id	sid	tid	token	lemma	pos
cblr-8639	1	1	microsoft	microsoft	PROPN
cblr-8639	1	2	word	word	NOUN
cblr-8639	1	3	9	9	NUM
cblr-8639	1	4	.	.	PUNCT
cblr-8639	1	5	mahoney	mahoney	PROPN
cblr-8639	1	6	&	&	CCONJ
cblr-8639	1	7	mahoney	mahoney	PROPN
cblr-8639	1	8	(	(	PUNCT
cblr-8639	1	9	8	8	NUM
cblr-8639	1	10	-	-	SYM
cblr-8639	1	11	22	22	NUM
cblr-8639	1	12	-	-	SYM
cblr-8639	1	13	21	21	NUM
cblr-8639	1	14	9.15pm	9.15pm	NUM
cblr-8639	1	15	)	)	PUNCT
cblr-8639	1	16	mahoney	mahoney	PROPN
cblr-8639	1	17	&	&	CCONJ
cblr-8639	1	18	mahoney	mahoney	PROPN
cblr-8639	1	19	8/22/2021	8/22/2021	PROPN
cblr-8639	1	20	9:16	9:16	NUM
cblr-8639	1	21	pm	pm	NOUN
cblr-8639	1	22	the	the	DET
cblr-8639	1	23	new	new	ADJ
cblr-8639	1	24	separation	separation	NOUN
cblr-8639	1	25	of	of	ADP
cblr-8639	1	26	ownership	ownership	NOUN
cblr-8639	1	27	and	and	CCONJ
cblr-8639	1	28	control	control	NOUN
cblr-8639	1	29	:	:	PUNCT
cblr-8639	1	30	institutional	institutional	ADJ
cblr-8639	1	31	investors	investor	NOUN
cblr-8639	1	32	and	and	CCONJ
cblr-8639	1	33	esg	esg	PROPN
cblr-8639	1	34	paul	paul	PROPN
cblr-8639	1	35	g.	g.	PROPN
cblr-8639	1	36	mahoney	mahoney	PROPN
cblr-8639	1	37	and	and	CCONJ
cblr-8639	1	38	julia	julia	PROPN
cblr-8639	1	39	d.	d.	PROPN
cblr-8639	1	40	mahoney	mahoney	PROPN
cblr-8639	1	41	*	*	PROPN
cblr-8639	1	42	scholars	scholar	NOUN
cblr-8639	1	43	and	and	CCONJ
cblr-8639	1	44	policymakers	policymaker	NOUN
cblr-8639	1	45	have	have	AUX
cblr-8639	1	46	long	long	ADV
cblr-8639	1	47	debated	debate	VERB
cblr-8639	1	48	whether	whether	SCONJ
cblr-8639	1	49	corporations	corporation	NOUN
cblr-8639	1	50	should	should	AUX
cblr-8639	1	51	serve	serve	VERB
cblr-8639	1	52	social	social	ADJ
cblr-8639	1	53	purposes	purpose	NOUN
cblr-8639	1	54	at	at	ADP
cblr-8639	1	55	the	the	DET
cblr-8639	1	56	expense	expense	NOUN
cblr-8639	1	57	of	of	ADP
cblr-8639	1	58	shareholder	shareholder	NOUN
cblr-8639	1	59	wealth	wealth	NOUN
cblr-8639	1	60	.	.	PUNCT
cblr-8639	2	1	the	the	DET
cblr-8639	2	2	sec	sec	PROPN
cblr-8639	2	3	was	be	AUX
cblr-8639	2	4	recently	recently	ADV
cblr-8639	2	5	drawn	draw	VERB
cblr-8639	2	6	into	into	ADP
cblr-8639	2	7	the	the	DET
cblr-8639	2	8	debate	debate	NOUN
cblr-8639	2	9	as	as	SCONJ
cblr-8639	2	10	it	it	PRON
cblr-8639	2	11	faces	face	VERB
cblr-8639	2	12	calls	call	VERB
cblr-8639	2	13	to	to	PART
cblr-8639	2	14	mandate	mandate	VERB
cblr-8639	2	15	environmental	environmental	ADJ
cblr-8639	2	16	,	,	PUNCT
cblr-8639	2	17	social	social	ADJ
cblr-8639	2	18	,	,	PUNCT
cblr-8639	2	19	and	and	CCONJ
cblr-8639	2	20	governance	governance	NOUN
cblr-8639	2	21	(	(	PUNCT
cblr-8639	2	22	esg	esg	NOUN
cblr-8639	2	23	)	)	PUNCT
cblr-8639	2	24	disclosures	disclosure	NOUN
cblr-8639	2	25	.	.	PUNCT
cblr-8639	3	1	this	this	DET
cblr-8639	3	2	article	article	NOUN
cblr-8639	3	3	urges	urge	VERB
cblr-8639	3	4	the	the	DET
cblr-8639	3	5	sec	sec	PROPN
cblr-8639	3	6	to	to	PART
cblr-8639	3	7	proceed	proceed	VERB
cblr-8639	3	8	with	with	ADP
cblr-8639	3	9	caution	caution	NOUN
cblr-8639	3	10	.	.	PUNCT
cblr-8639	4	1	the	the	DET
cblr-8639	4	2	adoption	adoption	NOUN
cblr-8639	4	3	of	of	ADP
cblr-8639	4	4	esg	esg	PROPN
cblr-8639	4	5	disclosure	disclosure	NOUN
cblr-8639	4	6	mandates	mandate	NOUN
cblr-8639	4	7	in	in	ADP
cblr-8639	4	8	order	order	NOUN
cblr-8639	4	9	to	to	PART
cblr-8639	4	10	serve	serve	VERB
cblr-8639	4	11	environmental	environmental	ADJ
cblr-8639	4	12	or	or	CCONJ
cblr-8639	4	13	social	social	ADJ
cblr-8639	4	14	goals	goal	NOUN
cblr-8639	4	15	is	be	AUX
cblr-8639	4	16	not	not	PART
cblr-8639	4	17	well	well	ADV
cblr-8639	4	18	-	-	PUNCT
cblr-8639	4	19	aligned	align	VERB
cblr-8639	4	20	with	with	ADP
cblr-8639	4	21	the	the	DET
cblr-8639	4	22	sec	sec	PROPN
cblr-8639	4	23	’s	’s	PART
cblr-8639	4	24	stated	state	VERB
cblr-8639	4	25	mission	mission	NOUN
cblr-8639	4	26	of	of	ADP
cblr-8639	4	27	protecting	protect	VERB
cblr-8639	4	28	main	main	ADJ
cblr-8639	4	29	street	street	NOUN
cblr-8639	4	30	investors	investor	NOUN
cblr-8639	4	31	and	and	CCONJ
cblr-8639	4	32	maintaining	maintain	VERB
cblr-8639	4	33	fair	fair	ADJ
cblr-8639	4	34	,	,	PUNCT
cblr-8639	4	35	orderly	orderly	ADJ
cblr-8639	4	36	,	,	PUNCT
cblr-8639	4	37	and	and	CCONJ
cblr-8639	4	38	efficient	efficient	ADJ
cblr-8639	4	39	markets	market	NOUN
cblr-8639	4	40	.	.	PUNCT
cblr-8639	5	1	accordingly	accordingly	ADV
cblr-8639	5	2	,	,	PUNCT
cblr-8639	5	3	the	the	DET
cblr-8639	5	4	sec	sec	PROPN
cblr-8639	5	5	should	should	AUX
cblr-8639	5	6	decline	decline	VERB
cblr-8639	5	7	to	to	PART
cblr-8639	5	8	act	act	VERB
cblr-8639	5	9	absent	absent	ADJ
cblr-8639	5	10	a	a	DET
cblr-8639	5	11	showing	showing	NOUN
cblr-8639	5	12	that	that	SCONJ
cblr-8639	5	13	esg	esg	PROPN
cblr-8639	5	14	disclosures	disclosure	NOUN
cblr-8639	5	15	will	will	AUX
cblr-8639	5	16	serve	serve	VERB
cblr-8639	5	17	the	the	DET
cblr-8639	5	18	financial	financial	ADJ
cblr-8639	5	19	interests	interest	NOUN
cblr-8639	5	20	of	of	ADP
cblr-8639	5	21	the	the	DET
cblr-8639	5	22	households	household	NOUN
cblr-8639	5	23	for	for	ADP
cblr-8639	5	24	whom	whom	PRON
cblr-8639	5	25	institutional	institutional	ADJ
cblr-8639	5	26	investors	investor	NOUN
cblr-8639	5	27	are	be	AUX
cblr-8639	5	28	fiduciaries	fiduciary	NOUN
cblr-8639	5	29	and	and	CCONJ
cblr-8639	5	30	whose	whose	DET
cblr-8639	5	31	retirement	retirement	NOUN
cblr-8639	5	32	and	and	CCONJ
cblr-8639	5	33	other	other	ADJ
cblr-8639	5	34	savings	saving	NOUN
cblr-8639	5	35	they	they	PRON
cblr-8639	5	36	manage	manage	VERB
cblr-8639	5	37	.	.	PUNCT
cblr-8639	6	1	i.	i.	PROPN
cblr-8639	6	2	introduction	introduction	NOUN
cblr-8639	6	3	...............................................................	...............................................................	PUNCT
cblr-8639	6	4	841	841	NUM
cblr-8639	6	5	ii	ii	NOUN
cblr-8639	6	6	.	.	PUNCT
cblr-8639	7	1	securities	security	NOUN
cblr-8639	7	2	law	law	PROPN
cblr-8639	7	3	,	,	PUNCT
cblr-8639	7	4	disclosure	disclosure	NOUN
cblr-8639	7	5	,	,	PUNCT
cblr-8639	7	6	and	and	CCONJ
cblr-8639	7	7	esg	esg	PROPN
cblr-8639	7	8	investment	investment	NOUN
cblr-8639	7	9	....	....	PUNCT
cblr-8639	7	10	846	846	NUM
cblr-8639	7	11	a.	a.	NOUN
cblr-8639	7	12	the	the	DET
cblr-8639	7	13	absence	absence	NOUN
cblr-8639	7	14	of	of	ADP
cblr-8639	7	15	market	market	NOUN
cblr-8639	7	16	failure	failure	NOUN
cblr-8639	7	17	...........................	...........................	PUNCT
cblr-8639	7	18	847	847	NUM
cblr-8639	7	19	b.	b.	X
cblr-8639	7	20	the	the	DET
cblr-8639	7	21	goals	goal	NOUN
cblr-8639	7	22	of	of	ADP
cblr-8639	7	23	esg	esg	PROPN
cblr-8639	7	24	advocates	advocate	NOUN
cblr-8639	7	25	...............................	...............................	PUNCT
cblr-8639	8	1	851	851	NUM
cblr-8639	8	2	iii	iii	NOUN
cblr-8639	8	3	.	.	PUNCT
cblr-8639	9	1	the	the	DET
cblr-8639	9	2	“	"	PUNCT
cblr-8639	9	3	new	new	ADJ
cblr-8639	9	4	”	"	PUNCT
cblr-8639	9	5	separation	separation	NOUN
cblr-8639	9	6	of	of	ADP
cblr-8639	9	7	ownership	ownership	NOUN
cblr-8639	9	8	and	and	CCONJ
cblr-8639	9	9	control	control	NOUN
cblr-8639	9	10	:	:	PUNCT
cblr-8639	9	11	money	money	NOUN
cblr-8639	9	12	managers	manager	NOUN
cblr-8639	9	13	versus	versus	ADP
cblr-8639	9	14	beneficiaries	beneficiary	NOUN
cblr-8639	9	15	.....................	.....................	PUNCT
cblr-8639	9	16	856	856	NUM
cblr-8639	9	17	a.	a.	NOUN
cblr-8639	9	18	the	the	DET
cblr-8639	9	19	rise	rise	NOUN
cblr-8639	9	20	of	of	ADP
cblr-8639	9	21	institutional	institutional	ADJ
cblr-8639	9	22	ownership	ownership	NOUN
cblr-8639	9	23	...................	...................	PUNCT
cblr-8639	9	24	857	857	NUM
cblr-8639	9	25	b.	b.	PROPN
cblr-8639	9	26	agency	agency	PROPN
cblr-8639	9	27	problems	problem	NOUN
cblr-8639	9	28	in	in	ADP
cblr-8639	9	29	public	public	ADJ
cblr-8639	9	30	pension	pension	NOUN
cblr-8639	9	31	funds	fund	NOUN
cblr-8639	9	32	.........	.........	PUNCT
cblr-8639	9	33	860	860	NUM
cblr-8639	9	34	c.	c.	NOUN
cblr-8639	9	35	agency	agency	NOUN
cblr-8639	9	36	problems	problem	NOUN
cblr-8639	9	37	in	in	ADP
cblr-8639	9	38	private	private	ADJ
cblr-8639	9	39	funds	fund	NOUN
cblr-8639	9	40	.....................	.....................	PUNCT
cblr-8639	9	41	865	865	NUM
cblr-8639	9	42	d.	d.	NOUN
cblr-8639	9	43	does	do	VERB
cblr-8639	9	44	the	the	DET
cblr-8639	9	45	urgency	urgency	NOUN
cblr-8639	9	46	of	of	ADP
cblr-8639	9	47	the	the	DET
cblr-8639	9	48	problem	problem	NOUN
cblr-8639	9	49	justify	justify	VERB
cblr-8639	9	50	activism	activism	NOUN
cblr-8639	9	51	regardless	regardless	ADV
cblr-8639	9	52	of	of	ADP
cblr-8639	9	53	its	its	PRON
cblr-8639	9	54	effects	effect	NOUN
cblr-8639	9	55	on	on	ADP
cblr-8639	9	56	beneficiaries	beneficiary	NOUN
cblr-8639	9	57	?	?	PUNCT
cblr-8639	10	1	.........	.........	PUNCT
cblr-8639	11	1	867	867	NUM
cblr-8639	11	2	iv	iv	NOUN
cblr-8639	11	3	.	.	PUNCT
cblr-8639	11	4	policy	policy	NOUN
cblr-8639	11	5	responses	response	NOUN
cblr-8639	11	6	........................................................	........................................................	PUNCT
cblr-8639	12	1	871	871	NUM
cblr-8639	12	2	*	*	PUNCT
cblr-8639	12	3	university	university	PROPN
cblr-8639	12	4	of	of	ADP
cblr-8639	12	5	virginia	virginia	PROPN
cblr-8639	12	6	school	school	PROPN
cblr-8639	12	7	of	of	ADP
cblr-8639	12	8	law	law	NOUN
cblr-8639	12	9	.	.	PUNCT
cblr-8639	13	1	we	we	PRON
cblr-8639	13	2	thank	thank	VERB
cblr-8639	13	3	kevin	kevin	PROPN
cblr-8639	13	4	haeberle	haeberle	PROPN
cblr-8639	13	5	,	,	PUNCT
cblr-8639	13	6	gabriel	gabriel	PROPN
cblr-8639	13	7	rauterberg	rauterberg	PROPN
cblr-8639	13	8	,	,	PUNCT
cblr-8639	13	9	christina	christina	PROPN
cblr-8639	13	10	parajon	parajon	PROPN
cblr-8639	13	11	skinner	skinner	PROPN
cblr-8639	13	12	,	,	PUNCT
cblr-8639	13	13	and	and	CCONJ
cblr-8639	13	14	workshop	workshop	NOUN
cblr-8639	13	15	participants	participant	NOUN
cblr-8639	13	16	at	at	ADP
cblr-8639	13	17	the	the	DET
cblr-8639	13	18	university	university	PROPN
cblr-8639	13	19	of	of	ADP
cblr-8639	13	20	michigan	michigan	PROPN
cblr-8639	13	21	law	law	PROPN
cblr-8639	13	22	school	school	NOUN
cblr-8639	13	23	for	for	ADP
cblr-8639	13	24	helpful	helpful	ADJ
cblr-8639	13	25	comments	comment	NOUN
cblr-8639	13	26	.	.	PUNCT
cblr-8639	14	1	ari	ari	PROPN
cblr-8639	14	2	anderson	anderson	PROPN
cblr-8639	14	3	and	and	CCONJ
cblr-8639	14	4	killian	killian	PROPN
cblr-8639	14	5	wyatt	wyatt	PROPN
cblr-8639	14	6	provided	provide	VERB
cblr-8639	14	7	outstanding	outstanding	ADJ
cblr-8639	14	8	research	research	NOUN
cblr-8639	14	9	assistance	assistance	NOUN
cblr-8639	14	10	.	.	PUNCT
cblr-8639	15	1	mahoney	mahoney	PROPN
cblr-8639	15	2	&	&	CCONJ
cblr-8639	15	3	mahoney	mahoney	PROPN
cblr-8639	15	4	8/22/2021	8/22/2021	PROPN
cblr-8639	15	5	9:16	9:16	NUM
cblr-8639	15	6	pm	pm	NOUN
cblr-8639	15	7	no	no	INTJ
cblr-8639	15	8	.	.	PUNCT
cblr-8639	16	1	2:840	2:840	NUM
cblr-8639	16	2	]	]	X
cblr-8639	16	3	the	the	DET
cblr-8639	16	4	new	new	ADJ
cblr-8639	16	5	separation	separation	NOUN
cblr-8639	16	6	of	of	ADP
cblr-8639	16	7	ownership	ownership	NOUN
cblr-8639	16	8	and	and	CCONJ
cblr-8639	16	9	control	control	NOUN
cblr-8639	16	10	841	841	NUM
cblr-8639	16	11	a.	a.	NOUN
cblr-8639	16	12	short	short	ADJ
cblr-8639	16	13	-	-	PUNCT
cblr-8639	16	14	term	term	NOUN
cblr-8639	16	15	responses	response	NOUN
cblr-8639	16	16	........................................	........................................	PUNCT
cblr-8639	16	17	871	871	NUM
cblr-8639	16	18	b.	b.	PROPN
cblr-8639	16	19	long	long	ADV
cblr-8639	16	20	-	-	PUNCT
cblr-8639	16	21	run	run	NOUN
cblr-8639	16	22	responses	response	NOUN
cblr-8639	16	23	...........................................	...........................................	PUNCT
cblr-8639	16	24	876	876	NUM
cblr-8639	16	25	v.	v.	ADP
cblr-8639	16	26	conclusion	conclusion	NOUN
cblr-8639	16	27	..................................................................	..................................................................	PUNCT
cblr-8639	16	28	879	879	NUM
cblr-8639	16	29	i.	i.	NOUN
cblr-8639	16	30	introduction	introduction	NOUN
cblr-8639	16	31	scholars	scholar	NOUN
cblr-8639	16	32	,	,	PUNCT
cblr-8639	16	33	public	public	ADJ
cblr-8639	16	34	officials	official	NOUN
cblr-8639	16	35	,	,	PUNCT
cblr-8639	16	36	corporate	corporate	ADJ
cblr-8639	16	37	executives	executive	NOUN
cblr-8639	16	38	,	,	PUNCT
cblr-8639	16	39	money	money	NOUN
cblr-8639	16	40	managers	manager	NOUN
cblr-8639	16	41	and	and	CCONJ
cblr-8639	16	42	others	other	NOUN
cblr-8639	16	43	have	have	AUX
cblr-8639	16	44	long	long	ADV
cblr-8639	16	45	debated	debate	VERB
cblr-8639	16	46	the	the	DET
cblr-8639	16	47	merits	merit	NOUN
cblr-8639	16	48	of	of	ADP
cblr-8639	16	49	socially	socially	ADV
cblr-8639	16	50	motivated	motivated	ADJ
cblr-8639	16	51	investing	investing	NOUN
cblr-8639	16	52	and	and	CCONJ
cblr-8639	16	53	corporate	corporate	ADJ
cblr-8639	16	54	management.1	management.1	PROPN
cblr-8639	16	55	the	the	DET
cblr-8639	16	56	securities	securities	PROPN
cblr-8639	16	57	and	and	CCONJ
cblr-8639	16	58	exchange	exchange	PROPN
cblr-8639	16	59	commission	commission	PROPN
cblr-8639	16	60	(	(	PUNCT
cblr-8639	16	61	sec	sec	PROPN
cblr-8639	16	62	)	)	PUNCT
cblr-8639	16	63	was	be	AUX
cblr-8639	16	64	recently	recently	ADV
cblr-8639	16	65	drawn	draw	VERB
cblr-8639	16	66	into	into	ADP
cblr-8639	16	67	the	the	DET
cblr-8639	16	68	debate	debate	NOUN
cblr-8639	16	69	.	.	PUNCT
cblr-8639	17	1	two	two	NUM
cblr-8639	17	2	of	of	ADP
cblr-8639	17	3	the	the	DET
cblr-8639	17	4	sec	sec	PROPN
cblr-8639	17	5	’s	’s	PART
cblr-8639	17	6	commissioners	commissioner	NOUN
cblr-8639	17	7	and	and	CCONJ
cblr-8639	17	8	its	its	PRON
cblr-8639	17	9	investor	investor	NOUN
cblr-8639	17	10	advisory	advisory	NOUN
cblr-8639	17	11	committee	committee	NOUN
cblr-8639	17	12	have	have	AUX
cblr-8639	17	13	urged	urge	VERB
cblr-8639	17	14	the	the	DET
cblr-8639	17	15	sec	sec	PROPN
cblr-8639	17	16	to	to	PART
cblr-8639	17	17	require	require	VERB
cblr-8639	17	18	disclosures	disclosure	NOUN
cblr-8639	17	19	about	about	ADP
cblr-8639	17	20	a	a	DET
cblr-8639	17	21	set	set	NOUN
cblr-8639	17	22	of	of	ADP
cblr-8639	17	23	public	public	ADJ
cblr-8639	17	24	policy	policy	NOUN
cblr-8639	17	25	issues	issue	NOUN
cblr-8639	17	26	that	that	PRON
cblr-8639	17	27	,	,	PUNCT
cblr-8639	17	28	although	although	SCONJ
cblr-8639	17	29	distinct	distinct	ADJ
cblr-8639	17	30	,	,	PUNCT
cblr-8639	17	31	are	be	AUX
cblr-8639	17	32	grouped	group	VERB
cblr-8639	17	33	together	together	ADV
cblr-8639	17	34	under	under	ADP
cblr-8639	17	35	the	the	DET
cblr-8639	17	36	umbrella	umbrella	NOUN
cblr-8639	17	37	term	term	NOUN
cblr-8639	17	38	“	"	PUNCT
cblr-8639	17	39	environmental	environmental	ADJ
cblr-8639	17	40	,	,	PUNCT
cblr-8639	17	41	social	social	ADJ
cblr-8639	17	42	,	,	PUNCT
cblr-8639	17	43	and	and	CCONJ
cblr-8639	17	44	governance	governance	NOUN
cblr-8639	17	45	,	,	PUNCT
cblr-8639	17	46	”	"	PUNCT
cblr-8639	17	47	or	or	CCONJ
cblr-8639	17	48	esg.2	esg.2	PROPN
cblr-8639	17	49	to	to	PART
cblr-8639	17	50	1	1	NUM
cblr-8639	17	51	see	see	VERB
cblr-8639	17	52	,	,	PUNCT
cblr-8639	17	53	e.g.	e.g.	ADV
cblr-8639	17	54	,	,	PUNCT
cblr-8639	17	55	adolf	adolf	PROPN
cblr-8639	17	56	a.	a.	NOUN
cblr-8639	17	57	berle	berle	PROPN
cblr-8639	17	58	,	,	PUNCT
cblr-8639	17	59	jr	jr	PROPN
cblr-8639	17	60	.	.	PROPN
cblr-8639	17	61	&	&	CCONJ
cblr-8639	17	62	gardiner	gardiner	PROPN
cblr-8639	17	63	c.	c.	PROPN
cblr-8639	17	64	means	mean	VERB
cblr-8639	17	65	,	,	PUNCT
cblr-8639	17	66	the	the	DET
cblr-8639	17	67	modern	modern	ADJ
cblr-8639	17	68	corporation	corporation	NOUN
cblr-8639	17	69	and	and	CCONJ
cblr-8639	17	70	private	private	ADJ
cblr-8639	17	71	property	property	NOUN
cblr-8639	17	72	277–79	277–79	PROPN
cblr-8639	17	73	(	(	PUNCT
cblr-8639	17	74	macmillan	macmillan	PROPN
cblr-8639	17	75	1932	1932	NUM
cblr-8639	17	76	)	)	PUNCT
cblr-8639	17	77	;	;	PUNCT
cblr-8639	17	78	milton	milton	PROPN
cblr-8639	17	79	friedman	friedman	PROPN
cblr-8639	17	80	,	,	PUNCT
cblr-8639	17	81	capitalism	capitalism	NOUN
cblr-8639	17	82	and	and	CCONJ
cblr-8639	17	83	freedom	freedom	NOUN
cblr-8639	17	84	133–36	133–36	NUM
cblr-8639	17	85	(	(	PUNCT
cblr-8639	17	86	40th	40th	ADJ
cblr-8639	17	87	anniversary	anniversary	NOUN
cblr-8639	17	88	ed	ed	NOUN
cblr-8639	17	89	.	.	PROPN
cblr-8639	17	90	2002	2002	NUM
cblr-8639	17	91	)	)	PUNCT
cblr-8639	17	92	(	(	PUNCT
cblr-8639	17	93	1962	1962	NUM
cblr-8639	17	94	)	)	PUNCT
cblr-8639	18	1	[	[	X
cblr-8639	18	2	hereinafter	hereinafter	NOUN
cblr-8639	18	3	friedman	friedman	NOUN
cblr-8639	18	4	,	,	PUNCT
cblr-8639	18	5	capitalism	capitalism	NOUN
cblr-8639	18	6	and	and	CCONJ
cblr-8639	18	7	freedom	freedom	NOUN
cblr-8639	18	8	]	]	X
cblr-8639	18	9	;	;	PUNCT
cblr-8639	18	10	nelson	nelson	PROPN
cblr-8639	18	11	lichtenstein	lichtenstein	PROPN
cblr-8639	18	12	,	,	PUNCT
cblr-8639	18	13	economic	economic	ADJ
cblr-8639	18	14	royalists	royalist	NOUN
cblr-8639	18	15	and	and	CCONJ
cblr-8639	18	16	their	their	PRON
cblr-8639	18	17	kingdom	kingdom	NOUN
cblr-8639	18	18	in	in	ADP
cblr-8639	18	19	the	the	DET
cblr-8639	18	20	new	new	ADJ
cblr-8639	18	21	deal	deal	NOUN
cblr-8639	18	22	era	era	NOUN
cblr-8639	18	23	and	and	CCONJ
cblr-8639	18	24	beyond	beyond	ADP
cblr-8639	18	25	,	,	PUNCT
cblr-8639	18	26	in	in	ADP
cblr-8639	18	27	capitalism	capitalism	NOUN
cblr-8639	18	28	contested	contest	VERB
cblr-8639	18	29	:	:	PUNCT
cblr-8639	18	30	the	the	DET
cblr-8639	18	31	new	new	ADJ
cblr-8639	18	32	deal	deal	NOUN
cblr-8639	18	33	and	and	CCONJ
cblr-8639	18	34	its	its	PRON
cblr-8639	18	35	legacies	legacy	NOUN
cblr-8639	18	36	179	179	NUM
cblr-8639	18	37	,	,	PUNCT
cblr-8639	18	38	183–86	183–86	NUM
cblr-8639	18	39	,	,	PUNCT
cblr-8639	18	40	197–98	197–98	NUM
cblr-8639	18	41	(	(	PUNCT
cblr-8639	18	42	romain	romain	PROPN
cblr-8639	18	43	huret	huret	NOUN
cblr-8639	18	44	,	,	PUNCT
cblr-8639	18	45	nelson	nelson	PROPN
cblr-8639	18	46	lichtenstein	lichtenstein	PROPN
cblr-8639	18	47	&	&	CCONJ
cblr-8639	18	48	jean	jean	PROPN
cblr-8639	18	49	-	-	PUNCT
cblr-8639	18	50	christian	christian	PROPN
cblr-8639	18	51	vinel	vinel	NOUN
cblr-8639	18	52	eds	ed	NOUN
cblr-8639	18	53	.	.	PROPN
cblr-8639	18	54	,	,	PUNCT
cblr-8639	18	55	2020	2020	NUM
cblr-8639	18	56	)	)	PUNCT
cblr-8639	18	57	;	;	PUNCT
cblr-8639	18	58	milton	milton	PROPN
cblr-8639	18	59	friedman	friedman	PROPN
cblr-8639	18	60	,	,	PUNCT
cblr-8639	18	61	a	a	DET
cblr-8639	18	62	friedman	friedman	PROPN
cblr-8639	18	63	doctrine	doctrine	NOUN
cblr-8639	18	64	—	—	PUNCT
cblr-8639	18	65	the	the	DET
cblr-8639	18	66	social	social	ADJ
cblr-8639	18	67	responsibility	responsibility	NOUN
cblr-8639	18	68	of	of	ADP
cblr-8639	18	69	business	business	NOUN
cblr-8639	18	70	is	be	AUX
cblr-8639	18	71	to	to	PART
cblr-8639	18	72	increase	increase	VERB
cblr-8639	18	73	its	its	PRON
cblr-8639	18	74	profits	profit	NOUN
cblr-8639	18	75	,	,	PUNCT
cblr-8639	18	76	n.y	n.y	PROPN
cblr-8639	18	77	.	.	PROPN
cblr-8639	18	78	times	times	PROPN
cblr-8639	18	79	,	,	PUNCT
cblr-8639	18	80	sept	sept	PROPN
cblr-8639	18	81	.	.	PROPN
cblr-8639	18	82	13	13	NUM
cblr-8639	18	83	,	,	PUNCT
cblr-8639	18	84	1970	1970	NUM
cblr-8639	18	85	,	,	PUNCT
cblr-8639	18	86	at	at	ADP
cblr-8639	18	87	sm17	sm17	PROPN
cblr-8639	19	1	[	[	X
cblr-8639	19	2	hereinafter	hereinafter	NOUN
cblr-8639	19	3	friedman	friedman	NOUN
cblr-8639	19	4	,	,	PUNCT
cblr-8639	19	5	a	a	DET
cblr-8639	19	6	friedman	friedman	PROPN
cblr-8639	19	7	doctrine	doctrine	NOUN
cblr-8639	19	8	]	]	PUNCT
cblr-8639	19	9	;	;	PUNCT
cblr-8639	19	10	greed	greed	NOUN
cblr-8639	19	11	is	be	AUX
cblr-8639	19	12	good	good	ADJ
cblr-8639	19	13	.	.	PUNCT
cblr-8639	20	1	except	except	SCONJ
cblr-8639	20	2	when	when	SCONJ
cblr-8639	20	3	it	it	PRON
cblr-8639	20	4	’s	’	VERB
cblr-8639	20	5	bad	bad	ADJ
cblr-8639	20	6	.	.	PUNCT
cblr-8639	20	7	,	,	PUNCT
cblr-8639	20	8	n.y	n.y	PROPN
cblr-8639	20	9	.	.	PROPN
cblr-8639	20	10	times	times	PROPN
cblr-8639	20	11	:	:	PUNCT
cblr-8639	20	12	dealbook	dealbook	VERB
cblr-8639	20	13	(	(	PUNCT
cblr-8639	20	14	sept	sept	PROPN
cblr-8639	20	15	.	.	PROPN
cblr-8639	20	16	13	13	NUM
cblr-8639	20	17	,	,	PUNCT
cblr-8639	20	18	2020	2020	NUM
cblr-8639	20	19	)	)	PUNCT
cblr-8639	20	20	,	,	PUNCT
cblr-8639	20	21	https://www.nytimes.com/2020/09/13/business/dealbook/milton-friedmanessay-anniversary.html	https://www.nytimes.com/2020/09/13/business/dealbook/milton-friedmanessay-anniversary.html	PUNCT
cblr-8639	20	22	[	[	X
cblr-8639	20	23	https://perma.cc/9vgw-dpze	https://perma.cc/9vgw-dpze	X
cblr-8639	20	24	]	]	X
cblr-8639	20	25	.	.	PUNCT
cblr-8639	20	26	2	2	NUM
cblr-8639	20	27	see	see	VERB
cblr-8639	20	28	press	press	NOUN
cblr-8639	20	29	release	release	NOUN
cblr-8639	20	30	,	,	PUNCT
cblr-8639	20	31	allison	allison	PROPN
cblr-8639	20	32	herren	herren	PROPN
cblr-8639	20	33	lee	lee	PROPN
cblr-8639	20	34	,	,	PUNCT
cblr-8639	20	35	comm’r	comm’r	ADP
cblr-8639	20	36	,	,	PUNCT
cblr-8639	20	37	u.s	u.s	PROPN
cblr-8639	20	38	.	.	PROPN
cblr-8639	20	39	sec	sec	PROPN
cblr-8639	20	40	.	.	PROPN
cblr-8639	20	41	&	&	CCONJ
cblr-8639	20	42	exch	exch	PROPN
cblr-8639	20	43	.	.	PUNCT
cblr-8639	20	44	comm’n	comm’n	PROPN
cblr-8639	20	45	&	&	CCONJ
cblr-8639	20	46	caroline	caroline	PROPN
cblr-8639	20	47	a.	a.	PROPN
cblr-8639	20	48	crenshaw	crenshaw	PROPN
cblr-8639	20	49	,	,	PUNCT
cblr-8639	20	50	comm’r	comm’r	ADP
cblr-8639	20	51	,	,	PUNCT
cblr-8639	20	52	u.s	u.s	PROPN
cblr-8639	20	53	.	.	PROPN
cblr-8639	20	54	sec	sec	PROPN
cblr-8639	20	55	.	.	PROPN
cblr-8639	20	56	&	&	CCONJ
cblr-8639	20	57	exch	exch	PROPN
cblr-8639	20	58	.	.	PUNCT
cblr-8639	21	1	comm’n	comm’n	PROPN
cblr-8639	21	2	,	,	PUNCT
cblr-8639	21	3	joint	joint	ADJ
cblr-8639	21	4	statement	statement	NOUN
cblr-8639	21	5	on	on	ADP
cblr-8639	21	6	amendments	amendment	NOUN
cblr-8639	21	7	to	to	AUX
cblr-8639	21	8	regulation	regulation	VERB
cblr-8639	21	9	s	s	NOUN
cblr-8639	21	10	-	-	ADJ
cblr-8639	21	11	k	k	ADJ
cblr-8639	21	12	:	:	PUNCT
cblr-8639	21	13	management	management	NOUN
cblr-8639	21	14	’s	’s	PART
cblr-8639	21	15	discussion	discussion	NOUN
cblr-8639	21	16	and	and	CCONJ
cblr-8639	21	17	analysis	analysis	NOUN
cblr-8639	21	18	,	,	PUNCT
cblr-8639	21	19	selected	select	VERB
cblr-8639	21	20	financial	financial	ADJ
cblr-8639	21	21	data	datum	NOUN
cblr-8639	21	22	,	,	PUNCT
cblr-8639	21	23	and	and	CCONJ
cblr-8639	21	24	supplementary	supplementary	ADJ
cblr-8639	21	25	financial	financial	ADJ
cblr-8639	21	26	information	information	NOUN
cblr-8639	21	27	(	(	PUNCT
cblr-8639	21	28	nov	nov	PROPN
cblr-8639	21	29	.	.	PROPN
cblr-8639	21	30	19	19	NUM
cblr-8639	21	31	,	,	PUNCT
cblr-8639	21	32	2020	2020	NUM
cblr-8639	21	33	)	)	PUNCT
cblr-8639	21	34	,	,	PUNCT
cblr-8639	21	35	https://www.sec.gov/news/publicstatement/lee-crenshaw-statement-amendments-regulation-s-k	https://www.sec.gov/news/publicstatement/lee-crenshaw-statement-amendments-regulation-s-k	PROPN
cblr-8639	22	1	[	[	X
cblr-8639	22	2	https://perma.cc/q6qe-ep57	https://perma.cc/q6qe-ep57	X
cblr-8639	22	3	]	]	PUNCT
cblr-8639	22	4	(	(	PUNCT
cblr-8639	22	5	urging	urge	VERB
cblr-8639	22	6	the	the	DET
cblr-8639	22	7	sec	sec	PROPN
cblr-8639	22	8	to	to	PART
cblr-8639	22	9	“	"	PUNCT
cblr-8639	22	10	establish	establish	VERB
cblr-8639	22	11	requirements	requirement	NOUN
cblr-8639	22	12	for	for	ADP
cblr-8639	22	13	standard	standard	ADJ
cblr-8639	22	14	,	,	PUNCT
cblr-8639	22	15	comparable	comparable	ADJ
cblr-8639	22	16	,	,	PUNCT
cblr-8639	22	17	and	and	CCONJ
cblr-8639	22	18	reliable	reliable	ADJ
cblr-8639	22	19	climate	climate	NOUN
cblr-8639	22	20	,	,	PUNCT
cblr-8639	22	21	human	human	ADJ
cblr-8639	22	22	capital	capital	NOUN
cblr-8639	22	23	,	,	PUNCT
cblr-8639	22	24	and	and	CCONJ
cblr-8639	22	25	other	other	ADJ
cblr-8639	22	26	esg	esg	PROPN
cblr-8639	22	27	disclosures	disclosure	NOUN
cblr-8639	22	28	”	"	PUNCT
cblr-8639	22	29	)	)	PUNCT
cblr-8639	22	30	;	;	PUNCT
cblr-8639	23	1	inv	inv	VERB
cblr-8639	23	2	.	.	PUNCT
cblr-8639	24	1	advisory	advisory	ADJ
cblr-8639	24	2	comm	comm	NOUN
cblr-8639	24	3	.	.	PUNCT
cblr-8639	24	4	,	,	PUNCT
cblr-8639	24	5	u.s	u.s	PROPN
cblr-8639	24	6	.	.	PROPN
cblr-8639	24	7	sec	sec	PROPN
cblr-8639	24	8	.	.	PROPN
cblr-8639	24	9	&	&	CCONJ
cblr-8639	24	10	exch	exch	PROPN
cblr-8639	24	11	.	.	PUNCT
cblr-8639	25	1	comm’n	comm’n	NOUN
cblr-8639	25	2	,	,	PUNCT
cblr-8639	25	3	recommendation	recommendation	NOUN
cblr-8639	25	4	from	from	ADP
cblr-8639	25	5	the	the	DET
cblr-8639	25	6	investor	investor	NOUN
cblr-8639	25	7	-	-	PUNCT
cblr-8639	25	8	as	as	ADP
cblr-8639	25	9	-	-	PUNCT
cblr-8639	25	10	owner	owner	NOUN
cblr-8639	25	11	subcommittee	subcommittee	NOUN
cblr-8639	25	12	of	of	ADP
cblr-8639	25	13	the	the	DET
cblr-8639	25	14	sec	sec	PROPN
cblr-8639	25	15	investor	investor	NOUN
cblr-8639	25	16	advisory	advisory	NOUN
cblr-8639	25	17	committee	committee	NOUN
cblr-8639	25	18	relating	relate	VERB
cblr-8639	25	19	to	to	ADP
cblr-8639	25	20	esg	esg	PROPN
cblr-8639	25	21	disclosure	disclosure	NOUN
cblr-8639	25	22	1	1	NUM
cblr-8639	25	23	(	(	PUNCT
cblr-8639	25	24	2020	2020	NUM
cblr-8639	25	25	)	)	PUNCT
cblr-8639	25	26	,	,	PUNCT
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cblr-8639	25	28	[	[	X
cblr-8639	25	29	https:/perma.cc/7l87	https:/perma.cc/7l87	NOUN
cblr-8639	25	30	-	-	PUNCT
cblr-8639	25	31	z2vg	z2vg	X
cblr-8639	25	32	]	]	X
cblr-8639	25	33	(	(	PUNCT
cblr-8639	25	34	favoring	favor	VERB
cblr-8639	25	35	sec	sec	PROPN
cblr-8639	25	36	regulation	regulation	NOUN
cblr-8639	25	37	of	of	ADP
cblr-8639	25	38	esg	esg	PROPN
cblr-8639	25	39	disclosures	disclosure	NOUN
cblr-8639	25	40	)	)	PUNCT
cblr-8639	25	41	.	.	PUNCT
cblr-8639	26	1	one	one	NUM
cblr-8639	26	2	of	of	ADP
cblr-8639	26	3	the	the	DET
cblr-8639	26	4	authors	author	NOUN
cblr-8639	26	5	of	of	ADP
cblr-8639	26	6	this	this	DET
cblr-8639	26	7	paper	paper	NOUN
cblr-8639	26	8	is	be	AUX
cblr-8639	26	9	a	a	DET
cblr-8639	26	10	member	member	NOUN
cblr-8639	26	11	of	of	ADP
cblr-8639	26	12	the	the	DET
cblr-8639	26	13	mahoney	mahoney	PROPN
cblr-8639	26	14	&	&	CCONJ
cblr-8639	26	15	mahoney	mahoney	PROPN
cblr-8639	26	16	8/22/2021	8/22/2021	PROPN
cblr-8639	26	17	9:16	9:16	NUM
cblr-8639	26	18	pm	pm	NOUN
cblr-8639	26	19	842	842	NUM
cblr-8639	26	20	columbia	columbia	PROPN
cblr-8639	26	21	business	business	NOUN
cblr-8639	26	22	law	law	PROPN
cblr-8639	26	23	review	review	NOUN
cblr-8639	26	24	[	[	X
cblr-8639	26	25	vol	vol	NOUN
cblr-8639	26	26	.	.	NOUN
cblr-8639	26	27	2021	2021	NUM
cblr-8639	26	28	date	date	NOUN
cblr-8639	26	29	,	,	PUNCT
cblr-8639	26	30	the	the	DET
cblr-8639	26	31	sec	sec	PROPN
cblr-8639	26	32	has	have	AUX
cblr-8639	26	33	resisted	resist	VERB
cblr-8639	26	34	those	those	DET
cblr-8639	26	35	calls	call	NOUN
cblr-8639	26	36	on	on	ADP
cblr-8639	26	37	the	the	DET
cblr-8639	26	38	grounds	ground	NOUN
cblr-8639	26	39	that	that	SCONJ
cblr-8639	26	40	its	its	PRON
cblr-8639	26	41	existing	exist	VERB
cblr-8639	26	42	framework	framework	NOUN
cblr-8639	26	43	,	,	PUNCT
cblr-8639	26	44	which	which	PRON
cblr-8639	26	45	focuses	focus	VERB
cblr-8639	26	46	on	on	ADP
cblr-8639	26	47	risks	risk	NOUN
cblr-8639	26	48	material	material	NOUN
cblr-8639	26	49	to	to	ADP
cblr-8639	26	50	a	a	DET
cblr-8639	26	51	company	company	NOUN
cblr-8639	26	52	’s	’s	PART
cblr-8639	26	53	business	business	NOUN
cblr-8639	26	54	,	,	PUNCT
cblr-8639	26	55	is	be	AUX
cblr-8639	26	56	better	well	ADJ
cblr-8639	26	57	than	than	ADP
cblr-8639	26	58	a	a	DET
cblr-8639	26	59	one	one	NUM
cblr-8639	26	60	-	-	PUNCT
cblr-8639	26	61	size	size	NOUN
cblr-8639	26	62	-	-	PUNCT
cblr-8639	26	63	fits	fit	VERB
cblr-8639	26	64	-	-	PUNCT
cblr-8639	26	65	all	all	PRON
cblr-8639	26	66	list	list	NOUN
cblr-8639	26	67	of	of	ADP
cblr-8639	26	68	disclosures.3	disclosures.3	PROPN
cblr-8639	26	69	the	the	DET
cblr-8639	26	70	sec	sec	PROPN
cblr-8639	26	71	’s	’s	PART
cblr-8639	26	72	approach	approach	NOUN
cblr-8639	26	73	may	may	AUX
cblr-8639	26	74	soon	soon	ADV
cblr-8639	26	75	change	change	VERB
cblr-8639	26	76	.	.	PUNCT
cblr-8639	27	1	in	in	ADP
cblr-8639	27	2	february	february	PROPN
cblr-8639	27	3	2021	2021	NUM
cblr-8639	27	4	,	,	PUNCT
cblr-8639	27	5	its	its	PRON
cblr-8639	27	6	acting	act	VERB
cblr-8639	27	7	chair	chair	NOUN
cblr-8639	27	8	named	name	VERB
cblr-8639	27	9	a	a	DET
cblr-8639	27	10	senior	senior	ADJ
cblr-8639	27	11	policy	policy	NOUN
cblr-8639	27	12	advisor	advisor	NOUN
cblr-8639	27	13	for	for	ADP
cblr-8639	27	14	climate	climate	NOUN
cblr-8639	27	15	and	and	CCONJ
cblr-8639	27	16	esg	esg	NOUN
cblr-8639	27	17	,	,	PUNCT
cblr-8639	27	18	indicating	indicate	VERB
cblr-8639	27	19	that	that	SCONJ
cblr-8639	27	20	the	the	DET
cblr-8639	27	21	agency	agency	NOUN
cblr-8639	27	22	is	be	AUX
cblr-8639	27	23	actively	actively	ADV
cblr-8639	27	24	considering	consider	VERB
cblr-8639	27	25	implementing	implement	VERB
cblr-8639	27	26	esg	esg	PROPN
cblr-8639	27	27	disclosure	disclosure	PROPN
cblr-8639	27	28	requirements.4	requirements.4	PROPN
cblr-8639	27	29	the	the	DET
cblr-8639	27	30	acting	act	VERB
cblr-8639	27	31	chair	chair	NOUN
cblr-8639	27	32	also	also	ADV
cblr-8639	27	33	directed	direct	VERB
cblr-8639	27	34	the	the	DET
cblr-8639	27	35	sec	sec	PROPN
cblr-8639	27	36	’s	’s	PART
cblr-8639	27	37	division	division	NOUN
cblr-8639	27	38	of	of	ADP
cblr-8639	27	39	corporation	corporation	NOUN
cblr-8639	27	40	finance	finance	NOUN
cblr-8639	27	41	to	to	PART
cblr-8639	27	42	“	"	PUNCT
cblr-8639	27	43	enhance	enhance	VERB
cblr-8639	27	44	its	its	PRON
cblr-8639	27	45	focus	focus	NOUN
cblr-8639	27	46	on	on	ADP
cblr-8639	27	47	climate	climate	NOUN
cblr-8639	27	48	-	-	PUNCT
cblr-8639	27	49	related	relate	VERB
cblr-8639	27	50	disclosure	disclosure	NOUN
cblr-8639	27	51	in	in	ADP
cblr-8639	27	52	public	public	ADJ
cblr-8639	27	53	company	company	NOUN
cblr-8639	27	54	filings	filing	NOUN
cblr-8639	27	55	.	.	PUNCT
cblr-8639	27	56	”5	”5	PUNCT
cblr-8639	28	1	this	this	DET
cblr-8639	28	2	article	article	NOUN
cblr-8639	28	3	sounds	sound	VERB
cblr-8639	28	4	a	a	DET
cblr-8639	28	5	note	note	NOUN
cblr-8639	28	6	of	of	ADP
cblr-8639	28	7	caution	caution	NOUN
cblr-8639	28	8	.	.	PUNCT
cblr-8639	29	1	the	the	DET
cblr-8639	29	2	adoption	adoption	NOUN
cblr-8639	29	3	of	of	ADP
cblr-8639	29	4	esg	esg	PROPN
cblr-8639	29	5	disclosure	disclosure	NOUN
cblr-8639	29	6	mandates	mandate	NOUN
cblr-8639	29	7	in	in	ADP
cblr-8639	29	8	order	order	NOUN
cblr-8639	29	9	to	to	PART
cblr-8639	29	10	serve	serve	VERB
cblr-8639	29	11	environmental	environmental	ADJ
cblr-8639	29	12	or	or	CCONJ
cblr-8639	29	13	social	social	ADJ
cblr-8639	29	14	goals	goal	NOUN
cblr-8639	29	15	is	be	AUX
cblr-8639	29	16	not	not	PART
cblr-8639	29	17	well	well	ADV
cblr-8639	29	18	-	-	PUNCT
cblr-8639	29	19	aligned	align	VERB
cblr-8639	29	20	with	with	ADP
cblr-8639	29	21	the	the	DET
cblr-8639	29	22	sec	sec	PROPN
cblr-8639	29	23	’s	’s	PART
cblr-8639	29	24	stated	state	VERB
cblr-8639	29	25	mission	mission	NOUN
cblr-8639	29	26	of	of	ADP
cblr-8639	29	27	“	"	PUNCT
cblr-8639	29	28	protecting	protect	VERB
cblr-8639	29	29	main	main	ADJ
cblr-8639	29	30	street	street	NOUN
cblr-8639	29	31	investors	investor	NOUN
cblr-8639	29	32	”	"	PUNCT
cblr-8639	29	33	and	and	CCONJ
cblr-8639	29	34	“	"	PUNCT
cblr-8639	29	35	maintaining	maintain	VERB
cblr-8639	29	36	fair	fair	ADJ
cblr-8639	29	37	,	,	PUNCT
cblr-8639	29	38	orderly	orderly	ADJ
cblr-8639	29	39	,	,	PUNCT
cblr-8639	29	40	and	and	CCONJ
cblr-8639	29	41	efficient	efficient	ADJ
cblr-8639	29	42	markets	market	NOUN
cblr-8639	29	43	.	.	PUNCT
cblr-8639	29	44	”6	”6	PUNCT
cblr-8639	30	1	the	the	DET
cblr-8639	30	2	sec	sec	PROPN
cblr-8639	30	3	has	have	VERB
cblr-8639	30	4	neither	neither	CCONJ
cblr-8639	30	5	the	the	DET
cblr-8639	30	6	investor	investor	NOUN
cblr-8639	30	7	advisory	advisory	NOUN
cblr-8639	30	8	committee	committee	NOUN
cblr-8639	30	9	and	and	CCONJ
cblr-8639	30	10	voted	vote	VERB
cblr-8639	30	11	against	against	ADP
cblr-8639	30	12	its	its	PRON
cblr-8639	30	13	recommendation	recommendation	NOUN
cblr-8639	30	14	of	of	ADP
cblr-8639	30	15	sec	sec	PROPN
cblr-8639	30	16	regulation	regulation	NOUN
cblr-8639	30	17	of	of	ADP
cblr-8639	30	18	esg	esg	PROPN
cblr-8639	30	19	disclosures	disclosure	NOUN
cblr-8639	30	20	.	.	PUNCT
cblr-8639	31	1	see	see	VERB
cblr-8639	31	2	inv	inv	ADJ
cblr-8639	31	3	.	.	PUNCT
cblr-8639	32	1	advisory	advisory	ADJ
cblr-8639	32	2	comm	comm	NOUN
cblr-8639	32	3	.	.	PUNCT
cblr-8639	32	4	,	,	PUNCT
cblr-8639	32	5	u.s	u.s	PROPN
cblr-8639	32	6	.	.	PROPN
cblr-8639	32	7	sec	sec	PROPN
cblr-8639	32	8	.	.	PROPN
cblr-8639	32	9	&	&	CCONJ
cblr-8639	32	10	exch	exch	PROPN
cblr-8639	32	11	.	.	PUNCT
cblr-8639	33	1	comm’n	comm’n	PROPN
cblr-8639	33	2	,	,	PUNCT
cblr-8639	33	3	minutes	minute	NOUN
cblr-8639	33	4	of	of	ADP
cblr-8639	33	5	the	the	DET
cblr-8639	33	6	meeting	meeting	NOUN
cblr-8639	33	7	of	of	ADP
cblr-8639	33	8	may	may	PROPN
cblr-8639	33	9	21	21	NUM
cblr-8639	33	10	,	,	PUNCT
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cblr-8639	33	12	,	,	PUNCT
cblr-8639	33	13	at	at	ADP
cblr-8639	33	14	3	3	NUM
cblr-8639	33	15	n.2	n.2	NOUN
cblr-8639	33	16	(	(	PUNCT
cblr-8639	33	17	2020	2020	NUM
cblr-8639	33	18	)	)	PUNCT
cblr-8639	33	19	,	,	PUNCT
cblr-8639	33	20	https://www.sec.gov/spotlight/investor-advisory-committee2012/iac052120-minutes.pdf	https://www.sec.gov/spotlight/investor-advisory-committee2012/iac052120-minutes.pdf	PROPN
cblr-8639	34	1	[	[	X
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cblr-8639	34	4	.	.	PUNCT
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cblr-8639	34	6	see	see	VERB
cblr-8639	34	7	,	,	PUNCT
cblr-8639	34	8	e.g.	e.g.	ADV
cblr-8639	34	9	,	,	PUNCT
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cblr-8639	34	11	tahmincioglu	tahmincioglu	NOUN
cblr-8639	34	12	,	,	PUNCT
cblr-8639	34	13	sec	sec	PROPN
cblr-8639	34	14	chief	chief	NOUN
cblr-8639	34	15	takes	take	VERB
cblr-8639	34	16	on	on	ADP
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cblr-8639	34	18	-	-	PUNCT
cblr-8639	34	19	termism	termism	NOUN
cblr-8639	34	20	and	and	CCONJ
cblr-8639	34	21	esg	esg	NOUN
cblr-8639	34	22	,	,	PUNCT
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cblr-8639	34	24	.	.	PUNCT
cblr-8639	34	25	&	&	CCONJ
cblr-8639	34	26	bds	bds	PROPN
cblr-8639	34	27	.	.	PROPN
cblr-8639	34	28	,	,	PUNCT
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cblr-8639	35	1	[	[	X
cblr-8639	35	2	https://perma.cc/ch55-p7p2	https://perma.cc/ch55-p7p2	X
cblr-8639	35	3	]	]	PUNCT
cblr-8639	35	4	(	(	PUNCT
cblr-8639	35	5	last	last	ADV
cblr-8639	35	6	visited	visit	VERB
cblr-8639	35	7	mar	mar	PROPN
cblr-8639	35	8	.	.	PROPN
cblr-8639	35	9	2	2	NUM
cblr-8639	35	10	,	,	PUNCT
cblr-8639	35	11	2021	2021	NUM
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cblr-8639	35	13	(	(	PUNCT
cblr-8639	35	14	quoting	quote	VERB
cblr-8639	35	15	sec	sec	PROPN
cblr-8639	35	16	chair	chair	NOUN
cblr-8639	35	17	jay	jay	PROPN
cblr-8639	35	18	clayton	clayton	PROPN
cblr-8639	35	19	:	:	PUNCT
cblr-8639	35	20	“	"	PUNCT
cblr-8639	35	21	my	my	PRON
cblr-8639	35	22	view	view	NOUN
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cblr-8639	35	30	not	not	PART
cblr-8639	35	31	attempt	attempt	VERB
cblr-8639	35	32	to	to	PART
cblr-8639	35	33	impose	impose	VERB
cblr-8639	35	34	rigid	rigid	ADJ
cblr-8639	35	35	standards	standard	NOUN
cblr-8639	35	36	or	or	CCONJ
cblr-8639	35	37	metrics	metric	NOUN
cblr-8639	35	38	for	for	ADP
cblr-8639	35	39	esg	esg	NOUN
cblr-8639	35	40	disclosures	disclosure	NOUN
cblr-8639	35	41	on	on	ADP
cblr-8639	35	42	all	all	DET
cblr-8639	35	43	public	public	ADJ
cblr-8639	35	44	companies	company	NOUN
cblr-8639	35	45	.	.	PUNCT
cblr-8639	36	1	such	such	DET
cblr-8639	36	2	a	a	DET
cblr-8639	36	3	step	step	NOUN
cblr-8639	36	4	would	would	AUX
cblr-8639	36	5	be	be	AUX
cblr-8639	36	6	inconsistent	inconsistent	ADJ
cblr-8639	36	7	with	with	ADP
cblr-8639	36	8	our	our	PRON
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cblr-8639	36	10	,	,	PUNCT
cblr-8639	36	11	would	would	AUX
cblr-8639	36	12	be	be	AUX
cblr-8639	36	13	a	a	DET
cblr-8639	36	14	departure	departure	NOUN
cblr-8639	36	15	from	from	ADP
cblr-8639	36	16	our	our	PRON
cblr-8639	36	17	long	long	ADV
cblr-8639	36	18	-	-	PUNCT
cblr-8639	36	19	standing	stand	VERB
cblr-8639	36	20	commitment	commitment	NOUN
cblr-8639	36	21	to	to	ADP
cblr-8639	36	22	a	a	DET
cblr-8639	36	23	materiality	materiality	NOUN
cblr-8639	36	24	-	-	PUNCT
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cblr-8639	36	28	,	,	PUNCT
cblr-8639	36	29	and	and	CCONJ
cblr-8639	36	30	could	could	AUX
cblr-8639	36	31	effectively	effectively	ADV
cblr-8639	36	32	substitute	substitute	VERB
cblr-8639	36	33	the	the	DET
cblr-8639	36	34	sec	sec	PROPN
cblr-8639	36	35	’s	’s	PART
cblr-8639	36	36	judgment	judgment	NOUN
cblr-8639	36	37	for	for	ADP
cblr-8639	36	38	the	the	DET
cblr-8639	36	39	company	company	NOUN
cblr-8639	36	40	’s	’s	PART
cblr-8639	36	41	judgment	judgment	NOUN
cblr-8639	36	42	on	on	ADP
cblr-8639	36	43	operational	operational	ADJ
cblr-8639	36	44	matters	matter	NOUN
cblr-8639	36	45	”	"	PUNCT
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cblr-8639	36	47	.	.	PUNCT
cblr-8639	37	1	4	4	NUM
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cblr-8639	37	8	sec	sec	PROPN
cblr-8639	37	9	.	.	PROPN
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cblr-8639	38	2	,	,	PUNCT
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cblr-8639	38	4	khanna	khanna	PROPN
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cblr-8639	38	11	and	and	CCONJ
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cblr-8639	40	1	[	[	X
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cblr-8639	41	1	5	5	NUM
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cblr-8639	41	13	sec	sec	PROPN
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cblr-8639	42	4	on	on	ADP
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cblr-8639	42	9	-	-	PUNCT
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cblr-8639	43	2	[	[	X
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cblr-8639	43	13	sec	sec	PROPN
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cblr-8639	45	1	[	[	X
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cblr-8639	47	27	.	.	PUNCT
cblr-8639	48	1	moreover	moreover	ADV
cblr-8639	48	2	,	,	PUNCT
cblr-8639	48	3	by	by	ADP
cblr-8639	48	4	appearing	appear	VERB
cblr-8639	48	5	to	to	PART
cblr-8639	48	6	take	take	VERB
cblr-8639	48	7	sides	side	NOUN
cblr-8639	48	8	in	in	ADP
cblr-8639	48	9	contentious	contentious	ADJ
cblr-8639	48	10	policy	policy	NOUN
cblr-8639	48	11	disputes	dispute	NOUN
cblr-8639	48	12	the	the	DET
cblr-8639	48	13	sec	sec	PROPN
cblr-8639	48	14	risks	risk	NOUN
cblr-8639	48	15	eroding	erode	VERB
cblr-8639	48	16	public	public	ADJ
cblr-8639	48	17	trust	trust	NOUN
cblr-8639	48	18	in	in	ADP
cblr-8639	48	19	its	its	PRON
cblr-8639	48	20	capacity	capacity	NOUN
cblr-8639	48	21	and	and	CCONJ
cblr-8639	48	22	willingness	willingness	NOUN
cblr-8639	48	23	to	to	PART
cblr-8639	48	24	serve	serve	VERB
cblr-8639	48	25	as	as	ADP
cblr-8639	48	26	an	an	DET
cblr-8639	48	27	apolitical	apolitical	ADJ
cblr-8639	48	28	,	,	PUNCT
cblr-8639	48	29	technocratic	technocratic	ADJ
cblr-8639	48	30	regulator	regulator	NOUN
cblr-8639	48	31	of	of	ADP
cblr-8639	48	32	the	the	DET
cblr-8639	48	33	capital	capital	NOUN
cblr-8639	48	34	markets.7	markets.7	NOUN
cblr-8639	48	35	supporters	supporter	NOUN
cblr-8639	48	36	of	of	ADP
cblr-8639	48	37	mandatory	mandatory	ADJ
cblr-8639	48	38	esg	esg	PROPN
cblr-8639	48	39	disclosures	disclosure	NOUN
cblr-8639	48	40	deny	deny	VERB
cblr-8639	48	41	that	that	SCONJ
cblr-8639	48	42	their	their	PRON
cblr-8639	48	43	purpose	purpose	NOUN
cblr-8639	48	44	is	be	AUX
cblr-8639	48	45	to	to	PART
cblr-8639	48	46	pursue	pursue	VERB
cblr-8639	48	47	policy	policy	NOUN
cblr-8639	48	48	goals	goal	NOUN
cblr-8639	48	49	outside	outside	ADP
cblr-8639	48	50	the	the	DET
cblr-8639	48	51	sec	sec	PROPN
cblr-8639	48	52	’s	’s	PART
cblr-8639	48	53	ambit	ambit	NOUN
cblr-8639	48	54	.	.	PUNCT
cblr-8639	49	1	institutional	institutional	ADJ
cblr-8639	49	2	investors	investor	NOUN
cblr-8639	49	3	who	who	PRON
cblr-8639	49	4	have	have	AUX
cblr-8639	49	5	joined	join	VERB
cblr-8639	49	6	environmental	environmental	ADJ
cblr-8639	49	7	and	and	CCONJ
cblr-8639	49	8	social	social	ADJ
cblr-8639	49	9	activists	activist	NOUN
cblr-8639	49	10	in	in	ADP
cblr-8639	49	11	supporting	support	VERB
cblr-8639	49	12	mandatory	mandatory	ADJ
cblr-8639	49	13	esg	esg	PROPN
cblr-8639	49	14	disclosures	disclosure	NOUN
cblr-8639	49	15	argue	argue	VERB
cblr-8639	49	16	that	that	SCONJ
cblr-8639	49	17	the	the	DET
cblr-8639	49	18	disclosures	disclosure	NOUN
cblr-8639	49	19	will	will	AUX
cblr-8639	49	20	help	help	VERB
cblr-8639	49	21	them	they	PRON
cblr-8639	49	22	generate	generate	VERB
cblr-8639	49	23	superior	superior	ADJ
cblr-8639	49	24	returns	return	NOUN
cblr-8639	49	25	—	—	PUNCT
cblr-8639	49	26	that	that	SCONJ
cblr-8639	49	27	esg	esg	PROPN
cblr-8639	49	28	investing	investing	NOUN
cblr-8639	49	29	is	be	AUX
cblr-8639	49	30	about	about	ADP
cblr-8639	49	31	“	"	PUNCT
cblr-8639	49	32	value	value	NOUN
cblr-8639	49	33	,	,	PUNCT
cblr-8639	49	34	not	not	PART
cblr-8639	49	35	values	value	NOUN
cblr-8639	49	36	.	.	PUNCT
cblr-8639	49	37	”8	”8	PUNCT
cblr-8639	50	1	the	the	DET
cblr-8639	50	2	sec	sec	PROPN
cblr-8639	50	3	should	should	AUX
cblr-8639	50	4	recognize	recognize	VERB
cblr-8639	50	5	,	,	PUNCT
cblr-8639	50	6	however	however	ADV
cblr-8639	50	7	,	,	PUNCT
cblr-8639	50	8	that	that	SCONJ
cblr-8639	50	9	institutional	institutional	ADJ
cblr-8639	50	10	asset	asset	NOUN
cblr-8639	50	11	managers	manager	NOUN
cblr-8639	50	12	could	could	AUX
cblr-8639	50	13	not	not	PART
cblr-8639	50	14	make	make	VERB
cblr-8639	50	15	a	a	DET
cblr-8639	50	16	social	social	ADJ
cblr-8639	50	17	value	value	NOUN
cblr-8639	50	18	argument	argument	NOUN
cblr-8639	50	19	even	even	ADV
cblr-8639	50	20	if	if	SCONJ
cblr-8639	50	21	they	they	PRON
cblr-8639	50	22	wished	wish	VERB
cblr-8639	50	23	to	to	PART
cblr-8639	50	24	,	,	PUNCT
cblr-8639	50	25	for	for	SCONJ
cblr-8639	50	26	they	they	PRON
cblr-8639	50	27	are	be	AUX
cblr-8639	50	28	fiduciaries	fiduciary	NOUN
cblr-8639	50	29	for	for	ADP
cblr-8639	50	30	their	their	PRON
cblr-8639	50	31	shareholders	shareholder	NOUN
cblr-8639	50	32	or	or	CCONJ
cblr-8639	50	33	beneficiaries	beneficiary	NOUN
cblr-8639	50	34	.	.	PUNCT
cblr-8639	51	1	while	while	SCONJ
cblr-8639	51	2	individual	individual	ADJ
cblr-8639	51	3	investors	investor	NOUN
cblr-8639	51	4	may	may	AUX
cblr-8639	51	5	sacrifice	sacrifice	VERB
cblr-8639	51	6	return	return	VERB
cblr-8639	51	7	to	to	PART
cblr-8639	51	8	invest	invest	VERB
cblr-8639	51	9	in	in	ADP
cblr-8639	51	10	companies	company	NOUN
cblr-8639	51	11	that	that	PRON
cblr-8639	51	12	share	share	VERB
cblr-8639	51	13	their	their	PRON
cblr-8639	51	14	values	value	NOUN
cblr-8639	51	15	,	,	PUNCT
cblr-8639	51	16	and	and	CCONJ
cblr-8639	51	17	asset	asset	NOUN
cblr-8639	51	18	managers	manager	NOUN
cblr-8639	51	19	may	may	AUX
cblr-8639	51	20	assist	assist	VERB
cblr-8639	51	21	them	they	PRON
cblr-8639	51	22	in	in	ADP
cblr-8639	51	23	doing	do	VERB
cblr-8639	51	24	so	so	ADV
cblr-8639	51	25	by	by	ADP
cblr-8639	51	26	offering	offer	VERB
cblr-8639	51	27	tailored	tailor	VERB
cblr-8639	51	28	investment	investment	NOUN
cblr-8639	51	29	portfolios	portfolio	NOUN
cblr-8639	51	30	,	,	PUNCT
cblr-8639	51	31	the	the	DET
cblr-8639	51	32	managers	manager	NOUN
cblr-8639	51	33	may	may	AUX
cblr-8639	51	34	not	not	PART
cblr-8639	51	35	insist	insist	VERB
cblr-8639	51	36	that	that	SCONJ
cblr-8639	51	37	all	all	DET
cblr-8639	51	38	beneficiaries	beneficiary	NOUN
cblr-8639	51	39	forgo	forgo	VERB
cblr-8639	51	40	return	return	NOUN
cblr-8639	51	41	in	in	ADP
cblr-8639	51	42	order	order	NOUN
cblr-8639	51	43	to	to	PART
cblr-8639	51	44	serve	serve	VERB
cblr-8639	51	45	social	social	ADJ
cblr-8639	51	46	goals	goal	NOUN
cblr-8639	51	47	.	.	PUNCT
cblr-8639	52	1	depending	depend	VERB
cblr-8639	52	2	on	on	ADP
cblr-8639	52	3	the	the	DET
cblr-8639	52	4	type	type	NOUN
cblr-8639	52	5	of	of	ADP
cblr-8639	52	6	institution	institution	NOUN
cblr-8639	52	7	,	,	PUNCT
cblr-8639	52	8	to	to	PART
cblr-8639	52	9	prioritize	prioritize	VERB
cblr-8639	52	10	social	social	ADJ
cblr-8639	52	11	goals	goal	NOUN
cblr-8639	52	12	over	over	ADP
cblr-8639	52	13	the	the	DET
cblr-8639	52	14	financial	financial	ADJ
cblr-8639	52	15	interests	interest	NOUN
cblr-8639	52	16	of	of	ADP
cblr-8639	52	17	beneficiaries	beneficiary	NOUN
cblr-8639	52	18	,	,	PUNCT
cblr-8639	52	19	or	or	CCONJ
cblr-8639	52	20	even	even	ADV
cblr-8639	52	21	to	to	PART
cblr-8639	52	22	take	take	VERB
cblr-8639	52	23	them	they	PRON
cblr-8639	52	24	into	into	ADP
cblr-8639	52	25	account	account	NOUN
cblr-8639	52	26	,	,	PUNCT
cblr-8639	52	27	would	would	AUX
cblr-8639	52	28	constitute	constitute	VERB
cblr-8639	52	29	a	a	DET
cblr-8639	52	30	breach	breach	NOUN
cblr-8639	52	31	of	of	ADP
cblr-8639	52	32	fiduciary	fiduciary	ADJ
cblr-8639	52	33	duty.9	duty.9	PROPN
cblr-8639	52	34	the	the	DET
cblr-8639	52	35	financial	financial	ADJ
cblr-8639	52	36	value	value	NOUN
cblr-8639	52	37	argument	argument	NOUN
cblr-8639	52	38	is	be	AUX
cblr-8639	52	39	,	,	PUNCT
cblr-8639	52	40	accordingly	accordingly	ADV
cblr-8639	52	41	,	,	PUNCT
cblr-8639	52	42	cheap	cheap	ADJ
cblr-8639	52	43	7	7	NUM
cblr-8639	52	44	for	for	ADP
cblr-8639	52	45	a	a	DET
cblr-8639	52	46	similar	similar	ADJ
cblr-8639	52	47	institutional	institutional	ADJ
cblr-8639	52	48	authority	authority	NOUN
cblr-8639	52	49	and	and	CCONJ
cblr-8639	52	50	competence	competence	NOUN
cblr-8639	52	51	argument	argument	NOUN
cblr-8639	52	52	regarding	regard	VERB
cblr-8639	52	53	the	the	DET
cblr-8639	52	54	federal	federal	PROPN
cblr-8639	52	55	reserve	reserve	PROPN
cblr-8639	52	56	,	,	PUNCT
cblr-8639	52	57	see	see	VERB
cblr-8639	52	58	christina	christina	PROPN
cblr-8639	52	59	parajon	parajon	PROPN
cblr-8639	52	60	skinner	skinner	PROPN
cblr-8639	52	61	,	,	PUNCT
cblr-8639	52	62	central	central	ADJ
cblr-8639	52	63	banks	bank	NOUN
cblr-8639	52	64	and	and	CCONJ
cblr-8639	52	65	climate	climate	NOUN
cblr-8639	52	66	change	change	NOUN
cblr-8639	52	67	,	,	PUNCT
cblr-8639	52	68	75	75	NUM
cblr-8639	52	69	vand	vand	NOUN
cblr-8639	52	70	.	.	PUNCT
cblr-8639	53	1	l.	l.	PROPN
cblr-8639	53	2	rev	rev	PROPN
cblr-8639	53	3	.	.	PUNCT
cblr-8639	54	1	(	(	PUNCT
cblr-8639	54	2	forthcoming	forthcoming	ADJ
cblr-8639	54	3	2021	2021	NUM
cblr-8639	54	4	)	)	PUNCT
cblr-8639	54	5	(	(	PUNCT
cblr-8639	54	6	manuscript	manuscript	NOUN
cblr-8639	54	7	at	at	ADP
cblr-8639	54	8	64–71	64–71	NOUN
cblr-8639	54	9	)	)	PUNCT
cblr-8639	54	10	(	(	PUNCT
cblr-8639	54	11	on	on	ADP
cblr-8639	54	12	file	file	NOUN
cblr-8639	54	13	with	with	ADP
cblr-8639	54	14	the	the	DET
cblr-8639	54	15	columbia	columbia	PROPN
cblr-8639	54	16	business	business	PROPN
cblr-8639	54	17	law	law	PROPN
cblr-8639	54	18	review	review	PROPN
cblr-8639	54	19	)	)	PUNCT
cblr-8639	54	20	,	,	PUNCT
cblr-8639	54	21	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3703142	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3703142	PROPN
cblr-8639	54	22	.	.	PUNCT
cblr-8639	55	1	8	8	NUM
cblr-8639	55	2	letter	letter	NOUN
cblr-8639	55	3	from	from	ADP
cblr-8639	55	4	cyrus	cyrus	PROPN
cblr-8639	55	5	taraporevala	taraporevala	PROPN
cblr-8639	55	6	,	,	PUNCT
cblr-8639	55	7	president	president	PROPN
cblr-8639	55	8	&	&	CCONJ
cblr-8639	55	9	ceo	ceo	PROPN
cblr-8639	55	10	,	,	PUNCT
cblr-8639	55	11	state	state	PROPN
cblr-8639	55	12	st	st	PROPN
cblr-8639	55	13	.	.	PROPN
cblr-8639	55	14	glob	glob	PROPN
cblr-8639	55	15	.	.	PUNCT
cblr-8639	56	1	advisors	advisor	NOUN
cblr-8639	56	2	,	,	PUNCT
cblr-8639	56	3	to	to	ADP
cblr-8639	56	4	bd	bd	PROPN
cblr-8639	56	5	.	.	PROPN
cblr-8639	56	6	members	member	NOUN
cblr-8639	56	7	(	(	PUNCT
cblr-8639	56	8	jan	jan	PROPN
cblr-8639	56	9	.	.	PROPN
cblr-8639	56	10	28	28	NUM
cblr-8639	56	11	,	,	PUNCT
cblr-8639	56	12	2020	2020	NUM
cblr-8639	56	13	)	)	PUNCT
cblr-8639	56	14	,	,	PUNCT
cblr-8639	56	15	https://www.ssga.com/us/en/institutional/ic/insights/informing-betterdecisions-with-esg	https://www.ssga.com/us/en/institutional/ic/insights/informing-betterdecisions-with-esg	NUM
cblr-8639	56	16	(	(	PUNCT
cblr-8639	56	17	on	on	ADP
cblr-8639	56	18	file	file	NOUN
cblr-8639	56	19	with	with	ADP
cblr-8639	56	20	the	the	DET
cblr-8639	56	21	columbia	columbia	PROPN
cblr-8639	56	22	business	business	PROPN
cblr-8639	56	23	law	law	PROPN
cblr-8639	56	24	review	review	PROPN
cblr-8639	56	25	)	)	PUNCT
cblr-8639	56	26	(	(	PUNCT
cblr-8639	56	27	“	"	PUNCT
cblr-8639	56	28	we	we	PRON
cblr-8639	56	29	believe	believe	VERB
cblr-8639	56	30	that	that	SCONJ
cblr-8639	56	31	addressing	address	VERB
cblr-8639	56	32	material	material	NOUN
cblr-8639	56	33	esg	esg	PROPN
cblr-8639	56	34	issues	issue	NOUN
cblr-8639	56	35	is	be	AUX
cblr-8639	56	36	good	good	ADJ
cblr-8639	56	37	business	business	NOUN
cblr-8639	56	38	practice	practice	NOUN
cblr-8639	56	39	and	and	CCONJ
cblr-8639	56	40	essential	essential	ADJ
cblr-8639	56	41	to	to	ADP
cblr-8639	56	42	a	a	DET
cblr-8639	56	43	company	company	NOUN
cblr-8639	56	44	’s	’s	PART
cblr-8639	56	45	long	long	ADJ
cblr-8639	56	46	-	-	PUNCT
cblr-8639	56	47	term	term	NOUN
cblr-8639	56	48	financial	financial	ADJ
cblr-8639	56	49	performance	performance	NOUN
cblr-8639	56	50	–	–	PUNCT
cblr-8639	56	51	a	a	DET
cblr-8639	56	52	matter	matter	NOUN
cblr-8639	56	53	of	of	ADP
cblr-8639	56	54	value	value	NOUN
cblr-8639	56	55	,	,	PUNCT
cblr-8639	56	56	not	not	PART
cblr-8639	56	57	values	value	NOUN
cblr-8639	56	58	.	.	PUNCT
cblr-8639	56	59	”	"	PUNCT
cblr-8639	56	60	)	)	PUNCT
cblr-8639	56	61	.	.	PUNCT
cblr-8639	57	1	9	9	NUM
cblr-8639	57	2	see	see	VERB
cblr-8639	57	3	max	max	PROPN
cblr-8639	57	4	m.	m.	PROPN
cblr-8639	57	5	schanzenbach	schanzenbach	PROPN
cblr-8639	57	6	&	&	CCONJ
cblr-8639	57	7	robert	robert	PROPN
cblr-8639	57	8	h.	h.	PROPN
cblr-8639	57	9	sitkoff	sitkoff	PROPN
cblr-8639	57	10	,	,	PUNCT
cblr-8639	57	11	reconciling	reconcile	VERB
cblr-8639	57	12	fiduciary	fiduciary	ADJ
cblr-8639	57	13	duty	duty	NOUN
cblr-8639	57	14	and	and	CCONJ
cblr-8639	57	15	social	social	ADJ
cblr-8639	57	16	conscience	conscience	NOUN
cblr-8639	57	17	:	:	PUNCT
cblr-8639	57	18	the	the	DET
cblr-8639	57	19	law	law	NOUN
cblr-8639	57	20	and	and	CCONJ
cblr-8639	57	21	economics	economic	NOUN
cblr-8639	57	22	of	of	ADP
cblr-8639	57	23	esg	esg	PROPN
cblr-8639	57	24	investing	invest	VERB
cblr-8639	57	25	by	by	ADP
cblr-8639	57	26	a	a	DET
cblr-8639	57	27	trustee	trustee	NOUN
cblr-8639	57	28	,	,	PUNCT
cblr-8639	57	29	72	72	NUM
cblr-8639	57	30	stan	stan	NOUN
cblr-8639	57	31	.	.	PUNCT
cblr-8639	58	1	l.	l.	PROPN
cblr-8639	58	2	rev	rev	PROPN
cblr-8639	58	3	.	.	PROPN
cblr-8639	58	4	381	381	NUM
cblr-8639	58	5	,	,	PUNCT
cblr-8639	58	6	385–86	385–86	NUM
cblr-8639	58	7	(	(	PUNCT
cblr-8639	58	8	2020	2020	NUM
cblr-8639	58	9	)	)	PUNCT
cblr-8639	58	10	(	(	PUNCT
cblr-8639	58	11	concluding	conclude	VERB
cblr-8639	58	12	that	that	SCONJ
cblr-8639	58	13	a	a	DET
cblr-8639	58	14	trustee	trustee	NOUN
cblr-8639	58	15	of	of	ADP
cblr-8639	58	16	pensions	pension	NOUN
cblr-8639	58	17	,	,	PUNCT
cblr-8639	58	18	charities	charity	NOUN
cblr-8639	58	19	,	,	PUNCT
cblr-8639	58	20	and	and	CCONJ
cblr-8639	58	21	personal	personal	ADJ
cblr-8639	58	22	trusts	trust	NOUN
cblr-8639	58	23	can	can	AUX
cblr-8639	58	24	consider	consider	VERB
cblr-8639	58	25	esg	esg	NOUN
cblr-8639	58	26	factors	factor	NOUN
cblr-8639	58	27	in	in	ADP
cblr-8639	58	28	making	make	VERB
cblr-8639	58	29	investment	investment	NOUN
cblr-8639	58	30	decisions	decision	NOUN
cblr-8639	58	31	without	without	ADP
cblr-8639	58	32	violating	violate	VERB
cblr-8639	58	33	his	his	PRON
cblr-8639	58	34	or	or	CCONJ
cblr-8639	58	35	her	her	PRON
cblr-8639	58	36	fiduciary	fiduciary	ADJ
cblr-8639	58	37	duty	duty	NOUN
cblr-8639	58	38	only	only	ADV
cblr-8639	58	39	“	"	PUNCT
cblr-8639	58	40	if	if	SCONJ
cblr-8639	58	41	:	:	PUNCT
cblr-8639	58	42	(	(	PUNCT
cblr-8639	58	43	1	1	X
cblr-8639	58	44	)	)	PUNCT
cblr-8639	58	45	mahoney	mahoney	PROPN
cblr-8639	58	46	&	&	CCONJ
cblr-8639	58	47	mahoney	mahoney	PROPN
cblr-8639	58	48	8/22/2021	8/22/2021	PROPN
cblr-8639	58	49	9:16	9:16	NUM
cblr-8639	58	50	pm	pm	NOUN
cblr-8639	58	51	844	844	NUM
cblr-8639	58	52	columbia	columbia	PROPN
cblr-8639	58	53	business	business	NOUN
cblr-8639	58	54	law	law	PROPN
cblr-8639	58	55	review	review	NOUN
cblr-8639	58	56	[	[	X
cblr-8639	58	57	vol	vol	NOUN
cblr-8639	58	58	.	.	PUNCT
cblr-8639	58	59	2021	2021	NUM
cblr-8639	58	60	talk	talk	NOUN
cblr-8639	58	61	that	that	PRON
cblr-8639	58	62	conveys	convey	VERB
cblr-8639	58	63	no	no	DET
cblr-8639	58	64	information	information	NOUN
cblr-8639	58	65	other	other	ADJ
cblr-8639	58	66	than	than	ADP
cblr-8639	58	67	that	that	SCONJ
cblr-8639	58	68	the	the	DET
cblr-8639	58	69	institution	institution	NOUN
cblr-8639	58	70	wants	want	VERB
cblr-8639	58	71	the	the	DET
cblr-8639	58	72	sec	sec	PROPN
cblr-8639	58	73	to	to	PART
cblr-8639	58	74	require	require	VERB
cblr-8639	58	75	esg	esg	PROPN
cblr-8639	58	76	disclosures	disclosure	NOUN
cblr-8639	58	77	.	.	PUNCT
cblr-8639	59	1	there	there	PRON
cblr-8639	59	2	are	be	VERB
cblr-8639	59	3	good	good	ADJ
cblr-8639	59	4	reasons	reason	NOUN
cblr-8639	59	5	to	to	PART
cblr-8639	59	6	believe	believe	VERB
cblr-8639	59	7	that	that	SCONJ
cblr-8639	59	8	these	these	DET
cblr-8639	59	9	institutions	institution	NOUN
cblr-8639	59	10	’	'	PUNCT
cblr-8639	59	11	purpose	purpose	NOUN
cblr-8639	59	12	is	be	AUX
cblr-8639	59	13	in	in	ADP
cblr-8639	59	14	part	part	NOUN
cblr-8639	59	15	to	to	PART
cblr-8639	59	16	pursue	pursue	VERB
cblr-8639	59	17	public	public	ADJ
cblr-8639	59	18	policy	policy	NOUN
cblr-8639	59	19	goals	goal	NOUN
cblr-8639	59	20	outside	outside	ADP
cblr-8639	59	21	the	the	DET
cblr-8639	59	22	normal	normal	ADJ
cblr-8639	59	23	political	political	ADJ
cblr-8639	59	24	process	process	NOUN
cblr-8639	59	25	.	.	PUNCT
cblr-8639	60	1	this	this	PRON
cblr-8639	60	2	is	be	AUX
cblr-8639	60	3	a	a	DET
cblr-8639	60	4	particular	particular	ADJ
cblr-8639	60	5	concern	concern	NOUN
cblr-8639	60	6	with	with	ADP
cblr-8639	60	7	respect	respect	NOUN
cblr-8639	60	8	to	to	ADP
cblr-8639	60	9	large	large	ADJ
cblr-8639	60	10	public	public	ADJ
cblr-8639	60	11	pension	pension	NOUN
cblr-8639	60	12	plans	plan	NOUN
cblr-8639	60	13	,	,	PUNCT
cblr-8639	60	14	the	the	DET
cblr-8639	60	15	trustees	trustee	NOUN
cblr-8639	60	16	of	of	ADP
cblr-8639	60	17	which	which	PRON
cblr-8639	60	18	are	be	AUX
cblr-8639	60	19	subject	subject	ADJ
cblr-8639	60	20	to	to	ADP
cblr-8639	60	21	weak	weak	ADJ
cblr-8639	60	22	market	market	NOUN
cblr-8639	60	23	discipline	discipline	NOUN
cblr-8639	60	24	but	but	CCONJ
cblr-8639	60	25	strong	strong	ADJ
cblr-8639	60	26	political	political	ADJ
cblr-8639	60	27	forces.10	forces.10	NOUN
cblr-8639	60	28	the	the	DET
cblr-8639	60	29	herding	herding	NOUN
cblr-8639	60	30	behavior	behavior	NOUN
cblr-8639	60	31	of	of	ADP
cblr-8639	60	32	private	private	ADJ
cblr-8639	60	33	fund	fund	NOUN
cblr-8639	60	34	managers	manager	NOUN
cblr-8639	60	35	,	,	PUNCT
cblr-8639	60	36	such	such	ADJ
cblr-8639	60	37	as	as	ADP
cblr-8639	60	38	blackrock	blackrock	NOUN
cblr-8639	60	39	,	,	PUNCT
cblr-8639	60	40	state	state	NOUN
cblr-8639	60	41	street	street	NOUN
cblr-8639	60	42	,	,	PUNCT
cblr-8639	60	43	and	and	CCONJ
cblr-8639	60	44	vanguard	vanguard	NOUN
cblr-8639	60	45	,	,	PUNCT
cblr-8639	60	46	toward	toward	ADP
cblr-8639	60	47	esg	esg	PROPN
cblr-8639	60	48	activism11	activism11	NOUN
cblr-8639	60	49	is	be	AUX
cblr-8639	60	50	puzzling	puzzle	VERB
cblr-8639	60	51	if	if	SCONJ
cblr-8639	60	52	they	they	PRON
cblr-8639	60	53	are	be	AUX
cblr-8639	60	54	interested	interested	ADJ
cblr-8639	60	55	only	only	ADV
cblr-8639	60	56	in	in	ADP
cblr-8639	60	57	uncovering	uncover	VERB
cblr-8639	60	58	as	as	ADP
cblr-8639	60	59	-	-	PUNCT
cblr-8639	60	60	yet	yet	ADV
cblr-8639	60	61	unpriced	unpriced	ADJ
cblr-8639	60	62	risks	risk	NOUN
cblr-8639	60	63	.	.	PUNCT
cblr-8639	61	1	money	money	NOUN
cblr-8639	61	2	managers	manager	NOUN
cblr-8639	61	3	who	who	PRON
cblr-8639	61	4	believe	believe	VERB
cblr-8639	61	5	they	they	PRON
cblr-8639	61	6	have	have	AUX
cblr-8639	61	7	found	find	VERB
cblr-8639	61	8	an	an	DET
cblr-8639	61	9	over	over	ADP
cblr-8639	61	10	or	or	CCONJ
cblr-8639	61	11	undervalued	undervalue	VERB
cblr-8639	61	12	asset	asset	NOUN
cblr-8639	61	13	do	do	AUX
cblr-8639	61	14	not	not	PART
cblr-8639	61	15	generally	generally	ADV
cblr-8639	61	16	broadcast	broadcast	VERB
cblr-8639	61	17	that	that	DET
cblr-8639	61	18	fact	fact	NOUN
cblr-8639	61	19	to	to	ADP
cblr-8639	61	20	the	the	DET
cblr-8639	61	21	world	world	NOUN
cblr-8639	61	22	and	and	CCONJ
cblr-8639	61	23	invite	invite	VERB
cblr-8639	61	24	others	other	NOUN
cblr-8639	61	25	to	to	PART
cblr-8639	61	26	share	share	VERB
cblr-8639	61	27	in	in	ADP
cblr-8639	61	28	the	the	DET
cblr-8639	61	29	investment	investment	NOUN
cblr-8639	61	30	opportunity	opportunity	NOUN
cblr-8639	61	31	.	.	PUNCT
cblr-8639	62	1	political	political	ADJ
cblr-8639	62	2	activism	activism	NOUN
cblr-8639	62	3	,	,	PUNCT
cblr-8639	62	4	by	by	ADP
cblr-8639	62	5	contrast	contrast	NOUN
cblr-8639	62	6	,	,	PUNCT
cblr-8639	62	7	relies	rely	VERB
cblr-8639	62	8	heavily	heavily	ADV
cblr-8639	62	9	on	on	ADP
cblr-8639	62	10	bandwagon	bandwagon	NOUN
cblr-8639	62	11	effects.12	effects.12	NOUN
cblr-8639	62	12	if	if	SCONJ
cblr-8639	62	13	we	we	PRON
cblr-8639	62	14	are	be	AUX
cblr-8639	62	15	correct	correct	ADJ
cblr-8639	62	16	that	that	SCONJ
cblr-8639	62	17	institutional	institutional	ADJ
cblr-8639	62	18	investors	investor	NOUN
cblr-8639	62	19	’	’	PART
cblr-8639	62	20	enthusiasm	enthusiasm	NOUN
cblr-8639	62	21	for	for	ADP
cblr-8639	62	22	esg	esg	PROPN
cblr-8639	62	23	investing	investing	NOUN
cblr-8639	62	24	is	be	AUX
cblr-8639	62	25	not	not	PART
cblr-8639	62	26	just	just	ADV
cblr-8639	62	27	a	a	DET
cblr-8639	62	28	question	question	NOUN
cblr-8639	62	29	of	of	ADP
cblr-8639	62	30	risk	risk	NOUN
cblr-8639	62	31	and	and	CCONJ
cblr-8639	62	32	return	return	NOUN
cblr-8639	62	33	,	,	PUNCT
cblr-8639	62	34	then	then	ADV
cblr-8639	62	35	mandated	mandate	VERB
cblr-8639	62	36	esg	esg	PROPN
cblr-8639	62	37	disclosures	disclosure	NOUN
cblr-8639	62	38	are	be	AUX
cblr-8639	62	39	not	not	PART
cblr-8639	62	40	merely	merely	ADV
cblr-8639	62	41	outside	outside	ADP
cblr-8639	62	42	the	the	DET
cblr-8639	62	43	core	core	NOUN
cblr-8639	62	44	concerns	concern	NOUN
cblr-8639	62	45	of	of	ADP
cblr-8639	62	46	the	the	DET
cblr-8639	62	47	sec	sec	PROPN
cblr-8639	62	48	but	but	CCONJ
cblr-8639	62	49	in	in	ADP
cblr-8639	62	50	active	active	ADJ
cblr-8639	62	51	conflict	conflict	NOUN
cblr-8639	62	52	with	with	ADP
cblr-8639	62	53	them	they	PRON
cblr-8639	62	54	.	.	PUNCT
cblr-8639	63	1	esg	esg	NOUN
cblr-8639	63	2	disclosures	disclosure	NOUN
cblr-8639	63	3	will	will	AUX
cblr-8639	63	4	exacerbate	exacerbate	VERB
cblr-8639	63	5	conflicts	conflict	NOUN
cblr-8639	63	6	of	of	ADP
cblr-8639	63	7	interest	interest	NOUN
cblr-8639	63	8	between	between	ADP
cblr-8639	63	9	the	the	DET
cblr-8639	63	10	managers	manager	NOUN
cblr-8639	63	11	of	of	ADP
cblr-8639	63	12	mutual	mutual	ADJ
cblr-8639	63	13	funds	fund	NOUN
cblr-8639	63	14	and	and	CCONJ
cblr-8639	63	15	pension	pension	NOUN
cblr-8639	63	16	plans	plan	NOUN
cblr-8639	63	17	and	and	CCONJ
cblr-8639	63	18	their	their	PRON
cblr-8639	63	19	shareholders	shareholder	NOUN
cblr-8639	63	20	and	and	CCONJ
cblr-8639	63	21	beneficiaries	beneficiary	NOUN
cblr-8639	63	22	.	.	PUNCT
cblr-8639	64	1	protecting	protect	VERB
cblr-8639	64	2	investors	investor	NOUN
cblr-8639	64	3	against	against	ADP
cblr-8639	64	4	such	such	ADJ
cblr-8639	64	5	conflicts	conflict	NOUN
cblr-8639	64	6	is	be	AUX
cblr-8639	64	7	one	one	NUM
cblr-8639	64	8	of	of	ADP
cblr-8639	64	9	the	the	DET
cblr-8639	64	10	sec	sec	PROPN
cblr-8639	64	11	’s	’s	PART
cblr-8639	64	12	primary	primary	ADJ
cblr-8639	64	13	functions.13	functions.13	NOUN
cblr-8639	64	14	the	the	DET
cblr-8639	64	15	trustee	trustee	NOUN
cblr-8639	64	16	reasonably	reasonably	ADV
cblr-8639	64	17	concludes	conclude	VERB
cblr-8639	64	18	that	that	SCONJ
cblr-8639	64	19	the	the	DET
cblr-8639	64	20	esg	esg	PROPN
cblr-8639	64	21	investment	investment	NOUN
cblr-8639	64	22	program	program	NOUN
cblr-8639	64	23	will	will	AUX
cblr-8639	64	24	benefit	benefit	VERB
cblr-8639	64	25	the	the	DET
cblr-8639	64	26	beneficiary	beneficiary	NOUN
cblr-8639	64	27	directly	directly	ADV
cblr-8639	64	28	by	by	ADP
cblr-8639	64	29	improving	improve	VERB
cblr-8639	64	30	risk	risk	NOUN
cblr-8639	64	31	-	-	PUNCT
cblr-8639	64	32	adjusted	adjust	VERB
cblr-8639	64	33	return	return	NOUN
cblr-8639	64	34	;	;	PUNCT
cblr-8639	64	35	and	and	CCONJ
cblr-8639	64	36	(	(	PUNCT
cblr-8639	64	37	2	2	X
cblr-8639	64	38	)	)	PUNCT
cblr-8639	64	39	the	the	DET
cblr-8639	64	40	trustee	trustee	NOUN
cblr-8639	64	41	’s	’s	PART
cblr-8639	64	42	exclusive	exclusive	ADJ
cblr-8639	64	43	motive	motive	NOUN
cblr-8639	64	44	for	for	ADP
cblr-8639	64	45	adopting	adopt	VERB
cblr-8639	64	46	the	the	DET
cblr-8639	64	47	esg	esg	PROPN
cblr-8639	64	48	investment	investment	NOUN
cblr-8639	64	49	program	program	NOUN
cblr-8639	64	50	is	be	AUX
cblr-8639	64	51	to	to	PART
cblr-8639	64	52	obtain	obtain	VERB
cblr-8639	64	53	this	this	DET
cblr-8639	64	54	direct	direct	ADJ
cblr-8639	64	55	benefit	benefit	NOUN
cblr-8639	64	56	”	"	PUNCT
cblr-8639	64	57	)	)	PUNCT
cblr-8639	64	58	.	.	PUNCT
cblr-8639	65	1	10	10	NUM
cblr-8639	65	2	see	see	VERB
cblr-8639	65	3	infra	infra	NOUN
cblr-8639	65	4	notes	note	VERB
cblr-8639	65	5	75–80	75–80	PROPN
cblr-8639	65	6	and	and	CCONJ
cblr-8639	65	7	accompanying	accompany	VERB
cblr-8639	65	8	text	text	NOUN
cblr-8639	65	9	.	.	PUNCT
cblr-8639	66	1	11	11	NUM
cblr-8639	66	2	see	see	VERB
cblr-8639	66	3	stavros	stavros	PROPN
cblr-8639	66	4	gadinis	gadinis	PROPN
cblr-8639	66	5	&	&	CCONJ
cblr-8639	66	6	amelia	amelia	PROPN
cblr-8639	66	7	miazad	miazad	PROPN
cblr-8639	66	8	,	,	PUNCT
cblr-8639	66	9	corporate	corporate	ADJ
cblr-8639	66	10	law	law	NOUN
cblr-8639	66	11	and	and	CCONJ
cblr-8639	66	12	social	social	ADJ
cblr-8639	66	13	risk	risk	NOUN
cblr-8639	66	14	,	,	PUNCT
cblr-8639	66	15	73	73	NUM
cblr-8639	66	16	vand	vand	NOUN
cblr-8639	66	17	.	.	PUNCT
cblr-8639	67	1	l.	l.	PROPN
cblr-8639	67	2	rev	rev	PROPN
cblr-8639	67	3	.	.	PROPN
cblr-8639	67	4	1401	1401	NUM
cblr-8639	67	5	,	,	PUNCT
cblr-8639	67	6	1405–06	1405–06	NUM
cblr-8639	67	7	(	(	PUNCT
cblr-8639	67	8	2020	2020	NUM
cblr-8639	67	9	)	)	PUNCT
cblr-8639	67	10	(	(	PUNCT
cblr-8639	67	11	describing	describe	VERB
cblr-8639	67	12	these	these	DET
cblr-8639	67	13	funds	fund	NOUN
cblr-8639	67	14	as	as	ADP
cblr-8639	67	15	“	"	PUNCT
cblr-8639	67	16	[	[	X
cblr-8639	67	17	c]hief	c]hief	ADJ
cblr-8639	67	18	supporters	supporter	NOUN
cblr-8639	67	19	”	"	PUNCT
cblr-8639	67	20	of	of	ADP
cblr-8639	67	21	esg	esg	PROPN
cblr-8639	67	22	activism	activism	NOUN
cblr-8639	67	23	)	)	PUNCT
cblr-8639	67	24	.	.	PUNCT
cblr-8639	68	1	12	12	NUM
cblr-8639	68	2	on	on	ADP
cblr-8639	68	3	bandwagon	bandwagon	NOUN
cblr-8639	68	4	effects	effect	NOUN
cblr-8639	68	5	and	and	CCONJ
cblr-8639	68	6	voting	voting	NOUN
cblr-8639	68	7	,	,	PUNCT
cblr-8639	68	8	see	see	VERB
cblr-8639	68	9	generally	generally	ADV
cblr-8639	68	10	rebecca	rebecca	PROPN
cblr-8639	68	11	b.	b.	PROPN
cblr-8639	68	12	morton	morton	PROPN
cblr-8639	68	13	&	&	CCONJ
cblr-8639	68	14	kai	kai	PROPN
cblr-8639	68	15	ou	ou	PROPN
cblr-8639	68	16	,	,	PUNCT
cblr-8639	68	17	what	what	PRON
cblr-8639	68	18	motivates	motivate	VERB
cblr-8639	68	19	bandwagon	bandwagon	NOUN
cblr-8639	68	20	voting	voting	NOUN
cblr-8639	68	21	behavior	behavior	NOUN
cblr-8639	68	22	:	:	PUNCT
cblr-8639	68	23	altruism	altruism	NOUN
cblr-8639	68	24	or	or	CCONJ
cblr-8639	68	25	a	a	DET
cblr-8639	68	26	desire	desire	NOUN
cblr-8639	68	27	to	to	PART
cblr-8639	68	28	win	win	VERB
cblr-8639	68	29	?	?	PUNCT
cblr-8639	68	30	,	,	PUNCT
cblr-8639	68	31	40	40	NUM
cblr-8639	68	32	eur	eur	NOUN
cblr-8639	68	33	.	.	PUNCT
cblr-8639	69	1	j.	j.	PROPN
cblr-8639	69	2	pol	pol	PROPN
cblr-8639	69	3	.	.	PUNCT
cblr-8639	70	1	econ	econ	PROPN
cblr-8639	70	2	.	.	PUNCT
cblr-8639	71	1	224	224	NUM
cblr-8639	71	2	(	(	PUNCT
cblr-8639	71	3	2015	2015	NUM
cblr-8639	71	4	)	)	PUNCT
cblr-8639	71	5	.	.	PUNCT
cblr-8639	72	1	13	13	NUM
cblr-8639	73	1	the	the	DET
cblr-8639	73	2	investment	investment	NOUN
cblr-8639	73	3	company	company	NOUN
cblr-8639	73	4	act	act	NOUN
cblr-8639	73	5	of	of	ADP
cblr-8639	73	6	1940	1940	NUM
cblr-8639	73	7	,	,	PUNCT
cblr-8639	73	8	15	15	NUM
cblr-8639	73	9	u.s.c	u.s.c	NOUN
cblr-8639	73	10	.	.	PUNCT
cblr-8639	74	1	§	§	PROPN
cblr-8639	74	2	§	§	PROPN
cblr-8639	74	3	80a-1	80a-1	PROPN
cblr-8639	74	4	to	to	ADP
cblr-8639	74	5	80a-64	80a-64	NUM
cblr-8639	74	6	(	(	PUNCT
cblr-8639	74	7	2019	2019	NUM
cblr-8639	74	8	)	)	PUNCT
cblr-8639	74	9	and	and	CCONJ
cblr-8639	74	10	the	the	DET
cblr-8639	74	11	investment	investment	NOUN
cblr-8639	74	12	advisers	adviser	NOUN
cblr-8639	74	13	act	act	VERB
cblr-8639	74	14	of	of	ADP
cblr-8639	74	15	1940	1940	NUM
cblr-8639	74	16	,	,	PUNCT
cblr-8639	74	17	i	i	PRON
cblr-8639	74	18	d.	d.	PROPN
cblr-8639	74	19	§	§	PROPN
cblr-8639	74	20	§	§	PROPN
cblr-8639	74	21	80b-1	80b-1	PROPN
cblr-8639	74	22	to	to	ADP
cblr-8639	74	23	80b-21	80b-21	NUM
cblr-8639	74	24	,	,	PUNCT
cblr-8639	74	25	are	be	AUX
cblr-8639	74	26	the	the	DET
cblr-8639	74	27	primary	primary	ADJ
cblr-8639	74	28	vehicles	vehicle	NOUN
cblr-8639	74	29	through	through	ADP
cblr-8639	74	30	which	which	PRON
cblr-8639	74	31	the	the	DET
cblr-8639	74	32	sec	sec	PROPN
cblr-8639	74	33	regulates	regulate	VERB
cblr-8639	74	34	money	money	NOUN
cblr-8639	74	35	managers	manager	NOUN
cblr-8639	74	36	.	.	PUNCT
cblr-8639	75	1	the	the	DET
cblr-8639	75	2	former	former	ADJ
cblr-8639	75	3	reflects	reflect	VERB
cblr-8639	75	4	a	a	DET
cblr-8639	75	5	congressional	congressional	ADJ
cblr-8639	75	6	purpose	purpose	NOUN
cblr-8639	75	7	to	to	PART
cblr-8639	75	8	ensure	ensure	VERB
cblr-8639	75	9	that	that	SCONJ
cblr-8639	75	10	investment	investment	NOUN
cblr-8639	75	11	companies	company	NOUN
cblr-8639	75	12	are	be	AUX
cblr-8639	75	13	managed	manage	VERB
cblr-8639	75	14	in	in	ADP
cblr-8639	75	15	the	the	DET
cblr-8639	75	16	interests	interest	NOUN
cblr-8639	75	17	of	of	ADP
cblr-8639	75	18	their	their	PRON
cblr-8639	75	19	shareholders	shareholder	NOUN
cblr-8639	75	20	rather	rather	ADV
cblr-8639	75	21	than	than	ADP
cblr-8639	75	22	their	their	PRON
cblr-8639	75	23	sponsors	sponsor	NOUN
cblr-8639	75	24	or	or	CCONJ
cblr-8639	75	25	managers	manager	NOUN
cblr-8639	75	26	.	.	PUNCT
cblr-8639	76	1	i	i	PRON
cblr-8639	76	2	d.	d.	PROPN
cblr-8639	76	3	§	§	PROPN
cblr-8639	76	4	80a-1(b)(2	80a-1(b)(2	NUM
cblr-8639	76	5	)	)	PUNCT
cblr-8639	76	6	.	.	PUNCT
cblr-8639	77	1	the	the	DET
cblr-8639	77	2	latter	latter	ADJ
cblr-8639	77	3	was	be	AUX
cblr-8639	77	4	intended	intend	VERB
cblr-8639	77	5	to	to	ADP
cblr-8639	77	6	mahoney	mahoney	PROPN
cblr-8639	77	7	&	&	CCONJ
cblr-8639	77	8	mahoney	mahoney	PROPN
cblr-8639	77	9	8/22/2021	8/22/2021	PROPN
cblr-8639	77	10	9:16	9:16	NUM
cblr-8639	77	11	pm	pm	NOUN
cblr-8639	77	12	no	no	INTJ
cblr-8639	77	13	.	.	PUNCT
cblr-8639	78	1	2:840	2:840	NUM
cblr-8639	78	2	]	]	X
cblr-8639	78	3	the	the	DET
cblr-8639	78	4	new	new	ADJ
cblr-8639	78	5	separation	separation	NOUN
cblr-8639	78	6	of	of	ADP
cblr-8639	78	7	ownership	ownership	NOUN
cblr-8639	78	8	and	and	CCONJ
cblr-8639	78	9	control	control	NOUN
cblr-8639	78	10	845	845	NUM
cblr-8639	78	11	mandated	mandate	VERB
cblr-8639	78	12	esg	esg	NOUN
cblr-8639	78	13	disclosures	disclosure	NOUN
cblr-8639	78	14	may	may	AUX
cblr-8639	78	15	also	also	ADV
cblr-8639	78	16	conflict	conflict	VERB
cblr-8639	78	17	with	with	ADP
cblr-8639	78	18	the	the	DET
cblr-8639	78	19	sec	sec	PROPN
cblr-8639	78	20	’s	’s	PART
cblr-8639	78	21	goal	goal	NOUN
cblr-8639	78	22	of	of	ADP
cblr-8639	78	23	protecting	protect	VERB
cblr-8639	78	24	retail	retail	ADJ
cblr-8639	78	25	investors	investor	NOUN
cblr-8639	78	26	in	in	ADP
cblr-8639	78	27	another	another	PRON
cblr-8639	78	28	,	,	PUNCT
cblr-8639	78	29	more	more	ADV
cblr-8639	78	30	subtle	subtle	ADJ
cblr-8639	78	31	way	way	NOUN
cblr-8639	78	32	.	.	PUNCT
cblr-8639	79	1	disclosure	disclosure	NOUN
cblr-8639	79	2	requirements	requirement	NOUN
cblr-8639	79	3	that	that	PRON
cblr-8639	79	4	come	come	AUX
cblr-8639	79	5	bundled	bundle	VERB
cblr-8639	79	6	with	with	ADP
cblr-8639	79	7	substantial	substantial	ADJ
cblr-8639	79	8	political	political	ADJ
cblr-8639	79	9	and	and	CCONJ
cblr-8639	79	10	litigation	litigation	NOUN
cblr-8639	79	11	risk	risk	NOUN
cblr-8639	79	12	can	can	AUX
cblr-8639	79	13	discourage	discourage	VERB
cblr-8639	79	14	companies	company	NOUN
cblr-8639	79	15	from	from	ADP
cblr-8639	79	16	going	go	VERB
cblr-8639	79	17	(	(	PUNCT
cblr-8639	79	18	or	or	CCONJ
cblr-8639	79	19	staying	stay	VERB
cblr-8639	79	20	)	)	PUNCT
cblr-8639	79	21	public	public	NOUN
cblr-8639	79	22	.	.	PUNCT
cblr-8639	80	1	the	the	DET
cblr-8639	80	2	result	result	NOUN
cblr-8639	80	3	will	will	AUX
cblr-8639	80	4	be	be	AUX
cblr-8639	80	5	to	to	PART
cblr-8639	80	6	reduce	reduce	VERB
cblr-8639	80	7	the	the	DET
cblr-8639	80	8	investible	investible	ADJ
cblr-8639	80	9	assets	asset	NOUN
cblr-8639	80	10	available	available	ADJ
cblr-8639	80	11	to	to	ADP
cblr-8639	80	12	main	main	ADJ
cblr-8639	80	13	street	street	NOUN
cblr-8639	80	14	investors	investor	NOUN
cblr-8639	80	15	—	—	PUNCT
cblr-8639	80	16	although	although	SCONJ
cblr-8639	80	17	not	not	PART
cblr-8639	80	18	to	to	PART
cblr-8639	80	19	high	high	VERB
cblr-8639	80	20	net	net	ADJ
cblr-8639	80	21	worth	worth	ADJ
cblr-8639	80	22	investors	investor	NOUN
cblr-8639	80	23	who	who	PRON
cblr-8639	80	24	can	can	AUX
cblr-8639	80	25	participate	participate	VERB
cblr-8639	80	26	in	in	ADP
cblr-8639	80	27	private	private	ADJ
cblr-8639	80	28	equity	equity	NOUN
cblr-8639	80	29	vehicles	vehicle	NOUN
cblr-8639	80	30	.	.	PUNCT
cblr-8639	81	1	our	our	PRON
cblr-8639	81	2	assessment	assessment	NOUN
cblr-8639	81	3	of	of	ADP
cblr-8639	81	4	the	the	DET
cblr-8639	81	5	future	future	NOUN
cblr-8639	81	6	of	of	ADP
cblr-8639	81	7	securities	security	NOUN
cblr-8639	81	8	regulation	regulation	NOUN
cblr-8639	81	9	,	,	PUNCT
cblr-8639	81	10	then	then	ADV
cblr-8639	81	11	,	,	PUNCT
cblr-8639	81	12	begins	begin	VERB
cblr-8639	81	13	with	with	ADP
cblr-8639	81	14	the	the	DET
cblr-8639	81	15	proposition	proposition	NOUN
cblr-8639	81	16	that	that	SCONJ
cblr-8639	81	17	the	the	DET
cblr-8639	81	18	sec	sec	PROPN
cblr-8639	81	19	stands	stand	VERB
cblr-8639	81	20	at	at	ADP
cblr-8639	81	21	a	a	DET
cblr-8639	81	22	fork	fork	NOUN
cblr-8639	81	23	in	in	ADP
cblr-8639	81	24	the	the	DET
cblr-8639	81	25	road	road	NOUN
cblr-8639	81	26	.	.	PUNCT
cblr-8639	82	1	it	it	PRON
cblr-8639	82	2	may	may	AUX
cblr-8639	82	3	continue	continue	VERB
cblr-8639	82	4	to	to	PART
cblr-8639	82	5	pursue	pursue	VERB
cblr-8639	82	6	its	its	PRON
cblr-8639	82	7	longstanding	longstanding	ADJ
cblr-8639	82	8	mission	mission	NOUN
cblr-8639	82	9	of	of	ADP
cblr-8639	82	10	investor	investor	NOUN
cblr-8639	82	11	protection	protection	NOUN
cblr-8639	82	12	,	,	PUNCT
cblr-8639	82	13	with	with	ADP
cblr-8639	82	14	a	a	DET
cblr-8639	82	15	particular	particular	ADJ
cblr-8639	82	16	emphasis	emphasis	NOUN
cblr-8639	82	17	on	on	ADP
cblr-8639	82	18	protecting	protect	VERB
cblr-8639	82	19	unsophisticated	unsophisticated	ADJ
cblr-8639	82	20	investors	investor	NOUN
cblr-8639	82	21	from	from	ADP
cblr-8639	82	22	fraud	fraud	NOUN
cblr-8639	82	23	and	and	CCONJ
cblr-8639	82	24	agency	agency	NOUN
cblr-8639	82	25	costs.14	costs.14	PROPN
cblr-8639	82	26	alternatively	alternatively	ADV
cblr-8639	82	27	,	,	PUNCT
cblr-8639	82	28	it	it	PRON
cblr-8639	82	29	may	may	AUX
cblr-8639	82	30	cast	cast	VERB
cblr-8639	82	31	its	its	PRON
cblr-8639	82	32	lot	lot	NOUN
cblr-8639	82	33	with	with	ADP
cblr-8639	82	34	the	the	DET
cblr-8639	82	35	institutional	institutional	ADJ
cblr-8639	82	36	investors	investor	NOUN
cblr-8639	82	37	and	and	CCONJ
cblr-8639	82	38	political	political	ADJ
cblr-8639	82	39	activists	activist	NOUN
cblr-8639	82	40	who	who	PRON
cblr-8639	82	41	wish	wish	VERB
cblr-8639	82	42	to	to	PART
cblr-8639	82	43	further	further	VERB
cblr-8639	82	44	public	public	ADJ
cblr-8639	82	45	policy	policy	NOUN
cblr-8639	82	46	objectives	objective	NOUN
cblr-8639	82	47	without	without	ADP
cblr-8639	82	48	subjecting	subject	VERB
cblr-8639	82	49	them	they	PRON
cblr-8639	82	50	to	to	ADP
cblr-8639	82	51	the	the	DET
cblr-8639	82	52	transparency	transparency	NOUN
cblr-8639	82	53	and	and	CCONJ
cblr-8639	82	54	compromises	compromise	VERB
cblr-8639	82	55	inherent	inherent	ADJ
cblr-8639	82	56	in	in	ADP
cblr-8639	82	57	the	the	DET
cblr-8639	82	58	normal	normal	ADJ
cblr-8639	82	59	substantive	substantive	ADJ
cblr-8639	82	60	policymaking	policymaking	NOUN
cblr-8639	82	61	process	process	NOUN
cblr-8639	82	62	.	.	PUNCT
cblr-8639	83	1	fairly	fairly	ADV
cblr-8639	83	2	or	or	CCONJ
cblr-8639	83	3	not	not	PART
cblr-8639	83	4	,	,	PUNCT
cblr-8639	83	5	the	the	DET
cblr-8639	83	6	latter	latter	ADJ
cblr-8639	83	7	path	path	NOUN
cblr-8639	83	8	may	may	AUX
cblr-8639	83	9	lead	lead	VERB
cblr-8639	83	10	investors	investor	NOUN
cblr-8639	83	11	and	and	CCONJ
cblr-8639	83	12	the	the	DET
cblr-8639	83	13	broader	broad	ADJ
cblr-8639	83	14	public	public	NOUN
cblr-8639	83	15	to	to	PART
cblr-8639	83	16	conclude	conclude	VERB
cblr-8639	83	17	that	that	SCONJ
cblr-8639	83	18	the	the	DET
cblr-8639	83	19	sec	sec	PROPN
cblr-8639	83	20	caters	cater	NOUN
cblr-8639	83	21	to	to	ADP
cblr-8639	83	22	wall	wall	PROPN
cblr-8639	83	23	street	street	PROPN
cblr-8639	83	24	rather	rather	ADV
cblr-8639	83	25	than	than	ADP
cblr-8639	83	26	main	main	ADJ
cblr-8639	83	27	street	street	NOUN
cblr-8639	83	28	.	.	PUNCT
cblr-8639	84	1	the	the	DET
cblr-8639	84	2	article	article	NOUN
cblr-8639	84	3	proceeds	proceed	VERB
cblr-8639	84	4	as	as	SCONJ
cblr-8639	84	5	follows	follow	VERB
cblr-8639	84	6	.	.	PUNCT
cblr-8639	85	1	part	part	PROPN
cblr-8639	85	2	ii	ii	PROPN
cblr-8639	85	3	argues	argue	VERB
cblr-8639	85	4	that	that	SCONJ
cblr-8639	85	5	esg	esg	PROPN
cblr-8639	85	6	disclosures	disclosure	NOUN
cblr-8639	85	7	,	,	PUNCT
cblr-8639	85	8	despite	despite	SCONJ
cblr-8639	85	9	claims	claim	NOUN
cblr-8639	85	10	to	to	ADP
cblr-8639	85	11	the	the	DET
cblr-8639	85	12	contrary	contrary	NOUN
cblr-8639	85	13	,	,	PUNCT
cblr-8639	85	14	will	will	AUX
cblr-8639	85	15	facilitate	facilitate	VERB
cblr-8639	85	16	the	the	DET
cblr-8639	85	17	pursuit	pursuit	NOUN
cblr-8639	85	18	of	of	ADP
cblr-8639	85	19	social	social	ADJ
cblr-8639	85	20	goals	goal	NOUN
cblr-8639	85	21	at	at	ADP
cblr-8639	85	22	the	the	DET
cblr-8639	85	23	possible	possible	ADJ
cblr-8639	85	24	expense	expense	NOUN
cblr-8639	85	25	of	of	ADP
cblr-8639	85	26	investor	investor	NOUN
cblr-8639	85	27	returns	return	NOUN
cblr-8639	85	28	.	.	PUNCT
cblr-8639	86	1	part	part	NOUN
cblr-8639	86	2	iii	iii	NOUN
cblr-8639	86	3	describes	describe	VERB
cblr-8639	86	4	the	the	DET
cblr-8639	86	5	separation	separation	NOUN
cblr-8639	86	6	of	of	ADP
cblr-8639	86	7	ownership	ownership	NOUN
cblr-8639	86	8	and	and	CCONJ
cblr-8639	86	9	control	control	NOUN
cblr-8639	86	10	inherent	inherent	ADJ
cblr-8639	86	11	in	in	ADP
cblr-8639	86	12	mutual	mutual	ADJ
cblr-8639	86	13	and	and	CCONJ
cblr-8639	86	14	pension	pension	NOUN
cblr-8639	86	15	funds	fund	NOUN
cblr-8639	86	16	and	and	CCONJ
cblr-8639	86	17	explains	explain	VERB
cblr-8639	86	18	why	why	SCONJ
cblr-8639	86	19	it	it	PRON
cblr-8639	86	20	manifests	manifest	VERB
cblr-8639	86	21	in	in	ADP
cblr-8639	86	22	institutional	institutional	ADJ
cblr-8639	86	23	investors	investor	NOUN
cblr-8639	86	24	’	'	PUNCT
cblr-8639	86	25	esg	esg	PROPN
cblr-8639	86	26	activism	activism	NOUN
cblr-8639	86	27	.	.	PUNCT
cblr-8639	87	1	part	part	NOUN
cblr-8639	87	2	iv	iv	NUM
cblr-8639	87	3	explores	explore	VERB
cblr-8639	87	4	the	the	DET
cblr-8639	87	5	policy	policy	NOUN
cblr-8639	87	6	implications	implication	NOUN
cblr-8639	87	7	of	of	ADP
cblr-8639	87	8	our	our	PRON
cblr-8639	87	9	analysis	analysis	NOUN
cblr-8639	87	10	.	.	PUNCT
cblr-8639	88	1	part	part	NOUN
cblr-8639	88	2	v	v	NOUN
cblr-8639	88	3	concludes	conclude	VERB
cblr-8639	88	4	.	.	PUNCT
cblr-8639	89	1	impose	impose	VERB
cblr-8639	89	2	fiduciary	fiduciary	ADJ
cblr-8639	89	3	duties	duty	NOUN
cblr-8639	89	4	on	on	ADP
cblr-8639	89	5	investment	investment	NOUN
cblr-8639	89	6	advisers	adviser	NOUN
cblr-8639	89	7	as	as	ADP
cblr-8639	89	8	a	a	DET
cblr-8639	89	9	matter	matter	NOUN
cblr-8639	89	10	of	of	ADP
cblr-8639	89	11	federal	federal	ADJ
cblr-8639	89	12	law	law	NOUN
cblr-8639	89	13	.	.	PUNCT
cblr-8639	90	1	see	see	VERB
cblr-8639	90	2	transamerica	transamerica	PROPN
cblr-8639	90	3	mortg	mortg	PROPN
cblr-8639	90	4	.	.	PUNCT
cblr-8639	91	1	advisors	advisor	NOUN
cblr-8639	91	2	,	,	PUNCT
cblr-8639	91	3	inc	inc	PROPN
cblr-8639	91	4	.	.	PROPN
cblr-8639	92	1	v.	v.	PROPN
cblr-8639	92	2	lewis	lewis	PROPN
cblr-8639	92	3	,	,	PUNCT
cblr-8639	92	4	444	444	NUM
cblr-8639	92	5	u.s	u.s	PROPN
cblr-8639	92	6	.	.	PROPN
cblr-8639	92	7	11	11	NUM
cblr-8639	92	8	,	,	PUNCT
cblr-8639	92	9	17	17	NUM
cblr-8639	92	10	(	(	PUNCT
cblr-8639	92	11	1979	1979	NUM
cblr-8639	92	12	)	)	PUNCT
cblr-8639	92	13	.	.	PUNCT
cblr-8639	93	1	14	14	NUM
cblr-8639	93	2	see	see	VERB
cblr-8639	93	3	paul	paul	PROPN
cblr-8639	93	4	g.	g.	PROPN
cblr-8639	93	5	mahoney	mahoney	PROPN
cblr-8639	93	6	,	,	PUNCT
cblr-8639	93	7	mandatory	mandatory	ADJ
cblr-8639	93	8	disclosure	disclosure	NOUN
cblr-8639	93	9	as	as	ADP
cblr-8639	93	10	a	a	DET
cblr-8639	93	11	solution	solution	NOUN
cblr-8639	93	12	to	to	ADP
cblr-8639	93	13	agency	agency	NOUN
cblr-8639	93	14	problems	problem	NOUN
cblr-8639	93	15	,	,	PUNCT
cblr-8639	93	16	62	62	NUM
cblr-8639	93	17	u.	u.	NOUN
cblr-8639	93	18	chi	chi	PROPN
cblr-8639	93	19	.	.	PUNCT
cblr-8639	94	1	l.	l.	PROPN
cblr-8639	94	2	rev	rev	PROPN
cblr-8639	94	3	.	.	PROPN
cblr-8639	94	4	1047	1047	NUM
cblr-8639	94	5	,	,	PUNCT
cblr-8639	94	6	1048–50	1048–50	NUM
cblr-8639	94	7	(	(	PUNCT
cblr-8639	94	8	1995	1995	NUM
cblr-8639	94	9	)	)	PUNCT
cblr-8639	94	10	;	;	PUNCT
cblr-8639	94	11	elizabeth	elizabeth	PROPN
cblr-8639	94	12	pollman	pollman	PROPN
cblr-8639	94	13	,	,	PUNCT
cblr-8639	94	14	private	private	ADJ
cblr-8639	94	15	company	company	NOUN
cblr-8639	94	16	lies	lie	VERB
cblr-8639	94	17	,	,	PUNCT
cblr-8639	95	1	109	109	NUM
cblr-8639	95	2	geo	geo	PROPN
cblr-8639	95	3	.	.	PUNCT
cblr-8639	95	4	l.j	l.j	PROPN
cblr-8639	95	5	.	.	PROPN
cblr-8639	95	6	353	353	NUM
cblr-8639	95	7	,	,	PUNCT
cblr-8639	95	8	361–63	361–63	NUM
cblr-8639	95	9	(	(	PUNCT
cblr-8639	95	10	2020	2020	NUM
cblr-8639	95	11	)	)	PUNCT
cblr-8639	95	12	.	.	PUNCT
cblr-8639	96	1	mahoney	mahoney	PROPN
cblr-8639	96	2	&	&	CCONJ
cblr-8639	96	3	mahoney	mahoney	PROPN
cblr-8639	96	4	8/22/2021	8/22/2021	PROPN
cblr-8639	96	5	9:16	9:16	NUM
cblr-8639	96	6	pm	pm	NOUN
cblr-8639	96	7	846	846	NUM
cblr-8639	96	8	columbia	columbia	PROPN
cblr-8639	96	9	business	business	NOUN
cblr-8639	96	10	law	law	PROPN
cblr-8639	96	11	review	review	NOUN
cblr-8639	96	12	[	[	X
cblr-8639	96	13	vol	vol	NOUN
cblr-8639	96	14	.	.	PUNCT
cblr-8639	96	15	2021	2021	NUM
cblr-8639	96	16	ii	ii	PROPN
cblr-8639	96	17	.	.	PUNCT
cblr-8639	97	1	securities	security	NOUN
cblr-8639	97	2	law	law	PROPN
cblr-8639	97	3	,	,	PUNCT
cblr-8639	97	4	disclosure	disclosure	NOUN
cblr-8639	97	5	,	,	PUNCT
cblr-8639	97	6	and	and	CCONJ
cblr-8639	97	7	esg	esg	NOUN
cblr-8639	97	8	investment	investment	NOUN
cblr-8639	97	9	securities	security	NOUN
cblr-8639	97	10	law	law	NOUN
cblr-8639	97	11	’s	’s	PART
cblr-8639	97	12	core	core	NOUN
cblr-8639	97	13	consists	consist	NOUN
cblr-8639	97	14	of	of	ADP
cblr-8639	97	15	mandatory	mandatory	ADJ
cblr-8639	97	16	disclosure	disclosure	NOUN
cblr-8639	97	17	and	and	CCONJ
cblr-8639	97	18	prohibitions	prohibition	NOUN
cblr-8639	97	19	on	on	ADP
cblr-8639	97	20	fraud.15	fraud.15	PROPN
cblr-8639	97	21	mandatory	mandatory	ADJ
cblr-8639	97	22	disclosure	disclosure	NOUN
cblr-8639	97	23	is	be	AUX
cblr-8639	97	24	designed	design	VERB
cblr-8639	97	25	to	to	PART
cblr-8639	97	26	protect	protect	VERB
cblr-8639	97	27	investors	investor	NOUN
cblr-8639	97	28	who	who	PRON
cblr-8639	97	29	can	can	AUX
cblr-8639	97	30	not	not	PART
cblr-8639	97	31	“	"	PUNCT
cblr-8639	97	32	fend	fend	VERB
cblr-8639	97	33	for	for	ADP
cblr-8639	97	34	themselves	themselves	PRON
cblr-8639	97	35	,	,	PUNCT
cblr-8639	97	36	”	"	PUNCT
cblr-8639	97	37	in	in	ADP
cblr-8639	97	38	the	the	DET
cblr-8639	97	39	supreme	supreme	PROPN
cblr-8639	97	40	court	court	PROPN
cblr-8639	97	41	’s	’s	PART
cblr-8639	97	42	phrase,16	phrase,16	ADJ
cblr-8639	97	43	or	or	CCONJ
cblr-8639	97	44	“	"	PUNCT
cblr-8639	97	45	main	main	ADJ
cblr-8639	97	46	street	street	NOUN
cblr-8639	97	47	investors	investor	NOUN
cblr-8639	97	48	,	,	PUNCT
cblr-8639	97	49	”	"	PUNCT
cblr-8639	97	50	in	in	ADP
cblr-8639	97	51	the	the	DET
cblr-8639	97	52	words	word	NOUN
cblr-8639	97	53	of	of	ADP
cblr-8639	97	54	the	the	DET
cblr-8639	97	55	sec	sec	PROPN
cblr-8639	97	56	’s	’s	PART
cblr-8639	97	57	website.17	website.17	ADJ
cblr-8639	97	58	proponents	proponent	NOUN
cblr-8639	97	59	of	of	ADP
cblr-8639	97	60	esg	esg	PROPN
cblr-8639	97	61	disclosure	disclosure	NOUN
cblr-8639	97	62	mandates	mandate	NOUN
cblr-8639	97	63	insist	insist	VERB
cblr-8639	97	64	that	that	SCONJ
cblr-8639	97	65	they	they	PRON
cblr-8639	97	66	fit	fit	VERB
cblr-8639	97	67	within	within	ADP
cblr-8639	97	68	the	the	DET
cblr-8639	97	69	traditional	traditional	ADJ
cblr-8639	97	70	disclosure	disclosure	NOUN
cblr-8639	97	71	paradigm	paradigm	NOUN
cblr-8639	97	72	,	,	PUNCT
cblr-8639	97	73	which	which	PRON
cblr-8639	97	74	focuses	focus	VERB
cblr-8639	97	75	on	on	ADP
cblr-8639	97	76	material	material	ADJ
cblr-8639	97	77	financial	financial	ADJ
cblr-8639	97	78	risk	risk	NOUN
cblr-8639	97	79	.	.	PUNCT
cblr-8639	98	1	the	the	DET
cblr-8639	98	2	sustainability	sustainability	NOUN
cblr-8639	98	3	accounting	accounting	NOUN
cblr-8639	98	4	standards	standard	NOUN
cblr-8639	98	5	board	board	NOUN
cblr-8639	98	6	(	(	PUNCT
cblr-8639	98	7	sasb	sasb	PROPN
cblr-8639	98	8	)	)	PUNCT
cblr-8639	98	9	,	,	PUNCT
cblr-8639	98	10	for	for	ADP
cblr-8639	98	11	example	example	NOUN
cblr-8639	98	12	,	,	PUNCT
cblr-8639	98	13	states	state	VERB
cblr-8639	98	14	that	that	SCONJ
cblr-8639	98	15	its	its	PRON
cblr-8639	98	16	“	"	PUNCT
cblr-8639	98	17	[	[	X
cblr-8639	98	18	s]tandards	s]tandard	NOUN
cblr-8639	98	19	identify	identify	VERB
cblr-8639	98	20	the	the	DET
cblr-8639	98	21	subset	subset	NOUN
cblr-8639	98	22	of	of	ADP
cblr-8639	98	23	esg	esg	PROPN
cblr-8639	98	24	issues	issue	NOUN
cblr-8639	98	25	reasonably	reasonably	ADV
cblr-8639	98	26	likely	likely	ADJ
cblr-8639	98	27	to	to	PART
cblr-8639	98	28	materially	materially	ADV
cblr-8639	98	29	impact	impact	VERB
cblr-8639	98	30	the	the	DET
cblr-8639	98	31	financial	financial	ADJ
cblr-8639	98	32	performance	performance	NOUN
cblr-8639	98	33	of	of	ADP
cblr-8639	98	34	”	"	PUNCT
cblr-8639	98	35	a	a	DET
cblr-8639	98	36	company	company	NOUN
cblr-8639	98	37	in	in	ADP
cblr-8639	98	38	a	a	DET
cblr-8639	98	39	given	give	VERB
cblr-8639	98	40	industry.18	industry.18	PROPN
cblr-8639	98	41	esg	esg	PROPN
cblr-8639	98	42	investing	investing	NOUN
cblr-8639	98	43	,	,	PUNCT
cblr-8639	98	44	therefore	therefore	ADV
cblr-8639	98	45	,	,	PUNCT
cblr-8639	98	46	is	be	AUX
cblr-8639	98	47	an	an	DET
cblr-8639	98	48	attempt	attempt	NOUN
cblr-8639	98	49	to	to	PART
cblr-8639	98	50	correct	correct	VERB
cblr-8639	98	51	and	and	CCONJ
cblr-8639	98	52	profit	profit	NOUN
cblr-8639	98	53	from	from	ADP
cblr-8639	98	54	the	the	DET
cblr-8639	98	55	mispricing	mispricing	NOUN
cblr-8639	98	56	of	of	ADP
cblr-8639	98	57	risk	risk	NOUN
cblr-8639	98	58	.	.	PUNCT
cblr-8639	99	1	commentators	commentator	NOUN
cblr-8639	99	2	have	have	AUX
cblr-8639	99	3	noted	note	VERB
cblr-8639	99	4	the	the	DET
cblr-8639	99	5	logical	logical	ADJ
cblr-8639	99	6	and	and	CCONJ
cblr-8639	99	7	empirical	empirical	ADJ
cblr-8639	99	8	hurdles	hurdle	NOUN
cblr-8639	99	9	standing	stand	VERB
cblr-8639	99	10	in	in	ADP
cblr-8639	99	11	the	the	DET
cblr-8639	99	12	way	way	NOUN
cblr-8639	99	13	of	of	ADP
cblr-8639	99	14	a	a	DET
cblr-8639	99	15	conclusion	conclusion	NOUN
cblr-8639	99	16	that	that	SCONJ
cblr-8639	99	17	esg	esg	NOUN
cblr-8639	99	18	investment	investment	NOUN
cblr-8639	99	19	strategies	strategy	NOUN
cblr-8639	99	20	can	can	AUX
cblr-8639	99	21	generate	generate	VERB
cblr-8639	99	22	excess	excess	ADJ
cblr-8639	99	23	returns	return	NOUN
cblr-8639	99	24	above	above	ADP
cblr-8639	99	25	costs.19	costs.19	NOUN
cblr-8639	99	26	we	we	PRON
cblr-8639	99	27	will	will	AUX
cblr-8639	99	28	focus	focus	VERB
cblr-8639	99	29	primarily	primarily	ADV
cblr-8639	99	30	on	on	ADP
cblr-8639	99	31	two	two	NUM
cblr-8639	99	32	issues	issue	NOUN
cblr-8639	99	33	that	that	PRON
cblr-8639	99	34	we	we	PRON
cblr-8639	99	35	think	think	VERB
cblr-8639	99	36	15	15	NUM
cblr-8639	99	37	see	see	VERB
cblr-8639	99	38	kevin	kevin	PROPN
cblr-8639	99	39	s.	s.	PROPN
cblr-8639	99	40	haeberle	haeberle	PROPN
cblr-8639	99	41	,	,	PUNCT
cblr-8639	99	42	marginal	marginal	ADJ
cblr-8639	99	43	benefits	benefit	NOUN
cblr-8639	99	44	of	of	ADP
cblr-8639	99	45	the	the	DET
cblr-8639	99	46	core	core	NOUN
cblr-8639	99	47	securities	security	NOUN
cblr-8639	99	48	laws	law	NOUN
cblr-8639	99	49	1	1	NUM
cblr-8639	99	50	(	(	PUNCT
cblr-8639	99	51	mar	mar	PROPN
cblr-8639	99	52	.	.	PROPN
cblr-8639	99	53	19	19	NUM
cblr-8639	99	54	,	,	PUNCT
cblr-8639	99	55	2021	2021	NUM
cblr-8639	99	56	)	)	PUNCT
cblr-8639	99	57	(	(	PUNCT
cblr-8639	99	58	unpublished	unpublished	ADJ
cblr-8639	99	59	manuscript	manuscript	NOUN
cblr-8639	99	60	)	)	PUNCT
cblr-8639	99	61	(	(	PUNCT
cblr-8639	99	62	on	on	ADP
cblr-8639	99	63	file	file	NOUN
cblr-8639	99	64	with	with	ADP
cblr-8639	99	65	the	the	DET
cblr-8639	99	66	columbia	columbia	PROPN
cblr-8639	99	67	business	business	PROPN
cblr-8639	99	68	law	law	PROPN
cblr-8639	99	69	review	review	PROPN
cblr-8639	99	70	)	)	PUNCT
cblr-8639	99	71	,	,	PUNCT
cblr-8639	99	72	https://papers.ssrn.com/sol3/papers.cfm	https://papers.ssrn.com/sol3/papers.cfm	PROPN
cblr-8639	99	73	?	?	PUNCT
cblr-8639	100	1	abstract_id=3667963	abstract_id=3667963	PROPN
cblr-8639	100	2	.	.	PUNCT
cblr-8639	101	1	16	16	NUM
cblr-8639	101	2	sec	sec	PROPN
cblr-8639	101	3	v.	v.	PROPN
cblr-8639	101	4	ralston	ralston	PROPN
cblr-8639	101	5	purina	purina	PROPN
cblr-8639	101	6	co.	co.	PROPN
cblr-8639	101	7	,	,	PUNCT
cblr-8639	101	8	346	346	NUM
cblr-8639	101	9	u.s	u.s	PROPN
cblr-8639	101	10	.	.	PROPN
cblr-8639	101	11	119	119	NUM
cblr-8639	101	12	,	,	PUNCT
cblr-8639	101	13	125	125	NUM
cblr-8639	101	14	(	(	PUNCT
cblr-8639	101	15	1953	1953	NUM
cblr-8639	101	16	)	)	PUNCT
cblr-8639	101	17	.	.	PUNCT
cblr-8639	102	1	17	17	NUM
cblr-8639	102	2	what	what	PRON
cblr-8639	102	3	we	we	PRON
cblr-8639	102	4	do	do	VERB
cblr-8639	102	5	,	,	PUNCT
cblr-8639	102	6	supra	supra	PROPN
cblr-8639	102	7	note	note	VERB
cblr-8639	102	8	6	6	NUM
cblr-8639	102	9	.	.	SYM
cblr-8639	102	10	18	18	NUM
cblr-8639	102	11	sustainability	sustainability	NOUN
cblr-8639	102	12	acct	acct	NOUN
cblr-8639	102	13	.	.	PUNCT
cblr-8639	103	1	standards	standard	NOUN
cblr-8639	103	2	bd	bd	PROPN
cblr-8639	103	3	.	.	PROPN
cblr-8639	103	4	,	,	PUNCT
cblr-8639	103	5	sasb	sasb	NOUN
cblr-8639	103	6	implementation	implementation	NOUN
cblr-8639	103	7	supplement	supplement	NOUN
cblr-8639	103	8	:	:	PUNCT
cblr-8639	103	9	greenhouse	greenhouse	NOUN
cblr-8639	103	10	gas	gas	NOUN
cblr-8639	103	11	emissions	emission	NOUN
cblr-8639	103	12	and	and	CCONJ
cblr-8639	103	13	sasb	sasb	NOUN
cblr-8639	103	14	standards	standard	NOUN
cblr-8639	103	15	1	1	NUM
cblr-8639	103	16	(	(	PUNCT
cblr-8639	103	17	2020	2020	NUM
cblr-8639	103	18	)	)	PUNCT
cblr-8639	103	19	(	(	PUNCT
cblr-8639	103	20	on	on	ADP
cblr-8639	103	21	file	file	NOUN
cblr-8639	103	22	with	with	ADP
cblr-8639	103	23	the	the	DET
cblr-8639	103	24	columbia	columbia	PROPN
cblr-8639	103	25	business	business	PROPN
cblr-8639	103	26	law	law	PROPN
cblr-8639	103	27	review	review	PROPN
cblr-8639	103	28	)	)	PUNCT
cblr-8639	103	29	,	,	PUNCT
cblr-8639	103	30	https://www.sasb.org/standards/download/	https://www.sasb.org/standards/download/	PROPN
cblr-8639	103	31	(	(	PUNCT
cblr-8639	103	32	click	click	VERB
cblr-8639	103	33	“	"	PUNCT
cblr-8639	103	34	greenhouse	greenhouse	NOUN
cblr-8639	103	35	gas	gas	NOUN
cblr-8639	103	36	emissions	emission	NOUN
cblr-8639	103	37	”	"	PUNCT
cblr-8639	103	38	)	)	PUNCT
cblr-8639	103	39	.	.	PUNCT
cblr-8639	104	1	19	19	NUM
cblr-8639	104	2	see	see	VERB
cblr-8639	104	3	schanzenbach	schanzenbach	PROPN
cblr-8639	104	4	&	&	CCONJ
cblr-8639	104	5	sitkoff	sitkoff	NOUN
cblr-8639	104	6	,	,	PUNCT
cblr-8639	104	7	supra	supra	PROPN
cblr-8639	104	8	note	note	NOUN
cblr-8639	104	9	9	9	NUM
cblr-8639	104	10	,	,	PUNCT
cblr-8639	104	11	at	at	ADP
cblr-8639	104	12	433–48	433–48	NUM
cblr-8639	104	13	;	;	PUNCT
cblr-8639	104	14	paul	paul	PROPN
cblr-8639	104	15	brest	brest	PROPN
cblr-8639	104	16	,	,	PUNCT
cblr-8639	104	17	ronald	ronald	PROPN
cblr-8639	104	18	j.	j.	PROPN
cblr-8639	104	19	gilson	gilson	PROPN
cblr-8639	104	20	&	&	CCONJ
cblr-8639	104	21	mark	mark	PROPN
cblr-8639	104	22	a.	a.	PROPN
cblr-8639	104	23	wolfson	wolfson	PROPN
cblr-8639	104	24	,	,	PUNCT
cblr-8639	104	25	how	how	SCONJ
cblr-8639	104	26	investors	investor	NOUN
cblr-8639	104	27	can	can	AUX
cblr-8639	104	28	(	(	PUNCT
cblr-8639	104	29	and	and	CCONJ
cblr-8639	104	30	ca	can	AUX
cblr-8639	104	31	n’t	not	PART
cblr-8639	104	32	)	)	PUNCT
cblr-8639	104	33	create	create	VERB
cblr-8639	104	34	social	social	ADJ
cblr-8639	104	35	value	value	NOUN
cblr-8639	104	36	,	,	PUNCT
cblr-8639	104	37	44	44	NUM
cblr-8639	104	38	j.	j.	PROPN
cblr-8639	104	39	corp	corp	PROPN
cblr-8639	104	40	.	.	PROPN
cblr-8639	104	41	l.	l.	PROPN
cblr-8639	104	42	205	205	NUM
cblr-8639	104	43	,	,	PUNCT
cblr-8639	104	44	227	227	NUM
cblr-8639	104	45	(	(	PUNCT
cblr-8639	104	46	2018	2018	NUM
cblr-8639	104	47	)	)	PUNCT
cblr-8639	104	48	(	(	PUNCT
cblr-8639	104	49	“	"	PUNCT
cblr-8639	104	50	the	the	DET
cblr-8639	104	51	argument	argument	NOUN
cblr-8639	104	52	[	[	X
cblr-8639	104	53	that	that	SCONJ
cblr-8639	104	54	esg	esg	PROPN
cblr-8639	104	55	ratings	rating	NOUN
cblr-8639	104	56	are	be	AUX
cblr-8639	104	57	directly	directly	ADV
cblr-8639	104	58	related	relate	VERB
cblr-8639	104	59	to	to	ADP
cblr-8639	104	60	returns	return	NOUN
cblr-8639	104	61	]	]	PUNCT
cblr-8639	104	62	,	,	PUNCT
cblr-8639	104	63	while	while	SCONJ
cblr-8639	104	64	superficially	superficially	ADV
cblr-8639	104	65	attractive	attractive	ADJ
cblr-8639	104	66	,	,	PUNCT
cblr-8639	104	67	is	be	AUX
cblr-8639	104	68	implausible	implausible	ADJ
cblr-8639	104	69	.	.	PUNCT
cblr-8639	105	1	information	information	NOUN
cblr-8639	105	2	concerning	concern	VERB
cblr-8639	105	3	stranded	strand	VERB
cblr-8639	105	4	assets	asset	NOUN
cblr-8639	105	5	is	be	AUX
cblr-8639	105	6	publicly	publicly	ADV
cblr-8639	105	7	available	available	ADJ
cblr-8639	105	8	,	,	PUNCT
cblr-8639	105	9	and	and	CCONJ
cblr-8639	105	10	proponents	proponent	NOUN
cblr-8639	105	11	offer	offer	VERB
cblr-8639	105	12	no	no	DET
cblr-8639	105	13	explanation	explanation	NOUN
cblr-8639	105	14	for	for	ADP
cblr-8639	105	15	why	why	SCONJ
cblr-8639	105	16	this	this	DET
cblr-8639	105	17	risk	risk	NOUN
cblr-8639	105	18	is	be	AUX
cblr-8639	105	19	not	not	PART
cblr-8639	105	20	already	already	ADV
cblr-8639	105	21	reflected	reflect	VERB
cblr-8639	105	22	in	in	ADP
cblr-8639	105	23	existing	exist	VERB
cblr-8639	105	24	stock	stock	NOUN
cblr-8639	105	25	prices	price	NOUN
cblr-8639	105	26	[	[	X
cblr-8639	105	27	.	.	X
cblr-8639	105	28	]	]	X
cblr-8639	105	29	”	"	PUNCT
cblr-8639	105	30	)	)	PUNCT
cblr-8639	105	31	;	;	PUNCT
cblr-8639	106	1	gerhard	gerhard	PROPN
cblr-8639	106	2	halbritter	halbritter	PROPN
cblr-8639	106	3	&	&	CCONJ
cblr-8639	106	4	gregor	gregor	PROPN
cblr-8639	106	5	dorfleitner	dorfleitner	PROPN
cblr-8639	106	6	,	,	PUNCT
cblr-8639	106	7	the	the	DET
cblr-8639	106	8	wages	wage	NOUN
cblr-8639	106	9	of	of	ADP
cblr-8639	106	10	social	social	ADJ
cblr-8639	106	11	responsibility	responsibility	NOUN
cblr-8639	106	12	—	—	PUNCT
cblr-8639	106	13	where	where	SCONJ
cblr-8639	106	14	are	be	AUX
cblr-8639	106	15	they	they	PRON
cblr-8639	106	16	?	?	PUNCT
cblr-8639	107	1	a	a	DET
cblr-8639	107	2	critical	critical	ADJ
cblr-8639	107	3	review	review	NOUN
cblr-8639	107	4	of	of	ADP
cblr-8639	107	5	esg	esg	PROPN
cblr-8639	107	6	investing	investing	NOUN
cblr-8639	107	7	,	,	PUNCT
cblr-8639	107	8	26	26	NUM
cblr-8639	107	9	rev	rev	X
cblr-8639	107	10	.	.	PROPN
cblr-8639	108	1	fin	fin	PROPN
cblr-8639	108	2	.	.	PUNCT
cblr-8639	109	1	econ	econ	PROPN
cblr-8639	109	2	.	.	PUNCT
cblr-8639	110	1	25	25	NUM
cblr-8639	110	2	,	,	PUNCT
cblr-8639	110	3	35	35	NUM
cblr-8639	110	4	(	(	PUNCT
cblr-8639	110	5	2015	2015	NUM
cblr-8639	110	6	)	)	PUNCT
cblr-8639	110	7	(	(	PUNCT
cblr-8639	110	8	“	"	PUNCT
cblr-8639	110	9	[	[	X
cblr-8639	110	10	t]his	t]his	ADP
cblr-8639	110	11	study	study	NOUN
cblr-8639	110	12	strongly	strongly	ADV
cblr-8639	110	13	questions	question	VERB
cblr-8639	110	14	mahoney	mahoney	PROPN
cblr-8639	110	15	&	&	CCONJ
cblr-8639	110	16	mahoney	mahoney	PROPN
cblr-8639	110	17	8/22/2021	8/22/2021	PROPN
cblr-8639	110	18	9:16	9:16	NUM
cblr-8639	110	19	pm	pm	NOUN
cblr-8639	110	20	no	no	INTJ
cblr-8639	110	21	.	.	PUNCT
cblr-8639	111	1	2:840	2:840	NUM
cblr-8639	111	2	]	]	X
cblr-8639	111	3	the	the	DET
cblr-8639	111	4	new	new	ADJ
cblr-8639	111	5	separation	separation	NOUN
cblr-8639	111	6	of	of	ADP
cblr-8639	111	7	ownership	ownership	NOUN
cblr-8639	111	8	and	and	CCONJ
cblr-8639	111	9	control	control	NOUN
cblr-8639	111	10	847	847	NUM
cblr-8639	111	11	deserve	deserve	VERB
cblr-8639	111	12	more	more	ADJ
cblr-8639	111	13	attention	attention	NOUN
cblr-8639	111	14	than	than	SCONJ
cblr-8639	111	15	they	they	PRON
cblr-8639	111	16	have	have	AUX
cblr-8639	111	17	received	receive	VERB
cblr-8639	111	18	to	to	ADP
cblr-8639	111	19	date	date	NOUN
cblr-8639	111	20	.	.	PUNCT
cblr-8639	112	1	the	the	DET
cblr-8639	112	2	first	first	ADJ
cblr-8639	112	3	is	be	AUX
cblr-8639	112	4	the	the	DET
cblr-8639	112	5	lack	lack	NOUN
cblr-8639	112	6	of	of	ADP
cblr-8639	112	7	a	a	DET
cblr-8639	112	8	clearly	clearly	ADV
cblr-8639	112	9	identified	identify	VERB
cblr-8639	112	10	(	(	PUNCT
cblr-8639	112	11	financial	financial	ADJ
cblr-8639	112	12	)	)	PUNCT
cblr-8639	112	13	market	market	NOUN
cblr-8639	112	14	failure	failure	NOUN
cblr-8639	112	15	that	that	PRON
cblr-8639	112	16	esg	esg	NOUN
cblr-8639	112	17	disclosures	disclosure	NOUN
cblr-8639	112	18	could	could	AUX
cblr-8639	112	19	address	address	VERB
cblr-8639	112	20	and	and	CCONJ
cblr-8639	112	21	that	that	SCONJ
cblr-8639	112	22	the	the	DET
cblr-8639	112	23	current	current	ADJ
cblr-8639	112	24	system	system	NOUN
cblr-8639	112	25	of	of	ADP
cblr-8639	112	26	materiality	materiality	NOUN
cblr-8639	112	27	-	-	PUNCT
cblr-8639	112	28	based	base	VERB
cblr-8639	112	29	disclosure	disclosure	NOUN
cblr-8639	112	30	can	can	AUX
cblr-8639	112	31	not	not	PART
cblr-8639	112	32	.	.	PUNCT
cblr-8639	113	1	the	the	DET
cblr-8639	113	2	second	second	ADJ
cblr-8639	113	3	is	be	AUX
cblr-8639	113	4	the	the	DET
cblr-8639	113	5	misalignment	misalignment	NOUN
cblr-8639	113	6	of	of	ADP
cblr-8639	113	7	incentives	incentive	NOUN
cblr-8639	113	8	between	between	ADP
cblr-8639	113	9	institutional	institutional	ADJ
cblr-8639	113	10	money	money	NOUN
cblr-8639	113	11	managers	manager	NOUN
cblr-8639	113	12	and	and	CCONJ
cblr-8639	113	13	their	their	PRON
cblr-8639	113	14	beneficiaries	beneficiary	NOUN
cblr-8639	113	15	.	.	PUNCT
cblr-8639	114	1	a.	a.	NOUN
cblr-8639	114	2	the	the	DET
cblr-8639	114	3	absence	absence	NOUN
cblr-8639	114	4	of	of	ADP
cblr-8639	114	5	market	market	NOUN
cblr-8639	114	6	failure	failure	NOUN
cblr-8639	114	7	regulatory	regulatory	ADJ
cblr-8639	114	8	mandates	mandate	NOUN
cblr-8639	114	9	require	require	VERB
cblr-8639	114	10	a	a	DET
cblr-8639	114	11	market	market	NOUN
cblr-8639	114	12	failure	failure	NOUN
cblr-8639	114	13	justification.20	justification.20	PROPN
cblr-8639	114	14	for	for	ADP
cblr-8639	114	15	example	example	NOUN
cblr-8639	114	16	,	,	PUNCT
cblr-8639	114	17	mandatory	mandatory	ADJ
cblr-8639	114	18	disclosure	disclosure	NOUN
cblr-8639	114	19	of	of	ADP
cblr-8639	114	20	management	management	NOUN
cblr-8639	114	21	compensation	compensation	NOUN
cblr-8639	114	22	may	may	AUX
cblr-8639	114	23	be	be	AUX
cblr-8639	114	24	justified	justify	VERB
cblr-8639	114	25	by	by	ADP
cblr-8639	114	26	the	the	DET
cblr-8639	114	27	fact	fact	NOUN
cblr-8639	114	28	that	that	SCONJ
cblr-8639	114	29	corporate	corporate	ADJ
cblr-8639	114	30	managers	manager	NOUN
cblr-8639	114	31	have	have	AUX
cblr-8639	114	32	a	a	DET
cblr-8639	114	33	direct	direct	ADJ
cblr-8639	114	34	personal	personal	ADJ
cblr-8639	114	35	interest	interest	NOUN
cblr-8639	114	36	in	in	ADP
cblr-8639	114	37	concealing	conceal	VERB
cblr-8639	114	38	the	the	DET
cblr-8639	114	39	size	size	NOUN
cblr-8639	114	40	of	of	ADP
cblr-8639	114	41	their	their	PRON
cblr-8639	114	42	compensation	compensation	NOUN
cblr-8639	114	43	from	from	ADP
cblr-8639	114	44	shareholders	shareholder	NOUN
cblr-8639	114	45	.	.	PUNCT
cblr-8639	115	1	in	in	ADP
cblr-8639	115	2	general	general	ADJ
cblr-8639	115	3	,	,	PUNCT
cblr-8639	115	4	there	there	PRON
cblr-8639	115	5	are	be	VERB
cblr-8639	115	6	plausible	plausible	ADJ
cblr-8639	115	7	market	market	NOUN
cblr-8639	115	8	failure	failure	NOUN
cblr-8639	115	9	arguments	argument	NOUN
cblr-8639	115	10	with	with	ADP
cblr-8639	115	11	respect	respect	NOUN
cblr-8639	115	12	to	to	ADP
cblr-8639	115	13	some	some	DET
cblr-8639	115	14	governance	governance	NOUN
cblr-8639	115	15	issues	issue	NOUN
cblr-8639	115	16	—	—	PUNCT
cblr-8639	115	17	the	the	DET
cblr-8639	115	18	“	"	PUNCT
cblr-8639	115	19	g	g	NOUN
cblr-8639	115	20	”	"	PUNCT
cblr-8639	115	21	in	in	ADP
cblr-8639	115	22	esg	esg	PROPN
cblr-8639	115	23	.	.	PUNCT
cblr-8639	116	1	the	the	DET
cblr-8639	116	2	interests	interest	NOUN
cblr-8639	116	3	of	of	ADP
cblr-8639	116	4	managers	manager	NOUN
cblr-8639	116	5	and	and	CCONJ
cblr-8639	116	6	investors	investor	NOUN
cblr-8639	116	7	sometimes	sometimes	ADV
cblr-8639	116	8	conflict	conflict	VERB
cblr-8639	116	9	when	when	SCONJ
cblr-8639	116	10	it	it	PRON
cblr-8639	116	11	comes	come	VERB
cblr-8639	116	12	to	to	ADP
cblr-8639	116	13	governance	governance	NOUN
cblr-8639	116	14	matters	matter	NOUN
cblr-8639	116	15	.	.	PUNCT
cblr-8639	117	1	accordingly	accordingly	ADV
cblr-8639	117	2	,	,	PUNCT
cblr-8639	117	3	there	there	PRON
cblr-8639	117	4	are	be	VERB
cblr-8639	117	5	theoretical	theoretical	ADJ
cblr-8639	117	6	and	and	CCONJ
cblr-8639	117	7	empirical	empirical	ADJ
cblr-8639	117	8	results	result	NOUN
cblr-8639	117	9	tying	tie	VERB
cblr-8639	117	10	firm	firm	ADJ
cblr-8639	117	11	value	value	NOUN
cblr-8639	117	12	to	to	ADP
cblr-8639	117	13	governance	governance	NOUN
cblr-8639	117	14	policies	policy	NOUN
cblr-8639	117	15	that	that	PRON
cblr-8639	117	16	reduce	reduce	VERB
cblr-8639	117	17	traditional	traditional	ADJ
cblr-8639	117	18	managerial	managerial	ADJ
cblr-8639	117	19	agency	agency	NOUN
cblr-8639	117	20	costs.21	costs.21	PROPN
cblr-8639	117	21	part	part	NOUN
cblr-8639	117	22	of	of	ADP
cblr-8639	117	23	the	the	DET
cblr-8639	117	24	impetus	impetus	NOUN
cblr-8639	117	25	for	for	ADP
cblr-8639	117	26	including	include	VERB
cblr-8639	117	27	governance	governance	NOUN
cblr-8639	117	28	in	in	ADP
cblr-8639	117	29	esg	esg	PROPN
cblr-8639	117	30	was	be	AUX
cblr-8639	117	31	to	to	ADP
cblr-8639	117	32	“	"	PUNCT
cblr-8639	117	33	rebrand	rebrand	NOUN
cblr-8639	117	34	”	"	PUNCT
cblr-8639	117	35	socially	socially	ADV
cblr-8639	117	36	responsible	responsible	ADJ
cblr-8639	117	37	investing	investing	NOUN
cblr-8639	117	38	as	as	ADP
cblr-8639	117	39	financially	financially	ADV
cblr-8639	117	40	responsible	responsible	ADJ
cblr-8639	117	41	investing.22	investing.22	NOUN
cblr-8639	117	42	even	even	ADV
cblr-8639	117	43	when	when	SCONJ
cblr-8639	117	44	shareholders	shareholder	NOUN
cblr-8639	117	45	’	'	PUNCT
cblr-8639	117	46	and	and	CCONJ
cblr-8639	117	47	managers	manager	NOUN
cblr-8639	117	48	’	’	PART
cblr-8639	117	49	interests	interest	NOUN
cblr-8639	117	50	conflict	conflict	NOUN
cblr-8639	117	51	,	,	PUNCT
cblr-8639	117	52	the	the	DET
cblr-8639	117	53	likelihood	likelihood	NOUN
cblr-8639	117	54	of	of	ADP
cblr-8639	117	55	a	a	DET
cblr-8639	117	56	mispricing	mispricing	NOUN
cblr-8639	117	57	is	be	AUX
cblr-8639	117	58	reduced	reduce	VERB
cblr-8639	117	59	if	if	SCONJ
cblr-8639	117	60	mandated	mandate	VERB
cblr-8639	117	61	and	and	CCONJ
cblr-8639	117	62	voluntary	voluntary	ADJ
cblr-8639	117	63	disclosures	disclosure	NOUN
cblr-8639	117	64	sufficiently	sufficiently	ADV
cblr-8639	117	65	allow	allow	VERB
cblr-8639	117	66	shareholders	shareholder	NOUN
cblr-8639	117	67	to	to	PART
cblr-8639	117	68	distinguish	distinguish	VERB
cblr-8639	117	69	“	"	PUNCT
cblr-8639	117	70	good	good	ADJ
cblr-8639	117	71	”	"	PUNCT
cblr-8639	117	72	from	from	ADP
cblr-8639	117	73	“	"	PUNCT
cblr-8639	117	74	bad	bad	ADJ
cblr-8639	117	75	”	"	PUNCT
cblr-8639	117	76	companies	company	NOUN
cblr-8639	117	77	.	.	PUNCT
cblr-8639	118	1	for	for	ADP
cblr-8639	118	2	example	example	NOUN
cblr-8639	118	3	,	,	PUNCT
cblr-8639	118	4	as	as	SCONJ
cblr-8639	118	5	investors	investor	NOUN
cblr-8639	118	6	became	become	VERB
cblr-8639	118	7	aware	aware	ADJ
cblr-8639	118	8	of	of	ADP
cblr-8639	118	9	the	the	DET
cblr-8639	118	10	empirical	empirical	ADJ
cblr-8639	118	11	results	result	NOUN
cblr-8639	118	12	tying	tie	VERB
cblr-8639	118	13	certain	certain	ADJ
cblr-8639	118	14	governance	governance	NOUN
cblr-8639	118	15	practices	practice	NOUN
cblr-8639	118	16	to	to	ADP
cblr-8639	118	17	higher	high	ADJ
cblr-8639	118	18	valuation	valuation	NOUN
cblr-8639	118	19	,	,	PUNCT
cblr-8639	118	20	the	the	DET
cblr-8639	118	21	association	association	NOUN
cblr-8639	118	22	whether	whether	SCONJ
cblr-8639	118	23	there	there	PRON
cblr-8639	118	24	is	be	VERB
cblr-8639	118	25	actually	actually	ADV
cblr-8639	118	26	a	a	DET
cblr-8639	118	27	relationship	relationship	NOUN
cblr-8639	118	28	between	between	ADP
cblr-8639	118	29	esg	esg	NOUN
cblr-8639	118	30	ratings	rating	NOUN
cblr-8639	118	31	and	and	CCONJ
cblr-8639	118	32	returns	return	NOUN
cblr-8639	118	33	which	which	PRON
cblr-8639	118	34	is	be	AUX
cblr-8639	118	35	exploitable	exploitable	ADJ
cblr-8639	118	36	with	with	ADP
cblr-8639	118	37	a	a	DET
cblr-8639	118	38	trading	trading	NOUN
cblr-8639	118	39	strategy	strategy	NOUN
cblr-8639	118	40	[	[	X
cblr-8639	118	41	.	.	X
cblr-8639	118	42	]	]	X
cblr-8639	118	43	”	"	PUNCT
cblr-8639	118	44	)	)	PUNCT
cblr-8639	118	45	.	.	PUNCT
cblr-8639	119	1	20	20	NUM
cblr-8639	119	2	economists	economist	NOUN
cblr-8639	119	3	generally	generally	ADV
cblr-8639	119	4	trace	trace	VERB
cblr-8639	119	5	the	the	DET
cblr-8639	119	6	market	market	NOUN
cblr-8639	119	7	failure	failure	NOUN
cblr-8639	119	8	justification	justification	NOUN
cblr-8639	119	9	for	for	ADP
cblr-8639	119	10	regulation	regulation	NOUN
cblr-8639	119	11	to	to	ADP
cblr-8639	119	12	pigou	pigou	NOUN
cblr-8639	119	13	.	.	PUNCT
cblr-8639	120	1	see	see	VERB
cblr-8639	120	2	,	,	PUNCT
cblr-8639	120	3	e.g.	e.g.	ADV
cblr-8639	120	4	,	,	PUNCT
cblr-8639	120	5	andrei	andrei	NOUN
cblr-8639	120	6	shleifer	shleifer	PROPN
cblr-8639	120	7	,	,	PUNCT
cblr-8639	120	8	efficient	efficient	ADJ
cblr-8639	120	9	regulation	regulation	NOUN
cblr-8639	120	10	,	,	PUNCT
cblr-8639	120	11	in	in	ADP
cblr-8639	120	12	regulation	regulation	NOUN
cblr-8639	120	13	vs.	vs.	ADP
cblr-8639	120	14	litigation	litigation	NOUN
cblr-8639	120	15	:	:	PUNCT
cblr-8639	120	16	perspectives	perspective	NOUN
cblr-8639	120	17	from	from	ADP
cblr-8639	120	18	economics	economic	NOUN
cblr-8639	120	19	and	and	CCONJ
cblr-8639	120	20	law	law	NOUN
cblr-8639	120	21	27	27	NUM
cblr-8639	120	22	,	,	PUNCT
cblr-8639	120	23	27–28	27–28	NUM
cblr-8639	120	24	(	(	PUNCT
cblr-8639	120	25	daniel	daniel	PROPN
cblr-8639	120	26	p.	p.	PROPN
cblr-8639	120	27	kessler	kessler	PROPN
cblr-8639	121	1	ed	ed	PROPN
cblr-8639	121	2	.	.	PROPN
cblr-8639	121	3	,	,	PUNCT
cblr-8639	121	4	2011	2011	NUM
cblr-8639	121	5	)	)	PUNCT
cblr-8639	121	6	;	;	PUNCT
cblr-8639	121	7	a.c	a.c	PROPN
cblr-8639	121	8	.	.	PROPN
cblr-8639	121	9	pigou	pigou	PROPN
cblr-8639	121	10	,	,	PUNCT
cblr-8639	121	11	the	the	DET
cblr-8639	121	12	economics	economic	NOUN
cblr-8639	121	13	of	of	ADP
cblr-8639	121	14	welfare	welfare	NOUN
cblr-8639	121	15	296	296	NUM
cblr-8639	121	16	(	(	PUNCT
cblr-8639	121	17	macmillan	macmillan	PROPN
cblr-8639	121	18	1st	1st	PROPN
cblr-8639	121	19	ed	ed	PROPN
cblr-8639	121	20	.	.	PROPN
cblr-8639	121	21	1920	1920	NUM
cblr-8639	121	22	)	)	PUNCT
cblr-8639	121	23	(	(	PUNCT
cblr-8639	121	24	considering	consider	VERB
cblr-8639	121	25	governmental	governmental	ADJ
cblr-8639	121	26	responses	response	NOUN
cblr-8639	121	27	to	to	ADP
cblr-8639	121	28	“	"	PUNCT
cblr-8639	121	29	the	the	DET
cblr-8639	121	30	imperfect	imperfect	ADJ
cblr-8639	121	31	adjustments	adjustment	NOUN
cblr-8639	121	32	of	of	ADP
cblr-8639	121	33	unfettered	unfettered	ADJ
cblr-8639	121	34	private	private	ADJ
cblr-8639	121	35	enterprise	enterprise	NOUN
cblr-8639	121	36	”	"	PUNCT
cblr-8639	121	37	)	)	PUNCT
cblr-8639	121	38	.	.	PUNCT
cblr-8639	122	1	21	21	NUM
cblr-8639	122	2	see	see	VERB
cblr-8639	122	3	,	,	PUNCT
cblr-8639	122	4	e.g.	e.g.	ADV
cblr-8639	122	5	,	,	PUNCT
cblr-8639	122	6	generally	generally	ADV
cblr-8639	122	7	paul	paul	PROPN
cblr-8639	122	8	gompers	gompers	PROPN
cblr-8639	122	9	,	,	PUNCT
cblr-8639	122	10	joy	joy	NOUN
cblr-8639	122	11	ishii	ishii	PROPN
cblr-8639	122	12	&	&	CCONJ
cblr-8639	122	13	andrew	andrew	PROPN
cblr-8639	122	14	metrick	metrick	PROPN
cblr-8639	122	15	,	,	PUNCT
cblr-8639	122	16	corporate	corporate	ADJ
cblr-8639	122	17	governance	governance	NOUN
cblr-8639	122	18	and	and	CCONJ
cblr-8639	122	19	equity	equity	NOUN
cblr-8639	122	20	prices	price	NOUN
cblr-8639	122	21	,	,	PUNCT
cblr-8639	122	22	118	118	NUM
cblr-8639	122	23	q.j	q.j	PROPN
cblr-8639	122	24	.	.	PROPN
cblr-8639	122	25	econ	econ	PROPN
cblr-8639	122	26	.	.	PUNCT
cblr-8639	123	1	107	107	NUM
cblr-8639	123	2	(	(	PUNCT
cblr-8639	123	3	2003	2003	NUM
cblr-8639	123	4	)	)	PUNCT
cblr-8639	123	5	.	.	PUNCT
cblr-8639	124	1	22	22	NUM
cblr-8639	124	2	schanzenbach	schanzenbach	ADJ
cblr-8639	124	3	&	&	CCONJ
cblr-8639	124	4	sitkoff	sitkoff	NOUN
cblr-8639	124	5	,	,	PUNCT
cblr-8639	124	6	supra	supra	PROPN
cblr-8639	124	7	note	note	NOUN
cblr-8639	124	8	9	9	NUM
cblr-8639	124	9	,	,	PUNCT
cblr-8639	124	10	at	at	ADP
cblr-8639	124	11	396	396	NUM
cblr-8639	124	12	.	.	PUNCT
cblr-8639	125	1	mahoney	mahoney	PROPN
cblr-8639	125	2	&	&	CCONJ
cblr-8639	125	3	mahoney	mahoney	PROPN
cblr-8639	125	4	8/22/2021	8/22/2021	PROPN
cblr-8639	125	5	9:16	9:16	NUM
cblr-8639	125	6	pm	pm	NOUN
cblr-8639	125	7	848	848	NUM
cblr-8639	125	8	columbia	columbia	PROPN
cblr-8639	125	9	business	business	NOUN
cblr-8639	125	10	law	law	PROPN
cblr-8639	125	11	review	review	NOUN
cblr-8639	125	12	[	[	X
cblr-8639	125	13	vol	vol	NOUN
cblr-8639	125	14	.	.	NOUN
cblr-8639	125	15	2021	2021	NUM
cblr-8639	125	16	between	between	ADP
cblr-8639	125	17	those	those	DET
cblr-8639	125	18	practices	practice	NOUN
cblr-8639	125	19	and	and	CCONJ
cblr-8639	125	20	valuation	valuation	NOUN
cblr-8639	125	21	largely	largely	ADV
cblr-8639	125	22	disappeared.23	disappeared.23	VERB
cblr-8639	125	23	with	with	ADP
cblr-8639	125	24	that	that	PRON
cblr-8639	125	25	in	in	ADP
cblr-8639	125	26	mind	mind	NOUN
cblr-8639	125	27	,	,	PUNCT
cblr-8639	125	28	would	would	AUX
cblr-8639	125	29	“	"	PUNCT
cblr-8639	125	30	e	e	VERB
cblr-8639	125	31	”	"	PUNCT
cblr-8639	125	32	and	and	CCONJ
cblr-8639	125	33	“	"	PUNCT
cblr-8639	125	34	s	s	X
cblr-8639	125	35	”	"	PUNCT
cblr-8639	125	36	disclosures	disclosure	NOUN
cblr-8639	125	37	address	address	VERB
cblr-8639	125	38	market	market	NOUN
cblr-8639	125	39	failures	failure	NOUN
cblr-8639	125	40	more	more	ADV
cblr-8639	125	41	effectively	effectively	ADV
cblr-8639	125	42	than	than	ADP
cblr-8639	125	43	the	the	DET
cblr-8639	125	44	current	current	ADJ
cblr-8639	125	45	materialitybased	materialitybase	VERB
cblr-8639	125	46	system	system	NOUN
cblr-8639	125	47	?	?	PUNCT
cblr-8639	126	1	we	we	PRON
cblr-8639	126	2	consider	consider	VERB
cblr-8639	126	3	two	two	NUM
cblr-8639	126	4	salient	salient	ADJ
cblr-8639	126	5	examples	example	NOUN
cblr-8639	126	6	.	.	PUNCT
cblr-8639	127	1	the	the	DET
cblr-8639	127	2	nasdaq	nasdaq	PROPN
cblr-8639	127	3	exchange	exchange	PROPN
cblr-8639	127	4	recently	recently	ADV
cblr-8639	127	5	sought	seek	VERB
cblr-8639	127	6	sec	sec	PROPN
cblr-8639	127	7	approval	approval	NOUN
cblr-8639	127	8	for	for	ADP
cblr-8639	127	9	a	a	DET
cblr-8639	127	10	rule	rule	NOUN
cblr-8639	127	11	that	that	PRON
cblr-8639	127	12	imposes	impose	VERB
cblr-8639	127	13	a	a	DET
cblr-8639	127	14	comply	comply	VERB
cblr-8639	127	15	-	-	PUNCT
cblr-8639	127	16	or	or	CCONJ
cblr-8639	127	17	-	-	PUNCT
cblr-8639	127	18	explain	explain	VERB
cblr-8639	127	19	mandate	mandate	NOUN
cblr-8639	127	20	on	on	ADP
cblr-8639	127	21	listed	list	VERB
cblr-8639	127	22	companies	company	NOUN
cblr-8639	127	23	with	with	ADP
cblr-8639	127	24	respect	respect	NOUN
cblr-8639	127	25	to	to	ADP
cblr-8639	127	26	board	board	NOUN
cblr-8639	127	27	diversity	diversity	NOUN
cblr-8639	127	28	and	and	CCONJ
cblr-8639	127	29	that	that	PRON
cblr-8639	127	30	requires	require	VERB
cblr-8639	127	31	“	"	PUNCT
cblr-8639	127	32	statistical	statistical	ADJ
cblr-8639	127	33	information	information	NOUN
cblr-8639	127	34	.	.	PUNCT
cblr-8639	127	35	.	.	PUNCT
cblr-8639	128	1	.	.	PUNCT
cblr-8639	129	1	related	relate	VERB
cblr-8639	129	2	to	to	ADP
cblr-8639	129	3	a	a	DET
cblr-8639	129	4	director	director	NOUN
cblr-8639	129	5	’s	’s	PART
cblr-8639	129	6	selfidentified	selfidentified	ADJ
cblr-8639	129	7	gender	gender	NOUN
cblr-8639	129	8	,	,	PUNCT
cblr-8639	129	9	race	race	NOUN
cblr-8639	129	10	,	,	PUNCT
cblr-8639	129	11	and	and	CCONJ
cblr-8639	129	12	self	self	NOUN
cblr-8639	129	13	-	-	PUNCT
cblr-8639	129	14	identification	identification	NOUN
cblr-8639	129	15	as	as	SCONJ
cblr-8639	129	16	lgbtq+.”24	lgbtq+.”24	VERB
cblr-8639	129	17	nasdaq	nasdaq	PROPN
cblr-8639	129	18	justified	justify	VERB
cblr-8639	129	19	the	the	DET
cblr-8639	129	20	proposed	propose	VERB
cblr-8639	129	21	rule	rule	NOUN
cblr-8639	129	22	on	on	ADP
cblr-8639	129	23	the	the	DET
cblr-8639	129	24	grounds	ground	NOUN
cblr-8639	129	25	that	that	SCONJ
cblr-8639	129	26	companies	company	NOUN
cblr-8639	129	27	with	with	ADP
cblr-8639	129	28	diverse	diverse	ADJ
cblr-8639	129	29	boards	board	NOUN
cblr-8639	129	30	outperform	outperform	VERB
cblr-8639	129	31	those	those	DET
cblr-8639	129	32	without.25	without.25	NOUN
cblr-8639	129	33	it	it	PRON
cblr-8639	129	34	did	do	AUX
cblr-8639	129	35	not	not	PART
cblr-8639	129	36	,	,	PUNCT
cblr-8639	129	37	however	however	ADV
cblr-8639	129	38	,	,	PUNCT
cblr-8639	129	39	identify	identify	VERB
cblr-8639	129	40	an	an	DET
cblr-8639	129	41	externality	externality	NOUN
cblr-8639	129	42	or	or	CCONJ
cblr-8639	129	43	other	other	ADJ
cblr-8639	129	44	problem	problem	NOUN
cblr-8639	129	45	interfering	interfere	VERB
cblr-8639	129	46	with	with	ADP
cblr-8639	129	47	companies	company	NOUN
cblr-8639	129	48	acting	act	VERB
cblr-8639	129	49	in	in	ADP
cblr-8639	129	50	their	their	PRON
cblr-8639	129	51	best	good	ADJ
cblr-8639	129	52	interests.26	interests.26	NOUN
cblr-8639	129	53	it	it	PRON
cblr-8639	129	54	instead	instead	ADV
cblr-8639	129	55	emphasized	emphasize	VERB
cblr-8639	129	56	“	"	PUNCT
cblr-8639	129	57	the	the	DET
cblr-8639	129	58	inherent	inherent	ADJ
cblr-8639	129	59	value	value	NOUN
cblr-8639	129	60	of	of	ADP
cblr-8639	129	61	board	board	NOUN
cblr-8639	129	62	diversity”27	diversity”27	PROPN
cblr-8639	129	63	—	—	PUNCT
cblr-8639	129	64	a	a	DET
cblr-8639	129	65	social	social	ADJ
cblr-8639	129	66	value	value	NOUN
cblr-8639	129	67	argument	argument	NOUN
cblr-8639	129	68	.	.	PUNCT
cblr-8639	130	1	we	we	PRON
cblr-8639	130	2	also	also	ADV
cblr-8639	130	3	consider	consider	VERB
cblr-8639	130	4	environmental	environmental	ADJ
cblr-8639	130	5	risks	risk	NOUN
cblr-8639	130	6	.	.	PUNCT
cblr-8639	131	1	under	under	ADP
cblr-8639	131	2	current	current	ADJ
cblr-8639	131	3	rules	rule	NOUN
cblr-8639	131	4	,	,	PUNCT
cblr-8639	131	5	particularly	particularly	ADV
cblr-8639	131	6	the	the	DET
cblr-8639	131	7	risk	risk	NOUN
cblr-8639	131	8	factor	factor	NOUN
cblr-8639	131	9	and	and	CCONJ
cblr-8639	131	10	management	management	NOUN
cblr-8639	131	11	’s	’s	PART
cblr-8639	131	12	23	23	NUM
cblr-8639	131	13	see	see	VERB
cblr-8639	131	14	lucian	lucian	PROPN
cblr-8639	131	15	a.	a.	PROPN
cblr-8639	131	16	bebchuk	bebchuk	PROPN
cblr-8639	131	17	,	,	PUNCT
cblr-8639	131	18	alma	alma	PROPN
cblr-8639	131	19	cohen	cohen	PROPN
cblr-8639	131	20	&	&	CCONJ
cblr-8639	131	21	charles	charles	PROPN
cblr-8639	131	22	c.y	c.y	PROPN
cblr-8639	131	23	.	.	PROPN
cblr-8639	131	24	wang	wang	PROPN
cblr-8639	131	25	,	,	PUNCT
cblr-8639	131	26	learning	learning	NOUN
cblr-8639	131	27	and	and	CCONJ
cblr-8639	131	28	the	the	DET
cblr-8639	131	29	disappearing	disappear	VERB
cblr-8639	131	30	association	association	NOUN
cblr-8639	131	31	between	between	ADP
cblr-8639	131	32	governance	governance	NOUN
cblr-8639	131	33	and	and	CCONJ
cblr-8639	131	34	returns	return	NOUN
cblr-8639	131	35	,	,	PUNCT
cblr-8639	131	36	108	108	NUM
cblr-8639	131	37	j.	j.	PROPN
cblr-8639	131	38	fin	fin	PROPN
cblr-8639	131	39	.	.	PUNCT
cblr-8639	132	1	econ	econ	PROPN
cblr-8639	132	2	.	.	PUNCT
cblr-8639	133	1	323	323	NUM
cblr-8639	133	2	,	,	PUNCT
cblr-8639	133	3	345–47	345–47	NUM
cblr-8639	133	4	(	(	PUNCT
cblr-8639	133	5	2013	2013	NUM
cblr-8639	133	6	)	)	PUNCT
cblr-8639	133	7	(	(	PUNCT
cblr-8639	133	8	finding	find	VERB
cblr-8639	133	9	that	that	SCONJ
cblr-8639	133	10	governance	governance	NOUN
cblr-8639	133	11	remains	remain	VERB
cblr-8639	133	12	important	important	ADJ
cblr-8639	133	13	to	to	ADP
cblr-8639	133	14	performance	performance	NOUN
cblr-8639	133	15	but	but	CCONJ
cblr-8639	133	16	that	that	SCONJ
cblr-8639	133	17	the	the	DET
cblr-8639	133	18	market	market	NOUN
cblr-8639	133	19	has	have	AUX
cblr-8639	133	20	learned	learn	VERB
cblr-8639	133	21	to	to	PART
cblr-8639	133	22	price	price	VERB
cblr-8639	133	23	this	this	DET
cblr-8639	133	24	value	value	NOUN
cblr-8639	133	25	)	)	PUNCT
cblr-8639	133	26	.	.	PUNCT
cblr-8639	134	1	24	24	NUM
cblr-8639	134	2	notice	notice	NOUN
cblr-8639	134	3	of	of	ADP
cblr-8639	134	4	filing	filing	NOUN
cblr-8639	134	5	of	of	ADP
cblr-8639	134	6	proposed	propose	VERB
cblr-8639	134	7	rule	rule	NOUN
cblr-8639	134	8	change	change	NOUN
cblr-8639	134	9	to	to	PART
cblr-8639	134	10	adopt	adopt	VERB
cblr-8639	134	11	listing	list	VERB
cblr-8639	134	12	rules	rule	NOUN
cblr-8639	134	13	related	relate	VERB
cblr-8639	134	14	to	to	ADP
cblr-8639	134	15	board	board	NOUN
cblr-8639	134	16	diversity	diversity	NOUN
cblr-8639	134	17	,	,	PUNCT
cblr-8639	134	18	85	85	NUM
cblr-8639	134	19	fed	feed	VERB
cblr-8639	134	20	.	.	PUNCT
cblr-8639	135	1	reg	reg	PROPN
cblr-8639	135	2	.	.	PROPN
cblr-8639	136	1	80,472	80,472	NUM
cblr-8639	136	2	,	,	PUNCT
cblr-8639	136	3	80,472	80,472	NUM
cblr-8639	136	4	(	(	PUNCT
cblr-8639	136	5	proposed	propose	VERB
cblr-8639	136	6	dec	dec	PROPN
cblr-8639	136	7	.	.	PROPN
cblr-8639	136	8	4	4	NUM
cblr-8639	136	9	,	,	PUNCT
cblr-8639	136	10	2020	2020	NUM
cblr-8639	136	11	)	)	PUNCT
cblr-8639	136	12	.	.	PUNCT
cblr-8639	137	1	nasdaq	nasdaq	PROPN
cblr-8639	137	2	later	later	ADV
cblr-8639	137	3	amended	amend	VERB
cblr-8639	137	4	its	its	PRON
cblr-8639	137	5	proposal	proposal	NOUN
cblr-8639	137	6	in	in	ADP
cblr-8639	137	7	respects	respect	NOUN
cblr-8639	137	8	not	not	PART
cblr-8639	137	9	relevant	relevant	ADJ
cblr-8639	137	10	to	to	ADP
cblr-8639	137	11	this	this	DET
cblr-8639	137	12	discussion	discussion	NOUN
cblr-8639	137	13	,	,	PUNCT
cblr-8639	137	14	and	and	CCONJ
cblr-8639	137	15	the	the	DET
cblr-8639	137	16	sec	sec	PROPN
cblr-8639	137	17	took	take	VERB
cblr-8639	137	18	fresh	fresh	ADJ
cblr-8639	137	19	comments	comment	NOUN
cblr-8639	137	20	through	through	ADP
cblr-8639	137	21	april	april	PROPN
cblr-8639	137	22	20	20	NUM
cblr-8639	137	23	,	,	PUNCT
cblr-8639	137	24	2021	2021	NUM
cblr-8639	137	25	.	.	PUNCT
cblr-8639	138	1	notice	notice	NOUN
cblr-8639	138	2	of	of	ADP
cblr-8639	138	3	filing	filing	NOUN
cblr-8639	138	4	of	of	ADP
cblr-8639	138	5	amendments	amendment	NOUN
cblr-8639	138	6	no	no	INTJ
cblr-8639	138	7	.	.	NOUN
cblr-8639	138	8	1	1	NUM
cblr-8639	138	9	and	and	CCONJ
cblr-8639	138	10	order	order	VERB
cblr-8639	138	11	instituting	institute	VERB
cblr-8639	138	12	proceedings	proceeding	NOUN
cblr-8639	138	13	to	to	PART
cblr-8639	138	14	determine	determine	VERB
cblr-8639	138	15	whether	whether	SCONJ
cblr-8639	138	16	to	to	PART
cblr-8639	138	17	approve	approve	VERB
cblr-8639	138	18	or	or	CCONJ
cblr-8639	138	19	disapprove	disapprove	VERB
cblr-8639	138	20	proposed	propose	VERB
cblr-8639	138	21	rule	rule	NOUN
cblr-8639	138	22	changes	change	NOUN
cblr-8639	138	23	,	,	PUNCT
cblr-8639	138	24	as	as	SCONJ
cblr-8639	138	25	modified	modify	VERB
cblr-8639	138	26	by	by	ADP
cblr-8639	138	27	amendments	amendment	NOUN
cblr-8639	138	28	no	no	INTJ
cblr-8639	138	29	.	.	NOUN
cblr-8639	138	30	1	1	NUM
cblr-8639	138	31	,	,	PUNCT
cblr-8639	138	32	86	86	NUM
cblr-8639	138	33	fed	fed	PROPN
cblr-8639	138	34	.	.	PUNCT
cblr-8639	139	1	reg	reg	PROPN
cblr-8639	139	2	.	.	PROPN
cblr-8639	140	1	14,484	14,484	NUM
cblr-8639	140	2	,	,	PUNCT
cblr-8639	140	3	14,484	14,484	NUM
cblr-8639	140	4	n.6	n.6	NOUN
cblr-8639	140	5	,	,	PUNCT
cblr-8639	140	6	14,493	14,493	NUM
cblr-8639	140	7	(	(	PUNCT
cblr-8639	140	8	mar	mar	PROPN
cblr-8639	140	9	.	.	PROPN
cblr-8639	140	10	16	16	NUM
cblr-8639	140	11	,	,	PUNCT
cblr-8639	140	12	2021	2021	NUM
cblr-8639	140	13	)	)	PUNCT
cblr-8639	140	14	.	.	PUNCT
cblr-8639	141	1	25	25	NUM
cblr-8639	141	2	notice	notice	NOUN
cblr-8639	141	3	of	of	ADP
cblr-8639	141	4	filing	filing	NOUN
cblr-8639	141	5	of	of	ADP
cblr-8639	141	6	proposed	propose	VERB
cblr-8639	141	7	rule	rule	NOUN
cblr-8639	141	8	change	change	NOUN
cblr-8639	141	9	to	to	PART
cblr-8639	141	10	adopt	adopt	VERB
cblr-8639	141	11	listing	list	VERB
cblr-8639	141	12	rules	rule	NOUN
cblr-8639	141	13	related	relate	VERB
cblr-8639	141	14	to	to	ADP
cblr-8639	141	15	board	board	NOUN
cblr-8639	141	16	diversity	diversity	NOUN
cblr-8639	141	17	,	,	PUNCT
cblr-8639	141	18	85	85	NUM
cblr-8639	141	19	fed	feed	VERB
cblr-8639	141	20	.	.	PUNCT
cblr-8639	142	1	reg	reg	PROPN
cblr-8639	142	2	.	.	PUNCT
cblr-8639	143	1	at	at	ADP
cblr-8639	143	2	80,475–77	80,475–77	NUM
cblr-8639	143	3	.	.	PUNCT
cblr-8639	144	1	nasdaq	nasdaq	PROPN
cblr-8639	144	2	also	also	ADV
cblr-8639	144	3	suggested	suggest	VERB
cblr-8639	144	4	further	further	ADJ
cblr-8639	144	5	justifications	justification	NOUN
cblr-8639	144	6	,	,	PUNCT
cblr-8639	144	7	including	include	VERB
cblr-8639	144	8	public	public	ADJ
cblr-8639	144	9	support	support	NOUN
cblr-8639	144	10	.	.	PUNCT
cblr-8639	145	1	i	i	PRON
cblr-8639	145	2	d.	d.	PROPN
cblr-8639	145	3	at	at	ADP
cblr-8639	145	4	80,474	80,474	NUM
cblr-8639	145	5	.	.	PUNCT
cblr-8639	146	1	26	26	NUM
cblr-8639	146	2	there	there	PRON
cblr-8639	146	3	is	be	VERB
cblr-8639	146	4	a	a	DET
cblr-8639	146	5	potential	potential	ADJ
cblr-8639	146	6	market	market	NOUN
cblr-8639	146	7	failure	failure	NOUN
cblr-8639	146	8	if	if	SCONJ
cblr-8639	146	9	diverse	diverse	ADJ
cblr-8639	146	10	boards	board	NOUN
cblr-8639	146	11	are	be	AUX
cblr-8639	146	12	more	more	ADV
cblr-8639	146	13	likely	likely	ADJ
cblr-8639	146	14	to	to	PART
cblr-8639	146	15	hold	hold	VERB
cblr-8639	146	16	ceos	ceos	NOUN
cblr-8639	146	17	accountable	accountable	ADJ
cblr-8639	146	18	and	and	CCONJ
cblr-8639	146	19	ceos	ceo	NOUN
cblr-8639	146	20	therefore	therefore	ADV
cblr-8639	146	21	try	try	VERB
cblr-8639	146	22	to	to	PART
cblr-8639	146	23	avoid	avoid	VERB
cblr-8639	146	24	them	they	PRON
cblr-8639	146	25	.	.	PUNCT
cblr-8639	147	1	see	see	VERB
cblr-8639	147	2	michal	michal	PROPN
cblr-8639	147	3	barzuza	barzuza	PROPN
cblr-8639	147	4	&	&	CCONJ
cblr-8639	147	5	gideon	gideon	PROPN
cblr-8639	147	6	parchomovsky	parchomovsky	PROPN
cblr-8639	147	7	,	,	PUNCT
cblr-8639	147	8	diversity	diversity	NOUN
cblr-8639	147	9	across	across	ADP
cblr-8639	147	10	the	the	DET
cblr-8639	147	11	board	board	NOUN
cblr-8639	147	12	(	(	PUNCT
cblr-8639	147	13	working	work	VERB
cblr-8639	147	14	paper	paper	NOUN
cblr-8639	147	15	2021	2021	NUM
cblr-8639	147	16	)	)	PUNCT
cblr-8639	147	17	.	.	PUNCT
cblr-8639	148	1	for	for	SCONJ
cblr-8639	148	2	there	there	PRON
cblr-8639	148	3	to	to	PART
cblr-8639	148	4	be	be	AUX
cblr-8639	148	5	a	a	DET
cblr-8639	148	6	systematic	systematic	ADJ
cblr-8639	148	7	mispricing	mispricing	NOUN
cblr-8639	148	8	,	,	PUNCT
cblr-8639	148	9	however	however	ADV
cblr-8639	148	10	,	,	PUNCT
cblr-8639	148	11	there	there	PRON
cblr-8639	148	12	must	must	AUX
cblr-8639	148	13	also	also	ADV
cblr-8639	148	14	be	be	AUX
cblr-8639	148	15	some	some	DET
cblr-8639	148	16	reason	reason	NOUN
cblr-8639	148	17	why	why	SCONJ
cblr-8639	148	18	companies	company	NOUN
cblr-8639	148	19	with	with	ADP
cblr-8639	148	20	diverse	diverse	ADJ
cblr-8639	148	21	boards	board	NOUN
cblr-8639	148	22	will	will	AUX
cblr-8639	148	23	not	not	PART
cblr-8639	148	24	publicize	publicize	VERB
cblr-8639	148	25	that	that	DET
cblr-8639	148	26	fact	fact	NOUN
cblr-8639	148	27	,	,	PUNCT
cblr-8639	148	28	allowing	allow	VERB
cblr-8639	148	29	shareholders	shareholder	NOUN
cblr-8639	148	30	to	to	PART
cblr-8639	148	31	draw	draw	VERB
cblr-8639	148	32	an	an	DET
cblr-8639	148	33	adverse	adverse	ADJ
cblr-8639	148	34	inference	inference	NOUN
cblr-8639	148	35	against	against	ADP
cblr-8639	148	36	those	those	PRON
cblr-8639	148	37	who	who	PRON
cblr-8639	148	38	do	do	VERB
cblr-8639	148	39	not	not	PART
cblr-8639	148	40	.	.	PUNCT
cblr-8639	149	1	27	27	NUM
cblr-8639	149	2	notice	notice	NOUN
cblr-8639	149	3	of	of	ADP
cblr-8639	149	4	filing	filing	NOUN
cblr-8639	149	5	of	of	ADP
cblr-8639	149	6	proposed	propose	VERB
cblr-8639	149	7	rule	rule	NOUN
cblr-8639	149	8	change	change	NOUN
cblr-8639	149	9	to	to	PART
cblr-8639	149	10	adopt	adopt	VERB
cblr-8639	149	11	listing	list	VERB
cblr-8639	149	12	rules	rule	NOUN
cblr-8639	149	13	related	relate	VERB
cblr-8639	149	14	to	to	ADP
cblr-8639	149	15	board	board	NOUN
cblr-8639	149	16	diversity	diversity	NOUN
cblr-8639	149	17	,	,	PUNCT
cblr-8639	149	18	85	85	NUM
cblr-8639	149	19	fed	feed	VERB
cblr-8639	149	20	.	.	PUNCT
cblr-8639	150	1	reg	reg	PROPN
cblr-8639	150	2	.	.	PUNCT
cblr-8639	151	1	at	at	ADP
cblr-8639	151	2	80,474	80,474	NUM
cblr-8639	151	3	(	(	PUNCT
cblr-8639	151	4	emphasis	emphasis	NOUN
cblr-8639	151	5	omitted	omit	VERB
cblr-8639	151	6	)	)	PUNCT
cblr-8639	151	7	.	.	PUNCT
cblr-8639	152	1	mahoney	mahoney	PROPN
cblr-8639	152	2	&	&	CCONJ
cblr-8639	152	3	mahoney	mahoney	PROPN
cblr-8639	152	4	8/22/2021	8/22/2021	PROPN
cblr-8639	152	5	9:16	9:16	NUM
cblr-8639	152	6	pm	pm	NOUN
cblr-8639	152	7	no	no	INTJ
cblr-8639	152	8	.	.	PUNCT
cblr-8639	153	1	2:840	2:840	NUM
cblr-8639	153	2	]	]	X
cblr-8639	153	3	the	the	DET
cblr-8639	153	4	new	new	ADJ
cblr-8639	153	5	separation	separation	NOUN
cblr-8639	153	6	of	of	ADP
cblr-8639	153	7	ownership	ownership	NOUN
cblr-8639	153	8	and	and	CCONJ
cblr-8639	153	9	control	control	VERB
cblr-8639	153	10	849	849	NUM
cblr-8639	153	11	discussion	discussion	NOUN
cblr-8639	153	12	and	and	CCONJ
cblr-8639	153	13	analysis	analysis	NOUN
cblr-8639	153	14	requirements	requirement	NOUN
cblr-8639	153	15	of	of	ADP
cblr-8639	153	16	regulation	regulation	NOUN
cblr-8639	153	17	s	s	NOUN
cblr-8639	153	18	-	-	PUNCT
cblr-8639	153	19	k	k	NOUN
cblr-8639	153	20	,	,	PUNCT
cblr-8639	153	21	a	a	DET
cblr-8639	153	22	company	company	NOUN
cblr-8639	153	23	must	must	AUX
cblr-8639	153	24	generally	generally	ADV
cblr-8639	153	25	identify	identify	VERB
cblr-8639	153	26	known	know	VERB
cblr-8639	153	27	operational	operational	ADJ
cblr-8639	153	28	and	and	CCONJ
cblr-8639	153	29	financial	financial	ADJ
cblr-8639	153	30	risks.28	risks.28	NOUN
cblr-8639	153	31	potential	potential	ADJ
cblr-8639	153	32	losses	loss	NOUN
cblr-8639	153	33	associated	associate	VERB
cblr-8639	153	34	with	with	ADP
cblr-8639	153	35	weather	weather	NOUN
cblr-8639	153	36	events	event	NOUN
cblr-8639	153	37	that	that	PRON
cblr-8639	153	38	may	may	AUX
cblr-8639	153	39	occur	occur	VERB
cblr-8639	153	40	with	with	ADP
cblr-8639	153	41	sufficient	sufficient	ADJ
cblr-8639	153	42	probability	probability	NOUN
cblr-8639	153	43	fit	fit	ADJ
cblr-8639	153	44	squarely	squarely	ADV
cblr-8639	153	45	within	within	ADP
cblr-8639	153	46	the	the	DET
cblr-8639	153	47	existing	exist	VERB
cblr-8639	153	48	framework.29	framework.29	NOUN
cblr-8639	153	49	so	so	ADV
cblr-8639	153	50	do	do	VERB
cblr-8639	153	51	the	the	DET
cblr-8639	153	52	costs	cost	NOUN
cblr-8639	153	53	of	of	ADP
cblr-8639	153	54	complying	comply	VERB
cblr-8639	153	55	with	with	ADP
cblr-8639	153	56	existing	exist	VERB
cblr-8639	153	57	or	or	CCONJ
cblr-8639	153	58	probable	probable	ADJ
cblr-8639	153	59	regulatory	regulatory	ADJ
cblr-8639	153	60	mandates.30	mandates.30	NOUN
cblr-8639	153	61	the	the	DET
cblr-8639	153	62	market	market	NOUN
cblr-8639	153	63	failure	failure	NOUN
cblr-8639	153	64	claim	claim	VERB
cblr-8639	153	65	with	with	ADP
cblr-8639	153	66	respect	respect	NOUN
cblr-8639	153	67	to	to	ADP
cblr-8639	153	68	environmental	environmental	ADJ
cblr-8639	153	69	risks	risk	NOUN
cblr-8639	153	70	turns	turn	VERB
cblr-8639	153	71	on	on	ADP
cblr-8639	153	72	disclosure	disclosure	NOUN
cblr-8639	153	73	standardization	standardization	NOUN
cblr-8639	153	74	.	.	PUNCT
cblr-8639	154	1	no	no	DET
cblr-8639	154	2	individual	individual	ADJ
cblr-8639	154	3	company	company	NOUN
cblr-8639	154	4	has	have	VERB
cblr-8639	154	5	an	an	DET
cblr-8639	154	6	incentive	incentive	NOUN
cblr-8639	154	7	to	to	PART
cblr-8639	154	8	develop	develop	VERB
cblr-8639	154	9	a	a	DET
cblr-8639	154	10	standardized	standardized	ADJ
cblr-8639	154	11	set	set	NOUN
cblr-8639	154	12	of	of	ADP
cblr-8639	154	13	esg	esg	PROPN
cblr-8639	154	14	disclosures	disclosure	NOUN
cblr-8639	154	15	,	,	PUNCT
cblr-8639	154	16	but	but	CCONJ
cblr-8639	154	17	investors	investor	NOUN
cblr-8639	154	18	would	would	AUX
cblr-8639	154	19	benefit	benefit	VERB
cblr-8639	154	20	from	from	ADP
cblr-8639	154	21	it.31	it.31	PROPN
cblr-8639	154	22	companies	company	NOUN
cblr-8639	154	23	use	use	VERB
cblr-8639	154	24	different	different	ADJ
cblr-8639	154	25	metrics	metric	NOUN
cblr-8639	154	26	to	to	PART
cblr-8639	154	27	assess	assess	VERB
cblr-8639	154	28	the	the	DET
cblr-8639	154	29	risk	risk	NOUN
cblr-8639	154	30	of	of	ADP
cblr-8639	154	31	climatebased	climatebased	ADJ
cblr-8639	154	32	harm	harm	NOUN
cblr-8639	154	33	and	and	CCONJ
cblr-8639	154	34	of	of	ADP
cblr-8639	154	35	the	the	DET
cblr-8639	154	36	effects	effect	NOUN
cblr-8639	154	37	of	of	ADP
cblr-8639	154	38	possible	possible	ADJ
cblr-8639	154	39	future	future	ADJ
cblr-8639	154	40	regulations	regulation	NOUN
cblr-8639	154	41	on	on	ADP
cblr-8639	154	42	their	their	PRON
cblr-8639	154	43	operations.32	operations.32	ADJ
cblr-8639	154	44	different	different	ADJ
cblr-8639	154	45	nongovernmental	nongovernmental	ADJ
cblr-8639	154	46	organizations	organization	NOUN
cblr-8639	154	47	give	give	VERB
cblr-8639	154	48	different	different	ADJ
cblr-8639	154	49	climate	climate	NOUN
cblr-8639	154	50	“	"	PUNCT
cblr-8639	154	51	scores	score	NOUN
cblr-8639	154	52	”	"	PUNCT
cblr-8639	154	53	to	to	ADP
cblr-8639	154	54	the	the	DET
cblr-8639	154	55	same	same	ADJ
cblr-8639	154	56	company.33	company.33	NOUN
cblr-8639	154	57	disagreement	disagreement	NOUN
cblr-8639	154	58	about	about	ADP
cblr-8639	154	59	the	the	DET
cblr-8639	154	60	future	future	NOUN
cblr-8639	154	61	,	,	PUNCT
cblr-8639	154	62	however	however	ADV
cblr-8639	154	63	,	,	PUNCT
cblr-8639	154	64	is	be	AUX
cblr-8639	154	65	not	not	PART
cblr-8639	154	66	a	a	DET
cblr-8639	154	67	market	market	NOUN
cblr-8639	154	68	failure	failure	NOUN
cblr-8639	154	69	.	.	PUNCT
cblr-8639	155	1	at	at	ADP
cblr-8639	155	2	a	a	DET
cblr-8639	155	3	conceptual	conceptual	ADJ
cblr-8639	155	4	level	level	NOUN
cblr-8639	155	5	,	,	PUNCT
cblr-8639	155	6	commentators	commentator	NOUN
cblr-8639	155	7	and	and	CCONJ
cblr-8639	155	8	standard	standard	ADJ
cblr-8639	155	9	setters	setter	NOUN
cblr-8639	155	10	agree	agree	VERB
cblr-8639	155	11	that	that	SCONJ
cblr-8639	155	12	a	a	DET
cblr-8639	155	13	changing	change	VERB
cblr-8639	155	14	climate	climate	NOUN
cblr-8639	155	15	will	will	AUX
cblr-8639	155	16	generate	generate	VERB
cblr-8639	155	17	physical	physical	ADJ
cblr-8639	155	18	risks	risk	NOUN
cblr-8639	155	19	—	—	PUNCT
cblr-8639	155	20	risks	risk	NOUN
cblr-8639	155	21	associated	associate	VERB
cblr-8639	155	22	with	with	ADP
cblr-8639	155	23	adverse	adverse	ADJ
cblr-8639	155	24	weather	weather	NOUN
cblr-8639	155	25	events	event	NOUN
cblr-8639	155	26	,	,	PUNCT
cblr-8639	155	27	sea	sea	NOUN
cblr-8639	155	28	level	level	NOUN
cblr-8639	155	29	changes	change	NOUN
cblr-8639	155	30	,	,	PUNCT
cblr-8639	155	31	and	and	CCONJ
cblr-8639	155	32	so	so	ADV
cblr-8639	155	33	on	on	ADV
cblr-8639	155	34	—	—	PUNCT
cblr-8639	155	35	and	and	CCONJ
cblr-8639	155	36	transition	transition	NOUN
cblr-8639	155	37	risks	risk	NOUN
cblr-8639	155	38	—	—	PUNCT
cblr-8639	155	39	costs	cost	NOUN
cblr-8639	155	40	firms	firm	NOUN
cblr-8639	155	41	will	will	AUX
cblr-8639	155	42	incur	incur	VERB
cblr-8639	155	43	in	in	ADP
cblr-8639	155	44	complying	comply	VERB
cblr-8639	155	45	with	with	ADP
cblr-8639	155	46	future	future	ADJ
cblr-8639	155	47	climate	climate	NOUN
cblr-8639	155	48	policies.34	policies.34	NOUN
cblr-8639	155	49	not	not	PART
cblr-8639	155	50	28	28	NUM
cblr-8639	155	51	see	see	VERB
cblr-8639	155	52	17	17	NUM
cblr-8639	155	53	c.f.r	c.f.r	NOUN
cblr-8639	155	54	.	.	PUNCT
cblr-8639	156	1	§	§	PROPN
cblr-8639	156	2	229.105	229.105	NUM
cblr-8639	156	3	(	(	PUNCT
cblr-8639	156	4	2020	2020	NUM
cblr-8639	156	5	)	)	PUNCT
cblr-8639	156	6	(	(	PUNCT
cblr-8639	156	7	requiring	require	VERB
cblr-8639	156	8	disclosure	disclosure	NOUN
cblr-8639	156	9	of	of	ADP
cblr-8639	156	10	“	"	PUNCT
cblr-8639	156	11	the	the	DET
cblr-8639	156	12	most	most	ADV
cblr-8639	156	13	significant	significant	ADJ
cblr-8639	156	14	factors	factor	NOUN
cblr-8639	156	15	that	that	PRON
cblr-8639	156	16	make	make	VERB
cblr-8639	156	17	an	an	DET
cblr-8639	156	18	investment	investment	NOUN
cblr-8639	156	19	in	in	ADP
cblr-8639	156	20	the	the	DET
cblr-8639	156	21	registrant	registrant	NOUN
cblr-8639	156	22	or	or	CCONJ
cblr-8639	156	23	offering	offer	VERB
cblr-8639	156	24	speculative	speculative	ADJ
cblr-8639	156	25	or	or	CCONJ
cblr-8639	156	26	risky	risky	ADJ
cblr-8639	156	27	”	"	PUNCT
cblr-8639	156	28	)	)	PUNCT
cblr-8639	156	29	;	;	PUNCT
cblr-8639	157	1	i	i	PROPN
cblr-8639	157	2	d.	d.	PROPN
cblr-8639	157	3	§	§	PROPN
cblr-8639	157	4	229.303(a	229.303(a	PROPN
cblr-8639	157	5	)	)	PUNCT
cblr-8639	157	6	instruction	instruction	NOUN
cblr-8639	157	7	3	3	NUM
cblr-8639	157	8	(	(	PUNCT
cblr-8639	157	9	requiring	require	VERB
cblr-8639	157	10	disclosure	disclosure	NOUN
cblr-8639	157	11	of	of	ADP
cblr-8639	157	12	“	"	PUNCT
cblr-8639	157	13	material	material	ADJ
cblr-8639	157	14	events	event	NOUN
cblr-8639	157	15	and	and	CCONJ
cblr-8639	157	16	uncertainties	uncertainty	NOUN
cblr-8639	157	17	known	know	VERB
cblr-8639	157	18	to	to	ADP
cblr-8639	157	19	management	management	NOUN
cblr-8639	157	20	that	that	PRON
cblr-8639	157	21	would	would	AUX
cblr-8639	157	22	cause	cause	VERB
cblr-8639	157	23	reported	report	VERB
cblr-8639	157	24	financial	financial	ADJ
cblr-8639	157	25	information	information	NOUN
cblr-8639	157	26	not	not	PART
cblr-8639	157	27	to	to	PART
cblr-8639	157	28	be	be	AUX
cblr-8639	157	29	necessarily	necessarily	ADV
cblr-8639	157	30	indicative	indicative	ADJ
cblr-8639	157	31	of	of	ADP
cblr-8639	157	32	future	future	ADJ
cblr-8639	157	33	operating	operating	NOUN
cblr-8639	157	34	results	result	NOUN
cblr-8639	157	35	or	or	CCONJ
cblr-8639	157	36	of	of	ADP
cblr-8639	157	37	future	future	ADJ
cblr-8639	157	38	financial	financial	ADJ
cblr-8639	157	39	condition	condition	NOUN
cblr-8639	157	40	”	"	PUNCT
cblr-8639	157	41	)	)	PUNCT
cblr-8639	157	42	.	.	PUNCT
cblr-8639	158	1	29	29	NUM
cblr-8639	158	2	eva	eva	PROPN
cblr-8639	158	3	su	su	PROPN
cblr-8639	158	4	&	&	CCONJ
cblr-8639	158	5	nicole	nicole	PROPN
cblr-8639	158	6	vanatko	vanatko	PROPN
cblr-8639	158	7	,	,	PUNCT
cblr-8639	158	8	cong	cong	NOUN
cblr-8639	158	9	.	.	PUNCT
cblr-8639	159	1	rsch	rsch	PROPN
cblr-8639	159	2	.	.	PUNCT
cblr-8639	160	1	serv	serv	PROPN
cblr-8639	160	2	.	.	PROPN
cblr-8639	160	3	,	,	PUNCT
cblr-8639	160	4	if11307	if11307	PROPN
cblr-8639	160	5	,	,	PUNCT
cblr-8639	160	6	climaterelated	climaterelate	VERB
cblr-8639	160	7	risk	risk	NOUN
cblr-8639	160	8	disclosure	disclosure	NOUN
cblr-8639	160	9	under	under	ADP
cblr-8639	160	10	u.s	u.s	PROPN
cblr-8639	160	11	.	.	PROPN
cblr-8639	160	12	securities	security	NOUN
cblr-8639	160	13	laws	law	NOUN
cblr-8639	160	14	1	1	NUM
cblr-8639	160	15	(	(	PUNCT
cblr-8639	160	16	2019	2019	NUM
cblr-8639	160	17	)	)	PUNCT
cblr-8639	160	18	.	.	PUNCT
cblr-8639	161	1	30	30	NUM
cblr-8639	162	1	i	i	PRON
cblr-8639	162	2	d.	d.	PROPN
cblr-8639	162	3	31	31	NUM
cblr-8639	162	4	see	see	VERB
cblr-8639	162	5	michael	michael	PROPN
cblr-8639	162	6	clements	clements	PROPN
cblr-8639	162	7	et	et	PROPN
cblr-8639	162	8	al	al	PROPN
cblr-8639	162	9	.	.	PROPN
cblr-8639	162	10	,	,	PUNCT
cblr-8639	162	11	u.s	u.s	PROPN
cblr-8639	162	12	.	.	PROPN
cblr-8639	162	13	gov’t	gov’t	NOUN
cblr-8639	162	14	accountability	accountability	NOUN
cblr-8639	162	15	off	off	ADP
cblr-8639	162	16	.	.	PUNCT
cblr-8639	162	17	,	,	PUNCT
cblr-8639	162	18	gao-20	gao-20	NOUN
cblr-8639	162	19	-	-	PUNCT
cblr-8639	162	20	530	530	NUM
cblr-8639	162	21	,	,	PUNCT
cblr-8639	162	22	public	public	ADJ
cblr-8639	162	23	companies	company	NOUN
cblr-8639	162	24	:	:	PUNCT
cblr-8639	162	25	disclosure	disclosure	NOUN
cblr-8639	162	26	of	of	ADP
cblr-8639	162	27	environmental	environmental	ADJ
cblr-8639	162	28	,	,	PUNCT
cblr-8639	162	29	social	social	ADJ
cblr-8639	162	30	,	,	PUNCT
cblr-8639	162	31	and	and	CCONJ
cblr-8639	162	32	governance	governance	NOUN
cblr-8639	162	33	factors	factor	NOUN
cblr-8639	162	34	and	and	CCONJ
cblr-8639	162	35	options	option	NOUN
cblr-8639	162	36	to	to	PART
cblr-8639	162	37	enhance	enhance	VERB
cblr-8639	162	38	them	they	PRON
cblr-8639	162	39	32	32	NUM
cblr-8639	162	40	(	(	PUNCT
cblr-8639	162	41	2020	2020	NUM
cblr-8639	162	42	)	)	PUNCT
cblr-8639	162	43	(	(	PUNCT
cblr-8639	162	44	“	"	PUNCT
cblr-8639	162	45	we	we	PRON
cblr-8639	162	46	identified	identify	VERB
cblr-8639	162	47	inconsistencies	inconsistency	NOUN
cblr-8639	162	48	in	in	ADP
cblr-8639	162	49	how	how	SCONJ
cblr-8639	162	50	companies	company	NOUN
cblr-8639	162	51	disclosed	disclose	VERB
cblr-8639	162	52	on	on	ADP
cblr-8639	162	53	some	some	PRON
cblr-8639	162	54	of	of	ADP
cblr-8639	162	55	our	our	PRON
cblr-8639	162	56	.	.	PUNCT
cblr-8639	162	57	.	.	PUNCT
cblr-8639	162	58	.	.	PUNCT
cblr-8639	163	1	esg	esg	NOUN
cblr-8639	163	2	topics	topic	NOUN
cblr-8639	163	3	,	,	PUNCT
cblr-8639	163	4	which	which	PRON
cblr-8639	163	5	may	may	AUX
cblr-8639	163	6	limit	limit	VERB
cblr-8639	163	7	investors	investor	NOUN
cblr-8639	163	8	’	’	PART
cblr-8639	163	9	ability	ability	NOUN
cblr-8639	163	10	to	to	PART
cblr-8639	163	11	compare	compare	VERB
cblr-8639	163	12	these	these	DET
cblr-8639	163	13	disclosures	disclosure	NOUN
cblr-8639	163	14	across	across	ADP
cblr-8639	163	15	companies	company	NOUN
cblr-8639	163	16	.	.	PUNCT
cblr-8639	163	17	”	"	PUNCT
cblr-8639	163	18	)	)	PUNCT
cblr-8639	163	19	.	.	PUNCT
cblr-8639	164	1	32	32	NUM
cblr-8639	164	2	see	see	VERB
cblr-8639	164	3	i	i	PRON
cblr-8639	164	4	d.	d.	PROPN
cblr-8639	164	5	at	at	ADP
cblr-8639	164	6	17–18	17–18	NUM
cblr-8639	164	7	(	(	PUNCT
cblr-8639	164	8	explaining	explain	VERB
cblr-8639	164	9	the	the	DET
cblr-8639	164	10	processes	process	NOUN
cblr-8639	164	11	companies	company	NOUN
cblr-8639	164	12	use	use	VERB
cblr-8639	164	13	to	to	PART
cblr-8639	164	14	choose	choose	VERB
cblr-8639	164	15	metrics	metric	NOUN
cblr-8639	164	16	)	)	PUNCT
cblr-8639	164	17	.	.	PUNCT
cblr-8639	165	1	33	33	NUM
cblr-8639	165	2	see	see	VERB
cblr-8639	165	3	dana	dana	PROPN
cblr-8639	165	4	brakman	brakman	PROPN
cblr-8639	165	5	reiser	reiser	PROPN
cblr-8639	165	6	&	&	CCONJ
cblr-8639	165	7	anne	anne	PROPN
cblr-8639	165	8	tucker	tucker	PROPN
cblr-8639	165	9	,	,	PUNCT
cblr-8639	165	10	buyer	buyer	NOUN
cblr-8639	165	11	beware	beware	NOUN
cblr-8639	165	12	:	:	PUNCT
cblr-8639	165	13	variation	variation	NOUN
cblr-8639	165	14	and	and	CCONJ
cblr-8639	165	15	opacity	opacity	NOUN
cblr-8639	165	16	in	in	ADP
cblr-8639	165	17	esg	esg	PROPN
cblr-8639	165	18	and	and	CCONJ
cblr-8639	165	19	esg	esg	PROPN
cblr-8639	165	20	index	index	NOUN
cblr-8639	165	21	funds	fund	NOUN
cblr-8639	165	22	,	,	PUNCT
cblr-8639	165	23	41	41	NUM
cblr-8639	165	24	cardozo	cardozo	PROPN
cblr-8639	165	25	l.	l.	PROPN
cblr-8639	165	26	rev	rev	PROPN
cblr-8639	165	27	.	.	PROPN
cblr-8639	165	28	1921	1921	NUM
cblr-8639	165	29	,	,	PUNCT
cblr-8639	165	30	1998	1998	NUM
cblr-8639	165	31	(	(	PUNCT
cblr-8639	165	32	2020	2020	NUM
cblr-8639	165	33	)	)	PUNCT
cblr-8639	165	34	.	.	PUNCT
cblr-8639	166	1	34	34	NUM
cblr-8639	166	2	see	see	VERB
cblr-8639	166	3	su	su	PROPN
cblr-8639	166	4	&	&	CCONJ
cblr-8639	166	5	vanatko	vanatko	PROPN
cblr-8639	166	6	,	,	PUNCT
cblr-8639	166	7	supra	supra	PROPN
cblr-8639	166	8	note	note	PROPN
cblr-8639	166	9	29	29	NUM
cblr-8639	166	10	,	,	PUNCT
cblr-8639	166	11	at	at	ADP
cblr-8639	166	12	1	1	NUM
cblr-8639	166	13	.	.	PUNCT
cblr-8639	166	14	mahoney	mahoney	PROPN
cblr-8639	166	15	&	&	CCONJ
cblr-8639	166	16	mahoney	mahoney	PROPN
cblr-8639	166	17	8/22/2021	8/22/2021	PROPN
cblr-8639	166	18	9:16	9:16	NUM
cblr-8639	166	19	pm	pm	NOUN
cblr-8639	166	20	850	850	NUM
cblr-8639	166	21	columbia	columbia	PROPN
cblr-8639	166	22	business	business	NOUN
cblr-8639	166	23	law	law	PROPN
cblr-8639	166	24	review	review	NOUN
cblr-8639	166	25	[	[	X
cblr-8639	166	26	vol	vol	NOUN
cblr-8639	166	27	.	.	PUNCT
cblr-8639	166	28	2021	2021	NUM
cblr-8639	166	29	surprisingly	surprisingly	ADV
cblr-8639	166	30	,	,	PUNCT
cblr-8639	166	31	there	there	PRON
cblr-8639	166	32	is	be	VERB
cblr-8639	166	33	no	no	DET
cblr-8639	166	34	universally	universally	ADV
cblr-8639	166	35	-	-	PUNCT
cblr-8639	166	36	accepted	accept	VERB
cblr-8639	166	37	measure	measure	NOUN
cblr-8639	166	38	of	of	ADP
cblr-8639	166	39	what	what	PRON
cblr-8639	166	40	these	these	DET
cblr-8639	166	41	future	future	ADJ
cblr-8639	166	42	changes	change	NOUN
cblr-8639	166	43	will	will	AUX
cblr-8639	166	44	be	be	AUX
cblr-8639	166	45	and	and	CCONJ
cblr-8639	166	46	how	how	SCONJ
cblr-8639	166	47	they	they	PRON
cblr-8639	166	48	will	will	AUX
cblr-8639	166	49	affect	affect	VERB
cblr-8639	166	50	individual	individual	ADJ
cblr-8639	166	51	companies	company	NOUN
cblr-8639	166	52	.	.	PUNCT
cblr-8639	167	1	financial	financial	ADJ
cblr-8639	167	2	markets	market	NOUN
cblr-8639	167	3	,	,	PUNCT
cblr-8639	167	4	however	however	ADV
cblr-8639	167	5	,	,	PUNCT
cblr-8639	167	6	are	be	AUX
cblr-8639	167	7	attentive	attentive	ADJ
cblr-8639	167	8	to	to	ADP
cblr-8639	167	9	these	these	DET
cblr-8639	167	10	risks	risk	NOUN
cblr-8639	167	11	.	.	PUNCT
cblr-8639	168	1	over	over	ADP
cblr-8639	168	2	the	the	DET
cblr-8639	168	3	past	past	ADJ
cblr-8639	168	4	decade	decade	NOUN
cblr-8639	168	5	,	,	PUNCT
cblr-8639	168	6	for	for	ADP
cblr-8639	168	7	example	example	NOUN
cblr-8639	168	8	,	,	PUNCT
cblr-8639	168	9	exxonmobil	exxonmobil	PROPN
cblr-8639	168	10	’s	’s	PART
cblr-8639	168	11	price	price	NOUN
cblr-8639	168	12	/	/	SYM
cblr-8639	168	13	earnings	earning	NOUN
cblr-8639	168	14	ratio	ratio	NOUN
cblr-8639	168	15	has	have	AUX
cblr-8639	168	16	averaged	average	VERB
cblr-8639	168	17	about	about	ADV
cblr-8639	168	18	fifteen,35	fifteen,35	NUM
cblr-8639	168	19	while	while	SCONJ
cblr-8639	168	20	first	first	PROPN
cblr-8639	168	21	solar	solar	PROPN
cblr-8639	168	22	’s	’s	PART
cblr-8639	168	23	is	be	AUX
cblr-8639	168	24	currently	currently	ADV
cblr-8639	168	25	around	around	ADV
cblr-8639	168	26	forty	forty	NOUN
cblr-8639	168	27	-	-	PUNCT
cblr-8639	168	28	five.36	five.36	NOUN
cblr-8639	168	29	in	in	ADP
cblr-8639	168	30	early	early	ADJ
cblr-8639	168	31	2021	2021	NUM
cblr-8639	168	32	,	,	PUNCT
cblr-8639	168	33	tesla	tesla	PROPN
cblr-8639	168	34	had	have	VERB
cblr-8639	168	35	a	a	DET
cblr-8639	168	36	market	market	NOUN
cblr-8639	168	37	capitalization	capitalization	NOUN
cblr-8639	168	38	more	more	ADJ
cblr-8639	168	39	than	than	ADP
cblr-8639	168	40	seven	seven	NUM
cblr-8639	168	41	times	time	NOUN
cblr-8639	168	42	that	that	PRON
cblr-8639	168	43	of	of	ADP
cblr-8639	168	44	general	general	ADJ
cblr-8639	168	45	motors.37	motors.37	NOUN
cblr-8639	168	46	this	this	PRON
cblr-8639	168	47	is	be	AUX
cblr-8639	168	48	not	not	PART
cblr-8639	168	49	evidence	evidence	NOUN
cblr-8639	168	50	of	of	ADP
cblr-8639	168	51	the	the	DET
cblr-8639	168	52	market	market	NOUN
cblr-8639	168	53	’s	’s	PART
cblr-8639	168	54	inability	inability	NOUN
cblr-8639	168	55	to	to	PART
cblr-8639	168	56	value	value	VERB
cblr-8639	168	57	esg	esg	NOUN
cblr-8639	168	58	factors	factor	NOUN
cblr-8639	168	59	without	without	ADP
cblr-8639	168	60	mandatory	mandatory	ADJ
cblr-8639	168	61	,	,	PUNCT
cblr-8639	168	62	standardized	standardized	ADJ
cblr-8639	168	63	disclosures	disclosure	NOUN
cblr-8639	168	64	.	.	PUNCT
cblr-8639	169	1	indeed	indeed	ADV
cblr-8639	169	2	,	,	PUNCT
cblr-8639	169	3	it	it	PRON
cblr-8639	169	4	appears	appear	VERB
cblr-8639	169	5	that	that	SCONJ
cblr-8639	169	6	esg	esg	PROPN
cblr-8639	169	7	investors	investor	NOUN
cblr-8639	169	8	may	may	AUX
cblr-8639	169	9	object	object	VERB
cblr-8639	169	10	to	to	ADP
cblr-8639	169	11	the	the	DET
cblr-8639	169	12	status	status	NOUN
cblr-8639	169	13	quo	quo	NOUN
cblr-8639	169	14	partly	partly	ADV
cblr-8639	169	15	because	because	SCONJ
cblr-8639	169	16	market	market	NOUN
cblr-8639	169	17	valuations	valuation	NOUN
cblr-8639	169	18	also	also	ADV
cblr-8639	169	19	reflect	reflect	VERB
cblr-8639	169	20	the	the	DET
cblr-8639	169	21	political	political	ADJ
cblr-8639	169	22	barriers	barrier	NOUN
cblr-8639	169	23	to	to	ADP
cblr-8639	169	24	dramatic	dramatic	ADJ
cblr-8639	169	25	policy	policy	NOUN
cblr-8639	169	26	changes	change	NOUN
cblr-8639	169	27	.	.	PUNCT
cblr-8639	170	1	a	a	DET
cblr-8639	170	2	common	common	ADJ
cblr-8639	170	3	argument	argument	NOUN
cblr-8639	170	4	is	be	AUX
cblr-8639	170	5	that	that	SCONJ
cblr-8639	170	6	markets	market	NOUN
cblr-8639	170	7	are	be	AUX
cblr-8639	170	8	not	not	PART
cblr-8639	170	9	correctly	correctly	ADV
cblr-8639	170	10	valuing	value	VERB
cblr-8639	170	11	companies	company	NOUN
cblr-8639	170	12	responsible	responsible	ADJ
cblr-8639	170	13	for	for	ADP
cblr-8639	170	14	substantial	substantial	ADJ
cblr-8639	170	15	greenhouse	greenhouse	NOUN
cblr-8639	170	16	gas	gas	NOUN
cblr-8639	170	17	emissions.38	emissions.38	NOUN
cblr-8639	170	18	that	that	PRON
cblr-8639	170	19	is	be	AUX
cblr-8639	170	20	undoubtedly	undoubtedly	ADV
cblr-8639	170	21	true	true	ADJ
cblr-8639	170	22	if	if	SCONJ
cblr-8639	170	23	our	our	PRON
cblr-8639	170	24	baseline	baseline	NOUN
cblr-8639	170	25	for	for	ADP
cblr-8639	170	26	“	"	PUNCT
cblr-8639	170	27	correct	correct	ADJ
cblr-8639	170	28	”	"	PUNCT
cblr-8639	170	29	valuation	valuation	NOUN
cblr-8639	170	30	is	be	AUX
cblr-8639	170	31	a	a	DET
cblr-8639	170	32	theoretical	theoretical	ADJ
cblr-8639	170	33	,	,	PUNCT
cblr-8639	170	34	optimal	optimal	ADJ
cblr-8639	170	35	global	global	ADJ
cblr-8639	170	36	policy	policy	NOUN
cblr-8639	170	37	response	response	NOUN
cblr-8639	170	38	to	to	ADP
cblr-8639	170	39	climate	climate	NOUN
cblr-8639	170	40	change	change	NOUN
cblr-8639	170	41	.	.	PUNCT
cblr-8639	171	1	it	it	PRON
cblr-8639	171	2	is	be	AUX
cblr-8639	171	3	likely	likely	ADJ
cblr-8639	171	4	not	not	PART
cblr-8639	171	5	true	true	ADJ
cblr-8639	171	6	if	if	SCONJ
cblr-8639	171	7	our	our	PRON
cblr-8639	171	8	baseline	baseline	NOUN
cblr-8639	171	9	is	be	AUX
cblr-8639	171	10	current	current	ADJ
cblr-8639	171	11	policy	policy	NOUN
cblr-8639	171	12	and	and	CCONJ
cblr-8639	171	13	reasonable	reasonable	ADJ
cblr-8639	171	14	extrapolations	extrapolation	NOUN
cblr-8639	171	15	from	from	ADP
cblr-8639	171	16	it	it	PRON
cblr-8639	171	17	.	.	PUNCT
cblr-8639	172	1	there	there	PRON
cblr-8639	172	2	is	be	VERB
cblr-8639	172	3	substantial	substantial	ADJ
cblr-8639	172	4	reason	reason	NOUN
cblr-8639	172	5	to	to	PART
cblr-8639	172	6	doubt	doubt	VERB
cblr-8639	172	7	whether	whether	SCONJ
cblr-8639	172	8	the	the	DET
cblr-8639	172	9	united	united	PROPN
cblr-8639	172	10	states	states	PROPN
cblr-8639	172	11	will	will	AUX
cblr-8639	172	12	(	(	PUNCT
cblr-8639	172	13	as	as	SCONJ
cblr-8639	172	14	opposed	oppose	VERB
cblr-8639	172	15	to	to	PART
cblr-8639	172	16	should	should	AUX
cblr-8639	172	17	)	)	PUNCT
cblr-8639	172	18	achieve	achieve	VERB
cblr-8639	172	19	a	a	DET
cblr-8639	172	20	net	net	ADJ
cblr-8639	172	21	zero	zero	NUM
cblr-8639	172	22	emission	emission	NOUN
cblr-8639	172	23	economy	economy	NOUN
cblr-8639	172	24	in	in	ADP
cblr-8639	172	25	the	the	DET
cblr-8639	172	26	future,39	future,39	NOUN
cblr-8639	172	27	which	which	PRON
cblr-8639	172	28	35	35	NUM
cblr-8639	172	29	exxon	exxon	PROPN
cblr-8639	172	30	pe	pe	PROPN
cblr-8639	172	31	ratio	ratio	PROPN
cblr-8639	172	32	2006	2006	NUM
cblr-8639	172	33	-	-	SYM
cblr-8639	172	34	2020	2020	NUM
cblr-8639	172	35	,	,	PUNCT
cblr-8639	172	36	macrotrends	macrotrend	NOUN
cblr-8639	172	37	,	,	PUNCT
cblr-8639	172	38	https://www.macrotrends.net/stocks/charts/xom/exxon/pe-ratio	https://www.macrotrends.net/stocks/charts/xom/exxon/pe-ratio	PROPN
cblr-8639	173	1	[	[	X
cblr-8639	173	2	https://perma.cc/pra4-3l38	https://perma.cc/pra4-3l38	X
cblr-8639	173	3	]	]	X
cblr-8639	173	4	(	(	PUNCT
cblr-8639	173	5	last	last	ADV
cblr-8639	173	6	visited	visit	VERB
cblr-8639	173	7	feb	feb	PROPN
cblr-8639	173	8	.	.	PROPN
cblr-8639	173	9	22	22	NUM
cblr-8639	173	10	,	,	PUNCT
cblr-8639	173	11	2021	2021	NUM
cblr-8639	173	12	)	)	PUNCT
cblr-8639	173	13	.	.	PUNCT
cblr-8639	174	1	36	36	NUM
cblr-8639	174	2	first	first	ADV
cblr-8639	174	3	solar	solar	ADJ
cblr-8639	174	4	pe	pe	PROPN
cblr-8639	174	5	ratio	ratio	NOUN
cblr-8639	174	6	2007	2007	NUM
cblr-8639	174	7	-	-	SYM
cblr-8639	174	8	2020	2020	NUM
cblr-8639	174	9	,	,	PUNCT
cblr-8639	174	10	macrotrends	macrotrend	NOUN
cblr-8639	174	11	,	,	PUNCT
cblr-8639	174	12	https://www.macrotrends.net/stocks/charts/fslr/first-solar/pe-ratio	https://www.macrotrends.net/stocks/charts/fslr/first-solar/pe-ratio	X
cblr-8639	175	1	[	[	X
cblr-8639	175	2	https://perma.cc/6txe-9n9l	https://perma.cc/6txe-9n9l	X
cblr-8639	175	3	]	]	X
cblr-8639	175	4	(	(	PUNCT
cblr-8639	175	5	last	last	ADJ
cblr-8639	175	6	visited	visit	VERB
cblr-8639	175	7	feb	feb	PROPN
cblr-8639	175	8	.	.	PROPN
cblr-8639	175	9	22	22	NUM
cblr-8639	175	10	,	,	PUNCT
cblr-8639	175	11	2021	2021	NUM
cblr-8639	175	12	)	)	PUNCT
cblr-8639	175	13	.	.	PUNCT
cblr-8639	176	1	37	37	NUM
cblr-8639	176	2	see	see	VERB
cblr-8639	176	3	general	general	PROPN
cblr-8639	176	4	motors	motors	PROPN
cblr-8639	176	5	co.	co.	PROPN
cblr-8639	176	6	,	,	PUNCT
cblr-8639	176	7	wall	wall	PROPN
cblr-8639	176	8	st	st	PROPN
cblr-8639	176	9	.	.	PROPN
cblr-8639	176	10	j.	j.	PROPN
cblr-8639	176	11	:	:	PUNCT
cblr-8639	176	12	mkts	mkts	NOUN
cblr-8639	176	13	.	.	PUNCT
cblr-8639	176	14	,	,	PUNCT
cblr-8639	176	15	https://www.wsj.com/market-data/quotes/gm	https://www.wsj.com/market-data/quotes/gm	NOUN
cblr-8639	176	16	[	[	X
cblr-8639	176	17	https://perma.cc/n8yhg2q9	https://perma.cc/n8yhg2q9	X
cblr-8639	176	18	]	]	X
cblr-8639	176	19	(	(	PUNCT
cblr-8639	176	20	last	last	ADV
cblr-8639	176	21	visited	visit	VERB
cblr-8639	176	22	mar	mar	PROPN
cblr-8639	176	23	.	.	PROPN
cblr-8639	176	24	6	6	NUM
cblr-8639	176	25	,	,	PUNCT
cblr-8639	176	26	2021	2021	NUM
cblr-8639	176	27	)	)	PUNCT
cblr-8639	176	28	(	(	PUNCT
cblr-8639	176	29	giving	give	VERB
cblr-8639	176	30	a	a	DET
cblr-8639	176	31	market	market	NOUN
cblr-8639	176	32	capitalization	capitalization	NOUN
cblr-8639	176	33	of	of	ADP
cblr-8639	176	34	$	$	SYM
cblr-8639	176	35	77.45	77.45	NUM
cblr-8639	176	36	billion	billion	NUM
cblr-8639	176	37	for	for	ADP
cblr-8639	176	38	gm	gm	PROPN
cblr-8639	176	39	)	)	PUNCT
cblr-8639	176	40	;	;	PUNCT
cblr-8639	176	41	tesla	tesla	PROPN
cblr-8639	176	42	inc	inc	PROPN
cblr-8639	176	43	.	.	PROPN
cblr-8639	176	44	,	,	PUNCT
cblr-8639	176	45	wall	wall	PROPN
cblr-8639	176	46	st	st	PROPN
cblr-8639	176	47	.	.	PROPN
cblr-8639	176	48	j.	j.	PROPN
cblr-8639	176	49	:	:	PUNCT
cblr-8639	176	50	mkts	mkts	NOUN
cblr-8639	176	51	.	.	PUNCT
cblr-8639	176	52	,	,	PUNCT
cblr-8639	176	53	https://www.wsj.com/marketdata/quotes/tsla	https://www.wsj.com/marketdata/quotes/tsla	VERB
cblr-8639	176	54	[	[	NOUN
cblr-8639	176	55	https://perma.cc/7k6j-z67	https://perma.cc/7k6j-z67	X
cblr-8639	176	56	t	t	NOUN
cblr-8639	176	57	]	]	PUNCT
cblr-8639	176	58	(	(	PUNCT
cblr-8639	176	59	last	last	ADV
cblr-8639	176	60	visited	visit	VERB
cblr-8639	176	61	mar	mar	PROPN
cblr-8639	176	62	.	.	PROPN
cblr-8639	176	63	6	6	NUM
cblr-8639	176	64	,	,	PUNCT
cblr-8639	176	65	2021	2021	NUM
cblr-8639	176	66	)	)	PUNCT
cblr-8639	176	67	(	(	PUNCT
cblr-8639	176	68	giving	give	VERB
cblr-8639	176	69	a	a	DET
cblr-8639	176	70	market	market	NOUN
cblr-8639	176	71	capitalization	capitalization	NOUN
cblr-8639	176	72	of	of	ADP
cblr-8639	176	73	$	$	SYM
cblr-8639	176	74	573.94	573.94	NUM
cblr-8639	176	75	billion	billion	NUM
cblr-8639	176	76	for	for	ADP
cblr-8639	176	77	tesla	tesla	PROPN
cblr-8639	176	78	)	)	PUNCT
cblr-8639	176	79	.	.	PUNCT
cblr-8639	177	1	38	38	NUM
cblr-8639	177	2	see	see	VERB
cblr-8639	177	3	,	,	PUNCT
cblr-8639	177	4	e.g.	e.g.	ADV
cblr-8639	177	5	,	,	PUNCT
cblr-8639	177	6	daniel	daniel	PROPN
cblr-8639	177	7	c.	c.	PROPN
cblr-8639	177	8	esty	esty	PROPN
cblr-8639	177	9	&	&	CCONJ
cblr-8639	177	10	quentin	quentin	PROPN
cblr-8639	177	11	karpilow	karpilow	PROPN
cblr-8639	177	12	,	,	PUNCT
cblr-8639	177	13	harnessing	harness	VERB
cblr-8639	177	14	investor	investor	NOUN
cblr-8639	177	15	interest	interest	NOUN
cblr-8639	177	16	in	in	ADP
cblr-8639	177	17	sustainability	sustainability	NOUN
cblr-8639	177	18	:	:	PUNCT
cblr-8639	177	19	the	the	DET
cblr-8639	177	20	next	next	ADJ
cblr-8639	177	21	frontier	frontier	NOUN
cblr-8639	177	22	in	in	ADP
cblr-8639	177	23	environmental	environmental	ADJ
cblr-8639	177	24	information	information	NOUN
cblr-8639	177	25	regulation	regulation	NOUN
cblr-8639	177	26	,	,	PUNCT
cblr-8639	177	27	36	36	NUM
cblr-8639	177	28	yale	yale	PROPN
cblr-8639	177	29	j.	j.	PROPN
cblr-8639	177	30	on	on	ADP
cblr-8639	177	31	regul	regul	NOUN
cblr-8639	177	32	.	.	PUNCT
cblr-8639	178	1	625	625	NUM
cblr-8639	178	2	,	,	PUNCT
cblr-8639	178	3	690	690	NUM
cblr-8639	178	4	(	(	PUNCT
cblr-8639	178	5	2019	2019	NUM
cblr-8639	178	6	)	)	PUNCT
cblr-8639	178	7	(	(	PUNCT
cblr-8639	178	8	arguing	argue	VERB
cblr-8639	178	9	that	that	SCONJ
cblr-8639	178	10	the	the	DET
cblr-8639	178	11	market	market	NOUN
cblr-8639	178	12	would	would	AUX
cblr-8639	178	13	direct	direct	VERB
cblr-8639	178	14	more	more	ADJ
cblr-8639	178	15	capital	capital	NOUN
cblr-8639	178	16	toward	toward	ADP
cblr-8639	178	17	“	"	PUNCT
cblr-8639	178	18	sustainability	sustainability	NOUN
cblr-8639	178	19	leaders	leader	NOUN
cblr-8639	178	20	”	"	PUNCT
cblr-8639	178	21	with	with	ADP
cblr-8639	178	22	fuller	full	ADJ
cblr-8639	178	23	disclosures	disclosure	NOUN
cblr-8639	178	24	)	)	PUNCT
cblr-8639	178	25	.	.	PUNCT
cblr-8639	179	1	39	39	NUM
cblr-8639	179	2	see	see	VERB
cblr-8639	179	3	cary	cary	PROPN
cblr-8639	179	4	funk	funk	PROPN
cblr-8639	179	5	&	&	CCONJ
cblr-8639	179	6	brian	brian	PROPN
cblr-8639	179	7	kennedy	kennedy	PROPN
cblr-8639	179	8	,	,	PUNCT
cblr-8639	179	9	pew	pew	NOUN
cblr-8639	179	10	rsch	rsch	NOUN
cblr-8639	179	11	.	.	PUNCT
cblr-8639	180	1	ctr	ctr	PROPN
cblr-8639	180	2	.	.	PROPN
cblr-8639	180	3	,	,	PUNCT
cblr-8639	180	4	the	the	DET
cblr-8639	180	5	politics	politic	NOUN
cblr-8639	180	6	of	of	ADP
cblr-8639	180	7	climate	climate	NOUN
cblr-8639	180	8	30–35	30–35	NUM
cblr-8639	180	9	(	(	PUNCT
cblr-8639	180	10	2016	2016	NUM
cblr-8639	180	11	)	)	PUNCT
cblr-8639	180	12	,	,	PUNCT
cblr-8639	180	13	https://www.pewresearch.org/internet/wpmahoney	https://www.pewresearch.org/internet/wpmahoney	PROPN
cblr-8639	180	14	&	&	CCONJ
cblr-8639	180	15	mahoney	mahoney	PROPN
cblr-8639	180	16	8/22/2021	8/22/2021	PROPN
cblr-8639	180	17	9:16	9:16	NUM
cblr-8639	180	18	pm	pm	NOUN
cblr-8639	180	19	no	no	INTJ
cblr-8639	180	20	.	.	PUNCT
cblr-8639	181	1	2:840	2:840	NUM
cblr-8639	181	2	]	]	X
cblr-8639	181	3	the	the	DET
cblr-8639	181	4	new	new	ADJ
cblr-8639	181	5	separation	separation	NOUN
cblr-8639	181	6	of	of	ADP
cblr-8639	181	7	ownership	ownership	NOUN
cblr-8639	181	8	and	and	CCONJ
cblr-8639	181	9	control	control	NOUN
cblr-8639	181	10	851	851	NUM
cblr-8639	181	11	blunts	blunt	NOUN
cblr-8639	181	12	the	the	DET
cblr-8639	181	13	usefulness	usefulness	NOUN
cblr-8639	181	14	of	of	ADP
cblr-8639	181	15	any	any	DET
cblr-8639	181	16	disclosure	disclosure	NOUN
cblr-8639	181	17	regime	regime	NOUN
cblr-8639	181	18	premised	premise	VERB
cblr-8639	181	19	on	on	ADP
cblr-8639	181	20	a	a	DET
cblr-8639	181	21	net	net	ADJ
cblr-8639	181	22	zero	zero	NUM
cblr-8639	181	23	2050	2050	NUM
cblr-8639	181	24	or	or	CCONJ
cblr-8639	181	25	on	on	ADP
cblr-8639	181	26	other	other	ADJ
cblr-8639	181	27	assumptions	assumption	NOUN
cblr-8639	181	28	not	not	PART
cblr-8639	181	29	yet	yet	ADV
cblr-8639	181	30	reflected	reflect	VERB
cblr-8639	181	31	in	in	ADP
cblr-8639	181	32	law	law	NOUN
cblr-8639	181	33	.	.	PUNCT
cblr-8639	182	1	indeed	indeed	ADV
cblr-8639	182	2	,	,	PUNCT
cblr-8639	182	3	if	if	SCONJ
cblr-8639	182	4	the	the	DET
cblr-8639	182	5	impact	impact	NOUN
cblr-8639	182	6	of	of	ADP
cblr-8639	182	7	policies	policy	NOUN
cblr-8639	182	8	that	that	PRON
cblr-8639	182	9	may	may	AUX
cblr-8639	182	10	not	not	PART
cblr-8639	182	11	be	be	AUX
cblr-8639	182	12	adopted	adopt	VERB
cblr-8639	182	13	are	be	AUX
cblr-8639	182	14	material	material	ADJ
cblr-8639	182	15	risks	risk	NOUN
cblr-8639	182	16	,	,	PUNCT
cblr-8639	182	17	so	so	ADV
cblr-8639	182	18	is	be	AUX
cblr-8639	182	19	the	the	DET
cblr-8639	182	20	impact	impact	NOUN
cblr-8639	182	21	of	of	ADP
cblr-8639	182	22	a	a	DET
cblr-8639	182	23	possible	possible	ADJ
cblr-8639	182	24	public	public	ADJ
cblr-8639	182	25	backlash	backlash	NOUN
cblr-8639	182	26	and	and	CCONJ
cblr-8639	182	27	reversal	reversal	NOUN
cblr-8639	182	28	of	of	ADP
cblr-8639	182	29	those	those	DET
cblr-8639	182	30	policies	policy	NOUN
cblr-8639	182	31	should	should	AUX
cblr-8639	182	32	they	they	PRON
cblr-8639	182	33	prove	prove	VERB
cblr-8639	182	34	economically	economically	ADV
cblr-8639	182	35	painful	painful	ADJ
cblr-8639	182	36	.	.	PUNCT
cblr-8639	183	1	disclosures	disclosure	NOUN
cblr-8639	183	2	about	about	ADP
cblr-8639	183	3	how	how	SCONJ
cblr-8639	183	4	a	a	DET
cblr-8639	183	5	company	company	NOUN
cblr-8639	183	6	would	would	AUX
cblr-8639	183	7	respond	respond	VERB
cblr-8639	183	8	to	to	ADP
cblr-8639	183	9	an	an	DET
cblr-8639	183	10	assumed	assumed	ADJ
cblr-8639	183	11	future	future	ADJ
cblr-8639	183	12	physical	physical	ADJ
cblr-8639	183	13	and	and	CCONJ
cblr-8639	183	14	policy	policy	NOUN
cblr-8639	183	15	environment	environment	NOUN
cblr-8639	183	16	,	,	PUNCT
cblr-8639	183	17	then	then	ADV
cblr-8639	183	18	,	,	PUNCT
cblr-8639	183	19	are	be	AUX
cblr-8639	183	20	essentially	essentially	ADV
cblr-8639	183	21	stress	stress	NOUN
cblr-8639	183	22	tests	test	NOUN
cblr-8639	183	23	.	.	PUNCT
cblr-8639	184	1	in	in	ADP
cblr-8639	184	2	the	the	DET
cblr-8639	184	3	wake	wake	NOUN
cblr-8639	184	4	of	of	ADP
cblr-8639	184	5	the	the	DET
cblr-8639	184	6	global	global	ADJ
cblr-8639	184	7	financial	financial	ADJ
cblr-8639	184	8	crisis	crisis	NOUN
cblr-8639	184	9	,	,	PUNCT
cblr-8639	184	10	congress	congress	PROPN
cblr-8639	184	11	mandated	mandate	VERB
cblr-8639	184	12	periodic	periodic	ADJ
cblr-8639	184	13	stress	stress	NOUN
cblr-8639	184	14	tests	test	NOUN
cblr-8639	184	15	for	for	ADP
cblr-8639	184	16	certain	certain	ADJ
cblr-8639	184	17	financial	financial	ADJ
cblr-8639	184	18	institutions	institution	NOUN
cblr-8639	184	19	that	that	PRON
cblr-8639	184	20	measure	measure	VERB
cblr-8639	184	21	their	their	PRON
cblr-8639	184	22	resiliency	resiliency	NOUN
cblr-8639	184	23	to	to	ADP
cblr-8639	184	24	hypothetical	hypothetical	ADJ
cblr-8639	184	25	adverse	adverse	ADJ
cblr-8639	184	26	economic	economic	ADJ
cblr-8639	184	27	conditions.40	conditions.40	NOUN
cblr-8639	184	28	stress	stress	NOUN
cblr-8639	184	29	tests	test	NOUN
cblr-8639	184	30	are	be	AUX
cblr-8639	184	31	not	not	PART
cblr-8639	184	32	part	part	NOUN
cblr-8639	184	33	of	of	ADP
cblr-8639	184	34	the	the	DET
cblr-8639	184	35	sec	sec	PROPN
cblr-8639	184	36	’s	’s	PART
cblr-8639	184	37	standard	standard	ADJ
cblr-8639	184	38	toolkit	toolkit	NOUN
cblr-8639	184	39	because	because	SCONJ
cblr-8639	184	40	they	they	PRON
cblr-8639	184	41	are	be	AUX
cblr-8639	184	42	not	not	PART
cblr-8639	184	43	investor	investor	NOUN
cblr-8639	184	44	protection	protection	NOUN
cblr-8639	184	45	measures	measure	NOUN
cblr-8639	184	46	.	.	PUNCT
cblr-8639	185	1	they	they	PRON
cblr-8639	185	2	are	be	AUX
cblr-8639	185	3	designed	design	VERB
cblr-8639	185	4	to	to	PART
cblr-8639	185	5	help	help	VERB
cblr-8639	185	6	regulators	regulator	NOUN
cblr-8639	185	7	measure	measure	VERB
cblr-8639	185	8	and	and	CCONJ
cblr-8639	185	9	respond	respond	VERB
cblr-8639	185	10	to	to	ADP
cblr-8639	185	11	risks	risk	NOUN
cblr-8639	185	12	that	that	PRON
cblr-8639	185	13	affect	affect	VERB
cblr-8639	185	14	the	the	DET
cblr-8639	185	15	entire	entire	ADJ
cblr-8639	185	16	financial	financial	ADJ
cblr-8639	185	17	system	system	NOUN
cblr-8639	185	18	,	,	PUNCT
cblr-8639	185	19	economy	economy	NOUN
cblr-8639	185	20	,	,	PUNCT
cblr-8639	185	21	or	or	CCONJ
cblr-8639	185	22	society.41	society.41	NOUN
cblr-8639	185	23	measuring	measure	VERB
cblr-8639	185	24	the	the	DET
cblr-8639	185	25	societal	societal	ADJ
cblr-8639	185	26	impact	impact	NOUN
cblr-8639	185	27	of	of	ADP
cblr-8639	185	28	climate	climate	NOUN
cblr-8639	185	29	change	change	NOUN
cblr-8639	185	30	is	be	AUX
cblr-8639	185	31	an	an	DET
cblr-8639	185	32	important	important	ADJ
cblr-8639	185	33	task	task	NOUN
cblr-8639	185	34	,	,	PUNCT
cblr-8639	185	35	but	but	CCONJ
cblr-8639	185	36	not	not	PART
cblr-8639	185	37	within	within	ADP
cblr-8639	185	38	the	the	DET
cblr-8639	185	39	sec	sec	PROPN
cblr-8639	185	40	’s	’s	PART
cblr-8639	185	41	purview	purview	NOUN
cblr-8639	185	42	.	.	PUNCT
cblr-8639	186	1	b.	b.	VERB
cblr-8639	187	1	the	the	DET
cblr-8639	187	2	goals	goal	NOUN
cblr-8639	187	3	of	of	ADP
cblr-8639	187	4	esg	esg	PROPN
cblr-8639	187	5	advocates	advocate	VERB
cblr-8639	187	6	why	why	SCONJ
cblr-8639	187	7	,	,	PUNCT
cblr-8639	187	8	then	then	ADV
cblr-8639	187	9	,	,	PUNCT
cblr-8639	187	10	are	be	AUX
cblr-8639	187	11	institutional	institutional	ADJ
cblr-8639	187	12	investors	investor	NOUN
cblr-8639	187	13	and	and	CCONJ
cblr-8639	187	14	political	political	ADJ
cblr-8639	187	15	activists	activist	NOUN
cblr-8639	187	16	pressing	press	VERB
cblr-8639	187	17	for	for	ADP
cblr-8639	187	18	the	the	DET
cblr-8639	187	19	sec	sec	PROPN
cblr-8639	187	20	to	to	PART
cblr-8639	187	21	require	require	VERB
cblr-8639	187	22	an	an	DET
cblr-8639	187	23	expanded	expand	VERB
cblr-8639	187	24	and	and	CCONJ
cblr-8639	187	25	standardized	standardized	ADJ
cblr-8639	187	26	set	set	NOUN
cblr-8639	187	27	of	of	ADP
cblr-8639	187	28	esg	esg	PROPN
cblr-8639	187	29	disclosures,42	disclosures,42	PROPN
cblr-8639	187	30	given	give	VERB
cblr-8639	187	31	that	that	SCONJ
cblr-8639	187	32	its	its	PRON
cblr-8639	187	33	rules	rule	NOUN
cblr-8639	187	34	already	already	ADV
cblr-8639	187	35	require	require	VERB
cblr-8639	187	36	a	a	DET
cblr-8639	187	37	company	company	NOUN
cblr-8639	187	38	to	to	PART
cblr-8639	187	39	disclose	disclose	VERB
cblr-8639	187	40	known	known	ADJ
cblr-8639	187	41	risks	risk	NOUN
cblr-8639	187	42	that	that	PRON
cblr-8639	187	43	are	be	AUX
cblr-8639	187	44	material	material	ADJ
cblr-8639	187	45	to	to	ADP
cblr-8639	187	46	its	its	PRON
cblr-8639	187	47	future	future	ADJ
cblr-8639	187	48	operations	operation	NOUN
cblr-8639	187	49	and	and	CCONJ
cblr-8639	187	50	financial	financial	ADJ
cblr-8639	187	51	position?43	position?43	PROPN
cblr-8639	187	52	for	for	ADP
cblr-8639	187	53	political	political	ADJ
cblr-8639	187	54	activists	activist	NOUN
cblr-8639	187	55	,	,	PUNCT
cblr-8639	187	56	the	the	DET
cblr-8639	187	57	answer	answer	NOUN
cblr-8639	187	58	is	be	AUX
cblr-8639	187	59	straightforward	straightforward	ADJ
cblr-8639	187	60	—	—	PUNCT
cblr-8639	187	61	they	they	PRON
cblr-8639	187	62	want	want	VERB
cblr-8639	187	63	to	to	PART
cblr-8639	187	64	use	use	VERB
cblr-8639	187	65	the	the	DET
cblr-8639	187	66	information	information	NOUN
cblr-8639	187	67	to	to	PART
cblr-8639	187	68	prod	prod	VERB
cblr-8639	187	69	companies	company	NOUN
cblr-8639	187	70	to	to	PART
cblr-8639	187	71	change	change	VERB
cblr-8639	187	72	policies	policy	NOUN
cblr-8639	187	73	in	in	ADP
cblr-8639	187	74	content	content	NOUN
cblr-8639	187	75	/	/	SYM
cblr-8639	187	76	uploads	upload	NOUN
cblr-8639	187	77	/	/	SYM
cblr-8639	187	78	sites/9/2016/10	sites/9/2016/10	ADJ
cblr-8639	187	79	/	/	SYM
cblr-8639	187	80	ps_2016.10.04_politics	ps_2016.10.04_politic	NOUN
cblr-8639	187	81	-	-	PUNCT
cblr-8639	187	82	ofclimate_final.pdf	ofclimate_final.pdf	NOUN
cblr-8639	188	1	[	[	X
cblr-8639	188	2	https://perma.cc/hu89-pktb	https://perma.cc/hu89-pktb	X
cblr-8639	188	3	]	]	X
cblr-8639	188	4	(	(	PUNCT
cblr-8639	188	5	describing	describe	VERB
cblr-8639	188	6	polarization	polarization	NOUN
cblr-8639	188	7	of	of	ADP
cblr-8639	188	8	views	view	NOUN
cblr-8639	188	9	about	about	ADP
cblr-8639	188	10	climate	climate	NOUN
cblr-8639	188	11	mitigation	mitigation	NOUN
cblr-8639	188	12	strategies	strategy	NOUN
cblr-8639	188	13	)	)	PUNCT
cblr-8639	188	14	.	.	PUNCT
cblr-8639	189	1	40	40	NUM
cblr-8639	189	2	see	see	VERB
cblr-8639	189	3	12	12	NUM
cblr-8639	189	4	u.s.c	u.s.c	ADJ
cblr-8639	189	5	.	.	PUNCT
cblr-8639	190	1	§	§	PROPN
cblr-8639	190	2	5365(i	5365(i	NUM
cblr-8639	190	3	)	)	PUNCT
cblr-8639	190	4	(	(	PUNCT
cblr-8639	190	5	2019	2019	NUM
cblr-8639	190	6	)	)	PUNCT
cblr-8639	190	7	.	.	PUNCT
cblr-8639	191	1	41	41	NUM
cblr-8639	191	2	see	see	VERB
cblr-8639	191	3	bd	bd	PROPN
cblr-8639	191	4	.	.	PROPN
cblr-8639	191	5	of	of	ADP
cblr-8639	191	6	governors	governor	NOUN
cblr-8639	191	7	of	of	ADP
cblr-8639	191	8	the	the	DET
cblr-8639	191	9	fed	fed	PROPN
cblr-8639	191	10	.	.	PUNCT
cblr-8639	192	1	rsrv	rsrv	PROPN
cblr-8639	192	2	.	.	PUNCT
cblr-8639	193	1	sys	sys	PROPN
cblr-8639	193	2	.	.	PROPN
cblr-8639	193	3	,	,	PUNCT
cblr-8639	193	4	2021	2021	NUM
cblr-8639	193	5	stress	stress	NOUN
cblr-8639	193	6	test	test	NOUN
cblr-8639	193	7	scenarios	scenario	NOUN
cblr-8639	193	8	3–7	3–7	NUM
cblr-8639	193	9	(	(	PUNCT
cblr-8639	193	10	2021	2021	NUM
cblr-8639	193	11	)	)	PUNCT
cblr-8639	193	12	,	,	PUNCT
cblr-8639	193	13	federalreserve.gov/newsevents/pressreleases/	federalreserve.gov/newsevents/pressreleases/	NOUN
cblr-8639	193	14	files	file	NOUN
cblr-8639	193	15	/	/	SYM
cblr-8639	193	16	bcreg20210212a1.pdf	bcreg20210212a1.pdf	NOUN
cblr-8639	194	1	[	[	X
cblr-8639	194	2	https://perma.cc/pqj6-nqxh	https://perma.cc/pqj6-nqxh	X
cblr-8639	194	3	]	]	X
cblr-8639	194	4	(	(	PUNCT
cblr-8639	194	5	explaining	explain	VERB
cblr-8639	194	6	the	the	DET
cblr-8639	194	7	design	design	NOUN
cblr-8639	194	8	of	of	ADP
cblr-8639	194	9	the	the	DET
cblr-8639	194	10	2021	2021	NUM
cblr-8639	194	11	dodd	dodd	PROPN
cblr-8639	194	12	-	-	PUNCT
cblr-8639	194	13	frank	frank	ADJ
cblr-8639	194	14	stress	stress	NOUN
cblr-8639	194	15	test	test	NOUN
cblr-8639	194	16	scenarios	scenario	NOUN
cblr-8639	194	17	,	,	PUNCT
cblr-8639	194	18	which	which	PRON
cblr-8639	194	19	focused	focus	VERB
cblr-8639	194	20	on	on	ADP
cblr-8639	194	21	broad	broad	ADJ
cblr-8639	194	22	economic	economic	ADJ
cblr-8639	194	23	declines	decline	NOUN
cblr-8639	194	24	and	and	CCONJ
cblr-8639	194	25	global	global	ADJ
cblr-8639	194	26	economic	economic	ADJ
cblr-8639	194	27	shocks	shock	NOUN
cblr-8639	194	28	)	)	PUNCT
cblr-8639	194	29	.	.	PUNCT
cblr-8639	195	1	42	42	NUM
cblr-8639	195	2	see	see	VERB
cblr-8639	195	3	supra	supra	PROPN
cblr-8639	195	4	notes	note	VERB
cblr-8639	195	5	8–11	8–11	PROPN
cblr-8639	195	6	and	and	CCONJ
cblr-8639	195	7	accompanying	accompany	VERB
cblr-8639	195	8	text	text	NOUN
cblr-8639	195	9	.	.	PUNCT
cblr-8639	196	1	43	43	NUM
cblr-8639	196	2	see	see	VERB
cblr-8639	196	3	supra	supra	PROPN
cblr-8639	196	4	notes	note	VERB
cblr-8639	196	5	28–30	28–30	PROPN
cblr-8639	196	6	and	and	CCONJ
cblr-8639	196	7	accompanying	accompanying	ADJ
cblr-8639	196	8	text	text	NOUN
cblr-8639	196	9	.	.	PUNCT
cblr-8639	197	1	mahoney	mahoney	PROPN
cblr-8639	197	2	&	&	CCONJ
cblr-8639	197	3	mahoney	mahoney	PROPN
cblr-8639	197	4	8/22/2021	8/22/2021	PROPN
cblr-8639	197	5	9:16	9:16	NUM
cblr-8639	197	6	pm	pm	NOUN
cblr-8639	197	7	852	852	NUM
cblr-8639	197	8	columbia	columbia	PROPN
cblr-8639	197	9	business	business	NOUN
cblr-8639	197	10	law	law	PROPN
cblr-8639	197	11	review	review	NOUN
cblr-8639	197	12	[	[	X
cblr-8639	197	13	vol	vol	NOUN
cblr-8639	197	14	.	.	NOUN
cblr-8639	197	15	2021	2021	NUM
cblr-8639	197	16	socially	socially	ADV
cblr-8639	197	17	-	-	PUNCT
cblr-8639	197	18	motivated	motivate	VERB
cblr-8639	197	19	directions.44	directions.44	NOUN
cblr-8639	197	20	standardized	standardize	VERB
cblr-8639	197	21	disclosures	disclosure	NOUN
cblr-8639	197	22	that	that	PRON
cblr-8639	197	23	facilitate	facilitate	VERB
cblr-8639	197	24	the	the	DET
cblr-8639	197	25	production	production	NOUN
cblr-8639	197	26	of	of	ADP
cblr-8639	197	27	an	an	DET
cblr-8639	197	28	esg	esg	NOUN
cblr-8639	197	29	“	"	PUNCT
cblr-8639	197	30	score	score	NOUN
cblr-8639	197	31	”	"	PUNCT
cblr-8639	197	32	are	be	AUX
cblr-8639	197	33	particularly	particularly	ADV
cblr-8639	197	34	valuable	valuable	ADJ
cblr-8639	197	35	to	to	ADP
cblr-8639	197	36	political	political	ADJ
cblr-8639	197	37	activists	activist	NOUN
cblr-8639	197	38	.	.	PUNCT
cblr-8639	198	1	such	such	ADJ
cblr-8639	198	2	disclosures	disclosure	NOUN
cblr-8639	198	3	facilitate	facilitate	VERB
cblr-8639	198	4	an	an	DET
cblr-8639	198	5	ordinal	ordinal	ADJ
cblr-8639	198	6	ranking	ranking	NOUN
cblr-8639	198	7	of	of	ADP
cblr-8639	198	8	companies	company	NOUN
cblr-8639	198	9	that	that	PRON
cblr-8639	198	10	can	can	AUX
cblr-8639	198	11	serve	serve	VERB
cblr-8639	198	12	as	as	ADP
cblr-8639	198	13	a	a	DET
cblr-8639	198	14	focal	focal	ADJ
cblr-8639	198	15	point	point	NOUN
cblr-8639	198	16	to	to	PART
cblr-8639	198	17	organize	organize	VERB
cblr-8639	198	18	boycotts	boycott	NOUN
cblr-8639	198	19	,	,	PUNCT
cblr-8639	198	20	demonstrations	demonstration	NOUN
cblr-8639	198	21	,	,	PUNCT
cblr-8639	198	22	and	and	CCONJ
cblr-8639	198	23	social	social	ADJ
cblr-8639	198	24	media	medium	NOUN
cblr-8639	198	25	campaigns	campaign	NOUN
cblr-8639	198	26	against	against	ADP
cblr-8639	198	27	“	"	PUNCT
cblr-8639	198	28	brown	brown	ADJ
cblr-8639	198	29	”	"	PUNCT
cblr-8639	198	30	companies.45	companies.45	NOUN
cblr-8639	198	31	the	the	DET
cblr-8639	198	32	sec	sec	PROPN
cblr-8639	198	33	should	should	AUX
cblr-8639	198	34	consider	consider	VERB
cblr-8639	198	35	the	the	DET
cblr-8639	198	36	possibility	possibility	NOUN
cblr-8639	198	37	that	that	SCONJ
cblr-8639	198	38	this	this	PRON
cblr-8639	198	39	is	be	AUX
cblr-8639	198	40	also	also	ADV
cblr-8639	198	41	an	an	DET
cblr-8639	198	42	important	important	ADJ
cblr-8639	198	43	goal	goal	NOUN
cblr-8639	198	44	of	of	ADP
cblr-8639	198	45	institutional	institutional	ADJ
cblr-8639	198	46	investors	investor	NOUN
cblr-8639	198	47	who	who	PRON
cblr-8639	198	48	argue	argue	VERB
cblr-8639	198	49	for	for	ADP
cblr-8639	198	50	esg	esg	PROPN
cblr-8639	198	51	disclosures	disclosure	NOUN
cblr-8639	198	52	.	.	PUNCT
cblr-8639	199	1	as	as	SCONJ
cblr-8639	199	2	market	market	NOUN
cblr-8639	199	3	prices	price	NOUN
cblr-8639	199	4	have	have	AUX
cblr-8639	199	5	adjusted	adjust	VERB
cblr-8639	199	6	to	to	ADP
cblr-8639	199	7	environmental	environmental	ADJ
cblr-8639	199	8	risks	risk	NOUN
cblr-8639	199	9	,	,	PUNCT
cblr-8639	199	10	making	make	VERB
cblr-8639	199	11	it	it	PRON
cblr-8639	199	12	more	more	ADV
cblr-8639	199	13	difficult	difficult	ADJ
cblr-8639	199	14	to	to	PART
cblr-8639	199	15	earn	earn	VERB
cblr-8639	199	16	excess	excess	ADJ
cblr-8639	199	17	returns	return	NOUN
cblr-8639	199	18	by	by	ADP
cblr-8639	199	19	selling	sell	VERB
cblr-8639	199	20	“	"	PUNCT
cblr-8639	199	21	brown	brown	ADJ
cblr-8639	199	22	”	"	PUNCT
cblr-8639	199	23	and	and	CCONJ
cblr-8639	199	24	buying	buy	VERB
cblr-8639	199	25	“	"	PUNCT
cblr-8639	199	26	green	green	ADJ
cblr-8639	199	27	”	"	PUNCT
cblr-8639	199	28	companies	company	NOUN
cblr-8639	199	29	,	,	PUNCT
cblr-8639	199	30	institutional	institutional	ADJ
cblr-8639	199	31	investors	investor	NOUN
cblr-8639	199	32	have	have	AUX
cblr-8639	199	33	emphasized	emphasize	VERB
cblr-8639	199	34	the	the	DET
cblr-8639	199	35	social	social	ADJ
cblr-8639	199	36	value	value	NOUN
cblr-8639	199	37	of	of	ADP
cblr-8639	199	38	their	their	PRON
cblr-8639	199	39	sustainable	sustainable	ADJ
cblr-8639	199	40	investment	investment	NOUN
cblr-8639	199	41	strategies	strategy	NOUN
cblr-8639	199	42	.	.	PUNCT
cblr-8639	200	1	larry	larry	PROPN
cblr-8639	200	2	fink	fink	PROPN
cblr-8639	200	3	,	,	PUNCT
cblr-8639	200	4	the	the	DET
cblr-8639	200	5	ceo	ceo	NOUN
cblr-8639	200	6	of	of	ADP
cblr-8639	200	7	investment	investment	NOUN
cblr-8639	200	8	management	management	NOUN
cblr-8639	200	9	firm	firm	NOUN
cblr-8639	200	10	blackrock	blackrock	NOUN
cblr-8639	200	11	and	and	CCONJ
cblr-8639	200	12	the	the	DET
cblr-8639	200	13	most	most	ADV
cblr-8639	200	14	prominent	prominent	ADJ
cblr-8639	200	15	wall	wall	PROPN
cblr-8639	200	16	street	street	PROPN
cblr-8639	200	17	voice	voice	PROPN
cblr-8639	200	18	on	on	ADP
cblr-8639	200	19	climate	climate	NOUN
cblr-8639	200	20	change	change	NOUN
cblr-8639	200	21	,	,	PUNCT
cblr-8639	200	22	outlined	outline	VERB
cblr-8639	200	23	the	the	DET
cblr-8639	200	24	social	social	ADJ
cblr-8639	200	25	benefits	benefit	NOUN
cblr-8639	200	26	of	of	ADP
cblr-8639	200	27	attaining	attain	VERB
cblr-8639	200	28	a	a	DET
cblr-8639	200	29	net	net	ADJ
cblr-8639	200	30	zero	zero	NUM
cblr-8639	200	31	economy	economy	NOUN
cblr-8639	200	32	by	by	ADP
cblr-8639	200	33	2050	2050	NUM
cblr-8639	200	34	and	and	CCONJ
cblr-8639	200	35	urged	urge	VERB
cblr-8639	200	36	the	the	DET
cblr-8639	200	37	ceos	ceos	NOUN
cblr-8639	200	38	of	of	ADP
cblr-8639	200	39	blackrock	blackrock	PROPN
cblr-8639	200	40	’s	’s	PART
cblr-8639	200	41	portfolio	portfolio	NOUN
cblr-8639	200	42	companies	company	NOUN
cblr-8639	200	43	to	to	PART
cblr-8639	200	44	cooperate	cooperate	VERB
cblr-8639	200	45	with	with	ADP
cblr-8639	200	46	governments	government	NOUN
cblr-8639	200	47	to	to	PART
cblr-8639	200	48	make	make	VERB
cblr-8639	200	49	the	the	DET
cblr-8639	200	50	goal	goal	NOUN
cblr-8639	200	51	a	a	DET
cblr-8639	200	52	reality.46	reality.46	PROPN
cblr-8639	200	53	on	on	ADP
cblr-8639	200	54	its	its	PRON
cblr-8639	200	55	website	website	NOUN
cblr-8639	200	56	,	,	PUNCT
cblr-8639	200	57	state	state	PROPN
cblr-8639	200	58	street	street	NOUN
cblr-8639	200	59	global	global	ADJ
cblr-8639	200	60	advisors	advisor	NOUN
cblr-8639	200	61	claims	claim	VERB
cblr-8639	200	62	that	that	SCONJ
cblr-8639	200	63	it	it	PRON
cblr-8639	200	64	“	"	PUNCT
cblr-8639	200	65	proactively	proactively	ADV
cblr-8639	200	66	us[es	us[es	ADJ
cblr-8639	200	67	]	]	PUNCT
cblr-8639	200	68	our	our	PRON
cblr-8639	200	69	voice	voice	NOUN
cblr-8639	200	70	and	and	CCONJ
cblr-8639	200	71	our	our	PRON
cblr-8639	200	72	vote	vote	NOUN
cblr-8639	200	73	to	to	PART
cblr-8639	200	74	make	make	VERB
cblr-8639	200	75	a	a	DET
cblr-8639	200	76	measurable	measurable	ADJ
cblr-8639	200	77	difference	difference	NOUN
cblr-8639	200	78	44	44	NUM
cblr-8639	200	79	see	see	VERB
cblr-8639	200	80	,	,	PUNCT
cblr-8639	200	81	e.g.	e.g.	ADV
cblr-8639	200	82	,	,	PUNCT
cblr-8639	200	83	the	the	DET
cblr-8639	200	84	climate	climate	NOUN
cblr-8639	200	85	accountability	accountability	NOUN
cblr-8639	200	86	scorecard	scorecard	NOUN
cblr-8639	200	87	,	,	PUNCT
cblr-8639	200	88	union	union	NOUN
cblr-8639	200	89	of	of	ADP
cblr-8639	200	90	concerned	concerned	ADJ
cblr-8639	200	91	scientists	scientist	NOUN
cblr-8639	200	92	(	(	PUNCT
cblr-8639	200	93	oct	oct	PROPN
cblr-8639	200	94	.	.	PROPN
cblr-8639	200	95	23	23	NUM
cblr-8639	200	96	,	,	PUNCT
cblr-8639	200	97	2018	2018	NUM
cblr-8639	200	98	)	)	PUNCT
cblr-8639	200	99	,	,	PUNCT
cblr-8639	200	100	https://www.ucsusa.org/resources/	https://www.ucsusa.org/resources/	PUNCT
cblr-8639	200	101	climate	climate	NOUN
cblr-8639	200	102	-	-	PUNCT
cblr-8639	200	103	accountability	accountability	NOUN
cblr-8639	200	104	-	-	PUNCT
cblr-8639	200	105	scorecard-0	scorecard-0	NUM
cblr-8639	201	1	[	[	X
cblr-8639	201	2	https://perma.cc/8u2k-269	https://perma.cc/8u2k-269	NOUN
cblr-8639	201	3	t	t	X
cblr-8639	201	4	]	]	PUNCT
cblr-8639	201	5	(	(	PUNCT
cblr-8639	201	6	recommending	recommend	VERB
cblr-8639	201	7	that	that	SCONJ
cblr-8639	201	8	fossil	fossil	NOUN
cblr-8639	201	9	fuel	fuel	NOUN
cblr-8639	201	10	companies	company	NOUN
cblr-8639	201	11	“	"	PUNCT
cblr-8639	201	12	[	[	X
cblr-8639	201	13	r]enounce	r]enounce	NOUN
cblr-8639	201	14	disinformation	disinformation	NOUN
cblr-8639	201	15	on	on	ADP
cblr-8639	201	16	climate	climate	NOUN
cblr-8639	201	17	science	science	NOUN
cblr-8639	201	18	and	and	CCONJ
cblr-8639	201	19	policy	policy	NOUN
cblr-8639	201	20	”	"	PUNCT
cblr-8639	201	21	and	and	CCONJ
cblr-8639	201	22	“	"	PUNCT
cblr-8639	201	23	[	[	X
cblr-8639	201	24	p]lan	p]lan	NOUN
cblr-8639	201	25	for	for	ADP
cblr-8639	201	26	a	a	DET
cblr-8639	201	27	world	world	NOUN
cblr-8639	201	28	free	free	ADJ
cblr-8639	201	29	from	from	ADP
cblr-8639	201	30	carbon	carbon	NOUN
cblr-8639	201	31	pollution	pollution	NOUN
cblr-8639	201	32	,	,	PUNCT
cblr-8639	201	33	”	"	PUNCT
cblr-8639	201	34	among	among	ADP
cblr-8639	201	35	other	other	ADJ
cblr-8639	201	36	suggestions	suggestion	NOUN
cblr-8639	201	37	)	)	PUNCT
cblr-8639	201	38	.	.	PUNCT
cblr-8639	202	1	45	45	NUM
cblr-8639	202	2	cf	cf	NOUN
cblr-8639	202	3	.	.	PUNCT
cblr-8639	203	1	ann	ann	PROPN
cblr-8639	203	2	m.	m.	PROPN
cblr-8639	203	3	lipton	lipton	PROPN
cblr-8639	203	4	,	,	PUNCT
cblr-8639	203	5	not	not	PART
cblr-8639	203	6	everything	everything	PRON
cblr-8639	203	7	is	be	AUX
cblr-8639	203	8	about	about	ADP
cblr-8639	203	9	investors	investor	NOUN
cblr-8639	203	10	:	:	PUNCT
cblr-8639	203	11	the	the	DET
cblr-8639	203	12	case	case	NOUN
cblr-8639	203	13	for	for	ADP
cblr-8639	203	14	mandatory	mandatory	ADJ
cblr-8639	203	15	stakeholder	stakeholder	NOUN
cblr-8639	203	16	disclosure	disclosure	NOUN
cblr-8639	203	17	,	,	PUNCT
cblr-8639	203	18	37	37	NUM
cblr-8639	203	19	yale	yale	PROPN
cblr-8639	203	20	j.	j.	PROPN
cblr-8639	203	21	on	on	ADP
cblr-8639	203	22	regul	regul	NOUN
cblr-8639	203	23	.	.	PUNCT
cblr-8639	204	1	499	499	NUM
cblr-8639	204	2	,	,	PUNCT
cblr-8639	204	3	513–17	513–17	NUM
cblr-8639	204	4	(	(	PUNCT
cblr-8639	204	5	2020	2020	NUM
cblr-8639	204	6	)	)	PUNCT
cblr-8639	204	7	(	(	PUNCT
cblr-8639	204	8	describing	describe	VERB
cblr-8639	204	9	conditions	condition	NOUN
cblr-8639	204	10	that	that	PRON
cblr-8639	204	11	facilitate	facilitate	VERB
cblr-8639	204	12	“	"	PUNCT
cblr-8639	204	13	shaming	shame	VERB
cblr-8639	204	14	campaigns	campaign	NOUN
cblr-8639	204	15	”	"	PUNCT
cblr-8639	204	16	against	against	ADP
cblr-8639	204	17	companies	company	NOUN
cblr-8639	204	18	)	)	PUNCT
cblr-8639	204	19	.	.	PUNCT
cblr-8639	205	1	46	46	NUM
cblr-8639	205	2	see	see	VERB
cblr-8639	205	3	letter	letter	NOUN
cblr-8639	205	4	from	from	ADP
cblr-8639	205	5	larry	larry	PROPN
cblr-8639	205	6	fink	fink	PROPN
cblr-8639	205	7	,	,	PUNCT
cblr-8639	205	8	chairman	chairman	NOUN
cblr-8639	205	9	&	&	CCONJ
cblr-8639	205	10	chief	chief	ADJ
cblr-8639	205	11	exec	exec	NOUN
cblr-8639	205	12	.	.	PUNCT
cblr-8639	206	1	officer	officer	PROPN
cblr-8639	206	2	,	,	PUNCT
cblr-8639	206	3	blackrock	blackrock	PROPN
cblr-8639	206	4	,	,	PUNCT
cblr-8639	206	5	to	to	ADP
cblr-8639	206	6	ceos	ceos	PROPN
cblr-8639	206	7	(	(	PUNCT
cblr-8639	206	8	jan	jan	PROPN
cblr-8639	206	9	.	.	PROPN
cblr-8639	206	10	26	26	NUM
cblr-8639	206	11	,	,	PUNCT
cblr-8639	206	12	2021	2021	NUM
cblr-8639	206	13	)	)	PUNCT
cblr-8639	206	14	,	,	PUNCT
cblr-8639	206	15	https://www.blackrock.com/corporate/	https://www.blackrock.com/corporate/	ADP
cblr-8639	206	16	investor	investor	NOUN
cblr-8639	206	17	-	-	PUNCT
cblr-8639	206	18	relations	relation	NOUN
cblr-8639	206	19	/	/	SYM
cblr-8639	206	20	larry	larry	PROPN
cblr-8639	206	21	-	-	PUNCT
cblr-8639	206	22	fink	fink	PROPN
cblr-8639	206	23	-	-	PUNCT
cblr-8639	206	24	ceo	ceo	NOUN
cblr-8639	206	25	-	-	PUNCT
cblr-8639	206	26	letter	letter	NOUN
cblr-8639	206	27	[	[	X
cblr-8639	206	28	https://perma.cc/3pvr-mgdq	https://perma.cc/3pvr-mgdq	X
cblr-8639	206	29	]	]	X
cblr-8639	206	30	(	(	PUNCT
cblr-8639	206	31	“	"	PUNCT
cblr-8639	206	32	[	[	X
cblr-8639	206	33	a	a	X
cblr-8639	206	34	]	]	X
cblr-8639	206	35	successful	successful	ADJ
cblr-8639	206	36	transition	transition	NOUN
cblr-8639	206	37	—	—	PUNCT
cblr-8639	206	38	one	one	NOUN
cblr-8639	206	39	that	that	PRON
cblr-8639	206	40	is	be	AUX
cblr-8639	206	41	just	just	ADV
cblr-8639	206	42	,	,	PUNCT
cblr-8639	206	43	equitable	equitable	ADJ
cblr-8639	206	44	,	,	PUNCT
cblr-8639	206	45	and	and	CCONJ
cblr-8639	206	46	protects	protect	VERB
cblr-8639	206	47	people	people	NOUN
cblr-8639	206	48	’s	’s	PART
cblr-8639	206	49	livelihoods	livelihood	NOUN
cblr-8639	206	50	—	—	PUNCT
cblr-8639	206	51	will	will	AUX
cblr-8639	206	52	require	require	VERB
cblr-8639	206	53	both	both	DET
cblr-8639	206	54	technological	technological	ADJ
cblr-8639	206	55	innovation	innovation	NOUN
cblr-8639	206	56	and	and	CCONJ
cblr-8639	206	57	planning	planning	NOUN
cblr-8639	206	58	over	over	ADP
cblr-8639	206	59	decades	decade	NOUN
cblr-8639	206	60	.	.	PUNCT
cblr-8639	207	1	and	and	CCONJ
cblr-8639	207	2	it	it	PRON
cblr-8639	207	3	can	can	AUX
cblr-8639	207	4	only	only	ADV
cblr-8639	207	5	be	be	AUX
cblr-8639	207	6	accomplished	accomplish	VERB
cblr-8639	207	7	with	with	ADP
cblr-8639	207	8	leadership	leadership	NOUN
cblr-8639	207	9	,	,	PUNCT
cblr-8639	207	10	coordination	coordination	NOUN
cblr-8639	207	11	,	,	PUNCT
cblr-8639	207	12	and	and	CCONJ
cblr-8639	207	13	support	support	NOUN
cblr-8639	207	14	at	at	ADP
cblr-8639	207	15	every	every	DET
cblr-8639	207	16	level	level	NOUN
cblr-8639	207	17	of	of	ADP
cblr-8639	207	18	government	government	NOUN
cblr-8639	207	19	,	,	PUNCT
cblr-8639	207	20	working	work	VERB
cblr-8639	207	21	in	in	ADP
cblr-8639	207	22	partnership	partnership	NOUN
cblr-8639	207	23	with	with	ADP
cblr-8639	207	24	the	the	DET
cblr-8639	207	25	private	private	ADJ
cblr-8639	207	26	sector	sector	NOUN
cblr-8639	207	27	[	[	X
cblr-8639	207	28	.	.	X
cblr-8639	207	29	]	]	X
cblr-8639	207	30	”	"	PUNCT
cblr-8639	207	31	)	)	PUNCT
cblr-8639	207	32	.	.	PUNCT
cblr-8639	208	1	mahoney	mahoney	PROPN
cblr-8639	208	2	&	&	CCONJ
cblr-8639	208	3	mahoney	mahoney	PROPN
cblr-8639	208	4	8/22/2021	8/22/2021	PROPN
cblr-8639	208	5	9:16	9:16	NUM
cblr-8639	208	6	pm	pm	NOUN
cblr-8639	208	7	no	no	INTJ
cblr-8639	208	8	.	.	PUNCT
cblr-8639	209	1	2:840	2:840	NUM
cblr-8639	209	2	]	]	X
cblr-8639	209	3	the	the	DET
cblr-8639	209	4	new	new	ADJ
cblr-8639	209	5	separation	separation	NOUN
cblr-8639	209	6	of	of	ADP
cblr-8639	209	7	ownership	ownership	NOUN
cblr-8639	209	8	and	and	CCONJ
cblr-8639	209	9	control	control	NOUN
cblr-8639	209	10	853	853	NUM
cblr-8639	209	11	around	around	ADP
cblr-8639	209	12	the	the	DET
cblr-8639	209	13	globe	globe	NOUN
cblr-8639	209	14	.	.	PUNCT
cblr-8639	210	1	”47	”47	PROPN
cblr-8639	210	2	blackrock	blackrock	PROPN
cblr-8639	210	3	’s	’s	PART
cblr-8639	210	4	former	former	ADJ
cblr-8639	210	5	chief	chief	ADJ
cblr-8639	210	6	investment	investment	NOUN
cblr-8639	210	7	officer	officer	NOUN
cblr-8639	210	8	for	for	ADP
cblr-8639	210	9	sustainable	sustainable	ADJ
cblr-8639	210	10	investing	investing	NOUN
cblr-8639	210	11	recently	recently	ADV
cblr-8639	210	12	stated	state	VERB
cblr-8639	210	13	that	that	SCONJ
cblr-8639	210	14	institutional	institutional	ADJ
cblr-8639	210	15	investors	investor	NOUN
cblr-8639	210	16	do	do	AUX
cblr-8639	210	17	not	not	PART
cblr-8639	210	18	believe	believe	VERB
cblr-8639	210	19	they	they	PRON
cblr-8639	210	20	can	can	AUX
cblr-8639	210	21	use	use	VERB
cblr-8639	210	22	esg	esg	NOUN
cblr-8639	210	23	metrics	metric	NOUN
cblr-8639	210	24	to	to	PART
cblr-8639	210	25	generate	generate	VERB
cblr-8639	210	26	excess	excess	ADJ
cblr-8639	210	27	returns	return	NOUN
cblr-8639	210	28	,	,	PUNCT
cblr-8639	210	29	but	but	CCONJ
cblr-8639	210	30	wish	wish	VERB
cblr-8639	210	31	to	to	PART
cblr-8639	210	32	have	have	VERB
cblr-8639	210	33	them	they	PRON
cblr-8639	210	34	to	to	PART
cblr-8639	210	35	pursue	pursue	VERB
cblr-8639	210	36	social	social	ADJ
cblr-8639	210	37	goals.48	goals.48	PROPN
cblr-8639	210	38	these	these	DET
cblr-8639	210	39	investors	investor	NOUN
cblr-8639	210	40	have	have	AUX
cblr-8639	210	41	indicated	indicate	VERB
cblr-8639	210	42	that	that	SCONJ
cblr-8639	210	43	they	they	PRON
cblr-8639	210	44	intend	intend	VERB
cblr-8639	210	45	to	to	PART
cblr-8639	210	46	use	use	VERB
cblr-8639	210	47	their	their	PRON
cblr-8639	210	48	shareholder	shareholder	NOUN
cblr-8639	210	49	voting	voting	NOUN
cblr-8639	210	50	rights	right	NOUN
cblr-8639	210	51	to	to	PART
cblr-8639	210	52	move	move	VERB
cblr-8639	210	53	companies	company	NOUN
cblr-8639	210	54	in	in	ADP
cblr-8639	210	55	a	a	DET
cblr-8639	210	56	greener	green	ADJ
cblr-8639	210	57	direction	direction	NOUN
cblr-8639	210	58	.	.	PUNCT
cblr-8639	211	1	in	in	ADP
cblr-8639	211	2	january	january	PROPN
cblr-8639	211	3	2020	2020	NUM
cblr-8639	211	4	,	,	PUNCT
cblr-8639	211	5	the	the	DET
cblr-8639	211	6	ceo	ceo	NOUN
cblr-8639	211	7	of	of	ADP
cblr-8639	211	8	state	state	PROPN
cblr-8639	211	9	street	street	PROPN
cblr-8639	211	10	global	global	ADJ
cblr-8639	211	11	advisors	advisor	NOUN
cblr-8639	211	12	apprised	apprise	VERB
cblr-8639	211	13	portfolio	portfolio	NOUN
cblr-8639	211	14	companies	company	NOUN
cblr-8639	211	15	that	that	SCONJ
cblr-8639	211	16	it	it	PRON
cblr-8639	211	17	was	be	AUX
cblr-8639	211	18	using	use	VERB
cblr-8639	211	19	sasb	sasb	ADJ
cblr-8639	211	20	information	information	NOUN
cblr-8639	211	21	to	to	PART
cblr-8639	211	22	generate	generate	VERB
cblr-8639	211	23	“	"	PUNCT
cblr-8639	211	24	esg	esg	PROPN
cblr-8639	211	25	scores	score	NOUN
cblr-8639	211	26	”	"	PUNCT
cblr-8639	211	27	for	for	ADP
cblr-8639	211	28	publicly	publicly	ADV
cblr-8639	211	29	traded	trade	VERB
cblr-8639	211	30	companies	company	NOUN
cblr-8639	211	31	and	and	CCONJ
cblr-8639	211	32	would	would	AUX
cblr-8639	211	33	“	"	PUNCT
cblr-8639	211	34	take	take	VERB
cblr-8639	211	35	appropriate	appropriate	ADJ
cblr-8639	211	36	voting	voting	NOUN
cblr-8639	211	37	action	action	NOUN
cblr-8639	211	38	against	against	ADP
cblr-8639	211	39	board	board	NOUN
cblr-8639	211	40	members	member	NOUN
cblr-8639	211	41	at	at	ADP
cblr-8639	211	42	companies	company	NOUN
cblr-8639	211	43	.	.	PUNCT
cblr-8639	211	44	.	.	PUNCT
cblr-8639	211	45	.	.	PUNCT
cblr-8639	212	1	that	that	PRON
cblr-8639	212	2	are	be	AUX
cblr-8639	212	3	laggards	laggard	NOUN
cblr-8639	212	4	.	.	PUNCT
cblr-8639	213	1	”49	”49	ADP
cblr-8639	213	2	around	around	ADP
cblr-8639	213	3	the	the	DET
cblr-8639	213	4	same	same	ADJ
cblr-8639	213	5	time	time	NOUN
cblr-8639	213	6	,	,	PUNCT
cblr-8639	213	7	larry	larry	PROPN
cblr-8639	213	8	fink	fink	PROPN
cblr-8639	213	9	’s	’s	PART
cblr-8639	213	10	letter	letter	NOUN
cblr-8639	213	11	to	to	ADP
cblr-8639	213	12	ceos	ceos	PROPN
cblr-8639	213	13	of	of	ADP
cblr-8639	213	14	blackrock	blackrock	PROPN
cblr-8639	213	15	’s	’s	PART
cblr-8639	213	16	portfolio	portfolio	NOUN
cblr-8639	213	17	companies	company	NOUN
cblr-8639	213	18	similarly	similarly	ADV
cblr-8639	213	19	warned	warn	VERB
cblr-8639	213	20	that	that	SCONJ
cblr-8639	213	21	“	"	PUNCT
cblr-8639	213	22	[	[	X
cblr-8639	213	23	w]here	w]here	X
cblr-8639	213	24	we	we	PRON
cblr-8639	213	25	feel	feel	VERB
cblr-8639	213	26	companies	company	NOUN
cblr-8639	213	27	and	and	CCONJ
cblr-8639	213	28	boards	board	NOUN
cblr-8639	213	29	are	be	AUX
cblr-8639	213	30	not	not	PART
cblr-8639	213	31	producing	produce	VERB
cblr-8639	213	32	effective	effective	ADJ
cblr-8639	213	33	sustainability	sustainability	NOUN
cblr-8639	213	34	disclosures	disclosure	NOUN
cblr-8639	213	35	or	or	CCONJ
cblr-8639	213	36	implementing	implement	VERB
cblr-8639	213	37	frameworks	framework	NOUN
cblr-8639	213	38	for	for	ADP
cblr-8639	213	39	managing	manage	VERB
cblr-8639	213	40	these	these	DET
cblr-8639	213	41	issues	issue	NOUN
cblr-8639	213	42	,	,	PUNCT
cblr-8639	213	43	we	we	PRON
cblr-8639	213	44	will	will	AUX
cblr-8639	213	45	hold	hold	VERB
cblr-8639	213	46	board	board	NOUN
cblr-8639	213	47	members	member	NOUN
cblr-8639	213	48	accountable	accountable	ADJ
cblr-8639	213	49	.	.	PUNCT
cblr-8639	214	1	”50	”50	NOUN
cblr-8639	214	2	as	as	SCONJ
cblr-8639	214	3	we	we	PRON
cblr-8639	214	4	discuss	discuss	VERB
cblr-8639	214	5	further	far	ADV
cblr-8639	214	6	below	below	ADV
cblr-8639	214	7	,	,	PUNCT
cblr-8639	214	8	various	various	ADJ
cblr-8639	214	9	public	public	ADJ
cblr-8639	214	10	pension	pension	NOUN
cblr-8639	214	11	funds	fund	NOUN
cblr-8639	214	12	have	have	AUX
cblr-8639	214	13	announced	announce	VERB
cblr-8639	214	14	plans	plan	NOUN
cblr-8639	214	15	to	to	PART
cblr-8639	214	16	divest	divest	VERB
cblr-8639	214	17	from	from	ADP
cblr-8639	214	18	particular	particular	ADJ
cblr-8639	214	19	industries	industry	NOUN
cblr-8639	214	20	based	base	VERB
cblr-8639	214	21	on	on	ADP
cblr-8639	214	22	esg	esg	PROPN
cblr-8639	214	23	factors	factor	NOUN
cblr-8639	214	24	.	.	PUNCT
cblr-8639	215	1	this	this	DET
cblr-8639	215	2	prodding	prodding	NOUN
cblr-8639	215	3	should	should	AUX
cblr-8639	215	4	be	be	AUX
cblr-8639	215	5	unnecessary	unnecessary	ADJ
cblr-8639	215	6	if	if	SCONJ
cblr-8639	215	7	it	it	PRON
cblr-8639	215	8	is	be	AUX
cblr-8639	215	9	aimed	aim	VERB
cblr-8639	215	10	only	only	ADV
cblr-8639	215	11	at	at	ADP
cblr-8639	215	12	getting	get	VERB
cblr-8639	215	13	each	each	DET
cblr-8639	215	14	company	company	NOUN
cblr-8639	215	15	to	to	PART
cblr-8639	215	16	protect	protect	VERB
cblr-8639	215	17	itself	itself	PRON
cblr-8639	215	18	against	against	ADP
cblr-8639	215	19	known	know	VERB
cblr-8639	215	20	risks	risk	NOUN
cblr-8639	215	21	to	to	PART
cblr-8639	215	22	which	which	PRON
cblr-8639	215	23	it	it	PRON
cblr-8639	215	24	is	be	AUX
cblr-8639	215	25	subject	subject	ADJ
cblr-8639	215	26	.	.	PUNCT
cblr-8639	216	1	if	if	SCONJ
cblr-8639	216	2	these	these	DET
cblr-8639	216	3	risks	risk	NOUN
cblr-8639	216	4	threaten	threaten	VERB
cblr-8639	216	5	financial	financial	ADJ
cblr-8639	216	6	harm	harm	NOUN
cblr-8639	216	7	to	to	ADP
cblr-8639	216	8	a	a	DET
cblr-8639	216	9	company	company	NOUN
cblr-8639	216	10	,	,	PUNCT
cblr-8639	216	11	its	its	PRON
cblr-8639	216	12	managers	manager	NOUN
cblr-8639	216	13	have	have	VERB
cblr-8639	216	14	a	a	DET
cblr-8639	216	15	strong	strong	ADJ
cblr-8639	216	16	incentive	incentive	NOUN
cblr-8639	216	17	to	to	PART
cblr-8639	216	18	address	address	VERB
cblr-8639	216	19	them	they	PRON
cblr-8639	216	20	.	.	PUNCT
cblr-8639	217	1	it	it	PRON
cblr-8639	217	2	is	be	AUX
cblr-8639	217	3	not	not	PART
cblr-8639	217	4	in	in	ADP
cblr-8639	217	5	the	the	DET
cblr-8639	217	6	shareholders	shareholder	NOUN
cblr-8639	217	7	’	'	PUNCT
cblr-8639	217	8	interests	interest	NOUN
cblr-8639	217	9	,	,	PUNCT
cblr-8639	217	10	however	however	ADV
cblr-8639	217	11	,	,	PUNCT
cblr-8639	217	12	to	to	PART
cblr-8639	217	13	address	address	VERB
cblr-8639	217	14	social	social	ADJ
cblr-8639	217	15	harms	harm	NOUN
cblr-8639	217	16	that	that	PRON
cblr-8639	217	17	do	do	AUX
cblr-8639	217	18	not	not	PART
cblr-8639	217	19	impose	impose	VERB
cblr-8639	217	20	financial	financial	ADJ
cblr-8639	217	21	losses	loss	NOUN
cblr-8639	217	22	on	on	ADP
cblr-8639	217	23	47	47	NUM
cblr-8639	217	24	see	see	VERB
cblr-8639	217	25	asset	asset	NOUN
cblr-8639	217	26	stewardship	stewardship	NOUN
cblr-8639	217	27	,	,	PUNCT
cblr-8639	217	28	state	state	PROPN
cblr-8639	217	29	st	st	PROPN
cblr-8639	217	30	.	.	PROPN
cblr-8639	217	31	glob	glob	PROPN
cblr-8639	217	32	.	.	PUNCT
cblr-8639	218	1	advisors	advisor	NOUN
cblr-8639	218	2	(	(	PUNCT
cblr-8639	218	3	on	on	ADP
cblr-8639	218	4	file	file	NOUN
cblr-8639	218	5	with	with	ADP
cblr-8639	218	6	the	the	DET
cblr-8639	218	7	columbia	columbia	PROPN
cblr-8639	218	8	business	business	PROPN
cblr-8639	218	9	law	law	PROPN
cblr-8639	218	10	review	review	PROPN
cblr-8639	218	11	)	)	PUNCT
cblr-8639	218	12	,	,	PUNCT
cblr-8639	218	13	https://www.ssga.com/us/en/institutional	https://www.ssga.com/us/en/institutional	ADJ
cblr-8639	218	14	/ic	/ic	ADJ
cblr-8639	218	15	/	/	SYM
cblr-8639	218	16	capabilities	capability	NOUN
cblr-8639	218	17	/	/	SYM
cblr-8639	218	18	esg	esg	NOUN
cblr-8639	218	19	/	/	SYM
cblr-8639	218	20	asset	asset	NOUN
cblr-8639	218	21	-	-	PUNCT
cblr-8639	218	22	stewardship	stewardship	NOUN
cblr-8639	218	23	(	(	PUNCT
cblr-8639	218	24	last	last	ADJ
cblr-8639	218	25	visited	visit	VERB
cblr-8639	218	26	apr	apr	NOUN
cblr-8639	218	27	.	.	PROPN
cblr-8639	218	28	2	2	NUM
cblr-8639	218	29	,	,	PUNCT
cblr-8639	218	30	2021	2021	NUM
cblr-8639	218	31	)	)	PUNCT
cblr-8639	218	32	.	.	PUNCT
cblr-8639	219	1	48	48	NUM
cblr-8639	219	2	see	see	VERB
cblr-8639	219	3	lisa	lisa	PROPN
cblr-8639	219	4	fu	fu	PROPN
cblr-8639	219	5	,	,	PUNCT
cblr-8639	219	6	esg	esg	PROPN
cblr-8639	219	7	can	can	AUX
cblr-8639	219	8	not	not	PART
cblr-8639	219	9	combat	combat	VERB
cblr-8639	219	10	climate	climate	NOUN
cblr-8639	219	11	change	change	NOUN
cblr-8639	219	12	:	:	PUNCT
cblr-8639	219	13	ex	ex	NOUN
cblr-8639	219	14	-	-	NOUN
cblr-8639	219	15	blackrock	blackrock	PROPN
cblr-8639	219	16	sustainable	sustainable	PROPN
cblr-8639	219	17	cio	cio	PROPN
cblr-8639	219	18	,	,	PUNCT
cblr-8639	219	19	fundfire	fundfire	PROPN
cblr-8639	219	20	(	(	PUNCT
cblr-8639	219	21	mar	mar	PROPN
cblr-8639	219	22	.	.	PROPN
cblr-8639	219	23	18	18	NUM
cblr-8639	219	24	,	,	PUNCT
cblr-8639	219	25	2021	2021	NUM
cblr-8639	219	26	)	)	PUNCT
cblr-8639	219	27	,	,	PUNCT
cblr-8639	219	28	https://www.fundfire.com	https://www.fundfire.com	X
cblr-8639	219	29	/c/3105474/391684	/c/3105474/391684	PUNCT
cblr-8639	219	30	/	/	SYM
cblr-8639	219	31	cannot_combat_climate_change_blackrock_sustainable	cannot_combat_climate_change_blackrock_sustainable	ADJ
cblr-8639	219	32	(	(	PUNCT
cblr-8639	219	33	“	"	PUNCT
cblr-8639	219	34	people	people	NOUN
cblr-8639	219	35	were	be	AUX
cblr-8639	219	36	interested	interested	ADJ
cblr-8639	219	37	in	in	ADP
cblr-8639	219	38	esg	esg	PROPN
cblr-8639	219	39	,	,	PUNCT
cblr-8639	219	40	not	not	PART
cblr-8639	219	41	because	because	SCONJ
cblr-8639	219	42	they	they	PRON
cblr-8639	219	43	thought	think	VERB
cblr-8639	219	44	…	…	PUNCT
cblr-8639	219	45	it	it	PRON
cblr-8639	219	46	would	would	AUX
cblr-8639	219	47	help	help	VERB
cblr-8639	219	48	to	to	PART
cblr-8639	219	49	generate	generate	VERB
cblr-8639	219	50	alpha	alpha	NOUN
cblr-8639	219	51	[	[	X
cblr-8639	219	52	but	but	CCONJ
cblr-8639	219	53	]	]	X
cblr-8639	219	54	because	because	SCONJ
cblr-8639	219	55	there	there	PRON
cblr-8639	219	56	was	be	VERB
cblr-8639	219	57	a	a	DET
cblr-8639	219	58	growing	grow	VERB
cblr-8639	219	59	societal	societal	ADJ
cblr-8639	219	60	anger	anger	NOUN
cblr-8639	219	61	around	around	ADP
cblr-8639	219	62	the	the	DET
cblr-8639	219	63	lack	lack	NOUN
cblr-8639	219	64	of	of	ADP
cblr-8639	219	65	action	action	NOUN
cblr-8639	219	66	on	on	ADP
cblr-8639	219	67	social	social	ADJ
cblr-8639	219	68	issues	issue	NOUN
cblr-8639	219	69	.	.	PUNCT
cblr-8639	219	70	”	"	PUNCT
cblr-8639	219	71	)	)	PUNCT
cblr-8639	219	72	.	.	PUNCT
cblr-8639	220	1	49	49	NUM
cblr-8639	220	2	see	see	VERB
cblr-8639	220	3	letter	letter	NOUN
cblr-8639	220	4	from	from	ADP
cblr-8639	220	5	cyrus	cyrus	PROPN
cblr-8639	220	6	taraporevala	taraporevala	NOUN
cblr-8639	220	7	to	to	ADP
cblr-8639	220	8	bd	bd	PROPN
cblr-8639	220	9	.	.	PROPN
cblr-8639	220	10	members	member	NOUN
cblr-8639	220	11	,	,	PUNCT
cblr-8639	220	12	supra	supra	PROPN
cblr-8639	220	13	note	note	NOUN
cblr-8639	220	14	8	8	NUM
cblr-8639	220	15	(	(	PUNCT
cblr-8639	220	16	emphasis	emphasis	NOUN
cblr-8639	220	17	omitted	omit	VERB
cblr-8639	220	18	)	)	PUNCT
cblr-8639	220	19	.	.	PUNCT
cblr-8639	221	1	50	50	NUM
cblr-8639	221	2	see	see	VERB
cblr-8639	221	3	letter	letter	NOUN
cblr-8639	221	4	from	from	ADP
cblr-8639	221	5	larry	larry	PROPN
cblr-8639	221	6	fink	fink	PROPN
cblr-8639	221	7	,	,	PUNCT
cblr-8639	221	8	chairman	chairman	NOUN
cblr-8639	221	9	&	&	CCONJ
cblr-8639	221	10	chief	chief	ADJ
cblr-8639	221	11	exec	exec	NOUN
cblr-8639	221	12	.	.	PUNCT
cblr-8639	222	1	officer	officer	PROPN
cblr-8639	222	2	,	,	PUNCT
cblr-8639	222	3	blackrock	blackrock	PROPN
cblr-8639	222	4	,	,	PUNCT
cblr-8639	222	5	to	to	ADP
cblr-8639	222	6	ceos	ceos	PROPN
cblr-8639	222	7	(	(	PUNCT
cblr-8639	222	8	2020	2020	NUM
cblr-8639	222	9	)	)	PUNCT
cblr-8639	222	10	,	,	PUNCT
cblr-8639	222	11	https://www.blackrock.com/corporate/investorrelations/2020-larry-fink-ceo-letter	https://www.blackrock.com/corporate/investorrelations/2020-larry-fink-ceo-letter	X
cblr-8639	222	12	[	[	X
cblr-8639	222	13	https://perma.cc/6h39-6k3j	https://perma.cc/6h39-6k3j	NOUN
cblr-8639	222	14	]	]	X
cblr-8639	222	15	.	.	PUNCT
cblr-8639	223	1	mahoney	mahoney	PROPN
cblr-8639	223	2	&	&	CCONJ
cblr-8639	223	3	mahoney	mahoney	PROPN
cblr-8639	223	4	8/22/2021	8/22/2021	PROPN
cblr-8639	223	5	9:16	9:16	NUM
cblr-8639	223	6	pm	pm	NOUN
cblr-8639	223	7	854	854	NUM
cblr-8639	223	8	columbia	columbia	PROPN
cblr-8639	223	9	business	business	NOUN
cblr-8639	223	10	law	law	PROPN
cblr-8639	223	11	review	review	NOUN
cblr-8639	223	12	[	[	X
cblr-8639	223	13	vol	vol	NOUN
cblr-8639	223	14	.	.	PUNCT
cblr-8639	223	15	2021	2021	NUM
cblr-8639	223	16	the	the	DET
cblr-8639	223	17	company	company	NOUN
cblr-8639	223	18	or	or	CCONJ
cblr-8639	223	19	,	,	PUNCT
cblr-8639	223	20	more	more	ADV
cblr-8639	223	21	generally	generally	ADV
cblr-8639	223	22	,	,	PUNCT
cblr-8639	223	23	to	to	PART
cblr-8639	223	24	pursue	pursue	VERB
cblr-8639	223	25	projects	project	NOUN
cblr-8639	223	26	in	in	ADP
cblr-8639	223	27	which	which	PRON
cblr-8639	223	28	the	the	DET
cblr-8639	223	29	company	company	NOUN
cblr-8639	223	30	gains	gain	VERB
cblr-8639	223	31	only	only	ADV
cblr-8639	223	32	a	a	DET
cblr-8639	223	33	small	small	ADJ
cblr-8639	223	34	benefit	benefit	NOUN
cblr-8639	223	35	while	while	SCONJ
cblr-8639	223	36	incurring	incur	VERB
cblr-8639	223	37	large	large	ADJ
cblr-8639	223	38	costs	cost	NOUN
cblr-8639	223	39	.	.	PUNCT
cblr-8639	224	1	free	free	ADJ
cblr-8639	224	2	riding	riding	NOUN
cblr-8639	224	3	on	on	ADP
cblr-8639	224	4	others	other	NOUN
cblr-8639	224	5	’	'	PUNCT
cblr-8639	224	6	efforts	effort	NOUN
cblr-8639	224	7	to	to	PART
cblr-8639	224	8	solve	solve	VERB
cblr-8639	224	9	environmental	environmental	ADJ
cblr-8639	224	10	problems	problem	NOUN
cblr-8639	224	11	will	will	AUX
cblr-8639	224	12	often	often	ADV
cblr-8639	224	13	be	be	AUX
cblr-8639	224	14	the	the	DET
cblr-8639	224	15	financially	financially	ADV
cblr-8639	224	16	correct	correct	ADJ
cblr-8639	224	17	strategy	strategy	NOUN
cblr-8639	224	18	,	,	PUNCT
cblr-8639	224	19	which	which	PRON
cblr-8639	224	20	is	be	AUX
cblr-8639	224	21	why	why	SCONJ
cblr-8639	224	22	substantive	substantive	ADJ
cblr-8639	224	23	environmental	environmental	ADJ
cblr-8639	224	24	regulations	regulation	NOUN
cblr-8639	224	25	exist	exist	VERB
cblr-8639	224	26	.	.	PUNCT
cblr-8639	225	1	one	one	PRON
cblr-8639	225	2	might	might	AUX
cblr-8639	225	3	argue	argue	VERB
cblr-8639	225	4	that	that	SCONJ
cblr-8639	225	5	this	this	DET
cblr-8639	225	6	analysis	analysis	NOUN
cblr-8639	225	7	misses	miss	VERB
cblr-8639	225	8	a	a	DET
cblr-8639	225	9	critical	critical	ADJ
cblr-8639	225	10	point	point	NOUN
cblr-8639	225	11	:	:	PUNCT
cblr-8639	225	12	diversified	diversify	VERB
cblr-8639	225	13	institutional	institutional	ADJ
cblr-8639	225	14	investors	investor	NOUN
cblr-8639	225	15	internalize	internalize	VERB
cblr-8639	225	16	more	more	ADJ
cblr-8639	225	17	of	of	ADP
cblr-8639	225	18	the	the	DET
cblr-8639	225	19	economy	economy	NOUN
cblr-8639	225	20	-	-	PUNCT
cblr-8639	225	21	wide	wide	ADJ
cblr-8639	225	22	costs	cost	NOUN
cblr-8639	225	23	and	and	CCONJ
cblr-8639	225	24	benefits	benefit	NOUN
cblr-8639	225	25	of	of	ADP
cblr-8639	225	26	good	good	ADJ
cblr-8639	225	27	or	or	CCONJ
cblr-8639	225	28	bad	bad	ADJ
cblr-8639	225	29	environmental	environmental	ADJ
cblr-8639	225	30	and	and	CCONJ
cblr-8639	225	31	social	social	ADJ
cblr-8639	225	32	outcomes	outcome	NOUN
cblr-8639	225	33	than	than	SCONJ
cblr-8639	225	34	does	do	VERB
cblr-8639	225	35	any	any	DET
cblr-8639	225	36	individual	individual	ADJ
cblr-8639	225	37	portfolio	portfolio	NOUN
cblr-8639	225	38	company.51	company.51	NOUN
cblr-8639	225	39	for	for	ADP
cblr-8639	225	40	example	example	NOUN
cblr-8639	225	41	,	,	PUNCT
cblr-8639	225	42	if	if	SCONJ
cblr-8639	225	43	a	a	DET
cblr-8639	225	44	fund	fund	NOUN
cblr-8639	225	45	owns	own	VERB
cblr-8639	225	46	shares	share	NOUN
cblr-8639	225	47	in	in	ADP
cblr-8639	225	48	electric	electric	ADJ
cblr-8639	225	49	utilities	utility	NOUN
cblr-8639	225	50	along	along	ADP
cblr-8639	225	51	with	with	ADP
cblr-8639	225	52	shares	share	NOUN
cblr-8639	225	53	in	in	ADP
cblr-8639	225	54	companies	company	NOUN
cblr-8639	225	55	that	that	PRON
cblr-8639	225	56	operate	operate	VERB
cblr-8639	225	57	florida	florida	PROPN
cblr-8639	225	58	coastal	coastal	ADJ
cblr-8639	225	59	resorts	resort	NOUN
cblr-8639	225	60	,	,	PUNCT
cblr-8639	225	61	climate	climate	NOUN
cblr-8639	225	62	-	-	PUNCT
cblr-8639	225	63	friendly	friendly	ADJ
cblr-8639	225	64	policies	policy	NOUN
cblr-8639	225	65	that	that	PRON
cblr-8639	225	66	harm	harm	VERB
cblr-8639	225	67	the	the	DET
cblr-8639	225	68	former	former	ADJ
cblr-8639	225	69	companies	company	NOUN
cblr-8639	225	70	while	while	SCONJ
cblr-8639	225	71	benefiting	benefit	VERB
cblr-8639	225	72	the	the	DET
cblr-8639	225	73	latter	latter	ADJ
cblr-8639	225	74	may	may	AUX
cblr-8639	225	75	make	make	VERB
cblr-8639	225	76	the	the	DET
cblr-8639	225	77	fund	fund	NOUN
cblr-8639	225	78	as	as	ADP
cblr-8639	225	79	a	a	DET
cblr-8639	225	80	whole	whole	NOUN
cblr-8639	225	81	better	well	ADV
cblr-8639	225	82	off	off	ADV
cblr-8639	225	83	.	.	PUNCT
cblr-8639	226	1	because	because	SCONJ
cblr-8639	226	2	these	these	DET
cblr-8639	226	3	managers	manager	NOUN
cblr-8639	226	4	“	"	PUNCT
cblr-8639	226	5	own	own	VERB
cblr-8639	226	6	the	the	DET
cblr-8639	226	7	market	market	NOUN
cblr-8639	226	8	,	,	PUNCT
cblr-8639	226	9	”	"	PUNCT
cblr-8639	226	10	they	they	PRON
cblr-8639	226	11	benefit	benefit	VERB
cblr-8639	226	12	from	from	ADP
cblr-8639	226	13	market	market	NOUN
cblr-8639	226	14	-	-	PUNCT
cblr-8639	226	15	wide	wide	ADJ
cblr-8639	226	16	policy	policy	NOUN
cblr-8639	226	17	implementation	implementation	NOUN
cblr-8639	226	18	,	,	PUNCT
cblr-8639	226	19	and	and	CCONJ
cblr-8639	226	20	their	their	PRON
cblr-8639	226	21	activism	activism	NOUN
cblr-8639	226	22	is	be	AUX
cblr-8639	226	23	accordingly	accordingly	ADV
cblr-8639	226	24	financially	financially	ADV
cblr-8639	226	25	justified	justify	VERB
cblr-8639	226	26	.	.	PUNCT
cblr-8639	227	1	while	while	SCONJ
cblr-8639	227	2	it	it	PRON
cblr-8639	227	3	is	be	AUX
cblr-8639	227	4	true	true	ADJ
cblr-8639	227	5	that	that	SCONJ
cblr-8639	227	6	diversified	diversified	ADJ
cblr-8639	227	7	institutional	institutional	ADJ
cblr-8639	227	8	shareholders	shareholder	NOUN
cblr-8639	227	9	internalize	internalize	VERB
cblr-8639	227	10	more	more	ADJ
cblr-8639	227	11	social	social	ADJ
cblr-8639	227	12	costs	cost	NOUN
cblr-8639	227	13	and	and	CCONJ
cblr-8639	227	14	benefits	benefit	NOUN
cblr-8639	227	15	than	than	ADP
cblr-8639	227	16	any	any	DET
cblr-8639	227	17	one	one	NUM
cblr-8639	227	18	company	company	NOUN
cblr-8639	227	19	,	,	PUNCT
cblr-8639	227	20	the	the	DET
cblr-8639	227	21	difference	difference	NOUN
cblr-8639	227	22	is	be	AUX
cblr-8639	227	23	not	not	PART
cblr-8639	227	24	sufficient	sufficient	ADJ
cblr-8639	227	25	to	to	PART
cblr-8639	227	26	explain	explain	VERB
cblr-8639	227	27	their	their	PRON
cblr-8639	227	28	enthusiasm	enthusiasm	NOUN
cblr-8639	227	29	for	for	ADP
cblr-8639	227	30	esg	esg	NOUN
cblr-8639	227	31	-	-	PUNCT
cblr-8639	227	32	related	relate	VERB
cblr-8639	227	33	disclosures	disclosure	NOUN
cblr-8639	227	34	.	.	PUNCT
cblr-8639	228	1	take	take	VERB
cblr-8639	228	2	greenhouse	greenhouse	NOUN
cblr-8639	228	3	gas	gas	NOUN
cblr-8639	228	4	emissions	emission	NOUN
cblr-8639	228	5	as	as	ADP
cblr-8639	228	6	an	an	DET
cblr-8639	228	7	example	example	NOUN
cblr-8639	228	8	.	.	PUNCT
cblr-8639	229	1	cdp	cdp	INTJ
cblr-8639	229	2	,	,	PUNCT
cblr-8639	229	3	a	a	DET
cblr-8639	229	4	nonprofit	nonprofit	NOUN
cblr-8639	229	5	created	create	VERB
cblr-8639	229	6	to	to	PART
cblr-8639	229	7	measure	measure	VERB
cblr-8639	229	8	environmental	environmental	ADJ
cblr-8639	229	9	impact	impact	NOUN
cblr-8639	229	10	,	,	PUNCT
cblr-8639	229	11	concluded	conclude	VERB
cblr-8639	229	12	that	that	SCONJ
cblr-8639	229	13	twenty	twenty	NUM
cblr-8639	229	14	-	-	PUNCT
cblr-8639	229	15	five	five	NUM
cblr-8639	229	16	private	private	ADJ
cblr-8639	229	17	and	and	CCONJ
cblr-8639	229	18	government	government	NOUN
cblr-8639	229	19	-	-	PUNCT
cblr-8639	229	20	controlled	control	VERB
cblr-8639	229	21	organizations	organization	NOUN
cblr-8639	229	22	were	be	AUX
cblr-8639	229	23	responsible	responsible	ADJ
cblr-8639	229	24	for	for	ADP
cblr-8639	229	25	approximately	approximately	ADV
cblr-8639	229	26	half	half	NOUN
cblr-8639	229	27	of	of	ADP
cblr-8639	229	28	global	global	ADJ
cblr-8639	229	29	greenhouse	greenhouse	NOUN
cblr-8639	229	30	gas	gas	NOUN
cblr-8639	229	31	emissions	emission	NOUN
cblr-8639	229	32	from	from	ADP
cblr-8639	229	33	1988	1988	NUM
cblr-8639	229	34	to	to	ADP
cblr-8639	229	35	2015.52	2015.52	NUM
cblr-8639	229	36	only	only	ADV
cblr-8639	229	37	four	four	NUM
cblr-8639	229	38	of	of	ADP
cblr-8639	229	39	them	they	PRON
cblr-8639	229	40	were	be	AUX
cblr-8639	229	41	u.s.-based	u.s.-based	ADJ
cblr-8639	229	42	publicly	publicly	ADV
cblr-8639	229	43	traded	trade	VERB
cblr-8639	229	44	companies	company	NOUN
cblr-8639	229	45	,	,	PUNCT
cblr-8639	229	46	and	and	CCONJ
cblr-8639	229	47	only	only	ADV
cblr-8639	229	48	one	one	NUM
cblr-8639	229	49	(	(	PUNCT
cblr-8639	229	50	exxonmobil	exxonmobil	PROPN
cblr-8639	229	51	,	,	PUNCT
cblr-8639	229	52	number	number	NOUN
cblr-8639	229	53	five	five	NUM
cblr-8639	229	54	)	)	PUNCT
cblr-8639	229	55	ranked	rank	VERB
cblr-8639	229	56	in	in	ADP
cblr-8639	229	57	the	the	DET
cblr-8639	229	58	top	top	ADJ
cblr-8639	229	59	ten.53	ten.53	NOUN
cblr-8639	229	60	by	by	ADP
cblr-8639	229	61	2015	2015	NUM
cblr-8639	229	62	,	,	PUNCT
cblr-8639	229	63	the	the	DET
cblr-8639	229	64	importance	importance	NOUN
cblr-8639	229	65	of	of	ADP
cblr-8639	229	66	u.s	u.s	PROPN
cblr-8639	229	67	.	.	PROPN
cblr-8639	229	68	companies	company	NOUN
cblr-8639	229	69	was	be	AUX
cblr-8639	229	70	reduced	reduce	VERB
cblr-8639	229	71	further	far	ADV
cblr-8639	229	72	;	;	PUNCT
cblr-8639	229	73	three	three	NUM
cblr-8639	229	74	of	of	ADP
cblr-8639	229	75	the	the	DET
cblr-8639	229	76	top	top	ADJ
cblr-8639	229	77	twenty	twenty	NUM
cblr-8639	229	78	-	-	PUNCT
cblr-8639	229	79	five	five	NUM
cblr-8639	229	80	were	be	AUX
cblr-8639	229	81	incorporated	incorporate	VERB
cblr-8639	229	82	in	in	ADP
cblr-8639	229	83	the	the	DET
cblr-8639	229	84	u.s	u.s	PROPN
cblr-8639	229	85	.	.	PROPN
cblr-8639	229	86	,	,	PUNCT
cblr-8639	229	87	and	and	CCONJ
cblr-8639	229	88	exxonmobil	exxonmobil	PROPN
cblr-8639	229	89	had	have	AUX
cblr-8639	229	90	fallen	fall	VERB
cblr-8639	229	91	to	to	PART
cblr-8639	229	92	number	number	VERB
cblr-8639	229	93	nine.54	nine.54	PROPN
cblr-8639	229	94	51	51	NUM
cblr-8639	229	95	see	see	VERB
cblr-8639	229	96	john	john	PROPN
cblr-8639	229	97	c.	c.	PROPN
cblr-8639	229	98	coffee	coffee	PROPN
cblr-8639	229	99	,	,	PUNCT
cblr-8639	229	100	jr	jr	PROPN
cblr-8639	229	101	.	.	PROPN
cblr-8639	229	102	,	,	PUNCT
cblr-8639	229	103	the	the	DET
cblr-8639	229	104	future	future	NOUN
cblr-8639	229	105	of	of	ADP
cblr-8639	229	106	disclosure	disclosure	NOUN
cblr-8639	229	107	:	:	PUNCT
cblr-8639	229	108	esg	esg	PROPN
cblr-8639	229	109	,	,	PUNCT
cblr-8639	229	110	common	common	ADJ
cblr-8639	229	111	ownership	ownership	NOUN
cblr-8639	229	112	,	,	PUNCT
cblr-8639	229	113	and	and	CCONJ
cblr-8639	229	114	systematic	systematic	ADJ
cblr-8639	229	115	risk	risk	NOUN
cblr-8639	229	116	,	,	PUNCT
cblr-8639	229	117	2021	2021	NUM
cblr-8639	229	118	colum	colum	NOUN
cblr-8639	229	119	.	.	PUNCT
cblr-8639	230	1	bus	bus	NOUN
cblr-8639	230	2	.	.	PUNCT
cblr-8639	231	1	l.	l.	PROPN
cblr-8639	231	2	rev	rev	PROPN
cblr-8639	231	3	.	.	PROPN
cblr-8639	231	4	602	602	NUM
cblr-8639	231	5	,	,	PUNCT
cblr-8639	231	6	621–22	621–22	NUM
cblr-8639	231	7	.	.	X
cblr-8639	232	1	52	52	NUM
cblr-8639	232	2	see	see	VERB
cblr-8639	232	3	paul	paul	PROPN
cblr-8639	232	4	griffin	griffin	PROPN
cblr-8639	232	5	,	,	PUNCT
cblr-8639	232	6	cdp	cdp	PROPN
cblr-8639	232	7	,	,	PUNCT
cblr-8639	232	8	cdp	cdp	VERB
cblr-8639	232	9	carbon	carbon	NOUN
cblr-8639	232	10	majors	major	NOUN
cblr-8639	232	11	report	report	VERB
cblr-8639	232	12	2017	2017	NUM
cblr-8639	232	13	,	,	PUNCT
cblr-8639	232	14	at	at	ADP
cblr-8639	232	15	8	8	NUM
cblr-8639	232	16	(	(	PUNCT
cblr-8639	232	17	2017	2017	NUM
cblr-8639	232	18	)	)	PUNCT
cblr-8639	232	19	,	,	PUNCT
cblr-8639	232	20	https://b8f65cb373b1b7b15feb	https://b8f65cb373b1b7b15feb	NOUN
cblr-8639	232	21	-	-	PUNCT
cblr-8639	232	22	c70d8ead6ced550b4d987d7c03fcdd1d	c70d8ead6ced550b4d987d7c03fcdd1d	NOUN
cblr-8639	232	23	.ssl.cf3.rackcdn.com	.ssl.cf3.rackcdn.com	PUNCT
cblr-8639	232	24	/	/	SYM
cblr-8639	232	25	cms	cms	NOUN
cblr-8639	232	26	/	/	SYM
cblr-8639	232	27	reports	report	NOUN
cblr-8639	232	28	/	/	SYM
cblr-8639	232	29	documents/000/002/327	documents/000/002/327	NOUN
cblr-8639	232	30	/	/	SYM
cblr-8639	232	31	original	original	ADJ
cblr-8639	232	32	/	/	SYM
cblr-8639	232	33	carbonmajors	carbonmajor	NOUN
cblr-8639	232	34	-	-	PUNCT
cblr-8639	232	35	report-2017.pdf	report-2017.pdf	PROPN
cblr-8639	232	36	[	[	X
cblr-8639	232	37	https://perma.cc/xy9l-bxb3	https://perma.cc/xy9l-bxb3	X
cblr-8639	232	38	]	]	PUNCT
cblr-8639	232	39	.	.	PUNCT
cblr-8639	233	1	53	53	NUM
cblr-8639	234	1	i	i	PRON
cblr-8639	234	2	d.	d.	PROPN
cblr-8639	234	3	54	54	NUM
cblr-8639	234	4	i	i	PRON
cblr-8639	234	5	d.	d.	PROPN
cblr-8639	234	6	app	app	PROPN
cblr-8639	234	7	.	.	PROPN
cblr-8639	234	8	2	2	NUM
cblr-8639	234	9	at	at	ADP
cblr-8639	234	10	15	15	NUM
cblr-8639	234	11	.	.	PUNCT
cblr-8639	235	1	mahoney	mahoney	PROPN
cblr-8639	235	2	&	&	CCONJ
cblr-8639	235	3	mahoney	mahoney	PROPN
cblr-8639	235	4	8/22/2021	8/22/2021	PROPN
cblr-8639	235	5	9:16	9:16	NUM
cblr-8639	235	6	pm	pm	NOUN
cblr-8639	235	7	no	no	INTJ
cblr-8639	235	8	.	.	PUNCT
cblr-8639	236	1	2:840	2:840	NUM
cblr-8639	236	2	]	]	X
cblr-8639	236	3	the	the	DET
cblr-8639	236	4	new	new	ADJ
cblr-8639	236	5	separation	separation	NOUN
cblr-8639	236	6	of	of	ADP
cblr-8639	236	7	ownership	ownership	NOUN
cblr-8639	236	8	and	and	CCONJ
cblr-8639	236	9	control	control	VERB
cblr-8639	236	10	855	855	NUM
cblr-8639	236	11	a	a	DET
cblr-8639	236	12	company	company	NOUN
cblr-8639	236	13	incorporated	incorporate	VERB
cblr-8639	236	14	in	in	ADP
cblr-8639	236	15	country	country	NOUN
cblr-8639	236	16	a	a	DET
cblr-8639	236	17	may	may	NOUN
cblr-8639	236	18	,	,	PUNCT
cblr-8639	236	19	of	of	ADP
cblr-8639	236	20	course	course	NOUN
cblr-8639	236	21	,	,	PUNCT
cblr-8639	236	22	manufacture	manufacture	VERB
cblr-8639	236	23	goods	good	NOUN
cblr-8639	236	24	in	in	ADP
cblr-8639	236	25	country	country	NOUN
cblr-8639	236	26	b	b	PROPN
cblr-8639	236	27	for	for	ADP
cblr-8639	236	28	sale	sale	NOUN
cblr-8639	236	29	and	and	CCONJ
cblr-8639	236	30	consumption	consumption	NOUN
cblr-8639	236	31	in	in	ADP
cblr-8639	236	32	country	country	NOUN
cblr-8639	236	33	c.	c.	PROPN
cblr-8639	236	34	the	the	DET
cblr-8639	236	35	figures	figure	NOUN
cblr-8639	236	36	above	above	ADV
cblr-8639	236	37	accordingly	accordingly	ADV
cblr-8639	236	38	do	do	AUX
cblr-8639	236	39	not	not	PART
cblr-8639	236	40	parcel	parcel	VERB
cblr-8639	236	41	out	out	ADP
cblr-8639	236	42	moral	moral	ADJ
cblr-8639	236	43	blame	blame	NOUN
cblr-8639	236	44	for	for	ADP
cblr-8639	236	45	emissions	emission	NOUN
cblr-8639	236	46	among	among	ADP
cblr-8639	236	47	countries	country	NOUN
cblr-8639	236	48	.	.	PUNCT
cblr-8639	237	1	they	they	PRON
cblr-8639	237	2	do	do	AUX
cblr-8639	237	3	,	,	PUNCT
cblr-8639	237	4	however	however	ADV
cblr-8639	237	5	,	,	PUNCT
cblr-8639	237	6	indicate	indicate	VERB
cblr-8639	237	7	how	how	SCONJ
cblr-8639	237	8	little	little	ADJ
cblr-8639	237	9	influence	influence	NOUN
cblr-8639	237	10	the	the	DET
cblr-8639	237	11	u.s	u.s	PROPN
cblr-8639	237	12	.	.	PROPN
cblr-8639	237	13	securities	security	NOUN
cblr-8639	237	14	regulatory	regulatory	ADJ
cblr-8639	237	15	system	system	NOUN
cblr-8639	237	16	can	can	AUX
cblr-8639	237	17	have	have	VERB
cblr-8639	237	18	on	on	ADP
cblr-8639	237	19	global	global	ADJ
cblr-8639	237	20	emissions	emission	NOUN
cblr-8639	237	21	.	.	PUNCT
cblr-8639	238	1	with	with	ADP
cblr-8639	238	2	minor	minor	ADJ
cblr-8639	238	3	exceptions	exception	NOUN
cblr-8639	238	4	,	,	PUNCT
cblr-8639	238	5	companies	company	NOUN
cblr-8639	238	6	incorporated	incorporate	VERB
cblr-8639	238	7	outside	outside	ADP
cblr-8639	238	8	the	the	DET
cblr-8639	238	9	united	united	PROPN
cblr-8639	238	10	states	states	PROPN
cblr-8639	238	11	are	be	AUX
cblr-8639	238	12	exempt	exempt	ADJ
cblr-8639	238	13	from	from	ADP
cblr-8639	238	14	the	the	DET
cblr-8639	238	15	u.s	u.s	PROPN
cblr-8639	238	16	.	.	PROPN
cblr-8639	238	17	proxy	proxy	NOUN
cblr-8639	238	18	voting	voting	NOUN
cblr-8639	238	19	system.55	system.55	NOUN
cblr-8639	238	20	outside	outside	ADP
cblr-8639	238	21	that	that	DET
cblr-8639	238	22	system	system	NOUN
cblr-8639	238	23	,	,	PUNCT
cblr-8639	238	24	state	state	PROPN
cblr-8639	238	25	street	street	PROPN
cblr-8639	238	26	’s	’s	PART
cblr-8639	238	27	or	or	CCONJ
cblr-8639	238	28	blackrock	blackrock	NOUN
cblr-8639	238	29	’s	’s	PART
cblr-8639	238	30	ability	ability	NOUN
cblr-8639	238	31	to	to	PART
cblr-8639	238	32	influence	influence	VERB
cblr-8639	238	33	managerial	managerial	ADJ
cblr-8639	238	34	decisions	decision	NOUN
cblr-8639	238	35	depends	depend	VERB
cblr-8639	238	36	on	on	ADP
cblr-8639	238	37	foreign	foreign	ADJ
cblr-8639	238	38	law	law	NOUN
cblr-8639	238	39	.	.	PUNCT
cblr-8639	239	1	they	they	PRON
cblr-8639	239	2	have	have	VERB
cblr-8639	239	3	no	no	DET
cblr-8639	239	4	influence	influence	NOUN
cblr-8639	239	5	at	at	ADV
cblr-8639	239	6	all	all	ADV
cblr-8639	239	7	over	over	ADP
cblr-8639	239	8	the	the	DET
cblr-8639	239	9	world	world	NOUN
cblr-8639	239	10	’s	’s	PART
cblr-8639	239	11	largest	large	ADJ
cblr-8639	239	12	emitters	emitter	NOUN
cblr-8639	239	13	,	,	PUNCT
cblr-8639	239	14	which	which	PRON
cblr-8639	239	15	are	be	AUX
cblr-8639	239	16	government	government	NOUN
cblr-8639	239	17	-	-	PUNCT
cblr-8639	239	18	controlled	control	VERB
cblr-8639	239	19	entities.56	entities.56	NOUN
cblr-8639	239	20	just	just	ADV
cblr-8639	239	21	as	as	SCONJ
cblr-8639	239	22	most	most	ADJ
cblr-8639	239	23	of	of	ADP
cblr-8639	239	24	the	the	DET
cblr-8639	239	25	activity	activity	NOUN
cblr-8639	239	26	that	that	PRON
cblr-8639	239	27	generates	generate	VERB
cblr-8639	239	28	greenhouse	greenhouse	NOUN
cblr-8639	239	29	gasses	gas	NOUN
cblr-8639	239	30	takes	take	VERB
cblr-8639	239	31	place	place	NOUN
cblr-8639	239	32	outside	outside	ADP
cblr-8639	239	33	the	the	DET
cblr-8639	239	34	s&p	s&p	PROPN
cblr-8639	239	35	500	500	NUM
cblr-8639	239	36	,	,	PUNCT
cblr-8639	239	37	most	most	ADJ
cblr-8639	239	38	of	of	ADP
cblr-8639	239	39	the	the	DET
cblr-8639	239	40	benefit	benefit	NOUN
cblr-8639	239	41	(	(	PUNCT
cblr-8639	239	42	that	that	PRON
cblr-8639	239	43	is	is	ADV
cblr-8639	239	44	,	,	PUNCT
cblr-8639	239	45	the	the	DET
cblr-8639	239	46	reduction	reduction	NOUN
cblr-8639	239	47	in	in	ADP
cblr-8639	239	48	future	future	ADJ
cblr-8639	239	49	harm	harm	NOUN
cblr-8639	239	50	)	)	PUNCT
cblr-8639	239	51	of	of	ADP
cblr-8639	239	52	climate	climate	NOUN
cblr-8639	239	53	-	-	PUNCT
cblr-8639	239	54	friendly	friendly	ADJ
cblr-8639	239	55	policies	policy	NOUN
cblr-8639	239	56	would	would	AUX
cblr-8639	239	57	accrue	accrue	VERB
cblr-8639	239	58	to	to	ADP
cblr-8639	239	59	people	people	NOUN
cblr-8639	239	60	and	and	CCONJ
cblr-8639	239	61	assets	asset	NOUN
cblr-8639	239	62	outside	outside	ADP
cblr-8639	239	63	a	a	DET
cblr-8639	239	64	u.s	u.s	PROPN
cblr-8639	239	65	.	.	PROPN
cblr-8639	239	66	fund	fund	NOUN
cblr-8639	239	67	manager	manager	NOUN
cblr-8639	239	68	’s	’s	PART
cblr-8639	239	69	investment	investment	NOUN
cblr-8639	239	70	portfolio	portfolio	NOUN
cblr-8639	239	71	.	.	PUNCT
cblr-8639	240	1	a	a	DET
cblr-8639	240	2	large	large	ADJ
cblr-8639	240	3	portion	portion	NOUN
cblr-8639	240	4	of	of	ADP
cblr-8639	240	5	the	the	DET
cblr-8639	240	6	coastal	coastal	ADJ
cblr-8639	240	7	lands	land	NOUN
cblr-8639	240	8	most	most	ADV
cblr-8639	240	9	threatened	threaten	VERB
cblr-8639	240	10	by	by	ADP
cblr-8639	240	11	rising	rise	VERB
cblr-8639	240	12	sea	sea	NOUN
cblr-8639	240	13	levels	level	NOUN
cblr-8639	240	14	,	,	PUNCT
cblr-8639	240	15	for	for	ADP
cblr-8639	240	16	example	example	NOUN
cblr-8639	240	17	,	,	PUNCT
cblr-8639	240	18	are	be	AUX
cblr-8639	240	19	outside	outside	ADP
cblr-8639	240	20	the	the	DET
cblr-8639	240	21	united	united	PROPN
cblr-8639	240	22	states.57	states.57	PROPN
cblr-8639	240	23	when	when	SCONJ
cblr-8639	240	24	it	it	PRON
cblr-8639	240	25	comes	come	VERB
cblr-8639	240	26	to	to	ADP
cblr-8639	240	27	carbon	carbon	NOUN
cblr-8639	240	28	production	production	NOUN
cblr-8639	240	29	and	and	CCONJ
cblr-8639	240	30	use	use	NOUN
cblr-8639	240	31	and	and	CCONJ
cblr-8639	240	32	climate	climate	NOUN
cblr-8639	240	33	-	-	PUNCT
cblr-8639	240	34	sensitive	sensitive	ADJ
cblr-8639	240	35	assets	asset	NOUN
cblr-8639	240	36	,	,	PUNCT
cblr-8639	240	37	an	an	DET
cblr-8639	240	38	s&p	s&p	PROPN
cblr-8639	240	39	500	500	NUM
cblr-8639	240	40	index	index	NOUN
cblr-8639	240	41	fund	fund	NOUN
cblr-8639	240	42	does	do	AUX
cblr-8639	240	43	not	not	PART
cblr-8639	240	44	own	own	VERB
cblr-8639	240	45	the	the	DET
cblr-8639	240	46	market	market	NOUN
cblr-8639	240	47	—	—	PUNCT
cblr-8639	240	48	far	far	ADV
cblr-8639	240	49	from	from	ADP
cblr-8639	240	50	it	it	PRON
cblr-8639	240	51	.	.	PUNCT
cblr-8639	241	1	in	in	ADP
cblr-8639	241	2	short	short	ADJ
cblr-8639	241	3	,	,	PUNCT
cblr-8639	241	4	climate	climate	NOUN
cblr-8639	241	5	change	change	NOUN
cblr-8639	241	6	is	be	AUX
cblr-8639	241	7	a	a	DET
cblr-8639	241	8	collective	collective	ADJ
cblr-8639	241	9	action	action	NOUN
cblr-8639	241	10	problem	problem	NOUN
cblr-8639	241	11	requiring	require	VERB
cblr-8639	241	12	a	a	DET
cblr-8639	241	13	coordinated	coordinated	ADJ
cblr-8639	241	14	,	,	PUNCT
cblr-8639	241	15	global	global	ADJ
cblr-8639	241	16	governmental	governmental	ADJ
cblr-8639	241	17	response	response	NOUN
cblr-8639	241	18	.	.	PUNCT
cblr-8639	242	1	from	from	ADP
cblr-8639	242	2	55	55	NUM
cblr-8639	242	3	see	see	NOUN
cblr-8639	242	4	17	17	NUM
cblr-8639	242	5	c.f.r	c.f.r	NOUN
cblr-8639	242	6	.	.	PUNCT
cblr-8639	243	1	§	§	PROPN
cblr-8639	243	2	240.3b-4(c	240.3b-4(c	NUM
cblr-8639	243	3	)	)	PUNCT
cblr-8639	243	4	(	(	PUNCT
cblr-8639	243	5	2020	2020	NUM
cblr-8639	243	6	)	)	PUNCT
cblr-8639	243	7	(	(	PUNCT
cblr-8639	243	8	defining	define	VERB
cblr-8639	243	9	“	"	PUNCT
cblr-8639	243	10	foreign	foreign	ADJ
cblr-8639	243	11	private	private	ADJ
cblr-8639	243	12	issuer	issuer	NOUN
cblr-8639	243	13	”	"	PUNCT
cblr-8639	243	14	as	as	ADP
cblr-8639	243	15	a	a	DET
cblr-8639	243	16	company	company	NOUN
cblr-8639	243	17	organized	organize	VERB
cblr-8639	243	18	under	under	ADP
cblr-8639	243	19	the	the	DET
cblr-8639	243	20	laws	law	NOUN
cblr-8639	243	21	of	of	ADP
cblr-8639	243	22	a	a	DET
cblr-8639	243	23	foreign	foreign	ADJ
cblr-8639	243	24	country	country	NOUN
cblr-8639	243	25	unless	unless	SCONJ
cblr-8639	243	26	u.s	u.s	PROPN
cblr-8639	243	27	.	.	PROPN
cblr-8639	243	28	residents	resident	NOUN
cblr-8639	243	29	own	own	VERB
cblr-8639	243	30	more	more	ADJ
cblr-8639	243	31	than	than	ADP
cblr-8639	243	32	fifty	fifty	NUM
cblr-8639	243	33	percent	percent	NOUN
cblr-8639	243	34	of	of	ADP
cblr-8639	243	35	the	the	DET
cblr-8639	243	36	voting	voting	NOUN
cblr-8639	243	37	securities	security	NOUN
cblr-8639	243	38	and	and	CCONJ
cblr-8639	243	39	either	either	CCONJ
cblr-8639	243	40	a	a	DET
cblr-8639	243	41	majority	majority	NOUN
cblr-8639	243	42	of	of	ADP
cblr-8639	243	43	executive	executive	ADJ
cblr-8639	243	44	officers	officer	NOUN
cblr-8639	243	45	are	be	AUX
cblr-8639	243	46	u.s	u.s	PROPN
cblr-8639	243	47	.	.	PROPN
cblr-8639	243	48	citizens	citizen	NOUN
cblr-8639	243	49	or	or	CCONJ
cblr-8639	243	50	residents	resident	NOUN
cblr-8639	243	51	,	,	PUNCT
cblr-8639	243	52	more	more	ADJ
cblr-8639	243	53	than	than	ADP
cblr-8639	243	54	fifty	fifty	NUM
cblr-8639	243	55	percent	percent	NOUN
cblr-8639	243	56	of	of	ADP
cblr-8639	243	57	the	the	DET
cblr-8639	243	58	assets	asset	NOUN
cblr-8639	243	59	are	be	AUX
cblr-8639	243	60	located	locate	VERB
cblr-8639	243	61	in	in	ADP
cblr-8639	243	62	the	the	DET
cblr-8639	243	63	u.s	u.s	PROPN
cblr-8639	243	64	.	.	PROPN
cblr-8639	243	65	,	,	PUNCT
cblr-8639	243	66	or	or	CCONJ
cblr-8639	243	67	the	the	DET
cblr-8639	243	68	business	business	NOUN
cblr-8639	243	69	“	"	PUNCT
cblr-8639	243	70	is	be	AUX
cblr-8639	243	71	administered	administer	VERB
cblr-8639	243	72	principally	principally	ADV
cblr-8639	243	73	in	in	ADP
cblr-8639	243	74	the	the	DET
cblr-8639	243	75	u.s	u.s	PROPN
cblr-8639	243	76	.	.	PROPN
cblr-8639	243	77	”	"	PUNCT
cblr-8639	243	78	)	)	PUNCT
cblr-8639	243	79	;	;	PUNCT
cblr-8639	244	1	i	i	PROPN
cblr-8639	244	2	d.	d.	PROPN
cblr-8639	244	3	§	§	PROPN
cblr-8639	244	4	240.3a12	240.3a12	PROPN
cblr-8639	244	5	-	-	PUNCT
cblr-8639	244	6	3(b	3(b	NUM
cblr-8639	244	7	)	)	PUNCT
cblr-8639	244	8	(	(	PUNCT
cblr-8639	244	9	making	make	VERB
cblr-8639	244	10	securities	security	NOUN
cblr-8639	244	11	of	of	ADP
cblr-8639	244	12	foreign	foreign	ADJ
cblr-8639	244	13	private	private	ADJ
cblr-8639	244	14	issuers	issuer	NOUN
cblr-8639	244	15	exempt	exempt	ADJ
cblr-8639	244	16	from	from	ADP
cblr-8639	244	17	proxy	proxy	ADJ
cblr-8639	244	18	rules	rule	NOUN
cblr-8639	244	19	)	)	PUNCT
cblr-8639	244	20	.	.	PUNCT
cblr-8639	245	1	56	56	NUM
cblr-8639	245	2	the	the	DET
cblr-8639	245	3	eight	eight	NUM
cblr-8639	245	4	largest	large	ADJ
cblr-8639	245	5	emitters	emitter	NOUN
cblr-8639	245	6	in	in	ADP
cblr-8639	245	7	2015	2015	NUM
cblr-8639	245	8	were	be	AUX
cblr-8639	245	9	all	all	DET
cblr-8639	245	10	government	government	NOUN
cblr-8639	245	11	-	-	PUNCT
cblr-8639	245	12	controlled	control	VERB
cblr-8639	245	13	entities	entity	NOUN
cblr-8639	245	14	:	:	PUNCT
cblr-8639	245	15	saudi	saudi	ADJ
cblr-8639	245	16	aramco	aramco	PROPN
cblr-8639	245	17	,	,	PUNCT
cblr-8639	245	18	gazprom	gazprom	PROPN
cblr-8639	245	19	,	,	PUNCT
cblr-8639	245	20	national	national	ADJ
cblr-8639	245	21	iranian	iranian	PROPN
cblr-8639	245	22	oil	oil	PROPN
cblr-8639	245	23	co.	co.	PROPN
cblr-8639	245	24	,	,	PUNCT
cblr-8639	245	25	coal	coal	PROPN
cblr-8639	245	26	india	india	PROPN
cblr-8639	245	27	,	,	PUNCT
cblr-8639	245	28	shenhua	shenhua	PROPN
cblr-8639	245	29	group	group	PROPN
cblr-8639	245	30	,	,	PUNCT
cblr-8639	245	31	rosneft	rosneft	NOUN
cblr-8639	245	32	,	,	PUNCT
cblr-8639	245	33	cnpc	cnpc	NOUN
cblr-8639	245	34	,	,	PUNCT
cblr-8639	245	35	and	and	CCONJ
cblr-8639	245	36	abu	abu	PROPN
cblr-8639	245	37	dhabi	dhabi	PROPN
cblr-8639	245	38	national	national	PROPN
cblr-8639	245	39	oil	oil	PROPN
cblr-8639	245	40	co.	co.	PROPN
cblr-8639	245	41	griffin	griffin	PROPN
cblr-8639	245	42	,	,	PUNCT
cblr-8639	245	43	supra	supra	PROPN
cblr-8639	245	44	note	note	NOUN
cblr-8639	245	45	52	52	NUM
cblr-8639	245	46	,	,	PUNCT
cblr-8639	245	47	app	app	X
cblr-8639	245	48	.	.	NOUN
cblr-8639	245	49	2	2	NUM
cblr-8639	245	50	at	at	ADP
cblr-8639	245	51	15	15	NUM
cblr-8639	245	52	.	.	PUNCT
cblr-8639	245	53	57	57	NUM
cblr-8639	245	54	see	see	VERB
cblr-8639	245	55	ciara	ciara	PROPN
cblr-8639	245	56	nugent	nugent	PROPN
cblr-8639	245	57	,	,	PUNCT
cblr-8639	245	58	the	the	DET
cblr-8639	245	59	10	10	NUM
cblr-8639	245	60	countries	country	NOUN
cblr-8639	245	61	most	most	ADV
cblr-8639	245	62	vulnerable	vulnerable	ADJ
cblr-8639	245	63	to	to	ADP
cblr-8639	245	64	climate	climate	NOUN
cblr-8639	245	65	change	change	NOUN
cblr-8639	245	66	will	will	AUX
cblr-8639	245	67	experience	experience	VERB
cblr-8639	245	68	population	population	NOUN
cblr-8639	245	69	booms	boom	NOUN
cblr-8639	245	70	in	in	ADP
cblr-8639	245	71	the	the	DET
cblr-8639	245	72	coming	come	VERB
cblr-8639	245	73	decades	decade	NOUN
cblr-8639	245	74	,	,	PUNCT
cblr-8639	245	75	time	time	NOUN
cblr-8639	245	76	(	(	PUNCT
cblr-8639	245	77	july	july	PROPN
cblr-8639	245	78	11	11	NUM
cblr-8639	245	79	,	,	PUNCT
cblr-8639	245	80	2019	2019	NUM
cblr-8639	245	81	,	,	PUNCT
cblr-8639	245	82	7:00	7:00	NUM
cblr-8639	245	83	am	am	NOUN
cblr-8639	245	84	)	)	PUNCT
cblr-8639	245	85	,	,	PUNCT
cblr-8639	245	86	https://time.com/5621885/climate-changepopulation-growth/	https://time.com/5621885/climate-changepopulation-growth/	PUNCT
cblr-8639	246	1	[	[	X
cblr-8639	246	2	https://perma.cc/zq4c-v3t3	https://perma.cc/zq4c-v3t3	X
cblr-8639	246	3	]	]	X
cblr-8639	246	4	(	(	PUNCT
cblr-8639	246	5	“	"	PUNCT
cblr-8639	246	6	climate	climate	NOUN
cblr-8639	246	7	scientists	scientist	NOUN
cblr-8639	246	8	have	have	AUX
cblr-8639	246	9	long	long	ADV
cblr-8639	246	10	warned	warn	VERB
cblr-8639	246	11	that	that	SCONJ
cblr-8639	246	12	the	the	DET
cblr-8639	246	13	impacts	impact	NOUN
cblr-8639	246	14	of	of	ADP
cblr-8639	246	15	climate	climate	NOUN
cblr-8639	246	16	change	change	NOUN
cblr-8639	246	17	will	will	AUX
cblr-8639	246	18	hit	hit	VERB
cblr-8639	246	19	less	less	ADV
cblr-8639	246	20	developed	developed	ADJ
cblr-8639	246	21	regions	region	NOUN
cblr-8639	246	22	in	in	ADP
cblr-8639	246	23	the	the	DET
cblr-8639	246	24	global	global	ADJ
cblr-8639	246	25	south	south	PROPN
cblr-8639	246	26	harder	hard	ADV
cblr-8639	246	27	and	and	CCONJ
cblr-8639	246	28	earlier	early	ADV
cblr-8639	246	29	than	than	ADP
cblr-8639	246	30	[	[	X
cblr-8639	246	31	others	other	NOUN
cblr-8639	246	32	.	.	PUNCT
cblr-8639	247	1	]	]	X
cblr-8639	247	2	”	"	PUNCT
cblr-8639	247	3	)	)	PUNCT
cblr-8639	247	4	.	.	PUNCT
cblr-8639	248	1	mahoney	mahoney	PROPN
cblr-8639	248	2	&	&	CCONJ
cblr-8639	248	3	mahoney	mahoney	PROPN
cblr-8639	248	4	8/22/2021	8/22/2021	PROPN
cblr-8639	248	5	9:16	9:16	NUM
cblr-8639	248	6	pm	pm	NOUN
cblr-8639	248	7	856	856	NUM
cblr-8639	248	8	columbia	columbia	PROPN
cblr-8639	248	9	business	business	NOUN
cblr-8639	248	10	law	law	PROPN
cblr-8639	248	11	review	review	NOUN
cblr-8639	248	12	[	[	X
cblr-8639	248	13	vol	vol	NOUN
cblr-8639	248	14	.	.	NOUN
cblr-8639	248	15	2021	2021	NUM
cblr-8639	248	16	a	a	DET
cblr-8639	248	17	strictly	strictly	ADV
cblr-8639	248	18	financial	financial	ADJ
cblr-8639	248	19	perspective	perspective	NOUN
cblr-8639	248	20	,	,	PUNCT
cblr-8639	248	21	it	it	PRON
cblr-8639	248	22	is	be	AUX
cblr-8639	248	23	not	not	PART
cblr-8639	248	24	individually	individually	ADV
cblr-8639	248	25	rational	rational	ADJ
cblr-8639	248	26	for	for	SCONJ
cblr-8639	248	27	a	a	DET
cblr-8639	248	28	fund	fund	NOUN
cblr-8639	248	29	manager	manager	NOUN
cblr-8639	248	30	to	to	PART
cblr-8639	248	31	try	try	VERB
cblr-8639	248	32	to	to	PART
cblr-8639	248	33	solve	solve	VERB
cblr-8639	248	34	it	it	PRON
cblr-8639	248	35	.	.	PUNCT
cblr-8639	249	1	we	we	PRON
cblr-8639	249	2	accordingly	accordingly	ADV
cblr-8639	249	3	see	see	VERB
cblr-8639	249	4	esg	esg	PROPN
cblr-8639	249	5	activism	activism	NOUN
cblr-8639	249	6	(	(	PUNCT
cblr-8639	249	7	that	that	PRON
cblr-8639	249	8	is	is	ADV
cblr-8639	249	9	,	,	PUNCT
cblr-8639	249	10	divestment	divestment	NOUN
cblr-8639	249	11	,	,	PUNCT
cblr-8639	249	12	shareholder	shareholder	NOUN
cblr-8639	249	13	voting	voting	NOUN
cblr-8639	249	14	,	,	PUNCT
cblr-8639	249	15	or	or	CCONJ
cblr-8639	249	16	other	other	ADJ
cblr-8639	249	17	engagement	engagement	NOUN
cblr-8639	249	18	)	)	PUNCT
cblr-8639	249	19	as	as	ADP
cblr-8639	249	20	an	an	DET
cblr-8639	249	21	attempt	attempt	NOUN
cblr-8639	249	22	to	to	PART
cblr-8639	249	23	use	use	VERB
cblr-8639	249	24	beneficiary	beneficiary	ADJ
cblr-8639	249	25	resources	resource	NOUN
cblr-8639	249	26	to	to	PART
cblr-8639	249	27	impose	impose	VERB
cblr-8639	249	28	a	a	DET
cblr-8639	249	29	private	private	ADJ
cblr-8639	249	30	price	price	NOUN
cblr-8639	249	31	on	on	ADP
cblr-8639	249	32	socially	socially	ADV
cblr-8639	249	33	detrimental	detrimental	ADJ
cblr-8639	249	34	activity	activity	NOUN
cblr-8639	249	35	in	in	ADP
cblr-8639	249	36	substitution	substitution	NOUN
cblr-8639	249	37	for	for	ADP
cblr-8639	249	38	a	a	DET
cblr-8639	249	39	government	government	NOUN
cblr-8639	249	40	-	-	PUNCT
cblr-8639	249	41	imposed	impose	VERB
cblr-8639	249	42	price	price	NOUN
cblr-8639	249	43	.	.	PUNCT
cblr-8639	250	1	we	we	PRON
cblr-8639	250	2	will	will	AUX
cblr-8639	250	3	take	take	VERB
cblr-8639	250	4	greenhouse	greenhouse	NOUN
cblr-8639	250	5	gas	gas	NOUN
cblr-8639	250	6	emissions	emission	NOUN
cblr-8639	250	7	as	as	ADP
cblr-8639	250	8	an	an	DET
cblr-8639	250	9	example	example	NOUN
cblr-8639	250	10	,	,	PUNCT
cblr-8639	250	11	but	but	CCONJ
cblr-8639	250	12	a	a	DET
cblr-8639	250	13	similar	similar	ADJ
cblr-8639	250	14	analysis	analysis	NOUN
cblr-8639	250	15	would	would	AUX
cblr-8639	250	16	apply	apply	VERB
cblr-8639	250	17	to	to	ADP
cblr-8639	250	18	other	other	ADJ
cblr-8639	250	19	“	"	PUNCT
cblr-8639	250	20	e	e	NOUN
cblr-8639	250	21	”	"	PUNCT
cblr-8639	250	22	and	and	CCONJ
cblr-8639	250	23	“	"	PUNCT
cblr-8639	250	24	s	s	NOUN
cblr-8639	250	25	”	"	PUNCT
cblr-8639	250	26	issues	issue	NOUN
cblr-8639	250	27	.	.	PUNCT
cblr-8639	251	1	greenhouse	greenhouse	NOUN
cblr-8639	251	2	gas	gas	NOUN
cblr-8639	251	3	emissions	emission	NOUN
cblr-8639	251	4	impose	impose	VERB
cblr-8639	251	5	a	a	DET
cblr-8639	251	6	classic	classic	ADJ
cblr-8639	251	7	externality	externality	NOUN
cblr-8639	251	8	:	:	PUNCT
cblr-8639	251	9	the	the	DET
cblr-8639	251	10	emitter	emitter	NOUN
cblr-8639	251	11	does	do	AUX
cblr-8639	251	12	not	not	PART
cblr-8639	251	13	suffer	suffer	VERB
cblr-8639	251	14	the	the	DET
cblr-8639	251	15	full	full	ADJ
cblr-8639	251	16	social	social	ADJ
cblr-8639	251	17	costs	cost	NOUN
cblr-8639	251	18	of	of	ADP
cblr-8639	251	19	its	its	PRON
cblr-8639	251	20	activity	activity	NOUN
cblr-8639	251	21	.	.	PUNCT
cblr-8639	252	1	one	one	NUM
cblr-8639	252	2	straightforward	straightforward	ADJ
cblr-8639	252	3	solution	solution	NOUN
cblr-8639	252	4	to	to	ADP
cblr-8639	252	5	the	the	DET
cblr-8639	252	6	externality	externality	NOUN
cblr-8639	252	7	is	be	AUX
cblr-8639	252	8	to	to	PART
cblr-8639	252	9	impose	impose	VERB
cblr-8639	252	10	a	a	DET
cblr-8639	252	11	price	price	NOUN
cblr-8639	252	12	on	on	ADP
cblr-8639	252	13	greenhouse	greenhouse	NOUN
cblr-8639	252	14	gas	gas	NOUN
cblr-8639	252	15	emissions	emission	NOUN
cblr-8639	252	16	through	through	ADP
cblr-8639	252	17	a	a	DET
cblr-8639	252	18	tax	tax	NOUN
cblr-8639	252	19	,	,	PUNCT
cblr-8639	252	20	a	a	DET
cblr-8639	252	21	regime	regime	NOUN
cblr-8639	252	22	of	of	ADP
cblr-8639	252	23	tradeable	tradeable	ADJ
cblr-8639	252	24	permits	permit	NOUN
cblr-8639	252	25	,	,	PUNCT
cblr-8639	252	26	or	or	CCONJ
cblr-8639	252	27	other	other	ADJ
cblr-8639	252	28	means	mean	NOUN
cblr-8639	252	29	.	.	PUNCT
cblr-8639	253	1	that	that	PRON
cblr-8639	253	2	has	have	AUX
cblr-8639	253	3	not	not	PART
cblr-8639	253	4	,	,	PUNCT
cblr-8639	253	5	to	to	ADP
cblr-8639	253	6	date	date	NOUN
cblr-8639	253	7	,	,	PUNCT
cblr-8639	253	8	proved	prove	VERB
cblr-8639	253	9	politically	politically	ADV
cblr-8639	253	10	possible	possible	ADJ
cblr-8639	253	11	at	at	ADP
cblr-8639	253	12	the	the	DET
cblr-8639	253	13	national	national	ADJ
cblr-8639	253	14	level	level	NOUN
cblr-8639	253	15	.	.	PUNCT
cblr-8639	254	1	rather	rather	ADV
cblr-8639	254	2	than	than	SCONJ
cblr-8639	254	3	wait	wait	VERB
cblr-8639	254	4	for	for	ADP
cblr-8639	254	5	federal	federal	ADJ
cblr-8639	254	6	government	government	NOUN
cblr-8639	254	7	action	action	NOUN
cblr-8639	254	8	,	,	PUNCT
cblr-8639	254	9	we	we	PRON
cblr-8639	254	10	hypothesize	hypothesize	VERB
cblr-8639	254	11	that	that	SCONJ
cblr-8639	254	12	institutional	institutional	ADJ
cblr-8639	254	13	investors	investor	NOUN
cblr-8639	254	14	seek	seek	VERB
cblr-8639	254	15	to	to	PART
cblr-8639	254	16	impose	impose	VERB
cblr-8639	254	17	a	a	DET
cblr-8639	254	18	capital	capital	NOUN
cblr-8639	254	19	cost	cost	NOUN
cblr-8639	254	20	on	on	ADP
cblr-8639	254	21	greenhouse	greenhouse	NOUN
cblr-8639	254	22	gasses	gas	NOUN
cblr-8639	254	23	.	.	PUNCT
cblr-8639	255	1	through	through	ADP
cblr-8639	255	2	capital	capital	NOUN
cblr-8639	255	3	reallocation	reallocation	NOUN
cblr-8639	255	4	,	,	PUNCT
cblr-8639	255	5	shareholder	shareholder	NOUN
cblr-8639	255	6	votes	vote	NOUN
cblr-8639	255	7	,	,	PUNCT
cblr-8639	255	8	and	and	CCONJ
cblr-8639	255	9	coordination	coordination	NOUN
cblr-8639	255	10	with	with	ADP
cblr-8639	255	11	social	social	ADJ
cblr-8639	255	12	activists	activist	NOUN
cblr-8639	255	13	,	,	PUNCT
cblr-8639	255	14	institutions	institution	NOUN
cblr-8639	255	15	can	can	AUX
cblr-8639	255	16	make	make	VERB
cblr-8639	255	17	it	it	PRON
cblr-8639	255	18	costly	costly	ADJ
cblr-8639	255	19	for	for	SCONJ
cblr-8639	255	20	companies	company	NOUN
cblr-8639	255	21	to	to	PART
cblr-8639	255	22	act	act	VERB
cblr-8639	255	23	in	in	ADP
cblr-8639	255	24	their	their	PRON
cblr-8639	255	25	self	self	NOUN
cblr-8639	255	26	-	-	PUNCT
cblr-8639	255	27	interest	interest	NOUN
cblr-8639	255	28	with	with	ADP
cblr-8639	255	29	respect	respect	NOUN
cblr-8639	255	30	to	to	ADP
cblr-8639	255	31	emission	emission	NOUN
cblr-8639	255	32	-	-	PUNCT
cblr-8639	255	33	generating	generate	VERB
cblr-8639	255	34	activities.58	activities.58	NOUN
cblr-8639	255	35	the	the	DET
cblr-8639	255	36	capital	capital	NOUN
cblr-8639	255	37	cost	cost	NOUN
cblr-8639	255	38	will	will	AUX
cblr-8639	255	39	prod	prod	VERB
cblr-8639	255	40	companies	company	NOUN
cblr-8639	255	41	to	to	PART
cblr-8639	255	42	operate	operate	VERB
cblr-8639	255	43	in	in	ADP
cblr-8639	255	44	ways	way	NOUN
cblr-8639	255	45	more	more	ADV
cblr-8639	255	46	closely	closely	ADV
cblr-8639	255	47	aligned	align	VERB
cblr-8639	255	48	with	with	ADP
cblr-8639	255	49	the	the	DET
cblr-8639	255	50	investors	investor	NOUN
cblr-8639	255	51	’	’	PART
cblr-8639	255	52	view	view	NOUN
cblr-8639	255	53	of	of	ADP
cblr-8639	255	54	social	social	ADJ
cblr-8639	255	55	welfare	welfare	NOUN
cblr-8639	255	56	.	.	PUNCT
cblr-8639	256	1	the	the	DET
cblr-8639	256	2	obvious	obvious	ADJ
cblr-8639	256	3	question	question	NOUN
cblr-8639	256	4	is	be	AUX
cblr-8639	256	5	why	why	SCONJ
cblr-8639	256	6	institutional	institutional	ADJ
cblr-8639	256	7	investors	investor	NOUN
cblr-8639	256	8	would	would	AUX
cblr-8639	256	9	do	do	VERB
cblr-8639	256	10	this	this	PRON
cblr-8639	256	11	.	.	PUNCT
cblr-8639	257	1	why	why	SCONJ
cblr-8639	257	2	take	take	VERB
cblr-8639	257	3	actions	action	NOUN
cblr-8639	257	4	that	that	PRON
cblr-8639	257	5	generate	generate	VERB
cblr-8639	257	6	private	private	ADJ
cblr-8639	257	7	costs	cost	NOUN
cblr-8639	257	8	and	and	CCONJ
cblr-8639	257	9	social	social	ADJ
cblr-8639	257	10	benefits	benefit	NOUN
cblr-8639	257	11	?	?	PUNCT
cblr-8639	258	1	one	one	NUM
cblr-8639	258	2	possible	possible	ADJ
cblr-8639	258	3	answer	answer	NOUN
cblr-8639	258	4	lies	lie	VERB
cblr-8639	258	5	in	in	ADP
cblr-8639	258	6	the	the	DET
cblr-8639	258	7	divergent	divergent	ADJ
cblr-8639	258	8	interests	interest	NOUN
cblr-8639	258	9	of	of	ADP
cblr-8639	258	10	those	those	DET
cblr-8639	258	11	institutions	institution	NOUN
cblr-8639	258	12	’	'	PUNCT
cblr-8639	258	13	decisionmakers	decisionmaker	NOUN
cblr-8639	258	14	and	and	CCONJ
cblr-8639	258	15	their	their	PRON
cblr-8639	258	16	beneficiaries	beneficiary	NOUN
cblr-8639	258	17	.	.	PUNCT
cblr-8639	259	1	institutions	institution	NOUN
cblr-8639	259	2	invest	invest	VERB
cblr-8639	259	3	other	other	ADJ
cblr-8639	259	4	people	people	NOUN
cblr-8639	259	5	’s	’s	PART
cblr-8639	259	6	money	money	NOUN
cblr-8639	259	7	.	.	PUNCT
cblr-8639	260	1	as	as	ADP
cblr-8639	260	2	such	such	ADJ
cblr-8639	260	3	,	,	PUNCT
cblr-8639	260	4	they	they	PRON
cblr-8639	260	5	generate	generate	VERB
cblr-8639	260	6	agency	agency	NOUN
cblr-8639	260	7	costs	cost	NOUN
cblr-8639	260	8	,	,	PUNCT
cblr-8639	260	9	a	a	DET
cblr-8639	260	10	topic	topic	NOUN
cblr-8639	260	11	to	to	PART
cblr-8639	260	12	which	which	PRON
cblr-8639	260	13	we	we	PRON
cblr-8639	260	14	now	now	ADV
cblr-8639	260	15	turn	turn	VERB
cblr-8639	260	16	.	.	PUNCT
cblr-8639	261	1	iii	iii	X
cblr-8639	261	2	.	.	PUNCT
cblr-8639	262	1	the	the	DET
cblr-8639	262	2	“	"	PUNCT
cblr-8639	262	3	new	new	ADJ
cblr-8639	262	4	”	"	PUNCT
cblr-8639	262	5	separation	separation	NOUN
cblr-8639	262	6	of	of	ADP
cblr-8639	262	7	ownership	ownership	NOUN
cblr-8639	262	8	and	and	CCONJ
cblr-8639	262	9	control	control	NOUN
cblr-8639	262	10	:	:	PUNCT
cblr-8639	262	11	money	money	NOUN
cblr-8639	262	12	managers	manager	NOUN
cblr-8639	262	13	versus	versus	ADP
cblr-8639	262	14	beneficiaries	beneficiary	NOUN
cblr-8639	262	15	in	in	ADP
cblr-8639	262	16	the	the	DET
cblr-8639	262	17	modern	modern	ADJ
cblr-8639	262	18	corporation	corporation	NOUN
cblr-8639	262	19	and	and	CCONJ
cblr-8639	262	20	private	private	ADJ
cblr-8639	262	21	property	property	NOUN
cblr-8639	262	22	,	,	PUNCT
cblr-8639	262	23	adolf	adolf	PROPN
cblr-8639	262	24	berle	berle	PROPN
cblr-8639	262	25	and	and	CCONJ
cblr-8639	262	26	gardiner	gardiner	PROPN
cblr-8639	262	27	means	mean	NOUN
cblr-8639	262	28	described	describe	VERB
cblr-8639	262	29	the	the	DET
cblr-8639	262	30	separation	separation	NOUN
cblr-8639	262	31	of	of	ADP
cblr-8639	262	32	ownership	ownership	NOUN
cblr-8639	262	33	and	and	CCONJ
cblr-8639	262	34	control	control	NOUN
cblr-8639	262	35	between	between	ADP
cblr-8639	262	36	corporate	corporate	ADJ
cblr-8639	262	37	shareholders	shareholder	NOUN
cblr-8639	262	38	and	and	CCONJ
cblr-8639	262	39	58	58	NUM
cblr-8639	262	40	see	see	VERB
cblr-8639	262	41	brest	brest	NOUN
cblr-8639	262	42	,	,	PUNCT
cblr-8639	262	43	gilson	gilson	PROPN
cblr-8639	262	44	&	&	CCONJ
cblr-8639	262	45	wolfson	wolfson	PROPN
cblr-8639	262	46	,	,	PUNCT
cblr-8639	262	47	supra	supra	PROPN
cblr-8639	262	48	note	note	PROPN
cblr-8639	262	49	19	19	NUM
cblr-8639	262	50	,	,	PUNCT
cblr-8639	262	51	at	at	ADP
cblr-8639	262	52	223–24	223–24	NUM
cblr-8639	262	53	.	.	PUNCT
cblr-8639	263	1	mahoney	mahoney	PROPN
cblr-8639	263	2	&	&	CCONJ
cblr-8639	263	3	mahoney	mahoney	PROPN
cblr-8639	263	4	8/22/2021	8/22/2021	PROPN
cblr-8639	263	5	9:16	9:16	NUM
cblr-8639	263	6	pm	pm	NOUN
cblr-8639	263	7	no	no	INTJ
cblr-8639	263	8	.	.	PUNCT
cblr-8639	264	1	2:840	2:840	NUM
cblr-8639	264	2	]	]	X
cblr-8639	264	3	the	the	DET
cblr-8639	264	4	new	new	ADJ
cblr-8639	264	5	separation	separation	NOUN
cblr-8639	264	6	of	of	ADP
cblr-8639	264	7	ownership	ownership	NOUN
cblr-8639	264	8	and	and	CCONJ
cblr-8639	264	9	control	control	VERB
cblr-8639	264	10	857	857	NUM
cblr-8639	264	11	managers	manager	NOUN
cblr-8639	264	12	as	as	ADP
cblr-8639	264	13	the	the	DET
cblr-8639	264	14	central	central	ADJ
cblr-8639	264	15	problem	problem	NOUN
cblr-8639	264	16	for	for	ADP
cblr-8639	264	17	corporate	corporate	ADJ
cblr-8639	264	18	law	law	NOUN
cblr-8639	264	19	.	.	PUNCT
cblr-8639	265	1	the	the	DET
cblr-8639	265	2	book	book	NOUN
cblr-8639	265	3	was	be	AUX
cblr-8639	265	4	written	write	VERB
cblr-8639	265	5	at	at	ADP
cblr-8639	265	6	a	a	DET
cblr-8639	265	7	time	time	NOUN
cblr-8639	265	8	when	when	SCONJ
cblr-8639	265	9	most	most	ADJ
cblr-8639	265	10	shares	share	NOUN
cblr-8639	265	11	of	of	ADP
cblr-8639	265	12	corporate	corporate	ADJ
cblr-8639	265	13	stock	stock	NOUN
cblr-8639	265	14	were	be	AUX
cblr-8639	265	15	owned	own	VERB
cblr-8639	265	16	by	by	ADP
cblr-8639	265	17	individuals	individual	NOUN
cblr-8639	265	18	.	.	PUNCT
cblr-8639	266	1	it	it	PRON
cblr-8639	266	2	documented	document	VERB
cblr-8639	266	3	the	the	DET
cblr-8639	266	4	rise	rise	NOUN
cblr-8639	266	5	of	of	ADP
cblr-8639	266	6	middleclass	middleclass	NOUN
cblr-8639	266	7	investors	investor	NOUN
cblr-8639	266	8	and	and	CCONJ
cblr-8639	266	9	the	the	DET
cblr-8639	266	10	consequent	consequent	ADJ
cblr-8639	266	11	dispersion	dispersion	NOUN
cblr-8639	266	12	of	of	ADP
cblr-8639	266	13	stock	stock	NOUN
cblr-8639	266	14	ownership.59	ownership.59	VERB
cblr-8639	266	15	consistent	consistent	ADJ
cblr-8639	266	16	with	with	ADP
cblr-8639	266	17	this	this	DET
cblr-8639	266	18	picture	picture	NOUN
cblr-8639	266	19	,	,	PUNCT
cblr-8639	266	20	households	household	NOUN
cblr-8639	266	21	continued	continue	VERB
cblr-8639	266	22	to	to	PART
cblr-8639	266	23	own	own	VERB
cblr-8639	266	24	a	a	DET
cblr-8639	266	25	majority	majority	NOUN
cblr-8639	266	26	of	of	ADP
cblr-8639	266	27	publicly	publicly	ADV
cblr-8639	266	28	traded	trade	VERB
cblr-8639	266	29	shares	share	NOUN
cblr-8639	266	30	for	for	ADP
cblr-8639	266	31	decades.60	decades.60	PROPN
cblr-8639	266	32	a.	a.	NOUN
cblr-8639	266	33	the	the	DET
cblr-8639	266	34	rise	rise	NOUN
cblr-8639	266	35	of	of	ADP
cblr-8639	266	36	institutional	institutional	ADJ
cblr-8639	266	37	ownership	ownership	NOUN
cblr-8639	266	38	today	today	NOUN
cblr-8639	266	39	,	,	PUNCT
cblr-8639	266	40	the	the	DET
cblr-8639	266	41	landscape	landscape	NOUN
cblr-8639	266	42	of	of	ADP
cblr-8639	266	43	corporate	corporate	ADJ
cblr-8639	266	44	ownership	ownership	NOUN
cblr-8639	266	45	is	be	AUX
cblr-8639	266	46	different.61	different.61	NOUN
cblr-8639	266	47	while	while	SCONJ
cblr-8639	266	48	a	a	DET
cblr-8639	266	49	majority	majority	NOUN
cblr-8639	266	50	of	of	ADP
cblr-8639	266	51	households	household	NOUN
cblr-8639	266	52	have	have	VERB
cblr-8639	266	53	stakes	stake	NOUN
cblr-8639	266	54	in	in	ADP
cblr-8639	266	55	public	public	ADJ
cblr-8639	266	56	companies	company	NOUN
cblr-8639	266	57	,	,	PUNCT
cblr-8639	266	58	those	those	DET
cblr-8639	266	59	stakes	stake	NOUN
cblr-8639	266	60	are	be	AUX
cblr-8639	266	61	now	now	ADV
cblr-8639	266	62	largely	largely	ADV
cblr-8639	266	63	intermediated	intermediate	VERB
cblr-8639	266	64	through	through	ADP
cblr-8639	266	65	institutional	institutional	ADJ
cblr-8639	266	66	investors	investor	NOUN
cblr-8639	266	67	,	,	PUNCT
cblr-8639	266	68	including	include	VERB
cblr-8639	266	69	employersponsored	employersponsored	ADJ
cblr-8639	266	70	pension	pension	NOUN
cblr-8639	266	71	plans	plan	NOUN
cblr-8639	266	72	,	,	PUNCT
cblr-8639	266	73	mutual	mutual	ADJ
cblr-8639	266	74	funds	fund	NOUN
cblr-8639	266	75	,	,	PUNCT
cblr-8639	266	76	investment	investment	NOUN
cblr-8639	266	77	advisers	adviser	NOUN
cblr-8639	266	78	,	,	PUNCT
cblr-8639	266	79	bank	bank	NOUN
cblr-8639	266	80	trust	trust	NOUN
cblr-8639	266	81	accounts	account	NOUN
cblr-8639	266	82	,	,	PUNCT
cblr-8639	266	83	and	and	CCONJ
cblr-8639	266	84	others.62	others.62	VERB
cblr-8639	266	85	on	on	ADP
cblr-8639	266	86	the	the	DET
cblr-8639	266	87	one	one	NUM
cblr-8639	266	88	hand	hand	NOUN
cblr-8639	266	89	,	,	PUNCT
cblr-8639	266	90	this	this	DET
cblr-8639	266	91	development	development	NOUN
cblr-8639	266	92	can	can	AUX
cblr-8639	266	93	reduce	reduce	VERB
cblr-8639	266	94	agency	agency	NOUN
cblr-8639	266	95	problems	problem	NOUN
cblr-8639	266	96	between	between	ADP
cblr-8639	266	97	a	a	DET
cblr-8639	266	98	corporation	corporation	NOUN
cblr-8639	266	99	’s	’s	PART
cblr-8639	266	100	managers	manager	NOUN
cblr-8639	266	101	and	and	CCONJ
cblr-8639	266	102	the	the	DET
cblr-8639	266	103	households	household	NOUN
cblr-8639	266	104	that	that	PRON
cblr-8639	266	105	have	have	VERB
cblr-8639	266	106	a	a	DET
cblr-8639	266	107	financial	financial	ADJ
cblr-8639	266	108	interest	interest	NOUN
cblr-8639	266	109	in	in	ADP
cblr-8639	266	110	the	the	DET
cblr-8639	266	111	corporation	corporation	NOUN
cblr-8639	266	112	.	.	PUNCT
cblr-8639	267	1	59	59	NUM
cblr-8639	267	2	see	see	VERB
cblr-8639	267	3	berle	berle	PROPN
cblr-8639	267	4	&	&	CCONJ
cblr-8639	267	5	means	means	PROPN
cblr-8639	267	6	,	,	PUNCT
cblr-8639	267	7	supra	supra	PROPN
cblr-8639	267	8	note	note	NOUN
cblr-8639	267	9	1	1	NUM
cblr-8639	267	10	,	,	PUNCT
cblr-8639	267	11	at	at	ADP
cblr-8639	267	12	47–68	47–68	NUM
cblr-8639	267	13	.	.	PUNCT
cblr-8639	268	1	60	60	NUM
cblr-8639	268	2	see	see	VERB
cblr-8639	268	3	ronald	ronald	PROPN
cblr-8639	268	4	j.	j.	PROPN
cblr-8639	268	5	gilson	gilson	PROPN
cblr-8639	268	6	&	&	CCONJ
cblr-8639	268	7	jeffrey	jeffrey	PROPN
cblr-8639	268	8	n.	n.	PROPN
cblr-8639	268	9	gordon	gordon	PROPN
cblr-8639	268	10	,	,	PUNCT
cblr-8639	268	11	the	the	DET
cblr-8639	268	12	agency	agency	NOUN
cblr-8639	268	13	costs	cost	NOUN
cblr-8639	268	14	of	of	ADP
cblr-8639	268	15	agency	agency	NOUN
cblr-8639	268	16	capitalism	capitalism	NOUN
cblr-8639	268	17	:	:	PUNCT
cblr-8639	268	18	activist	activist	ADJ
cblr-8639	268	19	investors	investor	NOUN
cblr-8639	268	20	and	and	CCONJ
cblr-8639	268	21	the	the	DET
cblr-8639	268	22	revaluation	revaluation	NOUN
cblr-8639	268	23	of	of	ADP
cblr-8639	268	24	governance	governance	NOUN
cblr-8639	268	25	rights	right	NOUN
cblr-8639	268	26	,	,	PUNCT
cblr-8639	268	27	113	113	NUM
cblr-8639	268	28	colum	colum	NOUN
cblr-8639	268	29	.	.	PUNCT
cblr-8639	269	1	l.	l.	PROPN
cblr-8639	269	2	rev	rev	PROPN
cblr-8639	269	3	.	.	PROPN
cblr-8639	269	4	863	863	NUM
cblr-8639	269	5	,	,	PUNCT
cblr-8639	269	6	874	874	NUM
cblr-8639	269	7	(	(	PUNCT
cblr-8639	269	8	2013	2013	NUM
cblr-8639	269	9	)	)	PUNCT
cblr-8639	269	10	(	(	PUNCT
cblr-8639	269	11	describing	describe	VERB
cblr-8639	269	12	the	the	DET
cblr-8639	269	13	trajectory	trajectory	NOUN
cblr-8639	269	14	of	of	ADP
cblr-8639	269	15	household	household	NOUN
cblr-8639	269	16	ownership	ownership	NOUN
cblr-8639	269	17	)	)	PUNCT
cblr-8639	269	18	.	.	PUNCT
cblr-8639	270	1	61	61	NUM
cblr-8639	270	2	a	a	DET
cblr-8639	270	3	precise	precise	ADJ
cblr-8639	270	4	measure	measure	NOUN
cblr-8639	270	5	of	of	ADP
cblr-8639	270	6	household	household	NOUN
cblr-8639	270	7	and	and	CCONJ
cblr-8639	270	8	institutional	institutional	ADJ
cblr-8639	270	9	ownership	ownership	NOUN
cblr-8639	270	10	depends	depend	VERB
cblr-8639	270	11	on	on	ADP
cblr-8639	270	12	one	one	NUM
cblr-8639	270	13	’s	’s	PART
cblr-8639	270	14	definitions	definition	NOUN
cblr-8639	270	15	and	and	CCONJ
cblr-8639	270	16	categorizations	categorization	NOUN
cblr-8639	270	17	.	.	PUNCT
cblr-8639	271	1	compare	compare	PROPN
cblr-8639	271	2	katie	katie	PROPN
cblr-8639	271	3	kolchin	kolchin	PROPN
cblr-8639	271	4	,	,	PUNCT
cblr-8639	271	5	sec	sec	PROPN
cblr-8639	271	6	.	.	PROPN
cblr-8639	271	7	indus	indus	PROPN
cblr-8639	271	8	.	.	PUNCT
cblr-8639	271	9	&	&	CCONJ
cblr-8639	271	10	fin	fin	PROPN
cblr-8639	271	11	.	.	PUNCT
cblr-8639	271	12	mkts	mkts	NOUN
cblr-8639	271	13	.	.	PUNCT
cblr-8639	272	1	ass’n	ass’n	VERB
cblr-8639	272	2	,	,	PUNCT
cblr-8639	272	3	q	q	X
cblr-8639	272	4	:	:	PUNCT
cblr-8639	272	5	who	who	PRON
cblr-8639	272	6	owns	own	VERB
cblr-8639	272	7	stocks	stock	NOUN
cblr-8639	272	8	in	in	ADP
cblr-8639	272	9	america	america	PROPN
cblr-8639	272	10	?	?	PUNCT
cblr-8639	273	1	a	a	DET
cblr-8639	273	2	:	:	PUNCT
cblr-8639	273	3	individual	individual	ADJ
cblr-8639	273	4	investors	investor	NOUN
cblr-8639	273	5	14	14	NUM
cblr-8639	273	6	(	(	PUNCT
cblr-8639	273	7	2019	2019	NUM
cblr-8639	273	8	)	)	PUNCT
cblr-8639	273	9	,	,	PUNCT
cblr-8639	273	10	https://www.sifma.org/wp-content/uploads/	https://www.sifma.org/wp-content/uploads/	X
cblr-8639	273	11	2019/10	2019/10	NUM
cblr-8639	273	12	/	/	SYM
cblr-8639	273	13	sifma	sifma	NOUN
cblr-8639	273	14	-	-	PUNCT
cblr-8639	273	15	insights	insight	NOUN
cblr-8639	273	16	-	-	PUNCT
cblr-8639	273	17	who	who	PRON
cblr-8639	273	18	-	-	PUNCT
cblr-8639	273	19	owns	own	NOUN
cblr-8639	273	20	-	-	PUNCT
cblr-8639	273	21	stocks	stock	NOUN
cblr-8639	273	22	-	-	PUNCT
cblr-8639	273	23	in	in	ADP
cblr-8639	273	24	-	-	PUNCT
cblr-8639	273	25	america.pdf	america.pdf	NOUN
cblr-8639	273	26	[	[	X
cblr-8639	273	27	https://perma.cc/s4rw-w5k2	https://perma.cc/s4rw-w5k2	ADV
cblr-8639	273	28	]	]	X
cblr-8639	273	29	(	(	PUNCT
cblr-8639	273	30	finding	find	VERB
cblr-8639	273	31	that	that	SCONJ
cblr-8639	273	32	households	household	NOUN
cblr-8639	273	33	own	own	VERB
cblr-8639	273	34	thirty	thirty	NUM
cblr-8639	273	35	-	-	PUNCT
cblr-8639	273	36	eight	eight	NUM
cblr-8639	273	37	percent	percent	NOUN
cblr-8639	273	38	of	of	ADP
cblr-8639	273	39	u.s	u.s	PROPN
cblr-8639	273	40	.	.	PROPN
cblr-8639	273	41	equities	equity	NOUN
cblr-8639	273	42	)	)	PUNCT
cblr-8639	273	43	,	,	PUNCT
cblr-8639	273	44	with	with	ADP
cblr-8639	273	45	ralph	ralph	PROPN
cblr-8639	273	46	s.j	s.j	PROPN
cblr-8639	273	47	.	.	PROPN
cblr-8639	273	48	koijen	koijen	PROPN
cblr-8639	273	49	&	&	CCONJ
cblr-8639	273	50	motohiro	motohiro	PROPN
cblr-8639	273	51	yogo	yogo	PROPN
cblr-8639	273	52	,	,	PUNCT
cblr-8639	273	53	a	a	DET
cblr-8639	273	54	demand	demand	NOUN
cblr-8639	273	55	system	system	NOUN
cblr-8639	273	56	approach	approach	NOUN
cblr-8639	273	57	to	to	ADP
cblr-8639	273	58	asset	asset	NOUN
cblr-8639	273	59	pricing	pricing	NOUN
cblr-8639	273	60	,	,	PUNCT
cblr-8639	273	61	127	127	NUM
cblr-8639	273	62	j.	j.	PROPN
cblr-8639	273	63	pol	pol	PROPN
cblr-8639	273	64	.	.	PUNCT
cblr-8639	273	65	econ	econ	PROPN
cblr-8639	273	66	.	.	PUNCT
cblr-8639	274	1	1475	1475	NUM
cblr-8639	274	2	,	,	PUNCT
cblr-8639	274	3	1477	1477	NUM
cblr-8639	274	4	(	(	PUNCT
cblr-8639	274	5	2019	2019	NUM
cblr-8639	274	6	)	)	PUNCT
cblr-8639	275	1	(	(	PUNCT
cblr-8639	275	2	finding	find	VERB
cblr-8639	275	3	that	that	SCONJ
cblr-8639	275	4	institutions	institution	NOUN
cblr-8639	275	5	own	own	VERB
cblr-8639	275	6	sixty	sixty	NUM
cblr-8639	275	7	-	-	PUNCT
cblr-8639	275	8	eight	eight	NUM
cblr-8639	275	9	percent	percent	NOUN
cblr-8639	275	10	of	of	ADP
cblr-8639	275	11	u.s	u.s	PROPN
cblr-8639	275	12	.	.	PROPN
cblr-8639	275	13	equities	equity	NOUN
cblr-8639	275	14	)	)	PUNCT
cblr-8639	275	15	.	.	PUNCT
cblr-8639	276	1	62	62	NUM
cblr-8639	276	2	the	the	DET
cblr-8639	276	3	latest	late	ADJ
cblr-8639	276	4	federal	federal	PROPN
cblr-8639	276	5	reserve	reserve	PROPN
cblr-8639	276	6	board	board	PROPN
cblr-8639	276	7	survey	survey	NOUN
cblr-8639	276	8	of	of	ADP
cblr-8639	276	9	consumer	consumer	NOUN
cblr-8639	276	10	finances	finance	NOUN
cblr-8639	276	11	shows	show	VERB
cblr-8639	276	12	fifty	fifty	NUM
cblr-8639	276	13	-	-	PUNCT
cblr-8639	276	14	three	three	NUM
cblr-8639	276	15	percent	percent	NOUN
cblr-8639	276	16	of	of	ADP
cblr-8639	276	17	families	family	NOUN
cblr-8639	276	18	owning	own	VERB
cblr-8639	276	19	stock	stock	NOUN
cblr-8639	276	20	directly	directly	ADV
cblr-8639	276	21	or	or	CCONJ
cblr-8639	276	22	indirectly	indirectly	ADV
cblr-8639	276	23	,	,	PUNCT
cblr-8639	276	24	while	while	SCONJ
cblr-8639	276	25	only	only	ADV
cblr-8639	276	26	fifteen	fifteen	NUM
cblr-8639	276	27	percent	percent	NOUN
cblr-8639	276	28	own	own	ADJ
cblr-8639	276	29	directly	directly	ADV
cblr-8639	276	30	.	.	PUNCT
cblr-8639	277	1	see	see	VERB
cblr-8639	277	2	neil	neil	PROPN
cblr-8639	277	3	bhutta	bhutta	PROPN
cblr-8639	277	4	et	et	PROPN
cblr-8639	277	5	al	al	PROPN
cblr-8639	277	6	.	.	PROPN
cblr-8639	277	7	,	,	PUNCT
cblr-8639	277	8	changes	change	NOUN
cblr-8639	277	9	in	in	ADP
cblr-8639	277	10	u.s	u.s	PROPN
cblr-8639	277	11	.	.	PROPN
cblr-8639	277	12	family	family	NOUN
cblr-8639	277	13	finances	finance	NOUN
cblr-8639	277	14	from	from	ADP
cblr-8639	277	15	2016	2016	NUM
cblr-8639	277	16	to	to	ADP
cblr-8639	277	17	2019	2019	NUM
cblr-8639	277	18	:	:	PUNCT
cblr-8639	277	19	evidence	evidence	NOUN
cblr-8639	277	20	from	from	ADP
cblr-8639	277	21	the	the	DET
cblr-8639	277	22	survey	survey	NOUN
cblr-8639	277	23	of	of	ADP
cblr-8639	277	24	consumer	consumer	NOUN
cblr-8639	277	25	finances	finance	NOUN
cblr-8639	277	26	,	,	PUNCT
cblr-8639	277	27	fed	fed	PROPN
cblr-8639	278	1	.	.	PUNCT
cblr-8639	278	2	rsrv	rsrv	PROPN
cblr-8639	278	3	.	.	PUNCT
cblr-8639	279	1	bull	bull	PROPN
cblr-8639	279	2	.	.	PUNCT
cblr-8639	279	3	,	,	PUNCT
cblr-8639	279	4	sept	sept	PROPN
cblr-8639	279	5	.	.	PROPN
cblr-8639	279	6	2020	2020	NUM
cblr-8639	279	7	,	,	PUNCT
cblr-8639	279	8	at	at	ADP
cblr-8639	279	9	1	1	NUM
cblr-8639	279	10	,	,	PUNCT
cblr-8639	279	11	18	18	NUM
cblr-8639	279	12	box	box	NOUN
cblr-8639	279	13	5	5	NUM
cblr-8639	279	14	,	,	PUNCT
cblr-8639	279	15	19	19	NUM
cblr-8639	279	16	.	.	PUNCT
cblr-8639	280	1	the	the	DET
cblr-8639	280	2	data	datum	NOUN
cblr-8639	280	3	are	be	AUX
cblr-8639	280	4	accessible	accessible	ADJ
cblr-8639	280	5	at	at	ADP
cblr-8639	280	6	survey	survey	NOUN
cblr-8639	280	7	of	of	ADP
cblr-8639	280	8	consumer	consumer	NOUN
cblr-8639	280	9	finances	finance	NOUN
cblr-8639	280	10	(	(	PUNCT
cblr-8639	280	11	scf	scf	PROPN
cblr-8639	280	12	)	)	PUNCT
cblr-8639	280	13	,	,	PUNCT
cblr-8639	280	14	bd	bd	PROPN
cblr-8639	280	15	.	.	PROPN
cblr-8639	280	16	of	of	ADP
cblr-8639	280	17	governors	governor	NOUN
cblr-8639	280	18	of	of	ADP
cblr-8639	280	19	the	the	DET
cblr-8639	280	20	fed	fed	PROPN
cblr-8639	280	21	.	.	PUNCT
cblr-8639	281	1	rsrv	rsrv	PROPN
cblr-8639	281	2	.	.	PUNCT
cblr-8639	282	1	sys	sys	PROPN
cblr-8639	282	2	.	.	PROPN
cblr-8639	282	3	,	,	PUNCT
cblr-8639	282	4	https://www.federalreserve.gov/	https://www.federalreserve.gov/	PROPN
cblr-8639	282	5	econres	econres	PROPN
cblr-8639	282	6	/	/	SYM
cblr-8639	282	7	scfindex.htm	scfindex.htm	X
cblr-8639	282	8	[	[	X
cblr-8639	282	9	https://perma.cc/hj3p-s7st	https://perma.cc/hj3p-s7st	X
cblr-8639	282	10	]	]	X
cblr-8639	282	11	(	(	PUNCT
cblr-8639	282	12	last	last	ADV
cblr-8639	282	13	updated	update	VERB
cblr-8639	282	14	nov	nov	PROPN
cblr-8639	282	15	.	.	PROPN
cblr-8639	282	16	17	17	NUM
cblr-8639	282	17	,	,	PUNCT
cblr-8639	282	18	2020	2020	NUM
cblr-8639	282	19	)	)	PUNCT
cblr-8639	282	20	.	.	PUNCT
cblr-8639	283	1	mahoney	mahoney	PROPN
cblr-8639	283	2	&	&	CCONJ
cblr-8639	283	3	mahoney	mahoney	PROPN
cblr-8639	283	4	8/22/2021	8/22/2021	PROPN
cblr-8639	283	5	9:16	9:16	NUM
cblr-8639	283	6	pm	pm	NOUN
cblr-8639	283	7	858	858	NUM
cblr-8639	283	8	columbia	columbia	PROPN
cblr-8639	283	9	business	business	NOUN
cblr-8639	283	10	law	law	PROPN
cblr-8639	283	11	review	review	NOUN
cblr-8639	283	12	[	[	X
cblr-8639	283	13	vol	vol	NOUN
cblr-8639	283	14	.	.	NOUN
cblr-8639	283	15	2021	2021	NUM
cblr-8639	283	16	in	in	ADP
cblr-8639	283	17	comparison	comparison	NOUN
cblr-8639	283	18	to	to	ADP
cblr-8639	283	19	retail	retail	ADJ
cblr-8639	283	20	investors	investor	NOUN
cblr-8639	283	21	,	,	PUNCT
cblr-8639	283	22	institutions	institution	NOUN
cblr-8639	283	23	can	can	AUX
cblr-8639	283	24	more	more	ADV
cblr-8639	283	25	effectively	effectively	ADV
cblr-8639	283	26	hold	hold	VERB
cblr-8639	283	27	corporate	corporate	ADJ
cblr-8639	283	28	managers	manager	NOUN
cblr-8639	283	29	accountable.63	accountable.63	VERB
cblr-8639	283	30	an	an	DET
cblr-8639	283	31	institutional	institutional	ADJ
cblr-8639	283	32	investor	investor	NOUN
cblr-8639	283	33	may	may	AUX
cblr-8639	283	34	hold	hold	VERB
cblr-8639	283	35	a	a	DET
cblr-8639	283	36	large	large	ADJ
cblr-8639	283	37	enough	enough	ADJ
cblr-8639	283	38	investment	investment	NOUN
cblr-8639	283	39	in	in	ADP
cblr-8639	283	40	a	a	DET
cblr-8639	283	41	company	company	NOUN
cblr-8639	283	42	to	to	PART
cblr-8639	283	43	make	make	VERB
cblr-8639	283	44	monitoring	monitor	VERB
cblr-8639	283	45	economically	economically	ADV
cblr-8639	283	46	feasible	feasible	ADJ
cblr-8639	283	47	and	and	CCONJ
cblr-8639	283	48	worthwhile.64	worthwhile.64	NOUN
cblr-8639	283	49	while	while	SCONJ
cblr-8639	283	50	the	the	DET
cblr-8639	283	51	task	task	NOUN
cblr-8639	283	52	of	of	ADP
cblr-8639	283	53	monitoring	monitor	VERB
cblr-8639	283	54	hundreds	hundred	NOUN
cblr-8639	283	55	of	of	ADP
cblr-8639	283	56	portfolio	portfolio	NOUN
cblr-8639	283	57	companies	company	NOUN
cblr-8639	283	58	may	may	AUX
cblr-8639	283	59	seem	seem	VERB
cblr-8639	283	60	daunting	daunt	VERB
cblr-8639	283	61	,	,	PUNCT
cblr-8639	283	62	the	the	DET
cblr-8639	283	63	market	market	NOUN
cblr-8639	283	64	has	have	AUX
cblr-8639	283	65	provided	provide	VERB
cblr-8639	283	66	a	a	DET
cblr-8639	283	67	solution	solution	NOUN
cblr-8639	283	68	in	in	ADP
cblr-8639	283	69	the	the	DET
cblr-8639	283	70	form	form	NOUN
cblr-8639	283	71	of	of	ADP
cblr-8639	283	72	proxy	proxy	ADJ
cblr-8639	283	73	advisory	advisory	ADJ
cblr-8639	283	74	firms	firm	NOUN
cblr-8639	283	75	that	that	PRON
cblr-8639	283	76	specialize	specialize	VERB
cblr-8639	283	77	in	in	ADP
cblr-8639	283	78	advising	advise	VERB
cblr-8639	283	79	institutions	institution	NOUN
cblr-8639	283	80	on	on	ADP
cblr-8639	283	81	how	how	SCONJ
cblr-8639	283	82	to	to	PART
cblr-8639	283	83	vote	vote	VERB
cblr-8639	283	84	their	their	PRON
cblr-8639	283	85	shares.65	shares.65	ADJ
cblr-8639	283	86	institutional	institutional	ADJ
cblr-8639	283	87	investors	investor	NOUN
cblr-8639	283	88	have	have	VERB
cblr-8639	283	89	both	both	CCONJ
cblr-8639	283	90	the	the	DET
cblr-8639	283	91	incentive	incentive	NOUN
cblr-8639	283	92	and	and	CCONJ
cblr-8639	283	93	the	the	DET
cblr-8639	283	94	means	mean	NOUN
cblr-8639	283	95	to	to	PART
cblr-8639	283	96	affect	affect	VERB
cblr-8639	283	97	the	the	DET
cblr-8639	283	98	policies	policy	NOUN
cblr-8639	283	99	of	of	ADP
cblr-8639	283	100	public	public	ADJ
cblr-8639	283	101	companies	company	NOUN
cblr-8639	283	102	.	.	PUNCT
cblr-8639	284	1	the	the	DET
cblr-8639	284	2	heavy	heavy	ADJ
cblr-8639	284	3	intermediation	intermediation	NOUN
cblr-8639	284	4	of	of	ADP
cblr-8639	284	5	household	household	NOUN
cblr-8639	284	6	investment	investment	NOUN
cblr-8639	284	7	through	through	ADP
cblr-8639	284	8	institutions	institution	NOUN
cblr-8639	284	9	,	,	PUNCT
cblr-8639	284	10	however	however	ADV
cblr-8639	284	11	,	,	PUNCT
cblr-8639	284	12	creates	create	VERB
cblr-8639	284	13	its	its	PRON
cblr-8639	284	14	own	own	ADJ
cblr-8639	284	15	agency	agency	NOUN
cblr-8639	284	16	problems.66	problems.66	VERB
cblr-8639	284	17	the	the	DET
cblr-8639	284	18	beneficiaries	beneficiary	NOUN
cblr-8639	284	19	of	of	ADP
cblr-8639	284	20	institutional	institutional	ADJ
cblr-8639	284	21	accounts	account	NOUN
cblr-8639	284	22	—	—	PUNCT
cblr-8639	284	23	directly	directly	ADV
cblr-8639	284	24	or	or	CCONJ
cblr-8639	284	25	indirectly	indirectly	ADV
cblr-8639	284	26	—	—	PUNCT
cblr-8639	284	27	are	be	AUX
cblr-8639	284	28	households	household	NOUN
cblr-8639	284	29	with	with	ADP
cblr-8639	284	30	small	small	ADJ
cblr-8639	284	31	amounts	amount	NOUN
cblr-8639	284	32	at	at	ADP
cblr-8639	284	33	stake	stake	NOUN
cblr-8639	284	34	.	.	PUNCT
cblr-8639	285	1	these	these	DET
cblr-8639	285	2	households	household	NOUN
cblr-8639	285	3	can	can	AUX
cblr-8639	285	4	not	not	PART
cblr-8639	285	5	monitor	monitor	VERB
cblr-8639	285	6	fund	fund	NOUN
cblr-8639	285	7	managers	manager	NOUN
cblr-8639	285	8	any	any	ADV
cblr-8639	285	9	better	well	ADJ
cblr-8639	285	10	than	than	SCONJ
cblr-8639	285	11	they	they	PRON
cblr-8639	285	12	can	can	AUX
cblr-8639	285	13	monitor	monitor	VERB
cblr-8639	285	14	corporate	corporate	ADJ
cblr-8639	285	15	managers	manager	NOUN
cblr-8639	285	16	.	.	PUNCT
cblr-8639	286	1	the	the	DET
cblr-8639	286	2	berle	berle	PROPN
cblr-8639	286	3	and	and	CCONJ
cblr-8639	286	4	means	mean	VERB
cblr-8639	286	5	logic	logic	NOUN
cblr-8639	286	6	,	,	PUNCT
cblr-8639	286	7	therefore	therefore	ADV
cblr-8639	286	8	,	,	PUNCT
cblr-8639	286	9	holds	hold	VERB
cblr-8639	286	10	that	that	SCONJ
cblr-8639	286	11	the	the	DET
cblr-8639	286	12	managers	manager	NOUN
cblr-8639	286	13	of	of	ADP
cblr-8639	286	14	institutions	institution	NOUN
cblr-8639	286	15	will	will	AUX
cblr-8639	286	16	tend	tend	VERB
cblr-8639	286	17	to	to	PART
cblr-8639	286	18	further	further	VERB
cblr-8639	286	19	their	their	PRON
cblr-8639	286	20	own	own	ADJ
cblr-8639	286	21	interests	interest	NOUN
cblr-8639	286	22	at	at	ADP
cblr-8639	286	23	the	the	DET
cblr-8639	286	24	expense	expense	NOUN
cblr-8639	286	25	of	of	ADP
cblr-8639	286	26	fund	fund	NOUN
cblr-8639	286	27	beneficiaries.67	beneficiaries.67	PROPN
cblr-8639	286	28	63	63	NUM
cblr-8639	286	29	see	see	VERB
cblr-8639	286	30	bernard	bernard	PROPN
cblr-8639	286	31	s.	s.	PROPN
cblr-8639	286	32	black	black	PROPN
cblr-8639	286	33	,	,	PUNCT
cblr-8639	287	1	agents	agent	NOUN
cblr-8639	287	2	watching	watch	VERB
cblr-8639	287	3	agents	agent	NOUN
cblr-8639	287	4	:	:	PUNCT
cblr-8639	287	5	the	the	DET
cblr-8639	287	6	promise	promise	NOUN
cblr-8639	287	7	of	of	ADP
cblr-8639	287	8	institutional	institutional	ADJ
cblr-8639	287	9	investor	investor	NOUN
cblr-8639	287	10	voice	voice	NOUN
cblr-8639	287	11	,	,	PUNCT
cblr-8639	287	12	39	39	NUM
cblr-8639	287	13	ucla	ucla	PROPN
cblr-8639	287	14	l.	l.	PROPN
cblr-8639	287	15	rev	rev	PROPN
cblr-8639	287	16	.	.	PROPN
cblr-8639	287	17	811	811	NUM
cblr-8639	287	18	,	,	PUNCT
cblr-8639	287	19	813	813	NUM
cblr-8639	287	20	(	(	PUNCT
cblr-8639	287	21	1992	1992	NUM
cblr-8639	287	22	)	)	PUNCT
cblr-8639	287	23	.	.	PUNCT
cblr-8639	288	1	64	64	NUM
cblr-8639	288	2	institutional	institutional	ADJ
cblr-8639	288	3	investors	investor	NOUN
cblr-8639	288	4	,	,	PUNCT
cblr-8639	288	5	however	however	ADV
cblr-8639	288	6	,	,	PUNCT
cblr-8639	288	7	are	be	AUX
cblr-8639	288	8	subject	subject	ADJ
cblr-8639	288	9	to	to	ADP
cblr-8639	288	10	free	free	ADJ
cblr-8639	288	11	-	-	PUNCT
cblr-8639	288	12	rider	rider	NOUN
cblr-8639	288	13	problems	problem	NOUN
cblr-8639	288	14	.	.	PUNCT
cblr-8639	289	1	see	see	VERB
cblr-8639	289	2	anat	anat	PROPN
cblr-8639	289	3	r.	r.	PROPN
cblr-8639	289	4	admati	admati	PROPN
cblr-8639	289	5	,	,	PUNCT
cblr-8639	289	6	paul	paul	PROPN
cblr-8639	289	7	pfleiderer	pfleiderer	PROPN
cblr-8639	289	8	&	&	CCONJ
cblr-8639	289	9	josef	josef	PROPN
cblr-8639	289	10	zechner	zechner	PROPN
cblr-8639	289	11	,	,	PUNCT
cblr-8639	289	12	large	large	ADJ
cblr-8639	289	13	shareholder	shareholder	NOUN
cblr-8639	289	14	activism	activism	NOUN
cblr-8639	289	15	,	,	PUNCT
cblr-8639	289	16	risk	risk	NOUN
cblr-8639	289	17	sharing	sharing	NOUN
cblr-8639	289	18	,	,	PUNCT
cblr-8639	289	19	and	and	CCONJ
cblr-8639	289	20	financial	financial	ADJ
cblr-8639	289	21	market	market	NOUN
cblr-8639	289	22	equilibrium	equilibrium	NOUN
cblr-8639	289	23	,	,	PUNCT
cblr-8639	289	24	102	102	NUM
cblr-8639	289	25	j.	j.	PROPN
cblr-8639	289	26	pol	pol	PROPN
cblr-8639	289	27	.	.	PUNCT
cblr-8639	289	28	econ	econ	PROPN
cblr-8639	289	29	.	.	PUNCT
cblr-8639	290	1	1097	1097	NUM
cblr-8639	290	2	,	,	PUNCT
cblr-8639	290	3	1099–1100	1099–1100	NUM
cblr-8639	290	4	(	(	PUNCT
cblr-8639	290	5	1994	1994	NUM
cblr-8639	290	6	)	)	PUNCT
cblr-8639	290	7	(	(	PUNCT
cblr-8639	290	8	modeling	model	VERB
cblr-8639	290	9	the	the	DET
cblr-8639	290	10	free	free	ADJ
cblr-8639	290	11	-	-	PUNCT
cblr-8639	290	12	rider	rider	NOUN
cblr-8639	290	13	problem	problem	NOUN
cblr-8639	290	14	confronting	confront	VERB
cblr-8639	290	15	large	large	ADJ
cblr-8639	290	16	shareholders	shareholder	NOUN
cblr-8639	290	17	)	)	PUNCT
cblr-8639	290	18	.	.	PUNCT
cblr-8639	291	1	prodding	prod	VERB
cblr-8639	291	2	companies	company	NOUN
cblr-8639	291	3	to	to	PART
cblr-8639	291	4	make	make	VERB
cblr-8639	291	5	value	value	NOUN
cblr-8639	291	6	-	-	PUNCT
cblr-8639	291	7	enhancing	enhance	VERB
cblr-8639	291	8	governance	governance	NOUN
cblr-8639	291	9	changes	change	NOUN
cblr-8639	291	10	will	will	AUX
cblr-8639	291	11	sometimes	sometimes	ADV
cblr-8639	291	12	,	,	PUNCT
cblr-8639	291	13	but	but	CCONJ
cblr-8639	291	14	not	not	PART
cblr-8639	291	15	always	always	ADV
cblr-8639	291	16	,	,	PUNCT
cblr-8639	291	17	be	be	AUX
cblr-8639	291	18	individually	individually	ADV
cblr-8639	291	19	rational	rational	ADJ
cblr-8639	291	20	.	.	PUNCT
cblr-8639	292	1	65	65	NUM
cblr-8639	292	2	see	see	VERB
cblr-8639	292	3	chong	chong	PROPN
cblr-8639	292	4	shu	shu	PROPN
cblr-8639	292	5	,	,	PUNCT
cblr-8639	292	6	the	the	DET
cblr-8639	292	7	proxy	proxy	ADJ
cblr-8639	292	8	advisory	advisory	ADJ
cblr-8639	292	9	industry	industry	NOUN
cblr-8639	292	10	:	:	PUNCT
cblr-8639	292	11	influencing	influence	VERB
cblr-8639	292	12	and	and	CCONJ
cblr-8639	292	13	being	be	AUX
cblr-8639	292	14	influenced	influence	VERB
cblr-8639	292	15	1	1	NUM
cblr-8639	292	16	(	(	PUNCT
cblr-8639	292	17	dec	dec	PROPN
cblr-8639	292	18	.	.	PROPN
cblr-8639	292	19	22	22	NUM
cblr-8639	292	20	,	,	PUNCT
cblr-8639	292	21	2020	2020	NUM
cblr-8639	292	22	)	)	PUNCT
cblr-8639	292	23	(	(	PUNCT
cblr-8639	292	24	unpublished	unpublished	ADJ
cblr-8639	292	25	manuscript	manuscript	NOUN
cblr-8639	292	26	)	)	PUNCT
cblr-8639	292	27	(	(	PUNCT
cblr-8639	292	28	on	on	ADP
cblr-8639	292	29	file	file	NOUN
cblr-8639	292	30	with	with	ADP
cblr-8639	292	31	the	the	DET
cblr-8639	292	32	columbia	columbia	PROPN
cblr-8639	292	33	business	business	PROPN
cblr-8639	292	34	law	law	PROPN
cblr-8639	292	35	review	review	PROPN
cblr-8639	292	36	)	)	PUNCT
cblr-8639	292	37	,	,	PUNCT
cblr-8639	292	38	https://papers.ssrn.com/sol3/	https://papers.ssrn.com/sol3/	X
cblr-8639	292	39	papers.cfm?abstract_id=3614314	papers.cfm?abstract_id=3614314	NOUN
cblr-8639	292	40	.	.	PUNCT
cblr-8639	293	1	66	66	NUM
cblr-8639	293	2	see	see	VERB
cblr-8639	293	3	jill	jill	PROPN
cblr-8639	293	4	e.	e.	PROPN
cblr-8639	293	5	fisch	fisch	PROPN
cblr-8639	293	6	,	,	PUNCT
cblr-8639	293	7	securities	security	NOUN
cblr-8639	293	8	intermediaries	intermediary	NOUN
cblr-8639	293	9	and	and	CCONJ
cblr-8639	293	10	the	the	DET
cblr-8639	293	11	separation	separation	NOUN
cblr-8639	293	12	of	of	ADP
cblr-8639	293	13	ownership	ownership	NOUN
cblr-8639	293	14	from	from	ADP
cblr-8639	293	15	control	control	NOUN
cblr-8639	293	16	,	,	PUNCT
cblr-8639	293	17	33	33	NUM
cblr-8639	293	18	seattle	seattle	PROPN
cblr-8639	293	19	u.	u.	PROPN
cblr-8639	293	20	l.	l.	PROPN
cblr-8639	293	21	rev	rev	PROPN
cblr-8639	293	22	.	.	PROPN
cblr-8639	293	23	877	877	NUM
cblr-8639	293	24	,	,	PUNCT
cblr-8639	293	25	881	881	NUM
cblr-8639	293	26	(	(	PUNCT
cblr-8639	293	27	2010	2010	NUM
cblr-8639	293	28	)	)	PUNCT
cblr-8639	293	29	(	(	PUNCT
cblr-8639	293	30	“	"	PUNCT
cblr-8639	293	31	the	the	DET
cblr-8639	293	32	intermediary	intermediary	NOUN
cblr-8639	293	33	’s	’s	PART
cblr-8639	293	34	separation	separation	NOUN
cblr-8639	293	35	of	of	ADP
cblr-8639	293	36	ownership	ownership	NOUN
cblr-8639	293	37	from	from	ADP
cblr-8639	293	38	control	control	NOUN
cblr-8639	293	39	creates	create	VERB
cblr-8639	293	40	a	a	DET
cblr-8639	293	41	second	second	ADJ
cblr-8639	293	42	layer	layer	NOUN
cblr-8639	293	43	of	of	ADP
cblr-8639	293	44	agency	agency	NOUN
cblr-8639	293	45	costs	cost	NOUN
cblr-8639	293	46	.	.	PUNCT
cblr-8639	293	47	”	"	PUNCT
cblr-8639	294	1	(	(	PUNCT
cblr-8639	294	2	citing	cite	VERB
cblr-8639	294	3	jill	jill	PROPN
cblr-8639	294	4	e.	e.	PROPN
cblr-8639	294	5	fisch	fisch	PROPN
cblr-8639	294	6	,	,	PUNCT
cblr-8639	294	7	top	top	ADJ
cblr-8639	294	8	cop	cop	NOUN
cblr-8639	294	9	or	or	CCONJ
cblr-8639	294	10	regulatory	regulatory	ADJ
cblr-8639	294	11	flop	flop	NOUN
cblr-8639	294	12	?	?	PUNCT
cblr-8639	295	1	the	the	DET
cblr-8639	295	2	sec	sec	PROPN
cblr-8639	295	3	at	at	ADP
cblr-8639	295	4	75	75	NUM
cblr-8639	295	5	,	,	PUNCT
cblr-8639	295	6	95	95	NUM
cblr-8639	295	7	va	va	NOUN
cblr-8639	295	8	.	.	PUNCT
cblr-8639	296	1	l.	l.	PROPN
cblr-8639	296	2	rev	rev	PROPN
cblr-8639	296	3	.	.	PROPN
cblr-8639	296	4	785	785	NUM
cblr-8639	296	5	,	,	PUNCT
cblr-8639	296	6	819–20	819–20	NUM
cblr-8639	296	7	(	(	PUNCT
cblr-8639	296	8	2009	2009	NUM
cblr-8639	296	9	)	)	PUNCT
cblr-8639	296	10	)	)	PUNCT
cblr-8639	296	11	)	)	PUNCT
cblr-8639	296	12	;	;	PUNCT
cblr-8639	296	13	gilson	gilson	PROPN
cblr-8639	296	14	&	&	CCONJ
cblr-8639	296	15	gordon	gordon	PROPN
cblr-8639	296	16	,	,	PUNCT
cblr-8639	296	17	supra	supra	PROPN
cblr-8639	296	18	note	note	NOUN
cblr-8639	296	19	60	60	NUM
cblr-8639	296	20	,	,	PUNCT
cblr-8639	296	21	at	at	ADP
cblr-8639	296	22	876	876	NUM
cblr-8639	296	23	(	(	PUNCT
cblr-8639	296	24	describing	describe	VERB
cblr-8639	296	25	the	the	DET
cblr-8639	296	26	rise	rise	NOUN
cblr-8639	296	27	of	of	ADP
cblr-8639	296	28	“	"	PUNCT
cblr-8639	296	29	agency	agency	NOUN
cblr-8639	296	30	capitalism	capitalism	NOUN
cblr-8639	296	31	”	"	PUNCT
cblr-8639	296	32	)	)	PUNCT
cblr-8639	296	33	.	.	PUNCT
cblr-8639	297	1	67	67	NUM
cblr-8639	297	2	see	see	VERB
cblr-8639	297	3	berle	berle	PROPN
cblr-8639	297	4	&	&	CCONJ
cblr-8639	297	5	means	means	PROPN
cblr-8639	297	6	,	,	PUNCT
cblr-8639	297	7	supra	supra	PROPN
cblr-8639	297	8	note	note	NOUN
cblr-8639	297	9	1	1	NUM
cblr-8639	297	10	,	,	PUNCT
cblr-8639	297	11	at	at	ADP
cblr-8639	297	12	123–25	123–25	NUM
cblr-8639	297	13	.	.	PUNCT
cblr-8639	298	1	we	we	PRON
cblr-8639	298	2	will	will	AUX
cblr-8639	298	3	refer	refer	VERB
cblr-8639	298	4	to	to	ADP
cblr-8639	298	5	institutional	institutional	ADJ
cblr-8639	298	6	investors	investor	NOUN
cblr-8639	298	7	as	as	ADP
cblr-8639	298	8	“	"	PUNCT
cblr-8639	298	9	funds	fund	NOUN
cblr-8639	298	10	”	"	PUNCT
cblr-8639	298	11	for	for	ADP
cblr-8639	298	12	ease	ease	NOUN
cblr-8639	298	13	of	of	ADP
cblr-8639	298	14	exposition	exposition	NOUN
cblr-8639	298	15	regardless	regardless	ADV
cblr-8639	298	16	of	of	ADP
cblr-8639	298	17	the	the	DET
cblr-8639	298	18	type	type	NOUN
cblr-8639	298	19	of	of	ADP
cblr-8639	298	20	institution	institution	NOUN
cblr-8639	298	21	.	.	PUNCT
cblr-8639	299	1	we	we	PRON
cblr-8639	299	2	will	will	AUX
cblr-8639	299	3	also	also	ADV
cblr-8639	299	4	use	use	VERB
cblr-8639	299	5	the	the	DET
cblr-8639	299	6	terms	term	NOUN
cblr-8639	299	7	“	"	PUNCT
cblr-8639	299	8	money	money	NOUN
cblr-8639	299	9	manager	manager	NOUN
cblr-8639	299	10	,	,	PUNCT
cblr-8639	299	11	”	"	PUNCT
cblr-8639	299	12	“	"	PUNCT
cblr-8639	299	13	fund	fund	NOUN
cblr-8639	299	14	manager	manager	NOUN
cblr-8639	299	15	,	,	PUNCT
cblr-8639	299	16	”	"	PUNCT
cblr-8639	299	17	mahoney	mahoney	PROPN
cblr-8639	299	18	&	&	CCONJ
cblr-8639	299	19	mahoney	mahoney	PROPN
cblr-8639	299	20	8/22/2021	8/22/2021	PROPN
cblr-8639	299	21	9:16	9:16	NUM
cblr-8639	299	22	pm	pm	NOUN
cblr-8639	299	23	no	no	INTJ
cblr-8639	299	24	.	.	PUNCT
cblr-8639	300	1	2:840	2:840	NUM
cblr-8639	300	2	]	]	X
cblr-8639	300	3	the	the	DET
cblr-8639	300	4	new	new	ADJ
cblr-8639	300	5	separation	separation	NOUN
cblr-8639	300	6	of	of	ADP
cblr-8639	300	7	ownership	ownership	NOUN
cblr-8639	300	8	and	and	CCONJ
cblr-8639	300	9	control	control	NOUN
cblr-8639	300	10	859	859	NUM
cblr-8639	300	11	we	we	PRON
cblr-8639	300	12	are	be	AUX
cblr-8639	300	13	far	far	ADV
cblr-8639	300	14	from	from	ADP
cblr-8639	300	15	the	the	DET
cblr-8639	300	16	first	first	ADJ
cblr-8639	300	17	to	to	PART
cblr-8639	300	18	analyze	analyze	VERB
cblr-8639	300	19	this	this	DET
cblr-8639	300	20	new	new	ADJ
cblr-8639	300	21	separation	separation	NOUN
cblr-8639	300	22	of	of	ADP
cblr-8639	300	23	ownership	ownership	NOUN
cblr-8639	300	24	and	and	CCONJ
cblr-8639	300	25	control	control	NOUN
cblr-8639	300	26	and	and	CCONJ
cblr-8639	300	27	its	its	PRON
cblr-8639	300	28	potential	potential	ADJ
cblr-8639	300	29	consequences.68	consequences.68	NOUN
cblr-8639	300	30	an	an	DET
cblr-8639	300	31	important	important	ADJ
cblr-8639	300	32	strand	strand	NOUN
cblr-8639	300	33	of	of	ADP
cblr-8639	300	34	scholarship	scholarship	NOUN
cblr-8639	300	35	focuses	focus	VERB
cblr-8639	300	36	on	on	ADP
cblr-8639	300	37	the	the	DET
cblr-8639	300	38	problem	problem	NOUN
cblr-8639	300	39	of	of	ADP
cblr-8639	300	40	managerial	managerial	ADJ
cblr-8639	300	41	passivity	passivity	NOUN
cblr-8639	300	42	.	.	PUNCT
cblr-8639	301	1	it	it	PRON
cblr-8639	301	2	argues	argue	VERB
cblr-8639	301	3	that	that	SCONJ
cblr-8639	301	4	fund	fund	NOUN
cblr-8639	301	5	managers	manager	NOUN
cblr-8639	301	6	do	do	AUX
cblr-8639	301	7	not	not	PART
cblr-8639	301	8	use	use	VERB
cblr-8639	301	9	their	their	PRON
cblr-8639	301	10	control	control	NOUN
cblr-8639	301	11	rights	right	NOUN
cblr-8639	301	12	aggressively	aggressively	ADV
cblr-8639	301	13	to	to	ADP
cblr-8639	301	14	further	further	ADJ
cblr-8639	301	15	beneficiary	beneficiary	NOUN
cblr-8639	301	16	interests.69	interests.69	PROPN
cblr-8639	301	17	instead	instead	ADV
cblr-8639	301	18	,	,	PUNCT
cblr-8639	301	19	they	they	PRON
cblr-8639	301	20	focus	focus	VERB
cblr-8639	301	21	on	on	ADP
cblr-8639	301	22	beating	beat	VERB
cblr-8639	301	23	their	their	PRON
cblr-8639	301	24	benchmarks	benchmark	NOUN
cblr-8639	301	25	in	in	ADP
cblr-8639	301	26	the	the	DET
cblr-8639	301	27	short	short	ADJ
cblr-8639	301	28	run	run	NOUN
cblr-8639	301	29	and	and	CCONJ
cblr-8639	301	30	selling	sell	VERB
cblr-8639	301	31	positions	position	NOUN
cblr-8639	301	32	rather	rather	ADV
cblr-8639	301	33	than	than	ADP
cblr-8639	301	34	engaging	engage	VERB
cblr-8639	301	35	managers	manager	NOUN
cblr-8639	301	36	in	in	ADP
cblr-8639	301	37	long	long	ADJ
cblr-8639	301	38	-	-	PUNCT
cblr-8639	301	39	run	run	VERB
cblr-8639	301	40	projects	project	NOUN
cblr-8639	301	41	to	to	PART
cblr-8639	301	42	improve	improve	VERB
cblr-8639	301	43	corporate	corporate	ADJ
cblr-8639	301	44	performance.70	performance.70	NOUN
cblr-8639	301	45	index	index	NOUN
cblr-8639	301	46	funds	fund	NOUN
cblr-8639	301	47	,	,	PUNCT
cblr-8639	301	48	which	which	PRON
cblr-8639	301	49	attempt	attempt	VERB
cblr-8639	301	50	to	to	PART
cblr-8639	301	51	match	match	VERB
cblr-8639	301	52	rather	rather	ADV
cblr-8639	301	53	than	than	ADP
cblr-8639	301	54	beat	beat	VERB
cblr-8639	301	55	a	a	DET
cblr-8639	301	56	benchmark	benchmark	NOUN
cblr-8639	301	57	,	,	PUNCT
cblr-8639	301	58	have	have	VERB
cblr-8639	301	59	even	even	ADV
cblr-8639	301	60	less	less	ADJ
cblr-8639	301	61	incentive	incentive	NOUN
cblr-8639	301	62	to	to	PART
cblr-8639	301	63	be	be	AUX
cblr-8639	301	64	activist	activist	ADJ
cblr-8639	301	65	.	.	PUNCT
cblr-8639	302	1	a	a	DET
cblr-8639	302	2	separate	separate	ADJ
cblr-8639	302	3	strand	strand	NOUN
cblr-8639	302	4	of	of	ADP
cblr-8639	302	5	the	the	DET
cblr-8639	302	6	literature	literature	NOUN
cblr-8639	302	7	focuses	focus	VERB
cblr-8639	302	8	on	on	ADP
cblr-8639	302	9	managers	manager	NOUN
cblr-8639	302	10	’	'	PUNCT
cblr-8639	302	11	use	use	NOUN
cblr-8639	302	12	of	of	ADP
cblr-8639	302	13	proxy	proxy	ADJ
cblr-8639	302	14	voting	voting	NOUN
cblr-8639	302	15	and	and	CCONJ
cblr-8639	302	16	informal	informal	ADJ
cblr-8639	302	17	engagement	engagement	NOUN
cblr-8639	302	18	to	to	ADP
cblr-8639	302	19	further	further	ADJ
cblr-8639	302	20	interests	interest	NOUN
cblr-8639	302	21	other	other	ADJ
cblr-8639	302	22	than	than	ADP
cblr-8639	302	23	maximizing	maximize	VERB
cblr-8639	302	24	beneficiary	beneficiary	NOUN
cblr-8639	302	25	returns	return	NOUN
cblr-8639	302	26	.	.	PUNCT
cblr-8639	303	1	for	for	ADP
cblr-8639	303	2	example	example	NOUN
cblr-8639	303	3	,	,	PUNCT
cblr-8639	303	4	critics	critic	NOUN
cblr-8639	303	5	observe	observe	VERB
cblr-8639	303	6	that	that	SCONJ
cblr-8639	303	7	fund	fund	NOUN
cblr-8639	303	8	managers	manager	NOUN
cblr-8639	303	9	may	may	AUX
cblr-8639	303	10	choose	choose	VERB
cblr-8639	303	11	to	to	PART
cblr-8639	303	12	vote	vote	VERB
cblr-8639	303	13	with	with	ADP
cblr-8639	303	14	corporate	corporate	ADJ
cblr-8639	303	15	management	management	NOUN
cblr-8639	303	16	so	so	SCONJ
cblr-8639	303	17	as	as	SCONJ
cblr-8639	303	18	not	not	PART
cblr-8639	303	19	to	to	PART
cblr-8639	303	20	damage	damage	VERB
cblr-8639	303	21	other	other	ADJ
cblr-8639	303	22	business	business	NOUN
cblr-8639	303	23	relationships	relationship	NOUN
cblr-8639	303	24	with	with	ADP
cblr-8639	303	25	the	the	DET
cblr-8639	303	26	company.71	company.71	PROPN
cblr-8639	303	27	fund	fund	NOUN
cblr-8639	303	28	managers	manager	NOUN
cblr-8639	303	29	may	may	AUX
cblr-8639	303	30	also	also	ADV
cblr-8639	303	31	have	have	VERB
cblr-8639	303	32	private	private	ADJ
cblr-8639	303	33	incentives	incentive	NOUN
cblr-8639	303	34	to	to	PART
cblr-8639	303	35	vote	vote	VERB
cblr-8639	303	36	in	in	ADP
cblr-8639	303	37	favor	favor	NOUN
cblr-8639	303	38	of	of	ADP
cblr-8639	303	39	esg	esg	PROPN
cblr-8639	303	40	-	-	PUNCT
cblr-8639	303	41	related	relate	VERB
cblr-8639	303	42	shareholder	shareholder	NOUN
cblr-8639	303	43	proposals	proposal	NOUN
cblr-8639	303	44	.	.	PUNCT
cblr-8639	304	1	institutional	institutional	ADJ
cblr-8639	304	2	investors	investor	NOUN
cblr-8639	304	3	have	have	AUX
cblr-8639	304	4	voted	vote	VERB
cblr-8639	304	5	in	in	ADP
cblr-8639	304	6	favor	favor	NOUN
cblr-8639	304	7	of	of	ADP
cblr-8639	304	8	such	such	ADJ
cblr-8639	304	9	proposals	proposal	NOUN
cblr-8639	304	10	at	at	ADP
cblr-8639	304	11	a	a	DET
cblr-8639	304	12	steadily	steadily	ADV
cblr-8639	304	13	increasing	increase	VERB
cblr-8639	304	14	rate	rate	NOUN
cblr-8639	304	15	over	over	ADP
cblr-8639	304	16	the	the	DET
cblr-8639	304	17	past	past	ADJ
cblr-8639	304	18	twenty	twenty	NUM
cblr-8639	304	19	years.72	years.72	NOUN
cblr-8639	304	20	as	as	SCONJ
cblr-8639	304	21	already	already	ADV
cblr-8639	304	22	noted	note	VERB
cblr-8639	304	23	,	,	PUNCT
cblr-8639	304	24	or	or	CCONJ
cblr-8639	304	25	“	"	PUNCT
cblr-8639	304	26	investment	investment	NOUN
cblr-8639	304	27	adviser	adviser	NOUN
cblr-8639	304	28	”	"	PUNCT
cblr-8639	304	29	loosely	loosely	ADV
cblr-8639	304	30	to	to	PART
cblr-8639	304	31	refer	refer	VERB
cblr-8639	304	32	to	to	ADP
cblr-8639	304	33	the	the	DET
cblr-8639	304	34	firms	firm	NOUN
cblr-8639	304	35	or	or	CCONJ
cblr-8639	304	36	individuals	individual	NOUN
cblr-8639	304	37	making	make	VERB
cblr-8639	304	38	investment	investment	NOUN
cblr-8639	304	39	decisions	decision	NOUN
cblr-8639	304	40	.	.	PUNCT
cblr-8639	305	1	68	68	NUM
cblr-8639	305	2	for	for	ADP
cblr-8639	305	3	a	a	DET
cblr-8639	305	4	useful	useful	ADJ
cblr-8639	305	5	summary	summary	NOUN
cblr-8639	305	6	,	,	PUNCT
cblr-8639	305	7	see	see	VERB
cblr-8639	305	8	generally	generally	ADV
cblr-8639	305	9	lucian	lucian	PROPN
cblr-8639	305	10	a.	a.	NOUN
cblr-8639	305	11	bebchuk	bebchuk	PROPN
cblr-8639	305	12	,	,	PUNCT
cblr-8639	305	13	alma	alma	PROPN
cblr-8639	305	14	cohen	cohen	PROPN
cblr-8639	305	15	&	&	CCONJ
cblr-8639	305	16	scott	scott	PROPN
cblr-8639	305	17	hirst	hirst	PROPN
cblr-8639	305	18	,	,	PUNCT
cblr-8639	305	19	the	the	DET
cblr-8639	305	20	agency	agency	NOUN
cblr-8639	305	21	problems	problem	NOUN
cblr-8639	305	22	of	of	ADP
cblr-8639	305	23	institutional	institutional	ADJ
cblr-8639	305	24	investors	investor	NOUN
cblr-8639	305	25	,	,	PUNCT
cblr-8639	305	26	31	31	NUM
cblr-8639	305	27	j.	j.	PROPN
cblr-8639	305	28	econ	econ	PROPN
cblr-8639	305	29	.	.	PUNCT
cblr-8639	306	1	persps	persps	PROPN
cblr-8639	306	2	.	.	PUNCT
cblr-8639	307	1	89	89	NUM
cblr-8639	307	2	(	(	PUNCT
cblr-8639	307	3	2017	2017	NUM
cblr-8639	307	4	)	)	PUNCT
cblr-8639	307	5	.	.	PUNCT
cblr-8639	308	1	69	69	NUM
cblr-8639	308	2	see	see	VERB
cblr-8639	308	3	,	,	PUNCT
cblr-8639	308	4	e.g.	e.g.	ADV
cblr-8639	308	5	,	,	PUNCT
cblr-8639	308	6	john	john	PROPN
cblr-8639	308	7	c.	c.	PROPN
cblr-8639	308	8	coffee	coffee	PROPN
cblr-8639	308	9	,	,	PUNCT
cblr-8639	308	10	jr	jr	PROPN
cblr-8639	308	11	.	.	PROPN
cblr-8639	308	12	,	,	PUNCT
cblr-8639	308	13	liquidity	liquidity	NOUN
cblr-8639	308	14	versus	versus	ADP
cblr-8639	308	15	control	control	PROPN
cblr-8639	308	16	:	:	PUNCT
cblr-8639	308	17	the	the	DET
cblr-8639	308	18	institutional	institutional	ADJ
cblr-8639	308	19	investor	investor	NOUN
cblr-8639	308	20	as	as	ADP
cblr-8639	308	21	corporate	corporate	ADJ
cblr-8639	308	22	monitor	monitor	NOUN
cblr-8639	308	23	,	,	PUNCT
cblr-8639	308	24	91	91	NUM
cblr-8639	308	25	colum	colum	NOUN
cblr-8639	308	26	.	.	PUNCT
cblr-8639	309	1	l.	l.	PROPN
cblr-8639	309	2	rev	rev	PROPN
cblr-8639	309	3	.	.	PROPN
cblr-8639	309	4	1277	1277	NUM
cblr-8639	309	5	,	,	PUNCT
cblr-8639	309	6	1281	1281	NUM
cblr-8639	309	7	(	(	PUNCT
cblr-8639	309	8	1991	1991	NUM
cblr-8639	309	9	)	)	PUNCT
cblr-8639	309	10	(	(	PUNCT
cblr-8639	309	11	“	"	PUNCT
cblr-8639	309	12	[	[	X
cblr-8639	309	13	t]he	t]he	ADJ
cblr-8639	309	14	agents	agent	NOUN
cblr-8639	309	15	controlling	control	VERB
cblr-8639	309	16	institutional	institutional	ADJ
cblr-8639	309	17	investors	investor	NOUN
cblr-8639	309	18	have	have	VERB
cblr-8639	309	19	considerable	considerable	ADJ
cblr-8639	309	20	reason	reason	NOUN
cblr-8639	309	21	to	to	PART
cblr-8639	309	22	remain	remain	VERB
cblr-8639	309	23	‘	'	PUNCT
cblr-8639	309	24	rationally	rationally	ADV
cblr-8639	309	25	apathetic	apathetic	ADJ
cblr-8639	309	26	’	'	PUNCT
cblr-8639	309	27	about	about	ADP
cblr-8639	309	28	corporate	corporate	ADJ
cblr-8639	309	29	governance	governance	NOUN
cblr-8639	309	30	and	and	CCONJ
cblr-8639	309	31	little	little	ADJ
cblr-8639	309	32	reason	reason	NOUN
cblr-8639	309	33	to	to	PART
cblr-8639	309	34	become	become	VERB
cblr-8639	309	35	active	active	ADJ
cblr-8639	309	36	participants	participant	NOUN
cblr-8639	309	37	.	.	PUNCT
cblr-8639	309	38	”	"	PUNCT
cblr-8639	309	39	)	)	PUNCT
cblr-8639	310	1	;	;	PUNCT
cblr-8639	310	2	gilson	gilson	PROPN
cblr-8639	310	3	&	&	CCONJ
cblr-8639	310	4	gordon	gordon	PROPN
cblr-8639	310	5	,	,	PUNCT
cblr-8639	310	6	supra	supra	PROPN
cblr-8639	310	7	note	note	NOUN
cblr-8639	310	8	60	60	NUM
cblr-8639	310	9	,	,	PUNCT
cblr-8639	310	10	at	at	ADP
cblr-8639	310	11	876	876	NUM
cblr-8639	310	12	(	(	PUNCT
cblr-8639	310	13	“	"	PUNCT
cblr-8639	310	14	in	in	ADP
cblr-8639	310	15	their	their	PRON
cblr-8639	310	16	own	own	ADJ
cblr-8639	310	17	way	way	NOUN
cblr-8639	310	18	,	,	PUNCT
cblr-8639	310	19	u.s	u.s	PROPN
cblr-8639	310	20	.	.	PROPN
cblr-8639	310	21	institutions	institution	NOUN
cblr-8639	310	22	.	.	PUNCT
cblr-8639	311	1	.	.	PUNCT
cblr-8639	312	1	.	.	PUNCT
cblr-8639	313	1	are	be	AUX
cblr-8639	313	2	themselves	themselves	PRON
cblr-8639	313	3	passive	passive	ADJ
cblr-8639	313	4	with	with	ADP
cblr-8639	313	5	respect	respect	NOUN
cblr-8639	313	6	to	to	ADP
cblr-8639	313	7	much	much	ADJ
cblr-8639	313	8	of	of	ADP
cblr-8639	313	9	corporate	corporate	ADJ
cblr-8639	313	10	governance	governance	NOUN
cblr-8639	313	11	[	[	X
cblr-8639	313	12	.	.	X
cblr-8639	313	13	]	]	X
cblr-8639	313	14	”	"	PUNCT
cblr-8639	313	15	)	)	PUNCT
cblr-8639	313	16	.	.	PUNCT
cblr-8639	314	1	70	70	NUM
cblr-8639	314	2	see	see	VERB
cblr-8639	314	3	,	,	PUNCT
cblr-8639	314	4	e.g.	e.g.	ADV
cblr-8639	314	5	,	,	PUNCT
cblr-8639	314	6	coffee	coffee	NOUN
cblr-8639	314	7	,	,	PUNCT
cblr-8639	314	8	supra	supra	PROPN
cblr-8639	314	9	note	note	NOUN
cblr-8639	314	10	69	69	NUM
cblr-8639	314	11	,	,	PUNCT
cblr-8639	314	12	at	at	ADP
cblr-8639	314	13	1361–62	1361–62	NUM
cblr-8639	314	14	(	(	PUNCT
cblr-8639	314	15	suggesting	suggest	VERB
cblr-8639	314	16	“	"	PUNCT
cblr-8639	314	17	that	that	SCONJ
cblr-8639	314	18	institutional	institutional	ADJ
cblr-8639	314	19	investors	investor	NOUN
cblr-8639	314	20	who	who	PRON
cblr-8639	314	21	rely	rely	VERB
cblr-8639	314	22	on	on	ADP
cblr-8639	314	23	‘	'	PUNCT
cblr-8639	314	24	exit	exit	NOUN
cblr-8639	314	25	’	'	PUNCT
cblr-8639	314	26	will	will	AUX
cblr-8639	314	27	participate	participate	VERB
cblr-8639	314	28	in	in	ADP
cblr-8639	314	29	corporate	corporate	ADJ
cblr-8639	314	30	governance	governance	NOUN
cblr-8639	314	31	”	"	PUNCT
cblr-8639	314	32	only	only	ADV
cblr-8639	314	33	in	in	ADP
cblr-8639	314	34	extreme	extreme	ADJ
cblr-8639	314	35	cases	case	NOUN
cblr-8639	314	36	and	and	CCONJ
cblr-8639	314	37	“	"	PUNCT
cblr-8639	314	38	on	on	ADP
cblr-8639	314	39	a	a	DET
cblr-8639	314	40	short	short	ADJ
cblr-8639	314	41	-	-	PUNCT
cblr-8639	314	42	term	term	NOUN
cblr-8639	314	43	basis	basis	NOUN
cblr-8639	314	44	”	"	PUNCT
cblr-8639	314	45	)	)	PUNCT
cblr-8639	314	46	.	.	PUNCT
cblr-8639	315	1	71	71	NUM
cblr-8639	315	2	see	see	VERB
cblr-8639	315	3	bebchuk	bebchuk	NOUN
cblr-8639	315	4	,	,	PUNCT
cblr-8639	315	5	cohen	cohen	PROPN
cblr-8639	315	6	&	&	CCONJ
cblr-8639	315	7	hirst	hirst	PROPN
cblr-8639	315	8	,	,	PUNCT
cblr-8639	315	9	supra	supra	PROPN
cblr-8639	315	10	note	note	PROPN
cblr-8639	315	11	68	68	NUM
cblr-8639	315	12	,	,	PUNCT
cblr-8639	315	13	at	at	ADP
cblr-8639	315	14	90	90	NUM
cblr-8639	315	15	.	.	PUNCT
cblr-8639	315	16	72	72	NUM
cblr-8639	315	17	see	see	VERB
cblr-8639	315	18	kosmas	kosmas	PROPN
cblr-8639	315	19	papadopoulos	papadopoulos	PROPN
cblr-8639	315	20	,	,	PUNCT
cblr-8639	315	21	the	the	DET
cblr-8639	315	22	long	long	ADJ
cblr-8639	315	23	view	view	NOUN
cblr-8639	315	24	:	:	PUNCT
cblr-8639	315	25	us	us	PROPN
cblr-8639	315	26	proxy	proxy	NOUN
cblr-8639	315	27	voting	voting	NOUN
cblr-8639	315	28	trends	trend	NOUN
cblr-8639	315	29	on	on	ADP
cblr-8639	315	30	e&s	e&s	PROPN
cblr-8639	315	31	issues	issue	NOUN
cblr-8639	315	32	from	from	ADP
cblr-8639	315	33	2000	2000	NUM
cblr-8639	315	34	to	to	ADP
cblr-8639	315	35	2018	2018	NUM
cblr-8639	315	36	,	,	PUNCT
cblr-8639	315	37	harv	harv	PROPN
cblr-8639	315	38	.	.	PUNCT
cblr-8639	316	1	l.	l.	PROPN
cblr-8639	316	2	sch	sch	PROPN
cblr-8639	316	3	.	.	PUNCT
cblr-8639	317	1	f.	f.	PROPN
cblr-8639	317	2	on	on	ADP
cblr-8639	317	3	corp	corp	PROPN
cblr-8639	317	4	.	.	PROPN
cblr-8639	317	5	governance	governance	PROPN
cblr-8639	317	6	(	(	PUNCT
cblr-8639	317	7	jan	jan	PROPN
cblr-8639	317	8	.	.	PROPN
cblr-8639	317	9	31	31	NUM
cblr-8639	317	10	,	,	PUNCT
cblr-8639	317	11	2019	2019	NUM
cblr-8639	317	12	)	)	PUNCT
cblr-8639	317	13	,	,	PUNCT
cblr-8639	317	14	https://corpgov.law.harvard.edu/2019/01/31/the-long-viewus-proxy-voting-trends-on-es-issues-from-2000-to-2018/	https://corpgov.law.harvard.edu/2019/01/31/the-long-viewus-proxy-voting-trends-on-es-issues-from-2000-to-2018/	VERB
cblr-8639	318	1	[	[	X
cblr-8639	318	2	https://perma.cc/f3ay-jy6k	https://perma.cc/f3ay-jy6k	NOUN
cblr-8639	318	3	]	]	PUNCT
cblr-8639	318	4	.	.	PUNCT
cblr-8639	319	1	mahoney	mahoney	PROPN
cblr-8639	319	2	&	&	CCONJ
cblr-8639	319	3	mahoney	mahoney	PROPN
cblr-8639	319	4	8/22/2021	8/22/2021	PROPN
cblr-8639	319	5	9:16	9:16	NUM
cblr-8639	319	6	pm	pm	NOUN
cblr-8639	319	7	860	860	NUM
cblr-8639	319	8	columbia	columbia	PROPN
cblr-8639	319	9	business	business	NOUN
cblr-8639	319	10	law	law	PROPN
cblr-8639	319	11	review	review	NOUN
cblr-8639	319	12	[	[	X
cblr-8639	319	13	vol	vol	NOUN
cblr-8639	319	14	.	.	PUNCT
cblr-8639	319	15	2021	2021	NUM
cblr-8639	319	16	they	they	PRON
cblr-8639	319	17	have	have	AUX
cblr-8639	319	18	also	also	ADV
cblr-8639	319	19	allocated	allocate	VERB
cblr-8639	319	20	capital	capital	NOUN
cblr-8639	319	21	away	away	ADV
cblr-8639	319	22	from	from	ADP
cblr-8639	319	23	companies	company	NOUN
cblr-8639	319	24	with	with	ADP
cblr-8639	319	25	low	low	ADJ
cblr-8639	319	26	esg	esg	NOUN
cblr-8639	319	27	scores	score	NOUN
cblr-8639	319	28	and	and	CCONJ
cblr-8639	319	29	toward	toward	ADP
cblr-8639	319	30	companies	company	NOUN
cblr-8639	319	31	with	with	ADP
cblr-8639	319	32	high	high	ADJ
cblr-8639	319	33	ones.73	ones.73	NOUN
cblr-8639	319	34	some	some	DET
cblr-8639	319	35	funds	fund	NOUN
cblr-8639	319	36	invest	invest	VERB
cblr-8639	319	37	in	in	ADP
cblr-8639	319	38	green	green	ADJ
cblr-8639	319	39	companies	company	NOUN
cblr-8639	319	40	because	because	SCONJ
cblr-8639	319	41	their	their	PRON
cblr-8639	319	42	beneficiaries	beneficiary	NOUN
cblr-8639	319	43	wish	wish	VERB
cblr-8639	319	44	to	to	PART
cblr-8639	319	45	use	use	VERB
cblr-8639	319	46	their	their	PRON
cblr-8639	319	47	investment	investment	NOUN
cblr-8639	319	48	dollars	dollar	NOUN
cblr-8639	319	49	to	to	ADP
cblr-8639	319	50	further	further	ADJ
cblr-8639	319	51	social	social	ADJ
cblr-8639	319	52	goals	goal	NOUN
cblr-8639	319	53	.	.	PUNCT
cblr-8639	320	1	fund	fund	NOUN
cblr-8639	320	2	sponsors	sponsor	NOUN
cblr-8639	320	3	accordingly	accordingly	ADV
cblr-8639	320	4	offer	offer	VERB
cblr-8639	320	5	sustainabilityor	sustainabilityor	ADJ
cblr-8639	320	6	esg	esg	PROPN
cblr-8639	320	7	-	-	PUNCT
cblr-8639	320	8	focused	focus	VERB
cblr-8639	320	9	funds	fund	NOUN
cblr-8639	320	10	.	.	PUNCT
cblr-8639	321	1	explicitly	explicitly	ADV
cblr-8639	321	2	esg	esg	VERB
cblr-8639	321	3	-	-	PUNCT
cblr-8639	321	4	focused	focus	VERB
cblr-8639	321	5	funds	fund	NOUN
cblr-8639	321	6	do	do	AUX
cblr-8639	321	7	not	not	PART
cblr-8639	321	8	raise	raise	VERB
cblr-8639	321	9	conflicts	conflict	NOUN
cblr-8639	321	10	of	of	ADP
cblr-8639	321	11	interest	interest	NOUN
cblr-8639	321	12	because	because	SCONJ
cblr-8639	321	13	well	well	ADV
cblr-8639	321	14	-	-	PUNCT
cblr-8639	321	15	informed	inform	VERB
cblr-8639	321	16	beneficiaries	beneficiary	NOUN
cblr-8639	321	17	who	who	PRON
cblr-8639	321	18	invest	invest	VERB
cblr-8639	321	19	their	their	PRON
cblr-8639	321	20	own	own	ADJ
cblr-8639	321	21	money	money	NOUN
cblr-8639	321	22	can	can	AUX
cblr-8639	321	23	trade	trade	VERB
cblr-8639	321	24	off	off	ADP
cblr-8639	321	25	social	social	ADJ
cblr-8639	321	26	value	value	NOUN
cblr-8639	321	27	and	and	CCONJ
cblr-8639	321	28	fuller	full	ADJ
cblr-8639	321	29	diversification	diversification	NOUN
cblr-8639	321	30	to	to	PART
cblr-8639	321	31	maximize	maximize	VERB
cblr-8639	321	32	their	their	PRON
cblr-8639	321	33	own	own	ADJ
cblr-8639	321	34	welfare	welfare	NOUN
cblr-8639	321	35	,	,	PUNCT
cblr-8639	321	36	all	all	DET
cblr-8639	321	37	things	thing	NOUN
cblr-8639	321	38	considered.74	considered.74	VERB
cblr-8639	321	39	this	this	DET
cblr-8639	321	40	article	article	NOUN
cblr-8639	321	41	,	,	PUNCT
cblr-8639	321	42	by	by	ADP
cblr-8639	321	43	contrast	contrast	NOUN
cblr-8639	321	44	,	,	PUNCT
cblr-8639	321	45	is	be	AUX
cblr-8639	321	46	concerned	concern	VERB
cblr-8639	321	47	with	with	ADP
cblr-8639	321	48	the	the	DET
cblr-8639	321	49	conflicting	conflict	VERB
cblr-8639	321	50	interests	interest	NOUN
cblr-8639	321	51	of	of	ADP
cblr-8639	321	52	fund	fund	NOUN
cblr-8639	321	53	managers	manager	NOUN
cblr-8639	321	54	and	and	CCONJ
cblr-8639	321	55	their	their	PRON
cblr-8639	321	56	beneficiaries	beneficiary	NOUN
cblr-8639	321	57	in	in	ADP
cblr-8639	321	58	the	the	DET
cblr-8639	321	59	many	many	ADJ
cblr-8639	321	60	funds	fund	NOUN
cblr-8639	321	61	whose	whose	DET
cblr-8639	321	62	stated	stated	ADJ
cblr-8639	321	63	objective	objective	NOUN
cblr-8639	321	64	is	be	AUX
cblr-8639	321	65	to	to	PART
cblr-8639	321	66	maximize	maximize	VERB
cblr-8639	321	67	riskadjusted	riskadjusted	ADJ
cblr-8639	321	68	returns	return	NOUN
cblr-8639	321	69	.	.	PUNCT
cblr-8639	322	1	b.	b.	PROPN
cblr-8639	322	2	agency	agency	PROPN
cblr-8639	322	3	problems	problem	NOUN
cblr-8639	322	4	in	in	ADP
cblr-8639	322	5	public	public	ADJ
cblr-8639	322	6	pension	pension	NOUN
cblr-8639	322	7	funds	fund	NOUN
cblr-8639	322	8	public	public	ADJ
cblr-8639	322	9	pension	pension	NOUN
cblr-8639	322	10	fund	fund	NOUN
cblr-8639	322	11	trustees	trustee	NOUN
cblr-8639	322	12	are	be	AUX
cblr-8639	322	13	subject	subject	ADJ
cblr-8639	322	14	to	to	ADP
cblr-8639	322	15	particularly	particularly	ADV
cblr-8639	322	16	strong	strong	ADJ
cblr-8639	322	17	incentives	incentive	NOUN
cblr-8639	322	18	to	to	PART
cblr-8639	322	19	take	take	VERB
cblr-8639	322	20	social	social	ADJ
cblr-8639	322	21	goals	goal	NOUN
cblr-8639	322	22	into	into	ADP
cblr-8639	322	23	account	account	NOUN
cblr-8639	322	24	.	.	PUNCT
cblr-8639	323	1	as	as	SCONJ
cblr-8639	323	2	roberta	roberta	PROPN
cblr-8639	323	3	romano	romano	PROPN
cblr-8639	323	4	pointed	point	VERB
cblr-8639	323	5	out	out	ADP
cblr-8639	323	6	nearly	nearly	ADV
cblr-8639	323	7	thirty	thirty	NUM
cblr-8639	323	8	years	year	NOUN
cblr-8639	323	9	ago	ago	ADV
cblr-8639	323	10	(	(	PUNCT
cblr-8639	323	11	when	when	SCONJ
cblr-8639	323	12	pension	pension	NOUN
cblr-8639	323	13	fund	fund	NOUN
cblr-8639	323	14	activism	activism	NOUN
cblr-8639	323	15	was	be	AUX
cblr-8639	323	16	thought	think	VERB
cblr-8639	323	17	to	to	PART
cblr-8639	323	18	be	be	AUX
cblr-8639	323	19	a	a	DET
cblr-8639	323	20	solution	solution	NOUN
cblr-8639	323	21	to	to	ADP
cblr-8639	323	22	managershareholder	managershareholder	NOUN
cblr-8639	323	23	conflicts	conflict	NOUN
cblr-8639	323	24	)	)	PUNCT
cblr-8639	323	25	,	,	PUNCT
cblr-8639	323	26	their	their	PRON
cblr-8639	323	27	trustees	trustee	NOUN
cblr-8639	323	28	are	be	AUX
cblr-8639	323	29	subject	subject	ADJ
cblr-8639	323	30	to	to	ADP
cblr-8639	323	31	unique	unique	ADJ
cblr-8639	323	32	73	73	NUM
cblr-8639	323	33	see	see	NOUN
cblr-8639	323	34	supra	supra	PROPN
cblr-8639	323	35	notes	note	NOUN
cblr-8639	323	36	35–37	35–37	PROPN
cblr-8639	323	37	and	and	CCONJ
cblr-8639	323	38	accompanying	accompany	VERB
cblr-8639	323	39	text	text	NOUN
cblr-8639	323	40	.	.	PUNCT
cblr-8639	324	1	74	74	NUM
cblr-8639	324	2	see	see	VERB
cblr-8639	324	3	samuel	samuel	PROPN
cblr-8639	324	4	m.	m.	PROPN
cblr-8639	324	5	hartzmark	hartzmark	PROPN
cblr-8639	324	6	&	&	CCONJ
cblr-8639	324	7	abigail	abigail	PROPN
cblr-8639	324	8	b.	b.	PROPN
cblr-8639	324	9	sussman	sussman	PROPN
cblr-8639	324	10	,	,	PUNCT
cblr-8639	324	11	do	do	VERB
cblr-8639	324	12	investors	investor	NOUN
cblr-8639	324	13	value	value	VERB
cblr-8639	324	14	sustainability	sustainability	NOUN
cblr-8639	324	15	?	?	PUNCT
cblr-8639	325	1	a	a	DET
cblr-8639	325	2	natural	natural	ADJ
cblr-8639	325	3	experiment	experiment	NOUN
cblr-8639	325	4	examining	examine	VERB
cblr-8639	325	5	ranking	ranking	NOUN
cblr-8639	325	6	and	and	CCONJ
cblr-8639	325	7	fund	fund	NOUN
cblr-8639	325	8	flows	flow	NOUN
cblr-8639	325	9	,	,	PUNCT
cblr-8639	325	10	74	74	NUM
cblr-8639	325	11	j.	j.	PROPN
cblr-8639	325	12	fin	fin	PROPN
cblr-8639	325	13	.	.	PROPN
cblr-8639	326	1	2789	2789	NUM
cblr-8639	326	2	,	,	PUNCT
cblr-8639	326	3	2792–93	2792–93	NUM
cblr-8639	326	4	(	(	PUNCT
cblr-8639	326	5	2019	2019	NUM
cblr-8639	326	6	)	)	PUNCT
cblr-8639	326	7	(	(	PUNCT
cblr-8639	326	8	finding	find	VERB
cblr-8639	326	9	that	that	SCONJ
cblr-8639	326	10	mutual	mutual	ADJ
cblr-8639	326	11	funds	fund	NOUN
cblr-8639	326	12	ranked	rank	VERB
cblr-8639	326	13	high	high	ADJ
cblr-8639	326	14	(	(	PUNCT
cblr-8639	326	15	low	low	ADJ
cblr-8639	326	16	)	)	PUNCT
cblr-8639	326	17	on	on	ADP
cblr-8639	326	18	sustainability	sustainability	NOUN
cblr-8639	326	19	measures	measure	NOUN
cblr-8639	326	20	experience	experience	VERB
cblr-8639	326	21	large	large	ADJ
cblr-8639	326	22	inflows	inflow	NOUN
cblr-8639	326	23	(	(	PUNCT
cblr-8639	326	24	outflows	outflow	NOUN
cblr-8639	326	25	)	)	PUNCT
cblr-8639	326	26	of	of	ADP
cblr-8639	326	27	investor	investor	NOUN
cblr-8639	326	28	funds	fund	NOUN
cblr-8639	326	29	despite	despite	SCONJ
cblr-8639	326	30	no	no	DET
cblr-8639	326	31	evidence	evidence	NOUN
cblr-8639	326	32	that	that	SCONJ
cblr-8639	326	33	the	the	DET
cblr-8639	326	34	former	former	ADJ
cblr-8639	326	35	outperform	outperform	NOUN
cblr-8639	326	36	the	the	DET
cblr-8639	326	37	latter	latter	ADJ
cblr-8639	326	38	—	—	PUNCT
cblr-8639	326	39	evidence	evidence	NOUN
cblr-8639	326	40	of	of	ADP
cblr-8639	326	41	non	non	ADJ
cblr-8639	326	42	-	-	ADJ
cblr-8639	326	43	pecuniary	pecuniary	ADJ
cblr-8639	326	44	motivations	motivation	NOUN
cblr-8639	326	45	)	)	PUNCT
cblr-8639	326	46	.	.	PUNCT
cblr-8639	327	1	we	we	PRON
cblr-8639	327	2	express	express	VERB
cblr-8639	327	3	no	no	DET
cblr-8639	327	4	view	view	NOUN
cblr-8639	327	5	on	on	ADP
cblr-8639	327	6	the	the	DET
cblr-8639	327	7	effectiveness	effectiveness	NOUN
cblr-8639	327	8	of	of	ADP
cblr-8639	327	9	esg	esg	PROPN
cblr-8639	327	10	-	-	PUNCT
cblr-8639	327	11	focused	focus	VERB
cblr-8639	327	12	funds	fund	NOUN
cblr-8639	327	13	in	in	ADP
cblr-8639	327	14	achieving	achieve	VERB
cblr-8639	327	15	their	their	PRON
cblr-8639	327	16	stated	state	VERB
cblr-8639	327	17	objectives	objective	NOUN
cblr-8639	327	18	.	.	PUNCT
cblr-8639	328	1	critics	critic	NOUN
cblr-8639	328	2	have	have	AUX
cblr-8639	328	3	argued	argue	VERB
cblr-8639	328	4	that	that	SCONJ
cblr-8639	328	5	,	,	PUNCT
cblr-8639	328	6	in	in	ADP
cblr-8639	328	7	practice	practice	NOUN
cblr-8639	328	8	,	,	PUNCT
cblr-8639	328	9	esg	esg	PROPN
cblr-8639	328	10	funds	fund	NOUN
cblr-8639	328	11	are	be	AUX
cblr-8639	328	12	tech	tech	NOUN
cblr-8639	328	13	-	-	PUNCT
cblr-8639	328	14	focused	focus	VERB
cblr-8639	328	15	funds	fund	NOUN
cblr-8639	328	16	.	.	PUNCT
cblr-8639	329	1	see	see	VERB
cblr-8639	329	2	akane	akane	NOUN
cblr-8639	329	3	otani	otani	PROPN
cblr-8639	329	4	,	,	PUNCT
cblr-8639	329	5	big	big	ADJ
cblr-8639	329	6	technology	technology	NOUN
cblr-8639	329	7	stocks	stock	NOUN
cblr-8639	329	8	dominate	dominate	VERB
cblr-8639	329	9	esg	esg	NOUN
cblr-8639	329	10	funds	fund	NOUN
cblr-8639	329	11	,	,	PUNCT
cblr-8639	330	1	wall	wall	PROPN
cblr-8639	330	2	st	st	PROPN
cblr-8639	330	3	.	.	PROPN
cblr-8639	330	4	j.	j.	PROPN
cblr-8639	330	5	(	(	PUNCT
cblr-8639	330	6	feb	feb	PROPN
cblr-8639	330	7	.	.	PROPN
cblr-8639	330	8	11	11	NUM
cblr-8639	330	9	,	,	PUNCT
cblr-8639	330	10	2020	2020	NUM
cblr-8639	330	11	,	,	PUNCT
cblr-8639	330	12	11:45	11:45	NUM
cblr-8639	330	13	am	am	NOUN
cblr-8639	330	14	)	)	PUNCT
cblr-8639	330	15	(	(	PUNCT
cblr-8639	330	16	on	on	ADP
cblr-8639	330	17	file	file	NOUN
cblr-8639	330	18	with	with	ADP
cblr-8639	330	19	the	the	DET
cblr-8639	330	20	columbia	columbia	PROPN
cblr-8639	330	21	business	business	PROPN
cblr-8639	330	22	law	law	PROPN
cblr-8639	330	23	review	review	PROPN
cblr-8639	330	24	)	)	PUNCT
cblr-8639	330	25	,	,	PUNCT
cblr-8639	330	26	https://www.wsj.com/articles/big-technology-stocks-dominate-esg-funds11581330601	https://www.wsj.com/articles/big-technology-stocks-dominate-esg-funds11581330601	PROPN
cblr-8639	330	27	.	.	PUNCT
cblr-8639	331	1	because	because	SCONJ
cblr-8639	331	2	the	the	DET
cblr-8639	331	3	largest	large	ADJ
cblr-8639	331	4	tech	tech	NOUN
cblr-8639	331	5	companies	company	NOUN
cblr-8639	331	6	earn	earn	VERB
cblr-8639	331	7	revenue	revenue	NOUN
cblr-8639	331	8	primarily	primarily	ADV
cblr-8639	331	9	through	through	ADP
cblr-8639	331	10	advertising	advertising	NOUN
cblr-8639	331	11	that	that	PRON
cblr-8639	331	12	encourages	encourage	VERB
cblr-8639	331	13	consumers	consumer	NOUN
cblr-8639	331	14	to	to	PART
cblr-8639	331	15	purchase	purchase	VERB
cblr-8639	331	16	manufactured	manufacture	VERB
cblr-8639	331	17	products	product	NOUN
cblr-8639	331	18	and	and	CCONJ
cblr-8639	331	19	have	have	VERB
cblr-8639	331	20	them	they	PRON
cblr-8639	331	21	shipped	ship	VERB
cblr-8639	331	22	to	to	ADP
cblr-8639	331	23	the	the	DET
cblr-8639	331	24	consumer	consumer	NOUN
cblr-8639	331	25	’s	’s	PART
cblr-8639	331	26	door	door	NOUN
cblr-8639	331	27	,	,	PUNCT
cblr-8639	331	28	whether	whether	SCONJ
cblr-8639	331	29	tech	tech	NOUN
cblr-8639	331	30	companies	company	NOUN
cblr-8639	331	31	on	on	ADP
cblr-8639	331	32	balance	balance	NOUN
cblr-8639	331	33	help	help	NOUN
cblr-8639	331	34	or	or	CCONJ
cblr-8639	331	35	hurt	hurt	VERB
cblr-8639	331	36	the	the	DET
cblr-8639	331	37	environment	environment	NOUN
cblr-8639	331	38	is	be	AUX
cblr-8639	331	39	an	an	DET
cblr-8639	331	40	interesting	interesting	ADJ
cblr-8639	331	41	question	question	NOUN
cblr-8639	331	42	.	.	PUNCT
cblr-8639	332	1	see	see	VERB
cblr-8639	332	2	,	,	PUNCT
cblr-8639	332	3	e.g.	e.g.	ADV
cblr-8639	332	4	,	,	PUNCT
cblr-8639	332	5	trefis	trefi	VERB
cblr-8639	332	6	team	team	NOUN
cblr-8639	332	7	&	&	CCONJ
cblr-8639	332	8	great	great	ADJ
cblr-8639	332	9	speculations	speculation	NOUN
cblr-8639	332	10	,	,	PUNCT
cblr-8639	332	11	is	be	AUX
cblr-8639	332	12	google	google	PROPN
cblr-8639	332	13	advertising	advertising	NOUN
cblr-8639	332	14	revenue	revenue	NOUN
cblr-8639	332	15	70	70	NUM
cblr-8639	332	16	%	%	NOUN
cblr-8639	332	17	,	,	PUNCT
cblr-8639	332	18	80	80	NUM
cblr-8639	332	19	%	%	NOUN
cblr-8639	332	20	or	or	CCONJ
cblr-8639	332	21	90	90	NUM
cblr-8639	332	22	%	%	NOUN
cblr-8639	332	23	of	of	ADP
cblr-8639	332	24	alphabet	alphabet	PROPN
cblr-8639	332	25	’s	’s	PART
cblr-8639	332	26	total	total	ADJ
cblr-8639	332	27	revenue	revenue	NOUN
cblr-8639	332	28	?	?	PUNCT
cblr-8639	332	29	,	,	PUNCT
cblr-8639	332	30	forbes	forbes	PROPN
cblr-8639	332	31	(	(	PUNCT
cblr-8639	332	32	dec	dec	PROPN
cblr-8639	332	33	.	.	PROPN
cblr-8639	332	34	24	24	NUM
cblr-8639	332	35	,	,	PUNCT
cblr-8639	332	36	2019	2019	NUM
cblr-8639	332	37	,	,	PUNCT
cblr-8639	332	38	10:30	10:30	NUM
cblr-8639	332	39	am	am	NOUN
cblr-8639	332	40	)	)	PUNCT
cblr-8639	332	41	,	,	PUNCT
cblr-8639	332	42	https://www.forbes.com/sites/greatspeculations/	https://www.forbes.com/sites/greatspeculations/	PROPN
cblr-8639	332	43	2019/12/24	2019/12/24	NOUN
cblr-8639	332	44	/	/	SYM
cblr-8639	332	45	is	be	AUX
cblr-8639	332	46	-	-	PUNCT
cblr-8639	332	47	google	google	NOUN
cblr-8639	332	48	-	-	PUNCT
cblr-8639	332	49	advertising	advertising	NOUN
cblr-8639	332	50	-	-	PUNCT
cblr-8639	332	51	revenue-70	revenue-70	PROPN
cblr-8639	332	52	-	-	PUNCT
cblr-8639	332	53	80	80	NUM
cblr-8639	332	54	-	-	PUNCT
cblr-8639	332	55	or-90	or-90	NUM
cblr-8639	332	56	-	-	PUNCT
cblr-8639	332	57	of	of	ADP
cblr-8639	332	58	-	-	PUNCT
cblr-8639	332	59	alphabets	alphabet	NOUN
cblr-8639	332	60	-	-	PUNCT
cblr-8639	332	61	totalrevenue/?sh=356d5ce44a01	totalrevenue/?sh=356d5ce44a01	NOUN
cblr-8639	332	62	[	[	PRON
cblr-8639	332	63	https://perma.cc/g74e-fakb	https://perma.cc/g74e-fakb	NOUN
cblr-8639	332	64	]	]	PUNCT
cblr-8639	332	65	.	.	PUNCT
cblr-8639	333	1	mahoney	mahoney	PROPN
cblr-8639	333	2	&	&	CCONJ
cblr-8639	333	3	mahoney	mahoney	PROPN
cblr-8639	333	4	8/22/2021	8/22/2021	PROPN
cblr-8639	333	5	9:16	9:16	NUM
cblr-8639	333	6	pm	pm	NOUN
cblr-8639	333	7	no	no	INTJ
cblr-8639	333	8	.	.	PUNCT
cblr-8639	334	1	2:840	2:840	NUM
cblr-8639	334	2	]	]	X
cblr-8639	334	3	the	the	DET
cblr-8639	334	4	new	new	ADJ
cblr-8639	334	5	separation	separation	NOUN
cblr-8639	334	6	of	of	ADP
cblr-8639	334	7	ownership	ownership	NOUN
cblr-8639	334	8	and	and	CCONJ
cblr-8639	334	9	control	control	VERB
cblr-8639	334	10	861	861	NUM
cblr-8639	334	11	political	political	ADJ
cblr-8639	334	12	pressures.75	pressures.75	NOUN
cblr-8639	334	13	typically	typically	ADV
cblr-8639	334	14	,	,	PUNCT
cblr-8639	334	15	some	some	PRON
cblr-8639	334	16	are	be	AUX
cblr-8639	334	17	elected	elect	VERB
cblr-8639	334	18	or	or	CCONJ
cblr-8639	334	19	appointed	appoint	VERB
cblr-8639	334	20	officials	official	NOUN
cblr-8639	334	21	who	who	PRON
cblr-8639	334	22	can	can	AUX
cblr-8639	334	23	not	not	PART
cblr-8639	334	24	afford	afford	VERB
cblr-8639	334	25	to	to	PART
cblr-8639	334	26	anger	anger	VERB
cblr-8639	334	27	their	their	PRON
cblr-8639	334	28	constituents	constituent	NOUN
cblr-8639	334	29	by	by	ADP
cblr-8639	334	30	pursuing	pursue	VERB
cblr-8639	334	31	local	local	ADJ
cblr-8639	334	32	policy	policy	NOUN
cblr-8639	334	33	preferences	preference	NOUN
cblr-8639	334	34	with	with	ADP
cblr-8639	334	35	insufficient	insufficient	ADJ
cblr-8639	334	36	zeal.76	zeal.76	PROPN
cblr-8639	334	37	moreover	moreover	ADV
cblr-8639	334	38	,	,	PUNCT
cblr-8639	334	39	the	the	DET
cblr-8639	334	40	pension	pension	NOUN
cblr-8639	334	41	plans	plan	VERB
cblr-8639	334	42	they	they	PRON
cblr-8639	334	43	oversee	oversee	VERB
cblr-8639	334	44	are	be	AUX
cblr-8639	334	45	largely	largely	ADV
cblr-8639	334	46	defined	define	VERB
cblr-8639	334	47	benefit	benefit	NOUN
cblr-8639	334	48	plans	plan	NOUN
cblr-8639	334	49	in	in	ADP
cblr-8639	334	50	which	which	PRON
cblr-8639	334	51	the	the	DET
cblr-8639	334	52	employee	employee	NOUN
cblr-8639	334	53	’s	’s	PART
cblr-8639	334	54	entitlement	entitlement	NOUN
cblr-8639	334	55	is	be	AUX
cblr-8639	334	56	not	not	PART
cblr-8639	334	57	a	a	DET
cblr-8639	334	58	function	function	NOUN
cblr-8639	334	59	of	of	ADP
cblr-8639	334	60	investment	investment	NOUN
cblr-8639	334	61	returns.77	returns.77	NOUN
cblr-8639	334	62	in	in	ADP
cblr-8639	334	63	some	some	DET
cblr-8639	334	64	instances	instance	NOUN
cblr-8639	334	65	,	,	PUNCT
cblr-8639	334	66	these	these	DET
cblr-8639	334	67	entitlements	entitlement	NOUN
cblr-8639	334	68	have	have	VERB
cblr-8639	334	69	a	a	DET
cblr-8639	334	70	legally	legally	ADV
cblr-8639	334	71	protected	protect	VERB
cblr-8639	334	72	status	status	NOUN
cblr-8639	334	73	that	that	PRON
cblr-8639	334	74	would	would	AUX
cblr-8639	334	75	make	make	VERB
cblr-8639	334	76	it	it	PRON
cblr-8639	334	77	difficult	difficult	ADJ
cblr-8639	334	78	,	,	PUNCT
cblr-8639	334	79	short	short	ADJ
cblr-8639	334	80	of	of	ADP
cblr-8639	334	81	government	government	NOUN
cblr-8639	334	82	insolvency	insolvency	NOUN
cblr-8639	334	83	,	,	PUNCT
cblr-8639	334	84	for	for	SCONJ
cblr-8639	334	85	the	the	DET
cblr-8639	334	86	state	state	NOUN
cblr-8639	334	87	government	government	NOUN
cblr-8639	334	88	not	not	PART
cblr-8639	334	89	to	to	PART
cblr-8639	334	90	make	make	VERB
cblr-8639	334	91	up	up	ADP
cblr-8639	334	92	shortfalls	shortfall	NOUN
cblr-8639	334	93	out	out	ADP
cblr-8639	334	94	of	of	ADP
cblr-8639	334	95	general	general	ADJ
cblr-8639	334	96	tax	tax	NOUN
cblr-8639	334	97	revenues.78	revenues.78	NOUN
cblr-8639	334	98	even	even	ADV
cblr-8639	334	99	when	when	SCONJ
cblr-8639	334	100	not	not	PART
cblr-8639	334	101	given	give	VERB
cblr-8639	334	102	legal	legal	ADJ
cblr-8639	334	103	priority	priority	NOUN
cblr-8639	334	104	,	,	PUNCT
cblr-8639	334	105	these	these	DET
cblr-8639	334	106	entitlements	entitlement	NOUN
cblr-8639	334	107	may	may	AUX
cblr-8639	334	108	have	have	VERB
cblr-8639	334	109	political	political	ADJ
cblr-8639	334	110	priority	priority	NOUN
cblr-8639	334	111	because	because	SCONJ
cblr-8639	334	112	of	of	ADP
cblr-8639	334	113	the	the	DET
cblr-8639	334	114	importance	importance	NOUN
cblr-8639	334	115	of	of	ADP
cblr-8639	334	116	public	public	ADJ
cblr-8639	334	117	employee	employee	NOUN
cblr-8639	334	118	unions	union	NOUN
cblr-8639	334	119	as	as	ADP
cblr-8639	334	120	political	political	ADJ
cblr-8639	334	121	constituents.79	constituents.79	NOUN
cblr-8639	334	122	the	the	DET
cblr-8639	334	123	beneficiaries	beneficiary	NOUN
cblr-8639	334	124	,	,	PUNCT
cblr-8639	334	125	meanwhile	meanwhile	ADV
cblr-8639	334	126	,	,	PUNCT
cblr-8639	334	127	are	be	AUX
cblr-8639	334	128	a	a	DET
cblr-8639	334	129	captive	captive	ADJ
cblr-8639	334	130	75	75	NUM
cblr-8639	334	131	see	see	VERB
cblr-8639	334	132	roberta	roberta	PROPN
cblr-8639	334	133	romano	romano	PROPN
cblr-8639	334	134	,	,	PUNCT
cblr-8639	334	135	public	public	ADJ
cblr-8639	334	136	pension	pension	NOUN
cblr-8639	334	137	fund	fund	NOUN
cblr-8639	334	138	activism	activism	NOUN
cblr-8639	334	139	in	in	ADP
cblr-8639	334	140	corporate	corporate	ADJ
cblr-8639	334	141	governance	governance	NOUN
cblr-8639	334	142	reconsidered	reconsider	VERB
cblr-8639	334	143	,	,	PUNCT
cblr-8639	334	144	93	93	NUM
cblr-8639	334	145	colum	colum	NOUN
cblr-8639	334	146	.	.	PUNCT
cblr-8639	335	1	l.	l.	PROPN
cblr-8639	335	2	rev	rev	PROPN
cblr-8639	335	3	.	.	PROPN
cblr-8639	335	4	795	795	NUM
cblr-8639	335	5	,	,	PUNCT
cblr-8639	335	6	796	796	NUM
cblr-8639	335	7	(	(	PUNCT
cblr-8639	335	8	1993	1993	NUM
cblr-8639	335	9	)	)	PUNCT
cblr-8639	335	10	(	(	PUNCT
cblr-8639	335	11	“	"	PUNCT
cblr-8639	335	12	public	public	ADJ
cblr-8639	335	13	fund	fund	NOUN
cblr-8639	335	14	managers	manager	NOUN
cblr-8639	335	15	must	must	AUX
cblr-8639	335	16	navigate	navigate	VERB
cblr-8639	335	17	carefully	carefully	ADV
cblr-8639	335	18	around	around	ADP
cblr-8639	335	19	the	the	DET
cblr-8639	335	20	shoals	shoal	NOUN
cblr-8639	335	21	of	of	ADP
cblr-8639	335	22	considerable	considerable	ADJ
cblr-8639	335	23	political	political	ADJ
cblr-8639	335	24	pressure	pressure	NOUN
cblr-8639	335	25	to	to	ADP
cblr-8639	335	26	temper	temper	NOUN
cblr-8639	335	27	investment	investment	NOUN
cblr-8639	335	28	policies	policy	NOUN
cblr-8639	335	29	with	with	ADP
cblr-8639	335	30	local	local	ADJ
cblr-8639	335	31	considerations	consideration	NOUN
cblr-8639	335	32	.	.	PUNCT
cblr-8639	335	33	.	.	PUNCT
cblr-8639	336	1	.	.	PUNCT
cblr-8639	337	1	which	which	PRON
cblr-8639	337	2	are	be	AUX
cblr-8639	337	3	not	not	PART
cblr-8639	337	4	aimed	aim	VERB
cblr-8639	337	5	at	at	ADP
cblr-8639	337	6	maximizing	maximize	VERB
cblr-8639	337	7	the	the	DET
cblr-8639	337	8	value	value	NOUN
cblr-8639	337	9	of	of	ADP
cblr-8639	337	10	their	their	PRON
cblr-8639	337	11	portfolios	portfolio	NOUN
cblr-8639	337	12	’	'	PUNCT
cblr-8639	337	13	assets	asset	NOUN
cblr-8639	337	14	.	.	PUNCT
cblr-8639	337	15	”	"	PUNCT
cblr-8639	337	16	)	)	PUNCT
cblr-8639	337	17	.	.	PUNCT
cblr-8639	338	1	76	76	NUM
cblr-8639	338	2	see	see	VERB
cblr-8639	338	3	,	,	PUNCT
cblr-8639	338	4	e.g.	e.g.	ADV
cblr-8639	338	5	,	,	PUNCT
cblr-8639	338	6	board	board	NOUN
cblr-8639	338	7	elections	election	NOUN
cblr-8639	338	8	,	,	PUNCT
cblr-8639	338	9	calpers	calpers	PROPN
cblr-8639	338	10	,	,	PUNCT
cblr-8639	338	11	https://www.calpers.ca.gov/	https://www.calpers.ca.gov/	PROPN
cblr-8639	338	12	page	page	NOUN
cblr-8639	338	13	/	/	SYM
cblr-8639	338	14	about	about	ADP
cblr-8639	338	15	/	/	SYM
cblr-8639	338	16	board	board	NOUN
cblr-8639	338	17	/	/	SYM
cblr-8639	338	18	board	board	NOUN
cblr-8639	338	19	-	-	PUNCT
cblr-8639	338	20	elections	election	NOUN
cblr-8639	338	21	[	[	X
cblr-8639	338	22	https://perma.cc/5tq5-fs56	https://perma.cc/5tq5-fs56	X
cblr-8639	338	23	]	]	X
cblr-8639	338	24	(	(	PUNCT
cblr-8639	338	25	last	last	ADJ
cblr-8639	338	26	updated	update	VERB
cblr-8639	338	27	oct	oct	PROPN
cblr-8639	338	28	.	.	PROPN
cblr-8639	338	29	4	4	NUM
cblr-8639	338	30	,	,	PUNCT
cblr-8639	338	31	2014	2014	NUM
cblr-8639	338	32	)	)	PUNCT
cblr-8639	338	33	(	(	PUNCT
cblr-8639	338	34	“	"	PUNCT
cblr-8639	338	35	the	the	DET
cblr-8639	338	36	cal[ifornia	cal[ifornia	PROPN
cblr-8639	338	37	]	]	PUNCT
cblr-8639	339	1	[	[	X
cblr-8639	339	2	public	public	ADJ
cblr-8639	339	3	employees	employee	NOUN
cblr-8639	339	4	’	’	PART
cblr-8639	339	5	retirement	retirement	NOUN
cblr-8639	339	6	system	system	NOUN
cblr-8639	339	7	]	]	PUNCT
cblr-8639	339	8	board	board	NOUN
cblr-8639	339	9	of	of	ADP
cblr-8639	339	10	administration	administration	NOUN
cblr-8639	339	11	consists	consist	VERB
cblr-8639	339	12	of	of	ADP
cblr-8639	339	13	13	13	NUM
cblr-8639	339	14	members	member	NOUN
cblr-8639	339	15	who	who	PRON
cblr-8639	339	16	are	be	AUX
cblr-8639	339	17	elected	elect	VERB
cblr-8639	339	18	,	,	PUNCT
cblr-8639	339	19	appointed	appoint	VERB
cblr-8639	339	20	,	,	PUNCT
cblr-8639	339	21	or	or	CCONJ
cblr-8639	339	22	hold	hold	VERB
cblr-8639	339	23	office	office	NOUN
cblr-8639	339	24	ex	ex	X
cblr-8639	339	25	officio	officio	PROPN
cblr-8639	339	26	for	for	ADP
cblr-8639	339	27	four	four	NUM
cblr-8639	339	28	-	-	PUNCT
cblr-8639	339	29	year	year	NOUN
cblr-8639	339	30	terms	term	NOUN
cblr-8639	339	31	.	.	PUNCT
cblr-8639	339	32	”	"	PUNCT
cblr-8639	339	33	)	)	PUNCT
cblr-8639	339	34	.	.	PUNCT
cblr-8639	340	1	77	77	NUM
cblr-8639	340	2	according	accord	VERB
cblr-8639	340	3	to	to	ADP
cblr-8639	340	4	fed	fed	PROPN
cblr-8639	340	5	data	datum	NOUN
cblr-8639	340	6	,	,	PUNCT
cblr-8639	340	7	at	at	ADP
cblr-8639	340	8	the	the	DET
cblr-8639	340	9	end	end	NOUN
cblr-8639	340	10	of	of	ADP
cblr-8639	340	11	the	the	DET
cblr-8639	340	12	third	third	ADJ
cblr-8639	340	13	quarter	quarter	NOUN
cblr-8639	340	14	of	of	ADP
cblr-8639	340	15	2020	2020	NUM
cblr-8639	340	16	,	,	PUNCT
cblr-8639	340	17	defined	define	VERB
cblr-8639	340	18	benefit	benefit	NOUN
cblr-8639	340	19	liabilities	liability	NOUN
cblr-8639	340	20	of	of	ADP
cblr-8639	340	21	state	state	NOUN
cblr-8639	340	22	and	and	CCONJ
cblr-8639	340	23	local	local	ADJ
cblr-8639	340	24	governments	government	NOUN
cblr-8639	340	25	totaled	total	VERB
cblr-8639	340	26	$	$	SYM
cblr-8639	340	27	9	9	NUM
cblr-8639	340	28	trillion	trillion	NUM
cblr-8639	340	29	,	,	PUNCT
cblr-8639	340	30	while	while	SCONJ
cblr-8639	340	31	assets	asset	NOUN
cblr-8639	340	32	in	in	ADP
cblr-8639	340	33	state	state	NOUN
cblr-8639	340	34	and	and	CCONJ
cblr-8639	340	35	local	local	ADJ
cblr-8639	340	36	government	government	NOUN
cblr-8639	340	37	defined	define	VERB
cblr-8639	340	38	contribution	contribution	NOUN
cblr-8639	340	39	plans	plan	NOUN
cblr-8639	340	40	totaled	total	VERB
cblr-8639	340	41	$	$	SYM
cblr-8639	340	42	0.5	0.5	NUM
cblr-8639	340	43	trillion	trillion	NUM
cblr-8639	340	44	.	.	PUNCT
cblr-8639	341	1	see	see	VERB
cblr-8639	341	2	financial	financial	ADJ
cblr-8639	341	3	accounts	account	NOUN
cblr-8639	341	4	of	of	ADP
cblr-8639	341	5	the	the	DET
cblr-8639	341	6	united	united	PROPN
cblr-8639	341	7	states	states	PROPN
cblr-8639	341	8	—	—	PUNCT
cblr-8639	341	9	z.1	z.1	NUM
cblr-8639	341	10	:	:	PUNCT
cblr-8639	341	11	l.120.b	l.120.b	ADJ
cblr-8639	341	12	state	state	NOUN
cblr-8639	341	13	and	and	CCONJ
cblr-8639	341	14	local	local	ADJ
cblr-8639	341	15	government	government	NOUN
cblr-8639	341	16	employee	employee	NOUN
cblr-8639	341	17	retirement	retirement	NOUN
cblr-8639	341	18	funds	fund	NOUN
cblr-8639	341	19	defined	define	VERB
cblr-8639	341	20	benefit	benefit	NOUN
cblr-8639	341	21	plans	plan	NOUN
cblr-8639	341	22	,	,	PUNCT
cblr-8639	341	23	bd	bd	PROPN
cblr-8639	341	24	.	.	PROPN
cblr-8639	341	25	of	of	ADP
cblr-8639	341	26	governors	governor	NOUN
cblr-8639	341	27	of	of	ADP
cblr-8639	341	28	the	the	DET
cblr-8639	341	29	fed	fed	PROPN
cblr-8639	341	30	.	.	PUNCT
cblr-8639	341	31	rsrv	rsrv	PROPN
cblr-8639	341	32	.	.	PUNCT
cblr-8639	342	1	sys	sys	PROPN
cblr-8639	342	2	.	.	PROPN
cblr-8639	342	3	,	,	PUNCT
cblr-8639	342	4	https://www.federalreserve.gov/	https://www.federalreserve.gov/	NOUN
cblr-8639	342	5	releases	release	NOUN
cblr-8639	342	6	/	/	SYM
cblr-8639	342	7	z1/20201210	z1/20201210	NUM
cblr-8639	342	8	/	/	SYM
cblr-8639	342	9	html	html	NOUN
cblr-8639	342	10	/	/	SYM
cblr-8639	342	11	l120b.htm	l120b.htm	PROPN
cblr-8639	343	1	[	[	X
cblr-8639	343	2	https://perma.cc/qgc8-9y3	https://perma.cc/qgc8-9y3	NOUN
cblr-8639	343	3	m	m	PROPN
cblr-8639	343	4	]	]	X
cblr-8639	343	5	(	(	PUNCT
cblr-8639	343	6	last	last	ADJ
cblr-8639	343	7	updated	update	VERB
cblr-8639	343	8	dec	dec	PROPN
cblr-8639	343	9	.	.	PROPN
cblr-8639	343	10	10	10	NUM
cblr-8639	343	11	,	,	PUNCT
cblr-8639	343	12	2020	2020	NUM
cblr-8639	343	13	)	)	PUNCT
cblr-8639	343	14	(	(	PUNCT
cblr-8639	343	15	defined	define	VERB
cblr-8639	343	16	benefit	benefit	NOUN
cblr-8639	343	17	liabilities	liability	NOUN
cblr-8639	343	18	)	)	PUNCT
cblr-8639	343	19	;	;	PUNCT
cblr-8639	343	20	financial	financial	ADJ
cblr-8639	343	21	accounts	account	NOUN
cblr-8639	343	22	of	of	ADP
cblr-8639	343	23	the	the	DET
cblr-8639	343	24	united	united	PROPN
cblr-8639	343	25	states	states	PROPN
cblr-8639	343	26	—	—	PUNCT
cblr-8639	343	27	z.1	z.1	NUM
cblr-8639	343	28	:	:	PUNCT
cblr-8639	343	29	l.120.c	l.120.c	ADJ
cblr-8639	343	30	state	state	NOUN
cblr-8639	343	31	and	and	CCONJ
cblr-8639	343	32	local	local	ADJ
cblr-8639	343	33	government	government	NOUN
cblr-8639	343	34	employee	employee	NOUN
cblr-8639	343	35	retirement	retirement	NOUN
cblr-8639	343	36	funds	fund	NOUN
cblr-8639	343	37	defined	define	VERB
cblr-8639	343	38	contribution	contribution	NOUN
cblr-8639	343	39	plans	plan	NOUN
cblr-8639	343	40	(	(	PUNCT
cblr-8639	343	41	1	1	NUM
cblr-8639	343	42	)	)	PUNCT
cblr-8639	343	43	,	,	PUNCT
cblr-8639	343	44	bd	bd	PROPN
cblr-8639	343	45	.	.	PROPN
cblr-8639	343	46	of	of	ADP
cblr-8639	343	47	governors	governor	NOUN
cblr-8639	343	48	of	of	ADP
cblr-8639	343	49	the	the	DET
cblr-8639	343	50	fed	fed	PROPN
cblr-8639	343	51	.	.	PUNCT
cblr-8639	344	1	rsrv	rsrv	PROPN
cblr-8639	344	2	.	.	PUNCT
cblr-8639	345	1	sys	sys	PROPN
cblr-8639	345	2	.	.	PROPN
cblr-8639	345	3	,	,	PUNCT
cblr-8639	346	1	https://www.federalreserve.gov/releases/	https://www.federalreserve.gov/releases/	PROPN
cblr-8639	346	2	z1/20201210	z1/20201210	NUM
cblr-8639	346	3	/	/	SYM
cblr-8639	346	4	html	html	NOUN
cblr-8639	346	5	/	/	SYM
cblr-8639	346	6	l120c.htm	l120c.htm	PROPN
cblr-8639	347	1	[	[	X
cblr-8639	347	2	https://perma.cc/rsx9-wssj	https://perma.cc/rsx9-wssj	X
cblr-8639	347	3	]	]	X
cblr-8639	347	4	(	(	PUNCT
cblr-8639	347	5	last	last	ADJ
cblr-8639	347	6	updated	update	VERB
cblr-8639	347	7	dec	dec	PROPN
cblr-8639	347	8	.	.	PROPN
cblr-8639	347	9	10	10	NUM
cblr-8639	347	10	,	,	PUNCT
cblr-8639	347	11	2020	2020	NUM
cblr-8639	347	12	)	)	PUNCT
cblr-8639	347	13	(	(	PUNCT
cblr-8639	347	14	defined	define	VERB
cblr-8639	347	15	contribution	contribution	NOUN
cblr-8639	347	16	assets	asset	NOUN
cblr-8639	347	17	)	)	PUNCT
cblr-8639	347	18	.	.	PUNCT
cblr-8639	348	1	78	78	NUM
cblr-8639	348	2	see	see	VERB
cblr-8639	348	3	,	,	PUNCT
cblr-8639	348	4	e.g.	e.g.	ADV
cblr-8639	348	5	,	,	PUNCT
cblr-8639	348	6	n.y	n.y	PROPN
cblr-8639	348	7	.	.	PROPN
cblr-8639	348	8	const	const	PROPN
cblr-8639	348	9	.	.	PUNCT
cblr-8639	349	1	art	art	NOUN
cblr-8639	349	2	.	.	PUNCT
cblr-8639	350	1	v	v	X
cblr-8639	350	2	,	,	PUNCT
cblr-8639	350	3	§	§	PROPN
cblr-8639	350	4	7(a	7(a	NUM
cblr-8639	350	5	)	)	PUNCT
cblr-8639	350	6	(	(	PUNCT
cblr-8639	350	7	guaranteeing	guarantee	VERB
cblr-8639	350	8	that	that	SCONJ
cblr-8639	350	9	pension	pension	NOUN
cblr-8639	350	10	benefits	benefit	NOUN
cblr-8639	350	11	“	"	PUNCT
cblr-8639	350	12	shall	shall	AUX
cblr-8639	350	13	not	not	PART
cblr-8639	350	14	be	be	AUX
cblr-8639	350	15	diminished	diminish	VERB
cblr-8639	350	16	or	or	CCONJ
cblr-8639	350	17	impaired	impair	VERB
cblr-8639	350	18	”	"	PUNCT
cblr-8639	350	19	)	)	PUNCT
cblr-8639	350	20	;	;	PUNCT
cblr-8639	350	21	ill	ill	PROPN
cblr-8639	350	22	.	.	PUNCT
cblr-8639	351	1	const	const	PROPN
cblr-8639	351	2	.	.	PUNCT
cblr-8639	352	1	art	art	NOUN
cblr-8639	352	2	.	.	PUNCT
cblr-8639	353	1	xiii	xiii	PROPN
cblr-8639	353	2	,	,	PUNCT
cblr-8639	353	3	§	§	PROPN
cblr-8639	353	4	5	5	NUM
cblr-8639	353	5	(	(	PUNCT
cblr-8639	353	6	same	same	ADJ
cblr-8639	353	7	)	)	PUNCT
cblr-8639	353	8	.	.	PUNCT
cblr-8639	354	1	79	79	NUM
cblr-8639	354	2	see	see	VERB
cblr-8639	354	3	,	,	PUNCT
cblr-8639	354	4	e.g.	e.g.	ADV
cblr-8639	354	5	,	,	PUNCT
cblr-8639	354	6	bruce	bruce	PROPN
cblr-8639	354	7	schreiner	schreiner	PROPN
cblr-8639	354	8	,	,	PUNCT
cblr-8639	354	9	retired	retire	VERB
cblr-8639	354	10	teachers	teacher	NOUN
cblr-8639	354	11	voice	voice	PROPN
cblr-8639	354	12	opposition	opposition	NOUN
cblr-8639	354	13	to	to	ADP
cblr-8639	354	14	pension	pension	NOUN
cblr-8639	354	15	overhaul	overhaul	NOUN
cblr-8639	354	16	,	,	PUNCT
cblr-8639	354	17	the	the	DET
cblr-8639	354	18	associated	associated	ADJ
cblr-8639	354	19	press	press	NOUN
cblr-8639	354	20	(	(	PUNCT
cblr-8639	354	21	feb	feb	PROPN
cblr-8639	354	22	.	.	PROPN
cblr-8639	354	23	28	28	NUM
cblr-8639	354	24	,	,	PUNCT
cblr-8639	354	25	2018	2018	NUM
cblr-8639	354	26	)	)	PUNCT
cblr-8639	354	27	,	,	PUNCT
cblr-8639	354	28	https://apnews.com/article/0be8b596dd1f46c39cc567c4583acdb3	https://apnews.com/article/0be8b596dd1f46c39cc567c4583acdb3	PROPN
cblr-8639	354	29	mahoney	mahoney	PROPN
cblr-8639	354	30	&	&	CCONJ
cblr-8639	354	31	mahoney	mahoney	PROPN
cblr-8639	354	32	8/22/2021	8/22/2021	PROPN
cblr-8639	354	33	9:16	9:16	NUM
cblr-8639	354	34	pm	pm	NOUN
cblr-8639	354	35	862	862	NUM
cblr-8639	354	36	columbia	columbia	PROPN
cblr-8639	354	37	business	business	NOUN
cblr-8639	354	38	law	law	PROPN
cblr-8639	354	39	review	review	NOUN
cblr-8639	354	40	[	[	X
cblr-8639	354	41	vol	vol	NOUN
cblr-8639	354	42	.	.	NOUN
cblr-8639	354	43	2021	2021	NUM
cblr-8639	354	44	audience	audience	NOUN
cblr-8639	354	45	that	that	PRON
cblr-8639	354	46	can	can	AUX
cblr-8639	354	47	not	not	PART
cblr-8639	354	48	easily	easily	ADV
cblr-8639	354	49	move	move	VERB
cblr-8639	354	50	their	their	PRON
cblr-8639	354	51	retirement	retirement	NOUN
cblr-8639	354	52	savings	saving	NOUN
cblr-8639	354	53	.	.	PUNCT
cblr-8639	355	1	in	in	ADP
cblr-8639	355	2	short	short	ADJ
cblr-8639	355	3	,	,	PUNCT
cblr-8639	355	4	market	market	NOUN
cblr-8639	355	5	discipline	discipline	NOUN
cblr-8639	355	6	operates	operate	VERB
cblr-8639	355	7	only	only	ADV
cblr-8639	355	8	weakly	weakly	ADV
cblr-8639	355	9	on	on	ADP
cblr-8639	355	10	these	these	DET
cblr-8639	355	11	trustees	trustee	NOUN
cblr-8639	355	12	.	.	PUNCT
cblr-8639	356	1	political	political	ADJ
cblr-8639	356	2	discipline	discipline	NOUN
cblr-8639	356	3	,	,	PUNCT
cblr-8639	356	4	by	by	ADP
cblr-8639	356	5	contrast	contrast	NOUN
cblr-8639	356	6	,	,	PUNCT
cblr-8639	356	7	operates	operate	VERB
cblr-8639	356	8	strongly	strongly	ADV
cblr-8639	356	9	.	.	PUNCT
cblr-8639	357	1	the	the	DET
cblr-8639	357	2	california	california	PROPN
cblr-8639	357	3	public	public	ADJ
cblr-8639	357	4	employees	employee	NOUN
cblr-8639	357	5	’	’	PART
cblr-8639	357	6	retirement	retirement	NOUN
cblr-8639	357	7	system	system	NOUN
cblr-8639	357	8	,	,	PUNCT
cblr-8639	357	9	or	or	CCONJ
cblr-8639	357	10	calpers	calper	NOUN
cblr-8639	357	11	,	,	PUNCT
cblr-8639	357	12	provides	provide	VERB
cblr-8639	357	13	an	an	DET
cblr-8639	357	14	example	example	NOUN
cblr-8639	357	15	.	.	PUNCT
cblr-8639	358	1	it	it	PRON
cblr-8639	358	2	has	have	AUX
cblr-8639	358	3	developed	develop	VERB
cblr-8639	358	4	divestment	divestment	NOUN
cblr-8639	358	5	and	and	CCONJ
cblr-8639	358	6	proxy	proxy	NOUN
cblr-8639	358	7	voting	voting	NOUN
cblr-8639	358	8	policies	policy	NOUN
cblr-8639	358	9	that	that	PRON
cblr-8639	358	10	align	align	VERB
cblr-8639	358	11	with	with	ADP
cblr-8639	358	12	local	local	ADJ
cblr-8639	358	13	policy	policy	NOUN
cblr-8639	358	14	preferences	preference	NOUN
cblr-8639	358	15	.	.	PUNCT
cblr-8639	359	1	initially	initially	ADV
cblr-8639	359	2	,	,	PUNCT
cblr-8639	359	3	elected	elect	VERB
cblr-8639	359	4	officials	official	NOUN
cblr-8639	359	5	on	on	ADP
cblr-8639	359	6	its	its	PRON
cblr-8639	359	7	board	board	NOUN
cblr-8639	359	8	conceded	concede	VERB
cblr-8639	359	9	that	that	SCONJ
cblr-8639	359	10	the	the	DET
cblr-8639	359	11	purpose	purpose	NOUN
cblr-8639	359	12	was	be	AUX
cblr-8639	359	13	social	social	ADJ
cblr-8639	359	14	and	and	CCONJ
cblr-8639	359	15	not	not	PART
cblr-8639	359	16	financial	financial	ADJ
cblr-8639	359	17	.	.	PUNCT
cblr-8639	360	1	as	as	SCONJ
cblr-8639	360	2	calpers	calpers	PROPN
cblr-8639	360	3	embarked	embark	VERB
cblr-8639	360	4	on	on	ADP
cblr-8639	360	5	a	a	DET
cblr-8639	360	6	program	program	NOUN
cblr-8639	360	7	of	of	ADP
cblr-8639	360	8	divestment	divestment	NOUN
cblr-8639	360	9	from	from	ADP
cblr-8639	360	10	tobacco	tobacco	NOUN
cblr-8639	360	11	companies	company	NOUN
cblr-8639	360	12	,	,	PUNCT
cblr-8639	360	13	the	the	DET
cblr-8639	360	14	state	state	NOUN
cblr-8639	360	15	’s	’s	PART
cblr-8639	360	16	treasurer	treasurer	NOUN
cblr-8639	360	17	,	,	PUNCT
cblr-8639	360	18	an	an	DET
cblr-8639	360	19	ex	ex	X
cblr-8639	360	20	officio	officio	PROPN
cblr-8639	360	21	trustee	trustee	NOUN
cblr-8639	360	22	,	,	PUNCT
cblr-8639	360	23	stated	state	VERB
cblr-8639	360	24	that	that	SCONJ
cblr-8639	360	25	the	the	DET
cblr-8639	360	26	goal	goal	NOUN
cblr-8639	360	27	was	be	AUX
cblr-8639	360	28	to	to	PART
cblr-8639	360	29	“	"	PUNCT
cblr-8639	360	30	mobilize	mobilize	VERB
cblr-8639	360	31	the	the	DET
cblr-8639	360	32	power	power	NOUN
cblr-8639	360	33	of	of	ADP
cblr-8639	360	34	the	the	DET
cblr-8639	360	35	capital	capital	NOUN
cblr-8639	360	36	markets	market	NOUN
cblr-8639	360	37	for	for	ADP
cblr-8639	360	38	public	public	ADJ
cblr-8639	360	39	purpose	purpose	NOUN
cblr-8639	360	40	.	.	PUNCT
cblr-8639	361	1	”80	”80	NOUN
cblr-8639	361	2	the	the	DET
cblr-8639	361	3	use	use	NOUN
cblr-8639	361	4	of	of	ADP
cblr-8639	361	5	beneficiary	beneficiary	ADJ
cblr-8639	361	6	funds	fund	NOUN
cblr-8639	361	7	to	to	PART
cblr-8639	361	8	pursue	pursue	VERB
cblr-8639	361	9	public	public	ADJ
cblr-8639	361	10	policy	policy	NOUN
cblr-8639	361	11	goals	goal	NOUN
cblr-8639	361	12	generated	generate	VERB
cblr-8639	361	13	criticism.81	criticism.81	PROPN
cblr-8639	361	14	the	the	DET
cblr-8639	361	15	new	new	PROPN
cblr-8639	361	16	york	york	PROPN
cblr-8639	361	17	times	times	PROPN
cblr-8639	361	18	reported	report	VERB
cblr-8639	361	19	concerns	concern	NOUN
cblr-8639	361	20	that	that	SCONJ
cblr-8639	361	21	the	the	DET
cblr-8639	361	22	calpers	calpers	PROPN
cblr-8639	361	23	board	board	PROPN
cblr-8639	361	24	was	be	AUX
cblr-8639	361	25	“	"	PUNCT
cblr-8639	361	26	so	so	ADV
cblr-8639	361	27	activist	activist	ADJ
cblr-8639	361	28	,	,	PUNCT
cblr-8639	361	29	so	so	ADV
cblr-8639	361	30	eager	eager	ADJ
cblr-8639	361	31	to	to	PART
cblr-8639	361	32	promote	promote	VERB
cblr-8639	361	33	social	social	ADJ
cblr-8639	361	34	change	change	NOUN
cblr-8639	361	35	through	through	ADP
cblr-8639	361	36	investing	investing	NOUN
cblr-8639	361	37	,	,	PUNCT
cblr-8639	361	38	that	that	SCONJ
cblr-8639	361	39	its	its	PRON
cblr-8639	361	40	.	.	PUNCT
cblr-8639	361	41	.	.	PUNCT
cblr-8639	361	42	.	.	PUNCT
cblr-8639	362	1	ability	ability	NOUN
cblr-8639	362	2	to	to	PART
cblr-8639	362	3	provide	provide	VERB
cblr-8639	362	4	for	for	ADP
cblr-8639	362	5	the	the	DET
cblr-8639	362	6	1.3	1.3	NUM
cblr-8639	362	7	million	million	NUM
cblr-8639	362	8	public	public	ADJ
cblr-8639	362	9	employees	employee	NOUN
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cblr-8639	362	11	pensions	pension	NOUN
cblr-8639	362	12	it	it	PRON
cblr-8639	362	13	guarantees	guarantee	VERB
cblr-8639	363	1	[	[	X
cblr-8639	363	2	was	be	AUX
cblr-8639	363	3	]	]	PUNCT
cblr-8639	363	4	in	in	ADP
cblr-8639	363	5	question	question	NOUN
cblr-8639	363	6	.	.	PUNCT
cblr-8639	364	1	”82	”82	ADV
cblr-8639	364	2	more	more	ADV
cblr-8639	364	3	recently	recently	ADV
cblr-8639	364	4	,	,	PUNCT
cblr-8639	364	5	a	a	DET
cblr-8639	364	6	free	free	ADJ
cblr-8639	364	7	-	-	PUNCT
cblr-8639	364	8	market	market	NOUN
cblr-8639	364	9	-	-	PUNCT
cblr-8639	364	10	oriented	orient	VERB
cblr-8639	364	11	think	think	NOUN
cblr-8639	364	12	tank	tank	NOUN
cblr-8639	364	13	argued	argue	VERB
cblr-8639	364	14	that	that	SCONJ
cblr-8639	364	15	calpers	calpers	PROPN
cblr-8639	364	16	was	be	AUX
cblr-8639	364	17	sacrificing	sacrifice	VERB
cblr-8639	364	18	returns	return	NOUN
cblr-8639	364	19	for	for	ADP
cblr-8639	364	20	political	political	ADJ
cblr-8639	364	21	reasons.83	reasons.83	NOUN
cblr-8639	364	22	in	in	ADP
cblr-8639	364	23	response	response	NOUN
cblr-8639	364	24	,	,	PUNCT
cblr-8639	364	25	calpers	calpers	PROPN
cblr-8639	364	26	rejected	reject	VERB
cblr-8639	364	27	the	the	DET
cblr-8639	364	28	claim	claim	NOUN
cblr-8639	364	29	that	that	SCONJ
cblr-8639	364	30	its	its	PRON
cblr-8639	364	31	divestments	divestment	NOUN
cblr-8639	364	32	and	and	CCONJ
cblr-8639	364	33	engagements	engagement	NOUN
cblr-8639	364	34	were	be	AUX
cblr-8639	364	35	politically	politically	ADV
cblr-8639	364	36	motivated	motivated	ADJ
cblr-8639	364	37	and	and	CCONJ
cblr-8639	364	38	argued	argue	VERB
cblr-8639	364	39	that	that	SCONJ
cblr-8639	364	40	they	they	PRON
cblr-8639	364	41	reflected	reflect	VERB
cblr-8639	364	42	a	a	DET
cblr-8639	364	43	“	"	PUNCT
cblr-8639	364	44	sound	sound	ADJ
cblr-8639	364	45	”	"	PUNCT
cblr-8639	364	46	analysis	analysis	NOUN
cblr-8639	364	47	of	of	ADP
cblr-8639	364	48	risk	risk	NOUN
cblr-8639	364	49	and	and	CCONJ
cblr-8639	364	50	return.84	return.84	VERB
cblr-8639	364	51	its	its	PRON
cblr-8639	364	52	beneficiaries	beneficiary	NOUN
cblr-8639	364	53	,	,	PUNCT
cblr-8639	364	54	however	however	ADV
cblr-8639	364	55	,	,	PUNCT
cblr-8639	364	56	were	be	AUX
cblr-8639	364	57	not	not	PART
cblr-8639	364	58	fully	fully	ADV
cblr-8639	364	59	persuaded	persuade	VERB
cblr-8639	364	60	.	.	PUNCT
cblr-8639	365	1	six	six	NUM
cblr-8639	365	2	of	of	ADP
cblr-8639	365	3	the	the	DET
cblr-8639	365	4	thirteen	thirteen	NUM
cblr-8639	365	5	members	member	NOUN
cblr-8639	365	6	of	of	ADP
cblr-8639	365	7	the	the	DET
cblr-8639	365	8	calpers	calpers	PROPN
cblr-8639	365	9	board	board	NOUN
cblr-8639	365	10	are	be	AUX
cblr-8639	365	11	elected	elect	VERB
cblr-8639	365	12	by	by	ADP
cblr-8639	365	13	[	[	X
cblr-8639	365	14	https://perma.cc/8pwx-br2s	https://perma.cc/8pwx-br2s	X
cblr-8639	365	15	]	]	X
cblr-8639	365	16	(	(	PUNCT
cblr-8639	365	17	describing	describe	VERB
cblr-8639	365	18	kentucky	kentucky	PROPN
cblr-8639	365	19	teachers	teachers	PROPN
cblr-8639	365	20	’	’	PART
cblr-8639	365	21	opposition	opposition	NOUN
cblr-8639	365	22	to	to	ADP
cblr-8639	365	23	pension	pension	NOUN
cblr-8639	365	24	changes	change	NOUN
cblr-8639	365	25	)	)	PUNCT
cblr-8639	365	26	.	.	PUNCT
cblr-8639	366	1	80	80	NUM
cblr-8639	366	2	mary	mary	PROPN
cblr-8639	366	3	williams	williams	PROPN
cblr-8639	366	4	walsh	walsh	PROPN
cblr-8639	366	5	,	,	PUNCT
cblr-8639	366	6	calpers	calpers	PROPN
cblr-8639	366	7	wears	wear	VERB
cblr-8639	366	8	a	a	DET
cblr-8639	366	9	party	party	NOUN
cblr-8639	366	10	,	,	PUNCT
cblr-8639	366	11	or	or	CCONJ
cblr-8639	366	12	union	union	NOUN
cblr-8639	366	13	,	,	PUNCT
cblr-8639	366	14	label	label	NOUN
cblr-8639	366	15	,	,	PUNCT
cblr-8639	366	16	n.y	n.y	PROPN
cblr-8639	366	17	.	.	PROPN
cblr-8639	366	18	times	times	PROPN
cblr-8639	366	19	,	,	PUNCT
cblr-8639	366	20	oct	oct	PROPN
cblr-8639	366	21	.	.	PROPN
cblr-8639	366	22	13	13	NUM
cblr-8639	366	23	,	,	PUNCT
cblr-8639	366	24	2002	2002	NUM
cblr-8639	366	25	,	,	PUNCT
cblr-8639	366	26	at	at	ADP
cblr-8639	366	27	b1	b1	PROPN
cblr-8639	366	28	(	(	PUNCT
cblr-8639	366	29	internal	internal	ADJ
cblr-8639	366	30	quotation	quotation	NOUN
cblr-8639	366	31	marks	mark	NOUN
cblr-8639	366	32	omitted	omit	VERB
cblr-8639	366	33	)	)	PUNCT
cblr-8639	366	34	.	.	PUNCT
cblr-8639	367	1	81	81	NUM
cblr-8639	367	2	see	see	VERB
cblr-8639	367	3	schanzenbach	schanzenbach	PROPN
cblr-8639	367	4	&	&	CCONJ
cblr-8639	367	5	sitkoff	sitkoff	NOUN
cblr-8639	367	6	,	,	PUNCT
cblr-8639	367	7	supra	supra	PROPN
cblr-8639	367	8	note	note	NOUN
cblr-8639	367	9	9	9	NUM
cblr-8639	367	10	,	,	PUNCT
cblr-8639	367	11	at	at	ADP
cblr-8639	367	12	397	397	NUM
cblr-8639	367	13	.	.	PUNCT
cblr-8639	367	14	82	82	NUM
cblr-8639	367	15	see	see	VERB
cblr-8639	367	16	walsh	walsh	NOUN
cblr-8639	367	17	,	,	PUNCT
cblr-8639	367	18	supra	supra	PROPN
cblr-8639	367	19	note	note	PROPN
cblr-8639	367	20	80	80	NUM
cblr-8639	367	21	.	.	PUNCT
cblr-8639	368	1	83	83	NUM
cblr-8639	368	2	see	see	VERB
cblr-8639	368	3	tim	tim	PROPN
cblr-8639	368	4	doyle	doyle	PROPN
cblr-8639	368	5	,	,	PUNCT
cblr-8639	368	6	am	be	AUX
cblr-8639	368	7	.	.	PUNCT
cblr-8639	369	1	council	council	PROPN
cblr-8639	369	2	for	for	ADP
cblr-8639	369	3	cap	cap	NOUN
cblr-8639	369	4	.	.	PUNCT
cblr-8639	370	1	formation	formation	NOUN
cblr-8639	370	2	,	,	PUNCT
cblr-8639	370	3	point	point	NOUN
cblr-8639	370	4	of	of	ADP
cblr-8639	370	5	no	no	DET
cblr-8639	370	6	returns	return	NOUN
cblr-8639	370	7	:	:	PUNCT
cblr-8639	370	8	taxpayers	taxpayer	NOUN
cblr-8639	370	9	on	on	ADP
cblr-8639	370	10	the	the	DET
cblr-8639	370	11	hook	hook	NOUN
cblr-8639	370	12	for	for	ADP
cblr-8639	370	13	$	$	SYM
cblr-8639	370	14	1	1	NUM
cblr-8639	370	15	trillion	trillion	NUM
cblr-8639	370	16	as	as	SCONJ
cblr-8639	370	17	public	public	ADJ
cblr-8639	370	18	pensions	pension	NOUN
cblr-8639	370	19	choose	choose	VERB
cblr-8639	370	20	politics	politic	NOUN
cblr-8639	370	21	over	over	ADP
cblr-8639	370	22	performance	performance	NOUN
cblr-8639	370	23	26	26	NUM
cblr-8639	370	24	(	(	PUNCT
cblr-8639	370	25	2017	2017	NUM
cblr-8639	370	26	)	)	PUNCT
cblr-8639	370	27	.	.	PUNCT
cblr-8639	371	1	84	84	NUM
cblr-8639	371	2	see	see	VERB
cblr-8639	371	3	slanted	slant	VERB
cblr-8639	371	4	‘	'	PUNCT
cblr-8639	371	5	study	study	NOUN
cblr-8639	371	6	’	'	PUNCT
cblr-8639	371	7	on	on	ADP
cblr-8639	371	8	the	the	DET
cblr-8639	371	9	role	role	NOUN
cblr-8639	371	10	of	of	ADP
cblr-8639	371	11	esg	esg	PROPN
cblr-8639	371	12	falls	fall	VERB
cblr-8639	371	13	completely	completely	ADV
cblr-8639	371	14	apart	apart	ADV
cblr-8639	371	15	,	,	PUNCT
cblr-8639	371	16	calpers	calpers	PROPN
cblr-8639	371	17	,	,	PUNCT
cblr-8639	371	18	https://www.calpers.ca.gov/page/newsroom/for-therecord/2017/slanted-study-esg-falls-apart	https://www.calpers.ca.gov/page/newsroom/for-therecord/2017/slanted-study-esg-falls-apart	NOUN
cblr-8639	372	1	[	[	X
cblr-8639	372	2	https://perma.cc/xtf6-qq5z	https://perma.cc/xtf6-qq5z	X
cblr-8639	372	3	]	]	X
cblr-8639	372	4	(	(	PUNCT
cblr-8639	372	5	last	last	ADJ
cblr-8639	372	6	updated	update	VERB
cblr-8639	372	7	dec	dec	PROPN
cblr-8639	372	8	.	.	PROPN
cblr-8639	372	9	13	13	NUM
cblr-8639	372	10	,	,	PUNCT
cblr-8639	372	11	2017	2017	NUM
cblr-8639	372	12	)	)	PUNCT
cblr-8639	372	13	.	.	PUNCT
cblr-8639	373	1	mahoney	mahoney	PROPN
cblr-8639	373	2	&	&	CCONJ
cblr-8639	373	3	mahoney	mahoney	PROPN
cblr-8639	373	4	8/22/2021	8/22/2021	PROPN
cblr-8639	373	5	9:16	9:16	NUM
cblr-8639	373	6	pm	pm	NOUN
cblr-8639	373	7	no	no	INTJ
cblr-8639	373	8	.	.	PUNCT
cblr-8639	374	1	2:840	2:840	NUM
cblr-8639	374	2	]	]	X
cblr-8639	374	3	the	the	DET
cblr-8639	374	4	new	new	ADJ
cblr-8639	374	5	separation	separation	NOUN
cblr-8639	374	6	of	of	ADP
cblr-8639	374	7	ownership	ownership	NOUN
cblr-8639	374	8	and	and	CCONJ
cblr-8639	374	9	control	control	NOUN
cblr-8639	374	10	863	863	NUM
cblr-8639	374	11	various	various	ADJ
cblr-8639	374	12	constituencies	constituency	NOUN
cblr-8639	374	13	,	,	PUNCT
cblr-8639	374	14	including	include	VERB
cblr-8639	374	15	current	current	ADJ
cblr-8639	374	16	state	state	NOUN
cblr-8639	374	17	employees.85	employees.85	NOUN
cblr-8639	374	18	in	in	ADP
cblr-8639	374	19	2018	2018	NUM
cblr-8639	374	20	,	,	PUNCT
cblr-8639	374	21	the	the	DET
cblr-8639	374	22	state	state	NOUN
cblr-8639	374	23	employee	employee	NOUN
cblr-8639	374	24	representative	representative	NOUN
cblr-8639	374	25	,	,	PUNCT
cblr-8639	374	26	who	who	PRON
cblr-8639	374	27	was	be	AUX
cblr-8639	374	28	the	the	DET
cblr-8639	374	29	board	board	NOUN
cblr-8639	374	30	’s	’s	PART
cblr-8639	374	31	chair	chair	NOUN
cblr-8639	374	32	and	and	CCONJ
cblr-8639	374	33	a	a	DET
cblr-8639	374	34	strong	strong	ADJ
cblr-8639	374	35	proponent	proponent	NOUN
cblr-8639	374	36	of	of	ADP
cblr-8639	374	37	esg	esg	PROPN
cblr-8639	374	38	investing	investing	NOUN
cblr-8639	374	39	,	,	PUNCT
cblr-8639	374	40	was	be	AUX
cblr-8639	374	41	unseated	unseat	VERB
cblr-8639	374	42	in	in	ADP
cblr-8639	374	43	an	an	DET
cblr-8639	374	44	election.86	election.86	NOUN
cblr-8639	374	45	the	the	DET
cblr-8639	374	46	employee	employee	NOUN
cblr-8639	374	47	who	who	PRON
cblr-8639	374	48	ran	run	VERB
cblr-8639	374	49	against	against	ADP
cblr-8639	374	50	her	she	PRON
cblr-8639	374	51	argued	argue	VERB
cblr-8639	374	52	that	that	SCONJ
cblr-8639	374	53	calpers	calpers	PROPN
cblr-8639	374	54	had	have	AUX
cblr-8639	374	55	been	be	AUX
cblr-8639	374	56	“	"	PUNCT
cblr-8639	374	57	used	use	VERB
cblr-8639	374	58	more	more	ADJ
cblr-8639	374	59	as	as	ADP
cblr-8639	374	60	a	a	DET
cblr-8639	374	61	politicalaction	politicalaction	NOUN
cblr-8639	374	62	committee	committee	NOUN
cblr-8639	374	63	than	than	ADP
cblr-8639	374	64	a	a	DET
cblr-8639	374	65	retirement	retirement	NOUN
cblr-8639	374	66	fund	fund	NOUN
cblr-8639	374	67	.	.	PUNCT
cblr-8639	375	1	”87	”87	PROPN
cblr-8639	375	2	this	this	PRON
cblr-8639	375	3	is	be	AUX
cblr-8639	375	4	a	a	DET
cblr-8639	375	5	stark	stark	ADJ
cblr-8639	375	6	indicator	indicator	NOUN
cblr-8639	375	7	of	of	ADP
cblr-8639	375	8	trustee	trustee	NOUN
cblr-8639	375	9	-	-	PUNCT
cblr-8639	375	10	beneficiary	beneficiary	NOUN
cblr-8639	375	11	conflicts	conflict	NOUN
cblr-8639	375	12	over	over	ADP
cblr-8639	375	13	socially	socially	ADV
cblr-8639	375	14	motivated	motivated	ADJ
cblr-8639	375	15	investing	investing	NOUN
cblr-8639	375	16	.	.	PUNCT
cblr-8639	376	1	new	new	PROPN
cblr-8639	376	2	york	york	PROPN
cblr-8639	376	3	’s	’s	PART
cblr-8639	376	4	state	state	NOUN
cblr-8639	376	5	pension	pension	NOUN
cblr-8639	376	6	fund	fund	NOUN
cblr-8639	376	7	recently	recently	ADV
cblr-8639	376	8	announced	announce	VERB
cblr-8639	376	9	it	it	PRON
cblr-8639	376	10	would	would	AUX
cblr-8639	376	11	divest	divest	VERB
cblr-8639	376	12	many	many	ADJ
cblr-8639	376	13	of	of	ADP
cblr-8639	376	14	its	its	PRON
cblr-8639	376	15	fossil	fossil	NOUN
cblr-8639	376	16	fuel	fuel	NOUN
cblr-8639	376	17	stocks	stock	NOUN
cblr-8639	376	18	over	over	ADP
cblr-8639	376	19	a	a	DET
cblr-8639	376	20	five	five	NUM
cblr-8639	376	21	-	-	PUNCT
cblr-8639	376	22	year	year	NOUN
cblr-8639	376	23	period.88	period.88	NOUN
cblr-8639	376	24	the	the	DET
cblr-8639	376	25	state	state	NOUN
cblr-8639	376	26	’s	’s	PART
cblr-8639	376	27	comptroller	comptroller	NOUN
cblr-8639	376	28	stated	state	VERB
cblr-8639	376	29	that	that	SCONJ
cblr-8639	376	30	the	the	DET
cblr-8639	376	31	decision	decision	NOUN
cblr-8639	376	32	would	would	AUX
cblr-8639	376	33	maximize	maximize	VERB
cblr-8639	376	34	long	long	ADV
cblr-8639	376	35	-	-	PUNCT
cblr-8639	376	36	run	run	VERB
cblr-8639	376	37	returns.89	returns.89	NOUN
cblr-8639	376	38	the	the	DET
cblr-8639	376	39	comptroller	comptroller	NOUN
cblr-8639	376	40	,	,	PUNCT
cblr-8639	376	41	however	however	ADV
cblr-8639	376	42	,	,	PUNCT
cblr-8639	376	43	was	be	AUX
cblr-8639	376	44	between	between	ADP
cblr-8639	376	45	a	a	DET
cblr-8639	376	46	rock	rock	NOUN
cblr-8639	376	47	and	and	CCONJ
cblr-8639	376	48	a	a	DET
cblr-8639	376	49	hard	hard	ADJ
cblr-8639	376	50	place	place	NOUN
cblr-8639	376	51	.	.	PUNCT
cblr-8639	377	1	he	he	PRON
cblr-8639	377	2	had	have	AUX
cblr-8639	377	3	previously	previously	ADV
cblr-8639	377	4	resisted	resist	VERB
cblr-8639	377	5	divestment	divestment	NOUN
cblr-8639	377	6	on	on	ADP
cblr-8639	377	7	the	the	DET
cblr-8639	377	8	grounds	ground	NOUN
cblr-8639	377	9	that	that	SCONJ
cblr-8639	377	10	it	it	PRON
cblr-8639	377	11	would	would	AUX
cblr-8639	377	12	make	make	VERB
cblr-8639	377	13	it	it	PRON
cblr-8639	377	14	harder	hard	ADJ
cblr-8639	377	15	to	to	PART
cblr-8639	377	16	achieve	achieve	VERB
cblr-8639	377	17	the	the	DET
cblr-8639	377	18	required	require	VERB
cblr-8639	377	19	long	long	ADJ
cblr-8639	377	20	-	-	PUNCT
cblr-8639	377	21	term	term	NOUN
cblr-8639	377	22	returns	return	NOUN
cblr-8639	377	23	needed	need	VERB
cblr-8639	377	24	to	to	PART
cblr-8639	377	25	pay	pay	VERB
cblr-8639	377	26	pension	pension	NOUN
cblr-8639	377	27	benefits	benefit	NOUN
cblr-8639	377	28	,	,	PUNCT
cblr-8639	377	29	but	but	CCONJ
cblr-8639	377	30	relented	relent	VERB
cblr-8639	377	31	under	under	ADP
cblr-8639	377	32	pressure	pressure	NOUN
cblr-8639	377	33	from	from	ADP
cblr-8639	377	34	state	state	NOUN
cblr-8639	377	35	legislators	legislator	NOUN
cblr-8639	377	36	and	and	CCONJ
cblr-8639	377	37	activists.90	activists.90	PROPN
cblr-8639	377	38	as	as	ADP
cblr-8639	377	39	a	a	DET
cblr-8639	377	40	trustee	trustee	NOUN
cblr-8639	377	41	,	,	PUNCT
cblr-8639	377	42	he	he	PRON
cblr-8639	377	43	had	have	VERB
cblr-8639	377	44	no	no	DET
cblr-8639	377	45	choice	choice	NOUN
cblr-8639	377	46	but	but	SCONJ
cblr-8639	377	47	to	to	PART
cblr-8639	377	48	state	state	VERB
cblr-8639	377	49	that	that	SCONJ
cblr-8639	377	50	the	the	DET
cblr-8639	377	51	decision	decision	NOUN
cblr-8639	377	52	was	be	AUX
cblr-8639	377	53	made	make	VERB
cblr-8639	377	54	in	in	ADP
cblr-8639	377	55	the	the	DET
cblr-8639	377	56	beneficiaries	beneficiary	NOUN
cblr-8639	377	57	’	'	PUNCT
cblr-8639	377	58	best	good	ADJ
cblr-8639	377	59	interests.91	interests.91	NOUN
cblr-8639	377	60	by	by	ADP
cblr-8639	377	61	any	any	DET
cblr-8639	377	62	reasonable	reasonable	ADJ
cblr-8639	377	63	standard	standard	NOUN
cblr-8639	377	64	,	,	PUNCT
cblr-8639	377	65	however	however	ADV
cblr-8639	377	66	,	,	PUNCT
cblr-8639	377	67	the	the	DET
cblr-8639	377	68	decision	decision	NOUN
cblr-8639	377	69	was	be	AUX
cblr-8639	377	70	motivated	motivate	VERB
cblr-8639	377	71	by	by	ADP
cblr-8639	377	72	public	public	ADJ
cblr-8639	377	73	policy	policy	NOUN
cblr-8639	377	74	rather	rather	ADV
cblr-8639	377	75	than	than	ADP
cblr-8639	377	76	risk	risk	NOUN
cblr-8639	377	77	and	and	CCONJ
cblr-8639	377	78	return	return	NOUN
cblr-8639	377	79	.	.	PUNCT
cblr-8639	378	1	85	85	NUM
cblr-8639	378	2	see	see	VERB
cblr-8639	378	3	board	board	NOUN
cblr-8639	378	4	members	member	NOUN
cblr-8639	378	5	,	,	PUNCT
cblr-8639	378	6	calpers	calper	NOUN
cblr-8639	378	7	,	,	PUNCT
cblr-8639	378	8	https://www.calpers.ca.gov	https://www.calpers.ca.gov	X
cblr-8639	378	9	/page	/page	NOUN
cblr-8639	378	10	/	/	SYM
cblr-8639	378	11	about	about	ADP
cblr-8639	378	12	/	/	SYM
cblr-8639	378	13	board	board	NOUN
cblr-8639	378	14	/	/	SYM
cblr-8639	378	15	board	board	NOUN
cblr-8639	378	16	-	-	PUNCT
cblr-8639	378	17	members	member	NOUN
cblr-8639	378	18	[	[	X
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cblr-8639	378	20	m	m	VERB
cblr-8639	378	21	]	]	X
cblr-8639	378	22	(	(	PUNCT
cblr-8639	378	23	last	last	ADJ
cblr-8639	378	24	updated	update	VERB
cblr-8639	378	25	oct	oct	PROPN
cblr-8639	378	26	.	.	PROPN
cblr-8639	378	27	21	21	NUM
cblr-8639	378	28	,	,	PUNCT
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cblr-8639	378	30	)	)	PUNCT
cblr-8639	378	31	.	.	PUNCT
cblr-8639	379	1	86	86	NUM
cblr-8639	379	2	see	see	VERB
cblr-8639	379	3	paul	paul	PROPN
cblr-8639	379	4	s.	s.	PROPN
cblr-8639	379	5	atkins	atkins	PROPN
cblr-8639	379	6	,	,	PUNCT
cblr-8639	379	7	california	california	PROPN
cblr-8639	379	8	public	public	ADJ
cblr-8639	379	9	employees	employee	NOUN
cblr-8639	379	10	vote	vote	VERB
cblr-8639	379	11	against	against	ADP
cblr-8639	379	12	pension	pension	NOUN
cblr-8639	379	13	-	-	PUNCT
cblr-8639	379	14	fund	fund	NOUN
cblr-8639	379	15	activism	activism	NOUN
cblr-8639	379	16	,	,	PUNCT
cblr-8639	379	17	wall	wall	PROPN
cblr-8639	379	18	st	st	PROPN
cblr-8639	379	19	.	.	PROPN
cblr-8639	379	20	j.	j.	PROPN
cblr-8639	379	21	(	(	PUNCT
cblr-8639	379	22	oct	oct	PROPN
cblr-8639	379	23	.	.	PROPN
cblr-8639	379	24	18	18	NUM
cblr-8639	379	25	,	,	PUNCT
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cblr-8639	379	27	,	,	PUNCT
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cblr-8639	379	31	(	(	PUNCT
cblr-8639	379	32	on	on	ADP
cblr-8639	379	33	file	file	NOUN
cblr-8639	379	34	with	with	ADP
cblr-8639	379	35	columbia	columbia	PROPN
cblr-8639	379	36	business	business	PROPN
cblr-8639	379	37	law	law	PROPN
cblr-8639	379	38	review	review	PROPN
cblr-8639	379	39	)	)	PUNCT
cblr-8639	379	40	,	,	PUNCT
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cblr-8639	379	42	(	(	PUNCT
cblr-8639	379	43	internal	internal	ADJ
cblr-8639	379	44	quotation	quotation	NOUN
cblr-8639	379	45	marks	mark	NOUN
cblr-8639	379	46	omitted	omit	VERB
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cblr-8639	379	48	.	.	PUNCT
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cblr-8639	380	11	fund	fund	NOUN
cblr-8639	380	12	of	of	ADP
cblr-8639	380	13	new	new	PROPN
cblr-8639	380	14	york	york	PROPN
cblr-8639	380	15	divests	divest	VERB
cblr-8639	380	16	of	of	ADP
cblr-8639	380	17	oil	oil	NOUN
cblr-8639	380	18	,	,	PUNCT
cblr-8639	380	19	n.y	n.y	PROPN
cblr-8639	380	20	.	.	PROPN
cblr-8639	380	21	times	times	PROPN
cblr-8639	380	22	,	,	PUNCT
cblr-8639	380	23	dec	dec	PROPN
cblr-8639	380	24	.	.	PROPN
cblr-8639	380	25	10	10	NUM
cblr-8639	380	26	,	,	PUNCT
cblr-8639	380	27	2020	2020	NUM
cblr-8639	380	28	,	,	PUNCT
cblr-8639	380	29	at	at	ADP
cblr-8639	380	30	b1	b1	NOUN
cblr-8639	380	31	.	.	PUNCT
cblr-8639	381	1	89	89	NUM
cblr-8639	381	2	see	see	VERB
cblr-8639	381	3	elizabeth	elizabeth	PROPN
cblr-8639	381	4	bauer	bauer	PROPN
cblr-8639	381	5	,	,	PUNCT
cblr-8639	381	6	fossil	fossil	NOUN
cblr-8639	381	7	fuel	fuel	NOUN
cblr-8639	381	8	divestment	divestment	NOUN
cblr-8639	381	9	comes	come	VERB
cblr-8639	381	10	for	for	ADP
cblr-8639	381	11	new	new	PROPN
cblr-8639	381	12	york	york	PROPN
cblr-8639	381	13	pension	pension	NOUN
cblr-8639	381	14	funds	fund	NOUN
cblr-8639	381	15	—	—	PUNCT
cblr-8639	381	16	is	be	AUX
cblr-8639	381	17	that	that	PRON
cblr-8639	381	18	constitutional	constitutional	ADJ
cblr-8639	381	19	?	?	PUNCT
cblr-8639	381	20	,	,	PUNCT
cblr-8639	381	21	forbes	forbes	PROPN
cblr-8639	381	22	(	(	PUNCT
cblr-8639	381	23	dec	dec	PROPN
cblr-8639	381	24	.	.	PROPN
cblr-8639	381	25	20	20	NUM
cblr-8639	381	26	,	,	PUNCT
cblr-8639	381	27	2020	2020	NUM
cblr-8639	381	28	,	,	PUNCT
cblr-8639	381	29	11:46	11:46	NUM
cblr-8639	381	30	am	am	NOUN
cblr-8639	381	31	)	)	PUNCT
cblr-8639	381	32	,	,	PUNCT
cblr-8639	381	33	https://www.forbes.com/sites/ebauer/2020/12/20/fossil-fuel-divestmentcomes-for-new-york-pension-fundsis-that-constitutional/?sh=22f1cdd9aff6	https://www.forbes.com/sites/ebauer/2020/12/20/fossil-fuel-divestmentcomes-for-new-york-pension-fundsis-that-constitutional/?sh=22f1cdd9aff6	NOUN
cblr-8639	382	1	[	[	X
cblr-8639	382	2	https://perma.cc/m5tg-mpxs	https://perma.cc/m5tg-mpxs	NOUN
cblr-8639	382	3	]	]	PUNCT
cblr-8639	382	4	.	.	PUNCT
cblr-8639	383	1	90	90	NUM
cblr-8639	383	2	see	see	VERB
cblr-8639	383	3	i	i	PRON
cblr-8639	383	4	d.	d.	PROPN
cblr-8639	383	5	91	91	NUM
cblr-8639	383	6	see	see	VERB
cblr-8639	383	7	i	i	PROPN
cblr-8639	383	8	d.	d.	PROPN
cblr-8639	383	9	(	(	PUNCT
cblr-8639	383	10	noting	note	VERB
cblr-8639	383	11	that	that	SCONJ
cblr-8639	383	12	the	the	DET
cblr-8639	383	13	new	new	PROPN
cblr-8639	383	14	york	york	PROPN
cblr-8639	383	15	constitution	constitution	PROPN
cblr-8639	383	16	“	"	PUNCT
cblr-8639	383	17	prohibits	prohibit	VERB
cblr-8639	383	18	actions	action	NOUN
cblr-8639	383	19	that	that	PRON
cblr-8639	383	20	would	would	AUX
cblr-8639	383	21	cause	cause	VERB
cblr-8639	383	22	[	[	X
cblr-8639	383	23	covered	cover	VERB
cblr-8639	383	24	]	]	PUNCT
cblr-8639	383	25	pensions	pension	NOUN
cblr-8639	383	26	to	to	PART
cblr-8639	383	27	be	be	AUX
cblr-8639	383	28	inadequately	inadequately	ADV
cblr-8639	383	29	funded	fund	VERB
cblr-8639	383	30	”	"	PUNCT
cblr-8639	383	31	(	(	PUNCT
cblr-8639	383	32	emphasis	emphasis	NOUN
cblr-8639	383	33	omitted	omit	VERB
cblr-8639	383	34	)	)	PUNCT
cblr-8639	383	35	)	)	PUNCT
cblr-8639	383	36	.	.	PUNCT
cblr-8639	384	1	mahoney	mahoney	PROPN
cblr-8639	384	2	&	&	CCONJ
cblr-8639	384	3	mahoney	mahoney	PROPN
cblr-8639	384	4	8/22/2021	8/22/2021	NUM
cblr-8639	384	5	9:16	9:16	NUM
cblr-8639	384	6	pm	pm	NOUN
cblr-8639	384	7	864	864	NUM
cblr-8639	384	8	columbia	columbia	PROPN
cblr-8639	384	9	business	business	NOUN
cblr-8639	384	10	law	law	PROPN
cblr-8639	384	11	review	review	NOUN
cblr-8639	384	12	[	[	X
cblr-8639	384	13	vol	vol	NOUN
cblr-8639	384	14	.	.	NOUN
cblr-8639	384	15	2021	2021	NUM
cblr-8639	384	16	as	as	SCONJ
cblr-8639	384	17	these	these	DET
cblr-8639	384	18	examples	example	NOUN
cblr-8639	384	19	illustrate	illustrate	VERB
cblr-8639	384	20	,	,	PUNCT
cblr-8639	384	21	public	public	ADJ
cblr-8639	384	22	pension	pension	NOUN
cblr-8639	384	23	boards	board	NOUN
cblr-8639	384	24	tend	tend	VERB
cblr-8639	384	25	to	to	PART
cblr-8639	384	26	pursue	pursue	VERB
cblr-8639	384	27	public	public	ADJ
cblr-8639	384	28	policy	policy	NOUN
cblr-8639	384	29	goals	goal	NOUN
cblr-8639	384	30	not	not	PART
cblr-8639	384	31	just	just	ADV
cblr-8639	384	32	through	through	ADP
cblr-8639	384	33	shareholder	shareholder	NOUN
cblr-8639	384	34	voting	voting	NOUN
cblr-8639	384	35	and	and	CCONJ
cblr-8639	384	36	engagement	engagement	NOUN
cblr-8639	384	37	,	,	PUNCT
cblr-8639	384	38	but	but	CCONJ
cblr-8639	384	39	through	through	ADP
cblr-8639	384	40	divestment	divestment	NOUN
cblr-8639	384	41	.	.	PUNCT
cblr-8639	385	1	in	in	ADP
cblr-8639	385	2	addition	addition	NOUN
cblr-8639	385	3	to	to	ADP
cblr-8639	385	4	fossil	fossil	ADJ
cblr-8639	385	5	fuel	fuel	NOUN
cblr-8639	385	6	and	and	CCONJ
cblr-8639	385	7	tobacco	tobacco	NOUN
cblr-8639	385	8	companies	company	NOUN
cblr-8639	385	9	,	,	PUNCT
cblr-8639	385	10	various	various	ADJ
cblr-8639	385	11	pension	pension	NOUN
cblr-8639	385	12	funds	fund	NOUN
cblr-8639	385	13	have	have	AUX
cblr-8639	385	14	divested	divest	VERB
cblr-8639	385	15	from	from	ADP
cblr-8639	385	16	or	or	CCONJ
cblr-8639	385	17	declared	declare	VERB
cblr-8639	385	18	they	they	PRON
cblr-8639	385	19	will	will	AUX
cblr-8639	385	20	divest	divest	VERB
cblr-8639	385	21	from	from	ADP
cblr-8639	385	22	firearms	firearm	NOUN
cblr-8639	385	23	manufacturers	manufacturer	NOUN
cblr-8639	385	24	,	,	PUNCT
cblr-8639	385	25	operators	operator	NOUN
cblr-8639	385	26	of	of	ADP
cblr-8639	385	27	private	private	ADJ
cblr-8639	385	28	prisons	prison	NOUN
cblr-8639	385	29	,	,	PUNCT
cblr-8639	385	30	and	and	CCONJ
cblr-8639	385	31	companies	company	NOUN
cblr-8639	385	32	from	from	ADP
cblr-8639	385	33	countries	country	NOUN
cblr-8639	385	34	that	that	PRON
cblr-8639	385	35	do	do	AUX
cblr-8639	385	36	not	not	PART
cblr-8639	385	37	meet	meet	VERB
cblr-8639	385	38	specified	specify	VERB
cblr-8639	385	39	labor	labor	NOUN
cblr-8639	385	40	standards	standard	NOUN
cblr-8639	385	41	,	,	PUNCT
cblr-8639	385	42	among	among	ADP
cblr-8639	385	43	others.92	others.92	NOUN
cblr-8639	385	44	the	the	DET
cblr-8639	385	45	phenomenon	phenomenon	NOUN
cblr-8639	385	46	is	be	AUX
cblr-8639	385	47	not	not	PART
cblr-8639	385	48	ideologically	ideologically	ADV
cblr-8639	385	49	homogeneous	homogeneous	ADJ
cblr-8639	385	50	.	.	PUNCT
cblr-8639	386	1	a	a	DET
cblr-8639	386	2	group	group	NOUN
cblr-8639	386	3	of	of	ADP
cblr-8639	386	4	idaho	idaho	PROPN
cblr-8639	386	5	lawmakers	lawmaker	NOUN
cblr-8639	386	6	and	and	CCONJ
cblr-8639	386	7	its	its	PRON
cblr-8639	386	8	lieutenant	lieutenant	NOUN
cblr-8639	386	9	governor	governor	NOUN
cblr-8639	386	10	recently	recently	ADV
cblr-8639	386	11	requested	request	VERB
cblr-8639	386	12	that	that	SCONJ
cblr-8639	386	13	the	the	DET
cblr-8639	386	14	state	state	NOUN
cblr-8639	386	15	’s	’s	PART
cblr-8639	386	16	pension	pension	NOUN
cblr-8639	386	17	system	system	NOUN
cblr-8639	386	18	divest	divest	VERB
cblr-8639	386	19	its	its	PRON
cblr-8639	386	20	holdings	holding	NOUN
cblr-8639	386	21	of	of	ADP
cblr-8639	386	22	social	social	ADJ
cblr-8639	386	23	media	medium	NOUN
cblr-8639	386	24	companies	company	NOUN
cblr-8639	386	25	that	that	SCONJ
cblr-8639	386	26	they	they	PRON
cblr-8639	386	27	argued	argue	VERB
cblr-8639	386	28	were	be	AUX
cblr-8639	386	29	engaged	engage	VERB
cblr-8639	386	30	in	in	ADP
cblr-8639	386	31	censorship.93	censorship.93	NOUN
cblr-8639	386	32	the	the	DET
cblr-8639	386	33	straightforward	straightforward	ADJ
cblr-8639	386	34	result	result	NOUN
cblr-8639	386	35	of	of	ADP
cblr-8639	386	36	divestment	divestment	NOUN
cblr-8639	386	37	mandates	mandate	NOUN
cblr-8639	386	38	is	be	AUX
cblr-8639	386	39	that	that	SCONJ
cblr-8639	386	40	policy	policy	NOUN
cblr-8639	386	41	-	-	PUNCT
cblr-8639	386	42	inclined	incline	VERB
cblr-8639	386	43	public	public	ADJ
cblr-8639	386	44	pension	pension	NOUN
cblr-8639	386	45	funds	fund	NOUN
cblr-8639	386	46	will	will	AUX
cblr-8639	386	47	hold	hold	VERB
cblr-8639	386	48	equity	equity	NOUN
cblr-8639	386	49	portfolios	portfolio	NOUN
cblr-8639	386	50	that	that	PRON
cblr-8639	386	51	are	be	AUX
cblr-8639	386	52	less	less	ADV
cblr-8639	386	53	diversified	diversified	ADJ
cblr-8639	386	54	than	than	ADP
cblr-8639	386	55	a	a	DET
cblr-8639	386	56	broad	broad	ADJ
cblr-8639	386	57	market	market	NOUN
cblr-8639	386	58	index	index	NOUN
cblr-8639	386	59	.	.	PUNCT
cblr-8639	387	1	for	for	ADP
cblr-8639	387	2	example	example	NOUN
cblr-8639	387	3	,	,	PUNCT
cblr-8639	387	4	funds	fund	NOUN
cblr-8639	387	5	that	that	PRON
cblr-8639	387	6	divest	divest	VERB
cblr-8639	387	7	from	from	ADP
cblr-8639	387	8	companies	company	NOUN
cblr-8639	387	9	that	that	PRON
cblr-8639	387	10	emit	emit	VERB
cblr-8639	387	11	greenhouse	greenhouse	NOUN
cblr-8639	387	12	gasses	gas	NOUN
cblr-8639	387	13	will	will	AUX
cblr-8639	387	14	be	be	AUX
cblr-8639	387	15	more	more	ADV
cblr-8639	387	16	heavily	heavily	ADV
cblr-8639	387	17	weighted	weight	VERB
cblr-8639	387	18	in	in	ADP
cblr-8639	387	19	technology	technology	NOUN
cblr-8639	387	20	and	and	CCONJ
cblr-8639	387	21	financial	financial	ADJ
cblr-8639	387	22	companies	company	NOUN
cblr-8639	387	23	that	that	PRON
cblr-8639	387	24	do	do	AUX
cblr-8639	387	25	n’t	not	PART
cblr-8639	387	26	manufacture	manufacture	VERB
cblr-8639	387	27	things	thing	NOUN
cblr-8639	387	28	than	than	ADP
cblr-8639	387	29	the	the	DET
cblr-8639	387	30	market	market	NOUN
cblr-8639	387	31	as	as	ADP
cblr-8639	387	32	a	a	DET
cblr-8639	387	33	whole	whole	NOUN
cblr-8639	387	34	.	.	PUNCT
cblr-8639	388	1	during	during	ADP
cblr-8639	388	2	some	some	DET
cblr-8639	388	3	periods	period	NOUN
cblr-8639	388	4	,	,	PUNCT
cblr-8639	388	5	such	such	DET
cblr-8639	388	6	a	a	DET
cblr-8639	388	7	portfolio	portfolio	NOUN
cblr-8639	388	8	will	will	AUX
cblr-8639	388	9	outperform	outperform	VERB
cblr-8639	388	10	the	the	DET
cblr-8639	388	11	broader	broad	ADJ
cblr-8639	388	12	market	market	NOUN
cblr-8639	388	13	;	;	PUNCT
cblr-8639	388	14	in	in	ADP
cblr-8639	388	15	others	other	NOUN
cblr-8639	388	16	,	,	PUNCT
cblr-8639	388	17	it	it	PRON
cblr-8639	388	18	will	will	AUX
cblr-8639	388	19	underperform	underperform	VERB
cblr-8639	388	20	.	.	PUNCT
cblr-8639	389	1	in	in	ADP
cblr-8639	389	2	the	the	DET
cblr-8639	389	3	event	event	NOUN
cblr-8639	389	4	,	,	PUNCT
cblr-8639	389	5	calpers	calpers	PROPN
cblr-8639	389	6	’s	’s	PART
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cblr-8639	389	8	from	from	ADP
cblr-8639	389	9	tobacco	tobacco	NOUN
cblr-8639	389	10	companies	company	NOUN
cblr-8639	389	11	was	be	AUX
cblr-8639	389	12	disastrously	disastrously	ADV
cblr-8639	389	13	timed	time	VERB
cblr-8639	389	14	from	from	ADP
cblr-8639	389	15	a	a	DET
cblr-8639	389	16	financial	financial	ADJ
cblr-8639	389	17	perspective.94	perspective.94	NOUN
cblr-8639	389	18	92	92	NUM
cblr-8639	389	19	see	see	NOUN
cblr-8639	389	20	,	,	PUNCT
cblr-8639	389	21	e.g.	e.g.	ADV
cblr-8639	389	22	,	,	PUNCT
cblr-8639	389	23	the	the	DET
cblr-8639	389	24	associated	associated	ADJ
cblr-8639	389	25	press	press	NOUN
cblr-8639	389	26	,	,	PUNCT
cblr-8639	389	27	rhode	rhode	PROPN
cblr-8639	389	28	island	island	NOUN
cblr-8639	389	29	to	to	PART
cblr-8639	389	30	divest	divest	VERB
cblr-8639	389	31	from	from	ADP
cblr-8639	389	32	private	private	ADJ
cblr-8639	389	33	prisons	prison	NOUN
cblr-8639	389	34	,	,	PUNCT
cblr-8639	389	35	gun	gun	NOUN
cblr-8639	389	36	makers	maker	NOUN
cblr-8639	389	37	,	,	PUNCT
cblr-8639	389	38	abc	abc	PROPN
cblr-8639	389	39	news	news	PROPN
cblr-8639	389	40	(	(	PUNCT
cblr-8639	389	41	jan	jan	PROPN
cblr-8639	389	42	.	.	PROPN
cblr-8639	389	43	22	22	NUM
cblr-8639	389	44	,	,	PUNCT
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cblr-8639	389	46	,	,	PUNCT
cblr-8639	389	47	4:15	4:15	NUM
cblr-8639	389	48	pm	pm	NOUN
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cblr-8639	389	50	,	,	PUNCT
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cblr-8639	390	1	[	[	X
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cblr-8639	390	4	;	;	PUNCT
cblr-8639	390	5	steven	steven	PROPN
cblr-8639	390	6	malanga	malanga	PROPN
cblr-8639	390	7	,	,	PUNCT
cblr-8639	390	8	the	the	DET
cblr-8639	390	9	pension	pension	NOUN
cblr-8639	390	10	fund	fund	NOUN
cblr-8639	390	11	that	that	PRON
cblr-8639	390	12	ate	eat	VERB
cblr-8639	390	13	california	california	PROPN
cblr-8639	390	14	,	,	PUNCT
cblr-8639	390	15	city	city	NOUN
cblr-8639	390	16	j.	j.	PROPN
cblr-8639	390	17	(	(	PUNCT
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cblr-8639	390	19	)	)	PUNCT
cblr-8639	390	20	,	,	PUNCT
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cblr-8639	390	22	[	[	X
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cblr-8639	390	25	.	.	PUNCT
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cblr-8639	391	2	see	see	VERB
cblr-8639	391	3	persi	persi	PROPN
cblr-8639	391	4	responds	respond	NOUN
cblr-8639	391	5	to	to	PART
cblr-8639	391	6	letter	letter	VERB
cblr-8639	391	7	encouraging	encourage	VERB
cblr-8639	391	8	state	state	NOUN
cblr-8639	391	9	to	to	PART
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cblr-8639	391	11	from	from	ADP
cblr-8639	391	12	big	big	ADJ
cblr-8639	391	13	tech	tech	NOUN
cblr-8639	391	14	stocks	stock	NOUN
cblr-8639	391	15	,	,	PUNCT
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cblr-8639	391	25	,	,	PUNCT
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cblr-8639	391	29	,	,	PUNCT
cblr-8639	391	30	https://www.kivitv.com/news/political/inside-the-statehouse/idaholegislators-ask-persi-to-divest-of-big-tech-stock	https://www.kivitv.com/news/political/inside-the-statehouse/idaholegislators-ask-persi-to-divest-of-big-tech-stock	NOUN
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cblr-8639	392	1	94	94	NUM
cblr-8639	392	2	see	see	VERB
cblr-8639	392	3	brad	brad	PROPN
cblr-8639	392	4	m.	m.	PROPN
cblr-8639	392	5	barber	barber	PROPN
cblr-8639	392	6	,	,	PUNCT
cblr-8639	392	7	monitoring	monitor	VERB
cblr-8639	392	8	the	the	DET
cblr-8639	392	9	monitor	monitor	NOUN
cblr-8639	392	10	:	:	PUNCT
cblr-8639	392	11	evaluating	evaluate	VERB
cblr-8639	392	12	calpers	calper	NOUN
cblr-8639	392	13	’	'	PUNCT
cblr-8639	392	14	activism	activism	NOUN
cblr-8639	392	15	,	,	PUNCT
cblr-8639	392	16	j.	j.	PROPN
cblr-8639	392	17	investing	investing	PROPN
cblr-8639	392	18	,	,	PUNCT
cblr-8639	392	19	winter	winter	NOUN
cblr-8639	392	20	2007	2007	NUM
cblr-8639	392	21	,	,	PUNCT
cblr-8639	392	22	at	at	ADP
cblr-8639	392	23	66	66	NUM
cblr-8639	392	24	,	,	PUNCT
cblr-8639	392	25	77	77	NUM
cblr-8639	392	26	.	.	PUNCT
cblr-8639	393	1	more	more	ADV
cblr-8639	393	2	generally	generally	ADV
cblr-8639	393	3	,	,	PUNCT
cblr-8639	393	4	in	in	ADP
cblr-8639	393	5	any	any	DET
cblr-8639	393	6	given	give	VERB
cblr-8639	393	7	period	period	NOUN
cblr-8639	393	8	,	,	PUNCT
cblr-8639	393	9	a	a	DET
cblr-8639	393	10	small	small	ADJ
cblr-8639	393	11	number	number	NOUN
cblr-8639	393	12	of	of	ADP
cblr-8639	393	13	stocks	stock	NOUN
cblr-8639	393	14	may	may	AUX
cblr-8639	393	15	account	account	VERB
cblr-8639	393	16	for	for	ADP
cblr-8639	393	17	nearly	nearly	ADV
cblr-8639	393	18	all	all	PRON
cblr-8639	393	19	of	of	ADP
cblr-8639	393	20	the	the	DET
cblr-8639	393	21	market	market	NOUN
cblr-8639	393	22	risk	risk	NOUN
cblr-8639	393	23	premium	premium	NOUN
cblr-8639	393	24	.	.	PUNCT
cblr-8639	394	1	see	see	VERB
cblr-8639	394	2	hendrik	hendrik	PROPN
cblr-8639	394	3	bessembinder	bessembinder	NOUN
cblr-8639	394	4	,	,	PUNCT
cblr-8639	394	5	do	do	AUX
cblr-8639	394	6	stocks	stock	NOUN
cblr-8639	394	7	outperform	outperform	VERB
cblr-8639	394	8	treasury	treasury	NOUN
cblr-8639	394	9	bills	bill	NOUN
cblr-8639	394	10	?	?	PUNCT
cblr-8639	394	11	,	,	PUNCT
cblr-8639	394	12	129	129	NUM
cblr-8639	394	13	j.	j.	PROPN
cblr-8639	394	14	fin	fin	PROPN
cblr-8639	394	15	.	.	PUNCT
cblr-8639	394	16	econ	econ	PROPN
cblr-8639	394	17	.	.	PUNCT
cblr-8639	395	1	440	440	NUM
cblr-8639	395	2	,	,	PUNCT
cblr-8639	395	3	441	441	NUM
cblr-8639	395	4	(	(	PUNCT
cblr-8639	395	5	2018	2018	NUM
cblr-8639	395	6	)	)	PUNCT
cblr-8639	395	7	.	.	PUNCT
cblr-8639	396	1	less	less	ADJ
cblr-8639	396	2	than	than	ADP
cblr-8639	396	3	optimal	optimal	ADJ
cblr-8639	396	4	diversification	diversification	NOUN
cblr-8639	396	5	can	can	AUX
cblr-8639	396	6	accordingly	accordingly	ADV
cblr-8639	396	7	be	be	AUX
cblr-8639	396	8	extremely	extremely	ADV
cblr-8639	396	9	costly	costly	ADJ
cblr-8639	396	10	.	.	PUNCT
cblr-8639	397	1	mahoney	mahoney	PROPN
cblr-8639	397	2	&	&	CCONJ
cblr-8639	397	3	mahoney	mahoney	PROPN
cblr-8639	397	4	8/22/2021	8/22/2021	PROPN
cblr-8639	397	5	9:16	9:16	NUM
cblr-8639	397	6	pm	pm	NOUN
cblr-8639	397	7	no	no	INTJ
cblr-8639	397	8	.	.	PUNCT
cblr-8639	398	1	2:840	2:840	NUM
cblr-8639	398	2	]	]	X
cblr-8639	398	3	the	the	DET
cblr-8639	398	4	new	new	ADJ
cblr-8639	398	5	separation	separation	NOUN
cblr-8639	398	6	of	of	ADP
cblr-8639	398	7	ownership	ownership	NOUN
cblr-8639	398	8	and	and	CCONJ
cblr-8639	398	9	control	control	NOUN
cblr-8639	398	10	865	865	NUM
cblr-8639	398	11	the	the	DET
cblr-8639	398	12	calpers	calpers	PROPN
cblr-8639	398	13	tobacco	tobacco	NOUN
cblr-8639	398	14	divestment	divestment	NOUN
cblr-8639	398	15	illustrates	illustrate	VERB
cblr-8639	398	16	a	a	DET
cblr-8639	398	17	broader	broad	ADJ
cblr-8639	398	18	point	point	NOUN
cblr-8639	398	19	.	.	PUNCT
cblr-8639	399	1	because	because	SCONJ
cblr-8639	399	2	a	a	DET
cblr-8639	399	3	portfolio	portfolio	NOUN
cblr-8639	399	4	that	that	PRON
cblr-8639	399	5	omits	omit	VERB
cblr-8639	399	6	stocks	stock	NOUN
cblr-8639	399	7	in	in	ADP
cblr-8639	399	8	politically	politically	ADV
cblr-8639	399	9	disfavored	disfavor	VERB
cblr-8639	399	10	companies	company	NOUN
cblr-8639	399	11	is	be	AUX
cblr-8639	399	12	imperfectly	imperfectly	ADV
cblr-8639	399	13	diversified	diversified	ADJ
cblr-8639	399	14	,	,	PUNCT
cblr-8639	399	15	the	the	DET
cblr-8639	399	16	fund	fund	NOUN
cblr-8639	399	17	voluntarily	voluntarily	ADV
cblr-8639	399	18	assumes	assume	VERB
cblr-8639	399	19	idiosyncratic	idiosyncratic	ADJ
cblr-8639	399	20	—	—	PUNCT
cblr-8639	399	21	and	and	CCONJ
cblr-8639	399	22	therefore	therefore	ADV
cblr-8639	399	23	uncompensated	uncompensated	ADJ
cblr-8639	399	24	—	—	PUNCT
cblr-8639	399	25	risks	risk	NOUN
cblr-8639	399	26	.	.	PUNCT
cblr-8639	400	1	it	it	PRON
cblr-8639	400	2	also	also	ADV
cblr-8639	400	3	incurs	incur	VERB
cblr-8639	400	4	costs	cost	NOUN
cblr-8639	400	5	associated	associate	VERB
cblr-8639	400	6	with	with	ADP
cblr-8639	400	7	monitoring	monitor	VERB
cblr-8639	400	8	portfolio	portfolio	NOUN
cblr-8639	400	9	companies	company	NOUN
cblr-8639	400	10	for	for	ADP
cblr-8639	400	11	undesired	undesired	ADJ
cblr-8639	400	12	traits	trait	NOUN
cblr-8639	400	13	and	and	CCONJ
cblr-8639	400	14	trading	trading	NOUN
cblr-8639	400	15	based	base	VERB
cblr-8639	400	16	on	on	ADP
cblr-8639	400	17	them.95	them.95	NOUN
cblr-8639	400	18	again	again	ADV
cblr-8639	400	19	,	,	PUNCT
cblr-8639	400	20	logic	logic	NOUN
cblr-8639	400	21	strongly	strongly	ADV
cblr-8639	400	22	suggests	suggest	VERB
cblr-8639	400	23	that	that	SCONJ
cblr-8639	400	24	these	these	DET
cblr-8639	400	25	decisions	decision	NOUN
cblr-8639	400	26	are	be	AUX
cblr-8639	400	27	less	less	ADJ
cblr-8639	400	28	than	than	ADP
cblr-8639	400	29	optimal	optimal	ADJ
cblr-8639	400	30	from	from	ADP
cblr-8639	400	31	a	a	DET
cblr-8639	400	32	risk	risk	NOUN
cblr-8639	400	33	-	-	PUNCT
cblr-8639	400	34	return	return	NOUN
cblr-8639	400	35	perspective	perspective	NOUN
cblr-8639	400	36	and	and	CCONJ
cblr-8639	400	37	instead	instead	ADV
cblr-8639	400	38	reflect	reflect	VERB
cblr-8639	400	39	public	public	ADJ
cblr-8639	400	40	policy	policy	NOUN
cblr-8639	400	41	preferences.96	preferences.96	NOUN
cblr-8639	400	42	the	the	DET
cblr-8639	400	43	empirical	empirical	ADJ
cblr-8639	400	44	results	result	NOUN
cblr-8639	400	45	are	be	AUX
cblr-8639	400	46	consistent	consistent	ADJ
cblr-8639	400	47	with	with	ADP
cblr-8639	400	48	the	the	DET
cblr-8639	400	49	anecdotal	anecdotal	ADJ
cblr-8639	400	50	evidence	evidence	NOUN
cblr-8639	400	51	of	of	ADP
cblr-8639	400	52	public	public	ADJ
cblr-8639	400	53	pension	pension	NOUN
cblr-8639	400	54	fund	fund	NOUN
cblr-8639	400	55	investment	investment	NOUN
cblr-8639	400	56	decisions	decision	NOUN
cblr-8639	400	57	made	make	VERB
cblr-8639	400	58	for	for	ADP
cblr-8639	400	59	political	political	ADJ
cblr-8639	400	60	rather	rather	ADV
cblr-8639	400	61	than	than	ADP
cblr-8639	400	62	risk	risk	NOUN
cblr-8639	400	63	-	-	PUNCT
cblr-8639	400	64	return	return	NOUN
cblr-8639	400	65	reasons.97	reasons.97	NOUN
cblr-8639	400	66	there	there	PRON
cblr-8639	400	67	is	be	VERB
cblr-8639	400	68	evidence	evidence	NOUN
cblr-8639	400	69	that	that	SCONJ
cblr-8639	400	70	the	the	DET
cblr-8639	400	71	presence	presence	NOUN
cblr-8639	400	72	of	of	ADP
cblr-8639	400	73	state	state	NOUN
cblr-8639	400	74	officials	official	NOUN
cblr-8639	400	75	on	on	ADP
cblr-8639	400	76	pension	pension	NOUN
cblr-8639	400	77	fund	fund	NOUN
cblr-8639	400	78	boards	board	NOUN
cblr-8639	400	79	is	be	AUX
cblr-8639	400	80	associated	associate	VERB
cblr-8639	400	81	with	with	ADP
cblr-8639	400	82	lower	low	ADJ
cblr-8639	400	83	returns.98	returns.98	NOUN
cblr-8639	400	84	that	that	PRON
cblr-8639	400	85	result	result	NOUN
cblr-8639	400	86	appears	appear	VERB
cblr-8639	400	87	to	to	PART
cblr-8639	400	88	be	be	AUX
cblr-8639	400	89	driven	drive	VERB
cblr-8639	400	90	in	in	ADP
cblr-8639	400	91	part	part	NOUN
cblr-8639	400	92	by	by	ADP
cblr-8639	400	93	politically	politically	ADV
cblr-8639	400	94	motivated	motivated	ADJ
cblr-8639	400	95	decisions	decision	NOUN
cblr-8639	400	96	to	to	PART
cblr-8639	400	97	invest	invest	VERB
cblr-8639	400	98	in	in	ADP
cblr-8639	400	99	particular	particular	ADJ
cblr-8639	400	100	industries	industry	NOUN
cblr-8639	400	101	or	or	CCONJ
cblr-8639	400	102	to	to	PART
cblr-8639	400	103	use	use	VERB
cblr-8639	400	104	particular	particular	ADJ
cblr-8639	400	105	private	private	ADJ
cblr-8639	400	106	managers.99	managers.99	NOUN
cblr-8639	400	107	c.	c.	PROPN
cblr-8639	400	108	agency	agency	PROPN
cblr-8639	400	109	problems	problem	NOUN
cblr-8639	400	110	in	in	ADP
cblr-8639	400	111	private	private	ADJ
cblr-8639	400	112	funds	fund	NOUN
cblr-8639	400	113	there	there	PRON
cblr-8639	400	114	is	be	VERB
cblr-8639	400	115	also	also	ADV
cblr-8639	400	116	evidence	evidence	NOUN
cblr-8639	400	117	that	that	SCONJ
cblr-8639	400	118	private	private	ADJ
cblr-8639	400	119	fund	fund	NOUN
cblr-8639	400	120	managers	manager	NOUN
cblr-8639	400	121	’	’	PART
cblr-8639	400	122	public	public	ADJ
cblr-8639	400	123	policy	policy	NOUN
cblr-8639	400	124	preferences	preference	NOUN
cblr-8639	400	125	influence	influence	VERB
cblr-8639	400	126	their	their	PRON
cblr-8639	400	127	shareholder	shareholder	NOUN
cblr-8639	400	128	votes	vote	NOUN
cblr-8639	400	129	.	.	PUNCT
cblr-8639	401	1	patrick	patrick	PROPN
cblr-8639	401	2	bolton	bolton	PROPN
cblr-8639	401	3	and	and	CCONJ
cblr-8639	401	4	co	co	NOUN
cblr-8639	401	5	-	-	NOUN
cblr-8639	401	6	authors	author	NOUN
cblr-8639	401	7	find	find	VERB
cblr-8639	401	8	evidence	evidence	NOUN
cblr-8639	401	9	that	that	SCONJ
cblr-8639	401	10	institutional	institutional	ADJ
cblr-8639	401	11	investors	investor	NOUN
cblr-8639	401	12	’	'	PUNCT
cblr-8639	401	13	proxy	proxy	NOUN
cblr-8639	401	14	votes	vote	NOUN
cblr-8639	401	15	can	can	AUX
cblr-8639	401	16	be	be	AUX
cblr-8639	401	17	placed	place	VERB
cblr-8639	401	18	on	on	ADP
cblr-8639	401	19	a	a	DET
cblr-8639	401	20	left	left	ADJ
cblr-8639	401	21	-	-	PUNCT
cblr-8639	401	22	right	right	NOUN
cblr-8639	401	23	continuum	continuum	NOUN
cblr-8639	401	24	similar	similar	ADJ
cblr-8639	401	25	to	to	ADP
cblr-8639	401	26	that	that	PRON
cblr-8639	401	27	of	of	ADP
cblr-8639	401	28	the	the	DET
cblr-8639	401	29	well	well	ADV
cblr-8639	401	30	-	-	PUNCT
cblr-8639	401	31	known	know	VERB
cblr-8639	401	32	poole	poole	NOUN
cblr-8639	401	33	and	and	CCONJ
cblr-8639	401	34	rosenthal	rosenthal	PROPN
cblr-8639	401	35	95	95	PROPN
cblr-8639	401	36	see	see	VERB
cblr-8639	401	37	hendrik	hendrik	PROPN
cblr-8639	401	38	bessembinder	bessembinder	NOUN
cblr-8639	401	39	,	,	PUNCT
cblr-8639	401	40	frictional	frictional	ADJ
cblr-8639	401	41	costs	cost	NOUN
cblr-8639	401	42	of	of	ADP
cblr-8639	401	43	fossil	fossil	NOUN
cblr-8639	401	44	fuel	fuel	NOUN
cblr-8639	401	45	divestment	divestment	NOUN
cblr-8639	401	46	2–3	2–3	NUM
cblr-8639	401	47	(	(	PUNCT
cblr-8639	401	48	june	june	PROPN
cblr-8639	401	49	3	3	NUM
cblr-8639	401	50	,	,	PUNCT
cblr-8639	401	51	2016	2016	NUM
cblr-8639	401	52	)	)	PUNCT
cblr-8639	401	53	(	(	PUNCT
cblr-8639	401	54	unpublished	unpublished	ADJ
cblr-8639	401	55	manuscript	manuscript	NOUN
cblr-8639	401	56	)	)	PUNCT
cblr-8639	401	57	(	(	PUNCT
cblr-8639	401	58	on	on	ADP
cblr-8639	401	59	file	file	NOUN
cblr-8639	401	60	with	with	ADP
cblr-8639	401	61	the	the	DET
cblr-8639	401	62	columbia	columbia	PROPN
cblr-8639	401	63	busines	busines	PROPN
cblr-8639	401	64	law	law	PROPN
cblr-8639	401	65	review	review	PROPN
cblr-8639	401	66	)	)	PUNCT
cblr-8639	401	67	,	,	PUNCT
cblr-8639	401	68	https://papers.ssrn.com/sol3/	https://papers.ssrn.com/sol3/	X
cblr-8639	401	69	papers.cfm?abstract_id=2789878	papers.cfm?abstract_id=2789878	PROPN
cblr-8639	401	70	.	.	PUNCT
cblr-8639	402	1	96	96	NUM
cblr-8639	402	2	see	see	VERB
cblr-8639	402	3	barber	barber	NOUN
cblr-8639	402	4	,	,	PUNCT
cblr-8639	402	5	supra	supra	PROPN
cblr-8639	402	6	note	note	PROPN
cblr-8639	402	7	94	94	NUM
cblr-8639	402	8	,	,	PUNCT
cblr-8639	402	9	at	at	ADP
cblr-8639	402	10	77	77	NUM
cblr-8639	402	11	(	(	PUNCT
cblr-8639	402	12	“	"	PUNCT
cblr-8639	402	13	[	[	X
cblr-8639	402	14	t]he	t]he	X
cblr-8639	403	1	[	[	X
cblr-8639	403	2	calpers	calpers	PROPN
cblr-8639	403	3	tobacco	tobacco	NOUN
cblr-8639	403	4	divestment	divestment	NOUN
cblr-8639	403	5	]	]	PUNCT
cblr-8639	403	6	decision	decision	NOUN
cblr-8639	403	7	was	be	AUX
cblr-8639	403	8	almost	almost	ADV
cblr-8639	403	9	certainly	certainly	ADV
cblr-8639	403	10	motivated	motivate	VERB
cblr-8639	403	11	by	by	ADP
cblr-8639	403	12	moral	moral	ADJ
cblr-8639	403	13	,	,	PUNCT
cblr-8639	403	14	rather	rather	ADV
cblr-8639	403	15	than	than	ADP
cblr-8639	403	16	investment	investment	NOUN
cblr-8639	403	17	,	,	PUNCT
cblr-8639	403	18	considerations	consideration	NOUN
cblr-8639	403	19	.	.	PUNCT
cblr-8639	403	20	”	"	PUNCT
cblr-8639	403	21	)	)	PUNCT
cblr-8639	403	22	.	.	PUNCT
cblr-8639	404	1	97	97	NUM
cblr-8639	404	2	see	see	VERB
cblr-8639	404	3	aleksandar	aleksandar	PROPN
cblr-8639	404	4	andonov	andonov	PROPN
cblr-8639	404	5	,	,	PUNCT
cblr-8639	404	6	yael	yael	PROPN
cblr-8639	404	7	v.	v.	PROPN
cblr-8639	404	8	hochberg	hochberg	PROPN
cblr-8639	404	9	&	&	CCONJ
cblr-8639	404	10	joshua	joshua	PROPN
cblr-8639	404	11	d.	d.	PROPN
cblr-8639	404	12	rauh	rauh	PROPN
cblr-8639	404	13	,	,	PUNCT
cblr-8639	404	14	political	political	ADJ
cblr-8639	404	15	representation	representation	NOUN
cblr-8639	404	16	and	and	CCONJ
cblr-8639	404	17	governance	governance	NOUN
cblr-8639	404	18	:	:	PUNCT
cblr-8639	404	19	evidence	evidence	NOUN
cblr-8639	404	20	from	from	ADP
cblr-8639	404	21	the	the	DET
cblr-8639	404	22	investment	investment	NOUN
cblr-8639	404	23	decisions	decision	NOUN
cblr-8639	404	24	of	of	ADP
cblr-8639	404	25	public	public	ADJ
cblr-8639	404	26	pension	pension	NOUN
cblr-8639	404	27	funds	fund	NOUN
cblr-8639	404	28	,	,	PUNCT
cblr-8639	404	29	73	73	NUM
cblr-8639	404	30	j.	j.	PROPN
cblr-8639	404	31	fin	fin	PROPN
cblr-8639	404	32	.	.	PUNCT
cblr-8639	404	33	2041	2041	NUM
cblr-8639	404	34	,	,	PUNCT
cblr-8639	404	35	2043–45	2043–45	NUM
cblr-8639	404	36	(	(	PUNCT
cblr-8639	404	37	2018	2018	NUM
cblr-8639	404	38	)	)	PUNCT
cblr-8639	404	39	.	.	PUNCT
cblr-8639	405	1	98	98	NUM
cblr-8639	405	2	see	see	VERB
cblr-8639	405	3	i	i	PRON
cblr-8639	405	4	d.	d.	PROPN
cblr-8639	405	5	at	at	ADP
cblr-8639	405	6	2043	2043	NUM
cblr-8639	405	7	(	(	PUNCT
cblr-8639	405	8	finding	find	VERB
cblr-8639	405	9	that	that	SCONJ
cblr-8639	405	10	increases	increase	VERB
cblr-8639	405	11	in	in	ADP
cblr-8639	405	12	the	the	DET
cblr-8639	405	13	fraction	fraction	NOUN
cblr-8639	405	14	of	of	ADP
cblr-8639	405	15	board	board	NOUN
cblr-8639	405	16	members	member	NOUN
cblr-8639	405	17	who	who	PRON
cblr-8639	405	18	are	be	AUX
cblr-8639	405	19	state	state	NOUN
cblr-8639	405	20	officials	official	NOUN
cblr-8639	405	21	reduce	reduce	VERB
cblr-8639	405	22	the	the	DET
cblr-8639	405	23	internal	internal	ADJ
cblr-8639	405	24	rate	rate	NOUN
cblr-8639	405	25	of	of	ADP
cblr-8639	405	26	return	return	NOUN
cblr-8639	405	27	on	on	ADP
cblr-8639	405	28	private	private	ADJ
cblr-8639	405	29	equity	equity	NOUN
cblr-8639	405	30	investments	investment	NOUN
cblr-8639	405	31	)	)	PUNCT
cblr-8639	405	32	.	.	PUNCT
cblr-8639	406	1	99	99	NUM
cblr-8639	406	2	see	see	VERB
cblr-8639	406	3	i	i	PRON
cblr-8639	406	4	d.	d.	PROPN
cblr-8639	406	5	at	at	ADP
cblr-8639	406	6	2043–45	2043–45	PROPN
cblr-8639	406	7	(	(	PUNCT
cblr-8639	406	8	evaluating	evaluate	VERB
cblr-8639	406	9	different	different	ADJ
cblr-8639	406	10	possible	possible	ADJ
cblr-8639	406	11	explanations	explanation	NOUN
cblr-8639	406	12	for	for	ADP
cblr-8639	406	13	underperformance	underperformance	NOUN
cblr-8639	406	14	based	base	VERB
cblr-8639	406	15	on	on	ADP
cblr-8639	406	16	agency	agency	NOUN
cblr-8639	406	17	problems	problem	NOUN
cblr-8639	406	18	and	and	CCONJ
cblr-8639	406	19	experience	experience	NOUN
cblr-8639	406	20	)	)	PUNCT
cblr-8639	406	21	.	.	PUNCT
cblr-8639	407	1	mahoney	mahoney	PROPN
cblr-8639	407	2	&	&	CCONJ
cblr-8639	407	3	mahoney	mahoney	PROPN
cblr-8639	407	4	8/22/2021	8/22/2021	PROPN
cblr-8639	407	5	9:16	9:16	NUM
cblr-8639	407	6	pm	pm	NOUN
cblr-8639	407	7	866	866	NUM
cblr-8639	407	8	columbia	columbia	PROPN
cblr-8639	407	9	business	business	PROPN
cblr-8639	407	10	law	law	PROPN
cblr-8639	407	11	review	review	NOUN
cblr-8639	407	12	[	[	X
cblr-8639	407	13	vol	vol	NOUN
cblr-8639	407	14	.	.	NOUN
cblr-8639	407	15	2021	2021	NUM
cblr-8639	407	16	congressional	congressional	ADJ
cblr-8639	407	17	voting	voting	NOUN
cblr-8639	407	18	continuum.100	continuum.100	INTJ
cblr-8639	407	19	the	the	DET
cblr-8639	407	20	result	result	NOUN
cblr-8639	407	21	is	be	AUX
cblr-8639	407	22	consistent	consistent	ADJ
cblr-8639	407	23	with	with	ADP
cblr-8639	407	24	ideological	ideological	ADJ
cblr-8639	407	25	voting	voting	NOUN
cblr-8639	407	26	in	in	ADP
cblr-8639	407	27	the	the	DET
cblr-8639	407	28	sense	sense	NOUN
cblr-8639	407	29	that	that	SCONJ
cblr-8639	407	30	institutional	institutional	ADJ
cblr-8639	407	31	investors	investor	NOUN
cblr-8639	407	32	’	’	PART
cblr-8639	407	33	choices	choice	NOUN
cblr-8639	407	34	on	on	ADP
cblr-8639	407	35	particular	particular	ADJ
cblr-8639	407	36	issues	issue	NOUN
cblr-8639	407	37	are	be	AUX
cblr-8639	407	38	predictable	predictable	ADJ
cblr-8639	407	39	despite	despite	SCONJ
cblr-8639	407	40	their	their	PRON
cblr-8639	407	41	differential	differential	ADJ
cblr-8639	407	42	impact	impact	NOUN
cblr-8639	407	43	across	across	ADP
cblr-8639	407	44	a	a	DET
cblr-8639	407	45	portfolio	portfolio	NOUN
cblr-8639	407	46	.	.	PUNCT
cblr-8639	408	1	individual	individual	ADJ
cblr-8639	408	2	money	money	NOUN
cblr-8639	408	3	managers	manager	NOUN
cblr-8639	408	4	predictably	predictably	ADV
cblr-8639	408	5	vote	vote	VERB
cblr-8639	408	6	in	in	ADP
cblr-8639	408	7	favor	favor	NOUN
cblr-8639	408	8	of	of	ADP
cblr-8639	408	9	,	,	PUNCT
cblr-8639	408	10	or	or	CCONJ
cblr-8639	408	11	against	against	ADP
cblr-8639	408	12	,	,	PUNCT
cblr-8639	408	13	shareholder	shareholder	NOUN
cblr-8639	408	14	proposals	proposal	NOUN
cblr-8639	408	15	dealing	deal	VERB
cblr-8639	408	16	with	with	ADP
cblr-8639	408	17	specific	specific	ADJ
cblr-8639	408	18	social	social	ADJ
cblr-8639	408	19	and	and	CCONJ
cblr-8639	408	20	environmental	environmental	ADJ
cblr-8639	408	21	issues.101	issues.101	NOUN
cblr-8639	408	22	a	a	DET
cblr-8639	408	23	plausible	plausible	ADJ
cblr-8639	408	24	explanation	explanation	NOUN
cblr-8639	408	25	for	for	ADP
cblr-8639	408	26	this	this	DET
cblr-8639	408	27	voting	voting	NOUN
cblr-8639	408	28	pattern	pattern	NOUN
cblr-8639	408	29	is	be	AUX
cblr-8639	408	30	that	that	SCONJ
cblr-8639	408	31	it	it	PRON
cblr-8639	408	32	is	be	AUX
cblr-8639	408	33	driven	drive	VERB
cblr-8639	408	34	by	by	ADP
cblr-8639	408	35	the	the	DET
cblr-8639	408	36	personal	personal	ADJ
cblr-8639	408	37	views	view	NOUN
cblr-8639	408	38	of	of	ADP
cblr-8639	408	39	fund	fund	NOUN
cblr-8639	408	40	managers	manager	NOUN
cblr-8639	408	41	.	.	PUNCT
cblr-8639	409	1	ideological	ideological	ADJ
cblr-8639	409	2	voting	voting	NOUN
cblr-8639	409	3	,	,	PUNCT
cblr-8639	409	4	however	however	ADV
cblr-8639	409	5	,	,	PUNCT
cblr-8639	409	6	is	be	AUX
cblr-8639	409	7	self	self	NOUN
cblr-8639	409	8	-	-	PUNCT
cblr-8639	409	9	interested	interested	ADJ
cblr-8639	409	10	,	,	PUNCT
cblr-8639	409	11	regardless	regardless	ADV
cblr-8639	409	12	of	of	ADP
cblr-8639	409	13	the	the	DET
cblr-8639	409	14	sincerity	sincerity	NOUN
cblr-8639	409	15	of	of	ADP
cblr-8639	409	16	the	the	DET
cblr-8639	409	17	fund	fund	NOUN
cblr-8639	409	18	managers	manager	NOUN
cblr-8639	409	19	’	’	PART
cblr-8639	409	20	beliefs	belief	NOUN
cblr-8639	409	21	that	that	SCONJ
cblr-8639	409	22	environmental	environmental	ADJ
cblr-8639	409	23	and	and	CCONJ
cblr-8639	409	24	social	social	ADJ
cblr-8639	409	25	issues	issue	NOUN
cblr-8639	409	26	are	be	AUX
cblr-8639	409	27	among	among	ADP
cblr-8639	409	28	society	society	NOUN
cblr-8639	409	29	’s	’s	PART
cblr-8639	409	30	most	most	ADV
cblr-8639	409	31	pressing	pressing	ADJ
cblr-8639	409	32	problems	problem	NOUN
cblr-8639	409	33	.	.	PUNCT
cblr-8639	410	1	some	some	DET
cblr-8639	410	2	private	private	ADJ
cblr-8639	410	3	fund	fund	NOUN
cblr-8639	410	4	managers	manager	NOUN
cblr-8639	410	5	may	may	AUX
cblr-8639	410	6	also	also	ADV
cblr-8639	410	7	wish	wish	VERB
cblr-8639	410	8	to	to	PART
cblr-8639	410	9	avoid	avoid	VERB
cblr-8639	410	10	unpleasant	unpleasant	ADJ
cblr-8639	410	11	conflicts	conflict	NOUN
cblr-8639	410	12	and	and	CCONJ
cblr-8639	410	13	confrontations	confrontation	NOUN
cblr-8639	410	14	.	.	PUNCT
cblr-8639	411	1	money	money	NOUN
cblr-8639	411	2	managers	manager	NOUN
cblr-8639	411	3	face	face	VERB
cblr-8639	411	4	pressure	pressure	NOUN
cblr-8639	411	5	from	from	ADP
cblr-8639	411	6	social	social	ADJ
cblr-8639	411	7	peers	peer	NOUN
cblr-8639	411	8	,	,	PUNCT
cblr-8639	411	9	individual	individual	ADJ
cblr-8639	411	10	politicians	politician	NOUN
cblr-8639	411	11	,	,	PUNCT
cblr-8639	411	12	and	and	CCONJ
cblr-8639	411	13	activists	activist	NOUN
cblr-8639	411	14	to	to	PART
cblr-8639	411	15	show	show	VERB
cblr-8639	411	16	that	that	SCONJ
cblr-8639	411	17	they	they	PRON
cblr-8639	411	18	are	be	AUX
cblr-8639	411	19	on	on	ADP
cblr-8639	411	20	the	the	DET
cblr-8639	411	21	“	"	PUNCT
cblr-8639	411	22	right	right	ADJ
cblr-8639	411	23	side	side	NOUN
cblr-8639	411	24	”	"	PUNCT
cblr-8639	411	25	of	of	ADP
cblr-8639	411	26	current	current	ADJ
cblr-8639	411	27	political	political	ADJ
cblr-8639	411	28	issues.102	issues.102	NOUN
cblr-8639	411	29	as	as	ADP
cblr-8639	411	30	barzuza	barzuza	NOUN
cblr-8639	411	31	,	,	PUNCT
cblr-8639	411	32	curtis	curtis	PROPN
cblr-8639	411	33	,	,	PUNCT
cblr-8639	411	34	and	and	CCONJ
cblr-8639	411	35	webber	webber	PROPN
cblr-8639	411	36	point	point	VERB
cblr-8639	411	37	out	out	ADP
cblr-8639	411	38	,	,	PUNCT
cblr-8639	411	39	fund	fund	NOUN
cblr-8639	411	40	managers	manager	NOUN
cblr-8639	411	41	also	also	ADV
cblr-8639	411	42	face	face	VERB
cblr-8639	411	43	pressure	pressure	NOUN
cblr-8639	411	44	from	from	ADP
cblr-8639	411	45	their	their	PRON
cblr-8639	411	46	own	own	ADJ
cblr-8639	411	47	employees	employee	NOUN
cblr-8639	411	48	to	to	PART
cblr-8639	411	49	incorporate	incorporate	VERB
cblr-8639	411	50	esg	esg	NOUN
cblr-8639	411	51	principles	principle	NOUN
cblr-8639	411	52	into	into	ADP
cblr-8639	411	53	investment	investment	NOUN
cblr-8639	411	54	decisions.103	decisions.103	NOUN
cblr-8639	411	55	these	these	DET
cblr-8639	411	56	pressures	pressure	NOUN
cblr-8639	411	57	are	be	AUX
cblr-8639	411	58	intended	intend	VERB
cblr-8639	411	59	to	to	PART
cblr-8639	411	60	,	,	PUNCT
cblr-8639	411	61	and	and	CCONJ
cblr-8639	411	62	may	may	AUX
cblr-8639	411	63	,	,	PUNCT
cblr-8639	411	64	lead	lead	VERB
cblr-8639	411	65	fund	fund	NOUN
cblr-8639	411	66	managers	manager	NOUN
cblr-8639	411	67	who	who	PRON
cblr-8639	411	68	value	value	VERB
cblr-8639	411	69	the	the	DET
cblr-8639	411	70	quiet	quiet	ADJ
cblr-8639	411	71	life	life	NOUN
cblr-8639	411	72	to	to	PART
cblr-8639	411	73	fall	fall	VERB
cblr-8639	411	74	in	in	ADP
cblr-8639	411	75	line	line	NOUN
cblr-8639	411	76	with	with	ADP
cblr-8639	411	77	esg	esg	NOUN
cblr-8639	411	78	principles	principle	NOUN
cblr-8639	411	79	even	even	ADV
cblr-8639	411	80	if	if	SCONJ
cblr-8639	411	81	they	they	PRON
cblr-8639	411	82	are	be	AUX
cblr-8639	411	83	not	not	PART
cblr-8639	411	84	persuaded	persuade	VERB
cblr-8639	411	85	they	they	PRON
cblr-8639	411	86	are	be	AUX
cblr-8639	411	87	in	in	ADP
cblr-8639	411	88	the	the	DET
cblr-8639	411	89	beneficiaries	beneficiary	NOUN
cblr-8639	411	90	’	'	PUNCT
cblr-8639	411	91	interests	interest	NOUN
cblr-8639	411	92	.	.	PUNCT
cblr-8639	412	1	in	in	ADP
cblr-8639	412	2	doing	do	VERB
cblr-8639	412	3	so	so	ADV
cblr-8639	412	4	,	,	PUNCT
cblr-8639	412	5	the	the	DET
cblr-8639	412	6	fund	fund	NOUN
cblr-8639	412	7	managers	manager	NOUN
cblr-8639	412	8	act	act	VERB
cblr-8639	412	9	on	on	ADP
cblr-8639	412	10	the	the	DET
cblr-8639	412	11	basis	basis	NOUN
cblr-8639	412	12	of	of	ADP
cblr-8639	412	13	personal	personal	ADJ
cblr-8639	412	14	interest	interest	NOUN
cblr-8639	412	15	.	.	PUNCT
cblr-8639	413	1	100	100	NUM
cblr-8639	413	2	see	see	VERB
cblr-8639	413	3	patrick	patrick	PROPN
cblr-8639	413	4	bolton	bolton	PROPN
cblr-8639	413	5	et	et	PROPN
cblr-8639	413	6	al	al	PROPN
cblr-8639	413	7	.	.	PROPN
cblr-8639	413	8	,	,	PUNCT
cblr-8639	413	9	investor	investor	NOUN
cblr-8639	413	10	ideology	ideology	NOUN
cblr-8639	413	11	,	,	PUNCT
cblr-8639	413	12	137	137	NUM
cblr-8639	413	13	j.	j.	PROPN
cblr-8639	413	14	fin	fin	PROPN
cblr-8639	413	15	.	.	PUNCT
cblr-8639	413	16	econ	econ	PROPN
cblr-8639	413	17	.	.	PUNCT
cblr-8639	413	18	320	320	NUM
cblr-8639	413	19	,	,	PUNCT
cblr-8639	413	20	320–22	320–22	NUM
cblr-8639	413	21	(	(	PUNCT
cblr-8639	413	22	2020	2020	NUM
cblr-8639	413	23	)	)	PUNCT
cblr-8639	413	24	.	.	PUNCT
cblr-8639	414	1	101	101	NUM
cblr-8639	414	2	see	see	VERB
cblr-8639	414	3	i	i	PRON
cblr-8639	414	4	d.	d.	PROPN
cblr-8639	414	5	at	at	ADP
cblr-8639	414	6	321–22	321–22	NUM
cblr-8639	414	7	.	.	PUNCT
cblr-8639	415	1	102	102	NUM
cblr-8639	415	2	cf	cf	NOUN
cblr-8639	415	3	.	.	PUNCT
cblr-8639	415	4	,	,	PUNCT
cblr-8639	415	5	e.g.	e.g.	ADV
cblr-8639	415	6	,	,	PUNCT
cblr-8639	415	7	michal	michal	PROPN
cblr-8639	415	8	barzuza	barzuza	PROPN
cblr-8639	415	9	,	,	PUNCT
cblr-8639	415	10	quinn	quinn	PROPN
cblr-8639	415	11	curtis	curtis	PROPN
cblr-8639	415	12	&	&	CCONJ
cblr-8639	415	13	david	david	PROPN
cblr-8639	415	14	h.	h.	PROPN
cblr-8639	415	15	webber	webber	PROPN
cblr-8639	415	16	,	,	PUNCT
cblr-8639	415	17	shareholder	shareholder	NOUN
cblr-8639	415	18	value(s	value(s	PROPN
cblr-8639	415	19	)	)	PUNCT
cblr-8639	415	20	,	,	PUNCT
cblr-8639	415	21	index	index	NOUN
cblr-8639	415	22	fund	fund	NOUN
cblr-8639	415	23	esg	esg	PROPN
cblr-8639	415	24	activism	activism	NOUN
cblr-8639	415	25	and	and	CCONJ
cblr-8639	415	26	the	the	DET
cblr-8639	415	27	new	new	ADJ
cblr-8639	415	28	millennial	millennial	ADJ
cblr-8639	415	29	corporate	corporate	ADJ
cblr-8639	415	30	governance	governance	NOUN
cblr-8639	415	31	,	,	PUNCT
cblr-8639	415	32	93	93	NUM
cblr-8639	415	33	s.	s.	PROPN
cblr-8639	415	34	cal	cal	PROPN
cblr-8639	415	35	.	.	PUNCT
cblr-8639	416	1	l.	l.	PROPN
cblr-8639	416	2	rev	rev	PROPN
cblr-8639	416	3	.	.	PROPN
cblr-8639	416	4	1243	1243	NUM
cblr-8639	416	5	,	,	PUNCT
cblr-8639	416	6	1311	1311	NUM
cblr-8639	416	7	(	(	PUNCT
cblr-8639	416	8	2020	2020	NUM
cblr-8639	416	9	)	)	PUNCT
cblr-8639	416	10	(	(	PUNCT
cblr-8639	416	11	describing	describe	VERB
cblr-8639	416	12	pressures	pressure	NOUN
cblr-8639	416	13	applied	apply	VERB
cblr-8639	416	14	by	by	ADP
cblr-8639	416	15	social	social	ADJ
cblr-8639	416	16	activists	activist	NOUN
cblr-8639	416	17	)	)	PUNCT
cblr-8639	416	18	.	.	PUNCT
cblr-8639	417	1	103	103	NUM
cblr-8639	417	2	see	see	VERB
cblr-8639	417	3	i	i	PROPN
cblr-8639	417	4	d.	d.	PROPN
cblr-8639	417	5	at	at	ADP
cblr-8639	417	6	1251	1251	NUM
cblr-8639	417	7	.	.	PUNCT
cblr-8639	418	1	it	it	PRON
cblr-8639	418	2	is	be	AUX
cblr-8639	418	3	important	important	ADJ
cblr-8639	418	4	to	to	PART
cblr-8639	418	5	distinguish	distinguish	VERB
cblr-8639	418	6	selection	selection	NOUN
cblr-8639	418	7	from	from	ADP
cblr-8639	418	8	selfinterest	selfinterest	NOUN
cblr-8639	418	9	.	.	PUNCT
cblr-8639	419	1	individuals	individual	NOUN
cblr-8639	419	2	who	who	PRON
cblr-8639	419	3	work	work	VERB
cblr-8639	419	4	in	in	ADP
cblr-8639	419	5	a	a	DET
cblr-8639	419	6	fiduciary	fiduciary	ADJ
cblr-8639	419	7	capacity	capacity	NOUN
cblr-8639	419	8	may	may	AUX
cblr-8639	419	9	choose	choose	VERB
cblr-8639	419	10	to	to	PART
cblr-8639	419	11	work	work	VERB
cblr-8639	419	12	only	only	ADV
cblr-8639	419	13	for	for	ADP
cblr-8639	419	14	beneficiaries	beneficiary	NOUN
cblr-8639	419	15	who	who	PRON
cblr-8639	419	16	share	share	VERB
cblr-8639	419	17	their	their	PRON
cblr-8639	419	18	values	value	NOUN
cblr-8639	419	19	.	.	PUNCT
cblr-8639	420	1	they	they	PRON
cblr-8639	420	2	may	may	AUX
cblr-8639	420	3	not	not	PART
cblr-8639	420	4	choose	choose	VERB
cblr-8639	420	5	to	to	PART
cblr-8639	420	6	ignore	ignore	VERB
cblr-8639	420	7	beneficiary	beneficiary	NOUN
cblr-8639	420	8	interests	interest	NOUN
cblr-8639	420	9	that	that	PRON
cblr-8639	420	10	conflict	conflict	NOUN
cblr-8639	420	11	with	with	ADP
cblr-8639	420	12	their	their	PRON
cblr-8639	420	13	personal	personal	ADJ
cblr-8639	420	14	values	value	NOUN
cblr-8639	420	15	.	.	PUNCT
cblr-8639	421	1	for	for	ADP
cblr-8639	421	2	example	example	NOUN
cblr-8639	421	3	,	,	PUNCT
cblr-8639	421	4	lawyers	lawyer	NOUN
cblr-8639	421	5	may	may	AUX
cblr-8639	421	6	choose	choose	VERB
cblr-8639	421	7	not	not	PART
cblr-8639	421	8	to	to	PART
cblr-8639	421	9	represent	represent	VERB
cblr-8639	421	10	particular	particular	ADJ
cblr-8639	421	11	categories	category	NOUN
cblr-8639	421	12	of	of	ADP
cblr-8639	421	13	criminals	criminal	NOUN
cblr-8639	421	14	;	;	PUNCT
cblr-8639	421	15	they	they	PRON
cblr-8639	421	16	may	may	AUX
cblr-8639	421	17	not	not	PART
cblr-8639	421	18	represent	represent	VERB
cblr-8639	421	19	them	they	PRON
cblr-8639	421	20	and	and	CCONJ
cblr-8639	421	21	intentionally	intentionally	ADV
cblr-8639	421	22	lose	lose	VERB
cblr-8639	421	23	their	their	PRON
cblr-8639	421	24	cases	case	NOUN
cblr-8639	421	25	.	.	PUNCT
cblr-8639	422	1	mahoney	mahoney	PROPN
cblr-8639	422	2	&	&	CCONJ
cblr-8639	422	3	mahoney	mahoney	PROPN
cblr-8639	422	4	8/22/2021	8/22/2021	PROPN
cblr-8639	422	5	9:16	9:16	NUM
cblr-8639	422	6	pm	pm	NOUN
cblr-8639	422	7	no	no	INTJ
cblr-8639	422	8	.	.	PUNCT
cblr-8639	423	1	2:840	2:840	NUM
cblr-8639	423	2	]	]	X
cblr-8639	423	3	the	the	DET
cblr-8639	423	4	new	new	ADJ
cblr-8639	423	5	separation	separation	NOUN
cblr-8639	423	6	of	of	ADP
cblr-8639	423	7	ownership	ownership	NOUN
cblr-8639	423	8	and	and	CCONJ
cblr-8639	423	9	control	control	PROPN
cblr-8639	423	10	867	867	NUM
cblr-8639	423	11	d.	d.	NOUN
cblr-8639	423	12	does	do	AUX
cblr-8639	423	13	the	the	DET
cblr-8639	423	14	urgency	urgency	NOUN
cblr-8639	423	15	of	of	ADP
cblr-8639	423	16	the	the	DET
cblr-8639	423	17	problem	problem	NOUN
cblr-8639	423	18	justify	justify	VERB
cblr-8639	423	19	activism	activism	NOUN
cblr-8639	423	20	regardless	regardless	ADV
cblr-8639	423	21	of	of	ADP
cblr-8639	423	22	its	its	PRON
cblr-8639	423	23	effects	effect	NOUN
cblr-8639	423	24	on	on	ADP
cblr-8639	423	25	beneficiaries	beneficiary	NOUN
cblr-8639	423	26	?	?	PUNCT
cblr-8639	424	1	one	one	PRON
cblr-8639	424	2	might	might	AUX
cblr-8639	424	3	acknowledge	acknowledge	VERB
cblr-8639	424	4	that	that	SCONJ
cblr-8639	424	5	fund	fund	NOUN
cblr-8639	424	6	managers	manager	NOUN
cblr-8639	424	7	are	be	AUX
cblr-8639	424	8	motivated	motivate	VERB
cblr-8639	424	9	in	in	ADP
cblr-8639	424	10	part	part	NOUN
cblr-8639	424	11	by	by	ADP
cblr-8639	424	12	their	their	PRON
cblr-8639	424	13	own	own	ADJ
cblr-8639	424	14	or	or	CCONJ
cblr-8639	424	15	their	their	PRON
cblr-8639	424	16	employees	employee	NOUN
cblr-8639	424	17	’	'	PUNCT
cblr-8639	424	18	and	and	CCONJ
cblr-8639	424	19	peers	peer	VERB
cblr-8639	424	20	’	’	PART
cblr-8639	424	21	policy	policy	NOUN
cblr-8639	424	22	preferences	preference	NOUN
cblr-8639	424	23	but	but	CCONJ
cblr-8639	424	24	nevertheless	nevertheless	ADV
cblr-8639	424	25	argue	argue	VERB
cblr-8639	424	26	that	that	SCONJ
cblr-8639	424	27	they	they	PRON
cblr-8639	424	28	are	be	AUX
cblr-8639	424	29	acting	act	VERB
cblr-8639	424	30	in	in	ADP
cblr-8639	424	31	society	society	NOUN
cblr-8639	424	32	’s	’s	PART
cblr-8639	424	33	best	good	ADJ
cblr-8639	424	34	interests	interest	NOUN
cblr-8639	424	35	.	.	PUNCT
cblr-8639	425	1	under	under	ADP
cblr-8639	425	2	this	this	DET
cblr-8639	425	3	view	view	NOUN
cblr-8639	425	4	,	,	PUNCT
cblr-8639	425	5	a	a	DET
cblr-8639	425	6	fund	fund	NOUN
cblr-8639	425	7	ceo	ceo	NOUN
cblr-8639	425	8	who	who	PRON
cblr-8639	425	9	believes	believe	VERB
cblr-8639	425	10	that	that	SCONJ
cblr-8639	425	11	climate	climate	NOUN
cblr-8639	425	12	change	change	NOUN
cblr-8639	425	13	is	be	AUX
cblr-8639	425	14	the	the	DET
cblr-8639	425	15	greatest	great	ADJ
cblr-8639	425	16	threat	threat	NOUN
cblr-8639	425	17	the	the	DET
cblr-8639	425	18	country	country	NOUN
cblr-8639	425	19	faces	face	VERB
cblr-8639	425	20	and	and	CCONJ
cblr-8639	425	21	that	that	SCONJ
cblr-8639	425	22	political	political	ADJ
cblr-8639	425	23	actors	actor	NOUN
cblr-8639	425	24	have	have	AUX
cblr-8639	425	25	n’t	not	PART
cblr-8639	425	26	done	do	VERB
cblr-8639	425	27	enough	enough	ADV
cblr-8639	425	28	to	to	PART
cblr-8639	425	29	address	address	VERB
cblr-8639	425	30	it	it	PRON
cblr-8639	425	31	is	be	AUX
cblr-8639	425	32	justified	justify	VERB
cblr-8639	425	33	in	in	ADP
cblr-8639	425	34	demanding	demand	VERB
cblr-8639	425	35	that	that	SCONJ
cblr-8639	425	36	portfolio	portfolio	NOUN
cblr-8639	425	37	companies	company	NOUN
cblr-8639	425	38	prepare	prepare	VERB
cblr-8639	425	39	for	for	ADP
cblr-8639	425	40	a	a	DET
cblr-8639	425	41	zero	zero	NUM
cblr-8639	425	42	-	-	PUNCT
cblr-8639	425	43	carbon	carbon	NOUN
cblr-8639	425	44	economy	economy	NOUN
cblr-8639	425	45	.	.	PUNCT
cblr-8639	426	1	this	this	PRON
cblr-8639	426	2	is	be	AUX
cblr-8639	426	3	a	a	DET
cblr-8639	426	4	corporate	corporate	ADJ
cblr-8639	426	5	social	social	ADJ
cblr-8639	426	6	responsibility	responsibility	NOUN
cblr-8639	426	7	argument	argument	NOUN
cblr-8639	426	8	once	once	ADV
cblr-8639	426	9	removed	remove	VERB
cblr-8639	426	10	.	.	PUNCT
cblr-8639	427	1	corporate	corporate	ADJ
cblr-8639	427	2	social	social	ADJ
cblr-8639	427	3	responsibility	responsibility	NOUN
cblr-8639	427	4	,	,	PUNCT
cblr-8639	427	5	or	or	CCONJ
cblr-8639	427	6	stakeholder	stakeholder	NOUN
cblr-8639	427	7	capitalism	capitalism	NOUN
cblr-8639	427	8	,	,	PUNCT
cblr-8639	427	9	refers	refer	VERB
cblr-8639	427	10	to	to	ADP
cblr-8639	427	11	the	the	DET
cblr-8639	427	12	idea	idea	NOUN
cblr-8639	427	13	that	that	SCONJ
cblr-8639	427	14	corporations	corporation	NOUN
cblr-8639	427	15	should	should	AUX
cblr-8639	427	16	take	take	VERB
cblr-8639	427	17	actions	action	NOUN
cblr-8639	427	18	to	to	PART
cblr-8639	427	19	benefit	benefit	VERB
cblr-8639	427	20	constituencies	constituency	NOUN
cblr-8639	427	21	other	other	ADJ
cblr-8639	427	22	than	than	ADP
cblr-8639	427	23	shareholders	shareholder	NOUN
cblr-8639	427	24	,	,	PUNCT
cblr-8639	427	25	sometimes	sometimes	ADV
cblr-8639	427	26	at	at	ADP
cblr-8639	427	27	the	the	DET
cblr-8639	427	28	expense	expense	NOUN
cblr-8639	427	29	of	of	ADP
cblr-8639	427	30	shareholder	shareholder	NOUN
cblr-8639	427	31	returns.104	returns.104	NOUN
cblr-8639	427	32	by	by	ADP
cblr-8639	427	33	extension	extension	NOUN
cblr-8639	427	34	,	,	PUNCT
cblr-8639	427	35	institutional	institutional	ADJ
cblr-8639	427	36	investors	investor	NOUN
cblr-8639	427	37	should	should	AUX
cblr-8639	427	38	use	use	VERB
cblr-8639	427	39	their	their	PRON
cblr-8639	427	40	voting	voting	NOUN
cblr-8639	427	41	rights	right	NOUN
cblr-8639	427	42	to	to	PART
cblr-8639	427	43	encourage	encourage	VERB
cblr-8639	427	44	corporate	corporate	ADJ
cblr-8639	427	45	managers	manager	NOUN
cblr-8639	427	46	to	to	PART
cblr-8639	427	47	act	act	VERB
cblr-8639	427	48	in	in	ADP
cblr-8639	427	49	socially	socially	ADV
cblr-8639	427	50	responsible	responsible	ADJ
cblr-8639	427	51	ways	way	NOUN
cblr-8639	427	52	even	even	ADV
cblr-8639	427	53	at	at	ADP
cblr-8639	427	54	some	some	DET
cblr-8639	427	55	cost	cost	NOUN
cblr-8639	427	56	to	to	ADP
cblr-8639	427	57	their	their	PRON
cblr-8639	427	58	beneficiaries	beneficiary	NOUN
cblr-8639	427	59	.	.	PUNCT
cblr-8639	428	1	indeed	indeed	ADV
cblr-8639	428	2	,	,	PUNCT
cblr-8639	428	3	some	some	DET
cblr-8639	428	4	money	money	NOUN
cblr-8639	428	5	managers	manager	NOUN
cblr-8639	428	6	hedge	hedge	VERB
cblr-8639	428	7	the	the	DET
cblr-8639	428	8	claim	claim	NOUN
cblr-8639	428	9	that	that	SCONJ
cblr-8639	428	10	esg	esg	PROPN
cblr-8639	428	11	practices	practice	NOUN
cblr-8639	428	12	are	be	AUX
cblr-8639	428	13	“	"	PUNCT
cblr-8639	428	14	good	good	ADJ
cblr-8639	428	15	for	for	ADP
cblr-8639	428	16	business	business	NOUN
cblr-8639	428	17	”	"	PUNCT
cblr-8639	428	18	with	with	ADP
cblr-8639	428	19	a	a	DET
cblr-8639	428	20	corporate	corporate	ADJ
cblr-8639	428	21	social	social	ADJ
cblr-8639	428	22	responsibility	responsibility	NOUN
cblr-8639	428	23	argument	argument	NOUN
cblr-8639	428	24	.	.	PUNCT
cblr-8639	429	1	for	for	ADP
cblr-8639	429	2	example	example	NOUN
cblr-8639	429	3	,	,	PUNCT
cblr-8639	429	4	blackrock	blackrock	NOUN
cblr-8639	429	5	and	and	CCONJ
cblr-8639	429	6	other	other	ADJ
cblr-8639	429	7	asset	asset	NOUN
cblr-8639	429	8	management	management	NOUN
cblr-8639	429	9	firms	firm	NOUN
cblr-8639	429	10	signed	sign	VERB
cblr-8639	429	11	the	the	DET
cblr-8639	429	12	2019	2019	NUM
cblr-8639	429	13	business	business	NOUN
cblr-8639	429	14	roundtable	roundtable	ADJ
cblr-8639	429	15	statement	statement	NOUN
cblr-8639	429	16	on	on	ADP
cblr-8639	429	17	corporate	corporate	ADJ
cblr-8639	429	18	purpose	purpose	NOUN
cblr-8639	429	19	stating	state	VERB
cblr-8639	429	20	that	that	SCONJ
cblr-8639	429	21	corporate	corporate	ADJ
cblr-8639	429	22	managers	manager	NOUN
cblr-8639	429	23	owe	owe	VERB
cblr-8639	429	24	duties	duty	NOUN
cblr-8639	429	25	to	to	ADP
cblr-8639	429	26	stakeholders	stakeholder	NOUN
cblr-8639	429	27	,	,	PUNCT
cblr-8639	429	28	including	include	VERB
cblr-8639	429	29	employees	employee	NOUN
cblr-8639	429	30	,	,	PUNCT
cblr-8639	429	31	customers	customer	NOUN
cblr-8639	429	32	,	,	PUNCT
cblr-8639	429	33	suppliers	supplier	NOUN
cblr-8639	429	34	,	,	PUNCT
cblr-8639	429	35	and	and	CCONJ
cblr-8639	429	36	local	local	ADJ
cblr-8639	429	37	communities.105	communities.105	NOUN
cblr-8639	429	38	the	the	DET
cblr-8639	429	39	argument	argument	NOUN
cblr-8639	429	40	against	against	ADP
cblr-8639	429	41	delegating	delegate	VERB
cblr-8639	429	42	the	the	DET
cblr-8639	429	43	solution	solution	NOUN
cblr-8639	429	44	to	to	ADP
cblr-8639	429	45	social	social	ADJ
cblr-8639	429	46	problems	problem	NOUN
cblr-8639	429	47	to	to	ADP
cblr-8639	429	48	corporate	corporate	ADJ
cblr-8639	429	49	and	and	CCONJ
cblr-8639	429	50	fund	fund	NOUN
cblr-8639	429	51	managers	manager	NOUN
cblr-8639	429	52	turns	turn	VERB
cblr-8639	429	53	on	on	ADP
cblr-8639	429	54	issues	issue	NOUN
cblr-8639	429	55	of	of	ADP
cblr-8639	429	56	competence	competence	NOUN
cblr-8639	429	57	,	,	PUNCT
cblr-8639	429	58	legitimacy	legitimacy	NOUN
cblr-8639	429	59	,	,	PUNCT
cblr-8639	429	60	and	and	CCONJ
cblr-8639	429	61	conflicts	conflict	NOUN
cblr-8639	429	62	of	of	ADP
cblr-8639	429	63	interest	interest	NOUN
cblr-8639	429	64	.	.	PUNCT
cblr-8639	430	1	these	these	DET
cblr-8639	430	2	issues	issue	NOUN
cblr-8639	430	3	do	do	AUX
cblr-8639	430	4	not	not	PART
cblr-8639	430	5	go	go	VERB
cblr-8639	430	6	away	away	ADV
cblr-8639	430	7	simply	simply	ADV
cblr-8639	430	8	because	because	SCONJ
cblr-8639	430	9	the	the	DET
cblr-8639	430	10	social	social	ADJ
cblr-8639	430	11	problems	problem	NOUN
cblr-8639	430	12	are	be	AUX
cblr-8639	430	13	serious	serious	ADJ
cblr-8639	430	14	.	.	PUNCT
cblr-8639	431	1	104	104	NUM
cblr-8639	431	2	see	see	VERB
cblr-8639	431	3	leonardo	leonardo	PROPN
cblr-8639	431	4	becchetti	becchetti	PROPN
cblr-8639	431	5	,	,	PUNCT
cblr-8639	431	6	rocco	rocco	PROPN
cblr-8639	431	7	ciciretti	ciciretti	PROPN
cblr-8639	431	8	&	&	CCONJ
cblr-8639	431	9	iftekhar	iftekhar	PROPN
cblr-8639	431	10	hasan	hasan	PROPN
cblr-8639	431	11	,	,	PUNCT
cblr-8639	431	12	corporate	corporate	ADJ
cblr-8639	431	13	social	social	ADJ
cblr-8639	431	14	responsibility	responsibility	NOUN
cblr-8639	431	15	,	,	PUNCT
cblr-8639	431	16	stakeholder	stakeholder	NOUN
cblr-8639	431	17	risk	risk	NOUN
cblr-8639	431	18	,	,	PUNCT
cblr-8639	431	19	and	and	CCONJ
cblr-8639	431	20	idiosyncratic	idiosyncratic	ADJ
cblr-8639	431	21	volatility	volatility	NOUN
cblr-8639	431	22	,	,	PUNCT
cblr-8639	431	23	35	35	NUM
cblr-8639	431	24	j.	j.	PROPN
cblr-8639	431	25	corp	corp	PROPN
cblr-8639	431	26	.	.	PROPN
cblr-8639	431	27	fin	fin	PROPN
cblr-8639	431	28	.	.	PUNCT
cblr-8639	431	29	297	297	NUM
cblr-8639	431	30	,	,	PUNCT
cblr-8639	431	31	298	298	NUM
cblr-8639	431	32	(	(	PUNCT
cblr-8639	431	33	2015	2015	NUM
cblr-8639	431	34	)	)	PUNCT
cblr-8639	431	35	.	.	PUNCT
cblr-8639	432	1	105	105	NUM
cblr-8639	432	2	bus	bus	NOUN
cblr-8639	432	3	.	.	PUNCT
cblr-8639	433	1	roundtable	roundtable	ADJ
cblr-8639	433	2	,	,	PUNCT
cblr-8639	433	3	statement	statement	NOUN
cblr-8639	433	4	on	on	ADP
cblr-8639	433	5	the	the	DET
cblr-8639	433	6	purpose	purpose	NOUN
cblr-8639	433	7	of	of	ADP
cblr-8639	433	8	a	a	DET
cblr-8639	433	9	corporation	corporation	NOUN
cblr-8639	433	10	1	1	NUM
cblr-8639	433	11	,	,	PUNCT
cblr-8639	433	12	3	3	NUM
cblr-8639	433	13	(	(	PUNCT
cblr-8639	433	14	2019	2019	NUM
cblr-8639	433	15	)	)	PUNCT
cblr-8639	433	16	,	,	PUNCT
cblr-8639	433	17	https://system.businessroundtable.org/app/uploads	https://system.businessroundtable.org/app/uploads	ADP
cblr-8639	433	18	/sites/5/2021/02	/sites/5/2021/02	PROPN
cblr-8639	433	19	/	/	SYM
cblr-8639	433	20	brt	brt	NOUN
cblr-8639	433	21	-	-	PUNCT
cblr-8639	433	22	statement	statement	NOUN
cblr-8639	433	23	-	-	PUNCT
cblr-8639	433	24	on	on	ADP
cblr-8639	433	25	-	-	PUNCT
cblr-8639	433	26	the	the	DET
cblr-8639	433	27	-	-	PUNCT
cblr-8639	433	28	purpose	purpose	NOUN
cblr-8639	433	29	-	-	PUNCT
cblr-8639	433	30	of	of	ADP
cblr-8639	433	31	-	-	PUNCT
cblr-8639	433	32	a	a	DET
cblr-8639	433	33	-	-	PUNCT
cblr-8639	433	34	corporationfeburary-2021	corporationfeburary-2021	NOUN
cblr-8639	433	35	-	-	PUNCT
cblr-8639	433	36	compressed.pdf	compressed.pdf	X
cblr-8639	434	1	[	[	X
cblr-8639	434	2	https://perma.cc/9lks-5jan	https://perma.cc/9lks-5jan	NOUN
cblr-8639	434	3	]	]	X
cblr-8639	434	4	(	(	PUNCT
cblr-8639	434	5	updated	update	VERB
cblr-8639	434	6	with	with	ADP
cblr-8639	434	7	signatures	signature	NOUN
cblr-8639	434	8	through	through	ADP
cblr-8639	434	9	february	february	PROPN
cblr-8639	434	10	2021	2021	NUM
cblr-8639	434	11	)	)	PUNCT
cblr-8639	434	12	.	.	PUNCT
cblr-8639	435	1	mahoney	mahoney	PROPN
cblr-8639	435	2	&	&	CCONJ
cblr-8639	435	3	mahoney	mahoney	PROPN
cblr-8639	435	4	8/22/2021	8/22/2021	PROPN
cblr-8639	435	5	9:16	9:16	NUM
cblr-8639	435	6	pm	pm	NOUN
cblr-8639	435	7	868	868	NUM
cblr-8639	435	8	columbia	columbia	PROPN
cblr-8639	435	9	business	business	NOUN
cblr-8639	435	10	law	law	NOUN
cblr-8639	435	11	review	review	NOUN
cblr-8639	435	12	[	[	X
cblr-8639	435	13	vol	vol	NOUN
cblr-8639	435	14	.	.	PUNCT
cblr-8639	435	15	2021	2021	NUM
cblr-8639	435	16	milton	milton	PROPN
cblr-8639	435	17	friedman	friedman	PROPN
cblr-8639	435	18	famously	famously	ADV
cblr-8639	435	19	argued	argue	VERB
cblr-8639	435	20	that	that	SCONJ
cblr-8639	435	21	the	the	DET
cblr-8639	435	22	social	social	ADJ
cblr-8639	435	23	responsibility	responsibility	NOUN
cblr-8639	435	24	of	of	ADP
cblr-8639	435	25	a	a	DET
cblr-8639	435	26	business	business	NOUN
cblr-8639	435	27	is	be	AUX
cblr-8639	435	28	“	"	PUNCT
cblr-8639	435	29	to	to	PART
cblr-8639	435	30	increase	increase	VERB
cblr-8639	435	31	its	its	PRON
cblr-8639	435	32	profits	profit	NOUN
cblr-8639	435	33	so	so	ADV
cblr-8639	435	34	long	long	ADV
cblr-8639	435	35	as	as	SCONJ
cblr-8639	435	36	it	it	PRON
cblr-8639	435	37	stays	stay	VERB
cblr-8639	435	38	within	within	ADP
cblr-8639	435	39	the	the	DET
cblr-8639	435	40	rules	rule	NOUN
cblr-8639	435	41	of	of	ADP
cblr-8639	435	42	the	the	DET
cblr-8639	435	43	game	game	NOUN
cblr-8639	435	44	.	.	PUNCT
cblr-8639	436	1	”106	”106	PUNCT
cblr-8639	437	1	many	many	ADJ
cblr-8639	437	2	commentators	commentator	NOUN
cblr-8639	437	3	focus	focus	VERB
cblr-8639	437	4	on	on	ADP
cblr-8639	437	5	the	the	DET
cblr-8639	437	6	first	first	ADJ
cblr-8639	437	7	part	part	NOUN
cblr-8639	437	8	of	of	ADP
cblr-8639	437	9	that	that	DET
cblr-8639	437	10	quotation	quotation	NOUN
cblr-8639	437	11	and	and	CCONJ
cblr-8639	437	12	take	take	VERB
cblr-8639	437	13	it	it	PRON
cblr-8639	437	14	as	as	ADP
cblr-8639	437	15	a	a	DET
cblr-8639	437	16	“	"	PUNCT
cblr-8639	437	17	greed	greed	NOUN
cblr-8639	437	18	is	be	AUX
cblr-8639	437	19	good	good	ADJ
cblr-8639	437	20	”	"	PUNCT
cblr-8639	437	21	manifesto.107	manifesto.107	NOUN
cblr-8639	437	22	read	read	VERB
cblr-8639	437	23	as	as	ADP
cblr-8639	437	24	a	a	DET
cblr-8639	437	25	whole	whole	NOUN
cblr-8639	437	26	,	,	PUNCT
cblr-8639	437	27	however	however	ADV
cblr-8639	437	28	,	,	PUNCT
cblr-8639	437	29	friedman	friedman	PROPN
cblr-8639	437	30	’s	’s	PART
cblr-8639	437	31	focus	focus	NOUN
cblr-8639	437	32	was	be	AUX
cblr-8639	437	33	on	on	ADP
cblr-8639	437	34	the	the	DET
cblr-8639	437	35	division	division	NOUN
cblr-8639	437	36	of	of	ADP
cblr-8639	437	37	labor	labor	NOUN
cblr-8639	437	38	in	in	ADP
cblr-8639	437	39	a	a	DET
cblr-8639	437	40	market	market	NOUN
cblr-8639	437	41	-	-	PUNCT
cblr-8639	437	42	oriented	orient	VERB
cblr-8639	437	43	democratic	democratic	ADJ
cblr-8639	437	44	society.108	society.108	NOUN
cblr-8639	437	45	law	law	NOUN
cblr-8639	437	46	and	and	CCONJ
cblr-8639	437	47	regulation	regulation	NOUN
cblr-8639	437	48	impose	impose	VERB
cblr-8639	437	49	constraints	constraint	NOUN
cblr-8639	437	50	on	on	ADP
cblr-8639	437	51	businesses	business	NOUN
cblr-8639	437	52	that	that	PRON
cblr-8639	437	53	permit	permit	VERB
cblr-8639	437	54	corporate	corporate	ADJ
cblr-8639	437	55	managers	manager	NOUN
cblr-8639	437	56	to	to	PART
cblr-8639	437	57	act	act	VERB
cblr-8639	437	58	—	—	PUNCT
cblr-8639	437	59	within	within	ADP
cblr-8639	437	60	the	the	DET
cblr-8639	437	61	constraints	constraint	NOUN
cblr-8639	437	62	—	—	PUNCT
cblr-8639	437	63	as	as	ADP
cblr-8639	437	64	faithful	faithful	ADJ
cblr-8639	437	65	agents	agent	NOUN
cblr-8639	437	66	for	for	ADP
cblr-8639	437	67	their	their	PRON
cblr-8639	437	68	principals	principal	NOUN
cblr-8639	437	69	while	while	SCONJ
cblr-8639	437	70	still	still	ADV
cblr-8639	437	71	serving	serve	VERB
cblr-8639	437	72	society	society	NOUN
cblr-8639	437	73	’s	’s	PART
cblr-8639	437	74	interests	interest	NOUN
cblr-8639	437	75	as	as	SCONJ
cblr-8639	437	76	mediated	mediate	VERB
cblr-8639	437	77	through	through	ADP
cblr-8639	437	78	the	the	DET
cblr-8639	437	79	political	political	ADJ
cblr-8639	437	80	process	process	NOUN
cblr-8639	437	81	.	.	PUNCT
cblr-8639	438	1	in	in	ADP
cblr-8639	438	2	a	a	DET
cblr-8639	438	3	system	system	NOUN
cblr-8639	438	4	of	of	ADP
cblr-8639	438	5	shareholder	shareholder	NOUN
cblr-8639	438	6	primacy	primacy	NOUN
cblr-8639	438	7	,	,	PUNCT
cblr-8639	438	8	boards	board	NOUN
cblr-8639	438	9	of	of	ADP
cblr-8639	438	10	directors	director	NOUN
cblr-8639	438	11	select	select	VERB
cblr-8639	438	12	managers	manager	NOUN
cblr-8639	438	13	based	base	VERB
cblr-8639	438	14	on	on	ADP
cblr-8639	438	15	their	their	PRON
cblr-8639	438	16	competence	competence	NOUN
cblr-8639	438	17	as	as	ADP
cblr-8639	438	18	managers	manager	NOUN
cblr-8639	438	19	rather	rather	ADV
cblr-8639	438	20	than	than	ADP
cblr-8639	438	21	as	as	ADP
cblr-8639	438	22	political	political	ADJ
cblr-8639	438	23	theorists	theorist	NOUN
cblr-8639	438	24	or	or	CCONJ
cblr-8639	438	25	policy	policy	NOUN
cblr-8639	438	26	analysts	analyst	NOUN
cblr-8639	438	27	.	.	PUNCT
cblr-8639	439	1	the	the	DET
cblr-8639	439	2	board	board	NOUN
cblr-8639	439	3	delegates	delegate	VERB
cblr-8639	439	4	substantial	substantial	ADJ
cblr-8639	439	5	discretion	discretion	NOUN
cblr-8639	439	6	to	to	ADP
cblr-8639	439	7	the	the	DET
cblr-8639	439	8	managers	manager	NOUN
cblr-8639	439	9	because	because	SCONJ
cblr-8639	439	10	their	their	PRON
cblr-8639	439	11	skills	skill	NOUN
cblr-8639	439	12	and	and	CCONJ
cblr-8639	439	13	authority	authority	NOUN
cblr-8639	439	14	are	be	AUX
cblr-8639	439	15	well	well	ADV
cblr-8639	439	16	-	-	PUNCT
cblr-8639	439	17	aligned	align	VERB
cblr-8639	439	18	with	with	ADP
cblr-8639	439	19	their	their	PRON
cblr-8639	439	20	assigned	assign	VERB
cblr-8639	439	21	tasks	task	NOUN
cblr-8639	439	22	.	.	PUNCT
cblr-8639	440	1	the	the	DET
cblr-8639	440	2	severe	severe	ADJ
cblr-8639	440	3	agency	agency	NOUN
cblr-8639	440	4	problems	problem	NOUN
cblr-8639	440	5	that	that	PRON
cblr-8639	440	6	would	would	AUX
cblr-8639	440	7	otherwise	otherwise	ADV
cblr-8639	440	8	accompany	accompany	VERB
cblr-8639	440	9	this	this	DET
cblr-8639	440	10	delegation	delegation	NOUN
cblr-8639	440	11	are	be	AUX
cblr-8639	440	12	mitigated	mitigate	VERB
cblr-8639	440	13	by	by	ADP
cblr-8639	440	14	the	the	DET
cblr-8639	440	15	single	single	ADJ
cblr-8639	440	16	and	and	CCONJ
cblr-8639	440	17	measurable	measurable	ADJ
cblr-8639	440	18	obligation	obligation	NOUN
cblr-8639	440	19	to	to	PART
cblr-8639	440	20	maximize	maximize	VERB
cblr-8639	440	21	profit.109	profit.109	VERB
cblr-8639	440	22	externalities	externality	NOUN
cblr-8639	440	23	and	and	CCONJ
cblr-8639	440	24	other	other	ADJ
cblr-8639	440	25	social	social	ADJ
cblr-8639	440	26	problems	problem	NOUN
cblr-8639	440	27	that	that	SCONJ
cblr-8639	440	28	the	the	DET
cblr-8639	440	29	single	single	ADJ
cblr-8639	440	30	-	-	PUNCT
cblr-8639	440	31	minded	minded	ADJ
cblr-8639	440	32	pursuit	pursuit	NOUN
cblr-8639	440	33	of	of	ADP
cblr-8639	440	34	106	106	NUM
cblr-8639	440	35	friedman	friedman	NOUN
cblr-8639	440	36	,	,	PUNCT
cblr-8639	440	37	capitalism	capitalism	NOUN
cblr-8639	440	38	and	and	CCONJ
cblr-8639	440	39	freedom	freedom	NOUN
cblr-8639	440	40	,	,	PUNCT
cblr-8639	440	41	supra	supra	PROPN
cblr-8639	440	42	note	note	PROPN
cblr-8639	440	43	1	1	NUM
cblr-8639	440	44	,	,	PUNCT
cblr-8639	440	45	at	at	ADP
cblr-8639	440	46	133	133	NUM
cblr-8639	440	47	.	.	PUNCT
cblr-8639	441	1	107	107	NUM
cblr-8639	441	2	see	see	VERB
cblr-8639	441	3	,	,	PUNCT
cblr-8639	441	4	e.g.	e.g.	ADV
cblr-8639	441	5	,	,	PUNCT
cblr-8639	441	6	greed	greed	NOUN
cblr-8639	441	7	is	be	AUX
cblr-8639	441	8	good	good	ADJ
cblr-8639	441	9	.	.	PUNCT
cblr-8639	442	1	except	except	SCONJ
cblr-8639	442	2	when	when	SCONJ
cblr-8639	442	3	it	it	PRON
cblr-8639	442	4	’s	’	VERB
cblr-8639	442	5	bad	bad	ADJ
cblr-8639	442	6	.	.	PUNCT
cblr-8639	442	7	,	,	PUNCT
cblr-8639	442	8	supra	supra	PROPN
cblr-8639	442	9	note	note	NOUN
cblr-8639	442	10	1	1	NUM
cblr-8639	442	11	.	.	SYM
cblr-8639	442	12	108	108	NUM
cblr-8639	442	13	see	see	VERB
cblr-8639	442	14	friedman	friedman	PROPN
cblr-8639	442	15	,	,	PUNCT
cblr-8639	442	16	a	a	DET
cblr-8639	442	17	friedman	friedman	PROPN
cblr-8639	442	18	doctrine	doctrine	NOUN
cblr-8639	442	19	,	,	PUNCT
cblr-8639	442	20	supra	supra	PROPN
cblr-8639	442	21	note	note	NOUN
cblr-8639	442	22	1	1	NUM
cblr-8639	442	23	(	(	PUNCT
cblr-8639	442	24	“	"	PUNCT
cblr-8639	442	25	on	on	ADP
cblr-8639	442	26	the	the	DET
cblr-8639	442	27	level	level	NOUN
cblr-8639	442	28	of	of	ADP
cblr-8639	442	29	political	political	ADJ
cblr-8639	442	30	principle	principle	NOUN
cblr-8639	442	31	,	,	PUNCT
cblr-8639	442	32	the	the	DET
cblr-8639	442	33	imposition	imposition	NOUN
cblr-8639	442	34	of	of	ADP
cblr-8639	442	35	taxes	taxis	NOUN
cblr-8639	442	36	and	and	CCONJ
cblr-8639	442	37	the	the	DET
cblr-8639	442	38	expenditure	expenditure	NOUN
cblr-8639	442	39	of	of	ADP
cblr-8639	442	40	tax	tax	NOUN
cblr-8639	442	41	proceeds	proceed	NOUN
cblr-8639	442	42	are	be	AUX
cblr-8639	442	43	governmental	governmental	ADJ
cblr-8639	442	44	functions	function	NOUN
cblr-8639	442	45	.	.	PUNCT
cblr-8639	442	46	.	.	PUNCT
cblr-8639	442	47	.	.	PUNCT
cblr-8639	443	1	.	.	PUNCT
cblr-8639	444	1	we	we	PRON
cblr-8639	444	2	have	have	VERB
cblr-8639	444	3	a	a	DET
cblr-8639	444	4	system	system	NOUN
cblr-8639	444	5	of	of	ADP
cblr-8639	444	6	checks	check	NOUN
cblr-8639	444	7	and	and	CCONJ
cblr-8639	444	8	balances	balance	NOUN
cblr-8639	444	9	to	to	PART
cblr-8639	444	10	separate	separate	VERB
cblr-8639	444	11	the	the	DET
cblr-8639	444	12	legislative	legislative	ADJ
cblr-8639	444	13	function	function	NOUN
cblr-8639	444	14	of	of	ADP
cblr-8639	444	15	imposing	impose	VERB
cblr-8639	444	16	taxes	taxis	NOUN
cblr-8639	444	17	and	and	CCONJ
cblr-8639	444	18	enacting	enact	VERB
cblr-8639	444	19	expenditures	expenditure	NOUN
cblr-8639	444	20	from	from	ADP
cblr-8639	444	21	the	the	DET
cblr-8639	444	22	executive	executive	ADJ
cblr-8639	444	23	function	function	NOUN
cblr-8639	444	24	of	of	ADP
cblr-8639	444	25	collecting	collect	VERB
cblr-8639	444	26	taxes	taxis	NOUN
cblr-8639	444	27	and	and	CCONJ
cblr-8639	444	28	administering	administer	VERB
cblr-8639	444	29	expenditure	expenditure	NOUN
cblr-8639	444	30	programs	program	NOUN
cblr-8639	444	31	and	and	CCONJ
cblr-8639	444	32	from	from	ADP
cblr-8639	444	33	the	the	DET
cblr-8639	444	34	judicial	judicial	ADJ
cblr-8639	444	35	function	function	NOUN
cblr-8639	444	36	of	of	ADP
cblr-8639	444	37	mediating	mediate	VERB
cblr-8639	444	38	disputes	dispute	NOUN
cblr-8639	444	39	and	and	CCONJ
cblr-8639	444	40	interpreting	interpret	VERB
cblr-8639	444	41	the	the	DET
cblr-8639	444	42	law	law	NOUN
cblr-8639	444	43	.	.	PUNCT
cblr-8639	445	1	here	here	ADV
cblr-8639	445	2	the	the	DET
cblr-8639	445	3	businessman	businessman	NOUN
cblr-8639	445	4	—	—	PUNCT
cblr-8639	445	5	selfselected	selfselecte	VERB
cblr-8639	445	6	or	or	CCONJ
cblr-8639	445	7	appointed	appoint	VERB
cblr-8639	445	8	directly	directly	ADV
cblr-8639	445	9	or	or	CCONJ
cblr-8639	445	10	indirectly	indirectly	ADV
cblr-8639	445	11	by	by	ADP
cblr-8639	445	12	stockholders	stockholder	NOUN
cblr-8639	445	13	—	—	PUNCT
cblr-8639	445	14	is	be	AUX
cblr-8639	445	15	to	to	PART
cblr-8639	445	16	be	be	AUX
cblr-8639	445	17	simultaneously	simultaneously	ADV
cblr-8639	445	18	legislator	legislator	NOUN
cblr-8639	445	19	,	,	PUNCT
cblr-8639	445	20	executive	executive	NOUN
cblr-8639	445	21	and	and	CCONJ
cblr-8639	445	22	jurist	jurist	NOUN
cblr-8639	445	23	.	.	PUNCT
cblr-8639	445	24	”	"	PUNCT
cblr-8639	445	25	)	)	PUNCT
cblr-8639	445	26	.	.	PUNCT
cblr-8639	446	1	109	109	NUM
cblr-8639	446	2	see	see	VERB
cblr-8639	446	3	i	i	PROPN
cblr-8639	446	4	d.	d.	PROPN
cblr-8639	446	5	(	(	PUNCT
cblr-8639	446	6	noting	note	VERB
cblr-8639	446	7	that	that	SCONJ
cblr-8639	446	8	in	in	ADP
cblr-8639	446	9	deploying	deploy	VERB
cblr-8639	446	10	corporate	corporate	ADJ
cblr-8639	446	11	assets	asset	NOUN
cblr-8639	446	12	to	to	PART
cblr-8639	446	13	solve	solve	VERB
cblr-8639	446	14	social	social	ADJ
cblr-8639	446	15	problems	problem	NOUN
cblr-8639	446	16	,	,	PUNCT
cblr-8639	446	17	corporate	corporate	ADJ
cblr-8639	446	18	fiduciaries	fiduciary	NOUN
cblr-8639	446	19	are	be	AUX
cblr-8639	446	20	“	"	PUNCT
cblr-8639	446	21	guided	guide	VERB
cblr-8639	446	22	only	only	ADV
cblr-8639	446	23	by	by	ADP
cblr-8639	446	24	general	general	ADJ
cblr-8639	446	25	exhortations	exhortation	NOUN
cblr-8639	446	26	from	from	ADP
cblr-8639	446	27	on	on	ADP
cblr-8639	446	28	high	high	ADJ
cblr-8639	446	29	to	to	PART
cblr-8639	446	30	restrain	restrain	VERB
cblr-8639	446	31	inflation	inflation	NOUN
cblr-8639	446	32	,	,	PUNCT
cblr-8639	446	33	improve	improve	VERB
cblr-8639	446	34	the	the	DET
cblr-8639	446	35	environment	environment	NOUN
cblr-8639	446	36	,	,	PUNCT
cblr-8639	446	37	and	and	CCONJ
cblr-8639	446	38	so	so	ADV
cblr-8639	446	39	on	on	ADV
cblr-8639	446	40	and	and	CCONJ
cblr-8639	446	41	on	on	ADP
cblr-8639	446	42	.	.	PUNCT
cblr-8639	446	43	”	"	PUNCT
cblr-8639	446	44	)	)	PUNCT
cblr-8639	446	45	;	;	PUNCT
cblr-8639	446	46	brian	brian	PROPN
cblr-8639	446	47	r.	r.	PROPN
cblr-8639	446	48	cheffins	cheffins	PROPN
cblr-8639	446	49	,	,	PUNCT
cblr-8639	446	50	stop	stop	VERB
cblr-8639	446	51	blaming	blame	VERB
cblr-8639	446	52	milton	milton	PROPN
cblr-8639	446	53	friedman	friedman	PROPN
cblr-8639	446	54	!	!	PROPN
cblr-8639	447	1	37	37	NUM
cblr-8639	447	2	(	(	PUNCT
cblr-8639	447	3	eur	eur	PROPN
cblr-8639	447	4	.	.	PROPN
cblr-8639	447	5	corp	corp	PROPN
cblr-8639	447	6	.	.	PROPN
cblr-8639	447	7	governance	governance	PROPN
cblr-8639	447	8	inst	inst	PROPN
cblr-8639	447	9	.	.	PROPN
cblr-8639	447	10	,	,	PUNCT
cblr-8639	447	11	working	work	VERB
cblr-8639	447	12	paper	paper	NOUN
cblr-8639	447	13	no	no	INTJ
cblr-8639	447	14	.	.	PUNCT
cblr-8639	448	1	523/2020	523/2020	NUM
cblr-8639	448	2	,	,	PUNCT
cblr-8639	448	3	2020	2020	NUM
cblr-8639	448	4	)	)	PUNCT
cblr-8639	448	5	(	(	PUNCT
cblr-8639	448	6	on	on	ADP
cblr-8639	448	7	file	file	NOUN
cblr-8639	448	8	with	with	ADP
cblr-8639	448	9	the	the	DET
cblr-8639	448	10	columbia	columbia	PROPN
cblr-8639	448	11	business	business	PROPN
cblr-8639	448	12	law	law	PROPN
cblr-8639	448	13	review	review	PROPN
cblr-8639	448	14	)	)	PUNCT
cblr-8639	448	15	,	,	PUNCT
cblr-8639	448	16	https://papers.ssrn.com/sol3/papers.cfm	https://papers.ssrn.com/sol3/papers.cfm	PROPN
cblr-8639	448	17	?	?	PUNCT
cblr-8639	448	18	abstract_id=3552950	abstract_id=3552950	NOUN
cblr-8639	448	19	(	(	PUNCT
cblr-8639	448	20	noting	note	VERB
cblr-8639	448	21	that	that	SCONJ
cblr-8639	448	22	“	"	PUNCT
cblr-8639	448	23	friedman	friedman	PROPN
cblr-8639	448	24	was	be	AUX
cblr-8639	448	25	alive	alive	ADJ
cblr-8639	448	26	”	"	PUNCT
cblr-8639	448	27	to	to	ADP
cblr-8639	448	28	the	the	DET
cblr-8639	448	29	logic	logic	NOUN
cblr-8639	448	30	“	"	PUNCT
cblr-8639	448	31	that	that	SCONJ
cblr-8639	448	32	managerial	managerial	ADJ
cblr-8639	448	33	discipline	discipline	NOUN
cblr-8639	448	34	is	be	AUX
cblr-8639	448	35	fortified	fortify	VERB
cblr-8639	448	36	if	if	SCONJ
cblr-8639	448	37	profits	profit	NOUN
cblr-8639	448	38	are	be	AUX
cblr-8639	448	39	the	the	DET
cblr-8639	448	40	top	top	ADJ
cblr-8639	448	41	priority	priority	NOUN
cblr-8639	448	42	because	because	SCONJ
cblr-8639	448	43	executive	executive	ADJ
cblr-8639	448	44	performance	performance	NOUN
cblr-8639	448	45	can	can	AUX
cblr-8639	448	46	be	be	AUX
cblr-8639	448	47	assessed	assess	VERB
cblr-8639	448	48	in	in	ADP
cblr-8639	448	49	accordance	accordance	NOUN
cblr-8639	448	50	with	with	ADP
cblr-8639	448	51	a	a	DET
cblr-8639	448	52	single	single	ADJ
cblr-8639	448	53	,	,	PUNCT
cblr-8639	448	54	comprehensible	comprehensible	ADJ
cblr-8639	448	55	metric	metric	NOUN
cblr-8639	448	56	”	"	PUNCT
cblr-8639	448	57	)	)	PUNCT
cblr-8639	448	58	.	.	PUNCT
cblr-8639	449	1	mahoney	mahoney	PROPN
cblr-8639	449	2	&	&	CCONJ
cblr-8639	449	3	mahoney	mahoney	PROPN
cblr-8639	449	4	8/22/2021	8/22/2021	PROPN
cblr-8639	449	5	9:16	9:16	NUM
cblr-8639	449	6	pm	pm	NOUN
cblr-8639	449	7	no	no	INTJ
cblr-8639	449	8	.	.	PUNCT
cblr-8639	450	1	2:840	2:840	NUM
cblr-8639	450	2	]	]	X
cblr-8639	450	3	the	the	DET
cblr-8639	450	4	new	new	ADJ
cblr-8639	450	5	separation	separation	NOUN
cblr-8639	450	6	of	of	ADP
cblr-8639	450	7	ownership	ownership	NOUN
cblr-8639	450	8	and	and	CCONJ
cblr-8639	450	9	control	control	VERB
cblr-8639	450	10	869	869	NUM
cblr-8639	450	11	profit	profit	NOUN
cblr-8639	450	12	might	might	AUX
cblr-8639	450	13	create	create	VERB
cblr-8639	450	14	are	be	AUX
cblr-8639	450	15	mitigated	mitigate	VERB
cblr-8639	450	16	through	through	ADP
cblr-8639	450	17	law	law	NOUN
cblr-8639	450	18	and	and	CCONJ
cblr-8639	450	19	policy	policy	NOUN
cblr-8639	450	20	,	,	PUNCT
cblr-8639	450	21	which	which	PRON
cblr-8639	450	22	set	set	VERB
cblr-8639	450	23	constraints	constraint	NOUN
cblr-8639	450	24	within	within	ADP
cblr-8639	450	25	which	which	PRON
cblr-8639	450	26	corporate	corporate	ADJ
cblr-8639	450	27	managers	manager	NOUN
cblr-8639	450	28	must	must	AUX
cblr-8639	450	29	operate	operate	VERB
cblr-8639	450	30	.	.	PUNCT
cblr-8639	451	1	like	like	ADP
cblr-8639	451	2	operating	operating	NOUN
cblr-8639	451	3	companies	company	NOUN
cblr-8639	451	4	,	,	PUNCT
cblr-8639	451	5	asset	asset	NOUN
cblr-8639	451	6	management	management	NOUN
cblr-8639	451	7	firms	firm	NOUN
cblr-8639	451	8	select	select	VERB
cblr-8639	451	9	managers	manager	NOUN
cblr-8639	451	10	based	base	VERB
cblr-8639	451	11	on	on	ADP
cblr-8639	451	12	their	their	PRON
cblr-8639	451	13	ability	ability	NOUN
cblr-8639	451	14	to	to	PART
cblr-8639	451	15	maximize	maximize	VERB
cblr-8639	451	16	beneficiary	beneficiary	NOUN
cblr-8639	451	17	returns	return	NOUN
cblr-8639	451	18	,	,	PUNCT
cblr-8639	451	19	making	make	VERB
cblr-8639	451	20	them	they	PRON
cblr-8639	451	21	an	an	DET
cblr-8639	451	22	insular	insular	ADJ
cblr-8639	451	23	group	group	NOUN
cblr-8639	451	24	.	.	PUNCT
cblr-8639	452	1	the	the	DET
cblr-8639	452	2	ceos	ceo	NOUN
cblr-8639	452	3	of	of	ADP
cblr-8639	452	4	the	the	DET
cblr-8639	452	5	five	five	NUM
cblr-8639	452	6	largest	large	ADJ
cblr-8639	452	7	u.s	u.s	PROPN
cblr-8639	452	8	.	.	PROPN
cblr-8639	452	9	asset	asset	NOUN
cblr-8639	452	10	management	management	NOUN
cblr-8639	452	11	firms	firm	NOUN
cblr-8639	452	12	—	—	PUNCT
cblr-8639	452	13	blackrock	blackrock	NOUN
cblr-8639	452	14	,	,	PUNCT
cblr-8639	452	15	vanguard	vanguard	PROPN
cblr-8639	452	16	,	,	PUNCT
cblr-8639	452	17	fidelity	fidelity	PROPN
cblr-8639	452	18	,	,	PUNCT
cblr-8639	452	19	state	state	NOUN
cblr-8639	452	20	street	street	NOUN
cblr-8639	452	21	,	,	PUNCT
cblr-8639	452	22	and	and	CCONJ
cblr-8639	452	23	j.p	j.p	PROPN
cblr-8639	452	24	.	.	PROPN
cblr-8639	452	25	morgan110	morgan110	PROPN
cblr-8639	452	26	—	—	PUNCT
cblr-8639	452	27	all	all	PRON
cblr-8639	452	28	have	have	VERB
cblr-8639	452	29	mbas	mbas	NOUN
cblr-8639	452	30	,	,	PUNCT
cblr-8639	452	31	four	four	NUM
cblr-8639	452	32	of	of	ADP
cblr-8639	452	33	them	they	PRON
cblr-8639	452	34	from	from	ADP
cblr-8639	452	35	harvard.111	harvard.111	PROPN
cblr-8639	452	36	all	all	PRON
cblr-8639	452	37	have	have	VERB
cblr-8639	452	38	extensive	extensive	ADJ
cblr-8639	452	39	industry	industry	NOUN
cblr-8639	452	40	experience.112	experience.112	NOUN
cblr-8639	452	41	while	while	SCONJ
cblr-8639	452	42	well	well	ADV
cblr-8639	452	43	-	-	PUNCT
cblr-8639	452	44	qualified	qualified	ADJ
cblr-8639	452	45	to	to	PART
cblr-8639	452	46	manage	manage	VERB
cblr-8639	452	47	beneficiary	beneficiary	ADJ
cblr-8639	452	48	funds	fund	NOUN
cblr-8639	452	49	,	,	PUNCT
cblr-8639	452	50	they	they	PRON
cblr-8639	452	51	are	be	AUX
cblr-8639	452	52	hardly	hardly	ADV
cblr-8639	452	53	representative	representative	ADJ
cblr-8639	452	54	of	of	ADP
cblr-8639	452	55	the	the	DET
cblr-8639	452	56	population	population	NOUN
cblr-8639	452	57	at	at	ADP
cblr-8639	452	58	large	large	ADJ
cblr-8639	452	59	.	.	PUNCT
cblr-8639	452	60	nor	nor	CCONJ
cblr-8639	452	61	do	do	AUX
cblr-8639	452	62	they	they	PRON
cblr-8639	452	63	have	have	VERB
cblr-8639	452	64	the	the	DET
cblr-8639	452	65	political	political	ADJ
cblr-8639	452	66	legitimacy	legitimacy	NOUN
cblr-8639	452	67	that	that	PRON
cblr-8639	452	68	comes	come	VERB
cblr-8639	452	69	from	from	ADP
cblr-8639	452	70	election	election	NOUN
cblr-8639	452	71	to	to	ADP
cblr-8639	452	72	office	office	NOUN
cblr-8639	452	73	.	.	PUNCT
cblr-8639	453	1	their	their	PRON
cblr-8639	453	2	role	role	NOUN
cblr-8639	453	3	in	in	ADP
cblr-8639	453	4	managing	manage	VERB
cblr-8639	453	5	tradeoffs	tradeoff	NOUN
cblr-8639	453	6	among	among	ADP
cblr-8639	453	7	social	social	ADJ
cblr-8639	453	8	goals	goal	NOUN
cblr-8639	453	9	is	be	AUX
cblr-8639	453	10	self	self	NOUN
cblr-8639	453	11	-	-	PUNCT
cblr-8639	453	12	appointed	appoint	VERB
cblr-8639	453	13	.	.	PUNCT
cblr-8639	454	1	in	in	ADP
cblr-8639	454	2	addition	addition	NOUN
cblr-8639	454	3	to	to	ADP
cblr-8639	454	4	questions	question	NOUN
cblr-8639	454	5	of	of	ADP
cblr-8639	454	6	competence	competence	NOUN
cblr-8639	454	7	and	and	CCONJ
cblr-8639	454	8	legitimacy	legitimacy	NOUN
cblr-8639	454	9	,	,	PUNCT
cblr-8639	454	10	one	one	PRON
cblr-8639	454	11	should	should	AUX
cblr-8639	454	12	also	also	ADV
cblr-8639	454	13	be	be	AUX
cblr-8639	454	14	skeptical	skeptical	ADJ
cblr-8639	454	15	of	of	ADP
cblr-8639	454	16	corporate	corporate	ADJ
cblr-8639	454	17	or	or	CCONJ
cblr-8639	454	18	fund	fund	NOUN
cblr-8639	454	19	managers	manager	NOUN
cblr-8639	454	20	taking	take	VERB
cblr-8639	454	21	the	the	DET
cblr-8639	454	22	role	role	NOUN
cblr-8639	454	23	of	of	ADP
cblr-8639	454	24	social	social	ADJ
cblr-8639	454	25	problem	problem	NOUN
cblr-8639	454	26	solvers	solver	NOUN
cblr-8639	454	27	because	because	SCONJ
cblr-8639	454	28	it	it	PRON
cblr-8639	454	29	risks	risk	VERB
cblr-8639	454	30	exacerbating	exacerbate	VERB
cblr-8639	454	31	managerial	managerial	ADJ
cblr-8639	454	32	agency	agency	NOUN
cblr-8639	454	33	problems	problem	NOUN
cblr-8639	454	34	.	.	PUNCT
cblr-8639	455	1	a	a	DET
cblr-8639	455	2	manager	manager	NOUN
cblr-8639	455	3	accountable	accountable	ADJ
cblr-8639	455	4	to	to	ADP
cblr-8639	455	5	multiple	multiple	ADJ
cblr-8639	455	6	constituencies	constituency	NOUN
cblr-8639	455	7	,	,	PUNCT
cblr-8639	455	8	by	by	ADP
cblr-8639	455	9	definition	definition	NOUN
cblr-8639	455	10	,	,	PUNCT
cblr-8639	455	11	has	have	VERB
cblr-8639	455	12	more	more	ADJ
cblr-8639	455	13	discretion	discretion	NOUN
cblr-8639	455	14	than	than	ADP
cblr-8639	455	15	one	one	NUM
cblr-8639	455	16	accountable	accountable	ADJ
cblr-8639	455	17	to	to	ADP
cblr-8639	455	18	a	a	DET
cblr-8639	455	19	single	single	ADJ
cblr-8639	455	20	constituency	constituency	NOUN
cblr-8639	455	21	.	.	PUNCT
cblr-8639	456	1	by	by	ADP
cblr-8639	456	2	declaring	declare	VERB
cblr-8639	456	3	an	an	DET
cblr-8639	456	4	intention	intention	NOUN
cblr-8639	456	5	to	to	PART
cblr-8639	456	6	serve	serve	VERB
cblr-8639	456	7	multiple	multiple	ADJ
cblr-8639	456	8	constituencies	constituency	NOUN
cblr-8639	456	9	,	,	PUNCT
cblr-8639	456	10	managers	manager	NOUN
cblr-8639	456	11	assign	assign	VERB
cblr-8639	456	12	themselves	themselves	PRON
cblr-8639	456	13	the	the	DET
cblr-8639	456	14	discretionary	discretionary	ADJ
cblr-8639	456	15	task	task	NOUN
cblr-8639	456	16	of	of	ADP
cblr-8639	456	17	deciding	decide	VERB
cblr-8639	456	18	which	which	DET
cblr-8639	456	19	constituency	constituency	NOUN
cblr-8639	456	20	to	to	PART
cblr-8639	456	21	favor	favor	VERB
cblr-8639	456	22	in	in	ADP
cblr-8639	456	23	any	any	DET
cblr-8639	456	24	given	give	VERB
cblr-8639	456	25	decision	decision	NOUN
cblr-8639	456	26	.	.	PUNCT
cblr-8639	457	1	managers	manager	NOUN
cblr-8639	457	2	can	can	AUX
cblr-8639	457	3	use	use	VERB
cblr-8639	457	4	that	that	DET
cblr-8639	457	5	expanded	expand	VERB
cblr-8639	457	6	discretion	discretion	NOUN
cblr-8639	457	7	to	to	PART
cblr-8639	457	8	pursue	pursue	VERB
cblr-8639	457	9	personal	personal	ADJ
cblr-8639	457	10	ends	end	NOUN
cblr-8639	457	11	.	.	PUNCT
cblr-8639	458	1	by	by	ADP
cblr-8639	458	2	110	110	NUM
cblr-8639	458	3	see	see	VERB
cblr-8639	458	4	america	america	PROPN
cblr-8639	458	5	’s	’s	PART
cblr-8639	458	6	top	top	ADJ
cblr-8639	458	7	50	50	NUM
cblr-8639	458	8	asset	asset	NOUN
cblr-8639	458	9	managers	manager	NOUN
cblr-8639	458	10	by	by	ADP
cblr-8639	458	11	aum	aum	PROPN
cblr-8639	458	12	,	,	PUNCT
cblr-8639	458	13	adv	adv	PROPN
cblr-8639	458	14	ratings	rating	NOUN
cblr-8639	458	15	,	,	PUNCT
cblr-8639	458	16	https://www.advratings.com/top-us-asset-managers	https://www.advratings.com/top-us-asset-manager	NOUN
cblr-8639	459	1	[	[	X
cblr-8639	459	2	https://perma.cc/4hda-xntn	https://perma.cc/4hda-xntn	X
cblr-8639	459	3	]	]	X
cblr-8639	459	4	(	(	PUNCT
cblr-8639	459	5	last	last	ADJ
cblr-8639	459	6	visited	visit	VERB
cblr-8639	459	7	apr	apr	NOUN
cblr-8639	459	8	.	.	PROPN
cblr-8639	459	9	2	2	NUM
cblr-8639	459	10	,	,	PUNCT
cblr-8639	459	11	2021	2021	NUM
cblr-8639	459	12	)	)	PUNCT
cblr-8639	459	13	.	.	PUNCT
cblr-8639	460	1	111	111	NUM
cblr-8639	460	2	see	see	VERB
cblr-8639	460	3	larry	larry	PROPN
cblr-8639	460	4	fink	fink	PROPN
cblr-8639	460	5	,	,	PUNCT
cblr-8639	460	6	blackrock	blackrock	PROPN
cblr-8639	460	7	,	,	PUNCT
cblr-8639	460	8	https://www.blackrock.com/corporate/	https://www.blackrock.com/corporate/	ADV
cblr-8639	460	9	about	about	ADP
cblr-8639	460	10	-	-	PUNCT
cblr-8639	460	11	us	we	PRON
cblr-8639	460	12	/	/	SYM
cblr-8639	460	13	leadership	leadership	NOUN
cblr-8639	460	14	/	/	SYM
cblr-8639	460	15	larry	larry	PROPN
cblr-8639	460	16	-	-	PUNCT
cblr-8639	460	17	fink	fink	PROPN
cblr-8639	461	1	[	[	X
cblr-8639	461	2	https://perma.cc/wf8b-m2tx	https://perma.cc/wf8b-m2tx	X
cblr-8639	461	3	]	]	X
cblr-8639	461	4	(	(	PUNCT
cblr-8639	461	5	last	last	ADJ
cblr-8639	461	6	visited	visit	VERB
cblr-8639	461	7	apr	apr	NOUN
cblr-8639	461	8	.	.	PROPN
cblr-8639	462	1	7	7	NUM
cblr-8639	462	2	,	,	PUNCT
cblr-8639	462	3	2021	2021	NUM
cblr-8639	462	4	)	)	PUNCT
cblr-8639	462	5	(	(	PUNCT
cblr-8639	462	6	ucla	ucla	NOUN
cblr-8639	462	7	)	)	PUNCT
cblr-8639	462	8	;	;	PUNCT
cblr-8639	463	1	our	our	PRON
cblr-8639	463	2	leaders	leader	NOUN
cblr-8639	463	3	,	,	PUNCT
cblr-8639	463	4	vanguard	vanguard	NOUN
cblr-8639	463	5	,	,	PUNCT
cblr-8639	463	6	https://about.vanguard.com/who-we-are/our-leaders/	https://about.vanguard.com/who-we-are/our-leaders/	PROPN
cblr-8639	463	7	[	[	X
cblr-8639	463	8	https://perma.cc/3uqa-nq6r	https://perma.cc/3uqa-nq6r	X
cblr-8639	463	9	]	]	X
cblr-8639	463	10	(	(	PUNCT
cblr-8639	463	11	last	last	ADJ
cblr-8639	463	12	visited	visit	VERB
cblr-8639	463	13	apr	apr	NOUN
cblr-8639	463	14	.	.	PROPN
cblr-8639	463	15	7	7	NUM
cblr-8639	463	16	,	,	PUNCT
cblr-8639	463	17	2021	2021	NUM
cblr-8639	463	18	)	)	PUNCT
cblr-8639	463	19	(	(	PUNCT
cblr-8639	463	20	harvard	harvard	PROPN
cblr-8639	463	21	)	)	PUNCT
cblr-8639	463	22	;	;	PUNCT
cblr-8639	463	23	abby	abby	PROPN
cblr-8639	463	24	johnson	johnson	PROPN
cblr-8639	463	25	,	,	PUNCT
cblr-8639	463	26	linkedin	linkedin	PROPN
cblr-8639	463	27	(	(	PUNCT
cblr-8639	463	28	on	on	ADP
cblr-8639	463	29	file	file	NOUN
cblr-8639	463	30	with	with	ADP
cblr-8639	463	31	the	the	DET
cblr-8639	463	32	columbia	columbia	PROPN
cblr-8639	463	33	business	business	PROPN
cblr-8639	463	34	law	law	PROPN
cblr-8639	463	35	review	review	PROPN
cblr-8639	463	36	)	)	PUNCT
cblr-8639	463	37	,	,	PUNCT
cblr-8639	463	38	https://www.linkedin.com/in/abbyjohnson/	https://www.linkedin.com/in/abbyjohnson/	PROPN
cblr-8639	463	39	(	(	PUNCT
cblr-8639	463	40	last	last	ADJ
cblr-8639	463	41	visited	visit	VERB
cblr-8639	463	42	apr	apr	NOUN
cblr-8639	463	43	.	.	PROPN
cblr-8639	463	44	7	7	NUM
cblr-8639	463	45	,	,	PUNCT
cblr-8639	463	46	2021	2021	NUM
cblr-8639	463	47	)	)	PUNCT
cblr-8639	463	48	(	(	PUNCT
cblr-8639	463	49	harvard	harvard	PROPN
cblr-8639	463	50	)	)	PUNCT
cblr-8639	463	51	;	;	PUNCT
cblr-8639	463	52	ronald	ronald	PROPN
cblr-8639	463	53	o’hanley	o’hanley	PROPN
cblr-8639	463	54	,	,	PUNCT
cblr-8639	463	55	linkedin	linkedin	NOUN
cblr-8639	463	56	(	(	PUNCT
cblr-8639	463	57	on	on	ADP
cblr-8639	463	58	file	file	NOUN
cblr-8639	463	59	with	with	ADP
cblr-8639	463	60	the	the	DET
cblr-8639	463	61	columbia	columbia	PROPN
cblr-8639	463	62	business	business	PROPN
cblr-8639	463	63	law	law	PROPN
cblr-8639	463	64	review	review	PROPN
cblr-8639	463	65	)	)	PUNCT
cblr-8639	463	66	,	,	PUNCT
cblr-8639	463	67	https://www.linkedin.com/in/ronald-o-hanley-444aa693/	https://www.linkedin.com/in/ronald-o-hanley-444aa693/	PUNCT
cblr-8639	463	68	(	(	PUNCT
cblr-8639	463	69	last	last	ADJ
cblr-8639	463	70	visited	visit	VERB
cblr-8639	463	71	apr	apr	NOUN
cblr-8639	463	72	.	.	PROPN
cblr-8639	463	73	7	7	NUM
cblr-8639	463	74	,	,	PUNCT
cblr-8639	463	75	2021	2021	NUM
cblr-8639	463	76	)	)	PUNCT
cblr-8639	463	77	(	(	PUNCT
cblr-8639	463	78	harvard	harvard	PROPN
cblr-8639	463	79	)	)	PUNCT
cblr-8639	463	80	;	;	PUNCT
cblr-8639	463	81	jamie	jamie	PROPN
cblr-8639	463	82	dimon	dimon	PROPN
cblr-8639	463	83	,	,	PUNCT
cblr-8639	463	84	linkedin	linkedin	PROPN
cblr-8639	463	85	(	(	PUNCT
cblr-8639	463	86	on	on	ADP
cblr-8639	463	87	file	file	NOUN
cblr-8639	463	88	with	with	ADP
cblr-8639	463	89	the	the	DET
cblr-8639	463	90	columbia	columbia	PROPN
cblr-8639	463	91	business	business	PROPN
cblr-8639	463	92	law	law	PROPN
cblr-8639	463	93	review	review	PROPN
cblr-8639	463	94	)	)	PUNCT
cblr-8639	463	95	,	,	PUNCT
cblr-8639	463	96	https://www.linkedin.com/in/jamiedimon-65634172/	https://www.linkedin.com/in/jamiedimon-65634172/	PROPN
cblr-8639	463	97	(	(	PUNCT
cblr-8639	463	98	last	last	ADJ
cblr-8639	463	99	visited	visit	VERB
cblr-8639	463	100	apr	apr	NOUN
cblr-8639	463	101	.	.	PROPN
cblr-8639	463	102	7	7	NUM
cblr-8639	463	103	,	,	PUNCT
cblr-8639	463	104	2021	2021	NUM
cblr-8639	463	105	)	)	PUNCT
cblr-8639	463	106	(	(	PUNCT
cblr-8639	463	107	harvard	harvard	PROPN
cblr-8639	463	108	)	)	PUNCT
cblr-8639	463	109	.	.	PUNCT
cblr-8639	464	1	112	112	NUM
cblr-8639	464	2	see	see	VERB
cblr-8639	464	3	supra	supra	PROPN
cblr-8639	464	4	note	note	PROPN
cblr-8639	464	5	111	111	NUM
cblr-8639	464	6	.	.	PUNCT
cblr-8639	465	1	mahoney	mahoney	PROPN
cblr-8639	465	2	&	&	CCONJ
cblr-8639	465	3	mahoney	mahoney	PROPN
cblr-8639	465	4	8/22/2021	8/22/2021	PROPN
cblr-8639	465	5	9:16	9:16	NUM
cblr-8639	465	6	pm	pm	NOUN
cblr-8639	465	7	870	870	NUM
cblr-8639	465	8	columbia	columbia	PROPN
cblr-8639	465	9	business	business	NOUN
cblr-8639	465	10	law	law	PROPN
cblr-8639	465	11	review	review	NOUN
cblr-8639	465	12	[	[	X
cblr-8639	465	13	vol	vol	NOUN
cblr-8639	465	14	.	.	PUNCT
cblr-8639	465	15	2021	2021	NUM
cblr-8639	465	16	contrast	contrast	NOUN
cblr-8639	465	17	,	,	PUNCT
cblr-8639	465	18	holding	hold	VERB
cblr-8639	465	19	corporate	corporate	ADJ
cblr-8639	465	20	or	or	CCONJ
cblr-8639	465	21	fund	fund	NOUN
cblr-8639	465	22	managers	manager	NOUN
cblr-8639	465	23	to	to	ADP
cblr-8639	465	24	a	a	DET
cblr-8639	465	25	single	single	ADJ
cblr-8639	465	26	metric	metric	NOUN
cblr-8639	465	27	makes	make	VERB
cblr-8639	465	28	it	it	PRON
cblr-8639	465	29	easier	easy	ADJ
cblr-8639	465	30	for	for	SCONJ
cblr-8639	465	31	their	their	PRON
cblr-8639	465	32	shareholders	shareholder	NOUN
cblr-8639	465	33	or	or	CCONJ
cblr-8639	465	34	beneficiaries	beneficiary	NOUN
cblr-8639	465	35	to	to	PART
cblr-8639	465	36	measure	measure	VERB
cblr-8639	465	37	and	and	CCONJ
cblr-8639	465	38	monitor	monitor	VERB
cblr-8639	465	39	their	their	PRON
cblr-8639	465	40	performance	performance	NOUN
cblr-8639	465	41	,	,	PUNCT
cblr-8639	465	42	thereby	thereby	ADV
cblr-8639	465	43	reducing	reduce	VERB
cblr-8639	465	44	agency	agency	NOUN
cblr-8639	465	45	costs	cost	NOUN
cblr-8639	465	46	.	.	PUNCT
cblr-8639	466	1	critics	critic	NOUN
cblr-8639	466	2	of	of	ADP
cblr-8639	466	3	stakeholder	stakeholder	NOUN
cblr-8639	466	4	capitalism	capitalism	NOUN
cblr-8639	466	5	note	note	VERB
cblr-8639	466	6	that	that	SCONJ
cblr-8639	466	7	in	in	ADP
cblr-8639	466	8	the	the	DET
cblr-8639	466	9	past	past	NOUN
cblr-8639	466	10	it	it	PRON
cblr-8639	466	11	has	have	AUX
cblr-8639	466	12	served	serve	VERB
cblr-8639	466	13	as	as	ADP
cblr-8639	466	14	a	a	DET
cblr-8639	466	15	smokescreen	smokescreen	NOUN
cblr-8639	466	16	for	for	SCONJ
cblr-8639	466	17	managers	manager	NOUN
cblr-8639	466	18	to	to	PART
cblr-8639	466	19	pursue	pursue	VERB
cblr-8639	466	20	selfinterested	selfintereste	VERB
cblr-8639	466	21	policies.113	policies.113	NOUN
cblr-8639	466	22	in	in	ADP
cblr-8639	466	23	the	the	DET
cblr-8639	466	24	1980s	1980	NOUN
cblr-8639	466	25	,	,	PUNCT
cblr-8639	466	26	corporate	corporate	ADJ
cblr-8639	466	27	managers	manager	NOUN
cblr-8639	466	28	lobbied	lobby	VERB
cblr-8639	466	29	for	for	ADP
cblr-8639	466	30	statutes	statute	NOUN
cblr-8639	466	31	permitting	permit	VERB
cblr-8639	466	32	them	they	PRON
cblr-8639	466	33	to	to	PART
cblr-8639	466	34	take	take	VERB
cblr-8639	466	35	account	account	NOUN
cblr-8639	466	36	of	of	ADP
cblr-8639	466	37	the	the	DET
cblr-8639	466	38	interests	interest	NOUN
cblr-8639	466	39	of	of	ADP
cblr-8639	466	40	non	non	ADJ
cblr-8639	466	41	-	-	ADJ
cblr-8639	466	42	shareholder	shareholder	ADJ
cblr-8639	466	43	constituencies	constituency	NOUN
cblr-8639	466	44	to	to	PART
cblr-8639	466	45	give	give	VERB
cblr-8639	466	46	them	they	PRON
cblr-8639	466	47	another	another	DET
cblr-8639	466	48	tool	tool	NOUN
cblr-8639	466	49	to	to	PART
cblr-8639	466	50	fight	fight	VERB
cblr-8639	466	51	hostile	hostile	ADJ
cblr-8639	466	52	tender	tender	NOUN
cblr-8639	466	53	offers.114	offers.114	NOUN
cblr-8639	466	54	the	the	DET
cblr-8639	466	55	self	self	NOUN
cblr-8639	466	56	-	-	PUNCT
cblr-8639	466	57	interest	interest	NOUN
cblr-8639	466	58	underlying	underlie	VERB
cblr-8639	466	59	esg	esg	NOUN
cblr-8639	466	60	activism	activism	NOUN
cblr-8639	466	61	is	be	AUX
cblr-8639	466	62	more	more	ADV
cblr-8639	466	63	subtle	subtle	ADJ
cblr-8639	466	64	.	.	PUNCT
cblr-8639	467	1	it	it	PRON
cblr-8639	467	2	is	be	AUX
cblr-8639	467	3	a	a	DET
cblr-8639	467	4	means	means	NOUN
cblr-8639	467	5	to	to	PART
cblr-8639	467	6	pursue	pursue	VERB
cblr-8639	467	7	the	the	DET
cblr-8639	467	8	preferred	preferred	ADJ
cblr-8639	467	9	public	public	ADJ
cblr-8639	467	10	policies	policy	NOUN
cblr-8639	467	11	of	of	ADP
cblr-8639	467	12	the	the	DET
cblr-8639	467	13	fund	fund	NOUN
cblr-8639	467	14	’s	’s	PART
cblr-8639	467	15	managers	manager	NOUN
cblr-8639	467	16	and	and	CCONJ
cblr-8639	467	17	employees	employee	NOUN
cblr-8639	467	18	outside	outside	ADP
cblr-8639	467	19	the	the	DET
cblr-8639	467	20	formal	formal	ADJ
cblr-8639	467	21	political	political	ADJ
cblr-8639	467	22	process	process	NOUN
cblr-8639	467	23	.	.	PUNCT
cblr-8639	468	1	like	like	ADP
cblr-8639	468	2	friedman	friedman	PROPN
cblr-8639	468	3	,	,	PUNCT
cblr-8639	468	4	however	however	ADV
cblr-8639	468	5	,	,	PUNCT
cblr-8639	468	6	we	we	PRON
cblr-8639	468	7	take	take	VERB
cblr-8639	468	8	the	the	DET
cblr-8639	468	9	view	view	NOUN
cblr-8639	468	10	that	that	SCONJ
cblr-8639	468	11	differences	difference	NOUN
cblr-8639	468	12	of	of	ADP
cblr-8639	468	13	opinion	opinion	NOUN
cblr-8639	468	14	over	over	ADP
cblr-8639	468	15	questions	question	NOUN
cblr-8639	468	16	of	of	ADP
cblr-8639	468	17	public	public	ADJ
cblr-8639	468	18	policy	policy	NOUN
cblr-8639	468	19	should	should	AUX
cblr-8639	468	20	be	be	AUX
cblr-8639	468	21	resolved	resolve	VERB
cblr-8639	468	22	through	through	ADP
cblr-8639	468	23	votes	vote	NOUN
cblr-8639	468	24	at	at	ADP
cblr-8639	468	25	the	the	DET
cblr-8639	468	26	political	political	ADJ
cblr-8639	468	27	ballot	ballot	NOUN
cblr-8639	468	28	box	box	NOUN
cblr-8639	468	29	rather	rather	ADV
cblr-8639	468	30	than	than	ADP
cblr-8639	468	31	on	on	ADP
cblr-8639	468	32	the	the	DET
cblr-8639	468	33	corporate	corporate	ADJ
cblr-8639	468	34	proxy	proxy	NOUN
cblr-8639	468	35	card	card	NOUN
cblr-8639	468	36	.	.	PUNCT
cblr-8639	469	1	interestingly	interestingly	ADV
cblr-8639	469	2	,	,	PUNCT
cblr-8639	469	3	the	the	DET
cblr-8639	469	4	business	business	NOUN
cblr-8639	469	5	roundtable	roundtable	NOUN
cblr-8639	469	6	’s	’s	PART
cblr-8639	469	7	ceo	ceo	NOUN
cblr-8639	469	8	has	have	AUX
cblr-8639	469	9	argued	argue	VERB
cblr-8639	469	10	that	that	SCONJ
cblr-8639	469	11	its	its	PRON
cblr-8639	469	12	statement	statement	NOUN
cblr-8639	469	13	on	on	ADP
cblr-8639	469	14	corporate	corporate	ADJ
cblr-8639	469	15	purpose	purpose	NOUN
cblr-8639	469	16	is	be	AUX
cblr-8639	469	17	broadly	broadly	ADV
cblr-8639	469	18	consistent	consistent	ADJ
cblr-8639	469	19	with	with	ADP
cblr-8639	469	20	democratic	democratic	ADJ
cblr-8639	469	21	governance	governance	NOUN
cblr-8639	469	22	and	and	CCONJ
cblr-8639	469	23	shareholder	shareholder	NOUN
cblr-8639	469	24	primacy	primacy	NOUN
cblr-8639	469	25	:	:	PUNCT
cblr-8639	469	26	we	we	PRON
cblr-8639	469	27	agree	agree	VERB
cblr-8639	469	28	that	that	SCONJ
cblr-8639	469	29	business	business	NOUN
cblr-8639	469	30	should	should	AUX
cblr-8639	469	31	n’t	not	PART
cblr-8639	469	32	usurp	usurp	VERB
cblr-8639	469	33	government	government	NOUN
cblr-8639	469	34	’s	’s	PART
cblr-8639	469	35	proper	proper	ADJ
cblr-8639	469	36	role	role	NOUN
cblr-8639	469	37	.	.	PUNCT
cblr-8639	470	1	companies	company	NOUN
cblr-8639	470	2	can	can	AUX
cblr-8639	470	3	,	,	PUNCT
cblr-8639	470	4	however	however	ADV
cblr-8639	470	5	,	,	PUNCT
cblr-8639	470	6	do	do	VERB
cblr-8639	470	7	their	their	PRON
cblr-8639	470	8	part	part	NOUN
cblr-8639	470	9	by	by	ADP
cblr-8639	470	10	investing	invest	VERB
cblr-8639	470	11	in	in	ADP
cblr-8639	470	12	their	their	PRON
cblr-8639	470	13	employees	employee	NOUN
cblr-8639	470	14	,	,	PUNCT
cblr-8639	470	15	customers	customer	NOUN
cblr-8639	470	16	,	,	PUNCT
cblr-8639	470	17	suppliers	supplier	NOUN
cblr-8639	470	18	and	and	CCONJ
cblr-8639	470	19	communities	community	NOUN
cblr-8639	470	20	.	.	PUNCT
cblr-8639	471	1	far	far	ADV
cblr-8639	471	2	from	from	ADP
cblr-8639	471	3	undermining	undermine	VERB
cblr-8639	471	4	shareholders	shareholder	NOUN
cblr-8639	471	5	or	or	CCONJ
cblr-8639	471	6	capitalism	capitalism	NOUN
cblr-8639	471	7	,	,	PUNCT
cblr-8639	471	8	the	the	DET
cblr-8639	471	9	many	many	ADJ
cblr-8639	471	10	actions	action	NOUN
cblr-8639	471	11	major	major	ADJ
cblr-8639	471	12	corporations	corporation	NOUN
cblr-8639	471	13	are	be	AUX
cblr-8639	471	14	taking	take	VERB
cblr-8639	471	15	to	to	PART
cblr-8639	471	16	support	support	VERB
cblr-8639	471	17	all	all	DET
cblr-8639	471	18	stakeholders	stakeholder	NOUN
cblr-8639	471	19	will	will	AUX
cblr-8639	471	20	pay	pay	VERB
cblr-8639	471	21	dividends	dividend	NOUN
cblr-8639	471	22	,	,	PUNCT
cblr-8639	471	23	especially	especially	ADV
cblr-8639	471	24	as	as	SCONJ
cblr-8639	471	25	the	the	DET
cblr-8639	471	26	american	american	ADJ
cblr-8639	471	27	economy	economy	NOUN
cblr-8639	471	28	battles	battle	NOUN
cblr-8639	471	29	to	to	PART
cblr-8639	471	30	grow	grow	VERB
cblr-8639	471	31	again.115	again.115	ADP
cblr-8639	471	32	the	the	DET
cblr-8639	471	33	statement	statement	NOUN
cblr-8639	471	34	’s	’s	PART
cblr-8639	471	35	critics	critic	NOUN
cblr-8639	471	36	,	,	PUNCT
cblr-8639	471	37	by	by	ADP
cblr-8639	471	38	contrast	contrast	NOUN
cblr-8639	471	39	,	,	PUNCT
cblr-8639	471	40	construe	construe	VERB
cblr-8639	471	41	it	it	PRON
cblr-8639	471	42	as	as	ADP
cblr-8639	471	43	a	a	DET
cblr-8639	471	44	manifesto	manifesto	NOUN
cblr-8639	471	45	for	for	SCONJ
cblr-8639	471	46	managers	manager	NOUN
cblr-8639	471	47	to	to	PART
cblr-8639	471	48	balance	balance	VERB
cblr-8639	471	49	the	the	DET
cblr-8639	471	50	interests	interest	NOUN
cblr-8639	471	51	of	of	ADP
cblr-8639	471	52	multiple	multiple	ADJ
cblr-8639	471	53	113	113	NUM
cblr-8639	471	54	see	see	NOUN
cblr-8639	471	55	lucian	lucian	PROPN
cblr-8639	471	56	a.	a.	PROPN
cblr-8639	471	57	bebchuk	bebchuk	PROPN
cblr-8639	471	58	&	&	CCONJ
cblr-8639	471	59	roberto	roberto	PROPN
cblr-8639	471	60	tallarita	tallarita	PROPN
cblr-8639	471	61	,	,	PUNCT
cblr-8639	471	62	the	the	DET
cblr-8639	471	63	illusory	illusory	ADJ
cblr-8639	471	64	promise	promise	NOUN
cblr-8639	471	65	of	of	ADP
cblr-8639	471	66	stakeholder	stakeholder	NOUN
cblr-8639	471	67	governance	governance	NOUN
cblr-8639	471	68	,	,	PUNCT
cblr-8639	471	69	106	106	NUM
cblr-8639	471	70	cornell	cornell	PROPN
cblr-8639	471	71	l.	l.	PROPN
cblr-8639	471	72	rev	rev	PROPN
cblr-8639	471	73	.	.	PROPN
cblr-8639	471	74	91	91	NUM
cblr-8639	471	75	,	,	PUNCT
cblr-8639	471	76	165	165	NUM
cblr-8639	471	77	(	(	PUNCT
cblr-8639	471	78	2020	2020	NUM
cblr-8639	471	79	)	)	PUNCT
cblr-8639	471	80	.	.	PUNCT
cblr-8639	472	1	114	114	NUM
cblr-8639	472	2	see	see	VERB
cblr-8639	472	3	mark	mark	PROPN
cblr-8639	472	4	j.	j.	PROPN
cblr-8639	472	5	roe	roe	PROPN
cblr-8639	472	6	,	,	PUNCT
cblr-8639	472	7	takeover	takeover	NOUN
cblr-8639	472	8	politics	politic	NOUN
cblr-8639	472	9	,	,	PUNCT
cblr-8639	472	10	in	in	ADP
cblr-8639	472	11	the	the	DET
cblr-8639	472	12	deal	deal	NOUN
cblr-8639	472	13	decade	decade	NOUN
cblr-8639	472	14	:	:	PUNCT
cblr-8639	472	15	what	what	PRON
cblr-8639	472	16	takeovers	takeover	NOUN
cblr-8639	472	17	and	and	CCONJ
cblr-8639	472	18	leveraged	leveraged	ADJ
cblr-8639	472	19	buyouts	buyout	NOUN
cblr-8639	472	20	mean	mean	VERB
cblr-8639	472	21	for	for	ADP
cblr-8639	472	22	corporate	corporate	ADJ
cblr-8639	472	23	governance	governance	NOUN
cblr-8639	472	24	321	321	NUM
cblr-8639	472	25	,	,	PUNCT
cblr-8639	472	26	338	338	NUM
cblr-8639	472	27	(	(	PUNCT
cblr-8639	472	28	margaret	margaret	PROPN
cblr-8639	472	29	m.	m.	PROPN
cblr-8639	472	30	blair	blair	PROPN
cblr-8639	472	31	ed	ed	PROPN
cblr-8639	472	32	.	.	PROPN
cblr-8639	472	33	,	,	PUNCT
cblr-8639	472	34	1993	1993	NUM
cblr-8639	472	35	)	)	PUNCT
cblr-8639	472	36	.	.	PUNCT
cblr-8639	473	1	115	115	NUM
cblr-8639	473	2	joshua	joshua	PROPN
cblr-8639	473	3	bolten	bolten	PROPN
cblr-8639	473	4	,	,	PUNCT
cblr-8639	473	5	opinion	opinion	NOUN
cblr-8639	473	6	,	,	PUNCT
cblr-8639	473	7	a	a	DET
cblr-8639	473	8	good	good	ADJ
cblr-8639	473	9	year	year	NOUN
cblr-8639	473	10	for	for	ADP
cblr-8639	473	11	stakeholder	stakeholder	NOUN
cblr-8639	473	12	capitalism	capitalism	NOUN
cblr-8639	473	13	,	,	PUNCT
cblr-8639	473	14	wall	wall	PROPN
cblr-8639	473	15	st	st	PROPN
cblr-8639	473	16	.	.	PROPN
cblr-8639	473	17	j.	j.	PROPN
cblr-8639	473	18	,	,	PUNCT
cblr-8639	473	19	aug	aug	PROPN
cblr-8639	473	20	.	.	PROPN
cblr-8639	473	21	19	19	NUM
cblr-8639	473	22	,	,	PUNCT
cblr-8639	473	23	2020	2020	NUM
cblr-8639	473	24	,	,	PUNCT
cblr-8639	473	25	at	at	ADP
cblr-8639	473	26	a15	a15	NOUN
cblr-8639	473	27	.	.	PUNCT
cblr-8639	474	1	mahoney	mahoney	PROPN
cblr-8639	474	2	&	&	CCONJ
cblr-8639	474	3	mahoney	mahoney	PROPN
cblr-8639	474	4	8/22/2021	8/22/2021	PROPN
cblr-8639	474	5	9:16	9:16	NUM
cblr-8639	474	6	pm	pm	NOUN
cblr-8639	474	7	no	no	INTJ
cblr-8639	474	8	.	.	PUNCT
cblr-8639	475	1	2:840	2:840	NUM
cblr-8639	475	2	]	]	X
cblr-8639	475	3	the	the	DET
cblr-8639	475	4	new	new	ADJ
cblr-8639	475	5	separation	separation	NOUN
cblr-8639	475	6	of	of	ADP
cblr-8639	475	7	ownership	ownership	NOUN
cblr-8639	475	8	and	and	CCONJ
cblr-8639	475	9	control	control	NOUN
cblr-8639	475	10	871	871	NUM
cblr-8639	475	11	constituencies	constituency	NOUN
cblr-8639	475	12	rather	rather	ADV
cblr-8639	475	13	than	than	ADP
cblr-8639	475	14	pursue	pursue	VERB
cblr-8639	475	15	shareholder	shareholder	NOUN
cblr-8639	476	1	interests.116	interests.116	ADV
cblr-8639	476	2	it	it	PRON
cblr-8639	476	3	is	be	AUX
cblr-8639	476	4	too	too	ADV
cblr-8639	476	5	early	early	ADJ
cblr-8639	476	6	to	to	PART
cblr-8639	476	7	know	know	VERB
cblr-8639	476	8	which	which	DET
cblr-8639	476	9	view	view	NOUN
cblr-8639	476	10	will	will	AUX
cblr-8639	476	11	prove	prove	VERB
cblr-8639	476	12	correct	correct	ADJ
cblr-8639	476	13	in	in	ADP
cblr-8639	476	14	practice	practice	NOUN
cblr-8639	476	15	.	.	PUNCT
cblr-8639	477	1	iv	iv	X
cblr-8639	477	2	.	.	PUNCT
cblr-8639	477	3	policy	policy	NOUN
cblr-8639	477	4	responses	response	NOUN
cblr-8639	477	5	the	the	DET
cblr-8639	477	6	sec	sec	PROPN
cblr-8639	477	7	can	can	AUX
cblr-8639	477	8	not	not	PART
cblr-8639	477	9	assume	assume	VERB
cblr-8639	477	10	that	that	SCONJ
cblr-8639	477	11	more	more	ADJ
cblr-8639	477	12	esg	esg	NOUN
cblr-8639	477	13	disclosures	disclosure	NOUN
cblr-8639	477	14	will	will	AUX
cblr-8639	477	15	be	be	AUX
cblr-8639	477	16	either	either	CCONJ
cblr-8639	477	17	beneficial	beneficial	ADJ
cblr-8639	477	18	or	or	CCONJ
cblr-8639	477	19	,	,	PUNCT
cblr-8639	477	20	at	at	ADP
cblr-8639	477	21	worst	bad	ADJ
cblr-8639	477	22	,	,	PUNCT
cblr-8639	477	23	harmless	harmless	ADJ
cblr-8639	477	24	.	.	PUNCT
cblr-8639	478	1	that	that	PRON
cblr-8639	478	2	might	might	AUX
cblr-8639	478	3	be	be	AUX
cblr-8639	478	4	true	true	ADJ
cblr-8639	478	5	were	be	AUX
cblr-8639	478	6	the	the	DET
cblr-8639	478	7	interests	interest	NOUN
cblr-8639	478	8	of	of	ADP
cblr-8639	478	9	fund	fund	NOUN
cblr-8639	478	10	managers	manager	NOUN
cblr-8639	478	11	and	and	CCONJ
cblr-8639	478	12	their	their	PRON
cblr-8639	478	13	beneficiaries	beneficiary	NOUN
cblr-8639	478	14	perfectly	perfectly	ADV
cblr-8639	478	15	aligned	align	VERB
cblr-8639	478	16	when	when	SCONJ
cblr-8639	478	17	it	it	PRON
cblr-8639	478	18	comes	come	VERB
cblr-8639	478	19	to	to	ADP
cblr-8639	478	20	esg	esg	NOUN
cblr-8639	478	21	activism	activism	NOUN
cblr-8639	478	22	.	.	PUNCT
cblr-8639	479	1	as	as	SCONJ
cblr-8639	479	2	we	we	PRON
cblr-8639	479	3	have	have	AUX
cblr-8639	479	4	argued	argue	VERB
cblr-8639	479	5	,	,	PUNCT
cblr-8639	479	6	that	that	PRON
cblr-8639	479	7	is	be	AUX
cblr-8639	479	8	likely	likely	ADJ
cblr-8639	479	9	not	not	PART
cblr-8639	479	10	the	the	DET
cblr-8639	479	11	case	case	NOUN
cblr-8639	479	12	.	.	PUNCT
cblr-8639	480	1	the	the	PRON
cblr-8639	480	2	easier	easy	ADJ
cblr-8639	480	3	the	the	DET
cblr-8639	480	4	sec	sec	PROPN
cblr-8639	480	5	makes	make	VERB
cblr-8639	480	6	it	it	PRON
cblr-8639	480	7	for	for	SCONJ
cblr-8639	480	8	funds	fund	NOUN
cblr-8639	480	9	to	to	PART
cblr-8639	480	10	pursue	pursue	VERB
cblr-8639	480	11	their	their	PRON
cblr-8639	480	12	insiders	insider	NOUN
cblr-8639	480	13	’	’	PART
cblr-8639	480	14	public	public	ADJ
cblr-8639	480	15	policy	policy	NOUN
cblr-8639	480	16	goals	goal	NOUN
cblr-8639	480	17	,	,	PUNCT
cblr-8639	480	18	the	the	PRON
cblr-8639	480	19	more	more	ADV
cblr-8639	480	20	the	the	DET
cblr-8639	480	21	sec	sec	PROPN
cblr-8639	480	22	will	will	AUX
cblr-8639	480	23	disserve	disserve	VERB
cblr-8639	480	24	its	its	PRON
cblr-8639	480	25	primary	primary	ADJ
cblr-8639	480	26	constituency	constituency	NOUN
cblr-8639	480	27	,	,	PUNCT
cblr-8639	480	28	the	the	DET
cblr-8639	480	29	retail	retail	ADJ
cblr-8639	480	30	investor	investor	NOUN
cblr-8639	480	31	.	.	PUNCT
cblr-8639	481	1	how	how	SCONJ
cblr-8639	481	2	,	,	PUNCT
cblr-8639	481	3	then	then	ADV
cblr-8639	481	4	,	,	PUNCT
cblr-8639	481	5	should	should	AUX
cblr-8639	481	6	the	the	DET
cblr-8639	481	7	sec	sec	PROPN
cblr-8639	481	8	proceed	proceed	VERB
cblr-8639	481	9	in	in	ADP
cblr-8639	481	10	response	response	NOUN
cblr-8639	481	11	to	to	ADP
cblr-8639	481	12	calls	call	NOUN
cblr-8639	481	13	for	for	ADP
cblr-8639	481	14	esg	esg	NOUN
cblr-8639	481	15	disclosures	disclosure	NOUN
cblr-8639	481	16	and	and	CCONJ
cblr-8639	481	17	any	any	DET
cblr-8639	481	18	other	other	ADJ
cblr-8639	481	19	disclosures	disclosure	NOUN
cblr-8639	481	20	that	that	PRON
cblr-8639	481	21	serve	serve	VERB
cblr-8639	481	22	public	public	ADJ
cblr-8639	481	23	policy	policy	NOUN
cblr-8639	481	24	goals	goal	NOUN
cblr-8639	481	25	?	?	PUNCT
cblr-8639	482	1	we	we	PRON
cblr-8639	482	2	identify	identify	VERB
cblr-8639	482	3	the	the	DET
cblr-8639	482	4	proper	proper	ADJ
cblr-8639	482	5	short	short	ADJ
cblr-8639	482	6	-	-	PUNCT
cblr-8639	482	7	term	term	NOUN
cblr-8639	482	8	responses	response	NOUN
cblr-8639	482	9	and	and	CCONJ
cblr-8639	482	10	then	then	ADV
cblr-8639	482	11	provide	provide	VERB
cblr-8639	482	12	more	more	ADV
cblr-8639	482	13	speculative	speculative	ADJ
cblr-8639	482	14	thoughts	thought	NOUN
cblr-8639	482	15	about	about	ADP
cblr-8639	482	16	long	long	ADJ
cblr-8639	482	17	-	-	PUNCT
cblr-8639	482	18	term	term	NOUN
cblr-8639	482	19	responses	response	NOUN
cblr-8639	482	20	.	.	PUNCT
cblr-8639	483	1	a.	a.	NOUN
cblr-8639	483	2	short	short	ADJ
cblr-8639	483	3	-	-	PUNCT
cblr-8639	483	4	term	term	NOUN
cblr-8639	483	5	responses	response	NOUN
cblr-8639	483	6	we	we	PRON
cblr-8639	483	7	propose	propose	VERB
cblr-8639	483	8	that	that	SCONJ
cblr-8639	483	9	the	the	DET
cblr-8639	483	10	sec	sec	PROPN
cblr-8639	483	11	analyze	analyze	NOUN
cblr-8639	483	12	current	current	ADJ
cblr-8639	483	13	esg	esg	PROPN
cblr-8639	483	14	disclosure	disclosure	NOUN
cblr-8639	483	15	proposals	proposal	NOUN
cblr-8639	483	16	using	use	VERB
cblr-8639	483	17	the	the	DET
cblr-8639	483	18	following	follow	VERB
cblr-8639	483	19	metric	metric	NOUN
cblr-8639	483	20	:	:	PUNCT
cblr-8639	483	21	what	what	PRON
cblr-8639	483	22	is	be	AUX
cblr-8639	483	23	the	the	DET
cblr-8639	483	24	financial	financial	ADJ
cblr-8639	483	25	benefit	benefit	NOUN
cblr-8639	483	26	to	to	ADP
cblr-8639	483	27	households	household	NOUN
cblr-8639	483	28	whose	whose	DET
cblr-8639	483	29	retirement	retirement	NOUN
cblr-8639	483	30	,	,	PUNCT
cblr-8639	483	31	college	college	NOUN
cblr-8639	483	32	,	,	PUNCT
cblr-8639	483	33	and	and	CCONJ
cblr-8639	483	34	other	other	ADJ
cblr-8639	483	35	savings	saving	NOUN
cblr-8639	483	36	are	be	AUX
cblr-8639	483	37	invested	invest	VERB
cblr-8639	483	38	through	through	ADP
cblr-8639	483	39	pension	pension	NOUN
cblr-8639	483	40	plans	plan	NOUN
cblr-8639	483	41	,	,	PUNCT
cblr-8639	483	42	mutual	mutual	ADJ
cblr-8639	483	43	funds	fund	NOUN
cblr-8639	483	44	,	,	PUNCT
cblr-8639	483	45	and	and	CCONJ
cblr-8639	483	46	other	other	ADJ
cblr-8639	483	47	investment	investment	NOUN
cblr-8639	483	48	vehicles	vehicle	NOUN
cblr-8639	483	49	?	?	PUNCT
cblr-8639	484	1	this	this	PRON
cblr-8639	484	2	will	will	AUX
cblr-8639	484	3	require	require	VERB
cblr-8639	484	4	taking	take	VERB
cblr-8639	484	5	careful	careful	ADJ
cblr-8639	484	6	account	account	NOUN
cblr-8639	484	7	of	of	ADP
cblr-8639	484	8	the	the	DET
cblr-8639	484	9	conflicts	conflict	NOUN
cblr-8639	484	10	of	of	ADP
cblr-8639	484	11	interest	interest	NOUN
cblr-8639	484	12	between	between	ADP
cblr-8639	484	13	fund	fund	NOUN
cblr-8639	484	14	managers	manager	NOUN
cblr-8639	484	15	’	’	PART
cblr-8639	484	16	desires	desire	NOUN
cblr-8639	484	17	to	to	PART
cblr-8639	484	18	be	be	AUX
cblr-8639	484	19	seen	see	VERB
cblr-8639	484	20	as	as	ADP
cblr-8639	484	21	solvers	solver	NOUN
cblr-8639	484	22	of	of	ADP
cblr-8639	484	23	challenging	challenge	VERB
cblr-8639	484	24	societal	societal	ADJ
cblr-8639	484	25	problems	problem	NOUN
cblr-8639	484	26	and	and	CCONJ
cblr-8639	484	27	their	their	PRON
cblr-8639	484	28	beneficiaries	beneficiary	NOUN
cblr-8639	484	29	’	'	PUNCT
cblr-8639	484	30	needs	need	VERB
cblr-8639	484	31	to	to	PART
cblr-8639	484	32	build	build	VERB
cblr-8639	484	33	wealth	wealth	NOUN
cblr-8639	484	34	and	and	CCONJ
cblr-8639	484	35	achieve	achieve	VERB
cblr-8639	484	36	financial	financial	ADJ
cblr-8639	484	37	security	security	NOUN
cblr-8639	484	38	.	.	PUNCT
cblr-8639	485	1	the	the	DET
cblr-8639	485	2	most	most	ADV
cblr-8639	485	3	likely	likely	ADJ
cblr-8639	485	4	outcome	outcome	NOUN
cblr-8639	485	5	of	of	ADP
cblr-8639	485	6	that	that	DET
cblr-8639	485	7	analysis	analysis	NOUN
cblr-8639	485	8	is	be	AUX
cblr-8639	485	9	that	that	SCONJ
cblr-8639	485	10	the	the	DET
cblr-8639	485	11	sec	sec	PROPN
cblr-8639	485	12	should	should	AUX
cblr-8639	485	13	do	do	VERB
cblr-8639	485	14	nothing	nothing	PRON
cblr-8639	485	15	at	at	ADP
cblr-8639	485	16	present	present	ADJ
cblr-8639	485	17	.	.	PUNCT
cblr-8639	486	1	non	non	ADJ
cblr-8639	486	2	-	-	ADJ
cblr-8639	486	3	governmental	governmental	ADJ
cblr-8639	486	4	116	116	NUM
cblr-8639	486	5	see	see	NOUN
cblr-8639	486	6	,	,	PUNCT
cblr-8639	486	7	e.g.	e.g.	ADV
cblr-8639	486	8	,	,	PUNCT
cblr-8639	486	9	bebchuk	bebchuk	PROPN
cblr-8639	486	10	&	&	CCONJ
cblr-8639	486	11	tallarita	tallarita	PROPN
cblr-8639	486	12	,	,	PUNCT
cblr-8639	486	13	supra	supra	PROPN
cblr-8639	486	14	note	note	PROPN
cblr-8639	486	15	113	113	NUM
cblr-8639	486	16	,	,	PUNCT
cblr-8639	486	17	at	at	ADP
cblr-8639	486	18	124–29	124–29	PROPN
cblr-8639	486	19	(	(	PUNCT
cblr-8639	486	20	arguing	argue	VERB
cblr-8639	486	21	that	that	SCONJ
cblr-8639	486	22	the	the	DET
cblr-8639	486	23	statement	statement	NOUN
cblr-8639	486	24	was	be	AUX
cblr-8639	486	25	“	"	PUNCT
cblr-8639	486	26	mostly	mostly	ADV
cblr-8639	486	27	for	for	ADP
cblr-8639	486	28	show	show	NOUN
cblr-8639	486	29	”	"	PUNCT
cblr-8639	486	30	but	but	CCONJ
cblr-8639	486	31	identifying	identify	VERB
cblr-8639	486	32	language	language	NOUN
cblr-8639	486	33	that	that	PRON
cblr-8639	486	34	lent	lend	VERB
cblr-8639	486	35	itself	itself	PRON
cblr-8639	486	36	to	to	ADP
cblr-8639	486	37	bolder	bold	ADJ
cblr-8639	486	38	interpretations	interpretation	NOUN
cblr-8639	486	39	)	)	PUNCT
cblr-8639	486	40	;	;	PUNCT
cblr-8639	486	41	see	see	VERB
cblr-8639	486	42	also	also	ADV
cblr-8639	486	43	martin	martin	PROPN
cblr-8639	486	44	lipton	lipton	PROPN
cblr-8639	486	45	&	&	CCONJ
cblr-8639	486	46	william	william	PROPN
cblr-8639	486	47	savitt	savitt	PROPN
cblr-8639	486	48	,	,	PUNCT
cblr-8639	486	49	stakeholder	stakeholder	NOUN
cblr-8639	486	50	governance	governance	NOUN
cblr-8639	486	51	—	—	PUNCT
cblr-8639	486	52	issues	issue	NOUN
cblr-8639	486	53	and	and	CCONJ
cblr-8639	486	54	answers	answer	NOUN
cblr-8639	486	55	,	,	PUNCT
cblr-8639	486	56	harv	harv	PROPN
cblr-8639	486	57	.	.	PUNCT
cblr-8639	487	1	l.	l.	PROPN
cblr-8639	487	2	sch	sch	PROPN
cblr-8639	487	3	.	.	PUNCT
cblr-8639	488	1	f.	f.	PROPN
cblr-8639	488	2	on	on	ADP
cblr-8639	488	3	corp	corp	PROPN
cblr-8639	488	4	.	.	PROPN
cblr-8639	488	5	governance	governance	PROPN
cblr-8639	488	6	(	(	PUNCT
cblr-8639	488	7	oct	oct	PROPN
cblr-8639	488	8	.	.	PROPN
cblr-8639	488	9	25	25	NUM
cblr-8639	488	10	,	,	PUNCT
cblr-8639	488	11	2019	2019	NUM
cblr-8639	488	12	)	)	PUNCT
cblr-8639	488	13	,	,	PUNCT
cblr-8639	488	14	https://corpgov.law.harvard.edu/	https://corpgov.law.harvard.edu/	PROPN
cblr-8639	488	15	2019/10/25	2019/10/25	NOUN
cblr-8639	488	16	/	/	SYM
cblr-8639	488	17	stakeholder	stakeholder	NOUN
cblr-8639	488	18	-	-	PUNCT
cblr-8639	488	19	governance	governance	NOUN
cblr-8639	488	20	-	-	PUNCT
cblr-8639	488	21	issues	issue	NOUN
cblr-8639	488	22	-	-	PUNCT
cblr-8639	488	23	and	and	CCONJ
cblr-8639	488	24	-	-	PUNCT
cblr-8639	488	25	answers/	answers/	NUM
cblr-8639	489	1	[	[	X
cblr-8639	489	2	https://perma.cc/7ept-q6et	https://perma.cc/7ept-q6et	X
cblr-8639	489	3	]	]	X
cblr-8639	489	4	(	(	PUNCT
cblr-8639	489	5	describing	describe	VERB
cblr-8639	489	6	the	the	DET
cblr-8639	489	7	statement	statement	NOUN
cblr-8639	489	8	as	as	ADP
cblr-8639	489	9	an	an	DET
cblr-8639	489	10	“	"	PUNCT
cblr-8639	489	11	important	important	ADJ
cblr-8639	489	12	[	[	X
cblr-8639	489	13	one	one	NOUN
cblr-8639	489	14	]	]	PUNCT
cblr-8639	489	15	rejecting	reject	VERB
cblr-8639	489	16	shareholder	shareholder	NOUN
cblr-8639	489	17	primacy	primacy	NOUN
cblr-8639	489	18	and	and	CCONJ
cblr-8639	489	19	embracing	embrace	VERB
cblr-8639	489	20	stakeholder	stakeholder	NOUN
cblr-8639	489	21	governance	governance	NOUN
cblr-8639	489	22	”	"	PUNCT
cblr-8639	489	23	and	and	CCONJ
cblr-8639	489	24	arguing	argue	VERB
cblr-8639	489	25	for	for	ADP
cblr-8639	489	26	their	their	PRON
cblr-8639	489	27	own	own	ADJ
cblr-8639	489	28	theory	theory	NOUN
cblr-8639	489	29	of	of	ADP
cblr-8639	489	30	corporate	corporate	ADJ
cblr-8639	489	31	governance	governance	NOUN
cblr-8639	489	32	)	)	PUNCT
cblr-8639	489	33	.	.	PUNCT
cblr-8639	490	1	mahoney	mahoney	PROPN
cblr-8639	490	2	&	&	CCONJ
cblr-8639	490	3	mahoney	mahoney	PROPN
cblr-8639	490	4	8/22/2021	8/22/2021	PROPN
cblr-8639	490	5	9:16	9:16	NUM
cblr-8639	490	6	pm	pm	NOUN
cblr-8639	490	7	872	872	NUM
cblr-8639	490	8	columbia	columbia	PROPN
cblr-8639	490	9	business	business	NOUN
cblr-8639	490	10	law	law	PROPN
cblr-8639	490	11	review	review	NOUN
cblr-8639	490	12	[	[	X
cblr-8639	490	13	vol	vol	NOUN
cblr-8639	490	14	.	.	PUNCT
cblr-8639	490	15	2021	2021	NUM
cblr-8639	490	16	organizations	organization	NOUN
cblr-8639	490	17	such	such	ADJ
cblr-8639	490	18	as	as	ADP
cblr-8639	490	19	sasb	sasb	NOUN
cblr-8639	490	20	are	be	AUX
cblr-8639	490	21	busy	busy	ADJ
cblr-8639	490	22	developing	develop	VERB
cblr-8639	490	23	esg	esg	NOUN
cblr-8639	490	24	metrics	metric	NOUN
cblr-8639	490	25	that	that	PRON
cblr-8639	490	26	they	they	PRON
cblr-8639	490	27	claim	claim	VERB
cblr-8639	490	28	will	will	AUX
cblr-8639	490	29	help	help	VERB
cblr-8639	490	30	institutional	institutional	ADJ
cblr-8639	490	31	asset	asset	NOUN
cblr-8639	490	32	managers	manager	NOUN
cblr-8639	490	33	produce	produce	VERB
cblr-8639	490	34	superior	superior	ADJ
cblr-8639	490	35	risk	risk	NOUN
cblr-8639	490	36	-	-	PUNCT
cblr-8639	490	37	adjusted	adjust	VERB
cblr-8639	490	38	returns.117	returns.117	NOUN
cblr-8639	490	39	those	those	DET
cblr-8639	490	40	claims	claim	NOUN
cblr-8639	490	41	may	may	AUX
cblr-8639	490	42	or	or	CCONJ
cblr-8639	490	43	may	may	AUX
cblr-8639	490	44	not	not	PART
cblr-8639	490	45	prove	prove	VERB
cblr-8639	490	46	true	true	ADJ
cblr-8639	490	47	.	.	PUNCT
cblr-8639	491	1	if	if	SCONJ
cblr-8639	491	2	not	not	PART
cblr-8639	491	3	,	,	PUNCT
cblr-8639	491	4	the	the	DET
cblr-8639	491	5	private	private	ADJ
cblr-8639	491	6	asset	asset	NOUN
cblr-8639	491	7	managers	manager	NOUN
cblr-8639	491	8	who	who	PRON
cblr-8639	491	9	use	use	VERB
cblr-8639	491	10	them	they	PRON
cblr-8639	491	11	will	will	AUX
cblr-8639	491	12	underperform	underperform	VERB
cblr-8639	491	13	over	over	ADP
cblr-8639	491	14	time	time	NOUN
cblr-8639	491	15	and	and	CCONJ
cblr-8639	491	16	suffer	suffer	VERB
cblr-8639	491	17	outflows	outflow	NOUN
cblr-8639	491	18	of	of	ADP
cblr-8639	491	19	investor	investor	NOUN
cblr-8639	491	20	money	money	NOUN
cblr-8639	491	21	.	.	PUNCT
cblr-8639	492	1	the	the	DET
cblr-8639	492	2	sec	sec	PROPN
cblr-8639	492	3	should	should	AUX
cblr-8639	492	4	also	also	ADV
cblr-8639	492	5	consider	consider	VERB
cblr-8639	492	6	an	an	DET
cblr-8639	492	7	explicit	explicit	ADJ
cblr-8639	492	8	statement	statement	NOUN
cblr-8639	492	9	that	that	SCONJ
cblr-8639	492	10	its	its	PRON
cblr-8639	492	11	mission	mission	NOUN
cblr-8639	492	12	is	be	AUX
cblr-8639	492	13	investor	investor	NOUN
cblr-8639	492	14	protection	protection	NOUN
cblr-8639	492	15	,	,	PUNCT
cblr-8639	492	16	efficiency	efficiency	NOUN
cblr-8639	492	17	,	,	PUNCT
cblr-8639	492	18	competition	competition	NOUN
cblr-8639	492	19	,	,	PUNCT
cblr-8639	492	20	and	and	CCONJ
cblr-8639	492	21	capital	capital	NOUN
cblr-8639	492	22	formation	formation	NOUN
cblr-8639	492	23	,	,	PUNCT
cblr-8639	492	24	not	not	PART
cblr-8639	492	25	social	social	ADJ
cblr-8639	492	26	welfare	welfare	NOUN
cblr-8639	492	27	writ	writ	NOUN
cblr-8639	492	28	large	large	ADJ
cblr-8639	492	29	.	.	PUNCT
cblr-8639	493	1	the	the	DET
cblr-8639	493	2	statement	statement	NOUN
cblr-8639	493	3	might	might	AUX
cblr-8639	493	4	include	include	VERB
cblr-8639	493	5	a	a	DET
cblr-8639	493	6	reminder	reminder	NOUN
cblr-8639	493	7	that	that	SCONJ
cblr-8639	493	8	the	the	DET
cblr-8639	493	9	support	support	NOUN
cblr-8639	493	10	of	of	ADP
cblr-8639	493	11	professional	professional	ADJ
cblr-8639	493	12	money	money	NOUN
cblr-8639	493	13	managers	manager	NOUN
cblr-8639	493	14	for	for	ADP
cblr-8639	493	15	esg	esg	PROPN
cblr-8639	493	16	disclosures	disclosure	NOUN
cblr-8639	493	17	is	be	AUX
cblr-8639	493	18	evidence	evidence	NOUN
cblr-8639	493	19	of	of	ADP
cblr-8639	493	20	investor	investor	NOUN
cblr-8639	493	21	benefit	benefit	NOUN
cblr-8639	493	22	,	,	PUNCT
cblr-8639	493	23	but	but	CCONJ
cblr-8639	493	24	not	not	PART
cblr-8639	493	25	conclusive	conclusive	ADJ
cblr-8639	493	26	evidence	evidence	NOUN
cblr-8639	493	27	.	.	PUNCT
cblr-8639	494	1	the	the	DET
cblr-8639	494	2	strength	strength	NOUN
cblr-8639	494	3	of	of	ADP
cblr-8639	494	4	the	the	DET
cblr-8639	494	5	case	case	NOUN
cblr-8639	494	6	depends	depend	VERB
cblr-8639	494	7	on	on	ADP
cblr-8639	494	8	the	the	DET
cblr-8639	494	9	extent	extent	NOUN
cblr-8639	494	10	of	of	ADP
cblr-8639	494	11	the	the	DET
cblr-8639	494	12	divergence	divergence	NOUN
cblr-8639	494	13	of	of	ADP
cblr-8639	494	14	interests	interest	NOUN
cblr-8639	494	15	between	between	ADP
cblr-8639	494	16	money	money	NOUN
cblr-8639	494	17	managers	manager	NOUN
cblr-8639	494	18	and	and	CCONJ
cblr-8639	494	19	their	their	PRON
cblr-8639	494	20	clients	client	NOUN
cblr-8639	494	21	over	over	ADP
cblr-8639	494	22	esg	esg	PROPN
cblr-8639	494	23	activism	activism	NOUN
cblr-8639	494	24	.	.	PUNCT
cblr-8639	495	1	finally	finally	ADV
cblr-8639	495	2	,	,	PUNCT
cblr-8639	495	3	the	the	DET
cblr-8639	495	4	sec	sec	PROPN
cblr-8639	495	5	might	might	AUX
cblr-8639	495	6	reiterate	reiterate	VERB
cblr-8639	495	7	that	that	SCONJ
cblr-8639	495	8	companies	company	NOUN
cblr-8639	495	9	must	must	AUX
cblr-8639	495	10	disclose	disclose	VERB
cblr-8639	495	11	material	material	ADJ
cblr-8639	495	12	risks	risk	NOUN
cblr-8639	495	13	,	,	PUNCT
cblr-8639	495	14	including	include	VERB
cblr-8639	495	15	known	know	VERB
cblr-8639	495	16	events	event	NOUN
cblr-8639	495	17	and	and	CCONJ
cblr-8639	495	18	uncertainties	uncertainty	NOUN
cblr-8639	495	19	.	.	PUNCT
cblr-8639	496	1	adopting	adopt	VERB
cblr-8639	496	2	a	a	DET
cblr-8639	496	3	comprehensive	comprehensive	ADJ
cblr-8639	496	4	,	,	PUNCT
cblr-8639	496	5	one	one	NUM
cblr-8639	496	6	-	-	PUNCT
cblr-8639	496	7	size	size	NOUN
cblr-8639	496	8	-	-	PUNCT
cblr-8639	496	9	fits	fit	VERB
cblr-8639	496	10	-	-	PUNCT
cblr-8639	496	11	all	all	PRON
cblr-8639	496	12	set	set	NOUN
cblr-8639	496	13	of	of	ADP
cblr-8639	496	14	esg	esg	PROPN
cblr-8639	496	15	disclosures	disclosure	NOUN
cblr-8639	496	16	could	could	AUX
cblr-8639	496	17	harm	harm	VERB
cblr-8639	496	18	the	the	DET
cblr-8639	496	19	retail	retail	ADJ
cblr-8639	496	20	investors	investor	NOUN
cblr-8639	496	21	who	who	PRON
cblr-8639	496	22	should	should	AUX
cblr-8639	496	23	be	be	AUX
cblr-8639	496	24	the	the	DET
cblr-8639	496	25	sec	sec	PROPN
cblr-8639	496	26	’s	’s	PART
cblr-8639	496	27	primary	primary	ADJ
cblr-8639	496	28	concern	concern	NOUN
cblr-8639	496	29	and	and	CCONJ
cblr-8639	496	30	potentially	potentially	ADV
cblr-8639	496	31	harm	harm	VERB
cblr-8639	496	32	the	the	DET
cblr-8639	496	33	agency	agency	NOUN
cblr-8639	496	34	itself	itself	PRON
cblr-8639	496	35	.	.	PUNCT
cblr-8639	497	1	we	we	PRON
cblr-8639	497	2	have	have	AUX
cblr-8639	497	3	already	already	ADV
cblr-8639	497	4	addressed	address	VERB
cblr-8639	497	5	the	the	DET
cblr-8639	497	6	possibility	possibility	NOUN
cblr-8639	497	7	that	that	SCONJ
cblr-8639	497	8	these	these	DET
cblr-8639	497	9	disclosures	disclosure	NOUN
cblr-8639	497	10	will	will	AUX
cblr-8639	497	11	make	make	VERB
cblr-8639	497	12	it	it	PRON
cblr-8639	497	13	easier	easy	ADJ
cblr-8639	497	14	for	for	SCONJ
cblr-8639	497	15	fund	fund	NOUN
cblr-8639	497	16	managers	manager	NOUN
cblr-8639	497	17	to	to	PART
cblr-8639	497	18	pursue	pursue	VERB
cblr-8639	497	19	their	their	PRON
cblr-8639	497	20	own	own	ADJ
cblr-8639	497	21	ideological	ideological	ADJ
cblr-8639	497	22	or	or	CCONJ
cblr-8639	497	23	other	other	ADJ
cblr-8639	497	24	interests	interest	NOUN
cblr-8639	497	25	at	at	ADP
cblr-8639	497	26	the	the	DET
cblr-8639	497	27	expense	expense	NOUN
cblr-8639	497	28	of	of	ADP
cblr-8639	497	29	beneficiary	beneficiary	NOUN
cblr-8639	497	30	returns	return	NOUN
cblr-8639	497	31	.	.	PUNCT
cblr-8639	498	1	they	they	PRON
cblr-8639	498	2	may	may	AUX
cblr-8639	498	3	also	also	ADV
cblr-8639	498	4	harm	harm	VERB
cblr-8639	498	5	retail	retail	ADJ
cblr-8639	498	6	investors	investor	NOUN
cblr-8639	498	7	by	by	ADP
cblr-8639	498	8	reducing	reduce	VERB
cblr-8639	498	9	the	the	DET
cblr-8639	498	10	set	set	NOUN
cblr-8639	498	11	of	of	ADP
cblr-8639	498	12	investments	investment	NOUN
cblr-8639	498	13	available	available	ADJ
cblr-8639	498	14	to	to	ADP
cblr-8639	498	15	them	they	PRON
cblr-8639	498	16	.	.	PUNCT
cblr-8639	499	1	the	the	DET
cblr-8639	499	2	sec	sec	PROPN
cblr-8639	499	3	’s	’s	PART
cblr-8639	499	4	use	use	NOUN
cblr-8639	499	5	of	of	ADP
cblr-8639	499	6	disclosure	disclosure	NOUN
cblr-8639	499	7	policies	policy	NOUN
cblr-8639	499	8	to	to	PART
cblr-8639	499	9	become	become	VERB
cblr-8639	499	10	a	a	DET
cblr-8639	499	11	covert	covert	ADJ
cblr-8639	499	12	environmental	environmental	ADJ
cblr-8639	499	13	and	and	CCONJ
cblr-8639	499	14	social	social	ADJ
cblr-8639	499	15	regulator	regulator	NOUN
cblr-8639	499	16	may	may	AUX
cblr-8639	499	17	decrease	decrease	VERB
cblr-8639	499	18	further	far	ADV
cblr-8639	499	19	the	the	DET
cblr-8639	499	20	number	number	NOUN
cblr-8639	499	21	of	of	ADP
cblr-8639	499	22	public	public	NOUN
cblr-8639	499	23	companies118	companies118	VERB
cblr-8639	499	24	to	to	ADP
cblr-8639	499	25	the	the	DET
cblr-8639	499	26	detriment	detriment	NOUN
cblr-8639	499	27	of	of	ADP
cblr-8639	499	28	small	small	ADJ
cblr-8639	499	29	investors	investor	NOUN
cblr-8639	499	30	.	.	PUNCT
cblr-8639	500	1	unlike	unlike	ADP
cblr-8639	500	2	a	a	DET
cblr-8639	500	3	carbon	carbon	NOUN
cblr-8639	500	4	tax	tax	NOUN
cblr-8639	500	5	that	that	PRON
cblr-8639	500	6	could	could	AUX
cblr-8639	500	7	be	be	AUX
cblr-8639	500	8	broadly	broadly	ADV
cblr-8639	500	9	imposed	impose	VERB
cblr-8639	500	10	across	across	ADP
cblr-8639	500	11	the	the	DET
cblr-8639	500	12	economy	economy	NOUN
cblr-8639	500	13	,	,	PUNCT
cblr-8639	500	14	the	the	DET
cblr-8639	500	15	sec	sec	PROPN
cblr-8639	500	16	’s	’s	PART
cblr-8639	500	17	periodic	periodic	ADJ
cblr-8639	500	18	disclosure	disclosure	NOUN
cblr-8639	500	19	rules	rule	NOUN
cblr-8639	500	20	apply	apply	VERB
cblr-8639	500	21	to	to	ADP
cblr-8639	500	22	publicly	publicly	ADV
cblr-8639	500	23	traded	trade	VERB
cblr-8639	500	24	companies	company	NOUN
cblr-8639	500	25	only.119	only.119	ADV
cblr-8639	500	26	at	at	ADP
cblr-8639	500	27	the	the	DET
cblr-8639	500	28	margin	margin	NOUN
cblr-8639	500	29	,	,	PUNCT
cblr-8639	500	30	117	117	NUM
cblr-8639	500	31	see	see	NOUN
cblr-8639	500	32	,	,	PUNCT
cblr-8639	500	33	e.g.	e.g.	ADV
cblr-8639	500	34	,	,	PUNCT
cblr-8639	500	35	sustainability	sustainability	NOUN
cblr-8639	500	36	acct	acct	NOUN
cblr-8639	500	37	.	.	PUNCT
cblr-8639	501	1	standards	standard	NOUN
cblr-8639	501	2	bd	bd	PROPN
cblr-8639	501	3	.	.	PROPN
cblr-8639	501	4	,	,	PUNCT
cblr-8639	501	5	supra	supra	PROPN
cblr-8639	501	6	note	note	PROPN
cblr-8639	501	7	18	18	NUM
cblr-8639	501	8	,	,	PUNCT
cblr-8639	501	9	at	at	ADP
cblr-8639	501	10	1	1	NUM
cblr-8639	501	11	–	–	SYM
cblr-8639	501	12	2	2	NUM
cblr-8639	501	13	.	.	SYM
cblr-8639	501	14	118	118	NUM
cblr-8639	501	15	see	see	VERB
cblr-8639	501	16	edward	edward	PROPN
cblr-8639	501	17	f.	f.	PROPN
cblr-8639	501	18	greene	greene	PROPN
cblr-8639	501	19	et	et	PROPN
cblr-8639	501	20	al	al	PROPN
cblr-8639	501	21	.	.	PROPN
cblr-8639	501	22	,	,	PUNCT
cblr-8639	501	23	the	the	DET
cblr-8639	501	24	need	need	NOUN
cblr-8639	501	25	for	for	ADP
cblr-8639	501	26	a	a	DET
cblr-8639	501	27	comprehensive	comprehensive	ADJ
cblr-8639	501	28	approach	approach	NOUN
cblr-8639	501	29	to	to	ADP
cblr-8639	501	30	capital	capital	NOUN
cblr-8639	501	31	markets	market	NOUN
cblr-8639	501	32	regulation	regulation	NOUN
cblr-8639	501	33	,	,	PUNCT
cblr-8639	501	34	2021	2021	NUM
cblr-8639	501	35	colum	colum	NOUN
cblr-8639	501	36	.	.	PUNCT
cblr-8639	502	1	bus	bus	NOUN
cblr-8639	502	2	.	.	PUNCT
cblr-8639	503	1	l.	l.	PROPN
cblr-8639	503	2	rev	rev	PROPN
cblr-8639	503	3	.	.	PROPN
cblr-8639	503	4	714	714	NUM
cblr-8639	503	5	,	,	PUNCT
cblr-8639	503	6	742	742	NUM
cblr-8639	503	7	(	(	PUNCT
cblr-8639	503	8	observing	observe	VERB
cblr-8639	503	9	the	the	DET
cblr-8639	503	10	decline	decline	NOUN
cblr-8639	503	11	in	in	ADP
cblr-8639	503	12	the	the	DET
cblr-8639	503	13	number	number	NOUN
cblr-8639	503	14	of	of	ADP
cblr-8639	503	15	public	public	ADJ
cblr-8639	503	16	companies	company	NOUN
cblr-8639	503	17	)	)	PUNCT
cblr-8639	503	18	.	.	PUNCT
cblr-8639	504	1	119	119	NUM
cblr-8639	504	2	public	public	ADJ
cblr-8639	504	3	companies	company	NOUN
cblr-8639	504	4	,	,	PUNCT
cblr-8639	504	5	u.s	u.s	PROPN
cblr-8639	504	6	.	.	PROPN
cblr-8639	504	7	sec	sec	PROPN
cblr-8639	504	8	.	.	PROPN
cblr-8639	504	9	&	&	CCONJ
cblr-8639	504	10	exch	exch	PROPN
cblr-8639	504	11	.	.	PUNCT
cblr-8639	505	1	comm’n	comm’n	PROPN
cblr-8639	505	2	,	,	PUNCT
cblr-8639	505	3	https://www.investor.gov/introduction-investing/investing-basics/howstock-markets-work/public-companies	https://www.investor.gov/introduction-investing/investing-basics/howstock-markets-work/public-companie	NOUN
cblr-8639	506	1	[	[	X
cblr-8639	506	2	https://perma.cc/l8uz-2sxm	https://perma.cc/l8uz-2sxm	X
cblr-8639	506	3	]	]	X
cblr-8639	506	4	(	(	PUNCT
cblr-8639	506	5	last	last	ADJ
cblr-8639	506	6	visited	visit	VERB
cblr-8639	506	7	may	may	PROPN
cblr-8639	506	8	27	27	NUM
cblr-8639	506	9	,	,	PUNCT
cblr-8639	506	10	2021	2021	NUM
cblr-8639	506	11	)	)	PUNCT
cblr-8639	506	12	.	.	PUNCT
cblr-8639	507	1	mahoney	mahoney	PROPN
cblr-8639	507	2	&	&	CCONJ
cblr-8639	507	3	mahoney	mahoney	PROPN
cblr-8639	507	4	8/22/2021	8/22/2021	PROPN
cblr-8639	507	5	9:16	9:16	NUM
cblr-8639	507	6	pm	pm	NOUN
cblr-8639	507	7	no	no	INTJ
cblr-8639	507	8	.	.	PUNCT
cblr-8639	508	1	2:840	2:840	NUM
cblr-8639	508	2	]	]	X
cblr-8639	508	3	the	the	DET
cblr-8639	508	4	new	new	ADJ
cblr-8639	508	5	separation	separation	NOUN
cblr-8639	508	6	of	of	ADP
cblr-8639	508	7	ownership	ownership	NOUN
cblr-8639	508	8	and	and	CCONJ
cblr-8639	508	9	control	control	NOUN
cblr-8639	508	10	873	873	NUM
cblr-8639	508	11	increasing	increase	VERB
cblr-8639	508	12	the	the	DET
cblr-8639	508	13	disclosure	disclosure	NOUN
cblr-8639	508	14	burden	burden	NOUN
cblr-8639	508	15	discourages	discourage	VERB
cblr-8639	508	16	companies	company	NOUN
cblr-8639	508	17	from	from	ADP
cblr-8639	508	18	going	go	VERB
cblr-8639	508	19	public	public	ADJ
cblr-8639	508	20	,	,	PUNCT
cblr-8639	508	21	a	a	DET
cblr-8639	508	22	point	point	NOUN
cblr-8639	508	23	that	that	PRON
cblr-8639	508	24	congress	congress	PROPN
cblr-8639	508	25	recognized	recognize	VERB
cblr-8639	508	26	in	in	ADP
cblr-8639	508	27	the	the	DET
cblr-8639	508	28	jobs	job	NOUN
cblr-8639	508	29	act.120	act.120	NOUN
cblr-8639	508	30	this	this	PRON
cblr-8639	508	31	may	may	AUX
cblr-8639	508	32	be	be	AUX
cblr-8639	508	33	particularly	particularly	ADV
cblr-8639	508	34	true	true	ADJ
cblr-8639	508	35	for	for	ADP
cblr-8639	508	36	esg	esg	PROPN
cblr-8639	508	37	disclosures	disclosure	NOUN
cblr-8639	508	38	,	,	PUNCT
cblr-8639	508	39	which	which	PRON
cblr-8639	508	40	will	will	AUX
cblr-8639	508	41	generate	generate	VERB
cblr-8639	508	42	risks	risk	NOUN
cblr-8639	508	43	apart	apart	ADV
cblr-8639	508	44	from	from	ADP
cblr-8639	508	45	normal	normal	ADJ
cblr-8639	508	46	compliance	compliance	NOUN
cblr-8639	508	47	costs	cost	NOUN
cblr-8639	508	48	.	.	PUNCT
cblr-8639	509	1	it	it	PRON
cblr-8639	509	2	is	be	AUX
cblr-8639	509	3	challenging	challenge	VERB
cblr-8639	509	4	for	for	SCONJ
cblr-8639	509	5	a	a	DET
cblr-8639	509	6	company	company	NOUN
cblr-8639	509	7	to	to	PART
cblr-8639	509	8	describe	describe	VERB
cblr-8639	509	9	how	how	SCONJ
cblr-8639	509	10	it	it	PRON
cblr-8639	509	11	will	will	AUX
cblr-8639	509	12	look	look	VERB
cblr-8639	509	13	in	in	ADP
cblr-8639	509	14	2035	2035	NUM
cblr-8639	509	15	or	or	CCONJ
cblr-8639	509	16	2050	2050	NUM
cblr-8639	509	17	without	without	ADP
cblr-8639	509	18	making	make	VERB
cblr-8639	509	19	substantial	substantial	ADJ
cblr-8639	509	20	mistakes	mistake	NOUN
cblr-8639	509	21	,	,	PUNCT
cblr-8639	509	22	which	which	PRON
cblr-8639	509	23	may	may	AUX
cblr-8639	509	24	generate	generate	VERB
cblr-8639	509	25	litigation	litigation	NOUN
cblr-8639	509	26	well	well	ADV
cblr-8639	509	27	before	before	ADP
cblr-8639	509	28	those	those	DET
cblr-8639	509	29	years	year	NOUN
cblr-8639	509	30	arrive	arrive	VERB
cblr-8639	509	31	.	.	PUNCT
cblr-8639	510	1	disclosures	disclosure	NOUN
cblr-8639	510	2	that	that	PRON
cblr-8639	510	3	come	come	VERB
cblr-8639	510	4	in	in	ADP
cblr-8639	510	5	the	the	DET
cblr-8639	510	6	form	form	NOUN
cblr-8639	510	7	of	of	ADP
cblr-8639	510	8	a	a	DET
cblr-8639	510	9	climate	climate	NOUN
cblr-8639	510	10	“	"	PUNCT
cblr-8639	510	11	score	score	NOUN
cblr-8639	510	12	”	"	PUNCT
cblr-8639	510	13	or	or	CCONJ
cblr-8639	510	14	a	a	DET
cblr-8639	510	15	carbon	carbon	NOUN
cblr-8639	510	16	“	"	PUNCT
cblr-8639	510	17	cost	cost	NOUN
cblr-8639	510	18	”	"	PUNCT
cblr-8639	510	19	will	will	AUX
cblr-8639	510	20	necessarily	necessarily	ADV
cblr-8639	510	21	put	put	VERB
cblr-8639	510	22	some	some	DET
cblr-8639	510	23	publicly	publicly	ADV
cblr-8639	510	24	traded	trade	VERB
cblr-8639	510	25	companies	company	NOUN
cblr-8639	510	26	in	in	ADP
cblr-8639	510	27	the	the	DET
cblr-8639	510	28	crosshairs	crosshair	NOUN
cblr-8639	510	29	of	of	ADP
cblr-8639	510	30	politicians	politician	NOUN
cblr-8639	510	31	and	and	CCONJ
cblr-8639	510	32	activists	activist	NOUN
cblr-8639	510	33	.	.	PUNCT
cblr-8639	511	1	the	the	DET
cblr-8639	511	2	result	result	NOUN
cblr-8639	511	3	will	will	AUX
cblr-8639	511	4	be	be	AUX
cblr-8639	511	5	to	to	PART
cblr-8639	511	6	reduce	reduce	VERB
cblr-8639	511	7	the	the	DET
cblr-8639	511	8	incentive	incentive	NOUN
cblr-8639	511	9	for	for	SCONJ
cblr-8639	511	10	current	current	ADJ
cblr-8639	511	11	public	public	ADJ
cblr-8639	511	12	companies	company	NOUN
cblr-8639	511	13	to	to	PART
cblr-8639	511	14	remain	remain	VERB
cblr-8639	511	15	public	public	ADJ
cblr-8639	511	16	and	and	CCONJ
cblr-8639	511	17	for	for	ADP
cblr-8639	511	18	privately	privately	ADV
cblr-8639	511	19	held	hold	VERB
cblr-8639	511	20	businesses	business	NOUN
cblr-8639	511	21	to	to	PART
cblr-8639	511	22	go	go	VERB
cblr-8639	511	23	public	public	ADJ
cblr-8639	511	24	.	.	PUNCT
cblr-8639	512	1	driving	drive	VERB
cblr-8639	512	2	carbon	carbon	NOUN
cblr-8639	512	3	-	-	PUNCT
cblr-8639	512	4	intensive	intensive	ADJ
cblr-8639	512	5	assets	asset	NOUN
cblr-8639	512	6	into	into	ADP
cblr-8639	512	7	private	private	ADJ
cblr-8639	512	8	or	or	CCONJ
cblr-8639	512	9	non	non	ADJ
cblr-8639	512	10	-	-	ADJ
cblr-8639	512	11	u.s	u.s	PROPN
cblr-8639	512	12	.	.	PROPN
cblr-8639	512	13	ownership	ownership	NOUN
cblr-8639	512	14	will	will	AUX
cblr-8639	512	15	not	not	PART
cblr-8639	512	16	provide	provide	VERB
cblr-8639	512	17	the	the	DET
cblr-8639	512	18	desired	desire	VERB
cblr-8639	512	19	climate	climate	NOUN
cblr-8639	512	20	benefits	benefit	NOUN
cblr-8639	512	21	but	but	CCONJ
cblr-8639	512	22	will	will	AUX
cblr-8639	512	23	reduce	reduce	VERB
cblr-8639	512	24	the	the	DET
cblr-8639	512	25	assets	asset	NOUN
cblr-8639	512	26	available	available	ADJ
cblr-8639	512	27	for	for	ADP
cblr-8639	512	28	investment	investment	NOUN
cblr-8639	512	29	by	by	ADP
cblr-8639	512	30	u.s	u.s	PROPN
cblr-8639	512	31	.	.	PROPN
cblr-8639	512	32	retail	retail	ADJ
cblr-8639	512	33	investors	investor	NOUN
cblr-8639	512	34	.	.	PUNCT
cblr-8639	513	1	discouraging	discourage	VERB
cblr-8639	513	2	ipos	ipos	NOUN
cblr-8639	513	3	would	would	AUX
cblr-8639	513	4	have	have	VERB
cblr-8639	513	5	the	the	DET
cblr-8639	513	6	same	same	ADJ
cblr-8639	513	7	bad	bad	ADJ
cblr-8639	513	8	effects	effect	NOUN
cblr-8639	513	9	by	by	ADP
cblr-8639	513	10	reducing	reduce	VERB
cblr-8639	513	11	opportunities	opportunity	NOUN
cblr-8639	513	12	for	for	SCONJ
cblr-8639	513	13	retail	retail	ADJ
cblr-8639	513	14	investors	investor	NOUN
cblr-8639	513	15	to	to	PART
cblr-8639	513	16	invest	invest	VERB
cblr-8639	513	17	in	in	ADP
cblr-8639	513	18	earlystage	earlystage	NOUN
cblr-8639	513	19	companies	company	NOUN
cblr-8639	513	20	.	.	PUNCT
cblr-8639	514	1	because	because	SCONJ
cblr-8639	514	2	those	those	DET
cblr-8639	514	3	companies	company	NOUN
cblr-8639	514	4	may	may	AUX
cblr-8639	514	5	also	also	ADV
cblr-8639	514	6	be	be	AUX
cblr-8639	514	7	relatively	relatively	ADV
cblr-8639	514	8	fast	fast	ADV
cblr-8639	514	9	-	-	PUNCT
cblr-8639	514	10	growing	grow	VERB
cblr-8639	514	11	,	,	PUNCT
cblr-8639	514	12	keeping	keep	VERB
cblr-8639	514	13	them	they	PRON
cblr-8639	514	14	out	out	ADP
cblr-8639	514	15	of	of	ADP
cblr-8639	514	16	the	the	DET
cblr-8639	514	17	public	public	ADJ
cblr-8639	514	18	markets	market	NOUN
cblr-8639	514	19	may	may	AUX
cblr-8639	514	20	make	make	VERB
cblr-8639	514	21	it	it	PRON
cblr-8639	514	22	harder	hard	ADJ
cblr-8639	514	23	for	for	SCONJ
cblr-8639	514	24	average	average	ADJ
cblr-8639	514	25	households	household	NOUN
cblr-8639	514	26	to	to	PART
cblr-8639	514	27	build	build	VERB
cblr-8639	514	28	wealth.121	wealth.121	ADJ
cblr-8639	514	29	wealthier	wealthy	ADJ
cblr-8639	514	30	investors	investor	NOUN
cblr-8639	514	31	who	who	PRON
cblr-8639	514	32	can	can	AUX
cblr-8639	514	33	invest	invest	VERB
cblr-8639	514	34	in	in	ADP
cblr-8639	514	35	private	private	ADJ
cblr-8639	514	36	equity	equity	NOUN
cblr-8639	514	37	vehicles	vehicle	NOUN
cblr-8639	514	38	and	and	CCONJ
cblr-8639	514	39	the	the	DET
cblr-8639	514	40	asset	asset	NOUN
cblr-8639	514	41	managers	manager	NOUN
cblr-8639	514	42	who	who	PRON
cblr-8639	514	43	sponsor	sponsor	VERB
cblr-8639	514	44	those	those	DET
cblr-8639	514	45	vehicles	vehicle	NOUN
cblr-8639	514	46	will	will	AUX
cblr-8639	514	47	be	be	AUX
cblr-8639	514	48	less	less	ADJ
cblr-8639	514	49	affected.122	affected.122	NOUN
cblr-8639	514	50	but	but	CCONJ
cblr-8639	514	51	reducing	reduce	VERB
cblr-8639	514	52	investment	investment	NOUN
cblr-8639	514	53	opportunities	opportunity	NOUN
cblr-8639	514	54	for	for	ADP
cblr-8639	514	55	main	main	ADJ
cblr-8639	514	56	street	street	NOUN
cblr-8639	514	57	investors	investor	NOUN
cblr-8639	514	58	may	may	AUX
cblr-8639	514	59	increase	increase	VERB
cblr-8639	514	60	wealth	wealth	NOUN
cblr-8639	514	61	inequality	inequality	NOUN
cblr-8639	514	62	,	,	PUNCT
cblr-8639	514	63	contrary	contrary	ADV
cblr-8639	514	64	to	to	ADP
cblr-8639	514	65	the	the	DET
cblr-8639	514	66	social	social	ADJ
cblr-8639	514	67	objectives	objective	NOUN
cblr-8639	514	68	of	of	ADP
cblr-8639	514	69	esg	esg	PROPN
cblr-8639	514	70	advocates.123	advocates.123	PROPN
cblr-8639	514	71	esg	esg	PROPN
cblr-8639	514	72	disclosure	disclosure	NOUN
cblr-8639	514	73	requirements	requirement	NOUN
cblr-8639	514	74	would	would	AUX
cblr-8639	514	75	not	not	PART
cblr-8639	514	76	be	be	AUX
cblr-8639	514	77	the	the	DET
cblr-8639	514	78	first	first	ADJ
cblr-8639	514	79	example	example	NOUN
cblr-8639	514	80	of	of	ADP
cblr-8639	514	81	a	a	DET
cblr-8639	514	82	symbolic	symbolic	ADJ
cblr-8639	514	83	regulatory	regulatory	ADJ
cblr-8639	514	84	mandate	mandate	NOUN
cblr-8639	514	85	adopted	adopt	VERB
cblr-8639	514	86	for	for	ADP
cblr-8639	514	87	reasons	reason	NOUN
cblr-8639	514	88	unrelated	unrelated	ADJ
cblr-8639	514	89	to	to	ADP
cblr-8639	514	90	an	an	DET
cblr-8639	514	91	agency	agency	NOUN
cblr-8639	514	92	’s	’s	PART
cblr-8639	514	93	normal	normal	ADJ
cblr-8639	514	94	mission	mission	NOUN
cblr-8639	514	95	that	that	PRON
cblr-8639	514	96	manages	manage	VERB
cblr-8639	514	97	to	to	ADP
cblr-8639	514	98	120	120	NUM
cblr-8639	514	99	the	the	DET
cblr-8639	514	100	jobs	job	NOUN
cblr-8639	514	101	act	act	NOUN
cblr-8639	514	102	sought	seek	VERB
cblr-8639	514	103	to	to	PART
cblr-8639	514	104	“	"	PUNCT
cblr-8639	514	105	improv[e	improv[e	ADV
cblr-8639	514	106	]	]	PUNCT
cblr-8639	514	107	access	access	NOUN
cblr-8639	514	108	to	to	ADP
cblr-8639	514	109	the	the	DET
cblr-8639	514	110	public	public	ADJ
cblr-8639	514	111	capital	capital	NOUN
cblr-8639	514	112	markets	market	NOUN
cblr-8639	514	113	for	for	ADP
cblr-8639	514	114	emerging	emerge	VERB
cblr-8639	514	115	growth	growth	NOUN
cblr-8639	514	116	companies	company	NOUN
cblr-8639	514	117	,	,	PUNCT
cblr-8639	514	118	”	"	PUNCT
cblr-8639	514	119	pub	pub	NOUN
cblr-8639	514	120	.	.	PUNCT
cblr-8639	515	1	l.	l.	PROPN
cblr-8639	515	2	no	no	INTJ
cblr-8639	515	3	.	.	PROPN
cblr-8639	516	1	112	112	NUM
cblr-8639	516	2	-	-	SYM
cblr-8639	516	3	106	106	NUM
cblr-8639	516	4	,	,	PUNCT
cblr-8639	516	5	126	126	NUM
cblr-8639	516	6	stat	stat	NOUN
cblr-8639	516	7	.	.	PUNCT
cblr-8639	517	1	306	306	NUM
cblr-8639	517	2	,	,	PUNCT
cblr-8639	517	3	306	306	NUM
cblr-8639	517	4	(	(	PUNCT
cblr-8639	517	5	2012	2012	NUM
cblr-8639	517	6	)	)	PUNCT
cblr-8639	517	7	,	,	PUNCT
cblr-8639	517	8	by	by	ADP
cblr-8639	517	9	,	,	PUNCT
cblr-8639	517	10	inter	inter	PROPN
cblr-8639	517	11	alia	alia	NOUN
cblr-8639	517	12	,	,	PUNCT
cblr-8639	517	13	reducing	reduce	VERB
cblr-8639	517	14	those	those	DET
cblr-8639	517	15	companies	company	NOUN
cblr-8639	517	16	’	’	PART
cblr-8639	517	17	disclosure	disclosure	NOUN
cblr-8639	517	18	obligations	obligation	NOUN
cblr-8639	517	19	.	.	PUNCT
cblr-8639	518	1	see	see	VERB
cblr-8639	518	2	,	,	PUNCT
cblr-8639	518	3	e.g.	e.g.	ADV
cblr-8639	518	4	,	,	PUNCT
cblr-8639	518	5	i	i	PROPN
cblr-8639	518	6	d.	d.	PROPN
cblr-8639	518	7	sec	sec	PROPN
cblr-8639	518	8	.	.	PUNCT
cblr-8639	519	1	102(b	102(b	NUM
cblr-8639	519	2	)	)	PUNCT
cblr-8639	519	3	,	,	PUNCT
cblr-8639	519	4	§	§	PROPN
cblr-8639	519	5	§	§	PROPN
cblr-8639	519	6	7(a	7(a	NUM
cblr-8639	519	7	)	)	PUNCT
cblr-8639	519	8	,	,	PUNCT
cblr-8639	519	9	13(a	13(a	NUM
cblr-8639	519	10	)	)	PUNCT
cblr-8639	519	11	,	,	PUNCT
cblr-8639	519	12	126	126	NUM
cblr-8639	519	13	stat	stat	NOUN
cblr-8639	519	14	.	.	PUNCT
cblr-8639	520	1	at	at	ADP
cblr-8639	520	2	309–10	309–10	NUM
cblr-8639	520	3	.	.	PROPN
cblr-8639	520	4	121	121	NUM
cblr-8639	520	5	see	see	VERB
cblr-8639	520	6	greene	greene	PROPN
cblr-8639	520	7	et	et	PROPN
cblr-8639	520	8	al	al	PROPN
cblr-8639	520	9	.	.	PROPN
cblr-8639	520	10	,	,	PUNCT
cblr-8639	520	11	supra	supra	PROPN
cblr-8639	520	12	note	note	PROPN
cblr-8639	520	13	118	118	NUM
cblr-8639	520	14	,	,	PUNCT
cblr-8639	520	15	at	at	ADP
cblr-8639	520	16	752	752	NUM
cblr-8639	520	17	&	&	CCONJ
cblr-8639	520	18	n.163	n.163	VERB
cblr-8639	520	19	.	.	PROPN
cblr-8639	520	20	122	122	NUM
cblr-8639	520	21	see	see	VERB
cblr-8639	520	22	i	i	PRON
cblr-8639	520	23	d.	d.	PROPN
cblr-8639	520	24	at	at	ADP
cblr-8639	520	25	753	753	NUM
cblr-8639	520	26	.	.	PUNCT
cblr-8639	521	1	123	123	NUM
cblr-8639	521	2	see	see	VERB
cblr-8639	521	3	,	,	PUNCT
cblr-8639	521	4	e.g.	e.g.	ADV
cblr-8639	521	5	,	,	PUNCT
cblr-8639	521	6	economic	economic	ADJ
cblr-8639	521	7	inequality	inequality	NOUN
cblr-8639	521	8	:	:	PUNCT
cblr-8639	521	9	putting	put	VERB
cblr-8639	521	10	the	the	DET
cblr-8639	521	11	s	s	NOUN
cblr-8639	521	12	into	into	ADP
cblr-8639	521	13	esg	esg	PROPN
cblr-8639	521	14	,	,	PUNCT
cblr-8639	521	15	ri	ri	PROPN
cblr-8639	521	16	q.	q.	PROPN
cblr-8639	521	17	,	,	PUNCT
cblr-8639	521	18	jan	jan	PROPN
cblr-8639	521	19	.	.	PROPN
cblr-8639	521	20	2017	2017	NUM
cblr-8639	521	21	,	,	PUNCT
cblr-8639	521	22	at	at	ADP
cblr-8639	521	23	6	6	NUM
cblr-8639	521	24	,	,	PUNCT
cblr-8639	521	25	6–7	6–7	NUM
cblr-8639	521	26	(	(	PUNCT
cblr-8639	521	27	discussing	discuss	VERB
cblr-8639	521	28	esg	esg	NOUN
cblr-8639	521	29	and	and	CCONJ
cblr-8639	521	30	inequality	inequality	NOUN
cblr-8639	521	31	)	)	PUNCT
cblr-8639	521	32	.	.	PUNCT
cblr-8639	522	1	mahoney	mahoney	PROPN
cblr-8639	522	2	&	&	CCONJ
cblr-8639	522	3	mahoney	mahoney	PROPN
cblr-8639	522	4	8/22/2021	8/22/2021	NUM
cblr-8639	522	5	9:16	9:16	NUM
cblr-8639	522	6	pm	pm	NOUN
cblr-8639	522	7	874	874	NUM
cblr-8639	522	8	columbia	columbia	PROPN
cblr-8639	522	9	business	business	NOUN
cblr-8639	522	10	law	law	PROPN
cblr-8639	522	11	review	review	NOUN
cblr-8639	522	12	[	[	X
cblr-8639	522	13	vol	vol	NOUN
cblr-8639	522	14	.	.	PUNCT
cblr-8639	522	15	2021	2021	NUM
cblr-8639	522	16	harm	harm	NOUN
cblr-8639	522	17	some	some	PRON
cblr-8639	522	18	of	of	ADP
cblr-8639	522	19	its	its	PRON
cblr-8639	522	20	intended	intend	VERB
cblr-8639	522	21	beneficiaries	beneficiary	NOUN
cblr-8639	522	22	.	.	PUNCT
cblr-8639	523	1	conflict	conflict	NOUN
cblr-8639	523	2	minerals	mineral	NOUN
cblr-8639	523	3	disclosure	disclosure	NOUN
cblr-8639	523	4	provides	provide	VERB
cblr-8639	523	5	a	a	DET
cblr-8639	523	6	useful	useful	ADJ
cblr-8639	523	7	cautionary	cautionary	ADJ
cblr-8639	523	8	tale	tale	NOUN
cblr-8639	523	9	.	.	PUNCT
cblr-8639	524	1	section	section	NOUN
cblr-8639	524	2	1502	1502	NUM
cblr-8639	524	3	of	of	ADP
cblr-8639	524	4	the	the	DET
cblr-8639	524	5	dodd	dodd	PROPN
cblr-8639	524	6	-	-	PUNCT
cblr-8639	524	7	frank	frank	PROPN
cblr-8639	524	8	wall	wall	PROPN
cblr-8639	524	9	street	street	PROPN
cblr-8639	524	10	reform	reform	PROPN
cblr-8639	524	11	and	and	CCONJ
cblr-8639	524	12	consumer	consumer	NOUN
cblr-8639	524	13	protection	protection	NOUN
cblr-8639	524	14	act	act	NOUN
cblr-8639	524	15	required	require	VERB
cblr-8639	524	16	the	the	DET
cblr-8639	524	17	sec	sec	PROPN
cblr-8639	524	18	to	to	PART
cblr-8639	524	19	promulgate	promulgate	VERB
cblr-8639	524	20	regulations	regulation	NOUN
cblr-8639	524	21	requiring	require	VERB
cblr-8639	524	22	disclosure	disclosure	NOUN
cblr-8639	524	23	of	of	ADP
cblr-8639	524	24	a	a	DET
cblr-8639	524	25	company	company	NOUN
cblr-8639	524	26	’s	’s	PART
cblr-8639	524	27	use	use	NOUN
cblr-8639	524	28	of	of	ADP
cblr-8639	524	29	certain	certain	ADJ
cblr-8639	524	30	minerals	mineral	NOUN
cblr-8639	524	31	originating	originate	VERB
cblr-8639	524	32	in	in	ADP
cblr-8639	524	33	the	the	DET
cblr-8639	524	34	democratic	democratic	ADJ
cblr-8639	524	35	republic	republic	NOUN
cblr-8639	524	36	of	of	ADP
cblr-8639	524	37	the	the	DET
cblr-8639	524	38	congo	congo	PROPN
cblr-8639	524	39	(	(	PUNCT
cblr-8639	524	40	drc).124	drc).124	PROPN
cblr-8639	524	41	congress	congress	PROPN
cblr-8639	524	42	’s	’s	PART
cblr-8639	524	43	stated	state	VERB
cblr-8639	524	44	purpose	purpose	NOUN
cblr-8639	524	45	in	in	ADP
cblr-8639	524	46	adopting	adopt	VERB
cblr-8639	524	47	the	the	DET
cblr-8639	524	48	provision	provision	NOUN
cblr-8639	524	49	was	be	AUX
cblr-8639	524	50	to	to	PART
cblr-8639	524	51	alleviate	alleviate	VERB
cblr-8639	524	52	an	an	DET
cblr-8639	524	53	“	"	PUNCT
cblr-8639	524	54	emergency	emergency	NOUN
cblr-8639	524	55	humanitarian	humanitarian	ADJ
cblr-8639	524	56	situation	situation	NOUN
cblr-8639	524	57	”	"	PUNCT
cblr-8639	524	58	in	in	ADP
cblr-8639	524	59	the	the	DET
cblr-8639	524	60	drc.125	drc.125	NOUN
cblr-8639	524	61	the	the	DET
cblr-8639	524	62	provision	provision	NOUN
cblr-8639	524	63	did	do	AUX
cblr-8639	524	64	not	not	PART
cblr-8639	524	65	aim	aim	VERB
cblr-8639	524	66	to	to	PART
cblr-8639	524	67	help	help	VERB
cblr-8639	524	68	investors	investor	NOUN
cblr-8639	524	69	make	make	VERB
cblr-8639	524	70	investment	investment	NOUN
cblr-8639	524	71	decisions	decision	NOUN
cblr-8639	524	72	.	.	PUNCT
cblr-8639	525	1	it	it	PRON
cblr-8639	525	2	was	be	AUX
cblr-8639	525	3	designed	design	VERB
cblr-8639	525	4	to	to	PART
cblr-8639	525	5	shame	shame	VERB
cblr-8639	525	6	companies	company	NOUN
cblr-8639	525	7	into	into	ADP
cblr-8639	525	8	reshaping	reshape	VERB
cblr-8639	525	9	their	their	PRON
cblr-8639	525	10	supply	supply	NOUN
cblr-8639	525	11	chains	chain	NOUN
cblr-8639	525	12	to	to	PART
cblr-8639	525	13	avoid	avoid	VERB
cblr-8639	525	14	possibly	possibly	ADV
cblr-8639	525	15	introducing	introduce	VERB
cblr-8639	525	16	conflict	conflict	NOUN
cblr-8639	525	17	minerals	mineral	NOUN
cblr-8639	525	18	into	into	ADP
cblr-8639	525	19	their	their	PRON
cblr-8639	525	20	operations	operation	NOUN
cblr-8639	525	21	.	.	PUNCT
cblr-8639	526	1	given	give	VERB
cblr-8639	526	2	the	the	DET
cblr-8639	526	3	difficulty	difficulty	NOUN
cblr-8639	526	4	of	of	ADP
cblr-8639	526	5	tracing	trace	VERB
cblr-8639	526	6	minerals	mineral	NOUN
cblr-8639	526	7	back	back	ADV
cblr-8639	526	8	to	to	ADP
cblr-8639	526	9	their	their	PRON
cblr-8639	526	10	original	original	ADJ
cblr-8639	526	11	sources	source	NOUN
cblr-8639	526	12	,	,	PUNCT
cblr-8639	526	13	the	the	DET
cblr-8639	526	14	statute	statute	NOUN
cblr-8639	526	15	had	have	VERB
cblr-8639	526	16	the	the	DET
cblr-8639	526	17	predictable	predictable	ADJ
cblr-8639	526	18	,	,	PUNCT
cblr-8639	526	19	if	if	SCONJ
cblr-8639	526	20	unintended	unintended	ADJ
cblr-8639	526	21	,	,	PUNCT
cblr-8639	526	22	consequence	consequence	NOUN
cblr-8639	526	23	of	of	ADP
cblr-8639	526	24	inducing	induce	VERB
cblr-8639	526	25	companies	company	NOUN
cblr-8639	526	26	to	to	PART
cblr-8639	526	27	avoid	avoid	VERB
cblr-8639	526	28	sourcing	source	VERB
cblr-8639	526	29	any	any	DET
cblr-8639	526	30	products	product	NOUN
cblr-8639	526	31	from	from	ADP
cblr-8639	526	32	congolese	congolese	ADJ
cblr-8639	526	33	manufacturers	manufacturer	NOUN
cblr-8639	526	34	,	,	PUNCT
cblr-8639	526	35	with	with	ADP
cblr-8639	526	36	“	"	PUNCT
cblr-8639	526	37	devastating	devastating	ADJ
cblr-8639	526	38	”	"	PUNCT
cblr-8639	526	39	consequences	consequence	NOUN
cblr-8639	526	40	for	for	ADP
cblr-8639	526	41	its	its	PRON
cblr-8639	526	42	intended	intend	VERB
cblr-8639	526	43	beneficiaries.126	beneficiaries.126	NOUN
cblr-8639	526	44	more	more	ADV
cblr-8639	526	45	recently	recently	ADV
cblr-8639	526	46	,	,	PUNCT
cblr-8639	526	47	a	a	DET
cblr-8639	526	48	staff	staff	NOUN
cblr-8639	526	49	report	report	NOUN
cblr-8639	526	50	by	by	ADP
cblr-8639	526	51	the	the	DET
cblr-8639	526	52	federal	federal	PROPN
cblr-8639	526	53	reserve	reserve	PROPN
cblr-8639	526	54	bank	bank	PROPN
cblr-8639	526	55	of	of	ADP
cblr-8639	526	56	new	new	PROPN
cblr-8639	526	57	york	york	PROPN
cblr-8639	526	58	analyzed	analyze	VERB
cblr-8639	526	59	whether	whether	SCONJ
cblr-8639	526	60	and	and	CCONJ
cblr-8639	526	61	how	how	SCONJ
cblr-8639	526	62	the	the	DET
cblr-8639	526	63	central	central	ADJ
cblr-8639	526	64	bank	bank	NOUN
cblr-8639	526	65	could	could	AUX
cblr-8639	526	66	use	use	VERB
cblr-8639	526	67	interest	interest	NOUN
cblr-8639	526	68	rate	rate	NOUN
cblr-8639	526	69	policies	policy	NOUN
cblr-8639	526	70	to	to	PART
cblr-8639	526	71	alleviate	alleviate	VERB
cblr-8639	526	72	racial	racial	ADJ
cblr-8639	526	73	inequality	inequality	NOUN
cblr-8639	526	74	as	as	SCONJ
cblr-8639	526	75	president	president	PROPN
cblr-8639	526	76	biden	biden	PROPN
cblr-8639	526	77	suggested	suggest	VERB
cblr-8639	526	78	during	during	ADP
cblr-8639	526	79	his	his	PRON
cblr-8639	526	80	2020	2020	NUM
cblr-8639	526	81	campaign.127	campaign.127	NOUN
cblr-8639	526	82	the	the	DET
cblr-8639	526	83	staff	staff	NOUN
cblr-8639	526	84	economists	economist	NOUN
cblr-8639	526	85	found	find	VERB
cblr-8639	526	86	that	that	SCONJ
cblr-8639	526	87	lower	low	ADJ
cblr-8639	526	88	interest	interest	NOUN
cblr-8639	526	89	rates	rate	NOUN
cblr-8639	526	90	may	may	AUX
cblr-8639	526	91	reduce	reduce	VERB
cblr-8639	526	92	the	the	DET
cblr-8639	526	93	racial	racial	ADJ
cblr-8639	526	94	income	income	NOUN
cblr-8639	526	95	gap	gap	NOUN
cblr-8639	526	96	but	but	CCONJ
cblr-8639	526	97	exacerbate	exacerbate	VERB
cblr-8639	526	98	the	the	DET
cblr-8639	526	99	wealth	wealth	NOUN
cblr-8639	526	100	gap	gap	NOUN
cblr-8639	526	101	.	.	PUNCT
cblr-8639	527	1	the	the	DET
cblr-8639	527	2	report	report	NOUN
cblr-8639	527	3	therefore	therefore	ADV
cblr-8639	527	4	concluded	conclude	VERB
cblr-8639	527	5	that	that	SCONJ
cblr-8639	527	6	accommodative	accommodative	ADJ
cblr-8639	527	7	monetary	monetary	ADJ
cblr-8639	527	8	policy	policy	NOUN
cblr-8639	527	9	“	"	PUNCT
cblr-8639	527	10	may	may	AUX
cblr-8639	527	11	well	well	ADV
cblr-8639	527	12	accentuate	accentuate	VERB
cblr-8639	527	13	inequalities	inequality	NOUN
cblr-8639	527	14	for	for	ADP
cblr-8639	527	15	extended	extended	ADJ
cblr-8639	527	16	periods	period	NOUN
cblr-8639	527	17	.	.	PUNCT
cblr-8639	527	18	”128	”128	PUNCT
cblr-8639	528	1	because	because	SCONJ
cblr-8639	528	2	mandates	mandate	NOUN
cblr-8639	528	3	adopted	adopt	VERB
cblr-8639	528	4	to	to	PART
cblr-8639	528	5	signal	signal	VERB
cblr-8639	528	6	that	that	SCONJ
cblr-8639	528	7	an	an	DET
cblr-8639	528	8	agency	agency	NOUN
cblr-8639	528	9	is	be	AUX
cblr-8639	528	10	“	"	PUNCT
cblr-8639	528	11	doing	do	VERB
cblr-8639	528	12	something	something	PRON
cblr-8639	528	13	”	"	PUNCT
cblr-8639	528	14	about	about	ADP
cblr-8639	528	15	a	a	DET
cblr-8639	528	16	public	public	ADJ
cblr-8639	528	17	policy	policy	NOUN
cblr-8639	528	18	problem	problem	NOUN
cblr-8639	528	19	may	may	AUX
cblr-8639	528	20	take	take	VERB
cblr-8639	528	21	the	the	DET
cblr-8639	528	22	agency	agency	NOUN
cblr-8639	528	23	into	into	ADP
cblr-8639	528	24	territory	territory	NOUN
cblr-8639	528	25	where	where	SCONJ
cblr-8639	528	26	it	it	PRON
cblr-8639	528	27	has	have	AUX
cblr-8639	528	28	neither	neither	CCONJ
cblr-8639	528	29	124	124	NUM
cblr-8639	528	30	see	see	VERB
cblr-8639	528	31	dodd	dodd	PROPN
cblr-8639	528	32	-	-	PUNCT
cblr-8639	528	33	frank	frank	PROPN
cblr-8639	528	34	wall	wall	PROPN
cblr-8639	528	35	street	street	PROPN
cblr-8639	528	36	reform	reform	PROPN
cblr-8639	528	37	and	and	CCONJ
cblr-8639	528	38	consumer	consumer	NOUN
cblr-8639	528	39	protection	protection	PROPN
cblr-8639	528	40	act	act	PROPN
cblr-8639	528	41	,	,	PUNCT
cblr-8639	528	42	pub	pub	NOUN
cblr-8639	528	43	.	.	PUNCT
cblr-8639	529	1	l.	l.	PROPN
cblr-8639	529	2	no	no	INTJ
cblr-8639	529	3	.	.	PROPN
cblr-8639	530	1	111	111	NUM
cblr-8639	530	2	-	-	SYM
cblr-8639	530	3	203	203	NUM
cblr-8639	530	4	,	,	PUNCT
cblr-8639	530	5	§	§	PROPN
cblr-8639	530	6	1502(b	1502(b	PROPN
cblr-8639	530	7	)	)	PUNCT
cblr-8639	530	8	,	,	PUNCT
cblr-8639	530	9	124	124	NUM
cblr-8639	530	10	stat	stat	NOUN
cblr-8639	530	11	.	.	PUNCT
cblr-8639	531	1	1376	1376	NUM
cblr-8639	531	2	,	,	PUNCT
cblr-8639	531	3	2213–15	2213–15	NUM
cblr-8639	531	4	(	(	PUNCT
cblr-8639	531	5	2010	2010	NUM
cblr-8639	531	6	)	)	PUNCT
cblr-8639	531	7	(	(	PUNCT
cblr-8639	531	8	codified	codify	VERB
cblr-8639	531	9	at	at	ADP
cblr-8639	531	10	15	15	NUM
cblr-8639	531	11	u.s.c	u.s.c	ADJ
cblr-8639	531	12	.	.	PUNCT
cblr-8639	532	1	§	§	PROPN
cblr-8639	532	2	78m(p	78m(p	NUM
cblr-8639	532	3	)	)	PUNCT
cblr-8639	532	4	(	(	PUNCT
cblr-8639	532	5	2019	2019	NUM
cblr-8639	532	6	)	)	PUNCT
cblr-8639	532	7	)	)	PUNCT
cblr-8639	532	8	.	.	PUNCT
cblr-8639	533	1	125	125	NUM
cblr-8639	533	2	see	see	VERB
cblr-8639	533	3	i	i	PROPN
cblr-8639	533	4	d.	d.	PROPN
cblr-8639	533	5	sec	sec	PROPN
cblr-8639	533	6	.	.	PUNCT
cblr-8639	533	7	1502(a	1502(a	NUM
cblr-8639	533	8	)	)	PUNCT
cblr-8639	533	9	,	,	PUNCT
cblr-8639	533	10	124	124	NUM
cblr-8639	533	11	stat	stat	NOUN
cblr-8639	533	12	.	.	PUNCT
cblr-8639	534	1	at	at	ADP
cblr-8639	534	2	2213	2213	NUM
cblr-8639	534	3	.	.	PUNCT
cblr-8639	535	1	126	126	NUM
cblr-8639	535	2	see	see	VERB
cblr-8639	535	3	john	john	PROPN
cblr-8639	535	4	berlau	berlau	PROPN
cblr-8639	535	5	&	&	CCONJ
cblr-8639	535	6	seth	seth	PROPN
cblr-8639	535	7	carter	carter	PROPN
cblr-8639	535	8	,	,	PUNCT
cblr-8639	535	9	dodd	dodd	PROPN
cblr-8639	535	10	-	-	PUNCT
cblr-8639	535	11	frank	frank	PROPN
cblr-8639	535	12	undermines	undermine	VERB
cblr-8639	535	13	the	the	DET
cblr-8639	535	14	fight	fight	NOUN
cblr-8639	535	15	against	against	ADP
cblr-8639	535	16	covid	covid	PROPN
cblr-8639	535	17	,	,	PUNCT
cblr-8639	535	18	wall	wall	PROPN
cblr-8639	535	19	st	st	PROPN
cblr-8639	535	20	.	.	PROPN
cblr-8639	535	21	j.	j.	PROPN
cblr-8639	535	22	(	(	PUNCT
cblr-8639	535	23	oct	oct	PROPN
cblr-8639	535	24	.	.	PROPN
cblr-8639	535	25	27	27	NUM
cblr-8639	535	26	,	,	PUNCT
cblr-8639	535	27	2020	2020	NUM
cblr-8639	535	28	,	,	PUNCT
cblr-8639	535	29	7:07	7:07	NUM
cblr-8639	535	30	pm	pm	NOUN
cblr-8639	535	31	)	)	PUNCT
cblr-8639	535	32	(	(	PUNCT
cblr-8639	535	33	on	on	ADP
cblr-8639	535	34	file	file	NOUN
cblr-8639	535	35	with	with	ADP
cblr-8639	535	36	the	the	DET
cblr-8639	535	37	columbia	columbia	PROPN
cblr-8639	535	38	business	business	PROPN
cblr-8639	535	39	law	law	PROPN
cblr-8639	535	40	review	review	PROPN
cblr-8639	535	41	)	)	PUNCT
cblr-8639	535	42	,	,	PUNCT
cblr-8639	535	43	https://www.wsj.com/articles/dodd-frankundermines-the-fight-against-covid-11603840074	https://www.wsj.com/articles/dodd-frankundermines-the-fight-against-covid-11603840074	PROPN
cblr-8639	535	44	.	.	PUNCT
cblr-8639	536	1	127	127	NUM
cblr-8639	536	2	see	see	PROPN
cblr-8639	536	3	alina	alina	PROPN
cblr-8639	536	4	bartscher	bartscher	PROPN
cblr-8639	536	5	et	et	PROPN
cblr-8639	536	6	al	al	PROPN
cblr-8639	536	7	.	.	PROPN
cblr-8639	536	8	,	,	PUNCT
cblr-8639	536	9	fed	fed	PROPN
cblr-8639	536	10	.	.	PUNCT
cblr-8639	537	1	rsrv	rsrv	PROPN
cblr-8639	537	2	.	.	PUNCT
cblr-8639	538	1	bank	bank	PROPN
cblr-8639	538	2	of	of	ADP
cblr-8639	538	3	n.y	n.y	PROPN
cblr-8639	538	4	.	.	PROPN
cblr-8639	538	5	,	,	PUNCT
cblr-8639	538	6	staff	staff	PROPN
cblr-8639	538	7	rep	rep	PROPN
cblr-8639	538	8	.	.	PROPN
cblr-8639	539	1	no	no	PROPN
cblr-8639	539	2	.	.	NOUN
cblr-8639	539	3	959	959	NUM
cblr-8639	539	4	,	,	PUNCT
cblr-8639	539	5	monetary	monetary	ADJ
cblr-8639	539	6	policy	policy	NOUN
cblr-8639	539	7	and	and	CCONJ
cblr-8639	539	8	racial	racial	ADJ
cblr-8639	539	9	inequality	inequality	NOUN
cblr-8639	539	10	1	1	NUM
cblr-8639	539	11	,	,	PUNCT
cblr-8639	539	12	12–15	12–15	NUM
cblr-8639	539	13	(	(	PUNCT
cblr-8639	539	14	2021	2021	NUM
cblr-8639	539	15	)	)	PUNCT
cblr-8639	539	16	.	.	PUNCT
cblr-8639	540	1	128	128	NUM
cblr-8639	541	1	i	i	PRON
cblr-8639	541	2	d.	d.	PROPN
cblr-8639	541	3	abstract	abstract	PROPN
cblr-8639	541	4	.	.	PUNCT
cblr-8639	542	1	mahoney	mahoney	PROPN
cblr-8639	542	2	&	&	CCONJ
cblr-8639	542	3	mahoney	mahoney	PROPN
cblr-8639	542	4	8/22/2021	8/22/2021	PROPN
cblr-8639	542	5	9:16	9:16	NUM
cblr-8639	542	6	pm	pm	NOUN
cblr-8639	542	7	no	no	INTJ
cblr-8639	542	8	.	.	PUNCT
cblr-8639	543	1	2:840	2:840	NUM
cblr-8639	543	2	]	]	X
cblr-8639	543	3	the	the	DET
cblr-8639	543	4	new	new	ADJ
cblr-8639	543	5	separation	separation	NOUN
cblr-8639	543	6	of	of	ADP
cblr-8639	543	7	ownership	ownership	NOUN
cblr-8639	543	8	and	and	CCONJ
cblr-8639	543	9	control	control	VERB
cblr-8639	543	10	875	875	NUM
cblr-8639	543	11	expertise	expertise	NOUN
cblr-8639	543	12	nor	nor	CCONJ
cblr-8639	543	13	experience	experience	NOUN
cblr-8639	543	14	,	,	PUNCT
cblr-8639	543	15	they	they	PRON
cblr-8639	543	16	may	may	AUX
cblr-8639	543	17	be	be	AUX
cblr-8639	543	18	unusually	unusually	ADV
cblr-8639	543	19	likely	likely	ADJ
cblr-8639	543	20	to	to	PART
cblr-8639	543	21	backfire	backfire	VERB
cblr-8639	543	22	.	.	PUNCT
cblr-8639	544	1	esg	esg	NOUN
cblr-8639	544	2	regulation	regulation	NOUN
cblr-8639	544	3	also	also	ADV
cblr-8639	544	4	presents	present	VERB
cblr-8639	544	5	risks	risk	NOUN
cblr-8639	544	6	to	to	ADP
cblr-8639	544	7	the	the	DET
cblr-8639	544	8	sec	sec	PROPN
cblr-8639	544	9	itself	itself	PRON
cblr-8639	544	10	.	.	PUNCT
cblr-8639	545	1	the	the	DET
cblr-8639	545	2	agency	agency	NOUN
cblr-8639	545	3	’s	’s	PART
cblr-8639	545	4	claim	claim	NOUN
cblr-8639	545	5	to	to	ADP
cblr-8639	545	6	a	a	DET
cblr-8639	545	7	degree	degree	NOUN
cblr-8639	545	8	of	of	ADP
cblr-8639	545	9	policy	policy	NOUN
cblr-8639	545	10	autonomy	autonomy	NOUN
cblr-8639	545	11	and	and	CCONJ
cblr-8639	545	12	judicial	judicial	ADJ
cblr-8639	545	13	deference	deference	NOUN
cblr-8639	545	14	is	be	AUX
cblr-8639	545	15	based	base	VERB
cblr-8639	545	16	on	on	ADP
cblr-8639	545	17	the	the	DET
cblr-8639	545	18	idea	idea	NOUN
cblr-8639	545	19	that	that	SCONJ
cblr-8639	545	20	it	it	PRON
cblr-8639	545	21	is	be	AUX
cblr-8639	545	22	a	a	DET
cblr-8639	545	23	technocratic	technocratic	ADJ
cblr-8639	545	24	,	,	PUNCT
cblr-8639	545	25	expert	expert	ADJ
cblr-8639	545	26	body	body	NOUN
cblr-8639	545	27	insulated	insulate	VERB
cblr-8639	545	28	from	from	ADP
cblr-8639	545	29	day	day	NOUN
cblr-8639	545	30	-	-	PUNCT
cblr-8639	545	31	to	to	ADP
cblr-8639	545	32	-	-	PUNCT
cblr-8639	545	33	day	day	NOUN
cblr-8639	545	34	political	political	ADJ
cblr-8639	545	35	pressures	pressure	NOUN
cblr-8639	545	36	.	.	PUNCT
cblr-8639	546	1	wading	wade	VERB
cblr-8639	546	2	into	into	ADP
cblr-8639	546	3	controversial	controversial	ADJ
cblr-8639	546	4	areas	area	NOUN
cblr-8639	546	5	of	of	ADP
cblr-8639	546	6	public	public	ADJ
cblr-8639	546	7	policy	policy	NOUN
cblr-8639	546	8	under	under	ADP
cblr-8639	546	9	the	the	DET
cblr-8639	546	10	guise	guise	NOUN
cblr-8639	546	11	that	that	SCONJ
cblr-8639	546	12	they	they	PRON
cblr-8639	546	13	can	can	AUX
cblr-8639	546	14	be	be	AUX
cblr-8639	546	15	shoehorned	shoehorn	VERB
cblr-8639	546	16	into	into	ADP
cblr-8639	546	17	the	the	DET
cblr-8639	546	18	sec	sec	PROPN
cblr-8639	546	19	’s	’s	PART
cblr-8639	546	20	disclosure	disclosure	NOUN
cblr-8639	546	21	mandate	mandate	NOUN
cblr-8639	546	22	is	be	AUX
cblr-8639	546	23	good	good	ADJ
cblr-8639	546	24	neither	neither	CCONJ
cblr-8639	546	25	for	for	ADP
cblr-8639	546	26	policy	policy	NOUN
cblr-8639	546	27	nor	nor	CCONJ
cblr-8639	546	28	for	for	ADP
cblr-8639	546	29	the	the	DET
cblr-8639	546	30	agency	agency	NOUN
cblr-8639	546	31	.	.	PUNCT
cblr-8639	547	1	for	for	ADP
cblr-8639	547	2	that	that	DET
cblr-8639	547	3	reason	reason	NOUN
cblr-8639	547	4	,	,	PUNCT
cblr-8639	547	5	former	former	ADJ
cblr-8639	547	6	sec	sec	PROPN
cblr-8639	547	7	chair	chair	PROPN
cblr-8639	547	8	arthur	arthur	PROPN
cblr-8639	547	9	levitt	levitt	PROPN
cblr-8639	547	10	,	,	PUNCT
cblr-8639	547	11	a	a	DET
cblr-8639	547	12	democrat	democrat	PROPN
cblr-8639	547	13	appointed	appoint	VERB
cblr-8639	547	14	by	by	ADP
cblr-8639	547	15	president	president	PROPN
cblr-8639	547	16	clinton	clinton	PROPN
cblr-8639	547	17	,	,	PUNCT
cblr-8639	547	18	recently	recently	ADV
cblr-8639	547	19	urged	urge	VERB
cblr-8639	547	20	the	the	DET
cblr-8639	547	21	sec	sec	PROPN
cblr-8639	547	22	not	not	PART
cblr-8639	547	23	to	to	PART
cblr-8639	547	24	approve	approve	VERB
cblr-8639	547	25	nasdaq	nasdaq	PROPN
cblr-8639	547	26	’s	’s	PART
cblr-8639	547	27	rule	rule	NOUN
cblr-8639	547	28	proposal	proposal	NOUN
cblr-8639	547	29	regarding	regard	VERB
cblr-8639	547	30	board	board	NOUN
cblr-8639	547	31	diversity.129	diversity.129	VERB
cblr-8639	547	32	his	his	PRON
cblr-8639	547	33	message	message	NOUN
cblr-8639	547	34	was	be	AUX
cblr-8639	547	35	simple	simple	ADJ
cblr-8639	547	36	:	:	PUNCT
cblr-8639	547	37	“	"	PUNCT
cblr-8639	547	38	the	the	DET
cblr-8639	547	39	sec	sec	PROPN
cblr-8639	547	40	should	should	AUX
cblr-8639	547	41	n’t	not	PART
cblr-8639	547	42	be	be	AUX
cblr-8639	547	43	drawn	draw	VERB
cblr-8639	547	44	into	into	ADP
cblr-8639	547	45	politics	politic	NOUN
cblr-8639	547	46	.	.	PUNCT
cblr-8639	547	47	”130	”130	PROPN
cblr-8639	548	1	we	we	PRON
cblr-8639	548	2	suspect	suspect	VERB
cblr-8639	548	3	that	that	SCONJ
cblr-8639	548	4	the	the	DET
cblr-8639	548	5	sec	sec	PROPN
cblr-8639	548	6	’s	’s	PART
cblr-8639	548	7	commissioners	commissioner	NOUN
cblr-8639	548	8	and	and	CCONJ
cblr-8639	548	9	staff	staff	NOUN
cblr-8639	548	10	agree	agree	VERB
cblr-8639	548	11	with	with	ADP
cblr-8639	548	12	that	that	DET
cblr-8639	548	13	message	message	NOUN
cblr-8639	548	14	in	in	ADP
cblr-8639	548	15	the	the	DET
cblr-8639	548	16	abstract	abstract	NOUN
cblr-8639	548	17	.	.	PUNCT
cblr-8639	549	1	many	many	ADJ
cblr-8639	549	2	,	,	PUNCT
cblr-8639	549	3	however	however	ADV
cblr-8639	549	4	,	,	PUNCT
cblr-8639	549	5	would	would	AUX
cblr-8639	549	6	disagree	disagree	VERB
cblr-8639	549	7	that	that	SCONJ
cblr-8639	549	8	adopting	adopt	VERB
cblr-8639	549	9	esg	esg	NOUN
cblr-8639	549	10	disclosure	disclosure	NOUN
cblr-8639	549	11	mandates	mandate	NOUN
cblr-8639	549	12	draws	draw	VERB
cblr-8639	549	13	the	the	DET
cblr-8639	549	14	sec	sec	PROPN
cblr-8639	549	15	into	into	ADP
cblr-8639	549	16	politics	politic	NOUN
cblr-8639	549	17	.	.	PUNCT
cblr-8639	550	1	the	the	DET
cblr-8639	550	2	supporters	supporter	NOUN
cblr-8639	550	3	of	of	ADP
cblr-8639	550	4	esg	esg	PROPN
cblr-8639	550	5	disclosure	disclosure	NOUN
cblr-8639	550	6	mandates	mandate	NOUN
cblr-8639	550	7	within	within	ADP
cblr-8639	550	8	the	the	DET
cblr-8639	550	9	agency	agency	NOUN
cblr-8639	550	10	have	have	AUX
cblr-8639	550	11	argued	argue	VERB
cblr-8639	550	12	consistently	consistently	ADV
cblr-8639	550	13	that	that	SCONJ
cblr-8639	550	14	they	they	PRON
cblr-8639	550	15	are	be	AUX
cblr-8639	550	16	responding	respond	VERB
cblr-8639	550	17	to	to	ADP
cblr-8639	550	18	investor	investor	NOUN
cblr-8639	550	19	demand	demand	NOUN
cblr-8639	550	20	for	for	ADP
cblr-8639	550	21	more	more	ADJ
cblr-8639	550	22	esg	esg	NOUN
cblr-8639	550	23	-	-	PUNCT
cblr-8639	550	24	related	relate	VERB
cblr-8639	550	25	information.131	information.131	NOUN
cblr-8639	550	26	it	it	PRON
cblr-8639	550	27	should	should	AUX
cblr-8639	550	28	,	,	PUNCT
cblr-8639	550	29	however	however	ADV
cblr-8639	550	30	,	,	PUNCT
cblr-8639	550	31	be	be	AUX
cblr-8639	550	32	a	a	DET
cblr-8639	550	33	concern	concern	NOUN
cblr-8639	550	34	that	that	SCONJ
cblr-8639	550	35	the	the	DET
cblr-8639	550	36	investors	investor	NOUN
cblr-8639	550	37	demanding	demand	VERB
cblr-8639	550	38	more	more	ADJ
cblr-8639	550	39	esg	esg	NOUN
cblr-8639	550	40	disclosures	disclosure	NOUN
cblr-8639	550	41	are	be	AUX
cblr-8639	550	42	not	not	PART
cblr-8639	550	43	investing	invest	VERB
cblr-8639	550	44	their	their	PRON
cblr-8639	550	45	own	own	ADJ
cblr-8639	550	46	money.132	money.132	NOUN
cblr-8639	550	47	the	the	DET
cblr-8639	550	48	calpers	calpers	PROPN
cblr-8639	550	49	election	election	NOUN
cblr-8639	550	50	described	describe	VERB
cblr-8639	550	51	above	above	ADV
cblr-8639	550	52	indicates	indicate	VERB
cblr-8639	550	53	that	that	SCONJ
cblr-8639	550	54	beneficiaries	beneficiary	NOUN
cblr-8639	550	55	may	may	AUX
cblr-8639	550	56	not	not	PART
cblr-8639	550	57	agree	agree	VERB
cblr-8639	550	58	with	with	ADP
cblr-8639	550	59	fund	fund	NOUN
cblr-8639	550	60	managers	manager	NOUN
cblr-8639	550	61	that	that	SCONJ
cblr-8639	550	62	esg	esg	PROPN
cblr-8639	550	63	activism	activism	NOUN
cblr-8639	550	64	improves	improve	VERB
cblr-8639	550	65	returns.133	returns.133	ADV
cblr-8639	550	66	fairly	fairly	ADV
cblr-8639	550	67	or	or	CCONJ
cblr-8639	550	68	not	not	PART
cblr-8639	550	69	,	,	PUNCT
cblr-8639	550	70	many	many	ADJ
cblr-8639	550	71	individual	individual	ADJ
cblr-8639	550	72	investors	investor	NOUN
cblr-8639	550	73	,	,	PUNCT
cblr-8639	550	74	voters	voter	NOUN
cblr-8639	550	75	,	,	PUNCT
cblr-8639	550	76	and	and	CCONJ
cblr-8639	550	77	politicians	politician	NOUN
cblr-8639	550	78	will	will	AUX
cblr-8639	550	79	conclude	conclude	VERB
cblr-8639	550	80	that	that	SCONJ
cblr-8639	550	81	129	129	NUM
cblr-8639	550	82	for	for	ADP
cblr-8639	550	83	a	a	DET
cblr-8639	550	84	summary	summary	NOUN
cblr-8639	550	85	of	of	ADP
cblr-8639	550	86	the	the	DET
cblr-8639	550	87	rule	rule	NOUN
cblr-8639	550	88	,	,	PUNCT
cblr-8639	550	89	see	see	VERB
cblr-8639	550	90	supra	supra	ADJ
cblr-8639	550	91	text	text	NOUN
cblr-8639	550	92	accompanying	accompanying	ADJ
cblr-8639	550	93	notes	note	NOUN
cblr-8639	550	94	24	24	NUM
cblr-8639	550	95	–	–	SYM
cblr-8639	550	96	27	27	NUM
cblr-8639	550	97	.	.	X
cblr-8639	550	98	130	130	NUM
cblr-8639	550	99	arthur	arthur	PROPN
cblr-8639	550	100	levitt	levitt	PROPN
cblr-8639	550	101	jr	jr	PROPN
cblr-8639	550	102	.	.	PROPN
cblr-8639	550	103	,	,	PUNCT
cblr-8639	550	104	opinion	opinion	NOUN
cblr-8639	550	105	,	,	PUNCT
cblr-8639	550	106	if	if	SCONJ
cblr-8639	550	107	corporate	corporate	ADJ
cblr-8639	550	108	diversity	diversity	NOUN
cblr-8639	550	109	works	work	VERB
cblr-8639	550	110	,	,	PUNCT
cblr-8639	550	111	show	show	VERB
cblr-8639	550	112	me	i	PRON
cblr-8639	550	113	the	the	DET
cblr-8639	550	114	money	money	NOUN
cblr-8639	550	115	,	,	PUNCT
cblr-8639	550	116	wall	wall	PROPN
cblr-8639	550	117	st	st	PROPN
cblr-8639	550	118	.	.	PROPN
cblr-8639	550	119	j.	j.	PROPN
cblr-8639	550	120	,	,	PUNCT
cblr-8639	550	121	jan	jan	PROPN
cblr-8639	550	122	.	.	PROPN
cblr-8639	550	123	21	21	NUM
cblr-8639	550	124	,	,	PUNCT
cblr-8639	550	125	2021	2021	NUM
cblr-8639	550	126	,	,	PUNCT
cblr-8639	550	127	at	at	ADP
cblr-8639	550	128	a17	a17	PROPN
cblr-8639	550	129	.	.	PUNCT
cblr-8639	551	1	131	131	NUM
cblr-8639	551	2	see	see	VERB
cblr-8639	551	3	allison	allison	PROPN
cblr-8639	551	4	herren	herren	PROPN
cblr-8639	551	5	lee	lee	PROPN
cblr-8639	551	6	,	,	PUNCT
cblr-8639	551	7	acting	acting	NOUN
cblr-8639	551	8	chair	chair	NOUN
cblr-8639	551	9	,	,	PUNCT
cblr-8639	551	10	u.s	u.s	PROPN
cblr-8639	551	11	.	.	PROPN
cblr-8639	551	12	sec	sec	PROPN
cblr-8639	551	13	.	.	PROPN
cblr-8639	551	14	&	&	CCONJ
cblr-8639	551	15	exch	exch	PROPN
cblr-8639	551	16	.	.	PUNCT
cblr-8639	552	1	comm’n	comm’n	PROPN
cblr-8639	552	2	,	,	PUNCT
cblr-8639	552	3	a	a	DET
cblr-8639	552	4	climate	climate	NOUN
cblr-8639	552	5	for	for	ADP
cblr-8639	552	6	change	change	NOUN
cblr-8639	552	7	:	:	PUNCT
cblr-8639	552	8	meeting	meet	VERB
cblr-8639	552	9	investor	investor	NOUN
cblr-8639	552	10	demand	demand	NOUN
cblr-8639	552	11	for	for	ADP
cblr-8639	552	12	climate	climate	NOUN
cblr-8639	552	13	and	and	CCONJ
cblr-8639	552	14	esg	esg	NOUN
cblr-8639	552	15	information	information	NOUN
cblr-8639	552	16	at	at	ADP
cblr-8639	552	17	the	the	DET
cblr-8639	552	18	sec	sec	PROPN
cblr-8639	552	19	(	(	PUNCT
cblr-8639	552	20	mar	mar	PROPN
cblr-8639	552	21	.	.	PROPN
cblr-8639	552	22	15	15	NUM
cblr-8639	552	23	,	,	PUNCT
cblr-8639	552	24	2021	2021	NUM
cblr-8639	552	25	)	)	PUNCT
cblr-8639	552	26	,	,	PUNCT
cblr-8639	552	27	https://www.sec.gov/news/speech/lee-climate-change	https://www.sec.gov/news/speech/lee-climate-change	VERB
cblr-8639	553	1	[	[	X
cblr-8639	553	2	https://perma.cc/pn2u-pxcr	https://perma.cc/pn2u-pxcr	X
cblr-8639	553	3	]	]	X
cblr-8639	553	4	.	.	PUNCT
cblr-8639	554	1	132	132	NUM
cblr-8639	554	2	see	see	VERB
cblr-8639	554	3	i	i	PROPN
cblr-8639	554	4	d.	d.	PROPN
cblr-8639	554	5	(	(	PUNCT
cblr-8639	554	6	identifying	identify	VERB
cblr-8639	554	7	blackrock	blackrock	NOUN
cblr-8639	554	8	,	,	PUNCT
cblr-8639	554	9	bank	bank	PROPN
cblr-8639	554	10	of	of	ADP
cblr-8639	554	11	america	america	PROPN
cblr-8639	554	12	merrill	merrill	PROPN
cblr-8639	554	13	lynch	lynch	PROPN
cblr-8639	554	14	,	,	PUNCT
cblr-8639	554	15	and	and	CCONJ
cblr-8639	554	16	state	state	NOUN
cblr-8639	554	17	street	street	NOUN
cblr-8639	554	18	global	global	ADJ
cblr-8639	554	19	advisors	advisor	NOUN
cblr-8639	554	20	as	as	ADP
cblr-8639	554	21	examples	example	NOUN
cblr-8639	554	22	of	of	ADP
cblr-8639	554	23	investors	investor	NOUN
cblr-8639	554	24	that	that	PRON
cblr-8639	554	25	seek	seek	VERB
cblr-8639	554	26	to	to	PART
cblr-8639	554	27	use	use	VERB
cblr-8639	554	28	esg	esg	PROPN
cblr-8639	554	29	disclosures	disclosure	NOUN
cblr-8639	554	30	)	)	PUNCT
cblr-8639	554	31	.	.	PUNCT
cblr-8639	555	1	133	133	NUM
cblr-8639	555	2	see	see	VERB
cblr-8639	555	3	supra	supra	PROPN
cblr-8639	555	4	section	section	PROPN
cblr-8639	555	5	iii.b	iii.b	PROPN
cblr-8639	555	6	.	.	PUNCT
cblr-8639	555	7	mahoney	mahoney	PROPN
cblr-8639	555	8	&	&	CCONJ
cblr-8639	555	9	mahoney	mahoney	PROPN
cblr-8639	555	10	8/22/2021	8/22/2021	PROPN
cblr-8639	555	11	9:16	9:16	NUM
cblr-8639	555	12	pm	pm	NOUN
cblr-8639	555	13	876	876	NUM
cblr-8639	555	14	columbia	columbia	PROPN
cblr-8639	555	15	business	business	NOUN
cblr-8639	555	16	law	law	PROPN
cblr-8639	555	17	review	review	NOUN
cblr-8639	555	18	[	[	X
cblr-8639	555	19	vol	vol	NOUN
cblr-8639	555	20	.	.	PUNCT
cblr-8639	555	21	2021	2021	NUM
cblr-8639	555	22	the	the	DET
cblr-8639	555	23	sec	sec	PROPN
cblr-8639	555	24	is	be	AUX
cblr-8639	555	25	taking	take	VERB
cblr-8639	555	26	sides	side	NOUN
cblr-8639	555	27	in	in	ADP
cblr-8639	555	28	policy	policy	NOUN
cblr-8639	555	29	debates	debate	NOUN
cblr-8639	555	30	that	that	PRON
cblr-8639	555	31	divide	divide	VERB
cblr-8639	555	32	along	along	ADP
cblr-8639	555	33	ideological	ideological	ADJ
cblr-8639	555	34	and	and	CCONJ
cblr-8639	555	35	party	party	NOUN
cblr-8639	555	36	lines.134	lines.134	PROPN
cblr-8639	555	37	doing	do	VERB
cblr-8639	555	38	so	so	ADV
cblr-8639	555	39	would	would	AUX
cblr-8639	555	40	threaten	threaten	VERB
cblr-8639	555	41	the	the	DET
cblr-8639	555	42	bipartisan	bipartisan	ADJ
cblr-8639	555	43	support	support	NOUN
cblr-8639	555	44	the	the	DET
cblr-8639	555	45	sec	sec	PROPN
cblr-8639	555	46	has	have	AUX
cblr-8639	555	47	traditionally	traditionally	ADV
cblr-8639	555	48	enjoyed	enjoy	VERB
cblr-8639	555	49	.	.	PUNCT
cblr-8639	556	1	it	it	PRON
cblr-8639	556	2	would	would	AUX
cblr-8639	556	3	also	also	ADV
cblr-8639	556	4	leave	leave	VERB
cblr-8639	556	5	the	the	DET
cblr-8639	556	6	sec	sec	PROPN
cblr-8639	556	7	open	open	NOUN
cblr-8639	556	8	to	to	ADP
cblr-8639	556	9	future	future	ADJ
cblr-8639	556	10	calls	call	NOUN
cblr-8639	556	11	by	by	ADP
cblr-8639	556	12	either	either	DET
cblr-8639	556	13	party	party	NOUN
cblr-8639	556	14	’s	’s	PART
cblr-8639	556	15	presidents	president	NOUN
cblr-8639	556	16	to	to	PART
cblr-8639	556	17	use	use	VERB
cblr-8639	556	18	the	the	DET
cblr-8639	556	19	agency	agency	NOUN
cblr-8639	556	20	’s	’s	PART
cblr-8639	556	21	powers	power	NOUN
cblr-8639	556	22	to	to	PART
cblr-8639	556	23	support	support	VERB
cblr-8639	556	24	their	their	PRON
cblr-8639	556	25	policy	policy	NOUN
cblr-8639	557	1	agendas.135	agendas.135	NOUN
cblr-8639	557	2	b.	b.	PROPN
cblr-8639	557	3	long	long	ADV
cblr-8639	557	4	-	-	PUNCT
cblr-8639	557	5	run	run	NOUN
cblr-8639	557	6	responses	response	NOUN
cblr-8639	557	7	the	the	DET
cblr-8639	557	8	apparent	apparent	ADJ
cblr-8639	557	9	willingness	willingness	NOUN
cblr-8639	557	10	of	of	ADP
cblr-8639	557	11	some	some	DET
cblr-8639	557	12	institutional	institutional	ADJ
cblr-8639	557	13	investors	investor	NOUN
cblr-8639	557	14	to	to	PART
cblr-8639	557	15	prioritize	prioritize	VERB
cblr-8639	557	16	policy	policy	NOUN
cblr-8639	557	17	goals	goal	NOUN
cblr-8639	557	18	over	over	ADP
cblr-8639	557	19	beneficiary	beneficiary	NOUN
cblr-8639	557	20	returns	return	NOUN
cblr-8639	557	21	should	should	AUX
cblr-8639	557	22	lead	lead	VERB
cblr-8639	557	23	the	the	DET
cblr-8639	557	24	sec	sec	PROPN
cblr-8639	557	25	and	and	CCONJ
cblr-8639	557	26	other	other	ADJ
cblr-8639	557	27	policymakers	policymaker	NOUN
cblr-8639	557	28	to	to	PART
cblr-8639	557	29	consider	consider	VERB
cblr-8639	557	30	longer	long	ADV
cblr-8639	557	31	-	-	PUNCT
cblr-8639	557	32	run	run	VERB
cblr-8639	557	33	solutions	solution	NOUN
cblr-8639	557	34	to	to	ADP
cblr-8639	557	35	the	the	DET
cblr-8639	557	36	new	new	ADJ
cblr-8639	557	37	separation	separation	NOUN
cblr-8639	557	38	of	of	ADP
cblr-8639	557	39	ownership	ownership	NOUN
cblr-8639	557	40	and	and	CCONJ
cblr-8639	557	41	control	control	NOUN
cblr-8639	557	42	.	.	PUNCT
cblr-8639	558	1	here	here	ADV
cblr-8639	558	2	we	we	PRON
cblr-8639	558	3	offer	offer	VERB
cblr-8639	558	4	a	a	DET
cblr-8639	558	5	tentative	tentative	ADJ
cblr-8639	558	6	and	and	CCONJ
cblr-8639	558	7	incomplete	incomplete	ADJ
cblr-8639	558	8	set	set	NOUN
cblr-8639	558	9	of	of	ADP
cblr-8639	558	10	potential	potential	ADJ
cblr-8639	558	11	policy	policy	NOUN
cblr-8639	558	12	changes	change	NOUN
cblr-8639	558	13	.	.	PUNCT
cblr-8639	559	1	the	the	DET
cblr-8639	559	2	sec	sec	PROPN
cblr-8639	559	3	might	might	AUX
cblr-8639	559	4	consider	consider	VERB
cblr-8639	559	5	requiring	require	VERB
cblr-8639	559	6	mutual	mutual	ADJ
cblr-8639	559	7	funds	fund	NOUN
cblr-8639	559	8	to	to	PART
cblr-8639	559	9	pass	pass	VERB
cblr-8639	559	10	through	through	ADP
cblr-8639	559	11	voting	voting	NOUN
cblr-8639	559	12	rights	right	NOUN
cblr-8639	559	13	to	to	ADP
cblr-8639	559	14	their	their	PRON
cblr-8639	559	15	shareholders.136	shareholders.136	NOUN
cblr-8639	559	16	this	this	DET
cblr-8639	559	17	suggestion	suggestion	NOUN
cblr-8639	559	18	has	have	AUX
cblr-8639	559	19	been	be	AUX
cblr-8639	559	20	criticized	criticize	VERB
cblr-8639	559	21	on	on	ADP
cblr-8639	559	22	the	the	DET
cblr-8639	559	23	grounds	ground	NOUN
cblr-8639	559	24	that	that	SCONJ
cblr-8639	559	25	individual	individual	ADJ
cblr-8639	559	26	investors	investor	NOUN
cblr-8639	559	27	lack	lack	VERB
cblr-8639	559	28	the	the	DET
cblr-8639	559	29	expertise	expertise	NOUN
cblr-8639	559	30	and	and	CCONJ
cblr-8639	559	31	time	time	NOUN
cblr-8639	559	32	to	to	PART
cblr-8639	559	33	make	make	VERB
cblr-8639	559	34	sensible	sensible	ADJ
cblr-8639	559	35	use	use	NOUN
cblr-8639	559	36	of	of	ADP
cblr-8639	559	37	voting	voting	NOUN
cblr-8639	559	38	rights	right	NOUN
cblr-8639	559	39	in	in	ADP
cblr-8639	559	40	hundreds	hundred	NOUN
cblr-8639	559	41	of	of	ADP
cblr-8639	559	42	companies.137	companies.137	NOUN
cblr-8639	559	43	if	if	SCONJ
cblr-8639	559	44	proxy	proxy	NOUN
cblr-8639	559	45	votes	vote	NOUN
cblr-8639	559	46	for	for	ADP
cblr-8639	559	47	publicly	publicly	ADV
cblr-8639	559	48	traded	trade	VERB
cblr-8639	559	49	companies	company	NOUN
cblr-8639	559	50	increasingly	increasingly	ADV
cblr-8639	559	51	become	become	VERB
cblr-8639	559	52	referenda	referenda	ADV
cblr-8639	559	53	on	on	ADP
cblr-8639	559	54	public	public	ADJ
cblr-8639	559	55	policy	policy	NOUN
cblr-8639	559	56	issues	issue	NOUN
cblr-8639	559	57	,	,	PUNCT
cblr-8639	559	58	however	however	ADV
cblr-8639	559	59	,	,	PUNCT
cblr-8639	559	60	individual	individual	ADJ
cblr-8639	559	61	investors	investor	NOUN
cblr-8639	559	62	will	will	AUX
cblr-8639	559	63	presumably	presumably	ADV
cblr-8639	559	64	wish	wish	VERB
cblr-8639	559	65	to	to	PART
cblr-8639	559	66	express	express	VERB
cblr-8639	559	67	their	their	PRON
cblr-8639	559	68	views	view	NOUN
cblr-8639	559	69	.	.	PUNCT
cblr-8639	560	1	the	the	DET
cblr-8639	560	2	market	market	NOUN
cblr-8639	560	3	may	may	AUX
cblr-8639	560	4	even	even	ADV
cblr-8639	560	5	134	134	NUM
cblr-8639	560	6	see	see	VERB
cblr-8639	560	7	,	,	PUNCT
cblr-8639	560	8	e.g.	e.g.	ADV
cblr-8639	560	9	,	,	PUNCT
cblr-8639	560	10	important	important	ADJ
cblr-8639	560	11	issues	issue	NOUN
cblr-8639	560	12	in	in	ADP
cblr-8639	560	13	the	the	DET
cblr-8639	560	14	2020	2020	NUM
cblr-8639	560	15	election	election	NOUN
cblr-8639	560	16	,	,	PUNCT
cblr-8639	560	17	pew	pew	NOUN
cblr-8639	560	18	rsch	rsch	NOUN
cblr-8639	560	19	.	.	PUNCT
cblr-8639	561	1	ctr	ctr	PROPN
cblr-8639	561	2	.	.	PUNCT
cblr-8639	562	1	(	(	PUNCT
cblr-8639	562	2	aug	aug	PROPN
cblr-8639	562	3	.	.	PROPN
cblr-8639	562	4	13	13	NUM
cblr-8639	562	5	,	,	PUNCT
cblr-8639	562	6	2020	2020	NUM
cblr-8639	562	7	)	)	PUNCT
cblr-8639	562	8	,	,	PUNCT
cblr-8639	562	9	https://www.pewresearch.org/politics/2020/	https://www.pewresearch.org/politics/2020/	PROPN
cblr-8639	562	10	08/13	08/13	ADJ
cblr-8639	562	11	/	/	SYM
cblr-8639	562	12	important	important	ADJ
cblr-8639	562	13	-	-	PUNCT
cblr-8639	562	14	issues	issue	NOUN
cblr-8639	562	15	-	-	PUNCT
cblr-8639	562	16	in	in	ADP
cblr-8639	562	17	-	-	PUNCT
cblr-8639	562	18	the-2020	the-2020	NOUN
cblr-8639	562	19	-	-	PUNCT
cblr-8639	562	20	election/	election/	NUM
cblr-8639	563	1	[	[	X
cblr-8639	563	2	https://perma.cc/xsg4trac	https://perma.cc/xsg4trac	X
cblr-8639	563	3	]	]	X
cblr-8639	563	4	(	(	PUNCT
cblr-8639	563	5	reporting	report	VERB
cblr-8639	563	6	that	that	SCONJ
cblr-8639	563	7	sixty	sixty	NUM
cblr-8639	563	8	-	-	PUNCT
cblr-8639	563	9	eight	eight	NUM
cblr-8639	563	10	percent	percent	NOUN
cblr-8639	563	11	of	of	ADP
cblr-8639	563	12	biden	biden	PROPN
cblr-8639	563	13	supporters	supporter	NOUN
cblr-8639	563	14	and	and	CCONJ
cblr-8639	563	15	eleven	eleven	NUM
cblr-8639	563	16	percent	percent	NOUN
cblr-8639	563	17	of	of	ADP
cblr-8639	563	18	trump	trump	NOUN
cblr-8639	563	19	supporters	supporter	NOUN
cblr-8639	563	20	view	view	VERB
cblr-8639	563	21	climate	climate	NOUN
cblr-8639	563	22	change	change	NOUN
cblr-8639	563	23	as	as	ADP
cblr-8639	563	24	an	an	DET
cblr-8639	563	25	issue	issue	NOUN
cblr-8639	563	26	“	"	PUNCT
cblr-8639	563	27	very	very	ADV
cblr-8639	563	28	important	important	ADJ
cblr-8639	563	29	”	"	PUNCT
cblr-8639	563	30	to	to	ADP
cblr-8639	563	31	their	their	PRON
cblr-8639	563	32	vote	vote	NOUN
cblr-8639	563	33	)	)	PUNCT
cblr-8639	563	34	.	.	PUNCT
cblr-8639	564	1	135	135	NUM
cblr-8639	564	2	cf	cf	NOUN
cblr-8639	564	3	.	.	PUNCT
cblr-8639	564	4	stephen	stephen	PROPN
cblr-8639	564	5	m.	m.	PROPN
cblr-8639	564	6	bainbridge	bainbridge	PROPN
cblr-8639	564	7	,	,	PUNCT
cblr-8639	564	8	corporate	corporate	ADJ
cblr-8639	564	9	purpose	purpose	NOUN
cblr-8639	564	10	in	in	ADP
cblr-8639	564	11	a	a	DET
cblr-8639	564	12	populist	populist	ADJ
cblr-8639	564	13	era	era	NOUN
cblr-8639	564	14	,	,	PUNCT
cblr-8639	564	15	98	98	NUM
cblr-8639	564	16	neb	neb	PROPN
cblr-8639	564	17	.	.	PUNCT
cblr-8639	565	1	l.	l.	PROPN
cblr-8639	565	2	rev	rev	PROPN
cblr-8639	565	3	.	.	PROPN
cblr-8639	565	4	543	543	NUM
cblr-8639	565	5	,	,	PUNCT
cblr-8639	565	6	568	568	NUM
cblr-8639	565	7	(	(	PUNCT
cblr-8639	565	8	2020	2020	NUM
cblr-8639	565	9	)	)	PUNCT
cblr-8639	565	10	(	(	PUNCT
cblr-8639	565	11	explaining	explain	VERB
cblr-8639	565	12	how	how	SCONJ
cblr-8639	565	13	“	"	PUNCT
cblr-8639	565	14	corporate	corporate	ADJ
cblr-8639	565	15	social	social	ADJ
cblr-8639	565	16	responsibility	responsibility	NOUN
cblr-8639	565	17	”	"	PUNCT
cblr-8639	565	18	initiatives	initiative	NOUN
cblr-8639	565	19	could	could	AUX
cblr-8639	565	20	be	be	AUX
cblr-8639	565	21	used	use	VERB
cblr-8639	565	22	as	as	ADP
cblr-8639	565	23	tools	tool	NOUN
cblr-8639	565	24	for	for	ADP
cblr-8639	565	25	promoting	promote	VERB
cblr-8639	565	26	conservative	conservative	ADJ
cblr-8639	565	27	goals	goal	NOUN
cblr-8639	565	28	including	include	VERB
cblr-8639	565	29	“	"	PUNCT
cblr-8639	565	30	protection	protection	NOUN
cblr-8639	565	31	of	of	ADP
cblr-8639	565	32	american	american	ADJ
cblr-8639	565	33	jobs	job	NOUN
cblr-8639	565	34	from	from	ADP
cblr-8639	565	35	the	the	DET
cblr-8639	565	36	forces	force	NOUN
cblr-8639	565	37	of	of	ADP
cblr-8639	565	38	globalization	globalization	NOUN
cblr-8639	565	39	”	"	PUNCT
cblr-8639	565	40	and	and	CCONJ
cblr-8639	565	41	the	the	DET
cblr-8639	565	42	“	"	PUNCT
cblr-8639	565	43	defense	defense	NOUN
cblr-8639	565	44	of	of	ADP
cblr-8639	565	45	traditional	traditional	ADJ
cblr-8639	565	46	cultural	cultural	ADJ
cblr-8639	565	47	and	and	CCONJ
cblr-8639	565	48	social	social	ADJ
cblr-8639	565	49	mores	more	NOUN
cblr-8639	565	50	”	"	PUNCT
cblr-8639	565	51	)	)	PUNCT
cblr-8639	565	52	.	.	PUNCT
cblr-8639	566	1	136	136	NUM
cblr-8639	566	2	see	see	VERB
cblr-8639	566	3	caleb	caleb	PROPN
cblr-8639	566	4	griffin	griffin	PROPN
cblr-8639	566	5	,	,	PUNCT
cblr-8639	566	6	reforming	reform	VERB
cblr-8639	566	7	index	index	NOUN
cblr-8639	566	8	fund	fund	NOUN
cblr-8639	566	9	voting	vote	VERB
cblr-8639	566	10	5	5	NUM
cblr-8639	566	11	(	(	PUNCT
cblr-8639	566	12	2020	2020	NUM
cblr-8639	566	13	)	)	PUNCT
cblr-8639	566	14	,	,	PUNCT
cblr-8639	566	15	https://www.mercatus.org/system/files/griffin_-_policy_brief__we_three_kings_disintermediating_voting_at_the_index_fund_giants__v1.pdf	https://www.mercatus.org/system/files/griffin_-_policy_brief__we_three_kings_disintermediating_voting_at_the_index_fund_giants__v1.pdf	NOUN
cblr-8639	567	1	[	[	X
cblr-8639	567	2	https://perma.cc/42vz-mjks	https://perma.cc/42vz-mjks	X
cblr-8639	567	3	]	]	X
cblr-8639	567	4	.	.	PUNCT
cblr-8639	567	5	137	137	NUM
cblr-8639	567	6	john	john	PROPN
cblr-8639	567	7	gulliver	gulliver	PROPN
cblr-8639	567	8	et	et	PROPN
cblr-8639	567	9	al	al	PROPN
cblr-8639	567	10	.	.	PROPN
cblr-8639	567	11	,	,	PUNCT
cblr-8639	567	12	comm	comm	NOUN
cblr-8639	567	13	.	.	PUNCT
cblr-8639	568	1	on	on	ADP
cblr-8639	568	2	cap	cap	NOUN
cblr-8639	568	3	.	.	PUNCT
cblr-8639	569	1	mkts	mkts	NOUN
cblr-8639	569	2	.	.	PUNCT
cblr-8639	570	1	regul	regul	NOUN
cblr-8639	570	2	.	.	PUNCT
cblr-8639	570	3	,	,	PUNCT
cblr-8639	570	4	reforming	reform	VERB
cblr-8639	570	5	u.s	u.s	PROPN
cblr-8639	570	6	.	.	PROPN
cblr-8639	570	7	capital	capital	NOUN
cblr-8639	570	8	markets	market	NOUN
cblr-8639	570	9	to	to	PART
cblr-8639	570	10	promote	promote	VERB
cblr-8639	570	11	economic	economic	ADJ
cblr-8639	570	12	growth	growth	NOUN
cblr-8639	570	13	130–31	130–31	NUM
cblr-8639	570	14	(	(	PUNCT
cblr-8639	570	15	2020	2020	NUM
cblr-8639	570	16	)	)	PUNCT
cblr-8639	570	17	(	(	PUNCT
cblr-8639	570	18	on	on	ADP
cblr-8639	570	19	file	file	NOUN
cblr-8639	570	20	with	with	ADP
cblr-8639	570	21	the	the	DET
cblr-8639	570	22	columbia	columbia	PROPN
cblr-8639	570	23	business	business	PROPN
cblr-8639	570	24	law	law	PROPN
cblr-8639	570	25	review	review	PROPN
cblr-8639	570	26	)	)	PUNCT
cblr-8639	570	27	,	,	PUNCT
cblr-8639	570	28	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3619023	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3619023	PROPN
cblr-8639	570	29	.	.	PROPN
cblr-8639	570	30	mahoney	mahoney	PROPN
cblr-8639	570	31	&	&	CCONJ
cblr-8639	570	32	mahoney	mahoney	PROPN
cblr-8639	571	1	8/22/2021	8/22/2021	PROPN
cblr-8639	571	2	9:16	9:16	NUM
cblr-8639	571	3	pm	pm	NOUN
cblr-8639	571	4	no	no	INTJ
cblr-8639	571	5	.	.	PUNCT
cblr-8639	572	1	2:840	2:840	NUM
cblr-8639	572	2	]	]	X
cblr-8639	572	3	the	the	DET
cblr-8639	572	4	new	new	ADJ
cblr-8639	572	5	separation	separation	NOUN
cblr-8639	572	6	of	of	ADP
cblr-8639	572	7	ownership	ownership	NOUN
cblr-8639	572	8	and	and	CCONJ
cblr-8639	572	9	control	control	NOUN
cblr-8639	572	10	877	877	NUM
cblr-8639	572	11	respond	respond	NOUN
cblr-8639	572	12	with	with	ADP
cblr-8639	572	13	proxy	proxy	ADJ
cblr-8639	572	14	advice	advice	NOUN
cblr-8639	572	15	aimed	aim	VERB
cblr-8639	572	16	at	at	ADP
cblr-8639	572	17	individual	individual	ADJ
cblr-8639	572	18	investors	investor	NOUN
cblr-8639	572	19	and	and	CCONJ
cblr-8639	572	20	tailored	tailor	VERB
cblr-8639	572	21	to	to	ADP
cblr-8639	572	22	political	political	ADJ
cblr-8639	572	23	preferences	preference	NOUN
cblr-8639	572	24	.	.	PUNCT
cblr-8639	573	1	a	a	DET
cblr-8639	573	2	more	more	ADV
cblr-8639	573	3	fundamental	fundamental	ADJ
cblr-8639	573	4	change	change	NOUN
cblr-8639	573	5	would	would	AUX
cblr-8639	573	6	be	be	AUX
cblr-8639	573	7	to	to	PART
cblr-8639	573	8	repeal	repeal	VERB
cblr-8639	573	9	regulation	regulation	NOUN
cblr-8639	573	10	14a138	14a138	NOUN
cblr-8639	573	11	and	and	CCONJ
cblr-8639	573	12	replace	replace	VERB
cblr-8639	573	13	it	it	PRON
cblr-8639	573	14	with	with	ADP
cblr-8639	573	15	simple	simple	ADJ
cblr-8639	573	16	antifraud	antifraud	NOUN
cblr-8639	573	17	and	and	CCONJ
cblr-8639	573	18	disclosure	disclosure	NOUN
cblr-8639	573	19	rules	rule	NOUN
cblr-8639	573	20	,	,	PUNCT
cblr-8639	573	21	thus	thus	ADV
cblr-8639	573	22	returning	return	VERB
cblr-8639	573	23	the	the	DET
cblr-8639	573	24	detailed	detailed	ADJ
cblr-8639	573	25	regulation	regulation	NOUN
cblr-8639	573	26	of	of	ADP
cblr-8639	573	27	proxy	proxy	NOUN
cblr-8639	573	28	voting	voting	NOUN
cblr-8639	573	29	to	to	ADP
cblr-8639	573	30	the	the	DET
cblr-8639	573	31	states	state	NOUN
cblr-8639	573	32	.	.	PUNCT
cblr-8639	574	1	a	a	DET
cblr-8639	574	2	state	state	NOUN
cblr-8639	574	3	that	that	PRON
cblr-8639	574	4	wished	wish	VERB
cblr-8639	574	5	to	to	PART
cblr-8639	574	6	encourage	encourage	VERB
cblr-8639	574	7	companies	company	NOUN
cblr-8639	574	8	to	to	PART
cblr-8639	574	9	make	make	VERB
cblr-8639	574	10	their	their	PRON
cblr-8639	574	11	annual	annual	ADJ
cblr-8639	574	12	meetings	meeting	NOUN
cblr-8639	574	13	fora	fora	VERB
cblr-8639	574	14	to	to	PART
cblr-8639	574	15	vote	vote	VERB
cblr-8639	574	16	on	on	ADP
cblr-8639	574	17	shareholder	shareholder	NOUN
cblr-8639	574	18	proposals	proposal	NOUN
cblr-8639	574	19	designed	design	VERB
cblr-8639	574	20	to	to	PART
cblr-8639	574	21	advance	advance	VERB
cblr-8639	574	22	public	public	ADJ
cblr-8639	574	23	policy	policy	NOUN
cblr-8639	574	24	goals	goal	NOUN
cblr-8639	574	25	could	could	AUX
cblr-8639	574	26	do	do	VERB
cblr-8639	574	27	so	so	ADV
cblr-8639	574	28	,	,	PUNCT
cblr-8639	574	29	while	while	SCONJ
cblr-8639	574	30	other	other	ADJ
cblr-8639	574	31	states	state	NOUN
cblr-8639	574	32	might	might	AUX
cblr-8639	574	33	choose	choose	VERB
cblr-8639	574	34	to	to	PART
cblr-8639	574	35	be	be	AUX
cblr-8639	574	36	more	more	ADV
cblr-8639	574	37	restrictive	restrictive	ADJ
cblr-8639	574	38	.	.	PUNCT
cblr-8639	575	1	the	the	DET
cblr-8639	575	2	market	market	NOUN
cblr-8639	575	3	would	would	AUX
cblr-8639	575	4	then	then	ADV
cblr-8639	575	5	decide	decide	VERB
cblr-8639	575	6	which	which	DET
cblr-8639	575	7	approach	approach	NOUN
cblr-8639	575	8	maximizes	maximize	VERB
cblr-8639	575	9	shareholder	shareholder	NOUN
cblr-8639	575	10	welfare.139	welfare.139	ADJ
cblr-8639	575	11	conflicts	conflict	NOUN
cblr-8639	575	12	of	of	ADP
cblr-8639	575	13	interest	interest	NOUN
cblr-8639	575	14	between	between	ADP
cblr-8639	575	15	public	public	ADJ
cblr-8639	575	16	pension	pension	NOUN
cblr-8639	575	17	funds	fund	NOUN
cblr-8639	575	18	and	and	CCONJ
cblr-8639	575	19	their	their	PRON
cblr-8639	575	20	beneficiaries	beneficiary	NOUN
cblr-8639	575	21	pose	pose	VERB
cblr-8639	575	22	a	a	DET
cblr-8639	575	23	trickier	tricky	ADJ
cblr-8639	575	24	problem	problem	NOUN
cblr-8639	575	25	.	.	PUNCT
cblr-8639	576	1	formally	formally	ADV
cblr-8639	576	2	,	,	PUNCT
cblr-8639	576	3	state	state	NOUN
cblr-8639	576	4	constitutions	constitution	NOUN
cblr-8639	576	5	or	or	CCONJ
cblr-8639	576	6	statutes	statute	NOUN
cblr-8639	576	7	often	often	ADV
cblr-8639	576	8	require	require	VERB
cblr-8639	576	9	trustees	trustee	NOUN
cblr-8639	576	10	to	to	PART
cblr-8639	576	11	consider	consider	VERB
cblr-8639	576	12	only	only	ADV
cblr-8639	576	13	the	the	DET
cblr-8639	576	14	interests	interest	NOUN
cblr-8639	576	15	of	of	ADP
cblr-8639	576	16	beneficiaries	beneficiary	NOUN
cblr-8639	576	17	when	when	SCONJ
cblr-8639	576	18	making	make	VERB
cblr-8639	576	19	investment	investment	NOUN
cblr-8639	576	20	and	and	CCONJ
cblr-8639	576	21	voting	voting	NOUN
cblr-8639	576	22	decisions.140	decisions.140	NOUN
cblr-8639	576	23	as	as	ADP
cblr-8639	576	24	the	the	DET
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cblr-8639	576	26	and	and	CCONJ
cblr-8639	576	27	new	new	PROPN
cblr-8639	576	28	york	york	PROPN
cblr-8639	576	29	pension	pension	NOUN
cblr-8639	576	30	funds	fund	NOUN
cblr-8639	576	31	have	have	AUX
cblr-8639	576	32	demonstrated	demonstrate	VERB
cblr-8639	576	33	,	,	PUNCT
cblr-8639	576	34	however	however	ADV
cblr-8639	576	35	,	,	PUNCT
cblr-8639	576	36	trustees	trustee	NOUN
cblr-8639	576	37	can	can	AUX
cblr-8639	576	38	treat	treat	VERB
cblr-8639	576	39	these	these	PRON
cblr-8639	576	40	as	as	ADP
cblr-8639	576	41	check	check	NOUN
cblr-8639	576	42	-	-	PUNCT
cblr-8639	576	43	the	the	DET
cblr-8639	576	44	-	-	PUNCT
cblr-8639	576	45	box	box	NOUN
cblr-8639	576	46	compliance	compliance	NOUN
cblr-8639	576	47	issues	issue	NOUN
cblr-8639	576	48	that	that	PRON
cblr-8639	576	49	constrain	constrain	VERB
cblr-8639	576	50	what	what	PRON
cblr-8639	576	51	trustees	trustee	NOUN
cblr-8639	576	52	may	may	AUX
cblr-8639	576	53	say	say	VERB
cblr-8639	576	54	but	but	CCONJ
cblr-8639	576	55	not	not	PART
cblr-8639	576	56	what	what	PRON
cblr-8639	576	57	they	they	PRON
cblr-8639	576	58	may	may	AUX
cblr-8639	576	59	do.141	do.141	AUX
cblr-8639	576	60	we	we	PRON
cblr-8639	576	61	accordingly	accordingly	ADV
cblr-8639	576	62	agree	agree	VERB
cblr-8639	576	63	with	with	ADP
cblr-8639	576	64	romano	romano	NOUN
cblr-8639	576	65	that	that	SCONJ
cblr-8639	576	66	“	"	PUNCT
cblr-8639	576	67	there	there	PRON
cblr-8639	576	68	are	be	VERB
cblr-8639	576	69	no	no	DET
cblr-8639	576	70	practical	practical	ADJ
cblr-8639	576	71	solutions	solution	NOUN
cblr-8639	576	72	to	to	ADP
cblr-8639	576	73	the	the	DET
cblr-8639	576	74	problem	problem	NOUN
cblr-8639	576	75	of	of	ADP
cblr-8639	576	76	political	political	ADJ
cblr-8639	576	77	influence	influence	NOUN
cblr-8639	576	78	on	on	ADP
cblr-8639	576	79	public	public	ADJ
cblr-8639	576	80	pension	pension	NOUN
cblr-8639	576	81	funds	fund	NOUN
cblr-8639	576	82	short	short	ADJ
cblr-8639	576	83	of	of	ADP
cblr-8639	576	84	a	a	DET
cblr-8639	576	85	substantial	substantial	ADJ
cblr-8639	576	86	restructuring	restructuring	NOUN
cblr-8639	576	87	of	of	ADP
cblr-8639	576	88	the	the	DET
cblr-8639	576	89	funds	fund	NOUN
cblr-8639	576	90	toward	toward	ADP
cblr-8639	576	91	defined	define	VERB
cblr-8639	576	92	contribution	contribution	NOUN
cblr-8639	576	93	plans	plan	NOUN
cblr-8639	576	94	.	.	PUNCT
cblr-8639	577	1	”142	”142	PRON
cblr-8639	577	2	that	that	PRON
cblr-8639	577	3	is	be	AUX
cblr-8639	577	4	a	a	DET
cblr-8639	577	5	policy	policy	NOUN
cblr-8639	577	6	change	change	NOUN
cblr-8639	577	7	outside	outside	ADP
cblr-8639	577	8	the	the	DET
cblr-8639	577	9	scope	scope	NOUN
cblr-8639	577	10	of	of	ADP
cblr-8639	577	11	securities	security	NOUN
cblr-8639	577	12	regulation	regulation	NOUN
cblr-8639	577	13	,	,	PUNCT
cblr-8639	577	14	but	but	CCONJ
cblr-8639	577	15	one	one	NUM
cblr-8639	577	16	that	that	PRON
cblr-8639	577	17	state	state	NOUN
cblr-8639	577	18	governments	government	NOUN
cblr-8639	577	19	may	may	AUX
cblr-8639	577	20	adopt	adopt	VERB
cblr-8639	577	21	for	for	ADP
cblr-8639	577	22	their	their	PRON
cblr-8639	577	23	own	own	ADJ
cblr-8639	577	24	reasons	reason	NOUN
cblr-8639	577	25	as	as	SCONJ
cblr-8639	577	26	pension	pension	NOUN
cblr-8639	577	27	costs	cost	NOUN
cblr-8639	577	28	rise.143	rise.143	PROPN
cblr-8639	577	29	138	138	NUM
cblr-8639	577	30	17	17	NUM
cblr-8639	577	31	c.f.r	c.f.r	NOUN
cblr-8639	577	32	.	.	PUNCT
cblr-8639	578	1	§	§	PROPN
cblr-8639	578	2	§	§	PROPN
cblr-8639	578	3	14a-1	14a-1	NUM
cblr-8639	578	4	to	to	ADP
cblr-8639	578	5	-104	-104	PROPN
cblr-8639	578	6	,	,	PUNCT
cblr-8639	578	7	14b-1	14b-1	NUM
cblr-8639	578	8	to	to	ADP
cblr-8639	578	9	-2	-2	INTJ
cblr-8639	578	10	(	(	PUNCT
cblr-8639	578	11	2020	2020	NUM
cblr-8639	578	12	)	)	PUNCT
cblr-8639	578	13	.	.	PUNCT
cblr-8639	579	1	139	139	NUM
cblr-8639	579	2	see	see	VERB
cblr-8639	579	3	ralph	ralph	PROPN
cblr-8639	579	4	k.	k.	PROPN
cblr-8639	579	5	winter	winter	PROPN
cblr-8639	579	6	,	,	PUNCT
cblr-8639	579	7	jr	jr	PROPN
cblr-8639	579	8	.	.	PROPN
cblr-8639	579	9	,	,	PUNCT
cblr-8639	579	10	state	state	NOUN
cblr-8639	579	11	law	law	NOUN
cblr-8639	579	12	,	,	PUNCT
cblr-8639	579	13	shareholder	shareholder	NOUN
cblr-8639	579	14	protection	protection	NOUN
cblr-8639	579	15	,	,	PUNCT
cblr-8639	579	16	and	and	CCONJ
cblr-8639	579	17	the	the	DET
cblr-8639	579	18	theory	theory	NOUN
cblr-8639	579	19	of	of	ADP
cblr-8639	579	20	the	the	DET
cblr-8639	579	21	corporation	corporation	NOUN
cblr-8639	579	22	,	,	PUNCT
cblr-8639	579	23	6	6	NUM
cblr-8639	579	24	j.	j.	PROPN
cblr-8639	579	25	legal	legal	ADJ
cblr-8639	579	26	stud	stud	NOUN
cblr-8639	579	27	.	.	PUNCT
cblr-8639	580	1	251	251	NUM
cblr-8639	580	2	,	,	PUNCT
cblr-8639	580	3	290–92	290–92	NUM
cblr-8639	580	4	(	(	PUNCT
cblr-8639	580	5	1977	1977	NUM
cblr-8639	580	6	)	)	PUNCT
cblr-8639	580	7	(	(	PUNCT
cblr-8639	580	8	discussing	discuss	VERB
cblr-8639	580	9	the	the	DET
cblr-8639	580	10	benefits	benefit	NOUN
cblr-8639	580	11	of	of	ADP
cblr-8639	580	12	state	state	NOUN
cblr-8639	580	13	competition	competition	NOUN
cblr-8639	580	14	)	)	PUNCT
cblr-8639	580	15	.	.	PUNCT
cblr-8639	581	1	140	140	NUM
cblr-8639	581	2	see	see	VERB
cblr-8639	581	3	,	,	PUNCT
cblr-8639	581	4	e.g.	e.g.	ADV
cblr-8639	581	5	,	,	PUNCT
cblr-8639	581	6	cal	cal	PROPN
cblr-8639	581	7	.	.	PUNCT
cblr-8639	582	1	const	const	PROPN
cblr-8639	582	2	.	.	PUNCT
cblr-8639	583	1	art	art	NOUN
cblr-8639	583	2	.	.	PUNCT
cblr-8639	584	1	xvi	xvi	NOUN
cblr-8639	584	2	,	,	PUNCT
cblr-8639	584	3	§	§	PROPN
cblr-8639	584	4	17(b	17(b	NUM
cblr-8639	584	5	)	)	PUNCT
cblr-8639	584	6	.	.	PUNCT
cblr-8639	585	1	141	141	NUM
cblr-8639	585	2	see	see	VERB
cblr-8639	585	3	supra	supra	PROPN
cblr-8639	585	4	section	section	PROPN
cblr-8639	585	5	iii.b	iii.b	PROPN
cblr-8639	585	6	.	.	PROPN
cblr-8639	585	7	142	142	NUM
cblr-8639	585	8	romano	romano	NOUN
cblr-8639	585	9	,	,	PUNCT
cblr-8639	585	10	supra	supra	PROPN
cblr-8639	585	11	note	note	NOUN
cblr-8639	585	12	75	75	NUM
cblr-8639	585	13	,	,	PUNCT
cblr-8639	585	14	at	at	ADP
cblr-8639	585	15	799	799	NUM
cblr-8639	585	16	.	.	PUNCT
cblr-8639	586	1	143	143	NUM
cblr-8639	586	2	see	see	VERB
cblr-8639	586	3	the	the	DET
cblr-8639	586	4	pew	pew	NOUN
cblr-8639	586	5	charitable	charitable	ADJ
cblr-8639	586	6	trs	trs	PROPN
cblr-8639	586	7	.	.	PROPN
cblr-8639	586	8	,	,	PUNCT
cblr-8639	586	9	the	the	DET
cblr-8639	586	10	state	state	NOUN
cblr-8639	586	11	pension	pension	NOUN
cblr-8639	586	12	funding	funding	NOUN
cblr-8639	586	13	gap	gap	NOUN
cblr-8639	586	14	:	:	PUNCT
cblr-8639	586	15	2017	2017	NUM
cblr-8639	586	16	,	,	PUNCT
cblr-8639	586	17	at	at	ADP
cblr-8639	586	18	6	6	NUM
cblr-8639	586	19	fig.2	fig.2	NOUN
cblr-8639	586	20	(	(	PUNCT
cblr-8639	586	21	2019	2019	NUM
cblr-8639	586	22	)	)	PUNCT
cblr-8639	586	23	,	,	PUNCT
cblr-8639	586	24	https://www.pewtrusts.org//media/assets/2019/06/statepensionfundinggap.pdf	https://www.pewtrusts.org//media/assets/2019/06/statepensionfundinggap.pdf	PROPN
cblr-8639	587	1	[	[	X
cblr-8639	587	2	https://perma.cc/msw2-j5vt	https://perma.cc/msw2-j5vt	X
cblr-8639	587	3	]	]	X
cblr-8639	587	4	(	(	PUNCT
cblr-8639	587	5	showing	show	VERB
cblr-8639	587	6	that	that	SCONJ
cblr-8639	587	7	from	from	ADP
cblr-8639	587	8	late	late	ADJ
cblr-8639	587	9	1990s	1990	NOUN
cblr-8639	587	10	to	to	ADP
cblr-8639	587	11	2017	2017	NUM
cblr-8639	587	12	,	,	PUNCT
cblr-8639	587	13	the	the	DET
cblr-8639	587	14	difference	difference	NOUN
cblr-8639	587	15	between	between	ADP
cblr-8639	587	16	the	the	DET
cblr-8639	587	17	value	value	NOUN
cblr-8639	587	18	of	of	ADP
cblr-8639	587	19	state	state	NOUN
cblr-8639	587	20	pension	pension	NOUN
cblr-8639	587	21	fund	fund	NOUN
cblr-8639	587	22	assets	asset	NOUN
cblr-8639	587	23	and	and	CCONJ
cblr-8639	587	24	actuarial	actuarial	ADJ
cblr-8639	587	25	liabilities	liability	NOUN
cblr-8639	587	26	fell	fall	VERB
cblr-8639	587	27	from	from	ADP
cblr-8639	587	28	a	a	DET
cblr-8639	587	29	surplus	surplus	NOUN
cblr-8639	587	30	of	of	ADP
cblr-8639	587	31	about	about	ADV
cblr-8639	587	32	five	five	NUM
cblr-8639	587	33	percent	percent	NOUN
cblr-8639	587	34	of	of	ADP
cblr-8639	587	35	gdp	gdp	NOUN
cblr-8639	587	36	to	to	ADP
cblr-8639	587	37	a	a	DET
cblr-8639	587	38	deficit	deficit	NOUN
cblr-8639	587	39	of	of	ADP
cblr-8639	587	40	more	more	ADJ
cblr-8639	587	41	than	than	ADP
cblr-8639	587	42	eight	eight	NUM
cblr-8639	587	43	percent	percent	NOUN
cblr-8639	587	44	of	of	ADP
cblr-8639	587	45	gdp	gdp	NOUN
cblr-8639	587	46	)	)	PUNCT
cblr-8639	587	47	.	.	PUNCT
cblr-8639	588	1	mahoney	mahoney	PROPN
cblr-8639	588	2	&	&	CCONJ
cblr-8639	588	3	mahoney	mahoney	PROPN
cblr-8639	588	4	8/22/2021	8/22/2021	PROPN
cblr-8639	588	5	9:16	9:16	NUM
cblr-8639	588	6	pm	pm	NOUN
cblr-8639	588	7	878	878	NUM
cblr-8639	588	8	columbia	columbia	PROPN
cblr-8639	588	9	business	business	NOUN
cblr-8639	588	10	law	law	PROPN
cblr-8639	588	11	review	review	NOUN
cblr-8639	588	12	[	[	X
cblr-8639	588	13	vol	vol	NOUN
cblr-8639	588	14	.	.	NOUN
cblr-8639	588	15	2021	2021	NUM
cblr-8639	588	16	in	in	ADP
cblr-8639	588	17	the	the	DET
cblr-8639	588	18	longer	long	ADJ
cblr-8639	588	19	run	run	NOUN
cblr-8639	588	20	,	,	PUNCT
cblr-8639	588	21	congress	congress	PROPN
cblr-8639	588	22	should	should	AUX
cblr-8639	588	23	consider	consider	VERB
cblr-8639	588	24	whether	whether	SCONJ
cblr-8639	588	25	having	have	VERB
cblr-8639	588	26	an	an	DET
cblr-8639	588	27	important	important	ADJ
cblr-8639	588	28	and	and	CCONJ
cblr-8639	588	29	influential	influential	ADJ
cblr-8639	588	30	class	class	NOUN
cblr-8639	588	31	of	of	ADP
cblr-8639	588	32	public	public	ADJ
cblr-8639	588	33	company	company	NOUN
cblr-8639	588	34	shareholders	shareholder	NOUN
cblr-8639	588	35	whose	whose	DET
cblr-8639	588	36	voting	voting	NOUN
cblr-8639	588	37	decisions	decision	NOUN
cblr-8639	588	38	are	be	AUX
cblr-8639	588	39	politically	politically	ADV
cblr-8639	588	40	influenced	influence	VERB
cblr-8639	588	41	is	be	AUX
cblr-8639	588	42	healthy	healthy	ADJ
cblr-8639	588	43	for	for	ADP
cblr-8639	588	44	the	the	DET
cblr-8639	588	45	economy	economy	NOUN
cblr-8639	588	46	.	.	PUNCT
cblr-8639	589	1	an	an	DET
cblr-8639	589	2	easy	easy	ADJ
cblr-8639	589	3	answer	answer	NOUN
cblr-8639	589	4	is	be	AUX
cblr-8639	589	5	that	that	SCONJ
cblr-8639	589	6	public	public	ADJ
cblr-8639	589	7	pension	pension	NOUN
cblr-8639	589	8	funds	fund	NOUN
cblr-8639	589	9	are	be	AUX
cblr-8639	589	10	not	not	PART
cblr-8639	589	11	majority	majority	NOUN
cblr-8639	589	12	shareholders	shareholder	NOUN
cblr-8639	589	13	of	of	ADP
cblr-8639	589	14	the	the	DET
cblr-8639	589	15	firms	firm	NOUN
cblr-8639	589	16	in	in	ADP
cblr-8639	589	17	which	which	PRON
cblr-8639	589	18	they	they	PRON
cblr-8639	589	19	invest	invest	VERB
cblr-8639	589	20	and	and	CCONJ
cblr-8639	589	21	so	so	ADV
cblr-8639	589	22	do	do	AUX
cblr-8639	589	23	not	not	PART
cblr-8639	589	24	raise	raise	VERB
cblr-8639	589	25	the	the	DET
cblr-8639	589	26	traditional	traditional	ADJ
cblr-8639	589	27	concerns	concern	NOUN
cblr-8639	589	28	of	of	ADP
cblr-8639	589	29	government	government	NOUN
cblr-8639	589	30	as	as	ADP
cblr-8639	589	31	controlling	control	VERB
cblr-8639	589	32	shareholder	shareholder	NOUN
cblr-8639	589	33	.	.	PUNCT
cblr-8639	590	1	government	government	NOUN
cblr-8639	590	2	pension	pension	NOUN
cblr-8639	590	3	funds	fund	NOUN
cblr-8639	590	4	at	at	ADP
cblr-8639	590	5	all	all	DET
cblr-8639	590	6	levels	level	NOUN
cblr-8639	590	7	own	own	VERB
cblr-8639	590	8	approximately	approximately	ADV
cblr-8639	590	9	six	six	NUM
cblr-8639	590	10	percent	percent	NOUN
cblr-8639	590	11	of	of	ADP
cblr-8639	590	12	u.s	u.s	PROPN
cblr-8639	590	13	.	.	PROPN
cblr-8639	590	14	equities144	equities144	PROPN
cblr-8639	590	15	and	and	CCONJ
cblr-8639	590	16	,	,	PUNCT
cblr-8639	590	17	as	as	ADP
cblr-8639	590	18	diversified	diversified	ADJ
cblr-8639	590	19	investors	investor	NOUN
cblr-8639	590	20	,	,	PUNCT
cblr-8639	590	21	do	do	AUX
cblr-8639	590	22	not	not	PART
cblr-8639	590	23	own	own	VERB
cblr-8639	590	24	controlling	control	VERB
cblr-8639	590	25	stakes	stake	NOUN
cblr-8639	590	26	in	in	ADP
cblr-8639	590	27	portfolio	portfolio	NOUN
cblr-8639	590	28	firms.145	firms.145	NOUN
cblr-8639	590	29	that	that	PRON
cblr-8639	590	30	easy	easy	ADJ
cblr-8639	590	31	answer	answer	NOUN
cblr-8639	590	32	is	be	AUX
cblr-8639	590	33	a	a	DET
cblr-8639	590	34	bit	bit	NOUN
cblr-8639	590	35	too	too	ADV
cblr-8639	590	36	easy	easy	ADJ
cblr-8639	590	37	.	.	PUNCT
cblr-8639	591	1	public	public	ADJ
cblr-8639	591	2	pension	pension	NOUN
cblr-8639	591	3	funds	fund	NOUN
cblr-8639	591	4	exercise	exercise	VERB
cblr-8639	591	5	influence	influence	NOUN
cblr-8639	591	6	over	over	ADP
cblr-8639	591	7	corporate	corporate	ADJ
cblr-8639	591	8	policies	policy	NOUN
cblr-8639	591	9	out	out	ADP
cblr-8639	591	10	of	of	ADP
cblr-8639	591	11	proportion	proportion	NOUN
cblr-8639	591	12	to	to	ADP
cblr-8639	591	13	their	their	PRON
cblr-8639	591	14	ownership	ownership	NOUN
cblr-8639	591	15	precisely	precisely	ADV
cblr-8639	591	16	because	because	SCONJ
cblr-8639	591	17	they	they	PRON
cblr-8639	591	18	are	be	AUX
cblr-8639	591	19	not	not	PART
cblr-8639	591	20	as	as	SCONJ
cblr-8639	591	21	constrained	constrain	VERB
cblr-8639	591	22	by	by	ADP
cblr-8639	591	23	market	market	NOUN
cblr-8639	591	24	forces	force	NOUN
cblr-8639	591	25	as	as	ADP
cblr-8639	591	26	other	other	ADJ
cblr-8639	591	27	investors	investor	NOUN
cblr-8639	591	28	.	.	PUNCT
cblr-8639	592	1	the	the	DET
cblr-8639	592	2	sheer	sheer	ADJ
cblr-8639	592	3	size	size	NOUN
cblr-8639	592	4	of	of	ADP
cblr-8639	592	5	the	the	DET
cblr-8639	592	6	largest	large	ADJ
cblr-8639	592	7	public	public	ADJ
cblr-8639	592	8	pension	pension	NOUN
cblr-8639	592	9	funds	fund	NOUN
cblr-8639	592	10	also	also	ADV
cblr-8639	592	11	gives	give	VERB
cblr-8639	592	12	them	they	PRON
cblr-8639	592	13	influence	influence	NOUN
cblr-8639	592	14	over	over	ADP
cblr-8639	592	15	other	other	ADJ
cblr-8639	592	16	money	money	NOUN
cblr-8639	592	17	managers	manager	NOUN
cblr-8639	592	18	.	.	PUNCT
cblr-8639	593	1	calpers	calper	NOUN
cblr-8639	593	2	,	,	PUNCT
cblr-8639	593	3	for	for	ADP
cblr-8639	593	4	example	example	NOUN
cblr-8639	593	5	,	,	PUNCT
cblr-8639	593	6	requires	require	VERB
cblr-8639	593	7	the	the	DET
cblr-8639	593	8	external	external	ADJ
cblr-8639	593	9	private	private	ADJ
cblr-8639	593	10	money	money	NOUN
cblr-8639	593	11	managers	manager	NOUN
cblr-8639	593	12	to	to	PART
cblr-8639	593	13	whom	whom	PRON
cblr-8639	593	14	it	it	PRON
cblr-8639	593	15	outsources	outsource	VERB
cblr-8639	593	16	part	part	NOUN
cblr-8639	593	17	of	of	ADP
cblr-8639	593	18	the	the	DET
cblr-8639	593	19	management	management	NOUN
cblr-8639	593	20	of	of	ADP
cblr-8639	593	21	its	its	PRON
cblr-8639	593	22	funds	fund	NOUN
cblr-8639	593	23	to	to	PART
cblr-8639	593	24	vote	vote	VERB
cblr-8639	593	25	proxies	proxy	NOUN
cblr-8639	593	26	in	in	ADP
cblr-8639	593	27	accordance	accordance	NOUN
cblr-8639	593	28	with	with	ADP
cblr-8639	593	29	calpers	calpers	PROPN
cblr-8639	593	30	’s	’s	PART
cblr-8639	593	31	investment	investment	NOUN
cblr-8639	593	32	principles.146	principles.146	NOUN
cblr-8639	593	33	moreover	moreover	ADV
cblr-8639	593	34	,	,	PUNCT
cblr-8639	593	35	the	the	DET
cblr-8639	593	36	negative	negative	ADJ
cblr-8639	593	37	effects	effect	NOUN
cblr-8639	593	38	of	of	ADP
cblr-8639	593	39	government	government	NOUN
cblr-8639	593	40	ownership	ownership	NOUN
cblr-8639	593	41	do	do	AUX
cblr-8639	593	42	not	not	PART
cblr-8639	593	43	kick	kick	VERB
cblr-8639	593	44	in	in	ADP
cblr-8639	593	45	only	only	ADV
cblr-8639	593	46	when	when	SCONJ
cblr-8639	593	47	a	a	DET
cblr-8639	593	48	government	government	NOUN
cblr-8639	593	49	entity	entity	NOUN
cblr-8639	593	50	takes	take	VERB
cblr-8639	593	51	control	control	NOUN
cblr-8639	593	52	of	of	ADP
cblr-8639	593	53	a	a	DET
cblr-8639	593	54	private	private	ADJ
cblr-8639	593	55	business	business	NOUN
cblr-8639	593	56	.	.	PUNCT
cblr-8639	594	1	the	the	DET
cblr-8639	594	2	announcement	announcement	NOUN
cblr-8639	594	3	of	of	ADP
cblr-8639	594	4	a	a	DET
cblr-8639	594	5	government	government	NOUN
cblr-8639	594	6	entity	entity	NOUN
cblr-8639	594	7	’s	’s	PART
cblr-8639	594	8	acquisition	acquisition	NOUN
cblr-8639	594	9	of	of	ADP
cblr-8639	594	10	a	a	DET
cblr-8639	594	11	non	non	ADJ
cblr-8639	594	12	-	-	ADJ
cblr-8639	594	13	controlling	controlling	ADJ
cblr-8639	594	14	stake	stake	NOUN
cblr-8639	594	15	in	in	ADP
cblr-8639	594	16	a	a	DET
cblr-8639	594	17	publicly	publicly	ADV
cblr-8639	594	18	traded	trade	VERB
cblr-8639	594	19	firm	firm	NOUN
cblr-8639	594	20	can	can	AUX
cblr-8639	594	21	produce	produce	VERB
cblr-8639	594	22	a	a	DET
cblr-8639	594	23	negative	negative	ADJ
cblr-8639	594	24	stock	stock	NOUN
cblr-8639	594	25	price	price	NOUN
cblr-8639	594	26	reaction	reaction	NOUN
cblr-8639	594	27	as	as	ADP
cblr-8639	594	28	well.147	well.147	PROPN
cblr-8639	594	29	interestingly	interestingly	ADV
cblr-8639	594	30	,	,	PUNCT
cblr-8639	594	31	the	the	DET
cblr-8639	594	32	effect	effect	NOUN
cblr-8639	594	33	is	be	AUX
cblr-8639	594	34	positive	positive	ADJ
cblr-8639	594	35	if	if	SCONJ
cblr-8639	594	36	the	the	DET
cblr-8639	594	37	acquirer	acquirer	NOUN
cblr-8639	594	38	is	be	AUX
cblr-8639	594	39	expected	expect	VERB
cblr-8639	594	40	144	144	NUM
cblr-8639	594	41	see	see	NOUN
cblr-8639	594	42	kolchin	kolchin	PROPN
cblr-8639	594	43	,	,	PUNCT
cblr-8639	594	44	supra	supra	PROPN
cblr-8639	594	45	note	note	NOUN
cblr-8639	594	46	61	61	NUM
cblr-8639	594	47	,	,	PUNCT
cblr-8639	594	48	at	at	ADP
cblr-8639	594	49	14	14	NUM
cblr-8639	594	50	fig.holders	fig.holder	NOUN
cblr-8639	594	51	of	of	ADP
cblr-8639	594	52	u.s	u.s	PROPN
cblr-8639	594	53	.	.	PROPN
cblr-8639	594	54	equities	equity	NOUN
cblr-8639	594	55	—	—	PUNCT
cblr-8639	594	56	2018	2018	NUM
cblr-8639	594	57	.	.	PUNCT
cblr-8639	595	1	145	145	NUM
cblr-8639	595	2	calpers	calper	NOUN
cblr-8639	595	3	,	,	PUNCT
cblr-8639	595	4	for	for	ADP
cblr-8639	595	5	instance	instance	NOUN
cblr-8639	595	6	,	,	PUNCT
cblr-8639	595	7	has	have	AUX
cblr-8639	595	8	filed	file	VERB
cblr-8639	595	9	only	only	ADV
cblr-8639	595	10	a	a	DET
cblr-8639	595	11	single	single	ADJ
cblr-8639	595	12	form	form	NOUN
cblr-8639	595	13	13	13	NUM
cblr-8639	595	14	g	g	NOUN
cblr-8639	595	15	since	since	SCONJ
cblr-8639	595	16	the	the	DET
cblr-8639	595	17	beginning	beginning	NOUN
cblr-8639	595	18	of	of	ADP
cblr-8639	595	19	2020	2020	NUM
cblr-8639	595	20	.	.	PUNCT
cblr-8639	596	1	california	california	PROPN
cblr-8639	596	2	public	public	PROPN
cblr-8639	596	3	employees	employees	PROPN
cblr-8639	596	4	retirement	retirement	NOUN
cblr-8639	596	5	system	system	NOUN
cblr-8639	596	6	,	,	PUNCT
cblr-8639	596	7	u.s	u.s	PROPN
cblr-8639	596	8	.	.	PROPN
cblr-8639	596	9	sec	sec	PROPN
cblr-8639	596	10	.	.	PROPN
cblr-8639	596	11	&	&	CCONJ
cblr-8639	596	12	exch	exch	PROPN
cblr-8639	596	13	.	.	PUNCT
cblr-8639	597	1	comm’n	comm’n	NOUN
cblr-8639	597	2	:	:	PUNCT
cblr-8639	597	3	edgar	edgar	NOUN
cblr-8639	597	4	(	(	PUNCT
cblr-8639	597	5	on	on	ADP
cblr-8639	597	6	file	file	NOUN
cblr-8639	597	7	with	with	ADP
cblr-8639	597	8	the	the	DET
cblr-8639	597	9	columbia	columbia	PROPN
cblr-8639	597	10	business	business	PROPN
cblr-8639	597	11	law	law	PROPN
cblr-8639	597	12	review	review	PROPN
cblr-8639	597	13	)	)	PUNCT
cblr-8639	597	14	,	,	PUNCT
cblr-8639	597	15	https://www.sec.gov/edgar/browse/?cik=919079	https://www.sec.gov/edgar/browse/?cik=919079	PROPN
cblr-8639	597	16	(	(	PUNCT
cblr-8639	597	17	last	last	ADJ
cblr-8639	597	18	visited	visit	VERB
cblr-8639	597	19	may	may	PROPN
cblr-8639	597	20	27	27	NUM
cblr-8639	597	21	,	,	PUNCT
cblr-8639	597	22	2021	2021	NUM
cblr-8639	597	23	)	)	PUNCT
cblr-8639	597	24	.	.	PUNCT
cblr-8639	598	1	146	146	NUM
cblr-8639	598	2	see	see	VERB
cblr-8639	598	3	cal	cal	NOUN
cblr-8639	598	4	.	.	PUNCT
cblr-8639	599	1	pub	pub	NOUN
cblr-8639	599	2	.	.	PUNCT
cblr-8639	600	1	emps	emp	NOUN
cblr-8639	600	2	.	.	PUNCT
cblr-8639	600	3	’	'	PUNCT
cblr-8639	601	1	ret	ret	PROPN
cblr-8639	601	2	.	.	PUNCT
cblr-8639	601	3	sys	sys	PROPN
cblr-8639	601	4	.	.	PROPN
cblr-8639	601	5	,	,	PUNCT
cblr-8639	601	6	california	california	PROPN
cblr-8639	601	7	public	public	ADJ
cblr-8639	601	8	employees	employee	NOUN
cblr-8639	601	9	’	’	PART
cblr-8639	601	10	retirement	retirement	NOUN
cblr-8639	601	11	system	system	NOUN
cblr-8639	601	12	total	total	NOUN
cblr-8639	601	13	fund	fund	NOUN
cblr-8639	601	14	investment	investment	NOUN
cblr-8639	601	15	policy	policy	NOUN
cblr-8639	601	16	57	57	NUM
cblr-8639	601	17	(	(	PUNCT
cblr-8639	601	18	2020	2020	NUM
cblr-8639	601	19	)	)	PUNCT
cblr-8639	601	20	,	,	PUNCT
cblr-8639	601	21	https://www.calpers.ca.gov/docs/total-fund-investment-policy.pdf	https://www.calpers.ca.gov/docs/total-fund-investment-policy.pdf	PROPN
cblr-8639	602	1	[	[	X
cblr-8639	602	2	https://perma.cc/lys4-c4fh	https://perma.cc/lys4-c4fh	NOUN
cblr-8639	602	3	]	]	PUNCT
cblr-8639	602	4	.	.	PUNCT
cblr-8639	603	1	147	147	NUM
cblr-8639	603	2	see	see	VERB
cblr-8639	603	3	kateryna	kateryna	PROPN
cblr-8639	603	4	holland	holland	PROPN
cblr-8639	603	5	,	,	PUNCT
cblr-8639	603	6	government	government	NOUN
cblr-8639	603	7	investment	investment	NOUN
cblr-8639	603	8	in	in	ADP
cblr-8639	603	9	publicly	publicly	ADV
cblr-8639	603	10	traded	trade	VERB
cblr-8639	603	11	firms	firm	NOUN
cblr-8639	603	12	,	,	PUNCT
cblr-8639	603	13	56	56	NUM
cblr-8639	603	14	j.	j.	PROPN
cblr-8639	603	15	corp	corp	PROPN
cblr-8639	603	16	.	.	PROPN
cblr-8639	603	17	fin	fin	PROPN
cblr-8639	603	18	.	.	PUNCT
cblr-8639	604	1	319	319	NUM
cblr-8639	604	2	,	,	PUNCT
cblr-8639	604	3	320	320	NUM
cblr-8639	604	4	(	(	PUNCT
cblr-8639	604	5	2019	2019	NUM
cblr-8639	604	6	)	)	PUNCT
cblr-8639	604	7	(	(	PUNCT
cblr-8639	604	8	finding	find	VERB
cblr-8639	604	9	this	this	DET
cblr-8639	604	10	reaction	reaction	NOUN
cblr-8639	604	11	particularly	particularly	ADV
cblr-8639	604	12	for	for	ADP
cblr-8639	604	13	“	"	PUNCT
cblr-8639	604	14	government	government	NOUN
cblr-8639	604	15	investors	investor	NOUN
cblr-8639	604	16	that	that	PRON
cblr-8639	604	17	are	be	AUX
cblr-8639	604	18	most	most	ADV
cblr-8639	604	19	likely	likely	ADJ
cblr-8639	604	20	to	to	PART
cblr-8639	604	21	have	have	VERB
cblr-8639	604	22	political	political	ADJ
cblr-8639	604	23	motivations	motivation	NOUN
cblr-8639	604	24	”	"	PUNCT
cblr-8639	604	25	)	)	PUNCT
cblr-8639	604	26	.	.	PUNCT
cblr-8639	605	1	mahoney	mahoney	PROPN
cblr-8639	605	2	&	&	CCONJ
cblr-8639	605	3	mahoney	mahoney	PROPN
cblr-8639	605	4	8/22/2021	8/22/2021	PROPN
cblr-8639	605	5	9:16	9:16	NUM
cblr-8639	605	6	pm	pm	NOUN
cblr-8639	605	7	no	no	INTJ
cblr-8639	605	8	.	.	PUNCT
cblr-8639	606	1	2:840	2:840	NUM
cblr-8639	606	2	]	]	X
cblr-8639	606	3	the	the	DET
cblr-8639	606	4	new	new	ADJ
cblr-8639	606	5	separation	separation	NOUN
cblr-8639	606	6	of	of	ADP
cblr-8639	606	7	ownership	ownership	NOUN
cblr-8639	606	8	and	and	CCONJ
cblr-8639	606	9	control	control	NOUN
cblr-8639	606	10	879	879	NUM
cblr-8639	606	11	to	to	PART
cblr-8639	606	12	be	be	AUX
cblr-8639	606	13	financially	financially	ADV
cblr-8639	606	14	motivated	motivated	ADJ
cblr-8639	606	15	and	and	CCONJ
cblr-8639	606	16	negative	negative	ADJ
cblr-8639	606	17	if	if	SCONJ
cblr-8639	606	18	it	it	PRON
cblr-8639	606	19	is	be	AUX
cblr-8639	606	20	expected	expect	VERB
cblr-8639	606	21	to	to	PART
cblr-8639	606	22	be	be	AUX
cblr-8639	606	23	politically	politically	ADV
cblr-8639	606	24	motivated.148	motivated.148	NOUN
cblr-8639	606	25	during	during	ADP
cblr-8639	606	26	the	the	DET
cblr-8639	606	27	fortunately	fortunately	ADV
cblr-8639	606	28	brief	brief	ADJ
cblr-8639	606	29	window	window	NOUN
cblr-8639	606	30	of	of	ADP
cblr-8639	606	31	widespread	widespread	ADJ
cblr-8639	606	32	treasury	treasury	NOUN
cblr-8639	606	33	investment	investment	NOUN
cblr-8639	606	34	in	in	ADP
cblr-8639	606	35	the	the	DET
cblr-8639	606	36	banking	banking	NOUN
cblr-8639	606	37	system	system	NOUN
cblr-8639	606	38	,	,	PUNCT
cblr-8639	606	39	commentators	commentator	NOUN
cblr-8639	606	40	debated	debate	VERB
cblr-8639	606	41	mechanisms	mechanism	NOUN
cblr-8639	606	42	the	the	DET
cblr-8639	606	43	government	government	NOUN
cblr-8639	606	44	could	could	AUX
cblr-8639	606	45	use	use	VERB
cblr-8639	606	46	to	to	PART
cblr-8639	606	47	minimize	minimize	VERB
cblr-8639	606	48	its	its	PRON
cblr-8639	606	49	influence	influence	NOUN
cblr-8639	606	50	over	over	ADP
cblr-8639	606	51	corporate	corporate	ADJ
cblr-8639	606	52	policy	policy	NOUN
cblr-8639	606	53	,	,	PUNCT
cblr-8639	606	54	including	include	VERB
cblr-8639	606	55	the	the	DET
cblr-8639	606	56	use	use	NOUN
cblr-8639	606	57	of	of	ADP
cblr-8639	606	58	options	option	NOUN
cblr-8639	606	59	or	or	CCONJ
cblr-8639	606	60	non	non	ADJ
cblr-8639	606	61	-	-	ADJ
cblr-8639	606	62	voting	voting	ADJ
cblr-8639	606	63	preferred	preferred	ADJ
cblr-8639	606	64	shares.149	shares.149	NOUN
cblr-8639	606	65	if	if	SCONJ
cblr-8639	606	66	public	public	ADJ
cblr-8639	606	67	pension	pension	NOUN
cblr-8639	606	68	funds	fund	NOUN
cblr-8639	606	69	continue	continue	VERB
cblr-8639	606	70	to	to	PART
cblr-8639	606	71	act	act	VERB
cblr-8639	606	72	as	as	ADP
cblr-8639	606	73	policymaking	policymake	VERB
cblr-8639	606	74	bodies	body	NOUN
cblr-8639	606	75	for	for	ADP
cblr-8639	606	76	out	out	ADV
cblr-8639	606	77	-	-	PUNCT
cblr-8639	606	78	of	of	ADP
cblr-8639	606	79	-	-	PUNCT
cblr-8639	606	80	state	state	NOUN
cblr-8639	606	81	businesses	business	NOUN
cblr-8639	606	82	,	,	PUNCT
cblr-8639	606	83	the	the	DET
cblr-8639	606	84	same	same	ADJ
cblr-8639	606	85	issues	issue	NOUN
cblr-8639	606	86	will	will	AUX
cblr-8639	606	87	resurface	resurface	VERB
cblr-8639	606	88	.	.	PUNCT
cblr-8639	607	1	congress	congress	PROPN
cblr-8639	607	2	could	could	AUX
cblr-8639	607	3	simply	simply	ADV
cblr-8639	607	4	choose	choose	VERB
cblr-8639	607	5	to	to	PART
cblr-8639	607	6	deny	deny	VERB
cblr-8639	607	7	voting	voting	NOUN
cblr-8639	607	8	rights	right	NOUN
cblr-8639	607	9	in	in	ADP
cblr-8639	607	10	public	public	ADJ
cblr-8639	607	11	companies	company	NOUN
cblr-8639	607	12	to	to	ADP
cblr-8639	607	13	government	government	NOUN
cblr-8639	607	14	entities	entity	NOUN
cblr-8639	607	15	or	or	CCONJ
cblr-8639	607	16	their	their	PRON
cblr-8639	607	17	agents	agent	NOUN
cblr-8639	607	18	.	.	PUNCT
cblr-8639	608	1	v.	v.	ADP
cblr-8639	608	2	conclusion	conclusion	NOUN
cblr-8639	608	3	the	the	DET
cblr-8639	608	4	dodd	dodd	PROPN
cblr-8639	608	5	-	-	PUNCT
cblr-8639	608	6	frank	frank	PROPN
cblr-8639	608	7	act	act	PROPN
cblr-8639	608	8	included	include	VERB
cblr-8639	608	9	several	several	ADJ
cblr-8639	608	10	new	new	ADJ
cblr-8639	608	11	disclosure	disclosure	NOUN
cblr-8639	608	12	mandates	mandate	NOUN
cblr-8639	608	13	designed	design	VERB
cblr-8639	608	14	to	to	PART
cblr-8639	608	15	further	further	VERB
cblr-8639	608	16	public	public	ADJ
cblr-8639	608	17	policy	policy	NOUN
cblr-8639	608	18	goals	goal	NOUN
cblr-8639	608	19	unrelated	unrelated	ADJ
cblr-8639	608	20	to	to	ADP
cblr-8639	608	21	the	the	DET
cblr-8639	608	22	sec	sec	PROPN
cblr-8639	608	23	’s	’s	PART
cblr-8639	608	24	traditional	traditional	ADJ
cblr-8639	608	25	concerns	concern	NOUN
cblr-8639	608	26	of	of	ADP
cblr-8639	608	27	investor	investor	NOUN
cblr-8639	608	28	protection	protection	NOUN
cblr-8639	608	29	and	and	CCONJ
cblr-8639	608	30	market	market	NOUN
cblr-8639	608	31	quality	quality	NOUN
cblr-8639	608	32	,	,	PUNCT
cblr-8639	608	33	including	include	VERB
cblr-8639	608	34	conflict	conflict	NOUN
cblr-8639	608	35	mineral	mineral	NOUN
cblr-8639	608	36	avoidance,150	avoidance,150	PROPN
cblr-8639	608	37	mine	mine	NOUN
cblr-8639	608	38	safety,151	safety,151	NOUN
cblr-8639	608	39	and	and	CCONJ
cblr-8639	608	40	ceo	ceo	NOUN
cblr-8639	608	41	pay	pay	NOUN
cblr-8639	608	42	ratio.152	ratio.152	PROPN
cblr-8639	608	43	any	any	DET
cblr-8639	608	44	hope	hope	NOUN
cblr-8639	608	45	that	that	SCONJ
cblr-8639	608	46	this	this	PRON
cblr-8639	608	47	was	be	AUX
cblr-8639	608	48	an	an	DET
cblr-8639	608	49	anomaly	anomaly	NOUN
cblr-8639	608	50	resulting	result	VERB
cblr-8639	608	51	from	from	ADP
cblr-8639	608	52	congress	congress	PROPN
cblr-8639	608	53	’s	’s	PART
cblr-8639	608	54	rushed	rush	VERB
cblr-8639	608	55	reaction	reaction	NOUN
cblr-8639	608	56	to	to	ADP
cblr-8639	608	57	a	a	DET
cblr-8639	608	58	financial	financial	ADJ
cblr-8639	608	59	crisis	crisis	NOUN
cblr-8639	608	60	has	have	AUX
cblr-8639	608	61	been	be	AUX
cblr-8639	608	62	dashed	dash	VERB
cblr-8639	608	63	as	as	ADP
cblr-8639	608	64	pressure	pressure	NOUN
cblr-8639	608	65	mounts	mount	NOUN
cblr-8639	608	66	on	on	ADP
cblr-8639	608	67	the	the	DET
cblr-8639	608	68	sec	sec	PROPN
cblr-8639	608	69	to	to	PART
cblr-8639	608	70	adopt	adopt	VERB
cblr-8639	608	71	esg	esg	NOUN
cblr-8639	608	72	disclosure	disclosure	NOUN
cblr-8639	608	73	mandates	mandate	NOUN
cblr-8639	608	74	.	.	PUNCT
cblr-8639	609	1	these	these	DET
cblr-8639	609	2	mandates	mandate	NOUN
cblr-8639	609	3	,	,	PUNCT
cblr-8639	609	4	no	no	ADV
cblr-8639	609	5	matter	matter	ADV
cblr-8639	609	6	how	how	SCONJ
cblr-8639	609	7	they	they	PRON
cblr-8639	609	8	are	be	AUX
cblr-8639	609	9	justified	justified	ADJ
cblr-8639	609	10	,	,	PUNCT
cblr-8639	609	11	would	would	AUX
cblr-8639	609	12	be	be	AUX
cblr-8639	609	13	designed	design	VERB
cblr-8639	609	14	to	to	PART
cblr-8639	609	15	facilitate	facilitate	VERB
cblr-8639	609	16	pressure	pressure	NOUN
cblr-8639	609	17	on	on	ADP
cblr-8639	609	18	companies	company	NOUN
cblr-8639	609	19	to	to	PART
cblr-8639	609	20	comply	comply	VERB
cblr-8639	609	21	with	with	ADP
cblr-8639	609	22	desired	desire	VERB
cblr-8639	609	23	but	but	CCONJ
cblr-8639	609	24	not	not	PART
cblr-8639	609	25	-	-	PUNCT
cblr-8639	609	26	yetenacted	yetenacte	VERB
cblr-8639	609	27	environmental	environmental	ADJ
cblr-8639	609	28	and	and	CCONJ
cblr-8639	609	29	social	social	ADJ
cblr-8639	609	30	policies	policy	NOUN
cblr-8639	609	31	.	.	PUNCT
cblr-8639	610	1	148	148	NUM
cblr-8639	610	2	see	see	VERB
cblr-8639	610	3	i	i	PRON
cblr-8639	610	4	d.	d.	PROPN
cblr-8639	610	5	at	at	ADP
cblr-8639	610	6	328	328	NUM
cblr-8639	610	7	,	,	PUNCT
cblr-8639	610	8	329	329	NUM
cblr-8639	610	9	tbl.4	tbl.4	NUM
cblr-8639	610	10	.	.	PUNCT
cblr-8639	611	1	149	149	NUM
cblr-8639	611	2	see	see	VERB
cblr-8639	611	3	,	,	PUNCT
cblr-8639	611	4	e.g.	e.g.	ADV
cblr-8639	611	5	,	,	PUNCT
cblr-8639	611	6	matthew	matthew	PROPN
cblr-8639	611	7	r.	r.	PROPN
cblr-8639	611	8	shahabian	shahabian	PROPN
cblr-8639	611	9	,	,	PUNCT
cblr-8639	611	10	the	the	DET
cblr-8639	611	11	government	government	NOUN
cblr-8639	611	12	as	as	ADP
cblr-8639	611	13	shareholder	shareholder	NOUN
cblr-8639	611	14	and	and	CCONJ
cblr-8639	611	15	political	political	ADJ
cblr-8639	611	16	risk	risk	NOUN
cblr-8639	611	17	:	:	PUNCT
cblr-8639	611	18	procedural	procedural	ADJ
cblr-8639	611	19	protections	protection	NOUN
cblr-8639	611	20	in	in	ADP
cblr-8639	611	21	the	the	DET
cblr-8639	611	22	bailout	bailout	NOUN
cblr-8639	611	23	,	,	PUNCT
cblr-8639	611	24	86	86	NUM
cblr-8639	611	25	n.y.u	n.y.u	NOUN
cblr-8639	611	26	.	.	PUNCT
cblr-8639	612	1	l.	l.	PROPN
cblr-8639	612	2	rev	rev	PROPN
cblr-8639	612	3	.	.	PROPN
cblr-8639	612	4	351	351	NUM
cblr-8639	612	5	,	,	PUNCT
cblr-8639	612	6	379–84	379–84	NOUN
cblr-8639	612	7	(	(	PUNCT
cblr-8639	612	8	2011	2011	NUM
cblr-8639	612	9	)	)	PUNCT
cblr-8639	612	10	(	(	PUNCT
cblr-8639	612	11	suggesting	suggest	VERB
cblr-8639	612	12	that	that	SCONJ
cblr-8639	612	13	administrative	administrative	ADJ
cblr-8639	612	14	law	law	NOUN
cblr-8639	612	15	can	can	AUX
cblr-8639	612	16	constrain	constrain	VERB
cblr-8639	612	17	the	the	DET
cblr-8639	612	18	federal	federal	ADJ
cblr-8639	612	19	government	government	NOUN
cblr-8639	612	20	’s	’s	PART
cblr-8639	612	21	use	use	NOUN
cblr-8639	612	22	of	of	ADP
cblr-8639	612	23	shareholder	shareholder	NOUN
cblr-8639	612	24	powers	power	NOUN
cblr-8639	612	25	)	)	PUNCT
cblr-8639	612	26	;	;	PUNCT
cblr-8639	613	1	j.w	j.w	PROPN
cblr-8639	613	2	.	.	PROPN
cblr-8639	613	3	verret	verret	PROPN
cblr-8639	613	4	,	,	PUNCT
cblr-8639	613	5	treasury	treasury	PROPN
cblr-8639	613	6	inc	inc	PROPN
cblr-8639	613	7	.	.	PROPN
cblr-8639	613	8	:	:	PUNCT
cblr-8639	614	1	how	how	SCONJ
cblr-8639	614	2	the	the	DET
cblr-8639	614	3	bailout	bailout	NOUN
cblr-8639	614	4	reshapes	reshape	VERB
cblr-8639	614	5	corporate	corporate	ADJ
cblr-8639	614	6	theory	theory	NOUN
cblr-8639	614	7	and	and	CCONJ
cblr-8639	614	8	practice	practice	NOUN
cblr-8639	614	9	,	,	PUNCT
cblr-8639	614	10	27	27	NUM
cblr-8639	614	11	yale	yale	NOUN
cblr-8639	614	12	j.	j.	PROPN
cblr-8639	614	13	on	on	ADP
cblr-8639	614	14	regul	regul	NOUN
cblr-8639	614	15	.	.	PUNCT
cblr-8639	615	1	283	283	NUM
cblr-8639	615	2	,	,	PUNCT
cblr-8639	615	3	347–49	347–49	NUM
cblr-8639	615	4	(	(	PUNCT
cblr-8639	615	5	2010	2010	NUM
cblr-8639	615	6	)	)	PUNCT
cblr-8639	615	7	(	(	PUNCT
cblr-8639	615	8	arguing	argue	VERB
cblr-8639	615	9	in	in	ADP
cblr-8639	615	10	favor	favor	NOUN
cblr-8639	615	11	of	of	ADP
cblr-8639	615	12	the	the	DET
cblr-8639	615	13	government	government	NOUN
cblr-8639	615	14	taking	take	VERB
cblr-8639	615	15	options	option	NOUN
cblr-8639	615	16	rather	rather	ADV
cblr-8639	615	17	than	than	ADP
cblr-8639	615	18	equity	equity	NOUN
cblr-8639	615	19	)	)	PUNCT
cblr-8639	615	20	.	.	PUNCT
cblr-8639	616	1	150	150	NUM
cblr-8639	616	2	see	see	VERB
cblr-8639	616	3	supra	supra	PROPN
cblr-8639	616	4	notes	note	VERB
cblr-8639	616	5	124–126	124–126	NUM
cblr-8639	616	6	and	and	CCONJ
cblr-8639	616	7	accompanying	accompany	VERB
cblr-8639	616	8	text	text	NOUN
cblr-8639	616	9	.	.	PUNCT
cblr-8639	617	1	151	151	NUM
cblr-8639	617	2	see	see	VERB
cblr-8639	617	3	dodd	dodd	PROPN
cblr-8639	617	4	-	-	PUNCT
cblr-8639	617	5	frank	frank	PROPN
cblr-8639	617	6	wall	wall	PROPN
cblr-8639	617	7	street	street	PROPN
cblr-8639	617	8	reform	reform	PROPN
cblr-8639	617	9	and	and	CCONJ
cblr-8639	617	10	consumer	consumer	NOUN
cblr-8639	617	11	protection	protection	PROPN
cblr-8639	617	12	act	act	PROPN
cblr-8639	617	13	,	,	PUNCT
cblr-8639	617	14	pub	pub	NOUN
cblr-8639	617	15	.	.	PUNCT
cblr-8639	618	1	l.	l.	PROPN
cblr-8639	618	2	no	no	INTJ
cblr-8639	618	3	.	.	PROPN
cblr-8639	619	1	111	111	NUM
cblr-8639	619	2	-	-	SYM
cblr-8639	619	3	203	203	NUM
cblr-8639	619	4	,	,	PUNCT
cblr-8639	619	5	§	§	PROPN
cblr-8639	619	6	1503	1503	NUM
cblr-8639	619	7	,	,	PUNCT
cblr-8639	619	8	124	124	NUM
cblr-8639	619	9	stat	stat	NOUN
cblr-8639	619	10	.	.	PUNCT
cblr-8639	620	1	1376	1376	NUM
cblr-8639	620	2	,	,	PUNCT
cblr-8639	620	3	2218–20	2218–20	NUM
cblr-8639	620	4	(	(	PUNCT
cblr-8639	620	5	2010	2010	NUM
cblr-8639	620	6	)	)	PUNCT
cblr-8639	620	7	(	(	PUNCT
cblr-8639	620	8	codified	codify	VERB
cblr-8639	620	9	at	at	ADP
cblr-8639	620	10	15	15	NUM
cblr-8639	620	11	u.s.c	u.s.c	ADJ
cblr-8639	620	12	.	.	PUNCT
cblr-8639	621	1	§	§	PROPN
cblr-8639	621	2	78m-2	78m-2	NOUN
cblr-8639	621	3	(	(	PUNCT
cblr-8639	621	4	2019	2019	NUM
cblr-8639	621	5	)	)	PUNCT
cblr-8639	621	6	)	)	PUNCT
cblr-8639	621	7	.	.	PUNCT
cblr-8639	622	1	152	152	NUM
cblr-8639	622	2	see	see	VERB
cblr-8639	622	3	dodd	dodd	PROPN
cblr-8639	622	4	-	-	PUNCT
cblr-8639	622	5	frank	frank	PROPN
cblr-8639	622	6	wall	wall	PROPN
cblr-8639	622	7	street	street	PROPN
cblr-8639	622	8	reform	reform	PROPN
cblr-8639	622	9	and	and	CCONJ
cblr-8639	622	10	consumer	consumer	NOUN
cblr-8639	622	11	protection	protection	PROPN
cblr-8639	622	12	act	act	PROPN
cblr-8639	622	13	,	,	PUNCT
cblr-8639	622	14	§	§	PROPN
cblr-8639	622	15	953(b	953(b	PROPN
cblr-8639	622	16	)	)	PUNCT
cblr-8639	622	17	,	,	PUNCT
cblr-8639	622	18	124	124	NUM
cblr-8639	622	19	stat	stat	NOUN
cblr-8639	622	20	.	.	PUNCT
cblr-8639	623	1	at	at	ADP
cblr-8639	623	2	1904	1904	NUM
cblr-8639	623	3	.	.	PUNCT
cblr-8639	624	1	mahoney	mahoney	PROPN
cblr-8639	624	2	&	&	CCONJ
cblr-8639	624	3	mahoney	mahoney	PROPN
cblr-8639	624	4	8/22/2021	8/22/2021	PROPN
cblr-8639	624	5	9:16	9:16	NUM
cblr-8639	624	6	pm	pm	NOUN
cblr-8639	624	7	880	880	NUM
cblr-8639	624	8	columbia	columbia	PROPN
cblr-8639	624	9	business	business	NOUN
cblr-8639	624	10	law	law	PROPN
cblr-8639	624	11	review	review	NOUN
cblr-8639	624	12	[	[	X
cblr-8639	624	13	vol	vol	NOUN
cblr-8639	624	14	.	.	PUNCT
cblr-8639	624	15	2021	2021	NUM
cblr-8639	624	16	the	the	DET
cblr-8639	624	17	future	future	NOUN
cblr-8639	624	18	of	of	ADP
cblr-8639	624	19	securities	security	NOUN
cblr-8639	624	20	regulation	regulation	NOUN
cblr-8639	624	21	,	,	PUNCT
cblr-8639	624	22	then	then	ADV
cblr-8639	624	23	,	,	PUNCT
cblr-8639	624	24	depends	depend	VERB
cblr-8639	624	25	on	on	ADP
cblr-8639	624	26	how	how	SCONJ
cblr-8639	624	27	the	the	DET
cblr-8639	624	28	sec	sec	PROPN
cblr-8639	624	29	responds	respond	VERB
cblr-8639	624	30	.	.	PUNCT
cblr-8639	625	1	it	it	PRON
cblr-8639	625	2	could	could	AUX
cblr-8639	625	3	,	,	PUNCT
cblr-8639	625	4	and	and	CCONJ
cblr-8639	625	5	we	we	PRON
cblr-8639	625	6	think	think	VERB
cblr-8639	625	7	should	should	AUX
cblr-8639	625	8	,	,	PUNCT
cblr-8639	625	9	continue	continue	VERB
cblr-8639	625	10	to	to	PART
cblr-8639	625	11	insist	insist	VERB
cblr-8639	625	12	that	that	SCONJ
cblr-8639	625	13	companies	company	NOUN
cblr-8639	625	14	disclose	disclose	VERB
cblr-8639	625	15	material	material	NOUN
cblr-8639	625	16	risks	risk	NOUN
cblr-8639	625	17	and	and	CCONJ
cblr-8639	625	18	give	give	VERB
cblr-8639	625	19	their	their	PRON
cblr-8639	625	20	managers	manager	NOUN
cblr-8639	625	21	room	room	NOUN
cblr-8639	625	22	to	to	PART
cblr-8639	625	23	determine	determine	VERB
cblr-8639	625	24	and	and	CCONJ
cblr-8639	625	25	describe	describe	VERB
cblr-8639	625	26	those	those	DET
cblr-8639	625	27	risks	risk	NOUN
cblr-8639	625	28	,	,	PUNCT
cblr-8639	625	29	while	while	SCONJ
cblr-8639	625	30	leaving	leave	VERB
cblr-8639	625	31	the	the	DET
cblr-8639	625	32	social	social	ADJ
cblr-8639	625	33	costs	cost	NOUN
cblr-8639	625	34	of	of	ADP
cblr-8639	625	35	climate	climate	NOUN
cblr-8639	625	36	change	change	NOUN
cblr-8639	625	37	and	and	CCONJ
cblr-8639	625	38	other	other	ADJ
cblr-8639	625	39	issues	issue	NOUN
cblr-8639	625	40	for	for	ADP
cblr-8639	625	41	congress	congress	PROPN
cblr-8639	625	42	and	and	CCONJ
cblr-8639	625	43	non	non	ADJ
cblr-8639	625	44	-	-	ADJ
cblr-8639	625	45	financial	financial	ADJ
cblr-8639	625	46	agencies	agency	NOUN
cblr-8639	625	47	to	to	PART
cblr-8639	625	48	address	address	VERB
cblr-8639	625	49	.	.	PUNCT
cblr-8639	626	1	such	such	DET
cblr-8639	626	2	an	an	DET
cblr-8639	626	3	approach	approach	NOUN
cblr-8639	626	4	would	would	AUX
cblr-8639	626	5	enable	enable	VERB
cblr-8639	626	6	the	the	DET
cblr-8639	626	7	sec	sec	PROPN
cblr-8639	626	8	to	to	PART
cblr-8639	626	9	avoid	avoid	VERB
cblr-8639	626	10	the	the	DET
cblr-8639	626	11	multiple	multiple	ADJ
cblr-8639	626	12	dangers	danger	NOUN
cblr-8639	626	13	of	of	ADP
cblr-8639	626	14	lack	lack	NOUN
cblr-8639	626	15	of	of	ADP
cblr-8639	626	16	legitimacy	legitimacy	NOUN
cblr-8639	626	17	,	,	PUNCT
cblr-8639	626	18	unintended	unintended	ADJ
cblr-8639	626	19	consequences	consequence	NOUN
cblr-8639	626	20	,	,	PUNCT
cblr-8639	626	21	and	and	CCONJ
cblr-8639	626	22	the	the	DET
cblr-8639	626	23	impression	impression	NOUN
cblr-8639	626	24	that	that	SCONJ
cblr-8639	626	25	it	it	PRON
cblr-8639	626	26	is	be	AUX
cblr-8639	626	27	willing	willing	ADJ
cblr-8639	626	28	to	to	PART
cblr-8639	626	29	take	take	VERB
cblr-8639	626	30	sides	side	NOUN
cblr-8639	626	31	on	on	ADP
cblr-8639	626	32	sensitive	sensitive	ADJ
cblr-8639	626	33	political	political	ADJ
cblr-8639	626	34	issues	issue	NOUN
cblr-8639	626	35	.	.	PUNCT
cblr-8639	627	1	on	on	ADP
cblr-8639	627	2	a	a	DET
cblr-8639	627	3	broader	broad	ADJ
cblr-8639	627	4	note	note	NOUN
cblr-8639	627	5	,	,	PUNCT
cblr-8639	627	6	a	a	DET
cblr-8639	627	7	central	central	ADJ
cblr-8639	627	8	feature	feature	NOUN
cblr-8639	627	9	distinguishing	distinguish	VERB
cblr-8639	627	10	poorlyfunctioning	poorlyfunctione	VERB
cblr-8639	627	11	financial	financial	ADJ
cblr-8639	627	12	markets	market	NOUN
cblr-8639	627	13	from	from	ADP
cblr-8639	627	14	well	well	ADV
cblr-8639	627	15	-	-	PUNCT
cblr-8639	627	16	functioning	function	VERB
cblr-8639	627	17	ones	one	NOUN
cblr-8639	627	18	is	be	AUX
cblr-8639	627	19	the	the	DET
cblr-8639	627	20	association	association	NOUN
cblr-8639	627	21	between	between	ADP
cblr-8639	627	22	firm	firm	ADJ
cblr-8639	627	23	valuation	valuation	NOUN
cblr-8639	627	24	and	and	CCONJ
cblr-8639	627	25	political	political	ADJ
cblr-8639	627	26	risk.153	risk.153	NOUN
cblr-8639	627	27	a	a	DET
cblr-8639	627	28	government	government	NOUN
cblr-8639	627	29	that	that	PRON
cblr-8639	627	30	plays	play	VERB
cblr-8639	627	31	favorites	favorite	NOUN
cblr-8639	627	32	among	among	ADP
cblr-8639	627	33	companies	company	NOUN
cblr-8639	627	34	is	be	AUX
cblr-8639	627	35	a	a	DET
cblr-8639	627	36	potent	potent	ADJ
cblr-8639	627	37	source	source	NOUN
cblr-8639	627	38	of	of	ADP
cblr-8639	627	39	political	political	ADJ
cblr-8639	627	40	risk	risk	NOUN
cblr-8639	627	41	.	.	PUNCT
cblr-8639	628	1	in	in	ADP
cblr-8639	628	2	our	our	PRON
cblr-8639	628	3	current	current	ADJ
cblr-8639	628	4	political	political	ADJ
cblr-8639	628	5	climate	climate	NOUN
cblr-8639	628	6	,	,	PUNCT
cblr-8639	628	7	the	the	DET
cblr-8639	628	8	sec	sec	PROPN
cblr-8639	628	9	,	,	PUNCT
cblr-8639	628	10	the	the	DET
cblr-8639	628	11	federal	federal	PROPN
cblr-8639	628	12	reserve	reserve	PROPN
cblr-8639	628	13	,	,	PUNCT
cblr-8639	628	14	and	and	CCONJ
cblr-8639	628	15	other	other	ADJ
cblr-8639	628	16	agencies	agency	NOUN
cblr-8639	628	17	may	may	AUX
cblr-8639	628	18	face	face	VERB
cblr-8639	628	19	pressures	pressure	NOUN
cblr-8639	628	20	to	to	PART
cblr-8639	628	21	raise	raise	VERB
cblr-8639	628	22	costs	cost	NOUN
cblr-8639	628	23	for	for	ADP
cblr-8639	628	24	companies	company	NOUN
cblr-8639	628	25	that	that	PRON
cblr-8639	628	26	are	be	AUX
cblr-8639	628	27	out	out	ADP
cblr-8639	628	28	of	of	ADP
cblr-8639	628	29	step	step	NOUN
cblr-8639	628	30	with	with	ADP
cblr-8639	628	31	the	the	DET
cblr-8639	628	32	governing	govern	VERB
cblr-8639	628	33	party	party	NOUN
cblr-8639	628	34	’s	’s	PART
cblr-8639	628	35	priorities	priority	NOUN
cblr-8639	628	36	.	.	PUNCT
cblr-8639	629	1	should	should	AUX
cblr-8639	629	2	that	that	DET
cblr-8639	629	3	practice	practice	NOUN
cblr-8639	629	4	become	become	AUX
cblr-8639	629	5	accepted	accept	VERB
cblr-8639	629	6	,	,	PUNCT
cblr-8639	629	7	the	the	DET
cblr-8639	629	8	cost	cost	NOUN
cblr-8639	629	9	of	of	ADP
cblr-8639	629	10	capital	capital	NOUN
cblr-8639	629	11	for	for	ADP
cblr-8639	629	12	a	a	DET
cblr-8639	629	13	given	give	VERB
cblr-8639	629	14	company	company	NOUN
cblr-8639	629	15	may	may	AUX
cblr-8639	629	16	rise	rise	VERB
cblr-8639	629	17	and	and	CCONJ
cblr-8639	629	18	fall	fall	VERB
cblr-8639	629	19	with	with	ADP
cblr-8639	629	20	each	each	DET
cblr-8639	629	21	change	change	NOUN
cblr-8639	629	22	of	of	ADP
cblr-8639	629	23	administration	administration	NOUN
cblr-8639	629	24	.	.	PUNCT
cblr-8639	630	1	the	the	DET
cblr-8639	630	2	sec	sec	PROPN
cblr-8639	630	3	,	,	PUNCT
cblr-8639	630	4	of	of	ADP
cblr-8639	630	5	all	all	DET
cblr-8639	630	6	arms	arm	NOUN
cblr-8639	630	7	of	of	ADP
cblr-8639	630	8	government	government	NOUN
cblr-8639	630	9	,	,	PUNCT
cblr-8639	630	10	should	should	AUX
cblr-8639	630	11	understand	understand	VERB
cblr-8639	630	12	that	that	DET
cblr-8639	630	13	robust	robust	ADJ
cblr-8639	630	14	financial	financial	ADJ
cblr-8639	630	15	markets	market	NOUN
cblr-8639	630	16	can	can	AUX
cblr-8639	630	17	not	not	PART
cblr-8639	630	18	be	be	AUX
cblr-8639	630	19	taken	take	VERB
cblr-8639	630	20	for	for	ADP
cblr-8639	630	21	granted	grant	VERB
cblr-8639	630	22	.	.	PUNCT
cblr-8639	631	1	it	it	PRON
cblr-8639	631	2	should	should	AUX
cblr-8639	631	3	decline	decline	VERB
cblr-8639	631	4	to	to	PART
cblr-8639	631	5	become	become	VERB
cblr-8639	631	6	a	a	DET
cblr-8639	631	7	transmission	transmission	NOUN
cblr-8639	631	8	mechanism	mechanism	NOUN
cblr-8639	631	9	for	for	ADP
cblr-8639	631	10	political	political	ADJ
cblr-8639	631	11	risk	risk	NOUN
cblr-8639	631	12	in	in	ADP
cblr-8639	631	13	the	the	DET
cblr-8639	631	14	u.s	u.s	PROPN
cblr-8639	631	15	.	.	PROPN
cblr-8639	631	16	markets	market	NOUN
cblr-8639	631	17	.	.	PUNCT
cblr-8639	632	1	153	153	NUM
cblr-8639	632	2	see	see	VERB
cblr-8639	632	3	robin	robin	PROPN
cblr-8639	632	4	l.	l.	PROPN
cblr-8639	632	5	diamonte	diamonte	PROPN
cblr-8639	632	6	,	,	PUNCT
cblr-8639	632	7	john	john	PROPN
cblr-8639	632	8	m.	m.	PROPN
cblr-8639	632	9	liew	liew	PROPN
cblr-8639	632	10	&	&	CCONJ
cblr-8639	632	11	ross	ross	PROPN
cblr-8639	632	12	l.	l.	PROPN
cblr-8639	632	13	stevens	stevens	PROPN
cblr-8639	632	14	,	,	PUNCT
cblr-8639	632	15	political	political	ADJ
cblr-8639	632	16	risk	risk	NOUN
cblr-8639	632	17	in	in	ADP
cblr-8639	632	18	emerging	emerge	VERB
cblr-8639	632	19	and	and	CCONJ
cblr-8639	632	20	developed	developed	ADJ
cblr-8639	632	21	markets	market	NOUN
cblr-8639	632	22	,	,	PUNCT
cblr-8639	632	23	fin	fin	NOUN
cblr-8639	632	24	.	.	PUNCT
cblr-8639	633	1	analysts	analyst	NOUN
cblr-8639	633	2	j.	j.	PROPN
cblr-8639	633	3	,	,	PUNCT
cblr-8639	633	4	may	may	PROPN
cblr-8639	633	5	/	/	SYM
cblr-8639	633	6	june	june	PROPN
cblr-8639	633	7	1996	1996	NUM
cblr-8639	633	8	,	,	PUNCT
cblr-8639	633	9	at	at	ADP
cblr-8639	633	10	71	71	NUM
cblr-8639	633	11	,	,	PUNCT
cblr-8639	633	12	71	71	NUM
cblr-8639	633	13	(	(	PUNCT
cblr-8639	633	14	“	"	PUNCT
cblr-8639	633	15	political	political	ADJ
cblr-8639	633	16	risk	risk	NOUN
cblr-8639	633	17	represents	represent	VERB
cblr-8639	633	18	a	a	DET
cblr-8639	633	19	more	more	ADV
cblr-8639	633	20	important	important	ADJ
cblr-8639	633	21	determinant	determinant	ADJ
cblr-8639	633	22	of	of	ADP
cblr-8639	633	23	stock	stock	NOUN
cblr-8639	633	24	returns	return	NOUN
cblr-8639	633	25	in	in	ADP
cblr-8639	633	26	emerging	emerge	VERB
cblr-8639	633	27	than	than	ADP
cblr-8639	633	28	in	in	ADP
cblr-8639	633	29	developed	develop	VERB
cblr-8639	633	30	markets	market	NOUN
cblr-8639	633	31	.	.	PUNCT
cblr-8639	633	32	”	"	PUNCT
cblr-8639	634	1	(	(	PUNCT
cblr-8639	634	2	emphasis	emphasis	NOUN
cblr-8639	634	3	omitted	omit	VERB
cblr-8639	634	4	)	)	PUNCT
cblr-8639	634	5	)	)	PUNCT
cblr-8639	634	6	.	.	PUNCT