id	sid	tid	token	lemma	pos
cblr-8635	1	1	microsoft	microsoft	PROPN
cblr-8635	1	2	word	word	NOUN
cblr-8635	1	3	5	5	NUM
cblr-8635	1	4	.	.	PUNCT
cblr-8635	1	5	coffee	coffee	NOUN
cblr-8635	1	6	(	(	PUNCT
cblr-8635	1	7	8	8	NUM
cblr-8635	1	8	-	-	SYM
cblr-8635	1	9	20	20	NUM
cblr-8635	1	10	-	-	SYM
cblr-8635	1	11	21	21	NUM
cblr-8635	1	12	6.32	6.32	NUM
cblr-8635	1	13	)	)	PUNCT
cblr-8635	1	14	coffee	coffee	NOUN
cblr-8635	1	15	8/20/2021	8/20/2021	NUM
cblr-8635	1	16	6:32	6:32	NUM
cblr-8635	1	17	pm	pm	NOUN
cblr-8635	1	18	the	the	DET
cblr-8635	1	19	future	future	NOUN
cblr-8635	1	20	of	of	ADP
cblr-8635	1	21	disclosure	disclosure	NOUN
cblr-8635	1	22	:	:	PUNCT
cblr-8635	1	23	esg	esg	PROPN
cblr-8635	1	24	,	,	PUNCT
cblr-8635	1	25	common	common	ADJ
cblr-8635	1	26	ownership	ownership	NOUN
cblr-8635	1	27	,	,	PUNCT
cblr-8635	1	28	and	and	CCONJ
cblr-8635	1	29	systematic	systematic	ADJ
cblr-8635	1	30	risk	risk	NOUN
cblr-8635	1	31	john	john	PROPN
cblr-8635	1	32	c.	c.	PROPN
cblr-8635	1	33	coffee	coffee	PROPN
cblr-8635	1	34	,	,	PUNCT
cblr-8635	1	35	jr	jr	PROPN
cblr-8635	1	36	.	.	PROPN
cblr-8635	1	37	*	*	PUNCT
cblr-8635	2	1	the	the	DET
cblr-8635	2	2	u.s	u.s	PROPN
cblr-8635	2	3	.	.	PROPN
cblr-8635	2	4	securities	security	NOUN
cblr-8635	2	5	markets	market	NOUN
cblr-8635	2	6	have	have	AUX
cblr-8635	2	7	recently	recently	ADV
cblr-8635	2	8	undergone	undergo	VERB
cblr-8635	2	9	(	(	PUNCT
cblr-8635	2	10	or	or	CCONJ
cblr-8635	2	11	are	be	AUX
cblr-8635	2	12	undergoing	undergo	VERB
cblr-8635	2	13	)	)	PUNCT
cblr-8635	2	14	three	three	NUM
cblr-8635	2	15	fundamental	fundamental	ADJ
cblr-8635	2	16	transitions	transition	NOUN
cblr-8635	2	17	:	:	PUNCT
cblr-8635	2	18	(	(	PUNCT
cblr-8635	2	19	1	1	X
cblr-8635	2	20	)	)	PUNCT
cblr-8635	2	21	institutionalization	institutionalization	NOUN
cblr-8635	2	22	(	(	PUNCT
cblr-8635	2	23	with	with	ADP
cblr-8635	2	24	the	the	DET
cblr-8635	2	25	result	result	NOUN
cblr-8635	2	26	that	that	SCONJ
cblr-8635	2	27	institutional	institutional	ADJ
cblr-8635	2	28	investors	investor	NOUN
cblr-8635	2	29	now	now	ADV
cblr-8635	2	30	dominate	dominate	VERB
cblr-8635	2	31	both	both	DET
cblr-8635	2	32	trading	trading	NOUN
cblr-8635	2	33	and	and	CCONJ
cblr-8635	2	34	stock	stock	NOUN
cblr-8635	2	35	ownership	ownership	NOUN
cblr-8635	2	36	)	)	PUNCT
cblr-8635	2	37	;	;	PUNCT
cblr-8635	2	38	(	(	PUNCT
cblr-8635	2	39	2	2	X
cblr-8635	2	40	)	)	PUNCT
cblr-8635	2	41	extraordinary	extraordinary	ADJ
cblr-8635	2	42	ownership	ownership	NOUN
cblr-8635	2	43	concentration	concentration	NOUN
cblr-8635	2	44	(	(	PUNCT
cblr-8635	2	45	with	with	ADP
cblr-8635	2	46	the	the	DET
cblr-8635	2	47	consequence	consequence	NOUN
cblr-8635	2	48	that	that	SCONJ
cblr-8635	2	49	the	the	DET
cblr-8635	2	50	three	three	NUM
cblr-8635	2	51	largest	large	ADJ
cblr-8635	2	52	u.s	u.s	PROPN
cblr-8635	2	53	.	.	PROPN
cblr-8635	2	54	institutional	institutional	ADJ
cblr-8635	2	55	investors	investor	NOUN
cblr-8635	2	56	now	now	ADV
cblr-8635	2	57	hold	hold	VERB
cblr-8635	2	58	twenty	twenty	NUM
cblr-8635	2	59	percent	percent	NOUN
cblr-8635	2	60	and	and	CCONJ
cblr-8635	2	61	vote	vote	VERB
cblr-8635	2	62	twenty	twenty	NUM
cblr-8635	2	63	-	-	PUNCT
cblr-8635	2	64	five	five	NUM
cblr-8635	2	65	percent	percent	NOUN
cblr-8635	2	66	of	of	ADP
cblr-8635	2	67	the	the	DET
cblr-8635	2	68	shares	share	NOUN
cblr-8635	2	69	in	in	ADP
cblr-8635	2	70	s&p	s&p	PROPN
cblr-8635	2	71	500	500	NUM
cblr-8635	2	72	companies	company	NOUN
cblr-8635	2	73	)	)	PUNCT
cblr-8635	2	74	;	;	PUNCT
cblr-8635	2	75	and	and	CCONJ
cblr-8635	2	76	(	(	PUNCT
cblr-8635	2	77	3	3	X
cblr-8635	2	78	)	)	PUNCT
cblr-8635	2	79	the	the	DET
cblr-8635	2	80	introduction	introduction	NOUN
cblr-8635	2	81	of	of	ADP
cblr-8635	2	82	esg	esg	PROPN
cblr-8635	2	83	disclosures	disclosure	NOUN
cblr-8635	2	84	(	(	PUNCT
cblr-8635	2	85	which	which	PRON
cblr-8635	2	86	has	have	AUX
cblr-8635	2	87	been	be	AUX
cblr-8635	2	88	driven	drive	VERB
cblr-8635	2	89	in	in	ADP
cblr-8635	2	90	the	the	DET
cblr-8635	2	91	u.s	u.s	PROPN
cblr-8635	2	92	.	.	PROPN
cblr-8635	2	93	by	by	ADP
cblr-8635	2	94	pressure	pressure	NOUN
cblr-8635	2	95	from	from	ADP
cblr-8635	2	96	large	large	ADJ
cblr-8635	2	97	institutional	institutional	ADJ
cblr-8635	2	98	investors	investor	NOUN
cblr-8635	2	99	)	)	PUNCT
cblr-8635	2	100	.	.	PUNCT
cblr-8635	3	1	in	in	ADP
cblr-8635	3	2	light	light	NOUN
cblr-8635	3	3	of	of	ADP
cblr-8635	3	4	these	these	DET
cblr-8635	3	5	transitions	transition	NOUN
cblr-8635	3	6	,	,	PUNCT
cblr-8635	3	7	how	how	SCONJ
cblr-8635	3	8	should	should	AUX
cblr-8635	3	9	disclosure	disclosure	VERB
cblr-8635	3	10	policy	policy	NOUN
cblr-8635	3	11	change	change	NOUN
cblr-8635	3	12	?	?	PUNCT
cblr-8635	4	1	do	do	AUX
cblr-8635	4	2	institutions	institution	NOUN
cblr-8635	4	3	and	and	CCONJ
cblr-8635	4	4	retail	retail	ADJ
cblr-8635	4	5	investors	investor	NOUN
cblr-8635	4	6	have	have	VERB
cblr-8635	4	7	the	the	DET
cblr-8635	4	8	same	same	ADJ
cblr-8635	4	9	or	or	CCONJ
cblr-8635	4	10	different	different	ADJ
cblr-8635	4	11	disclosure	disclosure	NOUN
cblr-8635	4	12	needs	need	NOUN
cblr-8635	4	13	?	?	PUNCT
cblr-8635	5	1	why	why	SCONJ
cblr-8635	5	2	are	be	AUX
cblr-8635	5	3	large	large	ADJ
cblr-8635	5	4	institutions	institution	NOUN
cblr-8635	5	5	pressing	press	VERB
cblr-8635	5	6	for	for	ADP
cblr-8635	5	7	increased	increase	VERB
cblr-8635	5	8	esg	esg	NOUN
cblr-8635	5	9	disclosures	disclosure	NOUN
cblr-8635	5	10	?	?	PUNCT
cblr-8635	6	1	this	this	DET
cblr-8635	6	2	article	article	NOUN
cblr-8635	6	3	will	will	AUX
cblr-8635	6	4	focus	focus	VERB
cblr-8635	6	5	on	on	ADP
cblr-8635	6	6	the	the	DET
cblr-8635	6	7	desire	desire	NOUN
cblr-8635	6	8	of	of	ADP
cblr-8635	6	9	institutions	institution	NOUN
cblr-8635	6	10	for	for	ADP
cblr-8635	6	11	greater	great	ADJ
cblr-8635	6	12	esg	esg	NOUN
cblr-8635	6	13	disclosures	disclosure	NOUN
cblr-8635	6	14	and	and	CCONJ
cblr-8635	6	15	suggest	suggest	VERB
cblr-8635	6	16	that	that	SCONJ
cblr-8635	6	17	two	two	NUM
cblr-8635	6	18	reasons	reason	NOUN
cblr-8635	6	19	underlie	underlie	VERB
cblr-8635	6	20	this	this	DET
cblr-8635	6	21	demand	demand	NOUN
cblr-8635	6	22	for	for	ADP
cblr-8635	6	23	more	more	ADJ
cblr-8635	6	24	information	information	NOUN
cblr-8635	6	25	:	:	PUNCT
cblr-8635	6	26	(	(	PUNCT
cblr-8635	6	27	1	1	X
cblr-8635	6	28	)	)	PUNCT
cblr-8635	6	29	esg	esg	NOUN
cblr-8635	6	30	disclosures	disclosure	NOUN
cblr-8635	6	31	overlap	overlap	VERB
cblr-8635	6	32	substantially	substantially	ADV
cblr-8635	6	33	with	with	ADP
cblr-8635	6	34	systematic	systematic	ADJ
cblr-8635	6	35	risk	risk	NOUN
cblr-8635	6	36	,	,	PUNCT
cblr-8635	6	37	which	which	PRON
cblr-8635	6	38	is	be	AUX
cblr-8635	6	39	the	the	DET
cblr-8635	6	40	primary	primary	ADJ
cblr-8635	6	41	concern	concern	NOUN
cblr-8635	6	42	of	of	ADP
cblr-8635	6	43	diversified	diversified	ADJ
cblr-8635	6	44	investors	investor	NOUN
cblr-8635	6	45	;	;	PUNCT
cblr-8635	6	46	and	and	CCONJ
cblr-8635	6	47	(	(	PUNCT
cblr-8635	6	48	2	2	X
cblr-8635	6	49	)	)	PUNCT
cblr-8635	6	50	high	high	ADJ
cblr-8635	6	51	common	common	ADJ
cblr-8635	6	52	ownership	ownership	NOUN
cblr-8635	6	53	enables	enable	VERB
cblr-8635	6	54	institutions	institution	NOUN
cblr-8635	6	55	to	to	PART
cblr-8635	6	56	take	take	VERB
cblr-8635	6	57	collective	collective	ADJ
cblr-8635	6	58	action	action	NOUN
cblr-8635	6	59	to	to	PART
cblr-8635	6	60	curb	curb	VERB
cblr-8635	6	61	externalities	externality	NOUN
cblr-8635	6	62	caused	cause	VERB
cblr-8635	6	63	by	by	ADP
cblr-8635	6	64	portfolio	portfolio	NOUN
cblr-8635	6	65	firms	firm	NOUN
cblr-8635	6	66	,	,	PUNCT
cblr-8635	6	67	so	so	ADV
cblr-8635	6	68	long	long	ADV
cblr-8635	6	69	as	as	SCONJ
cblr-8635	6	70	the	the	DET
cblr-8635	6	71	gains	gain	NOUN
cblr-8635	6	72	to	to	ADP
cblr-8635	6	73	their	their	PRON
cblr-8635	6	74	portfolio	portfolio	NOUN
cblr-8635	6	75	from	from	ADP
cblr-8635	6	76	such	such	ADJ
cblr-8635	6	77	action	action	NOUN
cblr-8635	6	78	exceed	exceed	VERB
cblr-8635	6	79	the	the	DET
cblr-8635	6	80	losses	loss	NOUN
cblr-8635	6	81	caused	cause	VERB
cblr-8635	6	82	to	to	ADP
cblr-8635	6	83	the	the	DET
cblr-8635	6	84	externality	externality	NOUN
cblr-8635	6	85	-	-	PUNCT
cblr-8635	6	86	creating	create	VERB
cblr-8635	6	87	firms	firm	NOUN
cblr-8635	6	88	.	.	PUNCT
cblr-8635	7	1	this	this	DET
cblr-8635	7	2	transition	transition	NOUN
cblr-8635	7	3	to	to	ADP
cblr-8635	7	4	a	a	DET
cblr-8635	7	5	portfolio	portfolio	NOUN
cblr-8635	7	6	-	-	PUNCT
cblr-8635	7	7	wide	wide	ADJ
cblr-8635	7	8	perspective	perspective	NOUN
cblr-8635	7	9	(	(	PUNCT
cblr-8635	7	10	both	both	CCONJ
cblr-8635	7	11	in	in	ADP
cblr-8635	7	12	voting	voting	NOUN
cblr-8635	7	13	and	and	CCONJ
cblr-8635	7	14	investment	investment	NOUN
cblr-8635	7	15	decisions	decision	NOUN
cblr-8635	7	16	)	)	PUNCT
cblr-8635	7	17	has	have	VERB
cblr-8635	7	18	significant	significant	ADJ
cblr-8635	7	19	implications	implication	NOUN
cblr-8635	7	20	but	but	CCONJ
cblr-8635	7	21	also	also	ADV
cblr-8635	7	22	is	be	AUX
cblr-8635	7	23	likely	likely	ADJ
cblr-8635	7	24	to	to	PART
cblr-8635	7	25	provoke	provoke	VERB
cblr-8635	7	26	political	political	ADJ
cblr-8635	7	27	controversy	controversy	NOUN
cblr-8635	7	28	.	.	PUNCT
cblr-8635	8	1	in	in	ADP
cblr-8635	8	2	its	its	PRON
cblr-8635	8	3	final	final	ADJ
cblr-8635	8	4	hours	hour	NOUN
cblr-8635	8	5	,	,	PUNCT
cblr-8635	8	6	the	the	DET
cblr-8635	8	7	trump	trump	NOUN
cblr-8635	8	8	administration	administration	NOUN
cblr-8635	8	9	adopted	adopt	VERB
cblr-8635	8	10	new	new	ADJ
cblr-8635	8	11	rules	rule	NOUN
cblr-8635	8	12	that	that	PRON
cblr-8635	8	13	discourage	discourage	VERB
cblr-8635	8	14	voting	voting	NOUN
cblr-8635	8	15	based	base	VERB
cblr-8635	8	16	on	on	ADP
cblr-8635	8	17	esg	esg	PROPN
cblr-8635	8	18	criteria	criterion	NOUN
cblr-8635	8	19	and	and	CCONJ
cblr-8635	8	20	thus	thus	ADV
cblr-8635	8	21	by	by	ADP
cblr-8635	8	22	extension	extension	NOUN
cblr-8635	8	23	chill	chill	NOUN
cblr-8635	8	24	esg	esg	PROPN
cblr-8635	8	25	investing	investing	NOUN
cblr-8635	8	26	.	.	PUNCT
cblr-8635	9	1	this	this	DET
cblr-8635	9	2	controversy	controversy	NOUN
cblr-8635	9	3	will	will	AUX
cblr-8635	9	4	continue	continue	VERB
cblr-8635	9	5	.	.	PUNCT
cblr-8635	10	1	*	*	PUNCT
cblr-8635	10	2	professor	professor	NOUN
cblr-8635	10	3	coffee	coffee	NOUN
cblr-8635	10	4	is	be	AUX
cblr-8635	10	5	the	the	DET
cblr-8635	10	6	adolf	adolf	PROPN
cblr-8635	10	7	a.	a.	PROPN
cblr-8635	10	8	berle	berle	PROPN
cblr-8635	10	9	professor	professor	PROPN
cblr-8635	10	10	of	of	ADP
cblr-8635	10	11	law	law	PROPN
cblr-8635	10	12	at	at	ADP
cblr-8635	10	13	columbia	columbia	PROPN
cblr-8635	10	14	university	university	PROPN
cblr-8635	10	15	law	law	NOUN
cblr-8635	10	16	school	school	NOUN
cblr-8635	10	17	and	and	CCONJ
cblr-8635	10	18	director	director	NOUN
cblr-8635	10	19	of	of	ADP
cblr-8635	10	20	its	its	PRON
cblr-8635	10	21	center	center	NOUN
cblr-8635	10	22	on	on	ADP
cblr-8635	10	23	corporate	corporate	ADJ
cblr-8635	10	24	governance	governance	NOUN
cblr-8635	10	25	.	.	PUNCT
cblr-8635	11	1	coffee	coffee	NOUN
cblr-8635	11	2	8/20/2021	8/20/2021	NUM
cblr-8635	11	3	6:32	6:32	NUM
cblr-8635	11	4	pm	pm	NOUN
cblr-8635	11	5	no	no	INTJ
cblr-8635	11	6	.	.	PUNCT
cblr-8635	12	1	2:602	2:602	NUM
cblr-8635	12	2	]	]	X
cblr-8635	12	3	the	the	DET
cblr-8635	12	4	future	future	NOUN
cblr-8635	12	5	of	of	ADP
cblr-8635	12	6	disclosure	disclosure	NOUN
cblr-8635	12	7	603	603	NUM
cblr-8635	12	8	as	as	ADP
cblr-8635	12	9	more	more	ADJ
cblr-8635	12	10	institutions	institution	NOUN
cblr-8635	12	11	shift	shift	VERB
cblr-8635	12	12	to	to	ADP
cblr-8635	12	13	portfolio	portfolio	NOUN
cblr-8635	12	14	-	-	PUNCT
cblr-8635	12	15	wide	wide	ADV
cblr-8635	12	16	decisionmaking	decisionmaking	NOUN
cblr-8635	12	17	,	,	PUNCT
cblr-8635	12	18	there	there	PRON
cblr-8635	12	19	is	be	VERB
cblr-8635	12	20	an	an	DET
cblr-8635	12	21	optimistic	optimistic	ADJ
cblr-8635	12	22	upside	upside	NOUN
cblr-8635	12	23	:	:	PUNCT
cblr-8635	12	24	externalities	externality	NOUN
cblr-8635	12	25	may	may	AUX
cblr-8635	12	26	be	be	AUX
cblr-8635	12	27	curbed	curb	VERB
cblr-8635	12	28	by	by	ADP
cblr-8635	12	29	collective	collective	ADJ
cblr-8635	12	30	shareholder	shareholder	NOUN
cblr-8635	12	31	action	action	NOUN
cblr-8635	12	32	.	.	PUNCT
cblr-8635	13	1	for	for	ADP
cblr-8635	13	2	entirely	entirely	ADV
cblr-8635	13	3	rational	rational	ADJ
cblr-8635	13	4	reasons	reason	NOUN
cblr-8635	13	5	,	,	PUNCT
cblr-8635	13	6	the	the	DET
cblr-8635	13	7	new	new	ADJ
cblr-8635	13	8	“	"	PUNCT
cblr-8635	13	9	universal	universal	ADJ
cblr-8635	13	10	”	"	PUNCT
cblr-8635	13	11	shareholders	shareholder	NOUN
cblr-8635	13	12	who	who	PRON
cblr-8635	13	13	now	now	ADV
cblr-8635	13	14	dominate	dominate	VERB
cblr-8635	13	15	the	the	DET
cblr-8635	13	16	market	market	NOUN
cblr-8635	13	17	will	will	AUX
cblr-8635	13	18	resist	resist	VERB
cblr-8635	13	19	even	even	ADV
cblr-8635	13	20	large	large	ADJ
cblr-8635	13	21	public	public	ADJ
cblr-8635	13	22	companies	company	NOUN
cblr-8635	13	23	who	who	PRON
cblr-8635	13	24	might	might	AUX
cblr-8635	13	25	seek	seek	VERB
cblr-8635	13	26	to	to	PART
cblr-8635	13	27	impose	impose	VERB
cblr-8635	13	28	externalities	externality	NOUN
cblr-8635	13	29	on	on	ADP
cblr-8635	13	30	other	other	ADJ
cblr-8635	13	31	companies	company	NOUN
cblr-8635	13	32	.	.	PUNCT
cblr-8635	14	1	owning	own	VERB
cblr-8635	14	2	the	the	DET
cblr-8635	14	3	market	market	NOUN
cblr-8635	14	4	,	,	PUNCT
cblr-8635	14	5	the	the	DET
cblr-8635	14	6	“	"	PUNCT
cblr-8635	14	7	universal	universal	ADJ
cblr-8635	14	8	”	"	PUNCT
cblr-8635	14	9	shareholder	shareholder	NOUN
cblr-8635	14	10	will	will	AUX
cblr-8635	14	11	protect	protect	VERB
cblr-8635	14	12	the	the	DET
cblr-8635	14	13	market	market	NOUN
cblr-8635	14	14	.	.	PUNCT
cblr-8635	15	1	still	still	ADV
cblr-8635	15	2	,	,	PUNCT
cblr-8635	15	3	this	this	DET
cblr-8635	15	4	process	process	NOUN
cblr-8635	15	5	of	of	ADP
cblr-8635	15	6	resistance	resistance	NOUN
cblr-8635	15	7	may	may	AUX
cblr-8635	15	8	produce	produce	VERB
cblr-8635	15	9	frictions	friction	NOUN
cblr-8635	15	10	,	,	PUNCT
cblr-8635	15	11	and	and	CCONJ
cblr-8635	15	12	the	the	DET
cblr-8635	15	13	disclosure	disclosure	NOUN
cblr-8635	15	14	needs	need	NOUN
cblr-8635	15	15	of	of	ADP
cblr-8635	15	16	individual	individual	ADJ
cblr-8635	15	17	investors	investor	NOUN
cblr-8635	15	18	and	and	CCONJ
cblr-8635	15	19	institutional	institutional	ADJ
cblr-8635	15	20	investors	investor	NOUN
cblr-8635	15	21	will	will	AUX
cblr-8635	15	22	increasingly	increasingly	ADV
cblr-8635	15	23	diverge	diverge	VERB
cblr-8635	15	24	.	.	PUNCT
cblr-8635	16	1	of	of	ADP
cblr-8635	16	2	course	course	NOUN
cblr-8635	16	3	,	,	PUNCT
cblr-8635	16	4	not	not	PART
cblr-8635	16	5	all	all	DET
cblr-8635	16	6	institutional	institutional	ADJ
cblr-8635	16	7	investors	investor	NOUN
cblr-8635	16	8	are	be	AUX
cblr-8635	16	9	indexed	index	VERB
cblr-8635	16	10	or	or	CCONJ
cblr-8635	16	11	even	even	ADV
cblr-8635	16	12	diversified	diversify	VERB
cblr-8635	16	13	,	,	PUNCT
cblr-8635	16	14	but	but	CCONJ
cblr-8635	16	15	those	those	PRON
cblr-8635	16	16	that	that	PRON
cblr-8635	16	17	remain	remain	VERB
cblr-8635	16	18	undiversified	undiversified	ADJ
cblr-8635	16	19	(	(	PUNCT
cblr-8635	16	20	for	for	ADP
cblr-8635	16	21	example	example	NOUN
cblr-8635	16	22	,	,	PUNCT
cblr-8635	16	23	hedge	hedge	NOUN
cblr-8635	16	24	funds	fund	NOUN
cblr-8635	16	25	)	)	PUNCT
cblr-8635	16	26	logically	logically	ADV
cblr-8635	16	27	have	have	VERB
cblr-8635	16	28	the	the	DET
cblr-8635	16	29	perspective	perspective	NOUN
cblr-8635	16	30	of	of	ADP
cblr-8635	16	31	an	an	DET
cblr-8635	16	32	option	option	NOUN
cblr-8635	16	33	-	-	PUNCT
cblr-8635	16	34	holder	holder	NOUN
cblr-8635	16	35	and	and	CCONJ
cblr-8635	16	36	favor	favor	VERB
cblr-8635	16	37	greater	great	ADJ
cblr-8635	16	38	risk	risk	NOUN
cblr-8635	16	39	-	-	PUNCT
cblr-8635	16	40	taking	taking	NOUN
cblr-8635	16	41	.	.	PUNCT
cblr-8635	17	1	across	across	ADP
cblr-8635	17	2	the	the	DET
cblr-8635	17	3	board	board	NOUN
cblr-8635	17	4	,	,	PUNCT
cblr-8635	17	5	retail	retail	ADJ
cblr-8635	17	6	investors	investor	NOUN
cblr-8635	17	7	have	have	VERB
cblr-8635	17	8	different	different	ADJ
cblr-8635	17	9	perspectives	perspective	NOUN
cblr-8635	17	10	and	and	CCONJ
cblr-8635	17	11	preferences	preference	NOUN
cblr-8635	17	12	than	than	SCONJ
cblr-8635	17	13	do	do	VERB
cblr-8635	17	14	institutional	institutional	ADJ
cblr-8635	17	15	investors	investor	NOUN
cblr-8635	17	16	.	.	PUNCT
cblr-8635	18	1	above	above	ADP
cblr-8635	18	2	all	all	PRON
cblr-8635	18	3	,	,	PUNCT
cblr-8635	18	4	the	the	DET
cblr-8635	18	5	combination	combination	NOUN
cblr-8635	18	6	of	of	ADP
cblr-8635	18	7	high	high	ADJ
cblr-8635	18	8	common	common	ADJ
cblr-8635	18	9	ownership	ownership	NOUN
cblr-8635	18	10	and	and	CCONJ
cblr-8635	18	11	institutional	institutional	ADJ
cblr-8635	18	12	sensitivity	sensitivity	NOUN
cblr-8635	18	13	to	to	ADP
cblr-8635	18	14	systematic	systematic	ADJ
cblr-8635	18	15	risk	risk	NOUN
cblr-8635	18	16	makes	make	VERB
cblr-8635	18	17	disclosure	disclosure	NOUN
cblr-8635	18	18	a	a	DET
cblr-8635	18	19	far	far	ADV
cblr-8635	18	20	more	more	ADV
cblr-8635	18	21	powerful	powerful	ADJ
cblr-8635	18	22	force	force	NOUN
cblr-8635	18	23	.	.	PUNCT
cblr-8635	19	1	if	if	SCONJ
cblr-8635	19	2	disclosure	disclosure	NOUN
cblr-8635	19	3	was	be	AUX
cblr-8635	19	4	once	once	ADV
cblr-8635	19	5	brandeis	brandeis	NOUN
cblr-8635	19	6	’s	’s	PART
cblr-8635	19	7	best	good	ADJ
cblr-8635	19	8	disinfectant	disinfectant	NOUN
cblr-8635	19	9	,	,	PUNCT
cblr-8635	19	10	it	it	PRON
cblr-8635	19	11	is	be	AUX
cblr-8635	19	12	now	now	ADV
cblr-8635	19	13	becoming	become	VERB
cblr-8635	19	14	a	a	DET
cblr-8635	19	15	force	force	NOUN
cblr-8635	19	16	that	that	PRON
cblr-8635	19	17	can	can	AUX
cblr-8635	19	18	effect	effect	VERB
cblr-8635	19	19	significant	significant	ADJ
cblr-8635	19	20	social	social	ADJ
cblr-8635	19	21	and	and	CCONJ
cblr-8635	19	22	economic	economic	ADJ
cblr-8635	19	23	change	change	NOUN
cblr-8635	19	24	without	without	ADP
cblr-8635	19	25	the	the	DET
cblr-8635	19	26	need	need	NOUN
cblr-8635	19	27	for	for	ADP
cblr-8635	19	28	judicial	judicial	ADJ
cblr-8635	19	29	or	or	CCONJ
cblr-8635	19	30	agency	agency	NOUN
cblr-8635	19	31	intervention	intervention	NOUN
cblr-8635	19	32	.	.	PUNCT
cblr-8635	20	1	i.	i.	PROPN
cblr-8635	20	2	introduction	introduction	NOUN
cblr-8635	20	3	...............................................................	...............................................................	PUNCT
cblr-8635	20	4	604	604	NUM
cblr-8635	20	5	ii	ii	NOUN
cblr-8635	20	6	.	.	PUNCT
cblr-8635	21	1	the	the	DET
cblr-8635	21	2	informational	informational	ADJ
cblr-8635	21	3	needs	need	NOUN
cblr-8635	21	4	of	of	ADP
cblr-8635	21	5	the	the	DET
cblr-8635	21	6	institutional	institutional	ADJ
cblr-8635	21	7	investor	investor	NOUN
cblr-8635	21	8	:	:	PUNCT
cblr-8635	21	9	how	how	SCONJ
cblr-8635	21	10	are	be	AUX
cblr-8635	21	11	they	they	PRON
cblr-8635	21	12	different	different	ADJ
cblr-8635	21	13	.............................................	.............................................	PUNCT
cblr-8635	21	14	615	615	NUM
cblr-8635	21	15	iii	iii	NOUN
cblr-8635	21	16	.	.	PUNCT
cblr-8635	22	1	the	the	DET
cblr-8635	22	2	retail	retail	ADJ
cblr-8635	22	3	investor	investor	NOUN
cblr-8635	22	4	:	:	PUNCT
cblr-8635	22	5	the	the	DET
cblr-8635	22	6	relevance	relevance	NOUN
cblr-8635	22	7	of	of	ADP
cblr-8635	22	8	option	option	NOUN
cblr-8635	22	9	pricing	pricing	NOUN
cblr-8635	22	10	theory	theory	NOUN
cblr-8635	22	11	and	and	CCONJ
cblr-8635	22	12	common	common	ADJ
cblr-8635	22	13	ownership	ownership	NOUN
cblr-8635	22	14	...............................	...............................	PUNCT
cblr-8635	22	15	622	622	NUM
cblr-8635	22	16	a.	a.	NOUN
cblr-8635	22	17	activism	activism	NOUN
cblr-8635	22	18	and	and	CCONJ
cblr-8635	22	19	option	option	NOUN
cblr-8635	22	20	pricing	pricing	NOUN
cblr-8635	22	21	theory	theory	NOUN
cblr-8635	22	22	...................	...................	PUNCT
cblr-8635	22	23	622	622	NUM
cblr-8635	22	24	b.	b.	PROPN
cblr-8635	22	25	common	common	ADJ
cblr-8635	22	26	ownership	ownership	NOUN
cblr-8635	22	27	and	and	CCONJ
cblr-8635	22	28	the	the	DET
cblr-8635	22	29	undiversified	undiversified	ADJ
cblr-8635	22	30	retail	retail	ADJ
cblr-8635	22	31	investor	investor	NOUN
cblr-8635	22	32	................................................................	................................................................	PUNCT
cblr-8635	22	33	629	629	NUM
cblr-8635	22	34	iv	iv	NOUN
cblr-8635	22	35	.	.	PUNCT
cblr-8635	23	1	the	the	DET
cblr-8635	23	2	special	special	ADJ
cblr-8635	23	3	case	case	NOUN
cblr-8635	23	4	of	of	ADP
cblr-8635	23	5	esg	esg	PROPN
cblr-8635	23	6	disclosures	disclosure	NOUN
cblr-8635	23	7	:	:	PUNCT
cblr-8635	23	8	can	can	AUX
cblr-8635	23	9	fiduciaries	fiduciary	NOUN
cblr-8635	23	10	lawfully	lawfully	ADV
cblr-8635	23	11	use	use	VERB
cblr-8635	23	12	this	this	DET
cblr-8635	23	13	information	information	NOUN
cblr-8635	23	14	?	?	PUNCT
cblr-8635	24	1	................................	................................	PUNCT
cblr-8635	25	1	630	630	NUM
cblr-8635	25	2	a.	a.	NOUN
cblr-8635	25	3	a	a	DET
cblr-8635	25	4	brief	brief	ADJ
cblr-8635	25	5	history	history	NOUN
cblr-8635	25	6	of	of	ADP
cblr-8635	25	7	esg	esg	PROPN
cblr-8635	25	8	........................................	........................................	PROPN
cblr-8635	26	1	631	631	NUM
cblr-8635	26	2	b.	b.	NOUN
cblr-8635	26	3	the	the	DET
cblr-8635	26	4	remaining	remain	VERB
cblr-8635	26	5	legal	legal	ADJ
cblr-8635	26	6	uncertainty	uncertainty	NOUN
cblr-8635	26	7	.....................	.....................	PUNCT
cblr-8635	26	8	634	634	NUM
cblr-8635	26	9	c.	c.	NOUN
cblr-8635	26	10	the	the	DET
cblr-8635	26	11	impact	impact	NOUN
cblr-8635	26	12	of	of	ADP
cblr-8635	26	13	a	a	DET
cblr-8635	26	14	portfolio	portfolio	NOUN
cblr-8635	26	15	-	-	PUNCT
cblr-8635	26	16	wide	wide	ADJ
cblr-8635	26	17	perspective	perspective	NOUN
cblr-8635	26	18	........	........	PUNCT
cblr-8635	26	19	636	636	NUM
cblr-8635	26	20	d.	d.	NOUN
cblr-8635	26	21	investment	investment	NOUN
cblr-8635	26	22	versus	versus	ADP
cblr-8635	26	23	voting	voting	NOUN
cblr-8635	26	24	decisions	decision	NOUN
cblr-8635	26	25	..................	..................	PUNCT
cblr-8635	26	26	641	641	NUM
cblr-8635	26	27	e.	e.	NOUN
cblr-8635	26	28	the	the	DET
cblr-8635	26	29	coming	come	VERB
cblr-8635	26	30	controversy	controversy	NOUN
cblr-8635	26	31	over	over	ADP
cblr-8635	26	32	portfolio	portfolio	NOUN
cblr-8635	26	33	-	-	PUNCT
cblr-8635	26	34	wide	wide	ADV
cblr-8635	26	35	decisionmaking	decisionmaking	NOUN
cblr-8635	26	36	...................................................	...................................................	PUNCT
cblr-8635	26	37	646	646	NUM
cblr-8635	26	38	v.	v.	ADP
cblr-8635	26	39	conclusion	conclusion	NOUN
cblr-8635	26	40	..................................................................	..................................................................	PUNCT
cblr-8635	26	41	647	647	NUM
cblr-8635	26	42	coffee	coffee	NOUN
cblr-8635	26	43	8/20/2021	8/20/2021	NUM
cblr-8635	26	44	6:32	6:32	NUM
cblr-8635	26	45	pm	pm	PROPN
cblr-8635	26	46	604	604	NUM
cblr-8635	26	47	columbia	columbia	PROPN
cblr-8635	26	48	business	business	NOUN
cblr-8635	26	49	law	law	NOUN
cblr-8635	26	50	review	review	NOUN
cblr-8635	26	51	[	[	X
cblr-8635	26	52	vol	vol	NOUN
cblr-8635	26	53	.	.	NOUN
cblr-8635	26	54	2021	2021	NUM
cblr-8635	26	55	i.	i.	NOUN
cblr-8635	26	56	introduction	introduction	NOUN
cblr-8635	26	57	how	how	SCONJ
cblr-8635	26	58	should	should	AUX
cblr-8635	26	59	the	the	DET
cblr-8635	26	60	norms	norm	NOUN
cblr-8635	26	61	of	of	ADP
cblr-8635	26	62	corporate	corporate	ADJ
cblr-8635	26	63	governance	governance	NOUN
cblr-8635	26	64	and	and	CCONJ
cblr-8635	26	65	disclosure	disclosure	NOUN
cblr-8635	26	66	policy	policy	NOUN
cblr-8635	26	67	change	change	NOUN
cblr-8635	26	68	(	(	PUNCT
cblr-8635	26	69	at	at	ADP
cblr-8635	26	70	the	the	DET
cblr-8635	26	71	sec	sec	PROPN
cblr-8635	26	72	and	and	CCONJ
cblr-8635	26	73	elsewhere	elsewhere	ADV
cblr-8635	26	74	)	)	PUNCT
cblr-8635	26	75	in	in	ADP
cblr-8635	26	76	light	light	NOUN
cblr-8635	26	77	of	of	ADP
cblr-8635	26	78	new	new	ADJ
cblr-8635	26	79	market	market	NOUN
cblr-8635	26	80	conditions	condition	NOUN
cblr-8635	26	81	and	and	CCONJ
cblr-8635	26	82	a	a	DET
cblr-8635	26	83	changing	change	VERB
cblr-8635	26	84	population	population	NOUN
cblr-8635	26	85	of	of	ADP
cblr-8635	26	86	shareholders	shareholder	NOUN
cblr-8635	26	87	?	?	PUNCT
cblr-8635	27	1	so	so	ADV
cblr-8635	27	2	framed	frame	VERB
cblr-8635	27	3	,	,	PUNCT
cblr-8635	27	4	this	this	PRON
cblr-8635	27	5	may	may	AUX
cblr-8635	27	6	seem	seem	VERB
cblr-8635	27	7	a	a	DET
cblr-8635	27	8	fairly	fairly	ADV
cblr-8635	27	9	narrow	narrow	ADJ
cblr-8635	27	10	question	question	NOUN
cblr-8635	27	11	,	,	PUNCT
cblr-8635	27	12	which	which	PRON
cblr-8635	27	13	assumes	assume	VERB
cblr-8635	27	14	that	that	SCONJ
cblr-8635	27	15	one	one	PRON
cblr-8635	27	16	accepts	accept	VERB
cblr-8635	27	17	the	the	DET
cblr-8635	27	18	need	need	NOUN
cblr-8635	27	19	for	for	ADP
cblr-8635	27	20	a	a	DET
cblr-8635	27	21	mandatory	mandatory	ADJ
cblr-8635	27	22	disclosure	disclosure	NOUN
cblr-8635	27	23	system.1	system.1	NOUN
cblr-8635	27	24	yet	yet	ADV
cblr-8635	27	25	,	,	PUNCT
cblr-8635	27	26	once	once	ADV
cblr-8635	27	27	over	over	ADP
cblr-8635	27	28	that	that	DET
cblr-8635	27	29	first	first	ADJ
cblr-8635	27	30	hurdle	hurdle	NOUN
cblr-8635	27	31	,	,	PUNCT
cblr-8635	27	32	a	a	DET
cblr-8635	27	33	second	second	ADJ
cblr-8635	27	34	question	question	NOUN
cblr-8635	27	35	logically	logically	ADV
cblr-8635	27	36	follows	follow	VERB
cblr-8635	27	37	that	that	PRON
cblr-8635	27	38	is	be	AUX
cblr-8635	27	39	broader	broad	ADJ
cblr-8635	27	40	and	and	CCONJ
cblr-8635	27	41	more	more	ADV
cblr-8635	27	42	nuanced	nuanced	ADJ
cblr-8635	27	43	:	:	PUNCT
cblr-8635	27	44	do	do	AUX
cblr-8635	27	45	all	all	DET
cblr-8635	27	46	investors	investor	NOUN
cblr-8635	27	47	have	have	VERB
cblr-8635	27	48	the	the	DET
cblr-8635	27	49	same	same	ADJ
cblr-8635	27	50	informational	informational	ADJ
cblr-8635	27	51	needs	need	NOUN
cblr-8635	27	52	and	and	CCONJ
cblr-8635	27	53	goals	goal	NOUN
cblr-8635	27	54	?	?	PUNCT
cblr-8635	28	1	or	or	CCONJ
cblr-8635	28	2	do	do	AUX
cblr-8635	28	3	some	some	PRON
cblr-8635	28	4	have	have	VERB
cblr-8635	28	5	distinctive	distinctive	ADJ
cblr-8635	28	6	needs	need	NOUN
cblr-8635	28	7	and	and	CCONJ
cblr-8635	28	8	preferences	preference	NOUN
cblr-8635	28	9	?	?	PUNCT
cblr-8635	29	1	this	this	DET
cblr-8635	29	2	article	article	NOUN
cblr-8635	29	3	will	will	AUX
cblr-8635	29	4	suggest	suggest	VERB
cblr-8635	29	5	that	that	SCONJ
cblr-8635	29	6	individual	individual	ADJ
cblr-8635	29	7	and	and	CCONJ
cblr-8635	29	8	institutional	institutional	ADJ
cblr-8635	29	9	investors	investor	NOUN
cblr-8635	29	10	have	have	VERB
cblr-8635	29	11	different	different	ADJ
cblr-8635	29	12	needs	need	NOUN
cblr-8635	29	13	(	(	PUNCT
cblr-8635	29	14	largely	largely	ADV
cblr-8635	29	15	based	base	VERB
cblr-8635	29	16	on	on	ADP
cblr-8635	29	17	their	their	PRON
cblr-8635	29	18	level	level	NOUN
cblr-8635	29	19	of	of	ADP
cblr-8635	29	20	diversification	diversification	NOUN
cblr-8635	29	21	)	)	PUNCT
cblr-8635	29	22	and	and	CCONJ
cblr-8635	29	23	that	that	SCONJ
cblr-8635	29	24	conflicts	conflict	NOUN
cblr-8635	29	25	can	can	AUX
cblr-8635	29	26	arise	arise	VERB
cblr-8635	29	27	between	between	ADP
cblr-8635	29	28	them	they	PRON
cblr-8635	29	29	.	.	PUNCT
cblr-8635	30	1	diversified	diversify	VERB
cblr-8635	30	2	institutional	institutional	ADJ
cblr-8635	30	3	investors	investor	NOUN
cblr-8635	30	4	are	be	AUX
cblr-8635	30	5	beginning	begin	VERB
cblr-8635	30	6	to	to	PART
cblr-8635	30	7	make	make	VERB
cblr-8635	30	8	voting	voting	NOUN
cblr-8635	30	9	and	and	CCONJ
cblr-8635	30	10	investment	investment	NOUN
cblr-8635	30	11	decisions	decision	NOUN
cblr-8635	30	12	on	on	ADP
cblr-8635	30	13	a	a	DET
cblr-8635	30	14	portfolio	portfolio	NOUN
cblr-8635	30	15	-	-	PUNCT
cblr-8635	30	16	wide	wide	ADJ
cblr-8635	30	17	basis	basis	NOUN
cblr-8635	30	18	instead	instead	ADV
cblr-8635	30	19	of	of	ADP
cblr-8635	30	20	on	on	ADP
cblr-8635	30	21	a	a	DET
cblr-8635	30	22	stock	stock	NOUN
cblr-8635	30	23	-	-	PUNCT
cblr-8635	30	24	by	by	ADP
cblr-8635	30	25	-	-	PUNCT
cblr-8635	30	26	stock	stock	NOUN
cblr-8635	30	27	basis	basis	NOUN
cblr-8635	30	28	.	.	PUNCT
cblr-8635	31	1	this	this	PRON
cblr-8635	31	2	is	be	AUX
cblr-8635	31	3	a	a	DET
cblr-8635	31	4	product	product	NOUN
cblr-8635	31	5	of	of	ADP
cblr-8635	31	6	the	the	DET
cblr-8635	31	7	growth	growth	NOUN
cblr-8635	31	8	in	in	ADP
cblr-8635	31	9	indexed	indexed	ADJ
cblr-8635	31	10	investing	investing	NOUN
cblr-8635	31	11	and	and	CCONJ
cblr-8635	31	12	the	the	DET
cblr-8635	31	13	high	high	ADJ
cblr-8635	31	14	level	level	NOUN
cblr-8635	31	15	of	of	ADP
cblr-8635	31	16	common	common	ADJ
cblr-8635	31	17	ownership	ownership	NOUN
cblr-8635	31	18	among	among	ADP
cblr-8635	31	19	such	such	ADJ
cblr-8635	31	20	indexed	indexed	ADJ
cblr-8635	31	21	investors	investor	NOUN
cblr-8635	31	22	,	,	PUNCT
cblr-8635	31	23	but	but	CCONJ
cblr-8635	31	24	it	it	PRON
cblr-8635	31	25	implies	imply	VERB
cblr-8635	31	26	in	in	ADP
cblr-8635	31	27	turn	turn	NOUN
cblr-8635	31	28	that	that	SCONJ
cblr-8635	31	29	we	we	PRON
cblr-8635	31	30	may	may	AUX
cblr-8635	31	31	be	be	AUX
cblr-8635	31	32	moving	move	VERB
cblr-8635	31	33	from	from	ADP
cblr-8635	31	34	a	a	DET
cblr-8635	31	35	system	system	NOUN
cblr-8635	31	36	of	of	ADP
cblr-8635	31	37	corporate	corporate	ADJ
cblr-8635	31	38	governance	governance	NOUN
cblr-8635	31	39	that	that	PRON
cblr-8635	31	40	is	be	AUX
cblr-8635	31	41	premised	premise	VERB
cblr-8635	31	42	on	on	ADP
cblr-8635	31	43	a	a	DET
cblr-8635	31	44	“	"	PUNCT
cblr-8635	31	45	shareholder	shareholder	NOUN
cblr-8635	31	46	primacy	primacy	NOUN
cblr-8635	31	47	model	model	NOUN
cblr-8635	31	48	”	"	PUNCT
cblr-8635	31	49	to	to	ADP
cblr-8635	31	50	a	a	DET
cblr-8635	31	51	system	system	NOUN
cblr-8635	31	52	that	that	PRON
cblr-8635	31	53	is	be	AUX
cblr-8635	31	54	premised	premise	VERB
cblr-8635	31	55	on	on	ADP
cblr-8635	31	56	a	a	DET
cblr-8635	31	57	“	"	PUNCT
cblr-8635	31	58	portfolio	portfolio	NOUN
cblr-8635	31	59	primacy	primacy	NOUN
cblr-8635	31	60	model	model	NOUN
cblr-8635	31	61	.	.	PUNCT
cblr-8635	31	62	”2	”2	PUNCT
cblr-8635	32	1	in	in	ADP
cblr-8635	32	2	the	the	DET
cblr-8635	32	3	future	future	NOUN
cblr-8635	32	4	,	,	PUNCT
cblr-8635	32	5	our	our	PRON
cblr-8635	32	6	largest	large	ADJ
cblr-8635	32	7	institutions	institution	NOUN
cblr-8635	32	8	may	may	AUX
cblr-8635	32	9	knowingly	knowingly	ADV
cblr-8635	32	10	accept	accept	VERB
cblr-8635	32	11	,	,	PUNCT
cblr-8635	32	12	and	and	CCONJ
cblr-8635	32	13	even	even	ADV
cblr-8635	32	14	cause	cause	VERB
cblr-8635	32	15	,	,	PUNCT
cblr-8635	32	16	losses	loss	NOUN
cblr-8635	32	17	at	at	ADP
cblr-8635	32	18	some	some	DET
cblr-8635	32	19	firms	firm	NOUN
cblr-8635	32	20	in	in	ADP
cblr-8635	32	21	their	their	PRON
cblr-8635	32	22	portfolios	portfolio	NOUN
cblr-8635	32	23	if	if	SCONJ
cblr-8635	32	24	they	they	PRON
cblr-8635	32	25	1	1	NUM
cblr-8635	32	26	because	because	SCONJ
cblr-8635	32	27	this	this	DET
cblr-8635	32	28	topic	topic	NOUN
cblr-8635	32	29	has	have	AUX
cblr-8635	32	30	been	be	AUX
cblr-8635	32	31	debated	debate	VERB
cblr-8635	32	32	at	at	ADP
cblr-8635	32	33	length	length	NOUN
cblr-8635	32	34	elsewhere	elsewhere	ADV
cblr-8635	32	35	,	,	PUNCT
cblr-8635	32	36	it	it	PRON
cblr-8635	32	37	will	will	AUX
cblr-8635	32	38	be	be	AUX
cblr-8635	32	39	sidestepped	sidestep	VERB
cblr-8635	32	40	here	here	ADV
cblr-8635	32	41	.	.	PUNCT
cblr-8635	33	1	for	for	ADP
cblr-8635	33	2	defenses	defense	NOUN
cblr-8635	33	3	of	of	ADP
cblr-8635	33	4	a	a	DET
cblr-8635	33	5	mandatory	mandatory	ADJ
cblr-8635	33	6	disclosure	disclosure	NOUN
cblr-8635	33	7	system	system	NOUN
cblr-8635	33	8	,	,	PUNCT
cblr-8635	33	9	see	see	VERB
cblr-8635	33	10	generally	generally	ADV
cblr-8635	33	11	john	john	PROPN
cblr-8635	33	12	c.	c.	PROPN
cblr-8635	33	13	coffee	coffee	PROPN
cblr-8635	33	14	,	,	PUNCT
cblr-8635	33	15	jr	jr	PROPN
cblr-8635	33	16	.	.	PROPN
cblr-8635	33	17	,	,	PUNCT
cblr-8635	33	18	market	market	NOUN
cblr-8635	33	19	failure	failure	NOUN
cblr-8635	33	20	and	and	CCONJ
cblr-8635	33	21	the	the	DET
cblr-8635	33	22	economic	economic	ADJ
cblr-8635	33	23	case	case	NOUN
cblr-8635	33	24	for	for	ADP
cblr-8635	33	25	a	a	DET
cblr-8635	33	26	mandatory	mandatory	ADJ
cblr-8635	33	27	disclosure	disclosure	NOUN
cblr-8635	33	28	system	system	NOUN
cblr-8635	33	29	,	,	PUNCT
cblr-8635	33	30	70	70	NUM
cblr-8635	33	31	va	va	NOUN
cblr-8635	33	32	.	.	PUNCT
cblr-8635	34	1	l.	l.	PROPN
cblr-8635	34	2	rev	rev	PROPN
cblr-8635	34	3	.	.	PROPN
cblr-8635	35	1	717	717	NUM
cblr-8635	35	2	*	*	NUM
cblr-8635	35	3	1984	1984	NUM
cblr-8635	35	4	)	)	PUNCT
cblr-8635	36	1	(	(	PUNCT
cblr-8635	36	2	finding	find	VERB
cblr-8635	36	3	such	such	DET
cblr-8635	36	4	a	a	DET
cblr-8635	36	5	system	system	NOUN
cblr-8635	36	6	is	be	AUX
cblr-8635	36	7	a	a	DET
cblr-8635	36	8	cost	cost	NOUN
cblr-8635	36	9	-	-	PUNCT
cblr-8635	36	10	effective	effective	ADJ
cblr-8635	36	11	subsidy	subsidy	NOUN
cblr-8635	36	12	and	and	CCONJ
cblr-8635	36	13	produces	produce	VERB
cblr-8635	36	14	positive	positive	ADJ
cblr-8635	36	15	externalities	externality	NOUN
cblr-8635	36	16	)	)	PUNCT
cblr-8635	36	17	;	;	PUNCT
cblr-8635	36	18	merritt	merritt	PROPN
cblr-8635	36	19	b.	b.	PROPN
cblr-8635	36	20	fox	fox	PROPN
cblr-8635	36	21	,	,	PUNCT
cblr-8635	36	22	retaining	retain	VERB
cblr-8635	36	23	mandatory	mandatory	ADJ
cblr-8635	36	24	securities	security	NOUN
cblr-8635	36	25	disclosure	disclosure	NOUN
cblr-8635	36	26	:	:	PUNCT
cblr-8635	36	27	why	why	SCONJ
cblr-8635	36	28	issuer	issuer	ADJ
cblr-8635	36	29	disclosure	disclosure	NOUN
cblr-8635	36	30	is	be	AUX
cblr-8635	36	31	not	not	PART
cblr-8635	36	32	investor	investor	NOUN
cblr-8635	36	33	empowerment	empowerment	NOUN
cblr-8635	36	34	,	,	PUNCT
cblr-8635	36	35	85	85	NUM
cblr-8635	36	36	va	va	NOUN
cblr-8635	36	37	.	.	PUNCT
cblr-8635	37	1	l.	l.	PROPN
cblr-8635	37	2	rev	rev	PROPN
cblr-8635	37	3	.	.	PROPN
cblr-8635	37	4	1335	1335	NUM
cblr-8635	37	5	(	(	PUNCT
cblr-8635	37	6	1999	1999	NUM
cblr-8635	37	7	)	)	PUNCT
cblr-8635	37	8	.	.	PUNCT
cblr-8635	38	1	2	2	NUM
cblr-8635	38	2	this	this	DET
cblr-8635	38	3	idea	idea	NOUN
cblr-8635	38	4	of	of	ADP
cblr-8635	38	5	a	a	DET
cblr-8635	38	6	“	"	PUNCT
cblr-8635	38	7	portfolio	portfolio	NOUN
cblr-8635	38	8	primacy	primacy	NOUN
cblr-8635	38	9	model	model	NOUN
cblr-8635	38	10	”	"	PUNCT
cblr-8635	38	11	should	should	AUX
cblr-8635	38	12	not	not	PART
cblr-8635	38	13	be	be	AUX
cblr-8635	38	14	confused	confuse	VERB
cblr-8635	38	15	with	with	ADP
cblr-8635	38	16	a	a	DET
cblr-8635	38	17	“	"	PUNCT
cblr-8635	38	18	stakeholder	stakeholder	NOUN
cblr-8635	38	19	primacy	primacy	NOUN
cblr-8635	38	20	model	model	NOUN
cblr-8635	38	21	,	,	PUNCT
cblr-8635	38	22	”	"	PUNCT
cblr-8635	38	23	which	which	PRON
cblr-8635	38	24	has	have	AUX
cblr-8635	38	25	been	be	AUX
cblr-8635	38	26	supported	support	VERB
cblr-8635	38	27	by	by	ADP
cblr-8635	38	28	many	many	ADJ
cblr-8635	38	29	commentators	commentator	NOUN
cblr-8635	38	30	who	who	PRON
cblr-8635	38	31	want	want	VERB
cblr-8635	38	32	boards	board	NOUN
cblr-8635	38	33	and	and	CCONJ
cblr-8635	38	34	managers	manager	NOUN
cblr-8635	38	35	to	to	PART
cblr-8635	38	36	balance	balance	VERB
cblr-8635	38	37	the	the	DET
cblr-8635	38	38	interest	interest	NOUN
cblr-8635	38	39	of	of	ADP
cblr-8635	38	40	other	other	ADJ
cblr-8635	38	41	stakeholders	stakeholder	NOUN
cblr-8635	38	42	in	in	ADP
cblr-8635	38	43	the	the	DET
cblr-8635	38	44	corporation	corporation	NOUN
cblr-8635	38	45	with	with	ADP
cblr-8635	38	46	those	those	PRON
cblr-8635	38	47	of	of	ADP
cblr-8635	38	48	shareholders	shareholder	NOUN
cblr-8635	38	49	.	.	PUNCT
cblr-8635	39	1	a	a	DET
cblr-8635	39	2	focus	focus	NOUN
cblr-8635	39	3	on	on	ADP
cblr-8635	39	4	maximizing	maximize	VERB
cblr-8635	39	5	the	the	DET
cblr-8635	39	6	value	value	NOUN
cblr-8635	39	7	of	of	ADP
cblr-8635	39	8	the	the	DET
cblr-8635	39	9	portfolio	portfolio	NOUN
cblr-8635	39	10	is	be	AUX
cblr-8635	39	11	quite	quite	ADV
cblr-8635	39	12	different	different	ADJ
cblr-8635	39	13	from	from	ADP
cblr-8635	39	14	a	a	DET
cblr-8635	39	15	focus	focus	NOUN
cblr-8635	39	16	on	on	ADP
cblr-8635	39	17	sustainability	sustainability	NOUN
cblr-8635	39	18	or	or	CCONJ
cblr-8635	39	19	wealth	wealth	NOUN
cblr-8635	39	20	transfers	transfer	NOUN
cblr-8635	39	21	to	to	ADP
cblr-8635	39	22	stakeholders	stakeholder	NOUN
cblr-8635	39	23	(	(	PUNCT
cblr-8635	39	24	even	even	ADV
cblr-8635	39	25	though	though	SCONJ
cblr-8635	39	26	the	the	DET
cblr-8635	39	27	two	two	NUM
cblr-8635	39	28	perspectives	perspective	NOUN
cblr-8635	39	29	may	may	AUX
cblr-8635	39	30	overlap	overlap	VERB
cblr-8635	39	31	)	)	PUNCT
cblr-8635	39	32	.	.	PUNCT
cblr-8635	40	1	coffee	coffee	PROPN
cblr-8635	40	2	8/20/2021	8/20/2021	NUM
cblr-8635	40	3	6:32	6:32	NUM
cblr-8635	40	4	pm	pm	NOUN
cblr-8635	40	5	no	no	INTJ
cblr-8635	40	6	.	.	PUNCT
cblr-8635	41	1	2:602	2:602	NUM
cblr-8635	41	2	]	]	X
cblr-8635	41	3	the	the	DET
cblr-8635	41	4	future	future	NOUN
cblr-8635	41	5	of	of	ADP
cblr-8635	41	6	disclosure	disclosure	NOUN
cblr-8635	41	7	605	605	NUM
cblr-8635	41	8	expect	expect	VERB
cblr-8635	41	9	that	that	SCONJ
cblr-8635	41	10	those	those	DET
cblr-8635	41	11	losses	loss	NOUN
cblr-8635	41	12	will	will	AUX
cblr-8635	41	13	be	be	AUX
cblr-8635	41	14	outweighed	outweigh	VERB
cblr-8635	41	15	by	by	ADP
cblr-8635	41	16	correlative	correlative	ADJ
cblr-8635	41	17	gains	gain	NOUN
cblr-8635	41	18	at	at	ADP
cblr-8635	41	19	other	other	ADJ
cblr-8635	41	20	portfolio	portfolio	NOUN
cblr-8635	41	21	firms	firm	NOUN
cblr-8635	41	22	.	.	PUNCT
cblr-8635	42	1	one	one	PRON
cblr-8635	42	2	can	can	AUX
cblr-8635	42	3	not	not	PART
cblr-8635	42	4	assess	assess	VERB
cblr-8635	42	5	this	this	DET
cblr-8635	42	6	topic	topic	NOUN
cblr-8635	42	7	without	without	ADP
cblr-8635	42	8	recognizing	recognize	VERB
cblr-8635	42	9	that	that	SCONJ
cblr-8635	42	10	we	we	PRON
cblr-8635	42	11	have	have	AUX
cblr-8635	42	12	moved	move	VERB
cblr-8635	42	13	far	far	ADV
cblr-8635	42	14	away	away	ADV
cblr-8635	42	15	from	from	ADP
cblr-8635	42	16	the	the	DET
cblr-8635	42	17	environment	environment	NOUN
cblr-8635	42	18	in	in	ADP
cblr-8635	42	19	which	which	PRON
cblr-8635	42	20	the	the	DET
cblr-8635	42	21	sec	sec	PROPN
cblr-8635	42	22	grew	grow	VERB
cblr-8635	42	23	up	up	ADP
cblr-8635	42	24	.	.	PUNCT
cblr-8635	43	1	in	in	ADP
cblr-8635	43	2	fact	fact	NOUN
cblr-8635	43	3	,	,	PUNCT
cblr-8635	43	4	three	three	NUM
cblr-8635	43	5	distinct	distinct	ADJ
cblr-8635	43	6	and	and	CCONJ
cblr-8635	43	7	important	important	ADJ
cblr-8635	43	8	transitions	transition	NOUN
cblr-8635	43	9	are	be	AUX
cblr-8635	43	10	in	in	ADP
cblr-8635	43	11	progress	progress	NOUN
cblr-8635	43	12	,	,	PUNCT
cblr-8635	43	13	but	but	CCONJ
cblr-8635	43	14	each	each	PRON
cblr-8635	43	15	is	be	AUX
cblr-8635	43	16	at	at	ADP
cblr-8635	43	17	a	a	DET
cblr-8635	43	18	very	very	ADV
cblr-8635	43	19	different	different	ADJ
cblr-8635	43	20	stage	stage	NOUN
cblr-8635	43	21	.	.	PUNCT
cblr-8635	44	1	first	first	ADV
cblr-8635	44	2	and	and	CCONJ
cblr-8635	44	3	most	most	ADV
cblr-8635	44	4	obvious	obvious	ADJ
cblr-8635	44	5	,	,	PUNCT
cblr-8635	44	6	the	the	DET
cblr-8635	44	7	“	"	PUNCT
cblr-8635	44	8	institutionalization	institutionalization	NOUN
cblr-8635	44	9	”	"	PUNCT
cblr-8635	44	10	of	of	ADP
cblr-8635	44	11	the	the	DET
cblr-8635	44	12	market	market	NOUN
cblr-8635	44	13	has	have	AUX
cblr-8635	44	14	now	now	ADV
cblr-8635	44	15	been	be	AUX
cblr-8635	44	16	fully	fully	ADV
cblr-8635	44	17	realized	realize	VERB
cblr-8635	44	18	.	.	PUNCT
cblr-8635	45	1	historically	historically	ADV
cblr-8635	45	2	,	,	PUNCT
cblr-8635	45	3	the	the	DET
cblr-8635	45	4	sec	sec	PROPN
cblr-8635	45	5	has	have	AUX
cblr-8635	45	6	always	always	ADV
cblr-8635	45	7	seen	see	VERB
cblr-8635	45	8	its	its	PRON
cblr-8635	45	9	interests	interest	NOUN
cblr-8635	45	10	as	as	ADP
cblr-8635	45	11	closely	closely	ADV
cblr-8635	45	12	aligned	aligned	ADJ
cblr-8635	45	13	with	with	ADP
cblr-8635	45	14	those	those	PRON
cblr-8635	45	15	of	of	ADP
cblr-8635	45	16	the	the	DET
cblr-8635	45	17	retail	retail	ADJ
cblr-8635	45	18	investor.3	investor.3	NOUN
cblr-8635	45	19	it	it	PRON
cblr-8635	45	20	has	have	AUX
cblr-8635	45	21	proclaimed	proclaim	VERB
cblr-8635	45	22	itself	itself	PRON
cblr-8635	45	23	“	"	PUNCT
cblr-8635	45	24	the	the	DET
cblr-8635	45	25	investors	investor	NOUN
cblr-8635	45	26	’	'	PUNCT
cblr-8635	45	27	advocate,”4	advocate,”4	NOUN
cblr-8635	45	28	and	and	CCONJ
cblr-8635	45	29	public	public	ADJ
cblr-8635	45	30	investors	investor	NOUN
cblr-8635	45	31	have	have	AUX
cblr-8635	45	32	in	in	ADP
cblr-8635	45	33	turn	turn	NOUN
cblr-8635	45	34	recognized	recognize	VERB
cblr-8635	45	35	and	and	CCONJ
cblr-8635	45	36	applauded	applaud	VERB
cblr-8635	45	37	the	the	DET
cblr-8635	45	38	sec	sec	PROPN
cblr-8635	45	39	’s	’s	PART
cblr-8635	45	40	efforts	effort	NOUN
cblr-8635	45	41	.	.	PUNCT
cblr-8635	46	1	this	this	DET
cblr-8635	46	2	mutual	mutual	ADJ
cblr-8635	46	3	alliance	alliance	NOUN
cblr-8635	46	4	gave	give	VERB
cblr-8635	46	5	the	the	DET
cblr-8635	46	6	sec	sec	PROPN
cblr-8635	46	7	relative	relative	ADJ
cblr-8635	46	8	political	political	ADJ
cblr-8635	46	9	immunity	immunity	NOUN
cblr-8635	46	10	and	and	CCONJ
cblr-8635	46	11	assured	assure	VERB
cblr-8635	46	12	it	it	PRON
cblr-8635	46	13	reasonable	reasonable	ADJ
cblr-8635	46	14	budgetary	budgetary	ADJ
cblr-8635	46	15	appropriations	appropriation	NOUN
cblr-8635	46	16	,	,	PUNCT
cblr-8635	46	17	despite	despite	SCONJ
cblr-8635	46	18	major	major	ADJ
cblr-8635	46	19	swings	swing	NOUN
cblr-8635	46	20	in	in	ADP
cblr-8635	46	21	policy	policy	NOUN
cblr-8635	46	22	and	and	CCONJ
cblr-8635	46	23	times	time	NOUN
cblr-8635	46	24	of	of	ADP
cblr-8635	46	25	great	great	ADJ
cblr-8635	46	26	stress	stress	NOUN
cblr-8635	46	27	for	for	ADP
cblr-8635	46	28	other	other	ADJ
cblr-8635	46	29	agencies	agency	NOUN
cblr-8635	46	30	over	over	ADP
cblr-8635	46	31	recent	recent	ADJ
cblr-8635	46	32	decades.5	decades.5	PROPN
cblr-8635	46	33	3	3	NUM
cblr-8635	46	34	for	for	ADP
cblr-8635	46	35	this	this	DET
cblr-8635	46	36	conclusion	conclusion	NOUN
cblr-8635	46	37	,	,	PUNCT
cblr-8635	46	38	see	see	VERB
cblr-8635	46	39	generally	generally	ADV
cblr-8635	46	40	joel	joel	PROPN
cblr-8635	46	41	seligman	seligman	PROPN
cblr-8635	46	42	,	,	PUNCT
cblr-8635	46	43	the	the	DET
cblr-8635	46	44	transformation	transformation	NOUN
cblr-8635	46	45	of	of	ADP
cblr-8635	46	46	wall	wall	PROPN
cblr-8635	46	47	street	street	PROPN
cblr-8635	46	48	:	:	PUNCT
cblr-8635	46	49	a	a	DET
cblr-8635	46	50	history	history	NOUN
cblr-8635	46	51	of	of	ADP
cblr-8635	46	52	the	the	DET
cblr-8635	46	53	securities	securities	PROPN
cblr-8635	46	54	and	and	CCONJ
cblr-8635	46	55	exchange	exchange	PROPN
cblr-8635	46	56	commission	commission	PROPN
cblr-8635	46	57	and	and	CCONJ
cblr-8635	46	58	modern	modern	ADJ
cblr-8635	46	59	corporate	corporate	ADJ
cblr-8635	46	60	finance	finance	NOUN
cblr-8635	46	61	(	(	PUNCT
cblr-8635	46	62	3d	3d	PROPN
cblr-8635	46	63	ed	ed	NOUN
cblr-8635	46	64	.	.	PROPN
cblr-8635	46	65	2003	2003	NUM
cblr-8635	46	66	)	)	PUNCT
cblr-8635	46	67	.	.	PUNCT
cblr-8635	47	1	4	4	NUM
cblr-8635	47	2	professor	professor	NOUN
cblr-8635	47	3	donald	donald	PROPN
cblr-8635	47	4	langevoort	langevoort	PROPN
cblr-8635	47	5	opens	open	VERB
cblr-8635	47	6	an	an	DET
cblr-8635	47	7	excellent	excellent	ADJ
cblr-8635	47	8	article	article	NOUN
cblr-8635	47	9	dealing	deal	VERB
cblr-8635	47	10	with	with	ADP
cblr-8635	47	11	the	the	DET
cblr-8635	47	12	transition	transition	NOUN
cblr-8635	47	13	from	from	ADP
cblr-8635	47	14	a	a	DET
cblr-8635	47	15	retail	retail	NOUN
cblr-8635	47	16	to	to	ADP
cblr-8635	47	17	an	an	DET
cblr-8635	47	18	institutional	institutional	ADJ
cblr-8635	47	19	market	market	NOUN
cblr-8635	47	20	(	(	PUNCT
cblr-8635	47	21	and	and	CCONJ
cblr-8635	47	22	its	its	PRON
cblr-8635	47	23	implications	implication	NOUN
cblr-8635	47	24	for	for	ADP
cblr-8635	47	25	the	the	DET
cblr-8635	47	26	sec	sec	PROPN
cblr-8635	47	27	)	)	PUNCT
cblr-8635	47	28	by	by	ADP
cblr-8635	47	29	observing	observe	VERB
cblr-8635	47	30	correctly	correctly	ADV
cblr-8635	47	31	in	in	ADP
cblr-8635	47	32	his	his	PRON
cblr-8635	47	33	first	first	ADJ
cblr-8635	47	34	sentence	sentence	NOUN
cblr-8635	47	35	:	:	PUNCT
cblr-8635	47	36	“	"	PUNCT
cblr-8635	47	37	the	the	DET
cblr-8635	47	38	securities	securities	PROPN
cblr-8635	47	39	and	and	CCONJ
cblr-8635	47	40	exchange	exchange	PROPN
cblr-8635	47	41	commission	commission	PROPN
cblr-8635	47	42	thinks	think	VERB
cblr-8635	47	43	of	of	ADP
cblr-8635	47	44	itself	itself	PRON
cblr-8635	47	45	as	as	ADP
cblr-8635	47	46	the	the	DET
cblr-8635	47	47	investors	investor	NOUN
cblr-8635	47	48	’	'	PUNCT
cblr-8635	47	49	advocate	advocate	NOUN
cblr-8635	47	50	[	[	X
cblr-8635	47	51	.	.	PROPN
cblr-8635	47	52	]	]	X
cblr-8635	47	53	”	"	PUNCT
cblr-8635	47	54	donald	donald	PROPN
cblr-8635	47	55	c.	c.	PROPN
cblr-8635	47	56	langevoort	langevoort	PROPN
cblr-8635	47	57	,	,	PUNCT
cblr-8635	47	58	the	the	DET
cblr-8635	47	59	sec	sec	PROPN
cblr-8635	47	60	,	,	PUNCT
cblr-8635	47	61	retail	retail	ADJ
cblr-8635	47	62	investors	investor	NOUN
cblr-8635	47	63	,	,	PUNCT
cblr-8635	47	64	and	and	CCONJ
cblr-8635	47	65	the	the	DET
cblr-8635	47	66	institutionalization	institutionalization	NOUN
cblr-8635	47	67	of	of	ADP
cblr-8635	47	68	the	the	DET
cblr-8635	47	69	securities	security	NOUN
cblr-8635	47	70	markets	market	NOUN
cblr-8635	47	71	,	,	PUNCT
cblr-8635	47	72	95	95	NUM
cblr-8635	47	73	va	va	NOUN
cblr-8635	47	74	.	.	PUNCT
cblr-8635	48	1	l.	l.	PROPN
cblr-8635	48	2	rev	rev	PROPN
cblr-8635	48	3	.	.	PROPN
cblr-8635	48	4	1025	1025	NUM
cblr-8635	48	5	,	,	PUNCT
cblr-8635	48	6	1025	1025	NUM
cblr-8635	48	7	(	(	PUNCT
cblr-8635	48	8	2009	2009	NUM
cblr-8635	48	9	)	)	PUNCT
cblr-8635	48	10	.	.	PUNCT
cblr-8635	49	1	this	this	DET
cblr-8635	49	2	phrase	phrase	NOUN
cblr-8635	49	3	also	also	ADV
cblr-8635	49	4	appears	appear	VERB
cblr-8635	49	5	regularly	regularly	ADV
cblr-8635	49	6	on	on	ADP
cblr-8635	49	7	the	the	DET
cblr-8635	49	8	sec	sec	PROPN
cblr-8635	49	9	’s	’s	PART
cblr-8635	49	10	website	website	NOUN
cblr-8635	49	11	.	.	PUNCT
cblr-8635	50	1	see	see	VERB
cblr-8635	50	2	,	,	PUNCT
cblr-8635	50	3	e.g.	e.g.	ADV
cblr-8635	50	4	,	,	PUNCT
cblr-8635	50	5	kara	kara	PROPN
cblr-8635	50	6	m.	m.	PROPN
cblr-8635	50	7	stein	stein	PROPN
cblr-8635	50	8	,	,	PUNCT
cblr-8635	50	9	comm’r	comm’r	ADP
cblr-8635	50	10	,	,	PUNCT
cblr-8635	50	11	u.s	u.s	PROPN
cblr-8635	50	12	.	.	PROPN
cblr-8635	50	13	sec	sec	PROPN
cblr-8635	50	14	.	.	PROPN
cblr-8635	50	15	&	&	CCONJ
cblr-8635	50	16	exch	exch	PROPN
cblr-8635	50	17	.	.	PUNCT
cblr-8635	51	1	comm’n	comm’n	NOUN
cblr-8635	51	2	,	,	PUNCT
cblr-8635	51	3	remarks	remark	NOUN
cblr-8635	51	4	at	at	ADP
cblr-8635	51	5	the	the	DET
cblr-8635	51	6	sec	sec	PROPN
cblr-8635	51	7	’s	’s	PART
cblr-8635	51	8	investor	investor	NOUN
cblr-8635	51	9	advisory	advisory	PROPN
cblr-8635	51	10	committee	committee	NOUN
cblr-8635	51	11	meeting	meeting	NOUN
cblr-8635	51	12	(	(	PUNCT
cblr-8635	51	13	mar	mar	PROPN
cblr-8635	51	14	.	.	PROPN
cblr-8635	51	15	8	8	NUM
cblr-8635	51	16	,	,	PUNCT
cblr-8635	51	17	2018	2018	NUM
cblr-8635	51	18	)	)	PUNCT
cblr-8635	51	19	(	(	PUNCT
cblr-8635	51	20	quoting	quote	VERB
cblr-8635	51	21	william	william	PROPN
cblr-8635	51	22	o.	o.	PROPN
cblr-8635	51	23	douglas	douglas	PROPN
cblr-8635	51	24	,	,	PUNCT
cblr-8635	51	25	chairman	chairman	NOUN
cblr-8635	51	26	,	,	PUNCT
cblr-8635	51	27	u.s	u.s	PROPN
cblr-8635	51	28	.	.	PROPN
cblr-8635	51	29	sec	sec	PROPN
cblr-8635	51	30	.	.	PROPN
cblr-8635	51	31	&	&	CCONJ
cblr-8635	51	32	exch	exch	PROPN
cblr-8635	51	33	.	.	PUNCT
cblr-8635	52	1	comm’n	comm’n	PROPN
cblr-8635	52	2	,	,	PUNCT
cblr-8635	52	3	address	address	NOUN
cblr-8635	52	4	at	at	ADP
cblr-8635	52	5	the	the	DET
cblr-8635	52	6	dinner	dinner	NOUN
cblr-8635	52	7	of	of	ADP
cblr-8635	52	8	the	the	DET
cblr-8635	52	9	association	association	NOUN
cblr-8635	52	10	of	of	ADP
cblr-8635	52	11	stock	stock	NOUN
cblr-8635	52	12	exchange	exchange	NOUN
cblr-8635	52	13	firms	firm	NOUN
cblr-8635	52	14	at	at	ADP
cblr-8635	52	15	the	the	DET
cblr-8635	52	16	commodore	commodore	NOUN
cblr-8635	52	17	hotel	hotel	PROPN
cblr-8635	52	18	3	3	NUM
cblr-8635	52	19	(	(	PUNCT
cblr-8635	52	20	may	may	PROPN
cblr-8635	52	21	20	20	NUM
cblr-8635	52	22	,	,	PUNCT
cblr-8635	52	23	1938	1938	NUM
cblr-8635	52	24	)	)	PUNCT
cblr-8635	52	25	)	)	PUNCT
cblr-8635	53	1	,	,	PUNCT
cblr-8635	53	2	https://www.sec.gov/news/public-statement/statement-stein-2018-3-8	https://www.sec.gov/news/public-statement/statement-stein-2018-3-8	VERB
cblr-8635	54	1	[	[	X
cblr-8635	54	2	https://perma.cc/mz8f-6j44	https://perma.cc/mz8f-6j44	X
cblr-8635	54	3	]	]	X
cblr-8635	54	4	.	.	PUNCT
cblr-8635	55	1	5	5	NUM
cblr-8635	55	2	i	i	PRON
cblr-8635	55	3	do	do	AUX
cblr-8635	55	4	not	not	PART
cblr-8635	55	5	mean	mean	VERB
cblr-8635	55	6	that	that	SCONJ
cblr-8635	55	7	the	the	DET
cblr-8635	55	8	sec	sec	PROPN
cblr-8635	55	9	always	always	ADV
cblr-8635	55	10	got	get	VERB
cblr-8635	55	11	what	what	PRON
cblr-8635	55	12	it	it	PRON
cblr-8635	55	13	wanted	want	VERB
cblr-8635	55	14	(	(	PUNCT
cblr-8635	55	15	or	or	CCONJ
cblr-8635	55	16	needed	need	VERB
cblr-8635	55	17	)	)	PUNCT
cblr-8635	55	18	,	,	PUNCT
cblr-8635	55	19	but	but	CCONJ
cblr-8635	55	20	in	in	ADP
cblr-8635	55	21	comparison	comparison	NOUN
cblr-8635	55	22	to	to	ADP
cblr-8635	55	23	other	other	ADJ
cblr-8635	55	24	“	"	PUNCT
cblr-8635	55	25	consumer	consumer	NOUN
cblr-8635	55	26	protection	protection	NOUN
cblr-8635	55	27	”	"	PUNCT
cblr-8635	55	28	agencies	agency	NOUN
cblr-8635	55	29	,	,	PUNCT
cblr-8635	55	30	including	include	VERB
cblr-8635	55	31	the	the	DET
cblr-8635	55	32	commodities	commodity	NOUN
cblr-8635	55	33	futures	futures	PROPN
cblr-8635	55	34	trading	trading	NOUN
cblr-8635	55	35	commission	commission	NOUN
cblr-8635	55	36	and	and	CCONJ
cblr-8635	55	37	the	the	DET
cblr-8635	55	38	more	more	ADV
cblr-8635	55	39	recent	recent	ADJ
cblr-8635	55	40	consumer	consumer	NOUN
cblr-8635	55	41	financial	financial	PROPN
cblr-8635	55	42	protection	protection	PROPN
cblr-8635	55	43	bureau	bureau	PROPN
cblr-8635	55	44	,	,	PUNCT
cblr-8635	55	45	it	it	PRON
cblr-8635	55	46	has	have	AUX
cblr-8635	55	47	done	do	VERB
cblr-8635	55	48	relatively	relatively	ADV
cblr-8635	55	49	well	well	ADV
cblr-8635	55	50	.	.	PUNCT
cblr-8635	56	1	see	see	VERB
cblr-8635	56	2	seligman	seligman	PROPN
cblr-8635	56	3	,	,	PUNCT
cblr-8635	56	4	supra	supra	PROPN
cblr-8635	56	5	note	note	NOUN
cblr-8635	56	6	3	3	NUM
cblr-8635	56	7	,	,	PUNCT
cblr-8635	56	8	at	at	ADP
cblr-8635	56	9	xviii	xviii	PROPN
cblr-8635	56	10	–	–	PUNCT
cblr-8635	56	11	xxi	xxi	NOUN
cblr-8635	56	12	(	(	PUNCT
cblr-8635	56	13	discussing	discuss	VERB
cblr-8635	56	14	the	the	DET
cblr-8635	56	15	twentieth	twentieth	ADJ
cblr-8635	56	16	century	century	NOUN
cblr-8635	56	17	)	)	PUNCT
cblr-8635	56	18	.	.	PUNCT
cblr-8635	57	1	i	i	PRON
cblr-8635	57	2	attribute	attribute	VERB
cblr-8635	57	3	this	this	PRON
cblr-8635	57	4	not	not	PART
cblr-8635	57	5	to	to	PART
cblr-8635	57	6	uniformly	uniformly	ADV
cblr-8635	57	7	brilliant	brilliant	ADJ
cblr-8635	57	8	leadership	leadership	NOUN
cblr-8635	57	9	at	at	ADP
cblr-8635	57	10	the	the	DET
cblr-8635	57	11	sec	sec	PROPN
cblr-8635	57	12	,	,	PUNCT
cblr-8635	57	13	but	but	CCONJ
cblr-8635	57	14	to	to	ADP
cblr-8635	57	15	the	the	DET
cblr-8635	57	16	fact	fact	NOUN
cblr-8635	57	17	that	that	SCONJ
cblr-8635	57	18	congress	congress	PROPN
cblr-8635	57	19	knows	know	VERB
cblr-8635	57	20	the	the	DET
cblr-8635	57	21	sec	sec	PROPN
cblr-8635	57	22	is	be	AUX
cblr-8635	57	23	popular	popular	ADJ
cblr-8635	57	24	with	with	ADP
cblr-8635	57	25	individual	individual	ADJ
cblr-8635	57	26	investors	investor	NOUN
cblr-8635	57	27	(	(	PUNCT
cblr-8635	57	28	and	and	CCONJ
cblr-8635	57	29	voters	voter	NOUN
cblr-8635	57	30	)	)	PUNCT
cblr-8635	57	31	in	in	ADP
cblr-8635	57	32	their	their	PRON
cblr-8635	57	33	jurisdiction	jurisdiction	NOUN
cblr-8635	57	34	.	.	PUNCT
cblr-8635	58	1	cf	cf	NOUN
cblr-8635	58	2	.	.	PUNCT
cblr-8635	59	1	harvey	harvey	PROPN
cblr-8635	59	2	j.	j.	PROPN
cblr-8635	59	3	goldschmid	goldschmid	PROPN
cblr-8635	59	4	,	,	PUNCT
cblr-8635	59	5	keynote	keynote	ADJ
cblr-8635	59	6	address	address	NOUN
cblr-8635	59	7	,	,	PUNCT
cblr-8635	59	8	the	the	DET
cblr-8635	59	9	sec	sec	PROPN
cblr-8635	59	10	at	at	ADP
cblr-8635	59	11	70	70	NUM
cblr-8635	59	12	:	:	PUNCT
cblr-8635	59	13	let	let	VERB
cblr-8635	59	14	’s	’s	PRON
cblr-8635	59	15	celebrate	celebrate	VERB
cblr-8635	59	16	its	its	PRON
cblr-8635	59	17	reinvigorated	reinvigorated	ADJ
cblr-8635	59	18	golden	golden	ADJ
cblr-8635	59	19	years	year	NOUN
cblr-8635	59	20	,	,	PUNCT
cblr-8635	59	21	80	80	NUM
cblr-8635	59	22	notre	notre	PROPN
cblr-8635	59	23	dame	dame	PROPN
cblr-8635	59	24	l.	l.	PROPN
cblr-8635	59	25	rev	rev	PROPN
cblr-8635	59	26	.	.	PROPN
cblr-8635	59	27	825	825	NUM
cblr-8635	59	28	,	,	PUNCT
cblr-8635	59	29	831–33	831–33	PROPN
cblr-8635	59	30	(	(	PUNCT
cblr-8635	59	31	2005	2005	NUM
cblr-8635	59	32	)	)	PUNCT
cblr-8635	59	33	(	(	PUNCT
cblr-8635	59	34	defending	defend	VERB
cblr-8635	59	35	the	the	DET
cblr-8635	59	36	sec	sec	PROPN
cblr-8635	59	37	’s	’s	PART
cblr-8635	59	38	responsiveness	responsiveness	NOUN
cblr-8635	59	39	to	to	ADP
cblr-8635	59	40	public	public	ADJ
cblr-8635	59	41	concerns	concern	NOUN
cblr-8635	59	42	)	)	PUNCT
cblr-8635	59	43	.	.	PUNCT
cblr-8635	60	1	here	here	ADV
cblr-8635	60	2	,	,	PUNCT
cblr-8635	60	3	it	it	PRON
cblr-8635	60	4	is	be	AUX
cblr-8635	60	5	also	also	ADV
cblr-8635	60	6	noteworthy	noteworthy	ADJ
cblr-8635	60	7	that	that	SCONJ
cblr-8635	60	8	institutional	institutional	ADJ
cblr-8635	60	9	investors	investor	NOUN
cblr-8635	60	10	do	do	AUX
cblr-8635	60	11	not	not	PART
cblr-8635	60	12	vote	vote	VERB
cblr-8635	60	13	.	.	PUNCT
cblr-8635	61	1	coffee	coffee	NOUN
cblr-8635	61	2	8/20/2021	8/20/2021	NUM
cblr-8635	61	3	6:32	6:32	NUM
cblr-8635	61	4	pm	pm	PROPN
cblr-8635	61	5	606	606	NUM
cblr-8635	61	6	columbia	columbia	PROPN
cblr-8635	61	7	business	business	NOUN
cblr-8635	61	8	law	law	NOUN
cblr-8635	61	9	review	review	NOUN
cblr-8635	61	10	[	[	X
cblr-8635	61	11	vol	vol	NOUN
cblr-8635	61	12	.	.	PUNCT
cblr-8635	61	13	2021	2021	NUM
cblr-8635	62	1	but	but	CCONJ
cblr-8635	62	2	that	that	PRON
cblr-8635	62	3	is	be	AUX
cblr-8635	62	4	past	past	ADJ
cblr-8635	62	5	.	.	PUNCT
cblr-8635	63	1	the	the	DET
cblr-8635	63	2	era	era	NOUN
cblr-8635	63	3	in	in	ADP
cblr-8635	63	4	which	which	PRON
cblr-8635	63	5	retail	retail	ADJ
cblr-8635	63	6	investors	investor	NOUN
cblr-8635	63	7	“	"	PUNCT
cblr-8635	63	8	owned	own	VERB
cblr-8635	63	9	”	"	PUNCT
cblr-8635	63	10	companies	company	NOUN
cblr-8635	63	11	or	or	CCONJ
cblr-8635	63	12	moved	move	VERB
cblr-8635	63	13	the	the	DET
cblr-8635	63	14	trading	trading	NOUN
cblr-8635	63	15	markets	market	NOUN
cblr-8635	63	16	is	be	AUX
cblr-8635	63	17	long	long	ADV
cblr-8635	63	18	gone	go	VERB
cblr-8635	63	19	and	and	CCONJ
cblr-8635	63	20	“	"	PUNCT
cblr-8635	63	21	deader	dead	ADJ
cblr-8635	63	22	than	than	ADP
cblr-8635	63	23	disco	disco	PROPN
cblr-8635	63	24	.	.	PUNCT
cblr-8635	63	25	”	"	PUNCT
cblr-8635	64	1	today	today	NOUN
cblr-8635	64	2	,	,	PUNCT
cblr-8635	64	3	retail	retail	ADJ
cblr-8635	64	4	investors	investor	NOUN
cblr-8635	64	5	account	account	VERB
cblr-8635	64	6	for	for	ADP
cblr-8635	64	7	only	only	ADV
cblr-8635	64	8	a	a	DET
cblr-8635	64	9	modest	modest	ADJ
cblr-8635	64	10	minority	minority	NOUN
cblr-8635	64	11	of	of	ADP
cblr-8635	64	12	the	the	DET
cblr-8635	64	13	ownership	ownership	NOUN
cblr-8635	64	14	of	of	ADP
cblr-8635	64	15	large	large	ADJ
cblr-8635	64	16	,	,	PUNCT
cblr-8635	64	17	publicly	publicly	ADV
cblr-8635	64	18	traded	trade	VERB
cblr-8635	64	19	companies	company	NOUN
cblr-8635	64	20	and	and	CCONJ
cblr-8635	64	21	probably	probably	ADV
cblr-8635	64	22	only	only	ADV
cblr-8635	64	23	around	around	ADV
cblr-8635	64	24	4	4	NUM
cblr-8635	64	25	%	%	NOUN
cblr-8635	64	26	of	of	ADP
cblr-8635	64	27	the	the	DET
cblr-8635	64	28	trading	trading	NOUN
cblr-8635	64	29	in	in	ADP
cblr-8635	64	30	nyse	nyse	PROPN
cblr-8635	64	31	-	-	PUNCT
cblr-8635	64	32	listed	list	VERB
cblr-8635	64	33	companies.6	companies.6	PROPN
cblr-8635	64	34	stock	stock	NOUN
cblr-8635	64	35	ownership	ownership	NOUN
cblr-8635	64	36	is	be	AUX
cblr-8635	64	37	now	now	ADV
cblr-8635	64	38	dominated	dominate	VERB
cblr-8635	64	39	by	by	ADP
cblr-8635	64	40	institutional	institutional	ADJ
cblr-8635	64	41	investors	investor	NOUN
cblr-8635	64	42	,	,	PUNCT
cblr-8635	64	43	who	who	PRON
cblr-8635	64	44	are	be	AUX
cblr-8635	64	45	increasingly	increasingly	ADV
cblr-8635	64	46	diversified	diversify	VERB
cblr-8635	64	47	and	and	CCONJ
cblr-8635	64	48	often	often	ADV
cblr-8635	64	49	indexed.7	indexed.7	VERB
cblr-8635	64	50	the	the	DET
cblr-8635	64	51	second	second	ADJ
cblr-8635	64	52	transition	transition	NOUN
cblr-8635	64	53	involves	involve	VERB
cblr-8635	64	54	the	the	DET
cblr-8635	64	55	more	more	ADV
cblr-8635	64	56	recent	recent	ADJ
cblr-8635	64	57	and	and	CCONJ
cblr-8635	64	58	extraordinary	extraordinary	ADJ
cblr-8635	64	59	concentration	concentration	NOUN
cblr-8635	64	60	in	in	ADP
cblr-8635	64	61	stock	stock	NOUN
cblr-8635	64	62	ownership	ownership	NOUN
cblr-8635	64	63	,	,	PUNCT
cblr-8635	64	64	with	with	ADP
cblr-8635	64	65	the	the	DET
cblr-8635	64	66	result	result	NOUN
cblr-8635	64	67	that	that	SCONJ
cblr-8635	64	68	as	as	ADV
cblr-8635	64	69	few	few	ADJ
cblr-8635	64	70	as	as	ADP
cblr-8635	64	71	five	five	NUM
cblr-8635	64	72	to	to	PART
cblr-8635	64	73	ten	ten	NUM
cblr-8635	64	74	institutions	institution	NOUN
cblr-8635	64	75	today	today	NOUN
cblr-8635	64	76	may	may	AUX
cblr-8635	64	77	be	be	AUX
cblr-8635	64	78	in	in	ADP
cblr-8635	64	79	a	a	DET
cblr-8635	64	80	6	6	NUM
cblr-8635	64	81	the	the	DET
cblr-8635	64	82	level	level	NOUN
cblr-8635	64	83	of	of	ADP
cblr-8635	64	84	institutional	institutional	ADJ
cblr-8635	64	85	ownership	ownership	NOUN
cblr-8635	64	86	increases	increase	NOUN
cblr-8635	64	87	with	with	ADP
cblr-8635	64	88	the	the	DET
cblr-8635	64	89	size	size	NOUN
cblr-8635	64	90	of	of	ADP
cblr-8635	64	91	the	the	DET
cblr-8635	64	92	company	company	NOUN
cblr-8635	64	93	’s	’s	PART
cblr-8635	64	94	market	market	NOUN
cblr-8635	64	95	capitalization	capitalization	NOUN
cblr-8635	64	96	(	(	PUNCT
cblr-8635	64	97	as	as	SCONJ
cblr-8635	64	98	institutions	institution	NOUN
cblr-8635	64	99	desire	desire	VERB
cblr-8635	64	100	liquidity	liquidity	NOUN
cblr-8635	64	101	and	and	CCONJ
cblr-8635	64	102	thus	thus	ADV
cblr-8635	64	103	concentrate	concentrate	VERB
cblr-8635	64	104	on	on	ADP
cblr-8635	64	105	large	large	ADJ
cblr-8635	64	106	cap	cap	NOUN
cblr-8635	64	107	stocks	stock	NOUN
cblr-8635	64	108	)	)	PUNCT
cblr-8635	64	109	.	.	PUNCT
cblr-8635	65	1	thus	thus	ADV
cblr-8635	65	2	,	,	PUNCT
cblr-8635	65	3	if	if	SCONJ
cblr-8635	65	4	we	we	PRON
cblr-8635	65	5	look	look	VERB
cblr-8635	65	6	at	at	ADP
cblr-8635	65	7	the	the	DET
cblr-8635	65	8	market	market	NOUN
cblr-8635	65	9	value	value	NOUN
cblr-8635	65	10	of	of	ADP
cblr-8635	65	11	all	all	PRON
cblr-8635	65	12	outstanding	outstanding	ADJ
cblr-8635	65	13	,	,	PUNCT
cblr-8635	65	14	publicly	publicly	ADV
cblr-8635	65	15	traded	trade	VERB
cblr-8635	65	16	equity	equity	NOUN
cblr-8635	65	17	securities	security	NOUN
cblr-8635	65	18	in	in	ADP
cblr-8635	65	19	the	the	DET
cblr-8635	65	20	united	united	PROPN
cblr-8635	65	21	states	states	PROPN
cblr-8635	65	22	,	,	PUNCT
cblr-8635	65	23	institutions	institution	NOUN
cblr-8635	65	24	have	have	AUX
cblr-8635	65	25	owned	own	VERB
cblr-8635	65	26	over	over	ADP
cblr-8635	65	27	62	62	NUM
cblr-8635	65	28	%	%	NOUN
cblr-8635	65	29	for	for	ADP
cblr-8635	65	30	a	a	DET
cblr-8635	65	31	number	number	NOUN
cblr-8635	65	32	of	of	ADP
cblr-8635	65	33	years	year	NOUN
cblr-8635	65	34	.	.	PUNCT
cblr-8635	66	1	see	see	VERB
cblr-8635	66	2	katie	katie	PROPN
cblr-8635	66	3	kolchin	kolchin	PROPN
cblr-8635	66	4	&	&	CCONJ
cblr-8635	66	5	justyna	justyna	PROPN
cblr-8635	66	6	podziemiska	podziemiska	PROPN
cblr-8635	66	7	,	,	PUNCT
cblr-8635	66	8	sec	sec	PROPN
cblr-8635	66	9	.	.	PROPN
cblr-8635	66	10	indus	indus	PROPN
cblr-8635	66	11	.	.	PUNCT
cblr-8635	66	12	&	&	CCONJ
cblr-8635	66	13	fin	fin	PROPN
cblr-8635	66	14	.	.	PUNCT
cblr-8635	67	1	mkts	mkts	NOUN
cblr-8635	67	2	.	.	PUNCT
cblr-8635	68	1	ass’n	ass’n	PROPN
cblr-8635	68	2	.	.	PUNCT
cblr-8635	69	1	,	,	PUNCT
cblr-8635	69	2	2019	2019	NUM
cblr-8635	69	3	capital	capital	NOUN
cblr-8635	69	4	markets	market	NOUN
cblr-8635	69	5	fact	fact	NOUN
cblr-8635	69	6	book	book	NOUN
cblr-8635	69	7	73	73	NUM
cblr-8635	69	8	tbl.u.s	tbl.u.s	ADJ
cblr-8635	69	9	.	.	PUNCT
cblr-8635	70	1	holdings	holding	NOUN
cblr-8635	70	2	of	of	ADP
cblr-8635	70	3	equities	equity	NOUN
cblr-8635	70	4	(	(	PUNCT
cblr-8635	70	5	2019	2019	NUM
cblr-8635	70	6	)	)	PUNCT
cblr-8635	70	7	(	(	PUNCT
cblr-8635	70	8	percentages	percentage	NOUN
cblr-8635	70	9	ranged	range	VERB
cblr-8635	70	10	between	between	ADP
cblr-8635	70	11	64.7	64.7	NUM
cblr-8635	70	12	%	%	NOUN
cblr-8635	70	13	and	and	CCONJ
cblr-8635	70	14	62.4	62.4	NUM
cblr-8635	70	15	%	%	NOUN
cblr-8635	70	16	from	from	ADP
cblr-8635	70	17	2008	2008	NUM
cblr-8635	70	18	to	to	ADP
cblr-8635	70	19	2018	2018	NUM
cblr-8635	70	20	)	)	PUNCT
cblr-8635	70	21	.	.	PUNCT
cblr-8635	71	1	if	if	SCONJ
cblr-8635	71	2	,	,	PUNCT
cblr-8635	71	3	however	however	ADV
cblr-8635	71	4	,	,	PUNCT
cblr-8635	71	5	we	we	PRON
cblr-8635	71	6	look	look	VERB
cblr-8635	71	7	at	at	ADP
cblr-8635	71	8	the	the	DET
cblr-8635	71	9	u.s	u.s	PROPN
cblr-8635	71	10	.	.	PROPN
cblr-8635	71	11	companies	company	NOUN
cblr-8635	71	12	that	that	PRON
cblr-8635	71	13	are	be	AUX
cblr-8635	71	14	among	among	ADP
cblr-8635	71	15	the	the	DET
cblr-8635	71	16	10,000	10,000	NUM
cblr-8635	71	17	largest	large	ADJ
cblr-8635	71	18	companies	company	NOUN
cblr-8635	71	19	in	in	ADP
cblr-8635	71	20	the	the	DET
cblr-8635	71	21	world	world	NOUN
cblr-8635	71	22	,	,	PUNCT
cblr-8635	71	23	this	this	DET
cblr-8635	71	24	percentage	percentage	NOUN
cblr-8635	71	25	rises	rise	VERB
cblr-8635	71	26	to	to	ADP
cblr-8635	71	27	72	72	NUM
cblr-8635	71	28	%	%	NOUN
cblr-8635	71	29	according	accord	VERB
cblr-8635	71	30	to	to	ADP
cblr-8635	71	31	a	a	DET
cblr-8635	71	32	recent	recent	ADJ
cblr-8635	71	33	oecd	oecd	PROPN
cblr-8635	71	34	report	report	NOUN
cblr-8635	71	35	.	.	PUNCT
cblr-8635	72	1	adriana	adriana	PROPN
cblr-8635	72	2	de	de	PROPN
cblr-8635	72	3	la	la	PROPN
cblr-8635	72	4	cruz	cruz	PROPN
cblr-8635	72	5	,	,	PUNCT
cblr-8635	72	6	alejandra	alejandra	PROPN
cblr-8635	72	7	medina	medina	PROPN
cblr-8635	72	8	&	&	CCONJ
cblr-8635	72	9	yung	yung	PROPN
cblr-8635	72	10	tang	tang	PROPN
cblr-8635	72	11	,	,	PUNCT
cblr-8635	72	12	org	org	NOUN
cblr-8635	72	13	.	.	PUNCT
cblr-8635	73	1	for	for	ADP
cblr-8635	73	2	econ	econ	PROPN
cblr-8635	73	3	.	.	PUNCT
cblr-8635	74	1	coop	coop	PROPN
cblr-8635	74	2	.	.	PUNCT
cblr-8635	74	3	&	&	CCONJ
cblr-8635	74	4	dev	dev	PROPN
cblr-8635	74	5	.	.	PROPN
cblr-8635	74	6	,	,	PUNCT
cblr-8635	74	7	owners	owner	NOUN
cblr-8635	74	8	of	of	ADP
cblr-8635	74	9	the	the	DET
cblr-8635	74	10	world	world	NOUN
cblr-8635	74	11	’s	’s	PART
cblr-8635	74	12	listed	list	VERB
cblr-8635	74	13	companies	company	NOUN
cblr-8635	74	14	11	11	NUM
cblr-8635	74	15	tbl	tbl	NOUN
cblr-8635	74	16	.	.	PUNCT
cblr-8635	75	1	3	3	NUM
cblr-8635	75	2	(	(	PUNCT
cblr-8635	75	3	2019	2019	NUM
cblr-8635	75	4	)	)	PUNCT
cblr-8635	75	5	.	.	PUNCT
cblr-8635	76	1	for	for	ADP
cblr-8635	76	2	the	the	DET
cblr-8635	76	3	level	level	NOUN
cblr-8635	76	4	of	of	ADP
cblr-8635	76	5	trading	trading	NOUN
cblr-8635	76	6	in	in	ADP
cblr-8635	76	7	publicly	publicly	ADV
cblr-8635	76	8	listed	list	VERB
cblr-8635	76	9	equities	equity	NOUN
cblr-8635	76	10	by	by	ADP
cblr-8635	76	11	retail	retail	ADJ
cblr-8635	76	12	investors	investor	NOUN
cblr-8635	76	13	,	,	PUNCT
cblr-8635	76	14	a	a	DET
cblr-8635	76	15	recent	recent	ADJ
cblr-8635	76	16	estimate	estimate	NOUN
cblr-8635	76	17	is	be	AUX
cblr-8635	76	18	3.68	3.68	NUM
cblr-8635	76	19	%	%	NOUN
cblr-8635	76	20	(	(	PUNCT
cblr-8635	76	21	based	base	VERB
cblr-8635	76	22	on	on	ADP
cblr-8635	76	23	data	datum	NOUN
cblr-8635	76	24	from	from	ADP
cblr-8635	76	25	2010	2010	NUM
cblr-8635	76	26	to	to	ADP
cblr-8635	76	27	2015	2015	NUM
cblr-8635	76	28	)	)	PUNCT
cblr-8635	76	29	.	.	PUNCT
cblr-8635	77	1	see	see	AUX
cblr-8635	77	2	ekkehart	ekkehart	VERB
cblr-8635	77	3	boehmer	boehmer	PROPN
cblr-8635	77	4	et	et	PROPN
cblr-8635	77	5	al	al	PROPN
cblr-8635	77	6	.	.	PROPN
cblr-8635	77	7	,	,	PUNCT
cblr-8635	77	8	tracking	track	VERB
cblr-8635	77	9	retail	retail	ADJ
cblr-8635	77	10	investor	investor	NOUN
cblr-8635	77	11	activity	activity	NOUN
cblr-8635	77	12	,	,	PUNCT
cblr-8635	77	13	j.	j.	PROPN
cblr-8635	77	14	fin	fin	PROPN
cblr-8635	77	15	.	.	PUNCT
cblr-8635	78	1	(	(	PUNCT
cblr-8635	78	2	forthcoming	forthcoming	ADJ
cblr-8635	78	3	)	)	PUNCT
cblr-8635	78	4	(	(	PUNCT
cblr-8635	78	5	manuscript	manuscript	NOUN
cblr-8635	78	6	at	at	ADP
cblr-8635	78	7	8)	8)	NUM
cblr-8635	78	8	(	(	PUNCT
cblr-8635	78	9	on	on	ADP
cblr-8635	78	10	file	file	NOUN
cblr-8635	78	11	with	with	ADP
cblr-8635	78	12	the	the	DET
cblr-8635	78	13	columbia	columbia	PROPN
cblr-8635	78	14	business	business	PROPN
cblr-8635	78	15	law	law	PROPN
cblr-8635	78	16	review	review	PROPN
cblr-8635	78	17	)	)	PUNCT
cblr-8635	78	18	,	,	PUNCT
cblr-8635	78	19	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2822105	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2822105	PROPN
cblr-8635	78	20	.	.	PROPN
cblr-8635	79	1	for	for	ADP
cblr-8635	79	2	an	an	DET
cblr-8635	79	3	earlier	early	ADJ
cblr-8635	79	4	estimate	estimate	NOUN
cblr-8635	79	5	of	of	ADP
cblr-8635	79	6	2	2	NUM
cblr-8635	79	7	%	%	NOUN
cblr-8635	79	8	for	for	ADP
cblr-8635	79	9	trading	trading	NOUN
cblr-8635	79	10	by	by	ADP
cblr-8635	79	11	individual	individual	ADJ
cblr-8635	79	12	investors	investor	NOUN
cblr-8635	79	13	,	,	PUNCT
cblr-8635	79	14	see	see	VERB
cblr-8635	79	15	alicia	alicia	PROPN
cblr-8635	79	16	davis	davis	PROPN
cblr-8635	79	17	evans	evans	PROPN
cblr-8635	79	18	,	,	PUNCT
cblr-8635	79	19	a	a	DET
cblr-8635	79	20	requiem	requiem	NOUN
cblr-8635	79	21	for	for	ADP
cblr-8635	79	22	the	the	DET
cblr-8635	79	23	retail	retail	ADJ
cblr-8635	79	24	investor	investor	NOUN
cblr-8635	79	25	?	?	PUNCT
cblr-8635	79	26	,	,	PUNCT
cblr-8635	79	27	95	95	NUM
cblr-8635	79	28	va	va	NOUN
cblr-8635	79	29	.	.	PUNCT
cblr-8635	79	30	l.	l.	PROPN
cblr-8635	79	31	rev	rev	PROPN
cblr-8635	79	32	.	.	PROPN
cblr-8635	79	33	1105	1105	NUM
cblr-8635	79	34	,	,	PUNCT
cblr-8635	79	35	1105	1105	NUM
cblr-8635	79	36	(	(	PUNCT
cblr-8635	79	37	2009	2009	NUM
cblr-8635	79	38	)	)	PUNCT
cblr-8635	79	39	.	.	PUNCT
cblr-8635	80	1	in	in	ADP
cblr-8635	80	2	2020	2020	NUM
cblr-8635	80	3	,	,	PUNCT
cblr-8635	80	4	the	the	DET
cblr-8635	80	5	percentage	percentage	NOUN
cblr-8635	80	6	of	of	ADP
cblr-8635	80	7	trading	trading	NOUN
cblr-8635	80	8	by	by	ADP
cblr-8635	80	9	retail	retail	ADJ
cblr-8635	80	10	investors	investor	NOUN
cblr-8635	80	11	saw	see	VERB
cblr-8635	80	12	some	some	DET
cblr-8635	80	13	increase	increase	NOUN
cblr-8635	80	14	as	as	ADP
cblr-8635	80	15	the	the	DET
cblr-8635	80	16	result	result	NOUN
cblr-8635	80	17	of	of	ADP
cblr-8635	80	18	market	market	NOUN
cblr-8635	80	19	strategies	strategy	NOUN
cblr-8635	80	20	adopted	adopt	VERB
cblr-8635	80	21	by	by	ADP
cblr-8635	80	22	robinhood	robinhood	PROPN
cblr-8635	80	23	markets	markets	PROPN
cblr-8635	80	24	,	,	PUNCT
cblr-8635	80	25	inc	inc	PROPN
cblr-8635	80	26	.	.	PROPN
cblr-8635	80	27	and	and	CCONJ
cblr-8635	80	28	other	other	ADJ
cblr-8635	80	29	online	online	ADJ
cblr-8635	80	30	brokers	broker	NOUN
cblr-8635	80	31	,	,	PUNCT
cblr-8635	80	32	but	but	CCONJ
cblr-8635	80	33	it	it	PRON
cblr-8635	80	34	remains	remain	VERB
cblr-8635	80	35	to	to	PART
cblr-8635	80	36	be	be	AUX
cblr-8635	80	37	seen	see	VERB
cblr-8635	80	38	whether	whether	SCONJ
cblr-8635	80	39	this	this	PRON
cblr-8635	80	40	is	be	AUX
cblr-8635	80	41	more	more	ADJ
cblr-8635	80	42	than	than	ADP
cblr-8635	80	43	a	a	DET
cblr-8635	80	44	short	short	ADJ
cblr-8635	80	45	-	-	PUNCT
cblr-8635	80	46	term	term	NOUN
cblr-8635	80	47	phenomenon	phenomenon	NOUN
cblr-8635	80	48	.	.	PUNCT
cblr-8635	81	1	see	see	VERB
cblr-8635	81	2	caitlin	caitlin	PROPN
cblr-8635	81	3	mccabe	mccabe	PROPN
cblr-8635	81	4	,	,	PUNCT
cblr-8635	81	5	retail	retail	ADJ
cblr-8635	81	6	investors	investor	NOUN
cblr-8635	81	7	pull	pull	VERB
cblr-8635	81	8	back	back	ADV
cblr-8635	81	9	trading	trading	NOUN
cblr-8635	81	10	activity	activity	NOUN
cblr-8635	81	11	,	,	PUNCT
cblr-8635	81	12	wall	wall	PROPN
cblr-8635	81	13	st	st	PROPN
cblr-8635	81	14	.	.	PROPN
cblr-8635	81	15	j.	j.	PROPN
cblr-8635	81	16	,	,	PUNCT
cblr-8635	81	17	apr	apr	PROPN
cblr-8635	81	18	.	.	PROPN
cblr-8635	81	19	5	5	NUM
cblr-8635	81	20	,	,	PUNCT
cblr-8635	81	21	2021	2021	NUM
cblr-8635	81	22	,	,	PUNCT
cblr-8635	81	23	at	at	ADP
cblr-8635	81	24	a1	a1	NOUN
cblr-8635	81	25	.	.	PROPN
cblr-8635	81	26	7	7	NUM
cblr-8635	81	27	“	"	PUNCT
cblr-8635	81	28	indexing	indexing	NOUN
cblr-8635	81	29	,	,	PUNCT
cblr-8635	81	30	”	"	PUNCT
cblr-8635	81	31	or	or	CCONJ
cblr-8635	81	32	“	"	PUNCT
cblr-8635	81	33	indexed	indexed	ADJ
cblr-8635	81	34	investing	investing	NOUN
cblr-8635	81	35	”	"	PUNCT
cblr-8635	81	36	refers	refer	VERB
cblr-8635	81	37	to	to	ADP
cblr-8635	81	38	a	a	DET
cblr-8635	81	39	passive	passive	ADJ
cblr-8635	81	40	investment	investment	NOUN
cblr-8635	81	41	strategy	strategy	NOUN
cblr-8635	81	42	under	under	ADP
cblr-8635	81	43	which	which	PRON
cblr-8635	81	44	the	the	DET
cblr-8635	81	45	investor	investor	NOUN
cblr-8635	81	46	invests	invest	VERB
cblr-8635	81	47	in	in	ADP
cblr-8635	81	48	a	a	DET
cblr-8635	81	49	broad	broad	ADJ
cblr-8635	81	50	market	market	NOUN
cblr-8635	81	51	index	index	NOUN
cblr-8635	81	52	(	(	PUNCT
cblr-8635	81	53	such	such	ADJ
cblr-8635	81	54	as	as	ADP
cblr-8635	81	55	,	,	PUNCT
cblr-8635	81	56	for	for	ADP
cblr-8635	81	57	example	example	NOUN
cblr-8635	81	58	,	,	PUNCT
cblr-8635	81	59	the	the	DET
cblr-8635	81	60	s&p	s&p	PROPN
cblr-8635	81	61	500	500	NUM
cblr-8635	81	62	index	index	NOUN
cblr-8635	81	63	)	)	PUNCT
cblr-8635	81	64	,	,	PUNCT
cblr-8635	81	65	seeking	seek	VERB
cblr-8635	81	66	not	not	PART
cblr-8635	81	67	to	to	PART
cblr-8635	81	68	outperform	outperform	VERB
cblr-8635	81	69	the	the	DET
cblr-8635	81	70	market	market	NOUN
cblr-8635	81	71	,	,	PUNCT
cblr-8635	81	72	but	but	CCONJ
cblr-8635	81	73	only	only	ADV
cblr-8635	81	74	to	to	PART
cblr-8635	81	75	match	match	VERB
cblr-8635	81	76	it	it	PRON
cblr-8635	81	77	.	.	PUNCT
cblr-8635	82	1	as	as	ADP
cblr-8635	82	2	later	later	ADV
cblr-8635	82	3	discussed	discuss	VERB
cblr-8635	82	4	,	,	PUNCT
cblr-8635	82	5	much	much	ADV
cblr-8635	82	6	empirical	empirical	ADJ
cblr-8635	82	7	research	research	NOUN
cblr-8635	82	8	strongly	strongly	ADV
cblr-8635	82	9	suggests	suggest	VERB
cblr-8635	82	10	that	that	SCONJ
cblr-8635	82	11	retail	retail	ADJ
cblr-8635	82	12	investors	investor	NOUN
cblr-8635	82	13	can	can	AUX
cblr-8635	82	14	not	not	PART
cblr-8635	82	15	outperform	outperform	VERB
cblr-8635	82	16	the	the	DET
cblr-8635	82	17	market	market	NOUN
cblr-8635	82	18	and	and	CCONJ
cblr-8635	82	19	that	that	SCONJ
cblr-8635	82	20	they	they	PRON
cblr-8635	82	21	lose	lose	VERB
cblr-8635	82	22	money	money	NOUN
cblr-8635	82	23	systematically	systematically	ADV
cblr-8635	82	24	when	when	SCONJ
cblr-8635	82	25	they	they	PRON
cblr-8635	82	26	attempt	attempt	VERB
cblr-8635	82	27	to	to	PART
cblr-8635	82	28	do	do	VERB
cblr-8635	82	29	so	so	ADV
cblr-8635	82	30	.	.	PUNCT
cblr-8635	83	1	indexed	indexed	ADJ
cblr-8635	83	2	investing	investing	NOUN
cblr-8635	83	3	also	also	ADV
cblr-8635	83	4	reduces	reduce	VERB
cblr-8635	83	5	trading	trading	NOUN
cblr-8635	83	6	costs	cost	NOUN
cblr-8635	83	7	,	,	PUNCT
cblr-8635	83	8	as	as	SCONJ
cblr-8635	83	9	it	it	PRON
cblr-8635	83	10	is	be	AUX
cblr-8635	83	11	a	a	DET
cblr-8635	83	12	“	"	PUNCT
cblr-8635	83	13	buy	buy	VERB
cblr-8635	83	14	and	and	CCONJ
cblr-8635	83	15	hold	hold	VERB
cblr-8635	83	16	”	"	PUNCT
cblr-8635	83	17	policy	policy	NOUN
cblr-8635	83	18	,	,	PUNCT
cblr-8635	83	19	which	which	PRON
cblr-8635	83	20	can	can	AUX
cblr-8635	83	21	minimize	minimize	VERB
cblr-8635	83	22	tax	tax	NOUN
cblr-8635	83	23	liabilities	liability	NOUN
cblr-8635	83	24	.	.	PUNCT
cblr-8635	84	1	coffee	coffee	NOUN
cblr-8635	84	2	8/20/2021	8/20/2021	NUM
cblr-8635	84	3	6:32	6:32	NUM
cblr-8635	84	4	pm	pm	NOUN
cblr-8635	84	5	no	no	INTJ
cblr-8635	84	6	.	.	PUNCT
cblr-8635	85	1	2:602	2:602	NUM
cblr-8635	85	2	]	]	X
cblr-8635	85	3	the	the	DET
cblr-8635	85	4	future	future	NOUN
cblr-8635	85	5	of	of	ADP
cblr-8635	85	6	disclosure	disclosure	NOUN
cblr-8635	85	7	607	607	NUM
cblr-8635	85	8	position	position	NOUN
cblr-8635	85	9	to	to	PART
cblr-8635	85	10	exercise	exercise	VERB
cblr-8635	85	11	de	de	X
cblr-8635	85	12	facto	facto	X
cblr-8635	85	13	control	control	NOUN
cblr-8635	85	14	over	over	ADP
cblr-8635	85	15	even	even	ADV
cblr-8635	85	16	large	large	ADJ
cblr-8635	85	17	public	public	ADJ
cblr-8635	85	18	corporations	corporation	NOUN
cblr-8635	85	19	.	.	PUNCT
cblr-8635	86	1	the	the	DET
cblr-8635	86	2	big	big	ADJ
cblr-8635	86	3	three	three	NUM
cblr-8635	86	4	institutional	institutional	ADJ
cblr-8635	86	5	investors	investor	NOUN
cblr-8635	86	6	—	—	PUNCT
cblr-8635	86	7	blackrock	blackrock	PROPN
cblr-8635	86	8	,	,	PUNCT
cblr-8635	86	9	inc	inc	PROPN
cblr-8635	86	10	.	.	PROPN
cblr-8635	86	11	,	,	PUNCT
cblr-8635	86	12	state	state	PROPN
cblr-8635	86	13	street	street	NOUN
cblr-8635	86	14	global	global	ADJ
cblr-8635	86	15	advisors	advisor	NOUN
cblr-8635	86	16	,	,	PUNCT
cblr-8635	86	17	and	and	CCONJ
cblr-8635	86	18	the	the	DET
cblr-8635	86	19	vanguard	vanguard	PROPN
cblr-8635	86	20	group	group	NOUN
cblr-8635	86	21	—	—	PUNCT
cblr-8635	86	22	now	now	ADV
cblr-8635	86	23	hold	hold	VERB
cblr-8635	86	24	over	over	ADP
cblr-8635	86	25	20	20	NUM
cblr-8635	86	26	%	%	NOUN
cblr-8635	86	27	of	of	ADP
cblr-8635	86	28	the	the	DET
cblr-8635	86	29	shares	share	NOUN
cblr-8635	86	30	in	in	ADP
cblr-8635	86	31	s&p	s&p	PROPN
cblr-8635	86	32	500	500	NUM
cblr-8635	86	33	companies	company	NOUN
cblr-8635	86	34	,	,	PUNCT
cblr-8635	86	35	vote	vote	VERB
cblr-8635	86	36	approximately	approximately	ADV
cblr-8635	86	37	25	25	NUM
cblr-8635	86	38	%	%	NOUN
cblr-8635	86	39	,	,	PUNCT
cblr-8635	86	40	and	and	CCONJ
cblr-8635	86	41	are	be	AUX
cblr-8635	86	42	projected	project	VERB
cblr-8635	86	43	to	to	PART
cblr-8635	86	44	vote	vote	VERB
cblr-8635	86	45	over	over	ADP
cblr-8635	86	46	40	40	NUM
cblr-8635	86	47	%	%	NOUN
cblr-8635	86	48	by	by	ADP
cblr-8635	86	49	2038.8	2038.8	NUM
cblr-8635	86	50	potentially	potentially	ADV
cblr-8635	86	51	,	,	PUNCT
cblr-8635	86	52	this	this	PRON
cblr-8635	86	53	might	might	AUX
cblr-8635	86	54	suggest	suggest	VERB
cblr-8635	86	55	that	that	SCONJ
cblr-8635	86	56	retail	retail	ADJ
cblr-8635	86	57	investors	investor	NOUN
cblr-8635	86	58	are	be	AUX
cblr-8635	86	59	exposed	expose	VERB
cblr-8635	86	60	to	to	ADP
cblr-8635	86	61	domination	domination	NOUN
cblr-8635	86	62	by	by	ADP
cblr-8635	86	63	institutional	institutional	ADJ
cblr-8635	86	64	control	control	NOUN
cblr-8635	86	65	groups,9	groups,9	NOUN
cblr-8635	86	66	but	but	CCONJ
cblr-8635	86	67	such	such	DET
cblr-8635	86	68	a	a	DET
cblr-8635	86	69	thesis	thesis	NOUN
cblr-8635	86	70	still	still	ADV
cblr-8635	86	71	seems	seem	VERB
cblr-8635	86	72	premature	premature	ADJ
cblr-8635	86	73	.	.	PUNCT
cblr-8635	87	1	at	at	ADP
cblr-8635	87	2	first	first	ADJ
cblr-8635	87	3	glance	glance	NOUN
cblr-8635	87	4	,	,	PUNCT
cblr-8635	87	5	little	little	ADJ
cblr-8635	87	6	conflict	conflict	NOUN
cblr-8635	87	7	is	be	AUX
cblr-8635	87	8	apparent	apparent	ADJ
cblr-8635	87	9	between	between	ADP
cblr-8635	87	10	diversified	diversified	ADJ
cblr-8635	87	11	institutions	institution	NOUN
cblr-8635	87	12	and	and	CCONJ
cblr-8635	87	13	retail	retail	ADJ
cblr-8635	87	14	8	8	NUM
cblr-8635	87	15	this	this	DET
cblr-8635	87	16	difference	difference	NOUN
cblr-8635	87	17	between	between	ADP
cblr-8635	87	18	20	20	NUM
cblr-8635	87	19	%	%	NOUN
cblr-8635	87	20	and	and	CCONJ
cblr-8635	87	21	25	25	NUM
cblr-8635	87	22	%	%	NOUN
cblr-8635	87	23	reflects	reflect	VERB
cblr-8635	87	24	the	the	DET
cblr-8635	87	25	fact	fact	NOUN
cblr-8635	87	26	that	that	SCONJ
cblr-8635	87	27	many	many	ADJ
cblr-8635	87	28	shares	share	NOUN
cblr-8635	87	29	are	be	AUX
cblr-8635	87	30	not	not	PART
cblr-8635	87	31	voted	vote	VERB
cblr-8635	87	32	.	.	PUNCT
cblr-8635	88	1	for	for	ADP
cblr-8635	88	2	these	these	DET
cblr-8635	88	3	percentages	percentage	NOUN
cblr-8635	88	4	and	and	CCONJ
cblr-8635	88	5	for	for	ADP
cblr-8635	88	6	their	their	PRON
cblr-8635	88	7	prediction	prediction	NOUN
cblr-8635	88	8	that	that	SCONJ
cblr-8635	88	9	the	the	DET
cblr-8635	88	10	votes	vote	NOUN
cblr-8635	88	11	cast	cast	VERB
cblr-8635	88	12	by	by	ADP
cblr-8635	88	13	the	the	DET
cblr-8635	88	14	big	big	ADJ
cblr-8635	88	15	three	three	NUM
cblr-8635	88	16	will	will	AUX
cblr-8635	88	17	rise	rise	VERB
cblr-8635	88	18	eventually	eventually	ADV
cblr-8635	88	19	to	to	ADP
cblr-8635	88	20	40	40	NUM
cblr-8635	88	21	%	%	NOUN
cblr-8635	88	22	or	or	CCONJ
cblr-8635	88	23	more	more	ADJ
cblr-8635	88	24	,	,	PUNCT
cblr-8635	88	25	see	see	VERB
cblr-8635	88	26	lucian	lucian	PROPN
cblr-8635	88	27	bebchuk	bebchuk	PROPN
cblr-8635	88	28	&	&	CCONJ
cblr-8635	88	29	scott	scott	PROPN
cblr-8635	88	30	hirst	hirst	PROPN
cblr-8635	88	31	,	,	PUNCT
cblr-8635	88	32	the	the	DET
cblr-8635	88	33	specter	specter	NOUN
cblr-8635	88	34	of	of	ADP
cblr-8635	88	35	the	the	DET
cblr-8635	88	36	giant	giant	ADJ
cblr-8635	88	37	three	three	NUM
cblr-8635	88	38	,	,	PUNCT
cblr-8635	88	39	99	99	NUM
cblr-8635	88	40	b.u	b.u	PROPN
cblr-8635	88	41	.	.	PROPN
cblr-8635	88	42	l.	l.	PROPN
cblr-8635	88	43	rev	rev	PROPN
cblr-8635	88	44	.	.	PROPN
cblr-8635	88	45	721	721	NUM
cblr-8635	88	46	,	,	PUNCT
cblr-8635	88	47	724	724	NUM
cblr-8635	88	48	(	(	PUNCT
cblr-8635	88	49	2019	2019	NUM
cblr-8635	88	50	)	)	PUNCT
cblr-8635	88	51	.	.	PUNCT
cblr-8635	89	1	to	to	PART
cblr-8635	89	2	give	give	VERB
cblr-8635	89	3	an	an	DET
cblr-8635	89	4	example	example	NOUN
cblr-8635	89	5	of	of	ADP
cblr-8635	89	6	activism	activism	NOUN
cblr-8635	89	7	in	in	ADP
cblr-8635	89	8	action	action	NOUN
cblr-8635	89	9	,	,	PUNCT
cblr-8635	89	10	just	just	ADV
cblr-8635	89	11	six	six	NUM
cblr-8635	89	12	shareholders	shareholder	NOUN
cblr-8635	89	13	control	control	NOUN
cblr-8635	89	14	24	24	NUM
cblr-8635	89	15	%	%	NOUN
cblr-8635	89	16	of	of	ADP
cblr-8635	89	17	exxonmobil	exxonmobil	PROPN
cblr-8635	89	18	;	;	PUNCT
cblr-8635	89	19	the	the	DET
cblr-8635	89	20	same	same	ADJ
cblr-8635	89	21	six	six	NUM
cblr-8635	89	22	control	control	NOUN
cblr-8635	89	23	26	26	NUM
cblr-8635	89	24	%	%	NOUN
cblr-8635	89	25	of	of	ADP
cblr-8635	89	26	chevron	chevron	NOUN
cblr-8635	89	27	;	;	PUNCT
cblr-8635	89	28	and	and	CCONJ
cblr-8635	89	29	they	they	PRON
cblr-8635	89	30	have	have	AUX
cblr-8635	89	31	pressured	pressure	VERB
cblr-8635	89	32	both	both	DET
cblr-8635	89	33	companies	company	NOUN
cblr-8635	89	34	regarding	regard	VERB
cblr-8635	89	35	emissions	emission	NOUN
cblr-8635	89	36	and	and	CCONJ
cblr-8635	89	37	climate	climate	NOUN
cblr-8635	89	38	change	change	NOUN
cblr-8635	89	39	.	.	PUNCT
cblr-8635	90	1	madison	madison	PROPN
cblr-8635	90	2	condon	condon	PROPN
cblr-8635	90	3	,	,	PUNCT
cblr-8635	90	4	externalities	externality	NOUN
cblr-8635	90	5	and	and	CCONJ
cblr-8635	90	6	the	the	DET
cblr-8635	90	7	common	common	ADJ
cblr-8635	90	8	owner	owner	NOUN
cblr-8635	90	9	,	,	PUNCT
cblr-8635	90	10	95	95	NUM
cblr-8635	90	11	wash	wash	NOUN
cblr-8635	90	12	.	.	PUNCT
cblr-8635	91	1	l.	l.	PROPN
cblr-8635	91	2	rev	rev	PROPN
cblr-8635	91	3	.	.	PROPN
cblr-8635	91	4	1	1	NUM
cblr-8635	91	5	,	,	PUNCT
cblr-8635	91	6	10–11	10–11	NUM
cblr-8635	91	7	,	,	PUNCT
cblr-8635	91	8	24	24	NUM
cblr-8635	91	9	&	&	CCONJ
cblr-8635	91	10	n.116	n.116	PROPN
cblr-8635	91	11	(	(	PUNCT
cblr-8635	91	12	2020	2020	NUM
cblr-8635	91	13	)	)	PUNCT
cblr-8635	91	14	.	.	PUNCT
cblr-8635	92	1	these	these	DET
cblr-8635	92	2	six	six	NUM
cblr-8635	92	3	included	include	VERB
cblr-8635	92	4	the	the	DET
cblr-8635	92	5	foregoing	forego	VERB
cblr-8635	92	6	big	big	ADJ
cblr-8635	92	7	three	three	NUM
cblr-8635	92	8	and	and	CCONJ
cblr-8635	92	9	northern	northern	ADJ
cblr-8635	92	10	trust	trust	PROPN
cblr-8635	92	11	,	,	PUNCT
cblr-8635	92	12	bank	bank	PROPN
cblr-8635	92	13	of	of	ADP
cblr-8635	92	14	america	america	PROPN
cblr-8635	92	15	,	,	PUNCT
cblr-8635	92	16	and	and	CCONJ
cblr-8635	92	17	capital	capital	NOUN
cblr-8635	92	18	research	research	NOUN
cblr-8635	92	19	global	global	ADJ
cblr-8635	92	20	investors	investor	NOUN
cblr-8635	92	21	.	.	PUNCT
cblr-8635	93	1	i	i	PRON
cblr-8635	93	2	d.	d.	PROPN
cblr-8635	93	3	at	at	ADP
cblr-8635	93	4	10	10	NUM
cblr-8635	93	5	n.38	n.38	X
cblr-8635	93	6	.	.	PUNCT
cblr-8635	94	1	the	the	DET
cblr-8635	94	2	stock	stock	NOUN
cblr-8635	94	3	in	in	ADP
cblr-8635	94	4	publicly	publicly	ADV
cblr-8635	94	5	held	hold	VERB
cblr-8635	94	6	companies	company	NOUN
cblr-8635	94	7	(	(	PUNCT
cblr-8635	94	8	in	in	ADP
cblr-8635	94	9	terms	term	NOUN
cblr-8635	94	10	of	of	ADP
cblr-8635	94	11	asset	asset	NOUN
cblr-8635	94	12	values	value	NOUN
cblr-8635	94	13	)	)	PUNCT
cblr-8635	94	14	that	that	PRON
cblr-8635	94	15	is	be	AUX
cblr-8635	94	16	held	hold	VERB
cblr-8635	94	17	by	by	ADP
cblr-8635	94	18	the	the	DET
cblr-8635	94	19	ten	ten	NUM
cblr-8635	94	20	largest	large	ADJ
cblr-8635	94	21	mutual	mutual	ADJ
cblr-8635	94	22	funds	fund	NOUN
cblr-8635	94	23	(	(	PUNCT
cblr-8635	94	24	not	not	PART
cblr-8635	94	25	all	all	PRON
cblr-8635	94	26	of	of	ADP
cblr-8635	94	27	which	which	PRON
cblr-8635	94	28	are	be	AUX
cblr-8635	94	29	index	index	NOUN
cblr-8635	94	30	funds	fund	NOUN
cblr-8635	94	31	)	)	PUNCT
cblr-8635	94	32	rose	rise	VERB
cblr-8635	94	33	from	from	ADP
cblr-8635	94	34	46	46	NUM
cblr-8635	94	35	%	%	NOUN
cblr-8635	94	36	in	in	ADP
cblr-8635	94	37	2005	2005	NUM
cblr-8635	94	38	to	to	ADP
cblr-8635	94	39	64	64	NUM
cblr-8635	94	40	%	%	NOUN
cblr-8635	94	41	in	in	ADP
cblr-8635	94	42	2019	2019	NUM
cblr-8635	94	43	,	,	PUNCT
cblr-8635	94	44	and	and	CCONJ
cblr-8635	94	45	the	the	DET
cblr-8635	94	46	corresponding	corresponding	ADJ
cblr-8635	94	47	percentages	percentage	NOUN
cblr-8635	94	48	held	hold	VERB
cblr-8635	94	49	by	by	ADP
cblr-8635	94	50	the	the	DET
cblr-8635	94	51	five	five	NUM
cblr-8635	94	52	largest	large	ADJ
cblr-8635	94	53	such	such	ADJ
cblr-8635	94	54	funds	fund	NOUN
cblr-8635	94	55	grew	grow	VERB
cblr-8635	94	56	from	from	ADP
cblr-8635	94	57	35	35	NUM
cblr-8635	94	58	%	%	NOUN
cblr-8635	94	59	in	in	ADP
cblr-8635	94	60	2005	2005	NUM
cblr-8635	94	61	to	to	ADP
cblr-8635	94	62	53	53	NUM
cblr-8635	94	63	%	%	NOUN
cblr-8635	94	64	in	in	ADP
cblr-8635	94	65	2019	2019	NUM
cblr-8635	94	66	.	.	PUNCT
cblr-8635	95	1	see	see	VERB
cblr-8635	95	2	inv	inv	PROPN
cblr-8635	95	3	.	.	PUNCT
cblr-8635	95	4	co.	co.	PROPN
cblr-8635	95	5	inst	inst	PROPN
cblr-8635	95	6	.	.	PROPN
cblr-8635	95	7	,	,	PUNCT
cblr-8635	95	8	investment	investment	NOUN
cblr-8635	95	9	company	company	NOUN
cblr-8635	95	10	factbook	factbook	VERB
cblr-8635	95	11	46	46	NUM
cblr-8635	95	12	,	,	PUNCT
cblr-8635	95	13	fig.2.14	fig.2.14	PROPN
cblr-8635	95	14	(	(	PUNCT
cblr-8635	95	15	60th	60th	ADJ
cblr-8635	95	16	ed	ed	NOUN
cblr-8635	95	17	.	.	PUNCT
cblr-8635	95	18	2020	2020	NUM
cblr-8635	95	19	)	)	PUNCT
cblr-8635	95	20	.	.	PUNCT
cblr-8635	96	1	9	9	NUM
cblr-8635	96	2	much	much	ADJ
cblr-8635	96	3	of	of	ADP
cblr-8635	96	4	the	the	DET
cblr-8635	96	5	literature	literature	NOUN
cblr-8635	96	6	that	that	PRON
cblr-8635	96	7	is	be	AUX
cblr-8635	96	8	concerned	concerned	ADJ
cblr-8635	96	9	about	about	ADP
cblr-8635	96	10	the	the	DET
cblr-8635	96	11	growing	grow	VERB
cblr-8635	96	12	concentration	concentration	NOUN
cblr-8635	96	13	of	of	ADP
cblr-8635	96	14	shares	share	NOUN
cblr-8635	96	15	in	in	ADP
cblr-8635	96	16	the	the	DET
cblr-8635	96	17	hands	hand	NOUN
cblr-8635	96	18	of	of	ADP
cblr-8635	96	19	a	a	DET
cblr-8635	96	20	limited	limited	ADJ
cblr-8635	96	21	number	number	NOUN
cblr-8635	96	22	of	of	ADP
cblr-8635	96	23	institutional	institutional	ADJ
cblr-8635	96	24	owners	owner	NOUN
cblr-8635	96	25	has	have	AUX
cblr-8635	96	26	focused	focus	VERB
cblr-8635	96	27	on	on	ADP
cblr-8635	96	28	the	the	DET
cblr-8635	96	29	danger	danger	NOUN
cblr-8635	96	30	that	that	SCONJ
cblr-8635	96	31	such	such	ADJ
cblr-8635	96	32	concentration	concentration	NOUN
cblr-8635	96	33	will	will	AUX
cblr-8635	96	34	be	be	AUX
cblr-8635	96	35	anticompetitive	anticompetitive	ADJ
cblr-8635	96	36	,	,	PUNCT
cblr-8635	96	37	leading	lead	VERB
cblr-8635	96	38	to	to	ADP
cblr-8635	96	39	shareholder	shareholder	NOUN
cblr-8635	96	40	pressure	pressure	NOUN
cblr-8635	96	41	in	in	ADP
cblr-8635	96	42	some	some	DET
cblr-8635	96	43	industries	industry	NOUN
cblr-8635	96	44	for	for	ADP
cblr-8635	96	45	firms	firm	NOUN
cblr-8635	96	46	not	not	PART
cblr-8635	96	47	to	to	PART
cblr-8635	96	48	compete	compete	VERB
cblr-8635	96	49	.	.	PUNCT
cblr-8635	97	1	see	see	VERB
cblr-8635	97	2	einer	einer	NOUN
cblr-8635	97	3	elhauge	elhauge	NOUN
cblr-8635	97	4	,	,	PUNCT
cblr-8635	97	5	horizontal	horizontal	ADJ
cblr-8635	97	6	shareholding	shareholding	NOUN
cblr-8635	97	7	,	,	PUNCT
cblr-8635	97	8	129	129	NUM
cblr-8635	97	9	harv	harv	NOUN
cblr-8635	97	10	.	.	PUNCT
cblr-8635	98	1	l.	l.	PROPN
cblr-8635	98	2	rev	rev	PROPN
cblr-8635	98	3	.	.	PROPN
cblr-8635	98	4	1267	1267	NUM
cblr-8635	98	5	,	,	PUNCT
cblr-8635	98	6	1268–69	1268–69	NUM
cblr-8635	98	7	(	(	PUNCT
cblr-8635	98	8	2016	2016	NUM
cblr-8635	98	9	)	)	PUNCT
cblr-8635	98	10	;	;	PUNCT
cblr-8635	98	11	josé	josé	PROPN
cblr-8635	98	12	azar	azar	PROPN
cblr-8635	98	13	,	,	PUNCT
cblr-8635	98	14	martin	martin	PROPN
cblr-8635	98	15	c.	c.	PROPN
cblr-8635	98	16	schmalz	schmalz	PROPN
cblr-8635	98	17	&	&	CCONJ
cblr-8635	98	18	isabel	isabel	PROPN
cblr-8635	98	19	tecu	tecu	PROPN
cblr-8635	98	20	,	,	PUNCT
cblr-8635	98	21	anticompetitive	anticompetitive	ADJ
cblr-8635	98	22	effects	effect	NOUN
cblr-8635	98	23	of	of	ADP
cblr-8635	98	24	common	common	ADJ
cblr-8635	98	25	ownership	ownership	NOUN
cblr-8635	98	26	,	,	PUNCT
cblr-8635	98	27	73	73	NUM
cblr-8635	98	28	j.	j.	PROPN
cblr-8635	98	29	fin	fin	PROPN
cblr-8635	98	30	.	.	PUNCT
cblr-8635	98	31	1513	1513	NUM
cblr-8635	98	32	,	,	PUNCT
cblr-8635	98	33	1514	1514	NUM
cblr-8635	98	34	(	(	PUNCT
cblr-8635	98	35	2018	2018	NUM
cblr-8635	98	36	)	)	PUNCT
cblr-8635	98	37	.	.	PUNCT
cblr-8635	99	1	however	however	ADV
cblr-8635	99	2	,	,	PUNCT
cblr-8635	99	3	the	the	DET
cblr-8635	99	4	flip	flip	ADJ
cblr-8635	99	5	side	side	NOUN
cblr-8635	99	6	of	of	ADP
cblr-8635	99	7	this	this	DET
cblr-8635	99	8	coin	coin	NOUN
cblr-8635	99	9	is	be	AUX
cblr-8635	99	10	that	that	SCONJ
cblr-8635	99	11	institutions	institution	NOUN
cblr-8635	99	12	can	can	AUX
cblr-8635	99	13	use	use	VERB
cblr-8635	99	14	their	their	PRON
cblr-8635	99	15	collective	collective	ADJ
cblr-8635	99	16	power	power	NOUN
cblr-8635	99	17	to	to	PART
cblr-8635	99	18	induce	induce	VERB
cblr-8635	99	19	their	their	PRON
cblr-8635	99	20	portfolio	portfolio	NOUN
cblr-8635	99	21	companies	company	NOUN
cblr-8635	99	22	to	to	PART
cblr-8635	99	23	behave	behave	VERB
cblr-8635	99	24	in	in	ADP
cblr-8635	99	25	a	a	DET
cblr-8635	99	26	more	more	ADV
cblr-8635	99	27	socially	socially	ADV
cblr-8635	99	28	responsible	responsible	ADJ
cblr-8635	99	29	manner	manner	NOUN
cblr-8635	99	30	(	(	PUNCT
cblr-8635	99	31	at	at	ADP
cblr-8635	99	32	least	least	ADJ
cblr-8635	99	33	when	when	SCONJ
cblr-8635	99	34	it	it	PRON
cblr-8635	99	35	will	will	AUX
cblr-8635	99	36	benefit	benefit	VERB
cblr-8635	99	37	their	their	PRON
cblr-8635	99	38	portfolio	portfolio	NOUN
cblr-8635	99	39	on	on	ADP
cblr-8635	99	40	a	a	DET
cblr-8635	99	41	net	net	ADJ
cblr-8635	99	42	basis	basis	NOUN
cblr-8635	99	43	)	)	PUNCT
cblr-8635	99	44	.	.	PUNCT
cblr-8635	100	1	in	in	ADP
cblr-8635	100	2	particular	particular	ADJ
cblr-8635	100	3	,	,	PUNCT
cblr-8635	100	4	concentrated	concentrated	ADJ
cblr-8635	100	5	owners	owner	NOUN
cblr-8635	100	6	can	can	AUX
cblr-8635	100	7	balance	balance	VERB
cblr-8635	100	8	the	the	DET
cblr-8635	100	9	gains	gain	NOUN
cblr-8635	100	10	caused	cause	VERB
cblr-8635	100	11	to	to	ADP
cblr-8635	100	12	some	some	DET
cblr-8635	100	13	companies	company	NOUN
cblr-8635	100	14	in	in	ADP
cblr-8635	100	15	their	their	PRON
cblr-8635	100	16	portfolio	portfolio	NOUN
cblr-8635	100	17	by	by	ADP
cblr-8635	100	18	shareholder	shareholder	NOUN
cblr-8635	100	19	activism	activism	NOUN
cblr-8635	100	20	that	that	PRON
cblr-8635	100	21	restricts	restrict	VERB
cblr-8635	100	22	or	or	CCONJ
cblr-8635	100	23	discourages	discourage	VERB
cblr-8635	100	24	externalities	externality	NOUN
cblr-8635	100	25	that	that	PRON
cblr-8635	100	26	injure	injure	VERB
cblr-8635	100	27	them	they	PRON
cblr-8635	100	28	against	against	ADP
cblr-8635	100	29	the	the	DET
cblr-8635	100	30	losses	loss	NOUN
cblr-8635	100	31	experienced	experience	VERB
cblr-8635	100	32	by	by	ADP
cblr-8635	100	33	the	the	DET
cblr-8635	100	34	externality	externality	NOUN
cblr-8635	100	35	-	-	PUNCT
cblr-8635	100	36	causing	cause	VERB
cblr-8635	100	37	firms	firm	NOUN
cblr-8635	100	38	in	in	ADP
cblr-8635	100	39	the	the	DET
cblr-8635	100	40	same	same	ADJ
cblr-8635	100	41	portfolio	portfolio	NOUN
cblr-8635	100	42	.	.	PUNCT
cblr-8635	101	1	although	although	SCONJ
cblr-8635	101	2	it	it	PRON
cblr-8635	101	3	can	can	AUX
cblr-8635	101	4	not	not	PART
cblr-8635	101	5	be	be	AUX
cblr-8635	101	6	assumed	assume	VERB
cblr-8635	101	7	that	that	SCONJ
cblr-8635	101	8	the	the	DET
cblr-8635	101	9	potential	potential	ADJ
cblr-8635	101	10	gains	gain	NOUN
cblr-8635	101	11	will	will	AUX
cblr-8635	101	12	necessarily	necessarily	ADV
cblr-8635	101	13	exceed	exceed	VERB
cblr-8635	101	14	the	the	DET
cblr-8635	101	15	potential	potential	ADJ
cblr-8635	101	16	losses	loss	NOUN
cblr-8635	101	17	,	,	PUNCT
cblr-8635	101	18	when	when	SCONJ
cblr-8635	101	19	they	they	PRON
cblr-8635	101	20	do	do	VERB
cblr-8635	101	21	,	,	PUNCT
cblr-8635	101	22	it	it	PRON
cblr-8635	101	23	is	be	AUX
cblr-8635	101	24	good	good	ADJ
cblr-8635	101	25	business	business	NOUN
cblr-8635	101	26	policy	policy	NOUN
cblr-8635	101	27	to	to	PART
cblr-8635	101	28	force	force	VERB
cblr-8635	101	29	the	the	DET
cblr-8635	101	30	internalization	internalization	NOUN
cblr-8635	101	31	of	of	ADP
cblr-8635	101	32	the	the	DET
cblr-8635	101	33	externalities	externality	NOUN
cblr-8635	101	34	by	by	ADP
cblr-8635	101	35	the	the	DET
cblr-8635	101	36	firms	firm	NOUN
cblr-8635	101	37	causing	cause	VERB
cblr-8635	101	38	them	they	PRON
cblr-8635	101	39	.	.	PUNCT
cblr-8635	102	1	see	see	VERB
cblr-8635	102	2	condon	condon	PROPN
cblr-8635	102	3	,	,	PUNCT
cblr-8635	102	4	supra	supra	PROPN
cblr-8635	102	5	note	note	PROPN
cblr-8635	102	6	8	8	NUM
cblr-8635	102	7	,	,	PUNCT
cblr-8635	102	8	at	at	ADP
cblr-8635	102	9	10–11	10–11	NUM
cblr-8635	102	10	.	.	PUNCT
cblr-8635	103	1	coffee	coffee	PROPN
cblr-8635	103	2	8/20/2021	8/20/2021	NUM
cblr-8635	103	3	6:32	6:32	NUM
cblr-8635	103	4	pm	pm	PROPN
cblr-8635	103	5	608	608	NUM
cblr-8635	103	6	columbia	columbia	PROPN
cblr-8635	103	7	business	business	NOUN
cblr-8635	103	8	law	law	NOUN
cblr-8635	103	9	review	review	NOUN
cblr-8635	104	1	[	[	X
cblr-8635	104	2	vol	vol	NOUN
cblr-8635	104	3	.	.	NOUN
cblr-8635	104	4	2021	2021	NUM
cblr-8635	104	5	investors	investor	NOUN
cblr-8635	104	6	,	,	PUNCT
cblr-8635	104	7	as	as	SCONJ
cblr-8635	104	8	indexed	indexed	ADJ
cblr-8635	104	9	institutions	institution	NOUN
cblr-8635	104	10	are	be	AUX
cblr-8635	104	11	not	not	PART
cblr-8635	104	12	seeking	seek	VERB
cblr-8635	104	13	control.10	control.10	NOUN
cblr-8635	104	14	still	still	ADV
cblr-8635	104	15	,	,	PUNCT
cblr-8635	104	16	a	a	DET
cblr-8635	104	17	potential	potential	ADJ
cblr-8635	104	18	conflict	conflict	NOUN
cblr-8635	104	19	may	may	AUX
cblr-8635	104	20	be	be	AUX
cblr-8635	104	21	developing	develop	VERB
cblr-8635	104	22	:	:	PUNCT
cblr-8635	104	23	as	as	ADP
cblr-8635	104	24	diversified	diversified	ADJ
cblr-8635	104	25	institutional	institutional	ADJ
cblr-8635	104	26	investors	investor	NOUN
cblr-8635	104	27	,	,	PUNCT
cblr-8635	104	28	utilizing	utilize	VERB
cblr-8635	104	29	their	their	PRON
cblr-8635	104	30	power	power	NOUN
cblr-8635	104	31	of	of	ADP
cblr-8635	104	32	common	common	ADJ
cblr-8635	104	33	ownership	ownership	NOUN
cblr-8635	104	34	,	,	PUNCT
cblr-8635	104	35	begin	begin	VERB
cblr-8635	104	36	to	to	PART
cblr-8635	104	37	make	make	VERB
cblr-8635	104	38	decisions	decision	NOUN
cblr-8635	104	39	on	on	ADP
cblr-8635	104	40	a	a	DET
cblr-8635	104	41	portfolio	portfolio	NOUN
cblr-8635	104	42	-	-	PUNCT
cblr-8635	104	43	wide	wide	ADJ
cblr-8635	104	44	basis	basis	NOUN
cblr-8635	104	45	(	(	PUNCT
cblr-8635	104	46	deliberately	deliberately	ADV
cblr-8635	104	47	pursuing	pursue	VERB
cblr-8635	104	48	strategies	strategy	NOUN
cblr-8635	104	49	that	that	PRON
cblr-8635	104	50	boost	boost	VERB
cblr-8635	104	51	the	the	DET
cblr-8635	104	52	stocks	stock	NOUN
cblr-8635	104	53	of	of	ADP
cblr-8635	104	54	some	some	DET
cblr-8635	104	55	firms	firm	NOUN
cblr-8635	104	56	in	in	ADP
cblr-8635	104	57	their	their	PRON
cblr-8635	104	58	portfolios	portfolio	NOUN
cblr-8635	104	59	,	,	PUNCT
cblr-8635	104	60	while	while	SCONJ
cblr-8635	104	61	depressing	depress	VERB
cblr-8635	104	62	the	the	DET
cblr-8635	104	63	stocks	stock	NOUN
cblr-8635	104	64	of	of	ADP
cblr-8635	104	65	others	other	NOUN
cblr-8635	104	66	to	to	PART
cblr-8635	104	67	achieve	achieve	VERB
cblr-8635	104	68	a	a	DET
cblr-8635	104	69	net	net	ADJ
cblr-8635	104	70	gain	gain	NOUN
cblr-8635	104	71	)	)	PUNCT
cblr-8635	104	72	,	,	PUNCT
cblr-8635	104	73	they	they	PRON
cblr-8635	104	74	will	will	AUX
cblr-8635	104	75	be	be	AUX
cblr-8635	104	76	taking	take	VERB
cblr-8635	104	77	actions	action	NOUN
cblr-8635	104	78	contrary	contrary	ADJ
cblr-8635	104	79	to	to	ADP
cblr-8635	104	80	the	the	DET
cblr-8635	104	81	interests	interest	NOUN
cblr-8635	104	82	of	of	ADP
cblr-8635	104	83	undiversified	undiversified	ADJ
cblr-8635	104	84	investors	investor	NOUN
cblr-8635	104	85	in	in	ADP
cblr-8635	104	86	those	those	DET
cblr-8635	104	87	firms	firm	NOUN
cblr-8635	104	88	on	on	ADP
cblr-8635	104	89	which	which	PRON
cblr-8635	104	90	they	they	PRON
cblr-8635	104	91	impose	impose	VERB
cblr-8635	104	92	losses	loss	NOUN
cblr-8635	104	93	.	.	PUNCT
cblr-8635	105	1	eventually	eventually	ADV
cblr-8635	105	2	,	,	PUNCT
cblr-8635	105	3	this	this	DET
cblr-8635	105	4	conflict	conflict	NOUN
cblr-8635	105	5	will	will	AUX
cblr-8635	105	6	trigger	trigger	VERB
cblr-8635	105	7	controversy	controversy	NOUN
cblr-8635	105	8	and	and	CCONJ
cblr-8635	105	9	may	may	AUX
cblr-8635	105	10	necessitate	necessitate	ADJ
cblr-8635	105	11	compromises	compromise	NOUN
cblr-8635	105	12	.	.	PUNCT
cblr-8635	106	1	meanwhile	meanwhile	ADV
cblr-8635	106	2	,	,	PUNCT
cblr-8635	106	3	retail	retail	ADJ
cblr-8635	106	4	investors	investor	NOUN
cblr-8635	106	5	have	have	AUX
cblr-8635	106	6	moved	move	VERB
cblr-8635	106	7	their	their	PRON
cblr-8635	106	8	investments	investment	NOUN
cblr-8635	106	9	from	from	ADP
cblr-8635	106	10	“	"	PUNCT
cblr-8635	106	11	actively	actively	ADV
cblr-8635	106	12	managed	manage	VERB
cblr-8635	106	13	”	"	PUNCT
cblr-8635	106	14	(	(	PUNCT
cblr-8635	106	15	or	or	CCONJ
cblr-8635	106	16	“	"	PUNCT
cblr-8635	106	17	stock	stock	NOUN
cblr-8635	106	18	-	-	PUNCT
cblr-8635	106	19	picking	picking	NOUN
cblr-8635	106	20	”	"	PUNCT
cblr-8635	106	21	)	)	PUNCT
cblr-8635	106	22	mutual	mutual	ADJ
cblr-8635	106	23	funds	fund	NOUN
cblr-8635	106	24	to	to	ADP
cblr-8635	106	25	more	more	ADV
cblr-8635	106	26	passive	passive	ADJ
cblr-8635	106	27	index	index	NOUN
cblr-8635	106	28	funds.11	funds.11	NOUN
cblr-8635	106	29	collectively	collectively	ADV
cblr-8635	106	30	,	,	PUNCT
cblr-8635	106	31	retail	retail	ADJ
cblr-8635	106	32	investors	investor	NOUN
cblr-8635	106	33	seem	seem	VERB
cblr-8635	106	34	to	to	PART
cblr-8635	106	35	have	have	AUX
cblr-8635	106	36	finally	finally	ADV
cblr-8635	106	37	recognized	recognize	VERB
cblr-8635	106	38	that	that	SCONJ
cblr-8635	106	39	they	they	PRON
cblr-8635	106	40	are	be	AUX
cblr-8635	106	41	poor	poor	ADJ
cblr-8635	106	42	stock	stock	NOUN
cblr-8635	106	43	pickers	picker	NOUN
cblr-8635	106	44	who	who	PRON
cblr-8635	106	45	systematically	systematically	ADV
cblr-8635	106	46	lose	lose	VERB
cblr-8635	106	47	money	money	NOUN
cblr-8635	106	48	when	when	SCONJ
cblr-8635	106	49	they	they	PRON
cblr-8635	106	50	trade	trade	VERB
cblr-8635	106	51	actively	actively	ADV
cblr-8635	106	52	on	on	ADP
cblr-8635	106	53	their	their	PRON
cblr-8635	106	54	own.12	own.12	NOUN
cblr-8635	106	55	as	as	ADP
cblr-8635	106	56	a	a	DET
cblr-8635	106	57	result	result	NOUN
cblr-8635	106	58	,	,	PUNCT
cblr-8635	106	59	they	they	PRON
cblr-8635	106	60	have	have	AUX
cblr-8635	106	61	migrated	migrate	VERB
cblr-8635	106	62	in	in	ADP
cblr-8635	106	63	large	large	ADJ
cblr-8635	106	64	numbers	number	NOUN
cblr-8635	106	65	to	to	PART
cblr-8635	106	66	invest	invest	VERB
cblr-8635	106	67	in	in	ADP
cblr-8635	106	68	highly	highly	ADV
cblr-8635	106	69	diversified	diversify	VERB
cblr-8635	106	70	institutional	institutional	ADJ
cblr-8635	106	71	intermediaries	intermediary	NOUN
cblr-8635	106	72	(	(	PUNCT
cblr-8635	106	73	led	lead	VERB
cblr-8635	106	74	by	by	ADP
cblr-8635	106	75	the	the	DET
cblr-8635	106	76	big	big	ADJ
cblr-8635	106	77	three	three	NUM
cblr-8635	106	78	)	)	PUNCT
cblr-8635	106	79	,	,	PUNCT
cblr-8635	106	80	thereby	thereby	ADV
cblr-8635	106	81	further	far	ADV
cblr-8635	106	82	increasing	increase	VERB
cblr-8635	106	83	ownership	ownership	NOUN
cblr-8635	106	84	concentration.13	concentration.13	NOUN
cblr-8635	106	85	10	10	NUM
cblr-8635	106	86	for	for	ADP
cblr-8635	106	87	a	a	DET
cblr-8635	106	88	discussion	discussion	NOUN
cblr-8635	106	89	of	of	ADP
cblr-8635	106	90	constraints	constraint	NOUN
cblr-8635	106	91	on	on	ADP
cblr-8635	106	92	institutional	institutional	ADJ
cblr-8635	106	93	control	control	NOUN
cblr-8635	106	94	,	,	PUNCT
cblr-8635	106	95	see	see	VERB
cblr-8635	106	96	jill	jill	PROPN
cblr-8635	106	97	fisch	fisch	PROPN
cblr-8635	106	98	,	,	PUNCT
cblr-8635	106	99	assaf	assaf	PROPN
cblr-8635	106	100	hamdani	hamdani	PROPN
cblr-8635	106	101	&	&	CCONJ
cblr-8635	106	102	steven	steven	PROPN
cblr-8635	106	103	davidoff	davidoff	PROPN
cblr-8635	106	104	solomon	solomon	PROPN
cblr-8635	106	105	,	,	PUNCT
cblr-8635	106	106	the	the	DET
cblr-8635	106	107	new	new	ADJ
cblr-8635	106	108	titans	titan	NOUN
cblr-8635	106	109	of	of	ADP
cblr-8635	106	110	wall	wall	PROPN
cblr-8635	106	111	street	street	PROPN
cblr-8635	106	112	:	:	PUNCT
cblr-8635	106	113	a	a	DET
cblr-8635	106	114	theoretical	theoretical	ADJ
cblr-8635	106	115	framework	framework	NOUN
cblr-8635	106	116	for	for	ADP
cblr-8635	106	117	passive	passive	ADJ
cblr-8635	106	118	investors	investor	NOUN
cblr-8635	106	119	,	,	PUNCT
cblr-8635	106	120	168	168	NUM
cblr-8635	106	121	u.	u.	NOUN
cblr-8635	106	122	pa	pa	PROPN
cblr-8635	106	123	.	.	PUNCT
cblr-8635	106	124	l.	l.	PROPN
cblr-8635	106	125	rev	rev	PROPN
cblr-8635	106	126	.	.	PROPN
cblr-8635	106	127	17	17	NUM
cblr-8635	106	128	,	,	PUNCT
cblr-8635	106	129	61–64	61–64	NUM
cblr-8635	106	130	(	(	PUNCT
cblr-8635	106	131	2019	2019	NUM
cblr-8635	106	132	)	)	PUNCT
cblr-8635	106	133	.	.	PUNCT
cblr-8635	107	1	11	11	NUM
cblr-8635	107	2	in	in	ADP
cblr-8635	107	3	2019	2019	NUM
cblr-8635	107	4	,	,	PUNCT
cblr-8635	107	5	index	index	NOUN
cblr-8635	107	6	funds	fund	NOUN
cblr-8635	107	7	(	(	PUNCT
cblr-8635	107	8	i.e.	i.e.	X
cblr-8635	107	9	,	,	PUNCT
cblr-8635	107	10	mutual	mutual	ADJ
cblr-8635	107	11	funds	fund	NOUN
cblr-8635	107	12	that	that	PRON
cblr-8635	107	13	track	track	VERB
cblr-8635	107	14	a	a	DET
cblr-8635	107	15	broad	broad	ADJ
cblr-8635	107	16	market	market	NOUN
cblr-8635	107	17	index	index	NOUN
cblr-8635	107	18	)	)	PUNCT
cblr-8635	107	19	for	for	ADP
cblr-8635	107	20	the	the	DET
cblr-8635	107	21	first	first	ADJ
cblr-8635	107	22	time	time	NOUN
cblr-8635	107	23	exceeded	exceed	VERB
cblr-8635	107	24	traditional	traditional	ADJ
cblr-8635	107	25	stock	stock	NOUN
cblr-8635	107	26	-	-	PUNCT
cblr-8635	107	27	picking	pick	VERB
cblr-8635	107	28	funds	fund	NOUN
cblr-8635	107	29	,	,	PUNCT
cblr-8635	107	30	holding	hold	VERB
cblr-8635	107	31	$	$	SYM
cblr-8635	107	32	4.27	4.27	NUM
cblr-8635	107	33	trillion	trillion	NUM
cblr-8635	107	34	in	in	ADP
cblr-8635	107	35	assets	asset	NOUN
cblr-8635	107	36	as	as	SCONJ
cblr-8635	107	37	compared	compare	VERB
cblr-8635	107	38	to	to	ADP
cblr-8635	107	39	$	$	SYM
cblr-8635	107	40	4.25	4.25	NUM
cblr-8635	107	41	trillion	trillion	NUM
cblr-8635	107	42	for	for	ADP
cblr-8635	107	43	traditional	traditional	ADJ
cblr-8635	107	44	stockpicking	stockpicking	NOUN
cblr-8635	107	45	funds	fund	NOUN
cblr-8635	107	46	.	.	PUNCT
cblr-8635	108	1	dawn	dawn	PROPN
cblr-8635	108	2	lin	lin	PROPN
cblr-8635	108	3	,	,	PUNCT
cblr-8635	108	4	index	index	NOUN
cblr-8635	108	5	funds	fund	NOUN
cblr-8635	108	6	are	be	AUX
cblr-8635	108	7	the	the	DET
cblr-8635	108	8	new	new	ADJ
cblr-8635	108	9	kings	king	NOUN
cblr-8635	108	10	of	of	ADP
cblr-8635	108	11	wall	wall	PROPN
cblr-8635	108	12	street	street	PROPN
cblr-8635	108	13	,	,	PUNCT
cblr-8635	108	14	wall	wall	PROPN
cblr-8635	108	15	st	st	PROPN
cblr-8635	108	16	.	.	PROPN
cblr-8635	108	17	j.	j.	PROPN
cblr-8635	108	18	,	,	PUNCT
cblr-8635	108	19	(	(	PUNCT
cblr-8635	108	20	sept	sept	PROPN
cblr-8635	108	21	.	.	PROPN
cblr-8635	108	22	18	18	NUM
cblr-8635	108	23	,	,	PUNCT
cblr-8635	108	24	2019	2019	NUM
cblr-8635	108	25	,	,	PUNCT
cblr-8635	108	26	5:30	5:30	NUM
cblr-8635	108	27	am	am	NOUN
cblr-8635	108	28	)	)	PUNCT
cblr-8635	108	29	(	(	PUNCT
cblr-8635	108	30	on	on	ADP
cblr-8635	108	31	file	file	NOUN
cblr-8635	108	32	with	with	ADP
cblr-8635	108	33	the	the	DET
cblr-8635	108	34	columbia	columbia	PROPN
cblr-8635	108	35	business	business	PROPN
cblr-8635	108	36	law	law	PROPN
cblr-8635	108	37	review	review	PROPN
cblr-8635	108	38	)	)	PUNCT
cblr-8635	108	39	,	,	PUNCT
cblr-8635	108	40	https://www.wsj.com/articles/index-funds-are-the-new-kingsof-wall-street-11568799004	https://www.wsj.com/articles/index-funds-are-the-new-kingsof-wall-street-11568799004	NOUN
cblr-8635	108	41	;	;	PUNCT
cblr-8635	108	42	see	see	VERB
cblr-8635	108	43	also	also	ADV
cblr-8635	108	44	generally	generally	ADV
cblr-8635	108	45	fisch	fisch	VERB
cblr-8635	108	46	et	et	PROPN
cblr-8635	108	47	al	al	PROPN
cblr-8635	108	48	.	.	PROPN
cblr-8635	108	49	,	,	PUNCT
cblr-8635	108	50	supra	supra	PROPN
cblr-8635	108	51	note	note	NOUN
cblr-8635	108	52	10	10	NUM
cblr-8635	108	53	.	.	PUNCT
cblr-8635	108	54	12	12	NUM
cblr-8635	109	1	the	the	DET
cblr-8635	109	2	simple	simple	ADJ
cblr-8635	109	3	truth	truth	NOUN
cblr-8635	109	4	is	be	AUX
cblr-8635	109	5	that	that	SCONJ
cblr-8635	109	6	only	only	ADV
cblr-8635	109	7	a	a	DET
cblr-8635	109	8	small	small	ADJ
cblr-8635	109	9	minority	minority	NOUN
cblr-8635	109	10	of	of	ADP
cblr-8635	109	11	actively	actively	ADV
cblr-8635	109	12	managed	manage	VERB
cblr-8635	109	13	funds	fund	NOUN
cblr-8635	109	14	have	have	AUX
cblr-8635	109	15	outperformed	outperform	VERB
cblr-8635	109	16	passive	passive	ADJ
cblr-8635	109	17	index	index	NOUN
cblr-8635	109	18	funds	fund	NOUN
cblr-8635	109	19	.	.	PUNCT
cblr-8635	110	1	in	in	ADP
cblr-8635	110	2	his	his	PRON
cblr-8635	110	3	presidential	presidential	ADJ
cblr-8635	110	4	address	address	NOUN
cblr-8635	110	5	to	to	ADP
cblr-8635	110	6	the	the	DET
cblr-8635	110	7	american	american	PROPN
cblr-8635	110	8	economics	economics	PROPN
cblr-8635	110	9	association	association	PROPN
cblr-8635	110	10	,	,	PUNCT
cblr-8635	110	11	professor	professor	PROPN
cblr-8635	110	12	kenneth	kenneth	PROPN
cblr-8635	110	13	r.	r.	PROPN
cblr-8635	110	14	french	french	PROPN
cblr-8635	110	15	assembled	assemble	VERB
cblr-8635	110	16	data	datum	NOUN
cblr-8635	110	17	showing	show	VERB
cblr-8635	110	18	that	that	SCONJ
cblr-8635	110	19	,	,	PUNCT
cblr-8635	110	20	over	over	ADP
cblr-8635	110	21	the	the	DET
cblr-8635	110	22	period	period	NOUN
cblr-8635	110	23	from	from	ADP
cblr-8635	110	24	1980	1980	NUM
cblr-8635	110	25	to	to	ADP
cblr-8635	110	26	2006	2006	NUM
cblr-8635	110	27	,	,	PUNCT
cblr-8635	110	28	a	a	DET
cblr-8635	110	29	passive	passive	ADJ
cblr-8635	110	30	investor	investor	NOUN
cblr-8635	110	31	would	would	AUX
cblr-8635	110	32	have	have	VERB
cblr-8635	110	33	on	on	ADP
cblr-8635	110	34	average	average	ADJ
cblr-8635	110	35	beaten	beat	VERB
cblr-8635	110	36	an	an	DET
cblr-8635	110	37	actively	actively	ADV
cblr-8635	110	38	-	-	PUNCT
cblr-8635	110	39	trading	trading	NOUN
cblr-8635	110	40	investor	investor	NOUN
cblr-8635	110	41	by	by	ADP
cblr-8635	110	42	over	over	ADP
cblr-8635	110	43	sixty	sixty	NUM
cblr-8635	110	44	-	-	PUNCT
cblr-8635	110	45	seven	seven	NUM
cblr-8635	110	46	basis	basis	NOUN
cblr-8635	110	47	points	point	NOUN
cblr-8635	110	48	per	per	ADP
cblr-8635	110	49	year	year	NOUN
cblr-8635	110	50	.	.	PUNCT
cblr-8635	111	1	kenneth	kenneth	PROPN
cblr-8635	111	2	r.	r.	PROPN
cblr-8635	111	3	french	french	PROPN
cblr-8635	111	4	,	,	PUNCT
cblr-8635	111	5	presidential	presidential	ADJ
cblr-8635	111	6	address	address	NOUN
cblr-8635	111	7	,	,	PUNCT
cblr-8635	111	8	the	the	DET
cblr-8635	111	9	cost	cost	NOUN
cblr-8635	111	10	of	of	ADP
cblr-8635	111	11	active	active	ADJ
cblr-8635	111	12	investing	investing	NOUN
cblr-8635	111	13	,	,	PUNCT
cblr-8635	111	14	63	63	NUM
cblr-8635	111	15	j.	j.	PROPN
cblr-8635	111	16	fin	fin	PROPN
cblr-8635	111	17	.	.	PUNCT
cblr-8635	111	18	1537	1537	NUM
cblr-8635	111	19	,	,	PUNCT
cblr-8635	111	20	1561	1561	NUM
cblr-8635	111	21	(	(	PUNCT
cblr-8635	111	22	2008	2008	NUM
cblr-8635	111	23	)	)	PUNCT
cblr-8635	111	24	.	.	PUNCT
cblr-8635	112	1	13	13	NUM
cblr-8635	112	2	while	while	SCONJ
cblr-8635	112	3	the	the	DET
cblr-8635	112	4	big	big	ADJ
cblr-8635	112	5	three	three	NUM
cblr-8635	112	6	now	now	ADV
cblr-8635	112	7	hold	hold	VERB
cblr-8635	112	8	over	over	ADP
cblr-8635	112	9	20	20	NUM
cblr-8635	112	10	%	%	NOUN
cblr-8635	112	11	,	,	PUNCT
cblr-8635	112	12	some	some	PRON
cblr-8635	112	13	estimate	estimate	VERB
cblr-8635	112	14	that	that	SCONJ
cblr-8635	112	15	they	they	PRON
cblr-8635	112	16	will	will	AUX
cblr-8635	112	17	hold	hold	VERB
cblr-8635	112	18	40	40	NUM
cblr-8635	112	19	%	%	NOUN
cblr-8635	112	20	or	or	CCONJ
cblr-8635	112	21	more	more	ADJ
cblr-8635	112	22	of	of	ADP
cblr-8635	112	23	the	the	DET
cblr-8635	112	24	shares	share	NOUN
cblr-8635	112	25	in	in	ADP
cblr-8635	112	26	the	the	DET
cblr-8635	112	27	s&p	s&p	PROPN
cblr-8635	112	28	500	500	NUM
cblr-8635	112	29	within	within	ADP
cblr-8635	112	30	two	two	NUM
cblr-8635	112	31	decades	decade	NOUN
cblr-8635	112	32	.	.	PUNCT
cblr-8635	113	1	see	see	VERB
cblr-8635	113	2	bebchuk	bebchuk	NOUN
cblr-8635	113	3	&	&	CCONJ
cblr-8635	113	4	hirst	hirst	PROPN
cblr-8635	113	5	,	,	PUNCT
cblr-8635	113	6	supra	supra	PROPN
cblr-8635	113	7	note	note	PROPN
cblr-8635	113	8	8	8	NUM
cblr-8635	113	9	,	,	PUNCT
cblr-8635	113	10	at	at	ADP
cblr-8635	113	11	740	740	NUM
cblr-8635	113	12	fig.3	fig.3	PROPN
cblr-8635	113	13	,	,	PUNCT
cblr-8635	113	14	741	741	NUM
cblr-8635	113	15	.	.	PUNCT
cblr-8635	114	1	coffee	coffee	PROPN
cblr-8635	114	2	8/20/2021	8/20/2021	NUM
cblr-8635	114	3	6:32	6:32	NUM
cblr-8635	114	4	pm	pm	NOUN
cblr-8635	114	5	no	no	INTJ
cblr-8635	114	6	.	.	PUNCT
cblr-8635	115	1	2:602	2:602	NUM
cblr-8635	115	2	]	]	X
cblr-8635	115	3	the	the	DET
cblr-8635	115	4	future	future	NOUN
cblr-8635	115	5	of	of	ADP
cblr-8635	115	6	disclosure	disclosure	NOUN
cblr-8635	115	7	609	609	NUM
cblr-8635	115	8	finally	finally	ADV
cblr-8635	115	9	,	,	PUNCT
cblr-8635	115	10	the	the	DET
cblr-8635	115	11	third	third	ADJ
cblr-8635	115	12	important	important	ADJ
cblr-8635	115	13	transition	transition	NOUN
cblr-8635	115	14	involves	involve	VERB
cblr-8635	115	15	a	a	DET
cblr-8635	115	16	new	new	ADJ
cblr-8635	115	17	demand	demand	NOUN
cblr-8635	115	18	among	among	ADP
cblr-8635	115	19	investors	investor	NOUN
cblr-8635	115	20	(	(	PUNCT
cblr-8635	115	21	particularly	particularly	ADV
cblr-8635	115	22	among	among	ADP
cblr-8635	115	23	diversified	diversified	ADJ
cblr-8635	115	24	institutional	institutional	ADJ
cblr-8635	115	25	investors	investor	NOUN
cblr-8635	115	26	)	)	PUNCT
cblr-8635	115	27	for	for	ADP
cblr-8635	115	28	a	a	DET
cblr-8635	115	29	new	new	ADJ
cblr-8635	115	30	category	category	NOUN
cblr-8635	115	31	of	of	ADP
cblr-8635	115	32	information	information	NOUN
cblr-8635	115	33	,	,	PUNCT
cblr-8635	115	34	known	know	VERB
cblr-8635	115	35	as	as	ADP
cblr-8635	115	36	“	"	PUNCT
cblr-8635	115	37	esg	esg	NOUN
cblr-8635	115	38	”	"	PUNCT
cblr-8635	115	39	disclosures	disclosure	NOUN
cblr-8635	115	40	(	(	PUNCT
cblr-8635	115	41	esg	esg	NOUN
cblr-8635	115	42	is	be	AUX
cblr-8635	115	43	an	an	DET
cblr-8635	115	44	acronym	acronym	NOUN
cblr-8635	115	45	that	that	PRON
cblr-8635	115	46	stands	stand	VERB
cblr-8635	115	47	for	for	ADP
cblr-8635	115	48	“	"	PUNCT
cblr-8635	115	49	environmental	environmental	ADJ
cblr-8635	115	50	,	,	PUNCT
cblr-8635	115	51	social	social	ADJ
cblr-8635	115	52	,	,	PUNCT
cblr-8635	115	53	and	and	CCONJ
cblr-8635	115	54	governance”).14	governance”).14	NOUN
cblr-8635	115	55	investors	investor	NOUN
cblr-8635	115	56	who	who	PRON
cblr-8635	115	57	pursue	pursue	VERB
cblr-8635	115	58	“	"	PUNCT
cblr-8635	115	59	esg	esg	PROPN
cblr-8635	115	60	investing	investing	NOUN
cblr-8635	115	61	”	"	PUNCT
cblr-8635	115	62	tend	tend	VERB
cblr-8635	115	63	to	to	PART
cblr-8635	115	64	focus	focus	VERB
cblr-8635	115	65	heavily	heavily	ADV
cblr-8635	115	66	on	on	ADP
cblr-8635	115	67	the	the	DET
cblr-8635	115	68	environmental	environmental	ADJ
cblr-8635	115	69	and	and	CCONJ
cblr-8635	115	70	social	social	ADJ
cblr-8635	115	71	impact	impact	NOUN
cblr-8635	115	72	of	of	ADP
cblr-8635	115	73	the	the	DET
cblr-8635	115	74	firm	firm	NOUN
cblr-8635	115	75	and	and	CCONJ
cblr-8635	115	76	on	on	ADP
cblr-8635	115	77	its	its	PRON
cblr-8635	115	78	human	human	ADJ
cblr-8635	115	79	capital	capital	NOUN
cblr-8635	115	80	(	(	PUNCT
cblr-8635	115	81	including	include	VERB
cblr-8635	115	82	the	the	DET
cblr-8635	115	83	level	level	NOUN
cblr-8635	115	84	of	of	ADP
cblr-8635	115	85	racial	racial	ADJ
cblr-8635	115	86	and	and	CCONJ
cblr-8635	115	87	gender	gender	NOUN
cblr-8635	115	88	diversity	diversity	NOUN
cblr-8635	115	89	at	at	ADP
cblr-8635	115	90	the	the	DET
cblr-8635	115	91	firm).15	firm).15	PROPN
cblr-8635	115	92	although	although	SCONJ
cblr-8635	115	93	it	it	PRON
cblr-8635	115	94	may	may	AUX
cblr-8635	115	95	be	be	AUX
cblr-8635	115	96	clear	clear	ADJ
cblr-8635	115	97	why	why	SCONJ
cblr-8635	115	98	social	social	ADJ
cblr-8635	115	99	activists	activist	NOUN
cblr-8635	115	100	want	want	VERB
cblr-8635	115	101	to	to	PART
cblr-8635	115	102	encourage	encourage	VERB
cblr-8635	115	103	such	such	ADJ
cblr-8635	115	104	socially	socially	ADV
cblr-8635	115	105	relevant	relevant	ADJ
cblr-8635	115	106	disclosures	disclosure	NOUN
cblr-8635	115	107	,	,	PUNCT
cblr-8635	115	108	it	it	PRON
cblr-8635	115	109	puzzles	puzzle	VERB
cblr-8635	115	110	many	many	ADJ
cblr-8635	115	111	why	why	SCONJ
cblr-8635	115	112	diversified	diversified	ADJ
cblr-8635	115	113	institutional	institutional	ADJ
cblr-8635	115	114	investors	investor	NOUN
cblr-8635	115	115	have	have	AUX
cblr-8635	115	116	been	be	AUX
cblr-8635	115	117	the	the	DET
cblr-8635	115	118	strongest	strong	ADJ
cblr-8635	115	119	proponents	proponent	NOUN
cblr-8635	115	120	of	of	ADP
cblr-8635	115	121	increased	increase	VERB
cblr-8635	115	122	esg	esg	PROPN
cblr-8635	115	123	disclosure.16	disclosure.16	PROPN
cblr-8635	115	124	this	this	DET
cblr-8635	115	125	article	article	NOUN
cblr-8635	115	126	argues	argue	VERB
cblr-8635	115	127	that	that	SCONJ
cblr-8635	115	128	this	this	DET
cblr-8635	115	129	development	development	NOUN
cblr-8635	115	130	is	be	AUX
cblr-8635	115	131	neither	neither	CCONJ
cblr-8635	115	132	strange	strange	ADJ
cblr-8635	115	133	nor	nor	CCONJ
cblr-8635	115	134	the	the	DET
cblr-8635	115	135	product	product	NOUN
cblr-8635	115	136	of	of	ADP
cblr-8635	115	137	the	the	DET
cblr-8635	115	138	political	political	ADJ
cblr-8635	115	139	sympathies	sympathy	NOUN
cblr-8635	115	140	of	of	ADP
cblr-8635	115	141	individual	individual	ADJ
cblr-8635	115	142	fund	fund	NOUN
cblr-8635	115	143	managers	manager	NOUN
cblr-8635	115	144	,	,	PUNCT
cblr-8635	115	145	but	but	CCONJ
cblr-8635	115	146	is	be	AUX
cblr-8635	115	147	the	the	DET
cblr-8635	115	148	consequence	consequence	NOUN
cblr-8635	115	149	of	of	ADP
cblr-8635	115	150	a	a	DET
cblr-8635	115	151	fundamental	fundamental	ADJ
cblr-8635	115	152	economic	economic	ADJ
cblr-8635	115	153	logic	logic	NOUN
cblr-8635	115	154	.	.	PUNCT
cblr-8635	116	1	put	put	VERB
cblr-8635	116	2	simply	simply	ADV
cblr-8635	116	3	,	,	PUNCT
cblr-8635	116	4	their	their	PRON
cblr-8635	116	5	interest	interest	NOUN
cblr-8635	116	6	in	in	ADP
cblr-8635	116	7	esg	esg	PROPN
cblr-8635	116	8	disclosures	disclosure	NOUN
cblr-8635	116	9	flows	flow	VERB
cblr-8635	116	10	directly	directly	ADV
cblr-8635	116	11	both	both	CCONJ
cblr-8635	116	12	from	from	ADP
cblr-8635	116	13	the	the	DET
cblr-8635	116	14	capital	capital	NOUN
cblr-8635	116	15	asset	asset	NOUN
cblr-8635	116	16	pricing	pricing	NOUN
cblr-8635	116	17	model	model	NOUN
cblr-8635	116	18	(	(	PUNCT
cblr-8635	116	19	capm)17	capm)17	VERB
cblr-8635	116	20	and	and	CCONJ
cblr-8635	116	21	from	from	ADP
cblr-8635	116	22	the	the	DET
cblr-8635	116	23	just	just	ADV
cblr-8635	116	24	-	-	PUNCT
cblr-8635	116	25	noted	note	VERB
cblr-8635	116	26	fact	fact	NOUN
cblr-8635	116	27	14	14	NUM
cblr-8635	116	28	many	many	ADJ
cblr-8635	116	29	believe	believe	VERB
cblr-8635	116	30	that	that	SCONJ
cblr-8635	116	31	trustees	trustee	NOUN
cblr-8635	116	32	and	and	CCONJ
cblr-8635	116	33	other	other	ADJ
cblr-8635	116	34	fiduciaries	fiduciary	NOUN
cblr-8635	116	35	“	"	PUNCT
cblr-8635	116	36	have	have	AUX
cblr-8635	116	37	come	come	VERB
cblr-8635	116	38	under	under	ADP
cblr-8635	116	39	increasing	increase	VERB
cblr-8635	116	40	pressure	pressure	NOUN
cblr-8635	116	41	to	to	PART
cblr-8635	116	42	use	use	VERB
cblr-8635	116	43	environmental	environmental	ADJ
cblr-8635	116	44	,	,	PUNCT
cblr-8635	116	45	social	social	ADJ
cblr-8635	116	46	,	,	PUNCT
cblr-8635	116	47	and	and	CCONJ
cblr-8635	116	48	governance	governance	NOUN
cblr-8635	116	49	(	(	PUNCT
cblr-8635	116	50	esg	esg	NOUN
cblr-8635	116	51	)	)	PUNCT
cblr-8635	116	52	factors	factor	NOUN
cblr-8635	116	53	in	in	ADP
cblr-8635	116	54	their	their	PRON
cblr-8635	116	55	investment	investment	NOUN
cblr-8635	116	56	decisions	decision	NOUN
cblr-8635	116	57	.	.	PUNCT
cblr-8635	116	58	”	"	PUNCT
cblr-8635	117	1	see	see	VERB
cblr-8635	117	2	max	max	PROPN
cblr-8635	117	3	m.	m.	PROPN
cblr-8635	117	4	schanzenbach	schanzenbach	PROPN
cblr-8635	117	5	&	&	CCONJ
cblr-8635	117	6	robert	robert	PROPN
cblr-8635	117	7	h.	h.	PROPN
cblr-8635	117	8	sitkoff	sitkoff	PROPN
cblr-8635	117	9	,	,	PUNCT
cblr-8635	117	10	reconciling	reconcile	VERB
cblr-8635	117	11	fiduciary	fiduciary	ADJ
cblr-8635	117	12	duty	duty	NOUN
cblr-8635	117	13	and	and	CCONJ
cblr-8635	117	14	social	social	ADJ
cblr-8635	117	15	conscience	conscience	NOUN
cblr-8635	117	16	:	:	PUNCT
cblr-8635	117	17	the	the	DET
cblr-8635	117	18	law	law	NOUN
cblr-8635	117	19	and	and	CCONJ
cblr-8635	117	20	economics	economic	NOUN
cblr-8635	117	21	of	of	ADP
cblr-8635	117	22	esg	esg	PROPN
cblr-8635	117	23	investing	invest	VERB
cblr-8635	117	24	by	by	ADP
cblr-8635	117	25	a	a	DET
cblr-8635	117	26	trustee	trustee	NOUN
cblr-8635	117	27	,	,	PUNCT
cblr-8635	117	28	72	72	NUM
cblr-8635	117	29	stan	stan	NOUN
cblr-8635	117	30	.	.	PUNCT
cblr-8635	118	1	l.	l.	PROPN
cblr-8635	118	2	rev	rev	PROPN
cblr-8635	118	3	.	.	PROPN
cblr-8635	118	4	381	381	NUM
cblr-8635	118	5	,	,	PUNCT
cblr-8635	118	6	384	384	NUM
cblr-8635	118	7	(	(	PUNCT
cblr-8635	118	8	2020	2020	NUM
cblr-8635	118	9	)	)	PUNCT
cblr-8635	118	10	.	.	PUNCT
cblr-8635	119	1	although	although	SCONJ
cblr-8635	119	2	there	there	PRON
cblr-8635	119	3	may	may	AUX
cblr-8635	119	4	be	be	AUX
cblr-8635	119	5	pressure	pressure	NOUN
cblr-8635	119	6	(	(	PUNCT
cblr-8635	119	7	particularly	particularly	ADV
cblr-8635	119	8	in	in	ADP
cblr-8635	119	9	the	the	DET
cblr-8635	119	10	case	case	NOUN
cblr-8635	119	11	of	of	ADP
cblr-8635	119	12	public	public	ADJ
cblr-8635	119	13	pension	pension	NOUN
cblr-8635	119	14	funds	fund	NOUN
cblr-8635	119	15	,	,	PUNCT
cblr-8635	119	16	which	which	PRON
cblr-8635	119	17	are	be	AUX
cblr-8635	119	18	politically	politically	ADV
cblr-8635	119	19	accountable	accountable	ADJ
cblr-8635	119	20	)	)	PUNCT
cblr-8635	119	21	,	,	PUNCT
cblr-8635	119	22	this	this	DET
cblr-8635	119	23	article	article	NOUN
cblr-8635	119	24	will	will	AUX
cblr-8635	119	25	assert	assert	VERB
cblr-8635	119	26	that	that	PRON
cblr-8635	119	27	sound	sound	ADJ
cblr-8635	119	28	economic	economic	ADJ
cblr-8635	119	29	reasons	reason	NOUN
cblr-8635	119	30	better	well	ADV
cblr-8635	119	31	explain	explain	VERB
cblr-8635	119	32	why	why	SCONJ
cblr-8635	119	33	fiduciaries	fiduciary	NOUN
cblr-8635	119	34	at	at	ADP
cblr-8635	119	35	large	large	ADJ
cblr-8635	119	36	diversified	diversified	ADJ
cblr-8635	119	37	investors	investor	NOUN
cblr-8635	119	38	favor	favor	VERB
cblr-8635	119	39	esg	esg	NOUN
cblr-8635	119	40	principles	principle	NOUN
cblr-8635	119	41	,	,	PUNCT
cblr-8635	119	42	and	and	CCONJ
cblr-8635	119	43	thus	thus	ADV
cblr-8635	119	44	why	why	SCONJ
cblr-8635	119	45	esg	esg	PROPN
cblr-8635	119	46	investing	investing	NOUN
cblr-8635	119	47	is	be	AUX
cblr-8635	119	48	likely	likely	ADJ
cblr-8635	119	49	to	to	PART
cblr-8635	119	50	increase	increase	VERB
cblr-8635	119	51	for	for	ADP
cblr-8635	119	52	reasons	reason	NOUN
cblr-8635	119	53	unrelated	unrelated	ADJ
cblr-8635	119	54	to	to	ADP
cblr-8635	119	55	political	political	ADJ
cblr-8635	119	56	pressure	pressure	NOUN
cblr-8635	119	57	.	.	PUNCT
cblr-8635	120	1	interestingly	interestingly	ADV
cblr-8635	120	2	,	,	PUNCT
cblr-8635	120	3	journalists	journalist	NOUN
cblr-8635	120	4	report	report	VERB
cblr-8635	120	5	that	that	SCONJ
cblr-8635	120	6	while	while	SCONJ
cblr-8635	120	7	european	european	ADJ
cblr-8635	120	8	oil	oil	NOUN
cblr-8635	120	9	companies	company	NOUN
cblr-8635	120	10	have	have	AUX
cblr-8635	120	11	been	be	AUX
cblr-8635	120	12	pressured	pressure	VERB
cblr-8635	120	13	by	by	ADP
cblr-8635	120	14	their	their	PRON
cblr-8635	120	15	governments	government	NOUN
cblr-8635	120	16	to	to	PART
cblr-8635	120	17	incorporate	incorporate	VERB
cblr-8635	120	18	esg	esg	NOUN
cblr-8635	120	19	criteria	criterion	NOUN
cblr-8635	120	20	into	into	ADP
cblr-8635	120	21	their	their	PRON
cblr-8635	120	22	decisionmaking	decisionmaking	NOUN
cblr-8635	120	23	,	,	PUNCT
cblr-8635	120	24	the	the	DET
cblr-8635	120	25	pressure	pressure	NOUN
cblr-8635	120	26	on	on	ADP
cblr-8635	120	27	u.s	u.s	PROPN
cblr-8635	120	28	.	.	PROPN
cblr-8635	120	29	oil	oil	NOUN
cblr-8635	120	30	companies	company	NOUN
cblr-8635	120	31	for	for	ADP
cblr-8635	120	32	the	the	DET
cblr-8635	120	33	same	same	ADJ
cblr-8635	120	34	outcome	outcome	NOUN
cblr-8635	120	35	has	have	AUX
cblr-8635	120	36	come	come	VERB
cblr-8635	120	37	exclusively	exclusively	ADV
cblr-8635	120	38	from	from	ADP
cblr-8635	120	39	large	large	ADJ
cblr-8635	120	40	institutional	institutional	ADJ
cblr-8635	120	41	investors	investor	NOUN
cblr-8635	120	42	(	(	PUNCT
cblr-8635	120	43	and	and	CCONJ
cblr-8635	120	44	not	not	PART
cblr-8635	120	45	at	at	ADV
cblr-8635	120	46	all	all	ADV
cblr-8635	120	47	from	from	ADP
cblr-8635	120	48	the	the	DET
cblr-8635	120	49	government	government	NOUN
cblr-8635	120	50	)	)	PUNCT
cblr-8635	120	51	.	.	PUNCT
cblr-8635	121	1	see	see	VERB
cblr-8635	121	2	stanley	stanley	PROPN
cblr-8635	121	3	reed	reed	PROPN
cblr-8635	121	4	,	,	PUNCT
cblr-8635	121	5	europe	europe	PROPN
cblr-8635	121	6	’s	’s	PART
cblr-8635	121	7	oil	oil	NOUN
cblr-8635	121	8	titans	titans	PROPN
cblr-8635	121	9	ramp	ramp	VERB
cblr-8635	121	10	up	up	ADP
cblr-8635	121	11	transition	transition	NOUN
cblr-8635	121	12	to	to	ADP
cblr-8635	121	13	cleaner	clean	ADJ
cblr-8635	121	14	energy	energy	NOUN
cblr-8635	121	15	,	,	PUNCT
cblr-8635	121	16	n.y	n.y	PROPN
cblr-8635	121	17	.	.	PROPN
cblr-8635	121	18	times	times	PROPN
cblr-8635	121	19	,	,	PUNCT
cblr-8635	121	20	aug	aug	PROPN
cblr-8635	121	21	.	.	PROPN
cblr-8635	121	22	17	17	NUM
cblr-8635	121	23	,	,	PUNCT
cblr-8635	121	24	2020	2020	NUM
cblr-8635	121	25	,	,	PUNCT
cblr-8635	121	26	at	at	ADP
cblr-8635	121	27	b1	b1	NOUN
cblr-8635	121	28	.	.	PUNCT
cblr-8635	121	29	15	15	NUM
cblr-8635	121	30	for	for	ADP
cblr-8635	121	31	a	a	DET
cblr-8635	121	32	similar	similar	ADJ
cblr-8635	121	33	description	description	NOUN
cblr-8635	121	34	of	of	ADP
cblr-8635	121	35	esg	esg	PROPN
cblr-8635	121	36	investing	investing	NOUN
cblr-8635	121	37	,	,	PUNCT
cblr-8635	121	38	see	see	VERB
cblr-8635	121	39	schanzenbach	schanzenbach	ADV
cblr-8635	121	40	&	&	CCONJ
cblr-8635	121	41	sitkoff	sitkoff	NOUN
cblr-8635	121	42	,	,	PUNCT
cblr-8635	121	43	supra	supra	PROPN
cblr-8635	121	44	note	note	PROPN
cblr-8635	121	45	14	14	NUM
cblr-8635	121	46	,	,	PUNCT
cblr-8635	121	47	at	at	ADP
cblr-8635	121	48	388	388	NUM
cblr-8635	121	49	.	.	PUNCT
cblr-8635	122	1	16	16	NUM
cblr-8635	122	2	anecdotal	anecdotal	ADJ
cblr-8635	122	3	evidence	evidence	NOUN
cblr-8635	122	4	is	be	AUX
cblr-8635	122	5	abundant	abundant	ADJ
cblr-8635	122	6	that	that	SCONJ
cblr-8635	122	7	diversified	diversified	ADJ
cblr-8635	122	8	institutional	institutional	ADJ
cblr-8635	122	9	investors	investor	NOUN
cblr-8635	122	10	,	,	PUNCT
cblr-8635	122	11	including	include	VERB
cblr-8635	122	12	the	the	DET
cblr-8635	122	13	big	big	ADJ
cblr-8635	122	14	three	three	NUM
cblr-8635	122	15	,	,	PUNCT
cblr-8635	122	16	are	be	AUX
cblr-8635	122	17	placing	place	VERB
cblr-8635	122	18	significant	significant	ADJ
cblr-8635	122	19	pressure	pressure	NOUN
cblr-8635	122	20	on	on	ADP
cblr-8635	122	21	many	many	ADJ
cblr-8635	122	22	companies	company	NOUN
cblr-8635	122	23	,	,	PUNCT
cblr-8635	122	24	particularly	particularly	ADV
cblr-8635	122	25	including	include	VERB
cblr-8635	122	26	energy	energy	NOUN
cblr-8635	122	27	companies	company	NOUN
cblr-8635	122	28	to	to	PART
cblr-8635	122	29	expedite	expedite	VERB
cblr-8635	122	30	their	their	PRON
cblr-8635	122	31	dates	date	NOUN
cblr-8635	122	32	for	for	ADP
cblr-8635	122	33	“	"	PUNCT
cblr-8635	122	34	carbon	carbon	NOUN
cblr-8635	122	35	-	-	PUNCT
cblr-8635	122	36	neutrality	neutrality	NOUN
cblr-8635	122	37	”	"	PUNCT
cblr-8635	122	38	and	and	CCONJ
cblr-8635	122	39	on	on	ADP
cblr-8635	122	40	all	all	DET
cblr-8635	122	41	companies	company	NOUN
cblr-8635	122	42	to	to	PART
cblr-8635	122	43	achieve	achieve	VERB
cblr-8635	122	44	greater	great	ADJ
cblr-8635	122	45	board	board	NOUN
cblr-8635	122	46	diversity	diversity	NOUN
cblr-8635	122	47	.	.	PUNCT
cblr-8635	123	1	see	see	VERB
cblr-8635	123	2	generally	generally	ADV
cblr-8635	123	3	condon	condon	PROPN
cblr-8635	123	4	,	,	PUNCT
cblr-8635	123	5	supra	supra	PROPN
cblr-8635	123	6	note	note	PROPN
cblr-8635	123	7	8	8	NUM
cblr-8635	123	8	;	;	PUNCT
cblr-8635	123	9	reed	reed	NOUN
cblr-8635	123	10	,	,	PUNCT
cblr-8635	123	11	supra	supra	PROPN
cblr-8635	123	12	note	note	PROPN
cblr-8635	123	13	14	14	NUM
cblr-8635	123	14	.	.	NUM
cblr-8635	123	15	17	17	NUM
cblr-8635	123	16	for	for	ADP
cblr-8635	123	17	the	the	DET
cblr-8635	123	18	original	original	ADJ
cblr-8635	123	19	statement	statement	NOUN
cblr-8635	123	20	of	of	ADP
cblr-8635	123	21	this	this	DET
cblr-8635	123	22	model	model	NOUN
cblr-8635	123	23	,	,	PUNCT
cblr-8635	123	24	see	see	VERB
cblr-8635	123	25	generally	generally	ADV
cblr-8635	123	26	william	william	PROPN
cblr-8635	123	27	f.	f.	PROPN
cblr-8635	123	28	sharpe	sharpe	PROPN
cblr-8635	123	29	,	,	PUNCT
cblr-8635	123	30	capital	capital	NOUN
cblr-8635	123	31	asset	asset	NOUN
cblr-8635	123	32	prices	price	NOUN
cblr-8635	123	33	:	:	PUNCT
cblr-8635	123	34	a	a	DET
cblr-8635	123	35	theory	theory	NOUN
cblr-8635	123	36	of	of	ADP
cblr-8635	123	37	market	market	NOUN
cblr-8635	123	38	equilibrium	equilibrium	NOUN
cblr-8635	123	39	under	under	ADP
cblr-8635	123	40	coffee	coffee	NOUN
cblr-8635	123	41	8/20/2021	8/20/2021	NUM
cblr-8635	123	42	6:32	6:32	NUM
cblr-8635	123	43	pm	pm	NOUN
cblr-8635	123	44	610	610	NUM
cblr-8635	123	45	columbia	columbia	PROPN
cblr-8635	123	46	business	business	NOUN
cblr-8635	123	47	law	law	PROPN
cblr-8635	123	48	review	review	NOUN
cblr-8635	123	49	[	[	X
cblr-8635	123	50	vol	vol	NOUN
cblr-8635	123	51	.	.	NOUN
cblr-8635	123	52	2021	2021	NUM
cblr-8635	123	53	of	of	ADP
cblr-8635	123	54	their	their	PRON
cblr-8635	123	55	high	high	ADJ
cblr-8635	123	56	common	common	ADJ
cblr-8635	123	57	ownership	ownership	NOUN
cblr-8635	123	58	in	in	ADP
cblr-8635	123	59	portfolio	portfolio	NOUN
cblr-8635	123	60	companies	company	NOUN
cblr-8635	123	61	.	.	PUNCT
cblr-8635	124	1	both	both	PRON
cblr-8635	124	2	of	of	ADP
cblr-8635	124	3	these	these	DET
cblr-8635	124	4	factors	factor	NOUN
cblr-8635	124	5	imply	imply	VERB
cblr-8635	124	6	that	that	SCONJ
cblr-8635	124	7	diversified	diversified	ADJ
cblr-8635	124	8	investors	investor	NOUN
cblr-8635	124	9	should	should	AUX
cblr-8635	124	10	rationally	rationally	ADV
cblr-8635	124	11	concentrate	concentrate	VERB
cblr-8635	124	12	on	on	ADP
cblr-8635	124	13	systematic	systematic	ADJ
cblr-8635	124	14	risk	risk	NOUN
cblr-8635	124	15	and	and	CCONJ
cblr-8635	124	16	generally	generally	ADV
cblr-8635	124	17	disregard	disregard	VERB
cblr-8635	124	18	idiosyncratic	idiosyncratic	ADJ
cblr-8635	124	19	risk	risk	NOUN
cblr-8635	124	20	.	.	PUNCT
cblr-8635	125	1	indeed	indeed	ADV
cblr-8635	125	2	,	,	PUNCT
cblr-8635	125	3	the	the	DET
cblr-8635	125	4	best	good	ADJ
cblr-8635	125	5	evidence	evidence	NOUN
cblr-8635	125	6	that	that	SCONJ
cblr-8635	125	7	these	these	DET
cblr-8635	125	8	diversified	diversified	ADJ
cblr-8635	125	9	investors	investor	NOUN
cblr-8635	125	10	are	be	AUX
cblr-8635	125	11	conforming	conform	VERB
cblr-8635	125	12	to	to	ADP
cblr-8635	125	13	economic	economic	ADJ
cblr-8635	125	14	logic	logic	NOUN
cblr-8635	125	15	lies	lie	VERB
cblr-8635	125	16	in	in	ADP
cblr-8635	125	17	a	a	DET
cblr-8635	125	18	new	new	ADJ
cblr-8635	125	19	pattern	pattern	NOUN
cblr-8635	125	20	under	under	ADP
cblr-8635	125	21	which	which	PRON
cblr-8635	125	22	they	they	PRON
cblr-8635	125	23	are	be	AUX
cblr-8635	125	24	actively	actively	ADV
cblr-8635	125	25	voting	vote	VERB
cblr-8635	125	26	and	and	CCONJ
cblr-8635	125	27	lobbying	lobby	VERB
cblr-8635	125	28	public	public	ADJ
cblr-8635	125	29	companies	company	NOUN
cblr-8635	125	30	in	in	ADP
cblr-8635	125	31	common	common	ADJ
cblr-8635	125	32	,	,	PUNCT
cblr-8635	125	33	primarily	primarily	ADV
cblr-8635	125	34	on	on	ADP
cblr-8635	125	35	esg	esg	PROPN
cblr-8635	125	36	-	-	PUNCT
cblr-8635	125	37	related	relate	VERB
cblr-8635	125	38	issues.18	issues.18	NOUN
cblr-8635	125	39	given	give	VERB
cblr-8635	125	40	high	high	ADJ
cblr-8635	125	41	common	common	ADJ
cblr-8635	125	42	ownership	ownership	NOUN
cblr-8635	125	43	across	across	ADP
cblr-8635	125	44	a	a	DET
cblr-8635	125	45	broad	broad	ADJ
cblr-8635	125	46	portfolio	portfolio	NOUN
cblr-8635	125	47	,	,	PUNCT
cblr-8635	125	48	it	it	PRON
cblr-8635	125	49	becomes	become	VERB
cblr-8635	125	50	rational	rational	ADJ
cblr-8635	125	51	and	and	CCONJ
cblr-8635	125	52	predictable	predictable	ADJ
cblr-8635	125	53	that	that	SCONJ
cblr-8635	125	54	diversified	diversified	ADJ
cblr-8635	125	55	institutional	institutional	ADJ
cblr-8635	125	56	investors	investor	NOUN
cblr-8635	125	57	will	will	AUX
cblr-8635	125	58	increasingly	increasingly	ADV
cblr-8635	125	59	make	make	VERB
cblr-8635	125	60	both	both	DET
cblr-8635	125	61	investment	investment	NOUN
cblr-8635	125	62	and	and	CCONJ
cblr-8635	125	63	voting	voting	NOUN
cblr-8635	125	64	decisions	decision	NOUN
cblr-8635	125	65	on	on	ADP
cblr-8635	125	66	a	a	DET
cblr-8635	125	67	portfolio	portfolio	NOUN
cblr-8635	125	68	-	-	PUNCT
cblr-8635	125	69	wide	wide	ADJ
cblr-8635	125	70	basis	basis	NOUN
cblr-8635	125	71	(	(	PUNCT
cblr-8635	125	72	rather	rather	ADV
cblr-8635	125	73	than	than	ADP
cblr-8635	125	74	simply	simply	ADV
cblr-8635	125	75	trying	try	VERB
cblr-8635	125	76	to	to	PART
cblr-8635	125	77	maximize	maximize	VERB
cblr-8635	125	78	the	the	DET
cblr-8635	125	79	value	value	NOUN
cblr-8635	125	80	of	of	ADP
cblr-8635	125	81	individual	individual	ADJ
cblr-8635	125	82	stocks	stock	NOUN
cblr-8635	125	83	)	)	PUNCT
cblr-8635	125	84	.	.	PUNCT
cblr-8635	126	1	proposals	proposal	NOUN
cblr-8635	126	2	made	make	VERB
cblr-8635	126	3	by	by	ADP
cblr-8635	126	4	a	a	DET
cblr-8635	126	5	diversified	diversify	VERB
cblr-8635	126	6	institutional	institutional	ADJ
cblr-8635	126	7	investor	investor	NOUN
cblr-8635	126	8	to	to	ADP
cblr-8635	126	9	the	the	DET
cblr-8635	126	10	firms	firm	NOUN
cblr-8635	126	11	in	in	ADP
cblr-8635	126	12	its	its	PRON
cblr-8635	126	13	portfolio	portfolio	NOUN
cblr-8635	126	14	will	will	AUX
cblr-8635	126	15	likely	likely	ADV
cblr-8635	126	16	produce	produce	VERB
cblr-8635	126	17	some	some	DET
cblr-8635	126	18	winners	winner	NOUN
cblr-8635	126	19	and	and	CCONJ
cblr-8635	126	20	some	some	DET
cblr-8635	126	21	losers	loser	NOUN
cblr-8635	126	22	,	,	PUNCT
cblr-8635	126	23	particularly	particularly	ADV
cblr-8635	126	24	for	for	ADP
cblr-8635	126	25	proposals	proposal	NOUN
cblr-8635	126	26	relating	relate	VERB
cblr-8635	126	27	to	to	ADP
cblr-8635	126	28	climate	climate	NOUN
cblr-8635	126	29	change	change	NOUN
cblr-8635	126	30	and	and	CCONJ
cblr-8635	126	31	other	other	ADJ
cblr-8635	126	32	esg	esg	PROPN
cblr-8635	126	33	issues	issue	NOUN
cblr-8635	126	34	.	.	PUNCT
cblr-8635	127	1	if	if	SCONJ
cblr-8635	127	2	netting	net	VERB
cblr-8635	127	3	these	these	DET
cblr-8635	127	4	gains	gain	NOUN
cblr-8635	127	5	and	and	CCONJ
cblr-8635	127	6	losses	loss	NOUN
cblr-8635	127	7	produces	produce	VERB
cblr-8635	127	8	a	a	DET
cblr-8635	127	9	positive	positive	ADJ
cblr-8635	127	10	result	result	NOUN
cblr-8635	127	11	,	,	PUNCT
cblr-8635	127	12	the	the	DET
cblr-8635	127	13	indexed	indexed	ADJ
cblr-8635	127	14	investor	investor	NOUN
cblr-8635	127	15	profits	profit	NOUN
cblr-8635	127	16	in	in	ADP
cblr-8635	127	17	a	a	DET
cblr-8635	127	18	way	way	NOUN
cblr-8635	127	19	that	that	PRON
cblr-8635	127	20	the	the	DET
cblr-8635	127	21	undiversified	undiversified	ADJ
cblr-8635	127	22	investor	investor	NOUN
cblr-8635	127	23	can	can	AUX
cblr-8635	127	24	not	not	PART
cblr-8635	127	25	duplicate	duplicate	VERB
cblr-8635	127	26	.	.	PUNCT
cblr-8635	128	1	these	these	DET
cblr-8635	128	2	opportunities	opportunity	NOUN
cblr-8635	128	3	are	be	AUX
cblr-8635	128	4	most	most	ADV
cblr-8635	128	5	likely	likely	ADJ
cblr-8635	128	6	to	to	PART
cblr-8635	128	7	arise	arise	VERB
cblr-8635	128	8	with	with	ADP
cblr-8635	128	9	respect	respect	NOUN
cblr-8635	128	10	to	to	ADP
cblr-8635	128	11	esg	esg	PROPN
cblr-8635	128	12	issues	issue	NOUN
cblr-8635	128	13	.	.	PUNCT
cblr-8635	129	1	the	the	DET
cblr-8635	129	2	implications	implication	NOUN
cblr-8635	129	3	of	of	ADP
cblr-8635	129	4	this	this	DET
cblr-8635	129	5	strategy	strategy	NOUN
cblr-8635	129	6	are	be	AUX
cblr-8635	129	7	sweeping	sweeping	ADJ
cblr-8635	129	8	,	,	PUNCT
cblr-8635	129	9	controversial	controversial	ADJ
cblr-8635	129	10	,	,	PUNCT
cblr-8635	129	11	and	and	CCONJ
cblr-8635	129	12	possibly	possibly	ADV
cblr-8635	129	13	as	as	ADV
cblr-8635	129	14	adverse	adverse	ADJ
cblr-8635	129	15	to	to	ADP
cblr-8635	129	16	the	the	DET
cblr-8635	129	17	interests	interest	NOUN
cblr-8635	129	18	of	of	ADP
cblr-8635	129	19	retail	retail	ADJ
cblr-8635	129	20	investors	investor	NOUN
cblr-8635	129	21	as	as	SCONJ
cblr-8635	129	22	they	they	PRON
cblr-8635	129	23	are	be	AUX
cblr-8635	129	24	advantageous	advantageous	ADJ
cblr-8635	129	25	to	to	ADP
cblr-8635	129	26	the	the	DET
cblr-8635	129	27	interests	interest	NOUN
cblr-8635	129	28	of	of	ADP
cblr-8635	129	29	large	large	ADJ
cblr-8635	129	30	diversified	diversified	ADJ
cblr-8635	129	31	investors.19	investors.19	NOUN
cblr-8635	129	32	how	how	SCONJ
cblr-8635	129	33	should	should	AUX
cblr-8635	129	34	the	the	DET
cblr-8635	129	35	sec	sec	PROPN
cblr-8635	129	36	respond	respond	NOUN
cblr-8635	129	37	(	(	PUNCT
cblr-8635	129	38	if	if	SCONJ
cblr-8635	129	39	at	at	ADV
cblr-8635	129	40	all	all	ADV
cblr-8635	129	41	)	)	PUNCT
cblr-8635	129	42	to	to	ADP
cblr-8635	129	43	these	these	DET
cblr-8635	129	44	transitions	transition	NOUN
cblr-8635	129	45	?	?	PUNCT
cblr-8635	130	1	some	some	PRON
cblr-8635	130	2	will	will	AUX
cblr-8635	130	3	argue	argue	VERB
cblr-8635	130	4	that	that	SCONJ
cblr-8635	130	5	the	the	DET
cblr-8635	130	6	sec	sec	PROPN
cblr-8635	130	7	should	should	AUX
cblr-8635	130	8	keep	keep	VERB
cblr-8635	130	9	the	the	DET
cblr-8635	130	10	protection	protection	NOUN
cblr-8635	130	11	of	of	ADP
cblr-8635	130	12	conditions	condition	NOUN
cblr-8635	130	13	of	of	ADP
cblr-8635	130	14	risk	risk	NOUN
cblr-8635	130	15	,	,	PUNCT
cblr-8635	130	16	19	19	NUM
cblr-8635	130	17	j.	j.	PROPN
cblr-8635	130	18	fin	fin	PROPN
cblr-8635	130	19	.	.	PUNCT
cblr-8635	131	1	425	425	NUM
cblr-8635	131	2	(	(	PUNCT
cblr-8635	131	3	1964	1964	NUM
cblr-8635	131	4	)	)	PUNCT
cblr-8635	131	5	;	;	PUNCT
cblr-8635	132	1	john	john	PROPN
cblr-8635	132	2	lintner	lintner	PROPN
cblr-8635	132	3	,	,	PUNCT
cblr-8635	132	4	the	the	DET
cblr-8635	132	5	valuation	valuation	NOUN
cblr-8635	132	6	of	of	ADP
cblr-8635	132	7	risk	risk	NOUN
cblr-8635	132	8	assets	asset	NOUN
cblr-8635	132	9	and	and	CCONJ
cblr-8635	132	10	the	the	DET
cblr-8635	132	11	selection	selection	NOUN
cblr-8635	132	12	of	of	ADP
cblr-8635	132	13	risky	risky	ADJ
cblr-8635	132	14	investments	investment	NOUN
cblr-8635	132	15	in	in	ADP
cblr-8635	132	16	stock	stock	NOUN
cblr-8635	132	17	portfolios	portfolio	NOUN
cblr-8635	132	18	and	and	CCONJ
cblr-8635	132	19	capital	capital	NOUN
cblr-8635	132	20	budgets	budget	NOUN
cblr-8635	132	21	,	,	PUNCT
cblr-8635	132	22	47	47	NUM
cblr-8635	132	23	rev	rev	X
cblr-8635	132	24	.	.	PROPN
cblr-8635	132	25	econ	econ	PROPN
cblr-8635	132	26	.	.	PUNCT
cblr-8635	132	27	&	&	CCONJ
cblr-8635	132	28	stat	stat	PROPN
cblr-8635	132	29	.	.	PUNCT
cblr-8635	132	30	13	13	NUM
cblr-8635	132	31	(	(	PUNCT
cblr-8635	132	32	1965	1965	NUM
cblr-8635	132	33	)	)	PUNCT
cblr-8635	132	34	.	.	PUNCT
cblr-8635	133	1	18	18	NUM
cblr-8635	133	2	see	see	VERB
cblr-8635	133	3	generally	generally	ADV
cblr-8635	133	4	elroy	elroy	PROPN
cblr-8635	133	5	dimson	dimson	NOUN
cblr-8635	133	6	,	,	PUNCT
cblr-8635	133	7	oğuzhan	oğuzhan	PROPN
cblr-8635	133	8	karakaş	karakaş	PROPN
cblr-8635	133	9	&	&	CCONJ
cblr-8635	133	10	xi	xi	PROPN
cblr-8635	133	11	li	li	PROPN
cblr-8635	133	12	,	,	PUNCT
cblr-8635	133	13	coordinated	coordinated	ADJ
cblr-8635	133	14	engagements	engagement	NOUN
cblr-8635	133	15	(	(	PUNCT
cblr-8635	133	16	eur	eur	PROPN
cblr-8635	133	17	.	.	PROPN
cblr-8635	133	18	corp	corp	PROPN
cblr-8635	133	19	.	.	PROPN
cblr-8635	133	20	governance	governance	PROPN
cblr-8635	133	21	inst	inst	PROPN
cblr-8635	133	22	.	.	PUNCT
cblr-8635	134	1	working	working	NOUN
cblr-8635	134	2	paper	paper	NOUN
cblr-8635	134	3	no	no	INTJ
cblr-8635	134	4	.	.	PUNCT
cblr-8635	135	1	721/2021	721/2021	NUM
cblr-8635	135	2	,	,	PUNCT
cblr-8635	135	3	jan	jan	PROPN
cblr-8635	135	4	.	.	PROPN
cblr-8635	135	5	2021	2021	NUM
cblr-8635	135	6	)	)	PUNCT
cblr-8635	136	1	(	(	PUNCT
cblr-8635	136	2	on	on	ADP
cblr-8635	136	3	file	file	NOUN
cblr-8635	136	4	with	with	ADP
cblr-8635	136	5	the	the	DET
cblr-8635	136	6	columbia	columbia	PROPN
cblr-8635	136	7	business	business	PROPN
cblr-8635	136	8	law	law	PROPN
cblr-8635	136	9	review	review	PROPN
cblr-8635	136	10	)	)	PUNCT
cblr-8635	136	11	,	,	PUNCT
cblr-8635	136	12	https://ssrn.com/abstract=3209072	https://ssrn.com/abstract=3209072	NOUN
cblr-8635	136	13	(	(	PUNCT
cblr-8635	136	14	finding	find	VERB
cblr-8635	136	15	an	an	DET
cblr-8635	136	16	“	"	PUNCT
cblr-8635	136	17	international	international	ADJ
cblr-8635	136	18	network	network	NOUN
cblr-8635	136	19	of	of	ADP
cblr-8635	136	20	long	long	ADJ
cblr-8635	136	21	-	-	PUNCT
cblr-8635	136	22	term	term	NOUN
cblr-8635	136	23	shareholders	shareholder	NOUN
cblr-8635	136	24	cooperating	cooperate	VERB
cblr-8635	136	25	to	to	ADP
cblr-8635	136	26	influence	influence	NOUN
cblr-8635	136	27	firms	firm	NOUN
cblr-8635	136	28	on	on	ADP
cblr-8635	136	29	environmental	environmental	ADJ
cblr-8635	136	30	and	and	CCONJ
cblr-8635	136	31	social	social	ADJ
cblr-8635	136	32	issues	issue	NOUN
cblr-8635	136	33	”	"	PUNCT
cblr-8635	136	34	)	)	PUNCT
cblr-8635	136	35	.	.	PUNCT
cblr-8635	137	1	19	19	NUM
cblr-8635	138	1	what	what	PRON
cblr-8635	138	2	is	be	AUX
cblr-8635	138	3	new	new	ADJ
cblr-8635	138	4	here	here	ADV
cblr-8635	138	5	is	be	AUX
cblr-8635	138	6	that	that	SCONJ
cblr-8635	138	7	large	large	ADJ
cblr-8635	138	8	institutional	institutional	ADJ
cblr-8635	138	9	investors	investor	NOUN
cblr-8635	138	10	can	can	AUX
cblr-8635	138	11	profit	profit	VERB
cblr-8635	138	12	by	by	ADP
cblr-8635	138	13	deliberately	deliberately	ADV
cblr-8635	138	14	causing	cause	VERB
cblr-8635	138	15	losses	loss	NOUN
cblr-8635	138	16	to	to	ADP
cblr-8635	138	17	some	some	DET
cblr-8635	138	18	firms	firm	NOUN
cblr-8635	138	19	in	in	ADP
cblr-8635	138	20	their	their	PRON
cblr-8635	138	21	portfolios	portfolio	NOUN
cblr-8635	138	22	if	if	SCONJ
cblr-8635	138	23	doing	do	VERB
cblr-8635	138	24	so	so	ADV
cblr-8635	138	25	results	result	NOUN
cblr-8635	138	26	in	in	ADP
cblr-8635	138	27	greater	great	ADJ
cblr-8635	138	28	gains	gain	NOUN
cblr-8635	138	29	to	to	ADP
cblr-8635	138	30	other	other	ADJ
cblr-8635	138	31	firms	firm	NOUN
cblr-8635	138	32	in	in	ADP
cblr-8635	138	33	their	their	PRON
cblr-8635	138	34	portfolio	portfolio	NOUN
cblr-8635	138	35	.	.	PUNCT
cblr-8635	139	1	although	although	SCONJ
cblr-8635	139	2	non	non	ADJ
cblr-8635	139	3	-	-	ADJ
cblr-8635	139	4	controlling	controlling	ADJ
cblr-8635	139	5	shareholders	shareholder	NOUN
cblr-8635	139	6	have	have	AUX
cblr-8635	139	7	never	never	ADV
cblr-8635	139	8	owed	owe	VERB
cblr-8635	139	9	a	a	DET
cblr-8635	139	10	duty	duty	NOUN
cblr-8635	139	11	of	of	ADP
cblr-8635	139	12	loyalty	loyalty	NOUN
cblr-8635	139	13	to	to	ADP
cblr-8635	139	14	the	the	DET
cblr-8635	139	15	corporations	corporation	NOUN
cblr-8635	139	16	in	in	ADP
cblr-8635	139	17	which	which	PRON
cblr-8635	139	18	they	they	PRON
cblr-8635	139	19	invest	invest	VERB
cblr-8635	139	20	,	,	PUNCT
cblr-8635	139	21	it	it	PRON
cblr-8635	139	22	is	be	AUX
cblr-8635	139	23	hard	hard	ADJ
cblr-8635	139	24	to	to	PART
cblr-8635	139	25	think	think	VERB
cblr-8635	139	26	of	of	ADP
cblr-8635	139	27	any	any	DET
cblr-8635	139	28	comparable	comparable	ADJ
cblr-8635	139	29	instance	instance	NOUN
cblr-8635	139	30	in	in	ADP
cblr-8635	139	31	which	which	PRON
cblr-8635	139	32	causing	cause	VERB
cblr-8635	139	33	losses	loss	NOUN
cblr-8635	139	34	to	to	ADP
cblr-8635	139	35	some	some	DET
cblr-8635	139	36	fellow	fellow	ADJ
cblr-8635	139	37	shareholders	shareholder	NOUN
cblr-8635	139	38	could	could	AUX
cblr-8635	139	39	benefit	benefit	VERB
cblr-8635	139	40	them	they	PRON
cblr-8635	139	41	.	.	PUNCT
cblr-8635	140	1	coffee	coffee	NOUN
cblr-8635	140	2	8/20/2021	8/20/2021	NUM
cblr-8635	140	3	6:32	6:32	NUM
cblr-8635	140	4	pm	pm	NOUN
cblr-8635	140	5	no	no	INTJ
cblr-8635	140	6	.	.	PUNCT
cblr-8635	141	1	2:602	2:602	NUM
cblr-8635	141	2	]	]	X
cblr-8635	141	3	the	the	DET
cblr-8635	141	4	future	future	NOUN
cblr-8635	141	5	of	of	ADP
cblr-8635	141	6	disclosure	disclosure	NOUN
cblr-8635	141	7	611	611	NUM
cblr-8635	141	8	the	the	DET
cblr-8635	141	9	retail	retail	ADJ
cblr-8635	141	10	investor	investor	NOUN
cblr-8635	141	11	as	as	ADP
cblr-8635	141	12	its	its	PRON
cblr-8635	141	13	first	first	ADJ
cblr-8635	141	14	priority	priority	NOUN
cblr-8635	141	15	,	,	PUNCT
cblr-8635	141	16	but	but	CCONJ
cblr-8635	141	17	this	this	DET
cblr-8635	141	18	article	article	NOUN
cblr-8635	141	19	is	be	AUX
cblr-8635	141	20	premised	premise	VERB
cblr-8635	141	21	on	on	ADP
cblr-8635	141	22	the	the	DET
cblr-8635	141	23	belief	belief	NOUN
cblr-8635	141	24	that	that	SCONJ
cblr-8635	141	25	the	the	DET
cblr-8635	141	26	migration	migration	NOUN
cblr-8635	141	27	of	of	ADP
cblr-8635	141	28	retail	retail	ADJ
cblr-8635	141	29	investors	investor	NOUN
cblr-8635	141	30	to	to	ADP
cblr-8635	141	31	indexed	indexed	ADJ
cblr-8635	141	32	investing	investing	NOUN
cblr-8635	141	33	has	have	AUX
cblr-8635	141	34	been	be	AUX
cblr-8635	141	35	salutary	salutary	ADJ
cblr-8635	141	36	.	.	PUNCT
cblr-8635	142	1	in	in	ADP
cblr-8635	142	2	fact	fact	NOUN
cblr-8635	142	3	,	,	PUNCT
cblr-8635	142	4	the	the	DET
cblr-8635	142	5	sec	sec	PROPN
cblr-8635	142	6	should	should	AUX
cblr-8635	142	7	encourage	encourage	VERB
cblr-8635	142	8	(	(	PUNCT
cblr-8635	142	9	and	and	CCONJ
cblr-8635	142	10	even	even	ADV
cblr-8635	142	11	gently	gently	ADV
cblr-8635	142	12	push	push	VERB
cblr-8635	142	13	)	)	PUNCT
cblr-8635	142	14	retail	retail	ADJ
cblr-8635	142	15	investors	investor	NOUN
cblr-8635	142	16	to	to	PART
cblr-8635	142	17	diversify	diversify	VERB
cblr-8635	142	18	,	,	PUNCT
cblr-8635	142	19	shifting	shift	VERB
cblr-8635	142	20	their	their	PRON
cblr-8635	142	21	retirement	retirement	NOUN
cblr-8635	142	22	savings	saving	NOUN
cblr-8635	142	23	to	to	ADP
cblr-8635	142	24	diversified	diversify	VERB
cblr-8635	142	25	(	(	PUNCT
cblr-8635	142	26	and	and	CCONJ
cblr-8635	142	27	,	,	PUNCT
cblr-8635	142	28	generally	generally	ADV
cblr-8635	142	29	,	,	PUNCT
cblr-8635	142	30	indexed	indexed	ADJ
cblr-8635	142	31	)	)	PUNCT
cblr-8635	142	32	institutional	institutional	ADJ
cblr-8635	142	33	intermediaries	intermediary	NOUN
cblr-8635	142	34	(	(	PUNCT
cblr-8635	142	35	i.e.	i.e.	X
cblr-8635	142	36	,	,	PUNCT
cblr-8635	142	37	mutual	mutual	ADJ
cblr-8635	142	38	funds	fund	NOUN
cblr-8635	142	39	and	and	CCONJ
cblr-8635	142	40	pension	pension	NOUN
cblr-8635	142	41	funds	fund	NOUN
cblr-8635	142	42	)	)	PUNCT
cblr-8635	142	43	.	.	PUNCT
cblr-8635	143	1	still	still	ADV
cblr-8635	143	2	,	,	PUNCT
cblr-8635	143	3	this	this	DET
cblr-8635	143	4	preference	preference	NOUN
cblr-8635	143	5	leaves	leave	VERB
cblr-8635	143	6	unanswered	unanswere	VERB
cblr-8635	143	7	our	our	PRON
cblr-8635	143	8	initial	initial	ADJ
cblr-8635	143	9	question	question	NOUN
cblr-8635	143	10	:	:	PUNCT
cblr-8635	143	11	how	how	SCONJ
cblr-8635	143	12	do	do	AUX
cblr-8635	143	13	the	the	DET
cblr-8635	143	14	informational	informational	ADJ
cblr-8635	143	15	needs	need	NOUN
cblr-8635	143	16	of	of	ADP
cblr-8635	143	17	institutional	institutional	ADJ
cblr-8635	143	18	investors	investor	NOUN
cblr-8635	143	19	and	and	CCONJ
cblr-8635	143	20	retail	retail	ADJ
cblr-8635	143	21	investors	investor	NOUN
cblr-8635	143	22	differ	differ	VERB
cblr-8635	143	23	?	?	PUNCT
cblr-8635	144	1	how	how	SCONJ
cblr-8635	144	2	should	should	AUX
cblr-8635	144	3	the	the	DET
cblr-8635	144	4	sec	sec	PROPN
cblr-8635	144	5	respond	respond	VERB
cblr-8635	144	6	to	to	ADP
cblr-8635	144	7	their	their	PRON
cblr-8635	144	8	differing	differ	VERB
cblr-8635	144	9	needs	need	NOUN
cblr-8635	144	10	?	?	PUNCT
cblr-8635	145	1	this	this	DET
cblr-8635	145	2	question	question	NOUN
cblr-8635	145	3	has	have	AUX
cblr-8635	145	4	been	be	AUX
cblr-8635	145	5	approached	approach	VERB
cblr-8635	145	6	by	by	ADP
cblr-8635	145	7	others	other	NOUN
cblr-8635	145	8	but	but	CCONJ
cblr-8635	145	9	not	not	PART
cblr-8635	145	10	directly	directly	ADV
cblr-8635	145	11	answered	answer	VERB
cblr-8635	145	12	.	.	PUNCT
cblr-8635	146	1	a	a	DET
cblr-8635	146	2	dozen	dozen	NOUN
cblr-8635	146	3	years	year	NOUN
cblr-8635	146	4	ago	ago	ADV
cblr-8635	146	5	,	,	PUNCT
cblr-8635	146	6	professor	professor	NOUN
cblr-8635	146	7	donald	donald	PROPN
cblr-8635	146	8	langevoort	langevoort	PROPN
cblr-8635	146	9	focused	focus	VERB
cblr-8635	146	10	on	on	ADP
cblr-8635	146	11	the	the	DET
cblr-8635	146	12	transition	transition	NOUN
cblr-8635	146	13	from	from	ADP
cblr-8635	146	14	retail	retail	ADJ
cblr-8635	146	15	to	to	ADP
cblr-8635	146	16	institutional	institutional	ADJ
cblr-8635	146	17	markets	market	NOUN
cblr-8635	146	18	at	at	ADP
cblr-8635	146	19	the	the	DET
cblr-8635	146	20	time	time	NOUN
cblr-8635	146	21	of	of	ADP
cblr-8635	146	22	the	the	DET
cblr-8635	146	23	sec	sec	PROPN
cblr-8635	146	24	’s	’s	PART
cblr-8635	146	25	seventy	seventy	NUM
cblr-8635	146	26	-	-	PUNCT
cblr-8635	146	27	fifth	fifth	NOUN
cblr-8635	146	28	anniversary.20	anniversary.20	PROPN
cblr-8635	146	29	his	his	PRON
cblr-8635	146	30	recommendations	recommendation	NOUN
cblr-8635	146	31	seemed	seem	VERB
cblr-8635	146	32	to	to	PART
cblr-8635	146	33	suggest	suggest	VERB
cblr-8635	146	34	that	that	SCONJ
cblr-8635	146	35	the	the	DET
cblr-8635	146	36	u.s	u.s	PROPN
cblr-8635	146	37	.	.	PROPN
cblr-8635	146	38	market	market	NOUN
cblr-8635	146	39	would	would	AUX
cblr-8635	146	40	probably	probably	ADV
cblr-8635	146	41	become	become	VERB
cblr-8635	146	42	more	more	ADV
cblr-8635	146	43	like	like	ADP
cblr-8635	146	44	the	the	DET
cblr-8635	146	45	european	european	ADJ
cblr-8635	146	46	securities	securities	PROPN
cblr-8635	146	47	market	market	NOUN
cblr-8635	146	48	,	,	PUNCT
cblr-8635	146	49	which	which	PRON
cblr-8635	146	50	,	,	PUNCT
cblr-8635	146	51	as	as	SCONJ
cblr-8635	146	52	he	he	PRON
cblr-8635	146	53	accurately	accurately	ADV
cblr-8635	146	54	observed	observe	VERB
cblr-8635	146	55	,	,	PUNCT
cblr-8635	146	56	was	be	AUX
cblr-8635	146	57	characterized	characterize	VERB
cblr-8635	146	58	by	by	ADP
cblr-8635	146	59	(	(	PUNCT
cblr-8635	146	60	1	1	NUM
cblr-8635	146	61	)	)	PUNCT
cblr-8635	146	62	“	"	PUNCT
cblr-8635	146	63	light	light	ADJ
cblr-8635	146	64	touch	touch	NOUN
cblr-8635	146	65	”	"	PUNCT
cblr-8635	146	66	enforcement	enforcement	NOUN
cblr-8635	146	67	,	,	PUNCT
cblr-8635	146	68	(	(	PUNCT
cblr-8635	146	69	2	2	X
cblr-8635	146	70	)	)	PUNCT
cblr-8635	146	71	a	a	DET
cblr-8635	146	72	lesser	less	ADJ
cblr-8635	146	73	disclosure	disclosure	NOUN
cblr-8635	146	74	burden	burden	NOUN
cblr-8635	146	75	emphasizing	emphasize	VERB
cblr-8635	146	76	principles	principle	NOUN
cblr-8635	146	77	-	-	PUNCT
cblr-8635	146	78	based	base	VERB
cblr-8635	146	79	disclosure	disclosure	NOUN
cblr-8635	146	80	,	,	PUNCT
cblr-8635	146	81	and	and	CCONJ
cblr-8635	146	82	(	(	PUNCT
cblr-8635	146	83	3	3	X
cblr-8635	146	84	)	)	PUNCT
cblr-8635	146	85	considerably	considerably	ADV
cblr-8635	146	86	less	less	ADJ
cblr-8635	146	87	reliance	reliance	NOUN
cblr-8635	146	88	on	on	ADP
cblr-8635	146	89	ex	ex	PRON
cblr-8635	146	90	post	post	NOUN
cblr-8635	146	91	litigation	litigation	NOUN
cblr-8635	146	92	to	to	PART
cblr-8635	146	93	enforce	enforce	VERB
cblr-8635	146	94	disclosure	disclosure	NOUN
cblr-8635	146	95	norms.21	norms.21	PROPN
cblr-8635	146	96	others	other	NOUN
cblr-8635	146	97	challenged	challenge	VERB
cblr-8635	146	98	him,22	him,22	ADV
cblr-8635	146	99	but	but	CCONJ
cblr-8635	146	100	the	the	DET
cblr-8635	146	101	greater	great	ADJ
cblr-8635	146	102	problem	problem	NOUN
cblr-8635	146	103	with	with	ADP
cblr-8635	146	104	professor	professor	NOUN
cblr-8635	146	105	langevoort	langevoort	NOUN
cblr-8635	146	106	’s	’s	PART
cblr-8635	146	107	thesis	thesis	NOUN
cblr-8635	146	108	was	be	AUX
cblr-8635	146	109	his	his	PRON
cblr-8635	146	110	unfortuitous	unfortuitous	ADJ
cblr-8635	146	111	timing	timing	NOUN
cblr-8635	146	112	.	.	PUNCT
cblr-8635	147	1	shortly	shortly	ADV
cblr-8635	147	2	after	after	SCONJ
cblr-8635	147	3	he	he	PRON
cblr-8635	147	4	wrote	write	VERB
cblr-8635	147	5	,	,	PUNCT
cblr-8635	147	6	the	the	DET
cblr-8635	147	7	2008	2008	NUM
cblr-8635	147	8	financial	financial	ADJ
cblr-8635	147	9	crisis	crisis	NOUN
cblr-8635	147	10	broke	break	VERB
cblr-8635	147	11	,	,	PUNCT
cblr-8635	147	12	and	and	CCONJ
cblr-8635	147	13	,	,	PUNCT
cblr-8635	147	14	in	in	ADP
cblr-8635	147	15	response	response	NOUN
cblr-8635	147	16	,	,	PUNCT
cblr-8635	147	17	even	even	ADV
cblr-8635	147	18	the	the	DET
cblr-8635	147	19	united	united	ADJ
cblr-8635	147	20	kingdom	kingdom	NOUN
cblr-8635	147	21	abandoned	abandon	VERB
cblr-8635	147	22	“	"	PUNCT
cblr-8635	147	23	light	light	ADJ
cblr-8635	147	24	touch	touch	NOUN
cblr-8635	147	25	”	"	PUNCT
cblr-8635	147	26	regulation	regulation	NOUN
cblr-8635	147	27	.	.	PUNCT
cblr-8635	148	1	while	while	SCONJ
cblr-8635	148	2	differences	difference	NOUN
cblr-8635	148	3	in	in	ADP
cblr-8635	148	4	enforcement	enforcement	NOUN
cblr-8635	148	5	intensity	intensity	NOUN
cblr-8635	148	6	still	still	ADV
cblr-8635	148	7	separate	separate	VERB
cblr-8635	148	8	the	the	DET
cblr-8635	148	9	united	united	PROPN
cblr-8635	148	10	states	states	PROPN
cblr-8635	148	11	and	and	CCONJ
cblr-8635	148	12	europe	europe	PROPN
cblr-8635	148	13	(	(	PUNCT
cblr-8635	148	14	and	and	CCONJ
cblr-8635	148	15	will	will	AUX
cblr-8635	148	16	likely	likely	ADV
cblr-8635	148	17	20	20	NUM
cblr-8635	148	18	see	see	VERB
cblr-8635	148	19	langevoort	langevoort	NOUN
cblr-8635	148	20	,	,	PUNCT
cblr-8635	148	21	supra	supra	PROPN
cblr-8635	148	22	note	note	NOUN
cblr-8635	148	23	4	4	NUM
cblr-8635	148	24	.	.	SYM
cblr-8635	148	25	21	21	NUM
cblr-8635	148	26	see	see	VERB
cblr-8635	148	27	i	i	PRON
cblr-8635	148	28	d.	d.	PROPN
cblr-8635	148	29	at	at	ADP
cblr-8635	148	30	1032–42	1032–42	PROPN
cblr-8635	148	31	.	.	PROPN
cblr-8635	149	1	22	22	NUM
cblr-8635	149	2	see	see	VERB
cblr-8635	149	3	generally	generally	ADV
cblr-8635	149	4	evans	evans	PROPN
cblr-8635	149	5	,	,	PUNCT
cblr-8635	149	6	supra	supra	PROPN
cblr-8635	149	7	note	note	NOUN
cblr-8635	149	8	6	6	NUM
cblr-8635	149	9	.	.	PUNCT
cblr-8635	149	10	coffee	coffee	PROPN
cblr-8635	149	11	8/20/2021	8/20/2021	NUM
cblr-8635	149	12	6:32	6:32	NUM
cblr-8635	149	13	pm	pm	PROPN
cblr-8635	149	14	612	612	NUM
cblr-8635	149	15	columbia	columbia	PROPN
cblr-8635	149	16	business	business	NOUN
cblr-8635	149	17	law	law	NOUN
cblr-8635	149	18	review	review	NOUN
cblr-8635	150	1	[	[	X
cblr-8635	150	2	vol	vol	NOUN
cblr-8635	150	3	.	.	PUNCT
cblr-8635	150	4	2021	2021	NUM
cblr-8635	151	1	continue),23	continue),23	PROPN
cblr-8635	151	2	a	a	DET
cblr-8635	151	3	greater	great	ADJ
cblr-8635	151	4	consensus	consensus	NOUN
cblr-8635	151	5	exists	exist	VERB
cblr-8635	151	6	today	today	NOUN
cblr-8635	151	7	over	over	ADP
cblr-8635	151	8	the	the	DET
cblr-8635	151	9	need	need	NOUN
cblr-8635	151	10	for	for	ADP
cblr-8635	151	11	stronger	strong	ADJ
cblr-8635	151	12	enforcement24	enforcement24	NOUN
cblr-8635	151	13	and	and	CCONJ
cblr-8635	151	14	a	a	DET
cblr-8635	151	15	mandatory	mandatory	ADJ
cblr-8635	151	16	disclosure	disclosure	NOUN
cblr-8635	151	17	system.25	system.25	NOUN
cblr-8635	151	18	this	this	DET
cblr-8635	151	19	article	article	NOUN
cblr-8635	151	20	will	will	AUX
cblr-8635	151	21	therefore	therefore	ADV
cblr-8635	151	22	skirt	skirt	VERB
cblr-8635	151	23	the	the	DET
cblr-8635	151	24	topic	topic	NOUN
cblr-8635	151	25	of	of	ADP
cblr-8635	151	26	enforcement	enforcement	NOUN
cblr-8635	151	27	and	and	CCONJ
cblr-8635	151	28	instead	instead	ADV
cblr-8635	151	29	focus	focus	VERB
cblr-8635	151	30	on	on	ADP
cblr-8635	151	31	where	where	SCONJ
cblr-8635	151	32	the	the	DET
cblr-8635	151	33	disclosure	disclosure	NOUN
cblr-8635	151	34	needs	need	NOUN
cblr-8635	151	35	of	of	ADP
cblr-8635	151	36	retail	retail	ADJ
cblr-8635	151	37	and	and	CCONJ
cblr-8635	151	38	institutional	institutional	ADJ
cblr-8635	151	39	investors	investor	NOUN
cblr-8635	151	40	may	may	AUX
cblr-8635	151	41	differ	differ	VERB
cblr-8635	151	42	and	and	CCONJ
cblr-8635	151	43	where	where	SCONJ
cblr-8635	151	44	they	they	PRON
cblr-8635	151	45	are	be	AUX
cblr-8635	151	46	not	not	PART
cblr-8635	151	47	being	be	AUX
cblr-8635	151	48	addressed	address	VERB
cblr-8635	151	49	.	.	PUNCT
cblr-8635	152	1	here	here	ADV
cblr-8635	152	2	,	,	PUNCT
cblr-8635	152	3	other	other	ADJ
cblr-8635	152	4	transitions	transition	NOUN
cblr-8635	152	5	in	in	ADP
cblr-8635	152	6	securities	security	NOUN
cblr-8635	152	7	law	law	NOUN
cblr-8635	152	8	practices	practice	NOUN
cblr-8635	152	9	are	be	AUX
cblr-8635	152	10	also	also	ADV
cblr-8635	152	11	relevant	relevant	ADJ
cblr-8635	152	12	.	.	PUNCT
cblr-8635	153	1	increasingly	increasingly	ADV
cblr-8635	153	2	,	,	PUNCT
cblr-8635	153	3	private	private	ADJ
cblr-8635	153	4	offerings	offering	NOUN
cblr-8635	153	5	,	,	PUNCT
cblr-8635	153	6	which	which	PRON
cblr-8635	153	7	are	be	AUX
cblr-8635	153	8	exempt	exempt	ADJ
cblr-8635	153	9	from	from	ADP
cblr-8635	153	10	the	the	DET
cblr-8635	153	11	securities	security	NOUN
cblr-8635	153	12	act	act	NOUN
cblr-8635	153	13	of	of	ADP
cblr-8635	153	14	1933	1933	NUM
cblr-8635	153	15	(	(	PUNCT
cblr-8635	153	16	the	the	DET
cblr-8635	153	17	“	"	PUNCT
cblr-8635	153	18	1933	1933	NUM
cblr-8635	153	19	act	act	NOUN
cblr-8635	153	20	”	"	PUNCT
cblr-8635	153	21	)	)	PUNCT
cblr-8635	153	22	,	,	PUNCT
cblr-8635	153	23	have	have	AUX
cblr-8635	153	24	come	come	VERB
cblr-8635	153	25	to	to	PART
cblr-8635	153	26	rival	rival	VERB
cblr-8635	153	27	public	public	ADJ
cblr-8635	153	28	offerings	offering	NOUN
cblr-8635	153	29	as	as	ADP
cblr-8635	153	30	a	a	DET
cblr-8635	153	31	means	means	NOUN
cblr-8635	153	32	for	for	SCONJ
cblr-8635	153	33	issuers	issuer	NOUN
cblr-8635	153	34	to	to	PART
cblr-8635	153	35	raise	raise	VERB
cblr-8635	153	36	capital	capital	NOUN
cblr-8635	153	37	.	.	PUNCT
cblr-8635	154	1	indeed	indeed	ADV
cblr-8635	154	2	,	,	PUNCT
cblr-8635	154	3	in	in	ADP
cblr-8635	154	4	recent	recent	ADJ
cblr-8635	154	5	years	year	NOUN
cblr-8635	154	6	the	the	DET
cblr-8635	154	7	number	number	NOUN
cblr-8635	154	8	of	of	ADP
cblr-8635	154	9	private	private	ADJ
cblr-8635	154	10	offerings	offering	NOUN
cblr-8635	154	11	and	and	CCONJ
cblr-8635	154	12	the	the	DET
cblr-8635	154	13	total	total	ADJ
cblr-8635	154	14	capital	capital	NOUN
cblr-8635	154	15	raised	raise	VERB
cblr-8635	154	16	in	in	ADP
cblr-8635	154	17	them	they	PRON
cblr-8635	154	18	has	have	AUX
cblr-8635	154	19	exceeded	exceed	VERB
cblr-8635	154	20	the	the	DET
cblr-8635	154	21	corresponding	corresponding	ADJ
cblr-8635	154	22	figures	figure	NOUN
cblr-8635	154	23	for	for	ADP
cblr-8635	154	24	public	public	ADJ
cblr-8635	154	25	offerings	offering	NOUN
cblr-8635	154	26	subject	subject	ADJ
cblr-8635	154	27	to	to	ADP
cblr-8635	154	28	the	the	DET
cblr-8635	154	29	1933	1933	NUM
cblr-8635	154	30	act.26	act.26	NOUN
cblr-8635	154	31	because	because	SCONJ
cblr-8635	154	32	these	these	DET
cblr-8635	154	33	exempt	exempt	ADJ
cblr-8635	154	34	offerings	offering	NOUN
cblr-8635	154	35	require	require	VERB
cblr-8635	154	36	little	little	ADJ
cblr-8635	154	37	disclosure	disclosure	NOUN
cblr-8635	154	38	(	(	PUNCT
cblr-8635	154	39	at	at	ADV
cblr-8635	154	40	least	least	ADJ
cblr-8635	154	41	as	as	ADP
cblr-8635	154	42	a	a	DET
cblr-8635	154	43	legal	legal	ADJ
cblr-8635	154	44	matter),27	matter),27	NOUN
cblr-8635	154	45	this	this	PRON
cblr-8635	154	46	might	might	AUX
cblr-8635	154	47	seem	seem	VERB
cblr-8635	154	48	to	to	PART
cblr-8635	154	49	imply	imply	VERB
cblr-8635	154	50	that	that	SCONJ
cblr-8635	154	51	23	23	NUM
cblr-8635	154	52	for	for	ADP
cblr-8635	154	53	a	a	DET
cblr-8635	154	54	detailed	detailed	ADJ
cblr-8635	154	55	examination	examination	NOUN
cblr-8635	154	56	of	of	ADP
cblr-8635	154	57	relative	relative	ADJ
cblr-8635	154	58	enforcement	enforcement	NOUN
cblr-8635	154	59	intensity	intensity	NOUN
cblr-8635	154	60	between	between	ADP
cblr-8635	154	61	the	the	DET
cblr-8635	154	62	u.s	u.s	PROPN
cblr-8635	154	63	.	.	PROPN
cblr-8635	154	64	,	,	PUNCT
cblr-8635	154	65	the	the	DET
cblr-8635	154	66	u.k	u.k	PROPN
cblr-8635	154	67	.	.	PROPN
cblr-8635	154	68	,	,	PUNCT
cblr-8635	154	69	and	and	CCONJ
cblr-8635	154	70	europe	europe	PROPN
cblr-8635	154	71	,	,	PUNCT
cblr-8635	154	72	see	see	VERB
cblr-8635	154	73	generally	generally	ADV
cblr-8635	154	74	john	john	PROPN
cblr-8635	154	75	c.	c.	PROPN
cblr-8635	154	76	coffee	coffee	PROPN
cblr-8635	154	77	,	,	PUNCT
cblr-8635	154	78	jr	jr	PROPN
cblr-8635	154	79	.	.	PROPN
cblr-8635	154	80	,	,	PUNCT
cblr-8635	154	81	law	law	NOUN
cblr-8635	154	82	and	and	CCONJ
cblr-8635	154	83	the	the	DET
cblr-8635	154	84	market	market	NOUN
cblr-8635	154	85	:	:	PUNCT
cblr-8635	154	86	the	the	DET
cblr-8635	154	87	impact	impact	NOUN
cblr-8635	154	88	of	of	ADP
cblr-8635	154	89	enforcement	enforcement	NOUN
cblr-8635	154	90	,	,	PUNCT
cblr-8635	154	91	156	156	NUM
cblr-8635	154	92	u.	u.	PROPN
cblr-8635	154	93	pa	pa	PROPN
cblr-8635	154	94	.	.	PUNCT
cblr-8635	154	95	l.	l.	PROPN
cblr-8635	154	96	rev	rev	PROPN
cblr-8635	154	97	.	.	PROPN
cblr-8635	154	98	229	229	NUM
cblr-8635	154	99	(	(	PUNCT
cblr-8635	154	100	2007	2007	NUM
cblr-8635	154	101	)	)	PUNCT
cblr-8635	154	102	.	.	PUNCT
cblr-8635	155	1	24	24	NUM
cblr-8635	155	2	see	see	VERB
cblr-8635	155	3	,	,	PUNCT
cblr-8635	155	4	e.g.	e.g.	ADV
cblr-8635	155	5	,	,	PUNCT
cblr-8635	155	6	generally	generally	ADV
cblr-8635	155	7	hans	hans	PROPN
cblr-8635	155	8	b.	b.	PROPN
cblr-8635	155	9	christensen	christensen	PROPN
cblr-8635	155	10	,	,	PUNCT
cblr-8635	155	11	luzi	luzi	PROPN
cblr-8635	155	12	hail	hail	PROPN
cblr-8635	155	13	&	&	CCONJ
cblr-8635	155	14	christian	christian	PROPN
cblr-8635	155	15	leuz	leuz	PROPN
cblr-8635	155	16	,	,	PUNCT
cblr-8635	155	17	mandatory	mandatory	ADJ
cblr-8635	155	18	ifrs	ifrs	NOUN
cblr-8635	155	19	reporting	reporting	NOUN
cblr-8635	155	20	and	and	CCONJ
cblr-8635	155	21	changes	change	NOUN
cblr-8635	155	22	in	in	ADP
cblr-8635	155	23	enforcement	enforcement	NOUN
cblr-8635	155	24	,	,	PUNCT
cblr-8635	155	25	56	56	NUM
cblr-8635	155	26	j.	j.	PROPN
cblr-8635	155	27	acct	acct	PROPN
cblr-8635	155	28	.	.	PROPN
cblr-8635	155	29	&	&	CCONJ
cblr-8635	155	30	econ	econ	PROPN
cblr-8635	155	31	.	.	PUNCT
cblr-8635	156	1	147	147	NUM
cblr-8635	156	2	(	(	PUNCT
cblr-8635	156	3	2013	2013	NUM
cblr-8635	156	4	)	)	PUNCT
cblr-8635	156	5	(	(	PUNCT
cblr-8635	156	6	emphasizing	emphasize	VERB
cblr-8635	156	7	the	the	DET
cblr-8635	156	8	link	link	NOUN
cblr-8635	156	9	between	between	ADP
cblr-8635	156	10	enforcement	enforcement	NOUN
cblr-8635	156	11	quality	quality	NOUN
cblr-8635	156	12	and	and	CCONJ
cblr-8635	156	13	liquidity	liquidity	NOUN
cblr-8635	156	14	benefits	benefit	NOUN
cblr-8635	156	15	)	)	PUNCT
cblr-8635	156	16	;	;	PUNCT
cblr-8635	156	17	see	see	VERB
cblr-8635	156	18	also	also	ADV
cblr-8635	156	19	coffee	coffee	NOUN
cblr-8635	156	20	,	,	PUNCT
cblr-8635	156	21	supra	supra	PROPN
cblr-8635	156	22	note	note	NOUN
cblr-8635	156	23	23	23	NUM
cblr-8635	156	24	.	.	PUNCT
cblr-8635	157	1	25	25	NUM
cblr-8635	157	2	see	see	VERB
cblr-8635	157	3	,	,	PUNCT
cblr-8635	157	4	e.g.	e.g.	ADV
cblr-8635	157	5	,	,	PUNCT
cblr-8635	157	6	andrew	andrew	PROPN
cblr-8635	157	7	a.	a.	PROPN
cblr-8635	157	8	schwartz	schwartz	PROPN
cblr-8635	157	9	,	,	PUNCT
cblr-8635	157	10	mandatory	mandatory	ADJ
cblr-8635	157	11	disclosure	disclosure	NOUN
cblr-8635	157	12	in	in	ADP
cblr-8635	157	13	primary	primary	ADJ
cblr-8635	157	14	markets	market	NOUN
cblr-8635	157	15	,	,	PUNCT
cblr-8635	157	16	2019	2019	NUM
cblr-8635	157	17	utah	utah	PROPN
cblr-8635	157	18	l.	l.	PROPN
cblr-8635	157	19	rev	rev	PROPN
cblr-8635	157	20	.	.	PROPN
cblr-8635	157	21	1069	1069	NUM
cblr-8635	157	22	,	,	PUNCT
cblr-8635	157	23	1072	1072	NUM
cblr-8635	157	24	(	(	PUNCT
cblr-8635	157	25	observing	observe	VERB
cblr-8635	157	26	,	,	PUNCT
cblr-8635	157	27	despite	despite	SCONJ
cblr-8635	157	28	objections	objection	NOUN
cblr-8635	157	29	to	to	ADP
cblr-8635	157	30	the	the	DET
cblr-8635	157	31	consensus	consensus	NOUN
cblr-8635	157	32	,	,	PUNCT
cblr-8635	157	33	that	that	SCONJ
cblr-8635	157	34	“	"	PUNCT
cblr-8635	157	35	[	[	PUNCT
cblr-8635	157	36	n]early	n]early	ADV
cblr-8635	157	37	all	all	DET
cblr-8635	157	38	scholars	scholar	NOUN
cblr-8635	157	39	support	support	VERB
cblr-8635	157	40	”	"	PUNCT
cblr-8635	157	41	mandatory	mandatory	ADJ
cblr-8635	157	42	disclosure	disclosure	NOUN
cblr-8635	157	43	)	)	PUNCT
cblr-8635	157	44	.	.	PUNCT
cblr-8635	158	1	26	26	NUM
cblr-8635	159	1	the	the	DET
cblr-8635	159	2	principal	principal	ADJ
cblr-8635	159	3	exemption	exemption	NOUN
cblr-8635	159	4	for	for	ADP
cblr-8635	159	5	private	private	ADJ
cblr-8635	159	6	placements	placement	NOUN
cblr-8635	159	7	is	be	AUX
cblr-8635	159	8	regulation	regulation	NOUN
cblr-8635	159	9	d.	d.	PROPN
cblr-8635	159	10	17	17	NUM
cblr-8635	159	11	c.f.r	c.f.r	NOUN
cblr-8635	159	12	.	.	PUNCT
cblr-8635	160	1	§	§	PROPN
cblr-8635	160	2	§	§	PROPN
cblr-8635	160	3	230.500–.08	230.500–.08	NUM
cblr-8635	160	4	(	(	PUNCT
cblr-8635	160	5	2020	2020	NUM
cblr-8635	160	6	)	)	PUNCT
cblr-8635	160	7	.	.	PUNCT
cblr-8635	161	1	the	the	DET
cblr-8635	161	2	number	number	NOUN
cblr-8635	161	3	of	of	ADP
cblr-8635	161	4	“	"	PUNCT
cblr-8635	161	5	reg	reg	PROPN
cblr-8635	161	6	d	d	NOUN
cblr-8635	161	7	”	"	PUNCT
cblr-8635	161	8	offerings	offering	NOUN
cblr-8635	161	9	has	have	AUX
cblr-8635	161	10	exceeded	exceed	VERB
cblr-8635	161	11	the	the	DET
cblr-8635	161	12	number	number	NOUN
cblr-8635	161	13	of	of	ADP
cblr-8635	161	14	public	public	ADJ
cblr-8635	161	15	equity	equity	NOUN
cblr-8635	161	16	offerings	offering	NOUN
cblr-8635	161	17	by	by	ADP
cblr-8635	161	18	a	a	DET
cblr-8635	161	19	thirty	thirty	NUM
cblr-8635	161	20	-	-	PUNCT
cblr-8635	161	21	to	to	ADP
cblr-8635	161	22	-	-	PUNCT
cblr-8635	161	23	one	one	NUM
cblr-8635	161	24	margin	margin	NOUN
cblr-8635	161	25	.	.	PUNCT
cblr-8635	162	1	see	see	VERB
cblr-8635	162	2	john	john	PROPN
cblr-8635	162	3	c.	c.	PROPN
cblr-8635	162	4	coffee	coffee	PROPN
cblr-8635	162	5	,	,	PUNCT
cblr-8635	162	6	jr	jr	PROPN
cblr-8635	162	7	.	.	PROPN
cblr-8635	162	8	,	,	PUNCT
cblr-8635	162	9	hillary	hillary	PROPN
cblr-8635	162	10	a.	a.	NOUN
cblr-8635	162	11	sale	sale	PROPN
cblr-8635	162	12	&	&	CCONJ
cblr-8635	162	13	m.	m.	PROPN
cblr-8635	162	14	todd	todd	PROPN
cblr-8635	162	15	henderson	henderson	PROPN
cblr-8635	162	16	,	,	PUNCT
cblr-8635	162	17	securities	security	NOUN
cblr-8635	162	18	regulation	regulation	NOUN
cblr-8635	162	19	:	:	PUNCT
cblr-8635	162	20	cases	case	NOUN
cblr-8635	162	21	and	and	CCONJ
cblr-8635	162	22	materials	material	NOUN
cblr-8635	162	23	368	368	NUM
cblr-8635	162	24	tbl.number	tbl.number	NOUN
cblr-8635	162	25	of	of	ADP
cblr-8635	162	26	offerings	offering	NOUN
cblr-8635	162	27	by	by	ADP
cblr-8635	162	28	type	type	NOUN
cblr-8635	162	29	of	of	ADP
cblr-8635	162	30	offering	offering	NOUN
cblr-8635	162	31	and	and	CCONJ
cblr-8635	162	32	year	year	NOUN
cblr-8635	162	33	(	(	PUNCT
cblr-8635	162	34	13th	13th	NOUN
cblr-8635	162	35	ed	ed	NOUN
cblr-8635	162	36	.	.	NOUN
cblr-8635	162	37	2015	2015	NUM
cblr-8635	162	38	)	)	PUNCT
cblr-8635	162	39	.	.	PUNCT
cblr-8635	163	1	the	the	DET
cblr-8635	163	2	aggregate	aggregate	ADJ
cblr-8635	163	3	amount	amount	NOUN
cblr-8635	163	4	raised	raise	VERB
cblr-8635	163	5	in	in	ADP
cblr-8635	163	6	private	private	ADJ
cblr-8635	163	7	markets	market	NOUN
cblr-8635	163	8	has	have	AUX
cblr-8635	163	9	also	also	ADV
cblr-8635	163	10	exceeded	exceed	VERB
cblr-8635	163	11	that	that	PRON
cblr-8635	163	12	raised	raise	VERB
cblr-8635	163	13	in	in	ADP
cblr-8635	163	14	public	public	ADJ
cblr-8635	163	15	markets	market	NOUN
cblr-8635	163	16	in	in	ADP
cblr-8635	163	17	some	some	DET
cblr-8635	163	18	years	year	NOUN
cblr-8635	163	19	.	.	PUNCT
cblr-8635	164	1	for	for	ADP
cblr-8635	164	2	example	example	NOUN
cblr-8635	164	3	,	,	PUNCT
cblr-8635	164	4	in	in	ADP
cblr-8635	164	5	2012	2012	NUM
cblr-8635	164	6	,	,	PUNCT
cblr-8635	164	7	$	$	SYM
cblr-8635	164	8	1.7	1.7	NUM
cblr-8635	164	9	trillion	trillion	NUM
cblr-8635	164	10	was	be	AUX
cblr-8635	164	11	raised	raise	VERB
cblr-8635	164	12	in	in	ADP
cblr-8635	164	13	private	private	ADJ
cblr-8635	164	14	markets	market	NOUN
cblr-8635	164	15	versus	versus	ADP
cblr-8635	164	16	$	$	SYM
cblr-8635	164	17	1.2	1.2	NUM
cblr-8635	164	18	trillion	trillion	NUM
cblr-8635	164	19	in	in	ADP
cblr-8635	164	20	public	public	ADJ
cblr-8635	164	21	markets	market	NOUN
cblr-8635	164	22	in	in	ADP
cblr-8635	164	23	registered	register	VERB
cblr-8635	164	24	offerings	offering	NOUN
cblr-8635	164	25	.	.	PUNCT
cblr-8635	165	1	i	i	PRON
cblr-8635	165	2	d.	d.	PROPN
cblr-8635	165	3	at	at	ADP
cblr-8635	165	4	368	368	NUM
cblr-8635	165	5	.	.	PUNCT
cblr-8635	165	6	27	27	NUM
cblr-8635	165	7	under	under	ADP
cblr-8635	165	8	rule	rule	NOUN
cblr-8635	165	9	502(b	502(b	PROPN
cblr-8635	165	10	)	)	PUNCT
cblr-8635	165	11	of	of	ADP
cblr-8635	165	12	regulation	regulation	NOUN
cblr-8635	165	13	d	d	NOUN
cblr-8635	165	14	,	,	PUNCT
cblr-8635	165	15	the	the	DET
cblr-8635	165	16	issuer	issuer	NOUN
cblr-8635	165	17	need	need	AUX
cblr-8635	165	18	not	not	PART
cblr-8635	165	19	provide	provide	VERB
cblr-8635	165	20	information	information	NOUN
cblr-8635	165	21	to	to	ADP
cblr-8635	165	22	purchasers	purchaser	NOUN
cblr-8635	165	23	when	when	SCONJ
cblr-8635	165	24	selling	sell	VERB
cblr-8635	165	25	to	to	ADP
cblr-8635	165	26	“	"	PUNCT
cblr-8635	165	27	accredited	accredited	ADJ
cblr-8635	165	28	investors	investor	NOUN
cblr-8635	165	29	.	.	PUNCT
cblr-8635	165	30	”	"	PUNCT
cblr-8635	166	1	17	17	NUM
cblr-8635	166	2	c.f.r	c.f.r	NOUN
cblr-8635	166	3	.	.	PUNCT
cblr-8635	167	1	§	§	PROPN
cblr-8635	167	2	230.502(b	230.502(b	NUM
cblr-8635	167	3	)	)	PUNCT
cblr-8635	167	4	.	.	PUNCT
cblr-8635	168	1	typically	typically	ADV
cblr-8635	168	2	,	,	PUNCT
cblr-8635	168	3	such	such	ADJ
cblr-8635	168	4	offerings	offering	NOUN
cblr-8635	168	5	are	be	AUX
cblr-8635	168	6	,	,	PUNCT
cblr-8635	168	7	as	as	ADP
cblr-8635	168	8	a	a	DET
cblr-8635	168	9	result	result	NOUN
cblr-8635	168	10	,	,	PUNCT
cblr-8635	168	11	limited	limit	VERB
cblr-8635	168	12	to	to	ADP
cblr-8635	168	13	“	"	PUNCT
cblr-8635	168	14	accredited	accredited	ADJ
cblr-8635	168	15	investors	investor	NOUN
cblr-8635	168	16	,	,	PUNCT
cblr-8635	168	17	”	"	PUNCT
cblr-8635	168	18	which	which	DET
cblr-8635	168	19	term	term	NOUN
cblr-8635	168	20	is	be	AUX
cblr-8635	168	21	defined	define	VERB
cblr-8635	168	22	in	in	ADP
cblr-8635	168	23	rule	rule	NOUN
cblr-8635	168	24	501	501	NUM
cblr-8635	168	25	of	of	ADP
cblr-8635	168	26	regulation	regulation	NOUN
cblr-8635	168	27	d	d	NOUN
cblr-8635	168	28	to	to	PART
cblr-8635	168	29	require	require	VERB
cblr-8635	168	30	only	only	ADV
cblr-8635	168	31	a	a	DET
cblr-8635	168	32	modest	modest	ADJ
cblr-8635	168	33	$	$	SYM
cblr-8635	168	34	1	1	NUM
cblr-8635	168	35	million	million	NUM
cblr-8635	168	36	net	net	ADJ
cblr-8635	168	37	worth	worth	NOUN
cblr-8635	168	38	or	or	CCONJ
cblr-8635	168	39	an	an	DET
cblr-8635	168	40	annual	annual	ADJ
cblr-8635	168	41	income	income	NOUN
cblr-8635	168	42	for	for	ADP
cblr-8635	168	43	the	the	DET
cblr-8635	168	44	two	two	NUM
cblr-8635	168	45	most	most	ADV
cblr-8635	168	46	recent	recent	ADJ
cblr-8635	168	47	years	year	NOUN
cblr-8635	168	48	equal	equal	ADJ
cblr-8635	168	49	to	to	ADP
cblr-8635	168	50	or	or	CCONJ
cblr-8635	168	51	exceeding	exceed	VERB
cblr-8635	168	52	$	$	SYM
cblr-8635	168	53	200,000	200,000	NUM
cblr-8635	168	54	.	.	PUNCT
cblr-8635	169	1	see	see	VERB
cblr-8635	169	2	17	17	NUM
cblr-8635	169	3	c.f.r	c.f.r	NOUN
cblr-8635	169	4	.	.	PUNCT
cblr-8635	170	1	§	§	PROPN
cblr-8635	170	2	230.501(a)(5)–(6	230.501(a)(5)–(6	NUM
cblr-8635	170	3	)	)	PUNCT
cblr-8635	170	4	.	.	PUNCT
cblr-8635	171	1	with	with	ADP
cblr-8635	171	2	inflation	inflation	NOUN
cblr-8635	171	3	,	,	PUNCT
cblr-8635	171	4	this	this	DET
cblr-8635	171	5	test	test	NOUN
cblr-8635	171	6	has	have	AUX
cblr-8635	171	7	become	become	VERB
cblr-8635	171	8	much	much	ADV
cblr-8635	171	9	more	more	ADV
cblr-8635	171	10	permissive	permissive	ADJ
cblr-8635	171	11	and	and	CCONJ
cblr-8635	171	12	now	now	ADV
cblr-8635	171	13	includes	include	VERB
cblr-8635	171	14	millions	million	NOUN
cblr-8635	171	15	of	of	ADP
cblr-8635	171	16	investors	investor	NOUN
cblr-8635	171	17	.	.	PUNCT
cblr-8635	172	1	as	as	ADP
cblr-8635	172	2	a	a	DET
cblr-8635	172	3	generalization	generalization	NOUN
cblr-8635	172	4	,	,	PUNCT
cblr-8635	172	5	the	the	DET
cblr-8635	172	6	purchasers	purchaser	NOUN
cblr-8635	172	7	in	in	ADP
cblr-8635	172	8	reg	reg	NOUN
cblr-8635	172	9	d	d	NOUN
cblr-8635	172	10	offerings	offering	NOUN
cblr-8635	172	11	are	be	AUX
cblr-8635	172	12	generally	generally	ADV
cblr-8635	172	13	individuals	individual	NOUN
cblr-8635	172	14	and	and	CCONJ
cblr-8635	172	15	smaller	small	ADJ
cblr-8635	172	16	institutions	institution	NOUN
cblr-8635	172	17	,	,	PUNCT
cblr-8635	172	18	and	and	CCONJ
cblr-8635	172	19	the	the	DET
cblr-8635	172	20	disclosure	disclosure	NOUN
cblr-8635	172	21	they	they	PRON
cblr-8635	172	22	coffee	coffee	VERB
cblr-8635	172	23	8/20/2021	8/20/2021	NUM
cblr-8635	172	24	6:32	6:32	NUM
cblr-8635	172	25	pm	pm	NOUN
cblr-8635	172	26	no	no	INTJ
cblr-8635	172	27	.	.	PUNCT
cblr-8635	173	1	2:602	2:602	NUM
cblr-8635	173	2	]	]	X
cblr-8635	173	3	the	the	DET
cblr-8635	173	4	future	future	NOUN
cblr-8635	173	5	of	of	ADP
cblr-8635	173	6	disclosure	disclosure	NOUN
cblr-8635	173	7	613	613	NUM
cblr-8635	173	8	institutional	institutional	ADJ
cblr-8635	173	9	investors	investor	NOUN
cblr-8635	173	10	need	need	VERB
cblr-8635	173	11	less	less	ADJ
cblr-8635	173	12	information	information	NOUN
cblr-8635	173	13	.	.	PUNCT
cblr-8635	174	1	yet	yet	CCONJ
cblr-8635	174	2	a	a	DET
cblr-8635	174	3	confounding	confound	VERB
cblr-8635	174	4	fact	fact	NOUN
cblr-8635	174	5	interferes	interfere	VERB
cblr-8635	174	6	with	with	ADP
cblr-8635	174	7	this	this	DET
cblr-8635	174	8	simple	simple	ADJ
cblr-8635	174	9	conclusion	conclusion	NOUN
cblr-8635	174	10	:	:	PUNCT
cblr-8635	174	11	the	the	DET
cblr-8635	174	12	character	character	NOUN
cblr-8635	174	13	of	of	ADP
cblr-8635	174	14	the	the	DET
cblr-8635	174	15	disclosure	disclosure	NOUN
cblr-8635	174	16	actually	actually	ADV
cblr-8635	174	17	provided	provide	VERB
cblr-8635	174	18	in	in	ADP
cblr-8635	174	19	offerings	offering	NOUN
cblr-8635	174	20	done	do	VERB
cblr-8635	174	21	pursuant	pursuant	ADV
cblr-8635	174	22	to	to	PART
cblr-8635	174	23	rule	rule	VERB
cblr-8635	174	24	144a	144a	PROPN
cblr-8635	174	25	(	(	PUNCT
cblr-8635	174	26	the	the	DET
cblr-8635	174	27	exemption	exemption	NOUN
cblr-8635	174	28	from	from	ADP
cblr-8635	174	29	registration	registration	NOUN
cblr-8635	174	30	preferred	prefer	VERB
cblr-8635	174	31	by	by	ADP
cblr-8635	174	32	large	large	ADJ
cblr-8635	174	33	public	public	ADJ
cblr-8635	174	34	issuers)28	issuers)28	NOUN
cblr-8635	174	35	closely	closely	ADV
cblr-8635	174	36	resembles	resemble	VERB
cblr-8635	174	37	the	the	DET
cblr-8635	174	38	character	character	NOUN
cblr-8635	174	39	of	of	ADP
cblr-8635	174	40	the	the	DET
cblr-8635	174	41	information	information	NOUN
cblr-8635	174	42	in	in	ADP
cblr-8635	174	43	a	a	DET
cblr-8635	174	44	registration	registration	NOUN
cblr-8635	174	45	statement	statement	NOUN
cblr-8635	174	46	filed	file	VERB
cblr-8635	174	47	pursuant	pursuant	ADV
cblr-8635	174	48	to	to	ADP
cblr-8635	174	49	the	the	DET
cblr-8635	174	50	1933	1933	NUM
cblr-8635	174	51	act	act	NOUN
cblr-8635	174	52	.	.	PUNCT
cblr-8635	175	1	in	in	ADP
cblr-8635	175	2	particular	particular	ADJ
cblr-8635	175	3	,	,	PUNCT
cblr-8635	175	4	the	the	DET
cblr-8635	175	5	issuer	issuer	NOUN
cblr-8635	175	6	’s	’s	PART
cblr-8635	175	7	disclosures	disclosure	NOUN
cblr-8635	175	8	in	in	ADP
cblr-8635	175	9	a	a	DET
cblr-8635	175	10	rule	rule	NOUN
cblr-8635	175	11	144a	144a	PROPN
cblr-8635	175	12	offering	offering	NOUN
cblr-8635	175	13	typically	typically	ADV
cblr-8635	175	14	follow	follow	VERB
cblr-8635	175	15	the	the	DET
cblr-8635	175	16	same	same	ADJ
cblr-8635	175	17	standardized	standardized	ADJ
cblr-8635	175	18	format	format	NOUN
cblr-8635	175	19	.	.	PUNCT
cblr-8635	176	1	although	although	SCONJ
cblr-8635	176	2	no	no	DET
cblr-8635	176	3	precise	precise	ADJ
cblr-8635	176	4	metric	metric	ADJ
cblr-8635	176	5	exists	exist	NOUN
cblr-8635	176	6	that	that	PRON
cblr-8635	176	7	proves	prove	VERB
cblr-8635	176	8	that	that	SCONJ
cblr-8635	176	9	the	the	DET
cblr-8635	176	10	same	same	ADJ
cblr-8635	176	11	quantum	quantum	NOUN
cblr-8635	176	12	of	of	ADP
cblr-8635	176	13	information	information	NOUN
cblr-8635	176	14	is	be	AUX
cblr-8635	176	15	present	present	ADJ
cblr-8635	176	16	in	in	ADP
cblr-8635	176	17	both	both	CCONJ
cblr-8635	176	18	exempt	exempt	ADJ
cblr-8635	176	19	and	and	CCONJ
cblr-8635	176	20	registered	registered	ADJ
cblr-8635	176	21	offerings	offering	NOUN
cblr-8635	176	22	,	,	PUNCT
cblr-8635	176	23	institutional	institutional	ADJ
cblr-8635	176	24	investors	investor	NOUN
cblr-8635	176	25	as	as	SCONJ
cblr-8635	176	26	a	a	DET
cblr-8635	176	27	group	group	NOUN
cblr-8635	176	28	appear	appear	VERB
cblr-8635	176	29	to	to	PART
cblr-8635	176	30	want	want	VERB
cblr-8635	176	31	(	(	PUNCT
cblr-8635	176	32	and	and	CCONJ
cblr-8635	176	33	implicitly	implicitly	ADV
cblr-8635	176	34	demand	demand	VERB
cblr-8635	176	35	)	)	PUNCT
cblr-8635	176	36	at	at	ADP
cblr-8635	176	37	least	least	ADJ
cblr-8635	176	38	the	the	DET
cblr-8635	176	39	same	same	ADJ
cblr-8635	176	40	information	information	NOUN
cblr-8635	176	41	as	as	ADP
cblr-8635	176	42	other	other	ADJ
cblr-8635	176	43	investors	investor	NOUN
cblr-8635	176	44	,	,	PUNCT
cblr-8635	176	45	and	and	CCONJ
cblr-8635	176	46	they	they	PRON
cblr-8635	176	47	prefer	prefer	VERB
cblr-8635	176	48	it	it	PRON
cblr-8635	176	49	presented	present	VERB
cblr-8635	176	50	in	in	ADP
cblr-8635	176	51	the	the	DET
cblr-8635	176	52	same	same	ADJ
cblr-8635	176	53	standardized	standardized	ADJ
cblr-8635	176	54	format	format	NOUN
cblr-8635	176	55	.	.	PUNCT
cblr-8635	177	1	particularly	particularly	ADV
cblr-8635	177	2	as	as	SCONJ
cblr-8635	177	3	they	they	PRON
cblr-8635	177	4	come	come	VERB
cblr-8635	177	5	to	to	PART
cblr-8635	177	6	make	make	VERB
cblr-8635	177	7	decisions	decision	NOUN
cblr-8635	177	8	on	on	ADP
cblr-8635	177	9	a	a	DET
cblr-8635	177	10	portfolio	portfolio	NOUN
cblr-8635	177	11	-	-	PUNCT
cblr-8635	177	12	wide	wide	ADJ
cblr-8635	177	13	basis	basis	NOUN
cblr-8635	177	14	,	,	PUNCT
cblr-8635	177	15	diversified	diversify	VERB
cblr-8635	177	16	institutions	institution	NOUN
cblr-8635	177	17	will	will	AUX
cblr-8635	177	18	increasingly	increasingly	ADV
cblr-8635	177	19	want	want	VERB
cblr-8635	177	20	to	to	PART
cblr-8635	177	21	know	know	VERB
cblr-8635	177	22	and	and	CCONJ
cblr-8635	177	23	compare	compare	VERB
cblr-8635	177	24	the	the	DET
cblr-8635	177	25	likely	likely	ADJ
cblr-8635	177	26	impact	impact	NOUN
cblr-8635	177	27	of	of	ADP
cblr-8635	177	28	esg	esg	PROPN
cblr-8635	177	29	-	-	PUNCT
cblr-8635	177	30	related	relate	VERB
cblr-8635	177	31	policy	policy	NOUN
cblr-8635	177	32	changes	change	NOUN
cblr-8635	177	33	on	on	ADP
cblr-8635	177	34	all	all	DET
cblr-8635	177	35	firms	firm	NOUN
cblr-8635	177	36	in	in	ADP
cblr-8635	177	37	their	their	PRON
cblr-8635	177	38	portfolio	portfolio	NOUN
cblr-8635	177	39	.	.	PUNCT
cblr-8635	178	1	in	in	ADP
cblr-8635	178	2	contrast	contrast	NOUN
cblr-8635	178	3	,	,	PUNCT
cblr-8635	178	4	undiversified	undiversified	ADJ
cblr-8635	178	5	shareholders	shareholder	NOUN
cblr-8635	178	6	,	,	PUNCT
cblr-8635	178	7	lacking	lack	VERB
cblr-8635	178	8	common	common	ADJ
cblr-8635	178	9	ownership	ownership	NOUN
cblr-8635	178	10	,	,	PUNCT
cblr-8635	178	11	are	be	AUX
cblr-8635	178	12	not	not	PART
cblr-8635	178	13	in	in	ADP
cblr-8635	178	14	a	a	DET
cblr-8635	178	15	position	position	NOUN
cblr-8635	178	16	to	to	PART
cblr-8635	178	17	make	make	VERB
cblr-8635	178	18	similar	similar	ADJ
cblr-8635	178	19	inquiries	inquiry	NOUN
cblr-8635	178	20	or	or	CCONJ
cblr-8635	178	21	implement	implement	VERB
cblr-8635	178	22	similar	similar	ADJ
cblr-8635	178	23	portfolio	portfolio	NOUN
cblr-8635	178	24	-	-	PUNCT
cblr-8635	178	25	wide	wide	ADJ
cblr-8635	178	26	policies	policy	NOUN
cblr-8635	178	27	.	.	PUNCT
cblr-8635	179	1	this	this	DET
cblr-8635	179	2	article	article	NOUN
cblr-8635	179	3	will	will	AUX
cblr-8635	179	4	offer	offer	VERB
cblr-8635	179	5	a	a	DET
cblr-8635	179	6	number	number	NOUN
cblr-8635	179	7	of	of	ADP
cblr-8635	179	8	conclusions	conclusion	NOUN
cblr-8635	179	9	that	that	PRON
cblr-8635	179	10	are	be	AUX
cblr-8635	179	11	brief	brief	ADJ
cblr-8635	179	12	and	and	CCONJ
cblr-8635	179	13	blunt	blunt	ADJ
cblr-8635	179	14	;	;	PUNCT
cblr-8635	179	15	to	to	PART
cblr-8635	179	16	be	be	AUX
cblr-8635	179	17	brief	brief	ADJ
cblr-8635	179	18	,	,	PUNCT
cblr-8635	179	19	it	it	PRON
cblr-8635	179	20	is	be	AUX
cblr-8635	179	21	necessary	necessary	ADJ
cblr-8635	179	22	to	to	PART
cblr-8635	179	23	be	be	AUX
cblr-8635	179	24	blunt	blunt	ADJ
cblr-8635	179	25	.	.	PUNCT
cblr-8635	180	1	organizationally	organizationally	ADV
cblr-8635	180	2	,	,	PUNCT
cblr-8635	180	3	part	part	NOUN
cblr-8635	180	4	ii	ii	NOUN
cblr-8635	180	5	of	of	ADP
cblr-8635	180	6	this	this	DET
cblr-8635	180	7	article	article	NOUN
cblr-8635	180	8	will	will	AUX
cblr-8635	180	9	focus	focus	VERB
cblr-8635	180	10	on	on	ADP
cblr-8635	180	11	the	the	DET
cblr-8635	180	12	informational	informational	ADJ
cblr-8635	180	13	needs	need	NOUN
cblr-8635	180	14	of	of	ADP
cblr-8635	180	15	institutional	institutional	ADJ
cblr-8635	180	16	investors	investor	NOUN
cblr-8635	180	17	(	(	PUNCT
cblr-8635	180	18	and	and	CCONJ
cblr-8635	180	19	particularly	particularly	ADV
cblr-8635	180	20	the	the	DET
cblr-8635	180	21	fully	fully	ADV
cblr-8635	180	22	diversified	diversified	ADJ
cblr-8635	180	23	institutions	institution	NOUN
cblr-8635	180	24	)	)	PUNCT
cblr-8635	180	25	.	.	PUNCT
cblr-8635	181	1	how	how	SCONJ
cblr-8635	181	2	do	do	AUX
cblr-8635	181	3	their	their	PRON
cblr-8635	181	4	needs	need	NOUN
cblr-8635	181	5	and	and	CCONJ
cblr-8635	181	6	priorities	priority	NOUN
cblr-8635	181	7	differ	differ	VERB
cblr-8635	181	8	from	from	ADP
cblr-8635	181	9	those	those	PRON
cblr-8635	181	10	of	of	ADP
cblr-8635	181	11	the	the	DET
cblr-8635	181	12	retail	retail	ADJ
cblr-8635	181	13	individual	individual	ADJ
cblr-8635	181	14	investor	investor	NOUN
cblr-8635	181	15	?	?	PUNCT
cblr-8635	182	1	relying	rely	VERB
cblr-8635	182	2	receive	receive	NOUN
cblr-8635	182	3	tends	tend	VERB
cblr-8635	182	4	to	to	PART
cblr-8635	182	5	be	be	AUX
cblr-8635	182	6	quite	quite	ADV
cblr-8635	182	7	modest	modest	ADJ
cblr-8635	182	8	.	.	PUNCT
cblr-8635	183	1	cf	cf	NOUN
cblr-8635	183	2	.	.	PUNCT
cblr-8635	184	1	scott	scott	PROPN
cblr-8635	184	2	bauguess	bauguess	PROPN
cblr-8635	184	3	,	,	PUNCT
cblr-8635	184	4	rachita	rachita	PROPN
cblr-8635	184	5	gullapalli	gullapalli	PROPN
cblr-8635	184	6	&	&	CCONJ
cblr-8635	184	7	vladimir	vladimir	PROPN
cblr-8635	184	8	ivanov	ivanov	PROPN
cblr-8635	184	9	,	,	PUNCT
cblr-8635	184	10	u.s	u.s	PROPN
cblr-8635	184	11	.	.	PROPN
cblr-8635	184	12	sec	sec	PROPN
cblr-8635	184	13	.	.	PROPN
cblr-8635	184	14	&	&	CCONJ
cblr-8635	184	15	exch	exch	PROPN
cblr-8635	184	16	.	.	PUNCT
cblr-8635	185	1	comm’n	comm’n	PROPN
cblr-8635	185	2	,	,	PUNCT
cblr-8635	185	3	capital	capital	NOUN
cblr-8635	185	4	raising	raising	NOUN
cblr-8635	185	5	in	in	ADP
cblr-8635	185	6	the	the	DET
cblr-8635	185	7	u.s	u.s	PROPN
cblr-8635	185	8	.	.	PROPN
cblr-8635	185	9	:	:	PUNCT
cblr-8635	186	1	an	an	DET
cblr-8635	186	2	analysis	analysis	NOUN
cblr-8635	186	3	of	of	ADP
cblr-8635	186	4	the	the	DET
cblr-8635	186	5	market	market	NOUN
cblr-8635	186	6	for	for	ADP
cblr-8635	186	7	unregistered	unregistered	ADJ
cblr-8635	186	8	securities	security	NOUN
cblr-8635	186	9	offerings	offering	NOUN
cblr-8635	186	10	,	,	PUNCT
cblr-8635	186	11	2009	2009	NUM
cblr-8635	186	12	-	-	SYM
cblr-8635	186	13	2017	2017	NUM
cblr-8635	186	14	,	,	PUNCT
cblr-8635	186	15	at	at	ADP
cblr-8635	186	16	34	34	NUM
cblr-8635	186	17	tbl.11	tbl.11	ADJ
cblr-8635	186	18	(	(	PUNCT
cblr-8635	186	19	finding	find	VERB
cblr-8635	186	20	an	an	DET
cblr-8635	186	21	average	average	NOUN
cblr-8635	186	22	of	of	ADP
cblr-8635	186	23	fourteen	fourteen	NUM
cblr-8635	186	24	investors	investor	NOUN
cblr-8635	186	25	per	per	ADP
cblr-8635	186	26	regulation	regulation	NOUN
cblr-8635	186	27	d	d	NOUN
cblr-8635	186	28	offering	offering	NOUN
cblr-8635	186	29	from	from	ADP
cblr-8635	186	30	2009	2009	NUM
cblr-8635	186	31	to	to	ADP
cblr-8635	186	32	2017	2017	NUM
cblr-8635	186	33	)	)	PUNCT
cblr-8635	186	34	.	.	PUNCT
cblr-8635	187	1	28	28	NUM
cblr-8635	187	2	see	see	VERB
cblr-8635	187	3	rule	rule	PROPN
cblr-8635	187	4	144a	144a	PROPN
cblr-8635	187	5	,	,	PUNCT
cblr-8635	187	6	17	17	NUM
cblr-8635	187	7	c.f.r	c.f.r	NOUN
cblr-8635	187	8	.	.	PUNCT
cblr-8635	188	1	§	§	PROPN
cblr-8635	188	2	230.144a	230.144a	NUM
cblr-8635	188	3	.	.	PUNCT
cblr-8635	189	1	this	this	DET
cblr-8635	189	2	rule	rule	NOUN
cblr-8635	189	3	permits	permit	VERB
cblr-8635	189	4	private	private	ADJ
cblr-8635	189	5	sales	sale	NOUN
cblr-8635	189	6	to	to	ADP
cblr-8635	189	7	institutional	institutional	ADJ
cblr-8635	189	8	buyers	buyer	NOUN
cblr-8635	189	9	that	that	PRON
cblr-8635	189	10	own	own	VERB
cblr-8635	189	11	and	and	CCONJ
cblr-8635	189	12	invest	invest	VERB
cblr-8635	189	13	at	at	ADP
cblr-8635	189	14	least	least	ADV
cblr-8635	189	15	$	$	SYM
cblr-8635	189	16	100	100	NUM
cblr-8635	189	17	million	million	NUM
cblr-8635	189	18	in	in	ADP
cblr-8635	189	19	securities	security	NOUN
cblr-8635	189	20	of	of	ADP
cblr-8635	189	21	unrelated	unrelated	ADJ
cblr-8635	189	22	issuers	issuer	NOUN
cblr-8635	189	23	(	(	PUNCT
cblr-8635	189	24	in	in	ADP
cblr-8635	189	25	short	short	ADJ
cblr-8635	189	26	,	,	PUNCT
cblr-8635	189	27	the	the	DET
cblr-8635	189	28	profile	profile	NOUN
cblr-8635	189	29	of	of	ADP
cblr-8635	189	30	a	a	DET
cblr-8635	189	31	large	large	ADJ
cblr-8635	189	32	institutional	institutional	ADJ
cblr-8635	189	33	investor	investor	NOUN
cblr-8635	189	34	)	)	PUNCT
cblr-8635	189	35	.	.	PUNCT
cblr-8635	190	1	i	i	PRON
cblr-8635	190	2	d.	d.	PROPN
cblr-8635	190	3	§	§	PROPN
cblr-8635	190	4	230.144a(a)–(c	230.144a(a)–(c	PROPN
cblr-8635	190	5	)	)	PUNCT
cblr-8635	190	6	.	.	PUNCT
cblr-8635	191	1	the	the	DET
cblr-8635	191	2	volume	volume	NOUN
cblr-8635	191	3	and	and	CCONJ
cblr-8635	191	4	quality	quality	NOUN
cblr-8635	191	5	of	of	ADP
cblr-8635	191	6	the	the	DET
cblr-8635	191	7	disclosure	disclosure	NOUN
cblr-8635	191	8	in	in	ADP
cblr-8635	191	9	rule	rule	NOUN
cblr-8635	191	10	144a	144a	ADJ
cblr-8635	191	11	offerings	offering	NOUN
cblr-8635	191	12	is	be	AUX
cblr-8635	191	13	much	much	ADV
cblr-8635	191	14	higher	high	ADJ
cblr-8635	191	15	than	than	ADP
cblr-8635	191	16	in	in	ADP
cblr-8635	191	17	reg	reg	NOUN
cblr-8635	191	18	d	d	NOUN
cblr-8635	191	19	offerings	offering	NOUN
cblr-8635	191	20	to	to	ADP
cblr-8635	191	21	smaller	small	ADJ
cblr-8635	191	22	investors	investor	NOUN
cblr-8635	191	23	,	,	PUNCT
cblr-8635	191	24	suggesting	suggest	VERB
cblr-8635	191	25	that	that	SCONJ
cblr-8635	191	26	large	large	ADJ
cblr-8635	191	27	institutions	institution	NOUN
cblr-8635	191	28	are	be	AUX
cblr-8635	191	29	demanding	demand	VERB
cblr-8635	191	30	more	more	ADJ
cblr-8635	191	31	information	information	NOUN
cblr-8635	191	32	based	base	VERB
cblr-8635	191	33	on	on	ADP
cblr-8635	191	34	their	their	PRON
cblr-8635	191	35	market	market	NOUN
cblr-8635	191	36	power	power	NOUN
cblr-8635	191	37	.	.	PUNCT
cblr-8635	192	1	see	see	VERB
cblr-8635	192	2	elisabeth	elisabeth	PROPN
cblr-8635	192	3	de	de	PROPN
cblr-8635	192	4	fontenay	fontenay	PROPN
cblr-8635	192	5	,	,	PUNCT
cblr-8635	192	6	do	do	AUX
cblr-8635	192	7	the	the	DET
cblr-8635	192	8	securities	security	NOUN
cblr-8635	192	9	laws	law	NOUN
cblr-8635	192	10	matter	matter	VERB
cblr-8635	192	11	?	?	PUNCT
cblr-8635	193	1	the	the	DET
cblr-8635	193	2	rise	rise	NOUN
cblr-8635	193	3	of	of	ADP
cblr-8635	193	4	the	the	DET
cblr-8635	193	5	leveraged	leverage	VERB
cblr-8635	193	6	loan	loan	NOUN
cblr-8635	193	7	market	market	NOUN
cblr-8635	193	8	,	,	PUNCT
cblr-8635	193	9	39	39	NUM
cblr-8635	193	10	j.	j.	PROPN
cblr-8635	193	11	corp	corp	PROPN
cblr-8635	193	12	.	.	PROPN
cblr-8635	193	13	l.	l.	PROPN
cblr-8635	193	14	725	725	NUM
cblr-8635	193	15	,	,	PUNCT
cblr-8635	193	16	766–67	766–67	NUM
cblr-8635	193	17	(	(	PUNCT
cblr-8635	193	18	2014	2014	NUM
cblr-8635	193	19	)	)	PUNCT
cblr-8635	193	20	.	.	PUNCT
cblr-8635	194	1	coffee	coffee	PROPN
cblr-8635	194	2	8/20/2021	8/20/2021	NUM
cblr-8635	194	3	6:32	6:32	NUM
cblr-8635	194	4	pm	pm	PROPN
cblr-8635	194	5	614	614	NUM
cblr-8635	194	6	columbia	columbia	PROPN
cblr-8635	194	7	business	business	NOUN
cblr-8635	194	8	law	law	NOUN
cblr-8635	194	9	review	review	NOUN
cblr-8635	194	10	[	[	X
cblr-8635	194	11	vol	vol	NOUN
cblr-8635	194	12	.	.	PUNCT
cblr-8635	194	13	2021	2021	NUM
cblr-8635	194	14	on	on	ADP
cblr-8635	194	15	the	the	DET
cblr-8635	194	16	capm	capm	NOUN
cblr-8635	194	17	,	,	PUNCT
cblr-8635	194	18	it	it	PRON
cblr-8635	194	19	will	will	AUX
cblr-8635	194	20	suggest	suggest	VERB
cblr-8635	194	21	,	,	PUNCT
cblr-8635	194	22	first	first	ADV
cblr-8635	194	23	,	,	PUNCT
cblr-8635	194	24	that	that	SCONJ
cblr-8635	194	25	institutional	institutional	ADJ
cblr-8635	194	26	investors	investor	NOUN
cblr-8635	194	27	are	be	AUX
cblr-8635	194	28	more	more	ADV
cblr-8635	194	29	concerned	concerned	ADJ
cblr-8635	194	30	with	with	ADP
cblr-8635	194	31	“	"	PUNCT
cblr-8635	194	32	systematic	systematic	ADJ
cblr-8635	194	33	risk	risk	NOUN
cblr-8635	194	34	”	"	PUNCT
cblr-8635	194	35	than	than	SCONJ
cblr-8635	194	36	are	be	AUX
cblr-8635	194	37	individual	individual	ADJ
cblr-8635	194	38	investors29	investors29	NOUN
cblr-8635	194	39	and	and	CCONJ
cblr-8635	194	40	,	,	PUNCT
cblr-8635	194	41	second	second	ADJ
cblr-8635	194	42	,	,	PUNCT
cblr-8635	194	43	that	that	SCONJ
cblr-8635	194	44	esg	esg	PROPN
cblr-8635	194	45	disclosures	disclosure	NOUN
cblr-8635	194	46	address	address	VERB
cblr-8635	194	47	systematic	systematic	ADJ
cblr-8635	194	48	risk	risk	NOUN
cblr-8635	194	49	to	to	ADP
cblr-8635	194	50	a	a	DET
cblr-8635	194	51	much	much	ADV
cblr-8635	194	52	greater	great	ADJ
cblr-8635	194	53	degree	degree	NOUN
cblr-8635	194	54	than	than	SCONJ
cblr-8635	194	55	the	the	DET
cblr-8635	194	56	sec	sec	PROPN
cblr-8635	194	57	has	have	AUX
cblr-8635	194	58	recognized	recognize	VERB
cblr-8635	194	59	.	.	PUNCT
cblr-8635	195	1	part	part	NOUN
cblr-8635	195	2	iii	iii	NOUN
cblr-8635	195	3	will	will	AUX
cblr-8635	195	4	then	then	ADV
cblr-8635	195	5	return	return	VERB
cblr-8635	195	6	to	to	ADP
cblr-8635	195	7	the	the	DET
cblr-8635	195	8	individual	individual	ADJ
cblr-8635	195	9	retail	retail	ADJ
cblr-8635	195	10	investor	investor	NOUN
cblr-8635	195	11	,	,	PUNCT
cblr-8635	195	12	who	who	PRON
cblr-8635	195	13	certainly	certainly	ADV
cblr-8635	195	14	remains	remain	VERB
cblr-8635	195	15	on	on	ADP
cblr-8635	195	16	the	the	DET
cblr-8635	195	17	scene	scene	NOUN
cblr-8635	195	18	and	and	CCONJ
cblr-8635	195	19	is	be	AUX
cblr-8635	195	20	the	the	DET
cblr-8635	195	21	dominant	dominant	ADJ
cblr-8635	195	22	investor	investor	NOUN
cblr-8635	195	23	in	in	ADP
cblr-8635	195	24	smaller	small	ADJ
cblr-8635	195	25	companies	company	NOUN
cblr-8635	195	26	that	that	PRON
cblr-8635	195	27	offer	offer	VERB
cblr-8635	195	28	less	less	ADJ
cblr-8635	195	29	liquidity	liquidity	NOUN
cblr-8635	195	30	.	.	PUNCT
cblr-8635	196	1	what	what	PRON
cblr-8635	196	2	new	new	ADJ
cblr-8635	196	3	needs	need	NOUN
cblr-8635	196	4	(	(	PUNCT
cblr-8635	196	5	and	and	CCONJ
cblr-8635	196	6	fears	fear	NOUN
cblr-8635	196	7	)	)	PUNCT
cblr-8635	196	8	might	might	AUX
cblr-8635	196	9	the	the	DET
cblr-8635	196	10	retail	retail	ADJ
cblr-8635	196	11	investor	investor	NOUN
cblr-8635	196	12	reasonably	reasonably	ADV
cblr-8635	196	13	have	have	VERB
cblr-8635	196	14	in	in	ADP
cblr-8635	196	15	the	the	DET
cblr-8635	196	16	contemporary	contemporary	ADJ
cblr-8635	196	17	investment	investment	NOUN
cblr-8635	196	18	environment	environment	NOUN
cblr-8635	196	19	?	?	PUNCT
cblr-8635	197	1	here	here	ADV
cblr-8635	197	2	,	,	PUNCT
cblr-8635	197	3	a	a	DET
cblr-8635	197	4	partial	partial	ADJ
cblr-8635	197	5	answer	answer	NOUN
cblr-8635	197	6	will	will	AUX
cblr-8635	197	7	be	be	AUX
cblr-8635	197	8	that	that	SCONJ
cblr-8635	197	9	,	,	PUNCT
cblr-8635	197	10	although	although	SCONJ
cblr-8635	197	11	diversified	diversified	ADJ
cblr-8635	197	12	institutions	institution	NOUN
cblr-8635	197	13	tend	tend	VERB
cblr-8635	197	14	to	to	PART
cblr-8635	197	15	be	be	AUX
cblr-8635	197	16	tolerant	tolerant	ADJ
cblr-8635	197	17	of	of	ADP
cblr-8635	197	18	risk	risk	NOUN
cblr-8635	197	19	,	,	PUNCT
cblr-8635	197	20	individual	individual	ADJ
cblr-8635	197	21	investors	investor	NOUN
cblr-8635	197	22	rationally	rationally	ADV
cblr-8635	197	23	have	have	VERB
cblr-8635	197	24	the	the	DET
cblr-8635	197	25	reverse	reverse	ADJ
cblr-8635	197	26	preference	preference	NOUN
cblr-8635	197	27	.	.	PUNCT
cblr-8635	198	1	finally	finally	ADV
cblr-8635	198	2	,	,	PUNCT
cblr-8635	198	3	part	part	NOUN
cblr-8635	198	4	iv	iv	PRON
cblr-8635	198	5	will	will	AUX
cblr-8635	198	6	turn	turn	VERB
cblr-8635	198	7	to	to	ADP
cblr-8635	198	8	the	the	DET
cblr-8635	198	9	growth	growth	NOUN
cblr-8635	198	10	of	of	ADP
cblr-8635	198	11	esg	esg	PROPN
cblr-8635	198	12	disclosures	disclosure	NOUN
cblr-8635	198	13	.	.	PUNCT
cblr-8635	199	1	although	although	SCONJ
cblr-8635	199	2	such	such	ADJ
cblr-8635	199	3	disclosures	disclosure	NOUN
cblr-8635	199	4	are	be	AUX
cblr-8635	199	5	now	now	ADV
cblr-8635	199	6	becoming	become	VERB
cblr-8635	199	7	mandatory	mandatory	ADJ
cblr-8635	199	8	in	in	ADP
cblr-8635	199	9	europe	europe	PROPN
cblr-8635	199	10	,	,	PUNCT
cblr-8635	199	11	they	they	PRON
cblr-8635	199	12	remain	remain	VERB
cblr-8635	199	13	optional	optional	ADJ
cblr-8635	199	14	and	and	CCONJ
cblr-8635	199	15	voluntary	voluntary	ADJ
cblr-8635	199	16	in	in	ADP
cblr-8635	199	17	the	the	DET
cblr-8635	199	18	united	united	PROPN
cblr-8635	199	19	states	states	PROPN
cblr-8635	199	20	,	,	PUNCT
cblr-8635	199	21	with	with	SCONJ
cblr-8635	199	22	the	the	DET
cblr-8635	199	23	sec	sec	PROPN
cblr-8635	199	24	having	having	AUX
cblr-8635	199	25	stubbornly	stubbornly	ADV
cblr-8635	199	26	avoided	avoid	VERB
cblr-8635	199	27	(	(	PUNCT
cblr-8635	199	28	at	at	ADP
cblr-8635	199	29	least	least	ADJ
cblr-8635	199	30	prior	prior	ADV
cblr-8635	199	31	to	to	ADP
cblr-8635	199	32	the	the	DET
cblr-8635	199	33	biden	biden	PROPN
cblr-8635	199	34	administration	administration	PROPN
cblr-8635	199	35	)	)	PUNCT
cblr-8635	199	36	taking	take	VERB
cblr-8635	199	37	any	any	DET
cblr-8635	199	38	firm	firm	NOUN
cblr-8635	199	39	(	(	PUNCT
cblr-8635	199	40	or	or	CCONJ
cblr-8635	199	41	even	even	ADV
cblr-8635	199	42	coherent	coherent	ADJ
cblr-8635	199	43	)	)	PUNCT
cblr-8635	199	44	position	position	NOUN
cblr-8635	199	45	on	on	ADP
cblr-8635	199	46	esg	esg	PROPN
cblr-8635	199	47	disclosures.30	disclosures.30	NOUN
cblr-8635	199	48	this	this	DET
cblr-8635	199	49	article	article	NOUN
cblr-8635	199	50	seeks	seek	VERB
cblr-8635	199	51	both	both	PRON
cblr-8635	199	52	to	to	ADP
cblr-8635	199	53	29	29	NUM
cblr-8635	199	54	the	the	DET
cblr-8635	199	55	claim	claim	NOUN
cblr-8635	199	56	here	here	ADV
cblr-8635	199	57	is	be	AUX
cblr-8635	199	58	not	not	PART
cblr-8635	199	59	that	that	SCONJ
cblr-8635	199	60	individual	individual	ADJ
cblr-8635	199	61	investors	investor	NOUN
cblr-8635	199	62	disregard	disregard	VERB
cblr-8635	199	63	or	or	CCONJ
cblr-8635	199	64	ignore	ignore	VERB
cblr-8635	199	65	systematic	systematic	ADJ
cblr-8635	199	66	risk	risk	NOUN
cblr-8635	199	67	,	,	PUNCT
cblr-8635	199	68	but	but	CCONJ
cblr-8635	199	69	that	that	SCONJ
cblr-8635	199	70	they	they	PRON
cblr-8635	199	71	are	be	AUX
cblr-8635	199	72	unable	unable	ADJ
cblr-8635	199	73	to	to	PART
cblr-8635	199	74	do	do	VERB
cblr-8635	199	75	much	much	ADJ
cblr-8635	199	76	about	about	ADP
cblr-8635	199	77	it	it	PRON
cblr-8635	199	78	.	.	PUNCT
cblr-8635	200	1	lacking	lack	VERB
cblr-8635	200	2	high	high	ADJ
cblr-8635	200	3	common	common	ADJ
cblr-8635	200	4	ownership	ownership	NOUN
cblr-8635	200	5	,	,	PUNCT
cblr-8635	200	6	they	they	PRON
cblr-8635	200	7	can	can	AUX
cblr-8635	200	8	not	not	PART
cblr-8635	200	9	take	take	VERB
cblr-8635	200	10	meaningful	meaningful	ADJ
cblr-8635	200	11	collective	collective	ADJ
cblr-8635	200	12	action	action	NOUN
cblr-8635	200	13	.	.	PUNCT
cblr-8635	201	1	although	although	SCONJ
cblr-8635	201	2	portfolio	portfolio	NOUN
cblr-8635	201	3	firms	firm	NOUN
cblr-8635	201	4	may	may	AUX
cblr-8635	201	5	face	face	VERB
cblr-8635	201	6	different	different	ADJ
cblr-8635	201	7	degrees	degree	NOUN
cblr-8635	201	8	of	of	ADP
cblr-8635	201	9	systematic	systematic	ADJ
cblr-8635	201	10	risk	risk	NOUN
cblr-8635	201	11	,	,	PUNCT
cblr-8635	201	12	the	the	DET
cblr-8635	201	13	retail	retail	ADJ
cblr-8635	201	14	investor	investor	NOUN
cblr-8635	201	15	also	also	ADV
cblr-8635	201	16	has	have	VERB
cblr-8635	201	17	choices	choice	NOUN
cblr-8635	201	18	with	with	ADP
cblr-8635	201	19	regard	regard	NOUN
cblr-8635	201	20	to	to	ADP
cblr-8635	201	21	a	a	DET
cblr-8635	201	22	vast	vast	ADJ
cblr-8635	201	23	range	range	NOUN
cblr-8635	201	24	of	of	ADP
cblr-8635	201	25	companies	company	NOUN
cblr-8635	201	26	with	with	ADP
cblr-8635	201	27	differing	differ	VERB
cblr-8635	201	28	idiosyncratic	idiosyncratic	ADJ
cblr-8635	201	29	risks	risk	NOUN
cblr-8635	201	30	and	and	CCONJ
cblr-8635	201	31	thus	thus	ADV
cblr-8635	201	32	have	have	VERB
cblr-8635	201	33	less	less	ADJ
cblr-8635	201	34	reason	reason	NOUN
cblr-8635	201	35	to	to	PART
cblr-8635	201	36	focus	focus	VERB
cblr-8635	201	37	disproportionately	disproportionately	ADV
cblr-8635	201	38	on	on	ADP
cblr-8635	201	39	systematic	systematic	ADJ
cblr-8635	201	40	risk	risk	NOUN
cblr-8635	201	41	.	.	PUNCT
cblr-8635	202	1	30	30	NUM
cblr-8635	203	1	the	the	DET
cblr-8635	203	2	sec	sec	PROPN
cblr-8635	203	3	has	have	AUX
cblr-8635	203	4	not	not	PART
cblr-8635	203	5	implemented	implement	VERB
cblr-8635	203	6	any	any	DET
cblr-8635	203	7	mandatory	mandatory	ADJ
cblr-8635	203	8	esg	esg	NOUN
cblr-8635	203	9	disclosure	disclosure	NOUN
cblr-8635	203	10	requirements	requirement	NOUN
cblr-8635	203	11	,	,	PUNCT
cblr-8635	203	12	leaving	leave	VERB
cblr-8635	203	13	them	they	PRON
cblr-8635	203	14	entirely	entirely	ADV
cblr-8635	203	15	voluntary	voluntary	ADJ
cblr-8635	203	16	.	.	PUNCT
cblr-8635	204	1	for	for	ADP
cblr-8635	204	2	a	a	DET
cblr-8635	204	3	critical	critical	ADJ
cblr-8635	204	4	evaluation	evaluation	NOUN
cblr-8635	204	5	of	of	ADP
cblr-8635	204	6	the	the	DET
cblr-8635	204	7	sec	sec	PROPN
cblr-8635	204	8	’s	’s	PART
cblr-8635	204	9	positions	position	NOUN
cblr-8635	204	10	,	,	PUNCT
cblr-8635	204	11	see	see	VERB
cblr-8635	204	12	thomas	thomas	PROPN
cblr-8635	204	13	lee	lee	PROPN
cblr-8635	204	14	hazen	hazen	PROPN
cblr-8635	204	15	,	,	PUNCT
cblr-8635	204	16	social	social	ADJ
cblr-8635	204	17	issues	issue	NOUN
cblr-8635	204	18	in	in	ADP
cblr-8635	204	19	the	the	DET
cblr-8635	204	20	spotlight	spotlight	NOUN
cblr-8635	204	21	:	:	PUNCT
cblr-8635	204	22	the	the	DET
cblr-8635	204	23	increasing	increase	VERB
cblr-8635	204	24	need	need	NOUN
cblr-8635	204	25	to	to	PART
cblr-8635	204	26	improve	improve	VERB
cblr-8635	204	27	publicly	publicly	ADV
cblr-8635	204	28	-	-	PUNCT
cblr-8635	204	29	held	hold	VERB
cblr-8635	204	30	companies	company	NOUN
cblr-8635	204	31	’	'	PUNCT
cblr-8635	204	32	csr	csr	X
cblr-8635	204	33	and	and	CCONJ
cblr-8635	204	34	esg	esg	PROPN
cblr-8635	204	35	disclosures	disclosure	NOUN
cblr-8635	204	36	,	,	PUNCT
cblr-8635	204	37	23	23	NUM
cblr-8635	204	38	u.	u.	PROPN
cblr-8635	204	39	pa	pa	PROPN
cblr-8635	204	40	.	.	PUNCT
cblr-8635	205	1	j.	j.	PROPN
cblr-8635	205	2	bus	bus	PROPN
cblr-8635	205	3	.	.	PUNCT
cblr-8635	206	1	l.	l.	PROPN
cblr-8635	206	2	(	(	PUNCT
cblr-8635	206	3	forthcoming	forthcoming	ADJ
cblr-8635	206	4	2021	2021	NUM
cblr-8635	206	5	)	)	PUNCT
cblr-8635	206	6	(	(	PUNCT
cblr-8635	206	7	manuscript	manuscript	NOUN
cblr-8635	206	8	at	at	ADP
cblr-8635	206	9	6–7	6–7	NUM
cblr-8635	206	10	)	)	PUNCT
cblr-8635	206	11	(	(	PUNCT
cblr-8635	206	12	on	on	ADP
cblr-8635	206	13	file	file	NOUN
cblr-8635	206	14	with	with	ADP
cblr-8635	206	15	the	the	DET
cblr-8635	206	16	columbia	columbia	PROPN
cblr-8635	206	17	business	business	PROPN
cblr-8635	206	18	law	law	PROPN
cblr-8635	206	19	review	review	PROPN
cblr-8635	206	20	)	)	PUNCT
cblr-8635	206	21	,	,	PUNCT
cblr-8635	206	22	https://papers.ssrn.com/abstract_id=	https://papers.ssrn.com/abstract_id=	NOUN
cblr-8635	206	23	3615327	3615327	NUM
cblr-8635	206	24	.	.	PUNCT
cblr-8635	207	1	nonetheless	nonetheless	ADV
cblr-8635	207	2	,	,	PUNCT
cblr-8635	207	3	it	it	PRON
cblr-8635	207	4	is	be	AUX
cblr-8635	207	5	abundantly	abundantly	ADV
cblr-8635	207	6	clear	clear	ADJ
cblr-8635	207	7	that	that	SCONJ
cblr-8635	207	8	the	the	DET
cblr-8635	207	9	sec	sec	PROPN
cblr-8635	207	10	,	,	PUNCT
cblr-8635	207	11	under	under	ADP
cblr-8635	207	12	the	the	DET
cblr-8635	207	13	biden	biden	PROPN
cblr-8635	207	14	administration	administration	NOUN
cblr-8635	207	15	and	and	CCONJ
cblr-8635	207	16	new	new	ADJ
cblr-8635	207	17	chairman	chairman	NOUN
cblr-8635	207	18	gary	gary	PROPN
cblr-8635	207	19	gensler	gensler	PROPN
cblr-8635	207	20	,	,	PUNCT
cblr-8635	207	21	has	have	AUX
cblr-8635	207	22	made	make	VERB
cblr-8635	207	23	the	the	DET
cblr-8635	207	24	promulgation	promulgation	NOUN
cblr-8635	207	25	of	of	ADP
cblr-8635	207	26	esg	esg	PROPN
cblr-8635	207	27	disclosure	disclosure	NOUN
cblr-8635	207	28	standards	standard	NOUN
cblr-8635	207	29	a	a	DET
cblr-8635	207	30	priority	priority	NOUN
cblr-8635	207	31	.	.	PUNCT
cblr-8635	208	1	for	for	ADP
cblr-8635	208	2	a	a	DET
cblr-8635	208	3	recent	recent	ADJ
cblr-8635	208	4	overview	overview	NOUN
cblr-8635	208	5	,	,	PUNCT
cblr-8635	208	6	predicting	predict	VERB
cblr-8635	208	7	that	that	SCONJ
cblr-8635	208	8	new	new	ADJ
cblr-8635	208	9	esg	esg	PROPN
cblr-8635	208	10	standards	standard	NOUN
cblr-8635	208	11	will	will	AUX
cblr-8635	208	12	appear	appear	VERB
cblr-8635	208	13	in	in	ADP
cblr-8635	208	14	2021	2021	NUM
cblr-8635	208	15	,	,	PUNCT
cblr-8635	208	16	see	see	VERB
cblr-8635	208	17	k&l	k&l	PROPN
cblr-8635	208	18	gates	gate	NOUN
cblr-8635	208	19	llp	llp	PROPN
cblr-8635	208	20	,	,	PUNCT
cblr-8635	208	21	sec	sec	PROPN
cblr-8635	208	22	to	to	PART
cblr-8635	208	23	move	move	VERB
cblr-8635	208	24	quickly	quickly	ADV
cblr-8635	208	25	on	on	ADP
cblr-8635	208	26	esg	esg	PROPN
cblr-8635	208	27	disclosures	disclosure	NOUN
cblr-8635	208	28	,	,	PUNCT
cblr-8635	208	29	jd	jd	ADP
cblr-8635	208	30	supra	supra	PROPN
cblr-8635	208	31	(	(	PUNCT
cblr-8635	208	32	may	may	PROPN
cblr-8635	208	33	17	17	NUM
cblr-8635	208	34	,	,	PUNCT
cblr-8635	208	35	2021	2021	NUM
cblr-8635	208	36	)	)	PUNCT
cblr-8635	208	37	,	,	PUNCT
cblr-8635	208	38	https://www.jdsupra.com/legalnews/sec-to-move-quickly-on-proposed-esg-9700856/	https://www.jdsupra.com/legalnews/sec-to-move-quickly-on-proposed-esg-9700856/	NOUN
cblr-8635	209	1	[	[	X
cblr-8635	209	2	https://perma.cc/ykj5-fjba	https://perma.cc/ykj5-fjba	PROPN
cblr-8635	209	3	]	]	PUNCT
cblr-8635	209	4	.	.	PUNCT
cblr-8635	210	1	this	this	DET
cblr-8635	210	2	article	article	NOUN
cblr-8635	210	3	will	will	AUX
cblr-8635	210	4	not	not	PART
cblr-8635	210	5	attempt	attempt	VERB
cblr-8635	210	6	to	to	PART
cblr-8635	210	7	assess	assess	VERB
cblr-8635	210	8	rules	rule	NOUN
cblr-8635	210	9	that	that	PRON
cblr-8635	210	10	have	have	AUX
cblr-8635	210	11	not	not	PART
cblr-8635	210	12	yet	yet	ADV
cblr-8635	210	13	been	be	AUX
cblr-8635	210	14	drafted	draft	VERB
cblr-8635	210	15	.	.	PUNCT
cblr-8635	211	1	coffee	coffee	PROPN
cblr-8635	211	2	8/20/2021	8/20/2021	NUM
cblr-8635	211	3	6:32	6:32	NUM
cblr-8635	211	4	pm	pm	NOUN
cblr-8635	211	5	no	no	INTJ
cblr-8635	211	6	.	.	PUNCT
cblr-8635	212	1	2:602	2:602	NUM
cblr-8635	212	2	]	]	X
cblr-8635	212	3	the	the	DET
cblr-8635	212	4	future	future	NOUN
cblr-8635	212	5	of	of	ADP
cblr-8635	212	6	disclosure	disclosure	NOUN
cblr-8635	212	7	615	615	NUM
cblr-8635	212	8	explain	explain	VERB
cblr-8635	212	9	the	the	DET
cblr-8635	212	10	strong	strong	ADJ
cblr-8635	212	11	interest	interest	NOUN
cblr-8635	212	12	of	of	ADP
cblr-8635	212	13	diversified	diversified	ADJ
cblr-8635	212	14	institutions	institution	NOUN
cblr-8635	212	15	in	in	ADP
cblr-8635	212	16	esg	esg	PROPN
cblr-8635	212	17	disclosures	disclosure	NOUN
cblr-8635	212	18	and	and	CCONJ
cblr-8635	212	19	the	the	DET
cblr-8635	212	20	obstacles	obstacle	NOUN
cblr-8635	212	21	that	that	PRON
cblr-8635	212	22	exist	exist	VERB
cblr-8635	212	23	under	under	ADP
cblr-8635	212	24	current	current	ADJ
cblr-8635	212	25	law	law	NOUN
cblr-8635	212	26	to	to	ADP
cblr-8635	212	27	the	the	DET
cblr-8635	212	28	use	use	NOUN
cblr-8635	212	29	of	of	ADP
cblr-8635	212	30	such	such	ADJ
cblr-8635	212	31	information	information	NOUN
cblr-8635	212	32	by	by	ADP
cblr-8635	212	33	certain	certain	ADJ
cblr-8635	212	34	fiduciaries	fiduciary	NOUN
cblr-8635	212	35	.	.	PUNCT
cblr-8635	213	1	this	this	PRON
cblr-8635	213	2	leads	lead	VERB
cblr-8635	213	3	to	to	ADP
cblr-8635	213	4	a	a	DET
cblr-8635	213	5	final	final	ADJ
cblr-8635	213	6	question	question	NOUN
cblr-8635	213	7	:	:	PUNCT
cblr-8635	213	8	how	how	SCONJ
cblr-8635	213	9	should	should	AUX
cblr-8635	213	10	the	the	DET
cblr-8635	213	11	sec	sec	PROPN
cblr-8635	213	12	assist	assist	NOUN
cblr-8635	213	13	,	,	PUNCT
cblr-8635	213	14	encourage	encourage	VERB
cblr-8635	213	15	,	,	PUNCT
cblr-8635	213	16	or	or	CCONJ
cblr-8635	213	17	otherwise	otherwise	ADV
cblr-8635	213	18	influence	influence	VERB
cblr-8635	213	19	this	this	DET
cblr-8635	213	20	process	process	NOUN
cblr-8635	213	21	?	?	PUNCT
cblr-8635	214	1	ii	ii	PROPN
cblr-8635	214	2	.	.	PUNCT
cblr-8635	215	1	the	the	DET
cblr-8635	215	2	informational	informational	ADJ
cblr-8635	215	3	needs	need	NOUN
cblr-8635	215	4	of	of	ADP
cblr-8635	215	5	the	the	DET
cblr-8635	215	6	institutional	institutional	ADJ
cblr-8635	215	7	investor	investor	NOUN
cblr-8635	215	8	:	:	PUNCT
cblr-8635	215	9	how	how	SCONJ
cblr-8635	215	10	are	be	AUX
cblr-8635	215	11	they	they	PRON
cblr-8635	215	12	different	different	ADJ
cblr-8635	215	13	?	?	PUNCT
cblr-8635	216	1	it	it	PRON
cblr-8635	216	2	is	be	AUX
cblr-8635	216	3	traditional	traditional	ADJ
cblr-8635	216	4	to	to	PART
cblr-8635	216	5	begin	begin	VERB
cblr-8635	216	6	any	any	DET
cblr-8635	216	7	discussion	discussion	NOUN
cblr-8635	216	8	that	that	PRON
cblr-8635	216	9	relies	rely	VERB
cblr-8635	216	10	on	on	ADP
cblr-8635	216	11	“	"	PUNCT
cblr-8635	216	12	law	law	NOUN
cblr-8635	216	13	and	and	CCONJ
cblr-8635	216	14	economics	economic	NOUN
cblr-8635	216	15	”	"	PUNCT
cblr-8635	216	16	with	with	ADP
cblr-8635	216	17	the	the	DET
cblr-8635	216	18	mandatory	mandatory	ADJ
cblr-8635	216	19	observation	observation	NOUN
cblr-8635	216	20	that	that	SCONJ
cblr-8635	216	21	“	"	PUNCT
cblr-8635	216	22	one	one	NUM
cblr-8635	216	23	size	size	NOUN
cblr-8635	216	24	does	do	AUX
cblr-8635	216	25	not	not	PART
cblr-8635	216	26	fit	fit	VERB
cblr-8635	216	27	all	all	PRON
cblr-8635	216	28	.	.	PUNCT
cblr-8635	216	29	”	"	PUNCT
cblr-8635	217	1	not	not	PART
cblr-8635	217	2	all	all	DET
cblr-8635	217	3	institutional	institutional	ADJ
cblr-8635	217	4	investors	investor	NOUN
cblr-8635	217	5	are	be	AUX
cblr-8635	217	6	alike	alike	ADV
cblr-8635	217	7	.	.	PUNCT
cblr-8635	218	1	some	some	DET
cblr-8635	218	2	mutual	mutual	ADJ
cblr-8635	218	3	funds	fund	NOUN
cblr-8635	218	4	and	and	CCONJ
cblr-8635	218	5	many	many	ADJ
cblr-8635	218	6	hedge	hedge	NOUN
cblr-8635	218	7	funds	fund	NOUN
cblr-8635	218	8	are	be	AUX
cblr-8635	218	9	“	"	PUNCT
cblr-8635	218	10	stock	stock	NOUN
cblr-8635	218	11	pickers	picker	NOUN
cblr-8635	218	12	;	;	PUNCT
cblr-8635	218	13	”	"	PUNCT
cblr-8635	218	14	they	they	PRON
cblr-8635	218	15	engage	engage	VERB
cblr-8635	218	16	in	in	ADP
cblr-8635	218	17	active	active	ADJ
cblr-8635	218	18	trading	trading	NOUN
cblr-8635	218	19	and	and	CCONJ
cblr-8635	218	20	believe	believe	VERB
cblr-8635	218	21	they	they	PRON
cblr-8635	218	22	can	can	AUX
cblr-8635	218	23	outperform	outperform	VERB
cblr-8635	218	24	the	the	DET
cblr-8635	218	25	efficient	efficient	ADJ
cblr-8635	218	26	market	market	NOUN
cblr-8635	218	27	.	.	PUNCT
cblr-8635	219	1	generally	generally	ADV
cblr-8635	219	2	,	,	PUNCT
cblr-8635	219	3	they	they	PRON
cblr-8635	219	4	are	be	AUX
cblr-8635	219	5	wrong,31	wrong,31	NOUN
cblr-8635	219	6	but	but	CCONJ
cblr-8635	219	7	not	not	PART
cblr-8635	219	8	invariably	invariably	ADV
cblr-8635	219	9	(	(	PUNCT
cblr-8635	219	10	which	which	PRON
cblr-8635	219	11	could	could	AUX
cblr-8635	219	12	be	be	AUX
cblr-8635	219	13	explained	explain	VERB
cblr-8635	219	14	by	by	ADP
cblr-8635	219	15	the	the	DET
cblr-8635	219	16	fact	fact	NOUN
cblr-8635	219	17	that	that	SCONJ
cblr-8635	219	18	some	some	PRON
cblr-8635	219	19	may	may	AUX
cblr-8635	219	20	have	have	AUX
cblr-8635	219	21	access	access	NOUN
cblr-8635	219	22	to	to	ADP
cblr-8635	219	23	private	private	ADJ
cblr-8635	219	24	information	information	NOUN
cblr-8635	219	25	)	)	PUNCT
cblr-8635	219	26	.	.	PUNCT
cblr-8635	220	1	today	today	NOUN
cblr-8635	220	2	,	,	PUNCT
cblr-8635	220	3	highly	highly	ADV
cblr-8635	220	4	diversified	diversified	ADJ
cblr-8635	220	5	institutional	institutional	ADJ
cblr-8635	220	6	investors	investor	NOUN
cblr-8635	220	7	have	have	VERB
cblr-8635	220	8	more	more	ADJ
cblr-8635	220	9	assets	asset	NOUN
cblr-8635	220	10	under	under	ADP
cblr-8635	220	11	their	their	PRON
cblr-8635	220	12	management	management	NOUN
cblr-8635	220	13	than	than	SCONJ
cblr-8635	220	14	do	do	VERB
cblr-8635	220	15	institutions	institution	NOUN
cblr-8635	220	16	engaged	engage	VERB
cblr-8635	220	17	in	in	ADP
cblr-8635	220	18	“	"	PUNCT
cblr-8635	220	19	actively	actively	ADV
cblr-8635	220	20	managed	manage	VERB
cblr-8635	220	21	”	"	PUNCT
cblr-8635	220	22	stock	stock	NOUN
cblr-8635	220	23	picking.32	picking.32	NOUN
cblr-8635	220	24	typically	typically	ADV
cblr-8635	220	25	these	these	DET
cblr-8635	220	26	highly	highly	ADV
cblr-8635	220	27	diversified	diversify	VERB
cblr-8635	220	28	investors	investor	NOUN
cblr-8635	220	29	do	do	AUX
cblr-8635	220	30	not	not	PART
cblr-8635	220	31	attempt	attempt	VERB
cblr-8635	220	32	to	to	PART
cblr-8635	220	33	outperform	outperform	VERB
cblr-8635	220	34	the	the	DET
cblr-8635	220	35	market	market	NOUN
cblr-8635	220	36	,	,	PUNCT
cblr-8635	220	37	but	but	CCONJ
cblr-8635	220	38	rather	rather	ADV
cblr-8635	220	39	to	to	PART
cblr-8635	220	40	mirror	mirror	VERB
cblr-8635	220	41	it	it	PRON
cblr-8635	220	42	cheaply.33	cheaply.33	NOUN
cblr-8635	220	43	given	give	VERB
cblr-8635	220	44	their	their	PRON
cblr-8635	220	45	dominance	dominance	NOUN
cblr-8635	220	46	,	,	PUNCT
cblr-8635	220	47	it	it	PRON
cblr-8635	220	48	is	be	AUX
cblr-8635	220	49	prudent	prudent	ADJ
cblr-8635	220	50	to	to	PART
cblr-8635	220	51	ask	ask	VERB
cblr-8635	220	52	:	:	PUNCT
cblr-8635	220	53	what	what	DET
cblr-8635	220	54	kinds	kind	NOUN
cblr-8635	220	55	of	of	ADP
cblr-8635	220	56	information	information	NOUN
cblr-8635	220	57	does	do	AUX
cblr-8635	220	58	the	the	DET
cblr-8635	220	59	fully	fully	ADV
cblr-8635	220	60	diversified	diversify	VERB
cblr-8635	220	61	investor	investor	NOUN
cblr-8635	220	62	want	want	VERB
cblr-8635	220	63	?	?	PUNCT
cblr-8635	221	1	here	here	ADV
cblr-8635	221	2	,	,	PUNCT
cblr-8635	221	3	one	one	PRON
cblr-8635	221	4	needs	need	VERB
cblr-8635	221	5	to	to	PART
cblr-8635	221	6	turn	turn	VERB
cblr-8635	221	7	to	to	ADP
cblr-8635	221	8	the	the	DET
cblr-8635	221	9	capm	capm	NOUN
cblr-8635	221	10	,	,	PUNCT
cblr-8635	221	11	and	and	CCONJ
cblr-8635	221	12	its	its	PRON
cblr-8635	221	13	most	most	ADV
cblr-8635	221	14	relevant	relevant	ADJ
cblr-8635	221	15	teaching	teaching	NOUN
cblr-8635	221	16	for	for	ADP
cblr-8635	221	17	our	our	PRON
cblr-8635	221	18	purposes	purpose	NOUN
cblr-8635	221	19	is	be	AUX
cblr-8635	221	20	that	that	SCONJ
cblr-8635	221	21	diversification	diversification	NOUN
cblr-8635	221	22	reduces	reduce	VERB
cblr-8635	221	23	“	"	PUNCT
cblr-8635	221	24	idiosyncratic	idiosyncratic	ADJ
cblr-8635	221	25	”	"	PUNCT
cblr-8635	221	26	risk	risk	NOUN
cblr-8635	221	27	but	but	CCONJ
cblr-8635	221	28	not	not	PART
cblr-8635	221	29	“	"	PUNCT
cblr-8635	221	30	systematic	systematic	ADJ
cblr-8635	221	31	”	"	PUNCT
cblr-8635	221	32	risk.34	risk.34	NOUN
cblr-8635	221	33	idiosyncratic	idiosyncratic	ADJ
cblr-8635	221	34	risk	risk	NOUN
cblr-8635	221	35	(	(	PUNCT
cblr-8635	221	36	or	or	CCONJ
cblr-8635	221	37	non	non	ADJ
cblr-8635	221	38	-	-	ADJ
cblr-8635	221	39	systematic	systematic	ADJ
cblr-8635	221	40	risk	risk	NOUN
cblr-8635	221	41	)	)	PUNCT
cblr-8635	221	42	is	be	AUX
cblr-8635	221	43	the	the	DET
cblr-8635	221	44	risk	risk	NOUN
cblr-8635	221	45	that	that	PRON
cblr-8635	221	46	is	be	AUX
cblr-8635	221	47	unique	unique	ADJ
cblr-8635	221	48	to	to	ADP
cblr-8635	221	49	a	a	DET
cblr-8635	221	50	company	company	NOUN
cblr-8635	221	51	or	or	CCONJ
cblr-8635	221	52	industry	industry	NOUN
cblr-8635	221	53	;	;	PUNCT
cblr-8635	221	54	for	for	ADP
cblr-8635	221	55	example	example	NOUN
cblr-8635	221	56	,	,	PUNCT
cblr-8635	221	57	a	a	DET
cblr-8635	221	58	company	company	NOUN
cblr-8635	221	59	’s	’s	PART
cblr-8635	221	60	(	(	PUNCT
cblr-8635	221	61	or	or	CCONJ
cblr-8635	221	62	an	an	DET
cblr-8635	221	63	industry	industry	NOUN
cblr-8635	221	64	’s	’s	PART
cblr-8635	221	65	)	)	PUNCT
cblr-8635	221	66	technology	technology	NOUN
cblr-8635	221	67	may	may	AUX
cblr-8635	221	68	be	be	AUX
cblr-8635	221	69	outdated	outdate	VERB
cblr-8635	221	70	or	or	CCONJ
cblr-8635	221	71	outperformed	outperform	VERB
cblr-8635	221	72	by	by	ADP
cblr-8635	221	73	a	a	DET
cblr-8635	221	74	new	new	ADJ
cblr-8635	221	75	emerging	emerge	VERB
cblr-8635	221	76	technology	technology	NOUN
cblr-8635	221	77	(	(	PUNCT
cblr-8635	221	78	e.g.	e.g.	ADV
cblr-8635	221	79	,	,	PUNCT
cblr-8635	221	80	natural	natural	ADJ
cblr-8635	221	81	gas	gas	NOUN
cblr-8635	221	82	or	or	CCONJ
cblr-8635	221	83	solar	solar	ADJ
cblr-8635	221	84	power	power	NOUN
cblr-8635	221	85	may	may	AUX
cblr-8635	221	86	become	become	VERB
cblr-8635	221	87	cheaper	cheap	ADJ
cblr-8635	221	88	than	than	ADP
cblr-8635	221	89	31	31	NUM
cblr-8635	221	90	see	see	NOUN
cblr-8635	221	91	supra	supra	PROPN
cblr-8635	221	92	note	note	NOUN
cblr-8635	221	93	12	12	NUM
cblr-8635	221	94	.	.	PUNCT
cblr-8635	221	95	32	32	NUM
cblr-8635	221	96	see	see	VERB
cblr-8635	221	97	supra	supra	PROPN
cblr-8635	221	98	note	note	PROPN
cblr-8635	221	99	11	11	NUM
cblr-8635	221	100	.	.	PUNCT
cblr-8635	221	101	33	33	NUM
cblr-8635	221	102	for	for	ADP
cblr-8635	221	103	a	a	DET
cblr-8635	221	104	discussion	discussion	NOUN
cblr-8635	221	105	of	of	ADP
cblr-8635	221	106	index	index	NOUN
cblr-8635	221	107	investing	investing	NOUN
cblr-8635	221	108	and	and	CCONJ
cblr-8635	221	109	its	its	PRON
cblr-8635	221	110	possibilities	possibility	NOUN
cblr-8635	221	111	,	,	PUNCT
cblr-8635	221	112	see	see	VERB
cblr-8635	221	113	byung	byung	PROPN
cblr-8635	221	114	hyun	hyun	PROPN
cblr-8635	221	115	ahn	ahn	PROPN
cblr-8635	221	116	,	,	PUNCT
cblr-8635	221	117	jill	jill	PROPN
cblr-8635	221	118	e.	e.	PROPN
cblr-8635	221	119	fisch	fisch	PROPN
cblr-8635	221	120	,	,	PUNCT
cblr-8635	221	121	panos	panos	PROPN
cblr-8635	221	122	n.	n.	PROPN
cblr-8635	221	123	patatoukas	patatoukas	PROPN
cblr-8635	221	124	&	&	CCONJ
cblr-8635	221	125	steven	steven	PROPN
cblr-8635	221	126	davidoff	davidoff	PROPN
cblr-8635	221	127	solomon	solomon	PROPN
cblr-8635	221	128	,	,	PUNCT
cblr-8635	221	129	synthetic	synthetic	ADJ
cblr-8635	221	130	governance	governance	NOUN
cblr-8635	221	131	,	,	PUNCT
cblr-8635	221	132	2021	2021	NUM
cblr-8635	221	133	colum	colum	NOUN
cblr-8635	221	134	.	.	PUNCT
cblr-8635	222	1	bus	bus	NOUN
cblr-8635	222	2	.	.	PUNCT
cblr-8635	223	1	l.	l.	PROPN
cblr-8635	223	2	rev	rev	PROPN
cblr-8635	223	3	.	.	PROPN
cblr-8635	224	1	476	476	NUM
cblr-8635	224	2	.	.	PUNCT
cblr-8635	225	1	34	34	NUM
cblr-8635	225	2	for	for	ADP
cblr-8635	225	3	a	a	DET
cblr-8635	225	4	concise	concise	ADJ
cblr-8635	225	5	discussion	discussion	NOUN
cblr-8635	225	6	of	of	ADP
cblr-8635	225	7	this	this	DET
cblr-8635	225	8	difference	difference	NOUN
cblr-8635	225	9	in	in	ADP
cblr-8635	225	10	the	the	DET
cblr-8635	225	11	standard	standard	ADJ
cblr-8635	225	12	finance	finance	NOUN
cblr-8635	225	13	textbook	textbook	NOUN
cblr-8635	225	14	,	,	PUNCT
cblr-8635	225	15	see	see	VERB
cblr-8635	225	16	richard	richard	PROPN
cblr-8635	225	17	a.	a.	PROPN
cblr-8635	225	18	brealey	brealey	PROPN
cblr-8635	225	19	,	,	PUNCT
cblr-8635	225	20	stewart	stewart	PROPN
cblr-8635	225	21	c.	c.	PROPN
cblr-8635	225	22	myers	myers	PROPN
cblr-8635	225	23	&	&	CCONJ
cblr-8635	225	24	franklin	franklin	PROPN
cblr-8635	225	25	allen	allen	PROPN
cblr-8635	225	26	,	,	PUNCT
cblr-8635	225	27	principles	principle	NOUN
cblr-8635	225	28	of	of	ADP
cblr-8635	225	29	corporate	corporate	ADJ
cblr-8635	225	30	finance	finance	NOUN
cblr-8635	225	31	178–81	178–81	NUM
cblr-8635	225	32	(	(	PUNCT
cblr-8635	225	33	13th	13th	NOUN
cblr-8635	225	34	ed	ed	NOUN
cblr-8635	225	35	.	.	PUNCT
cblr-8635	225	36	2020	2020	NUM
cblr-8635	225	37	)	)	PUNCT
cblr-8635	225	38	.	.	PUNCT
cblr-8635	226	1	coffee	coffee	NOUN
cblr-8635	226	2	8/20/2021	8/20/2021	NUM
cblr-8635	226	3	6:32	6:32	NUM
cblr-8635	226	4	pm	pm	PROPN
cblr-8635	226	5	616	616	NUM
cblr-8635	226	6	columbia	columbia	PROPN
cblr-8635	226	7	business	business	NOUN
cblr-8635	226	8	law	law	PROPN
cblr-8635	226	9	review	review	NOUN
cblr-8635	227	1	[	[	X
cblr-8635	227	2	vol	vol	NOUN
cblr-8635	227	3	.	.	PUNCT
cblr-8635	227	4	2021	2021	NUM
cblr-8635	227	5	oilor	oilor	NOUN
cblr-8635	227	6	coal	coal	NOUN
cblr-8635	227	7	-	-	PUNCT
cblr-8635	227	8	based	base	VERB
cblr-8635	227	9	power	power	NOUN
cblr-8635	227	10	)	)	PUNCT
cblr-8635	227	11	.	.	PUNCT
cblr-8635	228	1	but	but	CCONJ
cblr-8635	228	2	some	some	DET
cblr-8635	228	3	risks	risk	NOUN
cblr-8635	228	4	affect	affect	VERB
cblr-8635	228	5	all	all	DET
cblr-8635	228	6	companies	company	NOUN
cblr-8635	228	7	:	:	PUNCT
cblr-8635	228	8	inflation	inflation	NOUN
cblr-8635	228	9	may	may	AUX
cblr-8635	228	10	increase	increase	VERB
cblr-8635	228	11	;	;	PUNCT
cblr-8635	228	12	a	a	DET
cblr-8635	228	13	banking	banking	NOUN
cblr-8635	228	14	crisis	crisis	NOUN
cblr-8635	228	15	may	may	AUX
cblr-8635	228	16	disrupt	disrupt	VERB
cblr-8635	228	17	finance	finance	NOUN
cblr-8635	228	18	and	and	CCONJ
cblr-8635	228	19	cut	cut	VERB
cblr-8635	228	20	off	off	ADP
cblr-8635	228	21	credit	credit	NOUN
cblr-8635	228	22	across	across	ADP
cblr-8635	228	23	the	the	DET
cblr-8635	228	24	economy	economy	NOUN
cblr-8635	228	25	;	;	PUNCT
cblr-8635	228	26	or	or	CCONJ
cblr-8635	228	27	,	,	PUNCT
cblr-8635	228	28	more	more	ADV
cblr-8635	228	29	recently	recently	ADV
cblr-8635	228	30	,	,	PUNCT
cblr-8635	228	31	a	a	DET
cblr-8635	228	32	pandemic	pandemic	NOUN
cblr-8635	228	33	may	may	AUX
cblr-8635	228	34	require	require	VERB
cblr-8635	228	35	all	all	DET
cblr-8635	228	36	companies	company	NOUN
cblr-8635	228	37	to	to	PART
cblr-8635	228	38	curtail	curtail	VERB
cblr-8635	228	39	or	or	CCONJ
cblr-8635	228	40	suspend	suspend	VERB
cblr-8635	228	41	operations	operation	NOUN
cblr-8635	228	42	.	.	PUNCT
cblr-8635	229	1	diversification	diversification	NOUN
cblr-8635	229	2	does	do	AUX
cblr-8635	229	3	not	not	PART
cblr-8635	229	4	offer	offer	VERB
cblr-8635	229	5	satisfactory	satisfactory	ADJ
cblr-8635	229	6	protection	protection	NOUN
cblr-8635	229	7	from	from	ADP
cblr-8635	229	8	these	these	DET
cblr-8635	229	9	risks	risk	NOUN
cblr-8635	229	10	.	.	PUNCT
cblr-8635	230	1	the	the	DET
cblr-8635	230	2	capm	capm	PROPN
cblr-8635	230	3	assumes	assume	VERB
cblr-8635	230	4	that	that	SCONJ
cblr-8635	230	5	the	the	DET
cblr-8635	230	6	capital	capital	NOUN
cblr-8635	230	7	markets	market	NOUN
cblr-8635	230	8	ignore	ignore	VERB
cblr-8635	230	9	nonsystematic	nonsystematic	ADJ
cblr-8635	230	10	risk	risk	NOUN
cblr-8635	230	11	in	in	ADP
cblr-8635	230	12	pricing	price	VERB
cblr-8635	230	13	the	the	DET
cblr-8635	230	14	value	value	NOUN
cblr-8635	230	15	of	of	ADP
cblr-8635	230	16	a	a	DET
cblr-8635	230	17	financial	financial	ADJ
cblr-8635	230	18	asset	asset	NOUN
cblr-8635	230	19	(	(	PUNCT
cblr-8635	230	20	including	include	VERB
cblr-8635	230	21	corporate	corporate	ADJ
cblr-8635	230	22	stock	stock	NOUN
cblr-8635	230	23	)	)	PUNCT
cblr-8635	230	24	because	because	SCONJ
cblr-8635	230	25	diversified	diversified	ADJ
cblr-8635	230	26	investors	investor	NOUN
cblr-8635	230	27	do	do	AUX
cblr-8635	230	28	not	not	PART
cblr-8635	230	29	bear	bear	VERB
cblr-8635	230	30	that	that	DET
cblr-8635	230	31	risk.35	risk.35	NOUN
cblr-8635	230	32	because	because	SCONJ
cblr-8635	230	33	diversification	diversification	NOUN
cblr-8635	230	34	is	be	AUX
cblr-8635	230	35	easily	easily	ADV
cblr-8635	230	36	achieved	achieve	VERB
cblr-8635	230	37	with	with	ADP
cblr-8635	230	38	little	little	ADJ
cblr-8635	230	39	cost	cost	NOUN
cblr-8635	230	40	or	or	CCONJ
cblr-8635	230	41	effort	effort	NOUN
cblr-8635	230	42	for	for	ADP
cblr-8635	230	43	investors	investor	NOUN
cblr-8635	230	44	,	,	PUNCT
cblr-8635	230	45	the	the	DET
cblr-8635	230	46	price	price	NOUN
cblr-8635	230	47	of	of	ADP
cblr-8635	230	48	a	a	DET
cblr-8635	230	49	stock	stock	NOUN
cblr-8635	230	50	,	,	PUNCT
cblr-8635	230	51	according	accord	VERB
cblr-8635	230	52	to	to	ADP
cblr-8635	230	53	this	this	DET
cblr-8635	230	54	model	model	NOUN
cblr-8635	230	55	,	,	PUNCT
cblr-8635	230	56	is	be	AUX
cblr-8635	230	57	set	set	VERB
cblr-8635	230	58	by	by	ADP
cblr-8635	230	59	diversified	diversified	ADJ
cblr-8635	230	60	investors	investor	NOUN
cblr-8635	230	61	,	,	PUNCT
cblr-8635	230	62	who	who	PRON
cblr-8635	230	63	need	need	VERB
cblr-8635	230	64	only	only	ADV
cblr-8635	230	65	consider	consider	VERB
cblr-8635	230	66	the	the	DET
cblr-8635	230	67	company	company	NOUN
cblr-8635	230	68	’s	’s	PART
cblr-8635	230	69	systematic	systematic	ADJ
cblr-8635	230	70	risk	risk	NOUN
cblr-8635	230	71	.	.	PUNCT
cblr-8635	231	1	in	in	ADP
cblr-8635	231	2	effect	effect	NOUN
cblr-8635	231	3	,	,	PUNCT
cblr-8635	231	4	if	if	SCONJ
cblr-8635	231	5	two	two	NUM
cblr-8635	231	6	companies	company	NOUN
cblr-8635	231	7	have	have	VERB
cblr-8635	231	8	the	the	DET
cblr-8635	231	9	same	same	ADJ
cblr-8635	231	10	expected	expect	VERB
cblr-8635	231	11	return	return	NOUN
cblr-8635	231	12	,	,	PUNCT
cblr-8635	231	13	the	the	DET
cblr-8635	231	14	fact	fact	NOUN
cblr-8635	231	15	that	that	SCONJ
cblr-8635	231	16	one	one	PRON
cblr-8635	231	17	has	have	AUX
cblr-8635	231	18	higher	high	ADJ
cblr-8635	231	19	non	non	ADJ
cblr-8635	231	20	-	-	ADJ
cblr-8635	231	21	systematic	systematic	ADJ
cblr-8635	231	22	risk	risk	NOUN
cblr-8635	231	23	will	will	AUX
cblr-8635	231	24	not	not	PART
cblr-8635	231	25	affect	affect	VERB
cblr-8635	231	26	their	their	PRON
cblr-8635	231	27	relative	relative	ADJ
cblr-8635	231	28	valuation	valuation	NOUN
cblr-8635	231	29	to	to	ADP
cblr-8635	231	30	the	the	DET
cblr-8635	231	31	extent	extent	NOUN
cblr-8635	231	32	the	the	DET
cblr-8635	231	33	market	market	NOUN
cblr-8635	231	34	price	price	NOUN
cblr-8635	231	35	is	be	AUX
cblr-8635	231	36	set	set	VERB
cblr-8635	231	37	by	by	ADP
cblr-8635	231	38	diversified	diversified	ADJ
cblr-8635	231	39	investors	investor	NOUN
cblr-8635	231	40	who	who	PRON
cblr-8635	231	41	do	do	AUX
cblr-8635	231	42	not	not	PART
cblr-8635	231	43	bear	bear	VERB
cblr-8635	231	44	this	this	DET
cblr-8635	231	45	risk	risk	NOUN
cblr-8635	231	46	.	.	PUNCT
cblr-8635	232	1	put	put	VERB
cblr-8635	232	2	differently	differently	ADV
cblr-8635	232	3	,	,	PUNCT
cblr-8635	232	4	investors	investor	NOUN
cblr-8635	232	5	can	can	AUX
cblr-8635	232	6	not	not	PART
cblr-8635	232	7	demand	demand	VERB
cblr-8635	232	8	a	a	DET
cblr-8635	232	9	higher	high	ADJ
cblr-8635	232	10	return	return	NOUN
cblr-8635	232	11	for	for	ADP
cblr-8635	232	12	bearing	bear	VERB
cblr-8635	232	13	non	non	ADJ
cblr-8635	232	14	-	-	ADJ
cblr-8635	232	15	systematic	systematic	ADJ
cblr-8635	232	16	risk	risk	NOUN
cblr-8635	232	17	that	that	SCONJ
cblr-8635	232	18	they	they	PRON
cblr-8635	232	19	could	could	AUX
cblr-8635	232	20	have	have	AUX
cblr-8635	232	21	easily	easily	ADV
cblr-8635	232	22	diversified	diversify	VERB
cblr-8635	232	23	away	away	ADV
cblr-8635	232	24	.	.	PUNCT
cblr-8635	233	1	the	the	DET
cblr-8635	233	2	key	key	ADJ
cblr-8635	233	3	implication	implication	NOUN
cblr-8635	233	4	here	here	ADV
cblr-8635	233	5	is	be	AUX
cblr-8635	233	6	that	that	SCONJ
cblr-8635	233	7	the	the	DET
cblr-8635	233	8	price	price	NOUN
cblr-8635	233	9	of	of	ADP
cblr-8635	233	10	a	a	DET
cblr-8635	233	11	financial	financial	ADJ
cblr-8635	233	12	asset	asset	NOUN
cblr-8635	233	13	will	will	AUX
cblr-8635	233	14	be	be	AUX
cblr-8635	233	15	determined	determine	VERB
cblr-8635	233	16	by	by	ADP
cblr-8635	233	17	the	the	DET
cblr-8635	233	18	asset	asset	NOUN
cblr-8635	233	19	’s	’s	PART
cblr-8635	233	20	systematic	systematic	ADJ
cblr-8635	233	21	risk	risk	NOUN
cblr-8635	233	22	compared	compare	VERB
cblr-8635	233	23	to	to	ADP
cblr-8635	233	24	the	the	DET
cblr-8635	233	25	risk	risk	NOUN
cblr-8635	233	26	of	of	ADP
cblr-8635	233	27	the	the	DET
cblr-8635	233	28	market	market	NOUN
cblr-8635	233	29	as	as	ADP
cblr-8635	233	30	a	a	DET
cblr-8635	233	31	whole	whole	NOUN
cblr-8635	233	32	.	.	PUNCT
cblr-8635	234	1	to	to	PART
cblr-8635	234	2	be	be	AUX
cblr-8635	234	3	sure	sure	ADJ
cblr-8635	234	4	,	,	PUNCT
cblr-8635	234	5	the	the	DET
cblr-8635	234	6	capm	capm	PROPN
cblr-8635	234	7	has	have	AUX
cblr-8635	234	8	been	be	AUX
cblr-8635	234	9	much	much	ADV
cblr-8635	234	10	criticized	criticize	VERB
cblr-8635	234	11	and	and	CCONJ
cblr-8635	234	12	may	may	AUX
cblr-8635	234	13	overstate	overstate	VERB
cblr-8635	234	14	its	its	PRON
cblr-8635	234	15	case.36	case.36	NOUN
cblr-8635	234	16	but	but	CCONJ
cblr-8635	234	17	,	,	PUNCT
cblr-8635	234	18	even	even	ADV
cblr-8635	234	19	its	its	PRON
cblr-8635	234	20	critics	critic	NOUN
cblr-8635	234	21	believe	believe	VERB
cblr-8635	234	22	that	that	SCONJ
cblr-8635	234	23	it	it	PRON
cblr-8635	234	24	points	point	VERB
cblr-8635	234	25	in	in	ADP
cblr-8635	234	26	the	the	DET
cblr-8635	234	27	right	right	ADJ
cblr-8635	234	28	direction	direction	NOUN
cblr-8635	234	29	and	and	CCONJ
cblr-8635	234	30	is	be	AUX
cblr-8635	234	31	roughly	roughly	ADV
cblr-8635	234	32	accurate.37	accurate.37	VERB
cblr-8635	234	33	the	the	DET
cblr-8635	234	34	capm	capm	PROPN
cblr-8635	234	35	’s	’s	PART
cblr-8635	234	36	immediate	immediate	ADJ
cblr-8635	234	37	implication	implication	NOUN
cblr-8635	234	38	for	for	ADP
cblr-8635	234	39	our	our	PRON
cblr-8635	234	40	topic	topic	NOUN
cblr-8635	234	41	of	of	ADP
cblr-8635	234	42	disclosure	disclosure	NOUN
cblr-8635	234	43	policy	policy	NOUN
cblr-8635	234	44	is	be	AUX
cblr-8635	234	45	that	that	SCONJ
cblr-8635	234	46	,	,	PUNCT
cblr-8635	234	47	as	as	SCONJ
cblr-8635	234	48	the	the	DET
cblr-8635	234	49	market	market	NOUN
cblr-8635	234	50	becomes	becomes	AUX
cblr-8635	234	51	increasingly	increasingly	ADV
cblr-8635	234	52	populated	populate	VERB
cblr-8635	234	53	by	by	ADP
cblr-8635	234	54	diversified	diversified	ADJ
cblr-8635	234	55	investors	investor	NOUN
cblr-8635	234	56	,	,	PUNCT
cblr-8635	234	57	these	these	DET
cblr-8635	234	58	investors	investor	NOUN
cblr-8635	234	59	will	will	AUX
cblr-8635	234	60	focus	focus	VERB
cblr-8635	234	61	primarily	primarily	ADV
cblr-8635	234	62	on	on	ADP
cblr-8635	234	63	systematic	systematic	ADJ
cblr-8635	234	64	risk	risk	NOUN
cblr-8635	234	65	.	.	PUNCT
cblr-8635	235	1	individual	individual	ADJ
cblr-8635	235	2	investors	investor	NOUN
cblr-8635	235	3	may	may	AUX
cblr-8635	235	4	have	have	VERB
cblr-8635	235	5	some	some	DET
cblr-8635	235	6	concern	concern	NOUN
cblr-8635	235	7	about	about	ADP
cblr-8635	235	8	systematic	systematic	ADJ
cblr-8635	235	9	risk	risk	NOUN
cblr-8635	235	10	,	,	PUNCT
cblr-8635	235	11	but	but	CCONJ
cblr-8635	235	12	it	it	PRON
cblr-8635	235	13	does	do	AUX
cblr-8635	235	14	not	not	PART
cblr-8635	235	15	dominate	dominate	VERB
cblr-8635	235	16	their	their	PRON
cblr-8635	235	17	intentions	intention	NOUN
cblr-8635	235	18	because	because	SCONJ
cblr-8635	235	19	there	there	PRON
cblr-8635	235	20	is	be	VERB
cblr-8635	235	21	little	little	ADJ
cblr-8635	235	22	they	they	PRON
cblr-8635	235	23	can	can	AUX
cblr-8635	235	24	35	35	NUM
cblr-8635	236	1	i	i	PRON
cblr-8635	236	2	d.	d.	PROPN
cblr-8635	236	3	at	at	ADP
cblr-8635	236	4	207	207	NUM
cblr-8635	236	5	.	.	PUNCT
cblr-8635	236	6	36	36	NUM
cblr-8635	236	7	for	for	ADP
cblr-8635	236	8	such	such	DET
cblr-8635	236	9	a	a	DET
cblr-8635	236	10	critique	critique	NOUN
cblr-8635	236	11	,	,	PUNCT
cblr-8635	236	12	see	see	VERB
cblr-8635	236	13	eugene	eugene	PROPN
cblr-8635	236	14	f.	f.	PROPN
cblr-8635	236	15	fama	fama	PROPN
cblr-8635	236	16	&	&	CCONJ
cblr-8635	236	17	kenneth	kenneth	PROPN
cblr-8635	236	18	r.	r.	PROPN
cblr-8635	236	19	french	french	PROPN
cblr-8635	236	20	,	,	PUNCT
cblr-8635	236	21	common	common	ADJ
cblr-8635	236	22	risk	risk	NOUN
cblr-8635	236	23	factors	factor	NOUN
cblr-8635	236	24	in	in	ADP
cblr-8635	236	25	the	the	DET
cblr-8635	236	26	returns	return	NOUN
cblr-8635	236	27	on	on	ADP
cblr-8635	236	28	stocks	stock	NOUN
cblr-8635	236	29	and	and	CCONJ
cblr-8635	236	30	bonds	bond	NOUN
cblr-8635	236	31	,	,	PUNCT
cblr-8635	236	32	33	33	NUM
cblr-8635	236	33	j.	j.	PROPN
cblr-8635	236	34	fin	fin	PROPN
cblr-8635	236	35	.	.	PUNCT
cblr-8635	236	36	econ	econ	PROPN
cblr-8635	236	37	.	.	PUNCT
cblr-8635	237	1	3	3	NUM
cblr-8635	237	2	,	,	PUNCT
cblr-8635	237	3	4–5	4–5	PROPN
cblr-8635	237	4	(	(	PUNCT
cblr-8635	237	5	1993	1993	NUM
cblr-8635	237	6	)	)	PUNCT
cblr-8635	237	7	(	(	PUNCT
cblr-8635	237	8	finding	find	VERB
cblr-8635	237	9	the	the	DET
cblr-8635	237	10	capm	capm	NOUN
cblr-8635	237	11	to	to	PART
cblr-8635	237	12	be	be	AUX
cblr-8635	237	13	empirically	empirically	ADV
cblr-8635	237	14	inadequate	inadequate	ADJ
cblr-8635	237	15	)	)	PUNCT
cblr-8635	237	16	.	.	PUNCT
cblr-8635	238	1	37	37	NUM
cblr-8635	238	2	in	in	ADP
cblr-8635	238	3	a	a	DET
cblr-8635	238	4	series	series	NOUN
cblr-8635	238	5	of	of	ADP
cblr-8635	238	6	articles	article	NOUN
cblr-8635	238	7	,	,	PUNCT
cblr-8635	238	8	fama	fama	PROPN
cblr-8635	238	9	and	and	CCONJ
cblr-8635	238	10	french	french	ADJ
cblr-8635	238	11	proposed	propose	VERB
cblr-8635	238	12	supplementing	supplement	VERB
cblr-8635	238	13	the	the	DET
cblr-8635	238	14	original	original	ADJ
cblr-8635	238	15	capm	capm	NOUN
cblr-8635	238	16	with	with	ADP
cblr-8635	238	17	a	a	DET
cblr-8635	238	18	few	few	ADJ
cblr-8635	238	19	additional	additional	ADJ
cblr-8635	238	20	factors	factor	NOUN
cblr-8635	238	21	.	.	PUNCT
cblr-8635	239	1	see	see	VERB
cblr-8635	239	2	generally	generally	ADV
cblr-8635	239	3	eugene	eugene	PROPN
cblr-8635	239	4	f.	f.	PROPN
cblr-8635	239	5	fama	fama	PROPN
cblr-8635	239	6	&	&	CCONJ
cblr-8635	239	7	kenneth	kenneth	PROPN
cblr-8635	239	8	r.	r.	PROPN
cblr-8635	239	9	french	french	PROPN
cblr-8635	239	10	,	,	PUNCT
cblr-8635	239	11	a	a	DET
cblr-8635	239	12	five	five	NUM
cblr-8635	239	13	-	-	PUNCT
cblr-8635	239	14	factor	factor	NOUN
cblr-8635	239	15	asset	asset	NOUN
cblr-8635	239	16	pricing	pricing	NOUN
cblr-8635	239	17	model	model	NOUN
cblr-8635	239	18	,	,	PUNCT
cblr-8635	239	19	116	116	NUM
cblr-8635	239	20	j.	j.	PROPN
cblr-8635	239	21	fin	fin	PROPN
cblr-8635	239	22	.	.	PUNCT
cblr-8635	239	23	econ	econ	PROPN
cblr-8635	239	24	.	.	PROPN
cblr-8635	240	1	1	1	NUM
cblr-8635	240	2	(	(	PUNCT
cblr-8635	240	3	2015	2015	NUM
cblr-8635	240	4	)	)	PUNCT
cblr-8635	240	5	.	.	PUNCT
cblr-8635	241	1	thus	thus	ADV
cblr-8635	241	2	,	,	PUNCT
cblr-8635	241	3	although	although	SCONJ
cblr-8635	241	4	they	they	PRON
cblr-8635	241	5	believe	believe	VERB
cblr-8635	241	6	the	the	DET
cblr-8635	241	7	capm	capm	PROPN
cblr-8635	241	8	needs	need	VERB
cblr-8635	241	9	to	to	PART
cblr-8635	241	10	be	be	AUX
cblr-8635	241	11	supplemented	supplement	VERB
cblr-8635	241	12	,	,	PUNCT
cblr-8635	241	13	they	they	PRON
cblr-8635	241	14	do	do	AUX
cblr-8635	241	15	not	not	PART
cblr-8635	241	16	reject	reject	VERB
cblr-8635	241	17	it	it	PRON
cblr-8635	241	18	as	as	ADP
cblr-8635	241	19	a	a	DET
cblr-8635	241	20	starting	starting	NOUN
cblr-8635	241	21	point	point	NOUN
cblr-8635	241	22	.	.	PUNCT
cblr-8635	242	1	coffee	coffee	NOUN
cblr-8635	242	2	8/20/2021	8/20/2021	NUM
cblr-8635	242	3	6:32	6:32	NUM
cblr-8635	242	4	pm	pm	NOUN
cblr-8635	242	5	no	no	INTJ
cblr-8635	242	6	.	.	PUNCT
cblr-8635	243	1	2:602	2:602	NUM
cblr-8635	243	2	]	]	X
cblr-8635	243	3	the	the	DET
cblr-8635	243	4	future	future	NOUN
cblr-8635	243	5	of	of	ADP
cblr-8635	243	6	disclosure	disclosure	NOUN
cblr-8635	243	7	617	617	NUM
cblr-8635	243	8	do	do	VERB
cblr-8635	243	9	about	about	ADP
cblr-8635	243	10	it	it	PRON
cblr-8635	243	11	,	,	PUNCT
cblr-8635	243	12	and	and	CCONJ
cblr-8635	243	13	they	they	PRON
cblr-8635	243	14	have	have	VERB
cblr-8635	243	15	a	a	DET
cblr-8635	243	16	range	range	NOUN
cblr-8635	243	17	of	of	ADP
cblr-8635	243	18	other	other	ADJ
cblr-8635	243	19	choices	choice	NOUN
cblr-8635	243	20	.	.	PUNCT
cblr-8635	244	1	unsurprisingly	unsurprisingly	ADV
cblr-8635	244	2	,	,	PUNCT
cblr-8635	244	3	the	the	DET
cblr-8635	244	4	sec	sec	PROPN
cblr-8635	244	5	,	,	PUNCT
cblr-8635	244	6	as	as	ADP
cblr-8635	244	7	an	an	DET
cblr-8635	244	8	agency	agency	NOUN
cblr-8635	244	9	that	that	PRON
cblr-8635	244	10	has	have	AUX
cblr-8635	244	11	always	always	ADV
cblr-8635	244	12	served	serve	VERB
cblr-8635	244	13	the	the	DET
cblr-8635	244	14	retail	retail	ADJ
cblr-8635	244	15	investor	investor	NOUN
cblr-8635	244	16	,	,	PUNCT
cblr-8635	244	17	has	have	AUX
cblr-8635	244	18	never	never	ADV
cblr-8635	244	19	addressed	address	VERB
cblr-8635	244	20	systematic	systematic	ADJ
cblr-8635	244	21	risk	risk	NOUN
cblr-8635	244	22	in	in	ADP
cblr-8635	244	23	anything	anything	PRON
cblr-8635	244	24	approaching	approach	VERB
cblr-8635	244	25	a	a	DET
cblr-8635	244	26	comprehensive	comprehensive	ADJ
cblr-8635	244	27	manner.38	manner.38	NOUN
cblr-8635	244	28	let	let	VERB
cblr-8635	244	29	us	we	PRON
cblr-8635	244	30	assume	assume	VERB
cblr-8635	244	31	that	that	SCONJ
cblr-8635	244	32	the	the	DET
cblr-8635	244	33	capm	capm	PROPN
cblr-8635	244	34	makes	make	VERB
cblr-8635	244	35	assumptions	assumption	NOUN
cblr-8635	244	36	that	that	SCONJ
cblr-8635	244	37	many	many	ADJ
cblr-8635	244	38	will	will	AUX
cblr-8635	244	39	regard	regard	VERB
cblr-8635	244	40	as	as	ADP
cblr-8635	244	41	overstated.39	overstated.39	NOUN
cblr-8635	244	42	even	even	ADV
cblr-8635	244	43	if	if	SCONJ
cblr-8635	244	44	we	we	PRON
cblr-8635	244	45	need	need	VERB
cblr-8635	244	46	to	to	PART
cblr-8635	244	47	take	take	VERB
cblr-8635	244	48	it	it	PRON
cblr-8635	244	49	with	with	ADP
cblr-8635	244	50	a	a	DET
cblr-8635	244	51	substantial	substantial	ADJ
cblr-8635	244	52	grain	grain	NOUN
cblr-8635	244	53	of	of	ADP
cblr-8635	244	54	salt	salt	NOUN
cblr-8635	244	55	,	,	PUNCT
cblr-8635	244	56	the	the	DET
cblr-8635	244	57	capm	capm	PROPN
cblr-8635	244	58	still	still	ADV
cblr-8635	244	59	legitimately	legitimately	ADV
cblr-8635	244	60	implies	imply	VERB
cblr-8635	244	61	that	that	SCONJ
cblr-8635	244	62	the	the	DET
cblr-8635	244	63	sec	sec	PROPN
cblr-8635	244	64	needs	need	VERB
cblr-8635	244	65	to	to	PART
cblr-8635	244	66	modernize	modernize	VERB
cblr-8635	244	67	its	its	PRON
cblr-8635	244	68	disclosure	disclosure	NOUN
cblr-8635	244	69	policy	policy	NOUN
cblr-8635	244	70	and	and	CCONJ
cblr-8635	244	71	focus	focus	VERB
cblr-8635	244	72	more	more	ADV
cblr-8635	244	73	seriously	seriously	ADV
cblr-8635	244	74	on	on	ADP
cblr-8635	244	75	systematic	systematic	ADJ
cblr-8635	244	76	risk	risk	NOUN
cblr-8635	244	77	.	.	PUNCT
cblr-8635	245	1	this	this	PRON
cblr-8635	245	2	does	do	AUX
cblr-8635	245	3	not	not	PART
cblr-8635	245	4	mean	mean	VERB
cblr-8635	245	5	that	that	SCONJ
cblr-8635	245	6	the	the	DET
cblr-8635	245	7	sec	sec	PROPN
cblr-8635	245	8	should	should	AUX
cblr-8635	245	9	ignore	ignore	VERB
cblr-8635	245	10	non	non	ADJ
cblr-8635	245	11	-	-	ADJ
cblr-8635	245	12	systematic	systematic	ADJ
cblr-8635	245	13	risk	risk	NOUN
cblr-8635	245	14	(	(	PUNCT
cblr-8635	245	15	because	because	SCONJ
cblr-8635	245	16	many	many	ADJ
cblr-8635	245	17	investors	investor	NOUN
cblr-8635	245	18	will	will	AUX
cblr-8635	245	19	remain	remain	VERB
cblr-8635	245	20	less	less	ADJ
cblr-8635	245	21	than	than	ADP
cblr-8635	245	22	fully	fully	ADV
cblr-8635	245	23	diversified	diversify	VERB
cblr-8635	245	24	)	)	PUNCT
cblr-8635	245	25	,	,	PUNCT
cblr-8635	245	26	but	but	CCONJ
cblr-8635	245	27	it	it	PRON
cblr-8635	245	28	does	do	AUX
cblr-8635	245	29	suggest	suggest	VERB
cblr-8635	245	30	that	that	SCONJ
cblr-8635	245	31	diversified	diversified	ADJ
cblr-8635	245	32	investors	investor	NOUN
cblr-8635	245	33	,	,	PUNCT
cblr-8635	245	34	who	who	PRON
cblr-8635	245	35	constitute	constitute	VERB
cblr-8635	245	36	a	a	DET
cblr-8635	245	37	majority	majority	NOUN
cblr-8635	245	38	of	of	ADP
cblr-8635	245	39	the	the	DET
cblr-8635	245	40	market	market	NOUN
cblr-8635	245	41	,	,	PUNCT
cblr-8635	245	42	have	have	VERB
cblr-8635	245	43	an	an	DET
cblr-8635	245	44	unmet	unmet	NOUN
cblr-8635	245	45	disclosure	disclosure	NOUN
cblr-8635	245	46	need	need	NOUN
cblr-8635	245	47	.	.	PUNCT
cblr-8635	246	1	what	what	PRON
cblr-8635	246	2	has	have	AUX
cblr-8635	246	3	the	the	DET
cblr-8635	246	4	sec	sec	PROPN
cblr-8635	246	5	done	do	VERB
cblr-8635	246	6	to	to	ADP
cblr-8635	246	7	this	this	DET
cblr-8635	246	8	point	point	NOUN
cblr-8635	246	9	with	with	ADP
cblr-8635	246	10	regard	regard	NOUN
cblr-8635	246	11	to	to	ADP
cblr-8635	246	12	esg	esg	PROPN
cblr-8635	246	13	disclosures	disclosure	NOUN
cblr-8635	246	14	?	?	PUNCT
cblr-8635	247	1	the	the	DET
cblr-8635	247	2	short	short	ADJ
cblr-8635	247	3	answer	answer	NOUN
cblr-8635	247	4	is	be	AUX
cblr-8635	247	5	very	very	ADV
cblr-8635	247	6	little	little	ADJ
cblr-8635	247	7	.	.	PUNCT
cblr-8635	248	1	in	in	ADP
cblr-8635	248	2	2018	2018	NUM
cblr-8635	248	3	,	,	PUNCT
cblr-8635	248	4	institutional	institutional	ADJ
cblr-8635	248	5	investors	investor	NOUN
cblr-8635	248	6	representing	represent	VERB
cblr-8635	248	7	over	over	ADP
cblr-8635	248	8	$	$	SYM
cblr-8635	248	9	5	5	NUM
cblr-8635	248	10	trillion	trillion	NUM
cblr-8635	248	11	in	in	ADP
cblr-8635	248	12	assets	asset	NOUN
cblr-8635	248	13	under	under	ADP
cblr-8635	248	14	management	management	NOUN
cblr-8635	248	15	submitted	submit	VERB
cblr-8635	248	16	a	a	DET
cblr-8635	248	17	rulemaking	rulemake	VERB
cblr-8635	248	18	petition	petition	NOUN
cblr-8635	248	19	to	to	ADP
cblr-8635	248	20	the	the	DET
cblr-8635	248	21	sec	sec	PROPN
cblr-8635	248	22	requesting	request	VERB
cblr-8635	248	23	it	it	PRON
cblr-8635	248	24	to	to	PART
cblr-8635	248	25	mandate	mandate	VERB
cblr-8635	248	26	esg	esg	PROPN
cblr-8635	248	27	disclosure	disclosure	NOUN
cblr-8635	248	28	standards	standard	NOUN
cblr-8635	248	29	for	for	ADP
cblr-8635	248	30	public	public	ADJ
cblr-8635	248	31	companies.40	companies.40	NOUN
cblr-8635	248	32	“	"	PUNCT
cblr-8635	248	33	[	[	X
cblr-8635	248	34	m]ore	m]ore	NOUN
cblr-8635	248	35	than	than	ADP
cblr-8635	248	36	60	60	NUM
cblr-8635	248	37	governments	government	NOUN
cblr-8635	248	38	and	and	CCONJ
cblr-8635	248	39	international	international	ADJ
cblr-8635	248	40	[	[	X
cblr-8635	248	41	organizations	organization	NOUN
cblr-8635	248	42	]	]	PUNCT
cblr-8635	248	43	,	,	PUNCT
cblr-8635	248	44	including	include	VERB
cblr-8635	248	45	the	the	DET
cblr-8635	248	46	united	united	PROPN
cblr-8635	248	47	nations	nations	PROPN
cblr-8635	248	48	.	.	PUNCT
cblr-8635	248	49	.	.	PUNCT
cblr-8635	248	50	.	.	PUNCT
cblr-8635	249	1	[	[	X
cblr-8635	249	2	and	and	CCONJ
cblr-8635	249	3	]	]	PUNCT
cblr-8635	249	4	the	the	DET
cblr-8635	249	5	international	international	ADJ
cblr-8635	249	6	organization	organization	NOUN
cblr-8635	249	7	of	of	ADP
cblr-8635	249	8	securities	security	NOUN
cblr-8635	249	9	commissions	commission	NOUN
cblr-8635	249	10	,	,	PUNCT
cblr-8635	249	11	”	"	PUNCT
cblr-8635	249	12	have	have	AUX
cblr-8635	249	13	promulgated	promulgate	VERB
cblr-8635	249	14	esg	esg	PROPN
cblr-8635	249	15	standards,41	standards,41	PROPN
cblr-8635	249	16	but	but	CCONJ
cblr-8635	249	17	the	the	DET
cblr-8635	249	18	sec	sec	PROPN
cblr-8635	249	19	has	have	AUX
cblr-8635	249	20	resisted	resist	VERB
cblr-8635	249	21	these	these	DET
cblr-8635	249	22	pressures	pressure	NOUN
cblr-8635	249	23	(	(	PUNCT
cblr-8635	249	24	probably	probably	ADV
cblr-8635	249	25	motivated	motivate	VERB
cblr-8635	249	26	by	by	ADP
cblr-8635	249	27	countervailing	countervail	VERB
cblr-8635	249	28	pressures	pressure	NOUN
cblr-8635	249	29	from	from	ADP
cblr-8635	249	30	corporate	corporate	ADJ
cblr-8635	249	31	issuers	issuer	NOUN
cblr-8635	249	32	)	)	PUNCT
cblr-8635	249	33	.	.	PUNCT
cblr-8635	250	1	the	the	DET
cblr-8635	250	2	sec	sec	PROPN
cblr-8635	250	3	’s	’s	PART
cblr-8635	250	4	principal	principal	NOUN
cblr-8635	250	5	expressed	express	VERB
cblr-8635	250	6	concern	concern	NOUN
cblr-8635	250	7	has	have	AUX
cblr-8635	250	8	been	be	AUX
cblr-8635	250	9	the	the	DET
cblr-8635	250	10	danger	danger	NOUN
cblr-8635	250	11	of	of	ADP
cblr-8635	250	12	information	information	NOUN
cblr-8635	250	13	overload	overload	NOUN
cblr-8635	250	14	that	that	PRON
cblr-8635	250	15	would	would	AUX
cblr-8635	250	16	inundate	inundate	VERB
cblr-8635	250	17	investors	investor	NOUN
cblr-8635	250	18	with	with	ADP
cblr-8635	250	19	low	low	ADJ
cblr-8635	250	20	-	-	PUNCT
cblr-8635	250	21	quality	quality	NOUN
cblr-8635	250	22	information	information	NOUN
cblr-8635	250	23	and	and	CCONJ
cblr-8635	250	24	often	often	ADV
cblr-8635	250	25	inconsistent	inconsistent	ADJ
cblr-8635	250	26	metrics	metric	NOUN
cblr-8635	250	27	and	and	CCONJ
cblr-8635	250	28	rankings.42	rankings.42	NOUN
cblr-8635	250	29	to	to	ADP
cblr-8635	250	30	date	date	NOUN
cblr-8635	250	31	,	,	PUNCT
cblr-8635	250	32	the	the	DET
cblr-8635	250	33	sec	sec	PROPN
cblr-8635	250	34	’s	’s	PART
cblr-8635	250	35	only	only	ADV
cblr-8635	250	36	38	38	NUM
cblr-8635	250	37	for	for	ADP
cblr-8635	250	38	a	a	DET
cblr-8635	250	39	discussion	discussion	NOUN
cblr-8635	250	40	of	of	ADP
cblr-8635	250	41	some	some	PRON
cblr-8635	250	42	of	of	ADP
cblr-8635	250	43	the	the	DET
cblr-8635	250	44	pressures	pressure	NOUN
cblr-8635	250	45	against	against	ADP
cblr-8635	250	46	comprehensive	comprehensive	ADJ
cblr-8635	250	47	regulation	regulation	NOUN
cblr-8635	250	48	of	of	ADP
cblr-8635	250	49	systematic	systematic	ADJ
cblr-8635	250	50	risk	risk	NOUN
cblr-8635	250	51	from	from	ADP
cblr-8635	250	52	the	the	DET
cblr-8635	250	53	financial	financial	ADJ
cblr-8635	250	54	sector	sector	NOUN
cblr-8635	250	55	,	,	PUNCT
cblr-8635	250	56	see	see	VERB
cblr-8635	250	57	john	john	PROPN
cblr-8635	250	58	c.	c.	PROPN
cblr-8635	250	59	coffee	coffee	PROPN
cblr-8635	250	60	,	,	PUNCT
cblr-8635	250	61	jr	jr	PROPN
cblr-8635	250	62	.	.	PROPN
cblr-8635	250	63	,	,	PUNCT
cblr-8635	250	64	systemic	systemic	ADJ
cblr-8635	250	65	risk	risk	NOUN
cblr-8635	250	66	after	after	ADP
cblr-8635	250	67	dodd	dodd	PROPN
cblr-8635	250	68	-	-	PUNCT
cblr-8635	250	69	frank	frank	ADJ
cblr-8635	250	70	:	:	PUNCT
cblr-8635	250	71	contingent	contingent	ADJ
cblr-8635	250	72	capital	capital	NOUN
cblr-8635	250	73	and	and	CCONJ
cblr-8635	250	74	the	the	DET
cblr-8635	250	75	need	need	NOUN
cblr-8635	250	76	for	for	ADP
cblr-8635	250	77	regulatory	regulatory	ADJ
cblr-8635	250	78	strategies	strategy	NOUN
cblr-8635	250	79	beyond	beyond	ADP
cblr-8635	250	80	oversight	oversight	NOUN
cblr-8635	250	81	,	,	PUNCT
cblr-8635	250	82	111	111	NUM
cblr-8635	250	83	colum	colum	NOUN
cblr-8635	250	84	.	.	PUNCT
cblr-8635	251	1	l.	l.	PROPN
cblr-8635	251	2	rev	rev	PROPN
cblr-8635	251	3	.	.	PROPN
cblr-8635	251	4	795	795	NUM
cblr-8635	251	5	,	,	PUNCT
cblr-8635	251	6	818–22	818–22	NUM
cblr-8635	251	7	(	(	PUNCT
cblr-8635	251	8	2011	2011	NUM
cblr-8635	251	9	)	)	PUNCT
cblr-8635	251	10	.	.	PUNCT
cblr-8635	252	1	39	39	NUM
cblr-8635	252	2	see	see	VERB
cblr-8635	252	3	supra	supra	PROPN
cblr-8635	252	4	notes	note	NOUN
cblr-8635	252	5	36–37	36–37	PROPN
cblr-8635	252	6	and	and	CCONJ
cblr-8635	252	7	accompanying	accompany	VERB
cblr-8635	252	8	text	text	NOUN
cblr-8635	252	9	.	.	PUNCT
cblr-8635	253	1	40	40	NUM
cblr-8635	254	1	for	for	ADP
cblr-8635	254	2	a	a	DET
cblr-8635	254	3	fuller	full	ADJ
cblr-8635	254	4	description	description	NOUN
cblr-8635	254	5	,	,	PUNCT
cblr-8635	254	6	see	see	VERB
cblr-8635	254	7	virginia	virginia	PROPN
cblr-8635	254	8	harper	harper	PROPN
cblr-8635	254	9	ho	ho	PROPN
cblr-8635	254	10	&	&	CCONJ
cblr-8635	254	11	stephen	stephen	PROPN
cblr-8635	254	12	kim	kim	PROPN
cblr-8635	254	13	park	park	PROPN
cblr-8635	254	14	,	,	PUNCT
cblr-8635	254	15	esg	esg	PROPN
cblr-8635	254	16	disclosure	disclosure	NOUN
cblr-8635	254	17	in	in	ADP
cblr-8635	254	18	comparative	comparative	ADJ
cblr-8635	254	19	perspective	perspective	NOUN
cblr-8635	254	20	:	:	PUNCT
cblr-8635	254	21	optimizing	optimize	VERB
cblr-8635	254	22	private	private	ADJ
cblr-8635	254	23	ordering	ordering	NOUN
cblr-8635	254	24	in	in	ADP
cblr-8635	254	25	public	public	ADJ
cblr-8635	254	26	reporting	reporting	NOUN
cblr-8635	254	27	,	,	PUNCT
cblr-8635	254	28	41	41	NUM
cblr-8635	254	29	u.	u.	PROPN
cblr-8635	254	30	pa	pa	PROPN
cblr-8635	254	31	.	.	PUNCT
cblr-8635	255	1	j.	j.	PROPN
cblr-8635	255	2	int’l	int’l	PROPN
cblr-8635	255	3	l.	l.	PROPN
cblr-8635	255	4	249	249	NUM
cblr-8635	255	5	,	,	PUNCT
cblr-8635	255	6	253	253	NUM
cblr-8635	255	7	(	(	PUNCT
cblr-8635	255	8	2019	2019	NUM
cblr-8635	255	9	)	)	PUNCT
cblr-8635	255	10	.	.	PUNCT
cblr-8635	256	1	41	41	NUM
cblr-8635	257	1	i	i	PRON
cblr-8635	257	2	d.	d.	PROPN
cblr-8635	257	3	at	at	ADP
cblr-8635	257	4	252–54	252–54	NOUN
cblr-8635	257	5	(	(	PUNCT
cblr-8635	257	6	footnotes	footnote	NOUN
cblr-8635	257	7	omitted	omit	VERB
cblr-8635	257	8	)	)	PUNCT
cblr-8635	257	9	.	.	PUNCT
cblr-8635	258	1	42	42	NUM
cblr-8635	258	2	for	for	ADP
cblr-8635	258	3	an	an	DET
cblr-8635	258	4	evaluation	evaluation	NOUN
cblr-8635	258	5	of	of	ADP
cblr-8635	258	6	this	this	DET
cblr-8635	258	7	danger	danger	NOUN
cblr-8635	258	8	and	and	CCONJ
cblr-8635	258	9	an	an	DET
cblr-8635	258	10	answer	answer	NOUN
cblr-8635	258	11	to	to	ADP
cblr-8635	258	12	it	it	PRON
cblr-8635	258	13	,	,	PUNCT
cblr-8635	258	14	see	see	VERB
cblr-8635	258	15	generally	generally	ADV
cblr-8635	258	16	virginia	virginia	PROPN
cblr-8635	258	17	harper	harper	PROPN
cblr-8635	258	18	ho	ho	PROPN
cblr-8635	258	19	,	,	PUNCT
cblr-8635	258	20	disclosure	disclosure	NOUN
cblr-8635	258	21	overload	overload	NOUN
cblr-8635	258	22	?	?	PUNCT
cblr-8635	258	23	:	:	PUNCT
cblr-8635	259	1	lessons	lesson	NOUN
cblr-8635	259	2	for	for	ADP
cblr-8635	259	3	risk	risk	NOUN
cblr-8635	259	4	disclosure	disclosure	NOUN
cblr-8635	259	5	and	and	CCONJ
cblr-8635	259	6	esg	esg	NOUN
cblr-8635	259	7	reporting	reporting	NOUN
cblr-8635	259	8	in	in	ADP
cblr-8635	259	9	the	the	DET
cblr-8635	259	10	regulation	regulation	NOUN
cblr-8635	259	11	s	s	PROPN
cblr-8635	259	12	-	-	PUNCT
cblr-8635	259	13	k	k	PROPN
cblr-8635	259	14	concept	concept	NOUN
cblr-8635	259	15	release	release	NOUN
cblr-8635	259	16	,	,	PUNCT
cblr-8635	259	17	65	65	NUM
cblr-8635	259	18	vill	vill	NOUN
cblr-8635	259	19	.	.	PUNCT
cblr-8635	260	1	l.	l.	PROPN
cblr-8635	260	2	rev	rev	PROPN
cblr-8635	260	3	.	.	PROPN
cblr-8635	260	4	67	67	NUM
cblr-8635	260	5	(	(	PUNCT
cblr-8635	260	6	2020	2020	NUM
cblr-8635	260	7	)	)	PUNCT
cblr-8635	260	8	.	.	PUNCT
cblr-8635	261	1	coffee	coffee	PROPN
cblr-8635	261	2	8/20/2021	8/20/2021	NUM
cblr-8635	261	3	6:32	6:32	NUM
cblr-8635	261	4	pm	pm	PROPN
cblr-8635	261	5	618	618	NUM
cblr-8635	261	6	columbia	columbia	PROPN
cblr-8635	261	7	business	business	NOUN
cblr-8635	261	8	law	law	PROPN
cblr-8635	261	9	review	review	NOUN
cblr-8635	262	1	[	[	X
cblr-8635	262	2	vol	vol	NOUN
cblr-8635	262	3	.	.	NOUN
cblr-8635	262	4	2021	2021	NUM
cblr-8635	262	5	real	real	ADJ
cblr-8635	262	6	action	action	NOUN
cblr-8635	262	7	has	have	AUX
cblr-8635	262	8	been	be	AUX
cblr-8635	262	9	to	to	PART
cblr-8635	262	10	update	update	VERB
cblr-8635	262	11	its	its	PRON
cblr-8635	262	12	standards	standard	NOUN
cblr-8635	262	13	under	under	ADP
cblr-8635	262	14	regulation	regulation	NOUN
cblr-8635	262	15	s	s	NOUN
cblr-8635	262	16	-	-	PROPN
cblr-8635	262	17	k	k	X
cblr-8635	262	18	(	(	PUNCT
cblr-8635	262	19	which	which	PRON
cblr-8635	262	20	specifies	specify	VERB
cblr-8635	262	21	the	the	DET
cblr-8635	262	22	disclosures	disclosure	NOUN
cblr-8635	262	23	mandated	mandate	VERB
cblr-8635	262	24	in	in	ADP
cblr-8635	262	25	sec	sec	PROPN
cblr-8635	262	26	filings),43	filings),43	ADJ
cblr-8635	263	1	but	but	CCONJ
cblr-8635	263	2	here	here	ADV
cblr-8635	263	3	it	it	PRON
cblr-8635	263	4	has	have	AUX
cblr-8635	263	5	limited	limit	VERB
cblr-8635	263	6	itself	itself	PRON
cblr-8635	263	7	to	to	ADP
cblr-8635	263	8	extremely	extremely	ADV
cblr-8635	263	9	general	general	ADJ
cblr-8635	263	10	“	"	PUNCT
cblr-8635	263	11	principles	principle	NOUN
cblr-8635	263	12	-	-	PUNCT
cblr-8635	263	13	based	base	VERB
cblr-8635	263	14	disclosures	disclosure	NOUN
cblr-8635	263	15	.	.	PUNCT
cblr-8635	264	1	”44	”44	PROPN
cblr-8635	264	2	meanwhile	meanwhile	ADV
cblr-8635	264	3	,	,	PUNCT
cblr-8635	264	4	the	the	DET
cblr-8635	264	5	largest	large	ADJ
cblr-8635	264	6	u.s	u.s	PROPN
cblr-8635	264	7	.	.	PROPN
cblr-8635	264	8	institutional	institutional	ADJ
cblr-8635	264	9	investors	investor	NOUN
cblr-8635	264	10	(	(	PUNCT
cblr-8635	264	11	including	include	VERB
cblr-8635	264	12	the	the	DET
cblr-8635	264	13	big	big	ADJ
cblr-8635	264	14	three	three	NUM
cblr-8635	264	15	)	)	PUNCT
cblr-8635	264	16	have	have	AUX
cblr-8635	264	17	gone	go	VERB
cblr-8635	264	18	well	well	ADV
cblr-8635	264	19	beyond	beyond	ADP
cblr-8635	264	20	adopting	adopt	VERB
cblr-8635	264	21	general	general	ADJ
cblr-8635	264	22	policies	policy	NOUN
cblr-8635	264	23	and	and	CCONJ
cblr-8635	264	24	have	have	AUX
cblr-8635	264	25	directly	directly	ADV
cblr-8635	264	26	engaged	engage	VERB
cblr-8635	264	27	major	major	ADJ
cblr-8635	264	28	companies	company	NOUN
cblr-8635	264	29	on	on	ADP
cblr-8635	264	30	climate	climate	NOUN
cblr-8635	264	31	change	change	NOUN
cblr-8635	264	32	issues	issue	NOUN
cblr-8635	264	33	and	and	CCONJ
cblr-8635	264	34	have	have	AUX
cblr-8635	264	35	even	even	ADV
cblr-8635	264	36	sued	sue	VERB
cblr-8635	264	37	them.45	them.45	ADP
cblr-8635	264	38	43	43	NUM
cblr-8635	264	39	17	17	NUM
cblr-8635	264	40	c.f.r	c.f.r	NOUN
cblr-8635	264	41	.	.	PUNCT
cblr-8635	265	1	§	§	PROPN
cblr-8635	265	2	§	§	PROPN
cblr-8635	265	3	229.1–.1406	229.1–.1406	PROPN
cblr-8635	265	4	(	(	PUNCT
cblr-8635	265	5	2020	2020	NUM
cblr-8635	265	6	)	)	PUNCT
cblr-8635	265	7	.	.	PUNCT
cblr-8635	266	1	44	44	NUM
cblr-8635	266	2	in	in	ADP
cblr-8635	266	3	2020	2020	NUM
cblr-8635	266	4	,	,	PUNCT
cblr-8635	266	5	the	the	DET
cblr-8635	266	6	sec	sec	PROPN
cblr-8635	266	7	“	"	PUNCT
cblr-8635	266	8	modernized	modernize	VERB
cblr-8635	266	9	”	"	PUNCT
cblr-8635	266	10	its	its	PRON
cblr-8635	266	11	requirements	requirement	NOUN
cblr-8635	266	12	with	with	ADP
cblr-8635	266	13	respect	respect	NOUN
cblr-8635	266	14	to	to	ADP
cblr-8635	266	15	items	item	NOUN
cblr-8635	266	16	101	101	NUM
cblr-8635	266	17	,	,	PUNCT
cblr-8635	266	18	103	103	NUM
cblr-8635	266	19	and	and	CCONJ
cblr-8635	266	20	105	105	NUM
cblr-8635	266	21	of	of	ADP
cblr-8635	266	22	regulation	regulation	NOUN
cblr-8635	266	23	s	s	PROPN
cblr-8635	266	24	-	-	PROPN
cblr-8635	266	25	k	k	NOUN
cblr-8635	266	26	but	but	CCONJ
cblr-8635	266	27	required	require	VERB
cblr-8635	266	28	only	only	ADV
cblr-8635	266	29	very	very	ADV
cblr-8635	266	30	general	general	ADJ
cblr-8635	266	31	“	"	PUNCT
cblr-8635	266	32	principles	principle	NOUN
cblr-8635	266	33	-	-	PUNCT
cblr-8635	266	34	based	base	VERB
cblr-8635	266	35	”	"	PUNCT
cblr-8635	266	36	disclosures	disclosure	NOUN
cblr-8635	266	37	.	.	PUNCT
cblr-8635	267	1	for	for	ADP
cblr-8635	267	2	example	example	NOUN
cblr-8635	267	3	,	,	PUNCT
cblr-8635	267	4	with	with	ADP
cblr-8635	267	5	respect	respect	NOUN
cblr-8635	267	6	to	to	ADP
cblr-8635	267	7	item	item	NOUN
cblr-8635	267	8	101	101	NUM
cblr-8635	267	9	(	(	PUNCT
cblr-8635	267	10	which	which	PRON
cblr-8635	267	11	requires	require	VERB
cblr-8635	267	12	a	a	DET
cblr-8635	267	13	description	description	NOUN
cblr-8635	267	14	of	of	ADP
cblr-8635	267	15	the	the	DET
cblr-8635	267	16	issuer	issuer	NOUN
cblr-8635	267	17	’s	’s	PART
cblr-8635	267	18	business	business	NOUN
cblr-8635	267	19	)	)	PUNCT
cblr-8635	267	20	,	,	PUNCT
cblr-8635	267	21	it	it	PRON
cblr-8635	267	22	did	do	AUX
cblr-8635	267	23	address	address	VERB
cblr-8635	267	24	the	the	DET
cblr-8635	267	25	“	"	PUNCT
cblr-8635	267	26	social	social	ADJ
cblr-8635	267	27	”	"	PUNCT
cblr-8635	267	28	component	component	NOUN
cblr-8635	267	29	of	of	ADP
cblr-8635	267	30	esg	esg	PROPN
cblr-8635	267	31	,	,	PUNCT
cblr-8635	267	32	but	but	CCONJ
cblr-8635	267	33	only	only	ADV
cblr-8635	267	34	in	in	ADP
cblr-8635	267	35	a	a	DET
cblr-8635	267	36	minimal	minimal	ADJ
cblr-8635	267	37	way	way	NOUN
cblr-8635	267	38	by	by	ADP
cblr-8635	267	39	instructing	instruct	VERB
cblr-8635	267	40	issuers	issuer	NOUN
cblr-8635	267	41	to	to	PART
cblr-8635	267	42	provide	provide	VERB
cblr-8635	267	43	:	:	PUNCT
cblr-8635	267	44	a	a	DET
cblr-8635	267	45	description	description	NOUN
cblr-8635	267	46	of	of	ADP
cblr-8635	267	47	the	the	DET
cblr-8635	267	48	registrant	registrant	NOUN
cblr-8635	267	49	’s	’s	PART
cblr-8635	267	50	human	human	ADJ
cblr-8635	267	51	capital	capital	NOUN
cblr-8635	267	52	resources	resource	NOUN
cblr-8635	267	53	,	,	PUNCT
cblr-8635	267	54	including	include	VERB
cblr-8635	267	55	the	the	DET
cblr-8635	267	56	number	number	NOUN
cblr-8635	267	57	of	of	ADP
cblr-8635	267	58	persons	person	NOUN
cblr-8635	267	59	employed	employ	VERB
cblr-8635	267	60	by	by	ADP
cblr-8635	267	61	the	the	DET
cblr-8635	267	62	registrant	registrant	NOUN
cblr-8635	267	63	,	,	PUNCT
cblr-8635	267	64	and	and	CCONJ
cblr-8635	267	65	any	any	DET
cblr-8635	267	66	human	human	ADJ
cblr-8635	267	67	capital	capital	NOUN
cblr-8635	267	68	measures	measure	NOUN
cblr-8635	267	69	or	or	CCONJ
cblr-8635	267	70	objectives	objective	NOUN
cblr-8635	267	71	that	that	SCONJ
cblr-8635	267	72	the	the	DET
cblr-8635	267	73	registrant	registrant	NOUN
cblr-8635	267	74	focuses	focus	VERB
cblr-8635	267	75	on	on	ADP
cblr-8635	267	76	in	in	ADP
cblr-8635	267	77	managing	manage	VERB
cblr-8635	267	78	the	the	DET
cblr-8635	267	79	business	business	NOUN
cblr-8635	267	80	(	(	PUNCT
cblr-8635	267	81	such	such	ADJ
cblr-8635	267	82	as	as	ADP
cblr-8635	267	83	,	,	PUNCT
cblr-8635	267	84	depending	depend	VERB
cblr-8635	267	85	on	on	ADP
cblr-8635	267	86	the	the	DET
cblr-8635	267	87	registrant	registrant	NOUN
cblr-8635	267	88	’s	’s	PART
cblr-8635	267	89	business	business	NOUN
cblr-8635	267	90	and	and	CCONJ
cblr-8635	267	91	workforce	workforce	NOUN
cblr-8635	267	92	,	,	PUNCT
cblr-8635	267	93	measures	measure	NOUN
cblr-8635	267	94	or	or	CCONJ
cblr-8635	267	95	objectives	objective	NOUN
cblr-8635	267	96	that	that	PRON
cblr-8635	267	97	address	address	VERB
cblr-8635	267	98	the	the	DET
cblr-8635	267	99	development	development	NOUN
cblr-8635	267	100	,	,	PUNCT
cblr-8635	267	101	attraction	attraction	NOUN
cblr-8635	267	102	and	and	CCONJ
cblr-8635	267	103	retention	retention	NOUN
cblr-8635	267	104	of	of	ADP
cblr-8635	267	105	personnel	personnel	NOUN
cblr-8635	267	106	)	)	PUNCT
cblr-8635	267	107	.	.	PUNCT
cblr-8635	268	1	modernization	modernization	NOUN
cblr-8635	268	2	of	of	ADP
cblr-8635	268	3	regulation	regulation	NOUN
cblr-8635	268	4	s	s	PROPN
cblr-8635	268	5	-	-	PUNCT
cblr-8635	268	6	k	k	ADJ
cblr-8635	268	7	items	item	NOUN
cblr-8635	268	8	101	101	NUM
cblr-8635	268	9	,	,	PUNCT
cblr-8635	268	10	103	103	NUM
cblr-8635	268	11	,	,	PUNCT
cblr-8635	268	12	and	and	CCONJ
cblr-8635	268	13	105	105	NUM
cblr-8635	268	14	,	,	PUNCT
cblr-8635	268	15	85	85	NUM
cblr-8635	268	16	fed	feed	VERB
cblr-8635	268	17	.	.	PUNCT
cblr-8635	269	1	reg	reg	PROPN
cblr-8635	269	2	.	.	PROPN
cblr-8635	269	3	63,726	63,726	NUM
cblr-8635	269	4	,	,	PUNCT
cblr-8635	269	5	63,760	63,760	NUM
cblr-8635	269	6	(	(	PUNCT
cblr-8635	269	7	oct	oct	PROPN
cblr-8635	269	8	.	.	PROPN
cblr-8635	269	9	8	8	NUM
cblr-8635	269	10	,	,	PUNCT
cblr-8635	269	11	2020	2020	NUM
cblr-8635	269	12	)	)	PUNCT
cblr-8635	269	13	(	(	PUNCT
cblr-8635	269	14	codified	codify	VERB
cblr-8635	269	15	at	at	ADP
cblr-8635	269	16	17	17	NUM
cblr-8635	269	17	c.f.r	c.f.r	NOUN
cblr-8635	269	18	.	.	PUNCT
cblr-8635	270	1	pt	pt	PROPN
cblr-8635	270	2	229	229	NUM
cblr-8635	270	3	)	)	PUNCT
cblr-8635	270	4	.	.	PUNCT
cblr-8635	271	1	this	this	DET
cblr-8635	271	2	brief	brief	ADJ
cblr-8635	271	3	statement	statement	NOUN
cblr-8635	271	4	was	be	AUX
cblr-8635	271	5	the	the	DET
cblr-8635	271	6	sec	sec	PROPN
cblr-8635	271	7	’s	’s	PART
cblr-8635	271	8	only	only	ADJ
cblr-8635	271	9	reference	reference	NOUN
cblr-8635	271	10	in	in	ADP
cblr-8635	271	11	this	this	DET
cblr-8635	271	12	release	release	NOUN
cblr-8635	271	13	to	to	ADP
cblr-8635	271	14	the	the	DET
cblr-8635	271	15	goals	goal	NOUN
cblr-8635	271	16	of	of	ADP
cblr-8635	271	17	diversity	diversity	NOUN
cblr-8635	271	18	and	and	CCONJ
cblr-8635	271	19	affirmative	affirmative	ADJ
cblr-8635	271	20	action	action	NOUN
cblr-8635	271	21	.	.	PUNCT
cblr-8635	272	1	thus	thus	ADV
cblr-8635	272	2	,	,	PUNCT
cblr-8635	272	3	although	although	SCONJ
cblr-8635	272	4	item	item	NOUN
cblr-8635	272	5	101	101	NUM
cblr-8635	272	6	now	now	ADV
cblr-8635	272	7	at	at	ADP
cblr-8635	272	8	last	last	ADJ
cblr-8635	272	9	addresses	address	NOUN
cblr-8635	272	10	the	the	DET
cblr-8635	272	11	social	social	ADJ
cblr-8635	272	12	component	component	NOUN
cblr-8635	272	13	of	of	ADP
cblr-8635	272	14	esg	esg	PROPN
cblr-8635	272	15	,	,	PUNCT
cblr-8635	272	16	it	it	PRON
cblr-8635	272	17	does	do	VERB
cblr-8635	272	18	so	so	ADV
cblr-8635	272	19	only	only	ADV
cblr-8635	272	20	in	in	ADP
cblr-8635	272	21	a	a	DET
cblr-8635	272	22	minimal	minimal	ADJ
cblr-8635	272	23	way	way	NOUN
cblr-8635	272	24	.	.	PUNCT
cblr-8635	273	1	not	not	PART
cblr-8635	273	2	surprisingly	surprisingly	ADV
cblr-8635	273	3	,	,	PUNCT
cblr-8635	273	4	some	some	DET
cblr-8635	273	5	observers	observer	NOUN
cblr-8635	273	6	have	have	AUX
cblr-8635	273	7	reported	report	VERB
cblr-8635	273	8	that	that	SCONJ
cblr-8635	273	9	more	more	ADJ
cblr-8635	273	10	investors	investor	NOUN
cblr-8635	273	11	are	be	AUX
cblr-8635	273	12	concerned	concerned	ADJ
cblr-8635	273	13	about	about	ADP
cblr-8635	273	14	“	"	PUNCT
cblr-8635	273	15	the	the	DET
cblr-8635	273	16	under	under	NOUN
cblr-8635	273	17	-	-	PUNCT
cblr-8635	273	18	disclosure	disclosure	NOUN
cblr-8635	273	19	of	of	ADP
cblr-8635	273	20	material	material	NOUN
cblr-8635	273	21	information	information	NOUN
cblr-8635	273	22	”	"	PUNCT
cblr-8635	273	23	about	about	ADP
cblr-8635	273	24	human	human	ADJ
cblr-8635	273	25	capital	capital	NOUN
cblr-8635	273	26	,	,	PUNCT
cblr-8635	273	27	not	not	PART
cblr-8635	273	28	overdisclosure	overdisclosure	NOUN
cblr-8635	273	29	.	.	PUNCT
cblr-8635	274	1	see	see	VERB
cblr-8635	274	2	ho	ho	PROPN
cblr-8635	274	3	,	,	PUNCT
cblr-8635	274	4	supra	supra	PROPN
cblr-8635	274	5	note	note	NOUN
cblr-8635	274	6	42	42	NUM
cblr-8635	274	7	,	,	PUNCT
cblr-8635	274	8	at	at	ADP
cblr-8635	274	9	73–75	73–75	PROPN
cblr-8635	274	10	(	(	PUNCT
cblr-8635	274	11	emphasis	emphasis	NOUN
cblr-8635	274	12	deleted	delete	VERB
cblr-8635	274	13	)	)	PUNCT
cblr-8635	274	14	.	.	PUNCT
cblr-8635	275	1	45	45	NUM
cblr-8635	275	2	for	for	ADP
cblr-8635	275	3	a	a	DET
cblr-8635	275	4	description	description	NOUN
cblr-8635	275	5	of	of	ADP
cblr-8635	275	6	a	a	DET
cblr-8635	275	7	forceful	forceful	ADJ
cblr-8635	275	8	intervention	intervention	NOUN
cblr-8635	275	9	by	by	ADP
cblr-8635	275	10	a	a	DET
cblr-8635	275	11	group	group	NOUN
cblr-8635	275	12	of	of	ADP
cblr-8635	275	13	six	six	NUM
cblr-8635	275	14	large	large	ADJ
cblr-8635	275	15	institutional	institutional	ADJ
cblr-8635	275	16	shareholders	shareholder	NOUN
cblr-8635	275	17	(	(	PUNCT
cblr-8635	275	18	including	include	VERB
cblr-8635	275	19	the	the	DET
cblr-8635	275	20	big	big	ADJ
cblr-8635	275	21	three	three	NUM
cblr-8635	275	22	)	)	PUNCT
cblr-8635	275	23	that	that	PRON
cblr-8635	275	24	succeeded	succeed	VERB
cblr-8635	275	25	in	in	ADP
cblr-8635	275	26	causing	cause	VERB
cblr-8635	275	27	both	both	CCONJ
cblr-8635	275	28	exxonmobil	exxonmobil	PROPN
cblr-8635	275	29	and	and	CCONJ
cblr-8635	275	30	chevron	chevron	NOUN
cblr-8635	275	31	to	to	PART
cblr-8635	275	32	support	support	VERB
cblr-8635	275	33	climate	climate	NOUN
cblr-8635	275	34	change	change	NOUN
cblr-8635	275	35	reforms	reform	NOUN
cblr-8635	275	36	that	that	PRON
cblr-8635	275	37	these	these	DET
cblr-8635	275	38	firms	firm	NOUN
cblr-8635	275	39	had	have	AUX
cblr-8635	275	40	previously	previously	ADV
cblr-8635	275	41	opposed	oppose	VERB
cblr-8635	275	42	,	,	PUNCT
cblr-8635	275	43	see	see	VERB
cblr-8635	275	44	condon	condon	PROPN
cblr-8635	275	45	,	,	PUNCT
cblr-8635	275	46	supra	supra	PROPN
cblr-8635	275	47	note	note	PROPN
cblr-8635	275	48	8	8	NUM
cblr-8635	275	49	,	,	PUNCT
cblr-8635	275	50	at	at	ADP
cblr-8635	275	51	25	25	NUM
cblr-8635	275	52	.	.	PUNCT
cblr-8635	276	1	not	not	PART
cblr-8635	276	2	only	only	ADV
cblr-8635	276	3	are	be	AUX
cblr-8635	276	4	broadly	broadly	ADV
cblr-8635	276	5	diversified	diversify	VERB
cblr-8635	276	6	institutions	institution	NOUN
cblr-8635	276	7	seeking	seek	VERB
cblr-8635	276	8	more	more	ADJ
cblr-8635	276	9	esg	esg	PROPN
cblr-8635	276	10	disclosures	disclosure	NOUN
cblr-8635	276	11	,	,	PUNCT
cblr-8635	276	12	they	they	PRON
cblr-8635	276	13	are	be	AUX
cblr-8635	276	14	also	also	ADV
cblr-8635	276	15	acting	act	VERB
cblr-8635	276	16	upon	upon	SCONJ
cblr-8635	276	17	them	they	PRON
cblr-8635	276	18	as	as	ADV
cblr-8635	276	19	well	well	ADV
cblr-8635	276	20	,	,	PUNCT
cblr-8635	276	21	sometimes	sometimes	ADV
cblr-8635	276	22	by	by	ADP
cblr-8635	276	23	suing	sue	VERB
cblr-8635	276	24	portfolio	portfolio	NOUN
cblr-8635	276	25	companies	company	NOUN
cblr-8635	276	26	.	.	PUNCT
cblr-8635	277	1	see	see	VERB
cblr-8635	277	2	alexander	alexander	PROPN
cblr-8635	277	3	i.	i.	PROPN
cblr-8635	277	4	platt	platt	PROPN
cblr-8635	277	5	,	,	PUNCT
cblr-8635	277	6	index	index	NOUN
cblr-8635	277	7	fund	fund	NOUN
cblr-8635	277	8	enforcement	enforcement	NOUN
cblr-8635	277	9	,	,	PUNCT
cblr-8635	277	10	53	53	NUM
cblr-8635	277	11	u.c	u.c	PROPN
cblr-8635	277	12	.	.	PROPN
cblr-8635	278	1	davis	davis	PROPN
cblr-8635	278	2	l.	l.	PROPN
cblr-8635	278	3	rev	rev	PROPN
cblr-8635	278	4	.	.	PROPN
cblr-8635	278	5	1453	1453	NUM
cblr-8635	278	6	,	,	PUNCT
cblr-8635	278	7	1458–59	1458–59	NUM
cblr-8635	278	8	(	(	PUNCT
cblr-8635	278	9	2020	2020	NUM
cblr-8635	278	10	)	)	PUNCT
cblr-8635	278	11	.	.	PUNCT
cblr-8635	279	1	in	in	ADP
cblr-8635	279	2	contrast	contrast	NOUN
cblr-8635	279	3	,	,	PUNCT
cblr-8635	279	4	diversified	diversified	ADJ
cblr-8635	279	5	investors	investor	NOUN
cblr-8635	279	6	would	would	AUX
cblr-8635	279	7	be	be	AUX
cblr-8635	279	8	wasting	waste	VERB
cblr-8635	279	9	their	their	PRON
cblr-8635	279	10	funds	fund	NOUN
cblr-8635	279	11	to	to	PART
cblr-8635	279	12	seek	seek	VERB
cblr-8635	279	13	to	to	PART
cblr-8635	279	14	improve	improve	VERB
cblr-8635	279	15	or	or	CCONJ
cblr-8635	279	16	mitigate	mitigate	VERB
cblr-8635	279	17	idiosyncratic	idiosyncratic	ADJ
cblr-8635	279	18	risks	risk	NOUN
cblr-8635	279	19	.	.	PUNCT
cblr-8635	280	1	for	for	ADP
cblr-8635	280	2	example	example	NOUN
cblr-8635	280	3	,	,	PUNCT
cblr-8635	280	4	if	if	SCONJ
cblr-8635	280	5	they	they	PRON
cblr-8635	280	6	sought	seek	VERB
cblr-8635	280	7	to	to	PART
cblr-8635	280	8	improve	improve	VERB
cblr-8635	280	9	operating	operating	NOUN
cblr-8635	280	10	performance	performance	NOUN
cblr-8635	280	11	at	at	ADP
cblr-8635	280	12	ford	ford	NOUN
cblr-8635	280	13	,	,	PUNCT
cblr-8635	280	14	the	the	DET
cblr-8635	280	15	resulting	result	VERB
cblr-8635	280	16	gains	gain	NOUN
cblr-8635	280	17	,	,	PUNCT
cblr-8635	280	18	if	if	SCONJ
cblr-8635	280	19	any	any	PRON
cblr-8635	280	20	,	,	PUNCT
cblr-8635	280	21	might	might	AUX
cblr-8635	280	22	only	only	ADV
cblr-8635	280	23	be	be	AUX
cblr-8635	280	24	offset	offset	VERB
cblr-8635	280	25	by	by	ADP
cblr-8635	280	26	a	a	DET
cblr-8635	280	27	stock	stock	NOUN
cblr-8635	280	28	decline	decline	NOUN
cblr-8635	280	29	at	at	ADP
cblr-8635	280	30	gm	gm	PROPN
cblr-8635	280	31	,	,	PUNCT
cblr-8635	280	32	which	which	PRON
cblr-8635	280	33	would	would	AUX
cblr-8635	280	34	lose	lose	VERB
cblr-8635	280	35	market	market	NOUN
cblr-8635	280	36	share	share	NOUN
cblr-8635	280	37	to	to	ADP
cblr-8635	280	38	ford	ford	PROPN
cblr-8635	280	39	.	.	PUNCT
cblr-8635	281	1	coffee	coffee	PROPN
cblr-8635	281	2	8/20/2021	8/20/2021	NUM
cblr-8635	281	3	6:32	6:32	NUM
cblr-8635	281	4	pm	pm	NOUN
cblr-8635	281	5	no	no	INTJ
cblr-8635	281	6	.	.	PUNCT
cblr-8635	282	1	2:602	2:602	NUM
cblr-8635	282	2	]	]	X
cblr-8635	282	3	the	the	DET
cblr-8635	282	4	future	future	NOUN
cblr-8635	282	5	of	of	ADP
cblr-8635	282	6	disclosure	disclosure	NOUN
cblr-8635	282	7	619	619	NUM
cblr-8635	282	8	this	this	DET
cblr-8635	282	9	activism	activism	NOUN
cblr-8635	282	10	of	of	ADP
cblr-8635	282	11	diversified	diversified	ADJ
cblr-8635	282	12	institutional	institutional	ADJ
cblr-8635	282	13	investors	investor	NOUN
cblr-8635	282	14	on	on	ADP
cblr-8635	282	15	esg	esg	PROPN
cblr-8635	282	16	issues	issue	NOUN
cblr-8635	282	17	contrasts	contrast	VERB
cblr-8635	282	18	sharply	sharply	ADV
cblr-8635	282	19	with	with	ADP
cblr-8635	282	20	their	their	PRON
cblr-8635	282	21	general	general	ADJ
cblr-8635	282	22	passivity	passivity	NOUN
cblr-8635	282	23	on	on	ADP
cblr-8635	282	24	firmspecific	firmspecific	ADJ
cblr-8635	282	25	business	business	NOUN
cblr-8635	282	26	issues	issue	NOUN
cblr-8635	282	27	,	,	PUNCT
cblr-8635	282	28	and	and	CCONJ
cblr-8635	282	29	this	this	DET
cblr-8635	282	30	disparity	disparity	NOUN
cblr-8635	282	31	can	can	AUX
cblr-8635	282	32	only	only	ADV
cblr-8635	282	33	be	be	AUX
cblr-8635	282	34	explained	explain	VERB
cblr-8635	282	35	in	in	ADP
cblr-8635	282	36	one	one	NUM
cblr-8635	282	37	way	way	NOUN
cblr-8635	282	38	:	:	PUNCT
cblr-8635	282	39	diversified	diversify	VERB
cblr-8635	282	40	institutional	institutional	ADJ
cblr-8635	282	41	investors	investor	NOUN
cblr-8635	282	42	are	be	AUX
cblr-8635	282	43	deeply	deeply	ADV
cblr-8635	282	44	concerned	concerned	ADJ
cblr-8635	282	45	about	about	ADP
cblr-8635	282	46	whether	whether	SCONJ
cblr-8635	282	47	the	the	DET
cblr-8635	282	48	market	market	NOUN
cblr-8635	282	49	is	be	AUX
cblr-8635	282	50	accurately	accurately	ADV
cblr-8635	282	51	incorporating	incorporate	VERB
cblr-8635	282	52	climate	climate	NOUN
cblr-8635	282	53	-	-	PUNCT
cblr-8635	282	54	change	change	NOUN
cblr-8635	282	55	-	-	PUNCT
cblr-8635	282	56	related	relate	VERB
cblr-8635	282	57	risks	risk	NOUN
cblr-8635	282	58	into	into	ADP
cblr-8635	282	59	asset	asset	NOUN
cblr-8635	282	60	prices.46	prices.46	NOUN
cblr-8635	282	61	although	although	SCONJ
cblr-8635	282	62	diversified	diversified	ADJ
cblr-8635	282	63	investors	investor	NOUN
cblr-8635	282	64	are	be	AUX
cblr-8635	282	65	generally	generally	ADV
cblr-8635	282	66	indifferent	indifferent	ADJ
cblr-8635	282	67	to	to	ADP
cblr-8635	282	68	idiosyncratic	idiosyncratic	ADJ
cblr-8635	282	69	risks	risk	NOUN
cblr-8635	282	70	(	(	PUNCT
cblr-8635	282	71	from	from	ADP
cblr-8635	282	72	which	which	PRON
cblr-8635	282	73	diversification	diversification	NOUN
cblr-8635	282	74	protects	protect	VERB
cblr-8635	282	75	them	they	PRON
cblr-8635	282	76	)	)	PUNCT
cblr-8635	282	77	,	,	PUNCT
cblr-8635	282	78	they	they	PRON
cblr-8635	282	79	have	have	VERB
cblr-8635	282	80	little	little	ADJ
cblr-8635	282	81	defense	defense	NOUN
cblr-8635	282	82	against	against	ADP
cblr-8635	282	83	systematic	systematic	ADJ
cblr-8635	282	84	risk	risk	NOUN
cblr-8635	282	85	.	.	PUNCT
cblr-8635	283	1	climate	climate	NOUN
cblr-8635	283	2	change	change	NOUN
cblr-8635	283	3	probably	probably	ADV
cblr-8635	283	4	presents	present	VERB
cblr-8635	283	5	the	the	DET
cblr-8635	283	6	clearest	clear	ADJ
cblr-8635	283	7	example	example	NOUN
cblr-8635	283	8	of	of	ADP
cblr-8635	283	9	systematic	systematic	ADJ
cblr-8635	283	10	risk	risk	NOUN
cblr-8635	283	11	.	.	PUNCT
cblr-8635	284	1	although	although	SCONJ
cblr-8635	284	2	it	it	PRON
cblr-8635	284	3	will	will	AUX
cblr-8635	284	4	not	not	PART
cblr-8635	284	5	affect	affect	VERB
cblr-8635	284	6	all	all	DET
cblr-8635	284	7	companies	company	NOUN
cblr-8635	284	8	the	the	DET
cblr-8635	284	9	same	same	ADJ
cblr-8635	284	10	(	(	PUNCT
cblr-8635	284	11	i.e.	i.e.	X
cblr-8635	284	12	,	,	PUNCT
cblr-8635	284	13	the	the	DET
cblr-8635	284	14	risk	risk	NOUN
cblr-8635	284	15	is	be	AUX
cblr-8635	284	16	heterogeneous	heterogeneous	ADJ
cblr-8635	284	17	)	)	PUNCT
cblr-8635	284	18	,	,	PUNCT
cblr-8635	284	19	investors	investor	NOUN
cblr-8635	284	20	can	can	AUX
cblr-8635	284	21	not	not	PART
cblr-8635	284	22	escape	escape	VERB
cblr-8635	284	23	it	it	PRON
cblr-8635	284	24	through	through	ADP
cblr-8635	284	25	diversification	diversification	NOUN
cblr-8635	284	26	.	.	PUNCT
cblr-8635	285	1	that	that	PRON
cblr-8635	285	2	is	be	AUX
cblr-8635	285	3	,	,	PUNCT
cblr-8635	285	4	there	there	PRON
cblr-8635	285	5	is	be	VERB
cblr-8635	285	6	no	no	DET
cblr-8635	285	7	obvious	obvious	ADJ
cblr-8635	285	8	class	class	NOUN
cblr-8635	285	9	of	of	ADP
cblr-8635	285	10	companies	company	NOUN
cblr-8635	285	11	whose	whose	DET
cblr-8635	285	12	stock	stock	NOUN
cblr-8635	285	13	will	will	AUX
cblr-8635	285	14	go	go	VERB
cblr-8635	285	15	up	up	ADP
cblr-8635	285	16	as	as	ADP
cblr-8635	285	17	the	the	DET
cblr-8635	285	18	result	result	NOUN
cblr-8635	285	19	of	of	ADP
cblr-8635	285	20	global	global	ADJ
cblr-8635	285	21	warming	warming	NOUN
cblr-8635	285	22	so	so	SCONJ
cblr-8635	285	23	as	as	SCONJ
cblr-8635	285	24	to	to	PART
cblr-8635	285	25	compensate	compensate	VERB
cblr-8635	285	26	diversified	diversified	ADJ
cblr-8635	285	27	investors	investor	NOUN
cblr-8635	285	28	for	for	ADP
cblr-8635	285	29	those	those	DET
cblr-8635	285	30	other	other	ADJ
cblr-8635	285	31	stocks	stock	NOUN
cblr-8635	285	32	that	that	PRON
cblr-8635	285	33	go	go	VERB
cblr-8635	285	34	down	down	ADP
cblr-8635	285	35	.	.	PUNCT
cblr-8635	286	1	given	give	VERB
cblr-8635	286	2	that	that	SCONJ
cblr-8635	286	3	they	they	PRON
cblr-8635	286	4	are	be	AUX
cblr-8635	286	5	unavoidably	unavoidably	ADV
cblr-8635	286	6	exposed	expose	VERB
cblr-8635	286	7	to	to	ADP
cblr-8635	286	8	this	this	DET
cblr-8635	286	9	risk	risk	NOUN
cblr-8635	286	10	,	,	PUNCT
cblr-8635	286	11	diversified	diversify	VERB
cblr-8635	286	12	investors	investor	NOUN
cblr-8635	286	13	rationally	rationally	ADV
cblr-8635	286	14	want	want	VERB
cblr-8635	286	15	disclosures	disclosure	NOUN
cblr-8635	286	16	that	that	PRON
cblr-8635	286	17	enable	enable	VERB
cblr-8635	286	18	them	they	PRON
cblr-8635	286	19	to	to	PART
cblr-8635	286	20	estimate	estimate	VERB
cblr-8635	286	21	its	its	PRON
cblr-8635	286	22	impact	impact	NOUN
cblr-8635	286	23	on	on	ADP
cblr-8635	286	24	their	their	PRON
cblr-8635	286	25	portfolios	portfolio	NOUN
cblr-8635	286	26	.	.	PUNCT
cblr-8635	287	1	further	far	ADV
cblr-8635	287	2	,	,	PUNCT
cblr-8635	287	3	they	they	PRON
cblr-8635	287	4	may	may	AUX
cblr-8635	287	5	want	want	VERB
cblr-8635	287	6	to	to	PART
cblr-8635	287	7	take	take	VERB
cblr-8635	287	8	actions	action	NOUN
cblr-8635	287	9	(	(	PUNCT
cblr-8635	287	10	either	either	CCONJ
cblr-8635	287	11	by	by	ADP
cblr-8635	287	12	voting	voting	NOUN
cblr-8635	287	13	,	,	PUNCT
cblr-8635	287	14	litigation	litigation	NOUN
cblr-8635	287	15	,	,	PUNCT
cblr-8635	287	16	or	or	CCONJ
cblr-8635	287	17	persuasion	persuasion	NOUN
cblr-8635	287	18	)	)	PUNCT
cblr-8635	287	19	to	to	PART
cblr-8635	287	20	induce	induce	VERB
cblr-8635	287	21	changes	change	NOUN
cblr-8635	287	22	that	that	PRON
cblr-8635	287	23	reduce	reduce	VERB
cblr-8635	287	24	such	such	ADJ
cblr-8635	287	25	risk	risk	NOUN
cblr-8635	287	26	even	even	ADV
cblr-8635	287	27	if	if	SCONJ
cblr-8635	287	28	they	they	PRON
cblr-8635	287	29	cause	cause	VERB
cblr-8635	287	30	losses	loss	NOUN
cblr-8635	287	31	to	to	ADP
cblr-8635	287	32	some	some	DET
cblr-8635	287	33	companies	company	NOUN
cblr-8635	287	34	in	in	ADP
cblr-8635	287	35	their	their	PRON
cblr-8635	287	36	portfolio	portfolio	NOUN
cblr-8635	287	37	—	—	PUNCT
cblr-8635	287	38	so	so	ADV
cblr-8635	287	39	long	long	ADV
cblr-8635	287	40	as	as	SCONJ
cblr-8635	287	41	the	the	DET
cblr-8635	287	42	action	action	NOUN
cblr-8635	287	43	taken	take	VERB
cblr-8635	287	44	implies	imply	VERB
cblr-8635	287	45	greater	great	ADJ
cblr-8635	287	46	gains	gain	NOUN
cblr-8635	287	47	than	than	ADP
cblr-8635	287	48	losses	loss	NOUN
cblr-8635	287	49	to	to	ADP
cblr-8635	287	50	their	their	PRON
cblr-8635	287	51	portfolio	portfolio	NOUN
cblr-8635	287	52	.	.	PUNCT
cblr-8635	288	1	a	a	DET
cblr-8635	288	2	clear	clear	ADJ
cblr-8635	288	3	indication	indication	NOUN
cblr-8635	288	4	of	of	ADP
cblr-8635	288	5	this	this	DET
cblr-8635	288	6	new	new	ADJ
cblr-8635	288	7	activism	activism	NOUN
cblr-8635	288	8	came	come	VERB
cblr-8635	288	9	in	in	ADP
cblr-8635	288	10	46	46	NUM
cblr-8635	288	11	for	for	ADP
cblr-8635	288	12	the	the	DET
cblr-8635	288	13	view	view	NOUN
cblr-8635	288	14	that	that	SCONJ
cblr-8635	288	15	the	the	DET
cblr-8635	288	16	market	market	NOUN
cblr-8635	288	17	is	be	AUX
cblr-8635	288	18	not	not	PART
cblr-8635	288	19	doing	do	VERB
cblr-8635	288	20	this	this	PRON
cblr-8635	288	21	and	and	CCONJ
cblr-8635	288	22	a	a	DET
cblr-8635	288	23	careful	careful	ADJ
cblr-8635	288	24	specification	specification	NOUN
cblr-8635	288	25	of	of	ADP
cblr-8635	288	26	the	the	DET
cblr-8635	288	27	reasons	reason	NOUN
cblr-8635	288	28	why	why	SCONJ
cblr-8635	288	29	it	it	PRON
cblr-8635	288	30	tends	tend	VERB
cblr-8635	288	31	to	to	PART
cblr-8635	288	32	misprice	misprice	PROPN
cblr-8635	288	33	climate	climate	NOUN
cblr-8635	288	34	-	-	PUNCT
cblr-8635	288	35	related	relate	VERB
cblr-8635	288	36	and	and	CCONJ
cblr-8635	288	37	esg	esg	NOUN
cblr-8635	288	38	risks	risk	NOUN
cblr-8635	288	39	,	,	PUNCT
cblr-8635	288	40	see	see	VERB
cblr-8635	288	41	generally	generally	ADV
cblr-8635	288	42	madison	madison	PROPN
cblr-8635	288	43	condon	condon	PROPN
cblr-8635	288	44	,	,	PUNCT
cblr-8635	288	45	market	market	NOUN
cblr-8635	288	46	myopia	myopia	NOUN
cblr-8635	288	47	’s	’s	PART
cblr-8635	288	48	climate	climate	NOUN
cblr-8635	288	49	bubble	bubble	NOUN
cblr-8635	288	50	,	,	PUNCT
cblr-8635	288	51	utah	utah	PROPN
cblr-8635	288	52	l.	l.	PROPN
cblr-8635	288	53	rev	rev	PROPN
cblr-8635	288	54	.	.	PUNCT
cblr-8635	289	1	(	(	PUNCT
cblr-8635	289	2	forthcoming	forthcoming	ADJ
cblr-8635	289	3	2021	2021	NUM
cblr-8635	289	4	)	)	PUNCT
cblr-8635	290	1	(	(	PUNCT
cblr-8635	290	2	on	on	ADP
cblr-8635	290	3	file	file	NOUN
cblr-8635	290	4	with	with	ADP
cblr-8635	290	5	the	the	DET
cblr-8635	290	6	columbia	columbia	PROPN
cblr-8635	290	7	business	business	PROPN
cblr-8635	290	8	law	law	PROPN
cblr-8635	290	9	review	review	PROPN
cblr-8635	290	10	)	)	PUNCT
cblr-8635	290	11	,	,	PUNCT
cblr-8635	290	12	https://ssrn.com/abstract=3782675	https://ssrn.com/abstract=3782675	X
cblr-8635	290	13	.	.	PUNCT
cblr-8635	290	14	diversified	diversify	VERB
cblr-8635	290	15	institutions	institution	NOUN
cblr-8635	290	16	have	have	VERB
cblr-8635	290	17	less	less	ADJ
cblr-8635	290	18	concern	concern	NOUN
cblr-8635	290	19	about	about	ADP
cblr-8635	290	20	whether	whether	SCONJ
cblr-8635	290	21	the	the	DET
cblr-8635	290	22	market	market	NOUN
cblr-8635	290	23	is	be	AUX
cblr-8635	290	24	mispricing	misprice	VERB
cblr-8635	290	25	information	information	NOUN
cblr-8635	290	26	relating	relate	VERB
cblr-8635	290	27	to	to	ADP
cblr-8635	290	28	idiosyncratic	idiosyncratic	ADJ
cblr-8635	290	29	risk	risk	NOUN
cblr-8635	290	30	.	.	PUNCT
cblr-8635	291	1	not	not	PART
cblr-8635	291	2	only	only	ADV
cblr-8635	291	3	are	be	AUX
cblr-8635	291	4	these	these	DET
cblr-8635	291	5	institutions	institution	NOUN
cblr-8635	291	6	unable	unable	ADJ
cblr-8635	291	7	to	to	PART
cblr-8635	291	8	analyze	analyze	VERB
cblr-8635	291	9	all	all	DET
cblr-8635	291	10	their	their	PRON
cblr-8635	291	11	portfolio	portfolio	NOUN
cblr-8635	291	12	companies	company	NOUN
cblr-8635	291	13	in	in	ADP
cblr-8635	291	14	detail	detail	NOUN
cblr-8635	291	15	,	,	PUNCT
cblr-8635	291	16	but	but	CCONJ
cblr-8635	291	17	even	even	ADV
cblr-8635	291	18	if	if	SCONJ
cblr-8635	291	19	they	they	PRON
cblr-8635	291	20	discovered	discover	VERB
cblr-8635	291	21	mispricing	mispricing	NOUN
cblr-8635	291	22	of	of	ADP
cblr-8635	291	23	firmspecific	firmspecific	ADJ
cblr-8635	291	24	information	information	NOUN
cblr-8635	291	25	and	and	CCONJ
cblr-8635	291	26	sought	seek	VERB
cblr-8635	291	27	to	to	PART
cblr-8635	291	28	exploit	exploit	VERB
cblr-8635	291	29	it	it	PRON
cblr-8635	291	30	,	,	PUNCT
cblr-8635	291	31	it	it	PRON
cblr-8635	291	32	is	be	AUX
cblr-8635	291	33	not	not	PART
cblr-8635	291	34	clear	clear	ADJ
cblr-8635	291	35	that	that	SCONJ
cblr-8635	291	36	such	such	ADJ
cblr-8635	291	37	efforts	effort	NOUN
cblr-8635	291	38	would	would	AUX
cblr-8635	291	39	benefit	benefit	VERB
cblr-8635	291	40	them	they	PRON
cblr-8635	291	41	on	on	ADP
cblr-8635	291	42	a	a	DET
cblr-8635	291	43	portfolio	portfolio	NOUN
cblr-8635	291	44	-	-	PUNCT
cblr-8635	291	45	wide	wide	ADJ
cblr-8635	291	46	basis	basis	NOUN
cblr-8635	291	47	.	.	PUNCT
cblr-8635	292	1	for	for	ADP
cblr-8635	292	2	example	example	NOUN
cblr-8635	292	3	,	,	PUNCT
cblr-8635	292	4	if	if	SCONJ
cblr-8635	292	5	activists	activist	NOUN
cblr-8635	292	6	convinced	convince	VERB
cblr-8635	292	7	an	an	DET
cblr-8635	292	8	index	index	NOUN
cblr-8635	292	9	fund	fund	NOUN
cblr-8635	292	10	that	that	PRON
cblr-8635	292	11	ford	ford	PROPN
cblr-8635	292	12	should	should	AUX
cblr-8635	292	13	be	be	AUX
cblr-8635	292	14	pressured	pressure	VERB
cblr-8635	292	15	to	to	PART
cblr-8635	292	16	sell	sell	VERB
cblr-8635	292	17	a	a	DET
cblr-8635	292	18	marginally	marginally	ADV
cblr-8635	292	19	profitable	profitable	ADJ
cblr-8635	292	20	division	division	NOUN
cblr-8635	292	21	(	(	PUNCT
cblr-8635	292	22	and	and	CCONJ
cblr-8635	292	23	ford	ford	PROPN
cblr-8635	292	24	did	do	AUX
cblr-8635	292	25	so	so	ADV
cblr-8635	292	26	under	under	ADP
cblr-8635	292	27	pressure	pressure	NOUN
cblr-8635	292	28	,	,	PUNCT
cblr-8635	292	29	thereby	thereby	ADV
cblr-8635	292	30	increasing	increase	VERB
cblr-8635	292	31	its	its	PRON
cblr-8635	292	32	market	market	NOUN
cblr-8635	292	33	share	share	NOUN
cblr-8635	292	34	and	and	CCONJ
cblr-8635	292	35	stock	stock	NOUN
cblr-8635	292	36	price	price	NOUN
cblr-8635	292	37	)	)	PUNCT
cblr-8635	292	38	,	,	PUNCT
cblr-8635	292	39	it	it	PRON
cblr-8635	292	40	does	do	AUX
cblr-8635	292	41	not	not	PART
cblr-8635	292	42	follow	follow	VERB
cblr-8635	292	43	that	that	SCONJ
cblr-8635	292	44	this	this	DET
cblr-8635	292	45	effort	effort	NOUN
cblr-8635	292	46	would	would	AUX
cblr-8635	292	47	necessarily	necessarily	ADV
cblr-8635	292	48	benefit	benefit	VERB
cblr-8635	292	49	the	the	DET
cblr-8635	292	50	index	index	NOUN
cblr-8635	292	51	fund	fund	NOUN
cblr-8635	292	52	,	,	PUNCT
cblr-8635	292	53	as	as	SCONJ
cblr-8635	292	54	the	the	DET
cblr-8635	292	55	market	market	NOUN
cblr-8635	292	56	share	share	NOUN
cblr-8635	292	57	gained	gain	VERB
cblr-8635	292	58	by	by	ADP
cblr-8635	292	59	ford	ford	PROPN
cblr-8635	292	60	might	might	AUX
cblr-8635	292	61	only	only	ADV
cblr-8635	292	62	be	be	AUX
cblr-8635	292	63	lost	lose	VERB
cblr-8635	292	64	by	by	ADP
cblr-8635	292	65	general	general	ADJ
cblr-8635	292	66	motors	motors	PROPN
cblr-8635	292	67	,	,	PUNCT
cblr-8635	292	68	another	another	DET
cblr-8635	292	69	portfolio	portfolio	NOUN
cblr-8635	292	70	company	company	NOUN
cblr-8635	292	71	of	of	ADP
cblr-8635	292	72	the	the	DET
cblr-8635	292	73	index	index	NOUN
cblr-8635	292	74	fund	fund	NOUN
cblr-8635	292	75	.	.	PUNCT
cblr-8635	293	1	in	in	ADP
cblr-8635	293	2	short	short	ADJ
cblr-8635	293	3	,	,	PUNCT
cblr-8635	293	4	from	from	ADP
cblr-8635	293	5	the	the	DET
cblr-8635	293	6	portfolio	portfolio	NOUN
cblr-8635	293	7	-	-	PUNCT
cblr-8635	293	8	wide	wide	ADJ
cblr-8635	293	9	perspective	perspective	NOUN
cblr-8635	293	10	,	,	PUNCT
cblr-8635	293	11	this	this	PRON
cblr-8635	293	12	was	be	AUX
cblr-8635	293	13	only	only	ADV
cblr-8635	293	14	a	a	DET
cblr-8635	293	15	zero	zero	NUM
cblr-8635	293	16	-	-	PUNCT
cblr-8635	293	17	sum	sum	NOUN
cblr-8635	293	18	transfer	transfer	NOUN
cblr-8635	293	19	which	which	PRON
cblr-8635	293	20	required	require	VERB
cblr-8635	293	21	the	the	DET
cblr-8635	293	22	index	index	NOUN
cblr-8635	293	23	fund	fund	NOUN
cblr-8635	293	24	to	to	PART
cblr-8635	293	25	incur	incur	VERB
cblr-8635	293	26	some	some	DET
cblr-8635	293	27	transactional	transactional	ADJ
cblr-8635	293	28	costs	cost	NOUN
cblr-8635	293	29	.	.	PUNCT
cblr-8635	294	1	coffee	coffee	NOUN
cblr-8635	294	2	8/20/2021	8/20/2021	NUM
cblr-8635	294	3	6:32	6:32	NUM
cblr-8635	294	4	pm	pm	NOUN
cblr-8635	294	5	620	620	NUM
cblr-8635	294	6	columbia	columbia	PROPN
cblr-8635	294	7	business	business	NOUN
cblr-8635	294	8	law	law	PROPN
cblr-8635	294	9	review	review	NOUN
cblr-8635	294	10	[	[	X
cblr-8635	294	11	vol	vol	NOUN
cblr-8635	294	12	.	.	PUNCT
cblr-8635	294	13	2021	2021	NUM
cblr-8635	294	14	january	january	PROPN
cblr-8635	294	15	2021	2021	NUM
cblr-8635	294	16	,	,	PUNCT
cblr-8635	294	17	when	when	SCONJ
cblr-8635	294	18	blackrock	blackrock	PROPN
cblr-8635	294	19	’s	’s	PART
cblr-8635	294	20	ceo	ceo	PROPN
cblr-8635	294	21	,	,	PUNCT
cblr-8635	294	22	larry	larry	PROPN
cblr-8635	294	23	fink	fink	PROPN
cblr-8635	294	24	,	,	PUNCT
cblr-8635	294	25	wrote	write	VERB
cblr-8635	294	26	to	to	ADP
cblr-8635	294	27	the	the	DET
cblr-8635	294	28	ceos	ceos	NOUN
cblr-8635	294	29	of	of	ADP
cblr-8635	294	30	major	major	ADJ
cblr-8635	294	31	public	public	ADJ
cblr-8635	294	32	corporations	corporation	NOUN
cblr-8635	294	33	asking	ask	VERB
cblr-8635	294	34	them	they	PRON
cblr-8635	294	35	to	to	PART
cblr-8635	294	36	commit	commit	VERB
cblr-8635	294	37	to	to	ADP
cblr-8635	294	38	a	a	DET
cblr-8635	294	39	“	"	PUNCT
cblr-8635	294	40	goal	goal	NOUN
cblr-8635	294	41	of	of	ADP
cblr-8635	294	42	net	net	ADJ
cblr-8635	294	43	zero	zero	NUM
cblr-8635	294	44	greenhouse	greenhouse	NOUN
cblr-8635	294	45	gas	gas	NOUN
cblr-8635	294	46	emissions	emission	NOUN
cblr-8635	294	47	by	by	ADP
cblr-8635	294	48	2050.”47	2050.”47	NUM
cblr-8635	294	49	this	this	PRON
cblr-8635	294	50	is	be	AUX
cblr-8635	294	51	a	a	DET
cblr-8635	294	52	costly	costly	ADJ
cblr-8635	294	53	change	change	NOUN
cblr-8635	294	54	that	that	PRON
cblr-8635	294	55	will	will	AUX
cblr-8635	294	56	adversely	adversely	ADV
cblr-8635	294	57	impact	impact	VERB
cblr-8635	294	58	earnings	earning	NOUN
cblr-8635	294	59	at	at	ADP
cblr-8635	294	60	many	many	ADJ
cblr-8635	294	61	companies	company	NOUN
cblr-8635	294	62	,	,	PUNCT
cblr-8635	294	63	but	but	CCONJ
cblr-8635	294	64	it	it	PRON
cblr-8635	294	65	seems	seem	VERB
cblr-8635	294	66	intended	intend	VERB
cblr-8635	294	67	to	to	PART
cblr-8635	294	68	benefit	benefit	VERB
cblr-8635	294	69	other	other	ADJ
cblr-8635	294	70	firms	firm	NOUN
cblr-8635	294	71	in	in	ADP
cblr-8635	294	72	blackrock	blackrock	PROPN
cblr-8635	294	73	’s	’s	PART
cblr-8635	294	74	portfolio	portfolio	NOUN
cblr-8635	294	75	even	even	ADV
cblr-8635	294	76	more	more	ADV
cblr-8635	294	77	,	,	PUNCT
cblr-8635	294	78	and	and	CCONJ
cblr-8635	294	79	thus	thus	ADV
cblr-8635	294	80	may	may	AUX
cblr-8635	294	81	result	result	VERB
cblr-8635	294	82	in	in	ADP
cblr-8635	294	83	a	a	DET
cblr-8635	294	84	net	net	ADJ
cblr-8635	294	85	benefit	benefit	NOUN
cblr-8635	294	86	for	for	ADP
cblr-8635	294	87	blackrock.48	blackrock.48	PROPN
cblr-8635	294	88	another	another	DET
cblr-8635	294	89	example	example	NOUN
cblr-8635	294	90	of	of	ADP
cblr-8635	294	91	a	a	DET
cblr-8635	294	92	systematic	systematic	ADJ
cblr-8635	294	93	risk	risk	NOUN
cblr-8635	294	94	that	that	PRON
cblr-8635	294	95	has	have	AUX
cblr-8635	294	96	concerned	concern	VERB
cblr-8635	294	97	institutional	institutional	ADJ
cblr-8635	294	98	investors	investor	NOUN
cblr-8635	294	99	and	and	CCONJ
cblr-8635	294	100	the	the	DET
cblr-8635	294	101	sec	sec	PROPN
cblr-8635	294	102	involves	involve	VERB
cblr-8635	294	103	the	the	DET
cblr-8635	294	104	covid-19	covid-19	PROPN
cblr-8635	294	105	pandemic	pandemic	NOUN
cblr-8635	294	106	.	.	PUNCT
cblr-8635	295	1	here	here	ADV
cblr-8635	295	2	,	,	PUNCT
cblr-8635	295	3	the	the	DET
cblr-8635	295	4	sec	sec	PROPN
cblr-8635	295	5	has	have	AUX
cblr-8635	295	6	been	be	AUX
cblr-8635	295	7	actively	actively	ADV
cblr-8635	295	8	seeking	seek	VERB
cblr-8635	295	9	increased	increase	VERB
cblr-8635	295	10	disclosure	disclosure	NOUN
cblr-8635	295	11	,	,	PUNCT
cblr-8635	295	12	asking	ask	VERB
cblr-8635	295	13	all	all	DET
cblr-8635	295	14	public	public	ADJ
cblr-8635	295	15	companies	company	NOUN
cblr-8635	295	16	to	to	PART
cblr-8635	295	17	explain	explain	VERB
cblr-8635	295	18	how	how	SCONJ
cblr-8635	295	19	the	the	DET
cblr-8635	295	20	pandemic	pandemic	NOUN
cblr-8635	295	21	is	be	AUX
cblr-8635	295	22	affecting	affect	VERB
cblr-8635	295	23	them.49	them.49	NUM
cblr-8635	295	24	obviously	obviously	ADV
cblr-8635	295	25	,	,	PUNCT
cblr-8635	295	26	pandemics	pandemic	NOUN
cblr-8635	295	27	represent	represent	VERB
cblr-8635	295	28	a	a	DET
cblr-8635	295	29	form	form	NOUN
cblr-8635	295	30	of	of	ADP
cblr-8635	295	31	systematic	systematic	ADJ
cblr-8635	295	32	risk	risk	NOUN
cblr-8635	295	33	because	because	SCONJ
cblr-8635	295	34	diversification	diversification	NOUN
cblr-8635	295	35	again	again	ADV
cblr-8635	295	36	can	can	AUX
cblr-8635	295	37	not	not	PART
cblr-8635	295	38	protect	protect	VERB
cblr-8635	295	39	an	an	DET
cblr-8635	295	40	institution	institution	NOUN
cblr-8635	295	41	’s	’s	PART
cblr-8635	295	42	portfolio	portfolio	NOUN
cblr-8635	295	43	.	.	PUNCT
cblr-8635	296	1	although	although	SCONJ
cblr-8635	296	2	the	the	DET
cblr-8635	296	3	examples	example	NOUN
cblr-8635	296	4	of	of	ADP
cblr-8635	296	5	climate	climate	NOUN
cblr-8635	296	6	change	change	NOUN
cblr-8635	296	7	and	and	CCONJ
cblr-8635	296	8	a	a	DET
cblr-8635	296	9	pandemic	pandemic	NOUN
cblr-8635	296	10	are	be	AUX
cblr-8635	296	11	clear	clear	ADJ
cblr-8635	296	12	,	,	PUNCT
cblr-8635	296	13	skeptics	skeptic	NOUN
cblr-8635	296	14	may	may	AUX
cblr-8635	296	15	respond	respond	VERB
cblr-8635	296	16	that	that	SCONJ
cblr-8635	296	17	not	not	PART
cblr-8635	296	18	all	all	DET
cblr-8635	296	19	esg	esg	NOUN
cblr-8635	296	20	disclosure	disclosure	NOUN
cblr-8635	296	21	relates	relate	VERB
cblr-8635	296	22	to	to	ADP
cblr-8635	296	23	systematic	systematic	ADJ
cblr-8635	296	24	risk	risk	NOUN
cblr-8635	296	25	.	.	PUNCT
cblr-8635	297	1	for	for	ADP
cblr-8635	297	2	example	example	NOUN
cblr-8635	297	3	,	,	PUNCT
cblr-8635	297	4	esg	esg	PROPN
cblr-8635	297	5	disclosures	disclosure	NOUN
cblr-8635	297	6	often	often	ADV
cblr-8635	297	7	focus	focus	VERB
cblr-8635	297	8	on	on	ADP
cblr-8635	297	9	racial	racial	ADJ
cblr-8635	297	10	diversity	diversity	NOUN
cblr-8635	297	11	and	and	CCONJ
cblr-8635	297	12	inclusiveness	inclusiveness	NOUN
cblr-8635	297	13	.	.	PUNCT
cblr-8635	298	1	skeptics	skeptic	NOUN
cblr-8635	298	2	may	may	AUX
cblr-8635	298	3	doubt	doubt	VERB
cblr-8635	298	4	that	that	SCONJ
cblr-8635	298	5	such	such	ADJ
cblr-8635	298	6	disclosures	disclosure	NOUN
cblr-8635	298	7	relate	relate	VERB
cblr-8635	298	8	at	at	ADV
cblr-8635	298	9	all	all	ADV
cblr-8635	298	10	to	to	ADP
cblr-8635	298	11	systematic	systematic	ADJ
cblr-8635	298	12	risk	risk	NOUN
cblr-8635	298	13	disclosure	disclosure	NOUN
cblr-8635	298	14	.	.	PUNCT
cblr-8635	299	1	yet	yet	ADV
cblr-8635	299	2	,	,	PUNCT
cblr-8635	299	3	over	over	ADP
cblr-8635	299	4	the	the	DET
cblr-8635	299	5	long	long	ADJ
cblr-8635	299	6	run	run	NOUN
cblr-8635	299	7	,	,	PUNCT
cblr-8635	299	8	these	these	DET
cblr-8635	299	9	disclosures	disclosure	NOUN
cblr-8635	299	10	arguably	arguably	ADV
cblr-8635	299	11	relate	relate	VERB
cblr-8635	299	12	to	to	ADP
cblr-8635	299	13	the	the	DET
cblr-8635	299	14	potential	potential	ADJ
cblr-8635	299	15	viability	viability	NOUN
cblr-8635	299	16	of	of	ADP
cblr-8635	299	17	our	our	PRON
cblr-8635	299	18	corporate	corporate	ADJ
cblr-8635	299	19	system	system	NOUN
cblr-8635	299	20	.	.	PUNCT
cblr-8635	300	1	if	if	SCONJ
cblr-8635	300	2	our	our	PRON
cblr-8635	300	3	corporate	corporate	ADJ
cblr-8635	300	4	system	system	NOUN
cblr-8635	300	5	can	can	AUX
cblr-8635	300	6	not	not	PART
cblr-8635	300	7	offer	offer	VERB
cblr-8635	300	8	inclusiveness	inclusiveness	NOUN
cblr-8635	300	9	and	and	CCONJ
cblr-8635	300	10	promote	promote	VERB
cblr-8635	300	11	diversity	diversity	NOUN
cblr-8635	300	12	,	,	PUNCT
cblr-8635	300	13	it	it	PRON
cblr-8635	300	14	may	may	AUX
cblr-8635	300	15	subject	subject	VERB
cblr-8635	300	16	itself	itself	PRON
cblr-8635	300	17	to	to	ADP
cblr-8635	300	18	a	a	DET
cblr-8635	300	19	political	political	ADJ
cblr-8635	300	20	risk	risk	NOUN
cblr-8635	300	21	that	that	SCONJ
cblr-8635	300	22	capitalism	capitalism	NOUN
cblr-8635	300	23	(	(	PUNCT
cblr-8635	300	24	or	or	CCONJ
cblr-8635	300	25	,	,	PUNCT
cblr-8635	300	26	at	at	ADP
cblr-8635	300	27	least	least	ADJ
cblr-8635	300	28	,	,	PUNCT
cblr-8635	300	29	contemporary	contemporary	ADJ
cblr-8635	300	30	corporate	corporate	ADJ
cblr-8635	300	31	governance	governance	NOUN
cblr-8635	300	32	)	)	PUNCT
cblr-8635	300	33	will	will	AUX
cblr-8635	300	34	be	be	AUX
cblr-8635	300	35	47	47	NUM
cblr-8635	300	36	see	see	NOUN
cblr-8635	300	37	larry	larry	PROPN
cblr-8635	300	38	fink	fink	PROPN
cblr-8635	300	39	,	,	PUNCT
cblr-8635	300	40	letter	letter	NOUN
cblr-8635	300	41	to	to	ADP
cblr-8635	300	42	ceos	ceos	NOUN
cblr-8635	300	43	,	,	PUNCT
cblr-8635	300	44	harv	harv	PROPN
cblr-8635	300	45	.	.	PUNCT
cblr-8635	301	1	l.	l.	PROPN
cblr-8635	301	2	sch	sch	PROPN
cblr-8635	301	3	.	.	PUNCT
cblr-8635	302	1	f.	f.	PROPN
cblr-8635	302	2	on	on	ADP
cblr-8635	302	3	corp	corp	PROPN
cblr-8635	302	4	.	.	PROPN
cblr-8635	302	5	governance	governance	PROPN
cblr-8635	302	6	(	(	PUNCT
cblr-8635	302	7	jan	jan	PROPN
cblr-8635	302	8	.	.	PROPN
cblr-8635	302	9	30	30	NUM
cblr-8635	302	10	,	,	PUNCT
cblr-8635	302	11	2021	2021	NUM
cblr-8635	302	12	)	)	PUNCT
cblr-8635	302	13	,	,	PUNCT
cblr-8635	303	1	https://corpgov.law.harvard.edu/2021/01/30/letter-toceos/	https://corpgov.law.harvard.edu/2021/01/30/letter-toceos/	PROPN
cblr-8635	303	2	[	[	X
cblr-8635	303	3	https://perma.cc/8q6d-8kxy	https://perma.cc/8q6d-8kxy	NOUN
cblr-8635	303	4	]	]	PUNCT
cblr-8635	303	5	.	.	PUNCT
cblr-8635	304	1	this	this	DET
cblr-8635	304	2	letter	letter	NOUN
cblr-8635	304	3	went	go	VERB
cblr-8635	304	4	on	on	ADP
cblr-8635	304	5	to	to	PART
cblr-8635	304	6	describe	describe	VERB
cblr-8635	304	7	several	several	ADJ
cblr-8635	304	8	metrics	metric	NOUN
cblr-8635	304	9	that	that	PRON
cblr-8635	304	10	blackrock	blackrock	NOUN
cblr-8635	304	11	would	would	AUX
cblr-8635	304	12	use	use	VERB
cblr-8635	304	13	in	in	ADP
cblr-8635	304	14	evaluating	evaluate	VERB
cblr-8635	304	15	whether	whether	SCONJ
cblr-8635	304	16	their	their	PRON
cblr-8635	304	17	portfolio	portfolio	NOUN
cblr-8635	304	18	companies	company	NOUN
cblr-8635	304	19	were	be	AUX
cblr-8635	304	20	in	in	ADP
cblr-8635	304	21	compliance	compliance	NOUN
cblr-8635	304	22	and	and	CCONJ
cblr-8635	304	23	a	a	DET
cblr-8635	304	24	“	"	PUNCT
cblr-8635	304	25	heightened	heighten	VERB
cblr-8635	304	26	-	-	PUNCT
cblr-8635	304	27	scrutiny	scrutiny	NOUN
cblr-8635	304	28	model	model	NOUN
cblr-8635	304	29	”	"	PUNCT
cblr-8635	304	30	that	that	SCONJ
cblr-8635	304	31	its	its	PRON
cblr-8635	304	32	actively	actively	ADV
cblr-8635	304	33	-	-	PUNCT
cblr-8635	304	34	managed	manage	VERB
cblr-8635	304	35	funds	fund	NOUN
cblr-8635	304	36	would	would	AUX
cblr-8635	304	37	use	use	VERB
cblr-8635	304	38	in	in	ADP
cblr-8635	304	39	dealing	deal	VERB
cblr-8635	304	40	with	with	ADP
cblr-8635	304	41	non	non	ADJ
cblr-8635	304	42	-	-	ADJ
cblr-8635	304	43	complying	comply	VERB
cblr-8635	304	44	portfolio	portfolio	NOUN
cblr-8635	304	45	companies	company	NOUN
cblr-8635	304	46	.	.	PUNCT
cblr-8635	305	1	i	i	PRON
cblr-8635	305	2	d.	d.	PROPN
cblr-8635	305	3	48	48	NUM
cblr-8635	305	4	see	see	VERB
cblr-8635	305	5	i	i	PRON
cblr-8635	305	6	d.	d.	PROPN
cblr-8635	305	7	49	49	NUM
cblr-8635	305	8	there	there	PRON
cblr-8635	305	9	has	have	AUX
cblr-8635	305	10	been	be	AUX
cblr-8635	305	11	a	a	DET
cblr-8635	305	12	continuing	continue	VERB
cblr-8635	305	13	stream	stream	NOUN
cblr-8635	305	14	of	of	ADP
cblr-8635	305	15	sec	sec	PROPN
cblr-8635	305	16	statements	statement	NOUN
cblr-8635	305	17	since	since	SCONJ
cblr-8635	305	18	march	march	PROPN
cblr-8635	305	19	2020	2020	NUM
cblr-8635	305	20	.	.	PUNCT
cblr-8635	306	1	see	see	VERB
cblr-8635	306	2	coronavirus	coronavirus	NOUN
cblr-8635	306	3	(	(	PUNCT
cblr-8635	306	4	covid-19)—disclosure	covid-19)—disclosure	NOUN
cblr-8635	306	5	considerations	consideration	NOUN
cblr-8635	306	6	regarding	regard	VERB
cblr-8635	306	7	operations	operation	NOUN
cblr-8635	306	8	,	,	PUNCT
cblr-8635	306	9	liquidity	liquidity	NOUN
cblr-8635	306	10	,	,	PUNCT
cblr-8635	306	11	and	and	CCONJ
cblr-8635	306	12	capital	capital	NOUN
cblr-8635	306	13	resources	resource	NOUN
cblr-8635	306	14	,	,	PUNCT
cblr-8635	306	15	u.s	u.s	PROPN
cblr-8635	306	16	.	.	PROPN
cblr-8635	306	17	sec	sec	PROPN
cblr-8635	306	18	.	.	PROPN
cblr-8635	306	19	&	&	CCONJ
cblr-8635	306	20	exch	exch	PROPN
cblr-8635	306	21	.	.	PUNCT
cblr-8635	307	1	comm’n	comm’n	PROPN
cblr-8635	307	2	,	,	PUNCT
cblr-8635	307	3	https://www.sec.gov/corpfin/covid-19-disclosure-considerations	https://www.sec.gov/corpfin/covid-19-disclosure-consideration	VERB
cblr-8635	308	1	[	[	X
cblr-8635	308	2	https://perma.cc/cd4m-lzdm	https://perma.cc/cd4m-lzdm	X
cblr-8635	308	3	]	]	X
cblr-8635	308	4	(	(	PUNCT
cblr-8635	308	5	last	last	ADJ
cblr-8635	308	6	modified	modify	VERB
cblr-8635	308	7	june	june	PROPN
cblr-8635	308	8	23	23	NUM
cblr-8635	308	9	,	,	PUNCT
cblr-8635	308	10	2020	2020	NUM
cblr-8635	308	11	)	)	PUNCT
cblr-8635	308	12	.	.	PUNCT
cblr-8635	309	1	for	for	ADP
cblr-8635	309	2	a	a	DET
cblr-8635	309	3	brief	brief	ADJ
cblr-8635	309	4	overview	overview	NOUN
cblr-8635	309	5	,	,	PUNCT
cblr-8635	309	6	see	see	VERB
cblr-8635	309	7	frank	frank	PROPN
cblr-8635	309	8	lopez	lopez	PROPN
cblr-8635	309	9	et	et	PROPN
cblr-8635	309	10	al	al	PROPN
cblr-8635	309	11	.	.	PROPN
cblr-8635	309	12	,	,	PUNCT
cblr-8635	309	13	updating	update	VERB
cblr-8635	309	14	publicly	publicly	ADV
cblr-8635	309	15	traded	trade	VERB
cblr-8635	309	16	company	company	NOUN
cblr-8635	309	17	disclosures	disclosure	NOUN
cblr-8635	309	18	for	for	ADP
cblr-8635	309	19	covid-19	covid-19	PROPN
cblr-8635	309	20	,	,	PUNCT
cblr-8635	309	21	law360	law360	PROPN
cblr-8635	309	22	(	(	PUNCT
cblr-8635	309	23	mar	mar	PROPN
cblr-8635	309	24	.	.	PROPN
cblr-8635	309	25	20	20	NUM
cblr-8635	309	26	,	,	PUNCT
cblr-8635	309	27	2020	2020	NUM
cblr-8635	309	28	,	,	PUNCT
cblr-8635	309	29	5:47	5:47	NUM
cblr-8635	309	30	pm	pm	NOUN
cblr-8635	309	31	)	)	PUNCT
cblr-8635	309	32	,	,	PUNCT
cblr-8635	309	33	https://www.law360.com/articles/1253913/updating-publicly-traded-company-disclosures-for-covid-19	https://www.law360.com/articles/1253913/updating-publicly-traded-company-disclosures-for-covid-19	PROPN
cblr-8635	310	1	[	[	X
cblr-8635	310	2	https://perma.cc/2xw4-6hwa	https://perma.cc/2xw4-6hwa	X
cblr-8635	310	3	]	]	PUNCT
cblr-8635	310	4	.	.	PUNCT
cblr-8635	311	1	coffee	coffee	PROPN
cblr-8635	311	2	8/20/2021	8/20/2021	NUM
cblr-8635	311	3	6:32	6:32	NUM
cblr-8635	311	4	pm	pm	NOUN
cblr-8635	311	5	no	no	INTJ
cblr-8635	311	6	.	.	PUNCT
cblr-8635	312	1	2:602	2:602	NUM
cblr-8635	312	2	]	]	X
cblr-8635	312	3	the	the	DET
cblr-8635	312	4	future	future	NOUN
cblr-8635	312	5	of	of	ADP
cblr-8635	312	6	disclosure	disclosure	NOUN
cblr-8635	312	7	621	621	NUM
cblr-8635	312	8	politically	politically	ADV
cblr-8635	312	9	challenged	challenge	VERB
cblr-8635	312	10	and	and	CCONJ
cblr-8635	312	11	could	could	AUX
cblr-8635	312	12	conceivably	conceivably	ADV
cblr-8635	312	13	yield	yield	VERB
cblr-8635	312	14	to	to	ADP
cblr-8635	312	15	a	a	DET
cblr-8635	312	16	more	more	ADV
cblr-8635	312	17	state	state	NOUN
cblr-8635	312	18	-	-	PUNCT
cblr-8635	312	19	run	run	VERB
cblr-8635	312	20	system	system	NOUN
cblr-8635	312	21	of	of	ADP
cblr-8635	312	22	corporate	corporate	ADJ
cblr-8635	312	23	governance	governance	NOUN
cblr-8635	312	24	.	.	PUNCT
cblr-8635	313	1	to	to	ADP
cblr-8635	313	2	some	some	DET
cblr-8635	313	3	degree	degree	NOUN
cblr-8635	313	4	,	,	PUNCT
cblr-8635	313	5	such	such	DET
cblr-8635	313	6	a	a	DET
cblr-8635	313	7	transition	transition	NOUN
cblr-8635	313	8	seems	seem	VERB
cblr-8635	313	9	to	to	PART
cblr-8635	313	10	be	be	AUX
cblr-8635	313	11	already	already	ADV
cblr-8635	313	12	occurring	occur	VERB
cblr-8635	313	13	in	in	ADP
cblr-8635	313	14	europe	europe	PROPN
cblr-8635	313	15	and	and	CCONJ
cblr-8635	313	16	the	the	DET
cblr-8635	313	17	united	united	PROPN
cblr-8635	313	18	kingdom.50	kingdom.50	PROPN
cblr-8635	313	19	again	again	ADV
cblr-8635	313	20	,	,	PUNCT
cblr-8635	313	21	diversification	diversification	NOUN
cblr-8635	313	22	could	could	AUX
cblr-8635	313	23	not	not	PART
cblr-8635	313	24	adequately	adequately	ADV
cblr-8635	313	25	protect	protect	VERB
cblr-8635	313	26	investors	investor	NOUN
cblr-8635	313	27	against	against	ADP
cblr-8635	313	28	this	this	DET
cblr-8635	313	29	risk	risk	NOUN
cblr-8635	313	30	of	of	ADP
cblr-8635	313	31	political	political	ADJ
cblr-8635	313	32	upheaval	upheaval	NOUN
cblr-8635	313	33	,	,	PUNCT
cblr-8635	313	34	which	which	PRON
cblr-8635	313	35	could	could	AUX
cblr-8635	313	36	directly	directly	ADV
cblr-8635	313	37	threaten	threaten	VERB
cblr-8635	313	38	the	the	DET
cblr-8635	313	39	traditional	traditional	ADJ
cblr-8635	313	40	investor	investor	NOUN
cblr-8635	313	41	’s	’s	PART
cblr-8635	313	42	goal	goal	NOUN
cblr-8635	313	43	of	of	ADP
cblr-8635	313	44	shareholder	shareholder	NOUN
cblr-8635	313	45	wealth	wealth	NOUN
cblr-8635	313	46	maximization	maximization	NOUN
cblr-8635	313	47	.	.	PUNCT
cblr-8635	314	1	one	one	NUM
cblr-8635	314	2	last	last	ADJ
cblr-8635	314	3	point	point	NOUN
cblr-8635	314	4	about	about	ADP
cblr-8635	314	5	“	"	PUNCT
cblr-8635	314	6	systematic	systematic	ADJ
cblr-8635	314	7	risk	risk	NOUN
cblr-8635	314	8	”	"	PUNCT
cblr-8635	314	9	needs	need	VERB
cblr-8635	314	10	to	to	PART
cblr-8635	314	11	be	be	AUX
cblr-8635	314	12	underscored	underscore	VERB
cblr-8635	314	13	:	:	PUNCT
cblr-8635	314	14	for	for	ADP
cblr-8635	314	15	diversified	diversified	ADJ
cblr-8635	314	16	investors	investor	NOUN
cblr-8635	314	17	,	,	PUNCT
cblr-8635	314	18	systematic	systematic	ADJ
cblr-8635	314	19	risk	risk	NOUN
cblr-8635	314	20	overlaps	overlap	VERB
cblr-8635	314	21	heavily	heavily	ADV
cblr-8635	314	22	with	with	ADP
cblr-8635	314	23	securities	security	NOUN
cblr-8635	314	24	law	law	NOUN
cblr-8635	314	25	’s	’s	PART
cblr-8635	314	26	bedrock	bedrock	NOUN
cblr-8635	314	27	concept	concept	NOUN
cblr-8635	314	28	of	of	ADP
cblr-8635	314	29	materiality	materiality	NOUN
cblr-8635	314	30	.	.	PUNCT
cblr-8635	315	1	because	because	SCONJ
cblr-8635	315	2	systematic	systematic	ADJ
cblr-8635	315	3	risks	risk	NOUN
cblr-8635	315	4	can	can	AUX
cblr-8635	315	5	not	not	PART
cblr-8635	315	6	be	be	AUX
cblr-8635	315	7	diversified	diversify	VERB
cblr-8635	315	8	away	away	ADV
cblr-8635	315	9	by	by	ADP
cblr-8635	315	10	investors	investor	NOUN
cblr-8635	315	11	,	,	PUNCT
cblr-8635	315	12	information	information	NOUN
cblr-8635	315	13	about	about	ADP
cblr-8635	315	14	such	such	ADJ
cblr-8635	315	15	risks	risk	NOUN
cblr-8635	315	16	is	be	AUX
cblr-8635	315	17	more	more	ADJ
cblr-8635	315	18	material	material	NOUN
cblr-8635	315	19	to	to	ADP
cblr-8635	315	20	diversified	diversify	VERB
cblr-8635	315	21	investors	investor	NOUN
cblr-8635	315	22	than	than	ADP
cblr-8635	315	23	information	information	NOUN
cblr-8635	315	24	about	about	ADP
cblr-8635	315	25	“	"	PUNCT
cblr-8635	315	26	idiosyncratic	idiosyncratic	ADJ
cblr-8635	315	27	”	"	PUNCT
cblr-8635	315	28	risks	risk	NOUN
cblr-8635	315	29	,	,	PUNCT
cblr-8635	315	30	both	both	CCONJ
cblr-8635	315	31	because	because	SCONJ
cblr-8635	315	32	institutional	institutional	ADJ
cblr-8635	315	33	investors	investor	NOUN
cblr-8635	315	34	are	be	AUX
cblr-8635	315	35	in	in	ADP
cblr-8635	315	36	theory	theory	NOUN
cblr-8635	315	37	exposed	expose	VERB
cblr-8635	315	38	only	only	ADV
cblr-8635	315	39	to	to	ADP
cblr-8635	315	40	“	"	PUNCT
cblr-8635	315	41	systematic	systematic	ADJ
cblr-8635	315	42	risk	risk	NOUN
cblr-8635	315	43	”	"	PUNCT
cblr-8635	315	44	and	and	CCONJ
cblr-8635	315	45	because	because	SCONJ
cblr-8635	315	46	they	they	PRON
cblr-8635	315	47	(	(	PUNCT
cblr-8635	315	48	and	and	CCONJ
cblr-8635	315	49	,	,	PUNCT
cblr-8635	315	50	as	as	ADP
cblr-8635	315	51	a	a	DET
cblr-8635	315	52	practical	practical	ADJ
cblr-8635	315	53	matter	matter	NOUN
cblr-8635	315	54	,	,	PUNCT
cblr-8635	315	55	only	only	ADV
cblr-8635	315	56	they	they	PRON
cblr-8635	315	57	)	)	PUNCT
cblr-8635	315	58	may	may	AUX
cblr-8635	315	59	be	be	AUX
cblr-8635	315	60	able	able	ADJ
cblr-8635	315	61	to	to	PART
cblr-8635	315	62	take	take	VERB
cblr-8635	315	63	corrective	corrective	ADJ
cblr-8635	315	64	action	action	NOUN
cblr-8635	315	65	to	to	PART
cblr-8635	315	66	minimize	minimize	VERB
cblr-8635	315	67	such	such	ADJ
cblr-8635	315	68	risk.51	risk.51	NOUN
cblr-8635	315	69	indeed	indeed	ADV
cblr-8635	315	70	,	,	PUNCT
cblr-8635	315	71	as	as	SCONJ
cblr-8635	315	72	later	later	ADV
cblr-8635	315	73	discussed	discuss	VERB
cblr-8635	315	74	,	,	PUNCT
cblr-8635	315	75	the	the	DET
cblr-8635	315	76	major	major	ADJ
cblr-8635	315	77	50	50	NUM
cblr-8635	315	78	nations	nation	NOUN
cblr-8635	315	79	can	can	AUX
cblr-8635	315	80	be	be	AUX
cblr-8635	315	81	located	locate	VERB
cblr-8635	315	82	on	on	ADP
cblr-8635	315	83	a	a	DET
cblr-8635	315	84	corporate	corporate	ADJ
cblr-8635	315	85	governance	governance	NOUN
cblr-8635	315	86	continuum	continuum	NOUN
cblr-8635	315	87	ranging	range	VERB
cblr-8635	315	88	from	from	ADP
cblr-8635	315	89	“	"	PUNCT
cblr-8635	315	90	shareholder	shareholder	NOUN
cblr-8635	315	91	-	-	PUNCT
cblr-8635	315	92	centric	centric	ADJ
cblr-8635	315	93	”	"	PUNCT
cblr-8635	315	94	systems	system	NOUN
cblr-8635	315	95	(	(	PUNCT
cblr-8635	315	96	of	of	ADP
cblr-8635	315	97	which	which	PRON
cblr-8635	315	98	the	the	DET
cblr-8635	315	99	united	united	PROPN
cblr-8635	315	100	states	states	PROPN
cblr-8635	315	101	is	be	AUX
cblr-8635	315	102	the	the	DET
cblr-8635	315	103	leading	lead	VERB
cblr-8635	315	104	example	example	NOUN
cblr-8635	315	105	)	)	PUNCT
cblr-8635	315	106	to	to	ADP
cblr-8635	315	107	“	"	PUNCT
cblr-8635	315	108	stakeholder	stakeholder	NOUN
cblr-8635	315	109	-	-	PUNCT
cblr-8635	315	110	centric	centric	ADJ
cblr-8635	315	111	”	"	PUNCT
cblr-8635	315	112	systems	system	NOUN
cblr-8635	315	113	(	(	PUNCT
cblr-8635	315	114	into	into	ADP
cblr-8635	315	115	which	which	DET
cblr-8635	315	116	category	category	NOUN
cblr-8635	315	117	most	most	ADJ
cblr-8635	315	118	european	european	ADJ
cblr-8635	315	119	nations	nation	NOUN
cblr-8635	315	120	fall	fall	VERB
cblr-8635	315	121	)	)	PUNCT
cblr-8635	315	122	.	.	PUNCT
cblr-8635	316	1	see	see	VERB
cblr-8635	316	2	katharine	katharine	PROPN
cblr-8635	316	3	v.	v.	PROPN
cblr-8635	316	4	jackson	jackson	PROPN
cblr-8635	316	5	,	,	PUNCT
cblr-8635	316	6	towards	towards	ADP
cblr-8635	316	7	a	a	DET
cblr-8635	316	8	stakeholdershareholder	stakeholdershareholder	NOUN
cblr-8635	316	9	theory	theory	NOUN
cblr-8635	316	10	of	of	ADP
cblr-8635	316	11	corporate	corporate	ADJ
cblr-8635	316	12	governance	governance	NOUN
cblr-8635	316	13	:	:	PUNCT
cblr-8635	316	14	a	a	DET
cblr-8635	316	15	comparative	comparative	ADJ
cblr-8635	316	16	analysis	analysis	NOUN
cblr-8635	316	17	,	,	PUNCT
cblr-8635	316	18	7	7	NUM
cblr-8635	316	19	hastings	hastings	PROPN
cblr-8635	316	20	bus	bus	NOUN
cblr-8635	316	21	l.j	l.j	PROPN
cblr-8635	316	22	.	.	PROPN
cblr-8635	316	23	309	309	NUM
cblr-8635	316	24	,	,	PUNCT
cblr-8635	316	25	309–11	309–11	NUM
cblr-8635	316	26	(	(	PUNCT
cblr-8635	316	27	2011	2011	NUM
cblr-8635	316	28	)	)	PUNCT
cblr-8635	316	29	.	.	PUNCT
cblr-8635	317	1	in	in	ADP
cblr-8635	317	2	europe	europe	PROPN
cblr-8635	317	3	and	and	CCONJ
cblr-8635	317	4	the	the	DET
cblr-8635	317	5	united	united	ADJ
cblr-8635	317	6	kingdom	kingdom	PROPN
cblr-8635	317	7	,	,	PUNCT
cblr-8635	317	8	there	there	PRON
cblr-8635	317	9	has	have	AUX
cblr-8635	317	10	been	be	AUX
cblr-8635	317	11	recent	recent	ADJ
cblr-8635	317	12	movement	movement	NOUN
cblr-8635	317	13	towards	towards	ADP
cblr-8635	317	14	increasing	increase	VERB
cblr-8635	317	15	the	the	DET
cblr-8635	317	16	rights	right	NOUN
cblr-8635	317	17	of	of	ADP
cblr-8635	317	18	,	,	PUNCT
cblr-8635	317	19	and	and	CCONJ
cblr-8635	317	20	duties	duty	NOUN
cblr-8635	317	21	owed	owe	VERB
cblr-8635	317	22	to	to	ADP
cblr-8635	317	23	,	,	PUNCT
cblr-8635	317	24	stakeholders	stakeholder	NOUN
cblr-8635	317	25	.	.	PUNCT
cblr-8635	318	1	one	one	NUM
cblr-8635	318	2	step	step	NOUN
cblr-8635	318	3	in	in	ADP
cblr-8635	318	4	this	this	DET
cblr-8635	318	5	direction	direction	NOUN
cblr-8635	318	6	has	have	AUX
cblr-8635	318	7	been	be	AUX
cblr-8635	318	8	the	the	DET
cblr-8635	318	9	recent	recent	ADJ
cblr-8635	318	10	popularity	popularity	NOUN
cblr-8635	318	11	of	of	ADP
cblr-8635	318	12	“	"	PUNCT
cblr-8635	318	13	stewardship	stewardship	NOUN
cblr-8635	318	14	codes	code	NOUN
cblr-8635	318	15	”	"	PUNCT
cblr-8635	318	16	for	for	ADP
cblr-8635	318	17	investors	investor	NOUN
cblr-8635	318	18	.	.	PUNCT
cblr-8635	319	1	see	see	VERB
cblr-8635	319	2	jennifer	jennifer	PROPN
cblr-8635	319	3	g.	g.	PROPN
cblr-8635	319	4	hill	hill	PROPN
cblr-8635	319	5	,	,	PUNCT
cblr-8635	319	6	good	good	ADJ
cblr-8635	319	7	activist	activist	NOUN
cblr-8635	319	8	/	/	SYM
cblr-8635	319	9	bad	bad	ADJ
cblr-8635	319	10	activist	activist	NOUN
cblr-8635	319	11	:	:	PUNCT
cblr-8635	319	12	the	the	DET
cblr-8635	319	13	rise	rise	NOUN
cblr-8635	319	14	of	of	ADP
cblr-8635	319	15	international	international	ADJ
cblr-8635	319	16	stewardship	stewardship	NOUN
cblr-8635	319	17	codes	code	NOUN
cblr-8635	319	18	,	,	PUNCT
cblr-8635	319	19	41	41	NUM
cblr-8635	319	20	seattle	seattle	PROPN
cblr-8635	319	21	u.	u.	PROPN
cblr-8635	319	22	l.	l.	PROPN
cblr-8635	319	23	rev	rev	PROPN
cblr-8635	319	24	.	.	PROPN
cblr-8635	319	25	497	497	NUM
cblr-8635	319	26	,	,	PUNCT
cblr-8635	319	27	497–98	497–98	NUM
cblr-8635	319	28	(	(	PUNCT
cblr-8635	319	29	2018	2018	NUM
cblr-8635	319	30	)	)	PUNCT
cblr-8635	319	31	;	;	PUNCT
cblr-8635	319	32	jennifer	jennifer	PROPN
cblr-8635	319	33	g.	g.	PROPN
cblr-8635	319	34	hill	hill	PROPN
cblr-8635	319	35	,	,	PUNCT
cblr-8635	319	36	shifting	shift	VERB
cblr-8635	319	37	contours	contours	NOUN
cblr-8635	319	38	of	of	ADP
cblr-8635	319	39	directors	director	NOUN
cblr-8635	319	40	’	'	PUNCT
cblr-8635	319	41	fiduciary	fiduciary	ADJ
cblr-8635	319	42	duties	duty	NOUN
cblr-8635	319	43	and	and	CCONJ
cblr-8635	319	44	norms	norm	NOUN
cblr-8635	319	45	in	in	ADP
cblr-8635	319	46	comparative	comparative	ADJ
cblr-8635	319	47	corporate	corporate	ADJ
cblr-8635	319	48	governance	governance	NOUN
cblr-8635	319	49	,	,	PUNCT
cblr-8635	319	50	5	5	NUM
cblr-8635	319	51	u.c	u.c	PROPN
cblr-8635	319	52	.	.	PROPN
cblr-8635	319	53	irvine	irvine	PROPN
cblr-8635	319	54	j.	j.	PROPN
cblr-8635	319	55	int’l	int’l	PROPN
cblr-8635	319	56	,	,	PUNCT
cblr-8635	319	57	transnat’l	transnat’l	NOUN
cblr-8635	319	58	&	&	CCONJ
cblr-8635	319	59	compar	compar	PROPN
cblr-8635	319	60	.	.	PUNCT
cblr-8635	320	1	l.	l.	PROPN
cblr-8635	320	2	163	163	NUM
cblr-8635	320	3	,	,	PUNCT
cblr-8635	320	4	175–78	175–78	NUM
cblr-8635	320	5	(	(	PUNCT
cblr-8635	320	6	2020	2020	NUM
cblr-8635	320	7	)	)	PUNCT
cblr-8635	320	8	;	;	PUNCT
cblr-8635	320	9	jackson	jackson	PROPN
cblr-8635	320	10	,	,	PUNCT
cblr-8635	320	11	supra	supra	PROPN
cblr-8635	320	12	,	,	PUNCT
cblr-8635	320	13	at	at	ADP
cblr-8635	320	14	387–89	387–89	NUM
cblr-8635	320	15	.	.	PUNCT
cblr-8635	320	16	51	51	NUM
cblr-8635	320	17	for	for	ADP
cblr-8635	320	18	discussions	discussion	NOUN
cblr-8635	320	19	of	of	ADP
cblr-8635	320	20	the	the	DET
cblr-8635	320	21	magnitude	magnitude	NOUN
cblr-8635	320	22	of	of	ADP
cblr-8635	320	23	climate	climate	NOUN
cblr-8635	320	24	change	change	NOUN
cblr-8635	320	25	as	as	ADP
cblr-8635	320	26	a	a	DET
cblr-8635	320	27	leading	lead	VERB
cblr-8635	320	28	systematic	systematic	ADJ
cblr-8635	320	29	risk	risk	NOUN
cblr-8635	320	30	and	and	CCONJ
cblr-8635	320	31	investors	investor	NOUN
cblr-8635	320	32	’	'	PUNCT
cblr-8635	320	33	concerns	concern	NOUN
cblr-8635	320	34	about	about	ADP
cblr-8635	320	35	it	it	PRON
cblr-8635	320	36	,	,	PUNCT
cblr-8635	320	37	see	see	VERB
cblr-8635	320	38	inst	inst	NOUN
cblr-8635	320	39	.	.	PUNCT
cblr-8635	321	1	for	for	ADP
cblr-8635	321	2	sustainable	sustainable	ADJ
cblr-8635	321	3	leadership	leadership	NOUN
cblr-8635	321	4	,	,	PUNCT
cblr-8635	321	5	univ	univ	PROPN
cblr-8635	321	6	.	.	PROPN
cblr-8635	321	7	of	of	ADP
cblr-8635	321	8	cambridge	cambridge	PROPN
cblr-8635	321	9	,	,	PUNCT
cblr-8635	321	10	unhedgeable	unhedgeable	ADJ
cblr-8635	321	11	risk	risk	NOUN
cblr-8635	321	12	:	:	PUNCT
cblr-8635	321	13	how	how	SCONJ
cblr-8635	321	14	climate	climate	NOUN
cblr-8635	321	15	change	change	NOUN
cblr-8635	321	16	sentiment	sentiment	NOUN
cblr-8635	321	17	impacts	impact	VERB
cblr-8635	321	18	investment	investment	NOUN
cblr-8635	321	19	5	5	NUM
cblr-8635	321	20	(	(	PUNCT
cblr-8635	321	21	2015	2015	NUM
cblr-8635	321	22	)	)	PUNCT
cblr-8635	321	23	;	;	PUNCT
cblr-8635	321	24	stefano	stefano	PROPN
cblr-8635	321	25	battison	battison	PROPN
cblr-8635	321	26	et	et	PROPN
cblr-8635	321	27	al	al	PROPN
cblr-8635	321	28	.	.	PROPN
cblr-8635	321	29	,	,	PUNCT
cblr-8635	321	30	a	a	DET
cblr-8635	321	31	climate	climate	NOUN
cblr-8635	321	32	stress	stress	NOUN
cblr-8635	321	33	-	-	PUNCT
cblr-8635	321	34	test	test	NOUN
cblr-8635	321	35	of	of	ADP
cblr-8635	321	36	the	the	DET
cblr-8635	321	37	financial	financial	ADJ
cblr-8635	321	38	system	system	NOUN
cblr-8635	321	39	,	,	PUNCT
cblr-8635	321	40	7	7	NUM
cblr-8635	321	41	nature	nature	NOUN
cblr-8635	321	42	climate	climate	NOUN
cblr-8635	321	43	change	change	NOUN
cblr-8635	321	44	283	283	NUM
cblr-8635	321	45	,	,	PUNCT
cblr-8635	321	46	288	288	NUM
cblr-8635	321	47	(	(	PUNCT
cblr-8635	321	48	2017	2017	NUM
cblr-8635	321	49	)	)	PUNCT
cblr-8635	321	50	.	.	PUNCT
cblr-8635	322	1	for	for	ADP
cblr-8635	322	2	our	our	PRON
cblr-8635	322	3	purposes	purpose	NOUN
cblr-8635	322	4	,	,	PUNCT
cblr-8635	322	5	“	"	PUNCT
cblr-8635	322	6	materiality	materiality	NOUN
cblr-8635	322	7	”	"	PUNCT
cblr-8635	322	8	is	be	AUX
cblr-8635	322	9	defined	define	VERB
cblr-8635	322	10	for	for	ADP
cblr-8635	322	11	the	the	DET
cblr-8635	322	12	federal	federal	ADJ
cblr-8635	322	13	securities	security	NOUN
cblr-8635	322	14	laws	law	NOUN
cblr-8635	322	15	in	in	ADP
cblr-8635	322	16	remarkably	remarkably	ADV
cblr-8635	322	17	broad	broad	ADJ
cblr-8635	322	18	language	language	NOUN
cblr-8635	322	19	,	,	PUNCT
cblr-8635	322	20	which	which	PRON
cblr-8635	322	21	was	be	AUX
cblr-8635	322	22	set	set	VERB
cblr-8635	322	23	forth	forth	ADV
cblr-8635	322	24	in	in	ADP
cblr-8635	322	25	basic	basic	PROPN
cblr-8635	322	26	inc	inc	PROPN
cblr-8635	322	27	.	.	PROPN
cblr-8635	323	1	v.	v.	PROPN
cblr-8635	323	2	levinson	levinson	PROPN
cblr-8635	323	3	,	,	PUNCT
cblr-8635	323	4	485	485	NUM
cblr-8635	323	5	u.s	u.s	PROPN
cblr-8635	323	6	.	.	PROPN
cblr-8635	323	7	224	224	NUM
cblr-8635	323	8	,	,	PUNCT
cblr-8635	323	9	231	231	NUM
cblr-8635	323	10	(	(	PUNCT
cblr-8635	323	11	1988	1988	NUM
cblr-8635	323	12	)	)	PUNCT
cblr-8635	323	13	(	(	PUNCT
cblr-8635	323	14	“	"	PUNCT
cblr-8635	323	15	[	[	X
cblr-8635	323	16	a]n	a]n	NOUN
cblr-8635	323	17	omitted	omit	VERB
cblr-8635	323	18	fact	fact	NOUN
cblr-8635	323	19	is	be	AUX
cblr-8635	323	20	material	material	NOUN
cblr-8635	323	21	if	if	SCONJ
cblr-8635	323	22	there	there	PRON
cblr-8635	323	23	is	be	VERB
cblr-8635	323	24	a	a	DET
cblr-8635	323	25	substantial	substantial	ADJ
cblr-8635	323	26	likelihood	likelihood	NOUN
cblr-8635	323	27	that	that	SCONJ
cblr-8635	323	28	a	a	DET
cblr-8635	323	29	reasonable	reasonable	ADJ
cblr-8635	323	30	shareholder	shareholder	NOUN
cblr-8635	323	31	would	would	AUX
cblr-8635	323	32	consider	consider	VERB
cblr-8635	323	33	it	it	PRON
cblr-8635	323	34	important	important	ADJ
cblr-8635	323	35	in	in	ADP
cblr-8635	323	36	deciding	decide	VERB
cblr-8635	323	37	how	how	SCONJ
cblr-8635	323	38	to	to	PART
cblr-8635	323	39	vote	vote	VERB
cblr-8635	323	40	.	.	PUNCT
cblr-8635	323	41	”	"	PUNCT
cblr-8635	324	1	(	(	PUNCT
cblr-8635	324	2	internal	internal	ADJ
cblr-8635	324	3	quotation	quotation	NOUN
cblr-8635	324	4	marks	mark	NOUN
cblr-8635	324	5	omitted	omit	VERB
cblr-8635	324	6	)	)	PUNCT
cblr-8635	324	7	(	(	PUNCT
cblr-8635	324	8	quoting	quote	VERB
cblr-8635	324	9	tsc	tsc	PROPN
cblr-8635	324	10	indus	indus	PROPN
cblr-8635	324	11	.	.	PROPN
cblr-8635	324	12	,	,	PUNCT
cblr-8635	324	13	inc	inc	PROPN
cblr-8635	324	14	.	.	PROPN
cblr-8635	325	1	v.	v.	PROPN
cblr-8635	325	2	northway	northway	PROPN
cblr-8635	325	3	,	,	PUNCT
cblr-8635	325	4	inc	inc	PROPN
cblr-8635	325	5	.	.	PROPN
cblr-8635	325	6	,	,	PUNCT
cblr-8635	325	7	426	426	NUM
cblr-8635	325	8	u.s	u.s	PROPN
cblr-8635	325	9	.	.	PROPN
cblr-8635	325	10	438	438	NUM
cblr-8635	325	11	,	,	PUNCT
cblr-8635	325	12	449	449	NUM
cblr-8635	325	13	(	(	PUNCT
cblr-8635	325	14	1976	1976	NUM
cblr-8635	325	15	)	)	PUNCT
cblr-8635	325	16	)	)	PUNCT
cblr-8635	325	17	)	)	PUNCT
cblr-8635	325	18	.	.	PUNCT
cblr-8635	326	1	coffee	coffee	NOUN
cblr-8635	326	2	8/20/2021	8/20/2021	NUM
cblr-8635	326	3	6:32	6:32	NUM
cblr-8635	326	4	pm	pm	NOUN
cblr-8635	326	5	622	622	NUM
cblr-8635	326	6	columbia	columbia	PROPN
cblr-8635	326	7	business	business	NOUN
cblr-8635	326	8	law	law	NOUN
cblr-8635	326	9	review	review	NOUN
cblr-8635	327	1	[	[	X
cblr-8635	327	2	vol	vol	NOUN
cblr-8635	327	3	.	.	PUNCT
cblr-8635	327	4	2021	2021	NUM
cblr-8635	327	5	diversified	diversify	VERB
cblr-8635	327	6	institutions	institution	NOUN
cblr-8635	327	7	have	have	AUX
cblr-8635	327	8	begun	begin	VERB
cblr-8635	327	9	to	to	PART
cblr-8635	327	10	take	take	VERB
cblr-8635	327	11	direct	direct	ADJ
cblr-8635	327	12	action	action	NOUN
cblr-8635	327	13	on	on	ADP
cblr-8635	327	14	a	a	DET
cblr-8635	327	15	coordinated	coordinated	ADJ
cblr-8635	327	16	basis	basis	NOUN
cblr-8635	327	17	(	(	PUNCT
cblr-8635	327	18	through	through	ADP
cblr-8635	327	19	litigation	litigation	NOUN
cblr-8635	327	20	,	,	PUNCT
cblr-8635	327	21	proxy	proxy	NOUN
cblr-8635	327	22	fights	fight	NOUN
cblr-8635	327	23	,	,	PUNCT
cblr-8635	327	24	or	or	CCONJ
cblr-8635	327	25	the	the	DET
cblr-8635	327	26	threat	threat	NOUN
cblr-8635	327	27	of	of	ADP
cblr-8635	327	28	exit).52	exit).52	PROPN
cblr-8635	327	29	ultimately	ultimately	ADV
cblr-8635	327	30	,	,	PUNCT
cblr-8635	327	31	the	the	DET
cblr-8635	327	32	informational	informational	ADJ
cblr-8635	327	33	needs	need	NOUN
cblr-8635	327	34	of	of	ADP
cblr-8635	327	35	the	the	DET
cblr-8635	327	36	diversified	diversify	VERB
cblr-8635	327	37	institutional	institutional	ADJ
cblr-8635	327	38	investor	investor	NOUN
cblr-8635	327	39	depend	depend	VERB
cblr-8635	327	40	on	on	ADP
cblr-8635	327	41	the	the	DET
cblr-8635	327	42	role	role	NOUN
cblr-8635	327	43	that	that	PRON
cblr-8635	327	44	it	it	PRON
cblr-8635	327	45	is	be	AUX
cblr-8635	327	46	willing	willing	ADJ
cblr-8635	327	47	to	to	PART
cblr-8635	327	48	assume	assume	VERB
cblr-8635	327	49	.	.	PUNCT
cblr-8635	328	1	for	for	ADP
cblr-8635	328	2	some	some	DET
cblr-8635	328	3	time	time	NOUN
cblr-8635	328	4	,	,	PUNCT
cblr-8635	328	5	commentators	commentator	NOUN
cblr-8635	328	6	have	have	AUX
cblr-8635	328	7	presented	present	VERB
cblr-8635	328	8	the	the	DET
cblr-8635	328	9	diversified	diversify	VERB
cblr-8635	328	10	investor	investor	NOUN
cblr-8635	328	11	as	as	ADP
cblr-8635	328	12	being	be	AUX
cblr-8635	328	13	“	"	PUNCT
cblr-8635	328	14	rationally	rationally	ADV
cblr-8635	328	15	reticent	reticent	ADJ
cblr-8635	328	16	”	"	PUNCT
cblr-8635	328	17	and	and	CCONJ
cblr-8635	328	18	willing	willing	ADJ
cblr-8635	328	19	to	to	PART
cblr-8635	328	20	act	act	VERB
cblr-8635	328	21	only	only	ADV
cblr-8635	328	22	on	on	ADP
cblr-8635	328	23	issues	issue	NOUN
cblr-8635	328	24	framed	frame	VERB
cblr-8635	328	25	and	and	CCONJ
cblr-8635	328	26	presented	present	VERB
cblr-8635	328	27	by	by	ADP
cblr-8635	328	28	non	non	ADJ
cblr-8635	328	29	-	-	ADJ
cblr-8635	328	30	diversified	diversified	ADJ
cblr-8635	328	31	activist	activist	ADJ
cblr-8635	328	32	investors.53	investors.53	NOUN
cblr-8635	328	33	understandable	understandable	ADJ
cblr-8635	328	34	as	as	SCONJ
cblr-8635	328	35	this	this	DET
cblr-8635	328	36	view	view	NOUN
cblr-8635	328	37	was	be	AUX
cblr-8635	328	38	,	,	PUNCT
cblr-8635	328	39	it	it	PRON
cblr-8635	328	40	no	no	ADV
cblr-8635	328	41	longer	long	ADV
cblr-8635	328	42	conforms	conform	VERB
cblr-8635	328	43	with	with	ADP
cblr-8635	328	44	the	the	DET
cblr-8635	328	45	current	current	ADJ
cblr-8635	328	46	reality	reality	NOUN
cblr-8635	328	47	in	in	ADP
cblr-8635	328	48	which	which	PRON
cblr-8635	328	49	the	the	DET
cblr-8635	328	50	big	big	ADJ
cblr-8635	328	51	three	three	NUM
cblr-8635	328	52	(	(	PUNCT
cblr-8635	328	53	and	and	CCONJ
cblr-8635	328	54	others	other	NOUN
cblr-8635	328	55	)	)	PUNCT
cblr-8635	328	56	are	be	AUX
cblr-8635	328	57	taking	take	VERB
cblr-8635	328	58	a	a	DET
cblr-8635	328	59	leadership	leadership	NOUN
cblr-8635	328	60	role	role	NOUN
cblr-8635	328	61	in	in	ADP
cblr-8635	328	62	pressing	press	VERB
cblr-8635	328	63	portfolio	portfolio	NOUN
cblr-8635	328	64	companies	company	NOUN
cblr-8635	328	65	for	for	ADP
cblr-8635	328	66	systematic	systematic	ADJ
cblr-8635	328	67	risk	risk	NOUN
cblr-8635	328	68	-	-	PUNCT
cblr-8635	328	69	related	relate	VERB
cblr-8635	328	70	changes	change	NOUN
cblr-8635	328	71	.	.	PUNCT
cblr-8635	329	1	blackrock	blackrock	NOUN
cblr-8635	329	2	,	,	PUNCT
cblr-8635	329	3	for	for	ADP
cblr-8635	329	4	example	example	NOUN
cblr-8635	329	5	,	,	PUNCT
cblr-8635	329	6	showed	show	VERB
cblr-8635	329	7	little	little	ADJ
cblr-8635	329	8	“	"	PUNCT
cblr-8635	329	9	reticence	reticence	NOUN
cblr-8635	329	10	”	"	PUNCT
cblr-8635	329	11	in	in	ADP
cblr-8635	329	12	insisting	insist	VERB
cblr-8635	329	13	that	that	SCONJ
cblr-8635	329	14	its	its	PRON
cblr-8635	329	15	portfolio	portfolio	NOUN
cblr-8635	329	16	companies	company	NOUN
cblr-8635	329	17	adopt	adopt	VERB
cblr-8635	329	18	a	a	DET
cblr-8635	329	19	“	"	PUNCT
cblr-8635	329	20	net	net	ADJ
cblr-8635	329	21	zero	zero	NUM
cblr-8635	329	22	”	"	PUNCT
cblr-8635	329	23	emissions	emission	NOUN
cblr-8635	329	24	policy	policy	NOUN
cblr-8635	329	25	by	by	ADP
cblr-8635	329	26	2050	2050	NUM
cblr-8635	329	27	.	.	PUNCT
cblr-8635	330	1	thus	thus	ADV
cblr-8635	330	2	,	,	PUNCT
cblr-8635	330	3	it	it	PRON
cblr-8635	330	4	is	be	AUX
cblr-8635	330	5	necessary	necessary	ADJ
cblr-8635	330	6	to	to	PART
cblr-8635	330	7	recognize	recognize	VERB
cblr-8635	330	8	that	that	SCONJ
cblr-8635	330	9	,	,	PUNCT
cblr-8635	330	10	within	within	ADP
cblr-8635	330	11	the	the	DET
cblr-8635	330	12	boundaries	boundary	NOUN
cblr-8635	330	13	set	set	VERB
cblr-8635	330	14	by	by	ADP
cblr-8635	330	15	systematic	systematic	ADJ
cblr-8635	330	16	risk	risk	NOUN
cblr-8635	330	17	,	,	PUNCT
cblr-8635	330	18	indexed	index	VERB
cblr-8635	330	19	investors	investor	NOUN
cblr-8635	330	20	can	can	AUX
cblr-8635	330	21	indeed	indeed	ADV
cblr-8635	330	22	be	be	AUX
cblr-8635	330	23	activists	activist	NOUN
cblr-8635	330	24	—	—	PUNCT
cblr-8635	330	25	even	even	ADV
cblr-8635	330	26	(	(	PUNCT
cblr-8635	330	27	because	because	SCONJ
cblr-8635	330	28	of	of	ADP
cblr-8635	330	29	their	their	PRON
cblr-8635	330	30	greater	great	ADJ
cblr-8635	330	31	scale	scale	NOUN
cblr-8635	330	32	)	)	PUNCT
cblr-8635	330	33	potentially	potentially	ADV
cblr-8635	330	34	more	more	ADV
cblr-8635	330	35	effective	effective	ADJ
cblr-8635	330	36	activists	activist	NOUN
cblr-8635	330	37	than	than	ADP
cblr-8635	330	38	the	the	DET
cblr-8635	330	39	hedge	hedge	NOUN
cblr-8635	330	40	funds	fund	NOUN
cblr-8635	330	41	.	.	PUNCT
cblr-8635	331	1	iii	iii	X
cblr-8635	331	2	.	.	PUNCT
cblr-8635	332	1	the	the	DET
cblr-8635	332	2	retail	retail	ADJ
cblr-8635	332	3	investor	investor	NOUN
cblr-8635	332	4	:	:	PUNCT
cblr-8635	332	5	the	the	DET
cblr-8635	332	6	relevance	relevance	NOUN
cblr-8635	332	7	of	of	ADP
cblr-8635	332	8	option	option	NOUN
cblr-8635	332	9	pricing	pricing	NOUN
cblr-8635	332	10	theory	theory	NOUN
cblr-8635	332	11	and	and	CCONJ
cblr-8635	332	12	common	common	ADJ
cblr-8635	332	13	ownership	ownership	NOUN
cblr-8635	332	14	two	two	NUM
cblr-8635	332	15	different	different	ADJ
cblr-8635	332	16	conflicts	conflict	NOUN
cblr-8635	332	17	are	be	AUX
cblr-8635	332	18	arising	arise	VERB
cblr-8635	332	19	between	between	ADP
cblr-8635	332	20	institutional	institutional	ADJ
cblr-8635	332	21	and	and	CCONJ
cblr-8635	332	22	retail	retail	ADJ
cblr-8635	332	23	shareholders	shareholder	NOUN
cblr-8635	332	24	,	,	PUNCT
cblr-8635	332	25	which	which	PRON
cblr-8635	332	26	have	have	AUX
cblr-8635	332	27	not	not	PART
cblr-8635	332	28	been	be	AUX
cblr-8635	332	29	recognized	recognize	VERB
cblr-8635	332	30	or	or	CCONJ
cblr-8635	332	31	addressed	address	VERB
cblr-8635	332	32	by	by	ADP
cblr-8635	332	33	existing	exist	VERB
cblr-8635	332	34	sec	sec	PROPN
cblr-8635	332	35	policy	policy	NOUN
cblr-8635	332	36	.	.	PUNCT
cblr-8635	333	1	a.	a.	NOUN
cblr-8635	333	2	activism	activism	NOUN
cblr-8635	333	3	and	and	CCONJ
cblr-8635	333	4	option	option	NOUN
cblr-8635	333	5	pricing	pricing	NOUN
cblr-8635	333	6	theory	theory	NOUN
cblr-8635	333	7	institutional	institutional	ADJ
cblr-8635	333	8	and	and	CCONJ
cblr-8635	333	9	individual	individual	ADJ
cblr-8635	333	10	investors	investor	NOUN
cblr-8635	333	11	recurrently	recurrently	ADV
cblr-8635	333	12	disagree	disagree	VERB
cblr-8635	333	13	over	over	ADP
cblr-8635	333	14	an	an	DET
cblr-8635	333	15	important	important	ADJ
cblr-8635	333	16	issue	issue	NOUN
cblr-8635	333	17	of	of	ADP
cblr-8635	333	18	business	business	NOUN
cblr-8635	333	19	policy	policy	NOUN
cblr-8635	333	20	.	.	PUNCT
cblr-8635	334	1	specifically	specifically	ADV
cblr-8635	334	2	,	,	PUNCT
cblr-8635	334	3	in	in	ADP
cblr-8635	334	4	short	short	ADJ
cblr-8635	334	5	,	,	PUNCT
cblr-8635	334	6	if	if	SCONJ
cblr-8635	334	7	reasonable	reasonable	ADJ
cblr-8635	334	8	investors	investor	NOUN
cblr-8635	334	9	generally	generally	ADV
cblr-8635	334	10	want	want	VERB
cblr-8635	334	11	the	the	DET
cblr-8635	334	12	information	information	NOUN
cblr-8635	334	13	,	,	PUNCT
cblr-8635	334	14	it	it	PRON
cblr-8635	334	15	becomes	become	VERB
cblr-8635	334	16	presumptively	presumptively	ADV
cblr-8635	334	17	material	material	NOUN
cblr-8635	334	18	.	.	PUNCT
cblr-8635	335	1	my	my	PRON
cblr-8635	335	2	premise	premise	NOUN
cblr-8635	335	3	here	here	ADV
cblr-8635	335	4	is	be	AUX
cblr-8635	335	5	only	only	ADV
cblr-8635	335	6	that	that	SCONJ
cblr-8635	335	7	mega	mega	ADJ
cblr-8635	335	8	-	-	ADJ
cblr-8635	335	9	sized	sized	ADJ
cblr-8635	335	10	institutional	institutional	ADJ
cblr-8635	335	11	investors	investor	NOUN
cblr-8635	335	12	(	(	PUNCT
cblr-8635	335	13	such	such	ADJ
cblr-8635	335	14	as	as	ADP
cblr-8635	335	15	the	the	DET
cblr-8635	335	16	big	big	ADJ
cblr-8635	335	17	three	three	NUM
cblr-8635	335	18	)	)	PUNCT
cblr-8635	335	19	are	be	AUX
cblr-8635	335	20	objectively	objectively	ADV
cblr-8635	335	21	reasonable	reasonable	ADJ
cblr-8635	335	22	.	.	PUNCT
cblr-8635	336	1	52	52	NUM
cblr-8635	336	2	see	see	NOUN
cblr-8635	336	3	infra	infra	NOUN
cblr-8635	336	4	section	section	NOUN
cblr-8635	336	5	iv.c	iv.c	VERB
cblr-8635	336	6	.	.	PUNCT
cblr-8635	337	1	53	53	NUM
cblr-8635	337	2	see	see	VERB
cblr-8635	337	3	ronald	ronald	PROPN
cblr-8635	337	4	j.	j.	PROPN
cblr-8635	337	5	gilson	gilson	PROPN
cblr-8635	337	6	&	&	CCONJ
cblr-8635	337	7	jeffrey	jeffrey	PROPN
cblr-8635	337	8	n.	n.	PROPN
cblr-8635	337	9	gordon	gordon	PROPN
cblr-8635	337	10	,	,	PUNCT
cblr-8635	337	11	the	the	DET
cblr-8635	337	12	agency	agency	NOUN
cblr-8635	337	13	cost	cost	NOUN
cblr-8635	337	14	of	of	ADP
cblr-8635	337	15	agency	agency	NOUN
cblr-8635	337	16	capitalism	capitalism	NOUN
cblr-8635	337	17	:	:	PUNCT
cblr-8635	337	18	activist	activist	ADJ
cblr-8635	337	19	investors	investor	NOUN
cblr-8635	337	20	and	and	CCONJ
cblr-8635	337	21	the	the	DET
cblr-8635	337	22	revaluation	revaluation	NOUN
cblr-8635	337	23	of	of	ADP
cblr-8635	337	24	governance	governance	NOUN
cblr-8635	337	25	rights	right	NOUN
cblr-8635	337	26	,	,	PUNCT
cblr-8635	337	27	113	113	NUM
cblr-8635	337	28	colum	colum	NOUN
cblr-8635	337	29	.	.	PUNCT
cblr-8635	338	1	l.	l.	PROPN
cblr-8635	338	2	rev	rev	PROPN
cblr-8635	338	3	.	.	PROPN
cblr-8635	338	4	863	863	NUM
cblr-8635	338	5	,	,	PUNCT
cblr-8635	338	6	895–96	895–96	NUM
cblr-8635	338	7	(	(	PUNCT
cblr-8635	338	8	2013	2013	NUM
cblr-8635	338	9	)	)	PUNCT
cblr-8635	338	10	(	(	PUNCT
cblr-8635	338	11	arguing	argue	VERB
cblr-8635	338	12	that	that	SCONJ
cblr-8635	338	13	“	"	PUNCT
cblr-8635	338	14	activists”—such	activists”—such	PROPN
cblr-8635	338	15	as	as	ADP
cblr-8635	338	16	hedge	hedge	NOUN
cblr-8635	338	17	funds	fund	NOUN
cblr-8635	338	18	—	—	PUNCT
cblr-8635	338	19	will	will	AUX
cblr-8635	338	20	research	research	VERB
cblr-8635	338	21	and	and	CCONJ
cblr-8635	338	22	frame	frame	NOUN
cblr-8635	338	23	issues	issue	NOUN
cblr-8635	338	24	,	,	PUNCT
cblr-8635	338	25	which	which	PRON
cblr-8635	338	26	index	index	NOUN
cblr-8635	338	27	firms	firm	NOUN
cblr-8635	338	28	will	will	AUX
cblr-8635	338	29	support	support	VERB
cblr-8635	338	30	without	without	ADP
cblr-8635	338	31	having	have	VERB
cblr-8635	338	32	to	to	PART
cblr-8635	338	33	expend	expend	VERB
cblr-8635	338	34	funds	fund	NOUN
cblr-8635	338	35	or	or	CCONJ
cblr-8635	338	36	effort	effort	NOUN
cblr-8635	338	37	)	)	PUNCT
cblr-8635	338	38	.	.	PUNCT
cblr-8635	339	1	coffee	coffee	PROPN
cblr-8635	339	2	8/20/2021	8/20/2021	NUM
cblr-8635	339	3	6:32	6:32	NUM
cblr-8635	339	4	pm	pm	NOUN
cblr-8635	339	5	no	no	INTJ
cblr-8635	339	6	.	.	PUNCT
cblr-8635	340	1	2:602	2:602	NUM
cblr-8635	340	2	]	]	X
cblr-8635	340	3	the	the	DET
cblr-8635	340	4	future	future	NOUN
cblr-8635	340	5	of	of	ADP
cblr-8635	340	6	disclosure	disclosure	NOUN
cblr-8635	340	7	623	623	NUM
cblr-8635	340	8	institutional	institutional	ADJ
cblr-8635	340	9	investors	investor	NOUN
cblr-8635	340	10	object	object	VERB
cblr-8635	340	11	to	to	ADP
cblr-8635	340	12	attempts	attempt	NOUN
cblr-8635	340	13	by	by	ADP
cblr-8635	340	14	the	the	DET
cblr-8635	340	15	corporate	corporate	ADJ
cblr-8635	340	16	issuer	issuer	NOUN
cblr-8635	340	17	to	to	PART
cblr-8635	340	18	diversify	diversify	VERB
cblr-8635	340	19	or	or	CCONJ
cblr-8635	340	20	to	to	PART
cblr-8635	340	21	hold	hold	VERB
cblr-8635	340	22	a	a	DET
cblr-8635	340	23	conglomerate	conglomerate	NOUN
cblr-8635	340	24	-	-	PUNCT
cblr-8635	340	25	like	like	ADJ
cblr-8635	340	26	portfolio	portfolio	NOUN
cblr-8635	340	27	of	of	ADP
cblr-8635	340	28	unrelated	unrelated	ADJ
cblr-8635	340	29	companies	company	NOUN
cblr-8635	340	30	in	in	ADP
cblr-8635	340	31	different	different	ADJ
cblr-8635	340	32	industries	industry	NOUN
cblr-8635	340	33	.	.	PUNCT
cblr-8635	341	1	both	both	PRON
cblr-8635	341	2	because	because	SCONJ
cblr-8635	341	3	the	the	DET
cblr-8635	341	4	institutional	institutional	ADJ
cblr-8635	341	5	investor	investor	NOUN
cblr-8635	341	6	can	can	AUX
cblr-8635	341	7	easily	easily	ADV
cblr-8635	341	8	diversify	diversify	VERB
cblr-8635	341	9	its	its	PRON
cblr-8635	341	10	own	own	ADJ
cblr-8635	341	11	holdings	holding	NOUN
cblr-8635	341	12	and	and	CCONJ
cblr-8635	341	13	because	because	SCONJ
cblr-8635	341	14	it	it	PRON
cblr-8635	341	15	is	be	AUX
cblr-8635	341	16	redundant	redundant	ADJ
cblr-8635	341	17	to	to	PART
cblr-8635	341	18	diversify	diversify	VERB
cblr-8635	341	19	on	on	ADP
cblr-8635	341	20	both	both	CCONJ
cblr-8635	341	21	the	the	DET
cblr-8635	341	22	investor	investor	NOUN
cblr-8635	341	23	and	and	CCONJ
cblr-8635	341	24	corporate	corporate	ADJ
cblr-8635	341	25	levels	level	NOUN
cblr-8635	341	26	,	,	PUNCT
cblr-8635	341	27	diversified	diversified	ADJ
cblr-8635	341	28	investors	investor	NOUN
cblr-8635	341	29	want	want	VERB
cblr-8635	341	30	to	to	PART
cblr-8635	341	31	streamline	streamline	VERB
cblr-8635	341	32	the	the	DET
cblr-8635	341	33	corporation	corporation	NOUN
cblr-8635	341	34	’s	’s	PART
cblr-8635	341	35	portfolio	portfolio	NOUN
cblr-8635	341	36	of	of	ADP
cblr-8635	341	37	investments	investment	NOUN
cblr-8635	341	38	and	and	CCONJ
cblr-8635	341	39	sell	sell	VERB
cblr-8635	341	40	or	or	CCONJ
cblr-8635	341	41	spin	spin	VERB
cblr-8635	341	42	off	off	ADP
cblr-8635	341	43	divisions	division	NOUN
cblr-8635	341	44	or	or	CCONJ
cblr-8635	341	45	subsidiaries	subsidiary	NOUN
cblr-8635	341	46	that	that	PRON
cblr-8635	341	47	are	be	AUX
cblr-8635	341	48	outside	outside	ADP
cblr-8635	341	49	the	the	DET
cblr-8635	341	50	corporation	corporation	NOUN
cblr-8635	341	51	’s	’s	PART
cblr-8635	341	52	core	core	NOUN
cblr-8635	341	53	line	line	NOUN
cblr-8635	341	54	of	of	ADP
cblr-8635	341	55	business	business	NOUN
cblr-8635	341	56	.	.	PUNCT
cblr-8635	342	1	from	from	ADP
cblr-8635	342	2	an	an	DET
cblr-8635	342	3	economic	economic	ADJ
cblr-8635	342	4	perspective	perspective	NOUN
cblr-8635	342	5	,	,	PUNCT
cblr-8635	342	6	only	only	ADV
cblr-8635	342	7	synergies	synergy	NOUN
cblr-8635	342	8	between	between	ADP
cblr-8635	342	9	divisions	division	NOUN
cblr-8635	342	10	can	can	AUX
cblr-8635	342	11	justify	justify	VERB
cblr-8635	342	12	a	a	DET
cblr-8635	342	13	corporation	corporation	NOUN
cblr-8635	342	14	in	in	ADP
cblr-8635	342	15	holding	hold	VERB
cblr-8635	342	16	investments	investment	NOUN
cblr-8635	342	17	in	in	ADP
cblr-8635	342	18	multiple	multiple	ADJ
cblr-8635	342	19	unrelated	unrelated	ADJ
cblr-8635	342	20	companies	company	NOUN
cblr-8635	342	21	.	.	PUNCT
cblr-8635	343	1	still	still	ADV
cblr-8635	343	2	,	,	PUNCT
cblr-8635	343	3	many	many	ADJ
cblr-8635	343	4	individual	individual	ADJ
cblr-8635	343	5	investors	investor	NOUN
cblr-8635	343	6	do	do	AUX
cblr-8635	343	7	not	not	PART
cblr-8635	343	8	diversify54	diversify54	VERB
cblr-8635	343	9	and	and	CCONJ
cblr-8635	343	10	therefore	therefore	ADV
cblr-8635	343	11	do	do	AUX
cblr-8635	343	12	not	not	PART
cblr-8635	343	13	share	share	VERB
cblr-8635	343	14	this	this	DET
cblr-8635	343	15	policy	policy	NOUN
cblr-8635	343	16	preference	preference	NOUN
cblr-8635	343	17	.	.	PUNCT
cblr-8635	344	1	why	why	SCONJ
cblr-8635	344	2	do	do	AUX
cblr-8635	344	3	they	they	PRON
cblr-8635	344	4	not	not	PART
cblr-8635	344	5	diversify	diversify	VERB
cblr-8635	344	6	?	?	PUNCT
cblr-8635	345	1	this	this	PRON
cblr-8635	345	2	presents	present	VERB
cblr-8635	345	3	something	something	PRON
cblr-8635	345	4	of	of	ADP
cblr-8635	345	5	a	a	DET
cblr-8635	345	6	mystery	mystery	NOUN
cblr-8635	345	7	,	,	PUNCT
cblr-8635	345	8	but	but	CCONJ
cblr-8635	345	9	many	many	ADJ
cblr-8635	345	10	investors	investor	NOUN
cblr-8635	345	11	may	may	AUX
cblr-8635	345	12	lack	lack	VERB
cblr-8635	345	13	adequate	adequate	ADJ
cblr-8635	345	14	resources	resource	NOUN
cblr-8635	345	15	or	or	CCONJ
cblr-8635	345	16	may	may	AUX
cblr-8635	345	17	prefer	prefer	VERB
cblr-8635	345	18	higher	high	ADJ
cblr-8635	345	19	risk	risk	NOUN
cblr-8635	345	20	,	,	PUNCT
cblr-8635	345	21	or	or	CCONJ
cblr-8635	345	22	their	their	PRON
cblr-8635	345	23	failure	failure	NOUN
cblr-8635	345	24	may	may	AUX
cblr-8635	345	25	be	be	AUX
cblr-8635	345	26	the	the	DET
cblr-8635	345	27	product	product	NOUN
cblr-8635	345	28	of	of	ADP
cblr-8635	345	29	simple	simple	ADJ
cblr-8635	345	30	ignorance	ignorance	NOUN
cblr-8635	345	31	.	.	PUNCT
cblr-8635	346	1	as	as	ADP
cblr-8635	346	2	a	a	DET
cblr-8635	346	3	result	result	NOUN
cblr-8635	346	4	,	,	PUNCT
cblr-8635	346	5	such	such	ADJ
cblr-8635	346	6	undiversified	undiversified	ADJ
cblr-8635	346	7	individual	individual	ADJ
cblr-8635	346	8	investors	investor	NOUN
cblr-8635	346	9	logically	logically	ADV
cblr-8635	346	10	benefit	benefit	VERB
cblr-8635	346	11	from	from	ADP
cblr-8635	346	12	corporate	corporate	ADJ
cblr-8635	346	13	diversification	diversification	NOUN
cblr-8635	346	14	,	,	PUNCT
cblr-8635	346	15	as	as	SCONJ
cblr-8635	346	16	it	it	PRON
cblr-8635	346	17	reduces	reduce	VERB
cblr-8635	346	18	the	the	DET
cblr-8635	346	19	risk	risk	NOUN
cblr-8635	346	20	of	of	ADP
cblr-8635	346	21	the	the	DET
cblr-8635	346	22	investments	investment	NOUN
cblr-8635	346	23	they	they	PRON
cblr-8635	346	24	hold	hold	VERB
cblr-8635	346	25	.	.	PUNCT
cblr-8635	347	1	today	today	NOUN
cblr-8635	347	2	,	,	PUNCT
cblr-8635	347	3	activist	activist	ADJ
cblr-8635	347	4	hedge	hedge	NOUN
cblr-8635	347	5	funds	fund	NOUN
cblr-8635	347	6	regularly	regularly	ADV
cblr-8635	347	7	“	"	PUNCT
cblr-8635	347	8	engage	engage	VERB
cblr-8635	347	9	”	"	PUNCT
cblr-8635	347	10	target	target	NOUN
cblr-8635	347	11	corporations	corporation	NOUN
cblr-8635	347	12	,	,	PUNCT
cblr-8635	347	13	buying	buy	VERB
cblr-8635	347	14	a	a	DET
cblr-8635	347	15	five	five	NUM
cblr-8635	347	16	percent	percent	NOUN
cblr-8635	347	17	or	or	CCONJ
cblr-8635	347	18	slightly	slightly	ADV
cblr-8635	347	19	greater	great	ADJ
cblr-8635	347	20	stake	stake	NOUN
cblr-8635	347	21	and	and	CCONJ
cblr-8635	347	22	then	then	ADV
cblr-8635	347	23	seeking	seek	VERB
cblr-8635	347	24	to	to	PART
cblr-8635	347	25	pressure	pressure	VERB
cblr-8635	347	26	the	the	DET
cblr-8635	347	27	target	target	NOUN
cblr-8635	347	28	into	into	ADP
cblr-8635	347	29	reducing	reduce	VERB
cblr-8635	347	30	its	its	PRON
cblr-8635	347	31	degree	degree	NOUN
cblr-8635	347	32	of	of	ADP
cblr-8635	347	33	diversification	diversification	NOUN
cblr-8635	347	34	(	(	PUNCT
cblr-8635	347	35	and	and	CCONJ
cblr-8635	347	36	simultaneously	simultaneously	ADV
cblr-8635	347	37	increasing	increase	VERB
cblr-8635	347	38	leverage	leverage	NOUN
cblr-8635	347	39	,	,	PUNCT
cblr-8635	347	40	often	often	ADV
cblr-8635	347	41	through	through	ADP
cblr-8635	347	42	stock	stock	NOUN
cblr-8635	347	43	buybacks).55	buybacks).55	NOUN
cblr-8635	347	44	generally	generally	ADV
cblr-8635	347	45	,	,	PUNCT
cblr-8635	347	46	these	these	DET
cblr-8635	347	47	campaigns	campaign	NOUN
cblr-8635	347	48	produce	produce	VERB
cblr-8635	347	49	an	an	DET
cblr-8635	347	50	immediate	immediate	ADJ
cblr-8635	347	51	positive	positive	ADJ
cblr-8635	347	52	stock	stock	NOUN
cblr-8635	347	53	market	market	NOUN
cblr-8635	347	54	reaction	reaction	NOUN
cblr-8635	347	55	when	when	SCONJ
cblr-8635	347	56	the	the	DET
cblr-8635	347	57	activist	activist	ADJ
cblr-8635	347	58	hedge	hedge	NOUN
cblr-8635	347	59	fund	fund	NOUN
cblr-8635	347	60	crosses	cross	VERB
cblr-8635	347	61	the	the	DET
cblr-8635	347	62	five	five	NUM
cblr-8635	347	63	percent	percent	NOUN
cblr-8635	347	64	ownership	ownership	NOUN
cblr-8635	347	65	threshold	threshold	NOUN
cblr-8635	347	66	and	and	CCONJ
cblr-8635	347	67	files	file	VERB
cblr-8635	347	68	the	the	DET
cblr-8635	347	69	mandatory	mandatory	ADJ
cblr-8635	347	70	schedule	schedule	NOUN
cblr-8635	347	71	13d	13d	NOUN
cblr-8635	347	72	(	(	PUNCT
cblr-8635	347	73	which	which	PRON
cblr-8635	347	74	typically	typically	ADV
cblr-8635	347	75	announces	announce	VERB
cblr-8635	347	76	both	both	DET
cblr-8635	347	77	its	its	PRON
cblr-8635	347	78	ownership	ownership	NOUN
cblr-8635	347	79	position	position	NOUN
cblr-8635	347	80	and	and	CCONJ
cblr-8635	347	81	its	its	PRON
cblr-8635	347	82	proposed	propose	VERB
cblr-8635	347	83	plans	plan	NOUN
cblr-8635	347	84	to	to	PART
cblr-8635	347	85	reduce	reduce	VERB
cblr-8635	347	86	diversification	diversification	NOUN
cblr-8635	347	87	and	and	CCONJ
cblr-8635	347	88	increase	increase	VERB
cblr-8635	347	89	leverage).56	leverage).56	NOUN
cblr-8635	347	90	although	although	SCONJ
cblr-8635	347	91	this	this	DET
cblr-8635	347	92	54	54	NUM
cblr-8635	347	93	see	see	VERB
cblr-8635	347	94	brad	brad	PROPN
cblr-8635	347	95	m.	m.	PROPN
cblr-8635	347	96	barber	barber	PROPN
cblr-8635	347	97	&	&	CCONJ
cblr-8635	347	98	terrance	terrance	PROPN
cblr-8635	347	99	odean	odean	PROPN
cblr-8635	347	100	,	,	PUNCT
cblr-8635	347	101	the	the	DET
cblr-8635	347	102	behavior	behavior	NOUN
cblr-8635	347	103	of	of	ADP
cblr-8635	347	104	individual	individual	ADJ
cblr-8635	347	105	investors	investor	NOUN
cblr-8635	347	106	,	,	PUNCT
cblr-8635	347	107	in	in	ADP
cblr-8635	347	108	2b	2b	NUM
cblr-8635	347	109	handbook	handbook	NOUN
cblr-8635	347	110	of	of	ADP
cblr-8635	347	111	the	the	DET
cblr-8635	347	112	economics	economic	NOUN
cblr-8635	347	113	of	of	ADP
cblr-8635	347	114	finance	finance	NOUN
cblr-8635	347	115	1533	1533	NUM
cblr-8635	347	116	,	,	PUNCT
cblr-8635	347	117	1560–62	1560–62	NUM
cblr-8635	347	118	(	(	PUNCT
cblr-8635	347	119	george	george	PROPN
cblr-8635	347	120	m.	m.	PROPN
cblr-8635	347	121	constantinides	constantinide	VERB
cblr-8635	347	122	et	et	PROPN
cblr-8635	347	123	al	al	PROPN
cblr-8635	347	124	.	.	PUNCT
cblr-8635	348	1	eds	eds	PROPN
cblr-8635	348	2	.	.	PROPN
cblr-8635	348	3	,	,	PUNCT
cblr-8635	348	4	2013	2013	NUM
cblr-8635	348	5	)	)	PUNCT
cblr-8635	348	6	.	.	PUNCT
cblr-8635	349	1	55	55	NUM
cblr-8635	349	2	for	for	ADP
cblr-8635	349	3	a	a	DET
cblr-8635	349	4	detailed	detailed	ADJ
cblr-8635	349	5	discussion	discussion	NOUN
cblr-8635	349	6	of	of	ADP
cblr-8635	349	7	this	this	DET
cblr-8635	349	8	pattern	pattern	NOUN
cblr-8635	349	9	,	,	PUNCT
cblr-8635	349	10	see	see	VERB
cblr-8635	349	11	generally	generally	ADV
cblr-8635	349	12	john	john	PROPN
cblr-8635	349	13	c.	c.	PROPN
cblr-8635	349	14	coffee	coffee	PROPN
cblr-8635	349	15	,	,	PUNCT
cblr-8635	349	16	jr	jr	PROPN
cblr-8635	349	17	.	.	PROPN
cblr-8635	349	18	&	&	CCONJ
cblr-8635	349	19	darius	darius	PROPN
cblr-8635	349	20	palia	palia	PROPN
cblr-8635	349	21	,	,	PUNCT
cblr-8635	349	22	the	the	DET
cblr-8635	349	23	wolf	wolf	NOUN
cblr-8635	349	24	at	at	ADP
cblr-8635	349	25	the	the	DET
cblr-8635	349	26	door	door	NOUN
cblr-8635	349	27	:	:	PUNCT
cblr-8635	349	28	the	the	DET
cblr-8635	349	29	impact	impact	NOUN
cblr-8635	349	30	of	of	ADP
cblr-8635	349	31	hedge	hedge	NOUN
cblr-8635	349	32	fund	fund	NOUN
cblr-8635	349	33	activism	activism	NOUN
cblr-8635	349	34	on	on	ADP
cblr-8635	349	35	corporate	corporate	ADJ
cblr-8635	349	36	governance	governance	NOUN
cblr-8635	349	37	,	,	PUNCT
cblr-8635	349	38	41	41	NUM
cblr-8635	349	39	j.	j.	PROPN
cblr-8635	349	40	corp	corp	PROPN
cblr-8635	349	41	.	.	PROPN
cblr-8635	349	42	l.	l.	PROPN
cblr-8635	349	43	545	545	NUM
cblr-8635	349	44	(	(	PUNCT
cblr-8635	349	45	2016	2016	NUM
cblr-8635	349	46	)	)	PUNCT
cblr-8635	349	47	.	.	PUNCT
cblr-8635	350	1	56	56	NUM
cblr-8635	350	2	although	although	SCONJ
cblr-8635	350	3	an	an	DET
cblr-8635	350	4	intense	intense	ADJ
cblr-8635	350	5	debate	debate	NOUN
cblr-8635	350	6	continues	continue	VERB
cblr-8635	350	7	over	over	ADP
cblr-8635	350	8	the	the	DET
cblr-8635	350	9	long	long	ADJ
cblr-8635	350	10	-	-	PUNCT
cblr-8635	350	11	term	term	NOUN
cblr-8635	350	12	impact	impact	NOUN
cblr-8635	350	13	of	of	ADP
cblr-8635	350	14	hedge	hedge	NOUN
cblr-8635	350	15	fund	fund	NOUN
cblr-8635	350	16	activism	activism	NOUN
cblr-8635	350	17	,	,	PUNCT
cblr-8635	350	18	a	a	DET
cblr-8635	350	19	consensus	consensus	NOUN
cblr-8635	350	20	exists	exist	VERB
cblr-8635	350	21	that	that	SCONJ
cblr-8635	350	22	the	the	DET
cblr-8635	350	23	filing	filing	NOUN
cblr-8635	350	24	with	with	ADP
cblr-8635	350	25	the	the	DET
cblr-8635	350	26	sec	sec	PROPN
cblr-8635	350	27	(	(	PUNCT
cblr-8635	350	28	usually	usually	ADV
cblr-8635	350	29	on	on	ADP
cblr-8635	350	30	schedule	schedule	NOUN
cblr-8635	350	31	13d	13d	NOUN
cblr-8635	350	32	)	)	PUNCT
cblr-8635	350	33	of	of	ADP
cblr-8635	350	34	a	a	DET
cblr-8635	350	35	disclosure	disclosure	NOUN
cblr-8635	350	36	announcing	announce	VERB
cblr-8635	350	37	that	that	SCONJ
cblr-8635	350	38	the	the	DET
cblr-8635	350	39	activist	activist	NOUN
cblr-8635	350	40	has	have	AUX
cblr-8635	350	41	taken	take	VERB
cblr-8635	350	42	a	a	DET
cblr-8635	350	43	five	five	NUM
cblr-8635	350	44	percent	percent	NOUN
cblr-8635	350	45	(	(	PUNCT
cblr-8635	350	46	or	or	CCONJ
cblr-8635	350	47	greater	great	ADJ
cblr-8635	350	48	)	)	PUNCT
cblr-8635	350	49	position	position	NOUN
cblr-8635	350	50	in	in	ADP
cblr-8635	350	51	the	the	DET
cblr-8635	350	52	stock	stock	NOUN
cblr-8635	350	53	of	of	ADP
cblr-8635	350	54	a	a	DET
cblr-8635	350	55	publicly	publicly	ADV
cblr-8635	350	56	held	hold	VERB
cblr-8635	350	57	company	company	NOUN
cblr-8635	350	58	is	be	AUX
cblr-8635	350	59	associated	associate	VERB
cblr-8635	350	60	with	with	ADP
cblr-8635	350	61	a	a	DET
cblr-8635	350	62	positive	positive	ADJ
cblr-8635	350	63	abnormal	abnormal	ADJ
cblr-8635	350	64	stock	stock	NOUN
cblr-8635	350	65	return	return	NOUN
cblr-8635	350	66	.	.	PUNCT
cblr-8635	351	1	see	see	VERB
cblr-8635	351	2	alon	alon	PROPN
cblr-8635	351	3	brav	brav	PROPN
cblr-8635	351	4	et	et	PROPN
cblr-8635	351	5	al	al	PROPN
cblr-8635	351	6	.	.	PROPN
cblr-8635	351	7	,	,	PUNCT
cblr-8635	351	8	coffee	coffee	PROPN
cblr-8635	351	9	8/20/2021	8/20/2021	NUM
cblr-8635	351	10	6:32	6:32	NUM
cblr-8635	351	11	pm	pm	PROPN
cblr-8635	351	12	624	624	NUM
cblr-8635	351	13	columbia	columbia	PROPN
cblr-8635	351	14	business	business	NOUN
cblr-8635	351	15	law	law	NOUN
cblr-8635	351	16	review	review	NOUN
cblr-8635	352	1	[	[	X
cblr-8635	352	2	vol	vol	NOUN
cblr-8635	352	3	.	.	NOUN
cblr-8635	352	4	2021	2021	NUM
cblr-8635	352	5	stock	stock	NOUN
cblr-8635	352	6	price	price	NOUN
cblr-8635	352	7	reaction	reaction	NOUN
cblr-8635	352	8	suggests	suggest	VERB
cblr-8635	352	9	that	that	SCONJ
cblr-8635	352	10	shareholders	shareholder	NOUN
cblr-8635	352	11	as	as	ADP
cblr-8635	352	12	a	a	DET
cblr-8635	352	13	group	group	NOUN
cblr-8635	352	14	are	be	AUX
cblr-8635	352	15	made	make	VERB
cblr-8635	352	16	better	well	ADJ
cblr-8635	352	17	off	off	ADP
cblr-8635	352	18	by	by	ADP
cblr-8635	352	19	these	these	DET
cblr-8635	352	20	campaigns	campaign	NOUN
cblr-8635	352	21	,	,	PUNCT
cblr-8635	352	22	undiversified	undiversified	ADJ
cblr-8635	352	23	investors	investor	NOUN
cblr-8635	352	24	may	may	AUX
cblr-8635	352	25	still	still	ADV
cblr-8635	352	26	be	be	AUX
cblr-8635	352	27	made	make	VERB
cblr-8635	352	28	worse	bad	ADJ
cblr-8635	352	29	off	off	ADP
cblr-8635	352	30	.	.	PUNCT
cblr-8635	353	1	as	as	SCONJ
cblr-8635	353	2	“	"	PUNCT
cblr-8635	353	3	buy	buy	VERB
cblr-8635	353	4	and	and	CCONJ
cblr-8635	353	5	hold	hold	VERB
cblr-8635	353	6	”	"	PUNCT
cblr-8635	353	7	investors,57	investors,57	NOUN
cblr-8635	353	8	individual	individual	ADJ
cblr-8635	353	9	retail	retail	ADJ
cblr-8635	353	10	investors	investor	NOUN
cblr-8635	353	11	are	be	AUX
cblr-8635	353	12	unlikely	unlikely	ADJ
cblr-8635	353	13	to	to	PART
cblr-8635	353	14	sell	sell	VERB
cblr-8635	353	15	and	and	CCONJ
cblr-8635	353	16	probably	probably	ADV
cblr-8635	353	17	will	will	AUX
cblr-8635	353	18	continue	continue	VERB
cblr-8635	353	19	to	to	PART
cblr-8635	353	20	hold	hold	VERB
cblr-8635	353	21	stocks	stock	NOUN
cblr-8635	353	22	that	that	PRON
cblr-8635	353	23	are	be	AUX
cblr-8635	353	24	now	now	ADV
cblr-8635	353	25	subject	subject	ADJ
cblr-8635	353	26	to	to	ADP
cblr-8635	353	27	higher	high	ADJ
cblr-8635	353	28	risk	risk	NOUN
cblr-8635	353	29	at	at	ADP
cblr-8635	353	30	the	the	DET
cblr-8635	353	31	corporate	corporate	ADJ
cblr-8635	353	32	level	level	NOUN
cblr-8635	353	33	because	because	SCONJ
cblr-8635	353	34	of	of	ADP
cblr-8635	353	35	reduced	reduced	ADJ
cblr-8635	353	36	diversification	diversification	NOUN
cblr-8635	353	37	.	.	PUNCT
cblr-8635	354	1	does	do	AUX
cblr-8635	354	2	the	the	DET
cblr-8635	354	3	increase	increase	NOUN
cblr-8635	354	4	in	in	ADP
cblr-8635	354	5	expected	expected	ADJ
cblr-8635	354	6	return	return	NOUN
cblr-8635	354	7	justify	justify	VERB
cblr-8635	354	8	this	this	DET
cblr-8635	354	9	increased	increase	VERB
cblr-8635	354	10	risk	risk	NOUN
cblr-8635	354	11	?	?	PUNCT
cblr-8635	355	1	no	no	DET
cblr-8635	355	2	simple	simple	ADJ
cblr-8635	355	3	conclusion	conclusion	NOUN
cblr-8635	355	4	is	be	AUX
cblr-8635	355	5	warranted	warrant	VERB
cblr-8635	355	6	here.58	here.58	PROPN
cblr-8635	355	7	because	because	SCONJ
cblr-8635	355	8	the	the	DET
cblr-8635	355	9	capm	capm	PROPN
cblr-8635	355	10	assumes	assume	VERB
cblr-8635	355	11	that	that	SCONJ
cblr-8635	355	12	the	the	DET
cblr-8635	355	13	market	market	NOUN
cblr-8635	355	14	price	price	NOUN
cblr-8635	355	15	of	of	ADP
cblr-8635	355	16	a	a	DET
cblr-8635	355	17	widely	widely	ADV
cblr-8635	355	18	traded	trade	VERB
cblr-8635	355	19	stock	stock	NOUN
cblr-8635	355	20	is	be	AUX
cblr-8635	355	21	determined	determine	VERB
cblr-8635	355	22	by	by	ADP
cblr-8635	355	23	the	the	DET
cblr-8635	355	24	interaction	interaction	NOUN
cblr-8635	355	25	of	of	ADP
cblr-8635	355	26	large	large	ADJ
cblr-8635	355	27	,	,	PUNCT
cblr-8635	355	28	fully	fully	ADV
cblr-8635	355	29	diversified	diversify	VERB
cblr-8635	355	30	institutional	institutional	ADJ
cblr-8635	355	31	investors,59	investors,59	NOUN
cblr-8635	355	32	the	the	DET
cblr-8635	355	33	small	small	ADJ
cblr-8635	355	34	retail	retail	ADJ
cblr-8635	355	35	investor	investor	NOUN
cblr-8635	355	36	will	will	AUX
cblr-8635	355	37	not	not	PART
cblr-8635	355	38	have	have	VERB
cblr-8635	355	39	much	much	ADJ
cblr-8635	355	40	impact	impact	NOUN
cblr-8635	355	41	on	on	ADP
cblr-8635	355	42	the	the	DET
cblr-8635	355	43	stock	stock	NOUN
cblr-8635	355	44	price	price	NOUN
cblr-8635	355	45	(	(	PUNCT
cblr-8635	355	46	even	even	ADV
cblr-8635	355	47	if	if	SCONJ
cblr-8635	355	48	some	some	DET
cblr-8635	355	49	such	such	ADJ
cblr-8635	355	50	investors	investor	NOUN
cblr-8635	355	51	do	do	AUX
cblr-8635	355	52	sell	sell	VERB
cblr-8635	355	53	)	)	PUNCT
cblr-8635	355	54	.	.	PUNCT
cblr-8635	356	1	because	because	SCONJ
cblr-8635	356	2	the	the	DET
cblr-8635	356	3	stock	stock	NOUN
cblr-8635	356	4	price	price	NOUN
cblr-8635	356	5	is	be	AUX
cblr-8635	356	6	thus	thus	ADV
cblr-8635	356	7	unlikely	unlikely	ADJ
cblr-8635	356	8	to	to	PART
cblr-8635	356	9	decline	decline	VERB
cblr-8635	356	10	(	(	PUNCT
cblr-8635	356	11	as	as	SCONJ
cblr-8635	356	12	institutional	institutional	ADJ
cblr-8635	356	13	investors	investor	NOUN
cblr-8635	356	14	are	be	AUX
cblr-8635	356	15	happy	happy	ADJ
cblr-8635	356	16	with	with	ADP
cblr-8635	356	17	this	this	DET
cblr-8635	356	18	new	new	ADJ
cblr-8635	356	19	trade	trade	NOUN
cblr-8635	356	20	-	-	PUNCT
cblr-8635	356	21	off	off	NOUN
cblr-8635	356	22	of	of	ADP
cblr-8635	356	23	risk	risk	NOUN
cblr-8635	356	24	and	and	CCONJ
cblr-8635	356	25	return	return	NOUN
cblr-8635	356	26	)	)	PUNCT
cblr-8635	356	27	,	,	PUNCT
cblr-8635	356	28	these	these	DET
cblr-8635	356	29	individual	individual	ADJ
cblr-8635	356	30	investors	investor	NOUN
cblr-8635	356	31	need	need	VERB
cblr-8635	356	32	disclosure	disclosure	NOUN
cblr-8635	356	33	that	that	PRON
cblr-8635	356	34	makes	make	VERB
cblr-8635	356	35	clear	clear	ADJ
cblr-8635	356	36	to	to	ADP
cblr-8635	356	37	them	they	PRON
cblr-8635	356	38	that	that	SCONJ
cblr-8635	356	39	they	they	PRON
cblr-8635	356	40	may	may	AUX
cblr-8635	356	41	now	now	ADV
cblr-8635	356	42	be	be	AUX
cblr-8635	356	43	subject	subject	ADJ
cblr-8635	356	44	to	to	ADP
cblr-8635	356	45	greater	great	ADJ
cblr-8635	356	46	risk	risk	NOUN
cblr-8635	356	47	.	.	PUNCT
cblr-8635	357	1	arguably	arguably	ADV
cblr-8635	357	2	,	,	PUNCT
cblr-8635	357	3	if	if	SCONJ
cblr-8635	357	4	the	the	DET
cblr-8635	357	5	sec	sec	PROPN
cblr-8635	357	6	continues	continue	VERB
cblr-8635	357	7	its	its	PRON
cblr-8635	357	8	traditional	traditional	ADJ
cblr-8635	357	9	policy	policy	NOUN
cblr-8635	357	10	of	of	ADP
cblr-8635	357	11	protecting	protect	VERB
cblr-8635	357	12	retail	retail	ADJ
cblr-8635	357	13	investors	investor	NOUN
cblr-8635	357	14	,	,	PUNCT
cblr-8635	357	15	the	the	DET
cblr-8635	357	16	sec	sec	PROPN
cblr-8635	357	17	should	should	AUX
cblr-8635	357	18	mandate	mandate	VERB
cblr-8635	357	19	disclosures	disclosure	NOUN
cblr-8635	357	20	that	that	PRON
cblr-8635	357	21	warn	warn	VERB
cblr-8635	357	22	these	these	DET
cblr-8635	357	23	investors	investor	NOUN
cblr-8635	357	24	of	of	ADP
cblr-8635	357	25	this	this	DET
cblr-8635	357	26	increased	increase	VERB
cblr-8635	357	27	risk	risk	NOUN
cblr-8635	357	28	.	.	PUNCT
cblr-8635	358	1	effectively	effectively	ADV
cblr-8635	358	2	,	,	PUNCT
cblr-8635	358	3	the	the	DET
cblr-8635	358	4	sec	sec	PROPN
cblr-8635	358	5	should	should	AUX
cblr-8635	358	6	use	use	VERB
cblr-8635	358	7	this	this	DET
cblr-8635	358	8	opportunity	opportunity	NOUN
cblr-8635	358	9	to	to	PART
cblr-8635	358	10	prod	prod	VERB
cblr-8635	358	11	investors	investor	NOUN
cblr-8635	358	12	toward	toward	ADP
cblr-8635	358	13	greater	great	ADJ
cblr-8635	358	14	diversification	diversification	NOUN
cblr-8635	358	15	.	.	PUNCT
cblr-8635	359	1	hedge	hedge	NOUN
cblr-8635	359	2	fund	fund	PROPN
cblr-8635	359	3	activism	activism	NOUN
cblr-8635	359	4	,	,	PUNCT
cblr-8635	359	5	corporate	corporate	ADJ
cblr-8635	359	6	governance	governance	NOUN
cblr-8635	359	7	,	,	PUNCT
cblr-8635	359	8	and	and	CCONJ
cblr-8635	359	9	firm	firm	ADJ
cblr-8635	359	10	performance	performance	NOUN
cblr-8635	359	11	,	,	PUNCT
cblr-8635	359	12	63	63	NUM
cblr-8635	359	13	j.	j.	PROPN
cblr-8635	359	14	fin	fin	PROPN
cblr-8635	359	15	.	.	PUNCT
cblr-8635	360	1	1729	1729	NUM
cblr-8635	360	2	,	,	PUNCT
cblr-8635	360	3	1736–37	1736–37	NUM
cblr-8635	360	4	,	,	PUNCT
cblr-8635	360	5	1756–60	1756–60	PROPN
cblr-8635	360	6	(	(	PUNCT
cblr-8635	360	7	2008	2008	NUM
cblr-8635	360	8	)	)	PUNCT
cblr-8635	360	9	.	.	PUNCT
cblr-8635	361	1	beyond	beyond	ADP
cblr-8635	361	2	that	that	DET
cblr-8635	361	3	point	point	NOUN
cblr-8635	361	4	,	,	PUNCT
cblr-8635	361	5	empirical	empirical	ADJ
cblr-8635	361	6	conclusions	conclusion	NOUN
cblr-8635	361	7	are	be	AUX
cblr-8635	361	8	contested	contest	VERB
cblr-8635	361	9	.	.	PUNCT
cblr-8635	362	1	57	57	NUM
cblr-8635	362	2	retail	retail	ADJ
cblr-8635	362	3	investors	investor	NOUN
cblr-8635	362	4	tend	tend	VERB
cblr-8635	362	5	to	to	PART
cblr-8635	362	6	be	be	AUX
cblr-8635	362	7	“	"	PUNCT
cblr-8635	362	8	buy	buy	VERB
cblr-8635	362	9	and	and	CCONJ
cblr-8635	362	10	hold	hold	VERB
cblr-8635	362	11	”	"	PUNCT
cblr-8635	362	12	investors	investor	NOUN
cblr-8635	362	13	(	(	PUNCT
cblr-8635	362	14	who	who	PRON
cblr-8635	362	15	do	do	AUX
cblr-8635	362	16	not	not	PART
cblr-8635	362	17	trade	trade	VERB
cblr-8635	362	18	actively	actively	ADV
cblr-8635	362	19	)	)	PUNCT
cblr-8635	362	20	,	,	PUNCT
cblr-8635	362	21	john	john	PROPN
cblr-8635	362	22	c.	c.	PROPN
cblr-8635	362	23	coffee	coffee	PROPN
cblr-8635	362	24	,	,	PUNCT
cblr-8635	362	25	jr	jr	PROPN
cblr-8635	362	26	.	.	PROPN
cblr-8635	362	27	,	,	PUNCT
cblr-8635	362	28	reforming	reform	VERB
cblr-8635	362	29	the	the	DET
cblr-8635	362	30	securities	security	NOUN
cblr-8635	362	31	class	class	NOUN
cblr-8635	362	32	action	action	NOUN
cblr-8635	362	33	:	:	PUNCT
cblr-8635	362	34	an	an	DET
cblr-8635	362	35	essay	essay	NOUN
cblr-8635	362	36	on	on	ADP
cblr-8635	362	37	deterrence	deterrence	NOUN
cblr-8635	362	38	and	and	CCONJ
cblr-8635	362	39	its	its	PRON
cblr-8635	362	40	implementation	implementation	NOUN
cblr-8635	362	41	,	,	PUNCT
cblr-8635	362	42	106	106	NUM
cblr-8635	362	43	colum	colum	NOUN
cblr-8635	362	44	.	.	PUNCT
cblr-8635	363	1	l.	l.	PROPN
cblr-8635	363	2	rev	rev	PROPN
cblr-8635	363	3	.	.	PROPN
cblr-8635	363	4	1534	1534	NUM
cblr-8635	363	5	,	,	PUNCT
cblr-8635	363	6	1559	1559	NUM
cblr-8635	363	7	(	(	PUNCT
cblr-8635	363	8	2006	2006	NUM
cblr-8635	363	9	)	)	PUNCT
cblr-8635	363	10	,	,	PUNCT
cblr-8635	363	11	probably	probably	ADV
cblr-8635	363	12	because	because	SCONJ
cblr-8635	363	13	they	they	PRON
cblr-8635	363	14	face	face	VERB
cblr-8635	363	15	higher	high	ADJ
cblr-8635	363	16	trading	trading	NOUN
cblr-8635	363	17	costs	cost	NOUN
cblr-8635	363	18	than	than	ADP
cblr-8635	363	19	institutional	institutional	ADJ
cblr-8635	363	20	investors	investor	NOUN
cblr-8635	363	21	who	who	PRON
cblr-8635	363	22	,	,	PUNCT
cblr-8635	363	23	because	because	SCONJ
cblr-8635	363	24	they	they	PRON
cblr-8635	363	25	trade	trade	VERB
cblr-8635	363	26	in	in	ADP
cblr-8635	363	27	volume	volume	NOUN
cblr-8635	363	28	,	,	PUNCT
cblr-8635	363	29	receive	receive	VERB
cblr-8635	363	30	quantity	quantity	NOUN
cblr-8635	363	31	discounts	discount	NOUN
cblr-8635	363	32	.	.	PUNCT
cblr-8635	364	1	58	58	NUM
cblr-8635	364	2	the	the	DET
cblr-8635	364	3	taste	taste	NOUN
cblr-8635	364	4	for	for	ADP
cblr-8635	364	5	risk	risk	NOUN
cblr-8635	364	6	is	be	AUX
cblr-8635	364	7	subjective	subjective	ADJ
cblr-8635	364	8	and	and	CCONJ
cblr-8635	364	9	individuals	individual	NOUN
cblr-8635	364	10	differ	differ	VERB
cblr-8635	364	11	.	.	PUNCT
cblr-8635	365	1	thus	thus	ADV
cblr-8635	365	2	,	,	PUNCT
cblr-8635	365	3	although	although	SCONJ
cblr-8635	365	4	a	a	DET
cblr-8635	365	5	hypothetical	hypothetical	ADJ
cblr-8635	365	6	five	five	NUM
cblr-8635	365	7	percent	percent	NOUN
cblr-8635	365	8	stock	stock	NOUN
cblr-8635	365	9	market	market	NOUN
cblr-8635	365	10	gain	gain	NOUN
cblr-8635	365	11	might	might	AUX
cblr-8635	365	12	induce	induce	VERB
cblr-8635	365	13	some	some	PRON
cblr-8635	365	14	(	(	PUNCT
cblr-8635	365	15	or	or	CCONJ
cblr-8635	365	16	even	even	ADV
cblr-8635	365	17	most	most	ADJ
cblr-8635	365	18	)	)	PUNCT
cblr-8635	365	19	investors	investor	NOUN
cblr-8635	365	20	to	to	PART
cblr-8635	365	21	accept	accept	VERB
cblr-8635	365	22	the	the	DET
cblr-8635	365	23	increased	increase	VERB
cblr-8635	365	24	risk	risk	NOUN
cblr-8635	365	25	associated	associate	VERB
cblr-8635	365	26	with	with	ADP
cblr-8635	365	27	increased	increase	VERB
cblr-8635	365	28	leverage	leverage	NOUN
cblr-8635	365	29	or	or	CCONJ
cblr-8635	365	30	reduced	reduced	ADJ
cblr-8635	365	31	diversification	diversification	NOUN
cblr-8635	365	32	,	,	PUNCT
cblr-8635	365	33	it	it	PRON
cblr-8635	365	34	may	may	AUX
cblr-8635	365	35	not	not	PART
cblr-8635	365	36	please	please	VERB
cblr-8635	365	37	all	all	DET
cblr-8635	365	38	shareholders	shareholder	NOUN
cblr-8635	365	39	.	.	PUNCT
cblr-8635	366	1	also	also	ADV
cblr-8635	366	2	,	,	PUNCT
cblr-8635	366	3	the	the	DET
cblr-8635	366	4	increased	increase	VERB
cblr-8635	366	5	risk	risk	NOUN
cblr-8635	366	6	may	may	AUX
cblr-8635	366	7	not	not	PART
cblr-8635	366	8	be	be	AUX
cblr-8635	366	9	evident	evident	ADJ
cblr-8635	366	10	to	to	ADP
cblr-8635	366	11	many	many	ADJ
cblr-8635	366	12	retail	retail	ADJ
cblr-8635	366	13	shareholders	shareholder	NOUN
cblr-8635	366	14	(	(	PUNCT
cblr-8635	366	15	who	who	PRON
cblr-8635	366	16	see	see	VERB
cblr-8635	366	17	only	only	ADV
cblr-8635	366	18	the	the	DET
cblr-8635	366	19	increased	increase	VERB
cblr-8635	366	20	stock	stock	NOUN
cblr-8635	366	21	price	price	NOUN
cblr-8635	366	22	)	)	PUNCT
cblr-8635	366	23	.	.	PUNCT
cblr-8635	367	1	this	this	DET
cblr-8635	367	2	conclusion	conclusion	NOUN
cblr-8635	367	3	will	will	AUX
cblr-8635	367	4	be	be	AUX
cblr-8635	367	5	regarded	regard	VERB
cblr-8635	367	6	as	as	ADP
cblr-8635	367	7	heresy	heresy	NOUN
cblr-8635	367	8	by	by	ADP
cblr-8635	367	9	neoclassical	neoclassical	ADJ
cblr-8635	367	10	economists	economist	NOUN
cblr-8635	367	11	who	who	PRON
cblr-8635	367	12	assume	assume	VERB
cblr-8635	367	13	that	that	SCONJ
cblr-8635	367	14	all	all	DET
cblr-8635	367	15	shareholders	shareholder	NOUN
cblr-8635	367	16	favor	favor	VERB
cblr-8635	367	17	policies	policy	NOUN
cblr-8635	367	18	that	that	PRON
cblr-8635	367	19	increase	increase	VERB
cblr-8635	367	20	the	the	DET
cblr-8635	367	21	share	share	NOUN
cblr-8635	367	22	price	price	NOUN
cblr-8635	367	23	.	.	PUNCT
cblr-8635	368	1	see	see	VERB
cblr-8635	368	2	,	,	PUNCT
cblr-8635	368	3	e.g.	e.g.	ADV
cblr-8635	368	4	,	,	PUNCT
cblr-8635	368	5	frank	frank	PROPN
cblr-8635	368	6	h.	h.	PROPN
cblr-8635	368	7	easterbrook	easterbrook	PROPN
cblr-8635	368	8	&	&	CCONJ
cblr-8635	368	9	daniel	daniel	PROPN
cblr-8635	368	10	r.	r.	PROPN
cblr-8635	368	11	fischel	fischel	PROPN
cblr-8635	368	12	,	,	PUNCT
cblr-8635	368	13	the	the	DET
cblr-8635	368	14	economic	economic	ADJ
cblr-8635	368	15	structure	structure	NOUN
cblr-8635	368	16	of	of	ADP
cblr-8635	368	17	corporate	corporate	ADJ
cblr-8635	368	18	law	law	NOUN
cblr-8635	368	19	69–71	69–71	NUM
cblr-8635	368	20	(	(	PUNCT
cblr-8635	368	21	1991	1991	NUM
cblr-8635	368	22	)	)	PUNCT
cblr-8635	368	23	.	.	PUNCT
cblr-8635	369	1	this	this	PRON
cblr-8635	369	2	,	,	PUNCT
cblr-8635	369	3	however	however	ADV
cblr-8635	369	4	,	,	PUNCT
cblr-8635	369	5	ignores	ignore	VERB
cblr-8635	369	6	that	that	SCONJ
cblr-8635	369	7	rational	rational	ADJ
cblr-8635	369	8	investors	investor	NOUN
cblr-8635	369	9	will	will	AUX
cblr-8635	369	10	focus	focus	VERB
cblr-8635	369	11	on	on	ADP
cblr-8635	369	12	the	the	DET
cblr-8635	369	13	risk	risk	NOUN
cblr-8635	369	14	-	-	PUNCT
cblr-8635	369	15	return	return	NOUN
cblr-8635	369	16	ratio	ratio	NOUN
cblr-8635	369	17	and	and	CCONJ
cblr-8635	369	18	vary	vary	VERB
cblr-8635	369	19	in	in	ADP
cblr-8635	369	20	their	their	PRON
cblr-8635	369	21	reactions	reaction	NOUN
cblr-8635	369	22	.	.	PUNCT
cblr-8635	370	1	59	59	NUM
cblr-8635	370	2	see	see	VERB
cblr-8635	370	3	supra	supra	PROPN
cblr-8635	370	4	part	part	PROPN
cblr-8635	370	5	ii	ii	PROPN
cblr-8635	370	6	.	.	PUNCT
cblr-8635	370	7	coffee	coffee	PROPN
cblr-8635	370	8	8/20/2021	8/20/2021	NUM
cblr-8635	370	9	6:32	6:32	NUM
cblr-8635	370	10	pm	pm	NOUN
cblr-8635	370	11	no	no	INTJ
cblr-8635	370	12	.	.	PUNCT
cblr-8635	371	1	2:602	2:602	NUM
cblr-8635	371	2	]	]	X
cblr-8635	371	3	the	the	DET
cblr-8635	371	4	future	future	NOUN
cblr-8635	371	5	of	of	ADP
cblr-8635	371	6	disclosure	disclosure	NOUN
cblr-8635	371	7	625	625	NUM
cblr-8635	371	8	nothing	nothing	PRON
cblr-8635	371	9	in	in	ADP
cblr-8635	371	10	existing	exist	VERB
cblr-8635	371	11	disclosure	disclosure	NOUN
cblr-8635	371	12	rules	rule	NOUN
cblr-8635	371	13	provides	provide	VERB
cblr-8635	371	14	for	for	ADP
cblr-8635	371	15	anything	anything	PRON
cblr-8635	371	16	resembling	resemble	VERB
cblr-8635	371	17	such	such	ADJ
cblr-8635	371	18	disclosure	disclosure	NOUN
cblr-8635	371	19	or	or	CCONJ
cblr-8635	371	20	such	such	ADJ
cblr-8635	371	21	advice	advice	NOUN
cblr-8635	371	22	.	.	PUNCT
cblr-8635	372	1	this	this	DET
cblr-8635	372	2	point	point	NOUN
cblr-8635	372	3	about	about	ADP
cblr-8635	372	4	the	the	DET
cblr-8635	372	5	increased	increase	VERB
cblr-8635	372	6	risk	risk	NOUN
cblr-8635	372	7	associated	associate	VERB
cblr-8635	372	8	with	with	ADP
cblr-8635	372	9	hedge	hedge	NOUN
cblr-8635	372	10	fund	fund	NOUN
cblr-8635	372	11	activism	activism	NOUN
cblr-8635	372	12	needs	need	VERB
cblr-8635	372	13	to	to	PART
cblr-8635	372	14	be	be	AUX
cblr-8635	372	15	generalized	generalize	VERB
cblr-8635	372	16	.	.	PUNCT
cblr-8635	373	1	the	the	DET
cblr-8635	373	2	famous	famous	ADJ
cblr-8635	373	3	(	(	PUNCT
cblr-8635	373	4	and	and	CCONJ
cblr-8635	373	5	nobel	nobel	PROPN
cblr-8635	373	6	prize	prize	PROPN
cblr-8635	373	7	-	-	PUNCT
cblr-8635	373	8	winning	win	VERB
cblr-8635	373	9	)	)	PUNCT
cblr-8635	373	10	work	work	NOUN
cblr-8635	373	11	of	of	ADP
cblr-8635	373	12	fischer	fischer	PROPN
cblr-8635	373	13	black	black	PROPN
cblr-8635	373	14	and	and	CCONJ
cblr-8635	373	15	myron	myron	PROPN
cblr-8635	373	16	scholes	schole	VERB
cblr-8635	373	17	on	on	ADP
cblr-8635	373	18	option	option	NOUN
cblr-8635	373	19	pricing	pricing	NOUN
cblr-8635	373	20	theory	theory	NOUN
cblr-8635	373	21	begins	begin	VERB
cblr-8635	373	22	from	from	ADP
cblr-8635	373	23	their	their	PRON
cblr-8635	373	24	insight	insight	NOUN
cblr-8635	373	25	that	that	SCONJ
cblr-8635	373	26	,	,	PUNCT
cblr-8635	373	27	once	once	ADV
cblr-8635	373	28	a	a	DET
cblr-8635	373	29	public	public	ADJ
cblr-8635	373	30	company	company	NOUN
cblr-8635	373	31	takes	take	VERB
cblr-8635	373	32	on	on	ADP
cblr-8635	373	33	significant	significant	ADJ
cblr-8635	373	34	debt	debt	NOUN
cblr-8635	373	35	,	,	PUNCT
cblr-8635	373	36	its	its	PRON
cblr-8635	373	37	common	common	ADJ
cblr-8635	373	38	stock	stock	NOUN
cblr-8635	373	39	can	can	AUX
cblr-8635	373	40	be	be	AUX
cblr-8635	373	41	modeled	model	VERB
cblr-8635	373	42	(	(	PUNCT
cblr-8635	373	43	and	and	CCONJ
cblr-8635	373	44	is	be	AUX
cblr-8635	373	45	best	well	ADV
cblr-8635	373	46	understood	understand	VERB
cblr-8635	373	47	)	)	PUNCT
cblr-8635	373	48	as	as	SCONJ
cblr-8635	373	49	an	an	DET
cblr-8635	373	50	option	option	NOUN
cblr-8635	373	51	on	on	ADP
cblr-8635	373	52	the	the	DET
cblr-8635	373	53	corporation	corporation	NOUN
cblr-8635	373	54	’s	’s	PART
cblr-8635	374	1	assets.60	assets.60	PROPN
cblr-8635	374	2	that	that	PRON
cblr-8635	374	3	is	be	AUX
cblr-8635	374	4	,	,	PUNCT
cblr-8635	374	5	the	the	DET
cblr-8635	374	6	common	common	ADJ
cblr-8635	374	7	stockholders	stockholder	NOUN
cblr-8635	374	8	collectively	collectively	ADV
cblr-8635	374	9	hold	hold	VERB
cblr-8635	374	10	an	an	DET
cblr-8635	374	11	option	option	NOUN
cblr-8635	374	12	,	,	PUNCT
cblr-8635	374	13	which	which	PRON
cblr-8635	374	14	,	,	PUNCT
cblr-8635	374	15	on	on	ADP
cblr-8635	374	16	the	the	DET
cblr-8635	374	17	maturity	maturity	NOUN
cblr-8635	374	18	of	of	ADP
cblr-8635	374	19	the	the	DET
cblr-8635	374	20	debt	debt	NOUN
cblr-8635	374	21	,	,	PUNCT
cblr-8635	374	22	allows	allow	VERB
cblr-8635	374	23	them	they	PRON
cblr-8635	374	24	either	either	CCONJ
cblr-8635	374	25	to	to	PART
cblr-8635	374	26	let	let	VERB
cblr-8635	374	27	the	the	DET
cblr-8635	374	28	corporation	corporation	NOUN
cblr-8635	374	29	default	default	NOUN
cblr-8635	374	30	on	on	ADP
cblr-8635	374	31	its	its	PRON
cblr-8635	374	32	debt	debt	NOUN
cblr-8635	374	33	(	(	PUNCT
cblr-8635	374	34	which	which	PRON
cblr-8635	374	35	is	be	AUX
cblr-8635	374	36	the	the	DET
cblr-8635	374	37	equivalent	equivalent	NOUN
cblr-8635	374	38	of	of	ADP
cblr-8635	374	39	letting	let	VERB
cblr-8635	374	40	their	their	PRON
cblr-8635	374	41	option	option	NOUN
cblr-8635	374	42	expire	expire	NOUN
cblr-8635	374	43	)	)	PUNCT
cblr-8635	374	44	or	or	CCONJ
cblr-8635	374	45	to	to	PART
cblr-8635	374	46	pay	pay	VERB
cblr-8635	374	47	the	the	DET
cblr-8635	374	48	debt	debt	NOUN
cblr-8635	374	49	off	off	ADP
cblr-8635	374	50	(	(	PUNCT
cblr-8635	374	51	which	which	PRON
cblr-8635	374	52	is	be	AUX
cblr-8635	374	53	the	the	DET
cblr-8635	374	54	equivalent	equivalent	NOUN
cblr-8635	374	55	of	of	ADP
cblr-8635	374	56	exercising	exercise	VERB
cblr-8635	374	57	their	their	PRON
cblr-8635	374	58	option	option	NOUN
cblr-8635	374	59	)	)	PUNCT
cblr-8635	374	60	.	.	PUNCT
cblr-8635	375	1	in	in	ADP
cblr-8635	375	2	this	this	DET
cblr-8635	375	3	view	view	NOUN
cblr-8635	375	4	,	,	PUNCT
cblr-8635	375	5	the	the	DET
cblr-8635	375	6	“	"	PUNCT
cblr-8635	375	7	real	real	ADJ
cblr-8635	375	8	”	"	PUNCT
cblr-8635	375	9	owners	owner	NOUN
cblr-8635	375	10	of	of	ADP
cblr-8635	375	11	the	the	DET
cblr-8635	375	12	corporation	corporation	NOUN
cblr-8635	375	13	are	be	AUX
cblr-8635	375	14	its	its	PRON
cblr-8635	375	15	debt	debt	NOUN
cblr-8635	375	16	holders	holder	NOUN
cblr-8635	375	17	,	,	PUNCT
cblr-8635	375	18	who	who	PRON
cblr-8635	375	19	have	have	VERB
cblr-8635	375	20	no	no	DET
cblr-8635	375	21	choice	choice	NOUN
cblr-8635	375	22	(	(	PUNCT
cblr-8635	375	23	because	because	SCONJ
cblr-8635	375	24	the	the	DET
cblr-8635	375	25	shareholders	shareholder	NOUN
cblr-8635	375	26	have	have	AUX
cblr-8635	375	27	limited	limit	VERB
cblr-8635	375	28	liability	liability	NOUN
cblr-8635	375	29	and	and	CCONJ
cblr-8635	375	30	can	can	AUX
cblr-8635	375	31	not	not	PART
cblr-8635	375	32	be	be	AUX
cblr-8635	375	33	held	hold	VERB
cblr-8635	375	34	personally	personally	ADV
cblr-8635	375	35	liable	liable	ADJ
cblr-8635	375	36	if	if	SCONJ
cblr-8635	375	37	the	the	DET
cblr-8635	375	38	firm	firm	ADJ
cblr-8635	375	39	defaults	default	VERB
cblr-8635	375	40	on	on	ADP
cblr-8635	375	41	its	its	PRON
cblr-8635	375	42	debt	debt	NOUN
cblr-8635	375	43	)	)	PUNCT
cblr-8635	375	44	.	.	PUNCT
cblr-8635	376	1	unlike	unlike	ADP
cblr-8635	376	2	the	the	DET
cblr-8635	376	3	debtholders	debtholder	NOUN
cblr-8635	376	4	,	,	PUNCT
cblr-8635	376	5	the	the	DET
cblr-8635	376	6	stockholders	stockholder	NOUN
cblr-8635	376	7	do	do	AUX
cblr-8635	376	8	have	have	VERB
cblr-8635	376	9	the	the	DET
cblr-8635	376	10	choice	choice	NOUN
cblr-8635	376	11	of	of	ADP
cblr-8635	376	12	(	(	PUNCT
cblr-8635	376	13	1	1	X
cblr-8635	376	14	)	)	PUNCT
cblr-8635	376	15	allowing	allow	VERB
cblr-8635	376	16	the	the	DET
cblr-8635	376	17	company	company	NOUN
cblr-8635	376	18	to	to	PART
cblr-8635	376	19	default	default	VERB
cblr-8635	376	20	(	(	PUNCT
cblr-8635	376	21	and	and	CCONJ
cblr-8635	376	22	thus	thus	ADV
cblr-8635	376	23	turning	turn	VERB
cblr-8635	376	24	the	the	DET
cblr-8635	376	25	company	company	NOUN
cblr-8635	376	26	over	over	ADP
cblr-8635	376	27	to	to	ADP
cblr-8635	376	28	the	the	DET
cblr-8635	376	29	creditors	creditor	NOUN
cblr-8635	376	30	)	)	PUNCT
cblr-8635	376	31	or	or	CCONJ
cblr-8635	376	32	(	(	PUNCT
cblr-8635	376	33	2	2	X
cblr-8635	376	34	)	)	PUNCT
cblr-8635	376	35	paying	pay	VERB
cblr-8635	376	36	off	off	ADP
cblr-8635	376	37	the	the	DET
cblr-8635	376	38	debt	debt	NOUN
cblr-8635	376	39	(	(	PUNCT
cblr-8635	376	40	and	and	CCONJ
cblr-8635	376	41	in	in	ADP
cblr-8635	376	42	effect	effect	NOUN
cblr-8635	376	43	exercising	exercise	VERB
cblr-8635	376	44	the	the	DET
cblr-8635	376	45	option	option	NOUN
cblr-8635	376	46	)	)	PUNCT
cblr-8635	376	47	.	.	PUNCT
cblr-8635	377	1	presumably	presumably	ADV
cblr-8635	377	2	,	,	PUNCT
cblr-8635	377	3	they	they	PRON
cblr-8635	377	4	will	will	AUX
cblr-8635	377	5	make	make	VERB
cblr-8635	377	6	the	the	DET
cblr-8635	377	7	choice	choice	NOUN
cblr-8635	377	8	that	that	PRON
cblr-8635	377	9	maximizes	maximize	VERB
cblr-8635	377	10	their	their	PRON
cblr-8635	377	11	own	own	ADJ
cblr-8635	377	12	interests	interest	NOUN
cblr-8635	377	13	(	(	PUNCT
cblr-8635	377	14	possibly	possibly	ADV
cblr-8635	377	15	at	at	ADP
cblr-8635	377	16	the	the	DET
cblr-8635	377	17	expense	expense	NOUN
cblr-8635	377	18	of	of	ADP
cblr-8635	377	19	creditors	creditor	NOUN
cblr-8635	377	20	and	and	CCONJ
cblr-8635	377	21	other	other	ADJ
cblr-8635	377	22	stakeholders	stakeholder	NOUN
cblr-8635	377	23	)	)	PUNCT
cblr-8635	377	24	.	.	PUNCT
cblr-8635	378	1	the	the	DET
cblr-8635	378	2	immediate	immediate	ADJ
cblr-8635	378	3	relevance	relevance	NOUN
cblr-8635	378	4	of	of	ADP
cblr-8635	378	5	this	this	DET
cblr-8635	378	6	point	point	NOUN
cblr-8635	378	7	involves	involve	VERB
cblr-8635	378	8	the	the	DET
cblr-8635	378	9	incentive	incentive	NOUN
cblr-8635	378	10	effects	effect	NOUN
cblr-8635	378	11	on	on	ADP
cblr-8635	378	12	the	the	DET
cblr-8635	378	13	option	option	NOUN
cblr-8635	378	14	holders	holder	NOUN
cblr-8635	378	15	(	(	PUNCT
cblr-8635	378	16	i.e.	i.e.	X
cblr-8635	378	17	,	,	PUNCT
cblr-8635	378	18	the	the	DET
cblr-8635	378	19	common	common	ADJ
cblr-8635	378	20	shareholders	shareholder	NOUN
cblr-8635	378	21	)	)	PUNCT
cblr-8635	378	22	.	.	PUNCT
cblr-8635	379	1	as	as	ADP
cblr-8635	379	2	option	option	NOUN
cblr-8635	379	3	holders	holder	NOUN
cblr-8635	379	4	,	,	PUNCT
cblr-8635	379	5	they	they	PRON
cblr-8635	379	6	can	can	AUX
cblr-8635	379	7	be	be	AUX
cblr-8635	379	8	expected	expect	VERB
cblr-8635	379	9	to	to	PART
cblr-8635	379	10	act	act	VERB
cblr-8635	379	11	rationally	rationally	ADV
cblr-8635	379	12	so	so	SCONJ
cblr-8635	379	13	as	as	SCONJ
cblr-8635	379	14	to	to	PART
cblr-8635	379	15	maximize	maximize	VERB
cblr-8635	379	16	the	the	DET
cblr-8635	379	17	value	value	NOUN
cblr-8635	379	18	of	of	ADP
cblr-8635	379	19	their	their	PRON
cblr-8635	379	20	option	option	NOUN
cblr-8635	379	21	.	.	PUNCT
cblr-8635	380	1	what	what	PRON
cblr-8635	380	2	does	do	AUX
cblr-8635	380	3	that	that	PRON
cblr-8635	380	4	imply	imply	VERB
cblr-8635	380	5	?	?	PUNCT
cblr-8635	381	1	under	under	ADP
cblr-8635	381	2	the	the	DET
cblr-8635	381	3	black	black	ADJ
cblr-8635	381	4	/	/	SYM
cblr-8635	381	5	scholes	schole	NOUN
cblr-8635	381	6	model	model	NOUN
cblr-8635	381	7	,	,	PUNCT
cblr-8635	381	8	the	the	DET
cblr-8635	381	9	most	most	ADV
cblr-8635	381	10	important	important	ADJ
cblr-8635	381	11	factor	factor	NOUN
cblr-8635	381	12	in	in	ADP
cblr-8635	381	13	determining	determine	VERB
cblr-8635	381	14	the	the	DET
cblr-8635	381	15	value	value	NOUN
cblr-8635	381	16	of	of	ADP
cblr-8635	381	17	an	an	DET
cblr-8635	381	18	option	option	NOUN
cblr-8635	381	19	is	be	AUX
cblr-8635	381	20	the	the	DET
cblr-8635	381	21	variance	variance	NOUN
cblr-8635	381	22	in	in	ADP
cblr-8635	381	23	the	the	DET
cblr-8635	381	24	value	value	NOUN
cblr-8635	381	25	of	of	ADP
cblr-8635	381	26	the	the	DET
cblr-8635	381	27	underlying	underlie	VERB
cblr-8635	381	28	asset	asset	NOUN
cblr-8635	381	29	(	(	PUNCT
cblr-8635	381	30	here	here	ADV
cblr-8635	381	31	,	,	PUNCT
cblr-8635	381	32	the	the	DET
cblr-8635	381	33	corporation	corporation	NOUN
cblr-8635	381	34	’s	’s	PART
cblr-8635	381	35	assets).61	assets).61	NOUN
cblr-8635	381	36	in	in	ADP
cblr-8635	381	37	short	short	ADJ
cblr-8635	381	38	,	,	PUNCT
cblr-8635	381	39	the	the	PRON
cblr-8635	381	40	greater	great	ADJ
cblr-8635	381	41	the	the	DET
cblr-8635	381	42	variance	variance	NOUN
cblr-8635	381	43	in	in	ADP
cblr-8635	381	44	expected	expect	VERB
cblr-8635	381	45	corporate	corporate	ADJ
cblr-8635	381	46	returns	return	NOUN
cblr-8635	381	47	,	,	PUNCT
cblr-8635	381	48	the	the	PRON
cblr-8635	381	49	greater	great	ADJ
cblr-8635	381	50	the	the	DET
cblr-8635	381	51	value	value	NOUN
cblr-8635	381	52	of	of	ADP
cblr-8635	381	53	the	the	DET
cblr-8635	381	54	option	option	NOUN
cblr-8635	381	55	.	.	PUNCT
cblr-8635	382	1	this	this	PRON
cblr-8635	382	2	may	may	AUX
cblr-8635	382	3	seem	seem	VERB
cblr-8635	382	4	counter	counter	ADJ
cblr-8635	382	5	-	-	ADJ
cblr-8635	382	6	intuitive	intuitive	ADJ
cblr-8635	382	7	,	,	PUNCT
cblr-8635	382	8	because	because	SCONJ
cblr-8635	382	9	greater	great	ADJ
cblr-8635	382	10	variance	variance	NOUN
cblr-8635	382	11	in	in	ADP
cblr-8635	382	12	expected	expected	ADJ
cblr-8635	382	13	returns	return	NOUN
cblr-8635	382	14	is	be	AUX
cblr-8635	382	15	unattractive	unattractive	ADJ
cblr-8635	382	16	to	to	ADP
cblr-8635	382	17	debtholders	debtholder	NOUN
cblr-8635	382	18	and	and	CCONJ
cblr-8635	382	19	reduces	reduce	VERB
cblr-8635	382	20	the	the	DET
cblr-8635	382	21	value	value	NOUN
cblr-8635	382	22	60	60	NUM
cblr-8635	382	23	fischer	fischer	PROPN
cblr-8635	382	24	black	black	PROPN
cblr-8635	382	25	&	&	CCONJ
cblr-8635	382	26	myron	myron	PROPN
cblr-8635	382	27	scholes	scholes	PROPN
cblr-8635	382	28	,	,	PUNCT
cblr-8635	382	29	the	the	DET
cblr-8635	382	30	pricing	pricing	NOUN
cblr-8635	382	31	of	of	ADP
cblr-8635	382	32	options	option	NOUN
cblr-8635	382	33	and	and	CCONJ
cblr-8635	382	34	corporate	corporate	ADJ
cblr-8635	382	35	liabilities	liability	NOUN
cblr-8635	382	36	,	,	PUNCT
cblr-8635	382	37	81	81	NUM
cblr-8635	382	38	j.	j.	PROPN
cblr-8635	382	39	pol	pol	PROPN
cblr-8635	382	40	.	.	PUNCT
cblr-8635	383	1	econ	econ	PROPN
cblr-8635	383	2	.	.	PUNCT
cblr-8635	384	1	637	637	NUM
cblr-8635	384	2	,	,	PUNCT
cblr-8635	384	3	649–50	649–50	NUM
cblr-8635	384	4	(	(	PUNCT
cblr-8635	384	5	1973	1973	NUM
cblr-8635	384	6	)	)	PUNCT
cblr-8635	384	7	.	.	PUNCT
cblr-8635	385	1	for	for	ADP
cblr-8635	385	2	an	an	DET
cblr-8635	385	3	accessible	accessible	ADJ
cblr-8635	385	4	explanation	explanation	NOUN
cblr-8635	385	5	of	of	ADP
cblr-8635	385	6	option	option	NOUN
cblr-8635	385	7	pricing	pricing	NOUN
cblr-8635	385	8	,	,	PUNCT
cblr-8635	385	9	see	see	VERB
cblr-8635	385	10	ronald	ronald	PROPN
cblr-8635	385	11	j.	j.	PROPN
cblr-8635	385	12	gilson	gilson	PROPN
cblr-8635	385	13	&	&	CCONJ
cblr-8635	385	14	bernard	bernard	PROPN
cblr-8635	385	15	s.	s.	PROPN
cblr-8635	385	16	black	black	PROPN
cblr-8635	385	17	,	,	PUNCT
cblr-8635	385	18	(	(	PUNCT
cblr-8635	385	19	some	some	PRON
cblr-8635	385	20	of	of	ADP
cblr-8635	385	21	)	)	PUNCT
cblr-8635	385	22	the	the	DET
cblr-8635	385	23	essentials	essential	NOUN
cblr-8635	385	24	of	of	ADP
cblr-8635	385	25	finance	finance	NOUN
cblr-8635	385	26	and	and	CCONJ
cblr-8635	385	27	investment	investment	NOUN
cblr-8635	385	28	245–57	245–57	NUM
cblr-8635	385	29	(	(	PUNCT
cblr-8635	385	30	1993	1993	NUM
cblr-8635	385	31	)	)	PUNCT
cblr-8635	385	32	.	.	PUNCT
cblr-8635	386	1	61	61	NUM
cblr-8635	386	2	see	see	VERB
cblr-8635	386	3	black	black	ADJ
cblr-8635	386	4	&	&	CCONJ
cblr-8635	386	5	scholes	schole	NOUN
cblr-8635	386	6	,	,	PUNCT
cblr-8635	386	7	supra	supra	PROPN
cblr-8635	386	8	note	note	NOUN
cblr-8635	386	9	60	60	NUM
cblr-8635	386	10	,	,	PUNCT
cblr-8635	386	11	at	at	ADP
cblr-8635	386	12	650–52	650–52	NUM
cblr-8635	386	13	.	.	PUNCT
cblr-8635	387	1	coffee	coffee	PROPN
cblr-8635	387	2	8/20/2021	8/20/2021	NUM
cblr-8635	387	3	6:32	6:32	NUM
cblr-8635	387	4	pm	pm	PROPN
cblr-8635	387	5	626	626	NUM
cblr-8635	387	6	columbia	columbia	PROPN
cblr-8635	387	7	business	business	NOUN
cblr-8635	387	8	law	law	NOUN
cblr-8635	387	9	review	review	NOUN
cblr-8635	387	10	[	[	X
cblr-8635	387	11	vol	vol	NOUN
cblr-8635	387	12	.	.	NOUN
cblr-8635	387	13	2021	2021	NUM
cblr-8635	387	14	of	of	ADP
cblr-8635	387	15	the	the	DET
cblr-8635	387	16	corporation	corporation	NOUN
cblr-8635	387	17	’s	’s	PART
cblr-8635	387	18	assets	asset	NOUN
cblr-8635	387	19	in	in	ADP
cblr-8635	387	20	their	their	PRON
cblr-8635	387	21	hands	hand	NOUN
cblr-8635	387	22	.	.	PUNCT
cblr-8635	388	1	still	still	ADV
cblr-8635	388	2	,	,	PUNCT
cblr-8635	388	3	a	a	DET
cblr-8635	388	4	critical	critical	ADJ
cblr-8635	388	5	insight	insight	NOUN
cblr-8635	388	6	of	of	ADP
cblr-8635	388	7	the	the	DET
cblr-8635	388	8	option	option	NOUN
cblr-8635	388	9	pricing	pricing	NOUN
cblr-8635	388	10	model	model	NOUN
cblr-8635	388	11	is	be	AUX
cblr-8635	388	12	that	that	SCONJ
cblr-8635	388	13	the	the	DET
cblr-8635	388	14	common	common	ADJ
cblr-8635	388	15	stockholders	stockholder	NOUN
cblr-8635	388	16	,	,	PUNCT
cblr-8635	388	17	as	as	ADP
cblr-8635	388	18	the	the	DET
cblr-8635	388	19	holders	holder	NOUN
cblr-8635	388	20	of	of	ADP
cblr-8635	388	21	an	an	DET
cblr-8635	388	22	option	option	NOUN
cblr-8635	388	23	,	,	PUNCT
cblr-8635	388	24	can	can	AUX
cblr-8635	388	25	increase	increase	VERB
cblr-8635	388	26	the	the	DET
cblr-8635	388	27	value	value	NOUN
cblr-8635	388	28	of	of	ADP
cblr-8635	388	29	their	their	PRON
cblr-8635	388	30	option	option	NOUN
cblr-8635	388	31	by	by	ADP
cblr-8635	388	32	increasing	increase	VERB
cblr-8635	388	33	the	the	DET
cblr-8635	388	34	variance	variance	NOUN
cblr-8635	388	35	associated	associate	VERB
cblr-8635	388	36	with	with	ADP
cblr-8635	388	37	the	the	DET
cblr-8635	388	38	corporation	corporation	NOUN
cblr-8635	388	39	’s	’s	PART
cblr-8635	388	40	assets	asset	NOUN
cblr-8635	388	41	and	and	CCONJ
cblr-8635	388	42	investments	investment	NOUN
cblr-8635	388	43	.	.	PUNCT
cblr-8635	389	1	more	more	ADV
cblr-8635	389	2	bluntly	bluntly	ADV
cblr-8635	389	3	,	,	PUNCT
cblr-8635	389	4	this	this	PRON
cblr-8635	389	5	means	mean	VERB
cblr-8635	389	6	that	that	SCONJ
cblr-8635	389	7	by	by	ADP
cblr-8635	389	8	increasing	increase	VERB
cblr-8635	389	9	the	the	DET
cblr-8635	389	10	riskiness	riskiness	NOUN
cblr-8635	389	11	of	of	ADP
cblr-8635	389	12	the	the	DET
cblr-8635	389	13	corporation	corporation	NOUN
cblr-8635	389	14	’s	’s	PART
cblr-8635	389	15	investments	investment	NOUN
cblr-8635	389	16	,	,	PUNCT
cblr-8635	389	17	they	they	PRON
cblr-8635	389	18	benefit	benefit	VERB
cblr-8635	389	19	themselves	themselves	PRON
cblr-8635	389	20	(	(	PUNCT
cblr-8635	389	21	as	as	ADP
cblr-8635	389	22	the	the	DET
cblr-8635	389	23	option	option	NOUN
cblr-8635	389	24	holders	holder	NOUN
cblr-8635	389	25	)	)	PUNCT
cblr-8635	389	26	at	at	ADP
cblr-8635	389	27	the	the	DET
cblr-8635	389	28	expense	expense	NOUN
cblr-8635	389	29	of	of	ADP
cblr-8635	389	30	the	the	DET
cblr-8635	389	31	corporation	corporation	NOUN
cblr-8635	389	32	’s	’s	PART
cblr-8635	389	33	creditors	creditor	NOUN
cblr-8635	389	34	and	and	CCONJ
cblr-8635	389	35	other	other	ADJ
cblr-8635	389	36	stakeholders	stakeholder	NOUN
cblr-8635	389	37	.	.	PUNCT
cblr-8635	390	1	thus	thus	ADV
cblr-8635	390	2	,	,	PUNCT
cblr-8635	390	3	we	we	PRON
cblr-8635	390	4	now	now	ADV
cblr-8635	390	5	have	have	VERB
cblr-8635	390	6	a	a	DET
cblr-8635	390	7	scenario	scenario	NOUN
cblr-8635	390	8	for	for	ADP
cblr-8635	390	9	opportunism	opportunism	NOUN
cblr-8635	390	10	by	by	ADP
cblr-8635	390	11	the	the	DET
cblr-8635	390	12	shareholders	shareholder	NOUN
cblr-8635	390	13	:	:	PUNCT
cblr-8635	390	14	if	if	SCONJ
cblr-8635	390	15	they	they	PRON
cblr-8635	390	16	take	take	VERB
cblr-8635	390	17	on	on	ADP
cblr-8635	390	18	riskier	risky	ADJ
cblr-8635	390	19	investments	investment	NOUN
cblr-8635	390	20	or	or	CCONJ
cblr-8635	390	21	leverage	leverage	NOUN
cblr-8635	390	22	up	up	ADP
cblr-8635	390	23	the	the	DET
cblr-8635	390	24	company	company	NOUN
cblr-8635	390	25	,	,	PUNCT
cblr-8635	390	26	they	they	PRON
cblr-8635	390	27	gain	gain	VERB
cblr-8635	390	28	and	and	CCONJ
cblr-8635	390	29	the	the	DET
cblr-8635	390	30	creditors	creditor	NOUN
cblr-8635	390	31	lose	lose	VERB
cblr-8635	390	32	.	.	PUNCT
cblr-8635	391	1	of	of	ADP
cblr-8635	391	2	course	course	NOUN
cblr-8635	391	3	,	,	PUNCT
cblr-8635	391	4	creditors	creditor	NOUN
cblr-8635	391	5	can	can	AUX
cblr-8635	391	6	resist	resist	VERB
cblr-8635	391	7	by	by	ADP
cblr-8635	391	8	insisting	insist	VERB
cblr-8635	391	9	on	on	ADP
cblr-8635	391	10	protective	protective	ADJ
cblr-8635	391	11	covenants	covenant	NOUN
cblr-8635	391	12	in	in	ADP
cblr-8635	391	13	loan	loan	NOUN
cblr-8635	391	14	agreements	agreement	NOUN
cblr-8635	391	15	and	and	CCONJ
cblr-8635	391	16	bond	bond	NOUN
cblr-8635	391	17	indentures	indenture	NOUN
cblr-8635	391	18	,	,	PUNCT
cblr-8635	391	19	but	but	CCONJ
cblr-8635	391	20	these	these	PRON
cblr-8635	391	21	are	be	AUX
cblr-8635	391	22	in	in	ADP
cblr-8635	391	23	declining	decline	VERB
cblr-8635	391	24	use.62	use.62	NOUN
cblr-8635	391	25	even	even	ADV
cblr-8635	391	26	if	if	SCONJ
cblr-8635	391	27	creditors	creditor	NOUN
cblr-8635	391	28	could	could	AUX
cblr-8635	391	29	negotiate	negotiate	VERB
cblr-8635	391	30	contractual	contractual	ADJ
cblr-8635	391	31	protections	protection	NOUN
cblr-8635	391	32	against	against	ADP
cblr-8635	391	33	increased	increase	VERB
cblr-8635	391	34	leverage	leverage	NOUN
cblr-8635	391	35	,	,	PUNCT
cblr-8635	391	36	it	it	PRON
cblr-8635	391	37	is	be	AUX
cblr-8635	391	38	much	much	ADV
cblr-8635	391	39	harder	hard	ADJ
cblr-8635	391	40	to	to	PART
cblr-8635	391	41	prevent	prevent	VERB
cblr-8635	391	42	their	their	PRON
cblr-8635	391	43	corporate	corporate	ADJ
cblr-8635	391	44	borrower	borrower	NOUN
cblr-8635	391	45	from	from	ADP
cblr-8635	391	46	otherwise	otherwise	ADV
cblr-8635	391	47	taking	take	VERB
cblr-8635	391	48	on	on	ADP
cblr-8635	391	49	riskier	risky	ADJ
cblr-8635	391	50	investments	investment	NOUN
cblr-8635	391	51	or	or	CCONJ
cblr-8635	391	52	making	make	VERB
cblr-8635	391	53	higher	high	ADJ
cblr-8635	391	54	-	-	PUNCT
cblr-8635	391	55	risk	risk	NOUN
cblr-8635	391	56	bets	bet	NOUN
cblr-8635	391	57	.	.	PUNCT
cblr-8635	392	1	such	such	ADJ
cblr-8635	392	2	restrictions	restriction	NOUN
cblr-8635	392	3	would	would	AUX
cblr-8635	392	4	be	be	AUX
cblr-8635	392	5	hard	hard	ADJ
cblr-8635	392	6	to	to	PART
cblr-8635	392	7	draft	draft	VERB
cblr-8635	392	8	and	and	CCONJ
cblr-8635	392	9	would	would	AUX
cblr-8635	392	10	be	be	AUX
cblr-8635	392	11	resisted	resist	VERB
cblr-8635	392	12	intensely	intensely	ADV
cblr-8635	392	13	by	by	ADP
cblr-8635	392	14	corporate	corporate	ADJ
cblr-8635	392	15	managers	manager	NOUN
cblr-8635	392	16	because	because	SCONJ
cblr-8635	392	17	these	these	DET
cblr-8635	392	18	restrictions	restriction	NOUN
cblr-8635	392	19	would	would	AUX
cblr-8635	392	20	tie	tie	VERB
cblr-8635	392	21	their	their	PRON
cblr-8635	392	22	hands	hand	NOUN
cblr-8635	392	23	,	,	PUNCT
cblr-8635	392	24	denying	deny	VERB
cblr-8635	392	25	them	they	PRON
cblr-8635	392	26	needed	need	VERB
cblr-8635	392	27	flexibility	flexibility	NOUN
cblr-8635	392	28	over	over	ADP
cblr-8635	392	29	an	an	DET
cblr-8635	392	30	extended	extended	ADJ
cblr-8635	392	31	period	period	NOUN
cblr-8635	392	32	.	.	PUNCT
cblr-8635	393	1	from	from	ADP
cblr-8635	393	2	the	the	DET
cblr-8635	393	3	standpoint	standpoint	NOUN
cblr-8635	393	4	of	of	ADP
cblr-8635	393	5	the	the	DET
cblr-8635	393	6	black	black	ADJ
cblr-8635	393	7	/	/	SYM
cblr-8635	393	8	scholes	schole	NOUN
cblr-8635	393	9	model	model	NOUN
cblr-8635	393	10	,	,	PUNCT
cblr-8635	393	11	the	the	DET
cblr-8635	393	12	behavior	behavior	NOUN
cblr-8635	393	13	of	of	ADP
cblr-8635	393	14	activist	activist	ADJ
cblr-8635	393	15	hedge	hedge	NOUN
cblr-8635	393	16	funds	fund	NOUN
cblr-8635	393	17	in	in	ADP
cblr-8635	393	18	seeking	seek	VERB
cblr-8635	393	19	to	to	PART
cblr-8635	393	20	reduce	reduce	VERB
cblr-8635	393	21	corporate	corporate	ADJ
cblr-8635	393	22	diversification	diversification	NOUN
cblr-8635	393	23	and	and	CCONJ
cblr-8635	393	24	increase	increase	VERB
cblr-8635	393	25	leverage	leverage	NOUN
cblr-8635	393	26	(	(	PUNCT
cblr-8635	393	27	or	or	CCONJ
cblr-8635	393	28	otherwise	otherwise	ADV
cblr-8635	393	29	withdraw	withdraw	VERB
cblr-8635	393	30	funds	fund	NOUN
cblr-8635	393	31	from	from	ADP
cblr-8635	393	32	the	the	DET
cblr-8635	393	33	firm	firm	NOUN
cblr-8635	393	34	)	)	PUNCT
cblr-8635	393	35	makes	make	VERB
cblr-8635	393	36	perfect	perfect	ADJ
cblr-8635	393	37	sense	sense	NOUN
cblr-8635	393	38	.	.	PUNCT
cblr-8635	394	1	the	the	DET
cblr-8635	394	2	hedge	hedge	NOUN
cblr-8635	394	3	funds	fund	NOUN
cblr-8635	394	4	are	be	AUX
cblr-8635	394	5	essentially	essentially	ADV
cblr-8635	394	6	seeking	seek	VERB
cblr-8635	394	7	to	to	PART
cblr-8635	394	8	increase	increase	VERB
cblr-8635	394	9	risk	risk	NOUN
cblr-8635	394	10	to	to	PART
cblr-8635	394	11	benefit	benefit	VERB
cblr-8635	394	12	the	the	DET
cblr-8635	394	13	majority	majority	NOUN
cblr-8635	394	14	of	of	ADP
cblr-8635	394	15	shareholders	shareholder	NOUN
cblr-8635	394	16	at	at	ADP
cblr-8635	394	17	the	the	DET
cblr-8635	394	18	expense	expense	NOUN
cblr-8635	394	19	of	of	ADP
cblr-8635	394	20	creditors	creditor	NOUN
cblr-8635	394	21	and	and	CCONJ
cblr-8635	394	22	other	other	ADJ
cblr-8635	394	23	stakeholders	stakeholder	NOUN
cblr-8635	394	24	.	.	PUNCT
cblr-8635	395	1	although	although	SCONJ
cblr-8635	395	2	the	the	DET
cblr-8635	395	3	hedge	hedge	NOUN
cblr-8635	395	4	funds	fund	NOUN
cblr-8635	395	5	are	be	AUX
cblr-8635	395	6	not	not	PART
cblr-8635	395	7	themselves	themselves	PRON
cblr-8635	395	8	diversified	diversify	VERB
cblr-8635	395	9	,	,	PUNCT
cblr-8635	395	10	they	they	PRON
cblr-8635	395	11	know	know	VERB
cblr-8635	395	12	that	that	SCONJ
cblr-8635	395	13	they	they	PRON
cblr-8635	395	14	will	will	AUX
cblr-8635	395	15	be	be	AUX
cblr-8635	395	16	rewarded	reward	VERB
cblr-8635	395	17	by	by	ADP
cblr-8635	395	18	an	an	DET
cblr-8635	395	19	immediate	immediate	ADJ
cblr-8635	395	20	share	share	NOUN
cblr-8635	395	21	price	price	NOUN
cblr-8635	395	22	increase	increase	NOUN
cblr-8635	395	23	if	if	SCONJ
cblr-8635	395	24	they	they	PRON
cblr-8635	395	25	propose	propose	VERB
cblr-8635	395	26	an	an	DET
cblr-8635	395	27	action	action	NOUN
cblr-8635	395	28	(	(	PUNCT
cblr-8635	395	29	such	such	ADJ
cblr-8635	395	30	as	as	ADP
cblr-8635	395	31	increasing	increase	VERB
cblr-8635	395	32	leverage	leverage	NOUN
cblr-8635	395	33	or	or	CCONJ
cblr-8635	395	34	reducing	reduce	VERB
cblr-8635	395	35	diversification	diversification	NOUN
cblr-8635	395	36	)	)	PUNCT
cblr-8635	395	37	that	that	PRON
cblr-8635	395	38	will	will	AUX
cblr-8635	395	39	benefit	benefit	VERB
cblr-8635	395	40	the	the	DET
cblr-8635	395	41	diversified	diversified	ADJ
cblr-8635	395	42	shareholders	shareholder	NOUN
cblr-8635	395	43	that	that	SCONJ
cblr-8635	395	44	they	they	PRON
cblr-8635	395	45	are	be	AUX
cblr-8635	395	46	serving	serve	VERB
cblr-8635	395	47	.	.	PUNCT
cblr-8635	396	1	62	62	NUM
cblr-8635	396	2	debt	debt	NOUN
cblr-8635	396	3	covenants	covenant	NOUN
cblr-8635	396	4	became	become	VERB
cblr-8635	396	5	disfavored	disfavored	ADJ
cblr-8635	396	6	in	in	ADP
cblr-8635	396	7	the	the	DET
cblr-8635	396	8	1980s	1980s	NUM
cblr-8635	396	9	,	,	PUNCT
cblr-8635	396	10	and	and	CCONJ
cblr-8635	396	11	empirical	empirical	ADJ
cblr-8635	396	12	surveys	survey	NOUN
cblr-8635	396	13	found	find	VERB
cblr-8635	396	14	that	that	SCONJ
cblr-8635	396	15	large	large	ADJ
cblr-8635	396	16	public	public	ADJ
cblr-8635	396	17	corporations	corporation	NOUN
cblr-8635	396	18	had	have	AUX
cblr-8635	396	19	successfully	successfully	ADV
cblr-8635	396	20	avoided	avoid	VERB
cblr-8635	396	21	them	they	PRON
cblr-8635	396	22	.	.	PUNCT
cblr-8635	397	1	see	see	VERB
cblr-8635	397	2	morey	morey	PROPN
cblr-8635	397	3	w.	w.	PROPN
cblr-8635	397	4	mcdaniel	mcdaniel	PROPN
cblr-8635	397	5	,	,	PUNCT
cblr-8635	397	6	bondholders	bondholder	NOUN
cblr-8635	397	7	and	and	CCONJ
cblr-8635	397	8	corporate	corporate	ADJ
cblr-8635	397	9	governance	governance	NOUN
cblr-8635	397	10	,	,	PUNCT
cblr-8635	397	11	41	41	NUM
cblr-8635	397	12	bus	bus	NOUN
cblr-8635	397	13	.	.	PUNCT
cblr-8635	398	1	law	law	NOUN
cblr-8635	398	2	.	.	PUNCT
cblr-8635	399	1	413	413	NUM
cblr-8635	399	2	,	,	PUNCT
cblr-8635	399	3	426	426	NUM
cblr-8635	399	4	(	(	PUNCT
cblr-8635	399	5	1986	1986	NUM
cblr-8635	399	6	)	)	PUNCT
cblr-8635	399	7	;	;	PUNCT
cblr-8635	399	8	william	william	PROPN
cblr-8635	399	9	w.	w.	PROPN
cblr-8635	399	10	bratton	bratton	PROPN
cblr-8635	399	11	,	,	PUNCT
cblr-8635	399	12	jr	jr	PROPN
cblr-8635	399	13	.	.	PROPN
cblr-8635	399	14	,	,	PUNCT
cblr-8635	399	15	corporate	corporate	ADJ
cblr-8635	399	16	debt	debt	NOUN
cblr-8635	399	17	relationships	relationship	NOUN
cblr-8635	399	18	:	:	PUNCT
cblr-8635	399	19	legal	legal	ADJ
cblr-8635	399	20	theory	theory	NOUN
cblr-8635	399	21	in	in	ADP
cblr-8635	399	22	a	a	DET
cblr-8635	399	23	time	time	NOUN
cblr-8635	399	24	of	of	ADP
cblr-8635	399	25	restructuring	restructuring	NOUN
cblr-8635	399	26	,	,	PUNCT
cblr-8635	399	27	1989	1989	NUM
cblr-8635	399	28	duke	duke	PROPN
cblr-8635	399	29	l.j	l.j	PROPN
cblr-8635	399	30	.	.	PROPN
cblr-8635	399	31	92	92	NUM
cblr-8635	399	32	,	,	PUNCT
cblr-8635	399	33	140–42	140–42	NUM
cblr-8635	399	34	.	.	PUNCT
cblr-8635	399	35	coffee	coffee	PROPN
cblr-8635	399	36	8/20/2021	8/20/2021	NUM
cblr-8635	399	37	6:32	6:32	NUM
cblr-8635	399	38	pm	pm	NOUN
cblr-8635	399	39	no	no	INTJ
cblr-8635	399	40	.	.	PUNCT
cblr-8635	400	1	2:602	2:602	NUM
cblr-8635	400	2	]	]	X
cblr-8635	400	3	the	the	DET
cblr-8635	400	4	future	future	NOUN
cblr-8635	400	5	of	of	ADP
cblr-8635	400	6	disclosure	disclosure	NOUN
cblr-8635	400	7	627	627	NUM
cblr-8635	400	8	although	although	SCONJ
cblr-8635	400	9	there	there	PRON
cblr-8635	400	10	has	have	AUX
cblr-8635	400	11	been	be	AUX
cblr-8635	400	12	a	a	DET
cblr-8635	400	13	voluminous	voluminous	ADJ
cblr-8635	400	14	and	and	CCONJ
cblr-8635	400	15	heated	heated	ADJ
cblr-8635	400	16	debate	debate	NOUN
cblr-8635	400	17	over	over	ADP
cblr-8635	400	18	the	the	DET
cblr-8635	400	19	practices	practice	NOUN
cblr-8635	400	20	and	and	CCONJ
cblr-8635	400	21	ethics	ethic	NOUN
cblr-8635	400	22	of	of	ADP
cblr-8635	400	23	activist	activist	ADJ
cblr-8635	400	24	hedge	hedge	NOUN
cblr-8635	400	25	funds,63	funds,63	PROPN
cblr-8635	400	26	this	this	DET
cblr-8635	400	27	debate	debate	NOUN
cblr-8635	400	28	has	have	AUX
cblr-8635	400	29	usually	usually	ADV
cblr-8635	400	30	been	be	AUX
cblr-8635	400	31	framed	frame	VERB
cblr-8635	400	32	in	in	ADP
cblr-8635	400	33	terms	term	NOUN
cblr-8635	400	34	of	of	ADP
cblr-8635	400	35	whether	whether	SCONJ
cblr-8635	400	36	hedge	hedge	NOUN
cblr-8635	400	37	funds	fund	NOUN
cblr-8635	400	38	have	have	AUX
cblr-8635	400	39	a	a	DET
cblr-8635	400	40	“	"	PUNCT
cblr-8635	400	41	short	short	ADJ
cblr-8635	400	42	-	-	PUNCT
cblr-8635	400	43	term	term	NOUN
cblr-8635	400	44	”	"	PUNCT
cblr-8635	400	45	perspective	perspective	NOUN
cblr-8635	400	46	that	that	PRON
cblr-8635	400	47	contrasts	contrast	VERB
cblr-8635	400	48	with	with	ADP
cblr-8635	400	49	the	the	DET
cblr-8635	400	50	allegedly	allegedly	ADV
cblr-8635	400	51	“	"	PUNCT
cblr-8635	400	52	long	long	ADJ
cblr-8635	400	53	-	-	PUNCT
cblr-8635	400	54	term	term	NOUN
cblr-8635	400	55	”	"	PUNCT
cblr-8635	400	56	perspective	perspective	NOUN
cblr-8635	400	57	of	of	ADP
cblr-8635	400	58	the	the	DET
cblr-8635	400	59	target	target	NOUN
cblr-8635	400	60	corporation	corporation	NOUN
cblr-8635	400	61	’s	’s	PART
cblr-8635	400	62	managers	manager	NOUN
cblr-8635	400	63	.	.	PUNCT
cblr-8635	401	1	this	this	PRON
cblr-8635	401	2	misses	miss	VERB
cblr-8635	401	3	the	the	DET
cblr-8635	401	4	larger	large	ADJ
cblr-8635	401	5	point	point	NOUN
cblr-8635	401	6	.	.	PUNCT
cblr-8635	402	1	without	without	ADP
cblr-8635	402	2	denying	deny	VERB
cblr-8635	402	3	that	that	SCONJ
cblr-8635	402	4	there	there	PRON
cblr-8635	402	5	could	could	AUX
cblr-8635	402	6	be	be	AUX
cblr-8635	402	7	differences	difference	NOUN
cblr-8635	402	8	in	in	ADP
cblr-8635	402	9	the	the	DET
cblr-8635	402	10	time	time	NOUN
cblr-8635	402	11	frames	frame	NOUN
cblr-8635	402	12	favored	favor	VERB
cblr-8635	402	13	by	by	ADP
cblr-8635	402	14	activist	activist	ADJ
cblr-8635	402	15	shareholders	shareholder	NOUN
cblr-8635	402	16	and	and	CCONJ
cblr-8635	402	17	managers,64	managers,64	PRON
cblr-8635	402	18	it	it	PRON
cblr-8635	402	19	is	be	AUX
cblr-8635	402	20	simpler	simple	ADJ
cblr-8635	402	21	(	(	PUNCT
cblr-8635	402	22	and	and	CCONJ
cblr-8635	402	23	theoretically	theoretically	ADV
cblr-8635	402	24	more	more	ADV
cblr-8635	402	25	elegant	elegant	ADJ
cblr-8635	402	26	)	)	PUNCT
cblr-8635	402	27	to	to	PART
cblr-8635	402	28	focus	focus	VERB
cblr-8635	402	29	instead	instead	ADV
cblr-8635	402	30	on	on	ADP
cblr-8635	402	31	the	the	DET
cblr-8635	402	32	enhanced	enhanced	ADJ
cblr-8635	402	33	value	value	NOUN
cblr-8635	402	34	to	to	ADP
cblr-8635	402	35	the	the	DET
cblr-8635	402	36	option	option	NOUN
cblr-8635	402	37	held	hold	VERB
cblr-8635	402	38	by	by	ADP
cblr-8635	402	39	the	the	DET
cblr-8635	402	40	shareholders	shareholder	NOUN
cblr-8635	402	41	as	as	ADP
cblr-8635	402	42	the	the	DET
cblr-8635	402	43	result	result	NOUN
cblr-8635	402	44	of	of	ADP
cblr-8635	402	45	accepting	accept	VERB
cblr-8635	402	46	increased	increase	VERB
cblr-8635	402	47	risk	risk	NOUN
cblr-8635	402	48	.	.	PUNCT
cblr-8635	403	1	possibly	possibly	ADV
cblr-8635	403	2	,	,	PUNCT
cblr-8635	403	3	some	some	PRON
cblr-8635	403	4	will	will	AUX
cblr-8635	403	5	respond	respond	VERB
cblr-8635	403	6	:	:	PUNCT
cblr-8635	403	7	if	if	SCONJ
cblr-8635	403	8	this	this	DET
cblr-8635	403	9	desire	desire	NOUN
cblr-8635	403	10	to	to	PART
cblr-8635	403	11	increase	increase	VERB
cblr-8635	403	12	the	the	DET
cblr-8635	403	13	risk	risk	NOUN
cblr-8635	403	14	level	level	NOUN
cblr-8635	403	15	is	be	AUX
cblr-8635	403	16	so	so	ADV
cblr-8635	403	17	obvious	obvious	ADJ
cblr-8635	403	18	,	,	PUNCT
cblr-8635	403	19	why	why	SCONJ
cblr-8635	403	20	did	do	AUX
cblr-8635	403	21	n’t	not	PART
cblr-8635	403	22	the	the	DET
cblr-8635	403	23	target	target	NOUN
cblr-8635	403	24	management	management	NOUN
cblr-8635	403	25	do	do	VERB
cblr-8635	403	26	this	this	DET
cblr-8635	403	27	themselves	themselves	PRON
cblr-8635	403	28	and	and	CCONJ
cblr-8635	403	29	profit	profit	NOUN
cblr-8635	403	30	from	from	ADP
cblr-8635	403	31	accepting	accept	VERB
cblr-8635	403	32	increased	increase	VERB
cblr-8635	403	33	risk	risk	NOUN
cblr-8635	403	34	and	and	CCONJ
cblr-8635	403	35	lesser	less	ADJ
cblr-8635	403	36	diversification	diversification	NOUN
cblr-8635	403	37	?	?	PUNCT
cblr-8635	404	1	why	why	SCONJ
cblr-8635	404	2	have	have	AUX
cblr-8635	404	3	only	only	ADV
cblr-8635	404	4	activist	activist	ADJ
cblr-8635	404	5	hedge	hedge	NOUN
cblr-8635	404	6	funds	fund	NOUN
cblr-8635	404	7	proposed	propose	VERB
cblr-8635	404	8	this	this	PRON
cblr-8635	404	9	?	?	PUNCT
cblr-8635	405	1	here	here	ADV
cblr-8635	405	2	,	,	PUNCT
cblr-8635	405	3	there	there	PRON
cblr-8635	405	4	is	be	VERB
cblr-8635	405	5	a	a	DET
cblr-8635	405	6	simple	simple	ADJ
cblr-8635	405	7	answer	answer	NOUN
cblr-8635	405	8	:	:	PUNCT
cblr-8635	405	9	corporate	corporate	ADJ
cblr-8635	405	10	managers	manager	NOUN
cblr-8635	405	11	have	have	VERB
cblr-8635	405	12	firm	firm	ADJ
cblr-8635	405	13	-	-	PUNCT
cblr-8635	405	14	specific	specific	ADJ
cblr-8635	405	15	human	human	ADJ
cblr-8635	405	16	capital	capital	NOUN
cblr-8635	405	17	invested	invest	VERB
cblr-8635	405	18	in	in	ADP
cblr-8635	405	19	the	the	DET
cblr-8635	405	20	firm	firm	NOUN
cblr-8635	405	21	,	,	PUNCT
cblr-8635	405	22	which	which	PRON
cblr-8635	405	23	they	they	PRON
cblr-8635	405	24	can	can	AUX
cblr-8635	405	25	not	not	PART
cblr-8635	405	26	easily	easily	ADV
cblr-8635	405	27	hedge	hedge	VERB
cblr-8635	405	28	.	.	PUNCT
cblr-8635	406	1	put	put	VERB
cblr-8635	406	2	more	more	ADV
cblr-8635	406	3	simply	simply	ADV
cblr-8635	406	4	,	,	PUNCT
cblr-8635	406	5	shareholders	shareholder	NOUN
cblr-8635	406	6	hold	hold	VERB
cblr-8635	406	7	multiple	multiple	ADJ
cblr-8635	406	8	stocks	stock	NOUN
cblr-8635	406	9	,	,	PUNCT
cblr-8635	406	10	but	but	CCONJ
cblr-8635	406	11	managers	manager	NOUN
cblr-8635	406	12	have	have	VERB
cblr-8635	406	13	only	only	ADV
cblr-8635	406	14	one	one	NUM
cblr-8635	406	15	job	job	NOUN
cblr-8635	406	16	.	.	PUNCT
cblr-8635	407	1	managers	manager	NOUN
cblr-8635	407	2	will	will	AUX
cblr-8635	407	3	rationally	rationally	ADV
cblr-8635	407	4	resist	resist	VERB
cblr-8635	407	5	the	the	DET
cblr-8635	407	6	risk	risk	NOUN
cblr-8635	407	7	of	of	ADP
cblr-8635	407	8	increased	increase	VERB
cblr-8635	407	9	leverage	leverage	NOUN
cblr-8635	407	10	or	or	CCONJ
cblr-8635	407	11	diminished	diminish	VERB
cblr-8635	407	12	diversification	diversification	NOUN
cblr-8635	407	13	because	because	SCONJ
cblr-8635	407	14	it	it	PRON
cblr-8635	407	15	exposes	expose	VERB
cblr-8635	407	16	them	they	PRON
cblr-8635	407	17	to	to	ADP
cblr-8635	407	18	potential	potential	ADJ
cblr-8635	407	19	bankruptcy	bankruptcy	NOUN
cblr-8635	407	20	and	and	CCONJ
cblr-8635	407	21	the	the	DET
cblr-8635	407	22	loss	loss	NOUN
cblr-8635	407	23	of	of	ADP
cblr-8635	407	24	their	their	PRON
cblr-8635	407	25	human	human	ADJ
cblr-8635	407	26	capital	capital	NOUN
cblr-8635	407	27	.	.	PUNCT
cblr-8635	408	1	thus	thus	ADV
cblr-8635	408	2	,	,	PUNCT
cblr-8635	408	3	shareholders	shareholder	NOUN
cblr-8635	408	4	make	make	VERB
cblr-8635	408	5	superior	superior	ADJ
cblr-8635	408	6	risk	risk	NOUN
cblr-8635	408	7	bearers	bearer	NOUN
cblr-8635	408	8	.	.	PUNCT
cblr-8635	409	1	today	today	NOUN
cblr-8635	409	2	,	,	PUNCT
cblr-8635	409	3	activist	activist	ADJ
cblr-8635	409	4	hedge	hedge	NOUN
cblr-8635	409	5	funds	fund	NOUN
cblr-8635	409	6	have	have	AUX
cblr-8635	409	7	learned	learn	VERB
cblr-8635	409	8	that	that	SCONJ
cblr-8635	409	9	if	if	SCONJ
cblr-8635	409	10	they	they	PRON
cblr-8635	409	11	propose	propose	VERB
cblr-8635	409	12	a	a	DET
cblr-8635	409	13	specific	specific	ADJ
cblr-8635	409	14	scenario	scenario	NOUN
cblr-8635	409	15	for	for	ADP
cblr-8635	409	16	increasing	increase	VERB
cblr-8635	409	17	risk	risk	NOUN
cblr-8635	409	18	(	(	PUNCT
cblr-8635	409	19	such	such	ADJ
cblr-8635	409	20	as	as	ADP
cblr-8635	409	21	by	by	ADP
cblr-8635	409	22	63	63	NUM
cblr-8635	409	23	for	for	ADP
cblr-8635	409	24	representative	representative	ADJ
cblr-8635	409	25	positions	position	NOUN
cblr-8635	409	26	,	,	PUNCT
cblr-8635	409	27	see	see	VERB
cblr-8635	409	28	generally	generally	ADV
cblr-8635	409	29	lucian	lucian	PROPN
cblr-8635	409	30	a.	a.	NOUN
cblr-8635	409	31	bebchuk	bebchuk	PROPN
cblr-8635	409	32	,	,	PUNCT
cblr-8635	409	33	alon	alon	PROPN
cblr-8635	409	34	brav	brav	PROPN
cblr-8635	409	35	&	&	CCONJ
cblr-8635	409	36	wei	wei	PROPN
cblr-8635	409	37	jiang	jiang	PROPN
cblr-8635	409	38	,	,	PUNCT
cblr-8635	409	39	the	the	DET
cblr-8635	409	40	long	long	ADJ
cblr-8635	409	41	-	-	PUNCT
cblr-8635	409	42	term	term	NOUN
cblr-8635	409	43	effects	effect	NOUN
cblr-8635	409	44	of	of	ADP
cblr-8635	409	45	hedge	hedge	NOUN
cblr-8635	409	46	fund	fund	NOUN
cblr-8635	409	47	activism	activism	NOUN
cblr-8635	409	48	,	,	PUNCT
cblr-8635	409	49	115	115	NUM
cblr-8635	409	50	colum	colum	NOUN
cblr-8635	409	51	.	.	PUNCT
cblr-8635	410	1	l.	l.	PROPN
cblr-8635	410	2	rev	rev	PROPN
cblr-8635	410	3	.	.	PROPN
cblr-8635	410	4	1085	1085	NUM
cblr-8635	410	5	(	(	PUNCT
cblr-8635	410	6	2015	2015	NUM
cblr-8635	410	7	)	)	PUNCT
cblr-8635	410	8	;	;	PUNCT
cblr-8635	410	9	coffee	coffee	NOUN
cblr-8635	410	10	&	&	CCONJ
cblr-8635	410	11	palia	palia	PROPN
cblr-8635	410	12	,	,	PUNCT
cblr-8635	410	13	supra	supra	PROPN
cblr-8635	410	14	note	note	PROPN
cblr-8635	410	15	55	55	NUM
cblr-8635	410	16	;	;	PUNCT
cblr-8635	410	17	leo	leo	PROPN
cblr-8635	410	18	e.	e.	PROPN
cblr-8635	410	19	strine	strine	PROPN
cblr-8635	410	20	,	,	PUNCT
cblr-8635	410	21	jr	jr	PROPN
cblr-8635	410	22	.	.	PROPN
cblr-8635	410	23	,	,	PUNCT
cblr-8635	410	24	who	who	PRON
cblr-8635	410	25	bleeds	bleed	VERB
cblr-8635	410	26	when	when	SCONJ
cblr-8635	410	27	the	the	DET
cblr-8635	410	28	wolves	wolf	NOUN
cblr-8635	410	29	bite	bite	VERB
cblr-8635	410	30	?	?	PUNCT
cblr-8635	410	31	:	:	PUNCT
cblr-8635	410	32	a	a	DET
cblr-8635	410	33	flesh	flesh	NOUN
cblr-8635	410	34	-	-	PUNCT
cblr-8635	410	35	and	and	CCONJ
cblr-8635	410	36	-	-	PUNCT
cblr-8635	410	37	blood	blood	NOUN
cblr-8635	410	38	perspective	perspective	NOUN
cblr-8635	410	39	on	on	ADP
cblr-8635	410	40	hedge	hedge	NOUN
cblr-8635	410	41	fund	fund	NOUN
cblr-8635	410	42	activism	activism	NOUN
cblr-8635	410	43	and	and	CCONJ
cblr-8635	410	44	our	our	PRON
cblr-8635	410	45	strange	strange	ADJ
cblr-8635	410	46	corporate	corporate	ADJ
cblr-8635	410	47	governance	governance	NOUN
cblr-8635	410	48	system	system	NOUN
cblr-8635	410	49	,	,	PUNCT
cblr-8635	410	50	126	126	NUM
cblr-8635	410	51	yale	yale	PROPN
cblr-8635	410	52	l.j	l.j	PROPN
cblr-8635	410	53	.	.	PROPN
cblr-8635	410	54	1870	1870	NUM
cblr-8635	410	55	(	(	PUNCT
cblr-8635	410	56	2017	2017	NUM
cblr-8635	410	57	)	)	PUNCT
cblr-8635	410	58	.	.	PUNCT
cblr-8635	411	1	64	64	NUM
cblr-8635	411	2	standard	standard	ADJ
cblr-8635	411	3	compensation	compensation	NOUN
cblr-8635	411	4	formulas	formula	NOUN
cblr-8635	411	5	in	in	ADP
cblr-8635	411	6	the	the	DET
cblr-8635	411	7	hedge	hedge	NOUN
cblr-8635	411	8	fund	fund	NOUN
cblr-8635	411	9	industry	industry	NOUN
cblr-8635	411	10	(	(	PUNCT
cblr-8635	411	11	which	which	PRON
cblr-8635	411	12	typically	typically	ADV
cblr-8635	411	13	annually	annually	ADV
cblr-8635	411	14	award	award	VERB
cblr-8635	411	15	hedge	hedge	NOUN
cblr-8635	411	16	fund	fund	NOUN
cblr-8635	411	17	managers	manager	NOUN
cblr-8635	411	18	twenty	twenty	NUM
cblr-8635	411	19	percent	percent	NOUN
cblr-8635	411	20	or	or	CCONJ
cblr-8635	411	21	more	more	ADJ
cblr-8635	411	22	of	of	ADP
cblr-8635	411	23	the	the	DET
cblr-8635	411	24	fund	fund	NOUN
cblr-8635	411	25	’s	’s	PART
cblr-8635	411	26	gains	gain	NOUN
cblr-8635	411	27	)	)	PUNCT
cblr-8635	411	28	do	do	AUX
cblr-8635	411	29	give	give	VERB
cblr-8635	411	30	hedge	hedge	NOUN
cblr-8635	411	31	fund	fund	NOUN
cblr-8635	411	32	managers	manager	NOUN
cblr-8635	411	33	considerable	considerable	ADJ
cblr-8635	411	34	reason	reason	NOUN
cblr-8635	411	35	to	to	PART
cblr-8635	411	36	focus	focus	VERB
cblr-8635	411	37	on	on	ADP
cblr-8635	411	38	the	the	DET
cblr-8635	411	39	short	short	ADJ
cblr-8635	411	40	run	run	NOUN
cblr-8635	411	41	.	.	PUNCT
cblr-8635	412	1	see	see	VERB
cblr-8635	412	2	michal	michal	PROPN
cblr-8635	412	3	barzuza	barzuza	PROPN
cblr-8635	412	4	&	&	CCONJ
cblr-8635	412	5	eric	eric	PROPN
cblr-8635	412	6	talley	talley	PROPN
cblr-8635	412	7	,	,	PUNCT
cblr-8635	412	8	long	long	ADJ
cblr-8635	412	9	-	-	PUNCT
cblr-8635	412	10	term	term	NOUN
cblr-8635	412	11	bias	bias	NOUN
cblr-8635	412	12	,	,	PUNCT
cblr-8635	412	13	2020	2020	NUM
cblr-8635	412	14	colum	colum	NOUN
cblr-8635	412	15	.	.	PUNCT
cblr-8635	413	1	bus	bus	NOUN
cblr-8635	413	2	.	.	PUNCT
cblr-8635	414	1	l.	l.	PROPN
cblr-8635	414	2	rev	rev	PROPN
cblr-8635	414	3	.	.	PROPN
cblr-8635	414	4	104	104	NUM
cblr-8635	414	5	,	,	PUNCT
cblr-8635	414	6	133–34	133–34	NUM
cblr-8635	414	7	.	.	PUNCT
cblr-8635	415	1	moreover	moreover	ADV
cblr-8635	415	2	,	,	PUNCT
cblr-8635	415	3	hedge	hedge	NOUN
cblr-8635	415	4	fund	fund	NOUN
cblr-8635	415	5	managers	manager	NOUN
cblr-8635	415	6	are	be	AUX
cblr-8635	415	7	aware	aware	ADJ
cblr-8635	415	8	that	that	SCONJ
cblr-8635	415	9	their	their	PRON
cblr-8635	415	10	investor	investor	NOUN
cblr-8635	415	11	clients	client	NOUN
cblr-8635	415	12	can	can	AUX
cblr-8635	415	13	easily	easily	ADV
cblr-8635	415	14	move	move	VERB
cblr-8635	415	15	funds	fund	NOUN
cblr-8635	415	16	to	to	ADP
cblr-8635	415	17	another	another	DET
cblr-8635	415	18	hedge	hedge	NOUN
cblr-8635	415	19	fund	fund	NOUN
cblr-8635	415	20	if	if	SCONJ
cblr-8635	415	21	they	they	PRON
cblr-8635	415	22	do	do	AUX
cblr-8635	415	23	not	not	PART
cblr-8635	415	24	deliver	deliver	VERB
cblr-8635	415	25	immediate	immediate	ADJ
cblr-8635	415	26	gains	gain	NOUN
cblr-8635	415	27	.	.	PUNCT
cblr-8635	416	1	in	in	ADP
cblr-8635	416	2	contrast	contrast	NOUN
cblr-8635	416	3	,	,	PUNCT
cblr-8635	416	4	corporate	corporate	ADJ
cblr-8635	416	5	managers	manager	NOUN
cblr-8635	416	6	are	be	AUX
cblr-8635	416	7	conventionally	conventionally	ADV
cblr-8635	416	8	assumed	assume	VERB
cblr-8635	416	9	to	to	PART
cblr-8635	416	10	have	have	VERB
cblr-8635	416	11	a	a	DET
cblr-8635	416	12	longer	long	ADJ
cblr-8635	416	13	term	term	NOUN
cblr-8635	416	14	(	(	PUNCT
cblr-8635	416	15	and	and	CCONJ
cblr-8635	416	16	more	more	ADJ
cblr-8635	416	17	risk	risk	NOUN
cblr-8635	416	18	-	-	PUNCT
cblr-8635	416	19	averse	averse	ADJ
cblr-8635	416	20	)	)	PUNCT
cblr-8635	416	21	perspective	perspective	NOUN
cblr-8635	416	22	because	because	SCONJ
cblr-8635	416	23	of	of	ADP
cblr-8635	416	24	their	their	PRON
cblr-8635	416	25	locked	lock	VERB
cblr-8635	416	26	-	-	PUNCT
cblr-8635	416	27	in	in	ADP
cblr-8635	416	28	human	human	ADJ
cblr-8635	416	29	capital	capital	NOUN
cblr-8635	416	30	.	.	PUNCT
cblr-8635	417	1	coffee	coffee	PROPN
cblr-8635	417	2	8/20/2021	8/20/2021	NUM
cblr-8635	417	3	6:32	6:32	NUM
cblr-8635	417	4	pm	pm	PROPN
cblr-8635	417	5	628	628	NUM
cblr-8635	417	6	columbia	columbia	PROPN
cblr-8635	417	7	business	business	NOUN
cblr-8635	417	8	law	law	PROPN
cblr-8635	417	9	review	review	NOUN
cblr-8635	417	10	[	[	X
cblr-8635	417	11	vol	vol	NOUN
cblr-8635	417	12	.	.	PUNCT
cblr-8635	417	13	2021	2021	NUM
cblr-8635	417	14	following	follow	VERB
cblr-8635	417	15	a	a	DET
cblr-8635	417	16	riskier	risky	ADJ
cblr-8635	417	17	investment	investment	NOUN
cblr-8635	417	18	policy	policy	NOUN
cblr-8635	417	19	,	,	PUNCT
cblr-8635	417	20	selling	sell	VERB
cblr-8635	417	21	off	off	ADP
cblr-8635	417	22	corporate	corporate	ADJ
cblr-8635	417	23	assets	asset	NOUN
cblr-8635	417	24	that	that	PRON
cblr-8635	417	25	mainly	mainly	ADV
cblr-8635	417	26	provide	provide	VERB
cblr-8635	417	27	unneeded	unneeded	ADJ
cblr-8635	417	28	diversification	diversification	NOUN
cblr-8635	417	29	,	,	PUNCT
cblr-8635	417	30	or	or	CCONJ
cblr-8635	417	31	increasing	increase	VERB
cblr-8635	417	32	leverage	leverage	NOUN
cblr-8635	417	33	,	,	PUNCT
cblr-8635	417	34	buybacks	buyback	NOUN
cblr-8635	417	35	,	,	PUNCT
cblr-8635	417	36	and	and	CCONJ
cblr-8635	417	37	dividends	dividend	NOUN
cblr-8635	417	38	)	)	PUNCT
cblr-8635	417	39	,	,	PUNCT
cblr-8635	417	40	they	they	PRON
cblr-8635	417	41	will	will	AUX
cblr-8635	417	42	find	find	VERB
cblr-8635	417	43	it	it	PRON
cblr-8635	417	44	easy	easy	ADJ
cblr-8635	417	45	to	to	PART
cblr-8635	417	46	sell	sell	VERB
cblr-8635	417	47	this	this	DET
cblr-8635	417	48	policy	policy	NOUN
cblr-8635	417	49	to	to	ADP
cblr-8635	417	50	institutional	institutional	ADJ
cblr-8635	417	51	shareholders	shareholder	NOUN
cblr-8635	417	52	.	.	PUNCT
cblr-8635	418	1	this	this	DET
cblr-8635	418	2	motivation	motivation	NOUN
cblr-8635	418	3	to	to	PART
cblr-8635	418	4	increase	increase	VERB
cblr-8635	418	5	risk	risk	NOUN
cblr-8635	418	6	and	and	CCONJ
cblr-8635	418	7	reduce	reduce	VERB
cblr-8635	418	8	diversification	diversification	NOUN
cblr-8635	418	9	did	do	AUX
cblr-8635	418	10	not	not	PART
cblr-8635	418	11	begin	begin	VERB
cblr-8635	418	12	with	with	ADP
cblr-8635	418	13	activist	activist	ADJ
cblr-8635	418	14	hedge	hedge	NOUN
cblr-8635	418	15	funds	fund	NOUN
cblr-8635	418	16	.	.	PUNCT
cblr-8635	419	1	“	"	PUNCT
cblr-8635	419	2	bust	bust	NOUN
cblr-8635	419	3	-	-	PUNCT
cblr-8635	419	4	up	up	ADP
cblr-8635	419	5	”	"	PUNCT
cblr-8635	419	6	takeover	takeover	NOUN
cblr-8635	419	7	bidders	bidder	NOUN
cblr-8635	419	8	did	do	VERB
cblr-8635	419	9	the	the	DET
cblr-8635	419	10	same	same	ADJ
cblr-8635	419	11	thing	thing	NOUN
cblr-8635	419	12	in	in	ADP
cblr-8635	419	13	the	the	DET
cblr-8635	419	14	late	late	ADJ
cblr-8635	419	15	1980s.65	1980s.65	NUM
cblr-8635	419	16	but	but	CCONJ
cblr-8635	419	17	these	these	DET
cblr-8635	419	18	bidders	bidder	NOUN
cblr-8635	419	19	were	be	AUX
cblr-8635	419	20	chilled	chill	VERB
cblr-8635	419	21	by	by	ADP
cblr-8635	419	22	the	the	DET
cblr-8635	419	23	poison	poison	NOUN
cblr-8635	419	24	pill	pill	NOUN
cblr-8635	419	25	,	,	PUNCT
cblr-8635	419	26	state	state	NOUN
cblr-8635	419	27	takeover	takeover	NOUN
cblr-8635	419	28	laws	law	NOUN
cblr-8635	419	29	,	,	PUNCT
cblr-8635	419	30	and	and	CCONJ
cblr-8635	419	31	judicial	judicial	ADJ
cblr-8635	419	32	developments.66	developments.66	NOUN
cblr-8635	419	33	the	the	DET
cblr-8635	419	34	evidence	evidence	NOUN
cblr-8635	419	35	is	be	AUX
cblr-8635	419	36	clear	clear	ADJ
cblr-8635	419	37	that	that	SCONJ
cblr-8635	419	38	activist	activist	ADJ
cblr-8635	419	39	hedge	hedge	NOUN
cblr-8635	419	40	funds	fund	NOUN
cblr-8635	419	41	can	can	AUX
cblr-8635	419	42	today	today	NOUN
cblr-8635	419	43	compel	compel	VERB
cblr-8635	419	44	target	target	NOUN
cblr-8635	419	45	managements	management	NOUN
cblr-8635	419	46	to	to	PART
cblr-8635	419	47	negotiate	negotiate	VERB
cblr-8635	419	48	their	their	PRON
cblr-8635	419	49	demands	demand	NOUN
cblr-8635	419	50	and	and	CCONJ
cblr-8635	419	51	place	place	VERB
cblr-8635	419	52	the	the	DET
cblr-8635	419	53	hedge	hedge	NOUN
cblr-8635	419	54	fund	fund	NOUN
cblr-8635	419	55	’s	’s	PART
cblr-8635	419	56	agents	agent	NOUN
cblr-8635	419	57	on	on	ADP
cblr-8635	419	58	the	the	DET
cblr-8635	419	59	target	target	NOUN
cblr-8635	419	60	’s	’s	PART
cblr-8635	419	61	board.67	board.67	NOUN
cblr-8635	419	62	more	more	ADV
cblr-8635	419	63	importantly	importantly	ADV
cblr-8635	419	64	,	,	PUNCT
cblr-8635	419	65	the	the	DET
cblr-8635	419	66	activist	activist	ADJ
cblr-8635	419	67	fund	fund	NOUN
cblr-8635	419	68	spends	spend	VERB
cblr-8635	419	69	far	far	ADV
cblr-8635	419	70	less	less	ADJ
cblr-8635	419	71	,	,	PUNCT
cblr-8635	419	72	fares	fare	NOUN
cblr-8635	419	73	far	far	ADV
cblr-8635	419	74	better	well	ADV
cblr-8635	419	75	,	,	PUNCT
cblr-8635	419	76	and	and	CCONJ
cblr-8635	419	77	achieves	achieve	VERB
cblr-8635	419	78	results	result	NOUN
cblr-8635	419	79	far	far	ADV
cblr-8635	419	80	more	more	ADV
cblr-8635	419	81	quickly	quickly	ADV
cblr-8635	419	82	than	than	ADP
cblr-8635	419	83	the	the	DET
cblr-8635	419	84	traditional	traditional	ADJ
cblr-8635	419	85	hostile	hostile	ADJ
cblr-8635	419	86	bidder.68	bidder.68	NOUN
cblr-8635	419	87	as	as	ADP
cblr-8635	419	88	a	a	DET
cblr-8635	419	89	result	result	NOUN
cblr-8635	419	90	,	,	PUNCT
cblr-8635	419	91	the	the	DET
cblr-8635	419	92	activist	activist	ADJ
cblr-8635	419	93	hedge	hedge	NOUN
cblr-8635	419	94	fund	fund	NOUN
cblr-8635	419	95	has	have	AUX
cblr-8635	419	96	largely	largely	ADV
cblr-8635	419	97	replaced	replace	VERB
cblr-8635	419	98	the	the	DET
cblr-8635	419	99	hostile	hostile	ADJ
cblr-8635	419	100	bidder	bidder	NOUN
cblr-8635	419	101	,	,	PUNCT
cblr-8635	419	102	but	but	CCONJ
cblr-8635	419	103	the	the	DET
cblr-8635	419	104	implications	implication	NOUN
cblr-8635	419	105	for	for	ADP
cblr-8635	419	106	the	the	DET
cblr-8635	419	107	undiversified	undiversifie	VERB
cblr-8635	419	108	retail	retail	ADJ
cblr-8635	419	109	investor	investor	NOUN
cblr-8635	419	110	remain	remain	VERB
cblr-8635	419	111	the	the	DET
cblr-8635	419	112	same	same	ADJ
cblr-8635	419	113	:	:	PUNCT
cblr-8635	419	114	increased	increase	VERB
cblr-8635	419	115	risk	risk	NOUN
cblr-8635	419	116	is	be	AUX
cblr-8635	419	117	generally	generally	ADV
cblr-8635	419	118	contrary	contrary	ADJ
cblr-8635	419	119	to	to	ADP
cblr-8635	419	120	their	their	PRON
cblr-8635	419	121	preferences	preference	NOUN
cblr-8635	419	122	.	.	PUNCT
cblr-8635	420	1	although	although	SCONJ
cblr-8635	420	2	the	the	DET
cblr-8635	420	3	clear	clear	ADJ
cblr-8635	420	4	winners	winner	NOUN
cblr-8635	420	5	here	here	ADV
cblr-8635	420	6	are	be	AUX
cblr-8635	420	7	diversified	diversified	ADJ
cblr-8635	420	8	shareholders	shareholder	NOUN
cblr-8635	420	9	and	and	CCONJ
cblr-8635	420	10	activist	activist	ADJ
cblr-8635	420	11	funds	fund	NOUN
cblr-8635	420	12	,	,	PUNCT
cblr-8635	420	13	the	the	DET
cblr-8635	420	14	clear	clear	ADJ
cblr-8635	420	15	losers	loser	NOUN
cblr-8635	420	16	are	be	AUX
cblr-8635	420	17	not	not	PART
cblr-8635	420	18	only	only	ADV
cblr-8635	420	19	creditors	creditor	NOUN
cblr-8635	420	20	,	,	PUNCT
cblr-8635	420	21	managers	manager	NOUN
cblr-8635	420	22	and	and	CCONJ
cblr-8635	420	23	stakeholders	stakeholder	NOUN
cblr-8635	420	24	.	.	PUNCT
cblr-8635	421	1	in	in	ADP
cblr-8635	421	2	addition	addition	NOUN
cblr-8635	421	3	,	,	PUNCT
cblr-8635	421	4	the	the	DET
cblr-8635	421	5	undiversified	undiversified	ADJ
cblr-8635	421	6	retail	retail	ADJ
cblr-8635	421	7	investor	investor	NOUN
cblr-8635	421	8	is	be	AUX
cblr-8635	421	9	a	a	DET
cblr-8635	421	10	bystander	bystander	NOUN
cblr-8635	421	11	whose	whose	DET
cblr-8635	421	12	fate	fate	NOUN
cblr-8635	421	13	is	be	AUX
cblr-8635	421	14	less	less	ADV
cblr-8635	421	15	easily	easily	ADV
cblr-8635	421	16	summed	sum	VERB
cblr-8635	421	17	up	up	ADP
cblr-8635	421	18	.	.	PUNCT
cblr-8635	422	1	this	this	DET
cblr-8635	422	2	shareholder	shareholder	NOUN
cblr-8635	422	3	may	may	AUX
cblr-8635	422	4	sometimes	sometimes	ADV
cblr-8635	422	5	win	win	VERB
cblr-8635	422	6	and	and	CCONJ
cblr-8635	422	7	sometimes	sometimes	ADV
cblr-8635	422	8	lose	lose	VERB
cblr-8635	422	9	,	,	PUNCT
cblr-8635	422	10	depending	depend	VERB
cblr-8635	422	11	upon	upon	SCONJ
cblr-8635	422	12	how	how	SCONJ
cblr-8635	422	13	much	much	ADJ
cblr-8635	422	14	risk	risk	NOUN
cblr-8635	422	15	the	the	DET
cblr-8635	422	16	shareholder	shareholder	NOUN
cblr-8635	422	17	is	be	AUX
cblr-8635	422	18	willing	willing	ADJ
cblr-8635	422	19	to	to	ADP
cblr-8635	422	20	65	65	NUM
cblr-8635	422	21	for	for	ADP
cblr-8635	422	22	a	a	DET
cblr-8635	422	23	contemporary	contemporary	ADJ
cblr-8635	422	24	discussion	discussion	NOUN
cblr-8635	422	25	of	of	ADP
cblr-8635	422	26	these	these	DET
cblr-8635	422	27	takeovers	takeover	NOUN
cblr-8635	422	28	,	,	PUNCT
cblr-8635	422	29	see	see	VERB
cblr-8635	422	30	generally	generally	ADV
cblr-8635	422	31	john	john	PROPN
cblr-8635	422	32	c.	c.	PROPN
cblr-8635	422	33	coffee	coffee	PROPN
cblr-8635	422	34	,	,	PUNCT
cblr-8635	422	35	jr	jr	PROPN
cblr-8635	422	36	.	.	PROPN
cblr-8635	422	37	,	,	PUNCT
cblr-8635	422	38	shareholders	shareholder	NOUN
cblr-8635	422	39	versus	versus	ADP
cblr-8635	422	40	managers	manager	NOUN
cblr-8635	422	41	:	:	PUNCT
cblr-8635	422	42	the	the	DET
cblr-8635	422	43	strain	strain	NOUN
cblr-8635	422	44	in	in	ADP
cblr-8635	422	45	the	the	DET
cblr-8635	422	46	corporate	corporate	ADJ
cblr-8635	422	47	web	web	NOUN
cblr-8635	422	48	,	,	PUNCT
cblr-8635	422	49	85	85	NUM
cblr-8635	422	50	mich	mich	X
cblr-8635	422	51	.	.	PUNCT
cblr-8635	423	1	l.	l.	PROPN
cblr-8635	423	2	rev	rev	PROPN
cblr-8635	423	3	.	.	PROPN
cblr-8635	423	4	1	1	NUM
cblr-8635	423	5	(	(	PUNCT
cblr-8635	423	6	1986	1986	NUM
cblr-8635	423	7	)	)	PUNCT
cblr-8635	423	8	.	.	PUNCT
cblr-8635	424	1	66	66	NUM
cblr-8635	424	2	during	during	ADP
cblr-8635	424	3	the	the	DET
cblr-8635	424	4	1980s	1980s	NUM
cblr-8635	424	5	,	,	PUNCT
cblr-8635	424	6	the	the	DET
cblr-8635	424	7	delaware	delaware	PROPN
cblr-8635	424	8	supreme	supreme	PROPN
cblr-8635	424	9	court	court	PROPN
cblr-8635	424	10	upheld	uphold	VERB
cblr-8635	424	11	the	the	DET
cblr-8635	424	12	validity	validity	NOUN
cblr-8635	424	13	of	of	ADP
cblr-8635	424	14	the	the	DET
cblr-8635	424	15	poison	poison	NOUN
cblr-8635	424	16	pill	pill	NOUN
cblr-8635	424	17	in	in	ADP
cblr-8635	424	18	moran	moran	PROPN
cblr-8635	424	19	v.	v.	PROPN
cblr-8635	424	20	household	household	PROPN
cblr-8635	424	21	international	international	PROPN
cblr-8635	424	22	,	,	PUNCT
cblr-8635	424	23	inc	inc	PROPN
cblr-8635	424	24	.	.	PROPN
cblr-8635	424	25	,	,	PUNCT
cblr-8635	424	26	500	500	NUM
cblr-8635	424	27	a.2d	a.2d	SYM
cblr-8635	424	28	1346	1346	NUM
cblr-8635	424	29	(	(	PUNCT
cblr-8635	424	30	del	del	PROPN
cblr-8635	424	31	.	.	PROPN
cblr-8635	424	32	1985	1985	NUM
cblr-8635	424	33	)	)	PUNCT
cblr-8635	424	34	,	,	PUNCT
cblr-8635	424	35	and	and	CCONJ
cblr-8635	424	36	after	after	ADP
cblr-8635	424	37	paramount	paramount	ADJ
cblr-8635	424	38	communications	communications	PROPN
cblr-8635	424	39	,	,	PUNCT
cblr-8635	424	40	inc	inc	PROPN
cblr-8635	424	41	.	.	PROPN
cblr-8635	424	42	v.	v.	PROPN
cblr-8635	424	43	time	time	PROPN
cblr-8635	424	44	inc	inc	PROPN
cblr-8635	424	45	.	.	PROPN
cblr-8635	424	46	,	,	PUNCT
cblr-8635	424	47	571	571	NUM
cblr-8635	424	48	a.2d	a.2d	SYM
cblr-8635	424	49	1140	1140	NUM
cblr-8635	424	50	(	(	PUNCT
cblr-8635	424	51	del	del	PROPN
cblr-8635	424	52	.	.	PROPN
cblr-8635	424	53	1990	1990	NUM
cblr-8635	424	54	)	)	PUNCT
cblr-8635	425	1	it	it	PRON
cblr-8635	425	2	seemed	seem	VERB
cblr-8635	425	3	(	(	PUNCT
cblr-8635	425	4	at	at	ADP
cblr-8635	425	5	least	least	ADJ
cblr-8635	425	6	for	for	ADP
cblr-8635	425	7	a	a	DET
cblr-8635	425	8	time	time	NOUN
cblr-8635	425	9	)	)	PUNCT
cblr-8635	425	10	that	that	SCONJ
cblr-8635	425	11	the	the	DET
cblr-8635	425	12	“	"	PUNCT
cblr-8635	425	13	just	just	ADV
cblr-8635	425	14	say	say	VERB
cblr-8635	425	15	no	no	DET
cblr-8635	425	16	defense	defense	NOUN
cblr-8635	425	17	”	"	PUNCT
cblr-8635	425	18	would	would	AUX
cblr-8635	425	19	be	be	AUX
cblr-8635	425	20	upheld	uphold	VERB
cblr-8635	425	21	in	in	ADP
cblr-8635	425	22	delaware	delaware	PROPN
cblr-8635	425	23	.	.	PUNCT
cblr-8635	426	1	possibly	possibly	ADV
cblr-8635	426	2	as	as	ADP
cblr-8635	426	3	a	a	DET
cblr-8635	426	4	consequence	consequence	NOUN
cblr-8635	426	5	,	,	PUNCT
cblr-8635	426	6	hostile	hostile	ADJ
cblr-8635	426	7	takeovers	takeover	NOUN
cblr-8635	426	8	declined	decline	VERB
cblr-8635	426	9	following	follow	VERB
cblr-8635	426	10	1990	1990	NUM
cblr-8635	426	11	,	,	PUNCT
cblr-8635	426	12	and	and	CCONJ
cblr-8635	426	13	other	other	ADJ
cblr-8635	426	14	techniques	technique	NOUN
cblr-8635	426	15	(	(	PUNCT
cblr-8635	426	16	including	include	VERB
cblr-8635	426	17	hedge	hedge	NOUN
cblr-8635	426	18	fund	fund	NOUN
cblr-8635	426	19	engagement	engagement	NOUN
cblr-8635	426	20	)	)	PUNCT
cblr-8635	426	21	grew	grow	VERB
cblr-8635	426	22	.	.	PUNCT
cblr-8635	427	1	see	see	VERB
cblr-8635	427	2	coffee	coffee	NOUN
cblr-8635	427	3	&	&	CCONJ
cblr-8635	427	4	palia	palia	PROPN
cblr-8635	427	5	,	,	PUNCT
cblr-8635	427	6	supra	supra	PROPN
cblr-8635	427	7	note	note	PROPN
cblr-8635	427	8	55	55	NUM
cblr-8635	427	9	,	,	PUNCT
cblr-8635	427	10	at	at	ADP
cblr-8635	427	11	553	553	NUM
cblr-8635	427	12	,	,	PUNCT
cblr-8635	427	13	554	554	NUM
cblr-8635	427	14	&	&	CCONJ
cblr-8635	427	15	n.24	n.24	PROPN
cblr-8635	427	16	,	,	PUNCT
cblr-8635	427	17	555–57	555–57	NUM
cblr-8635	427	18	(	(	PUNCT
cblr-8635	427	19	tracing	trace	VERB
cblr-8635	427	20	the	the	DET
cblr-8635	427	21	rise	rise	NOUN
cblr-8635	427	22	of	of	ADP
cblr-8635	427	23	hedge	hedge	NOUN
cblr-8635	427	24	fund	fund	NOUN
cblr-8635	427	25	activism	activism	NOUN
cblr-8635	427	26	)	)	PUNCT
cblr-8635	427	27	.	.	PUNCT
cblr-8635	428	1	67	67	NUM
cblr-8635	428	2	for	for	ADP
cblr-8635	428	3	a	a	DET
cblr-8635	428	4	fuller	full	ADJ
cblr-8635	428	5	discussion	discussion	NOUN
cblr-8635	428	6	of	of	ADP
cblr-8635	428	7	the	the	DET
cblr-8635	428	8	tactics	tactic	NOUN
cblr-8635	428	9	and	and	CCONJ
cblr-8635	428	10	success	success	NOUN
cblr-8635	428	11	of	of	ADP
cblr-8635	428	12	hedge	hedge	NOUN
cblr-8635	428	13	fund	fund	NOUN
cblr-8635	428	14	campaigns	campaign	NOUN
cblr-8635	428	15	,	,	PUNCT
cblr-8635	428	16	see	see	VERB
cblr-8635	428	17	john	john	PROPN
cblr-8635	428	18	c.	c.	PROPN
cblr-8635	428	19	coffee	coffee	PROPN
cblr-8635	428	20	,	,	PUNCT
cblr-8635	428	21	jr	jr	PROPN
cblr-8635	428	22	.	.	PROPN
cblr-8635	428	23	,	,	PUNCT
cblr-8635	428	24	robert	robert	PROPN
cblr-8635	428	25	j.	j.	PROPN
cblr-8635	428	26	jackson	jackson	PROPN
cblr-8635	428	27	,	,	PUNCT
cblr-8635	428	28	jr	jr	PROPN
cblr-8635	428	29	.	.	PROPN
cblr-8635	428	30	,	,	PUNCT
cblr-8635	428	31	joshua	joshua	PROPN
cblr-8635	428	32	r.	r.	PROPN
cblr-8635	428	33	mitts	mitts	PROPN
cblr-8635	428	34	&	&	CCONJ
cblr-8635	428	35	robert	robert	PROPN
cblr-8635	428	36	e.	e.	PROPN
cblr-8635	428	37	bishop	bishop	PROPN
cblr-8635	428	38	,	,	PUNCT
cblr-8635	428	39	activist	activist	ADJ
cblr-8635	428	40	directors	director	NOUN
cblr-8635	428	41	and	and	CCONJ
cblr-8635	428	42	agency	agency	NOUN
cblr-8635	428	43	costs	cost	NOUN
cblr-8635	428	44	:	:	PUNCT
cblr-8635	428	45	what	what	PRON
cblr-8635	428	46	happens	happen	VERB
cblr-8635	428	47	when	when	SCONJ
cblr-8635	428	48	an	an	DET
cblr-8635	428	49	activist	activist	ADJ
cblr-8635	428	50	director	director	NOUN
cblr-8635	428	51	goes	go	VERB
cblr-8635	428	52	on	on	ADP
cblr-8635	428	53	the	the	DET
cblr-8635	428	54	board	board	NOUN
cblr-8635	428	55	?	?	PUNCT
cblr-8635	428	56	,	,	PUNCT
cblr-8635	428	57	104	104	NUM
cblr-8635	428	58	cornell	cornell	PROPN
cblr-8635	428	59	l.	l.	PROPN
cblr-8635	428	60	rev	rev	PROPN
cblr-8635	428	61	.	.	PROPN
cblr-8635	428	62	381	381	NUM
cblr-8635	428	63	,	,	PUNCT
cblr-8635	428	64	395–408	395–408	NUM
cblr-8635	428	65	(	(	PUNCT
cblr-8635	428	66	2019	2019	NUM
cblr-8635	428	67	)	)	PUNCT
cblr-8635	428	68	.	.	PUNCT
cblr-8635	429	1	68	68	NUM
cblr-8635	429	2	see	see	VERB
cblr-8635	429	3	i	i	PROPN
cblr-8635	429	4	d.	d.	PROPN
cblr-8635	429	5	(	(	PUNCT
cblr-8635	429	6	noting	note	VERB
cblr-8635	429	7	that	that	SCONJ
cblr-8635	429	8	the	the	DET
cblr-8635	429	9	costs	cost	NOUN
cblr-8635	429	10	of	of	ADP
cblr-8635	429	11	activist	activist	ADJ
cblr-8635	429	12	campaigns	campaign	NOUN
cblr-8635	429	13	“	"	PUNCT
cblr-8635	429	14	are	be	AUX
cblr-8635	429	15	growing	grow	VERB
cblr-8635	429	16	”	"	PUNCT
cblr-8635	429	17	but	but	CCONJ
cblr-8635	429	18	also	also	ADV
cblr-8635	429	19	that	that	SCONJ
cblr-8635	429	20	activists	activist	NOUN
cblr-8635	429	21	can	can	AUX
cblr-8635	429	22	extract	extract	VERB
cblr-8635	429	23	private	private	ADJ
cblr-8635	429	24	benefits	benefit	NOUN
cblr-8635	429	25	from	from	ADP
cblr-8635	429	26	target	target	NOUN
cblr-8635	429	27	firms	firm	NOUN
cblr-8635	429	28	)	)	PUNCT
cblr-8635	429	29	.	.	PUNCT
cblr-8635	430	1	coffee	coffee	PROPN
cblr-8635	430	2	8/20/2021	8/20/2021	NUM
cblr-8635	430	3	6:32	6:32	NUM
cblr-8635	430	4	pm	pm	NOUN
cblr-8635	430	5	no	no	INTJ
cblr-8635	430	6	.	.	PUNCT
cblr-8635	431	1	2:602	2:602	NUM
cblr-8635	431	2	]	]	X
cblr-8635	431	3	the	the	DET
cblr-8635	431	4	future	future	NOUN
cblr-8635	431	5	of	of	ADP
cblr-8635	431	6	disclosure	disclosure	NOUN
cblr-8635	431	7	629	629	NUM
cblr-8635	431	8	accept	accept	NOUN
cblr-8635	431	9	.	.	PUNCT
cblr-8635	432	1	the	the	DET
cblr-8635	432	2	bottom	bottom	ADJ
cblr-8635	432	3	line	line	NOUN
cblr-8635	432	4	then	then	ADV
cblr-8635	432	5	is	be	AUX
cblr-8635	432	6	that	that	SCONJ
cblr-8635	432	7	retail	retail	ADJ
cblr-8635	432	8	shareholders	shareholder	NOUN
cblr-8635	432	9	are	be	AUX
cblr-8635	432	10	affected	affect	VERB
cblr-8635	432	11	much	much	ADV
cblr-8635	432	12	more	more	ADJ
cblr-8635	432	13	than	than	SCONJ
cblr-8635	432	14	they	they	PRON
cblr-8635	432	15	realize	realize	VERB
cblr-8635	432	16	,	,	PUNCT
cblr-8635	432	17	and	and	CCONJ
cblr-8635	432	18	they	they	PRON
cblr-8635	432	19	may	may	AUX
cblr-8635	432	20	bear	bear	VERB
cblr-8635	432	21	more	more	ADJ
cblr-8635	432	22	risk	risk	NOUN
cblr-8635	432	23	than	than	SCONJ
cblr-8635	432	24	they	they	PRON
cblr-8635	432	25	understand	understand	VERB
cblr-8635	432	26	or	or	CCONJ
cblr-8635	432	27	want	want	VERB
cblr-8635	432	28	.	.	PUNCT
cblr-8635	433	1	how	how	SCONJ
cblr-8635	433	2	(	(	PUNCT
cblr-8635	433	3	if	if	SCONJ
cblr-8635	433	4	at	at	ADV
cblr-8635	433	5	all	all	ADV
cblr-8635	433	6	)	)	PUNCT
cblr-8635	433	7	should	should	AUX
cblr-8635	433	8	the	the	DET
cblr-8635	433	9	sec	sec	PROPN
cblr-8635	433	10	protect	protect	VERB
cblr-8635	433	11	these	these	DET
cblr-8635	433	12	investors	investor	NOUN
cblr-8635	433	13	?	?	PUNCT
cblr-8635	434	1	the	the	DET
cblr-8635	434	2	long	long	ADJ
cblr-8635	434	3	-	-	PUNCT
cblr-8635	434	4	term	term	NOUN
cblr-8635	434	5	answer	answer	NOUN
cblr-8635	434	6	may	may	AUX
cblr-8635	434	7	be	be	AUX
cblr-8635	434	8	that	that	SCONJ
cblr-8635	434	9	retail	retail	ADJ
cblr-8635	434	10	investors	investor	NOUN
cblr-8635	434	11	should	should	AUX
cblr-8635	434	12	be	be	AUX
cblr-8635	434	13	prodded	prod	VERB
cblr-8635	434	14	(	(	PUNCT
cblr-8635	434	15	or	or	CCONJ
cblr-8635	434	16	at	at	ADP
cblr-8635	434	17	least	least	ADJ
cblr-8635	434	18	encouraged	encourage	VERB
cblr-8635	434	19	)	)	PUNCT
cblr-8635	434	20	by	by	ADP
cblr-8635	434	21	the	the	DET
cblr-8635	434	22	sec	sec	PROPN
cblr-8635	434	23	to	to	PART
cblr-8635	434	24	diversify	diversify	VERB
cblr-8635	434	25	.	.	PUNCT
cblr-8635	435	1	but	but	CCONJ
cblr-8635	435	2	the	the	DET
cblr-8635	435	3	sec	sec	PROPN
cblr-8635	435	4	’s	’s	PART
cblr-8635	435	5	ability	ability	NOUN
cblr-8635	435	6	at	at	ADP
cblr-8635	435	7	investor	investor	NOUN
cblr-8635	435	8	education	education	NOUN
cblr-8635	435	9	is	be	AUX
cblr-8635	435	10	open	open	ADJ
cblr-8635	435	11	to	to	PART
cblr-8635	435	12	doubt.69	doubt.69	VERB
cblr-8635	435	13	the	the	DET
cblr-8635	435	14	public	public	NOUN
cblr-8635	435	15	does	do	AUX
cblr-8635	435	16	not	not	PART
cblr-8635	435	17	respond	respond	VERB
cblr-8635	435	18	well	well	ADV
cblr-8635	435	19	to	to	ADP
cblr-8635	435	20	the	the	DET
cblr-8635	435	21	government	government	NOUN
cblr-8635	435	22	’s	’s	PART
cblr-8635	435	23	paternalistic	paternalistic	ADJ
cblr-8635	435	24	advice	advice	NOUN
cblr-8635	435	25	.	.	PUNCT
cblr-8635	436	1	to	to	ADP
cblr-8635	436	2	the	the	DET
cblr-8635	436	3	extent	extent	NOUN
cblr-8635	436	4	that	that	SCONJ
cblr-8635	436	5	investor	investor	NOUN
cblr-8635	436	6	education	education	NOUN
cblr-8635	436	7	falls	fall	VERB
cblr-8635	436	8	short	short	ADJ
cblr-8635	436	9	(	(	PUNCT
cblr-8635	436	10	as	as	SCONJ
cblr-8635	436	11	i	i	PRON
cblr-8635	436	12	expect	expect	VERB
cblr-8635	436	13	it	it	PRON
cblr-8635	436	14	will	will	AUX
cblr-8635	436	15	)	)	PUNCT
cblr-8635	436	16	,	,	PUNCT
cblr-8635	436	17	the	the	DET
cblr-8635	436	18	second	second	ADV
cblr-8635	436	19	-	-	PUNCT
cblr-8635	436	20	best	good	ADJ
cblr-8635	436	21	policy	policy	NOUN
cblr-8635	436	22	may	may	AUX
cblr-8635	436	23	be	be	AUX
cblr-8635	436	24	to	to	PART
cblr-8635	436	25	require	require	VERB
cblr-8635	436	26	greater	great	ADJ
cblr-8635	436	27	disclosure	disclosure	NOUN
cblr-8635	436	28	that	that	PRON
cblr-8635	436	29	alerts	alert	VERB
cblr-8635	436	30	the	the	DET
cblr-8635	436	31	individual	individual	ADJ
cblr-8635	436	32	investor	investor	NOUN
cblr-8635	436	33	to	to	ADP
cblr-8635	436	34	the	the	DET
cblr-8635	436	35	risk	risk	NOUN
cblr-8635	436	36	and	and	CCONJ
cblr-8635	436	37	dangers	danger	NOUN
cblr-8635	436	38	associated	associate	VERB
cblr-8635	436	39	with	with	ADP
cblr-8635	436	40	hedge	hedge	NOUN
cblr-8635	436	41	fund	fund	NOUN
cblr-8635	436	42	campaigns	campaign	NOUN
cblr-8635	436	43	,	,	PUNCT
cblr-8635	436	44	reduced	reduce	VERB
cblr-8635	436	45	diversification	diversification	NOUN
cblr-8635	436	46	,	,	PUNCT
cblr-8635	436	47	and	and	CCONJ
cblr-8635	436	48	increased	increase	VERB
cblr-8635	436	49	leverage	leverage	NOUN
cblr-8635	436	50	.	.	PUNCT
cblr-8635	437	1	this	this	DET
cblr-8635	437	2	policy	policy	NOUN
cblr-8635	437	3	,	,	PUNCT
cblr-8635	437	4	of	of	ADP
cblr-8635	437	5	course	course	NOUN
cblr-8635	437	6	,	,	PUNCT
cblr-8635	437	7	can	can	AUX
cblr-8635	437	8	only	only	ADV
cblr-8635	437	9	be	be	AUX
cblr-8635	437	10	pursued	pursue	VERB
cblr-8635	437	11	on	on	ADP
cblr-8635	437	12	a	a	DET
cblr-8635	437	13	case	case	NOUN
cblr-8635	437	14	-	-	PUNCT
cblr-8635	437	15	by	by	ADP
cblr-8635	437	16	-	-	PUNCT
cblr-8635	437	17	case	case	NOUN
cblr-8635	437	18	basis	basis	NOUN
cblr-8635	437	19	,	,	PUNCT
cblr-8635	437	20	but	but	CCONJ
cblr-8635	437	21	the	the	DET
cblr-8635	437	22	end	end	NOUN
cblr-8635	437	23	goal	goal	NOUN
cblr-8635	437	24	should	should	AUX
cblr-8635	437	25	be	be	AUX
cblr-8635	437	26	to	to	PART
cblr-8635	437	27	encourage	encourage	VERB
cblr-8635	437	28	greater	great	ADJ
cblr-8635	437	29	diversification	diversification	NOUN
cblr-8635	437	30	by	by	ADP
cblr-8635	437	31	retail	retail	ADJ
cblr-8635	437	32	investors	investor	NOUN
cblr-8635	437	33	.	.	PUNCT
cblr-8635	438	1	b.	b.	PROPN
cblr-8635	438	2	common	common	ADJ
cblr-8635	438	3	ownership	ownership	NOUN
cblr-8635	438	4	and	and	CCONJ
cblr-8635	438	5	the	the	DET
cblr-8635	438	6	undiversified	undiversified	ADJ
cblr-8635	438	7	retail	retail	ADJ
cblr-8635	438	8	investor	investor	NOUN
cblr-8635	438	9	as	as	SCONJ
cblr-8635	438	10	noted	note	VERB
cblr-8635	438	11	earlier	early	ADV
cblr-8635	438	12	,	,	PUNCT
cblr-8635	438	13	blackrock	blackrock	NOUN
cblr-8635	438	14	has	have	AUX
cblr-8635	438	15	announced	announce	VERB
cblr-8635	438	16	that	that	SCONJ
cblr-8635	438	17	it	it	PRON
cblr-8635	438	18	will	will	AUX
cblr-8635	438	19	push	push	VERB
cblr-8635	438	20	all	all	DET
cblr-8635	438	21	its	its	PRON
cblr-8635	438	22	portfolio	portfolio	NOUN
cblr-8635	438	23	companies	company	NOUN
cblr-8635	438	24	to	to	PART
cblr-8635	438	25	comply	comply	VERB
cblr-8635	438	26	with	with	ADP
cblr-8635	438	27	a	a	DET
cblr-8635	438	28	“	"	PUNCT
cblr-8635	438	29	net	net	ADJ
cblr-8635	438	30	zero	zero	NUM
cblr-8635	438	31	”	"	PUNCT
cblr-8635	438	32	emissions	emission	NOUN
cblr-8635	438	33	goal	goal	NOUN
cblr-8635	438	34	by	by	ADP
cblr-8635	438	35	2050.70	2050.70	NUM
cblr-8635	438	36	for	for	ADP
cblr-8635	438	37	companies	company	NOUN
cblr-8635	438	38	engaged	engage	VERB
cblr-8635	438	39	with	with	ADP
cblr-8635	438	40	fossil	fossil	ADJ
cblr-8635	438	41	fuels	fuel	NOUN
cblr-8635	438	42	(	(	PUNCT
cblr-8635	438	43	oil	oil	NOUN
cblr-8635	438	44	,	,	PUNCT
cblr-8635	438	45	gas	gas	NOUN
cblr-8635	438	46	,	,	PUNCT
cblr-8635	438	47	or	or	CCONJ
cblr-8635	438	48	coal	coal	NOUN
cblr-8635	438	49	)	)	PUNCT
cblr-8635	438	50	,	,	PUNCT
cblr-8635	438	51	this	this	PRON
cblr-8635	438	52	will	will	AUX
cblr-8635	438	53	be	be	AUX
cblr-8635	438	54	a	a	DET
cblr-8635	438	55	considerable	considerable	ADJ
cblr-8635	438	56	challenge	challenge	NOUN
cblr-8635	438	57	that	that	PRON
cblr-8635	438	58	could	could	AUX
cblr-8635	438	59	imply	imply	VERB
cblr-8635	438	60	a	a	DET
cblr-8635	438	61	period	period	NOUN
cblr-8635	438	62	of	of	ADP
cblr-8635	438	63	continuing	continue	VERB
cblr-8635	438	64	losses	loss	NOUN
cblr-8635	438	65	(	(	PUNCT
cblr-8635	438	66	or	or	CCONJ
cblr-8635	438	67	at	at	ADP
cblr-8635	438	68	least	least	ADJ
cblr-8635	438	69	greatly	greatly	ADV
cblr-8635	438	70	reduced	reduce	VERB
cblr-8635	438	71	earnings	earning	NOUN
cblr-8635	438	72	)	)	PUNCT
cblr-8635	438	73	.	.	PUNCT
cblr-8635	439	1	nor	nor	CCONJ
cblr-8635	439	2	will	will	AUX
cblr-8635	439	3	blackrock	blackrock	PROPN
cblr-8635	439	4	’s	’s	PART
cblr-8635	439	5	challenge	challenge	NOUN
cblr-8635	439	6	be	be	VERB
cblr-8635	439	7	the	the	DET
cblr-8635	439	8	only	only	ADJ
cblr-8635	439	9	one	one	NUM
cblr-8635	439	10	that	that	PRON
cblr-8635	439	11	many	many	ADJ
cblr-8635	439	12	companies	company	NOUN
cblr-8635	439	13	receive	receive	VERB
cblr-8635	439	14	with	with	ADP
cblr-8635	439	15	respect	respect	NOUN
cblr-8635	439	16	to	to	ADP
cblr-8635	439	17	climate	climate	NOUN
cblr-8635	439	18	change	change	NOUN
cblr-8635	439	19	.	.	PUNCT
cblr-8635	440	1	other	other	ADJ
cblr-8635	440	2	asset	asset	NOUN
cblr-8635	440	3	managers	manager	NOUN
cblr-8635	440	4	may	may	AUX
cblr-8635	440	5	assert	assert	VERB
cblr-8635	440	6	challenges	challenge	NOUN
cblr-8635	440	7	on	on	ADP
cblr-8635	440	8	social	social	ADJ
cblr-8635	440	9	or	or	CCONJ
cblr-8635	440	10	governance	governance	NOUN
cblr-8635	440	11	issues	issue	NOUN
cblr-8635	440	12	(	(	PUNCT
cblr-8635	440	13	including	include	VERB
cblr-8635	440	14	diversity	diversity	NOUN
cblr-8635	440	15	)	)	PUNCT
cblr-8635	440	16	.	.	PUNCT
cblr-8635	441	1	because	because	SCONJ
cblr-8635	441	2	indexed	indexed	ADJ
cblr-8635	441	3	investors	investor	NOUN
cblr-8635	441	4	must	must	AUX
cblr-8635	441	5	remain	remain	VERB
cblr-8635	441	6	invested	invest	VERB
cblr-8635	441	7	in	in	ADP
cblr-8635	441	8	these	these	DET
cblr-8635	441	9	indexes	index	NOUN
cblr-8635	441	10	(	(	PUNCT
cblr-8635	441	11	as	as	SCONJ
cblr-8635	441	12	they	they	PRON
cblr-8635	441	13	promised	promise	VERB
cblr-8635	441	14	their	their	PRON
cblr-8635	441	15	investors	investor	NOUN
cblr-8635	441	16	that	that	SCONJ
cblr-8635	441	17	they	they	PRON
cblr-8635	441	18	would	would	AUX
cblr-8635	441	19	conform	conform	VERB
cblr-8635	441	20	to	to	ADP
cblr-8635	441	21	them	they	PRON
cblr-8635	441	22	)	)	PUNCT
cblr-8635	441	23	,	,	PUNCT
cblr-8635	441	24	there	there	PRON
cblr-8635	441	25	is	be	VERB
cblr-8635	441	26	little	little	ADJ
cblr-8635	441	27	possibility	possibility	NOUN
cblr-8635	441	28	that	that	SCONJ
cblr-8635	441	29	these	these	DET
cblr-8635	441	30	investors	investor	NOUN
cblr-8635	441	31	will	will	AUX
cblr-8635	441	32	“	"	PUNCT
cblr-8635	441	33	exit	exit	VERB
cblr-8635	441	34	”	"	PUNCT
cblr-8635	441	35	69	69	NUM
cblr-8635	441	36	unquestionably	unquestionably	ADV
cblr-8635	441	37	,	,	PUNCT
cblr-8635	441	38	retail	retail	ADJ
cblr-8635	441	39	investors	investor	NOUN
cblr-8635	441	40	need	need	VERB
cblr-8635	441	41	investor	investor	NOUN
cblr-8635	441	42	education	education	NOUN
cblr-8635	441	43	,	,	PUNCT
cblr-8635	441	44	but	but	CCONJ
cblr-8635	441	45	it	it	PRON
cblr-8635	441	46	is	be	AUX
cblr-8635	441	47	highly	highly	ADV
cblr-8635	441	48	questionable	questionable	ADJ
cblr-8635	441	49	that	that	SCONJ
cblr-8635	441	50	the	the	DET
cblr-8635	441	51	sec	sec	PROPN
cblr-8635	441	52	can	can	AUX
cblr-8635	441	53	teach	teach	VERB
cblr-8635	441	54	this	this	DET
cblr-8635	441	55	course	course	NOUN
cblr-8635	441	56	successfully	successfully	ADV
cblr-8635	441	57	.	.	PUNCT
cblr-8635	442	1	part	part	NOUN
cblr-8635	442	2	of	of	ADP
cblr-8635	442	3	the	the	DET
cblr-8635	442	4	problem	problem	NOUN
cblr-8635	442	5	is	be	AUX
cblr-8635	442	6	that	that	SCONJ
cblr-8635	442	7	for	for	SCONJ
cblr-8635	442	8	every	every	DET
cblr-8635	442	9	dollar	dollar	NOUN
cblr-8635	442	10	spent	spend	VERB
cblr-8635	442	11	by	by	ADP
cblr-8635	442	12	the	the	DET
cblr-8635	442	13	sec	sec	PROPN
cblr-8635	442	14	toward	toward	ADP
cblr-8635	442	15	this	this	DET
cblr-8635	442	16	end	end	NOUN
cblr-8635	442	17	,	,	PUNCT
cblr-8635	442	18	far	far	ADV
cblr-8635	442	19	more	more	ADJ
cblr-8635	442	20	will	will	AUX
cblr-8635	442	21	be	be	AUX
cblr-8635	442	22	spent	spend	VERB
cblr-8635	442	23	by	by	ADP
cblr-8635	442	24	mutual	mutual	ADJ
cblr-8635	442	25	funds	fund	NOUN
cblr-8635	442	26	,	,	PUNCT
cblr-8635	442	27	investment	investment	NOUN
cblr-8635	442	28	advisers	adviser	NOUN
cblr-8635	442	29	,	,	PUNCT
cblr-8635	442	30	and	and	CCONJ
cblr-8635	442	31	the	the	DET
cblr-8635	442	32	advocates	advocate	NOUN
cblr-8635	442	33	of	of	ADP
cblr-8635	442	34	crowdfunding	crowdfunding	NOUN
cblr-8635	442	35	,	,	PUNCT
cblr-8635	442	36	all	all	PRON
cblr-8635	442	37	predicting	predict	VERB
cblr-8635	442	38	that	that	SCONJ
cblr-8635	442	39	they	they	PRON
cblr-8635	442	40	can	can	AUX
cblr-8635	442	41	find	find	VERB
cblr-8635	442	42	you	you	PRON
cblr-8635	442	43	the	the	DET
cblr-8635	442	44	next	next	ADJ
cblr-8635	442	45	microsoft	microsoft	PROPN
cblr-8635	442	46	or	or	CCONJ
cblr-8635	442	47	apple	apple	NOUN
cblr-8635	442	48	.	.	PUNCT
cblr-8635	443	1	more	more	ADV
cblr-8635	443	2	likely	likely	ADJ
cblr-8635	443	3	candidates	candidate	NOUN
cblr-8635	443	4	to	to	PART
cblr-8635	443	5	teach	teach	VERB
cblr-8635	443	6	the	the	DET
cblr-8635	443	7	value	value	NOUN
cblr-8635	443	8	of	of	ADP
cblr-8635	443	9	diversification	diversification	NOUN
cblr-8635	443	10	are	be	AUX
cblr-8635	443	11	the	the	DET
cblr-8635	443	12	private	private	ADJ
cblr-8635	443	13	proponents	proponent	NOUN
cblr-8635	443	14	of	of	ADP
cblr-8635	443	15	diversification	diversification	NOUN
cblr-8635	443	16	,	,	PUNCT
cblr-8635	443	17	such	such	ADJ
cblr-8635	443	18	as	as	ADP
cblr-8635	443	19	,	,	PUNCT
cblr-8635	443	20	most	most	ADV
cblr-8635	443	21	notably	notably	ADV
cblr-8635	443	22	,	,	PUNCT
cblr-8635	443	23	vanguard	vanguard	NOUN
cblr-8635	443	24	.	.	PUNCT
cblr-8635	444	1	70	70	NUM
cblr-8635	444	2	see	see	VERB
cblr-8635	444	3	supra	supra	PROPN
cblr-8635	444	4	note	note	NOUN
cblr-8635	444	5	47	47	NUM
cblr-8635	444	6	and	and	CCONJ
cblr-8635	444	7	accompanying	accompany	VERB
cblr-8635	444	8	text	text	NOUN
cblr-8635	444	9	.	.	PUNCT
cblr-8635	445	1	coffee	coffee	PROPN
cblr-8635	445	2	8/20/2021	8/20/2021	NUM
cblr-8635	445	3	6:32	6:32	NUM
cblr-8635	445	4	pm	pm	NOUN
cblr-8635	445	5	630	630	NUM
cblr-8635	445	6	columbia	columbia	PROPN
cblr-8635	445	7	business	business	NOUN
cblr-8635	445	8	law	law	PROPN
cblr-8635	445	9	review	review	NOUN
cblr-8635	445	10	[	[	X
cblr-8635	445	11	vol	vol	NOUN
cblr-8635	445	12	.	.	NOUN
cblr-8635	445	13	2021	2021	NUM
cblr-8635	445	14	and	and	CCONJ
cblr-8635	445	15	disinvest	disinv	ADJ
cblr-8635	445	16	if	if	SCONJ
cblr-8635	445	17	disappointed	disappoint	VERB
cblr-8635	445	18	with	with	ADP
cblr-8635	445	19	the	the	DET
cblr-8635	445	20	portfolio	portfolio	NOUN
cblr-8635	445	21	company	company	NOUN
cblr-8635	445	22	’s	’s	PART
cblr-8635	445	23	response	response	NOUN
cblr-8635	445	24	.	.	PUNCT
cblr-8635	446	1	by	by	ADP
cblr-8635	446	2	definition	definition	NOUN
cblr-8635	446	3	,	,	PUNCT
cblr-8635	446	4	indexed	index	VERB
cblr-8635	446	5	investors	investor	NOUN
cblr-8635	446	6	are	be	AUX
cblr-8635	446	7	there	there	ADV
cblr-8635	446	8	to	to	PART
cblr-8635	446	9	stay	stay	VERB
cblr-8635	446	10	,	,	PUNCT
cblr-8635	446	11	although	although	SCONJ
cblr-8635	446	12	increasingly	increasingly	ADV
cblr-8635	446	13	they	they	PRON
cblr-8635	446	14	may	may	AUX
cblr-8635	446	15	have	have	VERB
cblr-8635	446	16	a	a	DET
cblr-8635	446	17	hostile	hostile	ADJ
cblr-8635	446	18	relationship	relationship	NOUN
cblr-8635	446	19	with	with	ADP
cblr-8635	446	20	management	management	NOUN
cblr-8635	446	21	.	.	PUNCT
cblr-8635	447	1	ideally	ideally	ADV
cblr-8635	447	2	,	,	PUNCT
cblr-8635	447	3	these	these	DET
cblr-8635	447	4	policies	policy	NOUN
cblr-8635	447	5	will	will	AUX
cblr-8635	447	6	prove	prove	VERB
cblr-8635	447	7	profitable	profitable	ADJ
cblr-8635	447	8	for	for	ADP
cblr-8635	447	9	the	the	DET
cblr-8635	447	10	asset	asset	NOUN
cblr-8635	447	11	managers	manager	NOUN
cblr-8635	447	12	who	who	PRON
cblr-8635	447	13	are	be	AUX
cblr-8635	447	14	asserting	assert	VERB
cblr-8635	447	15	them	they	PRON
cblr-8635	447	16	,	,	PUNCT
cblr-8635	447	17	but	but	CCONJ
cblr-8635	447	18	there	there	PRON
cblr-8635	447	19	is	be	VERB
cblr-8635	447	20	every	every	DET
cblr-8635	447	21	reason	reason	NOUN
cblr-8635	447	22	to	to	PART
cblr-8635	447	23	believe	believe	VERB
cblr-8635	447	24	that	that	SCONJ
cblr-8635	447	25	undiversified	undiversified	ADJ
cblr-8635	447	26	retail	retail	ADJ
cblr-8635	447	27	investors	investor	NOUN
cblr-8635	447	28	will	will	AUX
cblr-8635	447	29	be	be	AUX
cblr-8635	447	30	caught	catch	VERB
cblr-8635	447	31	between	between	ADP
cblr-8635	447	32	the	the	DET
cblr-8635	447	33	rock	rock	NOUN
cblr-8635	447	34	and	and	CCONJ
cblr-8635	447	35	the	the	DET
cblr-8635	447	36	hard	hard	ADJ
cblr-8635	447	37	place	place	NOUN
cblr-8635	447	38	.	.	PUNCT
cblr-8635	448	1	to	to	ADP
cblr-8635	448	2	such	such	ADJ
cblr-8635	448	3	investors	investor	NOUN
cblr-8635	448	4	,	,	PUNCT
cblr-8635	448	5	blackrock	blackrock	NOUN
cblr-8635	448	6	’s	’s	PART
cblr-8635	448	7	challenge	challenge	NOUN
cblr-8635	448	8	is	be	AUX
cblr-8635	448	9	essentially	essentially	ADV
cblr-8635	448	10	a	a	DET
cblr-8635	448	11	threat	threat	NOUN
cblr-8635	448	12	.	.	PUNCT
cblr-8635	449	1	although	although	SCONJ
cblr-8635	449	2	political	political	ADJ
cblr-8635	449	3	and	and	CCONJ
cblr-8635	449	4	even	even	ADV
cblr-8635	449	5	legal	legal	ADJ
cblr-8635	449	6	challenges	challenge	NOUN
cblr-8635	449	7	to	to	ADP
cblr-8635	449	8	blackrock	blackrock	NOUN
cblr-8635	449	9	’s	’s	PART
cblr-8635	449	10	strategy	strategy	NOUN
cblr-8635	449	11	are	be	AUX
cblr-8635	449	12	possible	possible	ADJ
cblr-8635	449	13	,	,	PUNCT
cblr-8635	449	14	the	the	DET
cblr-8635	449	15	immediate	immediate	ADJ
cblr-8635	449	16	need	need	NOUN
cblr-8635	449	17	is	be	AUX
cblr-8635	449	18	for	for	ADP
cblr-8635	449	19	disclosure	disclosure	NOUN
cblr-8635	449	20	that	that	PRON
cblr-8635	449	21	explains	explain	VERB
cblr-8635	449	22	the	the	DET
cblr-8635	449	23	impact	impact	NOUN
cblr-8635	449	24	of	of	ADP
cblr-8635	449	25	its	its	PRON
cblr-8635	449	26	policy	policy	NOUN
cblr-8635	449	27	to	to	ADP
cblr-8635	449	28	retail	retail	ADJ
cblr-8635	449	29	investors	investor	NOUN
cblr-8635	449	30	.	.	PUNCT
cblr-8635	450	1	how	how	SCONJ
cblr-8635	450	2	much	much	ADJ
cblr-8635	450	3	will	will	AUX
cblr-8635	450	4	it	it	PRON
cblr-8635	450	5	cost	cost	VERB
cblr-8635	450	6	shareholders	shareholder	NOUN
cblr-8635	450	7	to	to	PART
cblr-8635	450	8	reduce	reduce	VERB
cblr-8635	450	9	the	the	DET
cblr-8635	450	10	company	company	NOUN
cblr-8635	450	11	’s	’s	PART
cblr-8635	450	12	emissions	emission	NOUN
cblr-8635	450	13	level	level	NOUN
cblr-8635	450	14	to	to	ADP
cblr-8635	450	15	zero	zero	NUM
cblr-8635	450	16	?	?	PUNCT
cblr-8635	451	1	what	what	DET
cblr-8635	451	2	actions	action	NOUN
cblr-8635	451	3	might	might	AUX
cblr-8635	451	4	a	a	DET
cblr-8635	451	5	blackrock	blackrock	NOUN
cblr-8635	451	6	or	or	CCONJ
cblr-8635	451	7	other	other	ADJ
cblr-8635	451	8	asset	asset	NOUN
cblr-8635	451	9	manager	manager	NOUN
cblr-8635	451	10	take	take	VERB
cblr-8635	451	11	to	to	PART
cblr-8635	451	12	enforce	enforce	VERB
cblr-8635	451	13	its	its	PRON
cblr-8635	451	14	position	position	NOUN
cblr-8635	451	15	or	or	CCONJ
cblr-8635	451	16	discipline	discipline	NOUN
cblr-8635	451	17	deviant	deviant	NOUN
cblr-8635	451	18	firms?71	firms?71	PROPN
cblr-8635	451	19	the	the	DET
cblr-8635	451	20	sec	sec	PROPN
cblr-8635	451	21	does	do	AUX
cblr-8635	451	22	not	not	PART
cblr-8635	451	23	yet	yet	ADV
cblr-8635	451	24	seem	seem	VERB
cblr-8635	451	25	to	to	PART
cblr-8635	451	26	have	have	AUX
cblr-8635	451	27	thought	think	VERB
cblr-8635	451	28	through	through	ADP
cblr-8635	451	29	the	the	DET
cblr-8635	451	30	kinds	kind	NOUN
cblr-8635	451	31	of	of	ADP
cblr-8635	451	32	disclosures	disclosure	NOUN
cblr-8635	451	33	that	that	PRON
cblr-8635	451	34	are	be	AUX
cblr-8635	451	35	necessary	necessary	ADJ
cblr-8635	451	36	or	or	CCONJ
cblr-8635	451	37	desirable	desirable	ADJ
cblr-8635	451	38	from	from	ADP
cblr-8635	451	39	both	both	DET
cblr-8635	451	40	sides	side	NOUN
cblr-8635	451	41	once	once	ADV
cblr-8635	451	42	such	such	DET
cblr-8635	451	43	an	an	DET
cblr-8635	451	44	adversarial	adversarial	ADJ
cblr-8635	451	45	relationship	relationship	NOUN
cblr-8635	451	46	develops	develop	VERB
cblr-8635	451	47	.	.	PUNCT
cblr-8635	452	1	iv	iv	X
cblr-8635	452	2	.	.	PUNCT
cblr-8635	453	1	the	the	DET
cblr-8635	453	2	special	special	ADJ
cblr-8635	453	3	case	case	NOUN
cblr-8635	453	4	of	of	ADP
cblr-8635	453	5	esg	esg	PROPN
cblr-8635	453	6	disclosures	disclosure	NOUN
cblr-8635	453	7	:	:	PUNCT
cblr-8635	453	8	can	can	AUX
cblr-8635	453	9	fiduciaries	fiduciary	NOUN
cblr-8635	453	10	lawfully	lawfully	ADV
cblr-8635	453	11	use	use	VERB
cblr-8635	453	12	this	this	DET
cblr-8635	453	13	information	information	NOUN
cblr-8635	453	14	?	?	PUNCT
cblr-8635	454	1	although	although	SCONJ
cblr-8635	454	2	the	the	DET
cblr-8635	454	3	term	term	NOUN
cblr-8635	454	4	“	"	PUNCT
cblr-8635	454	5	esg	esg	PROPN
cblr-8635	454	6	”	"	PUNCT
cblr-8635	454	7	is	be	AUX
cblr-8635	454	8	of	of	ADP
cblr-8635	454	9	fairly	fairly	ADV
cblr-8635	454	10	recent	recent	ADJ
cblr-8635	454	11	vintage	vintage	NOUN
cblr-8635	454	12	,	,	PUNCT
cblr-8635	454	13	the	the	DET
cblr-8635	454	14	concept	concept	NOUN
cblr-8635	454	15	has	have	AUX
cblr-8635	454	16	been	be	AUX
cblr-8635	454	17	around	around	ADV
cblr-8635	454	18	for	for	ADP
cblr-8635	454	19	forty	forty	NUM
cblr-8635	454	20	years	year	NOUN
cblr-8635	454	21	or	or	CCONJ
cblr-8635	454	22	longer.72	longer.72	NOUN
cblr-8635	454	23	still	still	ADV
cblr-8635	454	24	,	,	PUNCT
cblr-8635	454	25	a	a	DET
cblr-8635	454	26	paradox	paradox	NOUN
cblr-8635	454	27	remains	remain	VERB
cblr-8635	454	28	:	:	PUNCT
cblr-8635	454	29	even	even	ADV
cblr-8635	454	30	if	if	SCONJ
cblr-8635	454	31	investors	investor	NOUN
cblr-8635	454	32	want	want	VERB
cblr-8635	454	33	esg	esg	PROPN
cblr-8635	454	34	information	information	NOUN
cblr-8635	454	35	,	,	PUNCT
cblr-8635	454	36	can	can	AUX
cblr-8635	454	37	their	their	PRON
cblr-8635	454	38	fiduciaries	fiduciary	NOUN
cblr-8635	454	39	,	,	PUNCT
cblr-8635	454	40	acting	act	VERB
cblr-8635	454	41	for	for	ADP
cblr-8635	454	42	them	they	PRON
cblr-8635	454	43	,	,	PUNCT
cblr-8635	454	44	make	make	VERB
cblr-8635	454	45	decisions	decision	NOUN
cblr-8635	454	46	based	base	VERB
cblr-8635	454	47	on	on	ADP
cblr-8635	454	48	such	such	ADJ
cblr-8635	454	49	criteria	criterion	NOUN
cblr-8635	454	50	with	with	ADP
cblr-8635	454	51	regard	regard	NOUN
cblr-8635	454	52	to	to	ADP
cblr-8635	454	53	either	either	PRON
cblr-8635	454	54	investing	invest	VERB
cblr-8635	454	55	or	or	CCONJ
cblr-8635	454	56	voting	voting	NOUN
cblr-8635	454	57	?	?	PUNCT
cblr-8635	455	1	the	the	DET
cblr-8635	455	2	problem	problem	NOUN
cblr-8635	455	3	is	be	AUX
cblr-8635	455	4	that	that	SCONJ
cblr-8635	455	5	some	some	DET
cblr-8635	455	6	fiduciaries	fiduciary	NOUN
cblr-8635	455	7	are	be	AUX
cblr-8635	455	8	legally	legally	ADV
cblr-8635	455	9	barred	bar	VERB
cblr-8635	455	10	from	from	ADP
cblr-8635	455	11	relying	rely	VERB
cblr-8635	455	12	on	on	ADP
cblr-8635	455	13	ethical	ethical	ADJ
cblr-8635	455	14	considerations	consideration	NOUN
cblr-8635	455	15	,	,	PUNCT
cblr-8635	455	16	except	except	SCONJ
cblr-8635	455	17	under	under	ADP
cblr-8635	455	18	special	special	ADJ
cblr-8635	455	19	circumstances	circumstance	NOUN
cblr-8635	455	20	.	.	PUNCT
cblr-8635	456	1	conservatives	conservative	NOUN
cblr-8635	456	2	have	have	AUX
cblr-8635	456	3	long	long	ADV
cblr-8635	456	4	argued	argue	VERB
cblr-8635	456	5	that	that	SCONJ
cblr-8635	456	6	fiduciaries	fiduciary	NOUN
cblr-8635	456	7	(	(	PUNCT
cblr-8635	456	8	and	and	CCONJ
cblr-8635	456	9	particularly	particularly	ADV
cblr-8635	456	10	trustees	trustee	NOUN
cblr-8635	456	11	subject	subject	ADJ
cblr-8635	456	12	to	to	ADP
cblr-8635	456	13	erisa	erisa	NOUN
cblr-8635	456	14	or	or	CCONJ
cblr-8635	456	15	common	common	ADJ
cblr-8635	456	16	-	-	PUNCT
cblr-8635	456	17	law	law	NOUN
cblr-8635	456	18	standards	standard	NOUN
cblr-8635	456	19	)	)	PUNCT
cblr-8635	456	20	are	be	AUX
cblr-8635	456	21	not	not	PART
cblr-8635	456	22	permitted	permit	VERB
cblr-8635	456	23	to	to	PART
cblr-8635	456	24	rely	rely	VERB
cblr-8635	456	25	on	on	ADP
cblr-8635	456	26	ethical	ethical	ADJ
cblr-8635	456	27	or	or	CCONJ
cblr-8635	456	28	moral	moral	ADJ
cblr-8635	456	29	judgments	judgment	NOUN
cblr-8635	456	30	(	(	PUNCT
cblr-8635	456	31	or	or	CCONJ
cblr-8635	456	32	socially	socially	ADV
cblr-8635	456	33	desirable	desirable	ADJ
cblr-8635	456	34	goals	goal	NOUN
cblr-8635	456	35	)	)	PUNCT
cblr-8635	456	36	unless	unless	SCONJ
cblr-8635	456	37	they	they	PRON
cblr-8635	456	38	can	can	AUX
cblr-8635	456	39	conclude	conclude	VERB
cblr-8635	456	40	,	,	PUNCT
cblr-8635	456	41	based	base	VERB
cblr-8635	456	42	on	on	ADP
cblr-8635	456	43	71	71	NUM
cblr-8635	456	44	here	here	ADV
cblr-8635	456	45	it	it	PRON
cblr-8635	456	46	should	should	AUX
cblr-8635	456	47	be	be	AUX
cblr-8635	456	48	recognized	recognize	VERB
cblr-8635	456	49	that	that	SCONJ
cblr-8635	456	50	even	even	ADV
cblr-8635	456	51	passive	passive	ADJ
cblr-8635	456	52	asset	asset	NOUN
cblr-8635	456	53	managers	manager	NOUN
cblr-8635	456	54	,	,	PUNCT
cblr-8635	456	55	such	such	ADJ
cblr-8635	456	56	as	as	ADP
cblr-8635	456	57	blackrock	blackrock	NOUN
cblr-8635	456	58	,	,	PUNCT
cblr-8635	456	59	also	also	ADV
cblr-8635	456	60	run	run	VERB
cblr-8635	456	61	actively	actively	ADV
cblr-8635	456	62	managed	manage	VERB
cblr-8635	456	63	firms	firm	NOUN
cblr-8635	456	64	that	that	PRON
cblr-8635	456	65	could	could	AUX
cblr-8635	456	66	exit	exit	VERB
cblr-8635	456	67	from	from	ADP
cblr-8635	456	68	a	a	DET
cblr-8635	456	69	noncomplying	noncomplye	VERB
cblr-8635	456	70	portfolio	portfolio	NOUN
cblr-8635	456	71	firm	firm	NOUN
cblr-8635	456	72	,	,	PUNCT
cblr-8635	456	73	thereby	thereby	ADV
cblr-8635	456	74	driving	drive	VERB
cblr-8635	456	75	down	down	ADP
cblr-8635	456	76	its	its	PRON
cblr-8635	456	77	stock	stock	NOUN
cblr-8635	456	78	price	price	NOUN
cblr-8635	456	79	even	even	ADV
cblr-8635	456	80	further	far	ADV
cblr-8635	456	81	.	.	PUNCT
cblr-8635	457	1	72	72	NUM
cblr-8635	457	2	for	for	ADP
cblr-8635	457	3	a	a	DET
cblr-8635	457	4	good	good	ADJ
cblr-8635	457	5	history	history	NOUN
cblr-8635	457	6	of	of	ADP
cblr-8635	457	7	the	the	DET
cblr-8635	457	8	rise	rise	NOUN
cblr-8635	457	9	of	of	ADP
cblr-8635	457	10	esg	esg	PROPN
cblr-8635	457	11	investing	investing	NOUN
cblr-8635	457	12	,	,	PUNCT
cblr-8635	457	13	see	see	VERB
cblr-8635	457	14	schanzenbach	schanzenbach	ADV
cblr-8635	457	15	&	&	CCONJ
cblr-8635	457	16	sitkoff	sitkoff	NOUN
cblr-8635	457	17	,	,	PUNCT
cblr-8635	457	18	supra	supra	PROPN
cblr-8635	457	19	note	note	PROPN
cblr-8635	457	20	14	14	NUM
cblr-8635	457	21	,	,	PUNCT
cblr-8635	457	22	at	at	ADP
cblr-8635	457	23	395–99	395–99	NUM
cblr-8635	457	24	.	.	PUNCT
cblr-8635	458	1	coffee	coffee	PROPN
cblr-8635	458	2	8/20/2021	8/20/2021	NUM
cblr-8635	458	3	6:32	6:32	NUM
cblr-8635	458	4	pm	pm	NOUN
cblr-8635	458	5	no	no	INTJ
cblr-8635	458	6	.	.	PUNCT
cblr-8635	459	1	2:602	2:602	NUM
cblr-8635	459	2	]	]	X
cblr-8635	459	3	the	the	DET
cblr-8635	459	4	future	future	NOUN
cblr-8635	459	5	of	of	ADP
cblr-8635	459	6	disclosure	disclosure	NOUN
cblr-8635	459	7	631	631	NUM
cblr-8635	459	8	clear	clear	ADJ
cblr-8635	459	9	evidence	evidence	NOUN
cblr-8635	459	10	,	,	PUNCT
cblr-8635	459	11	that	that	DET
cblr-8635	459	12	pursuit	pursuit	NOUN
cblr-8635	459	13	of	of	ADP
cblr-8635	459	14	such	such	ADJ
cblr-8635	459	15	goals	goal	NOUN
cblr-8635	459	16	will	will	AUX
cblr-8635	459	17	work	work	VERB
cblr-8635	459	18	to	to	ADP
cblr-8635	459	19	the	the	DET
cblr-8635	459	20	financial	financial	ADJ
cblr-8635	459	21	advantage	advantage	NOUN
cblr-8635	459	22	of	of	ADP
cblr-8635	459	23	their	their	PRON
cblr-8635	459	24	beneficiaries.73	beneficiaries.73	NOUN
cblr-8635	459	25	from	from	ADP
cblr-8635	459	26	this	this	DET
cblr-8635	459	27	perspective	perspective	NOUN
cblr-8635	459	28	,	,	PUNCT
cblr-8635	459	29	esg	esg	PROPN
cblr-8635	459	30	data	datum	NOUN
cblr-8635	459	31	can	can	AUX
cblr-8635	459	32	be	be	AUX
cblr-8635	459	33	considered	consider	VERB
cblr-8635	459	34	by	by	ADP
cblr-8635	459	35	fiduciaries	fiduciary	NOUN
cblr-8635	459	36	only	only	ADV
cblr-8635	459	37	if	if	SCONJ
cblr-8635	459	38	they	they	PRON
cblr-8635	459	39	can	can	AUX
cblr-8635	459	40	reasonably	reasonably	ADV
cblr-8635	459	41	find	find	VERB
cblr-8635	459	42	that	that	SCONJ
cblr-8635	459	43	it	it	PRON
cblr-8635	459	44	satisfies	satisfy	VERB
cblr-8635	459	45	a	a	DET
cblr-8635	459	46	risk	risk	NOUN
cblr-8635	459	47	-	-	PUNCT
cblr-8635	459	48	return	return	NOUN
cblr-8635	459	49	test	test	NOUN
cblr-8635	459	50	that	that	PRON
cblr-8635	459	51	enables	enable	VERB
cblr-8635	459	52	them	they	PRON
cblr-8635	459	53	to	to	PART
cblr-8635	459	54	improve	improve	VERB
cblr-8635	459	55	their	their	PRON
cblr-8635	459	56	portfolio	portfolio	NOUN
cblr-8635	459	57	’s	’s	PART
cblr-8635	459	58	overall	overall	ADJ
cblr-8635	459	59	risk	risk	NOUN
cblr-8635	459	60	-	-	PUNCT
cblr-8635	459	61	adjusted	adjust	VERB
cblr-8635	459	62	return.74	return.74	NOUN
cblr-8635	459	63	but	but	CCONJ
cblr-8635	459	64	this	this	PRON
cblr-8635	459	65	is	be	AUX
cblr-8635	459	66	a	a	DET
cblr-8635	459	67	more	more	ADV
cblr-8635	459	68	complex	complex	ADJ
cblr-8635	459	69	exercise	exercise	NOUN
cblr-8635	459	70	than	than	SCONJ
cblr-8635	459	71	it	it	PRON
cblr-8635	459	72	initially	initially	ADV
cblr-8635	459	73	appears	appear	VERB
cblr-8635	459	74	.	.	PUNCT
cblr-8635	460	1	this	this	DET
cblr-8635	460	2	part	part	NOUN
cblr-8635	460	3	will	will	AUX
cblr-8635	460	4	argue	argue	VERB
cblr-8635	460	5	that	that	SCONJ
cblr-8635	460	6	the	the	DET
cblr-8635	460	7	sec	sec	PROPN
cblr-8635	460	8	can	can	AUX
cblr-8635	460	9	play	play	VERB
cblr-8635	460	10	a	a	DET
cblr-8635	460	11	useful	useful	ADJ
cblr-8635	460	12	role	role	NOUN
cblr-8635	460	13	in	in	ADP
cblr-8635	460	14	resolving	resolve	VERB
cblr-8635	460	15	this	this	DET
cblr-8635	460	16	dilemma	dilemma	NOUN
cblr-8635	460	17	.	.	PUNCT
cblr-8635	461	1	a.	a.	PROPN
cblr-8635	462	1	a	a	DET
cblr-8635	462	2	brief	brief	ADJ
cblr-8635	462	3	history	history	NOUN
cblr-8635	462	4	of	of	ADP
cblr-8635	462	5	esg	esg	PROPN
cblr-8635	462	6	the	the	DET
cblr-8635	462	7	idea	idea	NOUN
cblr-8635	462	8	that	that	SCONJ
cblr-8635	462	9	investors	investor	NOUN
cblr-8635	462	10	should	should	AUX
cblr-8635	462	11	consider	consider	VERB
cblr-8635	462	12	the	the	DET
cblr-8635	462	13	social	social	ADJ
cblr-8635	462	14	behavior	behavior	NOUN
cblr-8635	462	15	and	and	CCONJ
cblr-8635	462	16	impact	impact	NOUN
cblr-8635	462	17	of	of	ADP
cblr-8635	462	18	the	the	DET
cblr-8635	462	19	companies	company	NOUN
cblr-8635	462	20	in	in	ADP
cblr-8635	462	21	which	which	PRON
cblr-8635	462	22	they	they	PRON
cblr-8635	462	23	invest	invest	VERB
cblr-8635	462	24	has	have	VERB
cblr-8635	462	25	a	a	DET
cblr-8635	462	26	long	long	ADJ
cblr-8635	462	27	history	history	NOUN
cblr-8635	462	28	,	,	PUNCT
cblr-8635	462	29	and	and	CCONJ
cblr-8635	462	30	some	some	PRON
cblr-8635	462	31	trace	trace	NOUN
cblr-8635	462	32	it	it	PRON
cblr-8635	462	33	back	back	ADV
cblr-8635	462	34	as	as	ADV
cblr-8635	462	35	far	far	ADV
cblr-8635	462	36	as	as	ADP
cblr-8635	462	37	the	the	DET
cblr-8635	462	38	sermons	sermon	NOUN
cblr-8635	462	39	of	of	ADP
cblr-8635	462	40	john	john	PROPN
cblr-8635	462	41	wesley	wesley	PROPN
cblr-8635	462	42	,	,	PUNCT
cblr-8635	462	43	the	the	DET
cblr-8635	462	44	founder	founder	NOUN
cblr-8635	462	45	of	of	ADP
cblr-8635	462	46	the	the	DET
cblr-8635	462	47	methodist	methodist	PROPN
cblr-8635	462	48	church	church	PROPN
cblr-8635	462	49	,	,	PUNCT
cblr-8635	462	50	who	who	PRON
cblr-8635	462	51	advised	advise	VERB
cblr-8635	462	52	his	his	PRON
cblr-8635	462	53	followers	follower	NOUN
cblr-8635	462	54	that	that	SCONJ
cblr-8635	462	55	they	they	PRON
cblr-8635	462	56	could	could	AUX
cblr-8635	462	57	not	not	PART
cblr-8635	462	58	ethically	ethically	ADV
cblr-8635	462	59	invest	invest	VERB
cblr-8635	462	60	in	in	ADP
cblr-8635	462	61	companies	company	NOUN
cblr-8635	462	62	that	that	PRON
cblr-8635	462	63	profited	profit	VERB
cblr-8635	462	64	from	from	ADP
cblr-8635	462	65	the	the	DET
cblr-8635	462	66	slave	slave	NOUN
cblr-8635	462	67	trade.75	trade.75	NOUN
cblr-8635	462	68	similarly	similarly	ADV
cblr-8635	462	69	,	,	PUNCT
cblr-8635	462	70	some	some	DET
cblr-8635	462	71	mutual	mutual	ADJ
cblr-8635	462	72	funds	fund	NOUN
cblr-8635	462	73	have	have	AUX
cblr-8635	462	74	long	long	ADV
cblr-8635	462	75	employed	employ	VERB
cblr-8635	462	76	a	a	DET
cblr-8635	462	77	social	social	ADJ
cblr-8635	462	78	screen	screen	NOUN
cblr-8635	462	79	to	to	PART
cblr-8635	462	80	winnow	winnow	VERB
cblr-8635	462	81	out	out	ADP
cblr-8635	462	82	those	those	DET
cblr-8635	462	83	companies	company	NOUN
cblr-8635	462	84	that	that	PRON
cblr-8635	462	85	make	make	VERB
cblr-8635	462	86	anti	anti	ADJ
cblr-8635	462	87	-	-	ADJ
cblr-8635	462	88	social	social	ADJ
cblr-8635	462	89	products	product	NOUN
cblr-8635	462	90	.	.	PUNCT
cblr-8635	463	1	the	the	DET
cblr-8635	463	2	first	first	ADJ
cblr-8635	463	3	such	such	ADJ
cblr-8635	463	4	u.s	u.s	PROPN
cblr-8635	463	5	.	.	PROPN
cblr-8635	463	6	fund	fund	PROPN
cblr-8635	463	7	,	,	PUNCT
cblr-8635	463	8	pioneer	pioneer	NOUN
cblr-8635	463	9	investments	investment	NOUN
cblr-8635	463	10	,	,	PUNCT
cblr-8635	463	11	dates	date	VERB
cblr-8635	463	12	to	to	ADP
cblr-8635	463	13	1928	1928	NUM
cblr-8635	463	14	and	and	CCONJ
cblr-8635	463	15	remains	remain	VERB
cblr-8635	463	16	in	in	ADP
cblr-8635	463	17	business	business	NOUN
cblr-8635	463	18	today	today	NOUN
cblr-8635	463	19	,	,	PUNCT
cblr-8635	463	20	continually	continually	ADV
cblr-8635	463	21	stressing	stress	VERB
cblr-8635	463	22	its	its	PRON
cblr-8635	463	23	commitment	commitment	NOUN
cblr-8635	463	24	to	to	ADP
cblr-8635	463	25	christian	christian	ADJ
cblr-8635	463	26	values.76	values.76	PROPN
cblr-8635	463	27	the	the	DET
cblr-8635	463	28	broader	broad	ADJ
cblr-8635	463	29	concept	concept	NOUN
cblr-8635	463	30	of	of	ADP
cblr-8635	463	31	socially	socially	ADV
cblr-8635	463	32	responsible	responsible	ADJ
cblr-8635	463	33	investing	investing	NOUN
cblr-8635	463	34	(	(	PUNCT
cblr-8635	463	35	or	or	CCONJ
cblr-8635	463	36	“	"	PUNCT
cblr-8635	463	37	sri	sri	NOUN
cblr-8635	463	38	”	"	PUNCT
cblr-8635	463	39	)	)	PUNCT
cblr-8635	463	40	flowered	flower	VERB
cblr-8635	463	41	in	in	ADP
cblr-8635	463	42	the	the	DET
cblr-8635	463	43	1980s	1980	NOUN
cblr-8635	463	44	,	,	PUNCT
cblr-8635	463	45	when	when	SCONJ
cblr-8635	463	46	the	the	DET
cblr-8635	463	47	issue	issue	NOUN
cblr-8635	463	48	of	of	ADP
cblr-8635	463	49	south	south	ADJ
cblr-8635	463	50	african	african	ADJ
cblr-8635	463	51	apartheid	apartheid	NOUN
cblr-8635	463	52	provoked	provoke	VERB
cblr-8635	463	53	a	a	DET
cblr-8635	463	54	crisis	crisis	NOUN
cblr-8635	463	55	and	and	CCONJ
cblr-8635	463	56	caused	cause	VERB
cblr-8635	463	57	ethical	ethical	ADJ
cblr-8635	463	58	investors	investor	NOUN
cblr-8635	463	59	to	to	PART
cblr-8635	463	60	seek	seek	VERB
cblr-8635	463	61	to	to	PART
cblr-8635	463	62	disinvest	disinvest	VERB
cblr-8635	463	63	from	from	ADP
cblr-8635	463	64	companies	company	NOUN
cblr-8635	463	65	that	that	PRON
cblr-8635	463	66	were	be	AUX
cblr-8635	463	67	active	active	ADJ
cblr-8635	463	68	in	in	ADP
cblr-8635	463	69	south	south	ADJ
cblr-8635	463	70	africa.77	africa.77	ADJ
cblr-8635	463	71	such	such	ADJ
cblr-8635	463	72	ethical	ethical	ADJ
cblr-8635	463	73	investing	investing	NOUN
cblr-8635	463	74	was	be	AUX
cblr-8635	463	75	always	always	ADV
cblr-8635	463	76	in	in	ADP
cblr-8635	463	77	tension	tension	NOUN
cblr-8635	463	78	with	with	ADP
cblr-8635	463	79	trust	trust	NOUN
cblr-8635	463	80	fiduciary	fiduciary	ADJ
cblr-8635	463	81	law	law	NOUN
cblr-8635	463	82	,	,	PUNCT
cblr-8635	463	83	which	which	PRON
cblr-8635	463	84	requires	require	VERB
cblr-8635	463	85	a	a	DET
cblr-8635	463	86	trustee	trustee	NOUN
cblr-8635	463	87	to	to	PART
cblr-8635	463	88	consider	consider	VERB
cblr-8635	463	89	only	only	ADV
cblr-8635	463	90	the	the	DET
cblr-8635	463	91	73	73	NUM
cblr-8635	463	92	this	this	DET
cblr-8635	463	93	debate	debate	NOUN
cblr-8635	463	94	can	can	AUX
cblr-8635	463	95	be	be	AUX
cblr-8635	463	96	easily	easily	ADV
cblr-8635	463	97	traced	trace	VERB
cblr-8635	463	98	back	back	ADV
cblr-8635	463	99	to	to	ADP
cblr-8635	463	100	the	the	DET
cblr-8635	463	101	1980s	1980	NOUN
cblr-8635	463	102	,	,	PUNCT
cblr-8635	463	103	when	when	SCONJ
cblr-8635	463	104	the	the	DET
cblr-8635	463	105	key	key	ADJ
cblr-8635	463	106	issue	issue	NOUN
cblr-8635	463	107	involved	involve	VERB
cblr-8635	463	108	divestment	divestment	NOUN
cblr-8635	463	109	campaigns	campaign	NOUN
cblr-8635	463	110	aimed	aim	VERB
cblr-8635	463	111	at	at	ADP
cblr-8635	463	112	south	south	PROPN
cblr-8635	463	113	africa	africa	PROPN
cblr-8635	463	114	’s	’s	PART
cblr-8635	463	115	apartheid	apartheid	NOUN
cblr-8635	463	116	policies	policy	NOUN
cblr-8635	463	117	.	.	PUNCT
cblr-8635	464	1	for	for	ADP
cblr-8635	464	2	the	the	DET
cblr-8635	464	3	conservative	conservative	ADJ
cblr-8635	464	4	view	view	NOUN
cblr-8635	464	5	that	that	SCONJ
cblr-8635	464	6	social	social	ADJ
cblr-8635	464	7	investing	investing	NOUN
cblr-8635	464	8	was	be	AUX
cblr-8635	464	9	illegitimate	illegitimate	ADJ
cblr-8635	464	10	,	,	PUNCT
cblr-8635	464	11	see	see	VERB
cblr-8635	464	12	generally	generally	ADV
cblr-8635	464	13	john	john	PROPN
cblr-8635	464	14	h.	h.	PROPN
cblr-8635	464	15	langbein	langbein	PROPN
cblr-8635	464	16	&	&	CCONJ
cblr-8635	464	17	richard	richard	PROPN
cblr-8635	464	18	a.	a.	PROPN
cblr-8635	464	19	posner	posner	PROPN
cblr-8635	464	20	,	,	PUNCT
cblr-8635	464	21	social	social	ADJ
cblr-8635	464	22	investing	investing	NOUN
cblr-8635	464	23	and	and	CCONJ
cblr-8635	464	24	the	the	DET
cblr-8635	464	25	law	law	NOUN
cblr-8635	464	26	of	of	ADP
cblr-8635	464	27	trusts	trust	NOUN
cblr-8635	464	28	,	,	PUNCT
cblr-8635	464	29	79	79	NUM
cblr-8635	464	30	mich	mich	X
cblr-8635	464	31	.	.	PUNCT
cblr-8635	465	1	l.	l.	PROPN
cblr-8635	465	2	rev	rev	PROPN
cblr-8635	465	3	.	.	PROPN
cblr-8635	465	4	72	72	NUM
cblr-8635	465	5	(	(	PUNCT
cblr-8635	465	6	1980	1980	NUM
cblr-8635	465	7	)	)	PUNCT
cblr-8635	465	8	.	.	PUNCT
cblr-8635	466	1	professors	professor	NOUN
cblr-8635	466	2	schanzenbach	schanzenbach	VERB
cblr-8635	466	3	and	and	CCONJ
cblr-8635	466	4	sitkoff	sitkoff	NOUN
cblr-8635	466	5	appear	appear	VERB
cblr-8635	466	6	to	to	PART
cblr-8635	466	7	be	be	AUX
cblr-8635	466	8	following	follow	VERB
cblr-8635	466	9	in	in	ADP
cblr-8635	466	10	this	this	DET
cblr-8635	466	11	tradition	tradition	NOUN
cblr-8635	466	12	(	(	PUNCT
cblr-8635	466	13	with	with	ADP
cblr-8635	466	14	some	some	DET
cblr-8635	466	15	modifications	modification	NOUN
cblr-8635	466	16	)	)	PUNCT
cblr-8635	466	17	.	.	PUNCT
cblr-8635	467	1	see	see	VERB
cblr-8635	467	2	schanzenbach	schanzenbach	PROPN
cblr-8635	467	3	&	&	CCONJ
cblr-8635	467	4	sitkoff	sitkoff	NOUN
cblr-8635	467	5	,	,	PUNCT
cblr-8635	467	6	supra	supra	PROPN
cblr-8635	467	7	note	note	PROPN
cblr-8635	467	8	14	14	NUM
cblr-8635	467	9	,	,	PUNCT
cblr-8635	467	10	at	at	ADP
cblr-8635	467	11	448–53	448–53	NOUN
cblr-8635	467	12	.	.	PROPN
cblr-8635	468	1	74	74	NUM
cblr-8635	468	2	this	this	PRON
cblr-8635	468	3	is	be	AUX
cblr-8635	468	4	essentially	essentially	ADV
cblr-8635	468	5	the	the	DET
cblr-8635	468	6	position	position	NOUN
cblr-8635	468	7	of	of	ADP
cblr-8635	468	8	professors	professor	NOUN
cblr-8635	468	9	schanzenbach	schanzenbach	VERB
cblr-8635	468	10	and	and	CCONJ
cblr-8635	468	11	sitkoff	sitkoff	NOUN
cblr-8635	468	12	.	.	PUNCT
cblr-8635	469	1	see	see	VERB
cblr-8635	469	2	schanzenbach	schanzenbach	PROPN
cblr-8635	469	3	&	&	CCONJ
cblr-8635	469	4	sitkoff	sitkoff	NOUN
cblr-8635	469	5	,	,	PUNCT
cblr-8635	469	6	supra	supra	PROPN
cblr-8635	469	7	note	note	PROPN
cblr-8635	469	8	14	14	NUM
cblr-8635	469	9	,	,	PUNCT
cblr-8635	469	10	at	at	ADP
cblr-8635	469	11	453	453	NUM
cblr-8635	469	12	.	.	PUNCT
cblr-8635	470	1	75	75	NUM
cblr-8635	471	1	i	i	PRON
cblr-8635	471	2	d.	d.	PROPN
cblr-8635	471	3	at	at	ADP
cblr-8635	471	4	392	392	NUM
cblr-8635	471	5	.	.	PUNCT
cblr-8635	472	1	76	76	NUM
cblr-8635	473	1	i	i	PRON
cblr-8635	473	2	d.	d.	NOUN
cblr-8635	473	3	at	at	ADP
cblr-8635	473	4	392–93	392–93	NUM
cblr-8635	473	5	.	.	PUNCT
cblr-8635	474	1	77	77	NUM
cblr-8635	475	1	i	i	PRON
cblr-8635	475	2	d.	d.	NOUN
cblr-8635	475	3	at	at	ADP
cblr-8635	475	4	393–95	393–95	NUM
cblr-8635	475	5	.	.	PUNCT
cblr-8635	476	1	coffee	coffee	PROPN
cblr-8635	476	2	8/20/2021	8/20/2021	NUM
cblr-8635	476	3	6:32	6:32	NUM
cblr-8635	476	4	pm	pm	PROPN
cblr-8635	476	5	632	632	NUM
cblr-8635	476	6	columbia	columbia	PROPN
cblr-8635	476	7	business	business	NOUN
cblr-8635	476	8	law	law	PROPN
cblr-8635	476	9	review	review	NOUN
cblr-8635	477	1	[	[	X
cblr-8635	477	2	vol	vol	NOUN
cblr-8635	477	3	.	.	PUNCT
cblr-8635	477	4	2021	2021	NUM
cblr-8635	477	5	interests	interest	NOUN
cblr-8635	477	6	of	of	ADP
cblr-8635	477	7	the	the	DET
cblr-8635	477	8	beneficiary.78	beneficiary.78	NOUN
cblr-8635	477	9	this	this	DET
cblr-8635	477	10	“	"	PUNCT
cblr-8635	477	11	sole	sole	ADJ
cblr-8635	477	12	interest	interest	NOUN
cblr-8635	477	13	”	"	PUNCT
cblr-8635	477	14	rule	rule	NOUN
cblr-8635	477	15	is	be	AUX
cblr-8635	477	16	intended	intend	VERB
cblr-8635	477	17	to	to	PART
cblr-8635	477	18	protect	protect	VERB
cblr-8635	477	19	beneficiaries	beneficiary	NOUN
cblr-8635	477	20	from	from	ADP
cblr-8635	477	21	fiduciaries	fiduciary	NOUN
cblr-8635	477	22	who	who	PRON
cblr-8635	477	23	might	might	AUX
cblr-8635	477	24	subordinate	subordinate	VERB
cblr-8635	477	25	the	the	DET
cblr-8635	477	26	beneficiaries	beneficiary	NOUN
cblr-8635	477	27	’	'	PUNCT
cblr-8635	477	28	financial	financial	ADJ
cblr-8635	477	29	interests	interest	NOUN
cblr-8635	477	30	to	to	ADP
cblr-8635	477	31	those	those	PRON
cblr-8635	477	32	of	of	ADP
cblr-8635	477	33	political	political	ADJ
cblr-8635	477	34	or	or	CCONJ
cblr-8635	477	35	social	social	ADJ
cblr-8635	477	36	groups	group	NOUN
cblr-8635	477	37	with	with	ADP
cblr-8635	477	38	whom	whom	PRON
cblr-8635	477	39	the	the	DET
cblr-8635	477	40	fiduciary	fiduciary	ADJ
cblr-8635	477	41	sympathizes	sympathize	VERB
cblr-8635	477	42	.	.	PUNCT
cblr-8635	478	1	legally	legally	ADV
cblr-8635	478	2	,	,	PUNCT
cblr-8635	478	3	the	the	DET
cblr-8635	478	4	“	"	PUNCT
cblr-8635	478	5	sole	sole	ADJ
cblr-8635	478	6	interest	interest	NOUN
cblr-8635	478	7	”	"	PUNCT
cblr-8635	478	8	rule	rule	NOUN
cblr-8635	478	9	implied	imply	VERB
cblr-8635	478	10	that	that	SCONJ
cblr-8635	478	11	the	the	DET
cblr-8635	478	12	trustee	trustee	NOUN
cblr-8635	478	13	had	have	VERB
cblr-8635	478	14	to	to	PART
cblr-8635	478	15	prefer	prefer	VERB
cblr-8635	478	16	investments	investment	NOUN
cblr-8635	478	17	with	with	ADP
cblr-8635	478	18	superior	superior	ADJ
cblr-8635	478	19	risk	risk	NOUN
cblr-8635	478	20	-	-	PUNCT
cblr-8635	478	21	adjusted	adjust	VERB
cblr-8635	478	22	returns	return	NOUN
cblr-8635	478	23	regardless	regardless	ADV
cblr-8635	478	24	of	of	ADP
cblr-8635	478	25	the	the	DET
cblr-8635	478	26	social	social	ADJ
cblr-8635	478	27	impact	impact	NOUN
cblr-8635	478	28	of	of	ADP
cblr-8635	478	29	the	the	DET
cblr-8635	478	30	investment	investment	NOUN
cblr-8635	478	31	.	.	PUNCT
cblr-8635	479	1	nervous	nervous	ADJ
cblr-8635	479	2	that	that	SCONJ
cblr-8635	479	3	they	they	PRON
cblr-8635	479	4	might	might	AUX
cblr-8635	479	5	run	run	VERB
cblr-8635	479	6	afoul	afoul	ADV
cblr-8635	479	7	of	of	ADP
cblr-8635	479	8	the	the	DET
cblr-8635	479	9	law	law	NOUN
cblr-8635	479	10	,	,	PUNCT
cblr-8635	479	11	many	many	ADJ
cblr-8635	479	12	riskaverse	riskaverse	NOUN
cblr-8635	479	13	fiduciaries	fiduciary	NOUN
cblr-8635	479	14	shied	shy	VERB
cblr-8635	479	15	away	away	ADV
cblr-8635	479	16	from	from	ADP
cblr-8635	479	17	sri	sri	ADJ
cblr-8635	479	18	investing.79	investing.79	NOUN
cblr-8635	479	19	to	to	PART
cblr-8635	479	20	bring	bring	VERB
cblr-8635	479	21	sri	sri	NOUN
cblr-8635	479	22	investing	invest	VERB
cblr-8635	479	23	into	into	ADP
cblr-8635	479	24	the	the	DET
cblr-8635	479	25	mainstream	mainstream	NOUN
cblr-8635	479	26	,	,	PUNCT
cblr-8635	479	27	something	something	PRON
cblr-8635	479	28	had	have	VERB
cblr-8635	479	29	to	to	PART
cblr-8635	479	30	be	be	AUX
cblr-8635	479	31	done	do	VERB
cblr-8635	479	32	,	,	PUNCT
cblr-8635	479	33	and	and	CCONJ
cblr-8635	479	34	clever	clever	ADJ
cblr-8635	479	35	lawyers	lawyer	NOUN
cblr-8635	479	36	predictably	predictably	ADV
cblr-8635	479	37	devised	devise	VERB
cblr-8635	479	38	an	an	DET
cblr-8635	479	39	answer	answer	NOUN
cblr-8635	479	40	.	.	PUNCT
cblr-8635	480	1	conceptually	conceptually	ADV
cblr-8635	480	2	,	,	PUNCT
cblr-8635	480	3	they	they	PRON
cblr-8635	480	4	“	"	PUNCT
cblr-8635	480	5	rebranded	rebrande	VERB
cblr-8635	480	6	”	"	PUNCT
cblr-8635	480	7	sri	sri	PROPN
cblr-8635	480	8	investing	investing	NOUN
cblr-8635	480	9	and	and	CCONJ
cblr-8635	480	10	converted	convert	VERB
cblr-8635	480	11	it	it	PRON
cblr-8635	480	12	into	into	ADP
cblr-8635	480	13	esg	esg	PROPN
cblr-8635	480	14	investing	invest	VERB
cblr-8635	480	15	by	by	ADP
cblr-8635	480	16	asserting	assert	VERB
cblr-8635	480	17	that	that	SCONJ
cblr-8635	480	18	consideration	consideration	NOUN
cblr-8635	480	19	of	of	ADP
cblr-8635	480	20	the	the	DET
cblr-8635	480	21	“	"	PUNCT
cblr-8635	480	22	governance	governance	NOUN
cblr-8635	480	23	factors	factor	NOUN
cblr-8635	480	24	”	"	PUNCT
cblr-8635	480	25	associated	associate	VERB
cblr-8635	480	26	with	with	ADP
cblr-8635	480	27	public	public	ADJ
cblr-8635	480	28	corporations	corporation	NOUN
cblr-8635	480	29	would	would	AUX
cblr-8635	480	30	enable	enable	VERB
cblr-8635	480	31	the	the	DET
cblr-8635	480	32	fiduciary	fiduciary	NOUN
cblr-8635	480	33	to	to	PART
cblr-8635	480	34	identify	identify	VERB
cblr-8635	480	35	superior	superior	ADJ
cblr-8635	480	36	investments	investment	NOUN
cblr-8635	480	37	and	and	CCONJ
cblr-8635	480	38	enhance	enhance	VERB
cblr-8635	480	39	risk	risk	NOUN
cblr-8635	480	40	-	-	PUNCT
cblr-8635	480	41	adjusted	adjust	VERB
cblr-8635	480	42	return.80	return.80	NOUN
cblr-8635	480	43	by	by	ADP
cblr-8635	480	44	adding	add	VERB
cblr-8635	480	45	governance	governance	NOUN
cblr-8635	480	46	to	to	ADP
cblr-8635	480	47	78	78	NUM
cblr-8635	480	48	under	under	ADP
cblr-8635	480	49	what	what	PRON
cblr-8635	480	50	is	be	AUX
cblr-8635	480	51	known	know	VERB
cblr-8635	480	52	as	as	ADP
cblr-8635	480	53	the	the	DET
cblr-8635	480	54	“	"	PUNCT
cblr-8635	480	55	sole	sole	ADJ
cblr-8635	480	56	interest	interest	NOUN
cblr-8635	480	57	”	"	PUNCT
cblr-8635	480	58	rule	rule	NOUN
cblr-8635	480	59	,	,	PUNCT
cblr-8635	480	60	a	a	DET
cblr-8635	480	61	trustee	trustee	NOUN
cblr-8635	480	62	must	must	AUX
cblr-8635	480	63	“	"	PUNCT
cblr-8635	480	64	administer	administer	VERB
cblr-8635	480	65	the	the	DET
cblr-8635	480	66	trust	trust	NOUN
cblr-8635	480	67	solely	solely	ADV
cblr-8635	480	68	in	in	ADP
cblr-8635	480	69	the	the	DET
cblr-8635	480	70	interest	interest	NOUN
cblr-8635	480	71	of	of	ADP
cblr-8635	480	72	the	the	DET
cblr-8635	480	73	beneficiaries	beneficiary	NOUN
cblr-8635	480	74	.	.	PUNCT
cblr-8635	480	75	”	"	PUNCT
cblr-8635	481	1	restatement	restatement	NOUN
cblr-8635	481	2	(	(	PUNCT
cblr-8635	481	3	third	third	ADJ
cblr-8635	481	4	)	)	PUNCT
cblr-8635	481	5	of	of	ADP
cblr-8635	481	6	trs	trs	PROPN
cblr-8635	481	7	.	.	PUNCT
cblr-8635	482	1	§	§	PROPN
cblr-8635	482	2	78(1	78(1	NOUN
cblr-8635	482	3	)	)	PUNCT
cblr-8635	482	4	(	(	PUNCT
cblr-8635	482	5	am	be	AUX
cblr-8635	482	6	.	.	PUNCT
cblr-8635	482	7	l.	l.	PROPN
cblr-8635	482	8	inst	inst	PROPN
cblr-8635	482	9	.	.	PROPN
cblr-8635	482	10	2007	2007	NUM
cblr-8635	482	11	)	)	PUNCT
cblr-8635	482	12	.	.	PUNCT
cblr-8635	483	1	under	under	ADP
cblr-8635	483	2	a	a	DET
cblr-8635	483	3	comment	comment	NOUN
cblr-8635	483	4	to	to	ADP
cblr-8635	483	5	this	this	DET
cblr-8635	483	6	section	section	NOUN
cblr-8635	483	7	,	,	PUNCT
cblr-8635	483	8	the	the	DET
cblr-8635	483	9	restatement	restatement	NOUN
cblr-8635	483	10	adds	add	VERB
cblr-8635	483	11	that	that	SCONJ
cblr-8635	483	12	“	"	PUNCT
cblr-8635	483	13	the	the	DET
cblr-8635	483	14	trustee	trustee	NOUN
cblr-8635	483	15	has	have	VERB
cblr-8635	483	16	a	a	DET
cblr-8635	483	17	duty	duty	NOUN
cblr-8635	483	18	to	to	ADP
cblr-8635	483	19	the	the	DET
cblr-8635	483	20	beneficiaries	beneficiary	NOUN
cblr-8635	483	21	not	not	PART
cblr-8635	483	22	to	to	PART
cblr-8635	483	23	be	be	AUX
cblr-8635	483	24	influenced	influence	VERB
cblr-8635	483	25	by	by	ADP
cblr-8635	483	26	the	the	DET
cblr-8635	483	27	interests	interest	NOUN
cblr-8635	483	28	of	of	ADP
cblr-8635	483	29	any	any	DET
cblr-8635	483	30	third	third	ADJ
cblr-8635	483	31	person	person	NOUN
cblr-8635	483	32	or	or	CCONJ
cblr-8635	483	33	by	by	ADP
cblr-8635	483	34	motives	motive	NOUN
cblr-8635	483	35	other	other	ADJ
cblr-8635	483	36	than	than	ADP
cblr-8635	483	37	the	the	DET
cblr-8635	483	38	accomplishment	accomplishment	NOUN
cblr-8635	483	39	of	of	ADP
cblr-8635	483	40	the	the	DET
cblr-8635	483	41	purposes	purpose	NOUN
cblr-8635	483	42	of	of	ADP
cblr-8635	483	43	the	the	DET
cblr-8635	483	44	trust	trust	NOUN
cblr-8635	483	45	.	.	PUNCT
cblr-8635	483	46	”	"	PUNCT
cblr-8635	484	1	i	i	PRON
cblr-8635	484	2	d.	d.	PROPN
cblr-8635	484	3	§	§	PROPN
cblr-8635	484	4	78(1	78(1	PROPN
cblr-8635	484	5	)	)	PUNCT
cblr-8635	484	6	cmt	cmt	PROPN
cblr-8635	484	7	.	.	PUNCT
cblr-8635	485	1	f	f	X
cblr-8635	485	2	;	;	PUNCT
cblr-8635	485	3	see	see	VERB
cblr-8635	485	4	also	also	ADV
cblr-8635	485	5	unif	unif	ADJ
cblr-8635	485	6	.	.	PUNCT
cblr-8635	486	1	tr	tr	VERB
cblr-8635	486	2	.	.	PROPN
cblr-8635	486	3	code	code	PROPN
cblr-8635	486	4	§	§	PROPN
cblr-8635	486	5	802(a	802(a	PROPN
cblr-8635	486	6	)	)	PUNCT
cblr-8635	486	7	(	(	PUNCT
cblr-8635	486	8	unif	unif	ADJ
cblr-8635	486	9	.	.	PUNCT
cblr-8635	487	1	l.	l.	PROPN
cblr-8635	487	2	comm’n	comm’n	PROPN
cblr-8635	487	3	2003	2003	NUM
cblr-8635	487	4	)	)	PUNCT
cblr-8635	487	5	.	.	PUNCT
cblr-8635	488	1	if	if	SCONJ
cblr-8635	488	2	the	the	DET
cblr-8635	488	3	trustee	trustee	NOUN
cblr-8635	488	4	acts	act	VERB
cblr-8635	488	5	based	base	VERB
cblr-8635	488	6	on	on	ADP
cblr-8635	488	7	mixed	mixed	ADJ
cblr-8635	488	8	motives	motive	NOUN
cblr-8635	488	9	,	,	PUNCT
cblr-8635	488	10	“	"	PUNCT
cblr-8635	488	11	an	an	DET
cblr-8635	488	12	irrebuttable	irrebuttable	ADJ
cblr-8635	488	13	presumption	presumption	NOUN
cblr-8635	488	14	of	of	ADP
cblr-8635	488	15	wrongdoing	wrongdoing	NOUN
cblr-8635	488	16	”	"	PUNCT
cblr-8635	488	17	arises	arise	VERB
cblr-8635	488	18	.	.	PUNCT
cblr-8635	489	1	daniel	daniel	PROPN
cblr-8635	489	2	fischel	fischel	PROPN
cblr-8635	489	3	&	&	CCONJ
cblr-8635	489	4	john	john	PROPN
cblr-8635	489	5	h.	h.	PROPN
cblr-8635	489	6	langbein	langbein	PROPN
cblr-8635	489	7	,	,	PUNCT
cblr-8635	489	8	erisa	erisa	PROPN
cblr-8635	489	9	’s	’s	PART
cblr-8635	489	10	fundamental	fundamental	ADJ
cblr-8635	489	11	contradiction	contradiction	NOUN
cblr-8635	489	12	:	:	PUNCT
cblr-8635	489	13	the	the	DET
cblr-8635	489	14	exclusive	exclusive	ADJ
cblr-8635	489	15	benefit	benefit	NOUN
cblr-8635	489	16	rule	rule	NOUN
cblr-8635	489	17	,	,	PUNCT
cblr-8635	489	18	55	55	NUM
cblr-8635	489	19	u.	u.	NOUN
cblr-8635	489	20	chi	chi	PROPN
cblr-8635	489	21	.	.	PUNCT
cblr-8635	490	1	l.	l.	PROPN
cblr-8635	490	2	rev	rev	PROPN
cblr-8635	490	3	.	.	PROPN
cblr-8635	490	4	1105	1105	NUM
cblr-8635	490	5	,	,	PUNCT
cblr-8635	490	6	1114–15	1114–15	NUM
cblr-8635	490	7	(	(	PUNCT
cblr-8635	490	8	1988	1988	NUM
cblr-8635	490	9	)	)	PUNCT
cblr-8635	490	10	.	.	PUNCT
cblr-8635	491	1	however	however	ADV
cblr-8635	491	2	,	,	PUNCT
cblr-8635	491	3	a	a	DET
cblr-8635	491	4	plaintiff	plaintiff	NOUN
cblr-8635	491	5	will	will	AUX
cblr-8635	491	6	still	still	ADV
cblr-8635	491	7	have	have	VERB
cblr-8635	491	8	to	to	PART
cblr-8635	491	9	prove	prove	VERB
cblr-8635	491	10	damages	damage	NOUN
cblr-8635	491	11	,	,	PUNCT
cblr-8635	491	12	which	which	PRON
cblr-8635	491	13	can	can	AUX
cblr-8635	491	14	be	be	AUX
cblr-8635	491	15	a	a	DET
cblr-8635	491	16	considerable	considerable	ADJ
cblr-8635	491	17	hurdle	hurdle	NOUN
cblr-8635	491	18	.	.	PUNCT
cblr-8635	492	1	79	79	NUM
cblr-8635	492	2	one	one	NUM
cblr-8635	492	3	recent	recent	ADJ
cblr-8635	492	4	study	study	NOUN
cblr-8635	492	5	surveying	survey	VERB
cblr-8635	492	6	310	310	NUM
cblr-8635	492	7	fiduciaries	fiduciary	NOUN
cblr-8635	492	8	found	find	VERB
cblr-8635	492	9	that	that	SCONJ
cblr-8635	492	10	forty	forty	NUM
cblr-8635	492	11	-	-	PUNCT
cblr-8635	492	12	seven	seven	NUM
cblr-8635	492	13	percent	percent	NOUN
cblr-8635	492	14	believed	believe	VERB
cblr-8635	492	15	that	that	SCONJ
cblr-8635	492	16	the	the	DET
cblr-8635	492	17	use	use	NOUN
cblr-8635	492	18	of	of	ADP
cblr-8635	492	19	esg	esg	PROPN
cblr-8635	492	20	criteria	criterion	NOUN
cblr-8635	492	21	either	either	CCONJ
cblr-8635	492	22	conflicted	conflicted	ADJ
cblr-8635	492	23	or	or	CCONJ
cblr-8635	492	24	might	might	AUX
cblr-8635	492	25	conflict	conflict	VERB
cblr-8635	492	26	with	with	ADP
cblr-8635	492	27	their	their	PRON
cblr-8635	492	28	fiduciary	fiduciary	ADJ
cblr-8635	492	29	duty	duty	NOUN
cblr-8635	492	30	.	.	PUNCT
cblr-8635	493	1	see	see	VERB
cblr-8635	493	2	fi360	fi360	PROPN
cblr-8635	493	3	,	,	PUNCT
cblr-8635	493	4	esg	esg	PROPN
cblr-8635	493	5	survey	survey	NOUN
cblr-8635	493	6	for	for	ADP
cblr-8635	493	7	fi360	fi360	PROPN
cblr-8635	493	8	designees	designee	NOUN
cblr-8635	493	9	2	2	NUM
cblr-8635	493	10	(	(	PUNCT
cblr-8635	493	11	2019	2019	NUM
cblr-8635	493	12	)	)	PUNCT
cblr-8635	493	13	.	.	PUNCT
cblr-8635	494	1	for	for	ADP
cblr-8635	494	2	other	other	ADJ
cblr-8635	494	3	recent	recent	ADJ
cblr-8635	494	4	studies	study	NOUN
cblr-8635	494	5	,	,	PUNCT
cblr-8635	494	6	see	see	VERB
cblr-8635	494	7	schanzenbach	schanzenbach	ADV
cblr-8635	494	8	&	&	CCONJ
cblr-8635	494	9	sitkoff	sitkoff	NOUN
cblr-8635	494	10	,	,	PUNCT
cblr-8635	494	11	supra	supra	PROPN
cblr-8635	494	12	note	note	PROPN
cblr-8635	494	13	14	14	NUM
cblr-8635	494	14	,	,	PUNCT
cblr-8635	494	15	at	at	ADP
cblr-8635	494	16	385	385	NUM
cblr-8635	494	17	n.7	n.7	NOUN
cblr-8635	494	18	.	.	PROPN
cblr-8635	495	1	80	80	NUM
cblr-8635	495	2	i	i	PRON
cblr-8635	495	3	borrow	borrow	VERB
cblr-8635	495	4	the	the	DET
cblr-8635	495	5	term	term	NOUN
cblr-8635	495	6	“	"	PUNCT
cblr-8635	495	7	rebranding	rebranding	NOUN
cblr-8635	495	8	”	"	PUNCT
cblr-8635	495	9	from	from	ADP
cblr-8635	495	10	schanzenbach	schanzenbach	ADJ
cblr-8635	495	11	and	and	CCONJ
cblr-8635	495	12	&	&	CCONJ
cblr-8635	495	13	sitkoff	sitkoff	NOUN
cblr-8635	495	14	,	,	PUNCT
cblr-8635	495	15	supra	supra	PROPN
cblr-8635	495	16	note	note	PROPN
cblr-8635	495	17	14	14	NUM
cblr-8635	495	18	,	,	PUNCT
cblr-8635	495	19	at	at	ADP
cblr-8635	495	20	388	388	NUM
cblr-8635	495	21	.	.	PUNCT
cblr-8635	496	1	a	a	DET
cblr-8635	496	2	key	key	ADJ
cblr-8635	496	3	moment	moment	NOUN
cblr-8635	496	4	in	in	ADP
cblr-8635	496	5	this	this	DET
cblr-8635	496	6	semantic	semantic	ADJ
cblr-8635	496	7	transition	transition	NOUN
cblr-8635	496	8	from	from	ADP
cblr-8635	496	9	sri	sri	PROPN
cblr-8635	496	10	to	to	ADP
cblr-8635	496	11	esg	esg	PROPN
cblr-8635	496	12	came	come	VERB
cblr-8635	496	13	in	in	ADP
cblr-8635	496	14	2005	2005	NUM
cblr-8635	496	15	with	with	ADP
cblr-8635	496	16	the	the	DET
cblr-8635	496	17	release	release	NOUN
cblr-8635	496	18	of	of	ADP
cblr-8635	496	19	a	a	DET
cblr-8635	496	20	report	report	NOUN
cblr-8635	496	21	sponsored	sponsor	VERB
cblr-8635	496	22	by	by	ADP
cblr-8635	496	23	a	a	DET
cblr-8635	496	24	un	un	PROPN
cblr-8635	496	25	working	working	PROPN
cblr-8635	496	26	group	group	NOUN
cblr-8635	496	27	and	and	CCONJ
cblr-8635	496	28	prepared	prepare	VERB
cblr-8635	496	29	by	by	ADP
cblr-8635	496	30	the	the	DET
cblr-8635	496	31	international	international	ADJ
cblr-8635	496	32	law	law	NOUN
cblr-8635	496	33	firm	firm	NOUN
cblr-8635	496	34	of	of	ADP
cblr-8635	496	35	freshfields	freshfields	PROPN
cblr-8635	496	36	bruckhaus	bruckhaus	PROPN
cblr-8635	496	37	deringer	deringer	PROPN
cblr-8635	496	38	,	,	PUNCT
cblr-8635	496	39	which	which	PRON
cblr-8635	496	40	asserted	assert	VERB
cblr-8635	496	41	that	that	SCONJ
cblr-8635	496	42	esg	esg	PROPN
cblr-8635	496	43	investing	investing	NOUN
cblr-8635	496	44	was	be	AUX
cblr-8635	496	45	not	not	PART
cblr-8635	496	46	only	only	ADV
cblr-8635	496	47	consistent	consistent	ADJ
cblr-8635	496	48	with	with	ADP
cblr-8635	496	49	the	the	DET
cblr-8635	496	50	trustee	trustee	NOUN
cblr-8635	496	51	’s	’s	PART
cblr-8635	496	52	fiduciary	fiduciary	ADJ
cblr-8635	496	53	duties	duty	NOUN
cblr-8635	496	54	,	,	PUNCT
cblr-8635	496	55	but	but	CCONJ
cblr-8635	496	56	was	be	AUX
cblr-8635	496	57	“	"	PUNCT
cblr-8635	496	58	arguably	arguably	ADV
cblr-8635	496	59	required	require	VERB
cblr-8635	496	60	in	in	ADP
cblr-8635	496	61	all	all	DET
cblr-8635	496	62	jurisdictions	jurisdiction	NOUN
cblr-8635	496	63	.	.	PUNCT
cblr-8635	496	64	”	"	PUNCT
cblr-8635	497	1	united	united	PROPN
cblr-8635	497	2	nations	nations	PROPN
cblr-8635	497	3	env’t	env’t	VERB
cblr-8635	497	4	programme	programme	NOUN
cblr-8635	497	5	fin	fin	NOUN
cblr-8635	497	6	.	.	PUNCT
cblr-8635	498	1	initiative	initiative	NOUN
cblr-8635	498	2	,	,	PUNCT
cblr-8635	498	3	a	a	DET
cblr-8635	498	4	legal	legal	ADJ
cblr-8635	498	5	framework	framework	NOUN
cblr-8635	498	6	for	for	ADP
cblr-8635	498	7	the	the	DET
cblr-8635	498	8	integration	integration	NOUN
cblr-8635	498	9	of	of	ADP
cblr-8635	498	10	environmental	environmental	ADJ
cblr-8635	498	11	,	,	PUNCT
cblr-8635	498	12	social	social	ADJ
cblr-8635	498	13	and	and	CCONJ
cblr-8635	498	14	governance	governance	NOUN
cblr-8635	498	15	coffee	coffee	NOUN
cblr-8635	498	16	8/20/2021	8/20/2021	NUM
cblr-8635	498	17	6:32	6:32	NUM
cblr-8635	498	18	pm	pm	NOUN
cblr-8635	499	1	no	no	INTJ
cblr-8635	499	2	.	.	PUNCT
cblr-8635	500	1	2:602	2:602	NUM
cblr-8635	500	2	]	]	X
cblr-8635	500	3	the	the	DET
cblr-8635	500	4	future	future	NOUN
cblr-8635	500	5	of	of	ADP
cblr-8635	500	6	disclosure	disclosure	NOUN
cblr-8635	500	7	633	633	NUM
cblr-8635	500	8	the	the	DET
cblr-8635	500	9	mix	mix	NOUN
cblr-8635	500	10	,	,	PUNCT
cblr-8635	500	11	they	they	PRON
cblr-8635	500	12	argued	argue	VERB
cblr-8635	500	13	,	,	PUNCT
cblr-8635	500	14	one	one	NUM
cblr-8635	500	15	not	not	PART
cblr-8635	500	16	only	only	ADV
cblr-8635	500	17	did	do	AUX
cblr-8635	500	18	good	good	ADJ
cblr-8635	500	19	(	(	PUNCT
cblr-8635	500	20	ethically	ethically	ADV
cblr-8635	500	21	)	)	PUNCT
cblr-8635	500	22	,	,	PUNCT
cblr-8635	500	23	but	but	CCONJ
cblr-8635	500	24	one	one	NUM
cblr-8635	500	25	also	also	ADV
cblr-8635	500	26	did	do	VERB
cblr-8635	500	27	better	well	ADV
cblr-8635	500	28	(	(	PUNCT
cblr-8635	500	29	financially).81	financially).81	PROPN
cblr-8635	500	30	this	this	PRON
cblr-8635	500	31	in	in	ADP
cblr-8635	500	32	turn	turn	NOUN
cblr-8635	500	33	enabled	enable	VERB
cblr-8635	500	34	law	law	NOUN
cblr-8635	500	35	firms	firm	NOUN
cblr-8635	500	36	to	to	PART
cblr-8635	500	37	opine	opine	VERB
cblr-8635	500	38	to	to	ADP
cblr-8635	500	39	their	their	PRON
cblr-8635	500	40	clients	client	NOUN
cblr-8635	500	41	that	that	SCONJ
cblr-8635	500	42	esg	esg	PROPN
cblr-8635	500	43	investing	investing	NOUN
cblr-8635	500	44	was	be	AUX
cblr-8635	500	45	fully	fully	ADV
cblr-8635	500	46	compatible	compatible	ADJ
cblr-8635	500	47	with	with	ADP
cblr-8635	500	48	the	the	DET
cblr-8635	500	49	trustee	trustee	NOUN
cblr-8635	500	50	’s	’s	PART
cblr-8635	500	51	fiduciary	fiduciary	ADJ
cblr-8635	500	52	obligations.82	obligations.82	NOUN
cblr-8635	500	53	a	a	DET
cblr-8635	500	54	few	few	ADJ
cblr-8635	500	55	went	go	VERB
cblr-8635	500	56	even	even	ADV
cblr-8635	500	57	further	far	ADV
cblr-8635	500	58	and	and	CCONJ
cblr-8635	500	59	suggested	suggest	VERB
cblr-8635	500	60	that	that	SCONJ
cblr-8635	500	61	consideration	consideration	NOUN
cblr-8635	500	62	of	of	ADP
cblr-8635	500	63	esg	esg	NOUN
cblr-8635	500	64	factors	factor	NOUN
cblr-8635	500	65	might	might	AUX
cblr-8635	500	66	be	be	AUX
cblr-8635	500	67	mandatory.83	mandatory.83	ADJ
cblr-8635	500	68	necessity	necessity	NOUN
cblr-8635	500	69	is	be	AUX
cblr-8635	500	70	often	often	ADV
cblr-8635	500	71	the	the	DET
cblr-8635	500	72	mother	mother	NOUN
cblr-8635	500	73	of	of	ADP
cblr-8635	500	74	invention	invention	NOUN
cblr-8635	500	75	,	,	PUNCT
cblr-8635	500	76	and	and	CCONJ
cblr-8635	500	77	the	the	DET
cblr-8635	500	78	modest	modest	ADJ
cblr-8635	500	79	claim	claim	NOUN
cblr-8635	500	80	here	here	ADV
cblr-8635	500	81	advanced	advanced	ADJ
cblr-8635	500	82	is	be	AUX
cblr-8635	500	83	merely	merely	ADV
cblr-8635	500	84	that	that	SCONJ
cblr-8635	500	85	the	the	DET
cblr-8635	500	86	need	need	NOUN
cblr-8635	500	87	to	to	PART
cblr-8635	500	88	calm	calm	VERB
cblr-8635	500	89	the	the	DET
cblr-8635	500	90	fears	fear	NOUN
cblr-8635	500	91	of	of	ADP
cblr-8635	500	92	risk	risk	NOUN
cblr-8635	500	93	-	-	PUNCT
cblr-8635	500	94	averse	averse	ADJ
cblr-8635	500	95	trustees	trustee	NOUN
cblr-8635	500	96	best	well	ADV
cblr-8635	500	97	explains	explain	VERB
cblr-8635	500	98	the	the	DET
cblr-8635	500	99	addition	addition	NOUN
cblr-8635	500	100	of	of	ADP
cblr-8635	500	101	“	"	PUNCT
cblr-8635	500	102	governance	governance	NOUN
cblr-8635	500	103	”	"	PUNCT
cblr-8635	500	104	factors	factor	NOUN
cblr-8635	500	105	to	to	ADP
cblr-8635	500	106	environmental	environmental	ADJ
cblr-8635	500	107	and	and	CCONJ
cblr-8635	500	108	social	social	ADJ
cblr-8635	500	109	ones	one	NOUN
cblr-8635	500	110	in	in	ADP
cblr-8635	500	111	order	order	NOUN
cblr-8635	500	112	to	to	PART
cblr-8635	500	113	convert	convert	VERB
cblr-8635	500	114	sri	sri	PROPN
cblr-8635	500	115	into	into	ADP
cblr-8635	500	116	esg	esg	PROPN
cblr-8635	500	117	.	.	PUNCT
cblr-8635	501	1	whatever	whatever	PRON
cblr-8635	501	2	the	the	DET
cblr-8635	501	3	motive	motive	NOUN
cblr-8635	501	4	,	,	PUNCT
cblr-8635	501	5	this	this	DET
cblr-8635	501	6	rebranding	rebranding	NOUN
cblr-8635	501	7	seems	seem	VERB
cblr-8635	501	8	to	to	PART
cblr-8635	501	9	have	have	AUX
cblr-8635	501	10	worked	work	VERB
cblr-8635	501	11	and	and	CCONJ
cblr-8635	501	12	has	have	AUX
cblr-8635	501	13	rapidly	rapidly	ADV
cblr-8635	501	14	brought	bring	VERB
cblr-8635	501	15	esg	esg	NOUN
cblr-8635	501	16	into	into	ADP
cblr-8635	501	17	the	the	DET
cblr-8635	501	18	investment	investment	NOUN
cblr-8635	501	19	mainstream	mainstream	NOUN
cblr-8635	501	20	.	.	PUNCT
cblr-8635	502	1	as	as	ADP
cblr-8635	502	2	of	of	ADP
cblr-8635	502	3	late	late	ADJ
cblr-8635	502	4	2019	2019	NUM
cblr-8635	502	5	,	,	PUNCT
cblr-8635	502	6	some	some	DET
cblr-8635	502	7	1,900	1,900	NUM
cblr-8635	502	8	asset	asset	NOUN
cblr-8635	502	9	managers	manager	NOUN
cblr-8635	502	10	(	(	PUNCT
cblr-8635	502	11	including	include	VERB
cblr-8635	502	12	some	some	PRON
cblr-8635	502	13	of	of	ADP
cblr-8635	502	14	the	the	DET
cblr-8635	502	15	world	world	NOUN
cblr-8635	502	16	’s	’s	PART
cblr-8635	502	17	largest	large	ADJ
cblr-8635	502	18	)	)	PUNCT
cblr-8635	502	19	have	have	AUX
cblr-8635	502	20	signed	sign	VERB
cblr-8635	502	21	the	the	DET
cblr-8635	502	22	principles	principle	NOUN
cblr-8635	502	23	of	of	ADP
cblr-8635	502	24	responsible	responsible	ADJ
cblr-8635	502	25	investment	investment	NOUN
cblr-8635	502	26	(	(	PUNCT
cblr-8635	502	27	pri	pri	NOUN
cblr-8635	502	28	)	)	PUNCT
cblr-8635	502	29	endorsing	endorse	VERB
cblr-8635	502	30	esg	esg	PROPN
cblr-8635	502	31	investing;84	investing;84	VERB
cblr-8635	502	32	hundreds	hundred	NOUN
cblr-8635	502	33	of	of	ADP
cblr-8635	502	34	esg	esg	NOUN
cblr-8635	502	35	indexes	index	NOUN
cblr-8635	502	36	have	have	AUX
cblr-8635	502	37	been	be	AUX
cblr-8635	502	38	published	publish	VERB
cblr-8635	502	39	that	that	PRON
cblr-8635	502	40	provide	provide	VERB
cblr-8635	502	41	esg	esg	NOUN
cblr-8635	502	42	ratings	rating	NOUN
cblr-8635	502	43	on	on	ADP
cblr-8635	502	44	individual	individual	ADJ
cblr-8635	502	45	companies;85	companies;85	PROPN
cblr-8635	502	46	and	and	CCONJ
cblr-8635	502	47	delaware	delaware	PROPN
cblr-8635	502	48	and	and	CCONJ
cblr-8635	502	49	oregon	oregon	PROPN
cblr-8635	502	50	have	have	AUX
cblr-8635	502	51	amended	amend	VERB
cblr-8635	502	52	their	their	PRON
cblr-8635	502	53	trust	trust	NOUN
cblr-8635	502	54	law	law	NOUN
cblr-8635	502	55	to	to	ADP
cblr-8635	502	56	issues	issue	NOUN
cblr-8635	502	57	into	into	ADP
cblr-8635	502	58	institutional	institutional	ADJ
cblr-8635	502	59	investment	investment	NOUN
cblr-8635	502	60	13	13	NUM
cblr-8635	502	61	(	(	PUNCT
cblr-8635	502	62	2005	2005	NUM
cblr-8635	502	63	)	)	PUNCT
cblr-8635	502	64	;	;	PUNCT
cblr-8635	502	65	see	see	VERB
cblr-8635	502	66	also	also	ADV
cblr-8635	502	67	schanzenbach	schanzenbach	PROPN
cblr-8635	502	68	&	&	CCONJ
cblr-8635	502	69	sitkoff	sitkoff	NOUN
cblr-8635	502	70	,	,	PUNCT
cblr-8635	502	71	supra	supra	PROPN
cblr-8635	502	72	note	note	PROPN
cblr-8635	502	73	14	14	NUM
cblr-8635	502	74	,	,	PUNCT
cblr-8635	502	75	at	at	ADP
cblr-8635	502	76	389	389	NUM
cblr-8635	502	77	.	.	PUNCT
cblr-8635	502	78	81	81	NUM
cblr-8635	502	79	an	an	DET
cblr-8635	502	80	influential	influential	ADJ
cblr-8635	502	81	study	study	NOUN
cblr-8635	502	82	in	in	ADP
cblr-8635	502	83	2003	2003	NUM
cblr-8635	502	84	by	by	ADP
cblr-8635	502	85	paul	paul	PROPN
cblr-8635	502	86	gompers	gompers	PROPN
cblr-8635	502	87	,	,	PUNCT
cblr-8635	502	88	joy	joy	NOUN
cblr-8635	502	89	ishii	ishii	PROPN
cblr-8635	502	90	,	,	PUNCT
cblr-8635	502	91	and	and	CCONJ
cblr-8635	502	92	andrew	andrew	PROPN
cblr-8635	502	93	metrick	metrick	PROPN
cblr-8635	502	94	gave	give	VERB
cblr-8635	502	95	considerable	considerable	ADJ
cblr-8635	502	96	credibility	credibility	NOUN
cblr-8635	502	97	to	to	ADP
cblr-8635	502	98	the	the	DET
cblr-8635	502	99	claim	claim	NOUN
cblr-8635	502	100	that	that	SCONJ
cblr-8635	502	101	governance	governance	NOUN
cblr-8635	502	102	factors	factor	NOUN
cblr-8635	502	103	did	do	AUX
cblr-8635	502	104	influence	influence	NOUN
cblr-8635	502	105	firm	firm	ADJ
cblr-8635	502	106	performance	performance	NOUN
cblr-8635	502	107	.	.	PUNCT
cblr-8635	503	1	paul	paul	PROPN
cblr-8635	503	2	gompers	gompers	PROPN
cblr-8635	503	3	,	,	PUNCT
cblr-8635	503	4	joy	joy	VERB
cblr-8635	503	5	ishiii	ishiii	PRON
cblr-8635	503	6	&	&	CCONJ
cblr-8635	503	7	andrew	andrew	PROPN
cblr-8635	503	8	metrick	metrick	PROPN
cblr-8635	503	9	,	,	PUNCT
cblr-8635	503	10	corporate	corporate	ADJ
cblr-8635	503	11	governance	governance	NOUN
cblr-8635	503	12	and	and	CCONJ
cblr-8635	503	13	equity	equity	NOUN
cblr-8635	503	14	prices	price	NOUN
cblr-8635	503	15	,	,	PUNCT
cblr-8635	503	16	118	118	NUM
cblr-8635	503	17	q.j	q.j	PROPN
cblr-8635	503	18	.	.	PROPN
cblr-8635	503	19	econ	econ	PROPN
cblr-8635	503	20	.	.	PUNCT
cblr-8635	504	1	107	107	NUM
cblr-8635	504	2	,	,	PUNCT
cblr-8635	504	3	114–29	114–29	NUM
cblr-8635	504	4	(	(	PUNCT
cblr-8635	504	5	2003	2003	NUM
cblr-8635	504	6	)	)	PUNCT
cblr-8635	504	7	;	;	PUNCT
cblr-8635	504	8	see	see	VERB
cblr-8635	504	9	also	also	ADV
cblr-8635	504	10	lucian	lucian	PROPN
cblr-8635	504	11	bebchuk	bebchuk	PROPN
cblr-8635	504	12	,	,	PUNCT
cblr-8635	504	13	alma	alma	PROPN
cblr-8635	504	14	cohen	cohen	PROPN
cblr-8635	504	15	&	&	CCONJ
cblr-8635	504	16	allen	allen	PROPN
cblr-8635	504	17	ferrell	ferrell	PROPN
cblr-8635	504	18	,	,	PUNCT
cblr-8635	504	19	what	what	PRON
cblr-8635	504	20	matters	matter	VERB
cblr-8635	504	21	in	in	ADP
cblr-8635	504	22	corporate	corporate	ADJ
cblr-8635	504	23	governance	governance	NOUN
cblr-8635	504	24	?	?	PUNCT
cblr-8635	504	25	,	,	PUNCT
cblr-8635	504	26	22	22	NUM
cblr-8635	504	27	rev	rev	VERB
cblr-8635	504	28	.	.	PROPN
cblr-8635	504	29	fin	fin	NOUN
cblr-8635	504	30	.	.	PUNCT
cblr-8635	504	31	stud	stud	PROPN
cblr-8635	504	32	.	.	PUNCT
cblr-8635	505	1	783	783	NUM
cblr-8635	505	2	,	,	PUNCT
cblr-8635	505	3	785	785	NUM
cblr-8635	505	4	(	(	PUNCT
cblr-8635	505	5	2009	2009	NUM
cblr-8635	505	6	)	)	PUNCT
cblr-8635	505	7	(	(	PUNCT
cblr-8635	505	8	constructing	construct	VERB
cblr-8635	505	9	an	an	DET
cblr-8635	505	10	“	"	PUNCT
cblr-8635	505	11	entrenchment	entrenchment	ADJ
cblr-8635	505	12	index	index	NOUN
cblr-8635	505	13	”	"	PUNCT
cblr-8635	505	14	and	and	CCONJ
cblr-8635	505	15	finding	find	VERB
cblr-8635	505	16	that	that	SCONJ
cblr-8635	505	17	increases	increase	NOUN
cblr-8635	505	18	in	in	ADP
cblr-8635	505	19	this	this	DET
cblr-8635	505	20	index	index	NOUN
cblr-8635	505	21	of	of	ADP
cblr-8635	505	22	six	six	NUM
cblr-8635	505	23	governance	governance	NOUN
cblr-8635	505	24	features	feature	NOUN
cblr-8635	505	25	were	be	AUX
cblr-8635	505	26	associated	associate	VERB
cblr-8635	505	27	with	with	ADP
cblr-8635	505	28	significant	significant	ADJ
cblr-8635	505	29	reductions	reduction	NOUN
cblr-8635	505	30	in	in	ADP
cblr-8635	505	31	firm	firm	ADJ
cblr-8635	505	32	value	value	NOUN
cblr-8635	505	33	)	)	PUNCT
cblr-8635	505	34	.	.	PUNCT
cblr-8635	506	1	the	the	DET
cblr-8635	506	2	debate	debate	NOUN
cblr-8635	506	3	over	over	ADP
cblr-8635	506	4	indexes	index	NOUN
cblr-8635	506	5	has	have	AUX
cblr-8635	506	6	continued	continue	VERB
cblr-8635	506	7	and	and	CCONJ
cblr-8635	506	8	been	be	AUX
cblr-8635	506	9	robust	robust	ADJ
cblr-8635	506	10	,	,	PUNCT
cblr-8635	506	11	but	but	CCONJ
cblr-8635	506	12	both	both	DET
cblr-8635	506	13	sides	side	NOUN
cblr-8635	506	14	believe	believe	VERB
cblr-8635	506	15	governance	governance	NOUN
cblr-8635	506	16	matters	matter	NOUN
cblr-8635	506	17	.	.	PUNCT
cblr-8635	507	1	82	82	NUM
cblr-8635	508	1	the	the	DET
cblr-8635	508	2	freshfields	freshfield	NOUN
cblr-8635	508	3	opinion	opinion	NOUN
cblr-8635	508	4	noted	note	VERB
cblr-8635	508	5	earlier	early	ADV
cblr-8635	508	6	is	be	AUX
cblr-8635	508	7	one	one	NUM
cblr-8635	508	8	example	example	NOUN
cblr-8635	508	9	.	.	PUNCT
cblr-8635	509	1	united	united	PROPN
cblr-8635	509	2	nations	nations	PROPN
cblr-8635	509	3	env’t	env’t	VERB
cblr-8635	509	4	programme	programme	NOUN
cblr-8635	509	5	fin	fin	NOUN
cblr-8635	509	6	.	.	PUNCT
cblr-8635	510	1	initiative	initiative	NOUN
cblr-8635	510	2	,	,	PUNCT
cblr-8635	510	3	supra	supra	PROPN
cblr-8635	510	4	note	note	PROPN
cblr-8635	510	5	80	80	NUM
cblr-8635	510	6	,	,	PUNCT
cblr-8635	510	7	at	at	ADP
cblr-8635	510	8	13	13	NUM
cblr-8635	510	9	.	.	PUNCT
cblr-8635	510	10	83	83	NUM
cblr-8635	510	11	see	see	VERB
cblr-8635	510	12	i	i	PROPN
cblr-8635	510	13	d.	d.	PROPN
cblr-8635	510	14	;	;	PUNCT
cblr-8635	510	15	susan	susan	PROPN
cblr-8635	510	16	n.	n.	PROPN
cblr-8635	510	17	gary	gary	PROPN
cblr-8635	510	18	,	,	PUNCT
cblr-8635	510	19	best	good	ADJ
cblr-8635	510	20	interests	interest	NOUN
cblr-8635	510	21	in	in	ADP
cblr-8635	510	22	the	the	DET
cblr-8635	510	23	long	long	ADJ
cblr-8635	510	24	term	term	NOUN
cblr-8635	510	25	:	:	PUNCT
cblr-8635	510	26	fiduciary	fiduciary	ADJ
cblr-8635	510	27	duties	duty	NOUN
cblr-8635	510	28	and	and	CCONJ
cblr-8635	510	29	esg	esg	NOUN
cblr-8635	510	30	integration	integration	NOUN
cblr-8635	510	31	,	,	PUNCT
cblr-8635	510	32	90	90	NUM
cblr-8635	510	33	u.	u.	PROPN
cblr-8635	510	34	colo	colo	PROPN
cblr-8635	510	35	.	.	PUNCT
cblr-8635	511	1	l.	l.	PROPN
cblr-8635	511	2	rev	rev	PROPN
cblr-8635	511	3	.	.	PROPN
cblr-8635	511	4	731	731	NUM
cblr-8635	511	5	,	,	PUNCT
cblr-8635	511	6	734–36	734–36	NUM
cblr-8635	511	7	(	(	PUNCT
cblr-8635	511	8	2019	2019	NUM
cblr-8635	511	9	)	)	PUNCT
cblr-8635	511	10	.	.	PUNCT
cblr-8635	512	1	84	84	NUM
cblr-8635	512	2	schanzenbach	schanzenbach	ADJ
cblr-8635	512	3	&	&	CCONJ
cblr-8635	512	4	sitkoff	sitkoff	NOUN
cblr-8635	512	5	,	,	PUNCT
cblr-8635	512	6	supra	supra	PROPN
cblr-8635	512	7	note	note	PROPN
cblr-8635	512	8	14	14	NUM
cblr-8635	512	9	,	,	PUNCT
cblr-8635	512	10	at	at	ADP
cblr-8635	512	11	387	387	NUM
cblr-8635	512	12	(	(	PUNCT
cblr-8635	512	13	citing	cite	VERB
cblr-8635	512	14	signatory	signatory	ADJ
cblr-8635	512	15	directory	directory	NOUN
cblr-8635	512	16	,	,	PUNCT
cblr-8635	512	17	principles	principle	NOUN
cblr-8635	512	18	for	for	ADP
cblr-8635	512	19	responsible	responsible	ADJ
cblr-8635	512	20	inv	inv	NOUN
cblr-8635	512	21	.	.	PUNCT
cblr-8635	512	22	,	,	PUNCT
cblr-8635	513	1	[	[	X
cblr-8635	513	2	https://perma.cc/r66r-72lu	https://perma.cc/r66r-72lu	NOUN
cblr-8635	513	3	]	]	X
cblr-8635	513	4	(	(	PUNCT
cblr-8635	513	5	last	last	ADV
cblr-8635	513	6	visited	visit	VERB
cblr-8635	513	7	dec	dec	PROPN
cblr-8635	513	8	.	.	PROPN
cblr-8635	513	9	22	22	NUM
cblr-8635	513	10	,	,	PUNCT
cblr-8635	513	11	2019	2019	NUM
cblr-8635	513	12	)	)	PUNCT
cblr-8635	513	13	(	(	PUNCT
cblr-8635	513	14	click	click	VERB
cblr-8635	513	15	“	"	PUNCT
cblr-8635	513	16	view	view	NOUN
cblr-8635	513	17	/	/	SYM
cblr-8635	513	18	download	download	NOUN
cblr-8635	513	19	file	file	NOUN
cblr-8635	513	20	”	"	PUNCT
cblr-8635	513	21	)	)	PUNCT
cblr-8635	513	22	)	)	PUNCT
cblr-8635	513	23	.	.	PUNCT
cblr-8635	514	1	of	of	ADP
cblr-8635	514	2	these	these	DET
cblr-8635	514	3	1,900	1,900	NUM
cblr-8635	514	4	,	,	PUNCT
cblr-8635	514	5	the	the	DET
cblr-8635	514	6	majority	majority	NOUN
cblr-8635	514	7	were	be	AUX
cblr-8635	514	8	european	european	ADJ
cblr-8635	514	9	asset	asset	NOUN
cblr-8635	514	10	managers	manager	NOUN
cblr-8635	514	11	,	,	PUNCT
cblr-8635	514	12	showing	show	VERB
cblr-8635	514	13	the	the	DET
cblr-8635	514	14	greater	great	ADJ
cblr-8635	514	15	acceptance	acceptance	NOUN
cblr-8635	514	16	of	of	ADP
cblr-8635	514	17	esg	esg	PROPN
cblr-8635	514	18	investing	invest	VERB
cblr-8635	514	19	in	in	ADP
cblr-8635	514	20	europe	europe	PROPN
cblr-8635	514	21	.	.	PUNCT
cblr-8635	515	1	see	see	VERB
cblr-8635	515	2	i	i	PRON
cblr-8635	515	3	d.	d.	PROPN
cblr-8635	515	4	at	at	ADP
cblr-8635	515	5	387	387	NUM
cblr-8635	515	6	n.15	n.15	PROPN
cblr-8635	515	7	.	.	PROPN
cblr-8635	515	8	85	85	NUM
cblr-8635	515	9	i	i	PRON
cblr-8635	515	10	d.	d.	PROPN
cblr-8635	515	11	at	at	ADP
cblr-8635	515	12	387	387	NUM
cblr-8635	515	13	.	.	PUNCT
cblr-8635	515	14	coffee	coffee	PROPN
cblr-8635	515	15	8/20/2021	8/20/2021	NUM
cblr-8635	515	16	6:32	6:32	NUM
cblr-8635	515	17	pm	pm	PROPN
cblr-8635	515	18	634	634	NUM
cblr-8635	515	19	columbia	columbia	PROPN
cblr-8635	515	20	business	business	NOUN
cblr-8635	515	21	law	law	PROPN
cblr-8635	515	22	review	review	NOUN
cblr-8635	515	23	[	[	X
cblr-8635	515	24	vol	vol	NOUN
cblr-8635	515	25	.	.	NOUN
cblr-8635	515	26	2021	2021	NUM
cblr-8635	515	27	specifically	specifically	ADV
cblr-8635	515	28	address	address	NOUN
cblr-8635	515	29	and	and	CCONJ
cblr-8635	515	30	facilitate	facilitate	VERB
cblr-8635	515	31	esg	esg	PROPN
cblr-8635	515	32	investing.86	investing.86	NOUN
cblr-8635	515	33	even	even	ADV
cblr-8635	515	34	the	the	DET
cblr-8635	515	35	major	major	ADJ
cblr-8635	515	36	index	index	NOUN
cblr-8635	515	37	funds	fund	NOUN
cblr-8635	515	38	,	,	PUNCT
cblr-8635	515	39	including	include	VERB
cblr-8635	515	40	blackrock	blackrock	NOUN
cblr-8635	515	41	and	and	CCONJ
cblr-8635	515	42	vanguard	vanguard	NOUN
cblr-8635	515	43	,	,	PUNCT
cblr-8635	515	44	which	which	PRON
cblr-8635	515	45	ordinarily	ordinarily	ADV
cblr-8635	515	46	ignore	ignore	VERB
cblr-8635	515	47	firm	firm	ADJ
cblr-8635	515	48	-	-	PUNCT
cblr-8635	515	49	specific	specific	ADJ
cblr-8635	515	50	factors	factor	NOUN
cblr-8635	515	51	as	as	ADP
cblr-8635	515	52	“	"	PUNCT
cblr-8635	515	53	indexed	indexed	ADJ
cblr-8635	515	54	investors	investor	NOUN
cblr-8635	515	55	,	,	PUNCT
cblr-8635	515	56	”	"	PUNCT
cblr-8635	515	57	are	be	AUX
cblr-8635	515	58	now	now	ADV
cblr-8635	515	59	actively	actively	ADV
cblr-8635	515	60	focused	focus	VERB
cblr-8635	515	61	on	on	ADP
cblr-8635	515	62	some	some	DET
cblr-8635	515	63	esg	esg	NOUN
cblr-8635	515	64	issues	issue	NOUN
cblr-8635	515	65	(	(	PUNCT
cblr-8635	515	66	such	such	ADJ
cblr-8635	515	67	as	as	ADP
cblr-8635	515	68	climate	climate	NOUN
cblr-8635	515	69	change	change	NOUN
cblr-8635	515	70	)	)	PUNCT
cblr-8635	515	71	and	and	CCONJ
cblr-8635	515	72	seeking	seek	VERB
cblr-8635	515	73	to	to	PART
cblr-8635	515	74	impose	impose	VERB
cblr-8635	515	75	changes	change	NOUN
cblr-8635	515	76	on	on	ADP
cblr-8635	515	77	firms	firm	NOUN
cblr-8635	515	78	in	in	ADP
cblr-8635	515	79	their	their	PRON
cblr-8635	515	80	portfolio.87	portfolio.87	ADJ
cblr-8635	515	81	b.	b.	NOUN
cblr-8635	515	82	the	the	DET
cblr-8635	515	83	remaining	remain	VERB
cblr-8635	515	84	legal	legal	ADJ
cblr-8635	515	85	uncertainty	uncertainty	NOUN
cblr-8635	515	86	still	still	ADV
cblr-8635	515	87	,	,	PUNCT
cblr-8635	515	88	problems	problem	NOUN
cblr-8635	515	89	persist	persist	VERB
cblr-8635	515	90	.	.	PUNCT
cblr-8635	516	1	although	although	SCONJ
cblr-8635	516	2	the	the	DET
cblr-8635	516	3	law	law	NOUN
cblr-8635	516	4	in	in	ADP
cblr-8635	516	5	europe	europe	PROPN
cblr-8635	516	6	has	have	AUX
cblr-8635	516	7	been	be	AUX
cblr-8635	516	8	sufficiently	sufficiently	ADV
cblr-8635	516	9	revised	revise	VERB
cblr-8635	516	10	and	and	CCONJ
cblr-8635	516	11	clarified	clarify	VERB
cblr-8635	516	12	to	to	PART
cblr-8635	516	13	make	make	VERB
cblr-8635	516	14	esg	esg	PROPN
cblr-8635	516	15	investing	investing	NOUN
cblr-8635	516	16	appear	appear	VERB
cblr-8635	516	17	safe	safe	ADJ
cblr-8635	516	18	for	for	SCONJ
cblr-8635	516	19	even	even	ADV
cblr-8635	516	20	the	the	DET
cblr-8635	516	21	most	most	ADJ
cblr-8635	516	22	risk	risk	NOUN
cblr-8635	516	23	-	-	PUNCT
cblr-8635	516	24	averse	averse	ADJ
cblr-8635	516	25	trustee,88	trustee,88	PROPN
cblr-8635	516	26	u.s	u.s	PROPN
cblr-8635	516	27	.	.	PROPN
cblr-8635	516	28	fiduciary	fiduciary	ADJ
cblr-8635	516	29	law	law	NOUN
cblr-8635	516	30	in	in	ADP
cblr-8635	516	31	most	most	ADJ
cblr-8635	516	32	states	state	NOUN
cblr-8635	516	33	still	still	ADV
cblr-8635	516	34	imposes	impose	VERB
cblr-8635	516	35	a	a	DET
cblr-8635	516	36	“	"	PUNCT
cblr-8635	516	37	sole	sole	ADJ
cblr-8635	516	38	interest	interest	NOUN
cblr-8635	516	39	”	"	PUNCT
cblr-8635	516	40	rule	rule	NOUN
cblr-8635	516	41	that	that	PRON
cblr-8635	516	42	instructs	instruct	VERB
cblr-8635	516	43	the	the	DET
cblr-8635	516	44	fiduciary	fiduciary	NOUN
cblr-8635	516	45	to	to	PART
cblr-8635	516	46	consider	consider	VERB
cblr-8635	516	47	only	only	ADV
cblr-8635	516	48	the	the	DET
cblr-8635	516	49	interests	interest	NOUN
cblr-8635	516	50	of	of	ADP
cblr-8635	516	51	the	the	DET
cblr-8635	516	52	beneficiary	beneficiary	NOUN
cblr-8635	516	53	(	(	PUNCT
cblr-8635	516	54	and	and	CCONJ
cblr-8635	516	55	thus	thus	ADV
cblr-8635	516	56	not	not	PART
cblr-8635	516	57	to	to	PART
cblr-8635	516	58	give	give	VERB
cblr-8635	516	59	weight	weight	NOUN
cblr-8635	516	60	to	to	ADP
cblr-8635	516	61	the	the	DET
cblr-8635	516	62	interest	interest	NOUN
cblr-8635	516	63	of	of	ADP
cblr-8635	516	64	others	other	NOUN
cblr-8635	516	65	,	,	PUNCT
cblr-8635	516	66	including	include	VERB
cblr-8635	516	67	,	,	PUNCT
cblr-8635	516	68	the	the	DET
cblr-8635	516	69	billions	billion	NOUN
cblr-8635	516	70	who	who	PRON
cblr-8635	516	71	may	may	AUX
cblr-8635	516	72	be	be	AUX
cblr-8635	516	73	affected	affect	VERB
cblr-8635	516	74	by	by	ADP
cblr-8635	516	75	adverse	adverse	ADJ
cblr-8635	516	76	climate	climate	NOUN
cblr-8635	516	77	change).89	change).89	NOUN
cblr-8635	516	78	of	of	ADP
cblr-8635	516	79	course	course	NOUN
cblr-8635	516	80	,	,	PUNCT
cblr-8635	516	81	the	the	DET
cblr-8635	516	82	“	"	PUNCT
cblr-8635	516	83	rebranding	rebranding	NOUN
cblr-8635	516	84	”	"	PUNCT
cblr-8635	516	85	of	of	ADP
cblr-8635	516	86	esg	esg	PROPN
cblr-8635	516	87	some	some	DET
cblr-8635	516	88	fifteen	fifteen	NUM
cblr-8635	516	89	years	year	NOUN
cblr-8635	516	90	ago	ago	ADV
cblr-8635	516	91	was	be	AUX
cblr-8635	516	92	designed	design	VERB
cblr-8635	516	93	to	to	PART
cblr-8635	516	94	show	show	VERB
cblr-8635	516	95	that	that	SCONJ
cblr-8635	516	96	esg	esg	PROPN
cblr-8635	516	97	,	,	PUNCT
cblr-8635	516	98	as	as	SCONJ
cblr-8635	516	99	revised	revise	VERB
cblr-8635	516	100	,	,	PUNCT
cblr-8635	516	101	could	could	AUX
cblr-8635	516	102	improve	improve	VERB
cblr-8635	516	103	risk	risk	NOUN
cblr-8635	516	104	-	-	PUNCT
cblr-8635	516	105	adjusted	adjust	VERB
cblr-8635	516	106	returns	return	NOUN
cblr-8635	516	107	,	,	PUNCT
cblr-8635	516	108	thus	thus	ADV
cblr-8635	516	109	satisfying	satisfy	VERB
cblr-8635	516	110	a	a	DET
cblr-8635	516	111	hardnosed	hardnosed	ADJ
cblr-8635	516	112	economic	economic	ADJ
cblr-8635	516	113	test	test	NOUN
cblr-8635	516	114	even	even	ADV
cblr-8635	516	115	without	without	ADP
cblr-8635	516	116	giving	give	VERB
cblr-8635	516	117	weight	weight	NOUN
cblr-8635	516	118	to	to	ADP
cblr-8635	516	119	collateral	collateral	ADJ
cblr-8635	516	120	benefits	benefit	NOUN
cblr-8635	516	121	to	to	ADP
cblr-8635	516	122	others	other	NOUN
cblr-8635	516	123	.	.	PUNCT
cblr-8635	517	1	some	some	DET
cblr-8635	517	2	scholars	scholar	NOUN
cblr-8635	517	3	buy	buy	VERB
cblr-8635	517	4	this	this	DET
cblr-8635	517	5	argument	argument	NOUN
cblr-8635	517	6	and	and	CCONJ
cblr-8635	517	7	86	86	NUM
cblr-8635	517	8	in	in	ADP
cblr-8635	517	9	2018	2018	NUM
cblr-8635	517	10	,	,	PUNCT
cblr-8635	517	11	delaware	delaware	PROPN
cblr-8635	517	12	amended	amend	VERB
cblr-8635	517	13	its	its	PRON
cblr-8635	517	14	trust	trust	NOUN
cblr-8635	517	15	law	law	NOUN
cblr-8635	517	16	to	to	PART
cblr-8635	517	17	authorize	authorize	VERB
cblr-8635	517	18	esg	esg	PROPN
cblr-8635	517	19	investing	invest	VERB
cblr-8635	517	20	if	if	SCONJ
cblr-8635	517	21	it	it	PRON
cblr-8635	517	22	is	be	AUX
cblr-8635	517	23	authorized	authorize	VERB
cblr-8635	517	24	in	in	ADP
cblr-8635	517	25	the	the	DET
cblr-8635	517	26	trust	trust	NOUN
cblr-8635	517	27	instrument	instrument	NOUN
cblr-8635	517	28	.	.	PUNCT
cblr-8635	518	1	see	see	VERB
cblr-8635	518	2	del	del	PROPN
cblr-8635	518	3	.	.	PROPN
cblr-8635	518	4	code	code	PROPN
cblr-8635	518	5	ann	ann	PROPN
cblr-8635	518	6	.	.	PUNCT
cblr-8635	519	1	tit	tit	PROPN
cblr-8635	519	2	.	.	PROPN
cblr-8635	520	1	12	12	NUM
cblr-8635	520	2	,	,	PUNCT
cblr-8635	520	3	§	§	PROPN
cblr-8635	520	4	3303(a)(4	3303(a)(4	NUM
cblr-8635	520	5	)	)	PUNCT
cblr-8635	520	6	(	(	PUNCT
cblr-8635	520	7	2021	2021	NUM
cblr-8635	520	8	)	)	PUNCT
cblr-8635	520	9	;	;	PUNCT
cblr-8635	520	10	see	see	VERB
cblr-8635	520	11	also	also	ADV
cblr-8635	520	12	or	or	CCONJ
cblr-8635	520	13	.	.	PUNCT
cblr-8635	521	1	rev	rev	PROPN
cblr-8635	521	2	.	.	PROPN
cblr-8635	521	3	stat	stat	PROPN
cblr-8635	521	4	.	.	PUNCT
cblr-8635	522	1	§	§	PROPN
cblr-8635	522	2	§	§	PROPN
cblr-8635	522	3	130.020(2	130.020(2	NUM
cblr-8635	522	4	)	)	PUNCT
cblr-8635	522	5	,	,	PUNCT
cblr-8635	522	6	130.755(3)(i	130.755(3)(i	NUM
cblr-8635	522	7	)	)	PUNCT
cblr-8635	522	8	(	(	PUNCT
cblr-8635	522	9	2021	2021	NUM
cblr-8635	522	10	)	)	PUNCT
cblr-8635	522	11	.	.	PUNCT
cblr-8635	523	1	87	87	NUM
cblr-8635	523	2	see	see	VERB
cblr-8635	523	3	schanzenbach	schanzenbach	PROPN
cblr-8635	523	4	&	&	CCONJ
cblr-8635	523	5	sitkoff	sitkoff	NOUN
cblr-8635	523	6	,	,	PUNCT
cblr-8635	523	7	supra	supra	PROPN
cblr-8635	523	8	note	note	PROPN
cblr-8635	523	9	14	14	NUM
cblr-8635	523	10	,	,	PUNCT
cblr-8635	523	11	at	at	ADP
cblr-8635	523	12	387–88	387–88	NUM
cblr-8635	523	13	.	.	PUNCT
cblr-8635	524	1	for	for	ADP
cblr-8635	524	2	example	example	NOUN
cblr-8635	524	3	,	,	PUNCT
cblr-8635	524	4	blackrock	blackrock	PROPN
cblr-8635	524	5	’s	’s	PART
cblr-8635	524	6	larry	larry	PROPN
cblr-8635	524	7	fink	fink	PROPN
cblr-8635	524	8	’s	’s	PART
cblr-8635	524	9	letter	letter	NOUN
cblr-8635	524	10	to	to	ADP
cblr-8635	524	11	corporate	corporate	ADJ
cblr-8635	524	12	ceos	ceo	NOUN
cblr-8635	524	13	asking	ask	VERB
cblr-8635	524	14	for	for	ADP
cblr-8635	524	15	“	"	PUNCT
cblr-8635	524	16	net	net	ADJ
cblr-8635	524	17	zero	zero	NUM
cblr-8635	524	18	”	"	PUNCT
cblr-8635	524	19	emissions	emission	NOUN
cblr-8635	524	20	by	by	ADP
cblr-8635	524	21	2050	2050	NUM
cblr-8635	524	22	is	be	AUX
cblr-8635	524	23	an	an	DET
cblr-8635	524	24	example	example	NOUN
cblr-8635	524	25	of	of	ADP
cblr-8635	524	26	a	a	DET
cblr-8635	524	27	strong	strong	ADJ
cblr-8635	524	28	intervention	intervention	NOUN
cblr-8635	524	29	by	by	ADP
cblr-8635	524	30	a	a	DET
cblr-8635	524	31	diversified	diversified	ADJ
cblr-8635	524	32	investor	investor	NOUN
cblr-8635	524	33	.	.	PUNCT
cblr-8635	525	1	see	see	VERB
cblr-8635	525	2	fink	fink	PROPN
cblr-8635	525	3	,	,	PUNCT
cblr-8635	525	4	supra	supra	PROPN
cblr-8635	525	5	note	note	PROPN
cblr-8635	525	6	47	47	NUM
cblr-8635	525	7	.	.	PUNCT
cblr-8635	526	1	88	88	NUM
cblr-8635	526	2	european	european	ADJ
cblr-8635	526	3	regulators	regulator	NOUN
cblr-8635	526	4	have	have	AUX
cblr-8635	526	5	generally	generally	ADV
cblr-8635	526	6	accepted	accept	VERB
cblr-8635	526	7	and	and	CCONJ
cblr-8635	526	8	encouraged	encourage	VERB
cblr-8635	526	9	esg	esg	PROPN
cblr-8635	526	10	investing	investing	NOUN
cblr-8635	526	11	.	.	PUNCT
cblr-8635	527	1	see	see	VERB
cblr-8635	527	2	press	press	NOUN
cblr-8635	527	3	release	release	NOUN
cblr-8635	527	4	,	,	PUNCT
cblr-8635	527	5	eur	eur	PROPN
cblr-8635	527	6	.	.	PUNCT
cblr-8635	527	7	ins	ins	PROPN
cblr-8635	527	8	.	.	PROPN
cblr-8635	527	9	&	&	CCONJ
cblr-8635	527	10	occupational	occupational	ADJ
cblr-8635	527	11	pensions	pension	NOUN
cblr-8635	527	12	auth	auth	PROPN
cblr-8635	527	13	.	.	PUNCT
cblr-8635	527	14	,	,	PUNCT
cblr-8635	527	15	eiopa	eiopa	PROPN
cblr-8635	527	16	issues	issue	NOUN
cblr-8635	527	17	opinions	opinion	NOUN
cblr-8635	527	18	on	on	ADP
cblr-8635	527	19	governance	governance	NOUN
cblr-8635	527	20	and	and	CCONJ
cblr-8635	527	21	risk	risk	NOUN
cblr-8635	527	22	management	management	NOUN
cblr-8635	527	23	of	of	ADP
cblr-8635	527	24	pension	pension	NOUN
cblr-8635	527	25	funds	fund	NOUN
cblr-8635	527	26	(	(	PUNCT
cblr-8635	527	27	july	july	PROPN
cblr-8635	527	28	10	10	NUM
cblr-8635	527	29	,	,	PUNCT
cblr-8635	527	30	2019	2019	NUM
cblr-8635	527	31	)	)	PUNCT
cblr-8635	527	32	,	,	PUNCT
cblr-8635	527	33	https://www.eiopa.europa.eu/content/eiopa-issuesopinions-governance-and-risk-management-pension-funds_en	https://www.eiopa.europa.eu/content/eiopa-issuesopinions-governance-and-risk-management-pension-funds_en	PROPN
cblr-8635	528	1	[	[	X
cblr-8635	528	2	https://perma.cc/m3yg-tft3	https://perma.cc/m3yg-tft3	X
cblr-8635	528	3	]	]	X
cblr-8635	528	4	(	(	PUNCT
cblr-8635	528	5	urging	urge	VERB
cblr-8635	528	6	national	national	ADJ
cblr-8635	528	7	regulatory	regulatory	ADJ
cblr-8635	528	8	authorities	authority	NOUN
cblr-8635	528	9	within	within	ADP
cblr-8635	528	10	the	the	DET
cblr-8635	528	11	eu	eu	PROPN
cblr-8635	528	12	to	to	PART
cblr-8635	528	13	“	"	PUNCT
cblr-8635	528	14	encourage	encourage	VERB
cblr-8635	528	15	pension	pension	NOUN
cblr-8635	528	16	funds	fund	NOUN
cblr-8635	528	17	to	to	PART
cblr-8635	528	18	consider	consider	VERB
cblr-8635	528	19	the	the	DET
cblr-8635	528	20	impact	impact	NOUN
cblr-8635	528	21	of	of	ADP
cblr-8635	528	22	their	their	PRON
cblr-8635	528	23	long	long	ADJ
cblr-8635	528	24	-	-	PUNCT
cblr-8635	528	25	term	term	NOUN
cblr-8635	528	26	investment	investment	NOUN
cblr-8635	528	27	decisions	decision	NOUN
cblr-8635	528	28	and	and	CCONJ
cblr-8635	528	29	activities	activity	NOUN
cblr-8635	528	30	on	on	ADP
cblr-8635	528	31	esg	esg	NOUN
cblr-8635	528	32	factors	factor	NOUN
cblr-8635	528	33	”	"	PUNCT
cblr-8635	528	34	)	)	PUNCT
cblr-8635	528	35	;	;	PUNCT
cblr-8635	528	36	see	see	VERB
cblr-8635	528	37	also	also	ADV
cblr-8635	528	38	schanzenbach	schanzenbach	PROPN
cblr-8635	528	39	&	&	CCONJ
cblr-8635	528	40	sitkoff	sitkoff	NOUN
cblr-8635	528	41	,	,	PUNCT
cblr-8635	528	42	supra	supra	PROPN
cblr-8635	528	43	note	note	PROPN
cblr-8635	528	44	14	14	NUM
cblr-8635	528	45	,	,	PUNCT
cblr-8635	528	46	at	at	ADP
cblr-8635	528	47	387	387	NUM
cblr-8635	528	48	.	.	NOUN
cblr-8635	528	49	89	89	NUM
cblr-8635	528	50	the	the	DET
cblr-8635	528	51	“	"	PUNCT
cblr-8635	528	52	sole	sole	ADJ
cblr-8635	528	53	interest	interest	NOUN
cblr-8635	528	54	”	"	PUNCT
cblr-8635	528	55	rule	rule	NOUN
cblr-8635	528	56	applies	apply	VERB
cblr-8635	528	57	to	to	ADP
cblr-8635	528	58	fiduciaries	fiduciary	NOUN
cblr-8635	528	59	under	under	ADP
cblr-8635	528	60	private	private	ADJ
cblr-8635	528	61	trusts	trust	NOUN
cblr-8635	528	62	,	,	PUNCT
cblr-8635	528	63	at	at	ADP
cblr-8635	528	64	erisa	erisa	NOUN
cblr-8635	528	65	plans	plan	NOUN
cblr-8635	528	66	,	,	PUNCT
cblr-8635	528	67	and	and	CCONJ
cblr-8635	528	68	at	at	ADP
cblr-8635	528	69	charitable	charitable	ADJ
cblr-8635	528	70	foundations	foundation	NOUN
cblr-8635	528	71	,	,	PUNCT
cblr-8635	528	72	but	but	CCONJ
cblr-8635	528	73	does	do	AUX
cblr-8635	528	74	not	not	PART
cblr-8635	528	75	normally	normally	ADV
cblr-8635	528	76	apply	apply	VERB
cblr-8635	528	77	to	to	ADP
cblr-8635	528	78	the	the	DET
cblr-8635	528	79	directors	director	NOUN
cblr-8635	528	80	or	or	CCONJ
cblr-8635	528	81	officers	officer	NOUN
cblr-8635	528	82	of	of	ADP
cblr-8635	528	83	mutual	mutual	ADJ
cblr-8635	528	84	funds	fund	NOUN
cblr-8635	528	85	or	or	CCONJ
cblr-8635	528	86	hedge	hedge	NOUN
cblr-8635	528	87	funds	fund	NOUN
cblr-8635	528	88	(	(	PUNCT
cblr-8635	528	89	unless	unless	SCONJ
cblr-8635	528	90	they	they	PRON
cblr-8635	528	91	are	be	AUX
cblr-8635	528	92	serving	serve	VERB
cblr-8635	528	93	as	as	ADP
cblr-8635	528	94	advisors	advisor	NOUN
cblr-8635	528	95	to	to	ADP
cblr-8635	528	96	an	an	DET
cblr-8635	528	97	erisa	erisa	NOUN
cblr-8635	528	98	plan	plan	NOUN
cblr-8635	528	99	)	)	PUNCT
cblr-8635	528	100	.	.	PUNCT
cblr-8635	529	1	see	see	VERB
cblr-8635	529	2	schanzenbach	schanzenbach	PROPN
cblr-8635	529	3	&	&	CCONJ
cblr-8635	529	4	sitkoff	sitkoff	NOUN
cblr-8635	529	5	,	,	PUNCT
cblr-8635	529	6	supra	supra	PROPN
cblr-8635	529	7	note	note	PROPN
cblr-8635	529	8	14	14	NUM
cblr-8635	529	9	,	,	PUNCT
cblr-8635	529	10	at	at	ADP
cblr-8635	529	11	400–01	400–01	PROPN
cblr-8635	529	12	.	.	PUNCT
cblr-8635	530	1	coffee	coffee	PROPN
cblr-8635	530	2	8/20/2021	8/20/2021	NUM
cblr-8635	530	3	6:32	6:32	NUM
cblr-8635	530	4	pm	pm	NOUN
cblr-8635	530	5	no	no	INTJ
cblr-8635	530	6	.	.	PUNCT
cblr-8635	531	1	2:602	2:602	NUM
cblr-8635	531	2	]	]	X
cblr-8635	531	3	the	the	DET
cblr-8635	531	4	future	future	NOUN
cblr-8635	531	5	of	of	ADP
cblr-8635	531	6	disclosure	disclosure	NOUN
cblr-8635	531	7	635	635	NUM
cblr-8635	531	8	consider	consider	VERB
cblr-8635	531	9	esg	esg	NOUN
cblr-8635	531	10	to	to	PART
cblr-8635	531	11	no	no	ADV
cblr-8635	531	12	longer	long	ADV
cblr-8635	531	13	be	be	AUX
cblr-8635	531	14	controversial,90	controversial,90	NOUN
cblr-8635	531	15	but	but	CCONJ
cblr-8635	531	16	others	other	NOUN
cblr-8635	531	17	continue	continue	VERB
cblr-8635	531	18	to	to	PART
cblr-8635	531	19	have	have	VERB
cblr-8635	531	20	doubts	doubt	NOUN
cblr-8635	531	21	.	.	PUNCT
cblr-8635	532	1	most	most	ADV
cblr-8635	532	2	notably	notably	ADV
cblr-8635	532	3	,	,	PUNCT
cblr-8635	532	4	professors	professor	NOUN
cblr-8635	532	5	max	max	PROPN
cblr-8635	532	6	m.	m.	PROPN
cblr-8635	532	7	schanzenbach	schanzenbach	VERB
cblr-8635	532	8	and	and	CCONJ
cblr-8635	532	9	robert	robert	PROPN
cblr-8635	532	10	h.	h.	PROPN
cblr-8635	532	11	sitkoff	sitkoff	PROPN
cblr-8635	532	12	have	have	AUX
cblr-8635	532	13	drawn	draw	VERB
cblr-8635	532	14	a	a	DET
cblr-8635	532	15	sharp	sharp	ADJ
cblr-8635	532	16	distinction	distinction	NOUN
cblr-8635	532	17	between	between	ADP
cblr-8635	532	18	(	(	PUNCT
cblr-8635	532	19	1	1	X
cblr-8635	532	20	)	)	PUNCT
cblr-8635	532	21	esg	esg	NOUN
cblr-8635	532	22	investing	investing	NOUN
cblr-8635	532	23	based	base	VERB
cblr-8635	532	24	on	on	ADP
cblr-8635	532	25	moral	moral	ADJ
cblr-8635	532	26	or	or	CCONJ
cblr-8635	532	27	ethical	ethical	ADJ
cblr-8635	532	28	reasons	reason	NOUN
cblr-8635	532	29	or	or	CCONJ
cblr-8635	532	30	to	to	PART
cblr-8635	532	31	achieve	achieve	VERB
cblr-8635	532	32	various	various	ADJ
cblr-8635	532	33	collateral	collateral	ADJ
cblr-8635	532	34	benefits	benefit	NOUN
cblr-8635	532	35	(	(	PUNCT
cblr-8635	532	36	such	such	ADJ
cblr-8635	532	37	as	as	ADP
cblr-8635	532	38	,	,	PUNCT
cblr-8635	532	39	i	i	PRON
cblr-8635	532	40	suppose	suppose	VERB
cblr-8635	532	41	,	,	PUNCT
cblr-8635	532	42	saving	save	VERB
cblr-8635	532	43	the	the	DET
cblr-8635	532	44	earth	earth	NOUN
cblr-8635	532	45	)	)	PUNCT
cblr-8635	532	46	,	,	PUNCT
cblr-8635	532	47	and	and	CCONJ
cblr-8635	532	48	(	(	PUNCT
cblr-8635	532	49	2	2	X
cblr-8635	532	50	)	)	PUNCT
cblr-8635	532	51	esg	esg	NOUN
cblr-8635	532	52	investing	investing	NOUN
cblr-8635	532	53	intended	intend	VERB
cblr-8635	532	54	to	to	PART
cblr-8635	532	55	improve	improve	VERB
cblr-8635	532	56	risk	risk	NOUN
cblr-8635	532	57	-	-	PUNCT
cblr-8635	532	58	adjusted	adjust	VERB
cblr-8635	532	59	returns.91	returns.91	NOUN
cblr-8635	532	60	this	this	DET
cblr-8635	532	61	distinction	distinction	NOUN
cblr-8635	532	62	between	between	ADP
cblr-8635	532	63	(	(	PUNCT
cblr-8635	532	64	in	in	ADP
cblr-8635	532	65	their	their	PRON
cblr-8635	532	66	words	word	NOUN
cblr-8635	532	67	)	)	PUNCT
cblr-8635	532	68	“	"	PUNCT
cblr-8635	532	69	collateral	collateral	ADJ
cblr-8635	532	70	benefit	benefit	NOUN
cblr-8635	532	71	”	"	PUNCT
cblr-8635	532	72	esg	esg	PROPN
cblr-8635	532	73	investing	investing	NOUN
cblr-8635	532	74	and	and	CCONJ
cblr-8635	532	75	“	"	PUNCT
cblr-8635	532	76	risk	risk	NOUN
cblr-8635	532	77	-	-	PUNCT
cblr-8635	532	78	return	return	NOUN
cblr-8635	532	79	”	"	PUNCT
cblr-8635	532	80	esg	esg	PROPN
cblr-8635	532	81	investing92	investing92	PROPN
cblr-8635	532	82	seemingly	seemingly	ADV
cblr-8635	532	83	makes	make	VERB
cblr-8635	532	84	everything	everything	PRON
cblr-8635	532	85	depend	depend	VERB
cblr-8635	532	86	on	on	ADP
cblr-8635	532	87	the	the	DET
cblr-8635	532	88	fiduciary	fiduciary	ADJ
cblr-8635	532	89	’s	’s	PART
cblr-8635	532	90	motive	motive	NOUN
cblr-8635	532	91	.	.	PUNCT
cblr-8635	533	1	realists	realist	NOUN
cblr-8635	533	2	will	will	AUX
cblr-8635	533	3	,	,	PUNCT
cblr-8635	533	4	of	of	ADP
cblr-8635	533	5	course	course	NOUN
cblr-8635	533	6	,	,	PUNCT
cblr-8635	533	7	recognize	recognize	VERB
cblr-8635	533	8	that	that	SCONJ
cblr-8635	533	9	,	,	PUNCT
cblr-8635	533	10	once	once	SCONJ
cblr-8635	533	11	risk	risk	NOUN
cblr-8635	533	12	-	-	PUNCT
cblr-8635	533	13	averse	averse	ADJ
cblr-8635	533	14	fiduciaries	fiduciary	NOUN
cblr-8635	533	15	are	be	AUX
cblr-8635	533	16	properly	properly	ADV
cblr-8635	533	17	advised	advise	VERB
cblr-8635	533	18	as	as	ADP
cblr-8635	533	19	to	to	ADP
cblr-8635	533	20	the	the	DET
cblr-8635	533	21	law	law	NOUN
cblr-8635	533	22	,	,	PUNCT
cblr-8635	533	23	they	they	PRON
cblr-8635	533	24	likely	likely	ADV
cblr-8635	533	25	will	will	AUX
cblr-8635	533	26	express	express	VERB
cblr-8635	533	27	the	the	DET
cblr-8635	533	28	legally	legally	ADV
cblr-8635	533	29	proper	proper	ADJ
cblr-8635	533	30	motive	motive	NOUN
cblr-8635	533	31	and	and	CCONJ
cblr-8635	533	32	deny	deny	VERB
cblr-8635	533	33	the	the	DET
cblr-8635	533	34	legally	legally	ADV
cblr-8635	533	35	improper	improper	ADJ
cblr-8635	533	36	motive	motive	NOUN
cblr-8635	533	37	.	.	PUNCT
cblr-8635	534	1	(	(	PUNCT
cblr-8635	534	2	hey	hey	INTJ
cblr-8635	534	3	folks	folk	NOUN
cblr-8635	534	4	,	,	PUNCT
cblr-8635	534	5	is	be	AUX
cblr-8635	534	6	n’t	not	PART
cblr-8635	534	7	that	that	SCONJ
cblr-8635	534	8	what	what	PRON
cblr-8635	534	9	lawyers	lawyer	NOUN
cblr-8635	534	10	are	be	AUX
cblr-8635	534	11	for	for	ADP
cblr-8635	534	12	?	?	PUNCT
cblr-8635	534	13	)	)	PUNCT
cblr-8635	534	14	thus	thus	ADV
cblr-8635	534	15	,	,	PUNCT
cblr-8635	534	16	under	under	ADP
cblr-8635	534	17	this	this	DET
cblr-8635	534	18	approach	approach	NOUN
cblr-8635	534	19	,	,	PUNCT
cblr-8635	534	20	the	the	DET
cblr-8635	534	21	practical	practical	ADJ
cblr-8635	534	22	risk	risk	NOUN
cblr-8635	534	23	of	of	ADP
cblr-8635	534	24	fiduciary	fiduciary	ADJ
cblr-8635	534	25	liability	liability	NOUN
cblr-8635	534	26	seems	seem	VERB
cblr-8635	534	27	relatively	relatively	ADV
cblr-8635	534	28	small	small	ADJ
cblr-8635	534	29	.	.	PUNCT
cblr-8635	535	1	still	still	ADV
cblr-8635	535	2	,	,	PUNCT
cblr-8635	535	3	the	the	DET
cblr-8635	535	4	test	test	NOUN
cblr-8635	535	5	proposed	propose	VERB
cblr-8635	535	6	by	by	ADP
cblr-8635	535	7	schanzenbach	schanzenbach	NOUN
cblr-8635	535	8	and	and	CCONJ
cblr-8635	535	9	sitkoff	sitkoff	NOUN
cblr-8635	535	10	would	would	AUX
cblr-8635	535	11	actually	actually	ADV
cblr-8635	535	12	require	require	VERB
cblr-8635	535	13	considerably	considerably	ADV
cblr-8635	535	14	more	more	ADJ
cblr-8635	535	15	than	than	ADP
cblr-8635	535	16	just	just	ADV
cblr-8635	535	17	a	a	DET
cblr-8635	535	18	proper	proper	ADJ
cblr-8635	535	19	motive	motive	NOUN
cblr-8635	535	20	.	.	PUNCT
cblr-8635	536	1	they	they	PRON
cblr-8635	536	2	would	would	AUX
cblr-8635	536	3	require	require	VERB
cblr-8635	536	4	the	the	DET
cblr-8635	536	5	prudent	prudent	ADJ
cblr-8635	536	6	trustee	trustee	NOUN
cblr-8635	536	7	to	to	PART
cblr-8635	536	8	conclude	conclude	VERB
cblr-8635	536	9	,	,	PUNCT
cblr-8635	536	10	before	before	ADP
cblr-8635	536	11	investing	invest	VERB
cblr-8635	536	12	based	base	VERB
cblr-8635	536	13	on	on	ADP
cblr-8635	536	14	any	any	DET
cblr-8635	536	15	special	special	ADJ
cblr-8635	536	16	esg	esg	NOUN
cblr-8635	536	17	factor	factor	NOUN
cblr-8635	536	18	,	,	PUNCT
cblr-8635	536	19	that	that	SCONJ
cblr-8635	536	20	the	the	DET
cblr-8635	536	21	“	"	PUNCT
cblr-8635	536	22	capital	capital	NOUN
cblr-8635	536	23	markets	market	NOUN
cblr-8635	536	24	consistently	consistently	ADV
cblr-8635	536	25	misprice	misprice	VERB
cblr-8635	536	26	the	the	DET
cblr-8635	536	27	factor	factor	NOUN
cblr-8635	536	28	in	in	ADP
cblr-8635	536	29	a	a	DET
cblr-8635	536	30	predictable	predictable	ADJ
cblr-8635	536	31	manner	manner	NOUN
cblr-8635	536	32	that	that	PRON
cblr-8635	536	33	can	can	AUX
cblr-8635	536	34	be	be	AUX
cblr-8635	536	35	exploited	exploit	VERB
cblr-8635	536	36	net	net	NOUN
cblr-8635	536	37	of	of	ADP
cblr-8635	536	38	any	any	DET
cblr-8635	536	39	trading	trading	NOUN
cblr-8635	536	40	and	and	CCONJ
cblr-8635	536	41	diversification	diversification	NOUN
cblr-8635	536	42	costs	cost	NOUN
cblr-8635	536	43	.	.	PUNCT
cblr-8635	537	1	”93	”93	ADV
cblr-8635	537	2	although	although	SCONJ
cblr-8635	537	3	this	this	DET
cblr-8635	537	4	test	test	NOUN
cblr-8635	537	5	purports	purport	VERB
cblr-8635	537	6	to	to	PART
cblr-8635	537	7	permit	permit	VERB
cblr-8635	537	8	esg	esg	PROPN
cblr-8635	537	9	investing	investing	NOUN
cblr-8635	537	10	,	,	PUNCT
cblr-8635	537	11	it	it	PRON
cblr-8635	537	12	may	may	AUX
cblr-8635	537	13	well	well	ADV
cblr-8635	537	14	be	be	AUX
cblr-8635	537	15	a	a	DET
cblr-8635	537	16	wolf	wolf	NOUN
cblr-8635	537	17	in	in	ADP
cblr-8635	537	18	sheep	sheep	NOUN
cblr-8635	537	19	’s	’s	PART
cblr-8635	537	20	clothing	clothing	NOUN
cblr-8635	537	21	.	.	PUNCT
cblr-8635	538	1	its	its	PRON
cblr-8635	538	2	very	very	ADV
cblr-8635	538	3	demanding	demanding	ADJ
cblr-8635	538	4	standard	standard	NOUN
cblr-8635	538	5	about	about	ADP
cblr-8635	538	6	mispricing	misprice	VERB
cblr-8635	538	7	may	may	AUX
cblr-8635	538	8	be	be	AUX
cblr-8635	538	9	much	much	ADV
cblr-8635	538	10	harder	hard	ADJ
cblr-8635	538	11	for	for	SCONJ
cblr-8635	538	12	erisa	erisa	NOUN
cblr-8635	538	13	fiduciaries	fiduciary	NOUN
cblr-8635	538	14	to	to	PART
cblr-8635	538	15	satisfy	satisfy	VERB
cblr-8635	538	16	.	.	PUNCT
cblr-8635	539	1	in	in	ADP
cblr-8635	539	2	effect	effect	NOUN
cblr-8635	539	3	,	,	PUNCT
cblr-8635	539	4	the	the	DET
cblr-8635	539	5	fiduciary	fiduciary	ADJ
cblr-8635	539	6	must	must	AUX
cblr-8635	539	7	determine	determine	VERB
cblr-8635	539	8	,	,	PUNCT
cblr-8635	539	9	first	first	ADV
cblr-8635	539	10	,	,	PUNCT
cblr-8635	539	11	that	that	SCONJ
cblr-8635	539	12	esg	esg	PROPN
cblr-8635	539	13	factors	factor	NOUN
cblr-8635	539	14	relate	relate	VERB
cblr-8635	539	15	to	to	ADP
cblr-8635	539	16	firm	firm	ADJ
cblr-8635	539	17	performance	performance	NOUN
cblr-8635	539	18	in	in	ADP
cblr-8635	539	19	the	the	DET
cblr-8635	539	20	case	case	NOUN
cblr-8635	539	21	of	of	ADP
cblr-8635	539	22	a	a	DET
cblr-8635	539	23	specific	specific	ADJ
cblr-8635	539	24	company	company	NOUN
cblr-8635	539	25	and	and	CCONJ
cblr-8635	539	26	,	,	PUNCT
cblr-8635	539	27	second	second	ADJ
cblr-8635	539	28	,	,	PUNCT
cblr-8635	539	29	that	that	SCONJ
cblr-8635	539	30	this	this	DET
cblr-8635	539	31	factor	factor	NOUN
cblr-8635	539	32	has	have	AUX
cblr-8635	539	33	been	be	AUX
cblr-8635	539	34	90	90	NUM
cblr-8635	539	35	see	see	NOUN
cblr-8635	539	36	gary	gary	PROPN
cblr-8635	539	37	,	,	PUNCT
cblr-8635	539	38	supra	supra	PROPN
cblr-8635	539	39	note	note	PROPN
cblr-8635	539	40	83	83	NUM
cblr-8635	539	41	,	,	PUNCT
cblr-8635	539	42	at	at	ADP
cblr-8635	539	43	799–800	799–800	NUM
cblr-8635	539	44	.	.	PUNCT
cblr-8635	540	1	professor	professor	NOUN
cblr-8635	540	2	gary	gary	PROPN
cblr-8635	540	3	served	serve	VERB
cblr-8635	540	4	as	as	ADP
cblr-8635	540	5	the	the	DET
cblr-8635	540	6	reporter	reporter	NOUN
cblr-8635	540	7	for	for	ADP
cblr-8635	540	8	the	the	DET
cblr-8635	540	9	uniform	uniform	ADJ
cblr-8635	540	10	prudent	prudent	ADJ
cblr-8635	540	11	management	management	NOUN
cblr-8635	540	12	of	of	ADP
cblr-8635	540	13	institutional	institutional	ADJ
cblr-8635	540	14	funds	fund	NOUN
cblr-8635	540	15	act	act	PROPN
cblr-8635	540	16	,	,	PUNCT
cblr-8635	540	17	which	which	PRON
cblr-8635	540	18	alone	alone	ADV
cblr-8635	540	19	makes	make	VERB
cblr-8635	540	20	her	she	PRON
cblr-8635	540	21	a	a	DET
cblr-8635	540	22	significant	significant	ADJ
cblr-8635	540	23	voice	voice	NOUN
cblr-8635	540	24	in	in	ADP
cblr-8635	540	25	this	this	DET
cblr-8635	540	26	field	field	NOUN
cblr-8635	540	27	.	.	PUNCT
cblr-8635	541	1	the	the	DET
cblr-8635	541	2	principles	principle	NOUN
cblr-8635	541	3	for	for	ADP
cblr-8635	541	4	responsible	responsible	ADJ
cblr-8635	541	5	investment	investment	NOUN
cblr-8635	541	6	represents	represent	VERB
cblr-8635	541	7	probably	probably	ADV
cblr-8635	541	8	the	the	DET
cblr-8635	541	9	leading	lead	VERB
cblr-8635	541	10	statement	statement	NOUN
cblr-8635	541	11	of	of	ADP
cblr-8635	541	12	the	the	DET
cblr-8635	541	13	necessity	necessity	NOUN
cblr-8635	541	14	for	for	SCONJ
cblr-8635	541	15	fiduciaries	fiduciary	NOUN
cblr-8635	541	16	to	to	PART
cblr-8635	541	17	adopt	adopt	VERB
cblr-8635	541	18	esg	esg	NOUN
cblr-8635	541	19	factors	factor	NOUN
cblr-8635	541	20	into	into	ADP
cblr-8635	541	21	their	their	PRON
cblr-8635	541	22	investment	investment	NOUN
cblr-8635	541	23	analysis	analysis	NOUN
cblr-8635	541	24	.	.	PUNCT
cblr-8635	542	1	it	it	PRON
cblr-8635	542	2	has	have	AUX
cblr-8635	542	3	obtained	obtain	VERB
cblr-8635	542	4	over	over	ADP
cblr-8635	542	5	1,900	1,900	NUM
cblr-8635	542	6	asset	asset	NOUN
cblr-8635	542	7	manager	manager	NOUN
cblr-8635	542	8	endorsements	endorsement	NOUN
cblr-8635	542	9	of	of	ADP
cblr-8635	542	10	its	its	PRON
cblr-8635	542	11	statement	statement	NOUN
cblr-8635	542	12	of	of	ADP
cblr-8635	542	13	principles	principle	NOUN
cblr-8635	542	14	.	.	PUNCT
cblr-8635	543	1	see	see	VERB
cblr-8635	543	2	supra	supra	PROPN
cblr-8635	543	3	note	note	PROPN
cblr-8635	543	4	84	84	NUM
cblr-8635	543	5	.	.	PUNCT
cblr-8635	544	1	91	91	NUM
cblr-8635	544	2	see	see	VERB
cblr-8635	544	3	schanzenbach	schanzenbach	ADV
cblr-8635	544	4	&	&	CCONJ
cblr-8635	544	5	sitkoff	sitkoff	NOUN
cblr-8635	544	6	,	,	PUNCT
cblr-8635	544	7	supra	supra	PROPN
cblr-8635	544	8	note	note	PROPN
cblr-8635	544	9	14	14	NUM
cblr-8635	544	10	,	,	PUNCT
cblr-8635	544	11	at	at	ADP
cblr-8635	544	12	385–86	385–86	NUM
cblr-8635	544	13	.	.	PUNCT
cblr-8635	545	1	92	92	NUM
cblr-8635	545	2	for	for	ADP
cblr-8635	545	3	their	their	PRON
cblr-8635	545	4	use	use	NOUN
cblr-8635	545	5	of	of	ADP
cblr-8635	545	6	this	this	DET
cblr-8635	545	7	terminology	terminology	NOUN
cblr-8635	545	8	,	,	PUNCT
cblr-8635	545	9	see	see	VERB
cblr-8635	545	10	i	i	PRON
cblr-8635	545	11	d.	d.	PROPN
cblr-8635	545	12	at	at	ADP
cblr-8635	545	13	389	389	NUM
cblr-8635	545	14	.	.	PUNCT
cblr-8635	546	1	93	93	NUM
cblr-8635	547	1	i	i	PRON
cblr-8635	547	2	d.	d.	PROPN
cblr-8635	547	3	at	at	ADP
cblr-8635	547	4	451	451	NUM
cblr-8635	547	5	.	.	PUNCT
cblr-8635	548	1	coffee	coffee	PROPN
cblr-8635	548	2	8/20/2021	8/20/2021	NUM
cblr-8635	548	3	6:32	6:32	NUM
cblr-8635	548	4	pm	pm	PROPN
cblr-8635	548	5	636	636	NUM
cblr-8635	548	6	columbia	columbia	PROPN
cblr-8635	548	7	business	business	NOUN
cblr-8635	548	8	law	law	PROPN
cblr-8635	548	9	review	review	NOUN
cblr-8635	548	10	[	[	X
cblr-8635	548	11	vol	vol	NOUN
cblr-8635	548	12	.	.	PUNCT
cblr-8635	548	13	2021	2021	NUM
cblr-8635	548	14	sufficiently	sufficiently	ADV
cblr-8635	548	15	mispriced	misprice	VERB
cblr-8635	548	16	so	so	SCONJ
cblr-8635	548	17	that	that	SCONJ
cblr-8635	548	18	the	the	DET
cblr-8635	548	19	fiduciary	fiduciary	ADJ
cblr-8635	548	20	can	can	AUX
cblr-8635	548	21	exploit	exploit	VERB
cblr-8635	548	22	this	this	DET
cblr-8635	548	23	mispricing	misprice	VERB
cblr-8635	548	24	(	(	PUNCT
cblr-8635	548	25	net	net	NOUN
cblr-8635	548	26	of	of	ADP
cblr-8635	548	27	trading	trading	NOUN
cblr-8635	548	28	and	and	CCONJ
cblr-8635	548	29	diversification	diversification	NOUN
cblr-8635	548	30	costs).94	costs).94	PROPN
cblr-8635	548	31	although	although	SCONJ
cblr-8635	548	32	i	i	PRON
cblr-8635	548	33	agree	agree	VERB
cblr-8635	548	34	with	with	ADP
cblr-8635	548	35	them	they	PRON
cblr-8635	548	36	that	that	SCONJ
cblr-8635	548	37	esg	esg	PROPN
cblr-8635	548	38	investing	investing	NOUN
cblr-8635	548	39	is	be	AUX
cblr-8635	548	40	not	not	PART
cblr-8635	548	41	mandatory	mandatory	ADJ
cblr-8635	548	42	and	and	CCONJ
cblr-8635	548	43	that	that	SCONJ
cblr-8635	548	44	prudent	prudent	ADJ
cblr-8635	548	45	trustees	trustee	NOUN
cblr-8635	548	46	can	can	AUX
cblr-8635	548	47	reasonably	reasonably	ADV
cblr-8635	548	48	conclude	conclude	VERB
cblr-8635	548	49	that	that	SCONJ
cblr-8635	548	50	they	they	PRON
cblr-8635	548	51	can	can	AUX
cblr-8635	548	52	not	not	PART
cblr-8635	548	53	outperform	outperform	VERB
cblr-8635	548	54	the	the	DET
cblr-8635	548	55	market	market	NOUN
cblr-8635	548	56	(	(	PUNCT
cblr-8635	548	57	as	as	SCONJ
cblr-8635	548	58	the	the	DET
cblr-8635	548	59	supreme	supreme	PROPN
cblr-8635	548	60	court	court	PROPN
cblr-8635	548	61	has	have	AUX
cblr-8635	548	62	also	also	ADV
cblr-8635	548	63	observed	observe	VERB
cblr-8635	548	64	in	in	ADP
cblr-8635	548	65	a	a	DET
cblr-8635	548	66	relevant	relevant	ADJ
cblr-8635	548	67	recent	recent	ADJ
cblr-8635	548	68	decision),95	decision),95	NOUN
cblr-8635	548	69	the	the	DET
cblr-8635	548	70	possibility	possibility	NOUN
cblr-8635	548	71	still	still	ADV
cblr-8635	548	72	seems	seem	VERB
cblr-8635	548	73	remote	remote	ADJ
cblr-8635	548	74	that	that	SCONJ
cblr-8635	548	75	any	any	DET
cblr-8635	548	76	court	court	NOUN
cblr-8635	548	77	,	,	PUNCT
cblr-8635	548	78	either	either	CCONJ
cblr-8635	548	79	state	state	NOUN
cblr-8635	548	80	or	or	CCONJ
cblr-8635	548	81	federal	federal	ADJ
cblr-8635	548	82	,	,	PUNCT
cblr-8635	548	83	would	would	AUX
cblr-8635	548	84	second	second	ADV
cblr-8635	548	85	guess	guess	VERB
cblr-8635	548	86	and	and	CCONJ
cblr-8635	548	87	hold	hold	VERB
cblr-8635	548	88	liable	liable	ADJ
cblr-8635	548	89	trustees	trustee	NOUN
cblr-8635	548	90	who	who	PRON
cblr-8635	548	91	do	do	AUX
cblr-8635	548	92	decide	decide	VERB
cblr-8635	548	93	to	to	PART
cblr-8635	548	94	engage	engage	VERB
cblr-8635	548	95	in	in	ADP
cblr-8635	548	96	esg	esg	PROPN
cblr-8635	548	97	investing	invest	VERB
cblr-8635	548	98	in	in	ADP
cblr-8635	548	99	the	the	DET
cblr-8635	548	100	belief	belief	NOUN
cblr-8635	548	101	that	that	SCONJ
cblr-8635	548	102	it	it	PRON
cblr-8635	548	103	will	will	AUX
cblr-8635	548	104	enable	enable	VERB
cblr-8635	548	105	them	they	PRON
cblr-8635	548	106	to	to	PART
cblr-8635	548	107	achieve	achieve	VERB
cblr-8635	548	108	a	a	DET
cblr-8635	548	109	superior	superior	ADJ
cblr-8635	548	110	portfolio	portfolio	NOUN
cblr-8635	548	111	.	.	PUNCT
cblr-8635	549	1	courts	court	NOUN
cblr-8635	549	2	are	be	AUX
cblr-8635	549	3	not	not	PART
cblr-8635	549	4	suspicious	suspicious	ADJ
cblr-8635	549	5	of	of	ADP
cblr-8635	549	6	professional	professional	ADJ
cblr-8635	549	7	trustees	trustee	NOUN
cblr-8635	549	8	,	,	PUNCT
cblr-8635	549	9	and	and	CCONJ
cblr-8635	549	10	,	,	PUNCT
cblr-8635	549	11	absent	absent	ADJ
cblr-8635	549	12	a	a	DET
cblr-8635	549	13	personal	personal	ADJ
cblr-8635	549	14	selfinterest	selfinterest	NOUN
cblr-8635	549	15	on	on	ADP
cblr-8635	549	16	the	the	DET
cblr-8635	549	17	part	part	NOUN
cblr-8635	549	18	of	of	ADP
cblr-8635	549	19	the	the	DET
cblr-8635	549	20	fiduciary	fiduciary	NOUN
cblr-8635	549	21	,	,	PUNCT
cblr-8635	549	22	they	they	PRON
cblr-8635	549	23	have	have	VERB
cblr-8635	549	24	little	little	ADJ
cblr-8635	549	25	reason	reason	NOUN
cblr-8635	549	26	to	to	PART
cblr-8635	549	27	apply	apply	VERB
cblr-8635	549	28	any	any	DET
cblr-8635	549	29	enhanced	enhanced	ADJ
cblr-8635	549	30	scrutiny	scrutiny	NOUN
cblr-8635	549	31	standard	standard	NOUN
cblr-8635	549	32	.	.	PUNCT
cblr-8635	549	33	nor	nor	CCONJ
cblr-8635	549	34	is	be	AUX
cblr-8635	549	35	there	there	PRON
cblr-8635	549	36	any	any	DET
cblr-8635	549	37	clear	clear	ADJ
cblr-8635	549	38	history	history	NOUN
cblr-8635	549	39	of	of	ADP
cblr-8635	549	40	courts	court	NOUN
cblr-8635	549	41	intervening	intervene	VERB
cblr-8635	549	42	in	in	ADP
cblr-8635	549	43	this	this	DET
cblr-8635	549	44	private	private	ADJ
cblr-8635	549	45	world	world	NOUN
cblr-8635	549	46	to	to	PART
cblr-8635	549	47	impose	impose	VERB
cblr-8635	549	48	liability	liability	NOUN
cblr-8635	549	49	.	.	PUNCT
cblr-8635	550	1	in	in	ADP
cblr-8635	550	2	fairness	fairness	NOUN
cblr-8635	550	3	,	,	PUNCT
cblr-8635	550	4	the	the	DET
cblr-8635	550	5	“	"	PUNCT
cblr-8635	550	6	sole	sole	ADJ
cblr-8635	550	7	interest	interest	NOUN
cblr-8635	550	8	”	"	PUNCT
cblr-8635	550	9	rule	rule	NOUN
cblr-8635	550	10	regulates	regulate	VERB
cblr-8635	550	11	only	only	ADV
cblr-8635	550	12	some	some	DET
cblr-8635	550	13	institutional	institutional	ADJ
cblr-8635	550	14	investors	investor	NOUN
cblr-8635	550	15	(	(	PUNCT
cblr-8635	550	16	principally	principally	ADV
cblr-8635	550	17	erisa	erisa	NOUN
cblr-8635	550	18	plans	plan	NOUN
cblr-8635	550	19	,	,	PUNCT
cblr-8635	550	20	common	common	ADJ
cblr-8635	550	21	-	-	PUNCT
cblr-8635	550	22	law	law	NOUN
cblr-8635	550	23	trusts	trust	NOUN
cblr-8635	550	24	,	,	PUNCT
cblr-8635	550	25	and	and	CCONJ
cblr-8635	550	26	charitable	charitable	ADJ
cblr-8635	550	27	foundations	foundation	NOUN
cblr-8635	550	28	)	)	PUNCT
cblr-8635	550	29	and	and	CCONJ
cblr-8635	550	30	does	do	AUX
cblr-8635	550	31	not	not	PART
cblr-8635	550	32	apply	apply	VERB
cblr-8635	550	33	to	to	ADP
cblr-8635	550	34	mutual	mutual	ADJ
cblr-8635	550	35	funds	fund	NOUN
cblr-8635	550	36	or	or	CCONJ
cblr-8635	550	37	hedge	hedge	NOUN
cblr-8635	550	38	funds	fund	NOUN
cblr-8635	550	39	,	,	PUNCT
cblr-8635	550	40	which	which	PRON
cblr-8635	550	41	are	be	AUX
cblr-8635	550	42	subject	subject	ADJ
cblr-8635	550	43	to	to	ADP
cblr-8635	550	44	sec	sec	PROPN
cblr-8635	550	45	regulation	regulation	NOUN
cblr-8635	550	46	.	.	PUNCT
cblr-8635	551	1	still	still	ADV
cblr-8635	551	2	,	,	PUNCT
cblr-8635	551	3	pension	pension	NOUN
cblr-8635	551	4	funds	fund	NOUN
cblr-8635	551	5	account	account	VERB
cblr-8635	551	6	for	for	ADP
cblr-8635	551	7	nearly	nearly	ADV
cblr-8635	551	8	half	half	NOUN
cblr-8635	551	9	of	of	ADP
cblr-8635	551	10	the	the	DET
cblr-8635	551	11	assets	asset	NOUN
cblr-8635	551	12	held	hold	VERB
cblr-8635	551	13	by	by	ADP
cblr-8635	551	14	institutional	institutional	ADJ
cblr-8635	551	15	investors,96	investors,96	ADJ
cblr-8635	551	16	and	and	CCONJ
cblr-8635	551	17	asset	asset	NOUN
cblr-8635	551	18	managers	manager	NOUN
cblr-8635	551	19	,	,	PUNCT
cblr-8635	551	20	including	include	VERB
cblr-8635	551	21	blackrock	blackrock	NOUN
cblr-8635	551	22	,	,	PUNCT
cblr-8635	551	23	advise	advise	VERB
cblr-8635	551	24	them	they	PRON
cblr-8635	551	25	.	.	PUNCT
cblr-8635	552	1	thus	thus	ADV
cblr-8635	552	2	,	,	PUNCT
cblr-8635	552	3	the	the	DET
cblr-8635	552	4	“	"	PUNCT
cblr-8635	552	5	sole	sole	ADJ
cblr-8635	552	6	interest	interest	NOUN
cblr-8635	552	7	”	"	PUNCT
cblr-8635	552	8	rule	rule	NOUN
cblr-8635	552	9	(	(	PUNCT
cblr-8635	552	10	and	and	CCONJ
cblr-8635	552	11	particularly	particularly	ADV
cblr-8635	552	12	a	a	DET
cblr-8635	552	13	department	department	NOUN
cblr-8635	552	14	of	of	ADP
cblr-8635	552	15	labor	labor	NOUN
cblr-8635	552	16	rule	rule	NOUN
cblr-8635	552	17	extending	extend	VERB
cblr-8635	552	18	it)97	it)97	PROPN
cblr-8635	552	19	may	may	AUX
cblr-8635	552	20	reduce	reduce	VERB
cblr-8635	552	21	the	the	DET
cblr-8635	552	22	size	size	NOUN
cblr-8635	552	23	of	of	ADP
cblr-8635	552	24	the	the	DET
cblr-8635	552	25	coalitions	coalition	NOUN
cblr-8635	552	26	that	that	PRON
cblr-8635	552	27	can	can	AUX
cblr-8635	552	28	form	form	VERB
cblr-8635	552	29	to	to	PART
cblr-8635	552	30	take	take	VERB
cblr-8635	552	31	collective	collective	ADJ
cblr-8635	552	32	action	action	NOUN
cblr-8635	552	33	on	on	ADP
cblr-8635	552	34	esg	esg	PROPN
cblr-8635	552	35	issues	issue	NOUN
cblr-8635	552	36	.	.	PUNCT
cblr-8635	553	1	c.	c.	NOUN
cblr-8635	554	1	the	the	DET
cblr-8635	554	2	impact	impact	NOUN
cblr-8635	554	3	of	of	ADP
cblr-8635	554	4	a	a	DET
cblr-8635	554	5	portfolio	portfolio	NOUN
cblr-8635	554	6	-	-	PUNCT
cblr-8635	554	7	wide	wide	ADJ
cblr-8635	554	8	perspective	perspective	NOUN
cblr-8635	554	9	what	what	PRON
cblr-8635	554	10	is	be	AUX
cblr-8635	554	11	the	the	DET
cblr-8635	554	12	best	good	ADJ
cblr-8635	554	13	way	way	NOUN
cblr-8635	554	14	out	out	ADP
cblr-8635	554	15	of	of	ADP
cblr-8635	554	16	this	this	DET
cblr-8635	554	17	quandary	quandary	NOUN
cblr-8635	554	18	?	?	PUNCT
cblr-8635	555	1	here	here	ADV
cblr-8635	555	2	,	,	PUNCT
cblr-8635	555	3	we	we	PRON
cblr-8635	555	4	need	need	VERB
cblr-8635	555	5	to	to	PART
cblr-8635	555	6	recognize	recognize	VERB
cblr-8635	555	7	that	that	SCONJ
cblr-8635	555	8	the	the	DET
cblr-8635	555	9	key	key	ADJ
cblr-8635	555	10	development	development	NOUN
cblr-8635	555	11	is	be	AUX
cblr-8635	555	12	the	the	DET
cblr-8635	555	13	new	new	ADJ
cblr-8635	555	14	high	high	ADJ
cblr-8635	555	15	level	level	NOUN
cblr-8635	555	16	of	of	ADP
cblr-8635	555	17	94	94	NUM
cblr-8635	555	18	i	i	NOUN
cblr-8635	555	19	d.	d.	PROPN
cblr-8635	555	20	at	at	ADP
cblr-8635	555	21	390–91	390–91	NUM
cblr-8635	555	22	,	,	PUNCT
cblr-8635	555	23	450–53	450–53	X
cblr-8635	555	24	.	.	PUNCT
cblr-8635	556	1	95	95	NUM
cblr-8635	556	2	see	see	VERB
cblr-8635	556	3	fifth	fifth	PROPN
cblr-8635	556	4	third	third	PROPN
cblr-8635	556	5	bancorp	bancorp	PROPN
cblr-8635	556	6	v.	v.	PROPN
cblr-8635	556	7	dudenhoeffer	dudenhoeffer	PROPN
cblr-8635	556	8	,	,	PUNCT
cblr-8635	556	9	573	573	NUM
cblr-8635	556	10	u.s	u.s	PROPN
cblr-8635	556	11	.	.	PROPN
cblr-8635	556	12	409	409	NUM
cblr-8635	556	13	,	,	PUNCT
cblr-8635	556	14	426–27	426–27	NUM
cblr-8635	556	15	(	(	PUNCT
cblr-8635	556	16	2014	2014	NUM
cblr-8635	556	17	)	)	PUNCT
cblr-8635	556	18	.	.	PUNCT
cblr-8635	557	1	96	96	NUM
cblr-8635	557	2	in	in	ADP
cblr-8635	557	3	2018	2018	NUM
cblr-8635	557	4	,	,	PUNCT
cblr-8635	557	5	u.s	u.s	PROPN
cblr-8635	557	6	.	.	PROPN
cblr-8635	557	7	pension	pension	NOUN
cblr-8635	557	8	funds	fund	NOUN
cblr-8635	557	9	held	hold	VERB
cblr-8635	557	10	about	about	ADV
cblr-8635	557	11	$	$	SYM
cblr-8635	557	12	22.7	22.7	NUM
cblr-8635	557	13	trillion	trillion	NUM
cblr-8635	557	14	in	in	ADP
cblr-8635	557	15	assets	asset	NOUN
cblr-8635	557	16	,	,	PUNCT
cblr-8635	557	17	approximately	approximately	ADV
cblr-8635	557	18	forty	forty	NUM
cblr-8635	557	19	-	-	PUNCT
cblr-8635	557	20	one	one	NUM
cblr-8635	557	21	percent	percent	NOUN
cblr-8635	557	22	of	of	ADP
cblr-8635	557	23	all	all	DET
cblr-8635	557	24	assets	asset	NOUN
cblr-8635	557	25	held	hold	VERB
cblr-8635	557	26	by	by	ADP
cblr-8635	557	27	u.s	u.s	PROPN
cblr-8635	557	28	.	.	PROPN
cblr-8635	557	29	investment	investment	NOUN
cblr-8635	557	30	funds	fund	NOUN
cblr-8635	557	31	,	,	PUNCT
cblr-8635	557	32	pension	pension	NOUN
cblr-8635	557	33	funds	fund	NOUN
cblr-8635	557	34	,	,	PUNCT
cblr-8635	557	35	and	and	CCONJ
cblr-8635	557	36	insurance	insurance	NOUN
cblr-8635	557	37	companies	company	NOUN
cblr-8635	557	38	.	.	PUNCT
cblr-8635	558	1	see	see	VERB
cblr-8635	558	2	org	org	PROPN
cblr-8635	558	3	.	.	PUNCT
cblr-8635	559	1	for	for	ADP
cblr-8635	559	2	econ	econ	PROPN
cblr-8635	559	3	.	.	PUNCT
cblr-8635	559	4	coop	coop	PROPN
cblr-8635	559	5	.	.	PUNCT
cblr-8635	559	6	&	&	CCONJ
cblr-8635	559	7	dev	dev	PROPN
cblr-8635	559	8	.	.	PROPN
cblr-8635	559	9	,	,	PUNCT
cblr-8635	559	10	oecd	oecd	PROPN
cblr-8635	559	11	institutional	institutional	ADJ
cblr-8635	559	12	investor	investor	NOUN
cblr-8635	559	13	statistics	statistic	VERB
cblr-8635	559	14	173	173	NUM
cblr-8635	559	15	tbl.1	tbl.1	NOUN
cblr-8635	559	16	(	(	PUNCT
cblr-8635	559	17	2020	2020	NUM
cblr-8635	559	18	)	)	PUNCT
cblr-8635	559	19	(	(	PUNCT
cblr-8635	559	20	on	on	ADP
cblr-8635	559	21	file	file	NOUN
cblr-8635	559	22	with	with	ADP
cblr-8635	559	23	the	the	DET
cblr-8635	559	24	columbia	columbia	PROPN
cblr-8635	559	25	business	business	PROPN
cblr-8635	559	26	law	law	PROPN
cblr-8635	559	27	review	review	PROPN
cblr-8635	559	28	)	)	PUNCT
cblr-8635	559	29	,	,	PUNCT
cblr-8635	559	30	https://read.oecd-ilibrary.org/financeand-investment/oecd-institutional-investors-statistics-2020_9a827fb7-en	https://read.oecd-ilibrary.org/financeand-investment/oecd-institutional-investors-statistics-2020_9a827fb7-en	VERB
cblr-8635	559	31	.	.	PUNCT
cblr-8635	560	1	97	97	NUM
cblr-8635	560	2	see	see	NOUN
cblr-8635	560	3	infra	infra	NOUN
cblr-8635	560	4	section	section	NOUN
cblr-8635	560	5	iv.d	iv.d	ADJ
cblr-8635	560	6	.	.	PUNCT
cblr-8635	560	7	coffee	coffee	PROPN
cblr-8635	560	8	8/20/2021	8/20/2021	NUM
cblr-8635	560	9	6:32	6:32	NUM
cblr-8635	560	10	pm	pm	NOUN
cblr-8635	560	11	no	no	INTJ
cblr-8635	560	12	.	.	PUNCT
cblr-8635	561	1	2:602	2:602	NUM
cblr-8635	561	2	]	]	X
cblr-8635	561	3	the	the	DET
cblr-8635	561	4	future	future	NOUN
cblr-8635	561	5	of	of	ADP
cblr-8635	561	6	disclosure	disclosure	NOUN
cblr-8635	561	7	637	637	NUM
cblr-8635	561	8	common	common	ADJ
cblr-8635	561	9	ownership	ownership	NOUN
cblr-8635	561	10	that	that	PRON
cblr-8635	561	11	enables	enable	VERB
cblr-8635	561	12	diversified	diversified	ADJ
cblr-8635	561	13	institutional	institutional	ADJ
cblr-8635	561	14	investors	investor	NOUN
cblr-8635	561	15	to	to	PART
cblr-8635	561	16	take	take	VERB
cblr-8635	561	17	collective	collective	ADJ
cblr-8635	561	18	action	action	NOUN
cblr-8635	561	19	on	on	ADP
cblr-8635	561	20	a	a	DET
cblr-8635	561	21	portfolio	portfolio	NOUN
cblr-8635	561	22	-	-	PUNCT
cblr-8635	561	23	wide	wide	ADJ
cblr-8635	561	24	basis	basis	NOUN
cblr-8635	561	25	.	.	PUNCT
cblr-8635	562	1	professors	professor	NOUN
cblr-8635	562	2	schanzenbach	schanzenbach	VERB
cblr-8635	562	3	and	and	CCONJ
cblr-8635	562	4	sitkoff	sitkoff	NOUN
cblr-8635	562	5	do	do	AUX
cblr-8635	562	6	not	not	PART
cblr-8635	562	7	discuss	discuss	VERB
cblr-8635	562	8	this	this	DET
cblr-8635	562	9	possibility	possibility	NOUN
cblr-8635	562	10	,	,	PUNCT
cblr-8635	562	11	but	but	CCONJ
cblr-8635	562	12	fiduciaries	fiduciary	NOUN
cblr-8635	562	13	should	should	AUX
cblr-8635	562	14	be	be	AUX
cblr-8635	562	15	able	able	ADJ
cblr-8635	562	16	to	to	PART
cblr-8635	562	17	engage	engage	VERB
cblr-8635	562	18	in	in	ADP
cblr-8635	562	19	esg	esg	PROPN
cblr-8635	562	20	investing	invest	VERB
cblr-8635	562	21	on	on	ADP
cblr-8635	562	22	a	a	DET
cblr-8635	562	23	portfolio	portfolio	NOUN
cblr-8635	562	24	-	-	PUNCT
cblr-8635	562	25	wide	wide	ADJ
cblr-8635	562	26	basis	basis	NOUN
cblr-8635	562	27	in	in	ADP
cblr-8635	562	28	full	full	ADJ
cblr-8635	562	29	compliance	compliance	NOUN
cblr-8635	562	30	with	with	ADP
cblr-8635	562	31	the	the	DET
cblr-8635	562	32	“	"	PUNCT
cblr-8635	562	33	sole	sole	ADJ
cblr-8635	562	34	interest	interest	NOUN
cblr-8635	562	35	”	"	PUNCT
cblr-8635	562	36	rule	rule	NOUN
cblr-8635	562	37	so	so	ADV
cblr-8635	562	38	long	long	ADV
cblr-8635	562	39	as	as	SCONJ
cblr-8635	562	40	they	they	PRON
cblr-8635	562	41	make	make	VERB
cblr-8635	562	42	a	a	DET
cblr-8635	562	43	finding	finding	NOUN
cblr-8635	562	44	that	that	SCONJ
cblr-8635	562	45	their	their	PRON
cblr-8635	562	46	collective	collective	ADJ
cblr-8635	562	47	strategy	strategy	NOUN
cblr-8635	562	48	should	should	AUX
cblr-8635	562	49	raise	raise	VERB
cblr-8635	562	50	returns	return	NOUN
cblr-8635	562	51	or	or	CCONJ
cblr-8635	562	52	lower	low	ADJ
cblr-8635	562	53	risks	risk	NOUN
cblr-8635	562	54	.	.	PUNCT
cblr-8635	563	1	for	for	ADP
cblr-8635	563	2	example	example	NOUN
cblr-8635	563	3	,	,	PUNCT
cblr-8635	563	4	suppose	suppose	VERB
cblr-8635	563	5	that	that	SCONJ
cblr-8635	563	6	erisa	erisa	NOUN
cblr-8635	563	7	plans	plan	NOUN
cblr-8635	563	8	were	be	AUX
cblr-8635	563	9	to	to	PART
cblr-8635	563	10	join	join	VERB
cblr-8635	563	11	both	both	DET
cblr-8635	563	12	mutual	mutual	ADJ
cblr-8635	563	13	funds	fund	NOUN
cblr-8635	563	14	and	and	CCONJ
cblr-8635	563	15	hedge	hedge	NOUN
cblr-8635	563	16	funds	fund	NOUN
cblr-8635	563	17	in	in	ADP
cblr-8635	563	18	a	a	DET
cblr-8635	563	19	joint	joint	ADJ
cblr-8635	563	20	effort	effort	NOUN
cblr-8635	563	21	to	to	PART
cblr-8635	563	22	push	push	VERB
cblr-8635	563	23	the	the	DET
cblr-8635	563	24	major	major	ADJ
cblr-8635	563	25	energy	energy	NOUN
cblr-8635	563	26	companies	company	NOUN
cblr-8635	563	27	to	to	PART
cblr-8635	563	28	adopt	adopt	VERB
cblr-8635	563	29	tighter	tight	ADJ
cblr-8635	563	30	standards	standard	NOUN
cblr-8635	563	31	on	on	ADP
cblr-8635	563	32	emissions	emission	NOUN
cblr-8635	563	33	and	and	CCONJ
cblr-8635	563	34	to	to	PART
cblr-8635	563	35	advance	advance	VERB
cblr-8635	563	36	the	the	DET
cblr-8635	563	37	date	date	NOUN
cblr-8635	563	38	on	on	ADP
cblr-8635	563	39	which	which	PRON
cblr-8635	563	40	they	they	PRON
cblr-8635	563	41	become	become	VERB
cblr-8635	563	42	carbon	carbon	NOUN
cblr-8635	563	43	neutral	neutral	ADJ
cblr-8635	563	44	.	.	PUNCT
cblr-8635	564	1	their	their	PRON
cblr-8635	564	2	justification	justification	NOUN
cblr-8635	564	3	might	might	AUX
cblr-8635	564	4	be	be	AUX
cblr-8635	564	5	that	that	SCONJ
cblr-8635	564	6	,	,	PUNCT
cblr-8635	564	7	although	although	SCONJ
cblr-8635	564	8	this	this	PRON
cblr-8635	564	9	would	would	AUX
cblr-8635	564	10	reduce	reduce	VERB
cblr-8635	564	11	the	the	DET
cblr-8635	564	12	financial	financial	ADJ
cblr-8635	564	13	returns	return	NOUN
cblr-8635	564	14	for	for	ADP
cblr-8635	564	15	some	some	DET
cblr-8635	564	16	portfolio	portfolio	NOUN
cblr-8635	564	17	companies	company	NOUN
cblr-8635	564	18	(	(	PUNCT
cblr-8635	564	19	i.e.	i.e.	X
cblr-8635	564	20	,	,	PUNCT
cblr-8635	564	21	coal	coal	NOUN
cblr-8635	564	22	companies	company	NOUN
cblr-8635	564	23	)	)	PUNCT
cblr-8635	564	24	,	,	PUNCT
cblr-8635	564	25	it	it	PRON
cblr-8635	564	26	would	would	AUX
cblr-8635	564	27	benefit	benefit	VERB
cblr-8635	564	28	other	other	ADJ
cblr-8635	564	29	companies	company	NOUN
cblr-8635	564	30	(	(	PUNCT
cblr-8635	564	31	i.e.	i.e.	X
cblr-8635	564	32	,	,	PUNCT
cblr-8635	564	33	those	those	PRON
cblr-8635	564	34	who	who	PRON
cblr-8635	564	35	produced	produce	VERB
cblr-8635	564	36	solar	solar	ADJ
cblr-8635	564	37	power	power	NOUN
cblr-8635	564	38	,	,	PUNCT
cblr-8635	564	39	wind	wind	NOUN
cblr-8635	564	40	power	power	NOUN
cblr-8635	564	41	or	or	CCONJ
cblr-8635	564	42	nuclear	nuclear	ADJ
cblr-8635	564	43	power	power	NOUN
cblr-8635	564	44	)	)	PUNCT
cblr-8635	564	45	.	.	PUNCT
cblr-8635	565	1	such	such	ADJ
cblr-8635	565	2	pressure	pressure	NOUN
cblr-8635	565	3	was	be	AUX
cblr-8635	565	4	in	in	ADP
cblr-8635	565	5	fact	fact	NOUN
cblr-8635	565	6	successfully	successfully	ADV
cblr-8635	565	7	applied	apply	VERB
cblr-8635	565	8	to	to	ADP
cblr-8635	565	9	royal	royal	PROPN
cblr-8635	565	10	dutch	dutch	ADJ
cblr-8635	565	11	shell	shell	NOUN
cblr-8635	565	12	and	and	CCONJ
cblr-8635	565	13	others	other	NOUN
cblr-8635	565	14	in	in	ADP
cblr-8635	565	15	2018.98	2018.98	NUM
cblr-8635	565	16	economically	economically	ADV
cblr-8635	565	17	,	,	PUNCT
cblr-8635	565	18	such	such	ADJ
cblr-8635	565	19	interventions	intervention	NOUN
cblr-8635	565	20	would	would	AUX
cblr-8635	565	21	make	make	VERB
cblr-8635	565	22	sense	sense	NOUN
cblr-8635	565	23	—	—	PUNCT
cblr-8635	565	24	if	if	SCONJ
cblr-8635	565	25	the	the	DET
cblr-8635	565	26	losses	loss	NOUN
cblr-8635	565	27	to	to	ADP
cblr-8635	565	28	the	the	DET
cblr-8635	565	29	traditional	traditional	ADJ
cblr-8635	565	30	energy	energy	NOUN
cblr-8635	565	31	companies	company	NOUN
cblr-8635	565	32	were	be	AUX
cblr-8635	565	33	outweighed	outweigh	VERB
cblr-8635	565	34	by	by	ADP
cblr-8635	565	35	gains	gain	NOUN
cblr-8635	565	36	to	to	ADP
cblr-8635	565	37	the	the	DET
cblr-8635	565	38	other	other	ADJ
cblr-8635	565	39	firms	firm	NOUN
cblr-8635	565	40	in	in	ADP
cblr-8635	565	41	the	the	DET
cblr-8635	565	42	portfolio	portfolio	NOUN
cblr-8635	565	43	.	.	PUNCT
cblr-8635	566	1	as	as	SCONJ
cblr-8635	566	2	madison	madison	PROPN
cblr-8635	566	3	condon	condon	PROPN
cblr-8635	566	4	has	have	AUX
cblr-8635	566	5	framed	frame	VERB
cblr-8635	566	6	it	it	PRON
cblr-8635	566	7	:	:	PUNCT
cblr-8635	566	8	“	"	PUNCT
cblr-8635	566	9	a	a	DET
cblr-8635	566	10	rational	rational	ADJ
cblr-8635	566	11	owner	owner	NOUN
cblr-8635	566	12	would	would	AUX
cblr-8635	566	13	use	use	VERB
cblr-8635	566	14	his	his	PRON
cblr-8635	566	15	power	power	NOUN
cblr-8635	566	16	to	to	PART
cblr-8635	566	17	internalize	internalize	VERB
cblr-8635	566	18	externalities	externality	NOUN
cblr-8635	566	19	so	so	ADV
cblr-8635	566	20	long	long	ADV
cblr-8635	566	21	as	as	SCONJ
cblr-8635	566	22	its	its	PRON
cblr-8635	566	23	share	share	NOUN
cblr-8635	566	24	of	of	ADP
cblr-8635	566	25	the	the	DET
cblr-8635	566	26	costs	cost	NOUN
cblr-8635	566	27	to	to	ADP
cblr-8635	566	28	the	the	DET
cblr-8635	566	29	externality	externality	NOUN
cblr-8635	566	30	-	-	PUNCT
cblr-8635	566	31	creating	create	VERB
cblr-8635	566	32	firms	firm	NOUN
cblr-8635	566	33	are	be	AUX
cblr-8635	566	34	lower	low	ADJ
cblr-8635	566	35	than	than	ADP
cblr-8635	566	36	the	the	DET
cblr-8635	566	37	benefits	benefit	NOUN
cblr-8635	566	38	that	that	PRON
cblr-8635	566	39	accrue	accrue	VERB
cblr-8635	566	40	to	to	ADP
cblr-8635	566	41	the	the	DET
cblr-8635	566	42	entire	entire	ADJ
cblr-8635	566	43	portfolio	portfolio	NOUN
cblr-8635	566	44	from	from	ADP
cblr-8635	566	45	the	the	DET
cblr-8635	566	46	elimination	elimination	NOUN
cblr-8635	566	47	of	of	ADP
cblr-8635	566	48	the	the	DET
cblr-8635	566	49	externality	externality	NOUN
cblr-8635	566	50	.	.	PUNCT
cblr-8635	567	1	”99	”99	PROPN
cblr-8635	567	2	98	98	NUM
cblr-8635	567	3	in	in	ADP
cblr-8635	567	4	late	late	ADJ
cblr-8635	567	5	2018	2018	NUM
cblr-8635	567	6	,	,	PUNCT
cblr-8635	567	7	royal	royal	ADJ
cblr-8635	567	8	dutch	dutch	ADJ
cblr-8635	567	9	shell	shell	NOUN
cblr-8635	567	10	was	be	AUX
cblr-8635	567	11	pressured	pressure	VERB
cblr-8635	567	12	by	by	ADP
cblr-8635	567	13	a	a	DET
cblr-8635	567	14	coalition	coalition	NOUN
cblr-8635	567	15	of	of	ADP
cblr-8635	567	16	institutional	institutional	ADJ
cblr-8635	567	17	investors	investor	NOUN
cblr-8635	567	18	to	to	PART
cblr-8635	567	19	set	set	VERB
cblr-8635	567	20	emission	emission	NOUN
cblr-8635	567	21	reduction	reduction	NOUN
cblr-8635	567	22	targets	target	NOUN
cblr-8635	567	23	to	to	PART
cblr-8635	567	24	reduce	reduce	VERB
cblr-8635	567	25	its	its	PRON
cblr-8635	567	26	carbon	carbon	NOUN
cblr-8635	567	27	footprint	footprint	NOUN
cblr-8635	567	28	by	by	ADP
cblr-8635	567	29	twenty	twenty	NUM
cblr-8635	567	30	percent	percent	NOUN
cblr-8635	567	31	by	by	ADP
cblr-8635	567	32	2035	2035	NUM
cblr-8635	567	33	and	and	CCONJ
cblr-8635	567	34	fifty	fifty	NUM
cblr-8635	567	35	percent	percent	NOUN
cblr-8635	567	36	by	by	ADP
cblr-8635	567	37	2050	2050	NUM
cblr-8635	567	38	.	.	PUNCT
cblr-8635	568	1	see	see	VERB
cblr-8635	568	2	condon	condon	PROPN
cblr-8635	568	3	,	,	PUNCT
cblr-8635	568	4	supra	supra	PROPN
cblr-8635	568	5	note	note	PROPN
cblr-8635	568	6	8	8	NUM
cblr-8635	568	7	,	,	PUNCT
cblr-8635	568	8	at	at	ADP
cblr-8635	568	9	2	2	NUM
cblr-8635	568	10	.	.	PUNCT
cblr-8635	569	1	it	it	PRON
cblr-8635	569	2	had	have	AUX
cblr-8635	569	3	previously	previously	ADV
cblr-8635	569	4	opposed	oppose	VERB
cblr-8635	569	5	these	these	DET
cblr-8635	569	6	targets	target	NOUN
cblr-8635	569	7	and	and	CCONJ
cblr-8635	569	8	described	describe	VERB
cblr-8635	569	9	them	they	PRON
cblr-8635	569	10	as	as	ADP
cblr-8635	569	11	“	"	PUNCT
cblr-8635	569	12	onerous	onerous	ADJ
cblr-8635	569	13	and	and	CCONJ
cblr-8635	569	14	cumbersome	cumbersome	ADJ
cblr-8635	569	15	,	,	PUNCT
cblr-8635	569	16	”	"	PUNCT
cblr-8635	569	17	but	but	CCONJ
cblr-8635	569	18	once	once	ADV
cblr-8635	569	19	approached	approach	VERB
cblr-8635	569	20	by	by	ADP
cblr-8635	569	21	this	this	DET
cblr-8635	569	22	institutional	institutional	ADJ
cblr-8635	569	23	coalition	coalition	NOUN
cblr-8635	569	24	,	,	PUNCT
cblr-8635	569	25	it	it	PRON
cblr-8635	569	26	yielded	yield	VERB
cblr-8635	569	27	quickly	quickly	ADV
cblr-8635	569	28	.	.	PUNCT
cblr-8635	570	1	i	i	PRON
cblr-8635	570	2	d.	d.	PROPN
cblr-8635	570	3	(	(	PUNCT
cblr-8635	570	4	internal	internal	ADJ
cblr-8635	570	5	quotation	quotation	NOUN
cblr-8635	570	6	marks	mark	NOUN
cblr-8635	570	7	omitted	omit	VERB
cblr-8635	570	8	)	)	PUNCT
cblr-8635	570	9	(	(	PUNCT
cblr-8635	570	10	quoting	quote	VERB
cblr-8635	570	11	sarah	sarah	PROPN
cblr-8635	570	12	kent	kent	PROPN
cblr-8635	570	13	,	,	PUNCT
cblr-8635	570	14	shell	shell	VERB
cblr-8635	570	15	to	to	PART
cblr-8635	570	16	link	link	VERB
cblr-8635	570	17	carbon	carbon	NOUN
cblr-8635	570	18	emissions	emission	NOUN
cblr-8635	570	19	targets	target	NOUN
cblr-8635	570	20	to	to	ADP
cblr-8635	570	21	executive	executive	ADJ
cblr-8635	570	22	pay	pay	NOUN
cblr-8635	570	23	,	,	PUNCT
cblr-8635	570	24	wall	wall	PROPN
cblr-8635	570	25	st	st	PROPN
cblr-8635	570	26	.	.	PROPN
cblr-8635	570	27	j.	j.	PROPN
cblr-8635	570	28	(	(	PUNCT
cblr-8635	570	29	dec	dec	PROPN
cblr-8635	570	30	.	.	PROPN
cblr-8635	570	31	3	3	NUM
cblr-8635	570	32	,	,	PUNCT
cblr-8635	570	33	2018	2018	NUM
cblr-8635	570	34	)	)	PUNCT
cblr-8635	571	1	(	(	PUNCT
cblr-8635	571	2	on	on	ADP
cblr-8635	571	3	file	file	NOUN
cblr-8635	571	4	with	with	ADP
cblr-8635	571	5	the	the	DET
cblr-8635	571	6	columbia	columbia	PROPN
cblr-8635	571	7	business	business	PROPN
cblr-8635	571	8	law	law	PROPN
cblr-8635	571	9	review	review	PROPN
cblr-8635	571	10	)	)	PUNCT
cblr-8635	571	11	,	,	PUNCT
cblr-8635	571	12	https://www.wsj.com/articles/shell-to-link-carbon-emissions-targets-to-executives-pay-1543843441	https://www.wsj.com/articles/shell-to-link-carbon-emissions-targets-to-executives-pay-1543843441	NOUN
cblr-8635	571	13	)	)	PUNCT
cblr-8635	571	14	.	.	PUNCT
cblr-8635	572	1	thereafter	thereafter	ADV
cblr-8635	572	2	,	,	PUNCT
cblr-8635	572	3	this	this	DET
cblr-8635	572	4	same	same	ADJ
cblr-8635	572	5	coalition	coalition	NOUN
cblr-8635	572	6	next	next	ADV
cblr-8635	572	7	approached	approach	VERB
cblr-8635	572	8	exxonmobil	exxonmobil	PROPN
cblr-8635	572	9	,	,	PUNCT
cblr-8635	572	10	chevron	chevron	NOUN
cblr-8635	572	11	,	,	PUNCT
cblr-8635	572	12	and	and	CCONJ
cblr-8635	572	13	bp	bp	PROPN
cblr-8635	572	14	.	.	PUNCT
cblr-8635	573	1	i	i	PRON
cblr-8635	573	2	d.	d.	PROPN
cblr-8635	573	3	at	at	ADP
cblr-8635	573	4	3	3	NUM
cblr-8635	573	5	.	.	NUM
cblr-8635	573	6	99	99	NUM
cblr-8635	574	1	i	i	PRON
cblr-8635	574	2	d.	d.	PROPN
cblr-8635	574	3	at	at	ADP
cblr-8635	574	4	6	6	NUM
cblr-8635	574	5	.	.	PUNCT
cblr-8635	575	1	professor	professor	NOUN
cblr-8635	575	2	condon	condon	PROPN
cblr-8635	575	3	provides	provide	VERB
cblr-8635	575	4	us	we	PRON
cblr-8635	575	5	with	with	ADP
cblr-8635	575	6	a	a	DET
cblr-8635	575	7	well	well	ADV
cblr-8635	575	8	-	-	PUNCT
cblr-8635	575	9	reasoned	reason	VERB
cblr-8635	575	10	hypothetical	hypothetical	ADJ
cblr-8635	575	11	.	.	PUNCT
cblr-8635	576	1	assume	assume	VERB
cblr-8635	576	2	,	,	PUNCT
cblr-8635	576	3	she	she	PRON
cblr-8635	576	4	argues	argue	VERB
cblr-8635	576	5	,	,	PUNCT
cblr-8635	576	6	that	that	SCONJ
cblr-8635	576	7	blackrock	blackrock	NOUN
cblr-8635	576	8	believed	believe	VERB
cblr-8635	576	9	it	it	PRON
cblr-8635	576	10	could	could	AUX
cblr-8635	576	11	cause	cause	VERB
cblr-8635	576	12	exxon	exxon	PROPN
cblr-8635	576	13	and	and	CCONJ
cblr-8635	576	14	chevron	chevron	NOUN
cblr-8635	576	15	to	to	PART
cblr-8635	576	16	reduce	reduce	VERB
cblr-8635	576	17	their	their	PRON
cblr-8635	576	18	carbon	carbon	NOUN
cblr-8635	576	19	emissions	emission	NOUN
cblr-8635	576	20	by	by	ADP
cblr-8635	576	21	forty	forty	NUM
cblr-8635	576	22	percent	percent	NOUN
cblr-8635	576	23	at	at	ADP
cblr-8635	576	24	the	the	DET
cblr-8635	576	25	cost	cost	NOUN
cblr-8635	576	26	of	of	ADP
cblr-8635	576	27	a	a	DET
cblr-8635	576	28	twenty	twenty	NUM
cblr-8635	576	29	percent	percent	NOUN
cblr-8635	576	30	decline	decline	NOUN
cblr-8635	576	31	in	in	ADP
cblr-8635	576	32	each	each	PRON
cblr-8635	576	33	of	of	ADP
cblr-8635	576	34	their	their	PRON
cblr-8635	576	35	stock	stock	NOUN
cblr-8635	576	36	prices	price	NOUN
cblr-8635	576	37	.	.	PUNCT
cblr-8635	577	1	i	i	PRON
cblr-8635	577	2	d.	d.	PROPN
cblr-8635	577	3	at	at	ADP
cblr-8635	577	4	45	45	NUM
cblr-8635	577	5	.	.	PUNCT
cblr-8635	578	1	on	on	ADP
cblr-8635	578	2	this	this	DET
cblr-8635	578	3	assumption	assumption	NOUN
cblr-8635	578	4	,	,	PUNCT
cblr-8635	578	5	she	she	PRON
cblr-8635	578	6	calculates	calculate	VERB
cblr-8635	578	7	that	that	SCONJ
cblr-8635	578	8	the	the	DET
cblr-8635	578	9	stock	stock	NOUN
cblr-8635	578	10	price	price	NOUN
cblr-8635	578	11	decline	decline	NOUN
cblr-8635	578	12	to	to	ADP
cblr-8635	578	13	blackrock	blackrock	NOUN
cblr-8635	578	14	at	at	ADP
cblr-8635	578	15	these	these	DET
cblr-8635	578	16	two	two	NUM
cblr-8635	578	17	companies	company	NOUN
cblr-8635	578	18	would	would	AUX
cblr-8635	578	19	total	total	VERB
cblr-8635	578	20	$	$	SYM
cblr-8635	578	21	6.3	6.3	NUM
cblr-8635	578	22	billion	billion	NUM
cblr-8635	578	23	,	,	PUNCT
cblr-8635	578	24	but	but	CCONJ
cblr-8635	578	25	that	that	SCONJ
cblr-8635	578	26	the	the	DET
cblr-8635	578	27	gain	gain	NOUN
cblr-8635	578	28	for	for	ADP
cblr-8635	578	29	the	the	DET
cblr-8635	578	30	rest	rest	NOUN
cblr-8635	578	31	of	of	ADP
cblr-8635	578	32	their	their	PRON
cblr-8635	578	33	coffee	coffee	NOUN
cblr-8635	578	34	8/20/2021	8/20/2021	NUM
cblr-8635	578	35	6:32	6:32	NUM
cblr-8635	578	36	pm	pm	NOUN
cblr-8635	578	37	638	638	NUM
cblr-8635	578	38	columbia	columbia	PROPN
cblr-8635	578	39	business	business	NOUN
cblr-8635	578	40	law	law	NOUN
cblr-8635	578	41	review	review	NOUN
cblr-8635	578	42	[	[	X
cblr-8635	578	43	vol	vol	NOUN
cblr-8635	578	44	.	.	NOUN
cblr-8635	578	45	2021	2021	NUM
cblr-8635	578	46	in	in	ADP
cblr-8635	578	47	the	the	DET
cblr-8635	578	48	past	past	NOUN
cblr-8635	578	49	,	,	PUNCT
cblr-8635	578	50	even	even	ADV
cblr-8635	578	51	a	a	DET
cblr-8635	578	52	large	large	ADJ
cblr-8635	578	53	institutional	institutional	ADJ
cblr-8635	578	54	investor	investor	NOUN
cblr-8635	578	55	could	could	AUX
cblr-8635	578	56	not	not	PART
cblr-8635	578	57	hope	hope	VERB
cblr-8635	578	58	to	to	PART
cblr-8635	578	59	cause	cause	VERB
cblr-8635	578	60	a	a	DET
cblr-8635	578	61	shift	shift	NOUN
cblr-8635	578	62	in	in	ADP
cblr-8635	578	63	corporate	corporate	ADJ
cblr-8635	578	64	policy	policy	NOUN
cblr-8635	578	65	at	at	ADP
cblr-8635	578	66	a	a	DET
cblr-8635	578	67	portfolio	portfolio	NOUN
cblr-8635	578	68	firm.100	firm.100	NOUN
cblr-8635	578	69	but	but	CCONJ
cblr-8635	578	70	in	in	ADP
cblr-8635	578	71	the	the	DET
cblr-8635	578	72	new	new	ADJ
cblr-8635	578	73	age	age	NOUN
cblr-8635	578	74	,	,	PUNCT
cblr-8635	578	75	where	where	SCONJ
cblr-8635	578	76	the	the	DET
cblr-8635	578	77	big	big	ADJ
cblr-8635	578	78	three	three	NUM
cblr-8635	578	79	usually	usually	ADV
cblr-8635	578	80	represents	represent	VERB
cblr-8635	578	81	twenty	twenty	NUM
cblr-8635	578	82	-	-	PUNCT
cblr-8635	578	83	five	five	NUM
cblr-8635	578	84	percent	percent	NOUN
cblr-8635	578	85	of	of	ADP
cblr-8635	578	86	the	the	DET
cblr-8635	578	87	shares	share	NOUN
cblr-8635	578	88	voted	vote	VERB
cblr-8635	578	89	just	just	ADV
cblr-8635	578	90	by	by	ADP
cblr-8635	578	91	themselves101	themselves101	PROPN
cblr-8635	578	92	(	(	PUNCT
cblr-8635	578	93	and	and	CCONJ
cblr-8635	578	94	can	can	AUX
cblr-8635	578	95	reach	reach	VERB
cblr-8635	578	96	out	out	ADP
cblr-8635	578	97	to	to	ADP
cblr-8635	578	98	their	their	PRON
cblr-8635	578	99	fellow	fellow	ADJ
cblr-8635	578	100	institutions	institution	NOUN
cblr-8635	578	101	for	for	ADP
cblr-8635	578	102	more	more	ADJ
cblr-8635	578	103	support	support	NOUN
cblr-8635	578	104	)	)	PUNCT
cblr-8635	578	105	,	,	PUNCT
cblr-8635	578	106	they	they	PRON
cblr-8635	578	107	seem	seem	VERB
cblr-8635	578	108	able	able	ADJ
cblr-8635	578	109	to	to	PART
cblr-8635	578	110	enforce	enforce	VERB
cblr-8635	578	111	their	their	PRON
cblr-8635	578	112	will	will	NOUN
cblr-8635	578	113	effectively	effectively	ADV
cblr-8635	578	114	.	.	PUNCT
cblr-8635	579	1	moreover	moreover	ADV
cblr-8635	579	2	,	,	PUNCT
cblr-8635	579	3	the	the	DET
cblr-8635	579	4	firm	firm	ADJ
cblr-8635	579	5	managers	manager	NOUN
cblr-8635	579	6	that	that	SCONJ
cblr-8635	579	7	they	they	PRON
cblr-8635	579	8	will	will	AUX
cblr-8635	579	9	seek	seek	VERB
cblr-8635	579	10	to	to	PART
cblr-8635	579	11	pressure	pressure	NOUN
cblr-8635	579	12	are	be	AUX
cblr-8635	579	13	typically	typically	ADV
cblr-8635	579	14	risk	risk	NOUN
cblr-8635	579	15	-	-	PUNCT
cblr-8635	579	16	averse	averse	ADJ
cblr-8635	579	17	and	and	CCONJ
cblr-8635	579	18	probably	probably	ADV
cblr-8635	579	19	reluctant	reluctant	ADJ
cblr-8635	579	20	to	to	PART
cblr-8635	579	21	jeopardize	jeopardize	VERB
cblr-8635	579	22	their	their	PRON
cblr-8635	579	23	careers	career	NOUN
cblr-8635	579	24	by	by	ADP
cblr-8635	579	25	engaging	engage	VERB
cblr-8635	579	26	in	in	ADP
cblr-8635	579	27	a	a	DET
cblr-8635	579	28	contested	contest	VERB
cblr-8635	579	29	proxy	proxy	NOUN
cblr-8635	579	30	fight	fight	NOUN
cblr-8635	579	31	with	with	ADP
cblr-8635	579	32	these	these	DET
cblr-8635	579	33	powerful	powerful	ADJ
cblr-8635	579	34	institutions	institution	NOUN
cblr-8635	579	35	.	.	PUNCT
cblr-8635	580	1	of	of	ADP
cblr-8635	580	2	course	course	NOUN
cblr-8635	580	3	,	,	PUNCT
cblr-8635	580	4	fiduciaries	fiduciary	NOUN
cblr-8635	580	5	at	at	ADP
cblr-8635	580	6	an	an	DET
cblr-8635	580	7	erisa	erisa	NOUN
cblr-8635	580	8	plan	plan	NOUN
cblr-8635	580	9	would	would	AUX
cblr-8635	580	10	have	have	VERB
cblr-8635	580	11	to	to	PART
cblr-8635	580	12	make	make	VERB
cblr-8635	580	13	an	an	DET
cblr-8635	580	14	informed	informed	ADJ
cblr-8635	580	15	judgment	judgment	NOUN
cblr-8635	580	16	and	and	CCONJ
cblr-8635	580	17	compare	compare	VERB
cblr-8635	580	18	the	the	DET
cblr-8635	580	19	costs	cost	NOUN
cblr-8635	580	20	and	and	CCONJ
cblr-8635	580	21	benefits	benefit	NOUN
cblr-8635	580	22	from	from	ADP
cblr-8635	580	23	recommended	recommend	VERB
cblr-8635	580	24	action	action	NOUN
cblr-8635	580	25	to	to	ADP
cblr-8635	580	26	their	their	PRON
cblr-8635	580	27	portfolio	portfolio	NOUN
cblr-8635	580	28	.	.	PUNCT
cblr-8635	581	1	but	but	CCONJ
cblr-8635	581	2	this	this	PRON
cblr-8635	581	3	is	be	AUX
cblr-8635	581	4	exactly	exactly	ADV
cblr-8635	581	5	where	where	SCONJ
cblr-8635	581	6	consultants	consultant	NOUN
cblr-8635	581	7	will	will	AUX
cblr-8635	581	8	predictably	predictably	ADV
cblr-8635	581	9	be	be	AUX
cblr-8635	581	10	hired	hire	VERB
cblr-8635	581	11	to	to	PART
cblr-8635	581	12	perform	perform	VERB
cblr-8635	581	13	such	such	DET
cblr-8635	581	14	an	an	DET
cblr-8635	581	15	analysis.102	analysis.102	ADV
cblr-8635	581	16	possibly	possibly	ADV
cblr-8635	581	17	my	my	PRON
cblr-8635	581	18	cynicism	cynicism	NOUN
cblr-8635	581	19	is	be	AUX
cblr-8635	581	20	showing	show	VERB
cblr-8635	581	21	,	,	PUNCT
cblr-8635	581	22	but	but	CCONJ
cblr-8635	581	23	these	these	DET
cblr-8635	581	24	consultants	consultant	NOUN
cblr-8635	581	25	will	will	AUX
cblr-8635	581	26	usually	usually	ADV
cblr-8635	581	27	be	be	AUX
cblr-8635	581	28	able	able	ADJ
cblr-8635	581	29	to	to	PART
cblr-8635	581	30	justify	justify	VERB
cblr-8635	581	31	the	the	DET
cblr-8635	581	32	requisite	requisite	ADJ
cblr-8635	581	33	findings	finding	NOUN
cblr-8635	581	34	that	that	SCONJ
cblr-8635	581	35	their	their	PRON
cblr-8635	581	36	clients	client	NOUN
cblr-8635	581	37	want	want	VERB
cblr-8635	581	38	.	.	PUNCT
cblr-8635	582	1	indeed	indeed	ADV
cblr-8635	582	2	,	,	PUNCT
cblr-8635	582	3	this	this	PRON
cblr-8635	582	4	could	could	AUX
cblr-8635	582	5	become	become	VERB
cblr-8635	582	6	a	a	DET
cblr-8635	582	7	portfolios	portfolio	NOUN
cblr-8635	582	8	would	would	AUX
cblr-8635	582	9	be	be	AUX
cblr-8635	582	10	$	$	SYM
cblr-8635	582	11	9.7	9.7	NUM
cblr-8635	582	12	billion	billion	NUM
cblr-8635	582	13	,	,	PUNCT
cblr-8635	582	14	thus	thus	ADV
cblr-8635	582	15	producing	produce	VERB
cblr-8635	582	16	a	a	DET
cblr-8635	582	17	substantial	substantial	ADJ
cblr-8635	582	18	net	net	ADJ
cblr-8635	582	19	gain	gain	NOUN
cblr-8635	582	20	.	.	PUNCT
cblr-8635	583	1	i	i	PRON
cblr-8635	583	2	d.	d.	PROPN
cblr-8635	583	3	at	at	ADP
cblr-8635	583	4	45–47	45–47	NUM
cblr-8635	583	5	.	.	PUNCT
cblr-8635	584	1	if	if	SCONJ
cblr-8635	584	2	institutional	institutional	ADJ
cblr-8635	584	3	investors	investor	NOUN
cblr-8635	584	4	are	be	AUX
cblr-8635	584	5	satisfied	satisfied	ADJ
cblr-8635	584	6	with	with	ADP
cblr-8635	584	7	her	her	PRON
cblr-8635	584	8	calculations	calculation	NOUN
cblr-8635	584	9	,	,	PUNCT
cblr-8635	584	10	they	they	PRON
cblr-8635	584	11	should	should	AUX
cblr-8635	584	12	eagerly	eagerly	ADV
cblr-8635	584	13	pursue	pursue	VERB
cblr-8635	584	14	such	such	DET
cblr-8635	584	15	a	a	DET
cblr-8635	584	16	policy	policy	NOUN
cblr-8635	584	17	.	.	PUNCT
cblr-8635	585	1	100	100	NUM
cblr-8635	585	2	as	as	SCONJ
cblr-8635	585	3	professors	professor	NOUN
cblr-8635	585	4	bebchuk	bebchuk	VERB
cblr-8635	585	5	and	and	CCONJ
cblr-8635	585	6	hirst	hirst	PROPN
cblr-8635	585	7	record	record	NOUN
cblr-8635	585	8	,	,	PUNCT
cblr-8635	585	9	institutional	institutional	ADJ
cblr-8635	585	10	ownership	ownership	NOUN
cblr-8635	585	11	and	and	CCONJ
cblr-8635	585	12	its	its	PRON
cblr-8635	585	13	concentration	concentration	NOUN
cblr-8635	585	14	have	have	AUX
cblr-8635	585	15	increased	increase	VERB
cblr-8635	585	16	rapidly	rapidly	ADV
cblr-8635	585	17	in	in	ADP
cblr-8635	585	18	recent	recent	ADJ
cblr-8635	585	19	decades	decade	NOUN
cblr-8635	585	20	.	.	PUNCT
cblr-8635	586	1	see	see	VERB
cblr-8635	586	2	bebchuk	bebchuk	NOUN
cblr-8635	586	3	&	&	CCONJ
cblr-8635	586	4	hirst	hirst	PROPN
cblr-8635	586	5	,	,	PUNCT
cblr-8635	586	6	supra	supra	PROPN
cblr-8635	586	7	note	note	PROPN
cblr-8635	586	8	8	8	NUM
cblr-8635	586	9	,	,	PUNCT
cblr-8635	586	10	at	at	ADP
cblr-8635	586	11	724–27	724–27	NUM
cblr-8635	586	12	.	.	PUNCT
cblr-8635	587	1	101	101	NUM
cblr-8635	587	2	i	i	PRON
cblr-8635	587	3	d.	d.	PROPN
cblr-8635	587	4	at	at	ADP
cblr-8635	587	5	724	724	NUM
cblr-8635	587	6	.	.	PUNCT
cblr-8635	588	1	102	102	NUM
cblr-8635	588	2	for	for	ADP
cblr-8635	588	3	example	example	NOUN
cblr-8635	588	4	,	,	PUNCT
cblr-8635	588	5	an	an	DET
cblr-8635	588	6	environmental	environmental	ADJ
cblr-8635	588	7	consulting	consulting	NOUN
cblr-8635	588	8	firm	firm	NOUN
cblr-8635	588	9	,	,	PUNCT
cblr-8635	588	10	an	an	DET
cblr-8635	588	11	accounting	accounting	NOUN
cblr-8635	588	12	firm	firm	NOUN
cblr-8635	588	13	,	,	PUNCT
cblr-8635	588	14	or	or	CCONJ
cblr-8635	588	15	a	a	DET
cblr-8635	588	16	proxy	proxy	ADJ
cblr-8635	588	17	advisor	advisor	NOUN
cblr-8635	588	18	might	might	AUX
cblr-8635	588	19	compare	compare	VERB
cblr-8635	588	20	the	the	DET
cblr-8635	588	21	loss	loss	NOUN
cblr-8635	588	22	to	to	ADP
cblr-8635	588	23	a	a	DET
cblr-8635	588	24	major	major	ADJ
cblr-8635	588	25	oil	oil	NOUN
cblr-8635	588	26	company	company	NOUN
cblr-8635	588	27	(	(	PUNCT
cblr-8635	588	28	such	such	ADJ
cblr-8635	588	29	as	as	ADP
cblr-8635	588	30	royal	royal	ADJ
cblr-8635	588	31	dutch	dutch	ADJ
cblr-8635	588	32	shell	shell	NOUN
cblr-8635	588	33	in	in	ADP
cblr-8635	588	34	our	our	PRON
cblr-8635	588	35	earlier	early	ADJ
cblr-8635	588	36	example	example	NOUN
cblr-8635	588	37	)	)	PUNCT
cblr-8635	588	38	from	from	ADP
cblr-8635	588	39	reducing	reduce	VERB
cblr-8635	588	40	its	its	PRON
cblr-8635	588	41	emissions	emission	NOUN
cblr-8635	588	42	or	or	CCONJ
cblr-8635	588	43	carbon	carbon	NOUN
cblr-8635	588	44	footprint	footprint	NOUN
cblr-8635	588	45	by	by	ADP
cblr-8635	588	46	a	a	DET
cblr-8635	588	47	specified	specified	ADJ
cblr-8635	588	48	percentage	percentage	NOUN
cblr-8635	588	49	to	to	ADP
cblr-8635	588	50	the	the	DET
cblr-8635	588	51	benefits	benefit	NOUN
cblr-8635	588	52	to	to	ADP
cblr-8635	588	53	other	other	ADJ
cblr-8635	588	54	companies	company	NOUN
cblr-8635	588	55	in	in	ADP
cblr-8635	588	56	its	its	PRON
cblr-8635	588	57	portfolio	portfolio	NOUN
cblr-8635	588	58	from	from	ADP
cblr-8635	588	59	achieving	achieve	VERB
cblr-8635	588	60	reduced	reduce	VERB
cblr-8635	588	61	pollution	pollution	NOUN
cblr-8635	588	62	and	and	CCONJ
cblr-8635	588	63	postponing	postpone	VERB
cblr-8635	588	64	adverse	adverse	ADJ
cblr-8635	588	65	climate	climate	NOUN
cblr-8635	588	66	change	change	NOUN
cblr-8635	588	67	.	.	PUNCT
cblr-8635	589	1	some	some	DET
cblr-8635	589	2	asset	asset	NOUN
cblr-8635	589	3	managers	manager	NOUN
cblr-8635	589	4	appear	appear	VERB
cblr-8635	589	5	to	to	PART
cblr-8635	589	6	be	be	AUX
cblr-8635	589	7	making	make	VERB
cblr-8635	589	8	these	these	DET
cblr-8635	589	9	estimates	estimate	NOUN
cblr-8635	589	10	already	already	ADV
cblr-8635	589	11	.	.	PUNCT
cblr-8635	590	1	schroders	schroder	NOUN
cblr-8635	590	2	,	,	PUNCT
cblr-8635	590	3	a	a	DET
cblr-8635	590	4	major	major	ADJ
cblr-8635	590	5	asset	asset	NOUN
cblr-8635	590	6	manager	manager	NOUN
cblr-8635	590	7	,	,	PUNCT
cblr-8635	590	8	has	have	AUX
cblr-8635	590	9	calculated	calculate	VERB
cblr-8635	590	10	that	that	SCONJ
cblr-8635	590	11	a	a	DET
cblr-8635	590	12	four	four	NUM
cblr-8635	590	13	degree	degree	NOUN
cblr-8635	590	14	increase	increase	NOUN
cblr-8635	590	15	(	(	PUNCT
cblr-8635	590	16	centigrade	centigrade	NOUN
cblr-8635	590	17	)	)	PUNCT
cblr-8635	590	18	would	would	AUX
cblr-8635	590	19	produce	produce	VERB
cblr-8635	590	20	“	"	PUNCT
cblr-8635	590	21	global	global	ADJ
cblr-8635	590	22	economic	economic	ADJ
cblr-8635	590	23	losses	loss	NOUN
cblr-8635	590	24	”	"	PUNCT
cblr-8635	590	25	of	of	ADP
cblr-8635	590	26	$	$	SYM
cblr-8635	590	27	23	23	NUM
cblr-8635	590	28	trillion	trillion	NUM
cblr-8635	590	29	over	over	ADP
cblr-8635	590	30	an	an	DET
cblr-8635	590	31	eighty	eighty	NUM
cblr-8635	590	32	-	-	PUNCT
cblr-8635	590	33	year	year	NOUN
cblr-8635	590	34	period	period	NOUN
cblr-8635	590	35	.	.	PUNCT
cblr-8635	591	1	see	see	VERB
cblr-8635	591	2	condon	condon	PROPN
cblr-8635	591	3	,	,	PUNCT
cblr-8635	591	4	supra	supra	PROPN
cblr-8635	591	5	note	note	PROPN
cblr-8635	591	6	8	8	NUM
cblr-8635	591	7	,	,	PUNCT
cblr-8635	591	8	at	at	ADP
cblr-8635	591	9	6	6	NUM
cblr-8635	591	10	(	(	PUNCT
cblr-8635	591	11	quoting	quote	VERB
cblr-8635	591	12	schroders	schroder	NOUN
cblr-8635	591	13	climate	climate	NOUN
cblr-8635	591	14	dashboard	dashboard	NOUN
cblr-8635	591	15	points	point	NOUN
cblr-8635	591	16	to	to	ADP
cblr-8635	591	17	four	four	NUM
cblr-8635	591	18	degree	degree	NOUN
cblr-8635	591	19	rise	rise	NOUN
cblr-8635	591	20	—	—	PUNCT
cblr-8635	591	21	despite	despite	SCONJ
cblr-8635	591	22	increase	increase	NOUN
cblr-8635	591	23	in	in	ADP
cblr-8635	591	24	carbon	carbon	NOUN
cblr-8635	591	25	prices	price	NOUN
cblr-8635	591	26	,	,	PUNCT
cblr-8635	591	27	schroders	schroder	NOUN
cblr-8635	591	28	(	(	PUNCT
cblr-8635	591	29	oct	oct	PROPN
cblr-8635	591	30	.	.	PROPN
cblr-8635	591	31	19	19	NUM
cblr-8635	591	32	,	,	PUNCT
cblr-8635	591	33	2018	2018	NUM
cblr-8635	591	34	)	)	PUNCT
cblr-8635	591	35	,	,	PUNCT
cblr-8635	591	36	https://www.schroders.com/en/au/institutions/insights/investment-insights/schroders-climate-dashboard-points-to-four-degree-rise—despite-increase-in-carbon-prices/	https://www.schroders.com/en/au/institutions/insights/investment-insights/schroders-climate-dashboard-points-to-four-degree-rise—despite-increase-in-carbon-prices/	NOUN
cblr-8635	592	1	[	[	X
cblr-8635	592	2	https://perma.cc/ne73-78jj	https://perma.cc/ne73-78jj	X
cblr-8635	592	3	]	]	PUNCT
cblr-8635	592	4	)	)	PUNCT
cblr-8635	592	5	.	.	PUNCT
cblr-8635	593	1	because	because	SCONJ
cblr-8635	593	2	this	this	PRON
cblr-8635	593	3	is	be	AUX
cblr-8635	593	4	a	a	DET
cblr-8635	593	5	short	short	ADJ
cblr-8635	593	6	article	article	NOUN
cblr-8635	593	7	,	,	PUNCT
cblr-8635	593	8	it	it	PRON
cblr-8635	593	9	will	will	AUX
cblr-8635	593	10	simply	simply	ADV
cblr-8635	593	11	assert	assert	VERB
cblr-8635	593	12	(	(	PUNCT
cblr-8635	593	13	and	and	CCONJ
cblr-8635	593	14	not	not	PART
cblr-8635	593	15	demonstrate	demonstrate	VERB
cblr-8635	593	16	)	)	PUNCT
cblr-8635	593	17	that	that	SCONJ
cblr-8635	593	18	such	such	ADJ
cblr-8635	593	19	calculations	calculation	NOUN
cblr-8635	593	20	are	be	AUX
cblr-8635	593	21	difficult	difficult	ADJ
cblr-8635	593	22	and	and	CCONJ
cblr-8635	593	23	tend	tend	VERB
cblr-8635	593	24	to	to	PART
cblr-8635	593	25	be	be	AUX
cblr-8635	593	26	error	error	NOUN
cblr-8635	593	27	-	-	PUNCT
cblr-8635	593	28	prone	prone	ADJ
cblr-8635	593	29	.	.	PUNCT
cblr-8635	594	1	coffee	coffee	NOUN
cblr-8635	594	2	8/20/2021	8/20/2021	NUM
cblr-8635	594	3	6:32	6:32	NUM
cblr-8635	594	4	pm	pm	NOUN
cblr-8635	594	5	no	no	INTJ
cblr-8635	594	6	.	.	PUNCT
cblr-8635	595	1	2:602	2:602	NUM
cblr-8635	595	2	]	]	X
cblr-8635	595	3	the	the	DET
cblr-8635	595	4	future	future	NOUN
cblr-8635	595	5	of	of	ADP
cblr-8635	595	6	disclosure	disclosure	NOUN
cblr-8635	595	7	639	639	NUM
cblr-8635	595	8	burgeoning	burgeon	VERB
cblr-8635	595	9	growth	growth	NOUN
cblr-8635	595	10	business	business	NOUN
cblr-8635	595	11	for	for	ADP
cblr-8635	595	12	accounting	accounting	NOUN
cblr-8635	595	13	firms	firm	NOUN
cblr-8635	595	14	,	,	PUNCT
cblr-8635	595	15	proxy	proxy	ADJ
cblr-8635	595	16	advisory	advisory	ADJ
cblr-8635	595	17	firms	firm	NOUN
cblr-8635	595	18	,	,	PUNCT
cblr-8635	595	19	and	and	CCONJ
cblr-8635	595	20	other	other	ADJ
cblr-8635	595	21	consultants	consultant	NOUN
cblr-8635	595	22	.	.	PUNCT
cblr-8635	596	1	this	this	PRON
cblr-8635	596	2	is	be	AUX
cblr-8635	596	3	also	also	ADV
cblr-8635	596	4	the	the	DET
cblr-8635	596	5	juncture	juncture	NOUN
cblr-8635	596	6	where	where	SCONJ
cblr-8635	596	7	the	the	DET
cblr-8635	596	8	sec	sec	PROPN
cblr-8635	596	9	could	could	AUX
cblr-8635	596	10	play	play	VERB
cblr-8635	596	11	a	a	DET
cblr-8635	596	12	useful	useful	ADJ
cblr-8635	596	13	role	role	NOUN
cblr-8635	596	14	.	.	PUNCT
cblr-8635	597	1	the	the	DET
cblr-8635	597	2	sec	sec	PROPN
cblr-8635	597	3	could	could	AUX
cblr-8635	597	4	require	require	VERB
cblr-8635	597	5	corporate	corporate	ADJ
cblr-8635	597	6	managers	manager	NOUN
cblr-8635	597	7	to	to	PART
cblr-8635	597	8	disclose	disclose	VERB
cblr-8635	597	9	data	datum	NOUN
cblr-8635	597	10	that	that	PRON
cblr-8635	597	11	they	they	PRON
cblr-8635	597	12	possess	possess	VERB
cblr-8635	597	13	about	about	ADP
cblr-8635	597	14	the	the	DET
cblr-8635	597	15	costs	cost	NOUN
cblr-8635	597	16	of	of	ADP
cblr-8635	597	17	change	change	NOUN
cblr-8635	597	18	(	(	PUNCT
cblr-8635	597	19	for	for	ADP
cblr-8635	597	20	example	example	NOUN
cblr-8635	597	21	,	,	PUNCT
cblr-8635	597	22	the	the	DET
cblr-8635	597	23	costs	cost	NOUN
cblr-8635	597	24	of	of	ADP
cblr-8635	597	25	reaching	reach	VERB
cblr-8635	597	26	carbon	carbon	NOUN
cblr-8635	597	27	neutrality	neutrality	NOUN
cblr-8635	597	28	by	by	ADP
cblr-8635	597	29	a	a	DET
cblr-8635	597	30	given	give	VERB
cblr-8635	597	31	date	date	NOUN
cblr-8635	597	32	)	)	PUNCT
cblr-8635	597	33	.	.	PUNCT
cblr-8635	598	1	such	such	ADJ
cblr-8635	598	2	data	datum	NOUN
cblr-8635	598	3	(	(	PUNCT
cblr-8635	598	4	which	which	PRON
cblr-8635	598	5	increasingly	increasingly	ADV
cblr-8635	598	6	exist	exist	VERB
cblr-8635	598	7	at	at	ADP
cblr-8635	598	8	many	many	ADJ
cblr-8635	598	9	large	large	ADJ
cblr-8635	598	10	public	public	ADJ
cblr-8635	598	11	companies	company	NOUN
cblr-8635	598	12	)	)	PUNCT
cblr-8635	598	13	could	could	AUX
cblr-8635	598	14	be	be	AUX
cblr-8635	598	15	required	require	VERB
cblr-8635	598	16	to	to	PART
cblr-8635	598	17	be	be	AUX
cblr-8635	598	18	disclosed	disclose	VERB
cblr-8635	598	19	in	in	ADP
cblr-8635	598	20	the	the	DET
cblr-8635	598	21	firm	firm	NOUN
cblr-8635	598	22	’s	’s	PART
cblr-8635	598	23	management	management	NOUN
cblr-8635	598	24	discussion	discussion	NOUN
cblr-8635	598	25	&	&	CCONJ
cblr-8635	598	26	analysis	analysis	NOUN
cblr-8635	598	27	(	(	PUNCT
cblr-8635	598	28	md&a).103	md&a).103	ADP
cblr-8635	598	29	this	this	PRON
cblr-8635	598	30	would	would	AUX
cblr-8635	598	31	not	not	PART
cblr-8635	598	32	be	be	AUX
cblr-8635	598	33	an	an	DET
cblr-8635	598	34	aggressive	aggressive	ADJ
cblr-8635	598	35	step	step	NOUN
cblr-8635	598	36	for	for	ADP
cblr-8635	598	37	the	the	DET
cblr-8635	598	38	sec	sec	PROPN
cblr-8635	598	39	,	,	PUNCT
cblr-8635	598	40	as	as	SCONJ
cblr-8635	598	41	it	it	PRON
cblr-8635	598	42	would	would	AUX
cblr-8635	598	43	only	only	ADV
cblr-8635	598	44	be	be	AUX
cblr-8635	598	45	requiring	require	VERB
cblr-8635	598	46	the	the	DET
cblr-8635	598	47	disclosure	disclosure	NOUN
cblr-8635	598	48	of	of	ADP
cblr-8635	598	49	data	datum	NOUN
cblr-8635	598	50	in	in	ADP
cblr-8635	598	51	management	management	NOUN
cblr-8635	598	52	’s	’s	PART
cblr-8635	598	53	possession	possession	NOUN
cblr-8635	598	54	and	and	CCONJ
cblr-8635	598	55	not	not	PART
cblr-8635	598	56	mandating	mandate	VERB
cblr-8635	598	57	any	any	DET
cblr-8635	598	58	position	position	NOUN
cblr-8635	598	59	on	on	ADP
cblr-8635	598	60	esg	esg	PROPN
cblr-8635	598	61	investing	investing	NOUN
cblr-8635	598	62	.	.	PUNCT
cblr-8635	599	1	conceivably	conceivably	ADV
cblr-8635	599	2	,	,	PUNCT
cblr-8635	599	3	one	one	PRON
cblr-8635	599	4	could	could	AUX
cblr-8635	599	5	go	go	VERB
cblr-8635	599	6	even	even	ADV
cblr-8635	599	7	a	a	DET
cblr-8635	599	8	step	step	NOUN
cblr-8635	599	9	further	far	ADV
cblr-8635	599	10	:	:	PUNCT
cblr-8635	599	11	fiduciaries	fiduciary	NOUN
cblr-8635	599	12	might	might	AUX
cblr-8635	599	13	also	also	ADV
cblr-8635	599	14	calculate	calculate	VERB
cblr-8635	599	15	the	the	DET
cblr-8635	599	16	benefits	benefit	NOUN
cblr-8635	599	17	to	to	ADP
cblr-8635	599	18	their	their	PRON
cblr-8635	599	19	beneficiaries	beneficiary	NOUN
cblr-8635	599	20	,	,	PUNCT
cblr-8635	599	21	as	as	ADP
cblr-8635	599	22	individuals	individual	NOUN
cblr-8635	599	23	,	,	PUNCT
cblr-8635	599	24	from	from	ADP
cblr-8635	599	25	reducing	reduce	VERB
cblr-8635	599	26	pollution	pollution	NOUN
cblr-8635	599	27	or	or	CCONJ
cblr-8635	599	28	slowing	slow	VERB
cblr-8635	599	29	climate	climate	NOUN
cblr-8635	599	30	change.104	change.104	NOUN
cblr-8635	599	31	although	although	SCONJ
cblr-8635	599	32	under	under	ADP
cblr-8635	599	33	erisa	erisa	NOUN
cblr-8635	599	34	fiduciaries	fiduciary	NOUN
cblr-8635	599	35	may	may	AUX
cblr-8635	599	36	be	be	AUX
cblr-8635	599	37	legally	legally	ADV
cblr-8635	599	38	103	103	NUM
cblr-8635	599	39	“	"	PUNCT
cblr-8635	599	40	reporting	reporting	NOUN
cblr-8635	599	41	companies	company	NOUN
cblr-8635	599	42	,	,	PUNCT
cblr-8635	599	43	”	"	PUNCT
cblr-8635	599	44	which	which	PRON
cblr-8635	599	45	include	include	VERB
cblr-8635	599	46	most	most	ADJ
cblr-8635	599	47	exchange	exchange	NOUN
cblr-8635	599	48	-	-	PUNCT
cblr-8635	599	49	listed	list	VERB
cblr-8635	599	50	companies	company	NOUN
cblr-8635	599	51	,	,	PUNCT
cblr-8635	599	52	must	must	AUX
cblr-8635	599	53	comply	comply	VERB
cblr-8635	599	54	with	with	ADP
cblr-8635	599	55	sec	sec	PROPN
cblr-8635	599	56	regulation	regulation	NOUN
cblr-8635	599	57	s	s	PROPN
cblr-8635	599	58	-	-	PUNCT
cblr-8635	599	59	k	k	ADJ
cblr-8635	599	60	,	,	PUNCT
cblr-8635	599	61	17	17	NUM
cblr-8635	599	62	c.f.r	c.f.r	NOUN
cblr-8635	599	63	.	.	PUNCT
cblr-8635	600	1	§	§	PROPN
cblr-8635	600	2	§	§	PROPN
cblr-8635	600	3	229.1–.1406	229.1–.1406	PROPN
cblr-8635	600	4	(	(	PUNCT
cblr-8635	600	5	2020	2020	NUM
cblr-8635	600	6	)	)	PUNCT
cblr-8635	600	7	,	,	PUNCT
cblr-8635	600	8	by	by	ADP
cblr-8635	600	9	filing	file	VERB
cblr-8635	600	10	certain	certain	ADJ
cblr-8635	600	11	mandatory	mandatory	ADJ
cblr-8635	600	12	periodic	periodic	ADJ
cblr-8635	600	13	disclosures	disclosure	NOUN
cblr-8635	600	14	with	with	ADP
cblr-8635	600	15	the	the	DET
cblr-8635	600	16	sec	sec	PROPN
cblr-8635	600	17	.	.	PUNCT
cblr-8635	600	18	item	item	PROPN
cblr-8635	600	19	303	303	NUM
cblr-8635	600	20	of	of	ADP
cblr-8635	600	21	regulation	regulation	NOUN
cblr-8635	600	22	s	s	PROPN
cblr-8635	600	23	-	-	PROPN
cblr-8635	600	24	k	k	X
cblr-8635	600	25	(	(	PUNCT
cblr-8635	600	26	“	"	PUNCT
cblr-8635	600	27	management	management	NOUN
cblr-8635	600	28	’s	’s	PART
cblr-8635	600	29	discussion	discussion	NOUN
cblr-8635	600	30	and	and	CCONJ
cblr-8635	600	31	analysis	analysis	NOUN
cblr-8635	600	32	of	of	ADP
cblr-8635	600	33	financial	financial	ADJ
cblr-8635	600	34	condition	condition	NOUN
cblr-8635	600	35	and	and	CCONJ
cblr-8635	600	36	results	result	NOUN
cblr-8635	600	37	of	of	ADP
cblr-8635	600	38	operations	operation	NOUN
cblr-8635	600	39	”	"	PUNCT
cblr-8635	600	40	)	)	PUNCT
cblr-8635	600	41	requires	require	VERB
cblr-8635	600	42	such	such	DET
cblr-8635	600	43	a	a	DET
cblr-8635	600	44	reporting	report	VERB
cblr-8635	600	45	company	company	NOUN
cblr-8635	600	46	to	to	ADP
cblr-8635	600	47	“	"	PUNCT
cblr-8635	600	48	[	[	X
cblr-8635	600	49	i]dentify	i]dentify	VERB
cblr-8635	600	50	any	any	DET
cblr-8635	600	51	known	know	VERB
cblr-8635	600	52	trends	trend	NOUN
cblr-8635	600	53	or	or	CCONJ
cblr-8635	600	54	any	any	DET
cblr-8635	600	55	known	know	VERB
cblr-8635	600	56	demands	demand	NOUN
cblr-8635	600	57	,	,	PUNCT
cblr-8635	600	58	commitments	commitment	NOUN
cblr-8635	600	59	,	,	PUNCT
cblr-8635	600	60	events	event	NOUN
cblr-8635	600	61	or	or	CCONJ
cblr-8635	600	62	uncertainties	uncertainty	NOUN
cblr-8635	600	63	.	.	PUNCT
cblr-8635	600	64	.	.	PUNCT
cblr-8635	600	65	.	.	PUNCT
cblr-8635	601	1	that	that	PRON
cblr-8635	601	2	are	be	AUX
cblr-8635	601	3	reasonably	reasonably	ADV
cblr-8635	601	4	likely	likely	ADJ
cblr-8635	601	5	”	"	PUNCT
cblr-8635	601	6	to	to	PART
cblr-8635	601	7	produce	produce	VERB
cblr-8635	601	8	material	material	NOUN
cblr-8635	601	9	changes	change	NOUN
cblr-8635	601	10	in	in	ADP
cblr-8635	601	11	the	the	DET
cblr-8635	601	12	issuer	issuer	NOUN
cblr-8635	601	13	’s	’s	PART
cblr-8635	601	14	liquidity	liquidity	NOUN
cblr-8635	601	15	,	,	PUNCT
cblr-8635	601	16	capital	capital	NOUN
cblr-8635	601	17	resources	resource	NOUN
cblr-8635	601	18	,	,	PUNCT
cblr-8635	601	19	or	or	CCONJ
cblr-8635	601	20	results	result	NOUN
cblr-8635	601	21	of	of	ADP
cblr-8635	601	22	operations	operation	NOUN
cblr-8635	601	23	.	.	PUNCT
cblr-8635	602	1	i	i	PRON
cblr-8635	602	2	d.	d.	PROPN
cblr-8635	602	3	§	§	PROPN
cblr-8635	602	4	229.303(b)(1)(i	229.303(b)(1)(i	NUM
cblr-8635	602	5	)	)	PUNCT
cblr-8635	602	6	.	.	PUNCT
cblr-8635	603	1	if	if	SCONJ
cblr-8635	603	2	there	there	PRON
cblr-8635	603	3	were	be	VERB
cblr-8635	603	4	even	even	ADV
cblr-8635	603	5	“	"	PUNCT
cblr-8635	603	6	uncertainties	uncertainty	NOUN
cblr-8635	603	7	”	"	PUNCT
cblr-8635	603	8	about	about	ADP
cblr-8635	603	9	the	the	DET
cblr-8635	603	10	costs	cost	NOUN
cblr-8635	603	11	of	of	ADP
cblr-8635	603	12	reaching	reach	VERB
cblr-8635	603	13	environmental	environmental	ADJ
cblr-8635	603	14	targets	target	NOUN
cblr-8635	603	15	and	and	CCONJ
cblr-8635	603	16	those	those	DET
cblr-8635	603	17	costs	cost	NOUN
cblr-8635	603	18	could	could	AUX
cblr-8635	603	19	have	have	VERB
cblr-8635	603	20	a	a	DET
cblr-8635	603	21	material	material	ADJ
cblr-8635	603	22	impact	impact	NOUN
cblr-8635	603	23	on	on	ADP
cblr-8635	603	24	liquidity	liquidity	NOUN
cblr-8635	603	25	,	,	PUNCT
cblr-8635	603	26	capital	capital	NOUN
cblr-8635	603	27	resources	resource	NOUN
cblr-8635	603	28	,	,	PUNCT
cblr-8635	603	29	or	or	CCONJ
cblr-8635	603	30	results	result	NOUN
cblr-8635	603	31	of	of	ADP
cblr-8635	603	32	operations	operation	NOUN
cblr-8635	603	33	,	,	PUNCT
cblr-8635	603	34	then	then	ADV
cblr-8635	603	35	disclosure	disclosure	NOUN
cblr-8635	603	36	would	would	AUX
cblr-8635	603	37	be	be	AUX
cblr-8635	603	38	required	require	VERB
cblr-8635	603	39	.	.	PUNCT
cblr-8635	604	1	the	the	DET
cblr-8635	604	2	point	point	NOUN
cblr-8635	604	3	here	here	ADV
cblr-8635	604	4	is	be	AUX
cblr-8635	604	5	that	that	SCONJ
cblr-8635	604	6	the	the	DET
cblr-8635	604	7	sec	sec	PROPN
cblr-8635	604	8	could	could	AUX
cblr-8635	604	9	clarify	clarify	VERB
cblr-8635	604	10	that	that	SCONJ
cblr-8635	604	11	such	such	ADJ
cblr-8635	604	12	disclosure	disclosure	NOUN
cblr-8635	604	13	was	be	AUX
cblr-8635	604	14	required	require	VERB
cblr-8635	604	15	as	as	ADP
cblr-8635	604	16	to	to	ADP
cblr-8635	604	17	major	major	ADJ
cblr-8635	604	18	esg	esg	NOUN
cblr-8635	604	19	topics	topic	NOUN
cblr-8635	604	20	,	,	PUNCT
cblr-8635	604	21	such	such	ADJ
cblr-8635	604	22	as	as	ADP
cblr-8635	604	23	climate	climate	NOUN
cblr-8635	604	24	change	change	NOUN
cblr-8635	604	25	,	,	PUNCT
cblr-8635	604	26	and	and	CCONJ
cblr-8635	604	27	this	this	PRON
cblr-8635	604	28	would	would	AUX
cblr-8635	604	29	inform	inform	VERB
cblr-8635	604	30	and	and	CCONJ
cblr-8635	604	31	motivate	motivate	ADJ
cblr-8635	604	32	fiduciaries	fiduciary	NOUN
cblr-8635	604	33	at	at	ADP
cblr-8635	604	34	the	the	DET
cblr-8635	604	35	major	major	ADJ
cblr-8635	604	36	institutional	institutional	ADJ
cblr-8635	604	37	investors	investor	NOUN
cblr-8635	604	38	.	.	PUNCT
cblr-8635	605	1	104	104	NUM
cblr-8635	605	2	this	this	DET
cblr-8635	605	3	idea	idea	NOUN
cblr-8635	605	4	that	that	SCONJ
cblr-8635	605	5	fiduciaries	fiduciary	NOUN
cblr-8635	605	6	could	could	AUX
cblr-8635	605	7	serve	serve	VERB
cblr-8635	605	8	the	the	DET
cblr-8635	605	9	best	good	ADJ
cblr-8635	605	10	interests	interest	NOUN
cblr-8635	605	11	of	of	ADP
cblr-8635	605	12	their	their	PRON
cblr-8635	605	13	beneficiaries	beneficiary	NOUN
cblr-8635	605	14	by	by	ADP
cblr-8635	605	15	considering	consider	VERB
cblr-8635	605	16	more	more	ADJ
cblr-8635	605	17	than	than	ADP
cblr-8635	605	18	simply	simply	ADV
cblr-8635	605	19	the	the	DET
cblr-8635	605	20	impact	impact	NOUN
cblr-8635	605	21	of	of	ADP
cblr-8635	605	22	their	their	PRON
cblr-8635	605	23	actions	action	NOUN
cblr-8635	605	24	on	on	ADP
cblr-8635	605	25	the	the	DET
cblr-8635	605	26	individual	individual	ADJ
cblr-8635	605	27	stocks	stock	NOUN
cblr-8635	605	28	before	before	ADP
cblr-8635	605	29	them	they	PRON
cblr-8635	605	30	will	will	AUX
cblr-8635	605	31	worry	worry	VERB
cblr-8635	605	32	some	some	PRON
cblr-8635	605	33	,	,	PUNCT
cblr-8635	605	34	as	as	SCONJ
cblr-8635	605	35	it	it	PRON
cblr-8635	605	36	could	could	AUX
cblr-8635	605	37	quickly	quickly	ADV
cblr-8635	605	38	lead	lead	VERB
cblr-8635	605	39	down	down	ADP
cblr-8635	605	40	a	a	DET
cblr-8635	605	41	slippery	slippery	ADJ
cblr-8635	605	42	slope	slope	NOUN
cblr-8635	605	43	to	to	ADP
cblr-8635	605	44	very	very	ADV
cblr-8635	605	45	subjective	subjective	ADJ
cblr-8635	605	46	judgments	judgment	NOUN
cblr-8635	605	47	.	.	PUNCT
cblr-8635	606	1	for	for	ADP
cblr-8635	606	2	example	example	NOUN
cblr-8635	606	3	,	,	PUNCT
cblr-8635	606	4	one	one	PRON
cblr-8635	606	5	could	could	AUX
cblr-8635	606	6	look	look	VERB
cblr-8635	606	7	even	even	ADV
cblr-8635	606	8	beyond	beyond	ADP
cblr-8635	606	9	the	the	DET
cblr-8635	606	10	financial	financial	ADJ
cblr-8635	606	11	interest	interest	NOUN
cblr-8635	606	12	of	of	ADP
cblr-8635	606	13	the	the	DET
cblr-8635	606	14	beneficiaries	beneficiary	NOUN
cblr-8635	606	15	and	and	CCONJ
cblr-8635	606	16	add	add	VERB
cblr-8635	606	17	into	into	ADP
cblr-8635	606	18	the	the	DET
cblr-8635	606	19	calculation	calculation	NOUN
cblr-8635	606	20	their	their	PRON
cblr-8635	606	21	personal	personal	ADJ
cblr-8635	606	22	interests	interest	NOUN
cblr-8635	606	23	as	as	ADV
cblr-8635	606	24	well	well	ADV
cblr-8635	606	25	:	:	PUNCT
cblr-8635	606	26	reducing	reduce	VERB
cblr-8635	606	27	pollution	pollution	NOUN
cblr-8635	606	28	may	may	AUX
cblr-8635	606	29	enable	enable	VERB
cblr-8635	606	30	the	the	DET
cblr-8635	606	31	beneficiaries	beneficiary	NOUN
cblr-8635	606	32	to	to	PART
cblr-8635	606	33	live	live	VERB
cblr-8635	606	34	longer	long	ADV
cblr-8635	606	35	or	or	CCONJ
cblr-8635	606	36	better	well	ADJ
cblr-8635	606	37	lives	life	NOUN
cblr-8635	606	38	.	.	PUNCT
cblr-8635	607	1	heretical	heretical	ADJ
cblr-8635	607	2	as	as	SCONJ
cblr-8635	607	3	this	this	PRON
cblr-8635	607	4	may	may	AUX
cblr-8635	607	5	sound	sound	VERB
cblr-8635	607	6	,	,	PUNCT
cblr-8635	607	7	two	two	NUM
cblr-8635	607	8	distinguished	distinguished	ADJ
cblr-8635	607	9	economists	economist	NOUN
cblr-8635	607	10	have	have	AUX
cblr-8635	607	11	endorsed	endorse	VERB
cblr-8635	607	12	such	such	DET
cblr-8635	607	13	a	a	DET
cblr-8635	607	14	test	test	NOUN
cblr-8635	607	15	,	,	PUNCT
cblr-8635	607	16	arguing	argue	VERB
cblr-8635	607	17	that	that	SCONJ
cblr-8635	607	18	fiduciaries	fiduciary	NOUN
cblr-8635	607	19	should	should	AUX
cblr-8635	607	20	maximize	maximize	VERB
cblr-8635	607	21	not	not	PART
cblr-8635	607	22	stock	stock	NOUN
cblr-8635	607	23	value	value	NOUN
cblr-8635	607	24	,	,	PUNCT
cblr-8635	607	25	but	but	CCONJ
cblr-8635	607	26	shareholder	shareholder	NOUN
cblr-8635	607	27	welfare	welfare	NOUN
cblr-8635	607	28	.	.	PUNCT
cblr-8635	608	1	see	see	VERB
cblr-8635	608	2	oliver	oliver	PROPN
cblr-8635	608	3	hart	hart	PROPN
cblr-8635	608	4	&	&	CCONJ
cblr-8635	608	5	luigi	luigi	PROPN
cblr-8635	608	6	zingales	zingales	PROPN
cblr-8635	608	7	,	,	PUNCT
cblr-8635	608	8	companies	company	NOUN
cblr-8635	608	9	should	should	AUX
cblr-8635	608	10	maximize	maximize	VERB
cblr-8635	608	11	shareholder	shareholder	NOUN
cblr-8635	608	12	welfare	welfare	NOUN
cblr-8635	608	13	not	not	PART
cblr-8635	608	14	market	market	NOUN
cblr-8635	608	15	value	value	NOUN
cblr-8635	608	16	,	,	PUNCT
cblr-8635	608	17	2	2	NUM
cblr-8635	608	18	j.l	j.l	PROPN
cblr-8635	608	19	.	.	PROPN
cblr-8635	608	20	fin	fin	PROPN
cblr-8635	608	21	.	.	PUNCT
cblr-8635	608	22	&	&	CCONJ
cblr-8635	608	23	acct	acct	NOUN
cblr-8635	608	24	.	.	PUNCT
cblr-8635	609	1	247	247	NUM
cblr-8635	609	2	,	,	PUNCT
cblr-8635	609	3	248–50	248–50	NUM
cblr-8635	609	4	(	(	PUNCT
cblr-8635	609	5	2017	2017	NUM
cblr-8635	609	6	)	)	PUNCT
cblr-8635	609	7	.	.	PUNCT
cblr-8635	610	1	by	by	ADP
cblr-8635	610	2	contrast	contrast	NOUN
cblr-8635	610	3	,	,	PUNCT
cblr-8635	610	4	erisa	erisa	NOUN
cblr-8635	610	5	’s	’s	PART
cblr-8635	610	6	“	"	PUNCT
cblr-8635	610	7	sole	sole	ADJ
cblr-8635	610	8	interest	interest	NOUN
cblr-8635	610	9	”	"	PUNCT
cblr-8635	610	10	rule	rule	NOUN
cblr-8635	610	11	appears	appear	VERB
cblr-8635	610	12	to	to	PART
cblr-8635	610	13	require	require	VERB
cblr-8635	610	14	fiduciaries	fiduciary	NOUN
cblr-8635	610	15	to	to	PART
cblr-8635	610	16	focus	focus	VERB
cblr-8635	610	17	solely	solely	ADV
cblr-8635	610	18	on	on	ADP
cblr-8635	610	19	coffee	coffee	NOUN
cblr-8635	610	20	8/20/2021	8/20/2021	NUM
cblr-8635	610	21	6:32	6:32	NUM
cblr-8635	610	22	pm	pm	NOUN
cblr-8635	610	23	640	640	NUM
cblr-8635	610	24	columbia	columbia	PROPN
cblr-8635	610	25	business	business	NOUN
cblr-8635	610	26	law	law	NOUN
cblr-8635	610	27	review	review	NOUN
cblr-8635	610	28	[	[	X
cblr-8635	610	29	vol	vol	NOUN
cblr-8635	610	30	.	.	PUNCT
cblr-8635	610	31	2021	2021	NUM
cblr-8635	610	32	required	require	VERB
cblr-8635	610	33	to	to	PART
cblr-8635	610	34	focus	focus	VERB
cblr-8635	610	35	on	on	ADP
cblr-8635	610	36	the	the	DET
cblr-8635	610	37	financial	financial	ADJ
cblr-8635	610	38	benefits	benefit	NOUN
cblr-8635	610	39	to	to	ADP
cblr-8635	610	40	their	their	PRON
cblr-8635	610	41	beneficiaries	beneficiary	NOUN
cblr-8635	610	42	,	,	PUNCT
cblr-8635	610	43	it	it	PRON
cblr-8635	610	44	may	may	AUX
cblr-8635	610	45	be	be	AUX
cblr-8635	610	46	possible	possible	ADJ
cblr-8635	610	47	to	to	PART
cblr-8635	610	48	quantify	quantify	VERB
cblr-8635	610	49	those	those	DET
cblr-8635	610	50	financial	financial	ADJ
cblr-8635	610	51	benefits	benefit	NOUN
cblr-8635	610	52	on	on	ADP
cblr-8635	610	53	a	a	DET
cblr-8635	610	54	portfolio	portfolio	NOUN
cblr-8635	610	55	-	-	PUNCT
cblr-8635	610	56	wide	wide	ADJ
cblr-8635	610	57	basis	basis	NOUN
cblr-8635	610	58	.	.	PUNCT
cblr-8635	611	1	considering	consider	VERB
cblr-8635	611	2	the	the	DET
cblr-8635	611	3	personal	personal	ADJ
cblr-8635	611	4	financial	financial	ADJ
cblr-8635	611	5	benefits	benefit	NOUN
cblr-8635	611	6	to	to	ADP
cblr-8635	611	7	investors	investor	NOUN
cblr-8635	611	8	(	(	PUNCT
cblr-8635	611	9	i.e.	i.e.	X
cblr-8635	611	10	,	,	PUNCT
cblr-8635	611	11	benefits	benefit	NOUN
cblr-8635	611	12	unrelated	unrelated	ADJ
cblr-8635	611	13	to	to	ADP
cblr-8635	611	14	the	the	DET
cblr-8635	611	15	stock	stock	NOUN
cblr-8635	611	16	price	price	NOUN
cblr-8635	611	17	,	,	PUNCT
cblr-8635	611	18	such	such	ADJ
cblr-8635	611	19	as	as	ADP
cblr-8635	611	20	reduced	reduce	VERB
cblr-8635	611	21	health	health	NOUN
cblr-8635	611	22	care	care	NOUN
cblr-8635	611	23	costs	cost	NOUN
cblr-8635	611	24	)	)	PUNCT
cblr-8635	611	25	would	would	AUX
cblr-8635	611	26	be	be	AUX
cblr-8635	611	27	much	much	ADV
cblr-8635	611	28	more	more	ADV
cblr-8635	611	29	controversial	controversial	ADJ
cblr-8635	611	30	,	,	PUNCT
cblr-8635	611	31	but	but	CCONJ
cblr-8635	611	32	the	the	DET
cblr-8635	611	33	department	department	PROPN
cblr-8635	611	34	of	of	ADP
cblr-8635	611	35	labor	labor	PROPN
cblr-8635	611	36	’s	’s	PART
cblr-8635	611	37	rule	rule	NOUN
cblr-8635	611	38	could	could	AUX
cblr-8635	611	39	be	be	AUX
cblr-8635	611	40	modified	modify	VERB
cblr-8635	611	41	to	to	PART
cblr-8635	611	42	permit	permit	VERB
cblr-8635	611	43	fiduciaries	fiduciary	NOUN
cblr-8635	611	44	more	more	ADJ
cblr-8635	611	45	discretion	discretion	NOUN
cblr-8635	611	46	and	and	CCONJ
cblr-8635	611	47	still	still	ADV
cblr-8635	611	48	comply	comply	VERB
cblr-8635	611	49	with	with	ADP
cblr-8635	611	50	erisa	erisa	NOUN
cblr-8635	611	51	’s	’s	PART
cblr-8635	611	52	statutory	statutory	ADJ
cblr-8635	611	53	language	language	NOUN
cblr-8635	611	54	.	.	PUNCT
cblr-8635	612	1	again	again	ADV
cblr-8635	612	2	,	,	PUNCT
cblr-8635	612	3	consultants	consultant	NOUN
cblr-8635	612	4	could	could	AUX
cblr-8635	612	5	give	give	VERB
cblr-8635	612	6	fiduciaries	fiduciary	NOUN
cblr-8635	612	7	detailed	detailed	ADJ
cblr-8635	612	8	estimates	estimate	NOUN
cblr-8635	612	9	based	base	VERB
cblr-8635	612	10	on	on	ADP
cblr-8635	612	11	legitimate	legitimate	ADJ
cblr-8635	612	12	studies	study	NOUN
cblr-8635	612	13	.	.	PUNCT
cblr-8635	613	1	the	the	DET
cblr-8635	613	2	bottom	bottom	ADJ
cblr-8635	613	3	line	line	NOUN
cblr-8635	613	4	here	here	ADV
cblr-8635	613	5	is	be	AUX
cblr-8635	613	6	that	that	SCONJ
cblr-8635	613	7	trustees	trustee	NOUN
cblr-8635	613	8	who	who	PRON
cblr-8635	613	9	reach	reach	VERB
cblr-8635	613	10	a	a	DET
cblr-8635	613	11	careful	careful	ADJ
cblr-8635	613	12	,	,	PUNCT
cblr-8635	613	13	informed	informed	ADJ
cblr-8635	613	14	position	position	NOUN
cblr-8635	613	15	based	base	VERB
cblr-8635	613	16	on	on	ADP
cblr-8635	613	17	legitimate	legitimate	ADJ
cblr-8635	613	18	data	datum	NOUN
cblr-8635	613	19	are	be	AUX
cblr-8635	613	20	unlikely	unlikely	ADJ
cblr-8635	613	21	to	to	PART
cblr-8635	613	22	face	face	VERB
cblr-8635	613	23	any	any	DET
cblr-8635	613	24	serious	serious	ADJ
cblr-8635	613	25	risk	risk	NOUN
cblr-8635	613	26	of	of	ADP
cblr-8635	613	27	liability	liability	NOUN
cblr-8635	613	28	.	.	PUNCT
cblr-8635	614	1	what	what	PRON
cblr-8635	614	2	such	such	ADJ
cblr-8635	614	3	prudent	prudent	ADJ
cblr-8635	614	4	trustees	trustee	NOUN
cblr-8635	614	5	most	most	ADJ
cblr-8635	614	6	need	need	VERB
cblr-8635	614	7	is	be	AUX
cblr-8635	614	8	more	more	ADJ
cblr-8635	614	9	information	information	NOUN
cblr-8635	614	10	—	—	PUNCT
cblr-8635	614	11	in	in	ADP
cblr-8635	614	12	particular	particular	ADJ
cblr-8635	614	13	,	,	PUNCT
cblr-8635	614	14	information	information	NOUN
cblr-8635	614	15	that	that	PRON
cblr-8635	614	16	enables	enable	VERB
cblr-8635	614	17	them	they	PRON
cblr-8635	614	18	to	to	PART
cblr-8635	614	19	make	make	VERB
cblr-8635	614	20	comparisons	comparison	NOUN
cblr-8635	614	21	between	between	ADP
cblr-8635	614	22	companies	company	NOUN
cblr-8635	614	23	.	.	PUNCT
cblr-8635	615	1	to	to	PART
cblr-8635	615	2	illustrate	illustrate	VERB
cblr-8635	615	3	,	,	PUNCT
cblr-8635	615	4	suppose	suppose	VERB
cblr-8635	615	5	the	the	DET
cblr-8635	615	6	sec	sec	PROPN
cblr-8635	615	7	encouraged	encourage	VERB
cblr-8635	615	8	companies	company	NOUN
cblr-8635	615	9	to	to	PART
cblr-8635	615	10	express	express	VERB
cblr-8635	615	11	information	information	NOUN
cblr-8635	615	12	in	in	ADP
cblr-8635	615	13	terms	term	NOUN
cblr-8635	615	14	of	of	ADP
cblr-8635	615	15	estimated	estimate	VERB
cblr-8635	615	16	benchmarks	benchmark	NOUN
cblr-8635	615	17	.	.	PUNCT
cblr-8635	616	1	for	for	ADP
cblr-8635	616	2	example	example	NOUN
cblr-8635	616	3	,	,	PUNCT
cblr-8635	616	4	by	by	ADP
cblr-8635	616	5	what	what	DET
cblr-8635	616	6	date	date	NOUN
cblr-8635	616	7	did	do	AUX
cblr-8635	616	8	the	the	DET
cblr-8635	616	9	company	company	NOUN
cblr-8635	616	10	believe	believe	VERB
cblr-8635	616	11	it	it	PRON
cblr-8635	616	12	would	would	AUX
cblr-8635	616	13	become	become	VERB
cblr-8635	616	14	“	"	PUNCT
cblr-8635	616	15	carbon	carbon	NOUN
cblr-8635	616	16	neutral	neutral	ADJ
cblr-8635	616	17	”	"	PUNCT
cblr-8635	616	18	?	?	PUNCT
cblr-8635	617	1	at	at	ADP
cblr-8635	617	2	what	what	DET
cblr-8635	617	3	cost	cost	NOUN
cblr-8635	617	4	?	?	PUNCT
cblr-8635	618	1	many	many	ADJ
cblr-8635	618	2	companies	company	NOUN
cblr-8635	618	3	have	have	AUX
cblr-8635	618	4	already	already	ADV
cblr-8635	618	5	released	release	VERB
cblr-8635	618	6	projected	project	VERB
cblr-8635	618	7	dates	date	NOUN
cblr-8635	618	8	(	(	PUNCT
cblr-8635	618	9	2040	2040	NUM
cblr-8635	618	10	,	,	PUNCT
cblr-8635	618	11	2050	2050	NUM
cblr-8635	618	12	,	,	PUNCT
cblr-8635	618	13	etc.)105	etc.)105	NUM
cblr-8635	618	14	other	other	ADJ
cblr-8635	618	15	companies	company	NOUN
cblr-8635	618	16	have	have	AUX
cblr-8635	618	17	remained	remain	VERB
cblr-8635	618	18	silent	silent	ADJ
cblr-8635	618	19	,	,	PUNCT
cblr-8635	618	20	but	but	CCONJ
cblr-8635	618	21	if	if	SCONJ
cblr-8635	618	22	a	a	DET
cblr-8635	618	23	hypothetical	hypothetical	ADJ
cblr-8635	618	24	company	company	NOUN
cblr-8635	618	25	were	be	AUX
cblr-8635	618	26	to	to	PART
cblr-8635	618	27	have	have	VERB
cblr-8635	618	28	such	such	DET
cblr-8635	618	29	an	an	DET
cblr-8635	618	30	estimated	estimate	VERB
cblr-8635	618	31	date	date	NOUN
cblr-8635	618	32	(	(	PUNCT
cblr-8635	618	33	which	which	PRON
cblr-8635	618	34	it	it	PRON
cblr-8635	618	35	had	have	AUX
cblr-8635	618	36	never	never	ADV
cblr-8635	618	37	publicly	publicly	ADV
cblr-8635	618	38	disclosed	disclose	VERB
cblr-8635	618	39	)	)	PUNCT
cblr-8635	618	40	,	,	PUNCT
cblr-8635	618	41	the	the	DET
cblr-8635	618	42	sec	sec	PROPN
cblr-8635	618	43	should	should	AUX
cblr-8635	618	44	make	make	VERB
cblr-8635	618	45	clear	clear	ADJ
cblr-8635	618	46	that	that	SCONJ
cblr-8635	618	47	this	this	DET
cblr-8635	618	48	information	information	NOUN
cblr-8635	618	49	is	be	AUX
cblr-8635	618	50	in	in	ADP
cblr-8635	618	51	its	its	PRON
cblr-8635	618	52	view	view	NOUN
cblr-8635	618	53	presumptively	presumptively	ADV
cblr-8635	618	54	material	material	NOUN
cblr-8635	618	55	(	(	PUNCT
cblr-8635	618	56	as	as	SCONJ
cblr-8635	618	57	would	would	AUX
cblr-8635	618	58	be	be	AUX
cblr-8635	618	59	any	any	DET
cblr-8635	618	60	similar	similar	ADJ
cblr-8635	618	61	estimate	estimate	NOUN
cblr-8635	618	62	of	of	ADP
cblr-8635	618	63	the	the	DET
cblr-8635	618	64	costs	cost	NOUN
cblr-8635	618	65	involved	involve	VERB
cblr-8635	618	66	in	in	ADP
cblr-8635	618	67	meeting	meet	VERB
cblr-8635	618	68	this	this	DET
cblr-8635	618	69	target	target	NOUN
cblr-8635	618	70	date	date	NOUN
cblr-8635	618	71	)	)	PUNCT
cblr-8635	618	72	.	.	PUNCT
cblr-8635	619	1	if	if	SCONJ
cblr-8635	619	2	such	such	ADJ
cblr-8635	619	3	disclosure	disclosure	NOUN
cblr-8635	619	4	of	of	ADP
cblr-8635	619	5	internally	internally	ADV
cblr-8635	619	6	generated	generate	VERB
cblr-8635	619	7	estimates	estimate	NOUN
cblr-8635	619	8	were	be	AUX
cblr-8635	619	9	required	require	VERB
cblr-8635	619	10	in	in	ADP
cblr-8635	619	11	the	the	DET
cblr-8635	619	12	md&a,106	md&a,106	NOUN
cblr-8635	619	13	this	this	DET
cblr-8635	619	14	information	information	NOUN
cblr-8635	619	15	would	would	AUX
cblr-8635	619	16	also	also	ADV
cblr-8635	619	17	carry	carry	VERB
cblr-8635	619	18	very	very	ADV
cblr-8635	619	19	little	little	ADJ
cblr-8635	619	20	risk	risk	NOUN
cblr-8635	619	21	of	of	ADP
cblr-8635	619	22	liability	liability	NOUN
cblr-8635	619	23	under	under	ADP
cblr-8635	619	24	federal	federal	ADJ
cblr-8635	619	25	securities	security	NOUN
cblr-8635	619	26	laws.107	laws.107	VERB
cblr-8635	619	27	“	"	PUNCT
cblr-8635	619	28	financial	financial	ADJ
cblr-8635	619	29	benefits	benefit	NOUN
cblr-8635	619	30	”	"	PUNCT
cblr-8635	619	31	(	(	PUNCT
cblr-8635	619	32	not	not	PART
cblr-8635	619	33	personal	personal	ADJ
cblr-8635	619	34	benefits	benefit	NOUN
cblr-8635	619	35	)	)	PUNCT
cblr-8635	619	36	to	to	ADP
cblr-8635	619	37	the	the	DET
cblr-8635	619	38	beneficiaries	beneficiary	NOUN
cblr-8635	619	39	.	.	PUNCT
cblr-8635	620	1	see	see	VERB
cblr-8635	620	2	fifth	fifth	PROPN
cblr-8635	620	3	third	third	PROPN
cblr-8635	620	4	bancorp	bancorp	PROPN
cblr-8635	620	5	v.	v.	PROPN
cblr-8635	620	6	dudenhoeffer	dudenhoeffer	PROPN
cblr-8635	620	7	,	,	PUNCT
cblr-8635	620	8	573	573	NUM
cblr-8635	620	9	u.s	u.s	PROPN
cblr-8635	620	10	.	.	PROPN
cblr-8635	620	11	409	409	NUM
cblr-8635	620	12	,	,	PUNCT
cblr-8635	620	13	420–21	420–21	PROPN
cblr-8635	620	14	(	(	PUNCT
cblr-8635	620	15	2014	2014	NUM
cblr-8635	620	16	)	)	PUNCT
cblr-8635	620	17	(	(	PUNCT
cblr-8635	620	18	quoting	quote	VERB
cblr-8635	620	19	29	29	NUM
cblr-8635	620	20	u.s.c	u.s.c	ADJ
cblr-8635	620	21	.	.	PUNCT
cblr-8635	621	1	§	§	PROPN
cblr-8635	621	2	1104(a)(1)(a)(i)–(ii	1104(a)(1)(a)(i)–(ii	PROPN
cblr-8635	621	3	)	)	PUNCT
cblr-8635	621	4	(	(	PUNCT
cblr-8635	621	5	2014	2014	NUM
cblr-8635	621	6	)	)	PUNCT
cblr-8635	621	7	)	)	PUNCT
cblr-8635	621	8	.	.	PUNCT
cblr-8635	622	1	still	still	ADV
cblr-8635	622	2	,	,	PUNCT
cblr-8635	622	3	outside	outside	ADP
cblr-8635	622	4	of	of	ADP
cblr-8635	622	5	erisa	erisa	NOUN
cblr-8635	622	6	,	,	PUNCT
cblr-8635	622	7	a	a	DET
cblr-8635	622	8	broader	broad	ADJ
cblr-8635	622	9	calculation	calculation	NOUN
cblr-8635	622	10	of	of	ADP
cblr-8635	622	11	the	the	DET
cblr-8635	622	12	benefit	benefit	NOUN
cblr-8635	622	13	that	that	PRON
cblr-8635	622	14	combines	combine	VERB
cblr-8635	622	15	financial	financial	ADJ
cblr-8635	622	16	and	and	CCONJ
cblr-8635	622	17	personal	personal	ADJ
cblr-8635	622	18	benefits	benefit	NOUN
cblr-8635	622	19	might	might	AUX
cblr-8635	622	20	be	be	AUX
cblr-8635	622	21	possible	possible	ADJ
cblr-8635	622	22	.	.	PUNCT
cblr-8635	623	1	105	105	NUM
cblr-8635	623	2	general	general	ADJ
cblr-8635	623	3	motors	motor	NOUN
cblr-8635	623	4	,	,	PUNCT
cblr-8635	623	5	for	for	ADP
cblr-8635	623	6	example	example	NOUN
cblr-8635	623	7	,	,	PUNCT
cblr-8635	623	8	expects	expect	VERB
cblr-8635	623	9	to	to	PART
cblr-8635	623	10	be	be	AUX
cblr-8635	623	11	carbon	carbon	NOUN
cblr-8635	623	12	neutral	neutral	ADJ
cblr-8635	623	13	by	by	ADP
cblr-8635	623	14	2040	2040	NUM
cblr-8635	623	15	.	.	PUNCT
cblr-8635	624	1	see	see	VERB
cblr-8635	624	2	neal	neal	PROPN
cblr-8635	624	3	e.	e.	PROPN
cblr-8635	624	4	boudette	boudette	PROPN
cblr-8635	624	5	&	&	CCONJ
cblr-8635	624	6	coral	coral	PROPN
cblr-8635	624	7	davenport	davenport	PROPN
cblr-8635	624	8	,	,	PUNCT
cblr-8635	624	9	g.m	g.m	PROPN
cblr-8635	624	10	.	.	PUNCT
cblr-8635	624	11	phasing	phase	VERB
cblr-8635	624	12	out	out	ADP
cblr-8635	624	13	cars	car	NOUN
cblr-8635	624	14	and	and	CCONJ
cblr-8635	624	15	trucks	truck	NOUN
cblr-8635	624	16	using	use	VERB
cblr-8635	624	17	gas	gas	NOUN
cblr-8635	624	18	by	by	ADP
cblr-8635	624	19	2035	2035	NUM
cblr-8635	624	20	,	,	PUNCT
cblr-8635	624	21	n.y	n.y	PROPN
cblr-8635	624	22	.	.	PROPN
cblr-8635	624	23	times	times	PROPN
cblr-8635	624	24	,	,	PUNCT
cblr-8635	624	25	jan	jan	PROPN
cblr-8635	624	26	.	.	PROPN
cblr-8635	624	27	29	29	NUM
cblr-8635	624	28	,	,	PUNCT
cblr-8635	624	29	2021	2021	NUM
cblr-8635	624	30	,	,	PUNCT
cblr-8635	624	31	at	at	ADP
cblr-8635	624	32	a1	a1	NOUN
cblr-8635	624	33	.	.	PROPN
cblr-8635	624	34	106	106	NUM
cblr-8635	624	35	again	again	ADV
cblr-8635	624	36	,	,	PUNCT
cblr-8635	624	37	this	this	PRON
cblr-8635	624	38	is	be	AUX
cblr-8635	624	39	item	item	NOUN
cblr-8635	624	40	303	303	NUM
cblr-8635	624	41	of	of	ADP
cblr-8635	624	42	regulation	regulation	NOUN
cblr-8635	624	43	s	s	NOUN
cblr-8635	624	44	-	-	PUNCT
cblr-8635	624	45	k	k	ADJ
cblr-8635	624	46	,	,	PUNCT
cblr-8635	624	47	17	17	NUM
cblr-8635	624	48	c.f.r	c.f.r	NOUN
cblr-8635	624	49	.	.	PUNCT
cblr-8635	625	1	§	§	PROPN
cblr-8635	625	2	229.303	229.303	NUM
cblr-8635	625	3	,	,	PUNCT
cblr-8635	625	4	which	which	PRON
cblr-8635	625	5	is	be	AUX
cblr-8635	625	6	usually	usually	ADV
cblr-8635	625	7	referred	refer	VERB
cblr-8635	625	8	to	to	ADP
cblr-8635	625	9	as	as	ADP
cblr-8635	625	10	the	the	DET
cblr-8635	625	11	“	"	PUNCT
cblr-8635	625	12	md&a	md&a	PROPN
cblr-8635	625	13	.	.	PUNCT
cblr-8635	625	14	”	"	PUNCT
cblr-8635	626	1	107	107	NUM
cblr-8635	626	2	the	the	DET
cblr-8635	626	3	securities	securities	PROPN
cblr-8635	626	4	exchange	exchange	PROPN
cblr-8635	626	5	act	act	PROPN
cblr-8635	626	6	of	of	ADP
cblr-8635	626	7	1934	1934	NUM
cblr-8635	626	8	provides	provide	VERB
cblr-8635	626	9	in	in	ADP
cblr-8635	626	10	its	its	PRON
cblr-8635	626	11	section	section	NOUN
cblr-8635	626	12	21e	21e	NOUN
cblr-8635	626	13	(	(	PUNCT
cblr-8635	626	14	“	"	PUNCT
cblr-8635	626	15	application	application	NOUN
cblr-8635	626	16	of	of	ADP
cblr-8635	626	17	safe	safe	ADJ
cblr-8635	626	18	harbor	harbor	NOUN
cblr-8635	626	19	for	for	ADP
cblr-8635	626	20	forward	forward	ADV
cblr-8635	626	21	-	-	PUNCT
cblr-8635	626	22	looking	look	VERB
cblr-8635	626	23	statements	statement	NOUN
cblr-8635	626	24	”	"	PUNCT
cblr-8635	626	25	)	)	PUNCT
cblr-8635	626	26	that	that	SCONJ
cblr-8635	626	27	reporting	report	VERB
cblr-8635	626	28	companies	company	NOUN
cblr-8635	626	29	(	(	PUNCT
cblr-8635	626	30	with	with	ADP
cblr-8635	626	31	some	some	DET
cblr-8635	626	32	modest	modest	ADJ
cblr-8635	626	33	exclusions	exclusion	NOUN
cblr-8635	626	34	)	)	PUNCT
cblr-8635	626	35	do	do	AUX
cblr-8635	626	36	not	not	PART
cblr-8635	626	37	have	have	VERB
cblr-8635	626	38	liability	liability	NOUN
cblr-8635	626	39	for	for	ADP
cblr-8635	626	40	coffee	coffee	NOUN
cblr-8635	626	41	8/20/2021	8/20/2021	NUM
cblr-8635	626	42	6:32	6:32	NUM
cblr-8635	626	43	pm	pm	NOUN
cblr-8635	626	44	no	no	INTJ
cblr-8635	626	45	.	.	PUNCT
cblr-8635	627	1	2:602	2:602	NUM
cblr-8635	627	2	]	]	X
cblr-8635	627	3	the	the	DET
cblr-8635	627	4	future	future	NOUN
cblr-8635	627	5	of	of	ADP
cblr-8635	627	6	disclosure	disclosure	NOUN
cblr-8635	627	7	641	641	NUM
cblr-8635	627	8	already	already	ADV
cblr-8635	627	9	,	,	PUNCT
cblr-8635	627	10	many	many	ADJ
cblr-8635	627	11	securities	security	NOUN
cblr-8635	627	12	analysts	analyst	NOUN
cblr-8635	627	13	prepare	prepare	VERB
cblr-8635	627	14	rankings	ranking	NOUN
cblr-8635	627	15	of	of	ADP
cblr-8635	627	16	public	public	ADJ
cblr-8635	627	17	companies	company	NOUN
cblr-8635	627	18	in	in	ADP
cblr-8635	627	19	terms	term	NOUN
cblr-8635	627	20	of	of	ADP
cblr-8635	627	21	esg	esg	PROPN
cblr-8635	627	22	criteria	criterion	NOUN
cblr-8635	627	23	.	.	PUNCT
cblr-8635	628	1	the	the	DET
cblr-8635	628	2	problem	problem	NOUN
cblr-8635	628	3	with	with	ADP
cblr-8635	628	4	such	such	ADJ
cblr-8635	628	5	rankings	ranking	NOUN
cblr-8635	628	6	is	be	AUX
cblr-8635	628	7	a	a	DET
cblr-8635	628	8	familiar	familiar	ADJ
cblr-8635	628	9	one	one	NOUN
cblr-8635	628	10	:	:	PUNCT
cblr-8635	628	11	“	"	PUNCT
cblr-8635	628	12	garbage	garbage	NOUN
cblr-8635	628	13	in	in	ADV
cblr-8635	628	14	,	,	PUNCT
cblr-8635	628	15	garbage	garbage	NOUN
cblr-8635	628	16	out	out	ADP
cblr-8635	628	17	”	"	PUNCT
cblr-8635	628	18	—	—	PUNCT
cblr-8635	628	19	the	the	DET
cblr-8635	628	20	“	"	PUNCT
cblr-8635	628	21	gigo	gigo	PROPN
cblr-8635	628	22	effect	effect	NOUN
cblr-8635	628	23	.	.	PUNCT
cblr-8635	628	24	”	"	PUNCT
cblr-8635	629	1	today	today	NOUN
cblr-8635	629	2	,	,	PUNCT
cblr-8635	629	3	esg	esg	PROPN
cblr-8635	629	4	disclosure	disclosure	NOUN
cblr-8635	629	5	is	be	AUX
cblr-8635	629	6	incomplete	incomplete	ADJ
cblr-8635	629	7	and	and	CCONJ
cblr-8635	629	8	unstandardized	unstandardized	ADJ
cblr-8635	629	9	,	,	PUNCT
cblr-8635	629	10	with	with	ADP
cblr-8635	629	11	rankings	ranking	NOUN
cblr-8635	629	12	that	that	PRON
cblr-8635	629	13	are	be	AUX
cblr-8635	629	14	dubious	dubious	ADJ
cblr-8635	629	15	and	and	CCONJ
cblr-8635	629	16	inconsistent.108	inconsistent.108	ADP
cblr-8635	629	17	public	public	ADJ
cblr-8635	629	18	disclosure	disclosure	NOUN
cblr-8635	629	19	of	of	ADP
cblr-8635	629	20	esg	esg	PROPN
cblr-8635	629	21	data	datum	NOUN
cblr-8635	629	22	would	would	AUX
cblr-8635	629	23	,	,	PUNCT
cblr-8635	629	24	at	at	ADP
cblr-8635	629	25	a	a	DET
cblr-8635	629	26	minimum	minimum	NOUN
cblr-8635	629	27	,	,	PUNCT
cblr-8635	629	28	improve	improve	VERB
cblr-8635	629	29	the	the	DET
cblr-8635	629	30	quality	quality	NOUN
cblr-8635	629	31	of	of	ADP
cblr-8635	629	32	such	such	ADJ
cblr-8635	629	33	rankings	ranking	NOUN
cblr-8635	629	34	and	and	CCONJ
cblr-8635	629	35	ratings	rating	NOUN
cblr-8635	629	36	and	and	CCONJ
cblr-8635	629	37	give	give	VERB
cblr-8635	629	38	trustees	trustee	NOUN
cblr-8635	629	39	greater	great	ADJ
cblr-8635	629	40	confidence	confidence	NOUN
cblr-8635	629	41	in	in	ADP
cblr-8635	629	42	relying	rely	VERB
cblr-8635	629	43	on	on	ADP
cblr-8635	629	44	such	such	ADJ
cblr-8635	629	45	data	datum	NOUN
cblr-8635	629	46	.	.	PUNCT
cblr-8635	630	1	the	the	DET
cblr-8635	630	2	bottom	bottom	ADJ
cblr-8635	630	3	line	line	NOUN
cblr-8635	630	4	here	here	ADV
cblr-8635	630	5	is	be	AUX
cblr-8635	630	6	that	that	SCONJ
cblr-8635	630	7	more	more	ADJ
cblr-8635	630	8	esg	esg	PROPN
cblr-8635	630	9	data	datum	NOUN
cblr-8635	630	10	will	will	AUX
cblr-8635	630	11	likely	likely	ADV
cblr-8635	630	12	produce	produce	VERB
cblr-8635	630	13	more	more	ADJ
cblr-8635	630	14	decisions	decision	NOUN
cblr-8635	630	15	based	base	VERB
cblr-8635	630	16	on	on	ADP
cblr-8635	630	17	esg	esg	PROPN
cblr-8635	630	18	criteria	criterion	NOUN
cblr-8635	630	19	—	—	PUNCT
cblr-8635	630	20	and	and	CCONJ
cblr-8635	630	21	also	also	ADV
cblr-8635	630	22	greater	great	ADJ
cblr-8635	630	23	attention	attention	NOUN
cblr-8635	630	24	to	to	ADP
cblr-8635	630	25	systematic	systematic	ADJ
cblr-8635	630	26	risk	risk	NOUN
cblr-8635	630	27	.	.	PUNCT
cblr-8635	631	1	d.	d.	PROPN
cblr-8635	631	2	investment	investment	PROPN
cblr-8635	631	3	versus	versus	ADP
cblr-8635	631	4	voting	vote	VERB
cblr-8635	631	5	decisions	decision	NOUN
cblr-8635	631	6	proponents	proponent	NOUN
cblr-8635	631	7	of	of	ADP
cblr-8635	631	8	the	the	DET
cblr-8635	631	9	“	"	PUNCT
cblr-8635	631	10	sole	sole	ADJ
cblr-8635	631	11	interest	interest	NOUN
cblr-8635	631	12	”	"	PUNCT
cblr-8635	631	13	rule	rule	NOUN
cblr-8635	631	14	tend	tend	VERB
cblr-8635	631	15	to	to	PART
cblr-8635	631	16	overlook	overlook	VERB
cblr-8635	631	17	the	the	DET
cblr-8635	631	18	differences	difference	NOUN
cblr-8635	631	19	between	between	ADP
cblr-8635	631	20	voting	voting	NOUN
cblr-8635	631	21	and	and	CCONJ
cblr-8635	631	22	investment	investment	NOUN
cblr-8635	631	23	decisions	decision	NOUN
cblr-8635	631	24	.	.	PUNCT
cblr-8635	632	1	historically	historically	ADV
cblr-8635	632	2	,	,	PUNCT
cblr-8635	632	3	they	they	PRON
cblr-8635	632	4	have	have	AUX
cblr-8635	632	5	been	be	AUX
cblr-8635	632	6	viewed	view	VERB
cblr-8635	632	7	differently	differently	ADV
cblr-8635	632	8	by	by	ADP
cblr-8635	632	9	both	both	DET
cblr-8635	632	10	erisa	erisa	NOUN
cblr-8635	632	11	and	and	CCONJ
cblr-8635	632	12	the	the	DET
cblr-8635	632	13	sec	sec	PROPN
cblr-8635	632	14	.	.	PUNCT
cblr-8635	633	1	although	although	SCONJ
cblr-8635	633	2	the	the	DET
cblr-8635	633	3	“	"	PUNCT
cblr-8635	633	4	sole	sole	ADJ
cblr-8635	633	5	interest	interest	NOUN
cblr-8635	633	6	”	"	PUNCT
cblr-8635	633	7	rule	rule	NOUN
cblr-8635	633	8	may	may	AUX
cblr-8635	633	9	apply	apply	VERB
cblr-8635	633	10	to	to	ADP
cblr-8635	633	11	both	both	PRON
cblr-8635	633	12	,	,	PUNCT
cblr-8635	633	13	a	a	DET
cblr-8635	633	14	critical	critical	ADJ
cblr-8635	633	15	difference	difference	NOUN
cblr-8635	633	16	is	be	AUX
cblr-8635	633	17	that	that	SCONJ
cblr-8635	633	18	both	both	CCONJ
cblr-8635	633	19	the	the	DET
cblr-8635	633	20	department	department	NOUN
cblr-8635	633	21	of	of	ADP
cblr-8635	633	22	labor	labor	NOUN
cblr-8635	633	23	and	and	CCONJ
cblr-8635	633	24	the	the	DET
cblr-8635	633	25	sec	sec	PROPN
cblr-8635	633	26	have	have	VERB
cblr-8635	633	27	long	long	ADV
cblr-8635	633	28	required	require	VERB
cblr-8635	633	29	fiduciaries	fiduciary	NOUN
cblr-8635	633	30	to	to	PART
cblr-8635	633	31	vote	vote	VERB
cblr-8635	633	32	the	the	DET
cblr-8635	633	33	shares	share	NOUN
cblr-8635	633	34	held	hold	VERB
cblr-8635	633	35	by	by	ADP
cblr-8635	633	36	their	their	PRON
cblr-8635	633	37	funds	fund	NOUN
cblr-8635	633	38	,	,	PUNCT
cblr-8635	633	39	on	on	ADP
cblr-8635	633	40	the	the	DET
cblr-8635	633	41	theory	theory	NOUN
cblr-8635	633	42	that	that	SCONJ
cblr-8635	633	43	voting	voting	NOUN
cblr-8635	633	44	rights	right	NOUN
cblr-8635	633	45	are	be	AUX
cblr-8635	633	46	an	an	DET
cblr-8635	633	47	asset	asset	NOUN
cblr-8635	633	48	belonging	belong	VERB
cblr-8635	633	49	to	to	ADP
cblr-8635	633	50	the	the	DET
cblr-8635	633	51	fund	fund	NOUN
cblr-8635	633	52	and	and	CCONJ
cblr-8635	633	53	should	should	AUX
cblr-8635	633	54	not	not	PART
cblr-8635	633	55	be	be	AUX
cblr-8635	633	56	wasted.109	wasted.109	VERB
cblr-8635	633	57	both	both	CCONJ
cblr-8635	633	58	forward	forward	ADV
cblr-8635	633	59	-	-	PUNCT
cblr-8635	633	60	looking	look	VERB
cblr-8635	633	61	statements	statement	NOUN
cblr-8635	633	62	that	that	PRON
cblr-8635	633	63	prove	prove	VERB
cblr-8635	633	64	false	false	ADJ
cblr-8635	633	65	if	if	SCONJ
cblr-8635	633	66	the	the	DET
cblr-8635	633	67	statement	statement	NOUN
cblr-8635	633	68	is	be	AUX
cblr-8635	633	69	“	"	PUNCT
cblr-8635	633	70	accompanied	accompany	VERB
cblr-8635	633	71	by	by	ADP
cblr-8635	633	72	meaningful	meaningful	ADJ
cblr-8635	633	73	cautionary	cautionary	ADJ
cblr-8635	633	74	statements	statement	NOUN
cblr-8635	633	75	”	"	PUNCT
cblr-8635	633	76	that	that	PRON
cblr-8635	633	77	explain	explain	VERB
cblr-8635	633	78	some	some	PRON
cblr-8635	633	79	of	of	ADP
cblr-8635	633	80	the	the	DET
cblr-8635	633	81	“	"	PUNCT
cblr-8635	633	82	factors	factor	NOUN
cblr-8635	633	83	that	that	PRON
cblr-8635	633	84	could	could	AUX
cblr-8635	633	85	cause	cause	VERB
cblr-8635	633	86	actual	actual	ADJ
cblr-8635	633	87	results	result	NOUN
cblr-8635	633	88	to	to	PART
cblr-8635	633	89	differ	differ	VERB
cblr-8635	633	90	materially	materially	ADV
cblr-8635	633	91	from	from	ADP
cblr-8635	633	92	those	those	PRON
cblr-8635	633	93	in	in	ADP
cblr-8635	633	94	the	the	DET
cblr-8635	633	95	forward	forward	ADV
cblr-8635	633	96	-	-	PUNCT
cblr-8635	633	97	looking	look	VERB
cblr-8635	633	98	statement	statement	NOUN
cblr-8635	633	99	.	.	PUNCT
cblr-8635	633	100	”	"	PUNCT
cblr-8635	634	1	15	15	NUM
cblr-8635	634	2	u.s.c	u.s.c	NOUN
cblr-8635	634	3	.	.	PUNCT
cblr-8635	635	1	§	§	PROPN
cblr-8635	635	2	78u-5(c	78u-5(c	NUM
cblr-8635	635	3	)	)	PUNCT
cblr-8635	635	4	(	(	PUNCT
cblr-8635	635	5	2019	2019	NUM
cblr-8635	635	6	)	)	PUNCT
cblr-8635	635	7	.	.	PUNCT
cblr-8635	636	1	108	108	NUM
cblr-8635	636	2	esg	esg	NOUN
cblr-8635	636	3	ratings	rating	NOUN
cblr-8635	636	4	often	often	ADV
cblr-8635	636	5	disagree	disagree	VERB
cblr-8635	636	6	,	,	PUNCT
cblr-8635	636	7	and	and	CCONJ
cblr-8635	636	8	mutual	mutual	ADJ
cblr-8635	636	9	funds	fund	NOUN
cblr-8635	636	10	that	that	PRON
cblr-8635	636	11	emphasize	emphasize	VERB
cblr-8635	636	12	their	their	PRON
cblr-8635	636	13	focus	focus	NOUN
cblr-8635	636	14	on	on	ADP
cblr-8635	636	15	esg	esg	PROPN
cblr-8635	636	16	often	often	ADV
cblr-8635	636	17	score	score	VERB
cblr-8635	636	18	below	below	ADP
cblr-8635	636	19	non	non	ADJ
cblr-8635	636	20	-	-	ADJ
cblr-8635	636	21	esg	esg	ADJ
cblr-8635	636	22	funds	fund	NOUN
cblr-8635	636	23	when	when	SCONJ
cblr-8635	636	24	subjected	subject	VERB
cblr-8635	636	25	to	to	ADP
cblr-8635	636	26	objective	objective	ADJ
cblr-8635	636	27	review	review	NOUN
cblr-8635	636	28	based	base	VERB
cblr-8635	636	29	on	on	ADP
cblr-8635	636	30	their	their	PRON
cblr-8635	636	31	own	own	ADJ
cblr-8635	636	32	criteria	criterion	NOUN
cblr-8635	636	33	.	.	PUNCT
cblr-8635	637	1	see	see	VERB
cblr-8635	637	2	schanzenbach	schanzenbach	PROPN
cblr-8635	637	3	&	&	CCONJ
cblr-8635	637	4	sitkoff	sitkoff	NOUN
cblr-8635	637	5	,	,	PUNCT
cblr-8635	637	6	supra	supra	PROPN
cblr-8635	637	7	note	note	PROPN
cblr-8635	637	8	14	14	NUM
cblr-8635	637	9	,	,	PUNCT
cblr-8635	637	10	at	at	ADP
cblr-8635	637	11	431	431	NUM
cblr-8635	637	12	.	.	PUNCT
cblr-8635	638	1	109	109	NUM
cblr-8635	638	2	the	the	DET
cblr-8635	638	3	position	position	NOUN
cblr-8635	638	4	of	of	ADP
cblr-8635	638	5	the	the	DET
cblr-8635	638	6	department	department	NOUN
cblr-8635	638	7	of	of	ADP
cblr-8635	638	8	labor	labor	NOUN
cblr-8635	638	9	(	(	PUNCT
cblr-8635	638	10	which	which	PRON
cblr-8635	638	11	administers	administer	VERB
cblr-8635	638	12	erisa	erisa	NOUN
cblr-8635	638	13	)	)	PUNCT
cblr-8635	638	14	dates	date	VERB
cblr-8635	638	15	back	back	ADV
cblr-8635	638	16	to	to	ADP
cblr-8635	638	17	the	the	DET
cblr-8635	638	18	famous	famous	ADJ
cblr-8635	638	19	“	"	PUNCT
cblr-8635	638	20	avon	avon	ADJ
cblr-8635	638	21	letter	letter	NOUN
cblr-8635	638	22	”	"	PUNCT
cblr-8635	638	23	of	of	ADP
cblr-8635	638	24	1988	1988	NUM
cblr-8635	638	25	.	.	PUNCT
cblr-8635	639	1	see	see	VERB
cblr-8635	639	2	letter	letter	NOUN
cblr-8635	639	3	from	from	ADP
cblr-8635	639	4	alan	alan	PROPN
cblr-8635	639	5	d.	d.	PROPN
cblr-8635	639	6	lebowitz	lebowitz	PROPN
cblr-8635	639	7	,	,	PUNCT
cblr-8635	639	8	deputy	deputy	NOUN
cblr-8635	639	9	assistant	assistant	NOUN
cblr-8635	639	10	sec’y	sec’y	NOUN
cblr-8635	639	11	,	,	PUNCT
cblr-8635	639	12	u.s	u.s	PROPN
cblr-8635	639	13	.	.	PROPN
cblr-8635	639	14	dep’t	dep’t	NOUN
cblr-8635	639	15	of	of	ADP
cblr-8635	639	16	lab	lab	NOUN
cblr-8635	639	17	.	.	PUNCT
cblr-8635	639	18	,	,	PUNCT
cblr-8635	639	19	to	to	ADP
cblr-8635	639	20	helmuth	helmuth	PROPN
cblr-8635	639	21	fandl	fandl	PROPN
cblr-8635	639	22	,	,	PUNCT
cblr-8635	639	23	chairman	chairman	NOUN
cblr-8635	639	24	,	,	PUNCT
cblr-8635	639	25	ret	ret	PROPN
cblr-8635	639	26	.	.	PROPN
cblr-8635	640	1	bd	bd	PROPN
cblr-8635	640	2	.	.	PROPN
cblr-8635	640	3	,	,	PUNCT
cblr-8635	640	4	avon	avon	NOUN
cblr-8635	640	5	prods	prod	VERB
cblr-8635	640	6	.	.	PUNCT
cblr-8635	640	7	,	,	PUNCT
cblr-8635	640	8	1988	1988	NUM
cblr-8635	640	9	wl	wl	PROPN
cblr-8635	640	10	897696	897696	NUM
cblr-8635	640	11	(	(	PUNCT
cblr-8635	640	12	feb	feb	PROPN
cblr-8635	640	13	.	.	PROPN
cblr-8635	640	14	23	23	NUM
cblr-8635	640	15	,	,	PUNCT
cblr-8635	640	16	1988	1988	NUM
cblr-8635	640	17	)	)	PUNCT
cblr-8635	640	18	.	.	PUNCT
cblr-8635	641	1	this	this	DET
cblr-8635	641	2	letter	letter	NOUN
cblr-8635	641	3	expressed	express	VERB
cblr-8635	641	4	the	the	DET
cblr-8635	641	5	labor	labor	PROPN
cblr-8635	641	6	department	department	PROPN
cblr-8635	641	7	’s	’s	PART
cblr-8635	641	8	view	view	NOUN
cblr-8635	641	9	that	that	SCONJ
cblr-8635	641	10	fiduciaries	fiduciary	NOUN
cblr-8635	641	11	had	have	AUX
cblr-8635	641	12	to	to	PART
cblr-8635	641	13	exercise	exercise	VERB
cblr-8635	641	14	their	their	PRON
cblr-8635	641	15	voting	voting	NOUN
cblr-8635	641	16	powers	power	NOUN
cblr-8635	641	17	and	and	CCONJ
cblr-8635	641	18	vote	vote	NOUN
cblr-8635	641	19	shares	share	NOUN
cblr-8635	641	20	;	;	PUNCT
cblr-8635	641	21	it	it	PRON
cblr-8635	641	22	was	be	AUX
cblr-8635	641	23	later	later	ADV
cblr-8635	641	24	codified	codify	VERB
cblr-8635	641	25	in	in	ADP
cblr-8635	641	26	a	a	DET
cblr-8635	641	27	1994	1994	NUM
cblr-8635	641	28	interpretive	interpretive	ADJ
cblr-8635	641	29	bulletin	bulletin	NOUN
cblr-8635	641	30	issued	issue	VERB
cblr-8635	641	31	by	by	ADP
cblr-8635	641	32	the	the	DET
cblr-8635	641	33	department	department	PROPN
cblr-8635	641	34	of	of	ADP
cblr-8635	641	35	labor	labor	NOUN
cblr-8635	641	36	.	.	PUNCT
cblr-8635	642	1	29	29	NUM
cblr-8635	642	2	c.f.r	c.f.r	NOUN
cblr-8635	642	3	.	.	PUNCT
cblr-8635	643	1	§	§	PROPN
cblr-8635	643	2	2509.942(3	2509.942(3	NUM
cblr-8635	643	3	)	)	PUNCT
cblr-8635	643	4	(	(	PUNCT
cblr-8635	643	5	2008	2008	NUM
cblr-8635	643	6	)	)	PUNCT
cblr-8635	643	7	.	.	PUNCT
cblr-8635	644	1	this	this	DET
cblr-8635	644	2	bulletin	bulletin	NOUN
cblr-8635	644	3	expressed	express	VERB
cblr-8635	644	4	the	the	DET
cblr-8635	644	5	view	view	NOUN
cblr-8635	644	6	that	that	SCONJ
cblr-8635	644	7	“	"	PUNCT
cblr-8635	644	8	[	[	X
cblr-8635	644	9	a]ctive	a]ctive	ADJ
cblr-8635	644	10	monitoring	monitoring	NOUN
cblr-8635	644	11	and	and	CCONJ
cblr-8635	644	12	communication	communication	NOUN
cblr-8635	644	13	”	"	PUNCT
cblr-8635	644	14	with	with	ADP
cblr-8635	644	15	corporate	corporate	ADJ
cblr-8635	644	16	management	management	NOUN
cblr-8635	644	17	“	"	PUNCT
cblr-8635	644	18	is	be	AUX
cblr-8635	644	19	consistent	consistent	ADJ
cblr-8635	644	20	with	with	ADP
cblr-8635	644	21	a	a	DET
cblr-8635	644	22	fiduciary	fiduciary	ADJ
cblr-8635	644	23	’s	’s	PART
cblr-8635	644	24	obligations	obligation	NOUN
cblr-8635	644	25	under	under	ADP
cblr-8635	644	26	erisa	erisa	NOUN
cblr-8635	644	27	where	where	SCONJ
cblr-8635	644	28	the	the	DET
cblr-8635	644	29	responsible	responsible	ADJ
cblr-8635	644	30	fiduciary	fiduciary	NOUN
cblr-8635	644	31	concludes	conclude	VERB
cblr-8635	644	32	that	that	SCONJ
cblr-8635	644	33	there	there	PRON
cblr-8635	644	34	is	be	VERB
cblr-8635	644	35	a	a	DET
cblr-8635	644	36	reasonable	reasonable	ADJ
cblr-8635	644	37	expectation	expectation	NOUN
cblr-8635	644	38	that	that	SCONJ
cblr-8635	644	39	such	such	ADJ
cblr-8635	644	40	[	[	NOUN
cblr-8635	644	41	activities	activity	NOUN
cblr-8635	644	42	]	]	PUNCT
cblr-8635	644	43	.	.	PUNCT
cblr-8635	644	44	.	.	PUNCT
cblr-8635	644	45	.	.	PUNCT
cblr-8635	645	1	[	[	X
cblr-8635	645	2	are	be	AUX
cblr-8635	645	3	]	]	X
cblr-8635	645	4	likely	likely	ADJ
cblr-8635	645	5	to	to	PART
cblr-8635	645	6	enhance	enhance	VERB
cblr-8635	645	7	the	the	DET
cblr-8635	645	8	value	value	NOUN
cblr-8635	645	9	of	of	ADP
cblr-8635	645	10	the	the	DET
cblr-8635	645	11	plan	plan	NOUN
cblr-8635	645	12	’s	’s	PART
cblr-8635	645	13	investment	investment	NOUN
cblr-8635	645	14	in	in	ADP
cblr-8635	645	15	the	the	DET
cblr-8635	645	16	corporation	corporation	NOUN
cblr-8635	645	17	,	,	PUNCT
cblr-8635	645	18	after	after	ADP
cblr-8635	645	19	coffee	coffee	NOUN
cblr-8635	645	20	8/20/2021	8/20/2021	NUM
cblr-8635	645	21	6:32	6:32	NUM
cblr-8635	645	22	pm	pm	PROPN
cblr-8635	645	23	642	642	NUM
cblr-8635	645	24	columbia	columbia	PROPN
cblr-8635	645	25	business	business	NOUN
cblr-8635	645	26	law	law	PROPN
cblr-8635	645	27	review	review	NOUN
cblr-8635	645	28	[	[	X
cblr-8635	645	29	vol	vol	NOUN
cblr-8635	645	30	.	.	NOUN
cblr-8635	645	31	2021	2021	NUM
cblr-8635	645	32	agencies	agency	NOUN
cblr-8635	645	33	also	also	ADV
cblr-8635	645	34	recognized	recognize	VERB
cblr-8635	645	35	that	that	SCONJ
cblr-8635	645	36	voting	voting	NOUN
cblr-8635	645	37	has	have	VERB
cblr-8635	645	38	low	low	ADJ
cblr-8635	645	39	costs	cost	NOUN
cblr-8635	645	40	(	(	PUNCT
cblr-8635	645	41	in	in	ADP
cblr-8635	645	42	contrast	contrast	NOUN
cblr-8635	645	43	to	to	ADP
cblr-8635	645	44	investment	investment	NOUN
cblr-8635	645	45	decisions)110	decisions)110	PROPN
cblr-8635	645	46	and	and	CCONJ
cblr-8635	645	47	that	that	SCONJ
cblr-8635	645	48	fiduciaries	fiduciary	NOUN
cblr-8635	645	49	must	must	AUX
cblr-8635	645	50	constantly	constantly	ADV
cblr-8635	645	51	make	make	VERB
cblr-8635	645	52	voting	voting	NOUN
cblr-8635	645	53	decisions	decision	NOUN
cblr-8635	645	54	across	across	ADP
cblr-8635	645	55	their	their	PRON
cblr-8635	645	56	portfolios	portfolio	NOUN
cblr-8635	645	57	.	.	PUNCT
cblr-8635	646	1	as	as	ADP
cblr-8635	646	2	a	a	DET
cblr-8635	646	3	result	result	NOUN
cblr-8635	646	4	,	,	PUNCT
cblr-8635	646	5	both	both	PRON
cblr-8635	646	6	favored	favor	VERB
cblr-8635	646	7	a	a	DET
cblr-8635	646	8	rule	rule	NOUN
cblr-8635	646	9	of	of	ADP
cblr-8635	646	10	reason	reason	NOUN
cblr-8635	646	11	with	with	ADP
cblr-8635	646	12	regard	regard	NOUN
cblr-8635	646	13	to	to	ADP
cblr-8635	646	14	voting	voting	NOUN
cblr-8635	646	15	and	and	CCONJ
cblr-8635	646	16	shareholder	shareholder	NOUN
cblr-8635	646	17	activism	activism	NOUN
cblr-8635	646	18	for	for	ADP
cblr-8635	646	19	many	many	ADJ
cblr-8635	646	20	years.111	years.111	NOUN
cblr-8635	646	21	then	then	ADV
cblr-8635	646	22	,	,	PUNCT
cblr-8635	646	23	in	in	ADP
cblr-8635	646	24	december	december	PROPN
cblr-8635	646	25	2020	2020	NUM
cblr-8635	646	26	,	,	PUNCT
cblr-8635	646	27	in	in	ADP
cblr-8635	646	28	the	the	DET
cblr-8635	646	29	concluding	conclude	VERB
cblr-8635	646	30	days	day	NOUN
cblr-8635	646	31	of	of	ADP
cblr-8635	646	32	the	the	DET
cblr-8635	646	33	trump	trump	NOUN
cblr-8635	646	34	administration	administration	NOUN
cblr-8635	646	35	,	,	PUNCT
cblr-8635	646	36	the	the	DET
cblr-8635	646	37	department	department	NOUN
cblr-8635	646	38	of	of	ADP
cblr-8635	646	39	labor	labor	NOUN
cblr-8635	646	40	dropped	drop	VERB
cblr-8635	646	41	a	a	DET
cblr-8635	646	42	bombshell	bombshell	NOUN
cblr-8635	646	43	,	,	PUNCT
cblr-8635	646	44	reversing	reverse	VERB
cblr-8635	646	45	its	its	PRON
cblr-8635	646	46	prior	prior	ADJ
cblr-8635	646	47	approach	approach	NOUN
cblr-8635	646	48	to	to	ADP
cblr-8635	646	49	shareholder	shareholder	NOUN
cblr-8635	646	50	activism	activism	NOUN
cblr-8635	646	51	.	.	PUNCT
cblr-8635	647	1	no	no	ADV
cblr-8635	647	2	longer	long	ADV
cblr-8635	647	3	endorsing	endorse	VERB
cblr-8635	647	4	mandatory	mandatory	ADJ
cblr-8635	647	5	voting	voting	NOUN
cblr-8635	647	6	of	of	ADP
cblr-8635	647	7	shares	share	NOUN
cblr-8635	647	8	and	and	CCONJ
cblr-8635	647	9	dropping	drop	VERB
cblr-8635	647	10	the	the	DET
cblr-8635	647	11	prior	prior	ADJ
cblr-8635	647	12	“	"	PUNCT
cblr-8635	647	13	reasonable	reasonable	ADJ
cblr-8635	647	14	expectation	expectation	NOUN
cblr-8635	647	15	”	"	PUNCT
cblr-8635	647	16	test	test	NOUN
cblr-8635	647	17	,	,	PUNCT
cblr-8635	647	18	it	it	PRON
cblr-8635	647	19	proposed	propose	VERB
cblr-8635	647	20	a	a	DET
cblr-8635	647	21	rule	rule	NOUN
cblr-8635	647	22	under	under	ADP
cblr-8635	647	23	which	which	PRON
cblr-8635	647	24	a	a	DET
cblr-8635	647	25	fiduciary	fiduciary	ADJ
cblr-8635	647	26	subject	subject	NOUN
cblr-8635	647	27	to	to	ADP
cblr-8635	647	28	erisa	erisa	NOUN
cblr-8635	647	29	“	"	PUNCT
cblr-8635	647	30	must	must	AUX
cblr-8635	647	31	not	not	PART
cblr-8635	647	32	vote	vote	VERB
cblr-8635	647	33	taking	take	VERB
cblr-8635	647	34	into	into	ADP
cblr-8635	647	35	account	account	NOUN
cblr-8635	647	36	the	the	DET
cblr-8635	647	37	costs	cost	NOUN
cblr-8635	647	38	involved	involve	VERB
cblr-8635	647	39	.	.	PUNCT
cblr-8635	647	40	”	"	PUNCT
cblr-8635	648	1	i	i	PRON
cblr-8635	648	2	d.	d.	PROPN
cblr-8635	648	3	;	;	PUNCT
cblr-8635	648	4	see	see	VERB
cblr-8635	648	5	also	also	ADV
cblr-8635	648	6	paul	paul	PROPN
cblr-8635	648	7	rissman	rissman	PROPN
cblr-8635	648	8	&	&	CCONJ
cblr-8635	648	9	diana	diana	PROPN
cblr-8635	648	10	kearney	kearney	PROPN
cblr-8635	648	11	,	,	PUNCT
cblr-8635	648	12	rise	rise	NOUN
cblr-8635	648	13	of	of	ADP
cblr-8635	648	14	the	the	DET
cblr-8635	648	15	shadow	shadow	NOUN
cblr-8635	648	16	esg	esg	PROPN
cblr-8635	648	17	regulators	regulator	NOUN
cblr-8635	648	18	:	:	PUNCT
cblr-8635	648	19	investment	investment	NOUN
cblr-8635	648	20	advisers	adviser	NOUN
cblr-8635	648	21	,	,	PUNCT
cblr-8635	648	22	sustainability	sustainability	NOUN
cblr-8635	648	23	accounting	accounting	NOUN
cblr-8635	648	24	,	,	PUNCT
cblr-8635	648	25	and	and	CCONJ
cblr-8635	648	26	their	their	PRON
cblr-8635	648	27	effects	effect	NOUN
cblr-8635	648	28	on	on	ADP
cblr-8635	648	29	corporate	corporate	ADJ
cblr-8635	648	30	social	social	ADJ
cblr-8635	648	31	responsibility	responsibility	NOUN
cblr-8635	648	32	,	,	PUNCT
cblr-8635	648	33	49	49	NUM
cblr-8635	648	34	env’t	env’t	NUM
cblr-8635	648	35	l.	l.	PROPN
cblr-8635	648	36	rep	rep	PROPN
cblr-8635	648	37	.	.	PROPN
cblr-8635	648	38	10155	10155	NUM
cblr-8635	648	39	,	,	PUNCT
cblr-8635	648	40	10168	10168	NUM
cblr-8635	648	41	(	(	PUNCT
cblr-8635	648	42	2019	2019	NUM
cblr-8635	648	43	)	)	PUNCT
cblr-8635	648	44	.	.	PUNCT
cblr-8635	649	1	the	the	DET
cblr-8635	649	2	sec	sec	PROPN
cblr-8635	649	3	followed	follow	VERB
cblr-8635	649	4	several	several	ADJ
cblr-8635	649	5	years	year	NOUN
cblr-8635	649	6	later	later	ADV
cblr-8635	649	7	and	and	CCONJ
cblr-8635	649	8	similarly	similarly	ADV
cblr-8635	649	9	endorsed	endorse	VERB
cblr-8635	649	10	the	the	DET
cblr-8635	649	11	duty	duty	NOUN
cblr-8635	649	12	of	of	ADP
cblr-8635	649	13	a	a	DET
cblr-8635	649	14	fiduciary	fiduciary	ADJ
cblr-8635	649	15	or	or	CCONJ
cblr-8635	649	16	investment	investment	NOUN
cblr-8635	649	17	advisor	advisor	NOUN
cblr-8635	649	18	to	to	PART
cblr-8635	649	19	vote	vote	VERB
cblr-8635	649	20	the	the	DET
cblr-8635	649	21	shares	share	NOUN
cblr-8635	649	22	held	hold	VERB
cblr-8635	649	23	by	by	ADP
cblr-8635	649	24	a	a	DET
cblr-8635	649	25	mutual	mutual	ADJ
cblr-8635	649	26	fund	fund	NOUN
cblr-8635	649	27	or	or	CCONJ
cblr-8635	649	28	other	other	ADJ
cblr-8635	649	29	investment	investment	NOUN
cblr-8635	649	30	company	company	NOUN
cblr-8635	649	31	.	.	PUNCT
cblr-8635	650	1	see	see	VERB
cblr-8635	650	2	proxy	proxy	NOUN
cblr-8635	650	3	voting	voting	NOUN
cblr-8635	650	4	by	by	ADP
cblr-8635	650	5	investment	investment	NOUN
cblr-8635	650	6	advisers	adviser	NOUN
cblr-8635	650	7	,	,	PUNCT
cblr-8635	650	8	investment	investment	NOUN
cblr-8635	650	9	advisers	adviser	NOUN
cblr-8635	650	10	act	act	AUX
cblr-8635	650	11	release	release	VERB
cblr-8635	650	12	no	no	NOUN
cblr-8635	650	13	.	.	NOUN
cblr-8635	650	14	2,106	2,106	NUM
cblr-8635	650	15	,	,	PUNCT
cblr-8635	650	16	2003	2003	NUM
cblr-8635	650	17	wl	wl	NOUN
cblr-8635	650	18	215467	215467	NUM
cblr-8635	650	19	,	,	PUNCT
cblr-8635	650	20	at	at	ADP
cblr-8635	650	21	*	*	NOUN
cblr-8635	650	22	2	2	NUM
cblr-8635	650	23	(	(	PUNCT
cblr-8635	650	24	jan	jan	PROPN
cblr-8635	650	25	.	.	PROPN
cblr-8635	650	26	31	31	NUM
cblr-8635	650	27	,	,	PUNCT
cblr-8635	650	28	2003	2003	NUM
cblr-8635	650	29	)	)	PUNCT
cblr-8635	650	30	.	.	PUNCT
cblr-8635	651	1	to	to	PART
cblr-8635	651	2	sum	sum	VERB
cblr-8635	651	3	up	up	ADP
cblr-8635	651	4	,	,	PUNCT
cblr-8635	651	5	both	both	DET
cblr-8635	651	6	agencies	agency	NOUN
cblr-8635	651	7	agree	agree	VERB
cblr-8635	651	8	that	that	SCONJ
cblr-8635	651	9	fiduciaries	fiduciary	NOUN
cblr-8635	651	10	must	must	AUX
cblr-8635	651	11	vote	vote	VERB
cblr-8635	651	12	their	their	PRON
cblr-8635	651	13	shares	share	NOUN
cblr-8635	651	14	and	and	CCONJ
cblr-8635	651	15	must	must	AUX
cblr-8635	651	16	do	do	VERB
cblr-8635	651	17	so	so	ADV
cblr-8635	651	18	with	with	ADP
cblr-8635	651	19	the	the	DET
cblr-8635	651	20	objective	objective	NOUN
cblr-8635	651	21	of	of	ADP
cblr-8635	651	22	increasing	increase	VERB
cblr-8635	651	23	the	the	DET
cblr-8635	651	24	value	value	NOUN
cblr-8635	651	25	of	of	ADP
cblr-8635	651	26	the	the	DET
cblr-8635	651	27	fund	fund	NOUN
cblr-8635	651	28	to	to	ADP
cblr-8635	651	29	their	their	PRON
cblr-8635	651	30	beneficiaries	beneficiary	NOUN
cblr-8635	651	31	.	.	PUNCT
cblr-8635	652	1	110	110	NUM
cblr-8635	652	2	see	see	VERB
cblr-8635	652	3	,	,	PUNCT
cblr-8635	652	4	e.g.	e.g.	ADV
cblr-8635	652	5	,	,	PUNCT
cblr-8635	652	6	interpretive	interpretive	ADJ
cblr-8635	652	7	bulletin	bulletin	NOUN
cblr-8635	652	8	relating	relate	VERB
cblr-8635	652	9	to	to	ADP
cblr-8635	652	10	the	the	DET
cblr-8635	652	11	exercise	exercise	NOUN
cblr-8635	652	12	of	of	ADP
cblr-8635	652	13	shareholder	shareholder	NOUN
cblr-8635	652	14	rights	right	NOUN
cblr-8635	652	15	and	and	CCONJ
cblr-8635	652	16	written	write	VERB
cblr-8635	652	17	statements	statement	NOUN
cblr-8635	652	18	of	of	ADP
cblr-8635	652	19	investment	investment	NOUN
cblr-8635	652	20	policy	policy	NOUN
cblr-8635	652	21	,	,	PUNCT
cblr-8635	652	22	including	include	VERB
cblr-8635	652	23	proxy	proxy	NOUN
cblr-8635	652	24	voting	voting	NOUN
cblr-8635	652	25	policies	policy	NOUN
cblr-8635	652	26	or	or	CCONJ
cblr-8635	652	27	guidelines	guideline	NOUN
cblr-8635	652	28	,	,	PUNCT
cblr-8635	652	29	81	81	NUM
cblr-8635	652	30	fed	feed	VERB
cblr-8635	652	31	.	.	PUNCT
cblr-8635	653	1	reg	reg	PROPN
cblr-8635	653	2	.	.	PROPN
cblr-8635	654	1	95,879	95,879	NUM
cblr-8635	654	2	,	,	PUNCT
cblr-8635	654	3	95,881	95,881	NUM
cblr-8635	654	4	(	(	PUNCT
cblr-8635	654	5	dec	dec	PROPN
cblr-8635	654	6	.	.	PROPN
cblr-8635	654	7	29	29	NUM
cblr-8635	654	8	,	,	PUNCT
cblr-8635	654	9	2016	2016	NUM
cblr-8635	654	10	)	)	PUNCT
cblr-8635	654	11	.	.	PUNCT
cblr-8635	655	1	this	this	DET
cblr-8635	655	2	revised	revise	VERB
cblr-8635	655	3	bulletin	bulletin	NOUN
cblr-8635	655	4	adopted	adopt	VERB
cblr-8635	655	5	a	a	DET
cblr-8635	655	6	“	"	PUNCT
cblr-8635	655	7	reasonable	reasonable	ADJ
cblr-8635	655	8	expectation	expectation	NOUN
cblr-8635	655	9	”	"	PUNCT
cblr-8635	655	10	standard	standard	NOUN
cblr-8635	655	11	for	for	ADP
cblr-8635	655	12	when	when	SCONJ
cblr-8635	655	13	fiduciaries	fiduciary	NOUN
cblr-8635	655	14	should	should	AUX
cblr-8635	655	15	engage	engage	VERB
cblr-8635	655	16	in	in	ADP
cblr-8635	655	17	shareholder	shareholder	NOUN
cblr-8635	655	18	activism	activism	NOUN
cblr-8635	655	19	,	,	PUNCT
cblr-8635	655	20	with	with	ADP
cblr-8635	655	21	the	the	DET
cblr-8635	655	22	expectation	expectation	NOUN
cblr-8635	655	23	being	be	AUX
cblr-8635	655	24	that	that	SCONJ
cblr-8635	655	25	the	the	DET
cblr-8635	655	26	plan	plan	NOUN
cblr-8635	655	27	’s	’s	PART
cblr-8635	655	28	assets	asset	NOUN
cblr-8635	655	29	would	would	AUX
cblr-8635	655	30	be	be	AUX
cblr-8635	655	31	enhanced	enhance	VERB
cblr-8635	655	32	.	.	PUNCT
cblr-8635	656	1	i	i	PRON
cblr-8635	656	2	d.	d.	PROPN
cblr-8635	656	3	at	at	ADP
cblr-8635	656	4	95,881	95,881	NUM
cblr-8635	656	5	,	,	PUNCT
cblr-8635	656	6	85,884	85,884	NUM
cblr-8635	656	7	.	.	PUNCT
cblr-8635	657	1	however	however	ADV
cblr-8635	657	2	,	,	PUNCT
cblr-8635	657	3	in	in	ADP
cblr-8635	657	4	december	december	PROPN
cblr-8635	657	5	2020	2020	NUM
cblr-8635	657	6	,	,	PUNCT
cblr-8635	657	7	the	the	DET
cblr-8635	657	8	department	department	NOUN
cblr-8635	657	9	of	of	ADP
cblr-8635	657	10	labor	labor	NOUN
cblr-8635	657	11	withdrew	withdraw	VERB
cblr-8635	657	12	the	the	DET
cblr-8635	657	13	bulletin	bulletin	NOUN
cblr-8635	657	14	and	and	CCONJ
cblr-8635	657	15	adopted	adopt	VERB
cblr-8635	657	16	a	a	DET
cblr-8635	657	17	new	new	ADJ
cblr-8635	657	18	final	final	ADJ
cblr-8635	657	19	rule	rule	NOUN
cblr-8635	657	20	that	that	PRON
cblr-8635	657	21	significantly	significantly	ADV
cblr-8635	657	22	changed	change	VERB
cblr-8635	657	23	the	the	DET
cblr-8635	657	24	standard	standard	NOUN
cblr-8635	657	25	for	for	ADP
cblr-8635	657	26	voting	vote	VERB
cblr-8635	657	27	decisions	decision	NOUN
cblr-8635	657	28	to	to	PART
cblr-8635	657	29	require	require	VERB
cblr-8635	657	30	that	that	SCONJ
cblr-8635	657	31	an	an	DET
cblr-8635	657	32	erisa	erisa	NOUN
cblr-8635	657	33	fiduciary	fiduciary	NOUN
cblr-8635	657	34	believe	believe	VERB
cblr-8635	657	35	that	that	SCONJ
cblr-8635	657	36	voting	vote	VERB
cblr-8635	657	37	shares	share	NOUN
cblr-8635	657	38	in	in	ADP
cblr-8635	657	39	a	a	DET
cblr-8635	657	40	particular	particular	ADJ
cblr-8635	657	41	case	case	NOUN
cblr-8635	657	42	would	would	AUX
cblr-8635	657	43	enhance	enhance	VERB
cblr-8635	657	44	firm	firm	ADJ
cblr-8635	657	45	value	value	NOUN
cblr-8635	657	46	.	.	PUNCT
cblr-8635	658	1	see	see	VERB
cblr-8635	658	2	infra	infra	NOUN
cblr-8635	658	3	at	at	ADP
cblr-8635	658	4	notes	note	NOUN
cblr-8635	658	5	111–112	111–112	NUM
cblr-8635	658	6	and	and	CCONJ
cblr-8635	658	7	accompanying	accompany	VERB
cblr-8635	658	8	text	text	NOUN
cblr-8635	658	9	.	.	PUNCT
cblr-8635	659	1	111	111	NUM
cblr-8635	659	2	even	even	ADV
cblr-8635	659	3	under	under	ADP
cblr-8635	659	4	president	president	PROPN
cblr-8635	659	5	trump	trump	NOUN
cblr-8635	659	6	,	,	PUNCT
cblr-8635	659	7	the	the	DET
cblr-8635	659	8	department	department	NOUN
cblr-8635	659	9	of	of	ADP
cblr-8635	659	10	labor	labor	NOUN
cblr-8635	659	11	continued	continue	VERB
cblr-8635	659	12	to	to	PART
cblr-8635	659	13	use	use	VERB
cblr-8635	659	14	a	a	DET
cblr-8635	659	15	“	"	PUNCT
cblr-8635	659	16	reasonable	reasonable	ADJ
cblr-8635	659	17	expectation	expectation	NOUN
cblr-8635	659	18	”	"	PUNCT
cblr-8635	659	19	standard	standard	NOUN
cblr-8635	659	20	until	until	ADP
cblr-8635	659	21	the	the	DET
cblr-8635	659	22	final	final	ADJ
cblr-8635	659	23	days	day	NOUN
cblr-8635	659	24	of	of	ADP
cblr-8635	659	25	the	the	DET
cblr-8635	659	26	trump	trump	NOUN
cblr-8635	659	27	administration	administration	NOUN
cblr-8635	659	28	.	.	PUNCT
cblr-8635	660	1	although	although	SCONJ
cblr-8635	660	2	it	it	PRON
cblr-8635	660	3	cautioned	caution	VERB
cblr-8635	660	4	that	that	SCONJ
cblr-8635	660	5	the	the	DET
cblr-8635	660	6	objective	objective	NOUN
cblr-8635	660	7	of	of	ADP
cblr-8635	660	8	shareholder	shareholder	NOUN
cblr-8635	660	9	activism	activism	NOUN
cblr-8635	660	10	must	must	AUX
cblr-8635	660	11	be	be	AUX
cblr-8635	660	12	the	the	DET
cblr-8635	660	13	enhancement	enhancement	NOUN
cblr-8635	660	14	of	of	ADP
cblr-8635	660	15	the	the	DET
cblr-8635	660	16	plan	plan	NOUN
cblr-8635	660	17	’s	’s	PART
cblr-8635	660	18	value	value	NOUN
cblr-8635	660	19	(	(	PUNCT
cblr-8635	660	20	meaning	mean	VERB
cblr-8635	660	21	that	that	SCONJ
cblr-8635	660	22	the	the	DET
cblr-8635	660	23	fiduciary	fiduciary	ADJ
cblr-8635	660	24	may	may	AUX
cblr-8635	660	25	not	not	PART
cblr-8635	660	26	be	be	AUX
cblr-8635	660	27	pursuing	pursue	VERB
cblr-8635	660	28	political	political	ADJ
cblr-8635	660	29	or	or	CCONJ
cblr-8635	660	30	social	social	ADJ
cblr-8635	660	31	preferences	preference	NOUN
cblr-8635	660	32	)	)	PUNCT
cblr-8635	660	33	,	,	PUNCT
cblr-8635	660	34	it	it	PRON
cblr-8635	660	35	did	do	AUX
cblr-8635	660	36	not	not	PART
cblr-8635	660	37	alter	alter	VERB
cblr-8635	660	38	significantly	significantly	ADV
cblr-8635	660	39	prior	prior	PROPN
cblr-8635	660	40	department	department	PROPN
cblr-8635	660	41	of	of	ADP
cblr-8635	660	42	labor	labor	NOUN
cblr-8635	660	43	positions	position	NOUN
cblr-8635	660	44	.	.	PUNCT
cblr-8635	661	1	see	see	VERB
cblr-8635	661	2	memorandum	memorandum	NOUN
cblr-8635	661	3	from	from	ADP
cblr-8635	661	4	john	john	PROPN
cblr-8635	661	5	j.	j.	PROPN
cblr-8635	661	6	canary	canary	PROPN
cblr-8635	661	7	,	,	PUNCT
cblr-8635	661	8	dir	dir	PROPN
cblr-8635	661	9	.	.	PUNCT
cblr-8635	662	1	of	of	ADP
cblr-8635	662	2	reguls	reguls	PROPN
cblr-8635	662	3	.	.	PUNCT
cblr-8635	662	4	&	&	CCONJ
cblr-8635	662	5	interpretations	interpretations	PROPN
cblr-8635	662	6	,	,	PUNCT
cblr-8635	662	7	emp	emp	PROPN
cblr-8635	662	8	.	.	PUNCT
cblr-8635	663	1	benefits	benefits	PROPN
cblr-8635	663	2	sec	sec	PROPN
cblr-8635	663	3	.	.	PUNCT
cblr-8635	663	4	admin	admin	PROPN
cblr-8635	663	5	.	.	PROPN
cblr-8635	663	6	,	,	PUNCT
cblr-8635	663	7	u.s	u.s	PROPN
cblr-8635	663	8	.	.	PROPN
cblr-8635	663	9	dep’t	dep’t	NOUN
cblr-8635	663	10	of	of	ADP
cblr-8635	663	11	lab	lab	NOUN
cblr-8635	663	12	.	.	PUNCT
cblr-8635	663	13	,	,	PUNCT
cblr-8635	663	14	to	to	ADP
cblr-8635	663	15	mabel	mabel	PROPN
cblr-8635	663	16	capolongo	capolongo	PROPN
cblr-8635	663	17	,	,	PUNCT
cblr-8635	663	18	dir	dir	PROPN
cblr-8635	663	19	.	.	PUNCT
cblr-8635	664	1	of	of	ADP
cblr-8635	664	2	enf’t	enf’t	NUM
cblr-8635	664	3	,	,	PUNCT
cblr-8635	664	4	u.s	u.s	PROPN
cblr-8635	664	5	.	.	PROPN
cblr-8635	664	6	dep’t	dep’t	NOUN
cblr-8635	664	7	of	of	ADP
cblr-8635	664	8	lab	lab	NOUN
cblr-8635	664	9	.	.	PUNCT
cblr-8635	665	1	&	&	CCONJ
cblr-8635	665	2	reg’l	reg’l	NUM
cblr-8635	665	3	dirs	dir	NOUN
cblr-8635	665	4	.	.	PUNCT
cblr-8635	666	1	4–5	4–5	NUM
cblr-8635	666	2	(	(	PUNCT
cblr-8635	666	3	apr	apr	PROPN
cblr-8635	666	4	.	.	PROPN
cblr-8635	666	5	23	23	NUM
cblr-8635	666	6	,	,	PUNCT
cblr-8635	666	7	2018	2018	NUM
cblr-8635	666	8	)	)	PUNCT
cblr-8635	666	9	.	.	PUNCT
cblr-8635	667	1	however	however	ADV
cblr-8635	667	2	,	,	PUNCT
cblr-8635	667	3	this	this	DET
cblr-8635	667	4	position	position	NOUN
cblr-8635	667	5	changed	change	VERB
cblr-8635	667	6	dramatically	dramatically	ADV
cblr-8635	667	7	in	in	ADP
cblr-8635	667	8	december	december	PROPN
cblr-8635	667	9	2020	2020	NUM
cblr-8635	667	10	,	,	PUNCT
cblr-8635	667	11	as	as	SCONJ
cblr-8635	667	12	explained	explain	VERB
cblr-8635	667	13	in	in	ADP
cblr-8635	667	14	the	the	DET
cblr-8635	667	15	text	text	NOUN
cblr-8635	667	16	and	and	CCONJ
cblr-8635	667	17	infra	infra	NOUN
cblr-8635	667	18	note	note	VERB
cblr-8635	667	19	112	112	NUM
cblr-8635	667	20	.	.	PUNCT
cblr-8635	668	1	coffee	coffee	PROPN
cblr-8635	668	2	8/20/2021	8/20/2021	NUM
cblr-8635	668	3	6:32	6:32	NUM
cblr-8635	668	4	pm	pm	NOUN
cblr-8635	668	5	no	no	INTJ
cblr-8635	668	6	.	.	PUNCT
cblr-8635	669	1	2:602	2:602	NUM
cblr-8635	669	2	]	]	X
cblr-8635	669	3	the	the	DET
cblr-8635	669	4	future	future	NOUN
cblr-8635	669	5	of	of	ADP
cblr-8635	669	6	disclosure	disclosure	NOUN
cblr-8635	669	7	643	643	NUM
cblr-8635	669	8	any	any	DET
cblr-8635	669	9	proxy	proxy	NOUN
cblr-8635	669	10	unless	unless	SCONJ
cblr-8635	669	11	the	the	DET
cblr-8635	669	12	fiduciary	fiduciary	ADJ
cblr-8635	669	13	prudently	prudently	ADV
cblr-8635	669	14	determines	determine	VERB
cblr-8635	669	15	that	that	SCONJ
cblr-8635	669	16	the	the	DET
cblr-8635	669	17	matter	matter	NOUN
cblr-8635	669	18	being	be	AUX
cblr-8635	669	19	voted	vote	VERB
cblr-8635	669	20	upon	upon	SCONJ
cblr-8635	669	21	would	would	AUX
cblr-8635	669	22	have	have	VERB
cblr-8635	669	23	an	an	DET
cblr-8635	669	24	economic	economic	ADJ
cblr-8635	669	25	impact	impact	NOUN
cblr-8635	669	26	on	on	ADP
cblr-8635	669	27	the	the	DET
cblr-8635	669	28	plan	plan	NOUN
cblr-8635	669	29	.	.	PUNCT
cblr-8635	670	1	”112	”112	PROPN
cblr-8635	670	2	ultimately	ultimately	ADV
cblr-8635	670	3	,	,	PUNCT
cblr-8635	670	4	it	it	PRON
cblr-8635	670	5	watered	water	VERB
cblr-8635	670	6	down	down	ADP
cblr-8635	670	7	this	this	DET
cblr-8635	670	8	position	position	NOUN
cblr-8635	670	9	slightly	slightly	ADV
cblr-8635	670	10	by	by	ADP
cblr-8635	670	11	permitting	permit	VERB
cblr-8635	670	12	fiduciaries	fiduciary	NOUN
cblr-8635	670	13	to	to	PART
cblr-8635	670	14	use	use	VERB
cblr-8635	670	15	a	a	DET
cblr-8635	670	16	“	"	PUNCT
cblr-8635	670	17	principles	principle	NOUN
cblr-8635	670	18	-	-	PUNCT
cblr-8635	670	19	based	base	VERB
cblr-8635	670	20	”	"	PUNCT
cblr-8635	670	21	approach	approach	NOUN
cblr-8635	670	22	that	that	PRON
cblr-8635	670	23	allowed	allow	VERB
cblr-8635	670	24	them	they	PRON
cblr-8635	670	25	to	to	PART
cblr-8635	670	26	consider	consider	VERB
cblr-8635	670	27	the	the	DET
cblr-8635	670	28	general	general	ADJ
cblr-8635	670	29	tendencies	tendency	NOUN
cblr-8635	670	30	of	of	ADP
cblr-8635	670	31	a	a	DET
cblr-8635	670	32	particular	particular	ADJ
cblr-8635	670	33	type	type	NOUN
cblr-8635	670	34	of	of	ADP
cblr-8635	670	35	vote	vote	NOUN
cblr-8635	670	36	(	(	PUNCT
cblr-8635	670	37	i.e.	i.e.	X
cblr-8635	670	38	,	,	PUNCT
cblr-8635	670	39	did	do	AUX
cblr-8635	670	40	it	it	PRON
cblr-8635	670	41	generally	generally	ADV
cblr-8635	670	42	increase	increase	VERB
cblr-8635	670	43	share	share	NOUN
cblr-8635	670	44	value	value	NOUN
cblr-8635	670	45	,	,	PUNCT
cblr-8635	670	46	without	without	ADP
cblr-8635	670	47	the	the	DET
cblr-8635	670	48	need	need	NOUN
cblr-8635	670	49	for	for	ADP
cblr-8635	670	50	individualized	individualized	ADJ
cblr-8635	670	51	determination).113	determination).113	NOUN
cblr-8635	670	52	nonetheless	nonetheless	ADV
cblr-8635	670	53	,	,	PUNCT
cblr-8635	670	54	this	this	PRON
cblr-8635	670	55	still	still	ADV
cblr-8635	670	56	implied	imply	VERB
cblr-8635	670	57	that	that	SCONJ
cblr-8635	670	58	a	a	DET
cblr-8635	670	59	prerequisite	prerequisite	NOUN
cblr-8635	670	60	to	to	ADP
cblr-8635	670	61	voting	vote	VERB
cblr-8635	670	62	by	by	ADP
cblr-8635	670	63	an	an	DET
cblr-8635	670	64	erisa	erisa	NOUN
cblr-8635	670	65	fiduciary	fiduciary	NOUN
cblr-8635	670	66	was	be	AUX
cblr-8635	670	67	a	a	DET
cblr-8635	670	68	prior	prior	ADJ
cblr-8635	670	69	determination	determination	NOUN
cblr-8635	670	70	(	(	PUNCT
cblr-8635	670	71	whether	whether	SCONJ
cblr-8635	670	72	individualized	individualized	ADJ
cblr-8635	670	73	or	or	CCONJ
cblr-8635	670	74	generalized	generalize	VERB
cblr-8635	670	75	)	)	PUNCT
cblr-8635	670	76	by	by	ADP
cblr-8635	670	77	the	the	DET
cblr-8635	670	78	fiduciary	fiduciary	NOUN
cblr-8635	670	79	that	that	SCONJ
cblr-8635	670	80	the	the	DET
cblr-8635	670	81	vote	vote	NOUN
cblr-8635	670	82	would	would	AUX
cblr-8635	670	83	have	have	AUX
cblr-8635	670	84	a	a	DET
cblr-8635	670	85	positive	positive	ADJ
cblr-8635	670	86	economic	economic	ADJ
cblr-8635	670	87	impact	impact	NOUN
cblr-8635	670	88	on	on	ADP
cblr-8635	670	89	the	the	DET
cblr-8635	670	90	plan	plan	NOUN
cblr-8635	670	91	;	;	PUNCT
cblr-8635	670	92	a	a	DET
cblr-8635	670	93	“	"	PUNCT
cblr-8635	670	94	no	no	DET
cblr-8635	670	95	impact	impact	NOUN
cblr-8635	670	96	”	"	PUNCT
cblr-8635	670	97	determination	determination	NOUN
cblr-8635	670	98	still	still	ADV
cblr-8635	670	99	implied	imply	VERB
cblr-8635	670	100	that	that	SCONJ
cblr-8635	670	101	the	the	DET
cblr-8635	670	102	shares	share	NOUN
cblr-8635	670	103	should	should	AUX
cblr-8635	670	104	not	not	PART
cblr-8635	670	105	be	be	AUX
cblr-8635	670	106	voted.114	voted.114	NOUN
cblr-8635	670	107	this	this	PRON
cblr-8635	670	108	is	be	AUX
cblr-8635	670	109	a	a	DET
cblr-8635	670	110	rule	rule	NOUN
cblr-8635	670	111	of	of	ADP
cblr-8635	670	112	enforced	enforce	VERB
cblr-8635	670	113	passivity	passivity	NOUN
cblr-8635	670	114	,	,	PUNCT
cblr-8635	670	115	which	which	PRON
cblr-8635	670	116	goes	go	VERB
cblr-8635	670	117	well	well	ADV
cblr-8635	670	118	beyond	beyond	ADP
cblr-8635	670	119	simply	simply	ADV
cblr-8635	670	120	precluding	preclude	VERB
cblr-8635	670	121	votes	vote	NOUN
cblr-8635	670	122	based	base	VERB
cblr-8635	670	123	on	on	ADP
cblr-8635	670	124	moral	moral	ADJ
cblr-8635	670	125	or	or	CCONJ
cblr-8635	670	126	ethical	ethical	ADJ
cblr-8635	670	127	considerations	consideration	NOUN
cblr-8635	670	128	.	.	PUNCT
cblr-8635	671	1	consider	consider	VERB
cblr-8635	671	2	what	what	PRON
cblr-8635	671	3	this	this	PRON
cblr-8635	671	4	does	do	VERB
cblr-8635	671	5	to	to	PART
cblr-8635	671	6	erisa	erisa	VERB
cblr-8635	671	7	plans	plan	NOUN
cblr-8635	671	8	that	that	PRON
cblr-8635	671	9	tend	tend	VERB
cblr-8635	671	10	to	to	PART
cblr-8635	671	11	vote	vote	VERB
cblr-8635	671	12	affirmatively	affirmatively	ADV
cblr-8635	671	13	on	on	ADP
cblr-8635	671	14	esg	esg	NOUN
cblr-8635	671	15	measures	measure	NOUN
cblr-8635	671	16	.	.	PUNCT
cblr-8635	672	1	hypothetically	hypothetically	ADV
cblr-8635	672	2	,	,	PUNCT
cblr-8635	672	3	suppose	suppose	VERB
cblr-8635	672	4	that	that	SCONJ
cblr-8635	672	5	an	an	DET
cblr-8635	672	6	erisa	erisa	NOUN
cblr-8635	672	7	plan	plan	NOUN
cblr-8635	672	8	would	would	AUX
cblr-8635	672	9	like	like	VERB
cblr-8635	672	10	to	to	PART
cblr-8635	672	11	vote	vote	VERB
cblr-8635	672	12	in	in	ADP
cblr-8635	672	13	favor	favor	NOUN
cblr-8635	672	14	of	of	ADP
cblr-8635	672	15	a	a	DET
cblr-8635	672	16	shareholder	shareholder	NOUN
cblr-8635	672	17	proposal	proposal	NOUN
cblr-8635	672	18	requiring	require	VERB
cblr-8635	672	19	greater	great	ADJ
cblr-8635	672	20	diversity	diversity	NOUN
cblr-8635	672	21	on	on	ADP
cblr-8635	672	22	the	the	DET
cblr-8635	672	23	board	board	NOUN
cblr-8635	672	24	.	.	PUNCT
cblr-8635	673	1	assume	assume	VERB
cblr-8635	673	2	the	the	DET
cblr-8635	673	3	plan	plan	NOUN
cblr-8635	673	4	has	have	VERB
cblr-8635	673	5	no	no	DET
cblr-8635	673	6	research	research	NOUN
cblr-8635	673	7	or	or	CCONJ
cblr-8635	673	8	other	other	ADJ
cblr-8635	673	9	proof	proof	NOUN
cblr-8635	673	10	that	that	PRON
cblr-8635	673	11	plans	plan	VERB
cblr-8635	673	12	benefit	benefit	VERB
cblr-8635	673	13	generally	generally	ADV
cblr-8635	673	14	from	from	ADP
cblr-8635	673	15	such	such	ADJ
cblr-8635	673	16	votes	vote	NOUN
cblr-8635	673	17	.	.	PUNCT
cblr-8635	674	1	is	be	AUX
cblr-8635	674	2	it	it	PRON
cblr-8635	674	3	now	now	ADV
cblr-8635	674	4	barred	bar	VERB
cblr-8635	674	5	from	from	ADP
cblr-8635	674	6	voting	vote	VERB
cblr-8635	674	7	on	on	ADP
cblr-8635	674	8	this	this	DET
cblr-8635	674	9	112	112	NUM
cblr-8635	674	10	see	see	NOUN
cblr-8635	674	11	fiduciary	fiduciary	ADJ
cblr-8635	674	12	duties	duty	NOUN
cblr-8635	674	13	regarding	regard	VERB
cblr-8635	674	14	proxy	proxy	NOUN
cblr-8635	674	15	voting	voting	NOUN
cblr-8635	674	16	and	and	CCONJ
cblr-8635	674	17	shareholder	shareholder	NOUN
cblr-8635	674	18	rights	right	NOUN
cblr-8635	674	19	,	,	PUNCT
cblr-8635	674	20	85	85	NUM
cblr-8635	674	21	fed	feed	VERB
cblr-8635	674	22	.	.	PUNCT
cblr-8635	675	1	reg	reg	PROPN
cblr-8635	675	2	.	.	PROPN
cblr-8635	676	1	81,658	81,658	NUM
cblr-8635	676	2	,	,	PUNCT
cblr-8635	676	3	81,687	81,687	NUM
cblr-8635	676	4	(	(	PUNCT
cblr-8635	676	5	to	to	PART
cblr-8635	676	6	be	be	AUX
cblr-8635	676	7	codified	codify	VERB
cblr-8635	676	8	at	at	ADP
cblr-8635	676	9	29	29	NUM
cblr-8635	676	10	c.f.r	c.f.r	NOUN
cblr-8635	676	11	.	.	PUNCT
cblr-8635	677	1	pts	pts	PROPN
cblr-8635	677	2	.	.	PROPN
cblr-8635	677	3	2509	2509	NUM
cblr-8635	677	4	,	,	PUNCT
cblr-8635	677	5	2550	2550	NUM
cblr-8635	677	6	)	)	PUNCT
cblr-8635	677	7	(	(	PUNCT
cblr-8635	677	8	dec	dec	PROPN
cblr-8635	677	9	.	.	PROPN
cblr-8635	677	10	16	16	NUM
cblr-8635	677	11	,	,	PUNCT
cblr-8635	677	12	2020	2020	NUM
cblr-8635	677	13	)	)	PUNCT
cblr-8635	677	14	.	.	PUNCT
cblr-8635	678	1	this	this	DET
cblr-8635	678	2	rule	rule	NOUN
cblr-8635	678	3	became	become	VERB
cblr-8635	678	4	effective	effective	ADJ
cblr-8635	678	5	on	on	ADP
cblr-8635	678	6	january	january	PROPN
cblr-8635	678	7	15	15	NUM
cblr-8635	678	8	,	,	PUNCT
cblr-8635	678	9	2021	2021	NUM
cblr-8635	678	10	,	,	PUNCT
cblr-8635	678	11	just	just	ADV
cblr-8635	678	12	days	day	NOUN
cblr-8635	678	13	before	before	ADP
cblr-8635	678	14	the	the	DET
cblr-8635	678	15	end	end	NOUN
cblr-8635	678	16	of	of	ADP
cblr-8635	678	17	president	president	PROPN
cblr-8635	678	18	trump	trump	VERB
cblr-8635	678	19	’s	’s	PART
cblr-8635	678	20	term	term	NOUN
cblr-8635	678	21	.	.	PUNCT
cblr-8635	679	1	i	i	PRON
cblr-8635	679	2	d.	d.	PROPN
cblr-8635	679	3	at	at	ADP
cblr-8635	679	4	81,695	81,695	NUM
cblr-8635	679	5	.	.	PUNCT
cblr-8635	680	1	before	before	ADP
cblr-8635	680	2	adopting	adopt	VERB
cblr-8635	680	3	this	this	DET
cblr-8635	680	4	proposal	proposal	NOUN
cblr-8635	680	5	on	on	ADP
cblr-8635	680	6	shareholder	shareholder	NOUN
cblr-8635	680	7	voting	voting	NOUN
cblr-8635	680	8	under	under	ADP
cblr-8635	680	9	erisa	erisa	NOUN
cblr-8635	680	10	,	,	PUNCT
cblr-8635	680	11	the	the	DET
cblr-8635	680	12	department	department	NOUN
cblr-8635	680	13	of	of	ADP
cblr-8635	680	14	labor	labor	NOUN
cblr-8635	680	15	a	a	DET
cblr-8635	680	16	month	month	NOUN
cblr-8635	680	17	earlier	early	ADV
cblr-8635	680	18	adopted	adopt	VERB
cblr-8635	680	19	a	a	DET
cblr-8635	680	20	similarly	similarly	ADV
cblr-8635	680	21	restrictive	restrictive	ADJ
cblr-8635	680	22	rule	rule	NOUN
cblr-8635	680	23	on	on	ADP
cblr-8635	680	24	investments	investment	NOUN
cblr-8635	680	25	by	by	ADP
cblr-8635	680	26	an	an	DET
cblr-8635	680	27	erisa	erisa	NOUN
cblr-8635	680	28	plan	plan	NOUN
cblr-8635	680	29	under	under	ADP
cblr-8635	680	30	erisa	erisa	NOUN
cblr-8635	680	31	’s	’s	PART
cblr-8635	680	32	“	"	PUNCT
cblr-8635	680	33	exclusive	exclusive	ADJ
cblr-8635	680	34	benefit	benefit	NOUN
cblr-8635	680	35	”	"	PUNCT
cblr-8635	680	36	rule	rule	NOUN
cblr-8635	680	37	.	.	PUNCT
cblr-8635	681	1	see	see	VERB
cblr-8635	681	2	financial	financial	ADJ
cblr-8635	681	3	factors	factor	NOUN
cblr-8635	681	4	in	in	ADP
cblr-8635	681	5	selecting	select	VERB
cblr-8635	681	6	plan	plan	NOUN
cblr-8635	681	7	investments	investment	NOUN
cblr-8635	681	8	,	,	PUNCT
cblr-8635	681	9	85	85	NUM
cblr-8635	681	10	fed	feed	VERB
cblr-8635	681	11	.	.	PUNCT
cblr-8635	682	1	reg	reg	PROPN
cblr-8635	682	2	.	.	NOUN
cblr-8635	682	3	72,846	72,846	NUM
cblr-8635	682	4	,	,	PUNCT
cblr-8635	682	5	72,848	72,848	NUM
cblr-8635	682	6	(	(	PUNCT
cblr-8635	682	7	nov	nov	PROPN
cblr-8635	682	8	.	.	PROPN
cblr-8635	682	9	13	13	NUM
cblr-8635	682	10	,	,	PUNCT
cblr-8635	682	11	2020	2020	NUM
cblr-8635	682	12	)	)	PUNCT
cblr-8635	682	13	(	(	PUNCT
cblr-8635	682	14	codified	codify	VERB
cblr-8635	682	15	at	at	ADP
cblr-8635	682	16	29	29	NUM
cblr-8635	682	17	c.f.r	c.f.r	NOUN
cblr-8635	682	18	.	.	PUNCT
cblr-8635	683	1	pts	pts	PROPN
cblr-8635	683	2	.	.	PROPN
cblr-8635	683	3	2509	2509	NUM
cblr-8635	683	4	,	,	PUNCT
cblr-8635	683	5	2550	2550	NUM
cblr-8635	683	6	)	)	PUNCT
cblr-8635	684	1	(	(	PUNCT
cblr-8635	684	2	instructing	instruct	VERB
cblr-8635	684	3	fiduciaries	fiduciary	NOUN
cblr-8635	684	4	that	that	SCONJ
cblr-8635	684	5	they	they	PRON
cblr-8635	684	6	“	"	PUNCT
cblr-8635	684	7	may	may	AUX
cblr-8635	684	8	not	not	PART
cblr-8635	684	9	subordinate	subordinate	VERB
cblr-8635	684	10	return	return	NOUN
cblr-8635	684	11	or	or	CCONJ
cblr-8635	684	12	increase	increase	VERB
cblr-8635	684	13	risks	risk	NOUN
cblr-8635	684	14	to	to	PART
cblr-8635	684	15	promote	promote	VERB
cblr-8635	684	16	non	non	ADJ
cblr-8635	684	17	-	-	ADJ
cblr-8635	684	18	pecuniary	pecuniary	ADJ
cblr-8635	684	19	objectives	objective	NOUN
cblr-8635	684	20	”	"	PUNCT
cblr-8635	684	21	)	)	PUNCT
cblr-8635	684	22	.	.	PUNCT
cblr-8635	685	1	this	this	DET
cblr-8635	685	2	provision	provision	NOUN
cblr-8635	685	3	was	be	AUX
cblr-8635	685	4	somewhat	somewhat	ADV
cblr-8635	685	5	less	less	ADV
cblr-8635	685	6	surprising	surprising	ADJ
cblr-8635	685	7	than	than	ADP
cblr-8635	685	8	the	the	DET
cblr-8635	685	9	later	later	ADJ
cblr-8635	685	10	rule	rule	NOUN
cblr-8635	685	11	on	on	ADP
cblr-8635	685	12	shareholder	shareholder	NOUN
cblr-8635	685	13	voting	voting	NOUN
cblr-8635	685	14	because	because	SCONJ
cblr-8635	685	15	investments	investment	NOUN
cblr-8635	685	16	do	do	AUX
cblr-8635	685	17	involve	involve	VERB
cblr-8635	685	18	greater	great	ADJ
cblr-8635	685	19	costs	cost	NOUN
cblr-8635	685	20	and	and	CCONJ
cblr-8635	685	21	risks	risk	NOUN
cblr-8635	685	22	.	.	PUNCT
cblr-8635	686	1	both	both	PRON
cblr-8635	686	2	may	may	AUX
cblr-8635	686	3	be	be	AUX
cblr-8635	686	4	re	re	VERB
cblr-8635	686	5	-	-	VERB
cblr-8635	686	6	examined	examine	VERB
cblr-8635	686	7	by	by	ADP
cblr-8635	686	8	the	the	DET
cblr-8635	686	9	biden	biden	PROPN
cblr-8635	686	10	administration	administration	PROPN
cblr-8635	686	11	.	.	PUNCT
cblr-8635	687	1	113	113	NUM
cblr-8635	687	2	see	see	VERB
cblr-8635	687	3	fiduciary	fiduciary	ADJ
cblr-8635	687	4	duties	duty	NOUN
cblr-8635	687	5	regarding	regard	VERB
cblr-8635	687	6	proxy	proxy	NOUN
cblr-8635	687	7	voting	voting	NOUN
cblr-8635	687	8	and	and	CCONJ
cblr-8635	687	9	shareholder	shareholder	NOUN
cblr-8635	687	10	rights	right	NOUN
cblr-8635	687	11	,	,	PUNCT
cblr-8635	687	12	85	85	NUM
cblr-8635	687	13	fed	feed	VERB
cblr-8635	687	14	.	.	PUNCT
cblr-8635	688	1	reg	reg	PROPN
cblr-8635	688	2	.	.	PUNCT
cblr-8635	689	1	at	at	ADP
cblr-8635	689	2	81,694–95	81,694–95	NUM
cblr-8635	689	3	.	.	PUNCT
cblr-8635	689	4	114	114	NUM
cblr-8635	689	5	the	the	DET
cblr-8635	689	6	department	department	PROPN
cblr-8635	689	7	of	of	ADP
cblr-8635	689	8	labor	labor	NOUN
cblr-8635	689	9	eliminated	eliminate	VERB
cblr-8635	689	10	the	the	DET
cblr-8635	689	11	“	"	PUNCT
cblr-8635	689	12	must	must	AUX
cblr-8635	689	13	not	not	PART
cblr-8635	689	14	vote	vote	VERB
cblr-8635	689	15	”	"	PUNCT
cblr-8635	689	16	language	language	NOUN
cblr-8635	689	17	from	from	ADP
cblr-8635	689	18	its	its	PRON
cblr-8635	689	19	original	original	ADJ
cblr-8635	689	20	proposal	proposal	NOUN
cblr-8635	689	21	,	,	PUNCT
cblr-8635	689	22	but	but	CCONJ
cblr-8635	689	23	its	its	PRON
cblr-8635	689	24	final	final	ADJ
cblr-8635	689	25	rule	rule	NOUN
cblr-8635	689	26	is	be	AUX
cblr-8635	689	27	similar	similar	ADJ
cblr-8635	689	28	in	in	ADP
cblr-8635	689	29	effect	effect	NOUN
cblr-8635	689	30	:	:	PUNCT
cblr-8635	689	31	fiduciaries	fiduciary	NOUN
cblr-8635	689	32	must	must	AUX
cblr-8635	689	33	vote	vote	VERB
cblr-8635	689	34	or	or	CCONJ
cblr-8635	689	35	abstain	abstain	VERB
cblr-8635	689	36	from	from	ADP
cblr-8635	689	37	voting	vote	VERB
cblr-8635	689	38	on	on	ADP
cblr-8635	689	39	the	the	DET
cblr-8635	689	40	basis	basis	NOUN
cblr-8635	689	41	of	of	ADP
cblr-8635	689	42	financial	financial	ADJ
cblr-8635	689	43	benefit	benefit	NOUN
cblr-8635	689	44	to	to	ADP
cblr-8635	689	45	the	the	DET
cblr-8635	689	46	plan	plan	NOUN
cblr-8635	689	47	,	,	PUNCT
cblr-8635	689	48	and	and	CCONJ
cblr-8635	689	49	the	the	DET
cblr-8635	689	50	safe	safe	ADJ
cblr-8635	689	51	harbor	harbor	NOUN
cblr-8635	689	52	for	for	ADP
cblr-8635	689	53	a	a	DET
cblr-8635	689	54	voting	voting	NOUN
cblr-8635	689	55	decision	decision	NOUN
cblr-8635	689	56	requires	require	VERB
cblr-8635	689	57	at	at	ADP
cblr-8635	689	58	least	least	ADJ
cblr-8635	689	59	a	a	DET
cblr-8635	689	60	generalized	generalized	ADJ
cblr-8635	689	61	determination	determination	NOUN
cblr-8635	689	62	as	as	ADP
cblr-8635	689	63	to	to	PART
cblr-8635	689	64	effect	effect	VERB
cblr-8635	689	65	.	.	PUNCT
cblr-8635	690	1	see	see	VERB
cblr-8635	690	2	i	i	PRON
cblr-8635	690	3	d.	d.	PROPN
cblr-8635	690	4	at	at	ADP
cblr-8635	690	5	81,663	81,663	NUM
cblr-8635	690	6	,	,	PUNCT
cblr-8635	690	7	81,694–95	81,694–95	NUM
cblr-8635	690	8	.	.	PUNCT
cblr-8635	691	1	coffee	coffee	PROPN
cblr-8635	691	2	8/20/2021	8/20/2021	NUM
cblr-8635	691	3	6:32	6:32	NUM
cblr-8635	691	4	pm	pm	PROPN
cblr-8635	691	5	644	644	NUM
cblr-8635	691	6	columbia	columbia	PROPN
cblr-8635	691	7	business	business	NOUN
cblr-8635	691	8	law	law	PROPN
cblr-8635	691	9	review	review	NOUN
cblr-8635	692	1	[	[	X
cblr-8635	692	2	vol	vol	NOUN
cblr-8635	692	3	.	.	PUNCT
cblr-8635	692	4	2021	2021	NUM
cblr-8635	692	5	precatory	precatory	NOUN
cblr-8635	692	6	(	(	PUNCT
cblr-8635	692	7	and	and	CCONJ
cblr-8635	692	8	largely	largely	ADV
cblr-8635	692	9	aspirational	aspirational	ADJ
cblr-8635	692	10	)	)	PUNCT
cblr-8635	692	11	measure	measure	NOUN
cblr-8635	692	12	?	?	PUNCT
cblr-8635	693	1	must	must	AUX
cblr-8635	693	2	it	it	PRON
cblr-8635	693	3	find	find	VERB
cblr-8635	693	4	such	such	ADJ
cblr-8635	693	5	evidence	evidence	NOUN
cblr-8635	693	6	or	or	CCONJ
cblr-8635	693	7	conduct	conduct	VERB
cblr-8635	693	8	a	a	DET
cblr-8635	693	9	potentially	potentially	ADV
cblr-8635	693	10	expensive	expensive	ADJ
cblr-8635	693	11	study	study	NOUN
cblr-8635	693	12	first	first	ADV
cblr-8635	693	13	(	(	PUNCT
cblr-8635	693	14	one	one	NUM
cblr-8635	693	15	whose	whose	DET
cblr-8635	693	16	outcome	outcome	NOUN
cblr-8635	693	17	is	be	AUX
cblr-8635	693	18	not	not	PART
cblr-8635	693	19	automatically	automatically	ADV
cblr-8635	693	20	obvious	obvious	ADJ
cblr-8635	693	21	)	)	PUNCT
cblr-8635	693	22	?	?	PUNCT
cblr-8635	694	1	must	must	AUX
cblr-8635	694	2	it	it	PRON
cblr-8635	694	3	show	show	VERB
cblr-8635	694	4	that	that	SCONJ
cblr-8635	694	5	the	the	DET
cblr-8635	694	6	market	market	NOUN
cblr-8635	694	7	has	have	AUX
cblr-8635	694	8	“	"	PUNCT
cblr-8635	694	9	mispriced	misprice	VERB
cblr-8635	694	10	”	"	PUNCT
cblr-8635	694	11	this	this	DET
cblr-8635	694	12	special	special	ADJ
cblr-8635	694	13	factor?115	factor?115	PROPN
cblr-8635	694	14	even	even	ADV
cblr-8635	694	15	as	as	SCONJ
cblr-8635	694	16	revised	revise	VERB
cblr-8635	694	17	,	,	PUNCT
cblr-8635	694	18	the	the	DET
cblr-8635	694	19	department	department	PROPN
cblr-8635	694	20	of	of	ADP
cblr-8635	694	21	labor	labor	PROPN
cblr-8635	694	22	’s	’s	PART
cblr-8635	694	23	new	new	ADJ
cblr-8635	694	24	rule	rule	NOUN
cblr-8635	694	25	does	do	AUX
cblr-8635	694	26	seem	seem	VERB
cblr-8635	694	27	to	to	PART
cblr-8635	694	28	place	place	VERB
cblr-8635	694	29	a	a	DET
cblr-8635	694	30	costly	costly	ADJ
cblr-8635	694	31	hurdle	hurdle	NOUN
cblr-8635	694	32	before	before	ADP
cblr-8635	694	33	such	such	ADJ
cblr-8635	694	34	votes	vote	NOUN
cblr-8635	694	35	,	,	PUNCT
cblr-8635	694	36	and	and	CCONJ
cblr-8635	694	37	it	it	PRON
cblr-8635	694	38	quickly	quickly	ADV
cblr-8635	694	39	attracted	attract	VERB
cblr-8635	694	40	a	a	DET
cblr-8635	694	41	firestorm	firestorm	NOUN
cblr-8635	694	42	of	of	ADP
cblr-8635	694	43	criticism.116	criticism.116	PROPN
cblr-8635	694	44	three	three	NUM
cblr-8635	694	45	basic	basic	ADJ
cblr-8635	694	46	arguments	argument	NOUN
cblr-8635	694	47	call	call	VERB
cblr-8635	694	48	into	into	ADP
cblr-8635	694	49	question	question	NOUN
cblr-8635	694	50	the	the	DET
cblr-8635	694	51	legitimacy	legitimacy	NOUN
cblr-8635	694	52	of	of	ADP
cblr-8635	694	53	this	this	DET
cblr-8635	694	54	rule	rule	NOUN
cblr-8635	694	55	.	.	PUNCT
cblr-8635	695	1	first	first	ADV
cblr-8635	695	2	,	,	PUNCT
cblr-8635	695	3	voting	voting	NOUN
cblr-8635	695	4	is	be	AUX
cblr-8635	695	5	different	different	ADJ
cblr-8635	695	6	from	from	ADP
cblr-8635	695	7	an	an	DET
cblr-8635	695	8	investment	investment	NOUN
cblr-8635	695	9	or	or	CCONJ
cblr-8635	695	10	sales	sale	NOUN
cblr-8635	695	11	decision	decision	NOUN
cblr-8635	695	12	in	in	ADP
cblr-8635	695	13	that	that	DET
cblr-8635	695	14	(	(	PUNCT
cblr-8635	695	15	1	1	X
cblr-8635	695	16	)	)	PUNCT
cblr-8635	695	17	loss	loss	NOUN
cblr-8635	695	18	of	of	ADP
cblr-8635	695	19	diversification	diversification	NOUN
cblr-8635	695	20	benefits	benefit	NOUN
cblr-8635	695	21	is	be	AUX
cblr-8635	695	22	less	less	ADV
cblr-8635	695	23	threatened	threaten	VERB
cblr-8635	695	24	by	by	ADP
cblr-8635	695	25	voting	vote	VERB
cblr-8635	695	26	(	(	PUNCT
cblr-8635	695	27	whereas	whereas	SCONJ
cblr-8635	695	28	such	such	ADJ
cblr-8635	695	29	benefits	benefit	NOUN
cblr-8635	695	30	were	be	AUX
cblr-8635	695	31	threatened	threaten	VERB
cblr-8635	695	32	when	when	SCONJ
cblr-8635	695	33	investors	investor	NOUN
cblr-8635	695	34	sold	sell	VERB
cblr-8635	695	35	off	off	ADP
cblr-8635	695	36	stocks	stock	NOUN
cblr-8635	695	37	of	of	ADP
cblr-8635	695	38	south	south	PROPN
cblr-8635	695	39	africa	africa	PROPN
cblr-8635	695	40	-	-	PUNCT
cblr-8635	695	41	based	base	VERB
cblr-8635	695	42	companies	company	NOUN
cblr-8635	695	43	in	in	ADP
cblr-8635	695	44	the	the	DET
cblr-8635	695	45	1980s	1980	NOUN
cblr-8635	695	46	)	)	PUNCT
cblr-8635	695	47	,	,	PUNCT
cblr-8635	695	48	(	(	PUNCT
cblr-8635	695	49	2	2	X
cblr-8635	695	50	)	)	PUNCT
cblr-8635	695	51	the	the	DET
cblr-8635	695	52	transaction	transaction	NOUN
cblr-8635	695	53	costs	cost	NOUN
cblr-8635	695	54	of	of	ADP
cblr-8635	695	55	a	a	DET
cblr-8635	695	56	voting	voting	NOUN
cblr-8635	695	57	decision	decision	NOUN
cblr-8635	695	58	are	be	AUX
cblr-8635	695	59	trivial	trivial	ADJ
cblr-8635	695	60	(	(	PUNCT
cblr-8635	695	61	no	no	DET
cblr-8635	695	62	brokerage	brokerage	NOUN
cblr-8635	695	63	fee	fee	NOUN
cblr-8635	695	64	is	be	AUX
cblr-8635	695	65	involved	involve	VERB
cblr-8635	695	66	and	and	CCONJ
cblr-8635	695	67	no	no	DET
cblr-8635	695	68	sale	sale	NOUN
cblr-8635	695	69	proceeds	proceed	NOUN
cblr-8635	695	70	have	have	VERB
cblr-8635	695	71	to	to	PART
cblr-8635	695	72	be	be	AUX
cblr-8635	695	73	re	re	VERB
cblr-8635	695	74	-	-	VERB
cblr-8635	695	75	invested	invest	VERB
cblr-8635	695	76	)	)	PUNCT
cblr-8635	695	77	,	,	PUNCT
cblr-8635	695	78	and	and	CCONJ
cblr-8635	695	79	(	(	PUNCT
cblr-8635	695	80	3	3	X
cblr-8635	695	81	)	)	PUNCT
cblr-8635	695	82	the	the	DET
cblr-8635	695	83	failure	failure	NOUN
cblr-8635	695	84	to	to	PART
cblr-8635	695	85	vote	vote	VERB
cblr-8635	695	86	can	can	AUX
cblr-8635	695	87	also	also	ADV
cblr-8635	695	88	result	result	VERB
cblr-8635	695	89	in	in	ADP
cblr-8635	695	90	loss	loss	NOUN
cblr-8635	695	91	to	to	ADP
cblr-8635	695	92	shareholders	shareholder	NOUN
cblr-8635	695	93	.	.	PUNCT
cblr-8635	696	1	that	that	PRON
cblr-8635	696	2	is	is	ADV
cblr-8635	696	3	,	,	PUNCT
cblr-8635	696	4	shareholders	shareholder	NOUN
cblr-8635	696	5	may	may	AUX
cblr-8635	696	6	suffer	suffer	VERB
cblr-8635	696	7	losses	loss	NOUN
cblr-8635	696	8	as	as	ADV
cblr-8635	696	9	much	much	ADV
cblr-8635	696	10	from	from	ADP
cblr-8635	696	11	the	the	DET
cblr-8635	696	12	inability	inability	NOUN
cblr-8635	696	13	to	to	PART
cblr-8635	696	14	vote	vote	VERB
cblr-8635	696	15	as	as	ADP
cblr-8635	696	16	from	from	ADP
cblr-8635	696	17	“	"	PUNCT
cblr-8635	696	18	bad	bad	ADJ
cblr-8635	696	19	”	"	PUNCT
cblr-8635	696	20	voting	voting	NOUN
cblr-8635	696	21	decisions	decision	NOUN
cblr-8635	696	22	.	.	PUNCT
cblr-8635	697	1	second	second	ADJ
cblr-8635	697	2	,	,	PUNCT
cblr-8635	697	3	an	an	DET
cblr-8635	697	4	erisa	erisa	NOUN
cblr-8635	697	5	fiduciary	fiduciary	NOUN
cblr-8635	697	6	can	can	AUX
cblr-8635	697	7	make	make	VERB
cblr-8635	697	8	a	a	DET
cblr-8635	697	9	voting	voting	NOUN
cblr-8635	697	10	decision	decision	NOUN
cblr-8635	697	11	on	on	ADP
cblr-8635	697	12	a	a	DET
cblr-8635	697	13	portfolio	portfolio	NOUN
cblr-8635	697	14	-	-	PUNCT
cblr-8635	697	15	wide	wide	ADJ
cblr-8635	697	16	basis	basis	NOUN
cblr-8635	697	17	,	,	PUNCT
cblr-8635	697	18	and	and	CCONJ
cblr-8635	697	19	the	the	DET
cblr-8635	697	20	rule	rule	NOUN
cblr-8635	697	21	should	should	AUX
cblr-8635	697	22	apply	apply	VERB
cblr-8635	697	23	differently	differently	ADV
cblr-8635	697	24	in	in	ADP
cblr-8635	697	25	these	these	DET
cblr-8635	697	26	cases	case	NOUN
cblr-8635	697	27	to	to	PART
cblr-8635	697	28	reflect	reflect	VERB
cblr-8635	697	29	the	the	DET
cblr-8635	697	30	prospect	prospect	NOUN
cblr-8635	697	31	of	of	ADP
cblr-8635	697	32	gain	gain	NOUN
cblr-8635	697	33	.	.	PUNCT
cblr-8635	698	1	sometimes	sometimes	ADV
cblr-8635	698	2	(	(	PUNCT
cblr-8635	698	3	as	as	ADP
cblr-8635	698	4	in	in	ADP
cblr-8635	698	5	the	the	DET
cblr-8635	698	6	case	case	NOUN
cblr-8635	698	7	of	of	ADP
cblr-8635	698	8	climate	climate	NOUN
cblr-8635	698	9	change	change	NOUN
cblr-8635	698	10	votes	vote	NOUN
cblr-8635	698	11	)	)	PUNCT
cblr-8635	698	12	,	,	PUNCT
cblr-8635	698	13	the	the	DET
cblr-8635	698	14	fiduciary	fiduciary	ADJ
cblr-8635	698	15	may	may	AUX
cblr-8635	698	16	be	be	AUX
cblr-8635	698	17	able	able	ADJ
cblr-8635	698	18	to	to	PART
cblr-8635	698	19	net	net	VERB
cblr-8635	698	20	out	out	ADP
cblr-8635	698	21	the	the	DET
cblr-8635	698	22	gains	gain	NOUN
cblr-8635	698	23	and	and	CCONJ
cblr-8635	698	24	losses	loss	NOUN
cblr-8635	698	25	across	across	ADP
cblr-8635	698	26	its	its	PRON
cblr-8635	698	27	portfolio	portfolio	NOUN
cblr-8635	698	28	and	and	CCONJ
cblr-8635	698	29	find	find	VERB
cblr-8635	698	30	that	that	SCONJ
cblr-8635	698	31	a	a	DET
cblr-8635	698	32	positive	positive	ADJ
cblr-8635	698	33	financial	financial	ADJ
cblr-8635	698	34	result	result	NOUN
cblr-8635	698	35	from	from	ADP
cblr-8635	698	36	the	the	DET
cblr-8635	698	37	vote	vote	NOUN
cblr-8635	698	38	is	be	AUX
cblr-8635	698	39	likely	likely	ADJ
cblr-8635	698	40	.	.	PUNCT
cblr-8635	699	1	other	other	ADJ
cblr-8635	699	2	times	time	NOUN
cblr-8635	699	3	(	(	PUNCT
cblr-8635	699	4	such	such	ADJ
cblr-8635	699	5	as	as	ADP
cblr-8635	699	6	in	in	ADP
cblr-8635	699	7	cases	case	NOUN
cblr-8635	699	8	involving	involve	VERB
cblr-8635	699	9	race	race	NOUN
cblr-8635	699	10	or	or	CCONJ
cblr-8635	699	11	gender	gender	NOUN
cblr-8635	699	12	issues	issue	NOUN
cblr-8635	699	13	)	)	PUNCT
cblr-8635	699	14	,	,	PUNCT
cblr-8635	699	15	the	the	DET
cblr-8635	699	16	fiduciary	fiduciary	ADJ
cblr-8635	699	17	may	may	AUX
cblr-8635	699	18	believe	believe	VERB
cblr-8635	699	19	that	that	SCONJ
cblr-8635	699	20	a	a	DET
cblr-8635	699	21	market	market	NOUN
cblr-8635	699	22	wide	wide	ADJ
cblr-8635	699	23	shift	shift	NOUN
cblr-8635	699	24	toward	toward	ADP
cblr-8635	699	25	board	board	NOUN
cblr-8635	699	26	diversity	diversity	NOUN
cblr-8635	699	27	115	115	NUM
cblr-8635	699	28	this	this	PRON
cblr-8635	699	29	is	be	AUX
cblr-8635	699	30	the	the	DET
cblr-8635	699	31	position	position	NOUN
cblr-8635	699	32	taken	take	VERB
cblr-8635	699	33	by	by	ADP
cblr-8635	699	34	professors	professor	NOUN
cblr-8635	699	35	schanzenbach	schanzenbach	VERB
cblr-8635	699	36	and	and	CCONJ
cblr-8635	699	37	sitkoff	sitkoff	NOUN
cblr-8635	699	38	.	.	PUNCT
cblr-8635	700	1	see	see	VERB
cblr-8635	700	2	supra	supra	PROPN
cblr-8635	700	3	notes	notes	PROPN
cblr-8635	700	4	notes	note	VERB
cblr-8635	700	5	93–94	93–94	NUM
cblr-8635	700	6	and	and	CCONJ
cblr-8635	700	7	accompanying	accompany	VERB
cblr-8635	700	8	text	text	NOUN
cblr-8635	700	9	.	.	PUNCT
cblr-8635	701	1	116	116	NUM
cblr-8635	701	2	see	see	NOUN
cblr-8635	701	3	,	,	PUNCT
cblr-8635	701	4	e.g.	e.g.	ADV
cblr-8635	701	5	,	,	PUNCT
cblr-8635	701	6	kurt	kurt	PROPN
cblr-8635	701	7	n.	n.	PROPN
cblr-8635	701	8	schacht	schacht	PROPN
cblr-8635	701	9	,	,	PUNCT
cblr-8635	701	10	the	the	DET
cblr-8635	701	11	labor	labor	NOUN
cblr-8635	701	12	department	department	PROPN
cblr-8635	701	13	is	be	AUX
cblr-8635	701	14	tearing	tear	VERB
cblr-8635	701	15	down	down	ADP
cblr-8635	701	16	a	a	DET
cblr-8635	701	17	landmark	landmark	NOUN
cblr-8635	701	18	of	of	ADP
cblr-8635	701	19	investor	investor	NOUN
cblr-8635	701	20	protection	protection	NOUN
cblr-8635	701	21	,	,	PUNCT
cblr-8635	701	22	barron	barron	PROPN
cblr-8635	701	23	’s	’s	PART
cblr-8635	701	24	,	,	PUNCT
cblr-8635	701	25	(	(	PUNCT
cblr-8635	701	26	sept	sept	PROPN
cblr-8635	701	27	.	.	PROPN
cblr-8635	701	28	11	11	NUM
cblr-8635	701	29	,	,	PUNCT
cblr-8635	701	30	2020	2020	NUM
cblr-8635	701	31	,	,	PUNCT
cblr-8635	701	32	7:30	7:30	NUM
cblr-8635	701	33	am	am	NOUN
cblr-8635	701	34	)	)	PUNCT
cblr-8635	701	35	,	,	PUNCT
cblr-8635	701	36	https://www.barrons.com/articles/the-labor-department-is-tearing-down-alandmark-of-investor-protection-51599823800	https://www.barrons.com/articles/the-labor-department-is-tearing-down-alandmark-of-investor-protection-51599823800	PUNCT
cblr-8635	702	1	[	[	X
cblr-8635	702	2	https://perma.cc/njv2lqqh	https://perma.cc/njv2lqqh	X
cblr-8635	702	3	]	]	X
cblr-8635	702	4	;	;	PUNCT
cblr-8635	702	5	brian	brian	PROPN
cblr-8635	702	6	croce	croce	PROPN
cblr-8635	702	7	,	,	PUNCT
cblr-8635	702	8	proxy	proxy	NOUN
cblr-8635	702	9	proposal	proposal	NOUN
cblr-8635	702	10	angers	anger	VERB
cblr-8635	702	11	institutions	institution	NOUN
cblr-8635	702	12	,	,	PUNCT
cblr-8635	702	13	pensions	pension	NOUN
cblr-8635	702	14	&	&	CCONJ
cblr-8635	702	15	invs	invs	PROPN
cblr-8635	702	16	.	.	PUNCT
cblr-8635	703	1	(	(	PUNCT
cblr-8635	703	2	sept	sept	PROPN
cblr-8635	703	3	.	.	PROPN
cblr-8635	703	4	7	7	NUM
cblr-8635	703	5	,	,	PUNCT
cblr-8635	703	6	2020	2020	NUM
cblr-8635	703	7	,	,	PUNCT
cblr-8635	703	8	12:00	12:00	NUM
cblr-8635	703	9	am	am	NOUN
cblr-8635	703	10	)	)	PUNCT
cblr-8635	703	11	(	(	PUNCT
cblr-8635	703	12	on	on	ADP
cblr-8635	703	13	file	file	NOUN
cblr-8635	703	14	with	with	ADP
cblr-8635	703	15	the	the	DET
cblr-8635	703	16	columbia	columbia	PROPN
cblr-8635	703	17	business	business	PROPN
cblr-8635	703	18	law	law	PROPN
cblr-8635	703	19	review	review	PROPN
cblr-8635	703	20	)	)	PUNCT
cblr-8635	703	21	,	,	PUNCT
cblr-8635	703	22	https://www.pionline.com/regulation/proxy-proposal-angers-institutions	https://www.pionline.com/regulation/proxy-proposal-angers-institutions	PROPN
cblr-8635	703	23	;	;	PUNCT
cblr-8635	703	24	peter	peter	PROPN
cblr-8635	703	25	rasmussen	rasmussen	PROPN
cblr-8635	703	26	,	,	PUNCT
cblr-8635	703	27	erisa	erisa	NOUN
cblr-8635	703	28	voting	voting	NOUN
cblr-8635	703	29	proposal	proposal	NOUN
cblr-8635	703	30	would	would	AUX
cblr-8635	703	31	limit	limit	VERB
cblr-8635	703	32	esg	esg	NOUN
cblr-8635	703	33	factor	factor	NOUN
cblr-8635	703	34	use	use	NOUN
cblr-8635	703	35	,	,	PUNCT
cblr-8635	703	36	bloomberg	bloomberg	PROPN
cblr-8635	703	37	l.	l.	PROPN
cblr-8635	703	38	(	(	PUNCT
cblr-8635	703	39	sept	sept	PROPN
cblr-8635	703	40	.	.	PROPN
cblr-8635	703	41	10	10	NUM
cblr-8635	703	42	,	,	PUNCT
cblr-8635	703	43	2020	2020	NUM
cblr-8635	703	44	,	,	PUNCT
cblr-8635	703	45	4:38	4:38	NUM
cblr-8635	703	46	pm	pm	NOUN
cblr-8635	703	47	)	)	PUNCT
cblr-8635	703	48	(	(	PUNCT
cblr-8635	703	49	on	on	ADP
cblr-8635	703	50	file	file	NOUN
cblr-8635	703	51	with	with	ADP
cblr-8635	703	52	the	the	DET
cblr-8635	703	53	columbia	columbia	PROPN
cblr-8635	703	54	business	business	PROPN
cblr-8635	703	55	law	law	PROPN
cblr-8635	703	56	review	review	PROPN
cblr-8635	703	57	)	)	PUNCT
cblr-8635	703	58	,	,	PUNCT
cblr-8635	703	59	https://news.bloomberglaw.com/bloomberg-law-analysis/analysis-erisa-proxy-voting-proposal-would-limit-esg-factor-use	https://news.bloomberglaw.com/bloomberg-law-analysis/analysis-erisa-proxy-voting-proposal-would-limit-esg-factor-use	NOUN
cblr-8635	703	60	.	.	PUNCT
cblr-8635	704	1	coffee	coffee	PROPN
cblr-8635	704	2	8/20/2021	8/20/2021	NUM
cblr-8635	704	3	6:32	6:32	NUM
cblr-8635	704	4	pm	pm	NOUN
cblr-8635	704	5	no	no	INTJ
cblr-8635	704	6	.	.	PUNCT
cblr-8635	705	1	2:602	2:602	NUM
cblr-8635	705	2	]	]	X
cblr-8635	705	3	the	the	DET
cblr-8635	705	4	future	future	NOUN
cblr-8635	705	5	of	of	ADP
cblr-8635	705	6	disclosure	disclosure	NOUN
cblr-8635	705	7	645	645	NUM
cblr-8635	705	8	would	would	AUX
cblr-8635	705	9	yield	yield	VERB
cblr-8635	705	10	positive	positive	ADJ
cblr-8635	705	11	gains	gain	NOUN
cblr-8635	705	12	,	,	PUNCT
cblr-8635	705	13	but	but	CCONJ
cblr-8635	705	14	it	it	PRON
cblr-8635	705	15	would	would	AUX
cblr-8635	705	16	be	be	AUX
cblr-8635	705	17	too	too	ADV
cblr-8635	705	18	costly	costly	ADJ
cblr-8635	705	19	to	to	PART
cblr-8635	705	20	conduct	conduct	VERB
cblr-8635	705	21	the	the	DET
cblr-8635	705	22	requisite	requisite	ADJ
cblr-8635	705	23	studies.117	studies.117	ADJ
cblr-8635	705	24	third	third	NOUN
cblr-8635	705	25	,	,	PUNCT
cblr-8635	705	26	some	some	DET
cblr-8635	705	27	states	state	NOUN
cblr-8635	705	28	have	have	AUX
cblr-8635	705	29	amended	amend	VERB
cblr-8635	705	30	their	their	PRON
cblr-8635	705	31	“	"	PUNCT
cblr-8635	705	32	sole	sole	ADJ
cblr-8635	705	33	interest	interest	NOUN
cblr-8635	705	34	”	"	PUNCT
cblr-8635	705	35	rules	rule	NOUN
cblr-8635	705	36	to	to	PART
cblr-8635	705	37	recognize	recognize	VERB
cblr-8635	705	38	and	and	CCONJ
cblr-8635	705	39	permit	permit	VERB
cblr-8635	705	40	esg	esg	PROPN
cblr-8635	705	41	investing,118	investing,118	PROPN
cblr-8635	706	1	but	but	CCONJ
cblr-8635	706	2	the	the	DET
cblr-8635	706	3	department	department	PROPN
cblr-8635	706	4	of	of	ADP
cblr-8635	706	5	labor	labor	PROPN
cblr-8635	706	6	’s	’s	PART
cblr-8635	706	7	rule	rule	NOUN
cblr-8635	706	8	may	may	AUX
cblr-8635	706	9	now	now	ADV
cblr-8635	706	10	preempt	preempt	VERB
cblr-8635	706	11	such	such	ADJ
cblr-8635	706	12	inconsistent	inconsistent	ADJ
cblr-8635	706	13	state	state	NOUN
cblr-8635	706	14	rules	rule	NOUN
cblr-8635	706	15	.	.	PUNCT
cblr-8635	707	1	traditionally	traditionally	ADV
cblr-8635	707	2	,	,	PUNCT
cblr-8635	707	3	federal	federal	ADJ
cblr-8635	707	4	agencies	agency	NOUN
cblr-8635	707	5	(	(	PUNCT
cblr-8635	707	6	particularly	particularly	ADV
cblr-8635	707	7	in	in	ADP
cblr-8635	707	8	republican	republican	ADJ
cblr-8635	707	9	administrations	administration	NOUN
cblr-8635	707	10	)	)	PUNCT
cblr-8635	707	11	have	have	AUX
cblr-8635	707	12	been	be	AUX
cblr-8635	707	13	cautious	cautious	ADJ
cblr-8635	707	14	about	about	ADP
cblr-8635	707	15	preempting	preempt	VERB
cblr-8635	707	16	state	state	NOUN
cblr-8635	707	17	law	law	NOUN
cblr-8635	707	18	in	in	ADP
cblr-8635	707	19	the	the	DET
cblr-8635	707	20	belief	belief	NOUN
cblr-8635	707	21	that	that	SCONJ
cblr-8635	707	22	,	,	PUNCT
cblr-8635	707	23	in	in	ADP
cblr-8635	707	24	a	a	DET
cblr-8635	707	25	federal	federal	ADJ
cblr-8635	707	26	system	system	NOUN
cblr-8635	707	27	,	,	PUNCT
cblr-8635	707	28	states	state	NOUN
cblr-8635	707	29	should	should	AUX
cblr-8635	707	30	be	be	AUX
cblr-8635	707	31	entitled	entitle	VERB
cblr-8635	707	32	to	to	PART
cblr-8635	707	33	experiment	experiment	VERB
cblr-8635	707	34	and	and	CCONJ
cblr-8635	707	35	respond	respond	VERB
cblr-8635	707	36	to	to	ADP
cblr-8635	707	37	local	local	ADJ
cblr-8635	707	38	conditions	condition	NOUN
cblr-8635	707	39	and	and	CCONJ
cblr-8635	707	40	circumstances.119	circumstances.119	NOUN
cblr-8635	707	41	nonetheless	nonetheless	ADV
cblr-8635	707	42	,	,	PUNCT
cblr-8635	707	43	without	without	ADP
cblr-8635	707	44	explanation	explanation	NOUN
cblr-8635	707	45	or	or	CCONJ
cblr-8635	707	46	justification	justification	NOUN
cblr-8635	707	47	,	,	PUNCT
cblr-8635	707	48	the	the	DET
cblr-8635	707	49	new	new	ADJ
cblr-8635	707	50	department	department	NOUN
cblr-8635	707	51	of	of	ADP
cblr-8635	707	52	labor	labor	NOUN
cblr-8635	707	53	rule	rule	NOUN
cblr-8635	707	54	seems	seem	VERB
cblr-8635	707	55	to	to	PART
cblr-8635	707	56	preempt	preempt	VERB
cblr-8635	707	57	inconsistent	inconsistent	ADJ
cblr-8635	707	58	state	state	NOUN
cblr-8635	707	59	rules	rule	NOUN
cblr-8635	707	60	.	.	PUNCT
cblr-8635	708	1	in	in	ADP
cblr-8635	708	2	response	response	NOUN
cblr-8635	708	3	,	,	PUNCT
cblr-8635	708	4	the	the	DET
cblr-8635	708	5	biden	biden	PROPN
cblr-8635	708	6	administration	administration	NOUN
cblr-8635	708	7	moved	move	VERB
cblr-8635	708	8	quickly	quickly	ADV
cblr-8635	708	9	to	to	PART
cblr-8635	708	10	announce	announce	VERB
cblr-8635	708	11	in	in	ADP
cblr-8635	708	12	march	march	PROPN
cblr-8635	708	13	2021	2021	NUM
cblr-8635	708	14	that	that	PRON
cblr-8635	708	15	it	it	PRON
cblr-8635	708	16	would	would	AUX
cblr-8635	708	17	not	not	PART
cblr-8635	708	18	enforce	enforce	VERB
cblr-8635	708	19	the	the	DET
cblr-8635	708	20	trump	trump	NOUN
cblr-8635	708	21	administration	administration	NOUN
cblr-8635	708	22	’s	’s	PART
cblr-8635	708	23	rules	rule	NOUN
cblr-8635	708	24	on	on	ADP
cblr-8635	708	25	esg	esg	PROPN
cblr-8635	708	26	investing	investing	PROPN
cblr-8635	708	27	and	and	CCONJ
cblr-8635	708	28	esg	esg	PROPN
cblr-8635	708	29	voting.120	voting.120	PROPN
cblr-8635	708	30	that	that	PRON
cblr-8635	708	31	is	be	AUX
cblr-8635	708	32	a	a	DET
cblr-8635	708	33	good	good	ADJ
cblr-8635	708	34	start	start	NOUN
cblr-8635	708	35	,	,	PUNCT
cblr-8635	708	36	but	but	CCONJ
cblr-8635	708	37	more	more	ADV
cblr-8635	708	38	specific	specific	ADJ
cblr-8635	708	39	guidance	guidance	NOUN
cblr-8635	708	40	needs	need	VERB
cblr-8635	708	41	to	to	PART
cblr-8635	708	42	be	be	AUX
cblr-8635	708	43	given.121	given.121	VERB
cblr-8635	708	44	117	117	NUM
cblr-8635	708	45	an	an	DET
cblr-8635	708	46	elaborate	elaborate	ADJ
cblr-8635	708	47	literature	literature	NOUN
cblr-8635	708	48	exists	exist	VERB
cblr-8635	708	49	concluding	conclude	VERB
cblr-8635	708	50	that	that	SCONJ
cblr-8635	708	51	investments	investment	NOUN
cblr-8635	708	52	in	in	ADP
cblr-8635	708	53	corporate	corporate	ADJ
cblr-8635	708	54	social	social	ADJ
cblr-8635	708	55	responsibility	responsibility	NOUN
cblr-8635	708	56	”	"	PUNCT
cblr-8635	708	57	(	(	PUNCT
cblr-8635	708	58	or	or	CCONJ
cblr-8635	708	59	“	"	PUNCT
cblr-8635	708	60	csr	csr	NOUN
cblr-8635	708	61	”	"	PUNCT
cblr-8635	708	62	)	)	PUNCT
cblr-8635	708	63	do	do	AUX
cblr-8635	708	64	increase	increase	VERB
cblr-8635	708	65	firm	firm	ADJ
cblr-8635	708	66	value	value	NOUN
cblr-8635	708	67	modestly	modestly	ADV
cblr-8635	708	68	and	and	CCONJ
cblr-8635	708	69	do	do	AUX
cblr-8635	708	70	reduce	reduce	VERB
cblr-8635	708	71	systematic	systematic	ADJ
cblr-8635	708	72	risk	risk	NOUN
cblr-8635	708	73	.	.	PUNCT
cblr-8635	709	1	see	see	VERB
cblr-8635	709	2	,	,	PUNCT
cblr-8635	709	3	e.g.	e.g.	ADV
cblr-8635	709	4	,	,	PUNCT
cblr-8635	709	5	rui	rui	PROPN
cblr-8635	709	6	albuquerque	albuquerque	PROPN
cblr-8635	709	7	,	,	PUNCT
cblr-8635	709	8	yrjö	yrjö	PROPN
cblr-8635	709	9	koskinen	koskinen	PROPN
cblr-8635	709	10	&	&	CCONJ
cblr-8635	709	11	chendi	chendi	PROPN
cblr-8635	709	12	zhang	zhang	PROPN
cblr-8635	709	13	,	,	PUNCT
cblr-8635	709	14	corporate	corporate	ADJ
cblr-8635	709	15	social	social	ADJ
cblr-8635	709	16	responsibility	responsibility	NOUN
cblr-8635	709	17	and	and	CCONJ
cblr-8635	709	18	firm	firm	ADJ
cblr-8635	709	19	risk	risk	NOUN
cblr-8635	709	20	:	:	PUNCT
cblr-8635	709	21	theory	theory	NOUN
cblr-8635	709	22	and	and	CCONJ
cblr-8635	709	23	empirical	empirical	ADJ
cblr-8635	709	24	evidence	evidence	NOUN
cblr-8635	709	25	,	,	PUNCT
cblr-8635	709	26	65	65	NUM
cblr-8635	709	27	mgmt	mgmt	NOUN
cblr-8635	709	28	.	.	PUNCT
cblr-8635	710	1	sci	sci	PROPN
cblr-8635	710	2	.	.	PROPN
cblr-8635	710	3	4451	4451	NUM
cblr-8635	710	4	,	,	PUNCT
cblr-8635	710	5	4457–63	4457–63	NUM
cblr-8635	710	6	(	(	PUNCT
cblr-8635	710	7	2019	2019	NUM
cblr-8635	710	8	)	)	PUNCT
cblr-8635	710	9	.	.	PUNCT
cblr-8635	711	1	118	118	NUM
cblr-8635	711	2	see	see	VERB
cblr-8635	711	3	supra	supra	PROPN
cblr-8635	711	4	note	note	PROPN
cblr-8635	711	5	86	86	NUM
cblr-8635	711	6	and	and	CCONJ
cblr-8635	711	7	accompanying	accompany	VERB
cblr-8635	711	8	text	text	NOUN
cblr-8635	711	9	(	(	PUNCT
cblr-8635	711	10	discussing	discuss	VERB
cblr-8635	711	11	statutes	statute	NOUN
cblr-8635	711	12	in	in	ADP
cblr-8635	711	13	delaware	delaware	PROPN
cblr-8635	711	14	and	and	CCONJ
cblr-8635	711	15	oregon	oregon	PROPN
cblr-8635	711	16	)	)	PUNCT
cblr-8635	711	17	.	.	PUNCT
cblr-8635	712	1	119	119	NUM
cblr-8635	712	2	on	on	ADP
cblr-8635	712	3	conservative	conservative	ADJ
cblr-8635	712	4	worries	worry	NOUN
cblr-8635	712	5	about	about	ADP
cblr-8635	712	6	preemption	preemption	NOUN
cblr-8635	712	7	and	and	CCONJ
cblr-8635	712	8	the	the	DET
cblr-8635	712	9	steady	steady	ADJ
cblr-8635	712	10	increase	increase	NOUN
cblr-8635	712	11	of	of	ADP
cblr-8635	712	12	preemptive	preemptive	ADJ
cblr-8635	712	13	laws	law	NOUN
cblr-8635	712	14	,	,	PUNCT
cblr-8635	712	15	see	see	VERB
cblr-8635	712	16	generally	generally	ADV
cblr-8635	712	17	john	john	PROPN
cblr-8635	712	18	kincaid	kincaid	PROPN
cblr-8635	712	19	,	,	PUNCT
cblr-8635	712	20	foreword	foreword	PROPN
cblr-8635	712	21	,	,	PUNCT
cblr-8635	712	22	the	the	DET
cblr-8635	712	23	new	new	ADJ
cblr-8635	712	24	federalism	federalism	NOUN
cblr-8635	712	25	context	context	NOUN
cblr-8635	712	26	of	of	ADP
cblr-8635	712	27	the	the	DET
cblr-8635	712	28	new	new	ADJ
cblr-8635	712	29	judicial	judicial	ADJ
cblr-8635	712	30	federalism	federalism	NOUN
cblr-8635	712	31	,	,	PUNCT
cblr-8635	712	32	26	26	NUM
cblr-8635	712	33	rutgers	rutgers	PROPN
cblr-8635	712	34	l.j	l.j	PROPN
cblr-8635	712	35	.	.	PROPN
cblr-8635	712	36	913	913	NUM
cblr-8635	712	37	(	(	PUNCT
cblr-8635	712	38	1995	1995	NUM
cblr-8635	712	39	)	)	PUNCT
cblr-8635	712	40	.	.	PUNCT
cblr-8635	713	1	but	but	CCONJ
cblr-8635	713	2	see	see	VERB
cblr-8635	713	3	bradley	bradley	PROPN
cblr-8635	713	4	w.	w.	PROPN
cblr-8635	713	5	joondeph	joondeph	PROPN
cblr-8635	713	6	,	,	PUNCT
cblr-8635	713	7	the	the	DET
cblr-8635	713	8	partisan	partisan	ADJ
cblr-8635	713	9	dimensions	dimension	NOUN
cblr-8635	713	10	of	of	ADP
cblr-8635	713	11	federal	federal	ADJ
cblr-8635	713	12	preemption	preemption	NOUN
cblr-8635	713	13	in	in	ADP
cblr-8635	713	14	the	the	DET
cblr-8635	713	15	united	united	PROPN
cblr-8635	713	16	states	states	PROPN
cblr-8635	713	17	courts	court	NOUN
cblr-8635	713	18	of	of	ADP
cblr-8635	713	19	appeals	appeal	NOUN
cblr-8635	713	20	,	,	PUNCT
cblr-8635	713	21	2011	2011	NUM
cblr-8635	713	22	utah	utah	PROPN
cblr-8635	713	23	l.	l.	PROPN
cblr-8635	713	24	rev	rev	PROPN
cblr-8635	713	25	.	.	PROPN
cblr-8635	713	26	223	223	NUM
cblr-8635	713	27	,	,	PUNCT
cblr-8635	713	28	225	225	NUM
cblr-8635	713	29	(	(	PUNCT
cblr-8635	713	30	finding	find	VERB
cblr-8635	713	31	republican	republican	ADJ
cblr-8635	713	32	judges	judge	NOUN
cblr-8635	713	33	more	more	ADV
cblr-8635	713	34	likely	likely	ADJ
cblr-8635	713	35	than	than	SCONJ
cblr-8635	713	36	democratic	democratic	ADJ
cblr-8635	713	37	judges	judge	NOUN
cblr-8635	713	38	to	to	PART
cblr-8635	713	39	favor	favor	VERB
cblr-8635	713	40	preemption	preemption	NOUN
cblr-8635	713	41	in	in	ADP
cblr-8635	713	42	difficult	difficult	ADJ
cblr-8635	713	43	cases	case	NOUN
cblr-8635	713	44	)	)	PUNCT
cblr-8635	713	45	.	.	PUNCT
cblr-8635	714	1	120	120	NUM
cblr-8635	714	2	on	on	ADP
cblr-8635	714	3	march	march	PROPN
cblr-8635	714	4	10	10	NUM
cblr-8635	714	5	,	,	PUNCT
cblr-8635	714	6	2021	2021	NUM
cblr-8635	714	7	,	,	PUNCT
cblr-8635	714	8	the	the	DET
cblr-8635	714	9	u.s	u.s	PROPN
cblr-8635	714	10	.	.	PROPN
cblr-8635	714	11	department	department	PROPN
cblr-8635	714	12	of	of	ADP
cblr-8635	714	13	labor	labor	PROPN
cblr-8635	714	14	’s	’s	PART
cblr-8635	714	15	employee	employee	NOUN
cblr-8635	714	16	benefits	benefit	VERB
cblr-8635	714	17	security	security	NOUN
cblr-8635	714	18	administration	administration	NOUN
cblr-8635	714	19	issued	issue	VERB
cblr-8635	714	20	an	an	DET
cblr-8635	714	21	enforcement	enforcement	NOUN
cblr-8635	714	22	policy	policy	NOUN
cblr-8635	714	23	statement	statement	NOUN
cblr-8635	714	24	indicating	indicate	VERB
cblr-8635	714	25	that	that	SCONJ
cblr-8635	714	26	it	it	PRON
cblr-8635	714	27	would	would	AUX
cblr-8635	714	28	not	not	PART
cblr-8635	714	29	enforce	enforce	VERB
cblr-8635	714	30	either	either	CCONJ
cblr-8635	714	31	the	the	DET
cblr-8635	714	32	esg	esg	PROPN
cblr-8635	714	33	investment	investment	NOUN
cblr-8635	714	34	rule	rule	NOUN
cblr-8635	714	35	or	or	CCONJ
cblr-8635	714	36	the	the	DET
cblr-8635	714	37	esg	esg	NOUN
cblr-8635	714	38	voting	voting	NOUN
cblr-8635	714	39	rule	rule	NOUN
cblr-8635	714	40	adopted	adopt	VERB
cblr-8635	714	41	in	in	ADP
cblr-8635	714	42	the	the	DET
cblr-8635	714	43	last	last	ADJ
cblr-8635	714	44	weeks	week	NOUN
cblr-8635	714	45	of	of	ADP
cblr-8635	714	46	the	the	DET
cblr-8635	714	47	trump	trump	NOUN
cblr-8635	714	48	administration	administration	NOUN
cblr-8635	714	49	.	.	PUNCT
cblr-8635	715	1	see	see	VERB
cblr-8635	715	2	michael	michael	PROPN
cblr-8635	715	3	albano	albano	PROPN
cblr-8635	715	4	,	,	PUNCT
cblr-8635	715	5	mary	mary	PROPN
cblr-8635	715	6	e.	e.	PROPN
cblr-8635	715	7	alcock	alcock	PROPN
cblr-8635	715	8	,	,	PUNCT
cblr-8635	715	9	alexander	alexander	PROPN
cblr-8635	715	10	kurtz	kurtz	PROPN
cblr-8635	715	11	&	&	CCONJ
cblr-8635	715	12	francesca	francesca	PROPN
cblr-8635	715	13	m.	m.	PROPN
cblr-8635	715	14	crooks	crooks	PROPN
cblr-8635	715	15	,	,	PUNCT
cblr-8635	715	16	cleary	cleary	PROPN
cblr-8635	715	17	gottlieb	gottlieb	PROPN
cblr-8635	715	18	discusses	discuss	VERB
cblr-8635	715	19	dol	dol	PROPN
cblr-8635	715	20	’s	’s	PART
cblr-8635	715	21	declining	decline	VERB
cblr-8635	715	22	to	to	PART
cblr-8635	715	23	enforce	enforce	VERB
cblr-8635	715	24	rules	rule	NOUN
cblr-8635	715	25	on	on	ADP
cblr-8635	715	26	erisa	erisa	NOUN
cblr-8635	715	27	plan	plan	NOUN
cblr-8635	715	28	investments	investment	NOUN
cblr-8635	715	29	and	and	CCONJ
cblr-8635	715	30	proxy	proxy	NOUN
cblr-8635	715	31	voting	voting	NOUN
cblr-8635	715	32	,	,	PUNCT
cblr-8635	715	33	the	the	DET
cblr-8635	715	34	cls	cls	NOUN
cblr-8635	715	35	blue	blue	ADJ
cblr-8635	715	36	sky	sky	NOUN
cblr-8635	715	37	blog	blog	NOUN
cblr-8635	715	38	(	(	PUNCT
cblr-8635	715	39	mar	mar	PROPN
cblr-8635	715	40	.	.	PROPN
cblr-8635	715	41	23	23	NUM
cblr-8635	715	42	,	,	PUNCT
cblr-8635	715	43	2021	2021	NUM
cblr-8635	715	44	)	)	PUNCT
cblr-8635	715	45	(	(	PUNCT
cblr-8635	715	46	summarizing	summarize	VERB
cblr-8635	715	47	a	a	DET
cblr-8635	715	48	law	law	NOUN
cblr-8635	715	49	firm	firm	NOUN
cblr-8635	715	50	memorandum	memorandum	NOUN
cblr-8635	715	51	)	)	PUNCT
cblr-8635	715	52	.	.	PUNCT
cblr-8635	716	1	121	121	NUM
cblr-8635	716	2	even	even	ADV
cblr-8635	716	3	if	if	SCONJ
cblr-8635	716	4	these	these	DET
cblr-8635	716	5	rules	rule	NOUN
cblr-8635	716	6	are	be	AUX
cblr-8635	716	7	not	not	PART
cblr-8635	716	8	enforced	enforce	VERB
cblr-8635	716	9	by	by	ADP
cblr-8635	716	10	the	the	DET
cblr-8635	716	11	dol	dol	NOUN
cblr-8635	716	12	,	,	PUNCT
cblr-8635	716	13	they	they	PRON
cblr-8635	716	14	could	could	AUX
cblr-8635	716	15	still	still	ADV
cblr-8635	716	16	have	have	VERB
cblr-8635	716	17	some	some	DET
cblr-8635	716	18	residual	residual	ADJ
cblr-8635	716	19	effect	effect	NOUN
cblr-8635	716	20	,	,	PUNCT
cblr-8635	716	21	which	which	PRON
cblr-8635	716	22	might	might	AUX
cblr-8635	716	23	lead	lead	VERB
cblr-8635	716	24	a	a	DET
cblr-8635	716	25	court	court	NOUN
cblr-8635	716	26	to	to	PART
cblr-8635	716	27	deem	deem	VERB
cblr-8635	716	28	them	they	PRON
cblr-8635	716	29	to	to	PART
cblr-8635	716	30	preempt	preempt	VERB
cblr-8635	716	31	arguably	arguably	ADV
cblr-8635	716	32	inconsistent	inconsistent	ADJ
cblr-8635	716	33	state	state	NOUN
cblr-8635	716	34	law	law	NOUN
cblr-8635	716	35	rules	rule	NOUN
cblr-8635	716	36	.	.	PUNCT
cblr-8635	717	1	also	also	ADV
cblr-8635	717	2	,	,	PUNCT
cblr-8635	717	3	it	it	PRON
cblr-8635	717	4	is	be	AUX
cblr-8635	717	5	conceivable	conceivable	ADJ
cblr-8635	717	6	(	(	PUNCT
cblr-8635	717	7	but	but	CCONJ
cblr-8635	717	8	coffee	coffee	NOUN
cblr-8635	717	9	8/20/2021	8/20/2021	NUM
cblr-8635	717	10	6:32	6:32	NUM
cblr-8635	717	11	pm	pm	NOUN
cblr-8635	717	12	646	646	NUM
cblr-8635	717	13	columbia	columbia	PROPN
cblr-8635	717	14	business	business	NOUN
cblr-8635	717	15	law	law	NOUN
cblr-8635	717	16	review	review	NOUN
cblr-8635	717	17	[	[	X
cblr-8635	717	18	vol	vol	NOUN
cblr-8635	717	19	.	.	PUNCT
cblr-8635	717	20	2021	2021	NUM
cblr-8635	717	21	e.	e.	PROPN
cblr-8635	718	1	the	the	DET
cblr-8635	718	2	coming	come	VERB
cblr-8635	718	3	controversy	controversy	NOUN
cblr-8635	718	4	over	over	ADP
cblr-8635	718	5	portfolio	portfolio	NOUN
cblr-8635	718	6	-	-	PUNCT
cblr-8635	718	7	wide	wide	ADV
cblr-8635	718	8	decisionmaking	decisionmake	VERB
cblr-8635	718	9	the	the	DET
cblr-8635	718	10	vision	vision	NOUN
cblr-8635	718	11	that	that	PRON
cblr-8635	718	12	portfolio	portfolio	NOUN
cblr-8635	718	13	-	-	PUNCT
cblr-8635	718	14	wide	wide	ADJ
cblr-8635	718	15	voting	voting	NOUN
cblr-8635	718	16	by	by	ADP
cblr-8635	718	17	institutional	institutional	ADJ
cblr-8635	718	18	investors	investor	NOUN
cblr-8635	718	19	could	could	AUX
cblr-8635	718	20	reduce	reduce	VERB
cblr-8635	718	21	externalities	externality	NOUN
cblr-8635	718	22	has	have	AUX
cblr-8635	718	23	excited	excite	VERB
cblr-8635	718	24	scholars.122	scholars.122	NOUN
cblr-8635	718	25	viewed	view	VERB
cblr-8635	718	26	in	in	ADP
cblr-8635	718	27	economic	economic	ADJ
cblr-8635	718	28	terms	term	NOUN
cblr-8635	718	29	,	,	PUNCT
cblr-8635	718	30	this	this	PRON
cblr-8635	718	31	is	be	AUX
cblr-8635	718	32	a	a	DET
cblr-8635	718	33	relatively	relatively	ADV
cblr-8635	718	34	conservative	conservative	ADJ
cblr-8635	718	35	idea	idea	NOUN
cblr-8635	718	36	because	because	SCONJ
cblr-8635	718	37	it	it	PRON
cblr-8635	718	38	does	do	AUX
cblr-8635	718	39	not	not	PART
cblr-8635	718	40	involve	involve	VERB
cblr-8635	718	41	fiduciaries	fiduciary	NOUN
cblr-8635	718	42	subordinating	subordinate	VERB
cblr-8635	718	43	economic	economic	ADJ
cblr-8635	718	44	returns	return	NOUN
cblr-8635	718	45	to	to	ADP
cblr-8635	718	46	social	social	ADJ
cblr-8635	718	47	welfare	welfare	NOUN
cblr-8635	718	48	(	(	PUNCT
cblr-8635	718	49	as	as	SCONJ
cblr-8635	718	50	the	the	DET
cblr-8635	718	51	proponents	proponent	NOUN
cblr-8635	718	52	of	of	ADP
cblr-8635	718	53	“	"	PUNCT
cblr-8635	718	54	stakeholder	stakeholder	NOUN
cblr-8635	718	55	capitalism	capitalism	NOUN
cblr-8635	718	56	”	"	PUNCT
cblr-8635	718	57	sometimes	sometimes	ADV
cblr-8635	718	58	demand	demand	NOUN
cblr-8635	718	59	)	)	PUNCT
cblr-8635	718	60	.	.	PUNCT
cblr-8635	719	1	rather	rather	ADV
cblr-8635	719	2	,	,	PUNCT
cblr-8635	719	3	fiduciaries	fiduciary	NOUN
cblr-8635	719	4	are	be	AUX
cblr-8635	719	5	simply	simply	ADV
cblr-8635	719	6	seeking	seek	VERB
cblr-8635	719	7	to	to	PART
cblr-8635	719	8	improve	improve	VERB
cblr-8635	719	9	returns	return	NOUN
cblr-8635	719	10	and	and	CCONJ
cblr-8635	719	11	reduce	reduce	VERB
cblr-8635	719	12	risk	risk	NOUN
cblr-8635	719	13	by	by	ADP
cblr-8635	719	14	responding	respond	VERB
cblr-8635	719	15	to	to	ADP
cblr-8635	719	16	systematic	systematic	ADJ
cblr-8635	719	17	risks	risk	NOUN
cblr-8635	719	18	that	that	PRON
cblr-8635	719	19	could	could	AUX
cblr-8635	719	20	depress	depress	VERB
cblr-8635	719	21	the	the	DET
cblr-8635	719	22	entire	entire	ADJ
cblr-8635	719	23	economy	economy	NOUN
cblr-8635	719	24	.	.	PUNCT
cblr-8635	720	1	nonetheless	nonetheless	ADV
cblr-8635	720	2	,	,	PUNCT
cblr-8635	720	3	it	it	PRON
cblr-8635	720	4	will	will	AUX
cblr-8635	720	5	likely	likely	ADV
cblr-8635	720	6	arouse	arouse	VERB
cblr-8635	720	7	more	more	ADJ
cblr-8635	720	8	controversy	controversy	NOUN
cblr-8635	720	9	than	than	ADP
cblr-8635	720	10	modest	modest	ADJ
cblr-8635	720	11	concessions	concession	NOUN
cblr-8635	720	12	to	to	ADP
cblr-8635	720	13	stakeholders	stakeholder	NOUN
cblr-8635	720	14	.	.	PUNCT
cblr-8635	721	1	consider	consider	VERB
cblr-8635	721	2	this	this	PRON
cblr-8635	721	3	hypothetical	hypothetical	ADJ
cblr-8635	721	4	:	:	PUNCT
cblr-8635	721	5	five	five	NUM
cblr-8635	721	6	diversified	diversify	VERB
cblr-8635	721	7	index	index	NOUN
cblr-8635	721	8	funds	fund	NOUN
cblr-8635	721	9	threaten	threaten	VERB
cblr-8635	721	10	a	a	DET
cblr-8635	721	11	proxy	proxy	NOUN
cblr-8635	721	12	contest	contest	NOUN
cblr-8635	721	13	to	to	PART
cblr-8635	721	14	replace	replace	VERB
cblr-8635	721	15	at	at	ADP
cblr-8635	721	16	least	least	ADJ
cblr-8635	721	17	some	some	PRON
cblr-8635	721	18	of	of	ADP
cblr-8635	721	19	the	the	DET
cblr-8635	721	20	directors	director	NOUN
cblr-8635	721	21	of	of	ADP
cblr-8635	721	22	smoky	smoky	PROPN
cblr-8635	721	23	coal	coal	PROPN
cblr-8635	721	24	corp	corp	PROPN
cblr-8635	721	25	.	.	PROPN
cblr-8635	721	26	,	,	PUNCT
cblr-8635	721	27	unless	unless	SCONJ
cblr-8635	721	28	it	it	PRON
cblr-8635	721	29	agrees	agree	VERB
cblr-8635	721	30	to	to	PART
cblr-8635	721	31	comply	comply	VERB
cblr-8635	721	32	promptly	promptly	ADV
cblr-8635	721	33	with	with	ADP
cblr-8635	721	34	certain	certain	ADJ
cblr-8635	721	35	environmental	environmental	ADJ
cblr-8635	721	36	restrictions	restriction	NOUN
cblr-8635	721	37	.	.	PUNCT
cblr-8635	722	1	fearing	fear	VERB
cblr-8635	722	2	a	a	DET
cblr-8635	722	3	proxy	proxy	NOUN
cblr-8635	722	4	contest	contest	NOUN
cblr-8635	722	5	and	and	CCONJ
cblr-8635	722	6	their	their	PRON
cblr-8635	722	7	ouster	ouster	NOUN
cblr-8635	722	8	,	,	PUNCT
cblr-8635	722	9	smoky	smoky	ADJ
cblr-8635	722	10	coal	coal	NOUN
cblr-8635	722	11	’s	’s	PART
cblr-8635	722	12	management	management	NOUN
cblr-8635	722	13	induces	induce	VERB
cblr-8635	722	14	its	its	PRON
cblr-8635	722	15	board	board	NOUN
cblr-8635	722	16	to	to	PART
cblr-8635	722	17	agree	agree	VERB
cblr-8635	722	18	to	to	ADP
cblr-8635	722	19	the	the	DET
cblr-8635	722	20	restrictions	restriction	NOUN
cblr-8635	722	21	and	and	CCONJ
cblr-8635	722	22	to	to	PART
cblr-8635	722	23	appoint	appoint	VERB
cblr-8635	722	24	a	a	DET
cblr-8635	722	25	partial	partial	ADJ
cblr-8635	722	26	slate	slate	NOUN
cblr-8635	722	27	of	of	ADP
cblr-8635	722	28	directors	director	NOUN
cblr-8635	722	29	nominated	nominate	VERB
cblr-8635	722	30	by	by	ADP
cblr-8635	722	31	the	the	DET
cblr-8635	722	32	index	index	NOUN
cblr-8635	722	33	funds	fund	NOUN
cblr-8635	722	34	.	.	PUNCT
cblr-8635	723	1	on	on	ADP
cblr-8635	723	2	the	the	DET
cblr-8635	723	3	announcement	announcement	NOUN
cblr-8635	723	4	of	of	ADP
cblr-8635	723	5	this	this	DET
cblr-8635	723	6	decision	decision	NOUN
cblr-8635	723	7	,	,	PUNCT
cblr-8635	723	8	smoky	smoky	ADJ
cblr-8635	723	9	coal	coal	NOUN
cblr-8635	723	10	’s	’s	PART
cblr-8635	723	11	stock	stock	NOUN
cblr-8635	723	12	price	price	NOUN
cblr-8635	723	13	falls	fall	VERB
cblr-8635	723	14	ten	ten	NUM
cblr-8635	723	15	percent	percent	NOUN
cblr-8635	723	16	,	,	PUNCT
cblr-8635	723	17	and	and	CCONJ
cblr-8635	723	18	smoky	smoky	ADJ
cblr-8635	723	19	coal	coal	NOUN
cblr-8635	723	20	’s	’s	PART
cblr-8635	723	21	management	management	NOUN
cblr-8635	723	22	closes	close	VERB
cblr-8635	723	23	its	its	PRON
cblr-8635	723	24	principal	principal	ADJ
cblr-8635	723	25	mine	mine	NOUN
cblr-8635	723	26	in	in	ADP
cblr-8635	723	27	kentucky	kentucky	PROPN
cblr-8635	723	28	,	,	PUNCT
cblr-8635	723	29	with	with	ADP
cblr-8635	723	30	a	a	DET
cblr-8635	723	31	resulting	result	VERB
cblr-8635	723	32	large	large	ADJ
cblr-8635	723	33	lay	lay	NOUN
cblr-8635	723	34	-	-	PUNCT
cblr-8635	723	35	off	off	NOUN
cblr-8635	723	36	of	of	ADP
cblr-8635	723	37	miners	miner	NOUN
cblr-8635	723	38	.	.	PUNCT
cblr-8635	724	1	employees	employee	NOUN
cblr-8635	724	2	are	be	AUX
cblr-8635	724	3	outraged	outraged	ADJ
cblr-8635	724	4	,	,	PUNCT
cblr-8635	724	5	and	and	CCONJ
cblr-8635	724	6	a	a	DET
cblr-8635	724	7	prominent	prominent	ADJ
cblr-8635	724	8	senator	senator	NOUN
cblr-8635	724	9	from	from	ADP
cblr-8635	724	10	kentucky	kentucky	PROPN
cblr-8635	724	11	schedules	schedule	VERB
cblr-8635	724	12	a	a	DET
cblr-8635	724	13	senatorial	senatorial	ADJ
cblr-8635	724	14	committee	committee	NOUN
cblr-8635	724	15	hearing	hearing	NOUN
cblr-8635	724	16	on	on	ADP
cblr-8635	724	17	the	the	DET
cblr-8635	724	18	“	"	PUNCT
cblr-8635	724	19	arrogance	arrogance	NOUN
cblr-8635	724	20	”	"	PUNCT
cblr-8635	724	21	of	of	ADP
cblr-8635	724	22	the	the	DET
cblr-8635	724	23	index	index	NOUN
cblr-8635	724	24	funds	fund	NOUN
cblr-8635	724	25	.	.	PUNCT
cblr-8635	725	1	contemporaneously	contemporaneously	ADV
cblr-8635	725	2	,	,	PUNCT
cblr-8635	725	3	the	the	DET
cblr-8635	725	4	state	state	NOUN
cblr-8635	725	5	legislature	legislature	NOUN
cblr-8635	725	6	in	in	ADP
cblr-8635	725	7	kentucky	kentucky	PROPN
cblr-8635	725	8	begins	begin	VERB
cblr-8635	725	9	to	to	PART
cblr-8635	725	10	draft	draft	VERB
cblr-8635	725	11	legislation	legislation	NOUN
cblr-8635	725	12	that	that	PRON
cblr-8635	725	13	would	would	AUX
cblr-8635	725	14	cancel	cancel	VERB
cblr-8635	725	15	the	the	DET
cblr-8635	725	16	environmental	environmental	ADJ
cblr-8635	725	17	unlikely	unlikely	NOUN
cblr-8635	725	18	)	)	PUNCT
cblr-8635	725	19	that	that	SCONJ
cblr-8635	725	20	a	a	DET
cblr-8635	725	21	private	private	ADJ
cblr-8635	725	22	cause	cause	NOUN
cblr-8635	725	23	of	of	ADP
cblr-8635	725	24	action	action	NOUN
cblr-8635	725	25	could	could	AUX
cblr-8635	725	26	be	be	AUX
cblr-8635	725	27	asserted	assert	VERB
cblr-8635	725	28	by	by	ADP
cblr-8635	725	29	shareholders	shareholder	NOUN
cblr-8635	725	30	or	or	CCONJ
cblr-8635	725	31	others	other	NOUN
cblr-8635	725	32	based	base	VERB
cblr-8635	725	33	on	on	ADP
cblr-8635	725	34	these	these	DET
cblr-8635	725	35	rules	rule	NOUN
cblr-8635	725	36	.	.	PUNCT
cblr-8635	726	1	affirmative	affirmative	ADJ
cblr-8635	726	2	guidance	guidance	NOUN
cblr-8635	726	3	from	from	ADP
cblr-8635	726	4	dol	dol	NOUN
cblr-8635	726	5	,	,	PUNCT
cblr-8635	726	6	not	not	PART
cblr-8635	726	7	silence	silence	NOUN
cblr-8635	726	8	,	,	PUNCT
cblr-8635	726	9	is	be	AUX
cblr-8635	726	10	needed	need	VERB
cblr-8635	726	11	on	on	ADP
cblr-8635	726	12	esg	esg	PROPN
cblr-8635	726	13	voting	voting	NOUN
cblr-8635	726	14	.	.	PUNCT
cblr-8635	727	1	122	122	NUM
cblr-8635	727	2	this	this	DET
cblr-8635	727	3	idea	idea	NOUN
cblr-8635	727	4	that	that	SCONJ
cblr-8635	727	5	common	common	ADJ
cblr-8635	727	6	ownership	ownership	NOUN
cblr-8635	727	7	will	will	AUX
cblr-8635	727	8	lead	lead	VERB
cblr-8635	727	9	rational	rational	ADJ
cblr-8635	727	10	investors	investor	NOUN
cblr-8635	727	11	in	in	ADP
cblr-8635	727	12	a	a	DET
cblr-8635	727	13	common	common	ADJ
cblr-8635	727	14	portfolio	portfolio	NOUN
cblr-8635	727	15	to	to	PART
cblr-8635	727	16	seek	seek	VERB
cblr-8635	727	17	to	to	PART
cblr-8635	727	18	minimize	minimize	VERB
cblr-8635	727	19	externalities	externality	NOUN
cblr-8635	727	20	probably	probably	ADV
cblr-8635	727	21	originates	originate	VERB
cblr-8635	727	22	with	with	ADP
cblr-8635	727	23	robert	robert	PROPN
cblr-8635	727	24	g.	g.	PROPN
cblr-8635	727	25	hansen	hansen	PROPN
cblr-8635	727	26	and	and	CCONJ
cblr-8635	727	27	john	john	PROPN
cblr-8635	727	28	r.	r.	PROPN
cblr-8635	727	29	lott	lott	PROPN
cblr-8635	727	30	,	,	PUNCT
cblr-8635	727	31	jr	jr	PROPN
cblr-8635	727	32	.	.	PROPN
cblr-8635	727	33	see	see	VERB
cblr-8635	727	34	robert	robert	PROPN
cblr-8635	727	35	g.	g.	PROPN
cblr-8635	727	36	hansen	hansen	PROPN
cblr-8635	727	37	&	&	CCONJ
cblr-8635	727	38	john	john	PROPN
cblr-8635	727	39	r.	r.	PROPN
cblr-8635	727	40	lott	lott	PROPN
cblr-8635	727	41	,	,	PUNCT
cblr-8635	727	42	jr	jr	PROPN
cblr-8635	727	43	.	.	PROPN
cblr-8635	727	44	,	,	PUNCT
cblr-8635	727	45	externalities	externality	NOUN
cblr-8635	727	46	and	and	CCONJ
cblr-8635	727	47	corporate	corporate	ADJ
cblr-8635	727	48	objectives	objective	NOUN
cblr-8635	727	49	in	in	ADP
cblr-8635	727	50	a	a	DET
cblr-8635	727	51	world	world	NOUN
cblr-8635	727	52	with	with	ADP
cblr-8635	727	53	diversified	diversified	ADJ
cblr-8635	727	54	shareholder	shareholder	NOUN
cblr-8635	727	55	/	/	SYM
cblr-8635	727	56	consumers	consumer	NOUN
cblr-8635	727	57	,	,	PUNCT
cblr-8635	727	58	31	31	NUM
cblr-8635	727	59	j.	j.	PROPN
cblr-8635	727	60	fin	fin	PROPN
cblr-8635	727	61	.	.	PUNCT
cblr-8635	727	62	&	&	CCONJ
cblr-8635	727	63	quantitative	quantitative	ADJ
cblr-8635	727	64	analysis	analysis	NOUN
cblr-8635	727	65	43	43	NUM
cblr-8635	727	66	,	,	PUNCT
cblr-8635	727	67	46–49	46–49	NUM
cblr-8635	727	68	(	(	PUNCT
cblr-8635	727	69	1996	1996	NUM
cblr-8635	727	70	)	)	PUNCT
cblr-8635	727	71	;	;	PUNCT
cblr-8635	727	72	see	see	VERB
cblr-8635	727	73	also	also	ADV
cblr-8635	727	74	robert	robert	PROPN
cblr-8635	727	75	h.	h.	PROPN
cblr-8635	727	76	gordon	gordon	PROPN
cblr-8635	727	77	,	,	PUNCT
cblr-8635	727	78	do	do	AUX
cblr-8635	727	79	publicly	publicly	ADV
cblr-8635	727	80	-	-	PUNCT
cblr-8635	727	81	traded	trade	VERB
cblr-8635	727	82	corporations	corporation	NOUN
cblr-8635	727	83	act	act	VERB
cblr-8635	727	84	in	in	ADP
cblr-8635	727	85	the	the	DET
cblr-8635	727	86	public	public	ADJ
cblr-8635	727	87	interest	interest	NOUN
cblr-8635	727	88	?	?	PUNCT
cblr-8635	727	89	,	,	PUNCT
cblr-8635	727	90	advances	advance	NOUN
cblr-8635	727	91	in	in	ADP
cblr-8635	727	92	econ	econ	PROPN
cblr-8635	727	93	.	.	PUNCT
cblr-8635	728	1	analysis	analysis	NOUN
cblr-8635	728	2	&	&	CCONJ
cblr-8635	728	3	pol’y	pol’y	NOUN
cblr-8635	728	4	,	,	PUNCT
cblr-8635	728	5	june	june	PROPN
cblr-8635	728	6	12	12	NUM
cblr-8635	728	7	,	,	PUNCT
cblr-8635	728	8	2003	2003	NUM
cblr-8635	728	9	,	,	PUNCT
cblr-8635	728	10	at	at	ADP
cblr-8635	728	11	1	1	NUM
cblr-8635	728	12	,	,	PUNCT
cblr-8635	728	13	6	6	NUM
cblr-8635	728	14	.	.	PUNCT
cblr-8635	729	1	but	but	CCONJ
cblr-8635	729	2	these	these	DET
cblr-8635	729	3	authors	author	NOUN
cblr-8635	729	4	wrote	write	VERB
cblr-8635	729	5	before	before	ADP
cblr-8635	729	6	the	the	DET
cblr-8635	729	7	actual	actual	ADJ
cblr-8635	729	8	appearance	appearance	NOUN
cblr-8635	729	9	of	of	ADP
cblr-8635	729	10	large	large	ADJ
cblr-8635	729	11	-	-	PUNCT
cblr-8635	729	12	scale	scale	NOUN
cblr-8635	729	13	common	common	ADJ
cblr-8635	729	14	ownership	ownership	NOUN
cblr-8635	729	15	.	.	PUNCT
cblr-8635	730	1	recent	recent	ADJ
cblr-8635	730	2	interest	interest	NOUN
cblr-8635	730	3	in	in	ADP
cblr-8635	730	4	this	this	DET
cblr-8635	730	5	topic	topic	NOUN
cblr-8635	730	6	has	have	AUX
cblr-8635	730	7	likely	likely	ADV
cblr-8635	730	8	been	be	AUX
cblr-8635	730	9	provoked	provoke	VERB
cblr-8635	730	10	by	by	ADP
cblr-8635	730	11	madison	madison	PROPN
cblr-8635	730	12	condon	condon	PROPN
cblr-8635	730	13	.	.	PUNCT
cblr-8635	731	1	see	see	VERB
cblr-8635	731	2	condon	condon	PROPN
cblr-8635	731	3	,	,	PUNCT
cblr-8635	731	4	supra	supra	PROPN
cblr-8635	731	5	note	note	NOUN
cblr-8635	731	6	8	8	NUM
cblr-8635	731	7	.	.	PUNCT
cblr-8635	732	1	coffee	coffee	PROPN
cblr-8635	732	2	8/20/2021	8/20/2021	NUM
cblr-8635	732	3	6:32	6:32	NUM
cblr-8635	732	4	pm	pm	NOUN
cblr-8635	732	5	no	no	INTJ
cblr-8635	732	6	.	.	PUNCT
cblr-8635	733	1	2:602	2:602	NUM
cblr-8635	733	2	]	]	X
cblr-8635	733	3	the	the	DET
cblr-8635	733	4	future	future	NOUN
cblr-8635	733	5	of	of	ADP
cblr-8635	733	6	disclosure	disclosure	NOUN
cblr-8635	733	7	647	647	NUM
cblr-8635	733	8	changes	change	NOUN
cblr-8635	733	9	just	just	ADV
cblr-8635	733	10	adopted	adopt	VERB
cblr-8635	733	11	,	,	PUNCT
cblr-8635	733	12	and	and	CCONJ
cblr-8635	733	13	corporate	corporate	ADJ
cblr-8635	733	14	law	law	NOUN
cblr-8635	733	15	firms	firm	NOUN
cblr-8635	733	16	develop	develop	VERB
cblr-8635	733	17	a	a	DET
cblr-8635	733	18	new	new	ADJ
cblr-8635	733	19	form	form	NOUN
cblr-8635	733	20	of	of	ADP
cblr-8635	733	21	poison	poison	NOUN
cblr-8635	733	22	pill	pill	NOUN
cblr-8635	733	23	that	that	PRON
cblr-8635	733	24	would	would	AUX
cblr-8635	733	25	bar	bar	VERB
cblr-8635	733	26	the	the	DET
cblr-8635	733	27	acquisition	acquisition	NOUN
cblr-8635	733	28	of	of	ADP
cblr-8635	733	29	more	more	ADJ
cblr-8635	733	30	than	than	ADP
cblr-8635	733	31	ten	ten	NUM
cblr-8635	733	32	percent	percent	NOUN
cblr-8635	733	33	of	of	ADP
cblr-8635	733	34	a	a	DET
cblr-8635	733	35	kentucky	kentucky	PROPN
cblr-8635	733	36	company	company	NOUN
cblr-8635	733	37	’s	’s	PART
cblr-8635	733	38	stock	stock	NOUN
cblr-8635	733	39	by	by	ADP
cblr-8635	733	40	any	any	DET
cblr-8635	733	41	group	group	NOUN
cblr-8635	733	42	of	of	ADP
cblr-8635	733	43	mutual	mutual	ADJ
cblr-8635	733	44	funds	fund	NOUN
cblr-8635	733	45	that	that	PRON
cblr-8635	733	46	is	be	AUX
cblr-8635	733	47	seeking	seek	VERB
cblr-8635	733	48	(	(	PUNCT
cblr-8635	733	49	or	or	CCONJ
cblr-8635	733	50	later	later	ADV
cblr-8635	733	51	seeks	seek	VERB
cblr-8635	733	52	)	)	PUNCT
cblr-8635	733	53	to	to	PART
cblr-8635	733	54	pass	pass	VERB
cblr-8635	733	55	or	or	CCONJ
cblr-8635	733	56	support	support	VERB
cblr-8635	733	57	specified	specify	VERB
cblr-8635	733	58	shareholder	shareholder	NOUN
cblr-8635	733	59	resolutions	resolution	NOUN
cblr-8635	733	60	.	.	PUNCT
cblr-8635	734	1	the	the	DET
cblr-8635	734	2	point	point	NOUN
cblr-8635	734	3	here	here	ADV
cblr-8635	734	4	is	be	AUX
cblr-8635	734	5	not	not	PART
cblr-8635	734	6	that	that	SCONJ
cblr-8635	734	7	this	this	DET
cblr-8635	734	8	reaction	reaction	NOUN
cblr-8635	734	9	will	will	AUX
cblr-8635	734	10	succeed	succeed	VERB
cblr-8635	734	11	,	,	PUNCT
cblr-8635	734	12	but	but	CCONJ
cblr-8635	734	13	that	that	SCONJ
cblr-8635	734	14	counter	counter	NOUN
cblr-8635	734	15	-	-	NOUN
cblr-8635	734	16	pressure	pressure	NOUN
cblr-8635	734	17	is	be	AUX
cblr-8635	734	18	predictable	predictable	ADJ
cblr-8635	734	19	.	.	PUNCT
cblr-8635	735	1	although	although	SCONJ
cblr-8635	735	2	i	i	PRON
cblr-8635	735	3	suspect	suspect	VERB
cblr-8635	735	4	that	that	SCONJ
cblr-8635	735	5	the	the	DET
cblr-8635	735	6	threat	threat	NOUN
cblr-8635	735	7	of	of	ADP
cblr-8635	735	8	such	such	ADJ
cblr-8635	735	9	political	political	ADJ
cblr-8635	735	10	retaliation	retaliation	NOUN
cblr-8635	735	11	will	will	AUX
cblr-8635	735	12	incline	incline	VERB
cblr-8635	735	13	many	many	ADJ
cblr-8635	735	14	institutional	institutional	ADJ
cblr-8635	735	15	investors	investor	NOUN
cblr-8635	735	16	toward	toward	ADP
cblr-8635	735	17	no	no	PRON
cblr-8635	735	18	more	more	ADJ
cblr-8635	735	19	than	than	ADP
cblr-8635	735	20	reticent	reticent	ADJ
cblr-8635	735	21	participation	participation	NOUN
cblr-8635	735	22	in	in	ADP
cblr-8635	735	23	attempts	attempt	NOUN
cblr-8635	735	24	to	to	PART
cblr-8635	735	25	curb	curb	VERB
cblr-8635	735	26	externalities	externality	NOUN
cblr-8635	735	27	through	through	ADP
cblr-8635	735	28	collective	collective	ADJ
cblr-8635	735	29	action	action	NOUN
cblr-8635	735	30	,	,	PUNCT
cblr-8635	735	31	time	time	NOUN
cblr-8635	735	32	will	will	AUX
cblr-8635	735	33	tell	tell	VERB
cblr-8635	735	34	.	.	PUNCT
cblr-8635	736	1	at	at	ADP
cblr-8635	736	2	present	present	ADJ
cblr-8635	736	3	,	,	PUNCT
cblr-8635	736	4	the	the	DET
cblr-8635	736	5	big	big	ADJ
cblr-8635	736	6	three	three	NUM
cblr-8635	736	7	have	have	AUX
cblr-8635	736	8	learned	learn	VERB
cblr-8635	736	9	to	to	PART
cblr-8635	736	10	“	"	PUNCT
cblr-8635	736	11	talk	talk	VERB
cblr-8635	736	12	the	the	DET
cblr-8635	736	13	talk	talk	NOUN
cblr-8635	736	14	,	,	PUNCT
cblr-8635	736	15	”	"	PUNCT
cblr-8635	736	16	but	but	CCONJ
cblr-8635	736	17	it	it	PRON
cblr-8635	736	18	is	be	AUX
cblr-8635	736	19	still	still	ADV
cblr-8635	736	20	unclear	unclear	ADJ
cblr-8635	736	21	whether	whether	SCONJ
cblr-8635	736	22	they	they	PRON
cblr-8635	736	23	will	will	AUX
cblr-8635	736	24	“	"	PUNCT
cblr-8635	736	25	walk	walk	VERB
cblr-8635	736	26	the	the	DET
cblr-8635	736	27	walk	walk	NOUN
cblr-8635	736	28	”	"	PUNCT
cblr-8635	736	29	(	(	PUNCT
cblr-8635	736	30	that	that	ADV
cblr-8635	736	31	is	is	ADV
cblr-8635	736	32	,	,	PUNCT
cblr-8635	736	33	take	take	VERB
cblr-8635	736	34	collective	collective	ADJ
cblr-8635	736	35	action	action	NOUN
cblr-8635	736	36	)	)	PUNCT
cblr-8635	736	37	.	.	PUNCT
cblr-8635	737	1	collective	collective	ADJ
cblr-8635	737	2	action	action	NOUN
cblr-8635	737	3	to	to	PART
cblr-8635	737	4	maximize	maximize	VERB
cblr-8635	737	5	portfolio	portfolio	NOUN
cblr-8635	737	6	value	value	NOUN
cblr-8635	737	7	requires	require	VERB
cblr-8635	737	8	a	a	DET
cblr-8635	737	9	leader	leader	NOUN
cblr-8635	737	10	that	that	SCONJ
cblr-8635	737	11	the	the	DET
cblr-8635	737	12	index	index	NOUN
cblr-8635	737	13	funds	fund	NOUN
cblr-8635	737	14	can	can	AUX
cblr-8635	737	15	follow	follow	VERB
cblr-8635	737	16	(	(	PUNCT
cblr-8635	737	17	because	because	SCONJ
cblr-8635	737	18	they	they	PRON
cblr-8635	737	19	are	be	AUX
cblr-8635	737	20	reluctant	reluctant	ADJ
cblr-8635	737	21	to	to	PART
cblr-8635	737	22	initiate	initiate	VERB
cblr-8635	737	23	contests	contest	NOUN
cblr-8635	737	24	)	)	PUNCT
cblr-8635	737	25	.	.	PUNCT
cblr-8635	738	1	in	in	ADP
cblr-8635	738	2	other	other	ADJ
cblr-8635	738	3	contexts	contexts	NOUN
cblr-8635	738	4	,	,	PUNCT
cblr-8635	738	5	activist	activist	ADJ
cblr-8635	738	6	hedge	hedge	NOUN
cblr-8635	738	7	funds	fund	NOUN
cblr-8635	738	8	have	have	AUX
cblr-8635	738	9	played	play	VERB
cblr-8635	738	10	this	this	DET
cblr-8635	738	11	role	role	NOUN
cblr-8635	738	12	and	and	CCONJ
cblr-8635	738	13	the	the	DET
cblr-8635	738	14	passive	passive	ADJ
cblr-8635	738	15	giant	giant	ADJ
cblr-8635	738	16	investors	investor	NOUN
cblr-8635	738	17	have	have	AUX
cblr-8635	738	18	followed	follow	VERB
cblr-8635	738	19	,	,	PUNCT
cblr-8635	738	20	but	but	CCONJ
cblr-8635	738	21	in	in	ADP
cblr-8635	738	22	the	the	DET
cblr-8635	738	23	context	context	NOUN
cblr-8635	738	24	of	of	ADP
cblr-8635	738	25	a	a	DET
cblr-8635	738	26	systematic	systematic	ADJ
cblr-8635	738	27	risk	risk	NOUN
cblr-8635	738	28	campaign	campaign	NOUN
cblr-8635	738	29	,	,	PUNCT
cblr-8635	738	30	hedge	hedge	NOUN
cblr-8635	738	31	funds	fund	NOUN
cblr-8635	738	32	are	be	AUX
cblr-8635	738	33	unlikely	unlikely	ADJ
cblr-8635	738	34	to	to	PART
cblr-8635	738	35	be	be	AUX
cblr-8635	738	36	able	able	ADJ
cblr-8635	738	37	to	to	PART
cblr-8635	738	38	play	play	VERB
cblr-8635	738	39	the	the	DET
cblr-8635	738	40	same	same	ADJ
cblr-8635	738	41	role.123	role.123	NOUN
cblr-8635	738	42	v.	v.	ADP
cblr-8635	738	43	conclusion	conclusion	NOUN
cblr-8635	738	44	briefly	briefly	ADV
cblr-8635	738	45	and	and	CCONJ
cblr-8635	738	46	bluntly	bluntly	ADV
cblr-8635	738	47	,	,	PUNCT
cblr-8635	738	48	this	this	DET
cblr-8635	738	49	article	article	NOUN
cblr-8635	738	50	has	have	AUX
cblr-8635	738	51	offered	offer	VERB
cblr-8635	738	52	five	five	NUM
cblr-8635	738	53	initial	initial	ADJ
cblr-8635	738	54	conclusions	conclusion	NOUN
cblr-8635	738	55	:	:	PUNCT
cblr-8635	738	56	(	(	PUNCT
cblr-8635	738	57	1	1	X
cblr-8635	738	58	)	)	PUNCT
cblr-8635	738	59	institutional	institutional	ADJ
cblr-8635	738	60	investors	investor	NOUN
cblr-8635	738	61	logically	logically	ADV
cblr-8635	738	62	have	have	VERB
cblr-8635	738	63	a	a	DET
cblr-8635	738	64	greater	great	ADJ
cblr-8635	738	65	interest	interest	NOUN
cblr-8635	738	66	in	in	ADP
cblr-8635	738	67	systematic	systematic	ADJ
cblr-8635	738	68	risk	risk	NOUN
cblr-8635	738	69	than	than	SCONJ
cblr-8635	738	70	do	do	VERB
cblr-8635	738	71	undiversified	undiversifie	VERB
cblr-8635	738	72	investors	investor	NOUN
cblr-8635	738	73	(	(	PUNCT
cblr-8635	738	74	in	in	ADP
cblr-8635	738	75	part	part	NOUN
cblr-8635	738	76	because	because	SCONJ
cblr-8635	738	77	only	only	ADV
cblr-8635	738	78	diversified	diversify	VERB
cblr-8635	738	79	investors	investor	NOUN
cblr-8635	738	80	with	with	ADP
cblr-8635	738	81	high	high	ADJ
cblr-8635	738	82	common	common	ADJ
cblr-8635	738	83	ownership	ownership	NOUN
cblr-8635	738	84	can	can	AUX
cblr-8635	738	85	take	take	VERB
cblr-8635	738	86	effective	effective	ADJ
cblr-8635	738	87	action	action	NOUN
cblr-8635	738	88	)	)	PUNCT
cblr-8635	738	89	,	,	PUNCT
cblr-8635	738	90	and	and	CCONJ
cblr-8635	738	91	much	much	ADJ
cblr-8635	738	92	of	of	ADP
cblr-8635	738	93	what	what	PRON
cblr-8635	738	94	esg	esg	NOUN
cblr-8635	738	95	disclosures	disclosure	NOUN
cblr-8635	738	96	would	would	AUX
cblr-8635	738	97	provide	provide	VERB
cblr-8635	738	98	relates	relate	VERB
cblr-8635	738	99	primarily	primarily	ADV
cblr-8635	738	100	to	to	ADP
cblr-8635	738	101	systematic	systematic	ADJ
cblr-8635	738	102	risk	risk	NOUN
cblr-8635	738	103	.	.	PUNCT
cblr-8635	739	1	(	(	PUNCT
cblr-8635	739	2	2	2	X
cblr-8635	739	3	)	)	PUNCT
cblr-8635	739	4	individual	individual	ADJ
cblr-8635	739	5	investors	investor	NOUN
cblr-8635	739	6	(	(	PUNCT
cblr-8635	739	7	at	at	ADP
cblr-8635	739	8	least	least	ADJ
cblr-8635	739	9	if	if	SCONJ
cblr-8635	739	10	undiversified	undiversified	ADJ
cblr-8635	739	11	)	)	PUNCT
cblr-8635	739	12	have	have	VERB
cblr-8635	739	13	reason	reason	NOUN
cblr-8635	739	14	to	to	PART
cblr-8635	739	15	fear	fear	VERB
cblr-8635	739	16	that	that	SCONJ
cblr-8635	739	17	portfolio	portfolio	NOUN
cblr-8635	739	18	-	-	PUNCT
cblr-8635	739	19	wide	wide	ADJ
cblr-8635	739	20	voting	voting	NOUN
cblr-8635	739	21	by	by	ADP
cblr-8635	739	22	diversified	diversified	ADJ
cblr-8635	739	23	institutions	institution	NOUN
cblr-8635	739	24	may	may	AUX
cblr-8635	739	25	adversely	adversely	ADV
cblr-8635	739	26	affect	affect	VERB
cblr-8635	739	27	them	they	PRON
cblr-8635	739	28	.	.	PUNCT
cblr-8635	740	1	today	today	NOUN
cblr-8635	740	2	,	,	PUNCT
cblr-8635	740	3	123	123	NUM
cblr-8635	740	4	hedge	hedge	NOUN
cblr-8635	740	5	funds	fund	NOUN
cblr-8635	740	6	hold	hold	VERB
cblr-8635	740	7	too	too	ADV
cblr-8635	740	8	small	small	ADJ
cblr-8635	740	9	and	and	CCONJ
cblr-8635	740	10	undiversified	undiversifie	VERB
cblr-8635	740	11	a	a	DET
cblr-8635	740	12	portfolio	portfolio	NOUN
cblr-8635	740	13	to	to	PART
cblr-8635	740	14	be	be	AUX
cblr-8635	740	15	able	able	ADJ
cblr-8635	740	16	to	to	PART
cblr-8635	740	17	profit	profit	VERB
cblr-8635	740	18	from	from	ADP
cblr-8635	740	19	campaigns	campaign	NOUN
cblr-8635	740	20	seeking	seek	VERB
cblr-8635	740	21	to	to	PART
cblr-8635	740	22	curb	curb	VERB
cblr-8635	740	23	negative	negative	ADJ
cblr-8635	740	24	externalities	externality	NOUN
cblr-8635	740	25	because	because	SCONJ
cblr-8635	740	26	they	they	PRON
cblr-8635	740	27	do	do	AUX
cblr-8635	740	28	not	not	PART
cblr-8635	740	29	hold	hold	VERB
cblr-8635	740	30	a	a	DET
cblr-8635	740	31	sufficient	sufficient	ADJ
cblr-8635	740	32	volume	volume	NOUN
cblr-8635	740	33	of	of	ADP
cblr-8635	740	34	securities	security	NOUN
cblr-8635	740	35	to	to	PART
cblr-8635	740	36	incur	incur	VERB
cblr-8635	740	37	gains	gain	NOUN
cblr-8635	740	38	that	that	PRON
cblr-8635	740	39	on	on	ADP
cblr-8635	740	40	a	a	DET
cblr-8635	740	41	net	net	ADJ
cblr-8635	740	42	basis	basis	NOUN
cblr-8635	740	43	outweigh	outweigh	VERB
cblr-8635	740	44	the	the	DET
cblr-8635	740	45	losses	loss	NOUN
cblr-8635	740	46	to	to	ADP
cblr-8635	740	47	the	the	DET
cblr-8635	740	48	target	target	NOUN
cblr-8635	740	49	firm	firm	NOUN
cblr-8635	740	50	.	.	PUNCT
cblr-8635	741	1	basically	basically	ADV
cblr-8635	741	2	,	,	PUNCT
cblr-8635	741	3	only	only	ADJ
cblr-8635	741	4	index	index	NOUN
cblr-8635	741	5	funds	fund	NOUN
cblr-8635	741	6	have	have	VERB
cblr-8635	741	7	the	the	DET
cblr-8635	741	8	scale	scale	NOUN
cblr-8635	741	9	to	to	PART
cblr-8635	741	10	profit	profit	VERB
cblr-8635	741	11	from	from	ADP
cblr-8635	741	12	such	such	ADJ
cblr-8635	741	13	netting	netting	NOUN
cblr-8635	741	14	.	.	PUNCT
cblr-8635	742	1	see	see	VERB
cblr-8635	742	2	supra	supra	PROPN
cblr-8635	742	3	notes	note	VERB
cblr-8635	742	4	11–13	11–13	NUM
cblr-8635	742	5	and	and	CCONJ
cblr-8635	742	6	accompanying	accompany	VERB
cblr-8635	742	7	text	text	NOUN
cblr-8635	742	8	(	(	PUNCT
cblr-8635	742	9	discussing	discuss	VERB
cblr-8635	742	10	the	the	DET
cblr-8635	742	11	scale	scale	NOUN
cblr-8635	742	12	of	of	ADP
cblr-8635	742	13	index	index	NOUN
cblr-8635	742	14	funds	fund	NOUN
cblr-8635	742	15	)	)	PUNCT
cblr-8635	742	16	.	.	PUNCT
cblr-8635	743	1	coffee	coffee	PROPN
cblr-8635	743	2	8/20/2021	8/20/2021	NUM
cblr-8635	743	3	6:32	6:32	NUM
cblr-8635	743	4	pm	pm	PROPN
cblr-8635	743	5	648	648	NUM
cblr-8635	743	6	columbia	columbia	PROPN
cblr-8635	743	7	business	business	NOUN
cblr-8635	743	8	law	law	PROPN
cblr-8635	743	9	review	review	NOUN
cblr-8635	743	10	[	[	X
cblr-8635	743	11	vol	vol	NOUN
cblr-8635	743	12	.	.	PUNCT
cblr-8635	743	13	2021	2021	NUM
cblr-8635	743	14	they	they	PRON
cblr-8635	743	15	are	be	AUX
cblr-8635	743	16	not	not	PART
cblr-8635	743	17	adequately	adequately	ADV
cblr-8635	743	18	advised	advise	VERB
cblr-8635	743	19	about	about	ADP
cblr-8635	743	20	the	the	DET
cblr-8635	743	21	conflicts	conflict	NOUN
cblr-8635	743	22	that	that	PRON
cblr-8635	743	23	arise	arise	VERB
cblr-8635	743	24	between	between	ADP
cblr-8635	743	25	their	their	PRON
cblr-8635	743	26	interests	interest	NOUN
cblr-8635	743	27	and	and	CCONJ
cblr-8635	743	28	those	those	PRON
cblr-8635	743	29	of	of	ADP
cblr-8635	743	30	both	both	CCONJ
cblr-8635	743	31	diversified	diversify	VERB
cblr-8635	743	32	institutional	institutional	ADJ
cblr-8635	743	33	investors	investor	NOUN
cblr-8635	743	34	and	and	CCONJ
cblr-8635	743	35	activist	activist	ADJ
cblr-8635	743	36	hedge	hedge	NOUN
cblr-8635	743	37	funds	fund	NOUN
cblr-8635	743	38	.	.	PUNCT
cblr-8635	744	1	(	(	PUNCT
cblr-8635	744	2	3	3	NUM
cblr-8635	744	3	)	)	PUNCT
cblr-8635	744	4	because	because	SCONJ
cblr-8635	744	5	of	of	ADP
cblr-8635	744	6	the	the	DET
cblr-8635	744	7	high	high	ADJ
cblr-8635	744	8	level	level	NOUN
cblr-8635	744	9	of	of	ADP
cblr-8635	744	10	common	common	ADJ
cblr-8635	744	11	ownership	ownership	NOUN
cblr-8635	744	12	among	among	ADP
cblr-8635	744	13	diversified	diversified	ADJ
cblr-8635	744	14	institutional	institutional	ADJ
cblr-8635	744	15	investors	investor	NOUN
cblr-8635	744	16	,	,	PUNCT
cblr-8635	744	17	these	these	DET
cblr-8635	744	18	investors	investor	NOUN
cblr-8635	744	19	can	can	AUX
cblr-8635	744	20	potentially	potentially	ADV
cblr-8635	744	21	profit	profit	VERB
cblr-8635	744	22	on	on	ADP
cblr-8635	744	23	a	a	DET
cblr-8635	744	24	portfolio	portfolio	NOUN
cblr-8635	744	25	-	-	PUNCT
cblr-8635	744	26	wide	wide	ADJ
cblr-8635	744	27	basis	basis	NOUN
cblr-8635	744	28	by	by	ADP
cblr-8635	744	29	taking	take	VERB
cblr-8635	744	30	actions	action	NOUN
cblr-8635	744	31	that	that	PRON
cblr-8635	744	32	seek	seek	VERB
cblr-8635	744	33	to	to	PART
cblr-8635	744	34	reduce	reduce	VERB
cblr-8635	744	35	externalities	externality	NOUN
cblr-8635	744	36	.	.	PUNCT
cblr-8635	745	1	but	but	CCONJ
cblr-8635	745	2	again	again	ADV
cblr-8635	745	3	,	,	PUNCT
cblr-8635	745	4	this	this	PRON
cblr-8635	745	5	aggravates	aggravate	VERB
cblr-8635	745	6	the	the	DET
cblr-8635	745	7	conflict	conflict	NOUN
cblr-8635	745	8	between	between	ADP
cblr-8635	745	9	diversified	diversified	ADJ
cblr-8635	745	10	and	and	CCONJ
cblr-8635	745	11	retail	retail	ADJ
cblr-8635	745	12	investors	investor	NOUN
cblr-8635	745	13	.	.	PUNCT
cblr-8635	746	1	(	(	PUNCT
cblr-8635	746	2	4	4	NUM
cblr-8635	746	3	)	)	PUNCT
cblr-8635	746	4	because	because	SCONJ
cblr-8635	746	5	esg	esg	NOUN
cblr-8635	746	6	disclosures	disclosure	NOUN
cblr-8635	746	7	and	and	CCONJ
cblr-8635	746	8	high	high	ADJ
cblr-8635	746	9	common	common	ADJ
cblr-8635	746	10	ownership	ownership	NOUN
cblr-8635	746	11	enable	enable	VERB
cblr-8635	746	12	diversified	diversified	ADJ
cblr-8635	746	13	institutions	institution	NOUN
cblr-8635	746	14	to	to	PART
cblr-8635	746	15	make	make	VERB
cblr-8635	746	16	decisions	decision	NOUN
cblr-8635	746	17	on	on	ADP
cblr-8635	746	18	a	a	DET
cblr-8635	746	19	portfolio	portfolio	NOUN
cblr-8635	746	20	-	-	PUNCT
cblr-8635	746	21	wide	wide	ADJ
cblr-8635	746	22	basis	basis	NOUN
cblr-8635	746	23	and	and	CCONJ
cblr-8635	746	24	potentially	potentially	ADV
cblr-8635	746	25	reduce	reduce	VERB
cblr-8635	746	26	systematic	systematic	ADJ
cblr-8635	746	27	risk	risk	NOUN
cblr-8635	746	28	,	,	PUNCT
cblr-8635	746	29	the	the	DET
cblr-8635	746	30	advent	advent	NOUN
cblr-8635	746	31	of	of	ADP
cblr-8635	746	32	portfolio	portfolio	NOUN
cblr-8635	746	33	-	-	PUNCT
cblr-8635	746	34	wide	wide	ADV
cblr-8635	746	35	decisionmaking	decisionmaking	NOUN
cblr-8635	746	36	(	(	PUNCT
cblr-8635	746	37	both	both	PRON
cblr-8635	746	38	as	as	ADP
cblr-8635	746	39	to	to	ADP
cblr-8635	746	40	investments	investment	NOUN
cblr-8635	746	41	and	and	CCONJ
cblr-8635	746	42	voting	voting	NOUN
cblr-8635	746	43	)	)	PUNCT
cblr-8635	746	44	may	may	AUX
cblr-8635	746	45	represent	represent	VERB
cblr-8635	746	46	the	the	DET
cblr-8635	746	47	most	most	ADV
cblr-8635	746	48	important	important	ADJ
cblr-8635	746	49	contemporary	contemporary	ADJ
cblr-8635	746	50	change	change	NOUN
cblr-8635	746	51	in	in	ADP
cblr-8635	746	52	institutional	institutional	ADJ
cblr-8635	746	53	investor	investor	NOUN
cblr-8635	746	54	behavior	behavior	NOUN
cblr-8635	746	55	.	.	PUNCT
cblr-8635	747	1	although	although	SCONJ
cblr-8635	747	2	it	it	PRON
cblr-8635	747	3	appears	appear	VERB
cblr-8635	747	4	to	to	PART
cblr-8635	747	5	be	be	AUX
cblr-8635	747	6	logically	logically	ADV
cblr-8635	747	7	consistent	consistent	ADJ
cblr-8635	747	8	with	with	ADP
cblr-8635	747	9	the	the	DET
cblr-8635	747	10	“	"	PUNCT
cblr-8635	747	11	sole	sole	ADJ
cblr-8635	747	12	interest	interest	NOUN
cblr-8635	747	13	”	"	PUNCT
cblr-8635	747	14	rule	rule	NOUN
cblr-8635	747	15	,	,	PUNCT
cblr-8635	747	16	it	it	PRON
cblr-8635	747	17	will	will	AUX
cblr-8635	747	18	provoke	provoke	VERB
cblr-8635	747	19	continuing	continue	VERB
cblr-8635	747	20	controversy	controversy	NOUN
cblr-8635	747	21	.	.	PUNCT
cblr-8635	748	1	(	(	PUNCT
cblr-8635	748	2	5	5	X
cblr-8635	748	3	)	)	PUNCT
cblr-8635	748	4	there	there	PRON
cblr-8635	748	5	is	be	VERB
cblr-8635	748	6	little	little	ADJ
cblr-8635	748	7	need	need	NOUN
cblr-8635	748	8	for	for	ADP
cblr-8635	748	9	a	a	DET
cblr-8635	748	10	federal	federal	ADJ
cblr-8635	748	11	“	"	PUNCT
cblr-8635	748	12	sole	sole	ADJ
cblr-8635	748	13	interest	interest	NOUN
cblr-8635	748	14	”	"	PUNCT
cblr-8635	748	15	rule	rule	NOUN
cblr-8635	748	16	.	.	PUNCT
cblr-8635	749	1	no	no	DET
cblr-8635	749	2	claim	claim	NOUN
cblr-8635	749	3	has	have	AUX
cblr-8635	749	4	been	be	AUX
cblr-8635	749	5	made	make	VERB
cblr-8635	749	6	that	that	SCONJ
cblr-8635	749	7	the	the	DET
cblr-8635	749	8	states	state	NOUN
cblr-8635	749	9	have	have	AUX
cblr-8635	749	10	failed	fail	VERB
cblr-8635	749	11	to	to	PART
cblr-8635	749	12	enforce	enforce	VERB
cblr-8635	749	13	their	their	PRON
cblr-8635	749	14	rules	rule	NOUN
cblr-8635	749	15	.	.	PUNCT
cblr-8635	750	1	absent	absent	ADJ
cblr-8635	750	2	a	a	DET
cblr-8635	750	3	showing	showing	NOUN
cblr-8635	750	4	that	that	SCONJ
cblr-8635	750	5	state	state	NOUN
cblr-8635	750	6	law	law	NOUN
cblr-8635	750	7	has	have	AUX
cblr-8635	750	8	failed	fail	VERB
cblr-8635	750	9	or	or	CCONJ
cblr-8635	750	10	can	can	AUX
cblr-8635	750	11	not	not	PART
cblr-8635	750	12	be	be	AUX
cblr-8635	750	13	enforced	enforce	VERB
cblr-8635	750	14	,	,	PUNCT
cblr-8635	750	15	a	a	DET
cblr-8635	750	16	federal	federal	ADJ
cblr-8635	750	17	rule	rule	NOUN
cblr-8635	750	18	is	be	AUX
cblr-8635	750	19	undesirable	undesirable	ADJ
cblr-8635	750	20	,	,	PUNCT
cblr-8635	750	21	as	as	SCONJ
cblr-8635	750	22	it	it	PRON
cblr-8635	750	23	may	may	AUX
cblr-8635	750	24	preempt	preempt	VERB
cblr-8635	750	25	sensible	sensible	ADJ
cblr-8635	750	26	variations	variation	NOUN
cblr-8635	750	27	at	at	ADP
cblr-8635	750	28	the	the	DET
cblr-8635	750	29	state	state	NOUN
cblr-8635	750	30	level	level	NOUN
cblr-8635	750	31	.	.	PUNCT
cblr-8635	751	1	this	this	DET
cblr-8635	751	2	article	article	NOUN
cblr-8635	751	3	has	have	AUX
cblr-8635	751	4	not	not	PART
cblr-8635	751	5	asserted	assert	VERB
cblr-8635	751	6	that	that	SCONJ
cblr-8635	751	7	fiduciaries	fiduciary	NOUN
cblr-8635	751	8	must	must	AUX
cblr-8635	751	9	favor	favor	VERB
cblr-8635	751	10	esg	esg	PROPN
cblr-8635	751	11	investing	investing	NOUN
cblr-8635	751	12	.	.	PUNCT
cblr-8635	752	1	decisions	decision	NOUN
cblr-8635	752	2	to	to	PART
cblr-8635	752	3	engage	engage	VERB
cblr-8635	752	4	or	or	CCONJ
cblr-8635	752	5	not	not	PART
cblr-8635	752	6	to	to	PART
cblr-8635	752	7	engage	engage	VERB
cblr-8635	752	8	in	in	ADP
cblr-8635	752	9	esg	esg	PROPN
cblr-8635	752	10	investing	invest	VERB
cblr-8635	752	11	should	should	AUX
cblr-8635	752	12	both	both	PRON
cblr-8635	752	13	be	be	AUX
cblr-8635	752	14	protected	protect	VERB
cblr-8635	752	15	.	.	PUNCT
cblr-8635	753	1	the	the	DET
cblr-8635	753	2	real	real	ADJ
cblr-8635	753	3	issues	issue	NOUN
cblr-8635	753	4	for	for	ADP
cblr-8635	753	5	the	the	DET
cblr-8635	753	6	future	future	NOUN
cblr-8635	753	7	are	be	AUX
cblr-8635	753	8	:	:	PUNCT
cblr-8635	753	9	(	(	PUNCT
cblr-8635	753	10	1	1	X
cblr-8635	753	11	)	)	PUNCT
cblr-8635	753	12	whether	whether	SCONJ
cblr-8635	753	13	the	the	DET
cblr-8635	753	14	trump	trump	NOUN
cblr-8635	753	15	administration	administration	NOUN
cblr-8635	753	16	’s	’s	PART
cblr-8635	753	17	efforts	effort	NOUN
cblr-8635	753	18	to	to	PART
cblr-8635	753	19	chill	chill	VERB
cblr-8635	753	20	esg	esg	NOUN
cblr-8635	753	21	voting	voting	NOUN
cblr-8635	753	22	decisions	decision	NOUN
cblr-8635	753	23	(	(	PUNCT
cblr-8635	753	24	and	and	CCONJ
cblr-8635	753	25	thus	thus	ADV
cblr-8635	753	26	,	,	PUNCT
cblr-8635	753	27	by	by	ADP
cblr-8635	753	28	extension	extension	NOUN
cblr-8635	753	29	,	,	PUNCT
cblr-8635	753	30	esg	esg	PROPN
cblr-8635	753	31	investing	investing	NOUN
cblr-8635	753	32	)	)	PUNCT
cblr-8635	753	33	should	should	AUX
cblr-8635	753	34	be	be	AUX
cblr-8635	753	35	reversed	reverse	VERB
cblr-8635	753	36	;	;	PUNCT
cblr-8635	753	37	and	and	CCONJ
cblr-8635	753	38	(	(	PUNCT
cblr-8635	753	39	2	2	X
cblr-8635	753	40	)	)	PUNCT
cblr-8635	753	41	whether	whether	SCONJ
cblr-8635	753	42	institutional	institutional	ADJ
cblr-8635	753	43	investors	investor	NOUN
cblr-8635	753	44	are	be	AUX
cblr-8635	753	45	prepared	prepared	ADJ
cblr-8635	753	46	to	to	PART
cblr-8635	753	47	face	face	VERB
cblr-8635	753	48	significant	significant	ADJ
cblr-8635	753	49	political	political	ADJ
cblr-8635	753	50	controversy	controversy	NOUN
cblr-8635	753	51	and	and	CCONJ
cblr-8635	753	52	pushback	pushback	VERB
cblr-8635	753	53	if	if	SCONJ
cblr-8635	753	54	they	they	PRON
cblr-8635	753	55	pursue	pursue	VERB
cblr-8635	753	56	portfolio	portfolio	NOUN
cblr-8635	753	57	-	-	PUNCT
cblr-8635	753	58	wide	wide	ADJ
cblr-8635	753	59	voting	voting	NOUN
cblr-8635	753	60	policies.124	policies.124	NOUN
cblr-8635	753	61	124	124	NUM
cblr-8635	753	62	it	it	PRON
cblr-8635	753	63	is	be	AUX
cblr-8635	753	64	not	not	PART
cblr-8635	753	65	just	just	ADV
cblr-8635	753	66	institutional	institutional	ADJ
cblr-8635	753	67	investors	investor	NOUN
cblr-8635	753	68	who	who	PRON
cblr-8635	753	69	are	be	AUX
cblr-8635	753	70	under	under	ADP
cblr-8635	753	71	attack	attack	NOUN
cblr-8635	753	72	,	,	PUNCT
cblr-8635	753	73	nor	nor	CCONJ
cblr-8635	753	74	simply	simply	ADV
cblr-8635	753	75	the	the	DET
cblr-8635	753	76	department	department	NOUN
cblr-8635	753	77	of	of	ADP
cblr-8635	753	78	labor	labor	NOUN
cblr-8635	753	79	that	that	PRON
cblr-8635	753	80	is	be	AUX
cblr-8635	753	81	leading	lead	VERB
cblr-8635	753	82	this	this	DET
cblr-8635	753	83	campaign	campaign	NOUN
cblr-8635	753	84	.	.	PUNCT
cblr-8635	754	1	in	in	ADP
cblr-8635	754	2	2020	2020	NUM
cblr-8635	754	3	,	,	PUNCT
cblr-8635	754	4	possibly	possibly	ADV
cblr-8635	754	5	in	in	ADP
cblr-8635	754	6	response	response	NOUN
cblr-8635	754	7	to	to	ADP
cblr-8635	754	8	their	their	PRON
cblr-8635	754	9	activism	activism	NOUN
cblr-8635	754	10	in	in	ADP
cblr-8635	754	11	assisting	assist	VERB
cblr-8635	754	12	institutional	institutional	ADJ
cblr-8635	754	13	investors	investor	NOUN
cblr-8635	754	14	,	,	PUNCT
cblr-8635	754	15	proxy	proxy	ADJ
cblr-8635	754	16	advisors	advisor	NOUN
cblr-8635	754	17	were	be	AUX
cblr-8635	754	18	subjected	subject	VERB
cblr-8635	754	19	to	to	ADP
cblr-8635	754	20	new	new	ADJ
cblr-8635	754	21	and	and	CCONJ
cblr-8635	754	22	burdensome	burdensome	ADJ
cblr-8635	754	23	sec	sec	PROPN
cblr-8635	754	24	rules	rule	NOUN
cblr-8635	754	25	that	that	PRON
cblr-8635	754	26	will	will	AUX
cblr-8635	754	27	slow	slow	VERB
cblr-8635	754	28	the	the	DET
cblr-8635	754	29	process	process	NOUN
cblr-8635	754	30	by	by	ADP
cblr-8635	754	31	which	which	PRON
cblr-8635	754	32	they	they	PRON
cblr-8635	754	33	can	can	AUX
cblr-8635	754	34	advise	advise	VERB
cblr-8635	754	35	and	and	CCONJ
cblr-8635	754	36	assist	assist	VERB
cblr-8635	754	37	their	their	PRON
cblr-8635	754	38	clients	client	NOUN
cblr-8635	754	39	.	.	PUNCT
cblr-8635	755	1	see	see	VERB
cblr-8635	755	2	generally	generally	ADV
cblr-8635	755	3	coffee	coffee	NOUN
cblr-8635	755	4	8/20/2021	8/20/2021	NUM
cblr-8635	755	5	6:32	6:32	NUM
cblr-8635	755	6	pm	pm	NOUN
cblr-8635	755	7	no	no	INTJ
cblr-8635	755	8	.	.	PUNCT
cblr-8635	756	1	2:602	2:602	NUM
cblr-8635	756	2	]	]	X
cblr-8635	756	3	the	the	DET
cblr-8635	756	4	future	future	NOUN
cblr-8635	756	5	of	of	ADP
cblr-8635	756	6	disclosure	disclosure	NOUN
cblr-8635	756	7	649	649	NUM
cblr-8635	756	8	for	for	ADP
cblr-8635	756	9	the	the	DET
cblr-8635	756	10	sec	sec	PROPN
cblr-8635	756	11	,	,	PUNCT
cblr-8635	756	12	this	this	DET
cblr-8635	756	13	transition	transition	NOUN
cblr-8635	756	14	may	may	AUX
cblr-8635	756	15	force	force	VERB
cblr-8635	756	16	it	it	PRON
cblr-8635	756	17	to	to	PART
cblr-8635	756	18	redefine	redefine	VERB
cblr-8635	756	19	itself	itself	PRON
cblr-8635	756	20	.	.	PUNCT
cblr-8635	757	1	since	since	SCONJ
cblr-8635	757	2	its	its	PRON
cblr-8635	757	3	creation	creation	NOUN
cblr-8635	757	4	,	,	PUNCT
cblr-8635	757	5	it	it	PRON
cblr-8635	757	6	has	have	AUX
cblr-8635	757	7	been	be	AUX
cblr-8635	757	8	an	an	DET
cblr-8635	757	9	agency	agency	NOUN
cblr-8635	757	10	committed	commit	VERB
cblr-8635	757	11	to	to	ADP
cblr-8635	757	12	serving	serve	VERB
cblr-8635	757	13	“	"	PUNCT
cblr-8635	757	14	stock	stock	NOUN
cblr-8635	757	15	-	-	PUNCT
cblr-8635	757	16	picking	picking	NOUN
cblr-8635	757	17	”	"	PUNCT
cblr-8635	757	18	individual	individual	NOUN
cblr-8635	757	19	investors.125	investors.125	NOUN
cblr-8635	757	20	such	such	ADJ
cblr-8635	757	21	investors	investor	NOUN
cblr-8635	757	22	are	be	AUX
cblr-8635	757	23	,	,	PUNCT
cblr-8635	757	24	however	however	ADV
cblr-8635	757	25	,	,	PUNCT
cblr-8635	757	26	fading	fade	VERB
cblr-8635	757	27	from	from	ADP
cblr-8635	757	28	the	the	DET
cblr-8635	757	29	scene	scene	NOUN
cblr-8635	757	30	.	.	PUNCT
cblr-8635	758	1	this	this	PRON
cblr-8635	758	2	does	do	AUX
cblr-8635	758	3	not	not	PART
cblr-8635	758	4	mean	mean	VERB
cblr-8635	758	5	they	they	PRON
cblr-8635	758	6	should	should	AUX
cblr-8635	758	7	be	be	AUX
cblr-8635	758	8	ignored	ignore	VERB
cblr-8635	758	9	,	,	PUNCT
cblr-8635	758	10	but	but	CCONJ
cblr-8635	758	11	that	that	SCONJ
cblr-8635	758	12	greater	great	ADJ
cblr-8635	758	13	attention	attention	NOUN
cblr-8635	758	14	must	must	AUX
cblr-8635	758	15	be	be	AUX
cblr-8635	758	16	given	give	VERB
cblr-8635	758	17	to	to	ADP
cblr-8635	758	18	the	the	DET
cblr-8635	758	19	majority	majority	NOUN
cblr-8635	758	20	of	of	ADP
cblr-8635	758	21	individual	individual	ADJ
cblr-8635	758	22	shareholders	shareholder	NOUN
cblr-8635	758	23	who	who	PRON
cblr-8635	758	24	are	be	AUX
cblr-8635	758	25	now	now	ADV
cblr-8635	758	26	diversified	diversified	ADJ
cblr-8635	758	27	(	(	PUNCT
cblr-8635	758	28	and	and	CCONJ
cblr-8635	758	29	often	often	ADV
cblr-8635	758	30	indexed	index	VERB
cblr-8635	758	31	)	)	PUNCT
cblr-8635	758	32	.	.	PUNCT
cblr-8635	759	1	common	common	ADJ
cblr-8635	759	2	ownership	ownership	NOUN
cblr-8635	759	3	has	have	VERB
cblr-8635	759	4	both	both	CCONJ
cblr-8635	759	5	an	an	DET
cblr-8635	759	6	upside	upside	NOUN
cblr-8635	759	7	and	and	CCONJ
cblr-8635	759	8	a	a	DET
cblr-8635	759	9	downside	downside	NOUN
cblr-8635	759	10	,	,	PUNCT
cblr-8635	759	11	and	and	CCONJ
cblr-8635	759	12	to	to	ADP
cblr-8635	759	13	date	date	NOUN
cblr-8635	759	14	little	little	ADJ
cblr-8635	759	15	scholarly	scholarly	ADJ
cblr-8635	759	16	attention	attention	NOUN
cblr-8635	759	17	has	have	AUX
cblr-8635	759	18	focused	focus	VERB
cblr-8635	759	19	on	on	ADP
cblr-8635	759	20	the	the	DET
cblr-8635	759	21	upside	upside	NOUN
cblr-8635	759	22	.	.	PUNCT
cblr-8635	760	1	shareholders	shareholder	NOUN
cblr-8635	760	2	have	have	AUX
cblr-8635	760	3	not	not	PART
cblr-8635	760	4	been	be	AUX
cblr-8635	760	5	regarded	regard	VERB
cblr-8635	760	6	as	as	ADP
cblr-8635	760	7	the	the	DET
cblr-8635	760	8	“	"	PUNCT
cblr-8635	760	9	true	true	ADJ
cblr-8635	760	10	owners	owner	NOUN
cblr-8635	760	11	”	"	PUNCT
cblr-8635	760	12	of	of	ADP
cblr-8635	760	13	the	the	DET
cblr-8635	760	14	corporation	corporation	NOUN
cblr-8635	760	15	since	since	SCONJ
cblr-8635	760	16	berle	berle	PROPN
cblr-8635	760	17	and	and	CCONJ
cblr-8635	760	18	means	mean	NOUN
cblr-8635	760	19	announced	announce	VERB
cblr-8635	760	20	the	the	DET
cblr-8635	760	21	separation	separation	NOUN
cblr-8635	760	22	of	of	ADP
cblr-8635	760	23	ownership	ownership	NOUN
cblr-8635	760	24	and	and	CCONJ
cblr-8635	760	25	control	control	VERB
cblr-8635	760	26	many	many	ADJ
cblr-8635	760	27	decades	decade	NOUN
cblr-8635	760	28	ago.126	ago.126	VERB
cblr-8635	760	29	yet	yet	ADV
cblr-8635	760	30	today	today	NOUN
cblr-8635	760	31	,	,	PUNCT
cblr-8635	760	32	shareholders	shareholder	NOUN
cblr-8635	760	33	have	have	AUX
cblr-8635	760	34	regained	regain	VERB
cblr-8635	760	35	the	the	DET
cblr-8635	760	36	powers	power	NOUN
cblr-8635	760	37	of	of	ADP
cblr-8635	760	38	“	"	PUNCT
cblr-8635	760	39	true	true	ADJ
cblr-8635	760	40	owners	owner	NOUN
cblr-8635	760	41	.	.	PUNCT
cblr-8635	760	42	”	"	PUNCT
cblr-8635	761	1	unlike	unlike	ADP
cblr-8635	761	2	their	their	PRON
cblr-8635	761	3	nineteenth	nineteenth	ADJ
cblr-8635	761	4	century	century	NOUN
cblr-8635	761	5	antecedents	antecedent	NOUN
cblr-8635	761	6	(	(	PUNCT
cblr-8635	761	7	for	for	ADP
cblr-8635	761	8	example	example	NOUN
cblr-8635	761	9	,	,	PUNCT
cblr-8635	761	10	the	the	DET
cblr-8635	761	11	railroad	railroad	NOUN
cblr-8635	761	12	,	,	PUNCT
cblr-8635	761	13	oil	oil	NOUN
cblr-8635	761	14	and	and	CCONJ
cblr-8635	761	15	bank	bank	NOUN
cblr-8635	761	16	barons	baron	NOUN
cblr-8635	761	17	)	)	PUNCT
cblr-8635	761	18	,	,	PUNCT
cblr-8635	761	19	the	the	DET
cblr-8635	761	20	focus	focus	NOUN
cblr-8635	761	21	of	of	ADP
cblr-8635	761	22	institutional	institutional	ADJ
cblr-8635	761	23	investors	investor	NOUN
cblr-8635	761	24	,	,	PUNCT
cblr-8635	761	25	as	as	ADP
cblr-8635	761	26	owners	owner	NOUN
cblr-8635	761	27	,	,	PUNCT
cblr-8635	761	28	will	will	AUX
cblr-8635	761	29	logically	logically	ADV
cblr-8635	761	30	shift	shift	VERB
cblr-8635	761	31	to	to	ADP
cblr-8635	761	32	maximizing	maximize	VERB
cblr-8635	761	33	portfolio	portfolio	NOUN
cblr-8635	761	34	value	value	NOUN
cblr-8635	761	35	,	,	PUNCT
cblr-8635	761	36	not	not	PART
cblr-8635	761	37	the	the	DET
cblr-8635	761	38	value	value	NOUN
cblr-8635	761	39	of	of	ADP
cblr-8635	761	40	individual	individual	ADJ
cblr-8635	761	41	stocks	stock	NOUN
cblr-8635	761	42	.	.	PUNCT
cblr-8635	762	1	one	one	NUM
cblr-8635	762	2	implication	implication	NOUN
cblr-8635	762	3	of	of	ADP
cblr-8635	762	4	this	this	DET
cblr-8635	762	5	transition	transition	NOUN
cblr-8635	762	6	is	be	AUX
cblr-8635	762	7	that	that	SCONJ
cblr-8635	762	8	it	it	PRON
cblr-8635	762	9	may	may	AUX
cblr-8635	762	10	solve	solve	VERB
cblr-8635	762	11	a	a	DET
cblr-8635	762	12	problem	problem	NOUN
cblr-8635	762	13	that	that	PRON
cblr-8635	762	14	has	have	AUX
cblr-8635	762	15	frustrated	frustrate	VERB
cblr-8635	762	16	legal	legal	ADJ
cblr-8635	762	17	scholars	scholar	NOUN
cblr-8635	762	18	for	for	ADP
cblr-8635	762	19	decades	decade	NOUN
cblr-8635	762	20	.	.	PUNCT
cblr-8635	763	1	over	over	ADP
cblr-8635	763	2	that	that	DET
cblr-8635	763	3	period	period	NOUN
cblr-8635	763	4	,	,	PUNCT
cblr-8635	763	5	many	many	ADJ
cblr-8635	763	6	scholars	scholar	NOUN
cblr-8635	763	7	have	have	AUX
cblr-8635	763	8	sought	seek	VERB
cblr-8635	763	9	to	to	PART
cblr-8635	763	10	find	find	VERB
cblr-8635	763	11	a	a	DET
cblr-8635	763	12	strategy	strategy	NOUN
cblr-8635	763	13	to	to	PART
cblr-8635	763	14	make	make	VERB
cblr-8635	763	15	public	public	ADJ
cblr-8635	763	16	corporations	corporation	NOUN
cblr-8635	763	17	behave	behave	VERB
cblr-8635	763	18	more	more	ADJ
cblr-8635	763	19	virtuously.127	virtuously.127	NOUN
cblr-8635	763	20	despite	despite	SCONJ
cblr-8635	763	21	their	their	PRON
cblr-8635	763	22	gallant	gallant	ADJ
cblr-8635	763	23	efforts	effort	NOUN
cblr-8635	763	24	,	,	PUNCT
cblr-8635	763	25	they	they	PRON
cblr-8635	763	26	have	have	AUX
cblr-8635	763	27	not	not	PART
cblr-8635	763	28	fully	fully	ADV
cblr-8635	763	29	persuaded	persuade	VERB
cblr-8635	763	30	most	most	ADJ
cblr-8635	763	31	of	of	ADP
cblr-8635	763	32	us	we	PRON
cblr-8635	763	33	,	,	PUNCT
cblr-8635	763	34	and	and	CCONJ
cblr-8635	763	35	more	more	ADV
cblr-8635	763	36	conservative	conservative	ADJ
cblr-8635	763	37	scholars	scholar	NOUN
cblr-8635	763	38	have	have	AUX
cblr-8635	763	39	responded	respond	VERB
cblr-8635	763	40	that	that	SCONJ
cblr-8635	763	41	reducing	reduce	VERB
cblr-8635	763	42	the	the	DET
cblr-8635	763	43	michael	michael	PROPN
cblr-8635	763	44	cappucci	cappucci	PROPN
cblr-8635	763	45	,	,	PUNCT
cblr-8635	763	46	the	the	DET
cblr-8635	763	47	proxy	proxy	ADJ
cblr-8635	763	48	war	war	NOUN
cblr-8635	763	49	against	against	ADP
cblr-8635	763	50	proxy	proxy	ADJ
cblr-8635	763	51	advisors	advisor	NOUN
cblr-8635	763	52	,	,	PUNCT
cblr-8635	763	53	16	16	NUM
cblr-8635	763	54	n.y.u	n.y.u	NOUN
cblr-8635	763	55	.	.	PUNCT
cblr-8635	764	1	j.l	j.l	PROPN
cblr-8635	764	2	.	.	PROPN
cblr-8635	764	3	&	&	CCONJ
cblr-8635	764	4	bus	bus	PROPN
cblr-8635	764	5	.	.	PUNCT
cblr-8635	765	1	579	579	NUM
cblr-8635	765	2	(	(	PUNCT
cblr-8635	765	3	2020	2020	NUM
cblr-8635	765	4	)	)	PUNCT
cblr-8635	765	5	(	(	PUNCT
cblr-8635	765	6	analyzing	analyze	VERB
cblr-8635	765	7	the	the	DET
cblr-8635	765	8	rules	rule	NOUN
cblr-8635	765	9	)	)	PUNCT
cblr-8635	765	10	.	.	PUNCT
cblr-8635	766	1	my	my	PRON
cblr-8635	766	2	point	point	NOUN
cblr-8635	766	3	here	here	ADV
cblr-8635	766	4	is	be	AUX
cblr-8635	766	5	only	only	ADV
cblr-8635	766	6	that	that	SCONJ
cblr-8635	766	7	this	this	DET
cblr-8635	766	8	example	example	NOUN
cblr-8635	766	9	may	may	AUX
cblr-8635	766	10	concern	concern	NOUN
cblr-8635	766	11	and	and	CCONJ
cblr-8635	766	12	caution	caution	VERB
cblr-8635	766	13	institutional	institutional	ADJ
cblr-8635	766	14	investors	investor	NOUN
cblr-8635	766	15	,	,	PUNCT
cblr-8635	766	16	who	who	PRON
cblr-8635	766	17	must	must	AUX
cblr-8635	766	18	realize	realize	VERB
cblr-8635	766	19	that	that	SCONJ
cblr-8635	766	20	activism	activism	NOUN
cblr-8635	766	21	can	can	AUX
cblr-8635	766	22	produce	produce	VERB
cblr-8635	766	23	political	political	ADJ
cblr-8635	766	24	retaliation	retaliation	NOUN
cblr-8635	766	25	in	in	ADP
cblr-8635	766	26	their	their	PRON
cblr-8635	766	27	cases	case	NOUN
cblr-8635	766	28	as	as	ADV
cblr-8635	766	29	well	well	ADV
cblr-8635	766	30	.	.	PUNCT
cblr-8635	767	1	to	to	PART
cblr-8635	767	2	be	be	AUX
cblr-8635	767	3	sure	sure	ADJ
cblr-8635	767	4	,	,	PUNCT
cblr-8635	767	5	the	the	DET
cblr-8635	767	6	major	major	ADJ
cblr-8635	767	7	institutional	institutional	ADJ
cblr-8635	767	8	investors	investor	NOUN
cblr-8635	767	9	have	have	VERB
cblr-8635	767	10	much	much	ADV
cblr-8635	767	11	greater	great	ADJ
cblr-8635	767	12	financial	financial	ADJ
cblr-8635	767	13	resources	resource	NOUN
cblr-8635	767	14	than	than	ADP
cblr-8635	767	15	the	the	DET
cblr-8635	767	16	proxy	proxy	NOUN
cblr-8635	767	17	advisors	advisor	NOUN
cblr-8635	767	18	.	.	PUNCT
cblr-8635	768	1	125	125	NUM
cblr-8635	768	2	see	see	VERB
cblr-8635	768	3	supra	supra	PROPN
cblr-8635	768	4	note	note	NOUN
cblr-8635	768	5	3	3	NUM
cblr-8635	768	6	and	and	CCONJ
cblr-8635	768	7	accompanying	accompany	VERB
cblr-8635	768	8	text	text	NOUN
cblr-8635	768	9	.	.	PUNCT
cblr-8635	769	1	126	126	NUM
cblr-8635	769	2	adolf	adolf	PROPN
cblr-8635	769	3	a.	a.	NOUN
cblr-8635	769	4	berle	berle	PROPN
cblr-8635	769	5	,	,	PUNCT
cblr-8635	769	6	jr	jr	PROPN
cblr-8635	769	7	.	.	PROPN
cblr-8635	769	8	&	&	CCONJ
cblr-8635	769	9	gardiner	gardiner	PROPN
cblr-8635	769	10	c.	c.	PROPN
cblr-8635	769	11	means	mean	VERB
cblr-8635	769	12	,	,	PUNCT
cblr-8635	769	13	the	the	DET
cblr-8635	769	14	modern	modern	ADJ
cblr-8635	769	15	corporation	corporation	NOUN
cblr-8635	769	16	and	and	CCONJ
cblr-8635	769	17	private	private	ADJ
cblr-8635	769	18	property	property	NOUN
cblr-8635	769	19	120	120	NUM
cblr-8635	769	20	(	(	PUNCT
cblr-8635	769	21	macmillan	macmillan	PROPN
cblr-8635	769	22	1933	1933	NUM
cblr-8635	769	23	)	)	PUNCT
cblr-8635	769	24	(	(	PUNCT
cblr-8635	769	25	1932	1932	NUM
cblr-8635	769	26	)	)	PUNCT
cblr-8635	769	27	.	.	PUNCT
cblr-8635	770	1	127	127	NUM
cblr-8635	770	2	for	for	ADP
cblr-8635	770	3	a	a	DET
cblr-8635	770	4	partial	partial	ADJ
cblr-8635	770	5	list	list	NOUN
cblr-8635	770	6	,	,	PUNCT
cblr-8635	770	7	see	see	VERB
cblr-8635	770	8	,	,	PUNCT
cblr-8635	770	9	for	for	ADP
cblr-8635	770	10	example	example	NOUN
cblr-8635	770	11	,	,	PUNCT
cblr-8635	770	12	generally	generally	ADV
cblr-8635	770	13	cynthia	cynthia	PROPN
cblr-8635	770	14	a.	a.	PROPN
cblr-8635	770	15	williams	williams	PROPN
cblr-8635	770	16	,	,	PUNCT
cblr-8635	770	17	the	the	DET
cblr-8635	770	18	securities	securities	PROPN
cblr-8635	770	19	and	and	CCONJ
cblr-8635	770	20	exchange	exchange	PROPN
cblr-8635	770	21	commission	commission	PROPN
cblr-8635	770	22	and	and	CCONJ
cblr-8635	770	23	corporate	corporate	ADJ
cblr-8635	770	24	social	social	ADJ
cblr-8635	770	25	transparency	transparency	NOUN
cblr-8635	770	26	,	,	PUNCT
cblr-8635	770	27	112	112	NUM
cblr-8635	770	28	harv	harv	NOUN
cblr-8635	770	29	.	.	PUNCT
cblr-8635	771	1	l.	l.	PROPN
cblr-8635	771	2	rev	rev	PROPN
cblr-8635	771	3	.	.	PROPN
cblr-8635	771	4	1197	1197	NUM
cblr-8635	771	5	(	(	PUNCT
cblr-8635	771	6	1999	1999	NUM
cblr-8635	771	7	)	)	PUNCT
cblr-8635	771	8	;	;	PUNCT
cblr-8635	771	9	kent	kent	PROPN
cblr-8635	771	10	greenfield	greenfield	PROPN
cblr-8635	771	11	,	,	PUNCT
cblr-8635	771	12	the	the	DET
cblr-8635	771	13	failure	failure	NOUN
cblr-8635	771	14	of	of	ADP
cblr-8635	771	15	corporate	corporate	ADJ
cblr-8635	771	16	law	law	NOUN
cblr-8635	771	17	:	:	PUNCT
cblr-8635	771	18	fundamental	fundamental	ADJ
cblr-8635	771	19	flaws	flaw	NOUN
cblr-8635	771	20	and	and	CCONJ
cblr-8635	771	21	progressive	progressive	ADJ
cblr-8635	771	22	possibilities	possibility	NOUN
cblr-8635	771	23	(	(	PUNCT
cblr-8635	771	24	2006	2006	NUM
cblr-8635	771	25	)	)	PUNCT
cblr-8635	771	26	;	;	PUNCT
cblr-8635	771	27	lynn	lynn	PROPN
cblr-8635	771	28	stout	stout	PROPN
cblr-8635	771	29	,	,	PUNCT
cblr-8635	771	30	the	the	DET
cblr-8635	771	31	shareholder	shareholder	NOUN
cblr-8635	771	32	value	value	NOUN
cblr-8635	771	33	myth	myth	NOUN
cblr-8635	771	34	(	(	PUNCT
cblr-8635	771	35	2012	2012	NUM
cblr-8635	771	36	)	)	PUNCT
cblr-8635	771	37	;	;	PUNCT
cblr-8635	771	38	einer	einer	NOUN
cblr-8635	771	39	elhauge	elhauge	NOUN
cblr-8635	771	40	,	,	PUNCT
cblr-8635	771	41	sacrificing	sacrifice	VERB
cblr-8635	771	42	corporate	corporate	ADJ
cblr-8635	771	43	profits	profit	NOUN
cblr-8635	771	44	in	in	ADP
cblr-8635	771	45	the	the	DET
cblr-8635	771	46	public	public	ADJ
cblr-8635	771	47	interest	interest	NOUN
cblr-8635	771	48	,	,	PUNCT
cblr-8635	771	49	80	80	NUM
cblr-8635	771	50	n.y.u	n.y.u	NOUN
cblr-8635	771	51	.	.	PUNCT
cblr-8635	772	1	l.	l.	PROPN
cblr-8635	772	2	rev	rev	PROPN
cblr-8635	772	3	.	.	PROPN
cblr-8635	773	1	733	733	NUM
cblr-8635	773	2	(	(	PUNCT
cblr-8635	773	3	2005	2005	NUM
cblr-8635	773	4	)	)	PUNCT
cblr-8635	773	5	;	;	PUNCT
cblr-8635	773	6	william	william	PROPN
cblr-8635	773	7	w.	w.	PROPN
cblr-8635	773	8	bratton	bratton	PROPN
cblr-8635	773	9	&	&	CCONJ
cblr-8635	773	10	michael	michael	PROPN
cblr-8635	773	11	l.	l.	PROPN
cblr-8635	773	12	wachtler	wachtler	PROPN
cblr-8635	773	13	,	,	PUNCT
cblr-8635	773	14	the	the	DET
cblr-8635	773	15	case	case	NOUN
cblr-8635	773	16	against	against	ADP
cblr-8635	773	17	shareholder	shareholder	NOUN
cblr-8635	773	18	empowerment	empowerment	NOUN
cblr-8635	773	19	,	,	PUNCT
cblr-8635	773	20	158	158	NUM
cblr-8635	773	21	u.	u.	PROPN
cblr-8635	773	22	pa	pa	PROPN
cblr-8635	773	23	.	.	PUNCT
cblr-8635	773	24	l.	l.	PROPN
cblr-8635	773	25	rev	rev	PROPN
cblr-8635	773	26	.	.	PROPN
cblr-8635	773	27	653	653	NUM
cblr-8635	773	28	(	(	PUNCT
cblr-8635	773	29	2010	2010	NUM
cblr-8635	773	30	)	)	PUNCT
cblr-8635	774	1	.	.	PUNCT
cblr-8635	775	1	this	this	DET
cblr-8635	775	2	list	list	NOUN
cblr-8635	775	3	is	be	AUX
cblr-8635	775	4	far	far	ADV
cblr-8635	775	5	from	from	ADP
cblr-8635	775	6	exhaustive	exhaustive	ADJ
cblr-8635	775	7	but	but	CCONJ
cblr-8635	775	8	includes	include	VERB
cblr-8635	775	9	books	book	NOUN
cblr-8635	775	10	and	and	CCONJ
cblr-8635	775	11	articles	article	NOUN
cblr-8635	775	12	that	that	PRON
cblr-8635	775	13	i	i	PRON
cblr-8635	775	14	considered	consider	VERB
cblr-8635	775	15	highly	highly	ADV
cblr-8635	775	16	original	original	ADJ
cblr-8635	775	17	.	.	PUNCT
cblr-8635	776	1	coffee	coffee	NOUN
cblr-8635	776	2	8/20/2021	8/20/2021	NUM
cblr-8635	776	3	6:32	6:32	NUM
cblr-8635	776	4	pm	pm	PROPN
cblr-8635	776	5	650	650	NUM
cblr-8635	776	6	columbia	columbia	PROPN
cblr-8635	776	7	business	business	NOUN
cblr-8635	776	8	law	law	PROPN
cblr-8635	776	9	review	review	NOUN
cblr-8635	777	1	[	[	X
cblr-8635	777	2	vol	vol	NOUN
cblr-8635	777	3	.	.	NOUN
cblr-8635	777	4	2021	2021	NUM
cblr-8635	777	5	externalities	externality	NOUN
cblr-8635	777	6	associated	associate	VERB
cblr-8635	777	7	with	with	ADP
cblr-8635	777	8	corporate	corporate	ADJ
cblr-8635	777	9	behavior	behavior	NOUN
cblr-8635	777	10	is	be	AUX
cblr-8635	777	11	not	not	PART
cblr-8635	777	12	the	the	DET
cblr-8635	777	13	job	job	NOUN
cblr-8635	777	14	of	of	ADP
cblr-8635	777	15	corporate	corporate	ADJ
cblr-8635	777	16	law.128	law.128	NOUN
cblr-8635	777	17	now	now	ADV
cblr-8635	777	18	,	,	PUNCT
cblr-8635	777	19	without	without	ADP
cblr-8635	777	20	any	any	DET
cblr-8635	777	21	change	change	NOUN
cblr-8635	777	22	in	in	ADP
cblr-8635	777	23	corporate	corporate	ADJ
cblr-8635	777	24	law	law	NOUN
cblr-8635	777	25	,	,	PUNCT
cblr-8635	777	26	at	at	ADP
cblr-8635	777	27	least	least	ADJ
cblr-8635	777	28	a	a	DET
cblr-8635	777	29	possibility	possibility	NOUN
cblr-8635	777	30	has	have	AUX
cblr-8635	777	31	arisen	arise	VERB
cblr-8635	777	32	that	that	SCONJ
cblr-8635	777	33	institutional	institutional	ADJ
cblr-8635	777	34	activism	activism	NOUN
cblr-8635	777	35	can	can	AUX
cblr-8635	777	36	curb	curb	VERB
cblr-8635	777	37	externalities	externality	NOUN
cblr-8635	777	38	and	and	CCONJ
cblr-8635	777	39	lead	lead	VERB
cblr-8635	777	40	to	to	ADP
cblr-8635	777	41	a	a	DET
cblr-8635	777	42	better	well	ADJ
cblr-8635	777	43	(	(	PUNCT
cblr-8635	777	44	and	and	CCONJ
cblr-8635	777	45	not	not	PART
cblr-8635	777	46	just	just	ADV
cblr-8635	777	47	more	more	ADV
cblr-8635	777	48	profitable	profitable	ADJ
cblr-8635	777	49	)	)	PUNCT
cblr-8635	777	50	society	society	NOUN
cblr-8635	777	51	.	.	PUNCT
cblr-8635	778	1	ultimately	ultimately	ADV
cblr-8635	778	2	,	,	PUNCT
cblr-8635	778	3	one	one	NUM
cblr-8635	778	4	final	final	ADJ
cblr-8635	778	5	conclusion	conclusion	NOUN
cblr-8635	778	6	needs	need	VERB
cblr-8635	778	7	to	to	PART
cblr-8635	778	8	be	be	AUX
cblr-8635	778	9	stressed	stress	VERB
cblr-8635	778	10	:	:	PUNCT
cblr-8635	778	11	in	in	ADP
cblr-8635	778	12	an	an	DET
cblr-8635	778	13	era	era	NOUN
cblr-8635	778	14	of	of	ADP
cblr-8635	778	15	high	high	ADJ
cblr-8635	778	16	common	common	ADJ
cblr-8635	778	17	ownership	ownership	NOUN
cblr-8635	778	18	and	and	CCONJ
cblr-8635	778	19	institutional	institutional	ADJ
cblr-8635	778	20	sensitivity	sensitivity	NOUN
cblr-8635	778	21	to	to	ADP
cblr-8635	778	22	systematic	systematic	ADJ
cblr-8635	778	23	risk	risk	NOUN
cblr-8635	778	24	,	,	PUNCT
cblr-8635	778	25	disclosure	disclosure	NOUN
cblr-8635	778	26	gains	gain	NOUN
cblr-8635	778	27	impact	impact	NOUN
cblr-8635	778	28	and	and	CCONJ
cblr-8635	778	29	power	power	NOUN
cblr-8635	778	30	that	that	PRON
cblr-8635	778	31	it	it	PRON
cblr-8635	778	32	never	never	ADV
cblr-8635	778	33	had	have	VERB
cblr-8635	778	34	before	before	ADV
cblr-8635	778	35	.	.	PUNCT
cblr-8635	779	1	in	in	ADP
cblr-8635	779	2	the	the	DET
cblr-8635	779	3	past	past	NOUN
cblr-8635	779	4	,	,	PUNCT
cblr-8635	779	5	disclosure	disclosure	NOUN
cblr-8635	779	6	could	could	AUX
cblr-8635	779	7	trigger	trigger	VERB
cblr-8635	779	8	governmental	governmental	ADJ
cblr-8635	779	9	interventions	intervention	NOUN
cblr-8635	779	10	,	,	PUNCT
cblr-8635	779	11	private	private	ADJ
cblr-8635	779	12	litigation	litigation	NOUN
cblr-8635	779	13	,	,	PUNCT
cblr-8635	779	14	or	or	CCONJ
cblr-8635	779	15	reputational	reputational	ADJ
cblr-8635	779	16	injury	injury	NOUN
cblr-8635	779	17	,	,	PUNCT
cblr-8635	779	18	but	but	CCONJ
cblr-8635	779	19	today	today	NOUN
cblr-8635	779	20	disclosure	disclosure	NOUN
cblr-8635	779	21	is	be	AUX
cblr-8635	779	22	becoming	become	VERB
cblr-8635	779	23	self	self	NOUN
cblr-8635	779	24	-	-	PUNCT
cblr-8635	779	25	enforcing	enforce	VERB
cblr-8635	779	26	,	,	PUNCT
cblr-8635	779	27	as	as	SCONJ
cblr-8635	779	28	shareholders	shareholder	NOUN
cblr-8635	779	29	can	can	AUX
cblr-8635	779	30	take	take	VERB
cblr-8635	779	31	dispositive	dispositive	ADJ
cblr-8635	779	32	action	action	NOUN
cblr-8635	779	33	on	on	ADP
cblr-8635	779	34	their	their	PRON
cblr-8635	779	35	own	own	ADJ
cblr-8635	779	36	.	.	PUNCT
cblr-8635	780	1	yes	yes	INTJ
cblr-8635	780	2	,	,	PUNCT
cblr-8635	780	3	this	this	PRON
cblr-8635	780	4	is	be	AUX
cblr-8635	780	5	optimistic	optimistic	ADJ
cblr-8635	780	6	,	,	PUNCT
cblr-8635	780	7	and	and	CCONJ
cblr-8635	780	8	change	change	NOUN
cblr-8635	780	9	may	may	AUX
cblr-8635	780	10	come	come	VERB
cblr-8635	780	11	more	more	ADV
cblr-8635	780	12	slowly	slowly	ADV
cblr-8635	780	13	.	.	PUNCT
cblr-8635	781	1	questions	question	NOUN
cblr-8635	781	2	remain	remain	VERB
cblr-8635	781	3	as	as	SCONJ
cblr-8635	781	4	to	to	ADP
cblr-8635	781	5	how	how	SCONJ
cblr-8635	781	6	hard	hard	ADJ
cblr-8635	781	7	diversified	diversified	ADJ
cblr-8635	781	8	funds	fund	NOUN
cblr-8635	781	9	will	will	AUX
cblr-8635	781	10	push	push	VERB
cblr-8635	781	11	managements	management	NOUN
cblr-8635	781	12	,	,	PUNCT
cblr-8635	781	13	how	how	SCONJ
cblr-8635	781	14	the	the	DET
cblr-8635	781	15	high	high	ADJ
cblr-8635	781	16	costs	cost	NOUN
cblr-8635	781	17	of	of	ADP
cblr-8635	781	18	activism	activism	NOUN
cblr-8635	781	19	can	can	AUX
cblr-8635	781	20	be	be	AUX
cblr-8635	781	21	best	well	ADV
cblr-8635	781	22	shared	share	VERB
cblr-8635	781	23	,	,	PUNCT
cblr-8635	781	24	and	and	CCONJ
cblr-8635	781	25	who	who	PRON
cblr-8635	781	26	will	will	AUX
cblr-8635	781	27	organize	organize	VERB
cblr-8635	781	28	and	and	CCONJ
cblr-8635	781	29	lead	lead	VERB
cblr-8635	781	30	systematic	systematic	ADJ
cblr-8635	781	31	risk	risk	NOUN
cblr-8635	781	32	campaigns	campaign	NOUN
cblr-8635	781	33	that	that	PRON
cblr-8635	781	34	are	be	AUX
cblr-8635	781	35	likely	likely	ADJ
cblr-8635	781	36	to	to	PART
cblr-8635	781	37	reduce	reduce	VERB
cblr-8635	781	38	the	the	DET
cblr-8635	781	39	stock	stock	NOUN
cblr-8635	781	40	price	price	NOUN
cblr-8635	781	41	of	of	ADP
cblr-8635	781	42	the	the	DET
cblr-8635	781	43	target	target	NOUN
cblr-8635	781	44	company.129	company.129	VERB
cblr-8635	781	45	these	these	DET
cblr-8635	781	46	issues	issue	NOUN
cblr-8635	781	47	should	should	AUX
cblr-8635	781	48	constitute	constitute	VERB
cblr-8635	781	49	the	the	DET
cblr-8635	781	50	near	near	ADJ
cblr-8635	781	51	term	term	NOUN
cblr-8635	781	52	research	research	NOUN
cblr-8635	781	53	agenda	agenda	NOUN
cblr-8635	781	54	for	for	ADP
cblr-8635	781	55	legal	legal	ADJ
cblr-8635	781	56	academics	academic	NOUN
cblr-8635	781	57	.	.	PUNCT
cblr-8635	782	1	128	128	NUM
cblr-8635	782	2	see	see	VERB
cblr-8635	782	3	henry	henry	PROPN
cblr-8635	782	4	hansmann	hansmann	PROPN
cblr-8635	782	5	&	&	CCONJ
cblr-8635	782	6	reinier	reinier	PROPN
cblr-8635	782	7	kraakman	kraakman	PROPN
cblr-8635	782	8	,	,	PUNCT
cblr-8635	782	9	the	the	DET
cblr-8635	782	10	end	end	NOUN
cblr-8635	782	11	of	of	ADP
cblr-8635	782	12	history	history	NOUN
cblr-8635	782	13	for	for	ADP
cblr-8635	782	14	corporate	corporate	ADJ
cblr-8635	782	15	law	law	NOUN
cblr-8635	782	16	,	,	PUNCT
cblr-8635	782	17	89	89	NUM
cblr-8635	782	18	geo	geo	PROPN
cblr-8635	782	19	.	.	PROPN
cblr-8635	782	20	l.	l.	PROPN
cblr-8635	782	21	j.	j.	PROPN
cblr-8635	782	22	439	439	PROPN
cblr-8635	782	23	,	,	PUNCT
cblr-8635	782	24	439	439	NUM
cblr-8635	782	25	(	(	PUNCT
cblr-8635	782	26	2001	2001	NUM
cblr-8635	782	27	)	)	PUNCT
cblr-8635	782	28	(	(	PUNCT
cblr-8635	782	29	arguing	argue	VERB
cblr-8635	782	30	that	that	SCONJ
cblr-8635	782	31	shareholder	shareholder	NOUN
cblr-8635	782	32	wealth	wealth	NOUN
cblr-8635	782	33	maximization	maximization	NOUN
cblr-8635	782	34	is	be	AUX
cblr-8635	782	35	the	the	DET
cblr-8635	782	36	goal	goal	NOUN
cblr-8635	782	37	of	of	ADP
cblr-8635	782	38	corporate	corporate	ADJ
cblr-8635	782	39	law	law	NOUN
cblr-8635	782	40	)	)	PUNCT
cblr-8635	782	41	;	;	PUNCT
cblr-8635	782	42	michael	michael	PROPN
cblr-8635	782	43	c.	c.	PROPN
cblr-8635	782	44	jensen	jensen	PROPN
cblr-8635	782	45	,	,	PUNCT
cblr-8635	782	46	value	value	NOUN
cblr-8635	782	47	maximization	maximization	NOUN
cblr-8635	782	48	,	,	PUNCT
cblr-8635	782	49	stakeholder	stakeholder	NOUN
cblr-8635	782	50	theory	theory	NOUN
cblr-8635	782	51	,	,	PUNCT
cblr-8635	782	52	and	and	CCONJ
cblr-8635	782	53	the	the	DET
cblr-8635	782	54	corporate	corporate	ADJ
cblr-8635	782	55	objective	objective	ADJ
cblr-8635	782	56	function	function	NOUN
cblr-8635	782	57	,	,	PUNCT
cblr-8635	782	58	j.	j.	PROPN
cblr-8635	782	59	applied	applied	PROPN
cblr-8635	782	60	corp	corp	PROPN
cblr-8635	782	61	.	.	PROPN
cblr-8635	782	62	fin	fin	PROPN
cblr-8635	782	63	.	.	PUNCT
cblr-8635	782	64	,	,	PUNCT
cblr-8635	782	65	winter	winter	NOUN
cblr-8635	782	66	2010	2010	NUM
cblr-8635	782	67	,	,	PUNCT
cblr-8635	782	68	at	at	ADP
cblr-8635	782	69	32	32	NUM
cblr-8635	782	70	,	,	PUNCT
cblr-8635	782	71	32–33	32–33	NUM
cblr-8635	782	72	,	,	PUNCT
cblr-8635	782	73	35	35	NUM
cblr-8635	782	74	(	(	PUNCT
cblr-8635	782	75	arguing	argue	VERB
cblr-8635	782	76	that	that	SCONJ
cblr-8635	782	77	the	the	DET
cblr-8635	782	78	regulation	regulation	NOUN
cblr-8635	782	79	of	of	ADP
cblr-8635	782	80	externalities	externality	NOUN
cblr-8635	782	81	falls	fall	VERB
cblr-8635	782	82	within	within	ADP
cblr-8635	782	83	the	the	DET
cblr-8635	782	84	government	government	NOUN
cblr-8635	782	85	’s	’s	PART
cblr-8635	782	86	function	function	NOUN
cblr-8635	782	87	and	and	CCONJ
cblr-8635	782	88	is	be	AUX
cblr-8635	782	89	not	not	PART
cblr-8635	782	90	a	a	DET
cblr-8635	782	91	task	task	NOUN
cblr-8635	782	92	that	that	PRON
cblr-8635	782	93	boards	board	NOUN
cblr-8635	782	94	should	should	AUX
cblr-8635	782	95	pursue	pursue	VERB
cblr-8635	782	96	)	)	PUNCT
cblr-8635	782	97	.	.	PUNCT
cblr-8635	783	1	129	129	NUM
cblr-8635	783	2	chiefly	chiefly	ADV
cblr-8635	783	3	,	,	PUNCT
cblr-8635	783	4	these	these	DET
cblr-8635	783	5	problems	problem	NOUN
cblr-8635	783	6	surround	surround	VERB
cblr-8635	783	7	who	who	PRON
cblr-8635	783	8	can	can	AUX
cblr-8635	783	9	be	be	AUX
cblr-8635	783	10	induced	induce	VERB
cblr-8635	783	11	to	to	PART
cblr-8635	783	12	lead	lead	VERB
cblr-8635	783	13	a	a	DET
cblr-8635	783	14	strategic	strategic	ADJ
cblr-8635	783	15	risk	risk	NOUN
cblr-8635	783	16	campaign	campaign	NOUN
cblr-8635	783	17	,	,	PUNCT
cblr-8635	783	18	given	give	VERB
cblr-8635	783	19	that	that	SCONJ
cblr-8635	783	20	the	the	DET
cblr-8635	783	21	index	index	NOUN
cblr-8635	783	22	funds	fund	NOUN
cblr-8635	783	23	are	be	AUX
cblr-8635	783	24	likely	likely	ADJ
cblr-8635	783	25	to	to	PART
cblr-8635	783	26	remain	remain	VERB
cblr-8635	783	27	reticent	reticent	ADJ
cblr-8635	783	28	participants	participant	NOUN
cblr-8635	783	29	and	and	CCONJ
cblr-8635	783	30	that	that	SCONJ
cblr-8635	783	31	activist	activist	ADJ
cblr-8635	783	32	hedge	hedge	NOUN
cblr-8635	783	33	funds	fund	NOUN
cblr-8635	783	34	are	be	AUX
cblr-8635	783	35	less	less	ADV
cblr-8635	783	36	likely	likely	ADJ
cblr-8635	783	37	to	to	PART
cblr-8635	783	38	profit	profit	VERB
cblr-8635	783	39	from	from	ADP
cblr-8635	783	40	such	such	ADJ
cblr-8635	783	41	campaigns	campaign	NOUN
cblr-8635	783	42	that	that	PRON
cblr-8635	783	43	reduce	reduce	VERB
cblr-8635	783	44	the	the	DET
cblr-8635	783	45	target	target	NOUN
cblr-8635	783	46	stock	stock	NOUN
cblr-8635	783	47	price	price	NOUN
cblr-8635	783	48	.	.	PUNCT
cblr-8635	784	1	i	i	PRON
cblr-8635	784	2	am	be	AUX
cblr-8635	784	3	focusing	focus	VERB
cblr-8635	784	4	on	on	ADP
cblr-8635	784	5	these	these	DET
cblr-8635	784	6	issues	issue	NOUN
cblr-8635	784	7	in	in	ADP
cblr-8635	784	8	another	another	DET
cblr-8635	784	9	article	article	NOUN
cblr-8635	784	10	.	.	PUNCT