id	sid	tid	token	lemma	pos
cblr-2871	1	1	noise	noise	NOUN
cblr-2871	1	2	adopters	adopter	NOUN
cblr-2871	1	3	in	in	ADP
cblr-2871	1	4	corporate	corporate	ADJ
cblr-2871	1	5	governance	governance	NOUN
cblr-2871	1	6	noise	noise	NOUN
cblr-2871	1	7	adopters	adopter	NOUN
cblr-2871	1	8	in	in	ADP
cblr-2871	1	9	corporate	corporate	ADJ
cblr-2871	1	10	governance	governance	NOUN
cblr-2871	1	11	michal	michal	NOUN
cblr-2871	1	12	barzuza	barzuza	PROPN
cblr-2871	1	13	*	*	PUNCT
cblr-2871	1	14	this	this	DET
cblr-2871	1	15	article	article	NOUN
cblr-2871	1	16	argues	argue	VERB
cblr-2871	1	17	that	that	SCONJ
cblr-2871	1	18	"	"	PUNCT
cblr-2871	1	19	noise	noise	NOUN
cblr-2871	1	20	adopters	adopter	NOUN
cblr-2871	1	21	,	,	PUNCT
cblr-2871	1	22	"	"	PUNCT
cblr-2871	1	23	namely	namely	ADV
cblr-2871	1	24	firms	firm	NOUN
cblr-2871	1	25	whose	whose	DET
cblr-2871	1	26	corporate	corporate	ADJ
cblr-2871	1	27	governance	governance	NOUN
cblr-2871	1	28	is	be	AUX
cblr-2871	1	29	determined	determine	VERB
cblr-2871	1	30	by	by	ADP
cblr-2871	1	31	non	non	ADJ
cblr-2871	1	32	-	-	ADJ
cblr-2871	1	33	substantive	substantive	ADJ
cblr-2871	1	34	factors	factor	NOUN
cblr-2871	1	35	such	such	ADJ
cblr-2871	1	36	as	as	ADP
cblr-2871	1	37	attorneys	attorney	NOUN
cblr-2871	1	38	'	'	PART
cblr-2871	1	39	boilerplates	boilerplate	NOUN
cblr-2871	1	40	,	,	PUNCT
cblr-2871	1	41	network	network	NOUN
cblr-2871	1	42	externalities	externality	NOUN
cblr-2871	1	43	,	,	PUNCT
cblr-2871	1	44	and	and	CCONJ
cblr-2871	1	45	mere	mere	ADJ
cblr-2871	1	46	inertia	inertia	NOUN
cblr-2871	1	47	,	,	PUNCT
cblr-2871	1	48	provide	provide	VERB
cblr-2871	1	49	camouflage	camouflage	NOUN
cblr-2871	1	50	to	to	ADP
cblr-2871	1	51	insiders	insider	NOUN
cblr-2871	1	52	with	with	ADP
cblr-2871	1	53	a	a	DET
cblr-2871	1	54	strong	strong	ADJ
cblr-2871	1	55	preference	preference	NOUN
cblr-2871	1	56	for	for	ADP
cblr-2871	1	57	entrenchment	entrenchment	NOUN
cblr-2871	1	58	.	.	PUNCT
cblr-2871	2	1	normally	normally	ADV
cblr-2871	2	2	,	,	PUNCT
cblr-2871	2	3	a	a	DET
cblr-2871	2	4	deliberate	deliberate	ADJ
cblr-2871	2	5	choice	choice	NOUN
cblr-2871	2	6	of	of	ADP
cblr-2871	2	7	entrenching	entrench	VERB
cblr-2871	2	8	governance	governance	NOUN
cblr-2871	2	9	terms	term	NOUN
cblr-2871	2	10	would	would	AUX
cblr-2871	2	11	signal	signal	VERB
cblr-2871	2	12	weak	weak	ADJ
cblr-2871	2	13	market	market	NOUN
cblr-2871	2	14	discipline	discipline	NOUN
cblr-2871	2	15	and	and	CCONJ
cblr-2871	2	16	high	high	ADJ
cblr-2871	2	17	extraction	extraction	NOUN
cblr-2871	2	18	of	of	ADP
cblr-2871	2	19	private	private	ADJ
cblr-2871	2	20	benefits	benefit	NOUN
cblr-2871	2	21	.	.	PUNCT
cblr-2871	3	1	yet	yet	ADV
cblr-2871	3	2	,	,	PUNCT
cblr-2871	3	3	since	since	SCONJ
cblr-2871	3	4	some	some	DET
cblr-2871	3	5	firms	firm	NOUN
cblr-2871	3	6	stagger	stagger	VERB
cblr-2871	3	7	their	their	PRON
cblr-2871	3	8	boards	board	NOUN
cblr-2871	3	9	or	or	CCONJ
cblr-2871	3	10	incorporate	incorporate	VERB
cblr-2871	3	11	in	in	ADP
cblr-2871	3	12	their	their	PRON
cblr-2871	3	13	home	home	NOUN
cblr-2871	3	14	state	state	NOUN
cblr-2871	3	15	for	for	ADP
cblr-2871	3	16	reasons	reason	NOUN
cblr-2871	3	17	having	have	VERB
cblr-2871	3	18	little	little	ADJ
cblr-2871	3	19	to	to	PART
cblr-2871	3	20	do	do	VERB
cblr-2871	3	21	with	with	ADP
cblr-2871	3	22	firm	firm	ADJ
cblr-2871	3	23	operations	operation	NOUN
cblr-2871	3	24	or	or	CCONJ
cblr-2871	3	25	strategy	strategy	NOUN
cblr-2871	3	26	,	,	PUNCT
cblr-2871	3	27	these	these	DET
cblr-2871	3	28	choices	choice	NOUN
cblr-2871	3	29	send	send	VERB
cblr-2871	3	30	only	only	ADV
cblr-2871	3	31	a	a	DET
cblr-2871	3	32	noisy	noisy	ADJ
cblr-2871	3	33	signal	signal	NOUN
cblr-2871	3	34	,	,	PUNCT
cblr-2871	3	35	and	and	CCONJ
cblr-2871	3	36	in	in	ADP
cblr-2871	3	37	turn	turn	NOUN
cblr-2871	3	38	result	result	NOUN
cblr-2871	3	39	in	in	ADP
cblr-2871	3	40	only	only	ADV
cblr-2871	3	41	a	a	DET
cblr-2871	3	42	partial	partial	ADJ
cblr-2871	3	43	market	market	NOUN
cblr-2871	3	44	discount	discount	NOUN
cblr-2871	3	45	of	of	ADP
cblr-2871	3	46	firm	firm	ADJ
cblr-2871	3	47	value	value	NOUN
cblr-2871	3	48	.	.	PUNCT
cblr-2871	4	1	entrenchment	entrenchment	NOUN
cblr-2871	4	2	-	-	PUNCT
cblr-2871	4	3	seeking	seek	VERB
cblr-2871	4	4	managers	manager	NOUN
cblr-2871	4	5	can	can	AUX
cblr-2871	4	6	achieve	achieve	VERB
cblr-2871	4	7	their	their	PRON
cblr-2871	4	8	desired	desire	VERB
cblr-2871	4	9	level	level	NOUN
cblr-2871	4	10	of	of	ADP
cblr-2871	4	11	entrenchment	entrenchment	NOUN
cblr-2871	4	12	without	without	ADP
cblr-2871	4	13	paying	pay	VERB
cblr-2871	4	14	a	a	DET
cblr-2871	4	15	full	full	ADJ
cblr-2871	4	16	price	price	NOUN
cblr-2871	4	17	.	.	PUNCT
cblr-2871	5	1	this	this	DET
cblr-2871	5	2	analysis	analysis	NOUN
cblr-2871	5	3	highlights	highlight	VERB
cblr-2871	5	4	informational	informational	ADJ
cblr-2871	5	5	limits	limit	NOUN
cblr-2871	5	6	on	on	ADP
cblr-2871	5	7	markets	market	NOUN
cblr-2871	5	8	'	'	PART
cblr-2871	5	9	ability	ability	NOUN
cblr-2871	5	10	to	to	PART
cblr-2871	5	11	perfectly	perfectly	ADV
cblr-2871	5	12	price	price	VERB
cblr-2871	5	13	corporate	corporate	ADJ
cblr-2871	5	14	governance	governance	NOUN
cblr-2871	5	15	terms	term	NOUN
cblr-2871	5	16	.	.	PUNCT
cblr-2871	6	1	the	the	DET
cblr-2871	6	2	value	value	NOUN
cblr-2871	6	3	of	of	ADP
cblr-2871	6	4	governance	governance	NOUN
cblr-2871	6	5	terms	term	NOUN
cblr-2871	6	6	varies	vary	VERB
cblr-2871	6	7	across	across	ADP
cblr-2871	6	8	firms	firm	NOUN
cblr-2871	6	9	due	due	ADJ
cblr-2871	6	10	to	to	ADP
cblr-2871	6	11	unobservable	unobservable	ADJ
cblr-2871	6	12	variations	variation	NOUN
cblr-2871	6	13	in	in	ADP
cblr-2871	6	14	market	market	NOUN
cblr-2871	6	15	forces	force	NOUN
cblr-2871	6	16	and	and	CCONJ
cblr-2871	6	17	potential	potential	ADJ
cblr-2871	6	18	signaling	signaling	NOUN
cblr-2871	6	19	is	be	AUX
cblr-2871	6	20	obscured	obscure	VERB
cblr-2871	6	21	by	by	ADP
cblr-2871	6	22	practices	practice	NOUN
cblr-2871	6	23	of	of	ADP
cblr-2871	6	24	random	random	ADJ
cblr-2871	6	25	adoption	adoption	NOUN
cblr-2871	6	26	.	.	PUNCT
cblr-2871	7	1	noise	noise	NOUN
cblr-2871	7	2	adopters	adopter	NOUN
cblr-2871	7	3	influence	influence	VERB
cblr-2871	7	4	patterns	pattern	NOUN
cblr-2871	7	5	of	of	ADP
cblr-2871	7	6	adoptions	adoption	NOUN
cblr-2871	7	7	and	and	CCONJ
cblr-2871	7	8	help	help	VERB
cblr-2871	7	9	explain	explain	VERB
cblr-2871	7	10	puzzling	puzzle	VERB
cblr-2871	7	11	evidence	evidence	NOUN
cblr-2871	7	12	regarding	regard	VERB
cblr-2871	7	13	pricing	pricing	NOUN
cblr-2871	7	14	and	and	CCONJ
cblr-2871	7	15	adoption	adoption	NOUN
cblr-2871	7	16	of	of	ADP
cblr-2871	7	17	governance	governance	NOUN
cblr-2871	7	18	terms	term	NOUN
cblr-2871	7	19	.	.	PUNCT
cblr-2871	8	1	i.	i.	PROPN
cblr-2871	8	2	introduction	introduction	NOUN
cblr-2871	8	3	........................	........................	PUNCT
cblr-2871	9	1	.....	.....	PUNCT
cblr-2871	9	2	628	628	NUM
cblr-2871	9	3	ii	ii	NOUN
cblr-2871	9	4	.	.	PUNCT
cblr-2871	9	5	corporate	corporate	ADJ
cblr-2871	9	6	governance	governance	NOUN
cblr-2871	9	7	,	,	PUNCT
cblr-2871	9	8	firm	firm	ADJ
cblr-2871	9	9	heterogeneity	heterogeneity	NOUN
cblr-2871	9	10	,	,	PUNCT
cblr-2871	9	11	and	and	CCONJ
cblr-2871	9	12	signals	signal	NOUN
cblr-2871	9	13	........................	........................	PUNCT
cblr-2871	9	14	.............	.............	PUNCT
cblr-2871	10	1	636	636	NUM
cblr-2871	10	2	a.	a.	NOUN
cblr-2871	10	3	a	a	DET
cblr-2871	10	4	contractual	contractual	ADJ
cblr-2871	10	5	approach	approach	NOUN
cblr-2871	10	6	to	to	ADP
cblr-2871	10	7	corporate	corporate	ADJ
cblr-2871	10	8	governance	governance	NOUN
cblr-2871	10	9	..............................	..............................	PUNCT
cblr-2871	11	1	636	636	NUM
cblr-2871	11	2	*	*	PUNCT
cblr-2871	11	3	caddell	caddell	PROPN
cblr-2871	11	4	&	&	CCONJ
cblr-2871	11	5	chapman	chapman	PROPN
cblr-2871	11	6	professor	professor	PROPN
cblr-2871	11	7	of	of	ADP
cblr-2871	11	8	law	law	NOUN
cblr-2871	11	9	,	,	PUNCT
cblr-2871	11	10	university	university	PROPN
cblr-2871	11	11	of	of	ADP
cblr-2871	11	12	virginia	virginia	PROPN
cblr-2871	11	13	school	school	PROPN
cblr-2871	11	14	of	of	ADP
cblr-2871	11	15	law	law	NOUN
cblr-2871	11	16	.	.	PUNCT
cblr-2871	12	1	i	i	PRON
cblr-2871	12	2	thank	thank	VERB
cblr-2871	12	3	lucian	lucian	PROPN
cblr-2871	12	4	bebchuk	bebchuk	PROPN
cblr-2871	12	5	,	,	PUNCT
cblr-2871	12	6	albert	albert	PROPN
cblr-2871	12	7	choi	choi	PROPN
cblr-2871	12	8	,	,	PUNCT
cblr-2871	12	9	marcel	marcel	PROPN
cblr-2871	12	10	kahan	kahan	PROPN
cblr-2871	12	11	,	,	PUNCT
cblr-2871	12	12	dotan	dotan	PROPN
cblr-2871	12	13	oliar	oliar	NOUN
cblr-2871	12	14	,	,	PUNCT
cblr-2871	12	15	minor	minor	ADJ
cblr-2871	12	16	myers	myer	NOUN
cblr-2871	12	17	,	,	PUNCT
cblr-2871	12	18	anne	anne	PROPN
cblr-2871	12	19	lippitt	lippitt	PROPN
cblr-2871	12	20	,	,	PUNCT
cblr-2871	12	21	and	and	CCONJ
cblr-2871	12	22	participants	participant	NOUN
cblr-2871	12	23	in	in	ADP
cblr-2871	12	24	the	the	DET
cblr-2871	12	25	brooklyn	brooklyn	PROPN
cblr-2871	12	26	law	law	PROPN
cblr-2871	12	27	school	school	NOUN
cblr-2871	12	28	faculty	faculty	NOUN
cblr-2871	12	29	workshop	workshop	NOUN
cblr-2871	12	30	for	for	ADP
cblr-2871	12	31	helpful	helpful	ADJ
cblr-2871	12	32	comments	comment	NOUN
cblr-2871	12	33	and	and	CCONJ
cblr-2871	12	34	suggestions	suggestion	NOUN
cblr-2871	12	35	.	.	PUNCT
cblr-2871	13	1	b.	b.	PROPN
cblr-2871	13	2	corporate	corporate	ADJ
cblr-2871	13	3	governance	governance	NOUN
cblr-2871	13	4	value	value	NOUN
cblr-2871	13	5	varies	vary	VERB
cblr-2871	13	6	due	due	ADJ
cblr-2871	13	7	to	to	ADP
cblr-2871	13	8	differences	difference	NOUN
cblr-2871	13	9	in	in	ADP
cblr-2871	13	10	market	market	NOUN
cblr-2871	13	11	forces	force	NOUN
cblr-2871	13	12	...........	...........	PUNCT
cblr-2871	13	13	.......	.......	PUNCT
cblr-2871	14	1	637	637	NUM
cblr-2871	14	2	c.	c.	PROPN
cblr-2871	14	3	asymmetric	asymmetric	PROPN
cblr-2871	14	4	information	information	PROPN
cblr-2871	14	5	..................	..................	PUNCT
cblr-2871	14	6	641	641	NUM
cblr-2871	14	7	d.	d.	PROPN
cblr-2871	14	8	signaling	signaling	PROPN
cblr-2871	14	9	............................	............................	PUNCT
cblr-2871	14	10	642	642	NUM
cblr-2871	14	11	1	1	NUM
cblr-2871	14	12	.	.	PUNCT
cblr-2871	14	13	adverse	adverse	ADJ
cblr-2871	14	14	selection	selection	NOUN
cblr-2871	14	15	and	and	CCONJ
cblr-2871	14	16	signaling	signal	VERB
cblr-2871	14	17	theory	theory	NOUN
cblr-2871	14	18	.......	.......	PUNCT
cblr-2871	14	19	642	642	NUM
cblr-2871	14	20	2	2	NUM
cblr-2871	14	21	.	.	PUNCT
cblr-2871	14	22	strict	strict	ADJ
cblr-2871	14	23	governance	governance	NOUN
cblr-2871	14	24	as	as	ADP
cblr-2871	14	25	a	a	DET
cblr-2871	14	26	signal	signal	NOUN
cblr-2871	14	27	of	of	ADP
cblr-2871	14	28	strong	strong	ADJ
cblr-2871	14	29	market	market	NOUN
cblr-2871	14	30	descipline	descipline	NOUN
cblr-2871	14	31	..............	..............	PUNCT
cblr-2871	14	32	.....	.....	PUNCT
cblr-2871	14	33	645	645	NUM
cblr-2871	14	34	iii	iii	NOUN
cblr-2871	14	35	.	.	PUNCT
cblr-2871	14	36	noise	noise	NOUN
cblr-2871	14	37	adopters	adopter	NOUN
cblr-2871	14	38	and	and	CCONJ
cblr-2871	14	39	noisy	noisy	ADJ
cblr-2871	14	40	signals	signal	NOUN
cblr-2871	14	41	...	...	PUNCT
cblr-2871	14	42	...............	...............	PUNCT
cblr-2871	14	43	648	648	NUM
cblr-2871	14	44	a.	a.	NOUN
cblr-2871	14	45	noise	noise	NOUN
cblr-2871	14	46	adopters	adopter	NOUN
cblr-2871	14	47	...........................	...........................	PUNCT
cblr-2871	14	48	648	648	NUM
cblr-2871	14	49	b.	b.	PROPN
cblr-2871	14	50	noise	noise	NOUN
cblr-2871	14	51	adopters	adopter	NOUN
cblr-2871	14	52	and	and	CCONJ
cblr-2871	14	53	noisy	noisy	ADJ
cblr-2871	14	54	signals	signal	NOUN
cblr-2871	14	55	.....	.....	PUNCT
cblr-2871	14	56	.....	.....	PUNCT
cblr-2871	15	1	651	651	NUM
cblr-2871	15	2	c.	c.	PROPN
cblr-2871	15	3	noisy	noisy	ADJ
cblr-2871	15	4	signals	signal	NOUN
cblr-2871	15	5	encourage	encourage	VERB
cblr-2871	15	6	"	"	PUNCT
cblr-2871	15	7	bad	bad	ADJ
cblr-2871	15	8	"	"	PUNCT
cblr-2871	15	9	firms	firm	NOUN
cblr-2871	15	10	to	to	PART
cblr-2871	15	11	choose	choose	VERB
cblr-2871	15	12	protective	protective	ADJ
cblr-2871	15	13	law	law	NOUN
cblr-2871	15	14	..........................	..........................	PUNCT
cblr-2871	15	15	653	653	NUM
cblr-2871	15	16	d.	d.	PROPN
cblr-2871	15	17	noisy	noisy	PROPN
cblr-2871	15	18	signals	signal	NOUN
cblr-2871	15	19	reduce	reduce	VERB
cblr-2871	15	20	the	the	DET
cblr-2871	15	21	incentives	incentive	NOUN
cblr-2871	15	22	of	of	ADP
cblr-2871	15	23	"	"	PUNCT
cblr-2871	15	24	good	good	ADJ
cblr-2871	15	25	"	"	PUNCT
cblr-2871	15	26	firms	firm	NOUN
cblr-2871	15	27	to	to	PART
cblr-2871	15	28	choose	choose	VERB
cblr-2871	15	29	good	good	ADJ
cblr-2871	15	30	law	law	NOUN
cblr-2871	15	31	..........	..........	PUNCT
cblr-2871	16	1	.....	.....	PUNCT
cblr-2871	17	1	654	654	NUM
cblr-2871	17	2	e.	e.	PROPN
cblr-2871	17	3	how	how	SCONJ
cblr-2871	17	4	noise	noise	NOUN
cblr-2871	17	5	adopters	adopter	NOUN
cblr-2871	17	6	change	change	VERB
cblr-2871	17	7	equilibria	equilibrium	NOUN
cblr-2871	17	8	's	's	PART
cblr-2871	17	9	likelihood	likelihood	NOUN
cblr-2871	17	10	............................	............................	PUNCT
cblr-2871	17	11	655	655	NUM
cblr-2871	17	12	f.	f.	PROPN
cblr-2871	17	13	information	information	NOUN
cblr-2871	17	14	bits	bit	NOUN
cblr-2871	17	15	and	and	CCONJ
cblr-2871	17	16	updating	update	VERB
cblr-2871	17	17	investors	investor	NOUN
cblr-2871	17	18	'	'	PART
cblr-2871	17	19	beliefs	belief	NOUN
cblr-2871	17	20	........................	........................	PUNCT
cblr-2871	17	21	......	......	PUNCT
cblr-2871	18	1	655	655	NUM
cblr-2871	18	2	g.	g.	NOUN
cblr-2871	18	3	what	what	PRON
cblr-2871	18	4	explains	explain	VERB
cblr-2871	18	5	noise	noise	NOUN
cblr-2871	18	6	adopters	adopter	NOUN
cblr-2871	18	7	'	'	PART
cblr-2871	18	8	survival	survival	NOUN
cblr-2871	18	9	?	?	PUNCT
cblr-2871	18	10	.......	.......	PUNCT
cblr-2871	18	11	.	.	PUNCT
cblr-2871	18	12	.	.	PUNCT
cblr-2871	18	13	.	.	PUNCT
cblr-2871	19	1	.	.	PUNCT
cblr-2871	20	1	.656	.656	NUM
cblr-2871	21	1	iv	iv	X
cblr-2871	21	2	.	.	PUNCT
cblr-2871	21	3	explaining	explain	VERB
cblr-2871	21	4	puzzles	puzzle	NOUN
cblr-2871	21	5	and	and	CCONJ
cblr-2871	21	6	reconciling	reconcile	VERB
cblr-2871	21	7	evidence	evidence	NOUN
cblr-2871	21	8	...........	...........	PUNCT
cblr-2871	21	9	657	657	NUM
cblr-2871	21	10	a.	a.	NOUN
cblr-2871	21	11	explaining	explain	VERB
cblr-2871	21	12	the	the	DET
cblr-2871	21	13	ipo	ipo	PROPN
cblr-2871	21	14	vs.	vs.	ADP
cblr-2871	21	15	midstream	midstream	NOUN
cblr-2871	21	16	puzzle	puzzle	NOUN
cblr-2871	21	17	..........	..........	PUNCT
cblr-2871	21	18	657	657	NUM
cblr-2871	21	19	b.	b.	NOUN
cblr-2871	21	20	evidence	evidence	NOUN
cblr-2871	21	21	on	on	ADP
cblr-2871	21	22	how	how	SCONJ
cblr-2871	21	23	investors	investor	NOUN
cblr-2871	21	24	update	update	VERB
cblr-2871	21	25	their	their	PRON
cblr-2871	21	26	beliefs	belief	NOUN
cblr-2871	21	27	..............................	..............................	PUNCT
cblr-2871	21	28	661	661	NUM
cblr-2871	21	29	v.	v.	ADP
cblr-2871	21	30	implications	implication	NOUN
cblr-2871	21	31	..................................	..................................	PUNCT
cblr-2871	21	32	662	662	NUM
cblr-2871	21	33	a.	a.	NOUN
cblr-2871	21	34	consequences	consequence	NOUN
cblr-2871	21	35	for	for	ADP
cblr-2871	21	36	ecmh	ecmh	NOUN
cblr-2871	21	37	theory	theory	NOUN
cblr-2871	21	38	and	and	CCONJ
cblr-2871	21	39	contractual	contractual	ADJ
cblr-2871	21	40	freedom	freedom	NOUN
cblr-2871	21	41	in	in	ADP
cblr-2871	21	42	corporate	corporate	ADJ
cblr-2871	21	43	law	law	NOUN
cblr-2871	21	44	.............	.............	PUNCT
cblr-2871	21	45	662	662	NUM
cblr-2871	21	46	b.	b.	NOUN
cblr-2871	21	47	consequences	consequence	NOUN
cblr-2871	21	48	for	for	ADP
cblr-2871	21	49	disclosure	disclosure	NOUN
cblr-2871	21	50	obligations	obligation	NOUN
cblr-2871	21	51	...........	...........	PUNCT
cblr-2871	21	52	664	664	NUM
cblr-2871	21	53	vi	vi	NOUN
cblr-2871	21	54	.	.	NOUN
cblr-2871	21	55	conclusion	conclusion	NOUN
cblr-2871	21	56	...............................	...............................	PUNCT
cblr-2871	21	57	665	665	NUM
cblr-2871	21	58	i.	i.	NOUN
cblr-2871	21	59	introduction	introduction	PROPN
cblr-2871	21	60	u.s	u.s	PROPN
cblr-2871	21	61	.	.	PROPN
cblr-2871	21	62	firms	firm	NOUN
cblr-2871	21	63	can	can	AUX
cblr-2871	21	64	choose	choose	VERB
cblr-2871	21	65	many	many	ADJ
cblr-2871	21	66	of	of	ADP
cblr-2871	21	67	the	the	DET
cblr-2871	21	68	legal	legal	ADJ
cblr-2871	21	69	terms	term	NOUN
cblr-2871	21	70	that	that	PRON
cblr-2871	21	71	govern	govern	VERB
cblr-2871	21	72	them	they	PRON
cblr-2871	21	73	.	.	PUNCT
cblr-2871	22	1	they	they	PRON
cblr-2871	22	2	can	can	AUX
cblr-2871	22	3	choose	choose	VERB
cblr-2871	22	4	whether	whether	SCONJ
cblr-2871	22	5	to	to	PART
cblr-2871	22	6	adopt	adopt	VERB
cblr-2871	22	7	poison	poison	NOUN
cblr-2871	22	8	pills	pill	NOUN
cblr-2871	22	9	,	,	PUNCT
cblr-2871	22	10	staggered	staggered	ADJ
cblr-2871	22	11	boards	board	NOUN
cblr-2871	22	12	,	,	PUNCT
cblr-2871	22	13	golden	golden	ADJ
cblr-2871	22	14	parachutes	parachute	NOUN
cblr-2871	22	15	,	,	PUNCT
cblr-2871	22	16	majority	majority	NOUN
cblr-2871	22	17	voting	voting	NOUN
cblr-2871	22	18	,	,	PUNCT
cblr-2871	22	19	proxy	proxy	NOUN
cblr-2871	22	20	access	access	NOUN
cblr-2871	22	21	,	,	PUNCT
cblr-2871	22	22	directors	director	NOUN
cblr-2871	22	23	'	'	PART
cblr-2871	22	24	indemnification	indemnification	NOUN
cblr-2871	22	25	and	and	CCONJ
cblr-2871	22	26	protection	protection	NOUN
cblr-2871	22	27	from	from	ADP
cblr-2871	22	28	liability	liability	NOUN
cblr-2871	22	29	,	,	PUNCT
cblr-2871	22	30	a	a	DET
cblr-2871	22	31	joint	joint	ADJ
cblr-2871	22	32	chairman	chairman	NOUN
cblr-2871	22	33	and	and	CCONJ
cblr-2871	22	34	ceo	ceo	NOUN
cblr-2871	22	35	,	,	PUNCT
cblr-2871	22	36	and	and	CCONJ
cblr-2871	22	37	a	a	DET
cblr-2871	22	38	lead	lead	ADJ
cblr-2871	22	39	independent	independent	ADJ
cblr-2871	22	40	director	director	NOUN
cblr-2871	22	41	.	.	PUNCT
cblr-2871	23	1	they	they	PRON
cblr-2871	23	2	also	also	ADV
cblr-2871	23	3	choose	choose	VERB
cblr-2871	23	4	their	their	PRON
cblr-2871	23	5	governing	govern	VERB
cblr-2871	23	6	corporate	corporate	ADJ
cblr-2871	23	7	law	law	NOUN
cblr-2871	23	8	by	by	ADP
cblr-2871	23	9	selecting	select	VERB
cblr-2871	23	10	the	the	DET
cblr-2871	23	11	state	state	NOUN
cblr-2871	23	12	in	in	ADP
cblr-2871	23	13	which	which	PRON
cblr-2871	23	14	to	to	PART
cblr-2871	23	15	incorporate	incorporate	VERB
cblr-2871	23	16	.	.	PUNCT
cblr-2871	24	1	underlying	underlie	VERB
cblr-2871	24	2	this	this	DET
cblr-2871	24	3	enabling	enable	VERB
cblr-2871	24	4	approach	approach	NOUN
cblr-2871	24	5	is	be	AUX
cblr-2871	24	6	the	the	DET
cblr-2871	24	7	assumption	assumption	NOUN
cblr-2871	24	8	that	that	SCONJ
cblr-2871	24	9	if	if	SCONJ
cblr-2871	24	10	insiders	insider	NOUN
cblr-2871	24	11	adopt	adopt	VERB
cblr-2871	24	12	628	628	NUM
cblr-2871	24	13	col	col	PROPN
cblr-2871	24	14	umbia	umbia	PROPN
cblr-2871	24	15	b	b	PROPN
cblr-2871	24	16	usiness	usiness	PROPN
cblr-2871	24	17	la	la	PROPN
cblr-2871	24	18	w	w	PROPN
cblr-2871	24	19	re	re	PROPN
cblr-2871	24	20	vie	vie	PROPN
cblr-2871	24	21	w	w	PROPN
cblr-2871	25	1	[	[	X
cblr-2871	25	2	vol	vol	NOUN
cblr-2871	25	3	.	.	PUNCT
cblr-2871	25	4	2013	2013	NUM
cblr-2871	25	5	no	no	NOUN
cblr-2871	25	6	.	.	PUNCT
cblr-2871	26	1	3:627	3:627	NUM
cblr-2871	26	2	]	]	PUNCT
cblr-2871	26	3	noise	noise	NOUN
cblr-2871	26	4	adopters	adopter	NOUN
cblr-2871	26	5	in	in	ADP
cblr-2871	26	6	corporate	corporate	ADJ
cblr-2871	26	7	governance	governance	NOUN
cblr-2871	26	8	entrenching	entrench	VERB
cblr-2871	26	9	,	,	PUNCT
cblr-2871	26	10	inefficient	inefficient	ADJ
cblr-2871	26	11	terms	term	NOUN
cblr-2871	26	12	-	-	PUNCT
cblr-2871	26	13	that	that	ADV
cblr-2871	26	14	is	be	AUX
cblr-2871	26	15	,	,	PUNCT
cblr-2871	26	16	bad	bad	ADJ
cblr-2871	26	17	governancethey	governancethey	PROPN
cblr-2871	26	18	risk	risk	VERB
cblr-2871	26	19	a	a	DET
cblr-2871	26	20	market	market	NOUN
cblr-2871	26	21	penalty	penalty	NOUN
cblr-2871	26	22	in	in	ADP
cblr-2871	26	23	the	the	DET
cblr-2871	26	24	form	form	NOUN
cblr-2871	26	25	of	of	ADP
cblr-2871	26	26	a	a	DET
cblr-2871	26	27	lower	low	ADJ
cblr-2871	26	28	share	share	NOUN
cblr-2871	26	29	price	price	NOUN
cblr-2871	26	30	.	.	PUNCT
cblr-2871	27	1	1	1	NUM
cblr-2871	27	2	much	much	ADJ
cblr-2871	27	3	hinges	hinge	NOUN
cblr-2871	27	4	,	,	PUNCT
cblr-2871	27	5	therefore	therefore	ADV
cblr-2871	27	6	,	,	PUNCT
cblr-2871	27	7	on	on	ADP
cblr-2871	27	8	the	the	DET
cblr-2871	27	9	accurate	accurate	ADJ
cblr-2871	27	10	pricing	pricing	NOUN
cblr-2871	27	11	of	of	ADP
cblr-2871	27	12	governance	governance	NOUN
cblr-2871	27	13	terms	term	NOUN
cblr-2871	27	14	.	.	PUNCT
cblr-2871	28	1	this	this	DET
cblr-2871	28	2	article	article	NOUN
cblr-2871	28	3	identifies	identify	VERB
cblr-2871	28	4	and	and	CCONJ
cblr-2871	28	5	analyzes	analyze	VERB
cblr-2871	28	6	obstacles	obstacle	NOUN
cblr-2871	28	7	to	to	ADP
cblr-2871	28	8	the	the	DET
cblr-2871	28	9	pricing	pricing	NOUN
cblr-2871	28	10	of	of	ADP
cblr-2871	28	11	governance	governance	NOUN
cblr-2871	28	12	terms	term	NOUN
cblr-2871	28	13	.	.	PUNCT
cblr-2871	29	1	first	first	ADV
cblr-2871	29	2	,	,	PUNCT
cblr-2871	29	3	it	it	PRON
cblr-2871	29	4	argues	argue	VERB
cblr-2871	29	5	that	that	SCONJ
cblr-2871	29	6	the	the	DET
cblr-2871	29	7	value	value	NOUN
cblr-2871	29	8	of	of	ADP
cblr-2871	29	9	governance	governance	NOUN
cblr-2871	29	10	terms	term	NOUN
cblr-2871	29	11	varies	vary	VERB
cblr-2871	29	12	across	across	ADP
cblr-2871	29	13	companies	company	NOUN
cblr-2871	29	14	due	due	ADJ
cblr-2871	29	15	to	to	ADP
cblr-2871	29	16	unobservable	unobservable	ADJ
cblr-2871	29	17	differences	difference	NOUN
cblr-2871	29	18	in	in	ADP
cblr-2871	29	19	market	market	NOUN
cblr-2871	29	20	forces	force	NOUN
cblr-2871	29	21	that	that	PRON
cblr-2871	29	22	firms	firm	NOUN
cblr-2871	29	23	face	face	VERB
cblr-2871	29	24	.	.	PUNCT
cblr-2871	30	1	while	while	SCONJ
cblr-2871	30	2	in	in	ADP
cblr-2871	30	3	some	some	DET
cblr-2871	30	4	companies	company	NOUN
cblr-2871	30	5	managers	manager	NOUN
cblr-2871	30	6	could	could	AUX
cblr-2871	30	7	use	use	VERB
cblr-2871	30	8	protective	protective	ADJ
cblr-2871	30	9	terms	term	NOUN
cblr-2871	30	10	such	such	ADJ
cblr-2871	30	11	as	as	ADP
cblr-2871	30	12	staggered	staggered	ADJ
cblr-2871	30	13	boards	board	NOUN
cblr-2871	30	14	or	or	CCONJ
cblr-2871	30	15	plurality	plurality	NOUN
cblr-2871	30	16	voting	voting	NOUN
cblr-2871	30	17	for	for	ADP
cblr-2871	30	18	entrenchment	entrenchment	ADJ
cblr-2871	30	19	purposes	purpose	NOUN
cblr-2871	30	20	,	,	PUNCT
cblr-2871	30	21	managers	manager	NOUN
cblr-2871	30	22	in	in	ADP
cblr-2871	30	23	other	other	ADJ
cblr-2871	30	24	companies	company	NOUN
cblr-2871	30	25	face	face	VERB
cblr-2871	30	26	significant	significant	ADJ
cblr-2871	30	27	competition	competition	NOUN
cblr-2871	30	28	,	,	PUNCT
cblr-2871	30	29	difficult	difficult	ADJ
cblr-2871	30	30	capital	capital	NOUN
cblr-2871	30	31	markets	market	NOUN
cblr-2871	30	32	,	,	PUNCT
cblr-2871	30	33	or	or	CCONJ
cblr-2871	30	34	significant	significant	ADJ
cblr-2871	30	35	pressure	pressure	NOUN
cblr-2871	30	36	from	from	ADP
cblr-2871	30	37	potential	potential	ADJ
cblr-2871	30	38	buyers	buyer	NOUN
cblr-2871	30	39	,	,	PUNCT
cblr-2871	30	40	which	which	PRON
cblr-2871	30	41	discipline	discipline	VERB
cblr-2871	30	42	them	they	PRON
cblr-2871	30	43	regardless	regardless	ADV
cblr-2871	30	44	of	of	ADP
cblr-2871	30	45	their	their	PRON
cblr-2871	30	46	companies	company	NOUN
cblr-2871	30	47	'	'	PART
cblr-2871	30	48	governance	governance	NOUN
cblr-2871	30	49	structure	structure	NOUN
cblr-2871	30	50	.	.	PUNCT
cblr-2871	31	1	thus	thus	ADV
cblr-2871	31	2	,	,	PUNCT
cblr-2871	31	3	in	in	ADP
cblr-2871	31	4	order	order	NOUN
cblr-2871	31	5	to	to	PART
cblr-2871	31	6	evaluate	evaluate	VERB
cblr-2871	31	7	the	the	DET
cblr-2871	31	8	value	value	NOUN
cblr-2871	31	9	of	of	ADP
cblr-2871	31	10	governance	governance	NOUN
cblr-2871	31	11	terms	term	NOUN
cblr-2871	31	12	,	,	PUNCT
cblr-2871	31	13	investors	investor	NOUN
cblr-2871	31	14	need	need	VERB
cblr-2871	31	15	information	information	NOUN
cblr-2871	31	16	about	about	ADP
cblr-2871	31	17	the	the	DET
cblr-2871	31	18	strength	strength	NOUN
cblr-2871	31	19	of	of	ADP
cblr-2871	31	20	the	the	DET
cblr-2871	31	21	market	market	NOUN
cblr-2871	31	22	forces	force	NOUN
cblr-2871	31	23	to	to	PART
cblr-2871	31	24	which	which	PRON
cblr-2871	31	25	each	each	DET
cblr-2871	31	26	firm	firm	NOUN
cblr-2871	31	27	is	be	AUX
cblr-2871	31	28	subject	subject	ADJ
cblr-2871	31	29	.	.	PUNCT
cblr-2871	32	1	information	information	NOUN
cblr-2871	32	2	about	about	ADP
cblr-2871	32	3	the	the	DET
cblr-2871	32	4	exact	exact	ADJ
cblr-2871	32	5	magnitude	magnitude	NOUN
cblr-2871	32	6	of	of	ADP
cblr-2871	32	7	the	the	DET
cblr-2871	32	8	market	market	NOUN
cblr-2871	32	9	forces	force	NOUN
cblr-2871	32	10	that	that	PRON
cblr-2871	32	11	each	each	DET
cblr-2871	32	12	firm	firm	NOUN
cblr-2871	32	13	faces	face	VERB
cblr-2871	32	14	,	,	PUNCT
cblr-2871	32	15	as	as	ADV
cblr-2871	32	16	well	well	ADV
cblr-2871	32	17	as	as	ADP
cblr-2871	32	18	the	the	DET
cblr-2871	32	19	exact	exact	ADJ
cblr-2871	32	20	amount	amount	NOUN
cblr-2871	32	21	of	of	ADP
cblr-2871	32	22	private	private	ADJ
cblr-2871	32	23	benefits	benefit	NOUN
cblr-2871	32	24	that	that	PRON
cblr-2871	32	25	each	each	DET
cblr-2871	32	26	manager	manager	NOUN
cblr-2871	32	27	may	may	AUX
cblr-2871	32	28	extract	extract	VERB
cblr-2871	32	29	as	as	ADP
cblr-2871	32	30	a	a	DET
cblr-2871	32	31	result	result	NOUN
cblr-2871	32	32	of	of	ADP
cblr-2871	32	33	such	such	ADJ
cblr-2871	32	34	forces	force	NOUN
cblr-2871	32	35	,	,	PUNCT
cblr-2871	32	36	is	be	AUX
cblr-2871	32	37	not	not	PART
cblr-2871	32	38	fully	fully	ADV
cblr-2871	32	39	observable	observable	ADJ
cblr-2871	32	40	,	,	PUNCT
cblr-2871	32	41	however	however	ADV
cblr-2871	32	42	.	.	PUNCT
cblr-2871	33	1	while	while	SCONJ
cblr-2871	33	2	investors	investor	NOUN
cblr-2871	33	3	might	might	AUX
cblr-2871	33	4	have	have	VERB
cblr-2871	33	5	information	information	NOUN
cblr-2871	33	6	on	on	ADP
cblr-2871	33	7	the	the	DET
cblr-2871	33	8	strength	strength	NOUN
cblr-2871	33	9	of	of	ADP
cblr-2871	33	10	competition	competition	NOUN
cblr-2871	33	11	in	in	ADP
cblr-2871	33	12	a	a	DET
cblr-2871	33	13	particular	particular	ADJ
cblr-2871	33	14	industry	industry	NOUN
cblr-2871	33	15	,	,	PUNCT
cblr-2871	33	16	for	for	ADP
cblr-2871	33	17	example	example	NOUN
cblr-2871	33	18	,	,	PUNCT
cblr-2871	33	19	it	it	PRON
cblr-2871	33	20	is	be	AUX
cblr-2871	33	21	unlikely	unlikely	ADJ
cblr-2871	33	22	they	they	PRON
cblr-2871	33	23	could	could	AUX
cblr-2871	33	24	determine	determine	VERB
cblr-2871	33	25	with	with	ADP
cblr-2871	33	26	precision	precision	NOUN
cblr-2871	33	27	the	the	DET
cblr-2871	33	28	exact	exact	ADJ
cblr-2871	33	29	level	level	NOUN
cblr-2871	33	30	of	of	ADP
cblr-2871	33	31	competition	competition	NOUN
cblr-2871	33	32	that	that	PRON
cblr-2871	33	33	each	each	DET
cblr-2871	33	34	firm	firm	NOUN
cblr-2871	33	35	in	in	ADP
cblr-2871	33	36	the	the	DET
cblr-2871	33	37	industry	industry	NOUN
cblr-2871	33	38	faces	face	VERB
cblr-2871	33	39	.	.	PUNCT
cblr-2871	34	1	yet	yet	ADV
cblr-2871	34	2	,	,	PUNCT
cblr-2871	34	3	theoretically	theoretically	ADV
cblr-2871	34	4	,	,	PUNCT
cblr-2871	34	5	even	even	ADV
cblr-2871	34	6	though	though	SCONJ
cblr-2871	34	7	firm	firm	ADJ
cblr-2871	34	8	heterogeneity	heterogeneity	NOUN
cblr-2871	34	9	is	be	AUX
cblr-2871	34	10	not	not	PART
cblr-2871	34	11	completely	completely	ADV
cblr-2871	34	12	observable	observable	ADJ
cblr-2871	34	13	,	,	PUNCT
cblr-2871	34	14	firms	firm	NOUN
cblr-2871	34	15	could	could	AUX
cblr-2871	34	16	signal	signal	VERB
cblr-2871	34	17	information	information	NOUN
cblr-2871	34	18	about	about	ADP
cblr-2871	34	19	their	their	PRON
cblr-2871	34	20	type	type	NOUN
cblr-2871	34	21	via	via	ADP
cblr-2871	34	22	their	their	PRON
cblr-2871	34	23	choice	choice	NOUN
cblr-2871	34	24	of	of	ADP
cblr-2871	34	25	governance	governance	NOUN
cblr-2871	34	26	terms	term	NOUN
cblr-2871	34	27	.	.	PUNCT
cblr-2871	35	1	for	for	ADP
cblr-2871	35	2	instance	instance	NOUN
cblr-2871	35	3	,	,	PUNCT
cblr-2871	35	4	by	by	ADP
cblr-2871	35	5	adopting	adopt	VERB
cblr-2871	35	6	a	a	DET
cblr-2871	35	7	non	non	ADJ
cblr-2871	35	8	-	-	ADJ
cblr-2871	35	9	classified	classified	ADJ
cblr-2871	35	10	board	board	NOUN
cblr-2871	35	11	,	,	PUNCT
cblr-2871	35	12	proxy	proxy	NOUN
cblr-2871	35	13	access	access	NOUN
cblr-2871	35	14	,	,	PUNCT
cblr-2871	35	15	majority	majority	NOUN
cblr-2871	35	16	voting	voting	NOUN
cblr-2871	35	17	,	,	PUNCT
cblr-2871	35	18	or	or	CCONJ
cblr-2871	35	19	other	other	ADJ
cblr-2871	35	20	relatively	relatively	ADV
cblr-2871	35	21	strict	strict	ADJ
cblr-2871	35	22	governance	governance	NOUN
cblr-2871	35	23	terms	term	NOUN
cblr-2871	35	24	,	,	PUNCT
cblr-2871	35	25	managers	manager	NOUN
cblr-2871	35	26	could	could	AUX
cblr-2871	35	27	signal	signal	VERB
cblr-2871	35	28	that	that	SCONJ
cblr-2871	35	29	they	they	PRON
cblr-2871	35	30	face	face	VERB
cblr-2871	35	31	strong	strong	ADJ
cblr-2871	35	32	market	market	NOUN
cblr-2871	35	33	forces	force	NOUN
cblr-2871	35	34	and	and	CCONJ
cblr-2871	35	35	,	,	PUNCT
cblr-2871	35	36	accordingly	accordingly	ADV
cblr-2871	35	37	,	,	PUNCT
cblr-2871	35	38	extract	extract	VERB
cblr-2871	35	39	only	only	ADV
cblr-2871	35	40	low	low	ADJ
cblr-2871	35	41	private	private	ADJ
cblr-2871	35	42	benefits	benefit	NOUN
cblr-2871	35	43	.	.	PUNCT
cblr-2871	36	1	similarly	similarly	ADV
cblr-2871	36	2	,	,	PUNCT
cblr-2871	36	3	the	the	DET
cblr-2871	36	4	1	1	NUM
cblr-2871	36	5	see	see	NOUN
cblr-2871	36	6	,	,	PUNCT
cblr-2871	36	7	e.g.	e.g.	ADV
cblr-2871	36	8	,	,	PUNCT
cblr-2871	36	9	frank	frank	PROPN
cblr-2871	36	10	h.	h.	PROPN
cblr-2871	36	11	easterbrook	easterbrook	PROPN
cblr-2871	36	12	&	&	CCONJ
cblr-2871	36	13	daniel	daniel	PROPN
cblr-2871	36	14	r.	r.	PROPN
cblr-2871	36	15	fischel	fischel	PROPN
cblr-2871	36	16	,	,	PUNCT
cblr-2871	36	17	the	the	DET
cblr-2871	36	18	corporate	corporate	ADJ
cblr-2871	36	19	contract	contract	NOUN
cblr-2871	36	20	,	,	PUNCT
cblr-2871	36	21	89	89	NUM
cblr-2871	36	22	colum	colum	NOUN
cblr-2871	36	23	.	.	PUNCT
cblr-2871	37	1	l.	l.	PROPN
cblr-2871	37	2	rev	rev	PROPN
cblr-2871	37	3	.	.	PROPN
cblr-2871	37	4	1416	1416	NUM
cblr-2871	37	5	,	,	PUNCT
cblr-2871	37	6	1432	1432	NUM
cblr-2871	37	7	(	(	PUNCT
cblr-2871	37	8	1989	1989	NUM
cblr-2871	37	9	)	)	PUNCT
cblr-2871	37	10	(	(	PUNCT
cblr-2871	37	11	"	"	PUNCT
cblr-2871	37	12	governance	governance	NOUN
cblr-2871	37	13	structures	structure	NOUN
cblr-2871	37	14	are	be	AUX
cblr-2871	37	15	known	know	VERB
cblr-2871	37	16	to	to	ADP
cblr-2871	37	17	anyone	anyone	PRON
cblr-2871	37	18	seeking	seek	VERB
cblr-2871	37	19	the	the	DET
cblr-2871	37	20	information	information	NOUN
cblr-2871	37	21	,	,	PUNCT
cblr-2871	37	22	so	so	CCONJ
cblr-2871	37	23	the	the	DET
cblr-2871	37	24	pricing	pricing	NOUN
cblr-2871	37	25	mechanism	mechanism	NOUN
cblr-2871	37	26	will	will	AUX
cblr-2871	37	27	embody	embody	VERB
cblr-2871	37	28	their	their	PRON
cblr-2871	37	29	effects	effect	NOUN
cblr-2871	37	30	for	for	ADP
cblr-2871	37	31	good	good	ADJ
cblr-2871	37	32	or	or	CCONJ
cblr-2871	37	33	ill	ill	ADJ
cblr-2871	37	34	.	.	PUNCT
cblr-2871	37	35	"	"	PUNCT
cblr-2871	37	36	)	)	PUNCT
cblr-2871	37	37	.	.	PUNCT
cblr-2871	38	1	629	629	NUM
cblr-2871	38	2	choice	choice	NOUN
cblr-2871	38	3	of	of	ADP
cblr-2871	38	4	entrenching	entrench	VERB
cblr-2871	38	5	terms	term	NOUN
cblr-2871	38	6	could	could	AUX
cblr-2871	38	7	signal	signal	VERB
cblr-2871	38	8	management	management	NOUN
cblr-2871	38	9	's	's	PART
cblr-2871	38	10	weak	weak	ADJ
cblr-2871	38	11	market	market	NOUN
cblr-2871	38	12	discipline.2	discipline.2	NOUN
cblr-2871	38	13	further	far	ADV
cblr-2871	38	14	complicating	complicate	VERB
cblr-2871	38	15	the	the	DET
cblr-2871	38	16	picture	picture	NOUN
cblr-2871	38	17	,	,	PUNCT
cblr-2871	38	18	however	however	ADV
cblr-2871	38	19	,	,	PUNCT
cblr-2871	38	20	is	be	AUX
cblr-2871	38	21	the	the	DET
cblr-2871	38	22	fact	fact	NOUN
cblr-2871	38	23	that	that	SCONJ
cblr-2871	38	24	a	a	DET
cblr-2871	38	25	substantial	substantial	ADJ
cblr-2871	38	26	number	number	NOUN
cblr-2871	38	27	of	of	ADP
cblr-2871	38	28	firms	firm	NOUN
cblr-2871	38	29	,	,	PUNCT
cblr-2871	38	30	termed	term	VERB
cblr-2871	38	31	"	"	PUNCT
cblr-2871	38	32	noise	noise	NOUN
cblr-2871	38	33	adopters	adopter	NOUN
cblr-2871	38	34	"	"	PUNCT
cblr-2871	38	35	by	by	ADP
cblr-2871	38	36	this	this	DET
cblr-2871	38	37	article	article	NOUN
cblr-2871	38	38	,	,	PUNCT
cblr-2871	38	39	pay	pay	VERB
cblr-2871	38	40	little	little	ADJ
cblr-2871	38	41	attention	attention	NOUN
cblr-2871	38	42	to	to	ADP
cblr-2871	38	43	their	their	PRON
cblr-2871	38	44	corporate	corporate	ADJ
cblr-2871	38	45	governance	governance	NOUN
cblr-2871	38	46	.	.	PUNCT
cblr-2871	39	1	these	these	DET
cblr-2871	39	2	firms	firm	NOUN
cblr-2871	39	3	make	make	VERB
cblr-2871	39	4	corporate	corporate	ADJ
cblr-2871	39	5	governance	governance	NOUN
cblr-2871	39	6	choices	choice	NOUN
cblr-2871	39	7	for	for	ADP
cblr-2871	39	8	non	non	ADJ
cblr-2871	39	9	-	-	ADJ
cblr-2871	39	10	substantive	substantive	ADJ
cblr-2871	39	11	reasons	reason	NOUN
cblr-2871	39	12	,	,	PUNCT
cblr-2871	39	13	such	such	ADJ
cblr-2871	39	14	as	as	ADP
cblr-2871	39	15	the	the	DET
cblr-2871	39	16	idiosyncratic	idiosyncratic	ADJ
cblr-2871	39	17	preferences	preference	NOUN
cblr-2871	39	18	of	of	ADP
cblr-2871	39	19	their	their	PRON
cblr-2871	39	20	legal	legal	ADJ
cblr-2871	39	21	counsel	counsel	NOUN
cblr-2871	39	22	,	,	PUNCT
cblr-2871	39	23	network	network	NOUN
cblr-2871	39	24	externalities	externality	NOUN
cblr-2871	39	25	,	,	PUNCT
cblr-2871	39	26	or	or	CCONJ
cblr-2871	39	27	mere	mere	ADJ
cblr-2871	39	28	inertia	inertia	NOUN
cblr-2871	39	29	.	.	PUNCT
cblr-2871	39	30	'	'	PUNCT
cblr-2871	39	31	noise	noise	NOUN
cblr-2871	39	32	adopters	adopter	NOUN
cblr-2871	39	33	,	,	PUNCT
cblr-2871	39	34	this	this	DET
cblr-2871	39	35	article	article	NOUN
cblr-2871	39	36	argues	argue	VERB
cblr-2871	39	37	,	,	PUNCT
cblr-2871	39	38	can	can	AUX
cblr-2871	39	39	obscure	obscure	VERB
cblr-2871	39	40	an	an	DET
cblr-2871	39	41	otherwise	otherwise	ADV
cblr-2871	39	42	clear	clear	ADJ
cblr-2871	39	43	signal	signal	NOUN
cblr-2871	39	44	of	of	ADP
cblr-2871	39	45	a	a	DET
cblr-2871	39	46	manager	manager	NOUN
cblr-2871	39	47	's	's	PART
cblr-2871	39	48	preference	preference	NOUN
cblr-2871	39	49	for	for	ADP
cblr-2871	39	50	entrenchment	entrenchment	NOUN
cblr-2871	39	51	.	.	PUNCT
cblr-2871	40	1	investors	investor	NOUN
cblr-2871	40	2	who	who	PRON
cblr-2871	40	3	are	be	AUX
cblr-2871	40	4	unsure	unsure	ADJ
cblr-2871	40	5	whether	whether	SCONJ
cblr-2871	40	6	management	management	NOUN
cblr-2871	40	7	adopted	adopt	VERB
cblr-2871	40	8	a	a	DET
cblr-2871	40	9	staggered	staggered	ADJ
cblr-2871	40	10	board	board	NOUN
cblr-2871	40	11	due	due	ADP
cblr-2871	40	12	to	to	ADP
cblr-2871	40	13	its	its	PRON
cblr-2871	40	14	interest	interest	NOUN
cblr-2871	40	15	in	in	ADP
cblr-2871	40	16	entrenchment	entrenchment	NOUN
cblr-2871	40	17	,	,	PUNCT
cblr-2871	40	18	or	or	CCONJ
cblr-2871	40	19	because	because	SCONJ
cblr-2871	40	20	a	a	DET
cblr-2871	40	21	staggered	staggered	ADJ
cblr-2871	40	22	board	board	NOUN
cblr-2871	40	23	was	be	AUX
cblr-2871	40	24	part	part	NOUN
cblr-2871	40	25	of	of	ADP
cblr-2871	40	26	a	a	DET
cblr-2871	40	27	boilerplate	boilerplate	NOUN
cblr-2871	40	28	provided	provide	VERB
cblr-2871	40	29	by	by	ADP
cblr-2871	40	30	the	the	DET
cblr-2871	40	31	advising	advise	VERB
cblr-2871	40	32	law	law	NOUN
cblr-2871	40	33	firm	firm	NOUN
cblr-2871	40	34	,	,	PUNCT
cblr-2871	40	35	attach	attach	VERB
cblr-2871	40	36	only	only	ADV
cblr-2871	40	37	a	a	DET
cblr-2871	40	38	partial	partial	ADJ
cblr-2871	40	39	discount	discount	NOUN
cblr-2871	40	40	to	to	ADP
cblr-2871	40	41	this	this	DET
cblr-2871	40	42	choice	choice	NOUN
cblr-2871	40	43	.	.	PUNCT
cblr-2871	41	1	the	the	DET
cblr-2871	41	2	noise	noise	NOUN
cblr-2871	41	3	,	,	PUNCT
cblr-2871	41	4	therefore	therefore	ADV
cblr-2871	41	5	,	,	PUNCT
cblr-2871	41	6	provides	provide	VERB
cblr-2871	41	7	camouflage	camouflage	NOUN
cblr-2871	41	8	to	to	ADP
cblr-2871	41	9	managers	manager	NOUN
cblr-2871	41	10	with	with	ADP
cblr-2871	41	11	a	a	DET
cblr-2871	41	12	strong	strong	ADJ
cblr-2871	41	13	interest	interest	NOUN
cblr-2871	41	14	in	in	ADP
cblr-2871	41	15	entrenchment	entrenchment	NOUN
cblr-2871	41	16	.	.	PUNCT
cblr-2871	42	1	the	the	DET
cblr-2871	42	2	noise	noise	NOUN
cblr-2871	42	3	adopters	adopter	NOUN
cblr-2871	42	4	concept	concept	NOUN
cblr-2871	42	5	builds	build	VERB
cblr-2871	42	6	on	on	ADP
cblr-2871	42	7	albert	albert	PROPN
cblr-2871	42	8	kyle	kyle	PROPN
cblr-2871	42	9	's	's	PART
cblr-2871	42	10	seminal	seminal	ADJ
cblr-2871	42	11	paper	paper	NOUN
cblr-2871	42	12	on	on	ADP
cblr-2871	42	13	noise	noise	NOUN
cblr-2871	42	14	traders	trader	NOUN
cblr-2871	42	15	in	in	ADP
cblr-2871	42	16	capital	capital	NOUN
cblr-2871	42	17	markets	market	NOUN
cblr-2871	42	18	and	and	CCONJ
cblr-2871	42	19	their	their	PRON
cblr-2871	42	20	role	role	NOUN
cblr-2871	42	21	in	in	ADP
cblr-2871	42	22	camouflaging	camouflage	VERB
cblr-2871	42	23	insider	insider	NOUN
cblr-2871	42	24	trading	trading	NOUN
cblr-2871	42	25	.	.	PUNCT
cblr-2871	42	26	'	'	PUNCT
cblr-2871	43	1	in	in	ADP
cblr-2871	43	2	kyle	kyle	PROPN
cblr-2871	43	3	's	's	PART
cblr-2871	43	4	model	model	NOUN
cblr-2871	43	5	,	,	PUNCT
cblr-2871	43	6	noise	noise	NOUN
cblr-2871	43	7	traders	trader	NOUN
cblr-2871	43	8	sell	sell	VERB
cblr-2871	43	9	and	and	CCONJ
cblr-2871	43	10	buy	buy	VERB
cblr-2871	43	11	securities	security	NOUN
cblr-2871	43	12	randomly	randomly	ADV
cblr-2871	43	13	,	,	PUNCT
cblr-2871	43	14	regardless	regardless	ADV
cblr-2871	43	15	of	of	ADP
cblr-2871	43	16	2	2	NUM
cblr-2871	43	17	as	as	SCONJ
cblr-2871	43	18	explained	explain	VERB
cblr-2871	43	19	below	below	ADV
cblr-2871	43	20	,	,	PUNCT
cblr-2871	43	21	managers	manager	NOUN
cblr-2871	43	22	who	who	PRON
cblr-2871	43	23	face	face	VERB
cblr-2871	43	24	weak	weak	ADJ
cblr-2871	43	25	market	market	NOUN
cblr-2871	43	26	forces	force	NOUN
cblr-2871	43	27	have	have	VERB
cblr-2871	43	28	a	a	DET
cblr-2871	43	29	stronger	strong	ADJ
cblr-2871	43	30	interest	interest	NOUN
cblr-2871	43	31	in	in	ADP
cblr-2871	43	32	terms	term	NOUN
cblr-2871	43	33	that	that	PRON
cblr-2871	43	34	protect	protect	VERB
cblr-2871	43	35	their	their	PRON
cblr-2871	43	36	extraction	extraction	NOUN
cblr-2871	43	37	of	of	ADP
cblr-2871	43	38	private	private	ADJ
cblr-2871	43	39	benefits	benefit	NOUN
cblr-2871	43	40	.	.	PUNCT
cblr-2871	44	1	as	as	ADP
cblr-2871	44	2	a	a	DET
cblr-2871	44	3	result	result	NOUN
cblr-2871	44	4	,	,	PUNCT
cblr-2871	44	5	the	the	DET
cblr-2871	44	6	costs	cost	NOUN
cblr-2871	44	7	of	of	ADP
cblr-2871	44	8	dropping	drop	VERB
cblr-2871	44	9	entrenching	entrench	VERB
cblr-2871	44	10	terms	term	NOUN
cblr-2871	44	11	are	be	AUX
cblr-2871	44	12	larger	large	ADJ
cblr-2871	44	13	for	for	ADP
cblr-2871	44	14	these	these	DET
cblr-2871	44	15	managers	manager	NOUN
cblr-2871	44	16	than	than	ADP
cblr-2871	44	17	for	for	ADP
cblr-2871	44	18	those	those	PRON
cblr-2871	44	19	who	who	PRON
cblr-2871	44	20	face	face	VERB
cblr-2871	44	21	strong	strong	ADJ
cblr-2871	44	22	market	market	NOUN
cblr-2871	44	23	discipline	discipline	NOUN
cblr-2871	44	24	.	.	PUNCT
cblr-2871	45	1	3	3	NUM
cblr-2871	45	2	noise	noise	NOUN
cblr-2871	45	3	adopters	adopter	NOUN
cblr-2871	45	4	have	have	AUX
cblr-2871	45	5	been	be	AUX
cblr-2871	45	6	recognized	recognize	VERB
cblr-2871	45	7	by	by	ADP
cblr-2871	45	8	the	the	DET
cblr-2871	45	9	literature	literature	NOUN
cblr-2871	45	10	.	.	PUNCT
cblr-2871	46	1	see	see	VERB
cblr-2871	46	2	,	,	PUNCT
cblr-2871	46	3	e.g.	e.g.	ADV
cblr-2871	46	4	,	,	PUNCT
cblr-2871	46	5	john	john	PROPN
cblr-2871	46	6	c.	c.	PROPN
cblr-2871	46	7	coates	coat	VERB
cblr-2871	46	8	iv	iv	NUM
cblr-2871	46	9	,	,	PUNCT
cblr-2871	46	10	explaining	explain	VERB
cblr-2871	46	11	variation	variation	NOUN
cblr-2871	46	12	in	in	ADP
cblr-2871	46	13	takeover	takeover	NOUN
cblr-2871	46	14	defenses	defense	NOUN
cblr-2871	46	15	:	:	PUNCT
cblr-2871	46	16	blame	blame	VERB
cblr-2871	46	17	the	the	DET
cblr-2871	46	18	lawyers	lawyer	NOUN
cblr-2871	46	19	,	,	PUNCT
cblr-2871	46	20	89	89	NUM
cblr-2871	46	21	cal	cal	NOUN
cblr-2871	46	22	.	.	PUNCT
cblr-2871	47	1	l.	l.	PROPN
cblr-2871	47	2	rev	rev	PROPN
cblr-2871	47	3	.	.	PROPN
cblr-2871	47	4	1301	1301	NUM
cblr-2871	47	5	,	,	PUNCT
cblr-2871	47	6	1337	1337	NUM
cblr-2871	47	7	-	-	SYM
cblr-2871	47	8	39	39	NUM
cblr-2871	47	9	(	(	PUNCT
cblr-2871	47	10	2001	2001	NUM
cblr-2871	47	11	)	)	PUNCT
cblr-2871	47	12	(	(	PUNCT
cblr-2871	47	13	finding	find	VERB
cblr-2871	47	14	that	that	SCONJ
cblr-2871	47	15	geographic	geographic	ADJ
cblr-2871	47	16	location	location	NOUN
cblr-2871	47	17	of	of	ADP
cblr-2871	47	18	law	law	NOUN
cblr-2871	47	19	firms	firm	NOUN
cblr-2871	47	20	predicts	predict	VERB
cblr-2871	47	21	ipo	ipo	PROPN
cblr-2871	47	22	firms	firm	NOUN
cblr-2871	47	23	'	'	PART
cblr-2871	47	24	adoption	adoption	NOUN
cblr-2871	47	25	of	of	ADP
cblr-2871	47	26	antitakeover	antitakeover	ADJ
cblr-2871	47	27	terms	term	NOUN
cblr-2871	47	28	)	)	PUNCT
cblr-2871	47	29	;	;	PUNCT
cblr-2871	47	30	robert	robert	PROPN
cblr-2871	47	31	daines	daines	PROPN
cblr-2871	47	32	,	,	PUNCT
cblr-2871	47	33	the	the	DET
cblr-2871	47	34	incorporation	incorporation	NOUN
cblr-2871	47	35	choices	choice	NOUN
cblr-2871	47	36	of	of	ADP
cblr-2871	47	37	ipo	ipo	NOUN
cblr-2871	47	38	firms	firm	NOUN
cblr-2871	47	39	,	,	PUNCT
cblr-2871	47	40	77	77	NUM
cblr-2871	47	41	n.y.u	n.y.u	NOUN
cblr-2871	47	42	.	.	PUNCT
cblr-2871	48	1	l.	l.	PROPN
cblr-2871	48	2	rev	rev	PROPN
cblr-2871	48	3	.	.	PROPN
cblr-2871	48	4	1559	1559	NUM
cblr-2871	48	5	,	,	PUNCT
cblr-2871	48	6	1584	1584	NUM
cblr-2871	48	7	-	-	SYM
cblr-2871	48	8	85	85	NUM
cblr-2871	48	9	(	(	PUNCT
cblr-2871	48	10	2002	2002	NUM
cblr-2871	48	11	)	)	PUNCT
cblr-2871	48	12	(	(	PUNCT
cblr-2871	48	13	finding	find	VERB
cblr-2871	48	14	that	that	DET
cblr-2871	48	15	existence	existence	NOUN
cblr-2871	48	16	of	of	ADP
cblr-2871	48	17	a	a	DET
cblr-2871	48	18	national	national	ADJ
cblr-2871	48	19	law	law	NOUN
cblr-2871	48	20	firm	firm	NOUN
cblr-2871	48	21	practice	practice	NOUN
cblr-2871	48	22	predicts	predict	VERB
cblr-2871	48	23	firms	firm	NOUN
cblr-2871	48	24	'	'	PART
cblr-2871	48	25	incorporation	incorporation	NOUN
cblr-2871	48	26	in	in	ADP
cblr-2871	48	27	delaware	delaware	PROPN
cblr-2871	48	28	)	)	PUNCT
cblr-2871	48	29	;	;	PUNCT
cblr-2871	48	30	michael	michael	PROPN
cblr-2871	48	31	klausner	klausner	PROPN
cblr-2871	48	32	,	,	PUNCT
cblr-2871	48	33	corporations	corporation	NOUN
cblr-2871	48	34	,	,	PUNCT
cblr-2871	48	35	corporate	corporate	ADJ
cblr-2871	48	36	law	law	NOUN
cblr-2871	48	37	,	,	PUNCT
cblr-2871	48	38	and	and	CCONJ
cblr-2871	48	39	networks	network	NOUN
cblr-2871	48	40	of	of	ADP
cblr-2871	48	41	contracts	contract	NOUN
cblr-2871	48	42	,	,	PUNCT
cblr-2871	48	43	81	81	NUM
cblr-2871	48	44	va	va	NOUN
cblr-2871	48	45	.	.	PUNCT
cblr-2871	49	1	l.	l.	PROPN
cblr-2871	49	2	rev	rev	PROPN
cblr-2871	49	3	.	.	PROPN
cblr-2871	49	4	757	757	NUM
cblr-2871	49	5	,	,	PUNCT
cblr-2871	49	6	761	761	NUM
cblr-2871	49	7	(	(	PUNCT
cblr-2871	49	8	1995	1995	NUM
cblr-2871	49	9	)	)	PUNCT
cblr-2871	49	10	(	(	PUNCT
cblr-2871	49	11	arguing	argue	VERB
cblr-2871	49	12	that	that	SCONJ
cblr-2871	49	13	adoption	adoption	NOUN
cblr-2871	49	14	of	of	ADP
cblr-2871	49	15	legal	legal	ADJ
cblr-2871	49	16	terms	term	NOUN
cblr-2871	49	17	creates	create	VERB
cblr-2871	49	18	value	value	NOUN
cblr-2871	49	19	that	that	PRON
cblr-2871	49	20	is	be	AUX
cblr-2871	49	21	independent	independent	ADJ
cblr-2871	49	22	from	from	ADP
cblr-2871	49	23	their	their	PRON
cblr-2871	49	24	legal	legal	ADJ
cblr-2871	49	25	substance	substance	NOUN
cblr-2871	49	26	,	,	PUNCT
cblr-2871	49	27	as	as	SCONJ
cblr-2871	49	28	it	it	PRON
cblr-2871	49	29	imposes	impose	VERB
cblr-2871	49	30	positive	positive	ADJ
cblr-2871	49	31	network	network	NOUN
cblr-2871	49	32	externalities	externality	NOUN
cblr-2871	49	33	)	)	PUNCT
cblr-2871	49	34	.	.	PUNCT
cblr-2871	50	1	4	4	NUM
cblr-2871	50	2	see	see	VERB
cblr-2871	50	3	albert	albert	PROPN
cblr-2871	50	4	s.	s.	PROPN
cblr-2871	50	5	kyle	kyle	PROPN
cblr-2871	50	6	,	,	PUNCT
cblr-2871	50	7	continuous	continuous	ADJ
cblr-2871	50	8	auctions	auction	NOUN
cblr-2871	50	9	and	and	CCONJ
cblr-2871	50	10	insider	insider	NOUN
cblr-2871	50	11	trading	trading	NOUN
cblr-2871	50	12	,	,	PUNCT
cblr-2871	50	13	53	53	NUM
cblr-2871	50	14	econometrica	econometrica	NOUN
cblr-2871	50	15	1315	1315	NUM
cblr-2871	50	16	(	(	PUNCT
cblr-2871	50	17	1985	1985	NUM
cblr-2871	50	18	)	)	PUNCT
cblr-2871	50	19	.	.	PUNCT
cblr-2871	51	1	630	630	NUM
cblr-2871	51	2	col	col	PROPN
cblr-2871	51	3	uamia	uamia	PROPN
cblr-2871	51	4	b	b	PROPN
cblr-2871	51	5	usiness	usiness	PROPN
cblr-2871	51	6	ia	ia	PROPN
cblr-2871	51	7	w	w	PROPN
cblr-2871	51	8	re	re	PROPN
cblr-2871	51	9	vie	vie	PROPN
cblr-2871	51	10	w	w	PROPN
cblr-2871	52	1	[	[	X
cblr-2871	52	2	vol	vol	NOUN
cblr-2871	52	3	.	.	PUNCT
cblr-2871	52	4	2013	2013	NUM
cblr-2871	52	5	no	no	NOUN
cblr-2871	52	6	.	.	PUNCT
cblr-2871	53	1	3:627	3:627	NUM
cblr-2871	53	2	]	]	PUNCT
cblr-2871	53	3	noise	noise	NOUN
cblr-2871	53	4	adopters	adopter	NOUN
cblr-2871	53	5	in	in	ADP
cblr-2871	53	6	corporate	corporate	ADJ
cblr-2871	53	7	governance	governance	NOUN
cblr-2871	53	8	fundamentals.5	fundamentals.5	PROPN
cblr-2871	53	9	their	their	PRON
cblr-2871	53	10	activity	activity	NOUN
cblr-2871	53	11	obscures	obscure	VERB
cblr-2871	53	12	trades	trade	NOUN
cblr-2871	53	13	by	by	ADP
cblr-2871	53	14	informed	informed	ADJ
cblr-2871	53	15	traders	trader	NOUN
cblr-2871	53	16	and	and	CCONJ
cblr-2871	53	17	allows	allow	VERB
cblr-2871	53	18	the	the	DET
cblr-2871	53	19	latter	latter	ADJ
cblr-2871	53	20	to	to	PART
cblr-2871	53	21	capitalize	capitalize	VERB
cblr-2871	53	22	on	on	ADP
cblr-2871	53	23	inside	inside	ADP
cblr-2871	53	24	information.6	information.6	NOUN
cblr-2871	53	25	similarly	similarly	ADV
cblr-2871	53	26	,	,	PUNCT
cblr-2871	53	27	by	by	ADP
cblr-2871	53	28	incorporating	incorporate	VERB
cblr-2871	53	29	kyle	kyle	NOUN
cblr-2871	53	30	's	's	PART
cblr-2871	53	31	idea	idea	NOUN
cblr-2871	53	32	of	of	ADP
cblr-2871	53	33	the	the	DET
cblr-2871	53	34	importance	importance	NOUN
cblr-2871	53	35	of	of	ADP
cblr-2871	53	36	random	random	ADJ
cblr-2871	53	37	behavior	behavior	NOUN
cblr-2871	53	38	to	to	ADP
cblr-2871	53	39	the	the	DET
cblr-2871	53	40	signaling	signal	VERB
cblr-2871	53	41	insights	insight	NOUN
cblr-2871	53	42	pioneered	pioneer	VERB
cblr-2871	53	43	by	by	ADP
cblr-2871	53	44	michael	michael	PROPN
cblr-2871	53	45	spence	spence	PROPN
cblr-2871	53	46	,	,	PUNCT
cblr-2871	53	47	'	'	PUNCT
cblr-2871	53	48	this	this	DET
cblr-2871	53	49	article	article	NOUN
cblr-2871	53	50	shows	show	VERB
cblr-2871	53	51	that	that	SCONJ
cblr-2871	53	52	the	the	DET
cblr-2871	53	53	noise	noise	NOUN
cblr-2871	53	54	adopters	adopter	NOUN
cblr-2871	53	55	of	of	ADP
cblr-2871	53	56	corporate	corporate	ADJ
cblr-2871	53	57	governance	governance	NOUN
cblr-2871	53	58	provide	provide	VERB
cblr-2871	53	59	camouflage	camouflage	NOUN
cblr-2871	53	60	to	to	ADP
cblr-2871	53	61	managers	manager	NOUN
cblr-2871	53	62	who	who	PRON
cblr-2871	53	63	prefer	prefer	VERB
cblr-2871	53	64	for	for	ADP
cblr-2871	53	65	entrenchment	entrenchment	NOUN
cblr-2871	53	66	.	.	PUNCT
cblr-2871	54	1	noise	noise	NOUN
cblr-2871	54	2	adopters	adopter	NOUN
cblr-2871	54	3	allow	allow	VERB
cblr-2871	54	4	expropriating	expropriate	VERB
cblr-2871	54	5	managers	manager	NOUN
cblr-2871	54	6	to	to	PART
cblr-2871	54	7	avoid	avoid	VERB
cblr-2871	54	8	the	the	DET
cblr-2871	54	9	full	full	ADJ
cblr-2871	54	10	costs	cost	NOUN
cblr-2871	54	11	of	of	ADP
cblr-2871	54	12	their	their	PRON
cblr-2871	54	13	(	(	PUNCT
cblr-2871	54	14	poor	poor	ADJ
cblr-2871	54	15	)	)	PUNCT
cblr-2871	54	16	corporate	corporate	ADJ
cblr-2871	54	17	governance	governance	NOUN
cblr-2871	54	18	choices	choice	NOUN
cblr-2871	54	19	.	.	PUNCT
cblr-2871	55	1	for	for	ADP
cblr-2871	55	2	example	example	NOUN
cblr-2871	55	3	,	,	PUNCT
cblr-2871	55	4	assume	assume	VERB
cblr-2871	55	5	that	that	SCONJ
cblr-2871	55	6	there	there	PRON
cblr-2871	55	7	are	be	VERB
cblr-2871	55	8	two	two	NUM
cblr-2871	55	9	types	type	NOUN
cblr-2871	55	10	of	of	ADP
cblr-2871	55	11	companies	company	NOUN
cblr-2871	55	12	:	:	PUNCT
cblr-2871	55	13	a	a	DET
cblr-2871	55	14	high	high	ADJ
cblr-2871	55	15	agency	agency	NOUN
cblr-2871	55	16	costs	cost	NOUN
cblr-2871	55	17	(	(	PUNCT
cblr-2871	55	18	or	or	CCONJ
cblr-2871	55	19	"	"	PUNCT
cblr-2871	55	20	bad	bad	ADJ
cblr-2871	55	21	"	"	PUNCT
cblr-2871	55	22	)	)	PUNCT
cblr-2871	55	23	type	type	NOUN
cblr-2871	55	24	,	,	PUNCT
cblr-2871	55	25	company	company	NOUN
cblr-2871	55	26	a	a	NOUN
cblr-2871	55	27	,	,	PUNCT
cblr-2871	55	28	and	and	CCONJ
cblr-2871	55	29	a	a	DET
cblr-2871	55	30	low	low	ADJ
cblr-2871	55	31	agency	agency	NOUN
cblr-2871	55	32	costs	cost	NOUN
cblr-2871	55	33	(	(	PUNCT
cblr-2871	55	34	or	or	CCONJ
cblr-2871	55	35	"	"	PUNCT
cblr-2871	55	36	good	good	ADJ
cblr-2871	55	37	"	"	PUNCT
cblr-2871	55	38	)	)	PUNCT
cblr-2871	55	39	type	type	NOUN
cblr-2871	55	40	,	,	PUNCT
cblr-2871	55	41	company	company	NOUN
cblr-2871	55	42	b.	b.	PROPN
cblr-2871	55	43	assume	assume	VERB
cblr-2871	55	44	that	that	SCONJ
cblr-2871	55	45	the	the	DET
cblr-2871	55	46	managers	manager	NOUN
cblr-2871	55	47	'	'	PART
cblr-2871	55	48	extraction	extraction	NOUN
cblr-2871	55	49	of	of	ADP
cblr-2871	55	50	private	private	ADJ
cblr-2871	55	51	benefits	benefit	NOUN
cblr-2871	55	52	reduces	reduce	VERB
cblr-2871	55	53	firm	firm	ADJ
cblr-2871	55	54	value	value	NOUN
cblr-2871	55	55	by	by	ADP
cblr-2871	55	56	ten	ten	NUM
cblr-2871	55	57	percent	percent	NOUN
cblr-2871	55	58	in	in	ADP
cblr-2871	55	59	company	company	NOUN
cblr-2871	55	60	a	a	NOUN
cblr-2871	55	61	,	,	PUNCT
cblr-2871	55	62	but	but	CCONJ
cblr-2871	55	63	only	only	ADV
cblr-2871	55	64	by	by	ADP
cblr-2871	55	65	two	two	NUM
cblr-2871	55	66	percent	percent	NOUN
cblr-2871	55	67	in	in	ADP
cblr-2871	55	68	company	company	PROPN
cblr-2871	55	69	b	b	PROPN
cblr-2871	55	70	,	,	PUNCT
cblr-2871	55	71	where	where	SCONJ
cblr-2871	55	72	extraction	extraction	NOUN
cblr-2871	55	73	is	be	AUX
cblr-2871	55	74	limited	limited	ADJ
cblr-2871	55	75	.	.	PUNCT
cblr-2871	55	76	"	"	PUNCT
cblr-2871	55	77	assume	assume	VERB
cblr-2871	55	78	further	far	ADV
cblr-2871	55	79	that	that	SCONJ
cblr-2871	55	80	both	both	DET
cblr-2871	55	81	firms	firm	NOUN
cblr-2871	55	82	choose	choose	VERB
cblr-2871	55	83	to	to	PART
cblr-2871	55	84	adopt	adopt	VERB
cblr-2871	55	85	a	a	DET
cblr-2871	55	86	staggered	staggered	ADJ
cblr-2871	55	87	board	board	NOUN
cblr-2871	55	88	,	,	PUNCT
cblr-2871	55	89	which	which	PRON
cblr-2871	55	90	provides	provide	VERB
cblr-2871	55	91	them	they	PRON
cblr-2871	55	92	with	with	ADP
cblr-2871	55	93	strong	strong	ADJ
cblr-2871	55	94	protection	protection	NOUN
cblr-2871	55	95	from	from	ADP
cblr-2871	55	96	hostile	hostile	ADJ
cblr-2871	55	97	takeovers	takeover	NOUN
cblr-2871	55	98	,	,	PUNCT
cblr-2871	55	99	and	and	CCONJ
cblr-2871	55	100	as	as	ADP
cblr-2871	55	101	a	a	DET
cblr-2871	55	102	result	result	NOUN
cblr-2871	55	103	protects	protect	VERB
cblr-2871	55	104	their	their	PRON
cblr-2871	55	105	private	private	ADJ
cblr-2871	55	106	benefits	benefit	NOUN
cblr-2871	55	107	.	.	PUNCT
cblr-2871	56	1	if	if	SCONJ
cblr-2871	56	2	investors	investor	NOUN
cblr-2871	56	3	can	can	AUX
cblr-2871	56	4	not	not	PART
cblr-2871	56	5	distinguish	distinguish	VERB
cblr-2871	56	6	these	these	DET
cblr-2871	56	7	companies	company	NOUN
cblr-2871	56	8	they	they	PRON
cblr-2871	56	9	will	will	AUX
cblr-2871	56	10	attach	attach	VERB
cblr-2871	56	11	a	a	DET
cblr-2871	56	12	discount	discount	NOUN
cblr-2871	56	13	of	of	ADP
cblr-2871	56	14	six	six	NUM
cblr-2871	56	15	percent	percent	NOUN
cblr-2871	56	16	to	to	ADP
cblr-2871	56	17	both	both	DET
cblr-2871	56	18	firms	firm	NOUN
cblr-2871	56	19	.	.	PUNCT
cblr-2871	57	1	company	company	NOUN
cblr-2871	57	2	b	b	PROPN
cblr-2871	57	3	's	's	PART
cblr-2871	57	4	managers	manager	NOUN
cblr-2871	57	5	,	,	PUNCT
cblr-2871	57	6	however	however	ADV
cblr-2871	57	7	,	,	PUNCT
cblr-2871	57	8	who	who	PRON
cblr-2871	57	9	face	face	VERB
cblr-2871	57	10	strong	strong	ADJ
cblr-2871	57	11	market	market	NOUN
cblr-2871	57	12	forces	force	NOUN
cblr-2871	57	13	,	,	PUNCT
cblr-2871	57	14	extract	extract	VERB
cblr-2871	57	15	small	small	ADJ
cblr-2871	57	16	amounts	amount	NOUN
cblr-2871	57	17	of	of	ADP
cblr-2871	57	18	private	private	ADJ
cblr-2871	57	19	benefit	benefit	NOUN
cblr-2871	57	20	and	and	CCONJ
cblr-2871	57	21	therefore	therefore	ADV
cblr-2871	57	22	need	need	VERB
cblr-2871	57	23	a	a	DET
cblr-2871	57	24	staggered	staggered	ADJ
cblr-2871	57	25	board	board	NOUN
cblr-2871	57	26	less	less	ADJ
cblr-2871	57	27	than	than	ADP
cblr-2871	57	28	managers	manager	NOUN
cblr-2871	57	29	of	of	ADP
cblr-2871	57	30	company	company	NOUN
cblr-2871	57	31	a	a	DET
cblr-2871	57	32	do	do	VERB
cblr-2871	57	33	.	.	PUNCT
cblr-2871	58	1	as	as	ADP
cblr-2871	58	2	a	a	DET
cblr-2871	58	3	result	result	NOUN
cblr-2871	58	4	,	,	PUNCT
cblr-2871	58	5	company	company	NOUN
cblr-2871	58	6	b	b	NOUN
cblr-2871	58	7	may	may	AUX
cblr-2871	58	8	remove	remove	VERB
cblr-2871	58	9	its	its	PRON
cblr-2871	58	10	staggered	staggered	ADJ
cblr-2871	58	11	board	board	NOUN
cblr-2871	58	12	.	.	PUNCT
cblr-2871	59	1	if	if	SCONJ
cblr-2871	59	2	that	that	PRON
cblr-2871	59	3	happens	happen	VERB
cblr-2871	59	4	,	,	PUNCT
cblr-2871	59	5	investors	investor	NOUN
cblr-2871	59	6	would	would	AUX
cblr-2871	59	7	attach	attach	VERB
cblr-2871	59	8	a	a	DET
cblr-2871	59	9	ten	ten	NUM
cblr-2871	59	10	percent	percent	NOUN
cblr-2871	59	11	discount	discount	NOUN
cblr-2871	59	12	to	to	PART
cblr-2871	59	13	firm	firm	VERB
cblr-2871	59	14	a	a	PRON
cblr-2871	59	15	,	,	PUNCT
cblr-2871	59	16	which	which	PRON
cblr-2871	59	17	might	might	AUX
cblr-2871	59	18	in	in	ADP
cblr-2871	59	19	turn	turn	NOUN
cblr-2871	59	20	drop	drop	VERB
cblr-2871	59	21	its	its	PRON
cblr-2871	59	22	staggered	staggered	ADJ
cblr-2871	59	23	board	board	NOUN
cblr-2871	59	24	,	,	PUNCT
cblr-2871	59	25	too	too	ADV
cblr-2871	59	26	.	.	PUNCT
cblr-2871	60	1	assume	assume	VERB
cblr-2871	60	2	,	,	PUNCT
cblr-2871	60	3	however	however	ADV
cblr-2871	60	4	,	,	PUNCT
cblr-2871	60	5	that	that	SCONJ
cblr-2871	60	6	a	a	DET
cblr-2871	60	7	third	third	ADJ
cblr-2871	60	8	firm	firm	NOUN
cblr-2871	60	9	,	,	PUNCT
cblr-2871	60	10	company	company	NOUN
cblr-2871	60	11	c	c	NOUN
cblr-2871	60	12	,	,	PUNCT
cblr-2871	60	13	adopts	adopt	VERB
cblr-2871	60	14	a	a	DET
cblr-2871	60	15	staggered	staggered	ADJ
cblr-2871	60	16	board	board	NOUN
cblr-2871	60	17	for	for	ADP
cblr-2871	60	18	reasons	reason	NOUN
cblr-2871	60	19	that	that	PRON
cblr-2871	60	20	have	have	VERB
cblr-2871	60	21	nothing	nothing	PRON
cblr-2871	60	22	to	to	PART
cblr-2871	60	23	do	do	VERB
cblr-2871	60	24	with	with	ADP
cblr-2871	60	25	a	a	DET
cblr-2871	60	26	preference	preference	NOUN
cblr-2871	60	27	for	for	ADP
cblr-2871	60	28	private	private	ADJ
cblr-2871	60	29	benefits	benefit	NOUN
cblr-2871	60	30	,	,	PUNCT
cblr-2871	60	31	such	such	ADJ
cblr-2871	60	32	as	as	ADP
cblr-2871	60	33	the	the	DET
cblr-2871	60	34	advice	advice	NOUN
cblr-2871	60	35	of	of	ADP
cblr-2871	60	36	a	a	DET
cblr-2871	60	37	law	law	NOUN
cblr-2871	60	38	firm	firm	NOUN
cblr-2871	60	39	.	.	PUNCT
cblr-2871	61	1	if	if	SCONJ
cblr-2871	61	2	there	there	PRON
cblr-2871	61	3	is	be	VERB
cblr-2871	61	4	a	a	DET
cblr-2871	61	5	fifty	fifty	NUM
cblr-2871	61	6	percent	percent	NOUN
cblr-2871	61	7	likelihood	likelihood	NOUN
cblr-2871	61	8	that	that	SCONJ
cblr-2871	61	9	firm	firm	NOUN
cblr-2871	61	10	c	c	PROPN
cblr-2871	61	11	is	be	AUX
cblr-2871	61	12	bad	bad	ADJ
cblr-2871	61	13	,	,	PUNCT
cblr-2871	61	14	investors	investor	NOUN
cblr-2871	61	15	will	will	AUX
cblr-2871	61	16	discount	discount	VERB
cblr-2871	61	17	the	the	DET
cblr-2871	61	18	value	value	NOUN
cblr-2871	61	19	of	of	ADP
cblr-2871	61	20	both	both	DET
cblr-2871	61	21	company	company	NOUN
cblr-2871	61	22	a	a	NOUN
cblr-2871	61	23	and	and	CCONJ
cblr-2871	61	24	c	c	NOUN
cblr-2871	61	25	by	by	ADP
cblr-2871	61	26	eight	eight	NUM
cblr-2871	61	27	percent	percent	NOUN
cblr-2871	61	28	instead	instead	ADV
cblr-2871	61	29	of	of	ADP
cblr-2871	61	30	ten	ten	NUM
cblr-2871	61	31	percent	percent	NOUN
cblr-2871	61	32	.	.	PUNCT
cblr-2871	62	1	since	since	SCONJ
cblr-2871	62	2	entrenching	entrench	VERB
cblr-2871	62	3	terms	term	NOUN
cblr-2871	62	4	are	be	AUX
cblr-2871	62	5	priced	price	VERB
cblr-2871	62	6	at	at	ADP
cblr-2871	62	7	a	a	DET
cblr-2871	62	8	discount	discount	NOUN
cblr-2871	62	9	when	when	SCONJ
cblr-2871	62	10	noise	noise	NOUN
cblr-2871	62	11	adopters	adopter	NOUN
cblr-2871	62	12	are	be	AUX
cblr-2871	62	13	5	5	NUM
cblr-2871	62	14	see	see	NOUN
cblr-2871	62	15	kyle	kyle	NOUN
cblr-2871	62	16	,	,	PUNCT
cblr-2871	62	17	supra	supra	PROPN
cblr-2871	62	18	note	note	PROPN
cblr-2871	62	19	4	4	NUM
cblr-2871	62	20	,	,	PUNCT
cblr-2871	62	21	at	at	ADP
cblr-2871	62	22	1315	1315	NUM
cblr-2871	62	23	.	.	PUNCT
cblr-2871	63	1	6	6	NUM
cblr-2871	63	2	see	see	VERB
cblr-2871	63	3	i	i	PRON
cblr-2871	63	4	d.	d.	PROPN
cblr-2871	63	5	at	at	ADP
cblr-2871	63	6	1315	1315	PROPN
cblr-2871	63	7	-	-	SYM
cblr-2871	63	8	16	16	NUM
cblr-2871	63	9	.	.	PUNCT
cblr-2871	63	10	7	7	NUM
cblr-2871	63	11	see	see	VERB
cblr-2871	63	12	michael	michael	PROPN
cblr-2871	63	13	spence	spence	PROPN
cblr-2871	63	14	,	,	PUNCT
cblr-2871	63	15	job	job	NOUN
cblr-2871	63	16	market	market	NOUN
cblr-2871	63	17	signaling	signal	VERB
cblr-2871	63	18	,	,	PUNCT
cblr-2871	63	19	87	87	NUM
cblr-2871	63	20	q.	q.	PROPN
cblr-2871	63	21	j.	j.	PROPN
cblr-2871	63	22	econ	econ	PROPN
cblr-2871	63	23	.	.	PROPN
cblr-2871	64	1	355	355	NUM
cblr-2871	64	2	(	(	PUNCT
cblr-2871	64	3	1973	1973	NUM
cblr-2871	64	4	)	)	PUNCT
cblr-2871	64	5	.	.	PUNCT
cblr-2871	65	1	8	8	NUM
cblr-2871	65	2	for	for	ADP
cblr-2871	65	3	a	a	DET
cblr-2871	65	4	discussion	discussion	NOUN
cblr-2871	65	5	of	of	ADP
cblr-2871	65	6	why	why	SCONJ
cblr-2871	65	7	entrenching	entrench	VERB
cblr-2871	65	8	terms	term	NOUN
cblr-2871	65	9	cause	cause	VERB
cblr-2871	65	10	more	more	ADJ
cblr-2871	65	11	harm	harm	NOUN
cblr-2871	65	12	in	in	ADP
cblr-2871	65	13	firms	firm	NOUN
cblr-2871	65	14	with	with	ADP
cblr-2871	65	15	high	high	ADJ
cblr-2871	65	16	agency	agency	NOUN
cblr-2871	65	17	costs	cost	NOUN
cblr-2871	65	18	,	,	PUNCT
cblr-2871	65	19	see	see	VERB
cblr-2871	65	20	infra	infra	NOUN
cblr-2871	65	21	part	part	NOUN
cblr-2871	65	22	iv.a	iv.a	VERB
cblr-2871	65	23	.	.	PUNCT
cblr-2871	66	1	631	631	NUM
cblr-2871	66	2	present	present	ADJ
cblr-2871	66	3	,	,	PUNCT
cblr-2871	66	4	entrenchment	entrenchment	NOUN
cblr-2871	66	5	-	-	PUNCT
cblr-2871	66	6	seeking	seek	VERB
cblr-2871	66	7	managers	manager	NOUN
cblr-2871	66	8	are	be	AUX
cblr-2871	66	9	more	more	ADV
cblr-2871	66	10	likely	likely	ADJ
cblr-2871	66	11	to	to	PART
cblr-2871	66	12	adopt	adopt	VERB
cblr-2871	66	13	such	such	ADJ
cblr-2871	66	14	terms	term	NOUN
cblr-2871	66	15	than	than	SCONJ
cblr-2871	66	16	they	they	PRON
cblr-2871	66	17	would	would	AUX
cblr-2871	66	18	in	in	ADP
cblr-2871	66	19	the	the	DET
cblr-2871	66	20	absence	absence	NOUN
cblr-2871	66	21	of	of	ADP
cblr-2871	66	22	noise	noise	NOUN
cblr-2871	66	23	adopters	adopter	NOUN
cblr-2871	66	24	.	.	PUNCT
cblr-2871	67	1	noise	noise	NOUN
cblr-2871	67	2	adopters	adopter	NOUN
cblr-2871	67	3	therefore	therefore	ADV
cblr-2871	67	4	affect	affect	VERB
cblr-2871	67	5	the	the	DET
cblr-2871	67	6	patterns	pattern	NOUN
cblr-2871	67	7	of	of	ADP
cblr-2871	67	8	adoption	adoption	NOUN
cblr-2871	67	9	of	of	ADP
cblr-2871	67	10	governance	governance	NOUN
cblr-2871	67	11	terms	term	NOUN
cblr-2871	67	12	.	.	PUNCT
cblr-2871	68	1	this	this	DET
cblr-2871	68	2	article	article	NOUN
cblr-2871	68	3	analyzes	analyze	VERB
cblr-2871	68	4	implications	implication	NOUN
cblr-2871	68	5	for	for	ADP
cblr-2871	68	6	the	the	DET
cblr-2871	68	7	type	type	NOUN
cblr-2871	68	8	of	of	ADP
cblr-2871	68	9	market	market	NOUN
cblr-2871	68	10	equilibrium	equilibrium	NOUN
cblr-2871	68	11	that	that	PRON
cblr-2871	68	12	emerges	emerge	VERB
cblr-2871	68	13	.	.	PUNCT
cblr-2871	69	1	first	first	ADV
cblr-2871	69	2	,	,	PUNCT
cblr-2871	69	3	with	with	ADP
cblr-2871	69	4	noise	noise	NOUN
cblr-2871	69	5	adopters	adopter	NOUN
cblr-2871	69	6	,	,	PUNCT
cblr-2871	69	7	a	a	DET
cblr-2871	69	8	pooling	pool	VERB
cblr-2871	69	9	equilibrium	equilibrium	NOUN
cblr-2871	69	10	on	on	ADP
cblr-2871	69	11	strict	strict	ADJ
cblr-2871	69	12	governance	governance	NOUN
cblr-2871	69	13	(	(	PUNCT
cblr-2871	69	14	where	where	SCONJ
cblr-2871	69	15	no	no	DET
cblr-2871	69	16	firm	firm	NOUN
cblr-2871	69	17	adopts	adopt	VERB
cblr-2871	69	18	a	a	DET
cblr-2871	69	19	staggered	staggered	ADJ
cblr-2871	69	20	board	board	NOUN
cblr-2871	69	21	)	)	PUNCT
cblr-2871	69	22	is	be	AUX
cblr-2871	69	23	less	less	ADV
cblr-2871	69	24	likely	likely	ADJ
cblr-2871	69	25	to	to	PART
cblr-2871	69	26	emerge	emerge	VERB
cblr-2871	69	27	.	.	PUNCT
cblr-2871	70	1	in	in	ADP
cblr-2871	70	2	fact	fact	NOUN
cblr-2871	70	3	,	,	PUNCT
cblr-2871	70	4	due	due	ADP
cblr-2871	70	5	to	to	ADP
cblr-2871	70	6	noise	noise	NOUN
cblr-2871	70	7	adopters	adopter	NOUN
cblr-2871	70	8	,	,	PUNCT
cblr-2871	70	9	a	a	DET
cblr-2871	70	10	separating	separate	VERB
cblr-2871	70	11	signaling	signal	VERB
cblr-2871	70	12	equilibrium	equilibrium	NOUN
cblr-2871	70	13	(	(	PUNCT
cblr-2871	70	14	where	where	SCONJ
cblr-2871	70	15	some	some	DET
cblr-2871	70	16	firms	firm	NOUN
cblr-2871	70	17	adopt	adopt	VERB
cblr-2871	70	18	a	a	DET
cblr-2871	70	19	staggered	staggered	ADJ
cblr-2871	70	20	board	board	NOUN
cblr-2871	70	21	and	and	CCONJ
cblr-2871	70	22	some	some	PRON
cblr-2871	70	23	do	do	VERB
cblr-2871	70	24	not	not	PART
cblr-2871	70	25	)	)	PUNCT
cblr-2871	70	26	or	or	CCONJ
cblr-2871	70	27	a	a	DET
cblr-2871	70	28	pooling	pooling	NOUN
cblr-2871	70	29	on	on	ADP
cblr-2871	70	30	lax	lax	ADJ
cblr-2871	70	31	governance	governance	NOUN
cblr-2871	70	32	(	(	PUNCT
cblr-2871	70	33	where	where	SCONJ
cblr-2871	70	34	all	all	DET
cblr-2871	70	35	firms	firm	NOUN
cblr-2871	70	36	adopt	adopt	VERB
cblr-2871	70	37	a	a	DET
cblr-2871	70	38	staggered	staggered	ADJ
cblr-2871	70	39	board	board	NOUN
cblr-2871	70	40	)	)	PUNCT
cblr-2871	70	41	are	be	AUX
cblr-2871	70	42	more	more	ADV
cblr-2871	70	43	likely	likely	ADJ
cblr-2871	70	44	.	.	PUNCT
cblr-2871	71	1	since	since	SCONJ
cblr-2871	71	2	the	the	DET
cblr-2871	71	3	informational	informational	ADJ
cblr-2871	71	4	quality	quality	NOUN
cblr-2871	71	5	of	of	ADP
cblr-2871	71	6	a	a	DET
cblr-2871	71	7	staggered	staggered	ADJ
cblr-2871	71	8	board	board	NOUN
cblr-2871	71	9	signal	signal	NOUN
cblr-2871	71	10	is	be	AUX
cblr-2871	71	11	watered	water	VERB
cblr-2871	71	12	down	down	ADP
cblr-2871	71	13	-	-	PUNCT
cblr-2871	71	14	that	that	ADV
cblr-2871	71	15	is	be	AUX
cblr-2871	71	16	,	,	PUNCT
cblr-2871	71	17	it	it	PRON
cblr-2871	71	18	does	do	AUX
cblr-2871	71	19	not	not	PART
cblr-2871	71	20	necessarily	necessarily	ADV
cblr-2871	71	21	suggest	suggest	VERB
cblr-2871	71	22	that	that	SCONJ
cblr-2871	71	23	all	all	DET
cblr-2871	71	24	such	such	ADJ
cblr-2871	71	25	firms	firm	NOUN
cblr-2871	71	26	are	be	AUX
cblr-2871	71	27	of	of	ADP
cblr-2871	71	28	the	the	DET
cblr-2871	71	29	bad	bad	ADJ
cblr-2871	71	30	type	type	NOUN
cblr-2871	71	31	-	-	PUNCT
cblr-2871	71	32	it	it	PRON
cblr-2871	71	33	carries	carry	VERB
cblr-2871	71	34	only	only	ADV
cblr-2871	71	35	a	a	DET
cblr-2871	71	36	partial	partial	ADJ
cblr-2871	71	37	market	market	NOUN
cblr-2871	71	38	discount	discount	NOUN
cblr-2871	71	39	.	.	PUNCT
cblr-2871	72	1	as	as	ADP
cblr-2871	72	2	a	a	DET
cblr-2871	72	3	result	result	NOUN
cblr-2871	72	4	,	,	PUNCT
cblr-2871	72	5	the	the	DET
cblr-2871	72	6	motivation	motivation	NOUN
cblr-2871	72	7	of	of	ADP
cblr-2871	72	8	bad	bad	ADJ
cblr-2871	72	9	firms	firm	NOUN
cblr-2871	72	10	to	to	PART
cblr-2871	72	11	imitate	imitate	VERB
cblr-2871	72	12	good	good	ADJ
cblr-2871	72	13	firms	firm	NOUN
cblr-2871	72	14	by	by	ADP
cblr-2871	72	15	adopting	adopt	VERB
cblr-2871	72	16	a	a	DET
cblr-2871	72	17	non	non	ADJ
cblr-2871	72	18	-	-	ADJ
cblr-2871	72	19	classified	classified	ADJ
cblr-2871	72	20	board	board	NOUN
cblr-2871	72	21	is	be	AUX
cblr-2871	72	22	reduced	reduce	VERB
cblr-2871	72	23	relative	relative	ADJ
cblr-2871	72	24	to	to	ADP
cblr-2871	72	25	what	what	PRON
cblr-2871	72	26	it	it	PRON
cblr-2871	72	27	would	would	AUX
cblr-2871	72	28	have	have	AUX
cblr-2871	72	29	been	be	AUX
cblr-2871	72	30	in	in	ADP
cblr-2871	72	31	information	information	NOUN
cblr-2871	72	32	-	-	PUNCT
cblr-2871	72	33	efficient	efficient	ADJ
cblr-2871	72	34	markets	market	NOUN
cblr-2871	72	35	.	.	PUNCT
cblr-2871	73	1	the	the	DET
cblr-2871	73	2	existence	existence	NOUN
cblr-2871	73	3	of	of	ADP
cblr-2871	73	4	noise	noise	NOUN
cblr-2871	73	5	adopters	adopter	NOUN
cblr-2871	73	6	also	also	ADV
cblr-2871	73	7	increases	increase	VERB
cblr-2871	73	8	the	the	DET
cblr-2871	73	9	likelihood	likelihood	NOUN
cblr-2871	73	10	of	of	ADP
cblr-2871	73	11	a	a	DET
cblr-2871	73	12	pooling	pool	VERB
cblr-2871	73	13	equilibrium	equilibrium	NOUN
cblr-2871	73	14	in	in	ADP
cblr-2871	73	15	which	which	PRON
cblr-2871	73	16	all	all	DET
cblr-2871	73	17	firms	firm	NOUN
cblr-2871	73	18	adopt	adopt	VERB
cblr-2871	73	19	entrenching	entrench	VERB
cblr-2871	73	20	terms	term	NOUN
cblr-2871	73	21	.	.	PUNCT
cblr-2871	74	1	the	the	DET
cblr-2871	74	2	motivation	motivation	NOUN
cblr-2871	74	3	of	of	ADP
cblr-2871	74	4	good	good	ADJ
cblr-2871	74	5	firms	firm	NOUN
cblr-2871	74	6	to	to	PART
cblr-2871	74	7	commit	commit	VERB
cblr-2871	74	8	to	to	ADP
cblr-2871	74	9	better	well	ADJ
cblr-2871	74	10	law	law	NOUN
cblr-2871	74	11	decreases	decrease	NOUN
cblr-2871	74	12	since	since	SCONJ
cblr-2871	74	13	that	that	DET
cblr-2871	74	14	signal	signal	NOUN
cblr-2871	74	15	's	's	PART
cblr-2871	74	16	value	value	NOUN
cblr-2871	74	17	is	be	AUX
cblr-2871	74	18	weakened	weaken	VERB
cblr-2871	74	19	.	.	PUNCT
cblr-2871	75	1	thus	thus	ADV
cblr-2871	75	2	,	,	PUNCT
cblr-2871	75	3	the	the	DET
cblr-2871	75	4	noise	noise	NOUN
cblr-2871	75	5	adopters	adopter	NOUN
cblr-2871	75	6	theory	theory	NOUN
cblr-2871	75	7	helps	help	VERB
cblr-2871	75	8	explain	explain	VERB
cblr-2871	75	9	the	the	DET
cblr-2871	75	10	persistence	persistence	NOUN
cblr-2871	75	11	of	of	ADP
cblr-2871	75	12	inefficient	inefficient	ADJ
cblr-2871	75	13	behavior	behavior	NOUN
cblr-2871	75	14	,	,	PUNCT
cblr-2871	75	15	such	such	ADJ
cblr-2871	75	16	as	as	ADP
cblr-2871	75	17	the	the	DET
cblr-2871	75	18	widespread	widespread	ADJ
cblr-2871	75	19	adoption	adoption	NOUN
cblr-2871	75	20	of	of	ADP
cblr-2871	75	21	staggered	staggered	ADJ
cblr-2871	75	22	boards	board	NOUN
cblr-2871	75	23	and	and	CCONJ
cblr-2871	75	24	home	home	NOUN
cblr-2871	75	25	state	state	NOUN
cblr-2871	75	26	incorporations	incorporation	NOUN
cblr-2871	75	27	,	,	PUNCT
cblr-2871	75	28	even	even	ADV
cblr-2871	75	29	though	though	SCONJ
cblr-2871	75	30	these	these	DET
cblr-2871	75	31	choices	choice	NOUN
cblr-2871	75	32	are	be	AUX
cblr-2871	75	33	associated	associate	VERB
cblr-2871	75	34	with	with	ADP
cblr-2871	75	35	some	some	DET
cblr-2871	75	36	discount	discount	NOUN
cblr-2871	75	37	to	to	ADP
cblr-2871	75	38	firm	firm	ADJ
cblr-2871	75	39	value	value	NOUN
cblr-2871	75	40	.	.	PUNCT
cblr-2871	76	1	second	second	ADJ
cblr-2871	76	2	,	,	PUNCT
cblr-2871	76	3	the	the	DET
cblr-2871	76	4	noise	noise	NOUN
cblr-2871	76	5	adopters	adopter	NOUN
cblr-2871	76	6	theory	theory	NOUN
cblr-2871	76	7	helps	helps	AUX
cblr-2871	76	8	reconcile	reconcile	VERB
cblr-2871	76	9	observed	observed	ADJ
cblr-2871	76	10	differences	difference	NOUN
cblr-2871	76	11	between	between	ADP
cblr-2871	76	12	ipo	ipo	PROPN
cblr-2871	76	13	and	and	CCONJ
cblr-2871	76	14	midstream	midstream	NOUN
cblr-2871	76	15	investor	investor	NOUN
cblr-2871	76	16	behavior	behavior	NOUN
cblr-2871	76	17	.	.	PUNCT
cblr-2871	77	1	the	the	DET
cblr-2871	77	2	literature	literature	NOUN
cblr-2871	77	3	has	have	AUX
cblr-2871	77	4	been	be	AUX
cblr-2871	77	5	puzzled	puzzle	VERB
cblr-2871	77	6	by	by	ADP
cblr-2871	77	7	firms	firm	NOUN
cblr-2871	77	8	'	'	PART
cblr-2871	77	9	adoption	adoption	NOUN
cblr-2871	77	10	of	of	ADP
cblr-2871	77	11	inefficient	inefficient	ADJ
cblr-2871	77	12	governance	governance	NOUN
cblr-2871	77	13	terms	term	NOUN
cblr-2871	77	14	-	-	PUNCT
cblr-2871	77	15	such	such	ADJ
cblr-2871	77	16	as	as	ADP
cblr-2871	77	17	staggered	staggered	ADJ
cblr-2871	77	18	boards	board	NOUN
cblr-2871	77	19	and	and	CCONJ
cblr-2871	77	20	home	home	NOUN
cblr-2871	77	21	state	state	NOUN
cblr-2871	77	22	incorporation	incorporation	NOUN
cblr-2871	77	23	-	-	PUNCT
cblr-2871	77	24	at	at	ADP
cblr-2871	77	25	the	the	DET
cblr-2871	77	26	ipo	ipo	NOUN
cblr-2871	77	27	stage	stage	NOUN
cblr-2871	77	28	when	when	SCONJ
cblr-2871	77	29	they	they	PRON
cblr-2871	77	30	would	would	AUX
cblr-2871	77	31	not	not	PART
cblr-2871	77	32	be	be	AUX
cblr-2871	77	33	able	able	ADJ
cblr-2871	77	34	to	to	PART
cblr-2871	77	35	implement	implement	VERB
cblr-2871	77	36	such	such	ADJ
cblr-2871	77	37	terms	term	NOUN
cblr-2871	77	38	if	if	SCONJ
cblr-2871	77	39	their	their	PRON
cblr-2871	77	40	shares	share	NOUN
cblr-2871	77	41	were	be	AUX
cblr-2871	77	42	already	already	ADV
cblr-2871	77	43	publicly	publicly	ADV
cblr-2871	77	44	traded.9	traded.9	NOUN
cblr-2871	77	45	despite	despite	SCONJ
cblr-2871	77	46	investors	investor	NOUN
cblr-2871	77	47	'	'	PART
cblr-2871	77	48	reluctance	reluctance	NOUN
cblr-2871	77	49	to	to	PART
cblr-2871	77	50	implement	implement	VERB
cblr-2871	77	51	staggered	staggered	ADJ
cblr-2871	77	52	boards	board	NOUN
cblr-2871	77	53	and	and	CCONJ
cblr-2871	77	54	pressure	pressure	NOUN
cblr-2871	77	55	to	to	PART
cblr-2871	77	56	declassify	declassify	VERB
cblr-2871	77	57	9	9	NUM
cblr-2871	77	58	see	see	VERB
cblr-2871	77	59	michael	michael	PROPN
cblr-2871	77	60	klausner	klausner	PROPN
cblr-2871	77	61	,	,	PUNCT
cblr-2871	77	62	institutional	institutional	ADJ
cblr-2871	77	63	shareholders	shareholder	NOUN
cblr-2871	77	64	,	,	PUNCT
cblr-2871	77	65	private	private	ADJ
cblr-2871	77	66	equity	equity	NOUN
cblr-2871	77	67	,	,	PUNCT
cblr-2871	77	68	and	and	CCONJ
cblr-2871	77	69	antitakeover	antitakeover	ADJ
cblr-2871	77	70	protection	protection	NOUN
cblr-2871	77	71	at	at	ADP
cblr-2871	77	72	the	the	DET
cblr-2871	77	73	ipo	ipo	NOUN
cblr-2871	77	74	stage	stage	NOUN
cblr-2871	77	75	,	,	PUNCT
cblr-2871	77	76	152	152	NUM
cblr-2871	77	77	u.	u.	PROPN
cblr-2871	77	78	pa	pa	PROPN
cblr-2871	77	79	.	.	PUNCT
cblr-2871	77	80	l.	l.	PROPN
cblr-2871	77	81	rev	rev	PROPN
cblr-2871	77	82	.	.	PROPN
cblr-2871	78	1	755	755	NUM
cblr-2871	78	2	,	,	PUNCT
cblr-2871	78	3	75556	75556	NUM
cblr-2871	78	4	(	(	PUNCT
cblr-2871	78	5	2003	2003	NUM
cblr-2871	78	6	)	)	PUNCT
cblr-2871	78	7	.	.	PUNCT
cblr-2871	79	1	col	col	PROPN
cblr-2871	79	2	umia	umia	PROPN
cblr-2871	79	3	b	b	PROPN
cblr-2871	79	4	usiness	usiness	PROPN
cblr-2871	79	5	la	la	PROPN
cblr-2871	79	6	w	w	PROPN
cblr-2871	79	7	re	re	PROPN
cblr-2871	79	8	vie	vie	PROPN
cblr-2871	79	9	w	w	PROPN
cblr-2871	80	1	[	[	X
cblr-2871	80	2	vol	vol	NOUN
cblr-2871	80	3	.	.	PUNCT
cblr-2871	80	4	2013632	2013632	NUM
cblr-2871	80	5	no	no	INTJ
cblr-2871	80	6	.	.	PUNCT
cblr-2871	81	1	3:627	3:627	NUM
cblr-2871	81	2	]	]	PUNCT
cblr-2871	81	3	noise	noise	NOUN
cblr-2871	81	4	adopters	adopter	NOUN
cblr-2871	81	5	in	in	ADP
cblr-2871	81	6	corporate	corporate	ADJ
cblr-2871	81	7	governance	governance	NOUN
cblr-2871	81	8	staggered	stagger	VERB
cblr-2871	81	9	boards	board	NOUN
cblr-2871	81	10	in	in	ADP
cblr-2871	81	11	publicly	publicly	ADV
cblr-2871	81	12	-	-	PUNCT
cblr-2871	81	13	traded	trade	VERB
cblr-2871	81	14	firms	firm	NOUN
cblr-2871	81	15	,	,	PUNCT
cblr-2871	81	16	between	between	ADP
cblr-2871	81	17	2009	2009	NUM
cblr-2871	81	18	-	-	SYM
cblr-2871	81	19	11	11	NUM
cblr-2871	81	20	,	,	PUNCT
cblr-2871	81	21	almost	almost	ADV
cblr-2871	81	22	eighty	eighty	NUM
cblr-2871	81	23	percent	percent	NOUN
cblr-2871	81	24	of	of	ADP
cblr-2871	81	25	the	the	DET
cblr-2871	81	26	largest	large	ADJ
cblr-2871	81	27	fifty	fifty	NUM
cblr-2871	81	28	u.s	u.s	PROPN
cblr-2871	81	29	.	.	PROPN
cblr-2871	81	30	company	company	PROPN
cblr-2871	81	31	ipos	ipos	NOUN
cblr-2871	81	32	had	have	VERB
cblr-2871	81	33	staggered	stagger	VERB
cblr-2871	81	34	boards	board	NOUN
cblr-2871	81	35	.	.	PUNCT
cblr-2871	81	36	0	0	PUNCT
cblr-2871	82	1	similarly	similarly	ADV
cblr-2871	82	2	,	,	PUNCT
cblr-2871	82	3	while	while	SCONJ
cblr-2871	82	4	many	many	ADJ
cblr-2871	82	5	ipo	ipo	NOUN
cblr-2871	82	6	companies	company	NOUN
cblr-2871	82	7	choose	choose	VERB
cblr-2871	82	8	to	to	PART
cblr-2871	82	9	incorporate	incorporate	VERB
cblr-2871	82	10	in	in	ADP
cblr-2871	82	11	their	their	PRON
cblr-2871	82	12	home	home	NOUN
cblr-2871	82	13	states	state	NOUN
cblr-2871	82	14	,	,	PUNCT
cblr-2871	82	15	when	when	SCONJ
cblr-2871	82	16	abercrombie	abercrombie	PROPN
cblr-2871	82	17	&	&	CCONJ
cblr-2871	82	18	fitch	fitch	PROPN
cblr-2871	82	19	,	,	PUNCT
cblr-2871	82	20	a	a	DET
cblr-2871	82	21	publicly	publicly	ADV
cblr-2871	82	22	traded	trade	VERB
cblr-2871	82	23	-	-	PUNCT
cblr-2871	82	24	company	company	NOUN
cblr-2871	82	25	,	,	PUNCT
cblr-2871	82	26	attempted	attempt	VERB
cblr-2871	82	27	to	to	PART
cblr-2871	82	28	reincorporate	reincorporate	VERB
cblr-2871	82	29	from	from	ADP
cblr-2871	82	30	delaware	delaware	PROPN
cblr-2871	82	31	to	to	ADP
cblr-2871	82	32	its	its	PRON
cblr-2871	82	33	home	home	NOUN
cblr-2871	82	34	state	state	NOUN
cblr-2871	82	35	of	of	ADP
cblr-2871	82	36	ohio	ohio	PROPN
cblr-2871	82	37	,	,	PUNCT
cblr-2871	82	38	shareholder	shareholder	NOUN
cblr-2871	82	39	resistance	resistance	NOUN
cblr-2871	82	40	and	and	CCONJ
cblr-2871	82	41	negative	negative	ADJ
cblr-2871	82	42	publicity	publicity	NOUN
cblr-2871	82	43	forced	force	VERB
cblr-2871	82	44	management	management	NOUN
cblr-2871	82	45	to	to	PART
cblr-2871	82	46	abandon	abandon	VERB
cblr-2871	82	47	the	the	DET
cblr-2871	82	48	proposal	proposal	NOUN
cblr-2871	82	49	.	.	PUNCT
cblr-2871	82	50	"	"	PUNCT
cblr-2871	83	1	why	why	SCONJ
cblr-2871	83	2	is	be	AUX
cblr-2871	83	3	it	it	PRON
cblr-2871	83	4	that	that	SCONJ
cblr-2871	83	5	the	the	DET
cblr-2871	83	6	same	same	ADJ
cblr-2871	83	7	institutional	institutional	ADJ
cblr-2871	83	8	shareholders	shareholder	NOUN
cblr-2871	83	9	who	who	PRON
cblr-2871	83	10	vote	vote	VERB
cblr-2871	83	11	against	against	ADP
cblr-2871	83	12	the	the	DET
cblr-2871	83	13	adoption	adoption	NOUN
cblr-2871	83	14	of	of	ADP
cblr-2871	83	15	certain	certain	ADJ
cblr-2871	83	16	corporate	corporate	ADJ
cblr-2871	83	17	governance	governance	NOUN
cblr-2871	83	18	terms	term	NOUN
cblr-2871	83	19	midstream	midstream	NOUN
cblr-2871	83	20	nevertheless	nevertheless	ADV
cblr-2871	83	21	routinely	routinely	ADV
cblr-2871	83	22	accept	accept	VERB
cblr-2871	83	23	those	those	DET
cblr-2871	83	24	very	very	ADV
cblr-2871	83	25	same	same	ADJ
cblr-2871	83	26	terms	term	NOUN
cblr-2871	83	27	when	when	SCONJ
cblr-2871	83	28	proposed	propose	VERB
cblr-2871	83	29	at	at	ADP
cblr-2871	83	30	the	the	DET
cblr-2871	83	31	ipo	ipo	NOUN
cblr-2871	83	32	?	?	PUNCT
cblr-2871	84	1	under	under	ADP
cblr-2871	84	2	the	the	DET
cblr-2871	84	3	noise	noise	NOUN
cblr-2871	84	4	adopters	adopter	NOUN
cblr-2871	84	5	theory	theory	NOUN
cblr-2871	84	6	,	,	PUNCT
cblr-2871	84	7	an	an	DET
cblr-2871	84	8	ipo	ipo	NOUN
cblr-2871	84	9	sends	send	VERB
cblr-2871	84	10	a	a	DET
cblr-2871	84	11	mixed	mixed	ADJ
cblr-2871	84	12	signal	signal	NOUN
cblr-2871	84	13	of	of	ADP
cblr-2871	84	14	firms	firm	NOUN
cblr-2871	84	15	'	'	PART
cblr-2871	84	16	choices	choice	NOUN
cblr-2871	84	17	.	.	PUNCT
cblr-2871	85	1	given	give	VERB
cblr-2871	85	2	the	the	DET
cblr-2871	85	3	prevalence	prevalence	NOUN
cblr-2871	85	4	of	of	ADP
cblr-2871	85	5	staggered	staggered	ADJ
cblr-2871	85	6	boards	board	NOUN
cblr-2871	85	7	in	in	ADP
cblr-2871	85	8	ipo	ipo	PROPN
cblr-2871	85	9	filings	filing	NOUN
cblr-2871	85	10	,	,	PUNCT
cblr-2871	85	11	it	it	PRON
cblr-2871	85	12	is	be	AUX
cblr-2871	85	13	possible	possible	ADJ
cblr-2871	85	14	that	that	SCONJ
cblr-2871	85	15	management	management	NOUN
cblr-2871	85	16	did	do	AUX
cblr-2871	85	17	not	not	PART
cblr-2871	85	18	specifically	specifically	ADV
cblr-2871	85	19	select	select	VERB
cblr-2871	85	20	that	that	DET
cblr-2871	85	21	structure	structure	NOUN
cblr-2871	85	22	.	.	PUNCT
cblr-2871	86	1	similarly	similarly	ADV
cblr-2871	86	2	,	,	PUNCT
cblr-2871	86	3	for	for	ADP
cblr-2871	86	4	the	the	DET
cblr-2871	86	5	several	several	ADJ
cblr-2871	86	6	thousand	thousand	NUM
cblr-2871	86	7	firms	firm	NOUN
cblr-2871	86	8	that	that	PRON
cblr-2871	86	9	are	be	AUX
cblr-2871	86	10	incorporated	incorporate	VERB
cblr-2871	86	11	in	in	ADP
cblr-2871	86	12	their	their	PRON
cblr-2871	86	13	home	home	NOUN
cblr-2871	86	14	state	state	NOUN
cblr-2871	86	15	,	,	PUNCT
cblr-2871	86	16	investors	investor	NOUN
cblr-2871	86	17	do	do	AUX
cblr-2871	86	18	not	not	PART
cblr-2871	86	19	know	know	VERB
cblr-2871	86	20	whether	whether	SCONJ
cblr-2871	86	21	to	to	PART
cblr-2871	86	22	infer	infer	VERB
cblr-2871	86	23	that	that	DET
cblr-2871	86	24	management	management	NOUN
cblr-2871	86	25	was	be	AUX
cblr-2871	86	26	interested	interested	ADJ
cblr-2871	86	27	in	in	ADP
cblr-2871	86	28	home	home	NOUN
cblr-2871	86	29	state	state	NOUN
cblr-2871	86	30	protection	protection	NOUN
cblr-2871	86	31	,	,	PUNCT
cblr-2871	86	32	or	or	CCONJ
cblr-2871	86	33	instead	instead	ADV
cblr-2871	86	34	to	to	PART
cblr-2871	86	35	conclude	conclude	VERB
cblr-2871	86	36	that	that	SCONJ
cblr-2871	86	37	the	the	DET
cblr-2871	86	38	choice	choice	NOUN
cblr-2871	86	39	was	be	AUX
cblr-2871	86	40	the	the	DET
cblr-2871	86	41	benign	benign	ADJ
cblr-2871	86	42	result	result	NOUN
cblr-2871	86	43	of	of	ADP
cblr-2871	86	44	factors	factor	NOUN
cblr-2871	86	45	like	like	ADP
cblr-2871	86	46	inertia	inertia	NOUN
cblr-2871	86	47	or	or	CCONJ
cblr-2871	86	48	the	the	DET
cblr-2871	86	49	advice	advice	NOUN
cblr-2871	86	50	of	of	ADP
cblr-2871	86	51	a	a	DET
cblr-2871	86	52	local	local	ADJ
cblr-2871	86	53	lawyer	lawyer	NOUN
cblr-2871	86	54	.	.	PUNCT
cblr-2871	87	1	however	however	ADV
cblr-2871	87	2	,	,	PUNCT
cblr-2871	87	3	when	when	SCONJ
cblr-2871	87	4	management	management	NOUN
cblr-2871	87	5	proactively	proactively	ADV
cblr-2871	87	6	seeks	seek	VERB
cblr-2871	87	7	to	to	PART
cblr-2871	87	8	adopt	adopt	VERB
cblr-2871	87	9	a	a	DET
cblr-2871	87	10	corporate	corporate	ADJ
cblr-2871	87	11	governance	governance	NOUN
cblr-2871	87	12	term	term	NOUN
cblr-2871	87	13	midstream	midstream	NOUN
cblr-2871	87	14	,	,	PUNCT
cblr-2871	87	15	it	it	PRON
cblr-2871	87	16	reveals	reveal	VERB
cblr-2871	87	17	its	its	PRON
cblr-2871	87	18	preference	preference	NOUN
cblr-2871	87	19	for	for	ADP
cblr-2871	87	20	strong	strong	ADJ
cblr-2871	87	21	protection	protection	NOUN
cblr-2871	87	22	.	.	PUNCT
cblr-2871	88	1	10	10	NUM
cblr-2871	88	2	see	see	VERB
cblr-2871	88	3	davis	davis	PROPN
cblr-2871	88	4	polk	polk	PROPN
cblr-2871	88	5	&	&	CCONJ
cblr-2871	88	6	wardwell	wardwell	PROPN
cblr-2871	88	7	llp	llp	PROPN
cblr-2871	88	8	,	,	PUNCT
cblr-2871	88	9	governance	governance	NOUN
cblr-2871	88	10	practices	practice	NOUN
cblr-2871	88	11	for	for	ADP
cblr-2871	88	12	ipo	ipo	NOUN
cblr-2871	88	13	companies	company	NOUN
cblr-2871	88	14	:	:	PUNCT
cblr-2871	88	15	a	a	DET
cblr-2871	88	16	davis	davis	PROPN
cblr-2871	88	17	polk	polk	PROPN
cblr-2871	88	18	survey	survey	PROPN
cblr-2871	88	19	(	(	PUNCT
cblr-2871	88	20	oct	oct	PROPN
cblr-2871	88	21	.	.	PROPN
cblr-2871	88	22	31	31	NUM
cblr-2871	88	23	,	,	PUNCT
cblr-2871	88	24	2011	2011	NUM
cblr-2871	88	25	)	)	PUNCT
cblr-2871	88	26	,	,	PUNCT
cblr-2871	88	27	http://www.davispolk.com/sites/default/files/files/publication/d9986f4c50b7-4947-b745-062305ddl876/preview/publicationattachment/7072f391ba79-4939-a663-06a61269bf87/10311	http://www.davispolk.com/sites/default/files/files/publication/d9986f4c50b7-4947-b745-062305ddl876/preview/publicationattachment/7072f391ba79-4939-a663-06a61269bf87/10311	PROPN
cblr-2871	88	28	lgorp.gov.html	lgorp.gov.html	PROPN
cblr-2871	88	29	.	.	PUNCT
cblr-2871	89	1	see	see	VERB
cblr-2871	89	2	also	also	ADV
cblr-2871	89	3	steven	steven	PROPN
cblr-2871	89	4	m.	m.	PROPN
cblr-2871	89	5	davidoff	davidoff	PROPN
cblr-2871	89	6	,	,	PUNCT
cblr-2871	89	7	the	the	DET
cblr-2871	89	8	case	case	NOUN
cblr-2871	89	9	against	against	ADP
cblr-2871	89	10	staggered	staggered	ADJ
cblr-2871	89	11	boards	board	NOUN
cblr-2871	89	12	,	,	PUNCT
cblr-2871	89	13	n.y	n.y	PROPN
cblr-2871	89	14	.	.	PROPN
cblr-2871	89	15	times	times	PROPN
cblr-2871	89	16	dealbook	dealbook	PROPN
cblr-2871	90	1	(	(	PUNCT
cblr-2871	90	2	mar	mar	PROPN
cblr-2871	90	3	.	.	PROPN
cblr-2871	90	4	20	20	NUM
cblr-2871	90	5	,	,	PUNCT
cblr-2871	90	6	2012	2012	NUM
cblr-2871	90	7	,	,	PUNCT
cblr-2871	90	8	12:43	12:43	NUM
cblr-2871	90	9	pm	pm	NOUN
cblr-2871	90	10	)	)	PUNCT
cblr-2871	90	11	,	,	PUNCT
cblr-2871	90	12	http://dealbook.nytimes.com/2012/03/20/the-caseagainst-staggered-boards/	http://dealbook.nytimes.com/2012/03/20/the-caseagainst-staggered-boards/	NOUN
cblr-2871	90	13	(	(	PUNCT
cblr-2871	90	14	discussing	discuss	VERB
cblr-2871	90	15	the	the	DET
cblr-2871	90	16	growing	grow	VERB
cblr-2871	90	17	prevalance	prevalance	NOUN
cblr-2871	90	18	of	of	ADP
cblr-2871	90	19	staggered	staggered	ADJ
cblr-2871	90	20	boards	board	NOUN
cblr-2871	90	21	,	,	PUNCT
cblr-2871	90	22	noting	note	VERB
cblr-2871	90	23	that	that	SCONJ
cblr-2871	90	24	over	over	ADP
cblr-2871	90	25	eighty	eighty	NUM
cblr-2871	90	26	-	-	PUNCT
cblr-2871	90	27	six	six	NUM
cblr-2871	90	28	percent	percent	NOUN
cblr-2871	90	29	of	of	ADP
cblr-2871	90	30	ipos	ipos	NOUN
cblr-2871	90	31	to	to	ADP
cblr-2871	90	32	that	that	DET
cblr-2871	90	33	point	point	NOUN
cblr-2871	90	34	in	in	ADP
cblr-2871	90	35	2012	2012	NUM
cblr-2871	90	36	featured	feature	VERB
cblr-2871	90	37	staggered	staggered	ADJ
cblr-2871	90	38	boards	board	NOUN
cblr-2871	90	39	)	)	PUNCT
cblr-2871	90	40	.	.	PUNCT
cblr-2871	91	1	11	11	NUM
cblr-2871	91	2	see	see	VERB
cblr-2871	91	3	steven	steven	PROPN
cblr-2871	91	4	m.	m.	PROPN
cblr-2871	91	5	davidoff	davidoff	PROPN
cblr-2871	91	6	,	,	PUNCT
cblr-2871	91	7	abercrombie	abercrombie	PROPN
cblr-2871	91	8	ohio	ohio	PROPN
cblr-2871	91	9	express	express	PROPN
cblr-2871	91	10	,	,	PUNCT
cblr-2871	91	11	n.y	n.y	PROPN
cblr-2871	91	12	.	.	PROPN
cblr-2871	91	13	times	times	PROPN
cblr-2871	91	14	dealbook	dealbook	PROPN
cblr-2871	91	15	(	(	PUNCT
cblr-2871	91	16	dec	dec	PROPN
cblr-2871	91	17	.	.	PROPN
cblr-2871	91	18	24	24	NUM
cblr-2871	91	19	,	,	PUNCT
cblr-2871	91	20	2010	2010	NUM
cblr-2871	91	21	,	,	PUNCT
cblr-2871	91	22	4:06	4:06	NUM
cblr-2871	91	23	pm	pm	NOUN
cblr-2871	91	24	)	)	PUNCT
cblr-2871	91	25	,	,	PUNCT
cblr-2871	91	26	http://dealbook.nytimes.com/2010/12/	http://dealbook.nytimes.com/2010/12/	PROPN
cblr-2871	91	27	23	23	NUM
cblr-2871	91	28	/	/	SYM
cblr-2871	91	29	abercrombies	abercrombie	NOUN
cblr-2871	91	30	-	-	PUNCT
cblr-2871	91	31	ohio	ohio	PROPN
cblr-2871	91	32	-	-	PUNCT
cblr-2871	91	33	express/	express/	NUM
cblr-2871	91	34	;	;	PUNCT
cblr-2871	91	35	tim	tim	PROPN
cblr-2871	91	36	feran	feran	PROPN
cblr-2871	91	37	,	,	PUNCT
cblr-2871	91	38	abercrombie	abercrombie	PROPN
cblr-2871	91	39	scuttles	scuttle	VERB
cblr-2871	91	40	investor	investor	NOUN
cblr-2871	91	41	vote	vote	NOUN
cblr-2871	91	42	on	on	ADP
cblr-2871	91	43	ohio	ohio	PROPN
cblr-2871	91	44	reincorporation	reincorporation	PROPN
cblr-2871	91	45	,	,	PUNCT
cblr-2871	91	46	columbus	columbus	PROPN
cblr-2871	91	47	dispatch	dispatch	PROPN
cblr-2871	91	48	,	,	PUNCT
cblr-2871	91	49	mar	mar	PROPN
cblr-2871	91	50	.	.	PROPN
cblr-2871	91	51	1	1	NUM
cblr-2871	91	52	,	,	PUNCT
cblr-2871	91	53	2011	2011	NUM
cblr-2871	91	54	,	,	PUNCT
cblr-2871	91	55	http://www.dispatch.com/content/stories/business/2011/03/01/abercrombiescuttles-investor-vote-on-ohio-reincorporation.html	http://www.dispatch.com/content/stories/business/2011/03/01/abercrombiescuttles-investor-vote-on-ohio-reincorporation.html	PROPN
cblr-2871	91	56	.	.	PUNCT
cblr-2871	92	1	633	633	NUM
cblr-2871	92	2	finally	finally	ADV
cblr-2871	92	3	,	,	PUNCT
cblr-2871	92	4	the	the	DET
cblr-2871	92	5	noise	noise	NOUN
cblr-2871	92	6	adopters	adopter	NOUN
cblr-2871	92	7	theory	theory	NOUN
cblr-2871	92	8	has	have	VERB
cblr-2871	92	9	unique	unique	ADJ
cblr-2871	92	10	predictive	predictive	ADJ
cblr-2871	92	11	power	power	NOUN
cblr-2871	92	12	in	in	ADP
cblr-2871	92	13	explaining	explain	VERB
cblr-2871	92	14	investors	investor	NOUN
cblr-2871	92	15	'	'	PART
cblr-2871	92	16	reactions	reaction	NOUN
cblr-2871	92	17	to	to	ADP
cblr-2871	92	18	new	new	ADJ
cblr-2871	92	19	information	information	NOUN
cblr-2871	92	20	.	.	PUNCT
cblr-2871	93	1	for	for	ADP
cblr-2871	93	2	example	example	NOUN
cblr-2871	93	3	,	,	PUNCT
cblr-2871	93	4	incorporation	incorporation	NOUN
cblr-2871	93	5	in	in	ADP
cblr-2871	93	6	nevada	nevada	PROPN
cblr-2871	93	7	-	-	PUNCT
cblr-2871	93	8	a	a	DET
cblr-2871	93	9	state	state	NOUN
cblr-2871	93	10	with	with	ADP
cblr-2871	93	11	highly	highly	ADV
cblr-2871	93	12	entrenching	entrench	VERB
cblr-2871	93	13	corporate	corporate	ADJ
cblr-2871	93	14	law	law	NOUN
cblr-2871	93	15	-	-	PUNCT
cblr-2871	93	16	is	be	AUX
cblr-2871	93	17	not	not	PART
cblr-2871	93	18	associated	associate	VERB
cblr-2871	93	19	with	with	ADP
cblr-2871	93	20	a	a	DET
cblr-2871	93	21	negative	negative	ADJ
cblr-2871	93	22	price	price	NOUN
cblr-2871	93	23	reaction	reaction	NOUN
cblr-2871	93	24	,	,	PUNCT
cblr-2871	93	25	12	12	NUM
cblr-2871	93	26	yet	yet	CCONJ
cblr-2871	93	27	financial	financial	ADJ
cblr-2871	93	28	restatements	restatement	NOUN
cblr-2871	93	29	in	in	ADP
cblr-2871	93	30	nevada	nevada	PROPN
cblr-2871	93	31	are	be	AUX
cblr-2871	93	32	associated	associate	VERB
cblr-2871	93	33	with	with	ADP
cblr-2871	93	34	a	a	DET
cblr-2871	93	35	particularly	particularly	ADV
cblr-2871	93	36	strong	strong	ADJ
cblr-2871	93	37	market	market	NOUN
cblr-2871	93	38	penalty	penalty	NOUN
cblr-2871	93	39	.	.	PUNCT
cblr-2871	94	1	13	13	NUM
cblr-2871	94	2	under	under	ADP
cblr-2871	94	3	the	the	DET
cblr-2871	94	4	noise	noise	NOUN
cblr-2871	94	5	adopters	adopter	NOUN
cblr-2871	94	6	theory	theory	NOUN
cblr-2871	94	7	,	,	PUNCT
cblr-2871	94	8	a	a	DET
cblr-2871	94	9	firm	firm	NOUN
cblr-2871	94	10	could	could	AUX
cblr-2871	94	11	choose	choose	VERB
cblr-2871	94	12	a	a	DET
cblr-2871	94	13	state	state	NOUN
cblr-2871	94	14	with	with	ADP
cblr-2871	94	15	a	a	DET
cblr-2871	94	16	lax	lax	ADJ
cblr-2871	94	17	law	law	NOUN
cblr-2871	94	18	for	for	ADP
cblr-2871	94	19	a	a	DET
cblr-2871	94	20	variety	variety	NOUN
cblr-2871	94	21	of	of	ADP
cblr-2871	94	22	reasons	reason	NOUN
cblr-2871	94	23	-	-	PUNCT
cblr-2871	94	24	some	some	PRON
cblr-2871	94	25	seek	seek	VERB
cblr-2871	94	26	entrenchment	entrenchment	NOUN
cblr-2871	94	27	while	while	SCONJ
cblr-2871	94	28	others	other	NOUN
cblr-2871	94	29	'	'	PART
cblr-2871	94	30	choices	choice	NOUN
cblr-2871	94	31	are	be	AUX
cblr-2871	94	32	more	more	ADJ
cblr-2871	94	33	random.14	random.14	NOUN
cblr-2871	94	34	when	when	SCONJ
cblr-2871	94	35	adverse	adverse	ADJ
cblr-2871	94	36	events	event	NOUN
cblr-2871	94	37	occur	occur	VERB
cblr-2871	94	38	in	in	ADP
cblr-2871	94	39	companies	company	NOUN
cblr-2871	94	40	incorporated	incorporate	VERB
cblr-2871	94	41	in	in	ADP
cblr-2871	94	42	states	state	NOUN
cblr-2871	94	43	with	with	ADP
cblr-2871	94	44	lax	lax	ADJ
cblr-2871	94	45	laws	law	NOUN
cblr-2871	94	46	,	,	PUNCT
cblr-2871	94	47	investors	investor	NOUN
cblr-2871	94	48	are	be	AUX
cblr-2871	94	49	more	more	ADV
cblr-2871	94	50	likely	likely	ADJ
cblr-2871	94	51	to	to	PART
cblr-2871	94	52	attribute	attribute	VERB
cblr-2871	94	53	the	the	DET
cblr-2871	94	54	incorporation	incorporation	NOUN
cblr-2871	94	55	choice	choice	NOUN
cblr-2871	94	56	to	to	ADP
cblr-2871	94	57	protectionist	protectionist	ADJ
cblr-2871	94	58	motives	motive	NOUN
cblr-2871	94	59	and	and	CCONJ
cblr-2871	94	60	not	not	PART
cblr-2871	94	61	benign	benign	ADJ
cblr-2871	94	62	reasons	reason	NOUN
cblr-2871	94	63	.	.	PUNCT
cblr-2871	95	1	thus	thus	ADV
cblr-2871	95	2	,	,	PUNCT
cblr-2871	95	3	the	the	DET
cblr-2871	95	4	noise	noise	NOUN
cblr-2871	95	5	adopters	adopter	NOUN
cblr-2871	95	6	theory	theory	NOUN
cblr-2871	95	7	predicts	predict	VERB
cblr-2871	95	8	that	that	SCONJ
cblr-2871	95	9	investors	investor	NOUN
cblr-2871	95	10	'	'	PART
cblr-2871	95	11	reactions	reaction	NOUN
cblr-2871	95	12	to	to	ADP
cblr-2871	95	13	news	news	NOUN
cblr-2871	95	14	could	could	AUX
cblr-2871	95	15	be	be	AUX
cblr-2871	95	16	influenced	influence	VERB
cblr-2871	95	17	by	by	ADP
cblr-2871	95	18	the	the	DET
cblr-2871	95	19	type	type	NOUN
cblr-2871	95	20	of	of	ADP
cblr-2871	95	21	governance	governance	NOUN
cblr-2871	95	22	the	the	DET
cblr-2871	95	23	firm	firm	NOUN
cblr-2871	95	24	had	have	AUX
cblr-2871	95	25	previously	previously	ADV
cblr-2871	95	26	adopted	adopt	VERB
cblr-2871	95	27	.	.	PUNCT
cblr-2871	96	1	one	one	NUM
cblr-2871	96	2	remaining	remain	VERB
cblr-2871	96	3	unanswered	unanswered	ADJ
cblr-2871	96	4	question	question	NOUN
cblr-2871	96	5	is	be	AUX
cblr-2871	96	6	what	what	PRON
cblr-2871	96	7	explains	explain	VERB
cblr-2871	96	8	the	the	DET
cblr-2871	96	9	survival	survival	NOUN
cblr-2871	96	10	of	of	ADP
cblr-2871	96	11	noise	noise	NOUN
cblr-2871	96	12	adopters	adopter	NOUN
cblr-2871	96	13	.	.	PUNCT
cblr-2871	97	1	if	if	SCONJ
cblr-2871	97	2	governance	governance	NOUN
cblr-2871	97	3	terms	term	NOUN
cblr-2871	97	4	lead	lead	VERB
cblr-2871	97	5	to	to	ADP
cblr-2871	97	6	even	even	ADV
cblr-2871	97	7	a	a	DET
cblr-2871	97	8	small	small	ADJ
cblr-2871	97	9	value	value	NOUN
cblr-2871	97	10	discount	discount	NOUN
cblr-2871	97	11	,	,	PUNCT
cblr-2871	97	12	noise	noise	NOUN
cblr-2871	97	13	adopters	adopter	NOUN
cblr-2871	97	14	should	should	AUX
cblr-2871	97	15	have	have	VERB
cblr-2871	97	16	incentives	incentive	NOUN
cblr-2871	97	17	to	to	PART
cblr-2871	97	18	adopt	adopt	VERB
cblr-2871	97	19	governance	governance	NOUN
cblr-2871	97	20	terms	term	NOUN
cblr-2871	97	21	only	only	ADV
cblr-2871	97	22	if	if	SCONJ
cblr-2871	97	23	they	they	PRON
cblr-2871	97	24	are	be	AUX
cblr-2871	97	25	really	really	ADV
cblr-2871	97	26	interested	interested	ADJ
cblr-2871	97	27	in	in	ADP
cblr-2871	97	28	them	they	PRON
cblr-2871	97	29	.	.	PUNCT
cblr-2871	98	1	this	this	DET
cblr-2871	98	2	article	article	NOUN
cblr-2871	98	3	discusses	discuss	VERB
cblr-2871	98	4	potential	potential	ADJ
cblr-2871	98	5	explanations	explanation	NOUN
cblr-2871	98	6	and	and	CCONJ
cblr-2871	98	7	proposes	propose	VERB
cblr-2871	98	8	that	that	SCONJ
cblr-2871	98	9	network	network	NOUN
cblr-2871	98	10	and	and	CCONJ
cblr-2871	98	11	learning	learn	VERB
cblr-2871	98	12	externalities	externality	NOUN
cblr-2871	98	13	contribute	contribute	VERB
cblr-2871	98	14	to	to	ADP
cblr-2871	98	15	the	the	DET
cblr-2871	98	16	endurance	endurance	NOUN
cblr-2871	98	17	of	of	ADP
cblr-2871	98	18	noise	noise	NOUN
cblr-2871	98	19	adopters	adopter	NOUN
cblr-2871	98	20	.	.	PUNCT
cblr-2871	99	1	however	however	ADV
cblr-2871	99	2	,	,	PUNCT
cblr-2871	99	3	further	further	ADJ
cblr-2871	99	4	investigation	investigation	NOUN
cblr-2871	99	5	is	be	AUX
cblr-2871	99	6	needed	need	VERB
cblr-2871	99	7	to	to	PART
cblr-2871	99	8	answer	answer	VERB
cblr-2871	99	9	this	this	DET
cblr-2871	99	10	question	question	NOUN
cblr-2871	99	11	fully	fully	ADV
cblr-2871	99	12	.	.	PUNCT
cblr-2871	100	1	the	the	DET
cblr-2871	100	2	analysis	analysis	NOUN
cblr-2871	100	3	proceeds	proceed	NOUN
cblr-2871	100	4	as	as	SCONJ
cblr-2871	100	5	follows	follow	VERB
cblr-2871	100	6	.	.	PUNCT
cblr-2871	101	1	part	part	PROPN
cblr-2871	101	2	ii	ii	PROPN
cblr-2871	101	3	discusses	discuss	VERB
cblr-2871	101	4	the	the	DET
cblr-2871	101	5	types	type	NOUN
cblr-2871	101	6	and	and	CCONJ
cblr-2871	101	7	sources	source	NOUN
cblr-2871	101	8	of	of	ADP
cblr-2871	101	9	noise	noise	NOUN
cblr-2871	101	10	adopters	adopter	NOUN
cblr-2871	101	11	.	.	PUNCT
cblr-2871	102	1	part	part	NOUN
cblr-2871	102	2	iii	iii	PRON
cblr-2871	102	3	provides	provide	VERB
cblr-2871	102	4	an	an	DET
cblr-2871	102	5	example	example	NOUN
cblr-2871	102	6	of	of	ADP
cblr-2871	102	7	the	the	DET
cblr-2871	102	8	effect	effect	NOUN
cblr-2871	102	9	of	of	ADP
cblr-2871	102	10	noise	noise	NOUN
cblr-2871	102	11	adopters	adopter	NOUN
cblr-2871	102	12	on	on	ADP
cblr-2871	102	13	price	price	NOUN
cblr-2871	102	14	and	and	CCONJ
cblr-2871	102	15	patterns	pattern	NOUN
cblr-2871	102	16	of	of	ADP
cblr-2871	102	17	adoption	adoption	NOUN
cblr-2871	102	18	.	.	PUNCT
cblr-2871	103	1	part	part	NOUN
cblr-2871	103	2	iv	iv	NUM
cblr-2871	103	3	shows	show	VERB
cblr-2871	103	4	how	how	SCONJ
cblr-2871	103	5	the	the	DET
cblr-2871	103	6	analysis	analysis	NOUN
cblr-2871	103	7	helps	help	VERB
cblr-2871	103	8	to	to	PART
cblr-2871	103	9	explain	explain	VERB
cblr-2871	103	10	the	the	DET
cblr-2871	103	11	puzzling	puzzle	VERB
cblr-2871	103	12	patterns	pattern	NOUN
cblr-2871	103	13	and	and	CCONJ
cblr-2871	103	14	pricing	pricing	NOUN
cblr-2871	103	15	for	for	ADP
cblr-2871	103	16	governance	governance	NOUN
cblr-2871	103	17	terms	term	NOUN
cblr-2871	103	18	.	.	PUNCT
cblr-2871	104	1	part	part	NOUN
cblr-2871	104	2	v	v	NOUN
cblr-2871	104	3	discusses	discuss	VERB
cblr-2871	104	4	the	the	DET
cblr-2871	104	5	implications	implication	NOUN
cblr-2871	104	6	of	of	ADP
cblr-2871	104	7	the	the	DET
cblr-2871	104	8	noise	noise	NOUN
cblr-2871	104	9	adopters	adopter	NOUN
cblr-2871	104	10	theory	theory	NOUN
cblr-2871	104	11	.	.	PUNCT
cblr-2871	105	1	conventional	conventional	ADJ
cblr-2871	105	2	wisdom	wisdom	NOUN
cblr-2871	105	3	views	view	VERB
cblr-2871	105	4	choices	choice	NOUN
cblr-2871	105	5	at	at	ADP
cblr-2871	105	6	the	the	DET
cblr-2871	105	7	ipo	ipo	NOUN
cblr-2871	105	8	stage	stage	NOUN
cblr-2871	105	9	as	as	ADP
cblr-2871	105	10	efficient	efficient	ADJ
cblr-2871	105	11	,	,	PUNCT
cblr-2871	105	12	believing	believe	VERB
cblr-2871	105	13	that	that	SCONJ
cblr-2871	105	14	founders	founder	NOUN
cblr-2871	105	15	adopt	adopt	VERB
cblr-2871	105	16	governance	governance	NOUN
cblr-2871	105	17	terms	term	NOUN
cblr-2871	105	18	efficiently	efficiently	ADV
cblr-2871	105	19	to	to	PART
cblr-2871	105	20	maximize	maximize	VERB
cblr-2871	105	21	ipo	ipo	NOUN
cblr-2871	105	22	share	share	NOUN
cblr-2871	105	23	value	value	NOUN
cblr-2871	105	24	.	.	PUNCT
cblr-2871	106	1	this	this	DET
cblr-2871	106	2	article	article	NOUN
cblr-2871	106	3	12	12	NUM
cblr-2871	106	4	see	see	VERB
cblr-2871	106	5	michal	michal	PROPN
cblr-2871	106	6	barzuza	barzuza	PROPN
cblr-2871	106	7	&	&	CCONJ
cblr-2871	106	8	david	david	PROPN
cblr-2871	106	9	smith	smith	PROPN
cblr-2871	106	10	,	,	PUNCT
cblr-2871	106	11	what	what	PRON
cblr-2871	106	12	happens	happen	VERB
cblr-2871	106	13	in	in	ADP
cblr-2871	106	14	nevada	nevada	PROPN
cblr-2871	106	15	?	?	PUNCT
cblr-2871	106	16	self	self	NOUN
cblr-2871	106	17	-	-	PUNCT
cblr-2871	106	18	selecting	selecting	NOUN
cblr-2871	106	19	into	into	ADP
cblr-2871	106	20	lax	lax	ADJ
cblr-2871	106	21	law	law	NOUN
cblr-2871	106	22	6	6	NUM
cblr-2871	106	23	(	(	PUNCT
cblr-2871	106	24	va	va	NOUN
cblr-2871	106	25	.	.	PROPN
cblr-2871	106	26	law	law	PROPN
cblr-2871	106	27	and	and	CCONJ
cblr-2871	106	28	econ	econ	PROPN
cblr-2871	106	29	.	.	PUNCT
cblr-2871	107	1	res	res	PROPN
cblr-2871	107	2	.	.	PUNCT
cblr-2871	108	1	paper	paper	NOUN
cblr-2871	108	2	no	no	INTJ
cblr-2871	108	3	.	.	NOUN
cblr-2871	108	4	2011	2011	NUM
cblr-2871	108	5	-	-	SYM
cblr-2871	108	6	08	08	NUM
cblr-2871	108	7	,	,	PUNCT
cblr-2871	108	8	2011	2011	NUM
cblr-2871	108	9	)	)	PUNCT
cblr-2871	108	10	,	,	PUNCT
cblr-2871	108	11	available	available	ADJ
cblr-2871	108	12	at	at	ADP
cblr-2871	108	13	http://papers.ssrn.com/sol3/papers.cfm	http://papers.ssrn.com/sol3/papers.cfm	PROPN
cblr-2871	108	14	?	?	PUNCT
cblr-2871	109	1	abstract	abstract	ADJ
cblr-2871	109	2	id=1644974	id=1644974	PROPN
cblr-2871	109	3	.	.	PROPN
cblr-2871	109	4	13	13	NUM
cblr-2871	109	5	see	see	VERB
cblr-2871	109	6	i	i	PRON
cblr-2871	109	7	d.	d.	PROPN
cblr-2871	109	8	at	at	ADP
cblr-2871	109	9	26	26	NUM
cblr-2871	109	10	.	.	PUNCT
cblr-2871	110	1	14	14	NUM
cblr-2871	110	2	see	see	VERB
cblr-2871	110	3	i	i	PROPN
cblr-2871	110	4	d.	d.	PROPN
cblr-2871	110	5	col	col	PROPN
cblr-2871	110	6	umia	umia	PROPN
cblr-2871	110	7	b	b	PROPN
cblr-2871	110	8	usiness	usiness	PROPN
cblr-2871	110	9	la	la	PROPN
cblr-2871	110	10	w	w	PROPN
cblr-2871	110	11	re	re	PROPN
cblr-2871	110	12	vie	vie	PROPN
cblr-2871	110	13	w	w	PROPN
cblr-2871	111	1	[	[	X
cblr-2871	111	2	vol	vol	NOUN
cblr-2871	111	3	.	.	PUNCT
cblr-2871	112	1	2013634	2013634	NUM
cblr-2871	112	2	no	no	INTJ
cblr-2871	112	3	.	.	PUNCT
cblr-2871	113	1	3:627	3:627	NUM
cblr-2871	113	2	]	]	PUNCT
cblr-2871	113	3	noise	noise	NOUN
cblr-2871	113	4	adopters	adopter	NOUN
cblr-2871	113	5	in	in	ADP
cblr-2871	113	6	corporate	corporate	ADJ
cblr-2871	113	7	governance	governance	NOUN
cblr-2871	113	8	suggests	suggest	VERB
cblr-2871	113	9	that	that	SCONJ
cblr-2871	113	10	this	this	PRON
cblr-2871	113	11	is	be	AUX
cblr-2871	113	12	not	not	PART
cblr-2871	113	13	always	always	ADV
cblr-2871	113	14	the	the	DET
cblr-2871	113	15	case	case	NOUN
cblr-2871	113	16	and	and	CCONJ
cblr-2871	113	17	that	that	SCONJ
cblr-2871	113	18	the	the	DET
cblr-2871	113	19	information	information	NOUN
cblr-2871	113	20	asymmetries	asymmetry	NOUN
cblr-2871	113	21	that	that	PRON
cblr-2871	113	22	characterize	characterize	VERB
cblr-2871	113	23	ipos	ipos	NOUN
cblr-2871	113	24	may	may	AUX
cblr-2871	113	25	make	make	VERB
cblr-2871	113	26	pricing	pricing	NOUN
cblr-2871	113	27	governance	governance	NOUN
cblr-2871	113	28	terms	term	NOUN
cblr-2871	113	29	challenging	challenge	VERB
cblr-2871	113	30	.	.	PUNCT
cblr-2871	114	1	thus	thus	ADV
cblr-2871	114	2	,	,	PUNCT
cblr-2871	114	3	an	an	DET
cblr-2871	114	4	accurate	accurate	ADJ
cblr-2871	114	5	application	application	NOUN
cblr-2871	114	6	of	of	ADP
cblr-2871	114	7	the	the	DET
cblr-2871	114	8	efficient	efficient	ADJ
cblr-2871	114	9	capital	capital	NOUN
cblr-2871	114	10	markets	market	NOUN
cblr-2871	114	11	hypothesis	hypothesis	NOUN
cblr-2871	114	12	(	(	PUNCT
cblr-2871	114	13	"	"	PUNCT
cblr-2871	114	14	ecmh	ecmh	NOUN
cblr-2871	114	15	"	"	PUNCT
cblr-2871	114	16	)	)	PUNCT
cblr-2871	114	17	would	would	AUX
cblr-2871	114	18	not	not	PART
cblr-2871	114	19	suggest	suggest	VERB
cblr-2871	114	20	that	that	SCONJ
cblr-2871	114	21	market	market	NOUN
cblr-2871	114	22	prices	price	NOUN
cblr-2871	114	23	reflect	reflect	VERB
cblr-2871	114	24	the	the	DET
cblr-2871	114	25	real	real	ADJ
cblr-2871	114	26	value	value	NOUN
cblr-2871	114	27	of	of	ADP
cblr-2871	114	28	corporate	corporate	ADJ
cblr-2871	114	29	governance	governance	NOUN
cblr-2871	114	30	terms	term	NOUN
cblr-2871	114	31	such	such	ADJ
cblr-2871	114	32	as	as	ADP
cblr-2871	114	33	staggered	staggered	ADJ
cblr-2871	114	34	boards	board	NOUN
cblr-2871	114	35	,	,	PUNCT
cblr-2871	114	36	poison	poison	NOUN
cblr-2871	114	37	pills	pill	NOUN
cblr-2871	114	38	,	,	PUNCT
cblr-2871	114	39	and	and	CCONJ
cblr-2871	114	40	state	state	NOUN
cblr-2871	114	41	of	of	ADP
cblr-2871	114	42	incorporation	incorporation	NOUN
cblr-2871	114	43	.	.	PUNCT
cblr-2871	115	1	rather	rather	ADV
cblr-2871	115	2	,	,	PUNCT
cblr-2871	115	3	a	a	DET
cblr-2871	115	4	more	more	ADV
cblr-2871	115	5	realistic	realistic	ADJ
cblr-2871	115	6	application	application	NOUN
cblr-2871	115	7	of	of	ADP
cblr-2871	115	8	the	the	DET
cblr-2871	115	9	ecmh	ecmh	NOUN
cblr-2871	115	10	to	to	ADP
cblr-2871	115	11	corporate	corporate	ADJ
cblr-2871	115	12	governance	governance	NOUN
cblr-2871	115	13	terms	term	NOUN
cblr-2871	115	14	must	must	AUX
cblr-2871	115	15	account	account	VERB
cblr-2871	115	16	for	for	ADP
cblr-2871	115	17	investors	investor	NOUN
cblr-2871	115	18	'	'	PART
cblr-2871	115	19	ignorance	ignorance	NOUN
cblr-2871	115	20	about	about	ADP
cblr-2871	115	21	the	the	DET
cblr-2871	115	22	real	real	ADJ
cblr-2871	115	23	reasons	reason	NOUN
cblr-2871	115	24	why	why	SCONJ
cblr-2871	115	25	a	a	DET
cblr-2871	115	26	company	company	NOUN
cblr-2871	115	27	adopts	adopt	VERB
cblr-2871	115	28	a	a	DET
cblr-2871	115	29	particular	particular	ADJ
cblr-2871	115	30	governance	governance	NOUN
cblr-2871	115	31	term	term	NOUN
cblr-2871	115	32	.	.	PUNCT
cblr-2871	116	1	since	since	SCONJ
cblr-2871	116	2	noise	noise	NOUN
cblr-2871	116	3	adopters	adopter	NOUN
cblr-2871	116	4	obscure	obscure	VERB
cblr-2871	116	5	these	these	DET
cblr-2871	116	6	reasons	reason	NOUN
cblr-2871	116	7	,	,	PUNCT
cblr-2871	116	8	the	the	DET
cblr-2871	116	9	assumption	assumption	NOUN
cblr-2871	116	10	that	that	SCONJ
cblr-2871	116	11	firms	firm	NOUN
cblr-2871	116	12	fully	fully	ADV
cblr-2871	116	13	internalize	internalize	VERB
cblr-2871	116	14	this	this	DET
cblr-2871	116	15	choice	choice	NOUN
cblr-2871	116	16	should	should	AUX
cblr-2871	116	17	be	be	AUX
cblr-2871	116	18	replaced	replace	VERB
cblr-2871	116	19	with	with	ADP
cblr-2871	116	20	a	a	DET
cblr-2871	116	21	more	more	ADV
cblr-2871	116	22	cautious	cautious	ADJ
cblr-2871	116	23	approach	approach	NOUN
cblr-2871	116	24	.	.	PUNCT
cblr-2871	117	1	deviation	deviation	NOUN
cblr-2871	117	2	from	from	ADP
cblr-2871	117	3	the	the	DET
cblr-2871	117	4	assumption	assumption	NOUN
cblr-2871	117	5	that	that	SCONJ
cblr-2871	117	6	voluntarily	voluntarily	ADV
cblr-2871	117	7	-	-	PUNCT
cblr-2871	117	8	adopted	adopt	VERB
cblr-2871	117	9	terms	term	NOUN
cblr-2871	117	10	are	be	AUX
cblr-2871	117	11	efficient	efficient	ADJ
cblr-2871	117	12	does	do	AUX
cblr-2871	117	13	not	not	PART
cblr-2871	117	14	necessarily	necessarily	ADV
cblr-2871	117	15	suggest	suggest	VERB
cblr-2871	117	16	that	that	SCONJ
cblr-2871	117	17	mandatory	mandatory	ADJ
cblr-2871	117	18	laws	law	NOUN
cblr-2871	117	19	should	should	AUX
cblr-2871	117	20	regulate	regulate	VERB
cblr-2871	117	21	governance	governance	NOUN
cblr-2871	117	22	terms	term	NOUN
cblr-2871	117	23	.	.	PUNCT
cblr-2871	118	1	rather	rather	ADV
cblr-2871	118	2	,	,	PUNCT
cblr-2871	118	3	it	it	PRON
cblr-2871	118	4	could	could	AUX
cblr-2871	118	5	suggest	suggest	VERB
cblr-2871	118	6	,	,	PUNCT
cblr-2871	118	7	for	for	ADP
cblr-2871	118	8	example	example	NOUN
cblr-2871	118	9	,	,	PUNCT
cblr-2871	118	10	that	that	SCONJ
cblr-2871	118	11	courts	court	NOUN
cblr-2871	118	12	apply	apply	VERB
cblr-2871	118	13	higher	high	ADJ
cblr-2871	118	14	scrutiny	scrutiny	NOUN
cblr-2871	118	15	to	to	ADP
cblr-2871	118	16	entrenching	entrench	VERB
cblr-2871	118	17	structures	structure	NOUN
cblr-2871	118	18	such	such	ADJ
cblr-2871	118	19	as	as	ADP
cblr-2871	118	20	staggered	staggered	ADJ
cblr-2871	118	21	boards	board	NOUN
cblr-2871	118	22	.	.	PUNCT
cblr-2871	119	1	finally	finally	ADV
cblr-2871	119	2	,	,	PUNCT
cblr-2871	119	3	this	this	DET
cblr-2871	119	4	article	article	NOUN
cblr-2871	119	5	suggests	suggest	VERB
cblr-2871	119	6	that	that	SCONJ
cblr-2871	119	7	robust	robust	ADJ
cblr-2871	119	8	disclosure	disclosure	NOUN
cblr-2871	119	9	obligations	obligation	NOUN
cblr-2871	119	10	that	that	PRON
cblr-2871	119	11	include	include	VERB
cblr-2871	119	12	the	the	DET
cblr-2871	119	13	circumstances	circumstance	NOUN
cblr-2871	119	14	and	and	CCONJ
cblr-2871	119	15	particular	particular	ADJ
cblr-2871	119	16	reasons	reason	NOUN
cblr-2871	119	17	for	for	ADP
cblr-2871	119	18	choosing	choose	VERB
cblr-2871	119	19	governance	governance	NOUN
cblr-2871	119	20	terms	term	NOUN
cblr-2871	119	21	could	could	AUX
cblr-2871	119	22	mitigate	mitigate	VERB
cblr-2871	119	23	,	,	PUNCT
cblr-2871	119	24	though	though	SCONJ
cblr-2871	119	25	likely	likely	ADV
cblr-2871	119	26	not	not	PART
cblr-2871	119	27	eliminate	eliminate	VERB
cblr-2871	119	28	,	,	PUNCT
cblr-2871	119	29	noise	noise	NOUN
cblr-2871	119	30	created	create	VERB
cblr-2871	119	31	by	by	ADP
cblr-2871	119	32	noise	noise	NOUN
cblr-2871	119	33	adopters	adopter	NOUN
cblr-2871	119	34	.	.	PUNCT
cblr-2871	120	1	the	the	DET
cblr-2871	120	2	introduction	introduction	NOUN
cblr-2871	120	3	of	of	ADP
cblr-2871	120	4	noise	noise	NOUN
cblr-2871	120	5	traders	trader	NOUN
cblr-2871	120	6	to	to	ADP
cblr-2871	120	7	finance	finance	NOUN
cblr-2871	120	8	has	have	AUX
cblr-2871	120	9	transformed	transform	VERB
cblr-2871	120	10	the	the	DET
cblr-2871	120	11	finance	finance	NOUN
cblr-2871	120	12	literature	literature	NOUN
cblr-2871	120	13	,	,	PUNCT
cblr-2871	120	14	contributing	contribute	VERB
cblr-2871	120	15	to	to	ADP
cblr-2871	120	16	a	a	DET
cblr-2871	120	17	richer	rich	ADJ
cblr-2871	120	18	and	and	CCONJ
cblr-2871	120	19	more	more	ADV
cblr-2871	120	20	realistic	realistic	ADJ
cblr-2871	120	21	analysis	analysis	NOUN
cblr-2871	120	22	of	of	ADP
cblr-2871	120	23	capital	capital	NOUN
cblr-2871	120	24	markets	market	NOUN
cblr-2871	120	25	.	.	PUNCT
cblr-2871	121	1	'5	'5	PUNCT
cblr-2871	121	2	the	the	DET
cblr-2871	121	3	legal	legal	ADJ
cblr-2871	121	4	literature	literature	NOUN
cblr-2871	121	5	has	have	AUX
cblr-2871	121	6	recognized	recognize	VERB
cblr-2871	121	7	that	that	SCONJ
cblr-2871	121	8	firms	firm	NOUN
cblr-2871	121	9	may	may	AUX
cblr-2871	121	10	be	be	AUX
cblr-2871	121	11	arbitrarily	arbitrarily	ADV
cblr-2871	121	12	adopting	adopt	VERB
cblr-2871	121	13	corporate	corporate	ADJ
cblr-2871	121	14	governance	governance	NOUN
cblr-2871	121	15	terms.16	terms.16	PROPN
cblr-2871	121	16	this	this	DET
cblr-2871	121	17	article	article	NOUN
cblr-2871	121	18	suggests	suggest	VERB
cblr-2871	121	19	that	that	SCONJ
cblr-2871	121	20	the	the	DET
cblr-2871	121	21	practice	practice	NOUN
cblr-2871	121	22	plays	play	VERB
cblr-2871	121	23	a	a	DET
cblr-2871	121	24	role	role	NOUN
cblr-2871	121	25	in	in	ADP
cblr-2871	121	26	obscuring	obscure	VERB
cblr-2871	121	27	adoption	adoption	NOUN
cblr-2871	121	28	of	of	ADP
cblr-2871	121	29	governance	governance	NOUN
cblr-2871	121	30	terms	term	NOUN
cblr-2871	121	31	for	for	ADP
cblr-2871	121	32	entrenchment	entrenchment	ADJ
cblr-2871	121	33	purposes	purpose	NOUN
cblr-2871	121	34	.	.	PUNCT
cblr-2871	122	1	15	15	NUM
cblr-2871	122	2	see	see	VERB
cblr-2871	122	3	generally	generally	ADV
cblr-2871	122	4	andrei	andrei	PROPN
cblr-2871	122	5	shleifer	shleifer	PROPN
cblr-2871	122	6	&	&	CCONJ
cblr-2871	122	7	lawrence	lawrence	PROPN
cblr-2871	122	8	h.	h.	PROPN
cblr-2871	122	9	summers	summers	PROPN
cblr-2871	122	10	,	,	PUNCT
cblr-2871	122	11	the	the	DET
cblr-2871	122	12	noise	noise	NOUN
cblr-2871	122	13	trader	trader	NOUN
cblr-2871	122	14	approach	approach	NOUN
cblr-2871	122	15	to	to	ADP
cblr-2871	122	16	finance	finance	NOUN
cblr-2871	122	17	,	,	PUNCT
cblr-2871	122	18	4	4	NUM
cblr-2871	122	19	j.	j.	PROPN
cblr-2871	122	20	econ	econ	PROPN
cblr-2871	122	21	.	.	PUNCT
cblr-2871	123	1	persp	persp	PROPN
cblr-2871	123	2	.	.	PUNCT
cblr-2871	124	1	19	19	NUM
cblr-2871	124	2	(	(	PUNCT
cblr-2871	124	3	1990	1990	NUM
cblr-2871	124	4	)	)	PUNCT
cblr-2871	124	5	(	(	PUNCT
cblr-2871	124	6	using	use	VERB
cblr-2871	124	7	noise	noise	NOUN
cblr-2871	124	8	trader	trader	NOUN
cblr-2871	124	9	approach	approach	NOUN
cblr-2871	124	10	to	to	PART
cblr-2871	124	11	explain	explain	VERB
cblr-2871	124	12	certain	certain	ADJ
cblr-2871	124	13	anomalies	anomaly	NOUN
cblr-2871	124	14	in	in	ADP
cblr-2871	124	15	the	the	DET
cblr-2871	124	16	financial	financial	ADJ
cblr-2871	124	17	markets	market	NOUN
cblr-2871	124	18	)	)	PUNCT
cblr-2871	124	19	.	.	PUNCT
cblr-2871	125	1	16	16	NUM
cblr-2871	125	2	see	see	VERB
cblr-2871	125	3	note	note	NOUN
cblr-2871	125	4	3	3	NUM
cblr-2871	125	5	and	and	CCONJ
cblr-2871	125	6	accompanying	accompany	VERB
cblr-2871	125	7	text	text	NOUN
cblr-2871	125	8	.	.	PUNCT
cblr-2871	126	1	635	635	NUM
cblr-2871	126	2	ii	ii	NOUN
cblr-2871	126	3	.	.	PUNCT
cblr-2871	126	4	corporate	corporate	ADJ
cblr-2871	126	5	governance	governance	NOUN
cblr-2871	126	6	,	,	PUNCT
cblr-2871	126	7	firm	firm	ADJ
cblr-2871	126	8	heterogeneity	heterogeneity	NOUN
cblr-2871	126	9	,	,	PUNCT
cblr-2871	126	10	and	and	CCONJ
cblr-2871	126	11	signals	signal	VERB
cblr-2871	126	12	a.	a.	NOUN
cblr-2871	126	13	a	a	DET
cblr-2871	126	14	contractual	contractual	ADJ
cblr-2871	126	15	approach	approach	NOUN
cblr-2871	126	16	to	to	ADP
cblr-2871	126	17	corporate	corporate	ADJ
cblr-2871	126	18	governance	governance	NOUN
cblr-2871	126	19	for	for	ADP
cblr-2871	126	20	the	the	DET
cblr-2871	126	21	most	most	ADJ
cblr-2871	126	22	part	part	NOUN
cblr-2871	126	23	,	,	PUNCT
cblr-2871	126	24	corporate	corporate	ADJ
cblr-2871	126	25	law	law	NOUN
cblr-2871	126	26	in	in	ADP
cblr-2871	126	27	the	the	DET
cblr-2871	126	28	united	united	PROPN
cblr-2871	126	29	states	states	PROPN
cblr-2871	126	30	is	be	AUX
cblr-2871	126	31	about	about	ADP
cblr-2871	126	32	corporate	corporate	ADJ
cblr-2871	126	33	governance	governance	NOUN
cblr-2871	126	34	-	-	PUNCT
cblr-2871	126	35	the	the	DET
cblr-2871	126	36	division	division	NOUN
cblr-2871	126	37	of	of	ADP
cblr-2871	126	38	power	power	NOUN
cblr-2871	126	39	and	and	CCONJ
cblr-2871	126	40	rights	right	NOUN
cblr-2871	126	41	in	in	ADP
cblr-2871	126	42	the	the	DET
cblr-2871	126	43	corporation	corporation	NOUN
cblr-2871	126	44	.	.	PUNCT
cblr-2871	127	1	it	it	PRON
cblr-2871	127	2	is	be	AUX
cblr-2871	127	3	also	also	ADV
cblr-2871	127	4	characteristically	characteristically	ADV
cblr-2871	127	5	enabling	enable	VERB
cblr-2871	127	6	.	.	PUNCT
cblr-2871	128	1	corporations	corporation	NOUN
cblr-2871	128	2	are	be	AUX
cblr-2871	128	3	generally	generally	ADV
cblr-2871	128	4	free	free	ADJ
cblr-2871	128	5	to	to	PART
cblr-2871	128	6	design	design	VERB
cblr-2871	128	7	their	their	PRON
cblr-2871	128	8	governance	governance	NOUN
cblr-2871	128	9	structures	structure	NOUN
cblr-2871	128	10	.	.	PUNCT
cblr-2871	129	1	they	they	PRON
cblr-2871	129	2	can	can	AUX
cblr-2871	129	3	adopt	adopt	VERB
cblr-2871	129	4	takeover	takeover	NOUN
cblr-2871	129	5	defenses	defense	NOUN
cblr-2871	129	6	such	such	ADJ
cblr-2871	129	7	as	as	ADP
cblr-2871	129	8	poison	poison	NOUN
cblr-2871	129	9	pills	pill	NOUN
cblr-2871	129	10	,	,	PUNCT
cblr-2871	129	11	staggered	staggered	ADJ
cblr-2871	129	12	boards	board	NOUN
cblr-2871	129	13	,	,	PUNCT
cblr-2871	129	14	and	and	CCONJ
cblr-2871	129	15	golden	golden	ADJ
cblr-2871	129	16	parachutes.1	parachutes.1	PROPN
cblr-2871	129	17	7	7	NUM
cblr-2871	129	18	they	they	PRON
cblr-2871	129	19	can	can	AUX
cblr-2871	129	20	also	also	ADV
cblr-2871	129	21	incorporate	incorporate	VERB
cblr-2871	129	22	in	in	ADP
cblr-2871	129	23	,	,	PUNCT
cblr-2871	129	24	and	and	CCONJ
cblr-2871	129	25	thus	thus	ADV
cblr-2871	129	26	choose	choose	VERB
cblr-2871	129	27	the	the	DET
cblr-2871	129	28	legal	legal	ADJ
cblr-2871	129	29	system	system	NOUN
cblr-2871	129	30	of	of	ADP
cblr-2871	129	31	,	,	PUNCT
cblr-2871	129	32	any	any	DET
cblr-2871	129	33	state	state	NOUN
cblr-2871	129	34	.	.	PUNCT
cblr-2871	130	1	state	state	NOUN
cblr-2871	130	2	laws	law	NOUN
cblr-2871	130	3	differ	differ	VERB
cblr-2871	130	4	in	in	ADP
cblr-2871	130	5	the	the	DET
cblr-2871	130	6	potency	potency	NOUN
cblr-2871	130	7	of	of	ADP
cblr-2871	130	8	their	their	PRON
cblr-2871	130	9	takeover	takeover	NOUN
cblr-2871	130	10	statutes	statute	NOUN
cblr-2871	130	11	and	and	CCONJ
cblr-2871	130	12	in	in	ADP
cblr-2871	130	13	the	the	DET
cblr-2871	130	14	degree	degree	NOUN
cblr-2871	130	15	to	to	PART
cblr-2871	130	16	which	which	PRON
cblr-2871	130	17	they	they	PRON
cblr-2871	130	18	defer	defer	VERB
cblr-2871	130	19	to	to	ADP
cblr-2871	130	20	management	management	NOUN
cblr-2871	130	21	's	's	PART
cblr-2871	130	22	use	use	NOUN
cblr-2871	130	23	of	of	ADP
cblr-2871	130	24	defensive	defensive	ADJ
cblr-2871	130	25	tactics	tactic	NOUN
cblr-2871	130	26	.	.	PUNCT
cblr-2871	131	1	firms	firm	NOUN
cblr-2871	131	2	are	be	AUX
cblr-2871	131	3	also	also	ADV
cblr-2871	131	4	largely	largely	ADV
cblr-2871	131	5	free	free	ADJ
cblr-2871	131	6	to	to	PART
cblr-2871	131	7	design	design	VERB
cblr-2871	131	8	their	their	PRON
cblr-2871	131	9	own	own	ADJ
cblr-2871	131	10	voting	voting	NOUN
cblr-2871	131	11	rules	rule	NOUN
cblr-2871	131	12	:	:	PUNCT
cblr-2871	131	13	they	they	PRON
cblr-2871	131	14	can	can	AUX
cblr-2871	131	15	choose	choose	VERB
cblr-2871	131	16	whether	whether	SCONJ
cblr-2871	131	17	or	or	CCONJ
cblr-2871	131	18	not	not	PART
cblr-2871	131	19	to	to	PART
cblr-2871	131	20	have	have	VERB
cblr-2871	131	21	a	a	DET
cblr-2871	131	22	proxy	proxy	NOUN
cblr-2871	131	23	access	access	NOUN
cblr-2871	131	24	rule1	rule1	NOUN
cblr-2871	131	25	8	8	NUM
cblr-2871	131	26	and	and	CCONJ
cblr-2871	131	27	to	to	PART
cblr-2871	131	28	institute	institute	VERB
cblr-2871	131	29	plurality	plurality	NOUN
cblr-2871	131	30	or	or	CCONJ
cblr-2871	131	31	majority	majority	NOUN
cblr-2871	131	32	voting.19	voting.19	NOUN
cblr-2871	131	33	firms	firm	NOUN
cblr-2871	131	34	also	also	ADV
cblr-2871	131	35	have	have	VERB
cblr-2871	131	36	freedom	freedom	NOUN
cblr-2871	131	37	to	to	PART
cblr-2871	131	38	choose	choose	VERB
cblr-2871	131	39	their	their	PRON
cblr-2871	131	40	board	board	NOUN
cblr-2871	131	41	structure	structure	NOUN
cblr-2871	131	42	and	and	CCONJ
cblr-2871	131	43	size	size	NOUN
cblr-2871	131	44	,	,	PUNCT
cblr-2871	131	45	to	to	PART
cblr-2871	131	46	design	design	VERB
cblr-2871	131	47	management	management	NOUN
cblr-2871	131	48	compensation	compensation	NOUN
cblr-2871	131	49	schemes	scheme	NOUN
cblr-2871	131	50	,	,	PUNCT
cblr-2871	131	51	and	and	CCONJ
cblr-2871	131	52	to	to	PART
cblr-2871	131	53	have	have	VERB
cblr-2871	131	54	a	a	DET
cblr-2871	131	55	joint	joint	ADJ
cblr-2871	131	56	ceo	ceo	NOUN
cblr-2871	131	57	and	and	CCONJ
cblr-2871	131	58	chairman	chairman	NOUN
cblr-2871	131	59	of	of	ADP
cblr-2871	131	60	the	the	DET
cblr-2871	131	61	board	board	NOUN
cblr-2871	131	62	.	.	PUNCT
cblr-2871	132	1	they	they	PRON
cblr-2871	132	2	can	can	AUX
cblr-2871	132	3	also	also	ADV
cblr-2871	132	4	choose	choose	VERB
cblr-2871	132	5	to	to	PART
cblr-2871	132	6	opt	opt	VERB
cblr-2871	132	7	out	out	ADP
cblr-2871	132	8	of	of	ADP
cblr-2871	132	9	the	the	DET
cblr-2871	132	10	duty	duty	NOUN
cblr-2871	132	11	of	of	ADP
cblr-2871	132	12	care20	care20	NOUN
cblr-2871	132	13	and	and	CCONJ
cblr-2871	132	14	can	can	AUX
cblr-2871	132	15	even	even	ADV
cblr-2871	132	16	opt	opt	VERB
cblr-2871	132	17	out	out	ADP
cblr-2871	132	18	of	of	ADP
cblr-2871	132	19	a	a	DET
cblr-2871	132	20	considerable	considerable	ADJ
cblr-2871	132	21	part	part	NOUN
cblr-2871	132	22	of	of	ADP
cblr-2871	132	23	their	their	PRON
cblr-2871	132	24	duty	duty	NOUN
cblr-2871	132	25	of	of	ADP
cblr-2871	132	26	loyalty	loyalty	NOUN
cblr-2871	132	27	if	if	SCONJ
cblr-2871	132	28	they	they	PRON
cblr-2871	132	29	incorporate	incorporate	VERB
cblr-2871	132	30	in	in	ADP
cblr-2871	132	31	nevada	nevada	PROPN
cblr-2871	132	32	.	.	PUNCT
cblr-2871	133	1	21	21	NUM
cblr-2871	134	1	the	the	DET
cblr-2871	134	2	enabling	enable	VERB
cblr-2871	134	3	approach	approach	NOUN
cblr-2871	134	4	reflects	reflect	VERB
cblr-2871	134	5	the	the	DET
cblr-2871	134	6	contractual	contractual	ADJ
cblr-2871	134	7	view	view	NOUN
cblr-2871	134	8	of	of	ADP
cblr-2871	134	9	the	the	DET
cblr-2871	134	10	firm	firm	NOUN
cblr-2871	134	11	,	,	PUNCT
cblr-2871	134	12	which	which	PRON
cblr-2871	134	13	asserts	assert	VERB
cblr-2871	134	14	that	that	SCONJ
cblr-2871	134	15	,	,	PUNCT
cblr-2871	134	16	as	as	ADP
cblr-2871	134	17	with	with	ADP
cblr-2871	134	18	transactional	transactional	ADJ
cblr-2871	134	19	contracts	contract	NOUN
cblr-2871	134	20	,	,	PUNCT
cblr-2871	134	21	allowing	allow	VERB
cblr-2871	134	22	the	the	DET
cblr-2871	134	23	parties	party	NOUN
cblr-2871	134	24	to	to	PART
cblr-2871	134	25	design	design	VERB
cblr-2871	134	26	their	their	PRON
cblr-2871	134	27	own	own	ADJ
cblr-2871	134	28	corporate	corporate	ADJ
cblr-2871	134	29	contracts	contract	NOUN
cblr-2871	134	30	is	be	AUX
cblr-2871	134	31	more	more	ADV
cblr-2871	134	32	efficient	efficient	ADJ
cblr-2871	134	33	than	than	ADP
cblr-2871	134	34	imposing	impose	VERB
cblr-2871	134	35	mandatory	mandatory	ADJ
cblr-2871	134	36	contract	contract	NOUN
cblr-2871	134	37	rules	rule	NOUN
cblr-2871	134	38	on	on	ADP
cblr-2871	134	39	them.22	them.22	DET
cblr-2871	134	40	corporate	corporate	ADJ
cblr-2871	134	41	law	law	NOUN
cblr-2871	134	42	under	under	ADP
cblr-2871	134	43	this	this	DET
cblr-2871	134	44	approach	approach	NOUN
cblr-2871	134	45	should	should	AUX
cblr-2871	134	46	provide	provide	VERB
cblr-2871	134	47	only	only	ADV
cblr-2871	134	48	a	a	DET
cblr-2871	134	49	default	default	NOUN
cblr-2871	134	50	set	set	NOUN
cblr-2871	134	51	of	of	ADP
cblr-2871	134	52	contracts	contract	NOUN
cblr-2871	134	53	,	,	PUNCT
cblr-2871	134	54	not	not	PART
cblr-2871	134	55	mandatory	mandatory	ADJ
cblr-2871	134	56	terms	term	NOUN
cblr-2871	134	57	.	.	PUNCT
cblr-2871	135	1	17	17	NUM
cblr-2871	135	2	del	del	PROPN
cblr-2871	135	3	.	.	PROPN
cblr-2871	135	4	code	code	PROPN
cblr-2871	135	5	ann	ann	PROPN
cblr-2871	135	6	.	.	PUNCT
cblr-2871	135	7	tit	tit	PROPN
cblr-2871	135	8	.	.	PROPN
cblr-2871	135	9	8	8	NUM
cblr-2871	135	10	,	,	PUNCT
cblr-2871	135	11	§	§	PROPN
cblr-2871	135	12	141(d	141(d	NUM
cblr-2871	135	13	)	)	PUNCT
cblr-2871	135	14	(	(	PUNCT
cblr-2871	135	15	2013	2013	NUM
cblr-2871	135	16	)	)	PUNCT
cblr-2871	135	17	.	.	PUNCT
cblr-2871	136	1	18	18	NUM
cblr-2871	136	2	see	see	VERB
cblr-2871	136	3	i	i	PRON
cblr-2871	136	4	d.	d.	PROPN
cblr-2871	136	5	§	§	PROPN
cblr-2871	136	6	112	112	NUM
cblr-2871	136	7	.	.	PUNCT
cblr-2871	136	8	19	19	NUM
cblr-2871	136	9	see	see	VERB
cblr-2871	136	10	i	i	PROPN
cblr-2871	136	11	d.	d.	PROPN
cblr-2871	136	12	§	§	PROPN
cblr-2871	136	13	216	216	NUM
cblr-2871	136	14	.	.	PUNCT
cblr-2871	136	15	20	20	NUM
cblr-2871	136	16	see	see	VERB
cblr-2871	136	17	i	i	PRON
cblr-2871	136	18	d.	d.	PROPN
cblr-2871	136	19	§	§	PROPN
cblr-2871	136	20	102(b)(7	102(b)(7	PROPN
cblr-2871	136	21	)	)	PUNCT
cblr-2871	136	22	(	(	PUNCT
cblr-2871	136	23	2013	2013	NUM
cblr-2871	136	24	)	)	PUNCT
cblr-2871	136	25	.	.	PUNCT
cblr-2871	137	1	21	21	NUM
cblr-2871	137	2	see	see	VERB
cblr-2871	137	3	nev	nev	PROPN
cblr-2871	137	4	.	.	PROPN
cblr-2871	137	5	rev	rev	PROPN
cblr-2871	137	6	.	.	PROPN
cblr-2871	137	7	stat	stat	PROPN
cblr-2871	137	8	.	.	PUNCT
cblr-2871	138	1	§	§	PROPN
cblr-2871	138	2	78.138(7	78.138(7	PROPN
cblr-2871	138	3	)	)	PUNCT
cblr-2871	138	4	(	(	PUNCT
cblr-2871	138	5	2013	2013	NUM
cblr-2871	138	6	)	)	PUNCT
cblr-2871	138	7	.	.	PUNCT
cblr-2871	139	1	see	see	VERB
cblr-2871	139	2	also	also	ADV
cblr-2871	139	3	michal	michal	PROPN
cblr-2871	139	4	barzuza	barzuza	PROPN
cblr-2871	139	5	,	,	PUNCT
cblr-2871	139	6	market	market	NOUN
cblr-2871	139	7	segmentation	segmentation	NOUN
cblr-2871	139	8	:	:	PUNCT
cblr-2871	139	9	the	the	DET
cblr-2871	139	10	rise	rise	NOUN
cblr-2871	139	11	of	of	ADP
cblr-2871	139	12	nevada	nevada	PROPN
cblr-2871	139	13	as	as	ADP
cblr-2871	139	14	a	a	DET
cblr-2871	139	15	liability	liability	NOUN
cblr-2871	139	16	-	-	PUNCT
cblr-2871	139	17	free	free	ADJ
cblr-2871	139	18	jurisdiction	jurisdiction	NOUN
cblr-2871	139	19	,	,	PUNCT
cblr-2871	139	20	98	98	NUM
cblr-2871	139	21	va	va	NOUN
cblr-2871	139	22	.	.	PUNCT
cblr-2871	140	1	l.	l.	PROPN
cblr-2871	140	2	rev	rev	PROPN
cblr-2871	140	3	.	.	PROPN
cblr-2871	140	4	935	935	NUM
cblr-2871	140	5	,	,	PUNCT
cblr-2871	140	6	950	950	NUM
cblr-2871	140	7	(	(	PUNCT
cblr-2871	140	8	2012	2012	NUM
cblr-2871	140	9	)	)	PUNCT
cblr-2871	140	10	.	.	PUNCT
cblr-2871	141	1	22	22	NUM
cblr-2871	141	2	see	see	VERB
cblr-2871	141	3	,	,	PUNCT
cblr-2871	141	4	e.g.	e.g.	ADV
cblr-2871	141	5	,	,	PUNCT
cblr-2871	141	6	easterbrook	easterbrook	PROPN
cblr-2871	141	7	&	&	CCONJ
cblr-2871	141	8	fischel	fischel	PROPN
cblr-2871	141	9	,	,	PUNCT
cblr-2871	141	10	supra	supra	PROPN
cblr-2871	141	11	note	note	NOUN
cblr-2871	141	12	1	1	NUM
cblr-2871	141	13	,	,	PUNCT
cblr-2871	141	14	at	at	ADP
cblr-2871	141	15	1432	1432	NUM
cblr-2871	141	16	;	;	PUNCT
cblr-2871	141	17	dennis	dennis	PROPN
cblr-2871	141	18	w.	w.	PROPN
cblr-2871	141	19	carlton	carlton	PROPN
cblr-2871	141	20	&	&	CCONJ
cblr-2871	141	21	daniel	daniel	PROPN
cblr-2871	141	22	r.	r.	PROPN
cblr-2871	141	23	fischel	fischel	PROPN
cblr-2871	141	24	,	,	PUNCT
cblr-2871	141	25	the	the	DET
cblr-2871	141	26	regulation	regulation	NOUN
cblr-2871	141	27	of	of	ADP
cblr-2871	141	28	insider	insider	NOUN
cblr-2871	141	29	trading	trading	NOUN
cblr-2871	141	30	,	,	PUNCT
cblr-2871	141	31	35	35	NUM
cblr-2871	141	32	stan	stan	NOUN
cblr-2871	141	33	.	.	PUNCT
cblr-2871	142	1	l.	l.	PROPN
cblr-2871	142	2	rev	rev	PROPN
cblr-2871	142	3	.	.	PROPN
cblr-2871	142	4	857	857	NUM
cblr-2871	142	5	,	,	PUNCT
cblr-2871	142	6	882	882	NUM
cblr-2871	142	7	(	(	PUNCT
cblr-2871	142	8	1983	1983	NUM
cblr-2871	142	9	)	)	PUNCT
cblr-2871	142	10	;	;	PUNCT
cblr-2871	142	11	ralph	ralph	PROPN
cblr-2871	142	12	k.	k.	PROPN
cblr-2871	142	13	winter	winter	PROPN
cblr-2871	142	14	,	,	PUNCT
cblr-2871	142	15	jr	jr	PROPN
cblr-2871	142	16	.	.	PROPN
cblr-2871	142	17	,	,	PUNCT
cblr-2871	142	18	state	state	NOUN
cblr-2871	142	19	law	law	NOUN
cblr-2871	142	20	,	,	PUNCT
cblr-2871	142	21	shareholder	shareholder	NOUN
cblr-2871	142	22	protection	protection	NOUN
cblr-2871	142	23	,	,	PUNCT
cblr-2871	142	24	and	and	CCONJ
cblr-2871	142	25	the	the	DET
cblr-2871	142	26	theory	theory	NOUN
cblr-2871	142	27	of	of	ADP
cblr-2871	142	28	the	the	DET
cblr-2871	142	29	corporation	corporation	NOUN
cblr-2871	142	30	,	,	PUNCT
cblr-2871	142	31	6	6	NUM
cblr-2871	142	32	j.	j.	PROPN
cblr-2871	142	33	legal	legal	ADJ
cblr-2871	142	34	stud	stud	NOUN
cblr-2871	142	35	.	.	PUNCT
cblr-2871	143	1	251	251	NUM
cblr-2871	143	2	,	,	PUNCT
cblr-2871	143	3	292	292	NUM
cblr-2871	143	4	636	636	NUM
cblr-2871	143	5	columbia	columbia	PROPN
cblr-2871	143	6	business	business	NOUN
cblr-2871	143	7	law	law	PROPN
cblr-2871	143	8	review	review	NOUN
cblr-2871	143	9	[	[	X
cblr-2871	143	10	vol	vol	NOUN
cblr-2871	143	11	.	.	PUNCT
cblr-2871	144	1	2013	2013	NUM
cblr-2871	144	2	no	no	NOUN
cblr-2871	144	3	.	.	PUNCT
cblr-2871	145	1	3:627	3:627	NUM
cblr-2871	145	2	]	]	PUNCT
cblr-2871	145	3	noise	noise	NOUN
cblr-2871	145	4	adopters	adopter	NOUN
cblr-2871	145	5	in	in	ADP
cblr-2871	145	6	corporate	corporate	ADJ
cblr-2871	145	7	governance	governance	NOUN
cblr-2871	145	8	firms	firm	NOUN
cblr-2871	145	9	'	'	PART
cblr-2871	145	10	governance	governance	NOUN
cblr-2871	145	11	choices	choice	NOUN
cblr-2871	145	12	,	,	PUNCT
cblr-2871	145	13	however	however	ADV
cblr-2871	145	14	,	,	PUNCT
cblr-2871	145	15	involve	involve	VERB
cblr-2871	145	16	a	a	DET
cblr-2871	145	17	common	common	ADJ
cblr-2871	145	18	tension	tension	NOUN
cblr-2871	145	19	.	.	PUNCT
cblr-2871	146	1	insiders	insider	NOUN
cblr-2871	146	2	may	may	AUX
cblr-2871	146	3	have	have	VERB
cblr-2871	146	4	preferences	preference	NOUN
cblr-2871	146	5	for	for	ADP
cblr-2871	146	6	entrenching	entrench	VERB
cblr-2871	146	7	governance	governance	NOUN
cblr-2871	146	8	terms	term	NOUN
cblr-2871	146	9	even	even	ADV
cblr-2871	146	10	if	if	SCONJ
cblr-2871	146	11	they	they	PRON
cblr-2871	146	12	reduce	reduce	VERB
cblr-2871	146	13	firm	firm	ADJ
cblr-2871	146	14	value	value	NOUN
cblr-2871	146	15	.	.	PUNCT
cblr-2871	147	1	yet	yet	ADV
cblr-2871	147	2	,	,	PUNCT
cblr-2871	147	3	underlying	underlie	VERB
cblr-2871	147	4	the	the	DET
cblr-2871	147	5	contractual	contractual	ADJ
cblr-2871	147	6	approach	approach	NOUN
cblr-2871	147	7	is	be	AUX
cblr-2871	147	8	the	the	DET
cblr-2871	147	9	assumption	assumption	NOUN
cblr-2871	147	10	that	that	SCONJ
cblr-2871	147	11	firms	firm	NOUN
cblr-2871	147	12	internalize	internalize	VERB
cblr-2871	147	13	the	the	DET
cblr-2871	147	14	costs	cost	NOUN
cblr-2871	147	15	of	of	ADP
cblr-2871	147	16	their	their	PRON
cblr-2871	147	17	choices	choice	NOUN
cblr-2871	147	18	via	via	ADP
cblr-2871	147	19	the	the	DET
cblr-2871	147	20	price	price	NOUN
cblr-2871	147	21	of	of	ADP
cblr-2871	147	22	their	their	PRON
cblr-2871	147	23	shares	share	NOUN
cblr-2871	147	24	in	in	ADP
cblr-2871	147	25	the	the	DET
cblr-2871	147	26	capital	capital	NOUN
cblr-2871	147	27	markets	market	NOUN
cblr-2871	147	28	.	.	PUNCT
cblr-2871	148	1	applying	apply	VERB
cblr-2871	148	2	the	the	DET
cblr-2871	148	3	ecmhwhich	ecmhwhich	NOUN
cblr-2871	148	4	asserts	assert	VERB
cblr-2871	148	5	that	that	SCONJ
cblr-2871	148	6	the	the	DET
cblr-2871	148	7	capital	capital	NOUN
cblr-2871	148	8	markets	market	NOUN
cblr-2871	148	9	reflect	reflect	VERB
cblr-2871	148	10	the	the	DET
cblr-2871	148	11	real	real	ADJ
cblr-2871	148	12	value	value	NOUN
cblr-2871	148	13	of	of	ADP
cblr-2871	148	14	public	public	ADJ
cblr-2871	148	15	information	information	NOUN
cblr-2871	148	16	-	-	PUNCT
cblr-2871	148	17	to	to	ADP
cblr-2871	148	18	the	the	DET
cblr-2871	148	19	pricing	pricing	NOUN
cblr-2871	148	20	of	of	ADP
cblr-2871	148	21	publicly	publicly	ADV
cblr-2871	148	22	-	-	PUNCT
cblr-2871	148	23	disclosed	disclose	VERB
cblr-2871	148	24	governance	governance	NOUN
cblr-2871	148	25	terms	term	NOUN
cblr-2871	148	26	,	,	PUNCT
cblr-2871	148	27	contractual	contractual	ADJ
cblr-2871	148	28	scholars	scholar	NOUN
cblr-2871	148	29	argue	argue	VERB
cblr-2871	148	30	that	that	SCONJ
cblr-2871	148	31	a	a	DET
cblr-2871	148	32	price	price	NOUN
cblr-2871	148	33	discount	discount	NOUN
cblr-2871	148	34	due	due	ADP
cblr-2871	148	35	to	to	ADP
cblr-2871	148	36	inefficient	inefficient	ADJ
cblr-2871	148	37	terms	term	NOUN
cblr-2871	148	38	should	should	AUX
cblr-2871	148	39	discipline	discipline	VERB
cblr-2871	148	40	companies	company	NOUN
cblr-2871	148	41	who	who	PRON
cblr-2871	148	42	make	make	VERB
cblr-2871	148	43	inefficient	inefficient	ADJ
cblr-2871	148	44	governance	governance	NOUN
cblr-2871	148	45	choices.24	choices.24	NOUN
cblr-2871	148	46	to	to	PART
cblr-2871	148	47	be	be	AUX
cblr-2871	148	48	sure	sure	ADJ
cblr-2871	148	49	,	,	PUNCT
cblr-2871	148	50	market	market	NOUN
cblr-2871	148	51	penalties	penalty	NOUN
cblr-2871	148	52	are	be	AUX
cblr-2871	148	53	not	not	PART
cblr-2871	148	54	always	always	ADV
cblr-2871	148	55	sufficient	sufficient	ADJ
cblr-2871	148	56	to	to	PART
cblr-2871	148	57	incentivize	incentivize	VERB
cblr-2871	148	58	management	management	NOUN
cblr-2871	148	59	not	not	PART
cblr-2871	148	60	to	to	PART
cblr-2871	148	61	adopt	adopt	VERB
cblr-2871	148	62	excessive	excessive	ADJ
cblr-2871	148	63	terms	term	NOUN
cblr-2871	148	64	.	.	PUNCT
cblr-2871	149	1	in	in	ADP
cblr-2871	149	2	fact	fact	NOUN
cblr-2871	149	3	,	,	PUNCT
cblr-2871	149	4	in	in	ADP
cblr-2871	149	5	some	some	DET
cblr-2871	149	6	firms	firm	NOUN
cblr-2871	149	7	,	,	PUNCT
cblr-2871	149	8	management	management	NOUN
cblr-2871	149	9	's	's	PART
cblr-2871	149	10	private	private	ADJ
cblr-2871	149	11	benefits	benefit	NOUN
cblr-2871	149	12	might	might	AUX
cblr-2871	149	13	outweigh	outweigh	VERB
cblr-2871	149	14	the	the	DET
cblr-2871	149	15	adverse	adverse	ADJ
cblr-2871	149	16	effects	effect	NOUN
cblr-2871	149	17	of	of	ADP
cblr-2871	149	18	the	the	DET
cblr-2871	149	19	market	market	NOUN
cblr-2871	149	20	penalty	penalty	NOUN
cblr-2871	149	21	.	.	PUNCT
cblr-2871	150	1	even	even	ADV
cblr-2871	150	2	if	if	SCONJ
cblr-2871	150	3	companies	company	NOUN
cblr-2871	150	4	are	be	AUX
cblr-2871	150	5	not	not	PART
cblr-2871	150	6	always	always	ADV
cblr-2871	150	7	disciplined	discipline	VERB
cblr-2871	150	8	by	by	ADP
cblr-2871	150	9	the	the	DET
cblr-2871	150	10	penalty	penalty	NOUN
cblr-2871	150	11	,	,	PUNCT
cblr-2871	150	12	however	however	ADV
cblr-2871	150	13	,	,	PUNCT
cblr-2871	150	14	at	at	ADP
cblr-2871	150	15	least	least	ADJ
cblr-2871	150	16	investors	investor	NOUN
cblr-2871	150	17	are	be	AUX
cblr-2871	150	18	knowledgeable	knowledgeable	ADJ
cblr-2871	150	19	about	about	ADP
cblr-2871	150	20	their	their	PRON
cblr-2871	150	21	investments.25	investments.25	NOUN
cblr-2871	150	22	thus	thus	ADV
cblr-2871	150	23	,	,	PUNCT
cblr-2871	150	24	much	much	ADJ
cblr-2871	150	25	hinges	hinge	NOUN
cblr-2871	150	26	-	-	PUNCT
cblr-2871	150	27	theoretically	theoretically	ADV
cblr-2871	150	28	and	and	CCONJ
cblr-2871	150	29	in	in	ADP
cblr-2871	150	30	terms	term	NOUN
cblr-2871	150	31	of	of	ADP
cblr-2871	150	32	policy	policy	NOUN
cblr-2871	150	33	-	-	PUNCT
cblr-2871	150	34	on	on	ADP
cblr-2871	150	35	the	the	DET
cblr-2871	150	36	efficiency	efficiency	NOUN
cblr-2871	150	37	of	of	ADP
cblr-2871	150	38	capital	capital	NOUN
cblr-2871	150	39	markets	market	NOUN
cblr-2871	150	40	in	in	ADP
cblr-2871	150	41	pricing	price	VERB
cblr-2871	150	42	governance	governance	NOUN
cblr-2871	150	43	terms	term	NOUN
cblr-2871	150	44	.	.	PUNCT
cblr-2871	151	1	b.	b.	PROPN
cblr-2871	151	2	corporate	corporate	ADJ
cblr-2871	151	3	governance	governance	NOUN
cblr-2871	151	4	value	value	NOUN
cblr-2871	151	5	varies	vary	VERB
cblr-2871	151	6	due	due	ADJ
cblr-2871	151	7	to	to	ADP
cblr-2871	151	8	differences	difference	NOUN
cblr-2871	151	9	in	in	ADP
cblr-2871	151	10	market	market	NOUN
cblr-2871	151	11	forces	force	NOUN
cblr-2871	151	12	assessing	assess	VERB
cblr-2871	151	13	the	the	DET
cblr-2871	151	14	value	value	NOUN
cblr-2871	151	15	of	of	ADP
cblr-2871	151	16	corporate	corporate	ADJ
cblr-2871	151	17	governance	governance	NOUN
cblr-2871	151	18	.terms	.term	NOUN
cblr-2871	151	19	,	,	PUNCT
cblr-2871	151	20	however	however	ADV
cblr-2871	151	21	,	,	PUNCT
cblr-2871	151	22	is	be	AUX
cblr-2871	151	23	complicated	complicate	VERB
cblr-2871	151	24	by	by	ADP
cblr-2871	151	25	the	the	DET
cblr-2871	151	26	fact	fact	NOUN
cblr-2871	151	27	that	that	SCONJ
cblr-2871	151	28	their	their	PRON
cblr-2871	151	29	value	value	NOUN
cblr-2871	151	30	depends	depend	VERB
cblr-2871	151	31	(	(	PUNCT
cblr-2871	151	32	1977	1977	NUM
cblr-2871	151	33	)	)	PUNCT
cblr-2871	151	34	.	.	PUNCT
cblr-2871	152	1	several	several	ADJ
cblr-2871	152	2	works	work	NOUN
cblr-2871	152	3	have	have	AUX
cblr-2871	152	4	expressed	express	VERB
cblr-2871	152	5	skepticism	skepticism	NOUN
cblr-2871	152	6	about	about	ADP
cblr-2871	152	7	this	this	DET
cblr-2871	152	8	view	view	NOUN
cblr-2871	152	9	.	.	PUNCT
cblr-2871	153	1	see	see	VERB
cblr-2871	153	2	lucian	lucian	PROPN
cblr-2871	153	3	a.	a.	NOUN
cblr-2871	153	4	bebehuk	bebehuk	PROPN
cblr-2871	153	5	,	,	PUNCT
cblr-2871	153	6	the	the	DET
cblr-2871	153	7	debate	debate	NOUN
cblr-2871	153	8	on	on	ADP
cblr-2871	153	9	contractual	contractual	ADJ
cblr-2871	153	10	freedom	freedom	NOUN
cblr-2871	153	11	in	in	ADP
cblr-2871	153	12	corporate	corporate	ADJ
cblr-2871	153	13	law	law	NOUN
cblr-2871	153	14	,	,	PUNCT
cblr-2871	153	15	89	89	NUM
cblr-2871	153	16	colum	colum	NOUN
cblr-2871	153	17	.	.	PUNCT
cblr-2871	154	1	l.	l.	PROPN
cblr-2871	154	2	rev	rev	PROPN
cblr-2871	154	3	.	.	PROPN
cblr-2871	154	4	1395	1395	NUM
cblr-2871	154	5	,	,	PUNCT
cblr-2871	154	6	1412	1412	NUM
cblr-2871	154	7	(	(	PUNCT
cblr-2871	154	8	1989	1989	NUM
cblr-2871	154	9	)	)	PUNCT
cblr-2871	155	1	[	[	X
cblr-2871	155	2	hereinafter	hereinafter	NOUN
cblr-2871	155	3	bebchuk	bebchuk	NOUN
cblr-2871	155	4	,	,	PUNCT
cblr-2871	155	5	debate	debate	NOUN
cblr-2871	155	6	on	on	ADP
cblr-2871	155	7	contractual	contractual	ADJ
cblr-2871	155	8	freedom	freedom	NOUN
cblr-2871	155	9	]	]	X
cblr-2871	155	10	;	;	PUNCT
cblr-2871	155	11	lucian	lucian	PROPN
cblr-2871	155	12	a.	a.	PROPN
cblr-2871	155	13	bebchuk	bebchuk	PROPN
cblr-2871	155	14	,	,	PUNCT
cblr-2871	155	15	limiting	limit	VERB
cblr-2871	155	16	contractual	contractual	ADJ
cblr-2871	155	17	freedom	freedom	NOUN
cblr-2871	155	18	in	in	ADP
cblr-2871	155	19	corporate	corporate	ADJ
cblr-2871	155	20	law	law	NOUN
cblr-2871	155	21	:	:	PUNCT
cblr-2871	155	22	the	the	DET
cblr-2871	155	23	desirable	desirable	ADJ
cblr-2871	155	24	constraints	constraint	NOUN
cblr-2871	155	25	on	on	ADP
cblr-2871	155	26	charter	charter	NOUN
cblr-2871	155	27	amendments	amendment	NOUN
cblr-2871	155	28	,	,	PUNCT
cblr-2871	155	29	102	102	NUM
cblr-2871	155	30	harv	harv	NOUN
cblr-2871	155	31	.	.	PUNCT
cblr-2871	156	1	l.	l.	PROPN
cblr-2871	156	2	rev	rev	PROPN
cblr-2871	156	3	.	.	PROPN
cblr-2871	156	4	1820	1820	NUM
cblr-2871	156	5	,	,	PUNCT
cblr-2871	156	6	1859	1859	NUM
cblr-2871	156	7	-	-	SYM
cblr-2871	156	8	60	60	NUM
cblr-2871	156	9	(	(	PUNCT
cblr-2871	156	10	1989	1989	NUM
cblr-2871	156	11	)	)	PUNCT
cblr-2871	156	12	;	;	PUNCT
cblr-2871	156	13	victor	victor	PROPN
cblr-2871	156	14	brudney	brudney	PROPN
cblr-2871	156	15	,	,	PUNCT
cblr-2871	156	16	corporate	corporate	ADJ
cblr-2871	156	17	governance	governance	NOUN
cblr-2871	156	18	,	,	PUNCT
cblr-2871	156	19	agency	agency	NOUN
cblr-2871	156	20	costs	cost	NOUN
cblr-2871	156	21	,	,	PUNCT
cblr-2871	156	22	and	and	CCONJ
cblr-2871	156	23	the	the	DET
cblr-2871	156	24	rhetoric	rhetoric	NOUN
cblr-2871	156	25	of	of	ADP
cblr-2871	156	26	contract	contract	NOUN
cblr-2871	156	27	,	,	PUNCT
cblr-2871	156	28	85	85	NUM
cblr-2871	156	29	colum	colum	NOUN
cblr-2871	156	30	.	.	PUNCT
cblr-2871	157	1	l.	l.	PROPN
cblr-2871	157	2	rev	rev	PROPN
cblr-2871	157	3	.	.	PROPN
cblr-2871	157	4	1403	1403	NUM
cblr-2871	157	5	,	,	PUNCT
cblr-2871	157	6	1411	1411	NUM
cblr-2871	157	7	(	(	PUNCT
cblr-2871	157	8	1985	1985	NUM
cblr-2871	157	9	)	)	PUNCT
cblr-2871	157	10	.	.	PUNCT
cblr-2871	158	1	23	23	NUM
cblr-2871	158	2	see	see	VERB
cblr-2871	158	3	,	,	PUNCT
cblr-2871	158	4	e.g.	e.g.	ADV
cblr-2871	158	5	,	,	PUNCT
cblr-2871	158	6	bebchuk	bebchuk	NOUN
cblr-2871	158	7	,	,	PUNCT
cblr-2871	158	8	debate	debate	NOUN
cblr-2871	158	9	on	on	ADP
cblr-2871	158	10	contractual	contractual	ADJ
cblr-2871	158	11	freedom	freedom	NOUN
cblr-2871	158	12	,	,	PUNCT
cblr-2871	158	13	supra	supra	PROPN
cblr-2871	158	14	note	note	PROPN
cblr-2871	158	15	22	22	NUM
cblr-2871	158	16	,	,	PUNCT
cblr-2871	158	17	at	at	ADP
cblr-2871	158	18	1400	1400	NUM
cblr-2871	158	19	-	-	SYM
cblr-2871	158	20	01	01	NUM
cblr-2871	158	21	,	,	PUNCT
cblr-2871	158	22	1411	1411	NUM
cblr-2871	158	23	.	.	PUNCT
cblr-2871	159	1	24	24	NUM
cblr-2871	159	2	see	see	VERB
cblr-2871	159	3	frank	frank	PROPN
cblr-2871	159	4	h.	h.	PROPN
cblr-2871	159	5	easterbrook	easterbrook	PROPN
cblr-2871	159	6	&	&	CCONJ
cblr-2871	159	7	daniel	daniel	PROPN
cblr-2871	159	8	r.	r.	PROPN
cblr-2871	159	9	fischel	fischel	PROPN
cblr-2871	159	10	,	,	PUNCT
cblr-2871	159	11	voting	vote	VERB
cblr-2871	159	12	in	in	ADP
cblr-2871	159	13	corporate	corporate	ADJ
cblr-2871	159	14	law	law	NOUN
cblr-2871	159	15	,	,	PUNCT
cblr-2871	159	16	26	26	NUM
cblr-2871	159	17	j.	j.	PROPN
cblr-2871	159	18	l.	l.	PROPN
cblr-2871	159	19	&	&	CCONJ
cblr-2871	159	20	econ	econ	PROPN
cblr-2871	159	21	.	.	PUNCT
cblr-2871	160	1	395	395	NUM
cblr-2871	160	2	,	,	PUNCT
cblr-2871	160	3	414	414	NUM
cblr-2871	160	4	(	(	PUNCT
cblr-2871	160	5	1983	1983	NUM
cblr-2871	160	6	)	)	PUNCT
cblr-2871	160	7	.	.	PUNCT
cblr-2871	161	1	cf	cf	NOUN
cblr-2871	161	2	.	.	PUNCT
cblr-2871	162	1	ronald	ronald	PROPN
cblr-2871	162	2	j.	j.	PROPN
cblr-2871	162	3	gilson	gilson	PROPN
cblr-2871	162	4	&	&	CCONJ
cblr-2871	162	5	reinier	reinier	PROPN
cblr-2871	162	6	h.	h.	PROPN
cblr-2871	162	7	kraakman	kraakman	PROPN
cblr-2871	162	8	,	,	PUNCT
cblr-2871	162	9	the	the	DET
cblr-2871	162	10	mechanisms	mechanism	NOUN
cblr-2871	162	11	of	of	ADP
cblr-2871	162	12	market	market	NOUN
cblr-2871	162	13	efficiency	efficiency	NOUN
cblr-2871	162	14	,	,	PUNCT
cblr-2871	162	15	70	70	NUM
cblr-2871	162	16	va	va	NOUN
cblr-2871	162	17	.	.	PUNCT
cblr-2871	163	1	l.	l.	PROPN
cblr-2871	163	2	rev	rev	PROPN
cblr-2871	163	3	.	.	PROPN
cblr-2871	163	4	549	549	NUM
cblr-2871	163	5	,	,	PUNCT
cblr-2871	163	6	554	554	NUM
cblr-2871	163	7	(	(	PUNCT
cblr-2871	163	8	1984	1984	NUM
cblr-2871	163	9	)	)	PUNCT
cblr-2871	163	10	(	(	PUNCT
cblr-2871	163	11	demonstrating	demonstrate	VERB
cblr-2871	163	12	forcefully	forcefully	ADV
cblr-2871	163	13	that	that	SCONJ
cblr-2871	163	14	market	market	NOUN
cblr-2871	163	15	efficiency	efficiency	NOUN
cblr-2871	163	16	varies	vary	VERB
cblr-2871	163	17	with	with	ADP
cblr-2871	163	18	,	,	PUNCT
cblr-2871	163	19	and	and	CCONJ
cblr-2871	163	20	is	be	AUX
cblr-2871	163	21	a	a	DET
cblr-2871	163	22	function	function	NOUN
cblr-2871	163	23	of	of	ADP
cblr-2871	163	24	,	,	PUNCT
cblr-2871	163	25	the	the	DET
cblr-2871	163	26	performance	performance	NOUN
cblr-2871	163	27	of	of	ADP
cblr-2871	163	28	different	different	ADJ
cblr-2871	163	29	institutions	institution	NOUN
cblr-2871	163	30	)	)	PUNCT
cblr-2871	163	31	.	.	PUNCT
cblr-2871	164	1	25	25	NUM
cblr-2871	164	2	see	see	VERB
cblr-2871	164	3	i	i	PRON
cblr-2871	164	4	d.	d.	PROPN
cblr-2871	164	5	at	at	ADP
cblr-2871	164	6	415	415	NUM
cblr-2871	164	7	.	.	PUNCT
cblr-2871	165	1	637	637	NUM
cblr-2871	165	2	on	on	ADP
cblr-2871	165	3	firm	firm	ADJ
cblr-2871	165	4	-	-	PUNCT
cblr-2871	165	5	specific	specific	ADJ
cblr-2871	165	6	characteristics	characteristic	NOUN
cblr-2871	165	7	.	.	PUNCT
cblr-2871	166	1	this	this	DET
cblr-2871	166	2	article	article	NOUN
cblr-2871	166	3	focuses	focus	VERB
cblr-2871	166	4	on	on	ADP
cblr-2871	166	5	one	one	NUM
cblr-2871	166	6	source	source	NOUN
cblr-2871	166	7	of	of	ADP
cblr-2871	166	8	heterogeneity	heterogeneity	NOUN
cblr-2871	166	9	:	:	PUNCT
cblr-2871	166	10	variations	variation	NOUN
cblr-2871	166	11	in	in	ADP
cblr-2871	166	12	market	market	NOUN
cblr-2871	166	13	forces	force	NOUN
cblr-2871	166	14	.	.	PUNCT
cblr-2871	167	1	different	different	ADJ
cblr-2871	167	2	markets	market	NOUN
cblr-2871	167	3	,	,	PUNCT
cblr-2871	167	4	such	such	ADJ
cblr-2871	167	5	as	as	ADP
cblr-2871	167	6	the	the	DET
cblr-2871	167	7	product	product	NOUN
cblr-2871	167	8	market	market	NOUN
cblr-2871	167	9	and	and	CCONJ
cblr-2871	167	10	the	the	DET
cblr-2871	167	11	market	market	NOUN
cblr-2871	167	12	for	for	ADP
cblr-2871	167	13	corporate	corporate	ADJ
cblr-2871	167	14	control	control	NOUN
cblr-2871	167	15	,	,	PUNCT
cblr-2871	167	16	discipline	discipline	NOUN
cblr-2871	167	17	management	management	NOUN
cblr-2871	167	18	.	.	PUNCT
cblr-2871	168	1	managers	manager	NOUN
cblr-2871	168	2	who	who	PRON
cblr-2871	168	3	face	face	VERB
cblr-2871	168	4	strong	strong	ADJ
cblr-2871	168	5	competition	competition	NOUN
cblr-2871	168	6	in	in	ADP
cblr-2871	168	7	the	the	DET
cblr-2871	168	8	product	product	NOUN
cblr-2871	168	9	market	market	NOUN
cblr-2871	168	10	must	must	AUX
cblr-2871	168	11	manage	manage	VERB
cblr-2871	168	12	efficiently	efficiently	ADV
cblr-2871	168	13	and	and	CCONJ
cblr-2871	168	14	avoid	avoid	VERB
cblr-2871	168	15	taking	take	VERB
cblr-2871	168	16	perks	perk	NOUN
cblr-2871	168	17	.	.	PUNCT
cblr-2871	169	1	otherwise	otherwise	ADV
cblr-2871	169	2	,	,	PUNCT
cblr-2871	169	3	they	they	PRON
cblr-2871	169	4	may	may	AUX
cblr-2871	169	5	experience	experience	VERB
cblr-2871	169	6	losses	loss	NOUN
cblr-2871	169	7	in	in	ADP
cblr-2871	169	8	the	the	DET
cblr-2871	169	9	product	product	NOUN
cblr-2871	169	10	market	market	NOUN
cblr-2871	169	11	or	or	CCONJ
cblr-2871	169	12	lose	lose	VERB
cblr-2871	169	13	control	control	NOUN
cblr-2871	169	14	to	to	ADP
cblr-2871	169	15	a	a	DET
cblr-2871	169	16	hostile	hostile	ADJ
cblr-2871	169	17	bidder	bidder	NOUN
cblr-2871	169	18	.	.	PUNCT
cblr-2871	170	1	indeed	indeed	ADV
cblr-2871	170	2	,	,	PUNCT
cblr-2871	170	3	market	market	NOUN
cblr-2871	170	4	forces	force	NOUN
cblr-2871	170	5	are	be	AUX
cblr-2871	170	6	one	one	NUM
cblr-2871	170	7	of	of	ADP
cblr-2871	170	8	the	the	DET
cblr-2871	170	9	main	main	ADJ
cblr-2871	170	10	justifications	justification	NOUN
cblr-2871	170	11	for	for	ADP
cblr-2871	170	12	the	the	DET
cblr-2871	170	13	enabling	enable	VERB
cblr-2871	170	14	approach	approach	NOUN
cblr-2871	170	15	.	.	PUNCT
cblr-2871	171	1	accordingly	accordingly	ADV
cblr-2871	171	2	,	,	PUNCT
cblr-2871	171	3	the	the	DET
cblr-2871	171	4	debate	debate	NOUN
cblr-2871	171	5	over	over	ADP
cblr-2871	171	6	the	the	DET
cblr-2871	171	7	desirability	desirability	NOUN
cblr-2871	171	8	of	of	ADP
cblr-2871	171	9	the	the	DET
cblr-2871	171	10	enabling	enable	VERB
cblr-2871	171	11	approach	approach	NOUN
cblr-2871	171	12	has	have	AUX
cblr-2871	171	13	turned	turn	VERB
cblr-2871	171	14	on	on	ADP
cblr-2871	171	15	whether	whether	SCONJ
cblr-2871	171	16	market	market	NOUN
cblr-2871	171	17	forces	force	NOUN
cblr-2871	171	18	are	be	AUX
cblr-2871	171	19	sufficiently	sufficiently	ADV
cblr-2871	171	20	effective.26	effective.26	ADJ
cblr-2871	171	21	the	the	DET
cblr-2871	171	22	effectiveness	effectiveness	NOUN
cblr-2871	171	23	of	of	ADP
cblr-2871	171	24	market	market	NOUN
cblr-2871	171	25	forces	force	NOUN
cblr-2871	171	26	in	in	ADP
cblr-2871	171	27	disciplining	discipline	VERB
cblr-2871	171	28	management	management	NOUN
cblr-2871	171	29	,	,	PUNCT
cblr-2871	171	30	however	however	ADV
cblr-2871	171	31	,	,	PUNCT
cblr-2871	171	32	varies	vary	VERB
cblr-2871	171	33	across	across	ADP
cblr-2871	171	34	firms	firm	NOUN
cblr-2871	171	35	.	.	PUNCT
cblr-2871	172	1	firms	firm	NOUN
cblr-2871	172	2	differ	differ	VERB
cblr-2871	172	3	in	in	ADP
cblr-2871	172	4	the	the	DET
cblr-2871	172	5	competition	competition	NOUN
cblr-2871	172	6	they	they	PRON
cblr-2871	172	7	face	face	VERB
cblr-2871	172	8	in	in	ADP
cblr-2871	172	9	the	the	DET
cblr-2871	172	10	product	product	NOUN
cblr-2871	172	11	market	market	NOUN
cblr-2871	172	12	,	,	PUNCT
cblr-2871	172	13	in	in	ADP
cblr-2871	172	14	the	the	DET
cblr-2871	172	15	labor	labor	NOUN
cblr-2871	172	16	market	market	NOUN
cblr-2871	172	17	conditions	condition	NOUN
cblr-2871	172	18	for	for	ADP
cblr-2871	172	19	their	their	PRON
cblr-2871	172	20	management	management	NOUN
cblr-2871	172	21	,	,	PUNCT
cblr-2871	172	22	and	and	CCONJ
cblr-2871	172	23	in	in	ADP
cblr-2871	172	24	their	their	PRON
cblr-2871	172	25	likelihood	likelihood	NOUN
cblr-2871	172	26	of	of	ADP
cblr-2871	172	27	being	be	AUX
cblr-2871	172	28	acquired	acquire	VERB
cblr-2871	172	29	by	by	ADP
cblr-2871	172	30	another	another	DET
cblr-2871	172	31	company	company	NOUN
cblr-2871	172	32	-	-	PUNCT
cblr-2871	172	33	and	and	CCONJ
cblr-2871	172	34	,	,	PUNCT
cblr-2871	172	35	in	in	ADP
cblr-2871	172	36	turn	turn	NOUN
cblr-2871	172	37	,	,	PUNCT
cblr-2871	172	38	in	in	ADP
cblr-2871	172	39	their	their	PRON
cblr-2871	172	40	likelihood	likelihood	NOUN
cblr-2871	172	41	of	of	ADP
cblr-2871	172	42	being	be	AUX
cblr-2871	172	43	disciplined	discipline	VERB
cblr-2871	172	44	by	by	ADP
cblr-2871	172	45	the	the	DET
cblr-2871	172	46	market	market	NOUN
cblr-2871	172	47	for	for	ADP
cblr-2871	172	48	corporate	corporate	ADJ
cblr-2871	172	49	control.27	control.27	PROPN
cblr-2871	172	50	as	as	ADP
cblr-2871	172	51	a	a	DET
cblr-2871	172	52	result	result	NOUN
cblr-2871	172	53	,	,	PUNCT
cblr-2871	172	54	this	this	DET
cblr-2871	172	55	part	part	NOUN
cblr-2871	172	56	argues	argue	VERB
cblr-2871	172	57	,	,	PUNCT
cblr-2871	172	58	governance	governance	NOUN
cblr-2871	172	59	terms	term	NOUN
cblr-2871	172	60	'	'	PART
cblr-2871	172	61	use	use	NOUN
cblr-2871	172	62	and	and	CCONJ
cblr-2871	172	63	effect	effect	NOUN
cblr-2871	172	64	also	also	ADV
cblr-2871	172	65	vary	vary	VERB
cblr-2871	172	66	across	across	ADP
cblr-2871	172	67	firms	firm	NOUN
cblr-2871	172	68	.	.	PUNCT
cblr-2871	173	1	since	since	SCONJ
cblr-2871	173	2	market	market	NOUN
cblr-2871	173	3	forces	force	NOUN
cblr-2871	173	4	limit	limit	VERB
cblr-2871	173	5	private	private	ADJ
cblr-2871	173	6	benefits	benefit	NOUN
cblr-2871	173	7	,	,	PUNCT
cblr-2871	173	8	they	they	PRON
cblr-2871	173	9	also	also	ADV
cblr-2871	173	10	limit	limit	VERB
cblr-2871	173	11	the	the	DET
cblr-2871	173	12	use	use	NOUN
cblr-2871	173	13	and	and	CCONJ
cblr-2871	173	14	effect	effect	NOUN
cblr-2871	173	15	of	of	ADP
cblr-2871	173	16	governance	governance	NOUN
cblr-2871	173	17	terms	term	NOUN
cblr-2871	173	18	.	.	PUNCT
cblr-2871	174	1	in	in	ADP
cblr-2871	174	2	firms	firm	NOUN
cblr-2871	174	3	that	that	PRON
cblr-2871	174	4	face	face	VERB
cblr-2871	174	5	significant	significant	ADJ
cblr-2871	174	6	market	market	NOUN
cblr-2871	174	7	force	force	NOUN
cblr-2871	174	8	discipline	discipline	NOUN
cblr-2871	174	9	,	,	PUNCT
cblr-2871	174	10	managers	manager	NOUN
cblr-2871	174	11	are	be	AUX
cblr-2871	174	12	less	less	ADV
cblr-2871	174	13	likely	likely	ADJ
cblr-2871	174	14	to	to	PART
cblr-2871	174	15	take	take	VERB
cblr-2871	174	16	advantage	advantage	NOUN
cblr-2871	174	17	of	of	ADP
cblr-2871	174	18	entrenching	entrench	VERB
cblr-2871	174	19	corporate	corporate	ADJ
cblr-2871	174	20	governance	governance	NOUN
cblr-2871	174	21	terms	term	NOUN
cblr-2871	174	22	.	.	PUNCT
cblr-2871	175	1	even	even	ADV
cblr-2871	175	2	if	if	SCONJ
cblr-2871	175	3	the	the	DET
cblr-2871	175	4	firm	firm	NOUN
cblr-2871	175	5	had	have	VERB
cblr-2871	175	6	a	a	DET
cblr-2871	175	7	staggered	staggered	ADJ
cblr-2871	175	8	board	board	NOUN
cblr-2871	175	9	,	,	PUNCT
cblr-2871	175	10	and	and	CCONJ
cblr-2871	175	11	managers	manager	NOUN
cblr-2871	175	12	were	be	AUX
cblr-2871	175	13	therefore	therefore	ADV
cblr-2871	175	14	less	less	ADV
cblr-2871	175	15	concerned	concerned	ADJ
cblr-2871	175	16	about	about	ADP
cblr-2871	175	17	hostile	hostile	ADJ
cblr-2871	175	18	takeovers	takeover	NOUN
cblr-2871	175	19	,	,	PUNCT
cblr-2871	175	20	managers	manager	NOUN
cblr-2871	175	21	who	who	PRON
cblr-2871	175	22	face	face	VERB
cblr-2871	175	23	fierce	fierce	ADJ
cblr-2871	175	24	competition	competition	NOUN
cblr-2871	175	25	would	would	AUX
cblr-2871	175	26	still	still	ADV
cblr-2871	175	27	have	have	VERB
cblr-2871	175	28	to	to	PART
cblr-2871	175	29	manage	manage	VERB
cblr-2871	175	30	the	the	DET
cblr-2871	175	31	firm	firm	NOUN
cblr-2871	175	32	efficiently	efficiently	ADV
cblr-2871	175	33	to	to	PART
cblr-2871	175	34	ensure	ensure	VERB
cblr-2871	175	35	the	the	DET
cblr-2871	175	36	firm	firm	NOUN
cblr-2871	175	37	's	's	PART
cblr-2871	175	38	survival	survival	NOUN
cblr-2871	175	39	.	.	PUNCT
cblr-2871	176	1	conversely	conversely	ADV
cblr-2871	176	2	,	,	PUNCT
cblr-2871	176	3	if	if	SCONJ
cblr-2871	176	4	a	a	DET
cblr-2871	176	5	firm	firm	NOUN
cblr-2871	176	6	operates	operate	VERB
cblr-2871	176	7	in	in	ADP
cblr-2871	176	8	a	a	DET
cblr-2871	176	9	concentrated	concentrated	ADJ
cblr-2871	176	10	industry	industry	NOUN
cblr-2871	176	11	,	,	PUNCT
cblr-2871	176	12	monopolistic	monopolistic	ADJ
cblr-2871	176	13	profits	profit	NOUN
cblr-2871	176	14	leave	leave	VERB
cblr-2871	176	15	a	a	DET
cblr-2871	176	16	margin	margin	NOUN
cblr-2871	176	17	for	for	ADP
cblr-2871	176	18	slack	slack	NOUN
cblr-2871	176	19	.	.	PUNCT
cblr-2871	177	1	managers	manager	NOUN
cblr-2871	177	2	may	may	AUX
cblr-2871	177	3	extract	extract	VERB
cblr-2871	177	4	perks	perk	NOUN
cblr-2871	177	5	,	,	PUNCT
cblr-2871	177	6	manage	manage	VERB
cblr-2871	177	7	less	less	ADJ
cblr-2871	177	8	26	26	NUM
cblr-2871	177	9	see	see	NOUN
cblr-2871	177	10	,	,	PUNCT
cblr-2871	177	11	e.g.	e.g.	ADV
cblr-2871	177	12	,	,	PUNCT
cblr-2871	177	13	bebchuk	bebchuk	NOUN
cblr-2871	177	14	,	,	PUNCT
cblr-2871	177	15	debate	debate	NOUN
cblr-2871	177	16	on	on	ADP
cblr-2871	177	17	contractual	contractual	ADJ
cblr-2871	177	18	freedom	freedom	NOUN
cblr-2871	177	19	,	,	PUNCT
cblr-2871	177	20	supra	supra	PROPN
cblr-2871	177	21	note	note	PROPN
cblr-2871	177	22	22	22	NUM
cblr-2871	177	23	,	,	PUNCT
cblr-2871	177	24	at	at	ADP
cblr-2871	177	25	1401	1401	NUM
cblr-2871	177	26	n.32	n.32	X
cblr-2871	177	27	.	.	PUNCT
cblr-2871	178	1	the	the	DET
cblr-2871	178	2	debate	debate	NOUN
cblr-2871	178	3	,	,	PUNCT
cblr-2871	178	4	however	however	ADV
cblr-2871	178	5	,	,	PUNCT
cblr-2871	178	6	did	do	AUX
cblr-2871	178	7	not	not	PART
cblr-2871	178	8	focus	focus	VERB
cblr-2871	178	9	on	on	ADP
cblr-2871	178	10	the	the	DET
cblr-2871	178	11	potential	potential	ADJ
cblr-2871	178	12	influence	influence	NOUN
cblr-2871	178	13	of	of	ADP
cblr-2871	178	14	market	market	NOUN
cblr-2871	178	15	forces	force	NOUN
cblr-2871	178	16	on	on	ADP
cblr-2871	178	17	the	the	DET
cblr-2871	178	18	uses	use	NOUN
cblr-2871	178	19	,	,	PUNCT
cblr-2871	178	20	effects	effect	NOUN
cblr-2871	178	21	,	,	PUNCT
cblr-2871	178	22	and	and	CCONJ
cblr-2871	178	23	value	value	NOUN
cblr-2871	178	24	of	of	ADP
cblr-2871	178	25	governance	governance	NOUN
cblr-2871	178	26	terms	term	NOUN
cblr-2871	178	27	.	.	PUNCT
cblr-2871	179	1	27	27	NUM
cblr-2871	179	2	see	see	VERB
cblr-2871	179	3	e.g.	e.g.	ADV
cblr-2871	179	4	,	,	PUNCT
cblr-2871	179	5	barry	barry	PROPN
cblr-2871	179	6	d.	d.	PROPN
cblr-2871	179	7	baysinger	baysinger	PROPN
cblr-2871	179	8	&	&	CCONJ
cblr-2871	179	9	henry	henry	PROPN
cblr-2871	179	10	n.	n.	PROPN
cblr-2871	179	11	butler	butler	PROPN
cblr-2871	179	12	,	,	PUNCT
cblr-2871	179	13	race	race	NOUN
cblr-2871	179	14	for	for	ADP
cblr-2871	179	15	the	the	DET
cblr-2871	179	16	bottom	bottom	NOUN
cblr-2871	179	17	v.	v.	ADP
cblr-2871	179	18	climb	climb	NOUN
cblr-2871	179	19	to	to	ADP
cblr-2871	179	20	the	the	DET
cblr-2871	179	21	top	top	NOUN
cblr-2871	179	22	:	:	PUNCT
cblr-2871	179	23	the	the	DET
cblr-2871	179	24	ali	ali	PROPN
cblr-2871	179	25	project	project	NOUN
cblr-2871	179	26	and	and	CCONJ
cblr-2871	179	27	uniformity	uniformity	NOUN
cblr-2871	179	28	in	in	ADP
cblr-2871	179	29	corporate	corporate	ADJ
cblr-2871	179	30	law	law	NOUN
cblr-2871	179	31	,	,	PUNCT
cblr-2871	179	32	10	10	NUM
cblr-2871	179	33	j.	j.	PROPN
cblr-2871	179	34	corp	corp	PROPN
cblr-2871	179	35	.	.	PROPN
cblr-2871	179	36	l.	l.	PROPN
cblr-2871	179	37	431	431	NUM
cblr-2871	179	38	,	,	PUNCT
cblr-2871	179	39	450	450	NUM
cblr-2871	179	40	-	-	SYM
cblr-2871	179	41	51	51	NUM
cblr-2871	179	42	(	(	PUNCT
cblr-2871	179	43	1985	1985	NUM
cblr-2871	179	44	)	)	PUNCT
cblr-2871	179	45	(	(	PUNCT
cblr-2871	179	46	stating	state	VERB
cblr-2871	179	47	generally	generally	ADV
cblr-2871	179	48	that	that	SCONJ
cblr-2871	179	49	the	the	DET
cblr-2871	179	50	market	market	NOUN
cblr-2871	179	51	forces	force	NOUN
cblr-2871	179	52	mechanism	mechanism	NOUN
cblr-2871	179	53	entails	entail	VERB
cblr-2871	179	54	transaction	transaction	NOUN
cblr-2871	179	55	costs	cost	NOUN
cblr-2871	179	56	,	,	PUNCT
cblr-2871	179	57	and	and	CCONJ
cblr-2871	179	58	as	as	ADP
cblr-2871	179	59	a	a	DET
cblr-2871	179	60	result	result	NOUN
cblr-2871	179	61	reliance	reliance	NOUN
cblr-2871	179	62	upon	upon	SCONJ
cblr-2871	179	63	market	market	NOUN
cblr-2871	179	64	incentives	incentive	NOUN
cblr-2871	179	65	will	will	AUX
cblr-2871	179	66	be	be	AUX
cblr-2871	179	67	appropriate	appropriate	ADJ
cblr-2871	179	68	only	only	ADV
cblr-2871	179	69	in	in	ADP
cblr-2871	179	70	some	some	DET
cblr-2871	179	71	firms	firm	NOUN
cblr-2871	179	72	)	)	PUNCT
cblr-2871	179	73	.	.	PUNCT
cblr-2871	180	1	638	638	NUM
cblr-2871	180	2	col	col	PROPN
cblr-2871	180	3	umia	umia	NOUN
cblr-2871	180	4	b	b	PROPN
cblr-2871	180	5	usiness	usiness	PROPN
cblr-2871	180	6	la	la	PROPN
cblr-2871	180	7	w	w	PROPN
cblr-2871	180	8	re	re	PROPN
cblr-2871	180	9	vie	vie	PROPN
cblr-2871	180	10	w	w	PROPN
cblr-2871	181	1	[	[	X
cblr-2871	181	2	vol	vol	NOUN
cblr-2871	181	3	.	.	PUNCT
cblr-2871	181	4	2013	2013	NUM
cblr-2871	181	5	no	no	NOUN
cblr-2871	181	6	.	.	PUNCT
cblr-2871	182	1	3:627	3:627	NUM
cblr-2871	182	2	]	]	PUNCT
cblr-2871	182	3	noise	noise	NOUN
cblr-2871	182	4	adopters	adopter	NOUN
cblr-2871	182	5	in	in	ADP
cblr-2871	182	6	corporate	corporate	ADJ
cblr-2871	182	7	governance	governance	NOUN
cblr-2871	182	8	efficiently	efficiently	ADV
cblr-2871	182	9	,	,	PUNCT
cblr-2871	182	10	or	or	CCONJ
cblr-2871	182	11	make	make	VERB
cblr-2871	182	12	unwise	unwise	ADJ
cblr-2871	182	13	decisions	decision	NOUN
cblr-2871	182	14	without	without	ADP
cblr-2871	182	15	risking	risk	VERB
cblr-2871	182	16	the	the	DET
cblr-2871	182	17	company	company	NOUN
cblr-2871	182	18	's	's	PART
cblr-2871	182	19	existence	existence	NOUN
cblr-2871	182	20	.	.	PUNCT
cblr-2871	183	1	for	for	ADP
cblr-2871	183	2	these	these	DET
cblr-2871	183	3	managers	manager	NOUN
cblr-2871	183	4	,	,	PUNCT
cblr-2871	183	5	it	it	PRON
cblr-2871	183	6	will	will	AUX
cblr-2871	183	7	matter	matter	VERB
cblr-2871	183	8	significantly	significantly	ADV
cblr-2871	183	9	whether	whether	SCONJ
cblr-2871	183	10	the	the	DET
cblr-2871	183	11	firm	firm	NOUN
cblr-2871	183	12	has	have	VERB
cblr-2871	183	13	a	a	DET
cblr-2871	183	14	staggered	staggered	ADJ
cblr-2871	183	15	board	board	NOUN
cblr-2871	183	16	.	.	PUNCT
cblr-2871	184	1	the	the	DET
cblr-2871	184	2	threat	threat	NOUN
cblr-2871	184	3	of	of	ADP
cblr-2871	184	4	a	a	DET
cblr-2871	184	5	hostile	hostile	ADJ
cblr-2871	184	6	takeover	takeover	NOUN
cblr-2871	184	7	could	could	AUX
cblr-2871	184	8	provide	provide	VERB
cblr-2871	184	9	the	the	DET
cblr-2871	184	10	discipline	discipline	NOUN
cblr-2871	184	11	that	that	PRON
cblr-2871	184	12	the	the	DET
cblr-2871	184	13	product	product	NOUN
cblr-2871	184	14	market	market	NOUN
cblr-2871	184	15	lacks	lack	VERB
cblr-2871	184	16	.	.	PUNCT
cblr-2871	185	1	take	take	VERB
cblr-2871	185	2	competition	competition	NOUN
cblr-2871	185	3	in	in	ADP
cblr-2871	185	4	the	the	DET
cblr-2871	185	5	product	product	NOUN
cblr-2871	185	6	market	market	NOUN
cblr-2871	185	7	,	,	PUNCT
cblr-2871	185	8	which	which	PRON
cblr-2871	185	9	has	have	AUX
cblr-2871	185	10	long	long	ADV
cblr-2871	185	11	been	be	AUX
cblr-2871	185	12	recognized	recognize	VERB
cblr-2871	185	13	as	as	ADP
cblr-2871	185	14	constraining	constrain	VERB
cblr-2871	185	15	managers	manager	NOUN
cblr-2871	185	16	'	'	PART
cblr-2871	185	17	agency	agency	NOUN
cblr-2871	185	18	costs	cost	NOUN
cblr-2871	185	19	.	.	PUNCT
cblr-2871	186	1	28	28	NUM
cblr-2871	187	1	the	the	DET
cblr-2871	187	2	exact	exact	ADJ
cblr-2871	187	3	level	level	NOUN
cblr-2871	187	4	of	of	ADP
cblr-2871	187	5	competition	competition	NOUN
cblr-2871	187	6	a	a	DET
cblr-2871	187	7	firm	firm	NOUN
cblr-2871	187	8	faces	face	VERB
cblr-2871	187	9	varies	vary	VERB
cblr-2871	187	10	across	across	ADP
cblr-2871	187	11	industries	industry	NOUN
cblr-2871	187	12	and	and	CCONJ
cblr-2871	187	13	,	,	PUNCT
cblr-2871	187	14	within	within	ADP
cblr-2871	187	15	industries	industry	NOUN
cblr-2871	187	16	,	,	PUNCT
cblr-2871	187	17	across	across	ADP
cblr-2871	187	18	firms	firm	NOUN
cblr-2871	187	19	.	.	PUNCT
cblr-2871	188	1	some	some	DET
cblr-2871	188	2	industries	industry	NOUN
cblr-2871	188	3	have	have	VERB
cblr-2871	188	4	higher	high	ADJ
cblr-2871	188	5	barriers	barrier	NOUN
cblr-2871	188	6	to	to	ADP
cblr-2871	188	7	entry	entry	NOUN
cblr-2871	188	8	than	than	SCONJ
cblr-2871	188	9	others.2	others.2	ADP
cblr-2871	188	10	9	9	NUM
cblr-2871	188	11	some	some	DET
cblr-2871	188	12	products	product	NOUN
cblr-2871	188	13	have	have	VERB
cblr-2871	188	14	closer	close	ADJ
cblr-2871	188	15	substitutes	substitute	NOUN
cblr-2871	188	16	than	than	ADP
cblr-2871	188	17	others	other	NOUN
cblr-2871	188	18	.	.	PUNCT
cblr-2871	189	1	variation	variation	NOUN
cblr-2871	189	2	in	in	ADP
cblr-2871	189	3	competition	competition	NOUN
cblr-2871	189	4	translates	translate	VERB
cblr-2871	189	5	to	to	ADP
cblr-2871	189	6	variation	variation	NOUN
cblr-2871	189	7	in	in	ADP
cblr-2871	189	8	private	private	ADJ
cblr-2871	189	9	benefits	benefit	NOUN
cblr-2871	189	10	for	for	ADP
cblr-2871	189	11	managers	manager	NOUN
cblr-2871	189	12	.	.	PUNCT
cblr-2871	190	1	30	30	NUM
cblr-2871	190	2	a	a	DET
cblr-2871	190	3	recent	recent	ADJ
cblr-2871	190	4	study	study	NOUN
cblr-2871	190	5	found	find	VERB
cblr-2871	190	6	that	that	SCONJ
cblr-2871	190	7	the	the	DET
cblr-2871	190	8	control	control	NOUN
cblr-2871	190	9	premium	premium	NOUN
cblr-2871	190	10	-	-	PUNCT
cblr-2871	190	11	a	a	DET
cblr-2871	190	12	common	common	ADJ
cblr-2871	190	13	indicator	indicator	NOUN
cblr-2871	190	14	for	for	ADP
cblr-2871	190	15	extraction	extraction	NOUN
cblr-2871	190	16	of	of	ADP
cblr-2871	190	17	private	private	ADJ
cblr-2871	190	18	benefits	benefit	NOUN
cblr-2871	190	19	-	-	PUNCT
cblr-2871	190	20	is	be	AUX
cblr-2871	190	21	lower	low	ADJ
cblr-2871	190	22	in	in	ADP
cblr-2871	190	23	competitive	competitive	ADJ
cblr-2871	190	24	industries.3	industries.3	NOUN
cblr-2871	190	25	1	1	NUM
cblr-2871	190	26	in	in	ADP
cblr-2871	190	27	competitive	competitive	ADJ
cblr-2871	190	28	industries	industry	NOUN
cblr-2871	190	29	,	,	PUNCT
cblr-2871	190	30	in	in	ADP
cblr-2871	190	31	other	other	ADJ
cblr-2871	190	32	words	word	NOUN
cblr-2871	190	33	,	,	PUNCT
cblr-2871	190	34	insiders	insider	NOUN
cblr-2871	190	35	can	can	AUX
cblr-2871	190	36	extract	extract	VERB
cblr-2871	190	37	less	less	ADJ
cblr-2871	190	38	from	from	ADP
cblr-2871	190	39	their	their	PRON
cblr-2871	190	40	firms	firm	NOUN
cblr-2871	190	41	because	because	SCONJ
cblr-2871	190	42	demand	demand	NOUN
cblr-2871	190	43	for	for	ADP
cblr-2871	190	44	those	those	DET
cblr-2871	190	45	products	product	NOUN
cblr-2871	190	46	and	and	CCONJ
cblr-2871	190	47	services	service	NOUN
cblr-2871	190	48	is	be	AUX
cblr-2871	190	49	more	more	ADV
cblr-2871	190	50	elastic	elastic	ADJ
cblr-2871	190	51	.	.	PUNCT
cblr-2871	191	1	accordingly	accordingly	ADV
cblr-2871	191	2	,	,	PUNCT
cblr-2871	191	3	variation	variation	NOUN
cblr-2871	191	4	in	in	ADP
cblr-2871	191	5	competition	competition	NOUN
cblr-2871	191	6	also	also	ADV
cblr-2871	191	7	translates	translate	VERB
cblr-2871	191	8	to	to	ADP
cblr-2871	191	9	variation	variation	NOUN
cblr-2871	191	10	in	in	ADP
cblr-2871	191	11	entrenching	entrench	VERB
cblr-2871	191	12	terms	term	NOUN
cblr-2871	191	13	'	'	PART
cblr-2871	191	14	use	use	NOUN
cblr-2871	191	15	and	and	CCONJ
cblr-2871	191	16	effect	effect	VERB
cblr-2871	191	17	.	.	PUNCT
cblr-2871	192	1	as	as	SCONJ
cblr-2871	192	2	a	a	DET
cblr-2871	192	3	recent	recent	ADJ
cblr-2871	192	4	study	study	NOUN
cblr-2871	192	5	found	find	VERB
cblr-2871	192	6	,	,	PUNCT
cblr-2871	192	7	weak	weak	ADJ
cblr-2871	192	8	governance	governance	NOUN
cblr-2871	192	9	is	be	AUX
cblr-2871	192	10	only	only	ADV
cblr-2871	192	11	associated	associate	VERB
cblr-2871	192	12	with	with	ADP
cblr-2871	192	13	lower	low	ADJ
cblr-2871	192	14	value	value	NOUN
cblr-2871	192	15	and	and	CCONJ
cblr-2871	192	16	worse	bad	ADJ
cblr-2871	192	17	performance	performance	NOUN
cblr-2871	192	18	in	in	ADP
cblr-2871	192	19	noncompetitive	noncompetitive	ADJ
cblr-2871	192	20	industries	industry	NOUN
cblr-2871	192	21	.	.	PUNCT
cblr-2871	193	1	32	32	NUM
cblr-2871	193	2	in	in	ADP
cblr-2871	193	3	competitive	competitive	ADJ
cblr-2871	193	4	industries	industry	NOUN
cblr-2871	193	5	there	there	PRON
cblr-2871	193	6	is	be	VERB
cblr-2871	193	7	no	no	DET
cblr-2871	193	8	significant	significant	ADJ
cblr-2871	193	9	difference	difference	NOUN
cblr-2871	193	10	28	28	NUM
cblr-2871	193	11	see	see	VERB
cblr-2871	193	12	winter	winter	NOUN
cblr-2871	193	13	,	,	PUNCT
cblr-2871	193	14	supra	supra	PROPN
cblr-2871	193	15	note	note	NOUN
cblr-2871	193	16	22	22	NUM
cblr-2871	193	17	,	,	PUNCT
cblr-2871	193	18	at	at	ADP
cblr-2871	193	19	263	263	NUM
cblr-2871	193	20	-	-	SYM
cblr-2871	193	21	64	64	NUM
cblr-2871	193	22	.	.	PUNCT
cblr-2871	193	23	29	29	NUM
cblr-2871	193	24	see	see	VERB
cblr-2871	193	25	generally	generally	ADV
cblr-2871	193	26	michael	michael	PROPN
cblr-2871	193	27	e.	e.	PROPN
cblr-2871	193	28	porter	porter	PROPN
cblr-2871	193	29	,	,	PUNCT
cblr-2871	193	30	competitive	competitive	ADJ
cblr-2871	193	31	strategy	strategy	NOUN
cblr-2871	193	32	:	:	PUNCT
cblr-2871	193	33	techniques	technique	NOUN
cblr-2871	193	34	for	for	ADP
cblr-2871	193	35	analyzing	analyze	VERB
cblr-2871	193	36	industries	industry	NOUN
cblr-2871	193	37	and	and	CCONJ
cblr-2871	193	38	competitors	competitor	NOUN
cblr-2871	193	39	7	7	NUM
cblr-2871	193	40	-	-	SYM
cblr-2871	193	41	13	13	NUM
cblr-2871	193	42	(	(	PUNCT
cblr-2871	193	43	1980	1980	NUM
cblr-2871	193	44	)	)	PUNCT
cblr-2871	193	45	(	(	PUNCT
cblr-2871	193	46	discussing	discuss	VERB
cblr-2871	193	47	how	how	SCONJ
cblr-2871	193	48	industries	industry	NOUN
cblr-2871	193	49	'	'	PART
cblr-2871	193	50	structural	structural	ADJ
cblr-2871	193	51	characteristics	characteristic	NOUN
cblr-2871	193	52	affect	affect	VERB
cblr-2871	193	53	the	the	DET
cblr-2871	193	54	level	level	NOUN
cblr-2871	193	55	of	of	ADP
cblr-2871	193	56	competition	competition	NOUN
cblr-2871	193	57	)	)	PUNCT
cblr-2871	193	58	.	.	PUNCT
cblr-2871	194	1	30	30	NUM
cblr-2871	194	2	see	see	VERB
cblr-2871	194	3	mark	mark	PROPN
cblr-2871	194	4	j.	j.	PROPN
cblr-2871	194	5	roe	roe	PROPN
cblr-2871	194	6	,	,	PUNCT
cblr-2871	194	7	rents	rent	NOUN
cblr-2871	194	8	and	and	CCONJ
cblr-2871	194	9	their	their	PRON
cblr-2871	194	10	corporate	corporate	ADJ
cblr-2871	194	11	consequences	consequence	NOUN
cblr-2871	194	12	,	,	PUNCT
cblr-2871	194	13	53	53	NUM
cblr-2871	194	14	stan	stan	PROPN
cblr-2871	194	15	.	.	PUNCT
cblr-2871	195	1	l.	l.	PROPN
cblr-2871	195	2	rev	rev	PROPN
cblr-2871	195	3	.	.	PROPN
cblr-2871	195	4	1463	1463	NUM
cblr-2871	195	5	,	,	PUNCT
cblr-2871	195	6	1476	1476	NUM
cblr-2871	195	7	(	(	PUNCT
cblr-2871	195	8	2001	2001	NUM
cblr-2871	195	9	)	)	PUNCT
cblr-2871	195	10	(	(	PUNCT
cblr-2871	195	11	arguing	argue	VERB
cblr-2871	195	12	that	that	SCONJ
cblr-2871	195	13	increased	increase	VERB
cblr-2871	195	14	monopoly	monopoly	NOUN
cblr-2871	195	15	rents	rent	NOUN
cblr-2871	195	16	induce	induce	VERB
cblr-2871	195	17	higher	high	ADJ
cblr-2871	195	18	potential	potential	ADJ
cblr-2871	195	19	agency	agency	NOUN
cblr-2871	195	20	costs	cost	NOUN
cblr-2871	195	21	)	)	PUNCT
cblr-2871	195	22	.	.	PUNCT
cblr-2871	196	1	31	31	NUM
cblr-2871	196	2	see	see	VERB
cblr-2871	196	3	maria	maria	PROPN
cblr-2871	196	4	guadalupe	guadalupe	PROPN
cblr-2871	196	5	&	&	CCONJ
cblr-2871	196	6	francisco	francisco	PROPN
cblr-2871	196	7	perez	perez	PROPN
cblr-2871	196	8	-	-	PUNCT
cblr-2871	196	9	gonzalez	gonzalez	PROPN
cblr-2871	196	10	,	,	PUNCT
cblr-2871	196	11	competition	competition	NOUN
cblr-2871	196	12	and	and	CCONJ
cblr-2871	196	13	private	private	ADJ
cblr-2871	196	14	benefits	benefit	NOUN
cblr-2871	196	15	of	of	ADP
cblr-2871	196	16	control	control	NOUN
cblr-2871	196	17	15	15	NUM
cblr-2871	196	18	-	-	SYM
cblr-2871	196	19	17	17	NUM
cblr-2871	196	20	(	(	PUNCT
cblr-2871	196	21	mar	mar	PROPN
cblr-2871	196	22	.	.	PROPN
cblr-2871	196	23	2010	2010	NUM
cblr-2871	196	24	)	)	PUNCT
cblr-2871	196	25	(	(	PUNCT
cblr-2871	196	26	unpublished	unpublished	ADJ
cblr-2871	196	27	article	article	NOUN
cblr-2871	196	28	)	)	PUNCT
cblr-2871	196	29	,	,	PUNCT
cblr-2871	196	30	available	available	ADJ
cblr-2871	196	31	at	at	ADP
cblr-2871	196	32	http://ssrn.com/abstract=890814	http://ssrn.com/abstract=890814	NOUN
cblr-2871	196	33	;	;	PUNCT
cblr-2871	196	34	maria	maria	PROPN
cblr-2871	196	35	guadalupe	guadalupe	PROPN
cblr-2871	196	36	&	&	CCONJ
cblr-2871	196	37	francisco	francisco	PROPN
cblr-2871	196	38	perez	perez	PROPN
cblr-2871	196	39	-	-	PUNCT
cblr-2871	196	40	gonzalez	gonzalez	PROPN
cblr-2871	196	41	,	,	PUNCT
cblr-2871	196	42	the	the	DET
cblr-2871	196	43	impact	impact	NOUN
cblr-2871	196	44	of	of	ADP
cblr-2871	196	45	product	product	NOUN
cblr-2871	196	46	market	market	NOUN
cblr-2871	196	47	competition	competition	NOUN
cblr-2871	196	48	on	on	ADP
cblr-2871	196	49	private	private	ADJ
cblr-2871	196	50	benefits	benefit	NOUN
cblr-2871	196	51	of	of	ADP
cblr-2871	196	52	control	control	NOUN
cblr-2871	196	53	4	4	NUM
cblr-2871	196	54	(	(	PUNCT
cblr-2871	196	55	inst	inst	NOUN
cblr-2871	196	56	.	.	PROPN
cblr-2871	196	57	of	of	ADP
cblr-2871	196	58	econ	econ	PROPN
cblr-2871	196	59	.	.	PUNCT
cblr-2871	197	1	research	research	PROPN
cblr-2871	197	2	,	,	PUNCT
cblr-2871	197	3	hitotsubashi	hitotsubashi	PROPN
cblr-2871	197	4	univ	univ	PROPN
cblr-2871	197	5	.	.	PUNCT
cblr-2871	198	1	discussion	discussion	NOUN
cblr-2871	198	2	paper	paper	NOUN
cblr-2871	198	3	no	no	INTJ
cblr-2871	198	4	.	.	PROPN
cblr-2871	198	5	159	159	NUM
cblr-2871	198	6	,	,	PUNCT
cblr-2871	198	7	2006	2006	NUM
cblr-2871	198	8	)	)	PUNCT
cblr-2871	198	9	,	,	PUNCT
cblr-2871	198	10	available	available	ADJ
cblr-2871	198	11	at	at	ADP
cblr-2871	198	12	http://hermes-ir.lib.hitu.ac.jp/rs/bitstream/10086/13564/1/do5-159.pdf	http://hermes-ir.lib.hitu.ac.jp/rs/bitstream/10086/13564/1/do5-159.pdf	NOUN
cblr-2871	198	13	.	.	PUNCT
cblr-2871	199	1	32	32	NUM
cblr-2871	199	2	see	see	VERB
cblr-2871	199	3	xavier	xavier	PROPN
cblr-2871	199	4	giroud	giroud	PROPN
cblr-2871	199	5	&	&	CCONJ
cblr-2871	199	6	holger	holger	PROPN
cblr-2871	199	7	m.	m.	PROPN
cblr-2871	199	8	mueller	mueller	PROPN
cblr-2871	199	9	,	,	PUNCT
cblr-2871	199	10	corporate	corporate	ADJ
cblr-2871	199	11	governance	governance	NOUN
cblr-2871	199	12	,	,	PUNCT
cblr-2871	199	13	product	product	NOUN
cblr-2871	199	14	market	market	NOUN
cblr-2871	199	15	competition	competition	NOUN
cblr-2871	199	16	,	,	PUNCT
cblr-2871	199	17	and	and	CCONJ
cblr-2871	199	18	equity	equity	NOUN
cblr-2871	199	19	prices	price	NOUN
cblr-2871	199	20	,	,	PUNCT
cblr-2871	199	21	66	66	NUM
cblr-2871	199	22	j.	j.	PROPN
cblr-2871	199	23	fin	fin	PROPN
cblr-2871	199	24	.	.	PUNCT
cblr-2871	200	1	563	563	NUM
cblr-2871	200	2	,	,	PUNCT
cblr-2871	200	3	563	563	NUM
cblr-2871	200	4	(	(	PUNCT
cblr-2871	200	5	2011	2011	NUM
cblr-2871	200	6	)	)	PUNCT
cblr-2871	200	7	.	.	PUNCT
cblr-2871	201	1	639	639	NUM
cblr-2871	201	2	columbia	columbia	PROPN
cblr-2871	201	3	business	business	NOUN
cblr-2871	201	4	law	law	PROPN
cblr-2871	201	5	review	review	NOUN
cblr-2871	201	6	between	between	ADP
cblr-2871	201	7	the	the	DET
cblr-2871	201	8	performance	performance	NOUN
cblr-2871	201	9	of	of	ADP
cblr-2871	201	10	firms	firm	NOUN
cblr-2871	201	11	with	with	ADP
cblr-2871	201	12	strong	strong	ADJ
cblr-2871	201	13	and	and	CCONJ
cblr-2871	201	14	weak	weak	ADJ
cblr-2871	201	15	governance	governance	NOUN
cblr-2871	201	16	.	.	PUNCT
cblr-2871	202	1	33	33	NUM
cblr-2871	202	2	other	other	ADJ
cblr-2871	202	3	market	market	NOUN
cblr-2871	202	4	forces	force	NOUN
cblr-2871	202	5	also	also	ADV
cblr-2871	202	6	vary	vary	VERB
cblr-2871	202	7	across	across	ADP
cblr-2871	202	8	companies	company	NOUN
cblr-2871	202	9	.	.	PUNCT
cblr-2871	203	1	take	take	VERB
cblr-2871	203	2	,	,	PUNCT
cblr-2871	203	3	for	for	ADP
cblr-2871	203	4	example	example	NOUN
cblr-2871	203	5	,	,	PUNCT
cblr-2871	203	6	the	the	DET
cblr-2871	203	7	managerial	managerial	ADJ
cblr-2871	203	8	labor	labor	NOUN
cblr-2871	203	9	market	market	NOUN
cblr-2871	203	10	that	that	PRON
cblr-2871	203	11	arguably	arguably	ADV
cblr-2871	203	12	penalizes	penalize	VERB
cblr-2871	203	13	managers	manager	NOUN
cblr-2871	203	14	who	who	PRON
cblr-2871	203	15	do	do	AUX
cblr-2871	203	16	not	not	PART
cblr-2871	203	17	perform	perform	VERB
cblr-2871	203	18	well.34	well.34	NOUN
cblr-2871	203	19	the	the	DET
cblr-2871	203	20	extent	extent	NOUN
cblr-2871	203	21	to	to	PART
cblr-2871	203	22	which	which	PRON
cblr-2871	203	23	firm	firm	ADJ
cblr-2871	203	24	performance	performance	NOUN
cblr-2871	203	25	affects	affect	VERB
cblr-2871	203	26	the	the	DET
cblr-2871	203	27	hiring	hiring	NOUN
cblr-2871	203	28	and	and	CCONJ
cblr-2871	203	29	firing	firing	NOUN
cblr-2871	203	30	of	of	ADP
cblr-2871	203	31	managers	manager	NOUN
cblr-2871	203	32	varies	vary	VERB
cblr-2871	203	33	across	across	ADP
cblr-2871	203	34	firms	firm	NOUN
cblr-2871	203	35	.	.	PUNCT
cblr-2871	204	1	firm	firm	ADJ
cblr-2871	204	2	performance	performance	NOUN
cblr-2871	204	3	is	be	AUX
cblr-2871	204	4	noisymany	noisymany	ADJ
cblr-2871	204	5	factors	factor	NOUN
cblr-2871	204	6	affect	affect	VERB
cblr-2871	204	7	it	it	PRON
cblr-2871	204	8	,	,	PUNCT
cblr-2871	204	9	of	of	ADP
cblr-2871	204	10	which	which	PRON
cblr-2871	204	11	managers	manager	NOUN
cblr-2871	204	12	'	'	PART
cblr-2871	204	13	performance	performance	NOUN
cblr-2871	204	14	is	be	AUX
cblr-2871	204	15	only	only	ADV
cblr-2871	204	16	one	one	NUM
cblr-2871	204	17	.	.	PUNCT
cblr-2871	205	1	some	some	DET
cblr-2871	205	2	industries	industry	NOUN
cblr-2871	205	3	are	be	AUX
cblr-2871	205	4	noisier	noisy	ADJ
cblr-2871	205	5	than	than	ADP
cblr-2871	205	6	others	other	NOUN
cblr-2871	205	7	,	,	PUNCT
cblr-2871	205	8	and	and	CCONJ
cblr-2871	205	9	some	some	DET
cblr-2871	205	10	firms	firm	NOUN
cblr-2871	205	11	are	be	AUX
cblr-2871	205	12	more	more	ADV
cblr-2871	205	13	transparent	transparent	ADJ
cblr-2871	205	14	than	than	ADP
cblr-2871	205	15	others	other	NOUN
cblr-2871	205	16	.	.	PUNCT
cblr-2871	206	1	in	in	ADP
cblr-2871	206	2	some	some	DET
cblr-2871	206	3	industries	industry	NOUN
cblr-2871	206	4	managerial	managerial	ADJ
cblr-2871	206	5	positions	position	NOUN
cblr-2871	206	6	are	be	AUX
cblr-2871	206	7	more	more	ADV
cblr-2871	206	8	competitive	competitive	ADJ
cblr-2871	206	9	than	than	ADP
cblr-2871	206	10	in	in	ADP
cblr-2871	206	11	others	other	NOUN
cblr-2871	206	12	,	,	PUNCT
cblr-2871	206	13	and	and	CCONJ
cblr-2871	206	14	the	the	DET
cblr-2871	206	15	likelihood	likelihood	NOUN
cblr-2871	206	16	of	of	ADP
cblr-2871	206	17	finding	find	VERB
cblr-2871	206	18	a	a	DET
cblr-2871	206	19	new	new	ADJ
cblr-2871	206	20	job	job	NOUN
cblr-2871	206	21	is	be	AUX
cblr-2871	206	22	lower	low	ADJ
cblr-2871	206	23	.	.	PUNCT
cblr-2871	207	1	thus	thus	ADV
cblr-2871	207	2	,	,	PUNCT
cblr-2871	207	3	for	for	ADP
cblr-2871	207	4	some	some	DET
cblr-2871	207	5	firms	firm	NOUN
cblr-2871	207	6	,	,	PUNCT
cblr-2871	207	7	it	it	PRON
cblr-2871	207	8	is	be	AUX
cblr-2871	207	9	easier	easy	ADJ
cblr-2871	207	10	to	to	PART
cblr-2871	207	11	relate	relate	VERB
cblr-2871	207	12	the	the	DET
cblr-2871	207	13	firm	firm	NOUN
cblr-2871	207	14	's	's	PART
cblr-2871	207	15	success	success	NOUN
cblr-2871	207	16	or	or	CCONJ
cblr-2871	207	17	failure	failure	NOUN
cblr-2871	207	18	to	to	ADP
cblr-2871	207	19	managerial	managerial	ADJ
cblr-2871	207	20	performance	performance	NOUN
cblr-2871	207	21	than	than	ADP
cblr-2871	207	22	for	for	ADP
cblr-2871	207	23	other	other	ADJ
cblr-2871	207	24	firms	firm	NOUN
cblr-2871	207	25	.	.	PUNCT
cblr-2871	208	1	similarly	similarly	ADV
cblr-2871	208	2	,	,	PUNCT
cblr-2871	208	3	the	the	DET
cblr-2871	208	4	market	market	NOUN
cblr-2871	208	5	for	for	ADP
cblr-2871	208	6	corporate	corporate	ADJ
cblr-2871	208	7	control	control	NOUN
cblr-2871	208	8	-	-	PUNCT
cblr-2871	208	9	an	an	DET
cblr-2871	208	10	important	important	ADJ
cblr-2871	208	11	disciplinary	disciplinary	ADJ
cblr-2871	208	12	force	force	NOUN
cblr-2871	208	13	for	for	ADP
cblr-2871	208	14	managers	manager	NOUN
cblr-2871	208	15	-	-	PUNCT
cblr-2871	208	16	varies	varie	NOUN
cblr-2871	208	17	across	across	ADP
cblr-2871	208	18	firms	firm	NOUN
cblr-2871	208	19	.	.	PUNCT
cblr-2871	209	1	if	if	SCONJ
cblr-2871	209	2	managers	manager	NOUN
cblr-2871	209	3	do	do	AUX
cblr-2871	209	4	not	not	PART
cblr-2871	209	5	perform	perform	VERB
cblr-2871	209	6	well	well	ADV
cblr-2871	209	7	,	,	PUNCT
cblr-2871	209	8	share	share	NOUN
cblr-2871	209	9	price	price	NOUN
cblr-2871	209	10	should	should	AUX
cblr-2871	209	11	consequently	consequently	ADV
cblr-2871	209	12	fall	fall	VERB
cblr-2871	209	13	and	and	CCONJ
cblr-2871	209	14	make	make	VERB
cblr-2871	209	15	a	a	DET
cblr-2871	209	16	hostile	hostile	ADJ
cblr-2871	209	17	bid	bid	NOUN
cblr-2871	209	18	more	more	ADJ
cblr-2871	209	19	likely.3	likely.3	PROPN
cblr-2871	209	20	5	5	NUM
cblr-2871	209	21	some	some	DET
cblr-2871	209	22	firms	firm	NOUN
cblr-2871	209	23	,	,	PUNCT
cblr-2871	209	24	however	however	ADV
cblr-2871	209	25	,	,	PUNCT
cblr-2871	209	26	are	be	AUX
cblr-2871	209	27	relatively	relatively	ADV
cblr-2871	209	28	difficult	difficult	ADJ
cblr-2871	209	29	to	to	PART
cblr-2871	209	30	acquire	acquire	VERB
cblr-2871	209	31	-	-	PUNCT
cblr-2871	209	32	because	because	SCONJ
cblr-2871	209	33	of	of	ADP
cblr-2871	209	34	their	their	PRON
cblr-2871	209	35	size	size	NOUN
cblr-2871	209	36	,	,	PUNCT
cblr-2871	209	37	financial	financial	ADJ
cblr-2871	209	38	structure	structure	NOUN
cblr-2871	209	39	,	,	PUNCT
cblr-2871	209	40	or	or	CCONJ
cblr-2871	209	41	operations	operation	NOUN
cblr-2871	209	42	.	.	PUNCT
cblr-2871	210	1	indeed	indeed	ADV
cblr-2871	210	2	,	,	PUNCT
cblr-2871	210	3	takeover	takeover	NOUN
cblr-2871	210	4	bid	bid	NOUN
cblr-2871	210	5	rates	rate	NOUN
cblr-2871	210	6	vary	vary	VERB
cblr-2871	210	7	across	across	ADP
cblr-2871	210	8	industries	industry	NOUN
cblr-2871	210	9	.	.	PUNCT
cblr-2871	211	1	furthermore	furthermore	ADV
cblr-2871	211	2	,	,	PUNCT
cblr-2871	211	3	the	the	DET
cblr-2871	211	4	33	33	NUM
cblr-2871	211	5	see	see	VERB
cblr-2871	211	6	giroud	giroud	PROPN
cblr-2871	211	7	&	&	CCONJ
cblr-2871	211	8	mueller	mueller	PROPN
cblr-2871	211	9	,	,	PUNCT
cblr-2871	211	10	supra	supra	PROPN
cblr-2871	211	11	note	note	PROPN
cblr-2871	211	12	32	32	NUM
cblr-2871	211	13	,	,	PUNCT
cblr-2871	211	14	at	at	ADP
cblr-2871	211	15	565	565	NUM
cblr-2871	211	16	.	.	PUNCT
cblr-2871	212	1	34	34	NUM
cblr-2871	212	2	see	see	VERB
cblr-2871	212	3	frank	frank	PROPN
cblr-2871	212	4	h.	h.	PROPN
cblr-2871	212	5	easterbrook	easterbrook	PROPN
cblr-2871	212	6	,	,	PUNCT
cblr-2871	212	7	managers	manager	NOUN
cblr-2871	212	8	'	'	PART
cblr-2871	212	9	discretion	discretion	NOUN
cblr-2871	212	10	and	and	CCONJ
cblr-2871	212	11	investors	investor	NOUN
cblr-2871	212	12	'	'	PART
cblr-2871	212	13	welfare	welfare	NOUN
cblr-2871	212	14	:	:	PUNCT
cblr-2871	212	15	theories	theory	NOUN
cblr-2871	212	16	and	and	CCONJ
cblr-2871	212	17	evidence	evidence	NOUN
cblr-2871	212	18	,	,	PUNCT
cblr-2871	212	19	9	9	NUM
cblr-2871	212	20	del	del	PROPN
cblr-2871	212	21	.	.	PROPN
cblr-2871	212	22	j.	j.	PROPN
cblr-2871	212	23	corp	corp	PROPN
cblr-2871	212	24	.	.	PROPN
cblr-2871	212	25	l.	l.	PROPN
cblr-2871	212	26	540	540	NUM
cblr-2871	212	27	,	,	PUNCT
cblr-2871	212	28	554	554	NUM
cblr-2871	212	29	-	-	SYM
cblr-2871	212	30	55	55	NUM
cblr-2871	212	31	(	(	PUNCT
cblr-2871	212	32	1984	1984	NUM
cblr-2871	212	33	)	)	PUNCT
cblr-2871	212	34	;	;	PUNCT
cblr-2871	212	35	daniel	daniel	PROPN
cblr-2871	212	36	r.	r.	PROPN
cblr-2871	212	37	fischel	fischel	PROPN
cblr-2871	212	38	,	,	PUNCT
cblr-2871	212	39	the	the	DET
cblr-2871	212	40	"	"	PUNCT
cblr-2871	212	41	race	race	NOUN
cblr-2871	212	42	to	to	ADP
cblr-2871	212	43	the	the	DET
cblr-2871	212	44	bottom	bottom	NOUN
cblr-2871	212	45	"	"	PUNCT
cblr-2871	212	46	revisited	revisit	VERB
cblr-2871	212	47	:	:	PUNCT
cblr-2871	212	48	reflections	reflection	NOUN
cblr-2871	212	49	on	on	ADP
cblr-2871	212	50	recent	recent	ADJ
cblr-2871	212	51	developments	development	NOUN
cblr-2871	212	52	in	in	ADP
cblr-2871	212	53	delaware	delaware	PROPN
cblr-2871	212	54	's	's	PART
cblr-2871	212	55	corporation	corporation	PROPN
cblr-2871	212	56	law	law	NOUN
cblr-2871	212	57	,	,	PUNCT
cblr-2871	212	58	76	76	NUM
cblr-2871	212	59	nw	nw	NOUN
cblr-2871	212	60	.	.	PUNCT
cblr-2871	212	61	u.	u.	PROPN
cblr-2871	212	62	l.	l.	PROPN
cblr-2871	212	63	rev	rev	PROPN
cblr-2871	212	64	.	.	PROPN
cblr-2871	212	65	913	913	NUM
cblr-2871	212	66	,	,	PUNCT
cblr-2871	212	67	919	919	NUM
cblr-2871	212	68	(	(	PUNCT
cblr-2871	212	69	1982	1982	NUM
cblr-2871	212	70	)	)	PUNCT
cblr-2871	212	71	.	.	PUNCT
cblr-2871	213	1	35	35	NUM
cblr-2871	213	2	private	private	ADJ
cblr-2871	213	3	benefits	benefit	NOUN
cblr-2871	213	4	may	may	AUX
cblr-2871	213	5	also	also	ADV
cblr-2871	213	6	vary	vary	VERB
cblr-2871	213	7	across	across	ADP
cblr-2871	213	8	managers	manager	NOUN
cblr-2871	213	9	.	.	PUNCT
cblr-2871	214	1	see	see	VERB
cblr-2871	214	2	henry	henry	PROPN
cblr-2871	214	3	g.	g.	PROPN
cblr-2871	214	4	manne	manne	PROPN
cblr-2871	214	5	,	,	PUNCT
cblr-2871	214	6	mergers	merger	NOUN
cblr-2871	214	7	and	and	CCONJ
cblr-2871	214	8	the	the	DET
cblr-2871	214	9	market	market	NOUN
cblr-2871	214	10	for	for	ADP
cblr-2871	214	11	corporate	corporate	ADJ
cblr-2871	214	12	control	control	NOUN
cblr-2871	214	13	,	,	PUNCT
cblr-2871	214	14	73	73	NUM
cblr-2871	214	15	j.	j.	PROPN
cblr-2871	214	16	pol	pol	PROPN
cblr-2871	214	17	.	.	PUNCT
cblr-2871	215	1	econ	econ	PROPN
cblr-2871	215	2	.	.	PUNCT
cblr-2871	216	1	110	110	NUM
cblr-2871	216	2	,	,	PUNCT
cblr-2871	216	3	112	112	NUM
cblr-2871	216	4	-	-	SYM
cblr-2871	216	5	13	13	NUM
cblr-2871	216	6	(	(	PUNCT
cblr-2871	216	7	1965	1965	NUM
cblr-2871	216	8	)	)	PUNCT
cblr-2871	216	9	;	;	PUNCT
cblr-2871	216	10	henry	henry	PROPN
cblr-2871	216	11	g.	g.	PROPN
cblr-2871	216	12	manne	manne	PROPN
cblr-2871	216	13	,	,	PUNCT
cblr-2871	216	14	our	our	PRON
cblr-2871	216	15	two	two	NUM
cblr-2871	216	16	corporation	corporation	NOUN
cblr-2871	216	17	systems	system	NOUN
cblr-2871	216	18	:	:	PUNCT
cblr-2871	216	19	law	law	NOUN
cblr-2871	216	20	and	and	CCONJ
cblr-2871	216	21	economics	economic	NOUN
cblr-2871	216	22	,	,	PUNCT
cblr-2871	216	23	53	53	NUM
cblr-2871	216	24	va	va	NOUN
cblr-2871	216	25	.	.	PUNCT
cblr-2871	217	1	l.	l.	PROPN
cblr-2871	217	2	rev	rev	PROPN
cblr-2871	217	3	.	.	PROPN
cblr-2871	218	1	259	259	NUM
cblr-2871	218	2	,	,	PUNCT
cblr-2871	218	3	265	265	NUM
cblr-2871	218	4	-	-	SYM
cblr-2871	218	5	66	66	NUM
cblr-2871	218	6	(	(	PUNCT
cblr-2871	218	7	1967	1967	NUM
cblr-2871	218	8	)	)	PUNCT
cblr-2871	218	9	.	.	PUNCT
cblr-2871	219	1	for	for	ADP
cblr-2871	219	2	instance	instance	NOUN
cblr-2871	219	3	,	,	PUNCT
cblr-2871	219	4	managers	manager	NOUN
cblr-2871	219	5	may	may	AUX
cblr-2871	219	6	have	have	VERB
cblr-2871	219	7	different	different	ADJ
cblr-2871	219	8	opportunities	opportunity	NOUN
cblr-2871	219	9	to	to	PART
cblr-2871	219	10	extract	extract	VERB
cblr-2871	219	11	private	private	ADJ
cblr-2871	219	12	benefits	benefit	NOUN
cblr-2871	219	13	.	.	PUNCT
cblr-2871	220	1	if	if	SCONJ
cblr-2871	220	2	,	,	PUNCT
cblr-2871	220	3	for	for	ADP
cblr-2871	220	4	example	example	NOUN
cblr-2871	220	5	,	,	PUNCT
cblr-2871	220	6	the	the	DET
cblr-2871	220	7	manager	manager	NOUN
cblr-2871	220	8	has	have	VERB
cblr-2871	220	9	other	other	ADJ
cblr-2871	220	10	businesses	business	NOUN
cblr-2871	220	11	that	that	PRON
cblr-2871	220	12	are	be	AUX
cblr-2871	220	13	related	relate	VERB
cblr-2871	220	14	to	to	ADP
cblr-2871	220	15	the	the	DET
cblr-2871	220	16	company	company	NOUN
cblr-2871	220	17	's	's	PART
cblr-2871	220	18	business	business	NOUN
cblr-2871	220	19	,	,	PUNCT
cblr-2871	220	20	it	it	PRON
cblr-2871	220	21	is	be	AUX
cblr-2871	220	22	more	more	ADV
cblr-2871	220	23	likely	likely	ADJ
cblr-2871	220	24	that	that	SCONJ
cblr-2871	220	25	he	he	PRON
cblr-2871	220	26	will	will	AUX
cblr-2871	220	27	have	have	VERB
cblr-2871	220	28	more	more	ADJ
cblr-2871	220	29	opportunities	opportunity	NOUN
cblr-2871	220	30	for	for	ADP
cblr-2871	220	31	self	self	NOUN
cblr-2871	220	32	-	-	PUNCT
cblr-2871	220	33	dealing	dealing	NOUN
cblr-2871	220	34	.	.	PUNCT
cblr-2871	221	1	similarly	similarly	ADV
cblr-2871	221	2	,	,	PUNCT
cblr-2871	221	3	managers	manager	NOUN
cblr-2871	221	4	may	may	AUX
cblr-2871	221	5	vary	vary	VERB
cblr-2871	221	6	in	in	ADP
cblr-2871	221	7	their	their	PRON
cblr-2871	221	8	preferences	preference	NOUN
cblr-2871	221	9	for	for	ADP
cblr-2871	221	10	private	private	ADJ
cblr-2871	221	11	benefits	benefit	NOUN
cblr-2871	221	12	.	.	PUNCT
cblr-2871	222	1	some	some	PRON
cblr-2871	222	2	may	may	AUX
cblr-2871	222	3	have	have	VERB
cblr-2871	222	4	more	more	ADJ
cblr-2871	222	5	inhibitions	inhibition	NOUN
cblr-2871	222	6	than	than	ADP
cblr-2871	222	7	others	other	NOUN
cblr-2871	222	8	,	,	PUNCT
cblr-2871	222	9	and	and	CCONJ
cblr-2871	222	10	as	as	ADP
cblr-2871	222	11	a	a	DET
cblr-2871	222	12	result	result	NOUN
cblr-2871	222	13	,	,	PUNCT
cblr-2871	222	14	may	may	AUX
cblr-2871	222	15	limit	limit	VERB
cblr-2871	222	16	their	their	PRON
cblr-2871	222	17	extraction	extraction	NOUN
cblr-2871	222	18	of	of	ADP
cblr-2871	222	19	private	private	ADJ
cblr-2871	222	20	benefits	benefit	NOUN
cblr-2871	222	21	even	even	ADV
cblr-2871	222	22	when	when	SCONJ
cblr-2871	222	23	external	external	ADJ
cblr-2871	222	24	limitations	limitation	NOUN
cblr-2871	222	25	-	-	PUNCT
cblr-2871	222	26	such	such	ADJ
cblr-2871	222	27	as	as	ADP
cblr-2871	222	28	market	market	NOUN
cblr-2871	222	29	forces	force	NOUN
cblr-2871	222	30	-	-	PUNCT
cblr-2871	222	31	are	be	AUX
cblr-2871	222	32	relatively	relatively	ADV
cblr-2871	222	33	weak	weak	ADJ
cblr-2871	222	34	.	.	PUNCT
cblr-2871	223	1	while	while	SCONJ
cblr-2871	223	2	this	this	DET
cblr-2871	223	3	article	article	NOUN
cblr-2871	223	4	focuses	focus	VERB
cblr-2871	223	5	on	on	ADP
cblr-2871	223	6	differences	difference	NOUN
cblr-2871	223	7	in	in	ADP
cblr-2871	223	8	market	market	NOUN
cblr-2871	223	9	forces	force	NOUN
cblr-2871	223	10	,	,	PUNCT
cblr-2871	223	11	the	the	DET
cblr-2871	223	12	framework	framework	NOUN
cblr-2871	223	13	developed	develop	VERB
cblr-2871	223	14	here	here	ADV
cblr-2871	223	15	may	may	AUX
cblr-2871	223	16	extend	extend	VERB
cblr-2871	223	17	to	to	ADP
cblr-2871	223	18	differences	difference	NOUN
cblr-2871	223	19	in	in	ADP
cblr-2871	223	20	managers	manager	NOUN
cblr-2871	223	21	'	'	PART
cblr-2871	223	22	preferences	preference	NOUN
cblr-2871	223	23	for	for	ADP
cblr-2871	223	24	or	or	CCONJ
cblr-2871	223	25	opportunities	opportunity	NOUN
cblr-2871	223	26	to	to	PART
cblr-2871	223	27	extract	extract	VERB
cblr-2871	223	28	private	private	ADJ
cblr-2871	223	29	benefits	benefit	NOUN
cblr-2871	223	30	.	.	PUNCT
cblr-2871	224	1	640	640	NUM
cblr-2871	224	2	[	[	NOUN
cblr-2871	224	3	vol	vol	NOUN
cblr-2871	224	4	.	.	PUNCT
cblr-2871	224	5	2013	2013	NUM
cblr-2871	224	6	no	no	NOUN
cblr-2871	224	7	.	.	PUNCT
cblr-2871	225	1	3:627	3:627	NUM
cblr-2871	225	2	]	]	PUNCT
cblr-2871	225	3	noise	noise	NOUN
cblr-2871	225	4	adopters	adopter	NOUN
cblr-2871	225	5	in	in	ADP
cblr-2871	225	6	corpora	corpora	NOUN
cblr-2871	225	7	te	te	ADP
cblr-2871	225	8	governance	governance	NOUN
cblr-2871	225	9	number	number	NOUN
cblr-2871	225	10	of	of	ADP
cblr-2871	225	11	potential	potential	ADJ
cblr-2871	225	12	bidders	bidder	NOUN
cblr-2871	225	13	is	be	AUX
cblr-2871	225	14	often	often	ADV
cblr-2871	225	15	limited	limit	VERB
cblr-2871	225	16	to	to	ADP
cblr-2871	225	17	a	a	DET
cblr-2871	225	18	small	small	ADJ
cblr-2871	225	19	few	few	ADJ
cblr-2871	225	20	that	that	PRON
cblr-2871	225	21	have	have	VERB
cblr-2871	225	22	synergies	synergy	NOUN
cblr-2871	225	23	with	with	ADP
cblr-2871	225	24	the	the	DET
cblr-2871	225	25	target	target	NOUN
cblr-2871	225	26	.	.	PUNCT
cblr-2871	226	1	the	the	DET
cblr-2871	226	2	extent	extent	NOUN
cblr-2871	226	3	of	of	ADP
cblr-2871	226	4	such	such	ADJ
cblr-2871	226	5	synergies	synergy	NOUN
cblr-2871	226	6	also	also	ADV
cblr-2871	226	7	varies	vary	VERB
cblr-2871	226	8	across	across	ADP
cblr-2871	226	9	firms	firm	NOUN
cblr-2871	226	10	.	.	PUNCT
cblr-2871	227	1	accordingly	accordingly	ADV
cblr-2871	227	2	,	,	PUNCT
cblr-2871	227	3	the	the	DET
cblr-2871	227	4	disciplinary	disciplinary	ADJ
cblr-2871	227	5	effect	effect	NOUN
cblr-2871	227	6	of	of	ADP
cblr-2871	227	7	the	the	DET
cblr-2871	227	8	market	market	NOUN
cblr-2871	227	9	for	for	ADP
cblr-2871	227	10	corporate	corporate	ADJ
cblr-2871	227	11	control	control	NOUN
cblr-2871	227	12	varies	vary	VERB
cblr-2871	227	13	depending	depend	VERB
cblr-2871	227	14	on	on	ADP
cblr-2871	227	15	these	these	DET
cblr-2871	227	16	factors	factor	NOUN
cblr-2871	227	17	.	.	PUNCT
cblr-2871	228	1	c.	c.	PROPN
cblr-2871	228	2	asymmetric	asymmetric	PROPN
cblr-2871	228	3	information	information	NOUN
cblr-2871	228	4	given	give	VERB
cblr-2871	228	5	the	the	DET
cblr-2871	228	6	considerable	considerable	ADJ
cblr-2871	228	7	variations	variation	NOUN
cblr-2871	228	8	in	in	ADP
cblr-2871	228	9	different	different	ADJ
cblr-2871	228	10	market	market	NOUN
cblr-2871	228	11	forces	force	NOUN
cblr-2871	228	12	,	,	PUNCT
cblr-2871	228	13	investors	investor	NOUN
cblr-2871	228	14	need	need	VERB
cblr-2871	228	15	firm	firm	ADJ
cblr-2871	228	16	-	-	PUNCT
cblr-2871	228	17	specific	specific	ADJ
cblr-2871	228	18	information	information	NOUN
cblr-2871	228	19	to	to	PART
cblr-2871	228	20	assess	assess	VERB
cblr-2871	228	21	the	the	DET
cblr-2871	228	22	value	value	NOUN
cblr-2871	228	23	of	of	ADP
cblr-2871	228	24	governance	governance	NOUN
cblr-2871	228	25	terms	term	NOUN
cblr-2871	228	26	and	and	CCONJ
cblr-2871	228	27	price	price	VERB
cblr-2871	228	28	them	they	PRON
cblr-2871	228	29	correctly	correctly	ADV
cblr-2871	228	30	.	.	PUNCT
cblr-2871	229	1	yet	yet	ADV
cblr-2871	229	2	,	,	PUNCT
cblr-2871	229	3	there	there	PRON
cblr-2871	229	4	is	be	VERB
cblr-2871	229	5	one	one	NUM
cblr-2871	229	6	important	important	ADJ
cblr-2871	229	7	obstacle	obstacle	NOUN
cblr-2871	229	8	for	for	ADP
cblr-2871	229	9	accurate	accurate	ADJ
cblr-2871	229	10	firm	firm	ADJ
cblr-2871	229	11	-	-	PUNCT
cblr-2871	229	12	specific	specific	ADJ
cblr-2871	229	13	pricing	pricing	NOUN
cblr-2871	229	14	:	:	PUNCT
cblr-2871	229	15	differences	difference	NOUN
cblr-2871	229	16	between	between	ADP
cblr-2871	229	17	firms	firm	NOUN
cblr-2871	229	18	are	be	AUX
cblr-2871	229	19	not	not	PART
cblr-2871	229	20	completely	completely	ADV
cblr-2871	229	21	observable	observable	ADJ
cblr-2871	229	22	to	to	ADP
cblr-2871	229	23	markets	market	NOUN
cblr-2871	229	24	.	.	PUNCT
cblr-2871	230	1	investors	investor	NOUN
cblr-2871	230	2	do	do	AUX
cblr-2871	230	3	not	not	PART
cblr-2871	230	4	know	know	VERB
cblr-2871	230	5	exactly	exactly	ADV
cblr-2871	230	6	what	what	DET
cblr-2871	230	7	competition	competition	NOUN
cblr-2871	230	8	each	each	DET
cblr-2871	230	9	firm	firm	NOUN
cblr-2871	230	10	faces	face	VERB
cblr-2871	230	11	,	,	PUNCT
cblr-2871	230	12	or	or	CCONJ
cblr-2871	230	13	the	the	DET
cblr-2871	230	14	managerial	managerial	ADJ
cblr-2871	230	15	prospects	prospect	NOUN
cblr-2871	230	16	in	in	ADP
cblr-2871	230	17	the	the	DET
cblr-2871	230	18	job	job	NOUN
cblr-2871	230	19	market	market	NOUN
cblr-2871	230	20	.	.	PUNCT
cblr-2871	231	1	they	they	PRON
cblr-2871	231	2	also	also	ADV
cblr-2871	231	3	can	can	AUX
cblr-2871	231	4	not	not	PART
cblr-2871	231	5	observe	observe	VERB
cblr-2871	231	6	the	the	DET
cblr-2871	231	7	exact	exact	ADJ
cblr-2871	231	8	level	level	NOUN
cblr-2871	231	9	of	of	ADP
cblr-2871	231	10	private	private	ADJ
cblr-2871	231	11	benefits	benefit	NOUN
cblr-2871	231	12	that	that	PRON
cblr-2871	231	13	managers	manager	NOUN
cblr-2871	231	14	extract	extract	VERB
cblr-2871	231	15	as	as	ADP
cblr-2871	231	16	a	a	DET
cblr-2871	231	17	result	result	NOUN
cblr-2871	231	18	of	of	ADP
cblr-2871	231	19	the	the	DET
cblr-2871	231	20	market	market	NOUN
cblr-2871	231	21	forces	force	NOUN
cblr-2871	231	22	they	they	PRON
cblr-2871	231	23	face	face	VERB
cblr-2871	231	24	.	.	PUNCT
cblr-2871	232	1	to	to	PART
cblr-2871	232	2	be	be	AUX
cblr-2871	232	3	sure	sure	ADJ
cblr-2871	232	4	,	,	PUNCT
cblr-2871	232	5	some	some	DET
cblr-2871	232	6	differences	difference	NOUN
cblr-2871	232	7	in	in	ADP
cblr-2871	232	8	market	market	NOUN
cblr-2871	232	9	forces	force	NOUN
cblr-2871	232	10	are	be	AUX
cblr-2871	232	11	observable	observable	ADJ
cblr-2871	232	12	to	to	ADP
cblr-2871	232	13	investors	investor	NOUN
cblr-2871	232	14	.	.	PUNCT
cblr-2871	233	1	for	for	ADP
cblr-2871	233	2	instance	instance	NOUN
cblr-2871	233	3	,	,	PUNCT
cblr-2871	233	4	investors	investor	NOUN
cblr-2871	233	5	(	(	PUNCT
cblr-2871	233	6	or	or	CCONJ
cblr-2871	233	7	at	at	ADP
cblr-2871	233	8	least	least	ADJ
cblr-2871	233	9	the	the	DET
cblr-2871	233	10	professionals	professional	NOUN
cblr-2871	233	11	among	among	ADP
cblr-2871	233	12	them	they	PRON
cblr-2871	233	13	)	)	PUNCT
cblr-2871	233	14	often	often	ADV
cblr-2871	233	15	have	have	VERB
cblr-2871	233	16	information	information	NOUN
cblr-2871	233	17	on	on	ADP
cblr-2871	233	18	an	an	DET
cblr-2871	233	19	industry	industry	NOUN
cblr-2871	233	20	's	's	PART
cblr-2871	233	21	level	level	NOUN
cblr-2871	233	22	of	of	ADP
cblr-2871	233	23	competitiveness	competitiveness	NOUN
cblr-2871	233	24	.	.	PUNCT
cblr-2871	234	1	as	as	ADP
cblr-2871	234	2	a	a	DET
cblr-2871	234	3	result	result	NOUN
cblr-2871	234	4	,	,	PUNCT
cblr-2871	234	5	investors	investor	NOUN
cblr-2871	234	6	may	may	AUX
cblr-2871	234	7	have	have	VERB
cblr-2871	234	8	some	some	DET
cblr-2871	234	9	sense	sense	NOUN
cblr-2871	234	10	of	of	ADP
cblr-2871	234	11	the	the	DET
cblr-2871	234	12	relative	relative	ADJ
cblr-2871	234	13	level	level	NOUN
cblr-2871	234	14	of	of	ADP
cblr-2871	234	15	private	private	ADJ
cblr-2871	234	16	benefits	benefit	NOUN
cblr-2871	234	17	extracted	extract	VERB
cblr-2871	234	18	in	in	ADP
cblr-2871	234	19	different	different	ADJ
cblr-2871	234	20	industries	industry	NOUN
cblr-2871	234	21	.	.	PUNCT
cblr-2871	235	1	however	however	ADV
cblr-2871	235	2	,	,	PUNCT
cblr-2871	235	3	even	even	ADV
cblr-2871	235	4	if	if	SCONJ
cblr-2871	235	5	investors	investor	NOUN
cblr-2871	235	6	have	have	VERB
cblr-2871	235	7	some	some	DET
cblr-2871	235	8	information	information	NOUN
cblr-2871	235	9	on	on	ADP
cblr-2871	235	10	firms	firm	NOUN
cblr-2871	235	11	'	'	PART
cblr-2871	235	12	constraints	constraint	NOUN
cblr-2871	235	13	,	,	PUNCT
cblr-2871	235	14	managers	manager	NOUN
cblr-2871	235	15	have	have	VERB
cblr-2871	235	16	more	more	ADJ
cblr-2871	235	17	-	-	PUNCT
cblr-2871	235	18	and	and	CCONJ
cblr-2871	235	19	better	well	ADJ
cblr-2871	235	20	-	-	PUNCT
cblr-2871	235	21	information	information	NOUN
cblr-2871	235	22	.	.	PUNCT
cblr-2871	236	1	for	for	ADP
cblr-2871	236	2	instance	instance	NOUN
cblr-2871	236	3	,	,	PUNCT
cblr-2871	236	4	managers	manager	NOUN
cblr-2871	236	5	can	can	AUX
cblr-2871	236	6	better	well	ADV
cblr-2871	236	7	assess	assess	VERB
cblr-2871	236	8	the	the	DET
cblr-2871	236	9	exact	exact	ADJ
cblr-2871	236	10	level	level	NOUN
cblr-2871	236	11	of	of	ADP
cblr-2871	236	12	competition	competition	NOUN
cblr-2871	236	13	that	that	PRON
cblr-2871	236	14	their	their	PRON
cblr-2871	236	15	firm	firm	NOUN
cblr-2871	236	16	faces	face	VERB
cblr-2871	236	17	.	.	PUNCT
cblr-2871	237	1	they	they	PRON
cblr-2871	237	2	also	also	ADV
cblr-2871	237	3	know	know	VERB
cblr-2871	237	4	the	the	DET
cblr-2871	237	5	exact	exact	ADJ
cblr-2871	237	6	amount	amount	NOUN
cblr-2871	237	7	of	of	ADP
cblr-2871	237	8	private	private	ADJ
cblr-2871	237	9	benefits	benefit	NOUN
cblr-2871	237	10	they	they	PRON
cblr-2871	237	11	extract	extract	VERB
cblr-2871	237	12	as	as	ADP
cblr-2871	237	13	a	a	DET
cblr-2871	237	14	result	result	NOUN
cblr-2871	237	15	of	of	ADP
cblr-2871	237	16	those	those	DET
cblr-2871	237	17	constraints	constraint	NOUN
cblr-2871	237	18	.	.	PUNCT
cblr-2871	238	1	in	in	ADP
cblr-2871	238	2	other	other	ADJ
cblr-2871	238	3	words	word	NOUN
cblr-2871	238	4	,	,	PUNCT
cblr-2871	238	5	information	information	NOUN
cblr-2871	238	6	about	about	ADP
cblr-2871	238	7	the	the	DET
cblr-2871	238	8	firm	firm	NOUN
cblr-2871	238	9	is	be	AUX
cblr-2871	238	10	asymmetric	asymmetric	ADJ
cblr-2871	238	11	,	,	PUNCT
cblr-2871	238	12	since	since	SCONJ
cblr-2871	238	13	managers	manager	NOUN
cblr-2871	238	14	and	and	CCONJ
cblr-2871	238	15	investors	investor	NOUN
cblr-2871	238	16	are	be	AUX
cblr-2871	238	17	not	not	PART
cblr-2871	238	18	equally	equally	ADV
cblr-2871	238	19	informed	inform	VERB
cblr-2871	238	20	.	.	PUNCT
cblr-2871	239	1	information	information	NOUN
cblr-2871	239	2	economics	economic	NOUN
cblr-2871	239	3	has	have	AUX
cblr-2871	239	4	developed	develop	VERB
cblr-2871	239	5	powerful	powerful	ADJ
cblr-2871	239	6	tools	tool	NOUN
cblr-2871	239	7	to	to	PART
cblr-2871	239	8	analyze	analyze	VERB
cblr-2871	239	9	situations	situation	NOUN
cblr-2871	239	10	in	in	ADP
cblr-2871	239	11	which	which	PRON
cblr-2871	239	12	actors	actor	NOUN
cblr-2871	239	13	on	on	ADP
cblr-2871	239	14	one	one	NUM
cblr-2871	239	15	side	side	NOUN
cblr-2871	239	16	of	of	ADP
cblr-2871	239	17	the	the	DET
cblr-2871	239	18	market	market	NOUN
cblr-2871	239	19	have	have	VERB
cblr-2871	239	20	more	more	ADJ
cblr-2871	239	21	information	information	NOUN
cblr-2871	239	22	than	than	ADP
cblr-2871	239	23	actors	actor	NOUN
cblr-2871	239	24	on	on	ADP
cblr-2871	239	25	the	the	DET
cblr-2871	239	26	other	other	ADJ
cblr-2871	239	27	side	side	NOUN
cblr-2871	239	28	.	.	PUNCT
cblr-2871	240	1	the	the	DET
cblr-2871	240	2	following	follow	VERB
cblr-2871	240	3	part	part	NOUN
cblr-2871	240	4	will	will	AUX
cblr-2871	240	5	discuss	discuss	VERB
cblr-2871	240	6	these	these	DET
cblr-2871	240	7	tools	tool	NOUN
cblr-2871	240	8	and	and	CCONJ
cblr-2871	240	9	their	their	PRON
cblr-2871	240	10	applications	application	NOUN
cblr-2871	240	11	to	to	ADP
cblr-2871	240	12	adoption	adoption	NOUN
cblr-2871	240	13	of	of	ADP
cblr-2871	240	14	governance	governance	NOUN
cblr-2871	240	15	terms	term	NOUN
cblr-2871	240	16	by	by	ADP
cblr-2871	240	17	firms	firm	NOUN
cblr-2871	240	18	that	that	PRON
cblr-2871	240	19	face	face	VERB
cblr-2871	240	20	varying	vary	VERB
cblr-2871	240	21	unobservable	unobservable	ADJ
cblr-2871	240	22	degrees	degree	NOUN
cblr-2871	240	23	of	of	ADP
cblr-2871	240	24	market	market	NOUN
cblr-2871	240	25	forces.36	forces.36	NOUN
cblr-2871	240	26	36	36	NUM
cblr-2871	240	27	the	the	DET
cblr-2871	240	28	founders	founder	NOUN
cblr-2871	240	29	of	of	ADP
cblr-2871	240	30	information	information	NOUN
cblr-2871	240	31	economics	economic	NOUN
cblr-2871	240	32	,	,	PUNCT
cblr-2871	240	33	george	george	PROPN
cblr-2871	240	34	akerlof	akerlof	NOUN
cblr-2871	240	35	,	,	PUNCT
cblr-2871	240	36	michael	michael	PROPN
cblr-2871	240	37	spence	spence	PROPN
cblr-2871	240	38	,	,	PUNCT
cblr-2871	240	39	and	and	CCONJ
cblr-2871	240	40	joseph	joseph	PROPN
cblr-2871	240	41	stiglitz	stiglitz	PROPN
cblr-2871	240	42	,	,	PUNCT
cblr-2871	240	43	received	receive	VERB
cblr-2871	240	44	the	the	DET
cblr-2871	240	45	2001	2001	NUM
cblr-2871	240	46	nobel	nobel	PROPN
cblr-2871	240	47	prize	prize	PROPN
cblr-2871	240	48	in	in	ADP
cblr-2871	240	49	economics	economics	PROPN
cblr-2871	241	1	641	641	NUM
cblr-2871	241	2	columbia	columbia	PROPN
cblr-2871	241	3	business	business	NOUN
cblr-2871	241	4	law	law	PROPN
cblr-2871	241	5	review	review	VERB
cblr-2871	241	6	d.	d.	NOUN
cblr-2871	241	7	signaling	signal	VERB
cblr-2871	241	8	1	1	NUM
cblr-2871	241	9	.	.	PUNCT
cblr-2871	241	10	adverse	adverse	ADJ
cblr-2871	241	11	selection	selection	NOUN
cblr-2871	241	12	and	and	CCONJ
cblr-2871	241	13	signaling	signal	VERB
cblr-2871	241	14	theory	theory	NOUN
cblr-2871	241	15	in	in	ADP
cblr-2871	241	16	basic	basic	ADJ
cblr-2871	241	17	models	model	NOUN
cblr-2871	241	18	of	of	ADP
cblr-2871	241	19	markets	market	NOUN
cblr-2871	241	20	with	with	ADP
cblr-2871	241	21	asymmetric	asymmetric	ADJ
cblr-2871	241	22	information	information	NOUN
cblr-2871	241	23	,	,	PUNCT
cblr-2871	241	24	each	each	DET
cblr-2871	241	25	actor	actor	NOUN
cblr-2871	241	26	has	have	VERB
cblr-2871	241	27	private	private	ADJ
cblr-2871	241	28	information	information	NOUN
cblr-2871	241	29	on	on	ADP
cblr-2871	241	30	his	his	PRON
cblr-2871	241	31	own	own	ADJ
cblr-2871	241	32	type	type	NOUN
cblr-2871	241	33	,	,	PUNCT
cblr-2871	241	34	but	but	CCONJ
cblr-2871	241	35	others	other	NOUN
cblr-2871	241	36	know	know	VERB
cblr-2871	241	37	only	only	ADV
cblr-2871	241	38	the	the	DET
cblr-2871	241	39	distribution	distribution	NOUN
cblr-2871	241	40	of	of	ADP
cblr-2871	241	41	types	type	NOUN
cblr-2871	241	42	in	in	ADP
cblr-2871	241	43	the	the	DET
cblr-2871	241	44	population	population	NOUN
cblr-2871	241	45	.	.	PUNCT
cblr-2871	242	1	for	for	ADP
cblr-2871	242	2	example	example	NOUN
cblr-2871	242	3	,	,	PUNCT
cblr-2871	242	4	in	in	ADP
cblr-2871	242	5	george	george	PROPN
cblr-2871	242	6	akerlof	akerlof	NOUN
cblr-2871	242	7	's	's	PART
cblr-2871	242	8	seminal	seminal	ADJ
cblr-2871	242	9	lemon	lemon	NOUN
cblr-2871	242	10	market	market	NOUN
cblr-2871	242	11	for	for	ADP
cblr-2871	242	12	cars	car	NOUN
cblr-2871	242	13	,	,	PUNCT
cblr-2871	242	14	buyers	buyer	NOUN
cblr-2871	242	15	and	and	CCONJ
cblr-2871	242	16	lenders	lender	NOUN
cblr-2871	242	17	know	know	VERB
cblr-2871	242	18	that	that	SCONJ
cblr-2871	242	19	there	there	PRON
cblr-2871	242	20	are	be	VERB
cblr-2871	242	21	"	"	PUNCT
cblr-2871	242	22	good	good	ADJ
cblr-2871	242	23	"	"	PUNCT
cblr-2871	242	24	types	type	NOUN
cblr-2871	242	25	and	and	CCONJ
cblr-2871	242	26	"	"	PUNCT
cblr-2871	242	27	bad	bad	ADJ
cblr-2871	242	28	"	"	PUNCT
cblr-2871	242	29	types	type	NOUN
cblr-2871	242	30	.	.	PUNCT
cblr-2871	243	1	they	they	PRON
cblr-2871	243	2	also	also	ADV
cblr-2871	243	3	know	know	VERB
cblr-2871	243	4	the	the	DET
cblr-2871	243	5	proportion	proportion	NOUN
cblr-2871	243	6	of	of	ADP
cblr-2871	243	7	good	good	ADJ
cblr-2871	243	8	and	and	CCONJ
cblr-2871	243	9	bad	bad	ADJ
cblr-2871	243	10	types	type	NOUN
cblr-2871	243	11	.	.	PUNCT
cblr-2871	244	1	however	however	ADV
cblr-2871	244	2	,	,	PUNCT
cblr-2871	244	3	when	when	SCONJ
cblr-2871	244	4	they	they	PRON
cblr-2871	244	5	observe	observe	VERB
cblr-2871	244	6	a	a	DET
cblr-2871	244	7	specific	specific	ADJ
cblr-2871	244	8	car	car	NOUN
cblr-2871	244	9	,	,	PUNCT
cblr-2871	244	10	they	they	PRON
cblr-2871	244	11	do	do	AUX
cblr-2871	244	12	not	not	PART
cblr-2871	244	13	know	know	VERB
cblr-2871	244	14	if	if	SCONJ
cblr-2871	244	15	it	it	PRON
cblr-2871	244	16	is	be	AUX
cblr-2871	244	17	of	of	ADP
cblr-2871	244	18	the	the	DET
cblr-2871	244	19	good	good	NOUN
cblr-2871	244	20	or	or	CCONJ
cblr-2871	244	21	the	the	DET
cblr-2871	244	22	bad	bad	ADJ
cblr-2871	244	23	type	type	NOUN
cblr-2871	244	24	.	.	PUNCT
cblr-2871	244	25	"	"	PUNCT
cblr-2871	245	1	akerlof	akerlof	PROPN
cblr-2871	245	2	's	's	PART
cblr-2871	245	3	powerful	powerful	ADJ
cblr-2871	245	4	insight	insight	NOUN
cblr-2871	245	5	is	be	AUX
cblr-2871	245	6	that	that	SCONJ
cblr-2871	245	7	these	these	DET
cblr-2871	245	8	circumstances	circumstance	NOUN
cblr-2871	245	9	result	result	VERB
cblr-2871	245	10	in	in	ADP
cblr-2871	245	11	adverse	adverse	ADJ
cblr-2871	245	12	selection	selection	NOUN
cblr-2871	245	13	and	and	CCONJ
cblr-2871	245	14	customers	customer	NOUN
cblr-2871	245	15	are	be	AUX
cblr-2871	245	16	willing	willing	ADJ
cblr-2871	245	17	to	to	PART
cblr-2871	245	18	pay	pay	VERB
cblr-2871	245	19	only	only	ADV
cblr-2871	245	20	an	an	DET
cblr-2871	245	21	average	average	ADJ
cblr-2871	245	22	price	price	NOUN
cblr-2871	245	23	.	.	PUNCT
cblr-2871	246	1	owners	owner	NOUN
cblr-2871	246	2	of	of	ADP
cblr-2871	246	3	good	good	ADJ
cblr-2871	246	4	cars	car	NOUN
cblr-2871	246	5	are	be	AUX
cblr-2871	246	6	not	not	PART
cblr-2871	246	7	willing	willing	ADJ
cblr-2871	246	8	to	to	PART
cblr-2871	246	9	sell	sell	VERB
cblr-2871	246	10	at	at	ADP
cblr-2871	246	11	this	this	DET
cblr-2871	246	12	price	price	NOUN
cblr-2871	246	13	and	and	CCONJ
cblr-2871	246	14	,	,	PUNCT
cblr-2871	246	15	consequently	consequently	ADV
cblr-2871	246	16	,	,	PUNCT
cblr-2871	246	17	the	the	DET
cblr-2871	246	18	average	average	ADJ
cblr-2871	246	19	price	price	NOUN
cblr-2871	246	20	decreases	decrease	VERB
cblr-2871	246	21	.	.	PUNCT
cblr-2871	247	1	under	under	ADP
cblr-2871	247	2	certain	certain	ADJ
cblr-2871	247	3	assumptions	assumption	NOUN
cblr-2871	247	4	the	the	DET
cblr-2871	247	5	market	market	NOUN
cblr-2871	247	6	may	may	AUX
cblr-2871	247	7	unravel.38	unravel.38	PROPN
cblr-2871	247	8	now	now	ADV
cblr-2871	247	9	take	take	VERB
cblr-2871	247	10	firms	firm	NOUN
cblr-2871	247	11	who	who	PRON
cblr-2871	247	12	face	face	VERB
cblr-2871	247	13	weak	weak	ADJ
cblr-2871	247	14	and	and	CCONJ
cblr-2871	247	15	strong	strong	ADJ
cblr-2871	247	16	market	market	NOUN
cblr-2871	247	17	forces	force	NOUN
cblr-2871	247	18	and	and	CCONJ
cblr-2871	247	19	,	,	PUNCT
cblr-2871	247	20	consequently	consequently	ADV
cblr-2871	247	21	,	,	PUNCT
cblr-2871	247	22	high	high	ADJ
cblr-2871	247	23	and	and	CCONJ
cblr-2871	247	24	low	low	ADJ
cblr-2871	247	25	agency	agency	NOUN
cblr-2871	247	26	costs	cost	NOUN
cblr-2871	247	27	.	.	PUNCT
cblr-2871	248	1	if	if	SCONJ
cblr-2871	248	2	investors	investor	NOUN
cblr-2871	248	3	have	have	VERB
cblr-2871	248	4	no	no	DET
cblr-2871	248	5	indication	indication	NOUN
cblr-2871	248	6	of	of	ADP
cblr-2871	248	7	where	where	SCONJ
cblr-2871	248	8	a	a	DET
cblr-2871	248	9	specific	specific	ADJ
cblr-2871	248	10	firm	firm	NOUN
cblr-2871	248	11	lies	lie	VERB
cblr-2871	248	12	in	in	ADP
cblr-2871	248	13	the	the	DET
cblr-2871	248	14	distribution	distribution	NOUN
cblr-2871	248	15	,	,	PUNCT
cblr-2871	248	16	they	they	PRON
cblr-2871	248	17	apply	apply	VERB
cblr-2871	248	18	an	an	DET
cblr-2871	248	19	estimate	estimate	NOUN
cblr-2871	248	20	that	that	PRON
cblr-2871	248	21	reflects	reflect	VERB
cblr-2871	248	22	an	an	DET
cblr-2871	248	23	averaging	averaging	NOUN
cblr-2871	248	24	across	across	ADP
cblr-2871	248	25	the	the	DET
cblr-2871	248	26	good	good	ADJ
cblr-2871	248	27	types	type	NOUN
cblr-2871	248	28	(	(	PUNCT
cblr-2871	248	29	here	here	ADV
cblr-2871	248	30	,	,	PUNCT
cblr-2871	248	31	low	low	ADJ
cblr-2871	248	32	agency	agency	NOUN
cblr-2871	248	33	cost	cost	NOUN
cblr-2871	248	34	firms	firm	NOUN
cblr-2871	248	35	)	)	PUNCT
cblr-2871	248	36	and	and	CCONJ
cblr-2871	248	37	bad	bad	ADJ
cblr-2871	248	38	types	type	NOUN
cblr-2871	248	39	(	(	PUNCT
cblr-2871	248	40	here	here	ADV
cblr-2871	248	41	,	,	PUNCT
cblr-2871	248	42	high	high	ADJ
cblr-2871	248	43	agency	agency	NOUN
cblr-2871	248	44	cost	cost	NOUN
cblr-2871	248	45	firms).39	firms).39	PROPN
cblr-2871	248	46	this	this	DET
cblr-2871	248	47	probability	probability	NOUN
cblr-2871	248	48	will	will	AUX
cblr-2871	248	49	equal	equal	VERB
cblr-2871	248	50	the	the	DET
cblr-2871	248	51	proportion	proportion	NOUN
cblr-2871	248	52	of	of	ADP
cblr-2871	248	53	the	the	DET
cblr-2871	248	54	type	type	NOUN
cblr-2871	248	55	in	in	ADP
cblr-2871	248	56	the	the	DET
cblr-2871	248	57	population	population	NOUN
cblr-2871	248	58	.	.	PUNCT
cblr-2871	249	1	thus	thus	ADV
cblr-2871	249	2	,	,	PUNCT
cblr-2871	249	3	if	if	SCONJ
cblr-2871	249	4	40	40	NUM
cblr-2871	249	5	%	%	NOUN
cblr-2871	249	6	of	of	ADP
cblr-2871	249	7	the	the	DET
cblr-2871	249	8	firms	firm	NOUN
cblr-2871	249	9	are	be	AUX
cblr-2871	249	10	good	good	ADJ
cblr-2871	249	11	firms	firm	NOUN
cblr-2871	249	12	,	,	PUNCT
cblr-2871	249	13	investors	investor	NOUN
cblr-2871	249	14	will	will	AUX
cblr-2871	249	15	have	have	VERB
cblr-2871	249	16	an	an	DET
cblr-2871	249	17	a	a	DET
cblr-2871	249	18	priori	priori	ADJ
cblr-2871	249	19	belief	belief	NOUN
cblr-2871	249	20	that	that	SCONJ
cblr-2871	249	21	the	the	DET
cblr-2871	249	22	probability	probability	NOUN
cblr-2871	249	23	that	that	SCONJ
cblr-2871	249	24	each	each	DET
cblr-2871	249	25	firm	firm	NOUN
cblr-2871	249	26	is	be	AUX
cblr-2871	249	27	good	good	ADJ
cblr-2871	249	28	is	be	AUX
cblr-2871	249	29	40	40	NUM
cblr-2871	249	30	%	%	NOUN
cblr-2871	249	31	.	.	PUNCT
cblr-2871	250	1	assuming	assume	VERB
cblr-2871	250	2	that	that	SCONJ
cblr-2871	250	3	the	the	DET
cblr-2871	250	4	value	value	NOUN
cblr-2871	250	5	of	of	ADP
cblr-2871	250	6	good	good	ADJ
cblr-2871	250	7	firms	firm	NOUN
cblr-2871	250	8	is	be	AUX
cblr-2871	250	9	100	100	NUM
cblr-2871	250	10	and	and	CCONJ
cblr-2871	250	11	that	that	SCONJ
cblr-2871	250	12	the	the	DET
cblr-2871	250	13	value	value	NOUN
cblr-2871	250	14	of	of	ADP
cblr-2871	250	15	bad	bad	ADJ
cblr-2871	250	16	firms	firm	NOUN
cblr-2871	250	17	is	be	AUX
cblr-2871	250	18	50	50	NUM
cblr-2871	250	19	,	,	PUNCT
cblr-2871	250	20	investors	investor	NOUN
cblr-2871	250	21	will	will	AUX
cblr-2871	250	22	value	value	VERB
cblr-2871	250	23	each	each	DET
cblr-2871	250	24	firm	firm	NOUN
cblr-2871	250	25	at	at	ADP
cblr-2871	250	26	70	70	NUM
cblr-2871	250	27	(	(	PUNCT
cblr-2871	250	28	40	40	NUM
cblr-2871	250	29	%	%	NOUN
cblr-2871	250	30	*	*	NOUN
cblr-2871	250	31	100	100	NUM
cblr-2871	251	1	+	+	NUM
cblr-2871	251	2	60	60	NUM
cblr-2871	251	3	%	%	NOUN
cblr-2871	251	4	*	*	NOUN
cblr-2871	251	5	50	50	NUM
cblr-2871	251	6	)	)	PUNCT
cblr-2871	251	7	.	.	PUNCT
cblr-2871	252	1	this	this	DET
cblr-2871	252	2	market	market	NOUN
cblr-2871	252	3	price	price	NOUN
cblr-2871	252	4	overestimates	overestimate	VERB
cblr-2871	252	5	the	the	DET
cblr-2871	252	6	value	value	NOUN
cblr-2871	252	7	of	of	ADP
cblr-2871	252	8	bad	bad	ADJ
cblr-2871	252	9	firms	firm	NOUN
cblr-2871	252	10	and	and	CCONJ
cblr-2871	252	11	for	for	ADP
cblr-2871	252	12	forming	form	VERB
cblr-2871	252	13	the	the	DET
cblr-2871	252	14	core	core	NOUN
cblr-2871	252	15	of	of	ADP
cblr-2871	252	16	the	the	DET
cblr-2871	252	17	field	field	NOUN
cblr-2871	252	18	.	.	PUNCT
cblr-2871	253	1	as	as	SCONJ
cblr-2871	253	2	the	the	DET
cblr-2871	253	3	press	press	NOUN
cblr-2871	253	4	release	release	NOUN
cblr-2871	253	5	announcing	announce	VERB
cblr-2871	253	6	the	the	DET
cblr-2871	253	7	prize	prize	NOUN
cblr-2871	253	8	describes	describe	VERB
cblr-2871	253	9	,	,	PUNCT
cblr-2871	253	10	the	the	DET
cblr-2871	253	11	applications	application	NOUN
cblr-2871	253	12	of	of	ADP
cblr-2871	253	13	their	their	PRON
cblr-2871	253	14	insights	insight	NOUN
cblr-2871	253	15	are	be	AUX
cblr-2871	253	16	abundant	abundant	ADJ
cblr-2871	253	17	.	.	PUNCT
cblr-2871	254	1	see	see	VERB
cblr-2871	254	2	press	press	NOUN
cblr-2871	254	3	release	release	NOUN
cblr-2871	254	4	,	,	PUNCT
cblr-2871	254	5	the	the	DET
cblr-2871	254	6	royal	royal	PROPN
cblr-2871	254	7	swedish	swedish	PROPN
cblr-2871	254	8	academy	academy	PROPN
cblr-2871	254	9	of	of	ADP
cblr-2871	254	10	sciences	sciences	PROPN
cblr-2871	254	11	,	,	PUNCT
cblr-2871	254	12	nobelprize.org	nobelprize.org	X
cblr-2871	254	13	(	(	PUNCT
cblr-2871	254	14	october	october	PROPN
cblr-2871	254	15	10	10	NUM
cblr-2871	254	16	,	,	PUNCT
cblr-2871	254	17	2001	2001	NUM
cblr-2871	254	18	)	)	PUNCT
cblr-2871	254	19	,	,	PUNCT
cblr-2871	254	20	http://www.nobelprize.org/nobel-prizes/	http://www.nobelprize.org/nobel-prizes/	PROPN
cblr-2871	254	21	economics	economics	NOUN
cblr-2871	254	22	/	/	SYM
cblr-2871	254	23	laureates/2001	laureates/2001	NOUN
cblr-2871	254	24	/	/	SYM
cblr-2871	254	25	press.html	press.html	PROPN
cblr-2871	254	26	.	.	PUNCT
cblr-2871	255	1	37	37	NUM
cblr-2871	255	2	see	see	VERB
cblr-2871	255	3	george	george	PROPN
cblr-2871	255	4	a.	a.	PROPN
cblr-2871	255	5	akerlof	akerlof	PROPN
cblr-2871	255	6	,	,	PUNCT
cblr-2871	255	7	the	the	DET
cblr-2871	255	8	market	market	NOUN
cblr-2871	255	9	for	for	ADP
cblr-2871	255	10	"	"	PUNCT
cblr-2871	255	11	lemons	lemon	NOUN
cblr-2871	255	12	'	'	PART
cblr-2871	255	13	?	?	PUNCT
cblr-2871	256	1	quality	quality	NOUN
cblr-2871	256	2	uncertainty	uncertainty	NOUN
cblr-2871	256	3	and	and	CCONJ
cblr-2871	256	4	the	the	DET
cblr-2871	256	5	market	market	NOUN
cblr-2871	256	6	mechanism	mechanism	NOUN
cblr-2871	256	7	,	,	PUNCT
cblr-2871	256	8	84	84	NUM
cblr-2871	256	9	q.	q.	PROPN
cblr-2871	256	10	j.	j.	PROPN
cblr-2871	256	11	econ	econ	PROPN
cblr-2871	256	12	.	.	PROPN
cblr-2871	257	1	488	488	NUM
cblr-2871	257	2	,	,	PUNCT
cblr-2871	257	3	489	489	NUM
cblr-2871	257	4	(	(	PUNCT
cblr-2871	257	5	1970	1970	NUM
cblr-2871	257	6	)	)	PUNCT
cblr-2871	257	7	.	.	PUNCT
cblr-2871	258	1	38	38	NUM
cblr-2871	259	1	i	i	PRON
cblr-2871	259	2	d.	d.	NOUN
cblr-2871	259	3	at	at	ADP
cblr-2871	259	4	490	490	NUM
cblr-2871	259	5	-	-	SYM
cblr-2871	259	6	91	91	NUM
cblr-2871	259	7	.	.	PUNCT
cblr-2871	260	1	39	39	NUM
cblr-2871	260	2	see	see	VERB
cblr-2871	260	3	i	i	PRON
cblr-2871	260	4	d.	d.	PROPN
cblr-2871	260	5	642	642	NUM
cblr-2871	261	1	[	[	X
cblr-2871	261	2	vol	vol	NOUN
cblr-2871	261	3	.	.	PUNCT
cblr-2871	261	4	2013	2013	NUM
cblr-2871	261	5	no	no	NOUN
cblr-2871	261	6	.	.	PUNCT
cblr-2871	262	1	3:627	3:627	NUM
cblr-2871	262	2	]	]	PUNCT
cblr-2871	262	3	noise	noise	NOUN
cblr-2871	262	4	adopters	adopter	NOUN
cblr-2871	262	5	in	in	ADP
cblr-2871	262	6	corporate	corporate	ADJ
cblr-2871	262	7	governance	governance	NOUN
cblr-2871	262	8	underestimates	underestimate	VERB
cblr-2871	262	9	the	the	DET
cblr-2871	262	10	value	value	NOUN
cblr-2871	262	11	of	of	ADP
cblr-2871	262	12	good	good	ADJ
cblr-2871	262	13	firms.40	firms.40	NOUN
cblr-2871	262	14	like	like	INTJ
cblr-2871	262	15	in	in	ADP
cblr-2871	262	16	akerlof	akerlof	NOUN
cblr-2871	262	17	's	's	PART
cblr-2871	262	18	lemon	lemon	NOUN
cblr-2871	262	19	car	car	NOUN
cblr-2871	262	20	market	market	NOUN
cblr-2871	262	21	,	,	PUNCT
cblr-2871	262	22	market	market	NOUN
cblr-2871	262	23	undervaluation	undervaluation	NOUN
cblr-2871	262	24	of	of	ADP
cblr-2871	262	25	firms	firm	NOUN
cblr-2871	262	26	may	may	AUX
cblr-2871	262	27	cause	cause	VERB
cblr-2871	262	28	firms	firm	NOUN
cblr-2871	262	29	of	of	ADP
cblr-2871	262	30	the	the	DET
cblr-2871	262	31	good	good	ADJ
cblr-2871	262	32	type	type	NOUN
cblr-2871	262	33	to	to	PART
cblr-2871	262	34	leave	leave	VERB
cblr-2871	262	35	the	the	DET
cblr-2871	262	36	market	market	NOUN
cblr-2871	262	37	;	;	PUNCT
cblr-2871	262	38	owners	owner	NOUN
cblr-2871	262	39	would	would	AUX
cblr-2871	262	40	rather	rather	ADV
cblr-2871	262	41	enjoy	enjoy	VERB
cblr-2871	262	42	the	the	DET
cblr-2871	262	43	full	full	ADJ
cblr-2871	262	44	value	value	NOUN
cblr-2871	262	45	of	of	ADP
cblr-2871	262	46	one	one	NUM
cblr-2871	262	47	hundred	hundred	NUM
cblr-2871	262	48	rather	rather	ADV
cblr-2871	262	49	than	than	ADP
cblr-2871	262	50	sell	sell	VERB
cblr-2871	262	51	for	for	ADP
cblr-2871	262	52	seventy	seventy	NUM
cblr-2871	262	53	.	.	PUNCT
cblr-2871	263	1	once	once	ADV
cblr-2871	263	2	good	good	ADJ
cblr-2871	263	3	firms	firm	NOUN
cblr-2871	263	4	exit	exit	VERB
cblr-2871	263	5	,	,	PUNCT
cblr-2871	263	6	the	the	DET
cblr-2871	263	7	mix	mix	NOUN
cblr-2871	263	8	of	of	ADP
cblr-2871	263	9	good	good	ADJ
cblr-2871	263	10	and	and	CCONJ
cblr-2871	263	11	bad	bad	ADJ
cblr-2871	263	12	firms	firm	NOUN
cblr-2871	263	13	in	in	ADP
cblr-2871	263	14	the	the	DET
cblr-2871	263	15	market	market	NOUN
cblr-2871	263	16	changes	change	NOUN
cblr-2871	263	17	,	,	PUNCT
cblr-2871	263	18	and	and	CCONJ
cblr-2871	263	19	investors	investor	NOUN
cblr-2871	263	20	reduce	reduce	VERB
cblr-2871	263	21	their	their	PRON
cblr-2871	263	22	tender	tender	ADJ
cblr-2871	263	23	price	price	NOUN
cblr-2871	263	24	to	to	PART
cblr-2871	263	25	reflect	reflect	VERB
cblr-2871	263	26	the	the	DET
cblr-2871	263	27	new	new	ADJ
cblr-2871	263	28	average	average	ADJ
cblr-2871	263	29	value	value	NOUN
cblr-2871	263	30	of	of	ADP
cblr-2871	263	31	firms	firm	NOUN
cblr-2871	263	32	in	in	ADP
cblr-2871	263	33	the	the	DET
cblr-2871	263	34	market	market	NOUN
cblr-2871	263	35	.	.	PUNCT
cblr-2871	264	1	in	in	ADP
cblr-2871	264	2	severe	severe	ADJ
cblr-2871	264	3	situations	situation	NOUN
cblr-2871	264	4	of	of	ADP
cblr-2871	264	5	information	information	NOUN
cblr-2871	264	6	asymmetry	asymmetry	NOUN
cblr-2871	264	7	,	,	PUNCT
cblr-2871	264	8	as	as	SCONJ
cblr-2871	264	9	akerlof	akerlof	NOUN
cblr-2871	264	10	suggested	suggest	VERB
cblr-2871	264	11	,	,	PUNCT
cblr-2871	264	12	the	the	DET
cblr-2871	264	13	market	market	NOUN
cblr-2871	264	14	may	may	AUX
cblr-2871	264	15	unravel.4	unravel.4	PROPN
cblr-2871	264	16	1	1	NUM
cblr-2871	264	17	adverse	adverse	ADJ
cblr-2871	264	18	selection	selection	NOUN
cblr-2871	264	19	in	in	ADP
cblr-2871	264	20	capital	capital	NOUN
cblr-2871	264	21	markets	market	NOUN
cblr-2871	264	22	contributed	contribute	VERB
cblr-2871	264	23	to	to	ADP
cblr-2871	264	24	the	the	DET
cblr-2871	264	25	enactment	enactment	NOUN
cblr-2871	264	26	of	of	ADP
cblr-2871	264	27	the	the	DET
cblr-2871	264	28	securities	security	NOUN
cblr-2871	264	29	act	act	NOUN
cblr-2871	264	30	of	of	ADP
cblr-2871	264	31	1933	1933	NUM
cblr-2871	264	32	and	and	CCONJ
cblr-2871	264	33	exchange	exchange	PROPN
cblr-2871	264	34	act	act	PROPN
cblr-2871	264	35	of	of	ADP
cblr-2871	264	36	1934.42	1934.42	NUM
cblr-2871	264	37	the	the	DET
cblr-2871	264	38	acts	act	NOUN
cblr-2871	264	39	followed	follow	VERB
cblr-2871	264	40	a	a	DET
cblr-2871	264	41	downsizing	downsize	VERB
cblr-2871	264	42	market	market	NOUN
cblr-2871	264	43	in	in	ADP
cblr-2871	264	44	which	which	PRON
cblr-2871	264	45	investors	investor	NOUN
cblr-2871	264	46	,	,	PUNCT
cblr-2871	264	47	with	with	ADP
cblr-2871	264	48	less	less	ADJ
cblr-2871	264	49	information	information	NOUN
cblr-2871	264	50	than	than	ADP
cblr-2871	264	51	firms	firm	NOUN
cblr-2871	264	52	'	'	PART
cblr-2871	264	53	managers	manager	NOUN
cblr-2871	264	54	,	,	PUNCT
cblr-2871	264	55	gradually	gradually	ADV
cblr-2871	264	56	lost	lose	VERB
cblr-2871	264	57	their	their	PRON
cblr-2871	264	58	trust	trust	NOUN
cblr-2871	264	59	in	in	ADP
cblr-2871	264	60	publicly	publicly	ADV
cblr-2871	264	61	-	-	PUNCT
cblr-2871	264	62	traded	trade	VERB
cblr-2871	264	63	firms	firm	NOUN
cblr-2871	264	64	.	.	PUNCT
cblr-2871	265	1	to	to	PART
cblr-2871	265	2	increase	increase	VERB
cblr-2871	265	3	trust	trust	NOUN
cblr-2871	265	4	and	and	CCONJ
cblr-2871	265	5	prevent	prevent	VERB
cblr-2871	265	6	the	the	DET
cblr-2871	265	7	market	market	NOUN
cblr-2871	265	8	from	from	ADP
cblr-2871	265	9	unraveling	unravel	VERB
cblr-2871	265	10	,	,	PUNCT
cblr-2871	265	11	the	the	DET
cblr-2871	265	12	acts	act	NOUN
cblr-2871	265	13	required	require	VERB
cblr-2871	265	14	firms	firm	NOUN
cblr-2871	265	15	to	to	PART
cblr-2871	265	16	disclose	disclose	VERB
cblr-2871	265	17	more	more	ADJ
cblr-2871	265	18	information	information	NOUN
cblr-2871	265	19	to	to	ADP
cblr-2871	265	20	investors.43	investors.43	NOUN
cblr-2871	265	21	the	the	DET
cblr-2871	265	22	remedy	remedy	NOUN
cblr-2871	265	23	reflected	reflect	VERB
cblr-2871	265	24	the	the	DET
cblr-2871	265	25	concern	concern	NOUN
cblr-2871	265	26	about	about	ADP
cblr-2871	265	27	the	the	DET
cblr-2871	265	28	potential	potential	ADJ
cblr-2871	265	29	influence	influence	NOUN
cblr-2871	265	30	of	of	ADP
cblr-2871	265	31	asymmetric	asymmetric	ADJ
cblr-2871	265	32	information	information	NOUN
cblr-2871	265	33	.	.	PUNCT
cblr-2871	266	1	there	there	PRON
cblr-2871	266	2	is	be	VERB
cblr-2871	266	3	,	,	PUNCT
cblr-2871	266	4	however	however	ADV
cblr-2871	266	5	,	,	PUNCT
cblr-2871	266	6	a	a	DET
cblr-2871	266	7	potential	potential	ADJ
cblr-2871	266	8	solution	solution	NOUN
cblr-2871	266	9	to	to	ADP
cblr-2871	266	10	the	the	DET
cblr-2871	266	11	adverse	adverse	ADJ
cblr-2871	266	12	selection	selection	NOUN
cblr-2871	266	13	problem	problem	NOUN
cblr-2871	266	14	in	in	ADP
cblr-2871	266	15	the	the	DET
cblr-2871	266	16	form	form	NOUN
cblr-2871	266	17	of	of	ADP
cblr-2871	266	18	a	a	DET
cblr-2871	266	19	signaling	signal	VERB
cblr-2871	266	20	equilibrium	equilibrium	NOUN
cblr-2871	266	21	,	,	PUNCT
cblr-2871	266	22	in	in	ADP
cblr-2871	266	23	which	which	PRON
cblr-2871	266	24	good	good	ADJ
cblr-2871	266	25	types	type	NOUN
cblr-2871	266	26	take	take	VERB
cblr-2871	266	27	costly	costly	ADJ
cblr-2871	266	28	actions	action	NOUN
cblr-2871	266	29	to	to	PART
cblr-2871	266	30	signal	signal	VERB
cblr-2871	266	31	their	their	PRON
cblr-2871	266	32	type	type	NOUN
cblr-2871	266	33	.	.	PUNCT
cblr-2871	267	1	michael	michael	PROPN
cblr-2871	267	2	spence	spence	PROPN
cblr-2871	267	3	developed	develop	VERB
cblr-2871	267	4	the	the	DET
cblr-2871	267	5	idea	idea	NOUN
cblr-2871	267	6	that	that	SCONJ
cblr-2871	267	7	under	under	ADP
cblr-2871	267	8	certain	certain	ADJ
cblr-2871	267	9	assumptions	assumption	NOUN
cblr-2871	267	10	,	,	PUNCT
cblr-2871	267	11	participants	participant	NOUN
cblr-2871	267	12	could	could	AUX
cblr-2871	267	13	signal	signal	VERB
cblr-2871	267	14	their	their	PRON
cblr-2871	267	15	type.44	type.44	PROPN
cblr-2871	267	16	spence	spence	PROPN
cblr-2871	267	17	initially	initially	ADV
cblr-2871	267	18	used	use	VERB
cblr-2871	267	19	his	his	PRON
cblr-2871	267	20	framework	framework	NOUN
cblr-2871	267	21	to	to	PART
cblr-2871	267	22	explain	explain	VERB
cblr-2871	267	23	employment	employment	NOUN
cblr-2871	267	24	equilibrium	equilibrium	NOUN
cblr-2871	267	25	under	under	ADP
cblr-2871	267	26	asymmetric	asymmetric	ADJ
cblr-2871	267	27	information	information	NOUN
cblr-2871	267	28	.	.	PUNCT
cblr-2871	268	1	when	when	SCONJ
cblr-2871	268	2	employers	employer	NOUN
cblr-2871	268	3	are	be	AUX
cblr-2871	268	4	interested	interested	ADJ
cblr-2871	268	5	in	in	ADP
cblr-2871	268	6	hiring	hire	VERB
cblr-2871	268	7	talented	talented	ADJ
cblr-2871	268	8	workers	worker	NOUN
cblr-2871	268	9	but	but	CCONJ
cblr-2871	268	10	do	do	AUX
cblr-2871	268	11	not	not	PART
cblr-2871	268	12	know	know	VERB
cblr-2871	268	13	how	how	SCONJ
cblr-2871	268	14	to	to	PART
cblr-2871	268	15	recognize	recognize	VERB
cblr-2871	268	16	them	they	PRON
cblr-2871	268	17	,	,	PUNCT
cblr-2871	268	18	they	they	PRON
cblr-2871	268	19	offer	offer	VERB
cblr-2871	268	20	an	an	DET
cblr-2871	268	21	average	average	ADJ
cblr-2871	268	22	salary	salary	NOUN
cblr-2871	268	23	,	,	PUNCT
cblr-2871	268	24	which	which	PRON
cblr-2871	268	25	could	could	AUX
cblr-2871	268	26	lead	lead	VERB
cblr-2871	268	27	to	to	ADP
cblr-2871	268	28	adverse	adverse	ADJ
cblr-2871	268	29	selection	selection	NOUN
cblr-2871	268	30	.	.	PUNCT
cblr-2871	269	1	yet	yet	ADV
cblr-2871	269	2	,	,	PUNCT
cblr-2871	269	3	spence	spence	PROPN
cblr-2871	269	4	suggested	suggest	VERB
cblr-2871	269	5	,	,	PUNCT
cblr-2871	269	6	talented	talented	ADJ
cblr-2871	269	7	people	people	NOUN
cblr-2871	269	8	could	could	AUX
cblr-2871	269	9	credibly	credibly	ADV
cblr-2871	269	10	signal	signal	VERB
cblr-2871	269	11	their	their	PRON
cblr-2871	269	12	type	type	NOUN
cblr-2871	269	13	to	to	ADP
cblr-2871	269	14	employers	employer	NOUN
cblr-2871	269	15	by	by	ADP
cblr-2871	269	16	going	go	VERB
cblr-2871	269	17	to	to	PART
cblr-2871	269	18	college.45	college.45	VERB
cblr-2871	269	19	to	to	PART
cblr-2871	269	20	be	be	AUX
cblr-2871	269	21	sure	sure	ADJ
cblr-2871	269	22	,	,	PUNCT
cblr-2871	269	23	going	go	VERB
cblr-2871	269	24	to	to	ADP
cblr-2871	269	25	college	college	NOUN
cblr-2871	269	26	is	be	AUX
cblr-2871	269	27	costly	costly	ADJ
cblr-2871	269	28	,	,	PUNCT
cblr-2871	269	29	but	but	CCONJ
cblr-2871	269	30	it	it	PRON
cblr-2871	269	31	could	could	AUX
cblr-2871	269	32	be	be	AUX
cblr-2871	269	33	worthwhile	worthwhile	ADJ
cblr-2871	269	34	if	if	SCONJ
cblr-2871	269	35	it	it	PRON
cblr-2871	269	36	would	would	AUX
cblr-2871	269	37	help	help	VERB
cblr-2871	269	38	talented	talented	ADJ
cblr-2871	269	39	40	40	NUM
cblr-2871	269	40	see	see	NOUN
cblr-2871	269	41	akerlof	akerlof	NOUN
cblr-2871	269	42	,	,	PUNCT
cblr-2871	269	43	supra	supra	PROPN
cblr-2871	269	44	note	note	PROPN
cblr-2871	269	45	37	37	NUM
cblr-2871	269	46	,	,	PUNCT
cblr-2871	269	47	at	at	ADP
cblr-2871	269	48	488	488	NUM
cblr-2871	269	49	.	.	PUNCT
cblr-2871	270	1	41	41	NUM
cblr-2871	270	2	see	see	VERB
cblr-2871	270	3	i	i	PRON
cblr-2871	270	4	d.	d.	PROPN
cblr-2871	270	5	42	42	NUM
cblr-2871	270	6	see	see	VERB
cblr-2871	270	7	alena	alena	PROPN
cblr-2871	270	8	allen	allen	PROPN
cblr-2871	270	9	,	,	PUNCT
cblr-2871	270	10	regulating	regulate	VERB
cblr-2871	270	11	health	health	NOUN
cblr-2871	270	12	and	and	CCONJ
cblr-2871	270	13	wealth	wealth	NOUN
cblr-2871	270	14	,	,	PUNCT
cblr-2871	270	15	35	35	NUM
cblr-2871	270	16	cardozo	cardozo	PROPN
cblr-2871	270	17	l.	l.	PROPN
cblr-2871	270	18	rev	rev	PROPN
cblr-2871	270	19	.	.	PROPN
cblr-2871	270	20	309	309	NUM
cblr-2871	270	21	,	,	PUNCT
cblr-2871	270	22	320	320	NUM
cblr-2871	270	23	(	(	PUNCT
cblr-2871	270	24	2013	2013	NUM
cblr-2871	270	25	)	)	PUNCT
cblr-2871	270	26	.	.	PUNCT
cblr-2871	271	1	43	43	NUM
cblr-2871	271	2	see	see	VERB
cblr-2871	271	3	the	the	DET
cblr-2871	271	4	laws	law	NOUN
cblr-2871	271	5	that	that	PRON
cblr-2871	271	6	govern	govern	VERB
cblr-2871	271	7	the	the	DET
cblr-2871	271	8	securities	security	NOUN
cblr-2871	271	9	industry	industry	NOUN
cblr-2871	271	10	,	,	PUNCT
cblr-2871	271	11	sec	sec	PROPN
cblr-2871	271	12	,	,	PUNCT
cblr-2871	271	13	http://www.sec.gov/about/laws.shtml	http://www.sec.gov/about/laws.shtml	NOUN
cblr-2871	271	14	(	(	PUNCT
cblr-2871	271	15	last	last	ADV
cblr-2871	271	16	visited	visit	VERB
cblr-2871	271	17	dec	dec	PROPN
cblr-2871	271	18	.	.	PROPN
cblr-2871	271	19	2	2	NUM
cblr-2871	271	20	,	,	PUNCT
cblr-2871	271	21	2013	2013	NUM
cblr-2871	271	22	)	)	PUNCT
cblr-2871	271	23	.	.	PUNCT
cblr-2871	272	1	44	44	NUM
cblr-2871	272	2	see	see	VERB
cblr-2871	272	3	spence	spence	NOUN
cblr-2871	272	4	,	,	PUNCT
cblr-2871	272	5	supra	supra	PROPN
cblr-2871	272	6	note	note	PROPN
cblr-2871	272	7	7	7	NUM
cblr-2871	272	8	,	,	PUNCT
cblr-2871	272	9	at	at	ADP
cblr-2871	272	10	358	358	NUM
cblr-2871	272	11	.	.	PUNCT
cblr-2871	273	1	45	45	NUM
cblr-2871	273	2	see	see	VERB
cblr-2871	273	3	i	i	PRON
cblr-2871	273	4	d.	d.	PROPN
cblr-2871	273	5	at	at	ADP
cblr-2871	273	6	357	357	NUM
cblr-2871	273	7	.	.	PUNCT
cblr-2871	273	8	643	643	NUM
cblr-2871	273	9	columbia	columbia	PROPN
cblr-2871	273	10	business	business	NOUN
cblr-2871	273	11	law	law	PROPN
cblr-2871	273	12	review	review	NOUN
cblr-2871	273	13	employees	employee	NOUN
cblr-2871	273	14	distinguish	distinguish	VERB
cblr-2871	273	15	themselves	themselves	PRON
cblr-2871	273	16	.	.	PUNCT
cblr-2871	274	1	but	but	CCONJ
cblr-2871	274	2	why	why	SCONJ
cblr-2871	274	3	would	would	AUX
cblr-2871	274	4	college	college	NOUN
cblr-2871	274	5	constitute	constitute	VERB
cblr-2871	274	6	a	a	DET
cblr-2871	274	7	credible	credible	ADJ
cblr-2871	274	8	signal	signal	NOUN
cblr-2871	274	9	for	for	ADP
cblr-2871	274	10	talent	talent	NOUN
cblr-2871	274	11	?	?	PUNCT
cblr-2871	275	1	and	and	CCONJ
cblr-2871	275	2	why	why	SCONJ
cblr-2871	275	3	would	would	AUX
cblr-2871	275	4	n't	not	PART
cblr-2871	275	5	less	less	ADV
cblr-2871	275	6	talented	talented	ADJ
cblr-2871	275	7	employees	employee	NOUN
cblr-2871	275	8	also	also	ADV
cblr-2871	275	9	go	go	VERB
cblr-2871	275	10	to	to	ADP
cblr-2871	275	11	college	college	NOUN
cblr-2871	275	12	?	?	PUNCT
cblr-2871	276	1	the	the	DET
cblr-2871	276	2	reason	reason	NOUN
cblr-2871	276	3	is	be	AUX
cblr-2871	276	4	that	that	SCONJ
cblr-2871	276	5	even	even	ADV
cblr-2871	276	6	though	though	SCONJ
cblr-2871	276	7	less	less	ADV
cblr-2871	276	8	talented	talented	ADJ
cblr-2871	276	9	people	people	NOUN
cblr-2871	276	10	may	may	AUX
cblr-2871	276	11	want	want	VERB
cblr-2871	276	12	to	to	PART
cblr-2871	276	13	imitate	imitate	VERB
cblr-2871	276	14	the	the	DET
cblr-2871	276	15	talented	talented	ADJ
cblr-2871	276	16	ones	one	NOUN
cblr-2871	276	17	,	,	PUNCT
cblr-2871	276	18	the	the	DET
cblr-2871	276	19	costs	cost	NOUN
cblr-2871	276	20	of	of	ADP
cblr-2871	276	21	completing	complete	VERB
cblr-2871	276	22	college	college	NOUN
cblr-2871	276	23	are	be	AUX
cblr-2871	276	24	higher	high	ADJ
cblr-2871	276	25	for	for	ADP
cblr-2871	276	26	less	less	ADV
cblr-2871	276	27	talented	talented	ADJ
cblr-2871	276	28	employees.4	employees.4	PROPN
cblr-2871	276	29	6	6	NUM
cblr-2871	276	30	more	more	ADV
cblr-2871	276	31	generally	generally	ADV
cblr-2871	276	32	,	,	PUNCT
cblr-2871	276	33	spence	spence	NOUN
cblr-2871	276	34	's	's	PART
cblr-2871	276	35	framework	framework	NOUN
cblr-2871	276	36	suggests	suggest	VERB
cblr-2871	276	37	that	that	SCONJ
cblr-2871	276	38	,	,	PUNCT
cblr-2871	276	39	with	with	ADP
cblr-2871	276	40	asymmetric	asymmetric	ADJ
cblr-2871	276	41	information	information	NOUN
cblr-2871	276	42	,	,	PUNCT
cblr-2871	276	43	"	"	PUNCT
cblr-2871	276	44	good	good	ADJ
cblr-2871	276	45	"	"	PUNCT
cblr-2871	276	46	types	type	NOUN
cblr-2871	276	47	may	may	AUX
cblr-2871	276	48	signal	signal	VERB
cblr-2871	276	49	that	that	SCONJ
cblr-2871	276	50	they	they	PRON
cblr-2871	276	51	are	be	AUX
cblr-2871	276	52	good	good	ADJ
cblr-2871	276	53	by	by	ADP
cblr-2871	276	54	undertaking	undertake	VERB
cblr-2871	276	55	costly	costly	ADJ
cblr-2871	276	56	actions	action	NOUN
cblr-2871	276	57	that	that	PRON
cblr-2871	276	58	are	be	AUX
cblr-2871	276	59	more	more	ADV
cblr-2871	276	60	costly	costly	ADJ
cblr-2871	276	61	for	for	ADP
cblr-2871	276	62	"	"	PUNCT
cblr-2871	276	63	bad	bad	ADJ
cblr-2871	276	64	"	"	PUNCT
cblr-2871	276	65	types	type	NOUN
cblr-2871	276	66	to	to	ADP
cblr-2871	276	67	take.47	take.47	NOUN
cblr-2871	276	68	in	in	ADP
cblr-2871	276	69	order	order	NOUN
cblr-2871	276	70	for	for	ADP
cblr-2871	276	71	signaling	signal	VERB
cblr-2871	276	72	to	to	PART
cblr-2871	276	73	be	be	AUX
cblr-2871	276	74	successful	successful	ADJ
cblr-2871	276	75	,	,	PUNCT
cblr-2871	276	76	signaling	signal	VERB
cblr-2871	276	77	costs	cost	NOUN
cblr-2871	276	78	must	must	AUX
cblr-2871	276	79	be	be	AUX
cblr-2871	276	80	higher	high	ADJ
cblr-2871	276	81	for	for	ADP
cblr-2871	276	82	bad	bad	ADJ
cblr-2871	276	83	types	type	NOUN
cblr-2871	276	84	than	than	ADP
cblr-2871	276	85	for	for	ADP
cblr-2871	276	86	good	good	ADJ
cblr-2871	276	87	types.48	types.48	NOUN
cblr-2871	276	88	in	in	ADP
cblr-2871	276	89	fact	fact	NOUN
cblr-2871	276	90	,	,	PUNCT
cblr-2871	276	91	they	they	PRON
cblr-2871	276	92	have	have	VERB
cblr-2871	276	93	to	to	PART
cblr-2871	276	94	be	be	AUX
cblr-2871	276	95	high	high	ADJ
cblr-2871	276	96	enough	enough	ADV
cblr-2871	276	97	that	that	SCONJ
cblr-2871	276	98	the	the	DET
cblr-2871	276	99	bad	bad	ADJ
cblr-2871	276	100	type	type	NOUN
cblr-2871	276	101	finds	find	VERB
cblr-2871	276	102	it	it	PRON
cblr-2871	276	103	not	not	PART
cblr-2871	276	104	worthwhile	worthwhile	ADJ
cblr-2871	276	105	to	to	PART
cblr-2871	276	106	imitate	imitate	VERB
cblr-2871	276	107	the	the	DET
cblr-2871	276	108	behavior	behavior	NOUN
cblr-2871	276	109	of	of	ADP
cblr-2871	276	110	the	the	DET
cblr-2871	276	111	good	good	ADJ
cblr-2871	276	112	type	type	NOUN
cblr-2871	276	113	,	,	PUNCT
cblr-2871	276	114	even	even	ADV
cblr-2871	276	115	though	though	SCONJ
cblr-2871	276	116	its	its	PRON
cblr-2871	276	117	failure	failure	NOUN
cblr-2871	276	118	to	to	PART
cblr-2871	276	119	do	do	AUX
cblr-2871	276	120	so	so	ADV
cblr-2871	276	121	would	would	AUX
cblr-2871	276	122	expose	expose	VERB
cblr-2871	276	123	its	its	PRON
cblr-2871	276	124	true	true	ADJ
cblr-2871	276	125	type.49	type.49	NOUN
cblr-2871	276	126	finally	finally	ADV
cblr-2871	276	127	,	,	PUNCT
cblr-2871	276	128	the	the	DET
cblr-2871	276	129	last	last	ADJ
cblr-2871	276	130	component	component	NOUN
cblr-2871	276	131	of	of	ADP
cblr-2871	276	132	successful	successful	ADJ
cblr-2871	276	133	signaling	signaling	NOUN
cblr-2871	276	134	focuses	focus	VERB
cblr-2871	276	135	on	on	ADP
cblr-2871	276	136	the	the	DET
cblr-2871	276	137	beliefs	belief	NOUN
cblr-2871	276	138	of	of	ADP
cblr-2871	276	139	the	the	DET
cblr-2871	276	140	receiver	receiver	NOUN
cblr-2871	276	141	of	of	ADP
cblr-2871	276	142	the	the	DET
cblr-2871	276	143	signal	signal	NOUN
cblr-2871	276	144	.	.	PUNCT
cblr-2871	277	1	employers	employer	NOUN
cblr-2871	277	2	believe	believe	VERB
cblr-2871	277	3	that	that	SCONJ
cblr-2871	277	4	those	those	PRON
cblr-2871	277	5	who	who	PRON
cblr-2871	277	6	go	go	VERB
cblr-2871	277	7	to	to	ADP
cblr-2871	277	8	college	college	NOUN
cblr-2871	277	9	of	of	ADP
cblr-2871	277	10	are	be	AUX
cblr-2871	277	11	of	of	ADP
cblr-2871	277	12	the	the	DET
cblr-2871	277	13	good	good	ADJ
cblr-2871	277	14	type	type	NOUN
cblr-2871	277	15	because	because	SCONJ
cblr-2871	277	16	,	,	PUNCT
cblr-2871	277	17	in	in	ADP
cblr-2871	277	18	equilibrium	equilibrium	NOUN
cblr-2871	277	19	,	,	PUNCT
cblr-2871	277	20	they	they	PRON
cblr-2871	277	21	know	know	VERB
cblr-2871	277	22	the	the	DET
cblr-2871	277	23	costs	cost	NOUN
cblr-2871	277	24	of	of	ADP
cblr-2871	277	25	signaling	signal	VERB
cblr-2871	277	26	.	.	PUNCT
cblr-2871	278	1	when	when	SCONJ
cblr-2871	278	2	this	this	PRON
cblr-2871	278	3	occurs	occur	VERB
cblr-2871	278	4	,	,	PUNCT
cblr-2871	278	5	a	a	DET
cblr-2871	278	6	"	"	PUNCT
cblr-2871	278	7	separating	separate	VERB
cblr-2871	278	8	equilibrium	equilibrium	NOUN
cblr-2871	278	9	"	"	PUNCT
cblr-2871	278	10	emerges	emerge	NOUN
cblr-2871	278	11	,	,	PUNCT
cblr-2871	278	12	in	in	ADP
cblr-2871	278	13	which	which	PRON
cblr-2871	278	14	each	each	DET
cblr-2871	278	15	type	type	NOUN
cblr-2871	278	16	sends	send	VERB
cblr-2871	278	17	a	a	DET
cblr-2871	278	18	different	different	ADJ
cblr-2871	278	19	signal	signal	NOUN
cblr-2871	278	20	.	.	PUNCT
cblr-2871	279	1	spence	spence	NOUN
cblr-2871	279	2	recognized	recognize	VERB
cblr-2871	279	3	that	that	SCONJ
cblr-2871	279	4	signaling	signal	VERB
cblr-2871	279	5	will	will	AUX
cblr-2871	279	6	not	not	PART
cblr-2871	279	7	always	always	ADV
cblr-2871	279	8	occur.50	occur.50	ADJ
cblr-2871	279	9	bad	bad	ADJ
cblr-2871	279	10	type	type	NOUN
cblr-2871	279	11	actors	actor	NOUN
cblr-2871	279	12	may	may	AUX
cblr-2871	279	13	sometimes	sometimes	ADV
cblr-2871	279	14	choose	choose	VERB
cblr-2871	279	15	to	to	PART
cblr-2871	279	16	imitate	imitate	VERB
cblr-2871	279	17	the	the	DET
cblr-2871	279	18	good	good	ADJ
cblr-2871	279	19	type	type	NOUN
cblr-2871	279	20	actors	actor	NOUN
cblr-2871	279	21	'	'	PART
cblr-2871	279	22	signals	signal	NOUN
cblr-2871	279	23	.	.	PUNCT
cblr-2871	280	1	for	for	ADP
cblr-2871	280	2	instance	instance	NOUN
cblr-2871	280	3	,	,	PUNCT
cblr-2871	280	4	less	less	ADV
cblr-2871	280	5	talented	talented	ADJ
cblr-2871	280	6	people	people	NOUN
cblr-2871	280	7	may	may	AUX
cblr-2871	280	8	choose	choose	VERB
cblr-2871	280	9	to	to	PART
cblr-2871	280	10	acquire	acquire	VERB
cblr-2871	280	11	a	a	DET
cblr-2871	280	12	college	college	NOUN
cblr-2871	280	13	education	education	NOUN
cblr-2871	280	14	,	,	PUNCT
cblr-2871	280	15	even	even	ADV
cblr-2871	280	16	though	though	SCONJ
cblr-2871	280	17	it	it	PRON
cblr-2871	280	18	is	be	AUX
cblr-2871	280	19	more	more	ADV
cblr-2871	280	20	costly	costly	ADJ
cblr-2871	280	21	for	for	SCONJ
cblr-2871	280	22	them	they	PRON
cblr-2871	280	23	to	to	PART
cblr-2871	280	24	do	do	VERB
cblr-2871	280	25	so	so	ADV
cblr-2871	280	26	.	.	PUNCT
cblr-2871	281	1	they	they	PRON
cblr-2871	281	2	would	would	AUX
cblr-2871	281	3	do	do	VERB
cblr-2871	281	4	so	so	ADV
cblr-2871	281	5	if	if	SCONJ
cblr-2871	281	6	the	the	DET
cblr-2871	281	7	cost	cost	NOUN
cblr-2871	281	8	of	of	ADP
cblr-2871	281	9	acquiring	acquire	VERB
cblr-2871	281	10	education	education	NOUN
cblr-2871	281	11	were	be	AUX
cblr-2871	281	12	less	less	ADJ
cblr-2871	281	13	than	than	ADP
cblr-2871	281	14	the	the	DET
cblr-2871	281	15	cost	cost	NOUN
cblr-2871	281	16	of	of	ADP
cblr-2871	281	17	sending	send	VERB
cblr-2871	281	18	the	the	DET
cblr-2871	281	19	negative	negative	ADJ
cblr-2871	281	20	signal	signal	NOUN
cblr-2871	281	21	.	.	PUNCT
cblr-2871	282	1	if	if	SCONJ
cblr-2871	282	2	the	the	DET
cblr-2871	282	3	bad	bad	ADJ
cblr-2871	282	4	type	type	NOUN
cblr-2871	282	5	chooses	choose	VERB
cblr-2871	282	6	to	to	PART
cblr-2871	282	7	imitate	imitate	VERB
cblr-2871	282	8	the	the	DET
cblr-2871	282	9	good	good	ADJ
cblr-2871	282	10	type	type	NOUN
cblr-2871	282	11	,	,	PUNCT
cblr-2871	282	12	the	the	DET
cblr-2871	282	13	result	result	NOUN
cblr-2871	282	14	would	would	AUX
cblr-2871	282	15	be	be	AUX
cblr-2871	282	16	a	a	DET
cblr-2871	282	17	"	"	PUNCT
cblr-2871	282	18	pooling	pool	VERB
cblr-2871	282	19	equilibrium"-namely	equilibrium"-namely	ADV
cblr-2871	282	20	,	,	PUNCT
cblr-2871	282	21	46	46	NUM
cblr-2871	282	22	signaling	signal	VERB
cblr-2871	282	23	costs	cost	NOUN
cblr-2871	282	24	in	in	ADP
cblr-2871	282	25	spence	spence	NOUN
cblr-2871	282	26	's	's	PART
cblr-2871	282	27	education	education	NOUN
cblr-2871	282	28	model	model	NOUN
cblr-2871	282	29	include	include	VERB
cblr-2871	282	30	not	not	PART
cblr-2871	282	31	only	only	ADV
cblr-2871	282	32	the	the	DET
cblr-2871	282	33	tuition	tuition	NOUN
cblr-2871	282	34	costs	cost	NOUN
cblr-2871	282	35	,	,	PUNCT
cblr-2871	282	36	but	but	CCONJ
cblr-2871	282	37	also	also	ADV
cblr-2871	282	38	time	time	NOUN
cblr-2871	282	39	,	,	PUNCT
cblr-2871	282	40	psychic	psychic	ADJ
cblr-2871	282	41	costs	cost	NOUN
cblr-2871	282	42	,	,	PUNCT
cblr-2871	282	43	and	and	CCONJ
cblr-2871	282	44	other	other	ADJ
cblr-2871	282	45	opportunity	opportunity	NOUN
cblr-2871	282	46	costs	cost	NOUN
cblr-2871	282	47	.	.	PUNCT
cblr-2871	283	1	see	see	VERB
cblr-2871	283	2	spence	spence	NOUN
cblr-2871	283	3	,	,	PUNCT
cblr-2871	283	4	supra	supra	PROPN
cblr-2871	283	5	note	note	PROPN
cblr-2871	283	6	7	7	NUM
cblr-2871	283	7	,	,	PUNCT
cblr-2871	283	8	at	at	ADP
cblr-2871	283	9	358	358	NUM
cblr-2871	283	10	-	-	SYM
cblr-2871	283	11	59	59	NUM
cblr-2871	283	12	.	.	PUNCT
cblr-2871	284	1	47	47	NUM
cblr-2871	284	2	see	see	VERB
cblr-2871	284	3	i	i	PRON
cblr-2871	284	4	d.	d.	PROPN
cblr-2871	284	5	at	at	ADP
cblr-2871	284	6	358	358	NUM
cblr-2871	284	7	.	.	PUNCT
cblr-2871	285	1	48	48	NUM
cblr-2871	285	2	see	see	VERB
cblr-2871	285	3	i	i	PRON
cblr-2871	285	4	d.	d.	PROPN
cblr-2871	285	5	in	in	ADP
cblr-2871	285	6	spence	spence	PROPN
cblr-2871	285	7	's	's	PART
cblr-2871	285	8	job	job	NOUN
cblr-2871	285	9	model	model	NOUN
cblr-2871	285	10	,	,	PUNCT
cblr-2871	285	11	signaling	signal	VERB
cblr-2871	285	12	costs	cost	NOUN
cblr-2871	285	13	are	be	AUX
cblr-2871	285	14	negatively	negatively	ADV
cblr-2871	285	15	correlated	correlate	VERB
cblr-2871	285	16	with	with	ADP
cblr-2871	285	17	productivity	productivity	NOUN
cblr-2871	285	18	(	(	PUNCT
cblr-2871	285	19	i.e.	i.e.	X
cblr-2871	285	20	,	,	PUNCT
cblr-2871	285	21	the	the	DET
cblr-2871	285	22	ability	ability	NOUN
cblr-2871	285	23	to	to	PART
cblr-2871	285	24	learn	learn	VERB
cblr-2871	285	25	)	)	PUNCT
cblr-2871	285	26	,	,	PUNCT
cblr-2871	285	27	and	and	CCONJ
cblr-2871	285	28	thus	thus	ADV
cblr-2871	285	29	are	be	AUX
cblr-2871	285	30	higher	high	ADJ
cblr-2871	285	31	for	for	ADP
cblr-2871	285	32	the	the	DET
cblr-2871	285	33	nonproductive	nonproductive	ADJ
cblr-2871	285	34	type	type	NOUN
cblr-2871	285	35	.	.	PUNCT
cblr-2871	286	1	49	49	NUM
cblr-2871	286	2	see	see	VERB
cblr-2871	286	3	i	i	PRON
cblr-2871	286	4	d.	d.	PROPN
cblr-2871	286	5	50	50	NUM
cblr-2871	286	6	see	see	VERB
cblr-2871	286	7	i	i	PRON
cblr-2871	286	8	d.	d.	PROPN
cblr-2871	286	9	644	644	NUM
cblr-2871	287	1	[	[	X
cblr-2871	287	2	vol	vol	NOUN
cblr-2871	287	3	.	.	PUNCT
cblr-2871	287	4	2013	2013	NUM
cblr-2871	287	5	no	no	NOUN
cblr-2871	287	6	.	.	PUNCT
cblr-2871	288	1	3:627	3:627	NUM
cblr-2871	288	2	]	]	PUNCT
cblr-2871	289	1	noise	noise	NOUN
cblr-2871	289	2	adopters	adopter	NOUN
cblr-2871	289	3	in	in	ADP
cblr-2871	289	4	corpora	corpora	NOUN
cblr-2871	289	5	te	te	ADP
cblr-2871	289	6	governance	governance	NOUN
cblr-2871	289	7	an	an	DET
cblr-2871	289	8	equilibrium	equilibrium	NOUN
cblr-2871	289	9	in	in	ADP
cblr-2871	289	10	which	which	PRON
cblr-2871	289	11	both	both	DET
cblr-2871	289	12	types	type	NOUN
cblr-2871	289	13	choose	choose	VERB
cblr-2871	289	14	the	the	DET
cblr-2871	289	15	same	same	ADJ
cblr-2871	289	16	action	action	NOUN
cblr-2871	289	17	and	and	CCONJ
cblr-2871	289	18	no	no	DET
cblr-2871	289	19	signal	signal	NOUN
cblr-2871	289	20	is	be	AUX
cblr-2871	289	21	conveyed	convey	VERB
cblr-2871	289	22	.	.	PUNCT
cblr-2871	290	1	in	in	ADP
cblr-2871	290	2	particular	particular	ADJ
cblr-2871	290	3	,	,	PUNCT
cblr-2871	290	4	for	for	ADP
cblr-2871	290	5	a	a	DET
cblr-2871	290	6	separating	separate	VERB
cblr-2871	290	7	equilibrium	equilibrium	NOUN
cblr-2871	290	8	to	to	PART
cblr-2871	290	9	emerge	emerge	VERB
cblr-2871	290	10	and	and	CCONJ
cblr-2871	290	11	persist	persist	VERB
cblr-2871	290	12	,	,	PUNCT
cblr-2871	290	13	the	the	DET
cblr-2871	290	14	following	follow	VERB
cblr-2871	290	15	conditions	condition	NOUN
cblr-2871	290	16	should	should	AUX
cblr-2871	290	17	be	be	AUX
cblr-2871	290	18	met	meet	VERB
cblr-2871	290	19	.	.	PUNCT
cblr-2871	291	1	first	first	ADV
cblr-2871	291	2	,	,	PUNCT
cblr-2871	291	3	the	the	DET
cblr-2871	291	4	bad	bad	ADJ
cblr-2871	291	5	type	type	NOUN
cblr-2871	291	6	must	must	AUX
cblr-2871	291	7	find	find	VERB
cblr-2871	291	8	it	it	PRON
cblr-2871	291	9	profitable	profitable	ADJ
cblr-2871	291	10	to	to	PART
cblr-2871	291	11	avoid	avoid	VERB
cblr-2871	291	12	the	the	DET
cblr-2871	291	13	signaling	signal	VERB
cblr-2871	291	14	costs	cost	NOUN
cblr-2871	291	15	,	,	PUNCT
cblr-2871	291	16	even	even	ADV
cblr-2871	291	17	though	though	SCONJ
cblr-2871	291	18	this	this	PRON
cblr-2871	291	19	will	will	AUX
cblr-2871	291	20	expose	expose	VERB
cblr-2871	291	21	its	its	PRON
cblr-2871	291	22	true	true	ADJ
cblr-2871	291	23	type.51	type.51	NOUN
cblr-2871	291	24	if	if	SCONJ
cblr-2871	291	25	this	this	DET
cblr-2871	291	26	condition	condition	NOUN
cblr-2871	291	27	is	be	AUX
cblr-2871	291	28	not	not	PART
cblr-2871	291	29	met	meet	VERB
cblr-2871	291	30	,	,	PUNCT
cblr-2871	291	31	then	then	ADV
cblr-2871	291	32	both	both	DET
cblr-2871	291	33	types	type	NOUN
cblr-2871	291	34	might	might	AUX
cblr-2871	291	35	pool	pool	VERB
cblr-2871	291	36	on	on	ADP
cblr-2871	291	37	the	the	DET
cblr-2871	291	38	costly	costly	ADJ
cblr-2871	291	39	action	action	NOUN
cblr-2871	291	40	.	.	PUNCT
cblr-2871	292	1	second	second	ADJ
cblr-2871	292	2	,	,	PUNCT
cblr-2871	292	3	the	the	DET
cblr-2871	292	4	good	good	ADJ
cblr-2871	292	5	type	type	NOUN
cblr-2871	292	6	must	must	AUX
cblr-2871	292	7	find	find	VERB
cblr-2871	292	8	it	it	PRON
cblr-2871	292	9	profitable	profitable	ADJ
cblr-2871	292	10	to	to	PART
cblr-2871	292	11	signal	signal	VERB
cblr-2871	292	12	its	its	PRON
cblr-2871	292	13	type	type	NOUN
cblr-2871	292	14	despite	despite	SCONJ
cblr-2871	292	15	the	the	DET
cblr-2871	292	16	signaling	signal	VERB
cblr-2871	292	17	costs.52	costs.52	NOUN
cblr-2871	292	18	if	if	SCONJ
cblr-2871	292	19	this	this	DET
cblr-2871	292	20	condition	condition	NOUN
cblr-2871	292	21	is	be	AUX
cblr-2871	292	22	not	not	PART
cblr-2871	292	23	met	meet	VERB
cblr-2871	292	24	,	,	PUNCT
cblr-2871	292	25	then	then	ADV
cblr-2871	292	26	both	both	DET
cblr-2871	292	27	types	type	NOUN
cblr-2871	292	28	might	might	AUX
cblr-2871	292	29	pool	pool	VERB
cblr-2871	292	30	on	on	ADP
cblr-2871	292	31	not	not	PART
cblr-2871	292	32	taking	take	VERB
cblr-2871	292	33	the	the	DET
cblr-2871	292	34	costly	costly	ADJ
cblr-2871	292	35	action	action	NOUN
cblr-2871	292	36	.	.	PUNCT
cblr-2871	293	1	if	if	SCONJ
cblr-2871	293	2	both	both	DET
cblr-2871	293	3	conditions	condition	NOUN
cblr-2871	293	4	are	be	AUX
cblr-2871	293	5	met	meet	VERB
cblr-2871	293	6	,	,	PUNCT
cblr-2871	293	7	a	a	DET
cblr-2871	293	8	separating	separate	VERB
cblr-2871	293	9	equilibrium	equilibrium	NOUN
cblr-2871	293	10	emerges	emerge	VERB
cblr-2871	293	11	,	,	PUNCT
cblr-2871	293	12	and	and	CCONJ
cblr-2871	293	13	the	the	DET
cblr-2871	293	14	public	public	NOUN
cblr-2871	293	15	can	can	AUX
cblr-2871	293	16	differentiates	differentiate	VERB
cblr-2871	293	17	the	the	DET
cblr-2871	293	18	good	good	ADJ
cblr-2871	293	19	type	type	NOUN
cblr-2871	293	20	from	from	ADP
cblr-2871	293	21	the	the	DET
cblr-2871	293	22	bad	bad	ADJ
cblr-2871	293	23	type	type	NOUN
cblr-2871	293	24	.	.	PUNCT
cblr-2871	294	1	the	the	DET
cblr-2871	294	2	public	public	NOUN
cblr-2871	294	3	can	can	AUX
cblr-2871	294	4	then	then	ADV
cblr-2871	294	5	replace	replace	VERB
cblr-2871	294	6	the	the	DET
cblr-2871	294	7	average	average	ADJ
cblr-2871	294	8	discounted	discount	VERB
cblr-2871	294	9	price	price	NOUN
cblr-2871	294	10	with	with	ADP
cblr-2871	294	11	separate	separate	ADJ
cblr-2871	294	12	valuations	valuation	NOUN
cblr-2871	294	13	for	for	ADP
cblr-2871	294	14	each	each	DET
cblr-2871	294	15	type.5	type.5	PROPN
cblr-2871	294	16	3	3	NUM
cblr-2871	294	17	2	2	NUM
cblr-2871	294	18	.	.	PUNCT
cblr-2871	294	19	strict	strict	ADJ
cblr-2871	294	20	governance	governance	NOUN
cblr-2871	294	21	as	as	ADP
cblr-2871	294	22	a	a	DET
cblr-2871	294	23	signal	signal	NOUN
cblr-2871	294	24	of	of	ADP
cblr-2871	294	25	strong	strong	ADJ
cblr-2871	294	26	market	market	NOUN
cblr-2871	294	27	descipline	descipline	NOUN
cblr-2871	294	28	applying	apply	VERB
cblr-2871	294	29	the	the	DET
cblr-2871	294	30	signaling	signal	VERB
cblr-2871	294	31	framework	framework	NOUN
cblr-2871	294	32	to	to	ADP
cblr-2871	294	33	this	this	DET
cblr-2871	294	34	context	context	NOUN
cblr-2871	294	35	,	,	PUNCT
cblr-2871	294	36	corporate	corporate	ADJ
cblr-2871	294	37	governance	governance	NOUN
cblr-2871	294	38	choices	choice	NOUN
cblr-2871	294	39	could	could	AUX
cblr-2871	294	40	signal	signal	VERB
cblr-2871	294	41	a	a	DET
cblr-2871	294	42	firm	firm	NOUN
cblr-2871	294	43	's	's	PART
cblr-2871	294	44	strong	strong	ADJ
cblr-2871	294	45	market	market	NOUN
cblr-2871	294	46	discipline	discipline	NOUN
cblr-2871	294	47	.	.	PUNCT
cblr-2871	295	1	to	to	PART
cblr-2871	295	2	solve	solve	VERB
cblr-2871	295	3	the	the	DET
cblr-2871	295	4	adverse	adverse	ADJ
cblr-2871	295	5	selection	selection	NOUN
cblr-2871	295	6	problem	problem	NOUN
cblr-2871	295	7	,	,	PUNCT
cblr-2871	295	8	management	management	NOUN
cblr-2871	295	9	with	with	ADP
cblr-2871	295	10	little	little	ADJ
cblr-2871	295	11	need	need	NOUN
cblr-2871	295	12	for	for	ADP
cblr-2871	295	13	entrenchment	entrenchment	NOUN
cblr-2871	295	14	should	should	AUX
cblr-2871	295	15	choose	choose	VERB
cblr-2871	295	16	not	not	PART
cblr-2871	295	17	to	to	PART
cblr-2871	295	18	adopt	adopt	VERB
cblr-2871	295	19	staggered	staggered	ADJ
cblr-2871	295	20	boards	board	NOUN
cblr-2871	295	21	.	.	PUNCT
cblr-2871	296	1	in	in	ADP
cblr-2871	296	2	so	so	ADV
cblr-2871	296	3	doing	do	VERB
cblr-2871	296	4	,	,	PUNCT
cblr-2871	296	5	it	it	PRON
cblr-2871	296	6	signals	signal	VERB
cblr-2871	296	7	its	its	PRON
cblr-2871	296	8	good	good	ADJ
cblr-2871	296	9	type	type	NOUN
cblr-2871	296	10	to	to	ADP
cblr-2871	296	11	the	the	DET
cblr-2871	296	12	market	market	NOUN
cblr-2871	296	13	.	.	PUNCT
cblr-2871	297	1	if	if	SCONJ
cblr-2871	297	2	a	a	DET
cblr-2871	297	3	separating	separate	VERB
cblr-2871	297	4	equilibrium	equilibrium	NOUN
cblr-2871	297	5	occurs	occur	VERB
cblr-2871	297	6	,	,	PUNCT
cblr-2871	297	7	the	the	DET
cblr-2871	297	8	absence	absence	NOUN
cblr-2871	297	9	of	of	ADP
cblr-2871	297	10	a	a	DET
cblr-2871	297	11	staggered	staggered	ADJ
cblr-2871	297	12	board	board	NOUN
cblr-2871	297	13	signals	signal	VERB
cblr-2871	297	14	low	low	ADJ
cblr-2871	297	15	private	private	ADJ
cblr-2871	297	16	benefits	benefit	NOUN
cblr-2871	297	17	,	,	PUNCT
cblr-2871	297	18	51	51	NUM
cblr-2871	297	19	this	this	DET
cblr-2871	297	20	condition	condition	NOUN
cblr-2871	297	21	is	be	AUX
cblr-2871	297	22	referred	refer	VERB
cblr-2871	297	23	to	to	ADP
cblr-2871	297	24	as	as	ADP
cblr-2871	297	25	the	the	DET
cblr-2871	297	26	bad	bad	ADJ
cblr-2871	297	27	type	type	NOUN
cblr-2871	297	28	's	's	PART
cblr-2871	297	29	"	"	PUNCT
cblr-2871	297	30	incentive	incentive	ADJ
cblr-2871	297	31	compatibility	compatibility	NOUN
cblr-2871	297	32	constraint	constraint	NOUN
cblr-2871	297	33	.	.	PUNCT
cblr-2871	297	34	"	"	PUNCT
cblr-2871	298	1	52	52	NUM
cblr-2871	298	2	this	this	DET
cblr-2871	298	3	condition	condition	NOUN
cblr-2871	298	4	is	be	AUX
cblr-2871	298	5	referred	refer	VERB
cblr-2871	298	6	to	to	ADP
cblr-2871	298	7	as	as	ADP
cblr-2871	298	8	the	the	DET
cblr-2871	298	9	good	good	ADJ
cblr-2871	298	10	type	type	NOUN
cblr-2871	298	11	's	's	PART
cblr-2871	298	12	"	"	PUNCT
cblr-2871	298	13	participation	participation	NOUN
cblr-2871	298	14	constraint	constraint	NOUN
cblr-2871	298	15	.	.	PUNCT
cblr-2871	298	16	"	"	PUNCT
cblr-2871	299	1	53	53	NUM
cblr-2871	299	2	applications	application	NOUN
cblr-2871	299	3	of	of	ADP
cblr-2871	299	4	spence	spence	NOUN
cblr-2871	299	5	's	's	PART
cblr-2871	299	6	signaling	signal	VERB
cblr-2871	299	7	theory	theory	NOUN
cblr-2871	299	8	are	be	AUX
cblr-2871	299	9	abundant	abundant	ADJ
cblr-2871	299	10	.	.	PUNCT
cblr-2871	300	1	see	see	VERB
cblr-2871	300	2	,	,	PUNCT
cblr-2871	300	3	e.g.	e.g.	ADV
cblr-2871	300	4	,	,	PUNCT
cblr-2871	300	5	merton	merton	PROPN
cblr-2871	300	6	h.	h.	PROPN
cblr-2871	300	7	miller	miller	PROPN
cblr-2871	300	8	&	&	CCONJ
cblr-2871	300	9	kevin	kevin	PROPN
cblr-2871	300	10	rock	rock	PROPN
cblr-2871	300	11	,	,	PUNCT
cblr-2871	300	12	dividend	dividend	NOUN
cblr-2871	300	13	policy	policy	NOUN
cblr-2871	300	14	under	under	ADP
cblr-2871	300	15	asymmetric	asymmetric	ADJ
cblr-2871	300	16	information	information	NOUN
cblr-2871	300	17	,	,	PUNCT
cblr-2871	300	18	40	40	NUM
cblr-2871	300	19	j.	j.	PROPN
cblr-2871	300	20	fin	fin	PROPN
cblr-2871	300	21	.	.	PUNCT
cblr-2871	301	1	1031	1031	NUM
cblr-2871	301	2	,	,	PUNCT
cblr-2871	301	3	1037	1037	NUM
cblr-2871	301	4	(	(	PUNCT
cblr-2871	301	5	1985	1985	NUM
cblr-2871	301	6	)	)	PUNCT
cblr-2871	302	1	(	(	PUNCT
cblr-2871	302	2	constructing	construct	VERB
cblr-2871	302	3	a	a	DET
cblr-2871	302	4	model	model	NOUN
cblr-2871	302	5	in	in	ADP
cblr-2871	302	6	which	which	PRON
cblr-2871	302	7	announcements	announcement	NOUN
cblr-2871	302	8	of	of	ADP
cblr-2871	302	9	dividends	dividend	NOUN
cblr-2871	302	10	signal	signal	VERB
cblr-2871	302	11	high	high	ADJ
cblr-2871	302	12	prospects	prospect	NOUN
cblr-2871	302	13	from	from	ADP
cblr-2871	302	14	firms	firm	NOUN
cblr-2871	302	15	'	'	PART
cblr-2871	302	16	projects	project	NOUN
cblr-2871	302	17	)	)	PUNCT
cblr-2871	302	18	;	;	PUNCT
cblr-2871	302	19	stewart	stewart	PROPN
cblr-2871	302	20	c.	c.	PROPN
cblr-2871	302	21	myers	myers	PROPN
cblr-2871	302	22	&	&	CCONJ
cblr-2871	302	23	nicholas	nicholas	PROPN
cblr-2871	302	24	s.	s.	PROPN
cblr-2871	302	25	majluf	majluf	PROPN
cblr-2871	302	26	,	,	PUNCT
cblr-2871	302	27	corporate	corporate	ADJ
cblr-2871	302	28	financing	financing	NOUN
cblr-2871	302	29	and	and	CCONJ
cblr-2871	302	30	investment	investment	NOUN
cblr-2871	302	31	decisions	decision	NOUN
cblr-2871	302	32	when	when	SCONJ
cblr-2871	302	33	firms	firm	NOUN
cblr-2871	302	34	have	have	VERB
cblr-2871	302	35	information	information	NOUN
cblr-2871	302	36	that	that	SCONJ
cblr-2871	302	37	investors	investor	NOUN
cblr-2871	302	38	do	do	AUX
cblr-2871	302	39	not	not	PART
cblr-2871	302	40	have	have	AUX
cblr-2871	302	41	,	,	PUNCT
cblr-2871	302	42	13	13	NUM
cblr-2871	302	43	j.	j.	PROPN
cblr-2871	302	44	fin	fin	PROPN
cblr-2871	302	45	.	.	PUNCT
cblr-2871	302	46	econ	econ	PROPN
cblr-2871	302	47	.	.	PUNCT
cblr-2871	303	1	187	187	NUM
cblr-2871	303	2	,	,	PUNCT
cblr-2871	303	3	188	188	NUM
cblr-2871	303	4	(	(	PUNCT
cblr-2871	303	5	1984	1984	NUM
cblr-2871	303	6	)	)	PUNCT
cblr-2871	303	7	(	(	PUNCT
cblr-2871	303	8	constructing	construct	VERB
cblr-2871	303	9	a	a	DET
cblr-2871	303	10	model	model	NOUN
cblr-2871	303	11	in	in	ADP
cblr-2871	303	12	which	which	PRON
cblr-2871	303	13	a	a	DET
cblr-2871	303	14	firm	firm	NOUN
cblr-2871	303	15	refusing	refuse	VERB
cblr-2871	303	16	to	to	PART
cblr-2871	303	17	issue	issue	VERB
cblr-2871	303	18	stock	stock	NOUN
cblr-2871	303	19	conveys	convey	VERB
cblr-2871	303	20	a	a	DET
cblr-2871	303	21	signal	signal	NOUN
cblr-2871	303	22	of	of	ADP
cblr-2871	303	23	low	low	ADJ
cblr-2871	303	24	value	value	NOUN
cblr-2871	303	25	)	)	PUNCT
cblr-2871	303	26	;	;	PUNCT
cblr-2871	303	27	eric	eric	PROPN
cblr-2871	303	28	a.	a.	PROPN
cblr-2871	303	29	posner	posner	PROPN
cblr-2871	303	30	,	,	PUNCT
cblr-2871	303	31	symbols	symbol	NOUN
cblr-2871	303	32	,	,	PUNCT
cblr-2871	303	33	signals	signal	NOUN
cblr-2871	303	34	,	,	PUNCT
cblr-2871	303	35	and	and	CCONJ
cblr-2871	303	36	social	social	ADJ
cblr-2871	303	37	norms	norm	NOUN
cblr-2871	303	38	in	in	ADP
cblr-2871	303	39	politics	politic	NOUN
cblr-2871	303	40	and	and	CCONJ
cblr-2871	303	41	the	the	DET
cblr-2871	303	42	law	law	NOUN
cblr-2871	303	43	,	,	PUNCT
cblr-2871	303	44	27	27	NUM
cblr-2871	303	45	j.	j.	PROPN
cblr-2871	303	46	l.	l.	PROPN
cblr-2871	303	47	stud	stud	PROPN
cblr-2871	303	48	.	.	PUNCT
cblr-2871	304	1	765	765	NUM
cblr-2871	304	2	,	,	PUNCT
cblr-2871	304	3	776	776	NUM
cblr-2871	304	4	(	(	PUNCT
cblr-2871	304	5	1998	1998	NUM
cblr-2871	304	6	)	)	PUNCT
cblr-2871	304	7	(	(	PUNCT
cblr-2871	304	8	developing	develop	VERB
cblr-2871	304	9	a	a	DET
cblr-2871	304	10	signaling	signal	VERB
cblr-2871	304	11	theory	theory	NOUN
cblr-2871	304	12	that	that	SCONJ
cblr-2871	304	13	highlights	highlight	VERB
cblr-2871	304	14	cooperation	cooperation	NOUN
cblr-2871	304	15	)	)	PUNCT
cblr-2871	304	16	.	.	PUNCT
cblr-2871	305	1	645	645	NUM
cblr-2871	305	2	while	while	SCONJ
cblr-2871	305	3	its	its	PRON
cblr-2871	305	4	presence	presence	NOUN
cblr-2871	305	5	signals	signal	VERB
cblr-2871	305	6	insiders	insider	NOUN
cblr-2871	305	7	'	'	PART
cblr-2871	305	8	interests	interest	NOUN
cblr-2871	305	9	in	in	ADP
cblr-2871	305	10	entrenchment	entrenchment	NOUN
cblr-2871	305	11	and	and	CCONJ
cblr-2871	305	12	their	their	PRON
cblr-2871	305	13	extraction	extraction	NOUN
cblr-2871	305	14	of	of	ADP
cblr-2871	305	15	high	high	ADJ
cblr-2871	305	16	private	private	ADJ
cblr-2871	305	17	benefits	benefit	NOUN
cblr-2871	305	18	.	.	PUNCT
cblr-2871	305	19	"	"	PUNCT
cblr-2871	306	1	recall	recall	VERB
cblr-2871	306	2	that	that	SCONJ
cblr-2871	306	3	the	the	DET
cblr-2871	306	4	cost	cost	NOUN
cblr-2871	306	5	difference	difference	NOUN
cblr-2871	306	6	of	of	ADP
cblr-2871	306	7	performing	perform	VERB
cblr-2871	306	8	the	the	DET
cblr-2871	306	9	signaling	signal	VERB
cblr-2871	306	10	action	action	NOUN
cblr-2871	306	11	among	among	ADP
cblr-2871	306	12	the	the	DET
cblr-2871	306	13	different	different	ADJ
cblr-2871	306	14	types	type	NOUN
cblr-2871	306	15	is	be	AUX
cblr-2871	306	16	critical	critical	ADJ
cblr-2871	306	17	for	for	SCONJ
cblr-2871	306	18	a	a	DET
cblr-2871	306	19	signaling	signal	VERB
cblr-2871	306	20	equilibrium	equilibrium	NOUN
cblr-2871	306	21	to	to	PART
cblr-2871	306	22	occur	occur	VERB
cblr-2871	306	23	.	.	PUNCT
cblr-2871	307	1	this	this	PRON
cblr-2871	307	2	brings	bring	VERB
cblr-2871	307	3	us	we	PRON
cblr-2871	307	4	to	to	ADP
cblr-2871	307	5	the	the	DET
cblr-2871	307	6	next	next	ADJ
cblr-2871	307	7	important	important	ADJ
cblr-2871	307	8	point	point	NOUN
cblr-2871	307	9	.	.	PUNCT
cblr-2871	308	1	the	the	DET
cblr-2871	308	2	costs	cost	NOUN
cblr-2871	308	3	of	of	ADP
cblr-2871	308	4	choosing	choose	VERB
cblr-2871	308	5	to	to	PART
cblr-2871	308	6	commit	commit	VERB
cblr-2871	308	7	to	to	ADP
cblr-2871	308	8	a	a	DET
cblr-2871	308	9	strict	strict	ADJ
cblr-2871	308	10	legal	legal	ADJ
cblr-2871	308	11	regime	regime	NOUN
cblr-2871	308	12	are	be	AUX
cblr-2871	308	13	different	different	ADJ
cblr-2871	308	14	for	for	ADP
cblr-2871	308	15	managers	manager	NOUN
cblr-2871	308	16	of	of	ADP
cblr-2871	308	17	different	different	ADJ
cblr-2871	308	18	types	type	NOUN
cblr-2871	308	19	.	.	PUNCT
cblr-2871	309	1	in	in	ADP
cblr-2871	309	2	particular	particular	ADJ
cblr-2871	309	3	,	,	PUNCT
cblr-2871	309	4	for	for	ADP
cblr-2871	309	5	an	an	DET
cblr-2871	309	6	insider	insider	NOUN
cblr-2871	309	7	who	who	PRON
cblr-2871	309	8	extracts	extract	VERB
cblr-2871	309	9	high	high	ADJ
cblr-2871	309	10	private	private	ADJ
cblr-2871	309	11	benefits	benefit	NOUN
cblr-2871	309	12	,	,	PUNCT
cblr-2871	309	13	committing	commit	VERB
cblr-2871	309	14	to	to	ADP
cblr-2871	309	15	a	a	DET
cblr-2871	309	16	strict	strict	ADJ
cblr-2871	309	17	regime	regime	NOUN
cblr-2871	309	18	means	mean	VERB
cblr-2871	309	19	that	that	SCONJ
cblr-2871	309	20	the	the	DET
cblr-2871	309	21	insider	insider	NOUN
cblr-2871	309	22	would	would	AUX
cblr-2871	309	23	have	have	VERB
cblr-2871	309	24	to	to	PART
cblr-2871	309	25	cut	cut	VERB
cblr-2871	309	26	back	back	ADV
cblr-2871	309	27	significantly	significantly	ADV
cblr-2871	309	28	on	on	ADP
cblr-2871	309	29	these	these	DET
cblr-2871	309	30	benefits	benefit	NOUN
cblr-2871	309	31	.	.	PUNCT
cblr-2871	310	1	for	for	ADP
cblr-2871	310	2	insiders	insider	NOUN
cblr-2871	310	3	who	who	PRON
cblr-2871	310	4	extract	extract	VERB
cblr-2871	310	5	only	only	ADV
cblr-2871	310	6	small	small	ADJ
cblr-2871	310	7	private	private	ADJ
cblr-2871	310	8	benefits	benefit	NOUN
cblr-2871	310	9	,	,	PUNCT
cblr-2871	310	10	a	a	DET
cblr-2871	310	11	strict	strict	ADJ
cblr-2871	310	12	regime	regime	NOUN
cblr-2871	310	13	that	that	PRON
cblr-2871	310	14	eliminates	eliminate	VERB
cblr-2871	310	15	small	small	ADJ
cblr-2871	310	16	benefits	benefit	NOUN
cblr-2871	310	17	would	would	AUX
cblr-2871	310	18	be	be	AUX
cblr-2871	310	19	less	less	ADV
cblr-2871	310	20	costly	costly	ADJ
cblr-2871	310	21	.	.	PUNCT
cblr-2871	310	22	"	"	PUNCT
cblr-2871	310	23	to	to	PART
cblr-2871	310	24	illustrate	illustrate	VERB
cblr-2871	310	25	,	,	PUNCT
cblr-2871	310	26	assume	assume	VERB
cblr-2871	310	27	,	,	PUNCT
cblr-2871	310	28	for	for	ADP
cblr-2871	310	29	example	example	NOUN
cblr-2871	310	30	,	,	PUNCT
cblr-2871	310	31	that	that	PRON
cblr-2871	310	32	firm	firm	VERB
cblr-2871	310	33	a	a	DET
cblr-2871	310	34	faces	face	NOUN
cblr-2871	310	35	significant	significant	ADJ
cblr-2871	310	36	competition	competition	NOUN
cblr-2871	310	37	in	in	ADP
cblr-2871	310	38	the	the	DET
cblr-2871	310	39	product	product	NOUN
cblr-2871	310	40	market	market	NOUN
cblr-2871	310	41	and	and	CCONJ
cblr-2871	310	42	management	management	NOUN
cblr-2871	310	43	runs	run	VERB
cblr-2871	310	44	the	the	DET
cblr-2871	310	45	firm	firm	NOUN
cblr-2871	310	46	efficiently	efficiently	ADV
cblr-2871	310	47	as	as	ADP
cblr-2871	310	48	a	a	DET
cblr-2871	310	49	result	result	NOUN
cblr-2871	310	50	.	.	PUNCT
cblr-2871	311	1	no	no	DET
cblr-2871	311	2	alternative	alternative	ADJ
cblr-2871	311	3	management	management	NOUN
cblr-2871	311	4	could	could	AUX
cblr-2871	311	5	increase	increase	VERB
cblr-2871	311	6	the	the	DET
cblr-2871	311	7	firm	firm	NOUN
cblr-2871	311	8	's	's	PART
cblr-2871	311	9	value	value	NOUN
cblr-2871	311	10	by	by	ADP
cblr-2871	311	11	more	more	ADJ
cblr-2871	311	12	than	than	ADP
cblr-2871	311	13	two	two	NUM
cblr-2871	311	14	percent	percent	NOUN
cblr-2871	311	15	.	.	PUNCT
cblr-2871	312	1	firm	firm	PROPN
cblr-2871	312	2	b	b	NOUN
cblr-2871	312	3	,	,	PUNCT
cblr-2871	312	4	however	however	ADV
cblr-2871	312	5	,	,	PUNCT
cblr-2871	312	6	faces	face	VERB
cblr-2871	312	7	weaker	weak	ADJ
cblr-2871	312	8	competition	competition	NOUN
cblr-2871	312	9	and	and	CCONJ
cblr-2871	312	10	,	,	PUNCT
cblr-2871	312	11	as	as	ADP
cblr-2871	312	12	a	a	DET
cblr-2871	312	13	result	result	NOUN
cblr-2871	312	14	,	,	PUNCT
cblr-2871	312	15	its	its	PRON
cblr-2871	312	16	management	management	NOUN
cblr-2871	312	17	is	be	AUX
cblr-2871	312	18	less	less	ADV
cblr-2871	312	19	disciplined	disciplined	ADJ
cblr-2871	312	20	.	.	PUNCT
cblr-2871	313	1	management	management	NOUN
cblr-2871	313	2	replacement	replacement	NOUN
cblr-2871	313	3	in	in	ADP
cblr-2871	313	4	firm	firm	ADJ
cblr-2871	313	5	b	b	PROPN
cblr-2871	313	6	could	could	AUX
cblr-2871	313	7	increase	increase	VERB
cblr-2871	313	8	firm	firm	ADJ
cblr-2871	313	9	value	value	NOUN
cblr-2871	313	10	by	by	ADP
cblr-2871	313	11	up	up	ADP
cblr-2871	313	12	to	to	PART
cblr-2871	313	13	ten	ten	NUM
cblr-2871	313	14	percent	percent	NOUN
cblr-2871	313	15	.	.	PUNCT
cblr-2871	314	1	firm	firm	PROPN
cblr-2871	314	2	b	b	PROPN
cblr-2871	314	3	's	's	PART
cblr-2871	314	4	management	management	NOUN
cblr-2871	314	5	would	would	AUX
cblr-2871	314	6	clearly	clearly	ADV
cblr-2871	314	7	be	be	AUX
cblr-2871	314	8	more	more	ADV
cblr-2871	314	9	interested	interested	ADJ
cblr-2871	314	10	in	in	ADP
cblr-2871	314	11	a	a	DET
cblr-2871	314	12	staggered	staggered	ADJ
cblr-2871	314	13	board	board	NOUN
cblr-2871	314	14	than	than	SCONJ
cblr-2871	314	15	firm	firm	VERB
cblr-2871	314	16	a	a	DET
cblr-2871	314	17	's	's	PART
cblr-2871	314	18	management	management	NOUN
cblr-2871	314	19	would	would	AUX
cblr-2871	314	20	.	.	PUNCT
cblr-2871	315	1	firm	firm	PROPN
cblr-2871	315	2	b	b	PROPN
cblr-2871	315	3	's	's	PART
cblr-2871	315	4	weak	weak	ADJ
cblr-2871	315	5	performance	performance	NOUN
cblr-2871	315	6	and	and	CCONJ
cblr-2871	315	7	low	low	ADJ
cblr-2871	315	8	share	share	NOUN
cblr-2871	315	9	value	value	NOUN
cblr-2871	315	10	may	may	AUX
cblr-2871	315	11	lure	lure	VERB
cblr-2871	315	12	hostile	hostile	ADJ
cblr-2871	315	13	bidders	bidder	NOUN
cblr-2871	315	14	who	who	PRON
cblr-2871	315	15	could	could	AUX
cblr-2871	315	16	profit	profit	VERB
cblr-2871	315	17	by	by	ADP
cblr-2871	315	18	replacing	replace	VERB
cblr-2871	315	19	its	its	PRON
cblr-2871	315	20	management	management	NOUN
cblr-2871	315	21	.	.	PUNCT
cblr-2871	316	1	thus	thus	ADV
cblr-2871	316	2	,	,	PUNCT
cblr-2871	316	3	other	other	ADJ
cblr-2871	316	4	things	thing	NOUN
cblr-2871	316	5	being	be	AUX
cblr-2871	316	6	equal	equal	ADJ
cblr-2871	316	7	,	,	PUNCT
cblr-2871	316	8	firm	firm	ADJ
cblr-2871	316	9	b	b	PROPN
cblr-2871	316	10	's	's	PART
cblr-2871	316	11	management	management	NOUN
cblr-2871	316	12	would	would	AUX
cblr-2871	316	13	be	be	AUX
cblr-2871	316	14	more	more	ADV
cblr-2871	316	15	inclined	inclined	ADJ
cblr-2871	316	16	to	to	PART
cblr-2871	316	17	adopt	adopt	VERB
cblr-2871	316	18	a	a	DET
cblr-2871	316	19	staggered	staggered	ADJ
cblr-2871	316	20	board	board	NOUN
cblr-2871	316	21	.	.	PUNCT
cblr-2871	317	1	54	54	NUM
cblr-2871	317	2	see	see	VERB
cblr-2871	317	3	michal	michal	PROPN
cblr-2871	317	4	barzuza	barzuza	PROPN
cblr-2871	317	5	,	,	PUNCT
cblr-2871	317	6	lemon	lemon	NOUN
cblr-2871	317	7	signaling	signal	VERB
cblr-2871	317	8	in	in	ADP
cblr-2871	317	9	cross	cross	ADJ
cblr-2871	317	10	-	-	ADJ
cblr-2871	317	11	listing	list	VERB
cblr-2871	317	12	3	3	NUM
cblr-2871	317	13	-	-	SYM
cblr-2871	317	14	4	4	NUM
cblr-2871	317	15	(	(	PUNCT
cblr-2871	317	16	va	va	NOUN
cblr-2871	317	17	.	.	PROPN
cblr-2871	317	18	law	law	PROPN
cblr-2871	317	19	and	and	CCONJ
cblr-2871	317	20	econ	econ	PROPN
cblr-2871	317	21	.	.	PUNCT
cblr-2871	318	1	research	research	NOUN
cblr-2871	318	2	paper	paper	PROPN
cblr-2871	318	3	no	no	NOUN
cblr-2871	318	4	.	.	PROPN
cblr-2871	318	5	2012	2012	NUM
cblr-2871	318	6	-	-	SYM
cblr-2871	318	7	03	03	NUM
cblr-2871	318	8	,	,	PUNCT
cblr-2871	318	9	2012	2012	NUM
cblr-2871	318	10	)	)	PUNCT
cblr-2871	318	11	,	,	PUNCT
cblr-2871	318	12	available	available	ADJ
cblr-2871	318	13	at	at	ADP
cblr-2871	318	14	http://papers.ssrn.com/sol3/papers.cfm?abstractid=1022282	http://papers.ssrn.com/sol3/papers.cfm?abstractid=1022282	PROPN
cblr-2871	318	15	(	(	PUNCT
cblr-2871	318	16	developing	develop	VERB
cblr-2871	318	17	a	a	DET
cblr-2871	318	18	model	model	NOUN
cblr-2871	318	19	in	in	ADP
cblr-2871	318	20	which	which	PRON
cblr-2871	318	21	cross	cros	VERB
cblr-2871	318	22	-	-	ADJ
cblr-2871	318	23	listing	list	VERB
cblr-2871	318	24	on	on	ADP
cblr-2871	318	25	u.s	u.s	PROPN
cblr-2871	318	26	.	.	PROPN
cblr-2871	318	27	exchanges	exchange	NOUN
cblr-2871	318	28	and	and	CCONJ
cblr-2871	318	29	bonding	bonding	NOUN
cblr-2871	318	30	conveys	convey	VERB
cblr-2871	318	31	a	a	DET
cblr-2871	318	32	signal	signal	NOUN
cblr-2871	318	33	of	of	ADP
cblr-2871	318	34	strong	strong	ADJ
cblr-2871	318	35	discipline	discipline	NOUN
cblr-2871	318	36	from	from	ADP
cblr-2871	318	37	market	market	NOUN
cblr-2871	318	38	forces	force	NOUN
cblr-2871	318	39	)	)	PUNCT
cblr-2871	318	40	.	.	PUNCT
cblr-2871	319	1	corporate	corporate	ADJ
cblr-2871	319	2	governance	governance	NOUN
cblr-2871	319	3	might	might	AUX
cblr-2871	319	4	also	also	ADV
cblr-2871	319	5	signal	signal	VERB
cblr-2871	319	6	information	information	NOUN
cblr-2871	319	7	regarding	regard	VERB
cblr-2871	319	8	firm	firm	ADJ
cblr-2871	319	9	value	value	NOUN
cblr-2871	319	10	.	.	PUNCT
cblr-2871	320	1	see	see	VERB
cblr-2871	320	2	lucian	lucian	PROPN
cblr-2871	320	3	a.	a.	PROPN
cblr-2871	320	4	bebchuk	bebchuk	PROPN
cblr-2871	320	5	,	,	PUNCT
cblr-2871	320	6	asymmetric	asymmetric	ADJ
cblr-2871	320	7	information	information	NOUN
cblr-2871	320	8	and	and	CCONJ
cblr-2871	320	9	the	the	DET
cblr-2871	320	10	choice	choice	NOUN
cblr-2871	320	11	of	of	ADP
cblr-2871	320	12	corporate	corporate	ADJ
cblr-2871	320	13	governance	governance	NOUN
cblr-2871	320	14	arrangements	arrangement	NOUN
cblr-2871	320	15	1	1	NUM
cblr-2871	320	16	(	(	PUNCT
cblr-2871	320	17	john	john	PROPN
cblr-2871	320	18	m.	m.	PROPN
cblr-2871	320	19	olin	olin	PROPN
cblr-2871	320	20	ctr	ctr	PROPN
cblr-2871	320	21	.	.	PUNCT
cblr-2871	321	1	for	for	ADP
cblr-2871	321	2	law	law	NOUN
cblr-2871	321	3	,	,	PUNCT
cblr-2871	321	4	econ	econ	PROPN
cblr-2871	321	5	.	.	PUNCT
cblr-2871	321	6	,	,	PUNCT
cblr-2871	321	7	and	and	CCONJ
cblr-2871	321	8	bus	bus	NOUN
cblr-2871	321	9	.	.	PUNCT
cblr-2871	321	10	,	,	PUNCT
cblr-2871	321	11	harvard	harvard	PROPN
cblr-2871	321	12	law	law	PROPN
cblr-2871	321	13	sch	sch	PROPN
cblr-2871	321	14	.	.	PROPN
cblr-2871	321	15	,	,	PUNCT
cblr-2871	321	16	discussion	discussion	NOUN
cblr-2871	321	17	paper	paper	NOUN
cblr-2871	321	18	no	no	NOUN
cblr-2871	321	19	.	.	PROPN
cblr-2871	321	20	398	398	NUM
cblr-2871	321	21	,	,	PUNCT
cblr-2871	321	22	2002	2002	NUM
cblr-2871	321	23	)	)	PUNCT
cblr-2871	321	24	,	,	PUNCT
cblr-2871	321	25	available	available	ADJ
cblr-2871	321	26	at	at	ADP
cblr-2871	321	27	http://ssrn.com/abstract=327842	http://ssrn.com/abstract=327842	NOUN
cblr-2871	321	28	(	(	PUNCT
cblr-2871	321	29	showing	show	VERB
cblr-2871	321	30	that	that	SCONJ
cblr-2871	321	31	when	when	SCONJ
cblr-2871	321	32	private	private	ADJ
cblr-2871	321	33	benefits	benefit	NOUN
cblr-2871	321	34	are	be	AUX
cblr-2871	321	35	correlated	correlate	VERB
cblr-2871	321	36	with	with	ADP
cblr-2871	321	37	firm	firm	ADJ
cblr-2871	321	38	value	value	NOUN
cblr-2871	321	39	,	,	PUNCT
cblr-2871	321	40	lax	lax	ADJ
cblr-2871	321	41	governance	governance	NOUN
cblr-2871	321	42	signals	signal	VERB
cblr-2871	321	43	high	high	ADJ
cblr-2871	321	44	value	value	NOUN
cblr-2871	321	45	)	)	PUNCT
cblr-2871	321	46	;	;	PUNCT
cblr-2871	321	47	edward	edward	PROPN
cblr-2871	321	48	m.	m.	PROPN
cblr-2871	321	49	iacobucci	iacobucci	PROPN
cblr-2871	321	50	,	,	PUNCT
cblr-2871	321	51	toward	toward	ADP
cblr-2871	321	52	a	a	DET
cblr-2871	321	53	signaling	signal	VERB
cblr-2871	321	54	explanation	explanation	NOUN
cblr-2871	321	55	of	of	ADP
cblr-2871	321	56	the	the	DET
cblr-2871	321	57	private	private	ADJ
cblr-2871	321	58	choice	choice	NOUN
cblr-2871	321	59	of	of	ADP
cblr-2871	321	60	corporate	corporate	ADJ
cblr-2871	321	61	law	law	NOUN
cblr-2871	321	62	,	,	PUNCT
cblr-2871	321	63	6	6	NUM
cblr-2871	321	64	am	am	NOUN
cblr-2871	321	65	.	.	PUNCT
cblr-2871	322	1	l.	l.	PROPN
cblr-2871	322	2	&	&	CCONJ
cblr-2871	322	3	econ	econ	PROPN
cblr-2871	322	4	.	.	PUNCT
cblr-2871	323	1	rev	rev	PROPN
cblr-2871	323	2	.	.	PROPN
cblr-2871	323	3	319	319	NUM
cblr-2871	323	4	,	,	PUNCT
cblr-2871	323	5	320	320	NUM
cblr-2871	323	6	-	-	SYM
cblr-2871	323	7	21	21	NUM
cblr-2871	323	8	(	(	PUNCT
cblr-2871	323	9	2004	2004	NUM
cblr-2871	323	10	)	)	PUNCT
cblr-2871	323	11	.	.	PUNCT
cblr-2871	324	1	55	55	NUM
cblr-2871	324	2	see	see	VERB
cblr-2871	324	3	barzuza	barzuza	NOUN
cblr-2871	324	4	,	,	PUNCT
cblr-2871	324	5	supra	supra	PROPN
cblr-2871	324	6	note	note	NOUN
cblr-2871	324	7	54	54	NUM
cblr-2871	324	8	.	.	PUNCT
cblr-2871	325	1	[	[	X
cblr-2871	325	2	vol	vol	NOUN
cblr-2871	325	3	.	.	PUNCT
cblr-2871	325	4	2013646	2013646	NUM
cblr-2871	325	5	col	col	PROPN
cblr-2871	325	6	umbia	umbia	PROPN
cblr-2871	325	7	b	b	PROPN
cblr-2871	325	8	usiness	usiness	PROPN
cblr-2871	325	9	la	la	PROPN
cblr-2871	325	10	w	w	PROPN
cblr-2871	325	11	re	re	PROPN
cblr-2871	325	12	vie	vie	PROPN
cblr-2871	325	13	w	w	PROPN
cblr-2871	325	14	no	no	PROPN
cblr-2871	325	15	.	.	PUNCT
cblr-2871	326	1	3:6271	3:6271	NUM
cblr-2871	326	2	noise	noise	NOUN
cblr-2871	326	3	adopters	adopter	NOUN
cblr-2871	326	4	in	in	ADP
cblr-2871	326	5	corporate	corporate	ADJ
cblr-2871	326	6	governance	governance	NOUN
cblr-2871	326	7	if	if	SCONJ
cblr-2871	326	8	both	both	DET
cblr-2871	326	9	firms	firm	NOUN
cblr-2871	326	10	adopt	adopt	VERB
cblr-2871	326	11	a	a	DET
cblr-2871	326	12	staggered	staggered	ADJ
cblr-2871	326	13	board	board	NOUN
cblr-2871	326	14	and	and	CCONJ
cblr-2871	326	15	investors	investor	NOUN
cblr-2871	326	16	can	can	AUX
cblr-2871	326	17	not	not	PART
cblr-2871	326	18	differentiate	differentiate	VERB
cblr-2871	326	19	them	they	PRON
cblr-2871	326	20	,	,	PUNCT
cblr-2871	326	21	they	they	PRON
cblr-2871	326	22	will	will	AUX
cblr-2871	326	23	discount	discount	VERB
cblr-2871	326	24	staggered	staggered	ADJ
cblr-2871	326	25	board	board	NOUN
cblr-2871	326	26	firms	firm	NOUN
cblr-2871	326	27	by	by	ADP
cblr-2871	326	28	6	6	NUM
cblr-2871	326	29	%	%	NOUN
cblr-2871	326	30	.	.	PUNCT
cblr-2871	327	1	since	since	SCONJ
cblr-2871	327	2	firm	firm	VERB
cblr-2871	327	3	a	a	DET
cblr-2871	327	4	's	's	PART
cblr-2871	327	5	management	management	NOUN
cblr-2871	327	6	desires	desire	NOUN
cblr-2871	327	7	a	a	DET
cblr-2871	327	8	staggered	staggered	ADJ
cblr-2871	327	9	board	board	NOUN
cblr-2871	327	10	less	less	ADJ
cblr-2871	327	11	,	,	PUNCT
cblr-2871	327	12	it	it	PRON
cblr-2871	327	13	may	may	AUX
cblr-2871	327	14	find	find	VERB
cblr-2871	327	15	the	the	DET
cblr-2871	327	16	discount	discount	NOUN
cblr-2871	327	17	too	too	ADV
cblr-2871	327	18	large	large	ADJ
cblr-2871	327	19	and	and	CCONJ
cblr-2871	327	20	refrain	refrain	VERB
cblr-2871	327	21	from	from	ADP
cblr-2871	327	22	adopting	adopt	VERB
cblr-2871	327	23	one	one	NUM
cblr-2871	327	24	.	.	PUNCT
cblr-2871	328	1	it	it	PRON
cblr-2871	328	2	may	may	AUX
cblr-2871	328	3	do	do	VERB
cblr-2871	328	4	so	so	ADV
cblr-2871	328	5	even	even	ADV
cblr-2871	328	6	though	though	SCONJ
cblr-2871	328	7	not	not	PART
cblr-2871	328	8	adopting	adopt	VERB
cblr-2871	328	9	one	one	NOUN
cblr-2871	328	10	slightly	slightly	ADV
cblr-2871	328	11	increases	increase	VERB
cblr-2871	328	12	the	the	DET
cblr-2871	328	13	likelihood	likelihood	NOUN
cblr-2871	328	14	of	of	ADP
cblr-2871	328	15	a	a	DET
cblr-2871	328	16	hostile	hostile	ADJ
cblr-2871	328	17	takeover	takeover	NOUN
cblr-2871	328	18	.	.	PUNCT
cblr-2871	329	1	if	if	SCONJ
cblr-2871	329	2	firm	firm	ADJ
cblr-2871	329	3	a	a	PRON
cblr-2871	329	4	's	's	PART
cblr-2871	329	5	management	management	NOUN
cblr-2871	329	6	abandons	abandon	VERB
cblr-2871	329	7	a	a	DET
cblr-2871	329	8	staggered	staggered	ADJ
cblr-2871	329	9	board	board	NOUN
cblr-2871	329	10	,	,	PUNCT
cblr-2871	329	11	the	the	DET
cblr-2871	329	12	price	price	NOUN
cblr-2871	329	13	of	of	ADP
cblr-2871	329	14	a	a	DET
cblr-2871	329	15	staggered	staggered	ADJ
cblr-2871	329	16	board	board	NOUN
cblr-2871	329	17	in	in	ADP
cblr-2871	329	18	the	the	DET
cblr-2871	329	19	market	market	NOUN
cblr-2871	329	20	would	would	AUX
cblr-2871	329	21	change	change	VERB
cblr-2871	329	22	and	and	CCONJ
cblr-2871	329	23	investors	investor	NOUN
cblr-2871	329	24	would	would	AUX
cblr-2871	329	25	discount	discount	VERB
cblr-2871	329	26	the	the	DET
cblr-2871	329	27	value	value	NOUN
cblr-2871	329	28	of	of	ADP
cblr-2871	329	29	firm	firm	ADJ
cblr-2871	329	30	b	b	PROPN
cblr-2871	329	31	by	by	ADP
cblr-2871	329	32	10	10	NUM
cblr-2871	329	33	%	%	NOUN
cblr-2871	329	34	rather	rather	ADV
cblr-2871	329	35	than	than	ADP
cblr-2871	329	36	6	6	NUM
cblr-2871	329	37	%	%	NOUN
cblr-2871	329	38	.	.	PUNCT
cblr-2871	330	1	in	in	ADP
cblr-2871	330	2	turn	turn	NOUN
cblr-2871	330	3	,	,	PUNCT
cblr-2871	330	4	firm	firm	ADJ
cblr-2871	330	5	b	b	NOUN
cblr-2871	330	6	might	might	AUX
cblr-2871	330	7	not	not	PART
cblr-2871	330	8	find	find	VERB
cblr-2871	330	9	it	it	PRON
cblr-2871	330	10	worthwhile	worthwhile	ADJ
cblr-2871	330	11	to	to	PART
cblr-2871	330	12	maintain	maintain	VERB
cblr-2871	330	13	its	its	PRON
cblr-2871	330	14	staggered	staggered	ADJ
cblr-2871	330	15	board	board	NOUN
cblr-2871	330	16	,	,	PUNCT
cblr-2871	330	17	so	so	SCONJ
cblr-2871	330	18	it	it	PRON
cblr-2871	330	19	might	might	AUX
cblr-2871	330	20	drop	drop	VERB
cblr-2871	330	21	it	it	PRON
cblr-2871	330	22	as	as	ADV
cblr-2871	330	23	well	well	ADV
cblr-2871	330	24	.	.	PUNCT
cblr-2871	331	1	if	if	SCONJ
cblr-2871	331	2	firm	firm	PROPN
cblr-2871	331	3	b	b	PROPN
cblr-2871	331	4	drops	drop	VERB
cblr-2871	331	5	its	its	PRON
cblr-2871	331	6	staggered	staggered	ADJ
cblr-2871	331	7	board	board	NOUN
cblr-2871	331	8	,	,	PUNCT
cblr-2871	331	9	a	a	DET
cblr-2871	331	10	pooling	pool	VERB
cblr-2871	331	11	equilibrium	equilibrium	NOUN
cblr-2871	331	12	would	would	AUX
cblr-2871	331	13	results	result	VERB
cblr-2871	331	14	in	in	ADP
cblr-2871	331	15	which	which	PRON
cblr-2871	331	16	no	no	DET
cblr-2871	331	17	firm	firm	NOUN
cblr-2871	331	18	has	have	VERB
cblr-2871	331	19	a	a	DET
cblr-2871	331	20	staggered	staggered	ADJ
cblr-2871	331	21	board	board	NOUN
cblr-2871	331	22	.	.	PUNCT
cblr-2871	332	1	put	put	VERB
cblr-2871	332	2	differently	differently	ADV
cblr-2871	332	3	,	,	PUNCT
cblr-2871	332	4	as	as	ADP
cblr-2871	332	5	a	a	DET
cblr-2871	332	6	result	result	NOUN
cblr-2871	332	7	of	of	ADP
cblr-2871	332	8	differences	difference	NOUN
cblr-2871	332	9	in	in	ADP
cblr-2871	332	10	managers	manager	NOUN
cblr-2871	332	11	'	'	PART
cblr-2871	332	12	interest	interest	NOUN
cblr-2871	332	13	in	in	ADP
cblr-2871	332	14	entrenching	entrench	VERB
cblr-2871	332	15	terms	term	NOUN
cblr-2871	332	16	,	,	PUNCT
cblr-2871	332	17	and	and	CCONJ
cblr-2871	332	18	the	the	DET
cblr-2871	332	19	benefits	benefit	NOUN
cblr-2871	332	20	they	they	PRON
cblr-2871	332	21	can	can	AUX
cblr-2871	332	22	extract	extract	VERB
cblr-2871	332	23	,	,	PUNCT
cblr-2871	332	24	a	a	DET
cblr-2871	332	25	separating	separate	VERB
cblr-2871	332	26	equilibrium	equilibrium	NOUN
cblr-2871	332	27	could	could	AUX
cblr-2871	332	28	emerge	emerge	VERB
cblr-2871	332	29	where	where	SCONJ
cblr-2871	332	30	"	"	PUNCT
cblr-2871	332	31	good	good	ADJ
cblr-2871	332	32	"	"	PUNCT
cblr-2871	332	33	firms	firm	NOUN
cblr-2871	332	34	-	-	NOUN
cblr-2871	332	35	firms	firm	NOUN
cblr-2871	332	36	with	with	ADP
cblr-2871	332	37	low	low	ADJ
cblr-2871	332	38	agency	agency	NOUN
cblr-2871	332	39	costs	cost	NOUN
cblr-2871	332	40	-	-	PUNCT
cblr-2871	332	41	choose	choose	VERB
cblr-2871	332	42	strict	strict	ADJ
cblr-2871	332	43	law	law	NOUN
cblr-2871	332	44	,	,	PUNCT
cblr-2871	332	45	while	while	SCONJ
cblr-2871	332	46	"	"	PUNCT
cblr-2871	332	47	bad	bad	ADJ
cblr-2871	332	48	"	"	PUNCT
cblr-2871	332	49	firms	firm	NOUN
cblr-2871	332	50	-	-	NOUN
cblr-2871	332	51	firms	firm	NOUN
cblr-2871	332	52	with	with	ADP
cblr-2871	332	53	high	high	ADJ
cblr-2871	332	54	agency	agency	NOUN
cblr-2871	332	55	costs	cost	NOUN
cblr-2871	332	56	-	-	PUNCT
cblr-2871	332	57	choose	choose	ADJ
cblr-2871	332	58	lax	lax	ADJ
cblr-2871	332	59	law	law	NOUN
cblr-2871	332	60	,	,	PUNCT
cblr-2871	332	61	and	and	CCONJ
cblr-2871	332	62	investors	investor	NOUN
cblr-2871	332	63	discount	discount	VERB
cblr-2871	332	64	the	the	DET
cblr-2871	332	65	value	value	NOUN
cblr-2871	332	66	of	of	ADP
cblr-2871	332	67	bad	bad	ADJ
cblr-2871	332	68	firms	firm	NOUN
cblr-2871	332	69	to	to	PART
cblr-2871	332	70	reflect	reflect	VERB
cblr-2871	332	71	their	their	PRON
cblr-2871	332	72	type	type	NOUN
cblr-2871	332	73	.	.	PUNCT
cblr-2871	332	74	"	"	PUNCT
cblr-2871	333	1	furthermore	furthermore	ADV
cblr-2871	333	2	,	,	PUNCT
cblr-2871	333	3	if	if	SCONJ
cblr-2871	333	4	the	the	DET
cblr-2871	333	5	discount	discount	NOUN
cblr-2871	333	6	for	for	ADP
cblr-2871	333	7	adopting	adopt	VERB
cblr-2871	333	8	a	a	DET
cblr-2871	333	9	staggered	staggered	ADJ
cblr-2871	333	10	board	board	NOUN
cblr-2871	333	11	is	be	AUX
cblr-2871	333	12	sufficiently	sufficiently	ADV
cblr-2871	333	13	large	large	ADJ
cblr-2871	333	14	,	,	PUNCT
cblr-2871	333	15	a	a	DET
cblr-2871	333	16	pooling	pool	VERB
cblr-2871	333	17	equilibrium	equilibrium	NOUN
cblr-2871	333	18	may	may	AUX
cblr-2871	333	19	emerge	emerge	VERB
cblr-2871	333	20	in	in	ADP
cblr-2871	333	21	which	which	PRON
cblr-2871	333	22	all	all	DET
cblr-2871	333	23	types	type	NOUN
cblr-2871	333	24	of	of	ADP
cblr-2871	333	25	managers	manager	NOUN
cblr-2871	333	26	choose	choose	VERB
cblr-2871	333	27	strict	strict	ADJ
cblr-2871	333	28	law	law	NOUN
cblr-2871	333	29	(	(	PUNCT
cblr-2871	333	30	for	for	ADP
cblr-2871	333	31	example	example	NOUN
cblr-2871	333	32	,	,	PUNCT
cblr-2871	333	33	choosing	choose	VERB
cblr-2871	333	34	to	to	PART
cblr-2871	333	35	drop	drop	VERB
cblr-2871	333	36	staggered	staggered	ADJ
cblr-2871	333	37	boards	board	NOUN
cblr-2871	333	38	)	)	PUNCT
cblr-2871	333	39	.	.	PUNCT
cblr-2871	334	1	thus	thus	ADV
cblr-2871	334	2	,	,	PUNCT
cblr-2871	334	3	signaling	signal	VERB
cblr-2871	334	4	opportunities	opportunity	NOUN
cblr-2871	334	5	could	could	AUX
cblr-2871	334	6	improve	improve	VERB
cblr-2871	334	7	the	the	DET
cblr-2871	334	8	efficiency	efficiency	NOUN
cblr-2871	334	9	of	of	ADP
cblr-2871	334	10	firms	firm	NOUN
cblr-2871	334	11	'	'	PART
cblr-2871	334	12	governance	governance	NOUN
cblr-2871	334	13	in	in	ADP
cblr-2871	334	14	two	two	NUM
cblr-2871	334	15	ways	way	NOUN
cblr-2871	334	16	.	.	PUNCT
cblr-2871	335	1	first	first	ADV
cblr-2871	335	2	,	,	PUNCT
cblr-2871	335	3	if	if	SCONJ
cblr-2871	335	4	a	a	DET
cblr-2871	335	5	separating	separate	VERB
cblr-2871	335	6	equilibrium	equilibrium	NOUN
cblr-2871	335	7	occurs	occur	VERB
cblr-2871	335	8	,	,	PUNCT
cblr-2871	335	9	it	it	PRON
cblr-2871	335	10	will	will	AUX
cblr-2871	335	11	convey	convey	VERB
cblr-2871	335	12	information	information	NOUN
cblr-2871	335	13	to	to	ADP
cblr-2871	335	14	markets	market	NOUN
cblr-2871	335	15	about	about	ADP
cblr-2871	335	16	the	the	DET
cblr-2871	335	17	market	market	NOUN
cblr-2871	335	18	discipline	discipline	NOUN
cblr-2871	335	19	that	that	PRON
cblr-2871	335	20	management	management	NOUN
cblr-2871	335	21	faces.second	faces.second	NOUN
cblr-2871	335	22	,	,	PUNCT
cblr-2871	335	23	it	it	PRON
cblr-2871	335	24	will	will	AUX
cblr-2871	335	25	encourage	encourage	VERB
cblr-2871	335	26	some	some	DET
cblr-2871	335	27	firms	firm	NOUN
cblr-2871	335	28	to	to	PART
cblr-2871	335	29	adopt	adopt	VERB
cblr-2871	335	30	more	more	ADV
cblr-2871	335	31	strict	strict	ADJ
cblr-2871	335	32	and	and	CCONJ
cblr-2871	335	33	efficient	efficient	ADJ
cblr-2871	335	34	governance	governance	NOUN
cblr-2871	335	35	terms.5	terms.5	PROPN
cblr-2871	335	36	7	7	NUM
cblr-2871	335	37	since	since	SCONJ
cblr-2871	335	38	the	the	DET
cblr-2871	335	39	choice	choice	NOUN
cblr-2871	335	40	to	to	PART
cblr-2871	335	41	adopt	adopt	VERB
cblr-2871	335	42	strict	strict	ADJ
cblr-2871	335	43	56	56	NUM
cblr-2871	335	44	see	see	NOUN
cblr-2871	335	45	barzuza	barzuza	NOUN
cblr-2871	335	46	,	,	PUNCT
cblr-2871	335	47	supra	supra	PROPN
cblr-2871	335	48	note	note	NOUN
cblr-2871	335	49	54	54	NUM
cblr-2871	335	50	,	,	PUNCT
cblr-2871	335	51	at	at	ADP
cblr-2871	335	52	6	6	NUM
cblr-2871	335	53	.	.	PUNCT
cblr-2871	336	1	granted	grant	VERB
cblr-2871	336	2	,	,	PUNCT
cblr-2871	336	3	lax	lax	ADJ
cblr-2871	336	4	law	law	NOUN
cblr-2871	336	5	may	may	AUX
cblr-2871	336	6	cause	cause	VERB
cblr-2871	336	7	harm	harm	NOUN
cblr-2871	336	8	to	to	ADP
cblr-2871	336	9	the	the	DET
cblr-2871	336	10	company	company	NOUN
cblr-2871	336	11	regardless	regardless	ADV
cblr-2871	336	12	of	of	ADP
cblr-2871	336	13	the	the	DET
cblr-2871	336	14	firm	firm	ADJ
cblr-2871	336	15	type	type	NOUN
cblr-2871	336	16	.	.	PUNCT
cblr-2871	337	1	as	as	SCONJ
cblr-2871	337	2	the	the	DET
cblr-2871	337	3	next	next	ADJ
cblr-2871	337	4	section	section	NOUN
cblr-2871	337	5	demonstrates	demonstrate	VERB
cblr-2871	337	6	,	,	PUNCT
cblr-2871	337	7	the	the	DET
cblr-2871	337	8	signaling	signal	VERB
cblr-2871	337	9	effect	effect	NOUN
cblr-2871	337	10	will	will	AUX
cblr-2871	337	11	add	add	VERB
cblr-2871	337	12	a	a	DET
cblr-2871	337	13	discount	discount	NOUN
cblr-2871	337	14	on	on	ADP
cblr-2871	337	15	top	top	NOUN
cblr-2871	337	16	of	of	ADP
cblr-2871	337	17	that	that	DET
cblr-2871	337	18	harm	harm	NOUN
cblr-2871	337	19	.	.	PUNCT
cblr-2871	338	1	(	(	PUNCT
cblr-2871	338	2	in	in	ADP
cblr-2871	338	3	spence	spence	NOUN
cblr-2871	338	4	's	's	PART
cblr-2871	338	5	model	model	NOUN
cblr-2871	338	6	,	,	PUNCT
cblr-2871	338	7	the	the	DET
cblr-2871	338	8	signaling	signal	VERB
cblr-2871	338	9	effect	effect	NOUN
cblr-2871	338	10	distinct	distinct	ADJ
cblr-2871	338	11	from	from	ADP
cblr-2871	338	12	the	the	DET
cblr-2871	338	13	benefits	benefit	NOUN
cblr-2871	338	14	of	of	ADP
cblr-2871	338	15	acquiring	acquire	VERB
cblr-2871	338	16	education	education	NOUN
cblr-2871	338	17	is	be	AUX
cblr-2871	338	18	commonly	commonly	ADV
cblr-2871	338	19	referred	refer	VERB
cblr-2871	338	20	to	to	ADP
cblr-2871	338	21	as	as	ADP
cblr-2871	338	22	the	the	DET
cblr-2871	338	23	"	"	PUNCT
cblr-2871	338	24	sheepskin	sheepskin	ADJ
cblr-2871	338	25	effect	effect	NOUN
cblr-2871	338	26	"	"	PUNCT
cblr-2871	338	27	because	because	SCONJ
cblr-2871	338	28	of	of	ADP
cblr-2871	338	29	the	the	DET
cblr-2871	338	30	value	value	NOUN
cblr-2871	338	31	of	of	ADP
cblr-2871	338	32	acquiring	acquire	VERB
cblr-2871	338	33	a	a	DET
cblr-2871	338	34	diploma	diploma	NOUN
cblr-2871	338	35	)	)	PUNCT
cblr-2871	338	36	.	.	PUNCT
cblr-2871	339	1	57	57	NUM
cblr-2871	339	2	importantly	importantly	ADV
cblr-2871	339	3	,	,	PUNCT
cblr-2871	339	4	while	while	SCONJ
cblr-2871	339	5	in	in	ADP
cblr-2871	339	6	spence	spence	NOUN
cblr-2871	339	7	's	's	PART
cblr-2871	339	8	model	model	NOUN
cblr-2871	339	9	such	such	DET
cblr-2871	339	10	an	an	DET
cblr-2871	339	11	outcome	outcome	NOUN
cblr-2871	339	12	would	would	AUX
cblr-2871	339	13	be	be	AUX
cblr-2871	339	14	costly	costly	ADJ
cblr-2871	339	15	,	,	PUNCT
cblr-2871	339	16	this	this	PRON
cblr-2871	339	17	could	could	AUX
cblr-2871	339	18	be	be	AUX
cblr-2871	339	19	the	the	DET
cblr-2871	339	20	most	most	ADV
cblr-2871	339	21	efficient	efficient	ADJ
cblr-2871	339	22	outcome	outcome	NOUN
cblr-2871	339	23	in	in	ADP
cblr-2871	339	24	the	the	DET
cblr-2871	339	25	governance	governance	NOUN
cblr-2871	339	26	context	context	NOUN
cblr-2871	339	27	.	.	PUNCT
cblr-2871	340	1	signaling	signal	VERB
cblr-2871	340	2	is	be	AUX
cblr-2871	340	3	costly	costly	ADJ
cblr-2871	340	4	.	.	PUNCT
cblr-2871	341	1	a	a	DET
cblr-2871	341	2	pooling	pool	VERB
cblr-2871	341	3	equilibrium	equilibrium	NOUN
cblr-2871	341	4	in	in	ADP
cblr-2871	341	5	which	which	PRON
cblr-2871	341	6	everyone	everyone	PRON
cblr-2871	341	7	acquires	acquire	VERB
cblr-2871	341	8	647	647	NUM
cblr-2871	341	9	governance	governance	NOUN
cblr-2871	341	10	signals	signal	NOUN
cblr-2871	341	11	information	information	NOUN
cblr-2871	341	12	about	about	ADP
cblr-2871	341	13	the	the	DET
cblr-2871	341	14	power	power	NOUN
cblr-2871	341	15	of	of	ADP
cblr-2871	341	16	market	market	NOUN
cblr-2871	341	17	forces	force	NOUN
cblr-2871	341	18	,	,	PUNCT
cblr-2871	341	19	the	the	DET
cblr-2871	341	20	signaling	signal	VERB
cblr-2871	341	21	effect	effect	NOUN
cblr-2871	341	22	could	could	AUX
cblr-2871	341	23	be	be	AUX
cblr-2871	341	24	significantly	significantly	ADV
cblr-2871	341	25	larger	large	ADJ
cblr-2871	341	26	than	than	ADP
cblr-2871	341	27	the	the	DET
cblr-2871	341	28	effect	effect	NOUN
cblr-2871	341	29	of	of	ADP
cblr-2871	341	30	a	a	DET
cblr-2871	341	31	staggered	staggered	ADJ
cblr-2871	341	32	board	board	NOUN
cblr-2871	341	33	or	or	CCONJ
cblr-2871	341	34	majority	majority	NOUN
cblr-2871	341	35	voting	voting	NOUN
cblr-2871	341	36	term	term	NOUN
cblr-2871	341	37	.	.	PUNCT
cblr-2871	342	1	in	in	ADP
cblr-2871	342	2	particular	particular	ADJ
cblr-2871	342	3	,	,	PUNCT
cblr-2871	342	4	assume	assume	VERB
cblr-2871	342	5	as	as	ADP
cblr-2871	342	6	above	above	ADV
cblr-2871	342	7	that	that	SCONJ
cblr-2871	342	8	the	the	DET
cblr-2871	342	9	value	value	NOUN
cblr-2871	342	10	of	of	ADP
cblr-2871	342	11	a	a	DET
cblr-2871	342	12	good	good	ADJ
cblr-2871	342	13	firm	firm	NOUN
cblr-2871	342	14	(	(	PUNCT
cblr-2871	342	15	a	a	NOUN
cblr-2871	342	16	)	)	PUNCT
cblr-2871	342	17	is	be	AUX
cblr-2871	342	18	one	one	NUM
cblr-2871	342	19	hundred	hundred	NUM
cblr-2871	342	20	(	(	PUNCT
cblr-2871	342	21	since	since	SCONJ
cblr-2871	342	22	its	its	PRON
cblr-2871	342	23	management	management	NOUN
cblr-2871	342	24	faces	face	VERB
cblr-2871	342	25	strong	strong	ADJ
cblr-2871	342	26	discipline	discipline	NOUN
cblr-2871	342	27	from	from	ADP
cblr-2871	342	28	the	the	DET
cblr-2871	342	29	markets	market	NOUN
cblr-2871	342	30	)	)	PUNCT
cblr-2871	342	31	,	,	PUNCT
cblr-2871	342	32	and	and	CCONJ
cblr-2871	342	33	that	that	SCONJ
cblr-2871	342	34	the	the	DET
cblr-2871	342	35	value	value	NOUN
cblr-2871	342	36	of	of	ADP
cblr-2871	342	37	a	a	DET
cblr-2871	342	38	bad	bad	ADJ
cblr-2871	342	39	firm	firm	NOUN
cblr-2871	342	40	(	(	PUNCT
cblr-2871	342	41	b	b	NOUN
cblr-2871	342	42	)	)	PUNCT
cblr-2871	342	43	is	be	AUX
cblr-2871	342	44	fifty	fifty	NUM
cblr-2871	342	45	(	(	PUNCT
cblr-2871	342	46	since	since	SCONJ
cblr-2871	342	47	its	its	PRON
cblr-2871	342	48	management	management	NOUN
cblr-2871	342	49	faces	face	VERB
cblr-2871	342	50	weak	weak	ADJ
cblr-2871	342	51	discipline	discipline	NOUN
cblr-2871	342	52	from	from	ADP
cblr-2871	342	53	the	the	DET
cblr-2871	342	54	markets	market	NOUN
cblr-2871	342	55	)	)	PUNCT
cblr-2871	342	56	.	.	PUNCT
cblr-2871	343	1	lacking	lack	VERB
cblr-2871	343	2	any	any	DET
cblr-2871	343	3	information	information	NOUN
cblr-2871	343	4	on	on	ADP
cblr-2871	343	5	the	the	DET
cblr-2871	343	6	firm	firm	ADJ
cblr-2871	343	7	type	type	NOUN
cblr-2871	343	8	,	,	PUNCT
cblr-2871	343	9	investors	investor	NOUN
cblr-2871	343	10	will	will	AUX
cblr-2871	343	11	value	value	VERB
cblr-2871	343	12	each	each	DET
cblr-2871	343	13	firm	firm	NOUN
cblr-2871	343	14	at	at	ADP
cblr-2871	343	15	seventy	seventy	NUM
cblr-2871	343	16	-	-	PUNCT
cblr-2871	343	17	five	five	NUM
cblr-2871	343	18	.	.	PUNCT
cblr-2871	344	1	since	since	SCONJ
cblr-2871	344	2	managers	manager	NOUN
cblr-2871	344	3	of	of	ADP
cblr-2871	344	4	good	good	ADJ
cblr-2871	344	5	firms	firm	NOUN
cblr-2871	344	6	are	be	AUX
cblr-2871	344	7	less	less	ADV
cblr-2871	344	8	interested	interested	ADJ
cblr-2871	344	9	in	in	ADP
cblr-2871	344	10	entrenching	entrench	VERB
cblr-2871	344	11	terms	term	NOUN
cblr-2871	344	12	,	,	PUNCT
cblr-2871	344	13	they	they	PRON
cblr-2871	344	14	could	could	AUX
cblr-2871	344	15	drop	drop	VERB
cblr-2871	344	16	their	their	PRON
cblr-2871	344	17	staggered	staggered	ADJ
cblr-2871	344	18	board	board	NOUN
cblr-2871	344	19	and	and	CCONJ
cblr-2871	344	20	other	other	ADJ
cblr-2871	344	21	entrenching	entrench	VERB
cblr-2871	344	22	terms	term	NOUN
cblr-2871	344	23	,	,	PUNCT
cblr-2871	344	24	which	which	PRON
cblr-2871	344	25	would	would	AUX
cblr-2871	344	26	signal	signal	VERB
cblr-2871	344	27	to	to	ADP
cblr-2871	344	28	the	the	DET
cblr-2871	344	29	market	market	NOUN
cblr-2871	344	30	that	that	SCONJ
cblr-2871	344	31	the	the	DET
cblr-2871	344	32	firm	firm	NOUN
cblr-2871	344	33	's	's	PART
cblr-2871	344	34	real	real	ADJ
cblr-2871	344	35	value	value	NOUN
cblr-2871	344	36	is	be	AUX
cblr-2871	344	37	one	one	NUM
cblr-2871	344	38	hundred	hundred	NUM
cblr-2871	344	39	rather	rather	ADV
cblr-2871	344	40	than	than	ADP
cblr-2871	344	41	seventy	seventy	NUM
cblr-2871	344	42	-	-	PUNCT
cblr-2871	344	43	five	five	NUM
cblr-2871	344	44	.	.	PUNCT
cblr-2871	344	45	iii	iii	X
cblr-2871	344	46	.	.	PROPN
cblr-2871	344	47	noise	noise	NOUN
cblr-2871	344	48	adopters	adopter	NOUN
cblr-2871	344	49	and	and	CCONJ
cblr-2871	344	50	noisy	noisy	ADJ
cblr-2871	344	51	signals	signal	NOUN
cblr-2871	344	52	a.	a.	NOUN
cblr-2871	344	53	noise	noise	NOUN
cblr-2871	344	54	adopters	adopter	NOUN
cblr-2871	344	55	not	not	PART
cblr-2871	344	56	all	all	DET
cblr-2871	344	57	firms	firm	NOUN
cblr-2871	344	58	,	,	PUNCT
cblr-2871	344	59	and	and	CCONJ
cblr-2871	344	60	not	not	PART
cblr-2871	344	61	all	all	DET
cblr-2871	344	62	insiders	insider	NOUN
cblr-2871	344	63	,	,	PUNCT
cblr-2871	344	64	however	however	ADV
cblr-2871	344	65	,	,	PUNCT
cblr-2871	344	66	adopt	adopt	VERB
cblr-2871	344	67	corporate	corporate	ADJ
cblr-2871	344	68	governance	governance	NOUN
cblr-2871	344	69	terms	term	NOUN
cblr-2871	344	70	based	base	VERB
cblr-2871	344	71	on	on	ADP
cblr-2871	344	72	their	their	PRON
cblr-2871	344	73	preference	preference	NOUN
cblr-2871	344	74	for	for	ADP
cblr-2871	344	75	private	private	ADJ
cblr-2871	344	76	benefits	benefit	NOUN
cblr-2871	344	77	and	and	CCONJ
cblr-2871	344	78	the	the	DET
cblr-2871	344	79	potential	potential	ADJ
cblr-2871	344	80	effect	effect	NOUN
cblr-2871	344	81	on	on	ADP
cblr-2871	344	82	the	the	DET
cblr-2871	344	83	firm	firm	NOUN
cblr-2871	344	84	's	's	PART
cblr-2871	344	85	share	share	NOUN
cblr-2871	344	86	price	price	NOUN
cblr-2871	344	87	.	.	PUNCT
cblr-2871	345	1	some	some	DET
cblr-2871	345	2	firms	firm	NOUN
cblr-2871	345	3	adopt	adopt	VERB
cblr-2871	345	4	corporate	corporate	ADJ
cblr-2871	345	5	governance	governance	NOUN
cblr-2871	345	6	terms	term	NOUN
cblr-2871	345	7	largely	largely	ADV
cblr-2871	345	8	for	for	ADP
cblr-2871	345	9	reasons	reason	NOUN
cblr-2871	345	10	that	that	PRON
cblr-2871	345	11	have	have	VERB
cblr-2871	345	12	little	little	ADJ
cblr-2871	345	13	or	or	CCONJ
cblr-2871	345	14	nothing	nothing	PRON
cblr-2871	345	15	to	to	PART
cblr-2871	345	16	do	do	VERB
cblr-2871	345	17	with	with	ADP
cblr-2871	345	18	firm	firm	ADJ
cblr-2871	345	19	operations	operation	NOUN
cblr-2871	345	20	or	or	CCONJ
cblr-2871	345	21	strategy	strategy	NOUN
cblr-2871	345	22	.	.	PUNCT
cblr-2871	346	1	for	for	ADP
cblr-2871	346	2	one	one	NUM
cblr-2871	346	3	,	,	PUNCT
cblr-2871	346	4	some	some	DET
cblr-2871	346	5	firms	firm	NOUN
cblr-2871	346	6	follow	follow	VERB
cblr-2871	346	7	the	the	DET
cblr-2871	346	8	advice	advice	NOUN
cblr-2871	346	9	of	of	ADP
cblr-2871	346	10	their	their	PRON
cblr-2871	346	11	legal	legal	ADJ
cblr-2871	346	12	advisors	advisor	NOUN
cblr-2871	346	13	regarding	regard	VERB
cblr-2871	346	14	which	which	DET
cblr-2871	346	15	corporate	corporate	ADJ
cblr-2871	346	16	governance	governance	NOUN
cblr-2871	346	17	terms	term	NOUN
cblr-2871	346	18	to	to	PART
cblr-2871	346	19	adopt	adopt	VERB
cblr-2871	346	20	.	.	PUNCT
cblr-2871	347	1	for	for	ADP
cblr-2871	347	2	several	several	ADJ
cblr-2871	347	3	reasons	reason	NOUN
cblr-2871	347	4	,	,	PUNCT
cblr-2871	347	5	this	this	DET
cblr-2871	347	6	advice	advice	NOUN
cblr-2871	347	7	might	might	AUX
cblr-2871	347	8	depend	depend	VERB
cblr-2871	347	9	on	on	ADP
cblr-2871	347	10	the	the	DET
cblr-2871	347	11	identity	identity	NOUN
cblr-2871	347	12	of	of	ADP
cblr-2871	347	13	the	the	DET
cblr-2871	347	14	advising	advise	VERB
cblr-2871	347	15	law	law	NOUN
cblr-2871	347	16	firm	firm	NOUN
cblr-2871	347	17	rather	rather	ADV
cblr-2871	347	18	than	than	ADP
cblr-2871	347	19	the	the	DET
cblr-2871	347	20	identity	identity	NOUN
cblr-2871	347	21	and	and	CCONJ
cblr-2871	347	22	needs	need	NOUN
cblr-2871	347	23	of	of	ADP
cblr-2871	347	24	the	the	DET
cblr-2871	347	25	adopting	adopt	VERB
cblr-2871	347	26	firm	firm	NOUN
cblr-2871	347	27	.	.	PUNCT
cblr-2871	348	1	first	first	ADV
cblr-2871	348	2	,	,	PUNCT
cblr-2871	348	3	law	law	NOUN
cblr-2871	348	4	firms	firm	NOUN
cblr-2871	348	5	routinely	routinely	ADV
cblr-2871	348	6	work	work	VERB
cblr-2871	348	7	with	with	ADP
cblr-2871	348	8	boilerplates	boilerplate	NOUN
cblr-2871	348	9	.	.	PUNCT
cblr-2871	349	1	a	a	DET
cblr-2871	349	2	law	law	NOUN
cblr-2871	349	3	firm	firm	NOUN
cblr-2871	349	4	may	may	AUX
cblr-2871	349	5	recommend	recommend	VERB
cblr-2871	349	6	the	the	DET
cblr-2871	349	7	same	same	ADJ
cblr-2871	349	8	corporate	corporate	ADJ
cblr-2871	349	9	governance	governance	NOUN
cblr-2871	349	10	defaults	default	NOUN
cblr-2871	349	11	to	to	ADP
cblr-2871	349	12	all	all	PRON
cblr-2871	349	13	of	of	ADP
cblr-2871	349	14	its	its	PRON
cblr-2871	349	15	clients	client	NOUN
cblr-2871	349	16	,	,	PUNCT
cblr-2871	349	17	barring	bar	VERB
cblr-2871	349	18	exceptional	exceptional	ADJ
cblr-2871	349	19	circumstances	circumstance	NOUN
cblr-2871	349	20	.	.	PUNCT
cblr-2871	350	1	indeed	indeed	ADV
cblr-2871	350	2	,	,	PUNCT
cblr-2871	350	3	law	law	NOUN
cblr-2871	350	4	firm	firm	NOUN
cblr-2871	350	5	identity	identity	NOUN
cblr-2871	350	6	has	have	AUX
cblr-2871	350	7	been	be	AUX
cblr-2871	350	8	shown	show	VERB
cblr-2871	350	9	to	to	PART
cblr-2871	350	10	predict	predict	VERB
cblr-2871	350	11	the	the	DET
cblr-2871	350	12	design	design	NOUN
cblr-2871	350	13	of	of	ADP
cblr-2871	350	14	merger	merger	NOUN
cblr-2871	350	15	education	education	NOUN
cblr-2871	350	16	in	in	ADP
cblr-2871	350	17	spence	spence	NOUN
cblr-2871	350	18	's	's	PART
cblr-2871	350	19	model	model	NOUN
cblr-2871	350	20	is	be	AUX
cblr-2871	350	21	inefficient	inefficient	ADJ
cblr-2871	350	22	since	since	SCONJ
cblr-2871	350	23	it	it	PRON
cblr-2871	350	24	is	be	AUX
cblr-2871	350	25	both	both	CCONJ
cblr-2871	350	26	costly	costly	ADJ
cblr-2871	350	27	and	and	CCONJ
cblr-2871	350	28	does	do	AUX
cblr-2871	350	29	not	not	PART
cblr-2871	350	30	convey	convey	VERB
cblr-2871	350	31	any	any	DET
cblr-2871	350	32	information	information	NOUN
cblr-2871	350	33	(	(	PUNCT
cblr-2871	350	34	assuming	assume	VERB
cblr-2871	350	35	,	,	PUNCT
cblr-2871	350	36	as	as	SCONJ
cblr-2871	350	37	spence	spence	NOUN
cblr-2871	350	38	did	do	VERB
cblr-2871	350	39	,	,	PUNCT
cblr-2871	350	40	that	that	SCONJ
cblr-2871	350	41	studying	study	VERB
cblr-2871	350	42	has	have	VERB
cblr-2871	350	43	no	no	DET
cblr-2871	350	44	value	value	NOUN
cblr-2871	350	45	other	other	ADJ
cblr-2871	350	46	than	than	ADP
cblr-2871	350	47	signaling	signal	VERB
cblr-2871	350	48	value	value	NOUN
cblr-2871	350	49	)	)	PUNCT
cblr-2871	350	50	.	.	PUNCT
cblr-2871	351	1	what	what	PRON
cblr-2871	351	2	is	be	AUX
cblr-2871	351	3	unique	unique	ADJ
cblr-2871	351	4	to	to	ADP
cblr-2871	351	5	signaling	signal	VERB
cblr-2871	351	6	in	in	ADP
cblr-2871	351	7	this	this	DET
cblr-2871	351	8	context	context	NOUN
cblr-2871	351	9	is	be	AUX
cblr-2871	351	10	that	that	SCONJ
cblr-2871	351	11	the	the	DET
cblr-2871	351	12	costs	cost	NOUN
cblr-2871	351	13	are	be	AUX
cblr-2871	351	14	personal	personal	ADJ
cblr-2871	351	15	to	to	ADP
cblr-2871	351	16	the	the	DET
cblr-2871	351	17	management	management	NOUN
cblr-2871	351	18	,	,	PUNCT
cblr-2871	351	19	and	and	CCONJ
cblr-2871	351	20	while	while	SCONJ
cblr-2871	351	21	the	the	DET
cblr-2871	351	22	governance	governance	NOUN
cblr-2871	351	23	terms	term	NOUN
cblr-2871	351	24	impose	impose	VERB
cblr-2871	351	25	costs	cost	NOUN
cblr-2871	351	26	on	on	ADP
cblr-2871	351	27	management	management	NOUN
cblr-2871	351	28	,	,	PUNCT
cblr-2871	351	29	they	they	PRON
cblr-2871	351	30	also	also	ADV
cblr-2871	351	31	bestow	bestow	VERB
cblr-2871	351	32	benefits	benefit	NOUN
cblr-2871	351	33	on	on	ADP
cblr-2871	351	34	the	the	DET
cblr-2871	351	35	shareholders	shareholder	NOUN
cblr-2871	351	36	that	that	PRON
cblr-2871	351	37	are	be	AUX
cblr-2871	351	38	most	most	ADV
cblr-2871	351	39	likely	likely	ADV
cblr-2871	351	40	higher	high	ADJ
cblr-2871	351	41	than	than	ADP
cblr-2871	351	42	the	the	DET
cblr-2871	351	43	costs	cost	NOUN
cblr-2871	351	44	to	to	ADP
cblr-2871	351	45	management	management	NOUN
cblr-2871	351	46	.	.	PUNCT
cblr-2871	352	1	648	648	NUM
cblr-2871	352	2	col	col	PROPN
cblr-2871	352	3	umia	umia	PROPN
cblr-2871	352	4	b	b	PROPN
cblr-2871	352	5	usiness	usiness	PROPN
cblr-2871	352	6	la	la	PROPN
cblr-2871	352	7	w	w	PROPN
cblr-2871	352	8	re	re	PROPN
cblr-2871	352	9	vie	vie	PROPN
cblr-2871	352	10	w	w	PROPN
cblr-2871	353	1	[	[	X
cblr-2871	353	2	vol	vol	NOUN
cblr-2871	353	3	.	.	PUNCT
cblr-2871	353	4	2013	2013	NUM
cblr-2871	353	5	no	no	NOUN
cblr-2871	353	6	.	.	PUNCT
cblr-2871	354	1	3:627	3:627	NUM
cblr-2871	354	2	]	]	PUNCT
cblr-2871	354	3	noise	noise	NOUN
cblr-2871	354	4	adopters	adopter	NOUN
cblr-2871	354	5	in	in	ADP
cblr-2871	354	6	corpora	corpora	NOUN
cblr-2871	354	7	te	te	PROPN
cblr-2871	354	8	governance	governance	NOUN
cblr-2871	354	9	contracts	contract	NOUN
cblr-2871	354	10	.	.	PUNCT
cblr-2871	355	1	8	8	NUM
cblr-2871	356	1	the	the	DET
cblr-2871	356	2	boilerplate	boilerplate	ADJ
cblr-2871	356	3	effect	effect	NOUN
cblr-2871	356	4	does	do	AUX
cblr-2871	356	5	not	not	PART
cblr-2871	356	6	operate	operate	VERB
cblr-2871	356	7	only	only	ADV
cblr-2871	356	8	at	at	ADP
cblr-2871	356	9	the	the	DET
cblr-2871	356	10	individual	individual	ADJ
cblr-2871	356	11	firm	firm	ADJ
cblr-2871	356	12	level	level	NOUN
cblr-2871	356	13	.	.	PUNCT
cblr-2871	357	1	law	law	NOUN
cblr-2871	357	2	firm	firm	ADJ
cblr-2871	357	3	geographical	geographical	ADJ
cblr-2871	357	4	location	location	NOUN
cblr-2871	357	5	was	be	AUX
cblr-2871	357	6	found	find	VERB
cblr-2871	357	7	to	to	PART
cblr-2871	357	8	be	be	AUX
cblr-2871	357	9	a	a	DET
cblr-2871	357	10	significant	significant	ADJ
cblr-2871	357	11	predictor	predictor	NOUN
cblr-2871	357	12	of	of	ADP
cblr-2871	357	13	antitakeover	antitakeover	NOUN
cblr-2871	357	14	defenses	defense	NOUN
cblr-2871	357	15	at	at	ADP
cblr-2871	357	16	the	the	DET
cblr-2871	357	17	ipo	ipo	NOUN
cblr-2871	357	18	stage	stage	NOUN
cblr-2871	357	19	:	:	PUNCT
cblr-2871	357	20	during	during	ADP
cblr-2871	357	21	the	the	DET
cblr-2871	357	22	1990s	1990	NOUN
cblr-2871	357	23	,	,	PUNCT
cblr-2871	357	24	corporations	corporation	NOUN
cblr-2871	357	25	advised	advise	VERB
cblr-2871	357	26	by	by	ADP
cblr-2871	357	27	west	west	PROPN
cblr-2871	357	28	coast	coast	PROPN
cblr-2871	357	29	law	law	NOUN
cblr-2871	357	30	firms	firm	NOUN
cblr-2871	357	31	were	be	AUX
cblr-2871	357	32	significantly	significantly	ADV
cblr-2871	357	33	more	more	ADV
cblr-2871	357	34	likely	likely	ADJ
cblr-2871	357	35	to	to	PART
cblr-2871	357	36	adopt	adopt	VERB
cblr-2871	357	37	antitakeover	antitakeover	NOUN
cblr-2871	357	38	defenses	defense	NOUN
cblr-2871	357	39	in	in	ADP
cblr-2871	357	40	their	their	PRON
cblr-2871	357	41	ipo	ipo	NOUN
cblr-2871	357	42	documents	document	NOUN
cblr-2871	357	43	than	than	ADP
cblr-2871	357	44	firms	firm	NOUN
cblr-2871	357	45	that	that	PRON
cblr-2871	357	46	were	be	AUX
cblr-2871	357	47	advised	advise	VERB
cblr-2871	357	48	by	by	ADP
cblr-2871	357	49	east	east	PROPN
cblr-2871	357	50	coast	coast	PROPN
cblr-2871	357	51	law	law	PROPN
cblr-2871	357	52	firms.59	firms.59	VERB
cblr-2871	357	53	finally	finally	ADV
cblr-2871	357	54	,	,	PUNCT
cblr-2871	357	55	boilerplates	boilerplate	NOUN
cblr-2871	357	56	can	can	AUX
cblr-2871	357	57	operate	operate	VERB
cblr-2871	357	58	on	on	ADP
cblr-2871	357	59	a	a	DET
cblr-2871	357	60	smaller	small	ADJ
cblr-2871	357	61	scale	scale	NOUN
cblr-2871	357	62	within	within	ADP
cblr-2871	357	63	law	law	NOUN
cblr-2871	357	64	firms	firm	NOUN
cblr-2871	357	65	-	-	PUNCT
cblr-2871	357	66	for	for	ADP
cblr-2871	357	67	instance	instance	NOUN
cblr-2871	357	68	,	,	PUNCT
cblr-2871	357	69	a	a	DET
cblr-2871	357	70	partner	partner	NOUN
cblr-2871	357	71	's	's	PART
cblr-2871	357	72	identity	identity	NOUN
cblr-2871	357	73	was	be	AUX
cblr-2871	357	74	also	also	ADV
cblr-2871	357	75	found	find	VERB
cblr-2871	357	76	to	to	PART
cblr-2871	357	77	explain	explain	VERB
cblr-2871	357	78	variations	variation	NOUN
cblr-2871	357	79	in	in	ADP
cblr-2871	357	80	corporate	corporate	ADJ
cblr-2871	357	81	contracts.o	contracts.o	NOUN
cblr-2871	357	82	second	second	ADJ
cblr-2871	357	83	,	,	PUNCT
cblr-2871	357	84	firms	firm	NOUN
cblr-2871	357	85	'	'	PART
cblr-2871	357	86	initial	initial	ADJ
cblr-2871	357	87	governance	governance	NOUN
cblr-2871	357	88	decisions	decision	NOUN
cblr-2871	357	89	are	be	AUX
cblr-2871	357	90	made	make	VERB
cblr-2871	357	91	at	at	ADP
cblr-2871	357	92	the	the	DET
cblr-2871	357	93	ipo	ipo	NOUN
cblr-2871	357	94	stage	stage	NOUN
cblr-2871	357	95	.	.	PUNCT
cblr-2871	358	1	at	at	ADP
cblr-2871	358	2	this	this	DET
cblr-2871	358	3	stage	stage	NOUN
cblr-2871	358	4	,	,	PUNCT
cblr-2871	358	5	adoption	adoption	NOUN
cblr-2871	358	6	is	be	AUX
cblr-2871	358	7	even	even	ADV
cblr-2871	358	8	more	more	ADV
cblr-2871	358	9	likely	likely	ADJ
cblr-2871	358	10	to	to	PART
cblr-2871	358	11	be	be	AUX
cblr-2871	358	12	idiosyncratic	idiosyncratic	ADJ
cblr-2871	358	13	.	.	PUNCT
cblr-2871	359	1	the	the	DET
cblr-2871	359	2	lawyers	lawyer	NOUN
cblr-2871	359	3	who	who	PRON
cblr-2871	359	4	prepare	prepare	VERB
cblr-2871	359	5	ipo	ipo	NOUN
cblr-2871	359	6	documents	document	NOUN
cblr-2871	359	7	specialize	specialize	VERB
cblr-2871	359	8	in	in	ADP
cblr-2871	359	9	going	go	VERB
cblr-2871	359	10	public	public	ADJ
cblr-2871	359	11	and	and	CCONJ
cblr-2871	359	12	preparing	prepare	VERB
cblr-2871	359	13	sec	sec	PROPN
cblr-2871	359	14	filings	filing	NOUN
cblr-2871	359	15	,	,	PUNCT
cblr-2871	359	16	but	but	CCONJ
cblr-2871	359	17	lack	lack	NOUN
cblr-2871	359	18	expertise	expertise	NOUN
cblr-2871	359	19	about	about	ADP
cblr-2871	359	20	drafting	draft	VERB
cblr-2871	359	21	governance	governance	NOUN
cblr-2871	359	22	terms	term	NOUN
cblr-2871	359	23	about	about	ADP
cblr-2871	359	24	takeovers	takeover	NOUN
cblr-2871	359	25	,	,	PUNCT
cblr-2871	359	26	voting	voting	NOUN
cblr-2871	359	27	,	,	PUNCT
cblr-2871	359	28	or	or	CCONJ
cblr-2871	359	29	compensation	compensation	NOUN
cblr-2871	359	30	.	.	PUNCT
cblr-2871	360	1	organizational	organizational	ADJ
cblr-2871	360	2	,	,	PUNCT
cblr-2871	360	3	time	time	NOUN
cblr-2871	360	4	,	,	PUNCT
cblr-2871	360	5	and	and	CCONJ
cblr-2871	360	6	other	other	ADJ
cblr-2871	360	7	practical	practical	ADJ
cblr-2871	360	8	constraints	constraint	NOUN
cblr-2871	360	9	impede	impede	VERB
cblr-2871	360	10	communication	communication	NOUN
cblr-2871	360	11	between	between	ADP
cblr-2871	360	12	departments	department	NOUN
cblr-2871	360	13	that	that	PRON
cblr-2871	360	14	could	could	AUX
cblr-2871	360	15	mitigate	mitigate	VERB
cblr-2871	360	16	random	random	ADJ
cblr-2871	360	17	adoption.62	adoption.62	NOUN
cblr-2871	360	18	third	third	NOUN
cblr-2871	360	19	,	,	PUNCT
cblr-2871	360	20	law	law	NOUN
cblr-2871	360	21	firms	firm	NOUN
cblr-2871	360	22	may	may	AUX
cblr-2871	360	23	have	have	VERB
cblr-2871	360	24	an	an	DET
cblr-2871	360	25	inclination	inclination	NOUN
cblr-2871	360	26	to	to	PART
cblr-2871	360	27	recommend	recommend	VERB
cblr-2871	360	28	specific	specific	ADJ
cblr-2871	360	29	contractual	contractual	ADJ
cblr-2871	360	30	terms	term	NOUN
cblr-2871	360	31	.	.	PUNCT
cblr-2871	361	1	for	for	ADP
cblr-2871	361	2	example	example	NOUN
cblr-2871	361	3	,	,	PUNCT
cblr-2871	361	4	local	local	ADJ
cblr-2871	361	5	law	law	NOUN
cblr-2871	361	6	firms	firm	NOUN
cblr-2871	361	7	tend	tend	VERB
cblr-2871	361	8	to	to	PART
cblr-2871	361	9	favor	favor	VERB
cblr-2871	361	10	home	home	NOUN
cblr-2871	361	11	state	state	NOUN
cblr-2871	361	12	incorporation	incorporation	NOUN
cblr-2871	361	13	over	over	ADP
cblr-2871	361	14	incorporation	incorporation	NOUN
cblr-2871	361	15	in	in	ADP
cblr-2871	361	16	delaware	delaware	PROPN
cblr-2871	361	17	because	because	SCONJ
cblr-2871	361	18	such	such	ADJ
cblr-2871	361	19	advice	advice	NOUN
cblr-2871	361	20	is	be	AUX
cblr-2871	361	21	self	self	NOUN
cblr-2871	361	22	-	-	PUNCT
cblr-2871	361	23	serving	serve	VERB
cblr-2871	361	24	:	:	PUNCT
cblr-2871	361	25	their	their	PRON
cblr-2871	361	26	knowledge	knowledge	NOUN
cblr-2871	361	27	,	,	PUNCT
cblr-2871	361	28	expertise	expertise	NOUN
cblr-2871	361	29	,	,	PUNCT
cblr-2871	361	30	and	and	CCONJ
cblr-2871	361	31	competitive	competitive	ADJ
cblr-2871	361	32	advantage	advantage	NOUN
cblr-2871	361	33	favor	favor	NOUN
cblr-2871	361	34	state	state	NOUN
cblr-2871	361	35	law.63	law.63	NOUN
cblr-2871	361	36	indeed	indeed	ADV
cblr-2871	361	37	,	,	PUNCT
cblr-2871	361	38	delaware	delaware	PROPN
cblr-2871	361	39	incorporations	incorporation	NOUN
cblr-2871	361	40	are	be	AUX
cblr-2871	361	41	commonly	commonly	ADV
cblr-2871	361	42	associated	associate	VERB
cblr-2871	361	43	with	with	ADP
cblr-2871	361	44	the	the	DET
cblr-2871	361	45	use	use	NOUN
cblr-2871	361	46	of	of	ADP
cblr-2871	361	47	national	national	ADJ
cblr-2871	361	48	law	law	NOUN
cblr-2871	361	49	firms.64	firms.64	AUX
cblr-2871	361	50	58	58	NUM
cblr-2871	361	51	christel	christel	PROPN
cblr-2871	361	52	karsten	karsten	PROPN
cblr-2871	361	53	,	,	PUNCT
cblr-2871	361	54	what	what	PRON
cblr-2871	361	55	drives	drive	VERB
cblr-2871	361	56	the	the	DET
cblr-2871	361	57	variation	variation	NOUN
cblr-2871	361	58	in	in	ADP
cblr-2871	361	59	takeover	takeover	NOUN
cblr-2871	361	60	contracts	contract	NOUN
cblr-2871	361	61	:	:	PUNCT
cblr-2871	361	62	the	the	DET
cblr-2871	361	63	economics	economic	NOUN
cblr-2871	361	64	or	or	CCONJ
cblr-2871	361	65	the	the	DET
cblr-2871	361	66	lawyers	lawyer	NOUN
cblr-2871	361	67	?	?	PUNCT
cblr-2871	362	1	3	3	NUM
cblr-2871	362	2	(	(	PUNCT
cblr-2871	362	3	may	may	PROPN
cblr-2871	362	4	10	10	NUM
cblr-2871	362	5	,	,	PUNCT
cblr-2871	362	6	2013	2013	NUM
cblr-2871	362	7	)	)	PUNCT
cblr-2871	362	8	(	(	PUNCT
cblr-2871	362	9	unpublished	unpublished	ADJ
cblr-2871	362	10	manuscript	manuscript	NOUN
cblr-2871	362	11	)	)	PUNCT
cblr-2871	362	12	,	,	PUNCT
cblr-2871	362	13	available	available	ADJ
cblr-2871	362	14	at	at	ADP
cblr-2871	362	15	http://papers.ssrn.com/sol3/papers.cfm?abstract	http://papers.ssrn.com/sol3/papers.cfm?abstract	PROPN
cblr-2871	362	16	id=2081805	id=2081805	PROPN
cblr-2871	362	17	.	.	PUNCT
cblr-2871	363	1	see	see	VERB
cblr-2871	363	2	also	also	ADV
cblr-2871	363	3	marcel	marcel	PROPN
cblr-2871	363	4	kahan	kahan	PROPN
cblr-2871	363	5	&	&	CCONJ
cblr-2871	363	6	michael	michael	PROPN
cblr-2871	363	7	klausner	klausner	PROPN
cblr-2871	363	8	,	,	PUNCT
cblr-2871	363	9	standardization	standardization	NOUN
cblr-2871	363	10	and	and	CCONJ
cblr-2871	363	11	innovation	innovation	NOUN
cblr-2871	363	12	in	in	ADP
cblr-2871	363	13	corporate	corporate	ADJ
cblr-2871	363	14	contracting	contracting	NOUN
cblr-2871	363	15	(	(	PUNCT
cblr-2871	363	16	or	or	CCONJ
cblr-2871	363	17	"	"	PUNCT
cblr-2871	363	18	the	the	DET
cblr-2871	363	19	economics	economic	NOUN
cblr-2871	363	20	of	of	ADP
cblr-2871	363	21	boilerplate	boilerplate	NOUN
cblr-2871	363	22	'	'	PUNCT
cblr-2871	363	23	)	)	PUNCT
cblr-2871	363	24	,	,	PUNCT
cblr-2871	363	25	83	83	NUM
cblr-2871	363	26	va	va	NOUN
cblr-2871	363	27	.	.	PUNCT
cblr-2871	364	1	l.	l.	PROPN
cblr-2871	364	2	rev	rev	PROPN
cblr-2871	364	3	.	.	PROPN
cblr-2871	364	4	713	713	NUM
cblr-2871	364	5	,	,	PUNCT
cblr-2871	364	6	755	755	NUM
cblr-2871	364	7	(	(	PUNCT
cblr-2871	364	8	1997	1997	NUM
cblr-2871	364	9	)	)	PUNCT
cblr-2871	364	10	(	(	PUNCT
cblr-2871	364	11	finding	find	VERB
cblr-2871	364	12	evidence	evidence	NOUN
cblr-2871	364	13	that	that	SCONJ
cblr-2871	364	14	underwriters	underwriter	NOUN
cblr-2871	364	15	"	"	PUNCT
cblr-2871	364	16	significantly	significantly	ADV
cblr-2871	364	17	influenced	influence	VERB
cblr-2871	364	18	firms	firm	NOUN
cblr-2871	364	19	'	'	PART
cblr-2871	364	20	contracting	contracting	NOUN
cblr-2871	364	21	choices	choice	NOUN
cblr-2871	364	22	"	"	PUNCT
cblr-2871	364	23	)	)	PUNCT
cblr-2871	364	24	.	.	PUNCT
cblr-2871	365	1	59	59	NUM
cblr-2871	365	2	see	see	VERB
cblr-2871	365	3	coates	coates	PROPN
cblr-2871	365	4	iv	iv	NUM
cblr-2871	365	5	,	,	PUNCT
cblr-2871	365	6	supra	supra	PROPN
cblr-2871	365	7	note	note	NOUN
cblr-2871	365	8	3	3	NUM
cblr-2871	365	9	,	,	PUNCT
cblr-2871	365	10	at	at	ADP
cblr-2871	365	11	1304	1304	NUM
cblr-2871	365	12	.	.	PUNCT
cblr-2871	366	1	60	60	NUM
cblr-2871	366	2	see	see	VERB
cblr-2871	366	3	karsten	karsten	PROPN
cblr-2871	366	4	,	,	PUNCT
cblr-2871	366	5	supra	supra	PROPN
cblr-2871	366	6	note	note	PROPN
cblr-2871	366	7	58	58	NUM
cblr-2871	366	8	,	,	PUNCT
cblr-2871	366	9	at	at	ADP
cblr-2871	366	10	24	24	NUM
cblr-2871	366	11	.	.	PUNCT
cblr-2871	366	12	61	61	NUM
cblr-2871	366	13	see	see	VERB
cblr-2871	366	14	coates	coate	NOUN
cblr-2871	366	15	iv	iv	NUM
cblr-2871	366	16	,	,	PUNCT
cblr-2871	366	17	supra	supra	PROPN
cblr-2871	366	18	note	note	NOUN
cblr-2871	366	19	3	3	NUM
cblr-2871	366	20	,	,	PUNCT
cblr-2871	366	21	at	at	ADP
cblr-2871	366	22	1314	1314	NUM
cblr-2871	366	23	.	.	PUNCT
cblr-2871	367	1	62	62	NUM
cblr-2871	367	2	see	see	VERB
cblr-2871	367	3	mitu	mitu	PROPN
cblr-2871	367	4	gulati	gulati	PROPN
cblr-2871	367	5	&	&	CCONJ
cblr-2871	367	6	robert	robert	PROPN
cblr-2871	367	7	e.	e.	PROPN
cblr-2871	367	8	scott	scott	PROPN
cblr-2871	367	9	,	,	PUNCT
cblr-2871	367	10	the	the	DET
cblr-2871	367	11	three	three	NUM
cblr-2871	367	12	and	and	CCONJ
cblr-2871	367	13	a	a	DET
cblr-2871	367	14	half	half	NOUN
cblr-2871	367	15	minute	minute	NOUN
cblr-2871	367	16	transaction	transaction	NOUN
cblr-2871	367	17	:	:	PUNCT
cblr-2871	367	18	boilerplate	boilerplate	ADJ
cblr-2871	367	19	and	and	CCONJ
cblr-2871	367	20	the	the	DET
cblr-2871	367	21	limits	limit	NOUN
cblr-2871	367	22	of	of	ADP
cblr-2871	367	23	contract	contract	NOUN
cblr-2871	367	24	design	design	NOUN
cblr-2871	367	25	148	148	NUM
cblr-2871	367	26	-	-	SYM
cblr-2871	367	27	51	51	NUM
cblr-2871	367	28	(	(	PUNCT
cblr-2871	367	29	2013	2013	NUM
cblr-2871	367	30	)	)	PUNCT
cblr-2871	367	31	.	.	PUNCT
cblr-2871	368	1	63	63	NUM
cblr-2871	368	2	see	see	VERB
cblr-2871	368	3	daines	daine	NOUN
cblr-2871	368	4	,	,	PUNCT
cblr-2871	368	5	supra	supra	PROPN
cblr-2871	368	6	note	note	NOUN
cblr-2871	368	7	3	3	NUM
cblr-2871	368	8	,	,	PUNCT
cblr-2871	368	9	at	at	ADP
cblr-2871	368	10	1584	1584	NUM
cblr-2871	368	11	-	-	SYM
cblr-2871	368	12	86	86	NUM
cblr-2871	368	13	.	.	PUNCT
cblr-2871	369	1	64	64	NUM
cblr-2871	369	2	see	see	VERB
cblr-2871	369	3	i	i	PRON
cblr-2871	369	4	d.	d.	PROPN
cblr-2871	369	5	at	at	ADP
cblr-2871	369	6	1595	1595	NUM
cblr-2871	369	7	.	.	PUNCT
cblr-2871	370	1	649	649	NUM
cblr-2871	370	2	in	in	ADP
cblr-2871	370	3	all	all	PRON
cblr-2871	370	4	of	of	ADP
cblr-2871	370	5	these	these	DET
cblr-2871	370	6	examples	example	NOUN
cblr-2871	370	7	,	,	PUNCT
cblr-2871	370	8	firms	firm	NOUN
cblr-2871	370	9	may	may	AUX
cblr-2871	370	10	adopt	adopt	VERB
cblr-2871	370	11	governance	governance	NOUN
cblr-2871	370	12	terms	term	NOUN
cblr-2871	370	13	not	not	PART
cblr-2871	370	14	because	because	SCONJ
cblr-2871	370	15	of	of	ADP
cblr-2871	370	16	their	their	PRON
cblr-2871	370	17	interest	interest	NOUN
cblr-2871	370	18	in	in	ADP
cblr-2871	370	19	a	a	DET
cblr-2871	370	20	specific	specific	ADJ
cblr-2871	370	21	governance	governance	NOUN
cblr-2871	370	22	structure	structure	NOUN
cblr-2871	370	23	,	,	PUNCT
cblr-2871	370	24	but	but	CCONJ
cblr-2871	370	25	rather	rather	ADV
cblr-2871	370	26	because	because	SCONJ
cblr-2871	370	27	of	of	ADP
cblr-2871	370	28	idiosyncratic	idiosyncratic	ADJ
cblr-2871	370	29	factors	factor	NOUN
cblr-2871	370	30	such	such	ADJ
cblr-2871	370	31	as	as	ADP
cblr-2871	370	32	the	the	DET
cblr-2871	370	33	lawyers	lawyer	NOUN
cblr-2871	370	34	they	they	PRON
cblr-2871	370	35	choose	choose	VERB
cblr-2871	370	36	.	.	PUNCT
cblr-2871	371	1	additionally	additionally	ADV
cblr-2871	371	2	,	,	PUNCT
cblr-2871	371	3	inertia	inertia	NOUN
cblr-2871	371	4	or	or	CCONJ
cblr-2871	371	5	the	the	DET
cblr-2871	371	6	prevalence	prevalence	NOUN
cblr-2871	371	7	of	of	ADP
cblr-2871	371	8	the	the	DET
cblr-2871	371	9	term	term	NOUN
cblr-2871	371	10	influences	influence	VERB
cblr-2871	371	11	a	a	DET
cblr-2871	371	12	firm	firm	NOUN
cblr-2871	371	13	's	's	PART
cblr-2871	371	14	corporate	corporate	ADJ
cblr-2871	371	15	governance	governance	NOUN
cblr-2871	371	16	.	.	PUNCT
cblr-2871	372	1	first	first	ADV
cblr-2871	372	2	,	,	PUNCT
cblr-2871	372	3	changes	change	NOUN
cblr-2871	372	4	in	in	ADP
cblr-2871	372	5	corporate	corporate	ADJ
cblr-2871	372	6	governance	governance	NOUN
cblr-2871	372	7	terms	term	NOUN
cblr-2871	372	8	are	be	AUX
cblr-2871	372	9	costly	costly	ADJ
cblr-2871	372	10	,	,	PUNCT
cblr-2871	372	11	as	as	SCONJ
cblr-2871	372	12	they	they	PRON
cblr-2871	372	13	may	may	AUX
cblr-2871	372	14	necessitate	necessitate	VERB
cblr-2871	372	15	obtaining	obtain	VERB
cblr-2871	372	16	shareholder	shareholder	NOUN
cblr-2871	372	17	approval	approval	NOUN
cblr-2871	372	18	.	.	PUNCT
cblr-2871	373	1	second	second	ADJ
cblr-2871	373	2	,	,	PUNCT
cblr-2871	373	3	corporate	corporate	ADJ
cblr-2871	373	4	law	law	NOUN
cblr-2871	373	5	and	and	CCONJ
cblr-2871	373	6	governance	governance	NOUN
cblr-2871	373	7	terms	term	NOUN
cblr-2871	373	8	impose	impose	VERB
cblr-2871	373	9	network	network	NOUN
cblr-2871	373	10	externalities	externality	NOUN
cblr-2871	373	11	.	.	PUNCT
cblr-2871	373	12	"	"	PUNCT
cblr-2871	374	1	a	a	DET
cblr-2871	374	2	term	term	NOUN
cblr-2871	374	3	that	that	PRON
cblr-2871	374	4	is	be	AUX
cblr-2871	374	5	widely	widely	ADV
cblr-2871	374	6	used	use	VERB
cblr-2871	374	7	has	have	VERB
cblr-2871	374	8	a	a	DET
cblr-2871	374	9	value	value	NOUN
cblr-2871	374	10	unrelated	unrelated	ADJ
cblr-2871	374	11	to	to	ADP
cblr-2871	374	12	its	its	PRON
cblr-2871	374	13	direct	direct	ADJ
cblr-2871	374	14	effect	effect	NOUN
cblr-2871	374	15	on	on	ADP
cblr-2871	374	16	the	the	DET
cblr-2871	374	17	adopting	adopt	VERB
cblr-2871	374	18	company	company	NOUN
cblr-2871	374	19	.	.	PUNCT
cblr-2871	374	20	"	"	PUNCT
cblr-2871	375	1	therefore	therefore	ADV
cblr-2871	375	2	,	,	PUNCT
cblr-2871	375	3	a	a	DET
cblr-2871	375	4	firm	firm	NOUN
cblr-2871	375	5	's	's	PART
cblr-2871	375	6	decision	decision	NOUN
cblr-2871	375	7	to	to	PART
cblr-2871	375	8	adopt	adopt	VERB
cblr-2871	375	9	particular	particular	ADJ
cblr-2871	375	10	corporate	corporate	ADJ
cblr-2871	375	11	governance	governance	NOUN
cblr-2871	375	12	terms	term	NOUN
cblr-2871	375	13	may	may	AUX
cblr-2871	375	14	be	be	AUX
cblr-2871	375	15	rationally	rationally	ADV
cblr-2871	375	16	affected	affect	VERB
cblr-2871	375	17	by	by	ADP
cblr-2871	375	18	how	how	SCONJ
cblr-2871	375	19	many	many	ADJ
cblr-2871	375	20	firms	firm	NOUN
cblr-2871	375	21	have	have	AUX
cblr-2871	375	22	already	already	ADV
cblr-2871	375	23	adopted	adopt	VERB
cblr-2871	375	24	that	that	SCONJ
cblr-2871	375	25	term.68	term.68	NOUN
cblr-2871	375	26	network	network	NOUN
cblr-2871	375	27	externalities	externality	NOUN
cblr-2871	375	28	could	could	AUX
cblr-2871	375	29	explain	explain	VERB
cblr-2871	375	30	why	why	SCONJ
cblr-2871	375	31	firms	firm	NOUN
cblr-2871	375	32	may	may	AUX
cblr-2871	375	33	adopt	adopt	VERB
cblr-2871	375	34	entrenching	entrench	VERB
cblr-2871	375	35	governance	governance	NOUN
cblr-2871	375	36	terms	term	NOUN
cblr-2871	375	37	despite	despite	SCONJ
cblr-2871	375	38	a	a	DET
cblr-2871	375	39	term	term	NOUN
cblr-2871	375	40	's	's	PART
cblr-2871	375	41	substance	substance	NOUN
cblr-2871	375	42	and	and	CCONJ
cblr-2871	375	43	effect	effect	NOUN
cblr-2871	375	44	.	.	PUNCT
cblr-2871	376	1	if	if	SCONJ
cblr-2871	376	2	the	the	DET
cblr-2871	376	3	term	term	NOUN
cblr-2871	376	4	has	have	AUX
cblr-2871	376	5	been	be	AUX
cblr-2871	376	6	widely	widely	ADV
cblr-2871	376	7	used	use	VERB
cblr-2871	376	8	,	,	PUNCT
cblr-2871	376	9	interpreted	interpret	VERB
cblr-2871	376	10	by	by	ADP
cblr-2871	376	11	courts	court	NOUN
cblr-2871	376	12	,	,	PUNCT
cblr-2871	376	13	and	and	CCONJ
cblr-2871	376	14	incorporated	incorporate	VERB
cblr-2871	376	15	into	into	ADP
cblr-2871	376	16	boilerplates	boilerplate	NOUN
cblr-2871	376	17	then	then	ADV
cblr-2871	376	18	there	there	PRON
cblr-2871	376	19	is	be	VERB
cblr-2871	376	20	greater	great	ADJ
cblr-2871	376	21	incentive	incentive	NOUN
cblr-2871	376	22	to	to	PART
cblr-2871	376	23	leave	leave	VERB
cblr-2871	376	24	the	the	DET
cblr-2871	376	25	terms	term	NOUN
cblr-2871	376	26	as	as	SCONJ
cblr-2871	376	27	they	they	PRON
cblr-2871	376	28	are	be	AUX
cblr-2871	376	29	.	.	PUNCT
cblr-2871	377	1	in	in	ADP
cblr-2871	377	2	such	such	ADJ
cblr-2871	377	3	instances	instance	NOUN
cblr-2871	377	4	,	,	PUNCT
cblr-2871	377	5	a	a	DET
cblr-2871	377	6	firm	firm	NOUN
cblr-2871	377	7	may	may	AUX
cblr-2871	377	8	adopt	adopt	VERB
cblr-2871	377	9	a	a	DET
cblr-2871	377	10	staggered	staggered	ADJ
cblr-2871	377	11	board	board	NOUN
cblr-2871	377	12	even	even	ADV
cblr-2871	377	13	if	if	SCONJ
cblr-2871	377	14	its	its	PRON
cblr-2871	377	15	management	management	NOUN
cblr-2871	377	16	does	do	AUX
cblr-2871	377	17	not	not	PART
cblr-2871	377	18	need	need	VERB
cblr-2871	377	19	it	it	PRON
cblr-2871	377	20	for	for	ADP
cblr-2871	377	21	entrenchment	entrenchment	NOUN
cblr-2871	377	22	and	and	CCONJ
cblr-2871	377	23	does	do	AUX
cblr-2871	377	24	not	not	PART
cblr-2871	377	25	intend	intend	VERB
cblr-2871	377	26	to	to	PART
cblr-2871	377	27	use	use	VERB
cblr-2871	377	28	it	it	PRON
cblr-2871	377	29	.	.	PUNCT
cblr-2871	378	1	this	this	DET
cblr-2871	378	2	article	article	NOUN
cblr-2871	378	3	uses	use	VERB
cblr-2871	378	4	the	the	DET
cblr-2871	378	5	term	term	NOUN
cblr-2871	378	6	"	"	PUNCT
cblr-2871	378	7	noise	noise	NOUN
cblr-2871	378	8	adopters	adopter	NOUN
cblr-2871	378	9	"	"	PUNCT
cblr-2871	378	10	to	to	PART
cblr-2871	378	11	describe	describe	VERB
cblr-2871	378	12	firms	firm	NOUN
cblr-2871	378	13	adopting	adopt	VERB
cblr-2871	378	14	corporate	corporate	ADJ
cblr-2871	378	15	governance	governance	NOUN
cblr-2871	378	16	terms	term	NOUN
cblr-2871	378	17	for	for	ADP
cblr-2871	378	18	one	one	NUM
cblr-2871	378	19	or	or	CCONJ
cblr-2871	378	20	more	more	ADJ
cblr-2871	378	21	of	of	ADP
cblr-2871	378	22	the	the	DET
cblr-2871	378	23	foregoing	forego	VERB
cblr-2871	378	24	reasons	reason	NOUN
cblr-2871	378	25	,	,	PUNCT
cblr-2871	378	26	for	for	ADP
cblr-2871	378	27	two	two	NUM
cblr-2871	378	28	reasons	reason	NOUN
cblr-2871	378	29	.	.	PUNCT
cblr-2871	379	1	first	first	ADV
cblr-2871	379	2	,	,	PUNCT
cblr-2871	379	3	their	their	PRON
cblr-2871	379	4	adoption	adoption	NOUN
cblr-2871	379	5	of	of	ADP
cblr-2871	379	6	governance	governance	NOUN
cblr-2871	379	7	terms	term	NOUN
cblr-2871	379	8	is	be	AUX
cblr-2871	379	9	idiosyncratic	idiosyncratic	ADJ
cblr-2871	379	10	to	to	ADP
cblr-2871	379	11	some	some	DET
cblr-2871	379	12	extent	extent	NOUN
cblr-2871	379	13	,	,	PUNCT
cblr-2871	379	14	as	as	SCONJ
cblr-2871	379	15	it	it	PRON
cblr-2871	379	16	does	do	AUX
cblr-2871	379	17	not	not	PART
cblr-2871	379	18	depend	depend	VERB
cblr-2871	379	19	fully	fully	ADV
cblr-2871	379	20	on	on	ADP
cblr-2871	379	21	the	the	DET
cblr-2871	379	22	content	content	NOUN
cblr-2871	379	23	of	of	ADP
cblr-2871	379	24	the	the	DET
cblr-2871	379	25	governance	governance	NOUN
cblr-2871	379	26	term	term	NOUN
cblr-2871	379	27	.	.	PUNCT
cblr-2871	380	1	second	second	ADJ
cblr-2871	380	2	,	,	PUNCT
cblr-2871	380	3	as	as	SCONJ
cblr-2871	380	4	shown	show	VERB
cblr-2871	380	5	below	below	ADV
cblr-2871	380	6	,	,	PUNCT
cblr-2871	380	7	by	by	ADP
cblr-2871	380	8	adopting	adopt	VERB
cblr-2871	380	9	governance	governance	NOUN
cblr-2871	380	10	terms	term	NOUN
cblr-2871	380	11	in	in	ADP
cblr-2871	380	12	this	this	DET
cblr-2871	380	13	way	way	NOUN
cblr-2871	380	14	,	,	PUNCT
cblr-2871	380	15	they	they	PRON
cblr-2871	380	16	diffuse	diffuse	VERB
cblr-2871	380	17	noise	noise	NOUN
cblr-2871	380	18	into	into	ADP
cblr-2871	380	19	the	the	DET
cblr-2871	380	20	market	market	NOUN
cblr-2871	380	21	.	.	PUNCT
cblr-2871	381	1	given	give	VERB
cblr-2871	381	2	the	the	DET
cblr-2871	381	3	existence	existence	NOUN
cblr-2871	381	4	of	of	ADP
cblr-2871	381	5	noise	noise	NOUN
cblr-2871	381	6	adopters	adopter	NOUN
cblr-2871	381	7	,	,	PUNCT
cblr-2871	381	8	investors	investor	NOUN
cblr-2871	381	9	can	can	AUX
cblr-2871	381	10	not	not	PART
cblr-2871	381	11	know	know	VERB
cblr-2871	381	12	for	for	ADP
cblr-2871	381	13	sure	sure	ADJ
cblr-2871	381	14	whether	whether	SCONJ
cblr-2871	381	15	a	a	DET
cblr-2871	381	16	firm	firm	NOUN
cblr-2871	381	17	adopted	adopt	VERB
cblr-2871	381	18	an	an	DET
cblr-2871	381	19	entrenching	entrenching	ADJ
cblr-2871	381	20	term	term	NOUN
cblr-2871	381	21	,	,	PUNCT
cblr-2871	381	22	such	such	ADJ
cblr-2871	381	23	as	as	ADP
cblr-2871	381	24	a	a	DET
cblr-2871	381	25	staggered	staggered	ADJ
cblr-2871	381	26	board	board	NOUN
cblr-2871	381	27	,	,	PUNCT
cblr-2871	381	28	because	because	SCONJ
cblr-2871	381	29	its	its	PRON
cblr-2871	381	30	management	management	NOUN
cblr-2871	381	31	had	have	VERB
cblr-2871	381	32	a	a	DET
cblr-2871	381	33	preference	preference	NOUN
cblr-2871	381	34	for	for	ADP
cblr-2871	381	35	entrenchment	entrenchment	NOUN
cblr-2871	381	36	or	or	CCONJ
cblr-2871	381	37	rather	rather	ADV
cblr-2871	381	38	because	because	SCONJ
cblr-2871	381	39	its	its	PRON
cblr-2871	381	40	law	law	NOUN
cblr-2871	381	41	firm	firm	NOUN
cblr-2871	381	42	had	have	VERB
cblr-2871	381	43	the	the	DET
cblr-2871	381	44	term	term	NOUN
cblr-2871	381	45	as	as	ADP
cblr-2871	381	46	a	a	DET
cblr-2871	381	47	boilerplate	boilerplate	NOUN
cblr-2871	381	48	.	.	PUNCT
cblr-2871	382	1	65	65	NUM
cblr-2871	382	2	reincorporation	reincorporation	NOUN
cblr-2871	382	3	is	be	AUX
cblr-2871	382	4	accomplished	accomplish	VERB
cblr-2871	382	5	via	via	ADP
cblr-2871	382	6	a	a	DET
cblr-2871	382	7	statutory	statutory	ADJ
cblr-2871	382	8	merger	merger	NOUN
cblr-2871	382	9	,	,	PUNCT
cblr-2871	382	10	which	which	PRON
cblr-2871	382	11	requires	require	VERB
cblr-2871	382	12	shareholder	shareholder	NOUN
cblr-2871	382	13	approval	approval	NOUN
cblr-2871	382	14	.	.	PUNCT
cblr-2871	383	1	66	66	NUM
cblr-2871	383	2	see	see	VERB
cblr-2871	383	3	daines	daine	NOUN
cblr-2871	383	4	,	,	PUNCT
cblr-2871	383	5	supra	supra	PROPN
cblr-2871	383	6	note	note	NOUN
cblr-2871	383	7	3	3	NUM
cblr-2871	383	8	,	,	PUNCT
cblr-2871	383	9	at	at	ADP
cblr-2871	383	10	1587	1587	NUM
cblr-2871	383	11	.	.	PUNCT
cblr-2871	384	1	67	67	NUM
cblr-2871	384	2	see	see	VERB
cblr-2871	384	3	i	i	PRON
cblr-2871	384	4	d.	d.	PROPN
cblr-2871	384	5	at	at	ADP
cblr-2871	384	6	1584	1584	NUM
cblr-2871	384	7	-	-	SYM
cblr-2871	384	8	87	87	NUM
cblr-2871	384	9	.	.	PUNCT
cblr-2871	385	1	68	68	NUM
cblr-2871	385	2	see	see	VERB
cblr-2871	385	3	i	i	PRON
cblr-2871	385	4	d.	d.	PROPN
cblr-2871	385	5	at	at	ADP
cblr-2871	385	6	1587	1587	NUM
cblr-2871	385	7	.	.	PUNCT
cblr-2871	386	1	650	650	NUM
cblr-2871	386	2	coluama	coluama	NOUN
cblr-2871	386	3	b	b	NUM
cblr-2871	386	4	usiness	usiness	NOUN
cblr-2871	386	5	la	la	PROPN
cblr-2871	386	6	w	w	PROPN
cblr-2871	386	7	re	re	PROPN
cblr-2871	386	8	vie	vie	PROPN
cblr-2871	386	9	w	w	PROPN
cblr-2871	387	1	[	[	X
cblr-2871	387	2	vol	vol	NOUN
cblr-2871	387	3	.	.	PUNCT
cblr-2871	387	4	2013	2013	NUM
cblr-2871	387	5	no	no	NOUN
cblr-2871	387	6	.	.	PUNCT
cblr-2871	388	1	3:627	3:627	NUM
cblr-2871	388	2	]	]	PUNCT
cblr-2871	388	3	noise	noise	NOUN
cblr-2871	388	4	adopters	adopter	NOUN
cblr-2871	388	5	in	in	ADP
cblr-2871	388	6	corporate	corporate	ADJ
cblr-2871	388	7	governance	governance	NOUN
cblr-2871	388	8	b.	b.	PROPN
cblr-2871	388	9	noise	noise	NOUN
cblr-2871	388	10	adopters	adopter	NOUN
cblr-2871	388	11	and	and	CCONJ
cblr-2871	388	12	noisy	noisy	ADJ
cblr-2871	388	13	signals	signal	NOUN
cblr-2871	388	14	the	the	DET
cblr-2871	388	15	literature	literature	NOUN
cblr-2871	388	16	has	have	AUX
cblr-2871	388	17	widely	widely	ADV
cblr-2871	388	18	recognized	recognize	VERB
cblr-2871	388	19	that	that	SCONJ
cblr-2871	388	20	firms	firm	NOUN
cblr-2871	388	21	may	may	AUX
cblr-2871	388	22	choose	choose	VERB
cblr-2871	388	23	governance	governance	NOUN
cblr-2871	388	24	for	for	ADP
cblr-2871	388	25	the	the	DET
cblr-2871	388	26	foregoing	foregoing	NOUN
cblr-2871	388	27	,	,	PUNCT
cblr-2871	388	28	non	non	ADJ
cblr-2871	388	29	-	-	ADJ
cblr-2871	388	30	substantive	substantive	ADJ
cblr-2871	388	31	reasons	reason	NOUN
cblr-2871	388	32	.	.	PUNCT
cblr-2871	389	1	this	this	DET
cblr-2871	389	2	section	section	NOUN
cblr-2871	389	3	will	will	AUX
cblr-2871	389	4	show	show	VERB
cblr-2871	389	5	how	how	SCONJ
cblr-2871	389	6	noise	noise	NOUN
cblr-2871	389	7	adopters	adopter	NOUN
cblr-2871	389	8	obscure	obscure	VERB
cblr-2871	389	9	the	the	DET
cblr-2871	389	10	signals	signal	NOUN
cblr-2871	389	11	described	describe	VERB
cblr-2871	389	12	above	above	ADP
cblr-2871	389	13	and	and	CCONJ
cblr-2871	389	14	,	,	PUNCT
cblr-2871	389	15	as	as	ADP
cblr-2871	389	16	a	a	DET
cblr-2871	389	17	result	result	NOUN
cblr-2871	389	18	,	,	PUNCT
cblr-2871	389	19	may	may	AUX
cblr-2871	389	20	affect	affect	VERB
cblr-2871	389	21	pricing	pricing	NOUN
cblr-2871	389	22	and	and	CCONJ
cblr-2871	389	23	adoption	adoption	NOUN
cblr-2871	389	24	patterns	pattern	NOUN
cblr-2871	389	25	of	of	ADP
cblr-2871	389	26	governance	governance	NOUN
cblr-2871	389	27	terms	term	NOUN
cblr-2871	389	28	.	.	PUNCT
cblr-2871	390	1	recall	recall	VERB
cblr-2871	390	2	the	the	DET
cblr-2871	390	3	previous	previous	ADJ
cblr-2871	390	4	example	example	NOUN
cblr-2871	390	5	,	,	PUNCT
cblr-2871	390	6	in	in	ADP
cblr-2871	390	7	which	which	DET
cblr-2871	390	8	firm	firm	NOUN
cblr-2871	390	9	a	a	DET
cblr-2871	390	10	faces	face	NOUN
cblr-2871	390	11	significant	significant	ADJ
cblr-2871	390	12	competition	competition	NOUN
cblr-2871	390	13	in	in	ADP
cblr-2871	390	14	the	the	DET
cblr-2871	390	15	product	product	NOUN
cblr-2871	390	16	market	market	NOUN
cblr-2871	390	17	and	and	CCONJ
cblr-2871	390	18	thus	thus	ADV
cblr-2871	390	19	is	be	AUX
cblr-2871	390	20	run	run	VERB
cblr-2871	390	21	efficiently	efficiently	ADV
cblr-2871	390	22	.	.	PUNCT
cblr-2871	391	1	no	no	DET
cblr-2871	391	2	other	other	ADJ
cblr-2871	391	3	management	management	NOUN
cblr-2871	391	4	could	could	AUX
cblr-2871	391	5	increase	increase	VERB
cblr-2871	391	6	its	its	PRON
cblr-2871	391	7	value	value	NOUN
cblr-2871	391	8	by	by	ADP
cblr-2871	391	9	more	more	ADJ
cblr-2871	391	10	than	than	ADP
cblr-2871	391	11	two	two	NUM
cblr-2871	391	12	percent	percent	NOUN
cblr-2871	391	13	.	.	PUNCT
cblr-2871	392	1	recall	recall	NOUN
cblr-2871	392	2	also	also	ADV
cblr-2871	392	3	that	that	SCONJ
cblr-2871	392	4	firm	firm	ADJ
cblr-2871	392	5	b	b	PROPN
cblr-2871	392	6	faces	face	VERB
cblr-2871	392	7	weaker	weak	ADJ
cblr-2871	392	8	competition	competition	NOUN
cblr-2871	392	9	and	and	CCONJ
cblr-2871	392	10	,	,	PUNCT
cblr-2871	392	11	as	as	ADP
cblr-2871	392	12	a	a	DET
cblr-2871	392	13	result	result	NOUN
cblr-2871	392	14	,	,	PUNCT
cblr-2871	392	15	its	its	PRON
cblr-2871	392	16	management	management	NOUN
cblr-2871	392	17	is	be	AUX
cblr-2871	392	18	less	less	ADV
cblr-2871	392	19	disciplined	disciplined	ADJ
cblr-2871	392	20	.	.	PUNCT
cblr-2871	393	1	alternative	alternative	ADJ
cblr-2871	393	2	management	management	NOUN
cblr-2871	393	3	could	could	AUX
cblr-2871	393	4	increase	increase	VERB
cblr-2871	393	5	firm	firm	ADJ
cblr-2871	393	6	value	value	NOUN
cblr-2871	393	7	by	by	ADP
cblr-2871	393	8	ten	ten	NUM
cblr-2871	393	9	percent	percent	NOUN
cblr-2871	393	10	.	.	PUNCT
cblr-2871	394	1	firm	firm	PROPN
cblr-2871	394	2	b	b	PROPN
cblr-2871	394	3	's	's	PART
cblr-2871	394	4	management	management	NOUN
cblr-2871	394	5	would	would	AUX
cblr-2871	394	6	clearly	clearly	ADV
cblr-2871	394	7	be	be	AUX
cblr-2871	394	8	more	more	ADV
cblr-2871	394	9	interested	interested	ADJ
cblr-2871	394	10	in	in	ADP
cblr-2871	394	11	a	a	DET
cblr-2871	394	12	staggered	staggered	ADJ
cblr-2871	394	13	board	board	NOUN
cblr-2871	394	14	than	than	SCONJ
cblr-2871	394	15	firm	firm	VERB
cblr-2871	394	16	a	a	PRON
cblr-2871	394	17	's	's	PART
cblr-2871	394	18	management	management	NOUN
cblr-2871	394	19	would	would	AUX
cblr-2871	394	20	.	.	PUNCT
cblr-2871	395	1	its	its	PRON
cblr-2871	395	2	weak	weak	ADJ
cblr-2871	395	3	performance	performance	NOUN
cblr-2871	395	4	and	and	CCONJ
cblr-2871	395	5	low	low	ADJ
cblr-2871	395	6	share	share	NOUN
cblr-2871	395	7	value	value	NOUN
cblr-2871	395	8	may	may	AUX
cblr-2871	395	9	lure	lure	VERB
cblr-2871	395	10	hostile	hostile	ADJ
cblr-2871	395	11	bidders	bidder	NOUN
cblr-2871	395	12	who	who	PRON
cblr-2871	395	13	could	could	AUX
cblr-2871	395	14	profit	profit	VERB
cblr-2871	395	15	by	by	ADP
cblr-2871	395	16	replacing	replace	VERB
cblr-2871	395	17	it	it	PRON
cblr-2871	395	18	with	with	ADP
cblr-2871	395	19	more	more	ADV
cblr-2871	395	20	effective	effective	ADJ
cblr-2871	395	21	management	management	NOUN
cblr-2871	395	22	.	.	PUNCT
cblr-2871	396	1	thus	thus	ADV
cblr-2871	396	2	,	,	PUNCT
cblr-2871	396	3	other	other	ADJ
cblr-2871	396	4	things	thing	NOUN
cblr-2871	396	5	being	be	AUX
cblr-2871	396	6	equal	equal	ADJ
cblr-2871	396	7	,	,	PUNCT
cblr-2871	396	8	firm	firm	ADJ
cblr-2871	396	9	b	b	PROPN
cblr-2871	396	10	's	's	PART
cblr-2871	396	11	management	management	NOUN
cblr-2871	396	12	is	be	AUX
cblr-2871	396	13	more	more	ADV
cblr-2871	396	14	inclined	inclined	ADJ
cblr-2871	396	15	to	to	PART
cblr-2871	396	16	adopt	adopt	VERB
cblr-2871	396	17	a	a	DET
cblr-2871	396	18	staggered	staggered	ADJ
cblr-2871	396	19	board	board	NOUN
cblr-2871	396	20	.	.	PUNCT
cblr-2871	397	1	firms	firm	NOUN
cblr-2871	397	2	a	a	PRON
cblr-2871	397	3	and	and	CCONJ
cblr-2871	397	4	b	b	NOUN
cblr-2871	397	5	also	also	ADV
cblr-2871	397	6	differ	differ	VERB
cblr-2871	397	7	in	in	ADP
cblr-2871	397	8	the	the	DET
cblr-2871	397	9	harm	harm	NOUN
cblr-2871	397	10	that	that	SCONJ
cblr-2871	397	11	a	a	DET
cblr-2871	397	12	staggered	staggered	ADJ
cblr-2871	397	13	board	board	NOUN
cblr-2871	397	14	could	could	AUX
cblr-2871	397	15	cause	cause	VERB
cblr-2871	397	16	.	.	PUNCT
cblr-2871	398	1	if	if	SCONJ
cblr-2871	398	2	firm	firm	PROPN
cblr-2871	398	3	b	b	PROPN
cblr-2871	398	4	does	do	AUX
cblr-2871	398	5	not	not	PART
cblr-2871	398	6	have	have	VERB
cblr-2871	398	7	a	a	DET
cblr-2871	398	8	staggered	staggered	ADJ
cblr-2871	398	9	board	board	NOUN
cblr-2871	398	10	,	,	PUNCT
cblr-2871	398	11	the	the	DET
cblr-2871	398	12	threat	threat	NOUN
cblr-2871	398	13	of	of	ADP
cblr-2871	398	14	hostile	hostile	ADJ
cblr-2871	398	15	takeover	takeover	NOUN
cblr-2871	398	16	could	could	AUX
cblr-2871	398	17	discipline	discipline	VERB
cblr-2871	398	18	management	management	NOUN
cblr-2871	398	19	to	to	PART
cblr-2871	398	20	work	work	VERB
cblr-2871	398	21	harder	hard	ADV
cblr-2871	398	22	or	or	CCONJ
cblr-2871	398	23	result	result	VERB
cblr-2871	398	24	in	in	ADP
cblr-2871	398	25	new	new	ADJ
cblr-2871	398	26	management	management	NOUN
cblr-2871	398	27	taking	take	VERB
cblr-2871	398	28	over	over	ADP
cblr-2871	398	29	.	.	PUNCT
cblr-2871	399	1	both	both	DET
cblr-2871	399	2	scenarios	scenario	NOUN
cblr-2871	399	3	would	would	AUX
cblr-2871	399	4	result	result	VERB
cblr-2871	399	5	in	in	ADP
cblr-2871	399	6	higher	high	ADJ
cblr-2871	399	7	shareholder	shareholder	NOUN
cblr-2871	399	8	value	value	NOUN
cblr-2871	399	9	.	.	PUNCT
cblr-2871	400	1	if	if	SCONJ
cblr-2871	400	2	firm	firm	PROPN
cblr-2871	400	3	b	b	PROPN
cblr-2871	400	4	has	have	VERB
cblr-2871	400	5	a	a	DET
cblr-2871	400	6	staggered	staggered	ADJ
cblr-2871	400	7	board	board	NOUN
cblr-2871	400	8	,	,	PUNCT
cblr-2871	400	9	however	however	ADV
cblr-2871	400	10	,	,	PUNCT
cblr-2871	400	11	shareholders	shareholder	NOUN
cblr-2871	400	12	may	may	AUX
cblr-2871	400	13	never	never	ADV
cblr-2871	400	14	realize	realize	VERB
cblr-2871	400	15	this	this	DET
cblr-2871	400	16	additional	additional	ADJ
cblr-2871	400	17	value	value	NOUN
cblr-2871	400	18	.	.	PUNCT
cblr-2871	401	1	a	a	DET
cblr-2871	401	2	staggered	staggered	ADJ
cblr-2871	401	3	board	board	NOUN
cblr-2871	401	4	,	,	PUNCT
cblr-2871	401	5	therefore	therefore	ADV
cblr-2871	401	6	,	,	PUNCT
cblr-2871	401	7	could	could	AUX
cblr-2871	401	8	result	result	VERB
cblr-2871	401	9	in	in	ADP
cblr-2871	401	10	a	a	DET
cblr-2871	401	11	ten	ten	NUM
cblr-2871	401	12	percent	percent	NOUN
cblr-2871	401	13	reduction	reduction	NOUN
cblr-2871	401	14	of	of	ADP
cblr-2871	401	15	firm	firm	ADJ
cblr-2871	401	16	b	b	PROPN
cblr-2871	401	17	's	's	PART
cblr-2871	401	18	value	value	NOUN
cblr-2871	401	19	.	.	PUNCT
cblr-2871	402	1	for	for	ADP
cblr-2871	402	2	firm	firm	ADJ
cblr-2871	402	3	a	a	NOUN
cblr-2871	402	4	,	,	PUNCT
cblr-2871	402	5	on	on	ADP
cblr-2871	402	6	the	the	DET
cblr-2871	402	7	other	other	ADJ
cblr-2871	402	8	hand	hand	NOUN
cblr-2871	402	9	,	,	PUNCT
cblr-2871	402	10	no	no	DET
cblr-2871	402	11	potential	potential	ADJ
cblr-2871	402	12	bidder	bidder	NOUN
cblr-2871	402	13	could	could	AUX
cblr-2871	402	14	increase	increase	VERB
cblr-2871	402	15	value	value	NOUN
cblr-2871	402	16	significantly	significantly	ADV
cblr-2871	402	17	,	,	PUNCT
cblr-2871	402	18	since	since	SCONJ
cblr-2871	402	19	the	the	DET
cblr-2871	402	20	firm	firm	NOUN
cblr-2871	402	21	is	be	AUX
cblr-2871	402	22	already	already	ADV
cblr-2871	402	23	approaching	approach	VERB
cblr-2871	402	24	its	its	PRON
cblr-2871	402	25	full	full	ADJ
cblr-2871	402	26	potential	potential	NOUN
cblr-2871	402	27	.	.	PUNCT
cblr-2871	403	1	a	a	DET
cblr-2871	403	2	bidder	bidder	NOUN
cblr-2871	403	3	could	could	AUX
cblr-2871	403	4	increase	increase	VERB
cblr-2871	403	5	the	the	DET
cblr-2871	403	6	firm	firm	NOUN
cblr-2871	403	7	's	's	PART
cblr-2871	403	8	value	value	NOUN
cblr-2871	403	9	by	by	ADP
cblr-2871	403	10	a	a	DET
cblr-2871	403	11	maximum	maximum	NOUN
cblr-2871	403	12	of	of	ADP
cblr-2871	403	13	two	two	NUM
cblr-2871	403	14	percent	percent	NOUN
cblr-2871	403	15	.	.	PUNCT
cblr-2871	404	1	furthermore	furthermore	ADV
cblr-2871	404	2	,	,	PUNCT
cblr-2871	404	3	a	a	DET
cblr-2871	404	4	staggered	staggered	ADJ
cblr-2871	404	5	board	board	NOUN
cblr-2871	404	6	would	would	AUX
cblr-2871	404	7	not	not	PART
cblr-2871	404	8	cause	cause	VERB
cblr-2871	404	9	management	management	NOUN
cblr-2871	404	10	to	to	PART
cblr-2871	404	11	reduce	reduce	VERB
cblr-2871	404	12	its	its	PRON
cblr-2871	404	13	efforts	effort	NOUN
cblr-2871	404	14	or	or	CCONJ
cblr-2871	404	15	to	to	PART
cblr-2871	404	16	extract	extract	VERB
cblr-2871	404	17	more	more	ADJ
cblr-2871	404	18	private	private	ADJ
cblr-2871	404	19	benefits	benefit	NOUN
cblr-2871	404	20	,	,	PUNCT
cblr-2871	404	21	since	since	SCONJ
cblr-2871	404	22	product	product	NOUN
cblr-2871	404	23	market	market	NOUN
cblr-2871	404	24	competition	competition	NOUN
cblr-2871	404	25	keeps	keep	VERB
cblr-2871	404	26	management	management	NOUN
cblr-2871	404	27	disciplined	discipline	VERB
cblr-2871	404	28	.	.	PUNCT
cblr-2871	405	1	thus	thus	ADV
cblr-2871	405	2	,	,	PUNCT
cblr-2871	405	3	the	the	DET
cblr-2871	405	4	type	type	NOUN
cblr-2871	405	5	of	of	ADP
cblr-2871	405	6	firm	firm	NOUN
cblr-2871	405	7	should	should	AUX
cblr-2871	405	8	matter	matter	VERB
cblr-2871	405	9	to	to	ADP
cblr-2871	405	10	investors	investor	NOUN
cblr-2871	405	11	when	when	SCONJ
cblr-2871	405	12	pricing	price	VERB
cblr-2871	405	13	staggered	staggered	ADJ
cblr-2871	405	14	boards	board	NOUN
cblr-2871	405	15	.	.	PUNCT
cblr-2871	406	1	investors	investor	NOUN
cblr-2871	406	2	should	should	AUX
cblr-2871	406	3	attach	attach	VERB
cblr-2871	406	4	a	a	DET
cblr-2871	406	5	larger	large	ADJ
cblr-2871	406	6	discount	discount	NOUN
cblr-2871	406	7	to	to	ADP
cblr-2871	406	8	a	a	DET
cblr-2871	406	9	staggered	staggered	ADJ
cblr-2871	406	10	board	board	NOUN
cblr-2871	406	11	in	in	ADP
cblr-2871	406	12	firm	firm	PROPN
cblr-2871	406	13	b.	b.	PROPN
cblr-2871	406	14	651	651	NUM
cblr-2871	406	15	columbia	columbia	PROPN
cblr-2871	406	16	business	business	NOUN
cblr-2871	406	17	la	la	PROPN
cblr-2871	406	18	wreview	wreview	VERB
cblr-2871	406	19	what	what	PRON
cblr-2871	406	20	would	would	AUX
cblr-2871	406	21	be	be	AUX
cblr-2871	406	22	the	the	DET
cblr-2871	406	23	price	price	NOUN
cblr-2871	406	24	of	of	ADP
cblr-2871	406	25	a	a	DET
cblr-2871	406	26	staggered	staggered	ADJ
cblr-2871	406	27	board	board	NOUN
cblr-2871	406	28	in	in	ADP
cblr-2871	406	29	a	a	DET
cblr-2871	406	30	market	market	NOUN
cblr-2871	406	31	with	with	ADP
cblr-2871	406	32	only	only	ADV
cblr-2871	406	33	these	these	DET
cblr-2871	406	34	two	two	NUM
cblr-2871	406	35	firms	firm	NOUN
cblr-2871	406	36	?	?	PUNCT
cblr-2871	407	1	as	as	SCONJ
cblr-2871	407	2	discussed	discuss	VERB
cblr-2871	407	3	supra	supra	NOUN
cblr-2871	407	4	,	,	PUNCT
cblr-2871	407	5	if	if	SCONJ
cblr-2871	407	6	both	both	DET
cblr-2871	407	7	firms	firm	NOUN
cblr-2871	407	8	adopt	adopt	VERB
cblr-2871	407	9	a	a	DET
cblr-2871	407	10	staggered	staggered	ADJ
cblr-2871	407	11	board	board	NOUN
cblr-2871	407	12	and	and	CCONJ
cblr-2871	407	13	investors	investor	NOUN
cblr-2871	407	14	can	can	AUX
cblr-2871	407	15	not	not	PART
cblr-2871	407	16	differentiate	differentiate	VERB
cblr-2871	407	17	between	between	ADP
cblr-2871	407	18	them	they	PRON
cblr-2871	407	19	,	,	PUNCT
cblr-2871	407	20	they	they	PRON
cblr-2871	407	21	will	will	AUX
cblr-2871	407	22	discount	discount	VERB
cblr-2871	407	23	both	both	DET
cblr-2871	407	24	staggered	staggered	ADJ
cblr-2871	407	25	board	board	NOUN
cblr-2871	407	26	firms	firm	NOUN
cblr-2871	407	27	by	by	ADP
cblr-2871	407	28	6	6	NUM
cblr-2871	407	29	%	%	NOUN
cblr-2871	407	30	.	.	PUNCT
cblr-2871	408	1	since	since	SCONJ
cblr-2871	408	2	firm	firm	VERB
cblr-2871	408	3	a	a	DET
cblr-2871	408	4	's	's	PART
cblr-2871	408	5	management	management	NOUN
cblr-2871	408	6	desires	desire	NOUN
cblr-2871	408	7	a	a	DET
cblr-2871	408	8	staggered	staggered	ADJ
cblr-2871	408	9	board	board	NOUN
cblr-2871	408	10	less	less	ADJ
cblr-2871	408	11	than	than	ADP
cblr-2871	408	12	firm	firm	ADJ
cblr-2871	408	13	b	b	NOUN
cblr-2871	408	14	's	's	PART
cblr-2871	408	15	management	management	NOUN
cblr-2871	408	16	does	do	VERB
cblr-2871	408	17	,	,	PUNCT
cblr-2871	408	18	it	it	PRON
cblr-2871	408	19	may	may	AUX
cblr-2871	408	20	find	find	VERB
cblr-2871	408	21	the	the	DET
cblr-2871	408	22	discount	discount	NOUN
cblr-2871	408	23	too	too	ADV
cblr-2871	408	24	large	large	ADJ
cblr-2871	408	25	and	and	CCONJ
cblr-2871	408	26	refrain	refrain	VERB
cblr-2871	408	27	from	from	ADP
cblr-2871	408	28	adopting	adopt	VERB
cblr-2871	408	29	one	one	NUM
cblr-2871	408	30	.	.	PUNCT
cblr-2871	409	1	it	it	PRON
cblr-2871	409	2	may	may	AUX
cblr-2871	409	3	do	do	VERB
cblr-2871	409	4	so	so	ADV
cblr-2871	409	5	even	even	ADV
cblr-2871	409	6	though	though	SCONJ
cblr-2871	409	7	not	not	PART
cblr-2871	409	8	adopting	adopt	VERB
cblr-2871	409	9	one	one	NUM
cblr-2871	409	10	increases	increase	VERB
cblr-2871	409	11	the	the	DET
cblr-2871	409	12	likelihood	likelihood	NOUN
cblr-2871	409	13	of	of	ADP
cblr-2871	409	14	a	a	DET
cblr-2871	409	15	hostile	hostile	ADJ
cblr-2871	409	16	takeover	takeover	NOUN
cblr-2871	409	17	.	.	PUNCT
cblr-2871	410	1	if	if	SCONJ
cblr-2871	410	2	firm	firm	ADJ
cblr-2871	410	3	a	a	PRON
cblr-2871	410	4	's	's	PART
cblr-2871	410	5	management	management	NOUN
cblr-2871	410	6	drops	drop	VERB
cblr-2871	410	7	its	its	PRON
cblr-2871	410	8	staggered	staggered	ADJ
cblr-2871	410	9	board	board	NOUN
cblr-2871	410	10	,	,	PUNCT
cblr-2871	410	11	the	the	DET
cblr-2871	410	12	price	price	NOUN
cblr-2871	410	13	of	of	ADP
cblr-2871	410	14	a	a	DET
cblr-2871	410	15	staggered	staggered	ADJ
cblr-2871	410	16	board	board	NOUN
cblr-2871	410	17	in	in	ADP
cblr-2871	410	18	the	the	DET
cblr-2871	410	19	market	market	NOUN
cblr-2871	410	20	would	would	AUX
cblr-2871	410	21	change	change	VERB
cblr-2871	410	22	and	and	CCONJ
cblr-2871	410	23	investors	investor	NOUN
cblr-2871	410	24	would	would	AUX
cblr-2871	410	25	discount	discount	VERB
cblr-2871	410	26	the	the	DET
cblr-2871	410	27	value	value	NOUN
cblr-2871	410	28	of	of	ADP
cblr-2871	410	29	firm	firm	ADJ
cblr-2871	410	30	b	b	PROPN
cblr-2871	410	31	by	by	ADP
cblr-2871	410	32	10	10	NUM
cblr-2871	410	33	%	%	NOUN
cblr-2871	410	34	rather	rather	ADV
cblr-2871	410	35	than	than	ADP
cblr-2871	410	36	6	6	NUM
cblr-2871	410	37	%	%	NOUN
cblr-2871	410	38	.	.	PUNCT
cblr-2871	411	1	in	in	ADP
cblr-2871	411	2	turn	turn	NOUN
cblr-2871	411	3	,	,	PUNCT
cblr-2871	411	4	firm	firm	ADJ
cblr-2871	411	5	b	b	NOUN
cblr-2871	411	6	might	might	AUX
cblr-2871	411	7	not	not	PART
cblr-2871	411	8	find	find	VERB
cblr-2871	411	9	it	it	PRON
cblr-2871	411	10	worthwhile	worthwhile	ADJ
cblr-2871	411	11	to	to	PART
cblr-2871	411	12	keep	keep	VERB
cblr-2871	411	13	its	its	PRON
cblr-2871	411	14	staggered	staggered	ADJ
cblr-2871	411	15	board	board	NOUN
cblr-2871	411	16	.	.	PUNCT
cblr-2871	412	1	if	if	SCONJ
cblr-2871	412	2	firm	firm	PROPN
cblr-2871	412	3	b	b	PROPN
cblr-2871	412	4	drops	drop	VERB
cblr-2871	412	5	its	its	PRON
cblr-2871	412	6	staggered	staggered	ADJ
cblr-2871	412	7	board	board	NOUN
cblr-2871	412	8	,	,	PUNCT
cblr-2871	412	9	a	a	DET
cblr-2871	412	10	pooling	pool	VERB
cblr-2871	412	11	equilibrium	equilibrium	NOUN
cblr-2871	412	12	results	result	NOUN
cblr-2871	412	13	in	in	ADP
cblr-2871	412	14	which	which	PRON
cblr-2871	412	15	no	no	DET
cblr-2871	412	16	firm	firm	NOUN
cblr-2871	412	17	has	have	VERB
cblr-2871	412	18	a	a	DET
cblr-2871	412	19	staggered	staggered	ADJ
cblr-2871	412	20	board	board	NOUN
cblr-2871	412	21	.	.	PUNCT
cblr-2871	413	1	now	now	ADV
cblr-2871	413	2	assume	assume	VERB
cblr-2871	413	3	that	that	SCONJ
cblr-2871	413	4	firm	firm	PROPN
cblr-2871	413	5	c	c	PROPN
cblr-2871	413	6	is	be	AUX
cblr-2871	413	7	a	a	DET
cblr-2871	413	8	noise	noise	NOUN
cblr-2871	413	9	adopter	adopter	NOUN
cblr-2871	413	10	.	.	PUNCT
cblr-2871	414	1	it	it	PRON
cblr-2871	414	2	adopted	adopt	VERB
cblr-2871	414	3	a	a	DET
cblr-2871	414	4	staggered	staggered	ADJ
cblr-2871	414	5	board	board	NOUN
cblr-2871	414	6	only	only	ADV
cblr-2871	414	7	as	as	ADP
cblr-2871	414	8	a	a	DET
cblr-2871	414	9	result	result	NOUN
cblr-2871	414	10	of	of	ADP
cblr-2871	414	11	its	its	PRON
cblr-2871	414	12	law	law	NOUN
cblr-2871	414	13	firm	firm	NOUN
cblr-2871	414	14	's	's	PART
cblr-2871	414	15	boilerplate	boilerplate	NOUN
cblr-2871	414	16	.	.	PUNCT
cblr-2871	415	1	also	also	ADV
cblr-2871	415	2	assume	assume	VERB
cblr-2871	415	3	that	that	SCONJ
cblr-2871	415	4	firm	firm	NOUN
cblr-2871	415	5	c	c	PROPN
cblr-2871	415	6	's	's	PART
cblr-2871	415	7	type	type	NOUN
cblr-2871	415	8	is	be	AUX
cblr-2871	415	9	unknown	unknown	ADJ
cblr-2871	415	10	,	,	PUNCT
cblr-2871	415	11	but	but	CCONJ
cblr-2871	415	12	there	there	PRON
cblr-2871	415	13	is	be	VERB
cblr-2871	415	14	equal	equal	ADJ
cblr-2871	415	15	probability	probability	NOUN
cblr-2871	415	16	that	that	SCONJ
cblr-2871	415	17	it	it	PRON
cblr-2871	415	18	is	be	AUX
cblr-2871	415	19	similar	similar	ADJ
cblr-2871	415	20	to	to	ADP
cblr-2871	415	21	firms	firm	NOUN
cblr-2871	415	22	a	a	PRON
cblr-2871	415	23	and	and	CCONJ
cblr-2871	415	24	b.	b.	PROPN
cblr-2871	415	25	in	in	ADP
cblr-2871	415	26	that	that	DET
cblr-2871	415	27	case	case	NOUN
cblr-2871	415	28	,	,	PUNCT
cblr-2871	415	29	the	the	DET
cblr-2871	415	30	expected	expect	VERB
cblr-2871	415	31	harm	harm	NOUN
cblr-2871	415	32	associated	associate	VERB
cblr-2871	415	33	with	with	ADP
cblr-2871	415	34	a	a	DET
cblr-2871	415	35	staggered	staggered	ADJ
cblr-2871	415	36	board	board	NOUN
cblr-2871	415	37	in	in	ADP
cblr-2871	415	38	firm	firm	PROPN
cblr-2871	415	39	c	c	PROPN
cblr-2871	415	40	is	be	AUX
cblr-2871	415	41	6	6	NUM
cblr-2871	415	42	%	%	NOUN
cblr-2871	415	43	(	(	PUNCT
cblr-2871	415	44	50	50	NUM
cblr-2871	415	45	%	%	NOUN
cblr-2871	415	46	*	*	NOUN
cblr-2871	415	47	2	2	NUM
cblr-2871	415	48	%	%	NOUN
cblr-2871	415	49	+	+	NOUN
cblr-2871	415	50	50	50	NUM
cblr-2871	415	51	%	%	NOUN
cblr-2871	415	52	*	*	SYM
cblr-2871	415	53	10	10	NUM
cblr-2871	415	54	%	%	NOUN
cblr-2871	415	55	=	=	SYM
cblr-2871	415	56	6	6	NUM
cblr-2871	415	57	%	%	NOUN
cblr-2871	415	58	)	)	PUNCT
cblr-2871	415	59	.	.	PUNCT
cblr-2871	416	1	now	now	ADV
cblr-2871	416	2	,	,	PUNCT
cblr-2871	416	3	if	if	SCONJ
cblr-2871	416	4	firm	firm	PROPN
cblr-2871	416	5	b	b	NOUN
cblr-2871	416	6	and	and	CCONJ
cblr-2871	416	7	firm	firm	NOUN
cblr-2871	417	1	c	c	PROPN
cblr-2871	417	2	have	have	VERB
cblr-2871	417	3	staggered	stagger	VERB
cblr-2871	417	4	boards	board	NOUN
cblr-2871	417	5	,	,	PUNCT
cblr-2871	417	6	investors	investor	NOUN
cblr-2871	417	7	will	will	AUX
cblr-2871	417	8	not	not	PART
cblr-2871	417	9	attach	attach	VERB
cblr-2871	417	10	a	a	DET
cblr-2871	417	11	discount	discount	NOUN
cblr-2871	417	12	of	of	ADP
cblr-2871	417	13	10	10	NUM
cblr-2871	417	14	%	%	NOUN
cblr-2871	417	15	to	to	ADP
cblr-2871	417	16	the	the	DET
cblr-2871	417	17	term	term	NOUN
cblr-2871	417	18	anymore	anymore	ADV
cblr-2871	417	19	.	.	PUNCT
cblr-2871	418	1	rather	rather	ADV
cblr-2871	418	2	,	,	PUNCT
cblr-2871	418	3	they	they	PRON
cblr-2871	418	4	will	will	AUX
cblr-2871	418	5	attach	attach	VERB
cblr-2871	418	6	an	an	DET
cblr-2871	418	7	8	8	NUM
cblr-2871	418	8	%	%	NOUN
cblr-2871	418	9	discount	discount	NOUN
cblr-2871	418	10	-	-	PUNCT
cblr-2871	418	11	the	the	DET
cblr-2871	418	12	average	average	ADJ
cblr-2871	418	13	discounted	discount	VERB
cblr-2871	418	14	price	price	NOUN
cblr-2871	418	15	of	of	ADP
cblr-2871	418	16	firms	firm	NOUN
cblr-2871	418	17	b	b	NOUN
cblr-2871	418	18	and	and	CCONJ
cblr-2871	418	19	firm	firm	ADJ
cblr-2871	418	20	c	c	NOUN
cblr-2871	418	21	-	-	PUNCT
cblr-2871	418	22	to	to	ADP
cblr-2871	418	23	a	a	DET
cblr-2871	418	24	staggered	staggered	ADJ
cblr-2871	418	25	board	board	NOUN
cblr-2871	418	26	.	.	PUNCT
cblr-2871	419	1	as	as	SCONJ
cblr-2871	419	2	this	this	DET
cblr-2871	419	3	example	example	NOUN
cblr-2871	419	4	shows	show	VERB
cblr-2871	419	5	,	,	PUNCT
cblr-2871	419	6	noise	noise	NOUN
cblr-2871	419	7	adopters	adopter	NOUN
cblr-2871	419	8	will	will	AUX
cblr-2871	419	9	reduce	reduce	VERB
cblr-2871	419	10	the	the	DET
cblr-2871	419	11	discount	discount	NOUN
cblr-2871	419	12	that	that	PRON
cblr-2871	419	13	is	be	AUX
cblr-2871	419	14	attached	attach	VERB
cblr-2871	419	15	to	to	ADP
cblr-2871	419	16	a	a	DET
cblr-2871	419	17	staggered	staggered	ADJ
cblr-2871	419	18	board	board	NOUN
cblr-2871	419	19	.	.	PUNCT
cblr-2871	420	1	this	this	PRON
cblr-2871	420	2	,	,	PUNCT
cblr-2871	420	3	however	however	ADV
cblr-2871	420	4	,	,	PUNCT
cblr-2871	420	5	is	be	AUX
cblr-2871	420	6	not	not	PART
cblr-2871	420	7	the	the	DET
cblr-2871	420	8	end	end	NOUN
cblr-2871	420	9	of	of	ADP
cblr-2871	420	10	the	the	DET
cblr-2871	420	11	story	story	NOUN
cblr-2871	420	12	.	.	PUNCT
cblr-2871	421	1	now	now	ADV
cblr-2871	421	2	that	that	SCONJ
cblr-2871	421	3	the	the	DET
cblr-2871	421	4	market	market	NOUN
cblr-2871	421	5	discount	discount	NOUN
cblr-2871	421	6	of	of	ADP
cblr-2871	421	7	value	value	NOUN
cblr-2871	421	8	due	due	ADP
cblr-2871	421	9	to	to	ADP
cblr-2871	421	10	a	a	DET
cblr-2871	421	11	staggered	staggered	ADJ
cblr-2871	421	12	board	board	NOUN
cblr-2871	421	13	is	be	AUX
cblr-2871	421	14	lower	low	ADJ
cblr-2871	421	15	,	,	PUNCT
cblr-2871	421	16	firm	firm	ADJ
cblr-2871	421	17	b	b	PROPN
cblr-2871	421	18	has	have	VERB
cblr-2871	421	19	stronger	strong	ADJ
cblr-2871	421	20	incentives	incentive	NOUN
cblr-2871	421	21	to	to	PART
cblr-2871	421	22	keep	keep	VERB
cblr-2871	421	23	the	the	DET
cblr-2871	421	24	staggered	staggered	ADJ
cblr-2871	421	25	board	board	NOUN
cblr-2871	421	26	.	.	PUNCT
cblr-2871	422	1	furthermore	furthermore	ADV
cblr-2871	422	2	,	,	PUNCT
cblr-2871	422	3	as	as	SCONJ
cblr-2871	422	4	firms	firm	NOUN
cblr-2871	422	5	like	like	ADP
cblr-2871	422	6	firm	firm	PROPN
cblr-2871	422	7	b	b	PROPN
cblr-2871	422	8	increasingly	increasingly	ADV
cblr-2871	422	9	adopt	adopt	VERB
cblr-2871	422	10	staggered	staggered	ADJ
cblr-2871	422	11	boards	board	NOUN
cblr-2871	422	12	,	,	PUNCT
cblr-2871	422	13	such	such	ADJ
cblr-2871	422	14	boards	board	NOUN
cblr-2871	422	15	will	will	AUX
cblr-2871	422	16	become	become	VERB
cblr-2871	422	17	increasingly	increasingly	ADV
cblr-2871	422	18	prevalent	prevalent	ADJ
cblr-2871	422	19	in	in	ADP
cblr-2871	422	20	law	law	NOUN
cblr-2871	422	21	firm	firm	NOUN
cblr-2871	422	22	boilerplates	boilerplate	NOUN
cblr-2871	422	23	,	,	PUNCT
cblr-2871	422	24	and	and	CCONJ
cblr-2871	422	25	thus	thus	ADV
cblr-2871	422	26	it	it	PRON
cblr-2871	422	27	is	be	AUX
cblr-2871	422	28	more	more	ADV
cblr-2871	422	29	likely	likely	ADJ
cblr-2871	422	30	that	that	SCONJ
cblr-2871	422	31	other	other	ADJ
cblr-2871	422	32	noise	noise	NOUN
cblr-2871	422	33	adopters	adopter	NOUN
cblr-2871	422	34	will	will	AUX
cblr-2871	422	35	adopt	adopt	VERB
cblr-2871	422	36	them	they	PRON
cblr-2871	422	37	.	.	PUNCT
cblr-2871	423	1	this	this	PRON
cblr-2871	423	2	creates	create	VERB
cblr-2871	423	3	a	a	DET
cblr-2871	423	4	feedback	feedback	NOUN
cblr-2871	423	5	loop	loop	NOUN
cblr-2871	423	6	:	:	PUNCT
cblr-2871	423	7	the	the	DET
cblr-2871	423	8	more	more	ADJ
cblr-2871	423	9	noise	noise	NOUN
cblr-2871	423	10	adopters	adopter	NOUN
cblr-2871	423	11	that	that	PRON
cblr-2871	423	12	adopt	adopt	VERB
cblr-2871	423	13	the	the	DET
cblr-2871	423	14	term	term	NOUN
cblr-2871	423	15	,	,	PUNCT
cblr-2871	423	16	the	the	PRON
cblr-2871	423	17	lower	low	ADJ
cblr-2871	423	18	the	the	DET
cblr-2871	423	19	discount	discount	NOUN
cblr-2871	423	20	,	,	PUNCT
cblr-2871	423	21	and	and	CCONJ
cblr-2871	423	22	the	the	PRON
cblr-2871	423	23	stronger	strong	ADJ
cblr-2871	423	24	the	the	DET
cblr-2871	423	25	incentives	incentive	NOUN
cblr-2871	423	26	to	to	PART
cblr-2871	423	27	adopt	adopt	VERB
cblr-2871	423	28	it	it	PRON
cblr-2871	423	29	.	.	PUNCT
cblr-2871	424	1	this	this	DET
cblr-2871	424	2	example	example	NOUN
cblr-2871	424	3	demonstrates	demonstrate	VERB
cblr-2871	424	4	that	that	SCONJ
cblr-2871	424	5	noise	noise	NOUN
cblr-2871	424	6	adopters	adopter	NOUN
cblr-2871	424	7	could	could	AUX
cblr-2871	424	8	affect	affect	VERB
cblr-2871	424	9	the	the	DET
cblr-2871	424	10	discount	discount	NOUN
cblr-2871	424	11	that	that	PRON
cblr-2871	424	12	is	be	AUX
cblr-2871	424	13	attached	attach	VERB
cblr-2871	424	14	to	to	ADP
cblr-2871	424	15	a	a	DET
cblr-2871	424	16	corporate	corporate	ADJ
cblr-2871	424	17	governance	governance	NOUN
cblr-2871	424	18	652	652	NUM
cblr-2871	424	19	[	[	NOUN
cblr-2871	424	20	vol	vol	NOUN
cblr-2871	424	21	.	.	PUNCT
cblr-2871	425	1	2013	2013	NUM
cblr-2871	425	2	no	no	NOUN
cblr-2871	425	3	.	.	PUNCT
cblr-2871	426	1	3:627	3:627	NUM
cblr-2871	426	2	]	]	PUNCT
cblr-2871	426	3	noise	noise	NOUN
cblr-2871	426	4	adopters	adopter	NOUN
cblr-2871	426	5	in	in	ADP
cblr-2871	426	6	corporate	corporate	ADJ
cblr-2871	426	7	governance	governance	NOUN
cblr-2871	426	8	term	term	NOUN
cblr-2871	426	9	-	-	PUNCT
cblr-2871	426	10	here	here	ADV
cblr-2871	426	11	,	,	PUNCT
cblr-2871	426	12	a	a	DET
cblr-2871	426	13	staggered	staggered	ADJ
cblr-2871	426	14	board	board	NOUN
cblr-2871	426	15	-	-	PUNCT
cblr-2871	426	16	in	in	ADP
cblr-2871	426	17	the	the	DET
cblr-2871	426	18	market	market	NOUN
cblr-2871	426	19	and	and	CCONJ
cblr-2871	426	20	the	the	DET
cblr-2871	426	21	incentives	incentive	NOUN
cblr-2871	426	22	to	to	PART
cblr-2871	426	23	adopt	adopt	VERB
cblr-2871	426	24	it	it	PRON
cblr-2871	426	25	.	.	PUNCT
cblr-2871	427	1	the	the	DET
cblr-2871	427	2	following	follow	VERB
cblr-2871	427	3	sections	section	NOUN
cblr-2871	427	4	will	will	AUX
cblr-2871	427	5	develop	develop	VERB
cblr-2871	427	6	a	a	DET
cblr-2871	427	7	systematic	systematic	ADJ
cblr-2871	427	8	analysis	analysis	NOUN
cblr-2871	427	9	of	of	ADP
cblr-2871	427	10	the	the	DET
cblr-2871	427	11	effects	effect	NOUN
cblr-2871	427	12	of	of	ADP
cblr-2871	427	13	noise	noise	NOUN
cblr-2871	427	14	adopters	adopter	NOUN
cblr-2871	427	15	on	on	ADP
cblr-2871	427	16	the	the	DET
cblr-2871	427	17	market	market	NOUN
cblr-2871	427	18	.	.	PUNCT
cblr-2871	428	1	c.	c.	PROPN
cblr-2871	428	2	noisy	noisy	PROPN
cblr-2871	428	3	signals	signal	NOUN
cblr-2871	428	4	encourage	encourage	VERB
cblr-2871	428	5	"	"	PUNCT
cblr-2871	428	6	bad	bad	ADJ
cblr-2871	428	7	"	"	PUNCT
cblr-2871	428	8	firms	firm	NOUN
cblr-2871	428	9	to	to	PART
cblr-2871	428	10	choose	choose	VERB
cblr-2871	428	11	protective	protective	ADJ
cblr-2871	428	12	law	law	NOUN
cblr-2871	428	13	as	as	SCONJ
cblr-2871	428	14	the	the	DET
cblr-2871	428	15	previous	previous	ADJ
cblr-2871	428	16	section	section	NOUN
cblr-2871	428	17	suggested	suggest	VERB
cblr-2871	428	18	,	,	PUNCT
cblr-2871	428	19	noise	noise	NOUN
cblr-2871	428	20	adopters	adopter	NOUN
cblr-2871	428	21	can	can	AUX
cblr-2871	428	22	affect	affect	VERB
cblr-2871	428	23	the	the	DET
cblr-2871	428	24	kind	kind	NOUN
cblr-2871	428	25	of	of	ADP
cblr-2871	428	26	equilibrium	equilibrium	NOUN
cblr-2871	428	27	that	that	PRON
cblr-2871	428	28	emerges	emerge	VERB
cblr-2871	428	29	.	.	PUNCT
cblr-2871	429	1	in	in	ADP
cblr-2871	429	2	signaling	signal	VERB
cblr-2871	429	3	equilibrium	equilibrium	NOUN
cblr-2871	429	4	terms	term	NOUN
cblr-2871	429	5	,	,	PUNCT
cblr-2871	429	6	noise	noise	NOUN
cblr-2871	429	7	adopters	adopter	NOUN
cblr-2871	429	8	may	may	AUX
cblr-2871	429	9	influence	influence	VERB
cblr-2871	429	10	whether	whether	SCONJ
cblr-2871	429	11	a	a	DET
cblr-2871	429	12	separating	separating	NOUN
cblr-2871	429	13	or	or	CCONJ
cblr-2871	429	14	a	a	DET
cblr-2871	429	15	pooling	pool	VERB
cblr-2871	429	16	equilibrium	equilibrium	NOUN
cblr-2871	429	17	emerges	emerge	VERB
cblr-2871	429	18	and	and	CCONJ
cblr-2871	429	19	what	what	DET
cblr-2871	429	20	kind	kind	NOUN
cblr-2871	429	21	of	of	ADP
cblr-2871	429	22	pooling	pool	VERB
cblr-2871	429	23	(	(	PUNCT
cblr-2871	429	24	strict	strict	ADJ
cblr-2871	429	25	or	or	CCONJ
cblr-2871	429	26	lax	lax	ADJ
cblr-2871	429	27	law	law	NOUN
cblr-2871	429	28	)	)	PUNCT
cblr-2871	429	29	firms	firm	NOUN
cblr-2871	429	30	will	will	AUX
cblr-2871	429	31	choose	choose	VERB
cblr-2871	429	32	.	.	PUNCT
cblr-2871	430	1	in	in	ADP
cblr-2871	430	2	particular	particular	ADJ
cblr-2871	430	3	,	,	PUNCT
cblr-2871	430	4	there	there	PRON
cblr-2871	430	5	are	be	VERB
cblr-2871	430	6	three	three	NUM
cblr-2871	430	7	main	main	ADJ
cblr-2871	430	8	(	(	PUNCT
cblr-2871	430	9	but	but	CCONJ
cblr-2871	430	10	not	not	PART
cblr-2871	430	11	unique	unique	ADJ
cblr-2871	430	12	)	)	PUNCT
cblr-2871	430	13	equilibria	equilibrium	NOUN
cblr-2871	430	14	that	that	PRON
cblr-2871	430	15	could	could	AUX
cblr-2871	430	16	produce	produce	VERB
cblr-2871	430	17	this	this	DET
cblr-2871	430	18	setup	setup	NOUN
cblr-2871	430	19	:	:	PUNCT
cblr-2871	430	20	(	(	PUNCT
cblr-2871	430	21	1	1	X
cblr-2871	430	22	)	)	PUNCT
cblr-2871	430	23	a	a	DET
cblr-2871	430	24	separating	separate	VERB
cblr-2871	430	25	equilibrium	equilibrium	NOUN
cblr-2871	430	26	in	in	ADP
cblr-2871	430	27	which	which	PRON
cblr-2871	430	28	good	good	ADJ
cblr-2871	430	29	firms	firm	NOUN
cblr-2871	430	30	(	(	PUNCT
cblr-2871	430	31	firms	firm	NOUN
cblr-2871	430	32	that	that	PRON
cblr-2871	430	33	face	face	VERB
cblr-2871	430	34	significant	significant	ADJ
cblr-2871	430	35	market	market	NOUN
cblr-2871	430	36	discipline	discipline	NOUN
cblr-2871	430	37	)	)	PUNCT
cblr-2871	430	38	adopt	adopt	VERB
cblr-2871	430	39	strict	strict	ADJ
cblr-2871	430	40	governance	governance	NOUN
cblr-2871	430	41	and	and	CCONJ
cblr-2871	430	42	bad	bad	ADJ
cblr-2871	430	43	firms	firm	NOUN
cblr-2871	430	44	(	(	PUNCT
cblr-2871	430	45	firms	firm	NOUN
cblr-2871	430	46	that	that	PRON
cblr-2871	430	47	face	face	VERB
cblr-2871	430	48	weak	weak	ADJ
cblr-2871	430	49	market	market	NOUN
cblr-2871	430	50	discipline	discipline	NOUN
cblr-2871	430	51	)	)	PUNCT
cblr-2871	430	52	adopt	adopt	VERB
cblr-2871	430	53	lax	lax	ADJ
cblr-2871	430	54	governance	governance	NOUN
cblr-2871	430	55	;	;	PUNCT
cblr-2871	430	56	(	(	PUNCT
cblr-2871	430	57	2	2	X
cblr-2871	430	58	)	)	PUNCT
cblr-2871	430	59	a	a	DET
cblr-2871	430	60	pooling	pool	VERB
cblr-2871	430	61	equilibrium	equilibrium	NOUN
cblr-2871	430	62	in	in	ADP
cblr-2871	430	63	which	which	PRON
cblr-2871	430	64	all	all	DET
cblr-2871	430	65	firms	firm	NOUN
cblr-2871	430	66	adopt	adopt	VERB
cblr-2871	430	67	strict	strict	ADJ
cblr-2871	430	68	governance	governance	NOUN
cblr-2871	430	69	;	;	PUNCT
cblr-2871	430	70	or	or	CCONJ
cblr-2871	430	71	(	(	PUNCT
cblr-2871	430	72	3	3	X
cblr-2871	430	73	)	)	PUNCT
cblr-2871	430	74	a	a	DET
cblr-2871	430	75	pooling	pool	VERB
cblr-2871	430	76	equilibrium	equilibrium	NOUN
cblr-2871	430	77	in	in	ADP
cblr-2871	430	78	which	which	PRON
cblr-2871	430	79	all	all	DET
cblr-2871	430	80	firms	firm	NOUN
cblr-2871	430	81	adopt	adopt	VERB
cblr-2871	430	82	lax	lax	ADJ
cblr-2871	430	83	governance	governance	NOUN
cblr-2871	430	84	.	.	PUNCT
cblr-2871	431	1	the	the	DET
cblr-2871	431	2	decision	decision	NOUN
cblr-2871	431	3	whether	whether	SCONJ
cblr-2871	431	4	to	to	PART
cblr-2871	431	5	separate	separate	VERB
cblr-2871	431	6	or	or	CCONJ
cblr-2871	431	7	pool	pool	NOUN
cblr-2871	431	8	involves	involve	VERB
cblr-2871	431	9	tradeoffs	tradeoff	NOUN
cblr-2871	431	10	.	.	PUNCT
cblr-2871	432	1	for	for	ADP
cblr-2871	432	2	instance	instance	NOUN
cblr-2871	432	3	,	,	PUNCT
cblr-2871	432	4	if	if	SCONJ
cblr-2871	432	5	an	an	DET
cblr-2871	432	6	insider	insider	NOUN
cblr-2871	432	7	who	who	PRON
cblr-2871	432	8	extracts	extract	VERB
cblr-2871	432	9	high	high	ADJ
cblr-2871	432	10	private	private	ADJ
cblr-2871	432	11	benefits	benefit	NOUN
cblr-2871	432	12	adopts	adopt	VERB
cblr-2871	432	13	a	a	DET
cblr-2871	432	14	majority	majority	NOUN
cblr-2871	432	15	vote	vote	NOUN
cblr-2871	432	16	rule	rule	NOUN
cblr-2871	432	17	,	,	PUNCT
cblr-2871	432	18	he	he	PRON
cblr-2871	432	19	will	will	AUX
cblr-2871	432	20	lose	lose	VERB
cblr-2871	432	21	his	his	PRON
cblr-2871	432	22	seat	seat	NOUN
cblr-2871	432	23	on	on	ADP
cblr-2871	432	24	the	the	DET
cblr-2871	432	25	board	board	NOUN
cblr-2871	432	26	if	if	SCONJ
cblr-2871	432	27	he	he	PRON
cblr-2871	432	28	continues	continue	VERB
cblr-2871	432	29	to	to	PART
cblr-2871	432	30	extract	extract	VERB
cblr-2871	432	31	such	such	ADJ
cblr-2871	432	32	benefits	benefit	NOUN
cblr-2871	432	33	.	.	PUNCT
cblr-2871	433	1	on	on	ADP
cblr-2871	433	2	the	the	DET
cblr-2871	433	3	other	other	ADJ
cblr-2871	433	4	hand	hand	NOUN
cblr-2871	433	5	,	,	PUNCT
cblr-2871	433	6	the	the	DET
cblr-2871	433	7	firm	firm	NOUN
cblr-2871	433	8	gets	get	VERB
cblr-2871	433	9	the	the	DET
cblr-2871	433	10	benefit	benefit	NOUN
cblr-2871	433	11	of	of	ADP
cblr-2871	433	12	avoiding	avoid	VERB
cblr-2871	433	13	detection	detection	NOUN
cblr-2871	433	14	as	as	ADP
cblr-2871	433	15	a	a	DET
cblr-2871	433	16	"	"	PUNCT
cblr-2871	433	17	bad	bad	ADJ
cblr-2871	433	18	"	"	PUNCT
cblr-2871	433	19	firm	firm	NOUN
cblr-2871	433	20	by	by	ADP
cblr-2871	433	21	adopting	adopt	VERB
cblr-2871	433	22	the	the	DET
cblr-2871	433	23	majority	majority	NOUN
cblr-2871	433	24	vote	vote	NOUN
cblr-2871	433	25	term	term	NOUN
cblr-2871	433	26	that	that	PRON
cblr-2871	433	27	is	be	AUX
cblr-2871	433	28	usually	usually	ADV
cblr-2871	433	29	associated	associate	VERB
cblr-2871	433	30	with	with	ADP
cblr-2871	433	31	"	"	PUNCT
cblr-2871	433	32	good	good	ADJ
cblr-2871	433	33	"	"	PUNCT
cblr-2871	433	34	firms	firm	NOUN
cblr-2871	433	35	.	.	PUNCT
cblr-2871	434	1	the	the	DET
cblr-2871	434	2	equilibrium	equilibrium	NOUN
cblr-2871	434	3	that	that	PRON
cblr-2871	434	4	emerges	emerge	VERB
cblr-2871	434	5	depends	depend	VERB
cblr-2871	434	6	on	on	ADP
cblr-2871	434	7	the	the	DET
cblr-2871	434	8	relative	relative	ADJ
cblr-2871	434	9	weight	weight	NOUN
cblr-2871	434	10	of	of	ADP
cblr-2871	434	11	these	these	DET
cblr-2871	434	12	two	two	NUM
cblr-2871	434	13	factors	factor	NOUN
cblr-2871	434	14	,	,	PUNCT
cblr-2871	434	15	as	as	ADV
cblr-2871	434	16	well	well	ADV
cblr-2871	434	17	as	as	ADP
cblr-2871	434	18	other	other	ADJ
cblr-2871	434	19	considerations	consideration	NOUN
cblr-2871	434	20	,	,	PUNCT
cblr-2871	434	21	such	such	ADJ
cblr-2871	434	22	as	as	ADP
cblr-2871	434	23	the	the	DET
cblr-2871	434	24	market	market	NOUN
cblr-2871	434	25	reward	reward	NOUN
cblr-2871	434	26	for	for	ADP
cblr-2871	434	27	being	be	AUX
cblr-2871	434	28	a	a	DET
cblr-2871	434	29	"	"	PUNCT
cblr-2871	434	30	good	good	ADJ
cblr-2871	434	31	"	"	PUNCT
cblr-2871	434	32	type	type	NOUN
cblr-2871	434	33	.	.	PUNCT
cblr-2871	435	1	if	if	SCONJ
cblr-2871	435	2	the	the	DET
cblr-2871	435	3	discount	discount	NOUN
cblr-2871	435	4	from	from	ADP
cblr-2871	435	5	being	be	AUX
cblr-2871	435	6	identified	identify	VERB
cblr-2871	435	7	as	as	ADP
cblr-2871	435	8	a	a	DET
cblr-2871	435	9	"	"	PUNCT
cblr-2871	435	10	bad	bad	ADJ
cblr-2871	435	11	"	"	PUNCT
cblr-2871	435	12	type	type	NOUN
cblr-2871	435	13	is	be	AUX
cblr-2871	435	14	large	large	ADJ
cblr-2871	435	15	enough	enough	ADV
cblr-2871	435	16	,	,	PUNCT
cblr-2871	435	17	insiders	insider	NOUN
cblr-2871	435	18	will	will	AUX
cblr-2871	435	19	adopt	adopt	VERB
cblr-2871	435	20	a	a	DET
cblr-2871	435	21	majority	majority	NOUN
cblr-2871	435	22	vote	vote	NOUN
cblr-2871	435	23	rule	rule	NOUN
cblr-2871	435	24	even	even	ADV
cblr-2871	435	25	though	though	SCONJ
cblr-2871	435	26	they	they	PRON
cblr-2871	435	27	will	will	AUX
cblr-2871	435	28	be	be	AUX
cblr-2871	435	29	able	able	ADJ
cblr-2871	435	30	to	to	PART
cblr-2871	435	31	extract	extract	VERB
cblr-2871	435	32	fewer	few	ADJ
cblr-2871	435	33	private	private	ADJ
cblr-2871	435	34	benefits	benefit	NOUN
cblr-2871	435	35	of	of	ADP
cblr-2871	435	36	control	control	NOUN
cblr-2871	435	37	.	.	PUNCT
cblr-2871	436	1	if	if	SCONJ
cblr-2871	436	2	,	,	PUNCT
cblr-2871	436	3	however	however	ADV
cblr-2871	436	4	,	,	PUNCT
cblr-2871	436	5	the	the	DET
cblr-2871	436	6	signal	signal	NOUN
cblr-2871	436	7	is	be	AUX
cblr-2871	436	8	noisy	noisy	ADJ
cblr-2871	436	9	and	and	CCONJ
cblr-2871	436	10	,	,	PUNCT
cblr-2871	436	11	therefore	therefore	ADV
cblr-2871	436	12	,	,	PUNCT
cblr-2871	436	13	weak	weak	ADJ
cblr-2871	436	14	,	,	PUNCT
cblr-2871	436	15	then	then	ADV
cblr-2871	436	16	the	the	DET
cblr-2871	436	17	discount	discount	NOUN
cblr-2871	436	18	of	of	ADP
cblr-2871	436	19	sticking	stick	VERB
cblr-2871	436	20	with	with	ADP
cblr-2871	436	21	plurality	plurality	NOUN
cblr-2871	436	22	voting	voting	NOUN
cblr-2871	436	23	is	be	AUX
cblr-2871	436	24	weak	weak	ADJ
cblr-2871	436	25	as	as	ADV
cblr-2871	436	26	well	well	ADV
cblr-2871	436	27	.	.	PUNCT
cblr-2871	437	1	thus	thus	ADV
cblr-2871	437	2	,	,	PUNCT
cblr-2871	437	3	due	due	ADP
cblr-2871	437	4	to	to	ADP
cblr-2871	437	5	the	the	DET
cblr-2871	437	6	introduction	introduction	NOUN
cblr-2871	437	7	of	of	ADP
cblr-2871	437	8	noise	noise	NOUN
cblr-2871	437	9	adopters	adopter	NOUN
cblr-2871	437	10	,	,	PUNCT
cblr-2871	437	11	it	it	PRON
cblr-2871	437	12	is	be	AUX
cblr-2871	437	13	less	less	ADV
cblr-2871	437	14	likely	likely	ADJ
cblr-2871	437	15	that	that	SCONJ
cblr-2871	437	16	firms	firm	NOUN
cblr-2871	437	17	will	will	AUX
cblr-2871	437	18	pool	pool	VERB
cblr-2871	437	19	on	on	ADP
cblr-2871	437	20	strict	strict	ADJ
cblr-2871	437	21	governance	governance	NOUN
cblr-2871	437	22	terms	term	NOUN
cblr-2871	437	23	such	such	ADJ
cblr-2871	437	24	as	as	ADP
cblr-2871	437	25	majority	majority	NOUN
cblr-2871	437	26	voting	voting	NOUN
cblr-2871	437	27	(	(	PUNCT
cblr-2871	437	28	or	or	CCONJ
cblr-2871	437	29	a	a	DET
cblr-2871	437	30	non	non	ADJ
cblr-2871	437	31	-	-	ADJ
cblr-2871	437	32	classified	classified	ADJ
cblr-2871	437	33	board	board	NOUN
cblr-2871	437	34	)	)	PUNCT
cblr-2871	437	35	.	.	PUNCT
cblr-2871	438	1	accordingly	accordingly	ADV
cblr-2871	438	2	,	,	PUNCT
cblr-2871	438	3	it	it	PRON
cblr-2871	438	4	is	be	AUX
cblr-2871	438	5	653	653	NUM
cblr-2871	438	6	more	more	ADV
cblr-2871	438	7	likely	likely	ADJ
cblr-2871	438	8	that	that	SCONJ
cblr-2871	438	9	a	a	DET
cblr-2871	438	10	separating	separate	VERB
cblr-2871	438	11	equilibrium	equilibrium	NOUN
cblr-2871	438	12	will	will	AUX
cblr-2871	438	13	emerge	emerge	VERB
cblr-2871	438	14	in	in	ADP
cblr-2871	438	15	which	which	PRON
cblr-2871	438	16	many	many	ADJ
cblr-2871	438	17	firms	firm	NOUN
cblr-2871	438	18	will	will	AUX
cblr-2871	438	19	retain	retain	VERB
cblr-2871	438	20	plurality	plurality	NOUN
cblr-2871	438	21	voting	voting	NOUN
cblr-2871	438	22	(	(	PUNCT
cblr-2871	438	23	or	or	CCONJ
cblr-2871	438	24	a	a	DET
cblr-2871	438	25	staggered	staggered	ADJ
cblr-2871	438	26	board	board	NOUN
cblr-2871	438	27	)	)	PUNCT
cblr-2871	438	28	.	.	PUNCT
cblr-2871	439	1	furthermore	furthermore	ADV
cblr-2871	439	2	,	,	PUNCT
cblr-2871	439	3	given	give	VERB
cblr-2871	439	4	the	the	DET
cblr-2871	439	5	noisy	noisy	ADJ
cblr-2871	439	6	signal	signal	NOUN
cblr-2871	439	7	and	and	CCONJ
cblr-2871	439	8	the	the	DET
cblr-2871	439	9	partial	partial	ADJ
cblr-2871	439	10	discount	discount	NOUN
cblr-2871	439	11	from	from	ADP
cblr-2871	439	12	noise	noise	NOUN
cblr-2871	439	13	adopters	adopter	NOUN
cblr-2871	439	14	,	,	PUNCT
cblr-2871	439	15	it	it	PRON
cblr-2871	439	16	is	be	AUX
cblr-2871	439	17	even	even	ADV
cblr-2871	439	18	possible	possible	ADJ
cblr-2871	439	19	that	that	SCONJ
cblr-2871	439	20	a	a	DET
cblr-2871	439	21	pooling	pool	VERB
cblr-2871	439	22	equilibrium	equilibrium	NOUN
cblr-2871	439	23	on	on	ADP
cblr-2871	439	24	lax	lax	ADJ
cblr-2871	439	25	governance	governance	NOUN
cblr-2871	439	26	will	will	AUX
cblr-2871	439	27	emerge	emerge	VERB
cblr-2871	439	28	-	-	PUNCT
cblr-2871	439	29	that	that	ADV
cblr-2871	439	30	is	be	AUX
cblr-2871	439	31	,	,	PUNCT
cblr-2871	439	32	all	all	DET
cblr-2871	439	33	firms	firm	NOUN
cblr-2871	439	34	will	will	AUX
cblr-2871	439	35	adopt	adopt	VERB
cblr-2871	439	36	weak	weak	ADJ
cblr-2871	439	37	governance	governance	NOUN
cblr-2871	439	38	(	(	PUNCT
cblr-2871	439	39	e.g.	e.g.	ADV
cblr-2871	439	40	,	,	PUNCT
cblr-2871	439	41	plurality	plurality	NOUN
cblr-2871	439	42	voting	voting	NOUN
cblr-2871	439	43	,	,	PUNCT
cblr-2871	439	44	staggered	staggered	ADJ
cblr-2871	439	45	board	board	NOUN
cblr-2871	439	46	,	,	PUNCT
cblr-2871	439	47	home	home	NOUN
cblr-2871	439	48	state	state	NOUN
cblr-2871	439	49	of	of	ADP
cblr-2871	439	50	incorporation	incorporation	NOUN
cblr-2871	439	51	)	)	PUNCT
cblr-2871	439	52	.	.	PUNCT
cblr-2871	440	1	d.	d.	PROPN
cblr-2871	440	2	noisy	noisy	PROPN
cblr-2871	440	3	signals	signal	NOUN
cblr-2871	440	4	reduce	reduce	VERB
cblr-2871	440	5	the	the	DET
cblr-2871	440	6	incentives	incentive	NOUN
cblr-2871	440	7	of	of	ADP
cblr-2871	440	8	"	"	PUNCT
cblr-2871	440	9	good	good	ADJ
cblr-2871	440	10	"	"	PUNCT
cblr-2871	440	11	firms	firm	NOUN
cblr-2871	440	12	to	to	PART
cblr-2871	440	13	choose	choose	VERB
cblr-2871	440	14	good	good	ADJ
cblr-2871	440	15	law	law	NOUN
cblr-2871	440	16	a	a	DET
cblr-2871	440	17	noisy	noisy	ADJ
cblr-2871	440	18	signal	signal	NOUN
cblr-2871	440	19	also	also	ADV
cblr-2871	440	20	means	mean	VERB
cblr-2871	440	21	that	that	SCONJ
cblr-2871	440	22	shares	share	NOUN
cblr-2871	440	23	of	of	ADP
cblr-2871	440	24	the	the	DET
cblr-2871	440	25	"	"	PUNCT
cblr-2871	440	26	good	good	ADJ
cblr-2871	440	27	"	"	PUNCT
cblr-2871	440	28	firms	firm	NOUN
cblr-2871	440	29	receive	receive	VERB
cblr-2871	440	30	a	a	DET
cblr-2871	440	31	lower	low	ADJ
cblr-2871	440	32	boost	boost	NOUN
cblr-2871	440	33	for	for	ADP
cblr-2871	440	34	revealing	reveal	VERB
cblr-2871	440	35	their	their	PRON
cblr-2871	440	36	type	type	NOUN
cblr-2871	440	37	.	.	PUNCT
cblr-2871	441	1	if	if	SCONJ
cblr-2871	441	2	the	the	DET
cblr-2871	441	3	market	market	NOUN
cblr-2871	441	4	benefit	benefit	NOUN
cblr-2871	441	5	of	of	ADP
cblr-2871	441	6	signaling	signal	VERB
cblr-2871	441	7	is	be	AUX
cblr-2871	441	8	small	small	ADJ
cblr-2871	441	9	,	,	PUNCT
cblr-2871	441	10	taking	take	VERB
cblr-2871	441	11	a	a	DET
cblr-2871	441	12	costly	costly	ADJ
cblr-2871	441	13	signaling	signal	VERB
cblr-2871	441	14	action	action	NOUN
cblr-2871	441	15	might	might	AUX
cblr-2871	441	16	not	not	PART
cblr-2871	441	17	be	be	AUX
cblr-2871	441	18	worthwhile	worthwhile	ADJ
cblr-2871	441	19	.	.	PUNCT
cblr-2871	442	1	the	the	DET
cblr-2871	442	2	noisy	noisy	ADJ
cblr-2871	442	3	signal	signal	NOUN
cblr-2871	442	4	,	,	PUNCT
cblr-2871	442	5	and	and	CCONJ
cblr-2871	442	6	the	the	DET
cblr-2871	442	7	resulting	result	VERB
cblr-2871	442	8	weak	weak	ADJ
cblr-2871	442	9	boost	boost	NOUN
cblr-2871	442	10	,	,	PUNCT
cblr-2871	442	11	may	may	AUX
cblr-2871	442	12	encourage	encourage	VERB
cblr-2871	442	13	a	a	DET
cblr-2871	442	14	pooling	pool	VERB
cblr-2871	442	15	equilibrium	equilibrium	NOUN
cblr-2871	442	16	in	in	ADP
cblr-2871	442	17	the	the	DET
cblr-2871	442	18	worst	bad	ADJ
cblr-2871	442	19	regimes	regime	NOUN
cblr-2871	442	20	.	.	PUNCT
cblr-2871	443	1	although	although	SCONJ
cblr-2871	443	2	noise	noise	NOUN
cblr-2871	443	3	adopters	adopter	NOUN
cblr-2871	443	4	may	may	AUX
cblr-2871	443	5	lead	lead	VERB
cblr-2871	443	6	to	to	ADP
cblr-2871	443	7	pooling	pool	VERB
cblr-2871	443	8	in	in	ADP
cblr-2871	443	9	inefficient	inefficient	ADJ
cblr-2871	443	10	governance	governance	NOUN
cblr-2871	443	11	terms	term	NOUN
cblr-2871	443	12	,	,	PUNCT
cblr-2871	443	13	the	the	DET
cblr-2871	443	14	nature	nature	NOUN
cblr-2871	443	15	of	of	ADP
cblr-2871	443	16	the	the	DET
cblr-2871	443	17	resulting	result	VERB
cblr-2871	443	18	governance	governance	NOUN
cblr-2871	443	19	terms	term	NOUN
cblr-2871	443	20	depends	depend	VERB
cblr-2871	443	21	on	on	ADP
cblr-2871	443	22	the	the	DET
cblr-2871	443	23	context	context	NOUN
cblr-2871	443	24	.	.	PUNCT
cblr-2871	444	1	in	in	ADP
cblr-2871	444	2	choosing	choose	VERB
cblr-2871	444	3	a	a	DET
cblr-2871	444	4	state	state	NOUN
cblr-2871	444	5	of	of	ADP
cblr-2871	444	6	incorporation	incorporation	NOUN
cblr-2871	444	7	,	,	PUNCT
cblr-2871	444	8	for	for	ADP
cblr-2871	444	9	example	example	NOUN
cblr-2871	444	10	,	,	PUNCT
cblr-2871	444	11	firms	firm	NOUN
cblr-2871	444	12	did	do	AUX
cblr-2871	444	13	not	not	PART
cblr-2871	444	14	pool	pool	VERB
cblr-2871	444	15	on	on	ADP
cblr-2871	444	16	their	their	PRON
cblr-2871	444	17	home	home	NOUN
cblr-2871	444	18	states	state	NOUN
cblr-2871	444	19	,	,	PUNCT
cblr-2871	444	20	where	where	SCONJ
cblr-2871	444	21	they	they	PRON
cblr-2871	444	22	get	get	VERB
cblr-2871	444	23	more	more	ADJ
cblr-2871	444	24	protection	protection	NOUN
cblr-2871	444	25	.	.	PUNCT
cblr-2871	445	1	rather	rather	ADV
cblr-2871	445	2	,	,	PUNCT
cblr-2871	445	3	they	they	PRON
cblr-2871	445	4	separate	separate	VERB
cblr-2871	445	5	between	between	ADP
cblr-2871	445	6	delaware	delaware	PROPN
cblr-2871	445	7	and	and	CCONJ
cblr-2871	445	8	their	their	PRON
cblr-2871	445	9	home	home	NOUN
cblr-2871	445	10	states	state	NOUN
cblr-2871	445	11	.	.	PUNCT
cblr-2871	446	1	delaware	delaware	PROPN
cblr-2871	446	2	,	,	PUNCT
cblr-2871	446	3	however	however	ADV
cblr-2871	446	4	,	,	PUNCT
cblr-2871	446	5	offers	offer	VERB
cblr-2871	446	6	a	a	DET
cblr-2871	446	7	number	number	NOUN
cblr-2871	446	8	of	of	ADP
cblr-2871	446	9	other	other	ADJ
cblr-2871	446	10	advantages	advantage	NOUN
cblr-2871	446	11	.	.	PUNCT
cblr-2871	447	1	incorporation	incorporation	NOUN
cblr-2871	447	2	in	in	ADP
cblr-2871	447	3	delaware	delaware	PROPN
cblr-2871	447	4	is	be	AUX
cblr-2871	447	5	valuable	valuable	ADJ
cblr-2871	447	6	not	not	PART
cblr-2871	447	7	only	only	ADV
cblr-2871	447	8	due	due	ADJ
cblr-2871	447	9	to	to	ADP
cblr-2871	447	10	the	the	DET
cblr-2871	447	11	positive	positive	ADJ
cblr-2871	447	12	signal	signal	NOUN
cblr-2871	447	13	it	it	PRON
cblr-2871	447	14	conveys	convey	VERB
cblr-2871	447	15	,	,	PUNCT
cblr-2871	447	16	but	but	CCONJ
cblr-2871	447	17	also	also	ADV
cblr-2871	447	18	because	because	SCONJ
cblr-2871	447	19	of	of	ADP
cblr-2871	447	20	several	several	ADJ
cblr-2871	447	21	other	other	ADJ
cblr-2871	447	22	advantages	advantage	NOUN
cblr-2871	447	23	that	that	PRON
cblr-2871	447	24	have	have	AUX
cblr-2871	447	25	been	be	AUX
cblr-2871	447	26	recognized	recognize	VERB
cblr-2871	447	27	in	in	ADP
cblr-2871	447	28	the	the	DET
cblr-2871	447	29	literature	literature	NOUN
cblr-2871	447	30	,	,	PUNCT
cblr-2871	447	31	such	such	ADJ
cblr-2871	447	32	as	as	ADP
cblr-2871	447	33	an	an	DET
cblr-2871	447	34	exceptionally	exceptionally	ADV
cblr-2871	447	35	specialized	specialized	ADJ
cblr-2871	447	36	and	and	CCONJ
cblr-2871	447	37	experienced	experienced	ADJ
cblr-2871	447	38	judiciary	judiciary	NOUN
cblr-2871	447	39	,	,	PUNCT
cblr-2871	447	40	a	a	DET
cblr-2871	447	41	developed	develop	VERB
cblr-2871	447	42	body	body	NOUN
cblr-2871	447	43	of	of	ADP
cblr-2871	447	44	case	case	NOUN
cblr-2871	447	45	law	law	NOUN
cblr-2871	447	46	,	,	PUNCT
cblr-2871	447	47	and	and	CCONJ
cblr-2871	447	48	an	an	DET
cblr-2871	447	49	efficient	efficient	ADJ
cblr-2871	447	50	administrative	administrative	ADJ
cblr-2871	447	51	system	system	NOUN
cblr-2871	447	52	.	.	PUNCT
cblr-2871	448	1	these	these	DET
cblr-2871	448	2	advantages	advantage	NOUN
cblr-2871	448	3	create	create	VERB
cblr-2871	448	4	additional	additional	ADJ
cblr-2871	448	5	incentives	incentive	NOUN
cblr-2871	448	6	for	for	SCONJ
cblr-2871	448	7	the	the	DET
cblr-2871	448	8	"	"	PUNCT
cblr-2871	448	9	good	good	ADJ
cblr-2871	448	10	"	"	PUNCT
cblr-2871	448	11	type	type	NOUN
cblr-2871	448	12	firms	firm	NOUN
cblr-2871	448	13	to	to	PART
cblr-2871	448	14	move	move	VERB
cblr-2871	448	15	to	to	ADP
cblr-2871	448	16	delaware	delaware	PROPN
cblr-2871	448	17	.	.	PROPN
cblr-2871	449	1	6	6	NUM
cblr-2871	449	2	9	9	NUM
cblr-2871	449	3	thus	thus	ADV
cblr-2871	449	4	,	,	PUNCT
cblr-2871	449	5	it	it	PRON
cblr-2871	449	6	is	be	AUX
cblr-2871	449	7	less	less	ADV
cblr-2871	449	8	likely	likely	ADJ
cblr-2871	449	9	that	that	SCONJ
cblr-2871	449	10	all	all	DET
cblr-2871	449	11	firms	firm	NOUN
cblr-2871	449	12	will	will	AUX
cblr-2871	449	13	choose	choose	VERB
cblr-2871	449	14	to	to	PART
cblr-2871	449	15	pool	pool	VERB
cblr-2871	449	16	in	in	ADP
cblr-2871	449	17	their	their	PRON
cblr-2871	449	18	home	home	NOUN
cblr-2871	449	19	state	state	NOUN
cblr-2871	449	20	and	and	CCONJ
cblr-2871	449	21	in	in	ADP
cblr-2871	449	22	nevada	nevada	PROPN
cblr-2871	449	23	where	where	SCONJ
cblr-2871	449	24	they	they	PRON
cblr-2871	449	25	get	get	VERB
cblr-2871	449	26	lax	lax	ADJ
cblr-2871	449	27	governance	governance	NOUN
cblr-2871	449	28	.	.	PUNCT
cblr-2871	450	1	69	69	NUM
cblr-2871	450	2	see	see	VERB
cblr-2871	450	3	roberta	roberta	PROPN
cblr-2871	450	4	romano	romano	PROPN
cblr-2871	450	5	,	,	PUNCT
cblr-2871	450	6	law	law	NOUN
cblr-2871	450	7	as	as	ADP
cblr-2871	450	8	a	a	DET
cblr-2871	450	9	product	product	NOUN
cblr-2871	450	10	:	:	PUNCT
cblr-2871	450	11	some	some	DET
cblr-2871	450	12	pieces	piece	NOUN
cblr-2871	450	13	of	of	ADP
cblr-2871	450	14	the	the	DET
cblr-2871	450	15	incorporation	incorporation	NOUN
cblr-2871	450	16	puzzle	puzzle	NOUN
cblr-2871	450	17	,	,	PUNCT
cblr-2871	450	18	1	1	NUM
cblr-2871	450	19	j.l	j.l	PROPN
cblr-2871	450	20	.	.	PROPN
cblr-2871	450	21	econ	econ	PROPN
cblr-2871	450	22	.	.	PROPN
cblr-2871	450	23	&	&	CCONJ
cblr-2871	450	24	org	org	PROPN
cblr-2871	450	25	.	.	PROPN
cblr-2871	450	26	225	225	NUM
cblr-2871	450	27	,	,	PUNCT
cblr-2871	450	28	274	274	NUM
cblr-2871	450	29	-	-	SYM
cblr-2871	450	30	75	75	NUM
cblr-2871	450	31	(	(	PUNCT
cblr-2871	450	32	1985	1985	NUM
cblr-2871	450	33	)	)	PUNCT
cblr-2871	450	34	.	.	PUNCT
cblr-2871	451	1	granted	grant	VERB
cblr-2871	451	2	,	,	PUNCT
cblr-2871	451	3	these	these	DET
cblr-2871	451	4	advantages	advantage	NOUN
cblr-2871	451	5	may	may	AUX
cblr-2871	451	6	also	also	ADV
cblr-2871	451	7	encourage	encourage	VERB
cblr-2871	451	8	the	the	DET
cblr-2871	451	9	bad	bad	ADJ
cblr-2871	451	10	type	type	NOUN
cblr-2871	451	11	to	to	PART
cblr-2871	451	12	choose	choose	VERB
cblr-2871	451	13	delaware	delaware	PROPN
cblr-2871	451	14	,	,	PUNCT
cblr-2871	451	15	yet	yet	CCONJ
cblr-2871	451	16	they	they	PRON
cblr-2871	451	17	are	be	AUX
cblr-2871	451	18	likely	likely	ADJ
cblr-2871	451	19	to	to	PART
cblr-2871	451	20	nonetheless	nonetheless	ADV
cblr-2871	451	21	be	be	AUX
cblr-2871	451	22	more	more	ADV
cblr-2871	451	23	valuable	valuable	ADJ
cblr-2871	451	24	for	for	ADP
cblr-2871	451	25	the	the	DET
cblr-2871	451	26	good	good	ADJ
cblr-2871	451	27	type	type	NOUN
cblr-2871	451	28	companies	company	NOUN
cblr-2871	451	29	,	,	PUNCT
cblr-2871	451	30	who	who	PRON
cblr-2871	451	31	may	may	AUX
cblr-2871	451	32	benefit	benefit	VERB
cblr-2871	451	33	from	from	ADP
cblr-2871	451	34	a	a	DET
cblr-2871	451	35	less	less	ADV
cblr-2871	451	36	efficient	efficient	ADJ
cblr-2871	451	37	judicial	judicial	ADJ
cblr-2871	451	38	system	system	NOUN
cblr-2871	451	39	.	.	PUNCT
cblr-2871	452	1	654	654	NUM
cblr-2871	452	2	columbia	columbia	PROPN
cblr-2871	452	3	business	business	NOUN
cblr-2871	452	4	law	law	PROPN
cblr-2871	452	5	review	review	NOUN
cblr-2871	452	6	[	[	X
cblr-2871	452	7	vol	vol	NOUN
cblr-2871	452	8	.	.	PUNCT
cblr-2871	452	9	2013	2013	NUM
cblr-2871	452	10	no	no	NOUN
cblr-2871	452	11	.	.	PUNCT
cblr-2871	453	1	3:627	3:627	NUM
cblr-2871	453	2	]	]	PUNCT
cblr-2871	453	3	noise	noise	NOUN
cblr-2871	453	4	adopters	adopter	NOUN
cblr-2871	453	5	in	in	ADP
cblr-2871	453	6	corporate	corporate	ADJ
cblr-2871	453	7	governance	governance	NOUN
cblr-2871	453	8	e.	e.	PROPN
cblr-2871	454	1	how	how	SCONJ
cblr-2871	454	2	noise	noise	NOUN
cblr-2871	454	3	adopters	adopter	NOUN
cblr-2871	454	4	change	change	VERB
cblr-2871	454	5	equilibria	equilibrium	NOUN
cblr-2871	454	6	's	's	PART
cblr-2871	454	7	likelihood	likelihood	NOUN
cblr-2871	454	8	table	table	NOUN
cblr-2871	454	9	1	1	NUM
cblr-2871	454	10	summarizes	summarize	NOUN
cblr-2871	454	11	the	the	DET
cblr-2871	454	12	effects	effect	NOUN
cblr-2871	454	13	of	of	ADP
cblr-2871	454	14	noise	noise	NOUN
cblr-2871	454	15	adopters	adopter	NOUN
cblr-2871	454	16	on	on	ADP
cblr-2871	454	17	potential	potential	ADJ
cblr-2871	454	18	market	market	NOUN
cblr-2871	454	19	equilibria	equilibrium	NOUN
cblr-2871	454	20	.	.	PUNCT
cblr-2871	455	1	in	in	ADP
cblr-2871	455	2	general	general	ADJ
cblr-2871	455	3	,	,	PUNCT
cblr-2871	455	4	noise	noise	NOUN
cblr-2871	455	5	pushes	push	NOUN
cblr-2871	455	6	in	in	ADP
cblr-2871	455	7	the	the	DET
cblr-2871	455	8	direction	direction	NOUN
cblr-2871	455	9	of	of	ADP
cblr-2871	455	10	more	more	ADJ
cblr-2871	455	11	entrenching	entrenching	ADJ
cblr-2871	455	12	governance	governance	NOUN
cblr-2871	455	13	.	.	PUNCT
cblr-2871	456	1	if	if	SCONJ
cblr-2871	456	2	,	,	PUNCT
cblr-2871	456	3	in	in	ADP
cblr-2871	456	4	the	the	DET
cblr-2871	456	5	absence	absence	NOUN
cblr-2871	456	6	of	of	ADP
cblr-2871	456	7	noise	noise	NOUN
cblr-2871	456	8	,	,	PUNCT
cblr-2871	456	9	all	all	DET
cblr-2871	456	10	firms	firm	NOUN
cblr-2871	456	11	pool	pool	VERB
cblr-2871	456	12	into	into	ADP
cblr-2871	456	13	the	the	DET
cblr-2871	456	14	best	good	ADJ
cblr-2871	456	15	regime	regime	NOUN
cblr-2871	456	16	,	,	PUNCT
cblr-2871	456	17	then	then	ADV
cblr-2871	456	18	introducing	introduce	VERB
cblr-2871	456	19	noise	noise	NOUN
cblr-2871	456	20	adopters	adopter	NOUN
cblr-2871	456	21	would	would	AUX
cblr-2871	456	22	tend	tend	VERB
cblr-2871	456	23	to	to	PART
cblr-2871	456	24	increase	increase	VERB
cblr-2871	456	25	the	the	DET
cblr-2871	456	26	likelihood	likelihood	NOUN
cblr-2871	456	27	that	that	SCONJ
cblr-2871	456	28	some	some	DET
cblr-2871	456	29	firms	firm	NOUN
cblr-2871	456	30	opt	opt	VERB
cblr-2871	456	31	for	for	ADP
cblr-2871	456	32	bad	bad	ADJ
cblr-2871	456	33	governance	governance	NOUN
cblr-2871	456	34	instead	instead	ADV
cblr-2871	456	35	.	.	PUNCT
cblr-2871	457	1	similarly	similarly	ADV
cblr-2871	457	2	,	,	PUNCT
cblr-2871	457	3	if	if	SCONJ
cblr-2871	457	4	,	,	PUNCT
cblr-2871	457	5	in	in	ADP
cblr-2871	457	6	the	the	DET
cblr-2871	457	7	absence	absence	NOUN
cblr-2871	457	8	of	of	ADP
cblr-2871	457	9	noise	noise	NOUN
cblr-2871	457	10	,	,	PUNCT
cblr-2871	457	11	firms	firm	NOUN
cblr-2871	457	12	separate	separate	VERB
cblr-2871	457	13	themselves	themselves	PRON
cblr-2871	457	14	between	between	ADP
cblr-2871	457	15	"	"	PUNCT
cblr-2871	457	16	bad	bad	ADJ
cblr-2871	457	17	"	"	PUNCT
cblr-2871	457	18	and	and	CCONJ
cblr-2871	457	19	"	"	PUNCT
cblr-2871	457	20	good	good	ADJ
cblr-2871	457	21	"	"	PUNCT
cblr-2871	457	22	regimes	regime	NOUN
cblr-2871	457	23	,	,	PUNCT
cblr-2871	457	24	introducing	introduce	VERB
cblr-2871	457	25	noise	noise	NOUN
cblr-2871	457	26	adopters	adopter	NOUN
cblr-2871	457	27	tends	tend	VERB
cblr-2871	457	28	to	to	PART
cblr-2871	457	29	increase	increase	VERB
cblr-2871	457	30	the	the	DET
cblr-2871	457	31	likelihood	likelihood	NOUN
cblr-2871	457	32	that	that	SCONJ
cblr-2871	457	33	all	all	DET
cblr-2871	457	34	firms	firm	NOUN
cblr-2871	457	35	pool	pool	VERB
cblr-2871	457	36	on	on	ADP
cblr-2871	457	37	entrenching	entrench	VERB
cblr-2871	457	38	governance.70	governance.70	PROPN
cblr-2871	457	39	f.	f.	PROPN
cblr-2871	457	40	information	information	PROPN
cblr-2871	457	41	bits	bit	NOUN
cblr-2871	457	42	and	and	CCONJ
cblr-2871	457	43	updating	update	VERB
cblr-2871	457	44	investors	investor	NOUN
cblr-2871	457	45	'	'	PART
cblr-2871	457	46	beliefs	belief	NOUN
cblr-2871	457	47	the	the	DET
cblr-2871	457	48	noise	noise	NOUN
cblr-2871	457	49	adopters	adopter	NOUN
cblr-2871	457	50	theory	theory	NOUN
cblr-2871	457	51	can	can	AUX
cblr-2871	457	52	uniquely	uniquely	ADV
cblr-2871	457	53	explain	explain	VERB
cblr-2871	457	54	and	and	CCONJ
cblr-2871	457	55	predict	predict	VERB
cblr-2871	457	56	the	the	DET
cblr-2871	457	57	market	market	NOUN
cblr-2871	457	58	's	's	PART
cblr-2871	457	59	response	response	NOUN
cblr-2871	457	60	to	to	ADP
cblr-2871	457	61	news	news	NOUN
cblr-2871	457	62	.	.	PUNCT
cblr-2871	458	1	with	with	ADP
cblr-2871	458	2	noise	noise	NOUN
cblr-2871	458	3	adopters	adopter	NOUN
cblr-2871	458	4	in	in	ADP
cblr-2871	458	5	the	the	DET
cblr-2871	458	6	market	market	NOUN
cblr-2871	458	7	,	,	PUNCT
cblr-2871	458	8	new	new	ADJ
cblr-2871	458	9	bits	bit	NOUN
cblr-2871	458	10	of	of	ADP
cblr-2871	458	11	information	information	NOUN
cblr-2871	458	12	(	(	PUNCT
cblr-2871	458	13	information	information	NOUN
cblr-2871	458	14	that	that	PRON
cblr-2871	458	15	was	be	AUX
cblr-2871	458	16	previously	previously	ADV
cblr-2871	458	17	obscured	obscure	VERB
cblr-2871	458	18	by	by	ADP
cblr-2871	458	19	the	the	DET
cblr-2871	458	20	noise	noise	NOUN
cblr-2871	458	21	)	)	PUNCT
cblr-2871	458	22	could	could	AUX
cblr-2871	458	23	increase	increase	VERB
cblr-2871	458	24	the	the	DET
cblr-2871	458	25	probability	probability	NOUN
cblr-2871	458	26	of	of	ADP
cblr-2871	458	27	investors	investor	NOUN
cblr-2871	458	28	knowing	know	VERB
cblr-2871	458	29	that	that	SCONJ
cblr-2871	458	30	a	a	DET
cblr-2871	458	31	specific	specific	ADJ
cblr-2871	458	32	firm	firm	NOUN
cblr-2871	458	33	is	be	AUX
cblr-2871	458	34	of	of	ADP
cblr-2871	458	35	a	a	DET
cblr-2871	458	36	certain	certain	ADJ
cblr-2871	458	37	type	type	NOUN
cblr-2871	458	38	.	.	PUNCT
cblr-2871	459	1	accordingly	accordingly	ADV
cblr-2871	459	2	,	,	PUNCT
cblr-2871	459	3	investors	investor	NOUN
cblr-2871	459	4	should	should	AUX
cblr-2871	459	5	update	update	VERB
cblr-2871	459	6	their	their	PRON
cblr-2871	459	7	beliefs	belief	NOUN
cblr-2871	459	8	and	and	CCONJ
cblr-2871	459	9	pricing	pricing	NOUN
cblr-2871	459	10	to	to	PART
cblr-2871	459	11	reflect	reflect	VERB
cblr-2871	459	12	such	such	ADJ
cblr-2871	459	13	increased	increased	ADJ
cblr-2871	459	14	likelihood	likelihood	NOUN
cblr-2871	459	15	.	.	PUNCT
cblr-2871	460	1	for	for	ADP
cblr-2871	460	2	example	example	NOUN
cblr-2871	460	3	,	,	PUNCT
cblr-2871	460	4	consider	consider	VERB
cblr-2871	460	5	a	a	DET
cblr-2871	460	6	firm	firm	NOUN
cblr-2871	460	7	that	that	PRON
cblr-2871	460	8	is	be	AUX
cblr-2871	460	9	sued	sue	VERB
cblr-2871	460	10	for	for	ADP
cblr-2871	460	11	awarding	award	VERB
cblr-2871	460	12	an	an	DET
cblr-2871	460	13	outrageous	outrageous	ADJ
cblr-2871	460	14	compensation	compensation	NOUN
cblr-2871	460	15	package	package	NOUN
cblr-2871	460	16	to	to	ADP
cblr-2871	460	17	managers	manager	NOUN
cblr-2871	460	18	or	or	CCONJ
cblr-2871	460	19	for	for	ADP
cblr-2871	460	20	restating	restate	VERB
cblr-2871	460	21	its	its	PRON
cblr-2871	460	22	earnings	earning	NOUN
cblr-2871	460	23	.	.	PUNCT
cblr-2871	461	1	these	these	DET
cblr-2871	461	2	events	event	NOUN
cblr-2871	461	3	would	would	AUX
cblr-2871	461	4	normally	normally	ADV
cblr-2871	461	5	trigger	trigger	VERB
cblr-2871	461	6	a	a	DET
cblr-2871	461	7	negative	negative	ADJ
cblr-2871	461	8	market	market	NOUN
cblr-2871	461	9	response	response	NOUN
cblr-2871	461	10	that	that	PRON
cblr-2871	461	11	reflects	reflect	VERB
cblr-2871	461	12	the	the	DET
cblr-2871	461	13	loss	loss	NOUN
cblr-2871	461	14	of	of	ADP
cblr-2871	461	15	value	value	NOUN
cblr-2871	461	16	resulting	result	VERB
cblr-2871	461	17	from	from	ADP
cblr-2871	461	18	the	the	DET
cblr-2871	461	19	adverse	adverse	ADJ
cblr-2871	461	20	event	event	NOUN
cblr-2871	461	21	.	.	PUNCT
cblr-2871	462	1	but	but	CCONJ
cblr-2871	462	2	when	when	SCONJ
cblr-2871	462	3	such	such	ADJ
cblr-2871	462	4	events	event	NOUN
cblr-2871	462	5	happen	happen	VERB
cblr-2871	462	6	to	to	ADP
cblr-2871	462	7	firms	firm	NOUN
cblr-2871	462	8	incorporated	incorporate	VERB
cblr-2871	462	9	in	in	ADP
cblr-2871	462	10	their	their	PRON
cblr-2871	462	11	home	home	NOUN
cblr-2871	462	12	state	state	NOUN
cblr-2871	462	13	instead	instead	ADV
cblr-2871	462	14	of	of	ADP
cblr-2871	462	15	in	in	ADP
cblr-2871	462	16	delaware	delaware	PROPN
cblr-2871	462	17	,	,	PUNCT
cblr-2871	462	18	or	or	CCONJ
cblr-2871	462	19	to	to	ADP
cblr-2871	462	20	firms	firm	NOUN
cblr-2871	462	21	that	that	PRON
cblr-2871	462	22	have	have	AUX
cblr-2871	462	23	staggered	stagger	VERB
cblr-2871	462	24	boards	board	NOUN
cblr-2871	462	25	,	,	PUNCT
cblr-2871	462	26	the	the	DET
cblr-2871	462	27	noise	noise	NOUN
cblr-2871	462	28	adopters	adopter	NOUN
cblr-2871	462	29	theory	theory	NOUN
cblr-2871	462	30	predicts	predict	VERB
cblr-2871	462	31	that	that	SCONJ
cblr-2871	462	32	the	the	DET
cblr-2871	462	33	negative	negative	ADJ
cblr-2871	462	34	response	response	NOUN
cblr-2871	462	35	might	might	AUX
cblr-2871	462	36	be	be	AUX
cblr-2871	462	37	stronger	strong	ADJ
cblr-2871	462	38	.	.	PUNCT
cblr-2871	463	1	when	when	SCONJ
cblr-2871	463	2	a	a	DET
cblr-2871	463	3	firm	firm	NOUN
cblr-2871	463	4	chooses	choose	VERB
cblr-2871	463	5	to	to	PART
cblr-2871	463	6	remain	remain	VERB
cblr-2871	463	7	in	in	ADP
cblr-2871	463	8	its	its	PRON
cblr-2871	463	9	home	home	NOUN
cblr-2871	463	10	state	state	NOUN
cblr-2871	463	11	or	or	CCONJ
cblr-2871	463	12	to	to	PART
cblr-2871	463	13	adopt	adopt	VERB
cblr-2871	463	14	a	a	DET
cblr-2871	463	15	staggered	staggered	ADJ
cblr-2871	463	16	board	board	NOUN
cblr-2871	463	17	,	,	PUNCT
cblr-2871	463	18	investors	investor	NOUN
cblr-2871	463	19	are	be	AUX
cblr-2871	463	20	unsure	unsure	ADJ
cblr-2871	463	21	whether	whether	SCONJ
cblr-2871	463	22	the	the	DET
cblr-2871	463	23	decision	decision	NOUN
cblr-2871	463	24	was	be	AUX
cblr-2871	463	25	motivated	motivate	VERB
cblr-2871	463	26	by	by	ADP
cblr-2871	463	27	malign	malign	ADJ
cblr-2871	463	28	or	or	CCONJ
cblr-2871	463	29	benign	benign	ADJ
cblr-2871	463	30	considerations	consideration	NOUN
cblr-2871	463	31	.	.	PUNCT
cblr-2871	464	1	it	it	PRON
cblr-2871	464	2	could	could	AUX
cblr-2871	464	3	be	be	AUX
cblr-2871	464	4	that	that	SCONJ
cblr-2871	464	5	its	its	PRON
cblr-2871	464	6	managers	manager	NOUN
cblr-2871	464	7	were	be	AUX
cblr-2871	464	8	seeking	seek	VERB
cblr-2871	464	9	entrenchment	entrenchment	NOUN
cblr-2871	464	10	,	,	PUNCT
cblr-2871	464	11	but	but	CCONJ
cblr-2871	464	12	it	it	PRON
cblr-2871	464	13	could	could	AUX
cblr-2871	464	14	also	also	ADV
cblr-2871	464	15	be	be	AUX
cblr-2871	464	16	that	that	SCONJ
cblr-2871	464	17	its	its	PRON
cblr-2871	464	18	lawyers	lawyer	NOUN
cblr-2871	464	19	were	be	AUX
cblr-2871	464	20	locally	locally	ADV
cblr-2871	464	21	-	-	PUNCT
cblr-2871	464	22	based	base	VERB
cblr-2871	464	23	or	or	CCONJ
cblr-2871	464	24	70	70	NUM
cblr-2871	464	25	for	for	ADP
cblr-2871	464	26	a	a	DET
cblr-2871	464	27	similar	similar	ADJ
cblr-2871	464	28	effect	effect	NOUN
cblr-2871	464	29	(	(	PUNCT
cblr-2871	464	30	though	though	SCONJ
cblr-2871	464	31	one	one	NUM
cblr-2871	464	32	not	not	PART
cblr-2871	464	33	because	because	SCONJ
cblr-2871	464	34	of	of	ADP
cblr-2871	464	35	noise	noise	NOUN
cblr-2871	464	36	)	)	PUNCT
cblr-2871	464	37	see	see	VERB
cblr-2871	464	38	bebchuk	bebchuk	NOUN
cblr-2871	464	39	,	,	PUNCT
cblr-2871	464	40	note	note	VERB
cblr-2871	464	41	54	54	NUM
cblr-2871	464	42	(	(	PUNCT
cblr-2871	464	43	showing	show	VERB
cblr-2871	464	44	that	that	SCONJ
cblr-2871	464	45	if	if	SCONJ
cblr-2871	464	46	private	private	ADJ
cblr-2871	464	47	benefits	benefit	NOUN
cblr-2871	464	48	correlate	correlate	VERB
cblr-2871	464	49	with	with	ADP
cblr-2871	464	50	firm	firm	ADJ
cblr-2871	464	51	value	value	NOUN
cblr-2871	464	52	,	,	PUNCT
cblr-2871	464	53	the	the	DET
cblr-2871	464	54	desire	desire	NOUN
cblr-2871	464	55	to	to	PART
cblr-2871	464	56	signal	signal	VERB
cblr-2871	464	57	high	high	ADJ
cblr-2871	464	58	value	value	NOUN
cblr-2871	464	59	encourages	encourage	VERB
cblr-2871	464	60	firms	firm	NOUN
cblr-2871	464	61	to	to	PART
cblr-2871	464	62	adopt	adopt	VERB
cblr-2871	464	63	lax	lax	ADJ
cblr-2871	464	64	governance	governance	NOUN
cblr-2871	464	65	)	)	PUNCT
cblr-2871	464	66	.	.	PUNCT
cblr-2871	465	1	655	655	NUM
cblr-2871	465	2	columbia	columbia	PROPN
cblr-2871	465	3	business	business	NOUN
cblr-2871	465	4	law	law	PROPN
cblr-2871	465	5	review	review	NOUN
cblr-2871	465	6	worked	work	VERB
cblr-2871	465	7	with	with	ADP
cblr-2871	465	8	a	a	DET
cblr-2871	465	9	boilerplate	boilerplate	NOUN
cblr-2871	465	10	that	that	PRON
cblr-2871	465	11	included	include	VERB
cblr-2871	465	12	a	a	DET
cblr-2871	465	13	staggered	staggered	ADJ
cblr-2871	465	14	board	board	NOUN
cblr-2871	465	15	.	.	PUNCT
cblr-2871	466	1	when	when	SCONJ
cblr-2871	466	2	such	such	DET
cblr-2871	466	3	a	a	DET
cblr-2871	466	4	firm	firm	NOUN
cblr-2871	466	5	also	also	ADV
cblr-2871	466	6	restates	restate	VERB
cblr-2871	466	7	its	its	PRON
cblr-2871	466	8	earnings	earning	NOUN
cblr-2871	466	9	or	or	CCONJ
cblr-2871	466	10	is	be	AUX
cblr-2871	466	11	sued	sue	VERB
cblr-2871	466	12	for	for	ADP
cblr-2871	466	13	awarding	award	VERB
cblr-2871	466	14	excessive	excessive	ADJ
cblr-2871	466	15	compensation	compensation	NOUN
cblr-2871	466	16	,	,	PUNCT
cblr-2871	466	17	investors	investor	NOUN
cblr-2871	466	18	may	may	AUX
cblr-2871	466	19	use	use	VERB
cblr-2871	466	20	this	this	DET
cblr-2871	466	21	information	information	NOUN
cblr-2871	466	22	as	as	ADP
cblr-2871	466	23	a	a	DET
cblr-2871	466	24	signal	signal	NOUN
cblr-2871	466	25	of	of	ADP
cblr-2871	466	26	the	the	DET
cblr-2871	466	27	firm	firm	ADJ
cblr-2871	466	28	type	type	NOUN
cblr-2871	466	29	.	.	PUNCT
cblr-2871	467	1	the	the	DET
cblr-2871	467	2	bad	bad	ADJ
cblr-2871	467	3	news	news	NOUN
cblr-2871	467	4	causes	cause	VERB
cblr-2871	467	5	investors	investor	NOUN
cblr-2871	467	6	to	to	PART
cblr-2871	467	7	change	change	VERB
cblr-2871	467	8	their	their	PRON
cblr-2871	467	9	prior	prior	ADJ
cblr-2871	467	10	beliefs	belief	NOUN
cblr-2871	467	11	because	because	SCONJ
cblr-2871	467	12	it	it	PRON
cblr-2871	467	13	indicates	indicate	VERB
cblr-2871	467	14	that	that	SCONJ
cblr-2871	467	15	the	the	DET
cblr-2871	467	16	firm	firm	NOUN
cblr-2871	467	17	is	be	AUX
cblr-2871	467	18	likely	likely	ADJ
cblr-2871	467	19	a	a	DET
cblr-2871	467	20	"	"	PUNCT
cblr-2871	467	21	bad	bad	ADJ
cblr-2871	467	22	"	"	PUNCT
cblr-2871	467	23	type	type	NOUN
cblr-2871	467	24	.	.	PUNCT
cblr-2871	468	1	the	the	DET
cblr-2871	468	2	signal	signal	NOUN
cblr-2871	468	3	does	do	AUX
cblr-2871	468	4	not	not	PART
cblr-2871	468	5	have	have	VERB
cblr-2871	468	6	to	to	PART
cblr-2871	468	7	be	be	AUX
cblr-2871	468	8	clear	clear	ADJ
cblr-2871	468	9	and	and	CCONJ
cblr-2871	468	10	discrete	discrete	ADJ
cblr-2871	468	11	.	.	PUNCT
cblr-2871	469	1	rather	rather	ADV
cblr-2871	469	2	,	,	PUNCT
cblr-2871	469	3	it	it	PRON
cblr-2871	469	4	is	be	AUX
cblr-2871	469	5	enough	enough	ADJ
cblr-2871	469	6	that	that	SCONJ
cblr-2871	469	7	investors	investor	NOUN
cblr-2871	469	8	will	will	AUX
cblr-2871	469	9	update	update	VERB
cblr-2871	469	10	their	their	PRON
cblr-2871	469	11	beliefs	belief	NOUN
cblr-2871	469	12	regarding	regard	VERB
cblr-2871	469	13	the	the	DET
cblr-2871	469	14	firm	firm	NOUN
cblr-2871	469	15	's	's	PART
cblr-2871	469	16	type	type	NOUN
cblr-2871	469	17	.	.	PUNCT
cblr-2871	470	1	the	the	DET
cblr-2871	470	2	result	result	NOUN
cblr-2871	470	3	would	would	AUX
cblr-2871	470	4	be	be	AUX
cblr-2871	470	5	a	a	DET
cblr-2871	470	6	greater	great	ADJ
cblr-2871	470	7	discount	discount	NOUN
cblr-2871	470	8	to	to	ADP
cblr-2871	470	9	the	the	DET
cblr-2871	470	10	firm	firm	NOUN
cblr-2871	470	11	's	's	PART
cblr-2871	470	12	share	share	NOUN
cblr-2871	470	13	price	price	NOUN
cblr-2871	470	14	.	.	PUNCT
cblr-2871	471	1	sometimes	sometimes	ADV
cblr-2871	471	2	investors	investor	NOUN
cblr-2871	471	3	may	may	AUX
cblr-2871	471	4	even	even	ADV
cblr-2871	471	5	intervene	intervene	VERB
cblr-2871	471	6	and	and	CCONJ
cblr-2871	471	7	try	try	VERB
cblr-2871	471	8	to	to	PART
cblr-2871	471	9	force	force	VERB
cblr-2871	471	10	the	the	DET
cblr-2871	471	11	firm	firm	NOUN
cblr-2871	471	12	to	to	PART
cblr-2871	471	13	reincorporate	reincorporate	VERB
cblr-2871	471	14	outside	outside	ADV
cblr-2871	471	15	of	of	ADP
cblr-2871	471	16	its	its	PRON
cblr-2871	471	17	home	home	NOUN
cblr-2871	471	18	state	state	NOUN
cblr-2871	471	19	.	.	PUNCT
cblr-2871	472	1	g.	g.	VERB
cblr-2871	473	1	what	what	PRON
cblr-2871	473	2	explains	explain	VERB
cblr-2871	473	3	noise	noise	NOUN
cblr-2871	473	4	adopters	adopter	NOUN
cblr-2871	473	5	'	'	PART
cblr-2871	473	6	survival	survival	NOUN
cblr-2871	473	7	?	?	PUNCT
cblr-2871	474	1	the	the	DET
cblr-2871	474	2	emergence	emergence	NOUN
cblr-2871	474	3	and	and	CCONJ
cblr-2871	474	4	survival	survival	NOUN
cblr-2871	474	5	of	of	ADP
cblr-2871	474	6	noise	noise	NOUN
cblr-2871	474	7	adopters	adopter	NOUN
cblr-2871	474	8	is	be	AUX
cblr-2871	474	9	puzzling	puzzle	VERB
cblr-2871	474	10	.	.	PUNCT
cblr-2871	475	1	noise	noise	NOUN
cblr-2871	475	2	adopters	adopter	NOUN
cblr-2871	475	3	could	could	AUX
cblr-2871	475	4	suffer	suffer	VERB
cblr-2871	475	5	discounts	discount	NOUN
cblr-2871	475	6	as	as	ADP
cblr-2871	475	7	a	a	DET
cblr-2871	475	8	result	result	NOUN
cblr-2871	475	9	of	of	ADP
cblr-2871	475	10	their	their	PRON
cblr-2871	475	11	governance	governance	NOUN
cblr-2871	475	12	terms	term	NOUN
cblr-2871	475	13	.	.	PUNCT
cblr-2871	476	1	if	if	SCONJ
cblr-2871	476	2	they	they	PRON
cblr-2871	476	3	do	do	AUX
cblr-2871	476	4	not	not	PART
cblr-2871	476	5	have	have	VERB
cblr-2871	476	6	particular	particular	ADJ
cblr-2871	476	7	interest	interest	NOUN
cblr-2871	476	8	in	in	ADP
cblr-2871	476	9	these	these	DET
cblr-2871	476	10	terms	term	NOUN
cblr-2871	476	11	,	,	PUNCT
cblr-2871	476	12	what	what	PRON
cblr-2871	476	13	explains	explain	VERB
cblr-2871	476	14	the	the	DET
cblr-2871	476	15	persistence	persistence	NOUN
cblr-2871	476	16	of	of	ADP
cblr-2871	476	17	their	their	PRON
cblr-2871	476	18	behavior	behavior	NOUN
cblr-2871	476	19	?	?	PUNCT
cblr-2871	477	1	this	this	DET
cblr-2871	477	2	section	section	NOUN
cblr-2871	477	3	proposes	propose	VERB
cblr-2871	477	4	potential	potential	ADJ
cblr-2871	477	5	explanations	explanation	NOUN
cblr-2871	477	6	,	,	PUNCT
cblr-2871	477	7	but	but	CCONJ
cblr-2871	477	8	this	this	DET
cblr-2871	477	9	article	article	NOUN
cblr-2871	477	10	does	do	AUX
cblr-2871	477	11	not	not	PART
cblr-2871	477	12	present	present	VERB
cblr-2871	477	13	a	a	DET
cblr-2871	477	14	solution.7	solution.7	NOUN
cblr-2871	477	15	'	'	PUNCT
cblr-2871	477	16	if	if	SCONJ
cblr-2871	477	17	noise	noise	NOUN
cblr-2871	477	18	adopters	adopter	NOUN
cblr-2871	477	19	'	'	PART
cblr-2871	477	20	mass	mass	NOUN
cblr-2871	477	21	is	be	AUX
cblr-2871	477	22	significant	significant	ADJ
cblr-2871	477	23	,	,	PUNCT
cblr-2871	477	24	the	the	DET
cblr-2871	477	25	discount	discount	NOUN
cblr-2871	477	26	that	that	PRON
cblr-2871	477	27	they	they	PRON
cblr-2871	477	28	suffer	suffer	VERB
cblr-2871	477	29	as	as	ADP
cblr-2871	477	30	a	a	DET
cblr-2871	477	31	result	result	NOUN
cblr-2871	477	32	of	of	ADP
cblr-2871	477	33	having	have	VERB
cblr-2871	477	34	a	a	DET
cblr-2871	477	35	staggered	staggered	ADJ
cblr-2871	477	36	board	board	NOUN
cblr-2871	477	37	may	may	AUX
cblr-2871	477	38	not	not	PART
cblr-2871	477	39	be	be	AUX
cblr-2871	477	40	significant	significant	ADJ
cblr-2871	477	41	.	.	PUNCT
cblr-2871	478	1	indeed	indeed	ADV
cblr-2871	478	2	,	,	PUNCT
cblr-2871	478	3	a	a	DET
cblr-2871	478	4	recent	recent	ADJ
cblr-2871	478	5	study	study	NOUN
cblr-2871	478	6	found	find	VERB
cblr-2871	478	7	that	that	SCONJ
cblr-2871	478	8	,	,	PUNCT
cblr-2871	478	9	on	on	ADP
cblr-2871	478	10	average	average	ADJ
cblr-2871	478	11	,	,	PUNCT
cblr-2871	478	12	staggered	staggered	ADJ
cblr-2871	478	13	boards	board	NOUN
cblr-2871	478	14	are	be	AUX
cblr-2871	478	15	not	not	PART
cblr-2871	478	16	associated	associate	VERB
cblr-2871	478	17	with	with	ADP
cblr-2871	478	18	a	a	DET
cblr-2871	478	19	discount	discount	NOUN
cblr-2871	478	20	at	at	ADP
cblr-2871	478	21	the	the	DET
cblr-2871	478	22	ipo	ipo	NOUN
cblr-2871	478	23	stage	stage	NOUN
cblr-2871	478	24	(	(	PUNCT
cblr-2871	478	25	in	in	ADP
cblr-2871	478	26	contrast	contrast	NOUN
cblr-2871	478	27	to	to	ADP
cblr-2871	478	28	the	the	DET
cblr-2871	478	29	midstream	midstream	NOUN
cblr-2871	478	30	stage).72	stage).72	PROPN
cblr-2871	478	31	second	second	ADJ
cblr-2871	478	32	,	,	PUNCT
cblr-2871	478	33	wide	wide	ADJ
cblr-2871	478	34	adoption	adoption	NOUN
cblr-2871	478	35	imposes	impose	VERB
cblr-2871	478	36	network	network	NOUN
cblr-2871	478	37	and	and	CCONJ
cblr-2871	478	38	learning	learn	VERB
cblr-2871	478	39	benefits	benefit	NOUN
cblr-2871	478	40	regardless	regardless	ADV
cblr-2871	478	41	of	of	ADP
cblr-2871	478	42	the	the	DET
cblr-2871	478	43	content	content	NOUN
cblr-2871	478	44	of	of	ADP
cblr-2871	478	45	the	the	DET
cblr-2871	478	46	term	term	NOUN
cblr-2871	478	47	.	.	PUNCT
cblr-2871	479	1	thus	thus	ADV
cblr-2871	479	2	,	,	PUNCT
cblr-2871	479	3	these	these	DET
cblr-2871	479	4	benefits	benefit	NOUN
cblr-2871	479	5	could	could	AUX
cblr-2871	479	6	outweigh	outweigh	VERB
cblr-2871	479	7	the	the	DET
cblr-2871	479	8	impact	impact	NOUN
cblr-2871	479	9	of	of	ADP
cblr-2871	479	10	a	a	DET
cblr-2871	479	11	signal	signal	NOUN
cblr-2871	479	12	that	that	PRON
cblr-2871	479	13	is	be	AUX
cblr-2871	479	14	already	already	ADV
cblr-2871	479	15	weak	weak	ADJ
cblr-2871	479	16	.	.	PUNCT
cblr-2871	480	1	73	73	NUM
cblr-2871	480	2	as	as	ADP
cblr-2871	480	3	a	a	DET
cblr-2871	480	4	result	result	NOUN
cblr-2871	480	5	,	,	PUNCT
cblr-2871	480	6	given	give	VERB
cblr-2871	480	7	a	a	DET
cblr-2871	480	8	wide	wide	ADJ
cblr-2871	480	9	adoption	adoption	NOUN
cblr-2871	480	10	of	of	ADP
cblr-2871	480	11	an	an	DET
cblr-2871	480	12	entrenching	entrenching	ADJ
cblr-2871	480	13	term	term	NOUN
cblr-2871	480	14	,	,	PUNCT
cblr-2871	480	15	it	it	PRON
cblr-2871	480	16	might	might	AUX
cblr-2871	480	17	be	be	AUX
cblr-2871	480	18	rational	rational	ADJ
cblr-2871	480	19	for	for	SCONJ
cblr-2871	480	20	noise	noise	NOUN
cblr-2871	480	21	adopters	adopter	NOUN
cblr-2871	480	22	to	to	PART
cblr-2871	480	23	keep	keep	VERB
cblr-2871	480	24	it	it	PRON
cblr-2871	480	25	.	.	PUNCT
cblr-2871	481	1	deviating	deviate	VERB
cblr-2871	481	2	to	to	ADP
cblr-2871	481	3	a	a	DET
cblr-2871	481	4	less	less	ADV
cblr-2871	481	5	used	used	ADJ
cblr-2871	481	6	,	,	PUNCT
cblr-2871	481	7	even	even	ADV
cblr-2871	481	8	if	if	SCONJ
cblr-2871	481	9	more	more	ADV
cblr-2871	481	10	efficient	efficient	ADJ
cblr-2871	481	11	,	,	PUNCT
cblr-2871	481	12	term	term	NOUN
cblr-2871	481	13	could	could	AUX
cblr-2871	481	14	actually	actually	ADV
cblr-2871	481	15	result	result	VERB
cblr-2871	481	16	71	71	NUM
cblr-2871	481	17	following	follow	VERB
cblr-2871	481	18	albert	albert	PROPN
cblr-2871	481	19	kyle	kyle	PROPN
cblr-2871	481	20	's	's	PART
cblr-2871	481	21	seminal	seminal	ADJ
cblr-2871	481	22	paper	paper	NOUN
cblr-2871	481	23	,	,	PUNCT
cblr-2871	481	24	substantial	substantial	ADJ
cblr-2871	481	25	scholarship	scholarship	NOUN
cblr-2871	481	26	has	have	AUX
cblr-2871	481	27	attempted	attempt	VERB
cblr-2871	481	28	to	to	PART
cblr-2871	481	29	explain	explain	VERB
cblr-2871	481	30	the	the	DET
cblr-2871	481	31	survival	survival	NOUN
cblr-2871	481	32	of	of	ADP
cblr-2871	481	33	noise	noise	NOUN
cblr-2871	481	34	traders	trader	NOUN
cblr-2871	481	35	.	.	PUNCT
cblr-2871	482	1	see	see	VERB
cblr-2871	482	2	j.	j.	PROPN
cblr-2871	482	3	bradford	bradford	PROPN
cblr-2871	482	4	de	de	PROPN
cblr-2871	482	5	long	long	PROPN
cblr-2871	482	6	,	,	PUNCT
cblr-2871	482	7	andrei	andrei	NOUN
cblr-2871	482	8	shleifer	shleifer	PROPN
cblr-2871	482	9	,	,	PUNCT
cblr-2871	482	10	lawrence	lawrence	PROPN
cblr-2871	482	11	h.	h.	PROPN
cblr-2871	482	12	summers	summers	PROPN
cblr-2871	482	13	&	&	CCONJ
cblr-2871	482	14	robert	robert	PROPN
cblr-2871	482	15	j.	j.	PROPN
cblr-2871	482	16	waldmann	waldmann	PROPN
cblr-2871	482	17	,	,	PUNCT
cblr-2871	482	18	the	the	DET
cblr-2871	482	19	survival	survival	NOUN
cblr-2871	482	20	of	of	ADP
cblr-2871	482	21	noise	noise	NOUN
cblr-2871	482	22	traders	trader	NOUN
cblr-2871	482	23	in	in	ADP
cblr-2871	482	24	financial	financial	ADJ
cblr-2871	482	25	markets	market	NOUN
cblr-2871	482	26	,	,	PUNCT
cblr-2871	482	27	64	64	NUM
cblr-2871	482	28	j.	j.	PROPN
cblr-2871	482	29	bus	bus	NOUN
cblr-2871	482	30	.	.	PUNCT
cblr-2871	483	1	1	1	NUM
cblr-2871	483	2	(	(	PUNCT
cblr-2871	483	3	1991	1991	NUM
cblr-2871	483	4	)	)	PUNCT
cblr-2871	483	5	.	.	PUNCT
cblr-2871	484	1	72	72	NUM
cblr-2871	484	2	see	see	VERB
cblr-2871	484	3	william	william	PROPN
cblr-2871	484	4	c.	c.	PROPN
cblr-2871	484	5	johnson	johnson	PROPN
cblr-2871	484	6	,	,	PUNCT
cblr-2871	484	7	jonathan	jonathan	PROPN
cblr-2871	484	8	m.	m.	PROPN
cblr-2871	484	9	karpoff	karpoff	PROPN
cblr-2871	484	10	&	&	CCONJ
cblr-2871	484	11	sangho	sangho	PROPN
cblr-2871	484	12	yi	yi	PROPN
cblr-2871	484	13	,	,	PUNCT
cblr-2871	484	14	the	the	DET
cblr-2871	484	15	bonding	bonding	NOUN
cblr-2871	484	16	hypothesis	hypothesis	NOUN
cblr-2871	484	17	of	of	ADP
cblr-2871	484	18	takeover	takeover	NOUN
cblr-2871	484	19	defenses	defense	NOUN
cblr-2871	484	20	:	:	PUNCT
cblr-2871	484	21	evidence	evidence	NOUN
cblr-2871	484	22	from	from	ADP
cblr-2871	484	23	ipo	ipo	PROPN
cblr-2871	484	24	firms	firm	NOUN
cblr-2871	484	25	33	33	NUM
cblr-2871	484	26	(	(	PUNCT
cblr-2871	484	27	apr	apr	PROPN
cblr-2871	484	28	.	.	PROPN
cblr-2871	484	29	23	23	NUM
cblr-2871	484	30	,	,	PUNCT
cblr-2871	484	31	2013	2013	NUM
cblr-2871	484	32	)	)	PUNCT
cblr-2871	484	33	(	(	PUNCT
cblr-2871	484	34	unpublished	unpublished	ADJ
cblr-2871	484	35	manuscript	manuscript	NOUN
cblr-2871	484	36	)	)	PUNCT
cblr-2871	484	37	,	,	PUNCT
cblr-2871	484	38	available	available	ADJ
cblr-2871	484	39	at	at	ADP
cblr-2871	484	40	http://papers.ssrn.com/abstract=1923667	http://papers.ssrn.com/abstract=1923667	PROPN
cblr-2871	484	41	.	.	PUNCT
cblr-2871	485	1	73	73	NUM
cblr-2871	485	2	see	see	VERB
cblr-2871	485	3	daines	daine	NOUN
cblr-2871	485	4	,	,	PUNCT
cblr-2871	485	5	supra	supra	PROPN
cblr-2871	485	6	note	note	NOUN
cblr-2871	485	7	3	3	NUM
cblr-2871	485	8	,	,	PUNCT
cblr-2871	485	9	at	at	ADP
cblr-2871	485	10	1587	1587	NUM
cblr-2871	485	11	.	.	PUNCT
cblr-2871	486	1	656	656	NUM
cblr-2871	487	1	[	[	X
cblr-2871	487	2	vol	vol	NOUN
cblr-2871	487	3	.	.	PUNCT
cblr-2871	487	4	2013	2013	NUM
cblr-2871	487	5	no	no	NOUN
cblr-2871	487	6	.	.	PUNCT
cblr-2871	488	1	3:627	3:627	NUM
cblr-2871	488	2	]	]	PUNCT
cblr-2871	488	3	noise	noise	NOUN
cblr-2871	488	4	adopters	adopter	NOUN
cblr-2871	488	5	in	in	ADP
cblr-2871	488	6	corporate	corporate	ADJ
cblr-2871	488	7	governance	governance	NOUN
cblr-2871	488	8	in	in	ADP
cblr-2871	488	9	a	a	DET
cblr-2871	488	10	discount	discount	NOUN
cblr-2871	488	11	.	.	PUNCT
cblr-2871	489	1	finally	finally	ADV
cblr-2871	489	2	,	,	PUNCT
cblr-2871	489	3	it	it	PRON
cblr-2871	489	4	is	be	AUX
cblr-2871	489	5	possible	possible	ADJ
cblr-2871	489	6	that	that	SCONJ
cblr-2871	489	7	agency	agency	NOUN
cblr-2871	489	8	costs	cost	VERB
cblr-2871	489	9	on	on	ADP
cblr-2871	489	10	the	the	DET
cblr-2871	489	11	professionals	professional	NOUN
cblr-2871	489	12	'	'	PART
cblr-2871	489	13	side	side	NOUN
cblr-2871	489	14	incentivize	incentivize	VERB
cblr-2871	489	15	noise	noise	NOUN
cblr-2871	489	16	adopters	adopter	NOUN
cblr-2871	489	17	to	to	PART
cblr-2871	489	18	adopt	adopt	VERB
cblr-2871	489	19	inefficient	inefficient	ADJ
cblr-2871	489	20	terms	term	NOUN
cblr-2871	489	21	.	.	PUNCT
cblr-2871	490	1	for	for	ADP
cblr-2871	490	2	example	example	NOUN
cblr-2871	490	3	,	,	PUNCT
cblr-2871	490	4	as	as	SCONJ
cblr-2871	490	5	explained	explain	VERB
cblr-2871	490	6	above	above	ADV
cblr-2871	490	7	,	,	PUNCT
cblr-2871	490	8	local	local	ADJ
cblr-2871	490	9	law	law	NOUN
cblr-2871	490	10	firms	firm	NOUN
cblr-2871	490	11	may	may	AUX
cblr-2871	490	12	advise	advise	VERB
cblr-2871	490	13	firms	firm	NOUN
cblr-2871	490	14	to	to	PART
cblr-2871	490	15	incorporate	incorporate	VERB
cblr-2871	490	16	in	in	ADP
cblr-2871	490	17	their	their	PRON
cblr-2871	490	18	home	home	NOUN
cblr-2871	490	19	state	state	NOUN
cblr-2871	490	20	,	,	PUNCT
cblr-2871	490	21	where	where	SCONJ
cblr-2871	490	22	that	that	DET
cblr-2871	490	23	law	law	NOUN
cblr-2871	490	24	firm	firm	NOUN
cblr-2871	490	25	has	have	VERB
cblr-2871	490	26	a	a	DET
cblr-2871	490	27	competitive	competitive	ADJ
cblr-2871	490	28	advantage	advantage	NOUN
cblr-2871	490	29	,	,	PUNCT
cblr-2871	490	30	even	even	ADV
cblr-2871	490	31	if	if	SCONJ
cblr-2871	490	32	incorporating	incorporate	VERB
cblr-2871	490	33	in	in	ADP
cblr-2871	490	34	delaware	delaware	PROPN
cblr-2871	490	35	would	would	AUX
cblr-2871	490	36	be	be	AUX
cblr-2871	490	37	a	a	DET
cblr-2871	490	38	better	well	ADJ
cblr-2871	490	39	choice.74	choice.74	NOUN
cblr-2871	490	40	if	if	SCONJ
cblr-2871	490	41	the	the	DET
cblr-2871	490	42	company	company	NOUN
cblr-2871	490	43	does	do	AUX
cblr-2871	490	44	not	not	PART
cblr-2871	490	45	seek	seek	VERB
cblr-2871	490	46	the	the	DET
cblr-2871	490	47	advice	advice	NOUN
cblr-2871	490	48	of	of	ADP
cblr-2871	490	49	a	a	DET
cblr-2871	490	50	national	national	ADJ
cblr-2871	490	51	law	law	NOUN
cblr-2871	490	52	firm	firm	NOUN
cblr-2871	490	53	,	,	PUNCT
cblr-2871	490	54	it	it	PRON
cblr-2871	490	55	may	may	AUX
cblr-2871	490	56	not	not	PART
cblr-2871	490	57	be	be	AUX
cblr-2871	490	58	aware	aware	ADJ
cblr-2871	490	59	of	of	ADP
cblr-2871	490	60	the	the	DET
cblr-2871	490	61	full	full	ADJ
cblr-2871	490	62	implications	implication	NOUN
cblr-2871	490	63	of	of	ADP
cblr-2871	490	64	incorporation	incorporation	NOUN
cblr-2871	490	65	in	in	ADP
cblr-2871	490	66	its	its	PRON
cblr-2871	490	67	home	home	NOUN
cblr-2871	490	68	state	state	NOUN
cblr-2871	490	69	instead	instead	ADV
cblr-2871	490	70	of	of	ADP
cblr-2871	490	71	in	in	ADP
cblr-2871	490	72	delaware	delaware	PROPN
cblr-2871	490	73	.	.	PUNCT
cblr-2871	491	1	iv	iv	X
cblr-2871	491	2	.	.	PUNCT
cblr-2871	492	1	explaining	explain	VERB
cblr-2871	492	2	puzzles	puzzle	NOUN
cblr-2871	492	3	and	and	CCONJ
cblr-2871	492	4	reconciling	reconcile	VERB
cblr-2871	492	5	evidence	evidence	NOUN
cblr-2871	492	6	a.	a.	NOUN
cblr-2871	492	7	explaining	explain	VERB
cblr-2871	492	8	the	the	DET
cblr-2871	492	9	ipo	ipo	PROPN
cblr-2871	492	10	vs.	vs.	ADP
cblr-2871	492	11	midstream	midstream	NOUN
cblr-2871	492	12	puzzle	puzzle	VERB
cblr-2871	492	13	an	an	DET
cblr-2871	492	14	important	important	ADJ
cblr-2871	492	15	distinction	distinction	NOUN
cblr-2871	492	16	emerged	emerge	VERB
cblr-2871	492	17	in	in	ADP
cblr-2871	492	18	classic	classic	ADJ
cblr-2871	492	19	theory	theory	NOUN
cblr-2871	492	20	regarding	regard	VERB
cblr-2871	492	21	the	the	DET
cblr-2871	492	22	efficiency	efficiency	NOUN
cblr-2871	492	23	of	of	ADP
cblr-2871	492	24	adopting	adopt	VERB
cblr-2871	492	25	corporate	corporate	ADJ
cblr-2871	492	26	governance	governance	NOUN
cblr-2871	492	27	terms	term	NOUN
cblr-2871	492	28	at	at	ADP
cblr-2871	492	29	the	the	DET
cblr-2871	492	30	ipo	ipo	NOUN
cblr-2871	492	31	stage	stage	NOUN
cblr-2871	492	32	and	and	CCONJ
cblr-2871	492	33	at	at	ADP
cblr-2871	492	34	the	the	DET
cblr-2871	492	35	midstream	midstream	NOUN
cblr-2871	492	36	stage	stage	NOUN
cblr-2871	492	37	(	(	PUNCT
cblr-2871	492	38	after	after	SCONJ
cblr-2871	492	39	the	the	DET
cblr-2871	492	40	firm	firm	NOUN
cblr-2871	492	41	's	's	PART
cblr-2871	492	42	shares	share	NOUN
cblr-2871	492	43	have	have	AUX
cblr-2871	492	44	been	be	AUX
cblr-2871	492	45	publicly	publicly	ADV
cblr-2871	492	46	traded	trade	VERB
cblr-2871	492	47	)	)	PUNCT
cblr-2871	492	48	.	.	PUNCT
cblr-2871	493	1	in	in	ADP
cblr-2871	493	2	the	the	DET
cblr-2871	493	3	midstream	midstream	NOUN
cblr-2871	493	4	stage	stage	NOUN
cblr-2871	493	5	,	,	PUNCT
cblr-2871	493	6	insiders	insider	NOUN
cblr-2871	493	7	typically	typically	ADV
cblr-2871	493	8	hold	hold	VERB
cblr-2871	493	9	a	a	DET
cblr-2871	493	10	small	small	ADJ
cblr-2871	493	11	fraction	fraction	NOUN
cblr-2871	493	12	of	of	ADP
cblr-2871	493	13	the	the	DET
cblr-2871	493	14	company	company	NOUN
cblr-2871	493	15	shares	share	NOUN
cblr-2871	493	16	.	.	PUNCT
cblr-2871	494	1	thus	thus	ADV
cblr-2871	494	2	,	,	PUNCT
cblr-2871	494	3	their	their	PRON
cblr-2871	494	4	incentives	incentive	NOUN
cblr-2871	494	5	are	be	AUX
cblr-2871	494	6	less	less	ADV
cblr-2871	494	7	aligned	aligned	ADJ
cblr-2871	494	8	with	with	ADP
cblr-2871	494	9	those	those	PRON
cblr-2871	494	10	of	of	ADP
cblr-2871	494	11	shareholders	shareholder	NOUN
cblr-2871	494	12	and	and	CCONJ
cblr-2871	494	13	the	the	DET
cblr-2871	494	14	agency	agency	NOUN
cblr-2871	494	15	costs	cost	VERB
cblr-2871	494	16	problem	problem	NOUN
cblr-2871	494	17	is	be	AUX
cblr-2871	494	18	more	more	ADV
cblr-2871	494	19	apparent	apparent	ADJ
cblr-2871	494	20	.	.	PUNCT
cblr-2871	495	1	shareholders	shareholder	NOUN
cblr-2871	495	2	are	be	AUX
cblr-2871	495	3	rationally	rationally	ADV
cblr-2871	495	4	ignorant	ignorant	ADJ
cblr-2871	495	5	and	and	CCONJ
cblr-2871	495	6	infused	infuse	VERB
cblr-2871	495	7	with	with	ADP
cblr-2871	495	8	collective	collective	ADJ
cblr-2871	495	9	action	action	NOUN
cblr-2871	495	10	problems	problem	NOUN
cblr-2871	495	11	.	.	PUNCT
cblr-2871	496	1	thus	thus	ADV
cblr-2871	496	2	,	,	PUNCT
cblr-2871	496	3	we	we	PRON
cblr-2871	496	4	expect	expect	VERB
cblr-2871	496	5	firms	firm	NOUN
cblr-2871	496	6	'	'	PART
cblr-2871	496	7	midstream	midstream	NOUN
cblr-2871	496	8	corporate	corporate	ADJ
cblr-2871	496	9	governance	governance	NOUN
cblr-2871	496	10	decisions	decision	NOUN
cblr-2871	496	11	to	to	PART
cblr-2871	496	12	be	be	AUX
cblr-2871	496	13	more	more	ADV
cblr-2871	496	14	favorable	favorable	ADJ
cblr-2871	496	15	to	to	ADP
cblr-2871	496	16	management	management	NOUN
cblr-2871	496	17	.	.	PUNCT
cblr-2871	497	1	the	the	DET
cblr-2871	497	2	ipo	ipo	PROPN
cblr-2871	497	3	stage	stage	NOUN
cblr-2871	497	4	,	,	PUNCT
cblr-2871	497	5	however	however	ADV
cblr-2871	497	6	,	,	PUNCT
cblr-2871	497	7	is	be	AUX
cblr-2871	497	8	different	different	ADJ
cblr-2871	497	9	.	.	PUNCT
cblr-2871	498	1	at	at	ADP
cblr-2871	498	2	this	this	DET
cblr-2871	498	3	stage	stage	NOUN
cblr-2871	498	4	,	,	PUNCT
cblr-2871	498	5	when	when	SCONJ
cblr-2871	498	6	the	the	DET
cblr-2871	498	7	founder	founder	NOUN
cblr-2871	498	8	takes	take	VERB
cblr-2871	498	9	the	the	DET
cblr-2871	498	10	firm	firm	ADJ
cblr-2871	498	11	public	public	NOUN
cblr-2871	498	12	,	,	PUNCT
cblr-2871	498	13	he	he	PRON
cblr-2871	498	14	internalizes	internalize	VERB
cblr-2871	498	15	the	the	DET
cblr-2871	498	16	consequences	consequence	NOUN
cblr-2871	498	17	of	of	ADP
cblr-2871	498	18	his	his	PRON
cblr-2871	498	19	choices	choice	NOUN
cblr-2871	498	20	via	via	ADP
cblr-2871	498	21	the	the	DET
cblr-2871	498	22	price	price	NOUN
cblr-2871	498	23	that	that	PRON
cblr-2871	498	24	investors	investor	NOUN
cblr-2871	498	25	are	be	AUX
cblr-2871	498	26	willing	willing	ADJ
cblr-2871	498	27	to	to	PART
cblr-2871	498	28	pay	pay	VERB
cblr-2871	498	29	for	for	ADP
cblr-2871	498	30	his	his	PRON
cblr-2871	498	31	shares	share	NOUN
cblr-2871	498	32	.	.	PUNCT
cblr-2871	499	1	rather	rather	ADV
cblr-2871	499	2	than	than	ADP
cblr-2871	499	3	adopting	adopt	VERB
cblr-2871	499	4	entrenching	entrench	VERB
cblr-2871	499	5	terms	term	NOUN
cblr-2871	499	6	,	,	PUNCT
cblr-2871	499	7	the	the	DET
cblr-2871	499	8	founder	founder	NOUN
cblr-2871	499	9	is	be	AUX
cblr-2871	499	10	expected	expect	VERB
cblr-2871	499	11	to	to	PART
cblr-2871	499	12	adopt	adopt	VERB
cblr-2871	499	13	only	only	ADV
cblr-2871	499	14	efficient	efficient	ADJ
cblr-2871	499	15	terms	term	NOUN
cblr-2871	499	16	whose	whose	DET
cblr-2871	499	17	benefits	benefit	NOUN
cblr-2871	499	18	to	to	ADP
cblr-2871	499	19	shareholders	shareholder	NOUN
cblr-2871	499	20	outweigh	outweigh	VERB
cblr-2871	499	21	their	their	PRON
cblr-2871	499	22	costs.75	costs.75	ADJ
cblr-2871	499	23	74	74	NUM
cblr-2871	499	24	see	see	NOUN
cblr-2871	499	25	daines	daine	NOUN
cblr-2871	499	26	,	,	PUNCT
cblr-2871	499	27	supra	supra	PROPN
cblr-2871	499	28	note	note	NOUN
cblr-2871	499	29	3	3	NUM
cblr-2871	499	30	,	,	PUNCT
cblr-2871	499	31	at	at	ADP
cblr-2871	499	32	1566	1566	NUM
cblr-2871	499	33	;	;	PUNCT
cblr-2871	499	34	lucian	lucian	PROPN
cblr-2871	499	35	a.	a.	PROPN
cblr-2871	499	36	bebchuk	bebchuk	PROPN
cblr-2871	499	37	&	&	CCONJ
cblr-2871	499	38	alma	alma	PROPN
cblr-2871	499	39	cohen	cohen	PROPN
cblr-2871	499	40	,	,	PUNCT
cblr-2871	499	41	firms	firm	NOUN
cblr-2871	499	42	'	'	PART
cblr-2871	499	43	decisions	decision	NOUN
cblr-2871	499	44	where	where	SCONJ
cblr-2871	499	45	to	to	PART
cblr-2871	499	46	incorporate	incorporate	VERB
cblr-2871	499	47	,	,	PUNCT
cblr-2871	499	48	46	46	NUM
cblr-2871	499	49	j.l	j.l	PROPN
cblr-2871	499	50	.	.	PROPN
cblr-2871	499	51	&	&	CCONJ
cblr-2871	499	52	econ	econ	PROPN
cblr-2871	499	53	.	.	PUNCT
cblr-2871	500	1	383	383	NUM
cblr-2871	500	2	,	,	PUNCT
cblr-2871	500	3	386	386	NUM
cblr-2871	500	4	(	(	PUNCT
cblr-2871	500	5	2003	2003	NUM
cblr-2871	500	6	)	)	PUNCT
cblr-2871	500	7	.	.	PUNCT
cblr-2871	501	1	75	75	NUM
cblr-2871	501	2	see	see	VERB
cblr-2871	501	3	michael	michael	PROPN
cblr-2871	501	4	c.	c.	PROPN
cblr-2871	501	5	jensen	jensen	PROPN
cblr-2871	501	6	&	&	CCONJ
cblr-2871	501	7	william	william	PROPN
cblr-2871	501	8	h.	h.	PROPN
cblr-2871	501	9	meckling	meckling	PROPN
cblr-2871	501	10	,	,	PUNCT
cblr-2871	501	11	theory	theory	NOUN
cblr-2871	501	12	of	of	ADP
cblr-2871	501	13	the	the	DET
cblr-2871	501	14	firm	firm	NOUN
cblr-2871	501	15	:	:	PUNCT
cblr-2871	501	16	managerial	managerial	ADJ
cblr-2871	501	17	behavior	behavior	NOUN
cblr-2871	501	18	,	,	PUNCT
cblr-2871	501	19	agency	agency	NOUN
cblr-2871	501	20	costs	cost	NOUN
cblr-2871	501	21	and	and	CCONJ
cblr-2871	501	22	ownership	ownership	NOUN
cblr-2871	501	23	structure	structure	NOUN
cblr-2871	501	24	,	,	PUNCT
cblr-2871	501	25	3	3	NUM
cblr-2871	501	26	j.	j.	PROPN
cblr-2871	501	27	fin	fin	PROPN
cblr-2871	501	28	.	.	PUNCT
cblr-2871	501	29	econ	econ	PROPN
cblr-2871	501	30	.	.	PUNCT
cblr-2871	502	1	305	305	NUM
cblr-2871	502	2	,	,	PUNCT
cblr-2871	502	3	312	312	NUM
cblr-2871	502	4	-	-	SYM
cblr-2871	502	5	13	13	NUM
cblr-2871	502	6	(	(	PUNCT
cblr-2871	502	7	1976	1976	NUM
cblr-2871	502	8	)	)	PUNCT
cblr-2871	502	9	(	(	PUNCT
cblr-2871	502	10	formalizing	formalizing	NOUN
cblr-2871	502	11	and	and	CCONJ
cblr-2871	502	12	developing	develop	VERB
cblr-2871	502	13	the	the	DET
cblr-2871	502	14	insight	insight	NOUN
cblr-2871	502	15	that	that	SCONJ
cblr-2871	502	16	657	657	NUM
cblr-2871	502	17	columbia	columbia	PROPN
cblr-2871	502	18	business	business	NOUN
cblr-2871	502	19	law	law	PROPN
cblr-2871	502	20	review	review	NOUN
cblr-2871	502	21	to	to	PART
cblr-2871	502	22	illustrate	illustrate	VERB
cblr-2871	502	23	,	,	PUNCT
cblr-2871	502	24	assume	assume	VERB
cblr-2871	502	25	that	that	SCONJ
cblr-2871	502	26	a	a	DET
cblr-2871	502	27	manager	manager	NOUN
cblr-2871	502	28	derives	derive	VERB
cblr-2871	502	29	private	private	ADJ
cblr-2871	502	30	benefits	benefit	NOUN
cblr-2871	502	31	equal	equal	ADJ
cblr-2871	502	32	to	to	ADP
cblr-2871	502	33	100	100	NUM
cblr-2871	502	34	from	from	ADP
cblr-2871	502	35	having	have	VERB
cblr-2871	502	36	a	a	DET
cblr-2871	502	37	staggered	staggered	ADJ
cblr-2871	502	38	board	board	NOUN
cblr-2871	502	39	.	.	PUNCT
cblr-2871	503	1	also	also	ADV
cblr-2871	503	2	assume	assume	VERB
cblr-2871	503	3	that	that	SCONJ
cblr-2871	503	4	a	a	DET
cblr-2871	503	5	staggered	staggered	ADJ
cblr-2871	503	6	board	board	NOUN
cblr-2871	503	7	imposes	impose	VERB
cblr-2871	503	8	inefficiency	inefficiency	NOUN
cblr-2871	503	9	costs	cost	NOUN
cblr-2871	503	10	of	of	ADP
cblr-2871	503	11	1000	1000	NUM
cblr-2871	503	12	on	on	ADP
cblr-2871	503	13	shareholders	shareholder	NOUN
cblr-2871	503	14	.	.	PUNCT
cblr-2871	504	1	under	under	ADP
cblr-2871	504	2	these	these	DET
cblr-2871	504	3	circumstances	circumstance	NOUN
cblr-2871	504	4	,	,	PUNCT
cblr-2871	504	5	a	a	DET
cblr-2871	504	6	staggered	staggered	ADJ
cblr-2871	504	7	board	board	NOUN
cblr-2871	504	8	is	be	AUX
cblr-2871	504	9	clearly	clearly	ADV
cblr-2871	504	10	inefficient	inefficient	ADJ
cblr-2871	504	11	and	and	CCONJ
cblr-2871	504	12	should	should	AUX
cblr-2871	504	13	not	not	PART
cblr-2871	504	14	be	be	AUX
cblr-2871	504	15	adopted	adopt	VERB
cblr-2871	504	16	.	.	PUNCT
cblr-2871	505	1	in	in	ADP
cblr-2871	505	2	the	the	DET
cblr-2871	505	3	midstream	midstream	NOUN
cblr-2871	505	4	stage	stage	NOUN
cblr-2871	505	5	,	,	PUNCT
cblr-2871	505	6	however	however	ADV
cblr-2871	505	7	,	,	PUNCT
cblr-2871	505	8	if	if	SCONJ
cblr-2871	505	9	the	the	DET
cblr-2871	505	10	manager	manager	NOUN
cblr-2871	505	11	holds	hold	VERB
cblr-2871	505	12	,	,	PUNCT
cblr-2871	505	13	for	for	ADP
cblr-2871	505	14	example	example	NOUN
cblr-2871	505	15	,	,	PUNCT
cblr-2871	505	16	only	only	ADV
cblr-2871	505	17	2	2	NUM
cblr-2871	505	18	%	%	NOUN
cblr-2871	505	19	of	of	ADP
cblr-2871	505	20	the	the	DET
cblr-2871	505	21	firm	firm	NOUN
cblr-2871	505	22	's	's	PART
cblr-2871	505	23	shares	share	NOUN
cblr-2871	505	24	,	,	PUNCT
cblr-2871	505	25	the	the	DET
cblr-2871	505	26	manager	manager	NOUN
cblr-2871	505	27	will	will	AUX
cblr-2871	505	28	want	want	VERB
cblr-2871	505	29	a	a	DET
cblr-2871	505	30	staggered	staggered	ADJ
cblr-2871	505	31	board	board	NOUN
cblr-2871	505	32	.	.	PUNCT
cblr-2871	506	1	this	this	PRON
cblr-2871	506	2	is	be	AUX
cblr-2871	506	3	because	because	SCONJ
cblr-2871	506	4	the	the	DET
cblr-2871	506	5	manager	manager	NOUN
cblr-2871	506	6	's	's	PART
cblr-2871	506	7	private	private	ADJ
cblr-2871	506	8	benefit	benefit	NOUN
cblr-2871	506	9	remains	remain	VERB
cblr-2871	506	10	100	100	NUM
cblr-2871	506	11	and	and	CCONJ
cblr-2871	506	12	his	his	PRON
cblr-2871	506	13	private	private	ADJ
cblr-2871	506	14	cost	cost	NOUN
cblr-2871	506	15	is	be	AUX
cblr-2871	506	16	only	only	ADV
cblr-2871	506	17	20	20	NUM
cblr-2871	506	18	(	(	PUNCT
cblr-2871	506	19	as	as	ADP
cblr-2871	506	20	a	a	DET
cblr-2871	506	21	2	2	NUM
cblr-2871	506	22	%	%	NOUN
cblr-2871	506	23	shareholder	shareholder	NOUN
cblr-2871	506	24	)	)	PUNCT
cblr-2871	506	25	.	.	PUNCT
cblr-2871	507	1	in	in	ADP
cblr-2871	507	2	fact	fact	NOUN
cblr-2871	507	3	,	,	PUNCT
cblr-2871	507	4	as	as	ADV
cblr-2871	507	5	long	long	ADV
cblr-2871	507	6	as	as	SCONJ
cblr-2871	507	7	the	the	DET
cblr-2871	507	8	manager	manager	NOUN
cblr-2871	507	9	holds	hold	VERB
cblr-2871	507	10	less	less	ADJ
cblr-2871	507	11	than	than	ADP
cblr-2871	507	12	10	10	NUM
cblr-2871	507	13	%	%	NOUN
cblr-2871	507	14	of	of	ADP
cblr-2871	507	15	the	the	DET
cblr-2871	507	16	company	company	NOUN
cblr-2871	507	17	shares	share	NOUN
cblr-2871	507	18	,	,	PUNCT
cblr-2871	507	19	he	he	PRON
cblr-2871	507	20	will	will	AUX
cblr-2871	507	21	want	want	VERB
cblr-2871	507	22	to	to	PART
cblr-2871	507	23	implement	implement	VERB
cblr-2871	507	24	an	an	DET
cblr-2871	507	25	inefficient	inefficient	ADJ
cblr-2871	507	26	staggered	staggered	ADJ
cblr-2871	507	27	board	board	NOUN
cblr-2871	507	28	.	.	PUNCT
cblr-2871	508	1	the	the	DET
cblr-2871	508	2	manager	manager	NOUN
cblr-2871	508	3	's	's	PART
cblr-2871	508	4	private	private	ADJ
cblr-2871	508	5	cost	cost	NOUN
cblr-2871	508	6	-	-	PUNCT
cblr-2871	508	7	benefit	benefit	NOUN
cblr-2871	508	8	analysis	analysis	NOUN
cblr-2871	508	9	at	at	ADP
cblr-2871	508	10	the	the	DET
cblr-2871	508	11	ipo	ipo	NOUN
cblr-2871	508	12	stage	stage	NOUN
cblr-2871	508	13	is	be	AUX
cblr-2871	508	14	fundamentally	fundamentally	ADV
cblr-2871	508	15	different	different	ADJ
cblr-2871	508	16	.	.	PUNCT
cblr-2871	509	1	at	at	ADP
cblr-2871	509	2	the	the	DET
cblr-2871	509	3	ipo	ipo	NOUN
cblr-2871	509	4	stage	stage	NOUN
cblr-2871	509	5	,	,	PUNCT
cblr-2871	509	6	if	if	SCONJ
cblr-2871	509	7	the	the	DET
cblr-2871	509	8	founder	founder	NOUN
cblr-2871	509	9	sells	sell	VERB
cblr-2871	509	10	98	98	NUM
cblr-2871	509	11	%	%	NOUN
cblr-2871	509	12	of	of	ADP
cblr-2871	509	13	his	his	PRON
cblr-2871	509	14	shares	share	NOUN
cblr-2871	509	15	,	,	PUNCT
cblr-2871	509	16	implementing	implement	VERB
cblr-2871	509	17	a	a	DET
cblr-2871	509	18	staggered	staggered	ADJ
cblr-2871	509	19	board	board	NOUN
cblr-2871	509	20	means	mean	VERB
cblr-2871	509	21	he	he	PRON
cblr-2871	509	22	will	will	AUX
cblr-2871	509	23	have	have	VERB
cblr-2871	509	24	to	to	PART
cblr-2871	509	25	reduce	reduce	VERB
cblr-2871	509	26	the	the	DET
cblr-2871	509	27	price	price	NOUN
cblr-2871	509	28	for	for	ADP
cblr-2871	509	29	the	the	DET
cblr-2871	509	30	shares	share	NOUN
cblr-2871	509	31	he	he	PRON
cblr-2871	509	32	sells	sell	VERB
cblr-2871	509	33	to	to	ADP
cblr-2871	509	34	980	980	NUM
cblr-2871	509	35	.	.	PUNCT
cblr-2871	510	1	thus	thus	ADV
cblr-2871	510	2	,	,	PUNCT
cblr-2871	510	3	in	in	ADP
cblr-2871	510	4	this	this	DET
cblr-2871	510	5	case	case	NOUN
cblr-2871	510	6	,	,	PUNCT
cblr-2871	510	7	his	his	PRON
cblr-2871	510	8	personal	personal	ADJ
cblr-2871	510	9	cost	cost	NOUN
cblr-2871	510	10	of	of	ADP
cblr-2871	510	11	implementing	implement	VERB
cblr-2871	510	12	a	a	DET
cblr-2871	510	13	staggered	staggered	ADJ
cblr-2871	510	14	board	board	NOUN
cblr-2871	510	15	amounts	amount	VERB
cblr-2871	510	16	to	to	ADP
cblr-2871	510	17	1000	1000	NUM
cblr-2871	510	18	and	and	CCONJ
cblr-2871	510	19	-	-	PUNCT
cblr-2871	510	20	not	not	PART
cblr-2871	510	21	surprisinglyoutweighs	surprisinglyoutweigh	VERB
cblr-2871	510	22	his	his	PRON
cblr-2871	510	23	potential	potential	ADJ
cblr-2871	510	24	private	private	ADJ
cblr-2871	510	25	benefits	benefit	NOUN
cblr-2871	510	26	from	from	ADP
cblr-2871	510	27	having	have	VERB
cblr-2871	510	28	a	a	DET
cblr-2871	510	29	staggered	staggered	ADJ
cblr-2871	510	30	board	board	NOUN
cblr-2871	510	31	.	.	PUNCT
cblr-2871	511	1	to	to	PART
cblr-2871	511	2	be	be	AUX
cblr-2871	511	3	sure	sure	ADJ
cblr-2871	511	4	,	,	PUNCT
cblr-2871	511	5	the	the	DET
cblr-2871	511	6	ipo	ipo	NOUN
cblr-2871	511	7	stage	stage	NOUN
cblr-2871	511	8	does	do	AUX
cblr-2871	511	9	not	not	PART
cblr-2871	511	10	always	always	ADV
cblr-2871	511	11	correspond	correspond	VERB
cblr-2871	511	12	to	to	ADP
cblr-2871	511	13	this	this	DET
cblr-2871	511	14	extreme	extreme	ADJ
cblr-2871	511	15	paradigm	paradigm	NOUN
cblr-2871	511	16	.	.	PUNCT
cblr-2871	511	17	"	"	PUNCT
cblr-2871	512	1	capital	capital	NOUN
cblr-2871	512	2	markets	market	NOUN
cblr-2871	512	3	are	be	AUX
cblr-2871	512	4	not	not	PART
cblr-2871	512	5	perfectly	perfectly	ADV
cblr-2871	512	6	efficient	efficient	ADJ
cblr-2871	512	7	and	and	CCONJ
cblr-2871	512	8	do	do	AUX
cblr-2871	512	9	not	not	PART
cblr-2871	512	10	always	always	ADV
cblr-2871	512	11	price	price	VERB
cblr-2871	512	12	terms	term	NOUN
cblr-2871	512	13	correctly	correctly	ADV
cblr-2871	512	14	.	.	PUNCT
cblr-2871	513	1	founders	founder	NOUN
cblr-2871	513	2	may	may	AUX
cblr-2871	513	3	have	have	VERB
cblr-2871	513	4	agency	agency	NOUN
cblr-2871	513	5	problems	problem	NOUN
cblr-2871	513	6	among	among	ADP
cblr-2871	513	7	them	they	PRON
cblr-2871	513	8	.	.	PUNCT
cblr-2871	513	9	"	"	PUNCT
cblr-2871	514	1	yet	yet	ADV
cblr-2871	514	2	,	,	PUNCT
cblr-2871	514	3	relative	relative	ADJ
cblr-2871	514	4	to	to	ADP
cblr-2871	514	5	the	the	DET
cblr-2871	514	6	midstream	midstream	NOUN
cblr-2871	514	7	stage	stage	NOUN
cblr-2871	514	8	,	,	PUNCT
cblr-2871	514	9	one	one	PRON
cblr-2871	514	10	would	would	AUX
cblr-2871	514	11	expect	expect	VERB
cblr-2871	514	12	the	the	DET
cblr-2871	514	13	ipo	ipo	NOUN
cblr-2871	514	14	stage	stage	NOUN
cblr-2871	514	15	to	to	PART
cblr-2871	514	16	be	be	AUX
cblr-2871	514	17	less	less	ADV
cblr-2871	514	18	affected	affect	VERB
cblr-2871	514	19	by	by	ADP
cblr-2871	514	20	agency	agency	NOUN
cblr-2871	514	21	problems	problem	NOUN
cblr-2871	514	22	.	.	PUNCT
cblr-2871	515	1	the	the	DET
cblr-2871	515	2	classic	classic	ADJ
cblr-2871	515	3	theory	theory	NOUN
cblr-2871	515	4	has	have	VERB
cblr-2871	515	5	a	a	DET
cblr-2871	515	6	simple	simple	ADJ
cblr-2871	515	7	prediction	prediction	NOUN
cblr-2871	515	8	:	:	PUNCT
cblr-2871	515	9	if	if	SCONJ
cblr-2871	515	10	staggered	stagger	VERB
cblr-2871	515	11	boards	board	NOUN
cblr-2871	515	12	are	be	AUX
cblr-2871	515	13	not	not	PART
cblr-2871	515	14	efficient	efficient	ADJ
cblr-2871	515	15	at	at	ADP
cblr-2871	515	16	the	the	DET
cblr-2871	515	17	ipo	ipo	NOUN
cblr-2871	515	18	stage	stage	NOUN
cblr-2871	515	19	,	,	PUNCT
cblr-2871	515	20	companies	company	NOUN
cblr-2871	515	21	should	should	AUX
cblr-2871	515	22	adopt	adopt	VERB
cblr-2871	515	23	them	they	PRON
cblr-2871	515	24	at	at	ADP
cblr-2871	515	25	a	a	DET
cblr-2871	515	26	lower	low	ADJ
cblr-2871	515	27	rate	rate	NOUN
cblr-2871	515	28	at	at	ADP
cblr-2871	515	29	the	the	DET
cblr-2871	515	30	ipo	ipo	NOUN
cblr-2871	515	31	stage	stage	NOUN
cblr-2871	515	32	,	,	PUNCT
cblr-2871	515	33	if	if	SCONJ
cblr-2871	515	34	at	at	ADV
cblr-2871	515	35	all	all	ADV
cblr-2871	515	36	,	,	PUNCT
cblr-2871	515	37	than	than	ADP
cblr-2871	515	38	at	at	ADP
cblr-2871	515	39	the	the	DET
cblr-2871	515	40	midstream	midstream	NOUN
cblr-2871	515	41	stage	stage	NOUN
cblr-2871	515	42	.	.	PUNCT
cblr-2871	516	1	when	when	SCONJ
cblr-2871	516	2	evidence	evidence	NOUN
cblr-2871	516	3	was	be	AUX
cblr-2871	516	4	finally	finally	ADV
cblr-2871	516	5	collected	collect	VERB
cblr-2871	516	6	about	about	ADP
cblr-2871	516	7	these	these	DET
cblr-2871	516	8	terms	term	NOUN
cblr-2871	516	9	,	,	PUNCT
cblr-2871	516	10	however	however	ADV
cblr-2871	516	11	,	,	PUNCT
cblr-2871	516	12	it	it	PRON
cblr-2871	516	13	did	do	AUX
cblr-2871	516	14	not	not	PART
cblr-2871	516	15	directly	directly	ADV
cblr-2871	516	16	correspond	correspond	VERB
cblr-2871	516	17	to	to	ADP
cblr-2871	516	18	the	the	DET
cblr-2871	516	19	theoretical	theoretical	ADJ
cblr-2871	516	20	analysis	analysis	NOUN
cblr-2871	516	21	.	.	PUNCT
cblr-2871	517	1	contrary	contrary	ADJ
cblr-2871	517	2	to	to	ADP
cblr-2871	517	3	theoretical	theoretical	ADJ
cblr-2871	517	4	predictions	prediction	NOUN
cblr-2871	517	5	,	,	PUNCT
cblr-2871	517	6	staggered	staggered	ADJ
cblr-2871	517	7	boards	board	NOUN
cblr-2871	517	8	were	be	AUX
cblr-2871	517	9	significantly	significantly	ADV
cblr-2871	517	10	more	more	ADV
cblr-2871	517	11	likely	likely	ADJ
cblr-2871	517	12	to	to	PART
cblr-2871	517	13	be	be	AUX
cblr-2871	517	14	adopted	adopt	VERB
cblr-2871	517	15	at	at	ADP
cblr-2871	517	16	the	the	DET
cblr-2871	517	17	founders	founder	NOUN
cblr-2871	517	18	will	will	AUX
cblr-2871	517	19	adopt	adopt	VERB
cblr-2871	517	20	only	only	ADV
cblr-2871	517	21	efficient	efficient	ADJ
cblr-2871	517	22	terms	term	NOUN
cblr-2871	517	23	whose	whose	DET
cblr-2871	517	24	benefits	benefit	NOUN
cblr-2871	517	25	to	to	ADP
cblr-2871	517	26	shareholders	shareholder	NOUN
cblr-2871	517	27	outweigh	outweigh	VERB
cblr-2871	517	28	their	their	PRON
cblr-2871	517	29	costs	cost	NOUN
cblr-2871	517	30	)	)	PUNCT
cblr-2871	517	31	.	.	PUNCT
cblr-2871	518	1	76	76	NUM
cblr-2871	518	2	see	see	VERB
cblr-2871	518	3	robert	robert	PROPN
cblr-2871	518	4	daines	daines	PROPN
cblr-2871	518	5	&	&	CCONJ
cblr-2871	518	6	michael	michael	PROPN
cblr-2871	518	7	klausner	klausner	PROPN
cblr-2871	518	8	,	,	PUNCT
cblr-2871	518	9	do	do	AUX
cblr-2871	518	10	ipo	ipo	NOUN
cblr-2871	518	11	charters	charter	NOUN
cblr-2871	518	12	maximize	maximize	VERB
cblr-2871	518	13	firm	firm	ADJ
cblr-2871	518	14	value	value	NOUN
cblr-2871	518	15	?	?	PUNCT
cblr-2871	519	1	antitakeover	antitakeover	ADJ
cblr-2871	519	2	protection	protection	NOUN
cblr-2871	519	3	in	in	ADP
cblr-2871	519	4	ipos	ipos	PROPN
cblr-2871	519	5	,	,	PUNCT
cblr-2871	519	6	17	17	NUM
cblr-2871	519	7	j.l	j.l	PROPN
cblr-2871	519	8	.	.	PROPN
cblr-2871	519	9	econ	econ	PROPN
cblr-2871	519	10	.	.	PROPN
cblr-2871	519	11	&	&	CCONJ
cblr-2871	519	12	org	org	PROPN
cblr-2871	519	13	.	.	PROPN
cblr-2871	519	14	83	83	NUM
cblr-2871	519	15	,	,	PUNCT
cblr-2871	519	16	110	110	NUM
cblr-2871	519	17	(	(	PUNCT
cblr-2871	519	18	2001	2001	NUM
cblr-2871	519	19	)	)	PUNCT
cblr-2871	519	20	.	.	PUNCT
cblr-2871	520	1	77	77	NUM
cblr-2871	520	2	see	see	VERB
cblr-2871	520	3	i	i	PRON
cblr-2871	520	4	d.	d.	PROPN
cblr-2871	520	5	658	658	NUM
cblr-2871	521	1	[	[	X
cblr-2871	521	2	vol	vol	NOUN
cblr-2871	521	3	.	.	PUNCT
cblr-2871	521	4	2013	2013	NUM
cblr-2871	521	5	no	no	NOUN
cblr-2871	521	6	.	.	PUNCT
cblr-2871	522	1	3:6271	3:6271	NUM
cblr-2871	522	2	noise	noise	NOUN
cblr-2871	522	3	adopters	adopter	NOUN
cblr-2871	522	4	in	in	ADP
cblr-2871	522	5	corporate	corporate	ADJ
cblr-2871	522	6	governance	governance	NOUN
cblr-2871	522	7	ipo	ipo	NOUN
cblr-2871	522	8	stage	stage	NOUN
cblr-2871	522	9	than	than	ADP
cblr-2871	522	10	midstream	midstream	NOUN
cblr-2871	522	11	.	.	PUNCT
cblr-2871	522	12	"	"	PUNCT
cblr-2871	523	1	in	in	ADP
cblr-2871	523	2	the	the	DET
cblr-2871	523	3	midstream	midstream	NOUN
cblr-2871	523	4	stage	stage	NOUN
cblr-2871	523	5	,	,	PUNCT
cblr-2871	523	6	it	it	PRON
cblr-2871	523	7	became	become	VERB
cblr-2871	523	8	almost	almost	ADV
cblr-2871	523	9	impossible	impossible	ADJ
cblr-2871	523	10	to	to	PART
cblr-2871	523	11	adopt	adopt	VERB
cblr-2871	523	12	a	a	DET
cblr-2871	523	13	staggered	staggered	ADJ
cblr-2871	523	14	board	board	NOUN
cblr-2871	523	15	.	.	PUNCT
cblr-2871	524	1	9	9	NUM
cblr-2871	524	2	institutional	institutional	ADJ
cblr-2871	524	3	investors	investor	NOUN
cblr-2871	524	4	routinely	routinely	ADV
cblr-2871	524	5	voted	vote	VERB
cblr-2871	524	6	against	against	ADP
cblr-2871	524	7	staggered	staggered	ADJ
cblr-2871	524	8	boards	board	NOUN
cblr-2871	524	9	.	.	PUNCT
cblr-2871	525	1	0	0	NUM
cblr-2871	526	1	proxy	proxy	ADJ
cblr-2871	526	2	advisory	advisory	ADJ
cblr-2871	526	3	companies	company	NOUN
cblr-2871	526	4	recommended	recommend	VERB
cblr-2871	526	5	voting	vote	VERB
cblr-2871	526	6	against	against	ADP
cblr-2871	526	7	a	a	DET
cblr-2871	526	8	staggered	staggered	ADJ
cblr-2871	526	9	board	board	NOUN
cblr-2871	526	10	proposal	proposal	NOUN
cblr-2871	526	11	,	,	PUNCT
cblr-2871	526	12	and	and	CCONJ
cblr-2871	526	13	many	many	ADJ
cblr-2871	526	14	firms	firm	NOUN
cblr-2871	526	15	were	be	AUX
cblr-2871	526	16	forced	force	VERB
cblr-2871	526	17	to	to	PART
cblr-2871	526	18	declassify	declassify	VERB
cblr-2871	526	19	their	their	PRON
cblr-2871	526	20	boards	board	NOUN
cblr-2871	526	21	.	.	PUNCT
cblr-2871	527	1	1	1	NUM
cblr-2871	527	2	on	on	ADP
cblr-2871	527	3	the	the	DET
cblr-2871	527	4	other	other	ADJ
cblr-2871	527	5	hand	hand	NOUN
cblr-2871	527	6	,	,	PUNCT
cblr-2871	527	7	at	at	ADP
cblr-2871	527	8	the	the	DET
cblr-2871	527	9	ipo	ipo	NOUN
cblr-2871	527	10	stage	stage	NOUN
cblr-2871	527	11	,	,	PUNCT
cblr-2871	527	12	the	the	DET
cblr-2871	527	13	majority	majority	NOUN
cblr-2871	527	14	of	of	ADP
cblr-2871	527	15	firms	firm	NOUN
cblr-2871	527	16	adopted	adopt	VERB
cblr-2871	527	17	staggered	stagger	VERB
cblr-2871	527	18	boards.8	boards.8	PROPN
cblr-2871	527	19	2	2	NUM
cblr-2871	527	20	for	for	ADP
cblr-2871	527	21	example	example	NOUN
cblr-2871	527	22	,	,	PUNCT
cblr-2871	527	23	thirty	thirty	NUM
cblr-2871	527	24	-	-	PUNCT
cblr-2871	527	25	nine	nine	NUM
cblr-2871	527	26	of	of	ADP
cblr-2871	527	27	fifty	fifty	NUM
cblr-2871	527	28	u.s	u.s	PROPN
cblr-2871	527	29	.	.	PROPN
cblr-2871	527	30	firms	firm	NOUN
cblr-2871	527	31	undertaking	undertake	VERB
cblr-2871	527	32	an	an	DET
cblr-2871	527	33	ipo	ipo	NOUN
cblr-2871	527	34	from	from	ADP
cblr-2871	527	35	january	january	PROPN
cblr-2871	527	36	2009	2009	NUM
cblr-2871	527	37	through	through	ADP
cblr-2871	527	38	august	august	PROPN
cblr-2871	527	39	2011	2011	NUM
cblr-2871	527	40	had	have	VERB
cblr-2871	527	41	a	a	DET
cblr-2871	527	42	staggered	staggered	ADJ
cblr-2871	527	43	board.8	board.8	NOUN
cblr-2871	527	44	3	3	NUM
cblr-2871	527	45	patterns	pattern	NOUN
cblr-2871	527	46	regarding	regard	VERB
cblr-2871	527	47	home	home	NOUN
cblr-2871	527	48	state	state	NOUN
cblr-2871	527	49	incorporation	incorporation	NOUN
cblr-2871	527	50	exhibit	exhibit	VERB
cblr-2871	527	51	similarly	similarly	ADV
cblr-2871	527	52	puzzling	puzzle	VERB
cblr-2871	527	53	behavior	behavior	NOUN
cblr-2871	527	54	.	.	PUNCT
cblr-2871	528	1	at	at	ADP
cblr-2871	528	2	the	the	DET
cblr-2871	528	3	ipo	ipo	NOUN
cblr-2871	528	4	stage	stage	NOUN
cblr-2871	528	5	,	,	PUNCT
cblr-2871	528	6	32.7	32.7	NUM
cblr-2871	528	7	%	%	NOUN
cblr-2871	528	8	of	of	ADP
cblr-2871	528	9	6,530	6,530	NUM
cblr-2871	528	10	firms	firm	NOUN
cblr-2871	528	11	surveyed	survey	VERB
cblr-2871	528	12	chose	choose	VERB
cblr-2871	528	13	to	to	PART
cblr-2871	528	14	incorporate	incorporate	VERB
cblr-2871	528	15	in	in	ADP
cblr-2871	528	16	their	their	PRON
cblr-2871	528	17	home	home	NOUN
cblr-2871	528	18	state	state	NOUN
cblr-2871	528	19	,	,	PUNCT
cblr-2871	528	20	where	where	SCONJ
cblr-2871	528	21	they	they	PRON
cblr-2871	528	22	either	either	CCONJ
cblr-2871	528	23	already	already	ADV
cblr-2871	528	24	had	have	VERB
cblr-2871	528	25	or	or	CCONJ
cblr-2871	528	26	could	could	AUX
cblr-2871	528	27	lobby	lobby	VERB
cblr-2871	528	28	for	for	ADP
cblr-2871	528	29	legal	legal	ADJ
cblr-2871	528	30	protection.84	protection.84	PROPN
cblr-2871	528	31	investors	investor	NOUN
cblr-2871	528	32	and	and	CCONJ
cblr-2871	528	33	market	market	NOUN
cblr-2871	528	34	intermediaries	intermediary	NOUN
cblr-2871	528	35	largely	largely	ADV
cblr-2871	528	36	accept	accept	VERB
cblr-2871	528	37	home	home	NOUN
cblr-2871	528	38	state	state	NOUN
cblr-2871	528	39	incorporation	incorporation	NOUN
cblr-2871	528	40	choices	choice	NOUN
cblr-2871	528	41	at	at	ADP
cblr-2871	528	42	the	the	DET
cblr-2871	528	43	ipo	ipo	NOUN
cblr-2871	528	44	stage	stage	NOUN
cblr-2871	528	45	.	.	PUNCT
cblr-2871	529	1	similar	similar	ADJ
cblr-2871	529	2	choices	choice	NOUN
cblr-2871	529	3	at	at	ADP
cblr-2871	529	4	the	the	DET
cblr-2871	529	5	midstream	midstream	NOUN
cblr-2871	529	6	stage	stage	NOUN
cblr-2871	529	7	,	,	PUNCT
cblr-2871	529	8	however	however	ADV
cblr-2871	529	9	,	,	PUNCT
cblr-2871	529	10	are	be	AUX
cblr-2871	529	11	much	much	ADV
cblr-2871	529	12	more	more	ADV
cblr-2871	529	13	difficult	difficult	ADJ
cblr-2871	529	14	to	to	PART
cblr-2871	529	15	effectuate	effectuate	VERB
cblr-2871	529	16	.	.	PUNCT
cblr-2871	530	1	recently	recently	ADV
cblr-2871	530	2	,	,	PUNCT
cblr-2871	530	3	for	for	ADP
cblr-2871	530	4	example	example	NOUN
cblr-2871	530	5	,	,	PUNCT
cblr-2871	530	6	the	the	DET
cblr-2871	530	7	management	management	NOUN
cblr-2871	530	8	of	of	ADP
cblr-2871	530	9	abercrombie	abercrombie	PROPN
cblr-2871	530	10	&	&	CCONJ
cblr-2871	530	11	fitch	fitch	PROPN
cblr-2871	530	12	scheduled	schedule	VERB
cblr-2871	530	13	a	a	DET
cblr-2871	530	14	shareholder	shareholder	NOUN
cblr-2871	530	15	meeting	meeting	NOUN
cblr-2871	530	16	to	to	PART
cblr-2871	530	17	vote	vote	VERB
cblr-2871	530	18	on	on	ADP
cblr-2871	530	19	reincorporating	reincorporate	VERB
cblr-2871	530	20	in	in	ADP
cblr-2871	530	21	ohio	ohio	PROPN
cblr-2871	530	22	,	,	PUNCT
cblr-2871	530	23	the	the	DET
cblr-2871	530	24	company	company	NOUN
cblr-2871	530	25	's	's	PART
cblr-2871	530	26	home	home	NOUN
cblr-2871	530	27	state	state	NOUN
cblr-2871	530	28	.	.	PUNCT
cblr-2871	531	1	5	5	NUM
cblr-2871	531	2	following	follow	VERB
cblr-2871	531	3	bad	bad	ADJ
cblr-2871	531	4	publicity	publicity	NOUN
cblr-2871	531	5	,	,	PUNCT
cblr-2871	531	6	adverse	adverse	ADJ
cblr-2871	531	7	views	view	NOUN
cblr-2871	531	8	from	from	ADP
cblr-2871	531	9	proxy	proxy	ADJ
cblr-2871	531	10	advisory	advisory	ADJ
cblr-2871	531	11	companies	company	NOUN
cblr-2871	531	12	,	,	PUNCT
cblr-2871	531	13	and	and	CCONJ
cblr-2871	531	14	shareholder	shareholder	NOUN
cblr-2871	531	15	resistance	resistance	NOUN
cblr-2871	531	16	,	,	PUNCT
cblr-2871	531	17	the	the	DET
cblr-2871	531	18	meeting	meeting	NOUN
cblr-2871	531	19	was	be	AUX
cblr-2871	531	20	postponed	postpone	VERB
cblr-2871	531	21	.	.	PUNCT
cblr-2871	532	1	86	86	NUM
cblr-2871	532	2	78	78	NUM
cblr-2871	532	3	see	see	VERB
cblr-2871	532	4	daines	daine	NOUN
cblr-2871	532	5	&	&	CCONJ
cblr-2871	532	6	klausner	klausner	PROPN
cblr-2871	532	7	,	,	PUNCT
cblr-2871	532	8	supra	supra	PROPN
cblr-2871	532	9	note	note	NOUN
cblr-2871	532	10	76	76	NUM
cblr-2871	532	11	,	,	PUNCT
cblr-2871	532	12	at	at	ADP
cblr-2871	532	13	110	110	NUM
cblr-2871	532	14	.	.	PUNCT
cblr-2871	533	1	79	79	NUM
cblr-2871	533	2	see	see	VERB
cblr-2871	533	3	klausner	klausner	PROPN
cblr-2871	533	4	,	,	PUNCT
cblr-2871	533	5	supra	supra	PROPN
cblr-2871	533	6	note	note	NOUN
cblr-2871	533	7	9	9	NUM
cblr-2871	533	8	,	,	PUNCT
cblr-2871	533	9	at	at	ADP
cblr-2871	533	10	758	758	NUM
cblr-2871	533	11	-	-	SYM
cblr-2871	533	12	59	59	NUM
cblr-2871	533	13	.	.	PUNCT
cblr-2871	533	14	80	80	NUM
cblr-2871	533	15	see	see	VERB
cblr-2871	533	16	i	i	PRON
cblr-2871	533	17	d.	d.	PROPN
cblr-2871	533	18	81	81	NUM
cblr-2871	533	19	see	see	VERB
cblr-2871	533	20	shareholder	shareholder	NOUN
cblr-2871	533	21	rights	right	NOUN
cblr-2871	533	22	project	project	NOUN
cblr-2871	533	23	,	,	PUNCT
cblr-2871	533	24	the	the	DET
cblr-2871	533	25	shareholder	shareholder	NOUN
cblr-2871	533	26	rights	right	NOUN
cblr-2871	533	27	project	project	NOUN
cblr-2871	533	28	2012	2012	NUM
cblr-2871	533	29	report	report	NOUN
cblr-2871	533	30	1	1	NUM
cblr-2871	533	31	-	-	SYM
cblr-2871	533	32	2	2	NUM
cblr-2871	533	33	(	(	PUNCT
cblr-2871	533	34	2013	2013	NUM
cblr-2871	533	35	)	)	PUNCT
cblr-2871	533	36	,	,	PUNCT
cblr-2871	533	37	available	available	ADJ
cblr-2871	533	38	at	at	ADP
cblr-2871	533	39	http://srp.law.harvard.edu/releases/srp-2012-annual-report.pdf	http://srp.law.harvard.edu/releases/srp-2012-annual-report.pdf	NOUN
cblr-2871	533	40	.	.	PUNCT
cblr-2871	534	1	82	82	NUM
cblr-2871	534	2	see	see	VERB
cblr-2871	534	3	klausner	klausner	PROPN
cblr-2871	534	4	,	,	PUNCT
cblr-2871	534	5	supra	supra	PROPN
cblr-2871	534	6	note	note	NOUN
cblr-2871	534	7	9	9	NUM
cblr-2871	534	8	,	,	PUNCT
cblr-2871	534	9	at	at	ADP
cblr-2871	534	10	763	763	NUM
cblr-2871	534	11	.	.	PUNCT
cblr-2871	535	1	83	83	NUM
cblr-2871	535	2	see	see	VERB
cblr-2871	535	3	davis	davis	PROPN
cblr-2871	535	4	polk	polk	PROPN
cblr-2871	535	5	&	&	CCONJ
cblr-2871	535	6	wardwell	wardwell	PROPN
cblr-2871	535	7	llp	llp	PROPN
cblr-2871	535	8	,	,	PUNCT
cblr-2871	535	9	corporate	corporate	ADJ
cblr-2871	535	10	governance	governance	NOUN
cblr-2871	535	11	practices	practice	NOUN
cblr-2871	535	12	of	of	ADP
cblr-2871	535	13	u.s	u.s	PROPN
cblr-2871	535	14	.	.	PROPN
cblr-2871	535	15	initial	initial	ADJ
cblr-2871	535	16	public	public	ADJ
cblr-2871	535	17	offerings	offering	NOUN
cblr-2871	535	18	(	(	PUNCT
cblr-2871	535	19	excluding	exclude	VERB
cblr-2871	535	20	controlled	control	VERB
cblr-2871	535	21	companies	company	NOUN
cblr-2871	535	22	)	)	PUNCT
cblr-2871	535	23	5	5	NUM
cblr-2871	535	24	(	(	PUNCT
cblr-2871	535	25	2011	2011	NUM
cblr-2871	535	26	)	)	PUNCT
cblr-2871	536	1	[	[	X
cblr-2871	536	2	hereinafter	hereinafter	NOUN
cblr-2871	536	3	davis	davis	PROPN
cblr-2871	536	4	polk	polk	PROPN
cblr-2871	536	5	ipo	ipo	PROPN
cblr-2871	536	6	report	report	PROPN
cblr-2871	536	7	]	]	PUNCT
cblr-2871	536	8	,	,	PUNCT
cblr-2871	536	9	available	available	ADJ
cblr-2871	536	10	at	at	ADP
cblr-2871	536	11	http://www.davispolk.com/files/uploads/capitalmarkets//103111_corpgov	http://www.davispolk.com/files/uploads/capitalmarkets//103111_corpgov	NOUN
cblr-2871	536	12	practicesbooklet__controlledexcluded.pdf	practicesbooklet__controlledexcluded.pdf	NOUN
cblr-2871	536	13	.	.	PUNCT
cblr-2871	536	14	84	84	NUM
cblr-2871	536	15	see	see	VERB
cblr-2871	536	16	bebchuk	bebchuk	PROPN
cblr-2871	536	17	&	&	CCONJ
cblr-2871	536	18	cohen	cohen	PROPN
cblr-2871	536	19	,	,	PUNCT
cblr-2871	536	20	supra	supra	PROPN
cblr-2871	536	21	note	note	NOUN
cblr-2871	536	22	74	74	NUM
cblr-2871	536	23	,	,	PUNCT
cblr-2871	536	24	at	at	ADP
cblr-2871	536	25	394	394	NUM
cblr-2871	536	26	,	,	PUNCT
cblr-2871	536	27	398	398	NUM
cblr-2871	536	28	-	-	SYM
cblr-2871	536	29	99	99	NUM
cblr-2871	536	30	;	;	PUNCT
cblr-2871	536	31	daines	daine	NOUN
cblr-2871	536	32	,	,	PUNCT
cblr-2871	536	33	supra	supra	PROPN
cblr-2871	536	34	note	note	NOUN
cblr-2871	536	35	3	3	NUM
cblr-2871	536	36	,	,	PUNCT
cblr-2871	536	37	at	at	ADP
cblr-2871	536	38	1578	1578	NUM
cblr-2871	536	39	-	-	SYM
cblr-2871	536	40	82	82	NUM
cblr-2871	536	41	(	(	PUNCT
cblr-2871	536	42	discussing	discuss	VERB
cblr-2871	536	43	how	how	SCONJ
cblr-2871	536	44	regulatory	regulatory	ADJ
cblr-2871	536	45	benefits	benefit	NOUN
cblr-2871	536	46	to	to	ADP
cblr-2871	536	47	local	local	ADJ
cblr-2871	536	48	firms	firm	NOUN
cblr-2871	536	49	may	may	AUX
cblr-2871	536	50	explain	explain	VERB
cblr-2871	536	51	the	the	DET
cblr-2871	536	52	home	home	NOUN
cblr-2871	536	53	state	state	NOUN
cblr-2871	536	54	bias	bias	NOUN
cblr-2871	536	55	)	)	PUNCT
cblr-2871	536	56	.	.	PUNCT
cblr-2871	537	1	85	85	NUM
cblr-2871	537	2	see	see	VERB
cblr-2871	537	3	davidoff	davidoff	PROPN
cblr-2871	537	4	,	,	PUNCT
cblr-2871	537	5	supra	supra	PROPN
cblr-2871	537	6	note	note	PROPN
cblr-2871	537	7	11	11	NUM
cblr-2871	537	8	.	.	PUNCT
cblr-2871	538	1	86	86	NUM
cblr-2871	538	2	see	see	VERB
cblr-2871	538	3	i	i	PRON
cblr-2871	538	4	d.	d.	PROPN
cblr-2871	538	5	659	659	NUM
cblr-2871	538	6	finally	finally	ADV
cblr-2871	538	7	,	,	PUNCT
cblr-2871	538	8	a	a	DET
cblr-2871	538	9	mirror	mirror	NOUN
cblr-2871	538	10	puzzle	puzzle	NOUN
cblr-2871	538	11	exists	exist	VERB
cblr-2871	538	12	with	with	ADP
cblr-2871	538	13	respect	respect	NOUN
cblr-2871	538	14	to	to	ADP
cblr-2871	538	15	majority	majority	NOUN
cblr-2871	538	16	voting	voting	NOUN
cblr-2871	538	17	terms	term	NOUN
cblr-2871	538	18	that	that	SCONJ
cblr-2871	538	19	firms	firm	NOUN
cblr-2871	538	20	have	have	AUX
cblr-2871	538	21	moved	move	VERB
cblr-2871	538	22	to	to	PART
cblr-2871	538	23	adopt	adopt	VERB
cblr-2871	538	24	in	in	ADP
cblr-2871	538	25	the	the	DET
cblr-2871	538	26	midstream	midstream	NOUN
cblr-2871	538	27	stage	stage	NOUN
cblr-2871	538	28	.	.	PUNCT
cblr-2871	539	1	by	by	ADP
cblr-2871	539	2	2011	2011	NUM
cblr-2871	539	3	,	,	PUNCT
cblr-2871	539	4	79	79	NUM
cblr-2871	539	5	%	%	NOUN
cblr-2871	539	6	of	of	ADP
cblr-2871	539	7	s&p	s&p	PROPN
cblr-2871	539	8	500	500	NUM
cblr-2871	539	9	companies	company	NOUN
cblr-2871	539	10	had	have	VERB
cblr-2871	539	11	majority	majority	NOUN
cblr-2871	539	12	voting	vote	VERB
cblr-2871	539	13	terms.87	terms.87	NOUN
cblr-2871	539	14	yet	yet	ADV
cblr-2871	539	15	almost	almost	ADV
cblr-2871	539	16	none	none	NOUN
cblr-2871	539	17	of	of	ADP
cblr-2871	539	18	the	the	DET
cblr-2871	539	19	new	new	ADJ
cblr-2871	539	20	ipos	ipos	NOUN
cblr-2871	539	21	adopted	adopt	VERB
cblr-2871	539	22	majority	majority	NOUN
cblr-2871	539	23	voting	voting	NOUN
cblr-2871	539	24	as	as	ADP
cblr-2871	539	25	part	part	NOUN
cblr-2871	539	26	of	of	ADP
cblr-2871	539	27	their	their	PRON
cblr-2871	539	28	ipo	ipo	NOUN
cblr-2871	539	29	package	package	NOUN
cblr-2871	539	30	.	.	PUNCT
cblr-2871	540	1	8	8	NUM
cblr-2871	540	2	the	the	DET
cblr-2871	540	3	noisy	noisy	ADJ
cblr-2871	540	4	signal	signal	NOUN
cblr-2871	540	5	theory	theory	NOUN
cblr-2871	540	6	is	be	AUX
cblr-2871	540	7	consistent	consistent	ADJ
cblr-2871	540	8	with	with	ADP
cblr-2871	540	9	,	,	PUNCT
cblr-2871	540	10	and	and	CCONJ
cblr-2871	540	11	helps	help	VERB
cblr-2871	540	12	to	to	PART
cblr-2871	540	13	resolve	resolve	VERB
cblr-2871	540	14	,	,	PUNCT
cblr-2871	540	15	this	this	DET
cblr-2871	540	16	ostensibly	ostensibly	ADV
cblr-2871	540	17	contradictory	contradictory	ADJ
cblr-2871	540	18	body	body	NOUN
cblr-2871	540	19	of	of	ADP
cblr-2871	540	20	evidence	evidence	NOUN
cblr-2871	540	21	.	.	PUNCT
cblr-2871	541	1	boilerplates	boilerplate	NOUN
cblr-2871	541	2	are	be	AUX
cblr-2871	541	3	prevalent	prevalent	ADJ
cblr-2871	541	4	at	at	ADP
cblr-2871	541	5	the	the	DET
cblr-2871	541	6	ipo	ipo	NOUN
cblr-2871	541	7	stage	stage	NOUN
cblr-2871	541	8	and	and	CCONJ
cblr-2871	541	9	,	,	PUNCT
cblr-2871	541	10	as	as	ADP
cblr-2871	541	11	a	a	DET
cblr-2871	541	12	result	result	NOUN
cblr-2871	541	13	,	,	PUNCT
cblr-2871	541	14	automatic	automatic	ADJ
cblr-2871	541	15	adoption	adoption	NOUN
cblr-2871	541	16	of	of	ADP
cblr-2871	541	17	governance	governance	NOUN
cblr-2871	541	18	terms	term	NOUN
cblr-2871	541	19	such	such	ADJ
cblr-2871	541	20	as	as	ADP
cblr-2871	541	21	staggered	staggered	ADJ
cblr-2871	541	22	boards	board	NOUN
cblr-2871	541	23	is	be	AUX
cblr-2871	541	24	not	not	PART
cblr-2871	541	25	uncommon	uncommon	ADJ
cblr-2871	541	26	.	.	PUNCT
cblr-2871	542	1	89	89	NUM
cblr-2871	542	2	ipo	ipo	NOUN
cblr-2871	542	3	boilerplating	boilerplating	NOUN
cblr-2871	542	4	can	can	AUX
cblr-2871	542	5	be	be	AUX
cblr-2871	542	6	explained	explain	VERB
cblr-2871	542	7	in	in	ADP
cblr-2871	542	8	a	a	DET
cblr-2871	542	9	variety	variety	NOUN
cblr-2871	542	10	of	of	ADP
cblr-2871	542	11	ways	way	NOUN
cblr-2871	542	12	.	.	PUNCT
cblr-2871	543	1	ipo	ipo	NOUN
cblr-2871	543	2	departments	department	NOUN
cblr-2871	543	3	at	at	ADP
cblr-2871	543	4	law	law	NOUN
cblr-2871	543	5	firms	firm	NOUN
cblr-2871	543	6	have	have	VERB
cblr-2871	543	7	no	no	DET
cblr-2871	543	8	particular	particular	ADJ
cblr-2871	543	9	background	background	NOUN
cblr-2871	543	10	in	in	ADP
cblr-2871	543	11	firm	firm	ADJ
cblr-2871	543	12	governance	governance	NOUN
cblr-2871	543	13	terms	term	NOUN
cblr-2871	543	14	such	such	ADJ
cblr-2871	543	15	as	as	ADP
cblr-2871	543	16	takeover	takeover	NOUN
cblr-2871	543	17	defenses.90	defenses.90	NOUN
cblr-2871	543	18	even	even	ADV
cblr-2871	543	19	if	if	SCONJ
cblr-2871	543	20	a	a	DET
cblr-2871	543	21	firm	firm	NOUN
cblr-2871	543	22	has	have	VERB
cblr-2871	543	23	both	both	CCONJ
cblr-2871	543	24	an	an	DET
cblr-2871	543	25	m&a	m&a	PROPN
cblr-2871	543	26	and	and	CCONJ
cblr-2871	543	27	ipo	ipo	NOUN
cblr-2871	543	28	practice	practice	NOUN
cblr-2871	543	29	,	,	PUNCT
cblr-2871	543	30	the	the	DET
cblr-2871	543	31	two	two	NUM
cblr-2871	543	32	departments	department	NOUN
cblr-2871	543	33	do	do	AUX
cblr-2871	543	34	not	not	PART
cblr-2871	543	35	necessarily	necessarily	ADV
cblr-2871	543	36	communicate	communicate	VERB
cblr-2871	543	37	frequently	frequently	ADV
cblr-2871	543	38	.	.	PUNCT
cblr-2871	543	39	"	"	PUNCT
cblr-2871	544	1	finally	finally	ADV
cblr-2871	544	2	,	,	PUNCT
cblr-2871	544	3	ipo	ipo	NOUN
cblr-2871	544	4	pricing	pricing	NOUN
cblr-2871	544	5	does	do	AUX
cblr-2871	544	6	not	not	PART
cblr-2871	544	7	seem	seem	VERB
cblr-2871	544	8	to	to	PART
cblr-2871	544	9	be	be	AUX
cblr-2871	544	10	significantly	significantly	ADV
cblr-2871	544	11	influenced	influence	VERB
cblr-2871	544	12	by	by	ADP
cblr-2871	544	13	the	the	DET
cblr-2871	544	14	governance	governance	NOUN
cblr-2871	544	15	terms	term	VERB
cblr-2871	544	16	adopted.92	adopted.92	PRON
cblr-2871	544	17	.	.	PUNCT
cblr-2871	545	1	thus	thus	ADV
cblr-2871	545	2	,	,	PUNCT
cblr-2871	545	3	unless	unless	SCONJ
cblr-2871	545	4	it	it	PRON
cblr-2871	545	5	is	be	AUX
cblr-2871	545	6	particularly	particularly	ADV
cblr-2871	545	7	interested	interested	ADJ
cblr-2871	545	8	in	in	ADP
cblr-2871	545	9	entrenchment	entrenchment	NOUN
cblr-2871	545	10	,	,	PUNCT
cblr-2871	545	11	management	management	NOUN
cblr-2871	545	12	may	may	AUX
cblr-2871	545	13	be	be	AUX
cblr-2871	545	14	too	too	ADV
cblr-2871	545	15	preoccupied	preoccupied	ADJ
cblr-2871	545	16	to	to	PART
cblr-2871	545	17	focus	focus	VERB
cblr-2871	545	18	on	on	ADP
cblr-2871	545	19	the	the	DET
cblr-2871	545	20	type	type	NOUN
cblr-2871	545	21	of	of	ADP
cblr-2871	545	22	governance	governance	NOUN
cblr-2871	545	23	it	it	PRON
cblr-2871	545	24	plans	plan	VERB
cblr-2871	545	25	to	to	PART
cblr-2871	545	26	adopt	adopt	VERB
cblr-2871	545	27	.	.	PUNCT
cblr-2871	546	1	if	if	SCONJ
cblr-2871	546	2	management	management	NOUN
cblr-2871	546	3	is	be	AUX
cblr-2871	546	4	not	not	PART
cblr-2871	546	5	particularly	particularly	ADV
cblr-2871	546	6	interested	interested	ADJ
cblr-2871	546	7	in	in	ADP
cblr-2871	546	8	entrenchment	entrenchment	NOUN
cblr-2871	546	9	,	,	PUNCT
cblr-2871	546	10	the	the	DET
cblr-2871	546	11	kind	kind	NOUN
cblr-2871	546	12	of	of	ADP
cblr-2871	546	13	governance	governance	NOUN
cblr-2871	546	14	it	it	PRON
cblr-2871	546	15	adopts	adopt	VERB
cblr-2871	546	16	is	be	AUX
cblr-2871	546	17	not	not	PART
cblr-2871	546	18	a	a	DET
cblr-2871	546	19	top	top	ADJ
cblr-2871	546	20	priority	priority	NOUN
cblr-2871	546	21	.	.	PUNCT
cblr-2871	547	1	87	87	NUM
cblr-2871	547	2	see	see	VERB
cblr-2871	547	3	richard	richard	PROPN
cblr-2871	547	4	sandler	sandler	PROPN
cblr-2871	547	5	&	&	CCONJ
cblr-2871	547	6	elizabeth	elizabeth	PROPN
cblr-2871	547	7	weinstein	weinstein	PROPN
cblr-2871	547	8	,	,	PUNCT
cblr-2871	547	9	a	a	DET
cblr-2871	547	10	spotlight	spotlight	NOUN
cblr-2871	547	11	on	on	ADP
cblr-2871	547	12	shareholder	shareholder	NOUN
cblr-2871	547	13	proposals	proposal	NOUN
cblr-2871	547	14	:	:	PUNCT
cblr-2871	547	15	majority	majority	NOUN
cblr-2871	547	16	voting	voting	NOUN
cblr-2871	547	17	,	,	PUNCT
cblr-2871	547	18	davis	davis	PROPN
cblr-2871	547	19	polk	polk	PROPN
cblr-2871	547	20	briefing	briefing	PROPN
cblr-2871	547	21	:	:	PUNCT
cblr-2871	547	22	governance	governance	NOUN
cblr-2871	547	23	(	(	PUNCT
cblr-2871	547	24	jul	jul	PROPN
cblr-2871	547	25	.	.	PROPN
cblr-2871	547	26	13	13	NUM
cblr-2871	547	27	,	,	PUNCT
cblr-2871	547	28	2012	2012	NUM
cblr-2871	547	29	)	)	PUNCT
cblr-2871	547	30	,	,	PUNCT
cblr-2871	547	31	http://www.davispolk.com/briefing/	http://www.davispolk.com/briefing/	PUNCT
cblr-2871	547	32	corporategovernance/61647/.	corporategovernance/61647/.	PROPN
cblr-2871	547	33	88	88	NUM
cblr-2871	547	34	see	see	VERB
cblr-2871	547	35	davis	davis	PROPN
cblr-2871	547	36	polk	polk	PROPN
cblr-2871	547	37	ipo	ipo	PROPN
cblr-2871	547	38	report	report	PROPN
cblr-2871	547	39	,	,	PUNCT
cblr-2871	547	40	supra	supra	PROPN
cblr-2871	547	41	note	note	PROPN
cblr-2871	547	42	83	83	NUM
cblr-2871	547	43	,	,	PUNCT
cblr-2871	547	44	at	at	ADP
cblr-2871	547	45	9	9	NUM
cblr-2871	547	46	(	(	PUNCT
cblr-2871	547	47	"	"	PUNCT
cblr-2871	547	48	of	of	ADP
cblr-2871	547	49	the	the	DET
cblr-2871	547	50	50	50	NUM
cblr-2871	547	51	companies	company	NOUN
cblr-2871	547	52	examined	examine	VERB
cblr-2871	547	53	,	,	PUNCT
cblr-2871	547	54	47	47	NUM
cblr-2871	547	55	companies	company	NOUN
cblr-2871	547	56	(	(	PUNCT
cblr-2871	547	57	94	94	NUM
cblr-2871	547	58	%	%	NOUN
cblr-2871	547	59	)	)	PUNCT
cblr-2871	547	60	required	require	VERB
cblr-2871	547	61	a	a	DET
cblr-2871	547	62	plurality	plurality	NOUN
cblr-2871	547	63	standard	standard	NOUN
cblr-2871	547	64	for	for	ADP
cblr-2871	547	65	board	board	NOUN
cblr-2871	547	66	elections	election	NOUN
cblr-2871	547	67	.	.	PUNCT
cblr-2871	548	1	"	"	PUNCT
cblr-2871	548	2	)	)	PUNCT
cblr-2871	548	3	.	.	PUNCT
cblr-2871	549	1	89	89	NUM
cblr-2871	549	2	see	see	VERB
cblr-2871	549	3	coates	coate	NOUN
cblr-2871	549	4	iv	iv	NUM
cblr-2871	549	5	,	,	PUNCT
cblr-2871	549	6	supra	supra	PROPN
cblr-2871	549	7	note	note	NOUN
cblr-2871	549	8	3	3	NUM
cblr-2871	549	9	,	,	PUNCT
cblr-2871	549	10	at	at	ADP
cblr-2871	549	11	1320	1320	NUM
cblr-2871	549	12	(	(	PUNCT
cblr-2871	549	13	explaining	explain	VERB
cblr-2871	549	14	that	that	SCONJ
cblr-2871	549	15	boilerplates	boilerplate	NOUN
cblr-2871	549	16	provide	provide	VERB
cblr-2871	549	17	a	a	DET
cblr-2871	549	18	source	source	NOUN
cblr-2871	549	19	of	of	ADP
cblr-2871	549	20	information	information	NOUN
cblr-2871	549	21	regarding	regarding	ADP
cblr-2871	549	22	which	which	PRON
cblr-2871	549	23	takeover	takeover	NOUN
cblr-2871	549	24	defenses	defense	NOUN
cblr-2871	549	25	to	to	PART
cblr-2871	549	26	adopt	adopt	VERB
cblr-2871	549	27	)	)	PUNCT
cblr-2871	549	28	.	.	PUNCT
cblr-2871	550	1	90	90	NUM
cblr-2871	550	2	see	see	VERB
cblr-2871	550	3	i	i	PRON
cblr-2871	550	4	d.	d.	PROPN
cblr-2871	550	5	at	at	ADP
cblr-2871	550	6	1314	1314	NUM
cblr-2871	550	7	(	(	PUNCT
cblr-2871	550	8	explaining	explain	VERB
cblr-2871	550	9	that	that	SCONJ
cblr-2871	550	10	the	the	DET
cblr-2871	550	11	legal	legal	ADJ
cblr-2871	550	12	market	market	NOUN
cblr-2871	550	13	is	be	AUX
cblr-2871	550	14	segmented	segment	VERB
cblr-2871	550	15	such	such	ADJ
cblr-2871	550	16	that	that	SCONJ
cblr-2871	550	17	lawyers	lawyer	NOUN
cblr-2871	550	18	who	who	PRON
cblr-2871	550	19	specialize	specialize	VERB
cblr-2871	550	20	in	in	ADP
cblr-2871	550	21	takeovers	takeover	NOUN
cblr-2871	550	22	are	be	AUX
cblr-2871	550	23	not	not	PART
cblr-2871	550	24	experienced	experience	VERB
cblr-2871	550	25	in	in	ADP
cblr-2871	550	26	ipos	ipos	NOUN
cblr-2871	550	27	and	and	CCONJ
cblr-2871	550	28	vice	vice	NOUN
cblr-2871	550	29	versa	versa	ADV
cblr-2871	550	30	)	)	PUNCT
cblr-2871	550	31	.	.	PUNCT
cblr-2871	551	1	91	91	NUM
cblr-2871	551	2	see	see	VERB
cblr-2871	551	3	i	i	PRON
cblr-2871	551	4	d.	d.	PROPN
cblr-2871	551	5	at	at	ADP
cblr-2871	551	6	1319	1319	NUM
cblr-2871	551	7	n.78	n.78	PROPN
cblr-2871	551	8	(	(	PUNCT
cblr-2871	551	9	describing	describe	VERB
cblr-2871	551	10	the	the	DET
cblr-2871	551	11	reasons	reason	NOUN
cblr-2871	551	12	that	that	PRON
cblr-2871	551	13	communication	communication	NOUN
cblr-2871	551	14	is	be	AUX
cblr-2871	551	15	lacking	lack	VERB
cblr-2871	551	16	between	between	ADP
cblr-2871	551	17	ipo	ipo	PROPN
cblr-2871	551	18	and	and	CCONJ
cblr-2871	551	19	m&a	m&a	PROPN
cblr-2871	551	20	attorneys	attorney	NOUN
cblr-2871	551	21	at	at	ADP
cblr-2871	551	22	the	the	DET
cblr-2871	551	23	same	same	ADJ
cblr-2871	551	24	firm	firm	NOUN
cblr-2871	551	25	)	)	PUNCT
cblr-2871	551	26	.	.	PUNCT
cblr-2871	552	1	92	92	NUM
cblr-2871	552	2	see	see	VERB
cblr-2871	552	3	i	i	PRON
cblr-2871	552	4	d.	d.	PROPN
cblr-2871	552	5	at	at	ADP
cblr-2871	552	6	1381	1381	NUM
cblr-2871	552	7	.	.	PUNCT
cblr-2871	553	1	660	660	NUM
cblr-2871	553	2	col	col	PROPN
cblr-2871	553	3	umbia	umbia	PROPN
cblr-2871	553	4	b	b	PROPN
cblr-2871	553	5	usiness	usiness	PROPN
cblr-2871	553	6	la	la	PROPN
cblr-2871	553	7	w	w	PROPN
cblr-2871	553	8	re	re	PROPN
cblr-2871	553	9	vie	vie	PROPN
cblr-2871	553	10	w	w	PROPN
cblr-2871	553	11	[	[	PUNCT
cblr-2871	553	12	vol	vol	NOUN
cblr-2871	553	13	.	.	PROPN
cblr-2871	553	14	20	20	NUM
cblr-2871	553	15	13	13	NUM
cblr-2871	553	16	no	no	NOUN
cblr-2871	553	17	.	.	PUNCT
cblr-2871	554	1	3:627	3:627	NUM
cblr-2871	554	2	]	]	PUNCT
cblr-2871	554	3	noise	noise	NOUN
cblr-2871	554	4	adopters	adopter	NOUN
cblr-2871	554	5	in	in	ADP
cblr-2871	554	6	corporate	corporate	ADJ
cblr-2871	554	7	governance	governance	NOUN
cblr-2871	554	8	conversely	conversely	ADV
cblr-2871	554	9	,	,	PUNCT
cblr-2871	554	10	in	in	ADP
cblr-2871	554	11	order	order	NOUN
cblr-2871	554	12	to	to	PART
cblr-2871	554	13	implement	implement	VERB
cblr-2871	554	14	a	a	DET
cblr-2871	554	15	staggered	staggered	ADJ
cblr-2871	554	16	board	board	NOUN
cblr-2871	554	17	in	in	ADP
cblr-2871	554	18	the	the	DET
cblr-2871	554	19	midstream	midstream	NOUN
cblr-2871	554	20	stage	stage	NOUN
cblr-2871	554	21	,	,	PUNCT
cblr-2871	554	22	managers	manager	NOUN
cblr-2871	554	23	must	must	AUX
cblr-2871	554	24	seek	seek	VERB
cblr-2871	554	25	it	it	PRON
cblr-2871	554	26	proactively.93	proactively.93	NOUN
cblr-2871	554	27	first	first	ADV
cblr-2871	554	28	,	,	PUNCT
cblr-2871	554	29	the	the	DET
cblr-2871	554	30	board	board	NOUN
cblr-2871	554	31	must	must	AUX
cblr-2871	554	32	vote	vote	VERB
cblr-2871	554	33	on	on	ADP
cblr-2871	554	34	a	a	DET
cblr-2871	554	35	resolution	resolution	NOUN
cblr-2871	554	36	to	to	PART
cblr-2871	554	37	adopt	adopt	VERB
cblr-2871	554	38	a	a	DET
cblr-2871	554	39	staggered	staggered	ADJ
cblr-2871	554	40	board.94	board.94	NOUN
cblr-2871	554	41	next	next	ADV
cblr-2871	554	42	,	,	PUNCT
cblr-2871	554	43	the	the	DET
cblr-2871	554	44	board	board	NOUN
cblr-2871	554	45	must	must	AUX
cblr-2871	554	46	seek	seek	VERB
cblr-2871	554	47	shareholder	shareholder	NOUN
cblr-2871	554	48	approval	approval	NOUN
cblr-2871	554	49	of	of	ADP
cblr-2871	554	50	the	the	DET
cblr-2871	554	51	resolution	resolution	NOUN
cblr-2871	554	52	95	95	NUM
cblr-2871	554	53	and	and	CCONJ
cblr-2871	554	54	the	the	DET
cblr-2871	554	55	proxy	proxy	NOUN
cblr-2871	554	56	materials	material	NOUN
cblr-2871	554	57	must	must	AUX
cblr-2871	554	58	explain	explain	VERB
cblr-2871	554	59	why	why	SCONJ
cblr-2871	554	60	the	the	DET
cblr-2871	554	61	company	company	NOUN
cblr-2871	554	62	is	be	AUX
cblr-2871	554	63	seeking	seek	VERB
cblr-2871	554	64	a	a	DET
cblr-2871	554	65	staggered	staggered	ADJ
cblr-2871	554	66	board.96	board.96	PROPN
cblr-2871	554	67	as	as	SCONJ
cblr-2871	554	68	the	the	DET
cblr-2871	554	69	board	board	NOUN
cblr-2871	554	70	needs	need	VERB
cblr-2871	554	71	to	to	PART
cblr-2871	554	72	vote	vote	VERB
cblr-2871	554	73	on	on	ADP
cblr-2871	554	74	the	the	DET
cblr-2871	554	75	term	term	NOUN
cblr-2871	554	76	separately	separately	ADV
cblr-2871	554	77	and	and	CCONJ
cblr-2871	554	78	proactively	proactively	ADV
cblr-2871	554	79	seek	seek	VERB
cblr-2871	554	80	shareholder	shareholder	NOUN
cblr-2871	554	81	approval	approval	NOUN
cblr-2871	554	82	,	,	PUNCT
cblr-2871	554	83	it	it	PRON
cblr-2871	554	84	is	be	AUX
cblr-2871	554	85	less	less	ADV
cblr-2871	554	86	likely	likely	ADJ
cblr-2871	554	87	that	that	SCONJ
cblr-2871	554	88	the	the	DET
cblr-2871	554	89	adoption	adoption	NOUN
cblr-2871	554	90	is	be	AUX
cblr-2871	554	91	innocuous	innocuous	ADJ
cblr-2871	554	92	.	.	PUNCT
cblr-2871	555	1	rather	rather	ADV
cblr-2871	555	2	,	,	PUNCT
cblr-2871	555	3	it	it	PRON
cblr-2871	555	4	is	be	AUX
cblr-2871	555	5	more	more	ADV
cblr-2871	555	6	likely	likely	ADJ
cblr-2871	555	7	that	that	SCONJ
cblr-2871	555	8	the	the	DET
cblr-2871	555	9	board	board	NOUN
cblr-2871	555	10	is	be	AUX
cblr-2871	555	11	attempting	attempt	VERB
cblr-2871	555	12	to	to	PART
cblr-2871	555	13	strengthen	strengthen	VERB
cblr-2871	555	14	entrenchment	entrenchment	NOUN
cblr-2871	555	15	.	.	PUNCT
cblr-2871	556	1	b.	b.	PROPN
cblr-2871	556	2	evidence	evidence	NOUN
cblr-2871	556	3	on	on	ADP
cblr-2871	556	4	how	how	SCONJ
cblr-2871	556	5	investors	investor	NOUN
cblr-2871	556	6	update	update	VERB
cblr-2871	556	7	their	their	PRON
cblr-2871	556	8	beliefs	belief	NOUN
cblr-2871	556	9	the	the	DET
cblr-2871	556	10	noisy	noisy	ADJ
cblr-2871	556	11	signal	signal	NOUN
cblr-2871	556	12	hypothesis	hypothesis	NOUN
cblr-2871	556	13	helps	help	VERB
cblr-2871	556	14	explain	explain	VERB
cblr-2871	556	15	how	how	SCONJ
cblr-2871	556	16	investors	investor	NOUN
cblr-2871	556	17	respond	respond	VERB
cblr-2871	556	18	to	to	ADP
cblr-2871	556	19	news	news	NOUN
cblr-2871	556	20	.	.	PUNCT
cblr-2871	557	1	for	for	ADP
cblr-2871	557	2	example	example	NOUN
cblr-2871	557	3	,	,	PUNCT
cblr-2871	557	4	when	when	SCONJ
cblr-2871	557	5	firms	firm	NOUN
cblr-2871	557	6	incorporate	incorporate	VERB
cblr-2871	557	7	in	in	ADP
cblr-2871	557	8	nevada	nevada	PROPN
cblr-2871	557	9	(	(	PUNCT
cblr-2871	557	10	a	a	DET
cblr-2871	557	11	state	state	NOUN
cblr-2871	557	12	with	with	ADP
cblr-2871	557	13	extremely	extremely	ADV
cblr-2871	557	14	lax	lax	ADJ
cblr-2871	557	15	corporate	corporate	ADJ
cblr-2871	557	16	law	law	NOUN
cblr-2871	557	17	)	)	PUNCT
cblr-2871	557	18	,	,	PUNCT
cblr-2871	557	19	empirical	empirical	ADJ
cblr-2871	557	20	evidence	evidence	NOUN
cblr-2871	557	21	suggests	suggest	VERB
cblr-2871	557	22	that	that	SCONJ
cblr-2871	557	23	there	there	PRON
cblr-2871	557	24	is	be	VERB
cblr-2871	557	25	no	no	DET
cblr-2871	557	26	significant	significant	ADJ
cblr-2871	557	27	discount	discount	NOUN
cblr-2871	557	28	attached.9	attached.9	ADP
cblr-2871	557	29	7	7	NUM
cblr-2871	557	30	yet	yet	ADV
cblr-2871	557	31	,	,	PUNCT
cblr-2871	557	32	when	when	SCONJ
cblr-2871	557	33	firms	firm	NOUN
cblr-2871	557	34	restate	restate	VERB
cblr-2871	557	35	in	in	ADP
cblr-2871	557	36	nevada	nevada	PROPN
cblr-2871	557	37	,	,	PUNCT
cblr-2871	557	38	the	the	DET
cblr-2871	557	39	penalty	penalty	NOUN
cblr-2871	557	40	is	be	AUX
cblr-2871	557	41	significantly	significantly	ADV
cblr-2871	557	42	higher	high	ADJ
cblr-2871	557	43	than	than	ADP
cblr-2871	557	44	the	the	DET
cblr-2871	557	45	one	one	NUM
cblr-2871	557	46	accompanying	accompany	VERB
cblr-2871	557	47	financial	financial	ADJ
cblr-2871	557	48	restatements	restatement	NOUN
cblr-2871	557	49	in	in	ADP
cblr-2871	557	50	delaware.98	delaware.98	VERB
cblr-2871	557	51	why	why	SCONJ
cblr-2871	557	52	do	do	AUX
cblr-2871	557	53	investors	investor	NOUN
cblr-2871	557	54	not	not	PART
cblr-2871	557	55	penalize	penalize	VERB
cblr-2871	557	56	firms	firm	NOUN
cblr-2871	557	57	that	that	PRON
cblr-2871	557	58	incorporate	incorporate	VERB
cblr-2871	557	59	in	in	ADP
cblr-2871	557	60	nevada	nevada	PROPN
cblr-2871	557	61	,	,	PUNCT
cblr-2871	557	62	but	but	CCONJ
cblr-2871	557	63	penalize	penalize	VERB
cblr-2871	557	64	them	they	PRON
cblr-2871	557	65	more	more	ADV
cblr-2871	557	66	heavily	heavily	ADV
cblr-2871	557	67	when	when	SCONJ
cblr-2871	557	68	they	they	PRON
cblr-2871	557	69	restate	restate	VERB
cblr-2871	557	70	?	?	PUNCT
cblr-2871	558	1	the	the	DET
cblr-2871	558	2	noise	noise	NOUN
cblr-2871	558	3	adopters	adopter	NOUN
cblr-2871	558	4	theory	theory	NOUN
cblr-2871	558	5	is	be	AUX
cblr-2871	558	6	consistent	consistent	ADJ
cblr-2871	558	7	with	with	ADP
cblr-2871	558	8	and	and	CCONJ
cblr-2871	558	9	helps	help	VERB
cblr-2871	558	10	to	to	PART
cblr-2871	558	11	explain	explain	VERB
cblr-2871	558	12	this	this	DET
cblr-2871	558	13	evidence	evidence	NOUN
cblr-2871	558	14	.	.	PUNCT
cblr-2871	559	1	under	under	ADP
cblr-2871	559	2	the	the	DET
cblr-2871	559	3	noise	noise	NOUN
cblr-2871	559	4	adopters	adopter	NOUN
cblr-2871	559	5	theory	theory	NOUN
cblr-2871	559	6	,	,	PUNCT
cblr-2871	559	7	when	when	SCONJ
cblr-2871	559	8	firms	firm	NOUN
cblr-2871	559	9	incorporate	incorporate	VERB
cblr-2871	559	10	in	in	ADP
cblr-2871	559	11	nevada	nevada	PROPN
cblr-2871	559	12	,	,	PUNCT
cblr-2871	559	13	investors	investor	NOUN
cblr-2871	559	14	do	do	AUX
cblr-2871	559	15	not	not	PART
cblr-2871	559	16	know	know	VERB
cblr-2871	559	17	the	the	DET
cblr-2871	559	18	reason	reason	NOUN
cblr-2871	559	19	for	for	ADP
cblr-2871	559	20	this	this	DET
cblr-2871	559	21	choice	choice	NOUN
cblr-2871	559	22	.	.	PUNCT
cblr-2871	560	1	it	it	PRON
cblr-2871	560	2	could	could	AUX
cblr-2871	560	3	be	be	AUX
cblr-2871	560	4	that	that	PRON
cblr-2871	560	5	management	management	NOUN
cblr-2871	560	6	was	be	AUX
cblr-2871	560	7	interested	interested	ADJ
cblr-2871	560	8	in	in	ADP
cblr-2871	560	9	significantly	significantly	ADV
cblr-2871	560	10	entrenching	entrench	VERB
cblr-2871	560	11	rules	rule	NOUN
cblr-2871	560	12	or	or	CCONJ
cblr-2871	560	13	that	that	DET
cblr-2871	560	14	management	management	NOUN
cblr-2871	560	15	was	be	AUX
cblr-2871	560	16	lured	lure	VERB
cblr-2871	560	17	by	by	ADP
cblr-2871	560	18	nevada	nevada	PROPN
cblr-2871	560	19	's	's	PART
cblr-2871	560	20	lower	low	ADJ
cblr-2871	560	21	taxes	taxis	NOUN
cblr-2871	560	22	.	.	PUNCT
cblr-2871	561	1	alternatively	alternatively	ADV
cblr-2871	561	2	,	,	PUNCT
cblr-2871	561	3	the	the	DET
cblr-2871	561	4	company	company	NOUN
cblr-2871	561	5	's	's	PART
cblr-2871	561	6	lawyers	lawyer	NOUN
cblr-2871	561	7	may	may	AUX
cblr-2871	561	8	have	have	AUX
cblr-2871	561	9	effectively	effectively	ADV
cblr-2871	561	10	made	make	VERB
cblr-2871	561	11	the	the	DET
cblr-2871	561	12	choice	choice	NOUN
cblr-2871	561	13	.	.	PUNCT
cblr-2871	562	1	thus	thus	ADV
cblr-2871	562	2	,	,	PUNCT
cblr-2871	562	3	the	the	DET
cblr-2871	562	4	signal	signal	NOUN
cblr-2871	562	5	of	of	ADP
cblr-2871	562	6	incorporating	incorporate	VERB
cblr-2871	562	7	in	in	ADP
cblr-2871	562	8	nevada	nevada	PROPN
cblr-2871	562	9	is	be	AUX
cblr-2871	562	10	noisy	noisy	ADJ
cblr-2871	562	11	.	.	PUNCT
cblr-2871	563	1	in	in	ADP
cblr-2871	563	2	contrast	contrast	NOUN
cblr-2871	563	3	,	,	PUNCT
cblr-2871	563	4	when	when	SCONJ
cblr-2871	563	5	firms	firm	NOUN
cblr-2871	563	6	93	93	NUM
cblr-2871	563	7	see	see	VERB
cblr-2871	563	8	del	del	PROPN
cblr-2871	563	9	.	.	PROPN
cblr-2871	563	10	code	code	PROPN
cblr-2871	563	11	ann	ann	PROPN
cblr-2871	563	12	.	.	PUNCT
cblr-2871	563	13	tit	tit	PROPN
cblr-2871	563	14	.	.	PROPN
cblr-2871	563	15	8	8	NUM
cblr-2871	563	16	,	,	PUNCT
cblr-2871	563	17	§	§	PROPN
cblr-2871	563	18	141(d	141(d	NUM
cblr-2871	563	19	)	)	PUNCT
cblr-2871	563	20	(	(	PUNCT
cblr-2871	563	21	2013	2013	NUM
cblr-2871	563	22	)	)	PUNCT
cblr-2871	563	23	.	.	PUNCT
cblr-2871	564	1	94	94	NUM
cblr-2871	564	2	see	see	VERB
cblr-2871	564	3	i	i	PRON
cblr-2871	564	4	d.	d.	PROPN
cblr-2871	564	5	95	95	NUM
cblr-2871	564	6	see	see	VERB
cblr-2871	564	7	i	i	PRON
cblr-2871	564	8	d.	d.	PROPN
cblr-2871	564	9	96	96	NUM
cblr-2871	564	10	see	see	VERB
cblr-2871	564	11	17	17	NUM
cblr-2871	564	12	c.f.r	c.f.r	NOUN
cblr-2871	564	13	.	.	PUNCT
cblr-2871	565	1	§	§	PROPN
cblr-2871	565	2	240.14a-101	240.14a-101	NUM
cblr-2871	565	3	item	item	NOUN
cblr-2871	565	4	19	19	NUM
cblr-2871	565	5	(	(	PUNCT
cblr-2871	565	6	2013	2013	NUM
cblr-2871	565	7	)	)	PUNCT
cblr-2871	565	8	.	.	PUNCT
cblr-2871	566	1	97	97	NUM
cblr-2871	566	2	see	see	VERB
cblr-2871	566	3	barzuza	barzuza	PROPN
cblr-2871	566	4	&	&	CCONJ
cblr-2871	566	5	smith	smith	PROPN
cblr-2871	566	6	,	,	PUNCT
cblr-2871	566	7	supra	supra	PROPN
cblr-2871	566	8	note	note	NOUN
cblr-2871	566	9	12	12	NUM
cblr-2871	566	10	,	,	PUNCT
cblr-2871	566	11	at	at	ADP
cblr-2871	566	12	5	5	NUM
cblr-2871	566	13	(	(	PUNCT
cblr-2871	566	14	"	"	PUNCT
cblr-2871	566	15	[	[	X
cblr-2871	566	16	u]sing	u]se	VERB
cblr-2871	566	17	tobin	tobin	NOUN
cblr-2871	566	18	's	's	PART
cblr-2871	566	19	q	q	NOUN
cblr-2871	566	20	regressions	regression	NOUN
cblr-2871	566	21	.	.	PUNCT
cblr-2871	566	22	.	.	PUNCT
cblr-2871	566	23	.	.	PUNCT
cblr-2871	567	1	we	we	PRON
cblr-2871	567	2	find	find	VERB
cblr-2871	567	3	that	that	SCONJ
cblr-2871	567	4	the	the	DET
cblr-2871	567	5	value	value	NOUN
cblr-2871	567	6	of	of	ADP
cblr-2871	567	7	nevada	nevada	PROPN
cblr-2871	567	8	firms	firm	NOUN
cblr-2871	567	9	is	be	AUX
cblr-2871	567	10	statistically	statistically	ADV
cblr-2871	567	11	indistinguishable	indistinguishable	ADJ
cblr-2871	567	12	from	from	ADP
cblr-2871	567	13	[	[	PUNCT
cblr-2871	567	14	those	those	PRON
cblr-2871	567	15	of	of	ADP
cblr-2871	567	16	]	]	PUNCT
cblr-2871	567	17	the	the	DET
cblr-2871	567	18	average	average	ADJ
cblr-2871	567	19	state	state	NOUN
cblr-2871	567	20	....	....	PUNCT
cblr-2871	567	21	)	)	PUNCT
cblr-2871	567	22	.	.	PUNCT
cblr-2871	568	1	98	98	NUM
cblr-2871	568	2	see	see	VERB
cblr-2871	568	3	i	i	PRON
cblr-2871	568	4	d.	d.	PROPN
cblr-2871	568	5	at	at	ADP
cblr-2871	568	6	6	6	NUM
cblr-2871	568	7	(	(	PUNCT
cblr-2871	568	8	illustrating	illustrate	VERB
cblr-2871	568	9	that	that	SCONJ
cblr-2871	568	10	firms	firm	NOUN
cblr-2871	568	11	incorporated	incorporate	VERB
cblr-2871	568	12	in	in	ADP
cblr-2871	568	13	nevada	nevada	PROPN
cblr-2871	568	14	,	,	PUNCT
cblr-2871	568	15	as	as	SCONJ
cblr-2871	568	16	compared	compare	VERB
cblr-2871	568	17	to	to	ADP
cblr-2871	568	18	restating	restate	VERB
cblr-2871	568	19	firms	firm	NOUN
cblr-2871	568	20	in	in	ADP
cblr-2871	568	21	other	other	ADJ
cblr-2871	568	22	states	state	NOUN
cblr-2871	568	23	,	,	PUNCT
cblr-2871	568	24	have	have	VERB
cblr-2871	568	25	a	a	DET
cblr-2871	568	26	greater	great	ADJ
cblr-2871	568	27	decline	decline	NOUN
cblr-2871	568	28	in	in	ADP
cblr-2871	568	29	value	value	NOUN
cblr-2871	568	30	the	the	DET
cblr-2871	568	31	year	year	NOUN
cblr-2871	568	32	following	follow	VERB
cblr-2871	568	33	their	their	PRON
cblr-2871	568	34	restatement	restatement	NOUN
cblr-2871	568	35	)	)	PUNCT
cblr-2871	568	36	.	.	PUNCT
cblr-2871	569	1	661	661	NUM
cblr-2871	569	2	restate	restate	VERB
cblr-2871	569	3	their	their	PRON
cblr-2871	569	4	financials	financial	NOUN
cblr-2871	569	5	,	,	PUNCT
cblr-2871	569	6	it	it	PRON
cblr-2871	569	7	conveys	convey	VERB
cblr-2871	569	8	a	a	DET
cblr-2871	569	9	stronger	strong	ADJ
cblr-2871	569	10	signal	signal	NOUN
cblr-2871	569	11	regarding	regard	VERB
cblr-2871	569	12	the	the	DET
cblr-2871	569	13	type	type	NOUN
cblr-2871	569	14	of	of	ADP
cblr-2871	569	15	firm	firm	NOUN
cblr-2871	569	16	that	that	PRON
cblr-2871	569	17	incorporates	incorporate	VERB
cblr-2871	569	18	in	in	ADP
cblr-2871	569	19	nevada	nevada	PROPN
cblr-2871	569	20	.	.	PUNCT
cblr-2871	570	1	in	in	ADP
cblr-2871	570	2	particular	particular	ADJ
cblr-2871	570	3	,	,	PUNCT
cblr-2871	570	4	investors	investor	NOUN
cblr-2871	570	5	update	update	VERB
cblr-2871	570	6	their	their	PRON
cblr-2871	570	7	beliefs	belief	NOUN
cblr-2871	570	8	regarding	regard	VERB
cblr-2871	570	9	the	the	DET
cblr-2871	570	10	probability	probability	NOUN
cblr-2871	570	11	that	that	SCONJ
cblr-2871	570	12	the	the	DET
cblr-2871	570	13	firm	firm	NOUN
cblr-2871	570	14	is	be	AUX
cblr-2871	570	15	a	a	DET
cblr-2871	570	16	bad	bad	ADJ
cblr-2871	570	17	firm	firm	NOUN
cblr-2871	570	18	that	that	PRON
cblr-2871	570	19	chose	choose	VERB
cblr-2871	570	20	to	to	PART
cblr-2871	570	21	incorporate	incorporate	VERB
cblr-2871	570	22	in	in	ADP
cblr-2871	570	23	nevada	nevada	PROPN
cblr-2871	570	24	for	for	ADP
cblr-2871	570	25	malign	malign	ADJ
cblr-2871	570	26	reasons	reason	NOUN
cblr-2871	570	27	.	.	PUNCT
cblr-2871	571	1	at	at	ADP
cblr-2871	571	2	times	time	NOUN
cblr-2871	571	3	,	,	PUNCT
cblr-2871	571	4	bad	bad	ADJ
cblr-2871	571	5	signals	signal	NOUN
cblr-2871	571	6	may	may	AUX
cblr-2871	571	7	even	even	ADV
cblr-2871	571	8	cause	cause	VERB
cblr-2871	571	9	investors	investor	NOUN
cblr-2871	571	10	to	to	PART
cblr-2871	571	11	become	become	VERB
cblr-2871	571	12	active	active	ADJ
cblr-2871	571	13	in	in	ADP
cblr-2871	571	14	order	order	NOUN
cblr-2871	571	15	to	to	PART
cblr-2871	571	16	change	change	VERB
cblr-2871	571	17	the	the	DET
cblr-2871	571	18	governance	governance	NOUN
cblr-2871	571	19	initially	initially	ADV
cblr-2871	571	20	adopted	adopt	VERB
cblr-2871	571	21	.	.	PUNCT
cblr-2871	572	1	for	for	ADP
cblr-2871	572	2	instance	instance	NOUN
cblr-2871	572	3	,	,	PUNCT
cblr-2871	572	4	the	the	DET
cblr-2871	572	5	shareholder	shareholder	NOUN
cblr-2871	572	6	proposal	proposal	NOUN
cblr-2871	572	7	to	to	PART
cblr-2871	572	8	reincorporate	reincorporate	VERB
cblr-2871	572	9	chesapeake	chesapeake	PROPN
cblr-2871	572	10	energy	energy	NOUN
cblr-2871	572	11	from	from	ADP
cblr-2871	572	12	oklahoma	oklahoma	PROPN
cblr-2871	572	13	to	to	ADP
cblr-2871	572	14	delaware	delaware	PROPN
cblr-2871	572	15	,	,	PUNCT
cblr-2871	572	16	which	which	PRON
cblr-2871	572	17	received	receive	VERB
cblr-2871	572	18	support	support	NOUN
cblr-2871	572	19	from	from	ADP
cblr-2871	572	20	fifty	fifty	NUM
cblr-2871	572	21	-	-	PUNCT
cblr-2871	572	22	three	three	NUM
cblr-2871	572	23	percent	percent	NOUN
cblr-2871	572	24	of	of	ADP
cblr-2871	572	25	the	the	DET
cblr-2871	572	26	votes	vote	NOUN
cblr-2871	572	27	cast	cast	NOUN
cblr-2871	572	28	,	,	PUNCT
cblr-2871	572	29	followed	follow	VERB
cblr-2871	572	30	troubling	troubling	ADJ
cblr-2871	572	31	revelations	revelation	NOUN
cblr-2871	572	32	regarding	regard	VERB
cblr-2871	572	33	chesapeake	chesapeake	PROPN
cblr-2871	572	34	's	's	PART
cblr-2871	572	35	management	management	NOUN
cblr-2871	572	36	.	.	PUNCT
cblr-2871	573	1	explaining	explain	VERB
cblr-2871	573	2	why	why	SCONJ
cblr-2871	573	3	he	he	PRON
cblr-2871	573	4	submitted	submit	VERB
cblr-2871	573	5	a	a	DET
cblr-2871	573	6	proposal	proposal	NOUN
cblr-2871	573	7	to	to	PART
cblr-2871	573	8	reincorporate	reincorporate	VERB
cblr-2871	573	9	to	to	ADP
cblr-2871	573	10	delaware	delaware	PROPN
cblr-2871	573	11	,	,	PUNCT
cblr-2871	573	12	shareholder	shareholder	PROPN
cblr-2871	573	13	gerald	gerald	PROPN
cblr-2871	573	14	armstrong	armstrong	PROPN
cblr-2871	573	15	said	say	VERB
cblr-2871	573	16	:	:	PUNCT
cblr-2871	573	17	"	"	PUNCT
cblr-2871	573	18	something	something	PRON
cblr-2871	573	19	is	be	AUX
cblr-2871	573	20	out	out	ADP
cblr-2871	573	21	of	of	ADP
cblr-2871	573	22	balance	balance	NOUN
cblr-2871	573	23	here	here	ADV
cblr-2871	573	24	at	at	ADP
cblr-2871	573	25	chesapeake	chesapeake	NOUN
cblr-2871	573	26	.	.	PUNCT
cblr-2871	574	1	"99	"99	PRON
cblr-2871	574	2	the	the	DET
cblr-2871	574	3	move	move	NOUN
cblr-2871	574	4	,	,	PUNCT
cblr-2871	574	5	he	he	PRON
cblr-2871	574	6	suggested	suggest	VERB
cblr-2871	574	7	,	,	PUNCT
cblr-2871	574	8	would	would	AUX
cblr-2871	574	9	bring	bring	VERB
cblr-2871	574	10	greater	great	ADJ
cblr-2871	574	11	accountability	accountability	NOUN
cblr-2871	574	12	to	to	ADP
cblr-2871	574	13	the	the	DET
cblr-2871	574	14	company.100	company.100	PROPN
cblr-2871	574	15	reincorporation	reincorporation	NOUN
cblr-2871	574	16	proposals	proposal	NOUN
cblr-2871	574	17	are	be	AUX
cblr-2871	574	18	not	not	PART
cblr-2871	574	19	common	common	ADJ
cblr-2871	574	20	.	.	PUNCT
cblr-2871	575	1	in	in	ADP
cblr-2871	575	2	the	the	DET
cblr-2871	575	3	absence	absence	NOUN
cblr-2871	575	4	of	of	ADP
cblr-2871	575	5	red	red	ADJ
cblr-2871	575	6	flags	flag	NOUN
cblr-2871	575	7	,	,	PUNCT
cblr-2871	575	8	for	for	ADP
cblr-2871	575	9	most	most	ADJ
cblr-2871	575	10	firms	firm	NOUN
cblr-2871	575	11	,	,	PUNCT
cblr-2871	575	12	the	the	DET
cblr-2871	575	13	assumption	assumption	NOUN
cblr-2871	575	14	remains	remain	VERB
cblr-2871	575	15	that	that	SCONJ
cblr-2871	575	16	they	they	PRON
cblr-2871	575	17	may	may	AUX
cblr-2871	575	18	have	have	AUX
cblr-2871	575	19	chosen	choose	VERB
cblr-2871	575	20	the	the	DET
cblr-2871	575	21	home	home	NOUN
cblr-2871	575	22	state	state	NOUN
cblr-2871	575	23	for	for	ADP
cblr-2871	575	24	other	other	ADJ
cblr-2871	575	25	reasons	reason	NOUN
cblr-2871	575	26	.	.	PUNCT
cblr-2871	576	1	v.	v.	ADP
cblr-2871	576	2	implications	implication	NOUN
cblr-2871	576	3	a.	a.	NOUN
cblr-2871	576	4	consequences	consequence	NOUN
cblr-2871	576	5	for	for	ADP
cblr-2871	576	6	ecmh	ecmh	NOUN
cblr-2871	576	7	theory	theory	NOUN
cblr-2871	576	8	and	and	CCONJ
cblr-2871	576	9	contractual	contractual	ADJ
cblr-2871	576	10	freedom	freedom	NOUN
cblr-2871	576	11	in	in	ADP
cblr-2871	576	12	corporate	corporate	ADJ
cblr-2871	576	13	law	law	NOUN
cblr-2871	576	14	firms	firm	NOUN
cblr-2871	576	15	do	do	AUX
cblr-2871	576	16	not	not	PART
cblr-2871	576	17	pay	pay	VERB
cblr-2871	576	18	the	the	DET
cblr-2871	576	19	full	full	ADJ
cblr-2871	576	20	price	price	NOUN
cblr-2871	576	21	for	for	ADP
cblr-2871	576	22	choosing	choose	VERB
cblr-2871	576	23	a	a	DET
cblr-2871	576	24	legal	legal	ADJ
cblr-2871	576	25	regime	regime	NOUN
cblr-2871	576	26	that	that	PRON
cblr-2871	576	27	protects	protect	VERB
cblr-2871	576	28	management	management	NOUN
cblr-2871	576	29	.	.	PUNCT
cblr-2871	577	1	thus	thus	ADV
cblr-2871	577	2	,	,	PUNCT
cblr-2871	577	3	this	this	DET
cblr-2871	577	4	article	article	NOUN
cblr-2871	577	5	proposes	propose	VERB
cblr-2871	577	6	a	a	DET
cblr-2871	577	7	qualified	qualified	ADJ
cblr-2871	577	8	version	version	NOUN
cblr-2871	577	9	of	of	ADP
cblr-2871	577	10	the	the	DET
cblr-2871	577	11	ecmh	ecmh	NOUN
cblr-2871	577	12	as	as	SCONJ
cblr-2871	577	13	applied	apply	VERB
cblr-2871	577	14	to	to	ADP
cblr-2871	577	15	corporate	corporate	ADJ
cblr-2871	577	16	governance	governance	NOUN
cblr-2871	577	17	.	.	PUNCT
cblr-2871	578	1	under	under	ADP
cblr-2871	578	2	the	the	DET
cblr-2871	578	3	noise	noise	NOUN
cblr-2871	578	4	adopters	adopter	NOUN
cblr-2871	578	5	approach	approach	VERB
cblr-2871	578	6	,	,	PUNCT
cblr-2871	578	7	governance	governance	NOUN
cblr-2871	578	8	terms	term	NOUN
cblr-2871	578	9	are	be	AUX
cblr-2871	578	10	publicly	publicly	ADV
cblr-2871	578	11	known	know	VERB
cblr-2871	578	12	,	,	PUNCT
cblr-2871	578	13	but	but	CCONJ
cblr-2871	578	14	why	why	SCONJ
cblr-2871	578	15	these	these	DET
cblr-2871	578	16	firms	firm	NOUN
cblr-2871	578	17	adopted	adopt	VERB
cblr-2871	578	18	those	those	DET
cblr-2871	578	19	terms	term	NOUN
cblr-2871	578	20	-	-	PUNCT
cblr-2871	578	21	which	which	PRON
cblr-2871	578	22	is	be	AUX
cblr-2871	578	23	relevant	relevant	ADJ
cblr-2871	578	24	for	for	ADP
cblr-2871	578	25	evaluating	evaluate	VERB
cblr-2871	578	26	their	their	PRON
cblr-2871	578	27	value	value	NOUN
cblr-2871	578	28	-	-	PUNCT
cblr-2871	578	29	is	be	AUX
cblr-2871	578	30	unknown	unknown	ADJ
cblr-2871	578	31	.	.	PUNCT
cblr-2871	579	1	noise	noise	NOUN
cblr-2871	579	2	adopters	adopter	NOUN
cblr-2871	579	3	obscure	obscure	VERB
cblr-2871	579	4	the	the	DET
cblr-2871	579	5	motivation	motivation	NOUN
cblr-2871	579	6	.	.	PUNCT
cblr-2871	580	1	as	as	ADP
cblr-2871	580	2	a	a	DET
cblr-2871	580	3	result	result	NOUN
cblr-2871	580	4	,	,	PUNCT
cblr-2871	580	5	market	market	NOUN
cblr-2871	580	6	prices	price	NOUN
cblr-2871	580	7	do	do	AUX
cblr-2871	580	8	not	not	PART
cblr-2871	580	9	necessarily	necessarily	ADV
cblr-2871	580	10	reflect	reflect	VERB
cblr-2871	580	11	the	the	DET
cblr-2871	580	12	true	true	ADJ
cblr-2871	580	13	value	value	NOUN
cblr-2871	580	14	of	of	ADP
cblr-2871	580	15	corporate	corporate	ADJ
cblr-2871	580	16	governance	governance	NOUN
cblr-2871	580	17	rules	rule	NOUN
cblr-2871	580	18	and	and	CCONJ
cblr-2871	580	19	terms	term	NOUN
cblr-2871	580	20	when	when	SCONJ
cblr-2871	580	21	applied	apply	VERB
cblr-2871	580	22	to	to	ADP
cblr-2871	580	23	a	a	DET
cblr-2871	580	24	specific	specific	ADJ
cblr-2871	580	25	firm	firm	NOUN
cblr-2871	580	26	.	.	PUNCT
cblr-2871	581	1	99	99	NUM
cblr-2871	581	2	see	see	VERB
cblr-2871	581	3	tim	tim	PROPN
cblr-2871	581	4	talley	talley	PROPN
cblr-2871	581	5	,	,	PUNCT
cblr-2871	581	6	chesapeake	chesapeake	PROPN
cblr-2871	581	7	investors	investor	NOUN
cblr-2871	581	8	up	up	ADP
cblr-2871	581	9	in	in	ADP
cblr-2871	581	10	arms	arm	NOUN
cblr-2871	581	11	:	:	PUNCT
cblr-2871	581	12	two	two	NUM
cblr-2871	581	13	directors	director	NOUN
cblr-2871	581	14	resign	resign	VERB
cblr-2871	581	15	as	as	SCONJ
cblr-2871	581	16	shareholders	shareholder	NOUN
cblr-2871	581	17	rebuke	rebuke	VERB
cblr-2871	581	18	the	the	DET
cblr-2871	581	19	board	board	NOUN
cblr-2871	581	20	at	at	ADP
cblr-2871	581	21	the	the	DET
cblr-2871	581	22	annual	annual	ADJ
cblr-2871	581	23	meeting	meeting	NOUN
cblr-2871	581	24	,	,	PUNCT
cblr-2871	581	25	tulsa	tulsa	PROPN
cblr-2871	581	26	world	world	NOUN
cblr-2871	581	27	,	,	PUNCT
cblr-2871	581	28	june	june	PROPN
cblr-2871	581	29	9	9	NUM
cblr-2871	581	30	,	,	PUNCT
cblr-2871	581	31	2012	2012	NUM
cblr-2871	581	32	,	,	PUNCT
cblr-2871	581	33	at	at	ADP
cblr-2871	581	34	el	el	PROPN
cblr-2871	581	35	.	.	PROPN
cblr-2871	581	36	100	100	NUM
cblr-2871	581	37	see	see	VERB
cblr-2871	581	38	i	i	PRON
cblr-2871	581	39	d.	d.	PROPN
cblr-2871	581	40	662	662	NUM
cblr-2871	581	41	col	col	PROPN
cblr-2871	581	42	umia	umia	PROPN
cblr-2871	581	43	b	b	PROPN
cblr-2871	581	44	usiness	usiness	PROPN
cblr-2871	581	45	la	la	PROPN
cblr-2871	581	46	w	w	PROPN
cblr-2871	581	47	re	re	PROPN
cblr-2871	581	48	vie	vie	PROPN
cblr-2871	581	49	w	w	PROPN
cblr-2871	582	1	[	[	X
cblr-2871	582	2	vol	vol	NOUN
cblr-2871	582	3	.	.	PUNCT
cblr-2871	582	4	2013	2013	NUM
cblr-2871	582	5	no	no	NOUN
cblr-2871	582	6	.	.	PUNCT
cblr-2871	583	1	3:627	3:627	NUM
cblr-2871	583	2	]	]	PUNCT
cblr-2871	583	3	noise	noise	NOUN
cblr-2871	583	4	adopters	adopter	NOUN
cblr-2871	583	5	in	in	ADP
cblr-2871	583	6	corporate	corporate	ADJ
cblr-2871	583	7	governance	governance	NOUN
cblr-2871	583	8	accordingly	accordingly	ADV
cblr-2871	583	9	,	,	PUNCT
cblr-2871	583	10	policy	policy	NOUN
cblr-2871	583	11	analysis	analysis	NOUN
cblr-2871	583	12	of	of	ADP
cblr-2871	583	13	contractual	contractual	ADJ
cblr-2871	583	14	freedom	freedom	NOUN
cblr-2871	583	15	in	in	ADP
cblr-2871	583	16	corporate	corporate	ADJ
cblr-2871	583	17	law	law	NOUN
cblr-2871	583	18	should	should	AUX
cblr-2871	583	19	account	account	VERB
cblr-2871	583	20	for	for	ADP
cblr-2871	583	21	the	the	DET
cblr-2871	583	22	existence	existence	NOUN
cblr-2871	583	23	of	of	ADP
cblr-2871	583	24	noise	noise	NOUN
cblr-2871	583	25	adopters	adopter	NOUN
cblr-2871	583	26	.	.	PUNCT
cblr-2871	584	1	since	since	SCONJ
cblr-2871	584	2	noise	noise	NOUN
cblr-2871	584	3	adopters	adopter	NOUN
cblr-2871	584	4	obscure	obscure	VERB
cblr-2871	584	5	a	a	DET
cblr-2871	584	6	signal	signal	NOUN
cblr-2871	584	7	that	that	PRON
cblr-2871	584	8	would	would	AUX
cblr-2871	584	9	otherwise	otherwise	ADV
cblr-2871	584	10	be	be	AUX
cblr-2871	584	11	associated	associate	VERB
cblr-2871	584	12	with	with	ADP
cblr-2871	584	13	entrenching	entrench	VERB
cblr-2871	584	14	terms	term	NOUN
cblr-2871	584	15	,	,	PUNCT
cblr-2871	584	16	managers	manager	NOUN
cblr-2871	584	17	do	do	AUX
cblr-2871	584	18	not	not	PART
cblr-2871	584	19	fully	fully	ADV
cblr-2871	584	20	internalize	internalize	VERB
cblr-2871	584	21	the	the	DET
cblr-2871	584	22	costs	cost	NOUN
cblr-2871	584	23	of	of	ADP
cblr-2871	584	24	these	these	DET
cblr-2871	584	25	terms	term	NOUN
cblr-2871	584	26	.	.	PUNCT
cblr-2871	585	1	managers	manager	NOUN
cblr-2871	585	2	with	with	ADP
cblr-2871	585	3	an	an	DET
cblr-2871	585	4	interest	interest	NOUN
cblr-2871	585	5	in	in	ADP
cblr-2871	585	6	entrenchment	entrenchment	NOUN
cblr-2871	585	7	do	do	AUX
cblr-2871	585	8	not	not	PART
cblr-2871	585	9	pay	pay	VERB
cblr-2871	585	10	the	the	DET
cblr-2871	585	11	full	full	ADJ
cblr-2871	585	12	ticket	ticket	NOUN
cblr-2871	585	13	price	price	NOUN
cblr-2871	585	14	for	for	ADP
cblr-2871	585	15	their	their	PRON
cblr-2871	585	16	preference	preference	NOUN
cblr-2871	585	17	or	or	CCONJ
cblr-2871	585	18	for	for	ADP
cblr-2871	585	19	the	the	DET
cblr-2871	585	20	harm	harm	NOUN
cblr-2871	585	21	that	that	SCONJ
cblr-2871	585	22	it	it	PRON
cblr-2871	585	23	causes	cause	VERB
cblr-2871	585	24	the	the	DET
cblr-2871	585	25	company	company	NOUN
cblr-2871	585	26	.	.	PUNCT
cblr-2871	586	1	the	the	DET
cblr-2871	586	2	results	result	NOUN
cblr-2871	586	3	could	could	AUX
cblr-2871	586	4	vary	vary	VERB
cblr-2871	586	5	from	from	ADP
cblr-2871	586	6	a	a	DET
cblr-2871	586	7	majority	majority	NOUN
cblr-2871	586	8	of	of	ADP
cblr-2871	586	9	firms	firm	NOUN
cblr-2871	586	10	adopting	adopt	VERB
cblr-2871	586	11	entrenching	entrench	VERB
cblr-2871	586	12	terms	term	NOUN
cblr-2871	586	13	to	to	ADP
cblr-2871	586	14	all	all	DET
cblr-2871	586	15	firms	firm	NOUN
cblr-2871	586	16	adopting	adopt	VERB
cblr-2871	586	17	them	they	PRON
cblr-2871	586	18	.	.	PUNCT
cblr-2871	587	1	due	due	ADP
cblr-2871	587	2	to	to	ADP
cblr-2871	587	3	asymmetric	asymmetric	ADJ
cblr-2871	587	4	information	information	NOUN
cblr-2871	587	5	and	and	CCONJ
cblr-2871	587	6	noise	noise	NOUN
cblr-2871	587	7	adopters	adopter	NOUN
cblr-2871	587	8	,	,	PUNCT
cblr-2871	587	9	the	the	DET
cblr-2871	587	10	decision	decision	NOUN
cblr-2871	587	11	whether	whether	SCONJ
cblr-2871	587	12	to	to	PART
cblr-2871	587	13	adopt	adopt	VERB
cblr-2871	587	14	governance	governance	NOUN
cblr-2871	587	15	terms	term	NOUN
cblr-2871	587	16	is	be	AUX
cblr-2871	587	17	more	more	ADV
cblr-2871	587	18	complicated	complicated	ADJ
cblr-2871	587	19	than	than	SCONJ
cblr-2871	587	20	previously	previously	ADV
cblr-2871	587	21	thought	think	VERB
cblr-2871	587	22	.	.	PUNCT
cblr-2871	588	1	moreover	moreover	ADV
cblr-2871	588	2	,	,	PUNCT
cblr-2871	588	3	this	this	PRON
cblr-2871	588	4	generates	generate	VERB
cblr-2871	588	5	sub	sub	ADJ
cblr-2871	588	6	-	-	ADJ
cblr-2871	588	7	optimal	optimal	ADJ
cblr-2871	588	8	outcomes	outcome	NOUN
cblr-2871	588	9	,	,	PUNCT
cblr-2871	588	10	as	as	SCONJ
cblr-2871	588	11	it	it	PRON
cblr-2871	588	12	may	may	AUX
cblr-2871	588	13	incentivize	incentivize	VERB
cblr-2871	588	14	the	the	DET
cblr-2871	588	15	adoption	adoption	NOUN
cblr-2871	588	16	of	of	ADP
cblr-2871	588	17	entrenching	entrench	VERB
cblr-2871	588	18	terms	term	NOUN
cblr-2871	588	19	.	.	PUNCT
cblr-2871	589	1	this	this	DET
cblr-2871	589	2	analysis	analysis	NOUN
cblr-2871	589	3	does	do	AUX
cblr-2871	589	4	not	not	PART
cblr-2871	589	5	necessarily	necessarily	ADV
cblr-2871	589	6	suggest	suggest	VERB
cblr-2871	589	7	,	,	PUNCT
cblr-2871	589	8	however	however	ADV
cblr-2871	589	9	,	,	PUNCT
cblr-2871	589	10	that	that	SCONJ
cblr-2871	589	11	mandatory	mandatory	ADJ
cblr-2871	589	12	law	law	NOUN
cblr-2871	589	13	should	should	AUX
cblr-2871	589	14	regulate	regulate	VERB
cblr-2871	589	15	governance	governance	NOUN
cblr-2871	589	16	terms	term	NOUN
cblr-2871	589	17	.	.	PUNCT
cblr-2871	590	1	as	as	SCONJ
cblr-2871	590	2	proponents	proponent	NOUN
cblr-2871	590	3	of	of	ADP
cblr-2871	590	4	contractual	contractual	ADJ
cblr-2871	590	5	freedom	freedom	NOUN
cblr-2871	590	6	argue	argue	NOUN
cblr-2871	590	7	,	,	PUNCT
cblr-2871	590	8	regulation	regulation	NOUN
cblr-2871	590	9	of	of	ADP
cblr-2871	590	10	governance	governance	NOUN
cblr-2871	590	11	terms	term	NOUN
cblr-2871	590	12	has	have	VERB
cblr-2871	590	13	its	its	PRON
cblr-2871	590	14	costs	cost	NOUN
cblr-2871	590	15	.	.	PUNCT
cblr-2871	591	1	firms	firm	NOUN
cblr-2871	591	2	may	may	AUX
cblr-2871	591	3	know	know	VERB
cblr-2871	591	4	better	well	ADV
cblr-2871	591	5	which	which	DET
cblr-2871	591	6	terms	term	NOUN
cblr-2871	591	7	are	be	AUX
cblr-2871	591	8	most	most	ADV
cblr-2871	591	9	suitable	suitable	ADJ
cblr-2871	591	10	;	;	PUNCT
cblr-2871	591	11	one	one	NUM
cblr-2871	591	12	size	size	NOUN
cblr-2871	591	13	does	do	AUX
cblr-2871	591	14	not	not	PART
cblr-2871	591	15	fit	fit	VERB
cblr-2871	591	16	all	all	PRON
cblr-2871	591	17	.	.	PUNCT
cblr-2871	592	1	additionally	additionally	ADV
cblr-2871	592	2	,	,	PUNCT
cblr-2871	592	3	legislators	legislator	NOUN
cblr-2871	592	4	may	may	AUX
cblr-2871	592	5	not	not	PART
cblr-2871	592	6	know	know	VERB
cblr-2871	592	7	which	which	DET
cblr-2871	592	8	governance	governance	NOUN
cblr-2871	592	9	terms	term	NOUN
cblr-2871	592	10	maximize	maximize	VERB
cblr-2871	592	11	value.10	value.10	ADP
cblr-2871	592	12	1	1	NUM
cblr-2871	592	13	this	this	DET
cblr-2871	592	14	analysis	analysis	NOUN
cblr-2871	592	15	suggests	suggest	VERB
cblr-2871	592	16	,	,	PUNCT
cblr-2871	592	17	however	however	ADV
cblr-2871	592	18	,	,	PUNCT
cblr-2871	592	19	that	that	SCONJ
cblr-2871	592	20	we	we	PRON
cblr-2871	592	21	should	should	AUX
cblr-2871	592	22	move	move	VERB
cblr-2871	592	23	away	away	ADV
cblr-2871	592	24	from	from	ADP
cblr-2871	592	25	the	the	DET
cblr-2871	592	26	automatic	automatic	ADJ
cblr-2871	592	27	assumption	assumption	NOUN
cblr-2871	592	28	that	that	SCONJ
cblr-2871	592	29	governance	governance	NOUN
cblr-2871	592	30	terms	term	NOUN
cblr-2871	592	31	are	be	AUX
cblr-2871	592	32	efficient	efficient	ADJ
cblr-2871	592	33	just	just	ADV
cblr-2871	592	34	because	because	SCONJ
cblr-2871	592	35	firms	firm	NOUN
cblr-2871	592	36	have	have	AUX
cblr-2871	592	37	adopted	adopt	VERB
cblr-2871	592	38	them	they	PRON
cblr-2871	592	39	voluntarily	voluntarily	ADV
cblr-2871	592	40	.	.	PUNCT
cblr-2871	593	1	this	this	DET
cblr-2871	593	2	analysis	analysis	NOUN
cblr-2871	593	3	also	also	ADV
cblr-2871	593	4	casts	cast	VERB
cblr-2871	593	5	doubt	doubt	NOUN
cblr-2871	593	6	on	on	ADP
cblr-2871	593	7	the	the	DET
cblr-2871	593	8	assumption	assumption	NOUN
cblr-2871	593	9	that	that	SCONJ
cblr-2871	593	10	the	the	DET
cblr-2871	593	11	ipo	ipo	NOUN
cblr-2871	593	12	stage	stage	NOUN
cblr-2871	593	13	is	be	AUX
cblr-2871	593	14	superior	superior	ADJ
cblr-2871	593	15	to	to	ADP
cblr-2871	593	16	the	the	DET
cblr-2871	593	17	midstream	midstream	NOUN
cblr-2871	593	18	stage	stage	NOUN
cblr-2871	593	19	in	in	ADP
cblr-2871	593	20	terms	term	NOUN
cblr-2871	593	21	of	of	ADP
cblr-2871	593	22	the	the	DET
cblr-2871	593	23	choice	choice	NOUN
cblr-2871	593	24	of	of	ADP
cblr-2871	593	25	governance	governance	NOUN
cblr-2871	593	26	terms	term	NOUN
cblr-2871	593	27	.	.	PUNCT
cblr-2871	594	1	with	with	ADP
cblr-2871	594	2	respect	respect	NOUN
cblr-2871	594	3	to	to	ADP
cblr-2871	594	4	the	the	DET
cblr-2871	594	5	choice	choice	NOUN
cblr-2871	594	6	of	of	ADP
cblr-2871	594	7	governance	governance	NOUN
cblr-2871	594	8	terms	term	NOUN
cblr-2871	594	9	,	,	PUNCT
cblr-2871	594	10	such	such	ADJ
cblr-2871	594	11	as	as	ADP
cblr-2871	594	12	the	the	DET
cblr-2871	594	13	state	state	NOUN
cblr-2871	594	14	of	of	ADP
cblr-2871	594	15	incorporation	incorporation	NOUN
cblr-2871	594	16	and	and	CCONJ
cblr-2871	594	17	board	board	NOUN
cblr-2871	594	18	classification	classification	NOUN
cblr-2871	594	19	,	,	PUNCT
cblr-2871	594	20	shareholders	shareholder	NOUN
cblr-2871	594	21	may	may	AUX
cblr-2871	594	22	have	have	VERB
cblr-2871	594	23	better	well	ADJ
cblr-2871	594	24	insight	insight	NOUN
cblr-2871	594	25	into	into	ADP
cblr-2871	594	26	the	the	DET
cblr-2871	594	27	reasons	reason	NOUN
cblr-2871	594	28	behind	behind	ADP
cblr-2871	594	29	the	the	DET
cblr-2871	594	30	adoption	adoption	NOUN
cblr-2871	594	31	of	of	ADP
cblr-2871	594	32	a	a	DET
cblr-2871	594	33	term	term	NOUN
cblr-2871	594	34	at	at	ADP
cblr-2871	594	35	the	the	DET
cblr-2871	594	36	midstream	midstream	NOUN
cblr-2871	594	37	stage	stage	NOUN
cblr-2871	594	38	-	-	PUNCT
cblr-2871	594	39	insight	insight	NOUN
cblr-2871	594	40	that	that	SCONJ
cblr-2871	594	41	they	they	PRON
cblr-2871	594	42	often	often	ADV
cblr-2871	594	43	lack	lack	VERB
cblr-2871	594	44	at	at	ADP
cblr-2871	594	45	the	the	DET
cblr-2871	594	46	ipo	ipo	NOUN
cblr-2871	594	47	stage	stage	NOUN
cblr-2871	594	48	.	.	PUNCT
cblr-2871	595	1	put	put	VERB
cblr-2871	595	2	differently	differently	ADV
cblr-2871	595	3	,	,	PUNCT
cblr-2871	595	4	while	while	SCONJ
cblr-2871	595	5	the	the	DET
cblr-2871	595	6	midstream	midstream	NOUN
cblr-2871	595	7	stage	stage	NOUN
cblr-2871	595	8	suffers	suffer	VERB
cblr-2871	595	9	more	more	ADV
cblr-2871	595	10	from	from	ADP
cblr-2871	595	11	agency	agency	NOUN
cblr-2871	595	12	costs	cost	NOUN
cblr-2871	595	13	,	,	PUNCT
cblr-2871	595	14	it	it	PRON
cblr-2871	595	15	provides	provide	VERB
cblr-2871	595	16	better	well	ADJ
cblr-2871	595	17	information	information	NOUN
cblr-2871	595	18	symmetry	symmetry	NOUN
cblr-2871	595	19	.	.	PUNCT
cblr-2871	596	1	101	101	NUM
cblr-2871	596	2	see	see	VERB
cblr-2871	596	3	easterbrook	easterbrook	PROPN
cblr-2871	596	4	&	&	CCONJ
cblr-2871	596	5	fischel	fischel	PROPN
cblr-2871	596	6	,	,	PUNCT
cblr-2871	596	7	supra	supra	PROPN
cblr-2871	596	8	note	note	NOUN
cblr-2871	596	9	1	1	NUM
cblr-2871	596	10	,	,	PUNCT
cblr-2871	596	11	at	at	ADP
cblr-2871	596	12	1432	1432	NUM
cblr-2871	596	13	.	.	PUNCT
cblr-2871	597	1	663	663	NUM
cblr-2871	597	2	b.	b.	NOUN
cblr-2871	597	3	consequences	consequence	NOUN
cblr-2871	597	4	for	for	ADP
cblr-2871	597	5	disclosure	disclosure	NOUN
cblr-2871	597	6	obligations	obligation	NOUN
cblr-2871	597	7	firms	firm	NOUN
cblr-2871	597	8	disclose	disclose	VERB
cblr-2871	597	9	their	their	PRON
cblr-2871	597	10	governance	governance	NOUN
cblr-2871	597	11	structure	structure	NOUN
cblr-2871	597	12	,	,	PUNCT
cblr-2871	597	13	but	but	CCONJ
cblr-2871	597	14	,	,	PUNCT
cblr-2871	597	15	as	as	SCONJ
cblr-2871	597	16	this	this	DET
cblr-2871	597	17	analysis	analysis	NOUN
cblr-2871	597	18	suggests	suggest	VERB
cblr-2871	597	19	,	,	PUNCT
cblr-2871	597	20	investors	investor	NOUN
cblr-2871	597	21	need	need	VERB
cblr-2871	597	22	additional	additional	ADJ
cblr-2871	597	23	firm	firm	ADJ
cblr-2871	597	24	-	-	PUNCT
cblr-2871	597	25	specific	specific	ADJ
cblr-2871	597	26	information	information	NOUN
cblr-2871	597	27	in	in	ADP
cblr-2871	597	28	order	order	NOUN
cblr-2871	597	29	to	to	PART
cblr-2871	597	30	accurately	accurately	ADV
cblr-2871	597	31	assess	assess	VERB
cblr-2871	597	32	firm	firm	ADJ
cblr-2871	597	33	value	value	NOUN
cblr-2871	597	34	.	.	PUNCT
cblr-2871	598	1	under	under	ADP
cblr-2871	598	2	some	some	DET
cblr-2871	598	3	circumstances	circumstance	NOUN
cblr-2871	598	4	,	,	PUNCT
cblr-2871	598	5	firms	firm	NOUN
cblr-2871	598	6	are	be	AUX
cblr-2871	598	7	also	also	ADV
cblr-2871	598	8	required	require	VERB
cblr-2871	598	9	to	to	PART
cblr-2871	598	10	disclose	disclose	VERB
cblr-2871	598	11	their	their	PRON
cblr-2871	598	12	motives	motive	NOUN
cblr-2871	598	13	for	for	ADP
cblr-2871	598	14	adoption	adoption	NOUN
cblr-2871	598	15	of	of	ADP
cblr-2871	598	16	governance	governance	NOUN
cblr-2871	598	17	terms	term	NOUN
cblr-2871	598	18	,	,	PUNCT
cblr-2871	598	19	such	such	ADJ
cblr-2871	598	20	as	as	ADP
cblr-2871	598	21	when	when	SCONJ
cblr-2871	598	22	they	they	PRON
cblr-2871	598	23	seek	seek	VERB
cblr-2871	598	24	shareholder	shareholder	NOUN
cblr-2871	598	25	approval	approval	NOUN
cblr-2871	598	26	to	to	PART
cblr-2871	598	27	adopt	adopt	VERB
cblr-2871	598	28	a	a	DET
cblr-2871	598	29	staggered	staggered	ADJ
cblr-2871	598	30	board	board	NOUN
cblr-2871	598	31	or	or	CCONJ
cblr-2871	598	32	reincorporate	reincorporate	VERB
cblr-2871	598	33	to	to	ADP
cblr-2871	598	34	another	another	PRON
cblr-2871	598	35	state.102	state.102	NOUN
cblr-2871	598	36	yet	yet	CCONJ
cblr-2871	598	37	firms	firm	NOUN
cblr-2871	598	38	have	have	AUX
cblr-2871	598	39	not	not	PART
cblr-2871	598	40	been	be	AUX
cblr-2871	598	41	completely	completely	ADV
cblr-2871	598	42	transparent	transparent	ADJ
cblr-2871	598	43	in	in	ADP
cblr-2871	598	44	disclosing	disclose	VERB
cblr-2871	598	45	their	their	PRON
cblr-2871	598	46	motives	motive	NOUN
cblr-2871	598	47	for	for	ADP
cblr-2871	598	48	adopting	adopt	VERB
cblr-2871	598	49	or	or	CCONJ
cblr-2871	598	50	changing	change	VERB
cblr-2871	598	51	governance	governance	NOUN
cblr-2871	598	52	terms	term	NOUN
cblr-2871	598	53	.	.	PUNCT
cblr-2871	599	1	for	for	ADP
cblr-2871	599	2	example	example	NOUN
cblr-2871	599	3	,	,	PUNCT
cblr-2871	599	4	when	when	SCONJ
cblr-2871	599	5	firms	firm	NOUN
cblr-2871	599	6	initiate	initiate	VERB
cblr-2871	599	7	reincorporation	reincorporation	NOUN
cblr-2871	599	8	from	from	ADP
cblr-2871	599	9	delaware	delaware	PROPN
cblr-2871	599	10	to	to	ADP
cblr-2871	599	11	another	another	DET
cblr-2871	599	12	state	state	NOUN
cblr-2871	599	13	-	-	PUNCT
cblr-2871	599	14	typically	typically	ADV
cblr-2871	599	15	their	their	PRON
cblr-2871	599	16	home	home	NOUN
cblr-2871	599	17	state	state	NOUN
cblr-2871	599	18	-	-	PUNCT
cblr-2871	599	19	they	they	PRON
cblr-2871	599	20	tend	tend	VERB
cblr-2871	599	21	to	to	PART
cblr-2871	599	22	use	use	VERB
cblr-2871	599	23	vague	vague	ADJ
cblr-2871	599	24	language	language	NOUN
cblr-2871	599	25	to	to	PART
cblr-2871	599	26	describe	describe	VERB
cblr-2871	599	27	their	their	PRON
cblr-2871	599	28	motivations	motivation	NOUN
cblr-2871	599	29	.	.	PUNCT
cblr-2871	600	1	companies	company	NOUN
cblr-2871	600	2	say	say	VERB
cblr-2871	600	3	that	that	SCONJ
cblr-2871	600	4	the	the	DET
cblr-2871	600	5	new	new	ADJ
cblr-2871	600	6	state	state	NOUN
cblr-2871	600	7	provides	provide	VERB
cblr-2871	600	8	"	"	PUNCT
cblr-2871	600	9	a	a	DET
cblr-2871	600	10	clearer	clear	ADJ
cblr-2871	600	11	balance	balance	NOUN
cblr-2871	600	12	of	of	ADP
cblr-2871	600	13	corporate	corporate	ADJ
cblr-2871	600	14	governance	governance	NOUN
cblr-2871	600	15	rights	right	NOUN
cblr-2871	600	16	and	and	CCONJ
cblr-2871	600	17	obligations	obligation	NOUN
cblr-2871	600	18	than	than	ADP
cblr-2871	600	19	delaware	delaware	PROPN
cblr-2871	600	20	law,"103	law,"103	PROPN
cblr-2871	600	21	a	a	DET
cblr-2871	600	22	better	well	ADJ
cblr-2871	600	23	"	"	PUNCT
cblr-2871	600	24	ability	ability	NOUN
cblr-2871	600	25	to	to	PART
cblr-2871	600	26	attract	attract	VERB
cblr-2871	600	27	and	and	CCONJ
cblr-2871	600	28	retain	retain	VERB
cblr-2871	600	29	highly	highly	ADV
cblr-2871	600	30	qualified	qualified	ADJ
cblr-2871	600	31	individuals	individual	NOUN
cblr-2871	600	32	to	to	PART
cblr-2871	600	33	serve	serve	VERB
cblr-2871	600	34	as	as	ADP
cblr-2871	600	35	directors,"104	directors,"104	PROPN
cblr-2871	600	36	or	or	CCONJ
cblr-2871	600	37	"	"	PUNCT
cblr-2871	600	38	increased	increase	VERB
cblr-2871	600	39	flexibility,"105	flexibility,"105	PROPN
cblr-2871	600	40	even	even	ADV
cblr-2871	600	41	though	though	SCONJ
cblr-2871	600	42	their	their	PRON
cblr-2871	600	43	real	real	ADJ
cblr-2871	600	44	motives	motive	NOUN
cblr-2871	600	45	are	be	AUX
cblr-2871	600	46	often	often	ADV
cblr-2871	600	47	more	more	ADV
cblr-2871	600	48	specific	specific	ADJ
cblr-2871	600	49	.	.	PUNCT
cblr-2871	601	1	when	when	SCONJ
cblr-2871	601	2	abercrombie	abercrombie	PROPN
cblr-2871	601	3	sought	seek	VERB
cblr-2871	601	4	approval	approval	NOUN
cblr-2871	601	5	to	to	PART
cblr-2871	601	6	reincorporate	reincorporate	VERB
cblr-2871	601	7	from	from	ADP
cblr-2871	601	8	delaware	delaware	PROPN
cblr-2871	601	9	to	to	ADP
cblr-2871	601	10	its	its	PRON
cblr-2871	601	11	home	home	NOUN
cblr-2871	601	12	state	state	NOUN
cblr-2871	601	13	of	of	ADP
cblr-2871	601	14	ohio	ohio	PROPN
cblr-2871	601	15	-	-	PUNCT
cblr-2871	601	16	a	a	DET
cblr-2871	601	17	state	state	NOUN
cblr-2871	601	18	notable	notable	ADJ
cblr-2871	601	19	for	for	ADP
cblr-2871	601	20	its	its	PRON
cblr-2871	601	21	strong	strong	ADJ
cblr-2871	601	22	legal	legal	ADJ
cblr-2871	601	23	protections	protection	NOUN
cblr-2871	601	24	against	against	ADP
cblr-2871	601	25	acquisitions	acquisition	NOUN
cblr-2871	601	26	-	-	PUNCT
cblr-2871	601	27	its	its	PRON
cblr-2871	601	28	proxy	proxy	NOUN
cblr-2871	601	29	materials	material	NOUN
cblr-2871	601	30	referred	refer	VERB
cblr-2871	601	31	only	only	ADV
cblr-2871	601	32	vaguely	vaguely	ADV
cblr-2871	601	33	to	to	ADP
cblr-2871	601	34	an	an	DET
cblr-2871	601	35	anti	anti	ADJ
cblr-2871	601	36	-	-	ADJ
cblr-2871	601	37	takeover	takeover	ADJ
cblr-2871	601	38	motivation.1	motivation.1	PROPN
cblr-2871	601	39	06	06	NUM
cblr-2871	601	40	recently	recently	ADV
cblr-2871	601	41	,	,	PUNCT
cblr-2871	601	42	however	however	ADV
cblr-2871	601	43	,	,	PUNCT
cblr-2871	601	44	the	the	DET
cblr-2871	601	45	sec	sec	PROPN
cblr-2871	601	46	has	have	AUX
cblr-2871	601	47	been	be	AUX
cblr-2871	601	48	paying	pay	VERB
cblr-2871	601	49	attention	attention	NOUN
cblr-2871	601	50	to	to	ADP
cblr-2871	601	51	this	this	DET
cblr-2871	601	52	issue	issue	NOUN
cblr-2871	601	53	.	.	PUNCT
cblr-2871	602	1	in	in	ADP
cblr-2871	602	2	a	a	DET
cblr-2871	602	3	2013	2013	NUM
cblr-2871	602	4	release	release	NOUN
cblr-2871	602	5	,	,	PUNCT
cblr-2871	602	6	sec	sec	PROPN
cblr-2871	602	7	commissioner	commissioner	NOUN
cblr-2871	602	8	luis	luis	PROPN
cblr-2871	602	9	a.	a.	PROPN
cblr-2871	602	10	102	102	NUM
cblr-2871	602	11	see	see	VERB
cblr-2871	602	12	17	17	NUM
cblr-2871	602	13	c.f.r	c.f.r	NOUN
cblr-2871	602	14	.	.	PUNCT
cblr-2871	603	1	§	§	PROPN
cblr-2871	603	2	240.14a-101	240.14a-101	NUM
cblr-2871	603	3	item	item	NOUN
cblr-2871	603	4	19	19	NUM
cblr-2871	603	5	(	(	PUNCT
cblr-2871	603	6	2013	2013	NUM
cblr-2871	603	7	)	)	PUNCT
cblr-2871	603	8	.	.	PUNCT
cblr-2871	604	1	103	103	NUM
cblr-2871	604	2	see	see	VERB
cblr-2871	604	3	steven	steven	PROPN
cblr-2871	604	4	m.	m.	PROPN
cblr-2871	604	5	davidoff	davidoff	PROPN
cblr-2871	604	6	,	,	PUNCT
cblr-2871	604	7	abercrombie	abercrombie	PROPN
cblr-2871	604	8	's	's	PART
cblr-2871	604	9	ohio	ohio	PROPN
cblr-2871	604	10	express	express	PROPN
cblr-2871	604	11	,	,	PUNCT
cblr-2871	604	12	n.y	n.y	PROPN
cblr-2871	604	13	.	.	PROPN
cblr-2871	604	14	times	times	PROPN
cblr-2871	604	15	dealbook	dealbook	PROPN
cblr-2871	604	16	(	(	PUNCT
cblr-2871	604	17	dec	dec	PROPN
cblr-2871	604	18	.	.	PROPN
cblr-2871	604	19	23	23	NUM
cblr-2871	604	20	,	,	PUNCT
cblr-2871	604	21	2010	2010	NUM
cblr-2871	604	22	,	,	PUNCT
cblr-2871	604	23	4:06	4:06	NUM
cblr-2871	604	24	pm	pm	NOUN
cblr-2871	604	25	)	)	PUNCT
cblr-2871	604	26	,	,	PUNCT
cblr-2871	604	27	http://dealbook.nytimes.com/2010/	http://dealbook.nytimes.com/2010/	VERB
cblr-2871	604	28	12/23	12/23	NUM
cblr-2871	604	29	/	/	SYM
cblr-2871	604	30	abercrombies	abercrombie	NOUN
cblr-2871	604	31	-	-	PUNCT
cblr-2871	604	32	ohio	ohio	NOUN
cblr-2871	604	33	-	-	PUNCT
cblr-2871	604	34	express/.	express/.	NOUN
cblr-2871	604	35	104	104	NUM
cblr-2871	604	36	see	see	VERB
cblr-2871	604	37	i	i	PRON
cblr-2871	604	38	d.	d.	PROPN
cblr-2871	604	39	105	105	NUM
cblr-2871	604	40	see	see	VERB
cblr-2871	604	41	barzuza	barzuza	NOUN
cblr-2871	604	42	,	,	PUNCT
cblr-2871	604	43	supra	supra	PROPN
cblr-2871	604	44	note	note	NOUN
cblr-2871	604	45	21	21	NUM
cblr-2871	604	46	,	,	PUNCT
cblr-2871	604	47	at	at	ADP
cblr-2871	604	48	984	984	NUM
cblr-2871	604	49	.	.	PUNCT
cblr-2871	605	1	106	106	NUM
cblr-2871	605	2	see	see	VERB
cblr-2871	605	3	davidoff	davidoff	PROPN
cblr-2871	605	4	,	,	PUNCT
cblr-2871	605	5	supra	supra	PROPN
cblr-2871	605	6	note	note	PROPN
cblr-2871	605	7	103	103	NUM
cblr-2871	605	8	(	(	PUNCT
cblr-2871	605	9	regarding	regard	VERB
cblr-2871	605	10	its	its	PRON
cblr-2871	605	11	motivation	motivation	NOUN
cblr-2871	605	12	,	,	PUNCT
cblr-2871	605	13	abercrombie	abercrombie	PROPN
cblr-2871	605	14	explained	explain	VERB
cblr-2871	605	15	that	that	SCONJ
cblr-2871	605	16	"	"	PUNCT
cblr-2871	605	17	reincorporating	reincorporate	VERB
cblr-2871	605	18	into	into	ADP
cblr-2871	605	19	ohio	ohio	PROPN
cblr-2871	605	20	would	would	AUX
cblr-2871	605	21	provide	provide	VERB
cblr-2871	605	22	the	the	DET
cblr-2871	605	23	company	company	NOUN
cblr-2871	605	24	with	with	ADP
cblr-2871	605	25	an	an	DET
cblr-2871	605	26	opportunity	opportunity	NOUN
cblr-2871	605	27	to	to	PART
cblr-2871	605	28	address	address	VERB
cblr-2871	605	29	a	a	DET
cblr-2871	605	30	number	number	NOUN
cblr-2871	605	31	of	of	ADP
cblr-2871	605	32	corporate	corporate	ADJ
cblr-2871	605	33	governance	governance	NOUN
cblr-2871	605	34	matters	matter	NOUN
cblr-2871	605	35	in	in	ADP
cblr-2871	605	36	a	a	DET
cblr-2871	605	37	manner	manner	NOUN
cblr-2871	605	38	that	that	PRON
cblr-2871	605	39	we	we	PRON
cblr-2871	605	40	believe	believe	VERB
cblr-2871	605	41	appropriately	appropriately	ADV
cblr-2871	605	42	protects	protect	VERB
cblr-2871	605	43	and	and	CCONJ
cblr-2871	605	44	benefits	benefit	VERB
cblr-2871	605	45	the	the	DET
cblr-2871	605	46	company	company	NOUN
cblr-2871	605	47	and	and	CCONJ
cblr-2871	605	48	its	its	PRON
cblr-2871	605	49	stakeholders	stakeholder	NOUN
cblr-2871	605	50	.	.	PUNCT
cblr-2871	605	51	"	"	PUNCT
cblr-2871	605	52	)	)	PUNCT
cblr-2871	605	53	.	.	PUNCT
cblr-2871	606	1	additionally	additionally	ADV
cblr-2871	606	2	,	,	PUNCT
cblr-2871	606	3	davidoff	davidoff	PROPN
cblr-2871	606	4	notes	note	VERB
cblr-2871	606	5	that	that	SCONJ
cblr-2871	606	6	abercrombie	abercrombie	PROPN
cblr-2871	606	7	filed	file	VERB
cblr-2871	606	8	its	its	PRON
cblr-2871	606	9	intention	intention	NOUN
cblr-2871	606	10	to	to	PART
cblr-2871	606	11	reincorporate	reincorporate	VERB
cblr-2871	606	12	in	in	ADP
cblr-2871	606	13	late	late	ADJ
cblr-2871	606	14	december	december	PROPN
cblr-2871	606	15	,	,	PUNCT
cblr-2871	606	16	"	"	PUNCT
cblr-2871	606	17	the	the	DET
cblr-2871	606	18	time	time	NOUN
cblr-2871	606	19	of	of	ADP
cblr-2871	606	20	year	year	NOUN
cblr-2871	606	21	when	when	SCONJ
cblr-2871	606	22	news	news	NOUN
cblr-2871	606	23	is	be	AUX
cblr-2871	606	24	announced	announce	VERB
cblr-2871	606	25	in	in	ADP
cblr-2871	606	26	the	the	DET
cblr-2871	606	27	hope	hope	NOUN
cblr-2871	606	28	that	that	SCONJ
cblr-2871	606	29	no	no	DET
cblr-2871	606	30	one	one	NOUN
cblr-2871	606	31	will	will	AUX
cblr-2871	606	32	notice	notice	VERB
cblr-2871	606	33	.	.	PUNCT
cblr-2871	606	34	"	"	PUNCT
cblr-2871	607	1	i	i	PRON
cblr-2871	607	2	d.	d.	PROPN
cblr-2871	607	3	col	col	PROPN
cblr-2871	607	4	umia	umia	PROPN
cblr-2871	607	5	b	b	PROPN
cblr-2871	607	6	usiness	usiness	PROPN
cblr-2871	607	7	la	la	PROPN
cblr-2871	607	8	w	w	PROPN
cblr-2871	607	9	re	re	PROPN
cblr-2871	607	10	vie	vie	PROPN
cblr-2871	607	11	w	w	PROPN
cblr-2871	608	1	[	[	X
cblr-2871	608	2	vol	vol	NOUN
cblr-2871	608	3	.	.	PUNCT
cblr-2871	608	4	2013664	2013664	NUM
cblr-2871	608	5	no	no	NOUN
cblr-2871	608	6	.	.	PUNCT
cblr-2871	609	1	3:627	3:627	NUM
cblr-2871	609	2	]	]	PUNCT
cblr-2871	609	3	noise	noise	NOUN
cblr-2871	609	4	adopters	adopter	NOUN
cblr-2871	609	5	in	in	ADP
cblr-2871	609	6	corporate	corporate	ADJ
cblr-2871	609	7	governance	governance	NOUN
cblr-2871	609	8	aguilar	aguilar	PROPN
cblr-2871	609	9	urged	urge	VERB
cblr-2871	609	10	companies	company	NOUN
cblr-2871	609	11	to	to	PART
cblr-2871	609	12	better	well	ADV
cblr-2871	609	13	disclose	disclose	VERB
cblr-2871	609	14	the	the	DET
cblr-2871	609	15	reasons	reason	NOUN
cblr-2871	609	16	for	for	ADP
cblr-2871	609	17	not	not	PART
cblr-2871	609	18	separating	separate	VERB
cblr-2871	609	19	the	the	DET
cblr-2871	609	20	board	board	NOUN
cblr-2871	609	21	chairman	chairman	NOUN
cblr-2871	609	22	and	and	CCONJ
cblr-2871	609	23	firm	firm	ADJ
cblr-2871	609	24	ceo	ceo	NOUN
cblr-2871	609	25	positions	position	NOUN
cblr-2871	609	26	,	,	PUNCT
cblr-2871	609	27	as	as	SCONJ
cblr-2871	609	28	required	require	VERB
cblr-2871	609	29	under	under	ADP
cblr-2871	609	30	item	item	NOUN
cblr-2871	609	31	407(h	407(h	PROPN
cblr-2871	609	32	)	)	PUNCT
cblr-2871	609	33	of	of	ADP
cblr-2871	609	34	regulation	regulation	NOUN
cblr-2871	609	35	s	s	NOUN
cblr-2871	609	36	-	-	PUNCT
cblr-2871	609	37	k.10	k.10	ADJ
cblr-2871	609	38	7	7	NUM
cblr-2871	609	39	item	item	NOUN
cblr-2871	609	40	407(h	407(h	PROPN
cblr-2871	609	41	)	)	PUNCT
cblr-2871	609	42	requires	require	VERB
cblr-2871	609	43	that	that	SCONJ
cblr-2871	609	44	disclosures	disclosure	NOUN
cblr-2871	609	45	indicate	indicate	VERB
cblr-2871	609	46	why	why	SCONJ
cblr-2871	609	47	the	the	DET
cblr-2871	609	48	registrant	registrant	NOUN
cblr-2871	609	49	has	have	AUX
cblr-2871	609	50	determined	determine	VERB
cblr-2871	609	51	that	that	SCONJ
cblr-2871	609	52	its	its	PRON
cblr-2871	609	53	leadership	leadership	NOUN
cblr-2871	609	54	structure	structure	NOUN
cblr-2871	609	55	is	be	AUX
cblr-2871	609	56	appropriate	appropriate	ADJ
cblr-2871	609	57	"	"	PUNCT
cblr-2871	609	58	given	give	VERB
cblr-2871	609	59	the	the	DET
cblr-2871	609	60	specific	specific	ADJ
cblr-2871	609	61	characteristics	characteristic	NOUN
cblr-2871	609	62	or	or	CCONJ
cblr-2871	609	63	circumstances	circumstance	NOUN
cblr-2871	609	64	of	of	ADP
cblr-2871	609	65	the	the	DET
cblr-2871	609	66	registrant	registrant	NOUN
cblr-2871	609	67	.	.	PUNCT
cblr-2871	610	1	"os	"os	PUNCT
cblr-2871	610	2	the	the	DET
cblr-2871	610	3	commissioner	commissioner	NOUN
cblr-2871	610	4	noted	note	VERB
cblr-2871	610	5	that	that	SCONJ
cblr-2871	610	6	such	such	ADJ
cblr-2871	610	7	analysis	analysis	NOUN
cblr-2871	610	8	is	be	AUX
cblr-2871	610	9	often	often	ADV
cblr-2871	610	10	missing	miss	VERB
cblr-2871	610	11	.	.	PUNCT
cblr-2871	611	1	stating	state	VERB
cblr-2871	611	2	that	that	SCONJ
cblr-2871	611	3	"	"	PUNCT
cblr-2871	611	4	[	[	X
cblr-2871	611	5	i]nvestors	i]nvestor	NOUN
cblr-2871	611	6	deserve	deserve	VERB
cblr-2871	611	7	better	well	ADJ
cblr-2871	611	8	than	than	ADP
cblr-2871	611	9	mere	mere	ADJ
cblr-2871	611	10	boilerplate	boilerplate	NOUN
cblr-2871	611	11	,	,	PUNCT
cblr-2871	611	12	"	"	PUNCT
cblr-2871	611	13	the	the	DET
cblr-2871	611	14	commissioner	commissioner	NOUN
cblr-2871	611	15	explained	explain	VERB
cblr-2871	611	16	that	that	SCONJ
cblr-2871	611	17	the	the	DET
cblr-2871	611	18	commonly	commonly	ADV
cblr-2871	611	19	provided	provide	VERB
cblr-2871	611	20	"	"	PUNCT
cblr-2871	611	21	efficiency	efficiency	NOUN
cblr-2871	611	22	"	"	PUNCT
cblr-2871	611	23	or	or	CCONJ
cblr-2871	611	24	"	"	PUNCT
cblr-2871	611	25	depth	depth	NOUN
cblr-2871	611	26	of	of	ADP
cblr-2871	611	27	knowledge	knowledge	NOUN
cblr-2871	611	28	"	"	PUNCT
cblr-2871	611	29	justifications	justification	NOUN
cblr-2871	611	30	are	be	AUX
cblr-2871	611	31	insufficient.1	insufficient.1	ADV
cblr-2871	611	32	09	09	NUM
cblr-2871	611	33	rather	rather	ADV
cblr-2871	611	34	,	,	PUNCT
cblr-2871	611	35	every	every	DET
cblr-2871	611	36	board	board	NOUN
cblr-2871	611	37	should	should	AUX
cblr-2871	611	38	explain	explain	VERB
cblr-2871	611	39	why	why	SCONJ
cblr-2871	611	40	the	the	DET
cblr-2871	611	41	governance	governance	NOUN
cblr-2871	611	42	it	it	PRON
cblr-2871	611	43	has	have	AUX
cblr-2871	611	44	adopted	adopt	VERB
cblr-2871	611	45	is	be	AUX
cblr-2871	611	46	best	well	ADV
cblr-2871	611	47	suited	suited	ADJ
cblr-2871	611	48	to	to	ADP
cblr-2871	611	49	the	the	DET
cblr-2871	611	50	company.110	company.110	NOUN
cblr-2871	611	51	indeed	indeed	ADV
cblr-2871	611	52	this	this	DET
cblr-2871	611	53	article	article	NOUN
cblr-2871	611	54	suggests	suggest	VERB
cblr-2871	611	55	that	that	SCONJ
cblr-2871	611	56	a	a	DET
cblr-2871	611	57	robust	robust	ADJ
cblr-2871	611	58	enforcement	enforcement	NOUN
cblr-2871	611	59	of	of	ADP
cblr-2871	611	60	these	these	DET
cblr-2871	611	61	requirements	requirement	NOUN
cblr-2871	611	62	could	could	AUX
cblr-2871	611	63	contribute	contribute	VERB
cblr-2871	611	64	to	to	ADP
cblr-2871	611	65	the	the	DET
cblr-2871	611	66	efficiency	efficiency	NOUN
cblr-2871	611	67	of	of	ADP
cblr-2871	611	68	capital	capital	NOUN
cblr-2871	611	69	markets	market	NOUN
cblr-2871	611	70	and	and	CCONJ
cblr-2871	611	71	governance	governance	NOUN
cblr-2871	611	72	terms	term	NOUN
cblr-2871	611	73	.	.	PUNCT
cblr-2871	612	1	vi	vi	X
cblr-2871	612	2	.	.	NOUN
cblr-2871	612	3	conclusion	conclusion	NOUN
cblr-2871	612	4	this	this	DET
cblr-2871	612	5	article	article	NOUN
cblr-2871	612	6	fills	fill	VERB
cblr-2871	612	7	a	a	DET
cblr-2871	612	8	gap	gap	NOUN
cblr-2871	612	9	in	in	ADP
cblr-2871	612	10	the	the	DET
cblr-2871	612	11	corporate	corporate	ADJ
cblr-2871	612	12	governance	governance	NOUN
cblr-2871	612	13	literature	literature	NOUN
cblr-2871	612	14	by	by	ADP
cblr-2871	612	15	identifying	identify	VERB
cblr-2871	612	16	and	and	CCONJ
cblr-2871	612	17	analyzing	analyze	VERB
cblr-2871	612	18	noise	noise	NOUN
cblr-2871	612	19	adopters	adopter	NOUN
cblr-2871	612	20	'	'	PART
cblr-2871	612	21	influence	influence	NOUN
cblr-2871	612	22	on	on	ADP
cblr-2871	612	23	corporate	corporate	ADJ
cblr-2871	612	24	governance	governance	NOUN
cblr-2871	612	25	.	.	PUNCT
cblr-2871	613	1	it	it	PRON
cblr-2871	613	2	shows	show	VERB
cblr-2871	613	3	that	that	SCONJ
cblr-2871	613	4	noise	noise	NOUN
cblr-2871	613	5	adopters	adopter	NOUN
cblr-2871	613	6	may	may	AUX
cblr-2871	613	7	affect	affect	VERB
cblr-2871	613	8	the	the	DET
cblr-2871	613	9	pricing	pricing	NOUN
cblr-2871	613	10	and	and	CCONJ
cblr-2871	613	11	patterns	pattern	NOUN
cblr-2871	613	12	of	of	ADP
cblr-2871	613	13	adoption	adoption	NOUN
cblr-2871	613	14	of	of	ADP
cblr-2871	613	15	corporate	corporate	ADJ
cblr-2871	613	16	governance	governance	NOUN
cblr-2871	613	17	terms	term	NOUN
cblr-2871	613	18	.	.	PUNCT
cblr-2871	614	1	the	the	DET
cblr-2871	614	2	arbitrary	arbitrary	ADJ
cblr-2871	614	3	choice	choice	NOUN
cblr-2871	614	4	of	of	ADP
cblr-2871	614	5	governance	governance	NOUN
cblr-2871	614	6	terms	term	NOUN
cblr-2871	614	7	by	by	ADP
cblr-2871	614	8	noise	noise	NOUN
cblr-2871	614	9	adopters	adopter	NOUN
cblr-2871	614	10	allows	allow	VERB
cblr-2871	614	11	management	management	NOUN
cblr-2871	614	12	with	with	ADP
cblr-2871	614	13	weak	weak	ADJ
cblr-2871	614	14	market	market	NOUN
cblr-2871	614	15	discipline	discipline	NOUN
cblr-2871	614	16	and	and	CCONJ
cblr-2871	614	17	strong	strong	ADJ
cblr-2871	614	18	interest	interest	NOUN
cblr-2871	614	19	in	in	ADP
cblr-2871	614	20	entrenchment	entrenchment	NOUN
cblr-2871	614	21	to	to	PART
cblr-2871	614	22	camouflage	camouflage	VERB
cblr-2871	614	23	its	its	PRON
cblr-2871	614	24	deliberate	deliberate	ADJ
cblr-2871	614	25	choice	choice	NOUN
cblr-2871	614	26	.	.	PUNCT
cblr-2871	615	1	noise	noise	NOUN
cblr-2871	615	2	adopters	adopter	NOUN
cblr-2871	615	3	mitigate	mitigate	VERB
cblr-2871	615	4	the	the	DET
cblr-2871	615	5	discount	discount	NOUN
cblr-2871	615	6	attached	attach	VERB
cblr-2871	615	7	to	to	ADP
cblr-2871	615	8	entrenching	entrench	VERB
cblr-2871	615	9	terms	term	NOUN
cblr-2871	615	10	and	and	CCONJ
cblr-2871	615	11	increase	increase	VERB
cblr-2871	615	12	the	the	DET
cblr-2871	615	13	likelihood	likelihood	NOUN
cblr-2871	615	14	that	that	SCONJ
cblr-2871	615	15	others	other	NOUN
cblr-2871	615	16	adopt	adopt	VERB
cblr-2871	615	17	such	such	ADJ
cblr-2871	615	18	terms	term	NOUN
cblr-2871	615	19	.	.	PUNCT
cblr-2871	616	1	since	since	SCONJ
cblr-2871	616	2	the	the	DET
cblr-2871	616	3	tendency	tendency	NOUN
cblr-2871	616	4	to	to	PART
cblr-2871	616	5	adopt	adopt	VERB
cblr-2871	616	6	governance	governance	NOUN
cblr-2871	616	7	terms	term	NOUN
cblr-2871	616	8	without	without	ADP
cblr-2871	616	9	close	close	ADJ
cblr-2871	616	10	attention	attention	NOUN
cblr-2871	616	11	to	to	ADP
cblr-2871	616	12	detail	detail	NOUN
cblr-2871	616	13	is	be	AUX
cblr-2871	616	14	especially	especially	ADV
cblr-2871	616	15	high	high	ADJ
cblr-2871	616	16	at	at	ADP
cblr-2871	616	17	the	the	DET
cblr-2871	616	18	ipo	ipo	NOUN
cblr-2871	616	19	stage	stage	NOUN
cblr-2871	616	20	,	,	PUNCT
cblr-2871	616	21	this	this	DET
cblr-2871	616	22	period	period	NOUN
cblr-2871	616	23	is	be	AUX
cblr-2871	616	24	particularly	particularly	ADV
cblr-2871	616	25	107	107	NUM
cblr-2871	616	26	see	see	VERB
cblr-2871	616	27	luis	luis	PROPN
cblr-2871	616	28	a.	a.	PROPN
cblr-2871	616	29	aguilar	aguilar	PROPN
cblr-2871	616	30	,	,	PUNCT
cblr-2871	616	31	comm'r	comm'r	PROPN
cblr-2871	616	32	,	,	PUNCT
cblr-2871	616	33	sec	sec	PROPN
cblr-2871	616	34	,	,	PUNCT
cblr-2871	616	35	shareholders	shareholder	NOUN
cblr-2871	616	36	need	need	VERB
cblr-2871	616	37	robust	robust	ADJ
cblr-2871	616	38	disclosure	disclosure	NOUN
cblr-2871	616	39	to	to	PART
cblr-2871	616	40	exercise	exercise	VERB
cblr-2871	616	41	their	their	PRON
cblr-2871	616	42	voting	voting	NOUN
cblr-2871	616	43	rights	right	NOUN
cblr-2871	616	44	as	as	ADP
cblr-2871	616	45	investors	investor	NOUN
cblr-2871	616	46	and	and	CCONJ
cblr-2871	616	47	owners	owner	NOUN
cblr-2871	616	48	(	(	PUNCT
cblr-2871	616	49	feb	feb	PROPN
cblr-2871	616	50	.	.	PROPN
cblr-2871	616	51	20	20	NUM
cblr-2871	616	52	,	,	PUNCT
cblr-2871	616	53	2013	2013	NUM
cblr-2871	616	54	)	)	PUNCT
cblr-2871	616	55	,	,	PUNCT
cblr-2871	616	56	http://www.sec.gov/news/speech/2013/spcho220131aa.htm#p3	http://www.sec.gov/news/speech/2013/spcho220131aa.htm#p3	NOUN
cblr-2871	616	57	8_11590	8_11590	NUM
cblr-2871	616	58	.	.	PROPN
cblr-2871	617	1	108	108	NUM
cblr-2871	617	2	see	see	VERB
cblr-2871	617	3	17	17	NUM
cblr-2871	617	4	c.f.r	c.f.r	NOUN
cblr-2871	617	5	.	.	PUNCT
cblr-2871	618	1	§	§	PROPN
cblr-2871	618	2	229.407(h	229.407(h	PROPN
cblr-2871	618	3	)	)	PUNCT
cblr-2871	618	4	(	(	PUNCT
cblr-2871	618	5	2013	2013	NUM
cblr-2871	618	6	)	)	PUNCT
cblr-2871	618	7	.	.	PUNCT
cblr-2871	619	1	109	109	NUM
cblr-2871	619	2	see	see	VERB
cblr-2871	619	3	aguilar	aguilar	PROPN
cblr-2871	619	4	,	,	PUNCT
cblr-2871	619	5	supra	supra	PROPN
cblr-2871	619	6	note	note	NOUN
cblr-2871	619	7	107	107	NUM
cblr-2871	619	8	.	.	PUNCT
cblr-2871	620	1	110	110	NUM
cblr-2871	620	2	see	see	VERB
cblr-2871	620	3	i	i	PRON
cblr-2871	620	4	d.	d.	PROPN
cblr-2871	620	5	665	665	NUM
cblr-2871	620	6	666	666	NUM
cblr-2871	620	7	coluabia	coluabia	NOUN
cblr-2871	620	8	business	business	NOUN
cblr-2871	620	9	law	law	PROPN
cblr-2871	620	10	re	re	PROPN
cblr-2871	620	11	vie	vie	PROPN
cblr-2871	620	12	w	w	PROPN
cblr-2871	621	1	[	[	X
cblr-2871	621	2	vol	vol	NOUN
cblr-2871	621	3	.	.	PUNCT
cblr-2871	622	1	2013	2013	NUM
cblr-2871	622	2	vulnerable	vulnerable	ADJ
cblr-2871	622	3	to	to	ADP
cblr-2871	622	4	camouflage	camouflage	NOUN
cblr-2871	622	5	.	.	PUNCT
cblr-2871	623	1	this	this	DET
cblr-2871	623	2	article	article	NOUN
cblr-2871	623	3	suggests	suggest	VERB
cblr-2871	623	4	that	that	SCONJ
cblr-2871	623	5	governance	governance	NOUN
cblr-2871	623	6	choice	choice	NOUN
cblr-2871	623	7	at	at	ADP
cblr-2871	623	8	the	the	DET
cblr-2871	623	9	ipo	ipo	NOUN
cblr-2871	623	10	stage	stage	NOUN
cblr-2871	623	11	may	may	AUX
cblr-2871	623	12	be	be	AUX
cblr-2871	623	13	less	less	ADV
cblr-2871	623	14	efficient	efficient	ADJ
cblr-2871	623	15	than	than	ADP
cblr-2871	623	16	the	the	DET
cblr-2871	623	17	adoption	adoption	NOUN
cblr-2871	623	18	of	of	ADP
cblr-2871	623	19	governance	governance	NOUN
cblr-2871	623	20	terms	term	NOUN
cblr-2871	623	21	midstream	midstream	PROPN
cblr-2871	623	22	.	.	PUNCT
cblr-2871	624	1	noise	noise	NOUN
cblr-2871	624	2	adopters	adopter	NOUN
cblr-2871	624	3	theory	theory	NOUN
cblr-2871	624	4	contains	contain	VERB
cblr-2871	624	5	implications	implication	NOUN
cblr-2871	624	6	for	for	ADP
cblr-2871	624	7	the	the	DET
cblr-2871	624	8	way	way	NOUN
cblr-2871	624	9	investors	investor	NOUN
cblr-2871	624	10	respond	respond	VERB
cblr-2871	624	11	to	to	ADP
cblr-2871	624	12	news	news	NOUN
cblr-2871	624	13	about	about	ADP
cblr-2871	624	14	governance	governance	NOUN
cblr-2871	624	15	changes	change	NOUN
cblr-2871	624	16	.	.	PUNCT
cblr-2871	625	1	this	this	DET
cblr-2871	625	2	article	article	NOUN
cblr-2871	625	3	shows	show	VERB
cblr-2871	625	4	that	that	SCONJ
cblr-2871	625	5	these	these	DET
cblr-2871	625	6	responses	response	NOUN
cblr-2871	625	7	could	could	AUX
cblr-2871	625	8	be	be	AUX
cblr-2871	625	9	influenced	influence	VERB
cblr-2871	625	10	by	by	ADP
cblr-2871	625	11	the	the	DET
cblr-2871	625	12	firm	firm	NOUN
cblr-2871	625	13	's	's	PART
cblr-2871	625	14	pre	pre	ADJ
cblr-2871	625	15	-	-	ADJ
cblr-2871	625	16	existing	exist	VERB
cblr-2871	625	17	governance	governance	NOUN
cblr-2871	625	18	structure	structure	NOUN
cblr-2871	625	19	.	.	PUNCT
cblr-2871	626	1	finally	finally	ADV
cblr-2871	626	2	,	,	PUNCT
cblr-2871	626	3	this	this	DET
cblr-2871	626	4	article	article	NOUN
cblr-2871	626	5	explores	explore	VERB
cblr-2871	626	6	potential	potential	ADJ
cblr-2871	626	7	explanations	explanation	NOUN
cblr-2871	626	8	for	for	ADP
cblr-2871	626	9	the	the	DET
cblr-2871	626	10	puzzling	puzzle	VERB
cblr-2871	626	11	survivorship	survivorship	NOUN
cblr-2871	626	12	of	of	ADP
cblr-2871	626	13	noise	noise	NOUN
cblr-2871	626	14	adopters	adopter	NOUN
cblr-2871	626	15	such	such	ADJ
cblr-2871	626	16	as	as	ADP
cblr-2871	626	17	positive	positive	ADJ
cblr-2871	626	18	network	network	NOUN
cblr-2871	626	19	externalities	externality	NOUN
cblr-2871	626	20	and	and	CCONJ
cblr-2871	626	21	agency	agency	NOUN
cblr-2871	626	22	costs	cost	NOUN
cblr-2871	626	23	in	in	ADP
cblr-2871	626	24	legal	legal	ADJ
cblr-2871	626	25	services	service	NOUN
cblr-2871	626	26	.	.	PUNCT