	7	long	long	ADJ
cblr-1762	332	8	-	-	PUNCT
cblr-1762	332	9	term	term	NOUN
cblr-1762	332	10	value	value	NOUN
cblr-1762	332	11	837	837	NUM
cblr-1762	332	12	maximization	maximization	NOUN
cblr-1762	332	13	.	.	PUNCT
cblr-1762	333	1	it	it	PRON
cblr-1762	333	2	must	must	AUX
cblr-1762	333	3	also	also	ADV
cblr-1762	333	4	have	have	VERB
cblr-1762	333	5	the	the	DET
cblr-1762	333	6	management	management	NOUN
cblr-1762	333	7	skills	skill	NOUN
cblr-1762	333	8	and	and	CCONJ
cblr-1762	333	9	financing	financing	NOUN
cblr-1762	333	10	expertise	expertise	NOUN
cblr-1762	333	11	to	to	PART
cblr-1762	333	12	implement	implement	VERB
cblr-1762	333	13	these	these	DET
cblr-1762	333	14	opportunities	opportunity	NOUN
cblr-1762	333	15	in	in	ADP
cblr-1762	333	16	the	the	DET
cblr-1762	333	17	most	most	ADV
cblr-1762	333	18	cost	cost	ADJ
cblr-1762	333	19	efficient	efficient	ADJ
cblr-1762	333	20	manner	manner	NOUN
cblr-1762	333	21	.	.	PUNCT
cblr-1762	334	1	finally	finally	ADV
cblr-1762	334	2	,	,	PUNCT
cblr-1762	334	3	while	while	SCONJ
cblr-1762	334	4	creating	create	VERB
cblr-1762	334	5	the	the	DET
cblr-1762	334	6	best	good	ADJ
cblr-1762	334	7	operating	operate	VERB
cblr-1762	334	8	software	software	NOUN
cblr-1762	334	9	,	,	PUNCT
cblr-1762	334	10	smart	smart	ADJ
cblr-1762	334	11	phone	phone	NOUN
cblr-1762	334	12	,	,	PUNCT
cblr-1762	334	13	or	or	CCONJ
cblr-1762	334	14	internet	internet	NOUN
cblr-1762	334	15	search	search	NOUN
cblr-1762	334	16	engine	engine	NOUN
cblr-1762	334	17	may	may	AUX
cblr-1762	334	18	be	be	AUX
cblr-1762	334	19	the	the	DET
cblr-1762	334	20	stated	state	VERB
cblr-1762	334	21	goal	goal	NOUN
cblr-1762	334	22	of	of	ADP
cblr-1762	334	23	the	the	DET
cblr-1762	334	24	company	company	NOUN
cblr-1762	334	25	and	and	CCONJ
cblr-1762	334	26	can	can	AUX
cblr-1762	334	27	often	often	ADV
cblr-1762	334	28	lead	lead	VERB
cblr-1762	334	29	to	to	ADP
cblr-1762	334	30	unimagined	unimagined	ADJ
cblr-1762	334	31	wealth	wealth	NOUN
cblr-1762	334	32	(	(	PUNCT
cblr-1762	334	33	i.e.	i.e.	X
cblr-1762	334	34	,	,	PUNCT
cblr-1762	334	35	microsoft	microsoft	PROPN
cblr-1762	334	36	,	,	PUNCT
cblr-1762	334	37	apple	apple	NOUN
cblr-1762	334	38	,	,	PUNCT
cblr-1762	334	39	and	and	CCONJ
cblr-1762	334	40	google	google	PROPN
cblr-1762	334	41	respectively	respectively	ADV
cblr-1762	334	42	)	)	PUNCT
cblr-1762	334	43	,	,	PUNCT
cblr-1762	334	44	such	such	DET
cblr-1762	334	45	an	an	DET
cblr-1762	334	46	approach	approach	NOUN
cblr-1762	334	47	is	be	AUX
cblr-1762	334	48	only	only	ADV
cblr-1762	334	49	desirable	desirable	ADJ
cblr-1762	334	50	if	if	SCONJ
cblr-1762	334	51	it	it	PRON
cblr-1762	334	52	coincides	coincide	VERB
cblr-1762	334	53	with	with	ADP
cblr-1762	334	54	the	the	DET
cblr-1762	334	55	objective	objective	NOUN
cblr-1762	334	56	of	of	ADP
cblr-1762	334	57	maximizing	maximize	VERB
cblr-1762	334	58	the	the	DET
cblr-1762	334	59	net	net	ADJ
cblr-1762	334	60	present	present	ADJ
cblr-1762	334	61	value	value	NOUN
cblr-1762	334	62	of	of	ADP
cblr-1762	334	63	the	the	DET
cblr-1762	334	64	firm	firm	NOUN
cblr-1762	334	65	.	.	PUNCT
cblr-1762	335	1	after	after	ADV
cblr-1762	335	2	all	all	ADV
cblr-1762	335	3	,	,	PUNCT
cblr-1762	335	4	we	we	PRON
cblr-1762	335	5	are	be	AUX
cblr-1762	335	6	talking	talk	VERB
cblr-1762	335	7	about	about	ADP
cblr-1762	335	8	for	for	ADP
cblr-1762	335	9	-	-	PUNCT
cblr-1762	335	10	profit	profit	NOUN
cblr-1762	335	11	organizations	organization	NOUN
cblr-1762	335	12	,	,	PUNCT
cblr-1762	335	13	not	not	PART
cblr-1762	335	14	non	non	ADJ
cblr-1762	335	15	-	-	ADJ
cblr-1762	335	16	profit	profit	ADJ
cblr-1762	335	17	universities	university	NOUN
cblr-1762	335	18	,	,	PUNCT
cblr-1762	335	19	foundations	foundation	NOUN
cblr-1762	335	20	,	,	PUNCT
cblr-1762	335	21	institutes	institutes	NOUN
cblr-1762	335	22	of	of	ADP
cblr-1762	335	23	research	research	NOUN
cblr-1762	335	24	,	,	PUNCT
cblr-1762	335	25	or	or	CCONJ
cblr-1762	335	26	charities	charity	NOUN
cblr-1762	335	27	.	.	PUNCT
cblr-1762	336	1	e.	e.	PROPN
cblr-1762	336	2	summary	summary	PROPN
cblr-1762	336	3	long	long	ADJ
cblr-1762	336	4	-	-	PUNCT
cblr-1762	336	5	term	term	NOUN
cblr-1762	336	6	value	value	NOUN
cblr-1762	336	7	creation	creation	NOUN
cblr-1762	336	8	means	mean	VERB
cblr-1762	336	9	a	a	DET
cblr-1762	336	10	decision	decision	NOUN
cblr-1762	336	11	-	-	PUNCT
cblr-1762	336	12	making	make	VERB
cblr-1762	336	13	process	process	NOUN
cblr-1762	336	14	where	where	SCONJ
cblr-1762	336	15	management	management	NOUN
cblr-1762	336	16	strives	strive	VERB
cblr-1762	336	17	to	to	PART
cblr-1762	336	18	maximize	maximize	VERB
cblr-1762	336	19	a	a	DET
cblr-1762	336	20	firm	firm	NOUN
cblr-1762	336	21	’s	’s	PART
cblr-1762	336	22	net	net	ADJ
cblr-1762	336	23	present	present	ADJ
cblr-1762	336	24	value	value	NOUN
cblr-1762	336	25	.	.	PUNCT
cblr-1762	337	1	such	such	DET
cblr-1762	337	2	an	an	DET
cblr-1762	337	3	approach	approach	NOUN
cblr-1762	337	4	equates	equate	VERB
cblr-1762	337	5	long	long	ADJ
cblr-1762	337	6	-	-	PUNCT
cblr-1762	337	7	term	term	NOUN
cblr-1762	337	8	value	value	NOUN
cblr-1762	337	9	creation	creation	NOUN
cblr-1762	337	10	with	with	ADP
cblr-1762	337	11	maximizing	maximize	VERB
cblr-1762	337	12	shareholder	shareholder	NOUN
cblr-1762	337	13	wealth	wealth	NOUN
cblr-1762	337	14	.	.	PUNCT
cblr-1762	338	1	for	for	ADP
cblr-1762	338	2	purposes	purpose	NOUN
cblr-1762	338	3	of	of	ADP
cblr-1762	338	4	implementation	implementation	NOUN
cblr-1762	338	5	,	,	PUNCT
cblr-1762	338	6	the	the	DET
cblr-1762	338	7	key	key	ADJ
cblr-1762	338	8	point	point	NOUN
cblr-1762	338	9	is	be	AUX
cblr-1762	338	10	that	that	SCONJ
cblr-1762	338	11	long	long	ADJ
cblr-1762	338	12	-	-	PUNCT
cblr-1762	338	13	term	term	NOUN
cblr-1762	338	14	value	value	NOUN
cblr-1762	338	15	creation	creation	NOUN
cblr-1762	338	16	requires	require	VERB
cblr-1762	338	17	management	management	NOUN
cblr-1762	338	18	at	at	ADP
cblr-1762	338	19	public	public	ADJ
cblr-1762	338	20	companies	company	NOUN
cblr-1762	338	21	to	to	PART
cblr-1762	338	22	always	always	ADV
cblr-1762	338	23	take	take	VERB
cblr-1762	338	24	a	a	DET
cblr-1762	338	25	maximization	maximization	NOUN
cblr-1762	338	26	approach	approach	NOUN
cblr-1762	338	27	in	in	ADP
cblr-1762	338	28	its	its	PRON
cblr-1762	338	29	decision	decision	NOUN
cblr-1762	338	30	-	-	PUNCT
cblr-1762	338	31	making	making	NOUN
cblr-1762	338	32	.	.	PUNCT
cblr-1762	339	1	to	to	PART
cblr-1762	339	2	implement	implement	VERB
cblr-1762	339	3	such	such	DET
cblr-1762	339	4	an	an	DET
cblr-1762	339	5	approach	approach	NOUN
cblr-1762	339	6	,	,	PUNCT
cblr-1762	339	7	management	management	NOUN
cblr-1762	339	8	must	must	AUX
cblr-1762	339	9	take	take	VERB
cblr-1762	339	10	a	a	DET
cblr-1762	339	11	present	present	ADJ
cblr-1762	339	12	value	value	NOUN
cblr-1762	339	13	approach	approach	NOUN
cblr-1762	339	14	to	to	ADP
cblr-1762	339	15	identifying	identify	VERB
cblr-1762	339	16	its	its	PRON
cblr-1762	339	17	investments	investment	NOUN
cblr-1762	339	18	and	and	CCONJ
cblr-1762	339	19	strategies	strategy	NOUN
cblr-1762	339	20	,	,	PUNCT
cblr-1762	339	21	an	an	DET
cblr-1762	339	22	unbiased	unbiased	ADJ
cblr-1762	339	23	approach	approach	NOUN
cblr-1762	339	24	to	to	ADP
cblr-1762	339	25	short	short	ADJ
cblr-1762	339	26	-	-	PUNCT
cblr-1762	339	27	term	term	NOUN
cblr-1762	339	28	versus	versus	ADP
cblr-1762	339	29	longterm	longterm	ADJ
cblr-1762	339	30	investments	investment	NOUN
cblr-1762	339	31	and	and	CCONJ
cblr-1762	339	32	strategies	strategy	NOUN
cblr-1762	339	33	,	,	PUNCT
cblr-1762	339	34	and	and	CCONJ
cblr-1762	339	35	an	an	DET
cblr-1762	339	36	intrinsic	intrinsic	ADJ
cblr-1762	339	37	,	,	PUNCT
cblr-1762	339	38	not	not	PART
cblr-1762	339	39	market	market	NOUN
cblr-1762	339	40	,	,	PUNCT
cblr-1762	339	41	value	value	NOUN
cblr-1762	339	42	approach	approach	NOUN
cblr-1762	339	43	to	to	ADP
cblr-1762	339	44	maximization	maximization	NOUN
cblr-1762	339	45	in	in	ADP
cblr-1762	339	46	order	order	NOUN
cblr-1762	339	47	to	to	PART
cblr-1762	339	48	take	take	VERB
cblr-1762	339	49	advantage	advantage	NOUN
cblr-1762	339	50	of	of	ADP
cblr-1762	339	51	private	private	ADJ
cblr-1762	339	52	information	information	NOUN
cblr-1762	339	53	;	;	PUNCT
cblr-1762	339	54	utilize	utilize	VERB
cblr-1762	339	55	expert	expert	NOUN
cblr-1762	339	56	management	management	NOUN
cblr-1762	339	57	skills	skill	NOUN
cblr-1762	339	58	in	in	ADP
cblr-1762	339	59	implementing	implement	VERB
cblr-1762	339	60	projects	project	NOUN
cblr-1762	339	61	;	;	PUNCT
cblr-1762	339	62	and	and	CCONJ
cblr-1762	339	63	understand	understand	VERB
cblr-1762	339	64	that	that	SCONJ
cblr-1762	339	65	achieving	achieve	VERB
cblr-1762	339	66	big	big	ADJ
cblr-1762	339	67	ideas	idea	NOUN
cblr-1762	339	68	is	be	AUX
cblr-1762	339	69	fine	fine	ADJ
cblr-1762	339	70	as	as	ADV
cblr-1762	339	71	long	long	ADV
cblr-1762	339	72	as	as	SCONJ
cblr-1762	339	73	it	it	PRON
cblr-1762	339	74	intersects	intersect	VERB
cblr-1762	339	75	with	with	ADP
cblr-1762	339	76	shareholder	shareholder	NOUN
cblr-1762	339	77	wealth	wealth	NOUN
cblr-1762	339	78	maximization	maximization	NOUN
cblr-1762	339	79	.	.	PUNCT
cblr-1762	340	1	such	such	DET
cblr-1762	340	2	a	a	DET
cblr-1762	340	3	process	process	NOUN
cblr-1762	340	4	lends	lend	VERB
cblr-1762	340	5	itself	itself	PRON
cblr-1762	340	6	to	to	PART
cblr-1762	340	7	hedge	hedge	VERB
cblr-1762	340	8	fund	fund	NOUN
cblr-1762	340	9	activism	activism	NOUN
cblr-1762	340	10	.	.	PUNCT
cblr-1762	341	1	a	a	DET
cblr-1762	341	2	breakdown	breakdown	NOUN
cblr-1762	341	3	in	in	ADP
cblr-1762	341	4	one	one	NUM
cblr-1762	341	5	or	or	CCONJ
cblr-1762	341	6	more	more	ADJ
cblr-1762	341	7	of	of	ADP
cblr-1762	341	8	the	the	DET
cblr-1762	341	9	steps	step	NOUN
cblr-1762	341	10	in	in	ADP
cblr-1762	341	11	this	this	DET
cblr-1762	341	12	process	process	NOUN
cblr-1762	341	13	means	mean	VERB
cblr-1762	341	14	that	that	SCONJ
cblr-1762	341	15	the	the	DET
cblr-1762	341	16	company	company	NOUN
cblr-1762	341	17	has	have	VERB
cblr-1762	341	18	the	the	DET
cblr-1762	341	19	potential	potential	NOUN
cblr-1762	341	20	to	to	PART
cblr-1762	341	21	do	do	AUX
cblr-1762	341	22	a	a	DET
cblr-1762	341	23	much	much	ADV
cblr-1762	341	24	better	well	ADJ
cblr-1762	341	25	job	job	NOUN
cblr-1762	341	26	in	in	ADP
cblr-1762	341	27	creating	create	VERB
cblr-1762	341	28	long	long	ADJ
cblr-1762	341	29	-	-	PUNCT
cblr-1762	341	30	term	term	NOUN
cblr-1762	341	31	value	value	NOUN
cblr-1762	341	32	for	for	ADP
cblr-1762	341	33	its	its	PRON
cblr-1762	341	34	shareholders	shareholder	NOUN
cblr-1762	341	35	.	.	PUNCT
cblr-1762	342	1	eventually	eventually	ADV
cblr-1762	342	2	,	,	PUNCT
cblr-1762	342	3	value	value	NOUN
cblr-1762	342	4	investors	investor	NOUN
cblr-1762	342	5	will	will	AUX
cblr-1762	342	6	signal	signal	VERB
cblr-1762	342	7	to	to	ADP
cblr-1762	342	8	the	the	DET
cblr-1762	342	9	rest	rest	NOUN
cblr-1762	342	10	of	of	ADP
cblr-1762	342	11	the	the	DET
cblr-1762	342	12	market	market	NOUN
cblr-1762	342	13	that	that	PRON
cblr-1762	342	14	a	a	DET
cblr-1762	342	15	breakdown	breakdown	NOUN
cblr-1762	342	16	has	have	AUX
cblr-1762	342	17	occurred	occur	VERB
cblr-1762	342	18	,	,	PUNCT
cblr-1762	342	19	sending	send	VERB
cblr-1762	342	20	the	the	DET
cblr-1762	342	21	price	price	NOUN
cblr-1762	342	22	of	of	ADP
cblr-1762	342	23	a	a	DET
cblr-1762	342	24	company	company	NOUN
cblr-1762	342	25	’s	’s	PART
cblr-1762	342	26	stock	stock	NOUN
cblr-1762	342	27	downward	downward	ADV
cblr-1762	342	28	.	.	PUNCT
cblr-1762	343	1	if	if	SCONJ
cblr-1762	343	2	management	management	NOUN
cblr-1762	343	3	does	do	AUX
cblr-1762	343	4	not	not	PART
cblr-1762	343	5	correct	correct	VERB
cblr-1762	343	6	the	the	DET
cblr-1762	343	7	process	process	NOUN
cblr-1762	343	8	,	,	PUNCT
cblr-1762	343	9	then	then	ADV
cblr-1762	343	10	the	the	DET
cblr-1762	343	11	next	next	ADJ
cblr-1762	343	12	step	step	NOUN
cblr-1762	343	13	is	be	AUX
cblr-1762	343	14	for	for	SCONJ
cblr-1762	343	15	an	an	DET
cblr-1762	343	16	activist	activist	ADJ
cblr-1762	343	17	hedge	hedge	NOUN
cblr-1762	343	18	fund	fund	NOUN
cblr-1762	343	19	to	to	PART
cblr-1762	343	20	intervene	intervene	VERB
cblr-1762	343	21	by	by	ADP
cblr-1762	343	22	investing	invest	VERB
cblr-1762	343	23	in	in	ADP
cblr-1762	343	24	the	the	DET
cblr-1762	343	25	target	target	NOUN
cblr-1762	343	26	company	company	NOUN
cblr-1762	343	27	’s	’s	PART
cblr-1762	343	28	common	common	ADJ
cblr-1762	343	29	stock	stock	NOUN
cblr-1762	343	30	and	and	CCONJ
cblr-1762	343	31	sharfman	sharfman	NOUN
cblr-1762	343	32	–	–	PUNCT
cblr-1762	344	1	final	final	ADJ
cblr-1762	344	2	838	838	NUM
cblr-1762	344	3	columbia	columbia	PROPN
cblr-1762	344	4	business	business	NOUN
cblr-1762	344	5	law	law	NOUN
cblr-1762	344	6	review	review	NOUN
cblr-1762	344	7	[	[	X
cblr-1762	344	8	vol	vol	NOUN
cblr-1762	344	9	.	.	NOUN
cblr-1762	344	10	2015	2015	NUM
cblr-1762	344	11	providing	provide	VERB
cblr-1762	344	12	recommendations	recommendation	NOUN
cblr-1762	344	13	for	for	ADP
cblr-1762	344	14	correcting	correct	VERB
cblr-1762	344	15	the	the	DET
cblr-1762	344	16	managerial	managerial	ADJ
cblr-1762	344	17	inefficiencies	inefficiency	NOUN
cblr-1762	344	18	that	that	PRON
cblr-1762	344	19	currently	currently	ADV
cblr-1762	344	20	exist	exist	VERB
cblr-1762	344	21	.	.	PUNCT
cblr-1762	345	1	v.	v.	ADP
cblr-1762	345	2	an	an	DET
cblr-1762	345	3	integrated	integrated	ADJ
cblr-1762	345	4	model	model	NOUN
cblr-1762	345	5	of	of	ADP
cblr-1762	345	6	corporate	corporate	ADJ
cblr-1762	345	7	governance	governance	NOUN
cblr-1762	345	8	so	so	ADV
cblr-1762	345	9	far	far	ADV
cblr-1762	345	10	,	,	PUNCT
cblr-1762	345	11	we	we	PRON
cblr-1762	345	12	have	have	AUX
cblr-1762	345	13	described	describe	VERB
cblr-1762	345	14	hedge	hedge	NOUN
cblr-1762	345	15	fund	fund	NOUN
cblr-1762	345	16	activism	activism	NOUN
cblr-1762	345	17	,	,	PUNCT
cblr-1762	345	18	the	the	DET
cblr-1762	345	19	unique	unique	ADJ
cblr-1762	345	20	characteristics	characteristic	NOUN
cblr-1762	345	21	of	of	ADP
cblr-1762	345	22	an	an	DET
cblr-1762	345	23	activist	activist	ADJ
cblr-1762	345	24	hedge	hedge	NOUN
cblr-1762	345	25	fund	fund	NOUN
cblr-1762	345	26	as	as	ADP
cblr-1762	345	27	a	a	DET
cblr-1762	345	28	stock	stock	NOUN
cblr-1762	345	29	market	market	NOUN
cblr-1762	345	30	participant	participant	NOUN
cblr-1762	345	31	,	,	PUNCT
cblr-1762	345	32	and	and	CCONJ
cblr-1762	345	33	what	what	PRON
cblr-1762	345	34	it	it	PRON
cblr-1762	345	35	means	mean	VERB
cblr-1762	345	36	to	to	PART
cblr-1762	345	37	create	create	VERB
cblr-1762	345	38	long	long	ADJ
cblr-1762	345	39	-	-	PUNCT
cblr-1762	345	40	term	term	NOUN
cblr-1762	345	41	value	value	NOUN
cblr-1762	345	42	at	at	ADP
cblr-1762	345	43	a	a	DET
cblr-1762	345	44	public	public	ADJ
cblr-1762	345	45	company	company	NOUN
cblr-1762	345	46	.	.	PUNCT
cblr-1762	346	1	whether	whether	SCONJ
cblr-1762	346	2	or	or	CCONJ
cblr-1762	346	3	not	not	PART
cblr-1762	346	4	hedge	hedge	NOUN
cblr-1762	346	5	fund	fund	NOUN
cblr-1762	346	6	activism	activism	NOUN
cblr-1762	346	7	creates	create	VERB
cblr-1762	346	8	or	or	CCONJ
cblr-1762	346	9	destroys	destroy	VERB
cblr-1762	346	10	long	long	ADJ
cblr-1762	346	11	-	-	PUNCT
cblr-1762	346	12	term	term	NOUN
cblr-1762	346	13	value	value	NOUN
cblr-1762	346	14	is	be	AUX
cblr-1762	346	15	dependent	dependent	ADJ
cblr-1762	346	16	on	on	ADP
cblr-1762	346	17	how	how	SCONJ
cblr-1762	346	18	the	the	DET
cblr-1762	346	19	corporate	corporate	ADJ
cblr-1762	346	20	governance	governance	NOUN
cblr-1762	346	21	structure	structure	NOUN
cblr-1762	346	22	of	of	ADP
cblr-1762	346	23	a	a	DET
cblr-1762	346	24	public	public	ADJ
cblr-1762	346	25	company	company	NOUN
cblr-1762	346	26	allows	allow	VERB
cblr-1762	346	27	the	the	DET
cblr-1762	346	28	information	information	NOUN
cblr-1762	346	29	provided	provide	VERB
cblr-1762	346	30	by	by	ADP
cblr-1762	346	31	activist	activist	ADJ
cblr-1762	346	32	hedge	hedge	NOUN
cblr-1762	346	33	funds	fund	NOUN
cblr-1762	346	34	to	to	PART
cblr-1762	346	35	be	be	AUX
cblr-1762	346	36	incorporated	incorporate	VERB
cblr-1762	346	37	into	into	ADP
cblr-1762	346	38	the	the	DET
cblr-1762	346	39	company	company	NOUN
cblr-1762	346	40	’s	’s	PART
cblr-1762	346	41	decision	decision	NOUN
cblr-1762	346	42	-	-	PUNCT
cblr-1762	346	43	making	making	NOUN
cblr-1762	346	44	.	.	PUNCT
cblr-1762	347	1	board	board	NOUN
cblr-1762	347	2	independence	independence	NOUN
cblr-1762	347	3	plays	play	VERB
cblr-1762	347	4	a	a	DET
cblr-1762	347	5	key	key	ADJ
cblr-1762	347	6	role	role	NOUN
cblr-1762	347	7	in	in	ADP
cblr-1762	347	8	how	how	SCONJ
cblr-1762	347	9	effectively	effectively	ADV
cblr-1762	347	10	this	this	DET
cblr-1762	347	11	information	information	NOUN
cblr-1762	347	12	can	can	AUX
cblr-1762	347	13	be	be	AUX
cblr-1762	347	14	incorporated	incorporate	VERB
cblr-1762	347	15	.	.	PUNCT
cblr-1762	348	1	a.	a.	NOUN
cblr-1762	348	2	corporate	corporate	ADJ
cblr-1762	348	3	law	law	NOUN
cblr-1762	348	4	and	and	CCONJ
cblr-1762	348	5	the	the	DET
cblr-1762	348	6	corporate	corporate	ADJ
cblr-1762	348	7	governance	governance	NOUN
cblr-1762	348	8	structure	structure	NOUN
cblr-1762	348	9	of	of	ADP
cblr-1762	348	10	a	a	DET
cblr-1762	348	11	public	public	ADJ
cblr-1762	348	12	company	company	NOUN
cblr-1762	348	13	the	the	DET
cblr-1762	348	14	corporate	corporate	ADJ
cblr-1762	348	15	governance	governance	NOUN
cblr-1762	348	16	structure	structure	NOUN
cblr-1762	348	17	of	of	ADP
cblr-1762	348	18	a	a	DET
cblr-1762	348	19	public	public	ADJ
cblr-1762	348	20	company	company	NOUN
cblr-1762	348	21	has	have	VERB
cblr-1762	348	22	as	as	ADP
cblr-1762	348	23	its	its	PRON
cblr-1762	348	24	foundation	foundation	NOUN
cblr-1762	348	25	the	the	DET
cblr-1762	348	26	default	default	NOUN
cblr-1762	348	27	rules	rule	NOUN
cblr-1762	348	28	provided	provide	VERB
cblr-1762	348	29	by	by	ADP
cblr-1762	348	30	corporate	corporate	ADJ
cblr-1762	348	31	law	law	NOUN
cblr-1762	348	32	.	.	PUNCT
cblr-1762	349	1	under	under	ADP
cblr-1762	349	2	corporate	corporate	ADJ
cblr-1762	349	3	law	law	NOUN
cblr-1762	349	4	,	,	PUNCT
cblr-1762	349	5	the	the	DET
cblr-1762	349	6	board	board	NOUN
cblr-1762	349	7	is	be	AUX
cblr-1762	349	8	the	the	DET
cblr-1762	349	9	default	default	NOUN
cblr-1762	349	10	locus	locus	NOUN
cblr-1762	349	11	of	of	ADP
cblr-1762	349	12	authority	authority	NOUN
cblr-1762	349	13	for	for	ADP
cblr-1762	349	14	corporate	corporate	ADJ
cblr-1762	349	15	decision	decision	NOUN
cblr-1762	349	16	-	-	PUNCT
cblr-1762	349	17	making.77	making.77	NOUN
cblr-1762	349	18	however	however	ADV
cblr-1762	349	19	,	,	PUNCT
cblr-1762	349	20	corporate	corporate	ADJ
cblr-1762	349	21	law	law	NOUN
cblr-1762	349	22	authorizes	authorize	VERB
cblr-1762	349	23	the	the	DET
cblr-1762	349	24	board	board	NOUN
cblr-1762	349	25	to	to	PART
cblr-1762	349	26	delegate	delegate	VERB
cblr-1762	349	27	the	the	DET
cblr-1762	349	28	bulk	bulk	NOUN
cblr-1762	349	29	of	of	ADP
cblr-1762	349	30	its	its	PRON
cblr-1762	349	31	decision	decision	NOUN
cblr-1762	349	32	-	-	PUNCT
cblr-1762	349	33	making	make	VERB
cblr-1762	349	34	authority	authority	NOUN
cblr-1762	349	35	to	to	PART
cblr-1762	349	36	executive	executive	NOUN
cblr-1762	349	37	management.78	management.78	NOUN
cblr-1762	349	38	this	this	DET
cblr-1762	349	39	locus	locus	NOUN
cblr-1762	349	40	of	of	ADP
cblr-1762	349	41	authority	authority	NOUN
cblr-1762	349	42	created	create	VERB
cblr-1762	349	43	by	by	ADP
cblr-1762	349	44	delegation	delegation	NOUN
cblr-1762	349	45	,	,	PUNCT
cblr-1762	349	46	separate	separate	ADJ
cblr-1762	349	47	from	from	ADP
cblr-1762	349	48	but	but	CCONJ
cblr-1762	349	49	under	under	ADP
cblr-1762	349	50	the	the	DET
cblr-1762	349	51	control	control	NOUN
cblr-1762	349	52	of	of	ADP
cblr-1762	349	53	the	the	DET
cblr-1762	349	54	board	board	NOUN
cblr-1762	349	55	,	,	PUNCT
cblr-1762	349	56	not	not	PART
cblr-1762	349	57	only	only	ADV
cblr-1762	349	58	runs	run	VERB
cblr-1762	349	59	the	the	DET
cblr-1762	349	60	company	company	NOUN
cblr-1762	349	61	on	on	ADP
cblr-1762	349	62	a	a	DET
cblr-1762	349	63	day	day	NOUN
cblr-1762	349	64	-	-	PUNCT
cblr-1762	349	65	to	to	ADP
cblr-1762	349	66	-	-	PUNCT
cblr-1762	349	67	day	day	NOUN
cblr-1762	349	68	basis	basis	NOUN
cblr-1762	349	69	but	but	CCONJ
cblr-1762	349	70	also	also	ADV
cblr-1762	349	71	provides	provide	VERB
cblr-1762	349	72	the	the	DET
cblr-1762	349	73	board	board	NOUN
cblr-1762	349	74	with	with	ADP
cblr-1762	349	75	recommendations	recommendation	NOUN
cblr-1762	349	76	on	on	ADP
cblr-1762	349	77	what	what	DET
cblr-1762	349	78	investment	investment	NOUN
cblr-1762	349	79	projects	project	NOUN
cblr-1762	349	80	and	and	CCONJ
cblr-1762	349	81	strategies	strategy	NOUN
cblr-1762	349	82	the	the	DET
cblr-1762	349	83	company	company	NOUN
cblr-1762	349	84	should	should	AUX
cblr-1762	349	85	proceed	proceed	VERB
cblr-1762	349	86	with	with	ADP
cblr-1762	349	87	and	and	CCONJ
cblr-1762	349	88	then	then	ADV
cblr-1762	349	89	implements	implement	VERB
cblr-1762	349	90	them	they	PRON
cblr-1762	349	91	with	with	ADP
cblr-1762	349	92	board	board	NOUN
cblr-1762	349	93	approval	approval	NOUN
cblr-1762	349	94	.	.	PUNCT
cblr-1762	350	1	conversely	conversely	ADV
cblr-1762	350	2	,	,	PUNCT
cblr-1762	350	3	corporate	corporate	ADJ
cblr-1762	350	4	law	law	NOUN
cblr-1762	350	5	does	do	AUX
cblr-1762	350	6	not	not	PART
cblr-1762	350	7	provide	provide	VERB
cblr-1762	350	8	hedge	hedge	NOUN
cblr-1762	350	9	fund	fund	NOUN
cblr-1762	350	10	activism	activism	NOUN
cblr-1762	350	11	with	with	ADP
cblr-1762	350	12	any	any	DET
cblr-1762	350	13	overt	overt	ADJ
cblr-1762	350	14	support	support	NOUN
cblr-1762	350	15	.	.	PUNCT
cblr-1762	351	1	while	while	SCONJ
cblr-1762	351	2	there	there	PRON
cblr-1762	351	3	is	be	VERB
cblr-1762	351	4	nothing	nothing	PRON
cblr-1762	351	5	stopping	stop	VERB
cblr-1762	351	6	activists	activist	NOUN
cblr-1762	351	7	from	from	ADP
cblr-1762	351	8	engaging	engage	VERB
cblr-1762	351	9	the	the	DET
cblr-1762	351	10	board	board	NOUN
cblr-1762	351	11	either	either	CCONJ
cblr-1762	351	12	publicly	publicly	ADV
cblr-1762	351	13	or	or	CCONJ
cblr-1762	351	14	privately	privately	ADV
cblr-1762	351	15	to	to	PART
cblr-1762	351	16	advocate	advocate	VERB
cblr-1762	351	17	for	for	ADP
cblr-1762	351	18	a	a	DET
cblr-1762	351	19	change	change	NOUN
cblr-1762	351	20	in	in	ADP
cblr-1762	351	21	corporate	corporate	ADJ
cblr-1762	351	22	strategies	strategy	NOUN
cblr-1762	351	23	,	,	PUNCT
cblr-1762	351	24	corporate	corporate	ADJ
cblr-1762	351	25	law	law	NOUN
cblr-1762	351	26	provides	provide	VERB
cblr-1762	351	27	little	little	ADJ
cblr-1762	351	28	support	support	NOUN
cblr-1762	351	29	for	for	ADP
cblr-1762	351	30	their	their	PRON
cblr-1762	351	31	recommendations	recommendation	NOUN
cblr-1762	351	32	outside	outside	ADV
cblr-1762	351	33	of	of	ADP
cblr-1762	351	34	allowing	allow	VERB
cblr-1762	351	35	77	77	NUM
cblr-1762	351	36	del	del	PROPN
cblr-1762	351	37	.	.	PROPN
cblr-1762	351	38	code	code	PROPN
cblr-1762	351	39	ann	ann	PROPN
cblr-1762	351	40	.	.	PUNCT
cblr-1762	352	1	tit	tit	PROPN
cblr-1762	352	2	.	.	PROPN
cblr-1762	353	1	8	8	NUM
cblr-1762	353	2	,	,	PUNCT
cblr-1762	353	3	§	§	PROPN
cblr-1762	353	4	141(a	141(a	NUM
cblr-1762	353	5	)	)	PUNCT
cblr-1762	353	6	(	(	PUNCT
cblr-1762	353	7	2011	2011	NUM
cblr-1762	353	8	)	)	PUNCT
cblr-1762	353	9	.	.	PUNCT
cblr-1762	354	1	78	78	NUM
cblr-1762	354	2	del	del	PROPN
cblr-1762	354	3	.	.	PROPN
cblr-1762	354	4	code	code	PROPN
cblr-1762	354	5	ann	ann	PROPN
cblr-1762	354	6	.	.	PUNCT
cblr-1762	354	7	tit	tit	PROPN
cblr-1762	354	8	.	.	PROPN
cblr-1762	354	9	8	8	NUM
cblr-1762	354	10	,	,	PUNCT
cblr-1762	354	11	§	§	PROPN
cblr-1762	354	12	142(a	142(a	PROPN
cblr-1762	354	13	)	)	PUNCT
cblr-1762	354	14	(	(	PUNCT
cblr-1762	354	15	2010	2010	NUM
cblr-1762	354	16	)	)	PUNCT
cblr-1762	354	17	.	.	PUNCT
cblr-1762	355	1	sharfman	sharfman	PROPN
cblr-1762	355	2	–	–	PUNCT
cblr-1762	355	3	final	final	ADJ
cblr-1762	355	4	no	no	NOUN
cblr-1762	355	5	.	.	PUNCT
cblr-1762	356	1	3:813	3:813	NUM
cblr-1762	356	2	]	]	X
cblr-1762	356	3	activist	activist	ADJ
cblr-1762	356	4	hedge	hedge	NOUN
cblr-1762	356	5	funds	fund	NOUN
cblr-1762	356	6	and	and	CCONJ
cblr-1762	356	7	long	long	ADJ
cblr-1762	356	8	-	-	PUNCT
cblr-1762	356	9	term	term	NOUN
cblr-1762	356	10	value	value	NOUN
cblr-1762	356	11	839	839	NUM
cblr-1762	356	12	them	they	PRON
cblr-1762	356	13	the	the	DET
cblr-1762	356	14	opportunity	opportunity	NOUN
cblr-1762	356	15	to	to	PART
cblr-1762	356	16	threaten	threaten	VERB
cblr-1762	356	17	or	or	CCONJ
cblr-1762	356	18	enter	enter	VERB
cblr-1762	356	19	into	into	ADP
cblr-1762	356	20	a	a	DET
cblr-1762	356	21	proxy	proxy	ADJ
cblr-1762	356	22	contest	contest	NOUN
cblr-1762	356	23	,	,	PUNCT
cblr-1762	356	24	file	file	VERB
cblr-1762	356	25	either	either	CCONJ
cblr-1762	356	26	a	a	DET
cblr-1762	356	27	direct	direct	ADJ
cblr-1762	356	28	or	or	CCONJ
cblr-1762	356	29	derivative	derivative	ADJ
cblr-1762	356	30	lawsuit	lawsuit	NOUN
cblr-1762	356	31	for	for	ADP
cblr-1762	356	32	a	a	DET
cblr-1762	356	33	breach	breach	NOUN
cblr-1762	356	34	of	of	ADP
cblr-1762	356	35	a	a	DET
cblr-1762	356	36	board	board	NOUN
cblr-1762	356	37	’s	’s	PART
cblr-1762	356	38	fiduciary	fiduciary	ADJ
cblr-1762	356	39	duties	duty	NOUN
cblr-1762	356	40	,	,	PUNCT
cblr-1762	356	41	propose	propose	VERB
cblr-1762	356	42	and	and	CCONJ
cblr-1762	356	43	vote	vote	VERB
cblr-1762	356	44	on	on	ADP
cblr-1762	356	45	binding	bind	VERB
cblr-1762	356	46	bylaw	bylaw	NOUN
cblr-1762	356	47	proposals,79	proposals,79	NOUN
cblr-1762	356	48	which	which	PRON
cblr-1762	356	49	may	may	AUX
cblr-1762	356	50	include	include	VERB
cblr-1762	356	51	the	the	DET
cblr-1762	356	52	nomination	nomination	NOUN
cblr-1762	356	53	of	of	ADP
cblr-1762	356	54	directors	director	NOUN
cblr-1762	356	55	through	through	ADP
cblr-1762	356	56	proxy	proxy	ADJ
cblr-1762	356	57	access,80	access,80	NOUN
cblr-1762	356	58	or	or	CCONJ
cblr-1762	356	59	propose	propose	VERB
cblr-1762	356	60	and	and	CCONJ
cblr-1762	356	61	vote	vote	VERB
cblr-1762	356	62	on	on	ADP
cblr-1762	356	63	nonbinding	nonbinding	NOUN
cblr-1762	356	64	proposals	proposal	NOUN
cblr-1762	356	65	if	if	SCONJ
cblr-1762	356	66	the	the	DET
cblr-1762	356	67	board	board	NOUN
cblr-1762	356	68	can	can	AUX
cblr-1762	356	69	not	not	PART
cblr-1762	356	70	exclude	exclude	VERB
cblr-1762	356	71	them	they	PRON
cblr-1762	356	72	from	from	ADP
cblr-1762	356	73	the	the	DET
cblr-1762	356	74	company	company	NOUN
cblr-1762	356	75	proxy	proxy	NOUN
cblr-1762	356	76	statement	statement	NOUN
cblr-1762	356	77	under	under	ADP
cblr-1762	356	78	sec	sec	PROPN
cblr-1762	356	79	rules.81	rules.81	NOUN
cblr-1762	356	80	given	give	VERB
cblr-1762	356	81	this	this	DET
cblr-1762	356	82	lack	lack	NOUN
cblr-1762	356	83	of	of	ADP
cblr-1762	356	84	overt	overt	ADJ
cblr-1762	356	85	legal	legal	ADJ
cblr-1762	356	86	endorsement	endorsement	NOUN
cblr-1762	356	87	,	,	PUNCT
cblr-1762	356	88	what	what	DET
cblr-1762	356	89	role	role	NOUN
cblr-1762	356	90	is	be	AUX
cblr-1762	356	91	the	the	DET
cblr-1762	356	92	activist	activist	ADJ
cblr-1762	356	93	hedge	hedge	NOUN
cblr-1762	356	94	fund	fund	NOUN
cblr-1762	356	95	to	to	PART
cblr-1762	356	96	play	play	VERB
cblr-1762	356	97	in	in	ADP
cblr-1762	356	98	the	the	DET
cblr-1762	356	99	corporate	corporate	ADJ
cblr-1762	356	100	governance	governance	NOUN
cblr-1762	356	101	of	of	ADP
cblr-1762	356	102	a	a	DET
cblr-1762	356	103	public	public	ADJ
cblr-1762	356	104	company	company	NOUN
cblr-1762	356	105	?	?	PUNCT
cblr-1762	357	1	b.	b.	PROPN
cblr-1762	358	1	the	the	DET
cblr-1762	358	2	independent	independent	PROPN
cblr-1762	358	3	board	board	PROPN
cblr-1762	358	4	board	board	NOUN
cblr-1762	358	5	composition	composition	NOUN
cblr-1762	358	6	is	be	AUX
cblr-1762	358	7	critical	critical	ADJ
cblr-1762	358	8	in	in	ADP
cblr-1762	358	9	allowing	allow	VERB
cblr-1762	358	10	the	the	DET
cblr-1762	358	11	activist	activist	ADJ
cblr-1762	358	12	hedge	hedge	NOUN
cblr-1762	358	13	fund	fund	NOUN
cblr-1762	358	14	to	to	PART
cblr-1762	358	15	play	play	VERB
cblr-1762	358	16	a	a	DET
cblr-1762	358	17	significant	significant	ADJ
cblr-1762	358	18	role	role	NOUN
cblr-1762	358	19	in	in	ADP
cblr-1762	358	20	the	the	DET
cblr-1762	358	21	corporate	corporate	ADJ
cblr-1762	358	22	governance	governance	NOUN
cblr-1762	358	23	of	of	ADP
cblr-1762	358	24	a	a	DET
cblr-1762	358	25	public	public	ADJ
cblr-1762	358	26	company	company	NOUN
cblr-1762	358	27	.	.	PUNCT
cblr-1762	359	1	while	while	SCONJ
cblr-1762	359	2	not	not	PART
cblr-1762	359	3	required	require	VERB
cblr-1762	359	4	by	by	ADP
cblr-1762	359	5	statutory	statutory	ADJ
cblr-1762	359	6	corporate	corporate	ADJ
cblr-1762	359	7	law	law	NOUN
cblr-1762	359	8	,	,	PUNCT
cblr-1762	359	9	“	"	PUNCT
cblr-1762	359	10	independent	independent	ADJ
cblr-1762	359	11	directors	director	NOUN
cblr-1762	359	12	”	"	PUNCT
cblr-1762	359	13	have	have	AUX
cblr-1762	359	14	composed	compose	VERB
cblr-1762	359	15	a	a	DET
cblr-1762	359	16	majority	majority	NOUN
cblr-1762	359	17	or	or	CCONJ
cblr-1762	359	18	supermajority	supermajority	NOUN
cblr-1762	359	19	of	of	ADP
cblr-1762	359	20	boards	board	NOUN
cblr-1762	359	21	for	for	ADP
cblr-1762	359	22	many	many	ADJ
cblr-1762	359	23	years.82	years.82	NOUN
cblr-1762	359	24	according	accord	VERB
cblr-1762	359	25	to	to	ADP
cblr-1762	359	26	margaret	margaret	PROPN
cblr-1762	359	27	blair	blair	PROPN
cblr-1762	359	28	and	and	CCONJ
cblr-1762	359	29	lynn	lynn	PROPN
cblr-1762	359	30	stout	stout	PROPN
cblr-1762	359	31	,	,	PUNCT
cblr-1762	359	32	“	"	PUNCT
cblr-1762	359	33	an	an	DET
cblr-1762	359	34	79	79	NUM
cblr-1762	359	35	see	see	NOUN
cblr-1762	359	36	del	del	PROPN
cblr-1762	359	37	.	.	PROPN
cblr-1762	359	38	code	code	PROPN
cblr-1762	359	39	ann	ann	PROPN
cblr-1762	359	40	.	.	PUNCT
cblr-1762	360	1	tit	tit	PROPN
cblr-1762	360	2	.	.	PROPN
cblr-1762	361	1	8	8	NUM
cblr-1762	361	2	,	,	PUNCT
cblr-1762	361	3	§	§	PROPN
cblr-1762	361	4	109	109	NUM
cblr-1762	361	5	(	(	PUNCT
cblr-1762	361	6	2011	2011	NUM
cblr-1762	361	7	)	)	PUNCT
cblr-1762	361	8	;	;	PUNCT
cblr-1762	361	9	blair	blair	PROPN
cblr-1762	361	10	&	&	CCONJ
cblr-1762	361	11	stout	stout	PROPN
cblr-1762	361	12	,	,	PUNCT
cblr-1762	361	13	supra	supra	PROPN
cblr-1762	361	14	note	note	NOUN
cblr-1762	361	15	64	64	NUM
cblr-1762	361	16	,	,	PUNCT
cblr-1762	361	17	at	at	ADP
cblr-1762	361	18	260–61	260–61	NUM
cblr-1762	361	19	.	.	PUNCT
cblr-1762	361	20	80	80	NUM
cblr-1762	361	21	sec	sec	PROPN
cblr-1762	361	22	rule	rule	NOUN
cblr-1762	361	23	14a-8(i)(8	14a-8(i)(8	NOUN
cblr-1762	361	24	)	)	PUNCT
cblr-1762	361	25	provides	provide	VERB
cblr-1762	361	26	that	that	SCONJ
cblr-1762	361	27	companies	company	NOUN
cblr-1762	361	28	will	will	AUX
cblr-1762	361	29	be	be	AUX
cblr-1762	361	30	permitted	permit	VERB
cblr-1762	361	31	to	to	PART
cblr-1762	361	32	exclude	exclude	VERB
cblr-1762	361	33	a	a	DET
cblr-1762	361	34	shareholder	shareholder	NOUN
cblr-1762	361	35	proposal	proposal	NOUN
cblr-1762	361	36	if	if	SCONJ
cblr-1762	361	37	it	it	PRON
cblr-1762	361	38	:	:	PUNCT
cblr-1762	361	39	(	(	PUNCT
cblr-1762	361	40	i	i	NOUN
cblr-1762	361	41	)	)	PUNCT
cblr-1762	361	42	would	would	AUX
cblr-1762	361	43	disqualify	disqualify	VERB
cblr-1762	361	44	a	a	DET
cblr-1762	361	45	nominee	nominee	NOUN
cblr-1762	361	46	who	who	PRON
cblr-1762	361	47	is	be	AUX
cblr-1762	361	48	standing	stand	VERB
cblr-1762	361	49	for	for	ADP
cblr-1762	361	50	election	election	NOUN
cblr-1762	361	51	;	;	PUNCT
cblr-1762	361	52	(	(	PUNCT
cblr-1762	361	53	ii	ii	NOUN
cblr-1762	361	54	)	)	PUNCT
cblr-1762	361	55	would	would	AUX
cblr-1762	361	56	remove	remove	VERB
cblr-1762	361	57	a	a	DET
cblr-1762	361	58	director	director	NOUN
cblr-1762	361	59	from	from	ADP
cblr-1762	361	60	office	office	NOUN
cblr-1762	361	61	before	before	SCONJ
cblr-1762	361	62	his	his	PRON
cblr-1762	361	63	or	or	CCONJ
cblr-1762	361	64	her	her	PRON
cblr-1762	361	65	term	term	NOUN
cblr-1762	361	66	expired	expire	VERB
cblr-1762	361	67	;	;	PUNCT
cblr-1762	361	68	(	(	PUNCT
cblr-1762	361	69	iii	iii	X
cblr-1762	361	70	)	)	PUNCT
cblr-1762	361	71	questions	question	NOUN
cblr-1762	361	72	the	the	DET
cblr-1762	361	73	competence	competence	NOUN
cblr-1762	361	74	,	,	PUNCT
cblr-1762	361	75	business	business	NOUN
cblr-1762	361	76	judgment	judgment	NOUN
cblr-1762	361	77	,	,	PUNCT
cblr-1762	361	78	or	or	CCONJ
cblr-1762	361	79	character	character	NOUN
cblr-1762	361	80	of	of	ADP
cblr-1762	361	81	one	one	NUM
cblr-1762	361	82	or	or	CCONJ
cblr-1762	361	83	more	more	ADJ
cblr-1762	361	84	nominees	nominee	NOUN
cblr-1762	361	85	or	or	CCONJ
cblr-1762	361	86	directors	director	NOUN
cblr-1762	361	87	;	;	PUNCT
cblr-1762	361	88	(	(	PUNCT
cblr-1762	361	89	iv	iv	X
cblr-1762	361	90	)	)	PUNCT
cblr-1762	361	91	seeks	seek	VERB
cblr-1762	361	92	to	to	PART
cblr-1762	361	93	include	include	VERB
cblr-1762	361	94	a	a	DET
cblr-1762	361	95	specific	specific	ADJ
cblr-1762	361	96	individual	individual	NOUN
cblr-1762	361	97	in	in	ADP
cblr-1762	361	98	the	the	DET
cblr-1762	361	99	company	company	NOUN
cblr-1762	361	100	’s	’s	PART
cblr-1762	361	101	proxy	proxy	ADJ
cblr-1762	361	102	materials	material	NOUN
cblr-1762	361	103	for	for	ADP
cblr-1762	361	104	election	election	NOUN
cblr-1762	361	105	to	to	ADP
cblr-1762	361	106	the	the	DET
cblr-1762	361	107	board	board	NOUN
cblr-1762	361	108	of	of	ADP
cblr-1762	361	109	directors	director	NOUN
cblr-1762	361	110	;	;	PUNCT
cblr-1762	361	111	or	or	CCONJ
cblr-1762	361	112	(	(	PUNCT
cblr-1762	361	113	v	v	NOUN
cblr-1762	361	114	)	)	PUNCT
cblr-1762	361	115	otherwise	otherwise	ADV
cblr-1762	361	116	could	could	AUX
cblr-1762	361	117	affect	affect	VERB
cblr-1762	361	118	the	the	DET
cblr-1762	361	119	outcome	outcome	NOUN
cblr-1762	361	120	of	of	ADP
cblr-1762	361	121	the	the	DET
cblr-1762	361	122	upcoming	upcoming	ADJ
cblr-1762	361	123	election	election	NOUN
cblr-1762	361	124	of	of	ADP
cblr-1762	361	125	directors	director	NOUN
cblr-1762	361	126	.	.	PUNCT
cblr-1762	362	1	17	17	NUM
cblr-1762	362	2	c.f.r	c.f.r	NOUN
cblr-1762	362	3	.	.	PUNCT
cblr-1762	363	1	§	§	PROPN
cblr-1762	363	2	240.14a-8(i)(8	240.14a-8(i)(8	NUM
cblr-1762	363	3	)	)	PUNCT
cblr-1762	363	4	(	(	PUNCT
cblr-1762	363	5	2013	2013	NUM
cblr-1762	363	6	)	)	PUNCT
cblr-1762	363	7	.	.	PUNCT
cblr-1762	364	1	81	81	NUM
cblr-1762	364	2	17	17	NUM
cblr-1762	364	3	c.f.r	c.f.r	NOUN
cblr-1762	364	4	.	.	PUNCT
cblr-1762	365	1	§	§	PROPN
cblr-1762	365	2	240.14a-8(i	240.14a-8(i	NUM
cblr-1762	365	3	)	)	PUNCT
cblr-1762	365	4	(	(	PUNCT
cblr-1762	365	5	2013	2013	NUM
cblr-1762	365	6	)	)	PUNCT
cblr-1762	365	7	.	.	PUNCT
cblr-1762	366	1	82	82	NUM
cblr-1762	366	2	according	accord	VERB
cblr-1762	366	3	to	to	ADP
cblr-1762	366	4	a	a	DET
cblr-1762	366	5	recent	recent	ADJ
cblr-1762	366	6	report	report	NOUN
cblr-1762	366	7	by	by	ADP
cblr-1762	366	8	spencer	spencer	PROPN
cblr-1762	366	9	stuart	stuart	PROPN
cblr-1762	366	10	,	,	PUNCT
cblr-1762	366	11	eighty	eighty	NUM
cblr-1762	366	12	-	-	PUNCT
cblr-1762	366	13	four	four	NUM
cblr-1762	366	14	percent	percent	NOUN
cblr-1762	366	15	of	of	ADP
cblr-1762	366	16	s&p	s&p	PROPN
cblr-1762	366	17	500	500	NUM
cblr-1762	366	18	boards	board	NOUN
cblr-1762	366	19	were	be	AUX
cblr-1762	366	20	composed	compose	VERB
cblr-1762	366	21	of	of	ADP
cblr-1762	366	22	independent	independent	ADJ
cblr-1762	366	23	directors	director	NOUN
cblr-1762	366	24	.	.	PUNCT
cblr-1762	367	1	see	see	VERB
cblr-1762	367	2	spencer	spencer	PROPN
cblr-1762	367	3	stuart	stuart	PROPN
cblr-1762	367	4	,	,	PUNCT
cblr-1762	367	5	spencer	spencer	PROPN
cblr-1762	367	6	stuart	stuart	PROPN
cblr-1762	367	7	board	board	PROPN
cblr-1762	367	8	index	index	PROPN
cblr-1762	367	9	2014	2014	NUM
cblr-1762	367	10	8	8	NUM
cblr-1762	367	11	(	(	PUNCT
cblr-1762	367	12	2014	2014	NUM
cblr-1762	367	13	)	)	PUNCT
cblr-1762	367	14	,	,	PUNCT
cblr-1762	367	15	https://www.nyse.com/publicdocs/nyse/listing/spencer_stuart_board_inde	https://www.nyse.com/publicdocs/nyse/listing/spencer_stuart_board_inde	NOUN
cblr-1762	367	16	x_2014.pdf	x_2014.pdf	PROPN
cblr-1762	368	1	[	[	X
cblr-1762	368	2	https://perma.cc/manage/vest/3wjr-fpbr	https://perma.cc/manage/vest/3wjr-fpbr	NOUN
cblr-1762	368	3	]	]	X
cblr-1762	368	4	.	.	PUNCT
cblr-1762	369	1	moreover	moreover	ADV
cblr-1762	369	2	,	,	PUNCT
cblr-1762	369	3	“	"	PUNCT
cblr-1762	369	4	the	the	DET
cblr-1762	369	5	ceo	ceo	NOUN
cblr-1762	369	6	has	have	AUX
cblr-1762	369	7	become	become	VERB
cblr-1762	369	8	the	the	DET
cblr-1762	369	9	sole	sole	ADJ
cblr-1762	369	10	non	non	ADJ
cblr-1762	369	11	-	-	ADJ
cblr-1762	369	12	independent	independent	ADJ
cblr-1762	369	13	director	director	NOUN
cblr-1762	369	14	on	on	ADP
cblr-1762	369	15	the	the	DET
cblr-1762	369	16	majority	majority	NOUN
cblr-1762	369	17	of	of	ADP
cblr-1762	369	18	boards	board	NOUN
cblr-1762	369	19	.	.	PUNCT
cblr-1762	370	1	on	on	ADP
cblr-1762	370	2	58	58	NUM
cblr-1762	370	3	%	%	NOUN
cblr-1762	370	4	of	of	ADP
cblr-1762	370	5	boards	board	NOUN
cblr-1762	370	6	today	today	NOUN
cblr-1762	370	7	,	,	PUNCT
cblr-1762	370	8	the	the	DET
cblr-1762	370	9	ceo	ceo	NOUN
cblr-1762	370	10	is	be	AUX
cblr-1762	370	11	the	the	DET
cblr-1762	370	12	only	only	ADJ
cblr-1762	370	13	non	non	ADJ
cblr-1762	370	14	-	-	ADJ
cblr-1762	370	15	independent	independent	ADJ
cblr-1762	370	16	sharfman	sharfman	NOUN
cblr-1762	370	17	–	–	PUNCT
cblr-1762	370	18	final	final	ADJ
cblr-1762	370	19	840	840	NUM
cblr-1762	370	20	columbia	columbia	PROPN
cblr-1762	370	21	business	business	NOUN
cblr-1762	370	22	law	law	PROPN
cblr-1762	370	23	review	review	NOUN
cblr-1762	370	24	[	[	X
cblr-1762	370	25	vol	vol	NOUN
cblr-1762	370	26	.	.	NOUN
cblr-1762	370	27	2015	2015	NUM
cblr-1762	370	28	independent	independent	ADJ
cblr-1762	370	29	board	board	NOUN
cblr-1762	370	30	is	be	AUX
cblr-1762	370	31	what	what	PRON
cblr-1762	370	32	makes	make	VERB
cblr-1762	370	33	a	a	DET
cblr-1762	370	34	public	public	ADJ
cblr-1762	370	35	corporation	corporation	NOUN
cblr-1762	370	36	a	a	DET
cblr-1762	370	37	public	public	ADJ
cblr-1762	370	38	corporation	corporation	NOUN
cblr-1762	370	39	.	.	PUNCT
cblr-1762	371	1	”83	”83	NOUN
cblr-1762	371	2	according	accord	VERB
cblr-1762	371	3	to	to	ADP
cblr-1762	371	4	stephen	stephen	PROPN
cblr-1762	371	5	bainbridge	bainbridge	PROPN
cblr-1762	371	6	,	,	PUNCT
cblr-1762	371	7	“	"	PUNCT
cblr-1762	371	8	a	a	DET
cblr-1762	371	9	unique	unique	ADJ
cblr-1762	371	10	attribute	attribute	NOUN
cblr-1762	371	11	of	of	ADP
cblr-1762	371	12	the	the	DET
cblr-1762	371	13	modern	modern	ADJ
cblr-1762	371	14	public	public	ADJ
cblr-1762	371	15	corporation	corporation	NOUN
cblr-1762	371	16	is	be	AUX
cblr-1762	371	17	the	the	DET
cblr-1762	371	18	ever	ever	ADV
cblr-1762	371	19	-	-	PUNCT
cblr-1762	371	20	increasing	increase	VERB
cblr-1762	371	21	use	use	NOUN
cblr-1762	371	22	of	of	ADP
cblr-1762	371	23	independent	independent	ADJ
cblr-1762	371	24	board	board	NOUN
cblr-1762	371	25	members	member	NOUN
cblr-1762	371	26	who	who	PRON
cblr-1762	371	27	typically	typically	ADV
cblr-1762	371	28	lack	lack	VERB
cblr-1762	371	29	both	both	DET
cblr-1762	371	30	day	day	NOUN
cblr-1762	371	31	-	-	PUNCT
cblr-1762	371	32	to	to	ADP
cblr-1762	371	33	-	-	PUNCT
cblr-1762	371	34	day	day	NOUN
cblr-1762	371	35	management	management	NOUN
cblr-1762	371	36	power	power	NOUN
cblr-1762	371	37	and	and	CCONJ
cblr-1762	371	38	any	any	DET
cblr-1762	371	39	significant	significant	ADJ
cblr-1762	371	40	equity	equity	NOUN
cblr-1762	371	41	stake	stake	NOUN
cblr-1762	371	42	in	in	ADP
cblr-1762	371	43	the	the	DET
cblr-1762	371	44	corporation	corporation	NOUN
cblr-1762	371	45	.	.	PUNCT
cblr-1762	372	1	”84	”84	NOUN
cblr-1762	372	2	independence	independence	NOUN
cblr-1762	372	3	ideally	ideally	ADV
cblr-1762	372	4	means	mean	VERB
cblr-1762	372	5	“	"	PUNCT
cblr-1762	372	6	independence	independence	NOUN
cblr-1762	372	7	of	of	ADP
cblr-1762	372	8	mind	mind	NOUN
cblr-1762	372	9	”	"	PUNCT
cblr-1762	372	10	when	when	SCONJ
cblr-1762	372	11	participating	participate	VERB
cblr-1762	372	12	in	in	ADP
cblr-1762	372	13	the	the	DET
cblr-1762	372	14	making	making	NOUN
cblr-1762	372	15	of	of	ADP
cblr-1762	372	16	a	a	DET
cblr-1762	372	17	board	board	NOUN
cblr-1762	372	18	decision.85	decision.85	NOUN
cblr-1762	372	19	to	to	PART
cblr-1762	372	20	make	make	VERB
cblr-1762	372	21	sure	sure	ADJ
cblr-1762	372	22	the	the	DET
cblr-1762	372	23	board	board	NOUN
cblr-1762	372	24	of	of	ADP
cblr-1762	372	25	a	a	DET
cblr-1762	372	26	public	public	ADJ
cblr-1762	372	27	company	company	NOUN
cblr-1762	372	28	has	have	VERB
cblr-1762	372	29	an	an	DET
cblr-1762	372	30	adequate	adequate	ADJ
cblr-1762	372	31	level	level	NOUN
cblr-1762	372	32	of	of	ADP
cblr-1762	372	33	independence	independence	NOUN
cblr-1762	372	34	,	,	PUNCT
cblr-1762	372	35	the	the	DET
cblr-1762	372	36	listing	listing	NOUN
cblr-1762	372	37	requirements	requirement	NOUN
cblr-1762	372	38	of	of	ADP
cblr-1762	372	39	the	the	DET
cblr-1762	372	40	u.s	u.s	PROPN
cblr-1762	372	41	.	.	PROPN
cblr-1762	372	42	stock	stock	NOUN
cblr-1762	372	43	markets	market	NOUN
cblr-1762	372	44	state	state	NOUN
cblr-1762	372	45	that	that	SCONJ
cblr-1762	372	46	the	the	DET
cblr-1762	372	47	board	board	NOUN
cblr-1762	372	48	of	of	ADP
cblr-1762	372	49	a	a	DET
cblr-1762	372	50	public	public	ADJ
cblr-1762	372	51	company	company	NOUN
cblr-1762	372	52	must	must	AUX
cblr-1762	372	53	be	be	AUX
cblr-1762	372	54	composed	compose	VERB
cblr-1762	372	55	of	of	ADP
cblr-1762	372	56	a	a	DET
cblr-1762	372	57	majority	majority	NOUN
cblr-1762	372	58	of	of	ADP
cblr-1762	372	59	independent	independent	ADJ
cblr-1762	372	60	directors	director	NOUN
cblr-1762	372	61	;	;	PUNCT
cblr-1762	372	62	the	the	DET
cblr-1762	372	63	independence	independence	NOUN
cblr-1762	372	64	determination	determination	NOUN
cblr-1762	372	65	is	be	AUX
cblr-1762	372	66	based	base	VERB
cblr-1762	372	67	on	on	ADP
cblr-1762	372	68	a	a	DET
cblr-1762	372	69	number	number	NOUN
cblr-1762	372	70	of	of	ADP
cblr-1762	372	71	subjective	subjective	ADJ
cblr-1762	372	72	and	and	CCONJ
cblr-1762	372	73	objective	objective	ADJ
cblr-1762	372	74	rules.86	rules.86	NOUN
cblr-1762	372	75	these	these	DET
cblr-1762	372	76	rules	rule	NOUN
cblr-1762	372	77	focus	focus	VERB
cblr-1762	372	78	on	on	ADP
cblr-1762	372	79	keeping	keep	VERB
cblr-1762	372	80	the	the	DET
cblr-1762	372	81	board	board	NOUN
cblr-1762	372	82	independent	independent	ADJ
cblr-1762	372	83	of	of	ADP
cblr-1762	372	84	management.87	management.87	PROPN
cblr-1762	372	85	for	for	ADP
cblr-1762	372	86	director	director	NOUN
cblr-1762	372	87	,	,	PUNCT
cblr-1762	372	88	compared	compare	VERB
cblr-1762	372	89	with	with	ADP
cblr-1762	372	90	50	50	NUM
cblr-1762	372	91	%	%	NOUN
cblr-1762	372	92	in	in	ADP
cblr-1762	372	93	2009	2009	NUM
cblr-1762	372	94	.	.	PUNCT
cblr-1762	373	1	in	in	ADP
cblr-1762	373	2	2004	2004	NUM
cblr-1762	373	3	,	,	PUNCT
cblr-1762	373	4	61	61	NUM
cblr-1762	373	5	%	%	NOUN
cblr-1762	373	6	of	of	ADP
cblr-1762	373	7	boards	board	NOUN
cblr-1762	373	8	had	have	VERB
cblr-1762	373	9	at	at	ADV
cblr-1762	373	10	least	least	ADV
cblr-1762	373	11	one	one	NUM
cblr-1762	373	12	non	non	ADJ
cblr-1762	373	13	-	-	ADJ
cblr-1762	373	14	independent	independent	ADJ
cblr-1762	373	15	director	director	NOUN
cblr-1762	373	16	in	in	ADP
cblr-1762	373	17	addition	addition	NOUN
cblr-1762	373	18	to	to	ADP
cblr-1762	373	19	the	the	DET
cblr-1762	373	20	ceo	ceo	NOUN
cblr-1762	373	21	.	.	PUNCT
cblr-1762	373	22	”	"	PUNCT
cblr-1762	374	1	i	i	PRON
cblr-1762	374	2	d.	d.	PROPN
cblr-1762	374	3	at	at	ADP
cblr-1762	374	4	15	15	NUM
cblr-1762	374	5	.	.	PUNCT
cblr-1762	374	6	83	83	NUM
cblr-1762	374	7	blair	blair	PROPN
cblr-1762	374	8	&	&	CCONJ
cblr-1762	374	9	stout	stout	PROPN
cblr-1762	374	10	,	,	PUNCT
cblr-1762	374	11	supra	supra	PROPN
cblr-1762	374	12	note	note	PROPN
cblr-1762	374	13	64	64	NUM
cblr-1762	374	14	,	,	PUNCT
cblr-1762	374	15	at	at	ADP
cblr-1762	374	16	251	251	NUM
cblr-1762	374	17	.	.	PUNCT
cblr-1762	375	1	84	84	NUM
cblr-1762	375	2	bainbridge	bainbridge	NOUN
cblr-1762	375	3	,	,	PUNCT
cblr-1762	375	4	director	director	NOUN
cblr-1762	375	5	primacy	primacy	NOUN
cblr-1762	375	6	,	,	PUNCT
cblr-1762	375	7	supra	supra	PROPN
cblr-1762	375	8	note	note	NOUN
cblr-1762	375	9	17	17	NUM
cblr-1762	375	10	,	,	PUNCT
cblr-1762	375	11	at	at	ADP
cblr-1762	375	12	561	561	NUM
cblr-1762	375	13	;	;	PUNCT
cblr-1762	375	14	bainbridge	bainbridge	PROPN
cblr-1762	375	15	,	,	PUNCT
cblr-1762	375	16	the	the	DET
cblr-1762	375	17	board	board	NOUN
cblr-1762	375	18	of	of	ADP
cblr-1762	375	19	directors	director	NOUN
cblr-1762	375	20	as	as	ADP
cblr-1762	375	21	nexus	nexus	NOUN
cblr-1762	375	22	of	of	ADP
cblr-1762	375	23	contracts	contract	NOUN
cblr-1762	375	24	,	,	PUNCT
cblr-1762	375	25	supra	supra	PROPN
cblr-1762	375	26	note	note	PROPN
cblr-1762	375	27	17	17	NUM
cblr-1762	375	28	,	,	PUNCT
cblr-1762	375	29	at	at	ADP
cblr-1762	375	30	27	27	NUM
cblr-1762	375	31	n.114	n.114	NOUN
cblr-1762	375	32	.	.	PROPN
cblr-1762	375	33	85	85	NUM
cblr-1762	375	34	john	john	PROPN
cblr-1762	375	35	roberts	roberts	PROPN
cblr-1762	375	36	,	,	PUNCT
cblr-1762	375	37	terry	terry	PROPN
cblr-1762	375	38	mcnulty	mcnulty	PROPN
cblr-1762	375	39	&	&	CCONJ
cblr-1762	375	40	philip	philip	PROPN
cblr-1762	375	41	stiles	stiles	PROPN
cblr-1762	375	42	,	,	PUNCT
cblr-1762	375	43	beyond	beyond	ADP
cblr-1762	375	44	agency	agency	NOUN
cblr-1762	375	45	conceptions	conception	NOUN
cblr-1762	375	46	of	of	ADP
cblr-1762	375	47	the	the	DET
cblr-1762	375	48	work	work	NOUN
cblr-1762	375	49	of	of	ADP
cblr-1762	375	50	the	the	DET
cblr-1762	375	51	non	non	ADJ
cblr-1762	375	52	-	-	ADJ
cblr-1762	375	53	executive	executive	ADJ
cblr-1762	375	54	director	director	NOUN
cblr-1762	375	55	:	:	PUNCT
cblr-1762	375	56	creating	create	VERB
cblr-1762	375	57	accountability	accountability	NOUN
cblr-1762	375	58	in	in	ADP
cblr-1762	375	59	the	the	DET
cblr-1762	375	60	boardroom	boardroom	NOUN
cblr-1762	375	61	,	,	PUNCT
cblr-1762	375	62	16	16	NUM
cblr-1762	375	63	brit	brit	NOUN
cblr-1762	375	64	.	.	PUNCT
cblr-1762	376	1	j.	j.	PROPN
cblr-1762	376	2	mgmt	mgmt	PROPN
cblr-1762	376	3	.	.	PROPN
cblr-1762	377	1	s5	s5	PROPN
cblr-1762	377	2	,	,	PUNCT
cblr-1762	377	3	s19	s19	X
cblr-1762	377	4	(	(	PUNCT
cblr-1762	377	5	2005	2005	NUM
cblr-1762	377	6	)	)	PUNCT
cblr-1762	377	7	(	(	PUNCT
cblr-1762	377	8	“	"	PUNCT
cblr-1762	377	9	[	[	X
cblr-1762	377	10	w]e	w]e	NOUN
cblr-1762	377	11	have	have	AUX
cblr-1762	377	12	argued	argue	VERB
cblr-1762	377	13	that	that	SCONJ
cblr-1762	377	14	independence	independence	NOUN
cblr-1762	377	15	is	be	AUX
cblr-1762	377	16	only	only	ADV
cblr-1762	377	17	significant	significant	ADJ
cblr-1762	377	18	within	within	ADP
cblr-1762	377	19	a	a	DET
cblr-1762	377	20	board	board	NOUN
cblr-1762	377	21	in	in	ADP
cblr-1762	377	22	the	the	DET
cblr-1762	377	23	form	form	NOUN
cblr-1762	377	24	of	of	ADP
cblr-1762	377	25	a	a	DET
cblr-1762	377	26	willingness	willingness	NOUN
cblr-1762	377	27	to	to	PART
cblr-1762	377	28	exercise	exercise	VERB
cblr-1762	377	29	independence	independence	NOUN
cblr-1762	377	30	of	of	ADP
cblr-1762	377	31	mind	mind	NOUN
cblr-1762	377	32	in	in	ADP
cblr-1762	377	33	relation	relation	NOUN
cblr-1762	377	34	to	to	ADP
cblr-1762	377	35	executive	executive	ADJ
cblr-1762	377	36	strategy	strategy	NOUN
cblr-1762	377	37	and	and	CCONJ
cblr-1762	377	38	performance	performance	NOUN
cblr-1762	377	39	.	.	PUNCT
cblr-1762	377	40	”	"	PUNCT
cblr-1762	377	41	)	)	PUNCT
cblr-1762	377	42	.	.	PUNCT
cblr-1762	378	1	86	86	NUM
cblr-1762	378	2	a	a	DET
cblr-1762	378	3	key	key	ADJ
cblr-1762	378	4	focus	focus	NOUN
cblr-1762	378	5	of	of	ADP
cblr-1762	378	6	the	the	DET
cblr-1762	378	7	major	major	ADJ
cblr-1762	378	8	u.s	u.s	PROPN
cblr-1762	378	9	.	.	PROPN
cblr-1762	378	10	stock	stock	NOUN
cblr-1762	378	11	exchanges	exchange	NOUN
cblr-1762	378	12	is	be	AUX
cblr-1762	378	13	to	to	PART
cblr-1762	378	14	make	make	VERB
cblr-1762	378	15	sure	sure	ADJ
cblr-1762	378	16	that	that	SCONJ
cblr-1762	378	17	the	the	DET
cblr-1762	378	18	board	board	NOUN
cblr-1762	378	19	of	of	ADP
cblr-1762	378	20	a	a	DET
cblr-1762	378	21	listed	list	VERB
cblr-1762	378	22	company	company	NOUN
cblr-1762	378	23	is	be	AUX
cblr-1762	378	24	composed	compose	VERB
cblr-1762	378	25	of	of	ADP
cblr-1762	378	26	a	a	DET
cblr-1762	378	27	majority	majority	NOUN
cblr-1762	378	28	of	of	ADP
cblr-1762	378	29	independent	independent	ADJ
cblr-1762	378	30	directors	director	NOUN
cblr-1762	378	31	.	.	PUNCT
cblr-1762	379	1	in	in	ADP
cblr-1762	379	2	general	general	ADJ
cblr-1762	379	3	,	,	PUNCT
cblr-1762	379	4	independent	independent	ADJ
cblr-1762	379	5	directors	director	NOUN
cblr-1762	379	6	can	can	AUX
cblr-1762	379	7	be	be	AUX
cblr-1762	379	8	defined	define	VERB
cblr-1762	379	9	as	as	ADP
cblr-1762	379	10	directors	director	NOUN
cblr-1762	379	11	whose	whose	DET
cblr-1762	379	12	ties	tie	NOUN
cblr-1762	379	13	to	to	ADP
cblr-1762	379	14	the	the	DET
cblr-1762	379	15	corporation	corporation	NOUN
cblr-1762	379	16	are	be	AUX
cblr-1762	379	17	not	not	PART
cblr-1762	379	18	so	so	ADV
cblr-1762	379	19	significant	significant	ADJ
cblr-1762	379	20	as	as	SCONJ
cblr-1762	379	21	to	to	PART
cblr-1762	379	22	influence	influence	VERB
cblr-1762	379	23	their	their	PRON
cblr-1762	379	24	judgment	judgment	NOUN
cblr-1762	379	25	in	in	ADP
cblr-1762	379	26	corporate	corporate	ADJ
cblr-1762	379	27	matters	matter	NOUN
cblr-1762	379	28	.	.	PUNCT
cblr-1762	380	1	the	the	DET
cblr-1762	380	2	stock	stock	NOUN
cblr-1762	380	3	exchanges	exchange	NOUN
cblr-1762	380	4	set	set	VERB
cblr-1762	380	5	out	out	ADP
cblr-1762	380	6	both	both	CCONJ
cblr-1762	380	7	subjective	subjective	ADJ
cblr-1762	380	8	and	and	CCONJ
cblr-1762	380	9	objective	objective	ADJ
cblr-1762	380	10	tests	test	NOUN
cblr-1762	380	11	for	for	ADP
cblr-1762	380	12	establishing	establish	VERB
cblr-1762	380	13	director	director	NOUN
cblr-1762	380	14	independence	independence	NOUN
cblr-1762	380	15	.	.	PUNCT
cblr-1762	381	1	see	see	VERB
cblr-1762	381	2	,	,	PUNCT
cblr-1762	381	3	e.g.	e.g.	ADV
cblr-1762	381	4	,	,	PUNCT
cblr-1762	381	5	n.y	n.y	PROPN
cblr-1762	381	6	.	.	PROPN
cblr-1762	381	7	stock	stock	PROPN
cblr-1762	381	8	exch	exch	PROPN
cblr-1762	381	9	.	.	PROPN
cblr-1762	382	1	,	,	PUNCT
cblr-1762	382	2	listed	list	VERB
cblr-1762	382	3	company	company	NOUN
cblr-1762	382	4	manual	manual	NOUN
cblr-1762	382	5	§	§	PROPN
cblr-1762	382	6	§	§	ADJ
cblr-1762	382	7	303a.01–.02	303a.01–.02	NUM
cblr-1762	382	8	(	(	PUNCT
cblr-1762	382	9	2009	2009	NUM
cblr-1762	382	10	)	)	PUNCT
cblr-1762	382	11	,	,	PUNCT
cblr-1762	382	12	http://nysemanual.nyse.com/lcmtools/platformviewer.asp?selectednode=	http://nysemanual.nyse.com/lcmtools/platformviewer.asp?selectednode=	ADV
cblr-1762	382	13	chp_1_4&manual=%2flcm%2fsections%2flcm	chp_1_4&manual=%2flcm%2fsections%2flcm	NOUN
cblr-1762	382	14	-	-	NOUN
cblr-1762	382	15	sections%2f	sections%2f	NOUN
cblr-1762	382	16	[	[	X
cblr-1762	382	17	http://perma	http://perma	NOUN
cblr-1762	382	18	.	.	PUNCT
cblr-1762	383	1	cc	cc	NOUN
cblr-1762	383	2	/	/	SYM
cblr-1762	383	3	m52e	m52e	ADJ
cblr-1762	383	4	-	-	PUNCT
cblr-1762	383	5	ruxn	ruxn	ADJ
cblr-1762	383	6	]	]	PUNCT
cblr-1762	383	7	(	(	PUNCT
cblr-1762	383	8	explaining	explain	VERB
cblr-1762	383	9	how	how	SCONJ
cblr-1762	383	10	the	the	DET
cblr-1762	383	11	test	test	NOUN
cblr-1762	383	12	for	for	ADP
cblr-1762	383	13	establishing	establish	VERB
cblr-1762	383	14	director	director	NOUN
cblr-1762	383	15	independence	independence	NOUN
cblr-1762	383	16	is	be	AUX
cblr-1762	383	17	a	a	DET
cblr-1762	383	18	two	two	NUM
cblr-1762	383	19	-	-	PUNCT
cblr-1762	383	20	part	part	NOUN
cblr-1762	383	21	objective	objective	NOUN
cblr-1762	383	22	and	and	CCONJ
cblr-1762	383	23	subjective	subjective	ADJ
cblr-1762	383	24	one	one	NUM
cblr-1762	383	25	)	)	PUNCT
cblr-1762	383	26	.	.	PUNCT
cblr-1762	384	1	87	87	NUM
cblr-1762	384	2	usha	usha	PROPN
cblr-1762	384	3	rodrigues	rodrigues	PROPN
cblr-1762	384	4	,	,	PUNCT
cblr-1762	384	5	the	the	DET
cblr-1762	384	6	fetishization	fetishization	NOUN
cblr-1762	384	7	of	of	ADP
cblr-1762	384	8	independence	independence	NOUN
cblr-1762	384	9	,	,	PUNCT
cblr-1762	384	10	33	33	NUM
cblr-1762	384	11	j.	j.	PROPN
cblr-1762	384	12	corp	corp	PROPN
cblr-1762	384	13	.	.	PROPN
cblr-1762	384	14	l.	l.	PROPN
cblr-1762	384	15	447	447	NUM
cblr-1762	384	16	,	,	PUNCT
cblr-1762	384	17	450	450	NUM
cblr-1762	384	18	(	(	PUNCT
cblr-1762	384	19	2008	2008	NUM
cblr-1762	384	20	)	)	PUNCT
cblr-1762	384	21	(	(	PUNCT
cblr-1762	384	22	“	"	PUNCT
cblr-1762	384	23	the	the	DET
cblr-1762	384	24	sarbanes	sarbanes	PROPN
cblr-1762	384	25	-	-	PUNCT
cblr-1762	384	26	oxley	oxley	ADJ
cblr-1762	384	27	act	act	NOUN
cblr-1762	384	28	of	of	ADP
cblr-1762	384	29	2002	2002	NUM
cblr-1762	384	30	(	(	PUNCT
cblr-1762	384	31	sox	sox	X
cblr-1762	384	32	)	)	PUNCT
cblr-1762	384	33	and	and	CCONJ
cblr-1762	384	34	the	the	DET
cblr-1762	384	35	selfregulatory	selfregulatory	ADJ
cblr-1762	384	36	organizations	organization	NOUN
cblr-1762	384	37	(	(	PUNCT
cblr-1762	384	38	sros	sros	PROPN
cblr-1762	384	39	)	)	PUNCT
cblr-1762	384	40	such	such	ADJ
cblr-1762	384	41	as	as	ADP
cblr-1762	384	42	the	the	DET
cblr-1762	384	43	nasdaq	nasdaq	NOUN
cblr-1762	384	44	and	and	CCONJ
cblr-1762	384	45	the	the	DET
cblr-1762	384	46	new	new	PROPN
cblr-1762	384	47	york	york	PROPN
cblr-1762	384	48	stock	stock	PROPN
cblr-1762	384	49	exchange	exchange	PROPN
cblr-1762	384	50	(	(	PUNCT
cblr-1762	384	51	nyse	nyse	PROPN
cblr-1762	384	52	)	)	PUNCT
cblr-1762	384	53	define	define	VERB
cblr-1762	384	54	independence	independence	NOUN
cblr-1762	384	55	by	by	ADP
cblr-1762	384	56	way	way	NOUN
cblr-1762	384	57	of	of	ADP
cblr-1762	384	58	status	status	NOUN
cblr-1762	384	59	:	:	PUNCT
cblr-1762	384	60	‘	'	PUNCT
cblr-1762	384	61	independence	independence	NOUN
cblr-1762	384	62	’	'	PUNCT
cblr-1762	384	63	means	mean	VERB
cblr-1762	384	64	outsider	outsider	NOUN
cblr-1762	384	65	status	status	NOUN
cblr-1762	384	66	.	.	PUNCT
cblr-1762	384	67	”	"	PUNCT
cblr-1762	384	68	)	)	PUNCT
cblr-1762	384	69	.	.	PUNCT
cblr-1762	385	1	sharfman	sharfman	PROPN
cblr-1762	385	2	–	–	PUNCT
cblr-1762	385	3	final	final	ADJ
cblr-1762	385	4	no	no	NOUN
cblr-1762	385	5	.	.	PUNCT
cblr-1762	386	1	3:813	3:813	NUM
cblr-1762	386	2	]	]	X
cblr-1762	386	3	activist	activist	ADJ
cblr-1762	386	4	hedge	hedge	NOUN
cblr-1762	386	5	funds	fund	NOUN
cblr-1762	386	6	and	and	CCONJ
cblr-1762	386	7	long	long	ADJ
cblr-1762	386	8	-	-	PUNCT
cblr-1762	386	9	term	term	NOUN
cblr-1762	386	10	value	value	NOUN
cblr-1762	386	11	841	841	NUM
cblr-1762	386	12	example	example	NOUN
cblr-1762	386	13	,	,	PUNCT
cblr-1762	386	14	“	"	PUNCT
cblr-1762	386	15	[	[	X
cblr-1762	386	16	n]o	n]o	NOUN
cblr-1762	386	17	director	director	NOUN
cblr-1762	386	18	qualifies	qualify	VERB
cblr-1762	386	19	as	as	ADP
cblr-1762	386	20	‘	'	PUNCT
cblr-1762	386	21	independent	independent	ADJ
cblr-1762	386	22	’	'	PUNCT
cblr-1762	386	23	unless	unless	SCONJ
cblr-1762	386	24	the	the	DET
cblr-1762	386	25	board	board	NOUN
cblr-1762	386	26	of	of	ADP
cblr-1762	386	27	directors	director	NOUN
cblr-1762	386	28	affirmatively	affirmatively	ADV
cblr-1762	386	29	determines	determine	VERB
cblr-1762	386	30	that	that	SCONJ
cblr-1762	386	31	the	the	DET
cblr-1762	386	32	director	director	NOUN
cblr-1762	386	33	has	have	VERB
cblr-1762	386	34	no	no	DET
cblr-1762	386	35	material	material	NOUN
cblr-1762	386	36	relationship	relationship	NOUN
cblr-1762	386	37	with	with	ADP
cblr-1762	386	38	the	the	DET
cblr-1762	386	39	listed	list	VERB
cblr-1762	386	40	company	company	NOUN
cblr-1762	386	41	(	(	PUNCT
cblr-1762	386	42	either	either	CCONJ
cblr-1762	386	43	directly	directly	ADV
cblr-1762	386	44	or	or	CCONJ
cblr-1762	386	45	as	as	ADP
cblr-1762	386	46	a	a	DET
cblr-1762	386	47	partner	partner	NOUN
cblr-1762	386	48	,	,	PUNCT
cblr-1762	386	49	shareholder	shareholder	NOUN
cblr-1762	386	50	or	or	CCONJ
cblr-1762	386	51	officer	officer	NOUN
cblr-1762	386	52	of	of	ADP
cblr-1762	386	53	an	an	DET
cblr-1762	386	54	organization	organization	NOUN
cblr-1762	386	55	that	that	PRON
cblr-1762	386	56	has	have	VERB
cblr-1762	386	57	a	a	DET
cblr-1762	386	58	relationship	relationship	NOUN
cblr-1762	386	59	with	with	ADP
cblr-1762	386	60	the	the	DET
cblr-1762	386	61	company).”88	company).”88	PROPN
cblr-1762	386	62	delaware	delaware	PROPN
cblr-1762	386	63	corporate	corporate	ADJ
cblr-1762	386	64	law	law	NOUN
cblr-1762	386	65	takes	take	VERB
cblr-1762	386	66	a	a	DET
cblr-1762	386	67	different	different	ADJ
cblr-1762	386	68	approach	approach	NOUN
cblr-1762	386	69	to	to	ADP
cblr-1762	386	70	independence	independence	NOUN
cblr-1762	386	71	.	.	PUNCT
cblr-1762	387	1	it	it	PRON
cblr-1762	387	2	does	do	AUX
cblr-1762	387	3	not	not	PART
cblr-1762	387	4	require	require	VERB
cblr-1762	387	5	independence	independence	NOUN
cblr-1762	387	6	,	,	PUNCT
cblr-1762	387	7	but	but	CCONJ
cblr-1762	387	8	does	do	AUX
cblr-1762	387	9	provide	provide	VERB
cblr-1762	387	10	significant	significant	ADJ
cblr-1762	387	11	deference	deference	NOUN
cblr-1762	387	12	to	to	ADP
cblr-1762	387	13	the	the	DET
cblr-1762	387	14	decision	decision	NOUN
cblr-1762	387	15	-	-	PUNCT
cblr-1762	387	16	making	making	NOUN
cblr-1762	387	17	of	of	ADP
cblr-1762	387	18	a	a	DET
cblr-1762	387	19	board	board	NOUN
cblr-1762	387	20	that	that	PRON
cblr-1762	387	21	is	be	AUX
cblr-1762	387	22	composed	compose	VERB
cblr-1762	387	23	of	of	ADP
cblr-1762	387	24	a	a	DET
cblr-1762	387	25	majority	majority	NOUN
cblr-1762	387	26	of	of	ADP
cblr-1762	387	27	independent	independent	ADJ
cblr-1762	387	28	members.89	members.89	NOUN
cblr-1762	387	29	however	however	ADV
cblr-1762	387	30	,	,	PUNCT
cblr-1762	387	31	its	its	PRON
cblr-1762	387	32	focus	focus	NOUN
cblr-1762	387	33	is	be	AUX
cblr-1762	387	34	on	on	ADP
cblr-1762	387	35	situational	situational	ADJ
cblr-1762	387	36	independence	independence	NOUN
cblr-1762	387	37	,	,	PUNCT
cblr-1762	387	38	and	and	CCONJ
cblr-1762	387	39	therefore	therefore	ADV
cblr-1762	387	40	does	do	AUX
cblr-1762	387	41	not	not	PART
cblr-1762	387	42	specifically	specifically	ADV
cblr-1762	387	43	target	target	VERB
cblr-1762	387	44	keeping	keep	VERB
cblr-1762	387	45	management	management	NOUN
cblr-1762	387	46	at	at	ADP
cblr-1762	387	47	arm	arm	NOUN
cblr-1762	387	48	’s	’s	PART
cblr-1762	387	49	length	length	NOUN
cblr-1762	387	50	from	from	ADP
cblr-1762	387	51	directors.90	directors.90	NOUN
cblr-1762	387	52	for	for	ADP
cblr-1762	387	53	example	example	NOUN
cblr-1762	387	54	,	,	PUNCT
cblr-1762	387	55	under	under	ADP
cblr-1762	387	56	delaware	delaware	PROPN
cblr-1762	387	57	law	law	PROPN
cblr-1762	387	58	,	,	PUNCT
cblr-1762	387	59	a	a	DET
cblr-1762	387	60	court	court	NOUN
cblr-1762	387	61	determines	determine	VERB
cblr-1762	387	62	whether	whether	SCONJ
cblr-1762	387	63	a	a	DET
cblr-1762	387	64	director	director	NOUN
cblr-1762	387	65	is	be	AUX
cblr-1762	387	66	independent	independent	ADJ
cblr-1762	387	67	by	by	ADP
cblr-1762	387	68	asking	ask	VERB
cblr-1762	387	69	“	"	PUNCT
cblr-1762	387	70	whether	whether	SCONJ
cblr-1762	387	71	a	a	DET
cblr-1762	387	72	director	director	NOUN
cblr-1762	387	73	,	,	PUNCT
cblr-1762	387	74	although	although	SCONJ
cblr-1762	387	75	lacking	lack	VERB
cblr-1762	387	76	in	in	ADP
cblr-1762	387	77	a	a	DET
cblr-1762	387	78	financial	financial	ADJ
cblr-1762	387	79	self	self	NOUN
cblr-1762	387	80	-	-	PUNCT
cblr-1762	387	81	interest	interest	NOUN
cblr-1762	387	82	,	,	PUNCT
cblr-1762	387	83	is	be	AUX
cblr-1762	387	84	somehow	somehow	ADV
cblr-1762	387	85	‘	'	PUNCT
cblr-1762	387	86	beholden	beholden	ADJ
cblr-1762	387	87	’	'	PUNCT
cblr-1762	387	88	to	to	ADP
cblr-1762	387	89	an	an	DET
cblr-1762	387	90	individual	individual	NOUN
cblr-1762	387	91	who	who	PRON
cblr-1762	387	92	is	be	AUX
cblr-1762	387	93	interested	interested	ADJ
cblr-1762	387	94	,	,	PUNCT
cblr-1762	387	95	or	or	CCONJ
cblr-1762	387	96	whose	whose	DET
cblr-1762	387	97	88	88	NUM
cblr-1762	387	98	n.y	n.y	PROPN
cblr-1762	387	99	.	.	PROPN
cblr-1762	387	100	stock	stock	PROPN
cblr-1762	387	101	exch	exch	PROPN
cblr-1762	387	102	.	.	PROPN
cblr-1762	387	103	,	,	PUNCT
cblr-1762	387	104	listed	list	VERB
cblr-1762	387	105	company	company	NOUN
cblr-1762	387	106	manual	manual	NOUN
cblr-1762	387	107	§	§	PROPN
cblr-1762	387	108	303a.02(a)(i	303a.02(a)(i	NUM
cblr-1762	387	109	)	)	PUNCT
cblr-1762	387	110	(	(	PUNCT
cblr-1762	387	111	2009	2009	NUM
cblr-1762	387	112	)	)	PUNCT
cblr-1762	387	113	.	.	PUNCT
cblr-1762	388	1	89	89	NUM
cblr-1762	388	2	for	for	ADP
cblr-1762	388	3	example	example	NOUN
cblr-1762	388	4	,	,	PUNCT
cblr-1762	388	5	independence	independence	NOUN
cblr-1762	388	6	is	be	AUX
cblr-1762	388	7	a	a	DET
cblr-1762	388	8	requirement	requirement	NOUN
cblr-1762	388	9	in	in	ADP
cblr-1762	388	10	order	order	NOUN
cblr-1762	388	11	for	for	SCONJ
cblr-1762	388	12	the	the	DET
cblr-1762	388	13	board	board	NOUN
cblr-1762	388	14	to	to	PART
cblr-1762	388	15	receive	receive	VERB
cblr-1762	388	16	the	the	DET
cblr-1762	388	17	deferential	deferential	ADJ
cblr-1762	388	18	business	business	NOUN
cblr-1762	388	19	judgment	judgment	NOUN
cblr-1762	388	20	rule	rule	NOUN
cblr-1762	388	21	when	when	SCONJ
cblr-1762	388	22	one	one	NUM
cblr-1762	388	23	of	of	ADP
cblr-1762	388	24	its	its	PRON
cblr-1762	388	25	decisions	decision	NOUN
cblr-1762	388	26	has	have	AUX
cblr-1762	388	27	been	be	AUX
cblr-1762	388	28	challenged	challenge	VERB
cblr-1762	388	29	.	.	PUNCT
cblr-1762	389	1	according	accord	VERB
cblr-1762	389	2	to	to	ADP
cblr-1762	389	3	the	the	DET
cblr-1762	389	4	delaware	delaware	PROPN
cblr-1762	389	5	chancery	chancery	PROPN
cblr-1762	389	6	court	court	PROPN
cblr-1762	389	7	in	in	ADP
cblr-1762	389	8	robotti	robotti	PROPN
cblr-1762	389	9	&	&	CCONJ
cblr-1762	389	10	co.	co.	PROPN
cblr-1762	390	1	v.	v.	PROPN
cblr-1762	390	2	liddell	liddell	PROPN
cblr-1762	390	3	:	:	PUNCT
cblr-1762	390	4	the	the	DET
cblr-1762	390	5	business	business	NOUN
cblr-1762	390	6	judgment	judgment	NOUN
cblr-1762	390	7	rule	rule	NOUN
cblr-1762	390	8	,	,	PUNCT
cblr-1762	390	9	as	as	ADP
cblr-1762	390	10	a	a	DET
cblr-1762	390	11	general	general	ADJ
cblr-1762	390	12	matter	matter	NOUN
cblr-1762	390	13	,	,	PUNCT
cblr-1762	390	14	protects	protect	VERB
cblr-1762	390	15	directors	director	NOUN
cblr-1762	390	16	from	from	ADP
cblr-1762	390	17	liability	liability	NOUN
cblr-1762	390	18	for	for	ADP
cblr-1762	390	19	their	their	PRON
cblr-1762	390	20	decisions	decision	NOUN
cblr-1762	390	21	so	so	ADV
cblr-1762	390	22	long	long	ADV
cblr-1762	390	23	as	as	SCONJ
cblr-1762	390	24	there	there	PRON
cblr-1762	390	25	exist	exist	VERB
cblr-1762	390	26	“	"	PUNCT
cblr-1762	390	27	a	a	DET
cblr-1762	390	28	business	business	NOUN
cblr-1762	390	29	decision	decision	NOUN
cblr-1762	390	30	,	,	PUNCT
cblr-1762	390	31	disinterestedness	disinterestedness	NOUN
cblr-1762	390	32	and	and	CCONJ
cblr-1762	390	33	independence	independence	NOUN
cblr-1762	390	34	,	,	PUNCT
cblr-1762	390	35	due	due	ADJ
cblr-1762	390	36	care	care	NOUN
cblr-1762	390	37	,	,	PUNCT
cblr-1762	390	38	good	good	ADJ
cblr-1762	390	39	faith	faith	NOUN
cblr-1762	390	40	and	and	CCONJ
cblr-1762	390	41	no	no	DET
cblr-1762	390	42	abuse	abuse	NOUN
cblr-1762	390	43	of	of	ADP
cblr-1762	390	44	discretion	discretion	NOUN
cblr-1762	390	45	and	and	CCONJ
cblr-1762	390	46	a	a	DET
cblr-1762	390	47	challenged	challenge	VERB
cblr-1762	390	48	decision	decision	NOUN
cblr-1762	390	49	does	do	AUX
cblr-1762	390	50	not	not	PART
cblr-1762	390	51	constitute	constitute	VERB
cblr-1762	390	52	fraud	fraud	NOUN
cblr-1762	390	53	,	,	PUNCT
cblr-1762	390	54	illegality	illegality	NOUN
cblr-1762	390	55	,	,	PUNCT
cblr-1762	390	56	ultra	ultra	ADJ
cblr-1762	390	57	vires	vis	NOUN
cblr-1762	390	58	conduct	conduct	VERB
cblr-1762	390	59	or	or	CCONJ
cblr-1762	390	60	waste	waste	NOUN
cblr-1762	390	61	.	.	PUNCT
cblr-1762	390	62	”	"	PUNCT
cblr-1762	391	1	there	there	PRON
cblr-1762	391	2	is	be	VERB
cblr-1762	391	3	a	a	DET
cblr-1762	391	4	presumption	presumption	NOUN
cblr-1762	391	5	that	that	SCONJ
cblr-1762	391	6	directors	director	NOUN
cblr-1762	391	7	have	have	AUX
cblr-1762	391	8	acted	act	VERB
cblr-1762	391	9	in	in	ADP
cblr-1762	391	10	accordance	accordance	NOUN
cblr-1762	391	11	with	with	ADP
cblr-1762	391	12	each	each	PRON
cblr-1762	391	13	of	of	ADP
cblr-1762	391	14	these	these	DET
cblr-1762	391	15	elements	element	NOUN
cblr-1762	391	16	,	,	PUNCT
cblr-1762	391	17	and	and	CCONJ
cblr-1762	391	18	this	this	DET
cblr-1762	391	19	presumption	presumption	NOUN
cblr-1762	391	20	can	can	AUX
cblr-1762	391	21	not	not	PART
cblr-1762	391	22	be	be	AUX
cblr-1762	391	23	overcome	overcome	VERB
cblr-1762	391	24	unless	unless	SCONJ
cblr-1762	391	25	the	the	DET
cblr-1762	391	26	complaint	complaint	NOUN
cblr-1762	391	27	pleads	plead	VERB
cblr-1762	391	28	specific	specific	ADJ
cblr-1762	391	29	facts	fact	NOUN
cblr-1762	391	30	demonstrating	demonstrate	VERB
cblr-1762	391	31	otherwise	otherwise	ADV
cblr-1762	391	32	.	.	PUNCT
cblr-1762	392	1	robotti	robotti	PROPN
cblr-1762	392	2	&	&	CCONJ
cblr-1762	392	3	co.	co.	PROPN
cblr-1762	392	4	,	,	PUNCT
cblr-1762	392	5	llc	llc	PROPN
cblr-1762	392	6	v.	v.	PROPN
cblr-1762	392	7	liddell	liddell	PROPN
cblr-1762	392	8	,	,	PUNCT
cblr-1762	392	9	c.a	c.a	PROPN
cblr-1762	392	10	.	.	PROPN
cblr-1762	393	1	no	no	PROPN
cblr-1762	393	2	.	.	NOUN
cblr-1762	393	3	3128	3128	NUM
cblr-1762	393	4	-	-	PUNCT
cblr-1762	393	5	vcn	vcn	PROPN
cblr-1762	393	6	,	,	PUNCT
cblr-1762	393	7	2010	2010	NUM
cblr-1762	393	8	del	del	PROPN
cblr-1762	393	9	.	.	PROPN
cblr-1762	393	10	ch	ch	PROPN
cblr-1762	393	11	.	.	PROPN
cblr-1762	393	12	lexis	lexis	PROPN
cblr-1762	393	13	4	4	NUM
cblr-1762	393	14	,	,	PUNCT
cblr-1762	393	15	at	at	ADP
cblr-1762	393	16	*	*	X
cblr-1762	393	17	46–47	46–47	NUM
cblr-1762	393	18	(	(	PUNCT
cblr-1762	393	19	jan	jan	PROPN
cblr-1762	393	20	.	.	PROPN
cblr-1762	393	21	14	14	NUM
cblr-1762	393	22	,	,	PUNCT
cblr-1762	393	23	2010	2010	NUM
cblr-1762	393	24	)	)	PUNCT
cblr-1762	393	25	(	(	PUNCT
cblr-1762	393	26	citing	cite	VERB
cblr-1762	393	27	stephen	stephen	PROPN
cblr-1762	393	28	a.	a.	PROPN
cblr-1762	393	29	radin	radin	PROPN
cblr-1762	393	30	et	et	PROPN
cblr-1762	393	31	al	al	PROPN
cblr-1762	393	32	.	.	PROPN
cblr-1762	393	33	,	,	PUNCT
cblr-1762	393	34	the	the	DET
cblr-1762	393	35	business	business	NOUN
cblr-1762	393	36	judgment	judgment	NOUN
cblr-1762	393	37	rule	rule	NOUN
cblr-1762	393	38	:	:	PUNCT
cblr-1762	393	39	fiduciary	fiduciary	ADJ
cblr-1762	393	40	duties	duty	NOUN
cblr-1762	393	41	for	for	ADP
cblr-1762	393	42	corporate	corporate	ADJ
cblr-1762	393	43	directors	director	NOUN
cblr-1762	393	44	110	110	NUM
cblr-1762	393	45	(	(	PUNCT
cblr-1762	393	46	6th	6th	ADJ
cblr-1762	393	47	ed	ed	NOUN
cblr-1762	393	48	.	.	PROPN
cblr-1762	393	49	2009	2009	NUM
cblr-1762	393	50	)	)	PUNCT
cblr-1762	393	51	)	)	PUNCT
cblr-1762	393	52	.	.	PUNCT
cblr-1762	394	1	90	90	NUM
cblr-1762	394	2	rodrigues	rodrigue	NOUN
cblr-1762	394	3	,	,	PUNCT
cblr-1762	394	4	supra	supra	PROPN
cblr-1762	394	5	note	note	PROPN
cblr-1762	394	6	87	87	NUM
cblr-1762	394	7	,	,	PUNCT
cblr-1762	394	8	at	at	ADP
cblr-1762	394	9	466	466	NUM
cblr-1762	394	10	(	(	PUNCT
cblr-1762	394	11	“	"	PUNCT
cblr-1762	394	12	in	in	ADP
cblr-1762	394	13	delaware	delaware	PROPN
cblr-1762	394	14	,	,	PUNCT
cblr-1762	394	15	unlike	unlike	ADP
cblr-1762	394	16	under	under	ADP
cblr-1762	394	17	sox	sox	PROPN
cblr-1762	394	18	,	,	PUNCT
cblr-1762	394	19	the	the	DET
cblr-1762	394	20	nyse	nyse	PROPN
cblr-1762	394	21	,	,	PUNCT
cblr-1762	394	22	or	or	CCONJ
cblr-1762	394	23	nasdaq	nasdaq	PROPN
cblr-1762	394	24	,	,	PUNCT
cblr-1762	394	25	one	one	PRON
cblr-1762	394	26	can	can	AUX
cblr-1762	394	27	not	not	PART
cblr-1762	394	28	determine	determine	VERB
cblr-1762	394	29	independence	independence	NOUN
cblr-1762	394	30	or	or	CCONJ
cblr-1762	394	31	interest	interest	NOUN
cblr-1762	394	32	ex	ex	X
cblr-1762	394	33	ante	ante	PROPN
cblr-1762	394	34	.	.	PUNCT
cblr-1762	395	1	one	one	PRON
cblr-1762	395	2	must	must	AUX
cblr-1762	395	3	instead	instead	ADV
cblr-1762	395	4	ask	ask	VERB
cblr-1762	395	5	:	:	PUNCT
cblr-1762	395	6	‘	'	PUNCT
cblr-1762	395	7	independent	independent	ADJ
cblr-1762	395	8	for	for	ADP
cblr-1762	395	9	what	what	DET
cblr-1762	395	10	purpose	purpose	NOUN
cblr-1762	395	11	?	?	PUNCT
cblr-1762	396	1	independence	independence	NOUN
cblr-1762	396	2	from	from	ADP
cblr-1762	396	3	whom	whom	PRON
cblr-1762	396	4	?	?	PUNCT
cblr-1762	396	5	’	'	PUNCT
cblr-1762	396	6	defining	define	VERB
cblr-1762	396	7	independence	independence	NOUN
cblr-1762	396	8	in	in	ADP
cblr-1762	396	9	isolation	isolation	NOUN
cblr-1762	396	10	is	be	AUX
cblr-1762	396	11	impossible	impossible	ADJ
cblr-1762	396	12	because	because	SCONJ
cblr-1762	396	13	the	the	DET
cblr-1762	396	14	challenged	challenge	VERB
cblr-1762	396	15	transaction	transaction	NOUN
cblr-1762	396	16	holds	hold	VERB
cblr-1762	396	17	the	the	DET
cblr-1762	396	18	key	key	NOUN
cblr-1762	396	19	.	.	PUNCT
cblr-1762	396	20	”	"	PUNCT
cblr-1762	396	21	)	)	PUNCT
cblr-1762	396	22	.	.	PUNCT
cblr-1762	397	1	sharfman	sharfman	PROPN
cblr-1762	397	2	–	–	PUNCT
cblr-1762	397	3	final	final	ADJ
cblr-1762	397	4	842	842	NUM
cblr-1762	397	5	columbia	columbia	PROPN
cblr-1762	397	6	business	business	NOUN
cblr-1762	397	7	law	law	PROPN
cblr-1762	397	8	review	review	NOUN
cblr-1762	397	9	[	[	X
cblr-1762	397	10	vol	vol	NOUN
cblr-1762	397	11	.	.	NOUN
cblr-1762	397	12	2015	2015	NUM
cblr-1762	397	13	decisions	decision	NOUN
cblr-1762	397	14	are	be	AUX
cblr-1762	397	15	not	not	PART
cblr-1762	397	16	based	base	VERB
cblr-1762	397	17	on	on	ADP
cblr-1762	397	18	the	the	DET
cblr-1762	397	19	corporate	corporate	ADJ
cblr-1762	397	20	merits	merit	NOUN
cblr-1762	397	21	,	,	PUNCT
cblr-1762	397	22	but	but	CCONJ
cblr-1762	397	23	rather	rather	ADV
cblr-1762	397	24	are	be	AUX
cblr-1762	397	25	influenced	influence	VERB
cblr-1762	397	26	by	by	ADP
cblr-1762	397	27	‘	'	PUNCT
cblr-1762	397	28	personal	personal	ADJ
cblr-1762	397	29	or	or	CCONJ
cblr-1762	397	30	extraneous	extraneous	ADJ
cblr-1762	397	31	considerations	consideration	NOUN
cblr-1762	397	32	.	.	PUNCT
cblr-1762	397	33	’”91	’”91	PROPN
cblr-1762	397	34	as	as	SCONJ
cblr-1762	397	35	discussed	discuss	VERB
cblr-1762	397	36	below	below	ADV
cblr-1762	397	37	,	,	PUNCT
cblr-1762	397	38	an	an	DET
cblr-1762	397	39	adequately	adequately	ADV
cblr-1762	397	40	independent	independent	ADJ
cblr-1762	397	41	board	board	NOUN
cblr-1762	397	42	allows	allow	VERB
cblr-1762	397	43	the	the	DET
cblr-1762	397	44	best	good	ADJ
cblr-1762	397	45	opportunity	opportunity	NOUN
cblr-1762	397	46	for	for	SCONJ
cblr-1762	397	47	external	external	ADJ
cblr-1762	397	48	performance	performance	NOUN
cblr-1762	397	49	signals	signal	NOUN
cblr-1762	397	50	to	to	PART
cblr-1762	397	51	be	be	AUX
cblr-1762	397	52	incorporated	incorporate	VERB
cblr-1762	397	53	into	into	ADP
cblr-1762	397	54	corporate	corporate	ADJ
cblr-1762	397	55	decision	decision	NOUN
cblr-1762	397	56	-	-	PUNCT
cblr-1762	397	57	making	making	NOUN
cblr-1762	397	58	.	.	PUNCT
cblr-1762	398	1	c.	c.	NOUN
cblr-1762	398	2	the	the	DET
cblr-1762	398	3	value	value	NOUN
cblr-1762	398	4	of	of	ADP
cblr-1762	398	5	stock	stock	NOUN
cblr-1762	398	6	market	market	NOUN
cblr-1762	398	7	signals	signal	NOUN
cblr-1762	398	8	for	for	ADP
cblr-1762	398	9	boards	board	NOUN
cblr-1762	398	10	,	,	PUNCT
cblr-1762	398	11	executive	executive	ADJ
cblr-1762	398	12	management	management	NOUN
cblr-1762	398	13	,	,	PUNCT
cblr-1762	398	14	and	and	CCONJ
cblr-1762	398	15	information	information	NOUN
cblr-1762	398	16	traders	trader	NOUN
cblr-1762	398	17	alike	alike	ADV
cblr-1762	398	18	,	,	PUNCT
cblr-1762	398	19	it	it	PRON
cblr-1762	398	20	is	be	AUX
cblr-1762	398	21	important	important	ADJ
cblr-1762	398	22	to	to	PART
cblr-1762	398	23	identify	identify	VERB
cblr-1762	398	24	when	when	SCONJ
cblr-1762	398	25	their	their	PRON
cblr-1762	398	26	respective	respective	ADJ
cblr-1762	398	27	companies	company	NOUN
cblr-1762	398	28	are	be	AUX
cblr-1762	398	29	underperforming	underperform	VERB
cblr-1762	398	30	due	due	ADP
cblr-1762	398	31	to	to	ADP
cblr-1762	398	32	managerial	managerial	ADJ
cblr-1762	398	33	inefficiencies	inefficiency	NOUN
cblr-1762	398	34	.	.	PUNCT
cblr-1762	399	1	fortunately	fortunately	ADV
cblr-1762	399	2	,	,	PUNCT
cblr-1762	399	3	the	the	DET
cblr-1762	399	4	stock	stock	NOUN
cblr-1762	399	5	market	market	NOUN
cblr-1762	399	6	,	,	PUNCT
cblr-1762	399	7	through	through	ADP
cblr-1762	399	8	value	value	NOUN
cblr-1762	399	9	investors	investor	NOUN
cblr-1762	399	10	who	who	PRON
cblr-1762	399	11	vote	vote	VERB
cblr-1762	399	12	with	with	ADP
cblr-1762	399	13	their	their	PRON
cblr-1762	399	14	feet	foot	NOUN
cblr-1762	399	15	and	and	CCONJ
cblr-1762	399	16	thereby	thereby	ADV
cblr-1762	399	17	put	put	VERB
cblr-1762	399	18	downward	downward	ADJ
cblr-1762	399	19	pressure	pressure	NOUN
cblr-1762	399	20	on	on	ADP
cblr-1762	399	21	the	the	DET
cblr-1762	399	22	price	price	NOUN
cblr-1762	399	23	of	of	ADP
cblr-1762	399	24	a	a	DET
cblr-1762	399	25	company	company	NOUN
cblr-1762	399	26	’s	’s	PART
cblr-1762	399	27	shares	share	NOUN
cblr-1762	399	28	,	,	PUNCT
cblr-1762	399	29	provides	provide	VERB
cblr-1762	399	30	clear	clear	ADJ
cblr-1762	399	31	and	and	CCONJ
cblr-1762	399	32	unbiased	unbiased	ADJ
cblr-1762	399	33	signals92	signals92	NOUN
cblr-1762	399	34	that	that	PRON
cblr-1762	399	35	companies	company	NOUN
cblr-1762	399	36	are	be	AUX
cblr-1762	399	37	being	be	AUX
cblr-1762	399	38	inefficient	inefficient	ADJ
cblr-1762	399	39	in	in	ADP
cblr-1762	399	40	their	their	PRON
cblr-1762	399	41	selection	selection	NOUN
cblr-1762	399	42	or	or	CCONJ
cblr-1762	399	43	implementation	implementation	NOUN
cblr-1762	399	44	of	of	ADP
cblr-1762	399	45	investment	investment	NOUN
cblr-1762	399	46	opportunities	opportunity	NOUN
cblr-1762	399	47	and	and	CCONJ
cblr-1762	399	48	strategies	strategy	NOUN
cblr-1762	399	49	.	.	PUNCT
cblr-1762	400	1	such	such	ADJ
cblr-1762	400	2	information	information	NOUN
cblr-1762	400	3	does	do	AUX
cblr-1762	400	4	not	not	PART
cblr-1762	400	5	necessarily	necessarily	ADV
cblr-1762	400	6	mean	mean	VERB
cblr-1762	400	7	that	that	SCONJ
cblr-1762	400	8	company	company	NOUN
cblr-1762	400	9	decisions	decision	NOUN
cblr-1762	400	10	destroy	destroy	VERB
cblr-1762	400	11	long	long	ADJ
cblr-1762	400	12	-	-	PUNCT
cblr-1762	400	13	term	term	NOUN
cblr-1762	400	14	value	value	NOUN
cblr-1762	400	15	.	.	PUNCT
cblr-1762	401	1	these	these	DET
cblr-1762	401	2	signals	signal	NOUN
cblr-1762	401	3	may	may	AUX
cblr-1762	401	4	just	just	ADV
cblr-1762	401	5	as	as	ADV
cblr-1762	401	6	likely	likely	ADV
cblr-1762	401	7	indicate	indicate	VERB
cblr-1762	401	8	that	that	SCONJ
cblr-1762	401	9	management	management	NOUN
cblr-1762	401	10	could	could	AUX
cblr-1762	401	11	be	be	AUX
cblr-1762	401	12	doing	do	VERB
cblr-1762	401	13	a	a	DET
cblr-1762	401	14	better	well	ADJ
cblr-1762	401	15	job	job	NOUN
cblr-1762	401	16	in	in	ADP
cblr-1762	401	17	maximizing	maximize	VERB
cblr-1762	401	18	its	its	PRON
cblr-1762	401	19	opportunities	opportunity	NOUN
cblr-1762	401	20	and	and	CCONJ
cblr-1762	401	21	getting	get	VERB
cblr-1762	401	22	closer	close	ADJ
cblr-1762	401	23	to	to	ADP
cblr-1762	401	24	reaching	reach	VERB
cblr-1762	401	25	its	its	PRON
cblr-1762	401	26	objective	objective	NOUN
cblr-1762	401	27	of	of	ADP
cblr-1762	401	28	long	long	ADJ
cblr-1762	401	29	-	-	PUNCT
cblr-1762	401	30	term	term	NOUN
cblr-1762	401	31	value	value	NOUN
cblr-1762	401	32	creation	creation	NOUN
cblr-1762	401	33	and	and	CCONJ
cblr-1762	401	34	shareholder	shareholder	NOUN
cblr-1762	401	35	wealth	wealth	NOUN
cblr-1762	401	36	maximization	maximization	NOUN
cblr-1762	401	37	.	.	PUNCT
cblr-1762	402	1	moreover	moreover	ADV
cblr-1762	402	2	,	,	PUNCT
cblr-1762	402	3	it	it	PRON
cblr-1762	402	4	is	be	AUX
cblr-1762	402	5	important	important	ADJ
cblr-1762	402	6	to	to	PART
cblr-1762	402	7	be	be	AUX
cblr-1762	402	8	clear	clear	ADJ
cblr-1762	402	9	that	that	SCONJ
cblr-1762	402	10	this	this	DET
cblr-1762	402	11	price	price	NOUN
cblr-1762	402	12	fall	fall	NOUN
cblr-1762	402	13	is	be	AUX
cblr-1762	402	14	a	a	DET
cblr-1762	402	15	signal	signal	NOUN
cblr-1762	402	16	,	,	PUNCT
cblr-1762	402	17	not	not	PART
cblr-1762	402	18	affirmation	affirmation	NOUN
cblr-1762	402	19	,	,	PUNCT
cblr-1762	402	20	that	that	SCONJ
cblr-1762	402	21	managerial	managerial	ADJ
cblr-1762	402	22	inefficiencies	inefficiency	NOUN
cblr-1762	402	23	may	may	AUX
cblr-1762	402	24	actually	actually	ADV
cblr-1762	402	25	exist	exist	VERB
cblr-1762	402	26	at	at	ADP
cblr-1762	402	27	a	a	DET
cblr-1762	402	28	public	public	ADJ
cblr-1762	402	29	company	company	NOUN
cblr-1762	402	30	.	.	PUNCT
cblr-1762	403	1	as	as	SCONJ
cblr-1762	403	2	already	already	ADV
cblr-1762	403	3	mentioned	mention	VERB
cblr-1762	403	4	,	,	PUNCT
cblr-1762	403	5	corporate	corporate	ADJ
cblr-1762	403	6	insiders	insider	NOUN
cblr-1762	403	7	have	have	VERB
cblr-1762	403	8	access	access	NOUN
cblr-1762	403	9	to	to	ADP
cblr-1762	403	10	confidential	confidential	ADJ
cblr-1762	403	11	information	information	NOUN
cblr-1762	403	12	that	that	SCONJ
cblr-1762	403	13	stock	stock	NOUN
cblr-1762	403	14	market	market	NOUN
cblr-1762	403	15	participants	participant	NOUN
cblr-1762	403	16	do	do	AUX
cblr-1762	403	17	not	not	PART
cblr-1762	403	18	have	have	VERB
cblr-1762	403	19	.	.	PUNCT
cblr-1762	404	1	even	even	ADV
cblr-1762	404	2	though	though	SCONJ
cblr-1762	404	3	value	value	NOUN
cblr-1762	404	4	investors	investor	NOUN
cblr-1762	404	5	will	will	AUX
cblr-1762	404	6	do	do	VERB
cblr-1762	404	7	their	their	PRON
cblr-1762	404	8	own	own	ADJ
cblr-1762	404	9	research	research	NOUN
cblr-1762	404	10	to	to	PART
cblr-1762	404	11	profit	profit	VERB
cblr-1762	404	12	from	from	ADP
cblr-1762	404	13	the	the	DET
cblr-1762	404	14	private	private	ADJ
cblr-1762	404	15	91	91	NUM
cblr-1762	404	16	i	i	PROPN
cblr-1762	404	17	d.	d.	PROPN
cblr-1762	404	18	(	(	PUNCT
cblr-1762	404	19	quoting	quote	VERB
cblr-1762	404	20	cede	cede	PROPN
cblr-1762	404	21	&	&	CCONJ
cblr-1762	404	22	co.	co.	PROPN
cblr-1762	405	1	v.	v.	CCONJ
cblr-1762	405	2	technicolor	technicolor	PROPN
cblr-1762	405	3	,	,	PUNCT
cblr-1762	405	4	inc	inc	PROPN
cblr-1762	405	5	.	.	PROPN
cblr-1762	405	6	,	,	PUNCT
cblr-1762	405	7	634	634	NUM
cblr-1762	405	8	a.2d	a.2d	NUM
cblr-1762	405	9	345	345	NUM
cblr-1762	405	10	,	,	PUNCT
cblr-1762	405	11	362	362	NUM
cblr-1762	405	12	(	(	PUNCT
cblr-1762	405	13	del	del	PROPN
cblr-1762	405	14	.	.	PROPN
cblr-1762	405	15	1993	1993	NUM
cblr-1762	405	16	)	)	PUNCT
cblr-1762	405	17	)	)	PUNCT
cblr-1762	405	18	.	.	PUNCT
cblr-1762	406	1	92	92	NUM
cblr-1762	406	2	according	accord	VERB
cblr-1762	406	3	to	to	ADP
cblr-1762	406	4	henry	henry	PROPN
cblr-1762	406	5	manne	manne	PROPN
cblr-1762	406	6	,	,	PUNCT
cblr-1762	406	7	“	"	PUNCT
cblr-1762	406	8	[	[	X
cblr-1762	406	9	a]part	a]part	NOUN
cblr-1762	406	10	from	from	ADP
cblr-1762	406	11	the	the	DET
cblr-1762	406	12	stock	stock	NOUN
cblr-1762	406	13	market	market	NOUN
cblr-1762	406	14	,	,	PUNCT
cblr-1762	406	15	we	we	PRON
cblr-1762	406	16	have	have	VERB
cblr-1762	406	17	no	no	DET
cblr-1762	406	18	objective	objective	ADJ
cblr-1762	406	19	standard	standard	NOUN
cblr-1762	406	20	of	of	ADP
cblr-1762	406	21	managerial	managerial	ADJ
cblr-1762	406	22	efficiency	efficiency	NOUN
cblr-1762	406	23	.	.	PUNCT
cblr-1762	406	24	”	"	PUNCT
cblr-1762	407	1	manne	manne	PROPN
cblr-1762	407	2	,	,	PUNCT
cblr-1762	407	3	supra	supra	PROPN
cblr-1762	407	4	note	note	PROPN
cblr-1762	407	5	52	52	NUM
cblr-1762	407	6	,	,	PUNCT
cblr-1762	407	7	at	at	ADP
cblr-1762	407	8	113	113	NUM
cblr-1762	407	9	.	.	PUNCT
cblr-1762	408	1	this	this	DET
cblr-1762	408	2	comment	comment	NOUN
cblr-1762	408	3	is	be	AUX
cblr-1762	408	4	consistent	consistent	ADJ
cblr-1762	408	5	with	with	ADP
cblr-1762	408	6	the	the	DET
cblr-1762	408	7	“	"	PUNCT
cblr-1762	408	8	efficient	efficient	ADJ
cblr-1762	408	9	capital	capital	NOUN
cblr-1762	408	10	market	market	NOUN
cblr-1762	408	11	theory	theory	NOUN
cblr-1762	408	12	.	.	PUNCT
cblr-1762	408	13	”	"	PUNCT
cblr-1762	409	1	according	accord	VERB
cblr-1762	409	2	to	to	ADP
cblr-1762	409	3	daniel	daniel	PROPN
cblr-1762	409	4	fischel	fischel	PROPN
cblr-1762	409	5	,	,	PUNCT
cblr-1762	409	6	“	"	PUNCT
cblr-1762	409	7	[	[	X
cblr-1762	409	8	t]wo	t]wo	X
cblr-1762	409	9	major	major	ADJ
cblr-1762	409	10	implications	implication	NOUN
cblr-1762	409	11	of	of	ADP
cblr-1762	409	12	efficient	efficient	ADJ
cblr-1762	409	13	capital	capital	NOUN
cblr-1762	409	14	market	market	NOUN
cblr-1762	409	15	theory	theory	NOUN
cblr-1762	409	16	are	be	AUX
cblr-1762	409	17	that	that	PRON
cblr-1762	409	18	(	(	PUNCT
cblr-1762	409	19	1	1	X
cblr-1762	409	20	)	)	PUNCT
cblr-1762	409	21	security	security	NOUN
cblr-1762	409	22	prices	price	NOUN
cblr-1762	409	23	adjust	adjust	VERB
cblr-1762	409	24	rapidly	rapidly	ADV
cblr-1762	409	25	and	and	CCONJ
cblr-1762	409	26	in	in	ADP
cblr-1762	409	27	an	an	DET
cblr-1762	409	28	unbiased	unbiased	ADJ
cblr-1762	409	29	manner	manner	NOUN
cblr-1762	409	30	to	to	ADP
cblr-1762	409	31	any	any	DET
cblr-1762	409	32	new	new	ADJ
cblr-1762	409	33	information	information	NOUN
cblr-1762	409	34	,	,	PUNCT
cblr-1762	409	35	and	and	CCONJ
cblr-1762	409	36	(	(	PUNCT
cblr-1762	409	37	2	2	X
cblr-1762	409	38	)	)	PUNCT
cblr-1762	409	39	price	price	NOUN
cblr-1762	409	40	changes	change	NOUN
cblr-1762	409	41	behave	behave	VERB
cblr-1762	409	42	in	in	ADP
cblr-1762	409	43	a	a	DET
cblr-1762	409	44	random	random	ADJ
cblr-1762	409	45	manner	manner	NOUN
cblr-1762	409	46	.	.	PUNCT
cblr-1762	409	47	”	"	PUNCT
cblr-1762	410	1	daniel	daniel	PROPN
cblr-1762	410	2	r.	r.	PROPN
cblr-1762	410	3	fischel	fischel	PROPN
cblr-1762	410	4	,	,	PUNCT
cblr-1762	410	5	efficient	efficient	ADJ
cblr-1762	410	6	capital	capital	NOUN
cblr-1762	410	7	market	market	NOUN
cblr-1762	410	8	theory	theory	NOUN
cblr-1762	410	9	,	,	PUNCT
cblr-1762	410	10	the	the	DET
cblr-1762	410	11	market	market	NOUN
cblr-1762	410	12	for	for	ADP
cblr-1762	410	13	corporate	corporate	ADJ
cblr-1762	410	14	control	control	NOUN
cblr-1762	410	15	,	,	PUNCT
cblr-1762	410	16	and	and	CCONJ
cblr-1762	410	17	the	the	DET
cblr-1762	410	18	regulation	regulation	NOUN
cblr-1762	410	19	of	of	ADP
cblr-1762	410	20	cash	cash	NOUN
cblr-1762	410	21	tender	tender	NOUN
cblr-1762	410	22	offers	offer	NOUN
cblr-1762	410	23	,	,	PUNCT
cblr-1762	410	24	57	57	NUM
cblr-1762	410	25	tex	tex	PROPN
cblr-1762	410	26	.	.	PROPN
cblr-1762	410	27	l.	l.	PROPN
cblr-1762	410	28	rev	rev	PROPN
cblr-1762	410	29	.	.	PROPN
cblr-1762	410	30	1	1	NUM
cblr-1762	410	31	,	,	PUNCT
cblr-1762	410	32	3	3	NUM
cblr-1762	410	33	n.9	n.9	X
cblr-1762	410	34	(	(	PUNCT
cblr-1762	410	35	1978	1978	NUM
cblr-1762	410	36	)	)	PUNCT
cblr-1762	410	37	(	(	PUNCT
cblr-1762	410	38	emphasis	emphasis	NOUN
cblr-1762	410	39	added	add	VERB
cblr-1762	410	40	)	)	PUNCT
cblr-1762	410	41	.	.	PUNCT
cblr-1762	411	1	sharfman	sharfman	PROPN
cblr-1762	411	2	–	–	PUNCT
cblr-1762	411	3	final	final	ADJ
cblr-1762	411	4	no	no	NOUN
cblr-1762	411	5	.	.	PUNCT
cblr-1762	412	1	3:813	3:813	NUM
cblr-1762	412	2	]	]	X
cblr-1762	412	3	activist	activist	ADJ
cblr-1762	412	4	hedge	hedge	NOUN
cblr-1762	412	5	funds	fund	NOUN
cblr-1762	412	6	and	and	CCONJ
cblr-1762	412	7	long	long	ADJ
cblr-1762	412	8	-	-	PUNCT
cblr-1762	412	9	term	term	NOUN
cblr-1762	412	10	value	value	NOUN
cblr-1762	412	11	843	843	NUM
cblr-1762	412	12	information	information	NOUN
cblr-1762	412	13	they	they	PRON
cblr-1762	412	14	can	can	AUX
cblr-1762	412	15	dig	dig	VERB
cblr-1762	412	16	up	up	ADP
cblr-1762	412	17	,	,	PUNCT
cblr-1762	412	18	they	they	PRON
cblr-1762	412	19	are	be	AUX
cblr-1762	412	20	still	still	ADV
cblr-1762	412	21	missing	miss	VERB
cblr-1762	412	22	whatever	whatever	PRON
cblr-1762	412	23	private	private	ADJ
cblr-1762	412	24	information	information	NOUN
cblr-1762	412	25	corporate	corporate	ADJ
cblr-1762	412	26	insiders	insider	NOUN
cblr-1762	412	27	have	have	VERB
cblr-1762	412	28	access	access	NOUN
cblr-1762	412	29	to	to	ADP
cblr-1762	412	30	.	.	PUNCT
cblr-1762	413	1	this	this	PRON
cblr-1762	413	2	means	mean	VERB
cblr-1762	413	3	that	that	SCONJ
cblr-1762	413	4	these	these	DET
cblr-1762	413	5	investors	investor	NOUN
cblr-1762	413	6	are	be	AUX
cblr-1762	413	7	at	at	ADP
cblr-1762	413	8	an	an	DET
cblr-1762	413	9	informational	informational	ADJ
cblr-1762	413	10	disadvantage	disadvantage	NOUN
cblr-1762	413	11	relative	relative	ADJ
cblr-1762	413	12	to	to	ADP
cblr-1762	413	13	corporate	corporate	ADJ
cblr-1762	413	14	insiders	insider	NOUN
cblr-1762	413	15	when	when	SCONJ
cblr-1762	413	16	evaluating	evaluate	VERB
cblr-1762	413	17	or	or	CCONJ
cblr-1762	413	18	even	even	ADV
cblr-1762	413	19	knowing	know	VERB
cblr-1762	413	20	the	the	DET
cblr-1762	413	21	entire	entire	ADJ
cblr-1762	413	22	opportunity	opportunity	NOUN
cblr-1762	413	23	set	set	NOUN
cblr-1762	413	24	of	of	ADP
cblr-1762	413	25	wealthenhancing	wealthenhance	VERB
cblr-1762	413	26	investment	investment	NOUN
cblr-1762	413	27	options	option	NOUN
cblr-1762	413	28	available	available	ADJ
cblr-1762	413	29	to	to	ADP
cblr-1762	413	30	the	the	DET
cblr-1762	413	31	corporation	corporation	NOUN
cblr-1762	413	32	.	.	PUNCT
cblr-1762	414	1	therefore	therefore	ADV
cblr-1762	414	2	,	,	PUNCT
cblr-1762	414	3	the	the	DET
cblr-1762	414	4	locus	locus	NOUN
cblr-1762	414	5	of	of	ADP
cblr-1762	414	6	authority	authority	NOUN
cblr-1762	414	7	in	in	ADP
cblr-1762	414	8	the	the	DET
cblr-1762	414	9	best	good	ADJ
cblr-1762	414	10	position	position	NOUN
cblr-1762	414	11	to	to	PART
cblr-1762	414	12	evaluate	evaluate	VERB
cblr-1762	414	13	stock	stock	NOUN
cblr-1762	414	14	market	market	NOUN
cblr-1762	414	15	signals	signal	NOUN
cblr-1762	414	16	and	and	CCONJ
cblr-1762	414	17	maximize	maximize	VERB
cblr-1762	414	18	shareholder	shareholder	NOUN
cblr-1762	414	19	wealth	wealth	NOUN
cblr-1762	414	20	has	have	VERB
cblr-1762	414	21	access	access	NOUN
cblr-1762	414	22	to	to	ADP
cblr-1762	414	23	the	the	DET
cblr-1762	414	24	company	company	NOUN
cblr-1762	414	25	’s	’s	PART
cblr-1762	414	26	confidential	confidential	ADJ
cblr-1762	414	27	information	information	NOUN
cblr-1762	414	28	as	as	ADV
cblr-1762	414	29	well	well	ADV
cblr-1762	414	30	as	as	ADP
cblr-1762	414	31	fiduciary	fiduciary	ADJ
cblr-1762	414	32	duties	duty	NOUN
cblr-1762	414	33	to	to	PART
cblr-1762	414	34	serve	serve	VERB
cblr-1762	414	35	the	the	DET
cblr-1762	414	36	best	good	ADJ
cblr-1762	414	37	interests	interest	NOUN
cblr-1762	414	38	of	of	ADP
cblr-1762	414	39	the	the	DET
cblr-1762	414	40	company	company	NOUN
cblr-1762	414	41	and	and	CCONJ
cblr-1762	414	42	its	its	PRON
cblr-1762	414	43	shareholders	shareholder	NOUN
cblr-1762	414	44	.	.	PUNCT
cblr-1762	415	1	that	that	DET
cblr-1762	415	2	locus	locus	NOUN
cblr-1762	415	3	of	of	ADP
cblr-1762	415	4	authority	authority	NOUN
cblr-1762	415	5	is	be	AUX
cblr-1762	415	6	the	the	DET
cblr-1762	415	7	independent	independent	PROPN
cblr-1762	415	8	board	board	PROPN
cblr-1762	415	9	.	.	PUNCT
cblr-1762	416	1	d.	d.	PROPN
cblr-1762	416	2	stock	stock	PROPN
cblr-1762	416	3	market	market	NOUN
cblr-1762	416	4	signals	signal	NOUN
cblr-1762	416	5	and	and	CCONJ
cblr-1762	416	6	the	the	DET
cblr-1762	416	7	independent	independent	PROPN
cblr-1762	416	8	board	board	PROPN
cblr-1762	416	9	stock	stock	NOUN
cblr-1762	416	10	market	market	NOUN
cblr-1762	416	11	signals	signal	NOUN
cblr-1762	416	12	have	have	AUX
cblr-1762	416	13	never	never	ADV
cblr-1762	416	14	been	be	AUX
cblr-1762	416	15	more	more	ADV
cblr-1762	416	16	valuable	valuable	ADJ
cblr-1762	416	17	than	than	ADP
cblr-1762	416	18	in	in	ADP
cblr-1762	416	19	today	today	NOUN
cblr-1762	416	20	’s	’s	PART
cblr-1762	416	21	world	world	NOUN
cblr-1762	416	22	of	of	ADP
cblr-1762	416	23	corporate	corporate	ADJ
cblr-1762	416	24	governance	governance	NOUN
cblr-1762	416	25	.	.	PUNCT
cblr-1762	417	1	this	this	PRON
cblr-1762	417	2	is	be	AUX
cblr-1762	417	3	because	because	SCONJ
cblr-1762	417	4	of	of	ADP
cblr-1762	417	5	the	the	DET
cblr-1762	417	6	rise	rise	NOUN
cblr-1762	417	7	of	of	ADP
cblr-1762	417	8	the	the	DET
cblr-1762	417	9	independent	independent	PROPN
cblr-1762	417	10	board	board	PROPN
cblr-1762	417	11	.	.	PUNCT
cblr-1762	418	1	according	accord	VERB
cblr-1762	418	2	to	to	ADP
cblr-1762	418	3	professor	professor	PROPN
cblr-1762	418	4	jeffrey	jeffrey	PROPN
cblr-1762	418	5	gordon	gordon	PROPN
cblr-1762	418	6	,	,	PUNCT
cblr-1762	418	7	the	the	DET
cblr-1762	418	8	typical	typical	ADJ
cblr-1762	418	9	corporate	corporate	ADJ
cblr-1762	418	10	board	board	NOUN
cblr-1762	418	11	of	of	ADP
cblr-1762	418	12	a	a	DET
cblr-1762	418	13	public	public	ADJ
cblr-1762	418	14	company	company	NOUN
cblr-1762	418	15	has	have	AUX
cblr-1762	418	16	transitioned	transition	VERB
cblr-1762	418	17	from	from	ADP
cblr-1762	418	18	being	be	AUX
cblr-1762	418	19	comprised	comprise	VERB
cblr-1762	418	20	of	of	ADP
cblr-1762	418	21	a	a	DET
cblr-1762	418	22	minority	minority	NOUN
cblr-1762	418	23	of	of	ADP
cblr-1762	418	24	independent	independent	ADJ
cblr-1762	418	25	directors	director	NOUN
cblr-1762	418	26	to	to	ADP
cblr-1762	418	27	one	one	NUM
cblr-1762	418	28	that	that	PRON
cblr-1762	418	29	is	be	AUX
cblr-1762	418	30	dominated	dominate	VERB
cblr-1762	418	31	by	by	ADP
cblr-1762	418	32	them	they	PRON
cblr-1762	418	33	,	,	PUNCT
cblr-1762	418	34	allowing	allow	VERB
cblr-1762	418	35	for	for	ADP
cblr-1762	418	36	a	a	DET
cblr-1762	418	37	dramatic	dramatic	ADJ
cblr-1762	418	38	shift	shift	NOUN
cblr-1762	418	39	in	in	ADP
cblr-1762	418	40	board	board	NOUN
cblr-1762	418	41	focus	focus	NOUN
cblr-1762	418	42	from	from	ADP
cblr-1762	418	43	managerialism	managerialism	NOUN
cblr-1762	418	44	,	,	PUNCT
cblr-1762	418	45	i.e.	i.e.	X
cblr-1762	418	46	,	,	PUNCT
cblr-1762	418	47	the	the	DET
cblr-1762	418	48	goals	goal	NOUN
cblr-1762	418	49	of	of	ADP
cblr-1762	418	50	management	management	NOUN
cblr-1762	418	51	,	,	PUNCT
cblr-1762	418	52	to	to	PART
cblr-1762	418	53	shareholder	shareholder	NOUN
cblr-1762	418	54	wealth	wealth	NOUN
cblr-1762	418	55	maximization.93	maximization.93	PROPN
cblr-1762	418	56	gordon	gordon	PROPN
cblr-1762	418	57	attributes	attribute	VERB
cblr-1762	418	58	this	this	DET
cblr-1762	418	59	shift	shift	NOUN
cblr-1762	418	60	in	in	ADP
cblr-1762	418	61	focus	focus	NOUN
cblr-1762	418	62	to	to	ADP
cblr-1762	418	63	the	the	DET
cblr-1762	418	64	theory	theory	NOUN
cblr-1762	418	65	that	that	SCONJ
cblr-1762	418	66	independent	independent	ADJ
cblr-1762	418	67	directors	director	NOUN
cblr-1762	418	68	,	,	PUNCT
cblr-1762	418	69	unlike	unlike	ADP
cblr-1762	418	70	the	the	DET
cblr-1762	418	71	insiders	insider	NOUN
cblr-1762	418	72	and	and	CCONJ
cblr-1762	418	73	interested	interested	ADJ
cblr-1762	418	74	outsiders	outsider	NOUN
cblr-1762	418	75	who	who	PRON
cblr-1762	418	76	dominated	dominate	VERB
cblr-1762	418	77	corporate	corporate	ADJ
cblr-1762	418	78	boards	board	NOUN
cblr-1762	418	79	in	in	ADP
cblr-1762	418	80	the	the	DET
cblr-1762	418	81	1950s	1950	NOUN
cblr-1762	418	82	,	,	PUNCT
cblr-1762	418	83	“	"	PUNCT
cblr-1762	418	84	are	be	AUX
cblr-1762	418	85	less	less	ADV
cblr-1762	418	86	committed	committed	ADJ
cblr-1762	418	87	to	to	ADP
cblr-1762	418	88	management	management	NOUN
cblr-1762	418	89	and	and	CCONJ
cblr-1762	418	90	its	its	PRON
cblr-1762	418	91	vision	vision	NOUN
cblr-1762	418	92	.	.	PUNCT
cblr-1762	419	1	”94	”94	PROPN
cblr-1762	419	2	most	most	ADV
cblr-1762	419	3	importantly	importantly	ADV
cblr-1762	419	4	,	,	PUNCT
cblr-1762	419	5	“	"	PUNCT
cblr-1762	419	6	they	they	PRON
cblr-1762	419	7	look	look	VERB
cblr-1762	419	8	to	to	ADP
cblr-1762	419	9	outside	outside	ADJ
cblr-1762	419	10	performance	performance	NOUN
cblr-1762	419	11	signals	signal	NOUN
cblr-1762	419	12	,	,	PUNCT
cblr-1762	419	13	”	"	PUNCT
cblr-1762	419	14	such	such	ADJ
cblr-1762	419	15	as	as	ADP
cblr-1762	419	16	information	information	NOUN
cblr-1762	419	17	provided	provide	VERB
cblr-1762	419	18	by	by	ADP
cblr-1762	419	19	the	the	DET
cblr-1762	419	20	stock	stock	NOUN
cblr-1762	419	21	market	market	NOUN
cblr-1762	419	22	,	,	PUNCT
cblr-1762	419	23	to	to	PART
cblr-1762	419	24	assess	assess	VERB
cblr-1762	419	25	the	the	DET
cblr-1762	419	26	firm	firm	NOUN
cblr-1762	419	27	’s	’s	PART
cblr-1762	419	28	performance.95	performance.95	NOUN
cblr-1762	419	29	professor	professor	NOUN
cblr-1762	419	30	gordon	gordon	PROPN
cblr-1762	419	31	also	also	ADV
cblr-1762	419	32	notes	note	VERB
cblr-1762	419	33	that	that	SCONJ
cblr-1762	419	34	enhanced	enhance	VERB
cblr-1762	419	35	sec	sec	PROPN
cblr-1762	419	36	disclosure	disclosure	NOUN
cblr-1762	419	37	93	93	NUM
cblr-1762	419	38	jeffrey	jeffrey	PROPN
cblr-1762	419	39	n.	n.	PROPN
cblr-1762	419	40	gordon	gordon	PROPN
cblr-1762	419	41	,	,	PUNCT
cblr-1762	419	42	the	the	DET
cblr-1762	419	43	rise	rise	NOUN
cblr-1762	419	44	of	of	ADP
cblr-1762	419	45	independent	independent	ADJ
cblr-1762	419	46	directors	director	NOUN
cblr-1762	419	47	in	in	ADP
cblr-1762	419	48	the	the	DET
cblr-1762	419	49	united	united	PROPN
cblr-1762	419	50	states	states	PROPN
cblr-1762	419	51	,	,	PUNCT
cblr-1762	419	52	1950–2005	1950–2005	NUM
cblr-1762	419	53	:	:	PUNCT
cblr-1762	419	54	of	of	ADP
cblr-1762	419	55	shareholder	shareholder	NOUN
cblr-1762	419	56	value	value	NOUN
cblr-1762	419	57	and	and	CCONJ
cblr-1762	419	58	stock	stock	NOUN
cblr-1762	419	59	market	market	NOUN
cblr-1762	419	60	prices	price	NOUN
cblr-1762	419	61	,	,	PUNCT
cblr-1762	419	62	59	59	NUM
cblr-1762	419	63	stan	stan	PROPN
cblr-1762	419	64	.	.	PUNCT
cblr-1762	420	1	l.	l.	PROPN
cblr-1762	420	2	rev	rev	PROPN
cblr-1762	420	3	.	.	PROPN
cblr-1762	420	4	1465	1465	NUM
cblr-1762	420	5	,	,	PUNCT
cblr-1762	420	6	1540	1540	NUM
cblr-1762	420	7	(	(	PUNCT
cblr-1762	420	8	2007	2007	NUM
cblr-1762	420	9	)	)	PUNCT
cblr-1762	420	10	.	.	PUNCT
cblr-1762	421	1	professor	professor	PROPN
cblr-1762	421	2	gordon	gordon	PROPN
cblr-1762	421	3	reports	report	VERB
cblr-1762	421	4	that	that	SCONJ
cblr-1762	421	5	from	from	ADP
cblr-1762	421	6	1950	1950	NUM
cblr-1762	421	7	to	to	ADP
cblr-1762	421	8	2005	2005	NUM
cblr-1762	421	9	the	the	DET
cblr-1762	421	10	percentage	percentage	NOUN
cblr-1762	421	11	of	of	ADP
cblr-1762	421	12	independent	independent	ADJ
cblr-1762	421	13	directors	director	NOUN
cblr-1762	421	14	serving	serve	VERB
cblr-1762	421	15	on	on	ADP
cblr-1762	421	16	the	the	DET
cblr-1762	421	17	typical	typical	ADJ
cblr-1762	421	18	board	board	NOUN
cblr-1762	421	19	of	of	ADP
cblr-1762	421	20	a	a	DET
cblr-1762	421	21	public	public	ADJ
cblr-1762	421	22	company	company	NOUN
cblr-1762	421	23	has	have	AUX
cblr-1762	421	24	increased	increase	VERB
cblr-1762	421	25	from	from	ADP
cblr-1762	421	26	twenty	twenty	NUM
cblr-1762	421	27	-	-	PUNCT
cblr-1762	421	28	two	two	NUM
cblr-1762	421	29	to	to	PART
cblr-1762	421	30	seventy	seventy	NUM
cblr-1762	421	31	-	-	PUNCT
cblr-1762	421	32	four	four	NUM
cblr-1762	421	33	percent	percent	NOUN
cblr-1762	421	34	.	.	PUNCT
cblr-1762	422	1	i	i	PRON
cblr-1762	422	2	d.	d.	PROPN
cblr-1762	422	3	at	at	ADP
cblr-1762	422	4	1565	1565	NUM
cblr-1762	422	5	tbl.1	tbl.1	NUM
cblr-1762	422	6	.	.	PUNCT
cblr-1762	423	1	94	94	NUM
cblr-1762	424	1	i	i	PRON
cblr-1762	424	2	d.	d.	PROPN
cblr-1762	424	3	at	at	ADP
cblr-1762	424	4	1563	1563	NUM
cblr-1762	424	5	.	.	PUNCT
cblr-1762	425	1	95	95	NUM
cblr-1762	426	1	i	i	PRON
cblr-1762	426	2	d.	d.	PROPN
cblr-1762	426	3	sharfman	sharfman	PROPN
cblr-1762	426	4	–	–	PUNCT
cblr-1762	426	5	final	final	ADJ
cblr-1762	426	6	844	844	NUM
cblr-1762	426	7	columbia	columbia	PROPN
cblr-1762	426	8	business	business	NOUN
cblr-1762	426	9	law	law	PROPN
cblr-1762	426	10	review	review	NOUN
cblr-1762	427	1	[	[	X
cblr-1762	427	2	vol	vol	NOUN
cblr-1762	427	3	.	.	NOUN
cblr-1762	427	4	2015	2015	NUM
cblr-1762	427	5	requirements	requirement	NOUN
cblr-1762	427	6	and	and	CCONJ
cblr-1762	427	7	more	more	ADV
cblr-1762	427	8	transparent	transparent	ADJ
cblr-1762	427	9	accounting	accounting	NOUN
cblr-1762	427	10	standards	standard	NOUN
cblr-1762	427	11	have	have	AUX
cblr-1762	427	12	facilitated	facilitate	VERB
cblr-1762	427	13	this	this	DET
cblr-1762	427	14	focus.96	focus.96	NOUN
cblr-1762	427	15	these	these	DET
cblr-1762	427	16	factors	factor	NOUN
cblr-1762	427	17	allow	allow	VERB
cblr-1762	427	18	stock	stock	NOUN
cblr-1762	427	19	prices	price	NOUN
cblr-1762	427	20	to	to	PART
cblr-1762	427	21	reflect	reflect	VERB
cblr-1762	427	22	corporate	corporate	ADJ
cblr-1762	427	23	information	information	NOUN
cblr-1762	427	24	once	once	ADV
cblr-1762	427	25	known	know	VERB
cblr-1762	427	26	only	only	ADV
cblr-1762	427	27	to	to	ADP
cblr-1762	427	28	insiders	insider	NOUN
cblr-1762	427	29	;	;	PUNCT
cblr-1762	427	30	thus	thus	ADV
cblr-1762	427	31	,	,	PUNCT
cblr-1762	427	32	stock	stock	NOUN
cblr-1762	427	33	prices	price	NOUN
cblr-1762	427	34	are	be	AUX
cblr-1762	427	35	now	now	ADV
cblr-1762	427	36	much	much	ADV
cblr-1762	427	37	better	well	ADJ
cblr-1762	427	38	indicators	indicator	NOUN
cblr-1762	427	39	of	of	ADP
cblr-1762	427	40	company	company	NOUN
cblr-1762	427	41	performance.97	performance.97	NOUN
cblr-1762	427	42	according	accord	VERB
cblr-1762	427	43	to	to	ADP
cblr-1762	427	44	professor	professor	PROPN
cblr-1762	427	45	gordon	gordon	PROPN
cblr-1762	427	46	,	,	PUNCT
cblr-1762	427	47	“	"	PUNCT
cblr-1762	427	48	[	[	X
cblr-1762	427	49	t]he	t]he	ADV
cblr-1762	427	50	overriding	override	VERB
cblr-1762	427	51	effect	effect	NOUN
cblr-1762	427	52	is	be	AUX
cblr-1762	427	53	to	to	PART
cblr-1762	427	54	commit	commit	VERB
cblr-1762	427	55	the	the	DET
cblr-1762	427	56	firm	firm	NOUN
cblr-1762	427	57	to	to	ADP
cblr-1762	427	58	a	a	DET
cblr-1762	427	59	shareholder	shareholder	NOUN
cblr-1762	427	60	wealth	wealth	NOUN
cblr-1762	427	61	-	-	PUNCT
cblr-1762	427	62	maximizing	maximize	VERB
cblr-1762	427	63	strategy	strategy	NOUN
cblr-1762	427	64	as	as	ADV
cblr-1762	427	65	best	well	ADV
cblr-1762	427	66	measured	measure	VERB
cblr-1762	427	67	by	by	ADP
cblr-1762	427	68	stock	stock	NOUN
cblr-1762	427	69	price	price	NOUN
cblr-1762	427	70	performance	performance	NOUN
cblr-1762	427	71	.	.	PUNCT
cblr-1762	428	1	”98	”98	ADV
cblr-1762	428	2	in	in	ADP
cblr-1762	428	3	sum	sum	NOUN
cblr-1762	428	4	,	,	PUNCT
cblr-1762	428	5	the	the	DET
cblr-1762	428	6	independent	independent	ADJ
cblr-1762	428	7	board	board	NOUN
cblr-1762	428	8	of	of	ADP
cblr-1762	428	9	a	a	DET
cblr-1762	428	10	public	public	ADJ
cblr-1762	428	11	company	company	NOUN
cblr-1762	428	12	is	be	AUX
cblr-1762	428	13	currently	currently	ADV
cblr-1762	428	14	in	in	ADP
cblr-1762	428	15	a	a	DET
cblr-1762	428	16	good	good	ADJ
cblr-1762	428	17	position	position	NOUN
cblr-1762	428	18	to	to	ADP
cblr-1762	428	19	rationally	rationally	ADV
cblr-1762	428	20	and	and	CCONJ
cblr-1762	428	21	even	even	ADV
cblr-1762	428	22	-	-	PUNCT
cblr-1762	428	23	handedly	handedly	ADV
cblr-1762	428	24	respond	respond	VERB
cblr-1762	428	25	to	to	ADP
cblr-1762	428	26	stock	stock	NOUN
cblr-1762	428	27	market	market	NOUN
cblr-1762	428	28	signals	signal	NOUN
cblr-1762	428	29	in	in	ADP
cblr-1762	428	30	order	order	NOUN
cblr-1762	428	31	to	to	PART
cblr-1762	428	32	correct	correct	VERB
cblr-1762	428	33	managerial	managerial	ADJ
cblr-1762	428	34	inefficiencies	inefficiency	NOUN
cblr-1762	428	35	and	and	CCONJ
cblr-1762	428	36	enhance	enhance	VERB
cblr-1762	428	37	long	long	ADJ
cblr-1762	428	38	-	-	PUNCT
cblr-1762	428	39	term	term	NOUN
cblr-1762	428	40	value	value	NOUN
cblr-1762	428	41	.	.	PUNCT
cblr-1762	429	1	e.	e.	PROPN
cblr-1762	429	2	the	the	DET
cblr-1762	429	3	board	board	PROPN
cblr-1762	429	4	as	as	ADP
cblr-1762	429	5	arbitrator	arbitrator	NOUN
cblr-1762	429	6	given	give	VERB
cblr-1762	429	7	an	an	DET
cblr-1762	429	8	adequate	adequate	ADJ
cblr-1762	429	9	level	level	NOUN
cblr-1762	429	10	of	of	ADP
cblr-1762	429	11	independence	independence	NOUN
cblr-1762	429	12	,	,	PUNCT
cblr-1762	429	13	the	the	DET
cblr-1762	429	14	board	board	NOUN
cblr-1762	429	15	of	of	ADP
cblr-1762	429	16	a	a	DET
cblr-1762	429	17	public	public	ADJ
cblr-1762	429	18	company	company	NOUN
cblr-1762	429	19	can	can	AUX
cblr-1762	429	20	view	view	VERB
cblr-1762	429	21	executive	executive	ADJ
cblr-1762	429	22	management	management	NOUN
cblr-1762	429	23	not	not	PART
cblr-1762	429	24	simply	simply	ADV
cblr-1762	429	25	as	as	ADP
cblr-1762	429	26	an	an	DET
cblr-1762	429	27	extension	extension	NOUN
cblr-1762	429	28	of	of	ADP
cblr-1762	429	29	itself	itself	PRON
cblr-1762	429	30	and	and	CCONJ
cblr-1762	429	31	vice	vice	NOUN
cblr-1762	429	32	-	-	NOUN
cblr-1762	429	33	versa	versa	PROPN
cblr-1762	429	34	,	,	PUNCT
cblr-1762	429	35	but	but	CCONJ
cblr-1762	429	36	as	as	ADP
cblr-1762	429	37	a	a	DET
cblr-1762	429	38	locus	locus	NOUN
cblr-1762	429	39	of	of	ADP
cblr-1762	429	40	authority	authority	NOUN
cblr-1762	429	41	for	for	ADP
cblr-1762	429	42	corporate	corporate	ADJ
cblr-1762	429	43	decision	decision	NOUN
cblr-1762	429	44	-	-	PUNCT
cblr-1762	429	45	making	making	NOUN
cblr-1762	429	46	,	,	PUNCT
cblr-1762	429	47	which	which	PRON
cblr-1762	429	48	it	it	PRON
cblr-1762	429	49	must	must	AUX
cblr-1762	429	50	monitor	monitor	VERB
cblr-1762	429	51	on	on	ADP
cblr-1762	429	52	an	an	DET
cblr-1762	429	53	objective	objective	ADJ
cblr-1762	429	54	basis	basis	NOUN
cblr-1762	429	55	.	.	PUNCT
cblr-1762	430	1	it	it	PRON
cblr-1762	430	2	also	also	ADV
cblr-1762	430	3	allows	allow	VERB
cblr-1762	430	4	the	the	DET
cblr-1762	430	5	board	board	NOUN
cblr-1762	430	6	to	to	PART
cblr-1762	430	7	recognize	recognize	VERB
cblr-1762	430	8	other	other	ADJ
cblr-1762	430	9	parts	part	NOUN
cblr-1762	430	10	of	of	ADP
cblr-1762	430	11	the	the	DET
cblr-1762	430	12	organization	organization	NOUN
cblr-1762	430	13	,	,	PUNCT
cblr-1762	430	14	if	if	SCONJ
cblr-1762	430	15	only	only	ADV
cblr-1762	430	16	on	on	ADP
cblr-1762	430	17	a	a	DET
cblr-1762	430	18	temporary	temporary	ADJ
cblr-1762	430	19	basis	basis	NOUN
cblr-1762	430	20	,	,	PUNCT
cblr-1762	430	21	as	as	ADP
cblr-1762	430	22	competing	compete	VERB
cblr-1762	430	23	loci	loci	NOUN
cblr-1762	430	24	of	of	ADP
cblr-1762	430	25	authority	authority	NOUN
cblr-1762	430	26	with	with	ADP
cblr-1762	430	27	executive	executive	ADJ
cblr-1762	430	28	management	management	NOUN
cblr-1762	430	29	when	when	SCONJ
cblr-1762	430	30	they	they	PRON
cblr-1762	430	31	are	be	AUX
cblr-1762	430	32	perceived	perceive	VERB
cblr-1762	430	33	to	to	PART
cblr-1762	430	34	add	add	VERB
cblr-1762	430	35	value	value	NOUN
cblr-1762	430	36	to	to	ADP
cblr-1762	430	37	the	the	DET
cblr-1762	430	38	company	company	NOUN
cblr-1762	430	39	’s	’s	PART
cblr-1762	430	40	decision	decision	NOUN
cblr-1762	430	41	-	-	PUNCT
cblr-1762	430	42	making	making	NOUN
cblr-1762	430	43	.	.	PUNCT
cblr-1762	431	1	according	accord	VERB
cblr-1762	431	2	to	to	ADP
cblr-1762	431	3	arrow	arrow	NOUN
cblr-1762	431	4	,	,	PUNCT
cblr-1762	431	5	decision	decision	NOUN
cblr-1762	431	6	-	-	PUNCT
cblr-1762	431	7	making	making	NOUN
cblr-1762	431	8	“	"	PUNCT
cblr-1762	431	9	[	[	X
cblr-1762	431	10	e]rror	e]rror	NOUN
cblr-1762	431	11	is	be	AUX
cblr-1762	431	12	unnecessary	unnecessary	ADJ
cblr-1762	431	13	when	when	SCONJ
cblr-1762	431	14	the	the	DET
cblr-1762	431	15	information	information	NOUN
cblr-1762	431	16	is	be	AUX
cblr-1762	431	17	available	available	ADJ
cblr-1762	431	18	somewhere	somewhere	ADV
cblr-1762	431	19	in	in	ADP
cblr-1762	431	20	the	the	DET
cblr-1762	431	21	organization	organization	NOUN
cblr-1762	431	22	but	but	CCONJ
cblr-1762	431	23	not	not	PART
cblr-1762	431	24	available	available	ADJ
cblr-1762	431	25	to	to	ADP
cblr-1762	431	26	or	or	CCONJ
cblr-1762	431	27	not	not	PART
cblr-1762	431	28	used	use	VERB
cblr-1762	431	29	by	by	ADP
cblr-1762	431	30	the	the	DET
cblr-1762	431	31	authority	authority	NOUN
cblr-1762	431	32	.	.	PUNCT
cblr-1762	432	1	”99	”99	PROPN
cblr-1762	432	2	in	in	ADP
cblr-1762	432	3	the	the	DET
cblr-1762	432	4	context	context	NOUN
cblr-1762	432	5	of	of	ADP
cblr-1762	432	6	the	the	DET
cblr-1762	432	7	public	public	ADJ
cblr-1762	432	8	company	company	NOUN
cblr-1762	432	9	,	,	PUNCT
cblr-1762	432	10	the	the	DET
cblr-1762	432	11	activist	activist	ADJ
cblr-1762	432	12	hedge	hedge	NOUN
cblr-1762	432	13	fund	fund	NOUN
cblr-1762	432	14	may	may	AUX
cblr-1762	432	15	serve	serve	VERB
cblr-1762	432	16	as	as	ADP
cblr-1762	432	17	a	a	DET
cblr-1762	432	18	competing	compete	VERB
cblr-1762	432	19	locus	locus	NOUN
cblr-1762	432	20	of	of	ADP
cblr-1762	432	21	authority	authority	NOUN
cblr-1762	432	22	and	and	CCONJ
cblr-1762	432	23	“	"	PUNCT
cblr-1762	432	24	corrective	corrective	ADJ
cblr-1762	432	25	mechanism	mechanism	NOUN
cblr-1762	432	26	”	"	PUNCT
cblr-1762	432	27	in	in	ADP
cblr-1762	432	28	the	the	DET
cblr-1762	432	29	decision	decision	NOUN
cblr-1762	432	30	-	-	PUNCT
cblr-1762	432	31	making	making	NOUN
cblr-1762	432	32	of	of	ADP
cblr-1762	432	33	a	a	DET
cblr-1762	432	34	large	large	ADJ
cblr-1762	432	35	organization.100	organization.100	NOUN
cblr-1762	432	36	when	when	SCONJ
cblr-1762	432	37	an	an	DET
cblr-1762	432	38	independent	independent	ADJ
cblr-1762	432	39	board	board	NOUN
cblr-1762	432	40	,	,	PUNCT
cblr-1762	432	41	the	the	DET
cblr-1762	432	42	centralized	centralized	ADJ
cblr-1762	432	43	authority	authority	NOUN
cblr-1762	432	44	in	in	ADP
cblr-1762	432	45	a	a	DET
cblr-1762	432	46	public	public	ADJ
cblr-1762	432	47	company	company	NOUN
cblr-1762	432	48	,	,	PUNCT
cblr-1762	432	49	delegates	delegate	VERB
cblr-1762	432	50	the	the	DET
cblr-1762	432	51	bulk	bulk	NOUN
cblr-1762	432	52	of	of	ADP
cblr-1762	432	53	its	its	PRON
cblr-1762	432	54	decision	decision	NOUN
cblr-1762	432	55	-	-	PUNCT
cblr-1762	432	56	making	making	NOUN
cblr-1762	432	57	to	to	ADP
cblr-1762	432	58	executive	executive	ADJ
cblr-1762	432	59	management	management	NOUN
cblr-1762	432	60	,	,	PUNCT
cblr-1762	432	61	it	it	PRON
cblr-1762	432	62	is	be	AUX
cblr-1762	432	63	the	the	DET
cblr-1762	432	64	decision	decision	NOUN
cblr-1762	432	65	-	-	PUNCT
cblr-1762	432	66	making	making	NOUN
cblr-1762	432	67	of	of	ADP
cblr-1762	432	68	this	this	PRON
cblr-1762	432	69	96	96	NUM
cblr-1762	433	1	i	i	PRON
cblr-1762	433	2	d.	d.	PROPN
cblr-1762	433	3	at	at	ADP
cblr-1762	433	4	1543	1543	NUM
cblr-1762	433	5	.	.	PUNCT
cblr-1762	434	1	97	97	NUM
cblr-1762	435	1	i	i	PRON
cblr-1762	435	2	d.	d.	PROPN
cblr-1762	435	3	at	at	ADP
cblr-1762	435	4	1541	1541	NUM
cblr-1762	435	5	,	,	PUNCT
cblr-1762	435	6	1543	1543	NUM
cblr-1762	435	7	.	.	PUNCT
cblr-1762	436	1	98	98	NUM
cblr-1762	437	1	i	i	PRON
cblr-1762	437	2	d.	d.	PROPN
cblr-1762	437	3	at	at	ADP
cblr-1762	437	4	1563	1563	NUM
cblr-1762	437	5	.	.	PUNCT
cblr-1762	438	1	99	99	NUM
cblr-1762	438	2	kenneth	kenneth	PROPN
cblr-1762	438	3	j.	j.	PROPN
cblr-1762	438	4	arrow	arrow	PROPN
cblr-1762	438	5	,	,	PUNCT
cblr-1762	438	6	the	the	DET
cblr-1762	438	7	limits	limit	NOUN
cblr-1762	438	8	of	of	ADP
cblr-1762	438	9	organization	organization	NOUN
cblr-1762	438	10	74	74	NUM
cblr-1762	438	11	(	(	PUNCT
cblr-1762	438	12	1974	1974	NUM
cblr-1762	438	13	)	)	PUNCT
cblr-1762	438	14	.	.	PUNCT
cblr-1762	439	1	100	100	NUM
cblr-1762	439	2	see	see	VERB
cblr-1762	439	3	i	i	PRON
cblr-1762	439	4	d.	d.	PROPN
cblr-1762	439	5	at	at	ADP
cblr-1762	439	6	74–75	74–75	NUM
cblr-1762	439	7	.	.	PUNCT
cblr-1762	440	1	sharfman	sharfman	NOUN
cblr-1762	440	2	–	–	PUNCT
cblr-1762	440	3	final	final	ADJ
cblr-1762	440	4	no	no	NOUN
cblr-1762	440	5	.	.	PUNCT
cblr-1762	441	1	3:813	3:813	NUM
cblr-1762	441	2	]	]	X
cblr-1762	441	3	activist	activist	ADJ
cblr-1762	441	4	hedge	hedge	NOUN
cblr-1762	441	5	funds	fund	NOUN
cblr-1762	441	6	and	and	CCONJ
cblr-1762	441	7	long	long	ADJ
cblr-1762	441	8	-	-	PUNCT
cblr-1762	441	9	term	term	NOUN
cblr-1762	441	10	value	value	NOUN
cblr-1762	441	11	845	845	NUM
cblr-1762	441	12	locus	locus	NOUN
cblr-1762	441	13	of	of	ADP
cblr-1762	441	14	authority	authority	NOUN
cblr-1762	441	15	that	that	PRON
cblr-1762	441	16	is	be	AUX
cblr-1762	441	17	likely	likely	ADJ
cblr-1762	441	18	to	to	PART
cblr-1762	441	19	become	become	VERB
cblr-1762	441	20	the	the	DET
cblr-1762	441	21	focus	focus	NOUN
cblr-1762	441	22	of	of	ADP
cblr-1762	441	23	criticism	criticism	NOUN
cblr-1762	441	24	by	by	ADP
cblr-1762	441	25	a	a	DET
cblr-1762	441	26	corrective	corrective	ADJ
cblr-1762	441	27	mechanism	mechanism	NOUN
cblr-1762	441	28	such	such	ADJ
cblr-1762	441	29	as	as	ADP
cblr-1762	441	30	an	an	DET
cblr-1762	441	31	activist	activist	ADJ
cblr-1762	441	32	hedge	hedge	NOUN
cblr-1762	441	33	fund	fund	PROPN
cblr-1762	441	34	.	.	PUNCT
cblr-1762	442	1	empirical	empirical	ADJ
cblr-1762	442	2	evidence	evidence	NOUN
cblr-1762	442	3	shows	show	VERB
cblr-1762	442	4	that	that	SCONJ
cblr-1762	442	5	within	within	ADP
cblr-1762	442	6	two	two	NUM
cblr-1762	442	7	years	year	NOUN
cblr-1762	442	8	of	of	ADP
cblr-1762	442	9	an	an	DET
cblr-1762	442	10	activist	activist	ADJ
cblr-1762	442	11	hedge	hedge	NOUN
cblr-1762	442	12	fund	fund	NOUN
cblr-1762	442	13	gaining	gain	VERB
cblr-1762	442	14	representation	representation	NOUN
cblr-1762	442	15	on	on	ADP
cblr-1762	442	16	a	a	DET
cblr-1762	442	17	target	target	NOUN
cblr-1762	442	18	’s	’s	PART
cblr-1762	442	19	board	board	NOUN
cblr-1762	442	20	,	,	PUNCT
cblr-1762	442	21	the	the	DET
cblr-1762	442	22	ceo	ceo	NOUN
cblr-1762	442	23	resigns	resign	VERB
cblr-1762	442	24	thirty	thirty	NUM
cblr-1762	442	25	percent	percent	NOUN
cblr-1762	442	26	of	of	ADP
cblr-1762	442	27	the	the	DET
cblr-1762	442	28	time.101	time.101	NOUN
cblr-1762	442	29	moreover	moreover	ADV
cblr-1762	442	30	,	,	PUNCT
cblr-1762	442	31	the	the	DET
cblr-1762	442	32	probability	probability	NOUN
cblr-1762	442	33	of	of	ADP
cblr-1762	442	34	the	the	DET
cblr-1762	442	35	ceo	ceo	NOUN
cblr-1762	442	36	’s	’s	PART
cblr-1762	442	37	eventual	eventual	ADJ
cblr-1762	442	38	departure	departure	NOUN
cblr-1762	442	39	likely	likely	ADJ
cblr-1762	442	40	increases	increase	VERB
cblr-1762	442	41	if	if	SCONJ
cblr-1762	442	42	the	the	DET
cblr-1762	442	43	company	company	NOUN
cblr-1762	442	44	is	be	AUX
cblr-1762	442	45	sold	sell	VERB
cblr-1762	442	46	,	,	PUNCT
cblr-1762	442	47	which	which	PRON
cblr-1762	442	48	occurs	occur	VERB
cblr-1762	442	49	within	within	ADP
cblr-1762	442	50	five	five	NUM
cblr-1762	442	51	years	year	NOUN
cblr-1762	442	52	of	of	ADP
cblr-1762	442	53	an	an	DET
cblr-1762	442	54	activist	activist	ADJ
cblr-1762	442	55	hedge	hedge	NOUN
cblr-1762	442	56	fund	fund	NOUN
cblr-1762	442	57	gaining	gain	VERB
cblr-1762	442	58	representation	representation	NOUN
cblr-1762	442	59	twenty	twenty	NUM
cblr-1762	442	60	-	-	PUNCT
cblr-1762	442	61	one	one	NUM
cblr-1762	442	62	percent	percent	NOUN
cblr-1762	442	63	of	of	ADP
cblr-1762	442	64	the	the	DET
cblr-1762	442	65	time.102	time.102	NOUN
cblr-1762	442	66	critically	critically	ADV
cblr-1762	442	67	,	,	PUNCT
cblr-1762	442	68	it	it	PRON
cblr-1762	442	69	is	be	AUX
cblr-1762	442	70	up	up	ADP
cblr-1762	442	71	to	to	ADP
cblr-1762	442	72	the	the	DET
cblr-1762	442	73	board	board	NOUN
cblr-1762	442	74	to	to	PART
cblr-1762	442	75	determine	determine	VERB
cblr-1762	442	76	which	which	PRON
cblr-1762	442	77	of	of	ADP
cblr-1762	442	78	these	these	DET
cblr-1762	442	79	two	two	NUM
cblr-1762	442	80	loci	locus	NOUN
cblr-1762	442	81	of	of	ADP
cblr-1762	442	82	authority	authority	NOUN
cblr-1762	442	83	,	,	PUNCT
cblr-1762	442	84	the	the	DET
cblr-1762	442	85	executive	executive	ADJ
cblr-1762	442	86	management	management	NOUN
cblr-1762	442	87	or	or	CCONJ
cblr-1762	442	88	activist	activist	ADJ
cblr-1762	442	89	hedge	hedge	NOUN
cblr-1762	442	90	fund	fund	PROPN
cblr-1762	442	91	,	,	PUNCT
cblr-1762	442	92	has	have	VERB
cblr-1762	442	93	the	the	DET
cblr-1762	442	94	best	good	ADJ
cblr-1762	442	95	advice	advice	NOUN
cblr-1762	442	96	for	for	ADP
cblr-1762	442	97	moving	move	VERB
cblr-1762	442	98	the	the	DET
cblr-1762	442	99	company	company	NOUN
cblr-1762	442	100	forward.103	forward.103	NOUN
cblr-1762	442	101	playing	play	VERB
cblr-1762	442	102	the	the	DET
cblr-1762	442	103	role	role	NOUN
cblr-1762	442	104	of	of	ADP
cblr-1762	442	105	arbitrator	arbitrator	NOUN
cblr-1762	442	106	puts	put	VERB
cblr-1762	442	107	the	the	DET
cblr-1762	442	108	board	board	NOUN
cblr-1762	442	109	in	in	ADP
cblr-1762	442	110	a	a	DET
cblr-1762	442	111	difficult	difficult	ADJ
cblr-1762	442	112	position	position	NOUN
cblr-1762	442	113	.	.	PUNCT
cblr-1762	443	1	it	it	PRON
cblr-1762	443	2	must	must	AUX
cblr-1762	443	3	determine	determine	VERB
cblr-1762	443	4	who	who	PRON
cblr-1762	443	5	has	have	VERB
cblr-1762	443	6	the	the	DET
cblr-1762	443	7	best	good	ADJ
cblr-1762	443	8	advice	advice	NOUN
cblr-1762	443	9	for	for	ADP
cblr-1762	443	10	long	long	ADJ
cblr-1762	443	11	-	-	PUNCT
cblr-1762	443	12	term	term	NOUN
cblr-1762	443	13	value	value	NOUN
cblr-1762	443	14	creation	creation	NOUN
cblr-1762	443	15	under	under	ADP
cblr-1762	443	16	the	the	DET
cblr-1762	443	17	following	follow	VERB
cblr-1762	443	18	potential	potential	ADJ
cblr-1762	443	19	conditions	condition	NOUN
cblr-1762	443	20	:	:	PUNCT
cblr-1762	443	21	an	an	DET
cblr-1762	443	22	executive	executive	ADJ
cblr-1762	443	23	management	management	NOUN
cblr-1762	443	24	team	team	NOUN
cblr-1762	443	25	that	that	PRON
cblr-1762	443	26	may	may	AUX
cblr-1762	443	27	resist	resist	VERB
cblr-1762	443	28	the	the	DET
cblr-1762	443	29	activist	activist	NOUN
cblr-1762	443	30	’s	’s	PART
cblr-1762	443	31	proposals	proposal	NOUN
cblr-1762	443	32	,	,	PUNCT
cblr-1762	443	33	no	no	ADV
cblr-1762	443	34	matter	matter	ADV
cblr-1762	443	35	how	how	SCONJ
cblr-1762	443	36	meritorious	meritorious	ADJ
cblr-1762	443	37	,	,	PUNCT
cblr-1762	443	38	simply	simply	ADV
cblr-1762	443	39	because	because	SCONJ
cblr-1762	443	40	of	of	ADP
cblr-1762	443	41	reputational	reputational	ADJ
cblr-1762	443	42	concerns,104	concerns,104	PROPN
cblr-1762	443	43	and	and	CCONJ
cblr-1762	443	44	an	an	DET
cblr-1762	443	45	activist	activist	NOUN
cblr-1762	443	46	that	that	PRON
cblr-1762	443	47	may	may	AUX
cblr-1762	443	48	threaten	threaten	VERB
cblr-1762	443	49	a	a	DET
cblr-1762	443	50	proxy	proxy	NOUN
cblr-1762	443	51	contest	contest	NOUN
cblr-1762	443	52	to	to	PART
cblr-1762	443	53	obtain	obtain	VERB
cblr-1762	443	54	board	board	NOUN
cblr-1762	443	55	representation	representation	NOUN
cblr-1762	443	56	,	,	PUNCT
cblr-1762	443	57	even	even	ADV
cblr-1762	443	58	if	if	SCONJ
cblr-1762	443	59	the	the	DET
cblr-1762	443	60	board	board	NOUN
cblr-1762	443	61	has	have	AUX
cblr-1762	443	62	decided	decide	VERB
cblr-1762	443	63	in	in	ADP
cblr-1762	443	64	good	good	ADJ
cblr-1762	443	65	faith	faith	NOUN
cblr-1762	443	66	that	that	PRON
cblr-1762	443	67	the	the	DET
cblr-1762	443	68	activist	activist	NOUN
cblr-1762	443	69	’s	’s	PART
cblr-1762	443	70	recommendations	recommendation	NOUN
cblr-1762	443	71	will	will	AUX
cblr-1762	443	72	not	not	PART
cblr-1762	443	73	correct	correct	VERB
cblr-1762	443	74	managerial	managerial	ADJ
cblr-1762	443	75	inefficiencies	inefficiency	NOUN
cblr-1762	443	76	.	.	PUNCT
cblr-1762	444	1	moreover	moreover	ADV
cblr-1762	444	2	,	,	PUNCT
cblr-1762	444	3	even	even	ADV
cblr-1762	444	4	if	if	SCONJ
cblr-1762	444	5	a	a	DET
cblr-1762	444	6	board	board	NOUN
cblr-1762	444	7	meets	meet	VERB
cblr-1762	444	8	the	the	DET
cblr-1762	444	9	criteria	criterion	NOUN
cblr-1762	444	10	for	for	ADP
cblr-1762	444	11	independence	independence	NOUN
cblr-1762	444	12	based	base	VERB
cblr-1762	444	13	on	on	ADP
cblr-1762	444	14	either	either	CCONJ
cblr-1762	444	15	stock	stock	NOUN
cblr-1762	444	16	market	market	NOUN
cblr-1762	444	17	rules	rule	NOUN
cblr-1762	444	18	or	or	CCONJ
cblr-1762	444	19	delaware	delaware	PROPN
cblr-1762	444	20	corporate	corporate	ADJ
cblr-1762	444	21	law	law	NOUN
cblr-1762	444	22	,	,	PUNCT
cblr-1762	444	23	its	its	PRON
cblr-1762	444	24	decision	decision	NOUN
cblr-1762	444	25	-	-	PUNCT
cblr-1762	444	26	making	making	NOUN
cblr-1762	444	27	may	may	AUX
cblr-1762	444	28	still	still	ADV
cblr-1762	444	29	be	be	AUX
cblr-1762	444	30	tainted	taint	VERB
cblr-1762	444	31	—	—	PUNCT
cblr-1762	444	32	to	to	ADP
cblr-1762	444	33	a	a	DET
cblr-1762	444	34	greater	great	ADJ
cblr-1762	444	35	or	or	CCONJ
cblr-1762	444	36	lesser	less	ADJ
cblr-1762	444	37	extent	extent	NOUN
cblr-1762	444	38	—	—	PUNCT
cblr-1762	444	39	due	due	ADJ
cblr-1762	444	40	to	to	PART
cblr-1762	444	41	“	"	PUNCT
cblr-1762	444	42	capture	capture	NOUN
cblr-1762	444	43	”	"	PUNCT
cblr-1762	444	44	by	by	ADP
cblr-1762	444	45	senior	senior	ADJ
cblr-1762	444	46	management	management	NOUN
cblr-1762	444	47	,	,	PUNCT
cblr-1762	444	48	making	make	VERB
cblr-1762	444	49	the	the	DET
cblr-1762	444	50	board	board	NOUN
cblr-1762	444	51	less	less	ADV
cblr-1762	444	52	than	than	ADP
cblr-1762	444	53	perfect	perfect	ADJ
cblr-1762	444	54	in	in	ADP
cblr-1762	444	55	terms	term	NOUN
cblr-1762	444	56	of	of	ADP
cblr-1762	444	57	independence.105	independence.105	PROPN
cblr-1762	444	58	board	board	NOUN
cblr-1762	444	59	of	of	ADP
cblr-1762	444	60	director	director	NOUN
cblr-1762	444	61	101	101	NUM
cblr-1762	444	62	goodwin	goodwin	PROPN
cblr-1762	444	63	,	,	PUNCT
cblr-1762	444	64	supra	supra	PROPN
cblr-1762	444	65	note	note	PROPN
cblr-1762	444	66	1	1	NUM
cblr-1762	444	67	,	,	PUNCT
cblr-1762	444	68	at	at	ADP
cblr-1762	444	69	11–12	11–12	NUM
cblr-1762	444	70	.	.	PUNCT
cblr-1762	445	1	102	102	NUM
cblr-1762	446	1	i	i	PROPN
cblr-1762	446	2	d.	d.	PROPN
cblr-1762	446	3	103	103	NUM
cblr-1762	446	4	see	see	VERB
cblr-1762	446	5	jonathan	jonathan	PROPN
cblr-1762	446	6	b.	b.	PROPN
cblr-1762	446	7	cohn	cohn	PROPN
cblr-1762	446	8	&	&	CCONJ
cblr-1762	446	9	uday	uday	PROPN
cblr-1762	446	10	rajan	rajan	PROPN
cblr-1762	446	11	,	,	PUNCT
cblr-1762	446	12	optimal	optimal	ADJ
cblr-1762	446	13	corporate	corporate	ADJ
cblr-1762	446	14	governance	governance	NOUN
cblr-1762	446	15	in	in	ADP
cblr-1762	446	16	the	the	DET
cblr-1762	446	17	presence	presence	NOUN
cblr-1762	446	18	of	of	ADP
cblr-1762	446	19	an	an	DET
cblr-1762	446	20	activist	activist	ADJ
cblr-1762	446	21	investor	investor	NOUN
cblr-1762	446	22	,	,	PUNCT
cblr-1762	446	23	26	26	NUM
cblr-1762	446	24	rev	rev	X
cblr-1762	446	25	.	.	PROPN
cblr-1762	446	26	fin	fin	NOUN
cblr-1762	446	27	.	.	PUNCT
cblr-1762	446	28	stud	stud	PROPN
cblr-1762	446	29	.	.	PUNCT
cblr-1762	447	1	985	985	NUM
cblr-1762	447	2	,	,	PUNCT
cblr-1762	447	3	985	985	NUM
cblr-1762	447	4	(	(	PUNCT
cblr-1762	447	5	2013	2013	NUM
cblr-1762	447	6	)	)	PUNCT
cblr-1762	447	7	(	(	PUNCT
cblr-1762	447	8	providing	provide	VERB
cblr-1762	447	9	“	"	PUNCT
cblr-1762	447	10	a	a	DET
cblr-1762	447	11	model	model	NOUN
cblr-1762	447	12	of	of	ADP
cblr-1762	447	13	governance	governance	NOUN
cblr-1762	447	14	in	in	ADP
cblr-1762	447	15	which	which	PRON
cblr-1762	447	16	a	a	DET
cblr-1762	447	17	board	board	NOUN
cblr-1762	447	18	arbitrates	arbitrate	VERB
cblr-1762	447	19	between	between	ADP
cblr-1762	447	20	an	an	DET
cblr-1762	447	21	activist	activist	ADJ
cblr-1762	447	22	investor	investor	NOUN
cblr-1762	447	23	and	and	CCONJ
cblr-1762	447	24	a	a	DET
cblr-1762	447	25	manager	manager	NOUN
cblr-1762	447	26	facing	face	VERB
cblr-1762	447	27	reputational	reputational	ADJ
cblr-1762	447	28	concerns	concern	NOUN
cblr-1762	447	29	”	"	PUNCT
cblr-1762	447	30	)	)	PUNCT
cblr-1762	447	31	.	.	PUNCT
cblr-1762	448	1	according	accord	VERB
cblr-1762	448	2	to	to	ADP
cblr-1762	448	3	cohn	cohn	PROPN
cblr-1762	448	4	and	and	CCONJ
cblr-1762	448	5	rajan	rajan	PROPN
cblr-1762	448	6	,	,	PUNCT
cblr-1762	448	7	theirs	theirs	PRON
cblr-1762	448	8	“	"	PUNCT
cblr-1762	448	9	is	be	AUX
cblr-1762	448	10	the	the	DET
cblr-1762	448	11	first	first	ADJ
cblr-1762	448	12	theoretical	theoretical	ADJ
cblr-1762	448	13	article	article	NOUN
cblr-1762	448	14	to	to	PART
cblr-1762	448	15	consider	consider	VERB
cblr-1762	448	16	the	the	DET
cblr-1762	448	17	interaction	interaction	NOUN
cblr-1762	448	18	between	between	ADP
cblr-1762	448	19	an	an	DET
cblr-1762	448	20	activist	activist	NOUN
cblr-1762	448	21	,	,	PUNCT
cblr-1762	448	22	the	the	DET
cblr-1762	448	23	board	board	NOUN
cblr-1762	448	24	,	,	PUNCT
cblr-1762	448	25	and	and	CCONJ
cblr-1762	448	26	a	a	DET
cblr-1762	448	27	manager	manager	NOUN
cblr-1762	448	28	.	.	PUNCT
cblr-1762	448	29	”	"	PUNCT
cblr-1762	449	1	i	i	PRON
cblr-1762	449	2	d.	d.	VERB
cblr-1762	449	3	at	at	ADP
cblr-1762	449	4	986	986	NUM
cblr-1762	449	5	.	.	PUNCT
cblr-1762	450	1	104	104	NUM
cblr-1762	450	2	see	see	VERB
cblr-1762	450	3	i	i	PRON
cblr-1762	450	4	d.	d.	PROPN
cblr-1762	450	5	105	105	NUM
cblr-1762	450	6	board	board	NOUN
cblr-1762	450	7	of	of	ADP
cblr-1762	450	8	director	director	NOUN
cblr-1762	450	9	“	"	PUNCT
cblr-1762	450	10	‘	'	PUNCT
cblr-1762	450	11	capture	capture	NOUN
cblr-1762	450	12	’	'	PUNCT
cblr-1762	450	13	occurs	occur	VERB
cblr-1762	450	14	when	when	SCONJ
cblr-1762	450	15	decision	decision	NOUN
cblr-1762	450	16	-	-	PUNCT
cblr-1762	450	17	makers	maker	NOUN
cblr-1762	450	18	such	such	ADJ
cblr-1762	450	19	as	as	ADP
cblr-1762	450	20	corporate	corporate	ADJ
cblr-1762	450	21	directors	director	NOUN
cblr-1762	450	22	favor	favor	VERB
cblr-1762	450	23	certain	certain	ADJ
cblr-1762	450	24	vested	vested	ADJ
cblr-1762	450	25	interests	interest	NOUN
cblr-1762	450	26	such	such	ADJ
cblr-1762	450	27	as	as	ADP
cblr-1762	450	28	incumbent	incumbent	ADJ
cblr-1762	450	29	management	management	NOUN
cblr-1762	450	30	,	,	PUNCT
cblr-1762	450	31	despite	despite	SCONJ
cblr-1762	450	32	the	the	DET
cblr-1762	450	33	fact	fact	NOUN
cblr-1762	450	34	that	that	SCONJ
cblr-1762	450	35	they	they	PRON
cblr-1762	450	36	purport	purport	VERB
cblr-1762	450	37	to	to	PART
cblr-1762	450	38	be	be	AUX
cblr-1762	450	39	acting	act	VERB
cblr-1762	450	40	in	in	ADP
cblr-1762	450	41	the	the	DET
cblr-1762	450	42	best	good	ADJ
cblr-1762	450	43	sharfman	sharfman	NOUN
cblr-1762	450	44	–	–	PUNCT
cblr-1762	451	1	final	final	ADJ
cblr-1762	451	2	846	846	NUM
cblr-1762	451	3	columbia	columbia	PROPN
cblr-1762	451	4	business	business	NOUN
cblr-1762	451	5	law	law	PROPN
cblr-1762	451	6	review	review	NOUN
cblr-1762	451	7	[	[	X
cblr-1762	451	8	vol	vol	NOUN
cblr-1762	451	9	.	.	NOUN
cblr-1762	451	10	2015	2015	NUM
cblr-1762	451	11	capture	capture	NOUN
cblr-1762	451	12	results	result	NOUN
cblr-1762	451	13	from	from	ADP
cblr-1762	451	14	social	social	ADJ
cblr-1762	451	15	norms	norm	NOUN
cblr-1762	451	16	that	that	PRON
cblr-1762	451	17	may	may	AUX
cblr-1762	451	18	make	make	VERB
cblr-1762	451	19	the	the	DET
cblr-1762	451	20	board	board	NOUN
cblr-1762	451	21	hesitant	hesitant	ADJ
cblr-1762	451	22	to	to	PART
cblr-1762	451	23	question	question	VERB
cblr-1762	451	24	the	the	DET
cblr-1762	451	25	decisions	decision	NOUN
cblr-1762	451	26	of	of	ADP
cblr-1762	451	27	executive	executive	ADJ
cblr-1762	451	28	management	management	NOUN
cblr-1762	451	29	,	,	PUNCT
cblr-1762	451	30	social	social	ADJ
cblr-1762	451	31	ties	tie	NOUN
cblr-1762	451	32	to	to	ADP
cblr-1762	451	33	its	its	PRON
cblr-1762	451	34	executives	executive	NOUN
cblr-1762	451	35	,	,	PUNCT
cblr-1762	451	36	and	and	CCONJ
cblr-1762	451	37	management	management	NOUN
cblr-1762	451	38	control	control	NOUN
cblr-1762	451	39	of	of	ADP
cblr-1762	451	40	internal	internal	ADJ
cblr-1762	451	41	information.106	information.106	CCONJ
cblr-1762	451	42	such	such	ADJ
cblr-1762	451	43	capture	capture	NOUN
cblr-1762	451	44	may	may	AUX
cblr-1762	451	45	bias	bias	VERB
cblr-1762	451	46	the	the	DET
cblr-1762	451	47	board	board	NOUN
cblr-1762	451	48	toward	toward	ADP
cblr-1762	451	49	favoring	favor	VERB
cblr-1762	451	50	internally	internally	ADV
cblr-1762	451	51	-	-	PUNCT
cblr-1762	451	52	presented	present	VERB
cblr-1762	451	53	information	information	NOUN
cblr-1762	451	54	over	over	ADP
cblr-1762	451	55	information	information	NOUN
cblr-1762	451	56	presented	present	VERB
cblr-1762	451	57	by	by	ADP
cblr-1762	451	58	the	the	DET
cblr-1762	451	59	stock	stock	NOUN
cblr-1762	451	60	market	market	NOUN
cblr-1762	451	61	to	to	PART
cblr-1762	451	62	determine	determine	VERB
cblr-1762	451	63	which	which	DET
cblr-1762	451	64	direction	direction	NOUN
cblr-1762	451	65	the	the	DET
cblr-1762	451	66	company	company	NOUN
cblr-1762	451	67	should	should	AUX
cblr-1762	451	68	take.107	take.107	VERB
cblr-1762	451	69	however	however	ADV
cblr-1762	451	70	,	,	PUNCT
cblr-1762	451	71	this	this	DET
cblr-1762	451	72	resistance	resistance	NOUN
cblr-1762	451	73	to	to	ADP
cblr-1762	451	74	information	information	NOUN
cblr-1762	451	75	presented	present	VERB
cblr-1762	451	76	by	by	ADP
cblr-1762	451	77	the	the	DET
cblr-1762	451	78	stock	stock	NOUN
cblr-1762	451	79	market	market	NOUN
cblr-1762	451	80	may	may	AUX
cblr-1762	451	81	be	be	AUX
cblr-1762	451	82	at	at	ADP
cblr-1762	451	83	a	a	DET
cblr-1762	451	84	low	low	ADJ
cblr-1762	451	85	point	point	NOUN
cblr-1762	451	86	if	if	SCONJ
cblr-1762	451	87	the	the	DET
cblr-1762	451	88	price	price	NOUN
cblr-1762	451	89	of	of	ADP
cblr-1762	451	90	the	the	DET
cblr-1762	451	91	company	company	NOUN
cblr-1762	451	92	stock	stock	NOUN
cblr-1762	451	93	has	have	AUX
cblr-1762	451	94	fallen	fall	VERB
cblr-1762	451	95	significantly	significantly	ADV
cblr-1762	451	96	,	,	PUNCT
cblr-1762	451	97	an	an	DET
cblr-1762	451	98	event	event	NOUN
cblr-1762	451	99	that	that	PRON
cblr-1762	451	100	does	do	AUX
cblr-1762	451	101	not	not	PART
cblr-1762	451	102	reflect	reflect	VERB
cblr-1762	451	103	well	well	ADV
cblr-1762	451	104	on	on	ADP
cblr-1762	451	105	the	the	DET
cblr-1762	451	106	performance	performance	NOUN
cblr-1762	451	107	of	of	ADP
cblr-1762	451	108	the	the	DET
cblr-1762	451	109	board	board	NOUN
cblr-1762	451	110	.	.	PUNCT
cblr-1762	452	1	finally	finally	ADV
cblr-1762	452	2	,	,	PUNCT
cblr-1762	452	3	it	it	PRON
cblr-1762	452	4	may	may	AUX
cblr-1762	452	5	mean	mean	VERB
cblr-1762	452	6	that	that	SCONJ
cblr-1762	452	7	the	the	DET
cblr-1762	452	8	members	member	NOUN
cblr-1762	452	9	of	of	ADP
cblr-1762	452	10	the	the	DET
cblr-1762	452	11	board	board	NOUN
cblr-1762	452	12	need	need	VERB
cblr-1762	452	13	to	to	PART
cblr-1762	452	14	recommend	recommend	VERB
cblr-1762	452	15	the	the	DET
cblr-1762	452	16	sale	sale	NOUN
cblr-1762	452	17	of	of	ADP
cblr-1762	452	18	a	a	DET
cblr-1762	452	19	company	company	NOUN
cblr-1762	452	20	at	at	ADP
cblr-1762	452	21	the	the	DET
cblr-1762	452	22	risk	risk	NOUN
cblr-1762	452	23	of	of	ADP
cblr-1762	452	24	losing	lose	VERB
cblr-1762	452	25	their	their	PRON
cblr-1762	452	26	board	board	NOUN
cblr-1762	452	27	seats	seat	NOUN
cblr-1762	452	28	.	.	PUNCT
cblr-1762	453	1	this	this	DET
cblr-1762	453	2	potential	potential	NOUN
cblr-1762	453	3	creates	create	VERB
cblr-1762	453	4	yet	yet	ADV
cblr-1762	453	5	more	more	ADJ
cblr-1762	453	6	bias	bias	NOUN
cblr-1762	453	7	in	in	ADP
cblr-1762	453	8	their	their	PRON
cblr-1762	453	9	decision	decision	NOUN
cblr-1762	453	10	-	-	PUNCT
cblr-1762	453	11	making	making	NOUN
cblr-1762	453	12	.	.	PUNCT
cblr-1762	454	1	nevertheless	nevertheless	ADV
cblr-1762	454	2	,	,	PUNCT
cblr-1762	454	3	no	no	ADV
cblr-1762	454	4	matter	matter	ADV
cblr-1762	454	5	how	how	SCONJ
cblr-1762	454	6	imperfect	imperfect	ADJ
cblr-1762	454	7	the	the	DET
cblr-1762	454	8	decision	decision	NOUN
cblr-1762	454	9	-	-	PUNCT
cblr-1762	454	10	making	make	VERB
cblr-1762	454	11	environment	environment	NOUN
cblr-1762	454	12	may	may	AUX
cblr-1762	454	13	be	be	AUX
cblr-1762	454	14	,	,	PUNCT
cblr-1762	454	15	the	the	DET
cblr-1762	454	16	board	board	NOUN
cblr-1762	454	17	,	,	PUNCT
cblr-1762	454	18	as	as	ADP
cblr-1762	454	19	the	the	DET
cblr-1762	454	20	ultimate	ultimate	ADJ
cblr-1762	454	21	authority	authority	NOUN
cblr-1762	454	22	in	in	ADP
cblr-1762	454	23	a	a	DET
cblr-1762	454	24	public	public	ADJ
cblr-1762	454	25	company	company	NOUN
cblr-1762	454	26	with	with	ADP
cblr-1762	454	27	the	the	DET
cblr-1762	454	28	potential	potential	NOUN
cblr-1762	454	29	to	to	PART
cblr-1762	454	30	act	act	VERB
cblr-1762	454	31	as	as	ADP
cblr-1762	454	32	an	an	DET
cblr-1762	454	33	independent	independent	ADJ
cblr-1762	454	34	and	and	CCONJ
cblr-1762	454	35	informed	informed	ADJ
cblr-1762	454	36	arbitrator	arbitrator	NOUN
cblr-1762	454	37	,	,	PUNCT
cblr-1762	454	38	and	and	CCONJ
cblr-1762	454	39	with	with	ADP
cblr-1762	454	40	access	access	NOUN
cblr-1762	454	41	to	to	ADP
cblr-1762	454	42	the	the	DET
cblr-1762	454	43	company	company	NOUN
cblr-1762	454	44	’s	’s	PART
cblr-1762	454	45	confidential	confidential	ADJ
cblr-1762	454	46	information	information	NOUN
cblr-1762	454	47	,	,	PUNCT
cblr-1762	454	48	is	be	AUX
cblr-1762	454	49	in	in	ADP
cblr-1762	454	50	the	the	DET
cblr-1762	454	51	best	good	ADJ
cblr-1762	454	52	position	position	NOUN
cblr-1762	454	53	to	to	PART
cblr-1762	454	54	decide	decide	VERB
cblr-1762	454	55	between	between	ADP
cblr-1762	454	56	the	the	DET
cblr-1762	454	57	two	two	NUM
cblr-1762	454	58	loci	locus	NOUN
cblr-1762	454	59	of	of	ADP
cblr-1762	454	60	authority	authority	NOUN
cblr-1762	454	61	.	.	PUNCT
cblr-1762	455	1	this	this	DET
cblr-1762	455	2	process	process	NOUN
cblr-1762	455	3	of	of	ADP
cblr-1762	455	4	arbitration	arbitration	NOUN
cblr-1762	455	5	should	should	AUX
cblr-1762	455	6	lead	lead	VERB
cblr-1762	455	7	to	to	ADP
cblr-1762	455	8	the	the	DET
cblr-1762	455	9	creation	creation	NOUN
cblr-1762	455	10	of	of	ADP
cblr-1762	455	11	long	long	ADJ
cblr-1762	455	12	-	-	PUNCT
cblr-1762	455	13	term	term	NOUN
cblr-1762	455	14	value	value	NOUN
cblr-1762	455	15	at	at	ADP
cblr-1762	455	16	public	public	ADJ
cblr-1762	455	17	companies	company	NOUN
cblr-1762	455	18	.	.	PUNCT
cblr-1762	456	1	interests	interest	NOUN
cblr-1762	456	2	of	of	ADP
cblr-1762	456	3	some	some	DET
cblr-1762	456	4	other	other	ADJ
cblr-1762	456	5	group	group	NOUN
cblr-1762	456	6	,	,	PUNCT
cblr-1762	456	7	i.e.	i.e.	X
cblr-1762	456	8	the	the	DET
cblr-1762	456	9	shareholders	shareholder	NOUN
cblr-1762	456	10	.	.	PUNCT
cblr-1762	456	11	”	"	PUNCT
cblr-1762	457	1	jonathan	jonathan	PROPN
cblr-1762	457	2	macey	macey	PROPN
cblr-1762	457	3	,	,	PUNCT
cblr-1762	457	4	director	director	NOUN
cblr-1762	457	5	capture	capture	NOUN
cblr-1762	457	6	—	—	PUNCT
cblr-1762	457	7	a	a	DET
cblr-1762	457	8	commentary	commentary	NOUN
cblr-1762	457	9	by	by	ADP
cblr-1762	457	10	jonathan	jonathan	PROPN
cblr-1762	457	11	macey	macey	PROPN
cblr-1762	457	12	’	'	PUNCT
cblr-1762	457	13	82	82	NUM
cblr-1762	457	14	(	(	PUNCT
cblr-1762	457	15	jan	jan	PROPN
cblr-1762	457	16	.	.	PROPN
cblr-1762	457	17	20	20	NUM
cblr-1762	457	18	,	,	PUNCT
cblr-1762	457	19	2009	2009	NUM
cblr-1762	457	20	)	)	PUNCT
cblr-1762	457	21	,	,	PUNCT
cblr-1762	457	22	http://www.law.yale.edu/news/8762.htm	http://www.law.yale.edu/news/8762.htm	PROPN
cblr-1762	458	1	[	[	X
cblr-1762	458	2	http://perma.cc/7fs6-zcdd	http://perma.cc/7fs6-zcdd	X
cblr-1762	458	3	]	]	PUNCT
cblr-1762	458	4	.	.	PUNCT
cblr-1762	459	1	see	see	VERB
cblr-1762	459	2	also	also	ADV
cblr-1762	459	3	jonathan	jonathan	PROPN
cblr-1762	459	4	r.	r.	PROPN
cblr-1762	459	5	macey	macey	PROPN
cblr-1762	459	6	,	,	PUNCT
cblr-1762	459	7	corporate	corporate	ADJ
cblr-1762	459	8	governance	governance	NOUN
cblr-1762	459	9	:	:	PUNCT
cblr-1762	459	10	promises	promise	NOUN
cblr-1762	459	11	kept	keep	VERB
cblr-1762	459	12	,	,	PUNCT
cblr-1762	459	13	promises	promise	NOUN
cblr-1762	459	14	broken	break	VERB
cblr-1762	459	15	57–61	57–61	NUM
cblr-1762	459	16	(	(	PUNCT
cblr-1762	459	17	2008	2008	NUM
cblr-1762	459	18	)	)	PUNCT
cblr-1762	459	19	(	(	PUNCT
cblr-1762	459	20	explaining	explain	VERB
cblr-1762	459	21	the	the	DET
cblr-1762	459	22	idea	idea	NOUN
cblr-1762	459	23	and	and	CCONJ
cblr-1762	459	24	extent	extent	NOUN
cblr-1762	459	25	of	of	ADP
cblr-1762	459	26	board	board	NOUN
cblr-1762	459	27	capture	capture	NOUN
cblr-1762	459	28	)	)	PUNCT
cblr-1762	459	29	.	.	PUNCT
cblr-1762	460	1	for	for	ADP
cblr-1762	460	2	a	a	DET
cblr-1762	460	3	good	good	ADJ
cblr-1762	460	4	summary	summary	NOUN
cblr-1762	460	5	of	of	ADP
cblr-1762	460	6	macey	macey	PROPN
cblr-1762	460	7	’s	’s	PART
cblr-1762	460	8	book	book	NOUN
cblr-1762	460	9	,	,	PUNCT
cblr-1762	460	10	see	see	VERB
cblr-1762	460	11	jill	jill	PROPN
cblr-1762	460	12	e.	e.	PROPN
cblr-1762	460	13	fisch	fisch	PROPN
cblr-1762	460	14	,	,	PUNCT
cblr-1762	460	15	the	the	DET
cblr-1762	460	16	overstated	overstate	VERB
cblr-1762	460	17	promise	promise	NOUN
cblr-1762	460	18	of	of	ADP
cblr-1762	460	19	corporate	corporate	ADJ
cblr-1762	460	20	governance	governance	NOUN
cblr-1762	460	21	,	,	PUNCT
cblr-1762	460	22	77	77	NUM
cblr-1762	460	23	u.	u.	PROPN
cblr-1762	460	24	chi	chi	PROPN
cblr-1762	460	25	.	.	PUNCT
cblr-1762	461	1	l.	l.	PROPN
cblr-1762	461	2	rev	rev	PROPN
cblr-1762	461	3	.	.	PROPN
cblr-1762	461	4	923	923	NUM
cblr-1762	461	5	(	(	PUNCT
cblr-1762	461	6	2010	2010	NUM
cblr-1762	461	7	)	)	PUNCT
cblr-1762	461	8	(	(	PUNCT
cblr-1762	461	9	book	book	NOUN
cblr-1762	461	10	review	review	NOUN
cblr-1762	461	11	)	)	PUNCT
cblr-1762	461	12	.	.	PUNCT
cblr-1762	462	1	106	106	NUM
cblr-1762	462	2	see	see	VERB
cblr-1762	462	3	macey	macey	PROPN
cblr-1762	462	4	,	,	PUNCT
cblr-1762	462	5	promises	promise	NOUN
cblr-1762	462	6	kept	keep	VERB
cblr-1762	462	7	,	,	PUNCT
cblr-1762	462	8	promises	promise	NOUN
cblr-1762	462	9	broken	break	VERB
cblr-1762	462	10	,	,	PUNCT
cblr-1762	462	11	supra	supra	PROPN
cblr-1762	462	12	note	note	NOUN
cblr-1762	462	13	105	105	NUM
cblr-1762	462	14	,	,	PUNCT
cblr-1762	462	15	at	at	ADP
cblr-1762	462	16	57–61	57–61	NUM
cblr-1762	462	17	.	.	PUNCT
cblr-1762	462	18	107	107	NUM
cblr-1762	462	19	cf	cf	NOUN
cblr-1762	462	20	.	.	PUNCT
cblr-1762	463	1	gordon	gordon	PROPN
cblr-1762	463	2	,	,	PUNCT
cblr-1762	463	3	supra	supra	PROPN
cblr-1762	463	4	note	note	PROPN
cblr-1762	463	5	93	93	NUM
cblr-1762	463	6	,	,	PUNCT
cblr-1762	463	7	at	at	ADP
cblr-1762	463	8	1465	1465	NUM
cblr-1762	463	9	(	(	PUNCT
cblr-1762	463	10	arguing	argue	VERB
cblr-1762	463	11	that	that	SCONJ
cblr-1762	463	12	the	the	DET
cblr-1762	463	13	increase	increase	NOUN
cblr-1762	463	14	in	in	ADP
cblr-1762	463	15	the	the	DET
cblr-1762	463	16	informativeness	informativeness	NOUN
cblr-1762	463	17	of	of	ADP
cblr-1762	463	18	stock	stock	NOUN
cblr-1762	463	19	market	market	NOUN
cblr-1762	463	20	prices	price	NOUN
cblr-1762	463	21	leads	lead	VERB
cblr-1762	463	22	to	to	ADP
cblr-1762	463	23	independent	independent	ADJ
cblr-1762	463	24	directors	director	NOUN
cblr-1762	463	25	being	be	AUX
cblr-1762	463	26	more	more	ADV
cblr-1762	463	27	valuable	valuable	ADJ
cblr-1762	463	28	than	than	ADP
cblr-1762	463	29	insiders	insider	NOUN
cblr-1762	463	30	,	,	PUNCT
cblr-1762	463	31	in	in	ADP
cblr-1762	463	32	part	part	NOUN
cblr-1762	463	33	because	because	SCONJ
cblr-1762	463	34	“	"	PUNCT
cblr-1762	463	35	they	they	PRON
cblr-1762	463	36	look	look	VERB
cblr-1762	463	37	to	to	ADP
cblr-1762	463	38	outside	outside	ADJ
cblr-1762	463	39	performance	performance	NOUN
cblr-1762	463	40	signals	signal	NOUN
cblr-1762	463	41	and	and	CCONJ
cblr-1762	463	42	are	be	AUX
cblr-1762	463	43	less	less	ADV
cblr-1762	463	44	captured	capture	VERB
cblr-1762	463	45	by	by	ADP
cblr-1762	463	46	the	the	DET
cblr-1762	463	47	internal	internal	ADJ
cblr-1762	463	48	perspective	perspective	NOUN
cblr-1762	463	49	,	,	PUNCT
cblr-1762	463	50	which	which	PRON
cblr-1762	463	51	,	,	PUNCT
cblr-1762	463	52	as	as	SCONJ
cblr-1762	463	53	stock	stock	NOUN
cblr-1762	463	54	prices	price	NOUN
cblr-1762	463	55	become	become	VERB
cblr-1762	463	56	more	more	ADV
cblr-1762	463	57	informative	informative	ADJ
cblr-1762	463	58	,	,	PUNCT
cblr-1762	463	59	becomes	become	VERB
cblr-1762	463	60	less	less	ADV
cblr-1762	463	61	valuable	valuable	ADJ
cblr-1762	463	62	”	"	PUNCT
cblr-1762	463	63	)	)	PUNCT
cblr-1762	463	64	.	.	PUNCT
cblr-1762	464	1	sharfman	sharfman	PROPN
cblr-1762	464	2	–	–	PUNCT
cblr-1762	464	3	final	final	ADJ
cblr-1762	464	4	no	no	NOUN
cblr-1762	464	5	.	.	PUNCT
cblr-1762	465	1	3:813	3:813	NUM
cblr-1762	465	2	]	]	X
cblr-1762	465	3	activist	activist	ADJ
cblr-1762	465	4	hedge	hedge	NOUN
cblr-1762	465	5	funds	fund	NOUN
cblr-1762	465	6	and	and	CCONJ
cblr-1762	465	7	long	long	ADJ
cblr-1762	465	8	-	-	PUNCT
cblr-1762	465	9	term	term	NOUN
cblr-1762	465	10	value	value	NOUN
cblr-1762	465	11	847	847	NUM
cblr-1762	465	12	f.	f.	NOUN
cblr-1762	465	13	summarizing	summarize	VERB
cblr-1762	465	14	the	the	DET
cblr-1762	465	15	integrated	integrated	ADJ
cblr-1762	465	16	model	model	NOUN
cblr-1762	465	17	the	the	DET
cblr-1762	465	18	integrated	integrated	ADJ
cblr-1762	465	19	model	model	NOUN
cblr-1762	465	20	of	of	ADP
cblr-1762	465	21	corporate	corporate	ADJ
cblr-1762	465	22	governance	governance	NOUN
cblr-1762	465	23	that	that	PRON
cblr-1762	465	24	the	the	DET
cblr-1762	465	25	activist	activist	ADJ
cblr-1762	465	26	hedge	hedge	NOUN
cblr-1762	465	27	fund	fund	NOUN
cblr-1762	465	28	must	must	AUX
cblr-1762	465	29	deal	deal	VERB
cblr-1762	465	30	with	with	ADP
cblr-1762	465	31	and	and	CCONJ
cblr-1762	465	32	be	be	AUX
cblr-1762	465	33	part	part	NOUN
cblr-1762	465	34	of	of	ADP
cblr-1762	465	35	is	be	AUX
cblr-1762	465	36	made	make	VERB
cblr-1762	465	37	up	up	ADP
cblr-1762	465	38	of	of	ADP
cblr-1762	465	39	several	several	ADJ
cblr-1762	465	40	different	different	ADJ
cblr-1762	465	41	components	component	NOUN
cblr-1762	465	42	.	.	PUNCT
cblr-1762	466	1	first	first	ADV
cblr-1762	466	2	,	,	PUNCT
cblr-1762	466	3	statutory	statutory	ADJ
cblr-1762	466	4	corporate	corporate	ADJ
cblr-1762	466	5	law	law	NOUN
cblr-1762	466	6	provides	provide	VERB
cblr-1762	466	7	that	that	SCONJ
cblr-1762	466	8	the	the	DET
cblr-1762	466	9	board	board	NOUN
cblr-1762	466	10	is	be	AUX
cblr-1762	466	11	the	the	DET
cblr-1762	466	12	default	default	NOUN
cblr-1762	466	13	locus	locus	NOUN
cblr-1762	466	14	of	of	ADP
cblr-1762	466	15	authority	authority	NOUN
cblr-1762	466	16	for	for	ADP
cblr-1762	466	17	the	the	DET
cblr-1762	466	18	corporation	corporation	NOUN
cblr-1762	466	19	.	.	PUNCT
cblr-1762	467	1	second	second	ADJ
cblr-1762	467	2	,	,	PUNCT
cblr-1762	467	3	statutory	statutory	ADJ
cblr-1762	467	4	corporate	corporate	ADJ
cblr-1762	467	5	law	law	NOUN
cblr-1762	467	6	also	also	ADV
cblr-1762	467	7	provides	provide	VERB
cblr-1762	467	8	that	that	SCONJ
cblr-1762	467	9	the	the	DET
cblr-1762	467	10	board	board	NOUN
cblr-1762	467	11	may	may	AUX
cblr-1762	467	12	delegate	delegate	VERB
cblr-1762	467	13	this	this	DET
cblr-1762	467	14	authority	authority	NOUN
cblr-1762	467	15	to	to	ADP
cblr-1762	467	16	the	the	DET
cblr-1762	467	17	managerial	managerial	ADJ
cblr-1762	467	18	experts	expert	NOUN
cblr-1762	467	19	,	,	PUNCT
cblr-1762	467	20	executive	executive	ADJ
cblr-1762	467	21	management	management	NOUN
cblr-1762	467	22	.	.	PUNCT
cblr-1762	468	1	this	this	DET
cblr-1762	468	2	locus	locus	NOUN
cblr-1762	468	3	of	of	ADP
cblr-1762	468	4	authority	authority	NOUN
cblr-1762	468	5	manages	manage	VERB
cblr-1762	468	6	the	the	DET
cblr-1762	468	7	day	day	NOUN
cblr-1762	468	8	-	-	PUNCT
cblr-1762	468	9	to	to	ADP
cblr-1762	468	10	-	-	PUNCT
cblr-1762	468	11	day	day	NOUN
cblr-1762	468	12	operations	operation	NOUN
cblr-1762	468	13	of	of	ADP
cblr-1762	468	14	the	the	DET
cblr-1762	468	15	public	public	ADJ
cblr-1762	468	16	company	company	NOUN
cblr-1762	468	17	,	,	PUNCT
cblr-1762	468	18	recommends	recommend	VERB
cblr-1762	468	19	corporate	corporate	ADJ
cblr-1762	468	20	strategy	strategy	NOUN
cblr-1762	468	21	,	,	PUNCT
cblr-1762	468	22	and	and	CCONJ
cblr-1762	468	23	uses	use	VERB
cblr-1762	468	24	its	its	PRON
cblr-1762	468	25	management	management	NOUN
cblr-1762	468	26	expertise	expertise	NOUN
cblr-1762	468	27	to	to	PART
cblr-1762	468	28	implement	implement	VERB
cblr-1762	468	29	these	these	DET
cblr-1762	468	30	strategies	strategy	NOUN
cblr-1762	468	31	.	.	PUNCT
cblr-1762	469	1	third	third	ADJ
cblr-1762	469	2	,	,	PUNCT
cblr-1762	469	3	the	the	DET
cblr-1762	469	4	stock	stock	NOUN
cblr-1762	469	5	market	market	NOUN
cblr-1762	469	6	—	—	PUNCT
cblr-1762	469	7	through	through	ADP
cblr-1762	469	8	value	value	NOUN
cblr-1762	469	9	investors	investor	NOUN
cblr-1762	469	10	—	—	PUNCT
cblr-1762	469	11	provides	provide	VERB
cblr-1762	469	12	signals	signal	NOUN
cblr-1762	469	13	to	to	ADP
cblr-1762	469	14	the	the	DET
cblr-1762	469	15	board	board	NOUN
cblr-1762	469	16	that	that	SCONJ
cblr-1762	469	17	the	the	DET
cblr-1762	469	18	decision	decision	NOUN
cblr-1762	469	19	-	-	PUNCT
cblr-1762	469	20	making	making	NOUN
cblr-1762	469	21	of	of	ADP
cblr-1762	469	22	the	the	DET
cblr-1762	469	23	board	board	NOUN
cblr-1762	469	24	and	and	CCONJ
cblr-1762	469	25	,	,	PUNCT
cblr-1762	469	26	most	most	ADV
cblr-1762	469	27	importantly	importantly	ADV
cblr-1762	469	28	,	,	PUNCT
cblr-1762	469	29	executive	executive	ADJ
cblr-1762	469	30	management	management	NOUN
cblr-1762	469	31	may	may	AUX
cblr-1762	469	32	be	be	AUX
cblr-1762	469	33	suffering	suffer	VERB
cblr-1762	469	34	from	from	ADP
cblr-1762	469	35	inefficiencies	inefficiency	NOUN
cblr-1762	469	36	.	.	PUNCT
cblr-1762	470	1	these	these	DET
cblr-1762	470	2	signals	signal	NOUN
cblr-1762	470	3	should	should	AUX
cblr-1762	470	4	act	act	VERB
cblr-1762	470	5	as	as	ADP
cblr-1762	470	6	a	a	DET
cblr-1762	470	7	catalyst	catalyst	NOUN
cblr-1762	470	8	,	,	PUNCT
cblr-1762	470	9	encouraging	encourage	VERB
cblr-1762	470	10	the	the	DET
cblr-1762	470	11	board	board	NOUN
cblr-1762	470	12	to	to	PART
cblr-1762	470	13	enhance	enhance	VERB
cblr-1762	470	14	its	its	PRON
cblr-1762	470	15	monitoring	monitoring	NOUN
cblr-1762	470	16	of	of	ADP
cblr-1762	470	17	executive	executive	ADJ
cblr-1762	470	18	management	management	NOUN
cblr-1762	470	19	.	.	PUNCT
cblr-1762	471	1	fourth	fourth	ADJ
cblr-1762	471	2	,	,	PUNCT
cblr-1762	471	3	the	the	DET
cblr-1762	471	4	stock	stock	NOUN
cblr-1762	471	5	market	market	NOUN
cblr-1762	471	6	—	—	PUNCT
cblr-1762	471	7	but	but	CCONJ
cblr-1762	471	8	this	this	DET
cblr-1762	471	9	time	time	NOUN
cblr-1762	471	10	through	through	ADP
cblr-1762	471	11	the	the	DET
cblr-1762	471	12	activist	activist	ADJ
cblr-1762	471	13	hedge	hedge	NOUN
cblr-1762	471	14	fund	fund	PROPN
cblr-1762	471	15	—	—	PUNCT
cblr-1762	471	16	provides	provide	VERB
cblr-1762	471	17	strategic	strategic	ADJ
cblr-1762	471	18	recommendations	recommendation	NOUN
cblr-1762	471	19	for	for	SCONJ
cblr-1762	471	20	the	the	DET
cblr-1762	471	21	board	board	NOUN
cblr-1762	471	22	to	to	PART
cblr-1762	471	23	consider	consider	VERB
cblr-1762	471	24	in	in	ADP
cblr-1762	471	25	deciding	decide	VERB
cblr-1762	471	26	how	how	SCONJ
cblr-1762	471	27	the	the	DET
cblr-1762	471	28	company	company	NOUN
cblr-1762	471	29	should	should	AUX
cblr-1762	471	30	move	move	VERB
cblr-1762	471	31	forward	forward	ADV
cblr-1762	471	32	.	.	PUNCT
cblr-1762	472	1	this	this	DET
cblr-1762	472	2	information	information	NOUN
cblr-1762	472	3	can	can	AUX
cblr-1762	472	4	be	be	AUX
cblr-1762	472	5	used	use	VERB
cblr-1762	472	6	by	by	ADP
cblr-1762	472	7	the	the	DET
cblr-1762	472	8	board	board	NOUN
cblr-1762	472	9	in	in	ADP
cblr-1762	472	10	its	its	PRON
cblr-1762	472	11	monitoring	monitoring	NOUN
cblr-1762	472	12	of	of	ADP
cblr-1762	472	13	executive	executive	ADJ
cblr-1762	472	14	management	management	NOUN
cblr-1762	472	15	.	.	PUNCT
cblr-1762	473	1	fifth	fifth	ADJ
cblr-1762	473	2	,	,	PUNCT
cblr-1762	473	3	the	the	DET
cblr-1762	473	4	board	board	NOUN
cblr-1762	473	5	,	,	PUNCT
cblr-1762	473	6	assuming	assume	VERB
cblr-1762	473	7	an	an	DET
cblr-1762	473	8	adequate	adequate	ADJ
cblr-1762	473	9	level	level	NOUN
cblr-1762	473	10	of	of	ADP
cblr-1762	473	11	independence	independence	NOUN
cblr-1762	473	12	,	,	PUNCT
cblr-1762	473	13	can	can	AUX
cblr-1762	473	14	arbitrate	arbitrate	VERB
cblr-1762	473	15	between	between	ADP
cblr-1762	473	16	the	the	DET
cblr-1762	473	17	two	two	NUM
cblr-1762	473	18	loci	locus	NOUN
cblr-1762	473	19	of	of	ADP
cblr-1762	473	20	authority	authority	NOUN
cblr-1762	473	21	and	and	CCONJ
cblr-1762	473	22	then	then	ADV
cblr-1762	473	23	determine	determine	VERB
cblr-1762	473	24	which	which	PRON
cblr-1762	473	25	of	of	ADP
cblr-1762	473	26	the	the	DET
cblr-1762	473	27	following	follow	VERB
cblr-1762	473	28	paths	path	NOUN
cblr-1762	473	29	it	it	PRON
cblr-1762	473	30	should	should	AUX
cblr-1762	473	31	take	take	VERB
cblr-1762	473	32	:	:	PUNCT
cblr-1762	473	33	the	the	DET
cblr-1762	473	34	one	one	NOUN
cblr-1762	473	35	recommended	recommend	VERB
cblr-1762	473	36	by	by	ADP
cblr-1762	473	37	executive	executive	ADJ
cblr-1762	473	38	management	management	NOUN
cblr-1762	473	39	,	,	PUNCT
cblr-1762	473	40	the	the	DET
cblr-1762	473	41	one	one	NOUN
cblr-1762	473	42	recommended	recommend	VERB
cblr-1762	473	43	by	by	ADP
cblr-1762	473	44	the	the	DET
cblr-1762	473	45	activist	activist	ADJ
cblr-1762	473	46	hedge	hedge	NOUN
cblr-1762	473	47	fund	fund	PROPN
cblr-1762	473	48	,	,	PUNCT
cblr-1762	473	49	or	or	CCONJ
cblr-1762	473	50	perhaps	perhaps	ADV
cblr-1762	473	51	a	a	DET
cblr-1762	473	52	combination	combination	NOUN
cblr-1762	473	53	of	of	ADP
cblr-1762	473	54	both	both	PRON
cblr-1762	473	55	.	.	PUNCT
cblr-1762	474	1	vi	vi	X
cblr-1762	474	2	.	.	PUNCT
cblr-1762	475	1	the	the	DET
cblr-1762	475	2	implications	implication	NOUN
cblr-1762	475	3	for	for	ADP
cblr-1762	475	4	shareholder	shareholder	NOUN
cblr-1762	475	5	voting	voting	NOUN
cblr-1762	475	6	as	as	SCONJ
cblr-1762	475	7	already	already	ADV
cblr-1762	475	8	discussed	discuss	VERB
cblr-1762	475	9	,	,	PUNCT
cblr-1762	475	10	the	the	DET
cblr-1762	475	11	threat	threat	NOUN
cblr-1762	475	12	of	of	ADP
cblr-1762	475	13	a	a	DET
cblr-1762	475	14	proxy	proxy	NOUN
cblr-1762	475	15	contest	contest	NOUN
cblr-1762	475	16	may	may	AUX
cblr-1762	475	17	be	be	AUX
cblr-1762	475	18	the	the	DET
cblr-1762	475	19	most	most	ADV
cblr-1762	475	20	important	important	ADJ
cblr-1762	475	21	weapon	weapon	NOUN
cblr-1762	475	22	the	the	DET
cblr-1762	475	23	activist	activist	ADJ
cblr-1762	475	24	hedge	hedge	NOUN
cblr-1762	475	25	fund	fund	NOUN
cblr-1762	475	26	has	have	VERB
cblr-1762	475	27	in	in	ADP
cblr-1762	475	28	its	its	PRON
cblr-1762	475	29	arsenal	arsenal	NOUN
cblr-1762	475	30	to	to	PART
cblr-1762	475	31	effect	effect	VERB
cblr-1762	475	32	change.108	change.108	NOUN
cblr-1762	475	33	yet	yet	ADV
cblr-1762	475	34	,	,	PUNCT
cblr-1762	475	35	actual	actual	ADJ
cblr-1762	475	36	proxy	proxy	NOUN
cblr-1762	475	37	contests	contest	NOUN
cblr-1762	475	38	are	be	AUX
cblr-1762	475	39	few	few	ADJ
cblr-1762	475	40	in	in	ADP
cblr-1762	475	41	number	number	NOUN
cblr-1762	475	42	and	and	CCONJ
cblr-1762	475	43	the	the	DET
cblr-1762	475	44	threat	threat	NOUN
cblr-1762	475	45	of	of	ADP
cblr-1762	475	46	a	a	DET
cblr-1762	475	47	proxy	proxy	NOUN
cblr-1762	475	48	contest	contest	NOUN
cblr-1762	475	49	appears	appear	VERB
cblr-1762	475	50	to	to	PART
cblr-1762	475	51	be	be	AUX
cblr-1762	475	52	more	more	ADV
cblr-1762	475	53	important	important	ADJ
cblr-1762	475	54	to	to	ADP
cblr-1762	475	55	the	the	DET
cblr-1762	475	56	activist	activist	ADJ
cblr-1762	475	57	hedge	hedge	NOUN
cblr-1762	475	58	fund	fund	NOUN
cblr-1762	475	59	than	than	ADP
cblr-1762	475	60	actually	actually	ADV
cblr-1762	475	61	108	108	NUM
cblr-1762	475	62	see	see	VERB
cblr-1762	475	63	text	text	NOUN
cblr-1762	475	64	accompanying	accompanying	ADJ
cblr-1762	475	65	notes	note	NOUN
cblr-1762	476	1	32–34	32–34	PROPN
cblr-1762	476	2	.	.	PUNCT
cblr-1762	476	3	sharfman	sharfman	PROPN
cblr-1762	476	4	–	–	PUNCT
cblr-1762	476	5	final	final	ADJ
cblr-1762	476	6	848	848	NUM
cblr-1762	476	7	columbia	columbia	PROPN
cblr-1762	476	8	business	business	NOUN
cblr-1762	476	9	law	law	PROPN
cblr-1762	476	10	review	review	NOUN
cblr-1762	477	1	[	[	X
cblr-1762	477	2	vol	vol	NOUN
cblr-1762	477	3	.	.	NOUN
cblr-1762	477	4	2015	2015	NUM
cblr-1762	477	5	engaging	engage	VERB
cblr-1762	477	6	in	in	ADP
cblr-1762	477	7	one.109	one.109	PROPN
cblr-1762	477	8	nevertheless	nevertheless	ADV
cblr-1762	477	9	,	,	PUNCT
cblr-1762	477	10	martin	martin	PROPN
cblr-1762	477	11	lipton	lipton	PROPN
cblr-1762	477	12	correctly	correctly	ADV
cblr-1762	477	13	identified	identify	VERB
cblr-1762	477	14	shareholder	shareholder	NOUN
cblr-1762	477	15	voting	voting	NOUN
cblr-1762	477	16	in	in	ADP
cblr-1762	477	17	a	a	DET
cblr-1762	477	18	proxy	proxy	NOUN
cblr-1762	477	19	contest	contest	NOUN
cblr-1762	477	20	as	as	ADP
cblr-1762	477	21	a	a	DET
cblr-1762	477	22	negative	negative	ADJ
cblr-1762	477	23	aspect	aspect	NOUN
cblr-1762	477	24	of	of	ADP
cblr-1762	477	25	hedge	hedge	NOUN
cblr-1762	477	26	fund	fund	NOUN
cblr-1762	477	27	activism	activism	NOUN
cblr-1762	477	28	.	.	PUNCT
cblr-1762	478	1	according	accord	VERB
cblr-1762	478	2	to	to	ADP
cblr-1762	478	3	mr	mr	PROPN
cblr-1762	478	4	.	.	PROPN
cblr-1762	478	5	lipton	lipton	PROPN
cblr-1762	478	6	,	,	PUNCT
cblr-1762	478	7	“	"	PUNCT
cblr-1762	478	8	iss	iss	PROPN
cblr-1762	478	9	and	and	CCONJ
cblr-1762	478	10	major	major	ADJ
cblr-1762	478	11	institutional	institutional	ADJ
cblr-1762	478	12	investors	investor	NOUN
cblr-1762	478	13	will	will	AUX
cblr-1762	478	14	be	be	AUX
cblr-1762	478	15	responsive	responsive	ADJ
cblr-1762	478	16	to	to	ADP
cblr-1762	478	17	and	and	CCONJ
cblr-1762	478	18	support	support	VERB
cblr-1762	478	19	well	well	ADV
cblr-1762	478	20	-	-	PUNCT
cblr-1762	478	21	presented	present	VERB
cblr-1762	478	22	attacks	attack	NOUN
cblr-1762	478	23	on	on	ADP
cblr-1762	478	24	business	business	NOUN
cblr-1762	478	25	strategy	strategy	NOUN
cblr-1762	478	26	and	and	CCONJ
cblr-1762	478	27	operations	operation	NOUN
cblr-1762	478	28	by	by	ADP
cblr-1762	478	29	activist	activist	ADJ
cblr-1762	478	30	hedge	hedge	NOUN
cblr-1762	478	31	funds	fund	NOUN
cblr-1762	478	32	on	on	ADP
cblr-1762	478	33	generally	generally	ADV
cblr-1762	478	34	well	well	ADV
cblr-1762	478	35	managed	manage	VERB
cblr-1762	478	36	major	major	ADJ
cblr-1762	478	37	corporations	corporation	NOUN
cblr-1762	478	38	,	,	PUNCT
cblr-1762	478	39	even	even	ADV
cblr-1762	478	40	those	those	PRON
cblr-1762	478	41	with	with	ADP
cblr-1762	478	42	an	an	DET
cblr-1762	478	43	outstanding	outstanding	ADJ
cblr-1762	478	44	ceo	ceo	NOUN
cblr-1762	478	45	and	and	CCONJ
cblr-1762	478	46	board	board	NOUN
cblr-1762	478	47	of	of	ADP
cblr-1762	478	48	directors	director	NOUN
cblr-1762	478	49	.	.	PUNCT
cblr-1762	479	1	”110	”110	NOUN
cblr-1762	479	2	one	one	NUM
cblr-1762	479	3	interpretation	interpretation	NOUN
cblr-1762	479	4	of	of	ADP
cblr-1762	479	5	this	this	DET
cblr-1762	479	6	statement	statement	NOUN
cblr-1762	479	7	is	be	AUX
cblr-1762	479	8	that	that	SCONJ
cblr-1762	479	9	voting	vote	VERB
cblr-1762	479	10	for	for	ADP
cblr-1762	479	11	a	a	DET
cblr-1762	479	12	slate	slate	NOUN
cblr-1762	479	13	of	of	ADP
cblr-1762	479	14	directors	director	NOUN
cblr-1762	479	15	nominated	nominate	VERB
cblr-1762	479	16	by	by	ADP
cblr-1762	479	17	the	the	DET
cblr-1762	479	18	activist	activist	ADJ
cblr-1762	479	19	hedge	hedge	NOUN
cblr-1762	479	20	fund	fund	NOUN
cblr-1762	479	21	that	that	PRON
cblr-1762	479	22	goes	go	VERB
cblr-1762	479	23	against	against	ADP
cblr-1762	479	24	the	the	DET
cblr-1762	479	25	recommendations	recommendation	NOUN
cblr-1762	479	26	of	of	ADP
cblr-1762	479	27	a	a	DET
cblr-1762	479	28	well	well	ADV
cblr-1762	479	29	-	-	PUNCT
cblr-1762	479	30	functioning	function	VERB
cblr-1762	479	31	board	board	NOUN
cblr-1762	479	32	will	will	AUX
cblr-1762	479	33	not	not	PART
cblr-1762	479	34	be	be	AUX
cblr-1762	479	35	wealth	wealth	NOUN
cblr-1762	479	36	-	-	PUNCT
cblr-1762	479	37	enhancing	enhancing	NOUN
cblr-1762	479	38	.	.	PUNCT
cblr-1762	480	1	if	if	SCONJ
cblr-1762	480	2	this	this	DET
cblr-1762	480	3	interpretation	interpretation	NOUN
cblr-1762	480	4	is	be	AUX
cblr-1762	480	5	correct	correct	ADJ
cblr-1762	480	6	,	,	PUNCT
cblr-1762	480	7	i	i	PRON
cblr-1762	480	8	am	be	AUX
cblr-1762	480	9	in	in	ADP
cblr-1762	480	10	total	total	ADJ
cblr-1762	480	11	agreement	agreement	NOUN
cblr-1762	480	12	with	with	ADP
cblr-1762	480	13	mr	mr	PROPN
cblr-1762	480	14	.	.	PROPN
cblr-1762	480	15	lipton	lipton	PROPN
cblr-1762	480	16	’s	’s	PART
cblr-1762	480	17	statement	statement	NOUN
cblr-1762	480	18	.	.	PUNCT
cblr-1762	481	1	the	the	DET
cblr-1762	481	2	problem	problem	NOUN
cblr-1762	481	3	arises	arise	VERB
cblr-1762	481	4	because	because	SCONJ
cblr-1762	481	5	even	even	ADV
cblr-1762	481	6	if	if	SCONJ
cblr-1762	481	7	a	a	DET
cblr-1762	481	8	board	board	NOUN
cblr-1762	481	9	has	have	AUX
cblr-1762	481	10	operated	operate	VERB
cblr-1762	481	11	according	accord	VERB
cblr-1762	481	12	to	to	ADP
cblr-1762	481	13	the	the	DET
cblr-1762	481	14	thesis	thesis	NOUN
cblr-1762	481	15	statement	statement	NOUN
cblr-1762	481	16	—	—	PUNCT
cblr-1762	481	17	utilizing	utilize	VERB
cblr-1762	481	18	independent	independent	ADJ
cblr-1762	481	19	judgment	judgment	NOUN
cblr-1762	481	20	to	to	PART
cblr-1762	481	21	arbitrate	arbitrate	VERB
cblr-1762	481	22	between	between	ADP
cblr-1762	481	23	the	the	DET
cblr-1762	481	24	advices	advice	NOUN
cblr-1762	481	25	provided	provide	VERB
cblr-1762	481	26	by	by	ADP
cblr-1762	481	27	executive	executive	ADJ
cblr-1762	481	28	management	management	NOUN
cblr-1762	481	29	and	and	CCONJ
cblr-1762	481	30	the	the	DET
cblr-1762	481	31	activist	activist	ADJ
cblr-1762	481	32	hedge	hedge	NOUN
cblr-1762	481	33	fund	fund	PROPN
cblr-1762	481	34	—	—	PUNCT
cblr-1762	481	35	the	the	DET
cblr-1762	481	36	activist	activist	NOUN
cblr-1762	481	37	may	may	AUX
cblr-1762	481	38	still	still	ADV
cblr-1762	481	39	proceed	proceed	VERB
cblr-1762	481	40	with	with	ADP
cblr-1762	481	41	a	a	DET
cblr-1762	481	42	proxy	proxy	NOUN
cblr-1762	481	43	contest	contest	NOUN
cblr-1762	481	44	.	.	PUNCT
cblr-1762	482	1	then	then	ADV
cblr-1762	482	2	,	,	PUNCT
cblr-1762	482	3	to	to	PART
cblr-1762	482	4	compound	compound	VERB
cblr-1762	482	5	the	the	DET
cblr-1762	482	6	problem	problem	NOUN
cblr-1762	482	7	,	,	PUNCT
cblr-1762	482	8	shareholders	shareholder	NOUN
cblr-1762	482	9	and	and	CCONJ
cblr-1762	482	10	proxy	proxy	ADJ
cblr-1762	482	11	advisory	advisory	ADJ
cblr-1762	482	12	firms	firm	NOUN
cblr-1762	482	13	may	may	AUX
cblr-1762	482	14	use	use	VERB
cblr-1762	482	15	the	the	DET
cblr-1762	482	16	wrong	wrong	ADJ
cblr-1762	482	17	criteria	criterion	NOUN
cblr-1762	482	18	in	in	ADP
cblr-1762	482	19	determining	determine	VERB
cblr-1762	482	20	how	how	SCONJ
cblr-1762	482	21	to	to	PART
cblr-1762	482	22	vote	vote	VERB
cblr-1762	482	23	.	.	PUNCT
cblr-1762	483	1	but	but	CCONJ
cblr-1762	483	2	these	these	PRON
cblr-1762	483	3	are	be	AUX
cblr-1762	483	4	not	not	PART
cblr-1762	483	5	all	all	DET
cblr-1762	483	6	the	the	DET
cblr-1762	483	7	issues	issue	NOUN
cblr-1762	483	8	involved	involve	VERB
cblr-1762	483	9	in	in	ADP
cblr-1762	483	10	such	such	DET
cblr-1762	483	11	a	a	DET
cblr-1762	483	12	shareholder	shareholder	NOUN
cblr-1762	483	13	vote	vote	NOUN
cblr-1762	483	14	.	.	PUNCT
cblr-1762	484	1	from	from	ADP
cblr-1762	484	2	an	an	DET
cblr-1762	484	3	authority	authority	NOUN
cblr-1762	484	4	model	model	NOUN
cblr-1762	484	5	point	point	NOUN
cblr-1762	484	6	of	of	ADP
cblr-1762	484	7	view	view	NOUN
cblr-1762	484	8	,	,	PUNCT
cblr-1762	484	9	shareholder	shareholder	NOUN
cblr-1762	484	10	voting	voting	NOUN
cblr-1762	484	11	in	in	ADP
cblr-1762	484	12	a	a	DET
cblr-1762	484	13	proxy	proxy	NOUN
cblr-1762	484	14	contest	contest	NOUN
cblr-1762	484	15	is	be	AUX
cblr-1762	484	16	full	full	ADJ
cblr-1762	484	17	of	of	ADP
cblr-1762	484	18	risks	risk	NOUN
cblr-1762	484	19	;	;	PUNCT
cblr-1762	484	20	the	the	DET
cblr-1762	484	21	direction	direction	NOUN
cblr-1762	484	22	of	of	ADP
cblr-1762	484	23	how	how	SCONJ
cblr-1762	484	24	the	the	DET
cblr-1762	484	25	company	company	NOUN
cblr-1762	484	26	should	should	AUX
cblr-1762	484	27	strategically	strategically	ADV
cblr-1762	484	28	proceed	proceed	VERB
cblr-1762	484	29	is	be	AUX
cblr-1762	484	30	placed	place	VERB
cblr-1762	484	31	in	in	ADP
cblr-1762	484	32	the	the	DET
cblr-1762	484	33	hands	hand	NOUN
cblr-1762	484	34	of	of	ADP
cblr-1762	484	35	those	those	PRON
cblr-1762	484	36	who	who	PRON
cblr-1762	484	37	generally	generally	ADV
cblr-1762	484	38	understand	understand	VERB
cblr-1762	484	39	the	the	DET
cblr-1762	484	40	company	company	NOUN
cblr-1762	484	41	the	the	DET
cblr-1762	484	42	least	least	ADJ
cblr-1762	484	43	,	,	PUNCT
cblr-1762	484	44	the	the	DET
cblr-1762	484	45	typical	typical	ADJ
cblr-1762	484	46	institutional	institutional	ADJ
cblr-1762	484	47	investors.111	investors.111	PROPN
cblr-1762	484	48	such	such	ADJ
cblr-1762	484	49	investors	investor	NOUN
cblr-1762	484	50	,	,	PUNCT
cblr-1762	484	51	while	while	SCONJ
cblr-1762	484	52	sophisticated	sophisticated	ADJ
cblr-1762	484	53	in	in	ADP
cblr-1762	484	54	many	many	ADJ
cblr-1762	484	55	ways	way	NOUN
cblr-1762	484	56	and	and	CCONJ
cblr-1762	484	57	perhaps	perhaps	ADV
cblr-1762	484	58	upto	upto	ADJ
cblr-1762	484	59	-	-	PUNCT
cblr-1762	484	60	date	date	NOUN
cblr-1762	484	61	on	on	ADP
cblr-1762	484	62	the	the	DET
cblr-1762	484	63	latest	late	ADJ
cblr-1762	484	64	corporate	corporate	ADJ
cblr-1762	484	65	governance	governance	NOUN
cblr-1762	484	66	best	good	ADJ
cblr-1762	484	67	practices	practice	NOUN
cblr-1762	484	68	,	,	PUNCT
cblr-1762	484	69	have	have	VERB
cblr-1762	484	70	hundreds	hundred	NOUN
cblr-1762	484	71	or	or	CCONJ
cblr-1762	484	72	even	even	ADV
cblr-1762	484	73	thousands	thousand	NOUN
cblr-1762	484	74	of	of	ADP
cblr-1762	484	75	public	public	ADJ
cblr-1762	484	76	companies	company	NOUN
cblr-1762	484	77	in	in	ADP
cblr-1762	484	78	109	109	NUM
cblr-1762	484	79	i	i	PROPN
cblr-1762	484	80	d.	d.	PROPN
cblr-1762	484	81	110	110	NUM
cblr-1762	484	82	martin	martin	PROPN
cblr-1762	484	83	lipton	lipton	PROPN
cblr-1762	484	84	,	,	PUNCT
cblr-1762	484	85	some	some	DET
cblr-1762	484	86	lessons	lesson	NOUN
cblr-1762	484	87	from	from	ADP
cblr-1762	484	88	dupont	dupont	NOUN
cblr-1762	484	89	-	-	PUNCT
cblr-1762	484	90	trian	trian	ADJ
cblr-1762	484	91	,	,	PUNCT
cblr-1762	484	92	harvard	harvard	PROPN
cblr-1762	484	93	law	law	PROPN
cblr-1762	484	94	school	school	PROPN
cblr-1762	484	95	forum	forum	PROPN
cblr-1762	484	96	on	on	ADP
cblr-1762	484	97	corp	corp	PROPN
cblr-1762	484	98	.	.	PROPN
cblr-1762	484	99	governance	governance	PROPN
cblr-1762	484	100	&	&	CCONJ
cblr-1762	484	101	fin	fin	PROPN
cblr-1762	484	102	.	.	PUNCT
cblr-1762	485	1	regulation	regulation	NOUN
cblr-1762	485	2	(	(	PUNCT
cblr-1762	485	3	apr	apr	PROPN
cblr-1762	485	4	.	.	PROPN
cblr-1762	485	5	30	30	NUM
cblr-1762	485	6	,	,	PUNCT
cblr-1762	485	7	2015	2015	NUM
cblr-1762	485	8	)	)	PUNCT
cblr-1762	485	9	,	,	PUNCT
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cblr-1762	486	1	[	[	X
cblr-1762	486	2	http://perma.cc/s6jd-628a	http://perma.cc/s6jd-628a	PROPN
cblr-1762	486	3	]	]	PUNCT
cblr-1762	486	4	.	.	PUNCT
cblr-1762	487	1	111	111	NUM
cblr-1762	487	2	see	see	VERB
cblr-1762	487	3	gilson	gilson	PROPN
cblr-1762	487	4	&	&	CCONJ
cblr-1762	487	5	gordon	gordon	PROPN
cblr-1762	487	6	,	,	PUNCT
cblr-1762	487	7	supra	supra	PROPN
cblr-1762	487	8	note	note	PROPN
cblr-1762	487	9	47	47	NUM
cblr-1762	487	10	,	,	PUNCT
cblr-1762	487	11	at	at	ADP
cblr-1762	487	12	865	865	NUM
cblr-1762	487	13	(	(	PUNCT
cblr-1762	487	14	2013	2013	NUM
cblr-1762	487	15	)	)	PUNCT
cblr-1762	487	16	(	(	PUNCT
cblr-1762	487	17	noting	note	VERB
cblr-1762	487	18	that	that	SCONJ
cblr-1762	487	19	institutional	institutional	ADJ
cblr-1762	487	20	investors	investor	NOUN
cblr-1762	487	21	hold	hold	VERB
cblr-1762	487	22	over	over	ADP
cblr-1762	487	23	70	70	NUM
cblr-1762	487	24	%	%	NOUN
cblr-1762	487	25	of	of	ADP
cblr-1762	487	26	the	the	DET
cblr-1762	487	27	outstanding	outstanding	ADJ
cblr-1762	487	28	stock	stock	NOUN
cblr-1762	487	29	of	of	ADP
cblr-1762	487	30	the	the	DET
cblr-1762	487	31	top	top	ADJ
cblr-1762	487	32	thousand	thousand	NUM
cblr-1762	487	33	u.s	u.s	PROPN
cblr-1762	487	34	.	.	PROPN
cblr-1762	487	35	public	public	ADJ
cblr-1762	487	36	companies	company	NOUN
cblr-1762	487	37	)	)	PUNCT
cblr-1762	487	38	.	.	PUNCT
cblr-1762	488	1	sharfman	sharfman	PROPN
cblr-1762	488	2	–	–	PUNCT
cblr-1762	488	3	final	final	ADJ
cblr-1762	488	4	no	no	NOUN
cblr-1762	488	5	.	.	PUNCT
cblr-1762	489	1	3:813	3:813	NUM
cblr-1762	489	2	]	]	X
cblr-1762	489	3	activist	activist	ADJ
cblr-1762	489	4	hedge	hedge	NOUN
cblr-1762	489	5	funds	fund	NOUN
cblr-1762	489	6	and	and	CCONJ
cblr-1762	489	7	long	long	ADJ
cblr-1762	489	8	-	-	PUNCT
cblr-1762	489	9	term	term	NOUN
cblr-1762	489	10	value	value	NOUN
cblr-1762	489	11	849	849	NUM
cblr-1762	489	12	their	their	PRON
cblr-1762	489	13	portfolios	portfolio	NOUN
cblr-1762	489	14	and	and	CCONJ
cblr-1762	489	15	each	each	PRON
cblr-1762	489	16	with	with	ADP
cblr-1762	489	17	many	many	ADJ
cblr-1762	489	18	matters	matter	NOUN
cblr-1762	489	19	to	to	PART
cblr-1762	489	20	vote	vote	VERB
cblr-1762	489	21	on.112	on.112	ADV
cblr-1762	489	22	therefore	therefore	ADV
cblr-1762	489	23	,	,	PUNCT
cblr-1762	489	24	they	they	PRON
cblr-1762	489	25	are	be	AUX
cblr-1762	489	26	ill	ill	ADV
cblr-1762	489	27	-	-	PUNCT
cblr-1762	489	28	prepared	prepared	ADJ
cblr-1762	489	29	to	to	PART
cblr-1762	489	30	participate	participate	VERB
cblr-1762	489	31	in	in	ADP
cblr-1762	489	32	the	the	DET
cblr-1762	489	33	strategic	strategic	ADJ
cblr-1762	489	34	decision	decision	NOUN
cblr-1762	489	35	-	-	PUNCT
cblr-1762	489	36	making	making	NOUN
cblr-1762	489	37	of	of	ADP
cblr-1762	489	38	any	any	DET
cblr-1762	489	39	particular	particular	ADJ
cblr-1762	489	40	company	company	NOUN
cblr-1762	489	41	they	they	PRON
cblr-1762	489	42	invest	invest	VERB
cblr-1762	489	43	in	in	ADP
cblr-1762	489	44	.	.	PUNCT
cblr-1762	490	1	moreover	moreover	ADV
cblr-1762	490	2	,	,	PUNCT
cblr-1762	490	3	institutional	institutional	ADJ
cblr-1762	490	4	investors	investor	NOUN
cblr-1762	490	5	may	may	AUX
cblr-1762	490	6	utilize	utilize	VERB
cblr-1762	490	7	index	index	NOUN
cblr-1762	490	8	funds	fund	NOUN
cblr-1762	490	9	as	as	ADP
cblr-1762	490	10	their	their	PRON
cblr-1762	490	11	vehicle	vehicle	NOUN
cblr-1762	490	12	for	for	ADP
cblr-1762	490	13	investment	investment	NOUN
cblr-1762	490	14	,	,	PUNCT
cblr-1762	490	15	or	or	CCONJ
cblr-1762	490	16	they	they	PRON
cblr-1762	490	17	may	may	AUX
cblr-1762	490	18	be	be	AUX
cblr-1762	490	19	value	value	NOUN
cblr-1762	490	20	investors	investor	NOUN
cblr-1762	490	21	who	who	PRON
cblr-1762	490	22	know	know	VERB
cblr-1762	490	23	a	a	DET
cblr-1762	490	24	lot	lot	NOUN
cblr-1762	490	25	about	about	ADP
cblr-1762	490	26	each	each	DET
cblr-1762	490	27	company	company	NOUN
cblr-1762	490	28	but	but	CCONJ
cblr-1762	490	29	who	who	PRON
cblr-1762	490	30	do	do	AUX
cblr-1762	490	31	not	not	PART
cblr-1762	490	32	have	have	VERB
cblr-1762	490	33	the	the	DET
cblr-1762	490	34	interest	interest	NOUN
cblr-1762	490	35	or	or	CCONJ
cblr-1762	490	36	the	the	DET
cblr-1762	490	37	resources	resource	NOUN
cblr-1762	490	38	available	available	ADJ
cblr-1762	490	39	to	to	PART
cblr-1762	490	40	become	become	VERB
cblr-1762	490	41	actively	actively	ADV
cblr-1762	490	42	involved	involve	VERB
cblr-1762	490	43	in	in	ADP
cblr-1762	490	44	such	such	ADJ
cblr-1762	490	45	company	company	NOUN
cblr-1762	490	46	-	-	PUNCT
cblr-1762	490	47	centric	centric	ADJ
cblr-1762	490	48	decisionmaking.113	decisionmaking.113	PROPN
cblr-1762	490	49	however	however	ADV
cblr-1762	490	50	,	,	PUNCT
cblr-1762	490	51	instead	instead	ADV
cblr-1762	490	52	of	of	ADP
cblr-1762	490	53	simply	simply	ADV
cblr-1762	490	54	not	not	PART
cblr-1762	490	55	voting	vote	VERB
cblr-1762	490	56	—	—	PUNCT
cblr-1762	490	57	a	a	DET
cblr-1762	490	58	rational	rational	ADJ
cblr-1762	490	59	response	response	NOUN
cblr-1762	490	60	to	to	ADP
cblr-1762	490	61	not	not	PART
cblr-1762	490	62	being	be	AUX
cblr-1762	490	63	informed	inform	VERB
cblr-1762	490	64	or	or	CCONJ
cblr-1762	490	65	having	have	VERB
cblr-1762	490	66	a	a	DET
cblr-1762	490	67	lack	lack	NOUN
cblr-1762	490	68	of	of	ADP
cblr-1762	490	69	interest	interest	NOUN
cblr-1762	490	70	—	—	PUNCT
cblr-1762	490	71	institutional	institutional	ADJ
cblr-1762	490	72	investors	investor	NOUN
cblr-1762	490	73	may	may	AUX
cblr-1762	490	74	either	either	CCONJ
cblr-1762	490	75	farm	farm	VERB
cblr-1762	490	76	out	out	ADP
cblr-1762	490	77	their	their	PRON
cblr-1762	490	78	vote	vote	NOUN
cblr-1762	490	79	to	to	ADP
cblr-1762	490	80	a	a	DET
cblr-1762	490	81	proxy	proxy	ADJ
cblr-1762	490	82	advisory	advisory	ADJ
cblr-1762	490	83	service	service	NOUN
cblr-1762	490	84	or	or	CCONJ
cblr-1762	490	85	create	create	VERB
cblr-1762	490	86	internal	internal	ADJ
cblr-1762	490	87	corporate	corporate	ADJ
cblr-1762	490	88	governance	governance	NOUN
cblr-1762	490	89	departments	department	NOUN
cblr-1762	490	90	to	to	PART
cblr-1762	490	91	handle	handle	VERB
cblr-1762	490	92	proxy	proxy	PROPN
cblr-1762	490	93	voting114	voting114	PROPN
cblr-1762	490	94	as	as	ADP
cblr-1762	490	95	a	a	DET
cblr-1762	490	96	means	means	NOUN
cblr-1762	490	97	to	to	PART
cblr-1762	490	98	meet	meet	VERB
cblr-1762	490	99	their	their	PRON
cblr-1762	490	100	federally	federally	ADV
cblr-1762	490	101	mandated	mandate	VERB
cblr-1762	490	102	fiduciary	fiduciary	ADJ
cblr-1762	490	103	duties.115	duties.115	PROPN
cblr-1762	490	104	112	112	NUM
cblr-1762	490	105	charles	charles	PROPN
cblr-1762	490	106	m.	m.	PROPN
cblr-1762	490	107	nathan	nathan	PROPN
cblr-1762	490	108	,	,	PUNCT
cblr-1762	490	109	the	the	DET
cblr-1762	490	110	parallel	parallel	ADJ
cblr-1762	490	111	universes	universe	NOUN
cblr-1762	490	112	of	of	ADP
cblr-1762	490	113	institutional	institutional	ADJ
cblr-1762	490	114	investing	investing	NOUN
cblr-1762	490	115	and	and	CCONJ
cblr-1762	490	116	institutional	institutional	ADJ
cblr-1762	490	117	voting	voting	NOUN
cblr-1762	490	118	,	,	PUNCT
cblr-1762	490	119	harvard	harvard	PROPN
cblr-1762	490	120	law	law	PROPN
cblr-1762	490	121	school	school	PROPN
cblr-1762	490	122	forum	forum	PROPN
cblr-1762	490	123	on	on	ADP
cblr-1762	490	124	corp	corp	PROPN
cblr-1762	490	125	.	.	PROPN
cblr-1762	490	126	governance	governance	PROPN
cblr-1762	490	127	&	&	CCONJ
cblr-1762	490	128	fin	fin	PROPN
cblr-1762	490	129	.	.	PUNCT
cblr-1762	491	1	regulation	regulation	NOUN
cblr-1762	491	2	(	(	PUNCT
cblr-1762	491	3	apr	apr	NOUN
cblr-1762	491	4	.	.	PROPN
cblr-1762	491	5	6	6	NUM
cblr-1762	491	6	,	,	PUNCT
cblr-1762	491	7	2010	2010	NUM
cblr-1762	491	8	)	)	PUNCT
cblr-1762	491	9	,	,	PUNCT
cblr-1762	491	10	http://corpgov.law.harvard.edu/2010/04/06/the-parallel-universes-of-instit	http://corpgov.law.harvard.edu/2010/04/06/the-parallel-universes-of-instit	NOUN
cblr-1762	491	11	utional	utional	ADJ
cblr-1762	491	12	-	-	PUNCT
cblr-1762	491	13	investing	investing	NOUN
cblr-1762	491	14	-	-	PUNCT
cblr-1762	491	15	and	and	CCONJ
cblr-1762	491	16	-	-	PUNCT
cblr-1762	491	17	institutional	institutional	NOUN
cblr-1762	491	18	-	-	PUNCT
cblr-1762	491	19	voting/	voting/	NOUN
cblr-1762	491	20	[	[	X
cblr-1762	491	21	http://perma.cc/se69-9tba	http://perma.cc/se69-9tba	NOUN
cblr-1762	491	22	]	]	X
cblr-1762	491	23	.	.	PUNCT
cblr-1762	492	1	113	113	NUM
cblr-1762	492	2	see	see	VERB
cblr-1762	492	3	gilson	gilson	PROPN
cblr-1762	492	4	&	&	CCONJ
cblr-1762	492	5	gordon	gordon	PROPN
cblr-1762	492	6	,	,	PUNCT
cblr-1762	492	7	supra	supra	PROPN
cblr-1762	492	8	note	note	PROPN
cblr-1762	492	9	47	47	NUM
cblr-1762	492	10	,	,	PUNCT
cblr-1762	492	11	at	at	ADP
cblr-1762	492	12	867	867	NUM
cblr-1762	492	13	(	(	PUNCT
cblr-1762	492	14	referring	refer	VERB
cblr-1762	492	15	to	to	ADP
cblr-1762	492	16	institutional	institutional	ADJ
cblr-1762	492	17	investors	investor	NOUN
cblr-1762	492	18	who	who	PRON
cblr-1762	492	19	are	be	AUX
cblr-1762	492	20	value	value	NOUN
cblr-1762	492	21	investors	investor	NOUN
cblr-1762	492	22	(	(	PUNCT
cblr-1762	492	23	earn	earn	VERB
cblr-1762	492	24	returns	return	NOUN
cblr-1762	492	25	based	base	VERB
cblr-1762	492	26	on	on	ADP
cblr-1762	492	27	fundamental	fundamental	ADJ
cblr-1762	492	28	analysis	analysis	NOUN
cblr-1762	492	29	and	and	CCONJ
cblr-1762	492	30	diversification	diversification	NOUN
cblr-1762	492	31	)	)	PUNCT
cblr-1762	492	32	and	and	CCONJ
cblr-1762	492	33	liquidity	liquidity	NOUN
cblr-1762	492	34	traders	trader	NOUN
cblr-1762	492	35	(	(	PUNCT
cblr-1762	492	36	earn	earn	VERB
cblr-1762	492	37	returns	return	NOUN
cblr-1762	492	38	through	through	ADP
cblr-1762	492	39	low	low	ADJ
cblr-1762	492	40	cost	cost	NOUN
cblr-1762	492	41	diversification	diversification	NOUN
cblr-1762	492	42	)	)	PUNCT
cblr-1762	492	43	as	as	SCONJ
cblr-1762	492	44	“	"	PUNCT
cblr-1762	492	45	rationally	rationally	ADV
cblr-1762	492	46	reticent	reticent	ADJ
cblr-1762	492	47	,	,	PUNCT
cblr-1762	492	48	”	"	PUNCT
cblr-1762	492	49	since	since	SCONJ
cblr-1762	492	50	they	they	PRON
cblr-1762	492	51	vote	vote	VERB
cblr-1762	492	52	,	,	PUNCT
cblr-1762	492	53	but	but	CCONJ
cblr-1762	492	54	they	they	PRON
cblr-1762	492	55	do	do	AUX
cblr-1762	492	56	not	not	PART
cblr-1762	492	57	propose	propose	VERB
cblr-1762	492	58	or	or	CCONJ
cblr-1762	492	59	get	get	VERB
cblr-1762	492	60	involved	involve	VERB
cblr-1762	492	61	in	in	ADP
cblr-1762	492	62	trying	try	VERB
cblr-1762	492	63	to	to	PART
cblr-1762	492	64	influence	influence	VERB
cblr-1762	492	65	the	the	DET
cblr-1762	492	66	management	management	NOUN
cblr-1762	492	67	of	of	ADP
cblr-1762	492	68	the	the	DET
cblr-1762	492	69	corporation	corporation	NOUN
cblr-1762	492	70	)	)	PUNCT
cblr-1762	492	71	;	;	PUNCT
cblr-1762	492	72	i	i	PRON
cblr-1762	492	73	d.	d.	PROPN
cblr-1762	492	74	at	at	ADP
cblr-1762	492	75	895	895	NUM
cblr-1762	492	76	(	(	PUNCT
cblr-1762	492	77	stating	state	VERB
cblr-1762	492	78	that	that	SCONJ
cblr-1762	492	79	“	"	PUNCT
cblr-1762	492	80	[	[	X
cblr-1762	492	81	i]nstitutional	i]nstitutional	ADJ
cblr-1762	492	82	owners	owner	NOUN
cblr-1762	492	83	who	who	PRON
cblr-1762	492	84	are	be	AUX
cblr-1762	492	85	not	not	PART
cblr-1762	492	86	seeking	seek	VERB
cblr-1762	492	87	private	private	ADJ
cblr-1762	492	88	benefits	benefit	NOUN
cblr-1762	492	89	of	of	ADP
cblr-1762	492	90	control	control	NOUN
cblr-1762	492	91	are	be	AUX
cblr-1762	492	92	rationally	rationally	ADV
cblr-1762	492	93	reticent	reticent	ADJ
cblr-1762	492	94	;	;	PUNCT
cblr-1762	492	95	they	they	PRON
cblr-1762	492	96	also	also	ADV
cblr-1762	492	97	will	will	AUX
cblr-1762	492	98	assign	assign	VERB
cblr-1762	492	99	a	a	DET
cblr-1762	492	100	low	low	ADJ
cblr-1762	492	101	value	value	NOUN
cblr-1762	492	102	to	to	ADP
cblr-1762	492	103	governance	governance	NOUN
cblr-1762	492	104	rights	right	NOUN
cblr-1762	492	105	since	since	SCONJ
cblr-1762	492	106	their	their	PRON
cblr-1762	492	107	proactive	proactive	ADJ
cblr-1762	492	108	exercise	exercise	NOUN
cblr-1762	492	109	will	will	AUX
cblr-1762	492	110	not	not	PART
cblr-1762	492	111	improve	improve	VERB
cblr-1762	492	112	the	the	DET
cblr-1762	492	113	relative	relative	ADJ
cblr-1762	492	114	performance	performance	NOUN
cblr-1762	492	115	on	on	ADP
cblr-1762	492	116	which	which	PRON
cblr-1762	492	117	the	the	DET
cblr-1762	492	118	institutional	institutional	ADJ
cblr-1762	492	119	investor	investor	NOUN
cblr-1762	492	120	’s	’s	PART
cblr-1762	492	121	profitability	profitability	NOUN
cblr-1762	492	122	and	and	CCONJ
cblr-1762	492	123	ability	ability	NOUN
cblr-1762	492	124	to	to	PART
cblr-1762	492	125	attract	attract	VERB
cblr-1762	492	126	assets	asset	NOUN
cblr-1762	492	127	depends	depend	VERB
cblr-1762	492	128	”	"	PUNCT
cblr-1762	492	129	(	(	PUNCT
cblr-1762	492	130	footnote	footnote	NOUN
cblr-1762	492	131	omitted	omit	VERB
cblr-1762	492	132	)	)	PUNCT
cblr-1762	492	133	)	)	PUNCT
cblr-1762	492	134	.	.	PUNCT
cblr-1762	493	1	114	114	NUM
cblr-1762	493	2	nathan	nathan	PROPN
cblr-1762	493	3	,	,	PUNCT
cblr-1762	493	4	supra	supra	PROPN
cblr-1762	493	5	note	note	PROPN
cblr-1762	493	6	112	112	NUM
cblr-1762	493	7	.	.	PUNCT
cblr-1762	493	8	115	115	NUM
cblr-1762	493	9	see	see	VERB
cblr-1762	493	10	department	department	NOUN
cblr-1762	493	11	of	of	ADP
cblr-1762	493	12	labor	labor	PROPN
cblr-1762	493	13	interpretive	interpretive	ADJ
cblr-1762	493	14	bulletin	bulletin	NOUN
cblr-1762	493	15	relating	relate	VERB
cblr-1762	493	16	to	to	ADP
cblr-1762	493	17	written	write	VERB
cblr-1762	493	18	statements	statement	NOUN
cblr-1762	493	19	of	of	ADP
cblr-1762	493	20	investment	investment	NOUN
cblr-1762	493	21	policy	policy	NOUN
cblr-1762	493	22	,	,	PUNCT
cblr-1762	493	23	including	include	VERB
cblr-1762	493	24	proxy	proxy	ADJ
cblr-1762	493	25	voting	voting	NOUN
cblr-1762	493	26	policy	policy	NOUN
cblr-1762	493	27	or	or	CCONJ
cblr-1762	493	28	guidelines	guideline	NOUN
cblr-1762	493	29	,	,	PUNCT
cblr-1762	493	30	29	29	NUM
cblr-1762	493	31	c.f.r	c.f.r	NOUN
cblr-1762	493	32	.	.	PUNCT
cblr-1762	494	1	§	§	PROPN
cblr-1762	494	2	2509.94	2509.94	NUM
cblr-1762	494	3	-	-	SYM
cblr-1762	494	4	2	2	NUM
cblr-1762	494	5	(	(	PUNCT
cblr-1762	494	6	2008	2008	NUM
cblr-1762	494	7	)	)	PUNCT
cblr-1762	494	8	(	(	PUNCT
cblr-1762	494	9	advising	advise	VERB
cblr-1762	494	10	pension	pension	NOUN
cblr-1762	494	11	funds	fund	NOUN
cblr-1762	494	12	that	that	PRON
cblr-1762	494	13	proxy	proxy	NOUN
cblr-1762	494	14	voting	voting	NOUN
cblr-1762	494	15	constituted	constitute	VERB
cblr-1762	494	16	part	part	NOUN
cblr-1762	494	17	of	of	ADP
cblr-1762	494	18	the	the	DET
cblr-1762	494	19	funds	fund	NOUN
cblr-1762	494	20	’	'	PUNCT
cblr-1762	494	21	fiduciary	fiduciary	ADJ
cblr-1762	494	22	duties	duty	NOUN
cblr-1762	494	23	to	to	ADP
cblr-1762	494	24	investors	investor	NOUN
cblr-1762	494	25	)	)	PUNCT
cblr-1762	494	26	;	;	PUNCT
cblr-1762	494	27	sec	sec	PROPN
cblr-1762	494	28	report	report	NOUN
cblr-1762	494	29	of	of	ADP
cblr-1762	494	30	proxy	proxy	ADJ
cblr-1762	494	31	voting	voting	NOUN
cblr-1762	494	32	record	record	NOUN
cblr-1762	494	33	,	,	PUNCT
cblr-1762	494	34	17	17	NUM
cblr-1762	494	35	c.f.r	c.f.r	NOUN
cblr-1762	494	36	.	.	PUNCT
cblr-1762	495	1	§	§	PROPN
cblr-1762	495	2	270.30b1	270.30b1	NUM
cblr-1762	495	3	-	-	SYM
cblr-1762	495	4	4	4	NUM
cblr-1762	495	5	(	(	PUNCT
cblr-1762	495	6	2015	2015	NUM
cblr-1762	495	7	)	)	PUNCT
cblr-1762	495	8	(	(	PUNCT
cblr-1762	495	9	requiring	require	VERB
cblr-1762	495	10	disclosure	disclosure	NOUN
cblr-1762	495	11	of	of	ADP
cblr-1762	495	12	proxy	proxy	NOUN
cblr-1762	495	13	voting	voting	NOUN
cblr-1762	495	14	by	by	ADP
cblr-1762	495	15	investment	investment	NOUN
cblr-1762	495	16	companies	company	NOUN
cblr-1762	495	17	)	)	PUNCT
cblr-1762	495	18	;	;	PUNCT
cblr-1762	495	19	sec	sec	PROPN
cblr-1762	495	20	proxy	proxy	NOUN
cblr-1762	495	21	voting	voting	NOUN
cblr-1762	495	22	rule	rule	NOUN
cblr-1762	495	23	,	,	PUNCT
cblr-1762	495	24	17	17	NUM
cblr-1762	495	25	c.f.r	c.f.r	NOUN
cblr-1762	495	26	.	.	PUNCT
cblr-1762	496	1	§	§	PROPN
cblr-1762	496	2	275.206(4)-6	275.206(4)-6	NUM
cblr-1762	496	3	(	(	PUNCT
cblr-1762	496	4	2015	2015	NUM
cblr-1762	496	5	)	)	PUNCT
cblr-1762	496	6	(	(	PUNCT
cblr-1762	496	7	requiring	require	VERB
cblr-1762	496	8	investment	investment	NOUN
cblr-1762	496	9	advisers	adviser	NOUN
cblr-1762	496	10	such	such	ADJ
cblr-1762	496	11	as	as	ADP
cblr-1762	496	12	mutual	mutual	ADJ
cblr-1762	496	13	fund	fund	NOUN
cblr-1762	496	14	companies	company	NOUN
cblr-1762	496	15	to	to	ADP
cblr-1762	496	16	“	"	PUNCT
cblr-1762	496	17	[	[	X
cblr-1762	496	18	a]dopt	a]dopt	NOUN
cblr-1762	496	19	and	and	CCONJ
cblr-1762	496	20	implement	implement	VERB
cblr-1762	496	21	written	write	VERB
cblr-1762	496	22	policies	policy	NOUN
cblr-1762	496	23	and	and	CCONJ
cblr-1762	496	24	procedures	procedure	NOUN
cblr-1762	496	25	that	that	PRON
cblr-1762	496	26	are	be	AUX
cblr-1762	496	27	reasonably	reasonably	ADV
cblr-1762	496	28	designed	design	VERB
cblr-1762	496	29	to	to	PART
cblr-1762	496	30	ensure	ensure	VERB
cblr-1762	496	31	that	that	SCONJ
cblr-1762	496	32	[	[	X
cblr-1762	496	33	advisers	adviser	NOUN
cblr-1762	496	34	]	]	X
cblr-1762	496	35	vote	vote	NOUN
cblr-1762	496	36	client	client	NOUN
cblr-1762	496	37	securities	security	NOUN
cblr-1762	496	38	in	in	ADP
cblr-1762	496	39	the	the	DET
cblr-1762	496	40	best	good	ADJ
cblr-1762	496	41	interest	interest	NOUN
cblr-1762	496	42	of	of	ADP
cblr-1762	496	43	clients	client	NOUN
cblr-1762	496	44	”	"	PUNCT
cblr-1762	496	45	)	)	PUNCT
cblr-1762	496	46	.	.	PUNCT
cblr-1762	497	1	sharfman	sharfman	NOUN
cblr-1762	497	2	–	–	PUNCT
cblr-1762	497	3	final	final	ADJ
cblr-1762	497	4	850	850	NUM
cblr-1762	497	5	columbia	columbia	PROPN
cblr-1762	497	6	business	business	NOUN
cblr-1762	497	7	law	law	PROPN
cblr-1762	497	8	review	review	NOUN
cblr-1762	497	9	[	[	X
cblr-1762	497	10	vol	vol	NOUN
cblr-1762	497	11	.	.	NOUN
cblr-1762	497	12	2015	2015	NUM
cblr-1762	497	13	in	in	ADP
cblr-1762	497	14	either	either	DET
cblr-1762	497	15	approach	approach	NOUN
cblr-1762	497	16	,	,	PUNCT
cblr-1762	497	17	there	there	PRON
cblr-1762	497	18	is	be	VERB
cblr-1762	497	19	a	a	DET
cblr-1762	497	20	separation	separation	NOUN
cblr-1762	497	21	between	between	ADP
cblr-1762	497	22	those	those	PRON
cblr-1762	497	23	who	who	PRON
cblr-1762	497	24	make	make	VERB
cblr-1762	497	25	the	the	DET
cblr-1762	497	26	investment	investment	NOUN
cblr-1762	497	27	decisions	decision	NOUN
cblr-1762	497	28	and	and	CCONJ
cblr-1762	497	29	those	those	PRON
cblr-1762	497	30	who	who	PRON
cblr-1762	497	31	make	make	VERB
cblr-1762	497	32	the	the	DET
cblr-1762	497	33	voting	voting	NOUN
cblr-1762	497	34	decisions	decision	NOUN
cblr-1762	497	35	.	.	PUNCT
cblr-1762	498	1	unfortunately	unfortunately	ADV
cblr-1762	498	2	,	,	PUNCT
cblr-1762	498	3	in	in	ADP
cblr-1762	498	4	this	this	DET
cblr-1762	498	5	situation	situation	NOUN
cblr-1762	498	6	,	,	PUNCT
cblr-1762	498	7	the	the	DET
cblr-1762	498	8	locus	locus	NOUN
cblr-1762	498	9	of	of	ADP
cblr-1762	498	10	authority	authority	NOUN
cblr-1762	498	11	in	in	ADP
cblr-1762	498	12	the	the	DET
cblr-1762	498	13	best	good	ADJ
cblr-1762	498	14	position	position	NOUN
cblr-1762	498	15	to	to	PART
cblr-1762	498	16	decide	decide	VERB
cblr-1762	498	17	,	,	PUNCT
cblr-1762	498	18	the	the	DET
cblr-1762	498	19	independent	independent	PROPN
cblr-1762	498	20	board	board	NOUN
cblr-1762	498	21	,	,	PUNCT
cblr-1762	498	22	is	be	AUX
cblr-1762	498	23	relegated	relegate	VERB
cblr-1762	498	24	to	to	ADP
cblr-1762	498	25	the	the	DET
cblr-1762	498	26	sidelines	sideline	NOUN
cblr-1762	498	27	as	as	SCONJ
cblr-1762	498	28	a	a	DET
cblr-1762	498	29	pitchman	pitchman	NOUN
cblr-1762	498	30	for	for	ADP
cblr-1762	498	31	its	its	PRON
cblr-1762	498	32	respective	respective	NOUN
cblr-1762	498	33	position.116	position.116	VERB
cblr-1762	498	34	however	however	ADV
cblr-1762	498	35	,	,	PUNCT
cblr-1762	498	36	the	the	DET
cblr-1762	498	37	risks	risk	NOUN
cblr-1762	498	38	of	of	ADP
cblr-1762	498	39	inefficient	inefficient	ADJ
cblr-1762	498	40	corporate	corporate	ADJ
cblr-1762	498	41	decisionmaking	decisionmaking	NOUN
cblr-1762	498	42	resulting	result	VERB
cblr-1762	498	43	from	from	ADP
cblr-1762	498	44	such	such	DET
cblr-1762	498	45	a	a	DET
cblr-1762	498	46	proxy	proxy	NOUN
cblr-1762	498	47	contest	contest	NOUN
cblr-1762	498	48	may	may	AUX
cblr-1762	498	49	be	be	AUX
cblr-1762	498	50	minimized	minimize	VERB
cblr-1762	498	51	if	if	SCONJ
cblr-1762	498	52	institutional	institutional	ADJ
cblr-1762	498	53	investors	investor	NOUN
cblr-1762	498	54	and	and	CCONJ
cblr-1762	498	55	proxy	proxy	ADJ
cblr-1762	498	56	advisory	advisory	ADJ
cblr-1762	498	57	services	service	NOUN
cblr-1762	498	58	understand	understand	VERB
cblr-1762	498	59	the	the	DET
cblr-1762	498	60	value	value	NOUN
cblr-1762	498	61	provided	provide	VERB
cblr-1762	498	62	by	by	ADP
cblr-1762	498	63	an	an	DET
cblr-1762	498	64	independent	independent	ADJ
cblr-1762	498	65	board	board	NOUN
cblr-1762	498	66	.	.	PUNCT
cblr-1762	499	1	to	to	PART
cblr-1762	499	2	implement	implement	VERB
cblr-1762	499	3	this	this	DET
cblr-1762	499	4	understanding	understanding	NOUN
cblr-1762	499	5	,	,	PUNCT
cblr-1762	499	6	shareholders	shareholder	NOUN
cblr-1762	499	7	and	and	CCONJ
cblr-1762	499	8	proxy	proxy	ADJ
cblr-1762	499	9	advisory	advisory	ADJ
cblr-1762	499	10	services	service	NOUN
cblr-1762	499	11	must	must	AUX
cblr-1762	499	12	approach	approach	VERB
cblr-1762	499	13	voting	voting	NOUN
cblr-1762	499	14	as	as	ADP
cblr-1762	499	15	a	a	DET
cblr-1762	499	16	two	two	NUM
cblr-1762	499	17	-	-	PUNCT
cblr-1762	499	18	step	step	NOUN
cblr-1762	499	19	process	process	NOUN
cblr-1762	499	20	.	.	PUNCT
cblr-1762	500	1	first	first	ADV
cblr-1762	500	2	,	,	PUNCT
cblr-1762	500	3	they	they	PRON
cblr-1762	500	4	must	must	AUX
cblr-1762	500	5	base	base	VERB
cblr-1762	500	6	their	their	PRON
cblr-1762	500	7	votes	vote	NOUN
cblr-1762	500	8	or	or	CCONJ
cblr-1762	500	9	recommendations	recommendation	NOUN
cblr-1762	500	10	on	on	ADP
cblr-1762	500	11	an	an	DET
cblr-1762	500	12	evaluation	evaluation	NOUN
cblr-1762	500	13	of	of	ADP
cblr-1762	500	14	whether	whether	SCONJ
cblr-1762	500	15	or	or	CCONJ
cblr-1762	500	16	not	not	PART
cblr-1762	500	17	they	they	PRON
cblr-1762	500	18	believe	believe	VERB
cblr-1762	500	19	the	the	DET
cblr-1762	500	20	board	board	NOUN
cblr-1762	500	21	is	be	AUX
cblr-1762	500	22	operating	operate	VERB
cblr-1762	500	23	with	with	ADP
cblr-1762	500	24	enough	enough	ADJ
cblr-1762	500	25	competence	competence	NOUN
cblr-1762	500	26	and	and	CCONJ
cblr-1762	500	27	independence	independence	NOUN
cblr-1762	500	28	such	such	ADJ
cblr-1762	500	29	that	that	SCONJ
cblr-1762	500	30	it	it	PRON
cblr-1762	500	31	can	can	AUX
cblr-1762	500	32	act	act	VERB
cblr-1762	500	33	as	as	ADP
cblr-1762	500	34	an	an	DET
cblr-1762	500	35	efficient	efficient	ADJ
cblr-1762	500	36	arbitrator	arbitrator	NOUN
cblr-1762	500	37	of	of	ADP
cblr-1762	500	38	the	the	DET
cblr-1762	500	39	various	various	ADJ
cblr-1762	500	40	strategic	strategic	ADJ
cblr-1762	500	41	proposals	proposal	NOUN
cblr-1762	500	42	before	before	ADP
cblr-1762	500	43	it	it	PRON
cblr-1762	500	44	.	.	PUNCT
cblr-1762	501	1	if	if	SCONJ
cblr-1762	501	2	yes	yes	INTJ
cblr-1762	501	3	,	,	PUNCT
cblr-1762	501	4	then	then	ADV
cblr-1762	501	5	they	they	PRON
cblr-1762	501	6	should	should	AUX
cblr-1762	501	7	vote	vote	VERB
cblr-1762	501	8	with	with	ADP
cblr-1762	501	9	the	the	DET
cblr-1762	501	10	board	board	NOUN
cblr-1762	501	11	and	and	CCONJ
cblr-1762	501	12	against	against	ADP
cblr-1762	501	13	the	the	DET
cblr-1762	501	14	nominees	nominee	NOUN
cblr-1762	501	15	of	of	ADP
cblr-1762	501	16	the	the	DET
cblr-1762	501	17	activist	activist	ADJ
cblr-1762	501	18	hedge	hedge	NOUN
cblr-1762	501	19	fund	fund	PROPN
cblr-1762	501	20	.	.	PUNCT
cblr-1762	502	1	shareholders	shareholder	NOUN
cblr-1762	502	2	should	should	AUX
cblr-1762	502	3	never	never	ADV
cblr-1762	502	4	vote	vote	VERB
cblr-1762	502	5	in	in	ADP
cblr-1762	502	6	favor	favor	NOUN
cblr-1762	502	7	of	of	ADP
cblr-1762	502	8	the	the	DET
cblr-1762	502	9	activist	activist	ADJ
cblr-1762	502	10	hedge	hedge	PROPN
cblr-1762	502	11	fund	fund	PROPN
cblr-1762	502	12	’s	’s	PART
cblr-1762	502	13	nominees	nominee	NOUN
cblr-1762	502	14	unless	unless	SCONJ
cblr-1762	502	15	there	there	PRON
cblr-1762	502	16	is	be	VERB
cblr-1762	502	17	clear	clear	ADJ
cblr-1762	502	18	evidence	evidence	NOUN
cblr-1762	502	19	that	that	SCONJ
cblr-1762	502	20	the	the	DET
cblr-1762	502	21	board	board	NOUN
cblr-1762	502	22	lacks	lack	VERB
cblr-1762	502	23	competence	competence	NOUN
cblr-1762	502	24	or	or	CCONJ
cblr-1762	502	25	independence	independence	NOUN
cblr-1762	502	26	.	.	PUNCT
cblr-1762	503	1	to	to	PART
cblr-1762	503	2	do	do	AUX
cblr-1762	503	3	otherwise	otherwise	ADV
cblr-1762	503	4	would	would	AUX
cblr-1762	503	5	negatively	negatively	ADV
cblr-1762	503	6	impact	impact	VERB
cblr-1762	503	7	the	the	DET
cblr-1762	503	8	long	long	ADJ
cblr-1762	503	9	-	-	PUNCT
cblr-1762	503	10	term	term	NOUN
cblr-1762	503	11	value	value	NOUN
cblr-1762	503	12	created	create	VERB
cblr-1762	503	13	by	by	ADP
cblr-1762	503	14	the	the	DET
cblr-1762	503	15	independent	independent	PROPN
cblr-1762	503	16	board	board	PROPN
cblr-1762	503	17	when	when	SCONJ
cblr-1762	503	18	acting	act	VERB
cblr-1762	503	19	in	in	ADP
cblr-1762	503	20	its	its	PRON
cblr-1762	503	21	role	role	NOUN
cblr-1762	503	22	of	of	ADP
cblr-1762	503	23	arbitrator	arbitrator	NOUN
cblr-1762	503	24	.	.	PUNCT
cblr-1762	504	1	this	this	DET
cblr-1762	504	2	approach	approach	NOUN
cblr-1762	504	3	is	be	AUX
cblr-1762	504	4	analogous	analogous	ADJ
cblr-1762	504	5	to	to	ADP
cblr-1762	504	6	how	how	SCONJ
cblr-1762	504	7	the	the	DET
cblr-1762	504	8	business	business	NOUN
cblr-1762	504	9	judgment	judgment	NOUN
cblr-1762	504	10	rule	rule	NOUN
cblr-1762	504	11	is	be	AUX
cblr-1762	504	12	applied	apply	VERB
cblr-1762	504	13	in	in	ADP
cblr-1762	504	14	corporate	corporate	ADJ
cblr-1762	504	15	law	law	NOUN
cblr-1762	504	16	.	.	PUNCT
cblr-1762	505	1	that	that	PRON
cblr-1762	505	2	is	be	AUX
cblr-1762	505	3	,	,	PUNCT
cblr-1762	505	4	when	when	SCONJ
cblr-1762	505	5	a	a	DET
cblr-1762	505	6	board	board	NOUN
cblr-1762	505	7	decision	decision	NOUN
cblr-1762	505	8	is	be	AUX
cblr-1762	505	9	not	not	PART
cblr-1762	505	10	tainted	taint	VERB
cblr-1762	505	11	with	with	ADP
cblr-1762	505	12	a	a	DET
cblr-1762	505	13	breach	breach	NOUN
cblr-1762	505	14	of	of	ADP
cblr-1762	505	15	a	a	DET
cblr-1762	505	16	board	board	NOUN
cblr-1762	505	17	’s	’s	PART
cblr-1762	505	18	fiduciary	fiduciary	ADJ
cblr-1762	505	19	duties	duty	NOUN
cblr-1762	505	20	,	,	PUNCT
cblr-1762	505	21	the	the	DET
cblr-1762	505	22	courts	court	NOUN
cblr-1762	505	23	,	,	PUNCT
cblr-1762	505	24	who	who	PRON
cblr-1762	505	25	are	be	AUX
cblr-1762	505	26	uninformed	uninformed	ADJ
cblr-1762	505	27	like	like	ADP
cblr-1762	505	28	the	the	DET
cblr-1762	505	29	typical	typical	ADJ
cblr-1762	505	30	investor	investor	NOUN
cblr-1762	505	31	,	,	PUNCT
cblr-1762	505	32	will	will	AUX
cblr-1762	505	33	adhere	adhere	VERB
cblr-1762	505	34	to	to	ADP
cblr-1762	505	35	the	the	DET
cblr-1762	505	36	business	business	NOUN
cblr-1762	505	37	judgment	judgment	NOUN
cblr-1762	505	38	rule	rule	NOUN
cblr-1762	505	39	and	and	CCONJ
cblr-1762	505	40	not	not	PART
cblr-1762	505	41	get	get	AUX
cblr-1762	505	42	involved	involve	VERB
cblr-1762	505	43	in	in	ADP
cblr-1762	505	44	the	the	DET
cblr-1762	505	45	business	business	NOUN
cblr-1762	506	1	decision.117	decision.117	NUM
cblr-1762	506	2	more	more	ADV
cblr-1762	506	3	importantly	importantly	ADV
cblr-1762	506	4	,	,	PUNCT
cblr-1762	506	5	for	for	ADP
cblr-1762	506	6	a	a	DET
cblr-1762	506	7	typical	typical	ADJ
cblr-1762	506	8	institutional	institutional	ADJ
cblr-1762	506	9	investor	investor	NOUN
cblr-1762	506	10	with	with	ADP
cblr-1762	506	11	a	a	DET
cblr-1762	506	12	diversified	diversified	ADJ
cblr-1762	506	13	portfolio	portfolio	NOUN
cblr-1762	506	14	of	of	ADP
cblr-1762	506	15	stocks	stock	NOUN
cblr-1762	506	16	in	in	ADP
cblr-1762	506	17	its	its	PRON
cblr-1762	506	18	portfolio	portfolio	NOUN
cblr-1762	506	19	,	,	PUNCT
cblr-1762	506	20	this	this	PRON
cblr-1762	506	21	is	be	AUX
cblr-1762	506	22	the	the	DET
cblr-1762	506	23	only	only	ADJ
cblr-1762	506	24	rational	rational	ADJ
cblr-1762	506	25	approach	approach	NOUN
cblr-1762	506	26	that	that	PRON
cblr-1762	506	27	can	can	AUX
cblr-1762	506	28	be	be	AUX
cblr-1762	506	29	taken	take	VERB
cblr-1762	506	30	.	.	PUNCT
cblr-1762	507	1	utilizing	utilize	VERB
cblr-1762	507	2	the	the	DET
cblr-1762	507	3	investment	investment	NOUN
cblr-1762	507	4	strategy	strategy	NOUN
cblr-1762	507	5	of	of	ADP
cblr-1762	507	6	allowing	allow	VERB
cblr-1762	507	7	the	the	DET
cblr-1762	507	8	locus	locus	NOUN
cblr-1762	507	9	of	of	ADP
cblr-1762	507	10	authority	authority	NOUN
cblr-1762	507	11	in	in	ADP
cblr-1762	507	12	the	the	DET
cblr-1762	507	13	best	good	ADJ
cblr-1762	507	14	position	position	NOUN
cblr-1762	507	15	to	to	PART
cblr-1762	507	16	make	make	VERB
cblr-1762	507	17	the	the	DET
cblr-1762	507	18	decision	decision	NOUN
cblr-1762	507	19	the	the	DET
cblr-1762	507	20	opportunity	opportunity	NOUN
cblr-1762	507	21	to	to	PART
cblr-1762	507	22	do	do	AUX
cblr-1762	507	23	so	so	ADV
cblr-1762	507	24	should	should	AUX
cblr-1762	507	25	lead	lead	VERB
cblr-1762	507	26	the	the	DET
cblr-1762	507	27	116	116	NUM
cblr-1762	507	28	rose	rise	VERB
cblr-1762	507	29	&	&	CCONJ
cblr-1762	507	30	sharfman	sharfman	PROPN
cblr-1762	507	31	,	,	PUNCT
cblr-1762	507	32	supra	supra	PROPN
cblr-1762	507	33	note	note	NOUN
cblr-1762	507	34	2	2	NUM
cblr-1762	507	35	,	,	PUNCT
cblr-1762	507	36	at	at	ADP
cblr-1762	507	37	1038	1038	NUM
cblr-1762	507	38	.	.	PUNCT
cblr-1762	508	1	117	117	NUM
cblr-1762	508	2	see	see	NOUN
cblr-1762	508	3	supra	supra	PROPN
cblr-1762	508	4	note	note	PROPN
cblr-1762	508	5	89	89	NUM
cblr-1762	508	6	(	(	PUNCT
cblr-1762	508	7	providing	provide	VERB
cblr-1762	508	8	a	a	DET
cblr-1762	508	9	business	business	NOUN
cblr-1762	508	10	judgment	judgment	NOUN
cblr-1762	508	11	rule	rule	NOUN
cblr-1762	508	12	formulation	formulation	NOUN
cblr-1762	508	13	)	)	PUNCT
cblr-1762	508	14	.	.	PUNCT
cblr-1762	509	1	sharfman	sharfman	NOUN
cblr-1762	509	2	–	–	PUNCT
cblr-1762	509	3	final	final	ADJ
cblr-1762	509	4	no	no	NOUN
cblr-1762	509	5	.	.	PUNCT
cblr-1762	510	1	3:813	3:813	NUM
cblr-1762	510	2	]	]	X
cblr-1762	510	3	activist	activist	ADJ
cblr-1762	510	4	hedge	hedge	NOUN
cblr-1762	510	5	funds	fund	NOUN
cblr-1762	510	6	and	and	CCONJ
cblr-1762	510	7	long	long	ADJ
cblr-1762	510	8	-	-	PUNCT
cblr-1762	510	9	term	term	NOUN
cblr-1762	510	10	value	value	NOUN
cblr-1762	510	11	851	851	NUM
cblr-1762	510	12	institutional	institutional	ADJ
cblr-1762	510	13	investor	investor	NOUN
cblr-1762	510	14	to	to	PART
cblr-1762	510	15	receive	receive	VERB
cblr-1762	510	16	the	the	DET
cblr-1762	510	17	highest	high	ADJ
cblr-1762	510	18	returns	return	NOUN
cblr-1762	510	19	on	on	ADP
cblr-1762	510	20	its	its	PRON
cblr-1762	510	21	portfolio	portfolio	NOUN
cblr-1762	510	22	over	over	ADP
cblr-1762	510	23	time	time	NOUN
cblr-1762	510	24	.	.	PUNCT
cblr-1762	511	1	the	the	DET
cblr-1762	511	2	second	second	ADJ
cblr-1762	511	3	step	step	NOUN
cblr-1762	511	4	comes	come	VERB
cblr-1762	511	5	into	into	ADP
cblr-1762	511	6	play	play	NOUN
cblr-1762	511	7	only	only	ADV
cblr-1762	511	8	if	if	SCONJ
cblr-1762	511	9	there	there	PRON
cblr-1762	511	10	is	be	VERB
cblr-1762	511	11	clear	clear	ADJ
cblr-1762	511	12	evidence	evidence	NOUN
cblr-1762	511	13	that	that	SCONJ
cblr-1762	511	14	the	the	DET
cblr-1762	511	15	board	board	NOUN
cblr-1762	511	16	is	be	AUX
cblr-1762	511	17	not	not	PART
cblr-1762	511	18	acting	act	VERB
cblr-1762	511	19	competently	competently	ADV
cblr-1762	511	20	and/or	and/or	CCONJ
cblr-1762	511	21	independently	independently	ADV
cblr-1762	511	22	.	.	PUNCT
cblr-1762	512	1	if	if	SCONJ
cblr-1762	512	2	so	so	ADV
cblr-1762	512	3	,	,	PUNCT
cblr-1762	512	4	then	then	ADV
cblr-1762	512	5	and	and	CCONJ
cblr-1762	512	6	only	only	ADV
cblr-1762	512	7	then	then	ADV
cblr-1762	512	8	should	should	AUX
cblr-1762	512	9	the	the	DET
cblr-1762	512	10	shareholders	shareholder	NOUN
cblr-1762	512	11	and	and	CCONJ
cblr-1762	512	12	proxy	proxy	ADJ
cblr-1762	512	13	advisory	advisory	ADJ
cblr-1762	512	14	services	service	NOUN
cblr-1762	512	15	ask	ask	VERB
cblr-1762	512	16	the	the	DET
cblr-1762	512	17	question	question	NOUN
cblr-1762	512	18	,	,	PUNCT
cblr-1762	512	19	“	"	PUNCT
cblr-1762	512	20	have	have	AUX
cblr-1762	512	21	the	the	DET
cblr-1762	512	22	dissidents	dissident	NOUN
cblr-1762	512	23	made	make	VERB
cblr-1762	512	24	a	a	DET
cblr-1762	512	25	compelling	compelling	ADJ
cblr-1762	512	26	case	case	NOUN
cblr-1762	512	27	that	that	SCONJ
cblr-1762	512	28	change	change	NOUN
cblr-1762	512	29	is	be	AUX
cblr-1762	512	30	warranted	warrant	VERB
cblr-1762	512	31	?	?	PUNCT
cblr-1762	512	32	”	"	PUNCT
cblr-1762	513	1	this	this	PRON
cblr-1762	513	2	is	be	AUX
cblr-1762	513	3	analogous	analogous	ADJ
cblr-1762	513	4	to	to	ADP
cblr-1762	513	5	a	a	DET
cblr-1762	513	6	court	court	NOUN
cblr-1762	513	7	proceeding	proceeding	NOUN
cblr-1762	513	8	where	where	SCONJ
cblr-1762	513	9	the	the	DET
cblr-1762	513	10	plaintiff	plaintiff	NOUN
cblr-1762	513	11	is	be	AUX
cblr-1762	513	12	able	able	ADJ
cblr-1762	513	13	to	to	PART
cblr-1762	513	14	overcome	overcome	VERB
cblr-1762	513	15	the	the	DET
cblr-1762	513	16	business	business	NOUN
cblr-1762	513	17	judgment	judgment	NOUN
cblr-1762	513	18	rule	rule	NOUN
cblr-1762	513	19	with	with	ADP
cblr-1762	513	20	sufficient	sufficient	ADJ
cblr-1762	513	21	evidence	evidence	NOUN
cblr-1762	513	22	of	of	ADP
cblr-1762	513	23	a	a	DET
cblr-1762	513	24	breach	breach	NOUN
cblr-1762	513	25	in	in	ADP
cblr-1762	513	26	fiduciary	fiduciary	ADJ
cblr-1762	513	27	duties	duty	NOUN
cblr-1762	513	28	,	,	PUNCT
cblr-1762	513	29	thereby	thereby	ADV
cblr-1762	513	30	requiring	require	VERB
cblr-1762	513	31	the	the	DET
cblr-1762	513	32	court	court	NOUN
cblr-1762	513	33	to	to	PART
cblr-1762	513	34	utilize	utilize	VERB
cblr-1762	513	35	an	an	DET
cblr-1762	513	36	entire	entire	ADJ
cblr-1762	513	37	fairness	fairness	NOUN
cblr-1762	513	38	standard	standard	NOUN
cblr-1762	513	39	of	of	ADP
cblr-1762	513	40	review	review	NOUN
cblr-1762	513	41	,	,	PUNCT
cblr-1762	513	42	fair	fair	ADJ
cblr-1762	513	43	dealing	dealing	NOUN
cblr-1762	513	44	,	,	PUNCT
cblr-1762	513	45	and	and	CCONJ
cblr-1762	513	46	fair	fair	ADJ
cblr-1762	513	47	price.118	price.118	X
cblr-1762	513	48	hopefully	hopefully	ADV
cblr-1762	513	49	,	,	PUNCT
cblr-1762	513	50	investors	investor	NOUN
cblr-1762	513	51	will	will	AUX
cblr-1762	513	52	not	not	PART
cblr-1762	513	53	be	be	AUX
cblr-1762	513	54	faced	face	VERB
cblr-1762	513	55	with	with	ADP
cblr-1762	513	56	this	this	DET
cblr-1762	513	57	type	type	NOUN
cblr-1762	513	58	of	of	ADP
cblr-1762	513	59	decision	decision	NOUN
cblr-1762	513	60	very	very	ADV
cblr-1762	513	61	often	often	ADV
cblr-1762	513	62	.	.	PUNCT
cblr-1762	514	1	vii	vii	PROPN
cblr-1762	514	2	.	.	PUNCT
cblr-1762	515	1	the	the	DET
cblr-1762	515	2	recommendations	recommendation	NOUN
cblr-1762	515	3	of	of	ADP
cblr-1762	515	4	the	the	DET
cblr-1762	515	5	activist	activist	ADJ
cblr-1762	515	6	hedge	hedge	NOUN
cblr-1762	515	7	fund	fund	PROPN
cblr-1762	515	8	a	a	DET
cblr-1762	515	9	major	major	ADJ
cblr-1762	515	10	criticism	criticism	NOUN
cblr-1762	515	11	of	of	ADP
cblr-1762	515	12	activist	activist	ADJ
cblr-1762	515	13	hedge	hedge	NOUN
cblr-1762	515	14	funds	fund	NOUN
cblr-1762	515	15	,	,	PUNCT
cblr-1762	515	16	and	and	CCONJ
cblr-1762	515	17	one	one	NUM
cblr-1762	515	18	that	that	PRON
cblr-1762	515	19	allegedly	allegedly	ADV
cblr-1762	515	20	supports	support	VERB
cblr-1762	515	21	the	the	DET
cblr-1762	515	22	argument	argument	NOUN
cblr-1762	515	23	that	that	SCONJ
cblr-1762	515	24	they	they	PRON
cblr-1762	515	25	suffer	suffer	VERB
cblr-1762	515	26	from	from	ADP
cblr-1762	515	27	shorttermism	shorttermism	NOUN
cblr-1762	515	28	,	,	PUNCT
cblr-1762	515	29	focuses	focus	VERB
cblr-1762	515	30	on	on	ADP
cblr-1762	515	31	the	the	DET
cblr-1762	515	32	recommendations	recommendation	NOUN
cblr-1762	515	33	that	that	SCONJ
cblr-1762	515	34	they	they	PRON
cblr-1762	515	35	want	want	VERB
cblr-1762	515	36	their	their	PRON
cblr-1762	515	37	target	target	NOUN
cblr-1762	515	38	companies	company	NOUN
cblr-1762	515	39	to	to	PART
cblr-1762	515	40	implement	implement	VERB
cblr-1762	515	41	.	.	PUNCT
cblr-1762	516	1	according	accord	VERB
cblr-1762	516	2	to	to	ADP
cblr-1762	516	3	dennis	dennis	PROPN
cblr-1762	516	4	berman	berman	PROPN
cblr-1762	516	5	of	of	ADP
cblr-1762	516	6	the	the	DET
cblr-1762	516	7	wall	wall	PROPN
cblr-1762	516	8	street	street	PROPN
cblr-1762	516	9	journal	journal	PROPN
cblr-1762	516	10	,	,	PUNCT
cblr-1762	516	11	“	"	PUNCT
cblr-1762	516	12	[	[	X
cblr-1762	516	13	t]he	t]he	ADV
cblr-1762	516	14	vast	vast	ADJ
cblr-1762	516	15	majority	majority	NOUN
cblr-1762	516	16	[	[	X
cblr-1762	516	17	of	of	ADP
cblr-1762	516	18	activist	activist	ADJ
cblr-1762	516	19	hedge	hedge	NOUN
cblr-1762	516	20	funds	fund	NOUN
cblr-1762	516	21	]	]	PUNCT
cblr-1762	516	22	are	be	AUX
cblr-1762	516	23	making	make	VERB
cblr-1762	516	24	similar	similar	ADJ
cblr-1762	516	25	demands	demand	NOUN
cblr-1762	516	26	of	of	ADP
cblr-1762	516	27	their	their	PRON
cblr-1762	516	28	targets	target	NOUN
cblr-1762	516	29	,	,	PUNCT
cblr-1762	516	30	delivered	deliver	VERB
cblr-1762	516	31	with	with	ADP
cblr-1762	516	32	what	what	PRON
cblr-1762	516	33	now	now	ADV
cblr-1762	516	34	feels	feel	VERB
cblr-1762	516	35	like	like	ADP
cblr-1762	516	36	a	a	DET
cblr-1762	516	37	dull	dull	ADJ
cblr-1762	516	38	percussion	percussion	NOUN
cblr-1762	516	39	:	:	PUNCT
cblr-1762	516	40	raise	raise	VERB
cblr-1762	516	41	the	the	DET
cblr-1762	516	42	dividend	dividend	NOUN
cblr-1762	516	43	,	,	PUNCT
cblr-1762	516	44	buy	buy	VERB
cblr-1762	516	45	back	back	ADP
cblr-1762	516	46	shares	share	NOUN
cblr-1762	516	47	,	,	PUNCT
cblr-1762	516	48	cut	cut	VERB
cblr-1762	516	49	these	these	DET
cblr-1762	516	50	costs	cost	NOUN
cblr-1762	516	51	,	,	PUNCT
cblr-1762	516	52	spin	spin	VERB
cblr-1762	516	53	off	off	ADP
cblr-1762	516	54	that	that	DET
cblr-1762	516	55	division	division	NOUN
cblr-1762	516	56	,	,	PUNCT
cblr-1762	516	57	sell	sell	VERB
cblr-1762	516	58	the	the	DET
cblr-1762	516	59	company	company	NOUN
cblr-1762	516	60	.	.	PUNCT
cblr-1762	517	1	”119	”119	NOUN
cblr-1762	517	2	what	what	PRON
cblr-1762	517	3	these	these	DET
cblr-1762	517	4	recommendations	recommendation	NOUN
cblr-1762	517	5	all	all	PRON
cblr-1762	517	6	have	have	AUX
cblr-1762	517	7	in	in	ADP
cblr-1762	517	8	common	common	ADJ
cblr-1762	517	9	is	be	AUX
cblr-1762	517	10	that	that	SCONJ
cblr-1762	517	11	they	they	PRON
cblr-1762	517	12	are	be	AUX
cblr-1762	517	13	asking	ask	VERB
cblr-1762	517	14	companies	company	NOUN
cblr-1762	517	15	to	to	PART
cblr-1762	517	16	target	target	VERB
cblr-1762	517	17	disinvestment	disinvestment	NOUN
cblr-1762	517	18	,	,	PUNCT
cblr-1762	517	19	not	not	PART
cblr-1762	517	20	redirecting	redirect	VERB
cblr-1762	517	21	or	or	CCONJ
cblr-1762	517	22	increasing	increase	VERB
cblr-1762	517	23	investment	investment	NOUN
cblr-1762	517	24	.	.	PUNCT
cblr-1762	518	1	dennis	dennis	PROPN
cblr-1762	518	2	berman	berman	PROPN
cblr-1762	518	3	further	far	ADV
cblr-1762	518	4	writes	write	VERB
cblr-1762	518	5	:	:	PUNCT
cblr-1762	518	6	118	118	NUM
cblr-1762	518	7	cede	cede	PROPN
cblr-1762	518	8	&	&	CCONJ
cblr-1762	518	9	co.	co.	PROPN
cblr-1762	518	10	v.	v.	CCONJ
cblr-1762	518	11	technicolor	technicolor	PROPN
cblr-1762	518	12	,	,	PUNCT
cblr-1762	518	13	inc	inc	PROPN
cblr-1762	518	14	.	.	PROPN
cblr-1762	518	15	,	,	PUNCT
cblr-1762	518	16	634	634	NUM
cblr-1762	518	17	a.2d	a.2d	NUM
cblr-1762	518	18	345	345	NUM
cblr-1762	518	19	,	,	PUNCT
cblr-1762	518	20	361	361	NUM
cblr-1762	518	21	(	(	PUNCT
cblr-1762	518	22	del	del	PROPN
cblr-1762	518	23	.	.	NOUN
cblr-1762	518	24	1993	1993	NUM
cblr-1762	518	25	)	)	PUNCT
cblr-1762	518	26	(	(	PUNCT
cblr-1762	518	27	“	"	PUNCT
cblr-1762	518	28	if	if	SCONJ
cblr-1762	518	29	the	the	DET
cblr-1762	518	30	rule	rule	NOUN
cblr-1762	518	31	is	be	AUX
cblr-1762	518	32	rebutted	rebut	VERB
cblr-1762	518	33	,	,	PUNCT
cblr-1762	518	34	the	the	DET
cblr-1762	518	35	burden	burden	NOUN
cblr-1762	518	36	shifts	shift	NOUN
cblr-1762	518	37	to	to	ADP
cblr-1762	518	38	the	the	DET
cblr-1762	518	39	defendant	defendant	NOUN
cblr-1762	518	40	directors	director	NOUN
cblr-1762	518	41	,	,	PUNCT
cblr-1762	518	42	the	the	DET
cblr-1762	518	43	proponents	proponent	NOUN
cblr-1762	518	44	of	of	ADP
cblr-1762	518	45	the	the	DET
cblr-1762	518	46	challenged	challenge	VERB
cblr-1762	518	47	transaction	transaction	NOUN
cblr-1762	518	48	,	,	PUNCT
cblr-1762	518	49	to	to	PART
cblr-1762	518	50	prove	prove	VERB
cblr-1762	518	51	to	to	ADP
cblr-1762	518	52	the	the	DET
cblr-1762	518	53	trier	trier	NOUN
cblr-1762	518	54	of	of	ADP
cblr-1762	518	55	fact	fact	NOUN
cblr-1762	518	56	the	the	DET
cblr-1762	518	57	‘	'	PUNCT
cblr-1762	518	58	entire	entire	ADJ
cblr-1762	518	59	fairness	fairness	NOUN
cblr-1762	518	60	’	'	PUNCT
cblr-1762	518	61	of	of	ADP
cblr-1762	518	62	the	the	DET
cblr-1762	518	63	transaction	transaction	NOUN
cblr-1762	518	64	to	to	ADP
cblr-1762	518	65	the	the	DET
cblr-1762	518	66	shareholder	shareholder	NOUN
cblr-1762	518	67	plaintiff	plaintiff	NOUN
cblr-1762	518	68	.	.	PUNCT
cblr-1762	518	69	”	"	PUNCT
cblr-1762	518	70	)	)	PUNCT
cblr-1762	518	71	.	.	PUNCT
cblr-1762	519	1	119	119	NUM
cblr-1762	519	2	dennis	dennis	PROPN
cblr-1762	519	3	k.	k.	PROPN
cblr-1762	519	4	berman	berman	PROPN
cblr-1762	519	5	,	,	PUNCT
cblr-1762	519	6	a	a	DET
cblr-1762	519	7	radical	radical	ADJ
cblr-1762	519	8	idea	idea	NOUN
cblr-1762	519	9	for	for	ADP
cblr-1762	519	10	activist	activist	ADJ
cblr-1762	519	11	investors	investor	NOUN
cblr-1762	519	12	:	:	PUNCT
cblr-1762	519	13	what	what	PRON
cblr-1762	519	14	if	if	SCONJ
cblr-1762	519	15	the	the	DET
cblr-1762	519	16	goal	goal	NOUN
cblr-1762	519	17	were	be	AUX
cblr-1762	519	18	more	more	ADJ
cblr-1762	519	19	investment	investment	NOUN
cblr-1762	519	20	with	with	ADP
cblr-1762	519	21	an	an	DET
cblr-1762	519	22	eye	eye	NOUN
cblr-1762	519	23	on	on	ADP
cblr-1762	519	24	the	the	DET
cblr-1762	519	25	long	long	ADJ
cblr-1762	519	26	term	term	NOUN
cblr-1762	519	27	?	?	PUNCT
cblr-1762	519	28	,	,	PUNCT
cblr-1762	519	29	wall	wall	PROPN
cblr-1762	519	30	st	st	PROPN
cblr-1762	519	31	.	.	PROPN
cblr-1762	519	32	j.	j.	PROPN
cblr-1762	519	33	(	(	PUNCT
cblr-1762	519	34	jan	jan	PROPN
cblr-1762	519	35	.	.	PROPN
cblr-1762	519	36	27	27	NUM
cblr-1762	519	37	,	,	PUNCT
cblr-1762	519	38	2015	2015	NUM
cblr-1762	519	39	,	,	PUNCT
cblr-1762	519	40	9:51	9:51	NUM
cblr-1762	519	41	am	am	NOUN
cblr-1762	519	42	)	)	PUNCT
cblr-1762	519	43	,	,	PUNCT
cblr-1762	519	44	http://www.wsj.com/articles/a-radical-idea-foractivist-investors-1422370260	http://www.wsj.com/articles/a-radical-idea-foractivist-investors-1422370260	PROPN
cblr-1762	520	1	[	[	X
cblr-1762	520	2	http://perma.cc/2uqy-4ave	http://perma.cc/2uqy-4ave	PROPN
cblr-1762	520	3	]	]	PUNCT
cblr-1762	520	4	.	.	PUNCT
cblr-1762	521	1	sharfman	sharfman	PROPN
cblr-1762	521	2	–	–	PUNCT
cblr-1762	521	3	final	final	ADJ
cblr-1762	521	4	852	852	NUM
cblr-1762	521	5	columbia	columbia	PROPN
cblr-1762	521	6	business	business	NOUN
cblr-1762	521	7	law	law	PROPN
cblr-1762	521	8	review	review	NOUN
cblr-1762	521	9	[	[	X
cblr-1762	521	10	vol	vol	NOUN
cblr-1762	521	11	.	.	NOUN
cblr-1762	521	12	2015	2015	NUM
cblr-1762	521	13	here	here	ADV
cblr-1762	521	14	’s	’	VERB
cblr-1762	521	15	a	a	DET
cblr-1762	521	16	drastic	drastic	ADJ
cblr-1762	521	17	question	question	NOUN
cblr-1762	521	18	for	for	ADP
cblr-1762	521	19	a	a	DET
cblr-1762	521	20	field	field	NOUN
cblr-1762	521	21	beset	beset	VERB
cblr-1762	521	22	by	by	ADP
cblr-1762	521	23	conformity	conformity	NOUN
cblr-1762	521	24	.	.	PUNCT
cblr-1762	522	1	why	why	SCONJ
cblr-1762	522	2	ca	can	AUX
cblr-1762	522	3	n’t	n’t	ADJ
cblr-1762	522	4	activists	activist	NOUN
cblr-1762	522	5	find	find	VERB
cblr-1762	522	6	targets	target	NOUN
cblr-1762	522	7	where	where	SCONJ
cblr-1762	522	8	the	the	DET
cblr-1762	522	9	misallocation	misallocation	NOUN
cblr-1762	522	10	is	be	AUX
cblr-1762	522	11	going	go	VERB
cblr-1762	522	12	the	the	DET
cblr-1762	522	13	other	other	ADJ
cblr-1762	522	14	way	way	NOUN
cblr-1762	522	15	?	?	PUNCT
cblr-1762	523	1	in	in	ADP
cblr-1762	523	2	other	other	ADJ
cblr-1762	523	3	words	word	NOUN
cblr-1762	523	4	,	,	PUNCT
cblr-1762	523	5	identify	identify	VERB
cblr-1762	523	6	companies	company	NOUN
cblr-1762	523	7	that	that	PRON
cblr-1762	523	8	are	be	AUX
cblr-1762	523	9	playing	play	VERB
cblr-1762	523	10	it	it	PRON
cblr-1762	523	11	too	too	ADV
cblr-1762	523	12	safe	safe	ADJ
cblr-1762	523	13	,	,	PUNCT
cblr-1762	523	14	perhaps	perhaps	ADV
cblr-1762	523	15	pushing	push	VERB
cblr-1762	523	16	too	too	ADV
cblr-1762	523	17	much	much	ADJ
cblr-1762	523	18	into	into	ADP
cblr-1762	523	19	dividends	dividend	NOUN
cblr-1762	523	20	or	or	CCONJ
cblr-1762	523	21	buybacks	buyback	NOUN
cblr-1762	523	22	.	.	PUNCT
cblr-1762	524	1	or	or	CCONJ
cblr-1762	524	2	missing	miss	VERB
cblr-1762	524	3	a	a	DET
cblr-1762	524	4	great	great	ADJ
cblr-1762	524	5	opportunity	opportunity	NOUN
cblr-1762	524	6	in	in	ADP
cblr-1762	524	7	a	a	DET
cblr-1762	524	8	new	new	ADJ
cblr-1762	524	9	market.120	market.120	PROPN
cblr-1762	524	10	dr	dr	PROPN
cblr-1762	524	11	.	.	PROPN
cblr-1762	524	12	ralph	ralph	PROPN
cblr-1762	524	13	walkling	walkling	PROPN
cblr-1762	524	14	summarized	summarize	VERB
cblr-1762	524	15	berman	berman	PROPN
cblr-1762	524	16	’s	’s	PART
cblr-1762	524	17	criticism	criticism	NOUN
cblr-1762	524	18	by	by	ADP
cblr-1762	524	19	stating	state	VERB
cblr-1762	524	20	:	:	PUNCT
cblr-1762	524	21	“	"	PUNCT
cblr-1762	524	22	would	would	AUX
cblr-1762	524	23	n’t	not	PART
cblr-1762	524	24	we	we	PRON
cblr-1762	524	25	expect	expect	VERB
cblr-1762	524	26	a	a	DET
cblr-1762	524	27	similar	similar	ADJ
cblr-1762	524	28	pressure	pressure	NOUN
cblr-1762	524	29	by	by	ADP
cblr-1762	524	30	activists	activist	NOUN
cblr-1762	524	31	encouraging	encouraging	ADJ
cblr-1762	524	32	at	at	ADP
cblr-1762	524	33	least	least	ADJ
cblr-1762	524	34	some	some	PRON
cblr-1762	524	35	firms	firm	NOUN
cblr-1762	524	36	to	to	PART
cblr-1762	524	37	invest	invest	VERB
cblr-1762	524	38	more	more	ADJ
cblr-1762	524	39	?	?	PUNCT
cblr-1762	525	1	should	should	AUX
cblr-1762	525	2	n’t	not	PART
cblr-1762	525	3	we	we	PRON
cblr-1762	525	4	expect	expect	VERB
cblr-1762	525	5	at	at	ADP
cblr-1762	525	6	least	least	ADJ
cblr-1762	525	7	some	some	PRON
cblr-1762	525	8	activists	activist	NOUN
cblr-1762	525	9	[	[	X
cblr-1762	525	10	sic	sic	ADJ
cblr-1762	525	11	]	]	PUNCT
cblr-1762	525	12	campaigns	campaign	NOUN
cblr-1762	525	13	to	to	PART
cblr-1762	525	14	push	push	VERB
cblr-1762	525	15	firms	firm	NOUN
cblr-1762	525	16	to	to	PART
cblr-1762	525	17	be	be	AUX
cblr-1762	525	18	less	less	ADV
cblr-1762	525	19	conservative	conservative	ADJ
cblr-1762	525	20	,	,	PUNCT
cblr-1762	525	21	to	to	PART
cblr-1762	525	22	invest	invest	VERB
cblr-1762	525	23	more	more	ADJ
cblr-1762	525	24	,	,	PUNCT
cblr-1762	525	25	to	to	PART
cblr-1762	525	26	pursue	pursue	VERB
cblr-1762	525	27	heretofore	heretofore	ADV
cblr-1762	525	28	missed	miss	VERB
cblr-1762	525	29	opportunities?”121	opportunities?”121	PRON
cblr-1762	525	30	however	however	ADV
cblr-1762	525	31	,	,	PUNCT
cblr-1762	525	32	going	go	VERB
cblr-1762	525	33	the	the	DET
cblr-1762	525	34	other	other	ADJ
cblr-1762	525	35	way	way	NOUN
cblr-1762	525	36	and	and	CCONJ
cblr-1762	525	37	advocating	advocate	VERB
cblr-1762	525	38	for	for	ADP
cblr-1762	525	39	long	long	ADJ
cblr-1762	525	40	-	-	PUNCT
cblr-1762	525	41	term	term	NOUN
cblr-1762	525	42	investment	investment	NOUN
cblr-1762	525	43	“	"	PUNCT
cblr-1762	525	44	just	just	ADV
cblr-1762	525	45	does	do	AUX
cblr-1762	525	46	n’t	not	PART
cblr-1762	525	47	happen	happen	VERB
cblr-1762	525	48	.	.	PUNCT
cblr-1762	526	1	”122	”122	NOUN
cblr-1762	527	1	this	this	DET
cblr-1762	527	2	focus	focus	NOUN
cblr-1762	527	3	on	on	ADP
cblr-1762	527	4	disinvestment	disinvestment	NOUN
cblr-1762	527	5	seems	seem	VERB
cblr-1762	527	6	at	at	ADP
cblr-1762	527	7	odds	odd	NOUN
cblr-1762	527	8	with	with	ADP
cblr-1762	527	9	what	what	PRON
cblr-1762	527	10	we	we	PRON
cblr-1762	527	11	know	know	VERB
cblr-1762	527	12	about	about	ADP
cblr-1762	527	13	valuation	valuation	NOUN
cblr-1762	527	14	.	.	PUNCT
cblr-1762	528	1	the	the	DET
cblr-1762	528	2	process	process	NOUN
cblr-1762	528	3	of	of	ADP
cblr-1762	528	4	valuing	value	VERB
cblr-1762	528	5	a	a	DET
cblr-1762	528	6	company	company	NOUN
cblr-1762	528	7	’s	’s	PART
cblr-1762	528	8	stock	stock	NOUN
cblr-1762	528	9	is	be	AUX
cblr-1762	528	10	the	the	DET
cblr-1762	528	11	same	same	ADJ
cblr-1762	528	12	for	for	ADP
cblr-1762	528	13	activist	activist	ADJ
cblr-1762	528	14	hedge	hedge	NOUN
cblr-1762	528	15	funds	fund	NOUN
cblr-1762	528	16	as	as	SCONJ
cblr-1762	528	17	it	it	PRON
cblr-1762	528	18	is	be	AUX
cblr-1762	528	19	for	for	ADP
cblr-1762	528	20	value	value	NOUN
cblr-1762	528	21	investors	investor	NOUN
cblr-1762	528	22	.	.	PUNCT
cblr-1762	529	1	both	both	DET
cblr-1762	529	2	types	type	NOUN
cblr-1762	529	3	of	of	ADP
cblr-1762	529	4	investors	investor	NOUN
cblr-1762	529	5	will	will	AUX
cblr-1762	529	6	estimate	estimate	VERB
cblr-1762	529	7	the	the	DET
cblr-1762	529	8	company	company	NOUN
cblr-1762	529	9	’s	’s	PART
cblr-1762	529	10	expected	expect	VERB
cblr-1762	529	11	cash	cash	NOUN
cblr-1762	529	12	flows	flow	VERB
cblr-1762	529	13	out	out	ADP
cblr-1762	529	14	into	into	ADP
cblr-1762	529	15	the	the	DET
cblr-1762	529	16	future	future	NOUN
cblr-1762	529	17	,	,	PUNCT
cblr-1762	529	18	and	and	CCONJ
cblr-1762	529	19	then	then	ADV
cblr-1762	529	20	utilize	utilize	VERB
cblr-1762	529	21	a	a	DET
cblr-1762	529	22	discount	discount	NOUN
cblr-1762	529	23	rate	rate	NOUN
cblr-1762	529	24	to	to	PART
cblr-1762	529	25	come	come	VERB
cblr-1762	529	26	up	up	ADP
cblr-1762	529	27	with	with	ADP
cblr-1762	529	28	a	a	DET
cblr-1762	529	29	present	present	ADJ
cblr-1762	529	30	value	value	NOUN
cblr-1762	529	31	.	.	PUNCT
cblr-1762	530	1	both	both	PRON
cblr-1762	530	2	will	will	AUX
cblr-1762	530	3	use	use	VERB
cblr-1762	530	4	a	a	DET
cblr-1762	530	5	long	long	ADJ
cblr-1762	530	6	-	-	PUNCT
cblr-1762	530	7	term	term	NOUN
cblr-1762	530	8	time	time	NOUN
cblr-1762	530	9	horizon	horizon	NOUN
cblr-1762	530	10	to	to	PART
cblr-1762	530	11	do	do	VERB
cblr-1762	530	12	this	this	DET
cblr-1762	530	13	calculation	calculation	NOUN
cblr-1762	530	14	,	,	PUNCT
cblr-1762	530	15	regardless	regardless	ADV
cblr-1762	530	16	of	of	ADP
cblr-1762	530	17	their	their	PRON
cblr-1762	530	18	expected	expect	VERB
cblr-1762	530	19	holding	holding	NOUN
cblr-1762	530	20	period	period	NOUN
cblr-1762	530	21	.	.	PUNCT
cblr-1762	531	1	therefore	therefore	ADV
cblr-1762	531	2	,	,	PUNCT
cblr-1762	531	3	both	both	DET
cblr-1762	531	4	types	type	NOUN
cblr-1762	531	5	of	of	ADP
cblr-1762	531	6	investors	investor	NOUN
cblr-1762	531	7	will	will	AUX
cblr-1762	531	8	want	want	VERB
cblr-1762	531	9	the	the	DET
cblr-1762	531	10	board	board	NOUN
cblr-1762	531	11	and	and	CCONJ
cblr-1762	531	12	executive	executive	ADJ
cblr-1762	531	13	management	management	NOUN
cblr-1762	531	14	to	to	PART
cblr-1762	531	15	make	make	VERB
cblr-1762	531	16	the	the	DET
cblr-1762	531	17	most	most	ADV
cblr-1762	531	18	efficient	efficient	ADJ
cblr-1762	531	19	and	and	CCONJ
cblr-1762	531	20	shareholderwealth	shareholderwealth	NOUN
cblr-1762	531	21	-	-	PUNCT
cblr-1762	531	22	enhancing	enhance	VERB
cblr-1762	531	23	decision	decision	NOUN
cblr-1762	531	24	—	—	PUNCT
cblr-1762	531	25	whether	whether	SCONJ
cblr-1762	531	26	it	it	PRON
cblr-1762	531	27	be	be	VERB
cblr-1762	531	28	short	short	ADJ
cblr-1762	531	29	-	-	PUNCT
cblr-1762	531	30	term	term	NOUN
cblr-1762	531	31	cost	cost	NOUN
cblr-1762	531	32	cutting	cutting	NOUN
cblr-1762	531	33	or	or	CCONJ
cblr-1762	531	34	investing	invest	VERB
cblr-1762	531	35	in	in	ADP
cblr-1762	531	36	a	a	DET
cblr-1762	531	37	long	long	ADJ
cblr-1762	531	38	-	-	PUNCT
cblr-1762	531	39	term	term	NOUN
cblr-1762	531	40	project	project	NOUN
cblr-1762	531	41	—	—	PUNCT
cblr-1762	531	42	in	in	ADP
cblr-1762	531	43	order	order	NOUN
cblr-1762	531	44	to	to	ADP
cblr-1762	531	45	120	120	NUM
cblr-1762	531	46	i	i	PROPN
cblr-1762	531	47	d.	d.	PROPN
cblr-1762	531	48	121	121	NUM
cblr-1762	531	49	ralph	ralph	PROPN
cblr-1762	531	50	a.	a.	PROPN
cblr-1762	531	51	walkling	walkling	PROPN
cblr-1762	531	52	,	,	PUNCT
cblr-1762	531	53	one	one	NUM
cblr-1762	531	54	sided	side	VERB
cblr-1762	531	55	activism	activism	NOUN
cblr-1762	531	56	?	?	PUNCT
cblr-1762	532	1	a	a	DET
cblr-1762	532	2	note	note	NOUN
cblr-1762	532	3	on	on	ADP
cblr-1762	532	4	the	the	DET
cblr-1762	532	5	symmetry	symmetry	NOUN
cblr-1762	532	6	of	of	ADP
cblr-1762	532	7	market	market	NOUN
cblr-1762	532	8	problems	problem	NOUN
cblr-1762	532	9	and	and	CCONJ
cblr-1762	532	10	the	the	DET
cblr-1762	532	11	asymmetries	asymmetry	NOUN
cblr-1762	532	12	of	of	ADP
cblr-1762	532	13	activists	activist	NOUN
cblr-1762	532	14	,	,	PUNCT
cblr-1762	532	15	mergerprof	mergerprof	NOUN
cblr-1762	532	16	(	(	PUNCT
cblr-1762	532	17	jan	jan	PROPN
cblr-1762	532	18	.	.	PROPN
cblr-1762	532	19	29	29	NUM
cblr-1762	532	20	,	,	PUNCT
cblr-1762	532	21	2015	2015	NUM
cblr-1762	532	22	)	)	PUNCT
cblr-1762	532	23	,	,	PUNCT
cblr-1762	532	24	http://www.mergerprof.com/2015/01/one-sided-activism-note-onsymmetry-of.html	http://www.mergerprof.com/2015/01/one-sided-activism-note-onsymmetry-of.html	PROPN
cblr-1762	532	25	[	[	X
cblr-1762	532	26	http://perma.cc/7ep9-rhml	http://perma.cc/7ep9-rhml	X
cblr-1762	532	27	]	]	X
cblr-1762	532	28	(	(	PUNCT
cblr-1762	532	29	emphasis	emphasis	NOUN
cblr-1762	532	30	omitted	omit	VERB
cblr-1762	532	31	)	)	PUNCT
cblr-1762	532	32	.	.	PUNCT
cblr-1762	533	1	122	122	NUM
cblr-1762	533	2	berman	berman	PROPN
cblr-1762	533	3	,	,	PUNCT
cblr-1762	533	4	supra	supra	PROPN
cblr-1762	533	5	note	note	PROPN
cblr-1762	533	6	119	119	NUM
cblr-1762	533	7	.	.	PUNCT
cblr-1762	534	1	consider	consider	VERB
cblr-1762	534	2	the	the	DET
cblr-1762	534	3	database	database	NOUN
cblr-1762	534	4	kept	keep	VERB
cblr-1762	534	5	by	by	ADP
cblr-1762	534	6	factset	factset	NOUN
cblr-1762	534	7	,	,	PUNCT
cblr-1762	534	8	which	which	PRON
cblr-1762	534	9	has	have	AUX
cblr-1762	534	10	tracked	track	VERB
cblr-1762	534	11	3,774	3,774	NUM
cblr-1762	534	12	activist	activist	ADJ
cblr-1762	534	13	campaigns	campaign	NOUN
cblr-1762	534	14	since	since	SCONJ
cblr-1762	534	15	2005	2005	NUM
cblr-1762	534	16	,	,	PUNCT
cblr-1762	534	17	and	and	CCONJ
cblr-1762	534	18	has	have	AUX
cblr-1762	534	19	placed	place	VERB
cblr-1762	534	20	each	each	PRON
cblr-1762	534	21	in	in	ADP
cblr-1762	534	22	one	one	NUM
cblr-1762	534	23	of	of	ADP
cblr-1762	534	24	five	five	NUM
cblr-1762	534	25	categories	category	NOUN
cblr-1762	534	26	.	.	PUNCT
cblr-1762	535	1	there	there	PRON
cblr-1762	535	2	is	be	VERB
cblr-1762	535	3	no	no	DET
cblr-1762	535	4	such	such	ADJ
cblr-1762	535	5	category	category	NOUN
cblr-1762	535	6	for	for	ADP
cblr-1762	535	7	“	"	PUNCT
cblr-1762	535	8	advocating	advocate	VERB
cblr-1762	535	9	more	more	ADJ
cblr-1762	535	10	long	long	ADJ
cblr-1762	535	11	-	-	PUNCT
cblr-1762	535	12	term	term	NOUN
cblr-1762	535	13	investment	investment	NOUN
cblr-1762	535	14	,	,	PUNCT
cblr-1762	535	15	”	"	PUNCT
cblr-1762	535	16	says	say	VERB
cblr-1762	535	17	factset	factset	NOUN
cblr-1762	535	18	vice	vice	PROPN
cblr-1762	535	19	president	president	PROPN
cblr-1762	535	20	john	john	PROPN
cblr-1762	535	21	laide	laide	PROPN
cblr-1762	535	22	.	.	PUNCT
cblr-1762	536	1	“	"	PUNCT
cblr-1762	536	2	it	it	PRON
cblr-1762	536	3	’s	’	VERB
cblr-1762	536	4	an	an	DET
cblr-1762	536	5	extremely	extremely	ADV
cblr-1762	536	6	rare	rare	ADJ
cblr-1762	536	7	demand	demand	NOUN
cblr-1762	536	8	,	,	PUNCT
cblr-1762	536	9	so	so	SCONJ
cblr-1762	536	10	we	we	PRON
cblr-1762	536	11	do	do	AUX
cblr-1762	536	12	n’t	not	PART
cblr-1762	536	13	code	code	VERB
cblr-1762	536	14	for	for	ADP
cblr-1762	536	15	it	it	PRON
cblr-1762	536	16	.	.	PUNCT
cblr-1762	536	17	”	"	PUNCT
cblr-1762	537	1	i	i	PRON
cblr-1762	537	2	d.	d.	PROPN
cblr-1762	537	3	sharfman	sharfman	PROPN
cblr-1762	537	4	–	–	PUNCT
cblr-1762	537	5	final	final	ADJ
cblr-1762	537	6	no	no	NOUN
cblr-1762	537	7	.	.	PUNCT
cblr-1762	538	1	3:813	3:813	NUM
cblr-1762	538	2	]	]	X
cblr-1762	538	3	activist	activist	ADJ
cblr-1762	538	4	hedge	hedge	NOUN
cblr-1762	538	5	funds	fund	NOUN
cblr-1762	538	6	and	and	CCONJ
cblr-1762	538	7	long	long	ADJ
cblr-1762	538	8	-	-	PUNCT
cblr-1762	538	9	term	term	NOUN
cblr-1762	538	10	value	value	NOUN
cblr-1762	538	11	853	853	NUM
cblr-1762	538	12	maximize	maximize	VERB
cblr-1762	538	13	the	the	DET
cblr-1762	538	14	current	current	ADJ
cblr-1762	538	15	value	value	NOUN
cblr-1762	538	16	of	of	ADP
cblr-1762	538	17	the	the	DET
cblr-1762	538	18	stock	stock	NOUN
cblr-1762	538	19	price.123	price.123	NOUN
cblr-1762	538	20	that	that	PRON
cblr-1762	538	21	is	be	AUX
cblr-1762	538	22	,	,	PUNCT
cblr-1762	538	23	we	we	PRON
cblr-1762	538	24	should	should	AUX
cblr-1762	538	25	expect	expect	VERB
cblr-1762	538	26	activist	activist	ADJ
cblr-1762	538	27	hedge	hedge	NOUN
cblr-1762	538	28	funds	fund	NOUN
cblr-1762	538	29	to	to	PART
cblr-1762	538	30	be	be	AUX
cblr-1762	538	31	indifferent	indifferent	ADJ
cblr-1762	538	32	to	to	ADP
cblr-1762	538	33	the	the	DET
cblr-1762	538	34	types	type	NOUN
cblr-1762	538	35	of	of	ADP
cblr-1762	538	36	recommendations	recommendation	NOUN
cblr-1762	538	37	they	they	PRON
cblr-1762	538	38	make	make	VERB
cblr-1762	538	39	as	as	ADV
cblr-1762	538	40	long	long	ADV
cblr-1762	538	41	as	as	SCONJ
cblr-1762	538	42	they	they	PRON
cblr-1762	538	43	believe	believe	VERB
cblr-1762	538	44	the	the	DET
cblr-1762	538	45	recommendations	recommendation	NOUN
cblr-1762	538	46	will	will	AUX
cblr-1762	538	47	result	result	VERB
cblr-1762	538	48	in	in	ADP
cblr-1762	538	49	the	the	DET
cblr-1762	538	50	highest	high	ADJ
cblr-1762	538	51	possible	possible	ADJ
cblr-1762	538	52	stock	stock	NOUN
cblr-1762	538	53	price	price	NOUN
cblr-1762	538	54	.	.	PUNCT
cblr-1762	539	1	if	if	SCONJ
cblr-1762	539	2	so	so	ADV
cblr-1762	539	3	,	,	PUNCT
cblr-1762	539	4	then	then	ADV
cblr-1762	539	5	why	why	SCONJ
cblr-1762	539	6	has	have	AUX
cblr-1762	539	7	it	it	PRON
cblr-1762	539	8	been	be	AUX
cblr-1762	539	9	observed	observe	VERB
cblr-1762	539	10	that	that	SCONJ
cblr-1762	539	11	the	the	DET
cblr-1762	539	12	recommendations	recommendation	NOUN
cblr-1762	539	13	of	of	ADP
cblr-1762	539	14	activist	activist	ADJ
cblr-1762	539	15	hedge	hedge	NOUN
cblr-1762	539	16	funds	fund	NOUN
cblr-1762	539	17	seem	seem	VERB
cblr-1762	539	18	to	to	PART
cblr-1762	539	19	be	be	AUX
cblr-1762	539	20	so	so	ADV
cblr-1762	539	21	heavily	heavily	ADV
cblr-1762	539	22	biased	biased	ADJ
cblr-1762	539	23	in	in	ADP
cblr-1762	539	24	the	the	DET
cblr-1762	539	25	direction	direction	NOUN
cblr-1762	539	26	of	of	ADP
cblr-1762	539	27	disinvestment	disinvestment	NOUN
cblr-1762	539	28	?	?	PUNCT
cblr-1762	540	1	berman	berman	NOUN
cblr-1762	540	2	was	be	AUX
cblr-1762	540	3	not	not	PART
cblr-1762	540	4	the	the	DET
cblr-1762	540	5	first	first	ADJ
cblr-1762	540	6	to	to	PART
cblr-1762	540	7	observe	observe	VERB
cblr-1762	540	8	that	that	SCONJ
cblr-1762	540	9	activist	activist	ADJ
cblr-1762	540	10	hedge	hedge	NOUN
cblr-1762	540	11	funds	fund	NOUN
cblr-1762	540	12	appear	appear	VERB
cblr-1762	540	13	to	to	PART
cblr-1762	540	14	have	have	VERB
cblr-1762	540	15	this	this	DET
cblr-1762	540	16	bias	bias	NOUN
cblr-1762	540	17	.	.	PUNCT
cblr-1762	541	1	according	accord	VERB
cblr-1762	541	2	to	to	ADP
cblr-1762	541	3	marcel	marcel	PROPN
cblr-1762	541	4	kahan	kahan	PROPN
cblr-1762	541	5	and	and	CCONJ
cblr-1762	541	6	ed	ed	PROPN
cblr-1762	541	7	rock	rock	PROPN
cblr-1762	541	8	:	:	PUNCT
cblr-1762	541	9	activist	activist	ADJ
cblr-1762	541	10	hedge	hedge	NOUN
cblr-1762	541	11	funds	fund	NOUN
cblr-1762	541	12	are	be	AUX
cblr-1762	541	13	agents	agent	NOUN
cblr-1762	541	14	of	of	ADP
cblr-1762	541	15	change	change	NOUN
cblr-1762	541	16	with	with	ADP
cblr-1762	541	17	specific	specific	ADJ
cblr-1762	541	18	goals	goal	NOUN
cblr-1762	541	19	that	that	PRON
cblr-1762	541	20	depend	depend	VERB
cblr-1762	541	21	on	on	ADP
cblr-1762	541	22	the	the	DET
cblr-1762	541	23	particular	particular	ADJ
cblr-1762	541	24	company	company	NOUN
cblr-1762	541	25	.	.	PUNCT
cblr-1762	542	1	when	when	SCONJ
cblr-1762	542	2	the	the	DET
cblr-1762	542	3	company	company	NOUN
cblr-1762	542	4	is	be	AUX
cblr-1762	542	5	diversified	diversified	ADJ
cblr-1762	542	6	,	,	PUNCT
cblr-1762	542	7	hedge	hedge	NOUN
cblr-1762	542	8	funds	fund	NOUN
cblr-1762	542	9	often	often	ADV
cblr-1762	542	10	push	push	VERB
cblr-1762	542	11	for	for	ADP
cblr-1762	542	12	divestitures	divestiture	NOUN
cblr-1762	542	13	.	.	PUNCT
cblr-1762	543	1	when	when	SCONJ
cblr-1762	543	2	it	it	PRON
cblr-1762	543	3	is	be	AUX
cblr-1762	543	4	underperforming	underperform	VERB
cblr-1762	543	5	,	,	PUNCT
cblr-1762	543	6	they	they	PRON
cblr-1762	543	7	often	often	ADV
cblr-1762	543	8	push	push	VERB
cblr-1762	543	9	for	for	ADP
cblr-1762	543	10	the	the	DET
cblr-1762	543	11	sale	sale	NOUN
cblr-1762	543	12	of	of	ADP
cblr-1762	543	13	the	the	DET
cblr-1762	543	14	company	company	NOUN
cblr-1762	543	15	or	or	CCONJ
cblr-1762	543	16	a	a	DET
cblr-1762	543	17	change	change	NOUN
cblr-1762	543	18	in	in	ADP
cblr-1762	543	19	management	management	NOUN
cblr-1762	543	20	.	.	PUNCT
cblr-1762	544	1	when	when	SCONJ
cblr-1762	544	2	the	the	DET
cblr-1762	544	3	company	company	NOUN
cblr-1762	544	4	has	have	VERB
cblr-1762	544	5	excess	excess	ADJ
cblr-1762	544	6	cash	cash	NOUN
cblr-1762	544	7	on	on	ADP
cblr-1762	544	8	hand	hand	NOUN
cblr-1762	544	9	,	,	PUNCT
cblr-1762	544	10	they	they	PRON
cblr-1762	544	11	push	push	VERB
cblr-1762	544	12	for	for	ADP
cblr-1762	544	13	stock	stock	NOUN
cblr-1762	544	14	repurchases	repurchase	NOUN
cblr-1762	544	15	or	or	CCONJ
cblr-1762	544	16	dividends	dividend	NOUN
cblr-1762	544	17	.	.	PUNCT
cblr-1762	545	1	when	when	SCONJ
cblr-1762	545	2	the	the	DET
cblr-1762	545	3	company	company	NOUN
cblr-1762	545	4	has	have	VERB
cblr-1762	545	5	assets	asset	NOUN
cblr-1762	545	6	on	on	ADP
cblr-1762	545	7	its	its	PRON
cblr-1762	545	8	balance	balance	NOUN
cblr-1762	545	9	sheet	sheet	NOUN
cblr-1762	545	10	that	that	PRON
cblr-1762	545	11	can	can	AUX
cblr-1762	545	12	be	be	AUX
cblr-1762	545	13	monetized	monetize	VERB
cblr-1762	545	14	(	(	PUNCT
cblr-1762	545	15	e.g.	e.g.	ADV
cblr-1762	545	16	,	,	PUNCT
cblr-1762	545	17	real	real	ADJ
cblr-1762	545	18	estate	estate	NOUN
cblr-1762	545	19	)	)	PUNCT
cblr-1762	545	20	,	,	PUNCT
cblr-1762	545	21	they	they	PRON
cblr-1762	545	22	push	push	VERB
cblr-1762	545	23	to	to	PART
cblr-1762	545	24	monetize	monetize	VERB
cblr-1762	545	25	those	those	DET
cblr-1762	545	26	assets	asset	NOUN
cblr-1762	545	27	.	.	PUNCT
cblr-1762	546	1	when	when	SCONJ
cblr-1762	546	2	companies	company	NOUN
cblr-1762	546	3	are	be	AUX
cblr-1762	546	4	pursuing	pursue	VERB
cblr-1762	546	5	capital	capital	NOUN
cblr-1762	546	6	-	-	PUNCT
cblr-1762	546	7	intensive	intensive	ADJ
cblr-1762	546	8	investment	investment	NOUN
cblr-1762	546	9	plans	plan	NOUN
cblr-1762	546	10	,	,	PUNCT
cblr-1762	546	11	hedge	hedge	NOUN
cblr-1762	546	12	funds	fund	NOUN
cblr-1762	546	13	sometimes	sometimes	ADV
cblr-1762	546	14	oppose	oppose	VERB
cblr-1762	546	15	the	the	DET
cblr-1762	546	16	plans	plan	NOUN
cblr-1762	546	17	and	and	CCONJ
cblr-1762	546	18	push	push	VERB
cblr-1762	546	19	for	for	ADP
cblr-1762	546	20	the	the	DET
cblr-1762	546	21	cash	cash	NOUN
cblr-1762	546	22	to	to	PART
cblr-1762	546	23	be	be	AUX
cblr-1762	546	24	returned	return	VERB
cblr-1762	546	25	to	to	PART
cblr-1762	546	26	shareholders.124	shareholders.124	VERB
cblr-1762	546	27	kahan	kahan	PROPN
cblr-1762	546	28	and	and	CCONJ
cblr-1762	546	29	rock	rock	NOUN
cblr-1762	546	30	also	also	ADV
cblr-1762	546	31	offer	offer	VERB
cblr-1762	546	32	a	a	DET
cblr-1762	546	33	possible	possible	ADJ
cblr-1762	546	34	justification	justification	NOUN
cblr-1762	546	35	for	for	ADP
cblr-1762	546	36	this	this	DET
cblr-1762	546	37	approach	approach	NOUN
cblr-1762	546	38	:	:	PUNCT
cblr-1762	546	39	“	"	PUNCT
cblr-1762	546	40	is	be	AUX
cblr-1762	546	41	it	it	PRON
cblr-1762	546	42	always	always	ADV
cblr-1762	546	43	the	the	DET
cblr-1762	546	44	case	case	NOUN
cblr-1762	546	45	that	that	SCONJ
cblr-1762	546	46	,	,	PUNCT
cblr-1762	546	47	when	when	SCONJ
cblr-1762	546	48	a	a	DET
cblr-1762	546	49	hedge	hedge	NOUN
cblr-1762	546	50	fund	fund	NOUN
cblr-1762	546	51	gets	get	AUX
cblr-1762	546	52	involved	involve	VERB
cblr-1762	546	53	,	,	PUNCT
cblr-1762	546	54	it	it	PRON
cblr-1762	546	55	is	be	AUX
cblr-1762	546	56	pushing	push	VERB
cblr-1762	546	57	for	for	ADP
cblr-1762	546	58	business	business	NOUN
cblr-1762	546	59	strategies	strategy	NOUN
cblr-1762	546	60	with	with	ADP
cblr-1762	546	61	a	a	DET
cblr-1762	546	62	shortterm	shortterm	NOUN
cblr-1762	546	63	payoff	payoff	NOUN
cblr-1762	546	64	over	over	ADP
cblr-1762	546	65	strategies	strategy	NOUN
cblr-1762	546	66	with	with	ADP
cblr-1762	546	67	a	a	DET
cblr-1762	546	68	more	more	ADV
cblr-1762	546	69	valuable	valuable	ADJ
cblr-1762	546	70	long	long	ADJ
cblr-1762	546	71	-	-	PUNCT
cblr-1762	546	72	term	term	NOUN
cblr-1762	546	73	payoff	payoff	NOUN
cblr-1762	546	74	?	?	PUNCT
cblr-1762	546	75	or	or	CCONJ
cblr-1762	546	76	is	be	AUX
cblr-1762	546	77	the	the	DET
cblr-1762	546	78	short	short	ADJ
cblr-1762	546	79	-	-	PUNCT
cblr-1762	546	80	term	term	NOUN
cblr-1762	546	81	payoff	payoff	NOUN
cblr-1762	546	82	preferred	prefer	VERB
cblr-1762	546	83	by	by	ADP
cblr-1762	546	84	hedge	hedge	NOUN
cblr-1762	546	85	funds	fund	NOUN
cblr-1762	546	86	sometimes	sometimes	ADV
cblr-1762	546	87	the	the	PRON
cblr-1762	546	88	more	more	ADV
cblr-1762	546	89	valuable	valuable	ADJ
cblr-1762	546	90	one?”125	one?”125	PRON
cblr-1762	546	91	123	123	NUM
cblr-1762	546	92	see	see	VERB
cblr-1762	546	93	bernard	bernard	PROPN
cblr-1762	546	94	black	black	PROPN
cblr-1762	546	95	&	&	CCONJ
cblr-1762	546	96	reinier	reinier	PROPN
cblr-1762	546	97	kraakman	kraakman	PROPN
cblr-1762	546	98	,	,	PUNCT
cblr-1762	546	99	delaware	delaware	PROPN
cblr-1762	546	100	’s	’s	PART
cblr-1762	546	101	takeover	takeover	NOUN
cblr-1762	546	102	law	law	NOUN
cblr-1762	546	103	:	:	PUNCT
cblr-1762	546	104	the	the	DET
cblr-1762	546	105	uncertain	uncertain	ADJ
cblr-1762	546	106	search	search	NOUN
cblr-1762	546	107	for	for	ADP
cblr-1762	546	108	hidden	hide	VERB
cblr-1762	546	109	value	value	NOUN
cblr-1762	546	110	,	,	PUNCT
cblr-1762	546	111	96	96	NUM
cblr-1762	546	112	nw	nw	INTJ
cblr-1762	546	113	.	.	PUNCT
cblr-1762	546	114	u.	u.	PROPN
cblr-1762	546	115	l.	l.	PROPN
cblr-1762	546	116	rev	rev	PROPN
cblr-1762	546	117	.	.	PROPN
cblr-1762	546	118	521	521	NUM
cblr-1762	546	119	,	,	PUNCT
cblr-1762	546	120	532	532	NUM
cblr-1762	546	121	–	–	PUNCT
cblr-1762	546	122	33	33	NUM
cblr-1762	546	123	(	(	PUNCT
cblr-1762	546	124	2002	2002	NUM
cblr-1762	546	125	)	)	PUNCT
cblr-1762	546	126	(	(	PUNCT
cblr-1762	546	127	“	"	PUNCT
cblr-1762	546	128	under	under	ADP
cblr-1762	546	129	elementary	elementary	ADJ
cblr-1762	546	130	principles	principle	NOUN
cblr-1762	546	131	of	of	ADP
cblr-1762	546	132	finance	finance	NOUN
cblr-1762	546	133	,	,	PUNCT
cblr-1762	546	134	even	even	ADV
cblr-1762	546	135	short	short	ADJ
cblr-1762	546	136	-	-	PUNCT
cblr-1762	546	137	term	term	NOUN
cblr-1762	546	138	investors	investor	NOUN
cblr-1762	546	139	have	have	VERB
cblr-1762	546	140	an	an	DET
cblr-1762	546	141	incentive	incentive	NOUN
cblr-1762	546	142	to	to	PART
cblr-1762	546	143	maximize	maximize	VERB
cblr-1762	546	144	the	the	DET
cblr-1762	546	145	firm	firm	NOUN
cblr-1762	546	146	’s	’s	PART
cblr-1762	546	147	long	long	ADJ
cblr-1762	546	148	-	-	PUNCT
cblr-1762	546	149	term	term	NOUN
cblr-1762	546	150	value	value	NOUN
cblr-1762	546	151	,	,	PUNCT
cblr-1762	546	152	because	because	SCONJ
cblr-1762	546	153	only	only	ADV
cblr-1762	546	154	by	by	ADP
cblr-1762	546	155	doing	do	VERB
cblr-1762	546	156	so	so	ADV
cblr-1762	546	157	can	can	AUX
cblr-1762	546	158	they	they	PRON
cblr-1762	546	159	maximize	maximize	VERB
cblr-1762	546	160	the	the	DET
cblr-1762	546	161	price	price	NOUN
cblr-1762	546	162	at	at	ADP
cblr-1762	546	163	which	which	PRON
cblr-1762	546	164	long	long	ADJ
cblr-1762	546	165	-	-	PUNCT
cblr-1762	546	166	term	term	NOUN
cblr-1762	546	167	investors	investor	NOUN
cblr-1762	546	168	will	will	AUX
cblr-1762	546	169	buy	buy	VERB
cblr-1762	546	170	the	the	DET
cblr-1762	546	171	shares	share	NOUN
cblr-1762	546	172	that	that	PRON
cblr-1762	546	173	short	short	ADJ
cblr-1762	546	174	-	-	PUNCT
cblr-1762	546	175	term	term	NOUN
cblr-1762	546	176	investors	investor	NOUN
cblr-1762	546	177	will	will	AUX
cblr-1762	546	178	soon	soon	ADV
cblr-1762	546	179	want	want	VERB
cblr-1762	546	180	to	to	PART
cblr-1762	546	181	sell	sell	VERB
cblr-1762	546	182	(	(	PUNCT
cblr-1762	546	183	the	the	DET
cblr-1762	546	184	unity	unity	NOUN
cblr-1762	546	185	of	of	ADP
cblr-1762	546	186	long	long	ADJ
cblr-1762	546	187	-	-	PUNCT
cblr-1762	546	188	term	term	NOUN
cblr-1762	546	189	and	and	CCONJ
cblr-1762	546	190	short	short	ADJ
cblr-1762	546	191	-	-	PUNCT
cblr-1762	546	192	term	term	NOUN
cblr-1762	546	193	shareholder	shareholder	NOUN
cblr-1762	546	194	interests	interest	NOUN
cblr-1762	546	195	is	be	AUX
cblr-1762	546	196	known	know	VERB
cblr-1762	546	197	as	as	ADP
cblr-1762	546	198	fisher	fisher	PROPN
cblr-1762	546	199	separation	separation	NOUN
cblr-1762	546	200	)	)	PUNCT
cblr-1762	546	201	.	.	PUNCT
cblr-1762	546	202	”	"	PUNCT
cblr-1762	546	203	)	)	PUNCT
cblr-1762	546	204	.	.	PUNCT
cblr-1762	547	1	124	124	NUM
cblr-1762	547	2	kahan	kahan	PROPN
cblr-1762	547	3	&	&	CCONJ
cblr-1762	547	4	rock	rock	PROPN
cblr-1762	547	5	,	,	PUNCT
cblr-1762	547	6	supra	supra	PROPN
cblr-1762	547	7	note	note	PROPN
cblr-1762	547	8	10	10	NUM
cblr-1762	547	9	,	,	PUNCT
cblr-1762	547	10	at	at	ADP
cblr-1762	547	11	1087	1087	NUM
cblr-1762	547	12	.	.	PUNCT
cblr-1762	548	1	125	125	NUM
cblr-1762	548	2	i	i	PRON
cblr-1762	548	3	d.	d.	PROPN
cblr-1762	548	4	at	at	ADP
cblr-1762	548	5	1088	1088	NUM
cblr-1762	548	6	.	.	PUNCT
cblr-1762	549	1	sharfman	sharfman	NOUN
cblr-1762	549	2	–	–	PUNCT
cblr-1762	549	3	final	final	ADJ
cblr-1762	549	4	854	854	NUM
cblr-1762	549	5	columbia	columbia	PROPN
cblr-1762	549	6	business	business	NOUN
cblr-1762	549	7	law	law	PROPN
cblr-1762	549	8	review	review	NOUN
cblr-1762	549	9	[	[	X
cblr-1762	549	10	vol	vol	NOUN
cblr-1762	549	11	.	.	NOUN
cblr-1762	549	12	2015	2015	NUM
cblr-1762	549	13	perhaps	perhaps	ADV
cblr-1762	549	14	the	the	DET
cblr-1762	549	15	short	short	ADJ
cblr-1762	549	16	-	-	PUNCT
cblr-1762	549	17	term	term	NOUN
cblr-1762	549	18	payoff	payoff	NOUN
cblr-1762	549	19	is	be	AUX
cblr-1762	549	20	the	the	DET
cblr-1762	549	21	more	more	ADV
cblr-1762	549	22	valuable	valuable	ADJ
cblr-1762	549	23	one	one	NUM
cblr-1762	549	24	.	.	PUNCT
cblr-1762	550	1	as	as	SCONJ
cblr-1762	550	2	already	already	ADV
cblr-1762	550	3	discussed	discuss	VERB
cblr-1762	550	4	,	,	PUNCT
cblr-1762	550	5	management	management	NOUN
cblr-1762	550	6	needs	need	VERB
cblr-1762	550	7	to	to	PART
cblr-1762	550	8	evaluate	evaluate	VERB
cblr-1762	550	9	all	all	DET
cblr-1762	550	10	profitable	profitable	ADJ
cblr-1762	550	11	opportunities	opportunity	NOUN
cblr-1762	550	12	,	,	PUNCT
cblr-1762	550	13	no	no	ADV
cblr-1762	550	14	matter	matter	ADV
cblr-1762	550	15	what	what	PRON
cblr-1762	550	16	the	the	DET
cblr-1762	550	17	investment	investment	NOUN
cblr-1762	550	18	horizon	horizon	NOUN
cblr-1762	550	19	,	,	PUNCT
cblr-1762	550	20	and	and	CCONJ
cblr-1762	550	21	then	then	ADV
cblr-1762	550	22	pick	pick	VERB
cblr-1762	550	23	those	those	DET
cblr-1762	550	24	opportunities	opportunity	NOUN
cblr-1762	550	25	that	that	PRON
cblr-1762	550	26	have	have	VERB
cblr-1762	550	27	the	the	DET
cblr-1762	550	28	expectation	expectation	NOUN
cblr-1762	550	29	of	of	ADP
cblr-1762	550	30	maximizing	maximize	VERB
cblr-1762	550	31	the	the	DET
cblr-1762	550	32	present	present	ADJ
cblr-1762	550	33	value	value	NOUN
cblr-1762	550	34	of	of	ADP
cblr-1762	550	35	the	the	DET
cblr-1762	550	36	company	company	NOUN
cblr-1762	550	37	’s	’s	PART
cblr-1762	550	38	cash	cash	NOUN
cblr-1762	550	39	flows	flow	NOUN
cblr-1762	550	40	in	in	ADP
cblr-1762	550	41	order	order	NOUN
cblr-1762	550	42	to	to	PART
cblr-1762	550	43	have	have	AUX
cblr-1762	550	44	the	the	DET
cblr-1762	550	45	best	good	ADJ
cblr-1762	550	46	chance	chance	NOUN
cblr-1762	550	47	of	of	ADP
cblr-1762	550	48	achieving	achieve	VERB
cblr-1762	550	49	long	long	ADJ
cblr-1762	550	50	-	-	PUNCT
cblr-1762	550	51	term	term	NOUN
cblr-1762	550	52	value	value	NOUN
cblr-1762	550	53	creation	creation	NOUN
cblr-1762	550	54	.	.	PUNCT
cblr-1762	551	1	this	this	DET
cblr-1762	551	2	premise	premise	NOUN
cblr-1762	551	3	should	should	AUX
cblr-1762	551	4	apply	apply	VERB
cblr-1762	551	5	equally	equally	ADV
cblr-1762	551	6	to	to	ADP
cblr-1762	551	7	the	the	DET
cblr-1762	551	8	activist	activist	ADJ
cblr-1762	551	9	hedge	hedge	NOUN
cblr-1762	551	10	fund	fund	PROPN
cblr-1762	551	11	.	.	PUNCT
cblr-1762	552	1	if	if	SCONJ
cblr-1762	552	2	a	a	DET
cblr-1762	552	3	hedge	hedge	NOUN
cblr-1762	552	4	fund	fund	NOUN
cblr-1762	552	5	argues	argue	VERB
cblr-1762	552	6	for	for	ADP
cblr-1762	552	7	short	short	ADJ
cblr-1762	552	8	-	-	PUNCT
cblr-1762	552	9	term	term	NOUN
cblr-1762	552	10	cost	cost	NOUN
cblr-1762	552	11	cutting	cutting	NOUN
cblr-1762	552	12	at	at	ADP
cblr-1762	552	13	a	a	DET
cblr-1762	552	14	company	company	NOUN
cblr-1762	552	15	,	,	PUNCT
cblr-1762	552	16	then	then	ADV
cblr-1762	552	17	this	this	PRON
cblr-1762	552	18	should	should	AUX
cblr-1762	552	19	mean	mean	VERB
cblr-1762	552	20	that	that	SCONJ
cblr-1762	552	21	it	it	PRON
cblr-1762	552	22	expects	expect	VERB
cblr-1762	552	23	the	the	DET
cblr-1762	552	24	recommendation	recommendation	NOUN
cblr-1762	552	25	to	to	PART
cblr-1762	552	26	help	help	VERB
cblr-1762	552	27	achieve	achieve	VERB
cblr-1762	552	28	long	long	ADJ
cblr-1762	552	29	-	-	PUNCT
cblr-1762	552	30	term	term	NOUN
cblr-1762	552	31	value	value	NOUN
cblr-1762	552	32	creation	creation	NOUN
cblr-1762	552	33	and	and	CCONJ
cblr-1762	552	34	shareholder	shareholder	NOUN
cblr-1762	552	35	wealth	wealth	NOUN
cblr-1762	552	36	maximization	maximization	NOUN
cblr-1762	552	37	.	.	PUNCT
cblr-1762	553	1	for	for	ADP
cblr-1762	553	2	example	example	NOUN
cblr-1762	553	3	,	,	PUNCT
cblr-1762	553	4	an	an	DET
cblr-1762	553	5	activist	activist	ADJ
cblr-1762	553	6	hedge	hedge	NOUN
cblr-1762	553	7	fund	fund	NOUN
cblr-1762	553	8	may	may	AUX
cblr-1762	553	9	recommend	recommend	VERB
cblr-1762	553	10	that	that	SCONJ
cblr-1762	553	11	the	the	DET
cblr-1762	553	12	company	company	NOUN
cblr-1762	553	13	’s	’s	PART
cblr-1762	553	14	budget	budget	NOUN
cblr-1762	553	15	for	for	ADP
cblr-1762	553	16	research	research	NOUN
cblr-1762	553	17	and	and	CCONJ
cblr-1762	553	18	development	development	NOUN
cblr-1762	553	19	be	be	AUX
cblr-1762	553	20	cut	cut	VERB
cblr-1762	553	21	in	in	ADP
cblr-1762	553	22	order	order	NOUN
cblr-1762	553	23	for	for	SCONJ
cblr-1762	553	24	the	the	DET
cblr-1762	553	25	company	company	NOUN
cblr-1762	553	26	to	to	PART
cblr-1762	553	27	better	well	ADV
cblr-1762	553	28	focus	focus	VERB
cblr-1762	553	29	on	on	ADP
cblr-1762	553	30	innovation	innovation	NOUN
cblr-1762	553	31	output	output	NOUN
cblr-1762	553	32	in	in	ADP
cblr-1762	553	33	terms	term	NOUN
cblr-1762	553	34	of	of	ADP
cblr-1762	553	35	patents	patent	NOUN
cblr-1762	553	36	and	and	CCONJ
cblr-1762	553	37	patent	patent	NOUN
cblr-1762	553	38	citations	citation	NOUN
cblr-1762	553	39	per	per	ADP
cblr-1762	553	40	research	research	NOUN
cblr-1762	553	41	dollar	dollar	NOUN
cblr-1762	553	42	spent.126	spent.126	NOUN
cblr-1762	553	43	this	this	DET
cblr-1762	553	44	recommendation	recommendation	NOUN
cblr-1762	553	45	would	would	AUX
cblr-1762	553	46	be	be	AUX
cblr-1762	553	47	in	in	ADP
cblr-1762	553	48	keeping	keep	VERB
cblr-1762	553	49	with	with	ADP
cblr-1762	553	50	the	the	DET
cblr-1762	553	51	general	general	ADJ
cblr-1762	553	52	mission	mission	NOUN
cblr-1762	553	53	of	of	ADP
cblr-1762	553	54	a	a	DET
cblr-1762	553	55	for	for	ADP
cblr-1762	553	56	-	-	PUNCT
cblr-1762	553	57	profit	profit	NOUN
cblr-1762	553	58	corporation	corporation	NOUN
cblr-1762	553	59	.	.	PUNCT
cblr-1762	554	1	in	in	ADP
cblr-1762	554	2	that	that	DET
cblr-1762	554	3	regard	regard	NOUN
cblr-1762	554	4	,	,	PUNCT
cblr-1762	554	5	alon	alon	PROPN
cblr-1762	554	6	brav	brav	PROPN
cblr-1762	554	7	,	,	PUNCT
cblr-1762	554	8	wei	wei	PROPN
cblr-1762	554	9	jiang	jiang	PROPN
cblr-1762	554	10	,	,	PUNCT
cblr-1762	554	11	song	song	PROPN
cblr-1762	554	12	ma	ma	PROPN
cblr-1762	554	13	,	,	PUNCT
cblr-1762	554	14	and	and	CCONJ
cblr-1762	554	15	xuan	xuan	PROPN
cblr-1762	554	16	tian	tian	PROPN
cblr-1762	554	17	have	have	AUX
cblr-1762	554	18	empirically	empirically	ADV
cblr-1762	554	19	demonstrated	demonstrate	VERB
cblr-1762	554	20	that	that	SCONJ
cblr-1762	554	21	hedge	hedge	NOUN
cblr-1762	554	22	fund	fund	NOUN
cblr-1762	554	23	activism	activism	NOUN
cblr-1762	554	24	targeting	target	VERB
cblr-1762	554	25	a	a	DET
cblr-1762	554	26	reduction	reduction	NOUN
cblr-1762	554	27	in	in	ADP
cblr-1762	554	28	basic	basic	ADJ
cblr-1762	554	29	research	research	NOUN
cblr-1762	554	30	leads	lead	VERB
cblr-1762	554	31	to	to	ADP
cblr-1762	554	32	126	126	NUM
cblr-1762	554	33	alon	alon	NOUN
cblr-1762	554	34	brav	brav	PROPN
cblr-1762	554	35	et	et	PROPN
cblr-1762	554	36	al	al	PROPN
cblr-1762	554	37	.	.	PROPN
cblr-1762	554	38	,	,	PUNCT
cblr-1762	554	39	shareholder	shareholder	NOUN
cblr-1762	554	40	power	power	NOUN
cblr-1762	554	41	and	and	CCONJ
cblr-1762	554	42	corporate	corporate	ADJ
cblr-1762	554	43	innovation	innovation	NOUN
cblr-1762	554	44	:	:	PUNCT
cblr-1762	554	45	evidence	evidence	NOUN
cblr-1762	554	46	from	from	ADP
cblr-1762	554	47	hedge	hedge	NOUN
cblr-1762	554	48	fund	fund	NOUN
cblr-1762	554	49	activism	activism	NOUN
cblr-1762	554	50	(	(	PUNCT
cblr-1762	554	51	kelley	kelley	PROPN
cblr-1762	554	52	sch	sch	PROPN
cblr-1762	554	53	.	.	PROPN
cblr-1762	554	54	of	of	ADP
cblr-1762	554	55	bus	bus	NOUN
cblr-1762	554	56	,	,	PUNCT
cblr-1762	554	57	,	,	PUNCT
cblr-1762	554	58	research	research	NOUN
cblr-1762	554	59	paper	paper	NOUN
cblr-1762	554	60	no	no	INTJ
cblr-1762	554	61	.	.	PROPN
cblr-1762	554	62	2014	2014	NUM
cblr-1762	554	63	-	-	SYM
cblr-1762	554	64	05	05	NUM
cblr-1762	554	65	,	,	PUNCT
cblr-1762	554	66	2014	2014	NUM
cblr-1762	554	67	)	)	PUNCT
cblr-1762	554	68	,	,	PUNCT
cblr-1762	554	69	http://papers.ssrn.com/sol3/papers.cfm?abstract	http://papers.ssrn.com/sol3/papers.cfm?abstract	NOUN
cblr-1762	554	70	_	_	PRON
cblr-1762	554	71	id=2409404	id=2409404	PROPN
cblr-1762	555	1	[	[	X
cblr-1762	555	2	http://perma.cc/zy5r-egmp	http://perma.cc/zy5r-egmp	X
cblr-1762	555	3	]	]	X
cblr-1762	555	4	(	(	PUNCT
cblr-1762	555	5	finding	find	VERB
cblr-1762	555	6	a	a	DET
cblr-1762	555	7	link	link	NOUN
cblr-1762	555	8	between	between	ADP
cblr-1762	555	9	improvements	improvement	NOUN
cblr-1762	555	10	in	in	ADP
cblr-1762	555	11	innovation	innovation	NOUN
cblr-1762	555	12	efficiency	efficiency	NOUN
cblr-1762	555	13	and	and	CCONJ
cblr-1762	555	14	hedge	hedge	NOUN
cblr-1762	555	15	fund	fund	NOUN
cblr-1762	555	16	activism	activism	NOUN
cblr-1762	555	17	at	at	ADP
cblr-1762	555	18	firms	firm	NOUN
cblr-1762	555	19	with	with	ADP
cblr-1762	555	20	a	a	DET
cblr-1762	555	21	diverse	diverse	ADJ
cblr-1762	555	22	set	set	NOUN
cblr-1762	555	23	of	of	ADP
cblr-1762	555	24	patents	patent	NOUN
cblr-1762	555	25	as	as	ADP
cblr-1762	555	26	a	a	DET
cblr-1762	555	27	result	result	NOUN
cblr-1762	555	28	of	of	ADP
cblr-1762	555	29	the	the	DET
cblr-1762	555	30	activism	activism	NOUN
cblr-1762	555	31	leading	lead	VERB
cblr-1762	555	32	to	to	ADP
cblr-1762	555	33	a	a	DET
cblr-1762	555	34	more	more	ADV
cblr-1762	555	35	targeted	target	VERB
cblr-1762	555	36	approach	approach	NOUN
cblr-1762	555	37	to	to	ADP
cblr-1762	555	38	innovation	innovation	NOUN
cblr-1762	555	39	)	)	PUNCT
cblr-1762	555	40	.	.	PUNCT
cblr-1762	556	1	according	accord	VERB
cblr-1762	556	2	to	to	ADP
cblr-1762	556	3	brav	brav	PROPN
cblr-1762	556	4	et	et	PROPN
cblr-1762	556	5	al	al	PROPN
cblr-1762	556	6	.	.	PROPN
cblr-1762	556	7	:	:	PUNCT
cblr-1762	557	1	the	the	DET
cblr-1762	557	2	improvement	improvement	NOUN
cblr-1762	557	3	in	in	ADP
cblr-1762	557	4	innovation	innovation	NOUN
cblr-1762	557	5	is	be	AUX
cblr-1762	557	6	not	not	PART
cblr-1762	557	7	uniform	uniform	ADJ
cblr-1762	557	8	across	across	ADP
cblr-1762	557	9	target	target	NOUN
cblr-1762	557	10	firms	firm	NOUN
cblr-1762	557	11	.	.	PUNCT
cblr-1762	558	1	it	it	PRON
cblr-1762	558	2	is	be	AUX
cblr-1762	558	3	driven	drive	VERB
cblr-1762	558	4	by	by	ADP
cblr-1762	558	5	firms	firm	NOUN
cblr-1762	558	6	that	that	PRON
cblr-1762	558	7	prior	prior	ADV
cblr-1762	558	8	to	to	ADP
cblr-1762	558	9	the	the	DET
cblr-1762	558	10	intervention	intervention	NOUN
cblr-1762	558	11	had	have	VERB
cblr-1762	558	12	a	a	DET
cblr-1762	558	13	diverse	diverse	ADJ
cblr-1762	558	14	set	set	NOUN
cblr-1762	558	15	of	of	ADP
cblr-1762	558	16	patents	patent	NOUN
cblr-1762	558	17	but	but	CCONJ
cblr-1762	558	18	after	after	ADP
cblr-1762	558	19	the	the	DET
cblr-1762	558	20	arrival	arrival	NOUN
cblr-1762	558	21	of	of	ADP
cblr-1762	558	22	activists	activist	NOUN
cblr-1762	558	23	choose	choose	VERB
cblr-1762	558	24	to	to	PART
cblr-1762	558	25	refocus	refocus	VERB
cblr-1762	558	26	,	,	PUNCT
cblr-1762	558	27	leading	lead	VERB
cblr-1762	558	28	to	to	ADP
cblr-1762	558	29	an	an	DET
cblr-1762	558	30	increase	increase	NOUN
cblr-1762	558	31	in	in	ADP
cblr-1762	558	32	patents	patent	NOUN
cblr-1762	558	33	and	and	CCONJ
cblr-1762	558	34	more	more	ADJ
cblr-1762	558	35	citations	citation	NOUN
cblr-1762	558	36	per	per	ADP
cblr-1762	558	37	patent	patent	NOUN
cblr-1762	558	38	.	.	PUNCT
cblr-1762	559	1	the	the	DET
cblr-1762	559	2	increase	increase	NOUN
cblr-1762	559	3	in	in	ADP
cblr-1762	559	4	innovation	innovation	NOUN
cblr-1762	559	5	is	be	AUX
cblr-1762	559	6	concentrated	concentrate	VERB
cblr-1762	559	7	in	in	ADP
cblr-1762	559	8	technological	technological	ADJ
cblr-1762	559	9	areas	area	NOUN
cblr-1762	559	10	that	that	PRON
cblr-1762	559	11	are	be	AUX
cblr-1762	559	12	central	central	ADJ
cblr-1762	559	13	to	to	ADP
cblr-1762	559	14	the	the	DET
cblr-1762	559	15	core	core	ADJ
cblr-1762	559	16	capabilities	capability	NOUN
cblr-1762	559	17	of	of	ADP
cblr-1762	559	18	the	the	DET
cblr-1762	559	19	target	target	NOUN
cblr-1762	559	20	firms	firm	NOUN
cblr-1762	559	21	.	.	PUNCT
cblr-1762	560	1	this	this	DET
cblr-1762	560	2	set	set	NOUN
cblr-1762	560	3	of	of	ADP
cblr-1762	560	4	results	result	NOUN
cblr-1762	560	5	constitutes	constitute	VERB
cblr-1762	560	6	preliminary	preliminary	ADJ
cblr-1762	560	7	evidence	evidence	NOUN
cblr-1762	560	8	that	that	SCONJ
cblr-1762	560	9	firms	firm	NOUN
cblr-1762	560	10	tend	tend	VERB
cblr-1762	560	11	to	to	PART
cblr-1762	560	12	improve	improve	VERB
cblr-1762	560	13	innovation	innovation	NOUN
cblr-1762	560	14	efficiency	efficiency	NOUN
cblr-1762	560	15	in	in	ADP
cblr-1762	560	16	the	the	DET
cblr-1762	560	17	period	period	NOUN
cblr-1762	560	18	following	follow	VERB
cblr-1762	560	19	intervention	intervention	NOUN
cblr-1762	560	20	.	.	PUNCT
cblr-1762	561	1	i	i	PRON
cblr-1762	561	2	d.	d.	PROPN
cblr-1762	561	3	at	at	ADP
cblr-1762	561	4	4	4	NUM
cblr-1762	561	5	.	.	PUNCT
cblr-1762	561	6	sharfman	sharfman	NOUN
cblr-1762	561	7	–	–	PUNCT
cblr-1762	561	8	final	final	ADJ
cblr-1762	561	9	no	no	NOUN
cblr-1762	561	10	.	.	PUNCT
cblr-1762	562	1	3:813	3:813	NUM
cblr-1762	562	2	]	]	X
cblr-1762	562	3	activist	activist	ADJ
cblr-1762	562	4	hedge	hedge	NOUN
cblr-1762	562	5	funds	fund	NOUN
cblr-1762	562	6	and	and	CCONJ
cblr-1762	562	7	long	long	ADJ
cblr-1762	562	8	-	-	PUNCT
cblr-1762	562	9	term	term	NOUN
cblr-1762	562	10	value	value	NOUN
cblr-1762	562	11	855	855	NUM
cblr-1762	562	12	a	a	DET
cblr-1762	562	13	more	more	ADV
cblr-1762	562	14	focused	focused	ADJ
cblr-1762	562	15	and	and	CCONJ
cblr-1762	562	16	efficient	efficient	ADJ
cblr-1762	562	17	approach	approach	NOUN
cblr-1762	562	18	to	to	ADP
cblr-1762	562	19	innovation,127	innovation,127	PROPN
cblr-1762	562	20	a	a	DET
cblr-1762	562	21	requirement	requirement	NOUN
cblr-1762	562	22	for	for	ADP
cblr-1762	562	23	long	long	ADJ
cblr-1762	562	24	-	-	PUNCT
cblr-1762	562	25	term	term	NOUN
cblr-1762	562	26	value	value	NOUN
cblr-1762	562	27	creation	creation	NOUN
cblr-1762	562	28	.	.	PUNCT
cblr-1762	563	1	however	however	ADV
cblr-1762	563	2	,	,	PUNCT
cblr-1762	563	3	we	we	PRON
cblr-1762	563	4	still	still	ADV
cblr-1762	563	5	do	do	AUX
cblr-1762	563	6	not	not	PART
cblr-1762	563	7	have	have	VERB
cblr-1762	563	8	an	an	DET
cblr-1762	563	9	explanation	explanation	NOUN
cblr-1762	563	10	for	for	ADP
cblr-1762	563	11	why	why	SCONJ
cblr-1762	563	12	there	there	PRON
cblr-1762	563	13	is	be	VERB
cblr-1762	563	14	such	such	DET
cblr-1762	563	15	an	an	DET
cblr-1762	563	16	absence	absence	NOUN
cblr-1762	563	17	of	of	ADP
cblr-1762	563	18	recommendations	recommendation	NOUN
cblr-1762	563	19	that	that	PRON
cblr-1762	563	20	involve	involve	VERB
cblr-1762	563	21	long	long	ADJ
cblr-1762	563	22	-	-	PUNCT
cblr-1762	563	23	term	term	NOUN
cblr-1762	563	24	investment	investment	NOUN
cblr-1762	563	25	.	.	PUNCT
cblr-1762	564	1	i	i	PRON
cblr-1762	564	2	propose	propose	VERB
cblr-1762	564	3	two	two	NUM
cblr-1762	564	4	interrelated	interrelated	ADJ
cblr-1762	564	5	explanations	explanation	NOUN
cblr-1762	564	6	for	for	ADP
cblr-1762	564	7	the	the	DET
cblr-1762	564	8	dearth	dearth	NOUN
cblr-1762	564	9	of	of	ADP
cblr-1762	564	10	these	these	DET
cblr-1762	564	11	types	type	NOUN
cblr-1762	564	12	of	of	ADP
cblr-1762	564	13	recommendations	recommendation	NOUN
cblr-1762	564	14	:	:	PUNCT
cblr-1762	564	15	first	first	ADV
cblr-1762	564	16	,	,	PUNCT
cblr-1762	564	17	the	the	DET
cblr-1762	564	18	cognitive	cognitive	ADJ
cblr-1762	564	19	limitations	limitation	NOUN
cblr-1762	564	20	and	and	CCONJ
cblr-1762	564	21	skill	skill	NOUN
cblr-1762	564	22	sets	set	NOUN
cblr-1762	564	23	of	of	ADP
cblr-1762	564	24	those	those	DET
cblr-1762	564	25	individuals	individual	NOUN
cblr-1762	564	26	who	who	PRON
cblr-1762	564	27	participate	participate	VERB
cblr-1762	564	28	as	as	ADP
cblr-1762	564	29	activist	activist	ADJ
cblr-1762	564	30	hedge	hedge	NOUN
cblr-1762	564	31	funds	fund	NOUN
cblr-1762	564	32	,	,	PUNCT
cblr-1762	564	33	and	and	CCONJ
cblr-1762	564	34	second	second	ADJ
cblr-1762	564	35	,	,	PUNCT
cblr-1762	564	36	and	and	CCONJ
cblr-1762	564	37	more	more	ADV
cblr-1762	564	38	importantly	importantly	ADV
cblr-1762	564	39	,	,	PUNCT
cblr-1762	564	40	the	the	DET
cblr-1762	564	41	limitations	limitation	NOUN
cblr-1762	564	42	of	of	ADP
cblr-1762	564	43	what	what	PRON
cblr-1762	564	44	stock	stock	NOUN
cblr-1762	564	45	market	market	NOUN
cblr-1762	564	46	signals	signal	NOUN
cblr-1762	564	47	can	can	AUX
cblr-1762	564	48	tell	tell	VERB
cblr-1762	564	49	us	we	PRON
cblr-1762	564	50	about	about	ADP
cblr-1762	564	51	company	company	NOUN
cblr-1762	564	52	performance	performance	NOUN
cblr-1762	564	53	and	and	CCONJ
cblr-1762	564	54	how	how	SCONJ
cblr-1762	564	55	that	that	PRON
cblr-1762	564	56	drives	drive	VERB
cblr-1762	564	57	both	both	CCONJ
cblr-1762	564	58	the	the	DET
cblr-1762	564	59	type	type	NOUN
cblr-1762	564	60	of	of	ADP
cblr-1762	564	61	individuals	individual	NOUN
cblr-1762	564	62	who	who	PRON
cblr-1762	564	63	participate	participate	VERB
cblr-1762	564	64	in	in	ADP
cblr-1762	564	65	hedge	hedge	NOUN
cblr-1762	564	66	fund	fund	NOUN
cblr-1762	564	67	activism	activism	NOUN
cblr-1762	564	68	and	and	CCONJ
cblr-1762	564	69	what	what	DET
cblr-1762	564	70	recommendations	recommendation	NOUN
cblr-1762	564	71	are	be	AUX
cblr-1762	564	72	made	make	VERB
cblr-1762	564	73	by	by	ADP
cblr-1762	564	74	activist	activist	ADJ
cblr-1762	564	75	hedge	hedge	NOUN
cblr-1762	564	76	funds	fund	NOUN
cblr-1762	564	77	.	.	PUNCT
cblr-1762	565	1	a.	a.	NOUN
cblr-1762	565	2	cognitive	cognitive	PROPN
cblr-1762	565	3	limitations	limitation	NOUN
cblr-1762	565	4	activist	activist	ADJ
cblr-1762	565	5	hedge	hedge	NOUN
cblr-1762	565	6	funds	fund	NOUN
cblr-1762	565	7	are	be	AUX
cblr-1762	565	8	very	very	ADV
cblr-1762	565	9	possibly	possibly	ADV
cblr-1762	565	10	better	well	ADJ
cblr-1762	565	11	at	at	ADP
cblr-1762	565	12	spotting	spot	VERB
cblr-1762	565	13	opportunities	opportunity	NOUN
cblr-1762	565	14	for	for	ADP
cblr-1762	565	15	disinvestment	disinvestment	NOUN
cblr-1762	565	16	than	than	ADP
cblr-1762	565	17	long	long	ADJ
cblr-1762	565	18	-	-	PUNCT
cblr-1762	565	19	term	term	NOUN
cblr-1762	565	20	investment	investment	NOUN
cblr-1762	565	21	.	.	PUNCT
cblr-1762	566	1	according	accord	VERB
cblr-1762	566	2	to	to	ADP
cblr-1762	566	3	walkling	walkling	NOUN
cblr-1762	566	4	:	:	PUNCT
cblr-1762	566	5	activists	activist	NOUN
cblr-1762	566	6	are	be	AUX
cblr-1762	566	7	not	not	PART
cblr-1762	566	8	by	by	ADP
cblr-1762	566	9	nature	nature	NOUN
cblr-1762	566	10	,	,	PUNCT
cblr-1762	566	11	build	build	VERB
cblr-1762	566	12	it	it	PRON
cblr-1762	566	13	,	,	PUNCT
cblr-1762	566	14	type	type	NOUN
cblr-1762	566	15	individuals	individual	NOUN
cblr-1762	566	16	.	.	PUNCT
cblr-1762	567	1	also	also	ADV
cblr-1762	567	2	,	,	PUNCT
cblr-1762	567	3	the	the	DET
cblr-1762	567	4	expertise	expertise	NOUN
cblr-1762	567	5	it	it	PRON
cblr-1762	567	6	takes	take	VERB
cblr-1762	567	7	to	to	PART
cblr-1762	567	8	recognize	recognize	VERB
cblr-1762	567	9	over	over	ADP
cblr-1762	567	10	investment	investment	NOUN
cblr-1762	567	11	is	be	AUX
cblr-1762	567	12	likely	likely	ADJ
cblr-1762	567	13	to	to	PART
cblr-1762	567	14	be	be	AUX
cblr-1762	567	15	more	more	ADV
cblr-1762	567	16	plentiful	plentiful	ADJ
cblr-1762	567	17	than	than	ADP
cblr-1762	567	18	the	the	DET
cblr-1762	567	19	type	type	NOUN
cblr-1762	567	20	of	of	ADP
cblr-1762	567	21	expertise	expertise	NOUN
cblr-1762	567	22	it	it	PRON
cblr-1762	567	23	takes	take	VERB
cblr-1762	567	24	to	to	PART
cblr-1762	567	25	build	build	VERB
cblr-1762	567	26	something	something	PRON
cblr-1762	567	27	.	.	PUNCT
cblr-1762	568	1	i	i	PRON
cblr-1762	568	2	’m	’m	AUX
cblr-1762	568	3	not	not	PART
cblr-1762	568	4	saying	say	VERB
cblr-1762	568	5	one	one	NUM
cblr-1762	568	6	of	of	ADP
cblr-1762	568	7	these	these	DET
cblr-1762	568	8	skills	skill	NOUN
cblr-1762	568	9	is	be	AUX
cblr-1762	568	10	more	more	ADV
cblr-1762	568	11	valuable	valuable	ADJ
cblr-1762	568	12	than	than	ADP
cblr-1762	568	13	the	the	DET
cblr-1762	568	14	other	other	ADJ
cblr-1762	568	15	,	,	PUNCT
cblr-1762	568	16	just	just	ADV
cblr-1762	568	17	that	that	SCONJ
cblr-1762	568	18	it	it	PRON
cblr-1762	568	19	is	be	AUX
cblr-1762	568	20	not	not	PART
cblr-1762	568	21	surprising	surprising	ADJ
cblr-1762	568	22	that	that	SCONJ
cblr-1762	568	23	activists	activist	NOUN
cblr-1762	568	24	do	do	AUX
cblr-1762	568	25	n’t	not	PART
cblr-1762	568	26	possess	possess	VERB
cblr-1762	568	27	these	these	DET
cblr-1762	568	28	skills.128	skills.128	NOUN
cblr-1762	568	29	the	the	DET
cblr-1762	568	30	limited	limited	ADJ
cblr-1762	568	31	skill	skill	NOUN
cblr-1762	568	32	set	set	VERB
cblr-1762	568	33	of	of	ADP
cblr-1762	568	34	hedge	hedge	NOUN
cblr-1762	568	35	fund	fund	NOUN
cblr-1762	568	36	activists	activist	NOUN
cblr-1762	568	37	should	should	AUX
cblr-1762	568	38	not	not	PART
cblr-1762	568	39	be	be	AUX
cblr-1762	568	40	surprising	surprising	ADJ
cblr-1762	568	41	.	.	PUNCT
cblr-1762	569	1	this	this	PRON
cblr-1762	569	2	is	be	AUX
cblr-1762	569	3	a	a	DET
cblr-1762	569	4	result	result	NOUN
cblr-1762	569	5	of	of	ADP
cblr-1762	569	6	the	the	DET
cblr-1762	569	7	limited	limited	ADJ
cblr-1762	569	8	types	type	NOUN
cblr-1762	569	9	of	of	ADP
cblr-1762	569	10	institutions	institution	NOUN
cblr-1762	569	11	that	that	PRON
cblr-1762	569	12	can	can	AUX
cblr-1762	569	13	participate	participate	VERB
cblr-1762	569	14	in	in	ADP
cblr-1762	569	15	hedge	hedge	NOUN
cblr-1762	569	16	fund	fund	NOUN
cblr-1762	569	17	activism	activism	NOUN
cblr-1762	569	18	relative	relative	ADJ
cblr-1762	569	19	to	to	ADP
cblr-1762	569	20	the	the	DET
cblr-1762	569	21	market	market	NOUN
cblr-1762	569	22	for	for	ADP
cblr-1762	569	23	corporate	corporate	ADJ
cblr-1762	569	24	control	control	NOUN
cblr-1762	569	25	.	.	PUNCT
cblr-1762	570	1	for	for	ADP
cblr-1762	570	2	example	example	NOUN
cblr-1762	570	3	,	,	PUNCT
cblr-1762	570	4	competitors	competitor	NOUN
cblr-1762	570	5	will	will	AUX
cblr-1762	570	6	not	not	PART
cblr-1762	570	7	participate	participate	VERB
cblr-1762	570	8	because	because	SCONJ
cblr-1762	570	9	they	they	PRON
cblr-1762	570	10	will	will	AUX
cblr-1762	570	11	not	not	PART
cblr-1762	570	12	want	want	VERB
cblr-1762	570	13	to	to	PART
cblr-1762	570	14	help	help	VERB
cblr-1762	570	15	the	the	DET
cblr-1762	570	16	competition	competition	NOUN
cblr-1762	570	17	without	without	ADP
cblr-1762	570	18	gaining	gain	VERB
cblr-1762	570	19	control	control	NOUN
cblr-1762	570	20	of	of	ADP
cblr-1762	570	21	the	the	DET
cblr-1762	570	22	target	target	NOUN
cblr-1762	570	23	.	.	PUNCT
cblr-1762	571	1	vendors	vendor	NOUN
cblr-1762	571	2	and	and	CCONJ
cblr-1762	571	3	customers	customer	NOUN
cblr-1762	571	4	will	will	AUX
cblr-1762	571	5	not	not	PART
cblr-1762	571	6	participate	participate	VERB
cblr-1762	571	7	because	because	SCONJ
cblr-1762	571	8	this	this	PRON
cblr-1762	571	9	will	will	AUX
cblr-1762	571	10	harm	harm	VERB
cblr-1762	571	11	the	the	DET
cblr-1762	571	12	relationship	relationship	NOUN
cblr-1762	571	13	they	they	PRON
cblr-1762	571	14	have	have	VERB
cblr-1762	571	15	with	with	ADP
cblr-1762	571	16	the	the	DET
cblr-1762	571	17	target	target	NOUN
cblr-1762	571	18	entity	entity	NOUN
cblr-1762	571	19	.	.	PUNCT
cblr-1762	572	1	competitors	competitor	NOUN
cblr-1762	572	2	,	,	PUNCT
cblr-1762	572	3	customers	customer	NOUN
cblr-1762	572	4	,	,	PUNCT
cblr-1762	572	5	and	and	CCONJ
cblr-1762	572	6	vendors	vendor	NOUN
cblr-1762	572	7	are	be	AUX
cblr-1762	572	8	the	the	DET
cblr-1762	572	9	types	type	NOUN
cblr-1762	572	10	of	of	ADP
cblr-1762	572	11	entities	entity	NOUN
cblr-1762	572	12	that	that	PRON
cblr-1762	572	13	employ	employ	VERB
cblr-1762	572	14	personnel	personnel	NOUN
cblr-1762	572	15	with	with	ADP
cblr-1762	572	16	true	true	ADJ
cblr-1762	572	17	insights	insight	NOUN
cblr-1762	572	18	into	into	ADP
cblr-1762	572	19	the	the	DET
cblr-1762	572	20	operations	operation	NOUN
cblr-1762	572	21	of	of	ADP
cblr-1762	572	22	the	the	DET
cblr-1762	572	23	target	target	NOUN
cblr-1762	572	24	127	127	NUM
cblr-1762	572	25	i	i	PROPN
cblr-1762	572	26	d.	d.	PROPN
cblr-1762	572	27	128	128	NUM
cblr-1762	572	28	walkling	walkle	VERB
cblr-1762	572	29	,	,	PUNCT
cblr-1762	572	30	supra	supra	PROPN
cblr-1762	572	31	note	note	NOUN
cblr-1762	572	32	121	121	NUM
cblr-1762	572	33	(	(	PUNCT
cblr-1762	572	34	emphasis	emphasis	NOUN
cblr-1762	572	35	added	add	VERB
cblr-1762	572	36	)	)	PUNCT
cblr-1762	572	37	.	.	PUNCT
cblr-1762	573	1	sharfman	sharfman	PROPN
cblr-1762	573	2	–	–	PUNCT
cblr-1762	573	3	final	final	ADJ
cblr-1762	573	4	856	856	NUM
cblr-1762	573	5	columbia	columbia	PROPN
cblr-1762	573	6	business	business	NOUN
cblr-1762	573	7	law	law	PROPN
cblr-1762	573	8	review	review	NOUN
cblr-1762	573	9	[	[	X
cblr-1762	573	10	vol	vol	NOUN
cblr-1762	573	11	.	.	NOUN
cblr-1762	573	12	2015	2015	NUM
cblr-1762	573	13	company	company	NOUN
cblr-1762	573	14	and	and	CCONJ
cblr-1762	573	15	who	who	PRON
cblr-1762	573	16	could	could	AUX
cblr-1762	573	17	make	make	VERB
cblr-1762	573	18	value	value	NOUN
cblr-1762	573	19	-	-	PUNCT
cblr-1762	573	20	added	add	VERB
cblr-1762	573	21	recommendations	recommendation	NOUN
cblr-1762	573	22	with	with	ADP
cblr-1762	573	23	regard	regard	NOUN
cblr-1762	573	24	to	to	ADP
cblr-1762	573	25	reinvigorating	reinvigorate	VERB
cblr-1762	573	26	product	product	NOUN
cblr-1762	573	27	lines	line	NOUN
cblr-1762	573	28	,	,	PUNCT
cblr-1762	573	29	expanding	expand	VERB
cblr-1762	573	30	output	output	NOUN
cblr-1762	573	31	,	,	PUNCT
cblr-1762	573	32	making	make	VERB
cblr-1762	573	33	new	new	ADJ
cblr-1762	573	34	investments	investment	NOUN
cblr-1762	573	35	in	in	ADP
cblr-1762	573	36	plant	plant	NOUN
cblr-1762	573	37	and	and	CCONJ
cblr-1762	573	38	equipment	equipment	NOUN
cblr-1762	573	39	,	,	PUNCT
cblr-1762	573	40	etc	etc	X
cblr-1762	573	41	.	.	X
cblr-1762	573	42	without	without	ADP
cblr-1762	573	43	these	these	DET
cblr-1762	573	44	types	type	NOUN
cblr-1762	573	45	of	of	ADP
cblr-1762	573	46	entities	entity	NOUN
cblr-1762	573	47	participating	participate	VERB
cblr-1762	573	48	in	in	ADP
cblr-1762	573	49	offensive	offensive	ADJ
cblr-1762	573	50	shareholder	shareholder	NOUN
cblr-1762	573	51	activism	activism	NOUN
cblr-1762	573	52	,	,	PUNCT
cblr-1762	573	53	what	what	PRON
cblr-1762	573	54	you	you	PRON
cblr-1762	573	55	have	have	AUX
cblr-1762	573	56	left	leave	VERB
cblr-1762	573	57	are	be	AUX
cblr-1762	573	58	the	the	DET
cblr-1762	573	59	financial	financial	ADJ
cblr-1762	573	60	engineers	engineer	NOUN
cblr-1762	573	61	employed	employ	VERB
cblr-1762	573	62	by	by	ADP
cblr-1762	573	63	hedge	hedge	NOUN
cblr-1762	573	64	funds	fund	NOUN
cblr-1762	573	65	.	.	PUNCT
cblr-1762	574	1	if	if	SCONJ
cblr-1762	574	2	true	true	ADJ
cblr-1762	574	3	,	,	PUNCT
cblr-1762	574	4	then	then	ADV
cblr-1762	574	5	this	this	PRON
cblr-1762	574	6	is	be	AUX
cblr-1762	574	7	not	not	PART
cblr-1762	574	8	necessarily	necessarily	ADV
cblr-1762	574	9	a	a	DET
cblr-1762	574	10	bad	bad	ADJ
cblr-1762	574	11	thing	thing	NOUN
cblr-1762	574	12	in	in	ADP
cblr-1762	574	13	terms	term	NOUN
cblr-1762	574	14	of	of	ADP
cblr-1762	574	15	recommendations	recommendation	NOUN
cblr-1762	574	16	,	,	PUNCT
cblr-1762	574	17	only	only	ADV
cblr-1762	574	18	a	a	DET
cblr-1762	574	19	limiting	limit	VERB
cblr-1762	574	20	one	one	NUM
cblr-1762	574	21	.	.	PUNCT
cblr-1762	575	1	if	if	SCONJ
cblr-1762	575	2	activists	activist	NOUN
cblr-1762	575	3	only	only	ADV
cblr-1762	575	4	have	have	VERB
cblr-1762	575	5	expertise	expertise	NOUN
cblr-1762	575	6	in	in	ADP
cblr-1762	575	7	financial	financial	ADJ
cblr-1762	575	8	restructuring	restructuring	NOUN
cblr-1762	575	9	,	,	PUNCT
cblr-1762	575	10	then	then	ADV
cblr-1762	575	11	we	we	PRON
cblr-1762	575	12	should	should	AUX
cblr-1762	575	13	hope	hope	VERB
cblr-1762	575	14	that	that	SCONJ
cblr-1762	575	15	their	their	PRON
cblr-1762	575	16	recommendations	recommendation	NOUN
cblr-1762	575	17	are	be	AUX
cblr-1762	575	18	confined	confine	VERB
cblr-1762	575	19	to	to	ADP
cblr-1762	575	20	the	the	DET
cblr-1762	575	21	financial	financial	ADJ
cblr-1762	575	22	arena	arena	NOUN
cblr-1762	575	23	and	and	CCONJ
cblr-1762	575	24	not	not	PART
cblr-1762	575	25	in	in	ADP
cblr-1762	575	26	such	such	ADJ
cblr-1762	575	27	areas	area	NOUN
cblr-1762	575	28	as	as	ADP
cblr-1762	575	29	directing	direct	VERB
cblr-1762	575	30	the	the	DET
cblr-1762	575	31	company	company	NOUN
cblr-1762	575	32	into	into	ADP
cblr-1762	575	33	a	a	DET
cblr-1762	575	34	new	new	ADJ
cblr-1762	575	35	area	area	NOUN
cblr-1762	575	36	of	of	ADP
cblr-1762	575	37	basic	basic	ADJ
cblr-1762	575	38	research	research	NOUN
cblr-1762	575	39	or	or	CCONJ
cblr-1762	575	40	product	product	NOUN
cblr-1762	575	41	development	development	NOUN
cblr-1762	575	42	.	.	PUNCT
cblr-1762	576	1	moreover	moreover	ADV
cblr-1762	576	2	,	,	PUNCT
cblr-1762	576	3	as	as	ADP
cblr-1762	576	4	comfort	comfort	NOUN
cblr-1762	576	5	to	to	ADP
cblr-1762	576	6	those	those	PRON
cblr-1762	576	7	who	who	PRON
cblr-1762	576	8	oppose	oppose	VERB
cblr-1762	576	9	hedge	hedge	NOUN
cblr-1762	576	10	fund	fund	PROPN
cblr-1762	576	11	activism	activism	NOUN
cblr-1762	576	12	,	,	PUNCT
cblr-1762	576	13	it	it	PRON
cblr-1762	576	14	would	would	AUX
cblr-1762	576	15	also	also	ADV
cblr-1762	576	16	seem	seem	VERB
cblr-1762	576	17	to	to	PART
cblr-1762	576	18	reduce	reduce	VERB
cblr-1762	576	19	the	the	DET
cblr-1762	576	20	opportunities	opportunity	NOUN
cblr-1762	576	21	for	for	ADP
cblr-1762	576	22	such	such	ADJ
cblr-1762	576	23	activism	activism	NOUN
cblr-1762	576	24	as	as	ADP
cblr-1762	576	25	opportunities	opportunity	NOUN
cblr-1762	576	26	for	for	ADP
cblr-1762	576	27	financial	financial	ADJ
cblr-1762	576	28	restructuring	restructuring	NOUN
cblr-1762	576	29	may	may	AUX
cblr-1762	576	30	not	not	PART
cblr-1762	576	31	be	be	AUX
cblr-1762	576	32	present	present	ADJ
cblr-1762	576	33	at	at	ADP
cblr-1762	576	34	all	all	DET
cblr-1762	576	35	companies	company	NOUN
cblr-1762	576	36	with	with	ADP
cblr-1762	576	37	managerial	managerial	ADJ
cblr-1762	576	38	inefficiencies	inefficiency	NOUN
cblr-1762	576	39	.	.	PUNCT
cblr-1762	577	1	most	most	ADV
cblr-1762	577	2	importantly	importantly	ADV
cblr-1762	577	3	,	,	PUNCT
cblr-1762	577	4	it	it	PRON
cblr-1762	577	5	is	be	AUX
cblr-1762	577	6	not	not	PART
cblr-1762	577	7	necessary	necessary	ADJ
cblr-1762	577	8	that	that	SCONJ
cblr-1762	577	9	activist	activist	ADJ
cblr-1762	577	10	hedge	hedge	NOUN
cblr-1762	577	11	funds	fund	NOUN
cblr-1762	577	12	provide	provide	VERB
cblr-1762	577	13	the	the	DET
cblr-1762	577	14	best	good	ADJ
cblr-1762	577	15	recommendations	recommendation	NOUN
cblr-1762	577	16	for	for	ADP
cblr-1762	577	17	moving	move	VERB
cblr-1762	577	18	a	a	DET
cblr-1762	577	19	company	company	NOUN
cblr-1762	577	20	forward	forward	ADV
cblr-1762	577	21	,	,	PUNCT
cblr-1762	577	22	only	only	ADV
cblr-1762	577	23	that	that	SCONJ
cblr-1762	577	24	the	the	DET
cblr-1762	577	25	recommendations	recommendation	NOUN
cblr-1762	577	26	move	move	VERB
cblr-1762	577	27	the	the	DET
cblr-1762	577	28	company	company	NOUN
cblr-1762	577	29	closer	close	ADV
cblr-1762	577	30	to	to	ADP
cblr-1762	577	31	maximizing	maximize	VERB
cblr-1762	577	32	the	the	DET
cblr-1762	577	33	net	net	ADJ
cblr-1762	577	34	present	present	ADJ
cblr-1762	577	35	value	value	NOUN
cblr-1762	577	36	of	of	ADP
cblr-1762	577	37	a	a	DET
cblr-1762	577	38	company	company	NOUN
cblr-1762	577	39	’s	’s	PART
cblr-1762	577	40	net	net	ADJ
cblr-1762	577	41	cash	cash	NOUN
cblr-1762	577	42	flows	flow	NOUN
cblr-1762	577	43	(	(	PUNCT
cblr-1762	577	44	long	long	ADJ
cblr-1762	577	45	-	-	PUNCT
cblr-1762	577	46	term	term	NOUN
cblr-1762	577	47	value	value	NOUN
cblr-1762	577	48	creation	creation	NOUN
cblr-1762	577	49	)	)	PUNCT
cblr-1762	577	50	relative	relative	ADJ
cblr-1762	577	51	to	to	ADP
cblr-1762	577	52	where	where	SCONJ
cblr-1762	577	53	it	it	PRON
cblr-1762	577	54	stands	stand	VERB
cblr-1762	577	55	today	today	NOUN
cblr-1762	577	56	.	.	PUNCT
cblr-1762	578	1	in	in	ADP
cblr-1762	578	2	sum	sum	NOUN
cblr-1762	578	3	,	,	PUNCT
cblr-1762	578	4	even	even	ADV
cblr-1762	578	5	if	if	SCONJ
cblr-1762	578	6	activist	activist	ADJ
cblr-1762	578	7	hedge	hedge	NOUN
cblr-1762	578	8	funds	fund	NOUN
cblr-1762	578	9	are	be	AUX
cblr-1762	578	10	limited	limit	VERB
cblr-1762	578	11	to	to	ADP
cblr-1762	578	12	making	make	VERB
cblr-1762	578	13	recommendations	recommendation	NOUN
cblr-1762	578	14	only	only	ADV
cblr-1762	578	15	in	in	ADP
cblr-1762	578	16	the	the	DET
cblr-1762	578	17	financial	financial	ADJ
cblr-1762	578	18	sphere	sphere	NOUN
cblr-1762	578	19	,	,	PUNCT
cblr-1762	578	20	they	they	PRON
cblr-1762	578	21	still	still	ADV
cblr-1762	578	22	can	can	AUX
cblr-1762	578	23	be	be	AUX
cblr-1762	578	24	of	of	ADP
cblr-1762	578	25	benefit	benefit	NOUN
cblr-1762	578	26	to	to	ADP
cblr-1762	578	27	public	public	ADJ
cblr-1762	578	28	company	company	NOUN
cblr-1762	578	29	decision	decision	NOUN
cblr-1762	578	30	-	-	PUNCT
cblr-1762	578	31	making	making	NOUN
cblr-1762	578	32	.	.	PUNCT
cblr-1762	579	1	b.	b.	VERB
cblr-1762	579	2	the	the	DET
cblr-1762	579	3	limitations	limitation	NOUN
cblr-1762	579	4	of	of	ADP
cblr-1762	579	5	stock	stock	NOUN
cblr-1762	579	6	market	market	NOUN
cblr-1762	579	7	signals	signal	VERB
cblr-1762	579	8	the	the	DET
cblr-1762	579	9	stock	stock	NOUN
cblr-1762	579	10	market	market	NOUN
cblr-1762	579	11	signals	signal	NOUN
cblr-1762	579	12	provided	provide	VERB
cblr-1762	579	13	by	by	ADP
cblr-1762	579	14	value	value	NOUN
cblr-1762	579	15	investors	investor	NOUN
cblr-1762	579	16	voting	vote	VERB
cblr-1762	579	17	with	with	ADP
cblr-1762	579	18	their	their	PRON
cblr-1762	579	19	feet	foot	NOUN
cblr-1762	579	20	inform	inform	VERB
cblr-1762	579	21	the	the	DET
cblr-1762	579	22	market	market	NOUN
cblr-1762	579	23	that	that	SCONJ
cblr-1762	579	24	managerial	managerial	ADJ
cblr-1762	579	25	inefficiencies	inefficiency	NOUN
cblr-1762	579	26	may	may	AUX
cblr-1762	579	27	exist	exist	VERB
cblr-1762	579	28	at	at	ADP
cblr-1762	579	29	a	a	DET
cblr-1762	579	30	public	public	ADJ
cblr-1762	579	31	company	company	NOUN
cblr-1762	579	32	.	.	PUNCT
cblr-1762	580	1	this	this	PRON
cblr-1762	580	2	does	do	AUX
cblr-1762	580	3	not	not	PART
cblr-1762	580	4	reflect	reflect	VERB
cblr-1762	580	5	well	well	ADV
cblr-1762	580	6	on	on	ADP
cblr-1762	580	7	current	current	ADJ
cblr-1762	580	8	management	management	NOUN
cblr-1762	580	9	.	.	PUNCT
cblr-1762	581	1	in	in	ADP
cblr-1762	581	2	henry	henry	PROPN
cblr-1762	581	3	manne	manne	PROPN
cblr-1762	581	4	’s	’s	PART
cblr-1762	581	5	world	world	NOUN
cblr-1762	581	6	of	of	ADP
cblr-1762	581	7	corporate	corporate	ADJ
cblr-1762	581	8	control	control	NOUN
cblr-1762	581	9	,	,	PUNCT
cblr-1762	581	10	this	this	PRON
cblr-1762	581	11	would	would	AUX
cblr-1762	581	12	mean	mean	VERB
cblr-1762	581	13	that	that	SCONJ
cblr-1762	581	14	the	the	DET
cblr-1762	581	15	company	company	NOUN
cblr-1762	581	16	is	be	AUX
cblr-1762	581	17	ripe	ripe	ADJ
cblr-1762	581	18	for	for	ADP
cblr-1762	581	19	a	a	DET
cblr-1762	581	20	takeover	takeover	NOUN
cblr-1762	581	21	so	so	SCONJ
cblr-1762	581	22	that	that	SCONJ
cblr-1762	581	23	current	current	ADJ
cblr-1762	581	24	management	management	NOUN
cblr-1762	581	25	can	can	AUX
cblr-1762	581	26	be	be	AUX
cblr-1762	581	27	replaced.129	replaced.129	ADJ
cblr-1762	581	28	in	in	ADP
cblr-1762	581	29	the	the	DET
cblr-1762	581	30	world	world	NOUN
cblr-1762	581	31	of	of	ADP
cblr-1762	581	32	shareholder	shareholder	NOUN
cblr-1762	581	33	activism	activism	NOUN
cblr-1762	581	34	,	,	PUNCT
cblr-1762	581	35	such	such	ADJ
cblr-1762	581	36	signals	signal	NOUN
cblr-1762	581	37	create	create	VERB
cblr-1762	581	38	a	a	DET
cblr-1762	581	39	similar	similar	ADJ
cblr-1762	581	40	message	message	NOUN
cblr-1762	581	41	,	,	PUNCT
cblr-1762	581	42	a	a	DET
cblr-1762	581	43	presumption	presumption	NOUN
cblr-1762	581	44	that	that	SCONJ
cblr-1762	581	45	either	either	CCONJ
cblr-1762	581	46	current	current	ADJ
cblr-1762	581	47	management	management	NOUN
cblr-1762	581	48	needs	need	VERB
cblr-1762	581	49	to	to	PART
cblr-1762	581	50	be	be	AUX
cblr-1762	581	51	replaced	replace	VERB
cblr-1762	581	52	,	,	PUNCT
cblr-1762	581	53	or	or	CCONJ
cblr-1762	581	54	at	at	ADP
cblr-1762	581	55	the	the	DET
cblr-1762	581	56	very	very	ADV
cblr-1762	581	57	least	least	ADJ
cblr-1762	581	58	given	give	VERB
cblr-1762	581	59	less	less	ADJ
cblr-1762	581	60	responsibility	responsibility	NOUN
cblr-1762	581	61	in	in	ADP
cblr-1762	581	62	terms	term	NOUN
cblr-1762	581	63	of	of	ADP
cblr-1762	581	64	managing	manage	VERB
cblr-1762	581	65	company	company	NOUN
cblr-1762	581	66	129	129	NUM
cblr-1762	581	67	see	see	VERB
cblr-1762	581	68	manne	manne	PROPN
cblr-1762	581	69	,	,	PUNCT
cblr-1762	581	70	supra	supra	PROPN
cblr-1762	581	71	note	note	PROPN
cblr-1762	581	72	52	52	NUM
cblr-1762	581	73	,	,	PUNCT
cblr-1762	581	74	at	at	ADP
cblr-1762	581	75	112–13	112–13	NUM
cblr-1762	581	76	.	.	PUNCT
cblr-1762	582	1	sharfman	sharfman	NOUN
cblr-1762	582	2	–	–	PUNCT
cblr-1762	582	3	final	final	ADJ
cblr-1762	582	4	no	no	NOUN
cblr-1762	582	5	.	.	PUNCT
cblr-1762	583	1	3:813	3:813	NUM
cblr-1762	583	2	]	]	X
cblr-1762	583	3	activist	activist	ADJ
cblr-1762	583	4	hedge	hedge	NOUN
cblr-1762	583	5	funds	fund	NOUN
cblr-1762	583	6	and	and	CCONJ
cblr-1762	583	7	long	long	ADJ
cblr-1762	583	8	-	-	PUNCT
cblr-1762	583	9	term	term	NOUN
cblr-1762	583	10	value	value	NOUN
cblr-1762	583	11	857	857	NUM
cblr-1762	583	12	assets	asset	NOUN
cblr-1762	583	13	.	.	PUNCT
cblr-1762	584	1	that	that	PRON
cblr-1762	584	2	is	be	AUX
cblr-1762	584	3	,	,	PUNCT
cblr-1762	584	4	value	value	NOUN
cblr-1762	584	5	investors	investor	NOUN
cblr-1762	584	6	are	be	AUX
cblr-1762	584	7	telling	tell	VERB
cblr-1762	584	8	the	the	DET
cblr-1762	584	9	rest	rest	NOUN
cblr-1762	584	10	of	of	ADP
cblr-1762	584	11	the	the	DET
cblr-1762	584	12	stock	stock	NOUN
cblr-1762	584	13	market	market	NOUN
cblr-1762	584	14	that	that	PRON
cblr-1762	584	15	a	a	DET
cblr-1762	584	16	particular	particular	ADJ
cblr-1762	584	17	public	public	ADJ
cblr-1762	584	18	company	company	NOUN
cblr-1762	584	19	is	be	AUX
cblr-1762	584	20	ripe	ripe	ADJ
cblr-1762	584	21	for	for	ADP
cblr-1762	584	22	disinvestment	disinvestment	NOUN
cblr-1762	584	23	.	.	PUNCT
cblr-1762	585	1	they	they	PRON
cblr-1762	585	2	are	be	AUX
cblr-1762	585	3	not	not	PART
cblr-1762	585	4	providing	provide	VERB
cblr-1762	585	5	specifics	specific	NOUN
cblr-1762	585	6	,	,	PUNCT
cblr-1762	585	7	only	only	ADV
cblr-1762	585	8	general	general	ADJ
cblr-1762	585	9	signals	signal	NOUN
cblr-1762	585	10	that	that	PRON
cblr-1762	585	11	disinvestment	disinvestment	NOUN
cblr-1762	585	12	should	should	AUX
cblr-1762	585	13	occur	occur	VERB
cblr-1762	585	14	based	base	VERB
cblr-1762	585	15	on	on	ADP
cblr-1762	585	16	the	the	DET
cblr-1762	585	17	information	information	NOUN
cblr-1762	585	18	that	that	PRON
cblr-1762	585	19	it	it	PRON
cblr-1762	585	20	has	have	VERB
cblr-1762	585	21	on	on	ADP
cblr-1762	585	22	hand	hand	NOUN
cblr-1762	585	23	.	.	PUNCT
cblr-1762	586	1	these	these	PRON
cblr-1762	586	2	are	be	AUX
cblr-1762	586	3	the	the	DET
cblr-1762	586	4	kind	kind	NOUN
cblr-1762	586	5	of	of	ADP
cblr-1762	586	6	signals	signal	NOUN
cblr-1762	586	7	and	and	CCONJ
cblr-1762	586	8	information	information	NOUN
cblr-1762	586	9	that	that	SCONJ
cblr-1762	586	10	activist	activist	ADJ
cblr-1762	586	11	hedge	hedge	NOUN
cblr-1762	586	12	funds	fund	NOUN
cblr-1762	586	13	are	be	AUX
cblr-1762	586	14	responding	respond	VERB
cblr-1762	586	15	to	to	ADP
cblr-1762	586	16	when	when	SCONJ
cblr-1762	586	17	buying	buy	VERB
cblr-1762	586	18	significant	significant	ADJ
cblr-1762	586	19	amounts	amount	NOUN
cblr-1762	586	20	of	of	ADP
cblr-1762	586	21	company	company	NOUN
cblr-1762	586	22	stock	stock	NOUN
cblr-1762	586	23	and	and	CCONJ
cblr-1762	586	24	then	then	ADV
cblr-1762	586	25	making	make	VERB
cblr-1762	586	26	their	their	PRON
cblr-1762	586	27	recommendations	recommendation	NOUN
cblr-1762	586	28	for	for	ADP
cblr-1762	586	29	change	change	NOUN
cblr-1762	586	30	.	.	PUNCT
cblr-1762	587	1	therefore	therefore	ADV
cblr-1762	587	2	,	,	PUNCT
cblr-1762	587	3	it	it	PRON
cblr-1762	587	4	is	be	AUX
cblr-1762	587	5	not	not	PART
cblr-1762	587	6	surprising	surprising	ADJ
cblr-1762	587	7	that	that	SCONJ
cblr-1762	587	8	the	the	DET
cblr-1762	587	9	recommendations	recommendation	NOUN
cblr-1762	587	10	of	of	ADP
cblr-1762	587	11	activist	activist	ADJ
cblr-1762	587	12	hedge	hedge	NOUN
cblr-1762	587	13	funds	fund	NOUN
cblr-1762	587	14	will	will	AUX
cblr-1762	587	15	focus	focus	VERB
cblr-1762	587	16	on	on	ADP
cblr-1762	587	17	trying	try	VERB
cblr-1762	587	18	to	to	PART
cblr-1762	587	19	reduce	reduce	VERB
cblr-1762	587	20	the	the	DET
cblr-1762	587	21	amount	amount	NOUN
cblr-1762	587	22	of	of	ADP
cblr-1762	587	23	assets	asset	NOUN
cblr-1762	587	24	under	under	ADP
cblr-1762	587	25	current	current	ADJ
cblr-1762	587	26	management	management	NOUN
cblr-1762	587	27	.	.	PUNCT
cblr-1762	588	1	if	if	SCONJ
cblr-1762	588	2	value	value	NOUN
cblr-1762	588	3	investors	investor	NOUN
cblr-1762	588	4	are	be	AUX
cblr-1762	588	5	signaling	signal	VERB
cblr-1762	588	6	that	that	SCONJ
cblr-1762	588	7	current	current	ADJ
cblr-1762	588	8	management	management	NOUN
cblr-1762	588	9	should	should	AUX
cblr-1762	588	10	be	be	AUX
cblr-1762	588	11	handling	handle	VERB
cblr-1762	588	12	fewer	few	ADJ
cblr-1762	588	13	assets	asset	NOUN
cblr-1762	588	14	,	,	PUNCT
cblr-1762	588	15	not	not	PART
cblr-1762	588	16	more	more	ADJ
cblr-1762	588	17	,	,	PUNCT
cblr-1762	588	18	then	then	ADV
cblr-1762	588	19	it	it	PRON
cblr-1762	588	20	is	be	AUX
cblr-1762	588	21	up	up	ADP
cblr-1762	588	22	to	to	ADP
cblr-1762	588	23	current	current	ADJ
cblr-1762	588	24	management	management	NOUN
cblr-1762	588	25	to	to	PART
cblr-1762	588	26	make	make	VERB
cblr-1762	588	27	its	its	PRON
cblr-1762	588	28	case	case	NOUN
cblr-1762	588	29	to	to	ADP
cblr-1762	588	30	the	the	DET
cblr-1762	588	31	independent	independent	ADJ
cblr-1762	588	32	board	board	NOUN
cblr-1762	588	33	that	that	SCONJ
cblr-1762	588	34	this	this	PRON
cblr-1762	588	35	is	be	AUX
cblr-1762	588	36	not	not	PART
cblr-1762	588	37	true	true	ADJ
cblr-1762	588	38	.	.	PUNCT
cblr-1762	589	1	the	the	DET
cblr-1762	589	2	board	board	NOUN
cblr-1762	589	3	then	then	ADV
cblr-1762	589	4	must	must	AUX
cblr-1762	589	5	make	make	VERB
cblr-1762	589	6	a	a	DET
cblr-1762	589	7	determination	determination	NOUN
cblr-1762	589	8	of	of	ADP
cblr-1762	589	9	who	who	PRON
cblr-1762	589	10	is	be	AUX
cblr-1762	589	11	right	right	ADJ
cblr-1762	589	12	.	.	PUNCT
cblr-1762	590	1	if	if	SCONJ
cblr-1762	590	2	the	the	DET
cblr-1762	590	3	board	board	NOUN
cblr-1762	590	4	determines	determine	VERB
cblr-1762	590	5	that	that	SCONJ
cblr-1762	590	6	the	the	DET
cblr-1762	590	7	value	value	NOUN
cblr-1762	590	8	investors	investor	NOUN
cblr-1762	590	9	are	be	AUX
cblr-1762	590	10	correct	correct	ADJ
cblr-1762	590	11	,	,	PUNCT
cblr-1762	590	12	then	then	ADV
cblr-1762	590	13	the	the	DET
cblr-1762	590	14	board	board	NOUN
cblr-1762	590	15	can	can	AUX
cblr-1762	590	16	take	take	VERB
cblr-1762	590	17	the	the	DET
cblr-1762	590	18	appropriate	appropriate	ADJ
cblr-1762	590	19	action	action	NOUN
cblr-1762	590	20	.	.	PUNCT
cblr-1762	591	1	for	for	ADP
cblr-1762	591	2	example	example	NOUN
cblr-1762	591	3	,	,	PUNCT
cblr-1762	591	4	the	the	DET
cblr-1762	591	5	board	board	NOUN
cblr-1762	591	6	may	may	AUX
cblr-1762	591	7	prepare	prepare	VERB
cblr-1762	591	8	the	the	DET
cblr-1762	591	9	company	company	NOUN
cblr-1762	591	10	for	for	ADP
cblr-1762	591	11	sale	sale	NOUN
cblr-1762	591	12	so	so	SCONJ
cblr-1762	591	13	a	a	DET
cblr-1762	591	14	new	new	ADJ
cblr-1762	591	15	management	management	NOUN
cblr-1762	591	16	team	team	NOUN
cblr-1762	591	17	can	can	AUX
cblr-1762	591	18	raise	raise	VERB
cblr-1762	591	19	the	the	DET
cblr-1762	591	20	level	level	NOUN
cblr-1762	591	21	of	of	ADP
cblr-1762	591	22	company	company	NOUN
cblr-1762	591	23	productivity	productivity	NOUN
cblr-1762	591	24	,	,	PUNCT
cblr-1762	591	25	spin	spin	VERB
cblr-1762	591	26	off	off	ADP
cblr-1762	591	27	subsidiaries	subsidiary	NOUN
cblr-1762	591	28	or	or	CCONJ
cblr-1762	591	29	divisions	division	NOUN
cblr-1762	591	30	,	,	PUNCT
cblr-1762	591	31	increase	increase	VERB
cblr-1762	591	32	the	the	DET
cblr-1762	591	33	cash	cash	NOUN
cblr-1762	591	34	dividend	dividend	NOUN
cblr-1762	591	35	,	,	PUNCT
cblr-1762	591	36	enter	enter	VERB
cblr-1762	591	37	into	into	ADP
cblr-1762	591	38	stock	stock	NOUN
cblr-1762	591	39	buybacks	buyback	NOUN
cblr-1762	591	40	to	to	PART
cblr-1762	591	41	reduce	reduce	VERB
cblr-1762	591	42	excess	excess	ADJ
cblr-1762	591	43	cash	cash	NOUN
cblr-1762	591	44	holdings	holding	NOUN
cblr-1762	591	45	,	,	PUNCT
cblr-1762	591	46	reduce	reduce	VERB
cblr-1762	591	47	basic	basic	ADJ
cblr-1762	591	48	research	research	NOUN
cblr-1762	591	49	,	,	PUNCT
cblr-1762	591	50	etc	etc	X
cblr-1762	591	51	.	.	X
cblr-1762	592	1	all	all	PRON
cblr-1762	592	2	would	would	AUX
cblr-1762	592	3	be	be	AUX
cblr-1762	592	4	ways	way	NOUN
cblr-1762	592	5	of	of	ADP
cblr-1762	592	6	accomplishing	accomplish	VERB
cblr-1762	592	7	the	the	DET
cblr-1762	592	8	task	task	NOUN
cblr-1762	592	9	of	of	ADP
cblr-1762	592	10	reducing	reduce	VERB
cblr-1762	592	11	assets	asset	NOUN
cblr-1762	592	12	under	under	ADP
cblr-1762	592	13	current	current	ADJ
cblr-1762	592	14	management	management	NOUN
cblr-1762	592	15	.	.	PUNCT
cblr-1762	593	1	such	such	ADJ
cblr-1762	593	2	recommendations	recommendation	NOUN
cblr-1762	593	3	are	be	AUX
cblr-1762	593	4	indeed	indeed	ADV
cblr-1762	593	5	the	the	DET
cblr-1762	593	6	specialty	specialty	NOUN
cblr-1762	593	7	of	of	ADP
cblr-1762	593	8	financial	financial	ADJ
cblr-1762	593	9	engineers	engineer	NOUN
cblr-1762	593	10	,	,	PUNCT
cblr-1762	593	11	and	and	CCONJ
cblr-1762	593	12	correctly	correctly	ADV
cblr-1762	593	13	so	so	ADV
cblr-1762	593	14	.	.	PUNCT
cblr-1762	594	1	c.	c.	PROPN
cblr-1762	594	2	the	the	DET
cblr-1762	594	3	board	board	NOUN
cblr-1762	594	4	’s	’s	PART
cblr-1762	594	5	response	response	NOUN
cblr-1762	594	6	to	to	ADP
cblr-1762	594	7	recommendations	recommendation	NOUN
cblr-1762	594	8	the	the	DET
cblr-1762	594	9	recommendations	recommendation	NOUN
cblr-1762	594	10	provided	provide	VERB
cblr-1762	594	11	by	by	ADP
cblr-1762	594	12	the	the	DET
cblr-1762	594	13	activist	activist	ADJ
cblr-1762	594	14	hedge	hedge	NOUN
cblr-1762	594	15	fund	fund	NOUN
cblr-1762	594	16	are	be	AUX
cblr-1762	594	17	based	base	VERB
cblr-1762	594	18	on	on	ADP
cblr-1762	594	19	the	the	DET
cblr-1762	594	20	foundation	foundation	NOUN
cblr-1762	594	21	provided	provide	VERB
cblr-1762	594	22	by	by	ADP
cblr-1762	594	23	value	value	NOUN
cblr-1762	594	24	investors	investor	NOUN
cblr-1762	594	25	voting	vote	VERB
cblr-1762	594	26	with	with	ADP
cblr-1762	594	27	their	their	PRON
cblr-1762	594	28	feet	foot	NOUN
cblr-1762	594	29	,	,	PUNCT
cblr-1762	594	30	signaling	signal	VERB
cblr-1762	594	31	the	the	DET
cblr-1762	594	32	market	market	NOUN
cblr-1762	594	33	of	of	ADP
cblr-1762	594	34	managerial	managerial	ADJ
cblr-1762	594	35	inefficiencies	inefficiency	NOUN
cblr-1762	594	36	at	at	ADP
cblr-1762	594	37	a	a	DET
cblr-1762	594	38	public	public	ADJ
cblr-1762	594	39	company	company	NOUN
cblr-1762	594	40	,	,	PUNCT
cblr-1762	594	41	and	and	CCONJ
cblr-1762	594	42	causing	cause	VERB
cblr-1762	594	43	a	a	DET
cblr-1762	594	44	stock	stock	NOUN
cblr-1762	594	45	price	price	NOUN
cblr-1762	594	46	decline	decline	NOUN
cblr-1762	594	47	.	.	PUNCT
cblr-1762	595	1	however	however	ADV
cblr-1762	595	2	,	,	PUNCT
cblr-1762	595	3	the	the	DET
cblr-1762	595	4	signals	signal	NOUN
cblr-1762	595	5	provided	provide	VERB
cblr-1762	595	6	by	by	ADP
cblr-1762	595	7	value	value	NOUN
cblr-1762	595	8	investors	investor	NOUN
cblr-1762	595	9	will	will	AUX
cblr-1762	595	10	typically	typically	ADV
cblr-1762	595	11	lack	lack	VERB
cblr-1762	595	12	specificity.130	specificity.130	ADV
cblr-1762	595	13	by	by	ADP
cblr-1762	595	14	contrast	contrast	NOUN
cblr-1762	595	15	,	,	PUNCT
cblr-1762	595	16	the	the	DET
cblr-1762	595	17	130	130	NUM
cblr-1762	595	18	see	see	NOUN
cblr-1762	595	19	jeffrey	jeffrey	PROPN
cblr-1762	595	20	n.	n.	PROPN
cblr-1762	595	21	gordon	gordon	PROPN
cblr-1762	595	22	,	,	PUNCT
cblr-1762	595	23	the	the	DET
cblr-1762	595	24	shaping	shape	VERB
cblr-1762	595	25	force	force	NOUN
cblr-1762	595	26	of	of	ADP
cblr-1762	595	27	corporate	corporate	ADJ
cblr-1762	595	28	law	law	NOUN
cblr-1762	595	29	in	in	ADP
cblr-1762	595	30	the	the	DET
cblr-1762	595	31	new	new	ADJ
cblr-1762	595	32	economic	economic	ADJ
cblr-1762	595	33	order	order	NOUN
cblr-1762	595	34	,	,	PUNCT
cblr-1762	595	35	31	31	NUM
cblr-1762	595	36	u.	u.	NOUN
cblr-1762	595	37	rich	rich	PROPN
cblr-1762	595	38	.	.	PUNCT
cblr-1762	596	1	l.	l.	PROPN
cblr-1762	596	2	rev	rev	PROPN
cblr-1762	596	3	.	.	PROPN
cblr-1762	596	4	1473	1473	NUM
cblr-1762	596	5	,	,	PUNCT
cblr-1762	596	6	1486	1486	NUM
cblr-1762	596	7	(	(	PUNCT
cblr-1762	596	8	1997	1997	NUM
cblr-1762	596	9	)	)	PUNCT
cblr-1762	596	10	(	(	PUNCT
cblr-1762	596	11	“	"	PUNCT
cblr-1762	596	12	stock	stock	NOUN
cblr-1762	596	13	prices	price	NOUN
cblr-1762	596	14	are	be	AUX
cblr-1762	596	15	indeed	indeed	ADV
cblr-1762	596	16	imperfect	imperfect	ADJ
cblr-1762	596	17	signals	signal	NOUN
cblr-1762	596	18	,	,	PUNCT
cblr-1762	596	19	noisy	noisy	ADV
cblr-1762	596	20	both	both	PRON
cblr-1762	596	21	because	because	SCONJ
cblr-1762	596	22	of	of	ADP
cblr-1762	596	23	private	private	ADJ
cblr-1762	596	24	information	information	NOUN
cblr-1762	596	25	withheld	withhold	VERB
cblr-1762	596	26	from	from	ADP
cblr-1762	596	27	markets	market	NOUN
cblr-1762	596	28	for	for	ADP
cblr-1762	596	29	competitive	competitive	ADJ
cblr-1762	596	30	reasons	reason	NOUN
cblr-1762	596	31	and	and	CCONJ
cblr-1762	596	32	because	because	SCONJ
cblr-1762	596	33	of	of	ADP
cblr-1762	596	34	market	market	NOUN
cblr-1762	596	35	sharfman	sharfman	NOUN
cblr-1762	596	36	–	–	PUNCT
cblr-1762	597	1	final	final	ADJ
cblr-1762	597	2	858	858	NUM
cblr-1762	597	3	columbia	columbia	PROPN
cblr-1762	597	4	business	business	NOUN
cblr-1762	597	5	law	law	PROPN
cblr-1762	597	6	review	review	NOUN
cblr-1762	597	7	[	[	X
cblr-1762	597	8	vol	vol	NOUN
cblr-1762	597	9	.	.	NOUN
cblr-1762	597	10	2015	2015	NUM
cblr-1762	597	11	recommendations	recommendation	NOUN
cblr-1762	597	12	provided	provide	VERB
cblr-1762	597	13	by	by	ADP
cblr-1762	597	14	the	the	DET
cblr-1762	597	15	activist	activist	ADJ
cblr-1762	597	16	hedge	hedge	NOUN
cblr-1762	597	17	fund	fund	NOUN
cblr-1762	597	18	are	be	AUX
cblr-1762	597	19	much	much	ADV
cblr-1762	597	20	more	more	ADV
cblr-1762	597	21	specific	specific	ADJ
cblr-1762	597	22	,	,	PUNCT
cblr-1762	597	23	helping	help	VERB
cblr-1762	597	24	the	the	DET
cblr-1762	597	25	board	board	NOUN
cblr-1762	597	26	in	in	ADP
cblr-1762	597	27	its	its	PRON
cblr-1762	597	28	monitoring	monitoring	NOUN
cblr-1762	597	29	of	of	ADP
cblr-1762	597	30	executive	executive	ADJ
cblr-1762	597	31	management	management	NOUN
cblr-1762	597	32	.	.	PUNCT
cblr-1762	598	1	moreover	moreover	ADV
cblr-1762	598	2	,	,	PUNCT
cblr-1762	598	3	the	the	DET
cblr-1762	598	4	recommendations	recommendation	NOUN
cblr-1762	598	5	provided	provide	VERB
cblr-1762	598	6	by	by	ADP
cblr-1762	598	7	the	the	DET
cblr-1762	598	8	activist	activist	ADJ
cblr-1762	598	9	hedge	hedge	NOUN
cblr-1762	598	10	fund	fund	PROPN
cblr-1762	598	11	,	,	PUNCT
cblr-1762	598	12	even	even	ADV
cblr-1762	598	13	if	if	SCONJ
cblr-1762	598	14	they	they	PRON
cblr-1762	598	15	exclusively	exclusively	ADV
cblr-1762	598	16	target	target	VERB
cblr-1762	598	17	financial	financial	ADJ
cblr-1762	598	18	restructuring	restructuring	NOUN
cblr-1762	598	19	,	,	PUNCT
cblr-1762	598	20	help	help	VERB
cblr-1762	598	21	the	the	DET
cblr-1762	598	22	board	board	NOUN
cblr-1762	598	23	frame	frame	VERB
cblr-1762	598	24	its	its	PRON
cblr-1762	598	25	discussion	discussion	NOUN
cblr-1762	598	26	with	with	ADP
cblr-1762	598	27	executive	executive	ADJ
cblr-1762	598	28	management	management	NOUN
cblr-1762	598	29	in	in	ADP
cblr-1762	598	30	regard	regard	NOUN
cblr-1762	598	31	to	to	ADP
cblr-1762	598	32	reviewing	review	VERB
cblr-1762	598	33	the	the	DET
cblr-1762	598	34	company	company	NOUN
cblr-1762	598	35	’s	’s	PART
cblr-1762	598	36	current	current	ADJ
cblr-1762	598	37	strategies	strategy	NOUN
cblr-1762	598	38	for	for	ADP
cblr-1762	598	39	long	long	ADJ
cblr-1762	598	40	-	-	PUNCT
cblr-1762	598	41	term	term	NOUN
cblr-1762	598	42	value	value	NOUN
cblr-1762	598	43	creation	creation	NOUN
cblr-1762	598	44	and	and	CCONJ
cblr-1762	598	45	whether	whether	SCONJ
cblr-1762	598	46	or	or	CCONJ
cblr-1762	598	47	not	not	PART
cblr-1762	598	48	a	a	DET
cblr-1762	598	49	change	change	NOUN
cblr-1762	598	50	is	be	AUX
cblr-1762	598	51	warranted	warrant	VERB
cblr-1762	598	52	.	.	PUNCT
cblr-1762	599	1	this	this	PRON
cblr-1762	599	2	has	have	VERB
cblr-1762	599	3	to	to	PART
cblr-1762	599	4	be	be	AUX
cblr-1762	599	5	a	a	DET
cblr-1762	599	6	help	help	NOUN
cblr-1762	599	7	to	to	ADP
cblr-1762	599	8	the	the	DET
cblr-1762	599	9	board	board	NOUN
cblr-1762	599	10	in	in	ADP
cblr-1762	599	11	its	its	PRON
cblr-1762	599	12	quest	quest	NOUN
cblr-1762	599	13	for	for	ADP
cblr-1762	599	14	long	long	ADJ
cblr-1762	599	15	-	-	PUNCT
cblr-1762	599	16	term	term	NOUN
cblr-1762	599	17	value	value	NOUN
cblr-1762	599	18	creation	creation	NOUN
cblr-1762	599	19	.	.	PUNCT
cblr-1762	600	1	viii	viii	PROPN
cblr-1762	600	2	.	.	PUNCT
cblr-1762	600	3	conclusion	conclusion	NOUN
cblr-1762	600	4	though	though	SCONJ
cblr-1762	600	5	most	most	ADJ
cblr-1762	600	6	information	information	NOUN
cblr-1762	600	7	traders	trader	NOUN
cblr-1762	600	8	will	will	AUX
cblr-1762	600	9	vote	vote	VERB
cblr-1762	600	10	with	with	ADP
cblr-1762	600	11	their	their	PRON
cblr-1762	600	12	feet	foot	NOUN
cblr-1762	600	13	when	when	SCONJ
cblr-1762	600	14	suspected	suspect	VERB
cblr-1762	600	15	managerial	managerial	ADJ
cblr-1762	600	16	efficiencies	efficiency	NOUN
cblr-1762	600	17	exist	exist	VERB
cblr-1762	600	18	,	,	PUNCT
cblr-1762	600	19	leading	lead	VERB
cblr-1762	600	20	to	to	ADP
cblr-1762	600	21	a	a	DET
cblr-1762	600	22	falling	fall	VERB
cblr-1762	600	23	stock	stock	NOUN
cblr-1762	600	24	price	price	NOUN
cblr-1762	600	25	,	,	PUNCT
cblr-1762	600	26	not	not	PART
cblr-1762	600	27	all	all	DET
cblr-1762	600	28	information	information	NOUN
cblr-1762	600	29	traders	trader	NOUN
cblr-1762	600	30	will	will	AUX
cblr-1762	600	31	remain	remain	VERB
cblr-1762	600	32	passive	passive	ADJ
cblr-1762	600	33	as	as	ADP
cblr-1762	600	34	a	a	DET
cblr-1762	600	35	public	public	ADJ
cblr-1762	600	36	company	company	NOUN
cblr-1762	600	37	’s	’s	PART
cblr-1762	600	38	stock	stock	NOUN
cblr-1762	600	39	price	price	NOUN
cblr-1762	600	40	falls	fall	NOUN
cblr-1762	600	41	.	.	PUNCT
cblr-1762	601	1	activist	activist	ADJ
cblr-1762	601	2	hedge	hedge	NOUN
cblr-1762	601	3	funds	fund	NOUN
cblr-1762	601	4	see	see	VERB
cblr-1762	601	5	this	this	PRON
cblr-1762	601	6	as	as	ADP
cblr-1762	601	7	an	an	DET
cblr-1762	601	8	opportunity	opportunity	NOUN
cblr-1762	601	9	to	to	PART
cblr-1762	601	10	make	make	VERB
cblr-1762	601	11	a	a	DET
cblr-1762	601	12	significant	significant	ADJ
cblr-1762	601	13	investment	investment	NOUN
cblr-1762	601	14	in	in	ADP
cblr-1762	601	15	the	the	DET
cblr-1762	601	16	company	company	NOUN
cblr-1762	601	17	when	when	SCONJ
cblr-1762	601	18	the	the	DET
cblr-1762	601	19	price	price	NOUN
cblr-1762	601	20	is	be	AUX
cblr-1762	601	21	relatively	relatively	ADV
cblr-1762	601	22	low	low	ADJ
cblr-1762	601	23	,	,	PUNCT
cblr-1762	601	24	and	and	CCONJ
cblr-1762	601	25	then	then	ADV
cblr-1762	601	26	try	try	VERB
cblr-1762	601	27	to	to	PART
cblr-1762	601	28	influence	influence	VERB
cblr-1762	601	29	the	the	DET
cblr-1762	601	30	board	board	NOUN
cblr-1762	601	31	to	to	PART
cblr-1762	601	32	make	make	VERB
cblr-1762	601	33	changes	change	NOUN
cblr-1762	601	34	that	that	PRON
cblr-1762	601	35	will	will	AUX
cblr-1762	601	36	increase	increase	VERB
cblr-1762	601	37	the	the	DET
cblr-1762	601	38	price	price	NOUN
cblr-1762	601	39	of	of	ADP
cblr-1762	601	40	the	the	DET
cblr-1762	601	41	company	company	NOUN
cblr-1762	601	42	’s	’s	PART
cblr-1762	601	43	shares	share	NOUN
cblr-1762	601	44	.	.	PUNCT
cblr-1762	602	1	in	in	ADP
cblr-1762	602	2	essence	essence	NOUN
cblr-1762	602	3	,	,	PUNCT
cblr-1762	602	4	the	the	DET
cblr-1762	602	5	activities	activity	NOUN
cblr-1762	602	6	of	of	ADP
cblr-1762	602	7	the	the	DET
cblr-1762	602	8	activist	activist	ADJ
cblr-1762	602	9	hedge	hedge	NOUN
cblr-1762	602	10	fund	fund	NOUN
cblr-1762	602	11	provide	provide	VERB
cblr-1762	602	12	a	a	DET
cblr-1762	602	13	second	second	ADJ
cblr-1762	602	14	wave	wave	NOUN
cblr-1762	602	15	of	of	ADP
cblr-1762	602	16	stock	stock	NOUN
cblr-1762	602	17	market	market	NOUN
cblr-1762	602	18	signals	signal	NOUN
cblr-1762	602	19	that	that	PRON
cblr-1762	602	20	do	do	AUX
cblr-1762	602	21	not	not	PART
cblr-1762	602	22	just	just	ADV
cblr-1762	602	23	simply	simply	ADV
cblr-1762	602	24	reinforce	reinforce	VERB
cblr-1762	602	25	the	the	DET
cblr-1762	602	26	first	first	ADJ
cblr-1762	602	27	,	,	PUNCT
cblr-1762	602	28	but	but	CCONJ
cblr-1762	602	29	also	also	ADV
cblr-1762	602	30	put	put	VERB
cblr-1762	602	31	pressure	pressure	NOUN
cblr-1762	602	32	on	on	ADP
cblr-1762	602	33	the	the	DET
cblr-1762	602	34	board	board	NOUN
cblr-1762	602	35	to	to	PART
cblr-1762	602	36	correct	correct	VERB
cblr-1762	602	37	managerial	managerial	ADJ
cblr-1762	602	38	inefficiencies	inefficiency	NOUN
cblr-1762	602	39	without	without	ADP
cblr-1762	602	40	taking	take	VERB
cblr-1762	602	41	over	over	ADP
cblr-1762	602	42	the	the	DET
cblr-1762	602	43	company	company	NOUN
cblr-1762	602	44	.	.	PUNCT
cblr-1762	603	1	if	if	SCONJ
cblr-1762	603	2	the	the	DET
cblr-1762	603	3	board	board	NOUN
cblr-1762	603	4	has	have	VERB
cblr-1762	603	5	an	an	DET
cblr-1762	603	6	adequate	adequate	ADJ
cblr-1762	603	7	amount	amount	NOUN
cblr-1762	603	8	of	of	ADP
cblr-1762	603	9	independence	independence	NOUN
cblr-1762	603	10	,	,	PUNCT
cblr-1762	603	11	it	it	PRON
cblr-1762	603	12	can	can	AUX
cblr-1762	603	13	then	then	ADV
cblr-1762	603	14	arbitrate	arbitrate	VERB
cblr-1762	603	15	between	between	ADP
cblr-1762	603	16	executive	executive	ADJ
cblr-1762	603	17	management	management	NOUN
cblr-1762	603	18	and	and	CCONJ
cblr-1762	603	19	the	the	DET
cblr-1762	603	20	activist	activist	ADJ
cblr-1762	603	21	hedge	hedge	NOUN
cblr-1762	603	22	fund	fund	NOUN
cblr-1762	603	23	to	to	PART
cblr-1762	603	24	see	see	VERB
cblr-1762	603	25	which	which	DET
cblr-1762	603	26	path	path	NOUN
cblr-1762	603	27	the	the	DET
cblr-1762	603	28	company	company	NOUN
cblr-1762	603	29	should	should	AUX
cblr-1762	603	30	take	take	VERB
cblr-1762	603	31	,	,	PUNCT
cblr-1762	603	32	allowing	allow	VERB
cblr-1762	603	33	the	the	DET
cblr-1762	603	34	company	company	NOUN
cblr-1762	603	35	to	to	PART
cblr-1762	603	36	proceed	proceed	VERB
cblr-1762	603	37	on	on	ADP
cblr-1762	603	38	a	a	DET
cblr-1762	603	39	decision	decision	NOUN
cblr-1762	603	40	-	-	PUNCT
cblr-1762	603	41	making	make	VERB
cblr-1762	603	42	process	process	NOUN
cblr-1762	603	43	that	that	PRON
cblr-1762	603	44	ends	end	VERB
cblr-1762	603	45	with	with	ADP
cblr-1762	603	46	long	long	ADJ
cblr-1762	603	47	-	-	PUNCT
cblr-1762	603	48	term	term	NOUN
cblr-1762	603	49	value	value	NOUN
cblr-1762	603	50	creation	creation	NOUN
cblr-1762	603	51	.	.	PUNCT
cblr-1762	604	1	moreover	moreover	ADV
cblr-1762	604	2	,	,	PUNCT
cblr-1762	604	3	the	the	DET
cblr-1762	604	4	board	board	NOUN
cblr-1762	604	5	is	be	AUX
cblr-1762	604	6	clearly	clearly	ADV
cblr-1762	604	7	in	in	ADP
cblr-1762	604	8	the	the	DET
cblr-1762	604	9	best	good	ADJ
cblr-1762	604	10	position	position	NOUN
cblr-1762	604	11	to	to	PART
cblr-1762	604	12	decide	decide	VERB
cblr-1762	604	13	who	who	PRON
cblr-1762	604	14	is	be	AUX
cblr-1762	604	15	right	right	ADJ
cblr-1762	604	16	.	.	PUNCT
cblr-1762	605	1	the	the	DET
cblr-1762	605	2	board	board	NOUN
cblr-1762	605	3	has	have	VERB
cblr-1762	605	4	the	the	DET
cblr-1762	605	5	advantage	advantage	NOUN
cblr-1762	605	6	of	of	ADP
cblr-1762	605	7	basing	base	VERB
cblr-1762	605	8	its	its	PRON
cblr-1762	605	9	recommendations	recommendation	NOUN
cblr-1762	605	10	not	not	PART
cblr-1762	605	11	only	only	ADV
cblr-1762	605	12	on	on	ADP
cblr-1762	605	13	public	public	ADJ
cblr-1762	605	14	information	information	NOUN
cblr-1762	605	15	,	,	PUNCT
cblr-1762	605	16	such	such	ADJ
cblr-1762	605	17	as	as	ADP
cblr-1762	605	18	the	the	DET
cblr-1762	605	19	signals	signal	NOUN
cblr-1762	605	20	provided	provide	VERB
cblr-1762	605	21	by	by	ADP
cblr-1762	605	22	value	value	NOUN
cblr-1762	605	23	investors	investor	NOUN
cblr-1762	605	24	that	that	SCONJ
cblr-1762	605	25	managerial	managerial	ADJ
cblr-1762	605	26	inefficiencies	inefficiency	NOUN
cblr-1762	605	27	exist	exist	VERB
cblr-1762	605	28	,	,	PUNCT
cblr-1762	605	29	but	but	CCONJ
cblr-1762	605	30	also	also	ADV
cblr-1762	605	31	on	on	ADP
cblr-1762	605	32	the	the	DET
cblr-1762	605	33	confidential	confidential	ADJ
cblr-1762	605	34	information	information	NOUN
cblr-1762	605	35	internal	internal	ADJ
cblr-1762	605	36	to	to	ADP
cblr-1762	605	37	the	the	DET
cblr-1762	605	38	corporation	corporation	NOUN
cblr-1762	605	39	.	.	PUNCT
cblr-1762	606	1	this	this	PRON
cblr-1762	606	2	is	be	AUX
cblr-1762	606	3	a	a	DET
cblr-1762	606	4	decision	decision	NOUN
cblr-1762	606	5	-	-	PUNCT
cblr-1762	606	6	making	make	VERB
cblr-1762	606	7	volatility	volatility	NOUN
cblr-1762	606	8	that	that	PRON
cblr-1762	606	9	may	may	AUX
cblr-1762	606	10	result	result	VERB
cblr-1762	606	11	from	from	ADP
cblr-1762	606	12	the	the	DET
cblr-1762	606	13	flaws	flaw	NOUN
cblr-1762	606	14	in	in	ADP
cblr-1762	606	15	the	the	DET
cblr-1762	606	16	way	way	NOUN
cblr-1762	606	17	markets	market	NOUN
cblr-1762	606	18	(	(	PUNCT
cblr-1762	606	19	and	and	CCONJ
cblr-1762	606	20	market	market	NOUN
cblr-1762	606	21	participants	participant	NOUN
cblr-1762	606	22	)	)	PUNCT
cblr-1762	606	23	assess	assess	VERB
cblr-1762	606	24	information	information	NOUN
cblr-1762	606	25	.	.	PUNCT
cblr-1762	606	26	”	"	PUNCT
cblr-1762	606	27	)	)	PUNCT
cblr-1762	606	28	.	.	PUNCT
cblr-1762	607	1	sharfman	sharfman	PROPN
cblr-1762	607	2	–	–	PUNCT
cblr-1762	607	3	final	final	ADJ
cblr-1762	607	4	no	no	NOUN
cblr-1762	607	5	.	.	PUNCT
cblr-1762	608	1	3:813	3:813	NUM
cblr-1762	608	2	]	]	X
cblr-1762	608	3	activist	activist	ADJ
cblr-1762	608	4	hedge	hedge	NOUN
cblr-1762	608	5	funds	fund	NOUN
cblr-1762	608	6	and	and	CCONJ
cblr-1762	608	7	long	long	ADJ
cblr-1762	608	8	-	-	PUNCT
cblr-1762	608	9	term	term	NOUN
cblr-1762	608	10	value	value	NOUN
cblr-1762	608	11	859	859	NUM
cblr-1762	608	12	advantage	advantage	NOUN
cblr-1762	608	13	that	that	PRON
cblr-1762	608	14	only	only	ADV
cblr-1762	608	15	the	the	DET
cblr-1762	608	16	board	board	NOUN
cblr-1762	608	17	has	have	VERB
cblr-1762	608	18	and	and	CCONJ
cblr-1762	608	19	,	,	PUNCT
cblr-1762	608	20	of	of	ADP
cblr-1762	608	21	course	course	NOUN
cblr-1762	608	22	,	,	PUNCT
cblr-1762	608	23	provides	provide	VERB
cblr-1762	608	24	significant	significant	ADJ
cblr-1762	608	25	support	support	NOUN
cblr-1762	608	26	for	for	ADP
cblr-1762	608	27	its	its	PRON
cblr-1762	608	28	role	role	NOUN
cblr-1762	608	29	as	as	ADP
cblr-1762	608	30	the	the	DET
cblr-1762	608	31	ultimate	ultimate	ADJ
cblr-1762	608	32	locus	locus	NOUN
cblr-1762	608	33	of	of	ADP
cblr-1762	608	34	authority	authority	NOUN
cblr-1762	608	35	in	in	ADP
cblr-1762	608	36	determining	determine	VERB
cblr-1762	608	37	which	which	DET
cblr-1762	608	38	path	path	NOUN
cblr-1762	608	39	the	the	DET
cblr-1762	608	40	company	company	NOUN
cblr-1762	608	41	should	should	AUX
cblr-1762	608	42	go	go	VERB
cblr-1762	608	43	down	down	ADV
cblr-1762	608	44	.	.	PUNCT
cblr-1762	609	1	finally	finally	ADV
cblr-1762	609	2	,	,	PUNCT
cblr-1762	609	3	there	there	PRON
cblr-1762	609	4	has	have	AUX
cblr-1762	609	5	never	never	ADV
cblr-1762	609	6	been	be	AUX
cblr-1762	609	7	a	a	DET
cblr-1762	609	8	better	well	ADJ
cblr-1762	609	9	time	time	NOUN
cblr-1762	609	10	for	for	ADP
cblr-1762	609	11	corporate	corporate	ADJ
cblr-1762	609	12	governance	governance	NOUN
cblr-1762	609	13	to	to	PART
cblr-1762	609	14	take	take	VERB
cblr-1762	609	15	advantage	advantage	NOUN
cblr-1762	609	16	of	of	ADP
cblr-1762	609	17	the	the	DET
cblr-1762	609	18	independent	independent	PROPN
cblr-1762	609	19	board	board	PROPN
cblr-1762	609	20	.	.	PUNCT
cblr-1762	610	1	according	accord	VERB
cblr-1762	610	2	to	to	ADP
cblr-1762	610	3	jeffrey	jeffrey	PROPN
cblr-1762	610	4	gordon	gordon	PROPN
cblr-1762	610	5	,	,	PUNCT
cblr-1762	610	6	the	the	DET
cblr-1762	610	7	independent	independent	ADJ
cblr-1762	610	8	board	board	NOUN
cblr-1762	610	9	is	be	AUX
cblr-1762	610	10	part	part	NOUN
cblr-1762	610	11	of	of	ADP
cblr-1762	610	12	a	a	DET
cblr-1762	610	13	new	new	ADJ
cblr-1762	610	14	corporate	corporate	ADJ
cblr-1762	610	15	governance	governance	NOUN
cblr-1762	610	16	paradigm	paradigm	NOUN
cblr-1762	610	17	that	that	PRON
cblr-1762	610	18	includes	include	VERB
cblr-1762	610	19	a	a	DET
cblr-1762	610	20	board	board	NOUN
cblr-1762	610	21	focus	focus	NOUN
cblr-1762	610	22	on	on	ADP
cblr-1762	610	23	shareholder	shareholder	NOUN
cblr-1762	610	24	wealth	wealth	NOUN
cblr-1762	610	25	maximization	maximization	NOUN
cblr-1762	610	26	and	and	CCONJ
cblr-1762	610	27	the	the	DET
cblr-1762	610	28	use	use	NOUN
cblr-1762	610	29	of	of	ADP
cblr-1762	610	30	stock	stock	NOUN
cblr-1762	610	31	prices	price	NOUN
cblr-1762	610	32	as	as	ADP
cblr-1762	610	33	signals	signal	NOUN
cblr-1762	610	34	of	of	ADP
cblr-1762	610	35	company	company	NOUN
cblr-1762	610	36	performance.131	performance.131	NOUN
cblr-1762	610	37	as	as	ADP
cblr-1762	610	38	part	part	NOUN
cblr-1762	610	39	of	of	ADP
cblr-1762	610	40	this	this	DET
cblr-1762	610	41	paradigm	paradigm	NOUN
cblr-1762	610	42	,	,	PUNCT
cblr-1762	610	43	the	the	DET
cblr-1762	610	44	board	board	NOUN
cblr-1762	610	45	must	must	AUX
cblr-1762	610	46	act	act	VERB
cblr-1762	610	47	on	on	ADP
cblr-1762	610	48	efficiency	efficiency	NOUN
cblr-1762	610	49	grounds	ground	NOUN
cblr-1762	610	50	to	to	PART
cblr-1762	610	51	make	make	VERB
cblr-1762	610	52	sure	sure	ADJ
cblr-1762	610	53	the	the	DET
cblr-1762	610	54	company	company	NOUN
cblr-1762	610	55	has	have	VERB
cblr-1762	610	56	the	the	DET
cblr-1762	610	57	best	good	ADJ
cblr-1762	610	58	chance	chance	NOUN
cblr-1762	610	59	of	of	ADP
cblr-1762	610	60	achieving	achieve	VERB
cblr-1762	610	61	long	long	ADJ
cblr-1762	610	62	-	-	PUNCT
cblr-1762	610	63	term	term	NOUN
cblr-1762	610	64	value	value	NOUN
cblr-1762	610	65	creation	creation	NOUN
cblr-1762	610	66	:	:	PUNCT
cblr-1762	610	67	although	although	SCONJ
cblr-1762	610	68	this	this	DET
cblr-1762	610	69	new	new	ADJ
cblr-1762	610	70	paradigm	paradigm	NOUN
cblr-1762	610	71	is	be	AUX
cblr-1762	610	72	bound	bind	VERB
cblr-1762	610	73	up	up	ADP
cblr-1762	610	74	with	with	ADP
cblr-1762	610	75	the	the	DET
cblr-1762	610	76	use	use	NOUN
cblr-1762	610	77	of	of	ADP
cblr-1762	610	78	stock	stock	NOUN
cblr-1762	610	79	market	market	NOUN
cblr-1762	610	80	signals	signal	NOUN
cblr-1762	610	81	in	in	ADP
cblr-1762	610	82	the	the	DET
cblr-1762	610	83	monitoring	monitoring	NOUN
cblr-1762	610	84	of	of	ADP
cblr-1762	610	85	managers	manager	NOUN
cblr-1762	610	86	,	,	PUNCT
cblr-1762	610	87	including	include	VERB
cblr-1762	610	88	the	the	DET
cblr-1762	610	89	evaluation	evaluation	NOUN
cblr-1762	610	90	of	of	ADP
cblr-1762	610	91	management	management	NOUN
cblr-1762	610	92	’s	’s	PART
cblr-1762	610	93	strategic	strategic	ADJ
cblr-1762	610	94	choices	choice	NOUN
cblr-1762	610	95	,	,	PUNCT
cblr-1762	610	96	it	it	PRON
cblr-1762	610	97	also	also	ADV
cblr-1762	610	98	opens	open	VERB
cblr-1762	610	99	up	up	ADP
cblr-1762	610	100	space	space	NOUN
cblr-1762	610	101	for	for	ADP
cblr-1762	610	102	a	a	DET
cblr-1762	610	103	distinctive	distinctive	ADJ
cblr-1762	610	104	role	role	NOUN
cblr-1762	610	105	for	for	ADP
cblr-1762	610	106	the	the	DET
cblr-1762	610	107	independent	independent	PROPN
cblr-1762	610	108	board	board	NOUN
cblr-1762	610	109	:	:	PUNCT
cblr-1762	610	110	deciding	decide	VERB
cblr-1762	610	111	when	when	SCONJ
cblr-1762	610	112	prevailing	prevail	VERB
cblr-1762	610	113	prices	price	NOUN
cblr-1762	610	114	misvalue	misvalue	VERB
cblr-1762	610	115	the	the	DET
cblr-1762	610	116	firm	firm	NOUN
cblr-1762	610	117	and	and	CCONJ
cblr-1762	610	118	its	its	PRON
cblr-1762	610	119	strategies	strategy	NOUN
cblr-1762	610	120	.	.	PUNCT
cblr-1762	611	1	in	in	ADP
cblr-1762	611	2	light	light	NOUN
cblr-1762	611	3	of	of	ADP
cblr-1762	611	4	imperfectly	imperfectly	ADV
cblr-1762	611	5	efficient	efficient	ADJ
cblr-1762	611	6	capital	capital	NOUN
cblr-1762	611	7	markets	market	NOUN
cblr-1762	611	8	,	,	PUNCT
cblr-1762	611	9	such	such	DET
cblr-1762	611	10	a	a	DET
cblr-1762	611	11	role	role	NOUN
cblr-1762	611	12	may	may	AUX
cblr-1762	611	13	be	be	AUX
cblr-1762	611	14	efficiency	efficiency	NOUN
cblr-1762	611	15	-	-	PUNCT
cblr-1762	611	16	based	base	VERB
cblr-1762	611	17	rather	rather	ADV
cblr-1762	611	18	than	than	ADP
cblr-1762	611	19	an	an	DET
cblr-1762	611	20	ineradicable	ineradicable	ADJ
cblr-1762	611	21	residue	residue	NOUN
cblr-1762	611	22	of	of	ADP
cblr-1762	611	23	agency	agency	NOUN
cblr-1762	611	24	costs	cost	NOUN
cblr-1762	611	25	.	.	PUNCT
cblr-1762	612	1	for	for	ADP
cblr-1762	612	2	a	a	DET
cblr-1762	612	3	particular	particular	ADJ
cblr-1762	612	4	firm	firm	NOUN
cblr-1762	612	5	,	,	PUNCT
cblr-1762	612	6	a	a	DET
cblr-1762	612	7	disfavored	disfavored	ADJ
cblr-1762	612	8	strategy	strategy	NOUN
cblr-1762	612	9	may	may	AUX
cblr-1762	612	10	in	in	ADP
cblr-1762	612	11	fact	fact	NOUN
cblr-1762	612	12	maximize	maximize	VERB
cblr-1762	612	13	shareholder	shareholder	NOUN
cblr-1762	612	14	value	value	NOUN
cblr-1762	612	15	over	over	ADP
cblr-1762	612	16	a	a	DET
cblr-1762	612	17	reasonable	reasonable	ADJ
cblr-1762	612	18	time	time	NOUN
cblr-1762	612	19	horizon	horizon	NOUN
cblr-1762	612	20	.	.	PUNCT
cblr-1762	613	1	if	if	SCONJ
cblr-1762	613	2	the	the	DET
cblr-1762	613	3	market	market	NOUN
cblr-1762	613	4	got	get	VERB
cblr-1762	613	5	it	it	PRON
cblr-1762	613	6	wrong	wrong	ADJ
cblr-1762	613	7	,	,	PUNCT
cblr-1762	613	8	rejecting	reject	VERB
cblr-1762	613	9	its	its	PRON
cblr-1762	613	10	signals	signal	NOUN
cblr-1762	613	11	may	may	AUX
cblr-1762	613	12	lead	lead	VERB
cblr-1762	613	13	to	to	ADP
cblr-1762	613	14	putting	put	VERB
cblr-1762	613	15	the	the	DET
cblr-1762	613	16	firm	firm	NOUN
cblr-1762	613	17	’s	’s	PART
cblr-1762	613	18	assets	asset	NOUN
cblr-1762	613	19	to	to	ADP
cblr-1762	613	20	highest	high	ADJ
cblr-1762	613	21	and	and	CCONJ
cblr-1762	613	22	best	good	ADJ
cblr-1762	613	23	use	use	NOUN
cblr-1762	613	24	.	.	PUNCT
cblr-1762	614	1	but	but	CCONJ
cblr-1762	614	2	the	the	DET
cblr-1762	614	3	most	most	ADV
cblr-1762	614	4	significant	significant	ADJ
cblr-1762	614	5	efficiency	efficiency	NOUN
cblr-1762	614	6	gains	gain	NOUN
cblr-1762	614	7	(	(	PUNCT
cblr-1762	614	8	or	or	CCONJ
cblr-1762	614	9	losses	loss	NOUN
cblr-1762	614	10	)	)	PUNCT
cblr-1762	614	11	are	be	AUX
cblr-1762	614	12	systematic	systematic	ADJ
cblr-1762	614	13	:	:	PUNCT
cblr-1762	614	14	idiosyncratic	idiosyncratic	ADJ
cblr-1762	614	15	decisions	decision	NOUN
cblr-1762	614	16	of	of	ADP
cblr-1762	614	17	an	an	DET
cblr-1762	614	18	independent	independent	ADJ
cblr-1762	614	19	board	board	NOUN
cblr-1762	614	20	may	may	AUX
cblr-1762	614	21	keep	keep	VERB
cblr-1762	614	22	a	a	DET
cblr-1762	614	23	particular	particular	ADJ
cblr-1762	614	24	subsector	subsector	NOUN
cblr-1762	614	25	of	of	ADP
cblr-1762	614	26	the	the	DET
cblr-1762	614	27	economy	economy	NOUN
cblr-1762	614	28	from	from	ADP
cblr-1762	614	29	converging	converge	VERB
cblr-1762	614	30	too	too	ADV
cblr-1762	614	31	rapidly	rapidly	ADV
cblr-1762	614	32	on	on	ADP
cblr-1762	614	33	today	today	NOUN
cblr-1762	614	34	’s	’s	PART
cblr-1762	614	35	conventional	conventional	ADJ
cblr-1762	614	36	wisdom	wisdom	NOUN
cblr-1762	614	37	.	.	PUNCT
cblr-1762	615	1	132	132	NUM
cblr-1762	615	2	activist	activist	ADJ
cblr-1762	615	3	hedge	hedge	NOUN
cblr-1762	615	4	funds	fund	NOUN
cblr-1762	615	5	make	make	VERB
cblr-1762	615	6	recommendations	recommendation	NOUN
cblr-1762	615	7	based	base	VERB
cblr-1762	615	8	on	on	ADP
cblr-1762	615	9	stock	stock	NOUN
cblr-1762	615	10	market	market	NOUN
cblr-1762	615	11	signals	signal	NOUN
cblr-1762	615	12	provided	provide	VERB
cblr-1762	615	13	by	by	ADP
cblr-1762	615	14	value	value	NOUN
cblr-1762	615	15	investors	investor	NOUN
cblr-1762	615	16	.	.	PUNCT
cblr-1762	616	1	however	however	ADV
cblr-1762	616	2	,	,	PUNCT
cblr-1762	616	3	the	the	DET
cblr-1762	616	4	stock	stock	NOUN
cblr-1762	616	5	market	market	NOUN
cblr-1762	616	6	may	may	AUX
cblr-1762	616	7	be	be	AUX
cblr-1762	616	8	wrong	wrong	ADJ
cblr-1762	616	9	.	.	PUNCT
cblr-1762	617	1	it	it	PRON
cblr-1762	617	2	is	be	AUX
cblr-1762	617	3	up	up	ADP
cblr-1762	617	4	to	to	ADP
cblr-1762	617	5	the	the	DET
cblr-1762	617	6	independent	independent	ADJ
cblr-1762	617	7	board	board	NOUN
cblr-1762	617	8	to	to	PART
cblr-1762	617	9	decide	decide	VERB
cblr-1762	617	10	,	,	PUNCT
cblr-1762	617	11	and	and	CCONJ
cblr-1762	617	12	in	in	ADP
cblr-1762	617	13	the	the	DET
cblr-1762	617	14	process	process	NOUN
cblr-1762	617	15	of	of	ADP
cblr-1762	617	16	doing	do	VERB
cblr-1762	617	17	so	so	ADV
cblr-1762	617	18	allow	allow	VERB
cblr-1762	617	19	the	the	DET
cblr-1762	617	20	131	131	NUM
cblr-1762	617	21	gordon	gordon	PROPN
cblr-1762	617	22	,	,	PUNCT
cblr-1762	617	23	the	the	DET
cblr-1762	617	24	rise	rise	NOUN
cblr-1762	617	25	of	of	ADP
cblr-1762	617	26	independent	independent	ADJ
cblr-1762	617	27	directors	director	NOUN
cblr-1762	617	28	,	,	PUNCT
cblr-1762	617	29	supra	supra	PROPN
cblr-1762	617	30	note	note	NOUN
cblr-1762	617	31	93	93	NUM
cblr-1762	617	32	,	,	PUNCT
cblr-1762	617	33	at	at	ADP
cblr-1762	617	34	1563	1563	NUM
cblr-1762	617	35	.	.	PUNCT
cblr-1762	618	1	132	132	NUM
cblr-1762	618	2	i	i	PROPN
cblr-1762	618	3	d.	d.	PROPN
cblr-1762	618	4	sharfman	sharfman	PROPN
cblr-1762	618	5	–	–	PUNCT
cblr-1762	618	6	final	final	ADJ
cblr-1762	618	7	860	860	NUM
cblr-1762	618	8	columbia	columbia	PROPN
cblr-1762	618	9	business	business	NOUN
cblr-1762	618	10	law	law	PROPN
cblr-1762	618	11	review	review	NOUN
cblr-1762	619	1	[	[	X
cblr-1762	619	2	vol	vol	NOUN
cblr-1762	619	3	.	.	NOUN
cblr-1762	619	4	2015	2015	NUM
cblr-1762	619	5	activities	activity	NOUN
cblr-1762	619	6	of	of	ADP
cblr-1762	619	7	the	the	DET
cblr-1762	619	8	activist	activist	ADJ
cblr-1762	619	9	hedge	hedge	NOUN
cblr-1762	619	10	fund	fund	NOUN
cblr-1762	619	11	to	to	PART
cblr-1762	619	12	help	help	VERB
cblr-1762	619	13	create	create	VERB
cblr-1762	619	14	long	long	ADJ
cblr-1762	619	15	-	-	PUNCT
cblr-1762	619	16	term	term	NOUN
cblr-1762	619	17	value	value	NOUN
cblr-1762	619	18	.	.	PUNCT
cblr-1762	620	1	finally	finally	ADV
cblr-1762	620	2	,	,	PUNCT
cblr-1762	620	3	it	it	PRON
cblr-1762	620	4	is	be	AUX
cblr-1762	620	5	hoped	hope	VERB
cblr-1762	620	6	that	that	SCONJ
cblr-1762	620	7	this	this	DET
cblr-1762	620	8	article	article	NOUN
cblr-1762	620	9	will	will	AUX
cblr-1762	620	10	help	help	VERB
cblr-1762	620	11	eliminate	eliminate	VERB
cblr-1762	620	12	the	the	DET
cblr-1762	620	13	misunderstanding	misunderstanding	NOUN
cblr-1762	620	14	that	that	PRON
cblr-1762	620	15	hedge	hedge	NOUN
cblr-1762	620	16	fund	fund	NOUN
cblr-1762	620	17	activism	activism	NOUN
cblr-1762	620	18	threatens	threaten	VERB
cblr-1762	620	19	the	the	DET
cblr-1762	620	20	authority	authority	NOUN
cblr-1762	620	21	model	model	NOUN
cblr-1762	620	22	of	of	ADP
cblr-1762	620	23	corporate	corporate	ADJ
cblr-1762	620	24	governance	governance	NOUN
cblr-1762	620	25	,	,	PUNCT
cblr-1762	620	26	changing	change	VERB
cblr-1762	620	27	the	the	DET
cblr-1762	620	28	debate	debate	NOUN
cblr-1762	620	29	from	from	ADP
cblr-1762	620	30	denying	deny	VERB
cblr-1762	620	31	its	its	PRON
cblr-1762	620	32	value	value	NOUN
cblr-1762	620	33	,	,	PUNCT
cblr-1762	620	34	to	to	ADP
cblr-1762	620	35	how	how	SCONJ
cblr-1762	620	36	it	it	PRON
cblr-1762	620	37	can	can	AUX
cblr-1762	620	38	be	be	AUX
cblr-1762	620	39	best	well	ADV
cblr-1762	620	40	incorporated	incorporate	VERB
cblr-1762	620	41	into	into	ADP
cblr-1762	620	42	the	the	DET
cblr-1762	620	43	decision	decision	NOUN
cblr-1762	620	44	-	-	PUNCT
cblr-1762	620	45	making	making	NOUN
cblr-1762	620	46	of	of	ADP
cblr-1762	620	47	a	a	DET
cblr-1762	620	48	public	public	ADJ
cblr-1762	620	49	company	company	NOUN
cblr-1762	620	50	.	.	PUNCT