id	sid	tid	token	lemma	pos
cblr-1778	1	1	cooper	cooper	PROPN
cblr-1778	1	2	final	final	PROPN
cblr-1778	1	3	4/28/2014	4/28/2014	NUM
cblr-1778	1	4	12:02	12:02	NUM
cblr-1778	1	5	am	am	NOUN
cblr-1778	1	6	value	value	NOUN
cblr-1778	1	7	-	-	PUNCT
cblr-1778	1	8	add	add	NOUN
cblr-1778	1	9	:	:	PUNCT
cblr-1778	1	10	an	an	DET
cblr-1778	1	11	empirical	empirical	ADJ
cblr-1778	1	12	study	study	NOUN
cblr-1778	1	13	of	of	ADP
cblr-1778	1	14	idiosyncratic	idiosyncratic	ADJ
cblr-1778	1	15	value	value	NOUN
cblr-1778	1	16	in	in	ADP
cblr-1778	1	17	the	the	DET
cblr-1778	1	18	2013	2013	NUM
cblr-1778	1	19	biotech	biotech	ADJ
cblr-1778	1	20	ipo	ipo	NOUN
cblr-1778	1	21	market	market	NOUN
cblr-1778	1	22	lee	lee	PROPN
cblr-1778	1	23	d.	d.	PROPN
cblr-1778	1	24	cooper	cooper	PROPN
cblr-1778	1	25	*	*	PROPN
cblr-1778	2	1	this	this	DET
cblr-1778	2	2	note	note	NOUN
cblr-1778	2	3	examines	examine	VERB
cblr-1778	2	4	corporate	corporate	ADJ
cblr-1778	2	5	governance	governance	NOUN
cblr-1778	2	6	trends	trend	NOUN
cblr-1778	2	7	in	in	ADP
cblr-1778	2	8	the	the	DET
cblr-1778	2	9	biotechnology	biotechnology	NOUN
cblr-1778	2	10	industry	industry	NOUN
cblr-1778	2	11	through	through	ADP
cblr-1778	2	12	an	an	DET
cblr-1778	2	13	empirical	empirical	ADJ
cblr-1778	2	14	study	study	NOUN
cblr-1778	2	15	of	of	ADP
cblr-1778	2	16	the	the	DET
cblr-1778	2	17	39	39	NUM
cblr-1778	2	18	united	united	ADJ
cblr-1778	2	19	states	states	PROPN
cblr-1778	2	20	-	-	PUNCT
cblr-1778	2	21	based	base	VERB
cblr-1778	2	22	biotechnology	biotechnology	NOUN
cblr-1778	2	23	companies	company	NOUN
cblr-1778	2	24	that	that	PRON
cblr-1778	2	25	made	make	VERB
cblr-1778	2	26	initial	initial	ADJ
cblr-1778	2	27	public	public	ADJ
cblr-1778	2	28	offerings	offering	NOUN
cblr-1778	2	29	(	(	PUNCT
cblr-1778	2	30	“	"	PUNCT
cblr-1778	2	31	ipos	ipos	NOUN
cblr-1778	2	32	”	"	PUNCT
cblr-1778	2	33	)	)	PUNCT
cblr-1778	2	34	in	in	ADP
cblr-1778	2	35	2013	2013	NUM
cblr-1778	2	36	.	.	PUNCT
cblr-1778	3	1	this	this	DET
cblr-1778	3	2	study	study	NOUN
cblr-1778	3	3	of	of	ADP
cblr-1778	3	4	form	form	NOUN
cblr-1778	3	5	s-1	s-1	NOUN
cblr-1778	3	6	and	and	CCONJ
cblr-1778	3	7	form	form	NOUN
cblr-1778	3	8	4	4	NUM
cblr-1778	3	9	sec	sec	PROPN
cblr-1778	3	10	filings	filing	NOUN
cblr-1778	3	11	reveals	reveal	VERB
cblr-1778	3	12	a	a	DET
cblr-1778	3	13	cohort	cohort	NOUN
cblr-1778	3	14	of	of	ADP
cblr-1778	3	15	newly	newly	ADV
cblr-1778	3	16	public	public	ADJ
cblr-1778	3	17	,	,	PUNCT
cblr-1778	3	18	immature	immature	ADJ
cblr-1778	3	19	biotech	biotech	ADJ
cblr-1778	3	20	firms	firm	NOUN
cblr-1778	3	21	with	with	ADP
cblr-1778	3	22	highly	highly	ADV
cblr-1778	3	23	consolidated	consolidated	ADJ
cblr-1778	3	24	corporate	corporate	ADJ
cblr-1778	3	25	control	control	NOUN
cblr-1778	3	26	and	and	CCONJ
cblr-1778	3	27	cash	cash	NOUN
cblr-1778	3	28	-	-	PUNCT
cblr-1778	3	29	flow	flow	NOUN
cblr-1778	3	30	rights	right	NOUN
cblr-1778	3	31	by	by	ADP
cblr-1778	3	32	pre	pre	ADJ
cblr-1778	3	33	-	-	ADJ
cblr-1778	3	34	public	public	ADJ
cblr-1778	3	35	investors	investor	NOUN
cblr-1778	3	36	.	.	PUNCT
cblr-1778	4	1	on	on	ADP
cblr-1778	4	2	average	average	ADJ
cblr-1778	4	3	,	,	PUNCT
cblr-1778	4	4	pre	pre	ADJ
cblr-1778	4	5	-	-	ADJ
cblr-1778	4	6	public	public	ADJ
cblr-1778	4	7	insiders	insider	NOUN
cblr-1778	4	8	fill	fill	VERB
cblr-1778	4	9	66.2	66.2	NUM
cblr-1778	4	10	%	%	NOUN
cblr-1778	4	11	of	of	ADP
cblr-1778	4	12	the	the	DET
cblr-1778	4	13	board	board	NOUN
cblr-1778	4	14	seats	seat	NOUN
cblr-1778	4	15	and	and	CCONJ
cblr-1778	4	16	own	own	ADJ
cblr-1778	4	17	59.8	59.8	NUM
cblr-1778	4	18	%	%	NOUN
cblr-1778	4	19	of	of	ADP
cblr-1778	4	20	the	the	DET
cblr-1778	4	21	equity	equity	NOUN
cblr-1778	4	22	in	in	ADP
cblr-1778	4	23	these	these	DET
cblr-1778	4	24	firms	firm	NOUN
cblr-1778	4	25	at	at	ADP
cblr-1778	4	26	the	the	DET
cblr-1778	4	27	time	time	NOUN
cblr-1778	4	28	of	of	ADP
cblr-1778	4	29	ipo	ipo	NOUN
cblr-1778	4	30	.	.	PUNCT
cblr-1778	5	1	further	far	ADV
cblr-1778	5	2	,	,	PUNCT
cblr-1778	5	3	pre	pre	ADJ
cblr-1778	5	4	-	-	ADJ
cblr-1778	5	5	public	public	ADJ
cblr-1778	5	6	insiders	insider	NOUN
cblr-1778	5	7	do	do	AUX
cblr-1778	5	8	not	not	PART
cblr-1778	5	9	immediately	immediately	ADV
cblr-1778	5	10	sell	sell	VERB
cblr-1778	5	11	their	their	PRON
cblr-1778	5	12	equity	equity	NOUN
cblr-1778	5	13	positions	position	NOUN
cblr-1778	5	14	after	after	ADP
cblr-1778	5	15	the	the	DET
cblr-1778	5	16	expiration	expiration	NOUN
cblr-1778	5	17	of	of	ADP
cblr-1778	5	18	mandatory	mandatory	ADJ
cblr-1778	5	19	lock	lock	NOUN
cblr-1778	5	20	-	-	PUNCT
cblr-1778	5	21	up	up	ADP
cblr-1778	5	22	periods	period	NOUN
cblr-1778	5	23	.	.	PUNCT
cblr-1778	6	1	these	these	DET
cblr-1778	6	2	data	datum	NOUN
cblr-1778	6	3	,	,	PUNCT
cblr-1778	6	4	this	this	DET
cblr-1778	6	5	note	note	NOUN
cblr-1778	6	6	argues	argue	VERB
cblr-1778	6	7	,	,	PUNCT
cblr-1778	6	8	suggest	suggest	VERB
cblr-1778	6	9	that	that	SCONJ
cblr-1778	6	10	entrepreneurs	entrepreneur	NOUN
cblr-1778	6	11	and	and	CCONJ
cblr-1778	6	12	investors	investor	NOUN
cblr-1778	6	13	in	in	ADP
cblr-1778	6	14	the	the	DET
cblr-1778	6	15	biotech	biotech	ADJ
cblr-1778	6	16	industry	industry	NOUN
cblr-1778	6	17	use	use	VERB
cblr-1778	6	18	concentrated	concentrated	ADJ
cblr-1778	6	19	ownership	ownership	NOUN
cblr-1778	6	20	structures	structure	NOUN
cblr-1778	6	21	to	to	PART
cblr-1778	6	22	pursue	pursue	VERB
cblr-1778	6	23	idiosyncratic	idiosyncratic	ADJ
cblr-1778	6	24	value	value	NOUN
cblr-1778	6	25	that	that	PRON
cblr-1778	6	26	will	will	AUX
cblr-1778	6	27	be	be	AUX
cblr-1778	6	28	,	,	PUNCT
cblr-1778	6	29	if	if	SCONJ
cblr-1778	6	30	realized	realize	VERB
cblr-1778	6	31	,	,	PUNCT
cblr-1778	6	32	shared	share	VERB
cblr-1778	6	33	pro	pro	ADJ
cblr-1778	6	34	rata	rata	NOUN
cblr-1778	6	35	across	across	ADP
cblr-1778	6	36	all	all	DET
cblr-1778	6	37	public	public	ADJ
cblr-1778	6	38	shareholders	shareholder	NOUN
cblr-1778	6	39	.	.	PUNCT
cblr-1778	7	1	this	this	DET
cblr-1778	7	2	note	note	NOUN
cblr-1778	7	3	demonstrates	demonstrate	VERB
cblr-1778	7	4	that	that	SCONJ
cblr-1778	7	5	in	in	ADP
cblr-1778	7	6	an	an	DET
cblr-1778	7	7	industry	industry	NOUN
cblr-1778	7	8	with	with	ADP
cblr-1778	7	9	long	long	ADJ
cblr-1778	7	10	-	-	PUNCT
cblr-1778	7	11	term	term	NOUN
cblr-1778	7	12	business	business	NOUN
cblr-1778	7	13	plans	plan	NOUN
cblr-1778	7	14	and	and	CCONJ
cblr-1778	7	15	high	high	ADJ
cblr-1778	7	16	levels	level	NOUN
cblr-1778	7	17	of	of	ADP
cblr-1778	7	18	uncertainty	uncertainty	NOUN
cblr-1778	7	19	,	,	PUNCT
cblr-1778	7	20	value	value	NOUN
cblr-1778	7	21	-	-	PUNCT
cblr-1778	7	22	maximizing	maximize	VERB
cblr-1778	7	23	agents	agent	NOUN
cblr-1778	7	24	(	(	PUNCT
cblr-1778	7	25	e.g.	e.g.	ADV
cblr-1778	7	26	,	,	PUNCT
cblr-1778	7	27	entrepreneurs	entrepreneur	NOUN
cblr-1778	7	28	,	,	PUNCT
cblr-1778	7	29	pre	pre	ADJ
cblr-1778	7	30	-	-	ADJ
cblr-1778	7	31	public	public	ADJ
cblr-1778	7	32	investors	investor	NOUN
cblr-1778	7	33	)	)	PUNCT
cblr-1778	7	34	can	can	AUX
cblr-1778	7	35	bundle	bundle	VERB
cblr-1778	7	36	boardroom	boardroom	NOUN
cblr-1778	7	37	control	control	NOUN
cblr-1778	7	38	and	and	CCONJ
cblr-1778	7	39	illiquid	illiquid	ADJ
cblr-1778	7	40	equity	equity	NOUN
cblr-1778	7	41	holdings	holding	NOUN
cblr-1778	7	42	to	to	PART
cblr-1778	7	43	pursue	pursue	VERB
cblr-1778	7	44	idiosyncratic	idiosyncratic	ADJ
cblr-1778	7	45	value	value	NOUN
cblr-1778	7	46	while	while	SCONJ
cblr-1778	7	47	mitigating	mitigate	VERB
cblr-1778	7	48	concerns	concern	NOUN
cblr-1778	7	49	over	over	ADP
cblr-1778	7	50	agency	agency	NOUN
cblr-1778	7	51	costs	cost	NOUN
cblr-1778	7	52	.	.	PUNCT
cblr-1778	8	1	these	these	DET
cblr-1778	8	2	findings	finding	NOUN
cblr-1778	8	3	provide	provide	VERB
cblr-1778	8	4	both	both	CCONJ
cblr-1778	8	5	empirical	empirical	ADJ
cblr-1778	8	6	and	and	CCONJ
cblr-1778	8	7	theoretical	theoretical	ADJ
cblr-1778	8	8	context	context	NOUN
cblr-1778	8	9	for	for	ADP
cblr-1778	8	10	guiding	guide	VERB
cblr-1778	8	11	policies	policy	NOUN
cblr-1778	8	12	that	that	PRON
cblr-1778	8	13	seek	seek	VERB
cblr-1778	8	14	to	to	PART
cblr-1778	8	15	facilitate	facilitate	VERB
cblr-1778	8	16	innovative	innovative	ADJ
cblr-1778	8	17	,	,	PUNCT
cblr-1778	8	18	high	high	ADJ
cblr-1778	8	19	-	-	PUNCT
cblr-1778	8	20	growth	growth	NOUN
cblr-1778	8	21	industries	industry	NOUN
cblr-1778	8	22	such	such	ADJ
cblr-1778	8	23	as	as	ADP
cblr-1778	8	24	biotechnology	biotechnology	NOUN
cblr-1778	8	25	.	.	PUNCT
cblr-1778	9	1	*	*	PUNCT
cblr-1778	9	2	j.d	j.d	PROPN
cblr-1778	9	3	.	.	PROPN
cblr-1778	9	4	candidate	candidate	NOUN
cblr-1778	9	5	2015	2015	NUM
cblr-1778	9	6	,	,	PUNCT
cblr-1778	9	7	columbia	columbia	PROPN
cblr-1778	9	8	law	law	PROPN
cblr-1778	9	9	school	school	NOUN
cblr-1778	9	10	;	;	PUNCT
cblr-1778	10	1	m.b.a	m.b.a	ADJ
cblr-1778	10	2	.	.	PUNCT
cblr-1778	10	3	candidate	candidate	NOUN
cblr-1778	10	4	2015	2015	NUM
cblr-1778	10	5	,	,	PUNCT
cblr-1778	10	6	columbia	columbia	PROPN
cblr-1778	10	7	business	business	PROPN
cblr-1778	10	8	school	school	NOUN
cblr-1778	10	9	;	;	PUNCT
cblr-1778	10	10	a.b	a.b	PROPN
cblr-1778	10	11	.	.	PROPN
cblr-1778	10	12	2009	2009	NUM
cblr-1778	10	13	,	,	PUNCT
cblr-1778	10	14	dartmouth	dartmouth	PROPN
cblr-1778	10	15	college	college	PROPN
cblr-1778	10	16	.	.	PUNCT
cblr-1778	11	1	many	many	ADJ
cblr-1778	11	2	thanks	thank	NOUN
cblr-1778	11	3	to	to	ADP
cblr-1778	11	4	professor	professor	PROPN
cblr-1778	11	5	robert	robert	PROPN
cblr-1778	11	6	j.	j.	PROPN
cblr-1778	11	7	jackson	jackson	PROPN
cblr-1778	11	8	,	,	PUNCT
cblr-1778	11	9	jr	jr	PROPN
cblr-1778	11	10	.	.	PROPN
cblr-1778	11	11	for	for	ADP
cblr-1778	11	12	his	his	PRON
cblr-1778	11	13	invaluable	invaluable	ADJ
cblr-1778	11	14	guidance	guidance	NOUN
cblr-1778	11	15	,	,	PUNCT
cblr-1778	11	16	as	as	ADV
cblr-1778	11	17	well	well	ADV
cblr-1778	11	18	as	as	ADP
cblr-1778	11	19	to	to	ADP
cblr-1778	11	20	caitlin	caitlin	PROPN
cblr-1778	11	21	mevorach	mevorach	PROPN
cblr-1778	11	22	and	and	CCONJ
cblr-1778	11	23	jeffrey	jeffrey	PROPN
cblr-1778	11	24	cooper	cooper	PROPN
cblr-1778	11	25	for	for	ADP
cblr-1778	11	26	their	their	PRON
cblr-1778	11	27	insightful	insightful	ADJ
cblr-1778	11	28	feedback	feedback	NOUN
cblr-1778	11	29	.	.	PUNCT
cblr-1778	12	1	additional	additional	ADJ
cblr-1778	12	2	thanks	thank	NOUN
cblr-1778	12	3	to	to	ADP
cblr-1778	12	4	alan	alan	PROPN
cblr-1778	12	5	,	,	PUNCT
cblr-1778	12	6	lori	lori	PROPN
cblr-1778	12	7	,	,	PUNCT
cblr-1778	12	8	and	and	CCONJ
cblr-1778	12	9	julie	julie	PROPN
cblr-1778	12	10	cooper	cooper	PROPN
cblr-1778	12	11	for	for	ADP
cblr-1778	12	12	their	their	PRON
cblr-1778	12	13	support	support	NOUN
cblr-1778	12	14	,	,	PUNCT
cblr-1778	12	15	and	and	CCONJ
cblr-1778	12	16	to	to	ADP
cblr-1778	12	17	the	the	DET
cblr-1778	12	18	outstanding	outstanding	ADJ
cblr-1778	12	19	staff	staff	NOUN
cblr-1778	12	20	and	and	CCONJ
cblr-1778	12	21	editorial	editorial	NOUN
cblr-1778	12	22	board	board	NOUN
cblr-1778	12	23	of	of	ADP
cblr-1778	12	24	the	the	DET
cblr-1778	12	25	columbia	columbia	PROPN
cblr-1778	12	26	business	business	PROPN
cblr-1778	12	27	law	law	PROPN
cblr-1778	12	28	review	review	NOUN
cblr-1778	12	29	for	for	ADP
cblr-1778	12	30	their	their	PRON
cblr-1778	12	31	assistance	assistance	NOUN
cblr-1778	12	32	in	in	ADP
cblr-1778	12	33	preparing	prepare	VERB
cblr-1778	12	34	this	this	DET
cblr-1778	12	35	note	note	NOUN
cblr-1778	12	36	for	for	ADP
cblr-1778	12	37	publication	publication	NOUN
cblr-1778	12	38	.	.	PUNCT
cblr-1778	13	1	cooper	cooper	PROPN
cblr-1778	13	2	final	final	PROPN
cblr-1778	13	3	4/28/2014	4/28/2014	NUM
cblr-1778	13	4	12:02	12:02	NUM
cblr-1778	13	5	am	be	AUX
cblr-1778	13	6	no	no	NOUN
cblr-1778	13	7	.	.	PUNCT
cblr-1778	14	1	2:512	2:512	NUM
cblr-1778	14	2	]	]	X
cblr-1778	14	3	idiosyncratic	idiosyncratic	ADJ
cblr-1778	14	4	value	value	NOUN
cblr-1778	14	5	in	in	ADP
cblr-1778	14	6	the	the	DET
cblr-1778	14	7	biotech	biotech	ADJ
cblr-1778	14	8	ipo	ipo	NOUN
cblr-1778	14	9	market	market	NOUN
cblr-1778	14	10	513	513	NUM
cblr-1778	14	11	i.	i.	NOUN
cblr-1778	14	12	introduction	introduction	NOUN
cblr-1778	14	13	.................................................................	.................................................................	PUNCT
cblr-1778	14	14	513	513	NUM
cblr-1778	14	15	ii	ii	NOUN
cblr-1778	14	16	.	.	PUNCT
cblr-1778	14	17	idiosyncratic	idiosyncratic	ADJ
cblr-1778	14	18	value	value	NOUN
cblr-1778	14	19	and	and	CCONJ
cblr-1778	14	20	early	early	ADJ
cblr-1778	14	21	-	-	PUNCT
cblr-1778	14	22	stage	stage	NOUN
cblr-1778	14	23	biotech	biotech	ADJ
cblr-1778	14	24	investment	investment	NOUN
cblr-1778	14	25	.................................................................	.................................................................	PUNCT
cblr-1778	14	26	518	518	NUM
cblr-1778	14	27	a.	a.	NOUN
cblr-1778	14	28	venture	venture	NOUN
cblr-1778	14	29	capitalists	capitalist	NOUN
cblr-1778	14	30	:	:	PUNCT
cblr-1778	14	31	monitoring	monitor	VERB
cblr-1778	14	32	and	and	CCONJ
cblr-1778	14	33	monitored	monitor	VERB
cblr-1778	14	34	.............................................................	.............................................................	PUNCT
cblr-1778	15	1	519	519	NUM
cblr-1778	15	2	b.	b.	NOUN
cblr-1778	15	3	weighing	weigh	VERB
cblr-1778	15	4	the	the	DET
cblr-1778	15	5	costs	cost	NOUN
cblr-1778	15	6	of	of	ADP
cblr-1778	15	7	control	control	NOUN
cblr-1778	15	8	:	:	PUNCT
cblr-1778	15	9	idiosyncratic	idiosyncratic	ADJ
cblr-1778	15	10	value	value	NOUN
cblr-1778	15	11	....................................................................	....................................................................	PUNCT
cblr-1778	15	12	522	522	NUM
cblr-1778	15	13	c.	c.	NOUN
cblr-1778	15	14	ipos	ipos	NOUN
cblr-1778	15	15	as	as	ADP
cblr-1778	15	16	an	an	DET
cblr-1778	15	17	exit	exit	NOUN
cblr-1778	15	18	option	option	NOUN
cblr-1778	15	19	for	for	ADP
cblr-1778	15	20	preserving	preserve	VERB
cblr-1778	15	21	control	control	NOUN
cblr-1778	15	22	..	..	PUNCT
cblr-1778	15	23	524	524	NUM
cblr-1778	15	24	iii	iii	NOUN
cblr-1778	15	25	.	.	PUNCT
cblr-1778	15	26	public	public	ADJ
cblr-1778	15	27	but	but	CCONJ
cblr-1778	15	28	not	not	PART
cblr-1778	15	29	dispersed	disperse	VERB
cblr-1778	15	30	:	:	PUNCT
cblr-1778	15	31	biotech	biotech	ADJ
cblr-1778	15	32	ipos	ipos	NOUN
cblr-1778	15	33	of	of	ADP
cblr-1778	15	34	2013	2013	NUM
cblr-1778	15	35	........	........	PUNCT
cblr-1778	15	36	526	526	NUM
cblr-1778	15	37	a.	a.	NOUN
cblr-1778	15	38	2013	2013	NUM
cblr-1778	15	39	biotech	biotech	ADJ
cblr-1778	15	40	ipos	ipos	NOUN
cblr-1778	15	41	involve	involve	VERB
cblr-1778	15	42	immature	immature	ADJ
cblr-1778	15	43	firms	firm	NOUN
cblr-1778	15	44	......	......	PUNCT
cblr-1778	15	45	528	528	NUM
cblr-1778	15	46	b.	b.	NOUN
cblr-1778	15	47	pre	pre	ADJ
cblr-1778	15	48	-	-	ADJ
cblr-1778	15	49	public	public	ADJ
cblr-1778	15	50	investors	investor	NOUN
cblr-1778	15	51	control	control	VERB
cblr-1778	15	52	most	most	ADJ
cblr-1778	15	53	cash	cash	NOUN
cblr-1778	15	54	-	-	PUNCT
cblr-1778	15	55	flow	flow	NOUN
cblr-1778	15	56	rights	right	NOUN
cblr-1778	15	57	...................................................................	...................................................................	PUNCT
cblr-1778	15	58	530	530	NUM
cblr-1778	15	59	c.	c.	NOUN
cblr-1778	15	60	pre	pre	ADJ
cblr-1778	15	61	-	-	ADJ
cblr-1778	15	62	public	public	ADJ
cblr-1778	15	63	investors	investor	NOUN
cblr-1778	15	64	control	control	PROPN
cblr-1778	15	65	board	board	NOUN
cblr-1778	15	66	rooms	room	NOUN
cblr-1778	15	67	........	........	PUNCT
cblr-1778	16	1	531	531	NUM
cblr-1778	16	2	d.	d.	NOUN
cblr-1778	16	3	an	an	DET
cblr-1778	16	4	idiosyncratic	idiosyncratic	ADJ
cblr-1778	16	5	explanation	explanation	NOUN
cblr-1778	16	6	of	of	ADP
cblr-1778	16	7	controlled	control	VERB
cblr-1778	16	8	biotechs	biotech	NOUN
cblr-1778	16	9	...............................................................	...............................................................	PUNCT
cblr-1778	16	10	532	532	NUM
cblr-1778	16	11	iv	iv	NOUN
cblr-1778	16	12	.	.	PUNCT
cblr-1778	16	13	unlocked	unlock	VERB
cblr-1778	16	14	,	,	PUNCT
cblr-1778	16	15	untouched	untouched	ADJ
cblr-1778	16	16	:	:	PUNCT
cblr-1778	16	17	post	post	VERB
cblr-1778	16	18	ipo	ipo	PROPN
cblr-1778	16	19	lock	lock	NOUN
cblr-1778	16	20	-	-	PUNCT
cblr-1778	16	21	up	up	NOUN
cblr-1778	16	22	(	(	PUNCT
cblr-1778	16	23	in	in	ADP
cblr-1778	16	24	)	)	PUNCT
cblr-1778	16	25	activity	activity	NOUN
cblr-1778	16	26	.......................................................................	.......................................................................	PUNCT
cblr-1778	16	27	534	534	NUM
cblr-1778	16	28	a.	a.	NOUN
cblr-1778	16	29	pre	pre	ADJ
cblr-1778	16	30	-	-	ADJ
cblr-1778	16	31	public	public	ADJ
cblr-1778	16	32	investors	investor	NOUN
cblr-1778	16	33	do	do	AUX
cblr-1778	16	34	not	not	PART
cblr-1778	16	35	sell	sell	VERB
cblr-1778	16	36	at	at	ADP
cblr-1778	16	37	lock	lock	NOUN
cblr-1778	16	38	-	-	PUNCT
cblr-1778	16	39	up	up	ADP
cblr-1778	16	40	expiry	expiry	NOUN
cblr-1778	16	41	..................................................................	..................................................................	PUNCT
cblr-1778	17	1	535	535	NUM
cblr-1778	17	2	b.	b.	PROPN
cblr-1778	17	3	idiosyncratic	idiosyncratic	ADJ
cblr-1778	17	4	value	value	NOUN
cblr-1778	17	5	and	and	CCONJ
cblr-1778	17	6	newly	newly	ADV
cblr-1778	17	7	public	public	ADJ
cblr-1778	17	8	firms	firm	NOUN
cblr-1778	17	9	.....	.....	PUNCT
cblr-1778	17	10	536	536	NUM
cblr-1778	17	11	c.	c.	NOUN
cblr-1778	17	12	addressing	address	VERB
cblr-1778	17	13	alternative	alternative	ADJ
cblr-1778	17	14	theories	theory	NOUN
cblr-1778	17	15	........................	........................	PUNCT
cblr-1778	18	1	539	539	NUM
cblr-1778	18	2	v.	v.	ADP
cblr-1778	18	3	the	the	DET
cblr-1778	18	4	implications	implication	NOUN
cblr-1778	18	5	of	of	ADP
cblr-1778	18	6	idiosyncratic	idiosyncratic	ADJ
cblr-1778	18	7	value	value	NOUN
cblr-1778	18	8	in	in	ADP
cblr-1778	18	9	biotech	biotech	NOUN
cblr-1778	18	10	....	....	PUNCT
cblr-1778	18	11	542	542	NUM
cblr-1778	18	12	vi	vi	NOUN
cblr-1778	18	13	.	.	PUNCT
cblr-1778	18	14	conclusion	conclusion	NOUN
cblr-1778	18	15	....................................................................	....................................................................	PUNCT
cblr-1778	18	16	545	545	NUM
cblr-1778	18	17	appendix	appendix	NOUN
cblr-1778	18	18	:	:	PUNCT
cblr-1778	18	19	the	the	DET
cblr-1778	18	20	study	study	NOUN
cblr-1778	18	21	cohort	cohort	NOUN
cblr-1778	18	22	of	of	ADP
cblr-1778	18	23	39	39	NUM
cblr-1778	18	24	united	united	ADJ
cblr-1778	18	25	states	states	PROPN
cblr-1778	18	26	-	-	PUNCT
cblr-1778	18	27	based	base	VERB
cblr-1778	18	28	biotech	biotech	ADJ
cblr-1778	18	29	firms	firm	NOUN
cblr-1778	18	30	with	with	ADP
cblr-1778	18	31	2013	2013	NUM
cblr-1778	18	32	ipos	ipos	NOUN
cblr-1778	18	33	..................................	..................................	PUNCT
cblr-1778	18	34	547	547	NUM
cblr-1778	18	35	i.	i.	NOUN
cblr-1778	18	36	introduction	introduction	NOUN
cblr-1778	18	37	on	on	ADP
cblr-1778	18	38	november	november	PROPN
cblr-1778	18	39	22	22	NUM
cblr-1778	18	40	,	,	PUNCT
cblr-1778	18	41	2013	2013	NUM
cblr-1778	18	42	,	,	PUNCT
cblr-1778	18	43	dr	dr	PROPN
cblr-1778	18	44	.	.	PROPN
cblr-1778	18	45	david	david	PROPN
cblr-1778	18	46	schenkein	schenkein	PROPN
cblr-1778	18	47	,	,	PUNCT
cblr-1778	18	48	chief	chief	ADJ
cblr-1778	18	49	executive	executive	ADJ
cblr-1778	18	50	officer	officer	NOUN
cblr-1778	18	51	and	and	CCONJ
cblr-1778	18	52	director	director	NOUN
cblr-1778	18	53	of	of	ADP
cblr-1778	18	54	agios	agios	PROPN
cblr-1778	18	55	pharmaceuticals	pharmaceutical	NOUN
cblr-1778	18	56	,	,	PUNCT
cblr-1778	18	57	had	have	VERB
cblr-1778	18	58	the	the	DET
cblr-1778	18	59	honor	honor	NOUN
cblr-1778	18	60	of	of	ADP
cblr-1778	18	61	ringing	ring	VERB
cblr-1778	18	62	the	the	DET
cblr-1778	18	63	opening	open	VERB
cblr-1778	18	64	bell	bell	NOUN
cblr-1778	18	65	at	at	ADP
cblr-1778	18	66	the	the	DET
cblr-1778	18	67	nasdaq	nasdaq	PROPN
cblr-1778	18	68	marketsite	marketsite	PROPN
cblr-1778	18	69	in	in	ADP
cblr-1778	18	70	times	times	PROPN
cblr-1778	18	71	square	square	NOUN
cblr-1778	18	72	,	,	PUNCT
cblr-1778	18	73	new	new	ADJ
cblr-1778	18	74	york.1	york.1	PROPN
cblr-1778	18	75	agios	agios	PROPN
cblr-1778	18	76	was	be	AUX
cblr-1778	18	77	a	a	DET
cblr-1778	18	78	1	1	NUM
cblr-1778	18	79	press	press	NOUN
cblr-1778	18	80	release	release	NOUN
cblr-1778	18	81	,	,	PUNCT
cblr-1778	18	82	nasdaq	nasdaq	PROPN
cblr-1778	18	83	omx	omx	PROPN
cblr-1778	18	84	,	,	PUNCT
cblr-1778	18	85	agios	agios	PROPN
cblr-1778	18	86	pharmaceuticals	pharmaceutical	NOUN
cblr-1778	18	87	,	,	PUNCT
cblr-1778	18	88	inc	inc	PROPN
cblr-1778	18	89	.	.	PUNCT
cblr-1778	19	1	[	[	X
cblr-1778	19	2	agio	agio	NOUN
cblr-1778	19	3	]	]	PUNCT
cblr-1778	19	4	to	to	PART
cblr-1778	19	5	ring	ring	VERB
cblr-1778	19	6	the	the	DET
cblr-1778	19	7	nasdaq	nasdaq	PROPN
cblr-1778	19	8	stock	stock	NOUN
cblr-1778	19	9	market	market	NOUN
cblr-1778	19	10	opening	open	VERB
cblr-1778	19	11	bell	bell	NOUN
cblr-1778	19	12	,	,	PUNCT
cblr-1778	19	13	(	(	PUNCT
cblr-1778	19	14	nov	nov	PROPN
cblr-1778	19	15	.	.	PROPN
cblr-1778	19	16	22	22	NUM
cblr-1778	19	17	,	,	PUNCT
cblr-1778	19	18	2013	2013	NUM
cblr-1778	19	19	)	)	PUNCT
cblr-1778	19	20	,	,	PUNCT
cblr-1778	19	21	available	available	ADJ
cblr-1778	19	22	at	at	ADP
cblr-1778	19	23	http://globenewswire.com/news-release/2013/11/22/591927/	http://globenewswire.com/news-release/2013/11/22/591927/	X
cblr-1778	19	24	10059188	10059188	NUM
cblr-1778	19	25	/	/	SYM
cblr-1778	19	26	en	en	NOUN
cblr-1778	19	27	/	/	SYM
cblr-1778	19	28	agios	agio	NOUN
cblr-1778	19	29	-	-	PUNCT
cblr-1778	19	30	pharmaceuticals	pharmaceutical	NOUN
cblr-1778	19	31	-	-	PUNCT
cblr-1778	19	32	inc	inc	NOUN
cblr-1778	19	33	-	-	PUNCT
cblr-1778	19	34	agio	agio	NOUN
cblr-1778	19	35	-	-	PUNCT
cblr-1778	19	36	to	to	ADP
cblr-1778	19	37	-	-	PUNCT
cblr-1778	19	38	ring	ring	NOUN
cblr-1778	19	39	-	-	PUNCT
cblr-1778	19	40	the	the	DET
cblr-1778	19	41	-	-	PUNCT
cblr-1778	19	42	nasdaqstock	nasdaqstock	NOUN
cblr-1778	19	43	-	-	PUNCT
cblr-1778	19	44	market	market	NOUN
cblr-1778	19	45	-	-	PUNCT
cblr-1778	19	46	opening	opening	NOUN
cblr-1778	19	47	-	-	PUNCT
cblr-1778	19	48	bell.html	bell.html	PROPN
cblr-1778	19	49	.	.	PUNCT
cblr-1778	19	50	cooper	cooper	PROPN
cblr-1778	19	51	final	final	PROPN
cblr-1778	19	52	4/28/2014	4/28/2014	NUM
cblr-1778	19	53	12:02	12:02	NUM
cblr-1778	19	54	am	am	NOUN
cblr-1778	19	55	514	514	NUM
cblr-1778	19	56	columbia	columbia	PROPN
cblr-1778	19	57	business	business	NOUN
cblr-1778	19	58	law	law	PROPN
cblr-1778	19	59	review	review	NOUN
cblr-1778	20	1	[	[	X
cblr-1778	20	2	vol	vol	NOUN
cblr-1778	20	3	.	.	NOUN
cblr-1778	20	4	2014	2014	NUM
cblr-1778	20	5	preclinical	preclinical	ADJ
cblr-1778	20	6	biotechnology2	biotechnology2	NOUN
cblr-1778	20	7	firm	firm	ADJ
cblr-1778	20	8	developing	develop	VERB
cblr-1778	20	9	novel	novel	ADJ
cblr-1778	20	10	drugs	drug	NOUN
cblr-1778	20	11	related	relate	VERB
cblr-1778	20	12	to	to	ADP
cblr-1778	20	13	cancer	cancer	NOUN
cblr-1778	20	14	metabolism	metabolism	NOUN
cblr-1778	20	15	and	and	CCONJ
cblr-1778	20	16	rare	rare	ADJ
cblr-1778	20	17	metabolic	metabolic	NOUN
cblr-1778	20	18	disorders.3	disorders.3	NOUN
cblr-1778	20	19	it	it	PRON
cblr-1778	20	20	had	have	AUX
cblr-1778	20	21	just	just	ADV
cblr-1778	20	22	issued	issue	VERB
cblr-1778	20	23	its	its	PRON
cblr-1778	20	24	initial	initial	ADJ
cblr-1778	20	25	public	public	ADJ
cblr-1778	20	26	offering	offering	NOUN
cblr-1778	20	27	(	(	PUNCT
cblr-1778	20	28	“	"	PUNCT
cblr-1778	20	29	ipo	ipo	NOUN
cblr-1778	20	30	”	"	PUNCT
cblr-1778	20	31	)	)	PUNCT
cblr-1778	20	32	of	of	ADP
cblr-1778	20	33	shares	share	NOUN
cblr-1778	20	34	on	on	ADP
cblr-1778	20	35	the	the	DET
cblr-1778	20	36	nasdaq	nasdaq	PROPN
cblr-1778	20	37	four	four	NUM
cblr-1778	20	38	months	month	NOUN
cblr-1778	20	39	earlier.4	earlier.4	PROPN
cblr-1778	20	40	the	the	DET
cblr-1778	20	41	ipo	ipo	NOUN
cblr-1778	20	42	occurred	occur	VERB
cblr-1778	20	43	before	before	ADP
cblr-1778	20	44	any	any	PRON
cblr-1778	20	45	of	of	ADP
cblr-1778	20	46	its	its	PRON
cblr-1778	20	47	experimental	experimental	ADJ
cblr-1778	20	48	molecules	molecule	NOUN
cblr-1778	20	49	had	have	AUX
cblr-1778	20	50	entered	enter	VERB
cblr-1778	20	51	a	a	DET
cblr-1778	20	52	human	human	ADJ
cblr-1778	20	53	body	body	NOUN
cblr-1778	20	54	for	for	ADP
cblr-1778	20	55	clinical	clinical	ADJ
cblr-1778	20	56	trials.5	trials.5	PROPN
cblr-1778	20	57	agios	agio	NOUN
cblr-1778	20	58	was	be	AUX
cblr-1778	20	59	the	the	DET
cblr-1778	20	60	twentieth	twentieth	ADJ
cblr-1778	20	61	united	united	PROPN
cblr-1778	20	62	states	states	PROPN
cblr-1778	20	63	-	-	PUNCT
cblr-1778	20	64	based	base	VERB
cblr-1778	20	65	biotechnology	biotechnology	NOUN
cblr-1778	20	66	firm	firm	NOUN
cblr-1778	20	67	to	to	PART
cblr-1778	20	68	go	go	VERB
cblr-1778	20	69	public	public	ADJ
cblr-1778	20	70	in	in	ADP
cblr-1778	20	71	2013	2013	NUM
cblr-1778	20	72	,	,	PUNCT
cblr-1778	20	73	and	and	CCONJ
cblr-1778	20	74	by	by	ADP
cblr-1778	20	75	the	the	DET
cblr-1778	20	76	end	end	NOUN
cblr-1778	20	77	of	of	ADP
cblr-1778	20	78	year	year	NOUN
cblr-1778	20	79	thirty	thirty	NUM
cblr-1778	20	80	-	-	PUNCT
cblr-1778	20	81	nine	nine	NUM
cblr-1778	20	82	such	such	ADJ
cblr-1778	20	83	firms	firm	NOUN
cblr-1778	20	84	had	have	AUX
cblr-1778	20	85	issued	issue	VERB
cblr-1778	20	86	ipos.6	ipos.6	PROPN
cblr-1778	20	87	this	this	PRON
cblr-1778	20	88	represented	represent	VERB
cblr-1778	20	89	the	the	DET
cblr-1778	20	90	highest	high	ADJ
cblr-1778	20	91	number	number	NOUN
cblr-1778	20	92	of	of	ADP
cblr-1778	20	93	ipos	ipos	NOUN
cblr-1778	20	94	in	in	ADP
cblr-1778	20	95	the	the	DET
cblr-1778	20	96	history	history	NOUN
cblr-1778	20	97	of	of	ADP
cblr-1778	20	98	the	the	DET
cblr-1778	20	99	industry.7	industry.7	NOUN
cblr-1778	20	100	schenkein	schenkein	NOUN
cblr-1778	20	101	also	also	ADV
cblr-1778	20	102	sat	sit	VERB
cblr-1778	20	103	on	on	ADP
cblr-1778	20	104	the	the	DET
cblr-1778	20	105	board	board	NOUN
cblr-1778	20	106	of	of	ADP
cblr-1778	20	107	directors	director	NOUN
cblr-1778	20	108	for	for	ADP
cblr-1778	20	109	two	two	NUM
cblr-1778	20	110	of	of	ADP
cblr-1778	20	111	the	the	DET
cblr-1778	20	112	other	other	ADJ
cblr-1778	20	113	newly	newly	ADV
cblr-1778	20	114	public	public	ADJ
cblr-1778	20	115	biotech	biotech	ADJ
cblr-1778	20	116	firms	firm	NOUN
cblr-1778	20	117	,	,	PUNCT
cblr-1778	20	118	bluebird	bluebird	PROPN
cblr-1778	20	119	bio	bio	PROPN
cblr-1778	20	120	and	and	CCONJ
cblr-1778	20	121	foundation	foundation	PROPN
cblr-1778	20	122	medicine.8	medicine.8	PROPN
cblr-1778	20	123	like	like	ADP
cblr-1778	20	124	agios	agio	NOUN
cblr-1778	20	125	,	,	PUNCT
cblr-1778	20	126	these	these	DET
cblr-1778	20	127	firms	firm	NOUN
cblr-1778	20	128	were	be	AUX
cblr-1778	20	129	leveraging	leverage	VERB
cblr-1778	20	130	awe	awe	ADV
cblr-1778	20	131	-	-	PUNCT
cblr-1778	20	132	inspiring	inspire	VERB
cblr-1778	20	133	technologies	technology	NOUN
cblr-1778	20	134	such	such	ADJ
cblr-1778	20	135	as	as	ADP
cblr-1778	20	136	gene	gene	NOUN
cblr-1778	20	137	therapy	therapy	NOUN
cblr-1778	20	138	and	and	CCONJ
cblr-1778	20	139	next	next	ADJ
cblr-1778	20	140	-	-	PUNCT
cblr-1778	20	141	generation	generation	NOUN
cblr-1778	20	142	gene	gene	NOUN
cblr-1778	20	143	sequencing	sequence	VERB
cblr-1778	20	144	to	to	PART
cblr-1778	20	145	improve	improve	VERB
cblr-1778	20	146	the	the	DET
cblr-1778	20	147	lives	life	NOUN
cblr-1778	20	148	of	of	ADP
cblr-1778	20	149	2	2	NUM
cblr-1778	20	150	biotechnology	biotechnology	NOUN
cblr-1778	20	151	(	(	PUNCT
cblr-1778	20	152	or	or	CCONJ
cblr-1778	20	153	,	,	PUNCT
cblr-1778	20	154	“	"	PUNCT
cblr-1778	20	155	biotech	biotech	NOUN
cblr-1778	20	156	”	"	PUNCT
cblr-1778	20	157	)	)	PUNCT
cblr-1778	20	158	refers	refer	VERB
cblr-1778	20	159	in	in	ADP
cblr-1778	20	160	this	this	DET
cblr-1778	20	161	note	note	NOUN
cblr-1778	20	162	to	to	ADP
cblr-1778	20	163	the	the	DET
cblr-1778	20	164	healthcarefocused	healthcarefocused	ADJ
cblr-1778	20	165	life	life	NOUN
cblr-1778	20	166	sciences	science	NOUN
cblr-1778	20	167	industry	industry	NOUN
cblr-1778	20	168	,	,	PUNCT
cblr-1778	20	169	which	which	PRON
cblr-1778	20	170	includes	include	VERB
cblr-1778	20	171	the	the	DET
cblr-1778	20	172	commercial	commercial	ADJ
cblr-1778	20	173	development	development	NOUN
cblr-1778	20	174	of	of	ADP
cblr-1778	20	175	pharmaceuticals	pharmaceutical	NOUN
cblr-1778	20	176	,	,	PUNCT
cblr-1778	20	177	medical	medical	ADJ
cblr-1778	20	178	diagnostics	diagnostic	NOUN
cblr-1778	20	179	,	,	PUNCT
cblr-1778	20	180	and	and	CCONJ
cblr-1778	20	181	medical	medical	ADJ
cblr-1778	20	182	devices	device	NOUN
cblr-1778	20	183	.	.	PUNCT
cblr-1778	21	1	3	3	NUM
cblr-1778	21	2	about	about	ADP
cblr-1778	21	3	us	we	PRON
cblr-1778	21	4	,	,	PUNCT
cblr-1778	21	5	agios	agio	NOUN
cblr-1778	21	6	,	,	PUNCT
cblr-1778	21	7	http://www.agios.com/about.php	http://www.agios.com/about.php	PROPN
cblr-1778	21	8	(	(	PUNCT
cblr-1778	21	9	last	last	ADJ
cblr-1778	21	10	visited	visit	VERB
cblr-1778	21	11	apr	apr	NOUN
cblr-1778	21	12	.	.	PROPN
cblr-1778	22	1	27	27	NUM
cblr-1778	22	2	,	,	PUNCT
cblr-1778	22	3	2014	2014	NUM
cblr-1778	22	4	)	)	PUNCT
cblr-1778	22	5	.	.	PUNCT
cblr-1778	23	1	4	4	NUM
cblr-1778	23	2	see	see	VERB
cblr-1778	23	3	renaissance	renaissance	NOUN
cblr-1778	23	4	capital	capital	NOUN
cblr-1778	23	5	,	,	PUNCT
cblr-1778	23	6	agios	agios	PROPN
cblr-1778	23	7	pharmaceuticals	pharmaceutical	NOUN
cblr-1778	23	8	prices	price	NOUN
cblr-1778	23	9	ipo	ipo	NOUN
cblr-1778	23	10	at	at	ADP
cblr-1778	23	11	$	$	SYM
cblr-1778	23	12	18	18	NUM
cblr-1778	23	13	,	,	PUNCT
cblr-1778	23	14	above	above	ADP
cblr-1778	23	15	the	the	DET
cblr-1778	23	16	range	range	NOUN
cblr-1778	23	17	,	,	PUNCT
cblr-1778	23	18	nasdaq	nasdaq	PROPN
cblr-1778	23	19	(	(	PUNCT
cblr-1778	23	20	july	july	PROPN
cblr-1778	23	21	24	24	NUM
cblr-1778	23	22	,	,	PUNCT
cblr-1778	23	23	2013	2013	NUM
cblr-1778	23	24	,	,	PUNCT
cblr-1778	23	25	8:35	8:35	NUM
cblr-1778	23	26	am	am	NOUN
cblr-1778	23	27	)	)	PUNCT
cblr-1778	23	28	,	,	PUNCT
cblr-1778	23	29	http://www.nasdaq.com/article/agios-pharmaceuticals-prices-ipo-at-18above-the-range-cm260593	http://www.nasdaq.com/article/agios-pharmaceuticals-prices-ipo-at-18above-the-range-cm260593	NOUN
cblr-1778	23	30	.	.	NOUN
cblr-1778	23	31	5	5	NUM
cblr-1778	23	32	agios	agio	NOUN
cblr-1778	23	33	pharmaceuticals	pharmaceutical	NOUN
cblr-1778	23	34	,	,	PUNCT
cblr-1778	23	35	inc	inc	PROPN
cblr-1778	23	36	.	.	PROPN
cblr-1778	23	37	,	,	PUNCT
cblr-1778	23	38	amendment	amendment	PROPN
cblr-1778	23	39	no	no	INTJ
cblr-1778	23	40	.	.	NOUN
cblr-1778	23	41	3	3	NUM
cblr-1778	23	42	to	to	PART
cblr-1778	23	43	form	form	VERB
cblr-1778	23	44	s-1	s-1	NOUN
cblr-1778	23	45	registration	registration	NOUN
cblr-1778	23	46	statement	statement	NOUN
cblr-1778	23	47	(	(	PUNCT
cblr-1778	23	48	form	form	NOUN
cblr-1778	23	49	s-1	s-1	PROPN
cblr-1778	23	50	/	/	SYM
cblr-1778	23	51	a	a	NOUN
cblr-1778	23	52	)	)	PUNCT
cblr-1778	23	53	,	,	PUNCT
cblr-1778	23	54	at	at	ADP
cblr-1778	23	55	1	1	NUM
cblr-1778	23	56	(	(	PUNCT
cblr-1778	23	57	july	july	PROPN
cblr-1778	23	58	16	16	NUM
cblr-1778	23	59	,	,	PUNCT
cblr-1778	23	60	2013	2013	NUM
cblr-1778	23	61	)	)	PUNCT
cblr-1778	24	1	[	[	X
cblr-1778	24	2	hereinafter	hereinafter	NOUN
cblr-1778	24	3	agios	agio	VERB
cblr-1778	24	4	s-1	s-1	PROPN
cblr-1778	24	5	]	]	PUNCT
cblr-1778	24	6	.	.	PUNCT
cblr-1778	25	1	6	6	NUM
cblr-1778	25	2	these	these	DET
cblr-1778	25	3	data	datum	NOUN
cblr-1778	25	4	were	be	AUX
cblr-1778	25	5	compiled	compile	VERB
cblr-1778	25	6	from	from	ADP
cblr-1778	25	7	an	an	DET
cblr-1778	25	8	original	original	ADJ
cblr-1778	25	9	empirical	empirical	ADJ
cblr-1778	25	10	study	study	NOUN
cblr-1778	25	11	of	of	ADP
cblr-1778	25	12	form	form	NOUN
cblr-1778	25	13	s-1	s-1	PROPN
cblr-1778	25	14	sec	sec	PROPN
cblr-1778	25	15	filings	filing	NOUN
cblr-1778	25	16	.	.	PUNCT
cblr-1778	26	1	see	see	VERB
cblr-1778	26	2	infra	infra	NOUN
cblr-1778	26	3	part	part	NOUN
cblr-1778	26	4	iii	iii	NOUN
cblr-1778	26	5	for	for	ADP
cblr-1778	26	6	an	an	DET
cblr-1778	26	7	explanation	explanation	NOUN
cblr-1778	26	8	of	of	ADP
cblr-1778	26	9	the	the	DET
cblr-1778	26	10	study	study	NOUN
cblr-1778	26	11	and	and	CCONJ
cblr-1778	26	12	the	the	DET
cblr-1778	26	13	methodology	methodology	NOUN
cblr-1778	26	14	behind	behind	ADP
cblr-1778	26	15	it	it	PRON
cblr-1778	26	16	.	.	PUNCT
cblr-1778	27	1	7	7	NUM
cblr-1778	27	2	see	see	VERB
cblr-1778	27	3	biotech	biotech	ADJ
cblr-1778	27	4	ipos	ipos	NOUN
cblr-1778	27	5	are	be	AUX
cblr-1778	27	6	back	back	ADV
cblr-1778	27	7	to	to	ADP
cblr-1778	27	8	normal	normal	ADJ
cblr-1778	27	9	,	,	PUNCT
cblr-1778	27	10	renaissance	renaissance	NOUN
cblr-1778	27	11	capital	capital	PROPN
cblr-1778	27	12	ipo	ipo	PROPN
cblr-1778	27	13	center	center	PROPN
cblr-1778	27	14	(	(	PUNCT
cblr-1778	27	15	nov	nov	PROPN
cblr-1778	27	16	.	.	PROPN
cblr-1778	27	17	25	25	NUM
cblr-1778	27	18	,	,	PUNCT
cblr-1778	27	19	2013	2013	NUM
cblr-1778	27	20	)	)	PUNCT
cblr-1778	27	21	,	,	PUNCT
cblr-1778	27	22	http://www.renaissancecapital.com/ipohome/news/	http://www.renaissancecapital.com/ipohome/news/	PROPN
cblr-1778	27	23	biotech-ipos-are-back-to-normal-16928.html	biotech-ipos-are-back-to-normal-16928.html	PROPN
cblr-1778	27	24	.	.	X
cblr-1778	27	25	8	8	NUM
cblr-1778	27	26	bluebird	bluebird	PROPN
cblr-1778	27	27	bio	bio	PROPN
cblr-1778	27	28	,	,	PUNCT
cblr-1778	27	29	inc	inc	PROPN
cblr-1778	27	30	.	.	PROPN
cblr-1778	27	31	,	,	PUNCT
cblr-1778	27	32	amendment	amendment	PROPN
cblr-1778	27	33	no	no	NOUN
cblr-1778	27	34	.	.	NOUN
cblr-1778	27	35	2	2	NUM
cblr-1778	27	36	to	to	ADP
cblr-1778	27	37	registration	registration	NOUN
cblr-1778	27	38	statement	statement	NOUN
cblr-1778	27	39	(	(	PUNCT
cblr-1778	27	40	form	form	NOUN
cblr-1778	27	41	s-1	s-1	PROPN
cblr-1778	27	42	/	/	SYM
cblr-1778	27	43	a	a	NOUN
cblr-1778	27	44	)	)	PUNCT
cblr-1778	27	45	,	,	PUNCT
cblr-1778	27	46	at	at	ADP
cblr-1778	27	47	150	150	NUM
cblr-1778	27	48	(	(	PUNCT
cblr-1778	27	49	june	june	PROPN
cblr-1778	27	50	4	4	NUM
cblr-1778	27	51	,	,	PUNCT
cblr-1778	27	52	2013	2013	NUM
cblr-1778	27	53	)	)	PUNCT
cblr-1778	28	1	[	[	X
cblr-1778	28	2	hereinafter	hereinafter	NOUN
cblr-1778	28	3	bluebird	bluebird	PROPN
cblr-1778	28	4	bio	bio	PROPN
cblr-1778	28	5	s-1	s-1	PROPN
cblr-1778	28	6	]	]	PUNCT
cblr-1778	28	7	;	;	PUNCT
cblr-1778	28	8	foundation	foundation	NOUN
cblr-1778	28	9	medicine	medicine	PROPN
cblr-1778	28	10	,	,	PUNCT
cblr-1778	28	11	inc	inc	PROPN
cblr-1778	28	12	.	.	PROPN
cblr-1778	28	13	,	,	PUNCT
cblr-1778	28	14	amendment	amendment	PROPN
cblr-1778	28	15	no	no	NOUN
cblr-1778	28	16	.	.	PROPN
cblr-1778	28	17	5	5	NUM
cblr-1778	28	18	to	to	PART
cblr-1778	28	19	registration	registration	NOUN
cblr-1778	28	20	statement	statement	NOUN
cblr-1778	28	21	(	(	PUNCT
cblr-1778	28	22	form	form	NOUN
cblr-1778	28	23	s-1	s-1	PROPN
cblr-1778	28	24	/	/	SYM
cblr-1778	28	25	a	a	NOUN
cblr-1778	28	26	)	)	PUNCT
cblr-1778	28	27	,	,	PUNCT
cblr-1778	28	28	at	at	ADP
cblr-1778	28	29	118	118	NUM
cblr-1778	28	30	(	(	PUNCT
cblr-1778	28	31	sep	sep	PROPN
cblr-1778	28	32	.	.	PROPN
cblr-1778	28	33	20	20	NUM
cblr-1778	28	34	,	,	PUNCT
cblr-1778	28	35	2013	2013	NUM
cblr-1778	28	36	)	)	PUNCT
cblr-1778	29	1	[	[	X
cblr-1778	29	2	hereinafter	hereinafter	NOUN
cblr-1778	29	3	foundation	foundation	NOUN
cblr-1778	29	4	medicine	medicine	NOUN
cblr-1778	29	5	s1	s1	PROPN
cblr-1778	29	6	]	]	PUNCT
cblr-1778	29	7	.	.	PUNCT
cblr-1778	30	1	cooper	cooper	PROPN
cblr-1778	30	2	final	final	PROPN
cblr-1778	30	3	4/28/2014	4/28/2014	NUM
cblr-1778	30	4	12:02	12:02	NUM
cblr-1778	30	5	am	be	AUX
cblr-1778	30	6	no	no	NOUN
cblr-1778	30	7	.	.	PUNCT
cblr-1778	31	1	2:512	2:512	NUM
cblr-1778	31	2	]	]	X
cblr-1778	31	3	idiosyncratic	idiosyncratic	ADJ
cblr-1778	31	4	value	value	NOUN
cblr-1778	31	5	in	in	ADP
cblr-1778	31	6	the	the	DET
cblr-1778	31	7	biotech	biotech	ADJ
cblr-1778	31	8	ipo	ipo	NOUN
cblr-1778	31	9	market	market	NOUN
cblr-1778	31	10	515	515	NUM
cblr-1778	31	11	patients	patient	NOUN
cblr-1778	31	12	with	with	ADP
cblr-1778	31	13	highly	highly	ADV
cblr-1778	31	14	morbid	morbid	ADJ
cblr-1778	31	15	cancers	cancer	NOUN
cblr-1778	31	16	and	and	CCONJ
cblr-1778	31	17	genetic	genetic	ADJ
cblr-1778	31	18	disorders.9	disorders.9	NOUN
cblr-1778	31	19	these	these	DET
cblr-1778	31	20	firms	firm	NOUN
cblr-1778	31	21	had	have	VERB
cblr-1778	31	22	little	little	ADJ
cblr-1778	31	23	or	or	CCONJ
cblr-1778	31	24	no	no	PRON
cblr-1778	31	25	revenue	revenue	NOUN
cblr-1778	31	26	from	from	ADP
cblr-1778	31	27	product	product	NOUN
cblr-1778	31	28	sales	sale	NOUN
cblr-1778	31	29	at	at	ADP
cblr-1778	31	30	the	the	DET
cblr-1778	31	31	time	time	NOUN
cblr-1778	31	32	of	of	ADP
cblr-1778	31	33	ipo	ipo	NOUN
cblr-1778	31	34	,	,	PUNCT
cblr-1778	31	35	and	and	CCONJ
cblr-1778	31	36	yet	yet	ADV
cblr-1778	31	37	they	they	PRON
cblr-1778	31	38	still	still	ADV
cblr-1778	31	39	managed	manage	VERB
cblr-1778	31	40	to	to	PART
cblr-1778	31	41	go	go	VERB
cblr-1778	31	42	public	public	ADJ
cblr-1778	31	43	with	with	ADP
cblr-1778	31	44	expected	expect	VERB
cblr-1778	31	45	market	market	NOUN
cblr-1778	31	46	capitalizations	capitalization	NOUN
cblr-1778	31	47	on	on	ADP
cblr-1778	31	48	the	the	DET
cblr-1778	31	49	order	order	NOUN
cblr-1778	31	50	of	of	ADP
cblr-1778	31	51	$	$	SYM
cblr-1778	31	52	350	350	NUM
cblr-1778	31	53	-	-	SYM
cblr-1778	31	54	450	450	NUM
cblr-1778	31	55	million	million	NUM
cblr-1778	31	56	each.10	each.10	ADP
cblr-1778	31	57	all	all	DET
cblr-1778	31	58	three	three	NUM
cblr-1778	31	59	firms	firm	NOUN
cblr-1778	31	60	were	be	AUX
cblr-1778	31	61	portfolio	portfolio	NOUN
cblr-1778	31	62	companies	company	NOUN
cblr-1778	31	63	of	of	ADP
cblr-1778	31	64	third	third	ADJ
cblr-1778	31	65	rock	rock	NOUN
cblr-1778	31	66	ventures	venture	NOUN
cblr-1778	31	67	,	,	PUNCT
cblr-1778	31	68	a	a	DET
cblr-1778	31	69	life	life	NOUN
cblr-1778	31	70	sciences	science	NOUN
cblr-1778	31	71	-	-	PUNCT
cblr-1778	31	72	focused	focus	VERB
cblr-1778	31	73	venture	venture	NOUN
cblr-1778	31	74	capital	capital	NOUN
cblr-1778	31	75	firm	firm	NOUN
cblr-1778	31	76	based	base	VERB
cblr-1778	31	77	in	in	ADP
cblr-1778	31	78	boston.11	boston.11	PROPN
cblr-1778	31	79	third	third	ADJ
cblr-1778	31	80	rock	rock	NOUN
cblr-1778	31	81	had	have	VERB
cblr-1778	31	82	one	one	NUM
cblr-1778	31	83	or	or	CCONJ
cblr-1778	31	84	more	more	ADJ
cblr-1778	31	85	affiliates	affiliate	NOUN
cblr-1778	31	86	sitting	sit	VERB
cblr-1778	31	87	on	on	ADP
cblr-1778	31	88	the	the	DET
cblr-1778	31	89	board	board	NOUN
cblr-1778	31	90	of	of	ADP
cblr-1778	31	91	directors	director	NOUN
cblr-1778	31	92	of	of	ADP
cblr-1778	31	93	each	each	DET
cblr-1778	31	94	company	company	NOUN
cblr-1778	31	95	,	,	PUNCT
cblr-1778	31	96	as	as	ADV
cblr-1778	31	97	well	well	ADV
cblr-1778	31	98	as	as	ADP
cblr-1778	31	99	post	post	ADJ
cblr-1778	31	100	-	-	ADJ
cblr-1778	31	101	ipo	ipo	ADJ
cblr-1778	31	102	equity	equity	NOUN
cblr-1778	31	103	stakes	stake	NOUN
cblr-1778	31	104	of	of	ADP
cblr-1778	31	105	19	19	NUM
cblr-1778	31	106	%	%	NOUN
cblr-1778	31	107	,	,	PUNCT
cblr-1778	31	108	22	22	NUM
cblr-1778	31	109	%	%	NOUN
cblr-1778	31	110	,	,	PUNCT
cblr-1778	31	111	and	and	CCONJ
cblr-1778	31	112	25	25	NUM
cblr-1778	31	113	%	%	NOUN
cblr-1778	31	114	in	in	ADP
cblr-1778	31	115	agios	agios	PROPN
cblr-1778	31	116	,	,	PUNCT
cblr-1778	31	117	bluebird	bluebird	NOUN
cblr-1778	31	118	bio	bio	PROPN
cblr-1778	31	119	,	,	PUNCT
cblr-1778	31	120	and	and	CCONJ
cblr-1778	31	121	foundation	foundation	NOUN
cblr-1778	31	122	medicine	medicine	NOUN
cblr-1778	31	123	,	,	PUNCT
cblr-1778	31	124	respectively.12	respectively.12	VERB
cblr-1778	31	125	other	other	ADJ
cblr-1778	31	126	venture	venture	NOUN
cblr-1778	31	127	firms	firm	NOUN
cblr-1778	31	128	held	hold	VERB
cblr-1778	31	129	similar	similar	ADJ
cblr-1778	31	130	positions	position	NOUN
cblr-1778	31	131	in	in	ADP
cblr-1778	31	132	nearly	nearly	ADV
cblr-1778	31	133	all	all	PRON
cblr-1778	31	134	biotech	biotech	ADJ
cblr-1778	31	135	firms	firm	NOUN
cblr-1778	31	136	that	that	PRON
cblr-1778	31	137	went	go	VERB
cblr-1778	31	138	public13	public13	NOUN
cblr-1778	31	139	during	during	ADP
cblr-1778	31	140	this	this	DET
cblr-1778	31	141	historic	historic	ADJ
cblr-1778	31	142	year	year	NOUN
cblr-1778	31	143	for	for	ADP
cblr-1778	31	144	ipo	ipo	PROPN
cblr-1778	31	145	activity.14	activity.14	ADP
cblr-1778	31	146	traditional	traditional	ADJ
cblr-1778	31	147	theories	theory	NOUN
cblr-1778	31	148	of	of	ADP
cblr-1778	31	149	corporate	corporate	ADJ
cblr-1778	31	150	governance	governance	NOUN
cblr-1778	31	151	focus	focus	NOUN
cblr-1778	31	152	on	on	ADP
cblr-1778	31	153	limiting	limit	VERB
cblr-1778	31	154	agency	agency	NOUN
cblr-1778	31	155	costs	cost	NOUN
cblr-1778	31	156	,	,	PUNCT
cblr-1778	31	157	such	such	ADJ
cblr-1778	31	158	as	as	ADP
cblr-1778	31	159	self	self	NOUN
cblr-1778	31	160	-	-	PUNCT
cblr-1778	31	161	dealing	dealing	NOUN
cblr-1778	31	162	and	and	CCONJ
cblr-1778	31	163	the	the	DET
cblr-1778	31	164	extraction	extraction	NOUN
cblr-1778	31	165	of	of	ADP
cblr-1778	31	166	private	private	ADJ
cblr-1778	31	167	benefits	benefit	NOUN
cblr-1778	31	168	by	by	ADP
cblr-1778	31	169	controlling	control	VERB
cblr-1778	31	170	shareholders	shareholder	NOUN
cblr-1778	31	171	.	.	PUNCT
cblr-1778	32	1	why	why	SCONJ
cblr-1778	32	2	,	,	PUNCT
cblr-1778	32	3	then	then	ADV
cblr-1778	32	4	,	,	PUNCT
cblr-1778	32	5	were	be	AUX
cblr-1778	32	6	the	the	DET
cblr-1778	32	7	public	public	ADJ
cblr-1778	32	8	markets	market	NOUN
cblr-1778	32	9	willing	willing	ADJ
cblr-1778	32	10	to	to	PART
cblr-1778	32	11	embrace	embrace	VERB
cblr-1778	32	12	public	public	ADJ
cblr-1778	32	13	offerings	offering	NOUN
cblr-1778	32	14	of	of	ADP
cblr-1778	32	15	so	so	ADV
cblr-1778	32	16	many	many	ADJ
cblr-1778	32	17	immature	immature	ADJ
cblr-1778	32	18	,	,	PUNCT
cblr-1778	32	19	controlled	control	VERB
cblr-1778	32	20	firms	firm	NOUN
cblr-1778	32	21	?	?	PUNCT
cblr-1778	33	1	and	and	CCONJ
cblr-1778	33	2	why	why	SCONJ
cblr-1778	33	3	were	be	AUX
cblr-1778	33	4	so	so	ADV
cblr-1778	33	5	many	many	ADJ
cblr-1778	33	6	early	early	ADJ
cblr-1778	33	7	-	-	PUNCT
cblr-1778	33	8	stage	stage	NOUN
cblr-1778	33	9	investors	investor	NOUN
cblr-1778	33	10	willing	willing	ADJ
cblr-1778	33	11	to	to	PART
cblr-1778	33	12	tie	tie	VERB
cblr-1778	33	13	up	up	ADP
cblr-1778	33	14	capital	capital	NOUN
cblr-1778	33	15	and	and	CCONJ
cblr-1778	33	16	other	other	ADJ
cblr-1778	33	17	resources	resource	NOUN
cblr-1778	33	18	in	in	ADP
cblr-1778	33	19	these	these	DET
cblr-1778	33	20	risky	risky	ADJ
cblr-1778	33	21	investments	investment	NOUN
cblr-1778	33	22	?	?	PUNCT
cblr-1778	34	1	9	9	NUM
cblr-1778	34	2	bluebird	bluebird	PROPN
cblr-1778	34	3	bio	bio	PROPN
cblr-1778	34	4	,	,	PUNCT
cblr-1778	34	5	http://www.bluebirdbio.com	http://www.bluebirdbio.com	X
cblr-1778	34	6	(	(	PUNCT
cblr-1778	34	7	last	last	ADJ
cblr-1778	34	8	visited	visit	VERB
cblr-1778	34	9	apr	apr	NOUN
cblr-1778	34	10	.	.	PROPN
cblr-1778	34	11	27	27	NUM
cblr-1778	34	12	,	,	PUNCT
cblr-1778	34	13	2014	2014	NUM
cblr-1778	34	14	)	)	PUNCT
cblr-1778	34	15	;	;	PUNCT
cblr-1778	34	16	foundation	foundation	NOUN
cblr-1778	34	17	medicine	medicine	NOUN
cblr-1778	34	18	,	,	PUNCT
cblr-1778	34	19	www.foundationmedicine.com	www.foundationmedicine.com	X
cblr-1778	34	20	(	(	PUNCT
cblr-1778	34	21	last	last	ADJ
cblr-1778	34	22	visited	visit	VERB
cblr-1778	34	23	apr	apr	NOUN
cblr-1778	34	24	.	.	PROPN
cblr-1778	34	25	27	27	NUM
cblr-1778	34	26	,	,	PUNCT
cblr-1778	34	27	2014	2014	NUM
cblr-1778	34	28	)	)	PUNCT
cblr-1778	34	29	.	.	PUNCT
cblr-1778	35	1	10	10	NUM
cblr-1778	35	2	see	see	VERB
cblr-1778	35	3	agios	agios	PROPN
cblr-1778	35	4	s-1	s-1	PROPN
cblr-1778	35	5	,	,	PUNCT
cblr-1778	35	6	supra	supra	PROPN
cblr-1778	35	7	note	note	PROPN
cblr-1778	35	8	5	5	NUM
cblr-1778	35	9	;	;	PUNCT
cblr-1778	35	10	bluebird	bluebird	PROPN
cblr-1778	35	11	bio	bio	PROPN
cblr-1778	35	12	s-1	s-1	PROPN
cblr-1778	35	13	,	,	PUNCT
cblr-1778	35	14	supra	supra	PROPN
cblr-1778	35	15	note	note	PROPN
cblr-1778	35	16	8	8	NUM
cblr-1778	35	17	;	;	PUNCT
cblr-1778	35	18	foundation	foundation	NOUN
cblr-1778	35	19	medicine	medicine	PROPN
cblr-1778	35	20	s-1	s-1	PROPN
cblr-1778	35	21	,	,	PUNCT
cblr-1778	35	22	supra	supra	PROPN
cblr-1778	35	23	note	note	NOUN
cblr-1778	35	24	8	8	NUM
cblr-1778	35	25	.	.	NOUN
cblr-1778	35	26	11	11	NUM
cblr-1778	35	27	third	third	ADJ
cblr-1778	35	28	rock	rock	NOUN
cblr-1778	35	29	ventures	venture	NOUN
cblr-1778	35	30	,	,	PUNCT
cblr-1778	35	31	http://www.thirdrockventures.com	http://www.thirdrockventures.com	X
cblr-1778	35	32	(	(	PUNCT
cblr-1778	35	33	last	last	ADJ
cblr-1778	35	34	visited	visit	VERB
cblr-1778	35	35	apr	apr	NOUN
cblr-1778	35	36	.	.	PROPN
cblr-1778	35	37	27	27	NUM
cblr-1778	35	38	,	,	PUNCT
cblr-1778	35	39	2014	2014	NUM
cblr-1778	35	40	)	)	PUNCT
cblr-1778	35	41	.	.	PUNCT
cblr-1778	36	1	12	12	NUM
cblr-1778	36	2	agios	agios	PROPN
cblr-1778	36	3	s-1	s-1	PROPN
cblr-1778	36	4	,	,	PUNCT
cblr-1778	36	5	supra	supra	PROPN
cblr-1778	36	6	note	note	NOUN
cblr-1778	36	7	5	5	NUM
cblr-1778	36	8	,	,	PUNCT
cblr-1778	36	9	at	at	ADP
cblr-1778	36	10	123	123	NUM
cblr-1778	36	11	;	;	PUNCT
cblr-1778	36	12	bluebird	bluebird	PROPN
cblr-1778	36	13	bio	bio	PROPN
cblr-1778	36	14	s-1	s-1	PROPN
cblr-1778	36	15	,	,	PUNCT
cblr-1778	36	16	supra	supra	PROPN
cblr-1778	36	17	note	note	PROPN
cblr-1778	36	18	8	8	NUM
cblr-1778	36	19	,	,	PUNCT
cblr-1778	36	20	at	at	ADP
cblr-1778	36	21	176	176	NUM
cblr-1778	36	22	;	;	PUNCT
cblr-1778	36	23	foundation	foundation	NOUN
cblr-1778	36	24	medicine	medicine	PROPN
cblr-1778	36	25	s-1	s-1	PROPN
cblr-1778	36	26	,	,	PUNCT
cblr-1778	36	27	supra	supra	PROPN
cblr-1778	36	28	note	note	PROPN
cblr-1778	36	29	8	8	NUM
cblr-1778	36	30	,	,	PUNCT
cblr-1778	36	31	at	at	ADP
cblr-1778	36	32	141	141	NUM
cblr-1778	36	33	.	.	PUNCT
cblr-1778	36	34	13	13	NUM
cblr-1778	37	1	this	this	DET
cblr-1778	37	2	note	note	NOUN
cblr-1778	37	3	does	do	AUX
cblr-1778	37	4	not	not	PART
cblr-1778	37	5	include	include	VERB
cblr-1778	37	6	a	a	DET
cblr-1778	37	7	table	table	NOUN
cblr-1778	37	8	indicating	indicate	VERB
cblr-1778	37	9	vc	vc	PROPN
cblr-1778	37	10	stakes	stake	NOUN
cblr-1778	37	11	in	in	ADP
cblr-1778	37	12	each	each	DET
cblr-1778	37	13	biotech	biotech	ADJ
cblr-1778	37	14	firm	firm	NOUN
cblr-1778	37	15	that	that	PRON
cblr-1778	37	16	went	go	VERB
cblr-1778	37	17	public	public	ADJ
cblr-1778	37	18	,	,	PUNCT
cblr-1778	37	19	but	but	CCONJ
cblr-1778	37	20	this	this	DET
cblr-1778	37	21	finding	finding	NOUN
cblr-1778	37	22	was	be	AUX
cblr-1778	37	23	confirmed	confirm	VERB
cblr-1778	37	24	using	use	VERB
cblr-1778	37	25	the	the	DET
cblr-1778	37	26	author	author	NOUN
cblr-1778	37	27	’s	’s	PART
cblr-1778	37	28	independent	independent	ADJ
cblr-1778	37	29	research	research	NOUN
cblr-1778	37	30	.	.	PUNCT
cblr-1778	38	1	14	14	NUM
cblr-1778	38	2	see	see	VERB
cblr-1778	38	3	bruce	bruce	PROPN
cblr-1778	38	4	booth	booth	PROPN
cblr-1778	38	5	,	,	PUNCT
cblr-1778	38	6	what	what	PRON
cblr-1778	38	7	’s	’	VERB
cblr-1778	38	8	behind	behind	ADP
cblr-1778	38	9	the	the	DET
cblr-1778	38	10	booming	booming	ADJ
cblr-1778	38	11	biotech	biotech	ADJ
cblr-1778	38	12	ipo	ipo	NOUN
cblr-1778	38	13	market	market	NOUN
cblr-1778	38	14	,	,	PUNCT
cblr-1778	38	15	forbes	forbes	PROPN
cblr-1778	38	16	(	(	PUNCT
cblr-1778	38	17	sept	sept	PROPN
cblr-1778	38	18	.	.	PROPN
cblr-1778	38	19	22	22	NUM
cblr-1778	38	20	,	,	PUNCT
cblr-1778	38	21	2013	2013	NUM
cblr-1778	38	22	,	,	PUNCT
cblr-1778	38	23	9:41	9:41	NUM
cblr-1778	38	24	pm	pm	NOUN
cblr-1778	38	25	)	)	PUNCT
cblr-1778	38	26	,	,	PUNCT
cblr-1778	38	27	http://www.forbes.com/sites/brucebooth/	http://www.forbes.com/sites/brucebooth/	PROPN
cblr-1778	38	28	2013/09/22	2013/09/22	NUM
cblr-1778	38	29	/	/	SYM
cblr-1778	38	30	whats	what	NOUN
cblr-1778	38	31	-	-	PUNCT
cblr-1778	38	32	behind	behind	ADP
cblr-1778	38	33	-	-	PUNCT
cblr-1778	38	34	the	the	DET
cblr-1778	38	35	-	-	PUNCT
cblr-1778	38	36	booming	booming	ADJ
cblr-1778	38	37	-	-	PUNCT
cblr-1778	38	38	biotech	biotech	NOUN
cblr-1778	38	39	-	-	PUNCT
cblr-1778	38	40	ipo	ipo	NOUN
cblr-1778	38	41	-	-	PUNCT
cblr-1778	38	42	market/	market/	PROPN
cblr-1778	38	43	;	;	PUNCT
cblr-1778	38	44	william	william	PROPN
cblr-1778	38	45	blair	blair	PROPN
cblr-1778	38	46	&	&	CCONJ
cblr-1778	38	47	co.	co.	PROPN
cblr-1778	38	48	,	,	PUNCT
cblr-1778	38	49	strong	strong	ADJ
cblr-1778	38	50	biotech	biotech	ADJ
cblr-1778	38	51	market	market	NOUN
cblr-1778	38	52	fuels	fuel	VERB
cblr-1778	38	53	ipo	ipo	PROPN
cblr-1778	38	54	surge	surge	NOUN
cblr-1778	38	55	,	,	PUNCT
cblr-1778	38	56	nvca	nvca	VERB
cblr-1778	38	57	today	today	NOUN
cblr-1778	38	58	(	(	PUNCT
cblr-1778	38	59	june	june	PROPN
cblr-1778	38	60	21	21	NUM
cblr-1778	38	61	,	,	PUNCT
cblr-1778	38	62	2013	2013	NUM
cblr-1778	38	63	)	)	PUNCT
cblr-1778	38	64	,	,	PUNCT
cblr-1778	38	65	http://nvcatoday.nvca.org/index.php/from-our-sponsor/strong-bio	http://nvcatoday.nvca.org/index.php/from-our-sponsor/strong-bio	PROPN
cblr-1778	38	66	tech-market-fuels-ipo-surge.html	tech-market-fuels-ipo-surge.html	PROPN
cblr-1778	38	67	(	(	PUNCT
cblr-1778	38	68	noting	note	VERB
cblr-1778	38	69	that	that	SCONJ
cblr-1778	38	70	2013	2013	NUM
cblr-1778	38	71	was	be	AUX
cblr-1778	38	72	one	one	NUM
cblr-1778	38	73	of	of	ADP
cblr-1778	38	74	the	the	DET
cblr-1778	38	75	busiest	busy	ADJ
cblr-1778	38	76	years	year	NOUN
cblr-1778	38	77	for	for	ADP
cblr-1778	38	78	biotech	biotech	ADJ
cblr-1778	38	79	ipos	ipos	NOUN
cblr-1778	38	80	since	since	SCONJ
cblr-1778	38	81	before	before	ADP
cblr-1778	38	82	the	the	DET
cblr-1778	38	83	financial	financial	ADJ
cblr-1778	38	84	crisis	crisis	NOUN
cblr-1778	38	85	)	)	PUNCT
cblr-1778	38	86	.	.	PUNCT
cblr-1778	39	1	cooper	cooper	PROPN
cblr-1778	39	2	final	final	PROPN
cblr-1778	39	3	4/28/2014	4/28/2014	NUM
cblr-1778	39	4	12:02	12:02	NUM
cblr-1778	39	5	am	be	AUX
cblr-1778	39	6	516	516	NUM
cblr-1778	39	7	columbia	columbia	PROPN
cblr-1778	39	8	business	business	NOUN
cblr-1778	39	9	law	law	NOUN
cblr-1778	39	10	review	review	NOUN
cblr-1778	39	11	[	[	X
cblr-1778	39	12	vol	vol	NOUN
cblr-1778	39	13	.	.	PUNCT
cblr-1778	39	14	2014	2014	NUM
cblr-1778	40	1	this	this	DET
cblr-1778	40	2	note	note	NOUN
cblr-1778	40	3	provides	provide	VERB
cblr-1778	40	4	the	the	DET
cblr-1778	40	5	first	first	ADJ
cblr-1778	40	6	industry	industry	NOUN
cblr-1778	40	7	-	-	PUNCT
cblr-1778	40	8	specific	specific	ADJ
cblr-1778	40	9	,	,	PUNCT
cblr-1778	40	10	empirical	empirical	ADJ
cblr-1778	40	11	account	account	NOUN
cblr-1778	40	12	of	of	ADP
cblr-1778	40	13	governance	governance	NOUN
cblr-1778	40	14	patterns	pattern	NOUN
cblr-1778	40	15	in	in	ADP
cblr-1778	40	16	the	the	DET
cblr-1778	40	17	business	business	NOUN
cblr-1778	40	18	of	of	ADP
cblr-1778	40	19	early	early	ADJ
cblr-1778	40	20	-	-	PUNCT
cblr-1778	40	21	stage	stage	NOUN
cblr-1778	40	22	biomedical	biomedical	ADJ
cblr-1778	40	23	innovation	innovation	NOUN
cblr-1778	40	24	.	.	PUNCT
cblr-1778	41	1	to	to	PART
cblr-1778	41	2	accomplish	accomplish	VERB
cblr-1778	41	3	this	this	DET
cblr-1778	41	4	task	task	NOUN
cblr-1778	41	5	,	,	PUNCT
cblr-1778	41	6	this	this	DET
cblr-1778	41	7	note	note	NOUN
cblr-1778	41	8	examines	examine	VERB
cblr-1778	41	9	the	the	DET
cblr-1778	41	10	pre	pre	NOUN
cblr-1778	41	11	-	-	ADJ
cblr-1778	41	12	ipo	ipo	ADJ
cblr-1778	41	13	sec	sec	PROPN
cblr-1778	41	14	filings	filing	NOUN
cblr-1778	41	15	for	for	ADP
cblr-1778	41	16	all	all	DET
cblr-1778	41	17	united	united	PROPN
cblr-1778	41	18	states	states	PROPN
cblr-1778	41	19	-	-	PUNCT
cblr-1778	41	20	based	base	VERB
cblr-1778	41	21	biotech	biotech	ADJ
cblr-1778	41	22	firms	firm	NOUN
cblr-1778	41	23	with	with	ADP
cblr-1778	41	24	ipos	ipos	NOUN
cblr-1778	41	25	in	in	ADP
cblr-1778	41	26	2013	2013	NUM
cblr-1778	41	27	,	,	PUNCT
cblr-1778	41	28	as	as	ADV
cblr-1778	41	29	well	well	ADV
cblr-1778	41	30	as	as	ADP
cblr-1778	41	31	the	the	DET
cblr-1778	41	32	post	post	NOUN
cblr-1778	41	33	lock	lock	VERB
cblr-1778	41	34	-	-	PUNCT
cblr-1778	41	35	up	up	ADP
cblr-1778	41	36	trading	trading	NOUN
cblr-1778	41	37	disclosures	disclosure	NOUN
cblr-1778	41	38	for	for	ADP
cblr-1778	41	39	beneficial	beneficial	ADJ
cblr-1778	41	40	owners	owner	NOUN
cblr-1778	41	41	of	of	ADP
cblr-1778	41	42	those	those	DET
cblr-1778	41	43	same	same	ADJ
cblr-1778	41	44	firms.15	firms.15	NOUN
cblr-1778	41	45	the	the	DET
cblr-1778	41	46	data	datum	NOUN
cblr-1778	41	47	reveal	reveal	VERB
cblr-1778	41	48	a	a	DET
cblr-1778	41	49	real	real	ADJ
cblr-1778	41	50	-	-	PUNCT
cblr-1778	41	51	world	world	NOUN
cblr-1778	41	52	snapshot	snapshot	NOUN
cblr-1778	41	53	of	of	ADP
cblr-1778	41	54	newly	newly	ADV
cblr-1778	41	55	public	public	ADJ
cblr-1778	41	56	firms	firm	NOUN
cblr-1778	41	57	that	that	PRON
cblr-1778	41	58	are	be	AUX
cblr-1778	41	59	highly	highly	ADV
cblr-1778	41	60	consolidated	consolidated	ADJ
cblr-1778	41	61	in	in	ADP
cblr-1778	41	62	terms	term	NOUN
cblr-1778	41	63	of	of	ADP
cblr-1778	41	64	both	both	DET
cblr-1778	41	65	boardroom	boardroom	NOUN
cblr-1778	41	66	control	control	NOUN
cblr-1778	41	67	and	and	CCONJ
cblr-1778	41	68	cash	cash	NOUN
cblr-1778	41	69	flow	flow	NOUN
cblr-1778	41	70	rights.16	rights.16	PROPN
cblr-1778	41	71	the	the	DET
cblr-1778	41	72	data	datum	NOUN
cblr-1778	41	73	also	also	ADV
cblr-1778	41	74	reveal	reveal	VERB
cblr-1778	41	75	that	that	SCONJ
cblr-1778	41	76	entrepreneurs	entrepreneur	NOUN
cblr-1778	41	77	and	and	CCONJ
cblr-1778	41	78	pre	pre	ADJ
cblr-1778	41	79	-	-	ADJ
cblr-1778	41	80	public	public	ADJ
cblr-1778	41	81	investors	investor	NOUN
cblr-1778	41	82	do	do	AUX
cblr-1778	41	83	not	not	PART
cblr-1778	41	84	immediately	immediately	ADV
cblr-1778	41	85	liquidate	liquidate	VERB
cblr-1778	41	86	their	their	PRON
cblr-1778	41	87	control	control	NOUN
cblr-1778	41	88	blocks	block	NOUN
cblr-1778	41	89	.	.	PUNCT
cblr-1778	42	1	as	as	SCONJ
cblr-1778	42	2	this	this	DET
cblr-1778	42	3	note	note	NOUN
cblr-1778	42	4	will	will	AUX
cblr-1778	42	5	explain	explain	VERB
cblr-1778	42	6	,	,	PUNCT
cblr-1778	42	7	both	both	PRON
cblr-1778	42	8	of	of	ADP
cblr-1778	42	9	these	these	DET
cblr-1778	42	10	empirical	empirical	ADJ
cblr-1778	42	11	findings	finding	NOUN
cblr-1778	42	12	are	be	AUX
cblr-1778	42	13	best	well	ADV
cblr-1778	42	14	explained	explain	VERB
cblr-1778	42	15	by	by	ADP
cblr-1778	42	16	a	a	DET
cblr-1778	42	17	model	model	NOUN
cblr-1778	42	18	of	of	ADP
cblr-1778	42	19	corporate	corporate	ADJ
cblr-1778	42	20	control	control	NOUN
cblr-1778	42	21	built	build	VERB
cblr-1778	42	22	around	around	ADP
cblr-1778	42	23	idiosyncratic	idiosyncratic	ADJ
cblr-1778	42	24	value.17	value.17	NOUN
cblr-1778	42	25	through	through	ADP
cblr-1778	42	26	a	a	DET
cblr-1778	42	27	lens	lens	NOUN
cblr-1778	42	28	of	of	ADP
cblr-1778	42	29	idiosyncratic	idiosyncratic	ADJ
cblr-1778	42	30	value	value	NOUN
cblr-1778	42	31	,	,	PUNCT
cblr-1778	42	32	we	we	PRON
cblr-1778	42	33	can	can	AUX
cblr-1778	42	34	understand	understand	VERB
cblr-1778	42	35	the	the	DET
cblr-1778	42	36	behavior	behavior	NOUN
cblr-1778	42	37	of	of	ADP
cblr-1778	42	38	pre	pre	ADJ
cblr-1778	42	39	-	-	ADJ
cblr-1778	42	40	public	public	ADJ
cblr-1778	42	41	insiders	insider	NOUN
cblr-1778	42	42	,	,	PUNCT
cblr-1778	42	43	as	as	ADV
cblr-1778	42	44	well	well	ADV
cblr-1778	42	45	as	as	ADP
cblr-1778	42	46	the	the	DET
cblr-1778	42	47	behavior	behavior	NOUN
cblr-1778	42	48	of	of	ADP
cblr-1778	42	49	minority	minority	NOUN
cblr-1778	42	50	holders	holder	NOUN
cblr-1778	42	51	who	who	PRON
cblr-1778	42	52	buy	buy	VERB
cblr-1778	42	53	public	public	ADJ
cblr-1778	42	54	shares	share	NOUN
cblr-1778	42	55	of	of	ADP
cblr-1778	42	56	controlled	control	VERB
cblr-1778	42	57	,	,	PUNCT
cblr-1778	42	58	immature	immature	ADJ
cblr-1778	42	59	firms.18	firms.18	PROPN
cblr-1778	42	60	part	part	PROPN
cblr-1778	42	61	ii	ii	PROPN
cblr-1778	42	62	of	of	ADP
cblr-1778	42	63	this	this	DET
cblr-1778	42	64	note	note	NOUN
cblr-1778	42	65	provides	provide	VERB
cblr-1778	42	66	an	an	DET
cblr-1778	42	67	introduction	introduction	NOUN
cblr-1778	42	68	to	to	ADP
cblr-1778	42	69	“	"	PUNCT
cblr-1778	42	70	idiosyncratic	idiosyncratic	ADJ
cblr-1778	42	71	value	value	NOUN
cblr-1778	42	72	,	,	PUNCT
cblr-1778	42	73	”	"	PUNCT
cblr-1778	42	74	a	a	DET
cblr-1778	42	75	theory	theory	NOUN
cblr-1778	42	76	of	of	ADP
cblr-1778	42	77	corporate	corporate	ADJ
cblr-1778	42	78	control	control	NOUN
cblr-1778	42	79	that	that	PRON
cblr-1778	42	80	focuses	focus	VERB
cblr-1778	42	81	on	on	ADP
cblr-1778	42	82	the	the	DET
cblr-1778	42	83	value	value	NOUN
cblr-1778	42	84	an	an	DET
cblr-1778	42	85	entrepreneur	entrepreneur	NOUN
cblr-1778	42	86	places	place	VERB
cblr-1778	42	87	on	on	ADP
cblr-1778	42	88	her	her	PRON
cblr-1778	42	89	own	own	ADJ
cblr-1778	42	90	15	15	NUM
cblr-1778	42	91	see	see	NOUN
cblr-1778	42	92	infra	infra	NOUN
cblr-1778	42	93	part	part	NOUN
cblr-1778	42	94	iii	iii	NOUN
cblr-1778	42	95	and	and	CCONJ
cblr-1778	42	96	part	part	NOUN
cblr-1778	42	97	iv	iv	X
cblr-1778	42	98	for	for	ADP
cblr-1778	42	99	detailed	detailed	ADJ
cblr-1778	42	100	findings	finding	NOUN
cblr-1778	42	101	of	of	ADP
cblr-1778	42	102	these	these	DET
cblr-1778	42	103	empirical	empirical	ADJ
cblr-1778	42	104	studies	study	NOUN
cblr-1778	42	105	.	.	PUNCT
cblr-1778	43	1	16	16	NUM
cblr-1778	43	2	see	see	VERB
cblr-1778	43	3	infra	infra	NOUN
cblr-1778	43	4	part	part	NOUN
cblr-1778	43	5	iii	iii	NOUN
cblr-1778	43	6	for	for	ADP
cblr-1778	43	7	detailed	detailed	ADJ
cblr-1778	43	8	findings	finding	NOUN
cblr-1778	43	9	of	of	ADP
cblr-1778	43	10	the	the	DET
cblr-1778	43	11	empirical	empirical	ADJ
cblr-1778	43	12	study	study	NOUN
cblr-1778	43	13	.	.	PUNCT
cblr-1778	44	1	17	17	NUM
cblr-1778	45	1	i	i	PRON
cblr-1778	45	2	assume	assume	VERB
cblr-1778	45	3	that	that	SCONJ
cblr-1778	45	4	a	a	DET
cblr-1778	45	5	cohort	cohort	NOUN
cblr-1778	45	6	of	of	ADP
cblr-1778	45	7	firms	firm	NOUN
cblr-1778	45	8	within	within	ADP
cblr-1778	45	9	a	a	DET
cblr-1778	45	10	one	one	NUM
cblr-1778	45	11	-	-	PUNCT
cblr-1778	45	12	year	year	NOUN
cblr-1778	45	13	ipo	ipo	NOUN
cblr-1778	45	14	window	window	NOUN
cblr-1778	45	15	allows	allow	VERB
cblr-1778	45	16	for	for	ADP
cblr-1778	45	17	greater	great	ADJ
cblr-1778	45	18	“	"	PUNCT
cblr-1778	45	19	apples	apple	NOUN
cblr-1778	45	20	-	-	PUNCT
cblr-1778	45	21	to	to	ADP
cblr-1778	45	22	-	-	PUNCT
cblr-1778	45	23	apples	apple	NOUN
cblr-1778	45	24	”	"	PUNCT
cblr-1778	45	25	comparison	comparison	NOUN
cblr-1778	45	26	than	than	SCONJ
cblr-1778	45	27	would	would	AUX
cblr-1778	45	28	otherwise	otherwise	ADV
cblr-1778	45	29	be	be	AUX
cblr-1778	45	30	possible	possible	ADJ
cblr-1778	45	31	when	when	SCONJ
cblr-1778	45	32	macroeconomic	macroeconomic	ADJ
cblr-1778	45	33	factors	factor	NOUN
cblr-1778	45	34	(	(	PUNCT
cblr-1778	45	35	e.g.	e.g.	ADV
cblr-1778	45	36	,	,	PUNCT
cblr-1778	45	37	market	market	NOUN
cblr-1778	45	38	trading	trading	NOUN
cblr-1778	45	39	volume	volume	NOUN
cblr-1778	45	40	,	,	PUNCT
cblr-1778	45	41	financial	financial	ADJ
cblr-1778	45	42	regulatory	regulatory	ADJ
cblr-1778	45	43	regimes	regime	NOUN
cblr-1778	45	44	,	,	PUNCT
cblr-1778	45	45	macroeconomic	macroeconomic	ADJ
cblr-1778	45	46	health	health	NOUN
cblr-1778	45	47	)	)	PUNCT
cblr-1778	45	48	and	and	CCONJ
cblr-1778	45	49	industry	industry	NOUN
cblr-1778	45	50	profiles	profile	NOUN
cblr-1778	45	51	(	(	PUNCT
cblr-1778	45	52	e.g.	e.g.	ADV
cblr-1778	45	53	,	,	PUNCT
cblr-1778	45	54	access	access	NOUN
cblr-1778	45	55	to	to	ADP
cblr-1778	45	56	capital	capital	NOUN
cblr-1778	45	57	,	,	PUNCT
cblr-1778	45	58	major	major	ADJ
cblr-1778	45	59	innovations	innovation	NOUN
cblr-1778	45	60	,	,	PUNCT
cblr-1778	45	61	impacts	impact	NOUN
cblr-1778	45	62	of	of	ADP
cblr-1778	45	63	health	health	NOUN
cblr-1778	45	64	reform	reform	NOUN
cblr-1778	45	65	)	)	PUNCT
cblr-1778	45	66	skew	skew	ADJ
cblr-1778	45	67	market	market	NOUN
cblr-1778	45	68	comparisons	comparison	NOUN
cblr-1778	45	69	over	over	ADP
cblr-1778	45	70	longer	long	ADJ
cblr-1778	45	71	timeframes	timeframe	NOUN
cblr-1778	45	72	.	.	PUNCT
cblr-1778	46	1	18	18	NUM
cblr-1778	46	2	this	this	DET
cblr-1778	46	3	note	note	NOUN
cblr-1778	46	4	explores	explore	VERB
cblr-1778	46	5	idiosyncratic	idiosyncratic	ADJ
cblr-1778	46	6	value	value	NOUN
cblr-1778	46	7	on	on	ADP
cblr-1778	46	8	the	the	DET
cblr-1778	46	9	basis	basis	NOUN
cblr-1778	46	10	of	of	ADP
cblr-1778	46	11	entrepreneurs	entrepreneur	NOUN
cblr-1778	46	12	’	'	PUNCT
cblr-1778	46	13	perceived	perceive	VERB
cblr-1778	46	14	abilities	ability	NOUN
cblr-1778	46	15	to	to	PART
cblr-1778	46	16	execute	execute	VERB
cblr-1778	46	17	business	business	NOUN
cblr-1778	46	18	plans	plan	NOUN
cblr-1778	46	19	as	as	ADP
cblr-1778	46	20	controlling	control	VERB
cblr-1778	46	21	shareholders	shareholder	NOUN
cblr-1778	46	22	.	.	PUNCT
cblr-1778	47	1	see	see	VERB
cblr-1778	47	2	infra	infra	NOUN
cblr-1778	47	3	note	note	VERB
cblr-1778	47	4	19	19	NUM
cblr-1778	47	5	.	.	PUNCT
cblr-1778	48	1	this	this	DET
cblr-1778	48	2	framework	framework	NOUN
cblr-1778	48	3	does	do	AUX
cblr-1778	48	4	not	not	PART
cblr-1778	48	5	directly	directly	ADV
cblr-1778	48	6	address	address	VERB
cblr-1778	48	7	the	the	DET
cblr-1778	48	8	value	value	NOUN
cblr-1778	48	9	of	of	ADP
cblr-1778	48	10	control	control	NOUN
cblr-1778	48	11	mechanisms	mechanism	NOUN
cblr-1778	48	12	such	such	ADJ
cblr-1778	48	13	as	as	ADP
cblr-1778	48	14	dual	dual	ADJ
cblr-1778	48	15	class	class	NOUN
cblr-1778	48	16	stock	stock	NOUN
cblr-1778	48	17	,	,	PUNCT
cblr-1778	48	18	which	which	PRON
cblr-1778	48	19	appears	appear	VERB
cblr-1778	48	20	increasingly	increasingly	ADV
cblr-1778	48	21	in	in	ADP
cblr-1778	48	22	technology	technology	NOUN
cblr-1778	48	23	company	company	NOUN
cblr-1778	48	24	ipos	ipos	PROPN
cblr-1778	48	25	.	.	PUNCT
cblr-1778	49	1	see	see	VERB
cblr-1778	49	2	jeff	jeff	PROPN
cblr-1778	49	3	green	green	PROPN
cblr-1778	49	4	&	&	CCONJ
cblr-1778	49	5	ari	ari	PROPN
cblr-1778	49	6	levy	levy	PROPN
cblr-1778	49	7	,	,	PUNCT
cblr-1778	49	8	zuckerberg	zuckerberg	PROPN
cblr-1778	49	9	grip	grip	NOUN
cblr-1778	49	10	becomes	become	VERB
cblr-1778	49	11	new	new	ADJ
cblr-1778	49	12	normal	normal	ADJ
cblr-1778	49	13	in	in	ADP
cblr-1778	49	14	silicon	silicon	PROPN
cblr-1778	49	15	valley	valley	PROPN
cblr-1778	49	16	,	,	PUNCT
cblr-1778	49	17	bloomberg	bloomberg	PROPN
cblr-1778	49	18	(	(	PUNCT
cblr-1778	49	19	may	may	PROPN
cblr-1778	49	20	7	7	NUM
cblr-1778	49	21	,	,	PUNCT
cblr-1778	49	22	2012	2012	NUM
cblr-1778	49	23	,	,	PUNCT
cblr-1778	49	24	12:01	12:01	NUM
cblr-1778	49	25	am	am	NOUN
cblr-1778	49	26	)	)	PUNCT
cblr-1778	49	27	,	,	PUNCT
cblr-1778	49	28	http://www.bloomberg.com/news/2012-05-07/zucker	http://www.bloomberg.com/news/2012-05-07/zucker	ADJ
cblr-1778	49	29	berg-stock-grip-becomes-new-normal-in-silicon-valley-tech.html	berg-stock-grip-becomes-new-normal-in-silicon-valley-tech.html	NOUN
cblr-1778	49	30	.	.	PUNCT
cblr-1778	50	1	this	this	DET
cblr-1778	50	2	note	note	NOUN
cblr-1778	50	3	puts	put	VERB
cblr-1778	50	4	aside	aside	ADP
cblr-1778	50	5	the	the	DET
cblr-1778	50	6	debate	debate	NOUN
cblr-1778	50	7	over	over	ADP
cblr-1778	50	8	dual	dual	ADJ
cblr-1778	50	9	class	class	NOUN
cblr-1778	50	10	stock	stock	NOUN
cblr-1778	50	11	.	.	PUNCT
cblr-1778	51	1	the	the	DET
cblr-1778	51	2	role	role	NOUN
cblr-1778	51	3	of	of	ADP
cblr-1778	51	4	dual	dual	ADJ
cblr-1778	51	5	class	class	NOUN
cblr-1778	51	6	stock	stock	NOUN
cblr-1778	51	7	,	,	PUNCT
cblr-1778	51	8	however	however	ADV
cblr-1778	51	9	,	,	PUNCT
cblr-1778	51	10	is	be	AUX
cblr-1778	51	11	an	an	DET
cblr-1778	51	12	important	important	ADJ
cblr-1778	51	13	and	and	CCONJ
cblr-1778	51	14	related	related	ADJ
cblr-1778	51	15	issue	issue	NOUN
cblr-1778	51	16	to	to	ADP
cblr-1778	51	17	many	many	ADJ
cblr-1778	51	18	themes	theme	NOUN
cblr-1778	51	19	discussed	discuss	VERB
cblr-1778	51	20	in	in	ADP
cblr-1778	51	21	this	this	DET
cblr-1778	51	22	note	note	NOUN
cblr-1778	51	23	,	,	PUNCT
cblr-1778	51	24	and	and	CCONJ
cblr-1778	51	25	it	it	PRON
cblr-1778	51	26	merits	merit	VERB
cblr-1778	51	27	explicit	explicit	ADJ
cblr-1778	51	28	consideration	consideration	NOUN
cblr-1778	51	29	in	in	ADP
cblr-1778	51	30	follow	follow	NOUN
cblr-1778	51	31	-	-	PUNCT
cblr-1778	51	32	on	on	ADP
cblr-1778	51	33	research	research	NOUN
cblr-1778	51	34	.	.	PUNCT
cblr-1778	52	1	cooper	cooper	PROPN
cblr-1778	52	2	final	final	PROPN
cblr-1778	52	3	4/28/2014	4/28/2014	NUM
cblr-1778	52	4	12:02	12:02	NUM
cblr-1778	52	5	am	be	AUX
cblr-1778	52	6	no	no	NOUN
cblr-1778	52	7	.	.	PUNCT
cblr-1778	53	1	2:512	2:512	NUM
cblr-1778	53	2	]	]	X
cblr-1778	53	3	idiosyncratic	idiosyncratic	ADJ
cblr-1778	53	4	value	value	NOUN
cblr-1778	53	5	in	in	ADP
cblr-1778	53	6	the	the	DET
cblr-1778	53	7	biotech	biotech	ADJ
cblr-1778	53	8	ipo	ipo	NOUN
cblr-1778	53	9	market	market	NOUN
cblr-1778	53	10	517	517	NUM
cblr-1778	53	11	ability	ability	NOUN
cblr-1778	53	12	to	to	PART
cblr-1778	53	13	execute	execute	VERB
cblr-1778	53	14	a	a	DET
cblr-1778	53	15	business	business	NOUN
cblr-1778	53	16	idea.19	idea.19	NOUN
cblr-1778	53	17	part	part	PROPN
cblr-1778	53	18	ii	ii	PROPN
cblr-1778	53	19	also	also	ADV
cblr-1778	53	20	traces	trace	VERB
cblr-1778	53	21	traditional	traditional	ADJ
cblr-1778	53	22	theories	theory	NOUN
cblr-1778	53	23	of	of	ADP
cblr-1778	53	24	governance	governance	NOUN
cblr-1778	53	25	related	relate	VERB
cblr-1778	53	26	to	to	ADP
cblr-1778	53	27	the	the	DET
cblr-1778	53	28	venture	venture	NOUN
cblr-1778	53	29	capital	capital	NOUN
cblr-1778	53	30	industry	industry	NOUN
cblr-1778	53	31	,	,	PUNCT
cblr-1778	53	32	and	and	CCONJ
cblr-1778	53	33	then	then	ADV
cblr-1778	53	34	explores	explore	VERB
cblr-1778	53	35	idiosyncratic	idiosyncratic	ADJ
cblr-1778	53	36	value	value	NOUN
cblr-1778	53	37	and	and	CCONJ
cblr-1778	53	38	the	the	DET
cblr-1778	53	39	biotech	biotech	ADJ
cblr-1778	53	40	market	market	NOUN
cblr-1778	53	41	.	.	PUNCT
cblr-1778	54	1	part	part	NOUN
cblr-1778	54	2	iii	iii	NOUN
cblr-1778	54	3	presents	present	VERB
cblr-1778	54	4	the	the	DET
cblr-1778	54	5	empirical	empirical	ADJ
cblr-1778	54	6	results	result	NOUN
cblr-1778	54	7	of	of	ADP
cblr-1778	54	8	a	a	DET
cblr-1778	54	9	review	review	NOUN
cblr-1778	54	10	of	of	ADP
cblr-1778	54	11	all	all	DET
cblr-1778	54	12	form	form	NOUN
cblr-1778	54	13	s-1	s-1	PROPN
cblr-1778	54	14	sec	sec	PROPN
cblr-1778	54	15	filings	filing	NOUN
cblr-1778	54	16	from	from	ADP
cblr-1778	54	17	united	united	PROPN
cblr-1778	54	18	statesbased	statesbased	ADJ
cblr-1778	54	19	biotech	biotech	ADJ
cblr-1778	54	20	firms	firm	NOUN
cblr-1778	54	21	with	with	ADP
cblr-1778	54	22	initial	initial	ADJ
cblr-1778	54	23	public	public	ADJ
cblr-1778	54	24	offerings	offering	NOUN
cblr-1778	54	25	in	in	ADP
cblr-1778	54	26	2013	2013	NUM
cblr-1778	54	27	.	.	PUNCT
cblr-1778	55	1	the	the	DET
cblr-1778	55	2	data	datum	NOUN
cblr-1778	55	3	reveal	reveal	VERB
cblr-1778	55	4	a	a	DET
cblr-1778	55	5	cohort	cohort	NOUN
cblr-1778	55	6	of	of	ADP
cblr-1778	55	7	firms	firm	NOUN
cblr-1778	55	8	with	with	ADP
cblr-1778	55	9	highly	highly	ADV
cblr-1778	55	10	consolidated	consolidated	ADJ
cblr-1778	55	11	ownership	ownership	NOUN
cblr-1778	55	12	blocks	block	NOUN
cblr-1778	55	13	and	and	CCONJ
cblr-1778	55	14	boardrooms	boardroom	NOUN
cblr-1778	55	15	full	full	ADJ
cblr-1778	55	16	of	of	ADP
cblr-1778	55	17	insiders.20	insiders.20	PROPN
cblr-1778	55	18	idiosyncratic	idiosyncratic	ADJ
cblr-1778	55	19	value	value	NOUN
cblr-1778	55	20	theory	theory	NOUN
cblr-1778	55	21	emerges	emerge	VERB
cblr-1778	55	22	in	in	ADP
cblr-1778	55	23	part	part	NOUN
cblr-1778	55	24	iii	iii	NOUN
cblr-1778	55	25	as	as	ADP
cblr-1778	55	26	the	the	DET
cblr-1778	55	27	most	most	ADV
cblr-1778	55	28	cogent	cogent	ADJ
cblr-1778	55	29	explanation	explanation	NOUN
cblr-1778	55	30	for	for	ADP
cblr-1778	55	31	how	how	SCONJ
cblr-1778	55	32	firms	firm	NOUN
cblr-1778	55	33	such	such	ADJ
cblr-1778	55	34	as	as	ADP
cblr-1778	55	35	agios	agio	NOUN
cblr-1778	55	36	,	,	PUNCT
cblr-1778	55	37	with	with	ADP
cblr-1778	55	38	concentrated	concentrated	ADJ
cblr-1778	55	39	ownership	ownership	NOUN
cblr-1778	55	40	and	and	CCONJ
cblr-1778	55	41	no	no	DET
cblr-1778	55	42	product	product	NOUN
cblr-1778	55	43	sales	sale	NOUN
cblr-1778	55	44	at	at	ADP
cblr-1778	55	45	the	the	DET
cblr-1778	55	46	time	time	NOUN
cblr-1778	55	47	of	of	ADP
cblr-1778	55	48	ipo,21	ipo,21	NOUN
cblr-1778	55	49	are	be	AUX
cblr-1778	55	50	able	able	ADJ
cblr-1778	55	51	to	to	PART
cblr-1778	55	52	successfully	successfully	ADV
cblr-1778	55	53	enter	enter	VERB
cblr-1778	55	54	the	the	DET
cblr-1778	55	55	public	public	ADJ
cblr-1778	55	56	markets	market	NOUN
cblr-1778	55	57	.	.	PUNCT
cblr-1778	56	1	empirical	empirical	ADJ
cblr-1778	56	2	analysis	analysis	NOUN
cblr-1778	56	3	continues	continue	VERB
cblr-1778	56	4	in	in	ADP
cblr-1778	56	5	part	part	NOUN
cblr-1778	56	6	iv	iv	NUM
cblr-1778	56	7	,	,	PUNCT
cblr-1778	56	8	revealing	reveal	VERB
cblr-1778	56	9	that	that	SCONJ
cblr-1778	56	10	pre	pre	ADJ
cblr-1778	56	11	-	-	ADJ
cblr-1778	56	12	ipo	ipo	ADJ
cblr-1778	56	13	block	block	NOUN
cblr-1778	56	14	-	-	PUNCT
cblr-1778	56	15	holders	holder	NOUN
cblr-1778	56	16	do	do	AUX
cblr-1778	56	17	not	not	PART
cblr-1778	56	18	liquidate	liquidate	VERB
cblr-1778	56	19	their	their	PRON
cblr-1778	56	20	holdings	holding	NOUN
cblr-1778	56	21	following	follow	VERB
cblr-1778	56	22	the	the	DET
cblr-1778	56	23	mandatory	mandatory	ADJ
cblr-1778	56	24	lock	lock	NOUN
cblr-1778	56	25	-	-	PUNCT
cblr-1778	56	26	up	up	ADP
cblr-1778	56	27	period.22	period.22	NOUN
cblr-1778	56	28	this	this	DET
cblr-1778	56	29	trading	trading	NOUN
cblr-1778	56	30	inactivity	inactivity	NOUN
cblr-1778	56	31	following	follow	VERB
cblr-1778	56	32	lock	lock	NOUN
cblr-1778	56	33	-	-	PUNCT
cblr-1778	56	34	up	up	ADP
cblr-1778	56	35	expiries	expiry	NOUN
cblr-1778	56	36	is	be	AUX
cblr-1778	56	37	evidence	evidence	NOUN
cblr-1778	56	38	that	that	SCONJ
cblr-1778	56	39	controlling	control	VERB
cblr-1778	56	40	pre	pre	ADJ
cblr-1778	56	41	-	-	ADJ
cblr-1778	56	42	public	public	ADJ
cblr-1778	56	43	biotech	biotech	ADJ
cblr-1778	56	44	investors	investor	NOUN
cblr-1778	56	45	and	and	CCONJ
cblr-1778	56	46	entrepreneurs	entrepreneur	NOUN
cblr-1778	56	47	with	with	ADP
cblr-1778	56	48	idiosyncratic	idiosyncratic	ADJ
cblr-1778	56	49	value	value	NOUN
cblr-1778	56	50	may	may	AUX
cblr-1778	56	51	view	view	VERB
cblr-1778	56	52	the	the	DET
cblr-1778	56	53	ipo	ipo	NOUN
cblr-1778	56	54	as	as	ADP
cblr-1778	56	55	a	a	DET
cblr-1778	56	56	viable	viable	ADJ
cblr-1778	56	57	step	step	NOUN
cblr-1778	56	58	toward	toward	ADP
cblr-1778	56	59	maximizing	maximize	VERB
cblr-1778	56	60	firm	firm	ADJ
cblr-1778	56	61	value	value	NOUN
cblr-1778	56	62	and	and	CCONJ
cblr-1778	56	63	not	not	PART
cblr-1778	56	64	just	just	ADV
cblr-1778	56	65	as	as	ADP
cblr-1778	56	66	an	an	DET
cblr-1778	56	67	“	"	PUNCT
cblr-1778	56	68	exit	exit	NOUN
cblr-1778	56	69	.	.	PUNCT
cblr-1778	56	70	”	"	PUNCT
cblr-1778	57	1	this	this	DET
cblr-1778	57	2	part	part	NOUN
cblr-1778	57	3	also	also	ADV
cblr-1778	57	4	addresses	address	VERB
cblr-1778	57	5	alternative	alternative	ADJ
cblr-1778	57	6	theories	theory	NOUN
cblr-1778	57	7	that	that	PRON
cblr-1778	57	8	might	might	AUX
cblr-1778	57	9	be	be	AUX
cblr-1778	57	10	evoked	evoke	VERB
cblr-1778	57	11	to	to	PART
cblr-1778	57	12	explain	explain	VERB
cblr-1778	57	13	the	the	DET
cblr-1778	57	14	empirical	empirical	ADJ
cblr-1778	57	15	findings	finding	NOUN
cblr-1778	57	16	.	.	PUNCT
cblr-1778	58	1	part	part	NOUN
cblr-1778	58	2	v	v	NOUN
cblr-1778	58	3	describes	describe	VERB
cblr-1778	58	4	the	the	DET
cblr-1778	58	5	consequences	consequence	NOUN
cblr-1778	58	6	of	of	ADP
cblr-1778	58	7	the	the	DET
cblr-1778	58	8	findings	finding	NOUN
cblr-1778	58	9	in	in	ADP
cblr-1778	58	10	parts	part	NOUN
cblr-1778	58	11	iii	iii	PROPN
cblr-1778	58	12	and	and	CCONJ
cblr-1778	58	13	iv	iv	NUM
cblr-1778	58	14	,	,	PUNCT
cblr-1778	58	15	with	with	ADP
cblr-1778	58	16	an	an	DET
cblr-1778	58	17	emphasis	emphasis	NOUN
cblr-1778	58	18	on	on	ADP
cblr-1778	58	19	the	the	DET
cblr-1778	58	20	manner	manner	NOUN
cblr-1778	58	21	in	in	ADP
cblr-1778	58	22	which	which	PRON
cblr-1778	58	23	idiosyncratic	idiosyncratic	ADJ
cblr-1778	58	24	value	value	NOUN
cblr-1778	58	25	reframes	reframe	VERB
cblr-1778	58	26	some	some	DET
cblr-1778	58	27	governance	governance	NOUN
cblr-1778	58	28	debates	debate	NOUN
cblr-1778	58	29	,	,	PUNCT
cblr-1778	58	30	empowering	empower	VERB
cblr-1778	58	31	entrepreneurs	entrepreneur	NOUN
cblr-1778	58	32	,	,	PUNCT
cblr-1778	58	33	and	and	CCONJ
cblr-1778	58	34	investors	investor	NOUN
cblr-1778	58	35	to	to	PART
cblr-1778	58	36	maximize	maximize	VERB
cblr-1778	58	37	economic	economic	ADJ
cblr-1778	58	38	and	and	CCONJ
cblr-1778	58	39	social	social	ADJ
cblr-1778	58	40	value	value	NOUN
cblr-1778	58	41	for	for	ADP
cblr-1778	58	42	all	all	DET
cblr-1778	58	43	shareholders	shareholder	NOUN
cblr-1778	58	44	.	.	PUNCT
cblr-1778	59	1	part	part	NOUN
cblr-1778	59	2	vi	vi	PROPN
cblr-1778	59	3	concludes	conclude	VERB
cblr-1778	59	4	with	with	ADP
cblr-1778	59	5	the	the	DET
cblr-1778	59	6	hope	hope	NOUN
cblr-1778	59	7	of	of	ADP
cblr-1778	59	8	driving	drive	VERB
cblr-1778	59	9	new	new	ADJ
cblr-1778	59	10	discussions	discussion	NOUN
cblr-1778	59	11	around	around	ADP
cblr-1778	59	12	the	the	DET
cblr-1778	59	13	legal	legal	ADJ
cblr-1778	59	14	frameworks	framework	NOUN
cblr-1778	59	15	that	that	PRON
cblr-1778	59	16	support	support	VERB
cblr-1778	59	17	entrepreneurism	entrepreneurism	NOUN
cblr-1778	59	18	and	and	CCONJ
cblr-1778	59	19	technology	technology	NOUN
cblr-1778	59	20	-	-	PUNCT
cblr-1778	59	21	driven	drive	VERB
cblr-1778	59	22	innovation	innovation	NOUN
cblr-1778	59	23	,	,	PUNCT
cblr-1778	59	24	particularly	particularly	ADV
cblr-1778	59	25	in	in	ADP
cblr-1778	59	26	the	the	DET
cblr-1778	59	27	life	life	NOUN
cblr-1778	59	28	sciences	science	NOUN
cblr-1778	59	29	industry	industry	NOUN
cblr-1778	59	30	.	.	PUNCT
cblr-1778	60	1	19	19	NUM
cblr-1778	60	2	see	see	VERB
cblr-1778	60	3	zohar	zohar	PROPN
cblr-1778	60	4	goshen	goshen	PROPN
cblr-1778	60	5	&	&	CCONJ
cblr-1778	60	6	assaf	assaf	PROPN
cblr-1778	60	7	hamdani	hamdani	PROPN
cblr-1778	60	8	,	,	PUNCT
cblr-1778	60	9	concentrated	concentrated	ADJ
cblr-1778	60	10	ownership	ownership	NOUN
cblr-1778	60	11	revisited	revisit	VERB
cblr-1778	60	12	:	:	PUNCT
cblr-1778	60	13	the	the	DET
cblr-1778	60	14	idiosyncratic	idiosyncratic	ADJ
cblr-1778	60	15	value	value	NOUN
cblr-1778	60	16	of	of	ADP
cblr-1778	60	17	corporate	corporate	ADJ
cblr-1778	60	18	control	control	NOUN
cblr-1778	60	19	6	6	NUM
cblr-1778	60	20	(	(	PUNCT
cblr-1778	60	21	columbia	columbia	NOUN
cblr-1778	60	22	law	law	PROPN
cblr-1778	60	23	and	and	CCONJ
cblr-1778	60	24	econ	econ	NOUN
cblr-1778	60	25	.	.	PUNCT
cblr-1778	61	1	working	working	NOUN
cblr-1778	61	2	paper	paper	PROPN
cblr-1778	61	3	no	no	INTJ
cblr-1778	61	4	.	.	PROPN
cblr-1778	61	5	444	444	NUM
cblr-1778	61	6	,	,	PUNCT
cblr-1778	61	7	2013	2013	NUM
cblr-1778	61	8	)	)	PUNCT
cblr-1778	61	9	,	,	PUNCT
cblr-1778	61	10	available	available	ADJ
cblr-1778	61	11	at	at	ADP
cblr-1778	61	12	http://ssrn.com/abstract=2228194	http://ssrn.com/abstract=2228194	PROPN
cblr-1778	61	13	.	.	PROPN
cblr-1778	61	14	20	20	NUM
cblr-1778	61	15	see	see	VERB
cblr-1778	61	16	infra	infra	NOUN
cblr-1778	61	17	part	part	NOUN
cblr-1778	61	18	iii	iii	NOUN
cblr-1778	61	19	for	for	ADP
cblr-1778	61	20	detailed	detailed	ADJ
cblr-1778	61	21	findings	finding	NOUN
cblr-1778	61	22	of	of	ADP
cblr-1778	61	23	the	the	DET
cblr-1778	61	24	empirical	empirical	ADJ
cblr-1778	61	25	study	study	NOUN
cblr-1778	61	26	.	.	PUNCT
cblr-1778	62	1	21	21	NUM
cblr-1778	62	2	see	see	VERB
cblr-1778	62	3	agios	agios	PROPN
cblr-1778	62	4	s-1	s-1	PROPN
cblr-1778	62	5	,	,	PUNCT
cblr-1778	62	6	supra	supra	PROPN
cblr-1778	62	7	note	note	NOUN
cblr-1778	62	8	5	5	NUM
cblr-1778	62	9	.	.	NOUN
cblr-1778	62	10	22	22	NUM
cblr-1778	63	1	these	these	DET
cblr-1778	63	2	data	datum	NOUN
cblr-1778	63	3	were	be	AUX
cblr-1778	63	4	compiled	compile	VERB
cblr-1778	63	5	from	from	ADP
cblr-1778	63	6	an	an	DET
cblr-1778	63	7	original	original	ADJ
cblr-1778	63	8	empirical	empirical	ADJ
cblr-1778	63	9	study	study	NOUN
cblr-1778	63	10	of	of	ADP
cblr-1778	63	11	form	form	NOUN
cblr-1778	63	12	4	4	NUM
cblr-1778	63	13	sec	sec	PROPN
cblr-1778	63	14	filings	filing	NOUN
cblr-1778	63	15	,	,	PUNCT
cblr-1778	63	16	which	which	PRON
cblr-1778	63	17	capture	capture	VERB
cblr-1778	63	18	stock	stock	NOUN
cblr-1778	63	19	transactions	transaction	NOUN
cblr-1778	63	20	by	by	ADP
cblr-1778	63	21	insiders	insider	NOUN
cblr-1778	63	22	.	.	PUNCT
cblr-1778	64	1	see	see	VERB
cblr-1778	64	2	infra	infra	NOUN
cblr-1778	64	3	part	part	NOUN
cblr-1778	64	4	iii	iii	NOUN
cblr-1778	64	5	for	for	ADP
cblr-1778	64	6	an	an	DET
cblr-1778	64	7	explanation	explanation	NOUN
cblr-1778	64	8	of	of	ADP
cblr-1778	64	9	the	the	DET
cblr-1778	64	10	study	study	NOUN
cblr-1778	64	11	and	and	CCONJ
cblr-1778	64	12	the	the	DET
cblr-1778	64	13	methodology	methodology	NOUN
cblr-1778	64	14	behind	behind	ADP
cblr-1778	64	15	it	it	PRON
cblr-1778	64	16	.	.	PUNCT