id	sid	tid	token	lemma	pos
cblr-9108	1	1	the	the	DET
cblr-9108	1	2	new	new	ADJ
cblr-9108	1	3	public	public	ADJ
cblr-9108	1	4	/	/	SYM
cblr-9108	1	5	private	private	ADJ
cblr-9108	1	6	equilibrium	equilibrium	NOUN
cblr-9108	1	7	and	and	CCONJ
cblr-9108	1	8	the	the	DET
cblr-9108	1	9	regulation	regulation	NOUN
cblr-9108	1	10	of	of	ADP
cblr-9108	1	11	public	public	ADJ
cblr-9108	1	12	companies	company	NOUN
cblr-9108	1	13	elisabeth	elisabeth	PROPN
cblr-9108	1	14	de	de	PROPN
cblr-9108	1	15	fontenay	fontenay	PROPN
cblr-9108	1	16	and	and	CCONJ
cblr-9108	1	17	gabriel	gabriel	PROPN
cblr-9108	1	18	rauterberg	rauterberg	VERB
cblr-9108	1	19	this	this	DET
cblr-9108	1	20	symposium	symposium	NOUN
cblr-9108	1	21	article	article	NOUN
cblr-9108	1	22	examines	examine	VERB
cblr-9108	1	23	how	how	SCONJ
cblr-9108	1	24	the	the	DET
cblr-9108	1	25	public	public	ADJ
cblr-9108	1	26	/	/	SYM
cblr-9108	1	27	private	private	ADJ
cblr-9108	1	28	divide	divide	NOUN
cblr-9108	1	29	works	work	VERB
cblr-9108	1	30	today	today	NOUN
cblr-9108	1	31	and	and	CCONJ
cblr-9108	1	32	maps	map	VERB
cblr-9108	1	33	out	out	ADP
cblr-9108	1	34	some	some	PRON
cblr-9108	1	35	of	of	ADP
cblr-9108	1	36	the	the	DET
cblr-9108	1	37	potential	potential	ADJ
cblr-9108	1	38	implications	implication	NOUN
cblr-9108	1	39	for	for	ADP
cblr-9108	1	40	major	major	ADJ
cblr-9108	1	41	issues	issue	NOUN
cblr-9108	1	42	in	in	ADP
cblr-9108	1	43	securities	security	NOUN
cblr-9108	1	44	law	law	NOUN
cblr-9108	1	45	.	.	PUNCT
cblr-9108	2	1	classic	classic	ADJ
cblr-9108	2	2	debates	debate	NOUN
cblr-9108	2	3	in	in	ADP
cblr-9108	2	4	securities	security	NOUN
cblr-9108	2	5	law	law	NOUN
cblr-9108	2	6	were	be	AUX
cblr-9108	2	7	often	often	ADV
cblr-9108	2	8	predicated	predicate	VERB
cblr-9108	2	9	on	on	ADP
cblr-9108	2	10	the	the	DET
cblr-9108	2	11	idea	idea	NOUN
cblr-9108	2	12	that	that	SCONJ
cblr-9108	2	13	public	public	ADJ
cblr-9108	2	14	companies	company	NOUN
cblr-9108	2	15	are	be	AUX
cblr-9108	2	16	a	a	DET
cblr-9108	2	17	coherent	coherent	ADJ
cblr-9108	2	18	class	class	NOUN
cblr-9108	2	19	of	of	ADP
cblr-9108	2	20	firms	firm	NOUN
cblr-9108	2	21	that	that	PRON
cblr-9108	2	22	differ	differ	VERB
cblr-9108	2	23	markedly	markedly	ADV
cblr-9108	2	24	from	from	ADP
cblr-9108	2	25	private	private	ADJ
cblr-9108	2	26	companies	company	NOUN
cblr-9108	2	27	.	.	PUNCT
cblr-9108	3	1	for	for	ADP
cblr-9108	3	2	more	more	ADJ
cblr-9108	3	3	than	than	ADP
cblr-9108	3	4	fifty	fifty	NUM
cblr-9108	3	5	years	year	NOUN
cblr-9108	3	6	after	after	ADP
cblr-9108	3	7	the	the	DET
cblr-9108	3	8	adoption	adoption	NOUN
cblr-9108	3	9	of	of	ADP
cblr-9108	3	10	the	the	DET
cblr-9108	3	11	federal	federal	ADJ
cblr-9108	3	12	securities	security	NOUN
cblr-9108	3	13	laws	law	NOUN
cblr-9108	3	14	,	,	PUNCT
cblr-9108	3	15	this	this	DET
cblr-9108	3	16	view	view	NOUN
cblr-9108	3	17	was	be	AUX
cblr-9108	3	18	justified	justify	VERB
cblr-9108	3	19	.	.	PUNCT
cblr-9108	4	1	during	during	ADP
cblr-9108	4	2	that	that	DET
cblr-9108	4	3	period	period	NOUN
cblr-9108	4	4	,	,	PUNCT
cblr-9108	4	5	the	the	DET
cblr-9108	4	6	vast	vast	ADJ
cblr-9108	4	7	majority	majority	NOUN
cblr-9108	4	8	of	of	ADP
cblr-9108	4	9	successful	successful	ADJ
cblr-9108	4	10	and	and	CCONJ
cblr-9108	4	11	growing	grow	VERB
cblr-9108	4	12	private	private	ADJ
cblr-9108	4	13	firms	firm	NOUN
cblr-9108	4	14	eventually	eventually	ADV
cblr-9108	4	15	accepted	accept	VERB
cblr-9108	4	16	the	the	DET
cblr-9108	4	17	regulatory	regulatory	ADJ
cblr-9108	4	18	obligations	obligation	NOUN
cblr-9108	4	19	of	of	ADP
cblr-9108	4	20	being	be	AUX
cblr-9108	4	21	public	public	ADJ
cblr-9108	4	22	in	in	ADP
cblr-9108	4	23	order	order	NOUN
cblr-9108	4	24	to	to	PART
cblr-9108	4	25	access	access	VERB
cblr-9108	4	26	a	a	DET
cblr-9108	4	27	wider	wide	ADJ
cblr-9108	4	28	and	and	CCONJ
cblr-9108	4	29	deeper	deep	ADJ
cblr-9108	4	30	pool	pool	NOUN
cblr-9108	4	31	of	of	ADP
cblr-9108	4	32	capital	capital	NOUN
cblr-9108	4	33	,	,	PUNCT
cblr-9108	4	34	among	among	ADP
cblr-9108	4	35	other	other	ADJ
cblr-9108	4	36	benefits	benefit	NOUN
cblr-9108	4	37	.	.	PUNCT
cblr-9108	5	1	this	this	PRON
cblr-9108	5	2	was	be	AUX
cblr-9108	5	3	a	a	DET
cblr-9108	5	4	descriptive	descriptive	ADJ
cblr-9108	5	5	reality	reality	NOUN
cblr-9108	5	6	,	,	PUNCT
cblr-9108	5	7	but	but	CCONJ
cblr-9108	5	8	it	it	PRON
cblr-9108	5	9	had	have	VERB
cblr-9108	5	10	important	important	ADJ
cblr-9108	5	11	normative	normative	ADJ
cblr-9108	5	12	implications	implication	NOUN
cblr-9108	5	13	as	as	ADV
cblr-9108	5	14	well	well	ADV
cblr-9108	5	15	.	.	PUNCT
cblr-9108	6	1	an	an	DET
cblr-9108	6	2	identifiable	identifiable	ADJ
cblr-9108	6	3	class	class	NOUN
cblr-9108	6	4	of	of	ADP
cblr-9108	6	5	large	large	ADJ
cblr-9108	6	6	,	,	PUNCT
cblr-9108	6	7	growing	grow	VERB
cblr-9108	6	8	firms	firm	NOUN
cblr-9108	6	9	went	go	VERB
cblr-9108	6	10	public	public	ADJ
cblr-9108	6	11	,	,	PUNCT
cblr-9108	6	12	and	and	CCONJ
cblr-9108	6	13	they	they	PRON
cblr-9108	6	14	generally	generally	ADV
cblr-9108	6	15	went	go	VERB
cblr-9108	6	16	public	public	ADJ
cblr-9108	6	17	for	for	ADP
cblr-9108	6	18	a	a	DET
cblr-9108	6	19	reason	reason	NOUN
cblr-9108	6	20	they	they	PRON
cblr-9108	6	21	shared	share	VERB
cblr-9108	6	22	:	:	PUNCT
cblr-9108	6	23	raising	raise	VERB
cblr-9108	6	24	capital	capital	NOUN
cblr-9108	6	25	.	.	PUNCT
cblr-9108	7	1	as	as	ADP
cblr-9108	7	2	a	a	DET
cblr-9108	7	3	result	result	NOUN
cblr-9108	7	4	,	,	PUNCT
cblr-9108	7	5	regulatory	regulatory	ADJ
cblr-9108	7	6	interventions	intervention	NOUN
cblr-9108	7	7	imposed	impose	VERB
cblr-9108	7	8	on	on	ADP
cblr-9108	7	9	the	the	DET
cblr-9108	7	10	category	category	NOUN
cblr-9108	7	11	of	of	ADP
cblr-9108	7	12	“	"	PUNCT
cblr-9108	7	13	public	public	ADJ
cblr-9108	7	14	companies	company	NOUN
cblr-9108	7	15	”	"	PUNCT
cblr-9108	7	16	had	have	VERB
cblr-9108	7	17	a	a	DET
cblr-9108	7	18	coherent	coherent	ADJ
cblr-9108	7	19	target	target	NOUN
cblr-9108	7	20	.	.	PUNCT
cblr-9108	8	1	we	we	PRON
cblr-9108	8	2	argue	argue	VERB
cblr-9108	8	3	that	that	SCONJ
cblr-9108	8	4	firms	firm	NOUN
cblr-9108	8	5	’	'	PUNCT
cblr-9108	8	6	going	go	VERB
cblr-9108	8	7	public	public	ADJ
cblr-9108	8	8	decisions	decision	NOUN
cblr-9108	8	9	are	be	AUX
cblr-9108	8	10	now	now	ADV
cblr-9108	8	11	shaped	shape	VERB
cblr-9108	8	12	by	by	ADP
cblr-9108	8	13	a	a	DET
cblr-9108	8	14	much	much	ADV
cblr-9108	8	15	larger	large	ADJ
cblr-9108	8	16	and	and	CCONJ
cblr-9108	8	17	more	more	ADV
cblr-9108	8	18	varied	varied	ADJ
cblr-9108	8	19	set	set	NOUN
cblr-9108	8	20	of	of	ADP
cblr-9108	8	21	factors	factor	NOUN
cblr-9108	8	22	.	.	PUNCT
cblr-9108	9	1	these	these	DET
cblr-9108	9	2	factors	factor	NOUN
cblr-9108	9	3	are	be	AUX
cblr-9108	9	4	complex	complex	ADJ
cblr-9108	9	5	,	,	PUNCT
cblr-9108	9	6	cross	cross	ADJ
cblr-9108	9	7	-	-	ADJ
cblr-9108	9	8	cutting	cutting	ADJ
cblr-9108	9	9	,	,	PUNCT
cblr-9108	9	10	and	and	CCONJ
cblr-9108	9	11	impact	impact	NOUN
cblr-9108	9	12	firms	firm	NOUN
cblr-9108	9	13	considering	consider	VERB
cblr-9108	9	14	going	go	VERB
cblr-9108	9	15	public	public	ADJ
cblr-9108	9	16	in	in	ADP
cblr-9108	9	17	very	very	ADV
cblr-9108	9	18	heterogeneous	heterogeneous	ADJ
cblr-9108	9	19	ways	way	NOUN
cblr-9108	9	20	.	.	PUNCT
cblr-9108	10	1	this	this	DET
cblr-9108	10	2	complexity	complexity	NOUN
cblr-9108	10	3	results	result	VERB
cblr-9108	10	4	from	from	ADP
cblr-9108	10	5	several	several	ADJ
cblr-9108	10	6	developments	development	NOUN
cblr-9108	10	7	and	and	CCONJ
cblr-9108	10	8	we	we	PRON
cblr-9108	10	9	emphasize	emphasize	VERB
cblr-9108	10	10	two	two	NUM
cblr-9108	10	11	.	.	PUNCT
cblr-9108	11	1	first	first	ADV
cblr-9108	11	2	,	,	PUNCT
cblr-9108	11	3	it	it	PRON
cblr-9108	11	4	is	be	AUX
cblr-9108	11	5	a	a	DET
cblr-9108	11	6	result	result	NOUN
cblr-9108	11	7	of	of	ADP
cblr-9108	11	8	the	the	DET
cblr-9108	11	9	fact	fact	NOUN
cblr-9108	11	10	that	that	SCONJ
cblr-9108	11	11	while	while	SCONJ
cblr-9108	11	12	the	the	DET
cblr-9108	11	13	public	public	ADJ
cblr-9108	11	14	/	/	SYM
cblr-9108	11	15	private	private	ADJ
cblr-9108	11	16	divide	divide	NOUN
cblr-9108	11	17	was	be	AUX
cblr-9108	11	18	created	create	VERB
cblr-9108	11	19	by	by	ADP
cblr-9108	11	20	securities	security	NOUN
cblr-9108	11	21	law	law	NOUN
cblr-9108	11	22	,	,	PUNCT
cblr-9108	11	23	public	public	ADJ
cblr-9108	11	24	and	and	CCONJ
cblr-9108	11	25	private	private	ADJ
cblr-9108	11	26	markets	market	NOUN
cblr-9108	11	27	now	now	ADV
cblr-9108	11	28			PROPN
cblr-9108	11	29	professor	professor	NOUN
cblr-9108	11	30	of	of	ADP
cblr-9108	11	31	law	law	NOUN
cblr-9108	11	32	,	,	PUNCT
cblr-9108	11	33	duke	duke	PROPN
cblr-9108	11	34	law	law	PROPN
cblr-9108	11	35	school	school	NOUN
cblr-9108	11	36	and	and	CCONJ
cblr-9108	11	37	professor	professor	NOUN
cblr-9108	11	38	of	of	ADP
cblr-9108	11	39	law	law	NOUN
cblr-9108	11	40	,	,	PUNCT
cblr-9108	11	41	university	university	PROPN
cblr-9108	11	42	of	of	ADP
cblr-9108	11	43	michigan	michigan	PROPN
cblr-9108	11	44	law	law	PROPN
cblr-9108	11	45	school	school	NOUN
cblr-9108	11	46	,	,	PUNCT
cblr-9108	11	47	respectively	respectively	ADV
cblr-9108	11	48	.	.	PUNCT
cblr-9108	12	1	for	for	ADP
cblr-9108	12	2	comments	comment	NOUN
cblr-9108	12	3	and	and	CCONJ
cblr-9108	12	4	suggestions	suggestion	NOUN
cblr-9108	12	5	,	,	PUNCT
cblr-9108	12	6	thanks	thank	NOUN
cblr-9108	12	7	are	be	AUX
cblr-9108	12	8	owed	owe	VERB
cblr-9108	12	9	to	to	ADP
cblr-9108	12	10	michael	michael	PROPN
cblr-9108	12	11	guttentag	guttentag	PROPN
cblr-9108	12	12	,	,	PUNCT
cblr-9108	12	13	joan	joan	PROPN
cblr-9108	12	14	macleod	macleod	PROPN
cblr-9108	12	15	heminway	heminway	PROPN
cblr-9108	12	16	,	,	PUNCT
cblr-9108	12	17	elizabeth	elizabeth	PROPN
cblr-9108	12	18	pollman	pollman	PROPN
cblr-9108	12	19	,	,	PUNCT
cblr-9108	12	20	andrew	andrew	PROPN
cblr-9108	12	21	verstein	verstein	NOUN
cblr-9108	12	22	,	,	PUNCT
cblr-9108	12	23	and	and	CCONJ
cblr-9108	12	24	participants	participant	NOUN
cblr-9108	12	25	at	at	ADP
cblr-9108	12	26	the	the	DET
cblr-9108	12	27	loyola	loyola	PROPN
cblr-9108	12	28	school	school	NOUN
cblr-9108	12	29	of	of	ADP
cblr-9108	12	30	law	law	NOUN
cblr-9108	12	31	,	,	PUNCT
cblr-9108	12	32	los	los	PROPN
cblr-9108	12	33	angeles	angeles	PROPN
cblr-9108	12	34	,	,	PUNCT
cblr-9108	12	35	faculty	faculty	NOUN
cblr-9108	12	36	workshop	workshop	NOUN
cblr-9108	12	37	and	and	CCONJ
cblr-9108	12	38	the	the	DET
cblr-9108	12	39	future	future	NOUN
cblr-9108	12	40	of	of	ADP
cblr-9108	12	41	securities	security	NOUN
cblr-9108	12	42	regulation	regulation	NOUN
cblr-9108	12	43	conference	conference	NOUN
cblr-9108	12	44	at	at	ADP
cblr-9108	12	45	columbia	columbia	PROPN
cblr-9108	12	46	law	law	PROPN
cblr-9108	12	47	school	school	NOUN
cblr-9108	12	48	.	.	PUNCT
cblr-9108	13	1	our	our	PRON
cblr-9108	13	2	gratitude	gratitude	NOUN
cblr-9108	13	3	also	also	ADV
cblr-9108	13	4	to	to	ADP
cblr-9108	13	5	the	the	DET
cblr-9108	13	6	wonderful	wonderful	ADJ
cblr-9108	13	7	editors	editor	NOUN
cblr-9108	13	8	of	of	ADP
cblr-9108	13	9	the	the	DET
cblr-9108	13	10	columbia	columbia	PROPN
cblr-9108	13	11	business	business	PROPN
cblr-9108	13	12	law	law	PROPN
cblr-9108	13	13	review	review	NOUN
cblr-9108	13	14	.	.	PUNCT
cblr-9108	14	1	all	all	DET
cblr-9108	14	2	errors	error	NOUN
cblr-9108	14	3	are	be	AUX
cblr-9108	14	4	ours	ours	PRON
cblr-9108	14	5	.	.	PUNCT
cblr-9108	15	1	1200	1200	NUM
cblr-9108	16	1	columbia	columbia	PROPN
cblr-9108	16	2	business	business	PROPN
cblr-9108	16	3	law	law	PROPN
cblr-9108	16	4	review	review	NOUN
cblr-9108	16	5	[	[	X
cblr-9108	16	6	vol	vol	NOUN
cblr-9108	16	7	.	.	PUNCT
cblr-9108	16	8	2021	2021	NUM
cblr-9108	16	9	provide	provide	VERB
cblr-9108	16	10	two	two	NUM
cblr-9108	16	11	widely	widely	ADV
cblr-9108	16	12	different	different	ADJ
cblr-9108	16	13	ecologies	ecology	NOUN
cblr-9108	16	14	for	for	ADP
cblr-9108	16	15	firms	firm	NOUN
cblr-9108	16	16	,	,	PUNCT
cblr-9108	16	17	which	which	DET
cblr-9108	16	18	profoundly	profoundly	ADV
cblr-9108	16	19	shape	shape	NOUN
cblr-9108	16	20	firms	firm	NOUN
cblr-9108	16	21	’	'	PUNCT
cblr-9108	16	22	governance	governance	NOUN
cblr-9108	16	23	as	as	ADV
cblr-9108	16	24	well	well	ADV
cblr-9108	16	25	as	as	ADP
cblr-9108	16	26	the	the	DET
cblr-9108	16	27	issuance	issuance	NOUN
cblr-9108	16	28	and	and	CCONJ
cblr-9108	16	29	trading	trading	NOUN
cblr-9108	16	30	of	of	ADP
cblr-9108	16	31	their	their	PRON
cblr-9108	16	32	shares	share	NOUN
cblr-9108	16	33	.	.	PUNCT
cblr-9108	17	1	second	second	ADJ
cblr-9108	17	2	,	,	PUNCT
cblr-9108	17	3	long	long	ADJ
cblr-9108	17	4	-	-	PUNCT
cblr-9108	17	5	term	term	NOUN
cblr-9108	17	6	advances	advance	NOUN
cblr-9108	17	7	in	in	ADP
cblr-9108	17	8	the	the	DET
cblr-9108	17	9	ease	ease	NOUN
cblr-9108	17	10	of	of	ADP
cblr-9108	17	11	capital	capital	NOUN
cblr-9108	17	12	raising	raising	NOUN
cblr-9108	17	13	in	in	ADP
cblr-9108	17	14	private	private	ADJ
cblr-9108	17	15	markets	market	NOUN
cblr-9108	17	16	have	have	AUX
cblr-9108	17	17	made	make	VERB
cblr-9108	17	18	it	it	PRON
cblr-9108	17	19	possible	possible	ADJ
cblr-9108	17	20	for	for	SCONJ
cblr-9108	17	21	firms	firm	NOUN
cblr-9108	17	22	to	to	PART
cblr-9108	17	23	remain	remain	VERB
cblr-9108	17	24	private	private	ADJ
cblr-9108	17	25	indefinitely	indefinitely	ADV
cblr-9108	17	26	and	and	CCONJ
cblr-9108	17	27	have	have	AUX
cblr-9108	17	28	diminished	diminish	VERB
cblr-9108	17	29	or	or	CCONJ
cblr-9108	17	30	eliminated	eliminate	VERB
cblr-9108	17	31	the	the	DET
cblr-9108	17	32	capital	capital	NOUN
cblr-9108	17	33	-	-	PUNCT
cblr-9108	17	34	raising	raise	VERB
cblr-9108	17	35	advantages	advantage	NOUN
cblr-9108	17	36	of	of	ADP
cblr-9108	17	37	public	public	ADJ
cblr-9108	17	38	markets	market	NOUN
cblr-9108	17	39	.	.	PUNCT
cblr-9108	18	1	the	the	DET
cblr-9108	18	2	result	result	NOUN
cblr-9108	18	3	of	of	ADP
cblr-9108	18	4	this	this	DET
cblr-9108	18	5	latter	latter	ADJ
cblr-9108	18	6	change	change	NOUN
cblr-9108	18	7	has	have	AUX
cblr-9108	18	8	been	be	AUX
cblr-9108	18	9	rightly	rightly	ADV
cblr-9108	18	10	called	call	VERB
cblr-9108	18	11	a	a	DET
cblr-9108	18	12	“	"	PUNCT
cblr-9108	18	13	new	new	ADJ
cblr-9108	18	14	equilibrium	equilibrium	NOUN
cblr-9108	18	15	.	.	PUNCT
cblr-9108	18	16	”	"	PUNCT
cblr-9108	19	1	in	in	ADP
cblr-9108	19	2	that	that	DET
cblr-9108	19	3	equilibrium	equilibrium	NOUN
cblr-9108	19	4	,	,	PUNCT
cblr-9108	19	5	fewer	few	ADJ
cblr-9108	19	6	and	and	CCONJ
cblr-9108	19	7	older	old	ADJ
cblr-9108	19	8	firms	firm	NOUN
cblr-9108	19	9	go	go	VERB
cblr-9108	19	10	public	public	ADJ
cblr-9108	19	11	,	,	PUNCT
cblr-9108	19	12	while	while	SCONJ
cblr-9108	19	13	other	other	ADJ
cblr-9108	19	14	successful	successful	ADJ
cblr-9108	19	15	firms	firm	NOUN
cblr-9108	19	16	remain	remain	VERB
cblr-9108	19	17	private	private	ADJ
cblr-9108	19	18	indefinitely	indefinitely	ADV
cblr-9108	19	19	.	.	PUNCT
cblr-9108	20	1	in	in	ADP
cblr-9108	20	2	this	this	DET
cblr-9108	20	3	equilibrium	equilibrium	NOUN
cblr-9108	20	4	,	,	PUNCT
cblr-9108	20	5	capital	capital	NOUN
cblr-9108	20	6	raising	raising	NOUN
cblr-9108	20	7	is	be	AUX
cblr-9108	20	8	no	no	ADV
cblr-9108	20	9	longer	long	ADV
cblr-9108	20	10	the	the	DET
cblr-9108	20	11	primary	primary	ADJ
cblr-9108	20	12	reason	reason	NOUN
cblr-9108	20	13	firms	firm	NOUN
cblr-9108	20	14	go	go	VERB
cblr-9108	20	15	public	public	ADJ
cblr-9108	20	16	.	.	PUNCT
cblr-9108	21	1	rather	rather	ADV
cblr-9108	21	2	,	,	PUNCT
cblr-9108	21	3	we	we	PRON
cblr-9108	21	4	argue	argue	VERB
cblr-9108	21	5	,	,	PUNCT
cblr-9108	21	6	firms	firm	NOUN
cblr-9108	21	7	go	go	VERB
cblr-9108	21	8	public	public	ADJ
cblr-9108	21	9	due	due	ADP
cblr-9108	21	10	to	to	ADP
cblr-9108	21	11	one	one	NUM
cblr-9108	21	12	or	or	CCONJ
cblr-9108	21	13	more	more	ADJ
cblr-9108	21	14	of	of	ADP
cblr-9108	21	15	the	the	DET
cblr-9108	21	16	many	many	ADJ
cblr-9108	21	17	other	other	ADJ
cblr-9108	21	18	features	feature	NOUN
cblr-9108	21	19	of	of	ADP
cblr-9108	21	20	the	the	DET
cblr-9108	21	21	public	public	ADJ
cblr-9108	21	22	market	market	NOUN
cblr-9108	21	23	’s	’s	PART
cblr-9108	21	24	ecology	ecology	NOUN
cblr-9108	21	25	.	.	PUNCT
cblr-9108	22	1	the	the	DET
cblr-9108	22	2	normative	normative	ADJ
cblr-9108	22	3	implication	implication	NOUN
cblr-9108	22	4	of	of	ADP
cblr-9108	22	5	this	this	DET
cblr-9108	22	6	new	new	ADJ
cblr-9108	22	7	equilibrium	equilibrium	NOUN
cblr-9108	22	8	is	be	AUX
cblr-9108	22	9	to	to	PART
cblr-9108	22	10	reduce	reduce	VERB
cblr-9108	22	11	the	the	DET
cblr-9108	22	12	coherency	coherency	NOUN
cblr-9108	22	13	of	of	ADP
cblr-9108	22	14	the	the	DET
cblr-9108	22	15	regulation	regulation	NOUN
cblr-9108	22	16	of	of	ADP
cblr-9108	22	17	public	public	ADJ
cblr-9108	22	18	companies	company	NOUN
cblr-9108	22	19	.	.	PUNCT
cblr-9108	23	1	the	the	DET
cblr-9108	23	2	benefits	benefit	NOUN
cblr-9108	23	3	and	and	CCONJ
cblr-9108	23	4	costs	cost	NOUN
cblr-9108	23	5	of	of	ADP
cblr-9108	23	6	being	be	AUX
cblr-9108	23	7	public	public	ADJ
cblr-9108	23	8	(	(	PUNCT
cblr-9108	23	9	or	or	CCONJ
cblr-9108	23	10	private	private	ADJ
cblr-9108	23	11	)	)	PUNCT
cblr-9108	23	12	apply	apply	VERB
cblr-9108	23	13	unevenly	unevenly	ADV
cblr-9108	23	14	to	to	ADP
cblr-9108	23	15	firms	firm	NOUN
cblr-9108	23	16	eligible	eligible	ADJ
cblr-9108	23	17	to	to	PART
cblr-9108	23	18	go	go	VERB
cblr-9108	23	19	public	public	ADJ
cblr-9108	23	20	.	.	PUNCT
cblr-9108	24	1	instead	instead	ADV
cblr-9108	24	2	,	,	PUNCT
cblr-9108	24	3	to	to	ADP
cblr-9108	24	4	a	a	DET
cblr-9108	24	5	greater	great	ADJ
cblr-9108	24	6	degree	degree	NOUN
cblr-9108	24	7	firms	firm	NOUN
cblr-9108	24	8	now	now	ADV
cblr-9108	24	9	face	face	VERB
cblr-9108	24	10	idiosyncratic	idiosyncratic	ADJ
cblr-9108	24	11	,	,	PUNCT
cblr-9108	24	12	company	company	NOUN
cblr-9108	24	13	-	-	PUNCT
cblr-9108	24	14	specific	specific	ADJ
cblr-9108	24	15	tradeoffs	tradeoff	NOUN
cblr-9108	24	16	between	between	ADP
cblr-9108	24	17	being	be	AUX
cblr-9108	24	18	public	public	ADJ
cblr-9108	24	19	or	or	CCONJ
cblr-9108	24	20	private	private	ADJ
cblr-9108	24	21	,	,	PUNCT
cblr-9108	24	22	and	and	CCONJ
cblr-9108	24	23	they	they	PRON
cblr-9108	24	24	often	often	ADV
cblr-9108	24	25	go	go	VERB
cblr-9108	24	26	public	public	ADJ
cblr-9108	24	27	for	for	ADP
cblr-9108	24	28	reasons	reason	NOUN
cblr-9108	24	29	unrelated	unrelated	ADJ
cblr-9108	24	30	to	to	ADP
cblr-9108	24	31	the	the	DET
cblr-9108	24	32	original	original	ADJ
cblr-9108	24	33	design	design	NOUN
cblr-9108	24	34	of	of	ADP
cblr-9108	24	35	the	the	DET
cblr-9108	24	36	public	public	ADJ
cblr-9108	24	37	/	/	SYM
cblr-9108	24	38	private	private	ADJ
cblr-9108	24	39	divide	divide	NOUN
cblr-9108	24	40	.	.	PUNCT
cblr-9108	25	1	regulations	regulation	NOUN
cblr-9108	25	2	imposed	impose	VERB
cblr-9108	25	3	on	on	ADP
cblr-9108	25	4	public	public	ADJ
cblr-9108	25	5	firms	firm	NOUN
cblr-9108	25	6	are	be	AUX
cblr-9108	25	7	likely	likely	ADJ
cblr-9108	25	8	to	to	PART
cblr-9108	25	9	not	not	PART
cblr-9108	25	10	only	only	ADV
cblr-9108	25	11	be	be	AUX
cblr-9108	25	12	increasingly	increasingly	ADV
cblr-9108	25	13	underand	underand	NOUN
cblr-9108	25	14	over	over	ADP
cblr-9108	25	15	-	-	PUNCT
cblr-9108	25	16	inclusive	inclusive	NOUN
cblr-9108	25	17	,	,	PUNCT
cblr-9108	25	18	but	but	CCONJ
cblr-9108	25	19	also	also	ADV
cblr-9108	25	20	to	to	PART
cblr-9108	25	21	apply	apply	VERB
cblr-9108	25	22	to	to	ADP
cblr-9108	25	23	a	a	DET
cblr-9108	25	24	class	class	NOUN
cblr-9108	25	25	of	of	ADP
cblr-9108	25	26	companies	company	NOUN
cblr-9108	25	27	whose	whose	DET
cblr-9108	25	28	coherency	coherency	NOUN
cblr-9108	25	29	as	as	ADP
cblr-9108	25	30	an	an	DET
cblr-9108	25	31	economic	economic	ADJ
cblr-9108	25	32	phenomenon	phenomenon	NOUN
cblr-9108	25	33	may	may	AUX
cblr-9108	25	34	be	be	AUX
cblr-9108	25	35	increasingly	increasingly	ADV
cblr-9108	25	36	suspect	suspect	ADJ
cblr-9108	25	37	.	.	PUNCT
cblr-9108	26	1	i.	i.	PROPN
cblr-9108	26	2	introduction	introduction	NOUN
cblr-9108	26	3	...............................................................	...............................................................	PUNCT
cblr-9108	27	1	1201	1201	NUM
cblr-9108	27	2	ii	ii	PROPN
cblr-9108	27	3	.	.	PROPN
cblr-9108	27	4	related	relate	VERB
cblr-9108	27	5	literature	literature	NOUN
cblr-9108	27	6	.....................................................	.....................................................	PUNCT
cblr-9108	27	7	1207	1207	NUM
cblr-9108	27	8	iii	iii	X
cblr-9108	27	9	.	.	PUNCT
cblr-9108	27	10	securities	security	NOUN
cblr-9108	27	11	law	law	NOUN
cblr-9108	27	12	origins	origin	NOUN
cblr-9108	27	13	of	of	ADP
cblr-9108	27	14	the	the	DET
cblr-9108	27	15	public	public	ADJ
cblr-9108	27	16	/	/	SYM
cblr-9108	27	17	private	private	ADJ
cblr-9108	27	18	divide	divide	NOUN
cblr-9108	27	19	.....................................................................................	.....................................................................................	PUNCT
cblr-9108	27	20	1209	1209	NUM
cblr-9108	27	21	a.	a.	NOUN
cblr-9108	27	22	the	the	DET
cblr-9108	27	23	public	public	ADJ
cblr-9108	27	24	/	/	SYM
cblr-9108	27	25	private	private	ADJ
cblr-9108	27	26	divide	divide	NOUN
cblr-9108	27	27	for	for	ADP
cblr-9108	27	28	operating	operating	NOUN
cblr-9108	27	29	companies	company	NOUN
cblr-9108	27	30	...........................................................	...........................................................	PUNCT
cblr-9108	27	31	1210	1210	NUM
cblr-9108	27	32	b.	b.	X
cblr-9108	28	1	the	the	DET
cblr-9108	28	2	public	public	ADJ
cblr-9108	28	3	/	/	SYM
cblr-9108	28	4	private	private	ADJ
cblr-9108	28	5	divide	divide	NOUN
cblr-9108	28	6	for	for	ADP
cblr-9108	28	7	funds	fund	NOUN
cblr-9108	28	8	.................	.................	PUNCT
cblr-9108	28	9	1213	1213	NUM
cblr-9108	28	10	1	1	NUM
cblr-9108	28	11	.	.	PUNCT
cblr-9108	28	12	description	description	NOUN
cblr-9108	28	13	.....................................................	.....................................................	PUNCT
cblr-9108	29	1	1213	1213	NUM
cblr-9108	29	2	2	2	NUM
cblr-9108	29	3	.	.	PUNCT
cblr-9108	29	4	interactions	interaction	NOUN
cblr-9108	29	5	and	and	CCONJ
cblr-9108	29	6	overlap	overlap	NOUN
cblr-9108	29	7	between	between	ADP
cblr-9108	29	8	the	the	DET
cblr-9108	29	9	company	company	NOUN
cblr-9108	29	10	and	and	CCONJ
cblr-9108	29	11	fund	fund	NOUN
cblr-9108	29	12	divides	divide	NOUN
cblr-9108	29	13	.........................	.........................	PUNCT
cblr-9108	29	14	1215	1215	NUM
cblr-9108	29	15	3	3	X
cblr-9108	29	16	.	.	PUNCT
cblr-9108	30	1	an	an	DET
cblr-9108	30	2	idealized	idealized	ADJ
cblr-9108	30	3	public	public	ADJ
cblr-9108	30	4	/	/	SYM
cblr-9108	30	5	private	private	ADJ
cblr-9108	30	6	divide	divide	NOUN
cblr-9108	30	7	..............	..............	PUNCT
cblr-9108	30	8	1218	1218	NUM
cblr-9108	30	9	iv	iv	NOUN
cblr-9108	30	10	.	.	PUNCT
cblr-9108	30	11	complexity	complexity	NOUN
cblr-9108	30	12	:	:	PUNCT
cblr-9108	30	13	the	the	DET
cblr-9108	30	14	public	public	ADJ
cblr-9108	30	15	/	/	SYM
cblr-9108	30	16	private	private	ADJ
cblr-9108	30	17	divide	divide	NOUN
cblr-9108	30	18	offers	offer	VERB
cblr-9108	30	19	two	two	NUM
cblr-9108	30	20	different	different	ADJ
cblr-9108	30	21	ecologies	ecology	NOUN
cblr-9108	30	22	for	for	ADP
cblr-9108	30	23	firms	firm	NOUN
cblr-9108	30	24	...................................	...................................	PUNCT
cblr-9108	30	25	1221	1221	NUM
cblr-9108	30	26	no	no	NOUN
cblr-9108	30	27	.	.	PUNCT
cblr-9108	31	1	3:1199	3:1199	NUM
cblr-9108	31	2	]	]	X
cblr-9108	31	3	the	the	DET
cblr-9108	31	4	new	new	ADJ
cblr-9108	31	5	public	public	ADJ
cblr-9108	31	6	/	/	SYM
cblr-9108	31	7	private	private	ADJ
cblr-9108	31	8	equilibrium	equilibrium	NOUN
cblr-9108	31	9	1201	1201	NUM
cblr-9108	31	10	a.	a.	NOUN
cblr-9108	31	11	the	the	DET
cblr-9108	31	12	public	public	ADJ
cblr-9108	31	13	/	/	SYM
cblr-9108	31	14	private	private	ADJ
cblr-9108	31	15	divide	divide	NOUN
cblr-9108	31	16	today	today	NOUN
cblr-9108	31	17	:	:	PUNCT
cblr-9108	31	18	functional	functional	ADJ
cblr-9108	31	19	complexity	complexity	NOUN
cblr-9108	31	20	...........................................................	...........................................................	PUNCT
cblr-9108	31	21	1221	1221	NUM
cblr-9108	31	22	1	1	NUM
cblr-9108	31	23	.	.	PUNCT
cblr-9108	32	1	securities	security	NOUN
cblr-9108	32	2	law	law	NOUN
cblr-9108	32	3	rules	rule	NOUN
cblr-9108	32	4	that	that	PRON
cblr-9108	32	5	turn	turn	VERB
cblr-9108	32	6	directly	directly	ADV
cblr-9108	32	7	on	on	ADP
cblr-9108	32	8	the	the	DET
cblr-9108	32	9	divide	divide	NOUN
cblr-9108	32	10	.......................................................	.......................................................	PUNCT
cblr-9108	32	11	1224	1224	NUM
cblr-9108	32	12	i.	i.	NOUN
cblr-9108	32	13	governance	governance	NOUN
cblr-9108	32	14	rules	rule	NOUN
cblr-9108	32	15	....................................	....................................	PUNCT
cblr-9108	32	16	1224	1224	NUM
cblr-9108	32	17	ii	ii	NOUN
cblr-9108	32	18	.	.	PUNCT
cblr-9108	33	1	regulation	regulation	NOUN
cblr-9108	33	2	fair	fair	ADJ
cblr-9108	33	3	disclosure	disclosure	NOUN
cblr-9108	33	4	(	(	PUNCT
cblr-9108	33	5	“	"	PUNCT
cblr-9108	33	6	reg	reg	NOUN
cblr-9108	33	7	.	.	PUNCT
cblr-9108	34	1	fd	fd	PROPN
cblr-9108	34	2	”	"	PUNCT
cblr-9108	34	3	)	)	PUNCT
cblr-9108	34	4	.	.	PUNCT
cblr-9108	35	1	1227	1227	NUM
cblr-9108	35	2	2	2	NUM
cblr-9108	35	3	.	.	PUNCT
cblr-9108	35	4	devices	device	NOUN
cblr-9108	35	5	that	that	PRON
cblr-9108	35	6	turn	turn	VERB
cblr-9108	35	7	on	on	ADP
cblr-9108	35	8	the	the	DET
cblr-9108	35	9	divide	divide	NOUN
cblr-9108	35	10	in	in	ADP
cblr-9108	35	11	practice	practice	NOUN
cblr-9108	35	12	1229	1229	NUM
cblr-9108	35	13	i.	i.	NOUN
cblr-9108	35	14	control	control	PROPN
cblr-9108	35	15	over	over	ADP
cblr-9108	35	16	shareholder	shareholder	NOUN
cblr-9108	35	17	base	base	NOUN
cblr-9108	35	18	.............	.............	PUNCT
cblr-9108	36	1	1230	1230	NUM
cblr-9108	36	2	ii	ii	NOUN
cblr-9108	36	3	.	.	PUNCT
cblr-9108	37	1	continuous	continuous	ADJ
cblr-9108	37	2	stock	stock	NOUN
cblr-9108	37	3	prices	price	NOUN
cblr-9108	37	4	.........................	.........................	PUNCT
cblr-9108	37	5	1230	1230	NUM
cblr-9108	37	6	iii	iii	NOUN
cblr-9108	37	7	.	.	PUNCT
cblr-9108	37	8	informationally	informationally	ADV
cblr-9108	37	9	rich	rich	ADJ
cblr-9108	37	10	environment	environment	NOUN
cblr-9108	37	11	........	........	PUNCT
cblr-9108	37	12	1231	1231	NUM
cblr-9108	37	13	iv	iv	NUM
cblr-9108	37	14	.	.	PUNCT
cblr-9108	37	15	aggregate	aggregate	ADJ
cblr-9108	37	16	litigation	litigation	NOUN
cblr-9108	37	17	...............................	...............................	PUNCT
cblr-9108	38	1	1232	1232	NUM
cblr-9108	38	2	3	3	X
cblr-9108	38	3	.	.	PUNCT
cblr-9108	38	4	unbundling	unbundle	VERB
cblr-9108	38	5	the	the	DET
cblr-9108	38	6	public	public	ADJ
cblr-9108	38	7	/	/	SYM
cblr-9108	38	8	private	private	ADJ
cblr-9108	38	9	divide	divide	NOUN
cblr-9108	38	10	........	........	PUNCT
cblr-9108	38	11	1234	1234	NUM
cblr-9108	38	12	b.	b.	PROPN
cblr-9108	38	13	capital	capital	PROPN
cblr-9108	38	14	raising	raising	NOUN
cblr-9108	38	15	and	and	CCONJ
cblr-9108	38	16	issuer	issuer	ADJ
cblr-9108	38	17	choice	choice	NOUN
cblr-9108	38	18	....................	....................	PUNCT
cblr-9108	38	19	1236	1236	NUM
cblr-9108	38	20	c.	c.	NOUN
cblr-9108	38	21	firms	firm	NOUN
cblr-9108	38	22	now	now	ADV
cblr-9108	38	23	face	face	VERB
cblr-9108	38	24	complex	complex	ADJ
cblr-9108	38	25	,	,	PUNCT
cblr-9108	38	26	idiosyncratic	idiosyncratic	ADJ
cblr-9108	38	27	tradeoffs	tradeoff	NOUN
cblr-9108	38	28	in	in	ADP
cblr-9108	38	29	determining	determine	VERB
cblr-9108	38	30	whether	whether	SCONJ
cblr-9108	38	31	to	to	PART
cblr-9108	38	32	be	be	AUX
cblr-9108	38	33	public	public	ADJ
cblr-9108	38	34	or	or	CCONJ
cblr-9108	38	35	private	private	ADJ
cblr-9108	38	36	..............................................................................	..............................................................................	PUNCT
cblr-9108	38	37	1238	1238	NUM
cblr-9108	38	38	v.	v.	ADP
cblr-9108	38	39	implications	implication	NOUN
cblr-9108	38	40	of	of	ADP
cblr-9108	38	41	the	the	DET
cblr-9108	38	42	new	new	ADJ
cblr-9108	38	43	public	public	ADJ
cblr-9108	38	44	/	/	SYM
cblr-9108	38	45	private	private	ADJ
cblr-9108	38	46	equilibrium	equilibrium	NOUN
cblr-9108	38	47	.....................................................................................	.....................................................................................	PUNCT
cblr-9108	38	48	1241	1241	NUM
cblr-9108	38	49	vi	vi	NOUN
cblr-9108	38	50	.	.	PROPN
cblr-9108	38	51	conclusion	conclusion	NOUN
cblr-9108	38	52	..................................................................	..................................................................	PUNCT
cblr-9108	38	53	1243	1243	NUM
cblr-9108	38	54	i.	i.	NOUN
cblr-9108	38	55	introduction	introduction	NOUN
cblr-9108	38	56	there	there	PRON
cblr-9108	38	57	may	may	AUX
cblr-9108	38	58	be	be	AUX
cblr-9108	38	59	no	no	DET
cblr-9108	38	60	more	more	ADV
cblr-9108	38	61	profound	profound	ADJ
cblr-9108	38	62	issue	issue	NOUN
cblr-9108	38	63	facing	face	VERB
cblr-9108	38	64	securities	security	NOUN
cblr-9108	38	65	regulation	regulation	NOUN
cblr-9108	38	66	than	than	ADP
cblr-9108	38	67	reimagining	reimagine	VERB
cblr-9108	38	68	the	the	DET
cblr-9108	38	69	public	public	ADJ
cblr-9108	38	70	/	/	SYM
cblr-9108	38	71	private	private	ADJ
cblr-9108	38	72	divide	divide	NOUN
cblr-9108	38	73	.	.	PUNCT
cblr-9108	39	1	the	the	DET
cblr-9108	39	2	divide	divide	NOUN
cblr-9108	39	3	is	be	AUX
cblr-9108	39	4	a	a	DET
cblr-9108	39	5	centerpiece	centerpiece	NOUN
cblr-9108	39	6	of	of	ADP
cblr-9108	39	7	securities	security	NOUN
cblr-9108	39	8	law	law	NOUN
cblr-9108	39	9	.	.	PUNCT
cblr-9108	40	1	it	it	PRON
cblr-9108	40	2	partitions	partition	VERB
cblr-9108	40	3	securities	security	NOUN
cblr-9108	40	4	,	,	PUNCT
cblr-9108	40	5	offerings	offering	NOUN
cblr-9108	40	6	,	,	PUNCT
cblr-9108	40	7	and	and	CCONJ
cblr-9108	40	8	issuers	issuer	NOUN
cblr-9108	40	9	into	into	ADP
cblr-9108	40	10	two	two	NUM
cblr-9108	40	11	halves	half	NOUN
cblr-9108	40	12	,	,	PUNCT
cblr-9108	40	13	the	the	DET
cblr-9108	40	14	private	private	ADJ
cblr-9108	40	15	and	and	CCONJ
cblr-9108	40	16	public	public	ADJ
cblr-9108	40	17	,	,	PUNCT
cblr-9108	40	18	with	with	ADP
cblr-9108	40	19	each	each	DET
cblr-9108	40	20	side	side	NOUN
cblr-9108	40	21	subject	subject	ADJ
cblr-9108	40	22	to	to	ADP
cblr-9108	40	23	distinct	distinct	ADJ
cblr-9108	40	24	privileges	privilege	NOUN
cblr-9108	40	25	and	and	CCONJ
cblr-9108	40	26	burdens.1	burdens.1	VERB
cblr-9108	40	27	the	the	DET
cblr-9108	40	28	issuance	issuance	NOUN
cblr-9108	40	29	and	and	CCONJ
cblr-9108	40	30	trading	trading	NOUN
cblr-9108	40	31	of	of	ADP
cblr-9108	40	32	private	private	ADJ
cblr-9108	40	33	companies	company	NOUN
cblr-9108	40	34	’	'	PUNCT
cblr-9108	40	35	1	1	NUM
cblr-9108	40	36	despite	despite	SCONJ
cblr-9108	40	37	its	its	PRON
cblr-9108	40	38	defining	define	VERB
cblr-9108	40	39	role	role	NOUN
cblr-9108	40	40	,	,	PUNCT
cblr-9108	40	41	for	for	ADP
cblr-9108	40	42	a	a	DET
cblr-9108	40	43	long	long	ADJ
cblr-9108	40	44	time	time	NOUN
cblr-9108	40	45	,	,	PUNCT
cblr-9108	40	46	scholars	scholar	NOUN
cblr-9108	40	47	failed	fail	VERB
cblr-9108	40	48	to	to	PART
cblr-9108	40	49	directly	directly	ADV
cblr-9108	40	50	analyze	analyze	VERB
cblr-9108	40	51	how	how	SCONJ
cblr-9108	40	52	the	the	DET
cblr-9108	40	53	public	public	ADJ
cblr-9108	40	54	/	/	SYM
cblr-9108	40	55	private	private	ADJ
cblr-9108	40	56	divide	divide	NOUN
cblr-9108	40	57	worked	work	VERB
cblr-9108	40	58	and	and	CCONJ
cblr-9108	40	59	should	should	AUX
cblr-9108	40	60	work	work	VERB
cblr-9108	40	61	.	.	PUNCT
cblr-9108	41	1	in	in	ADP
cblr-9108	41	2	extraordinarily	extraordinarily	ADJ
cblr-9108	41	3	prescient	prescient	ADJ
cblr-9108	41	4	articles	article	NOUN
cblr-9108	41	5	,	,	PUNCT
cblr-9108	41	6	hillary	hillary	PROPN
cblr-9108	41	7	sale	sale	NOUN
cblr-9108	41	8	,	,	PUNCT
cblr-9108	41	9	donald	donald	PROPN
cblr-9108	41	10	langevoort	langevoort	PROPN
cblr-9108	41	11	,	,	PUNCT
cblr-9108	41	12	and	and	CCONJ
cblr-9108	41	13	robert	robert	PROPN
cblr-9108	41	14	thompson	thompson	PROPN
cblr-9108	41	15	observed	observe	VERB
cblr-9108	41	16	the	the	DET
cblr-9108	41	17	stresses	stress	NOUN
cblr-9108	41	18	that	that	PRON
cblr-9108	41	19	divide	divide	NOUN
cblr-9108	41	20	was	be	AUX
cblr-9108	41	21	encountering	encounter	VERB
cblr-9108	41	22	and	and	CCONJ
cblr-9108	41	23	asked	ask	VERB
cblr-9108	41	24	how	how	SCONJ
cblr-9108	41	25	it	it	PRON
cblr-9108	41	26	might	might	AUX
cblr-9108	41	27	be	be	AUX
cblr-9108	41	28	reimagined	reimagine	VERB
cblr-9108	41	29	.	.	PUNCT
cblr-9108	42	1	see	see	VERB
cblr-9108	42	2	hillary	hillary	PROPN
cblr-9108	42	3	a.	a.	NOUN
cblr-9108	42	4	sale	sale	NOUN
cblr-9108	42	5	,	,	PUNCT
cblr-9108	42	6	the	the	DET
cblr-9108	42	7	new	new	ADJ
cblr-9108	42	8	“	"	PUNCT
cblr-9108	42	9	public	public	ADJ
cblr-9108	42	10	”	"	PUNCT
cblr-9108	42	11	corporation	corporation	NOUN
cblr-9108	42	12	,	,	PUNCT
cblr-9108	42	13	74	74	NUM
cblr-9108	42	14	law	law	NOUN
cblr-9108	42	15	&	&	CCONJ
cblr-9108	42	16	contemp	contemp	NOUN
cblr-9108	42	17	.	.	PUNCT
cblr-9108	43	1	probs	prob	NOUN
cblr-9108	43	2	.	.	PUNCT
cblr-9108	44	1	137	137	NUM
cblr-9108	44	2	,	,	PUNCT
cblr-9108	44	3	138–41	138–41	X
cblr-9108	44	4	(	(	PUNCT
cblr-9108	44	5	2011	2011	NUM
cblr-9108	44	6	)	)	PUNCT
cblr-9108	44	7	;	;	PUNCT
cblr-9108	45	1	donald	donald	PROPN
cblr-9108	45	2	c.	c.	PROPN
cblr-9108	45	3	langevoort	langevoort	PROPN
cblr-9108	45	4	&	&	CCONJ
cblr-9108	45	5	robert	robert	PROPN
cblr-9108	45	6	b.	b.	PROPN
cblr-9108	45	7	thompson	thompson	PROPN
cblr-9108	45	8	,	,	PUNCT
cblr-9108	45	9	“	"	PUNCT
cblr-9108	45	10	publicness	publicness	NOUN
cblr-9108	45	11	”	"	PUNCT
cblr-9108	45	12	in	in	ADP
cblr-9108	45	13	contemporary	contemporary	ADJ
cblr-9108	45	14	securities	security	NOUN
cblr-9108	45	15	regulation	regulation	NOUN
cblr-9108	45	16	after	after	ADP
cblr-9108	45	17	the	the	DET
cblr-9108	45	18	jobs	job	NOUN
cblr-9108	45	19	act	act	PROPN
cblr-9108	45	20	,	,	PUNCT
cblr-9108	45	21	101	101	NUM
cblr-9108	45	22	geo	geo	PROPN
cblr-9108	45	23	.	.	PUNCT
cblr-9108	45	24	l.j	l.j	PROPN
cblr-9108	45	25	.	.	PROPN
cblr-9108	45	26	337	337	NUM
cblr-9108	45	27	(	(	PUNCT
cblr-9108	45	28	2013	2013	NUM
cblr-9108	45	29	)	)	PUNCT
cblr-9108	45	30	.	.	PUNCT
cblr-9108	46	1	see	see	VERB
cblr-9108	46	2	also	also	ADV
cblr-9108	46	3	onnig	onnig	PROPN
cblr-9108	46	4	h.	h.	PROPN
cblr-9108	46	5	dombalagian	dombalagian	PROPN
cblr-9108	46	6	,	,	PUNCT
cblr-9108	46	7	principles	principle	NOUN
cblr-9108	46	8	for	for	ADP
cblr-9108	46	9	publicness	publicness	NOUN
cblr-9108	46	10	,	,	PUNCT
cblr-9108	46	11	67	67	NUM
cblr-9108	46	12	fla	fla	NOUN
cblr-9108	46	13	.	.	PUNCT
cblr-9108	47	1	l.	l.	PROPN
cblr-9108	47	2	rev	rev	PROPN
cblr-9108	47	3	.	.	PROPN
cblr-9108	48	1	649	649	NUM
cblr-9108	48	2	(	(	PUNCT
cblr-9108	48	3	2016	2016	NUM
cblr-9108	48	4	)	)	PUNCT
cblr-9108	48	5	;	;	PUNCT
cblr-9108	48	6	hillary	hillary	PROPN
cblr-9108	48	7	a.	a.	NOUN
cblr-9108	48	8	sale	sale	PROPN
cblr-9108	48	9	&	&	CCONJ
cblr-9108	48	10	robert	robert	PROPN
cblr-9108	48	11	b.	b.	PROPN
cblr-9108	48	12	thompson	thompson	PROPN
cblr-9108	48	13	,	,	PUNCT
cblr-9108	48	14	market	market	NOUN
cblr-9108	48	15	intermediation	intermediation	NOUN
cblr-9108	48	16	,	,	PUNCT
cblr-9108	48	17	publicness	publicness	NOUN
cblr-9108	48	18	,	,	PUNCT
cblr-9108	48	19	and	and	CCONJ
cblr-9108	48	20	securities	security	NOUN
cblr-9108	48	21	class	class	NOUN
cblr-9108	48	22	actions	action	NOUN
cblr-9108	48	23	,	,	PUNCT
cblr-9108	48	24	93	93	NUM
cblr-9108	48	25	wash	wash	NOUN
cblr-9108	48	26	.	.	PUNCT
cblr-9108	49	1	u.	u.	PROPN
cblr-9108	49	2	l.	l.	PROPN
cblr-9108	49	3	rev	rev	PROPN
cblr-9108	49	4	.	.	PROPN
cblr-9108	49	5	487	487	NUM
cblr-9108	49	6	,	,	PUNCT
cblr-9108	49	7	538	538	NUM
cblr-9108	49	8	(	(	PUNCT
cblr-9108	49	9	2015	2015	NUM
cblr-9108	49	10	)	)	PUNCT
cblr-9108	49	11	;	;	PUNCT
cblr-9108	49	12	robert	robert	PROPN
cblr-9108	49	13	b.	b.	PROPN
cblr-9108	49	14	1202	1202	PROPN
cblr-9108	49	15	columbia	columbia	PROPN
cblr-9108	49	16	business	business	PROPN
cblr-9108	49	17	law	law	PROPN
cblr-9108	49	18	review	review	NOUN
cblr-9108	49	19	[	[	X
cblr-9108	49	20	vol	vol	NOUN
cblr-9108	49	21	.	.	PUNCT
cblr-9108	49	22	2021	2021	NUM
cblr-9108	49	23	shares	share	NOUN
cblr-9108	49	24	is	be	AUX
cblr-9108	49	25	restricted	restrict	VERB
cblr-9108	49	26	,	,	PUNCT
cblr-9108	49	27	but	but	CCONJ
cblr-9108	49	28	private	private	ADJ
cblr-9108	49	29	firms	firm	NOUN
cblr-9108	49	30	’	'	PUNCT
cblr-9108	49	31	regulation	regulation	NOUN
cblr-9108	49	32	is	be	AUX
cblr-9108	49	33	otherwise	otherwise	ADV
cblr-9108	49	34	light	light	ADJ
cblr-9108	49	35	,	,	PUNCT
cblr-9108	49	36	while	while	SCONJ
cblr-9108	49	37	public	public	ADJ
cblr-9108	49	38	companies	company	NOUN
cblr-9108	49	39	’	'	PUNCT
cblr-9108	49	40	shares	share	NOUN
cblr-9108	49	41	enjoy	enjoy	VERB
cblr-9108	49	42	free	free	ADJ
cblr-9108	49	43	issuance	issuance	NOUN
cblr-9108	49	44	and	and	CCONJ
cblr-9108	49	45	trading	trading	NOUN
cblr-9108	49	46	,	,	PUNCT
cblr-9108	49	47	but	but	CCONJ
cblr-9108	49	48	are	be	AUX
cblr-9108	49	49	subject	subject	ADJ
cblr-9108	49	50	to	to	ADP
cblr-9108	49	51	extensive	extensive	ADJ
cblr-9108	49	52	mandatory	mandatory	ADJ
cblr-9108	49	53	disclosure	disclosure	NOUN
cblr-9108	49	54	.	.	PUNCT
cblr-9108	50	1	both	both	CCONJ
cblr-9108	50	2	public	public	ADJ
cblr-9108	50	3	and	and	CCONJ
cblr-9108	50	4	private	private	ADJ
cblr-9108	50	5	companies	company	NOUN
cblr-9108	50	6	are	be	AUX
cblr-9108	50	7	of	of	ADP
cblr-9108	50	8	great	great	ADJ
cblr-9108	50	9	consequence	consequence	NOUN
cblr-9108	50	10	.	.	PUNCT
cblr-9108	51	1	in	in	ADP
cblr-9108	51	2	the	the	DET
cblr-9108	51	3	united	united	PROPN
cblr-9108	51	4	states	states	PROPN
cblr-9108	51	5	,	,	PUNCT
cblr-9108	51	6	the	the	DET
cblr-9108	51	7	6	6	NUM
cblr-9108	51	8	million	million	NUM
cblr-9108	51	9	private	private	ADJ
cblr-9108	51	10	firms	firm	NOUN
cblr-9108	51	11	and	and	CCONJ
cblr-9108	51	12	3,600	3,600	NUM
cblr-9108	51	13	public	public	ADJ
cblr-9108	51	14	companies	company	NOUN
cblr-9108	51	15	each	each	DET
cblr-9108	51	16	account	account	VERB
cblr-9108	51	17	for	for	ADP
cblr-9108	51	18	roughly	roughly	ADV
cblr-9108	51	19	half	half	NOUN
cblr-9108	51	20	of	of	ADP
cblr-9108	51	21	total	total	ADJ
cblr-9108	51	22	sales	sale	NOUN
cblr-9108	51	23	,	,	PUNCT
cblr-9108	51	24	pretax	pretax	ADJ
cblr-9108	51	25	profits	profit	NOUN
cblr-9108	51	26	,	,	PUNCT
cblr-9108	51	27	and	and	CCONJ
cblr-9108	51	28	non	non	ADJ
cblr-9108	51	29	-	-	ADJ
cblr-9108	51	30	residential	residential	ADJ
cblr-9108	51	31	fixed	fix	VERB
cblr-9108	51	32	investment.2	investment.2	NOUN
cblr-9108	51	33	the	the	DET
cblr-9108	51	34	divide	divide	NOUN
cblr-9108	51	35	has	have	AUX
cblr-9108	51	36	existed	exist	VERB
cblr-9108	51	37	since	since	SCONJ
cblr-9108	51	38	the	the	DET
cblr-9108	51	39	beginning	beginning	NOUN
cblr-9108	51	40	of	of	ADP
cblr-9108	51	41	federal	federal	ADJ
cblr-9108	51	42	securities	security	NOUN
cblr-9108	51	43	regulation	regulation	NOUN
cblr-9108	51	44	,	,	PUNCT
cblr-9108	51	45	even	even	ADV
cblr-9108	51	46	as	as	SCONJ
cblr-9108	51	47	its	its	PRON
cblr-9108	51	48	details	detail	NOUN
cblr-9108	51	49	have	have	AUX
cblr-9108	51	50	shifted	shift	VERB
cblr-9108	51	51	along	along	ADP
cblr-9108	51	52	the	the	DET
cblr-9108	51	53	way	way	NOUN
cblr-9108	51	54	.	.	PUNCT
cblr-9108	52	1	so	so	ADV
cblr-9108	52	2	why	why	SCONJ
cblr-9108	52	3	rethink	rethink	VERB
cblr-9108	52	4	the	the	DET
cblr-9108	52	5	divide	divide	NOUN
cblr-9108	52	6	?	?	PUNCT
cblr-9108	53	1	there	there	PRON
cblr-9108	53	2	are	be	VERB
cblr-9108	53	3	old	old	ADJ
cblr-9108	53	4	and	and	CCONJ
cblr-9108	53	5	new	new	ADJ
cblr-9108	53	6	motivations	motivation	NOUN
cblr-9108	53	7	.	.	PUNCT
cblr-9108	54	1	a	a	DET
cblr-9108	54	2	familiar	familiar	ADJ
cblr-9108	54	3	one	one	NUM
cblr-9108	54	4	centers	center	NOUN
cblr-9108	54	5	on	on	ADP
cblr-9108	54	6	the	the	DET
cblr-9108	54	7	perceived	perceive	VERB
cblr-9108	54	8	decline	decline	NOUN
cblr-9108	54	9	of	of	ADP
cblr-9108	54	10	public	public	ADJ
cblr-9108	54	11	firms	firm	NOUN
cblr-9108	54	12	.	.	PUNCT
cblr-9108	55	1	the	the	DET
cblr-9108	55	2	number	number	NOUN
cblr-9108	55	3	of	of	ADP
cblr-9108	55	4	u.s	u.s	PROPN
cblr-9108	55	5	.	.	PROPN
cblr-9108	55	6	public	public	ADJ
cblr-9108	55	7	companies	company	NOUN
cblr-9108	55	8	has	have	AUX
cblr-9108	55	9	fallen	fall	VERB
cblr-9108	55	10	from	from	ADP
cblr-9108	55	11	a	a	DET
cblr-9108	55	12	peak	peak	NOUN
cblr-9108	55	13	of	of	ADP
cblr-9108	55	14	8,025	8,025	NUM
cblr-9108	55	15	in	in	ADP
cblr-9108	55	16	1996	1996	NUM
cblr-9108	55	17	to	to	ADP
cblr-9108	55	18	3,600	3,600	NUM
cblr-9108	55	19	in	in	ADP
cblr-9108	55	20	2020.3	2020.3	NUM
cblr-9108	55	21	given	give	VERB
cblr-9108	55	22	that	that	SCONJ
cblr-9108	55	23	the	the	DET
cblr-9108	55	24	u.s	u.s	PROPN
cblr-9108	55	25	.	.	PROPN
cblr-9108	55	26	economy	economy	NOUN
cblr-9108	55	27	and	and	CCONJ
cblr-9108	55	28	global	global	ADJ
cblr-9108	55	29	listings	listing	NOUN
cblr-9108	55	30	grew	grow	VERB
cblr-9108	55	31	substantially	substantially	ADV
cblr-9108	55	32	during	during	ADP
cblr-9108	55	33	that	that	DET
cblr-9108	55	34	period	period	NOUN
cblr-9108	55	35	,	,	PUNCT
cblr-9108	55	36	there	there	PRON
cblr-9108	55	37	is	be	VERB
cblr-9108	55	38	a	a	DET
cblr-9108	55	39	case	case	NOUN
cblr-9108	55	40	for	for	ADP
cblr-9108	55	41	a	a	DET
cblr-9108	55	42	substantial	substantial	ADJ
cblr-9108	55	43	“	"	PUNCT
cblr-9108	55	44	gap	gap	NOUN
cblr-9108	55	45	”	"	PUNCT
cblr-9108	55	46	in	in	ADP
cblr-9108	55	47	the	the	DET
cblr-9108	55	48	number	number	NOUN
cblr-9108	55	49	of	of	ADP
cblr-9108	55	50	america	america	PROPN
cblr-9108	55	51	’s	’s	PART
cblr-9108	55	52	public	public	PROPN
cblr-9108	55	53	companies.4	companies.4	PROPN
cblr-9108	55	54	this	this	DET
cblr-9108	55	55	decline	decline	NOUN
cblr-9108	55	56	is	be	AUX
cblr-9108	55	57	often	often	ADV
cblr-9108	55	58	thompson	thompson	PROPN
cblr-9108	55	59	&	&	CCONJ
cblr-9108	55	60	donald	donald	PROPN
cblr-9108	55	61	c.	c.	PROPN
cblr-9108	55	62	langevoort	langevoort	PROPN
cblr-9108	55	63	,	,	PUNCT
cblr-9108	55	64	redrawing	redrawe	VERB
cblr-9108	55	65	the	the	DET
cblr-9108	55	66	public	public	ADJ
cblr-9108	55	67	-	-	PUNCT
cblr-9108	55	68	private	private	ADJ
cblr-9108	55	69	boundaries	boundary	NOUN
cblr-9108	55	70	in	in	ADP
cblr-9108	55	71	entrepreneurial	entrepreneurial	ADJ
cblr-9108	55	72	capital	capital	NOUN
cblr-9108	55	73	raising	raising	NOUN
cblr-9108	55	74	,	,	PUNCT
cblr-9108	55	75	98	98	NUM
cblr-9108	55	76	cornell	cornell	PROPN
cblr-9108	55	77	l.	l.	PROPN
cblr-9108	55	78	rev	rev	PROPN
cblr-9108	55	79	.	.	PROPN
cblr-9108	55	80	1573	1573	NUM
cblr-9108	55	81	,	,	PUNCT
cblr-9108	55	82	1574	1574	NUM
cblr-9108	55	83	,	,	PUNCT
cblr-9108	55	84	1578–79	1578–79	ADV
cblr-9108	55	85	(	(	PUNCT
cblr-9108	55	86	2013	2013	NUM
cblr-9108	55	87	)	)	PUNCT
cblr-9108	55	88	.	.	PUNCT
cblr-9108	56	1	for	for	ADP
cblr-9108	56	2	an	an	DET
cblr-9108	56	3	excellent	excellent	ADJ
cblr-9108	56	4	overview	overview	NOUN
cblr-9108	56	5	of	of	ADP
cblr-9108	56	6	the	the	DET
cblr-9108	56	7	securities	security	NOUN
cblr-9108	56	8	law	law	NOUN
cblr-9108	56	9	details	detail	NOUN
cblr-9108	56	10	of	of	ADP
cblr-9108	56	11	the	the	DET
cblr-9108	56	12	divide	divide	NOUN
cblr-9108	56	13	,	,	PUNCT
cblr-9108	56	14	see	see	VERB
cblr-9108	56	15	edward	edward	PROPN
cblr-9108	56	16	f.	f.	PROPN
cblr-9108	56	17	greene	greene	PROPN
cblr-9108	56	18	et	et	PROPN
cblr-9108	56	19	al	al	PROPN
cblr-9108	56	20	.	.	PROPN
cblr-9108	56	21	,	,	PUNCT
cblr-9108	56	22	the	the	DET
cblr-9108	56	23	need	need	NOUN
cblr-9108	56	24	for	for	ADP
cblr-9108	56	25	a	a	DET
cblr-9108	56	26	comprehensive	comprehensive	ADJ
cblr-9108	56	27	approach	approach	NOUN
cblr-9108	56	28	to	to	ADP
cblr-9108	56	29	capital	capital	NOUN
cblr-9108	56	30	markets	market	NOUN
cblr-9108	56	31	regulation	regulation	NOUN
cblr-9108	56	32	,	,	PUNCT
cblr-9108	56	33	2021	2021	NUM
cblr-9108	56	34	colum	colum	NOUN
cblr-9108	56	35	.	.	PUNCT
cblr-9108	57	1	bus	bus	NOUN
cblr-9108	57	2	.	.	PUNCT
cblr-9108	58	1	l.	l.	PROPN
cblr-9108	58	2	rev	rev	PROPN
cblr-9108	58	3	.	.	PROPN
cblr-9108	59	1	714	714	NUM
cblr-9108	59	2	.	.	NOUN
cblr-9108	59	3	2	2	NUM
cblr-9108	59	4	the	the	DET
cblr-9108	59	5	number	number	NOUN
cblr-9108	59	6	of	of	ADP
cblr-9108	59	7	private	private	ADJ
cblr-9108	59	8	firms	firm	NOUN
cblr-9108	59	9	is	be	AUX
cblr-9108	59	10	taken	take	VERB
cblr-9108	59	11	from	from	ADP
cblr-9108	59	12	the	the	DET
cblr-9108	59	13	statistics	statistic	NOUN
cblr-9108	59	14	of	of	ADP
cblr-9108	59	15	u.s	u.s	PROPN
cblr-9108	59	16	.	.	PROPN
cblr-9108	59	17	businesses	business	NOUN
cblr-9108	59	18	.	.	PUNCT
cblr-9108	60	1	see	see	VERB
cblr-9108	60	2	2018	2018	NUM
cblr-9108	60	3	susb	susb	ADJ
cblr-9108	60	4	annual	annual	ADJ
cblr-9108	60	5	data	datum	NOUN
cblr-9108	60	6	tables	table	NOUN
cblr-9108	60	7	by	by	ADP
cblr-9108	60	8	establishment	establishment	NOUN
cblr-9108	60	9	industry	industry	NOUN
cblr-9108	60	10	,	,	PUNCT
cblr-9108	60	11	u.s	u.s	PROPN
cblr-9108	60	12	.	.	PROPN
cblr-9108	60	13	census	census	PROPN
cblr-9108	60	14	bureau	bureau	PROPN
cblr-9108	60	15	,	,	PUNCT
cblr-9108	61	1	census.gov/data/tables/2018/econ/susb/2018-susb-annual.html	census.gov/data/tables/2018/econ/susb/2018-susb-annual.html	PROPN
cblr-9108	61	2	(	(	PUNCT
cblr-9108	61	3	last	last	ADJ
cblr-9108	61	4	updated	update	VERB
cblr-9108	61	5	oct	oct	PROPN
cblr-9108	61	6	.	.	PROPN
cblr-9108	61	7	8	8	NUM
cblr-9108	61	8	,	,	PUNCT
cblr-9108	61	9	2021	2021	NUM
cblr-9108	61	10	)	)	PUNCT
cblr-9108	61	11	(	(	PUNCT
cblr-9108	61	12	on	on	ADP
cblr-9108	61	13	file	file	NOUN
cblr-9108	61	14	with	with	ADP
cblr-9108	61	15	the	the	DET
cblr-9108	61	16	columbia	columbia	PROPN
cblr-9108	61	17	business	business	PROPN
cblr-9108	61	18	law	law	PROPN
cblr-9108	61	19	review	review	PROPN
cblr-9108	61	20	)	)	PUNCT
cblr-9108	61	21	;	;	PUNCT
cblr-9108	61	22	see	see	VERB
cblr-9108	61	23	also	also	ADV
cblr-9108	61	24	john	john	PROPN
cblr-9108	61	25	asker	asker	PROPN
cblr-9108	61	26	,	,	PUNCT
cblr-9108	61	27	joan	joan	PROPN
cblr-9108	61	28	farre	farre	PROPN
cblr-9108	61	29	-	-	PUNCT
cblr-9108	61	30	mensa	mensa	PROPN
cblr-9108	61	31	&	&	CCONJ
cblr-9108	61	32	alexander	alexander	PROPN
cblr-9108	61	33	ljungqvist	ljungqvist	PROPN
cblr-9108	61	34	,	,	PUNCT
cblr-9108	61	35	corporate	corporate	ADJ
cblr-9108	61	36	investment	investment	NOUN
cblr-9108	61	37	and	and	CCONJ
cblr-9108	61	38	stock	stock	NOUN
cblr-9108	61	39	market	market	NOUN
cblr-9108	61	40	listing	listing	NOUN
cblr-9108	61	41	:	:	PUNCT
cblr-9108	61	42	a	a	DET
cblr-9108	61	43	puzzle	puzzle	NOUN
cblr-9108	61	44	?	?	PUNCT
cblr-9108	61	45	,	,	PUNCT
cblr-9108	61	46	28	28	NUM
cblr-9108	61	47	rev	rev	X
cblr-9108	61	48	.	.	PROPN
cblr-9108	61	49	fin	fin	NOUN
cblr-9108	61	50	.	.	PUNCT
cblr-9108	61	51	stud	stud	PROPN
cblr-9108	61	52	.	.	PUNCT
cblr-9108	62	1	342	342	NUM
cblr-9108	62	2	,	,	PUNCT
cblr-9108	62	3	345	345	NUM
cblr-9108	62	4	(	(	PUNCT
cblr-9108	62	5	2015	2015	NUM
cblr-9108	62	6	)	)	PUNCT
cblr-9108	62	7	.	.	PUNCT
cblr-9108	63	1	the	the	DET
cblr-9108	63	2	number	number	NOUN
cblr-9108	63	3	of	of	ADP
cblr-9108	63	4	public	public	ADJ
cblr-9108	63	5	companies	company	NOUN
cblr-9108	63	6	is	be	AUX
cblr-9108	63	7	taken	take	VERB
cblr-9108	63	8	from	from	ADP
cblr-9108	63	9	a	a	DET
cblr-9108	63	10	recent	recent	ADJ
cblr-9108	63	11	morgan	morgan	PROPN
cblr-9108	63	12	stanley	stanley	PROPN
cblr-9108	63	13	report	report	PROPN
cblr-9108	63	14	.	.	PUNCT
cblr-9108	64	1	see	see	VERB
cblr-9108	64	2	michael	michael	PROPN
cblr-9108	64	3	j.	j.	PROPN
cblr-9108	64	4	mauboussin	mauboussin	PROPN
cblr-9108	64	5	&	&	CCONJ
cblr-9108	64	6	dan	dan	PROPN
cblr-9108	64	7	callahan	callahan	PROPN
cblr-9108	64	8	,	,	PUNCT
cblr-9108	64	9	morgan	morgan	PROPN
cblr-9108	64	10	stanley	stanley	PROPN
cblr-9108	64	11	,	,	PUNCT
cblr-9108	64	12	public	public	ADJ
cblr-9108	64	13	to	to	ADP
cblr-9108	64	14	private	private	ADJ
cblr-9108	64	15	equity	equity	NOUN
cblr-9108	64	16	in	in	ADP
cblr-9108	64	17	the	the	DET
cblr-9108	64	18	united	united	PROPN
cblr-9108	64	19	states	states	PROPN
cblr-9108	64	20	:	:	PUNCT
cblr-9108	64	21	a	a	DET
cblr-9108	64	22	long	long	ADJ
cblr-9108	64	23	-	-	PUNCT
cblr-9108	64	24	term	term	NOUN
cblr-9108	64	25	look	look	VERB
cblr-9108	64	26	3	3	NUM
cblr-9108	64	27	(	(	PUNCT
cblr-9108	64	28	2020	2020	NUM
cblr-9108	64	29	)	)	PUNCT
cblr-9108	64	30	,	,	PUNCT
cblr-9108	64	31	https://www.morganstanley.com/im/publication/insights/articles/articles_p	https://www.morganstanley.com/im/publication/insights/articles/articles_p	ADJ
cblr-9108	64	32	ublictoprivateequityintheusalongtermlook_us.pdf	ublictoprivateequityintheusalongtermlook_us.pdf	NOUN
cblr-9108	64	33	[	[	X
cblr-9108	64	34	https://perma.cc/57bv42hl	https://perma.cc/57bv42hl	NOUN
cblr-9108	64	35	]	]	PUNCT
cblr-9108	64	36	.	.	PUNCT
cblr-9108	65	1	3	3	NUM
cblr-9108	65	2	craig	craig	PROPN
cblr-9108	65	3	doidge	doidge	PROPN
cblr-9108	65	4	,	,	PUNCT
cblr-9108	65	5	g.	g.	PROPN
cblr-9108	65	6	andrew	andrew	PROPN
cblr-9108	65	7	karolyi	karolyi	PROPN
cblr-9108	65	8	&	&	CCONJ
cblr-9108	65	9	rené	rené	PROPN
cblr-9108	65	10	m.	m.	PROPN
cblr-9108	65	11	stulz	stulz	PROPN
cblr-9108	65	12	,	,	PUNCT
cblr-9108	65	13	the	the	DET
cblr-9108	65	14	u.s	u.s	PROPN
cblr-9108	65	15	.	.	PROPN
cblr-9108	65	16	listing	list	VERB
cblr-9108	65	17	gap	gap	NOUN
cblr-9108	65	18	,	,	PUNCT
cblr-9108	65	19	123	123	NUM
cblr-9108	65	20	j.	j.	PROPN
cblr-9108	65	21	fin	fin	PROPN
cblr-9108	65	22	.	.	PUNCT
cblr-9108	65	23	econ	econ	PROPN
cblr-9108	65	24	.	.	PUNCT
cblr-9108	66	1	464	464	NUM
cblr-9108	66	2	,	,	PUNCT
cblr-9108	66	3	464	464	NUM
cblr-9108	66	4	(	(	PUNCT
cblr-9108	66	5	2017	2017	NUM
cblr-9108	66	6	)	)	PUNCT
cblr-9108	66	7	;	;	PUNCT
cblr-9108	66	8	mauboussin	mauboussin	PROPN
cblr-9108	66	9	&	&	CCONJ
cblr-9108	66	10	callahan	callahan	PROPN
cblr-9108	66	11	,	,	PUNCT
cblr-9108	66	12	supra	supra	PROPN
cblr-9108	66	13	note	note	NOUN
cblr-9108	66	14	2	2	NUM
cblr-9108	66	15	.	.	SYM
cblr-9108	66	16	4	4	NUM
cblr-9108	66	17	doidge	doidge	NOUN
cblr-9108	66	18	et	et	PROPN
cblr-9108	66	19	al	al	PROPN
cblr-9108	66	20	.	.	PROPN
cblr-9108	66	21	,	,	PUNCT
cblr-9108	66	22	supra	supra	PROPN
cblr-9108	66	23	note	note	NOUN
cblr-9108	67	1	3	3	X
cblr-9108	67	2	.	.	PUNCT
cblr-9108	68	1	it	it	PRON
cblr-9108	68	2	is	be	AUX
cblr-9108	68	3	highly	highly	ADV
cblr-9108	68	4	controversial	controversial	ADJ
cblr-9108	68	5	as	as	ADP
cblr-9108	68	6	to	to	ADP
cblr-9108	68	7	whether	whether	SCONJ
cblr-9108	68	8	this	this	DET
cblr-9108	68	9	gap	gap	NOUN
cblr-9108	68	10	in	in	ADP
cblr-9108	68	11	nominal	nominal	ADJ
cblr-9108	68	12	listings	listing	NOUN
cblr-9108	68	13	actually	actually	ADV
cblr-9108	68	14	constitutes	constitute	VERB
cblr-9108	68	15	an	an	DET
cblr-9108	68	16	economic	economic	ADJ
cblr-9108	68	17	problem	problem	NOUN
cblr-9108	68	18	.	.	PUNCT
cblr-9108	69	1	see	see	VERB
cblr-9108	69	2	,	,	PUNCT
cblr-9108	69	3	e.g.	e.g.	ADV
cblr-9108	69	4	,	,	PUNCT
cblr-9108	69	5	b.	b.	PROPN
cblr-9108	69	6	espen	espen	PROPN
cblr-9108	69	7	eckbo	eckbo	PROPN
cblr-9108	69	8	&	&	CCONJ
cblr-9108	69	9	markus	markus	PROPN
cblr-9108	69	10	lithell	lithell	PROPN
cblr-9108	69	11	,	,	PUNCT
cblr-9108	69	12	merger	merger	NOUN
cblr-9108	69	13	-	-	PUNCT
cblr-9108	69	14	driven	drive	VERB
cblr-9108	69	15	listing	listing	NOUN
cblr-9108	69	16	dynamics	dynamic	NOUN
cblr-9108	69	17	24	24	NUM
cblr-9108	69	18	,	,	PUNCT
cblr-9108	69	19	26	26	NUM
cblr-9108	69	20	(	(	PUNCT
cblr-9108	69	21	eur	eur	PROPN
cblr-9108	69	22	.	.	PROPN
cblr-9108	69	23	corp	corp	PROPN
cblr-9108	69	24	.	.	PROPN
cblr-9108	69	25	governance	governance	PROPN
cblr-9108	69	26	inst	inst	PROPN
cblr-9108	69	27	.	.	PROPN
cblr-9108	69	28	,	,	PUNCT
cblr-9108	69	29	fin	fin	NOUN
cblr-9108	69	30	.	.	PUNCT
cblr-9108	70	1	working	working	NOUN
cblr-9108	70	2	paper	paper	PROPN
cblr-9108	70	3	no	no	INTJ
cblr-9108	70	4	.	.	PROPN
cblr-9108	71	1	752/2021	752/2021	NUM
cblr-9108	71	2	,	,	PUNCT
cblr-9108	71	3	2021	2021	NUM
cblr-9108	71	4	)	)	PUNCT
cblr-9108	71	5	,	,	PUNCT
cblr-9108	72	1	no	no	INTJ
cblr-9108	72	2	.	.	PUNCT
cblr-9108	73	1	3:1199	3:1199	NUM
cblr-9108	73	2	]	]	X
cblr-9108	73	3	the	the	DET
cblr-9108	73	4	new	new	ADJ
cblr-9108	73	5	public	public	ADJ
cblr-9108	73	6	/	/	SYM
cblr-9108	73	7	private	private	ADJ
cblr-9108	73	8	equilibrium	equilibrium	NOUN
cblr-9108	73	9	1203	1203	NUM
cblr-9108	73	10	attributed	attribute	VERB
cblr-9108	73	11	to	to	ADP
cblr-9108	73	12	increasing	increase	VERB
cblr-9108	73	13	regulation	regulation	NOUN
cblr-9108	73	14	imposed	impose	VERB
cblr-9108	73	15	on	on	ADP
cblr-9108	73	16	public	public	ADJ
cblr-9108	73	17	companies	company	NOUN
cblr-9108	73	18	,	,	PUNCT
cblr-9108	73	19	under	under	ADP
cblr-9108	73	20	the	the	DET
cblr-9108	73	21	theory	theory	NOUN
cblr-9108	73	22	that	that	SCONJ
cblr-9108	73	23	firms	firm	NOUN
cblr-9108	73	24	need	need	VERB
cblr-9108	73	25	to	to	PART
cblr-9108	73	26	access	access	VERB
cblr-9108	73	27	public	public	ADJ
cblr-9108	73	28	markets	market	NOUN
cblr-9108	73	29	but	but	CCONJ
cblr-9108	73	30	can	can	AUX
cblr-9108	73	31	not	not	PART
cblr-9108	73	32	do	do	VERB
cblr-9108	73	33	so	so	ADV
cblr-9108	73	34	because	because	SCONJ
cblr-9108	73	35	of	of	ADP
cblr-9108	73	36	the	the	DET
cblr-9108	73	37	high	high	ADJ
cblr-9108	73	38	costs	cost	NOUN
cblr-9108	73	39	of	of	ADP
cblr-9108	73	40	being	be	AUX
cblr-9108	73	41	public.5	public.5	ADV
cblr-9108	73	42	a	a	DET
cblr-9108	73	43	newer	new	ADJ
cblr-9108	73	44	reason	reason	NOUN
cblr-9108	73	45	is	be	AUX
cblr-9108	73	46	that	that	SCONJ
cblr-9108	73	47	while	while	SCONJ
cblr-9108	73	48	the	the	DET
cblr-9108	73	49	costs	cost	NOUN
cblr-9108	73	50	of	of	ADP
cblr-9108	73	51	being	be	AUX
cblr-9108	73	52	public	public	ADJ
cblr-9108	73	53	may	may	AUX
cblr-9108	73	54	have	have	AUX
cblr-9108	73	55	increased	increase	VERB
cblr-9108	73	56	,	,	PUNCT
cblr-9108	73	57	as	as	ADP
cblr-9108	73	58	importantly	importantly	ADV
cblr-9108	73	59	,	,	PUNCT
cblr-9108	73	60	the	the	DET
cblr-9108	73	61	costs	cost	NOUN
cblr-9108	73	62	of	of	ADP
cblr-9108	73	63	staying	stay	VERB
cblr-9108	73	64	private	private	ADJ
cblr-9108	73	65	have	have	VERB
cblr-9108	73	66	decreased.6	decreased.6	PROPN
cblr-9108	73	67	in	in	ADP
cblr-9108	73	68	particular	particular	ADJ
cblr-9108	73	69	,	,	PUNCT
cblr-9108	73	70	private	private	ADJ
cblr-9108	73	71	capital	capital	NOUN
cblr-9108	73	72	markets	market	NOUN
cblr-9108	73	73	have	have	AUX
cblr-9108	73	74	grown	grow	VERB
cblr-9108	73	75	enormously	enormously	ADV
cblr-9108	73	76	.	.	PUNCT
cblr-9108	74	1	the	the	DET
cblr-9108	74	2	traditional	traditional	ADJ
cblr-9108	74	3	balance	balance	NOUN
cblr-9108	74	4	of	of	ADP
cblr-9108	74	5	capital	capital	NOUN
cblr-9108	74	6	raising	raising	NOUN
cblr-9108	74	7	has	have	AUX
cblr-9108	74	8	reversed	reverse	VERB
cblr-9108	74	9	itself	itself	PRON
cblr-9108	74	10	,	,	PUNCT
cblr-9108	74	11	with	with	ADP
cblr-9108	74	12	companies	company	NOUN
cblr-9108	74	13	raising	raise	VERB
cblr-9108	74	14	more	more	ADJ
cblr-9108	74	15	funds	fund	NOUN
cblr-9108	74	16	in	in	ADP
cblr-9108	74	17	private	private	ADJ
cblr-9108	74	18	markets	market	NOUN
cblr-9108	74	19	every	every	DET
cblr-9108	74	20	year	year	NOUN
cblr-9108	74	21	since	since	SCONJ
cblr-9108	74	22	2009	2009	NUM
cblr-9108	74	23	and	and	CCONJ
cblr-9108	74	24	twice	twice	ADV
cblr-9108	74	25	as	as	ADV
cblr-9108	74	26	much	much	ADJ
cblr-9108	74	27	in	in	ADP
cblr-9108	74	28	private	private	ADJ
cblr-9108	74	29	markets	market	NOUN
cblr-9108	74	30	than	than	ADP
cblr-9108	74	31	public	public	ADJ
cblr-9108	74	32	markets	market	NOUN
cblr-9108	74	33	in	in	ADP
cblr-9108	74	34	2017.7	2017.7	NUM
cblr-9108	74	35	this	this	DET
cblr-9108	74	36	growth	growth	NOUN
cblr-9108	74	37	is	be	AUX
cblr-9108	74	38	not	not	PART
cblr-9108	74	39	merely	merely	ADV
cblr-9108	74	40	or	or	CCONJ
cblr-9108	74	41	fundamentally	fundamentally	ADV
cblr-9108	74	42	the	the	DET
cblr-9108	74	43	story	story	NOUN
cblr-9108	74	44	of	of	ADP
cblr-9108	74	45	a	a	DET
cblr-9108	74	46	small	small	ADJ
cblr-9108	74	47	number	number	NOUN
cblr-9108	74	48	of	of	ADP
cblr-9108	74	49	highly	highly	ADV
cblr-9108	74	50	valued	value	VERB
cblr-9108	74	51	venture	venture	NOUN
cblr-9108	74	52	-	-	PUNCT
cblr-9108	74	53	backed	back	VERB
cblr-9108	74	54	firms	firm	NOUN
cblr-9108	74	55	.	.	PUNCT
cblr-9108	75	1	rather	rather	ADV
cblr-9108	75	2	,	,	PUNCT
cblr-9108	75	3	it	it	PRON
cblr-9108	75	4	is	be	AUX
cblr-9108	75	5	decades	decade	NOUN
cblr-9108	75	6	in	in	ADP
cblr-9108	75	7	the	the	DET
cblr-9108	75	8	making	making	NOUN
cblr-9108	75	9	and	and	CCONJ
cblr-9108	75	10	affects	affect	VERB
cblr-9108	75	11	the	the	DET
cblr-9108	75	12	structure	structure	NOUN
cblr-9108	75	13	of	of	ADP
cblr-9108	75	14	the	the	DET
cblr-9108	75	15	entire	entire	ADJ
cblr-9108	75	16	economy.8	economy.8	PROPN
cblr-9108	75	17	alongside	alongside	ADP
cblr-9108	75	18	these	these	DET
cblr-9108	75	19	changes	change	NOUN
cblr-9108	75	20	,	,	PUNCT
cblr-9108	75	21	developments	development	NOUN
cblr-9108	75	22	in	in	ADP
cblr-9108	75	23	capital	capital	NOUN
cblr-9108	75	24	markets	market	NOUN
cblr-9108	75	25	during	during	ADP
cblr-9108	75	26	the	the	DET
cblr-9108	75	27	last	last	ADJ
cblr-9108	75	28	two	two	NUM
cblr-9108	75	29	decades	decade	NOUN
cblr-9108	75	30	have	have	AUX
cblr-9108	75	31	also	also	ADV
cblr-9108	75	32	made	make	VERB
cblr-9108	75	33	for	for	ADP
cblr-9108	75	34	an	an	DET
cblr-9108	75	35	increasingly	increasingly	ADV
cblr-9108	75	36	hazy	hazy	ADJ
cblr-9108	75	37	border	border	NOUN
cblr-9108	75	38	between	between	ADP
cblr-9108	75	39	the	the	DET
cblr-9108	75	40	private	private	ADJ
cblr-9108	75	41	and	and	CCONJ
cblr-9108	75	42	public	public	ADJ
cblr-9108	75	43	markets	market	NOUN
cblr-9108	75	44	.	.	PUNCT
cblr-9108	76	1	private	private	ADJ
cblr-9108	76	2	markets	market	NOUN
cblr-9108	76	3	have	have	AUX
cblr-9108	76	4	grown	grow	VERB
cblr-9108	76	5	increasingly	increasingly	ADV
cblr-9108	76	6	complex	complex	ADJ
cblr-9108	76	7	and	and	CCONJ
cblr-9108	76	8	sophisticated	sophisticated	ADJ
cblr-9108	76	9	.	.	PUNCT
cblr-9108	77	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3547581	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3547581	NOUN
cblr-9108	77	2	#	#	NOUN
cblr-9108	77	3	(	(	PUNCT
cblr-9108	77	4	on	on	ADP
cblr-9108	77	5	file	file	NOUN
cblr-9108	77	6	with	with	ADP
cblr-9108	77	7	the	the	DET
cblr-9108	77	8	columbia	columbia	PROPN
cblr-9108	77	9	business	business	PROPN
cblr-9108	77	10	law	law	PROPN
cblr-9108	77	11	review	review	PROPN
cblr-9108	77	12	)	)	PUNCT
cblr-9108	77	13	(	(	PUNCT
cblr-9108	77	14	arguing	argue	VERB
cblr-9108	77	15	that	that	SCONJ
cblr-9108	77	16	the	the	DET
cblr-9108	77	17	listing	listing	NOUN
cblr-9108	77	18	gap	gap	NOUN
cblr-9108	77	19	disappears	disappear	VERB
cblr-9108	77	20	after	after	ADP
cblr-9108	77	21	accounting	account	VERB
cblr-9108	77	22	for	for	ADP
cblr-9108	77	23	m&a	m&a	PROPN
cblr-9108	77	24	transactions	transaction	NOUN
cblr-9108	77	25	involving	involve	VERB
cblr-9108	77	26	public	public	ADJ
cblr-9108	77	27	acquirers	acquirer	NOUN
cblr-9108	77	28	,	,	PUNCT
cblr-9108	77	29	and	and	CCONJ
cblr-9108	77	30	suggesting	suggest	VERB
cblr-9108	77	31	that	that	SCONJ
cblr-9108	77	32	there	there	PRON
cblr-9108	77	33	is	be	VERB
cblr-9108	77	34	little	little	ADJ
cblr-9108	77	35	evidence	evidence	NOUN
cblr-9108	77	36	of	of	ADP
cblr-9108	77	37	a	a	DET
cblr-9108	77	38	recent	recent	ADJ
cblr-9108	77	39	decline	decline	NOUN
cblr-9108	77	40	in	in	ADP
cblr-9108	77	41	public	public	ADJ
cblr-9108	77	42	firms	firm	NOUN
cblr-9108	77	43	’	’	PART
cblr-9108	77	44	contribution	contribution	NOUN
cblr-9108	77	45	to	to	ADP
cblr-9108	77	46	the	the	DET
cblr-9108	77	47	u.s	u.s	PROPN
cblr-9108	77	48	.	.	PROPN
cblr-9108	77	49	economy	economy	NOUN
cblr-9108	77	50	)	)	PUNCT
cblr-9108	77	51	.	.	PUNCT
cblr-9108	78	1	5	5	NUM
cblr-9108	78	2	doidge	doidge	NOUN
cblr-9108	78	3	et	et	PROPN
cblr-9108	78	4	al	al	PROPN
cblr-9108	78	5	.	.	PROPN
cblr-9108	78	6	,	,	PUNCT
cblr-9108	78	7	supra	supra	PROPN
cblr-9108	78	8	note	note	NOUN
cblr-9108	78	9	3	3	NUM
cblr-9108	78	10	,	,	PUNCT
cblr-9108	78	11	at	at	ADP
cblr-9108	78	12	465–66	465–66	PROPN
cblr-9108	78	13	,	,	PUNCT
cblr-9108	78	14	is	be	AUX
cblr-9108	78	15	sometimes	sometimes	ADV
cblr-9108	78	16	cited	cite	VERB
cblr-9108	78	17	as	as	ADP
cblr-9108	78	18	refuting	refute	VERB
cblr-9108	78	19	the	the	DET
cblr-9108	78	20	view	view	NOUN
cblr-9108	78	21	that	that	SCONJ
cblr-9108	78	22	recent	recent	ADJ
cblr-9108	78	23	public	public	ADJ
cblr-9108	78	24	company	company	NOUN
cblr-9108	78	25	regulation	regulation	NOUN
cblr-9108	78	26	materially	materially	ADV
cblr-9108	78	27	deters	deter	VERB
cblr-9108	78	28	ipos	ipos	NOUN
cblr-9108	78	29	because	because	SCONJ
cblr-9108	78	30	it	it	PRON
cblr-9108	78	31	shows	show	VERB
cblr-9108	78	32	that	that	SCONJ
cblr-9108	78	33	the	the	DET
cblr-9108	78	34	decline	decline	NOUN
cblr-9108	78	35	of	of	ADP
cblr-9108	78	36	ipos	ipos	PROPN
cblr-9108	78	37	precedes	precede	VERB
cblr-9108	78	38	the	the	DET
cblr-9108	78	39	adoption	adoption	NOUN
cblr-9108	78	40	of	of	ADP
cblr-9108	78	41	new	new	ADJ
cblr-9108	78	42	regulation	regulation	NOUN
cblr-9108	78	43	.	.	PUNCT
cblr-9108	79	1	see	see	VERB
cblr-9108	79	2	michael	michael	PROPN
cblr-9108	79	3	ewens	ewens	PROPN
cblr-9108	79	4	&	&	CCONJ
cblr-9108	79	5	joan	joan	PROPN
cblr-9108	79	6	farre	farre	PROPN
cblr-9108	79	7	-	-	PUNCT
cblr-9108	79	8	mensa	mensa	PROPN
cblr-9108	79	9	,	,	PUNCT
cblr-9108	79	10	the	the	DET
cblr-9108	79	11	deregulation	deregulation	NOUN
cblr-9108	79	12	of	of	ADP
cblr-9108	79	13	the	the	DET
cblr-9108	79	14	private	private	ADJ
cblr-9108	79	15	equity	equity	NOUN
cblr-9108	79	16	markets	market	NOUN
cblr-9108	79	17	and	and	CCONJ
cblr-9108	79	18	the	the	DET
cblr-9108	79	19	decline	decline	NOUN
cblr-9108	79	20	in	in	ADP
cblr-9108	79	21	ipos	ipos	NOUN
cblr-9108	79	22	,	,	PUNCT
cblr-9108	79	23	33	33	NUM
cblr-9108	79	24	rev	rev	X
cblr-9108	79	25	.	.	PROPN
cblr-9108	79	26	fin	fin	NOUN
cblr-9108	79	27	.	.	PUNCT
cblr-9108	79	28	stud	stud	PROPN
cblr-9108	79	29	.	.	PUNCT
cblr-9108	80	1	5463	5463	NUM
cblr-9108	80	2	,	,	PUNCT
cblr-9108	80	3	5464	5464	NUM
cblr-9108	80	4	(	(	PUNCT
cblr-9108	80	5	2020	2020	NUM
cblr-9108	80	6	)	)	PUNCT
cblr-9108	80	7	this	this	DET
cblr-9108	80	8	interpretation	interpretation	NOUN
cblr-9108	80	9	is	be	AUX
cblr-9108	80	10	probably	probably	ADV
cblr-9108	80	11	overstated	overstate	VERB
cblr-9108	80	12	,	,	PUNCT
cblr-9108	80	13	as	as	SCONJ
cblr-9108	80	14	recent	recent	ADJ
cblr-9108	80	15	evidence	evidence	NOUN
cblr-9108	80	16	suggests	suggest	VERB
cblr-9108	80	17	.	.	PUNCT
cblr-9108	81	1	see	see	VERB
cblr-9108	81	2	michael	michael	PROPN
cblr-9108	81	3	ewens	ewens	PROPN
cblr-9108	81	4	,	,	PUNCT
cblr-9108	81	5	kairong	kairong	PROPN
cblr-9108	81	6	xiao	xiao	PROPN
cblr-9108	81	7	&	&	CCONJ
cblr-9108	81	8	ting	ting	PROPN
cblr-9108	81	9	xu	xu	PROPN
cblr-9108	81	10	,	,	PUNCT
cblr-9108	81	11	regulatory	regulatory	ADJ
cblr-9108	81	12	costs	cost	NOUN
cblr-9108	81	13	of	of	ADP
cblr-9108	81	14	being	be	AUX
cblr-9108	81	15	public	public	ADJ
cblr-9108	81	16	:	:	PUNCT
cblr-9108	81	17	evidence	evidence	NOUN
cblr-9108	81	18	from	from	ADP
cblr-9108	81	19	bunching	bunch	VERB
cblr-9108	81	20	estimation	estimation	NOUN
cblr-9108	81	21	3–5	3–5	NUM
cblr-9108	81	22	(	(	PUNCT
cblr-9108	81	23	nat’l	nat’l	NUM
cblr-9108	81	24	bureau	bureau	PROPN
cblr-9108	81	25	of	of	ADP
cblr-9108	81	26	econ	econ	PROPN
cblr-9108	81	27	.	.	PUNCT
cblr-9108	82	1	rsch	rsch	PROPN
cblr-9108	82	2	.	.	PUNCT
cblr-9108	82	3	,	,	PUNCT
cblr-9108	82	4	working	work	VERB
cblr-9108	82	5	paper	paper	NOUN
cblr-9108	82	6	no	no	INTJ
cblr-9108	82	7	.	.	PUNCT
cblr-9108	82	8	29143	29143	NUM
cblr-9108	82	9	,	,	PUNCT
cblr-9108	82	10	2021	2021	NUM
cblr-9108	82	11	)	)	PUNCT
cblr-9108	82	12	,	,	PUNCT
cblr-9108	82	13	https://www.nber.org/papers/w29143	https://www.nber.org/papers/w29143	NOUN
cblr-9108	82	14	(	(	PUNCT
cblr-9108	82	15	on	on	ADP
cblr-9108	82	16	file	file	NOUN
cblr-9108	82	17	with	with	ADP
cblr-9108	82	18	the	the	DET
cblr-9108	82	19	columbia	columbia	PROPN
cblr-9108	82	20	business	business	PROPN
cblr-9108	82	21	law	law	PROPN
cblr-9108	82	22	review	review	PROPN
cblr-9108	82	23	)	)	PUNCT
cblr-9108	82	24	.	.	PUNCT
cblr-9108	83	1	6	6	NUM
cblr-9108	83	2	elisabeth	elisabeth	PROPN
cblr-9108	83	3	de	de	PROPN
cblr-9108	83	4	fontenay	fontenay	PROPN
cblr-9108	83	5	,	,	PUNCT
cblr-9108	83	6	the	the	DET
cblr-9108	83	7	deregulation	deregulation	NOUN
cblr-9108	83	8	of	of	ADP
cblr-9108	83	9	private	private	ADJ
cblr-9108	83	10	capital	capital	NOUN
cblr-9108	83	11	and	and	CCONJ
cblr-9108	83	12	the	the	DET
cblr-9108	83	13	decline	decline	NOUN
cblr-9108	83	14	of	of	ADP
cblr-9108	83	15	the	the	DET
cblr-9108	83	16	public	public	ADJ
cblr-9108	83	17	company	company	NOUN
cblr-9108	83	18	,	,	PUNCT
cblr-9108	83	19	68	68	NUM
cblr-9108	83	20	hastings	hastings	PROPN
cblr-9108	83	21	l.j	l.j	PROPN
cblr-9108	83	22	.	.	PROPN
cblr-9108	83	23	445	445	NUM
cblr-9108	83	24	,	,	PUNCT
cblr-9108	83	25	448	448	NUM
cblr-9108	83	26	(	(	PUNCT
cblr-9108	83	27	2017	2017	NUM
cblr-9108	83	28	)	)	PUNCT
cblr-9108	83	29	;	;	PUNCT
cblr-9108	83	30	ewens	ewens	PROPN
cblr-9108	83	31	&	&	CCONJ
cblr-9108	83	32	farre	farre	PROPN
cblr-9108	83	33	-	-	PUNCT
cblr-9108	83	34	mensa	mensa	ADJ
cblr-9108	83	35	,	,	PUNCT
cblr-9108	83	36	supra	supra	PROPN
cblr-9108	83	37	note	note	NOUN
cblr-9108	83	38	5	5	NUM
cblr-9108	83	39	,	,	PUNCT
cblr-9108	83	40	at	at	ADP
cblr-9108	83	41	5463–64	5463–64	NUM
cblr-9108	83	42	.	.	PUNCT
cblr-9108	83	43	7	7	NUM
cblr-9108	83	44	scott	scott	PROPN
cblr-9108	83	45	bauguess	bauguess	PROPN
cblr-9108	83	46	,	,	PUNCT
cblr-9108	83	47	rachita	rachita	PROPN
cblr-9108	83	48	gullapalli	gullapalli	PROPN
cblr-9108	83	49	&	&	CCONJ
cblr-9108	83	50	vladimir	vladimir	PROPN
cblr-9108	83	51	ivanov	ivanov	PROPN
cblr-9108	83	52	,	,	PUNCT
cblr-9108	83	53	u.s	u.s	PROPN
cblr-9108	83	54	.	.	PROPN
cblr-9108	83	55	sec	sec	PROPN
cblr-9108	83	56	.	.	PROPN
cblr-9108	83	57	&	&	CCONJ
cblr-9108	83	58	exch	exch	PROPN
cblr-9108	83	59	.	.	PUNCT
cblr-9108	84	1	comm’n	comm’n	PROPN
cblr-9108	84	2	,	,	PUNCT
cblr-9108	84	3	capital	capital	NOUN
cblr-9108	84	4	raising	raising	NOUN
cblr-9108	84	5	in	in	ADP
cblr-9108	84	6	the	the	DET
cblr-9108	84	7	u.s	u.s	PROPN
cblr-9108	84	8	.	.	PROPN
cblr-9108	84	9	:	:	PUNCT
cblr-9108	85	1	an	an	DET
cblr-9108	85	2	analysis	analysis	NOUN
cblr-9108	85	3	of	of	ADP
cblr-9108	85	4	the	the	DET
cblr-9108	85	5	market	market	NOUN
cblr-9108	85	6	for	for	ADP
cblr-9108	85	7	unregistered	unregistered	ADJ
cblr-9108	85	8	securities	security	NOUN
cblr-9108	85	9	offerings	offering	NOUN
cblr-9108	85	10	,	,	PUNCT
cblr-9108	85	11	2009‐2017	2009‐2017	NUM
cblr-9108	85	12	,	,	PUNCT
cblr-9108	85	13	at	at	ADP
cblr-9108	85	14	7–9	7–9	NUM
cblr-9108	85	15	,	,	PUNCT
cblr-9108	85	16	8	8	NUM
cblr-9108	85	17	fig.1	fig.1	ADJ
cblr-9108	85	18	,	,	PUNCT
cblr-9108	85	19	9	9	NUM
cblr-9108	85	20	tbl.1	tbl.1	NOUN
cblr-9108	85	21	(	(	PUNCT
cblr-9108	85	22	2018	2018	NUM
cblr-9108	85	23	)	)	PUNCT
cblr-9108	85	24	.	.	PUNCT
cblr-9108	86	1	8	8	NUM
cblr-9108	87	1	i	i	PRON
cblr-9108	87	2	d.	d.	NOUN
cblr-9108	87	3	at	at	ADP
cblr-9108	87	4	3–4	3–4	NUM
cblr-9108	87	5	.	.	PUNCT
cblr-9108	87	6	1204	1204	NUM
cblr-9108	87	7	columbia	columbia	PROPN
cblr-9108	87	8	business	business	NOUN
cblr-9108	87	9	law	law	PROPN
cblr-9108	87	10	review	review	NOUN
cblr-9108	87	11	[	[	X
cblr-9108	87	12	vol	vol	NOUN
cblr-9108	87	13	.	.	PUNCT
cblr-9108	87	14	2021	2021	NUM
cblr-9108	87	15	mutual	mutual	ADJ
cblr-9108	87	16	funds	fund	NOUN
cblr-9108	87	17	invest	invest	VERB
cblr-9108	87	18	in	in	ADP
cblr-9108	87	19	mature	mature	ADJ
cblr-9108	87	20	private	private	ADJ
cblr-9108	87	21	companies,9	companies,9	NOUN
cblr-9108	87	22	secondary	secondary	ADJ
cblr-9108	87	23	markets	market	NOUN
cblr-9108	87	24	for	for	ADP
cblr-9108	87	25	private	private	ADJ
cblr-9108	87	26	company	company	NOUN
cblr-9108	87	27	stock	stock	NOUN
cblr-9108	87	28	grow	grow	VERB
cblr-9108	87	29	larger	large	ADJ
cblr-9108	87	30	and	and	CCONJ
cblr-9108	87	31	more	more	ADV
cblr-9108	87	32	liquid,10	liquid,10	NOUN
cblr-9108	87	33	and	and	CCONJ
cblr-9108	87	34	the	the	DET
cblr-9108	87	35	size	size	NOUN
cblr-9108	87	36	and	and	CCONJ
cblr-9108	87	37	social	social	ADJ
cblr-9108	87	38	impact	impact	NOUN
cblr-9108	87	39	of	of	ADP
cblr-9108	87	40	some	some	DET
cblr-9108	87	41	private	private	ADJ
cblr-9108	87	42	firms	firm	NOUN
cblr-9108	87	43	rivals	rival	VERB
cblr-9108	87	44	that	that	PRON
cblr-9108	87	45	of	of	ADP
cblr-9108	87	46	major	major	ADJ
cblr-9108	87	47	public	public	ADJ
cblr-9108	87	48	companies.11	companies.11	VERB
cblr-9108	87	49	public	public	ADJ
cblr-9108	87	50	markets	market	NOUN
cblr-9108	87	51	reflect	reflect	VERB
cblr-9108	87	52	increasing	increase	VERB
cblr-9108	87	53	pressure	pressure	NOUN
cblr-9108	87	54	to	to	PART
cblr-9108	87	55	permit	permit	VERB
cblr-9108	87	56	governance	governance	NOUN
cblr-9108	87	57	paradigmatic	paradigmatic	NOUN
cblr-9108	87	58	of	of	ADP
cblr-9108	87	59	late	late	ADJ
cblr-9108	87	60	-	-	PUNCT
cblr-9108	87	61	stage	stage	NOUN
cblr-9108	87	62	private	private	ADJ
cblr-9108	87	63	companies,12	companies,12	NOUN
cblr-9108	87	64	as	as	ADV
cblr-9108	87	65	well	well	ADV
cblr-9108	87	66	as	as	ADP
cblr-9108	87	67	changing	change	VERB
cblr-9108	87	68	technologies	technology	NOUN
cblr-9108	87	69	for	for	ADP
cblr-9108	87	70	going	go	VERB
cblr-9108	87	71	public	public	ADJ
cblr-9108	87	72	,	,	PUNCT
cblr-9108	87	73	such	such	ADJ
cblr-9108	87	74	as	as	ADP
cblr-9108	87	75	primary	primary	ADJ
cblr-9108	87	76	and	and	CCONJ
cblr-9108	87	77	secondary	secondary	ADJ
cblr-9108	87	78	direct	direct	ADJ
cblr-9108	87	79	listings	listing	NOUN
cblr-9108	87	80	or	or	CCONJ
cblr-9108	87	81	spacs.13	spacs.13	NOUN
cblr-9108	87	82	many	many	ADJ
cblr-9108	87	83	of	of	ADP
cblr-9108	87	84	these	these	DET
cblr-9108	87	85	trends	trend	NOUN
cblr-9108	87	86	are	be	AUX
cblr-9108	87	87	longstanding	longstanding	ADJ
cblr-9108	87	88	,	,	PUNCT
cblr-9108	87	89	even	even	ADV
cblr-9108	87	90	as	as	SCONJ
cblr-9108	87	91	their	their	PRON
cblr-9108	87	92	magnitude	magnitude	NOUN
cblr-9108	87	93	has	have	AUX
cblr-9108	87	94	grown	grow	VERB
cblr-9108	87	95	.	.	PUNCT
cblr-9108	88	1	and	and	CCONJ
cblr-9108	88	2	so	so	ADV
cblr-9108	88	3	these	these	DET
cblr-9108	88	4	reasons	reason	NOUN
cblr-9108	88	5	,	,	PUNCT
cblr-9108	88	6	old	old	ADJ
cblr-9108	88	7	and	and	CCONJ
cblr-9108	88	8	new	new	ADJ
cblr-9108	88	9	,	,	PUNCT
cblr-9108	88	10	motivate	motivate	ADJ
cblr-9108	88	11	regulators	regulator	NOUN
cblr-9108	88	12	,	,	PUNCT
cblr-9108	88	13	academics	academic	NOUN
cblr-9108	88	14	,	,	PUNCT
cblr-9108	88	15	and	and	CCONJ
cblr-9108	88	16	market	market	NOUN
cblr-9108	88	17	participants	participant	NOUN
cblr-9108	88	18	to	to	PART
cblr-9108	88	19	question	question	VERB
cblr-9108	88	20	the	the	DET
cblr-9108	88	21	public	public	ADJ
cblr-9108	88	22	/	/	SYM
cblr-9108	88	23	private	private	ADJ
cblr-9108	88	24	divide	divide	NOUN
cblr-9108	88	25	.	.	PUNCT
cblr-9108	89	1	in	in	ADP
cblr-9108	89	2	this	this	DET
cblr-9108	89	3	symposium	symposium	NOUN
cblr-9108	89	4	article	article	NOUN
cblr-9108	89	5	,	,	PUNCT
cblr-9108	89	6	we	we	PRON
cblr-9108	89	7	sketch	sketch	VERB
cblr-9108	89	8	one	one	NUM
cblr-9108	89	9	way	way	NOUN
cblr-9108	89	10	in	in	ADP
cblr-9108	89	11	which	which	PRON
cblr-9108	89	12	we	we	PRON
cblr-9108	89	13	believe	believe	VERB
cblr-9108	89	14	the	the	DET
cblr-9108	89	15	public	public	ADJ
cblr-9108	89	16	/	/	SYM
cblr-9108	89	17	private	private	ADJ
cblr-9108	89	18	divide	divide	NOUN
cblr-9108	89	19	should	should	AUX
cblr-9108	89	20	be	be	AUX
cblr-9108	89	21	rethought	rethink	VERB
cblr-9108	89	22	.	.	PUNCT
cblr-9108	90	1	in	in	ADP
cblr-9108	90	2	particular	particular	ADJ
cblr-9108	90	3	,	,	PUNCT
cblr-9108	90	4	we	we	PRON
cblr-9108	90	5	argue	argue	VERB
cblr-9108	90	6	that	that	SCONJ
cblr-9108	90	7	the	the	DET
cblr-9108	90	8	calculus	calculus	NOUN
cblr-9108	90	9	facing	face	VERB
cblr-9108	90	10	firms	firm	NOUN
cblr-9108	90	11	between	between	ADP
cblr-9108	90	12	being	be	AUX
cblr-9108	90	13	public	public	ADJ
cblr-9108	90	14	or	or	CCONJ
cblr-9108	90	15	private	private	ADJ
cblr-9108	90	16	has	have	AUX
cblr-9108	90	17	grown	grow	VERB
cblr-9108	90	18	more	more	ADV
cblr-9108	90	19	idiosyncratic	idiosyncratic	ADJ
cblr-9108	90	20	,	,	PUNCT
cblr-9108	90	21	making	make	VERB
cblr-9108	90	22	the	the	DET
cblr-9108	90	23	concept	concept	NOUN
cblr-9108	90	24	of	of	ADP
cblr-9108	90	25	“	"	PUNCT
cblr-9108	90	26	public	public	ADJ
cblr-9108	90	27	companies	company	NOUN
cblr-9108	90	28	”	"	PUNCT
cblr-9108	90	29	a	a	DET
cblr-9108	90	30	less	less	ADV
cblr-9108	90	31	coherent	coherent	ADJ
cblr-9108	90	32	one	one	NUM
cblr-9108	90	33	.	.	PUNCT
cblr-9108	91	1	classic	classic	ADJ
cblr-9108	91	2	debates	debate	NOUN
cblr-9108	91	3	in	in	ADP
cblr-9108	91	4	securities	security	NOUN
cblr-9108	91	5	law	law	NOUN
cblr-9108	91	6	were	be	AUX
cblr-9108	91	7	often	often	ADV
cblr-9108	91	8	predicated	predicate	VERB
cblr-9108	91	9	on	on	ADP
cblr-9108	91	10	the	the	DET
cblr-9108	91	11	idea	idea	NOUN
cblr-9108	91	12	that	that	SCONJ
cblr-9108	91	13	public	public	ADJ
cblr-9108	91	14	companies	company	NOUN
cblr-9108	91	15	are	be	AUX
cblr-9108	91	16	a	a	DET
cblr-9108	91	17	coherent	coherent	ADJ
cblr-9108	91	18	class	class	NOUN
cblr-9108	91	19	of	of	ADP
cblr-9108	91	20	firms	firm	NOUN
cblr-9108	91	21	that	that	PRON
cblr-9108	91	22	differ	differ	VERB
cblr-9108	91	23	markedly	markedly	ADV
cblr-9108	91	24	from	from	ADP
cblr-9108	91	25	private	private	ADJ
cblr-9108	91	26	companies	company	NOUN
cblr-9108	91	27	.	.	PUNCT
cblr-9108	92	1	indeed	indeed	ADV
cblr-9108	92	2	,	,	PUNCT
cblr-9108	92	3	for	for	ADP
cblr-9108	92	4	more	more	ADJ
cblr-9108	92	5	than	than	ADP
cblr-9108	92	6	fifty	fifty	NUM
cblr-9108	92	7	years	year	NOUN
cblr-9108	92	8	after	after	ADP
cblr-9108	92	9	the	the	DET
cblr-9108	92	10	adoption	adoption	NOUN
cblr-9108	92	11	of	of	ADP
cblr-9108	92	12	the	the	DET
cblr-9108	92	13	federal	federal	ADJ
cblr-9108	92	14	securities	security	NOUN
cblr-9108	92	15	laws	law	NOUN
cblr-9108	92	16	,	,	PUNCT
cblr-9108	92	17	this	this	DET
cblr-9108	92	18	view	view	NOUN
cblr-9108	92	19	was	be	AUX
cblr-9108	92	20	justified	justify	VERB
cblr-9108	92	21	.	.	PUNCT
cblr-9108	93	1	during	during	ADP
cblr-9108	93	2	that	that	DET
cblr-9108	93	3	period	period	NOUN
cblr-9108	93	4	,	,	PUNCT
cblr-9108	93	5	the	the	DET
cblr-9108	93	6	vast	vast	ADJ
cblr-9108	93	7	majority	majority	NOUN
cblr-9108	93	8	of	of	ADP
cblr-9108	93	9	successful	successful	ADJ
cblr-9108	93	10	and	and	CCONJ
cblr-9108	93	11	growing	grow	VERB
cblr-9108	93	12	private	private	ADJ
cblr-9108	93	13	firms	firm	NOUN
cblr-9108	93	14	eventually	eventually	ADV
cblr-9108	93	15	accepted	accept	VERB
cblr-9108	93	16	the	the	DET
cblr-9108	93	17	9	9	NUM
cblr-9108	93	18	see	see	NOUN
cblr-9108	93	19	,	,	PUNCT
cblr-9108	93	20	e.g.	e.g.	ADV
cblr-9108	93	21	,	,	PUNCT
cblr-9108	93	22	sergey	sergey	PROPN
cblr-9108	93	23	chernenko	chernenko	PROPN
cblr-9108	93	24	,	,	PUNCT
cblr-9108	93	25	josh	josh	PROPN
cblr-9108	93	26	lerner	lerner	PROPN
cblr-9108	93	27	&	&	CCONJ
cblr-9108	93	28	yao	yao	PROPN
cblr-9108	93	29	zeng	zeng	PROPN
cblr-9108	93	30	,	,	PUNCT
cblr-9108	93	31	mutual	mutual	ADJ
cblr-9108	93	32	funds	fund	NOUN
cblr-9108	93	33	as	as	ADP
cblr-9108	93	34	venture	venture	NOUN
cblr-9108	93	35	capitalists	capitalist	NOUN
cblr-9108	93	36	?	?	PUNCT
cblr-9108	94	1	evidence	evidence	NOUN
cblr-9108	94	2	from	from	ADP
cblr-9108	94	3	unicorns	unicorn	NOUN
cblr-9108	94	4	,	,	PUNCT
cblr-9108	94	5	34	34	NUM
cblr-9108	94	6	rev	rev	X
cblr-9108	94	7	.	.	PROPN
cblr-9108	94	8	fin	fin	PROPN
cblr-9108	94	9	.	.	PUNCT
cblr-9108	94	10	stud	stud	PROPN
cblr-9108	94	11	.	.	PUNCT
cblr-9108	95	1	2388	2388	NUM
cblr-9108	95	2	(	(	PUNCT
cblr-9108	95	3	2021	2021	NUM
cblr-9108	95	4	)	)	PUNCT
cblr-9108	95	5	.	.	PUNCT
cblr-9108	96	1	10	10	NUM
cblr-9108	96	2	see	see	VERB
cblr-9108	96	3	,	,	PUNCT
cblr-9108	96	4	e.g.	e.g.	ADV
cblr-9108	96	5	,	,	PUNCT
cblr-9108	96	6	darian	darian	ADJ
cblr-9108	96	7	m.	m.	PROPN
cblr-9108	96	8	ibrahim	ibrahim	PROPN
cblr-9108	96	9	,	,	PUNCT
cblr-9108	96	10	the	the	DET
cblr-9108	96	11	new	new	ADJ
cblr-9108	96	12	exit	exit	NOUN
cblr-9108	96	13	in	in	ADP
cblr-9108	96	14	venture	venture	NOUN
cblr-9108	96	15	capital	capital	NOUN
cblr-9108	96	16	,	,	PUNCT
cblr-9108	96	17	65	65	NUM
cblr-9108	96	18	vand	vand	NOUN
cblr-9108	96	19	.	.	PUNCT
cblr-9108	97	1	l.	l.	PROPN
cblr-9108	97	2	rev	rev	PROPN
cblr-9108	97	3	.	.	PROPN
cblr-9108	97	4	1	1	NUM
cblr-9108	97	5	,	,	PUNCT
cblr-9108	97	6	3	3	NUM
cblr-9108	97	7	,	,	PUNCT
cblr-9108	97	8	16	16	NUM
cblr-9108	97	9	(	(	PUNCT
cblr-9108	97	10	2012	2012	NUM
cblr-9108	97	11	)	)	PUNCT
cblr-9108	97	12	.	.	PUNCT
cblr-9108	98	1	11	11	NUM
cblr-9108	98	2	see	see	VERB
cblr-9108	98	3	,	,	PUNCT
cblr-9108	98	4	e.g.	e.g.	ADV
cblr-9108	98	5	,	,	PUNCT
cblr-9108	98	6	matt	matt	PROPN
cblr-9108	98	7	levine	levine	PROPN
cblr-9108	98	8	,	,	PUNCT
cblr-9108	98	9	softbank	softbank	PROPN
cblr-9108	98	10	has	have	VERB
cblr-9108	98	11	a	a	DET
cblr-9108	98	12	bigger	big	ADJ
cblr-9108	98	13	,	,	PUNCT
cblr-9108	98	14	weirder	weird	ADJ
cblr-9108	98	15	vision	vision	NOUN
cblr-9108	98	16	,	,	PUNCT
cblr-9108	98	17	bloomberg	bloomberg	PROPN
cblr-9108	98	18	:	:	PUNCT
cblr-9108	98	19	op	op	NOUN
cblr-9108	98	20	.	.	PUNCT
cblr-9108	99	1	(	(	PUNCT
cblr-9108	99	2	may	may	PROPN
cblr-9108	99	3	3	3	NUM
cblr-9108	99	4	,	,	PUNCT
cblr-9108	99	5	2019	2019	NUM
cblr-9108	99	6	,	,	PUNCT
cblr-9108	99	7	12:00	12:00	NUM
cblr-9108	99	8	pm	pm	NOUN
cblr-9108	99	9	)	)	PUNCT
cblr-9108	99	10	,	,	PUNCT
cblr-9108	99	11	https://www.bloomberg.com/opinion/articles/2019-05-03/softbank-has-abigger-weirder-vision	https://www.bloomberg.com/opinion/articles/2019-05-03/softbank-has-abigger-weirder-vision	NOUN
cblr-9108	100	1	[	[	X
cblr-9108	100	2	https://perma.cc/s447-wty6	https://perma.cc/s447-wty6	X
cblr-9108	100	3	]	]	X
cblr-9108	100	4	.	.	PUNCT
cblr-9108	101	1	12	12	NUM
cblr-9108	101	2	see	see	NOUN
cblr-9108	101	3	,	,	PUNCT
cblr-9108	101	4	e.g.	e.g.	ADV
cblr-9108	101	5	,	,	PUNCT
cblr-9108	101	6	gabriel	gabriel	PROPN
cblr-9108	101	7	rauterberg	rauterberg	PROPN
cblr-9108	101	8	,	,	PUNCT
cblr-9108	101	9	the	the	DET
cblr-9108	101	10	separation	separation	NOUN
cblr-9108	101	11	of	of	ADP
cblr-9108	101	12	voting	voting	NOUN
cblr-9108	101	13	and	and	CCONJ
cblr-9108	101	14	control	control	NOUN
cblr-9108	101	15	:	:	PUNCT
cblr-9108	101	16	the	the	DET
cblr-9108	101	17	role	role	NOUN
cblr-9108	101	18	of	of	ADP
cblr-9108	101	19	contract	contract	NOUN
cblr-9108	101	20	in	in	ADP
cblr-9108	101	21	corporate	corporate	ADJ
cblr-9108	101	22	governance	governance	NOUN
cblr-9108	101	23	,	,	PUNCT
cblr-9108	101	24	38	38	NUM
cblr-9108	101	25	yale	yale	NOUN
cblr-9108	101	26	j.	j.	PROPN
cblr-9108	101	27	on	on	ADP
cblr-9108	101	28	reg	reg	PROPN
cblr-9108	101	29	.	.	PUNCT
cblr-9108	102	1	1124	1124	NUM
cblr-9108	102	2	,	,	PUNCT
cblr-9108	102	3	1129–31	1129–31	PROPN
cblr-9108	102	4	(	(	PUNCT
cblr-9108	102	5	2021	2021	NUM
cblr-9108	102	6	)	)	PUNCT
cblr-9108	103	1	(	(	PUNCT
cblr-9108	103	2	exploring	explore	VERB
cblr-9108	103	3	the	the	DET
cblr-9108	103	4	role	role	NOUN
cblr-9108	103	5	of	of	ADP
cblr-9108	103	6	shareholder	shareholder	NOUN
cblr-9108	103	7	agreements	agreement	NOUN
cblr-9108	103	8	in	in	ADP
cblr-9108	103	9	post	post	ADJ
cblr-9108	103	10	-	-	ADJ
cblr-9108	103	11	ipo	ipo	ADJ
cblr-9108	103	12	firms	firm	NOUN
cblr-9108	103	13	)	)	PUNCT
cblr-9108	103	14	;	;	PUNCT
cblr-9108	104	1	jordan	jordan	PROPN
cblr-9108	104	2	schoenfeld	schoenfeld	PROPN
cblr-9108	104	3	,	,	PUNCT
cblr-9108	104	4	contracts	contract	NOUN
cblr-9108	104	5	between	between	ADP
cblr-9108	104	6	firms	firm	NOUN
cblr-9108	104	7	and	and	CCONJ
cblr-9108	104	8	shareholders	shareholder	NOUN
cblr-9108	104	9	,	,	PUNCT
cblr-9108	104	10	58	58	NUM
cblr-9108	104	11	j.	j.	PROPN
cblr-9108	104	12	acct	acct	PROPN
cblr-9108	104	13	.	.	PUNCT
cblr-9108	105	1	rsch	rsch	PROPN
cblr-9108	105	2	.	.	PUNCT
cblr-9108	106	1	383	383	NUM
cblr-9108	106	2	,	,	PUNCT
cblr-9108	106	3	385–86	385–86	NUM
cblr-9108	106	4	(	(	PUNCT
cblr-9108	106	5	2020	2020	NUM
cblr-9108	106	6	)	)	PUNCT
cblr-9108	106	7	(	(	PUNCT
cblr-9108	106	8	exploring	explore	VERB
cblr-9108	106	9	firm	firm	ADJ
cblr-9108	106	10	-	-	PUNCT
cblr-9108	106	11	shareholder	shareholder	NOUN
cblr-9108	106	12	contracting	contracting	NOUN
cblr-9108	106	13	in	in	ADP
cblr-9108	106	14	public	public	ADJ
cblr-9108	106	15	companies	company	NOUN
cblr-9108	106	16	)	)	PUNCT
cblr-9108	106	17	.	.	PUNCT
cblr-9108	107	1	13	13	NUM
cblr-9108	107	2	see	see	VERB
cblr-9108	107	3	,	,	PUNCT
cblr-9108	107	4	e.g.	e.g.	ADV
cblr-9108	107	5	,	,	PUNCT
cblr-9108	107	6	a	a	DET
cblr-9108	107	7	current	current	ADJ
cblr-9108	107	8	guide	guide	NOUN
cblr-9108	107	9	to	to	ADP
cblr-9108	107	10	direct	direct	ADJ
cblr-9108	107	11	listings	listing	NOUN
cblr-9108	107	12	,	,	PUNCT
cblr-9108	107	13	gibson	gibson	PROPN
cblr-9108	107	14	dunn	dunn	PROPN
cblr-9108	107	15	(	(	PUNCT
cblr-9108	107	16	jan	jan	PROPN
cblr-9108	107	17	.	.	PROPN
cblr-9108	107	18	8	8	NUM
cblr-9108	107	19	,	,	PUNCT
cblr-9108	107	20	2021	2021	NUM
cblr-9108	107	21	)	)	PUNCT
cblr-9108	107	22	,	,	PUNCT
cblr-9108	107	23	https://www.gibsondunn.com/wp-content/uploads/2021/01/a-currentguide-to-direct-listings-january-2021.pdf	https://www.gibsondunn.com/wp-content/uploads/2021/01/a-currentguide-to-direct-listings-january-2021.pdf	NOUN
cblr-9108	107	24	[	[	X
cblr-9108	107	25	https://perma.cc/dle8-fbvd	https://perma.cc/dle8-fbvd	PROPN
cblr-9108	107	26	]	]	PUNCT
cblr-9108	107	27	.	.	PUNCT
cblr-9108	108	1	no	no	INTJ
cblr-9108	108	2	.	.	PUNCT
cblr-9108	109	1	3:1199	3:1199	NUM
cblr-9108	109	2	]	]	X
cblr-9108	109	3	the	the	DET
cblr-9108	109	4	new	new	ADJ
cblr-9108	109	5	public	public	ADJ
cblr-9108	109	6	/	/	SYM
cblr-9108	109	7	private	private	ADJ
cblr-9108	109	8	equilibrium	equilibrium	NOUN
cblr-9108	109	9	1205	1205	NUM
cblr-9108	109	10	regulatory	regulatory	ADJ
cblr-9108	109	11	obligations	obligation	NOUN
cblr-9108	109	12	of	of	ADP
cblr-9108	109	13	being	be	AUX
cblr-9108	109	14	public	public	ADJ
cblr-9108	109	15	in	in	ADP
cblr-9108	109	16	order	order	NOUN
cblr-9108	109	17	to	to	PART
cblr-9108	109	18	access	access	VERB
cblr-9108	109	19	a	a	DET
cblr-9108	109	20	wider	wide	ADJ
cblr-9108	109	21	and	and	CCONJ
cblr-9108	109	22	deeper	deep	ADJ
cblr-9108	109	23	pool	pool	NOUN
cblr-9108	109	24	of	of	ADP
cblr-9108	109	25	capital	capital	NOUN
cblr-9108	109	26	,	,	PUNCT
cblr-9108	109	27	among	among	ADP
cblr-9108	109	28	other	other	ADJ
cblr-9108	109	29	benefits.14	benefits.14	NOUN
cblr-9108	109	30	this	this	PRON
cblr-9108	109	31	was	be	AUX
cblr-9108	109	32	a	a	DET
cblr-9108	109	33	descriptive	descriptive	ADJ
cblr-9108	109	34	reality	reality	NOUN
cblr-9108	109	35	,	,	PUNCT
cblr-9108	109	36	but	but	CCONJ
cblr-9108	109	37	it	it	PRON
cblr-9108	109	38	had	have	VERB
cblr-9108	109	39	important	important	ADJ
cblr-9108	109	40	normative	normative	ADJ
cblr-9108	109	41	implications	implication	NOUN
cblr-9108	109	42	as	as	ADV
cblr-9108	109	43	well	well	ADV
cblr-9108	109	44	.	.	PUNCT
cblr-9108	110	1	an	an	DET
cblr-9108	110	2	identifiable	identifiable	ADJ
cblr-9108	110	3	class	class	NOUN
cblr-9108	110	4	of	of	ADP
cblr-9108	110	5	large	large	ADJ
cblr-9108	110	6	,	,	PUNCT
cblr-9108	110	7	growing	grow	VERB
cblr-9108	110	8	firms	firm	NOUN
cblr-9108	110	9	went	go	VERB
cblr-9108	110	10	public	public	ADJ
cblr-9108	110	11	,	,	PUNCT
cblr-9108	110	12	and	and	CCONJ
cblr-9108	110	13	they	they	PRON
cblr-9108	110	14	generally	generally	ADV
cblr-9108	110	15	went	go	VERB
cblr-9108	110	16	public	public	ADJ
cblr-9108	110	17	for	for	ADP
cblr-9108	110	18	a	a	DET
cblr-9108	110	19	reason	reason	NOUN
cblr-9108	110	20	they	they	PRON
cblr-9108	110	21	shared	share	VERB
cblr-9108	110	22	:	:	PUNCT
cblr-9108	110	23	raising	raise	VERB
cblr-9108	110	24	capital.15	capital.15	NOUN
cblr-9108	110	25	as	as	ADP
cblr-9108	110	26	a	a	DET
cblr-9108	110	27	result	result	NOUN
cblr-9108	110	28	,	,	PUNCT
cblr-9108	110	29	regulatory	regulatory	ADJ
cblr-9108	110	30	interventions	intervention	NOUN
cblr-9108	110	31	imposed	impose	VERB
cblr-9108	110	32	on	on	ADP
cblr-9108	110	33	the	the	DET
cblr-9108	110	34	category	category	NOUN
cblr-9108	110	35	of	of	ADP
cblr-9108	110	36	“	"	PUNCT
cblr-9108	110	37	public	public	ADJ
cblr-9108	110	38	companies	company	NOUN
cblr-9108	110	39	”	"	PUNCT
cblr-9108	110	40	had	have	VERB
cblr-9108	110	41	a	a	DET
cblr-9108	110	42	coherent	coherent	ADJ
cblr-9108	110	43	target	target	NOUN
cblr-9108	110	44	.	.	PUNCT
cblr-9108	111	1	we	we	PRON
cblr-9108	111	2	argue	argue	VERB
cblr-9108	111	3	that	that	SCONJ
cblr-9108	111	4	firms	firm	NOUN
cblr-9108	111	5	’	'	PUNCT
cblr-9108	111	6	going	go	VERB
cblr-9108	111	7	public	public	ADJ
cblr-9108	111	8	decisions	decision	NOUN
cblr-9108	111	9	are	be	AUX
cblr-9108	111	10	now	now	ADV
cblr-9108	111	11	shaped	shape	VERB
cblr-9108	111	12	by	by	ADP
cblr-9108	111	13	a	a	DET
cblr-9108	111	14	much	much	ADV
cblr-9108	111	15	larger	large	ADJ
cblr-9108	111	16	and	and	CCONJ
cblr-9108	111	17	more	more	ADV
cblr-9108	111	18	varied	varied	ADJ
cblr-9108	111	19	set	set	NOUN
cblr-9108	111	20	of	of	ADP
cblr-9108	111	21	factors	factor	NOUN
cblr-9108	111	22	.	.	PUNCT
cblr-9108	112	1	these	these	DET
cblr-9108	112	2	factors	factor	NOUN
cblr-9108	112	3	are	be	AUX
cblr-9108	112	4	complex	complex	ADJ
cblr-9108	112	5	,	,	PUNCT
cblr-9108	112	6	cross	cross	ADJ
cblr-9108	112	7	-	-	ADJ
cblr-9108	112	8	cutting	cutting	ADJ
cblr-9108	112	9	,	,	PUNCT
cblr-9108	112	10	and	and	CCONJ
cblr-9108	112	11	impact	impact	NOUN
cblr-9108	112	12	firms	firm	NOUN
cblr-9108	112	13	considering	consider	VERB
cblr-9108	112	14	going	go	VERB
cblr-9108	112	15	public	public	ADJ
cblr-9108	112	16	in	in	ADP
cblr-9108	112	17	very	very	ADV
cblr-9108	112	18	heterogeneous	heterogeneous	ADJ
cblr-9108	112	19	ways	way	NOUN
cblr-9108	112	20	.	.	PUNCT
cblr-9108	113	1	this	this	DET
cblr-9108	113	2	complexity	complexity	NOUN
cblr-9108	113	3	results	result	VERB
cblr-9108	113	4	from	from	ADP
cblr-9108	113	5	several	several	ADJ
cblr-9108	113	6	developments	development	NOUN
cblr-9108	113	7	,	,	PUNCT
cblr-9108	113	8	and	and	CCONJ
cblr-9108	113	9	we	we	PRON
cblr-9108	113	10	emphasize	emphasize	VERB
cblr-9108	113	11	two	two	NUM
cblr-9108	113	12	.	.	PUNCT
cblr-9108	114	1	first	first	ADV
cblr-9108	114	2	,	,	PUNCT
cblr-9108	114	3	it	it	PRON
cblr-9108	114	4	is	be	AUX
cblr-9108	114	5	a	a	DET
cblr-9108	114	6	result	result	NOUN
cblr-9108	114	7	of	of	ADP
cblr-9108	114	8	the	the	DET
cblr-9108	114	9	fact	fact	NOUN
cblr-9108	114	10	that	that	SCONJ
cblr-9108	114	11	while	while	SCONJ
cblr-9108	114	12	the	the	DET
cblr-9108	114	13	public	public	ADJ
cblr-9108	114	14	/	/	SYM
cblr-9108	114	15	private	private	ADJ
cblr-9108	114	16	divide	divide	NOUN
cblr-9108	114	17	was	be	AUX
cblr-9108	114	18	created	create	VERB
cblr-9108	114	19	by	by	ADP
cblr-9108	114	20	securities	security	NOUN
cblr-9108	114	21	law	law	NOUN
cblr-9108	114	22	,	,	PUNCT
cblr-9108	114	23	public	public	ADJ
cblr-9108	114	24	and	and	CCONJ
cblr-9108	114	25	private	private	ADJ
cblr-9108	114	26	markets	market	NOUN
cblr-9108	114	27	now	now	ADV
cblr-9108	114	28	provide	provide	VERB
cblr-9108	114	29	two	two	NUM
cblr-9108	114	30	widely	widely	ADV
cblr-9108	114	31	different	different	ADJ
cblr-9108	114	32	ecologies	ecology	NOUN
cblr-9108	114	33	for	for	ADP
cblr-9108	114	34	firms	firm	NOUN
cblr-9108	114	35	,	,	PUNCT
cblr-9108	114	36	which	which	DET
cblr-9108	114	37	profoundly	profoundly	ADV
cblr-9108	114	38	shape	shape	NOUN
cblr-9108	114	39	firms	firm	NOUN
cblr-9108	114	40	’	'	PUNCT
cblr-9108	114	41	governance	governance	NOUN
cblr-9108	114	42	as	as	ADV
cblr-9108	114	43	well	well	ADV
cblr-9108	114	44	as	as	ADP
cblr-9108	114	45	the	the	DET
cblr-9108	114	46	issuance	issuance	NOUN
cblr-9108	114	47	and	and	CCONJ
cblr-9108	114	48	trading	trading	NOUN
cblr-9108	114	49	of	of	ADP
cblr-9108	114	50	their	their	PRON
cblr-9108	114	51	shares	share	NOUN
cblr-9108	114	52	.	.	PUNCT
cblr-9108	115	1	second	second	ADJ
cblr-9108	115	2	,	,	PUNCT
cblr-9108	115	3	as	as	SCONJ
cblr-9108	115	4	noted	note	VERB
cblr-9108	115	5	,	,	PUNCT
cblr-9108	115	6	longterm	longterm	VERB
cblr-9108	115	7	advances	advance	NOUN
cblr-9108	115	8	in	in	ADP
cblr-9108	115	9	the	the	DET
cblr-9108	115	10	ease	ease	NOUN
cblr-9108	115	11	of	of	ADP
cblr-9108	115	12	capital	capital	NOUN
cblr-9108	115	13	raising	raising	NOUN
cblr-9108	115	14	in	in	ADP
cblr-9108	115	15	private	private	ADJ
cblr-9108	115	16	markets	market	NOUN
cblr-9108	115	17	have	have	AUX
cblr-9108	115	18	diminished	diminish	VERB
cblr-9108	115	19	or	or	CCONJ
cblr-9108	115	20	eliminated	eliminate	VERB
cblr-9108	115	21	the	the	DET
cblr-9108	115	22	capital	capital	NOUN
cblr-9108	115	23	-	-	PUNCT
cblr-9108	115	24	raising	raise	VERB
cblr-9108	115	25	advantages	advantage	NOUN
cblr-9108	115	26	of	of	ADP
cblr-9108	115	27	public	public	ADJ
cblr-9108	115	28	markets	market	NOUN
cblr-9108	115	29	.	.	PUNCT
cblr-9108	116	1	as	as	SCONJ
cblr-9108	116	2	donald	donald	PROPN
cblr-9108	116	3	langevoort	langevoort	PROPN
cblr-9108	116	4	predicted,16	predicted,16	VERB
cblr-9108	116	5	this	this	DET
cblr-9108	116	6	vast	vast	ADJ
cblr-9108	116	7	growth	growth	NOUN
cblr-9108	116	8	in	in	ADP
cblr-9108	116	9	capital	capital	NOUN
cblr-9108	116	10	raising	raising	NOUN
cblr-9108	116	11	in	in	ADP
cblr-9108	116	12	private	private	ADJ
cblr-9108	116	13	markets	market	NOUN
cblr-9108	116	14	has	have	AUX
cblr-9108	116	15	made	make	VERB
cblr-9108	116	16	for	for	ADP
cblr-9108	116	17	an	an	DET
cblr-9108	116	18	“	"	PUNCT
cblr-9108	116	19	issuer	issuer	NOUN
cblr-9108	116	20	choice”17	choice”17	PROPN
cblr-9108	116	21	regime	regime	NOUN
cblr-9108	116	22	,	,	PUNCT
cblr-9108	116	23	in	in	ADP
cblr-9108	116	24	which	which	PRON
cblr-9108	116	25	large	large	ADJ
cblr-9108	116	26	,	,	PUNCT
cblr-9108	116	27	successful	successful	ADJ
cblr-9108	116	28	private	private	ADJ
cblr-9108	116	29	14	14	NUM
cblr-9108	116	30	de	de	ADP
cblr-9108	116	31	fontenay	fontenay	NOUN
cblr-9108	116	32	,	,	PUNCT
cblr-9108	116	33	supra	supra	PROPN
cblr-9108	116	34	note	note	NOUN
cblr-9108	116	35	6	6	NUM
cblr-9108	116	36	.	.	SYM
cblr-9108	116	37	15	15	NUM
cblr-9108	117	1	i	i	NOUN
cblr-9108	117	2	d.	d.	PROPN
cblr-9108	117	3	16	16	NUM
cblr-9108	117	4	donald	donald	PROPN
cblr-9108	117	5	langevoort	langevoort	PROPN
cblr-9108	117	6	,	,	PUNCT
cblr-9108	117	7	the	the	DET
cblr-9108	117	8	regulation	regulation	NOUN
cblr-9108	117	9	of	of	ADP
cblr-9108	117	10	primary	primary	ADJ
cblr-9108	117	11	markets	market	NOUN
cblr-9108	117	12	,	,	PUNCT
cblr-9108	117	13	in	in	ADP
cblr-9108	117	14	securities	security	NOUN
cblr-9108	117	15	market	market	NOUN
cblr-9108	117	16	issues	issue	NOUN
cblr-9108	117	17	for	for	ADP
cblr-9108	117	18	the	the	DET
cblr-9108	117	19	21st	21st	ADJ
cblr-9108	117	20	century	century	NOUN
cblr-9108	117	21	101	101	NUM
cblr-9108	117	22	,	,	PUNCT
cblr-9108	117	23	122	122	NUM
cblr-9108	117	24	,	,	PUNCT
cblr-9108	117	25	127	127	NUM
cblr-9108	117	26	(	(	PUNCT
cblr-9108	117	27	merritt	merritt	PROPN
cblr-9108	117	28	fox	fox	PROPN
cblr-9108	117	29	et	et	PROPN
cblr-9108	117	30	al	al	PROPN
cblr-9108	117	31	.	.	PUNCT
cblr-9108	117	32	eds	ed	NOUN
cblr-9108	117	33	.	.	PROPN
cblr-9108	117	34	2018	2018	NUM
cblr-9108	117	35	)	)	PUNCT
cblr-9108	117	36	(	(	PUNCT
cblr-9108	117	37	“	"	PUNCT
cblr-9108	117	38	[	[	X
cblr-9108	117	39	p]robably	p]robably	ADV
cblr-9108	117	40	the	the	DET
cblr-9108	117	41	most	most	ADV
cblr-9108	117	42	conceptually	conceptually	ADV
cblr-9108	117	43	interesting	interesting	ADJ
cblr-9108	117	44	subject	subject	NOUN
cblr-9108	117	45	in	in	ADP
cblr-9108	117	46	securities	security	NOUN
cblr-9108	117	47	law	law	NOUN
cblr-9108	117	48	.	.	PUNCT
cblr-9108	117	49	.	.	PUNCT
cblr-9108	118	1	.	.	PUNCT
cblr-9108	119	1	is	be	AUX
cblr-9108	119	2	it	it	PRON
cblr-9108	119	3	possible	possible	ADJ
cblr-9108	119	4	—	—	PUNCT
cblr-9108	119	5	indeed	indeed	ADV
cblr-9108	119	6	desirable	desirable	ADJ
cblr-9108	119	7	—	—	PUNCT
cblr-9108	119	8	that	that	SCONJ
cblr-9108	119	9	a	a	DET
cblr-9108	119	10	large	large	ADJ
cblr-9108	119	11	segment	segment	NOUN
cblr-9108	119	12	of	of	ADP
cblr-9108	119	13	economically	economically	ADV
cblr-9108	119	14	important	important	ADJ
cblr-9108	119	15	firms	firm	NOUN
cblr-9108	119	16	in	in	ADP
cblr-9108	119	17	the	the	DET
cblr-9108	119	18	american	american	ADJ
cblr-9108	119	19	economy	economy	NOUN
cblr-9108	119	20	stay	stay	VERB
cblr-9108	119	21	private	private	ADJ
cblr-9108	119	22	,	,	PUNCT
cblr-9108	119	23	perhaps	perhaps	ADV
cblr-9108	119	24	indefinitely	indefinitely	ADV
cblr-9108	119	25	,	,	PUNCT
cblr-9108	119	26	yet	yet	CCONJ
cblr-9108	119	27	with	with	ADP
cblr-9108	119	28	easy	easy	ADJ
cblr-9108	119	29	access	access	NOUN
cblr-9108	119	30	to	to	ADP
cblr-9108	119	31	large	large	ADJ
cblr-9108	119	32	amounts	amount	NOUN
cblr-9108	119	33	of	of	ADP
cblr-9108	119	34	capital	capital	NOUN
cblr-9108	119	35	?	?	PUNCT
cblr-9108	119	36	”	"	PUNCT
cblr-9108	119	37	)	)	PUNCT
cblr-9108	119	38	.	.	PUNCT
cblr-9108	120	1	17	17	NUM
cblr-9108	120	2	“	"	PUNCT
cblr-9108	120	3	issuer	issuer	ADJ
cblr-9108	120	4	choice	choice	NOUN
cblr-9108	120	5	”	"	PUNCT
cblr-9108	120	6	refers	refer	VERB
cblr-9108	120	7	the	the	DET
cblr-9108	120	8	ability	ability	NOUN
cblr-9108	120	9	of	of	ADP
cblr-9108	120	10	issuers	issuer	NOUN
cblr-9108	120	11	to	to	PART
cblr-9108	120	12	decide	decide	VERB
cblr-9108	120	13	under	under	ADP
cblr-9108	120	14	which	which	PRON
cblr-9108	120	15	regulatory	regulatory	ADJ
cblr-9108	120	16	regime	regime	NOUN
cblr-9108	120	17	they	they	PRON
cblr-9108	120	18	fall	fall	VERB
cblr-9108	120	19	.	.	PUNCT
cblr-9108	121	1	see	see	VERB
cblr-9108	121	2	merritt	merritt	PROPN
cblr-9108	121	3	b.	b.	PROPN
cblr-9108	121	4	fox	fox	PROPN
cblr-9108	121	5	,	,	PUNCT
cblr-9108	121	6	retaining	retain	VERB
cblr-9108	121	7	mandatory	mandatory	ADJ
cblr-9108	121	8	securities	security	NOUN
cblr-9108	121	9	disclosure	disclosure	NOUN
cblr-9108	121	10	:	:	PUNCT
cblr-9108	121	11	why	why	SCONJ
cblr-9108	121	12	issuer	issuer	ADJ
cblr-9108	121	13	choice	choice	NOUN
cblr-9108	121	14	is	be	AUX
cblr-9108	121	15	not	not	PART
cblr-9108	121	16	investor	investor	NOUN
cblr-9108	121	17	empowerment	empowerment	NOUN
cblr-9108	121	18	,	,	PUNCT
cblr-9108	121	19	85	85	NUM
cblr-9108	121	20	va	va	NOUN
cblr-9108	121	21	.	.	PUNCT
cblr-9108	122	1	l.	l.	PROPN
cblr-9108	122	2	rev	rev	PROPN
cblr-9108	122	3	.	.	PROPN
cblr-9108	122	4	1335	1335	NUM
cblr-9108	122	5	,	,	PUNCT
cblr-9108	122	6	1337–39	1337–39	NUM
cblr-9108	122	7	(	(	PUNCT
cblr-9108	122	8	1999	1999	NUM
cblr-9108	122	9	)	)	PUNCT
cblr-9108	122	10	(	(	PUNCT
cblr-9108	122	11	arguing	argue	VERB
cblr-9108	122	12	against	against	ADP
cblr-9108	122	13	issuer	issuer	ADJ
cblr-9108	122	14	choice	choice	NOUN
cblr-9108	122	15	)	)	PUNCT
cblr-9108	122	16	;	;	PUNCT
cblr-9108	122	17	paul	paul	PROPN
cblr-9108	122	18	g.	g.	PROPN
cblr-9108	122	19	mahoney	mahoney	PROPN
cblr-9108	122	20	,	,	PUNCT
cblr-9108	122	21	mandatory	mandatory	ADJ
cblr-9108	122	22	disclosure	disclosure	NOUN
cblr-9108	122	23	as	as	ADP
cblr-9108	122	24	a	a	DET
cblr-9108	122	25	solution	solution	NOUN
cblr-9108	122	26	to	to	ADP
cblr-9108	122	27	agency	agency	NOUN
cblr-9108	122	28	problems	problem	NOUN
cblr-9108	122	29	,	,	PUNCT
cblr-9108	122	30	62	62	NUM
cblr-9108	122	31	u.	u.	NOUN
cblr-9108	122	32	chi	chi	PROPN
cblr-9108	122	33	.	.	PUNCT
cblr-9108	123	1	l.	l.	PROPN
cblr-9108	123	2	rev	rev	PROPN
cblr-9108	123	3	.	.	PROPN
cblr-9108	123	4	1047	1047	NUM
cblr-9108	123	5	,	,	PUNCT
cblr-9108	123	6	1093	1093	NUM
cblr-9108	123	7	(	(	PUNCT
cblr-9108	123	8	1995	1995	NUM
cblr-9108	123	9	)	)	PUNCT
cblr-9108	123	10	(	(	PUNCT
cblr-9108	123	11	noting	note	VERB
cblr-9108	123	12	ways	way	NOUN
cblr-9108	123	13	in	in	ADP
cblr-9108	123	14	which	which	PRON
cblr-9108	123	15	federal	federal	ADJ
cblr-9108	123	16	securities	security	NOUN
cblr-9108	123	17	regulation	regulation	NOUN
cblr-9108	123	18	always	always	ADV
cblr-9108	123	19	offered	offer	VERB
cblr-9108	123	20	some	some	DET
cblr-9108	123	21	optionality	optionality	NOUN
cblr-9108	123	22	as	as	ADP
cblr-9108	123	23	to	to	ADP
cblr-9108	123	24	regulatory	regulatory	ADJ
cblr-9108	123	25	environment	environment	NOUN
cblr-9108	123	26	)	)	PUNCT
cblr-9108	123	27	.	.	PUNCT
cblr-9108	124	1	this	this	DET
cblr-9108	124	2	article	article	NOUN
cblr-9108	124	3	uses	use	VERB
cblr-9108	124	4	the	the	DET
cblr-9108	124	5	term	term	NOUN
cblr-9108	124	6	to	to	PART
cblr-9108	124	7	describe	describe	VERB
cblr-9108	124	8	the	the	DET
cblr-9108	124	9	choice	choice	NOUN
cblr-9108	124	10	issuers	issuer	NOUN
cblr-9108	124	11	have	have	VERB
cblr-9108	124	12	between	between	ADP
cblr-9108	124	13	staying	stay	VERB
cblr-9108	124	14	private	private	ADJ
cblr-9108	124	15	or	or	CCONJ
cblr-9108	124	16	going	go	VERB
cblr-9108	124	17	public	public	ADJ
cblr-9108	124	18	.	.	PUNCT
cblr-9108	125	1	1206	1206	NUM
cblr-9108	125	2	columbia	columbia	PROPN
cblr-9108	125	3	business	business	NOUN
cblr-9108	125	4	law	law	PROPN
cblr-9108	125	5	review	review	NOUN
cblr-9108	125	6	[	[	X
cblr-9108	125	7	vol	vol	NOUN
cblr-9108	125	8	.	.	PUNCT
cblr-9108	125	9	2021	2021	NUM
cblr-9108	125	10	firms	firm	NOUN
cblr-9108	125	11	can	can	AUX
cblr-9108	125	12	remain	remain	VERB
cblr-9108	125	13	private	private	ADJ
cblr-9108	125	14	indefinitely	indefinitely	ADV
cblr-9108	125	15	while	while	SCONJ
cblr-9108	125	16	still	still	ADV
cblr-9108	125	17	enjoying	enjoy	VERB
cblr-9108	125	18	growth	growth	NOUN
cblr-9108	125	19	.	.	PUNCT
cblr-9108	126	1	the	the	DET
cblr-9108	126	2	result	result	NOUN
cblr-9108	126	3	of	of	ADP
cblr-9108	126	4	this	this	DET
cblr-9108	126	5	latter	latter	ADJ
cblr-9108	126	6	change	change	NOUN
cblr-9108	126	7	has	have	AUX
cblr-9108	126	8	been	be	AUX
cblr-9108	126	9	rightly	rightly	ADV
cblr-9108	126	10	called	call	VERB
cblr-9108	126	11	a	a	DET
cblr-9108	126	12	“	"	PUNCT
cblr-9108	126	13	new	new	ADJ
cblr-9108	126	14	equilibrium	equilibrium	NOUN
cblr-9108	126	15	.	.	PUNCT
cblr-9108	127	1	”18	”18	NOUN
cblr-9108	127	2	in	in	ADP
cblr-9108	127	3	that	that	DET
cblr-9108	127	4	equilibrium	equilibrium	NOUN
cblr-9108	127	5	,	,	PUNCT
cblr-9108	127	6	fewer	few	ADJ
cblr-9108	127	7	and	and	CCONJ
cblr-9108	127	8	older	old	ADJ
cblr-9108	127	9	firms	firm	NOUN
cblr-9108	127	10	go	go	VERB
cblr-9108	127	11	public	public	ADJ
cblr-9108	127	12	,	,	PUNCT
cblr-9108	127	13	and	and	CCONJ
cblr-9108	127	14	firms	firm	NOUN
cblr-9108	127	15	’	’	PART
cblr-9108	127	16	decisions	decision	NOUN
cblr-9108	127	17	between	between	ADP
cblr-9108	127	18	the	the	DET
cblr-9108	127	19	public	public	ADJ
cblr-9108	127	20	or	or	CCONJ
cblr-9108	127	21	private	private	ADJ
cblr-9108	127	22	ecologies	ecology	NOUN
cblr-9108	127	23	is	be	AUX
cblr-9108	127	24	no	no	ADV
cblr-9108	127	25	longer	long	ADV
cblr-9108	127	26	principally	principally	ADV
cblr-9108	127	27	driven	drive	VERB
cblr-9108	127	28	by	by	ADP
cblr-9108	127	29	capital	capital	NOUN
cblr-9108	127	30	raising.19	raising.19	NOUN
cblr-9108	127	31	we	we	PRON
cblr-9108	127	32	argue	argue	VERB
cblr-9108	127	33	that	that	SCONJ
cblr-9108	127	34	firms	firm	NOUN
cblr-9108	127	35	primarily	primarily	ADV
cblr-9108	127	36	go	go	VERB
cblr-9108	127	37	public	public	ADJ
cblr-9108	127	38	due	due	ADP
cblr-9108	127	39	to	to	ADP
cblr-9108	127	40	one	one	NUM
cblr-9108	127	41	or	or	CCONJ
cblr-9108	127	42	more	more	ADJ
cblr-9108	127	43	of	of	ADP
cblr-9108	127	44	the	the	DET
cblr-9108	127	45	many	many	ADJ
cblr-9108	127	46	other	other	ADJ
cblr-9108	127	47	features	feature	NOUN
cblr-9108	127	48	of	of	ADP
cblr-9108	127	49	the	the	DET
cblr-9108	127	50	public	public	ADJ
cblr-9108	127	51	market	market	NOUN
cblr-9108	127	52	’s	’s	PART
cblr-9108	127	53	ecology	ecology	NOUN
cblr-9108	127	54	.	.	PUNCT
cblr-9108	128	1	in	in	ADP
cblr-9108	128	2	developing	develop	VERB
cblr-9108	128	3	this	this	DET
cblr-9108	128	4	argument	argument	NOUN
cblr-9108	128	5	,	,	PUNCT
cblr-9108	128	6	we	we	PRON
cblr-9108	128	7	aim	aim	VERB
cblr-9108	128	8	to	to	PART
cblr-9108	128	9	synthesize	synthesize	VERB
cblr-9108	128	10	a	a	DET
cblr-9108	128	11	large	large	ADJ
cblr-9108	128	12	and	and	CCONJ
cblr-9108	128	13	sprawling	sprawling	ADJ
cblr-9108	128	14	literature	literature	NOUN
cblr-9108	128	15	that	that	PRON
cblr-9108	128	16	addresses	address	VERB
cblr-9108	128	17	the	the	DET
cblr-9108	128	18	public	public	ADJ
cblr-9108	128	19	/	/	SYM
cblr-9108	128	20	private	private	ADJ
cblr-9108	128	21	divide	divide	NOUN
cblr-9108	128	22	in	in	ADP
cblr-9108	128	23	order	order	NOUN
cblr-9108	128	24	to	to	PART
cblr-9108	128	25	show	show	VERB
cblr-9108	128	26	that	that	SCONJ
cblr-9108	128	27	it	it	PRON
cblr-9108	128	28	now	now	ADV
cblr-9108	128	29	consists	consist	VERB
cblr-9108	128	30	of	of	ADP
cblr-9108	128	31	two	two	NUM
cblr-9108	128	32	complex	complex	ADJ
cblr-9108	128	33	and	and	CCONJ
cblr-9108	128	34	multidimensional	multidimensional	ADJ
cblr-9108	128	35	ecologies	ecology	NOUN
cblr-9108	128	36	that	that	PRON
cblr-9108	128	37	differ	differ	VERB
cblr-9108	128	38	along	along	ADP
cblr-9108	128	39	a	a	DET
cblr-9108	128	40	host	host	NOUN
cblr-9108	128	41	of	of	ADP
cblr-9108	128	42	different	different	ADJ
cblr-9108	128	43	economically	economically	ADV
cblr-9108	128	44	important	important	ADJ
cblr-9108	128	45	axes	axis	NOUN
cblr-9108	128	46	.	.	PUNCT
cblr-9108	129	1	of	of	ADP
cblr-9108	129	2	course	course	ADV
cblr-9108	129	3	,	,	PUNCT
cblr-9108	129	4	capital	capital	NOUN
cblr-9108	129	5	raising	raising	NOUN
cblr-9108	129	6	was	be	AUX
cblr-9108	129	7	never	never	ADV
cblr-9108	129	8	the	the	DET
cblr-9108	129	9	sole	sole	ADJ
cblr-9108	129	10	determinant	determinant	NOUN
cblr-9108	129	11	of	of	ADP
cblr-9108	129	12	firms	firm	NOUN
cblr-9108	129	13	’	'	PUNCT
cblr-9108	129	14	going	go	VERB
cblr-9108	129	15	-	-	PUNCT
cblr-9108	129	16	public	public	ADJ
cblr-9108	129	17	decisions	decision	NOUN
cblr-9108	129	18	—	—	PUNCT
cblr-9108	129	19	a	a	DET
cblr-9108	129	20	large	large	ADJ
cblr-9108	129	21	literature	literature	NOUN
cblr-9108	129	22	spanning	span	VERB
cblr-9108	129	23	multiple	multiple	ADJ
cblr-9108	129	24	markets	market	NOUN
cblr-9108	129	25	and	and	CCONJ
cblr-9108	129	26	nations	nation	NOUN
cblr-9108	129	27	has	have	AUX
cblr-9108	129	28	documented	document	VERB
cblr-9108	129	29	the	the	DET
cblr-9108	129	30	many	many	ADJ
cblr-9108	129	31	determinants	determinant	NOUN
cblr-9108	129	32	of	of	ADP
cblr-9108	129	33	firms	firm	NOUN
cblr-9108	129	34	’	’	PART
cblr-9108	129	35	decisions	decision	NOUN
cblr-9108	129	36	to	to	PART
cblr-9108	129	37	cross	cross	VERB
cblr-9108	129	38	the	the	DET
cblr-9108	129	39	public	public	ADJ
cblr-9108	129	40	/	/	SYM
cblr-9108	129	41	private	private	ADJ
cblr-9108	129	42	divide.20	divide.20	NOUN
cblr-9108	129	43	but	but	CCONJ
cblr-9108	129	44	with	with	ADP
cblr-9108	129	45	the	the	DET
cblr-9108	129	46	astonishing	astonishing	ADJ
cblr-9108	129	47	growth	growth	NOUN
cblr-9108	129	48	in	in	ADP
cblr-9108	129	49	capital	capital	NOUN
cblr-9108	129	50	raising	raising	NOUN
cblr-9108	129	51	in	in	ADP
cblr-9108	129	52	private	private	ADJ
cblr-9108	129	53	markets	market	NOUN
cblr-9108	129	54	,	,	PUNCT
cblr-9108	129	55	the	the	DET
cblr-9108	129	56	remaining	remain	VERB
cblr-9108	129	57	determinants	determinant	NOUN
cblr-9108	129	58	of	of	ADP
cblr-9108	129	59	firms	firm	NOUN
cblr-9108	129	60	’	'	PUNCT
cblr-9108	129	61	decisions	decision	NOUN
cblr-9108	129	62	have	have	AUX
cblr-9108	129	63	become	become	VERB
cblr-9108	129	64	more	more	ADV
cblr-9108	129	65	varied	varied	ADJ
cblr-9108	129	66	and	and	CCONJ
cblr-9108	129	67	idiosyncratic	idiosyncratic	ADJ
cblr-9108	129	68	.	.	PUNCT
cblr-9108	130	1	how	how	SCONJ
cblr-9108	130	2	the	the	DET
cblr-9108	130	3	public	public	ADJ
cblr-9108	130	4	/	/	SYM
cblr-9108	130	5	private	private	ADJ
cblr-9108	130	6	divide	divide	NOUN
cblr-9108	130	7	works	work	VERB
cblr-9108	130	8	matters	matter	NOUN
cblr-9108	130	9	to	to	ADP
cblr-9108	130	10	the	the	DET
cblr-9108	130	11	success	success	NOUN
cblr-9108	130	12	of	of	ADP
cblr-9108	130	13	the	the	DET
cblr-9108	130	14	regulation	regulation	NOUN
cblr-9108	130	15	of	of	ADP
cblr-9108	130	16	public	public	ADJ
cblr-9108	130	17	and	and	CCONJ
cblr-9108	130	18	private	private	ADJ
cblr-9108	130	19	companies	company	NOUN
cblr-9108	130	20	.	.	PUNCT
cblr-9108	131	1	the	the	DET
cblr-9108	131	2	normative	normative	ADJ
cblr-9108	131	3	implication	implication	NOUN
cblr-9108	131	4	of	of	ADP
cblr-9108	131	5	this	this	DET
cblr-9108	131	6	new	new	ADJ
cblr-9108	131	7	equilibrium	equilibrium	NOUN
cblr-9108	131	8	is	be	AUX
cblr-9108	131	9	to	to	PART
cblr-9108	131	10	reduce	reduce	VERB
cblr-9108	131	11	the	the	DET
cblr-9108	131	12	coherency	coherency	NOUN
cblr-9108	131	13	of	of	ADP
cblr-9108	131	14	the	the	DET
cblr-9108	131	15	regulation	regulation	NOUN
cblr-9108	131	16	of	of	ADP
cblr-9108	131	17	public	public	ADJ
cblr-9108	131	18	companies	company	NOUN
cblr-9108	131	19	.	.	PUNCT
cblr-9108	132	1	the	the	DET
cblr-9108	132	2	benefits	benefit	NOUN
cblr-9108	132	3	and	and	CCONJ
cblr-9108	132	4	costs	cost	NOUN
cblr-9108	132	5	of	of	ADP
cblr-9108	132	6	being	be	AUX
cblr-9108	132	7	public	public	ADJ
cblr-9108	132	8	(	(	PUNCT
cblr-9108	132	9	or	or	CCONJ
cblr-9108	132	10	private	private	ADJ
cblr-9108	132	11	)	)	PUNCT
cblr-9108	132	12	no	no	ADV
cblr-9108	132	13	longer	long	ADV
cblr-9108	132	14	apply	apply	VERB
cblr-9108	132	15	consistently	consistently	ADV
cblr-9108	132	16	to	to	ADP
cblr-9108	132	17	firms	firm	NOUN
cblr-9108	132	18	eligible	eligible	ADJ
cblr-9108	132	19	to	to	PART
cblr-9108	132	20	go	go	VERB
cblr-9108	132	21	public	public	ADJ
cblr-9108	132	22	(	(	PUNCT
cblr-9108	132	23	or	or	CCONJ
cblr-9108	132	24	remain	remain	VERB
cblr-9108	132	25	private	private	ADJ
cblr-9108	132	26	)	)	PUNCT
cblr-9108	132	27	;	;	PUNCT
cblr-9108	132	28	instead	instead	ADV
cblr-9108	132	29	,	,	PUNCT
cblr-9108	132	30	to	to	ADP
cblr-9108	132	31	a	a	DET
cblr-9108	132	32	greater	great	ADJ
cblr-9108	132	33	degree	degree	NOUN
cblr-9108	132	34	firms	firm	NOUN
cblr-9108	132	35	now	now	ADV
cblr-9108	132	36	face	face	VERB
cblr-9108	132	37	idiosyncratic	idiosyncratic	ADJ
cblr-9108	132	38	,	,	PUNCT
cblr-9108	132	39	company	company	NOUN
cblr-9108	132	40	-	-	PUNCT
cblr-9108	132	41	specific	specific	ADJ
cblr-9108	132	42	tradeoffs	tradeoff	NOUN
cblr-9108	132	43	,	,	PUNCT
cblr-9108	132	44	and	and	CCONJ
cblr-9108	132	45	they	they	PRON
cblr-9108	132	46	often	often	ADV
cblr-9108	132	47	go	go	VERB
cblr-9108	132	48	public	public	ADJ
cblr-9108	132	49	for	for	ADP
cblr-9108	132	50	18	18	NUM
cblr-9108	132	51	ewens	ewen	NOUN
cblr-9108	132	52	&	&	CCONJ
cblr-9108	132	53	farre	farre	PROPN
cblr-9108	132	54	-	-	PUNCT
cblr-9108	132	55	mensa	mensa	ADJ
cblr-9108	132	56	,	,	PUNCT
cblr-9108	132	57	supra	supra	PROPN
cblr-9108	132	58	note	note	NOUN
cblr-9108	132	59	5	5	NUM
cblr-9108	132	60	,	,	PUNCT
cblr-9108	132	61	at	at	ADP
cblr-9108	132	62	5498	5498	NUM
cblr-9108	132	63	.	.	PUNCT
cblr-9108	133	1	19	19	NUM
cblr-9108	134	1	i	i	PRON
cblr-9108	134	2	d.	d.	PROPN
cblr-9108	134	3	at	at	ADP
cblr-9108	134	4	5506	5506	NUM
cblr-9108	134	5	.	.	PUNCT
cblr-9108	135	1	20	20	NUM
cblr-9108	135	2	global	global	ADJ
cblr-9108	135	3	evidence	evidence	NOUN
cblr-9108	135	4	suggests	suggest	VERB
cblr-9108	135	5	that	that	SCONJ
cblr-9108	135	6	the	the	DET
cblr-9108	135	7	principal	principal	ADJ
cblr-9108	135	8	determinants	determinant	NOUN
cblr-9108	135	9	of	of	ADP
cblr-9108	135	10	firms	firm	NOUN
cblr-9108	135	11	’	’	PART
cblr-9108	135	12	decisions	decision	NOUN
cblr-9108	135	13	to	to	PART
cblr-9108	135	14	go	go	VERB
cblr-9108	135	15	public	public	ADJ
cblr-9108	135	16	vary	vary	VERB
cblr-9108	135	17	enormously	enormously	ADV
cblr-9108	135	18	.	.	PUNCT
cblr-9108	136	1	see	see	VERB
cblr-9108	136	2	,	,	PUNCT
cblr-9108	136	3	e.g.	e.g.	ADV
cblr-9108	136	4	,	,	PUNCT
cblr-9108	136	5	marco	marco	PROPN
cblr-9108	136	6	pagano	pagano	PROPN
cblr-9108	136	7	,	,	PUNCT
cblr-9108	136	8	fabio	fabio	PROPN
cblr-9108	136	9	panetta	panetta	PROPN
cblr-9108	136	10	&	&	CCONJ
cblr-9108	136	11	luigi	luigi	PROPN
cblr-9108	136	12	zingales	zingales	PROPN
cblr-9108	136	13	,	,	PUNCT
cblr-9108	136	14	why	why	SCONJ
cblr-9108	136	15	do	do	AUX
cblr-9108	136	16	companies	company	NOUN
cblr-9108	136	17	go	go	VERB
cblr-9108	136	18	public	public	ADJ
cblr-9108	136	19	?	?	PUNCT
cblr-9108	137	1	an	an	DET
cblr-9108	137	2	empirical	empirical	ADJ
cblr-9108	137	3	analysis	analysis	NOUN
cblr-9108	137	4	,	,	PUNCT
cblr-9108	137	5	53	53	NUM
cblr-9108	137	6	j.	j.	PROPN
cblr-9108	137	7	fin	fin	PROPN
cblr-9108	137	8	.	.	PROPN
cblr-9108	137	9	27	27	NUM
cblr-9108	137	10	,	,	PUNCT
cblr-9108	137	11	27–30	27–30	NUM
cblr-9108	137	12	(	(	PUNCT
cblr-9108	137	13	1998	1998	NUM
cblr-9108	137	14	)	)	PUNCT
cblr-9108	137	15	(	(	PUNCT
cblr-9108	137	16	finding	find	VERB
cblr-9108	137	17	that	that	SCONJ
cblr-9108	137	18	italian	italian	ADJ
cblr-9108	137	19	firms	firm	NOUN
cblr-9108	137	20	go	go	VERB
cblr-9108	137	21	public	public	ADJ
cblr-9108	137	22	to	to	PART
cblr-9108	137	23	alter	alter	VERB
cblr-9108	137	24	their	their	PRON
cblr-9108	137	25	capital	capital	NOUN
cblr-9108	137	26	structure	structure	NOUN
cblr-9108	137	27	and	and	CCONJ
cblr-9108	137	28	benefit	benefit	NOUN
cblr-9108	137	29	from	from	ADP
cblr-9108	137	30	misvaluation	misvaluation	NOUN
cblr-9108	137	31	of	of	ADP
cblr-9108	137	32	their	their	PRON
cblr-9108	137	33	sector	sector	NOUN
cblr-9108	137	34	)	)	PUNCT
cblr-9108	137	35	;	;	PUNCT
cblr-9108	137	36	michelle	michelle	PROPN
cblr-9108	137	37	lowry	lowry	PROPN
cblr-9108	137	38	,	,	PUNCT
cblr-9108	137	39	micah	micah	PROPN
cblr-9108	137	40	s.	s.	PROPN
cblr-9108	137	41	officer	officer	PROPN
cblr-9108	137	42	&	&	CCONJ
cblr-9108	137	43	g.	g.	PROPN
cblr-9108	137	44	william	william	PROPN
cblr-9108	137	45	schwert	schwert	PROPN
cblr-9108	137	46	,	,	PUNCT
cblr-9108	137	47	the	the	DET
cblr-9108	137	48	variability	variability	NOUN
cblr-9108	137	49	of	of	ADP
cblr-9108	137	50	ipo	ipo	NOUN
cblr-9108	137	51	initial	initial	ADJ
cblr-9108	137	52	returns	return	NOUN
cblr-9108	137	53	,	,	PUNCT
cblr-9108	137	54	65	65	NUM
cblr-9108	137	55	j.	j.	PROPN
cblr-9108	137	56	fin	fin	PROPN
cblr-9108	137	57	.	.	PROPN
cblr-9108	137	58	425	425	NUM
cblr-9108	137	59	,	,	PUNCT
cblr-9108	137	60	463	463	NUM
cblr-9108	137	61	(	(	PUNCT
cblr-9108	137	62	2010	2010	NUM
cblr-9108	137	63	)	)	PUNCT
cblr-9108	137	64	(	(	PUNCT
cblr-9108	137	65	finding	find	VERB
cblr-9108	137	66	capital	capital	NOUN
cblr-9108	137	67	demands	demand	NOUN
cblr-9108	137	68	and	and	CCONJ
cblr-9108	137	69	investor	investor	NOUN
cblr-9108	137	70	sentiment	sentiment	NOUN
cblr-9108	137	71	predict	predict	VERB
cblr-9108	137	72	firms	firm	NOUN
cblr-9108	137	73	’	'	PUNCT
cblr-9108	137	74	ipo	ipo	NOUN
cblr-9108	137	75	decisions	decision	NOUN
cblr-9108	137	76	)	)	PUNCT
cblr-9108	137	77	;	;	PUNCT
cblr-9108	137	78	sreedhar	sreedhar	PROPN
cblr-9108	137	79	t.	t.	PROPN
cblr-9108	137	80	bharath	bharath	PROPN
cblr-9108	137	81	&	&	CCONJ
cblr-9108	137	82	amy	amy	PROPN
cblr-9108	137	83	k.	k.	PROPN
cblr-9108	137	84	dittmar	dittmar	PROPN
cblr-9108	137	85	,	,	PUNCT
cblr-9108	137	86	why	why	SCONJ
cblr-9108	137	87	do	do	AUX
cblr-9108	137	88	firms	firm	NOUN
cblr-9108	137	89	use	use	VERB
cblr-9108	137	90	private	private	ADJ
cblr-9108	137	91	equity	equity	NOUN
cblr-9108	137	92	to	to	PART
cblr-9108	137	93	opt	opt	VERB
cblr-9108	137	94	out	out	ADP
cblr-9108	137	95	of	of	ADP
cblr-9108	137	96	public	public	ADJ
cblr-9108	137	97	markets	market	NOUN
cblr-9108	137	98	?	?	PUNCT
cblr-9108	137	99	,	,	PUNCT
cblr-9108	137	100	23	23	NUM
cblr-9108	137	101	rev	rev	VERB
cblr-9108	137	102	.	.	PROPN
cblr-9108	137	103	fin	fin	NOUN
cblr-9108	137	104	.	.	PUNCT
cblr-9108	137	105	stud	stud	PROPN
cblr-9108	137	106	.	.	PUNCT
cblr-9108	138	1	1771	1771	NUM
cblr-9108	138	2	,	,	PUNCT
cblr-9108	138	3	1776–80	1776–80	NUM
cblr-9108	138	4	(	(	PUNCT
cblr-9108	138	5	2010	2010	NUM
cblr-9108	138	6	)	)	PUNCT
cblr-9108	138	7	(	(	PUNCT
cblr-9108	138	8	collecting	collect	VERB
cblr-9108	138	9	sources	source	NOUN
cblr-9108	138	10	)	)	PUNCT
cblr-9108	138	11	.	.	PUNCT
cblr-9108	139	1	no	no	INTJ
cblr-9108	139	2	.	.	PUNCT
cblr-9108	140	1	3:1199	3:1199	NUM
cblr-9108	140	2	]	]	X
cblr-9108	140	3	the	the	DET
cblr-9108	140	4	new	new	ADJ
cblr-9108	140	5	public	public	ADJ
cblr-9108	140	6	/	/	SYM
cblr-9108	140	7	private	private	ADJ
cblr-9108	140	8	equilibrium	equilibrium	NOUN
cblr-9108	140	9	1207	1207	NUM
cblr-9108	140	10	reasons	reason	NOUN
cblr-9108	140	11	unrelated	unrelated	ADJ
cblr-9108	140	12	to	to	ADP
cblr-9108	140	13	the	the	DET
cblr-9108	140	14	original	original	ADJ
cblr-9108	140	15	design	design	NOUN
cblr-9108	140	16	of	of	ADP
cblr-9108	140	17	the	the	DET
cblr-9108	140	18	public	public	ADJ
cblr-9108	140	19	/	/	SYM
cblr-9108	140	20	private	private	ADJ
cblr-9108	140	21	divide	divide	NOUN
cblr-9108	140	22	.	.	PUNCT
cblr-9108	141	1	regulations	regulation	NOUN
cblr-9108	141	2	imposed	impose	VERB
cblr-9108	141	3	on	on	ADP
cblr-9108	141	4	public	public	ADJ
cblr-9108	141	5	firms	firm	NOUN
cblr-9108	141	6	are	be	AUX
cblr-9108	141	7	likely	likely	ADJ
cblr-9108	141	8	to	to	PART
cblr-9108	141	9	not	not	PART
cblr-9108	141	10	only	only	ADV
cblr-9108	141	11	be	be	AUX
cblr-9108	141	12	increasingly	increasingly	ADV
cblr-9108	141	13	underand	underand	NOUN
cblr-9108	141	14	over	over	ADP
cblr-9108	141	15	-	-	PUNCT
cblr-9108	141	16	inclusive	inclusive	NOUN
cblr-9108	141	17	,	,	PUNCT
cblr-9108	141	18	but	but	CCONJ
cblr-9108	141	19	also	also	ADV
cblr-9108	141	20	to	to	PART
cblr-9108	141	21	apply	apply	VERB
cblr-9108	141	22	to	to	ADP
cblr-9108	141	23	a	a	DET
cblr-9108	141	24	class	class	NOUN
cblr-9108	141	25	of	of	ADP
cblr-9108	141	26	companies	company	NOUN
cblr-9108	141	27	whose	whose	DET
cblr-9108	141	28	coherency	coherency	NOUN
cblr-9108	141	29	as	as	ADP
cblr-9108	141	30	an	an	DET
cblr-9108	141	31	economic	economic	ADJ
cblr-9108	141	32	phenomenon	phenomenon	NOUN
cblr-9108	141	33	seems	seem	VERB
cblr-9108	141	34	increasingly	increasingly	ADV
cblr-9108	141	35	fraught	fraught	ADJ
cblr-9108	141	36	.	.	PUNCT
cblr-9108	142	1	this	this	DET
cblr-9108	142	2	article	article	NOUN
cblr-9108	142	3	proceeds	proceed	VERB
cblr-9108	142	4	as	as	SCONJ
cblr-9108	142	5	follows	follow	VERB
cblr-9108	142	6	.	.	PUNCT
cblr-9108	143	1	part	part	NOUN
cblr-9108	143	2	ii	ii	PROPN
cblr-9108	143	3	briefly	briefly	NOUN
cblr-9108	143	4	surveys	survey	VERB
cblr-9108	143	5	some	some	PRON
cblr-9108	143	6	of	of	ADP
cblr-9108	143	7	the	the	DET
cblr-9108	143	8	relevant	relevant	ADJ
cblr-9108	143	9	literature	literature	NOUN
cblr-9108	143	10	.	.	PUNCT
cblr-9108	144	1	part	part	NOUN
cblr-9108	144	2	iii	iii	PROPN
cblr-9108	144	3	describes	describe	VERB
cblr-9108	144	4	the	the	DET
cblr-9108	144	5	legal	legal	ADJ
cblr-9108	144	6	architecture	architecture	NOUN
cblr-9108	144	7	of	of	ADP
cblr-9108	144	8	the	the	DET
cblr-9108	144	9	public	public	ADJ
cblr-9108	144	10	/	/	SYM
cblr-9108	144	11	private	private	ADJ
cblr-9108	144	12	divide	divide	NOUN
cblr-9108	144	13	established	establish	VERB
cblr-9108	144	14	by	by	ADP
cblr-9108	144	15	securities	security	NOUN
cblr-9108	144	16	law	law	NOUN
cblr-9108	144	17	as	as	ADV
cblr-9108	144	18	well	well	ADV
cblr-9108	144	19	as	as	ADP
cblr-9108	144	20	the	the	DET
cblr-9108	144	21	separate	separate	ADJ
cblr-9108	144	22	divide	divide	NOUN
cblr-9108	144	23	established	establish	VERB
cblr-9108	144	24	by	by	ADP
cblr-9108	144	25	investment	investment	NOUN
cblr-9108	144	26	fund	fund	NOUN
cblr-9108	144	27	regulation	regulation	NOUN
cblr-9108	144	28	and	and	CCONJ
cblr-9108	144	29	emphasizes	emphasize	VERB
cblr-9108	144	30	how	how	SCONJ
cblr-9108	144	31	the	the	DET
cblr-9108	144	32	two	two	NUM
cblr-9108	144	33	interact	interact	NOUN
cblr-9108	144	34	.	.	PUNCT
cblr-9108	145	1	it	it	PRON
cblr-9108	145	2	also	also	ADV
cblr-9108	145	3	notes	note	VERB
cblr-9108	145	4	how	how	SCONJ
cblr-9108	145	5	the	the	DET
cblr-9108	145	6	growth	growth	NOUN
cblr-9108	145	7	of	of	ADP
cblr-9108	145	8	capital	capital	NOUN
cblr-9108	145	9	raising	raise	VERB
cblr-9108	145	10	in	in	ADP
cblr-9108	145	11	private	private	ADJ
cblr-9108	145	12	markets	market	NOUN
cblr-9108	145	13	has	have	AUX
cblr-9108	145	14	led	lead	VERB
cblr-9108	145	15	to	to	ADP
cblr-9108	145	16	an	an	DET
cblr-9108	145	17	issuer	issuer	ADJ
cblr-9108	145	18	choice	choice	NOUN
cblr-9108	145	19	regime	regime	NOUN
cblr-9108	145	20	for	for	ADP
cblr-9108	145	21	large	large	ADJ
cblr-9108	145	22	private	private	ADJ
cblr-9108	145	23	firms	firm	NOUN
cblr-9108	145	24	.	.	PUNCT
cblr-9108	146	1	part	part	NOUN
cblr-9108	146	2	iv	iv	NUM
cblr-9108	146	3	explores	explore	VERB
cblr-9108	146	4	the	the	DET
cblr-9108	146	5	complexity	complexity	NOUN
cblr-9108	146	6	and	and	CCONJ
cblr-9108	146	7	many	many	ADJ
cblr-9108	146	8	determinants	determinant	NOUN
cblr-9108	146	9	of	of	ADP
cblr-9108	146	10	the	the	DET
cblr-9108	146	11	widely	widely	ADV
cblr-9108	146	12	distinct	distinct	ADJ
cblr-9108	146	13	,	,	PUNCT
cblr-9108	146	14	if	if	SCONJ
cblr-9108	146	15	also	also	ADV
cblr-9108	146	16	overlapping	overlap	VERB
cblr-9108	146	17	,	,	PUNCT
cblr-9108	146	18	ecologies	ecology	NOUN
cblr-9108	146	19	of	of	ADP
cblr-9108	146	20	public	public	ADJ
cblr-9108	146	21	and	and	CCONJ
cblr-9108	146	22	private	private	ADJ
cblr-9108	146	23	markets	market	NOUN
cblr-9108	146	24	.	.	PUNCT
cblr-9108	147	1	alongside	alongside	ADP
cblr-9108	147	2	the	the	DET
cblr-9108	147	3	distinctions	distinction	NOUN
cblr-9108	147	4	created	create	VERB
cblr-9108	147	5	and	and	CCONJ
cblr-9108	147	6	contemplated	contemplate	VERB
cblr-9108	147	7	by	by	ADP
cblr-9108	147	8	legal	legal	ADJ
cblr-9108	147	9	design	design	NOUN
cblr-9108	147	10	,	,	PUNCT
cblr-9108	147	11	a	a	DET
cblr-9108	147	12	number	number	NOUN
cblr-9108	147	13	of	of	ADP
cblr-9108	147	14	other	other	ADJ
cblr-9108	147	15	differences	difference	NOUN
cblr-9108	147	16	have	have	AUX
cblr-9108	147	17	grown	grow	VERB
cblr-9108	147	18	more	more	ADV
cblr-9108	147	19	significant	significant	ADJ
cblr-9108	147	20	.	.	PUNCT
cblr-9108	148	1	part	part	NOUN
cblr-9108	148	2	v	v	NUM
cblr-9108	148	3	considers	consider	VERB
cblr-9108	148	4	some	some	PRON
cblr-9108	148	5	of	of	ADP
cblr-9108	148	6	the	the	DET
cblr-9108	148	7	normative	normative	ADJ
cblr-9108	148	8	implications	implication	NOUN
cblr-9108	148	9	of	of	ADP
cblr-9108	148	10	these	these	DET
cblr-9108	148	11	changes	change	NOUN
cblr-9108	148	12	.	.	PUNCT
cblr-9108	149	1	we	we	PRON
cblr-9108	149	2	then	then	ADV
cblr-9108	149	3	conclude	conclude	VERB
cblr-9108	149	4	.	.	PUNCT
cblr-9108	150	1	ii	ii	PROPN
cblr-9108	150	2	.	.	PROPN
cblr-9108	150	3	related	relate	VERB
cblr-9108	150	4	literature	literature	NOUN
cblr-9108	150	5	given	give	VERB
cblr-9108	150	6	the	the	DET
cblr-9108	150	7	public	public	ADJ
cblr-9108	150	8	/	/	SYM
cblr-9108	150	9	private	private	ADJ
cblr-9108	150	10	divide	divide	NOUN
cblr-9108	150	11	’s	’s	PART
cblr-9108	150	12	foundational	foundational	ADJ
cblr-9108	150	13	role	role	NOUN
cblr-9108	150	14	in	in	ADP
cblr-9108	150	15	securities	security	NOUN
cblr-9108	150	16	law	law	NOUN
cblr-9108	150	17	,	,	PUNCT
cblr-9108	150	18	a	a	DET
cblr-9108	150	19	large	large	ADJ
cblr-9108	150	20	literature	literature	NOUN
cblr-9108	150	21	has	have	AUX
cblr-9108	150	22	developed	develop	VERB
cblr-9108	150	23	around	around	ADP
cblr-9108	150	24	it	it	PRON
cblr-9108	150	25	—	—	PUNCT
cblr-9108	150	26	one	one	NUM
cblr-9108	150	27	far	far	ADV
cblr-9108	150	28	too	too	ADV
cblr-9108	150	29	large	large	ADJ
cblr-9108	150	30	to	to	PART
cblr-9108	150	31	discuss	discuss	VERB
cblr-9108	150	32	comprehensively	comprehensively	ADV
cblr-9108	150	33	.	.	PUNCT
cblr-9108	151	1	but	but	CCONJ
cblr-9108	151	2	three	three	NUM
cblr-9108	151	3	facets	facet	NOUN
cblr-9108	151	4	of	of	ADP
cblr-9108	151	5	that	that	DET
cblr-9108	151	6	literature	literature	NOUN
cblr-9108	151	7	are	be	AUX
cblr-9108	151	8	especially	especially	ADV
cblr-9108	151	9	relevant	relevant	ADJ
cblr-9108	151	10	here	here	ADV
cblr-9108	151	11	.	.	PUNCT
cblr-9108	152	1	one	one	NUM
cblr-9108	152	2	facet	facet	NOUN
cblr-9108	152	3	theorizes	theorize	VERB
cblr-9108	152	4	the	the	DET
cblr-9108	152	5	public	public	ADJ
cblr-9108	152	6	/	/	SYM
cblr-9108	152	7	private	private	ADJ
cblr-9108	152	8	divide	divide	NOUN
cblr-9108	152	9	itself	itself	PRON
cblr-9108	152	10	.	.	PUNCT
cblr-9108	153	1	pioneered	pioneer	VERB
cblr-9108	153	2	by	by	ADP
cblr-9108	153	3	donald	donald	PROPN
cblr-9108	153	4	langevoort	langevoort	PROPN
cblr-9108	153	5	,	,	PUNCT
cblr-9108	153	6	robert	robert	PROPN
cblr-9108	153	7	thompson	thompson	PROPN
cblr-9108	153	8	,	,	PUNCT
cblr-9108	153	9	and	and	CCONJ
cblr-9108	153	10	hilary	hilary	ADJ
cblr-9108	153	11	sale	sale	NOUN
cblr-9108	153	12	,	,	PUNCT
cblr-9108	153	13	this	this	DET
cblr-9108	153	14	literature	literature	NOUN
cblr-9108	153	15	seeks	seek	VERB
cblr-9108	153	16	to	to	PART
cblr-9108	153	17	both	both	PRON
cblr-9108	153	18	rationalize	rationalize	VERB
cblr-9108	153	19	and	and	CCONJ
cblr-9108	153	20	question	question	VERB
cblr-9108	153	21	the	the	DET
cblr-9108	153	22	structure	structure	NOUN
cblr-9108	153	23	of	of	ADP
cblr-9108	153	24	how	how	SCONJ
cblr-9108	153	25	the	the	DET
cblr-9108	153	26	public	public	ADJ
cblr-9108	153	27	and	and	CCONJ
cblr-9108	153	28	private	private	ADJ
cblr-9108	153	29	are	be	AUX
cblr-9108	153	30	divided	divide	VERB
cblr-9108	153	31	and	and	CCONJ
cblr-9108	153	32	the	the	DET
cblr-9108	153	33	nature	nature	NOUN
cblr-9108	153	34	of	of	ADP
cblr-9108	153	35	1208	1208	PROPN
cblr-9108	153	36	columbia	columbia	PROPN
cblr-9108	153	37	business	business	NOUN
cblr-9108	153	38	law	law	PROPN
cblr-9108	153	39	review	review	NOUN
cblr-9108	153	40	[	[	X
cblr-9108	153	41	vol	vol	NOUN
cblr-9108	153	42	.	.	PUNCT
cblr-9108	153	43	2021	2021	NUM
cblr-9108	154	1	the	the	DET
cblr-9108	154	2	dividing	divide	VERB
cblr-9108	154	3	line	line	NOUN
cblr-9108	154	4	itself.21	itself.21	PROPN
cblr-9108	154	5	where	where	SCONJ
cblr-9108	154	6	should	should	AUX
cblr-9108	154	7	that	that	DET
cblr-9108	154	8	line	line	NOUN
cblr-9108	154	9	be	be	AUX
cblr-9108	154	10	drawn?22	drawn?22	ADJ
cblr-9108	154	11	and	and	CCONJ
cblr-9108	154	12	should	should	AUX
cblr-9108	154	13	it	it	PRON
cblr-9108	154	14	be	be	AUX
cblr-9108	154	15	one	one	NUM
cblr-9108	154	16	line	line	NOUN
cblr-9108	154	17	between	between	ADP
cblr-9108	154	18	two	two	NUM
cblr-9108	154	19	fundamentally	fundamentally	ADV
cblr-9108	154	20	different	different	ADJ
cblr-9108	154	21	alternatives,23	alternatives,23	ADJ
cblr-9108	154	22	several	several	ADJ
cblr-9108	154	23	distinct	distinct	ADJ
cblr-9108	154	24	regulatory	regulatory	ADJ
cblr-9108	154	25	classifications,24	classifications,24	NOUN
cblr-9108	154	26	or	or	CCONJ
cblr-9108	154	27	a	a	DET
cblr-9108	154	28	continuum	continuum	NOUN
cblr-9108	154	29	of	of	ADP
cblr-9108	154	30	regulatory	regulatory	ADJ
cblr-9108	154	31	treatment?25	treatment?25	PROPN
cblr-9108	154	32	another	another	DET
cblr-9108	154	33	facet	facet	NOUN
cblr-9108	154	34	of	of	ADP
cblr-9108	154	35	the	the	DET
cblr-9108	154	36	literature	literature	NOUN
cblr-9108	154	37	addresses	address	VERB
cblr-9108	154	38	the	the	DET
cblr-9108	154	39	soundness	soundness	NOUN
cblr-9108	154	40	of	of	ADP
cblr-9108	154	41	the	the	DET
cblr-9108	154	42	policy	policy	NOUN
cblr-9108	154	43	interventions	intervention	NOUN
cblr-9108	154	44	imposed	impose	VERB
cblr-9108	154	45	on	on	ADP
cblr-9108	154	46	those	those	DET
cblr-9108	154	47	firms	firm	NOUN
cblr-9108	154	48	classified	classify	VERB
cblr-9108	154	49	as	as	ADP
cblr-9108	154	50	public	public	ADJ
cblr-9108	154	51	or	or	CCONJ
cblr-9108	154	52	private	private	ADJ
cblr-9108	154	53	.	.	PUNCT
cblr-9108	155	1	one	one	NUM
cblr-9108	155	2	of	of	ADP
cblr-9108	155	3	securities	security	NOUN
cblr-9108	155	4	law	law	NOUN
cblr-9108	155	5	’s	’s	PART
cblr-9108	155	6	core	core	NOUN
cblr-9108	155	7	debates	debate	NOUN
cblr-9108	155	8	explored	explore	VERB
cblr-9108	155	9	the	the	DET
cblr-9108	155	10	desirability	desirability	NOUN
cblr-9108	155	11	of	of	ADP
cblr-9108	155	12	the	the	DET
cblr-9108	155	13	mandatory	mandatory	ADJ
cblr-9108	155	14	disclosure	disclosure	NOUN
cblr-9108	155	15	regime	regime	NOUN
cblr-9108	155	16	that	that	PRON
cblr-9108	155	17	is	be	AUX
cblr-9108	155	18	the	the	DET
cblr-9108	155	19	centerpiece	centerpiece	NOUN
cblr-9108	155	20	of	of	ADP
cblr-9108	155	21	the	the	DET
cblr-9108	155	22	regulation	regulation	NOUN
cblr-9108	155	23	of	of	ADP
cblr-9108	155	24	public	public	ADJ
cblr-9108	155	25	issuers	issuer	NOUN
cblr-9108	155	26	and	and	CCONJ
cblr-9108	155	27	offerings.26	offerings.26	ADJ
cblr-9108	155	28	21	21	NUM
cblr-9108	155	29	see	see	NOUN
cblr-9108	155	30	,	,	PUNCT
cblr-9108	155	31	e.g.	e.g.	ADV
cblr-9108	155	32	,	,	PUNCT
cblr-9108	155	33	sale	sale	NOUN
cblr-9108	155	34	,	,	PUNCT
cblr-9108	155	35	supra	supra	PROPN
cblr-9108	155	36	note	note	NOUN
cblr-9108	155	37	1	1	NUM
cblr-9108	155	38	,	,	PUNCT
cblr-9108	155	39	138–41	138–41	NUM
cblr-9108	155	40	;	;	PUNCT
cblr-9108	155	41	langevoort	langevoort	PROPN
cblr-9108	155	42	&	&	CCONJ
cblr-9108	155	43	thompson	thompson	PROPN
cblr-9108	155	44	,	,	PUNCT
cblr-9108	155	45	supra	supra	PROPN
cblr-9108	155	46	note	note	PROPN
cblr-9108	155	47	1	1	NUM
cblr-9108	155	48	;	;	PUNCT
cblr-9108	155	49	sale	sale	NOUN
cblr-9108	155	50	&	&	CCONJ
cblr-9108	155	51	thompson	thompson	PROPN
cblr-9108	155	52	,	,	PUNCT
cblr-9108	155	53	supra	supra	PROPN
cblr-9108	155	54	note	note	PROPN
cblr-9108	155	55	1	1	NUM
cblr-9108	155	56	;	;	PUNCT
cblr-9108	155	57	see	see	VERB
cblr-9108	155	58	also	also	ADV
cblr-9108	155	59	joan	joan	PROPN
cblr-9108	155	60	macleod	macleod	PROPN
cblr-9108	155	61	heminway	heminway	PROPN
cblr-9108	155	62	,	,	PUNCT
cblr-9108	155	63	crowdfunding	crowdfunding	NOUN
cblr-9108	155	64	and	and	CCONJ
cblr-9108	155	65	the	the	DET
cblr-9108	155	66	public	public	ADJ
cblr-9108	155	67	/	/	SYM
cblr-9108	155	68	private	private	ADJ
cblr-9108	155	69	divide	divide	NOUN
cblr-9108	155	70	in	in	ADP
cblr-9108	155	71	u.s	u.s	PROPN
cblr-9108	155	72	.	.	PROPN
cblr-9108	155	73	securities	security	NOUN
cblr-9108	155	74	regulation	regulation	NOUN
cblr-9108	155	75	,	,	PUNCT
cblr-9108	155	76	83	83	NUM
cblr-9108	155	77	u.	u.	NOUN
cblr-9108	155	78	cin	cin	PROPN
cblr-9108	155	79	.	.	PUNCT
cblr-9108	156	1	l.	l.	PROPN
cblr-9108	156	2	rev	rev	PROPN
cblr-9108	156	3	.	.	PROPN
cblr-9108	156	4	477	477	NUM
cblr-9108	156	5	,	,	PUNCT
cblr-9108	156	6	481–84	481–84	NOUN
cblr-9108	156	7	(	(	PUNCT
cblr-9108	156	8	2014	2014	NUM
cblr-9108	156	9	)	)	PUNCT
cblr-9108	156	10	(	(	PUNCT
cblr-9108	156	11	applying	apply	VERB
cblr-9108	156	12	the	the	DET
cblr-9108	156	13	framework	framework	NOUN
cblr-9108	156	14	developed	develop	VERB
cblr-9108	156	15	by	by	ADP
cblr-9108	156	16	langevoort	langevoort	NOUN
cblr-9108	156	17	,	,	PUNCT
cblr-9108	156	18	sale	sale	NOUN
cblr-9108	156	19	,	,	PUNCT
cblr-9108	156	20	and	and	CCONJ
cblr-9108	156	21	thompson	thompson	NOUN
cblr-9108	156	22	to	to	ADP
cblr-9108	156	23	crowdfunding	crowdfunde	VERB
cblr-9108	156	24	)	)	PUNCT
cblr-9108	156	25	;	;	PUNCT
cblr-9108	156	26	jill	jill	PROPN
cblr-9108	156	27	e.	e.	PROPN
cblr-9108	156	28	fisch	fisch	PROPN
cblr-9108	156	29	,	,	PUNCT
cblr-9108	156	30	the	the	DET
cblr-9108	156	31	mess	mess	NOUN
cblr-9108	156	32	at	at	ADP
cblr-9108	156	33	morgan	morgan	NOUN
cblr-9108	156	34	:	:	PUNCT
cblr-9108	156	35	risk	risk	NOUN
cblr-9108	156	36	,	,	PUNCT
cblr-9108	156	37	incentives	incentive	NOUN
cblr-9108	156	38	and	and	CCONJ
cblr-9108	156	39	shareholder	shareholder	NOUN
cblr-9108	156	40	empowerment	empowerment	NOUN
cblr-9108	156	41	,	,	PUNCT
cblr-9108	156	42	83	83	NUM
cblr-9108	156	43	u.	u.	NOUN
cblr-9108	156	44	cin	cin	PROPN
cblr-9108	156	45	l.	l.	PROPN
cblr-9108	156	46	rev	rev	PROPN
cblr-9108	156	47	.	.	PROPN
cblr-9108	156	48	651	651	NUM
cblr-9108	156	49	,	,	PUNCT
cblr-9108	156	50	654	654	NUM
cblr-9108	156	51	(	(	PUNCT
cblr-9108	156	52	2015	2015	NUM
cblr-9108	156	53	)	)	PUNCT
cblr-9108	156	54	(	(	PUNCT
cblr-9108	156	55	arguing	argue	VERB
cblr-9108	156	56	that	that	SCONJ
cblr-9108	156	57	efforts	effort	NOUN
cblr-9108	156	58	to	to	PART
cblr-9108	156	59	deploy	deploy	VERB
cblr-9108	156	60	corporate	corporate	ADJ
cblr-9108	156	61	governance	governance	NOUN
cblr-9108	156	62	to	to	PART
cblr-9108	156	63	shape	shape	VERB
cblr-9108	156	64	corporation	corporation	NOUN
cblr-9108	156	65	’s	’s	PART
cblr-9108	156	66	social	social	ADJ
cblr-9108	156	67	role	role	NOUN
cblr-9108	156	68	are	be	AUX
cblr-9108	156	69	misguided	misguided	ADJ
cblr-9108	156	70	)	)	PUNCT
cblr-9108	156	71	.	.	PUNCT
cblr-9108	157	1	22	22	NUM
cblr-9108	157	2	see	see	VERB
cblr-9108	157	3	,	,	PUNCT
cblr-9108	157	4	e.g.	e.g.	ADV
cblr-9108	157	5	,	,	PUNCT
cblr-9108	157	6	michael	michael	PROPN
cblr-9108	157	7	d.	d.	PROPN
cblr-9108	157	8	guttentag	guttentag	PROPN
cblr-9108	157	9	,	,	PUNCT
cblr-9108	157	10	patching	patch	VERB
cblr-9108	157	11	a	a	DET
cblr-9108	157	12	hole	hole	NOUN
cblr-9108	157	13	in	in	ADP
cblr-9108	157	14	the	the	DET
cblr-9108	157	15	jobs	job	NOUN
cblr-9108	157	16	act	act	NOUN
cblr-9108	157	17	:	:	PUNCT
cblr-9108	157	18	how	how	SCONJ
cblr-9108	157	19	and	and	CCONJ
cblr-9108	157	20	why	why	SCONJ
cblr-9108	157	21	to	to	PART
cblr-9108	157	22	rewrite	rewrite	VERB
cblr-9108	157	23	the	the	DET
cblr-9108	157	24	rules	rule	NOUN
cblr-9108	157	25	that	that	PRON
cblr-9108	157	26	require	require	VERB
cblr-9108	157	27	firms	firm	NOUN
cblr-9108	157	28	to	to	PART
cblr-9108	157	29	make	make	VERB
cblr-9108	157	30	periodic	periodic	ADJ
cblr-9108	157	31	disclosures	disclosure	NOUN
cblr-9108	157	32	,	,	PUNCT
cblr-9108	157	33	88	88	NUM
cblr-9108	157	34	ind	ind	NOUN
cblr-9108	157	35	.	.	PUNCT
cblr-9108	158	1	l.j	l.j	AUX
cblr-9108	158	2	.	.	PROPN
cblr-9108	158	3	151	151	NUM
cblr-9108	158	4	,	,	PUNCT
cblr-9108	158	5	195–211	195–211	NUM
cblr-9108	158	6	(	(	PUNCT
cblr-9108	158	7	2013	2013	NUM
cblr-9108	158	8	)	)	PUNCT
cblr-9108	158	9	(	(	PUNCT
cblr-9108	158	10	proposing	propose	VERB
cblr-9108	158	11	modifications	modification	NOUN
cblr-9108	158	12	to	to	ADP
cblr-9108	158	13	federal	federal	ADJ
cblr-9108	158	14	periodic	periodic	ADJ
cblr-9108	158	15	disclosure	disclosure	NOUN
cblr-9108	158	16	regime	regime	NOUN
cblr-9108	158	17	structure	structure	NOUN
cblr-9108	158	18	)	)	PUNCT
cblr-9108	158	19	;	;	PUNCT
cblr-9108	158	20	a.	a.	PROPN
cblr-9108	158	21	c.	c.	PROPN
cblr-9108	158	22	pritchard	pritchard	PROPN
cblr-9108	158	23	,	,	PUNCT
cblr-9108	158	24	revisiting	revisit	VERB
cblr-9108	158	25	“	"	PUNCT
cblr-9108	158	26	truth	truth	NOUN
cblr-9108	158	27	in	in	ADP
cblr-9108	158	28	securities	security	NOUN
cblr-9108	158	29	”	"	PUNCT
cblr-9108	158	30	revisited	revisit	VERB
cblr-9108	158	31	:	:	PUNCT
cblr-9108	158	32	abolishing	abolish	VERB
cblr-9108	158	33	ipos	ipos	NOUN
cblr-9108	158	34	and	and	CCONJ
cblr-9108	158	35	harnessing	harness	VERB
cblr-9108	158	36	private	private	ADJ
cblr-9108	158	37	markets	market	NOUN
cblr-9108	158	38	in	in	ADP
cblr-9108	158	39	the	the	DET
cblr-9108	158	40	public	public	ADJ
cblr-9108	158	41	good	good	NOUN
cblr-9108	158	42	,	,	PUNCT
cblr-9108	158	43	36	36	NUM
cblr-9108	158	44	seattle	seattle	PROPN
cblr-9108	158	45	u.	u.	PROPN
cblr-9108	158	46	l.	l.	PROPN
cblr-9108	158	47	rev	rev	AUX
cblr-9108	158	48	.	.	PROPN
cblr-9108	158	49	999	999	NUM
cblr-9108	158	50	,	,	PUNCT
cblr-9108	158	51	1002	1002	NUM
cblr-9108	158	52	(	(	PUNCT
cblr-9108	158	53	2013	2013	NUM
cblr-9108	158	54	)	)	PUNCT
cblr-9108	158	55	(	(	PUNCT
cblr-9108	158	56	proposing	propose	VERB
cblr-9108	158	57	to	to	PART
cblr-9108	158	58	re	re	VERB
cblr-9108	158	59	-	-	VERB
cblr-9108	158	60	design	design	VERB
cblr-9108	158	61	the	the	DET
cblr-9108	158	62	public	public	ADJ
cblr-9108	158	63	/	/	SYM
cblr-9108	158	64	private	private	ADJ
cblr-9108	158	65	divide	divide	NOUN
cblr-9108	158	66	with	with	ADP
cblr-9108	158	67	trading	trading	NOUN
cblr-9108	158	68	volume	volume	NOUN
cblr-9108	158	69	or	or	CCONJ
cblr-9108	158	70	market	market	NOUN
cblr-9108	158	71	capitalization	capitalization	NOUN
cblr-9108	158	72	triggering	trigger	VERB
cblr-9108	158	73	the	the	DET
cblr-9108	158	74	transition	transition	NOUN
cblr-9108	158	75	between	between	ADP
cblr-9108	158	76	public	public	ADJ
cblr-9108	158	77	and	and	CCONJ
cblr-9108	158	78	private	private	ADJ
cblr-9108	158	79	markets	market	NOUN
cblr-9108	158	80	)	)	PUNCT
cblr-9108	158	81	.	.	PUNCT
cblr-9108	159	1	23	23	NUM
cblr-9108	159	2	see	see	VERB
cblr-9108	159	3	,	,	PUNCT
cblr-9108	159	4	e.g.	e.g.	ADV
cblr-9108	159	5	,	,	PUNCT
cblr-9108	159	6	usha	usha	PROPN
cblr-9108	159	7	r.	r.	PROPN
cblr-9108	159	8	rodrigues	rodrigues	PROPN
cblr-9108	159	9	,	,	PUNCT
cblr-9108	159	10	the	the	DET
cblr-9108	159	11	once	once	ADV
cblr-9108	159	12	and	and	CCONJ
cblr-9108	159	13	future	future	ADJ
cblr-9108	159	14	irrelevancy	irrelevancy	NOUN
cblr-9108	159	15	of	of	ADP
cblr-9108	159	16	section	section	NOUN
cblr-9108	159	17	12(g	12(g	NUM
cblr-9108	159	18	)	)	PUNCT
cblr-9108	159	19	,	,	PUNCT
cblr-9108	159	20	2015	2015	NUM
cblr-9108	159	21	u.	u.	PROPN
cblr-9108	159	22	ill	ill	PROPN
cblr-9108	159	23	.	.	PUNCT
cblr-9108	160	1	l.	l.	PROPN
cblr-9108	160	2	rev	rev	PROPN
cblr-9108	160	3	.	.	PROPN
cblr-9108	160	4	1529	1529	NUM
cblr-9108	160	5	,	,	PUNCT
cblr-9108	160	6	1561	1561	NUM
cblr-9108	160	7	(	(	PUNCT
cblr-9108	160	8	discussing	discuss	VERB
cblr-9108	160	9	trading	trading	NOUN
cblr-9108	160	10	volume	volume	NOUN
cblr-9108	160	11	as	as	ADP
cblr-9108	160	12	a	a	DET
cblr-9108	160	13	trigger	trigger	NOUN
cblr-9108	160	14	for	for	ADP
cblr-9108	160	15	public	public	ADJ
cblr-9108	160	16	status	status	NOUN
cblr-9108	160	17	)	)	PUNCT
cblr-9108	160	18	.	.	PUNCT
cblr-9108	161	1	24	24	NUM
cblr-9108	161	2	see	see	VERB
cblr-9108	161	3	,	,	PUNCT
cblr-9108	161	4	e.g.	e.g.	ADV
cblr-9108	161	5	,	,	PUNCT
cblr-9108	161	6	langevoort	langevoort	PROPN
cblr-9108	161	7	&	&	CCONJ
cblr-9108	161	8	thompson	thompson	PROPN
cblr-9108	161	9	,	,	PUNCT
cblr-9108	161	10	supra	supra	PROPN
cblr-9108	161	11	note	note	NOUN
cblr-9108	161	12	1	1	NUM
cblr-9108	161	13	,	,	PUNCT
cblr-9108	161	14	at	at	ADP
cblr-9108	161	15	342	342	NUM
cblr-9108	161	16	.	.	PUNCT
cblr-9108	162	1	25	25	NUM
cblr-9108	162	2	jeff	jeff	PROPN
cblr-9108	162	3	schwartz	schwartz	PROPN
cblr-9108	162	4	,	,	PUNCT
cblr-9108	162	5	the	the	DET
cblr-9108	162	6	twilight	twilight	NOUN
cblr-9108	162	7	of	of	ADP
cblr-9108	162	8	equity	equity	NOUN
cblr-9108	162	9	liquidity	liquidity	NOUN
cblr-9108	162	10	,	,	PUNCT
cblr-9108	162	11	34	34	NUM
cblr-9108	162	12	cardozo	cardozo	PROPN
cblr-9108	162	13	l.	l.	PROPN
cblr-9108	162	14	rev	rev	PROPN
cblr-9108	162	15	.	.	PROPN
cblr-9108	162	16	531	531	NUM
cblr-9108	162	17	,	,	PUNCT
cblr-9108	162	18	579	579	NUM
cblr-9108	162	19	(	(	PUNCT
cblr-9108	162	20	2012	2012	NUM
cblr-9108	162	21	)	)	PUNCT
cblr-9108	162	22	.	.	PUNCT
cblr-9108	163	1	26	26	NUM
cblr-9108	163	2	roberta	roberta	PROPN
cblr-9108	163	3	romano	romano	NOUN
cblr-9108	163	4	,	,	PUNCT
cblr-9108	163	5	empowering	empower	VERB
cblr-9108	163	6	investors	investor	NOUN
cblr-9108	163	7	:	:	PUNCT
cblr-9108	163	8	a	a	DET
cblr-9108	163	9	market	market	NOUN
cblr-9108	163	10	approach	approach	NOUN
cblr-9108	163	11	to	to	ADP
cblr-9108	163	12	securities	security	NOUN
cblr-9108	163	13	regulation	regulation	NOUN
cblr-9108	163	14	,	,	PUNCT
cblr-9108	163	15	107	107	NUM
cblr-9108	163	16	yale	yale	PROPN
cblr-9108	163	17	l.j	l.j	PROPN
cblr-9108	163	18	.	.	PROPN
cblr-9108	163	19	2359	2359	NUM
cblr-9108	163	20	,	,	PUNCT
cblr-9108	163	21	2373–80	2373–80	NUM
cblr-9108	163	22	(	(	PUNCT
cblr-9108	163	23	1998	1998	NUM
cblr-9108	163	24	)	)	PUNCT
cblr-9108	163	25	(	(	PUNCT
cblr-9108	163	26	arguing	argue	VERB
cblr-9108	163	27	that	that	SCONJ
cblr-9108	163	28	mandatory	mandatory	ADJ
cblr-9108	163	29	disclosure	disclosure	NOUN
cblr-9108	163	30	rules	rule	NOUN
cblr-9108	163	31	do	do	AUX
cblr-9108	163	32	not	not	PART
cblr-9108	163	33	contribute	contribute	VERB
cblr-9108	163	34	to	to	ADP
cblr-9108	163	35	investor	investor	NOUN
cblr-9108	163	36	welfare	welfare	NOUN
cblr-9108	163	37	and	and	CCONJ
cblr-9108	163	38	that	that	SCONJ
cblr-9108	163	39	corporate	corporate	ADJ
cblr-9108	163	40	firms	firm	NOUN
cblr-9108	163	41	have	have	VERB
cblr-9108	163	42	other	other	ADJ
cblr-9108	163	43	incentives	incentive	NOUN
cblr-9108	163	44	to	to	PART
cblr-9108	163	45	disclose	disclose	VERB
cblr-9108	163	46	information	information	NOUN
cblr-9108	163	47	)	)	PUNCT
cblr-9108	163	48	;	;	PUNCT
cblr-9108	163	49	fox	fox	PROPN
cblr-9108	163	50	,	,	PUNCT
cblr-9108	163	51	supra	supra	PROPN
cblr-9108	163	52	note	note	PROPN
cblr-9108	163	53	17	17	NUM
cblr-9108	163	54	,	,	PUNCT
cblr-9108	163	55	at	at	ADP
cblr-9108	163	56	1340–42	1340–42	NUM
cblr-9108	163	57	(	(	PUNCT
cblr-9108	163	58	advocating	advocate	VERB
cblr-9108	163	59	for	for	ADP
cblr-9108	163	60	the	the	DET
cblr-9108	163	61	present	present	ADJ
cblr-9108	163	62	mandatory	mandatory	ADJ
cblr-9108	163	63	disclosure	disclosure	NOUN
cblr-9108	163	64	regime	regime	NOUN
cblr-9108	163	65	)	)	PUNCT
cblr-9108	163	66	;	;	PUNCT
cblr-9108	164	1	merritt	merritt	PROPN
cblr-9108	164	2	b.	b.	PROPN
cblr-9108	164	3	fox	fox	PROPN
cblr-9108	164	4	,	,	PUNCT
cblr-9108	164	5	the	the	DET
cblr-9108	164	6	issuer	issuer	ADJ
cblr-9108	164	7	choice	choice	NOUN
cblr-9108	164	8	debate	debate	NOUN
cblr-9108	164	9	,	,	PUNCT
cblr-9108	164	10	2	2	NUM
cblr-9108	164	11	theoretical	theoretical	ADJ
cblr-9108	164	12	inquiries	inquiry	NOUN
cblr-9108	164	13	l.	l.	PROPN
cblr-9108	164	14	563	563	NUM
cblr-9108	164	15	,	,	PUNCT
cblr-9108	164	16	568–571	568–571	NUM
cblr-9108	164	17	(	(	PUNCT
cblr-9108	164	18	2001	2001	NUM
cblr-9108	164	19	)	)	PUNCT
cblr-9108	164	20	(	(	PUNCT
cblr-9108	164	21	arguing	argue	VERB
cblr-9108	164	22	against	against	ADP
cblr-9108	164	23	an	an	DET
cblr-9108	164	24	issuer	issuer	ADJ
cblr-9108	164	25	choice	choice	NOUN
cblr-9108	164	26	regime	regime	NOUN
cblr-9108	164	27	and	and	CCONJ
cblr-9108	164	28	for	for	ADP
cblr-9108	164	29	mandatory	mandatory	ADJ
cblr-9108	164	30	disclosure	disclosure	NOUN
cblr-9108	164	31	laws	law	NOUN
cblr-9108	164	32	)	)	PUNCT
cblr-9108	165	1	[	[	X
cblr-9108	165	2	hereinafter	hereinafter	NOUN
cblr-9108	165	3	fox	fox	NOUN
cblr-9108	165	4	,	,	PUNCT
cblr-9108	165	5	issuer	issuer	ADJ
cblr-9108	165	6	choice	choice	NOUN
cblr-9108	165	7	]	]	X
cblr-9108	165	8	;	;	PUNCT
cblr-9108	165	9	john	john	PROPN
cblr-9108	165	10	c.	c.	PROPN
cblr-9108	165	11	coffee	coffee	PROPN
cblr-9108	165	12	,	,	PUNCT
cblr-9108	165	13	jr	jr	PROPN
cblr-9108	165	14	.	.	PROPN
cblr-9108	165	15	,	,	PUNCT
cblr-9108	165	16	market	market	NOUN
cblr-9108	165	17	failure	failure	NOUN
cblr-9108	165	18	and	and	CCONJ
cblr-9108	165	19	the	the	DET
cblr-9108	165	20	economic	economic	ADJ
cblr-9108	165	21	case	case	NOUN
cblr-9108	165	22	for	for	ADP
cblr-9108	165	23	a	a	DET
cblr-9108	165	24	mandatory	mandatory	ADJ
cblr-9108	165	25	disclosure	disclosure	NOUN
cblr-9108	165	26	system	system	NOUN
cblr-9108	165	27	,	,	PUNCT
cblr-9108	165	28	70	70	NUM
cblr-9108	165	29	va	va	NOUN
cblr-9108	165	30	.	.	PUNCT
cblr-9108	165	31	l.	l.	PROPN
cblr-9108	165	32	rev	rev	PROPN
cblr-9108	165	33	.	.	PROPN
cblr-9108	165	34	717	717	NUM
cblr-9108	165	35	,	,	PUNCT
cblr-9108	165	36	721–23	721–23	PROPN
cblr-9108	165	37	(	(	PUNCT
cblr-9108	165	38	1984	1984	NUM
cblr-9108	165	39	)	)	PUNCT
cblr-9108	165	40	(	(	PUNCT
cblr-9108	165	41	arguing	argue	VERB
cblr-9108	165	42	for	for	ADP
cblr-9108	165	43	mandatory	mandatory	ADJ
cblr-9108	165	44	no	no	NOUN
cblr-9108	165	45	.	.	PUNCT
cblr-9108	166	1	3:1199	3:1199	NUM
cblr-9108	166	2	]	]	X
cblr-9108	166	3	the	the	DET
cblr-9108	166	4	new	new	ADJ
cblr-9108	166	5	public	public	ADJ
cblr-9108	166	6	/	/	SYM
cblr-9108	166	7	private	private	ADJ
cblr-9108	166	8	equilibrium	equilibrium	NOUN
cblr-9108	166	9	1209	1209	NUM
cblr-9108	166	10	a	a	DET
cblr-9108	166	11	generation	generation	NOUN
cblr-9108	166	12	later	later	ADV
cblr-9108	166	13	,	,	PUNCT
cblr-9108	166	14	progress	progress	NOUN
cblr-9108	166	15	has	have	AUX
cblr-9108	166	16	been	be	AUX
cblr-9108	166	17	made	make	VERB
cblr-9108	166	18	,	,	PUNCT
cblr-9108	166	19	but	but	CCONJ
cblr-9108	166	20	basic	basic	ADJ
cblr-9108	166	21	questions	question	NOUN
cblr-9108	166	22	remain	remain	VERB
cblr-9108	166	23	as	as	ADP
cblr-9108	166	24	to	to	ADP
cblr-9108	166	25	the	the	DET
cblr-9108	166	26	optimal	optimal	ADJ
cblr-9108	166	27	design	design	NOUN
cblr-9108	166	28	of	of	ADP
cblr-9108	166	29	a	a	DET
cblr-9108	166	30	disclosure	disclosure	NOUN
cblr-9108	166	31	regime	regime	NOUN
cblr-9108	166	32	,	,	PUNCT
cblr-9108	166	33	both	both	CCONJ
cblr-9108	166	34	in	in	ADP
cblr-9108	166	35	terms	term	NOUN
cblr-9108	166	36	of	of	ADP
cblr-9108	166	37	whom	whom	PRON
cblr-9108	166	38	it	it	PRON
cblr-9108	166	39	should	should	AUX
cblr-9108	166	40	apply	apply	VERB
cblr-9108	166	41	to	to	ADP
cblr-9108	166	42	and	and	CCONJ
cblr-9108	166	43	its	its	PRON
cblr-9108	166	44	content.27	content.27	PROPN
cblr-9108	166	45	a	a	DET
cblr-9108	166	46	last	last	ADJ
cblr-9108	166	47	and	and	CCONJ
cblr-9108	166	48	sprawling	sprawl	VERB
cblr-9108	166	49	facet	facet	NOUN
cblr-9108	166	50	of	of	ADP
cblr-9108	166	51	the	the	DET
cblr-9108	166	52	literature	literature	NOUN
cblr-9108	166	53	explores	explore	VERB
cblr-9108	166	54	the	the	DET
cblr-9108	166	55	effects	effect	NOUN
cblr-9108	166	56	of	of	ADP
cblr-9108	166	57	differences	difference	NOUN
cblr-9108	166	58	in	in	ADP
cblr-9108	166	59	public	public	ADJ
cblr-9108	166	60	and	and	CCONJ
cblr-9108	166	61	private	private	ADJ
cblr-9108	166	62	markets	market	NOUN
cblr-9108	166	63	on	on	ADP
cblr-9108	166	64	the	the	DET
cblr-9108	166	65	operation	operation	NOUN
cblr-9108	166	66	of	of	ADP
cblr-9108	166	67	firms.28	firms.28	NUM
cblr-9108	166	68	this	this	DET
cblr-9108	166	69	literature	literature	NOUN
cblr-9108	166	70	addresses	address	NOUN
cblr-9108	166	71	issues	issue	NOUN
cblr-9108	166	72	as	as	ADV
cblr-9108	166	73	varied	varied	ADJ
cblr-9108	166	74	as	as	ADP
cblr-9108	166	75	the	the	DET
cblr-9108	166	76	determinants	determinant	NOUN
cblr-9108	166	77	of	of	ADP
cblr-9108	166	78	whether	whether	SCONJ
cblr-9108	166	79	firms	firm	NOUN
cblr-9108	166	80	go	go	VERB
cblr-9108	166	81	public	public	ADJ
cblr-9108	166	82	or	or	CCONJ
cblr-9108	166	83	not,29	not,29	NOUN
cblr-9108	166	84	and	and	CCONJ
cblr-9108	166	85	the	the	DET
cblr-9108	166	86	effects	effect	NOUN
cblr-9108	166	87	of	of	ADP
cblr-9108	166	88	being	be	AUX
cblr-9108	166	89	private	private	ADJ
cblr-9108	166	90	or	or	CCONJ
cblr-9108	166	91	public	public	ADJ
cblr-9108	166	92	on	on	ADP
cblr-9108	166	93	innovation,30	innovation,30	ADJ
cblr-9108	166	94	issuer	issuer	NOUN
cblr-9108	166	95	malfeasance,31	malfeasance,31	NOUN
cblr-9108	166	96	and	and	CCONJ
cblr-9108	166	97	corporate	corporate	ADJ
cblr-9108	166	98	time	time	NOUN
cblr-9108	166	99	-	-	PUNCT
cblr-9108	166	100	horizons.32	horizons.32	NOUN
cblr-9108	166	101	iii	iii	PROPN
cblr-9108	166	102	.	.	PUNCT
cblr-9108	167	1	securities	security	NOUN
cblr-9108	167	2	law	law	NOUN
cblr-9108	167	3	origins	origin	NOUN
cblr-9108	167	4	of	of	ADP
cblr-9108	167	5	the	the	DET
cblr-9108	167	6	public	public	ADJ
cblr-9108	167	7	/	/	SYM
cblr-9108	167	8	private	private	ADJ
cblr-9108	167	9	divide	divide	NOUN
cblr-9108	167	10	in	in	ADP
cblr-9108	167	11	this	this	DET
cblr-9108	167	12	part	part	NOUN
cblr-9108	167	13	,	,	PUNCT
cblr-9108	167	14	we	we	PRON
cblr-9108	167	15	describe	describe	VERB
cblr-9108	167	16	the	the	DET
cblr-9108	167	17	original	original	ADJ
cblr-9108	167	18	securities	security	NOUN
cblr-9108	167	19	law	law	NOUN
cblr-9108	167	20	distinctions	distinction	NOUN
cblr-9108	167	21	at	at	ADP
cblr-9108	167	22	the	the	DET
cblr-9108	167	23	heart	heart	NOUN
cblr-9108	167	24	of	of	ADP
cblr-9108	167	25	the	the	DET
cblr-9108	167	26	public	public	ADJ
cblr-9108	167	27	/	/	SYM
cblr-9108	167	28	private	private	ADJ
cblr-9108	167	29	divide	divide	NOUN
cblr-9108	167	30	.	.	PUNCT
cblr-9108	168	1	current	current	ADJ
cblr-9108	168	2	debates	debate	NOUN
cblr-9108	168	3	center	center	NOUN
cblr-9108	168	4	on	on	ADP
cblr-9108	168	5	the	the	DET
cblr-9108	168	6	legal	legal	ADJ
cblr-9108	168	7	distinction	distinction	NOUN
cblr-9108	168	8	between	between	ADP
cblr-9108	168	9	public	public	ADJ
cblr-9108	168	10	and	and	CCONJ
cblr-9108	168	11	private	private	ADJ
cblr-9108	168	12	operating	operating	NOUN
cblr-9108	168	13	companies	company	NOUN
cblr-9108	168	14	,	,	PUNCT
cblr-9108	168	15	which	which	PRON
cblr-9108	168	16	we	we	PRON
cblr-9108	168	17	describe	describe	VERB
cblr-9108	168	18	in	in	ADP
cblr-9108	168	19	section	section	NOUN
cblr-9108	168	20	iii.a	iii.a	PROPN
cblr-9108	168	21	.	.	PUNCT
cblr-9108	169	1	what	what	PRON
cblr-9108	169	2	is	be	AUX
cblr-9108	169	3	often	often	ADV
cblr-9108	169	4	missed	miss	VERB
cblr-9108	169	5	in	in	ADP
cblr-9108	169	6	these	these	DET
cblr-9108	169	7	debates	debate	NOUN
cblr-9108	169	8	,	,	PUNCT
cblr-9108	169	9	however	however	ADV
cblr-9108	169	10	,	,	PUNCT
cblr-9108	169	11	is	be	AUX
cblr-9108	169	12	that	that	SCONJ
cblr-9108	169	13	,	,	PUNCT
cblr-9108	169	14	in	in	ADP
cblr-9108	169	15	practice	practice	NOUN
cblr-9108	169	16	,	,	PUNCT
cblr-9108	169	17	the	the	DET
cblr-9108	169	18	public	public	ADJ
cblr-9108	169	19	/	/	SYM
cblr-9108	169	20	private	private	ADJ
cblr-9108	169	21	divide	divide	NOUN
cblr-9108	169	22	for	for	ADP
cblr-9108	169	23	operating	operating	NOUN
cblr-9108	169	24	companies	company	NOUN
cblr-9108	169	25	is	be	AUX
cblr-9108	169	26	also	also	ADV
cblr-9108	169	27	profoundly	profoundly	ADV
cblr-9108	169	28	affected	affect	VERB
cblr-9108	169	29	by	by	ADP
cblr-9108	169	30	the	the	DET
cblr-9108	169	31	public	public	ADJ
cblr-9108	169	32	/	/	SYM
cblr-9108	169	33	private	private	ADJ
cblr-9108	169	34	divide	divide	NOUN
cblr-9108	169	35	for	for	ADP
cblr-9108	169	36	investment	investment	NOUN
cblr-9108	169	37	funds	fund	NOUN
cblr-9108	169	38	,	,	PUNCT
cblr-9108	169	39	which	which	PRON
cblr-9108	169	40	we	we	PRON
cblr-9108	169	41	describe	describe	VERB
cblr-9108	169	42	in	in	ADP
cblr-9108	169	43	section	section	NOUN
cblr-9108	169	44	iii.b	iii.b	X
cblr-9108	169	45	.	.	PUNCT
cblr-9108	170	1	finally	finally	ADV
cblr-9108	170	2	,	,	PUNCT
cblr-9108	170	3	in	in	ADP
cblr-9108	170	4	section	section	NOUN
cblr-9108	170	5	iii.c	iii.c	PROPN
cblr-9108	170	6	,	,	PUNCT
cblr-9108	170	7	we	we	PRON
cblr-9108	170	8	engage	engage	VERB
cblr-9108	170	9	in	in	ADP
cblr-9108	170	10	a	a	DET
cblr-9108	170	11	thought	think	VERB
cblr-9108	170	12	experiment	experiment	NOUN
cblr-9108	170	13	,	,	PUNCT
cblr-9108	170	14	imagining	imagine	VERB
cblr-9108	170	15	how	how	SCONJ
cblr-9108	170	16	an	an	DET
cblr-9108	170	17	idealized	idealized	ADJ
cblr-9108	170	18	version	version	NOUN
cblr-9108	170	19	of	of	ADP
cblr-9108	170	20	the	the	DET
cblr-9108	170	21	public	public	ADJ
cblr-9108	170	22	/	/	SYM
cblr-9108	170	23	private	private	ADJ
cblr-9108	170	24	disclosure	disclosure	NOUN
cblr-9108	170	25	to	to	PART
cblr-9108	170	26	promote	promote	VERB
cblr-9108	170	27	market	market	NOUN
cblr-9108	170	28	efficiency	efficiency	NOUN
cblr-9108	170	29	and	and	CCONJ
cblr-9108	170	30	suggesting	suggest	VERB
cblr-9108	170	31	an	an	DET
cblr-9108	170	32	investor	investor	NOUN
cblr-9108	170	33	-	-	PUNCT
cblr-9108	170	34	oriented	orient	VERB
cblr-9108	170	35	mandatory	mandatory	ADJ
cblr-9108	170	36	disclosure	disclosure	NOUN
cblr-9108	170	37	system	system	NOUN
cblr-9108	170	38	)	)	PUNCT
cblr-9108	170	39	.	.	PUNCT
cblr-9108	171	1	27	27	NUM
cblr-9108	171	2	see	see	VERB
cblr-9108	171	3	guttentag	guttentag	NOUN
cblr-9108	171	4	,	,	PUNCT
cblr-9108	171	5	supra	supra	PROPN
cblr-9108	171	6	note	note	NOUN
cblr-9108	171	7	22	22	NUM
cblr-9108	171	8	.	.	PUNCT
cblr-9108	172	1	28	28	NUM
cblr-9108	172	2	asker	asker	NOUN
cblr-9108	172	3	et	et	PROPN
cblr-9108	172	4	al	al	PROPN
cblr-9108	172	5	.	.	PROPN
cblr-9108	172	6	,	,	PUNCT
cblr-9108	172	7	supra	supra	PROPN
cblr-9108	172	8	note	note	NOUN
cblr-9108	172	9	2	2	NUM
cblr-9108	172	10	,	,	PUNCT
cblr-9108	172	11	at	at	ADP
cblr-9108	172	12	344–45	344–45	NUM
cblr-9108	172	13	(	(	PUNCT
cblr-9108	172	14	finding	find	VERB
cblr-9108	172	15	that	that	SCONJ
cblr-9108	172	16	short	short	ADJ
cblr-9108	172	17	-	-	PUNCT
cblr-9108	172	18	termism	termism	NOUN
cblr-9108	172	19	distorts	distort	VERB
cblr-9108	172	20	the	the	DET
cblr-9108	172	21	investment	investment	NOUN
cblr-9108	172	22	decisions	decision	NOUN
cblr-9108	172	23	of	of	ADP
cblr-9108	172	24	public	public	ADJ
cblr-9108	172	25	firms	firm	NOUN
cblr-9108	172	26	)	)	PUNCT
cblr-9108	172	27	;	;	PUNCT
cblr-9108	172	28	eric	eric	PROPN
cblr-9108	172	29	l.	l.	PROPN
cblr-9108	172	30	talley	talley	PROPN
cblr-9108	172	31	,	,	PUNCT
cblr-9108	172	32	public	public	ADJ
cblr-9108	172	33	ownership	ownership	NOUN
cblr-9108	172	34	,	,	PUNCT
cblr-9108	172	35	firm	firm	ADJ
cblr-9108	172	36	governance	governance	NOUN
cblr-9108	172	37	,	,	PUNCT
cblr-9108	172	38	and	and	CCONJ
cblr-9108	172	39	litigation	litigation	NOUN
cblr-9108	172	40	risk	risk	NOUN
cblr-9108	172	41	,	,	PUNCT
cblr-9108	172	42	76	76	NUM
cblr-9108	172	43	u.	u.	NOUN
cblr-9108	172	44	chi	chi	PROPN
cblr-9108	172	45	.	.	PUNCT
cblr-9108	173	1	l.	l.	PROPN
cblr-9108	173	2	rev	rev	AUX
cblr-9108	173	3	.	.	PROPN
cblr-9108	173	4	335	335	NUM
cblr-9108	173	5	,	,	PUNCT
cblr-9108	173	6	336	336	NUM
cblr-9108	173	7	(	(	PUNCT
cblr-9108	173	8	2009	2009	NUM
cblr-9108	173	9	)	)	PUNCT
cblr-9108	173	10	(	(	PUNCT
cblr-9108	173	11	analyzing	analyze	VERB
cblr-9108	173	12	and	and	CCONJ
cblr-9108	173	13	empirically	empirically	ADV
cblr-9108	173	14	exploring	explore	VERB
cblr-9108	173	15	how	how	SCONJ
cblr-9108	173	16	litigation	litigation	NOUN
cblr-9108	173	17	risk	risk	NOUN
cblr-9108	173	18	might	might	AUX
cblr-9108	173	19	affect	affect	VERB
cblr-9108	173	20	firms	firm	NOUN
cblr-9108	173	21	’	'	PUNCT
cblr-9108	173	22	going	go	VERB
cblr-9108	173	23	private	private	ADJ
cblr-9108	173	24	decisions	decision	NOUN
cblr-9108	173	25	in	in	ADP
cblr-9108	173	26	comparison	comparison	NOUN
cblr-9108	173	27	with	with	ADP
cblr-9108	173	28	governance	governance	NOUN
cblr-9108	173	29	changes	change	NOUN
cblr-9108	173	30	)	)	PUNCT
cblr-9108	173	31	;	;	PUNCT
cblr-9108	173	32	elizabeth	elizabeth	PROPN
cblr-9108	173	33	pollman	pollman	PROPN
cblr-9108	173	34	,	,	PUNCT
cblr-9108	173	35	private	private	ADJ
cblr-9108	173	36	company	company	NOUN
cblr-9108	173	37	lies	lie	VERB
cblr-9108	173	38	,	,	PUNCT
cblr-9108	174	1	109	109	NUM
cblr-9108	174	2	geo	geo	PROPN
cblr-9108	174	3	.	.	PUNCT
cblr-9108	174	4	l.j	l.j	AUX
cblr-9108	174	5	.	.	PROPN
cblr-9108	174	6	353	353	NUM
cblr-9108	174	7	,	,	PUNCT
cblr-9108	174	8	359	359	NUM
cblr-9108	174	9	–	–	PUNCT
cblr-9108	174	10	360	360	NUM
cblr-9108	174	11	(	(	PUNCT
cblr-9108	174	12	2020	2020	NUM
cblr-9108	174	13	)	)	PUNCT
cblr-9108	174	14	(	(	PUNCT
cblr-9108	174	15	exploring	explore	VERB
cblr-9108	174	16	information	information	NOUN
cblr-9108	174	17	asymmetry	asymmetry	NOUN
cblr-9108	174	18	and	and	CCONJ
cblr-9108	174	19	securities	security	NOUN
cblr-9108	174	20	fraud	fraud	NOUN
cblr-9108	174	21	in	in	ADP
cblr-9108	174	22	the	the	DET
cblr-9108	174	23	context	context	NOUN
cblr-9108	174	24	of	of	ADP
cblr-9108	174	25	private	private	ADJ
cblr-9108	174	26	markets	market	NOUN
cblr-9108	174	27	and	and	CCONJ
cblr-9108	174	28	proposing	propose	VERB
cblr-9108	174	29	an	an	DET
cblr-9108	174	30	enforcement	enforcement	NOUN
cblr-9108	174	31	regime	regime	NOUN
cblr-9108	174	32	)	)	PUNCT
cblr-9108	174	33	.	.	PUNCT
cblr-9108	175	1	29	29	NUM
cblr-9108	175	2	ewens	ewen	NOUN
cblr-9108	175	3	et	et	PROPN
cblr-9108	175	4	al	al	PROPN
cblr-9108	175	5	.	.	PROPN
cblr-9108	175	6	,	,	PUNCT
cblr-9108	175	7	supra	supra	PROPN
cblr-9108	175	8	note	note	PROPN
cblr-9108	175	9	5	5	NUM
cblr-9108	175	10	,	,	PUNCT
cblr-9108	175	11	at	at	ADP
cblr-9108	175	12	5–6	5–6	NOUN
cblr-9108	175	13	.	.	PROPN
cblr-9108	175	14	30	30	NUM
cblr-9108	175	15	see	see	VERB
cblr-9108	175	16	,	,	PUNCT
cblr-9108	175	17	e.g.	e.g.	ADV
cblr-9108	175	18	,	,	PUNCT
cblr-9108	175	19	shai	shai	PROPN
cblr-9108	175	20	bernstein	bernstein	PROPN
cblr-9108	175	21	,	,	PUNCT
cblr-9108	175	22	does	do	AUX
cblr-9108	175	23	going	go	VERB
cblr-9108	175	24	public	public	ADJ
cblr-9108	175	25	affect	affect	VERB
cblr-9108	175	26	innovation	innovation	NOUN
cblr-9108	175	27	?	?	PUNCT
cblr-9108	175	28	,	,	PUNCT
cblr-9108	175	29	70	70	NUM
cblr-9108	175	30	j.	j.	PROPN
cblr-9108	175	31	fin	fin	PROPN
cblr-9108	175	32	.	.	PUNCT
cblr-9108	175	33	1365	1365	NUM
cblr-9108	175	34	,	,	PUNCT
cblr-9108	175	35	1365	1365	NUM
cblr-9108	175	36	,	,	PUNCT
cblr-9108	175	37	1367–68	1367–68	NUM
cblr-9108	175	38	(	(	PUNCT
cblr-9108	175	39	2015	2015	NUM
cblr-9108	175	40	)	)	PUNCT
cblr-9108	175	41	.	.	PUNCT
cblr-9108	176	1	31	31	NUM
cblr-9108	176	2	pollman	pollman	NOUN
cblr-9108	176	3	,	,	PUNCT
cblr-9108	176	4	supra	supra	PROPN
cblr-9108	176	5	note	note	NOUN
cblr-9108	176	6	28	28	NUM
cblr-9108	176	7	.	.	PUNCT
cblr-9108	176	8	32	32	NUM
cblr-9108	176	9	asker	asker	NOUN
cblr-9108	176	10	et	et	PROPN
cblr-9108	176	11	al	al	PROPN
cblr-9108	176	12	.	.	PROPN
cblr-9108	176	13	,	,	PUNCT
cblr-9108	176	14	supra	supra	PROPN
cblr-9108	176	15	note	note	NOUN
cblr-9108	176	16	2	2	NUM
cblr-9108	176	17	,	,	PUNCT
cblr-9108	176	18	at	at	ADP
cblr-9108	176	19	344	344	NUM
cblr-9108	176	20	.	.	PUNCT
cblr-9108	176	21	1210	1210	NUM
cblr-9108	176	22	columbia	columbia	PROPN
cblr-9108	176	23	business	business	NOUN
cblr-9108	176	24	law	law	PROPN
cblr-9108	176	25	review	review	NOUN
cblr-9108	176	26	[	[	X
cblr-9108	176	27	vol	vol	NOUN
cblr-9108	176	28	.	.	NOUN
cblr-9108	176	29	2021	2021	NUM
cblr-9108	176	30	divide	divide	NOUN
cblr-9108	176	31	could	could	AUX
cblr-9108	176	32	work	work	VERB
cblr-9108	176	33	.	.	PUNCT
cblr-9108	177	1	that	that	DET
cblr-9108	177	2	idealized	idealize	VERB
cblr-9108	177	3	picture	picture	NOUN
cblr-9108	177	4	will	will	AUX
cblr-9108	177	5	prove	prove	VERB
cblr-9108	177	6	a	a	DET
cblr-9108	177	7	useful	useful	ADJ
cblr-9108	177	8	contrast	contrast	NOUN
cblr-9108	177	9	to	to	ADP
cblr-9108	177	10	how	how	SCONJ
cblr-9108	177	11	we	we	PRON
cblr-9108	177	12	think	think	VERB
cblr-9108	177	13	the	the	DET
cblr-9108	177	14	public	public	ADJ
cblr-9108	177	15	/	/	SYM
cblr-9108	177	16	private	private	ADJ
cblr-9108	177	17	divide	divide	NOUN
cblr-9108	177	18	actually	actually	ADV
cblr-9108	177	19	works	work	VERB
cblr-9108	177	20	today	today	NOUN
cblr-9108	177	21	,	,	PUNCT
cblr-9108	177	22	which	which	PRON
cblr-9108	177	23	we	we	PRON
cblr-9108	177	24	explore	explore	VERB
cblr-9108	177	25	in	in	ADP
cblr-9108	177	26	parts	part	NOUN
cblr-9108	177	27	iv	iv	X
cblr-9108	177	28	and	and	CCONJ
cblr-9108	177	29	v.	v.	ADP
cblr-9108	177	30	a.	a.	NOUN
cblr-9108	177	31	the	the	DET
cblr-9108	177	32	public	public	ADJ
cblr-9108	177	33	/	/	SYM
cblr-9108	177	34	private	private	ADJ
cblr-9108	177	35	divide	divide	NOUN
cblr-9108	177	36	for	for	ADP
cblr-9108	177	37	operating	operating	NOUN
cblr-9108	177	38	companies	company	NOUN
cblr-9108	177	39	although	although	SCONJ
cblr-9108	177	40	the	the	DET
cblr-9108	177	41	public	public	ADJ
cblr-9108	177	42	/	/	SYM
cblr-9108	177	43	private	private	ADJ
cblr-9108	177	44	divide	divide	NOUN
cblr-9108	177	45	now	now	ADV
cblr-9108	177	46	pervasively	pervasively	ADV
cblr-9108	177	47	characterizes	characterize	VERB
cblr-9108	177	48	capital	capital	NOUN
cblr-9108	177	49	markets	market	NOUN
cblr-9108	177	50	in	in	ADP
cblr-9108	177	51	the	the	DET
cblr-9108	177	52	u.s	u.s	PROPN
cblr-9108	177	53	.	.	PROPN
cblr-9108	177	54	,	,	PUNCT
cblr-9108	177	55	it	it	PRON
cblr-9108	177	56	originally	originally	ADV
cblr-9108	177	57	began	begin	VERB
cblr-9108	177	58	as	as	ADP
cblr-9108	177	59	a	a	DET
cblr-9108	177	60	legal	legal	ADJ
cblr-9108	177	61	distinction.33	distinction.33	NOUN
cblr-9108	177	62	that	that	PRON
cblr-9108	177	63	divide	divide	VERB
cblr-9108	177	64	was	be	AUX
cblr-9108	177	65	first	first	ADV
cblr-9108	177	66	constructed	construct	VERB
cblr-9108	177	67	and	and	CCONJ
cblr-9108	177	68	mandated	mandate	VERB
cblr-9108	177	69	by	by	ADP
cblr-9108	177	70	the	the	DET
cblr-9108	177	71	federal	federal	ADJ
cblr-9108	177	72	securities	security	NOUN
cblr-9108	177	73	laws	law	NOUN
cblr-9108	177	74	almost	almost	ADV
cblr-9108	177	75	ninety	ninety	NUM
cblr-9108	177	76	years	year	NOUN
cblr-9108	177	77	ago	ago	ADV
cblr-9108	177	78	,	,	PUNCT
cblr-9108	177	79	in	in	ADP
cblr-9108	177	80	the	the	DET
cblr-9108	177	81	wake	wake	NOUN
cblr-9108	177	82	of	of	ADP
cblr-9108	177	83	the	the	DET
cblr-9108	177	84	great	great	ADJ
cblr-9108	177	85	depression.34	depression.34	NOUN
cblr-9108	177	86	since	since	SCONJ
cblr-9108	177	87	the	the	DET
cblr-9108	177	88	public	public	ADJ
cblr-9108	177	89	/	/	SYM
cblr-9108	177	90	private	private	ADJ
cblr-9108	177	91	divide	divide	NOUN
cblr-9108	177	92	was	be	AUX
cblr-9108	177	93	established	establish	VERB
cblr-9108	177	94	,	,	PUNCT
cblr-9108	177	95	both	both	CCONJ
cblr-9108	177	96	the	the	DET
cblr-9108	177	97	lines	line	NOUN
cblr-9108	177	98	of	of	ADP
cblr-9108	177	99	demarcation	demarcation	NOUN
cblr-9108	177	100	and	and	CCONJ
cblr-9108	177	101	their	their	PRON
cblr-9108	177	102	consequences	consequence	NOUN
cblr-9108	177	103	have	have	AUX
cblr-9108	177	104	periodically	periodically	ADV
cblr-9108	177	105	shifted	shift	VERB
cblr-9108	177	106	.	.	PUNCT
cblr-9108	178	1	yet	yet	CCONJ
cblr-9108	178	2	the	the	DET
cblr-9108	178	3	regulatory	regulatory	ADJ
cblr-9108	178	4	divide	divide	NOUN
cblr-9108	178	5	itself	itself	PRON
cblr-9108	178	6	persists	persist	VERB
cblr-9108	178	7	,	,	PUNCT
cblr-9108	178	8	and	and	CCONJ
cblr-9108	178	9	it	it	PRON
cblr-9108	178	10	profoundly	profoundly	ADV
cblr-9108	178	11	shapes	shape	VERB
cblr-9108	178	12	market	market	NOUN
cblr-9108	178	13	activity	activity	NOUN
cblr-9108	178	14	.	.	PUNCT
cblr-9108	179	1	arguably	arguably	ADV
cblr-9108	179	2	,	,	PUNCT
cblr-9108	179	3	the	the	DET
cblr-9108	179	4	best	well	ADV
cblr-9108	179	5	known	know	VERB
cblr-9108	179	6	of	of	ADP
cblr-9108	179	7	the	the	DET
cblr-9108	179	8	public	public	ADJ
cblr-9108	179	9	/	/	SYM
cblr-9108	179	10	private	private	ADJ
cblr-9108	179	11	divides	divide	NOUN
cblr-9108	179	12	is	be	AUX
cblr-9108	179	13	the	the	DET
cblr-9108	179	14	distinction	distinction	NOUN
cblr-9108	179	15	between	between	ADP
cblr-9108	179	16	public	public	ADJ
cblr-9108	179	17	and	and	CCONJ
cblr-9108	179	18	private	private	ADJ
cblr-9108	179	19	issuers.35	issuers.35	NOUN
cblr-9108	179	20	the	the	DET
cblr-9108	179	21	33	33	NUM
cblr-9108	179	22	indeed	indeed	ADV
cblr-9108	179	23	,	,	PUNCT
cblr-9108	179	24	the	the	DET
cblr-9108	179	25	public	public	ADJ
cblr-9108	179	26	/	/	SYM
cblr-9108	179	27	private	private	ADJ
cblr-9108	179	28	divide	divide	NOUN
cblr-9108	179	29	established	establish	VERB
cblr-9108	179	30	by	by	ADP
cblr-9108	179	31	the	the	DET
cblr-9108	179	32	securities	security	NOUN
cblr-9108	179	33	act	act	NOUN
cblr-9108	179	34	of	of	ADP
cblr-9108	179	35	1933	1933	NUM
cblr-9108	179	36	and	and	CCONJ
cblr-9108	179	37	the	the	DET
cblr-9108	179	38	exchange	exchange	NOUN
cblr-9108	179	39	act	act	NOUN
cblr-9108	179	40	of	of	ADP
cblr-9108	179	41	1934	1934	NUM
cblr-9108	179	42	(	(	PUNCT
cblr-9108	179	43	together	together	ADV
cblr-9108	179	44	,	,	PUNCT
cblr-9108	179	45	the	the	DET
cblr-9108	179	46	“	"	PUNCT
cblr-9108	179	47	securities	security	NOUN
cblr-9108	179	48	acts	act	NOUN
cblr-9108	179	49	”	"	PUNCT
cblr-9108	179	50	)	)	PUNCT
cblr-9108	179	51	actually	actually	ADV
cblr-9108	179	52	encompasses	encompass	VERB
cblr-9108	179	53	a	a	DET
cblr-9108	179	54	set	set	NOUN
cblr-9108	179	55	of	of	ADP
cblr-9108	179	56	four	four	NUM
cblr-9108	179	57	distinctions	distinction	NOUN
cblr-9108	179	58	between	between	ADP
cblr-9108	179	59	“	"	PUNCT
cblr-9108	179	60	public	public	ADJ
cblr-9108	179	61	”	"	PUNCT
cblr-9108	179	62	and	and	CCONJ
cblr-9108	179	63	“	"	PUNCT
cblr-9108	179	64	private	private	ADJ
cblr-9108	179	65	”	"	PUNCT
cblr-9108	179	66	:	:	PUNCT
cblr-9108	179	67	(	(	PUNCT
cblr-9108	179	68	1	1	X
cblr-9108	179	69	)	)	PUNCT
cblr-9108	179	70	companies	company	NOUN
cblr-9108	179	71	,	,	PUNCT
cblr-9108	179	72	(	(	PUNCT
cblr-9108	179	73	2	2	X
cblr-9108	179	74	)	)	PUNCT
cblr-9108	179	75	securities	security	NOUN
cblr-9108	179	76	,	,	PUNCT
cblr-9108	179	77	(	(	PUNCT
cblr-9108	179	78	3	3	X
cblr-9108	179	79	)	)	PUNCT
cblr-9108	179	80	offerings	offering	NOUN
cblr-9108	179	81	of	of	ADP
cblr-9108	179	82	securities	security	NOUN
cblr-9108	179	83	;	;	PUNCT
cblr-9108	179	84	and	and	CCONJ
cblr-9108	179	85	(	(	PUNCT
cblr-9108	179	86	4	4	X
cblr-9108	179	87	)	)	PUNCT
cblr-9108	179	88	trading	trading	NOUN
cblr-9108	179	89	markets	market	NOUN
cblr-9108	179	90	.	.	PUNCT
cblr-9108	180	1	these	these	DET
cblr-9108	180	2	distinctions	distinction	NOUN
cblr-9108	180	3	arise	arise	VERB
cblr-9108	180	4	by	by	ADP
cblr-9108	180	5	operation	operation	NOUN
cblr-9108	180	6	of	of	ADP
cblr-9108	180	7	the	the	DET
cblr-9108	180	8	securities	security	NOUN
cblr-9108	180	9	act	act	NOUN
cblr-9108	180	10	of	of	ADP
cblr-9108	180	11	1933	1933	NUM
cblr-9108	180	12	(	(	PUNCT
cblr-9108	180	13	“	"	PUNCT
cblr-9108	180	14	securities	securities	PROPN
cblr-9108	180	15	act	act	PROPN
cblr-9108	180	16	”	"	PUNCT
cblr-9108	180	17	)	)	PUNCT
cblr-9108	180	18	,	,	PUNCT
cblr-9108	180	19	pub	pub	NOUN
cblr-9108	180	20	.	.	PUNCT
cblr-9108	181	1	l.	l.	PROPN
cblr-9108	181	2	no	no	INTJ
cblr-9108	181	3	.	.	PUNCT
cblr-9108	182	1	73	73	NUM
cblr-9108	182	2	-	-	SYM
cblr-9108	182	3	22	22	NUM
cblr-9108	182	4	,	,	PUNCT
cblr-9108	182	5	48	48	NUM
cblr-9108	182	6	stat	stat	NOUN
cblr-9108	182	7	.	.	PUNCT
cblr-9108	183	1	74	74	NUM
cblr-9108	183	2	(	(	PUNCT
cblr-9108	183	3	codified	codify	VERB
cblr-9108	183	4	as	as	SCONJ
cblr-9108	183	5	amended	amend	VERB
cblr-9108	183	6	at	at	ADP
cblr-9108	183	7	15	15	NUM
cblr-9108	183	8	u.s.c	u.s.c	ADJ
cblr-9108	183	9	.	.	PUNCT
cblr-9108	184	1	§	§	PROPN
cblr-9108	184	2	§	§	PROPN
cblr-9108	184	3	77a–77aa	77a–77aa	NUM
cblr-9108	184	4	)	)	PUNCT
cblr-9108	184	5	,	,	PUNCT
cblr-9108	184	6	and	and	CCONJ
cblr-9108	184	7	the	the	DET
cblr-9108	184	8	securities	securities	PROPN
cblr-9108	184	9	exchange	exchange	PROPN
cblr-9108	184	10	act	act	NOUN
cblr-9108	184	11	of	of	ADP
cblr-9108	184	12	1934	1934	NUM
cblr-9108	184	13	(	(	PUNCT
cblr-9108	184	14	“	"	PUNCT
cblr-9108	184	15	exchange	exchange	NOUN
cblr-9108	184	16	act	act	NOUN
cblr-9108	184	17	”	"	PUNCT
cblr-9108	184	18	)	)	PUNCT
cblr-9108	184	19	,	,	PUNCT
cblr-9108	184	20	pub	pub	NOUN
cblr-9108	184	21	.	.	PUNCT
cblr-9108	185	1	l.	l.	PROPN
cblr-9108	185	2	no	no	INTJ
cblr-9108	185	3	.	.	PROPN
cblr-9108	186	1	73	73	NUM
cblr-9108	186	2	-	-	SYM
cblr-9108	186	3	291	291	NUM
cblr-9108	186	4	,	,	PUNCT
cblr-9108	186	5	48	48	NUM
cblr-9108	186	6	stat	stat	NOUN
cblr-9108	186	7	.	.	PUNCT
cblr-9108	187	1	881	881	NUM
cblr-9108	187	2	(	(	PUNCT
cblr-9108	187	3	1934	1934	NUM
cblr-9108	187	4	)	)	PUNCT
cblr-9108	187	5	(	(	PUNCT
cblr-9108	187	6	codified	codify	VERB
cblr-9108	187	7	as	as	SCONJ
cblr-9108	187	8	amended	amend	VERB
cblr-9108	187	9	at	at	ADP
cblr-9108	187	10	15	15	NUM
cblr-9108	187	11	u.s.c	u.s.c	ADJ
cblr-9108	187	12	.	.	PUNCT
cblr-9108	188	1	§	§	PROPN
cblr-9108	188	2	§	§	PROPN
cblr-9108	188	3	78a–78qq	78a–78qq	NUM
cblr-9108	188	4	)	)	PUNCT
cblr-9108	188	5	,	,	PUNCT
cblr-9108	188	6	as	as	ADV
cblr-9108	188	7	well	well	ADV
cblr-9108	188	8	as	as	ADP
cblr-9108	188	9	the	the	DET
cblr-9108	188	10	respective	respective	ADJ
cblr-9108	188	11	regulations	regulation	NOUN
cblr-9108	188	12	thereunder	thereunder	NOUN
cblr-9108	188	13	.	.	PUNCT
cblr-9108	189	1	the	the	DET
cblr-9108	189	2	exchange	exchange	PROPN
cblr-9108	189	3	act	act	NOUN
cblr-9108	189	4	imposes	impose	VERB
cblr-9108	189	5	disclosure	disclosure	NOUN
cblr-9108	189	6	and	and	CCONJ
cblr-9108	189	7	other	other	ADJ
cblr-9108	189	8	requirements	requirement	NOUN
cblr-9108	189	9	on	on	ADP
cblr-9108	189	10	a	a	DET
cblr-9108	189	11	specific	specific	ADJ
cblr-9108	189	12	set	set	NOUN
cblr-9108	189	13	of	of	ADP
cblr-9108	189	14	companies	company	NOUN
cblr-9108	189	15	(	(	PUNCT
cblr-9108	189	16	“	"	PUNCT
cblr-9108	189	17	public	public	ADJ
cblr-9108	189	18	companies	company	NOUN
cblr-9108	189	19	”	"	PUNCT
cblr-9108	189	20	)	)	PUNCT
cblr-9108	189	21	,	,	PUNCT
cblr-9108	189	22	and	and	CCONJ
cblr-9108	189	23	the	the	DET
cblr-9108	189	24	securities	security	NOUN
cblr-9108	189	25	act	act	NOUN
cblr-9108	189	26	requires	require	VERB
cblr-9108	189	27	disclosure	disclosure	NOUN
cblr-9108	189	28	in	in	ADP
cblr-9108	189	29	connection	connection	NOUN
cblr-9108	189	30	with	with	ADP
cblr-9108	189	31	specific	specific	ADJ
cblr-9108	189	32	securities	security	NOUN
cblr-9108	189	33	offerings	offering	NOUN
cblr-9108	189	34	(	(	PUNCT
cblr-9108	189	35	“	"	PUNCT
cblr-9108	189	36	public	public	ADJ
cblr-9108	189	37	offerings	offering	NOUN
cblr-9108	189	38	”	"	PUNCT
cblr-9108	189	39	)	)	PUNCT
cblr-9108	189	40	.	.	PUNCT
cblr-9108	190	1	see	see	VERB
cblr-9108	190	2	the	the	DET
cblr-9108	190	3	laws	law	NOUN
cblr-9108	190	4	that	that	PRON
cblr-9108	190	5	govern	govern	VERB
cblr-9108	190	6	the	the	DET
cblr-9108	190	7	securities	security	NOUN
cblr-9108	190	8	industry	industry	NOUN
cblr-9108	190	9	,	,	PUNCT
cblr-9108	190	10	u.s	u.s	PROPN
cblr-9108	190	11	.	.	PROPN
cblr-9108	190	12	sec	sec	PROPN
cblr-9108	190	13	.	.	PROPN
cblr-9108	190	14	&	&	CCONJ
cblr-9108	190	15	exch	exch	PROPN
cblr-9108	190	16	.	.	PUNCT
cblr-9108	191	1	comm’n	comm’n	PROPN
cblr-9108	191	2	,	,	PUNCT
cblr-9108	191	3	https://www.investor.gov/introduction-investing/investingbasics/role-sec/laws-govern-securities-industry	https://www.investor.gov/introduction-investing/investingbasics/role-sec/laws-govern-securities-industry	NOUN
cblr-9108	192	1	[	[	X
cblr-9108	192	2	https://perma.cc/jk6v74pj	https://perma.cc/jk6v74pj	X
cblr-9108	192	3	]	]	X
cblr-9108	192	4	(	(	PUNCT
cblr-9108	192	5	last	last	ADV
cblr-9108	192	6	visited	visit	VERB
cblr-9108	192	7	oct	oct	PROPN
cblr-9108	192	8	.	.	PROPN
cblr-9108	192	9	15	15	NUM
cblr-9108	192	10	,	,	PUNCT
cblr-9108	192	11	2021	2021	NUM
cblr-9108	192	12	)	)	PUNCT
cblr-9108	192	13	.	.	PUNCT
cblr-9108	193	1	finally	finally	ADV
cblr-9108	193	2	,	,	PUNCT
cblr-9108	193	3	the	the	DET
cblr-9108	193	4	two	two	NUM
cblr-9108	193	5	statutes	statute	NOUN
cblr-9108	193	6	combine	combine	VERB
cblr-9108	193	7	to	to	PART
cblr-9108	193	8	create	create	VERB
cblr-9108	193	9	two	two	NUM
cblr-9108	193	10	different	different	ADJ
cblr-9108	193	11	securities	security	NOUN
cblr-9108	193	12	trading	trading	NOUN
cblr-9108	193	13	environments	environment	NOUN
cblr-9108	193	14	(	(	PUNCT
cblr-9108	193	15	the	the	DET
cblr-9108	193	16	“	"	PUNCT
cblr-9108	193	17	public	public	ADJ
cblr-9108	193	18	”	"	PUNCT
cblr-9108	193	19	and	and	CCONJ
cblr-9108	193	20	“	"	PUNCT
cblr-9108	193	21	private	private	ADJ
cblr-9108	193	22	”	"	PUNCT
cblr-9108	193	23	markets	market	NOUN
cblr-9108	193	24	)	)	PUNCT
cblr-9108	193	25	.	.	PUNCT
cblr-9108	194	1	see	see	VERB
cblr-9108	194	2	de	de	PROPN
cblr-9108	194	3	fontenay	fontenay	NOUN
cblr-9108	194	4	,	,	PUNCT
cblr-9108	194	5	supra	supra	PROPN
cblr-9108	194	6	note	note	PROPN
cblr-9108	194	7	6	6	NUM
cblr-9108	194	8	,	,	PUNCT
cblr-9108	194	9	at	at	ADP
cblr-9108	194	10	452–53	452–53	NUM
cblr-9108	194	11	.	.	PUNCT
cblr-9108	195	1	34	34	NUM
cblr-9108	195	2	de	de	PROPN
cblr-9108	195	3	fontenay	fontenay	PROPN
cblr-9108	195	4	,	,	PUNCT
cblr-9108	195	5	supra	supra	PROPN
cblr-9108	195	6	note	note	PROPN
cblr-9108	195	7	6	6	NUM
cblr-9108	195	8	,	,	PUNCT
cblr-9108	195	9	at	at	ADP
cblr-9108	195	10	452–53	452–53	NUM
cblr-9108	195	11	;	;	PUNCT
cblr-9108	195	12	see	see	VERB
cblr-9108	195	13	also	also	ADV
cblr-9108	195	14	paul	paul	PROPN
cblr-9108	195	15	g.	g.	PROPN
cblr-9108	195	16	mahoney	mahoney	PROPN
cblr-9108	195	17	,	,	PUNCT
cblr-9108	195	18	the	the	DET
cblr-9108	195	19	political	political	ADJ
cblr-9108	195	20	economy	economy	NOUN
cblr-9108	195	21	of	of	ADP
cblr-9108	195	22	the	the	DET
cblr-9108	195	23	securities	security	NOUN
cblr-9108	195	24	act	act	NOUN
cblr-9108	195	25	of	of	ADP
cblr-9108	195	26	1933	1933	NUM
cblr-9108	195	27	,	,	PUNCT
cblr-9108	195	28	30	30	NUM
cblr-9108	195	29	j.	j.	PROPN
cblr-9108	195	30	legal	legal	ADJ
cblr-9108	195	31	stud	stud	NOUN
cblr-9108	195	32	.	.	PUNCT
cblr-9108	196	1	1	1	NUM
cblr-9108	196	2	(	(	PUNCT
cblr-9108	196	3	2001	2001	NUM
cblr-9108	196	4	)	)	PUNCT
cblr-9108	196	5	(	(	PUNCT
cblr-9108	196	6	describing	describe	VERB
cblr-9108	196	7	the	the	DET
cblr-9108	196	8	origins	origin	NOUN
cblr-9108	196	9	of	of	ADP
cblr-9108	196	10	the	the	DET
cblr-9108	196	11	federal	federal	ADJ
cblr-9108	196	12	securities	security	NOUN
cblr-9108	196	13	laws	law	NOUN
cblr-9108	196	14	)	)	PUNCT
cblr-9108	196	15	.	.	PUNCT
cblr-9108	197	1	35	35	NUM
cblr-9108	197	2	as	as	ADP
cblr-9108	197	3	discussed	discuss	VERB
cblr-9108	197	4	infra	infra	NOUN
cblr-9108	197	5	in	in	ADP
cblr-9108	197	6	section	section	NOUN
cblr-9108	197	7	ii.b	ii.b	PROPN
cblr-9108	197	8	.	.	PUNCT
cblr-9108	198	1	,	,	PUNCT
cblr-9108	198	2	there	there	PRON
cblr-9108	198	3	is	be	VERB
cblr-9108	198	4	a	a	DET
cblr-9108	198	5	separate	separate	ADJ
cblr-9108	198	6	regulatory	regulatory	ADJ
cblr-9108	198	7	framework	framework	NOUN
cblr-9108	198	8	and	and	CCONJ
cblr-9108	198	9	public	public	ADJ
cblr-9108	198	10	/	/	SYM
cblr-9108	198	11	private	private	ADJ
cblr-9108	198	12	divide	divide	NOUN
cblr-9108	198	13	for	for	ADP
cblr-9108	198	14	companies	company	NOUN
cblr-9108	198	15	that	that	PRON
cblr-9108	198	16	are	be	AUX
cblr-9108	198	17	investment	investment	NOUN
cblr-9108	198	18	funds	fund	NOUN
cblr-9108	198	19	.	.	PUNCT
cblr-9108	199	1	no	no	INTJ
cblr-9108	199	2	.	.	PUNCT
cblr-9108	200	1	3:1199	3:1199	NUM
cblr-9108	200	2	]	]	X
cblr-9108	200	3	the	the	DET
cblr-9108	200	4	new	new	ADJ
cblr-9108	200	5	public	public	ADJ
cblr-9108	200	6	/	/	SYM
cblr-9108	200	7	private	private	ADJ
cblr-9108	200	8	equilibrium	equilibrium	NOUN
cblr-9108	200	9	1211	1211	NUM
cblr-9108	200	10	securities	security	NOUN
cblr-9108	200	11	act	act	NOUN
cblr-9108	200	12	of	of	ADP
cblr-9108	200	13	1933,36	1933,36	NUM
cblr-9108	200	14	together	together	ADV
cblr-9108	200	15	with	with	ADP
cblr-9108	200	16	the	the	DET
cblr-9108	200	17	securities	securities	PROPN
cblr-9108	200	18	exchange	exchange	PROPN
cblr-9108	200	19	act	act	NOUN
cblr-9108	200	20	of	of	ADP
cblr-9108	200	21	1934,37	1934,37	NUM
cblr-9108	200	22	sought	seek	VERB
cblr-9108	200	23	to	to	PART
cblr-9108	200	24	ensure	ensure	VERB
cblr-9108	200	25	that	that	SCONJ
cblr-9108	200	26	companies	company	NOUN
cblr-9108	200	27	whose	whose	DET
cblr-9108	200	28	securities	security	NOUN
cblr-9108	200	29	were	be	AUX
cblr-9108	200	30	issued	issue	VERB
cblr-9108	200	31	to	to	ADP
cblr-9108	200	32	or	or	CCONJ
cblr-9108	200	33	traded	trade	VERB
cblr-9108	200	34	by	by	ADP
cblr-9108	200	35	the	the	DET
cblr-9108	200	36	general	general	ADJ
cblr-9108	200	37	public	public	NOUN
cblr-9108	200	38	disclosed	disclose	VERB
cblr-9108	200	39	sufficient	sufficient	ADJ
cblr-9108	200	40	information	information	NOUN
cblr-9108	200	41	for	for	SCONJ
cblr-9108	200	42	investors	investor	NOUN
cblr-9108	200	43	to	to	PART
cblr-9108	200	44	make	make	VERB
cblr-9108	200	45	good	good	ADJ
cblr-9108	200	46	decisions	decision	NOUN
cblr-9108	200	47	about	about	ADP
cblr-9108	200	48	whether	whether	SCONJ
cblr-9108	200	49	,	,	PUNCT
cblr-9108	200	50	how	how	SCONJ
cblr-9108	200	51	much	much	ADJ
cblr-9108	200	52	,	,	PUNCT
cblr-9108	200	53	and	and	CCONJ
cblr-9108	200	54	when	when	SCONJ
cblr-9108	200	55	to	to	PART
cblr-9108	200	56	invest.38	invest.38	VERB
cblr-9108	200	57	there	there	ADV
cblr-9108	200	58	are	be	AUX
cblr-9108	200	59	three	three	NUM
cblr-9108	200	60	basic	basic	ADJ
cblr-9108	200	61	criteria	criterion	NOUN
cblr-9108	200	62	or	or	CCONJ
cblr-9108	200	63	“	"	PUNCT
cblr-9108	200	64	triggers	trigger	NOUN
cblr-9108	200	65	”	"	PUNCT
cblr-9108	200	66	for	for	ADP
cblr-9108	200	67	when	when	SCONJ
cblr-9108	200	68	an	an	DET
cblr-9108	200	69	operating	operate	VERB
cblr-9108	200	70	company	company	NOUN
cblr-9108	200	71	becomes	become	VERB
cblr-9108	200	72	“	"	PUNCT
cblr-9108	200	73	public	public	ADJ
cblr-9108	200	74	”	"	PUNCT
cblr-9108	200	75	under	under	ADP
cblr-9108	200	76	the	the	DET
cblr-9108	200	77	securities	security	NOUN
cblr-9108	200	78	laws	law	NOUN
cblr-9108	200	79	and	and	CCONJ
cblr-9108	200	80	subject	subject	NOUN
cblr-9108	200	81	to	to	ADP
cblr-9108	200	82	the	the	DET
cblr-9108	200	83	obligations	obligation	NOUN
cblr-9108	200	84	of	of	ADP
cblr-9108	200	85	public	public	ADJ
cblr-9108	200	86	status	status	NOUN
cblr-9108	200	87	:	:	PUNCT
cblr-9108	200	88	(	(	PUNCT
cblr-9108	200	89	1	1	X
cblr-9108	200	90	)	)	PUNCT
cblr-9108	200	91	they	they	PRON
cblr-9108	200	92	offer	offer	VERB
cblr-9108	200	93	to	to	PART
cblr-9108	200	94	sell	sell	VERB
cblr-9108	200	95	their	their	PRON
cblr-9108	200	96	securities	security	NOUN
cblr-9108	200	97	to	to	ADP
cblr-9108	200	98	the	the	DET
cblr-9108	200	99	general	general	ADJ
cblr-9108	200	100	public;39	public;39	NOUN
cblr-9108	200	101	(	(	PUNCT
cblr-9108	200	102	2	2	X
cblr-9108	200	103	)	)	PUNCT
cblr-9108	200	104	they	they	PRON
cblr-9108	200	105	grow	grow	VERB
cblr-9108	200	106	large	large	ADJ
cblr-9108	200	107	enough	enough	ADV
cblr-9108	200	108	that	that	SCONJ
cblr-9108	200	109	their	their	PRON
cblr-9108	200	110	assets	asset	NOUN
cblr-9108	200	111	or	or	CCONJ
cblr-9108	200	112	shareholders	shareholder	NOUN
cblr-9108	200	113	of	of	ADP
cblr-9108	200	114	record	record	NOUN
cblr-9108	200	115	exceed	exceed	AUX
cblr-9108	200	116	specified	specify	VERB
cblr-9108	200	117	thresholds;40	thresholds;40	NOUN
cblr-9108	200	118	or	or	CCONJ
cblr-9108	200	119	(	(	PUNCT
cblr-9108	200	120	3	3	NUM
cblr-9108	200	121	)	)	PUNCT
cblr-9108	200	122	at	at	ADV
cblr-9108	200	123	least	least	ADV
cblr-9108	200	124	one	one	NUM
cblr-9108	200	125	class	class	NOUN
cblr-9108	200	126	of	of	ADP
cblr-9108	200	127	their	their	PRON
cblr-9108	200	128	securities	security	NOUN
cblr-9108	200	129	is	be	AUX
cblr-9108	200	130	traded	trade	VERB
cblr-9108	200	131	on	on	ADP
cblr-9108	200	132	a	a	DET
cblr-9108	200	133	national	national	ADJ
cblr-9108	200	134	securities	security	NOUN
cblr-9108	200	135	exchange.41	exchange.41	NOUN
cblr-9108	200	136	we	we	PRON
cblr-9108	200	137	loosely	loosely	ADV
cblr-9108	200	138	refer	refer	VERB
cblr-9108	200	139	to	to	ADP
cblr-9108	200	140	companies	company	NOUN
cblr-9108	200	141	subject	subject	ADJ
cblr-9108	200	142	to	to	ADP
cblr-9108	200	143	these	these	DET
cblr-9108	200	144	disclosure	disclosure	NOUN
cblr-9108	200	145	burdens	burden	NOUN
cblr-9108	200	146	as	as	ADP
cblr-9108	200	147	“	"	PUNCT
cblr-9108	200	148	public	public	ADJ
cblr-9108	200	149	”	"	PUNCT
cblr-9108	200	150	companies	company	NOUN
cblr-9108	200	151	.	.	PUNCT
cblr-9108	201	1	in	in	ADP
cblr-9108	201	2	this	this	DET
cblr-9108	201	3	sense	sense	NOUN
cblr-9108	201	4	,	,	PUNCT
cblr-9108	201	5	these	these	DET
cblr-9108	201	6	three	three	NUM
cblr-9108	201	7	triggers	trigger	NOUN
cblr-9108	201	8	define	define	VERB
cblr-9108	201	9	the	the	DET
cblr-9108	201	10	public	public	ADJ
cblr-9108	201	11	/	/	SYM
cblr-9108	201	12	private	private	ADJ
cblr-9108	201	13	divide	divide	NOUN
cblr-9108	201	14	.	.	PUNCT
cblr-9108	202	1	the	the	DET
cblr-9108	202	2	centerpiece	centerpiece	NOUN
cblr-9108	202	3	of	of	ADP
cblr-9108	202	4	the	the	DET
cblr-9108	202	5	obligations	obligation	NOUN
cblr-9108	202	6	imposed	impose	VERB
cblr-9108	202	7	on	on	ADP
cblr-9108	202	8	public	public	ADJ
cblr-9108	202	9	companies	company	NOUN
cblr-9108	202	10	by	by	ADP
cblr-9108	202	11	the	the	DET
cblr-9108	202	12	securities	security	NOUN
cblr-9108	202	13	acts	act	NOUN
cblr-9108	202	14	is	be	AUX
cblr-9108	202	15	a	a	DET
cblr-9108	202	16	mandatory	mandatory	ADJ
cblr-9108	202	17	disclosure	disclosure	NOUN
cblr-9108	202	18	system.42	system.42	VERB
cblr-9108	202	19	the	the	DET
cblr-9108	202	20	disclosure	disclosure	NOUN
cblr-9108	202	21	obligations	obligation	NOUN
cblr-9108	202	22	of	of	ADP
cblr-9108	202	23	public	public	ADJ
cblr-9108	202	24	companies	company	NOUN
cblr-9108	202	25	are	be	AUX
cblr-9108	202	26	substantial	substantial	ADJ
cblr-9108	202	27	.	.	PUNCT
cblr-9108	203	1	public	public	ADJ
cblr-9108	203	2	firms	firm	NOUN
cblr-9108	203	3	must	must	AUX
cblr-9108	203	4	provide	provide	VERB
cblr-9108	203	5	not	not	PART
cblr-9108	203	6	only	only	ADV
cblr-9108	203	7	financial	financial	ADJ
cblr-9108	203	8	statements	statement	NOUN
cblr-9108	203	9	,	,	PUNCT
cblr-9108	203	10	but	but	CCONJ
cblr-9108	203	11	also	also	ADV
cblr-9108	203	12	detailed	detail	VERB
cblr-9108	203	13	information	information	NOUN
cblr-9108	203	14	about	about	ADP
cblr-9108	203	15	governance	governance	NOUN
cblr-9108	203	16	,	,	PUNCT
cblr-9108	203	17	36	36	NUM
cblr-9108	203	18	securities	security	NOUN
cblr-9108	203	19	act	act	NOUN
cblr-9108	203	20	of	of	ADP
cblr-9108	203	21	1933	1933	NUM
cblr-9108	203	22	(	(	PUNCT
cblr-9108	203	23	securities	security	NOUN
cblr-9108	203	24	act	act	PROPN
cblr-9108	203	25	)	)	PUNCT
cblr-9108	203	26	,	,	PUNCT
cblr-9108	203	27	pub	pub	NOUN
cblr-9108	203	28	.	.	PUNCT
cblr-9108	204	1	l.	l.	PROPN
cblr-9108	204	2	no	no	INTJ
cblr-9108	204	3	.	.	PUNCT
cblr-9108	205	1	73	73	NUM
cblr-9108	205	2	-	-	SYM
cblr-9108	205	3	22	22	NUM
cblr-9108	205	4	,	,	PUNCT
cblr-9108	205	5	48	48	NUM
cblr-9108	205	6	stat	stat	NOUN
cblr-9108	205	7	.	.	PUNCT
cblr-9108	206	1	74	74	NUM
cblr-9108	206	2	(	(	PUNCT
cblr-9108	206	3	codified	codify	VERB
cblr-9108	206	4	as	as	SCONJ
cblr-9108	206	5	amended	amend	VERB
cblr-9108	206	6	at	at	ADP
cblr-9108	206	7	15	15	NUM
cblr-9108	206	8	u.s.c	u.s.c	ADJ
cblr-9108	206	9	.	.	PUNCT
cblr-9108	207	1	§	§	PROPN
cblr-9108	207	2	§	§	PROPN
cblr-9108	207	3	77a–77aa	77a–77aa	NUM
cblr-9108	207	4	)	)	PUNCT
cblr-9108	207	5	.	.	PUNCT
cblr-9108	208	1	37	37	NUM
cblr-9108	208	2	securities	security	NOUN
cblr-9108	208	3	exchange	exchange	PROPN
cblr-9108	208	4	act	act	NOUN
cblr-9108	208	5	of	of	ADP
cblr-9108	208	6	1934	1934	NUM
cblr-9108	208	7	(	(	PUNCT
cblr-9108	208	8	exchange	exchange	PROPN
cblr-9108	208	9	act	act	PROPN
cblr-9108	208	10	)	)	PUNCT
cblr-9108	208	11	,	,	PUNCT
cblr-9108	208	12	pub	pub	NOUN
cblr-9108	208	13	.	.	PUNCT
cblr-9108	209	1	l.	l.	PROPN
cblr-9108	209	2	no	no	INTJ
cblr-9108	209	3	.	.	PROPN
cblr-9108	210	1	73	73	NUM
cblr-9108	210	2	-	-	SYM
cblr-9108	210	3	291	291	NUM
cblr-9108	210	4	,	,	PUNCT
cblr-9108	210	5	48	48	NUM
cblr-9108	210	6	stat	stat	NOUN
cblr-9108	210	7	.	.	PUNCT
cblr-9108	211	1	881	881	NUM
cblr-9108	211	2	(	(	PUNCT
cblr-9108	211	3	1934	1934	NUM
cblr-9108	211	4	)	)	PUNCT
cblr-9108	211	5	(	(	PUNCT
cblr-9108	211	6	codified	codify	VERB
cblr-9108	211	7	as	as	SCONJ
cblr-9108	211	8	amended	amend	VERB
cblr-9108	211	9	at	at	ADP
cblr-9108	211	10	15	15	NUM
cblr-9108	211	11	u.s.c	u.s.c	ADJ
cblr-9108	211	12	.	.	PUNCT
cblr-9108	212	1	§	§	PROPN
cblr-9108	212	2	§	§	PROPN
cblr-9108	212	3	78a–78qq	78a–78qq	NUM
cblr-9108	212	4	)	)	PUNCT
cblr-9108	212	5	.	.	PUNCT
cblr-9108	213	1	38	38	NUM
cblr-9108	213	2	see	see	VERB
cblr-9108	213	3	stephen	stephen	PROPN
cblr-9108	213	4	m.	m.	PROPN
cblr-9108	213	5	bainbridge	bainbridge	PROPN
cblr-9108	213	6	,	,	PUNCT
cblr-9108	213	7	mandatory	mandatory	ADJ
cblr-9108	213	8	disclosure	disclosure	NOUN
cblr-9108	213	9	:	:	PUNCT
cblr-9108	213	10	a	a	DET
cblr-9108	213	11	behavioral	behavioral	ADJ
cblr-9108	213	12	analysis	analysis	NOUN
cblr-9108	213	13	,	,	PUNCT
cblr-9108	213	14	68	68	NUM
cblr-9108	213	15	u.	u.	NOUN
cblr-9108	213	16	cin	cin	PROPN
cblr-9108	213	17	.	.	PUNCT
cblr-9108	214	1	l.	l.	PROPN
cblr-9108	214	2	rev	rev	PROPN
cblr-9108	214	3	.	.	PROPN
cblr-9108	214	4	1023	1023	NUM
cblr-9108	214	5	,	,	PUNCT
cblr-9108	214	6	1023	1023	NUM
cblr-9108	214	7	(	(	PUNCT
cblr-9108	214	8	“	"	PUNCT
cblr-9108	214	9	congress	congress	PROPN
cblr-9108	214	10	intended	intend	VERB
cblr-9108	214	11	the	the	DET
cblr-9108	214	12	securities	security	NOUN
cblr-9108	214	13	laws	law	NOUN
cblr-9108	214	14	to	to	PART
cblr-9108	214	15	‘	'	PUNCT
cblr-9108	214	16	substitute	substitute	VERB
cblr-9108	214	17	a	a	DET
cblr-9108	214	18	philosophy	philosophy	NOUN
cblr-9108	214	19	of	of	ADP
cblr-9108	214	20	full	full	ADJ
cblr-9108	214	21	disclosure	disclosure	NOUN
cblr-9108	214	22	for	for	ADP
cblr-9108	214	23	the	the	DET
cblr-9108	214	24	philosophy	philosophy	NOUN
cblr-9108	214	25	of	of	ADP
cblr-9108	214	26	caveat	caveat	ADJ
cblr-9108	214	27	emptor	emptor	NOUN
cblr-9108	214	28	[	[	NOUN
cblr-9108	214	29	.	.	X
cblr-9108	214	30	]	]	X
cblr-9108	214	31	’	'	PUNCT
cblr-9108	214	32	”	"	PUNCT
cblr-9108	214	33	)	)	PUNCT
cblr-9108	214	34	.	.	PUNCT
cblr-9108	215	1	39	39	NUM
cblr-9108	215	2	see	see	VERB
cblr-9108	215	3	securities	security	NOUN
cblr-9108	215	4	act	act	VERB
cblr-9108	215	5	§	§	PROPN
cblr-9108	215	6	77e(c	77e(c	NUM
cblr-9108	215	7	)	)	PUNCT
cblr-9108	215	8	(	(	PUNCT
cblr-9108	215	9	prohibiting	prohibit	VERB
cblr-9108	215	10	the	the	DET
cblr-9108	215	11	sale	sale	NOUN
cblr-9108	215	12	of	of	ADP
cblr-9108	215	13	any	any	DET
cblr-9108	215	14	security	security	NOUN
cblr-9108	215	15	unless	unless	SCONJ
cblr-9108	215	16	a	a	DET
cblr-9108	215	17	registration	registration	NOUN
cblr-9108	215	18	statement	statement	NOUN
cblr-9108	215	19	is	be	AUX
cblr-9108	215	20	effective	effective	ADJ
cblr-9108	215	21	)	)	PUNCT
cblr-9108	215	22	;	;	PUNCT
cblr-9108	216	1	i	i	PROPN
cblr-9108	216	2	d.	d.	PROPN
cblr-9108	216	3	§	§	PROPN
cblr-9108	216	4	77d(2	77d(2	PROPN
cblr-9108	216	5	)	)	PUNCT
cblr-9108	216	6	(	(	PUNCT
cblr-9108	216	7	declaring	declare	VERB
cblr-9108	216	8	that	that	SCONJ
cblr-9108	216	9	the	the	DET
cblr-9108	216	10	prohibition	prohibition	NOUN
cblr-9108	216	11	does	do	AUX
cblr-9108	216	12	not	not	PART
cblr-9108	216	13	apply	apply	VERB
cblr-9108	216	14	to	to	ADP
cblr-9108	216	15	“	"	PUNCT
cblr-9108	216	16	transactions	transaction	NOUN
cblr-9108	216	17	by	by	ADP
cblr-9108	216	18	an	an	DET
cblr-9108	216	19	issuer	issuer	NOUN
cblr-9108	216	20	not	not	PART
cblr-9108	216	21	involving	involve	VERB
cblr-9108	216	22	any	any	DET
cblr-9108	216	23	public	public	ADJ
cblr-9108	216	24	offering	offering	NOUN
cblr-9108	216	25	”	"	PUNCT
cblr-9108	216	26	)	)	PUNCT
cblr-9108	216	27	.	.	PUNCT
cblr-9108	217	1	40	40	NUM
cblr-9108	217	2	section	section	NOUN
cblr-9108	217	3	12(g	12(g	NUM
cblr-9108	217	4	)	)	PUNCT
cblr-9108	217	5	of	of	ADP
cblr-9108	217	6	the	the	DET
cblr-9108	217	7	exchange	exchange	NOUN
cblr-9108	217	8	act	act	NOUN
cblr-9108	217	9	,	,	PUNCT
cblr-9108	217	10	as	as	SCONJ
cblr-9108	217	11	amended	amend	VERB
cblr-9108	217	12	by	by	ADP
cblr-9108	217	13	the	the	DET
cblr-9108	217	14	jobs	job	NOUN
cblr-9108	217	15	act	act	PROPN
cblr-9108	217	16	,	,	PUNCT
cblr-9108	217	17	requires	require	VERB
cblr-9108	217	18	a	a	DET
cblr-9108	217	19	company	company	NOUN
cblr-9108	217	20	to	to	PART
cblr-9108	217	21	register	register	VERB
cblr-9108	217	22	its	its	PRON
cblr-9108	217	23	securities	security	NOUN
cblr-9108	217	24	under	under	ADP
cblr-9108	217	25	the	the	DET
cblr-9108	217	26	exchange	exchange	NOUN
cblr-9108	217	27	act	act	NOUN
cblr-9108	217	28	if	if	SCONJ
cblr-9108	217	29	it	it	PRON
cblr-9108	217	30	has	have	VERB
cblr-9108	217	31	ten	ten	NUM
cblr-9108	217	32	million	million	NUM
cblr-9108	217	33	dollars	dollar	NOUN
cblr-9108	217	34	or	or	CCONJ
cblr-9108	217	35	more	more	ADJ
cblr-9108	217	36	in	in	ADP
cblr-9108	217	37	total	total	ADJ
cblr-9108	217	38	assets	asset	NOUN
cblr-9108	217	39	and	and	CCONJ
cblr-9108	217	40	a	a	DET
cblr-9108	217	41	class	class	NOUN
cblr-9108	217	42	of	of	ADP
cblr-9108	217	43	equity	equity	NOUN
cblr-9108	217	44	securities	security	NOUN
cblr-9108	217	45	“	"	PUNCT
cblr-9108	217	46	held	hold	VERB
cblr-9108	217	47	of	of	ADP
cblr-9108	217	48	record	record	NOUN
cblr-9108	217	49	”	"	PUNCT
cblr-9108	217	50	by	by	ADP
cblr-9108	217	51	2000	2000	NUM
cblr-9108	217	52	or	or	CCONJ
cblr-9108	217	53	more	more	ADJ
cblr-9108	217	54	persons	person	NOUN
cblr-9108	217	55	(	(	PUNCT
cblr-9108	217	56	or	or	CCONJ
cblr-9108	217	57	500	500	NUM
cblr-9108	217	58	or	or	CCONJ
cblr-9108	217	59	more	more	ADJ
cblr-9108	217	60	persons	person	NOUN
cblr-9108	217	61	who	who	PRON
cblr-9108	217	62	are	be	AUX
cblr-9108	217	63	not	not	PART
cblr-9108	217	64	“	"	PUNCT
cblr-9108	217	65	accredited	accredited	ADJ
cblr-9108	217	66	investors	investor	NOUN
cblr-9108	217	67	”	"	PUNCT
cblr-9108	217	68	)	)	PUNCT
cblr-9108	217	69	.	.	PUNCT
cblr-9108	218	1	see	see	VERB
cblr-9108	218	2	exchange	exchange	NOUN
cblr-9108	218	3	act	act	NOUN
cblr-9108	218	4	§	§	PROPN
cblr-9108	218	5	78l(g)(1)(a	78l(g)(1)(a	NUM
cblr-9108	218	6	)	)	PUNCT
cblr-9108	218	7	.	.	PUNCT
cblr-9108	219	1	41	41	NUM
cblr-9108	219	2	see	see	VERB
cblr-9108	219	3	i	i	PRON
cblr-9108	219	4	d.	d.	PROPN
cblr-9108	219	5	§	§	PROPN
cblr-9108	219	6	78l(d	78l(d	NUM
cblr-9108	219	7	)	)	PUNCT
cblr-9108	219	8	.	.	PUNCT
cblr-9108	220	1	42	42	NUM
cblr-9108	220	2	see	see	VERB
cblr-9108	220	3	bainbridge	bainbridge	PROPN
cblr-9108	220	4	,	,	PUNCT
cblr-9108	220	5	supra	supra	PROPN
cblr-9108	220	6	note	note	PROPN
cblr-9108	220	7	38	38	NUM
cblr-9108	220	8	,	,	PUNCT
cblr-9108	220	9	at	at	ADP
cblr-9108	220	10	1023–24	1023–24	PROPN
cblr-9108	220	11	(	(	PUNCT
cblr-9108	220	12	“	"	PUNCT
cblr-9108	220	13	mandatory	mandatory	ADJ
cblr-9108	220	14	disclosure	disclosure	NOUN
cblr-9108	220	15	is	be	AUX
cblr-9108	220	16	a	a	DET
cblr-9108	220	17	—	—	PUNCT
cblr-9108	220	18	if	if	SCONJ
cblr-9108	220	19	not	not	PART
cblr-9108	220	20	the	the	DET
cblr-9108	220	21	—	—	PUNCT
cblr-9108	220	22	defining	define	VERB
cblr-9108	220	23	characteristic	characteristic	NOUN
cblr-9108	220	24	of	of	ADP
cblr-9108	220	25	u.s	u.s	PROPN
cblr-9108	220	26	.	.	PROPN
cblr-9108	220	27	securities	security	NOUN
cblr-9108	220	28	regulation	regulation	NOUN
cblr-9108	220	29	.	.	PUNCT
cblr-9108	220	30	”	"	PUNCT
cblr-9108	220	31	)	)	PUNCT
cblr-9108	220	32	.	.	PUNCT
cblr-9108	221	1	1212	1212	NUM
cblr-9108	221	2	columbia	columbia	PROPN
cblr-9108	221	3	business	business	NOUN
cblr-9108	221	4	law	law	PROPN
cblr-9108	221	5	review	review	NOUN
cblr-9108	221	6	[	[	X
cblr-9108	221	7	vol	vol	NOUN
cblr-9108	221	8	.	.	NOUN
cblr-9108	221	9	2021	2021	NUM
cblr-9108	221	10	operations	operation	NOUN
cblr-9108	221	11	,	,	PUNCT
cblr-9108	221	12	and	and	CCONJ
cblr-9108	221	13	risks	risk	NOUN
cblr-9108	221	14	to	to	ADP
cblr-9108	221	15	investors.43	investors.43	PROPN
cblr-9108	221	16	public	public	ADJ
cblr-9108	221	17	company	company	NOUN
cblr-9108	221	18	disclosure	disclosure	NOUN
cblr-9108	221	19	is	be	AUX
cblr-9108	221	20	required	require	VERB
cblr-9108	221	21	both	both	CCONJ
cblr-9108	221	22	upon	upon	SCONJ
cblr-9108	221	23	the	the	DET
cblr-9108	221	24	occurrence	occurrence	NOUN
cblr-9108	221	25	of	of	ADP
cblr-9108	221	26	notable	notable	ADJ
cblr-9108	221	27	events	event	NOUN
cblr-9108	221	28	in	in	ADP
cblr-9108	221	29	the	the	DET
cblr-9108	221	30	company	company	NOUN
cblr-9108	221	31	’s	’s	PART
cblr-9108	221	32	life	life	NOUN
cblr-9108	221	33	(	(	PUNCT
cblr-9108	221	34	including	include	VERB
cblr-9108	221	35	securities	security	NOUN
cblr-9108	221	36	issuances	issuance	NOUN
cblr-9108	221	37	,	,	PUNCT
cblr-9108	221	38	entry	entry	NOUN
cblr-9108	221	39	into	into	ADP
cblr-9108	221	40	transactions	transaction	NOUN
cblr-9108	221	41	and	and	CCONJ
cblr-9108	221	42	other	other	ADJ
cblr-9108	221	43	materials	material	NOUN
cblr-9108	221	44	contracts	contract	NOUN
cblr-9108	221	45	,	,	PUNCT
cblr-9108	221	46	and	and	CCONJ
cblr-9108	221	47	major	major	ADJ
cblr-9108	221	48	governance	governance	NOUN
cblr-9108	221	49	changes	change	NOUN
cblr-9108	221	50	)	)	PUNCT
cblr-9108	221	51	and	and	CCONJ
cblr-9108	221	52	on	on	ADP
cblr-9108	221	53	a	a	DET
cblr-9108	221	54	periodic	periodic	ADJ
cblr-9108	221	55	basis	basis	NOUN
cblr-9108	221	56	(	(	PUNCT
cblr-9108	221	57	including	include	VERB
cblr-9108	221	58	every	every	DET
cblr-9108	221	59	quarter	quarter	NOUN
cblr-9108	221	60	and	and	CCONJ
cblr-9108	221	61	prior	prior	ADV
cblr-9108	221	62	to	to	ADP
cblr-9108	221	63	every	every	DET
cblr-9108	221	64	annual	annual	ADJ
cblr-9108	221	65	shareholders	shareholder	NOUN
cblr-9108	221	66	’	'	PUNCT
cblr-9108	221	67	meeting).44	meeting).44	NOUN
cblr-9108	221	68	the	the	DET
cblr-9108	221	69	disclosure	disclosure	NOUN
cblr-9108	221	70	and	and	CCONJ
cblr-9108	221	71	associated	associate	VERB
cblr-9108	221	72	regulatory	regulatory	ADJ
cblr-9108	221	73	burdens	burden	NOUN
cblr-9108	221	74	on	on	ADP
cblr-9108	221	75	public	public	ADJ
cblr-9108	221	76	companies	company	NOUN
cblr-9108	221	77	are	be	AUX
cblr-9108	221	78	significant	significant	ADJ
cblr-9108	221	79	,	,	PUNCT
cblr-9108	221	80	and	and	CCONJ
cblr-9108	221	81	the	the	DET
cblr-9108	221	82	aggregate	aggregate	ADJ
cblr-9108	221	83	out	out	ADJ
cblr-9108	221	84	-	-	PUNCT
cblr-9108	221	85	ofpocket	ofpocket	NOUN
cblr-9108	221	86	costs	cost	NOUN
cblr-9108	221	87	of	of	ADP
cblr-9108	221	88	being	be	AUX
cblr-9108	221	89	a	a	DET
cblr-9108	221	90	public	public	ADJ
cblr-9108	221	91	company	company	NOUN
cblr-9108	221	92	have	have	AUX
cblr-9108	221	93	been	be	AUX
cblr-9108	221	94	estimated	estimate	VERB
cblr-9108	221	95	at	at	ADP
cblr-9108	221	96	an	an	DET
cblr-9108	221	97	additional	additional	ADJ
cblr-9108	221	98	$	$	SYM
cblr-9108	221	99	2.5	2.5	NUM
cblr-9108	221	100	million	million	NUM
cblr-9108	221	101	per	per	ADP
cblr-9108	221	102	year.45	year.45	ADV
cblr-9108	221	103	for	for	ADP
cblr-9108	221	104	the	the	DET
cblr-9108	221	105	most	most	ADJ
cblr-9108	221	106	part	part	NOUN
cblr-9108	221	107	,	,	PUNCT
cblr-9108	221	108	“	"	PUNCT
cblr-9108	221	109	private	private	ADJ
cblr-9108	221	110	”	"	PUNCT
cblr-9108	221	111	companies	company	NOUN
cblr-9108	221	112	avoid	avoid	VERB
cblr-9108	221	113	all	all	DET
cblr-9108	221	114	public	public	ADJ
cblr-9108	221	115	disclosure	disclosure	NOUN
cblr-9108	221	116	requirements	requirement	NOUN
cblr-9108	221	117	under	under	ADP
cblr-9108	221	118	the	the	DET
cblr-9108	221	119	federal	federal	ADJ
cblr-9108	221	120	securities	security	NOUN
cblr-9108	221	121	laws.46	laws.46	PROPN
cblr-9108	221	122	given	give	VERB
cblr-9108	221	123	that	that	SCONJ
cblr-9108	221	124	the	the	DET
cblr-9108	221	125	disclosure	disclosure	NOUN
cblr-9108	221	126	and	and	CCONJ
cblr-9108	221	127	other	other	ADJ
cblr-9108	221	128	securities	security	NOUN
cblr-9108	221	129	law	law	NOUN
cblr-9108	221	130	burdens	burden	NOUN
cblr-9108	221	131	on	on	ADP
cblr-9108	221	132	public	public	ADJ
cblr-9108	221	133	companies	company	NOUN
cblr-9108	221	134	have	have	AUX
cblr-9108	221	135	increased	increase	VERB
cblr-9108	221	136	significantly	significantly	ADV
cblr-9108	221	137	over	over	ADP
cblr-9108	221	138	time	time	NOUN
cblr-9108	221	139	,	,	PUNCT
cblr-9108	221	140	while	while	SCONJ
cblr-9108	221	141	private	private	ADJ
cblr-9108	221	142	company	company	NOUN
cblr-9108	221	143	burdens	burden	NOUN
cblr-9108	221	144	have	have	AUX
cblr-9108	221	145	long	long	ADV
cblr-9108	221	146	remained	remain	VERB
cblr-9108	221	147	a	a	DET
cblr-9108	221	148	null	null	ADJ
cblr-9108	221	149	set,47	set,47	NOUN
cblr-9108	221	150	the	the	DET
cblr-9108	221	151	public	public	ADJ
cblr-9108	221	152	/	/	SYM
cblr-9108	221	153	private	private	ADJ
cblr-9108	221	154	divide	divide	NOUN
cblr-9108	221	155	has	have	AUX
cblr-9108	221	156	become	become	VERB
cblr-9108	221	157	only	only	ADV
cblr-9108	221	158	sharper	sharp	ADJ
cblr-9108	221	159	since	since	SCONJ
cblr-9108	221	160	its	its	PRON
cblr-9108	221	161	inception	inception	NOUN
cblr-9108	221	162	—	—	PUNCT
cblr-9108	221	163	at	at	ADP
cblr-9108	221	164	least	least	ADJ
cblr-9108	221	165	,	,	PUNCT
cblr-9108	221	166	when	when	SCONJ
cblr-9108	221	167	it	it	PRON
cblr-9108	221	168	is	be	AUX
cblr-9108	221	169	conceived	conceive	VERB
cblr-9108	221	170	of	of	ADP
cblr-9108	221	171	solely	solely	ADV
cblr-9108	221	172	as	as	ADP
cblr-9108	221	173	a	a	DET
cblr-9108	221	174	legal	legal	ADJ
cblr-9108	221	175	distinction	distinction	NOUN
cblr-9108	221	176	.	.	PUNCT
cblr-9108	222	1	at	at	ADP
cblr-9108	222	2	the	the	DET
cblr-9108	222	3	same	same	ADJ
cblr-9108	222	4	time	time	NOUN
cblr-9108	222	5	,	,	PUNCT
cblr-9108	222	6	the	the	DET
cblr-9108	222	7	composition	composition	NOUN
cblr-9108	222	8	of	of	ADP
cblr-9108	222	9	public	public	ADJ
cblr-9108	222	10	and	and	CCONJ
cblr-9108	222	11	private	private	ADJ
cblr-9108	222	12	companies	company	NOUN
cblr-9108	222	13	has	have	AUX
cblr-9108	222	14	shifted	shift	VERB
cblr-9108	222	15	,	,	PUNCT
cblr-9108	222	16	with	with	ADP
cblr-9108	222	17	the	the	DET
cblr-9108	222	18	number	number	NOUN
cblr-9108	222	19	of	of	ADP
cblr-9108	222	20	public	public	ADJ
cblr-9108	222	21	companies	company	NOUN
cblr-9108	222	22	in	in	ADP
cblr-9108	222	23	the	the	DET
cblr-9108	222	24	u.s	u.s	PROPN
cblr-9108	222	25	.	.	PROPN
cblr-9108	222	26	economy	economy	NOUN
cblr-9108	222	27	shrinking	shrink	VERB
cblr-9108	222	28	significantly	significantly	ADV
cblr-9108	222	29	over	over	ADP
cblr-9108	222	30	the	the	DET
cblr-9108	222	31	past	past	ADJ
cblr-9108	222	32	twenty	twenty	NUM
cblr-9108	222	33	-	-	PUNCT
cblr-9108	222	34	five	five	NUM
cblr-9108	222	35	years.48	years.48	NOUN
cblr-9108	222	36	the	the	DET
cblr-9108	222	37	average	average	ADJ
cblr-9108	222	38	public	public	ADJ
cblr-9108	222	39	company	company	NOUN
cblr-9108	222	40	today	today	NOUN
cblr-9108	222	41	is	be	AUX
cblr-9108	222	42	43	43	NUM
cblr-9108	222	43	these	these	DET
cblr-9108	222	44	disclosure	disclosure	NOUN
cblr-9108	222	45	requirements	requirement	NOUN
cblr-9108	222	46	are	be	AUX
cblr-9108	222	47	found	find	VERB
cblr-9108	222	48	in	in	ADP
cblr-9108	222	49	sections	section	NOUN
cblr-9108	222	50	12	12	NUM
cblr-9108	222	51	and	and	CCONJ
cblr-9108	222	52	13	13	NUM
cblr-9108	222	53	of	of	ADP
cblr-9108	222	54	the	the	DET
cblr-9108	222	55	exchange	exchange	NOUN
cblr-9108	222	56	act	act	NOUN
cblr-9108	222	57	and	and	CCONJ
cblr-9108	222	58	the	the	DET
cblr-9108	222	59	sec	sec	PROPN
cblr-9108	222	60	rules	rule	NOUN
cblr-9108	222	61	that	that	PRON
cblr-9108	222	62	implement	implement	VERB
cblr-9108	222	63	it	it	PRON
cblr-9108	222	64	.	.	PUNCT
cblr-9108	223	1	see	see	VERB
cblr-9108	223	2	15	15	NUM
cblr-9108	223	3	u.s.c	u.s.c	ADJ
cblr-9108	223	4	.	.	PUNCT
cblr-9108	224	1	§	§	PROPN
cblr-9108	224	2	§	§	PROPN
cblr-9108	224	3	78l	78l	NOUN
cblr-9108	224	4	,	,	PUNCT
cblr-9108	224	5	78	78	NUM
cblr-9108	224	6	m	m	NOUN
cblr-9108	224	7	(	(	PUNCT
cblr-9108	224	8	2018	2018	NUM
cblr-9108	224	9	)	)	PUNCT
cblr-9108	224	10	;	;	PUNCT
cblr-9108	224	11	17	17	NUM
cblr-9108	224	12	c.f.r	c.f.r	NOUN
cblr-9108	224	13	.	.	PUNCT
cblr-9108	225	1	§	§	PROPN
cblr-9108	225	2	229.301	229.301	NUM
cblr-9108	225	3	(	(	PUNCT
cblr-9108	225	4	2021	2021	NUM
cblr-9108	225	5	)	)	PUNCT
cblr-9108	225	6	.	.	PUNCT
cblr-9108	226	1	44	44	NUM
cblr-9108	226	2	see	see	VERB
cblr-9108	226	3	15	15	NUM
cblr-9108	226	4	u.s.c	u.s.c	ADJ
cblr-9108	226	5	.	.	PUNCT
cblr-9108	227	1	§	§	PROPN
cblr-9108	227	2	78	78	NUM
cblr-9108	227	3	m.	m.	NOUN
cblr-9108	227	4	45	45	NUM
cblr-9108	227	5	see	see	VERB
cblr-9108	227	6	alix	alix	PROPN
cblr-9108	227	7	stuart	stuart	PROPN
cblr-9108	227	8	,	,	PUNCT
cblr-9108	227	9	the	the	DET
cblr-9108	227	10	true	true	ADJ
cblr-9108	227	11	costs	cost	NOUN
cblr-9108	227	12	of	of	ADP
cblr-9108	227	13	being	be	AUX
cblr-9108	227	14	public	public	ADJ
cblr-9108	227	15	:	:	PUNCT
cblr-9108	227	16	more	more	ADJ
cblr-9108	227	17	than	than	SCONJ
cblr-9108	227	18	you	you	PRON
cblr-9108	227	19	think	think	VERB
cblr-9108	227	20	,	,	PUNCT
cblr-9108	227	21	cfo	cfo	PROPN
cblr-9108	227	22	(	(	PUNCT
cblr-9108	227	23	nov	nov	PROPN
cblr-9108	227	24	.	.	PROPN
cblr-9108	227	25	18	18	NUM
cblr-9108	227	26	,	,	PUNCT
cblr-9108	227	27	2011	2011	NUM
cblr-9108	227	28	)	)	PUNCT
cblr-9108	228	1	https://www.cfo.com/credit-capital/2011/11/thetrue-costs-of-being-public-more-than-you-think/	https://www.cfo.com/credit-capital/2011/11/thetrue-costs-of-being-public-more-than-you-think/	NOUN
cblr-9108	229	1	[	[	X
cblr-9108	229	2	https://perma.cc/a4rk-quvg	https://perma.cc/a4rk-quvg	X
cblr-9108	229	3	]	]	X
cblr-9108	229	4	(	(	PUNCT
cblr-9108	229	5	reporting	report	VERB
cblr-9108	229	6	on	on	ADP
cblr-9108	229	7	the	the	DET
cblr-9108	229	8	results	result	NOUN
cblr-9108	229	9	of	of	ADP
cblr-9108	229	10	a	a	DET
cblr-9108	229	11	survey	survey	NOUN
cblr-9108	229	12	by	by	ADP
cblr-9108	229	13	ernst	ernst	PROPN
cblr-9108	229	14	&	&	CCONJ
cblr-9108	229	15	young	young	PROPN
cblr-9108	229	16	)	)	PUNCT
cblr-9108	229	17	.	.	PUNCT
cblr-9108	230	1	note	note	VERB
cblr-9108	230	2	that	that	SCONJ
cblr-9108	230	3	the	the	DET
cblr-9108	230	4	$	$	SYM
cblr-9108	230	5	2.5	2.5	NUM
cblr-9108	230	6	million	million	NUM
cblr-9108	230	7	in	in	ADP
cblr-9108	230	8	additional	additional	ADJ
cblr-9108	230	9	costs	cost	NOUN
cblr-9108	230	10	also	also	ADV
cblr-9108	230	11	includes	include	VERB
cblr-9108	230	12	items	item	NOUN
cblr-9108	230	13	that	that	PRON
cblr-9108	230	14	are	be	AUX
cblr-9108	230	15	not	not	PART
cblr-9108	230	16	directly	directly	ADV
cblr-9108	230	17	related	relate	VERB
cblr-9108	230	18	to	to	ADP
cblr-9108	230	19	compliance	compliance	NOUN
cblr-9108	230	20	with	with	ADP
cblr-9108	230	21	the	the	DET
cblr-9108	230	22	securities	security	NOUN
cblr-9108	230	23	laws	law	NOUN
cblr-9108	230	24	,	,	PUNCT
cblr-9108	230	25	such	such	ADJ
cblr-9108	230	26	as	as	ADP
cblr-9108	230	27	$	$	SYM
cblr-9108	230	28	1.5	1.5	NUM
cblr-9108	230	29	million	million	NUM
cblr-9108	230	30	in	in	ADP
cblr-9108	230	31	added	add	VERB
cblr-9108	230	32	costs	cost	NOUN
cblr-9108	230	33	of	of	ADP
cblr-9108	230	34	attracting	attract	VERB
cblr-9108	230	35	and	and	CCONJ
cblr-9108	230	36	retaining	retain	VERB
cblr-9108	230	37	management	management	NOUN
cblr-9108	230	38	and	and	CCONJ
cblr-9108	230	39	board	board	NOUN
cblr-9108	230	40	members	member	NOUN
cblr-9108	230	41	.	.	PUNCT
cblr-9108	231	1	see	see	VERB
cblr-9108	231	2	i	i	PRON
cblr-9108	231	3	d.	d.	PROPN
cblr-9108	231	4	46	46	NUM
cblr-9108	231	5	zoeanna	zoeanna	PROPN
cblr-9108	231	6	mayhook	mayhook	NOUN
cblr-9108	231	7	,	,	PUNCT
cblr-9108	231	8	privately	privately	ADV
cblr-9108	231	9	-	-	PUNCT
cblr-9108	231	10	held	hold	VERB
cblr-9108	231	11	companies	company	NOUN
cblr-9108	231	12	:	:	PUNCT
cblr-9108	231	13	legislation	legislation	NOUN
cblr-9108	231	14	,	,	PUNCT
cblr-9108	231	15	regulation	regulation	NOUN
cblr-9108	231	16	,	,	PUNCT
cblr-9108	231	17	and	and	CCONJ
cblr-9108	231	18	limited	limited	ADJ
cblr-9108	231	19	dissemination	dissemination	NOUN
cblr-9108	231	20	of	of	ADP
cblr-9108	231	21	financial	financial	ADJ
cblr-9108	231	22	information	information	NOUN
cblr-9108	231	23	,	,	PUNCT
cblr-9108	231	24	47	47	NUM
cblr-9108	231	25	dttp	dttp	ADJ
cblr-9108	231	26	28	28	NUM
cblr-9108	231	27	,	,	PUNCT
cblr-9108	231	28	28	28	NUM
cblr-9108	231	29	(	(	PUNCT
cblr-9108	231	30	2019	2019	NUM
cblr-9108	231	31	)	)	PUNCT
cblr-9108	231	32	.	.	PUNCT
cblr-9108	232	1	47	47	NUM
cblr-9108	233	1	i	i	PRON
cblr-9108	233	2	d.	d.	PROPN
cblr-9108	233	3	at	at	ADP
cblr-9108	233	4	28–32	28–32	NUM
cblr-9108	233	5	(	(	PUNCT
cblr-9108	233	6	detailing	detail	VERB
cblr-9108	233	7	changes	change	NOUN
cblr-9108	233	8	in	in	ADP
cblr-9108	233	9	federal	federal	ADJ
cblr-9108	233	10	disclosure	disclosure	NOUN
cblr-9108	233	11	requirements	requirement	NOUN
cblr-9108	233	12	over	over	ADP
cblr-9108	233	13	time	time	NOUN
cblr-9108	233	14	)	)	PUNCT
cblr-9108	233	15	.	.	PUNCT
cblr-9108	234	1	48	48	NUM
cblr-9108	234	2	see	see	VERB
cblr-9108	234	3	supra	supra	PROPN
cblr-9108	234	4	notes	note	VERB
cblr-9108	234	5	3–4	3–4	NUM
cblr-9108	234	6	;	;	PUNCT
cblr-9108	234	7	xiaohui	xiaohui	PROPN
cblr-9108	234	8	gao	gao	PROPN
cblr-9108	234	9	,	,	PUNCT
cblr-9108	234	10	jay	jay	PROPN
cblr-9108	234	11	r.	r.	PROPN
cblr-9108	234	12	ritter	ritter	PROPN
cblr-9108	234	13	&	&	CCONJ
cblr-9108	234	14	zhongyan	zhongyan	PROPN
cblr-9108	234	15	zhu	zhu	PROPN
cblr-9108	234	16	,	,	PUNCT
cblr-9108	234	17	where	where	SCONJ
cblr-9108	234	18	have	have	AUX
cblr-9108	234	19	all	all	DET
cblr-9108	234	20	the	the	DET
cblr-9108	234	21	ipos	ipos	NOUN
cblr-9108	234	22	gone	go	VERB
cblr-9108	234	23	?	?	PUNCT
cblr-9108	234	24	,	,	PUNCT
cblr-9108	234	25	48	48	NUM
cblr-9108	234	26	j.	j.	PROPN
cblr-9108	234	27	fin	fin	PROPN
cblr-9108	234	28	.	.	PUNCT
cblr-9108	234	29	&	&	CCONJ
cblr-9108	234	30	quantitative	quantitative	ADJ
cblr-9108	234	31	analysis	analysis	NOUN
cblr-9108	234	32	1663	1663	NUM
cblr-9108	234	33	(	(	PUNCT
cblr-9108	234	34	2013	2013	NUM
cblr-9108	234	35	)	)	PUNCT
cblr-9108	234	36	(	(	PUNCT
cblr-9108	234	37	documenting	document	VERB
cblr-9108	234	38	and	and	CCONJ
cblr-9108	234	39	explaining	explain	VERB
cblr-9108	234	40	the	the	DET
cblr-9108	234	41	long	long	ADJ
cblr-9108	234	42	-	-	PUNCT
cblr-9108	234	43	term	term	NOUN
cblr-9108	234	44	decline	decline	NOUN
cblr-9108	234	45	in	in	ADP
cblr-9108	234	46	initial	initial	ADJ
cblr-9108	234	47	public	public	ADJ
cblr-9108	234	48	offerings	offering	NOUN
cblr-9108	234	49	by	by	ADP
cblr-9108	234	50	u.s	u.s	PROPN
cblr-9108	234	51	.	.	PROPN
cblr-9108	234	52	firms	firm	NOUN
cblr-9108	234	53	)	)	PUNCT
cblr-9108	234	54	.	.	PUNCT
cblr-9108	235	1	no	no	INTJ
cblr-9108	235	2	.	.	PUNCT
cblr-9108	236	1	3:1199	3:1199	NUM
cblr-9108	236	2	]	]	X
cblr-9108	236	3	the	the	DET
cblr-9108	236	4	new	new	ADJ
cblr-9108	236	5	public	public	ADJ
cblr-9108	236	6	/	/	SYM
cblr-9108	236	7	private	private	ADJ
cblr-9108	236	8	equilibrium	equilibrium	NOUN
cblr-9108	236	9	1213	1213	NUM
cblr-9108	236	10	considerably	considerably	ADV
cblr-9108	236	11	older	old	ADJ
cblr-9108	236	12	and	and	CCONJ
cblr-9108	236	13	larger	large	ADJ
cblr-9108	236	14	in	in	ADP
cblr-9108	236	15	terms	term	NOUN
cblr-9108	236	16	of	of	ADP
cblr-9108	236	17	market	market	NOUN
cblr-9108	236	18	capitalization	capitalization	NOUN
cblr-9108	236	19	than	than	SCONJ
cblr-9108	236	20	it	it	PRON
cblr-9108	236	21	was	be	AUX
cblr-9108	236	22	three	three	NUM
cblr-9108	236	23	decades	decade	NOUN
cblr-9108	236	24	ago	ago	ADV
cblr-9108	236	25	,	,	PUNCT
cblr-9108	236	26	and	and	CCONJ
cblr-9108	236	27	,	,	PUNCT
cblr-9108	236	28	overall	overall	ADV
cblr-9108	236	29	,	,	PUNCT
cblr-9108	236	30	the	the	DET
cblr-9108	236	31	number	number	NOUN
cblr-9108	236	32	of	of	ADP
cblr-9108	236	33	public	public	ADJ
cblr-9108	236	34	companies	company	NOUN
cblr-9108	236	35	has	have	AUX
cblr-9108	236	36	shrunk	shrink	VERB
cblr-9108	236	37	relative	relative	ADJ
cblr-9108	236	38	to	to	ADP
cblr-9108	236	39	the	the	DET
cblr-9108	236	40	number	number	NOUN
cblr-9108	236	41	of	of	ADP
cblr-9108	236	42	private	private	ADJ
cblr-9108	236	43	companies.49	companies.49	NOUN
cblr-9108	236	44	the	the	DET
cblr-9108	236	45	plausible	plausible	ADJ
cblr-9108	236	46	explanations	explanation	NOUN
cblr-9108	236	47	for	for	ADP
cblr-9108	236	48	this	this	DET
cblr-9108	236	49	development	development	NOUN
cblr-9108	236	50	are	be	AUX
cblr-9108	236	51	many	many	ADJ
cblr-9108	236	52	and	and	CCONJ
cblr-9108	236	53	varied	varied	ADJ
cblr-9108	236	54	,	,	PUNCT
cblr-9108	236	55	as	as	SCONJ
cblr-9108	236	56	both	both	DET
cblr-9108	236	57	sides	side	NOUN
cblr-9108	236	58	of	of	ADP
cblr-9108	236	59	the	the	DET
cblr-9108	236	60	public	public	ADJ
cblr-9108	236	61	/	/	SYM
cblr-9108	236	62	private	private	ADJ
cblr-9108	236	63	company	company	NOUN
cblr-9108	236	64	divide	divide	NOUN
cblr-9108	236	65	have	have	AUX
cblr-9108	236	66	experienced	experience	VERB
cblr-9108	236	67	major	major	ADJ
cblr-9108	236	68	changes	change	NOUN
cblr-9108	236	69	in	in	ADP
cblr-9108	236	70	recent	recent	ADJ
cblr-9108	236	71	decades	decade	NOUN
cblr-9108	236	72	.	.	PUNCT
cblr-9108	237	1	most	most	ADV
cblr-9108	237	2	notably	notably	ADV
cblr-9108	237	3	,	,	PUNCT
cblr-9108	237	4	(	(	PUNCT
cblr-9108	237	5	1	1	X
cblr-9108	237	6	)	)	PUNCT
cblr-9108	237	7	public	public	ADJ
cblr-9108	237	8	-	-	PUNCT
cblr-9108	237	9	company	company	NOUN
cblr-9108	237	10	disclosure	disclosure	NOUN
cblr-9108	237	11	and	and	CCONJ
cblr-9108	237	12	other	other	ADJ
cblr-9108	237	13	regulatory	regulatory	ADJ
cblr-9108	237	14	burdens	burden	NOUN
cblr-9108	237	15	have	have	AUX
cblr-9108	237	16	increased	increase	VERB
cblr-9108	237	17	;	;	PUNCT
cblr-9108	237	18	(	(	PUNCT
cblr-9108	237	19	2	2	X
cblr-9108	237	20	)	)	PUNCT
cblr-9108	237	21	capital	capital	NOUN
cblr-9108	237	22	raising	raising	NOUN
cblr-9108	237	23	by	by	ADP
cblr-9108	237	24	private	private	ADJ
cblr-9108	237	25	firms	firm	NOUN
cblr-9108	237	26	has	have	AUX
cblr-9108	237	27	grown	grow	VERB
cblr-9108	237	28	significantly;50	significantly;50	NOUN
cblr-9108	237	29	and	and	CCONJ
cblr-9108	237	30	(	(	PUNCT
cblr-9108	237	31	3	3	X
cblr-9108	237	32	)	)	PUNCT
cblr-9108	237	33	the	the	DET
cblr-9108	237	34	requirements	requirement	NOUN
cblr-9108	237	35	for	for	ADP
cblr-9108	237	36	when	when	SCONJ
cblr-9108	237	37	private	private	ADJ
cblr-9108	237	38	companies	company	NOUN
cblr-9108	237	39	must	must	AUX
cblr-9108	237	40	become	become	VERB
cblr-9108	237	41	public	public	ADJ
cblr-9108	237	42	companies	company	NOUN
cblr-9108	237	43	have	have	AUX
cblr-9108	237	44	been	be	AUX
cblr-9108	237	45	materially	materially	ADV
cblr-9108	237	46	loosened.51	loosened.51	PROPN
cblr-9108	237	47	b.	b.	PROPN
cblr-9108	238	1	the	the	DET
cblr-9108	238	2	public	public	ADJ
cblr-9108	238	3	/	/	SYM
cblr-9108	238	4	private	private	ADJ
cblr-9108	238	5	divide	divide	NOUN
cblr-9108	238	6	for	for	ADP
cblr-9108	238	7	funds	fund	NOUN
cblr-9108	238	8	1	1	NUM
cblr-9108	238	9	.	.	PUNCT
cblr-9108	238	10	description	description	NOUN
cblr-9108	238	11	as	as	SCONJ
cblr-9108	238	12	they	they	PRON
cblr-9108	238	13	exist	exist	VERB
cblr-9108	238	14	today	today	NOUN
cblr-9108	238	15	,	,	PUNCT
cblr-9108	238	16	public	public	ADJ
cblr-9108	238	17	and	and	CCONJ
cblr-9108	238	18	private	private	ADJ
cblr-9108	238	19	markets	market	NOUN
cblr-9108	238	20	are	be	AUX
cblr-9108	238	21	a	a	DET
cblr-9108	238	22	product	product	NOUN
cblr-9108	238	23	not	not	PART
cblr-9108	238	24	only	only	ADV
cblr-9108	238	25	of	of	ADP
cblr-9108	238	26	the	the	DET
cblr-9108	238	27	public	public	ADJ
cblr-9108	238	28	/	/	SYM
cblr-9108	238	29	private	private	ADJ
cblr-9108	238	30	divide	divide	NOUN
cblr-9108	238	31	for	for	ADP
cblr-9108	238	32	companies	company	NOUN
cblr-9108	238	33	,	,	PUNCT
cblr-9108	238	34	but	but	CCONJ
cblr-9108	238	35	also	also	ADV
cblr-9108	238	36	of	of	ADP
cblr-9108	238	37	the	the	DET
cblr-9108	238	38	distinct	distinct	ADJ
cblr-9108	238	39	public	public	ADJ
cblr-9108	238	40	/	/	SYM
cblr-9108	238	41	private	private	ADJ
cblr-9108	238	42	divide	divide	NOUN
cblr-9108	238	43	for	for	ADP
cblr-9108	238	44	funds	fund	NOUN
cblr-9108	238	45	.	.	PUNCT
cblr-9108	239	1	this	this	DET
cblr-9108	239	2	section	section	NOUN
cblr-9108	239	3	describes	describe	VERB
cblr-9108	239	4	the	the	DET
cblr-9108	239	5	public	public	ADJ
cblr-9108	239	6	/	/	SYM
cblr-9108	239	7	private	private	ADJ
cblr-9108	239	8	divide	divide	NOUN
cblr-9108	239	9	that	that	SCONJ
cblr-9108	239	10	investment	investment	NOUN
cblr-9108	239	11	fund	fund	NOUN
cblr-9108	239	12	regulation	regulation	NOUN
cblr-9108	239	13	creates	create	VERB
cblr-9108	239	14	for	for	ADP
cblr-9108	239	15	funds	fund	NOUN
cblr-9108	239	16	and	and	CCONJ
cblr-9108	239	17	how	how	SCONJ
cblr-9108	239	18	it	it	PRON
cblr-9108	239	19	interacts	interact	VERB
cblr-9108	239	20	with	with	ADP
cblr-9108	239	21	the	the	DET
cblr-9108	239	22	public	public	ADJ
cblr-9108	239	23	/	/	SYM
cblr-9108	239	24	private	private	ADJ
cblr-9108	239	25	divide	divide	NOUN
cblr-9108	239	26	created	create	VERB
cblr-9108	239	27	by	by	ADP
cblr-9108	239	28	securities	security	NOUN
cblr-9108	239	29	law	law	NOUN
cblr-9108	239	30	.	.	PUNCT
cblr-9108	240	1	the	the	DET
cblr-9108	240	2	interaction	interaction	NOUN
cblr-9108	240	3	of	of	ADP
cblr-9108	240	4	these	these	DET
cblr-9108	240	5	two	two	NUM
cblr-9108	240	6	bodies	body	NOUN
cblr-9108	240	7	of	of	ADP
cblr-9108	240	8	securities	security	NOUN
cblr-9108	240	9	law	law	NOUN
cblr-9108	240	10	plays	play	VERB
cblr-9108	240	11	a	a	DET
cblr-9108	240	12	key	key	ADJ
cblr-9108	240	13	role	role	NOUN
cblr-9108	240	14	in	in	ADP
cblr-9108	240	15	explaining	explain	VERB
cblr-9108	240	16	(	(	PUNCT
cblr-9108	240	17	1	1	X
cblr-9108	240	18	)	)	PUNCT
cblr-9108	240	19	which	which	PRON
cblr-9108	240	20	companies	company	NOUN
cblr-9108	240	21	tend	tend	VERB
cblr-9108	240	22	to	to	PART
cblr-9108	240	23	fall	fall	VERB
cblr-9108	240	24	on	on	ADP
cblr-9108	240	25	each	each	DET
cblr-9108	240	26	side	side	NOUN
cblr-9108	240	27	of	of	ADP
cblr-9108	240	28	the	the	DET
cblr-9108	240	29	divide	divide	NOUN
cblr-9108	240	30	,	,	PUNCT
cblr-9108	240	31	(	(	PUNCT
cblr-9108	240	32	2	2	X
cblr-9108	240	33	)	)	PUNCT
cblr-9108	240	34	how	how	SCONJ
cblr-9108	240	35	companies	company	NOUN
cblr-9108	240	36	behave	behave	VERB
cblr-9108	240	37	on	on	ADP
cblr-9108	240	38	each	each	DET
cblr-9108	240	39	side	side	NOUN
cblr-9108	240	40	,	,	PUNCT
cblr-9108	240	41	including	include	VERB
cblr-9108	240	42	how	how	SCONJ
cblr-9108	240	43	they	they	PRON
cblr-9108	240	44	are	be	AUX
cblr-9108	240	45	governed	govern	VERB
cblr-9108	240	46	and	and	CCONJ
cblr-9108	240	47	financed	finance	VERB
cblr-9108	240	48	,	,	PUNCT
cblr-9108	240	49	(	(	PUNCT
cblr-9108	240	50	3	3	X
cblr-9108	240	51	)	)	PUNCT
cblr-9108	240	52	what	what	PRON
cblr-9108	240	53	49	49	NUM
cblr-9108	240	54	michael	michael	PROPN
cblr-9108	240	55	j.	j.	PROPN
cblr-9108	240	56	mauboussin	mauboussin	PROPN
cblr-9108	240	57	,	,	PUNCT
cblr-9108	240	58	dan	dan	PROPN
cblr-9108	240	59	callahan	callahan	PROPN
cblr-9108	240	60	&	&	CCONJ
cblr-9108	240	61	darius	darius	PROPN
cblr-9108	240	62	majd	majd	PROPN
cblr-9108	240	63	,	,	PUNCT
cblr-9108	240	64	credit	credit	NOUN
cblr-9108	240	65	suisse	suisse	PROPN
cblr-9108	240	66	,	,	PUNCT
cblr-9108	240	67	the	the	DET
cblr-9108	240	68	incredible	incredible	ADJ
cblr-9108	240	69	shrinking	shrink	VERB
cblr-9108	240	70	universe	universe	NOUN
cblr-9108	240	71	of	of	ADP
cblr-9108	240	72	stocks	stock	NOUN
cblr-9108	240	73	:	:	PUNCT
cblr-9108	240	74	the	the	DET
cblr-9108	240	75	causes	cause	NOUN
cblr-9108	240	76	and	and	CCONJ
cblr-9108	240	77	consequences	consequence	NOUN
cblr-9108	240	78	of	of	ADP
cblr-9108	240	79	fewer	few	ADJ
cblr-9108	240	80	u.s	u.s	PROPN
cblr-9108	240	81	.	.	PROPN
cblr-9108	240	82	equities	equity	NOUN
cblr-9108	240	83	,	,	PUNCT
cblr-9108	240	84	2	2	NUM
cblr-9108	240	85	exhibit	exhibit	NOUN
cblr-9108	240	86	1	1	NUM
cblr-9108	240	87	(	(	PUNCT
cblr-9108	240	88	2017	2017	NUM
cblr-9108	240	89	)	)	PUNCT
cblr-9108	240	90	,	,	PUNCT
cblr-9108	240	91	https://www.cmgwealth.com/wpcontent/uploads/2017/03/document_1072753661.pdf?mod=article_inline	https://www.cmgwealth.com/wpcontent/uploads/2017/03/document_1072753661.pdf?mod=article_inline	X
cblr-9108	241	1	[	[	X
cblr-9108	241	2	https://perma.cc/8lqk-dj8	https://perma.cc/8lqk-dj8	PROPN
cblr-9108	241	3	m	m	X
cblr-9108	241	4	]	]	X
cblr-9108	241	5	(	(	PUNCT
cblr-9108	241	6	showing	show	VERB
cblr-9108	241	7	the	the	DET
cblr-9108	241	8	increase	increase	NOUN
cblr-9108	241	9	in	in	ADP
cblr-9108	241	10	age	age	NOUN
cblr-9108	241	11	and	and	CCONJ
cblr-9108	241	12	market	market	NOUN
cblr-9108	241	13	capitalization	capitalization	NOUN
cblr-9108	241	14	and	and	CCONJ
cblr-9108	241	15	the	the	DET
cblr-9108	241	16	decrease	decrease	NOUN
cblr-9108	241	17	in	in	ADP
cblr-9108	241	18	number	number	NOUN
cblr-9108	241	19	of	of	ADP
cblr-9108	241	20	u.s	u.s	PROPN
cblr-9108	241	21	.	.	PROPN
cblr-9108	241	22	listed	list	VERB
cblr-9108	241	23	companies	company	NOUN
cblr-9108	241	24	)	)	PUNCT
cblr-9108	241	25	.	.	PUNCT
cblr-9108	242	1	50	50	NUM
cblr-9108	242	2	de	de	X
cblr-9108	242	3	fontenay	fontenay	NOUN
cblr-9108	242	4	,	,	PUNCT
cblr-9108	242	5	supra	supra	PROPN
cblr-9108	242	6	note	note	NOUN
cblr-9108	242	7	6	6	NUM
cblr-9108	242	8	.	.	SYM
cblr-9108	242	9	51	51	NUM
cblr-9108	242	10	see	see	VERB
cblr-9108	242	11	jumpstart	jumpstart	VERB
cblr-9108	242	12	our	our	PRON
cblr-9108	242	13	business	business	NOUN
cblr-9108	242	14	startups	startup	NOUN
cblr-9108	242	15	act	act	PROPN
cblr-9108	242	16	,	,	PUNCT
cblr-9108	242	17	pub	pub	NOUN
cblr-9108	242	18	.	.	PUNCT
cblr-9108	243	1	l.	l.	PROPN
cblr-9108	243	2	no	no	INTJ
cblr-9108	243	3	.	.	PROPN
cblr-9108	244	1	112	112	NUM
cblr-9108	244	2	-	-	SYM
cblr-9108	244	3	106	106	NUM
cblr-9108	244	4	,	,	PUNCT
cblr-9108	244	5	126	126	NUM
cblr-9108	244	6	stat	stat	NOUN
cblr-9108	244	7	.	.	PUNCT
cblr-9108	245	1	306	306	NUM
cblr-9108	245	2	(	(	PUNCT
cblr-9108	245	3	2012	2012	NUM
cblr-9108	245	4	)	)	PUNCT
cblr-9108	245	5	(	(	PUNCT
cblr-9108	245	6	codified	codify	VERB
cblr-9108	245	7	as	as	SCONJ
cblr-9108	245	8	amended	amend	VERB
cblr-9108	245	9	at	at	ADP
cblr-9108	245	10	15	15	NUM
cblr-9108	245	11	u.s.c	u.s.c	ADJ
cblr-9108	245	12	.	.	PUNCT
cblr-9108	246	1	78l(g)(1	78l(g)(1	NOUN
cblr-9108	246	2	)	)	PUNCT
cblr-9108	246	3	)	)	PUNCT
cblr-9108	247	1	(	(	PUNCT
cblr-9108	247	2	modifying	modify	VERB
cblr-9108	247	3	section	section	NOUN
cblr-9108	247	4	12(g)(1	12(g)(1	NUM
cblr-9108	247	5	)	)	PUNCT
cblr-9108	247	6	of	of	ADP
cblr-9108	247	7	the	the	DET
cblr-9108	247	8	exchange	exchange	NOUN
cblr-9108	247	9	act	act	NOUN
cblr-9108	247	10	to	to	PART
cblr-9108	247	11	increase	increase	VERB
cblr-9108	247	12	the	the	DET
cblr-9108	247	13	number	number	NOUN
cblr-9108	247	14	of	of	ADP
cblr-9108	247	15	shareholders	shareholder	NOUN
cblr-9108	247	16	of	of	ADP
cblr-9108	247	17	record	record	NOUN
cblr-9108	247	18	beyond	beyond	ADP
cblr-9108	247	19	which	which	PRON
cblr-9108	247	20	a	a	DET
cblr-9108	247	21	firm	firm	NOUN
cblr-9108	247	22	must	must	AUX
cblr-9108	247	23	register	register	VERB
cblr-9108	247	24	under	under	ADP
cblr-9108	247	25	the	the	DET
cblr-9108	247	26	exchange	exchange	NOUN
cblr-9108	247	27	act	act	NOUN
cblr-9108	247	28	from	from	ADP
cblr-9108	247	29	500	500	NUM
cblr-9108	247	30	to	to	ADP
cblr-9108	247	31	2,000	2,000	NUM
cblr-9108	247	32	)	)	PUNCT
cblr-9108	247	33	.	.	PUNCT
cblr-9108	248	1	1214	1214	NUM
cblr-9108	248	2	columbia	columbia	PROPN
cblr-9108	248	3	business	business	NOUN
cblr-9108	248	4	law	law	PROPN
cblr-9108	248	5	review	review	NOUN
cblr-9108	248	6	[	[	X
cblr-9108	248	7	vol	vol	NOUN
cblr-9108	248	8	.	.	NOUN
cblr-9108	248	9	2021	2021	NUM
cblr-9108	248	10	information	information	NOUN
cblr-9108	248	11	is	be	AUX
cblr-9108	248	12	available	available	ADJ
cblr-9108	248	13	about	about	ADP
cblr-9108	248	14	these	these	DET
cblr-9108	248	15	companies	company	NOUN
cblr-9108	248	16	,	,	PUNCT
cblr-9108	248	17	and	and	CCONJ
cblr-9108	248	18	(	(	PUNCT
cblr-9108	248	19	4	4	X
cblr-9108	248	20	)	)	PUNCT
cblr-9108	248	21	how	how	SCONJ
cblr-9108	248	22	their	their	PRON
cblr-9108	248	23	securities	security	NOUN
cblr-9108	248	24	are	be	AUX
cblr-9108	248	25	traded	trade	VERB
cblr-9108	248	26	.	.	PUNCT
cblr-9108	249	1	investment	investment	NOUN
cblr-9108	249	2	funds	fund	NOUN
cblr-9108	249	3	(	(	PUNCT
cblr-9108	249	4	or	or	CCONJ
cblr-9108	249	5	simply	simply	ADV
cblr-9108	249	6	“	"	PUNCT
cblr-9108	249	7	funds	fund	NOUN
cblr-9108	249	8	”	"	PUNCT
cblr-9108	249	9	)	)	PUNCT
cblr-9108	249	10	are	be	AUX
cblr-9108	249	11	pools	pool	NOUN
cblr-9108	249	12	of	of	ADP
cblr-9108	249	13	capital	capital	NOUN
cblr-9108	249	14	,	,	PUNCT
cblr-9108	249	15	typically	typically	ADV
cblr-9108	249	16	raised	raise	VERB
cblr-9108	249	17	from	from	ADP
cblr-9108	249	18	many	many	ADJ
cblr-9108	249	19	institutional	institutional	ADJ
cblr-9108	249	20	or	or	CCONJ
cblr-9108	249	21	individual	individual	ADJ
cblr-9108	249	22	investors	investor	NOUN
cblr-9108	249	23	,	,	PUNCT
cblr-9108	249	24	which	which	PRON
cblr-9108	249	25	are	be	AUX
cblr-9108	249	26	then	then	ADV
cblr-9108	249	27	used	use	VERB
cblr-9108	249	28	to	to	PART
cblr-9108	249	29	make	make	VERB
cblr-9108	249	30	investments	investment	NOUN
cblr-9108	249	31	at	at	ADP
cblr-9108	249	32	the	the	DET
cblr-9108	249	33	direction	direction	NOUN
cblr-9108	249	34	of	of	ADP
cblr-9108	249	35	the	the	DET
cblr-9108	249	36	fund	fund	NOUN
cblr-9108	249	37	’s	’s	PART
cblr-9108	249	38	investment	investment	NOUN
cblr-9108	249	39	manager(s).52	manager(s).52	PROPN
cblr-9108	249	40	mutual	mutual	ADJ
cblr-9108	249	41	funds	fund	NOUN
cblr-9108	249	42	,	,	PUNCT
cblr-9108	249	43	exchange	exchange	NOUN
cblr-9108	249	44	-	-	PUNCT
cblr-9108	249	45	traded	trade	VERB
cblr-9108	249	46	funds	fund	NOUN
cblr-9108	249	47	(	(	PUNCT
cblr-9108	249	48	“	"	PUNCT
cblr-9108	249	49	etfs	etfs	NOUN
cblr-9108	249	50	”	"	PUNCT
cblr-9108	249	51	)	)	PUNCT
cblr-9108	249	52	,	,	PUNCT
cblr-9108	249	53	real	real	ADJ
cblr-9108	249	54	estate	estate	NOUN
cblr-9108	249	55	investment	investment	NOUN
cblr-9108	249	56	trusts	trust	NOUN
cblr-9108	249	57	(	(	PUNCT
cblr-9108	249	58	“	"	PUNCT
cblr-9108	249	59	reits	reit	NOUN
cblr-9108	249	60	”	"	PUNCT
cblr-9108	249	61	)	)	PUNCT
cblr-9108	249	62	,	,	PUNCT
cblr-9108	249	63	hedge	hedge	NOUN
cblr-9108	249	64	funds	fund	NOUN
cblr-9108	249	65	,	,	PUNCT
cblr-9108	249	66	private	private	ADJ
cblr-9108	249	67	equity	equity	NOUN
cblr-9108	249	68	funds	fund	NOUN
cblr-9108	249	69	,	,	PUNCT
cblr-9108	249	70	and	and	CCONJ
cblr-9108	249	71	venture	venture	NOUN
cblr-9108	249	72	capital	capital	NOUN
cblr-9108	249	73	funds	fund	NOUN
cblr-9108	249	74	are	be	AUX
cblr-9108	249	75	all	all	PRON
cblr-9108	249	76	different	different	ADJ
cblr-9108	249	77	types	type	NOUN
cblr-9108	249	78	of	of	ADP
cblr-9108	249	79	investment	investment	NOUN
cblr-9108	249	80	funds.53	funds.53	NOUN
cblr-9108	249	81	these	these	DET
cblr-9108	249	82	funds	fund	NOUN
cblr-9108	249	83	are	be	AUX
cblr-9108	249	84	typically	typically	ADV
cblr-9108	249	85	distinguished	distinguish	VERB
cblr-9108	249	86	based	base	VERB
cblr-9108	249	87	on	on	ADP
cblr-9108	249	88	what	what	DET
cblr-9108	249	89	types	type	NOUN
cblr-9108	249	90	of	of	ADP
cblr-9108	249	91	assets	asset	NOUN
cblr-9108	249	92	they	they	PRON
cblr-9108	249	93	invest	invest	VERB
cblr-9108	249	94	in	in	ADP
cblr-9108	249	95	and	and	CCONJ
cblr-9108	249	96	whom	whom	PRON
cblr-9108	249	97	they	they	PRON
cblr-9108	249	98	admit	admit	VERB
cblr-9108	249	99	as	as	ADP
cblr-9108	249	100	investors.54	investors.54	PROPN
cblr-9108	249	101	in	in	ADP
cblr-9108	249	102	recent	recent	ADJ
cblr-9108	249	103	decades	decade	NOUN
cblr-9108	249	104	,	,	PUNCT
cblr-9108	249	105	as	as	SCONJ
cblr-9108	249	106	banks	bank	NOUN
cblr-9108	249	107	and	and	CCONJ
cblr-9108	249	108	other	other	ADJ
cblr-9108	249	109	financial	financial	ADJ
cblr-9108	249	110	institutions	institution	NOUN
cblr-9108	249	111	have	have	AUX
cblr-9108	249	112	declined	decline	VERB
cblr-9108	249	113	in	in	ADP
cblr-9108	249	114	importance	importance	NOUN
cblr-9108	249	115	,	,	PUNCT
cblr-9108	249	116	investment	investment	NOUN
cblr-9108	249	117	funds	fund	NOUN
cblr-9108	249	118	have	have	AUX
cblr-9108	249	119	assumed	assume	VERB
cblr-9108	249	120	a	a	DET
cblr-9108	249	121	dominant	dominant	ADJ
cblr-9108	249	122	role	role	NOUN
cblr-9108	249	123	in	in	ADP
cblr-9108	249	124	providing	provide	VERB
cblr-9108	249	125	capital	capital	NOUN
cblr-9108	249	126	to	to	ADP
cblr-9108	249	127	both	both	CCONJ
cblr-9108	249	128	public	public	ADJ
cblr-9108	249	129	and	and	CCONJ
cblr-9108	249	130	private	private	ADJ
cblr-9108	249	131	companies	company	NOUN
cblr-9108	249	132	.	.	PUNCT
cblr-9108	250	1	it	it	PRON
cblr-9108	250	2	is	be	AUX
cblr-9108	250	3	estimated	estimate	VERB
cblr-9108	250	4	,	,	PUNCT
cblr-9108	250	5	for	for	ADP
cblr-9108	250	6	example	example	NOUN
cblr-9108	250	7	,	,	PUNCT
cblr-9108	250	8	that	that	SCONJ
cblr-9108	250	9	approximately	approximately	ADV
cblr-9108	250	10	80	80	NUM
cblr-9108	250	11	%	%	NOUN
cblr-9108	250	12	of	of	ADP
cblr-9108	250	13	the	the	DET
cblr-9108	250	14	stock	stock	NOUN
cblr-9108	250	15	of	of	ADP
cblr-9108	250	16	u.s	u.s	PROPN
cblr-9108	250	17	.	.	PROPN
cblr-9108	250	18	public	public	ADJ
cblr-9108	250	19	companies	company	NOUN
cblr-9108	250	20	is	be	AUX
cblr-9108	250	21	held	hold	VERB
cblr-9108	250	22	by	by	ADP
cblr-9108	250	23	institutional	institutional	ADJ
cblr-9108	250	24	investors	investor	NOUN
cblr-9108	250	25	,	,	PUNCT
cblr-9108	250	26	most	most	ADJ
cblr-9108	250	27	of	of	ADP
cblr-9108	250	28	which	which	PRON
cblr-9108	250	29	are	be	AUX
cblr-9108	250	30	investment	investment	NOUN
cblr-9108	250	31	funds.55	funds.55	NOUN
cblr-9108	250	32	investment	investment	NOUN
cblr-9108	250	33	funds	fund	NOUN
cblr-9108	250	34	have	have	AUX
cblr-9108	250	35	become	become	VERB
cblr-9108	250	36	so	so	ADV
cblr-9108	250	37	dominant	dominant	ADJ
cblr-9108	250	38	in	in	ADP
cblr-9108	250	39	u.s	u.s	PROPN
cblr-9108	250	40	.	.	PROPN
cblr-9108	250	41	corporate	corporate	ADJ
cblr-9108	250	42	finance	finance	NOUN
cblr-9108	250	43	and	and	CCONJ
cblr-9108	250	44	financial	financial	ADJ
cblr-9108	250	45	markets	market	NOUN
cblr-9108	250	46	generally	generally	ADV
cblr-9108	250	47	that	that	SCONJ
cblr-9108	250	48	our	our	PRON
cblr-9108	250	49	age	age	NOUN
cblr-9108	250	50	has	have	AUX
cblr-9108	250	51	been	be	AUX
cblr-9108	250	52	described	describe	VERB
cblr-9108	250	53	as	as	ADP
cblr-9108	250	54	“	"	PUNCT
cblr-9108	250	55	the	the	DET
cblr-9108	250	56	empire	empire	NOUN
cblr-9108	250	57	of	of	ADP
cblr-9108	250	58	the	the	DET
cblr-9108	250	59	fund	fund	NOUN
cblr-9108	250	60	.	.	PUNCT
cblr-9108	251	1	”56	”56	NOUN
cblr-9108	251	2	52	52	NUM
cblr-9108	252	1	see	see	VERB
cblr-9108	252	2	john	john	PROPN
cblr-9108	252	3	morley	morley	PROPN
cblr-9108	252	4	,	,	PUNCT
cblr-9108	252	5	the	the	DET
cblr-9108	252	6	separation	separation	NOUN
cblr-9108	252	7	of	of	ADP
cblr-9108	252	8	funds	fund	NOUN
cblr-9108	252	9	and	and	CCONJ
cblr-9108	252	10	managers	manager	NOUN
cblr-9108	252	11	:	:	PUNCT
cblr-9108	252	12	a	a	DET
cblr-9108	252	13	theory	theory	NOUN
cblr-9108	252	14	of	of	ADP
cblr-9108	252	15	investment	investment	NOUN
cblr-9108	252	16	fund	fund	NOUN
cblr-9108	252	17	structure	structure	NOUN
cblr-9108	252	18	and	and	CCONJ
cblr-9108	252	19	regulation	regulation	NOUN
cblr-9108	252	20	,	,	PUNCT
cblr-9108	252	21	123	123	NUM
cblr-9108	252	22	yale	yale	PROPN
cblr-9108	252	23	l.j	l.j	PROPN
cblr-9108	252	24	.	.	PROPN
cblr-9108	252	25	1228	1228	NUM
cblr-9108	252	26	,	,	PUNCT
cblr-9108	252	27	1232	1232	NUM
cblr-9108	252	28	.	.	PUNCT
cblr-9108	253	1	53	53	NUM
cblr-9108	253	2	i	i	PROPN
cblr-9108	253	3	d.	d.	PROPN
cblr-9108	253	4	at	at	ADP
cblr-9108	253	5	1231	1231	NUM
cblr-9108	253	6	,	,	PUNCT
cblr-9108	253	7	1234–36	1234–36	NUM
cblr-9108	253	8	.	.	PUNCT
cblr-9108	254	1	54	54	NUM
cblr-9108	254	2	william	william	PROPN
cblr-9108	254	3	a.	a.	PROPN
cblr-9108	254	4	birdthistle	birdthistle	PROPN
cblr-9108	254	5	,	,	PUNCT
cblr-9108	254	6	empire	empire	NOUN
cblr-9108	254	7	of	of	ADP
cblr-9108	254	8	the	the	DET
cblr-9108	254	9	fund	fund	NOUN
cblr-9108	254	10	:	:	PUNCT
cblr-9108	254	11	the	the	DET
cblr-9108	254	12	way	way	NOUN
cblr-9108	254	13	we	we	PRON
cblr-9108	254	14	save	save	VERB
cblr-9108	254	15	now	now	ADV
cblr-9108	254	16	6	6	NUM
cblr-9108	254	17	(	(	PUNCT
cblr-9108	254	18	2016	2016	NUM
cblr-9108	254	19	)	)	PUNCT
cblr-9108	254	20	.	.	PUNCT
cblr-9108	255	1	55	55	NUM
cblr-9108	255	2	see	see	VERB
cblr-9108	255	3	80	80	NUM
cblr-9108	255	4	%	%	NOUN
cblr-9108	255	5	of	of	ADP
cblr-9108	255	6	equity	equity	NOUN
cblr-9108	255	7	market	market	NOUN
cblr-9108	255	8	cap	cap	NOUN
cblr-9108	255	9	held	hold	VERB
cblr-9108	255	10	by	by	ADP
cblr-9108	255	11	institutions	institution	NOUN
cblr-9108	255	12	,	,	PUNCT
cblr-9108	255	13	pensions	pension	NOUN
cblr-9108	255	14	&	&	CCONJ
cblr-9108	255	15	invs	invs	PROPN
cblr-9108	255	16	.	.	PUNCT
cblr-9108	256	1	(	(	PUNCT
cblr-9108	256	2	apr	apr	PROPN
cblr-9108	256	3	.	.	PROPN
cblr-9108	256	4	25	25	NUM
cblr-9108	256	5	,	,	PUNCT
cblr-9108	256	6	201	201	NUM
cblr-9108	256	7	,	,	PUNCT
cblr-9108	256	8	1:00	1:00	NUM
cblr-9108	256	9	am	am	NOUN
cblr-9108	256	10	)	)	PUNCT
cblr-9108	256	11	,	,	PUNCT
cblr-9108	256	12	https://www.pionline.com/article/20170425/interactive/170429926/80of-equity-market-cap-held-by-institutions	https://www.pionline.com/article/20170425/interactive/170429926/80of-equity-market-cap-held-by-institution	NOUN
cblr-9108	257	1	[	[	X
cblr-9108	257	2	https://perma.cc/crq2-kr7b	https://perma.cc/crq2-kr7b	NOUN
cblr-9108	257	3	]	]	PUNCT
cblr-9108	257	4	;	;	PUNCT
cblr-9108	257	5	see	see	VERB
cblr-9108	257	6	also	also	ADV
cblr-9108	257	7	john	john	PROPN
cblr-9108	257	8	c.	c.	PROPN
cblr-9108	257	9	coates	coates	PROPN
cblr-9108	257	10	,	,	PUNCT
cblr-9108	257	11	iv	iv	NUM
cblr-9108	257	12	,	,	PUNCT
cblr-9108	257	13	the	the	DET
cblr-9108	257	14	future	future	NOUN
cblr-9108	257	15	of	of	ADP
cblr-9108	257	16	corporate	corporate	ADJ
cblr-9108	257	17	governance	governance	NOUN
cblr-9108	257	18	part	part	NOUN
cblr-9108	258	1	i	i	PRON
cblr-9108	258	2	:	:	PUNCT
cblr-9108	258	3	the	the	DET
cblr-9108	258	4	problem	problem	NOUN
cblr-9108	258	5	of	of	ADP
cblr-9108	258	6	twelve	twelve	NUM
cblr-9108	258	7	13	13	NUM
cblr-9108	258	8	(	(	PUNCT
cblr-9108	258	9	harv	harv	NOUN
cblr-9108	258	10	.	.	PUNCT
cblr-9108	259	1	pub	pub	NOUN
cblr-9108	259	2	.	.	PUNCT
cblr-9108	260	1	law	law	NOUN
cblr-9108	260	2	working	working	NOUN
cblr-9108	260	3	paper	paper	PROPN
cblr-9108	260	4	no	no	INTJ
cblr-9108	260	5	.	.	PROPN
cblr-9108	261	1	19	19	NUM
cblr-9108	261	2	-	-	PUNCT
cblr-9108	261	3	07	07	NUM
cblr-9108	261	4	,	,	PUNCT
cblr-9108	261	5	2018	2018	NUM
cblr-9108	261	6	)	)	PUNCT
cblr-9108	262	1	,	,	PUNCT
cblr-9108	262	2	https://ssrn.com/abstract=3247337	https://ssrn.com/abstract=3247337	NOUN
cblr-9108	262	3	(	(	PUNCT
cblr-9108	262	4	on	on	ADP
cblr-9108	262	5	file	file	NOUN
cblr-9108	262	6	with	with	ADP
cblr-9108	262	7	the	the	DET
cblr-9108	262	8	columbia	columbia	PROPN
cblr-9108	262	9	business	business	PROPN
cblr-9108	262	10	law	law	PROPN
cblr-9108	262	11	review	review	PROPN
cblr-9108	262	12	)	)	PUNCT
cblr-9108	262	13	(	(	PUNCT
cblr-9108	262	14	estimating	estimate	VERB
cblr-9108	262	15	that	that	SCONJ
cblr-9108	262	16	20	20	NUM
cblr-9108	262	17	-	-	SYM
cblr-9108	262	18	30	30	NUM
cblr-9108	262	19	%	%	NOUN
cblr-9108	262	20	of	of	ADP
cblr-9108	262	21	the	the	DET
cblr-9108	262	22	stock	stock	NOUN
cblr-9108	262	23	of	of	ADP
cblr-9108	262	24	u.s	u.s	PROPN
cblr-9108	262	25	.	.	PROPN
cblr-9108	262	26	public	public	ADJ
cblr-9108	262	27	companies	company	NOUN
cblr-9108	262	28	is	be	AUX
cblr-9108	262	29	owned	own	VERB
cblr-9108	262	30	solely	solely	ADV
cblr-9108	262	31	by	by	ADP
cblr-9108	262	32	indexed	indexed	ADJ
cblr-9108	262	33	funds	fund	NOUN
cblr-9108	262	34	—	—	PUNCT
cblr-9108	262	35	that	that	ADV
cblr-9108	262	36	is	is	ADV
cblr-9108	262	37	,	,	PUNCT
cblr-9108	262	38	funds	fund	NOUN
cblr-9108	262	39	that	that	PRON
cblr-9108	262	40	passively	passively	ADV
cblr-9108	262	41	track	track	VERB
cblr-9108	262	42	a	a	DET
cblr-9108	262	43	specified	specified	ADJ
cblr-9108	262	44	market	market	NOUN
cblr-9108	262	45	index	index	NOUN
cblr-9108	262	46	—	—	PUNCT
cblr-9108	262	47	and	and	CCONJ
cblr-9108	262	48	noting	note	VERB
cblr-9108	262	49	that	that	SCONJ
cblr-9108	262	50	three	three	NUM
cblr-9108	262	51	indexed	indexed	ADJ
cblr-9108	262	52	fund	fund	NOUN
cblr-9108	262	53	providers	provider	NOUN
cblr-9108	262	54	(	(	PUNCT
cblr-9108	262	55	vanguard	vanguard	NOUN
cblr-9108	262	56	,	,	PUNCT
cblr-9108	262	57	state	state	NOUN
cblr-9108	262	58	street	street	NOUN
cblr-9108	262	59	,	,	PUNCT
cblr-9108	262	60	and	and	CCONJ
cblr-9108	262	61	blackrock	blackrock	NOUN
cblr-9108	262	62	)	)	PUNCT
cblr-9108	262	63	on	on	ADP
cblr-9108	262	64	their	their	PRON
cblr-9108	262	65	own	own	ADJ
cblr-9108	262	66	controlled	control	VERB
cblr-9108	262	67	approximately	approximately	ADV
cblr-9108	262	68	15	15	NUM
cblr-9108	262	69	%	%	NOUN
cblr-9108	262	70	of	of	ADP
cblr-9108	262	71	the	the	DET
cblr-9108	262	72	stock	stock	NOUN
cblr-9108	262	73	of	of	ADP
cblr-9108	262	74	companies	company	NOUN
cblr-9108	262	75	in	in	ADP
cblr-9108	262	76	the	the	DET
cblr-9108	262	77	s&p	s&p	PROPN
cblr-9108	262	78	500	500	NUM
cblr-9108	262	79	in	in	ADP
cblr-9108	262	80	2017	2017	NUM
cblr-9108	262	81	)	)	PUNCT
cblr-9108	262	82	.	.	PUNCT
cblr-9108	263	1	56	56	NUM
cblr-9108	263	2	see	see	VERB
cblr-9108	263	3	birdthistle	birdthistle	NOUN
cblr-9108	263	4	,	,	PUNCT
cblr-9108	263	5	supra	supra	PROPN
cblr-9108	263	6	note	note	NOUN
cblr-9108	263	7	54	54	NUM
cblr-9108	263	8	.	.	PUNCT
cblr-9108	264	1	no	no	INTJ
cblr-9108	264	2	.	.	PUNCT
cblr-9108	265	1	3:1199	3:1199	NUM
cblr-9108	265	2	]	]	X
cblr-9108	265	3	the	the	DET
cblr-9108	265	4	new	new	ADJ
cblr-9108	265	5	public	public	ADJ
cblr-9108	265	6	/	/	SYM
cblr-9108	265	7	private	private	ADJ
cblr-9108	265	8	equilibrium	equilibrium	NOUN
cblr-9108	265	9	1215	1215	NUM
cblr-9108	265	10	operating	operating	NOUN
cblr-9108	265	11	companies	company	NOUN
cblr-9108	265	12	and	and	CCONJ
cblr-9108	265	13	investment	investment	NOUN
cblr-9108	265	14	funds	fund	NOUN
cblr-9108	265	15	are	be	AUX
cblr-9108	265	16	subject	subject	ADJ
cblr-9108	265	17	to	to	ADP
cblr-9108	265	18	distinct	distinct	ADJ
cblr-9108	265	19	securities	security	NOUN
cblr-9108	265	20	laws	law	NOUN
cblr-9108	265	21	,	,	PUNCT
cblr-9108	265	22	and	and	CCONJ
cblr-9108	265	23	each	each	DET
cblr-9108	265	24	body	body	NOUN
cblr-9108	265	25	of	of	ADP
cblr-9108	265	26	law	law	NOUN
cblr-9108	265	27	constructs	construct	VERB
cblr-9108	265	28	a	a	DET
cblr-9108	265	29	different	different	ADJ
cblr-9108	265	30	public	public	ADJ
cblr-9108	265	31	/	/	SYM
cblr-9108	265	32	private	private	ADJ
cblr-9108	265	33	divide.57	divide.57	PROPN
cblr-9108	265	34	funds	fund	NOUN
cblr-9108	265	35	are	be	AUX
cblr-9108	265	36	governed	govern	VERB
cblr-9108	265	37	by	by	ADP
cblr-9108	265	38	the	the	DET
cblr-9108	265	39	investment	investment	NOUN
cblr-9108	265	40	company	company	NOUN
cblr-9108	265	41	act	act	NOUN
cblr-9108	265	42	of	of	ADP
cblr-9108	265	43	1940	1940	NUM
cblr-9108	265	44	(	(	PUNCT
cblr-9108	265	45	“	"	PUNCT
cblr-9108	265	46	ica	ica	PROPN
cblr-9108	265	47	”	"	PUNCT
cblr-9108	265	48	)	)	PUNCT
cblr-9108	265	49	,	,	PUNCT
cblr-9108	265	50	which	which	PRON
cblr-9108	265	51	defines	define	VERB
cblr-9108	265	52	their	their	PRON
cblr-9108	265	53	divide.58	divide.58	NOUN
cblr-9108	265	54	similar	similar	ADJ
cblr-9108	265	55	to	to	ADP
cblr-9108	265	56	the	the	DET
cblr-9108	265	57	framework	framework	NOUN
cblr-9108	265	58	for	for	ADP
cblr-9108	265	59	operating	operating	NOUN
cblr-9108	265	60	companies	company	NOUN
cblr-9108	265	61	,	,	PUNCT
cblr-9108	265	62	funds	fund	NOUN
cblr-9108	265	63	on	on	ADP
cblr-9108	265	64	the	the	DET
cblr-9108	265	65	public	public	ADJ
cblr-9108	265	66	side	side	NOUN
cblr-9108	265	67	—	—	PUNCT
cblr-9108	265	68	commonly	commonly	ADV
cblr-9108	265	69	known	know	VERB
cblr-9108	265	70	as	as	ADP
cblr-9108	265	71	“	"	PUNCT
cblr-9108	265	72	registered	register	VERB
cblr-9108	265	73	”	"	PUNCT
cblr-9108	265	74	funds	fund	NOUN
cblr-9108	265	75	—	—	PUNCT
cblr-9108	265	76	are	be	AUX
cblr-9108	265	77	permitted	permit	VERB
cblr-9108	265	78	to	to	PART
cblr-9108	265	79	raise	raise	VERB
cblr-9108	265	80	capital	capital	NOUN
cblr-9108	265	81	from	from	ADP
cblr-9108	265	82	virtually	virtually	ADV
cblr-9108	265	83	anyone	anyone	PRON
cblr-9108	265	84	,	,	PUNCT
cblr-9108	265	85	including	include	VERB
cblr-9108	265	86	retail	retail	ADJ
cblr-9108	265	87	investors	investor	NOUN
cblr-9108	265	88	,	,	PUNCT
cblr-9108	265	89	and	and	CCONJ
cblr-9108	265	90	are	be	AUX
cblr-9108	265	91	subject	subject	ADJ
cblr-9108	265	92	to	to	ADP
cblr-9108	265	93	extensive	extensive	ADJ
cblr-9108	265	94	disclosure	disclosure	NOUN
cblr-9108	265	95	requirements	requirement	NOUN
cblr-9108	265	96	under	under	ADP
cblr-9108	265	97	the	the	DET
cblr-9108	265	98	ica.59	ica.59	VERB
cblr-9108	265	99	private	private	ADJ
cblr-9108	265	100	investment	investment	NOUN
cblr-9108	265	101	funds	fund	NOUN
cblr-9108	265	102	,	,	PUNCT
cblr-9108	265	103	by	by	ADP
cblr-9108	265	104	contrast	contrast	NOUN
cblr-9108	265	105	,	,	PUNCT
cblr-9108	265	106	may	may	AUX
cblr-9108	265	107	generally	generally	ADV
cblr-9108	265	108	raise	raise	VERB
cblr-9108	265	109	capital	capital	NOUN
cblr-9108	265	110	only	only	ADV
cblr-9108	265	111	from	from	ADP
cblr-9108	265	112	large	large	ADJ
cblr-9108	265	113	institutional	institutional	ADJ
cblr-9108	265	114	investors	investor	NOUN
cblr-9108	265	115	or	or	CCONJ
cblr-9108	265	116	from	from	ADP
cblr-9108	265	117	a	a	DET
cblr-9108	265	118	very	very	ADV
cblr-9108	265	119	limited	limited	ADJ
cblr-9108	265	120	number	number	NOUN
cblr-9108	265	121	of	of	ADP
cblr-9108	265	122	investors,60	investors,60	NOUN
cblr-9108	265	123	and	and	CCONJ
cblr-9108	265	124	they	they	PRON
cblr-9108	265	125	face	face	VERB
cblr-9108	265	126	extremely	extremely	ADV
cblr-9108	265	127	limited	limited	ADJ
cblr-9108	265	128	disclosure	disclosure	NOUN
cblr-9108	265	129	obligations.61	obligations.61	NOUN
cblr-9108	265	130	2	2	NUM
cblr-9108	265	131	.	.	PUNCT
cblr-9108	265	132	interactions	interaction	NOUN
cblr-9108	265	133	and	and	CCONJ
cblr-9108	265	134	overlap	overlap	NOUN
cblr-9108	265	135	between	between	ADP
cblr-9108	265	136	the	the	DET
cblr-9108	265	137	57	57	NUM
cblr-9108	265	138	see	see	NOUN
cblr-9108	265	139	john	john	PROPN
cblr-9108	265	140	morley	morley	PROPN
cblr-9108	265	141	,	,	PUNCT
cblr-9108	265	142	why	why	SCONJ
cblr-9108	265	143	do	do	AUX
cblr-9108	265	144	investment	investment	NOUN
cblr-9108	265	145	funds	fund	NOUN
cblr-9108	265	146	have	have	VERB
cblr-9108	265	147	special	special	ADJ
cblr-9108	265	148	securities	security	NOUN
cblr-9108	265	149	regulation	regulation	NOUN
cblr-9108	265	150	?	?	PUNCT
cblr-9108	265	151	,	,	PUNCT
cblr-9108	265	152	in	in	ADP
cblr-9108	265	153	research	research	NOUN
cblr-9108	265	154	handbook	handbook	NOUN
cblr-9108	265	155	of	of	ADP
cblr-9108	265	156	mutual	mutual	ADJ
cblr-9108	265	157	funds	fund	NOUN
cblr-9108	265	158	9	9	NUM
cblr-9108	265	159	,	,	PUNCT
cblr-9108	265	160	9	9	NUM
cblr-9108	265	161	(	(	PUNCT
cblr-9108	265	162	william	william	PROPN
cblr-9108	265	163	a.	a.	PROPN
cblr-9108	265	164	birdthistle	birdthistle	PROPN
cblr-9108	265	165	&	&	CCONJ
cblr-9108	265	166	john	john	PROPN
cblr-9108	265	167	morley	morley	PROPN
cblr-9108	265	168	eds	eds	PROPN
cblr-9108	265	169	.	.	PROPN
cblr-9108	265	170	2018	2018	NUM
cblr-9108	265	171	)	)	PUNCT
cblr-9108	265	172	.	.	PUNCT
cblr-9108	266	1	that	that	PRON
cblr-9108	266	2	funds	fund	NOUN
cblr-9108	266	3	are	be	AUX
cblr-9108	266	4	governed	govern	VERB
cblr-9108	266	5	by	by	ADP
cblr-9108	266	6	their	their	PRON
cblr-9108	266	7	own	own	ADJ
cblr-9108	266	8	securities	security	NOUN
cblr-9108	266	9	law	law	NOUN
cblr-9108	266	10	,	,	PUNCT
cblr-9108	266	11	and	and	CCONJ
cblr-9108	266	12	have	have	VERB
cblr-9108	266	13	their	their	PRON
cblr-9108	266	14	own	own	ADJ
cblr-9108	266	15	public	public	ADJ
cblr-9108	266	16	/	/	SYM
cblr-9108	266	17	private	private	ADJ
cblr-9108	266	18	divide	divide	NOUN
cblr-9108	266	19	,	,	PUNCT
cblr-9108	266	20	are	be	AUX
cblr-9108	266	21	foundational	foundational	ADJ
cblr-9108	266	22	issues	issue	NOUN
cblr-9108	266	23	,	,	PUNCT
cblr-9108	266	24	but	but	CCONJ
cblr-9108	266	25	until	until	ADP
cblr-9108	266	26	recently	recently	ADV
cblr-9108	266	27	they	they	PRON
cblr-9108	266	28	were	be	AUX
cblr-9108	266	29	largely	largely	ADV
cblr-9108	266	30	overlooked	overlook	VERB
cblr-9108	266	31	by	by	ADP
cblr-9108	266	32	the	the	DET
cblr-9108	266	33	scholarly	scholarly	ADJ
cblr-9108	266	34	literature	literature	NOUN
cblr-9108	266	35	.	.	PUNCT
cblr-9108	267	1	for	for	ADP
cblr-9108	267	2	leading	lead	VERB
cblr-9108	267	3	work	work	NOUN
cblr-9108	267	4	on	on	ADP
cblr-9108	267	5	these	these	DET
cblr-9108	267	6	issues	issue	NOUN
cblr-9108	267	7	,	,	PUNCT
cblr-9108	267	8	see	see	VERB
cblr-9108	267	9	i	i	PROPN
cblr-9108	267	10	d.	d.	PROPN
cblr-9108	267	11	9–21	9–21	PROPN
cblr-9108	267	12	;	;	PUNCT
cblr-9108	267	13	see	see	VERB
cblr-9108	267	14	also	also	ADV
cblr-9108	267	15	allen	allen	PROPN
cblr-9108	267	16	ferrell	ferrell	PROPN
cblr-9108	267	17	&	&	CCONJ
cblr-9108	267	18	john	john	PROPN
cblr-9108	267	19	d.	d.	PROPN
cblr-9108	267	20	morley	morley	PROPN
cblr-9108	267	21	,	,	PUNCT
cblr-9108	267	22	the	the	DET
cblr-9108	267	23	regulation	regulation	NOUN
cblr-9108	267	24	of	of	ADP
cblr-9108	267	25	intermediaries	intermediary	NOUN
cblr-9108	267	26	,	,	PUNCT
cblr-9108	267	27	in	in	ADP
cblr-9108	267	28	securities	security	NOUN
cblr-9108	267	29	market	market	NOUN
cblr-9108	267	30	issues	issue	NOUN
cblr-9108	267	31	for	for	ADP
cblr-9108	267	32	the	the	DET
cblr-9108	267	33	21st	21st	ADJ
cblr-9108	267	34	century	century	NOUN
cblr-9108	267	35	,	,	PUNCT
cblr-9108	267	36	supra	supra	PROPN
cblr-9108	267	37	note	note	NOUN
cblr-9108	267	38	16	16	NUM
cblr-9108	267	39	,	,	PUNCT
cblr-9108	267	40	at	at	ADP
cblr-9108	267	41	313	313	NUM
cblr-9108	267	42	,	,	PUNCT
cblr-9108	267	43	which	which	PRON
cblr-9108	267	44	also	also	ADV
cblr-9108	267	45	provides	provide	VERB
cblr-9108	267	46	an	an	DET
cblr-9108	267	47	elegant	elegant	ADJ
cblr-9108	267	48	overview	overview	NOUN
cblr-9108	267	49	of	of	ADP
cblr-9108	267	50	current	current	ADJ
cblr-9108	267	51	fund	fund	NOUN
cblr-9108	267	52	regulation	regulation	NOUN
cblr-9108	267	53	and	and	CCONJ
cblr-9108	267	54	open	open	ADJ
cblr-9108	267	55	questions	question	NOUN
cblr-9108	267	56	regarding	regard	VERB
cblr-9108	267	57	it	it	PRON
cblr-9108	267	58	.	.	PUNCT
cblr-9108	268	1	58	58	NUM
cblr-9108	268	2	investment	investment	NOUN
cblr-9108	268	3	company	company	NOUN
cblr-9108	268	4	act	act	NOUN
cblr-9108	268	5	of	of	ADP
cblr-9108	268	6	1940	1940	NUM
cblr-9108	268	7	,	,	PUNCT
cblr-9108	268	8	15	15	NUM
cblr-9108	268	9	u.s.c	u.s.c	NOUN
cblr-9108	268	10	.	.	PUNCT
cblr-9108	269	1	§	§	NOUN
cblr-9108	269	2	80a-6(c	80a-6(c	NUM
cblr-9108	269	3	)	)	PUNCT
cblr-9108	269	4	(	(	PUNCT
cblr-9108	269	5	2018	2018	NUM
cblr-9108	269	6	)	)	PUNCT
cblr-9108	269	7	.	.	PUNCT
cblr-9108	270	1	59	59	NUM
cblr-9108	270	2	morley	morley	NOUN
cblr-9108	270	3	,	,	PUNCT
cblr-9108	270	4	supra	supra	PROPN
cblr-9108	270	5	note	note	PROPN
cblr-9108	270	6	57	57	NUM
cblr-9108	270	7	,	,	PUNCT
cblr-9108	270	8	at	at	ADP
cblr-9108	270	9	13–14	13–14	NUM
cblr-9108	270	10	.	.	PUNCT
cblr-9108	271	1	60	60	NUM
cblr-9108	271	2	specifically	specifically	ADV
cblr-9108	271	3	,	,	PUNCT
cblr-9108	271	4	the	the	DET
cblr-9108	271	5	ica	ica	PROPN
cblr-9108	271	6	exempts	exempt	VERB
cblr-9108	271	7	from	from	ADP
cblr-9108	271	8	public	public	ADJ
cblr-9108	271	9	registration	registration	NOUN
cblr-9108	271	10	those	those	DET
cblr-9108	271	11	funds	fund	NOUN
cblr-9108	271	12	whose	whose	DET
cblr-9108	271	13	investors	investor	NOUN
cblr-9108	271	14	are	be	AUX
cblr-9108	271	15	all	all	PRON
cblr-9108	271	16	“	"	PUNCT
cblr-9108	271	17	qualified	qualified	ADJ
cblr-9108	271	18	purchasers	purchaser	NOUN
cblr-9108	271	19	”	"	PUNCT
cblr-9108	271	20	or	or	CCONJ
cblr-9108	271	21	funds	fund	NOUN
cblr-9108	271	22	with	with	ADP
cblr-9108	271	23	fewer	few	ADJ
cblr-9108	271	24	than	than	ADP
cblr-9108	271	25	101	101	NUM
cblr-9108	271	26	investors	investor	NOUN
cblr-9108	271	27	.	.	PUNCT
cblr-9108	272	1	investment	investment	NOUN
cblr-9108	272	2	company	company	PROPN
cblr-9108	272	3	act	act	VERB
cblr-9108	272	4	§	§	PROPN
cblr-9108	272	5	80a-3(c)(1)–(c)(7	80a-3(c)(1)–(c)(7	NUM
cblr-9108	272	6	)	)	PUNCT
cblr-9108	272	7	(	(	PUNCT
cblr-9108	272	8	exempting	exempt	VERB
cblr-9108	272	9	issuers	issuer	NOUN
cblr-9108	272	10	from	from	ADP
cblr-9108	272	11	“	"	PUNCT
cblr-9108	272	12	investment	investment	NOUN
cblr-9108	272	13	company	company	NOUN
cblr-9108	272	14	”	"	PUNCT
cblr-9108	272	15	status	status	NOUN
cblr-9108	272	16	if	if	SCONJ
cblr-9108	272	17	the	the	DET
cblr-9108	272	18	issuer	issuer	NOUN
cblr-9108	272	19	’s	’s	PART
cblr-9108	272	20	securities	security	NOUN
cblr-9108	272	21	are	be	AUX
cblr-9108	272	22	owned	own	VERB
cblr-9108	272	23	by	by	ADP
cblr-9108	272	24	100	100	NUM
cblr-9108	272	25	persons	person	NOUN
cblr-9108	272	26	(	(	PUNCT
cblr-9108	272	27	or	or	CCONJ
cblr-9108	272	28	fewer	few	ADJ
cblr-9108	272	29	)	)	PUNCT
cblr-9108	272	30	or	or	CCONJ
cblr-9108	272	31	if	if	SCONJ
cblr-9108	272	32	all	all	DET
cblr-9108	272	33	securities	security	NOUN
cblr-9108	272	34	are	be	AUX
cblr-9108	272	35	held	hold	VERB
cblr-9108	272	36	by	by	ADP
cblr-9108	272	37	qualified	qualified	ADJ
cblr-9108	272	38	purchasers	purchaser	NOUN
cblr-9108	272	39	)	)	PUNCT
cblr-9108	272	40	;	;	PUNCT
cblr-9108	272	41	17	17	NUM
cblr-9108	272	42	c.f.r	c.f.r	NOUN
cblr-9108	272	43	.	.	PUNCT
cblr-9108	273	1	§	§	PROPN
cblr-9108	273	2	270.2a51	270.2a51	PROPN
cblr-9108	273	3	-	-	PUNCT
cblr-9108	273	4	1(h	1(h	NUM
cblr-9108	273	5	)	)	PUNCT
cblr-9108	273	6	(	(	PUNCT
cblr-9108	273	7	2021	2021	NUM
cblr-9108	273	8	)	)	PUNCT
cblr-9108	273	9	(	(	PUNCT
cblr-9108	273	10	defining	define	VERB
cblr-9108	273	11	“	"	PUNCT
cblr-9108	273	12	qualified	qualified	ADJ
cblr-9108	273	13	purchaser	purchaser	NOUN
cblr-9108	273	14	”	"	PUNCT
cblr-9108	273	15	)	)	PUNCT
cblr-9108	273	16	.	.	PUNCT
cblr-9108	274	1	61	61	NUM
cblr-9108	274	2	private	private	ADJ
cblr-9108	274	3	equity	equity	NOUN
cblr-9108	274	4	funds	fund	NOUN
cblr-9108	274	5	,	,	PUNCT
cblr-9108	274	6	u.s	u.s	PROPN
cblr-9108	274	7	.	.	PROPN
cblr-9108	274	8	sec	sec	PROPN
cblr-9108	274	9	.	.	PROPN
cblr-9108	274	10	&	&	CCONJ
cblr-9108	274	11	exch	exch	PROPN
cblr-9108	274	12	.	.	PUNCT
cblr-9108	275	1	comm’n	comm’n	PROPN
cblr-9108	275	2	,	,	PUNCT
cblr-9108	275	3	https://www.investor.gov/introduction-investing/investingbasics/investment-products/private-investment-funds/private-equity	https://www.investor.gov/introduction-investing/investingbasics/investment-products/private-investment-funds/private-equity	NOUN
cblr-9108	276	1	[	[	X
cblr-9108	276	2	https://perma.cc/gby2-jqlu	https://perma.cc/gby2-jqlu	X
cblr-9108	276	3	]	]	X
cblr-9108	276	4	(	(	PUNCT
cblr-9108	276	5	last	last	ADV
cblr-9108	276	6	visited	visit	VERB
cblr-9108	276	7	oct	oct	PROPN
cblr-9108	276	8	.	.	PROPN
cblr-9108	276	9	16	16	NUM
cblr-9108	276	10	,	,	PUNCT
cblr-9108	276	11	2021	2021	NUM
cblr-9108	276	12	)	)	PUNCT
cblr-9108	276	13	.	.	PUNCT
cblr-9108	277	1	1216	1216	NUM
cblr-9108	277	2	columbia	columbia	PROPN
cblr-9108	277	3	business	business	PROPN
cblr-9108	277	4	law	law	PROPN
cblr-9108	277	5	review	review	NOUN
cblr-9108	277	6	[	[	X
cblr-9108	277	7	vol	vol	NOUN
cblr-9108	277	8	.	.	NOUN
cblr-9108	277	9	2021	2021	NUM
cblr-9108	277	10	company	company	NOUN
cblr-9108	277	11	and	and	CCONJ
cblr-9108	277	12	fund	fund	NOUN
cblr-9108	277	13	divides	divide	VERB
cblr-9108	277	14	it	it	PRON
cblr-9108	277	15	is	be	AUX
cblr-9108	277	16	worth	worth	ADJ
cblr-9108	277	17	considering	consider	VERB
cblr-9108	277	18	the	the	DET
cblr-9108	277	19	regulatory	regulatory	ADJ
cblr-9108	277	20	framework	framework	NOUN
cblr-9108	277	21	for	for	ADP
cblr-9108	277	22	funds	fund	NOUN
cblr-9108	277	23	in	in	ADP
cblr-9108	277	24	greater	great	ADJ
cblr-9108	277	25	detail	detail	NOUN
cblr-9108	277	26	,	,	PUNCT
cblr-9108	277	27	as	as	SCONJ
cblr-9108	277	28	it	it	PRON
cblr-9108	277	29	ultimately	ultimately	ADV
cblr-9108	277	30	shapes	shape	VERB
cblr-9108	277	31	in	in	ADP
cblr-9108	277	32	what	what	PRON
cblr-9108	277	33	they	they	PRON
cblr-9108	277	34	invest.62	invest.62	VERB
cblr-9108	277	35	consider	consider	VERB
cblr-9108	277	36	first	first	ADV
cblr-9108	277	37	the	the	DET
cblr-9108	277	38	investment	investment	NOUN
cblr-9108	277	39	restrictions	restriction	NOUN
cblr-9108	277	40	imposed	impose	VERB
cblr-9108	277	41	on	on	ADP
cblr-9108	277	42	public	public	ADJ
cblr-9108	277	43	funds	fund	NOUN
cblr-9108	277	44	such	such	ADJ
cblr-9108	277	45	as	as	ADP
cblr-9108	277	46	mutual	mutual	ADJ
cblr-9108	277	47	funds	fund	NOUN
cblr-9108	277	48	and	and	CCONJ
cblr-9108	277	49	etfs	etfs	NOUN
cblr-9108	277	50	.	.	PUNCT
cblr-9108	278	1	public	public	ADJ
cblr-9108	278	2	funds	fund	NOUN
cblr-9108	278	3	’	'	PUNCT
cblr-9108	278	4	investment	investment	NOUN
cblr-9108	278	5	portfolios	portfolio	NOUN
cblr-9108	278	6	are	be	AUX
cblr-9108	278	7	subject	subject	ADJ
cblr-9108	278	8	to	to	ADP
cblr-9108	278	9	strict	strict	ADJ
cblr-9108	278	10	diversification	diversification	NOUN
cblr-9108	278	11	and	and	CCONJ
cblr-9108	278	12	liquidity	liquidity	NOUN
cblr-9108	278	13	requirements.63	requirements.63	ADJ
cblr-9108	278	14	public	public	ADJ
cblr-9108	278	15	funds	fund	NOUN
cblr-9108	278	16	wishing	wish	VERB
cblr-9108	278	17	to	to	PART
cblr-9108	278	18	invest	invest	VERB
cblr-9108	278	19	in	in	ADP
cblr-9108	278	20	corporate	corporate	ADJ
cblr-9108	278	21	securities	security	NOUN
cblr-9108	278	22	must	must	AUX
cblr-9108	278	23	therefore	therefore	ADV
cblr-9108	278	24	invest	invest	VERB
cblr-9108	278	25	almost	almost	ADV
cblr-9108	278	26	exclusively	exclusively	ADV
cblr-9108	278	27	in	in	ADP
cblr-9108	278	28	those	those	PRON
cblr-9108	278	29	that	that	PRON
cblr-9108	278	30	can	can	AUX
cblr-9108	278	31	be	be	AUX
cblr-9108	278	32	bought	buy	VERB
cblr-9108	278	33	and	and	CCONJ
cblr-9108	278	34	sold	sell	VERB
cblr-9108	278	35	in	in	ADP
cblr-9108	278	36	a	a	DET
cblr-9108	278	37	large	large	ADJ
cblr-9108	278	38	,	,	PUNCT
cblr-9108	278	39	continuous	continuous	ADJ
cblr-9108	278	40	trading	trading	NOUN
cblr-9108	278	41	market	market	NOUN
cblr-9108	278	42	.	.	PUNCT
cblr-9108	279	1	in	in	ADP
cblr-9108	279	2	practice	practice	NOUN
cblr-9108	279	3	,	,	PUNCT
cblr-9108	279	4	as	as	SCONJ
cblr-9108	279	5	we	we	PRON
cblr-9108	279	6	shall	shall	AUX
cblr-9108	279	7	see	see	VERB
cblr-9108	279	8	,	,	PUNCT
cblr-9108	279	9	those	those	PRON
cblr-9108	279	10	will	will	AUX
cblr-9108	279	11	tend	tend	VERB
cblr-9108	279	12	to	to	PART
cblr-9108	279	13	be	be	AUX
cblr-9108	279	14	the	the	DET
cblr-9108	279	15	equity	equity	NOUN
cblr-9108	279	16	and	and	CCONJ
cblr-9108	279	17	debt	debt	NOUN
cblr-9108	279	18	securities	security	NOUN
cblr-9108	279	19	of	of	ADP
cblr-9108	279	20	public	public	ADJ
cblr-9108	279	21	companies	company	NOUN
cblr-9108	279	22	.	.	PUNCT
cblr-9108	280	1	private	private	ADJ
cblr-9108	280	2	funds	fund	NOUN
cblr-9108	280	3	,	,	PUNCT
cblr-9108	280	4	by	by	ADP
cblr-9108	280	5	contrast	contrast	NOUN
cblr-9108	280	6	,	,	PUNCT
cblr-9108	280	7	face	face	VERB
cblr-9108	280	8	no	no	DET
cblr-9108	280	9	such	such	ADJ
cblr-9108	280	10	constraints	constraint	NOUN
cblr-9108	280	11	on	on	ADP
cblr-9108	280	12	their	their	PRON
cblr-9108	280	13	investment	investment	NOUN
cblr-9108	280	14	portfolios	portfolio	NOUN
cblr-9108	280	15	,	,	PUNCT
cblr-9108	280	16	and	and	CCONJ
cblr-9108	280	17	therefore	therefore	ADV
cblr-9108	280	18	do	do	AUX
cblr-9108	280	19	not	not	PART
cblr-9108	280	20	require	require	VERB
cblr-9108	280	21	the	the	DET
cblr-9108	280	22	near	near	ADV
cblr-9108	280	23	-	-	PUNCT
cblr-9108	280	24	perfect	perfect	ADJ
cblr-9108	280	25	liquidity	liquidity	NOUN
cblr-9108	280	26	and	and	CCONJ
cblr-9108	280	27	easy	easy	ADJ
cblr-9108	280	28	diversification	diversification	NOUN
cblr-9108	280	29	of	of	ADP
cblr-9108	280	30	a	a	DET
cblr-9108	280	31	securities	security	NOUN
cblr-9108	280	32	market	market	NOUN
cblr-9108	280	33	with	with	ADP
cblr-9108	280	34	an	an	DET
cblr-9108	280	35	enormous	enormous	ADJ
cblr-9108	280	36	volume	volume	NOUN
cblr-9108	280	37	of	of	ADP
cblr-9108	280	38	trading	trading	NOUN
cblr-9108	280	39	.	.	PUNCT
cblr-9108	281	1	to	to	ADP
cblr-9108	281	2	the	the	DET
cblr-9108	281	3	contrary	contrary	NOUN
cblr-9108	281	4	,	,	PUNCT
cblr-9108	281	5	they	they	PRON
cblr-9108	281	6	are	be	AUX
cblr-9108	281	7	at	at	ADP
cblr-9108	281	8	liberty	liberty	NOUN
cblr-9108	281	9	to	to	PART
cblr-9108	281	10	make	make	VERB
cblr-9108	281	11	a	a	DET
cblr-9108	281	12	very	very	ADV
cblr-9108	281	13	small	small	ADJ
cblr-9108	281	14	number	number	NOUN
cblr-9108	281	15	of	of	ADP
cblr-9108	281	16	highly	highly	ADV
cblr-9108	281	17	illiquid	illiquid	ADJ
cblr-9108	281	18	investments.64	investments.64	NOUN
cblr-9108	281	19	the	the	DET
cblr-9108	281	20	purpose	purpose	NOUN
cblr-9108	281	21	of	of	ADP
cblr-9108	281	22	leveraged	leveraged	ADJ
cblr-9108	281	23	buyout	buyout	NOUN
cblr-9108	281	24	funds	fund	NOUN
cblr-9108	281	25	,	,	PUNCT
cblr-9108	281	26	for	for	ADP
cblr-9108	281	27	example	example	NOUN
cblr-9108	281	28	,	,	PUNCT
cblr-9108	281	29	is	be	AUX
cblr-9108	281	30	to	to	PART
cblr-9108	281	31	acquire	acquire	VERB
cblr-9108	281	32	controlling	control	VERB
cblr-9108	281	33	stakes	stake	NOUN
cblr-9108	281	34	in	in	ADP
cblr-9108	281	35	companies	company	NOUN
cblr-9108	281	36	as	as	ADP
cblr-9108	281	37	62	62	NUM
cblr-9108	281	38	beyond	beyond	ADP
cblr-9108	281	39	the	the	DET
cblr-9108	281	40	disclosure	disclosure	NOUN
cblr-9108	281	41	obligations	obligation	NOUN
cblr-9108	281	42	described	describe	VERB
cblr-9108	281	43	above	above	ADV
cblr-9108	281	44	,	,	PUNCT
cblr-9108	281	45	public	public	ADJ
cblr-9108	281	46	funds	fund	NOUN
cblr-9108	281	47	face	face	VERB
cblr-9108	281	48	significant	significant	ADJ
cblr-9108	281	49	constraints	constraint	NOUN
cblr-9108	281	50	on	on	ADP
cblr-9108	281	51	their	their	PRON
cblr-9108	281	52	investment	investment	NOUN
cblr-9108	281	53	portfolios	portfolio	NOUN
cblr-9108	281	54	,	,	PUNCT
cblr-9108	281	55	their	their	PRON
cblr-9108	281	56	governance	governance	NOUN
cblr-9108	281	57	,	,	PUNCT
cblr-9108	281	58	and	and	CCONJ
cblr-9108	281	59	their	their	PRON
cblr-9108	281	60	compensation	compensation	NOUN
cblr-9108	281	61	models	model	NOUN
cblr-9108	281	62	,	,	PUNCT
cblr-9108	281	63	none	none	NOUN
cblr-9108	281	64	of	of	ADP
cblr-9108	281	65	which	which	PRON
cblr-9108	281	66	are	be	AUX
cblr-9108	281	67	imposed	impose	VERB
cblr-9108	281	68	on	on	ADP
cblr-9108	281	69	private	private	ADJ
cblr-9108	281	70	funds	fund	NOUN
cblr-9108	281	71	.	.	PUNCT
cblr-9108	282	1	among	among	ADP
cblr-9108	282	2	other	other	ADJ
cblr-9108	282	3	things	thing	NOUN
cblr-9108	282	4	,	,	PUNCT
cblr-9108	282	5	the	the	DET
cblr-9108	282	6	ica	ica	PROPN
cblr-9108	282	7	requires	require	VERB
cblr-9108	282	8	public	public	ADJ
cblr-9108	282	9	funds	fund	NOUN
cblr-9108	282	10	(	(	PUNCT
cblr-9108	282	11	1	1	NUM
cblr-9108	282	12	)	)	PUNCT
cblr-9108	282	13	to	to	PART
cblr-9108	282	14	constrain	constrain	VERB
cblr-9108	282	15	leverage	leverage	NOUN
cblr-9108	282	16	,	,	PUNCT
cblr-9108	282	17	(	(	PUNCT
cblr-9108	282	18	2	2	X
cblr-9108	282	19	)	)	PUNCT
cblr-9108	282	20	avoid	avoid	VERB
cblr-9108	282	21	incentive	incentive	NOUN
cblr-9108	282	22	compensation	compensation	NOUN
cblr-9108	282	23	,	,	PUNCT
cblr-9108	282	24	and	and	CCONJ
cblr-9108	282	25	(	(	PUNCT
cblr-9108	282	26	3	3	X
cblr-9108	282	27	)	)	PUNCT
cblr-9108	282	28	provide	provide	VERB
cblr-9108	282	29	frequent	frequent	ADJ
cblr-9108	282	30	redemptions	redemption	NOUN
cblr-9108	282	31	.	.	PUNCT
cblr-9108	283	1	on	on	ADP
cblr-9108	283	2	the	the	DET
cblr-9108	283	3	first	first	ADJ
cblr-9108	283	4	point	point	NOUN
cblr-9108	283	5	,	,	PUNCT
cblr-9108	283	6	the	the	DET
cblr-9108	283	7	ica	ica	PROPN
cblr-9108	283	8	only	only	ADV
cblr-9108	283	9	permits	permit	VERB
cblr-9108	283	10	open	open	ADJ
cblr-9108	283	11	-	-	PUNCT
cblr-9108	283	12	end	end	NOUN
cblr-9108	283	13	mutual	mutual	ADJ
cblr-9108	283	14	funds	fund	NOUN
cblr-9108	283	15	to	to	PART
cblr-9108	283	16	become	become	VERB
cblr-9108	283	17	indebted	indebted	ADJ
cblr-9108	283	18	to	to	ADP
cblr-9108	283	19	banks	bank	NOUN
cblr-9108	283	20	,	,	PUNCT
cblr-9108	283	21	15	15	NUM
cblr-9108	283	22	u.s.c	u.s.c	ADJ
cblr-9108	283	23	.	.	PUNCT
cblr-9108	284	1	§	§	PROPN
cblr-9108	284	2	80a-18(f)(1	80a-18(f)(1	NUM
cblr-9108	284	3	)	)	PUNCT
cblr-9108	284	4	)	)	PUNCT
cblr-9108	285	1	;	;	PUNCT
cblr-9108	285	2	prohibits	prohibit	VERB
cblr-9108	285	3	issuing	issue	VERB
cblr-9108	285	4	debt	debt	NOUN
cblr-9108	285	5	securities	security	NOUN
cblr-9108	285	6	,	,	PUNCT
cblr-9108	285	7	i	i	PROPN
cblr-9108	285	8	d.	d.	PROPN
cblr-9108	285	9	80a-18(a	80a-18(a	NUM
cblr-9108	285	10	)	)	PUNCT
cblr-9108	285	11	)	)	PUNCT
cblr-9108	285	12	;	;	PUNCT
cblr-9108	285	13	and	and	CCONJ
cblr-9108	285	14	requires	require	VERB
cblr-9108	285	15	that	that	SCONJ
cblr-9108	285	16	total	total	ADJ
cblr-9108	285	17	assets	asset	NOUN
cblr-9108	285	18	must	must	AUX
cblr-9108	285	19	always	always	ADV
cblr-9108	285	20	equal	equal	VERB
cblr-9108	285	21	or	or	CCONJ
cblr-9108	285	22	exceed	exceed	VERB
cblr-9108	285	23	bank	bank	NOUN
cblr-9108	285	24	loan	loan	NOUN
cblr-9108	285	25	principal	principal	NOUN
cblr-9108	285	26	by	by	ADP
cblr-9108	285	27	a	a	DET
cblr-9108	285	28	ratio	ratio	NOUN
cblr-9108	285	29	of	of	ADP
cblr-9108	285	30	3	3	NUM
cblr-9108	285	31	to	to	PART
cblr-9108	285	32	1	1	NUM
cblr-9108	285	33	,	,	PUNCT
cblr-9108	285	34	i	i	PROPN
cblr-9108	285	35	d.	d.	PROPN
cblr-9108	285	36	80a-18(f)(1	80a-18(f)(1	PROPN
cblr-9108	285	37	)	)	PUNCT
cblr-9108	285	38	)	)	PUNCT
cblr-9108	285	39	.	.	PUNCT
cblr-9108	286	1	on	on	ADP
cblr-9108	286	2	the	the	DET
cblr-9108	286	3	second	second	ADJ
cblr-9108	286	4	point	point	NOUN
cblr-9108	286	5	,	,	PUNCT
cblr-9108	286	6	provisions	provision	NOUN
cblr-9108	286	7	of	of	ADP
cblr-9108	286	8	the	the	DET
cblr-9108	286	9	investment	investment	NOUN
cblr-9108	286	10	advisers	adviser	NOUN
cblr-9108	286	11	act	act	VERB
cblr-9108	286	12	(	(	PUNCT
cblr-9108	286	13	“	"	PUNCT
cblr-9108	286	14	iaa	iaa	PROPN
cblr-9108	286	15	”	"	PUNCT
cblr-9108	286	16	)	)	PUNCT
cblr-9108	286	17	only	only	ADV
cblr-9108	286	18	permit	permit	VERB
cblr-9108	286	19	adviser	adviser	NOUN
cblr-9108	286	20	performance	performance	NOUN
cblr-9108	286	21	fees	fee	NOUN
cblr-9108	286	22	if	if	SCONJ
cblr-9108	286	23	the	the	DET
cblr-9108	286	24	fee	fee	NOUN
cblr-9108	286	25	is	be	AUX
cblr-9108	286	26	symmetric	symmetric	ADJ
cblr-9108	286	27	with	with	ADP
cblr-9108	286	28	poor	poor	ADJ
cblr-9108	286	29	performance	performance	NOUN
cblr-9108	286	30	punished	punish	VERB
cblr-9108	286	31	to	to	ADP
cblr-9108	286	32	the	the	DET
cblr-9108	286	33	same	same	ADJ
cblr-9108	286	34	extent	extent	NOUN
cblr-9108	286	35	good	good	ADJ
cblr-9108	286	36	performance	performance	NOUN
cblr-9108	286	37	is	be	AUX
cblr-9108	286	38	rewarded	reward	VERB
cblr-9108	286	39	,	,	PUNCT
cblr-9108	286	40	and	and	CCONJ
cblr-9108	286	41	performance	performance	NOUN
cblr-9108	286	42	is	be	AUX
cblr-9108	286	43	based	base	VERB
cblr-9108	286	44	on	on	ADP
cblr-9108	286	45	a	a	DET
cblr-9108	286	46	benchmark	benchmark	NOUN
cblr-9108	286	47	.	.	PUNCT
cblr-9108	287	1	investment	investment	NOUN
cblr-9108	287	2	advisers	adviser	NOUN
cblr-9108	287	3	act	act	VERB
cblr-9108	287	4	of	of	ADP
cblr-9108	287	5	1940	1940	NUM
cblr-9108	287	6	,	,	PUNCT
cblr-9108	287	7	15	15	NUM
cblr-9108	287	8	u.s.c	u.s.c	ADJ
cblr-9108	287	9	.	.	PUNCT
cblr-9108	288	1	§	§	PROPN
cblr-9108	288	2	80b-5(b)(2	80b-5(b)(2	NUM
cblr-9108	288	3	)	)	PUNCT
cblr-9108	288	4	(	(	PUNCT
cblr-9108	288	5	2018	2018	NUM
cblr-9108	288	6	)	)	PUNCT
cblr-9108	288	7	.	.	PUNCT
cblr-9108	289	1	the	the	DET
cblr-9108	289	2	ica	ica	PROPN
cblr-9108	289	3	prohibits	prohibit	VERB
cblr-9108	289	4	mutual	mutual	ADJ
cblr-9108	289	5	funds	fund	NOUN
cblr-9108	289	6	from	from	ADP
cblr-9108	289	7	issuing	issue	VERB
cblr-9108	289	8	shares	share	NOUN
cblr-9108	289	9	for	for	ADP
cblr-9108	289	10	services	service	NOUN
cblr-9108	289	11	.	.	PUNCT
cblr-9108	290	1	investment	investment	NOUN
cblr-9108	290	2	company	company	PROPN
cblr-9108	290	3	act	act	NOUN
cblr-9108	290	4	,	,	PUNCT
cblr-9108	290	5	15	15	NUM
cblr-9108	290	6	u.s.c	u.s.c	NOUN
cblr-9108	290	7	.	.	PUNCT
cblr-9108	291	1	§	§	VERB
cblr-9108	291	2	80a-22(g	80a-22(g	NUM
cblr-9108	291	3	)	)	PUNCT
cblr-9108	291	4	.	.	PUNCT
cblr-9108	292	1	finally	finally	ADV
cblr-9108	292	2	,	,	PUNCT
cblr-9108	292	3	on	on	ADP
cblr-9108	292	4	the	the	DET
cblr-9108	292	5	third	third	ADJ
cblr-9108	292	6	point	point	NOUN
cblr-9108	292	7	,	,	PUNCT
cblr-9108	292	8	see	see	VERB
cblr-9108	292	9	sections	section	NOUN
cblr-9108	292	10	2(a)(32	2(a)(32	NOUN
cblr-9108	292	11	)	)	PUNCT
cblr-9108	292	12	(	(	PUNCT
cblr-9108	292	13	defining	define	VERB
cblr-9108	292	14	redeemable	redeemable	ADJ
cblr-9108	292	15	security	security	NOUN
cblr-9108	292	16	as	as	ADP
cblr-9108	292	17	a	a	DET
cblr-9108	292	18	security	security	NOUN
cblr-9108	292	19	whose	whose	DET
cblr-9108	292	20	holder	holder	NOUN
cblr-9108	292	21	,	,	PUNCT
cblr-9108	292	22	upon	upon	SCONJ
cblr-9108	292	23	presenting	present	VERB
cblr-9108	292	24	it	it	PRON
cblr-9108	292	25	to	to	ADP
cblr-9108	292	26	the	the	DET
cblr-9108	292	27	issuer	issuer	NOUN
cblr-9108	292	28	,	,	PUNCT
cblr-9108	292	29	is	be	AUX
cblr-9108	292	30	entitled	entitle	VERB
cblr-9108	292	31	its	its	PRON
cblr-9108	292	32	proportionate	proportionate	ADJ
cblr-9108	292	33	share	share	NOUN
cblr-9108	292	34	of	of	ADP
cblr-9108	292	35	net	net	ADJ
cblr-9108	292	36	assets	asset	NOUN
cblr-9108	292	37	)	)	PUNCT
cblr-9108	292	38	and	and	CCONJ
cblr-9108	292	39	22(e	22(e	NUM
cblr-9108	292	40	)	)	PUNCT
cblr-9108	292	41	of	of	ADP
cblr-9108	292	42	the	the	DET
cblr-9108	292	43	investment	investment	NOUN
cblr-9108	292	44	company	company	NOUN
cblr-9108	292	45	act	act	NOUN
cblr-9108	292	46	(	(	PUNCT
cblr-9108	292	47	constraining	constrain	VERB
cblr-9108	292	48	the	the	DET
cblr-9108	292	49	suspension	suspension	NOUN
cblr-9108	292	50	of	of	ADP
cblr-9108	292	51	registration	registration	NOUN
cblr-9108	292	52	rights	right	NOUN
cblr-9108	292	53	)	)	PUNCT
cblr-9108	292	54	.	.	PUNCT
cblr-9108	293	1	investment	investment	NOUN
cblr-9108	293	2	company	company	PROPN
cblr-9108	293	3	act	act	VERB
cblr-9108	293	4	§	§	NOUN
cblr-9108	293	5	§	§	PROPN
cblr-9108	293	6	80a-2(a)(32	80a-2(a)(32	NUM
cblr-9108	293	7	)	)	PUNCT
cblr-9108	293	8	,	,	PUNCT
cblr-9108	293	9	22(e	22(e	NUM
cblr-9108	293	10	)	)	PUNCT
cblr-9108	293	11	.	.	PUNCT
cblr-9108	294	1	63	63	NUM
cblr-9108	294	2	see	see	VERB
cblr-9108	294	3	i.r.c	i.r.c	NOUN
cblr-9108	294	4	.	.	PUNCT
cblr-9108	295	1	§	§	PROPN
cblr-9108	295	2	§	§	PROPN
cblr-9108	295	3	851	851	NUM
cblr-9108	295	4	,	,	PUNCT
cblr-9108	295	5	852	852	NUM
cblr-9108	295	6	(	(	PUNCT
cblr-9108	295	7	2018	2018	NUM
cblr-9108	295	8	)	)	PUNCT
cblr-9108	295	9	.	.	PUNCT
cblr-9108	296	1	64	64	NUM
cblr-9108	296	2	u.s	u.s	PROPN
cblr-9108	296	3	.	.	PROPN
cblr-9108	296	4	sec	sec	PROPN
cblr-9108	296	5	.	.	PROPN
cblr-9108	296	6	&	&	CCONJ
cblr-9108	296	7	exch	exch	PROPN
cblr-9108	296	8	.	.	PUNCT
cblr-9108	297	1	comm’n	comm’n	PROPN
cblr-9108	297	2	,	,	PUNCT
cblr-9108	297	3	implications	implication	NOUN
cblr-9108	297	4	of	of	ADP
cblr-9108	297	5	the	the	DET
cblr-9108	297	6	growth	growth	NOUN
cblr-9108	297	7	of	of	ADP
cblr-9108	297	8	hedge	hedge	NOUN
cblr-9108	297	9	funds	fund	NOUN
cblr-9108	297	10	7	7	NUM
cblr-9108	297	11	(	(	PUNCT
cblr-9108	297	12	2003	2003	NUM
cblr-9108	297	13	)	)	PUNCT
cblr-9108	298	1	no	no	INTJ
cblr-9108	298	2	.	.	PUNCT
cblr-9108	299	1	3:1199	3:1199	NUM
cblr-9108	299	2	]	]	X
cblr-9108	299	3	the	the	DET
cblr-9108	299	4	new	new	ADJ
cblr-9108	299	5	public	public	ADJ
cblr-9108	299	6	/	/	SYM
cblr-9108	299	7	private	private	ADJ
cblr-9108	299	8	equilibrium	equilibrium	NOUN
cblr-9108	299	9	1217	1217	NUM
cblr-9108	299	10	their	their	PRON
cblr-9108	299	11	sole	sole	ADJ
cblr-9108	299	12	investments	investment	NOUN
cblr-9108	299	13	over	over	ADP
cblr-9108	299	14	such	such	ADJ
cblr-9108	299	15	funds	fund	NOUN
cblr-9108	299	16	’	'	PUNCT
cblr-9108	299	17	typical	typical	ADJ
cblr-9108	299	18	ten	ten	NUM
cblr-9108	299	19	-	-	PUNCT
cblr-9108	299	20	year	year	NOUN
cblr-9108	299	21	life	life	NOUN
cblr-9108	299	22	span.65	span.65	PROPN
cblr-9108	299	23	all	all	DET
cblr-9108	299	24	this	this	PRON
cblr-9108	299	25	explains	explain	VERB
cblr-9108	299	26	in	in	ADP
cblr-9108	299	27	part	part	NOUN
cblr-9108	299	28	why	why	SCONJ
cblr-9108	299	29	public	public	ADJ
cblr-9108	299	30	funds	fund	NOUN
cblr-9108	299	31	such	such	ADJ
cblr-9108	299	32	as	as	ADP
cblr-9108	299	33	mutual	mutual	ADJ
cblr-9108	299	34	funds	fund	NOUN
cblr-9108	299	35	and	and	CCONJ
cblr-9108	299	36	etfs	etfs	PROPN
cblr-9108	299	37	invest	invest	VERB
cblr-9108	299	38	overwhelmingly	overwhelmingly	ADV
cblr-9108	299	39	in	in	ADP
cblr-9108	299	40	public	public	ADJ
cblr-9108	299	41	companies	company	NOUN
cblr-9108	299	42	with	with	ADP
cblr-9108	299	43	exchange	exchange	NOUN
cblr-9108	299	44	-	-	PUNCT
cblr-9108	299	45	traded	trade	VERB
cblr-9108	299	46	stock,66	stock,66	NOUN
cblr-9108	299	47	while	while	SCONJ
cblr-9108	299	48	private	private	ADJ
cblr-9108	299	49	funds	fund	NOUN
cblr-9108	299	50	such	such	ADJ
cblr-9108	299	51	as	as	ADP
cblr-9108	299	52	private	private	ADJ
cblr-9108	299	53	equity	equity	NOUN
cblr-9108	299	54	,	,	PUNCT
cblr-9108	299	55	leveraged	leverage	VERB
cblr-9108	299	56	buyout	buyout	NOUN
cblr-9108	299	57	funds	fund	NOUN
cblr-9108	299	58	,	,	PUNCT
cblr-9108	299	59	and	and	CCONJ
cblr-9108	299	60	venture	venture	NOUN
cblr-9108	299	61	capital	capital	NOUN
cblr-9108	299	62	funds	fund	NOUN
cblr-9108	299	63	make	make	VERB
cblr-9108	299	64	highly	highly	ADV
cblr-9108	299	65	illiquid	illiquid	ADJ
cblr-9108	299	66	investments	investment	NOUN
cblr-9108	299	67	in	in	ADP
cblr-9108	299	68	private	private	ADJ
cblr-9108	299	69	companies.67	companies.67	NOUN
cblr-9108	299	70	this	this	PRON
cblr-9108	299	71	,	,	PUNCT
cblr-9108	299	72	then	then	ADV
cblr-9108	299	73	,	,	PUNCT
cblr-9108	299	74	is	be	AUX
cblr-9108	299	75	the	the	DET
cblr-9108	299	76	fundamental	fundamental	ADJ
cblr-9108	299	77	way	way	NOUN
cblr-9108	299	78	in	in	ADP
cblr-9108	299	79	which	which	PRON
cblr-9108	299	80	the	the	DET
cblr-9108	299	81	public	public	ADJ
cblr-9108	299	82	/	/	SYM
cblr-9108	299	83	private	private	ADJ
cblr-9108	299	84	divide	divide	NOUN
cblr-9108	299	85	for	for	ADP
cblr-9108	299	86	funds	fund	NOUN
cblr-9108	299	87	interacts	interact	VERB
cblr-9108	299	88	with	with	ADP
cblr-9108	299	89	and	and	CCONJ
cblr-9108	299	90	shapes	shape	VERB
cblr-9108	299	91	the	the	DET
cblr-9108	299	92	public	public	ADJ
cblr-9108	299	93	/	/	SYM
cblr-9108	299	94	private	private	ADJ
cblr-9108	299	95	divide	divide	NOUN
cblr-9108	299	96	for	for	ADP
cblr-9108	299	97	operating	operate	VERB
cblr-9108	299	98	companies	company	NOUN
cblr-9108	299	99	—	—	PUNCT
cblr-9108	299	100	by	by	ADP
cblr-9108	299	101	structurally	structurally	ADV
cblr-9108	299	102	biasing	bias	VERB
cblr-9108	299	103	the	the	DET
cblr-9108	299	104	universe	universe	NOUN
cblr-9108	299	105	of	of	ADP
cblr-9108	299	106	prospective	prospective	ADJ
cblr-9108	299	107	shareholders	shareholder	NOUN
cblr-9108	299	108	for	for	ADP
cblr-9108	299	109	companies	company	NOUN
cblr-9108	299	110	on	on	ADP
cblr-9108	299	111	each	each	DET
cblr-9108	299	112	side	side	NOUN
cblr-9108	299	113	of	of	ADP
cblr-9108	299	114	the	the	DET
cblr-9108	299	115	public	public	ADJ
cblr-9108	299	116	/	/	SYM
cblr-9108	299	117	private	private	ADJ
cblr-9108	299	118	divide	divide	NOUN
cblr-9108	299	119	.	.	PUNCT
cblr-9108	300	1	public	public	ADJ
cblr-9108	300	2	companies	company	NOUN
cblr-9108	300	3	will	will	AUX
cblr-9108	300	4	be	be	AUX
cblr-9108	300	5	financed	finance	VERB
cblr-9108	300	6	primarily	primarily	ADV
cblr-9108	300	7	by	by	ADP
cblr-9108	300	8	public	public	ADJ
cblr-9108	300	9	funds	fund	NOUN
cblr-9108	300	10	,	,	PUNCT
cblr-9108	300	11	while	while	SCONJ
cblr-9108	300	12	private	private	ADJ
cblr-9108	300	13	operating	operating	NOUN
cblr-9108	300	14	companies	company	NOUN
cblr-9108	300	15	will	will	AUX
cblr-9108	300	16	be	be	AUX
cblr-9108	300	17	financed	finance	VERB
cblr-9108	300	18	primarily	primarily	ADV
cblr-9108	300	19	by	by	ADP
cblr-9108	300	20	private	private	ADJ
cblr-9108	300	21	funds	fund	NOUN
cblr-9108	300	22	.	.	PUNCT
cblr-9108	301	1	to	to	PART
cblr-9108	301	2	be	be	AUX
cblr-9108	301	3	clear	clear	ADJ
cblr-9108	301	4	,	,	PUNCT
cblr-9108	301	5	there	there	PRON
cblr-9108	301	6	is	be	VERB
cblr-9108	301	7	no	no	DET
cblr-9108	301	8	securities	security	NOUN
cblr-9108	301	9	law	law	NOUN
cblr-9108	301	10	restriction	restriction	NOUN
cblr-9108	301	11	whatsoever	whatsoever	ADV
cblr-9108	301	12	on	on	ADP
cblr-9108	301	13	private	private	ADJ
cblr-9108	301	14	funds	fund	NOUN
cblr-9108	301	15	investing	invest	VERB
cblr-9108	301	16	in	in	ADP
cblr-9108	301	17	public	public	ADJ
cblr-9108	301	18	companies	company	NOUN
cblr-9108	301	19	,	,	PUNCT
cblr-9108	301	20	and	and	CCONJ
cblr-9108	301	21	there	there	PRON
cblr-9108	301	22	is	be	VERB
cblr-9108	301	23	no	no	DET
cblr-9108	301	24	direct	direct	ADJ
cblr-9108	301	25	prohibition	prohibition	NOUN
cblr-9108	301	26	on	on	ADP
cblr-9108	301	27	public	public	ADJ
cblr-9108	301	28	funds	fund	NOUN
cblr-9108	301	29	investing	invest	VERB
cblr-9108	301	30	in	in	ADP
cblr-9108	301	31	private	private	ADJ
cblr-9108	301	32	companies	company	NOUN
cblr-9108	301	33	—	—	PUNCT
cblr-9108	301	34	the	the	DET
cblr-9108	301	35	legal	legal	ADJ
cblr-9108	301	36	constraints	constraint	NOUN
cblr-9108	301	37	on	on	ADP
cblr-9108	301	38	public	public	ADJ
cblr-9108	301	39	funds	fund	NOUN
cblr-9108	301	40	operate	operate	VERB
cblr-9108	301	41	indirectly	indirectly	ADV
cblr-9108	301	42	through	through	ADP
cblr-9108	301	43	the	the	DET
cblr-9108	301	44	diversification	diversification	NOUN
cblr-9108	301	45	and	and	CCONJ
cblr-9108	301	46	liquidity	liquidity	NOUN
cblr-9108	301	47	requirements	requirement	NOUN
cblr-9108	301	48	,	,	PUNCT
cblr-9108	301	49	as	as	SCONJ
cblr-9108	301	50	we	we	PRON
cblr-9108	301	51	have	have	AUX
cblr-9108	301	52	seen	see	VERB
cblr-9108	301	53	.	.	PUNCT
cblr-9108	302	1	although	although	SCONJ
cblr-9108	302	2	hedge	hedge	NOUN
cblr-9108	302	3	funds	fund	NOUN
cblr-9108	302	4	are	be	AUX
cblr-9108	302	5	set	set	VERB
cblr-9108	302	6	up	up	ADP
cblr-9108	302	7	as	as	ADP
cblr-9108	302	8	private	private	ADJ
cblr-9108	302	9	funds	fund	NOUN
cblr-9108	302	10	,	,	PUNCT
cblr-9108	302	11	their	their	PRON
cblr-9108	302	12	equity	equity	NOUN
cblr-9108	302	13	investments	investment	NOUN
cblr-9108	302	14	are	be	AUX
cblr-9108	302	15	overwhelmingly	overwhelmingly	ADV
cblr-9108	302	16	in	in	ADP
cblr-9108	302	17	public	public	ADJ
cblr-9108	302	18	company	company	NOUN
cblr-9108	302	19	stocks,68	stocks,68	ADJ
cblr-9108	302	20	while	while	SCONJ
cblr-9108	302	21	some	some	DET
cblr-9108	302	22	openend	openend	ADJ
cblr-9108	302	23	mutual	mutual	ADJ
cblr-9108	302	24	funds	fund	NOUN
cblr-9108	302	25	have	have	AUX
cblr-9108	302	26	recently	recently	ADV
cblr-9108	302	27	made	make	VERB
cblr-9108	302	28	major	major	ADJ
cblr-9108	302	29	investments	investment	NOUN
cblr-9108	302	30	in	in	ADP
cblr-9108	302	31	large	large	ADJ
cblr-9108	302	32	private	private	ADJ
cblr-9108	302	33	companies.69	companies.69	NOUN
cblr-9108	302	34	yet	yet	ADV
cblr-9108	302	35	by	by	ADP
cblr-9108	302	36	dollar	dollar	NOUN
cblr-9108	302	37	volume	volume	NOUN
cblr-9108	302	38	,	,	PUNCT
cblr-9108	302	39	the	the	DET
cblr-9108	302	40	overwhelming	overwhelming	ADJ
cblr-9108	302	41	preponderance	preponderance	NOUN
cblr-9108	302	42	of	of	ADP
cblr-9108	302	43	investment	investment	NOUN
cblr-9108	302	44	by	by	ADP
cblr-9108	302	45	private	private	ADJ
cblr-9108	302	46	funds	fund	NOUN
cblr-9108	302	47	is	be	AUX
cblr-9108	302	48	in	in	ADP
cblr-9108	302	49	private	private	ADJ
cblr-9108	302	50	companies	company	NOUN
cblr-9108	302	51	and	and	CCONJ
cblr-9108	302	52	by	by	ADP
cblr-9108	302	53	public	public	ADJ
cblr-9108	302	54	funds	fund	NOUN
cblr-9108	302	55	in	in	ADP
cblr-9108	302	56	public	public	ADJ
cblr-9108	302	57	65	65	NUM
cblr-9108	302	58	see	see	VERB
cblr-9108	302	59	steven	steven	PROPN
cblr-9108	302	60	n.	n.	PROPN
cblr-9108	302	61	kaplan	kaplan	PROPN
cblr-9108	302	62	&	&	CCONJ
cblr-9108	302	63	per	per	ADP
cblr-9108	302	64	strömberg	strömberg	NOUN
cblr-9108	302	65	,	,	PUNCT
cblr-9108	302	66	leveraged	leveraged	ADJ
cblr-9108	302	67	buyouts	buyout	NOUN
cblr-9108	302	68	and	and	CCONJ
cblr-9108	302	69	private	private	ADJ
cblr-9108	302	70	equity	equity	NOUN
cblr-9108	302	71	,	,	PUNCT
cblr-9108	302	72	23	23	NUM
cblr-9108	302	73	j.	j.	PROPN
cblr-9108	302	74	econ	econ	PROPN
cblr-9108	302	75	.	.	PUNCT
cblr-9108	303	1	persp	persp	PROPN
cblr-9108	303	2	.	.	PUNCT
cblr-9108	304	1	121	121	NUM
cblr-9108	304	2	,	,	PUNCT
cblr-9108	304	3	123	123	NUM
cblr-9108	304	4	(	(	PUNCT
cblr-9108	304	5	2009	2009	NUM
cblr-9108	304	6	)	)	PUNCT
cblr-9108	304	7	.	.	PUNCT
cblr-9108	305	1	66	66	NUM
cblr-9108	305	2	see	see	VERB
cblr-9108	305	3	concept	concept	NOUN
cblr-9108	305	4	release	release	NOUN
cblr-9108	305	5	on	on	ADP
cblr-9108	305	6	harmonization	harmonization	NOUN
cblr-9108	305	7	of	of	ADP
cblr-9108	305	8	securities	security	NOUN
cblr-9108	305	9	offering	offering	NOUN
cblr-9108	305	10	exemptions	exemption	NOUN
cblr-9108	305	11	,	,	PUNCT
cblr-9108	305	12	securities	security	NOUN
cblr-9108	305	13	act	act	NOUN
cblr-9108	305	14	release	release	VERB
cblr-9108	305	15	no	no	NOUN
cblr-9108	305	16	.	.	NOUN
cblr-9108	305	17	10,649	10,649	NUM
cblr-9108	305	18	,	,	PUNCT
cblr-9108	305	19	exchange	exchange	NOUN
cblr-9108	305	20	act	act	NOUN
cblr-9108	305	21	release	release	VERB
cblr-9108	305	22	no	no	PRON
cblr-9108	305	23	.	.	NOUN
cblr-9108	305	24	86,129	86,129	NUM
cblr-9108	305	25	,	,	PUNCT
cblr-9108	305	26	investment	investment	NOUN
cblr-9108	305	27	company	company	NOUN
cblr-9108	305	28	release	release	VERB
cblr-9108	305	29	no	no	PRON
cblr-9108	305	30	.	.	NOUN
cblr-9108	305	31	33,512	33,512	NUM
cblr-9108	305	32	,	,	PUNCT
cblr-9108	305	33	84	84	NUM
cblr-9108	305	34	fed	feed	VERB
cblr-9108	305	35	.	.	PUNCT
cblr-9108	306	1	reg	reg	PROPN
cblr-9108	306	2	.	.	PROPN
cblr-9108	307	1	30,460	30,460	NUM
cblr-9108	307	2	,	,	PUNCT
cblr-9108	307	3	30,515	30,515	NUM
cblr-9108	307	4	(	(	PUNCT
cblr-9108	307	5	proposed	propose	VERB
cblr-9108	307	6	june	june	PROPN
cblr-9108	307	7	26	26	NUM
cblr-9108	307	8	,	,	PUNCT
cblr-9108	307	9	2019	2019	NUM
cblr-9108	307	10	)	)	PUNCT
cblr-9108	307	11	(	(	PUNCT
cblr-9108	307	12	noting	note	VERB
cblr-9108	307	13	that	that	SCONJ
cblr-9108	307	14	“	"	PUNCT
cblr-9108	307	15	registered	registered	ADJ
cblr-9108	307	16	investment	investment	NOUN
cblr-9108	307	17	companies	company	NOUN
cblr-9108	307	18	”	"	PUNCT
cblr-9108	307	19	such	such	ADJ
cblr-9108	307	20	as	as	ADP
cblr-9108	307	21	mutual	mutual	ADJ
cblr-9108	307	22	funds	fund	NOUN
cblr-9108	307	23	and	and	CCONJ
cblr-9108	307	24	etfs	etfs	PROPN
cblr-9108	307	25	are	be	AUX
cblr-9108	307	26	limited	limit	VERB
cblr-9108	307	27	in	in	ADP
cblr-9108	307	28	their	their	PRON
cblr-9108	307	29	ability	ability	NOUN
cblr-9108	307	30	to	to	PART
cblr-9108	307	31	invest	invest	VERB
cblr-9108	307	32	in	in	ADP
cblr-9108	307	33	private	private	ADJ
cblr-9108	307	34	companies	company	NOUN
cblr-9108	307	35	)	)	PUNCT
cblr-9108	307	36	.	.	PUNCT
cblr-9108	308	1	67	67	NUM
cblr-9108	308	2	see	see	VERB
cblr-9108	308	3	ann	ann	PROPN
cblr-9108	308	4	-	-	PUNCT
cblr-9108	308	5	kristin	kristin	PROPN
cblr-9108	308	6	achleitner	achleitner	PROPN
cblr-9108	308	7	&	&	CCONJ
cblr-9108	308	8	christoph	christoph	PROPN
cblr-9108	308	9	kaserer	kaserer	PROPN
cblr-9108	308	10	,	,	PUNCT
cblr-9108	308	11	private	private	ADJ
cblr-9108	308	12	equity	equity	NOUN
cblr-9108	308	13	funds	fund	NOUN
cblr-9108	308	14	and	and	CCONJ
cblr-9108	308	15	hedge	hedge	NOUN
cblr-9108	308	16	funds	fund	NOUN
cblr-9108	308	17	:	:	PUNCT
cblr-9108	308	18	a	a	DET
cblr-9108	308	19	primer	primer	NOUN
cblr-9108	308	20	9	9	NUM
cblr-9108	308	21	,	,	PUNCT
cblr-9108	308	22	11	11	NUM
cblr-9108	308	23	(	(	PUNCT
cblr-9108	308	24	ctr	ctr	PROPN
cblr-9108	308	25	.	.	PROPN
cblr-9108	309	1	for	for	ADP
cblr-9108	309	2	entrepreneurial	entrepreneurial	ADJ
cblr-9108	309	3	&	&	CCONJ
cblr-9108	309	4	fin	fin	NOUN
cblr-9108	309	5	.	.	PUNCT
cblr-9108	310	1	studs	stud	NOUN
cblr-9108	310	2	.	.	PUNCT
cblr-9108	310	3	,	,	PUNCT
cblr-9108	310	4	working	work	VERB
cblr-9108	310	5	paper	paper	NOUN
cblr-9108	310	6	2005	2005	NUM
cblr-9108	310	7	-	-	SYM
cblr-9108	310	8	03	03	NUM
cblr-9108	310	9	,	,	PUNCT
cblr-9108	310	10	2005	2005	NUM
cblr-9108	310	11	)	)	PUNCT
cblr-9108	310	12	.	.	PUNCT
cblr-9108	311	1	68	68	NUM
cblr-9108	311	2	see	see	VERB
cblr-9108	311	3	i	i	PRON
cblr-9108	311	4	d.	d.	PROPN
cblr-9108	311	5	69	69	NUM
cblr-9108	311	6	chernenko	chernenko	ADJ
cblr-9108	311	7	et	et	PROPN
cblr-9108	311	8	al	al	PROPN
cblr-9108	311	9	.	.	PROPN
cblr-9108	311	10	,	,	PUNCT
cblr-9108	311	11	supra	supra	PROPN
cblr-9108	311	12	note	note	NOUN
cblr-9108	311	13	9	9	NUM
cblr-9108	311	14	,	,	PUNCT
cblr-9108	311	15	at	at	ADP
cblr-9108	311	16	2370	2370	NUM
cblr-9108	311	17	.	.	PUNCT
cblr-9108	312	1	1218	1218	NUM
cblr-9108	312	2	columbia	columbia	PROPN
cblr-9108	312	3	business	business	PROPN
cblr-9108	312	4	law	law	PROPN
cblr-9108	312	5	review	review	NOUN
cblr-9108	312	6	[	[	X
cblr-9108	312	7	vol	vol	NOUN
cblr-9108	312	8	.	.	PUNCT
cblr-9108	312	9	2021	2021	NUM
cblr-9108	313	1	companies.70	companies.70	PRON
cblr-9108	313	2	the	the	DET
cblr-9108	313	3	two	two	NUM
cblr-9108	313	4	divides	divide	NOUN
cblr-9108	313	5	both	both	PRON
cblr-9108	313	6	interact	interact	VERB
cblr-9108	313	7	and	and	CCONJ
cblr-9108	313	8	overlap	overlap	VERB
cblr-9108	313	9	.	.	PUNCT
cblr-9108	314	1	it	it	PRON
cblr-9108	314	2	would	would	AUX
cblr-9108	314	3	not	not	PART
cblr-9108	314	4	matter	matter	VERB
cblr-9108	314	5	if	if	SCONJ
cblr-9108	314	6	registered	register	VERB
cblr-9108	314	7	funds	fund	NOUN
cblr-9108	314	8	invested	invest	VERB
cblr-9108	314	9	overwhelmingly	overwhelmingly	ADV
cblr-9108	314	10	in	in	ADP
cblr-9108	314	11	public	public	ADJ
cblr-9108	314	12	companies	company	NOUN
cblr-9108	314	13	and	and	CCONJ
cblr-9108	314	14	private	private	ADJ
cblr-9108	314	15	funds	fund	NOUN
cblr-9108	314	16	in	in	ADP
cblr-9108	314	17	private	private	ADJ
cblr-9108	314	18	companies	company	NOUN
cblr-9108	314	19	,	,	PUNCT
cblr-9108	314	20	if	if	SCONJ
cblr-9108	314	21	those	those	DET
cblr-9108	314	22	funds	fund	NOUN
cblr-9108	314	23	did	do	AUX
cblr-9108	314	24	not	not	PART
cblr-9108	314	25	fundamentally	fundamentally	ADV
cblr-9108	314	26	differ	differ	VERB
cblr-9108	314	27	in	in	ADP
cblr-9108	314	28	how	how	SCONJ
cblr-9108	314	29	they	they	PRON
cblr-9108	314	30	affected	affect	VERB
cblr-9108	314	31	the	the	DET
cblr-9108	314	32	companies	company	NOUN
cblr-9108	314	33	they	they	PRON
cblr-9108	314	34	own	own	VERB
cblr-9108	314	35	.	.	PUNCT
cblr-9108	315	1	but	but	CCONJ
cblr-9108	315	2	,	,	PUNCT
cblr-9108	315	3	as	as	SCONJ
cblr-9108	315	4	we	we	PRON
cblr-9108	315	5	will	will	AUX
cblr-9108	315	6	argue	argue	VERB
cblr-9108	315	7	in	in	ADP
cblr-9108	315	8	part	part	NOUN
cblr-9108	315	9	iii	iii	NOUN
cblr-9108	315	10	,	,	PUNCT
cblr-9108	315	11	they	they	PRON
cblr-9108	315	12	do	do	VERB
cblr-9108	315	13	.	.	PUNCT
cblr-9108	316	1	3	3	X
cblr-9108	316	2	.	.	X
cblr-9108	316	3	an	an	DET
cblr-9108	316	4	idealized	idealized	ADJ
cblr-9108	316	5	public	public	ADJ
cblr-9108	316	6	/	/	SYM
cblr-9108	316	7	private	private	ADJ
cblr-9108	316	8	divide	divide	NOUN
cblr-9108	316	9	to	to	PART
cblr-9108	316	10	grasp	grasp	VERB
cblr-9108	316	11	how	how	SCONJ
cblr-9108	316	12	the	the	DET
cblr-9108	316	13	public	public	ADJ
cblr-9108	316	14	/	/	SYM
cblr-9108	316	15	private	private	ADJ
cblr-9108	316	16	divide	divide	NOUN
cblr-9108	316	17	actually	actually	ADV
cblr-9108	316	18	works	work	VERB
cblr-9108	316	19	,	,	PUNCT
cblr-9108	316	20	it	it	PRON
cblr-9108	316	21	is	be	AUX
cblr-9108	316	22	illuminating	illuminate	VERB
cblr-9108	316	23	to	to	PART
cblr-9108	316	24	contrast	contrast	VERB
cblr-9108	316	25	it	it	PRON
cblr-9108	316	26	with	with	ADP
cblr-9108	316	27	an	an	DET
cblr-9108	316	28	idealized	idealized	ADJ
cblr-9108	316	29	,	,	PUNCT
cblr-9108	316	30	simple	simple	ADJ
cblr-9108	316	31	version	version	NOUN
cblr-9108	316	32	of	of	ADP
cblr-9108	316	33	how	how	SCONJ
cblr-9108	316	34	a	a	DET
cblr-9108	316	35	public	public	ADJ
cblr-9108	316	36	/	/	SYM
cblr-9108	316	37	private	private	ADJ
cblr-9108	316	38	divide	divide	NOUN
cblr-9108	316	39	could	could	AUX
cblr-9108	316	40	in	in	ADP
cblr-9108	316	41	principle	principle	ADJ
cblr-9108	316	42	work	work	NOUN
cblr-9108	316	43	.	.	PUNCT
cblr-9108	317	1	in	in	ADP
cblr-9108	317	2	this	this	DET
cblr-9108	317	3	simple	simple	ADJ
cblr-9108	317	4	version	version	NOUN
cblr-9108	317	5	,	,	PUNCT
cblr-9108	317	6	few	few	ADJ
cblr-9108	317	7	regulatory	regulatory	ADJ
cblr-9108	317	8	requirements	requirement	NOUN
cblr-9108	317	9	are	be	AUX
cblr-9108	317	10	imposed	impose	VERB
cblr-9108	317	11	on	on	ADP
cblr-9108	317	12	private	private	ADJ
cblr-9108	317	13	companies	company	NOUN
cblr-9108	317	14	beyond	beyond	ADP
cblr-9108	317	15	the	the	DET
cblr-9108	317	16	anti	anti	ADJ
cblr-9108	317	17	-	-	ADJ
cblr-9108	317	18	fraud	fraud	ADJ
cblr-9108	317	19	rule	rule	NOUN
cblr-9108	317	20	,	,	PUNCT
cblr-9108	317	21	while	while	SCONJ
cblr-9108	317	22	an	an	DET
cblr-9108	317	23	extensive	extensive	ADJ
cblr-9108	317	24	disclosure	disclosure	NOUN
cblr-9108	317	25	regime	regime	NOUN
cblr-9108	317	26	is	be	AUX
cblr-9108	317	27	imposed	impose	VERB
cblr-9108	317	28	on	on	ADP
cblr-9108	317	29	public	public	ADJ
cblr-9108	317	30	companies	company	NOUN
cblr-9108	317	31	.	.	PUNCT
cblr-9108	318	1	however	however	ADV
cblr-9108	318	2	,	,	PUNCT
cblr-9108	318	3	private	private	ADJ
cblr-9108	318	4	firms	firm	NOUN
cblr-9108	318	5	are	be	AUX
cblr-9108	318	6	severely	severely	ADV
cblr-9108	318	7	restricted	restrict	VERB
cblr-9108	318	8	in	in	ADP
cblr-9108	318	9	their	their	PRON
cblr-9108	318	10	ability	ability	NOUN
cblr-9108	318	11	to	to	PART
cblr-9108	318	12	raise	raise	VERB
cblr-9108	318	13	capital	capital	NOUN
cblr-9108	318	14	from	from	ADP
cblr-9108	318	15	third	third	ADJ
cblr-9108	318	16	parties	party	NOUN
cblr-9108	318	17	.	.	PUNCT
cblr-9108	319	1	public	public	ADJ
cblr-9108	319	2	firms	firm	NOUN
cblr-9108	319	3	,	,	PUNCT
cblr-9108	319	4	by	by	ADP
cblr-9108	319	5	contrast	contrast	NOUN
cblr-9108	319	6	,	,	PUNCT
cblr-9108	319	7	may	may	AUX
cblr-9108	319	8	sell	sell	VERB
cblr-9108	319	9	their	their	PRON
cblr-9108	319	10	securities	security	NOUN
cblr-9108	319	11	to	to	ADP
cblr-9108	319	12	anyone	anyone	PRON
cblr-9108	319	13	,	,	PUNCT
cblr-9108	319	14	and	and	CCONJ
cblr-9108	319	15	thus	thus	ADV
cblr-9108	319	16	can	can	AUX
cblr-9108	319	17	access	access	VERB
cblr-9108	319	18	a	a	DET
cblr-9108	319	19	substantially	substantially	ADV
cblr-9108	319	20	cheaper	cheap	ADJ
cblr-9108	319	21	and	and	CCONJ
cblr-9108	319	22	deeper	deep	ADJ
cblr-9108	319	23	pool	pool	NOUN
cblr-9108	319	24	of	of	ADP
cblr-9108	319	25	capital	capital	NOUN
cblr-9108	319	26	than	than	ADP
cblr-9108	319	27	private	private	ADJ
cblr-9108	319	28	firms.71	firms.71	NOUN
cblr-9108	319	29	in	in	ADP
cblr-9108	319	30	this	this	DET
cblr-9108	319	31	simple	simple	ADJ
cblr-9108	319	32	framework	framework	NOUN
cblr-9108	319	33	,	,	PUNCT
cblr-9108	319	34	firms	firm	NOUN
cblr-9108	319	35	are	be	AUX
cblr-9108	319	36	founded	found	VERB
cblr-9108	319	37	and	and	CCONJ
cblr-9108	319	38	70	70	NUM
cblr-9108	319	39	why	why	SCONJ
cblr-9108	319	40	do	do	AUX
cblr-9108	319	41	private	private	ADJ
cblr-9108	319	42	funds	fund	NOUN
cblr-9108	319	43	typically	typically	ADV
cblr-9108	319	44	invest	invest	VERB
cblr-9108	319	45	in	in	ADP
cblr-9108	319	46	private	private	ADJ
cblr-9108	319	47	companies	company	NOUN
cblr-9108	319	48	and	and	CCONJ
cblr-9108	319	49	public	public	ADJ
cblr-9108	319	50	funds	fund	NOUN
cblr-9108	319	51	in	in	ADP
cblr-9108	319	52	public	public	ADJ
cblr-9108	319	53	companies	company	NOUN
cblr-9108	319	54	?	?	PUNCT
cblr-9108	320	1	registered	register	VERB
cblr-9108	320	2	funds	fund	NOUN
cblr-9108	320	3	must	must	AUX
cblr-9108	320	4	offer	offer	VERB
cblr-9108	320	5	daily	daily	ADJ
cblr-9108	320	6	redemption	redemption	NOUN
cblr-9108	320	7	.	.	PUNCT
cblr-9108	321	1	a	a	DET
cblr-9108	321	2	registered	register	VERB
cblr-9108	321	3	fund	fund	NOUN
cblr-9108	321	4	that	that	PRON
cblr-9108	321	5	invested	invest	VERB
cblr-9108	321	6	in	in	ADP
cblr-9108	321	7	illiquid	illiquid	ADJ
cblr-9108	321	8	securities	security	NOUN
cblr-9108	321	9	would	would	AUX
cblr-9108	321	10	be	be	AUX
cblr-9108	321	11	exposed	expose	VERB
cblr-9108	321	12	to	to	ADP
cblr-9108	321	13	a	a	DET
cblr-9108	321	14	run	run	NOUN
cblr-9108	321	15	.	.	PUNCT
cblr-9108	322	1	see	see	VERB
cblr-9108	322	2	holger	holger	NOUN
cblr-9108	322	3	spamann	spamann	PROPN
cblr-9108	322	4	,	,	PUNCT
cblr-9108	322	5	indirect	indirect	ADJ
cblr-9108	322	6	investor	investor	NOUN
cblr-9108	322	7	protection	protection	NOUN
cblr-9108	322	8	:	:	PUNCT
cblr-9108	322	9	the	the	DET
cblr-9108	322	10	investment	investment	NOUN
cblr-9108	322	11	ecosystem	ecosystem	NOUN
cblr-9108	322	12	and	and	CCONJ
cblr-9108	322	13	its	its	PRON
cblr-9108	322	14	legal	legal	ADJ
cblr-9108	322	15	underpinnings	underpinning	NOUN
cblr-9108	322	16	27	27	NUM
cblr-9108	322	17	(	(	PUNCT
cblr-9108	322	18	eur	eur	PROPN
cblr-9108	322	19	.	.	PROPN
cblr-9108	322	20	corp	corp	PROPN
cblr-9108	322	21	.	.	PROPN
cblr-9108	322	22	governance	governance	PROPN
cblr-9108	322	23	inst	inst	PROPN
cblr-9108	322	24	.	.	PROPN
cblr-9108	322	25	,	,	PUNCT
cblr-9108	322	26	law	law	NOUN
cblr-9108	322	27	working	working	NOUN
cblr-9108	322	28	paper	paper	NOUN
cblr-9108	322	29	no	no	INTJ
cblr-9108	322	30	.	.	PROPN
cblr-9108	323	1	594/2021	594/2021	NUM
cblr-9108	323	2	,	,	PUNCT
cblr-9108	323	3	2021	2021	NUM
cblr-9108	323	4	)	)	PUNCT
cblr-9108	323	5	,	,	PUNCT
cblr-9108	323	6	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3707249	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3707249	PROPN
cblr-9108	323	7	(	(	PUNCT
cblr-9108	323	8	on	on	ADP
cblr-9108	323	9	file	file	NOUN
cblr-9108	323	10	with	with	ADP
cblr-9108	323	11	the	the	DET
cblr-9108	323	12	columbia	columbia	PROPN
cblr-9108	323	13	business	business	PROPN
cblr-9108	323	14	law	law	PROPN
cblr-9108	323	15	review	review	PROPN
cblr-9108	323	16	)	)	PUNCT
cblr-9108	324	1	;	;	PUNCT
cblr-9108	324	2	see	see	VERB
cblr-9108	324	3	also	also	ADV
cblr-9108	324	4	17	17	NUM
cblr-9108	324	5	c.f.r	c.f.r	NOUN
cblr-9108	324	6	.	.	PUNCT
cblr-9108	325	1	§	§	PROPN
cblr-9108	325	2	270.22e-4(b)(1)(iv	270.22e-4(b)(1)(iv	NUM
cblr-9108	325	3	)	)	PUNCT
cblr-9108	325	4	(	(	PUNCT
cblr-9108	325	5	2021	2021	NUM
cblr-9108	325	6	)	)	PUNCT
cblr-9108	325	7	(	(	PUNCT
cblr-9108	325	8	restricting	restrict	VERB
cblr-9108	325	9	open	open	ADJ
cblr-9108	325	10	-	-	PUNCT
cblr-9108	325	11	end	end	NOUN
cblr-9108	325	12	mutual	mutual	ADJ
cblr-9108	325	13	funds	fund	NOUN
cblr-9108	325	14	from	from	ADP
cblr-9108	325	15	holding	hold	VERB
cblr-9108	325	16	more	more	ADJ
cblr-9108	325	17	than	than	ADP
cblr-9108	325	18	15	15	NUM
cblr-9108	325	19	%	%	NOUN
cblr-9108	325	20	of	of	ADP
cblr-9108	325	21	their	their	PRON
cblr-9108	325	22	portfolio	portfolio	NOUN
cblr-9108	325	23	in	in	ADP
cblr-9108	325	24	assets	asset	NOUN
cblr-9108	325	25	without	without	ADP
cblr-9108	325	26	an	an	DET
cblr-9108	325	27	available	available	ADJ
cblr-9108	325	28	quotation	quotation	NOUN
cblr-9108	325	29	)	)	PUNCT
cblr-9108	325	30	.	.	PUNCT
cblr-9108	326	1	conversely	conversely	ADV
cblr-9108	326	2	,	,	PUNCT
cblr-9108	326	3	a	a	DET
cblr-9108	326	4	fund	fund	NOUN
cblr-9108	326	5	structured	structure	VERB
cblr-9108	326	6	to	to	PART
cblr-9108	326	7	specialize	specialize	VERB
cblr-9108	326	8	in	in	ADP
cblr-9108	326	9	investing	invest	VERB
cblr-9108	326	10	in	in	ADP
cblr-9108	326	11	illiquid	illiquid	ADJ
cblr-9108	326	12	securities	security	NOUN
cblr-9108	326	13	would	would	AUX
cblr-9108	326	14	choose	choose	VERB
cblr-9108	326	15	not	not	PART
cblr-9108	326	16	to	to	PART
cblr-9108	326	17	be	be	AUX
cblr-9108	326	18	a	a	DET
cblr-9108	326	19	registered	register	VERB
cblr-9108	326	20	fund	fund	NOUN
cblr-9108	326	21	.	.	PUNCT
cblr-9108	327	1	simpson	simpson	PROPN
cblr-9108	327	2	thacher	thacher	PROPN
cblr-9108	327	3	,	,	PUNCT
cblr-9108	327	4	registered	register	VERB
cblr-9108	327	5	funds	fund	NOUN
cblr-9108	327	6	alert	alert	VERB
cblr-9108	327	7	6–7	6–7	NUM
cblr-9108	327	8	(	(	PUNCT
cblr-9108	327	9	2020	2020	NUM
cblr-9108	327	10	)	)	PUNCT
cblr-9108	327	11	,	,	PUNCT
cblr-9108	327	12	stblaw.com/docs/defaultsource/publications/registeredfundsalert_september2020.pdf	stblaw.com/docs/defaultsource/publications/registeredfundsalert_september2020.pdf	PROPN
cblr-9108	327	13	(	(	PUNCT
cblr-9108	327	14	on	on	ADP
cblr-9108	327	15	file	file	NOUN
cblr-9108	327	16	with	with	ADP
cblr-9108	327	17	the	the	DET
cblr-9108	327	18	columbia	columbia	PROPN
cblr-9108	327	19	business	business	PROPN
cblr-9108	327	20	law	law	PROPN
cblr-9108	327	21	review	review	PROPN
cblr-9108	327	22	)	)	PUNCT
cblr-9108	327	23	(	(	PUNCT
cblr-9108	327	24	discussing	discuss	VERB
cblr-9108	327	25	lack	lack	NOUN
cblr-9108	327	26	of	of	ADP
cblr-9108	327	27	registered	register	VERB
cblr-9108	327	28	funds	fund	NOUN
cblr-9108	327	29	’	'	PUNCT
cblr-9108	327	30	investment	investment	NOUN
cblr-9108	327	31	in	in	ADP
cblr-9108	327	32	illiquid	illiquid	ADJ
cblr-9108	327	33	private	private	ADJ
cblr-9108	327	34	corporate	corporate	ADJ
cblr-9108	327	35	equities	equity	NOUN
cblr-9108	327	36	)	)	PUNCT
cblr-9108	327	37	.	.	PUNCT
cblr-9108	328	1	71	71	NUM
cblr-9108	328	2	historically	historically	ADV
cblr-9108	328	3	,	,	PUNCT
cblr-9108	328	4	[	[	X
cblr-9108	328	5	c]ompanies	c]ompanie	NOUN
cblr-9108	328	6	that	that	PRON
cblr-9108	328	7	went	go	VERB
cblr-9108	328	8	public	public	ADJ
cblr-9108	328	9	took	take	VERB
cblr-9108	328	10	on	on	ADP
cblr-9108	328	11	the	the	DET
cblr-9108	328	12	obligation	obligation	NOUN
cblr-9108	328	13	of	of	ADP
cblr-9108	328	14	publicly	publicly	ADV
cblr-9108	328	15	disclosing	disclose	VERB
cblr-9108	328	16	substantial	substantial	ADJ
cblr-9108	328	17	amounts	amount	NOUN
cblr-9108	328	18	of	of	ADP
cblr-9108	328	19	information	information	NOUN
cblr-9108	328	20	and	and	CCONJ
cblr-9108	328	21	,	,	PUNCT
cblr-9108	328	22	in	in	ADP
cblr-9108	328	23	return	return	NOUN
cblr-9108	328	24	,	,	PUNCT
cblr-9108	328	25	were	be	AUX
cblr-9108	328	26	permitted	permit	VERB
cblr-9108	328	27	to	to	PART
cblr-9108	328	28	solicit	solicit	VERB
cblr-9108	328	29	the	the	DET
cblr-9108	328	30	largest	large	ADJ
cblr-9108	328	31	(	(	PUNCT
cblr-9108	328	32	and	and	CCONJ
cblr-9108	328	33	therefore	therefore	ADV
cblr-9108	328	34	cheapest	cheap	ADJ
cblr-9108	328	35	)	)	PUNCT
cblr-9108	328	36	source	source	NOUN
cblr-9108	328	37	of	of	ADP
cblr-9108	328	38	capital	capital	NOUN
cblr-9108	328	39	:	:	PUNCT
cblr-9108	328	40	the	the	DET
cblr-9108	328	41	general	general	ADJ
cblr-9108	328	42	public	public	NOUN
cblr-9108	328	43	.	.	PUNCT
cblr-9108	329	1	conversely	conversely	ADV
cblr-9108	329	2	,	,	PUNCT
cblr-9108	329	3	private	private	ADJ
cblr-9108	329	4	companies	company	NOUN
cblr-9108	329	5	were	be	AUX
cblr-9108	329	6	restricted	restrict	VERB
cblr-9108	329	7	to	to	ADP
cblr-9108	329	8	raising	raise	VERB
cblr-9108	329	9	no	no	PRON
cblr-9108	329	10	.	.	PUNCT
cblr-9108	330	1	3:1199	3:1199	NUM
cblr-9108	330	2	]	]	X
cblr-9108	330	3	the	the	DET
cblr-9108	330	4	new	new	ADJ
cblr-9108	330	5	public	public	ADJ
cblr-9108	330	6	/	/	SYM
cblr-9108	330	7	private	private	ADJ
cblr-9108	330	8	equilibrium	equilibrium	NOUN
cblr-9108	330	9	1219	1219	NUM
cblr-9108	330	10	begin	begin	VERB
cblr-9108	330	11	operating	operate	VERB
cblr-9108	330	12	as	as	ADP
cblr-9108	330	13	private	private	ADJ
cblr-9108	330	14	companies	company	NOUN
cblr-9108	330	15	.	.	PUNCT
cblr-9108	331	1	some	some	PRON
cblr-9108	331	2	of	of	ADP
cblr-9108	331	3	those	those	DET
cblr-9108	331	4	firms	firm	NOUN
cblr-9108	331	5	fail	fail	VERB
cblr-9108	331	6	,	,	PUNCT
cblr-9108	331	7	others	other	NOUN
cblr-9108	331	8	succeed	succeed	VERB
cblr-9108	331	9	moderately	moderately	ADV
cblr-9108	331	10	,	,	PUNCT
cblr-9108	331	11	and	and	CCONJ
cblr-9108	331	12	all	all	PRON
cblr-9108	331	13	of	of	ADP
cblr-9108	331	14	those	those	DET
cblr-9108	331	15	firms	firm	NOUN
cblr-9108	331	16	can	can	AUX
cblr-9108	331	17	and	and	CCONJ
cblr-9108	331	18	do	do	AUX
cblr-9108	331	19	remain	remain	VERB
cblr-9108	331	20	private	private	ADJ
cblr-9108	331	21	.	.	PUNCT
cblr-9108	332	1	highly	highly	ADV
cblr-9108	332	2	successful	successful	ADJ
cblr-9108	332	3	,	,	PUNCT
cblr-9108	332	4	large	large	ADJ
cblr-9108	332	5	private	private	ADJ
cblr-9108	332	6	firms	firm	NOUN
cblr-9108	332	7	,	,	PUNCT
cblr-9108	332	8	however	however	ADV
cblr-9108	332	9	,	,	PUNCT
cblr-9108	332	10	almost	almost	ADV
cblr-9108	332	11	inevitably	inevitably	ADV
cblr-9108	332	12	require	require	VERB
cblr-9108	332	13	access	access	NOUN
cblr-9108	332	14	to	to	ADP
cblr-9108	332	15	the	the	DET
cblr-9108	332	16	broader	broad	ADJ
cblr-9108	332	17	world	world	NOUN
cblr-9108	332	18	of	of	ADP
cblr-9108	332	19	capital	capital	NOUN
cblr-9108	332	20	available	available	ADJ
cblr-9108	332	21	in	in	ADP
cblr-9108	332	22	public	public	ADJ
cblr-9108	332	23	markets	market	NOUN
cblr-9108	332	24	.	.	PUNCT
cblr-9108	333	1	thus	thus	ADV
cblr-9108	333	2	,	,	PUNCT
cblr-9108	333	3	they	they	PRON
cblr-9108	333	4	almost	almost	ADV
cblr-9108	333	5	invariably	invariably	ADV
cblr-9108	333	6	go	go	VERB
cblr-9108	333	7	public	public	ADJ
cblr-9108	333	8	.	.	PUNCT
cblr-9108	334	1	in	in	ADP
cblr-9108	334	2	this	this	DET
cblr-9108	334	3	idealized	idealize	VERB
cblr-9108	334	4	version	version	NOUN
cblr-9108	334	5	,	,	PUNCT
cblr-9108	334	6	a	a	DET
cblr-9108	334	7	firm	firm	NOUN
cblr-9108	334	8	’s	’s	PART
cblr-9108	334	9	decision	decision	NOUN
cblr-9108	334	10	to	to	PART
cblr-9108	334	11	cross	cross	VERB
cblr-9108	334	12	the	the	DET
cblr-9108	334	13	public	public	ADJ
cblr-9108	334	14	/	/	SYM
cblr-9108	334	15	private	private	ADJ
cblr-9108	334	16	divide	divide	NOUN
cblr-9108	334	17	is	be	AUX
cblr-9108	334	18	a	a	DET
cblr-9108	334	19	near	near	ADJ
cblr-9108	334	20	-	-	PUNCT
cblr-9108	334	21	mechanical	mechanical	ADJ
cblr-9108	334	22	result	result	NOUN
cblr-9108	334	23	of	of	ADP
cblr-9108	334	24	that	that	DET
cblr-9108	334	25	firm	firm	NOUN
cblr-9108	334	26	growing	grow	VERB
cblr-9108	334	27	to	to	ADP
cblr-9108	334	28	a	a	DET
cblr-9108	334	29	certain	certain	ADJ
cblr-9108	334	30	size	size	NOUN
cblr-9108	334	31	and	and	CCONJ
cblr-9108	334	32	needing	need	VERB
cblr-9108	334	33	to	to	PART
cblr-9108	334	34	meet	meet	VERB
cblr-9108	334	35	its	its	PRON
cblr-9108	334	36	accompanying	accompanying	ADJ
cblr-9108	334	37	capital	capital	NOUN
cblr-9108	334	38	-	-	PUNCT
cblr-9108	334	39	raising	raise	VERB
cblr-9108	334	40	needs	need	NOUN
cblr-9108	334	41	.	.	PUNCT
cblr-9108	335	1	successful	successful	ADJ
cblr-9108	335	2	firms	firm	NOUN
cblr-9108	335	3	facing	face	VERB
cblr-9108	335	4	the	the	DET
cblr-9108	335	5	decision	decision	NOUN
cblr-9108	335	6	between	between	ADP
cblr-9108	335	7	going	go	VERB
cblr-9108	335	8	public	public	ADJ
cblr-9108	335	9	and	and	CCONJ
cblr-9108	335	10	staying	stay	VERB
cblr-9108	335	11	private	private	ADJ
cblr-9108	335	12	do	do	AUX
cblr-9108	335	13	encounter	encounter	VERB
cblr-9108	335	14	a	a	DET
cblr-9108	335	15	tradeoff	tradeoff	NOUN
cblr-9108	335	16	,	,	PUNCT
cblr-9108	335	17	which	which	PRON
cblr-9108	335	18	is	be	AUX
cblr-9108	335	19	that	that	PRON
cblr-9108	335	20	being	be	AUX
cblr-9108	335	21	public	public	ADJ
cblr-9108	335	22	offers	offer	VERB
cblr-9108	335	23	cheaper	cheap	ADJ
cblr-9108	335	24	capital	capital	NOUN
cblr-9108	335	25	but	but	CCONJ
cblr-9108	335	26	higher	high	ADJ
cblr-9108	335	27	regulatory	regulatory	ADJ
cblr-9108	335	28	costs	cost	NOUN
cblr-9108	335	29	.	.	PUNCT
cblr-9108	336	1	that	that	DET
cblr-9108	336	2	tradeoff	tradeoff	NOUN
cblr-9108	336	3	is	be	AUX
cblr-9108	336	4	relatively	relatively	ADV
cblr-9108	336	5	simple	simple	ADJ
cblr-9108	336	6	to	to	PART
cblr-9108	336	7	evaluate	evaluate	VERB
cblr-9108	336	8	,	,	PUNCT
cblr-9108	336	9	however	however	ADV
cblr-9108	336	10	,	,	PUNCT
cblr-9108	336	11	and	and	CCONJ
cblr-9108	336	12	it	it	PRON
cblr-9108	336	13	applies	apply	VERB
cblr-9108	336	14	fairly	fairly	ADV
cblr-9108	336	15	uniformly	uniformly	ADV
cblr-9108	336	16	across	across	ADP
cblr-9108	336	17	the	the	DET
cblr-9108	336	18	broad	broad	ADJ
cblr-9108	336	19	set	set	NOUN
cblr-9108	336	20	of	of	ADP
cblr-9108	336	21	private	private	ADJ
cblr-9108	336	22	firms	firm	NOUN
cblr-9108	336	23	successful	successful	ADJ
cblr-9108	336	24	enough	enough	ADV
cblr-9108	336	25	to	to	PART
cblr-9108	336	26	contemplate	contemplate	VERB
cblr-9108	336	27	going	go	VERB
cblr-9108	336	28	public.72	public.72	NOUN
cblr-9108	336	29	this	this	DET
cblr-9108	336	30	vision	vision	NOUN
cblr-9108	336	31	is	be	AUX
cblr-9108	336	32	worth	worth	ADJ
cblr-9108	336	33	considering	consider	VERB
cblr-9108	336	34	because	because	SCONJ
cblr-9108	336	35	it	it	PRON
cblr-9108	336	36	shows	show	VERB
cblr-9108	336	37	how	how	SCONJ
cblr-9108	336	38	the	the	DET
cblr-9108	336	39	answers	answer	NOUN
cblr-9108	336	40	to	to	ADP
cblr-9108	336	41	foundational	foundational	ADJ
cblr-9108	336	42	questions	question	NOUN
cblr-9108	336	43	about	about	ADP
cblr-9108	336	44	the	the	DET
cblr-9108	336	45	public	public	ADJ
cblr-9108	336	46	/	/	SYM
cblr-9108	336	47	private	private	ADJ
cblr-9108	336	48	divide	divide	NOUN
cblr-9108	336	49	might	might	AUX
cblr-9108	336	50	change	change	VERB
cblr-9108	336	51	with	with	ADP
cblr-9108	336	52	time	time	NOUN
cblr-9108	336	53	.	.	PUNCT
cblr-9108	337	1	consider	consider	VERB
cblr-9108	337	2	three	three	NUM
cblr-9108	337	3	basic	basic	ADJ
cblr-9108	337	4	questions	question	NOUN
cblr-9108	337	5	about	about	ADP
cblr-9108	337	6	the	the	DET
cblr-9108	337	7	public	public	ADJ
cblr-9108	337	8	/	/	SYM
cblr-9108	337	9	private	private	ADJ
cblr-9108	337	10	divide	divide	NOUN
cblr-9108	337	11	:	:	PUNCT
cblr-9108	337	12	(	(	PUNCT
cblr-9108	337	13	1	1	X
cblr-9108	337	14	)	)	PUNCT
cblr-9108	337	15	how	how	SCONJ
cblr-9108	337	16	does	do	AUX
cblr-9108	337	17	the	the	DET
cblr-9108	337	18	divide	divide	NOUN
cblr-9108	337	19	work	work	NOUN
cblr-9108	337	20	?	?	PUNCT
cblr-9108	338	1	(	(	PUNCT
cblr-9108	338	2	2	2	X
cblr-9108	338	3	)	)	PUNCT
cblr-9108	338	4	how	how	SCONJ
cblr-9108	338	5	does	do	AUX
cblr-9108	338	6	the	the	DET
cblr-9108	338	7	tradeoff	tradeoff	NOUN
cblr-9108	338	8	facing	face	VERB
cblr-9108	338	9	firms	firm	NOUN
cblr-9108	338	10	work	work	VERB
cblr-9108	338	11	?	?	PUNCT
cblr-9108	339	1	(	(	PUNCT
cblr-9108	339	2	3	3	X
cblr-9108	339	3	)	)	PUNCT
cblr-9108	339	4	how	how	SCONJ
cblr-9108	339	5	should	should	AUX
cblr-9108	339	6	we	we	PRON
cblr-9108	339	7	judge	judge	VERB
cblr-9108	339	8	the	the	DET
cblr-9108	339	9	divide	divide	NOUN
cblr-9108	339	10	’s	’s	PART
cblr-9108	339	11	success	success	NOUN
cblr-9108	339	12	?	?	PUNCT
cblr-9108	340	1	we	we	PRON
cblr-9108	340	2	have	have	AUX
cblr-9108	340	3	already	already	ADV
cblr-9108	340	4	described	describe	VERB
cblr-9108	340	5	how	how	SCONJ
cblr-9108	340	6	the	the	DET
cblr-9108	340	7	divide	divide	NOUN
cblr-9108	340	8	works	work	VERB
cblr-9108	340	9	in	in	ADP
cblr-9108	340	10	this	this	DET
cblr-9108	340	11	simple	simple	ADJ
cblr-9108	340	12	model	model	NOUN
cblr-9108	340	13	as	as	ADV
cblr-9108	340	14	well	well	ADV
cblr-9108	340	15	as	as	ADP
cblr-9108	340	16	the	the	DET
cblr-9108	340	17	effects	effect	NOUN
cblr-9108	340	18	of	of	ADP
cblr-9108	340	19	the	the	DET
cblr-9108	340	20	tradeoff	tradeoff	NOUN
cblr-9108	340	21	facing	face	VERB
cblr-9108	340	22	firms	firm	NOUN
cblr-9108	340	23	determining	determine	VERB
cblr-9108	340	24	whether	whether	SCONJ
cblr-9108	340	25	to	to	PART
cblr-9108	340	26	be	be	AUX
cblr-9108	340	27	public	public	ADJ
cblr-9108	340	28	or	or	CCONJ
cblr-9108	340	29	private	private	ADJ
cblr-9108	340	30	.	.	PUNCT
cblr-9108	341	1	the	the	DET
cblr-9108	341	2	divide	divide	NOUN
cblr-9108	341	3	creates	create	VERB
cblr-9108	341	4	a	a	DET
cblr-9108	341	5	set	set	NOUN
cblr-9108	341	6	of	of	ADP
cblr-9108	341	7	capital	capital	NOUN
cblr-9108	341	8	-	-	PUNCT
cblr-9108	341	9	raising	raise	VERB
cblr-9108	341	10	benefits	benefit	NOUN
cblr-9108	341	11	and	and	CCONJ
cblr-9108	341	12	costly	costly	ADJ
cblr-9108	341	13	regulatory	regulatory	ADJ
cblr-9108	341	14	mandates	mandate	NOUN
cblr-9108	341	15	that	that	PRON
cblr-9108	341	16	arise	arise	VERB
cblr-9108	341	17	as	as	ADP
cblr-9108	341	18	a	a	DET
cblr-9108	341	19	kind	kind	NOUN
cblr-9108	341	20	of	of	ADP
cblr-9108	341	21	rite	rite	NOUN
cblr-9108	341	22	of	of	ADP
cblr-9108	341	23	passage	passage	NOUN
cblr-9108	341	24	for	for	ADP
cblr-9108	341	25	successful	successful	ADJ
cblr-9108	341	26	firms	firm	NOUN
cblr-9108	341	27	.	.	PUNCT
cblr-9108	342	1	the	the	DET
cblr-9108	342	2	tradeoff	tradeoff	NOUN
cblr-9108	342	3	is	be	AUX
cblr-9108	342	4	a	a	DET
cblr-9108	342	5	calculation	calculation	NOUN
cblr-9108	342	6	that	that	PRON
cblr-9108	342	7	pits	pit	VERB
cblr-9108	342	8	these	these	DET
cblr-9108	342	9	costs	cost	NOUN
cblr-9108	342	10	and	and	CCONJ
cblr-9108	342	11	benefits	benefit	NOUN
cblr-9108	342	12	against	against	ADP
cblr-9108	342	13	each	each	DET
cblr-9108	342	14	other	other	ADJ
cblr-9108	342	15	in	in	ADP
cblr-9108	342	16	a	a	DET
cblr-9108	342	17	fairly	fairly	ADV
cblr-9108	342	18	uniform	uniform	ADJ
cblr-9108	342	19	way	way	NOUN
cblr-9108	342	20	for	for	ADP
cblr-9108	342	21	firms	firm	NOUN
cblr-9108	342	22	.	.	PUNCT
cblr-9108	343	1	capital	capital	NOUN
cblr-9108	343	2	primarily	primarily	ADV
cblr-9108	343	3	from	from	ADP
cblr-9108	343	4	insiders	insider	NOUN
cblr-9108	343	5	and	and	CCONJ
cblr-9108	343	6	financial	financial	ADJ
cblr-9108	343	7	institutions	institution	NOUN
cblr-9108	343	8	,	,	PUNCT
cblr-9108	343	9	without	without	ADP
cblr-9108	343	10	publicity	publicity	NOUN
cblr-9108	343	11	and	and	CCONJ
cblr-9108	343	12	subject	subject	NOUN
cblr-9108	343	13	to	to	ADP
cblr-9108	343	14	severe	severe	ADJ
cblr-9108	343	15	limitations	limitation	NOUN
cblr-9108	343	16	on	on	ADP
cblr-9108	343	17	subsequent	subsequent	ADJ
cblr-9108	343	18	transfers	transfer	NOUN
cblr-9108	343	19	of	of	ADP
cblr-9108	343	20	their	their	PRON
cblr-9108	343	21	securities⎯effectively	securities⎯effectively	ADV
cblr-9108	343	22	precluding	preclude	VERB
cblr-9108	343	23	any	any	DET
cblr-9108	343	24	sort	sort	NOUN
cblr-9108	343	25	of	of	ADP
cblr-9108	343	26	market	market	NOUN
cblr-9108	343	27	for	for	ADP
cblr-9108	343	28	private	private	ADJ
cblr-9108	343	29	company	company	NOUN
cblr-9108	343	30	equity	equity	NOUN
cblr-9108	343	31	.	.	PUNCT
cblr-9108	344	1	de	de	PROPN
cblr-9108	344	2	fontenay	fontenay	PROPN
cblr-9108	344	3	,	,	PUNCT
cblr-9108	344	4	supra	supra	PROPN
cblr-9108	344	5	note	note	NOUN
cblr-9108	344	6	6	6	NUM
cblr-9108	344	7	.	.	SYM
cblr-9108	344	8	72	72	NUM
cblr-9108	345	1	our	our	PRON
cblr-9108	345	2	contention	contention	NOUN
cblr-9108	345	3	is	be	AUX
cblr-9108	345	4	not	not	PART
cblr-9108	345	5	that	that	SCONJ
cblr-9108	345	6	the	the	DET
cblr-9108	345	7	regulatory	regulatory	ADJ
cblr-9108	345	8	costs	cost	NOUN
cblr-9108	345	9	and	and	CCONJ
cblr-9108	345	10	capital	capital	NOUN
cblr-9108	345	11	-	-	PUNCT
cblr-9108	345	12	raising	raise	VERB
cblr-9108	345	13	benefits	benefit	NOUN
cblr-9108	345	14	of	of	ADP
cblr-9108	345	15	being	be	AUX
cblr-9108	345	16	public	public	ADJ
cblr-9108	345	17	would	would	AUX
cblr-9108	345	18	apply	apply	VERB
cblr-9108	345	19	in	in	ADP
cblr-9108	345	20	the	the	DET
cblr-9108	345	21	same	same	ADJ
cblr-9108	345	22	way	way	NOUN
cblr-9108	345	23	to	to	ADP
cblr-9108	345	24	firms	firm	NOUN
cblr-9108	345	25	.	.	PUNCT
cblr-9108	346	1	regulatory	regulatory	ADJ
cblr-9108	346	2	costs	cost	NOUN
cblr-9108	346	3	are	be	AUX
cblr-9108	346	4	more	more	ADV
cblr-9108	346	5	likely	likely	ADJ
cblr-9108	346	6	to	to	PART
cblr-9108	346	7	be	be	AUX
cblr-9108	346	8	largely	largely	ADV
cblr-9108	346	9	fixed	fix	VERB
cblr-9108	346	10	,	,	PUNCT
cblr-9108	346	11	ewens	ewen	NOUN
cblr-9108	346	12	,	,	PUNCT
cblr-9108	346	13	supra	supra	ADJ
cblr-9108	346	14	note	note	NOUN
cblr-9108	346	15	5	5	NUM
cblr-9108	346	16	,	,	PUNCT
cblr-9108	346	17	while	while	SCONJ
cblr-9108	346	18	the	the	DET
cblr-9108	346	19	benefits	benefit	NOUN
cblr-9108	346	20	of	of	ADP
cblr-9108	346	21	capital	capital	NOUN
cblr-9108	346	22	raising	raising	NOUN
cblr-9108	346	23	are	be	AUX
cblr-9108	346	24	more	more	ADV
cblr-9108	346	25	likely	likely	ADJ
cblr-9108	346	26	to	to	PART
cblr-9108	346	27	scale	scale	VERB
cblr-9108	346	28	with	with	ADP
cblr-9108	346	29	the	the	DET
cblr-9108	346	30	size	size	NOUN
cblr-9108	346	31	of	of	ADP
cblr-9108	346	32	a	a	DET
cblr-9108	346	33	firm	firm	NOUN
cblr-9108	346	34	.	.	PUNCT
cblr-9108	347	1	rather	rather	ADV
cblr-9108	347	2	,	,	PUNCT
cblr-9108	347	3	it	it	PRON
cblr-9108	347	4	is	be	AUX
cblr-9108	347	5	that	that	SCONJ
cblr-9108	347	6	the	the	DET
cblr-9108	347	7	factors	factor	NOUN
cblr-9108	347	8	important	important	ADJ
cblr-9108	347	9	to	to	ADP
cblr-9108	347	10	this	this	DET
cblr-9108	347	11	tradeoff	tradeoff	NOUN
cblr-9108	347	12	are	be	AUX
cblr-9108	347	13	the	the	DET
cblr-9108	347	14	same	same	ADJ
cblr-9108	347	15	for	for	ADP
cblr-9108	347	16	ipoeligible	ipoeligible	ADJ
cblr-9108	347	17	companies	company	NOUN
cblr-9108	347	18	.	.	PUNCT
cblr-9108	348	1	1220	1220	NUM
cblr-9108	348	2	columbia	columbia	PROPN
cblr-9108	348	3	business	business	NOUN
cblr-9108	348	4	law	law	PROPN
cblr-9108	348	5	review	review	NOUN
cblr-9108	348	6	[	[	X
cblr-9108	348	7	vol	vol	NOUN
cblr-9108	348	8	.	.	PUNCT
cblr-9108	348	9	2021	2021	NUM
cblr-9108	349	1	what	what	PRON
cblr-9108	349	2	constitutes	constitute	VERB
cblr-9108	349	3	success	success	NOUN
cblr-9108	349	4	for	for	ADP
cblr-9108	349	5	this	this	DET
cblr-9108	349	6	divide	divide	NOUN
cblr-9108	349	7	?	?	PUNCT
cblr-9108	350	1	presumably	presumably	ADV
cblr-9108	350	2	,	,	PUNCT
cblr-9108	350	3	this	this	DET
cblr-9108	350	4	public	public	ADJ
cblr-9108	350	5	/	/	SYM
cblr-9108	350	6	private	private	ADJ
cblr-9108	350	7	divide	divide	NOUN
cblr-9108	350	8	is	be	AUX
cblr-9108	350	9	a	a	DET
cblr-9108	350	10	success	success	NOUN
cblr-9108	350	11	if	if	SCONJ
cblr-9108	350	12	the	the	DET
cblr-9108	350	13	mandatory	mandatory	ADJ
cblr-9108	350	14	regulations	regulation	NOUN
cblr-9108	350	15	imposed	impose	VERB
cblr-9108	350	16	on	on	ADP
cblr-9108	350	17	public	public	ADJ
cblr-9108	350	18	firms	firm	NOUN
cblr-9108	350	19	appropriately	appropriately	ADV
cblr-9108	350	20	mitigate	mitigate	VERB
cblr-9108	350	21	market	market	NOUN
cblr-9108	350	22	failures	failure	NOUN
cblr-9108	350	23	made	make	VERB
cblr-9108	350	24	more	more	ADV
cblr-9108	350	25	probable	probable	ADJ
cblr-9108	350	26	(	(	PUNCT
cblr-9108	350	27	or	or	CCONJ
cblr-9108	350	28	significant	significant	ADJ
cblr-9108	350	29	)	)	PUNCT
cblr-9108	350	30	when	when	SCONJ
cblr-9108	350	31	a	a	DET
cblr-9108	350	32	firm	firm	NOUN
cblr-9108	350	33	is	be	AUX
cblr-9108	350	34	public.73	public.73	NOUN
cblr-9108	350	35	therefore	therefore	ADV
cblr-9108	350	36	,	,	PUNCT
cblr-9108	350	37	such	such	ADJ
cblr-9108	350	38	regulations	regulation	NOUN
cblr-9108	350	39	should	should	AUX
cblr-9108	350	40	target	target	VERB
cblr-9108	350	41	market	market	NOUN
cblr-9108	350	42	failures	failure	NOUN
cblr-9108	350	43	likely	likely	ADJ
cblr-9108	350	44	to	to	PART
cblr-9108	350	45	accompany	accompany	VERB
cblr-9108	350	46	firms	firm	NOUN
cblr-9108	350	47	with	with	ADP
cblr-9108	350	48	a	a	DET
cblr-9108	350	49	broad	broad	ADJ
cblr-9108	350	50	and	and	CCONJ
cblr-9108	350	51	diffuse	diffuse	VERB
cblr-9108	350	52	shareholder	shareholder	NOUN
cblr-9108	350	53	base	base	NOUN
cblr-9108	350	54	,	,	PUNCT
cblr-9108	350	55	such	such	ADJ
cblr-9108	350	56	as	as	ADP
cblr-9108	350	57	managerial	managerial	ADJ
cblr-9108	350	58	agency	agency	NOUN
cblr-9108	350	59	costs	cost	NOUN
cblr-9108	350	60	stemming	stem	VERB
cblr-9108	350	61	from	from	ADP
cblr-9108	350	62	collective	collective	ADJ
cblr-9108	350	63	action	action	NOUN
cblr-9108	350	64	problems	problem	NOUN
cblr-9108	350	65	among	among	ADP
cblr-9108	350	66	shareholders.74	shareholders.74	VERB
cblr-9108	350	67	this	this	DET
cblr-9108	350	68	view	view	NOUN
cblr-9108	350	69	of	of	ADP
cblr-9108	350	70	how	how	SCONJ
cblr-9108	350	71	the	the	DET
cblr-9108	350	72	public	public	ADJ
cblr-9108	350	73	/	/	SYM
cblr-9108	350	74	private	private	ADJ
cblr-9108	350	75	equilibrium	equilibrium	NOUN
cblr-9108	350	76	works	work	NOUN
cblr-9108	350	77	is	be	AUX
cblr-9108	350	78	a	a	DET
cblr-9108	350	79	positive	positive	ADJ
cblr-9108	350	80	theory	theory	NOUN
cblr-9108	350	81	,	,	PUNCT
cblr-9108	350	82	dedicated	dedicate	VERB
cblr-9108	350	83	to	to	ADP
cblr-9108	350	84	describing	describe	VERB
cblr-9108	350	85	and	and	CCONJ
cblr-9108	350	86	explaining	explain	VERB
cblr-9108	350	87	firm	firm	ADJ
cblr-9108	350	88	behavior	behavior	NOUN
cblr-9108	350	89	.	.	PUNCT
cblr-9108	351	1	but	but	CCONJ
cblr-9108	351	2	it	it	PRON
cblr-9108	351	3	has	have	VERB
cblr-9108	351	4	clear	clear	ADJ
cblr-9108	351	5	normative	normative	ADJ
cblr-9108	351	6	implications	implication	NOUN
cblr-9108	351	7	as	as	ADV
cblr-9108	351	8	well	well	ADV
cblr-9108	351	9	.	.	PUNCT
cblr-9108	352	1	because	because	SCONJ
cblr-9108	352	2	an	an	DET
cblr-9108	352	3	identifiable	identifiable	ADJ
cblr-9108	352	4	class	class	NOUN
cblr-9108	352	5	of	of	ADP
cblr-9108	352	6	firms	firm	NOUN
cblr-9108	352	7	will	will	AUX
cblr-9108	352	8	go	go	VERB
cblr-9108	352	9	public	public	ADJ
cblr-9108	352	10	for	for	ADP
cblr-9108	352	11	the	the	DET
cblr-9108	352	12	same	same	ADJ
cblr-9108	352	13	basic	basic	ADJ
cblr-9108	352	14	reason	reason	NOUN
cblr-9108	352	15	,	,	PUNCT
cblr-9108	352	16	regulatory	regulatory	ADJ
cblr-9108	352	17	interventions	intervention	NOUN
cblr-9108	352	18	targeting	target	VERB
cblr-9108	352	19	public	public	ADJ
cblr-9108	352	20	firms	firm	NOUN
cblr-9108	352	21	have	have	VERB
cblr-9108	352	22	a	a	DET
cblr-9108	352	23	coherent	coherent	ADJ
cblr-9108	352	24	target	target	NOUN
cblr-9108	352	25	.	.	PUNCT
cblr-9108	353	1	in	in	ADP
cblr-9108	353	2	the	the	DET
cblr-9108	353	3	next	next	ADJ
cblr-9108	353	4	part	part	NOUN
cblr-9108	353	5	,	,	PUNCT
cblr-9108	353	6	we	we	PRON
cblr-9108	353	7	argue	argue	VERB
cblr-9108	353	8	that	that	SCONJ
cblr-9108	353	9	a	a	DET
cblr-9108	353	10	much	much	ADV
cblr-9108	353	11	broader	broad	ADJ
cblr-9108	353	12	set	set	NOUN
cblr-9108	353	13	of	of	ADP
cblr-9108	353	14	legal	legal	ADJ
cblr-9108	353	15	,	,	PUNCT
cblr-9108	353	16	economic	economic	ADJ
cblr-9108	353	17	,	,	PUNCT
cblr-9108	353	18	and	and	CCONJ
cblr-9108	353	19	social	social	ADJ
cblr-9108	353	20	factors	factor	NOUN
cblr-9108	353	21	have	have	AUX
cblr-9108	353	22	developed	develop	VERB
cblr-9108	353	23	downstream	downstream	ADV
cblr-9108	353	24	from	from	ADP
cblr-9108	353	25	the	the	DET
cblr-9108	353	26	public	public	ADJ
cblr-9108	353	27	/	/	SYM
cblr-9108	353	28	private	private	ADJ
cblr-9108	353	29	divide	divide	NOUN
cblr-9108	353	30	that	that	SCONJ
cblr-9108	353	31	securities	security	NOUN
cblr-9108	353	32	law	law	NOUN
cblr-9108	353	33	established	establish	VERB
cblr-9108	353	34	in	in	ADP
cblr-9108	353	35	the	the	DET
cblr-9108	353	36	1930s	1930s	NUM
cblr-9108	353	37	.	.	PUNCT
cblr-9108	354	1	the	the	DET
cblr-9108	354	2	result	result	NOUN
cblr-9108	354	3	is	be	AUX
cblr-9108	354	4	two	two	NUM
cblr-9108	354	5	broadly	broadly	ADV
cblr-9108	354	6	distinct	distinct	ADJ
cblr-9108	354	7	public	public	ADJ
cblr-9108	354	8	and	and	CCONJ
cblr-9108	354	9	private	private	ADJ
cblr-9108	354	10	ecologies	ecology	NOUN
cblr-9108	354	11	.	.	PUNCT
cblr-9108	355	1	these	these	DET
cblr-9108	355	2	two	two	NUM
cblr-9108	355	3	ecologies	ecology	NOUN
cblr-9108	355	4	differ	differ	VERB
cblr-9108	355	5	along	along	ADP
cblr-9108	355	6	a	a	DET
cblr-9108	355	7	large	large	ADJ
cblr-9108	355	8	number	number	NOUN
cblr-9108	355	9	of	of	ADP
cblr-9108	355	10	economically	economically	ADV
cblr-9108	355	11	consequential	consequential	ADJ
cblr-9108	355	12	dimensions	dimension	NOUN
cblr-9108	355	13	that	that	PRON
cblr-9108	355	14	are	be	AUX
cblr-9108	355	15	materially	materially	ADV
cblr-9108	355	16	important	important	ADJ
cblr-9108	355	17	to	to	ADP
cblr-9108	355	18	the	the	DET
cblr-9108	355	19	decisions	decision	NOUN
cblr-9108	355	20	firms	firm	NOUN
cblr-9108	355	21	make	make	VERB
cblr-9108	355	22	about	about	ADP
cblr-9108	355	23	being	be	AUX
cblr-9108	355	24	public	public	ADJ
cblr-9108	355	25	or	or	CCONJ
cblr-9108	355	26	private	private	ADJ
cblr-9108	355	27	as	as	ADV
cblr-9108	355	28	well	well	ADV
cblr-9108	355	29	as	as	ADP
cblr-9108	355	30	any	any	DET
cblr-9108	355	31	social	social	ADJ
cblr-9108	355	32	welfare	welfare	NOUN
cblr-9108	355	33	analysis	analysis	NOUN
cblr-9108	355	34	of	of	ADP
cblr-9108	355	35	the	the	DET
cblr-9108	355	36	consequences	consequence	NOUN
cblr-9108	355	37	of	of	ADP
cblr-9108	355	38	those	those	DET
cblr-9108	355	39	decisions	decision	NOUN
cblr-9108	355	40	.	.	PUNCT
cblr-9108	356	1	even	even	ADV
cblr-9108	356	2	as	as	SCONJ
cblr-9108	356	3	these	these	DET
cblr-9108	356	4	ecologies	ecology	NOUN
cblr-9108	356	5	have	have	AUX
cblr-9108	356	6	developed	develop	VERB
cblr-9108	356	7	,	,	PUNCT
cblr-9108	356	8	moreover	moreover	ADV
cblr-9108	356	9	,	,	PUNCT
cblr-9108	356	10	the	the	DET
cblr-9108	356	11	original	original	ADJ
cblr-9108	356	12	driving	driving	NOUN
cblr-9108	356	13	force	force	NOUN
cblr-9108	356	14	for	for	ADP
cblr-9108	356	15	going	go	VERB
cblr-9108	356	16	public	public	ADJ
cblr-9108	356	17	—	—	PUNCT
cblr-9108	356	18	capital	capital	NOUN
cblr-9108	356	19	raising	raising	NOUN
cblr-9108	356	20	—	—	PUNCT
cblr-9108	356	21	has	have	AUX
cblr-9108	356	22	materially	materially	ADV
cblr-9108	356	23	diminished.75	diminished.75	ADJ
cblr-9108	356	24	as	as	SCONJ
cblr-9108	356	25	noted	note	VERB
cblr-9108	356	26	,	,	PUNCT
cblr-9108	356	27	considerably	considerably	ADV
cblr-9108	356	28	more	more	ADJ
cblr-9108	356	29	capital	capital	NOUN
cblr-9108	356	30	is	be	AUX
cblr-9108	356	31	now	now	ADV
cblr-9108	356	32	raised	raise	VERB
cblr-9108	356	33	in	in	ADP
cblr-9108	356	34	exempt	exempt	ADJ
cblr-9108	356	35	than	than	ADP
cblr-9108	356	36	registered	register	VERB
cblr-9108	356	37	offerings.76	offerings.76	NOUN
cblr-9108	356	38	as	as	ADP
cblr-9108	356	39	a	a	DET
cblr-9108	356	40	result	result	NOUN
cblr-9108	356	41	,	,	PUNCT
cblr-9108	356	42	firms	firm	NOUN
cblr-9108	356	43	no	no	ADV
cblr-9108	356	44	longer	long	ADV
cblr-9108	356	45	share	share	VERB
cblr-9108	356	46	one	one	NUM
cblr-9108	356	47	leading	lead	VERB
cblr-9108	356	48	reason	reason	NOUN
cblr-9108	356	49	for	for	ADP
cblr-9108	356	50	going	go	VERB
cblr-9108	356	51	public	public	ADJ
cblr-9108	356	52	.	.	PUNCT
cblr-9108	357	1	instead	instead	ADV
cblr-9108	357	2	,	,	PUNCT
cblr-9108	357	3	we	we	PRON
cblr-9108	357	4	argue	argue	VERB
cblr-9108	357	5	that	that	SCONJ
cblr-9108	357	6	the	the	DET
cblr-9108	357	7	factors	factor	NOUN
cblr-9108	357	8	that	that	PRON
cblr-9108	357	9	are	be	AUX
cblr-9108	357	10	now	now	ADV
cblr-9108	357	11	material	material	ADJ
cblr-9108	357	12	to	to	ADP
cblr-9108	357	13	firms	firm	NOUN
cblr-9108	357	14	’	'	PUNCT
cblr-9108	357	15	decisions	decision	NOUN
cblr-9108	357	16	are	be	AUX
cblr-9108	357	17	many	many	ADJ
cblr-9108	357	18	,	,	PUNCT
cblr-9108	357	19	complex	complex	ADJ
cblr-9108	357	20	,	,	PUNCT
cblr-9108	357	21	and	and	CCONJ
cblr-9108	357	22	often	often	ADV
cblr-9108	357	23	cross	cross	ADJ
cblr-9108	357	24	-	-	ADJ
cblr-9108	357	25	cutting	cutting	ADJ
cblr-9108	357	26	.	.	PUNCT
cblr-9108	358	1	the	the	DET
cblr-9108	358	2	cumulative	cumulative	ADJ
cblr-9108	358	3	effect	effect	NOUN
cblr-9108	358	4	is	be	AUX
cblr-9108	358	5	that	that	SCONJ
cblr-9108	358	6	73	73	NUM
cblr-9108	358	7	it	it	PRON
cblr-9108	358	8	is	be	AUX
cblr-9108	358	9	not	not	PART
cblr-9108	358	10	our	our	PRON
cblr-9108	358	11	contention	contention	NOUN
cblr-9108	358	12	that	that	SCONJ
cblr-9108	358	13	the	the	DET
cblr-9108	358	14	world	world	NOUN
cblr-9108	358	15	was	be	AUX
cblr-9108	358	16	ever	ever	ADV
cblr-9108	358	17	so	so	ADV
cblr-9108	358	18	simple	simple	ADJ
cblr-9108	358	19	or	or	CCONJ
cblr-9108	358	20	that	that	SCONJ
cblr-9108	358	21	securities	security	NOUN
cblr-9108	358	22	scholars	scholar	NOUN
cblr-9108	358	23	or	or	CCONJ
cblr-9108	358	24	regulators	regulator	NOUN
cblr-9108	358	25	took	take	VERB
cblr-9108	358	26	it	it	PRON
cblr-9108	358	27	to	to	PART
cblr-9108	358	28	be	be	AUX
cblr-9108	358	29	.	.	PUNCT
cblr-9108	359	1	instead	instead	ADV
cblr-9108	359	2	,	,	PUNCT
cblr-9108	359	3	we	we	PRON
cblr-9108	359	4	think	think	VERB
cblr-9108	359	5	this	this	DET
cblr-9108	359	6	simple	simple	ADJ
cblr-9108	359	7	picture	picture	NOUN
cblr-9108	359	8	offers	offer	VERB
cblr-9108	359	9	a	a	DET
cblr-9108	359	10	useful	useful	ADJ
cblr-9108	359	11	contrast	contrast	NOUN
cblr-9108	359	12	.	.	PUNCT
cblr-9108	360	1	we	we	PRON
cblr-9108	360	2	will	will	AUX
cblr-9108	360	3	argue	argue	VERB
cblr-9108	360	4	that	that	SCONJ
cblr-9108	360	5	the	the	DET
cblr-9108	360	6	public	public	ADJ
cblr-9108	360	7	/	/	SYM
cblr-9108	360	8	private	private	ADJ
cblr-9108	360	9	divide	divide	NOUN
cblr-9108	360	10	works	work	VERB
cblr-9108	360	11	today	today	NOUN
cblr-9108	360	12	as	as	ADP
cblr-9108	360	13	a	a	DET
cblr-9108	360	14	vastly	vastly	ADV
cblr-9108	360	15	complex	complex	ADJ
cblr-9108	360	16	and	and	CCONJ
cblr-9108	360	17	varied	varied	ADJ
cblr-9108	360	18	set	set	NOUN
cblr-9108	360	19	of	of	ADP
cblr-9108	360	20	institutions	institution	NOUN
cblr-9108	360	21	,	,	PUNCT
cblr-9108	360	22	many	many	ADJ
cblr-9108	360	23	of	of	ADP
cblr-9108	360	24	which	which	PRON
cblr-9108	360	25	are	be	AUX
cblr-9108	360	26	more	more	ADV
cblr-9108	360	27	important	important	ADJ
cblr-9108	360	28	to	to	ADP
cblr-9108	360	29	firms	firm	NOUN
cblr-9108	360	30	’	’	PART
cblr-9108	360	31	decisions	decision	NOUN
cblr-9108	360	32	than	than	ADP
cblr-9108	360	33	the	the	DET
cblr-9108	360	34	legal	legal	ADJ
cblr-9108	360	35	rules	rule	NOUN
cblr-9108	360	36	that	that	PRON
cblr-9108	360	37	define	define	VERB
cblr-9108	360	38	the	the	DET
cblr-9108	360	39	public	public	ADJ
cblr-9108	360	40	/	/	SYM
cblr-9108	360	41	private	private	ADJ
cblr-9108	360	42	divide	divide	NOUN
cblr-9108	360	43	and	and	CCONJ
cblr-9108	360	44	its	its	PRON
cblr-9108	360	45	obligations	obligation	NOUN
cblr-9108	360	46	.	.	PUNCT
cblr-9108	361	1	74	74	NUM
cblr-9108	361	2	asker	asker	NOUN
cblr-9108	361	3	et	et	PROPN
cblr-9108	361	4	al	al	PROPN
cblr-9108	361	5	.	.	PROPN
cblr-9108	361	6	,	,	PUNCT
cblr-9108	361	7	supra	supra	PROPN
cblr-9108	361	8	note	note	NOUN
cblr-9108	361	9	2	2	NUM
cblr-9108	361	10	,	,	PUNCT
cblr-9108	361	11	at	at	ADP
cblr-9108	361	12	355	355	NUM
cblr-9108	361	13	.	.	PUNCT
cblr-9108	362	1	75	75	NUM
cblr-9108	362	2	de	de	PROPN
cblr-9108	362	3	fontenay	fontenay	NOUN
cblr-9108	362	4	,	,	PUNCT
cblr-9108	362	5	supra	supra	PROPN
cblr-9108	362	6	note	note	PROPN
cblr-9108	362	7	6	6	NUM
cblr-9108	362	8	,	,	PUNCT
cblr-9108	362	9	at	at	ADP
cblr-9108	362	10	448	448	NUM
cblr-9108	362	11	.	.	PUNCT
cblr-9108	363	1	76	76	NUM
cblr-9108	363	2	bauguess	bauguess	NOUN
cblr-9108	363	3	et	et	PROPN
cblr-9108	363	4	al	al	PROPN
cblr-9108	363	5	,	,	PUNCT
cblr-9108	363	6	supra	supra	PROPN
cblr-9108	363	7	note	note	NOUN
cblr-9108	363	8	7	7	NUM
cblr-9108	363	9	.	.	PUNCT
cblr-9108	364	1	no	no	INTJ
cblr-9108	364	2	.	.	PUNCT
cblr-9108	365	1	3:1199	3:1199	NUM
cblr-9108	365	2	]	]	X
cblr-9108	365	3	the	the	DET
cblr-9108	365	4	new	new	ADJ
cblr-9108	365	5	public	public	ADJ
cblr-9108	365	6	/	/	SYM
cblr-9108	365	7	private	private	ADJ
cblr-9108	365	8	equilibrium	equilibrium	NOUN
cblr-9108	365	9	1221	1221	NUM
cblr-9108	365	10	ipo	ipo	NOUN
cblr-9108	365	11	-	-	PUNCT
cblr-9108	365	12	eligible	eligible	ADJ
cblr-9108	365	13	firms	firm	NOUN
cblr-9108	365	14	do	do	AUX
cblr-9108	365	15	not	not	PART
cblr-9108	365	16	encounter	encounter	VERB
cblr-9108	365	17	one	one	NOUN
cblr-9108	365	18	going	go	VERB
cblr-9108	365	19	public	public	ADJ
cblr-9108	365	20	versus	versus	ADP
cblr-9108	365	21	staying	stay	VERB
cblr-9108	365	22	private	private	ADJ
cblr-9108	365	23	tradeoff	tradeoff	NOUN
cblr-9108	365	24	,	,	PUNCT
cblr-9108	365	25	but	but	CCONJ
cblr-9108	365	26	many	many	ADJ
cblr-9108	365	27	,	,	PUNCT
cblr-9108	365	28	firm	firm	ADJ
cblr-9108	365	29	-	-	PUNCT
cblr-9108	365	30	specific	specific	ADJ
cblr-9108	365	31	tradeoffs	tradeoff	NOUN
cblr-9108	365	32	.	.	PUNCT
cblr-9108	366	1	we	we	PRON
cblr-9108	366	2	begin	begin	VERB
cblr-9108	366	3	by	by	ADP
cblr-9108	366	4	describing	describe	VERB
cblr-9108	366	5	the	the	DET
cblr-9108	366	6	complex	complex	ADJ
cblr-9108	366	7	and	and	CCONJ
cblr-9108	366	8	multi	multi	ADJ
cblr-9108	366	9	-	-	ADJ
cblr-9108	366	10	dimensional	dimensional	ADJ
cblr-9108	366	11	character	character	NOUN
cblr-9108	366	12	of	of	ADP
cblr-9108	366	13	today	today	NOUN
cblr-9108	366	14	’s	’s	PART
cblr-9108	366	15	public	public	ADJ
cblr-9108	366	16	and	and	CCONJ
cblr-9108	366	17	private	private	ADJ
cblr-9108	366	18	ecologies	ecology	NOUN
cblr-9108	366	19	,	,	PUNCT
cblr-9108	366	20	drawing	draw	VERB
cblr-9108	366	21	extensively	extensively	ADV
cblr-9108	366	22	on	on	ADP
cblr-9108	366	23	prior	prior	ADJ
cblr-9108	366	24	work	work	NOUN
cblr-9108	366	25	discussing	discuss	VERB
cblr-9108	366	26	one	one	NUM
cblr-9108	366	27	or	or	CCONJ
cblr-9108	366	28	more	more	ADJ
cblr-9108	366	29	of	of	ADP
cblr-9108	366	30	these	these	DET
cblr-9108	366	31	dimensions	dimension	NOUN
cblr-9108	366	32	.	.	PUNCT
cblr-9108	367	1	this	this	PRON
cblr-9108	367	2	sets	set	VERB
cblr-9108	367	3	the	the	DET
cblr-9108	367	4	stage	stage	NOUN
cblr-9108	367	5	for	for	ADP
cblr-9108	367	6	discussing	discuss	VERB
cblr-9108	367	7	how	how	SCONJ
cblr-9108	367	8	features	feature	NOUN
cblr-9108	367	9	of	of	ADP
cblr-9108	367	10	these	these	DET
cblr-9108	367	11	ecologies	ecology	NOUN
cblr-9108	367	12	shape	shape	VERB
cblr-9108	367	13	different	different	ADJ
cblr-9108	367	14	firms	firm	NOUN
cblr-9108	367	15	’	'	PUNCT
cblr-9108	367	16	private	private	ADJ
cblr-9108	367	17	/	/	SYM
cblr-9108	367	18	public	public	ADJ
cblr-9108	367	19	decisions	decision	NOUN
cblr-9108	367	20	.	.	PUNCT
cblr-9108	368	1	iv	iv	X
cblr-9108	368	2	.	.	PUNCT
cblr-9108	368	3	complexity	complexity	NOUN
cblr-9108	368	4	:	:	PUNCT
cblr-9108	368	5	the	the	DET
cblr-9108	368	6	public	public	ADJ
cblr-9108	368	7	/	/	SYM
cblr-9108	368	8	private	private	ADJ
cblr-9108	368	9	divide	divide	NOUN
cblr-9108	368	10	offers	offer	VERB
cblr-9108	368	11	two	two	NUM
cblr-9108	368	12	different	different	ADJ
cblr-9108	368	13	ecologies	ecology	NOUN
cblr-9108	368	14	for	for	ADP
cblr-9108	368	15	firms	firm	NOUN
cblr-9108	368	16	in	in	ADP
cblr-9108	368	17	this	this	DET
cblr-9108	368	18	part	part	NOUN
cblr-9108	368	19	,	,	PUNCT
cblr-9108	368	20	we	we	PRON
cblr-9108	368	21	describe	describe	VERB
cblr-9108	368	22	the	the	DET
cblr-9108	368	23	complexity	complexity	NOUN
cblr-9108	368	24	of	of	ADP
cblr-9108	368	25	the	the	DET
cblr-9108	368	26	public	public	ADJ
cblr-9108	368	27	/	/	SYM
cblr-9108	368	28	private	private	ADJ
cblr-9108	368	29	ecosystems	ecosystem	NOUN
cblr-9108	368	30	today	today	NOUN
cblr-9108	368	31	.	.	PUNCT
cblr-9108	369	1	the	the	DET
cblr-9108	369	2	complexity	complexity	NOUN
cblr-9108	369	3	results	result	VERB
cblr-9108	369	4	from	from	ADP
cblr-9108	369	5	the	the	DET
cblr-9108	369	6	interaction	interaction	NOUN
cblr-9108	369	7	of	of	ADP
cblr-9108	369	8	many	many	ADJ
cblr-9108	369	9	different	different	ADJ
cblr-9108	369	10	features	feature	NOUN
cblr-9108	369	11	of	of	ADP
cblr-9108	369	12	markets	market	NOUN
cblr-9108	369	13	,	,	PUNCT
cblr-9108	369	14	including	include	VERB
cblr-9108	369	15	corporate	corporate	ADJ
cblr-9108	369	16	governance	governance	NOUN
cblr-9108	369	17	,	,	PUNCT
cblr-9108	369	18	securities	security	NOUN
cblr-9108	369	19	markets	market	NOUN
cblr-9108	369	20	,	,	PUNCT
cblr-9108	369	21	and	and	CCONJ
cblr-9108	369	22	investment	investment	NOUN
cblr-9108	369	23	management	management	NOUN
cblr-9108	369	24	regulation	regulation	NOUN
cblr-9108	369	25	.	.	PUNCT
cblr-9108	370	1	this	this	DET
cblr-9108	370	2	interaction	interaction	NOUN
cblr-9108	370	3	,	,	PUNCT
cblr-9108	370	4	and	and	CCONJ
cblr-9108	370	5	the	the	DET
cblr-9108	370	6	accretion	accretion	NOUN
cblr-9108	370	7	of	of	ADP
cblr-9108	370	8	decades	decade	NOUN
cblr-9108	370	9	of	of	ADP
cblr-9108	370	10	practices	practice	NOUN
cblr-9108	370	11	and	and	CCONJ
cblr-9108	370	12	institutional	institutional	ADJ
cblr-9108	370	13	features	feature	NOUN
cblr-9108	370	14	,	,	PUNCT
cblr-9108	370	15	suggest	suggest	VERB
cblr-9108	370	16	that	that	SCONJ
cblr-9108	370	17	despite	despite	SCONJ
cblr-9108	370	18	its	its	PRON
cblr-9108	370	19	prominence	prominence	NOUN
cblr-9108	370	20	,	,	PUNCT
cblr-9108	370	21	it	it	PRON
cblr-9108	370	22	is	be	AUX
cblr-9108	370	23	not	not	PART
cblr-9108	370	24	at	at	ADV
cblr-9108	370	25	all	all	ADV
cblr-9108	370	26	clear	clear	ADJ
cblr-9108	370	27	how	how	SCONJ
cblr-9108	370	28	the	the	DET
cblr-9108	370	29	public	public	ADJ
cblr-9108	370	30	/	/	SYM
cblr-9108	370	31	private	private	ADJ
cblr-9108	370	32	divide	divide	NOUN
cblr-9108	370	33	today	today	NOUN
cblr-9108	370	34	actually	actually	ADV
cblr-9108	370	35	works	work	VERB
cblr-9108	370	36	.	.	PUNCT
cblr-9108	371	1	a.	a.	NOUN
cblr-9108	372	1	the	the	DET
cblr-9108	372	2	public	public	ADJ
cblr-9108	372	3	/	/	SYM
cblr-9108	372	4	private	private	ADJ
cblr-9108	372	5	divide	divide	NOUN
cblr-9108	372	6	today	today	NOUN
cblr-9108	372	7	:	:	PUNCT
cblr-9108	372	8	functional	functional	ADJ
cblr-9108	372	9	complexity	complexity	NOUN
cblr-9108	372	10	as	as	SCONJ
cblr-9108	372	11	the	the	DET
cblr-9108	372	12	securities	security	NOUN
cblr-9108	372	13	laws	law	NOUN
cblr-9108	372	14	designed	design	VERB
cblr-9108	372	15	it	it	PRON
cblr-9108	372	16	,	,	PUNCT
cblr-9108	372	17	the	the	DET
cblr-9108	372	18	public	public	ADJ
cblr-9108	372	19	/	/	SYM
cblr-9108	372	20	private	private	ADJ
cblr-9108	372	21	divide	divide	NOUN
cblr-9108	372	22	is	be	AUX
cblr-9108	372	23	a	a	DET
cblr-9108	372	24	set	set	NOUN
cblr-9108	372	25	of	of	ADP
cblr-9108	372	26	criteria	criterion	NOUN
cblr-9108	372	27	that	that	PRON
cblr-9108	372	28	defines	define	VERB
cblr-9108	372	29	the	the	DET
cblr-9108	372	30	divide	divide	NOUN
cblr-9108	372	31	and	and	CCONJ
cblr-9108	372	32	a	a	DET
cblr-9108	372	33	set	set	NOUN
cblr-9108	372	34	of	of	ADP
cblr-9108	372	35	different	different	ADJ
cblr-9108	372	36	burdens	burden	NOUN
cblr-9108	372	37	and	and	CCONJ
cblr-9108	372	38	privileges	privilege	NOUN
cblr-9108	372	39	that	that	PRON
cblr-9108	372	40	accompany	accompany	VERB
cblr-9108	372	41	falling	fall	VERB
cblr-9108	372	42	on	on	ADP
cblr-9108	372	43	one	one	NUM
cblr-9108	372	44	side	side	NOUN
cblr-9108	372	45	or	or	CCONJ
cblr-9108	372	46	the	the	DET
cblr-9108	372	47	other	other	ADJ
cblr-9108	372	48	.	.	PUNCT
cblr-9108	373	1	in	in	ADP
cblr-9108	373	2	this	this	DET
cblr-9108	373	3	section	section	NOUN
cblr-9108	373	4	,	,	PUNCT
cblr-9108	373	5	we	we	PRON
cblr-9108	373	6	discuss	discuss	VERB
cblr-9108	373	7	the	the	DET
cblr-9108	373	8	many	many	ADJ
cblr-9108	373	9	economically	economically	ADV
cblr-9108	373	10	and	and	CCONJ
cblr-9108	373	11	socially	socially	ADV
cblr-9108	373	12	consequential	consequential	ADJ
cblr-9108	373	13	features	feature	NOUN
cblr-9108	373	14	of	of	ADP
cblr-9108	373	15	capital	capital	NOUN
cblr-9108	373	16	markets	market	NOUN
cblr-9108	373	17	that	that	PRON
cblr-9108	373	18	seem	seem	VERB
cblr-9108	373	19	to	to	PART
cblr-9108	373	20	also	also	ADV
cblr-9108	373	21	turn	turn	VERB
cblr-9108	373	22	on	on	ADP
cblr-9108	373	23	the	the	DET
cblr-9108	373	24	divide	divide	NOUN
cblr-9108	373	25	.	.	PUNCT
cblr-9108	374	1	in	in	ADP
cblr-9108	374	2	the	the	DET
cblr-9108	374	3	face	face	NOUN
cblr-9108	374	4	of	of	ADP
cblr-9108	374	5	these	these	DET
cblr-9108	374	6	many	many	ADJ
cblr-9108	374	7	features	feature	NOUN
cblr-9108	374	8	,	,	PUNCT
cblr-9108	374	9	it	it	PRON
cblr-9108	374	10	becomes	become	VERB
cblr-9108	374	11	plausible	plausible	ADJ
cblr-9108	374	12	that	that	SCONJ
cblr-9108	374	13	the	the	DET
cblr-9108	374	14	public	public	ADJ
cblr-9108	374	15	/	/	SYM
cblr-9108	374	16	private	private	ADJ
cblr-9108	374	17	divide	divide	NOUN
cblr-9108	374	18	is	be	AUX
cblr-9108	374	19	no	no	ADV
cblr-9108	374	20	longer	long	ADV
cblr-9108	374	21	principally	principally	ADV
cblr-9108	374	22	a	a	DET
cblr-9108	374	23	matter	matter	NOUN
cblr-9108	374	24	of	of	ADP
cblr-9108	374	25	the	the	DET
cblr-9108	374	26	features	feature	NOUN
cblr-9108	374	27	initially	initially	ADV
cblr-9108	374	28	designed	design	VERB
cblr-9108	374	29	by	by	ADP
cblr-9108	374	30	securities	security	NOUN
cblr-9108	374	31	law	law	NOUN
cblr-9108	374	32	.	.	PUNCT
cblr-9108	375	1	while	while	SCONJ
cblr-9108	375	2	the	the	DET
cblr-9108	375	3	securities	security	NOUN
cblr-9108	375	4	acts	act	VERB
cblr-9108	375	5	created	create	VERB
cblr-9108	375	6	the	the	DET
cblr-9108	375	7	public	public	ADJ
cblr-9108	375	8	/	/	SYM
cblr-9108	375	9	private	private	ADJ
cblr-9108	375	10	divide	divide	NOUN
cblr-9108	375	11	almost	almost	ADV
cblr-9108	375	12	nine	nine	NUM
cblr-9108	375	13	decades	decade	NOUN
cblr-9108	375	14	ago,77	ago,77	ADJ
cblr-9108	375	15	it	it	PRON
cblr-9108	375	16	has	have	AUX
cblr-9108	375	17	become	become	VERB
cblr-9108	375	18	much	much	ADV
cblr-9108	375	19	more	more	ADJ
cblr-9108	375	20	than	than	SCONJ
cblr-9108	375	21	originally	originally	ADV
cblr-9108	375	22	envisioned	envision	VERB
cblr-9108	375	23	.	.	PUNCT
cblr-9108	376	1	the	the	DET
cblr-9108	376	2	public	public	ADJ
cblr-9108	376	3	/	/	SYM
cblr-9108	376	4	private	private	ADJ
cblr-9108	376	5	divide	divide	NOUN
cblr-9108	376	6	of	of	ADP
cblr-9108	376	7	today	today	NOUN
cblr-9108	376	8	is	be	AUX
cblr-9108	376	9	best	well	ADV
cblr-9108	376	10	conceptualized	conceptualize	VERB
cblr-9108	376	11	as	as	ADP
cblr-9108	376	12	a	a	DET
cblr-9108	376	13	hazy	hazy	ADJ
cblr-9108	376	14	77	77	NUM
cblr-9108	376	15	supra	supra	ADJ
cblr-9108	376	16	note	note	NOUN
cblr-9108	376	17	34	34	NUM
cblr-9108	376	18	and	and	CCONJ
cblr-9108	376	19	accompanying	accompany	VERB
cblr-9108	376	20	text	text	NOUN
cblr-9108	376	21	.	.	PUNCT
cblr-9108	377	1	1222	1222	NUM
cblr-9108	377	2	columbia	columbia	PROPN
cblr-9108	377	3	business	business	NOUN
cblr-9108	377	4	law	law	PROPN
cblr-9108	377	5	review	review	NOUN
cblr-9108	377	6	[	[	X
cblr-9108	377	7	vol	vol	NOUN
cblr-9108	377	8	.	.	NOUN
cblr-9108	377	9	2021	2021	NUM
cblr-9108	377	10	division	division	NOUN
cblr-9108	377	11	between	between	ADP
cblr-9108	377	12	two	two	NUM
cblr-9108	377	13	different	different	ADJ
cblr-9108	377	14	ecologies	ecology	NOUN
cblr-9108	377	15	—	—	PUNCT
cblr-9108	377	16	complex	complex	ADJ
cblr-9108	377	17	systems	system	NOUN
cblr-9108	377	18	characterized	characterize	VERB
cblr-9108	377	19	by	by	ADP
cblr-9108	377	20	complicated	complicated	ADJ
cblr-9108	377	21	interactions.78	interactions.78	NOUN
cblr-9108	377	22	below	below	ADP
cblr-9108	377	23	we	we	PRON
cblr-9108	377	24	describe	describe	VERB
cblr-9108	377	25	—	—	PUNCT
cblr-9108	377	26	and	and	CCONJ
cblr-9108	377	27	attempt	attempt	VERB
cblr-9108	377	28	to	to	PART
cblr-9108	377	29	explain	explain	VERB
cblr-9108	377	30	—	—	PUNCT
cblr-9108	377	31	some	some	PRON
cblr-9108	377	32	of	of	ADP
cblr-9108	377	33	the	the	DET
cblr-9108	377	34	most	most	ADV
cblr-9108	377	35	salient	salient	ADJ
cblr-9108	377	36	features	feature	NOUN
cblr-9108	377	37	of	of	ADP
cblr-9108	377	38	the	the	DET
cblr-9108	377	39	private	private	ADJ
cblr-9108	377	40	and	and	CCONJ
cblr-9108	377	41	the	the	DET
cblr-9108	377	42	public	public	ADJ
cblr-9108	377	43	ecologies	ecology	NOUN
cblr-9108	377	44	,	,	PUNCT
cblr-9108	377	45	and	and	CCONJ
cblr-9108	377	46	how	how	SCONJ
cblr-9108	377	47	they	they	PRON
cblr-9108	377	48	interact	interact	VERB
cblr-9108	377	49	.	.	PUNCT
cblr-9108	378	1	first	first	ADV
cblr-9108	378	2	,	,	PUNCT
cblr-9108	378	3	we	we	PRON
cblr-9108	378	4	discuss	discuss	VERB
cblr-9108	378	5	key	key	ADJ
cblr-9108	378	6	rules	rule	NOUN
cblr-9108	378	7	and	and	CCONJ
cblr-9108	378	8	regulations	regulation	NOUN
cblr-9108	378	9	that	that	PRON
cblr-9108	378	10	turn	turn	VERB
cblr-9108	378	11	directly	directly	ADV
cblr-9108	378	12	on	on	ADP
cblr-9108	378	13	the	the	DET
cblr-9108	378	14	divide	divide	NOUN
cblr-9108	378	15	established	establish	VERB
cblr-9108	378	16	by	by	ADP
cblr-9108	378	17	securities	security	NOUN
cblr-9108	378	18	law	law	NOUN
cblr-9108	378	19	.	.	PUNCT
cblr-9108	379	1	second	second	ADJ
cblr-9108	379	2	,	,	PUNCT
cblr-9108	379	3	we	we	PRON
cblr-9108	379	4	describe	describe	VERB
cblr-9108	379	5	features	feature	NOUN
cblr-9108	379	6	that	that	PRON
cblr-9108	379	7	turn	turn	VERB
cblr-9108	379	8	on	on	ADP
cblr-9108	379	9	the	the	DET
cblr-9108	379	10	public	public	ADJ
cblr-9108	379	11	/	/	SYM
cblr-9108	379	12	private	private	ADJ
cblr-9108	379	13	divide	divide	NOUN
cblr-9108	379	14	in	in	ADP
cblr-9108	379	15	practice	practice	NOUN
cblr-9108	379	16	but	but	CCONJ
cblr-9108	379	17	that	that	PRON
cblr-9108	379	18	are	be	AUX
cblr-9108	379	19	not	not	PART
cblr-9108	379	20	directly	directly	ADV
cblr-9108	379	21	entailed	entail	VERB
cblr-9108	379	22	by	by	ADP
cblr-9108	379	23	any	any	DET
cblr-9108	379	24	legal	legal	ADJ
cblr-9108	379	25	requirements	requirement	NOUN
cblr-9108	379	26	;	;	PUNCT
cblr-9108	379	27	they	they	PRON
cblr-9108	379	28	are	be	AUX
cblr-9108	379	29	downstream	downstream	ADJ
cblr-9108	379	30	of	of	ADP
cblr-9108	379	31	law	law	NOUN
cblr-9108	379	32	.	.	PUNCT
cblr-9108	380	1	table	table	NOUN
cblr-9108	380	2	1	1	NUM
cblr-9108	380	3	summarizes	summarize	NOUN
cblr-9108	380	4	these	these	DET
cblr-9108	380	5	differences	difference	NOUN
cblr-9108	380	6	.	.	PUNCT
cblr-9108	381	1	table	table	NOUN
cblr-9108	381	2	1	1	NUM
cblr-9108	381	3	:	:	PUNCT
cblr-9108	381	4	key	key	ADJ
cblr-9108	381	5	differences	difference	NOUN
cblr-9108	381	6	between	between	ADP
cblr-9108	381	7	average	average	ADJ
cblr-9108	381	8	public	public	ADJ
cblr-9108	381	9	and	and	CCONJ
cblr-9108	381	10	private	private	ADJ
cblr-9108	381	11	companies	company	NOUN
cblr-9108	381	12	public	public	ADJ
cblr-9108	381	13	companies	company	NOUN
cblr-9108	381	14	private	private	ADJ
cblr-9108	381	15	companies	company	NOUN
cblr-9108	381	16	distinctions	distinction	NOUN
cblr-9108	381	17	imposed	impose	VERB
cblr-9108	381	18	by	by	ADP
cblr-9108	381	19	law	law	NOUN
cblr-9108	381	20	mandatory	mandatory	ADJ
cblr-9108	381	21	disclosure	disclosure	NOUN
cblr-9108	381	22	rules	rule	VERB
cblr-9108	381	23	substantial	substantial	ADJ
cblr-9108	381	24	periodic	periodic	ADJ
cblr-9108	381	25	and	and	CCONJ
cblr-9108	381	26	episodic	episodic	ADJ
cblr-9108	381	27	disclosure79	disclosure79	NOUN
cblr-9108	381	28	no	no	DET
cblr-9108	381	29	mandatory	mandatory	ADJ
cblr-9108	381	30	disclosure80	disclosure80	ADJ
cblr-9108	381	31	governance	governance	NOUN
cblr-9108	381	32	rules	rule	VERB
cblr-9108	381	33	extensive	extensive	ADJ
cblr-9108	381	34	regulation	regulation	NOUN
cblr-9108	381	35	of	of	ADP
cblr-9108	381	36	(	(	PUNCT
cblr-9108	381	37	1	1	X
cblr-9108	381	38	)	)	PUNCT
cblr-9108	381	39	shareholder	shareholder	NOUN
cblr-9108	381	40	voting	voting	NOUN
cblr-9108	381	41	,	,	PUNCT
cblr-9108	381	42	(	(	PUNCT
cblr-9108	381	43	2	2	X
cblr-9108	381	44	)	)	PUNCT
cblr-9108	381	45	tender	tender	NOUN
cblr-9108	381	46	offers	offer	NOUN
cblr-9108	381	47	,	,	PUNCT
cblr-9108	381	48	(	(	PUNCT
cblr-9108	381	49	3	3	X
cblr-9108	381	50	)	)	PUNCT
cblr-9108	381	51	internal	internal	ADJ
cblr-9108	381	52	financial	financial	ADJ
cblr-9108	381	53	controls	control	NOUN
cblr-9108	381	54	,	,	PUNCT
cblr-9108	381	55	(	(	PUNCT
cblr-9108	381	56	4	4	X
cblr-9108	381	57	)	)	PUNCT
cblr-9108	381	58	board	board	NOUN
cblr-9108	381	59	composition	composition	NOUN
cblr-9108	381	60	,	,	PUNCT
cblr-9108	381	61	and	and	CCONJ
cblr-9108	381	62	(	(	PUNCT
cblr-9108	381	63	5	5	X
cblr-9108	381	64	)	)	PUNCT
cblr-9108	381	65	disclosure	disclosure	NOUN
cblr-9108	381	66	and	and	CCONJ
cblr-9108	381	67	process	process	NOUN
cblr-9108	381	68	surrounding	surround	VERB
cblr-9108	382	1	executive	executive	NOUN
cblr-9108	382	2	compensation81	compensation81	ADP
cblr-9108	383	1	no	no	DET
cblr-9108	383	2	comparable	comparable	ADJ
cblr-9108	383	3	requirements	requirement	NOUN
cblr-9108	383	4	under	under	ADP
cblr-9108	383	5	state	state	NOUN
cblr-9108	383	6	law82	law82	NOUN
cblr-9108	383	7	78	78	NUM
cblr-9108	383	8	for	for	ADP
cblr-9108	383	9	a	a	DET
cblr-9108	383	10	compelling	compelling	ADJ
cblr-9108	383	11	example	example	NOUN
cblr-9108	383	12	of	of	ADP
cblr-9108	383	13	ecological	ecological	ADJ
cblr-9108	383	14	analysis	analysis	NOUN
cblr-9108	383	15	of	of	ADP
cblr-9108	383	16	public	public	ADJ
cblr-9108	383	17	markers	marker	NOUN
cblr-9108	383	18	,	,	PUNCT
cblr-9108	383	19	see	see	VERB
cblr-9108	383	20	spamann	spamann	NOUN
cblr-9108	383	21	,	,	PUNCT
cblr-9108	383	22	supra	supra	PROPN
cblr-9108	383	23	note	note	NOUN
cblr-9108	383	24	70	70	NUM
cblr-9108	383	25	.	.	PUNCT
cblr-9108	383	26	79	79	NUM
cblr-9108	383	27	see	see	VERB
cblr-9108	383	28	infra	infra	NOUN
cblr-9108	383	29	note	note	VERB
cblr-9108	383	30	105	105	NUM
cblr-9108	383	31	and	and	CCONJ
cblr-9108	383	32	accompanying	accompany	VERB
cblr-9108	383	33	text	text	NOUN
cblr-9108	383	34	.	.	PUNCT
cblr-9108	384	1	80	80	NUM
cblr-9108	384	2	see	see	NOUN
cblr-9108	384	3	infra	infra	NOUN
cblr-9108	384	4	note	note	VERB
cblr-9108	384	5	106	106	NUM
cblr-9108	384	6	and	and	CCONJ
cblr-9108	384	7	accompanying	accompany	VERB
cblr-9108	384	8	text	text	NOUN
cblr-9108	384	9	.	.	PUNCT
cblr-9108	385	1	81	81	NUM
cblr-9108	385	2	see	see	NOUN
cblr-9108	385	3	infra	infra	NOUN
cblr-9108	385	4	section	section	NOUN
cblr-9108	385	5	iv.a.1.a	iv.a.1.a	ADP
cblr-9108	385	6	.	.	PUNCT
cblr-9108	386	1	82	82	NUM
cblr-9108	386	2	see	see	NOUN
cblr-9108	386	3	infra	infra	NOUN
cblr-9108	386	4	section	section	NOUN
cblr-9108	386	5	iv.a.1.a	iv.a.1.a	ADP
cblr-9108	386	6	.	.	PUNCT
cblr-9108	387	1	no	no	INTJ
cblr-9108	387	2	.	.	PUNCT
cblr-9108	388	1	3:1199	3:1199	NUM
cblr-9108	388	2	]	]	X
cblr-9108	388	3	the	the	DET
cblr-9108	388	4	new	new	ADJ
cblr-9108	388	5	public	public	ADJ
cblr-9108	388	6	/	/	SYM
cblr-9108	388	7	private	private	ADJ
cblr-9108	388	8	equilibrium	equilibrium	NOUN
cblr-9108	388	9	1223	1223	NUM
cblr-9108	388	10	reg	reg	NOUN
cblr-9108	388	11	.	.	PUNCT
cblr-9108	389	1	fd	fd	PROPN
cblr-9108	389	2	prohibition	prohibition	NOUN
cblr-9108	389	3	on	on	ADP
cblr-9108	389	4	selective	selective	ADJ
cblr-9108	389	5	disclosure	disclosure	NOUN
cblr-9108	389	6	by	by	ADP
cblr-9108	389	7	companies83	companies83	NOUN
cblr-9108	389	8	selective	selective	ADJ
cblr-9108	389	9	disclosure	disclosure	NOUN
cblr-9108	389	10	permitted84	permitted84	NOUN
cblr-9108	389	11	distinctions	distinction	NOUN
cblr-9108	389	12	that	that	PRON
cblr-9108	389	13	arise	arise	VERB
cblr-9108	389	14	in	in	ADP
cblr-9108	389	15	practice	practice	NOUN
cblr-9108	389	16	ownership	ownership	NOUN
cblr-9108	389	17	(	(	PUNCT
cblr-9108	389	18	shareholder	shareholder	NOUN
cblr-9108	389	19	base	base	NOUN
cblr-9108	389	20	)	)	PUNCT
cblr-9108	389	21	dispersed	disperse	VERB
cblr-9108	389	22	,	,	PUNCT
cblr-9108	389	23	mostly	mostly	ADV
cblr-9108	389	24	passive	passive	ADJ
cblr-9108	389	25	shareholder	shareholder	NOUN
cblr-9108	389	26	base85	base85	NOUN
cblr-9108	389	27	small	small	ADJ
cblr-9108	389	28	shareholder	shareholder	NOUN
cblr-9108	389	29	base	base	NOUN
cblr-9108	389	30	,	,	PUNCT
cblr-9108	389	31	selected	select	VERB
cblr-9108	389	32	by	by	ADP
cblr-9108	389	33	insiders	insider	NOUN
cblr-9108	389	34	and	and	CCONJ
cblr-9108	389	35	composed	compose	VERB
cblr-9108	389	36	primarily	primarily	ADV
cblr-9108	389	37	of	of	ADP
cblr-9108	389	38	active	active	ADJ
cblr-9108	389	39	investors86	investors86	NOUN
cblr-9108	389	40	trading	trading	NOUN
cblr-9108	389	41	environment	environment	NOUN
cblr-9108	389	42	continuous	continuous	ADJ
cblr-9108	389	43	stock	stock	NOUN
cblr-9108	389	44	prices87	prices87	NOUN
cblr-9108	389	45	market	market	NOUN
cblr-9108	389	46	approaches	approach	VERB
cblr-9108	389	47	informational	informational	ADJ
cblr-9108	389	48	efficiency88	efficiency88	NOUN
cblr-9108	389	49	little	little	ADJ
cblr-9108	389	50	or	or	CCONJ
cblr-9108	389	51	no	no	PRON
cblr-9108	389	52	trading	trading	NOUN
cblr-9108	389	53	;	;	PUNCT
cblr-9108	389	54	valuation	valuation	NOUN
cblr-9108	389	55	occurs	occur	VERB
cblr-9108	389	56	only	only	ADV
cblr-9108	389	57	upon	upon	SCONJ
cblr-9108	389	58	major	major	ADJ
cblr-9108	389	59	corporate	corporate	ADJ
cblr-9108	389	60	events	event	NOUN
cblr-9108	389	61	(	(	PUNCT
cblr-9108	389	62	capital	capital	NOUN
cblr-9108	389	63	raising	raising	NOUN
cblr-9108	389	64	,	,	PUNCT
cblr-9108	389	65	acquisition	acquisition	NOUN
cblr-9108	389	66	,	,	PUNCT
cblr-9108	389	67	etc.)89	etc.)89	PROPN
cblr-9108	389	68	market	market	NOUN
cblr-9108	389	69	is	be	AUX
cblr-9108	389	70	not	not	PART
cblr-9108	389	71	informationally	informationally	ADV
cblr-9108	389	72	efficient90	efficient90	VERB
cblr-9108	389	73	information	information	NOUN
cblr-9108	389	74	environment	environment	NOUN
cblr-9108	389	75	very	very	ADV
cblr-9108	389	76	rich	rich	ADJ
cblr-9108	389	77	set	set	NOUN
cblr-9108	389	78	of	of	ADP
cblr-9108	389	79	regularly	regularly	ADV
cblr-9108	389	80	updated	update	VERB
cblr-9108	389	81	,	,	PUNCT
cblr-9108	389	82	publicly	publicly	ADV
cblr-9108	389	83	available	available	ADJ
cblr-9108	389	84	information	information	NOUN
cblr-9108	389	85	,	,	PUNCT
cblr-9108	389	86	as	as	ADP
cblr-9108	389	87	a	a	DET
cblr-9108	389	88	result	result	NOUN
cblr-9108	389	89	of	of	ADP
cblr-9108	389	90	(	(	PUNCT
cblr-9108	389	91	i	i	NOUN
cblr-9108	389	92	)	)	PUNCT
cblr-9108	389	93	mandatory	mandatory	ADJ
cblr-9108	389	94	disclosure	disclosure	NOUN
cblr-9108	389	95	,	,	PUNCT
cblr-9108	389	96	(	(	PUNCT
cblr-9108	389	97	ii	ii	NOUN
cblr-9108	389	98	)	)	PUNCT
cblr-9108	389	99	analyst	analyst	NOUN
cblr-9108	389	100	reports	report	NOUN
cblr-9108	389	101	,	,	PUNCT
cblr-9108	389	102	media	medium	NOUN
cblr-9108	389	103	,	,	PUNCT
cblr-9108	389	104	and	and	CCONJ
cblr-9108	389	105	other	other	ADJ
cblr-9108	389	106	market	market	NOUN
cblr-9108	389	107	research	research	NOUN
cblr-9108	389	108	,	,	PUNCT
cblr-9108	389	109	and	and	CCONJ
cblr-9108	389	110	(	(	PUNCT
cblr-9108	389	111	iii	iii	X
cblr-9108	389	112	)	)	PUNCT
cblr-9108	389	113	stock	stock	NOUN
cblr-9108	389	114	very	very	ADV
cblr-9108	389	115	limited	limited	ADJ
cblr-9108	389	116	information	information	NOUN
cblr-9108	389	117	,	,	PUNCT
cblr-9108	389	118	not	not	PART
cblr-9108	389	119	only	only	ADV
cblr-9108	389	120	for	for	ADP
cblr-9108	389	121	the	the	DET
cblr-9108	389	122	general	general	ADJ
cblr-9108	389	123	public	public	NOUN
cblr-9108	389	124	but	but	CCONJ
cblr-9108	389	125	also	also	ADV
cblr-9108	389	126	for	for	ADP
cblr-9108	389	127	investors92	investors92	NOUN
cblr-9108	390	1	83	83	NUM
cblr-9108	390	2	see	see	NOUN
cblr-9108	390	3	infra	infra	NOUN
cblr-9108	390	4	notes	note	VERB
cblr-9108	390	5	115–118	115–118	NUM
cblr-9108	390	6	and	and	CCONJ
cblr-9108	390	7	accompanying	accompany	VERB
cblr-9108	390	8	text	text	NOUN
cblr-9108	390	9	.	.	PUNCT
cblr-9108	391	1	84	84	NUM
cblr-9108	391	2	see	see	VERB
cblr-9108	391	3	infra	infra	NOUN
cblr-9108	391	4	note	note	VERB
cblr-9108	391	5	119	119	NUM
cblr-9108	391	6	and	and	CCONJ
cblr-9108	391	7	accompanying	accompany	VERB
cblr-9108	391	8	text	text	NOUN
cblr-9108	391	9	.	.	PUNCT
cblr-9108	392	1	85	85	NUM
cblr-9108	392	2	see	see	NOUN
cblr-9108	392	3	infra	infra	NOUN
cblr-9108	392	4	note	note	VERB
cblr-9108	392	5	123	123	NUM
cblr-9108	392	6	and	and	CCONJ
cblr-9108	392	7	accompanying	accompany	VERB
cblr-9108	392	8	text	text	NOUN
cblr-9108	392	9	.	.	PUNCT
cblr-9108	393	1	86	86	NUM
cblr-9108	393	2	see	see	VERB
cblr-9108	393	3	i	i	PRON
cblr-9108	393	4	d.	d.	PROPN
cblr-9108	393	5	87	87	NUM
cblr-9108	393	6	see	see	VERB
cblr-9108	393	7	infra	infra	NOUN
cblr-9108	393	8	note	note	VERB
cblr-9108	393	9	126	126	NUM
cblr-9108	393	10	and	and	CCONJ
cblr-9108	393	11	accompanying	accompany	VERB
cblr-9108	393	12	text	text	NOUN
cblr-9108	393	13	.	.	PUNCT
cblr-9108	394	1	88	88	NUM
cblr-9108	394	2	see	see	VERB
cblr-9108	394	3	infra	infra	NOUN
cblr-9108	394	4	section	section	NOUN
cblr-9108	394	5	iv.a.1.b	iv.a.1.b	PROPN
cblr-9108	394	6	.	.	PROPN
cblr-9108	394	7	89	89	NUM
cblr-9108	394	8	see	see	VERB
cblr-9108	394	9	infra	infra	NOUN
cblr-9108	394	10	note	note	VERB
cblr-9108	394	11	128	128	NUM
cblr-9108	394	12	and	and	CCONJ
cblr-9108	394	13	accompanying	accompany	VERB
cblr-9108	394	14	text	text	NOUN
cblr-9108	394	15	.	.	PUNCT
cblr-9108	395	1	90	90	NUM
cblr-9108	395	2	see	see	NOUN
cblr-9108	395	3	infra	infra	NOUN
cblr-9108	395	4	section	section	NOUN
cblr-9108	395	5	iv.a.1.b	iv.a.1.b	PROPN
cblr-9108	395	6	.	.	PUNCT
cblr-9108	396	1	92	92	NUM
cblr-9108	396	2	see	see	NOUN
cblr-9108	396	3	infra	infra	NOUN
cblr-9108	396	4	section	section	NOUN
cblr-9108	396	5	iv.a.2.c	iv.a.2.c	PROPN
cblr-9108	396	6	.	.	PROPN
cblr-9108	396	7	1224	1224	NUM
cblr-9108	396	8	columbia	columbia	PROPN
cblr-9108	396	9	business	business	PROPN
cblr-9108	396	10	law	law	PROPN
cblr-9108	396	11	review	review	NOUN
cblr-9108	396	12	[	[	X
cblr-9108	396	13	vol	vol	NOUN
cblr-9108	396	14	.	.	NOUN
cblr-9108	396	15	2021	2021	NUM
cblr-9108	396	16	prices91	prices91	NOUN
cblr-9108	396	17	governance	governance	NOUN
cblr-9108	396	18	centralized	centralize	VERB
cblr-9108	396	19	,	,	PUNCT
cblr-9108	396	20	professional	professional	ADJ
cblr-9108	396	21	management	management	NOUN
cblr-9108	396	22	by	by	ADP
cblr-9108	396	23	a	a	DET
cblr-9108	396	24	board	board	NOUN
cblr-9108	396	25	of	of	ADP
cblr-9108	396	26	directors	director	NOUN
cblr-9108	396	27	appointed	appoint	VERB
cblr-9108	396	28	each	each	DET
cblr-9108	396	29	year	year	NOUN
cblr-9108	396	30	by	by	ADP
cblr-9108	396	31	shareholders	shareholder	NOUN
cblr-9108	396	32	and	and	CCONJ
cblr-9108	396	33	including	include	VERB
cblr-9108	396	34	several	several	ADJ
cblr-9108	396	35	independent	independent	ADJ
cblr-9108	396	36	directors93	directors93	NOUN
cblr-9108	396	37	management	management	NOUN
cblr-9108	396	38	mostly	mostly	ADV
cblr-9108	396	39	by	by	ADP
cblr-9108	396	40	largest	large	ADJ
cblr-9108	396	41	shareholders	shareholder	NOUN
cblr-9108	396	42	;	;	PUNCT
cblr-9108	396	43	governance	governance	NOUN
cblr-9108	396	44	and	and	CCONJ
cblr-9108	396	45	control	control	NOUN
cblr-9108	396	46	rights	right	NOUN
cblr-9108	396	47	established	establish	VERB
cblr-9108	396	48	in	in	ADP
cblr-9108	396	49	connection	connection	NOUN
cblr-9108	396	50	with	with	ADP
cblr-9108	396	51	major	major	ADJ
cblr-9108	396	52	corporate	corporate	ADJ
cblr-9108	396	53	transactions	transaction	NOUN
cblr-9108	396	54	,	,	PUNCT
cblr-9108	396	55	rather	rather	ADV
cblr-9108	396	56	than	than	ADP
cblr-9108	396	57	on	on	ADP
cblr-9108	396	58	a	a	DET
cblr-9108	396	59	yearly	yearly	ADJ
cblr-9108	396	60	basis94	basis94	NOUN
cblr-9108	396	61	regulation	regulation	NOUN
cblr-9108	396	62	and	and	CCONJ
cblr-9108	396	63	enforcement	enforcement	NOUN
cblr-9108	396	64	aggregate	aggregate	NOUN
cblr-9108	396	65	shareholder	shareholder	NOUN
cblr-9108	396	66	litigation	litigation	NOUN
cblr-9108	396	67	(	(	PUNCT
cblr-9108	396	68	e.g.	e.g.	ADV
cblr-9108	396	69	,	,	PUNCT
cblr-9108	396	70	class	class	NOUN
cblr-9108	396	71	actions	action	NOUN
cblr-9108	396	72	)	)	PUNCT
cblr-9108	396	73	common95	common95	NOUN
cblr-9108	396	74	relatively	relatively	ADV
cblr-9108	396	75	little	little	ADJ
cblr-9108	396	76	shareholder	shareholder	NOUN
cblr-9108	396	77	litigation96	litigation96	VERB
cblr-9108	396	78	1	1	NUM
cblr-9108	396	79	.	.	PUNCT
cblr-9108	396	80	securities	security	NOUN
cblr-9108	396	81	law	law	NOUN
cblr-9108	396	82	rules	rule	NOUN
cblr-9108	396	83	that	that	PRON
cblr-9108	396	84	turn	turn	VERB
cblr-9108	396	85	directly	directly	ADV
cblr-9108	396	86	on	on	ADP
cblr-9108	396	87	the	the	DET
cblr-9108	396	88	divide	divide	NOUN
cblr-9108	396	89	securities	security	NOUN
cblr-9108	396	90	law	law	NOUN
cblr-9108	396	91	’s	’s	PART
cblr-9108	396	92	public	public	ADJ
cblr-9108	396	93	/	/	SYM
cblr-9108	396	94	private	private	ADJ
cblr-9108	396	95	divide	divide	NOUN
cblr-9108	396	96	was	be	AUX
cblr-9108	396	97	designed	design	VERB
cblr-9108	396	98	to	to	PART
cblr-9108	396	99	impose	impose	VERB
cblr-9108	396	100	disclosure	disclosure	NOUN
cblr-9108	396	101	obligations	obligation	NOUN
cblr-9108	396	102	on	on	ADP
cblr-9108	396	103	public	public	ADJ
cblr-9108	396	104	issuers	issuer	NOUN
cblr-9108	396	105	.	.	PUNCT
cblr-9108	397	1	we	we	PRON
cblr-9108	397	2	begin	begin	VERB
cblr-9108	397	3	by	by	ADP
cblr-9108	397	4	discussing	discuss	VERB
cblr-9108	397	5	the	the	DET
cblr-9108	397	6	range	range	NOUN
cblr-9108	397	7	of	of	ADP
cblr-9108	397	8	other	other	ADJ
cblr-9108	397	9	rules	rule	NOUN
cblr-9108	397	10	that	that	PRON
cblr-9108	397	11	now	now	ADV
cblr-9108	397	12	also	also	ADV
cblr-9108	397	13	turn	turn	VERB
cblr-9108	397	14	directly	directly	ADV
cblr-9108	397	15	on	on	ADP
cblr-9108	397	16	securities	security	NOUN
cblr-9108	397	17	law	law	NOUN
cblr-9108	397	18	’s	’s	PART
cblr-9108	397	19	public	public	ADJ
cblr-9108	397	20	/	/	SYM
cblr-9108	397	21	private	private	ADJ
cblr-9108	397	22	divide	divide	NOUN
cblr-9108	397	23	.	.	PUNCT
cblr-9108	398	1	i.	i.	PROPN
cblr-9108	398	2	governance	governance	PROPN
cblr-9108	398	3	rules	rule	NOUN
cblr-9108	398	4	traditionally	traditionally	ADV
cblr-9108	398	5	,	,	PUNCT
cblr-9108	398	6	corporate	corporate	ADJ
cblr-9108	398	7	governance	governance	NOUN
cblr-9108	398	8	has	have	AUX
cblr-9108	398	9	been	be	AUX
cblr-9108	398	10	a	a	DET
cblr-9108	398	11	matter	matter	NOUN
cblr-9108	398	12	of	of	ADP
cblr-9108	398	13	state	state	NOUN
cblr-9108	398	14	law.97	law.97	NOUN
cblr-9108	398	15	under	under	ADP
cblr-9108	398	16	the	the	DET
cblr-9108	398	17	“	"	PUNCT
cblr-9108	398	18	internal	internal	ADJ
cblr-9108	398	19	affairs	affair	NOUN
cblr-9108	398	20	doctrine	doctrine	NOUN
cblr-9108	398	21	,	,	PUNCT
cblr-9108	398	22	”	"	PUNCT
cblr-9108	398	23	the	the	DET
cblr-9108	398	24	law	law	NOUN
cblr-9108	398	25	of	of	ADP
cblr-9108	398	26	a	a	DET
cblr-9108	398	27	91	91	NUM
cblr-9108	398	28	see	see	NOUN
cblr-9108	398	29	infra	infra	NOUN
cblr-9108	398	30	section	section	NOUN
cblr-9108	398	31	iv.a.2.c	iv.a.2.c	PRON
cblr-9108	398	32	.	.	PUNCT
cblr-9108	399	1	93	93	NUM
cblr-9108	399	2	see	see	VERB
cblr-9108	399	3	del	del	PROPN
cblr-9108	399	4	.	.	PROPN
cblr-9108	399	5	code	code	PROPN
cblr-9108	399	6	.	.	PUNCT
cblr-9108	400	1	ann	ann	PROPN
cblr-9108	400	2	.	.	PUNCT
cblr-9108	401	1	tit	tit	PROPN
cblr-9108	401	2	.	.	PROPN
cblr-9108	402	1	8	8	NUM
cblr-9108	402	2	,	,	PUNCT
cblr-9108	402	3	§	§	PROPN
cblr-9108	402	4	141	141	NUM
cblr-9108	402	5	(	(	PUNCT
cblr-9108	402	6	2021	2021	NUM
cblr-9108	402	7	)	)	PUNCT
cblr-9108	402	8	94	94	NUM
cblr-9108	402	9	see	see	VERB
cblr-9108	402	10	rauterberg	rauterberg	PROPN
cblr-9108	402	11	,	,	PUNCT
cblr-9108	402	12	supra	supra	PROPN
cblr-9108	402	13	note	note	NOUN
cblr-9108	402	14	12	12	NUM
cblr-9108	402	15	,	,	PUNCT
cblr-9108	402	16	at	at	ADP
cblr-9108	402	17	1133–36	1133–36	PROPN
cblr-9108	402	18	(	(	PUNCT
cblr-9108	402	19	describing	describe	VERB
cblr-9108	402	20	how	how	SCONJ
cblr-9108	402	21	shareholder	shareholder	NOUN
cblr-9108	402	22	agreements	agreement	NOUN
cblr-9108	402	23	often	often	ADV
cblr-9108	402	24	determine	determine	VERB
cblr-9108	402	25	control	control	NOUN
cblr-9108	402	26	of	of	ADP
cblr-9108	402	27	private	private	ADJ
cblr-9108	402	28	firms	firm	NOUN
cblr-9108	402	29	)	)	PUNCT
cblr-9108	402	30	.	.	PUNCT
cblr-9108	403	1	95	95	NUM
cblr-9108	403	2	see	see	NOUN
cblr-9108	403	3	infra	infra	NOUN
cblr-9108	403	4	section	section	NOUN
cblr-9108	403	5	iv.a.2.d	iv.a.2.d	PROPN
cblr-9108	403	6	.	.	PROPN
cblr-9108	403	7	96	96	NUM
cblr-9108	403	8	see	see	NOUN
cblr-9108	403	9	infra	infra	NOUN
cblr-9108	403	10	section	section	NOUN
cblr-9108	403	11	iv.a.2.d	iv.a.2.d	PROPN
cblr-9108	403	12	.	.	PROPN
cblr-9108	403	13	97	97	NUM
cblr-9108	403	14	stephen	stephen	PROPN
cblr-9108	403	15	m.	m.	PROPN
cblr-9108	403	16	bainbridge	bainbridge	PROPN
cblr-9108	403	17	,	,	PUNCT
cblr-9108	403	18	the	the	DET
cblr-9108	403	19	creeping	creep	VERB
cblr-9108	403	20	federalization	federalization	NOUN
cblr-9108	403	21	of	of	ADP
cblr-9108	403	22	corporate	corporate	ADJ
cblr-9108	403	23	law	law	NOUN
cblr-9108	403	24	,	,	PUNCT
cblr-9108	403	25	regul	regul	NOUN
cblr-9108	403	26	.	.	PUNCT
cblr-9108	403	27	,	,	PUNCT
cblr-9108	403	28	spring	spring	NOUN
cblr-9108	403	29	2003	2003	NUM
cblr-9108	403	30	,	,	PUNCT
cblr-9108	403	31	at	at	ADP
cblr-9108	403	32	26	26	NUM
cblr-9108	403	33	,	,	PUNCT
cblr-9108	403	34	26	26	NUM
cblr-9108	403	35	(	(	PUNCT
cblr-9108	403	36	“	"	PUNCT
cblr-9108	403	37	for	for	ADP
cblr-9108	403	38	over	over	ADP
cblr-9108	403	39	200	200	NUM
cblr-9108	403	40	years	year	NOUN
cblr-9108	403	41	,	,	PUNCT
cblr-9108	403	42	corporate	corporate	ADJ
cblr-9108	403	43	governance	governance	NOUN
cblr-9108	403	44	has	have	AUX
cblr-9108	403	45	been	be	AUX
cblr-9108	403	46	a	a	DET
cblr-9108	403	47	matter	matter	NOUN
cblr-9108	403	48	for	for	ADP
cblr-9108	403	49	state	state	NOUN
cblr-9108	403	50	law	law	NOUN
cblr-9108	403	51	.	.	PUNCT
cblr-9108	403	52	”	"	PUNCT
cblr-9108	403	53	)	)	PUNCT
cblr-9108	403	54	.	.	PUNCT
cblr-9108	404	1	no	no	INTJ
cblr-9108	404	2	.	.	PUNCT
cblr-9108	405	1	3:1199	3:1199	NUM
cblr-9108	405	2	]	]	X
cblr-9108	405	3	the	the	DET
cblr-9108	405	4	new	new	ADJ
cblr-9108	405	5	public	public	ADJ
cblr-9108	405	6	/	/	SYM
cblr-9108	405	7	private	private	ADJ
cblr-9108	405	8	equilibrium	equilibrium	NOUN
cblr-9108	405	9	1225	1225	NUM
cblr-9108	405	10	firm	firm	NOUN
cblr-9108	405	11	’s	’s	PART
cblr-9108	405	12	state	state	NOUN
cblr-9108	405	13	of	of	ADP
cblr-9108	405	14	incorporation	incorporation	NOUN
cblr-9108	405	15	governs	govern	VERB
cblr-9108	405	16	the	the	DET
cblr-9108	405	17	relationships	relationship	NOUN
cblr-9108	405	18	among	among	ADP
cblr-9108	405	19	the	the	DET
cblr-9108	405	20	firm	firm	NOUN
cblr-9108	405	21	,	,	PUNCT
cblr-9108	405	22	its	its	PRON
cblr-9108	405	23	directors	director	NOUN
cblr-9108	405	24	and	and	CCONJ
cblr-9108	405	25	officers	officer	NOUN
cblr-9108	405	26	,	,	PUNCT
cblr-9108	405	27	and	and	CCONJ
cblr-9108	405	28	its	its	PRON
cblr-9108	405	29	shareholders.98	shareholders.98	PROPN
cblr-9108	405	30	as	as	ADP
cblr-9108	405	31	a	a	DET
cblr-9108	405	32	result	result	NOUN
cblr-9108	405	33	,	,	PUNCT
cblr-9108	405	34	matters	matter	NOUN
cblr-9108	405	35	such	such	ADJ
cblr-9108	405	36	as	as	ADP
cblr-9108	405	37	shareholder	shareholder	NOUN
cblr-9108	405	38	voting	voting	NOUN
cblr-9108	405	39	,	,	PUNCT
cblr-9108	405	40	board	board	NOUN
cblr-9108	405	41	action	action	NOUN
cblr-9108	405	42	,	,	PUNCT
cblr-9108	405	43	and	and	CCONJ
cblr-9108	405	44	fiduciary	fiduciary	ADJ
cblr-9108	405	45	duties	duty	NOUN
cblr-9108	405	46	are	be	AUX
cblr-9108	405	47	governed	govern	VERB
cblr-9108	405	48	by	by	ADP
cblr-9108	405	49	state	state	NOUN
cblr-9108	405	50	corporate	corporate	ADJ
cblr-9108	405	51	statutes	statute	NOUN
cblr-9108	405	52	and	and	CCONJ
cblr-9108	405	53	common	common	ADJ
cblr-9108	405	54	law.99	law.99	NOUN
cblr-9108	405	55	for	for	ADP
cblr-9108	405	56	public	public	ADJ
cblr-9108	405	57	companies	company	NOUN
cblr-9108	405	58	,	,	PUNCT
cblr-9108	405	59	however	however	ADV
cblr-9108	405	60	,	,	PUNCT
cblr-9108	405	61	federal	federal	ADJ
cblr-9108	405	62	law	law	NOUN
cblr-9108	405	63	has	have	AUX
cblr-9108	405	64	progressively	progressively	ADV
cblr-9108	405	65	layered	layer	VERB
cblr-9108	405	66	over	over	ADP
cblr-9108	405	67	a	a	DET
cblr-9108	405	68	partly	partly	ADV
cblr-9108	405	69	superseding	supersede	VERB
cblr-9108	405	70	corporate	corporate	ADJ
cblr-9108	405	71	governance	governance	NOUN
cblr-9108	405	72	regime	regime	NOUN
cblr-9108	405	73	by	by	ADP
cblr-9108	405	74	way	way	NOUN
cblr-9108	405	75	of	of	ADP
cblr-9108	405	76	amendments	amendment	NOUN
cblr-9108	405	77	to	to	ADP
cblr-9108	405	78	the	the	DET
cblr-9108	405	79	securities	security	NOUN
cblr-9108	405	80	laws.100	laws.100	VERB
cblr-9108	405	81	this	this	PRON
cblr-9108	405	82	includes	include	VERB
cblr-9108	405	83	:	:	PUNCT
cblr-9108	405	84	(	(	PUNCT
cblr-9108	405	85	1	1	X
cblr-9108	405	86	)	)	PUNCT
cblr-9108	405	87	an	an	DET
cblr-9108	405	88	extensive	extensive	ADJ
cblr-9108	405	89	regulatory	regulatory	ADJ
cblr-9108	405	90	regime	regime	NOUN
cblr-9108	405	91	governing	govern	VERB
cblr-9108	405	92	almost	almost	ADV
cblr-9108	405	93	every	every	PRON
cblr-9108	405	94	aspect	aspect	NOUN
cblr-9108	405	95	of	of	ADP
cblr-9108	405	96	shareholder	shareholder	NOUN
cblr-9108	405	97	voting	voting	NOUN
cblr-9108	405	98	(	(	PUNCT
cblr-9108	405	99	referred	refer	VERB
cblr-9108	405	100	to	to	ADP
cblr-9108	405	101	as	as	ADP
cblr-9108	405	102	the	the	DET
cblr-9108	405	103	“	"	PUNCT
cblr-9108	405	104	federal	federal	ADJ
cblr-9108	405	105	proxy	proxy	NOUN
cblr-9108	405	106	rules	rule	NOUN
cblr-9108	405	107	”	"	PUNCT
cblr-9108	405	108	)	)	PUNCT
cblr-9108	405	109	,	,	PUNCT
cblr-9108	405	110	(	(	PUNCT
cblr-9108	405	111	2	2	X
cblr-9108	405	112	)	)	PUNCT
cblr-9108	405	113	rules	rule	NOUN
cblr-9108	405	114	governing	govern	VERB
cblr-9108	405	115	a	a	DET
cblr-9108	405	116	prominent	prominent	ADJ
cblr-9108	405	117	form	form	NOUN
cblr-9108	405	118	of	of	ADP
cblr-9108	405	119	acquisition	acquisition	NOUN
cblr-9108	405	120	(	(	PUNCT
cblr-9108	405	121	the	the	DET
cblr-9108	405	122	tender	tender	NOUN
cblr-9108	405	123	offer),101	offer),101	PROPN
cblr-9108	405	124	(	(	PUNCT
cblr-9108	405	125	3	3	NUM
cblr-9108	405	126	)	)	PUNCT
cblr-9108	405	127	requirements	requirement	NOUN
cblr-9108	405	128	of	of	ADP
cblr-9108	405	129	internal	internal	ADJ
cblr-9108	405	130	financial	financial	ADJ
cblr-9108	405	131	controls	control	NOUN
cblr-9108	405	132	and	and	CCONJ
cblr-9108	405	133	certification	certification	NOUN
cblr-9108	405	134	,	,	PUNCT
cblr-9108	405	135	(	(	PUNCT
cblr-9108	405	136	4	4	X
cblr-9108	405	137	)	)	PUNCT
cblr-9108	405	138	board	board	NOUN
cblr-9108	405	139	composition	composition	NOUN
cblr-9108	405	140	requirements	requirement	NOUN
cblr-9108	405	141	,	,	PUNCT
cblr-9108	405	142	and	and	CCONJ
cblr-9108	405	143	(	(	PUNCT
cblr-9108	405	144	5	5	X
cblr-9108	405	145	)	)	PUNCT
cblr-9108	405	146	executive	executive	ADJ
cblr-9108	405	147	compensation	compensation	NOUN
cblr-9108	405	148	reforms.102	reforms.102	PRON
cblr-9108	405	149	this	this	DET
cblr-9108	405	150	“	"	PUNCT
cblr-9108	405	151	federalization	federalization	NOUN
cblr-9108	405	152	”	"	PUNCT
cblr-9108	405	153	of	of	ADP
cblr-9108	405	154	corporate	corporate	ADJ
cblr-9108	405	155	governance	governance	NOUN
cblr-9108	405	156	has	have	AUX
cblr-9108	405	157	accelerated	accelerate	VERB
cblr-9108	405	158	over	over	ADP
cblr-9108	405	159	the	the	DET
cblr-9108	405	160	last	last	ADJ
cblr-9108	405	161	two	two	NUM
cblr-9108	405	162	decades	decade	NOUN
cblr-9108	405	163	,	,	PUNCT
cblr-9108	405	164	primarily	primarily	ADV
cblr-9108	405	165	in	in	ADP
cblr-9108	405	166	response	response	NOUN
cblr-9108	405	167	to	to	ADP
cblr-9108	405	168	major	major	ADJ
cblr-9108	405	169	scandals	scandal	NOUN
cblr-9108	405	170	or	or	CCONJ
cblr-9108	405	171	crises	crisis	NOUN
cblr-9108	405	172	involving	involve	VERB
cblr-9108	405	173	public	public	ADJ
cblr-9108	405	174	companies.103	companies.103	NUM
cblr-9108	405	175	98	98	NUM
cblr-9108	405	176	see	see	VERB
cblr-9108	405	177	restatement	restatement	NOUN
cblr-9108	405	178	(	(	PUNCT
cblr-9108	405	179	second	second	ADJ
cblr-9108	405	180	)	)	PUNCT
cblr-9108	405	181	of	of	ADP
cblr-9108	405	182	conflicts	conflict	NOUN
cblr-9108	405	183	of	of	ADP
cblr-9108	405	184	laws	law	NOUN
cblr-9108	405	185	§	§	PROPN
cblr-9108	405	186	§	§	PROPN
cblr-9108	405	187	302	302	NUM
cblr-9108	405	188	cmt	cmt	PROPN
cblr-9108	405	189	.	.	PUNCT
cblr-9108	406	1	a	a	DET
cblr-9108	406	2	(	(	PUNCT
cblr-9108	406	3	1971	1971	NUM
cblr-9108	406	4	)	)	PUNCT
cblr-9108	407	1	;	;	PUNCT
cblr-9108	407	2	see	see	VERB
cblr-9108	407	3	also	also	ADV
cblr-9108	407	4	cort	cort	PROPN
cblr-9108	407	5	v.	v.	ADP
cblr-9108	407	6	ash	ash	PROPN
cblr-9108	407	7	,	,	PUNCT
cblr-9108	407	8	422	422	NUM
cblr-9108	407	9	u.s	u.s	PROPN
cblr-9108	407	10	.	.	PROPN
cblr-9108	407	11	66	66	NUM
cblr-9108	407	12	,	,	PUNCT
cblr-9108	407	13	84	84	NUM
cblr-9108	407	14	(	(	PUNCT
cblr-9108	407	15	1975	1975	NUM
cblr-9108	407	16	)	)	PUNCT
cblr-9108	407	17	.	.	PUNCT
cblr-9108	408	1	99	99	NUM
cblr-9108	408	2	restatement	restatement	NOUN
cblr-9108	408	3	(	(	PUNCT
cblr-9108	408	4	second	second	ADJ
cblr-9108	408	5	)	)	PUNCT
cblr-9108	408	6	of	of	ADP
cblr-9108	408	7	conflicts	conflict	NOUN
cblr-9108	408	8	of	of	ADP
cblr-9108	408	9	laws	law	NOUN
cblr-9108	408	10	§	§	PROPN
cblr-9108	408	11	§	§	PROPN
cblr-9108	408	12	302	302	NUM
cblr-9108	408	13	cmt	cmt	PROPN
cblr-9108	408	14	.	.	PUNCT
cblr-9108	409	1	a	a	PRON
cblr-9108	409	2	,	,	PUNCT
cblr-9108	409	3	303–309	303–309	NUM
cblr-9108	409	4	(	(	PUNCT
cblr-9108	409	5	1971	1971	NUM
cblr-9108	409	6	)	)	PUNCT
cblr-9108	409	7	.	.	PUNCT
cblr-9108	410	1	100	100	NUM
cblr-9108	410	2	for	for	ADP
cblr-9108	410	3	an	an	DET
cblr-9108	410	4	analysis	analysis	NOUN
cblr-9108	410	5	of	of	ADP
cblr-9108	410	6	federal	federal	ADJ
cblr-9108	410	7	incursions	incursion	NOUN
cblr-9108	410	8	into	into	ADP
cblr-9108	410	9	corporate	corporate	ADJ
cblr-9108	410	10	governance	governance	NOUN
cblr-9108	410	11	,	,	PUNCT
cblr-9108	410	12	see	see	VERB
cblr-9108	410	13	eric	eric	PROPN
cblr-9108	410	14	l.	l.	PROPN
cblr-9108	410	15	talley	talley	PROPN
cblr-9108	410	16	,	,	PUNCT
cblr-9108	410	17	corporate	corporate	ADJ
cblr-9108	410	18	inversions	inversion	NOUN
cblr-9108	410	19	and	and	CCONJ
cblr-9108	410	20	the	the	DET
cblr-9108	410	21	unbundling	unbundling	NOUN
cblr-9108	410	22	of	of	ADP
cblr-9108	410	23	regulatory	regulatory	ADJ
cblr-9108	410	24	competition	competition	NOUN
cblr-9108	410	25	,	,	PUNCT
cblr-9108	410	26	101	101	NUM
cblr-9108	410	27	va	va	NOUN
cblr-9108	410	28	.	.	PUNCT
cblr-9108	410	29	l.	l.	PROPN
cblr-9108	410	30	rev	rev	PROPN
cblr-9108	410	31	.	.	PROPN
cblr-9108	410	32	1649	1649	NUM
cblr-9108	410	33	,	,	PUNCT
cblr-9108	410	34	1694–97	1694–97	NUM
cblr-9108	410	35	(	(	PUNCT
cblr-9108	410	36	2015	2015	NUM
cblr-9108	410	37	)	)	PUNCT
cblr-9108	410	38	.	.	PUNCT
cblr-9108	411	1	101	101	NUM
cblr-9108	411	2	aspects	aspect	NOUN
cblr-9108	411	3	of	of	ADP
cblr-9108	411	4	federal	federal	ADJ
cblr-9108	411	5	tender	tender	NOUN
cblr-9108	411	6	offer	offer	NOUN
cblr-9108	411	7	regulation	regulation	NOUN
cblr-9108	411	8	do	do	AUX
cblr-9108	411	9	apply	apply	VERB
cblr-9108	411	10	to	to	ADP
cblr-9108	411	11	tender	tender	VERB
cblr-9108	411	12	offers	offer	NOUN
cblr-9108	411	13	in	in	ADP
cblr-9108	411	14	private	private	ADJ
cblr-9108	411	15	markets	market	NOUN
cblr-9108	411	16	.	.	PUNCT
cblr-9108	412	1	see	see	VERB
cblr-9108	412	2	dawn	dawn	NOUN
cblr-9108	412	3	belt	belt	NOUN
cblr-9108	412	4	,	,	PUNCT
cblr-9108	412	5	pre	pre	ADJ
cblr-9108	412	6	-	-	ADJ
cblr-9108	412	7	ipo	ipo	ADJ
cblr-9108	412	8	liquidity	liquidity	NOUN
cblr-9108	412	9	for	for	ADP
cblr-9108	412	10	late	late	ADJ
cblr-9108	412	11	stage	stage	NOUN
cblr-9108	412	12	startups	startup	NOUN
cblr-9108	412	13	,	,	PUNCT
cblr-9108	412	14	lexis	lexis	X
cblr-9108	412	15	practice	practice	NOUN
cblr-9108	412	16	advisor	advisor	NOUN
cblr-9108	412	17	(	(	PUNCT
cblr-9108	412	18	2020	2020	NUM
cblr-9108	412	19	)	)	PUNCT
cblr-9108	412	20	,	,	PUNCT
cblr-9108	412	21	https://assets.fenwick.com/legacy/fenwickdocuments/pre-ipo-liquidityfor-late-stage-start-up.pdf	https://assets.fenwick.com/legacy/fenwickdocuments/pre-ipo-liquidityfor-late-stage-start-up.pdf	X
cblr-9108	412	22	[	[	X
cblr-9108	412	23	https://perma.cc/6xn5-mw4p	https://perma.cc/6xn5-mw4p	X
cblr-9108	412	24	]	]	X
cblr-9108	412	25	.	.	PUNCT
cblr-9108	413	1	102	102	NUM
cblr-9108	413	2	for	for	ADP
cblr-9108	413	3	a	a	DET
cblr-9108	413	4	detailed	detailed	ADJ
cblr-9108	413	5	description	description	NOUN
cblr-9108	413	6	of	of	ADP
cblr-9108	413	7	these	these	DET
cblr-9108	413	8	provisions	provision	NOUN
cblr-9108	413	9	,	,	PUNCT
cblr-9108	413	10	see	see	VERB
cblr-9108	413	11	talley	talley	PROPN
cblr-9108	413	12	,	,	PUNCT
cblr-9108	413	13	supra	supra	PROPN
cblr-9108	413	14	note	note	NOUN
cblr-9108	413	15	100	100	NUM
cblr-9108	413	16	.	.	PUNCT
cblr-9108	413	17	103	103	NUM
cblr-9108	413	18	see	see	VERB
cblr-9108	413	19	i	i	PROPN
cblr-9108	413	20	d.	d.	PROPN
cblr-9108	413	21	at	at	ADP
cblr-9108	413	22	1693	1693	NUM
cblr-9108	413	23	(	(	PUNCT
cblr-9108	413	24	arguing	argue	VERB
cblr-9108	413	25	that	that	SCONJ
cblr-9108	413	26	the	the	DET
cblr-9108	413	27	separation	separation	NOUN
cblr-9108	413	28	between	between	ADP
cblr-9108	413	29	corporate	corporate	ADJ
cblr-9108	413	30	and	and	CCONJ
cblr-9108	413	31	securities	security	NOUN
cblr-9108	413	32	law	law	NOUN
cblr-9108	413	33	“	"	PUNCT
cblr-9108	413	34	began	begin	VERB
cblr-9108	413	35	disintegrating	disintegrate	VERB
cblr-9108	413	36	substantially	substantially	ADV
cblr-9108	413	37	after	after	ADP
cblr-9108	413	38	the	the	DET
cblr-9108	413	39	bursting	bursting	NOUN
cblr-9108	413	40	of	of	ADP
cblr-9108	413	41	the	the	DET
cblr-9108	413	42	dot	dot	NOUN
cblr-9108	413	43	-	-	PUNCT
cblr-9108	413	44	com	com	NOUN
cblr-9108	413	45	bubble	bubble	NOUN
cblr-9108	413	46	”	"	PUNCT
cblr-9108	413	47	)	)	PUNCT
cblr-9108	413	48	.	.	PUNCT
cblr-9108	414	1	the	the	DET
cblr-9108	414	2	extent	extent	NOUN
cblr-9108	414	3	of	of	ADP
cblr-9108	414	4	this	this	DET
cblr-9108	414	5	displacement	displacement	NOUN
cblr-9108	414	6	is	be	AUX
cblr-9108	414	7	controversial	controversial	ADJ
cblr-9108	414	8	.	.	PUNCT
cblr-9108	415	1	for	for	ADP
cblr-9108	415	2	instance	instance	NOUN
cblr-9108	415	3	,	,	PUNCT
cblr-9108	415	4	fiduciaries	fiduciary	NOUN
cblr-9108	415	5	duties	duty	NOUN
cblr-9108	415	6	—	—	PUNCT
cblr-9108	415	7	perhaps	perhaps	ADV
cblr-9108	415	8	the	the	DET
cblr-9108	415	9	heart	heart	NOUN
cblr-9108	415	10	of	of	ADP
cblr-9108	415	11	corporate	corporate	ADJ
cblr-9108	415	12	law	law	NOUN
cblr-9108	415	13	—	—	PUNCT
cblr-9108	415	14	remain	remain	VERB
cblr-9108	415	15	largely	largely	ADV
cblr-9108	415	16	if	if	SCONJ
cblr-9108	415	17	not	not	PART
cblr-9108	415	18	wholly	wholly	ADV
cblr-9108	415	19	a	a	DET
cblr-9108	415	20	creature	creature	NOUN
cblr-9108	415	21	of	of	ADP
cblr-9108	415	22	state	state	NOUN
cblr-9108	415	23	law	law	NOUN
cblr-9108	415	24	.	.	PUNCT
cblr-9108	416	1	see	see	VERB
cblr-9108	416	2	roberta	roberta	PROPN
cblr-9108	416	3	romano	romano	PROPN
cblr-9108	416	4	,	,	PUNCT
cblr-9108	416	5	the	the	DET
cblr-9108	416	6	market	market	NOUN
cblr-9108	416	7	for	for	ADP
cblr-9108	416	8	corporate	corporate	ADJ
cblr-9108	416	9	law	law	NOUN
cblr-9108	416	10	redux	redux	PROPN
cblr-9108	416	11	47	47	NUM
cblr-9108	416	12	,	,	PUNCT
cblr-9108	416	13	60	60	NUM
cblr-9108	416	14	,	,	PUNCT
cblr-9108	416	15	(	(	PUNCT
cblr-9108	416	16	eur	eur	PROPN
cblr-9108	416	17	.	.	PROPN
cblr-9108	416	18	corp	corp	PROPN
cblr-9108	416	19	.	.	PROPN
cblr-9108	416	20	governance	governance	PROPN
cblr-9108	416	21	inst	inst	PROPN
cblr-9108	416	22	.	.	PROPN
cblr-9108	416	23	,	,	PUNCT
cblr-9108	417	1	law	law	NOUN
cblr-9108	417	2	working	working	NOUN
cblr-9108	417	3	paper	paper	NOUN
cblr-9108	417	4	no	no	INTJ
cblr-9108	417	5	.	.	PROPN
cblr-9108	417	6	270/2014	270/2014	NUM
cblr-9108	417	7	,	,	PUNCT
cblr-9108	417	8	2014	2014	NUM
cblr-9108	417	9	)	)	PUNCT
cblr-9108	417	10	,	,	PUNCT
cblr-9108	417	11	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2514650	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2514650	PROPN
cblr-9108	417	12	(	(	PUNCT
cblr-9108	417	13	on	on	ADP
cblr-9108	417	14	file	file	NOUN
cblr-9108	417	15	with	with	ADP
cblr-9108	417	16	the	the	DET
cblr-9108	417	17	columbia	columbia	PROPN
cblr-9108	417	18	business	business	PROPN
cblr-9108	417	19	law	law	PROPN
cblr-9108	417	20	review	review	PROPN
cblr-9108	417	21	)	)	PUNCT
cblr-9108	417	22	.	.	PUNCT
cblr-9108	418	1	1226	1226	NUM
cblr-9108	418	2	columbia	columbia	PROPN
cblr-9108	418	3	business	business	NOUN
cblr-9108	418	4	law	law	PROPN
cblr-9108	418	5	review	review	NOUN
cblr-9108	418	6	[	[	X
cblr-9108	418	7	vol	vol	NOUN
cblr-9108	418	8	.	.	NOUN
cblr-9108	418	9	2021	2021	NUM
cblr-9108	418	10	as	as	ADP
cblr-9108	418	11	a	a	DET
cblr-9108	418	12	result	result	NOUN
cblr-9108	418	13	,	,	PUNCT
cblr-9108	418	14	two	two	NUM
cblr-9108	418	15	similar	similar	ADJ
cblr-9108	418	16	corporations	corporation	NOUN
cblr-9108	418	17	,	,	PUNCT
cblr-9108	418	18	one	one	NUM
cblr-9108	418	19	public	public	NOUN
cblr-9108	418	20	and	and	CCONJ
cblr-9108	418	21	the	the	DET
cblr-9108	418	22	other	other	ADJ
cblr-9108	418	23	private	private	NOUN
cblr-9108	418	24	,	,	PUNCT
cblr-9108	418	25	will	will	AUX
cblr-9108	418	26	be	be	AUX
cblr-9108	418	27	subject	subject	ADJ
cblr-9108	418	28	to	to	ADP
cblr-9108	418	29	very	very	ADV
cblr-9108	418	30	different	different	ADJ
cblr-9108	418	31	corporate	corporate	ADJ
cblr-9108	418	32	governance	governance	NOUN
cblr-9108	418	33	mandates	mandate	NOUN
cblr-9108	418	34	.	.	PUNCT
cblr-9108	419	1	because	because	SCONJ
cblr-9108	419	2	delaware	delaware	PROPN
cblr-9108	419	3	is	be	AUX
cblr-9108	419	4	the	the	DET
cblr-9108	419	5	dominant	dominant	ADJ
cblr-9108	419	6	state	state	NOUN
cblr-9108	419	7	for	for	ADP
cblr-9108	419	8	incorporations,104	incorporations,104	NOUN
cblr-9108	419	9	it	it	PRON
cblr-9108	419	10	is	be	AUX
cblr-9108	419	11	useful	useful	ADJ
cblr-9108	419	12	to	to	PART
cblr-9108	419	13	compare	compare	VERB
cblr-9108	419	14	its	its	PRON
cblr-9108	419	15	requirements	requirement	NOUN
cblr-9108	419	16	to	to	ADP
cblr-9108	419	17	the	the	DET
cblr-9108	419	18	federal	federal	ADJ
cblr-9108	419	19	regime	regime	NOUN
cblr-9108	419	20	for	for	ADP
cblr-9108	419	21	public	public	ADJ
cblr-9108	419	22	companies	company	NOUN
cblr-9108	419	23	.	.	PUNCT
cblr-9108	420	1	federal	federal	ADJ
cblr-9108	420	2	law	law	PROPN
cblr-9108	420	3	now	now	ADV
cblr-9108	420	4	requires	require	VERB
cblr-9108	420	5	that	that	SCONJ
cblr-9108	420	6	public	public	ADJ
cblr-9108	420	7	companies	company	NOUN
cblr-9108	420	8	provide	provide	VERB
cblr-9108	420	9	substantial	substantial	ADJ
cblr-9108	420	10	mandatory	mandatory	ADJ
cblr-9108	420	11	disclosure	disclosure	NOUN
cblr-9108	420	12	to	to	ADP
cblr-9108	420	13	shareholders	shareholder	NOUN
cblr-9108	420	14	around	around	ADP
cblr-9108	420	15	voting	voting	NOUN
cblr-9108	420	16	,	,	PUNCT
cblr-9108	420	17	shareholder	shareholder	NOUN
cblr-9108	420	18	proxy	proxy	NOUN
cblr-9108	420	19	access	access	NOUN
cblr-9108	420	20	,	,	PUNCT
cblr-9108	420	21	independent	independent	ADJ
cblr-9108	420	22	board	board	PROPN
cblr-9108	420	23	and	and	CCONJ
cblr-9108	420	24	board	board	PROPN
cblr-9108	420	25	committee	committee	NOUN
cblr-9108	420	26	members	member	NOUN
cblr-9108	420	27	,	,	PUNCT
cblr-9108	420	28	and	and	CCONJ
cblr-9108	420	29	ex	ex	PRON
cblr-9108	420	30	ante	ante	NOUN
cblr-9108	420	31	controls	control	NOUN
cblr-9108	420	32	and	and	CCONJ
cblr-9108	420	33	compliance	compliance	NOUN
cblr-9108	420	34	to	to	PART
cblr-9108	420	35	prevent	prevent	VERB
cblr-9108	420	36	misconduct	misconduct	NOUN
cblr-9108	420	37	,	,	PUNCT
cblr-9108	420	38	alongside	alongside	ADP
cblr-9108	420	39	ex	ex	ADJ
cblr-9108	420	40	post	post	NOUN
cblr-9108	420	41	enforcement.105	enforcement.105	ADV
cblr-9108	420	42	in	in	ADP
cblr-9108	420	43	contrast	contrast	NOUN
cblr-9108	420	44	,	,	PUNCT
cblr-9108	420	45	delaware	delaware	PROPN
cblr-9108	420	46	law	law	PROPN
cblr-9108	420	47	has	have	AUX
cblr-9108	420	48	remained	remain	VERB
cblr-9108	420	49	largely	largely	ADV
cblr-9108	420	50	silent	silent	ADJ
cblr-9108	420	51	on	on	ADP
cblr-9108	420	52	each	each	PRON
cblr-9108	420	53	of	of	ADP
cblr-9108	420	54	these	these	DET
cblr-9108	420	55	matters	matter	NOUN
cblr-9108	420	56	,	,	PUNCT
cblr-9108	420	57	allowing	allow	VERB
cblr-9108	420	58	private	private	ADJ
cblr-9108	420	59	companies	company	NOUN
cblr-9108	420	60	to	to	PART
cblr-9108	420	61	gravitate	gravitate	VERB
cblr-9108	420	62	toward	toward	ADP
cblr-9108	420	63	the	the	DET
cblr-9108	420	64	opposite	opposite	ADJ
cblr-9108	420	65	pole	pole	NOUN
cblr-9108	420	66	,	,	PUNCT
cblr-9108	420	67	if	if	SCONJ
cblr-9108	420	68	they	they	PRON
cblr-9108	420	69	wish	wish	VERB
cblr-9108	420	70	.	.	PUNCT
cblr-9108	421	1	private	private	ADJ
cblr-9108	421	2	companies	company	NOUN
cblr-9108	421	3	can	can	AUX
cblr-9108	421	4	largely	largely	ADV
cblr-9108	421	5	forgo	forgo	VERB
cblr-9108	421	6	disclosure	disclosure	NOUN
cblr-9108	421	7	to	to	ADP
cblr-9108	421	8	their	their	PRON
cblr-9108	421	9	shareholders	shareholder	NOUN
cblr-9108	421	10	,	,	PUNCT
cblr-9108	421	11	whether	whether	SCONJ
cblr-9108	421	12	in	in	ADP
cblr-9108	421	13	connection	connection	NOUN
cblr-9108	421	14	with	with	ADP
cblr-9108	421	15	shareholder	shareholder	NOUN
cblr-9108	421	16	votes	vote	NOUN
cblr-9108	421	17	or	or	CCONJ
cblr-9108	421	18	otherwise	otherwise	ADV
cblr-9108	421	19	:	:	PUNCT
cblr-9108	421	20	their	their	PRON
cblr-9108	421	21	only	only	ADJ
cblr-9108	421	22	mandatory	mandatory	ADJ
cblr-9108	421	23	obligation	obligation	NOUN
cblr-9108	421	24	is	be	AUX
cblr-9108	421	25	to	to	PART
cblr-9108	421	26	respond	respond	VERB
cblr-9108	421	27	to	to	ADP
cblr-9108	421	28	certain	certain	ADJ
cblr-9108	421	29	specific	specific	ADJ
cblr-9108	421	30	shareholder	shareholder	NOUN
cblr-9108	421	31	requests	request	NOUN
cblr-9108	421	32	for	for	ADP
cblr-9108	421	33	information.106	information.106	ADV
cblr-9108	421	34	second	second	ADJ
cblr-9108	421	35	,	,	PUNCT
cblr-9108	421	36	regulation	regulation	NOUN
cblr-9108	421	37	of	of	ADP
cblr-9108	421	38	the	the	DET
cblr-9108	421	39	substance	substance	NOUN
cblr-9108	421	40	and	and	CCONJ
cblr-9108	421	41	process	process	NOUN
cblr-9108	421	42	of	of	ADP
cblr-9108	421	43	takeovers	takeover	NOUN
cblr-9108	421	44	is	be	AUX
cblr-9108	421	45	left	leave	VERB
cblr-9108	421	46	to	to	ADP
cblr-9108	421	47	the	the	DET
cblr-9108	421	48	common	common	ADJ
cblr-9108	421	49	law	law	NOUN
cblr-9108	421	50	,	,	PUNCT
cblr-9108	421	51	which	which	PRON
cblr-9108	421	52	tends	tend	VERB
cblr-9108	421	53	to	to	PART
cblr-9108	421	54	steer	steer	VERB
cblr-9108	421	55	clear	clear	ADJ
cblr-9108	421	56	of	of	ADP
cblr-9108	421	57	bright	bright	ADJ
cblr-9108	421	58	-	-	PUNCT
cblr-9108	421	59	line	line	NOUN
cblr-9108	421	60	rules	rule	NOUN
cblr-9108	421	61	in	in	ADP
cblr-9108	421	62	this	this	DET
cblr-9108	421	63	context.107	context.107	PROPN
cblr-9108	421	64	third	third	ADJ
cblr-9108	421	65	,	,	PUNCT
cblr-9108	421	66	private	private	ADJ
cblr-9108	421	67	companies	company	NOUN
cblr-9108	421	68	,	,	PUNCT
cblr-9108	421	69	including	include	VERB
cblr-9108	421	70	those	those	PRON
cblr-9108	421	71	financed	finance	VERB
cblr-9108	421	72	by	by	ADP
cblr-9108	421	73	private	private	ADJ
cblr-9108	421	74	equity	equity	NOUN
cblr-9108	421	75	or	or	CCONJ
cblr-9108	421	76	venture	venture	NOUN
cblr-9108	421	77	capital	capital	NOUN
cblr-9108	421	78	funds	fund	NOUN
cblr-9108	421	79	,	,	PUNCT
cblr-9108	421	80	can	can	AUX
cblr-9108	421	81	have	have	VERB
cblr-9108	421	82	boards	board	NOUN
cblr-9108	421	83	composed	compose	VERB
cblr-9108	421	84	solely	solely	ADV
cblr-9108	421	85	of	of	ADP
cblr-9108	421	86	insiders	insider	NOUN
cblr-9108	421	87	and	and	CCONJ
cblr-9108	421	88	sometimes	sometimes	ADV
cblr-9108	421	89	do.108	do.108	VERB
cblr-9108	421	90	finally	finally	ADV
cblr-9108	421	91	,	,	PUNCT
cblr-9108	421	92	104	104	NUM
cblr-9108	421	93	william	william	PROPN
cblr-9108	421	94	j.	j.	PROPN
cblr-9108	421	95	carney	carney	PROPN
cblr-9108	421	96	,	,	PUNCT
cblr-9108	421	97	george	george	PROPN
cblr-9108	421	98	b.	b.	PROPN
cblr-9108	421	99	shepherd	shepherd	PROPN
cblr-9108	421	100	&	&	CCONJ
cblr-9108	421	101	joanna	joanna	PROPN
cblr-9108	421	102	shepherd	shepherd	PROPN
cblr-9108	421	103	bailey	bailey	PROPN
cblr-9108	421	104	,	,	PUNCT
cblr-9108	421	105	lawyers	lawyer	NOUN
cblr-9108	421	106	,	,	PUNCT
cblr-9108	421	107	ignorance	ignorance	NOUN
cblr-9108	421	108	,	,	PUNCT
cblr-9108	421	109	and	and	CCONJ
cblr-9108	421	110	the	the	DET
cblr-9108	421	111	dominance	dominance	NOUN
cblr-9108	421	112	of	of	ADP
cblr-9108	421	113	delaware	delaware	PROPN
cblr-9108	421	114	corporate	corporate	PROPN
cblr-9108	421	115	law	law	NOUN
cblr-9108	421	116	,	,	PUNCT
cblr-9108	421	117	2	2	NUM
cblr-9108	421	118	harv	harv	NOUN
cblr-9108	421	119	.	.	PUNCT
cblr-9108	422	1	bus	bus	NOUN
cblr-9108	422	2	.	.	PUNCT
cblr-9108	423	1	l.	l.	PROPN
cblr-9108	423	2	rev	rev	PROPN
cblr-9108	423	3	.	.	PROPN
cblr-9108	423	4	124	124	NUM
cblr-9108	423	5	,	,	PUNCT
cblr-9108	423	6	126	126	NUM
cblr-9108	423	7	(	(	PUNCT
cblr-9108	423	8	2012	2012	NUM
cblr-9108	423	9	)	)	PUNCT
cblr-9108	423	10	.	.	PUNCT
cblr-9108	424	1	105	105	NUM
cblr-9108	424	2	see	see	VERB
cblr-9108	424	3	james	james	PROPN
cblr-9108	424	4	d.	d.	PROPN
cblr-9108	424	5	cox	cox	PROPN
cblr-9108	424	6	,	,	PUNCT
cblr-9108	424	7	securities	security	NOUN
cblr-9108	424	8	regulation	regulation	NOUN
cblr-9108	424	9	:	:	PUNCT
cblr-9108	424	10	cases	case	NOUN
cblr-9108	424	11	and	and	CCONJ
cblr-9108	424	12	materials	material	NOUN
cblr-9108	424	13	597–98	597–98	NUM
cblr-9108	424	14	,	,	PUNCT
cblr-9108	424	15	601–02	601–02	NUM
cblr-9108	424	16	,	,	PUNCT
cblr-9108	424	17	956	956	NUM
cblr-9108	424	18	,	,	PUNCT
cblr-9108	424	19	959	959	NUM
cblr-9108	424	20	(	(	PUNCT
cblr-9108	424	21	7th	7th	ADJ
cblr-9108	424	22	ed	ed	NOUN
cblr-9108	424	23	.	.	PROPN
cblr-9108	424	24	2013	2013	NUM
cblr-9108	424	25	)	)	PUNCT
cblr-9108	424	26	(	(	PUNCT
cblr-9108	424	27	discussing	discuss	VERB
cblr-9108	424	28	each	each	PRON
cblr-9108	424	29	of	of	ADP
cblr-9108	424	30	these	these	DET
cblr-9108	424	31	features	feature	NOUN
cblr-9108	424	32	of	of	ADP
cblr-9108	424	33	public	public	ADJ
cblr-9108	424	34	-	-	PUNCT
cblr-9108	424	35	company	company	NOUN
cblr-9108	424	36	regulation	regulation	NOUN
cblr-9108	424	37	under	under	ADP
cblr-9108	424	38	the	the	DET
cblr-9108	424	39	federal	federal	ADJ
cblr-9108	424	40	securities	security	NOUN
cblr-9108	424	41	laws	law	NOUN
cblr-9108	424	42	)	)	PUNCT
cblr-9108	424	43	.	.	PUNCT
cblr-9108	425	1	106	106	NUM
cblr-9108	425	2	see	see	VERB
cblr-9108	425	3	del	del	PROPN
cblr-9108	425	4	.	.	PROPN
cblr-9108	425	5	code	code	PROPN
cblr-9108	425	6	.	.	PUNCT
cblr-9108	426	1	ann	ann	PROPN
cblr-9108	426	2	.	.	PUNCT
cblr-9108	427	1	tit	tit	PROPN
cblr-9108	427	2	.	.	PROPN
cblr-9108	428	1	8	8	NUM
cblr-9108	428	2	,	,	PUNCT
cblr-9108	428	3	§	§	NOUN
cblr-9108	428	4	220	220	NUM
cblr-9108	428	5	(	(	PUNCT
cblr-9108	428	6	2021	2021	NUM
cblr-9108	428	7	)	)	PUNCT
cblr-9108	428	8	(	(	PUNCT
cblr-9108	428	9	delineating	delineate	VERB
cblr-9108	428	10	shareholders	shareholder	NOUN
cblr-9108	428	11	’	'	PUNCT
cblr-9108	428	12	rights	right	NOUN
cblr-9108	428	13	to	to	PART
cblr-9108	428	14	inspect	inspect	VERB
cblr-9108	428	15	the	the	DET
cblr-9108	428	16	corporation	corporation	NOUN
cblr-9108	428	17	’s	’s	PART
cblr-9108	428	18	“	"	PUNCT
cblr-9108	428	19	books	book	NOUN
cblr-9108	428	20	and	and	CCONJ
cblr-9108	428	21	records	record	NOUN
cblr-9108	428	22	”	"	PUNCT
cblr-9108	428	23	)	)	PUNCT
cblr-9108	428	24	.	.	PUNCT
cblr-9108	429	1	even	even	ADV
cblr-9108	429	2	then	then	ADV
cblr-9108	429	3	,	,	PUNCT
cblr-9108	429	4	shareholders	shareholder	NOUN
cblr-9108	429	5	must	must	AUX
cblr-9108	429	6	first	first	ADV
cblr-9108	429	7	demonstrate	demonstrate	VERB
cblr-9108	429	8	that	that	SCONJ
cblr-9108	429	9	they	they	PRON
cblr-9108	429	10	have	have	VERB
cblr-9108	429	11	a	a	DET
cblr-9108	429	12	proper	proper	ADJ
cblr-9108	429	13	purpose	purpose	NOUN
cblr-9108	429	14	for	for	ADP
cblr-9108	429	15	requesting	request	VERB
cblr-9108	429	16	the	the	DET
cblr-9108	429	17	information	information	NOUN
cblr-9108	429	18	(	(	PUNCT
cblr-9108	429	19	other	other	ADJ
cblr-9108	429	20	than	than	ADP
cblr-9108	429	21	for	for	ADP
cblr-9108	429	22	the	the	DET
cblr-9108	429	23	stockholder	stockholder	NOUN
cblr-9108	429	24	list	list	NOUN
cblr-9108	429	25	)	)	PUNCT
cblr-9108	429	26	.	.	PUNCT
cblr-9108	430	1	see	see	VERB
cblr-9108	430	2	i	i	PRON
cblr-9108	430	3	d.	d.	PROPN
cblr-9108	430	4	§	§	PROPN
cblr-9108	430	5	220(b	220(b	PROPN
cblr-9108	430	6	)	)	PUNCT
cblr-9108	430	7	.	.	PUNCT
cblr-9108	431	1	107	107	NUM
cblr-9108	431	2	see	see	VERB
cblr-9108	431	3	james	james	PROPN
cblr-9108	431	4	d.	d.	PROPN
cblr-9108	431	5	cox	cox	PROPN
cblr-9108	431	6	&	&	CCONJ
cblr-9108	431	7	randall	randall	PROPN
cblr-9108	431	8	s.	s.	PROPN
cblr-9108	431	9	thomas	thomas	PROPN
cblr-9108	431	10	,	,	PUNCT
cblr-9108	431	11	delaware	delaware	PROPN
cblr-9108	431	12	’s	’s	PART
cblr-9108	431	13	retreat	retreat	NOUN
cblr-9108	431	14	:	:	PUNCT
cblr-9108	431	15	exploring	explore	VERB
cblr-9108	431	16	developing	develop	VERB
cblr-9108	431	17	fissures	fissure	NOUN
cblr-9108	431	18	and	and	CCONJ
cblr-9108	431	19	tectonic	tectonic	ADJ
cblr-9108	431	20	shifts	shift	NOUN
cblr-9108	431	21	in	in	ADP
cblr-9108	431	22	delaware	delaware	PROPN
cblr-9108	431	23	corporate	corporate	PROPN
cblr-9108	431	24	law	law	NOUN
cblr-9108	431	25	,	,	PUNCT
cblr-9108	431	26	42	42	NUM
cblr-9108	431	27	del	del	PROPN
cblr-9108	431	28	.	.	PROPN
cblr-9108	431	29	j.	j.	PROPN
cblr-9108	431	30	corp	corp	PROPN
cblr-9108	431	31	.	.	PROPN
cblr-9108	431	32	l.	l.	PROPN
cblr-9108	431	33	323	323	NUM
cblr-9108	431	34	,	,	PUNCT
cblr-9108	431	35	324–26	324–26	NUM
cblr-9108	431	36	(	(	PUNCT
cblr-9108	431	37	2018	2018	NUM
cblr-9108	431	38	)	)	PUNCT
cblr-9108	431	39	(	(	PUNCT
cblr-9108	431	40	describing	describe	VERB
cblr-9108	431	41	the	the	DET
cblr-9108	431	42	role	role	NOUN
cblr-9108	431	43	of	of	ADP
cblr-9108	431	44	the	the	DET
cblr-9108	431	45	delaware	delaware	PROPN
cblr-9108	431	46	courts	court	NOUN
cblr-9108	431	47	in	in	ADP
cblr-9108	431	48	mergers	merger	NOUN
cblr-9108	431	49	and	and	CCONJ
cblr-9108	431	50	acquisitions	acquisition	NOUN
cblr-9108	431	51	law	law	NOUN
cblr-9108	431	52	)	)	PUNCT
cblr-9108	431	53	.	.	PUNCT
cblr-9108	432	1	108	108	NUM
cblr-9108	432	2	michael	michael	PROPN
cblr-9108	432	3	ewens	ewens	PROPN
cblr-9108	432	4	&	&	CCONJ
cblr-9108	432	5	nadya	nadya	PROPN
cblr-9108	432	6	malenko	malenko	PROPN
cblr-9108	432	7	,	,	PUNCT
cblr-9108	432	8	board	board	NOUN
cblr-9108	432	9	dynamics	dynamic	NOUN
cblr-9108	432	10	over	over	ADP
cblr-9108	432	11	the	the	DET
cblr-9108	432	12	startup	startup	NOUN
cblr-9108	432	13	life	life	NOUN
cblr-9108	432	14	cycle	cycle	NOUN
cblr-9108	432	15	32	32	NUM
cblr-9108	432	16	,	,	PUNCT
cblr-9108	432	17	46	46	NUM
cblr-9108	432	18	tbl.2	tbl.2	PROPN
cblr-9108	432	19	(	(	PUNCT
cblr-9108	432	20	nat’l	nat’l	NUM
cblr-9108	432	21	bureau	bureau	PROPN
cblr-9108	432	22	of	of	ADP
cblr-9108	432	23	econ	econ	PROPN
cblr-9108	432	24	.	.	PUNCT
cblr-9108	433	1	rsch	rsch	PROPN
cblr-9108	433	2	.	.	PUNCT
cblr-9108	433	3	,	,	PUNCT
cblr-9108	433	4	working	work	VERB
cblr-9108	433	5	paper	paper	NOUN
cblr-9108	433	6	no	no	INTJ
cblr-9108	433	7	.	.	PUNCT
cblr-9108	434	1	no	no	INTJ
cblr-9108	434	2	.	.	PUNCT
cblr-9108	435	1	3:1199	3:1199	NUM
cblr-9108	435	2	]	]	X
cblr-9108	435	3	the	the	DET
cblr-9108	435	4	new	new	ADJ
cblr-9108	435	5	public	public	ADJ
cblr-9108	435	6	/	/	SYM
cblr-9108	435	7	private	private	ADJ
cblr-9108	435	8	equilibrium	equilibrium	NOUN
cblr-9108	435	9	1227	1227	NUM
cblr-9108	435	10	delaware	delaware	PROPN
cblr-9108	435	11	’s	’s	PART
cblr-9108	435	12	corporate	corporate	ADJ
cblr-9108	435	13	statute	statute	NOUN
cblr-9108	435	14	simply	simply	ADV
cblr-9108	435	15	does	do	AUX
cblr-9108	435	16	not	not	PART
cblr-9108	435	17	address	address	VERB
cblr-9108	435	18	internal	internal	ADJ
cblr-9108	435	19	controls	control	NOUN
cblr-9108	435	20	.	.	PUNCT
cblr-9108	436	1	this	this	PRON
cblr-9108	436	2	leaves	leave	VERB
cblr-9108	436	3	fraud	fraud	NOUN
cblr-9108	436	4	or	or	CCONJ
cblr-9108	436	5	misconduct	misconduct	NOUN
cblr-9108	436	6	in	in	ADP
cblr-9108	436	7	private	private	ADJ
cblr-9108	436	8	companies	company	NOUN
cblr-9108	436	9	to	to	PART
cblr-9108	436	10	be	be	AUX
cblr-9108	436	11	dealt	deal	VERB
cblr-9108	436	12	with	with	ADP
cblr-9108	436	13	ex	ex	ADJ
cblr-9108	436	14	post	post	NOUN
cblr-9108	436	15	and	and	CCONJ
cblr-9108	436	16	indirectly	indirectly	ADV
cblr-9108	436	17	through	through	ADP
cblr-9108	436	18	shareholder	shareholder	NOUN
cblr-9108	436	19	lawsuits	lawsuit	NOUN
cblr-9108	436	20	alleging	allege	VERB
cblr-9108	436	21	breach	breach	NOUN
cblr-9108	436	22	of	of	ADP
cblr-9108	436	23	directors	director	NOUN
cblr-9108	436	24	’	'	PUNCT
cblr-9108	436	25	and	and	CCONJ
cblr-9108	436	26	officers	officer	NOUN
cblr-9108	436	27	’	’	PART
cblr-9108	436	28	fiduciary	fiduciary	ADJ
cblr-9108	436	29	duties	duty	NOUN
cblr-9108	436	30	to	to	ADP
cblr-9108	436	31	the	the	DET
cblr-9108	436	32	corporation.109	corporation.109	PROPN
cblr-9108	436	33	ii	ii	PROPN
cblr-9108	436	34	.	.	PUNCT
cblr-9108	437	1	regulation	regulation	NOUN
cblr-9108	437	2	fair	fair	ADJ
cblr-9108	437	3	disclosure	disclosure	NOUN
cblr-9108	437	4	(	(	PUNCT
cblr-9108	437	5	“	"	PUNCT
cblr-9108	437	6	reg	reg	NOUN
cblr-9108	437	7	.	.	PUNCT
cblr-9108	438	1	fd	fd	VERB
cblr-9108	438	2	”	"	PUNCT
cblr-9108	438	3	)	)	PUNCT
cblr-9108	438	4	for	for	ADP
cblr-9108	438	5	public	public	ADJ
cblr-9108	438	6	companies	company	NOUN
cblr-9108	438	7	whose	whose	DET
cblr-9108	438	8	stock	stock	NOUN
cblr-9108	438	9	is	be	AUX
cblr-9108	438	10	traded	trade	VERB
cblr-9108	438	11	in	in	ADP
cblr-9108	438	12	a	a	DET
cblr-9108	438	13	liquid	liquid	ADJ
cblr-9108	438	14	market	market	NOUN
cblr-9108	438	15	,	,	PUNCT
cblr-9108	438	16	new	new	ADJ
cblr-9108	438	17	information	information	NOUN
cblr-9108	438	18	about	about	ADP
cblr-9108	438	19	the	the	DET
cblr-9108	438	20	firm	firm	NOUN
cblr-9108	438	21	rapidly	rapidly	ADV
cblr-9108	438	22	affects	affect	VERB
cblr-9108	438	23	its	its	PRON
cblr-9108	438	24	stock	stock	NOUN
cblr-9108	438	25	price	price	NOUN
cblr-9108	438	26	as	as	SCONJ
cblr-9108	438	27	market	market	NOUN
cblr-9108	438	28	actors	actor	NOUN
cblr-9108	438	29	incorporate	incorporate	VERB
cblr-9108	438	30	the	the	DET
cblr-9108	438	31	information	information	NOUN
cblr-9108	438	32	into	into	ADP
cblr-9108	438	33	their	their	PRON
cblr-9108	438	34	trading.110	trading.110	NOUN
cblr-9108	438	35	if	if	SCONJ
cblr-9108	438	36	material	material	ADJ
cblr-9108	438	37	information	information	NOUN
cblr-9108	438	38	moves	move	VERB
cblr-9108	438	39	stock	stock	NOUN
cblr-9108	438	40	prices	price	NOUN
cblr-9108	438	41	,	,	PUNCT
cblr-9108	438	42	it	it	PRON
cblr-9108	438	43	signals	signal	VERB
cblr-9108	438	44	that	that	SCONJ
cblr-9108	438	45	the	the	DET
cblr-9108	438	46	market	market	NOUN
cblr-9108	438	47	is	be	AUX
cblr-9108	438	48	working	work	VERB
cblr-9108	438	49	well	well	ADV
cblr-9108	438	50	:	:	PUNCT
cblr-9108	438	51	in	in	ADP
cblr-9108	438	52	an	an	DET
cblr-9108	438	53	informationally	informationally	ADV
cblr-9108	438	54	efficient	efficient	ADJ
cblr-9108	438	55	market	market	NOUN
cblr-9108	438	56	,	,	PUNCT
cblr-9108	438	57	a	a	DET
cblr-9108	438	58	company	company	NOUN
cblr-9108	438	59	’s	’s	PART
cblr-9108	438	60	stock	stock	NOUN
cblr-9108	438	61	price	price	NOUN
cblr-9108	438	62	should	should	AUX
cblr-9108	438	63	reflect	reflect	VERB
cblr-9108	438	64	all	all	DET
cblr-9108	438	65	available	available	ADJ
cblr-9108	438	66	information	information	NOUN
cblr-9108	438	67	about	about	ADP
cblr-9108	438	68	the	the	DET
cblr-9108	438	69	firm.111	firm.111	NOUN
cblr-9108	438	70	yet	yet	ADV
cblr-9108	438	71	,	,	PUNCT
cblr-9108	438	72	such	such	ADJ
cblr-9108	438	73	efficiency	efficiency	NOUN
cblr-9108	438	74	also	also	ADV
cblr-9108	438	75	creates	create	VERB
cblr-9108	438	76	a	a	DET
cblr-9108	438	77	profit	profit	NOUN
cblr-9108	438	78	opportunity	opportunity	NOUN
cblr-9108	438	79	for	for	ADP
cblr-9108	438	80	those	those	PRON
cblr-9108	438	81	who	who	PRON
cblr-9108	438	82	acquire	acquire	VERB
cblr-9108	438	83	material	material	NOUN
cblr-9108	438	84	information	information	NOUN
cblr-9108	438	85	about	about	ADP
cblr-9108	438	86	the	the	DET
cblr-9108	438	87	company	company	NOUN
cblr-9108	438	88	before	before	ADP
cblr-9108	438	89	the	the	DET
cblr-9108	438	90	rest	rest	NOUN
cblr-9108	438	91	of	of	ADP
cblr-9108	438	92	the	the	DET
cblr-9108	438	93	market.112	market.112	NOUN
cblr-9108	438	94	concerns	concern	NOUN
cblr-9108	438	95	about	about	ADP
cblr-9108	438	96	the	the	DET
cblr-9108	438	97	potential	potential	ADJ
cblr-9108	438	98	inefficiency	inefficiency	NOUN
cblr-9108	438	99	or	or	CCONJ
cblr-9108	438	100	unfairness	unfairness	NOUN
cblr-9108	438	101	of	of	ADP
cblr-9108	438	102	such	such	ADJ
cblr-9108	438	103	profit	profit	NOUN
cblr-9108	438	104	opportunities	opportunity	NOUN
cblr-9108	438	105	have	have	AUX
cblr-9108	438	106	led	lead	VERB
cblr-9108	438	107	to	to	ADP
cblr-9108	438	108	prohibitions	prohibition	NOUN
cblr-9108	438	109	on	on	ADP
cblr-9108	438	110	insider	insider	NOUN
cblr-9108	438	111	trading.113	trading.113	NOUN
cblr-9108	438	112	but	but	CCONJ
cblr-9108	438	113	what	what	PRON
cblr-9108	438	114	happens	happen	VERB
cblr-9108	438	115	when	when	SCONJ
cblr-9108	438	116	companies	company	NOUN
cblr-9108	438	117	voluntarily	voluntarily	ADV
cblr-9108	438	118	disclose	disclose	VERB
cblr-9108	438	119	material	material	NOUN
cblr-9108	438	120	nonpublic	nonpublic	ADJ
cblr-9108	438	121	information	information	NOUN
cblr-9108	438	122	selectively	selectively	ADV
cblr-9108	438	123	to	to	ADP
cblr-9108	438	124	specific	specific	ADJ
cblr-9108	438	125	market	market	NOUN
cblr-9108	438	126	actors	actor	NOUN
cblr-9108	438	127	,	,	PUNCT
cblr-9108	438	128	because	because	SCONJ
cblr-9108	438	129	they	they	PRON
cblr-9108	438	130	believe	believe	VERB
cblr-9108	438	131	that	that	SCONJ
cblr-9108	438	132	doing	do	VERB
cblr-9108	438	133	so	so	ADV
cblr-9108	438	134	will	will	AUX
cblr-9108	438	135	benefit	benefit	VERB
cblr-9108	438	136	the	the	DET
cblr-9108	438	137	27769	27769	NUM
cblr-9108	438	138	,	,	PUNCT
cblr-9108	438	139	2020	2020	NUM
cblr-9108	438	140	)	)	PUNCT
cblr-9108	438	141	,	,	PUNCT
cblr-9108	438	142	http://www.nber.org/papers/w27769	http://www.nber.org/papers/w27769	NOUN
cblr-9108	438	143	(	(	PUNCT
cblr-9108	438	144	on	on	ADP
cblr-9108	438	145	file	file	NOUN
cblr-9108	438	146	with	with	ADP
cblr-9108	438	147	the	the	DET
cblr-9108	438	148	columbia	columbia	PROPN
cblr-9108	438	149	business	business	PROPN
cblr-9108	438	150	law	law	PROPN
cblr-9108	438	151	review	review	PROPN
cblr-9108	438	152	)	)	PUNCT
cblr-9108	438	153	.	.	PUNCT
cblr-9108	439	1	109	109	NUM
cblr-9108	439	2	see	see	VERB
cblr-9108	439	3	donald	donald	PROPN
cblr-9108	439	4	c.	c.	PROPN
cblr-9108	439	5	langevoort	langevoort	PROPN
cblr-9108	439	6	,	,	PUNCT
cblr-9108	439	7	caremark	caremark	NOUN
cblr-9108	439	8	and	and	CCONJ
cblr-9108	439	9	compliance	compliance	NOUN
cblr-9108	439	10	:	:	PUNCT
cblr-9108	439	11	a	a	DET
cblr-9108	439	12	twentyyear	twentyyear	NOUN
cblr-9108	439	13	lookback	lookback	NOUN
cblr-9108	439	14	,	,	PUNCT
cblr-9108	439	15	90	90	NUM
cblr-9108	439	16	temp	temp	NOUN
cblr-9108	439	17	.	.	PUNCT
cblr-9108	440	1	l.	l.	PROPN
cblr-9108	440	2	rev	rev	PROPN
cblr-9108	440	3	.	.	PROPN
cblr-9108	440	4	727	727	NUM
cblr-9108	440	5	,	,	PUNCT
cblr-9108	440	6	734	734	NUM
cblr-9108	440	7	(	(	PUNCT
cblr-9108	440	8	2018	2018	NUM
cblr-9108	440	9	)	)	PUNCT
cblr-9108	440	10	(	(	PUNCT
cblr-9108	440	11	describing	describe	VERB
cblr-9108	440	12	how	how	SCONJ
cblr-9108	440	13	the	the	DET
cblr-9108	440	14	delaware	delaware	PROPN
cblr-9108	440	15	common	common	PROPN
cblr-9108	440	16	law	law	NOUN
cblr-9108	440	17	has	have	AUX
cblr-9108	440	18	shaped	shape	VERB
cblr-9108	440	19	corporate	corporate	ADJ
cblr-9108	440	20	compliance	compliance	NOUN
cblr-9108	440	21	)	)	PUNCT
cblr-9108	440	22	.	.	PUNCT
cblr-9108	441	1	110	110	NUM
cblr-9108	441	2	see	see	VERB
cblr-9108	441	3	ronald	ronald	PROPN
cblr-9108	441	4	j.	j.	PROPN
cblr-9108	441	5	gilson	gilson	PROPN
cblr-9108	441	6	&	&	CCONJ
cblr-9108	441	7	reinier	reinier	PROPN
cblr-9108	441	8	h.	h.	PROPN
cblr-9108	441	9	kraakman	kraakman	PROPN
cblr-9108	441	10	,	,	PUNCT
cblr-9108	441	11	the	the	DET
cblr-9108	441	12	mechanisms	mechanism	NOUN
cblr-9108	441	13	of	of	ADP
cblr-9108	441	14	market	market	NOUN
cblr-9108	441	15	efficiency	efficiency	NOUN
cblr-9108	441	16	,	,	PUNCT
cblr-9108	441	17	70	70	NUM
cblr-9108	441	18	va	va	NOUN
cblr-9108	441	19	.	.	PUNCT
cblr-9108	442	1	l.	l.	PROPN
cblr-9108	442	2	rev	rev	PROPN
cblr-9108	442	3	.	.	PROPN
cblr-9108	442	4	549	549	NUM
cblr-9108	442	5	,	,	PUNCT
cblr-9108	442	6	565–67	565–67	NUM
cblr-9108	442	7	(	(	PUNCT
cblr-9108	442	8	1984	1984	NUM
cblr-9108	442	9	)	)	PUNCT
cblr-9108	442	10	.	.	PUNCT
cblr-9108	443	1	111	111	NUM
cblr-9108	444	1	i	i	PRON
cblr-9108	444	2	d.	d.	NOUN
cblr-9108	444	3	at	at	ADP
cblr-9108	444	4	554–57	554–57	NUM
cblr-9108	444	5	112	112	NUM
cblr-9108	444	6	i	i	PRON
cblr-9108	444	7	d.	d.	PROPN
cblr-9108	444	8	at	at	ADP
cblr-9108	444	9	554	554	NUM
cblr-9108	444	10	,	,	PUNCT
cblr-9108	444	11	556	556	NUM
cblr-9108	444	12	.	.	NOUN
cblr-9108	444	13	113	113	NUM
cblr-9108	444	14	insider	insider	NOUN
cblr-9108	444	15	trading	trading	NOUN
cblr-9108	444	16	consists	consist	VERB
cblr-9108	444	17	of	of	ADP
cblr-9108	444	18	trading	trading	NOUN
cblr-9108	444	19	on	on	ADP
cblr-9108	444	20	the	the	DET
cblr-9108	444	21	basis	basis	NOUN
cblr-9108	444	22	of	of	ADP
cblr-9108	444	23	material	material	NOUN
cblr-9108	444	24	nonpublic	nonpublic	ADJ
cblr-9108	444	25	information	information	NOUN
cblr-9108	444	26	in	in	ADP
cblr-9108	444	27	violation	violation	NOUN
cblr-9108	444	28	of	of	ADP
cblr-9108	444	29	a	a	DET
cblr-9108	444	30	relationship	relationship	NOUN
cblr-9108	444	31	of	of	ADP
cblr-9108	444	32	trust	trust	NOUN
cblr-9108	444	33	and	and	CCONJ
cblr-9108	444	34	confidence	confidence	NOUN
cblr-9108	444	35	,	,	PUNCT
cblr-9108	444	36	whether	whether	SCONJ
cblr-9108	444	37	by	by	ADP
cblr-9108	444	38	(	(	PUNCT
cblr-9108	444	39	1	1	X
cblr-9108	444	40	)	)	PUNCT
cblr-9108	444	41	corporate	corporate	ADJ
cblr-9108	444	42	insiders	insider	NOUN
cblr-9108	444	43	(	(	PUNCT
cblr-9108	444	44	such	such	ADJ
cblr-9108	444	45	as	as	ADP
cblr-9108	444	46	directors	director	NOUN
cblr-9108	444	47	,	,	PUNCT
cblr-9108	444	48	officers	officer	NOUN
cblr-9108	444	49	,	,	PUNCT
cblr-9108	444	50	and	and	CCONJ
cblr-9108	444	51	large	large	ADJ
cblr-9108	444	52	stockholders	stockholder	NOUN
cblr-9108	444	53	)	)	PUNCT
cblr-9108	444	54	,	,	PUNCT
cblr-9108	444	55	(	(	PUNCT
cblr-9108	444	56	2	2	X
cblr-9108	444	57	)	)	PUNCT
cblr-9108	444	58	tippees	tippee	NOUN
cblr-9108	444	59	of	of	ADP
cblr-9108	444	60	corporate	corporate	ADJ
cblr-9108	444	61	insiders	insider	NOUN
cblr-9108	444	62	who	who	PRON
cblr-9108	444	63	were	be	AUX
cblr-9108	444	64	given	give	VERB
cblr-9108	444	65	the	the	DET
cblr-9108	444	66	information	information	NOUN
cblr-9108	444	67	in	in	ADP
cblr-9108	444	68	a	a	DET
cblr-9108	444	69	quid	quid	ADJ
cblr-9108	444	70	pro	pro	X
cblr-9108	444	71	quo	quo	NOUN
cblr-9108	444	72	,	,	PUNCT
cblr-9108	444	73	and	and	CCONJ
cblr-9108	444	74	(	(	PUNCT
cblr-9108	444	75	3	3	X
cblr-9108	444	76	)	)	PUNCT
cblr-9108	444	77	anyone	anyone	PRON
cblr-9108	444	78	who	who	PRON
cblr-9108	444	79	misappropriated	misappropriate	VERB
cblr-9108	444	80	the	the	DET
cblr-9108	444	81	information	information	NOUN
cblr-9108	444	82	in	in	ADP
cblr-9108	444	83	breach	breach	NOUN
cblr-9108	444	84	of	of	ADP
cblr-9108	444	85	a	a	DET
cblr-9108	444	86	duty	duty	NOUN
cblr-9108	444	87	to	to	PART
cblr-9108	444	88	whomever	whomever	VERB
cblr-9108	444	89	was	be	AUX
cblr-9108	444	90	in	in	ADP
cblr-9108	444	91	possession	possession	NOUN
cblr-9108	444	92	of	of	ADP
cblr-9108	444	93	that	that	DET
cblr-9108	444	94	information	information	NOUN
cblr-9108	444	95	and	and	CCONJ
cblr-9108	444	96	their	their	PRON
cblr-9108	444	97	tippees	tippee	NOUN
cblr-9108	444	98	.	.	PUNCT
cblr-9108	445	1	see	see	VERB
cblr-9108	445	2	merritt	merritt	PROPN
cblr-9108	445	3	b.	b.	PROPN
cblr-9108	445	4	fox	fox	PROPN
cblr-9108	445	5	,	,	PUNCT
cblr-9108	445	6	lawrence	lawrence	PROPN
cblr-9108	445	7	r.	r.	PROPN
cblr-9108	445	8	glosten	glosten	PROPN
cblr-9108	445	9	&	&	CCONJ
cblr-9108	445	10	gabriel	gabriel	PROPN
cblr-9108	445	11	v.	v.	PROPN
cblr-9108	445	12	rauterberg	rauterberg	PROPN
cblr-9108	445	13	,	,	PUNCT
cblr-9108	445	14	informed	inform	VERB
cblr-9108	445	15	trading	trading	NOUN
cblr-9108	445	16	and	and	CCONJ
cblr-9108	445	17	its	its	PRON
cblr-9108	445	18	regulation	regulation	NOUN
cblr-9108	445	19	,	,	PUNCT
cblr-9108	445	20	43	43	NUM
cblr-9108	445	21	j.	j.	PROPN
cblr-9108	445	22	corp	corp	PROPN
cblr-9108	445	23	.	.	PROPN
cblr-9108	445	24	l.	l.	PROPN
cblr-9108	445	25	817	817	NUM
cblr-9108	445	26	,	,	PUNCT
cblr-9108	445	27	863–68	863–68	NUM
cblr-9108	445	28	(	(	PUNCT
cblr-9108	445	29	2018	2018	NUM
cblr-9108	445	30	)	)	PUNCT
cblr-9108	445	31	(	(	PUNCT
cblr-9108	445	32	overviewing	overviewe	VERB
cblr-9108	445	33	the	the	DET
cblr-9108	445	34	regulation	regulation	NOUN
cblr-9108	445	35	of	of	ADP
cblr-9108	445	36	insider	insider	NOUN
cblr-9108	445	37	trading	trading	NOUN
cblr-9108	445	38	)	)	PUNCT
cblr-9108	445	39	.	.	PUNCT
cblr-9108	446	1	1228	1228	NUM
cblr-9108	446	2	columbia	columbia	PROPN
cblr-9108	446	3	business	business	NOUN
cblr-9108	446	4	law	law	PROPN
cblr-9108	446	5	review	review	NOUN
cblr-9108	446	6	[	[	X
cblr-9108	446	7	vol	vol	NOUN
cblr-9108	446	8	.	.	NOUN
cblr-9108	446	9	2021	2021	NUM
cblr-9108	446	10	company	company	NOUN
cblr-9108	446	11	?	?	PUNCT
cblr-9108	447	1	corporate	corporate	ADJ
cblr-9108	447	2	management	management	NOUN
cblr-9108	447	3	routinely	routinely	ADV
cblr-9108	447	4	meets	meet	VERB
cblr-9108	447	5	privately	privately	ADV
cblr-9108	447	6	with	with	ADP
cblr-9108	447	7	corporate	corporate	ADJ
cblr-9108	447	8	analysts	analyst	NOUN
cblr-9108	447	9	and	and	CCONJ
cblr-9108	447	10	large	large	ADJ
cblr-9108	447	11	shareholders	shareholder	NOUN
cblr-9108	447	12	.	.	PUNCT
cblr-9108	448	1	it	it	PRON
cblr-9108	448	2	is	be	AUX
cblr-9108	448	3	almost	almost	ADV
cblr-9108	448	4	inevitable	inevitable	ADJ
cblr-9108	448	5	that	that	SCONJ
cblr-9108	448	6	these	these	DET
cblr-9108	448	7	meetings	meeting	NOUN
cblr-9108	448	8	will	will	AUX
cblr-9108	448	9	involve	involve	VERB
cblr-9108	448	10	management	management	NOUN
cblr-9108	448	11	sharing	share	VERB
cblr-9108	448	12	information	information	NOUN
cblr-9108	448	13	or	or	CCONJ
cblr-9108	448	14	insights	insight	NOUN
cblr-9108	448	15	that	that	PRON
cblr-9108	448	16	are	be	AUX
cblr-9108	448	17	not	not	PART
cblr-9108	448	18	yet	yet	ADV
cblr-9108	448	19	public	public	ADJ
cblr-9108	448	20	,	,	PUNCT
cblr-9108	448	21	and	and	CCONJ
cblr-9108	448	22	which	which	PRON
cblr-9108	448	23	may	may	AUX
cblr-9108	448	24	sometimes	sometimes	ADV
cblr-9108	448	25	be	be	AUX
cblr-9108	448	26	material	material	ADJ
cblr-9108	448	27	.	.	PUNCT
cblr-9108	449	1	this	this	PRON
cblr-9108	449	2	was	be	AUX
cblr-9108	449	3	a	a	DET
cblr-9108	449	4	long	long	ADV
cblr-9108	449	5	-	-	PUNCT
cblr-9108	449	6	accepted	accept	VERB
cblr-9108	449	7	practice	practice	NOUN
cblr-9108	449	8	in	in	ADP
cblr-9108	449	9	corporate	corporate	ADJ
cblr-9108	449	10	america.114	america.114	NOUN
cblr-9108	449	11	in	in	ADP
cblr-9108	449	12	exchange	exchange	NOUN
cblr-9108	449	13	for	for	ADP
cblr-9108	449	14	this	this	DET
cblr-9108	449	15	access	access	NOUN
cblr-9108	449	16	to	to	ADP
cblr-9108	449	17	management	management	NOUN
cblr-9108	449	18	,	,	PUNCT
cblr-9108	449	19	corporate	corporate	ADJ
cblr-9108	449	20	analysts	analyst	NOUN
cblr-9108	449	21	might	might	AUX
cblr-9108	449	22	produce	produce	VERB
cblr-9108	449	23	more	more	ADV
cblr-9108	449	24	favorable	favorable	ADJ
cblr-9108	449	25	reports	report	NOUN
cblr-9108	449	26	on	on	ADP
cblr-9108	449	27	the	the	DET
cblr-9108	449	28	company	company	NOUN
cblr-9108	449	29	,	,	PUNCT
cblr-9108	449	30	and	and	CCONJ
cblr-9108	449	31	large	large	ADJ
cblr-9108	449	32	shareholders	shareholder	NOUN
cblr-9108	449	33	might	might	AUX
cblr-9108	449	34	be	be	AUX
cblr-9108	449	35	more	more	ADV
cblr-9108	449	36	supportive	supportive	ADJ
cblr-9108	449	37	of	of	ADP
cblr-9108	449	38	management	management	NOUN
cblr-9108	449	39	’s	’s	PART
cblr-9108	449	40	plans	plan	NOUN
cblr-9108	449	41	or	or	CCONJ
cblr-9108	449	42	provide	provide	VERB
cblr-9108	449	43	useful	useful	ADJ
cblr-9108	449	44	guidance	guidance	NOUN
cblr-9108	449	45	to	to	ADP
cblr-9108	449	46	management.115	management.115	PROPN
cblr-9108	449	47	despite	despite	SCONJ
cblr-9108	449	48	these	these	DET
cblr-9108	449	49	perceived	perceive	VERB
cblr-9108	449	50	benefits	benefit	NOUN
cblr-9108	449	51	to	to	ADP
cblr-9108	449	52	the	the	DET
cblr-9108	449	53	corporation	corporation	NOUN
cblr-9108	449	54	,	,	PUNCT
cblr-9108	449	55	the	the	DET
cblr-9108	449	56	sec	sec	PROPN
cblr-9108	449	57	ultimately	ultimately	ADV
cblr-9108	449	58	determined	determine	VERB
cblr-9108	449	59	that	that	SCONJ
cblr-9108	449	60	much	much	ADJ
cblr-9108	449	61	selective	selective	ADJ
cblr-9108	449	62	disclosure	disclosure	NOUN
cblr-9108	449	63	should	should	AUX
cblr-9108	449	64	be	be	AUX
cblr-9108	449	65	prohibited	prohibit	VERB
cblr-9108	449	66	.	.	PUNCT
cblr-9108	450	1	in	in	ADP
cblr-9108	450	2	2000	2000	NUM
cblr-9108	450	3	,	,	PUNCT
cblr-9108	450	4	the	the	DET
cblr-9108	450	5	sec	sec	PROPN
cblr-9108	450	6	adopted	adopt	VERB
cblr-9108	450	7	regulation	regulation	NOUN
cblr-9108	450	8	fair	fair	ADJ
cblr-9108	450	9	disclosure	disclosure	NOUN
cblr-9108	450	10	(	(	PUNCT
cblr-9108	450	11	“	"	PUNCT
cblr-9108	450	12	reg	reg	NOUN
cblr-9108	450	13	.	.	PUNCT
cblr-9108	451	1	fd	fd	VERB
cblr-9108	451	2	”	"	PUNCT
cblr-9108	451	3	)	)	PUNCT
cblr-9108	451	4	,	,	PUNCT
cblr-9108	451	5	which	which	PRON
cblr-9108	451	6	prevents	prevent	VERB
cblr-9108	451	7	selective	selective	ADJ
cblr-9108	451	8	disclosure	disclosure	NOUN
cblr-9108	451	9	of	of	ADP
cblr-9108	451	10	corporate	corporate	ADJ
cblr-9108	451	11	information.116	information.116	PROPN
cblr-9108	451	12	under	under	ADP
cblr-9108	451	13	reg	reg	NOUN
cblr-9108	451	14	.	.	PUNCT
cblr-9108	452	1	fd	fd	INTJ
cblr-9108	452	2	,	,	PUNCT
cblr-9108	452	3	if	if	SCONJ
cblr-9108	452	4	a	a	DET
cblr-9108	452	5	public	public	ADJ
cblr-9108	452	6	company	company	NOUN
cblr-9108	452	7	has	have	VERB
cblr-9108	452	8	material	material	ADJ
cblr-9108	452	9	information	information	NOUN
cblr-9108	452	10	that	that	SCONJ
cblr-9108	452	11	it	it	PRON
cblr-9108	452	12	discloses	disclose	VERB
cblr-9108	452	13	to	to	ADP
cblr-9108	452	14	a	a	DET
cblr-9108	452	15	particular	particular	ADJ
cblr-9108	452	16	broker	broker	NOUN
cblr-9108	452	17	-	-	PUNCT
cblr-9108	452	18	dealer	dealer	NOUN
cblr-9108	452	19	,	,	PUNCT
cblr-9108	452	20	investment	investment	NOUN
cblr-9108	452	21	fund	fund	NOUN
cblr-9108	452	22	,	,	PUNCT
cblr-9108	452	23	or	or	CCONJ
cblr-9108	452	24	investment	investment	NOUN
cblr-9108	452	25	adviser	adviser	NOUN
cblr-9108	452	26	,	,	PUNCT
cblr-9108	452	27	it	it	PRON
cblr-9108	452	28	must	must	AUX
cblr-9108	452	29	instead	instead	ADV
cblr-9108	452	30	disclose	disclose	VERB
cblr-9108	452	31	that	that	DET
cblr-9108	452	32	information	information	NOUN
cblr-9108	452	33	to	to	ADP
cblr-9108	452	34	everyone	everyone	PRON
cblr-9108	452	35	(	(	PUNCT
cblr-9108	452	36	with	with	ADP
cblr-9108	452	37	some	some	DET
cblr-9108	452	38	exceptions).117	exceptions).117	ADJ
cblr-9108	452	39	selective	selective	ADJ
cblr-9108	452	40	disclosure	disclosure	NOUN
cblr-9108	452	41	of	of	ADP
cblr-9108	452	42	material	material	ADJ
cblr-9108	452	43	nonpublic	nonpublic	ADJ
cblr-9108	452	44	information	information	NOUN
cblr-9108	452	45	to	to	ADP
cblr-9108	452	46	any	any	DET
cblr-9108	452	47	shareholder	shareholder	NOUN
cblr-9108	452	48	is	be	AUX
cblr-9108	452	49	also	also	ADV
cblr-9108	452	50	generally	generally	ADV
cblr-9108	452	51	prohibited	prohibit	VERB
cblr-9108	452	52	if	if	SCONJ
cblr-9108	452	53	it	it	PRON
cblr-9108	452	54	occurs	occur	VERB
cblr-9108	452	55	“	"	PUNCT
cblr-9108	452	56	under	under	ADP
cblr-9108	452	57	circumstances	circumstance	NOUN
cblr-9108	452	58	in	in	ADP
cblr-9108	452	59	which	which	PRON
cblr-9108	452	60	it	it	PRON
cblr-9108	452	61	is	be	AUX
cblr-9108	452	62	reasonably	reasonably	ADV
cblr-9108	452	63	foreseeable	foreseeable	ADJ
cblr-9108	452	64	that	that	SCONJ
cblr-9108	452	65	the	the	DET
cblr-9108	452	66	114	114	NUM
cblr-9108	452	67	see	see	VERB
cblr-9108	452	68	selective	selective	ADJ
cblr-9108	452	69	disclosure	disclosure	NOUN
cblr-9108	452	70	and	and	CCONJ
cblr-9108	452	71	insider	insider	NOUN
cblr-9108	452	72	trading	trading	NOUN
cblr-9108	452	73	,	,	PUNCT
cblr-9108	452	74	securities	security	NOUN
cblr-9108	452	75	act	act	NOUN
cblr-9108	452	76	release	release	VERB
cblr-9108	452	77	no	no	NOUN
cblr-9108	452	78	.	.	NOUN
cblr-9108	452	79	7881	7881	NUM
cblr-9108	452	80	,	,	PUNCT
cblr-9108	452	81	exchange	exchange	NOUN
cblr-9108	452	82	act	act	NOUN
cblr-9108	452	83	release	release	VERB
cblr-9108	452	84	no	no	NOUN
cblr-9108	452	85	.	.	NOUN
cblr-9108	452	86	43,154	43,154	NUM
cblr-9108	452	87	,	,	PUNCT
cblr-9108	452	88	investment	investment	NOUN
cblr-9108	452	89	company	company	NOUN
cblr-9108	452	90	act	act	VERB
cblr-9108	452	91	release	release	VERB
cblr-9108	452	92	no	no	DET
cblr-9108	452	93	.	.	NOUN
cblr-9108	452	94	24,599	24,599	NUM
cblr-9108	452	95	,	,	PUNCT
cblr-9108	452	96	65	65	NUM
cblr-9108	452	97	fed	feed	VERB
cblr-9108	452	98	.	.	PUNCT
cblr-9108	453	1	reg	reg	PROPN
cblr-9108	453	2	.	.	PROPN
cblr-9108	454	1	51,715	51,715	NUM
cblr-9108	454	2	,	,	PUNCT
cblr-9108	454	3	51,716	51,716	NUM
cblr-9108	454	4	(	(	PUNCT
cblr-9108	454	5	aug	aug	PROPN
cblr-9108	454	6	.	.	PROPN
cblr-9108	454	7	24	24	NUM
cblr-9108	454	8	,	,	PUNCT
cblr-9108	454	9	2000	2000	NUM
cblr-9108	454	10	)	)	PUNCT
cblr-9108	454	11	(	(	PUNCT
cblr-9108	454	12	to	to	PART
cblr-9108	454	13	be	be	AUX
cblr-9108	454	14	codified	codify	VERB
cblr-9108	454	15	at	at	ADP
cblr-9108	454	16	17	17	NUM
cblr-9108	454	17	c.f.r	c.f.r	NOUN
cblr-9108	454	18	pts	pt	NOUN
cblr-9108	454	19	.	.	PROPN
cblr-9108	454	20	240	240	NUM
cblr-9108	454	21	,	,	PUNCT
cblr-9108	454	22	243	243	NUM
cblr-9108	454	23	,	,	PUNCT
cblr-9108	454	24	249	249	NUM
cblr-9108	454	25	)	)	PUNCT
cblr-9108	454	26	(	(	PUNCT
cblr-9108	454	27	stating	state	VERB
cblr-9108	454	28	in	in	ADP
cblr-9108	454	29	the	the	DET
cblr-9108	454	30	final	final	ADJ
cblr-9108	454	31	rulemaking	rulemaking	NOUN
cblr-9108	454	32	for	for	ADP
cblr-9108	454	33	reg	reg	NOUN
cblr-9108	454	34	.	.	PUNCT
cblr-9108	455	1	fd	fd	VERB
cblr-9108	455	2	that	that	SCONJ
cblr-9108	455	3	“	"	PUNCT
cblr-9108	455	4	many	many	ADJ
cblr-9108	455	5	issuers	issuer	NOUN
cblr-9108	455	6	[	[	X
cblr-9108	455	7	were	be	AUX
cblr-9108	455	8	]	]	PUNCT
cblr-9108	455	9	disclosing	disclose	VERB
cblr-9108	455	10	important	important	ADJ
cblr-9108	455	11	nonpublic	nonpublic	ADJ
cblr-9108	455	12	information	information	NOUN
cblr-9108	455	13	,	,	PUNCT
cblr-9108	455	14	such	such	ADJ
cblr-9108	455	15	as	as	ADP
cblr-9108	455	16	advance	advance	ADJ
cblr-9108	455	17	warnings	warning	NOUN
cblr-9108	455	18	of	of	ADP
cblr-9108	455	19	earnings	earning	NOUN
cblr-9108	455	20	results	result	NOUN
cblr-9108	455	21	,	,	PUNCT
cblr-9108	455	22	to	to	ADP
cblr-9108	455	23	securities	security	NOUN
cblr-9108	455	24	analysts	analyst	NOUN
cblr-9108	455	25	or	or	CCONJ
cblr-9108	455	26	selected	select	VERB
cblr-9108	455	27	institutional	institutional	ADJ
cblr-9108	455	28	investors	investor	NOUN
cblr-9108	455	29	or	or	CCONJ
cblr-9108	455	30	both	both	PRON
cblr-9108	455	31	,	,	PUNCT
cblr-9108	455	32	before	before	ADP
cblr-9108	455	33	making	make	VERB
cblr-9108	455	34	full	full	ADJ
cblr-9108	455	35	disclosure	disclosure	NOUN
cblr-9108	455	36	of	of	ADP
cblr-9108	455	37	the	the	DET
cblr-9108	455	38	same	same	ADJ
cblr-9108	455	39	information	information	NOUN
cblr-9108	455	40	to	to	ADP
cblr-9108	455	41	the	the	DET
cblr-9108	455	42	general	general	ADJ
cblr-9108	455	43	public	public	NOUN
cblr-9108	455	44	”	"	PUNCT
cblr-9108	455	45	)	)	PUNCT
cblr-9108	455	46	.	.	PUNCT
cblr-9108	456	1	115	115	NUM
cblr-9108	457	1	i	i	PRON
cblr-9108	457	2	d.	d.	VERB
cblr-9108	457	3	at	at	ADP
cblr-9108	457	4	51,716–17	51,716–17	NUM
cblr-9108	457	5	.	.	PUNCT
cblr-9108	458	1	116	116	NUM
cblr-9108	458	2	see	see	VERB
cblr-9108	458	3	regulation	regulation	NOUN
cblr-9108	458	4	fd	fd	PROPN
cblr-9108	458	5	,	,	PUNCT
cblr-9108	458	6	17	17	NUM
cblr-9108	458	7	c.f.r	c.f.r	NOUN
cblr-9108	458	8	.	.	PUNCT
cblr-9108	459	1	§	§	PROPN
cblr-9108	459	2	243.100–103	243.100–103	NUM
cblr-9108	459	3	(	(	PUNCT
cblr-9108	459	4	2021	2021	NUM
cblr-9108	459	5	)	)	PUNCT
cblr-9108	459	6	.	.	PUNCT
cblr-9108	460	1	117	117	NUM
cblr-9108	460	2	selective	selective	ADJ
cblr-9108	460	3	disclosure	disclosure	NOUN
cblr-9108	460	4	and	and	CCONJ
cblr-9108	460	5	insider	insider	NOUN
cblr-9108	460	6	trading	trading	NOUN
cblr-9108	460	7	,	,	PUNCT
cblr-9108	460	8	65	65	NUM
cblr-9108	460	9	fed	feed	VERB
cblr-9108	460	10	.	.	PUNCT
cblr-9108	461	1	reg	reg	PROPN
cblr-9108	461	2	.	.	PUNCT
cblr-9108	462	1	at	at	ADP
cblr-9108	462	2	51,735	51,735	NUM
cblr-9108	462	3	.	.	PUNCT
cblr-9108	463	1	for	for	ADP
cblr-9108	463	2	an	an	DET
cblr-9108	463	3	insightful	insightful	ADJ
cblr-9108	463	4	argument	argument	NOUN
cblr-9108	463	5	of	of	ADP
cblr-9108	463	6	the	the	DET
cblr-9108	463	7	consequences	consequence	NOUN
cblr-9108	463	8	of	of	ADP
cblr-9108	463	9	reg	reg	NOUN
cblr-9108	463	10	.	.	PUNCT
cblr-9108	464	1	fd	fd	VERB
cblr-9108	464	2	for	for	ADP
cblr-9108	464	3	private	private	ADJ
cblr-9108	464	4	and	and	CCONJ
cblr-9108	464	5	public	public	ADJ
cblr-9108	464	6	companies	company	NOUN
cblr-9108	464	7	’	'	PUNCT
cblr-9108	464	8	management	management	NOUN
cblr-9108	464	9	of	of	ADP
cblr-9108	464	10	their	their	PRON
cblr-9108	464	11	cash	cash	NOUN
cblr-9108	464	12	holdings	holding	NOUN
cblr-9108	464	13	,	,	PUNCT
cblr-9108	464	14	see	see	VERB
cblr-9108	464	15	joan	joan	PROPN
cblr-9108	464	16	farremensa	farremensa	PROPN
cblr-9108	464	17	,	,	PUNCT
cblr-9108	464	18	the	the	DET
cblr-9108	464	19	benefits	benefit	NOUN
cblr-9108	464	20	of	of	ADP
cblr-9108	464	21	selective	selective	ADJ
cblr-9108	464	22	disclosure	disclosure	NOUN
cblr-9108	464	23	:	:	PUNCT
cblr-9108	464	24	evidence	evidence	NOUN
cblr-9108	464	25	from	from	ADP
cblr-9108	464	26	private	private	ADJ
cblr-9108	464	27	firms	firm	NOUN
cblr-9108	464	28	(	(	PUNCT
cblr-9108	464	29	harv	harv	NOUN
cblr-9108	464	30	.	.	PUNCT
cblr-9108	465	1	bus	bus	NOUN
cblr-9108	465	2	.	.	PUNCT
cblr-9108	466	1	sch	sch	INTJ
cblr-9108	466	2	.	.	PUNCT
cblr-9108	467	1	working	working	NOUN
cblr-9108	467	2	paper	paper	PROPN
cblr-9108	467	3	no	no	INTJ
cblr-9108	467	4	.	.	NOUN
cblr-9108	468	1	15	15	NUM
cblr-9108	468	2	-	-	SYM
cblr-9108	468	3	095	095	NUM
cblr-9108	468	4	,	,	PUNCT
cblr-9108	468	5	2017	2017	NUM
cblr-9108	468	6	)	)	PUNCT
cblr-9108	468	7	,	,	PUNCT
cblr-9108	468	8	https://ssrn.com/abstract=1719204	https://ssrn.com/abstract=1719204	PROPN
cblr-9108	468	9	(	(	PUNCT
cblr-9108	468	10	on	on	ADP
cblr-9108	468	11	file	file	NOUN
cblr-9108	468	12	with	with	ADP
cblr-9108	468	13	the	the	DET
cblr-9108	468	14	columbia	columbia	PROPN
cblr-9108	468	15	business	business	PROPN
cblr-9108	468	16	law	law	PROPN
cblr-9108	468	17	review	review	PROPN
cblr-9108	468	18	)	)	PUNCT
cblr-9108	468	19	.	.	PUNCT
cblr-9108	469	1	no	no	INTJ
cblr-9108	469	2	.	.	PUNCT
cblr-9108	470	1	3:1199	3:1199	NUM
cblr-9108	470	2	]	]	X
cblr-9108	470	3	the	the	DET
cblr-9108	470	4	new	new	ADJ
cblr-9108	470	5	public	public	ADJ
cblr-9108	470	6	/	/	SYM
cblr-9108	470	7	private	private	ADJ
cblr-9108	470	8	equilibrium	equilibrium	NOUN
cblr-9108	470	9	1229	1229	NUM
cblr-9108	470	10	person	person	NOUN
cblr-9108	470	11	will	will	AUX
cblr-9108	470	12	purchase	purchase	VERB
cblr-9108	470	13	or	or	CCONJ
cblr-9108	470	14	sell	sell	VERB
cblr-9108	470	15	the	the	DET
cblr-9108	470	16	issuer	issuer	NOUN
cblr-9108	470	17	’s	’s	PART
cblr-9108	470	18	securities	security	NOUN
cblr-9108	470	19	on	on	ADP
cblr-9108	470	20	the	the	DET
cblr-9108	470	21	basis	basis	NOUN
cblr-9108	470	22	of	of	ADP
cblr-9108	470	23	the	the	DET
cblr-9108	470	24	information	information	NOUN
cblr-9108	470	25	.	.	PUNCT
cblr-9108	471	1	”118	”118	VERB
cblr-9108	471	2	once	once	ADV
cblr-9108	471	3	again	again	ADV
cblr-9108	471	4	,	,	PUNCT
cblr-9108	471	5	the	the	DET
cblr-9108	471	6	contrast	contrast	NOUN
cblr-9108	471	7	with	with	ADP
cblr-9108	471	8	private	private	ADJ
cblr-9108	471	9	companies	company	NOUN
cblr-9108	471	10	is	be	AUX
cblr-9108	471	11	striking	strike	VERB
cblr-9108	471	12	.	.	PUNCT
cblr-9108	472	1	there	there	PRON
cblr-9108	472	2	is	be	VERB
cblr-9108	472	3	no	no	DET
cblr-9108	472	4	prohibition	prohibition	NOUN
cblr-9108	472	5	whatsoever	whatsoever	ADV
cblr-9108	472	6	under	under	ADP
cblr-9108	472	7	state	state	NOUN
cblr-9108	472	8	or	or	CCONJ
cblr-9108	472	9	federal	federal	ADJ
cblr-9108	472	10	law	law	NOUN
cblr-9108	472	11	on	on	ADP
cblr-9108	472	12	selective	selective	ADJ
cblr-9108	472	13	disclosure	disclosure	NOUN
cblr-9108	472	14	by	by	ADP
cblr-9108	472	15	private	private	ADJ
cblr-9108	472	16	companies	company	NOUN
cblr-9108	472	17	.	.	PUNCT
cblr-9108	473	1	in	in	ADP
cblr-9108	473	2	fact	fact	NOUN
cblr-9108	473	3	,	,	PUNCT
cblr-9108	473	4	selective	selective	ADJ
cblr-9108	473	5	disclosure	disclosure	NOUN
cblr-9108	473	6	of	of	ADP
cblr-9108	473	7	material	material	ADJ
cblr-9108	473	8	information	information	NOUN
cblr-9108	473	9	is	be	AUX
cblr-9108	473	10	the	the	DET
cblr-9108	473	11	norm.119	norm.119	NOUN
cblr-9108	473	12	take	take	VERB
cblr-9108	473	13	a	a	DET
cblr-9108	473	14	venture	venture	NOUN
cblr-9108	473	15	capital	capital	NOUN
cblr-9108	473	16	-	-	PUNCT
cblr-9108	473	17	financed	finance	VERB
cblr-9108	473	18	private	private	ADJ
cblr-9108	473	19	company	company	NOUN
cblr-9108	473	20	,	,	PUNCT
cblr-9108	473	21	for	for	ADP
cblr-9108	473	22	example	example	NOUN
cblr-9108	473	23	.	.	PUNCT
cblr-9108	474	1	venture	venture	NOUN
cblr-9108	474	2	capital	capital	NOUN
cblr-9108	474	3	funds	fund	NOUN
cblr-9108	474	4	typically	typically	ADV
cblr-9108	474	5	negotiate	negotiate	VERB
cblr-9108	474	6	for	for	ADP
cblr-9108	474	7	the	the	DET
cblr-9108	474	8	contractual	contractual	ADJ
cblr-9108	474	9	right	right	NOUN
cblr-9108	474	10	to	to	PART
cblr-9108	474	11	obtain	obtain	VERB
cblr-9108	474	12	certain	certain	ADJ
cblr-9108	474	13	disclosures	disclosure	NOUN
cblr-9108	474	14	from	from	ADP
cblr-9108	474	15	the	the	DET
cblr-9108	474	16	company	company	NOUN
cblr-9108	474	17	and	and	CCONJ
cblr-9108	474	18	will	will	AUX
cblr-9108	474	19	often	often	ADV
cblr-9108	474	20	receive	receive	VERB
cblr-9108	474	21	more	more	ADJ
cblr-9108	474	22	information	information	NOUN
cblr-9108	474	23	than	than	SCONJ
cblr-9108	474	24	is	be	AUX
cblr-9108	474	25	contractually	contractually	ADV
cblr-9108	474	26	required.120	required.120	ADJ
cblr-9108	474	27	further	far	ADV
cblr-9108	474	28	,	,	PUNCT
cblr-9108	474	29	fund	fund	NOUN
cblr-9108	474	30	investors	investor	NOUN
cblr-9108	474	31	in	in	ADP
cblr-9108	474	32	startups	startup	NOUN
cblr-9108	474	33	are	be	AUX
cblr-9108	474	34	often	often	ADV
cblr-9108	474	35	entitled	entitle	VERB
cblr-9108	474	36	to	to	PART
cblr-9108	474	37	designate	designate	VERB
cblr-9108	474	38	one	one	NUM
cblr-9108	474	39	or	or	CCONJ
cblr-9108	474	40	more	more	ADJ
cblr-9108	474	41	directors	director	NOUN
cblr-9108	474	42	to	to	ADP
cblr-9108	474	43	the	the	DET
cblr-9108	474	44	corporate	corporate	ADJ
cblr-9108	474	45	board,121	board,121	NOUN
cblr-9108	474	46	in	in	ADP
cblr-9108	474	47	which	which	DET
cblr-9108	474	48	case	case	NOUN
cblr-9108	474	49	the	the	DET
cblr-9108	474	50	fund	fund	NOUN
cblr-9108	474	51	will	will	AUX
cblr-9108	474	52	enjoy	enjoy	VERB
cblr-9108	474	53	a	a	DET
cblr-9108	474	54	steady	steady	ADJ
cblr-9108	474	55	stream	stream	NOUN
cblr-9108	474	56	of	of	ADP
cblr-9108	474	57	access	access	NOUN
cblr-9108	474	58	to	to	ADP
cblr-9108	474	59	nonpublic	nonpublic	ADJ
cblr-9108	474	60	information	information	NOUN
cblr-9108	474	61	from	from	ADP
cblr-9108	474	62	the	the	DET
cblr-9108	474	63	firm	firm	NOUN
cblr-9108	474	64	.	.	PUNCT
cblr-9108	475	1	yet	yet	CCONJ
cblr-9108	475	2	other	other	ADJ
cblr-9108	475	3	shareholders	shareholder	NOUN
cblr-9108	475	4	of	of	ADP
cblr-9108	475	5	the	the	DET
cblr-9108	475	6	company	company	NOUN
cblr-9108	475	7	,	,	PUNCT
cblr-9108	475	8	such	such	ADJ
cblr-9108	475	9	as	as	SCONJ
cblr-9108	475	10	employees	employee	NOUN
cblr-9108	475	11	compensated	compensate	VERB
cblr-9108	475	12	with	with	ADP
cblr-9108	475	13	restricted	restricted	ADJ
cblr-9108	475	14	stock	stock	NOUN
cblr-9108	475	15	or	or	CCONJ
cblr-9108	475	16	options	option	NOUN
cblr-9108	475	17	,	,	PUNCT
cblr-9108	475	18	may	may	AUX
cblr-9108	475	19	receive	receive	VERB
cblr-9108	475	20	no	no	DET
cblr-9108	475	21	disclosure	disclosure	NOUN
cblr-9108	475	22	whatsoever.122	whatsoever.122	NOUN
cblr-9108	475	23	2	2	NUM
cblr-9108	475	24	.	.	PUNCT
cblr-9108	475	25	devices	device	NOUN
cblr-9108	475	26	that	that	PRON
cblr-9108	475	27	turn	turn	VERB
cblr-9108	475	28	on	on	ADP
cblr-9108	475	29	the	the	DET
cblr-9108	475	30	divide	divide	NOUN
cblr-9108	475	31	in	in	ADP
cblr-9108	475	32	practice	practice	NOUN
cblr-9108	475	33	some	some	PRON
cblr-9108	475	34	of	of	ADP
cblr-9108	475	35	the	the	DET
cblr-9108	475	36	most	most	ADV
cblr-9108	475	37	important	important	ADJ
cblr-9108	475	38	features	feature	NOUN
cblr-9108	475	39	of	of	ADP
cblr-9108	475	40	the	the	DET
cblr-9108	475	41	public	public	ADJ
cblr-9108	475	42	and	and	CCONJ
cblr-9108	475	43	private	private	ADJ
cblr-9108	475	44	company	company	NOUN
cblr-9108	475	45	ecologies	ecology	NOUN
cblr-9108	475	46	are	be	AUX
cblr-9108	475	47	not	not	PART
cblr-9108	475	48	directly	directly	ADV
cblr-9108	475	49	imposed	impose	VERB
cblr-9108	475	50	by	by	ADP
cblr-9108	475	51	law	law	NOUN
cblr-9108	475	52	.	.	PUNCT
cblr-9108	476	1	rather	rather	ADV
cblr-9108	476	2	,	,	PUNCT
cblr-9108	476	3	they	they	PRON
cblr-9108	476	4	reflect	reflect	VERB
cblr-9108	476	5	practices	practice	NOUN
cblr-9108	476	6	that	that	PRON
cblr-9108	476	7	are	be	AUX
cblr-9108	476	8	indirectly	indirectly	ADV
cblr-9108	476	9	a	a	DET
cblr-9108	476	10	consequence	consequence	NOUN
cblr-9108	476	11	of	of	ADP
cblr-9108	476	12	the	the	DET
cblr-9108	476	13	legal	legal	ADJ
cblr-9108	476	14	architecture	architecture	NOUN
cblr-9108	476	15	of	of	ADP
cblr-9108	476	16	the	the	DET
cblr-9108	476	17	public	public	ADJ
cblr-9108	476	18	/	/	SYM
cblr-9108	476	19	private	private	ADJ
cblr-9108	476	20	divide	divide	NOUN
cblr-9108	476	21	.	.	PUNCT
cblr-9108	477	1	nonetheless	nonetheless	ADV
cblr-9108	477	2	,	,	PUNCT
cblr-9108	477	3	these	these	DET
cblr-9108	477	4	features	feature	NOUN
cblr-9108	477	5	now	now	ADV
cblr-9108	477	6	represent	represent	VERB
cblr-9108	477	7	some	some	PRON
cblr-9108	477	8	of	of	ADP
cblr-9108	477	9	the	the	DET
cblr-9108	477	10	most	most	ADV
cblr-9108	477	11	fundamental	fundamental	ADJ
cblr-9108	477	12	differences	difference	NOUN
cblr-9108	477	13	between	between	ADP
cblr-9108	477	14	public	public	ADJ
cblr-9108	477	15	and	and	CCONJ
cblr-9108	477	16	private	private	ADJ
cblr-9108	477	17	companies	company	NOUN
cblr-9108	477	18	observed	observe	VERB
cblr-9108	477	19	in	in	ADP
cblr-9108	477	20	practice	practice	NOUN
cblr-9108	477	21	,	,	PUNCT
cblr-9108	477	22	including	include	VERB
cblr-9108	477	23	differences	difference	NOUN
cblr-9108	477	24	in	in	ADP
cblr-9108	477	25	(	(	PUNCT
cblr-9108	477	26	i	i	NOUN
cblr-9108	477	27	)	)	PUNCT
cblr-9108	477	28	ownership	ownership	NOUN
cblr-9108	477	29	,	,	PUNCT
cblr-9108	477	30	(	(	PUNCT
cblr-9108	477	31	ii	ii	NOUN
cblr-9108	477	32	)	)	PUNCT
cblr-9108	477	33	governance	governance	NOUN
cblr-9108	477	34	,	,	PUNCT
cblr-9108	477	35	(	(	PUNCT
cblr-9108	477	36	iii	iii	X
cblr-9108	477	37	)	)	PUNCT
cblr-9108	477	38	the	the	DET
cblr-9108	477	39	informational	informational	ADJ
cblr-9108	477	40	118	118	NUM
cblr-9108	477	41	17	17	NUM
cblr-9108	477	42	c.f.r	c.f.r	NOUN
cblr-9108	477	43	.	.	PUNCT
cblr-9108	478	1	§	§	PROPN
cblr-9108	478	2	243.100(a)(2)(iv	243.100(a)(2)(iv	NUM
cblr-9108	478	3	)	)	PUNCT
cblr-9108	478	4	.	.	PUNCT
cblr-9108	479	1	119	119	NUM
cblr-9108	479	2	farre	farre	PROPN
cblr-9108	479	3	-	-	PUNCT
cblr-9108	479	4	mensa	mensa	ADJ
cblr-9108	479	5	,	,	PUNCT
cblr-9108	479	6	supra	supra	PROPN
cblr-9108	479	7	note	note	NOUN
cblr-9108	479	8	117	117	NUM
cblr-9108	479	9	,	,	PUNCT
cblr-9108	479	10	at	at	ADP
cblr-9108	479	11	1	1	NUM
cblr-9108	479	12	,	,	PUNCT
cblr-9108	479	13	3	3	NUM
cblr-9108	479	14	.	.	NOUN
cblr-9108	479	15	120	120	NUM
cblr-9108	479	16	model	model	NOUN
cblr-9108	479	17	legal	legal	ADJ
cblr-9108	479	18	documents	document	NOUN
cblr-9108	479	19	nat’l	nat’l	VERB
cblr-9108	479	20	venture	venture	NOUN
cblr-9108	479	21	cap	cap	NOUN
cblr-9108	479	22	.	.	PUNCT
cblr-9108	480	1	ass’n	ass’n	X
cblr-9108	480	2	(	(	PUNCT
cblr-9108	480	3	“	"	PUNCT
cblr-9108	480	4	information	information	NOUN
cblr-9108	480	5	and	and	CCONJ
cblr-9108	480	6	observer	observer	NOUN
cblr-9108	480	7	rights	right	NOUN
cblr-9108	480	8	”	"	PUNCT
cblr-9108	480	9	)	)	PUNCT
cblr-9108	480	10	,	,	PUNCT
cblr-9108	480	11	http://nvca.org/resources/model-legal-documents/	http://nvca.org/resources/model-legal-documents/	X
cblr-9108	480	12	(	(	PUNCT
cblr-9108	480	13	on	on	ADP
cblr-9108	480	14	file	file	NOUN
cblr-9108	480	15	with	with	ADP
cblr-9108	480	16	the	the	DET
cblr-9108	480	17	columbia	columbia	PROPN
cblr-9108	480	18	business	business	PROPN
cblr-9108	480	19	law	law	PROPN
cblr-9108	480	20	review	review	PROPN
cblr-9108	480	21	)	)	PUNCT
cblr-9108	480	22	(	(	PUNCT
cblr-9108	480	23	select	select	ADJ
cblr-9108	480	24	“	"	PUNCT
cblr-9108	480	25	investors	investor	NOUN
cblr-9108	480	26	’	'	PUNCT
cblr-9108	480	27	rights	right	NOUN
cblr-9108	480	28	agreement	agreement	NOUN
cblr-9108	480	29	(	(	PUNCT
cblr-9108	480	30	updated	update	VERB
cblr-9108	480	31	august	august	PROPN
cblr-9108	480	32	2021	2021	NUM
cblr-9108	480	33	)	)	PUNCT
cblr-9108	480	34	”	"	PUNCT
cblr-9108	480	35	)	)	PUNCT
cblr-9108	480	36	.	.	PUNCT
cblr-9108	481	1	121	121	NUM
cblr-9108	481	2	brian	brian	PROPN
cblr-9108	481	3	j.	j.	PROPN
cblr-9108	481	4	broughman	broughman	PROPN
cblr-9108	481	5	&	&	CCONJ
cblr-9108	481	6	jesse	jesse	PROPN
cblr-9108	481	7	m.	m.	PROPN
cblr-9108	481	8	fried	fried	PROPN
cblr-9108	481	9	,	,	PUNCT
cblr-9108	481	10	carrots	carrot	NOUN
cblr-9108	481	11	and	and	CCONJ
cblr-9108	481	12	sticks	stick	NOUN
cblr-9108	481	13	:	:	PUNCT
cblr-9108	481	14	how	how	SCONJ
cblr-9108	481	15	vcs	vcs	NOUN
cblr-9108	481	16	induce	induce	VERB
cblr-9108	481	17	entrepreneurial	entrepreneurial	ADJ
cblr-9108	481	18	teams	team	NOUN
cblr-9108	481	19	to	to	PART
cblr-9108	481	20	sell	sell	VERB
cblr-9108	481	21	startups	startup	NOUN
cblr-9108	481	22	,	,	PUNCT
cblr-9108	481	23	98	98	NUM
cblr-9108	481	24	cornell	cornell	PROPN
cblr-9108	481	25	l.	l.	PROPN
cblr-9108	481	26	rev	rev	PROPN
cblr-9108	481	27	.	.	PROPN
cblr-9108	481	28	1319	1319	NUM
cblr-9108	481	29	,	,	PUNCT
cblr-9108	481	30	1329–30	1329–30	NUM
cblr-9108	481	31	(	(	PUNCT
cblr-9108	481	32	2012	2012	NUM
cblr-9108	481	33	)	)	PUNCT
cblr-9108	481	34	.	.	PUNCT
cblr-9108	482	1	122	122	NUM
cblr-9108	482	2	see	see	VERB
cblr-9108	482	3	pollman	pollman	NOUN
cblr-9108	482	4	,	,	PUNCT
cblr-9108	482	5	supra	supra	PROPN
cblr-9108	482	6	note	note	PROPN
cblr-9108	482	7	28	28	NUM
cblr-9108	482	8	,	,	PUNCT
cblr-9108	482	9	at	at	ADP
cblr-9108	482	10	374	374	NUM
cblr-9108	482	11	(	(	PUNCT
cblr-9108	482	12	2020	2020	NUM
cblr-9108	482	13	)	)	PUNCT
cblr-9108	482	14	(	(	PUNCT
cblr-9108	482	15	discussing	discuss	VERB
cblr-9108	482	16	the	the	DET
cblr-9108	482	17	paucity	paucity	NOUN
cblr-9108	482	18	of	of	ADP
cblr-9108	482	19	information	information	NOUN
cblr-9108	482	20	disclosure	disclosure	NOUN
cblr-9108	482	21	required	require	VERB
cblr-9108	482	22	under	under	ADP
cblr-9108	482	23	the	the	DET
cblr-9108	482	24	securities	security	NOUN
cblr-9108	482	25	laws	law	NOUN
cblr-9108	482	26	for	for	ADP
cblr-9108	482	27	employees	employee	NOUN
cblr-9108	482	28	receiving	receive	VERB
cblr-9108	482	29	equity	equity	NOUN
cblr-9108	482	30	compensation	compensation	NOUN
cblr-9108	482	31	in	in	ADP
cblr-9108	482	32	private	private	ADJ
cblr-9108	482	33	companies	company	NOUN
cblr-9108	482	34	)	)	PUNCT
cblr-9108	482	35	.	.	PUNCT
cblr-9108	483	1	1230	1230	NUM
cblr-9108	483	2	columbia	columbia	PROPN
cblr-9108	483	3	business	business	PROPN
cblr-9108	483	4	law	law	PROPN
cblr-9108	483	5	review	review	NOUN
cblr-9108	483	6	[	[	X
cblr-9108	483	7	vol	vol	NOUN
cblr-9108	483	8	.	.	PUNCT
cblr-9108	483	9	2021	2021	NUM
cblr-9108	483	10	environment	environment	NOUN
cblr-9108	483	11	,	,	PUNCT
cblr-9108	483	12	(	(	PUNCT
cblr-9108	483	13	iv	iv	X
cblr-9108	483	14	)	)	PUNCT
cblr-9108	483	15	trading	trading	NOUN
cblr-9108	483	16	,	,	PUNCT
cblr-9108	483	17	and	and	CCONJ
cblr-9108	483	18	(	(	PUNCT
cblr-9108	483	19	v	v	NOUN
cblr-9108	483	20	)	)	PUNCT
cblr-9108	483	21	regulation	regulation	NOUN
cblr-9108	483	22	and	and	CCONJ
cblr-9108	483	23	enforcement	enforcement	NOUN
cblr-9108	483	24	.	.	PUNCT
cblr-9108	484	1	we	we	PRON
cblr-9108	484	2	discuss	discuss	VERB
cblr-9108	484	3	these	these	DET
cblr-9108	484	4	differences	difference	NOUN
cblr-9108	484	5	below	below	ADV
cblr-9108	484	6	.	.	PUNCT
cblr-9108	485	1	as	as	ADP
cblr-9108	485	2	with	with	ADP
cblr-9108	485	3	any	any	DET
cblr-9108	485	4	ecology	ecology	NOUN
cblr-9108	485	5	,	,	PUNCT
cblr-9108	485	6	however	however	ADV
cblr-9108	485	7	,	,	PUNCT
cblr-9108	485	8	the	the	DET
cblr-9108	485	9	relationships	relationship	NOUN
cblr-9108	485	10	among	among	ADP
cblr-9108	485	11	the	the	DET
cblr-9108	485	12	various	various	ADJ
cblr-9108	485	13	organisms	organism	NOUN
cblr-9108	485	14	(	(	PUNCT
cblr-9108	485	15	or	or	CCONJ
cblr-9108	485	16	“	"	PUNCT
cblr-9108	485	17	stakeholders	stakeholder	NOUN
cblr-9108	485	18	,	,	PUNCT
cblr-9108	485	19	”	"	PUNCT
cblr-9108	485	20	in	in	ADP
cblr-9108	485	21	our	our	PRON
cblr-9108	485	22	context	context	NOUN
cblr-9108	485	23	)	)	PUNCT
cblr-9108	485	24	are	be	AUX
cblr-9108	485	25	generally	generally	ADV
cblr-9108	485	26	reciprocal	reciprocal	ADJ
cblr-9108	485	27	and	and	CCONJ
cblr-9108	485	28	circular	circular	ADJ
cblr-9108	485	29	.	.	PUNCT
cblr-9108	486	1	because	because	SCONJ
cblr-9108	486	2	all	all	DET
cblr-9108	486	3	five	five	NUM
cblr-9108	486	4	features	feature	NOUN
cblr-9108	486	5	listed	list	VERB
cblr-9108	486	6	above	above	ADP
cblr-9108	486	7	interact	interact	VERB
cblr-9108	486	8	with	with	ADP
cblr-9108	486	9	each	each	DET
cblr-9108	486	10	other	other	ADJ
cblr-9108	486	11	,	,	PUNCT
cblr-9108	486	12	it	it	PRON
cblr-9108	486	13	is	be	AUX
cblr-9108	486	14	difficult	difficult	ADJ
cblr-9108	486	15	to	to	PART
cblr-9108	486	16	discuss	discuss	VERB
cblr-9108	486	17	them	they	PRON
cblr-9108	486	18	in	in	ADP
cblr-9108	486	19	isolation	isolation	NOUN
cblr-9108	486	20	.	.	PUNCT
cblr-9108	487	1	as	as	ADP
cblr-9108	487	2	a	a	DET
cblr-9108	487	3	result	result	NOUN
cblr-9108	487	4	,	,	PUNCT
cblr-9108	487	5	we	we	PRON
cblr-9108	487	6	also	also	ADV
cblr-9108	487	7	describe	describe	VERB
cblr-9108	487	8	some	some	PRON
cblr-9108	487	9	—	—	PUNCT
cblr-9108	487	10	though	though	SCONJ
cblr-9108	487	11	by	by	ADP
cblr-9108	487	12	no	no	DET
cblr-9108	487	13	means	means	NOUN
cblr-9108	487	14	all	all	PRON
cblr-9108	487	15	—	—	PUNCT
cblr-9108	487	16	of	of	ADP
cblr-9108	487	17	the	the	DET
cblr-9108	487	18	ways	way	NOUN
cblr-9108	487	19	in	in	ADP
cblr-9108	487	20	which	which	PRON
cblr-9108	487	21	they	they	PRON
cblr-9108	487	22	are	be	AUX
cblr-9108	487	23	connected	connect	VERB
cblr-9108	487	24	to	to	ADP
cblr-9108	487	25	one	one	NUM
cblr-9108	487	26	another	another	DET
cblr-9108	487	27	.	.	PUNCT
cblr-9108	488	1	i.	i.	PROPN
cblr-9108	488	2	control	control	PROPN
cblr-9108	488	3	over	over	ADP
cblr-9108	488	4	shareholder	shareholder	NOUN
cblr-9108	488	5	base	base	NOUN
cblr-9108	488	6	for	for	ADP
cblr-9108	488	7	companies	company	NOUN
cblr-9108	488	8	that	that	PRON
cblr-9108	488	9	choose	choose	VERB
cblr-9108	488	10	to	to	PART
cblr-9108	488	11	take	take	VERB
cblr-9108	488	12	on	on	ADP
cblr-9108	488	13	the	the	DET
cblr-9108	488	14	disclosure	disclosure	NOUN
cblr-9108	488	15	requirements	requirement	NOUN
cblr-9108	488	16	and	and	CCONJ
cblr-9108	488	17	other	other	ADJ
cblr-9108	488	18	obligations	obligation	NOUN
cblr-9108	488	19	tied	tie	VERB
cblr-9108	488	20	to	to	ADP
cblr-9108	488	21	going	go	VERB
cblr-9108	488	22	public	public	ADJ
cblr-9108	488	23	,	,	PUNCT
cblr-9108	488	24	one	one	NUM
cblr-9108	488	25	countervailing	countervailing	ADJ
cblr-9108	488	26	benefit	benefit	NOUN
cblr-9108	488	27	is	be	AUX
cblr-9108	488	28	public	public	ADJ
cblr-9108	488	29	companies	company	NOUN
cblr-9108	488	30	’	'	PUNCT
cblr-9108	488	31	ability	ability	NOUN
cblr-9108	488	32	to	to	PART
cblr-9108	488	33	raise	raise	VERB
cblr-9108	488	34	capital	capital	NOUN
cblr-9108	488	35	from	from	ADP
cblr-9108	488	36	anyone	anyone	PRON
cblr-9108	488	37	and	and	CCONJ
cblr-9108	488	38	to	to	PART
cblr-9108	488	39	have	have	VERB
cblr-9108	488	40	their	their	PRON
cblr-9108	488	41	securities	security	NOUN
cblr-9108	488	42	traded	trade	VERB
cblr-9108	488	43	on	on	ADP
cblr-9108	488	44	a	a	DET
cblr-9108	488	45	national	national	ADJ
cblr-9108	488	46	securities	security	NOUN
cblr-9108	488	47	exchange	exchange	NOUN
cblr-9108	488	48	.	.	PUNCT
cblr-9108	489	1	in	in	ADP
cblr-9108	489	2	practice	practice	NOUN
cblr-9108	489	3	,	,	PUNCT
cblr-9108	489	4	then	then	ADV
cblr-9108	489	5	,	,	PUNCT
cblr-9108	489	6	a	a	DET
cblr-9108	489	7	public	public	ADJ
cblr-9108	489	8	company	company	NOUN
cblr-9108	489	9	will	will	AUX
cblr-9108	489	10	tend	tend	VERB
cblr-9108	489	11	to	to	PART
cblr-9108	489	12	have	have	VERB
cblr-9108	489	13	a	a	DET
cblr-9108	489	14	more	more	ADV
cblr-9108	489	15	dispersed	disperse	VERB
cblr-9108	489	16	and	and	CCONJ
cblr-9108	489	17	diverse	diverse	ADJ
cblr-9108	489	18	shareholder	shareholder	NOUN
cblr-9108	489	19	base.123	base.123	NOUN
cblr-9108	489	20	further	far	ADV
cblr-9108	489	21	,	,	PUNCT
cblr-9108	489	22	the	the	DET
cblr-9108	489	23	company	company	NOUN
cblr-9108	489	24	itself	itself	PRON
cblr-9108	489	25	will	will	AUX
cblr-9108	489	26	typically	typically	ADV
cblr-9108	489	27	not	not	PART
cblr-9108	489	28	seek	seek	VERB
cblr-9108	489	29	to	to	PART
cblr-9108	489	30	limit	limit	VERB
cblr-9108	489	31	or	or	CCONJ
cblr-9108	489	32	maintain	maintain	VERB
cblr-9108	489	33	control	control	NOUN
cblr-9108	489	34	over	over	ADP
cblr-9108	489	35	the	the	DET
cblr-9108	489	36	identity	identity	NOUN
cblr-9108	489	37	or	or	CCONJ
cblr-9108	489	38	actions	action	NOUN
cblr-9108	489	39	of	of	ADP
cblr-9108	489	40	its	its	PRON
cblr-9108	489	41	shareholders	shareholder	NOUN
cblr-9108	489	42	.	.	PUNCT
cblr-9108	490	1	private	private	ADJ
cblr-9108	490	2	companies	company	NOUN
cblr-9108	490	3	,	,	PUNCT
cblr-9108	490	4	by	by	ADP
cblr-9108	490	5	contrast	contrast	NOUN
cblr-9108	490	6	,	,	PUNCT
cblr-9108	490	7	tend	tend	VERB
cblr-9108	490	8	to	to	PART
cblr-9108	490	9	maintain	maintain	VERB
cblr-9108	490	10	tight	tight	ADJ
cblr-9108	490	11	control	control	NOUN
cblr-9108	490	12	over	over	ADP
cblr-9108	490	13	their	their	PRON
cblr-9108	490	14	shareholder	shareholder	NOUN
cblr-9108	490	15	base	base	NOUN
cblr-9108	490	16	,	,	PUNCT
cblr-9108	490	17	often	often	ADV
cblr-9108	490	18	through	through	ADP
cblr-9108	490	19	restrictions	restriction	NOUN
cblr-9108	490	20	contained	contain	VERB
cblr-9108	490	21	in	in	ADP
cblr-9108	490	22	a	a	DET
cblr-9108	490	23	shareholders	shareholder	NOUN
cblr-9108	490	24	’	'	PUNCT
cblr-9108	490	25	agreement.124	agreement.124	PROPN
cblr-9108	490	26	ii	ii	PROPN
cblr-9108	490	27	.	.	PUNCT
cblr-9108	491	1	continuous	continuous	ADJ
cblr-9108	491	2	stock	stock	NOUN
cblr-9108	491	3	prices	price	NOUN
cblr-9108	491	4	public	public	ADJ
cblr-9108	491	5	companies	company	NOUN
cblr-9108	491	6	typically	typically	ADV
cblr-9108	491	7	seek	seek	VERB
cblr-9108	491	8	to	to	PART
cblr-9108	491	9	maintain	maintain	VERB
cblr-9108	491	10	a	a	DET
cblr-9108	491	11	highly	highly	ADV
cblr-9108	491	12	liquid	liquid	ADJ
cblr-9108	491	13	trading	trading	NOUN
cblr-9108	491	14	market	market	NOUN
cblr-9108	491	15	for	for	ADP
cblr-9108	491	16	their	their	PRON
cblr-9108	491	17	stock.125	stock.125	NOUN
cblr-9108	491	18	this	this	PRON
cblr-9108	491	19	allows	allow	VERB
cblr-9108	491	20	them	they	PRON
cblr-9108	491	21	to	to	PART
cblr-9108	491	22	access	access	VERB
cblr-9108	491	23	the	the	DET
cblr-9108	491	24	widest	wide	ADJ
cblr-9108	491	25	possible	possible	ADJ
cblr-9108	491	26	shareholder	shareholder	NOUN
cblr-9108	491	27	base	base	NOUN
cblr-9108	491	28	,	,	PUNCT
cblr-9108	491	29	and	and	CCONJ
cblr-9108	491	30	therefore	therefore	ADV
cblr-9108	491	31	to	to	PART
cblr-9108	491	32	achieve	achieve	VERB
cblr-9108	491	33	the	the	DET
cblr-9108	491	34	lowest	low	ADJ
cblr-9108	491	35	cost	cost	NOUN
cblr-9108	491	36	of	of	ADP
cblr-9108	491	37	capital	capital	NOUN
cblr-9108	491	38	.	.	PUNCT
cblr-9108	492	1	it	it	PRON
cblr-9108	492	2	also	also	ADV
cblr-9108	492	3	enables	enable	VERB
cblr-9108	492	4	them	they	PRON
cblr-9108	492	5	to	to	PART
cblr-9108	492	6	reconcile	reconcile	VERB
cblr-9108	492	7	the	the	DET
cblr-9108	492	8	interests	interest	NOUN
cblr-9108	492	9	of	of	ADP
cblr-9108	492	10	shareholders	shareholder	NOUN
cblr-9108	492	11	with	with	ADP
cblr-9108	492	12	different	different	ADJ
cblr-9108	492	13	time	time	NOUN
cblr-9108	492	14	horizons	horizon	NOUN
cblr-9108	492	15	.	.	PUNCT
cblr-9108	493	1	in	in	ADP
cblr-9108	493	2	turn	turn	NOUN
cblr-9108	493	3	,	,	PUNCT
cblr-9108	493	4	liquidity	liquidity	NOUN
cblr-9108	493	5	requires	require	VERB
cblr-9108	493	6	that	that	SCONJ
cblr-9108	493	7	the	the	DET
cblr-9108	493	8	stock	stock	NOUN
cblr-9108	493	9	be	be	AUX
cblr-9108	493	10	continually	continually	ADV
cblr-9108	493	11	tradable	tradable	ADJ
cblr-9108	493	12	,	,	PUNCT
cblr-9108	493	13	and	and	CCONJ
cblr-9108	493	14	that	that	SCONJ
cblr-9108	493	15	the	the	DET
cblr-9108	493	16	pricing	pricing	NOUN
cblr-9108	493	17	be	be	AUX
cblr-9108	493	18	publicly	publicly	ADV
cblr-9108	493	19	available	available	ADJ
cblr-9108	493	20	.	.	PUNCT
cblr-9108	494	1	continuous	continuous	ADJ
cblr-9108	494	2	stock	stock	NOUN
cblr-9108	494	3	prices	price	NOUN
cblr-9108	494	4	123	123	NUM
cblr-9108	494	5	de	de	X
cblr-9108	494	6	fontenay	fontenay	NOUN
cblr-9108	494	7	,	,	PUNCT
cblr-9108	494	8	supra	supra	PROPN
cblr-9108	494	9	note	note	NOUN
cblr-9108	494	10	6	6	NUM
cblr-9108	494	11	.	.	SYM
cblr-9108	494	12	124	124	NUM
cblr-9108	494	13	see	see	NOUN
cblr-9108	494	14	rauterberg	rauterberg	PROPN
cblr-9108	494	15	,	,	PUNCT
cblr-9108	494	16	supra	supra	PROPN
cblr-9108	494	17	note	note	NOUN
cblr-9108	494	18	12	12	NUM
cblr-9108	494	19	,	,	PUNCT
cblr-9108	494	20	at	at	ADP
cblr-9108	494	21	1126–27	1126–27	NUM
cblr-9108	494	22	.	.	PUNCT
cblr-9108	495	1	125	125	NUM
cblr-9108	495	2	see	see	VERB
cblr-9108	495	3	supra	supra	PROPN
cblr-9108	495	4	note	note	NOUN
cblr-9108	495	5	60	60	NUM
cblr-9108	495	6	and	and	CCONJ
cblr-9108	495	7	accompanying	accompany	VERB
cblr-9108	495	8	text	text	NOUN
cblr-9108	495	9	.	.	PUNCT
cblr-9108	496	1	no	no	INTJ
cblr-9108	496	2	.	.	PUNCT
cblr-9108	497	1	3:1199	3:1199	NUM
cblr-9108	497	2	]	]	X
cblr-9108	497	3	the	the	DET
cblr-9108	497	4	new	new	ADJ
cblr-9108	497	5	public	public	ADJ
cblr-9108	497	6	/	/	SYM
cblr-9108	497	7	private	private	ADJ
cblr-9108	497	8	equilibrium	equilibrium	NOUN
cblr-9108	497	9	1231	1231	NUM
cblr-9108	497	10	are	be	AUX
cblr-9108	497	11	therefore	therefore	ADV
cblr-9108	497	12	a	a	DET
cblr-9108	497	13	defining	define	VERB
cblr-9108	497	14	feature	feature	NOUN
cblr-9108	497	15	of	of	ADP
cblr-9108	497	16	public	public	ADJ
cblr-9108	497	17	companies	company	NOUN
cblr-9108	497	18	,	,	PUNCT
cblr-9108	497	19	even	even	ADV
cblr-9108	497	20	though	though	SCONJ
cblr-9108	497	21	they	they	PRON
cblr-9108	497	22	are	be	AUX
cblr-9108	497	23	not	not	PART
cblr-9108	497	24	required	require	VERB
cblr-9108	497	25	by	by	ADP
cblr-9108	497	26	rule	rule	NOUN
cblr-9108	497	27	or	or	CCONJ
cblr-9108	497	28	regulation.126	regulation.126	NOUN
cblr-9108	497	29	yet	yet	CCONJ
cblr-9108	497	30	private	private	ADJ
cblr-9108	497	31	companies	company	NOUN
cblr-9108	497	32	face	face	VERB
cblr-9108	497	33	significant	significant	ADJ
cblr-9108	497	34	restrictions	restriction	NOUN
cblr-9108	497	35	on	on	ADP
cblr-9108	497	36	the	the	DET
cblr-9108	497	37	trading	trading	NOUN
cblr-9108	497	38	of	of	ADP
cblr-9108	497	39	their	their	PRON
cblr-9108	497	40	securities	security	NOUN
cblr-9108	497	41	.	.	PUNCT
cblr-9108	498	1	other	other	ADJ
cblr-9108	498	2	than	than	ADP
cblr-9108	498	3	the	the	DET
cblr-9108	498	4	very	very	ADV
cblr-9108	498	5	largest	large	ADJ
cblr-9108	498	6	private	private	ADJ
cblr-9108	498	7	companies	company	NOUN
cblr-9108	498	8	(	(	PUNCT
cblr-9108	498	9	referred	refer	VERB
cblr-9108	498	10	to	to	ADP
cblr-9108	498	11	as	as	ADP
cblr-9108	498	12	“	"	PUNCT
cblr-9108	498	13	unicorns	unicorn	NOUN
cblr-9108	498	14	”	"	PUNCT
cblr-9108	498	15	)	)	PUNCT
cblr-9108	498	16	,	,	PUNCT
cblr-9108	498	17	private	private	ADJ
cblr-9108	498	18	companies	company	NOUN
cblr-9108	498	19	typically	typically	ADV
cblr-9108	498	20	do	do	AUX
cblr-9108	498	21	not	not	PART
cblr-9108	498	22	enjoy	enjoy	VERB
cblr-9108	498	23	meaningful	meaningful	ADJ
cblr-9108	498	24	secondary	secondary	ADJ
cblr-9108	498	25	trading	trading	NOUN
cblr-9108	498	26	of	of	ADP
cblr-9108	498	27	their	their	PRON
cblr-9108	498	28	stock.127	stock.127	NOUN
cblr-9108	498	29	valuations	valuation	NOUN
cblr-9108	498	30	of	of	ADP
cblr-9108	498	31	the	the	DET
cblr-9108	498	32	firm	firm	NOUN
cblr-9108	498	33	(	(	PUNCT
cblr-9108	498	34	and	and	CCONJ
cblr-9108	498	35	therefore	therefore	ADV
cblr-9108	498	36	of	of	ADP
cblr-9108	498	37	its	its	PRON
cblr-9108	498	38	stock	stock	NOUN
cblr-9108	498	39	)	)	PUNCT
cblr-9108	498	40	only	only	ADV
cblr-9108	498	41	tend	tend	VERB
cblr-9108	498	42	to	to	PART
cblr-9108	498	43	occur	occur	VERB
cblr-9108	498	44	when	when	SCONJ
cblr-9108	498	45	the	the	DET
cblr-9108	498	46	firm	firm	NOUN
cblr-9108	498	47	accepts	accept	VERB
cblr-9108	498	48	new	new	ADJ
cblr-9108	498	49	financing	financing	NOUN
cblr-9108	498	50	or	or	CCONJ
cblr-9108	498	51	when	when	SCONJ
cblr-9108	498	52	the	the	DET
cblr-9108	498	53	company	company	NOUN
cblr-9108	498	54	is	be	AUX
cblr-9108	498	55	acquired.128	acquired.128	NOUN
cblr-9108	498	56	for	for	ADP
cblr-9108	498	57	this	this	DET
cblr-9108	498	58	reason	reason	NOUN
cblr-9108	498	59	,	,	PUNCT
cblr-9108	498	60	it	it	PRON
cblr-9108	498	61	is	be	AUX
cblr-9108	498	62	usually	usually	ADV
cblr-9108	498	63	inapt	inapt	ADJ
cblr-9108	498	64	even	even	ADV
cblr-9108	498	65	to	to	PART
cblr-9108	498	66	refer	refer	VERB
cblr-9108	498	67	to	to	ADP
cblr-9108	498	68	the	the	DET
cblr-9108	498	69	“	"	PUNCT
cblr-9108	498	70	stock	stock	NOUN
cblr-9108	498	71	price	price	NOUN
cblr-9108	498	72	”	"	PUNCT
cblr-9108	498	73	of	of	ADP
cblr-9108	498	74	a	a	DET
cblr-9108	498	75	private	private	ADJ
cblr-9108	498	76	company	company	NOUN
cblr-9108	498	77	.	.	PUNCT
cblr-9108	499	1	iii	iii	X
cblr-9108	499	2	.	.	PUNCT
cblr-9108	499	3	informationally	informationally	ADV
cblr-9108	499	4	rich	rich	ADJ
cblr-9108	499	5	environment	environment	NOUN
cblr-9108	499	6	the	the	DET
cblr-9108	499	7	active	active	ADJ
cblr-9108	499	8	secondary	secondary	ADJ
cblr-9108	499	9	market	market	NOUN
cblr-9108	499	10	for	for	ADP
cblr-9108	499	11	public	public	ADJ
cblr-9108	499	12	companies	company	NOUN
cblr-9108	499	13	’	'	PUNCT
cblr-9108	499	14	stock	stock	NOUN
cblr-9108	499	15	reflects	reflect	VERB
cblr-9108	499	16	extensive	extensive	ADJ
cblr-9108	499	17	and	and	CCONJ
cblr-9108	499	18	continually	continually	ADV
cblr-9108	499	19	updated	update	VERB
cblr-9108	499	20	information	information	NOUN
cblr-9108	499	21	.	.	PUNCT
cblr-9108	500	1	in	in	ADP
cblr-9108	500	2	addition	addition	NOUN
cblr-9108	500	3	to	to	ADP
cblr-9108	500	4	the	the	DET
cblr-9108	500	5	disclosure	disclosure	NOUN
cblr-9108	500	6	required	require	VERB
cblr-9108	500	7	of	of	ADP
cblr-9108	500	8	public	public	ADJ
cblr-9108	500	9	companies	company	NOUN
cblr-9108	500	10	under	under	ADP
cblr-9108	500	11	the	the	DET
cblr-9108	500	12	securities	security	NOUN
cblr-9108	500	13	laws	law	NOUN
cblr-9108	500	14	,	,	PUNCT
cblr-9108	500	15	information	information	NOUN
cblr-9108	500	16	is	be	AUX
cblr-9108	500	17	also	also	ADV
cblr-9108	500	18	generated	generate	VERB
cblr-9108	500	19	and	and	CCONJ
cblr-9108	500	20	rapidly	rapidly	ADV
cblr-9108	500	21	disseminated	disseminate	VERB
cblr-9108	500	22	through	through	ADP
cblr-9108	500	23	the	the	DET
cblr-9108	500	24	continuous	continuous	ADJ
cblr-9108	500	25	stock	stock	NOUN
cblr-9108	500	26	prices	price	NOUN
cblr-9108	500	27	discussed	discuss	VERB
cblr-9108	500	28	above,129	above,129	PROPN
cblr-9108	500	29	as	as	ADV
cblr-9108	500	30	well	well	ADV
cblr-9108	500	31	as	as	ADP
cblr-9108	500	32	the	the	DET
cblr-9108	500	33	combination	combination	NOUN
cblr-9108	500	34	of	of	ADP
cblr-9108	500	35	stock	stock	NOUN
cblr-9108	500	36	analyst	analyst	NOUN
cblr-9108	500	37	reports	report	NOUN
cblr-9108	500	38	,	,	PUNCT
cblr-9108	500	39	media	medium	NOUN
cblr-9108	500	40	coverage	coverage	NOUN
cblr-9108	500	41	,	,	PUNCT
cblr-9108	500	42	and	and	CCONJ
cblr-9108	500	43	publicly	publicly	ADV
cblr-9108	500	44	available	available	ADJ
cblr-9108	500	45	data	data	NOUN
cblr-9108	500	46	sets	set	NOUN
cblr-9108	500	47	that	that	PRON
cblr-9108	500	48	have	have	AUX
cblr-9108	500	49	developed	develop	VERB
cblr-9108	500	50	around	around	ADP
cblr-9108	500	51	public	public	ADJ
cblr-9108	500	52	companies	company	NOUN
cblr-9108	500	53	and	and	CCONJ
cblr-9108	500	54	publicly	publicly	ADV
cblr-9108	500	55	-	-	PUNCT
cblr-9108	500	56	traded	trade	VERB
cblr-9108	500	57	stock	stock	NOUN
cblr-9108	500	58	.	.	PUNCT
cblr-9108	501	1	most	most	ADV
cblr-9108	501	2	importantly	importantly	ADV
cblr-9108	501	3	,	,	PUNCT
cblr-9108	501	4	the	the	DET
cblr-9108	501	5	combination	combination	NOUN
cblr-9108	501	6	of	of	ADP
cblr-9108	501	7	continuous	continuous	ADJ
cblr-9108	501	8	stock	stock	NOUN
cblr-9108	501	9	prices	price	NOUN
cblr-9108	501	10	and	and	CCONJ
cblr-9108	501	11	copious	copious	ADJ
cblr-9108	501	12	,	,	PUNCT
cblr-9108	501	13	widely	widely	ADV
cblr-9108	501	14	available	available	ADJ
cblr-9108	501	15	information	information	NOUN
cblr-9108	501	16	ensures	ensure	VERB
cblr-9108	501	17	that	that	SCONJ
cblr-9108	501	18	the	the	DET
cblr-9108	501	19	market	market	NOUN
cblr-9108	501	20	for	for	ADP
cblr-9108	501	21	publicly	publicly	ADV
cblr-9108	501	22	-	-	PUNCT
cblr-9108	501	23	traded	trade	VERB
cblr-9108	501	24	stock	stock	NOUN
cblr-9108	501	25	is	be	AUX
cblr-9108	501	26	a	a	DET
cblr-9108	501	27	relatively	relatively	ADV
cblr-9108	501	28	efficient	efficient	ADJ
cblr-9108	501	29	126	126	NUM
cblr-9108	501	30	richard	richard	NOUN
cblr-9108	501	31	a.	a.	NOUN
cblr-9108	501	32	brealey	brealey	PROPN
cblr-9108	501	33	et	et	PROPN
cblr-9108	501	34	al	al	PROPN
cblr-9108	501	35	.	.	PROPN
cblr-9108	501	36	,	,	PUNCT
cblr-9108	501	37	principles	principle	NOUN
cblr-9108	501	38	of	of	ADP
cblr-9108	501	39	corporate	corporate	ADJ
cblr-9108	501	40	finance	finance	NOUN
cblr-9108	501	41	448	448	NUM
cblr-9108	501	42	(	(	PUNCT
cblr-9108	501	43	12th	12th	NOUN
cblr-9108	501	44	ed	ed	NOUN
cblr-9108	501	45	.	.	PROPN
cblr-9108	501	46	2017	2017	NUM
cblr-9108	501	47	)	)	PUNCT
cblr-9108	501	48	(	(	PUNCT
cblr-9108	501	49	demonstrating	demonstrate	VERB
cblr-9108	501	50	that	that	SCONJ
cblr-9108	501	51	shareholders	shareholder	NOUN
cblr-9108	501	52	with	with	ADP
cblr-9108	501	53	diverse	diverse	ADJ
cblr-9108	501	54	time	time	NOUN
cblr-9108	501	55	horizons	horizon	NOUN
cblr-9108	501	56	will	will	AUX
cblr-9108	501	57	want	want	VERB
cblr-9108	501	58	corporate	corporate	ADJ
cblr-9108	501	59	managers	manager	NOUN
cblr-9108	501	60	to	to	PART
cblr-9108	501	61	maximize	maximize	VERB
cblr-9108	501	62	the	the	DET
cblr-9108	501	63	firm	firm	NOUN
cblr-9108	501	64	’s	’s	PART
cblr-9108	501	65	current	current	ADJ
cblr-9108	501	66	stock	stock	NOUN
cblr-9108	501	67	price	price	NOUN
cblr-9108	501	68	,	,	PUNCT
cblr-9108	501	69	assuming	assume	VERB
cblr-9108	501	70	that	that	SCONJ
cblr-9108	501	71	the	the	DET
cblr-9108	501	72	stock	stock	NOUN
cblr-9108	501	73	trades	trade	VERB
cblr-9108	501	74	in	in	ADP
cblr-9108	501	75	a	a	DET
cblr-9108	501	76	liquid	liquid	ADJ
cblr-9108	501	77	and	and	CCONJ
cblr-9108	501	78	informationally	informationally	ADV
cblr-9108	501	79	efficient	efficient	ADJ
cblr-9108	501	80	market	market	NOUN
cblr-9108	501	81	)	)	PUNCT
cblr-9108	501	82	.	.	PUNCT
cblr-9108	502	1	127	127	NUM
cblr-9108	502	2	see	see	VERB
cblr-9108	502	3	cox	cox	PROPN
cblr-9108	502	4	et	et	PROPN
cblr-9108	502	5	al	al	PROPN
cblr-9108	502	6	.	.	PROPN
cblr-9108	502	7	,	,	PUNCT
cblr-9108	502	8	supra	supra	PROPN
cblr-9108	502	9	note	note	PROPN
cblr-9108	502	10	105	105	NUM
cblr-9108	502	11	,	,	PUNCT
cblr-9108	502	12	at	at	ADP
cblr-9108	502	13	276–77	276–77	NOUN
cblr-9108	502	14	(	(	PUNCT
cblr-9108	502	15	noting	note	VERB
cblr-9108	502	16	the	the	DET
cblr-9108	502	17	many	many	ADJ
cblr-9108	502	18	restrictions	restriction	NOUN
cblr-9108	502	19	typically	typically	ADV
cblr-9108	502	20	placed	place	VERB
cblr-9108	502	21	on	on	ADP
cblr-9108	502	22	the	the	DET
cblr-9108	502	23	trading	trading	NOUN
cblr-9108	502	24	of	of	ADP
cblr-9108	502	25	privately	privately	ADV
cblr-9108	502	26	issued	issue	VERB
cblr-9108	502	27	securities	security	NOUN
cblr-9108	502	28	)	)	PUNCT
cblr-9108	502	29	.	.	PUNCT
cblr-9108	503	1	128	128	NUM
cblr-9108	503	2	see	see	VERB
cblr-9108	503	3	david	david	PROPN
cblr-9108	503	4	f.	f.	PROPN
cblr-9108	503	5	larcker	larcker	PROPN
cblr-9108	503	6	et	et	PROPN
cblr-9108	503	7	al	al	PROPN
cblr-9108	503	8	.	.	PROPN
cblr-9108	503	9	,	,	PUNCT
cblr-9108	503	10	cashing	cash	VERB
cblr-9108	503	11	it	it	PRON
cblr-9108	503	12	in	in	ADP
cblr-9108	503	13	:	:	PUNCT
cblr-9108	503	14	private	private	ADJ
cblr-9108	503	15	-	-	PUNCT
cblr-9108	503	16	company	company	NOUN
cblr-9108	503	17	exchanges	exchange	NOUN
cblr-9108	503	18	and	and	CCONJ
cblr-9108	503	19	employee	employee	NOUN
cblr-9108	503	20	stock	stock	NOUN
cblr-9108	503	21	sale	sale	NOUN
cblr-9108	503	22	prior	prior	ADV
cblr-9108	503	23	to	to	ADP
cblr-9108	503	24	ipo	ipo	PROPN
cblr-9108	503	25	,	,	PUNCT
cblr-9108	503	26	harv	harv	PROPN
cblr-9108	503	27	.	.	PUNCT
cblr-9108	504	1	l.	l.	PROPN
cblr-9108	504	2	sch	sch	PROPN
cblr-9108	504	3	.	.	PUNCT
cblr-9108	505	1	f.	f.	PROPN
cblr-9108	505	2	on	on	ADP
cblr-9108	505	3	corp	corp	PROPN
cblr-9108	505	4	.	.	PROPN
cblr-9108	505	5	governance	governance	PROPN
cblr-9108	505	6	&	&	CCONJ
cblr-9108	505	7	fin	fin	PROPN
cblr-9108	505	8	.	.	PUNCT
cblr-9108	506	1	regul	regul	NOUN
cblr-9108	506	2	.	.	PUNCT
cblr-9108	507	1	(	(	PUNCT
cblr-9108	507	2	oct	oct	PROPN
cblr-9108	507	3	.	.	PROPN
cblr-9108	507	4	9	9	NUM
cblr-9108	507	5	,	,	PUNCT
cblr-9108	507	6	2018	2018	NUM
cblr-9108	507	7	)	)	PUNCT
cblr-9108	507	8	(	(	PUNCT
cblr-9108	507	9	“	"	PUNCT
cblr-9108	507	10	[	[	X
cblr-9108	507	11	e]mployees	e]mployees	PRON
cblr-9108	507	12	who	who	PRON
cblr-9108	507	13	sell	sell	VERB
cblr-9108	507	14	equity	equity	NOUN
cblr-9108	507	15	awards	award	NOUN
cblr-9108	507	16	in	in	ADP
cblr-9108	507	17	private	private	ADJ
cblr-9108	507	18	-	-	PUNCT
cblr-9108	507	19	company	company	NOUN
cblr-9108	507	20	securities	security	NOUN
cblr-9108	507	21	that	that	PRON
cblr-9108	507	22	are	be	AUX
cblr-9108	507	23	not	not	PART
cblr-9108	507	24	registered	register	VERB
cblr-9108	507	25	with	with	ADP
cblr-9108	507	26	the	the	DET
cblr-9108	507	27	sec	sec	PROPN
cblr-9108	507	28	might	might	AUX
cblr-9108	507	29	not	not	PART
cblr-9108	507	30	get	get	VERB
cblr-9108	507	31	a	a	DET
cblr-9108	507	32	‘	'	PUNCT
cblr-9108	507	33	fair	fair	ADJ
cblr-9108	507	34	’	'	PUNCT
cblr-9108	507	35	price	price	NOUN
cblr-9108	507	36	for	for	ADP
cblr-9108	507	37	their	their	PRON
cblr-9108	507	38	investment	investment	NOUN
cblr-9108	507	39	,	,	PUNCT
cblr-9108	507	40	based	base	VERB
cblr-9108	507	41	on	on	ADP
cblr-9108	507	42	previous	previous	ADJ
cblr-9108	507	43	funding	funding	NOUN
cblr-9108	507	44	valuations	valuation	NOUN
cblr-9108	507	45	or	or	CCONJ
cblr-9108	507	46	what	what	PRON
cblr-9108	507	47	they	they	PRON
cblr-9108	507	48	would	would	AUX
cblr-9108	507	49	get	get	VERB
cblr-9108	507	50	through	through	ADP
cblr-9108	507	51	an	an	DET
cblr-9108	507	52	ipo	ipo	NOUN
cblr-9108	507	53	or	or	CCONJ
cblr-9108	507	54	acquisition	acquisition	NOUN
cblr-9108	507	55	.	.	PUNCT
cblr-9108	507	56	”	"	PUNCT
cblr-9108	507	57	)	)	PUNCT
cblr-9108	507	58	;	;	PUNCT
cblr-9108	507	59	see	see	VERB
cblr-9108	507	60	also	also	ADV
cblr-9108	507	61	elizabeth	elizabeth	PROPN
cblr-9108	507	62	pollman	pollman	PROPN
cblr-9108	507	63	,	,	PUNCT
cblr-9108	507	64	information	information	NOUN
cblr-9108	507	65	issues	issue	NOUN
cblr-9108	507	66	on	on	ADP
cblr-9108	507	67	wall	wall	PROPN
cblr-9108	507	68	street	street	PROPN
cblr-9108	507	69	2.0	2.0	NUM
cblr-9108	507	70	,	,	PUNCT
cblr-9108	507	71	161	161	NUM
cblr-9108	507	72	u.	u.	NOUN
cblr-9108	507	73	pa	pa	PROPN
cblr-9108	507	74	.	.	PUNCT
cblr-9108	507	75	l.	l.	PROPN
cblr-9108	507	76	rev	rev	PROPN
cblr-9108	507	77	.	.	PROPN
cblr-9108	507	78	179	179	NUM
cblr-9108	507	79	,	,	PUNCT
cblr-9108	507	80	203	203	NUM
cblr-9108	507	81	,	,	PUNCT
cblr-9108	507	82	209	209	NUM
cblr-9108	507	83	(	(	PUNCT
cblr-9108	507	84	2012	2012	NUM
cblr-9108	507	85	)	)	PUNCT
cblr-9108	507	86	(	(	PUNCT
cblr-9108	507	87	noting	note	VERB
cblr-9108	507	88	that	that	SCONJ
cblr-9108	507	89	the	the	DET
cblr-9108	507	90	market	market	NOUN
cblr-9108	507	91	for	for	ADP
cblr-9108	507	92	private	private	ADJ
cblr-9108	507	93	company	company	NOUN
cblr-9108	507	94	stock	stock	NOUN
cblr-9108	507	95	remains	remain	VERB
cblr-9108	507	96	largely	largely	ADV
cblr-9108	507	97	illiquid	illiquid	ADJ
cblr-9108	507	98	)	)	PUNCT
cblr-9108	507	99	.	.	PUNCT
cblr-9108	508	1	129	129	NUM
cblr-9108	508	2	see	see	VERB
cblr-9108	508	3	supra	supra	PROPN
cblr-9108	508	4	section	section	PROPN
cblr-9108	508	5	iv.a.2.b	iv.a.2.b	PROPN
cblr-9108	508	6	.	.	PUNCT
cblr-9108	509	1	1232	1232	NUM
cblr-9108	509	2	columbia	columbia	PROPN
cblr-9108	509	3	business	business	PROPN
cblr-9108	509	4	law	law	PROPN
cblr-9108	509	5	review	review	NOUN
cblr-9108	509	6	[	[	X
cblr-9108	509	7	vol	vol	NOUN
cblr-9108	509	8	.	.	PUNCT
cblr-9108	510	1	2021	2021	NUM
cblr-9108	510	2	one	one	NUM
cblr-9108	510	3	—	—	PUNCT
cblr-9108	510	4	by	by	ADP
cblr-9108	510	5	which	which	PRON
cblr-9108	510	6	we	we	PRON
cblr-9108	510	7	mean	mean	VERB
cblr-9108	510	8	that	that	SCONJ
cblr-9108	510	9	stock	stock	NOUN
cblr-9108	510	10	prices	price	NOUN
cblr-9108	510	11	rapidly	rapidly	ADV
cblr-9108	510	12	incorporate	incorporate	VERB
cblr-9108	510	13	material	material	NOUN
cblr-9108	510	14	information	information	NOUN
cblr-9108	510	15	,	,	PUNCT
cblr-9108	510	16	due	due	ADP
cblr-9108	510	17	to	to	ADP
cblr-9108	510	18	the	the	DET
cblr-9108	510	19	trading	trading	NOUN
cblr-9108	510	20	of	of	ADP
cblr-9108	510	21	informed	informed	ADJ
cblr-9108	510	22	market	market	NOUN
cblr-9108	510	23	participants	participant	NOUN
cblr-9108	510	24	,	,	PUNCT
cblr-9108	510	25	and	and	CCONJ
cblr-9108	510	26	change	change	VERB
cblr-9108	510	27	accordingly.130	accordingly.130	ADJ
cblr-9108	510	28	market	market	NOUN
cblr-9108	510	29	efficiency	efficiency	NOUN
cblr-9108	510	30	in	in	ADP
cblr-9108	510	31	turn	turn	NOUN
cblr-9108	510	32	affects	affect	VERB
cblr-9108	510	33	the	the	DET
cblr-9108	510	34	governance	governance	NOUN
cblr-9108	510	35	and	and	CCONJ
cblr-9108	510	36	ownership	ownership	NOUN
cblr-9108	510	37	characteristics	characteristic	NOUN
cblr-9108	510	38	of	of	ADP
cblr-9108	510	39	public	public	ADJ
cblr-9108	510	40	companies	company	NOUN
cblr-9108	510	41	in	in	ADP
cblr-9108	510	42	a	a	DET
cblr-9108	510	43	number	number	NOUN
cblr-9108	510	44	of	of	ADP
cblr-9108	510	45	ways	way	NOUN
cblr-9108	510	46	,	,	PUNCT
cblr-9108	510	47	such	such	ADJ
cblr-9108	510	48	as	as	ADP
cblr-9108	510	49	by	by	ADP
cblr-9108	510	50	allowing	allow	VERB
cblr-9108	510	51	for	for	ADP
cblr-9108	510	52	purely	purely	ADV
cblr-9108	510	53	passive	passive	ADJ
cblr-9108	510	54	investors	investor	NOUN
cblr-9108	510	55	like	like	ADP
cblr-9108	510	56	index	index	NOUN
cblr-9108	510	57	funds	fund	NOUN
cblr-9108	510	58	.	.	PUNCT
cblr-9108	511	1	the	the	DET
cblr-9108	511	2	information	information	NOUN
cblr-9108	511	3	environment	environment	NOUN
cblr-9108	511	4	for	for	ADP
cblr-9108	511	5	private	private	ADJ
cblr-9108	511	6	companies	company	NOUN
cblr-9108	511	7	is	be	AUX
cblr-9108	511	8	strikingly	strikingly	ADV
cblr-9108	511	9	different	different	ADJ
cblr-9108	511	10	.	.	PUNCT
cblr-9108	512	1	as	as	SCONJ
cblr-9108	512	2	discussed	discuss	VERB
cblr-9108	512	3	,	,	PUNCT
cblr-9108	512	4	private	private	ADJ
cblr-9108	512	5	companies	company	NOUN
cblr-9108	512	6	may	may	AUX
cblr-9108	512	7	forgo	forgo	VERB
cblr-9108	512	8	virtually	virtually	ADV
cblr-9108	512	9	all	all	DET
cblr-9108	512	10	disclosure	disclosure	NOUN
cblr-9108	512	11	regarding	regard	VERB
cblr-9108	512	12	their	their	PRON
cblr-9108	512	13	operations	operation	NOUN
cblr-9108	512	14	,	,	PUNCT
cblr-9108	512	15	governance	governance	NOUN
cblr-9108	512	16	,	,	PUNCT
cblr-9108	512	17	and	and	CCONJ
cblr-9108	512	18	financial	financial	ADJ
cblr-9108	512	19	condition	condition	NOUN
cblr-9108	512	20	to	to	ADP
cblr-9108	512	21	the	the	DET
cblr-9108	512	22	public	public	NOUN
cblr-9108	512	23	and	and	CCONJ
cblr-9108	512	24	regulators	regulator	NOUN
cblr-9108	512	25	,	,	PUNCT
cblr-9108	512	26	and	and	CCONJ
cblr-9108	512	27	may	may	AUX
cblr-9108	512	28	even	even	ADV
cblr-9108	512	29	refrain	refrain	VERB
cblr-9108	512	30	from	from	ADP
cblr-9108	512	31	disclosing	disclose	VERB
cblr-9108	512	32	much	much	ADJ
cblr-9108	512	33	to	to	ADP
cblr-9108	512	34	some	some	PRON
cblr-9108	512	35	or	or	CCONJ
cblr-9108	512	36	many	many	ADJ
cblr-9108	512	37	of	of	ADP
cblr-9108	512	38	their	their	PRON
cblr-9108	512	39	own	own	ADJ
cblr-9108	512	40	shareholders	shareholder	NOUN
cblr-9108	512	41	,	,	PUNCT
cblr-9108	512	42	unless	unless	SCONJ
cblr-9108	512	43	the	the	DET
cblr-9108	512	44	latter	latter	ADJ
cblr-9108	512	45	specifically	specifically	ADV
cblr-9108	512	46	contract	contract	NOUN
cblr-9108	512	47	for	for	ADP
cblr-9108	512	48	disclosure	disclosure	NOUN
cblr-9108	512	49	rights.131	rights.131	VERB
cblr-9108	512	50	among	among	ADP
cblr-9108	512	51	other	other	ADJ
cblr-9108	512	52	things	thing	NOUN
cblr-9108	512	53	,	,	PUNCT
cblr-9108	512	54	this	this	PRON
cblr-9108	512	55	poses	pose	VERB
cblr-9108	512	56	significant	significant	ADJ
cblr-9108	512	57	valuation	valuation	NOUN
cblr-9108	512	58	and	and	CCONJ
cblr-9108	512	59	monitoring	monitor	VERB
cblr-9108	512	60	challenges	challenge	NOUN
cblr-9108	512	61	for	for	ADP
cblr-9108	512	62	private	private	ADJ
cblr-9108	512	63	companies	company	NOUN
cblr-9108	512	64	,	,	PUNCT
cblr-9108	512	65	whose	whose	DET
cblr-9108	512	66	ownership	ownership	NOUN
cblr-9108	512	67	is	be	AUX
cblr-9108	512	68	largely	largely	ADV
cblr-9108	512	69	limited	limit	VERB
cblr-9108	512	70	to	to	ADP
cblr-9108	512	71	insiders	insider	NOUN
cblr-9108	512	72	and	and	CCONJ
cblr-9108	512	73	active	active	ADJ
cblr-9108	512	74	shareholders	shareholder	NOUN
cblr-9108	512	75	with	with	ADP
cblr-9108	512	76	large	large	ADJ
cblr-9108	512	77	stakes	stake	NOUN
cblr-9108	512	78	in	in	ADP
cblr-9108	512	79	the	the	DET
cblr-9108	512	80	firm.132	firm.132	NUM
cblr-9108	512	81	iv	iv	NOUN
cblr-9108	512	82	.	.	PUNCT
cblr-9108	513	1	aggregate	aggregate	ADJ
cblr-9108	513	2	litigation	litigation	NOUN
cblr-9108	513	3	a	a	DET
cblr-9108	513	4	final	final	ADJ
cblr-9108	513	5	explanation	explanation	NOUN
cblr-9108	513	6	for	for	ADP
cblr-9108	513	7	why	why	SCONJ
cblr-9108	513	8	public	public	ADJ
cblr-9108	513	9	and	and	CCONJ
cblr-9108	513	10	private	private	ADJ
cblr-9108	513	11	companies	company	NOUN
cblr-9108	513	12	differ	differ	VERB
cblr-9108	513	13	in	in	ADP
cblr-9108	513	14	their	their	PRON
cblr-9108	513	15	governance	governance	NOUN
cblr-9108	513	16	and	and	CCONJ
cblr-9108	513	17	behavior	behavior	NOUN
cblr-9108	513	18	has	have	VERB
cblr-9108	513	19	to	to	PART
cblr-9108	513	20	do	do	VERB
cblr-9108	513	21	with	with	ADP
cblr-9108	513	22	the	the	DET
cblr-9108	513	23	amount	amount	NOUN
cblr-9108	513	24	and	and	CCONJ
cblr-9108	513	25	types	type	NOUN
cblr-9108	513	26	of	of	ADP
cblr-9108	513	27	litigation	litigation	NOUN
cblr-9108	513	28	that	that	PRON
cblr-9108	513	29	each	each	DET
cblr-9108	513	30	face	face	NOUN
cblr-9108	513	31	,	,	PUNCT
cblr-9108	513	32	respectively	respectively	ADV
cblr-9108	513	33	.	.	PUNCT
cblr-9108	514	1	public	public	ADJ
cblr-9108	514	2	companies	company	NOUN
cblr-9108	514	3	are	be	AUX
cblr-9108	514	4	frequent	frequent	ADJ
cblr-9108	514	5	targets	target	NOUN
cblr-9108	514	6	of	of	ADP
cblr-9108	514	7	aggregate	aggregate	ADJ
cblr-9108	514	8	litigation	litigation	NOUN
cblr-9108	514	9	,	,	PUNCT
cblr-9108	514	10	including	include	VERB
cblr-9108	514	11	shareholder	shareholder	NOUN
cblr-9108	514	12	claims	claim	NOUN
cblr-9108	514	13	in	in	ADP
cblr-9108	514	14	the	the	DET
cblr-9108	514	15	form	form	NOUN
cblr-9108	514	16	of	of	ADP
cblr-9108	514	17	class	class	NOUN
cblr-9108	514	18	action	action	NOUN
cblr-9108	514	19	lawsuits	lawsuit	NOUN
cblr-9108	514	20	under	under	ADP
cblr-9108	514	21	the	the	DET
cblr-9108	514	22	federal	federal	ADJ
cblr-9108	514	23	securities	security	NOUN
cblr-9108	514	24	laws	law	NOUN
cblr-9108	514	25	or	or	CCONJ
cblr-9108	514	26	state	state	NOUN
cblr-9108	514	27	corporate	corporate	ADJ
cblr-9108	514	28	law.133	law.133	NOUN
cblr-9108	514	29	this	this	PRON
cblr-9108	514	30	is	be	AUX
cblr-9108	514	31	so	so	ADV
cblr-9108	514	32	for	for	ADP
cblr-9108	514	33	several	several	ADJ
cblr-9108	514	34	reasons	reason	NOUN
cblr-9108	514	35	.	.	PUNCT
cblr-9108	515	1	first	first	ADV
cblr-9108	515	2	,	,	PUNCT
cblr-9108	515	3	the	the	DET
cblr-9108	515	4	130	130	NUM
cblr-9108	515	5	see	see	NOUN
cblr-9108	515	6	de	de	X
cblr-9108	515	7	fontenay	fontenay	NOUN
cblr-9108	515	8	,	,	PUNCT
cblr-9108	515	9	supra	supra	PROPN
cblr-9108	515	10	note	note	PROPN
cblr-9108	515	11	6	6	NUM
cblr-9108	515	12	,	,	PUNCT
cblr-9108	515	13	at	at	ADP
cblr-9108	515	14	485	485	NUM
cblr-9108	515	15	(	(	PUNCT
cblr-9108	515	16	“	"	PUNCT
cblr-9108	515	17	at	at	ADP
cblr-9108	515	18	a	a	DET
cblr-9108	515	19	minimum	minimum	NOUN
cblr-9108	515	20	,	,	PUNCT
cblr-9108	515	21	there	there	PRON
cblr-9108	515	22	is	be	VERB
cblr-9108	515	23	overwhelming	overwhelming	ADJ
cblr-9108	515	24	evidence	evidence	NOUN
cblr-9108	515	25	that	that	SCONJ
cblr-9108	515	26	stock	stock	NOUN
cblr-9108	515	27	prices	price	NOUN
cblr-9108	515	28	on	on	ADP
cblr-9108	515	29	the	the	DET
cblr-9108	515	30	major	major	ADJ
cblr-9108	515	31	exchanges	exchange	NOUN
cblr-9108	515	32	change	change	VERB
cblr-9108	515	33	virtually	virtually	ADV
cblr-9108	515	34	instantaneously	instantaneously	ADV
cblr-9108	515	35	in	in	ADP
cblr-9108	515	36	response	response	NOUN
cblr-9108	515	37	to	to	PART
cblr-9108	515	38	salient	salient	VERB
cblr-9108	515	39	new	new	ADJ
cblr-9108	515	40	investment	investment	NOUN
cblr-9108	515	41	information	information	NOUN
cblr-9108	515	42	.	.	PUNCT
cblr-9108	515	43	”	"	PUNCT
cblr-9108	515	44	)	)	PUNCT
cblr-9108	515	45	.	.	PUNCT
cblr-9108	516	1	131	131	NUM
cblr-9108	516	2	supra	supra	PROPN
cblr-9108	516	3	note	note	VERB
cblr-9108	516	4	119	119	NUM
cblr-9108	516	5	and	and	CCONJ
cblr-9108	516	6	accompanying	accompany	VERB
cblr-9108	516	7	text	text	NOUN
cblr-9108	516	8	.	.	PUNCT
cblr-9108	517	1	132	132	NUM
cblr-9108	517	2	see	see	VERB
cblr-9108	517	3	thomas	thomas	PROPN
cblr-9108	517	4	j.	j.	PROPN
cblr-9108	517	5	chemmanur	chemmanur	PROPN
cblr-9108	517	6	&	&	CCONJ
cblr-9108	517	7	paolo	paolo	PROPN
cblr-9108	517	8	fulghieri	fulghieri	PROPN
cblr-9108	517	9	,	,	PUNCT
cblr-9108	517	10	a	a	DET
cblr-9108	517	11	theory	theory	NOUN
cblr-9108	517	12	of	of	ADP
cblr-9108	517	13	the	the	DET
cblr-9108	517	14	going	go	VERB
cblr-9108	517	15	-	-	PUNCT
cblr-9108	517	16	public	public	ADJ
cblr-9108	517	17	decision	decision	NOUN
cblr-9108	517	18	,	,	PUNCT
cblr-9108	517	19	12	12	NUM
cblr-9108	517	20	rev	rev	X
cblr-9108	517	21	.	.	PROPN
cblr-9108	518	1	fin	fin	NOUN
cblr-9108	518	2	.	.	PUNCT
cblr-9108	519	1	studs	stud	NOUN
cblr-9108	519	2	.	.	PUNCT
cblr-9108	520	1	249	249	NUM
cblr-9108	520	2	,	,	PUNCT
cblr-9108	520	3	250	250	NUM
cblr-9108	520	4	(	(	PUNCT
cblr-9108	520	5	1999	1999	NUM
cblr-9108	520	6	)	)	PUNCT
cblr-9108	520	7	(	(	PUNCT
cblr-9108	520	8	“	"	PUNCT
cblr-9108	520	9	in	in	ADP
cblr-9108	520	10	the	the	DET
cblr-9108	520	11	case	case	NOUN
cblr-9108	520	12	of	of	ADP
cblr-9108	520	13	public	public	ADJ
cblr-9108	520	14	firms	firm	NOUN
cblr-9108	520	15	,	,	PUNCT
cblr-9108	520	16	the	the	DET
cblr-9108	520	17	required	require	VERB
cblr-9108	520	18	capital	capital	NOUN
cblr-9108	520	19	is	be	AUX
cblr-9108	520	20	generated	generate	VERB
cblr-9108	520	21	(	(	PUNCT
cblr-9108	520	22	in	in	ADP
cblr-9108	520	23	general	general	ADJ
cblr-9108	520	24	)	)	PUNCT
cblr-9108	520	25	by	by	ADP
cblr-9108	520	26	selling	sell	VERB
cblr-9108	520	27	shares	share	NOUN
cblr-9108	520	28	to	to	ADP
cblr-9108	520	29	a	a	DET
cblr-9108	520	30	large	large	ADJ
cblr-9108	520	31	number	number	NOUN
cblr-9108	520	32	of	of	ADP
cblr-9108	520	33	investors	investor	NOUN
cblr-9108	520	34	,	,	PUNCT
cblr-9108	520	35	whereas	whereas	SCONJ
cblr-9108	520	36	with	with	ADP
cblr-9108	520	37	private	private	ADJ
cblr-9108	520	38	firms	firm	NOUN
cblr-9108	520	39	,	,	PUNCT
cblr-9108	520	40	much	much	ADJ
cblr-9108	520	41	of	of	ADP
cblr-9108	520	42	the	the	DET
cblr-9108	520	43	external	external	ADJ
cblr-9108	520	44	financing	financing	NOUN
cblr-9108	520	45	is	be	AUX
cblr-9108	520	46	provided	provide	VERB
cblr-9108	520	47	by	by	ADP
cblr-9108	520	48	one	one	NUM
cblr-9108	520	49	large	large	ADJ
cblr-9108	520	50	investor	investor	NOUN
cblr-9108	520	51	(	(	PUNCT
cblr-9108	520	52	often	often	ADV
cblr-9108	520	53	a	a	DET
cblr-9108	520	54	venture	venture	NOUN
cblr-9108	520	55	capitalist	capitalist	NOUN
cblr-9108	520	56	)	)	PUNCT
cblr-9108	520	57	or	or	CCONJ
cblr-9108	520	58	a	a	DET
cblr-9108	520	59	small	small	ADJ
cblr-9108	520	60	group	group	NOUN
cblr-9108	520	61	of	of	ADP
cblr-9108	520	62	large	large	ADJ
cblr-9108	520	63	investors	investor	NOUN
cblr-9108	520	64	(	(	PUNCT
cblr-9108	520	65	‘	'	PUNCT
cblr-9108	520	66	angels	angel	NOUN
cblr-9108	520	67	’	'	PUNCT
cblr-9108	520	68	)	)	PUNCT
cblr-9108	520	69	.	.	PUNCT
cblr-9108	520	70	”	"	PUNCT
cblr-9108	520	71	)	)	PUNCT
cblr-9108	520	72	.	.	PUNCT
cblr-9108	521	1	133	133	NUM
cblr-9108	521	2	see	see	VERB
cblr-9108	521	3	emily	emily	PROPN
cblr-9108	521	4	strauss	strauss	PROPN
cblr-9108	521	5	,	,	PUNCT
cblr-9108	521	6	is	be	AUX
cblr-9108	521	7	everything	everything	PRON
cblr-9108	521	8	securities	security	NOUN
cblr-9108	521	9	fraud	fraud	NOUN
cblr-9108	521	10	?	?	PUNCT
cblr-9108	522	1	3	3	NUM
cblr-9108	522	2	(	(	PUNCT
cblr-9108	522	3	duke	duke	PROPN
cblr-9108	522	4	l.	l.	PROPN
cblr-9108	522	5	sch	sch	PROPN
cblr-9108	522	6	.	.	PUNCT
cblr-9108	523	1	pub	pub	NOUN
cblr-9108	523	2	.	.	PUNCT
cblr-9108	524	1	l.	l.	PROPN
cblr-9108	524	2	&	&	CCONJ
cblr-9108	524	3	legal	legal	ADJ
cblr-9108	524	4	theory	theory	NOUN
cblr-9108	524	5	series	series	NOUN
cblr-9108	524	6	,	,	PUNCT
cblr-9108	524	7	working	working	NOUN
cblr-9108	524	8	paper	paper	NOUN
cblr-9108	524	9	no	no	NOUN
cblr-9108	524	10	.	.	NOUN
cblr-9108	524	11	2021	2021	NUM
cblr-9108	524	12	-	-	SYM
cblr-9108	524	13	04	04	NUM
cblr-9108	524	14	,	,	PUNCT
cblr-9108	524	15	2021	2021	NUM
cblr-9108	524	16	)	)	PUNCT
cblr-9108	524	17	,	,	PUNCT
cblr-9108	524	18	no	no	INTJ
cblr-9108	524	19	.	.	PUNCT
cblr-9108	525	1	3:1199	3:1199	NUM
cblr-9108	525	2	]	]	X
cblr-9108	525	3	the	the	DET
cblr-9108	525	4	new	new	ADJ
cblr-9108	525	5	public	public	ADJ
cblr-9108	525	6	/	/	SYM
cblr-9108	525	7	private	private	ADJ
cblr-9108	525	8	equilibrium	equilibrium	NOUN
cblr-9108	525	9	1233	1233	NUM
cblr-9108	525	10	informationally	informationally	ADV
cblr-9108	525	11	rich	rich	ADJ
cblr-9108	525	12	environment	environment	NOUN
cblr-9108	525	13	of	of	ADP
cblr-9108	525	14	public	public	ADJ
cblr-9108	525	15	companies	company	NOUN
cblr-9108	525	16	does	do	VERB
cblr-9108	525	17	much	much	ADJ
cblr-9108	525	18	of	of	ADP
cblr-9108	525	19	the	the	DET
cblr-9108	525	20	legwork	legwork	NOUN
cblr-9108	525	21	for	for	ADP
cblr-9108	525	22	plaintiffs	plaintiff	NOUN
cblr-9108	525	23	’	'	PUNCT
cblr-9108	525	24	lawyers	lawyer	NOUN
cblr-9108	525	25	:	:	PUNCT
cblr-9108	525	26	they	they	PRON
cblr-9108	525	27	can	can	AUX
cblr-9108	525	28	generally	generally	ADV
cblr-9108	525	29	expect	expect	VERB
cblr-9108	525	30	to	to	PART
cblr-9108	525	31	learn	learn	VERB
cblr-9108	525	32	of	of	ADP
cblr-9108	525	33	misconduct	misconduct	NOUN
cblr-9108	525	34	within	within	ADP
cblr-9108	525	35	the	the	DET
cblr-9108	525	36	company	company	NOUN
cblr-9108	525	37	(	(	PUNCT
cblr-9108	525	38	and	and	CCONJ
cblr-9108	525	39	the	the	DET
cblr-9108	525	40	surrounding	surround	VERB
cblr-9108	525	41	details	detail	NOUN
cblr-9108	525	42	)	)	PUNCT
cblr-9108	525	43	in	in	ADP
cblr-9108	525	44	due	due	ADJ
cblr-9108	525	45	course	course	NOUN
cblr-9108	525	46	,	,	PUNCT
cblr-9108	525	47	or	or	CCONJ
cblr-9108	525	48	they	they	PRON
cblr-9108	525	49	can	can	AUX
cblr-9108	525	50	pour	pour	VERB
cblr-9108	525	51	over	over	ADP
cblr-9108	525	52	a	a	DET
cblr-9108	525	53	company	company	NOUN
cblr-9108	525	54	’s	’s	PART
cblr-9108	525	55	securities	security	NOUN
cblr-9108	525	56	filings	filing	NOUN
cblr-9108	525	57	to	to	PART
cblr-9108	525	58	find	find	VERB
cblr-9108	525	59	discrepancies	discrepancy	NOUN
cblr-9108	525	60	between	between	ADP
cblr-9108	525	61	the	the	DET
cblr-9108	525	62	company	company	NOUN
cblr-9108	525	63	’s	’s	PART
cblr-9108	525	64	voluminous	voluminous	ADJ
cblr-9108	525	65	disclosures	disclosure	NOUN
cblr-9108	525	66	and	and	CCONJ
cblr-9108	525	67	subsequent	subsequent	ADJ
cblr-9108	525	68	events	event	NOUN
cblr-9108	525	69	,	,	PUNCT
cblr-9108	525	70	regardless	regardless	ADV
cblr-9108	525	71	of	of	ADP
cblr-9108	525	72	whether	whether	SCONJ
cblr-9108	525	73	there	there	PRON
cblr-9108	525	74	is	be	VERB
cblr-9108	525	75	any	any	DET
cblr-9108	525	76	harm	harm	NOUN
cblr-9108	525	77	to	to	ADP
cblr-9108	525	78	the	the	DET
cblr-9108	525	79	company	company	NOUN
cblr-9108	525	80	’s	’s	PART
cblr-9108	525	81	shareholders.134	shareholders.134	PROPN
cblr-9108	525	82	second	second	PROPN
cblr-9108	525	83	,	,	PUNCT
cblr-9108	525	84	the	the	DET
cblr-9108	525	85	relatively	relatively	ADV
cblr-9108	525	86	efficient	efficient	ADJ
cblr-9108	525	87	market	market	NOUN
cblr-9108	525	88	for	for	ADP
cblr-9108	525	89	publicly	publicly	ADV
cblr-9108	525	90	-	-	PUNCT
cblr-9108	525	91	traded	trade	VERB
cblr-9108	525	92	securities	security	NOUN
cblr-9108	525	93	eases	ease	VERB
cblr-9108	525	94	the	the	DET
cblr-9108	525	95	task	task	NOUN
cblr-9108	525	96	of	of	ADP
cblr-9108	525	97	proving	prove	VERB
cblr-9108	525	98	damages	damage	NOUN
cblr-9108	525	99	.	.	PUNCT
cblr-9108	526	1	if	if	SCONJ
cblr-9108	526	2	a	a	DET
cblr-9108	526	3	company	company	NOUN
cblr-9108	526	4	experiences	experience	VERB
cblr-9108	526	5	an	an	DET
cblr-9108	526	6	abnormally	abnormally	ADV
cblr-9108	526	7	large	large	ADJ
cblr-9108	526	8	stock	stock	NOUN
cblr-9108	526	9	price	price	NOUN
cblr-9108	526	10	decline	decline	NOUN
cblr-9108	526	11	following	follow	VERB
cblr-9108	526	12	the	the	DET
cblr-9108	526	13	announcement	announcement	NOUN
cblr-9108	526	14	of	of	ADP
cblr-9108	526	15	corporate	corporate	ADJ
cblr-9108	526	16	misconduct	misconduct	NOUN
cblr-9108	526	17	or	or	CCONJ
cblr-9108	526	18	the	the	DET
cblr-9108	526	19	correction	correction	NOUN
cblr-9108	526	20	of	of	ADP
cblr-9108	526	21	a	a	DET
cblr-9108	526	22	prior	prior	ADJ
cblr-9108	526	23	misstatement	misstatement	NOUN
cblr-9108	526	24	,	,	PUNCT
cblr-9108	526	25	for	for	ADP
cblr-9108	526	26	example	example	NOUN
cblr-9108	526	27	,	,	PUNCT
cblr-9108	526	28	the	the	DET
cblr-9108	526	29	plaintiffs	plaintiff	NOUN
cblr-9108	526	30	can	can	AUX
cblr-9108	526	31	simultaneously	simultaneously	ADV
cblr-9108	526	32	use	use	VERB
cblr-9108	526	33	it	it	PRON
cblr-9108	526	34	as	as	ADP
cblr-9108	526	35	evidence	evidence	NOUN
cblr-9108	526	36	of	of	ADP
cblr-9108	526	37	both	both	DET
cblr-9108	526	38	causation	causation	NOUN
cblr-9108	526	39	and	and	CCONJ
cblr-9108	526	40	amount	amount	NOUN
cblr-9108	526	41	of	of	ADP
cblr-9108	526	42	damages.135	damages.135	NOUN
cblr-9108	526	43	third	third	ADV
cblr-9108	526	44	,	,	PUNCT
cblr-9108	526	45	plaintiffs	plaintiff	NOUN
cblr-9108	526	46	are	be	AUX
cblr-9108	526	47	not	not	PART
cblr-9108	526	48	required	require	VERB
cblr-9108	526	49	to	to	PART
cblr-9108	526	50	prove	prove	VERB
cblr-9108	526	51	reliance	reliance	NOUN
cblr-9108	526	52	on	on	ADP
cblr-9108	526	53	a	a	DET
cblr-9108	526	54	company	company	NOUN
cblr-9108	526	55	’s	’s	PART
cblr-9108	526	56	misconduct	misconduct	NOUN
cblr-9108	526	57	or	or	CCONJ
cblr-9108	526	58	misstatement	misstatement	NOUN
cblr-9108	526	59	if	if	SCONJ
cblr-9108	526	60	the	the	DET
cblr-9108	526	61	stock	stock	NOUN
cblr-9108	526	62	is	be	AUX
cblr-9108	526	63	deemed	deem	VERB
cblr-9108	526	64	to	to	PART
cblr-9108	526	65	trade	trade	VERB
cblr-9108	526	66	in	in	ADP
cblr-9108	526	67	an	an	DET
cblr-9108	526	68	efficient	efficient	ADJ
cblr-9108	526	69	market	market	NOUN
cblr-9108	526	70	,	,	PUNCT
cblr-9108	526	71	under	under	ADP
cblr-9108	526	72	the	the	DET
cblr-9108	526	73	“	"	PUNCT
cblr-9108	526	74	fraud	fraud	NOUN
cblr-9108	526	75	-	-	PUNCT
cblr-9108	526	76	on	on	ADP
cblr-9108	526	77	-	-	PUNCT
cblr-9108	526	78	the	the	DET
cblr-9108	526	79	-	-	PUNCT
cblr-9108	526	80	market	market	NOUN
cblr-9108	526	81	”	"	PUNCT
cblr-9108	526	82	doctrine.136	doctrine.136	NOUN
cblr-9108	526	83	finally	finally	ADV
cblr-9108	526	84	,	,	PUNCT
cblr-9108	526	85	the	the	DET
cblr-9108	526	86	large	large	ADJ
cblr-9108	526	87	and	and	CCONJ
cblr-9108	526	88	dispersed	disperse	VERB
cblr-9108	526	89	shareholder	shareholder	NOUN
cblr-9108	526	90	base	base	NOUN
cblr-9108	526	91	of	of	ADP
cblr-9108	526	92	most	most	ADJ
cblr-9108	526	93	public	public	ADJ
cblr-9108	526	94	companies137	companies137	PROPN
cblr-9108	526	95	makes	make	VERB
cblr-9108	526	96	for	for	ADP
cblr-9108	526	97	a	a	DET
cblr-9108	526	98	ready	ready	ADJ
cblr-9108	526	99	class	class	NOUN
cblr-9108	526	100	of	of	ADP
cblr-9108	526	101	plaintiffs	plaintiff	NOUN
cblr-9108	526	102	:	:	PUNCT
cblr-9108	526	103	individual	individual	ADJ
cblr-9108	526	104	shareholders	shareholder	NOUN
cblr-9108	526	105	with	with	ADP
cblr-9108	526	106	small	small	ADJ
cblr-9108	526	107	holdings	holding	NOUN
cblr-9108	526	108	have	have	VERB
cblr-9108	526	109	no	no	DET
cblr-9108	526	110	reputation	reputation	NOUN
cblr-9108	526	111	to	to	PART
cblr-9108	526	112	protect	protect	VERB
cblr-9108	526	113	from	from	ADP
cblr-9108	526	114	sanction	sanction	NOUN
cblr-9108	526	115	by	by	ADP
cblr-9108	526	116	firms	firm	NOUN
cblr-9108	526	117	.	.	PUNCT
cblr-9108	527	1	in	in	ADP
cblr-9108	527	2	private	private	ADJ
cblr-9108	527	3	companies	company	NOUN
cblr-9108	527	4	,	,	PUNCT
cblr-9108	527	5	by	by	ADP
cblr-9108	527	6	contrast	contrast	NOUN
cblr-9108	527	7	,	,	PUNCT
cblr-9108	527	8	shareholders	shareholder	NOUN
cblr-9108	527	9	may	may	AUX
cblr-9108	527	10	not	not	PART
cblr-9108	527	11	learn	learn	VERB
cblr-9108	527	12	of	of	ADP
cblr-9108	527	13	corporate	corporate	ADJ
cblr-9108	527	14	misconduct	misconduct	NOUN
cblr-9108	527	15	or	or	CCONJ
cblr-9108	527	16	potential	potential	ADJ
cblr-9108	527	17	fiduciary	fiduciary	ADJ
cblr-9108	527	18	duty	duty	NOUN
cblr-9108	527	19	breaches	breach	NOUN
cblr-9108	527	20	until	until	SCONJ
cblr-9108	527	21	there	there	PRON
cblr-9108	527	22	is	be	VERB
cblr-9108	527	23	nothing	nothing	PRON
cblr-9108	527	24	left	leave	VERB
cblr-9108	527	25	for	for	ADP
cblr-9108	527	26	plaintiffs	plaintiff	NOUN
cblr-9108	527	27	to	to	PART
cblr-9108	527	28	recover.138	recover.138	NOUN
cblr-9108	527	29	obtaining	obtain	VERB
cblr-9108	527	30	the	the	DET
cblr-9108	527	31	information	information	NOUN
cblr-9108	527	32	necessary	necessary	ADJ
cblr-9108	527	33	to	to	PART
cblr-9108	527	34	bring	bring	VERB
cblr-9108	527	35	a	a	DET
cblr-9108	527	36	claim	claim	NOUN
cblr-9108	527	37	and	and	CCONJ
cblr-9108	527	38	prove	prove	VERB
cblr-9108	527	39	damages	damage	NOUN
cblr-9108	527	40	can	can	AUX
cblr-9108	527	41	be	be	AUX
cblr-9108	527	42	an	an	DET
cblr-9108	527	43	exceptionally	exceptionally	ADV
cblr-9108	527	44	difficult	difficult	ADJ
cblr-9108	527	45	task	task	NOUN
cblr-9108	527	46	.	.	PUNCT
cblr-9108	528	1	more	more	ADV
cblr-9108	528	2	importantly	importantly	ADV
cblr-9108	528	3	,	,	PUNCT
cblr-9108	528	4	perhaps	perhaps	ADV
cblr-9108	528	5	,	,	PUNCT
cblr-9108	528	6	private	private	ADJ
cblr-9108	528	7	-	-	PUNCT
cblr-9108	528	8	company	company	NOUN
cblr-9108	528	9	shareholders	shareholder	NOUN
cblr-9108	528	10	tend	tend	VERB
cblr-9108	528	11	to	to	PART
cblr-9108	528	12	be	be	AUX
cblr-9108	528	13	insiders	insider	NOUN
cblr-9108	528	14	or	or	CCONJ
cblr-9108	528	15	large	large	ADJ
cblr-9108	528	16	stockholders	stockholder	NOUN
cblr-9108	528	17	,	,	PUNCT
cblr-9108	528	18	as	as	SCONJ
cblr-9108	528	19	we	we	PRON
cblr-9108	528	20	have	have	AUX
cblr-9108	528	21	seen	see	VERB
cblr-9108	528	22	,	,	PUNCT
cblr-9108	528	23	such	such	ADJ
cblr-9108	528	24	that	that	SCONJ
cblr-9108	528	25	they	they	PRON
cblr-9108	528	26	actively	actively	ADV
cblr-9108	528	27	participate	participate	VERB
cblr-9108	528	28	in	in	ADP
cblr-9108	528	29	the	the	DET
cblr-9108	528	30	firm	firm	NOUN
cblr-9108	528	31	’s	’s	PART
cblr-9108	528	32	governance	governance	NOUN
cblr-9108	528	33	and	and	CCONJ
cblr-9108	528	34	are	be	AUX
cblr-9108	528	35	http://dx.doi.org/10.2139/ssrn.3664132	http://dx.doi.org/10.2139/ssrn.3664132	X
cblr-9108	528	36	(	(	PUNCT
cblr-9108	528	37	on	on	ADP
cblr-9108	528	38	file	file	NOUN
cblr-9108	528	39	with	with	ADP
cblr-9108	528	40	the	the	DET
cblr-9108	528	41	columbia	columbia	PROPN
cblr-9108	528	42	business	business	PROPN
cblr-9108	528	43	law	law	PROPN
cblr-9108	528	44	review	review	PROPN
cblr-9108	528	45	)	)	PUNCT
cblr-9108	528	46	.	.	PUNCT
cblr-9108	529	1	134	134	NUM
cblr-9108	530	1	i	i	PRON
cblr-9108	530	2	d.	d.	NOUN
cblr-9108	530	3	at	at	ADP
cblr-9108	530	4	3–4	3–4	NUM
cblr-9108	530	5	.	.	NOUN
cblr-9108	530	6	135	135	NUM
cblr-9108	530	7	jill	jill	PROPN
cblr-9108	530	8	e.	e.	PROPN
cblr-9108	530	9	fisch	fisch	PROPN
cblr-9108	530	10	,	,	PUNCT
cblr-9108	530	11	jonah	jonah	PROPN
cblr-9108	530	12	b.	b.	PROPN
cblr-9108	530	13	gelbach	gelbach	PROPN
cblr-9108	530	14	&	&	CCONJ
cblr-9108	530	15	jonathan	jonathan	PROPN
cblr-9108	530	16	klick	klick	PROPN
cblr-9108	530	17	,	,	PUNCT
cblr-9108	530	18	the	the	DET
cblr-9108	530	19	logic	logic	NOUN
cblr-9108	530	20	and	and	CCONJ
cblr-9108	530	21	limits	limit	NOUN
cblr-9108	530	22	of	of	ADP
cblr-9108	530	23	event	event	NOUN
cblr-9108	530	24	studies	study	NOUN
cblr-9108	530	25	in	in	ADP
cblr-9108	530	26	securities	security	NOUN
cblr-9108	530	27	fraud	fraud	NOUN
cblr-9108	530	28	litigation	litigation	NOUN
cblr-9108	530	29	,	,	PUNCT
cblr-9108	530	30	96	96	NUM
cblr-9108	530	31	tex	tex	PROPN
cblr-9108	530	32	.	.	PROPN
cblr-9108	530	33	l.	l.	PROPN
cblr-9108	530	34	rev	rev	PROPN
cblr-9108	530	35	.	.	PROPN
cblr-9108	530	36	553	553	NUM
cblr-9108	530	37	,	,	PUNCT
cblr-9108	530	38	562	562	NUM
cblr-9108	530	39	(	(	PUNCT
cblr-9108	530	40	2018	2018	NUM
cblr-9108	530	41	)	)	PUNCT
cblr-9108	530	42	.	.	PUNCT
cblr-9108	531	1	136	136	NUM
cblr-9108	531	2	john	john	PROPN
cblr-9108	531	3	c.p	c.p	PROPN
cblr-9108	531	4	.	.	PROPN
cblr-9108	531	5	goldberg	goldberg	PROPN
cblr-9108	531	6	&	&	CCONJ
cblr-9108	531	7	benjamin	benjamin	PROPN
cblr-9108	531	8	c.	c.	PROPN
cblr-9108	531	9	zipursky	zipursky	PROPN
cblr-9108	531	10	,	,	PUNCT
cblr-9108	531	11	the	the	DET
cblr-9108	531	12	fraud	fraud	NOUN
cblr-9108	531	13	-	-	PUNCT
cblr-9108	531	14	on	on	ADP
cblr-9108	531	15	-	-	PUNCT
cblr-9108	531	16	themarket	themarket	NOUN
cblr-9108	531	17	tort	tort	NOUN
cblr-9108	531	18	,	,	PUNCT
cblr-9108	531	19	66	66	NUM
cblr-9108	531	20	vand	vand	NOUN
cblr-9108	531	21	.	.	PUNCT
cblr-9108	532	1	l.	l.	PROPN
cblr-9108	532	2	rev	rev	PROPN
cblr-9108	532	3	.	.	PROPN
cblr-9108	532	4	1755	1755	NUM
cblr-9108	532	5	,	,	PUNCT
cblr-9108	532	6	1759	1759	NUM
cblr-9108	532	7	(	(	PUNCT
cblr-9108	532	8	2013	2013	NUM
cblr-9108	532	9	)	)	PUNCT
cblr-9108	532	10	.	.	PUNCT
cblr-9108	533	1	137	137	NUM
cblr-9108	533	2	de	de	X
cblr-9108	533	3	fontenay	fontenay	NOUN
cblr-9108	533	4	,	,	PUNCT
cblr-9108	533	5	supra	supra	PROPN
cblr-9108	533	6	note	note	NOUN
cblr-9108	533	7	6	6	NUM
cblr-9108	533	8	.	.	SYM
cblr-9108	533	9	138	138	NUM
cblr-9108	533	10	pollman	pollman	NOUN
cblr-9108	533	11	,	,	PUNCT
cblr-9108	533	12	supra	supra	PROPN
cblr-9108	533	13	note	note	PROPN
cblr-9108	533	14	28	28	NUM
cblr-9108	533	15	,	,	PUNCT
cblr-9108	533	16	at	at	ADP
cblr-9108	533	17	390	390	NUM
cblr-9108	533	18	.	.	PUNCT
cblr-9108	533	19	1234	1234	NUM
cblr-9108	533	20	columbia	columbia	PROPN
cblr-9108	533	21	business	business	PROPN
cblr-9108	533	22	law	law	PROPN
cblr-9108	533	23	review	review	NOUN
cblr-9108	534	1	[	[	X
cblr-9108	534	2	vol	vol	NOUN
cblr-9108	534	3	.	.	PUNCT
cblr-9108	534	4	2021	2021	NUM
cblr-9108	534	5	therefore	therefore	ADV
cblr-9108	534	6	less	less	ADV
cblr-9108	534	7	likely	likely	ADJ
cblr-9108	534	8	to	to	PART
cblr-9108	534	9	sue	sue	VERB
cblr-9108	534	10	.	.	PUNCT
cblr-9108	535	1	even	even	ADV
cblr-9108	535	2	where	where	SCONJ
cblr-9108	535	3	they	they	PRON
cblr-9108	535	4	are	be	AUX
cblr-9108	535	5	otherwise	otherwise	ADV
cblr-9108	535	6	inclined	inclined	ADJ
cblr-9108	535	7	to	to	PART
cblr-9108	535	8	sue	sue	VERB
cblr-9108	535	9	,	,	PUNCT
cblr-9108	535	10	large	large	ADJ
cblr-9108	535	11	stockholders	stockholder	NOUN
cblr-9108	535	12	may	may	AUX
cblr-9108	535	13	be	be	AUX
cblr-9108	535	14	dissuaded	dissuade	VERB
cblr-9108	535	15	from	from	ADP
cblr-9108	535	16	doing	do	VERB
cblr-9108	535	17	so	so	ADV
cblr-9108	535	18	out	out	ADP
cblr-9108	535	19	of	of	ADP
cblr-9108	535	20	concern	concern	NOUN
cblr-9108	535	21	for	for	ADP
cblr-9108	535	22	their	their	PRON
cblr-9108	535	23	reputation	reputation	NOUN
cblr-9108	535	24	or	or	CCONJ
cblr-9108	535	25	their	their	PRON
cblr-9108	535	26	relationship	relationship	NOUN
cblr-9108	535	27	with	with	ADP
cblr-9108	535	28	the	the	DET
cblr-9108	535	29	company.139	company.139	ADJ
cblr-9108	535	30	3	3	NUM
cblr-9108	535	31	.	.	PUNCT
cblr-9108	535	32	unbundling	unbundle	VERB
cblr-9108	535	33	the	the	DET
cblr-9108	535	34	public	public	ADJ
cblr-9108	535	35	/	/	SYM
cblr-9108	535	36	private	private	ADJ
cblr-9108	535	37	divide	divide	NOUN
cblr-9108	535	38	it	it	PRON
cblr-9108	535	39	is	be	AUX
cblr-9108	535	40	worth	worth	ADJ
cblr-9108	535	41	noting	note	VERB
cblr-9108	535	42	that	that	SCONJ
cblr-9108	535	43	while	while	SCONJ
cblr-9108	535	44	the	the	DET
cblr-9108	535	45	public	public	ADJ
cblr-9108	535	46	and	and	CCONJ
cblr-9108	535	47	private	private	ADJ
cblr-9108	535	48	markets	market	NOUN
cblr-9108	535	49	ecologies	ecology	NOUN
cblr-9108	535	50	differ	differ	VERB
cblr-9108	535	51	along	along	ADP
cblr-9108	535	52	a	a	DET
cblr-9108	535	53	host	host	NOUN
cblr-9108	535	54	of	of	ADP
cblr-9108	535	55	dimensions	dimension	NOUN
cblr-9108	535	56	,	,	PUNCT
cblr-9108	535	57	the	the	DET
cblr-9108	535	58	border	border	NOUN
cblr-9108	535	59	between	between	ADP
cblr-9108	535	60	them	they	PRON
cblr-9108	535	61	has	have	AUX
cblr-9108	535	62	also	also	ADV
cblr-9108	535	63	become	become	VERB
cblr-9108	535	64	increasingly	increasingly	ADV
cblr-9108	535	65	blurry	blurry	ADJ
cblr-9108	535	66	in	in	ADP
cblr-9108	535	67	recent	recent	ADJ
cblr-9108	535	68	years	year	NOUN
cblr-9108	535	69	.	.	PUNCT
cblr-9108	536	1	in	in	ADP
cblr-9108	536	2	a	a	DET
cblr-9108	536	3	sense	sense	NOUN
cblr-9108	536	4	,	,	PUNCT
cblr-9108	536	5	capital	capital	NOUN
cblr-9108	536	6	markets	market	NOUN
cblr-9108	536	7	have	have	AUX
cblr-9108	536	8	seen	see	VERB
cblr-9108	536	9	the	the	DET
cblr-9108	536	10	“	"	PUNCT
cblr-9108	536	11	unbundling	unbundling	NOUN
cblr-9108	536	12	”	"	PUNCT
cblr-9108	536	13	of	of	ADP
cblr-9108	536	14	the	the	DET
cblr-9108	536	15	package	package	NOUN
cblr-9108	536	16	of	of	ADP
cblr-9108	536	17	traits	trait	NOUN
cblr-9108	536	18	associated	associate	VERB
cblr-9108	536	19	with	with	ADP
cblr-9108	536	20	public	public	ADJ
cblr-9108	536	21	and	and	CCONJ
cblr-9108	536	22	private	private	ADJ
cblr-9108	536	23	markets	market	NOUN
cblr-9108	536	24	.	.	PUNCT
cblr-9108	537	1	the	the	DET
cblr-9108	537	2	paradigmatic	paradigmatic	ADJ
cblr-9108	537	3	public	public	ADJ
cblr-9108	537	4	company	company	NOUN
cblr-9108	537	5	,	,	PUNCT
cblr-9108	537	6	for	for	ADP
cblr-9108	537	7	instance	instance	NOUN
cblr-9108	537	8	,	,	PUNCT
cblr-9108	537	9	bundles	bundle	NOUN
cblr-9108	537	10	together	together	ADV
cblr-9108	537	11	centralized	centralized	ADJ
cblr-9108	537	12	management	management	NOUN
cblr-9108	537	13	,	,	PUNCT
cblr-9108	537	14	an	an	DET
cblr-9108	537	15	independent	independent	ADJ
cblr-9108	537	16	board	board	NOUN
cblr-9108	537	17	,	,	PUNCT
cblr-9108	537	18	extensive	extensive	ADJ
cblr-9108	537	19	disclosure	disclosure	NOUN
cblr-9108	537	20	,	,	PUNCT
cblr-9108	537	21	dispersed	disperse	VERB
cblr-9108	537	22	share	share	NOUN
cblr-9108	537	23	ownership	ownership	NOUN
cblr-9108	537	24	by	by	ADP
cblr-9108	537	25	passive	passive	ADJ
cblr-9108	537	26	investors	investor	NOUN
cblr-9108	537	27	,	,	PUNCT
cblr-9108	537	28	and	and	CCONJ
cblr-9108	537	29	so	so	ADV
cblr-9108	537	30	forth.140	forth.140	ADJ
cblr-9108	537	31	in	in	ADP
cblr-9108	537	32	contrast	contrast	NOUN
cblr-9108	537	33	,	,	PUNCT
cblr-9108	537	34	the	the	DET
cblr-9108	537	35	paradigmatic	paradigmatic	ADJ
cblr-9108	537	36	large	large	ADJ
cblr-9108	537	37	private	private	ADJ
cblr-9108	537	38	company	company	NOUN
cblr-9108	537	39	bundles	bundle	NOUN
cblr-9108	537	40	together	together	ADV
cblr-9108	537	41	shareholder	shareholder	NOUN
cblr-9108	537	42	control	control	NOUN
cblr-9108	537	43	,	,	PUNCT
cblr-9108	537	44	ownership	ownership	NOUN
cblr-9108	537	45	by	by	ADP
cblr-9108	537	46	a	a	DET
cblr-9108	537	47	small	small	ADJ
cblr-9108	537	48	number	number	NOUN
cblr-9108	537	49	of	of	ADP
cblr-9108	537	50	insiders	insider	NOUN
cblr-9108	537	51	and	and	CCONJ
cblr-9108	537	52	active	active	ADJ
cblr-9108	537	53	shareholders	shareholder	NOUN
cblr-9108	537	54	,	,	PUNCT
cblr-9108	537	55	a	a	DET
cblr-9108	537	56	thin	thin	ADJ
cblr-9108	537	57	information	information	NOUN
cblr-9108	537	58	environment	environment	NOUN
cblr-9108	537	59	,	,	PUNCT
cblr-9108	537	60	and	and	CCONJ
cblr-9108	537	61	an	an	DET
cblr-9108	537	62	illiquid	illiquid	ADJ
cblr-9108	537	63	secondary	secondary	ADJ
cblr-9108	537	64	market.141	market.141	NOUN
cblr-9108	537	65	yet	yet	CCONJ
cblr-9108	537	66	these	these	DET
cblr-9108	537	67	two	two	NUM
cblr-9108	537	68	paradigms	paradigm	NOUN
cblr-9108	537	69	have	have	AUX
cblr-9108	537	70	become	become	AUX
cblr-9108	537	71	increasingly	increasingly	ADV
cblr-9108	537	72	disaggregated	disaggregate	VERB
cblr-9108	537	73	in	in	ADP
cblr-9108	537	74	recent	recent	ADJ
cblr-9108	537	75	years	year	NOUN
cblr-9108	537	76	.	.	PUNCT
cblr-9108	538	1	as	as	ADP
cblr-9108	538	2	a	a	DET
cblr-9108	538	3	result	result	NOUN
cblr-9108	538	4	of	of	ADP
cblr-9108	538	5	(	(	PUNCT
cblr-9108	538	6	i	i	NOUN
cblr-9108	538	7	)	)	PUNCT
cblr-9108	538	8	continued	continue	VERB
cblr-9108	538	9	deregulation	deregulation	NOUN
cblr-9108	538	10	of	of	ADP
cblr-9108	538	11	private	private	ADJ
cblr-9108	538	12	capital	capital	NOUN
cblr-9108	538	13	raising	raising	NOUN
cblr-9108	538	14	and	and	CCONJ
cblr-9108	538	15	of	of	ADP
cblr-9108	538	16	trading	trading	NOUN
cblr-9108	538	17	in	in	ADP
cblr-9108	538	18	private	private	ADJ
cblr-9108	538	19	securities	security	NOUN
cblr-9108	538	20	,	,	PUNCT
cblr-9108	538	21	(	(	PUNCT
cblr-9108	538	22	ii	ii	NOUN
cblr-9108	538	23	)	)	PUNCT
cblr-9108	538	24	increased	increase	VERB
cblr-9108	538	25	competition	competition	NOUN
cblr-9108	538	26	among	among	ADP
cblr-9108	538	27	private	private	ADJ
cblr-9108	538	28	funds	fund	NOUN
cblr-9108	538	29	,	,	PUNCT
cblr-9108	538	30	and	and	CCONJ
cblr-9108	538	31	(	(	PUNCT
cblr-9108	538	32	iii	iii	X
cblr-9108	538	33	)	)	PUNCT
cblr-9108	538	34	the	the	DET
cblr-9108	538	35	relative	relative	ADJ
cblr-9108	538	36	scarcity	scarcity	NOUN
cblr-9108	538	37	of	of	ADP
cblr-9108	538	38	high	high	ADJ
cblr-9108	538	39	-	-	PUNCT
cblr-9108	538	40	return	return	NOUN
cblr-9108	538	41	opportunities	opportunity	NOUN
cblr-9108	538	42	in	in	ADP
cblr-9108	538	43	today	today	NOUN
cblr-9108	538	44	’s	’s	PART
cblr-9108	538	45	low	low	ADJ
cblr-9108	538	46	-	-	PUNCT
cblr-9108	538	47	interest	interest	NOUN
cblr-9108	538	48	-	-	PUNCT
cblr-9108	538	49	rate	rate	NOUN
cblr-9108	538	50	environment	environment	NOUN
cblr-9108	538	51	,	,	PUNCT
cblr-9108	538	52	we	we	PRON
cblr-9108	538	53	increasingly	increasingly	ADV
cblr-9108	538	54	see	see	VERB
cblr-9108	538	55	characteristics	characteristic	NOUN
cblr-9108	538	56	of	of	ADP
cblr-9108	538	57	private	private	ADJ
cblr-9108	538	58	markets	market	NOUN
cblr-9108	538	59	entering	enter	VERB
cblr-9108	538	60	the	the	DET
cblr-9108	538	61	public	public	ADJ
cblr-9108	538	62	markets	market	NOUN
cblr-9108	538	63	,	,	PUNCT
cblr-9108	538	64	and	and	CCONJ
cblr-9108	538	65	vice	vice	NOUN
cblr-9108	538	66	versa.142	versa.142	PROPN
cblr-9108	538	67	consider	consider	VERB
cblr-9108	538	68	first	first	ADJ
cblr-9108	538	69	governance	governance	NOUN
cblr-9108	538	70	devices	device	NOUN
cblr-9108	538	71	associated	associate	VERB
cblr-9108	538	72	with	with	ADP
cblr-9108	538	73	private	private	ADJ
cblr-9108	538	74	markets	market	NOUN
cblr-9108	538	75	that	that	PRON
cblr-9108	538	76	have	have	AUX
cblr-9108	538	77	migrated	migrate	VERB
cblr-9108	538	78	to	to	ADP
cblr-9108	538	79	public	public	ADJ
cblr-9108	538	80	markets	market	NOUN
cblr-9108	538	81	.	.	PUNCT
cblr-9108	539	1	first	first	ADJ
cblr-9108	539	2	,	,	PUNCT
cblr-9108	539	3	corporate	corporate	ADJ
cblr-9108	539	4	founders	founder	NOUN
cblr-9108	539	5	and	and	CCONJ
cblr-9108	539	6	insiders	insider	NOUN
cblr-9108	539	7	increasingly	increasingly	ADV
cblr-9108	539	8	succeed	succeed	VERB
cblr-9108	539	9	in	in	ADP
cblr-9108	539	10	retaining	retain	VERB
cblr-9108	539	11	control	control	NOUN
cblr-9108	539	12	of	of	ADP
cblr-9108	539	13	public	public	ADJ
cblr-9108	539	14	companies	company	NOUN
cblr-9108	539	15	,	,	PUNCT
cblr-9108	539	16	through	through	ADP
cblr-9108	539	17	strategies	strategy	NOUN
cblr-9108	539	18	such	such	ADJ
cblr-9108	539	19	as	as	ADP
cblr-9108	539	20	adopting	adopt	VERB
cblr-9108	539	21	dual	dual	ADJ
cblr-9108	539	22	class	class	NOUN
cblr-9108	539	23	stock	stock	NOUN
cblr-9108	539	24	structures	structure	NOUN
cblr-9108	539	25	in	in	ADP
cblr-9108	539	26	connection	connection	NOUN
cblr-9108	539	27	with	with	ADP
cblr-9108	539	28	an	an	DET
cblr-9108	539	29	139	139	NUM
cblr-9108	539	30	david	david	PROPN
cblr-9108	539	31	rosenberg	rosenberg	PROPN
cblr-9108	539	32	,	,	PUNCT
cblr-9108	539	33	the	the	DET
cblr-9108	539	34	two	two	NUM
cblr-9108	539	35	“	"	PUNCT
cblr-9108	539	36	cycles	cycle	NOUN
cblr-9108	539	37	”	"	PUNCT
cblr-9108	539	38	of	of	ADP
cblr-9108	539	39	venture	venture	NOUN
cblr-9108	539	40	capital	capital	NOUN
cblr-9108	539	41	,	,	PUNCT
cblr-9108	539	42	28	28	PROPN
cblr-9108	539	43	j.	j.	PROPN
cblr-9108	539	44	corp	corp	PROPN
cblr-9108	539	45	.	.	PROPN
cblr-9108	539	46	l.	l.	PROPN
cblr-9108	539	47	419	419	NUM
cblr-9108	539	48	,	,	PUNCT
cblr-9108	539	49	421	421	NUM
cblr-9108	539	50	(	(	PUNCT
cblr-9108	539	51	2003	2003	NUM
cblr-9108	539	52	)	)	PUNCT
cblr-9108	539	53	(	(	PUNCT
cblr-9108	539	54	discussing	discuss	VERB
cblr-9108	539	55	how	how	SCONJ
cblr-9108	539	56	reputation	reputation	NOUN
cblr-9108	539	57	explains	explain	VERB
cblr-9108	539	58	the	the	DET
cblr-9108	539	59	absence	absence	NOUN
cblr-9108	539	60	of	of	ADP
cblr-9108	539	61	litigation	litigation	NOUN
cblr-9108	539	62	in	in	ADP
cblr-9108	539	63	the	the	DET
cblr-9108	539	64	venture	venture	NOUN
cblr-9108	539	65	capital	capital	NOUN
cblr-9108	539	66	industry	industry	NOUN
cblr-9108	539	67	)	)	PUNCT
cblr-9108	539	68	.	.	PUNCT
cblr-9108	540	1	140	140	NUM
cblr-9108	540	2	de	de	X
cblr-9108	540	3	fontenay	fontenay	NOUN
cblr-9108	540	4	,	,	PUNCT
cblr-9108	540	5	supra	supra	PROPN
cblr-9108	540	6	note	note	NOUN
cblr-9108	540	7	6	6	NUM
cblr-9108	540	8	.	.	SYM
cblr-9108	540	9	141	141	NUM
cblr-9108	541	1	i	i	PRON
cblr-9108	541	2	d.	d.	PROPN
cblr-9108	541	3	142	142	NUM
cblr-9108	541	4	see	see	VERB
cblr-9108	541	5	i	i	PRON
cblr-9108	541	6	d.	d.	PROPN
cblr-9108	541	7	no	no	INTJ
cblr-9108	541	8	.	.	PUNCT
cblr-9108	542	1	3:1199	3:1199	NUM
cblr-9108	542	2	]	]	X
cblr-9108	542	3	the	the	DET
cblr-9108	542	4	new	new	ADJ
cblr-9108	542	5	public	public	ADJ
cblr-9108	542	6	/	/	SYM
cblr-9108	542	7	private	private	ADJ
cblr-9108	542	8	equilibrium	equilibrium	NOUN
cblr-9108	542	9	1235	1235	NUM
cblr-9108	542	10	ipo.143	ipo.143	ADP
cblr-9108	542	11	dual	dual	ADJ
cblr-9108	542	12	class	class	NOUN
cblr-9108	542	13	public	public	ADJ
cblr-9108	542	14	companies	company	NOUN
cblr-9108	542	15	behave	behave	VERB
cblr-9108	542	16	very	very	ADV
cblr-9108	542	17	differently	differently	ADV
cblr-9108	542	18	from	from	ADP
cblr-9108	542	19	the	the	DET
cblr-9108	542	20	classic	classic	ADJ
cblr-9108	542	21	public	public	ADJ
cblr-9108	542	22	company	company	NOUN
cblr-9108	542	23	paradigm	paradigm	NOUN
cblr-9108	542	24	in	in	ADP
cblr-9108	542	25	which	which	PRON
cblr-9108	542	26	a	a	DET
cblr-9108	542	27	widely	widely	ADV
cblr-9108	542	28	dispersed	disperse	VERB
cblr-9108	542	29	set	set	NOUN
cblr-9108	542	30	of	of	ADP
cblr-9108	542	31	passive	passive	ADJ
cblr-9108	542	32	shareholders	shareholder	NOUN
cblr-9108	542	33	leaves	leave	VERB
cblr-9108	542	34	management	management	NOUN
cblr-9108	542	35	effectively	effectively	ADV
cblr-9108	542	36	in	in	ADP
cblr-9108	542	37	control	control	NOUN
cblr-9108	542	38	of	of	ADP
cblr-9108	542	39	the	the	DET
cblr-9108	542	40	firm.144	firm.144	PROPN
cblr-9108	542	41	second	second	ADJ
cblr-9108	542	42	,	,	PUNCT
cblr-9108	542	43	private	private	ADJ
cblr-9108	542	44	investment	investment	NOUN
cblr-9108	542	45	funds	fund	NOUN
cblr-9108	542	46	that	that	PRON
cblr-9108	542	47	have	have	AUX
cblr-9108	542	48	historically	historically	ADV
cblr-9108	542	49	been	be	AUX
cblr-9108	542	50	confined	confine	VERB
cblr-9108	542	51	to	to	ADP
cblr-9108	542	52	private	private	ADJ
cblr-9108	542	53	markets	market	NOUN
cblr-9108	542	54	are	be	AUX
cblr-9108	542	55	operating	operate	VERB
cblr-9108	542	56	in	in	ADP
cblr-9108	542	57	public	public	ADJ
cblr-9108	542	58	markets	market	NOUN
cblr-9108	542	59	to	to	ADP
cblr-9108	542	60	a	a	DET
cblr-9108	542	61	greater	great	ADJ
cblr-9108	542	62	degree	degree	NOUN
cblr-9108	542	63	.	.	PUNCT
cblr-9108	543	1	private	private	ADJ
cblr-9108	543	2	equity	equity	NOUN
cblr-9108	543	3	leveraged	leverage	VERB
cblr-9108	543	4	buyout	buyout	NOUN
cblr-9108	543	5	funds	fund	NOUN
cblr-9108	543	6	,	,	PUNCT
cblr-9108	543	7	for	for	ADP
cblr-9108	543	8	example	example	NOUN
cblr-9108	543	9	,	,	PUNCT
cblr-9108	543	10	now	now	ADV
cblr-9108	543	11	make	make	VERB
cblr-9108	543	12	minority	minority	NOUN
cblr-9108	543	13	investments	investment	NOUN
cblr-9108	543	14	in	in	ADP
cblr-9108	543	15	public	public	ADJ
cblr-9108	543	16	companies	company	NOUN
cblr-9108	543	17	through	through	ADP
cblr-9108	543	18	pipe	pipe	NOUN
cblr-9108	543	19	transactions.145	transactions.145	NOUN
cblr-9108	543	20	further	far	ADV
cblr-9108	543	21	,	,	PUNCT
cblr-9108	543	22	where	where	SCONJ
cblr-9108	543	23	they	they	PRON
cblr-9108	543	24	retain	retain	VERB
cblr-9108	543	25	stakes	stake	NOUN
cblr-9108	543	26	in	in	ADP
cblr-9108	543	27	public	public	ADJ
cblr-9108	543	28	companies	company	NOUN
cblr-9108	543	29	,	,	PUNCT
cblr-9108	543	30	either	either	CCONJ
cblr-9108	543	31	through	through	ADP
cblr-9108	543	32	pipes	pipe	NOUN
cblr-9108	543	33	or	or	CCONJ
cblr-9108	543	34	following	follow	VERB
cblr-9108	543	35	the	the	DET
cblr-9108	543	36	ipo	ipo	NOUN
cblr-9108	543	37	of	of	ADP
cblr-9108	543	38	one	one	NUM
cblr-9108	543	39	of	of	ADP
cblr-9108	543	40	their	their	PRON
cblr-9108	543	41	portfolio	portfolio	NOUN
cblr-9108	543	42	companies	company	NOUN
cblr-9108	543	43	,	,	PUNCT
cblr-9108	543	44	they	they	PRON
cblr-9108	543	45	increasingly	increasingly	ADV
cblr-9108	543	46	seek	seek	VERB
cblr-9108	543	47	to	to	PART
cblr-9108	543	48	impose	impose	VERB
cblr-9108	543	49	private	private	ADJ
cblr-9108	543	50	company	company	NOUN
cblr-9108	543	51	governance	governance	NOUN
cblr-9108	543	52	devices	device	NOUN
cblr-9108	543	53	,	,	PUNCT
cblr-9108	543	54	such	such	ADJ
cblr-9108	543	55	as	as	ADP
cblr-9108	543	56	shareholders	shareholder	NOUN
cblr-9108	543	57	’	'	PUNCT
cblr-9108	543	58	agreements.146	agreements.146	PROPN
cblr-9108	543	59	third	third	ADV
cblr-9108	543	60	,	,	PUNCT
cblr-9108	543	61	the	the	DET
cblr-9108	543	62	surge	surge	NOUN
cblr-9108	543	63	in	in	ADP
cblr-9108	543	64	popularity	popularity	NOUN
cblr-9108	543	65	of	of	ADP
cblr-9108	543	66	spacs	spac	NOUN
cblr-9108	543	67	suggests	suggest	VERB
cblr-9108	543	68	strong	strong	ADJ
cblr-9108	543	69	appetite	appetite	NOUN
cblr-9108	543	70	among	among	ADP
cblr-9108	543	71	large	large	ADJ
cblr-9108	543	72	funds	fund	NOUN
cblr-9108	543	73	and	and	CCONJ
cblr-9108	543	74	institutional	institutional	ADJ
cblr-9108	543	75	investors	investor	NOUN
cblr-9108	543	76	for	for	ADP
cblr-9108	543	77	a	a	DET
cblr-9108	543	78	form	form	NOUN
cblr-9108	543	79	of	of	ADP
cblr-9108	543	80	publicly	publicly	ADV
cblr-9108	543	81	-	-	PUNCT
cblr-9108	543	82	traded	trade	VERB
cblr-9108	543	83	private	private	ADJ
cblr-9108	543	84	equity.147	equity.147	PROPN
cblr-9108	543	85	more	more	ADV
cblr-9108	543	86	generally	generally	ADV
cblr-9108	543	87	,	,	PUNCT
cblr-9108	543	88	both	both	CCONJ
cblr-9108	543	89	spacs	spac	NOUN
cblr-9108	543	90	and	and	CCONJ
cblr-9108	543	91	direct	direct	ADJ
cblr-9108	543	92	listings	listing	NOUN
cblr-9108	543	93	reveal	reveal	VERB
cblr-9108	543	94	private	private	ADJ
cblr-9108	543	95	companies	company	NOUN
cblr-9108	543	96	’	'	PUNCT
cblr-9108	543	97	desire	desire	NOUN
cblr-9108	543	98	to	to	PART
cblr-9108	543	99	go	go	VERB
cblr-9108	543	100	public	public	ADJ
cblr-9108	543	101	other	other	ADJ
cblr-9108	543	102	than	than	ADP
cblr-9108	543	103	through	through	ADP
cblr-9108	543	104	the	the	DET
cblr-9108	543	105	traditional	traditional	ADJ
cblr-9108	543	106	channel	channel	NOUN
cblr-9108	543	107	of	of	ADP
cblr-9108	543	108	an	an	DET
cblr-9108	543	109	underwritten	underwritten	ADJ
cblr-9108	543	110	initial	initial	ADJ
cblr-9108	543	111	public	public	ADJ
cblr-9108	543	112	offering	offering	NOUN
cblr-9108	543	113	.	.	PUNCT
cblr-9108	544	1	in	in	ADP
cblr-9108	544	2	the	the	DET
cblr-9108	544	3	other	other	ADJ
cblr-9108	544	4	direction	direction	NOUN
cblr-9108	544	5	,	,	PUNCT
cblr-9108	544	6	public	public	ADJ
cblr-9108	544	7	market	market	NOUN
cblr-9108	544	8	features	feature	NOUN
cblr-9108	544	9	are	be	AUX
cblr-9108	544	10	appearing	appear	VERB
cblr-9108	544	11	in	in	ADP
cblr-9108	544	12	private	private	ADJ
cblr-9108	544	13	markets	market	NOUN
cblr-9108	544	14	.	.	PUNCT
cblr-9108	545	1	first	first	ADV
cblr-9108	545	2	,	,	PUNCT
cblr-9108	545	3	some	some	PRON
cblr-9108	545	4	of	of	ADP
cblr-9108	545	5	the	the	DET
cblr-9108	545	6	largest	large	ADJ
cblr-9108	545	7	private	private	ADJ
cblr-9108	545	8	companies	company	NOUN
cblr-9108	545	9	now	now	ADV
cblr-9108	545	10	allow	allow	VERB
cblr-9108	545	11	their	their	PRON
cblr-9108	545	12	stock	stock	NOUN
cblr-9108	545	13	to	to	PART
cblr-9108	545	14	be	be	AUX
cblr-9108	545	15	traded	trade	VERB
cblr-9108	545	16	in	in	ADP
cblr-9108	545	17	secondary	secondary	ADJ
cblr-9108	545	18	markets	market	NOUN
cblr-9108	545	19	,	,	PUNCT
cblr-9108	545	20	even	even	ADV
cblr-9108	545	21	in	in	ADP
cblr-9108	545	22	the	the	DET
cblr-9108	545	23	absence	absence	NOUN
cblr-9108	545	24	of	of	ADP
cblr-9108	545	25	ongoing	ongoing	ADJ
cblr-9108	545	26	143	143	PROPN
cblr-9108	545	27	jill	jill	PROPN
cblr-9108	545	28	e.	e.	PROPN
cblr-9108	545	29	fisch	fisch	PROPN
cblr-9108	545	30	&	&	CCONJ
cblr-9108	545	31	steven	steven	PROPN
cblr-9108	545	32	davidoff	davidoff	PROPN
cblr-9108	545	33	solomon	solomon	PROPN
cblr-9108	545	34	,	,	PUNCT
cblr-9108	545	35	the	the	DET
cblr-9108	545	36	problem	problem	NOUN
cblr-9108	545	37	of	of	ADP
cblr-9108	545	38	sunsets	sunset	NOUN
cblr-9108	545	39	,	,	PUNCT
cblr-9108	545	40	99	99	NUM
cblr-9108	545	41	b.u	b.u	PROPN
cblr-9108	545	42	.	.	PROPN
cblr-9108	545	43	l.	l.	PROPN
cblr-9108	545	44	rev	rev	PROPN
cblr-9108	545	45	.	.	PROPN
cblr-9108	545	46	1069–70	1069–70	PROPN
cblr-9108	545	47	(	(	PUNCT
cblr-9108	545	48	2019	2019	NUM
cblr-9108	545	49	)	)	PUNCT
cblr-9108	545	50	.	.	PUNCT
cblr-9108	546	1	144	144	NUM
cblr-9108	547	1	i	i	PRON
cblr-9108	547	2	d.	d.	PROPN
cblr-9108	547	3	at	at	ADP
cblr-9108	547	4	1065	1065	NUM
cblr-9108	547	5	.	.	PUNCT
cblr-9108	548	1	145	145	NUM
cblr-9108	548	2	see	see	AUX
cblr-9108	548	3	frequently	frequently	ADV
cblr-9108	548	4	asked	ask	VERB
cblr-9108	548	5	questions	question	NOUN
cblr-9108	548	6	about	about	ADP
cblr-9108	548	7	pipes	pipe	NOUN
cblr-9108	548	8	,	,	PUNCT
cblr-9108	548	9	morrison	morrison	PROPN
cblr-9108	548	10	&	&	CCONJ
cblr-9108	548	11	foerster	foerster	PROPN
cblr-9108	548	12	,	,	PUNCT
cblr-9108	548	13	https://media2.mofo.com/documents/faqspipes.pdf	https://media2.mofo.com/documents/faqspipes.pdf	PUNCT
cblr-9108	549	1	[	[	X
cblr-9108	549	2	https://perma.cc/jqc3-zfx4	https://perma.cc/jqc3-zfx4	X
cblr-9108	549	3	]	]	X
cblr-9108	549	4	(	(	PUNCT
cblr-9108	549	5	last	last	ADV
cblr-9108	549	6	visited	visit	VERB
cblr-9108	549	7	oct	oct	PROPN
cblr-9108	549	8	.	.	PROPN
cblr-9108	549	9	17	17	NUM
cblr-9108	549	10	,	,	PUNCT
cblr-9108	549	11	2021	2021	NUM
cblr-9108	549	12	)	)	PUNCT
cblr-9108	549	13	(	(	PUNCT
cblr-9108	549	14	defining	define	VERB
cblr-9108	549	15	pipe	pipe	NOUN
cblr-9108	549	16	transactions	transaction	NOUN
cblr-9108	549	17	and	and	CCONJ
cblr-9108	549	18	detailing	detail	VERB
cblr-9108	549	19	the	the	DET
cblr-9108	549	20	increase	increase	NOUN
cblr-9108	549	21	in	in	ADP
cblr-9108	549	22	such	such	ADJ
cblr-9108	549	23	transactions	transaction	NOUN
cblr-9108	549	24	)	)	PUNCT
cblr-9108	549	25	;	;	PUNCT
cblr-9108	549	26	ari	ari	PROPN
cblr-9108	549	27	b.	b.	PROPN
cblr-9108	549	28	blaut	blaut	PROPN
cblr-9108	549	29	et	et	PROPN
cblr-9108	549	30	al	al	PROPN
cblr-9108	549	31	,	,	PUNCT
cblr-9108	549	32	market	market	NOUN
cblr-9108	549	33	trends	trend	NOUN
cblr-9108	549	34	2020/21	2020/21	NUM
cblr-9108	549	35	:	:	PUNCT
cblr-9108	549	36	pipes	pipe	NOUN
cblr-9108	549	37	,	,	PUNCT
cblr-9108	549	38	lexis	lexis	X
cblr-9108	549	39	practical	practical	ADJ
cblr-9108	549	40	guidance	guidance	NOUN
cblr-9108	549	41	(	(	PUNCT
cblr-9108	549	42	may	may	PROPN
cblr-9108	549	43	18	18	NUM
cblr-9108	549	44	,	,	PUNCT
cblr-9108	549	45	2021	2021	NUM
cblr-9108	549	46	)	)	PUNCT
cblr-9108	549	47	,	,	PUNCT
cblr-9108	549	48	https://www.sullcrom.com/files/upload/market-trends2020_21_%20pipes.pdf	https://www.sullcrom.com/files/upload/market-trends2020_21_%20pipes.pdf	PUNCT
cblr-9108	550	1	[	[	X
cblr-9108	550	2	https://perma.cc/enb9-e44c	https://perma.cc/enb9-e44c	X
cblr-9108	550	3	]	]	X
cblr-9108	550	4	(	(	PUNCT
cblr-9108	550	5	detailing	detail	VERB
cblr-9108	550	6	59	59	NUM
cblr-9108	550	7	%	%	NOUN
cblr-9108	550	8	increase	increase	NOUN
cblr-9108	550	9	in	in	ADP
cblr-9108	550	10	number	number	NOUN
cblr-9108	550	11	of	of	ADP
cblr-9108	550	12	pipe	pipe	NOUN
cblr-9108	550	13	deals	deal	NOUN
cblr-9108	550	14	from	from	ADP
cblr-9108	550	15	2019	2019	NUM
cblr-9108	550	16	to	to	ADP
cblr-9108	550	17	2020	2020	NUM
cblr-9108	550	18	and	and	CCONJ
cblr-9108	550	19	an	an	DET
cblr-9108	550	20	110	110	NUM
cblr-9108	550	21	%	%	NOUN
cblr-9108	550	22	increase	increase	NOUN
cblr-9108	550	23	in	in	ADP
cblr-9108	550	24	total	total	ADJ
cblr-9108	550	25	volume	volume	NOUN
cblr-9108	550	26	of	of	ADP
cblr-9108	550	27	deals	deal	NOUN
cblr-9108	550	28	)	)	PUNCT
cblr-9108	550	29	.	.	PUNCT
cblr-9108	551	1	146	146	NUM
cblr-9108	551	2	see	see	VERB
cblr-9108	551	3	rauterberg	rauterberg	PROPN
cblr-9108	551	4	,	,	PUNCT
cblr-9108	551	5	supra	supra	PROPN
cblr-9108	551	6	note	note	NOUN
cblr-9108	551	7	12	12	NUM
cblr-9108	551	8	,	,	PUNCT
cblr-9108	551	9	at	at	ADP
cblr-9108	551	10	1129–1130	1129–1130	NUM
cblr-9108	551	11	.	.	PUNCT
cblr-9108	552	1	147	147	NUM
cblr-9108	552	2	see	see	VERB
cblr-9108	552	3	michael	michael	PROPN
cblr-9108	552	4	klausner	klausner	PROPN
cblr-9108	552	5	,	,	PUNCT
cblr-9108	552	6	michael	michael	PROPN
cblr-9108	552	7	ohlrogge	ohlrogge	PROPN
cblr-9108	552	8	&	&	CCONJ
cblr-9108	552	9	emily	emily	PROPN
cblr-9108	552	10	ruan	ruan	PROPN
cblr-9108	552	11	,	,	PUNCT
cblr-9108	552	12	a	a	DET
cblr-9108	552	13	sober	sober	ADJ
cblr-9108	552	14	look	look	NOUN
cblr-9108	552	15	at	at	ADP
cblr-9108	552	16	spacs	spac	NOUN
cblr-9108	552	17	13	13	NUM
cblr-9108	552	18	,	,	PUNCT
cblr-9108	552	19	18	18	NUM
cblr-9108	552	20	(	(	PUNCT
cblr-9108	552	21	eur	eur	PROPN
cblr-9108	552	22	.	.	PROPN
cblr-9108	552	23	corp	corp	PROPN
cblr-9108	552	24	.	.	PROPN
cblr-9108	552	25	governance	governance	PROPN
cblr-9108	552	26	inst	inst	PROPN
cblr-9108	552	27	.	.	PROPN
cblr-9108	552	28	,	,	PUNCT
cblr-9108	552	29	fin	fin	NOUN
cblr-9108	552	30	.	.	PUNCT
cblr-9108	553	1	working	working	NOUN
cblr-9108	553	2	paper	paper	PROPN
cblr-9108	553	3	no	no	INTJ
cblr-9108	553	4	.	.	PROPN
cblr-9108	554	1	746/2021	746/2021	NUM
cblr-9108	554	2	,	,	PUNCT
cblr-9108	554	3	2021	2021	NUM
cblr-9108	554	4	)	)	PUNCT
cblr-9108	554	5	,	,	PUNCT
cblr-9108	554	6	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3720919	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3720919	PROPN
cblr-9108	554	7	(	(	PUNCT
cblr-9108	554	8	on	on	ADP
cblr-9108	554	9	file	file	NOUN
cblr-9108	554	10	with	with	ADP
cblr-9108	554	11	the	the	DET
cblr-9108	554	12	columbia	columbia	PROPN
cblr-9108	554	13	business	business	PROPN
cblr-9108	554	14	law	law	PROPN
cblr-9108	554	15	review	review	PROPN
cblr-9108	554	16	)	)	PUNCT
cblr-9108	554	17	(	(	PUNCT
cblr-9108	554	18	discussing	discuss	VERB
cblr-9108	554	19	popularity	popularity	NOUN
cblr-9108	554	20	of	of	ADP
cblr-9108	554	21	spacs	spac	NOUN
cblr-9108	554	22	)	)	PUNCT
cblr-9108	554	23	.	.	PUNCT
cblr-9108	555	1	1236	1236	NUM
cblr-9108	555	2	columbia	columbia	PROPN
cblr-9108	555	3	business	business	NOUN
cblr-9108	555	4	law	law	PROPN
cblr-9108	555	5	review	review	NOUN
cblr-9108	555	6	[	[	X
cblr-9108	555	7	vol	vol	NOUN
cblr-9108	555	8	.	.	PUNCT
cblr-9108	555	9	2021	2021	NUM
cblr-9108	556	1	disclosure.148	disclosure.148	PROPN
cblr-9108	556	2	second	second	ADJ
cblr-9108	556	3	,	,	PUNCT
cblr-9108	556	4	some	some	DET
cblr-9108	556	5	mutual	mutual	ADJ
cblr-9108	556	6	funds	fund	NOUN
cblr-9108	556	7	have	have	AUX
cblr-9108	556	8	begun	begin	VERB
cblr-9108	556	9	investing	invest	VERB
cblr-9108	556	10	a	a	DET
cblr-9108	556	11	small	small	ADJ
cblr-9108	556	12	portion	portion	NOUN
cblr-9108	556	13	of	of	ADP
cblr-9108	556	14	their	their	PRON
cblr-9108	556	15	assets	asset	NOUN
cblr-9108	556	16	in	in	ADP
cblr-9108	556	17	mature	mature	ADJ
cblr-9108	556	18	venturebacked	venturebacke	VERB
cblr-9108	556	19	private	private	ADJ
cblr-9108	556	20	companies	company	NOUN
cblr-9108	556	21	with	with	ADP
cblr-9108	556	22	high	high	ADJ
cblr-9108	556	23	valuations.149	valuations.149	NOUN
cblr-9108	556	24	this	this	PRON
cblr-9108	556	25	is	be	AUX
cblr-9108	556	26	notable	notable	ADJ
cblr-9108	556	27	because	because	SCONJ
cblr-9108	556	28	mutual	mutual	ADJ
cblr-9108	556	29	funds	fund	NOUN
cblr-9108	556	30	are	be	AUX
cblr-9108	556	31	open	open	ADJ
cblr-9108	556	32	to	to	ADP
cblr-9108	556	33	retail	retail	ADJ
cblr-9108	556	34	investors	investor	NOUN
cblr-9108	556	35	and	and	CCONJ
cblr-9108	556	36	have	have	AUX
cblr-9108	556	37	therefore	therefore	ADV
cblr-9108	556	38	traditionally	traditionally	ADV
cblr-9108	556	39	invested	invest	VERB
cblr-9108	556	40	exclusively	exclusively	ADV
cblr-9108	556	41	in	in	ADP
cblr-9108	556	42	public	public	ADJ
cblr-9108	556	43	markets	market	NOUN
cblr-9108	556	44	.	.	PUNCT
cblr-9108	557	1	in	in	ADP
cblr-9108	557	2	addition	addition	NOUN
cblr-9108	557	3	,	,	PUNCT
cblr-9108	557	4	attempts	attempt	NOUN
cblr-9108	557	5	have	have	AUX
cblr-9108	557	6	been	be	AUX
cblr-9108	557	7	made	make	VERB
cblr-9108	557	8	to	to	PART
cblr-9108	557	9	create	create	VERB
cblr-9108	557	10	diversified	diversified	ADJ
cblr-9108	557	11	portfolios	portfolio	NOUN
cblr-9108	557	12	of	of	ADP
cblr-9108	557	13	private	private	ADJ
cblr-9108	557	14	company	company	NOUN
cblr-9108	557	15	stocks	stock	NOUN
cblr-9108	557	16	,	,	PUNCT
cblr-9108	557	17	though	though	SCONJ
cblr-9108	557	18	the	the	DET
cblr-9108	557	19	possibility	possibility	NOUN
cblr-9108	557	20	of	of	ADP
cblr-9108	557	21	indexing	indexing	NOUN
cblr-9108	557	22	appears	appear	VERB
cblr-9108	557	23	to	to	PART
cblr-9108	557	24	be	be	AUX
cblr-9108	557	25	a	a	DET
cblr-9108	557	26	long	long	ADJ
cblr-9108	557	27	way	way	NOUN
cblr-9108	557	28	off.150	off.150	ADV
cblr-9108	557	29	each	each	PRON
cblr-9108	557	30	of	of	ADP
cblr-9108	557	31	these	these	DET
cblr-9108	557	32	developments	development	NOUN
cblr-9108	557	33	puts	put	VERB
cblr-9108	557	34	pressure	pressure	NOUN
cblr-9108	557	35	on	on	ADP
cblr-9108	557	36	the	the	DET
cblr-9108	557	37	regulatory	regulatory	ADJ
cblr-9108	557	38	divide	divide	NOUN
cblr-9108	557	39	between	between	ADP
cblr-9108	557	40	public	public	ADJ
cblr-9108	557	41	and	and	CCONJ
cblr-9108	557	42	private	private	ADJ
cblr-9108	557	43	companies	company	NOUN
cblr-9108	557	44	and	and	CCONJ
cblr-9108	557	45	warrants	warrant	NOUN
cblr-9108	557	46	a	a	DET
cblr-9108	557	47	careful	careful	ADJ
cblr-9108	557	48	restatement	restatement	NOUN
cblr-9108	557	49	of	of	ADP
cblr-9108	557	50	the	the	DET
cblr-9108	557	51	goals	goal	NOUN
cblr-9108	557	52	motivating	motivate	VERB
cblr-9108	557	53	the	the	DET
cblr-9108	557	54	public	public	ADJ
cblr-9108	557	55	/	/	SYM
cblr-9108	557	56	private	private	ADJ
cblr-9108	557	57	divide	divide	NOUN
cblr-9108	557	58	and	and	CCONJ
cblr-9108	557	59	a	a	DET
cblr-9108	557	60	clear	clear	ADJ
cblr-9108	557	61	-	-	PUNCT
cblr-9108	557	62	eyed	eyed	ADJ
cblr-9108	557	63	assessment	assessment	NOUN
cblr-9108	557	64	of	of	ADP
cblr-9108	557	65	whether	whether	SCONJ
cblr-9108	557	66	such	such	ADJ
cblr-9108	557	67	goals	goal	NOUN
cblr-9108	557	68	are	be	AUX
cblr-9108	557	69	being	be	AUX
cblr-9108	557	70	achieved	achieve	VERB
cblr-9108	557	71	.	.	PUNCT
cblr-9108	558	1	as	as	SCONJ
cblr-9108	558	2	we	we	PRON
cblr-9108	558	3	will	will	AUX
cblr-9108	558	4	see	see	VERB
cblr-9108	558	5	,	,	PUNCT
cblr-9108	558	6	however	however	ADV
cblr-9108	558	7	,	,	PUNCT
cblr-9108	558	8	the	the	DET
cblr-9108	558	9	functional	functional	ADJ
cblr-9108	558	10	complexity	complexity	NOUN
cblr-9108	558	11	of	of	ADP
cblr-9108	558	12	the	the	DET
cblr-9108	558	13	public	public	ADJ
cblr-9108	558	14	/	/	SYM
cblr-9108	558	15	private	private	ADJ
cblr-9108	558	16	divide	divide	NOUN
cblr-9108	558	17	translates	translate	VERB
cblr-9108	558	18	into	into	ADP
cblr-9108	558	19	considerable	considerable	ADJ
cblr-9108	558	20	normative	normative	ADJ
cblr-9108	558	21	complexity	complexity	NOUN
cblr-9108	558	22	too	too	ADV
cblr-9108	558	23	,	,	PUNCT
cblr-9108	558	24	when	when	SCONJ
cblr-9108	558	25	the	the	DET
cblr-9108	558	26	task	task	NOUN
cblr-9108	558	27	turns	turn	VERB
cblr-9108	558	28	to	to	ADP
cblr-9108	558	29	assessing	assess	VERB
cblr-9108	558	30	the	the	DET
cblr-9108	558	31	divide	divide	NOUN
cblr-9108	558	32	and	and	CCONJ
cblr-9108	558	33	considering	consider	VERB
cblr-9108	558	34	regulatory	regulatory	ADJ
cblr-9108	558	35	changes.151	changes.151	PROPN
cblr-9108	558	36	b.	b.	PROPN
cblr-9108	558	37	capital	capital	PROPN
cblr-9108	558	38	raising	raising	NOUN
cblr-9108	558	39	and	and	CCONJ
cblr-9108	558	40	issuer	issuer	ADJ
cblr-9108	558	41	choice	choice	NOUN
cblr-9108	558	42	several	several	ADJ
cblr-9108	558	43	years	year	NOUN
cblr-9108	558	44	ago	ago	ADV
cblr-9108	558	45	,	,	PUNCT
cblr-9108	558	46	donald	donald	PROPN
cblr-9108	558	47	langevoort	langevoort	PROPN
cblr-9108	558	48	,	,	PUNCT
cblr-9108	558	49	perhaps	perhaps	ADV
cblr-9108	558	50	the	the	DET
cblr-9108	558	51	leading	lead	VERB
cblr-9108	558	52	theorist	theorist	NOUN
cblr-9108	558	53	of	of	ADP
cblr-9108	558	54	the	the	DET
cblr-9108	558	55	public	public	ADJ
cblr-9108	558	56	/	/	SYM
cblr-9108	558	57	private	private	ADJ
cblr-9108	558	58	divide	divide	NOUN
cblr-9108	558	59	,	,	PUNCT
cblr-9108	558	60	suggested	suggest	VERB
cblr-9108	558	61	that	that	SCONJ
cblr-9108	558	62	“	"	PUNCT
cblr-9108	558	63	the	the	DET
cblr-9108	558	64	most	most	ADV
cblr-9108	558	65	conceptually	conceptually	ADV
cblr-9108	558	66	interesting	interesting	ADJ
cblr-9108	558	67	subject	subject	NOUN
cblr-9108	558	68	in	in	ADP
cblr-9108	558	69	securities	security	NOUN
cblr-9108	558	70	law	law	NOUN
cblr-9108	558	71	”	"	PUNCT
cblr-9108	558	72	was	be	AUX
cblr-9108	558	73	the	the	DET
cblr-9108	558	74	question	question	NOUN
cblr-9108	558	75	whether	whether	SCONJ
cblr-9108	558	76	it	it	PRON
cblr-9108	558	77	was	be	AUX
cblr-9108	558	78	“	"	PUNCT
cblr-9108	558	79	possible	possible	ADJ
cblr-9108	558	80	—	—	PUNCT
cblr-9108	558	81	indeed	indeed	ADV
cblr-9108	558	82	desirable	desirable	ADJ
cblr-9108	558	83	—	—	PUNCT
cblr-9108	558	84	that	that	SCONJ
cblr-9108	558	85	a	a	DET
cblr-9108	558	86	large	large	ADJ
cblr-9108	558	87	segment	segment	NOUN
cblr-9108	558	88	of	of	ADP
cblr-9108	558	89	economically	economically	ADV
cblr-9108	558	90	important	important	ADJ
cblr-9108	558	91	firms	firm	NOUN
cblr-9108	558	92	in	in	ADP
cblr-9108	558	93	the	the	DET
cblr-9108	558	94	american	american	ADJ
cblr-9108	558	95	economy	economy	NOUN
cblr-9108	558	96	stay	stay	VERB
cblr-9108	558	97	private	private	ADJ
cblr-9108	558	98	,	,	PUNCT
cblr-9108	558	99	perhaps	perhaps	ADV
cblr-9108	558	100	indefinitely	indefinitely	ADV
cblr-9108	558	101	,	,	PUNCT
cblr-9108	558	102	yet	yet	ADV
cblr-9108	558	103	with	with	ADP
cblr-9108	558	104	148	148	NUM
cblr-9108	558	105	see	see	NOUN
cblr-9108	558	106	elizabeth	elizabeth	PROPN
cblr-9108	558	107	pollman	pollman	PROPN
cblr-9108	558	108	,	,	PUNCT
cblr-9108	558	109	information	information	NOUN
cblr-9108	558	110	issues	issue	NOUN
cblr-9108	558	111	on	on	ADP
cblr-9108	558	112	wall	wall	PROPN
cblr-9108	558	113	street	street	PROPN
cblr-9108	558	114	2.0	2.0	NUM
cblr-9108	558	115	,	,	PUNCT
cblr-9108	558	116	161	161	NUM
cblr-9108	558	117	u.	u.	NOUN
cblr-9108	558	118	pa	pa	PROPN
cblr-9108	558	119	.	.	PUNCT
cblr-9108	558	120	l.	l.	PROPN
cblr-9108	558	121	rev	rev	PROPN
cblr-9108	558	122	.	.	PROPN
cblr-9108	558	123	179	179	NUM
cblr-9108	558	124	,	,	PUNCT
cblr-9108	558	125	193–199	193–199	NUM
cblr-9108	558	126	(	(	PUNCT
cblr-9108	558	127	2012	2012	NUM
cblr-9108	558	128	)	)	PUNCT
cblr-9108	558	129	.	.	PUNCT
cblr-9108	559	1	149	149	NUM
cblr-9108	559	2	jeff	jeff	PROPN
cblr-9108	559	3	schwartz	schwartz	PROPN
cblr-9108	559	4	,	,	PUNCT
cblr-9108	559	5	should	should	AUX
cblr-9108	559	6	mutual	mutual	ADJ
cblr-9108	559	7	funds	fund	NOUN
cblr-9108	559	8	invest	invest	VERB
cblr-9108	559	9	in	in	ADP
cblr-9108	559	10	startups	startup	NOUN
cblr-9108	559	11	?	?	PUNCT
cblr-9108	560	1	a	a	DET
cblr-9108	560	2	case	case	NOUN
cblr-9108	560	3	study	study	NOUN
cblr-9108	560	4	of	of	ADP
cblr-9108	560	5	fidelity	fidelity	PROPN
cblr-9108	560	6	magellan	magellan	PROPN
cblr-9108	560	7	fund	fund	PROPN
cblr-9108	560	8	’s	’s	PART
cblr-9108	560	9	investments	investment	NOUN
cblr-9108	560	10	in	in	ADP
cblr-9108	560	11	unicorns	unicorn	NOUN
cblr-9108	560	12	(	(	PUNCT
cblr-9108	560	13	and	and	CCONJ
cblr-9108	560	14	other	other	ADJ
cblr-9108	560	15	startups	startup	NOUN
cblr-9108	560	16	)	)	PUNCT
cblr-9108	560	17	and	and	CCONJ
cblr-9108	560	18	the	the	DET
cblr-9108	560	19	regulatory	regulatory	ADJ
cblr-9108	560	20	implications	implication	NOUN
cblr-9108	560	21	,	,	PUNCT
cblr-9108	560	22	95	95	NUM
cblr-9108	560	23	n.c	n.c	PROPN
cblr-9108	560	24	.	.	PROPN
cblr-9108	560	25	l.	l.	PROPN
cblr-9108	560	26	rev	rev	PROPN
cblr-9108	560	27	.	.	PROPN
cblr-9108	560	28	1341	1341	NUM
cblr-9108	560	29	,	,	PUNCT
cblr-9108	560	30	1348–50	1348–50	NOUN
cblr-9108	560	31	,	,	PUNCT
cblr-9108	560	32	1359–60	1359–60	PROPN
cblr-9108	560	33	(	(	PUNCT
cblr-9108	560	34	2017	2017	NUM
cblr-9108	560	35	)	)	PUNCT
cblr-9108	560	36	.	.	PUNCT
cblr-9108	561	1	150	150	NUM
cblr-9108	561	2	see	see	VERB
cblr-9108	561	3	,	,	PUNCT
cblr-9108	561	4	e.g.	e.g.	ADV
cblr-9108	561	5	,	,	PUNCT
cblr-9108	561	6	the	the	DET
cblr-9108	561	7	private	private	ADJ
cblr-9108	561	8	shares	share	NOUN
cblr-9108	561	9	fund	fund	NOUN
cblr-9108	561	10	,	,	PUNCT
cblr-9108	561	11	prospectus	prospectus	NOUN
cblr-9108	561	12	(	(	PUNCT
cblr-9108	561	13	2021	2021	NUM
cblr-9108	561	14	)	)	PUNCT
cblr-9108	561	15	,	,	PUNCT
cblr-9108	561	16	https://privatesharesfund.com/downloads/prospectus/	https://privatesharesfund.com/downloads/prospectus/	PROPN
cblr-9108	562	1	[	[	X
cblr-9108	562	2	https://perma.cc/9yd2-de74	https://perma.cc/9yd2-de74	X
cblr-9108	562	3	]	]	X
cblr-9108	562	4	151	151	NUM
cblr-9108	562	5	for	for	ADP
cblr-9108	562	6	an	an	DET
cblr-9108	562	7	important	important	ADJ
cblr-9108	562	8	example	example	NOUN
cblr-9108	562	9	of	of	ADP
cblr-9108	562	10	re	re	NOUN
cblr-9108	562	11	-	-	NOUN
cblr-9108	562	12	thinking	think	VERB
cblr-9108	562	13	the	the	DET
cblr-9108	562	14	basic	basic	ADJ
cblr-9108	562	15	framework	framework	NOUN
cblr-9108	562	16	of	of	ADP
cblr-9108	562	17	the	the	DET
cblr-9108	562	18	public	public	ADJ
cblr-9108	562	19	/	/	SYM
cblr-9108	562	20	private	private	ADJ
cblr-9108	562	21	divide	divide	NOUN
cblr-9108	562	22	from	from	ADP
cblr-9108	562	23	the	the	DET
cblr-9108	562	24	vantagepoint	vantagepoint	NOUN
cblr-9108	562	25	of	of	ADP
cblr-9108	562	26	the	the	DET
cblr-9108	562	27	securities	security	NOUN
cblr-9108	562	28	laws	law	NOUN
cblr-9108	562	29	,	,	PUNCT
cblr-9108	562	30	see	see	VERB
cblr-9108	562	31	guttentag	guttentag	NOUN
cblr-9108	562	32	,	,	PUNCT
cblr-9108	562	33	supra	supra	PROPN
cblr-9108	562	34	note	note	NOUN
cblr-9108	562	35	22	22	NUM
cblr-9108	562	36	.	.	PUNCT
cblr-9108	563	1	no	no	INTJ
cblr-9108	563	2	.	.	PUNCT
cblr-9108	564	1	3:1199	3:1199	NUM
cblr-9108	564	2	]	]	X
cblr-9108	564	3	the	the	DET
cblr-9108	564	4	new	new	ADJ
cblr-9108	564	5	public	public	ADJ
cblr-9108	564	6	/	/	SYM
cblr-9108	564	7	private	private	ADJ
cblr-9108	564	8	equilibrium	equilibrium	NOUN
cblr-9108	564	9	1237	1237	NUM
cblr-9108	564	10	easy	easy	ADJ
cblr-9108	564	11	access	access	NOUN
cblr-9108	564	12	to	to	ADP
cblr-9108	564	13	large	large	ADJ
cblr-9108	564	14	amounts	amount	NOUN
cblr-9108	564	15	of	of	ADP
cblr-9108	564	16	capital?”152	capital?”152	PROPN
cblr-9108	564	17	in	in	ADP
cblr-9108	564	18	essence	essence	NOUN
cblr-9108	564	19	,	,	PUNCT
cblr-9108	564	20	langevoort	langevoort	PROPN
cblr-9108	564	21	was	be	AUX
cblr-9108	564	22	suggesting	suggest	VERB
cblr-9108	564	23	that	that	SCONJ
cblr-9108	564	24	capital	capital	NOUN
cblr-9108	564	25	markets	market	NOUN
cblr-9108	564	26	in	in	ADP
cblr-9108	564	27	the	the	DET
cblr-9108	564	28	united	united	PROPN
cblr-9108	564	29	states	states	PROPN
cblr-9108	564	30	had	have	VERB
cblr-9108	564	31	or	or	CCONJ
cblr-9108	564	32	would	would	AUX
cblr-9108	564	33	soon	soon	ADV
cblr-9108	564	34	come	come	VERB
cblr-9108	564	35	to	to	PART
cblr-9108	564	36	sustain	sustain	VERB
cblr-9108	564	37	a	a	DET
cblr-9108	564	38	state	state	NOUN
cblr-9108	564	39	of	of	ADP
cblr-9108	564	40	affairs	affair	NOUN
cblr-9108	564	41	in	in	ADP
cblr-9108	564	42	which	which	PRON
cblr-9108	564	43	successful	successful	ADJ
cblr-9108	564	44	,	,	PUNCT
cblr-9108	564	45	growing	grow	VERB
cblr-9108	564	46	private	private	ADJ
cblr-9108	564	47	firms	firm	NOUN
cblr-9108	564	48	could	could	AUX
cblr-9108	564	49	access	access	VERB
cblr-9108	564	50	sufficient	sufficient	ADJ
cblr-9108	564	51	capital	capital	NOUN
cblr-9108	564	52	while	while	SCONJ
cblr-9108	564	53	operating	operate	VERB
cblr-9108	564	54	as	as	ADP
cblr-9108	564	55	public	public	ADJ
cblr-9108	564	56	or	or	CCONJ
cblr-9108	564	57	private	private	ADJ
cblr-9108	564	58	companies	company	NOUN
cblr-9108	564	59	.	.	PUNCT
cblr-9108	565	1	empirical	empirical	ADJ
cblr-9108	565	2	research	research	NOUN
cblr-9108	565	3	since	since	SCONJ
cblr-9108	565	4	then	then	ADV
cblr-9108	565	5	suggests	suggest	VERB
cblr-9108	565	6	that	that	SCONJ
cblr-9108	565	7	we	we	PRON
cblr-9108	565	8	have	have	AUX
cblr-9108	565	9	indeed	indeed	ADV
cblr-9108	565	10	arrived	arrive	VERB
cblr-9108	565	11	at	at	ADP
cblr-9108	565	12	this	this	DET
cblr-9108	565	13	state	state	NOUN
cblr-9108	565	14	of	of	ADP
cblr-9108	565	15	affairs	affair	NOUN
cblr-9108	565	16	,	,	PUNCT
cblr-9108	565	17	and	and	CCONJ
cblr-9108	565	18	that	that	SCONJ
cblr-9108	565	19	private	private	ADJ
cblr-9108	565	20	companies	company	NOUN
cblr-9108	565	21	now	now	ADV
cblr-9108	565	22	enjoy	enjoy	VERB
cblr-9108	565	23	an	an	DET
cblr-9108	565	24	issuer	issuer	ADJ
cblr-9108	565	25	choice	choice	NOUN
cblr-9108	565	26	regime	regime	NOUN
cblr-9108	565	27	—	—	PUNCT
cblr-9108	565	28	an	an	DET
cblr-9108	565	29	environment	environment	NOUN
cblr-9108	565	30	in	in	ADP
cblr-9108	565	31	which	which	PRON
cblr-9108	565	32	a	a	DET
cblr-9108	565	33	successful	successful	ADJ
cblr-9108	565	34	large	large	ADJ
cblr-9108	565	35	firm	firm	NOUN
cblr-9108	565	36	can	can	AUX
cblr-9108	565	37	successfully	successfully	ADV
cblr-9108	565	38	operate	operate	VERB
cblr-9108	565	39	in	in	ADP
cblr-9108	565	40	public	public	ADJ
cblr-9108	565	41	or	or	CCONJ
cblr-9108	565	42	private	private	ADJ
cblr-9108	565	43	markets	market	NOUN
cblr-9108	565	44	,	,	PUNCT
cblr-9108	565	45	making	make	VERB
cblr-9108	565	46	the	the	DET
cblr-9108	565	47	choice	choice	NOUN
cblr-9108	565	48	between	between	ADP
cblr-9108	565	49	them	they	PRON
cblr-9108	565	50	truly	truly	ADV
cblr-9108	565	51	optional.153	optional.153	VERB
cblr-9108	565	52	as	as	ADP
cblr-9108	565	53	a	a	DET
cblr-9108	565	54	result	result	NOUN
cblr-9108	565	55	,	,	PUNCT
cblr-9108	565	56	private	private	ADJ
cblr-9108	565	57	companies	company	NOUN
cblr-9108	565	58	decide	decide	VERB
cblr-9108	565	59	to	to	PART
cblr-9108	565	60	go	go	VERB
cblr-9108	565	61	public	public	ADJ
cblr-9108	565	62	only	only	ADV
cblr-9108	565	63	if	if	SCONJ
cblr-9108	565	64	—	—	PUNCT
cblr-9108	565	65	and	and	CCONJ
cblr-9108	565	66	only	only	ADV
cblr-9108	565	67	when	when	SCONJ
cblr-9108	565	68	—	—	PUNCT
cblr-9108	565	69	it	it	PRON
cblr-9108	565	70	is	be	AUX
cblr-9108	565	71	privately	privately	ADV
cblr-9108	565	72	desirable	desirable	ADJ
cblr-9108	565	73	for	for	SCONJ
cblr-9108	565	74	them	they	PRON
cblr-9108	565	75	to	to	PART
cblr-9108	565	76	do	do	VERB
cblr-9108	565	77	so	so	ADV
cblr-9108	565	78	,	,	PUNCT
cblr-9108	565	79	based	base	VERB
cblr-9108	565	80	on	on	ADP
cblr-9108	565	81	their	their	PRON
cblr-9108	565	82	own	own	ADJ
cblr-9108	565	83	balancing	balancing	NOUN
cblr-9108	565	84	of	of	ADP
cblr-9108	565	85	the	the	DET
cblr-9108	565	86	costs	cost	NOUN
cblr-9108	565	87	and	and	CCONJ
cblr-9108	565	88	benefits	benefit	NOUN
cblr-9108	565	89	of	of	ADP
cblr-9108	565	90	being	be	AUX
cblr-9108	565	91	a	a	DET
cblr-9108	565	92	public	public	ADJ
cblr-9108	565	93	company	company	NOUN
cblr-9108	565	94	.	.	PUNCT
cblr-9108	566	1	a	a	DET
cblr-9108	566	2	major	major	ADJ
cblr-9108	566	3	cause	cause	NOUN
cblr-9108	566	4	of	of	ADP
cblr-9108	566	5	this	this	DET
cblr-9108	566	6	state	state	NOUN
cblr-9108	566	7	of	of	ADP
cblr-9108	566	8	affairs	affair	NOUN
cblr-9108	566	9	was	be	AUX
cblr-9108	566	10	the	the	DET
cblr-9108	566	11	growth	growth	NOUN
cblr-9108	566	12	in	in	ADP
cblr-9108	566	13	the	the	DET
cblr-9108	566	14	availability	availability	NOUN
cblr-9108	566	15	of	of	ADP
cblr-9108	566	16	capital	capital	NOUN
cblr-9108	566	17	in	in	ADP
cblr-9108	566	18	private	private	ADJ
cblr-9108	566	19	markets	market	NOUN
cblr-9108	566	20	,	,	PUNCT
cblr-9108	566	21	where	where	SCONJ
cblr-9108	566	22	capital	capital	NOUN
cblr-9108	566	23	raising	raise	VERB
cblr-9108	566	24	now	now	ADV
cblr-9108	566	25	far	far	ADV
cblr-9108	566	26	outstrips	outstrip	VERB
cblr-9108	566	27	public	public	ADJ
cblr-9108	566	28	markets	market	NOUN
cblr-9108	566	29	.	.	PUNCT
cblr-9108	567	1	second	second	ADJ
cblr-9108	567	2	,	,	PUNCT
cblr-9108	567	3	and	and	CCONJ
cblr-9108	567	4	relatedly	relatedly	ADV
cblr-9108	567	5	,	,	PUNCT
cblr-9108	567	6	the	the	DET
cblr-9108	567	7	increasing	increase	VERB
cblr-9108	567	8	availability	availability	NOUN
cblr-9108	567	9	of	of	ADP
cblr-9108	567	10	private	private	ADJ
cblr-9108	567	11	capital	capital	NOUN
cblr-9108	567	12	seems	seem	VERB
cblr-9108	567	13	to	to	PART
cblr-9108	567	14	have	have	AUX
cblr-9108	567	15	lessened	lessen	VERB
cblr-9108	567	16	companies	company	NOUN
cblr-9108	567	17	’	'	PUNCT
cblr-9108	567	18	desire	desire	NOUN
cblr-9108	567	19	to	to	PART
cblr-9108	567	20	go	go	VERB
cblr-9108	567	21	or	or	CCONJ
cblr-9108	567	22	remain	remain	VERB
cblr-9108	567	23	public.154	public.154	NOUN
cblr-9108	567	24	several	several	ADJ
cblr-9108	567	25	factors	factor	NOUN
cblr-9108	567	26	,	,	PUNCT
cblr-9108	567	27	including	include	VERB
cblr-9108	567	28	the	the	DET
cblr-9108	567	29	removal	removal	NOUN
cblr-9108	567	30	of	of	ADP
cblr-9108	567	31	various	various	ADJ
cblr-9108	567	32	state	state	NOUN
cblr-9108	567	33	-	-	PUNCT
cblr-9108	567	34	level	level	NOUN
cblr-9108	567	35	restrictions	restriction	NOUN
cblr-9108	567	36	on	on	ADP
cblr-9108	567	37	private	private	ADJ
cblr-9108	567	38	issuers	issuer	NOUN
cblr-9108	567	39	’	'	PUNCT
cblr-9108	567	40	securities	security	NOUN
cblr-9108	567	41	offerings	offering	NOUN
cblr-9108	567	42	,	,	PUNCT
cblr-9108	567	43	led	lead	VERB
cblr-9108	567	44	to	to	ADP
cblr-9108	567	45	increases	increase	NOUN
cblr-9108	567	46	in	in	ADP
cblr-9108	567	47	the	the	DET
cblr-9108	567	48	supply	supply	NOUN
cblr-9108	567	49	of	of	ADP
cblr-9108	567	50	private	private	ADJ
cblr-9108	567	51	capital.155	capital.155	PROPN
cblr-9108	567	52	this	this	DET
cblr-9108	567	53	increased	increase	VERB
cblr-9108	567	54	supply	supply	NOUN
cblr-9108	567	55	,	,	PUNCT
cblr-9108	567	56	in	in	ADP
cblr-9108	567	57	turn	turn	NOUN
cblr-9108	567	58	,	,	PUNCT
cblr-9108	567	59	enables	enable	VERB
cblr-9108	567	60	late	late	ADJ
cblr-9108	567	61	-	-	PUNCT
cblr-9108	567	62	stage	stage	NOUN
cblr-9108	567	63	private	private	ADJ
cblr-9108	567	64	firms	firm	NOUN
cblr-9108	567	65	to	to	PART
cblr-9108	567	66	grow	grow	VERB
cblr-9108	567	67	to	to	ADP
cblr-9108	567	68	a	a	DET
cblr-9108	567	69	size	size	NOUN
cblr-9108	567	70	,	,	PUNCT
cblr-9108	567	71	levels	level	NOUN
cblr-9108	567	72	of	of	ADP
cblr-9108	567	73	employment	employment	NOUN
cblr-9108	567	74	,	,	PUNCT
cblr-9108	567	75	and	and	CCONJ
cblr-9108	567	76	levels	level	NOUN
cblr-9108	567	77	of	of	ADP
cblr-9108	567	78	revenue	revenue	NOUN
cblr-9108	567	79	,	,	PUNCT
cblr-9108	567	80	which	which	PRON
cblr-9108	567	81	few	few	ADJ
cblr-9108	567	82	private	private	ADJ
cblr-9108	567	83	firms	firm	NOUN
cblr-9108	567	84	could	could	AUX
cblr-9108	567	85	previously	previously	ADV
cblr-9108	567	86	obtain.156	obtain.156	VERB
cblr-9108	567	87	the	the	DET
cblr-9108	567	88	product	product	NOUN
cblr-9108	567	89	of	of	ADP
cblr-9108	567	90	this	this	DET
cblr-9108	567	91	issuer	issuer	ADJ
cblr-9108	567	92	choice	choice	NOUN
cblr-9108	567	93	regime	regime	NOUN
cblr-9108	567	94	is	be	AUX
cblr-9108	567	95	that	that	SCONJ
cblr-9108	567	96	fewer	few	ADJ
cblr-9108	567	97	highly	highly	ADV
cblr-9108	567	98	152	152	NUM
cblr-9108	567	99	donald	donald	PROPN
cblr-9108	567	100	langevoort	langevoort	NOUN
cblr-9108	567	101	,	,	PUNCT
cblr-9108	567	102	the	the	DET
cblr-9108	567	103	regulation	regulation	NOUN
cblr-9108	567	104	of	of	ADP
cblr-9108	567	105	primary	primary	ADJ
cblr-9108	567	106	markets	market	NOUN
cblr-9108	567	107	,	,	PUNCT
cblr-9108	567	108	in	in	ADP
cblr-9108	567	109	securities	security	NOUN
cblr-9108	567	110	market	market	NOUN
cblr-9108	567	111	issues	issue	NOUN
cblr-9108	567	112	for	for	ADP
cblr-9108	567	113	the	the	DET
cblr-9108	567	114	21st	21st	ADJ
cblr-9108	567	115	century	century	NOUN
cblr-9108	567	116	,	,	PUNCT
cblr-9108	567	117	supra	supra	PROPN
cblr-9108	567	118	note	note	NOUN
cblr-9108	567	119	16	16	NUM
cblr-9108	567	120	,	,	PUNCT
cblr-9108	567	121	at	at	ADP
cblr-9108	567	122	122	122	NUM
cblr-9108	567	123	.	.	NOUN
cblr-9108	567	124	153	153	NUM
cblr-9108	567	125	ewens	ewen	NOUN
cblr-9108	567	126	&	&	CCONJ
cblr-9108	567	127	farre	farre	PROPN
cblr-9108	567	128	-	-	PUNCT
cblr-9108	567	129	mensa	mensa	ADJ
cblr-9108	567	130	,	,	PUNCT
cblr-9108	567	131	supra	supra	PROPN
cblr-9108	567	132	note	note	NOUN
cblr-9108	567	133	5	5	NUM
cblr-9108	567	134	,	,	PUNCT
cblr-9108	567	135	at	at	ADP
cblr-9108	567	136	5467–68	5467–68	PROPN
cblr-9108	567	137	.	.	PUNCT
cblr-9108	568	1	see	see	VERB
cblr-9108	568	2	,	,	PUNCT
cblr-9108	568	3	e.g.	e.g.	ADV
cblr-9108	568	4	,	,	PUNCT
cblr-9108	568	5	romano	romano	NOUN
cblr-9108	568	6	,	,	PUNCT
cblr-9108	568	7	supra	supra	PROPN
cblr-9108	568	8	note	note	NOUN
cblr-9108	568	9	26	26	NUM
cblr-9108	568	10	(	(	PUNCT
cblr-9108	568	11	advocating	advocate	VERB
cblr-9108	568	12	for	for	ADP
cblr-9108	568	13	more	more	ADJ
cblr-9108	568	14	issuer	issuer	NOUN
cblr-9108	568	15	and	and	CCONJ
cblr-9108	568	16	investor	investor	NOUN
cblr-9108	568	17	choice	choice	NOUN
cblr-9108	568	18	in	in	ADP
cblr-9108	568	19	securities	security	NOUN
cblr-9108	568	20	regulation	regulation	NOUN
cblr-9108	568	21	)	)	PUNCT
cblr-9108	568	22	;	;	PUNCT
cblr-9108	568	23	john	john	PROPN
cblr-9108	568	24	c.	c.	PROPN
cblr-9108	568	25	coates	coat	VERB
cblr-9108	568	26	iv	iv	NUM
cblr-9108	568	27	,	,	PUNCT
cblr-9108	568	28	private	private	ADJ
cblr-9108	568	29	vs.	vs.	ADP
cblr-9108	568	30	political	political	ADJ
cblr-9108	568	31	choice	choice	NOUN
cblr-9108	568	32	of	of	ADP
cblr-9108	568	33	securities	security	NOUN
cblr-9108	568	34	regulation	regulation	NOUN
cblr-9108	568	35	:	:	PUNCT
cblr-9108	568	36	a	a	DET
cblr-9108	568	37	political	political	ADJ
cblr-9108	568	38	cost	cost	NOUN
cblr-9108	568	39	/	/	SYM
cblr-9108	568	40	benefit	benefit	NOUN
cblr-9108	568	41	analysis	analysis	NOUN
cblr-9108	568	42	,	,	PUNCT
cblr-9108	568	43	41	41	NUM
cblr-9108	568	44	va	va	NOUN
cblr-9108	568	45	.	.	PUNCT
cblr-9108	569	1	j.	j.	PROPN
cblr-9108	569	2	int’l	int’l	PROPN
cblr-9108	569	3	l.	l.	PROPN
cblr-9108	569	4	531	531	NUM
cblr-9108	569	5	,	,	PUNCT
cblr-9108	569	6	543–49	543–49	NUM
cblr-9108	569	7	(	(	PUNCT
cblr-9108	569	8	2001	2001	NUM
cblr-9108	569	9	)	)	PUNCT
cblr-9108	570	1	(	(	PUNCT
cblr-9108	570	2	noting	note	VERB
cblr-9108	570	3	that	that	SCONJ
cblr-9108	570	4	certain	certain	ADJ
cblr-9108	570	5	key	key	ADJ
cblr-9108	570	6	features	feature	NOUN
cblr-9108	570	7	of	of	ADP
cblr-9108	570	8	the	the	DET
cblr-9108	570	9	securities	security	NOUN
cblr-9108	570	10	regulatory	regulatory	ADJ
cblr-9108	570	11	regime	regime	NOUN
cblr-9108	570	12	are	be	AUX
cblr-9108	570	13	subject	subject	ADJ
cblr-9108	570	14	to	to	ADP
cblr-9108	570	15	issuer	issuer	ADJ
cblr-9108	570	16	choice	choice	NOUN
cblr-9108	570	17	)	)	PUNCT
cblr-9108	570	18	.	.	PUNCT
cblr-9108	571	1	154	154	NUM
cblr-9108	571	2	see	see	VERB
cblr-9108	571	3	de	de	PROPN
cblr-9108	571	4	fontenay	fontenay	NOUN
cblr-9108	571	5	,	,	PUNCT
cblr-9108	571	6	supra	supra	PROPN
cblr-9108	571	7	note	note	PROPN
cblr-9108	571	8	6	6	NUM
cblr-9108	571	9	(	(	PUNCT
cblr-9108	571	10	arguing	argue	VERB
cblr-9108	571	11	that	that	SCONJ
cblr-9108	571	12	the	the	DET
cblr-9108	571	13	deregulation	deregulation	NOUN
cblr-9108	571	14	of	of	ADP
cblr-9108	571	15	private	private	ADJ
cblr-9108	571	16	capital	capital	NOUN
cblr-9108	571	17	raising	raise	VERB
cblr-9108	571	18	over	over	ADP
cblr-9108	571	19	the	the	DET
cblr-9108	571	20	last	last	ADJ
cblr-9108	571	21	few	few	ADJ
cblr-9108	571	22	decades	decade	NOUN
cblr-9108	571	23	has	have	AUX
cblr-9108	571	24	contributed	contribute	VERB
cblr-9108	571	25	significantly	significantly	ADV
cblr-9108	571	26	to	to	ADP
cblr-9108	571	27	the	the	DET
cblr-9108	571	28	decline	decline	NOUN
cblr-9108	571	29	in	in	ADP
cblr-9108	571	30	u.s	u.s	PROPN
cblr-9108	571	31	.	.	PROPN
cblr-9108	571	32	public	public	ADJ
cblr-9108	571	33	companies	company	NOUN
cblr-9108	571	34	)	)	PUNCT
cblr-9108	571	35	;	;	PUNCT
cblr-9108	571	36	ewens	ewen	NOUN
cblr-9108	571	37	&	&	CCONJ
cblr-9108	571	38	farremensa	farremensa	ADJ
cblr-9108	571	39	,	,	PUNCT
cblr-9108	571	40	supra	supra	PROPN
cblr-9108	571	41	note	note	NOUN
cblr-9108	571	42	5	5	NUM
cblr-9108	571	43	,	,	PUNCT
cblr-9108	571	44	at	at	ADP
cblr-9108	571	45	5467	5467	NUM
cblr-9108	571	46	.	.	PUNCT
cblr-9108	572	1	155	155	NUM
cblr-9108	573	1	i	i	PROPN
cblr-9108	573	2	d.	d.	PROPN
cblr-9108	573	3	at	at	ADP
cblr-9108	573	4	5467	5467	NUM
cblr-9108	573	5	156	156	NUM
cblr-9108	574	1	i	i	PRON
cblr-9108	574	2	d.	d.	NOUN
cblr-9108	574	3	at	at	ADP
cblr-9108	574	4	5468	5468	NUM
cblr-9108	574	5	.	.	PUNCT
cblr-9108	575	1	1238	1238	NUM
cblr-9108	575	2	columbia	columbia	PROPN
cblr-9108	575	3	business	business	NOUN
cblr-9108	575	4	law	law	PROPN
cblr-9108	575	5	review	review	NOUN
cblr-9108	575	6	[	[	X
cblr-9108	575	7	vol	vol	NOUN
cblr-9108	575	8	.	.	PUNCT
cblr-9108	575	9	2021	2021	NUM
cblr-9108	575	10	valued	value	VERB
cblr-9108	575	11	private	private	ADJ
cblr-9108	575	12	firms	firm	NOUN
cblr-9108	575	13	choose	choose	VERB
cblr-9108	575	14	to	to	PART
cblr-9108	575	15	go	go	VERB
cblr-9108	575	16	or	or	CCONJ
cblr-9108	575	17	remain	remain	VERB
cblr-9108	575	18	public	public	ADJ
cblr-9108	575	19	—	—	PUNCT
cblr-9108	575	20	thus	thus	ADV
cblr-9108	575	21	the	the	DET
cblr-9108	575	22	observed	observed	ADJ
cblr-9108	575	23	decline	decline	NOUN
cblr-9108	575	24	in	in	ADP
cblr-9108	575	25	the	the	DET
cblr-9108	575	26	share	share	NOUN
cblr-9108	575	27	of	of	ADP
cblr-9108	575	28	public	public	ADJ
cblr-9108	575	29	companies.157	companies.157	NOUN
cblr-9108	575	30	the	the	DET
cblr-9108	575	31	remaining	remain	VERB
cblr-9108	575	32	universe	universe	NOUN
cblr-9108	575	33	of	of	ADP
cblr-9108	575	34	public	public	ADJ
cblr-9108	575	35	companies	company	NOUN
cblr-9108	575	36	is	be	AUX
cblr-9108	575	37	smaller	small	ADJ
cblr-9108	575	38	and	and	CCONJ
cblr-9108	575	39	older	old	ADJ
cblr-9108	575	40	.	.	PUNCT
cblr-9108	576	1	in	in	ADP
cblr-9108	576	2	sum	sum	NOUN
cblr-9108	576	3	,	,	PUNCT
cblr-9108	576	4	the	the	DET
cblr-9108	576	5	growth	growth	NOUN
cblr-9108	576	6	of	of	ADP
cblr-9108	576	7	private	private	ADJ
cblr-9108	576	8	capital	capital	NOUN
cblr-9108	576	9	led	lead	VERB
cblr-9108	576	10	to	to	ADP
cblr-9108	576	11	an	an	DET
cblr-9108	576	12	issuer	issuer	ADJ
cblr-9108	576	13	choice	choice	NOUN
cblr-9108	576	14	environment	environment	NOUN
cblr-9108	576	15	for	for	ADP
cblr-9108	576	16	firms	firm	NOUN
cblr-9108	576	17	because	because	SCONJ
cblr-9108	576	18	private	private	ADJ
cblr-9108	576	19	market	market	NOUN
cblr-9108	576	20	financing	financing	NOUN
cblr-9108	576	21	was	be	AUX
cblr-9108	576	22	a	a	DET
cblr-9108	576	23	viable	viable	ADJ
cblr-9108	576	24	substitute	substitute	NOUN
cblr-9108	576	25	for	for	ADP
cblr-9108	576	26	public	public	ADJ
cblr-9108	576	27	markets	market	NOUN
cblr-9108	576	28	financing	financing	NOUN
cblr-9108	576	29	;	;	PUNCT
cblr-9108	576	30	in	in	ADP
cblr-9108	576	31	this	this	DET
cblr-9108	576	32	“	"	PUNCT
cblr-9108	576	33	new	new	ADJ
cblr-9108	576	34	equilibrium	equilibrium	NOUN
cblr-9108	576	35	,	,	PUNCT
cblr-9108	576	36	”	"	PUNCT
cblr-9108	576	37	fewer	few	ADJ
cblr-9108	576	38	and	and	CCONJ
cblr-9108	576	39	older	old	ADJ
cblr-9108	576	40	firms	firm	NOUN
cblr-9108	576	41	go	go	VERB
cblr-9108	576	42	public.158	public.158	PROPN
cblr-9108	576	43	c.	c.	NOUN
cblr-9108	576	44	firms	firm	NOUN
cblr-9108	576	45	now	now	ADV
cblr-9108	576	46	face	face	VERB
cblr-9108	576	47	complex	complex	ADJ
cblr-9108	576	48	,	,	PUNCT
cblr-9108	576	49	idiosyncratic	idiosyncratic	ADJ
cblr-9108	576	50	tradeoffs	tradeoff	NOUN
cblr-9108	576	51	in	in	ADP
cblr-9108	576	52	determining	determine	VERB
cblr-9108	576	53	whether	whether	SCONJ
cblr-9108	576	54	to	to	PART
cblr-9108	576	55	be	be	AUX
cblr-9108	576	56	public	public	ADJ
cblr-9108	576	57	or	or	CCONJ
cblr-9108	576	58	private	private	ADJ
cblr-9108	576	59	in	in	ADP
cblr-9108	576	60	this	this	DET
cblr-9108	576	61	section	section	NOUN
cblr-9108	576	62	,	,	PUNCT
cblr-9108	576	63	we	we	PRON
cblr-9108	576	64	argue	argue	VERB
cblr-9108	576	65	that	that	SCONJ
cblr-9108	576	66	the	the	DET
cblr-9108	576	67	tradeoffs	tradeoff	NOUN
cblr-9108	576	68	that	that	PRON
cblr-9108	576	69	private	private	ADJ
cblr-9108	576	70	firms	firm	NOUN
cblr-9108	576	71	face	face	VERB
cblr-9108	576	72	in	in	ADP
cblr-9108	576	73	determining	determine	VERB
cblr-9108	576	74	whether	whether	SCONJ
cblr-9108	576	75	to	to	PART
cblr-9108	576	76	go	go	VERB
cblr-9108	576	77	public	public	ADJ
cblr-9108	576	78	(	(	PUNCT
cblr-9108	576	79	or	or	CCONJ
cblr-9108	576	80	that	that	SCONJ
cblr-9108	576	81	public	public	ADJ
cblr-9108	576	82	firms	firm	NOUN
cblr-9108	576	83	face	face	VERB
cblr-9108	576	84	in	in	ADP
cblr-9108	576	85	contemplating	contemplate	VERB
cblr-9108	576	86	going	go	VERB
cblr-9108	576	87	private	private	ADJ
cblr-9108	576	88	)	)	PUNCT
cblr-9108	576	89	have	have	AUX
cblr-9108	576	90	become	become	VERB
cblr-9108	576	91	increasingly	increasingly	ADV
cblr-9108	576	92	firm	firm	ADJ
cblr-9108	576	93	-	-	PUNCT
cblr-9108	576	94	specific	specific	ADJ
cblr-9108	576	95	and	and	CCONJ
cblr-9108	576	96	idiosyncratic	idiosyncratic	ADJ
cblr-9108	576	97	.	.	PUNCT
cblr-9108	577	1	this	this	PRON
cblr-9108	577	2	is	be	AUX
cblr-9108	577	3	partly	partly	ADV
cblr-9108	577	4	due	due	ADJ
cblr-9108	577	5	to	to	ADP
cblr-9108	577	6	the	the	DET
cblr-9108	577	7	diminishing	diminish	VERB
cblr-9108	577	8	importance	importance	NOUN
cblr-9108	577	9	of	of	ADP
cblr-9108	577	10	capital	capital	NOUN
cblr-9108	577	11	raising	raising	NOUN
cblr-9108	577	12	as	as	ADP
cblr-9108	577	13	the	the	DET
cblr-9108	577	14	leading	lead	VERB
cblr-9108	577	15	attraction	attraction	NOUN
cblr-9108	577	16	of	of	ADP
cblr-9108	577	17	going	go	VERB
cblr-9108	577	18	public	public	ADJ
cblr-9108	577	19	.	.	PUNCT
cblr-9108	578	1	private	private	ADJ
cblr-9108	578	2	firms	firm	NOUN
cblr-9108	578	3	can	can	AUX
cblr-9108	578	4	now	now	ADV
cblr-9108	578	5	raise	raise	VERB
cblr-9108	578	6	enormous	enormous	ADJ
cblr-9108	578	7	sums	sum	NOUN
cblr-9108	578	8	,	,	PUNCT
cblr-9108	578	9	funding	fund	VERB
cblr-9108	578	10	growth	growth	NOUN
cblr-9108	578	11	that	that	PRON
cblr-9108	578	12	previously	previously	ADV
cblr-9108	578	13	would	would	AUX
cblr-9108	578	14	have	have	AUX
cblr-9108	578	15	been	be	AUX
cblr-9108	578	16	possible	possible	ADJ
cblr-9108	578	17	only	only	ADV
cblr-9108	578	18	for	for	ADP
cblr-9108	578	19	public	public	ADJ
cblr-9108	578	20	companies.159	companies.159	PROPN
cblr-9108	578	21	as	as	ADP
cblr-9108	578	22	importantly	importantly	ADV
cblr-9108	578	23	,	,	PUNCT
cblr-9108	578	24	however	however	ADV
cblr-9108	578	25	,	,	PUNCT
cblr-9108	578	26	successful	successful	ADJ
cblr-9108	578	27	private	private	ADJ
cblr-9108	578	28	firms	firm	NOUN
cblr-9108	578	29	differ	differ	VERB
cblr-9108	578	30	considerably	considerably	ADV
cblr-9108	578	31	along	along	ADP
cblr-9108	578	32	the	the	DET
cblr-9108	578	33	other	other	ADJ
cblr-9108	578	34	dimensions	dimension	NOUN
cblr-9108	578	35	that	that	PRON
cblr-9108	578	36	empirical	empirical	ADJ
cblr-9108	578	37	research	research	NOUN
cblr-9108	578	38	suggests	suggest	VERB
cblr-9108	578	39	are	be	AUX
cblr-9108	578	40	important	important	ADJ
cblr-9108	578	41	to	to	ADP
cblr-9108	578	42	firms	firm	NOUN
cblr-9108	578	43	’	'	PUNCT
cblr-9108	578	44	going	go	VERB
cblr-9108	578	45	public	public	ADJ
cblr-9108	578	46	decisions	decision	NOUN
cblr-9108	578	47	.	.	PUNCT
cblr-9108	579	1	the	the	DET
cblr-9108	579	2	going	go	VERB
cblr-9108	579	3	-	-	PUNCT
cblr-9108	579	4	public	public	ADJ
cblr-9108	579	5	versus	versus	ADP
cblr-9108	579	6	staying	stay	VERB
cblr-9108	579	7	-	-	ADJ
cblr-9108	579	8	private	private	ADJ
cblr-9108	579	9	tradeoff	tradeoff	NOUN
cblr-9108	579	10	facing	face	VERB
cblr-9108	579	11	firms	firm	NOUN
cblr-9108	579	12	becomes	become	VERB
cblr-9108	579	13	profoundly	profoundly	ADV
cblr-9108	579	14	firm	firm	ADJ
cblr-9108	579	15	-	-	PUNCT
cblr-9108	579	16	specific	specific	ADJ
cblr-9108	579	17	because	because	SCONJ
cblr-9108	579	18	the	the	DET
cblr-9108	579	19	principal	principal	ADJ
cblr-9108	579	20	attractions	attraction	NOUN
cblr-9108	579	21	of	of	ADP
cblr-9108	579	22	being	be	AUX
cblr-9108	579	23	public	public	ADJ
cblr-9108	579	24	are	be	AUX
cblr-9108	579	25	now	now	ADV
cblr-9108	579	26	many	many	ADJ
cblr-9108	579	27	,	,	PUNCT
cblr-9108	579	28	distinct	distinct	ADJ
cblr-9108	579	29	,	,	PUNCT
cblr-9108	579	30	and	and	CCONJ
cblr-9108	579	31	apply	apply	VERB
cblr-9108	579	32	to	to	ADP
cblr-9108	579	33	firms	firm	NOUN
cblr-9108	579	34	heterogeneously	heterogeneously	ADV
cblr-9108	579	35	.	.	PUNCT
cblr-9108	580	1	what	what	PRON
cblr-9108	580	2	may	may	AUX
cblr-9108	580	3	be	be	AUX
cblr-9108	580	4	a	a	DET
cblr-9108	580	5	core	core	NOUN
cblr-9108	580	6	attraction	attraction	NOUN
cblr-9108	580	7	of	of	ADP
cblr-9108	580	8	going	go	VERB
cblr-9108	580	9	public	public	ADJ
cblr-9108	580	10	for	for	ADP
cblr-9108	580	11	one	one	NUM
cblr-9108	580	12	large	large	ADJ
cblr-9108	580	13	and	and	CCONJ
cblr-9108	580	14	successful	successful	ADJ
cblr-9108	580	15	private	private	ADJ
cblr-9108	580	16	firm	firm	NOUN
cblr-9108	580	17	may	may	AUX
cblr-9108	580	18	be	be	AUX
cblr-9108	580	19	insignificant	insignificant	ADJ
cblr-9108	580	20	to	to	ADP
cblr-9108	580	21	another	another	DET
cblr-9108	580	22	successful	successful	ADJ
cblr-9108	580	23	,	,	PUNCT
cblr-9108	580	24	growing	grow	VERB
cblr-9108	580	25	private	private	ADJ
cblr-9108	580	26	company	company	NOUN
cblr-9108	580	27	.	.	PUNCT
cblr-9108	581	1	for	for	ADP
cblr-9108	581	2	instance	instance	NOUN
cblr-9108	581	3	,	,	PUNCT
cblr-9108	581	4	a	a	DET
cblr-9108	581	5	prominent	prominent	ADJ
cblr-9108	581	6	survey	survey	NOUN
cblr-9108	581	7	of	of	ADP
cblr-9108	581	8	cfos	cfos	PROPN
cblr-9108	581	9	suggests	suggest	VERB
cblr-9108	581	10	that	that	SCONJ
cblr-9108	581	11	the	the	DET
cblr-9108	581	12	most	most	ADV
cblr-9108	581	13	common	common	ADJ
cblr-9108	581	14	reasons	reason	NOUN
cblr-9108	581	15	for	for	SCONJ
cblr-9108	581	16	firms	firm	NOUN
cblr-9108	581	17	to	to	PART
cblr-9108	581	18	go	go	VERB
cblr-9108	581	19	public	public	ADJ
cblr-9108	581	20	are	be	AUX
cblr-9108	581	21	to	to	AUX
cblr-9108	581	22	(	(	PUNCT
cblr-9108	581	23	1	1	X
cblr-9108	581	24	)	)	PUNCT
cblr-9108	581	25	create	create	VERB
cblr-9108	581	26	public	public	ADJ
cblr-9108	581	27	stock	stock	NOUN
cblr-9108	581	28	for	for	ADP
cblr-9108	581	29	use	use	NOUN
cblr-9108	581	30	in	in	ADP
cblr-9108	581	31	acquisitions	acquisition	NOUN
cblr-9108	581	32	,	,	PUNCT
cblr-9108	581	33	(	(	PUNCT
cblr-9108	581	34	2	2	X
cblr-9108	581	35	)	)	PUNCT
cblr-9108	581	36	establish	establish	VERB
cblr-9108	581	37	a	a	DET
cblr-9108	581	38	157	157	NUM
cblr-9108	581	39	see	see	NOUN
cblr-9108	581	40	de	de	X
cblr-9108	581	41	fontenay	fontenay	NOUN
cblr-9108	581	42	,	,	PUNCT
cblr-9108	581	43	supra	supra	PROPN
cblr-9108	581	44	note	note	PROPN
cblr-9108	581	45	6	6	NUM
cblr-9108	581	46	(	(	PUNCT
cblr-9108	581	47	arguing	argue	VERB
cblr-9108	581	48	that	that	SCONJ
cblr-9108	581	49	the	the	DET
cblr-9108	581	50	deregulation	deregulation	NOUN
cblr-9108	581	51	of	of	ADP
cblr-9108	581	52	private	private	ADJ
cblr-9108	581	53	capital	capital	NOUN
cblr-9108	581	54	raising	raise	VERB
cblr-9108	581	55	over	over	ADP
cblr-9108	581	56	the	the	DET
cblr-9108	581	57	last	last	ADJ
cblr-9108	581	58	few	few	ADJ
cblr-9108	581	59	decades	decade	NOUN
cblr-9108	581	60	has	have	AUX
cblr-9108	581	61	contributed	contribute	VERB
cblr-9108	581	62	significantly	significantly	ADV
cblr-9108	581	63	to	to	ADP
cblr-9108	581	64	the	the	DET
cblr-9108	581	65	decline	decline	NOUN
cblr-9108	581	66	in	in	ADP
cblr-9108	581	67	u.s	u.s	PROPN
cblr-9108	581	68	.	.	PROPN
cblr-9108	581	69	public	public	ADJ
cblr-9108	581	70	companies	company	NOUN
cblr-9108	581	71	)	)	PUNCT
cblr-9108	581	72	;	;	PUNCT
cblr-9108	581	73	ewens	ewen	NOUN
cblr-9108	581	74	&	&	CCONJ
cblr-9108	581	75	farremensa	farremensa	ADJ
cblr-9108	581	76	,	,	PUNCT
cblr-9108	581	77	supra	supra	PROPN
cblr-9108	581	78	note	note	NOUN
cblr-9108	581	79	5	5	NUM
cblr-9108	581	80	,	,	PUNCT
cblr-9108	581	81	at	at	ADP
cblr-9108	581	82	5467	5467	NUM
cblr-9108	581	83	.	.	PUNCT
cblr-9108	582	1	158	158	NUM
cblr-9108	583	1	i	i	PRON
cblr-9108	583	2	d.	d.	PROPN
cblr-9108	583	3	at	at	ADP
cblr-9108	583	4	5467	5467	NUM
cblr-9108	583	5	,	,	PUNCT
cblr-9108	583	6	5498	5498	NUM
cblr-9108	583	7	,	,	PUNCT
cblr-9108	583	8	5506	5506	NUM
cblr-9108	583	9	.	.	PUNCT
cblr-9108	584	1	159	159	NUM
cblr-9108	584	2	i	i	PRON
cblr-9108	584	3	d.	d.	PROPN
cblr-9108	584	4	at	at	ADP
cblr-9108	584	5	5466	5466	NUM
cblr-9108	584	6	;	;	PUNCT
cblr-9108	584	7	bauguess	bauguess	NOUN
cblr-9108	584	8	et	et	PROPN
cblr-9108	584	9	al	al	PROPN
cblr-9108	584	10	.	.	PROPN
cblr-9108	584	11	,	,	PUNCT
cblr-9108	584	12	supra	supra	PROPN
cblr-9108	584	13	note	note	VERB
cblr-9108	584	14	7	7	NUM
cblr-9108	584	15	.	.	PUNCT
cblr-9108	585	1	no	no	INTJ
cblr-9108	585	2	.	.	PUNCT
cblr-9108	586	1	3:1199	3:1199	NUM
cblr-9108	586	2	]	]	X
cblr-9108	586	3	the	the	DET
cblr-9108	586	4	new	new	ADJ
cblr-9108	586	5	public	public	ADJ
cblr-9108	586	6	/	/	SYM
cblr-9108	586	7	private	private	ADJ
cblr-9108	586	8	equilibrium	equilibrium	NOUN
cblr-9108	586	9	1239	1239	NUM
cblr-9108	586	10	market	market	NOUN
cblr-9108	586	11	stock	stock	NOUN
cblr-9108	586	12	price	price	NOUN
cblr-9108	586	13	,	,	PUNCT
cblr-9108	586	14	and	and	CCONJ
cblr-9108	586	15	(	(	PUNCT
cblr-9108	586	16	3	3	X
cblr-9108	586	17	)	)	PUNCT
cblr-9108	586	18	enhance	enhance	VERB
cblr-9108	586	19	a	a	DET
cblr-9108	586	20	firm	firm	NOUN
cblr-9108	586	21	’s	’s	PART
cblr-9108	586	22	reputation.160	reputation.160	NOUN
cblr-9108	586	23	other	other	ADJ
cblr-9108	586	24	commonly	commonly	ADV
cblr-9108	586	25	cited	cite	VERB
cblr-9108	586	26	reasons	reason	NOUN
cblr-9108	586	27	for	for	ADP
cblr-9108	586	28	going	go	VERB
cblr-9108	586	29	public	public	ADJ
cblr-9108	586	30	include	include	VERB
cblr-9108	586	31	allowing	allow	VERB
cblr-9108	586	32	major	major	ADJ
cblr-9108	586	33	pre	pre	ADJ
cblr-9108	586	34	-	-	ADJ
cblr-9108	586	35	ipo	ipo	ADJ
cblr-9108	586	36	investors	investor	NOUN
cblr-9108	586	37	to	to	PART
cblr-9108	586	38	liquidate	liquidate	VERB
cblr-9108	586	39	part	part	NOUN
cblr-9108	586	40	or	or	CCONJ
cblr-9108	586	41	all	all	PRON
cblr-9108	586	42	of	of	ADP
cblr-9108	586	43	their	their	PRON
cblr-9108	586	44	ownership	ownership	NOUN
cblr-9108	586	45	position.161	position.161	ADJ
cblr-9108	586	46	to	to	PART
cblr-9108	586	47	motivate	motivate	VERB
cblr-9108	586	48	the	the	DET
cblr-9108	586	49	idea	idea	NOUN
cblr-9108	586	50	that	that	SCONJ
cblr-9108	586	51	firms	firm	NOUN
cblr-9108	586	52	face	face	VERB
cblr-9108	586	53	idiosyncratic	idiosyncratic	ADJ
cblr-9108	586	54	tradeoffs	tradeoff	NOUN
cblr-9108	586	55	because	because	SCONJ
cblr-9108	586	56	the	the	DET
cblr-9108	586	57	determinants	determinant	NOUN
cblr-9108	586	58	of	of	ADP
cblr-9108	586	59	decisions	decision	NOUN
cblr-9108	586	60	to	to	PART
cblr-9108	586	61	go	go	VERB
cblr-9108	586	62	public	public	ADJ
cblr-9108	586	63	(	(	PUNCT
cblr-9108	586	64	or	or	CCONJ
cblr-9108	586	65	private	private	ADJ
cblr-9108	586	66	)	)	PUNCT
cblr-9108	586	67	apply	apply	VERB
cblr-9108	586	68	heterogeneously	heterogeneously	ADV
cblr-9108	586	69	to	to	ADP
cblr-9108	586	70	them	they	PRON
cblr-9108	586	71	,	,	PUNCT
cblr-9108	586	72	consider	consider	VERB
cblr-9108	586	73	a	a	DET
cblr-9108	586	74	few	few	ADJ
cblr-9108	586	75	illustrations	illustration	NOUN
cblr-9108	586	76	.	.	PUNCT
cblr-9108	587	1	while	while	SCONJ
cblr-9108	587	2	it	it	PRON
cblr-9108	587	3	may	may	AUX
cblr-9108	587	4	be	be	AUX
cblr-9108	587	5	surprising	surprising	ADJ
cblr-9108	587	6	that	that	SCONJ
cblr-9108	587	7	a	a	DET
cblr-9108	587	8	leading	lead	VERB
cblr-9108	587	9	attraction	attraction	NOUN
cblr-9108	587	10	of	of	ADP
cblr-9108	587	11	going	go	VERB
cblr-9108	587	12	public	public	NOUN
cblr-9108	587	13	is	be	AUX
cblr-9108	587	14	creating	create	VERB
cblr-9108	587	15	an	an	DET
cblr-9108	587	16	acquisition	acquisition	NOUN
cblr-9108	587	17	currency	currency	NOUN
cblr-9108	587	18	,	,	PUNCT
cblr-9108	587	19	evidence	evidence	NOUN
cblr-9108	587	20	suggests	suggest	VERB
cblr-9108	587	21	that	that	SCONJ
cblr-9108	587	22	newly	newly	ADV
cblr-9108	587	23	public	public	ADJ
cblr-9108	587	24	firms	firm	NOUN
cblr-9108	587	25	are	be	AUX
cblr-9108	587	26	,	,	PUNCT
cblr-9108	587	27	on	on	ADP
cblr-9108	587	28	average	average	ADJ
cblr-9108	587	29	,	,	PUNCT
cblr-9108	587	30	aggressive	aggressive	ADJ
cblr-9108	587	31	acquirers.162	acquirers.162	DET
cblr-9108	587	32	ipos	ipos	NOUN
cblr-9108	587	33	are	be	AUX
cblr-9108	587	34	more	more	ADV
cblr-9108	587	35	common	common	ADJ
cblr-9108	587	36	in	in	ADP
cblr-9108	587	37	industries	industry	NOUN
cblr-9108	587	38	with	with	ADP
cblr-9108	587	39	a	a	DET
cblr-9108	587	40	high	high	ADJ
cblr-9108	587	41	degree	degree	NOUN
cblr-9108	587	42	of	of	ADP
cblr-9108	587	43	m&a	m&a	PROPN
cblr-9108	587	44	,	,	PUNCT
cblr-9108	587	45	but	but	CCONJ
cblr-9108	587	46	newly	newly	ADV
cblr-9108	587	47	public	public	ADJ
cblr-9108	587	48	firms	firm	NOUN
cblr-9108	587	49	also	also	ADV
cblr-9108	587	50	conduct	conduct	VERB
cblr-9108	587	51	far	far	ADV
cblr-9108	587	52	more	more	ADJ
cblr-9108	587	53	acquisitions	acquisition	NOUN
cblr-9108	587	54	than	than	ADP
cblr-9108	587	55	private	private	ADJ
cblr-9108	587	56	companies	company	NOUN
cblr-9108	587	57	of	of	ADP
cblr-9108	587	58	similar	similar	ADJ
cblr-9108	587	59	size	size	NOUN
cblr-9108	587	60	and	and	CCONJ
cblr-9108	587	61	maturity.163	maturity.163	NOUN
cblr-9108	587	62	for	for	ADP
cblr-9108	587	63	instance	instance	NOUN
cblr-9108	587	64	,	,	PUNCT
cblr-9108	587	65	research	research	NOUN
cblr-9108	587	66	in	in	ADP
cblr-9108	587	67	financial	financial	ADJ
cblr-9108	587	68	economics	economic	NOUN
cblr-9108	587	69	documents	document	NOUN
cblr-9108	587	70	both	both	CCONJ
cblr-9108	587	71	that	that	SCONJ
cblr-9108	587	72	newly	newly	ADV
cblr-9108	587	73	public	public	ADJ
cblr-9108	587	74	firms	firm	NOUN
cblr-9108	587	75	are	be	AUX
cblr-9108	587	76	prolific	prolific	ADJ
cblr-9108	587	77	acquirers	acquirer	NOUN
cblr-9108	587	78	and	and	CCONJ
cblr-9108	587	79	that	that	SCONJ
cblr-9108	587	80	the	the	DET
cblr-9108	587	81	torrid	torrid	ADJ
cblr-9108	587	82	pace	pace	NOUN
cblr-9108	587	83	of	of	ADP
cblr-9108	587	84	post	post	ADJ
cblr-9108	587	85	-	-	ADJ
cblr-9108	587	86	ipo	ipo	ADJ
cblr-9108	587	87	firm	firm	ADJ
cblr-9108	587	88	acquisitions	acquisition	NOUN
cblr-9108	587	89	is	be	AUX
cblr-9108	587	90	due	due	ADJ
cblr-9108	587	91	in	in	ADP
cblr-9108	587	92	part	part	NOUN
cblr-9108	587	93	to	to	ADP
cblr-9108	587	94	the	the	DET
cblr-9108	587	95	industries	industry	NOUN
cblr-9108	587	96	in	in	ADP
cblr-9108	587	97	which	which	PRON
cblr-9108	587	98	those	those	DET
cblr-9108	587	99	firms	firm	NOUN
cblr-9108	587	100	are	be	AUX
cblr-9108	587	101	concentrated.164	concentrated.164	NOUN
cblr-9108	587	102	conversely	conversely	ADV
cblr-9108	587	103	,	,	PUNCT
cblr-9108	587	104	ewens	ewen	NOUN
cblr-9108	587	105	and	and	CCONJ
cblr-9108	587	106	farre	farre	PROPN
cblr-9108	587	107	-	-	PUNCT
cblr-9108	587	108	mensa	mensa	NOUN
cblr-9108	587	109	explore	explore	VERB
cblr-9108	587	110	why	why	SCONJ
cblr-9108	587	111	firms	firm	NOUN
cblr-9108	587	112	choose	choose	VERB
cblr-9108	587	113	to	to	PART
cblr-9108	587	114	remain	remain	VERB
cblr-9108	587	115	private.165	private.165	ADJ
cblr-9108	587	116	they	they	PRON
cblr-9108	587	117	investigate	investigate	VERB
cblr-9108	587	118	a	a	DET
cblr-9108	587	119	preference	preference	NOUN
cblr-9108	587	120	among	among	ADP
cblr-9108	587	121	founders	founder	NOUN
cblr-9108	587	122	for	for	ADP
cblr-9108	587	123	control	control	NOUN
cblr-9108	587	124	,	,	PUNCT
cblr-9108	587	125	studying	study	VERB
cblr-9108	587	126	whether	whether	SCONJ
cblr-9108	587	127	the	the	DET
cblr-9108	587	128	size	size	NOUN
cblr-9108	587	129	of	of	ADP
cblr-9108	587	130	founders	founder	NOUN
cblr-9108	587	131	’	’	PART
cblr-9108	587	132	initial	initial	ADJ
cblr-9108	587	133	equity	equity	NOUN
cblr-9108	587	134	stake	stake	NOUN
cblr-9108	587	135	influences	influence	NOUN
cblr-9108	587	136	firms	firm	NOUN
cblr-9108	587	137	’	'	PUNCT
cblr-9108	587	138	later	later	ADV
cblr-9108	587	139	decisions	decision	NOUN
cblr-9108	587	140	160	160	NUM
cblr-9108	587	141	james	james	PROPN
cblr-9108	587	142	c.	c.	PROPN
cblr-9108	587	143	brau	brau	PROPN
cblr-9108	587	144	&	&	CCONJ
cblr-9108	587	145	stanley	stanley	PROPN
cblr-9108	587	146	e.	e.	PROPN
cblr-9108	587	147	fawcett	fawcett	PROPN
cblr-9108	587	148	,	,	PUNCT
cblr-9108	587	149	initial	initial	ADJ
cblr-9108	587	150	public	public	ADJ
cblr-9108	587	151	offerings	offering	NOUN
cblr-9108	587	152	:	:	PUNCT
cblr-9108	587	153	an	an	DET
cblr-9108	587	154	analysis	analysis	NOUN
cblr-9108	587	155	of	of	ADP
cblr-9108	587	156	theory	theory	NOUN
cblr-9108	587	157	and	and	CCONJ
cblr-9108	587	158	practice	practice	NOUN
cblr-9108	587	159	,	,	PUNCT
cblr-9108	587	160	61	61	NUM
cblr-9108	587	161	j.	j.	PROPN
cblr-9108	587	162	fin	fin	PROPN
cblr-9108	587	163	.	.	PUNCT
cblr-9108	588	1	399	399	NUM
cblr-9108	588	2	,	,	PUNCT
cblr-9108	588	3	407	407	NUM
cblr-9108	588	4	tbl.ii	tbl.ii	NOUN
cblr-9108	588	5	(	(	PUNCT
cblr-9108	588	6	2006	2006	NUM
cblr-9108	588	7	)	)	PUNCT
cblr-9108	588	8	.	.	PUNCT
cblr-9108	589	1	as	as	ADP
cblr-9108	589	2	an	an	DET
cblr-9108	589	3	example	example	NOUN
cblr-9108	589	4	of	of	ADP
cblr-9108	589	5	how	how	SCONJ
cblr-9108	589	6	reputation	reputation	NOUN
cblr-9108	589	7	’s	’s	PART
cblr-9108	589	8	importance	importance	NOUN
cblr-9108	589	9	may	may	AUX
cblr-9108	589	10	differ	differ	VERB
cblr-9108	589	11	among	among	ADP
cblr-9108	589	12	firms	firm	NOUN
cblr-9108	589	13	,	,	PUNCT
cblr-9108	589	14	firms	firm	NOUN
cblr-9108	589	15	that	that	PRON
cblr-9108	589	16	make	make	VERB
cblr-9108	589	17	consumer	consumer	NOUN
cblr-9108	589	18	-	-	PUNCT
cblr-9108	589	19	facing	face	VERB
cblr-9108	589	20	products	product	NOUN
cblr-9108	589	21	would	would	AUX
cblr-9108	589	22	arguably	arguably	ADV
cblr-9108	589	23	benefit	benefit	VERB
cblr-9108	589	24	more	more	ADJ
cblr-9108	589	25	from	from	ADP
cblr-9108	589	26	the	the	DET
cblr-9108	589	27	additional	additional	ADJ
cblr-9108	589	28	publicity	publicity	NOUN
cblr-9108	589	29	of	of	ADP
cblr-9108	589	30	being	be	AUX
cblr-9108	589	31	a	a	DET
cblr-9108	589	32	public	public	ADJ
cblr-9108	589	33	company	company	NOUN
cblr-9108	589	34	than	than	ADP
cblr-9108	589	35	a	a	DET
cblr-9108	589	36	firm	firm	NOUN
cblr-9108	589	37	that	that	PRON
cblr-9108	589	38	makes	make	VERB
cblr-9108	589	39	intermediate	intermediate	ADJ
cblr-9108	589	40	products	product	NOUN
cblr-9108	589	41	in	in	ADP
cblr-9108	589	42	a	a	DET
cblr-9108	589	43	supply	supply	NOUN
cblr-9108	589	44	chain	chain	NOUN
cblr-9108	589	45	.	.	PUNCT
cblr-9108	590	1	161	161	NUM
cblr-9108	590	2	i	i	PROPN
cblr-9108	590	3	d.	d.	PROPN
cblr-9108	590	4	;	;	PUNCT
cblr-9108	590	5	mauboussin	mauboussin	PROPN
cblr-9108	590	6	&	&	CCONJ
cblr-9108	590	7	callahan	callahan	PROPN
cblr-9108	590	8	,	,	PUNCT
cblr-9108	590	9	supra	supra	PROPN
cblr-9108	590	10	note	note	NOUN
cblr-9108	590	11	2	2	NUM
cblr-9108	590	12	,	,	PUNCT
cblr-9108	590	13	at	at	ADP
cblr-9108	590	14	4	4	NUM
cblr-9108	590	15	.	.	NOUN
cblr-9108	590	16	162	162	NUM
cblr-9108	590	17	see	see	VERB
cblr-9108	590	18	ugur	ugur	PROPN
cblr-9108	590	19	celikyurt	celikyurt	NOUN
cblr-9108	590	20	,	,	PUNCT
cblr-9108	590	21	merih	merih	NOUN
cblr-9108	590	22	sevilir	sevilir	PROPN
cblr-9108	590	23	&	&	CCONJ
cblr-9108	590	24	anil	anil	PROPN
cblr-9108	590	25	shivdasani	shivdasani	PROPN
cblr-9108	590	26	,	,	PUNCT
cblr-9108	590	27	going	go	VERB
cblr-9108	590	28	public	public	ADJ
cblr-9108	590	29	to	to	PART
cblr-9108	590	30	acquire	acquire	VERB
cblr-9108	590	31	?	?	PUNCT
cblr-9108	591	1	the	the	DET
cblr-9108	591	2	acquisition	acquisition	NOUN
cblr-9108	591	3	motive	motive	NOUN
cblr-9108	591	4	in	in	ADP
cblr-9108	591	5	ipos	ipos	PROPN
cblr-9108	591	6	,	,	PUNCT
cblr-9108	591	7	96	96	NUM
cblr-9108	591	8	j.	j.	PROPN
cblr-9108	591	9	fin	fin	PROPN
cblr-9108	591	10	.	.	PUNCT
cblr-9108	592	1	econ	econ	PROPN
cblr-9108	592	2	.	.	PUNCT
cblr-9108	593	1	345	345	NUM
cblr-9108	593	2	,	,	PUNCT
cblr-9108	593	3	346	346	NUM
cblr-9108	593	4	(	(	PUNCT
cblr-9108	593	5	2010	2010	NUM
cblr-9108	593	6	)	)	PUNCT
cblr-9108	593	7	.	.	PUNCT
cblr-9108	594	1	163	163	NUM
cblr-9108	595	1	i	i	PRON
cblr-9108	595	2	d.	d.	PROPN
cblr-9108	595	3	164	164	NUM
cblr-9108	596	1	i	i	PRON
cblr-9108	596	2	d.	d.	PROPN
cblr-9108	596	3	at	at	ADP
cblr-9108	596	4	351	351	NUM
cblr-9108	596	5	(	(	PUNCT
cblr-9108	596	6	“	"	PUNCT
cblr-9108	596	7	[	[	X
cblr-9108	596	8	a	a	X
cblr-9108	596	9	]	]	X
cblr-9108	596	10	substantial	substantial	ADJ
cblr-9108	596	11	portion	portion	NOUN
cblr-9108	596	12	of	of	ADP
cblr-9108	596	13	the	the	DET
cblr-9108	596	14	m&a	m&a	PROPN
cblr-9108	596	15	activity	activity	NOUN
cblr-9108	596	16	of	of	ADP
cblr-9108	596	17	ipo	ipo	NOUN
cblr-9108	596	18	firms	firm	NOUN
cblr-9108	596	19	is	be	AUX
cblr-9108	596	20	due	due	ADJ
cblr-9108	596	21	to	to	ADP
cblr-9108	596	22	industry	industry	NOUN
cblr-9108	596	23	-	-	PUNCT
cblr-9108	596	24	level	level	NOUN
cblr-9108	596	25	m&a	m&a	NOUN
cblr-9108	596	26	activity	activity	NOUN
cblr-9108	596	27	,	,	PUNCT
cblr-9108	596	28	perhaps	perhaps	ADV
cblr-9108	596	29	because	because	SCONJ
cblr-9108	596	30	firms	firm	NOUN
cblr-9108	596	31	go	go	VERB
cblr-9108	596	32	public	public	ADJ
cblr-9108	596	33	to	to	PART
cblr-9108	596	34	exploit	exploit	VERB
cblr-9108	596	35	industry	industry	NOUN
cblr-9108	596	36	-	-	PUNCT
cblr-9108	596	37	level	level	NOUN
cblr-9108	596	38	m&a	m&a	NOUN
cblr-9108	596	39	opportunities	opportunity	NOUN
cblr-9108	596	40	.	.	PUNCT
cblr-9108	596	41	”	"	PUNCT
cblr-9108	596	42	)	)	PUNCT
cblr-9108	596	43	.	.	PUNCT
cblr-9108	597	1	165	165	NUM
cblr-9108	597	2	ewens	ewen	NOUN
cblr-9108	597	3	&	&	CCONJ
cblr-9108	597	4	farre	farre	PROPN
cblr-9108	597	5	-	-	PUNCT
cblr-9108	597	6	mensa	mensa	ADJ
cblr-9108	597	7	,	,	PUNCT
cblr-9108	597	8	supra	supra	PROPN
cblr-9108	597	9	note	note	NOUN
cblr-9108	597	10	5	5	NUM
cblr-9108	597	11	,	,	PUNCT
cblr-9108	597	12	at	at	ADP
cblr-9108	597	13	5498–500	5498–500	NOUN
cblr-9108	597	14	;	;	PUNCT
cblr-9108	597	15	see	see	VERB
cblr-9108	597	16	also	also	ADV
cblr-9108	597	17	brau	brau	PROPN
cblr-9108	597	18	&	&	CCONJ
cblr-9108	597	19	fawcett	fawcett	PROPN
cblr-9108	597	20	,	,	PUNCT
cblr-9108	597	21	supra	supra	PROPN
cblr-9108	597	22	note	note	PROPN
cblr-9108	597	23	160	160	NUM
cblr-9108	597	24	,	,	PUNCT
cblr-9108	597	25	at	at	ADP
cblr-9108	597	26	401	401	NUM
cblr-9108	597	27	(	(	PUNCT
cblr-9108	597	28	separately	separately	ADV
cblr-9108	597	29	researching	research	VERB
cblr-9108	597	30	why	why	SCONJ
cblr-9108	597	31	firms	firm	NOUN
cblr-9108	597	32	choose	choose	VERB
cblr-9108	597	33	to	to	PART
cblr-9108	597	34	remain	remain	VERB
cblr-9108	597	35	private	private	ADJ
cblr-9108	597	36	)	)	PUNCT
cblr-9108	597	37	.	.	PUNCT
cblr-9108	598	1	1240	1240	NUM
cblr-9108	598	2	columbia	columbia	PROPN
cblr-9108	598	3	business	business	NOUN
cblr-9108	598	4	law	law	PROPN
cblr-9108	598	5	review	review	NOUN
cblr-9108	598	6	[	[	X
cblr-9108	598	7	vol	vol	NOUN
cblr-9108	598	8	.	.	NOUN
cblr-9108	598	9	2021	2021	NUM
cblr-9108	598	10	to	to	PART
cblr-9108	598	11	go	go	VERB
cblr-9108	598	12	public.166	public.166	NOUN
cblr-9108	598	13	ewens	ewen	NOUN
cblr-9108	598	14	and	and	CCONJ
cblr-9108	598	15	farre	farre	PROPN
cblr-9108	598	16	-	-	PUNCT
cblr-9108	598	17	mensa	mensa	NOUN
cblr-9108	598	18	suggest	suggest	VERB
cblr-9108	598	19	that	that	SCONJ
cblr-9108	598	20	as	as	ADP
cblr-9108	598	21	founder	founder	NOUN
cblr-9108	598	22	control	control	NOUN
cblr-9108	598	23	increases	increase	NOUN
cblr-9108	598	24	,	,	PUNCT
cblr-9108	598	25	founders	founder	NOUN
cblr-9108	598	26	use	use	VERB
cblr-9108	598	27	that	that	DET
cblr-9108	598	28	control	control	NOUN
cblr-9108	598	29	to	to	PART
cblr-9108	598	30	delay	delay	VERB
cblr-9108	598	31	or	or	CCONJ
cblr-9108	598	32	prevent	prevent	VERB
cblr-9108	598	33	startups	startup	NOUN
cblr-9108	598	34	’	'	PUNCT
cblr-9108	598	35	exit	exit	NOUN
cblr-9108	598	36	to	to	ADP
cblr-9108	598	37	public	public	ADJ
cblr-9108	598	38	markets.167	markets.167	ADJ
cblr-9108	598	39	as	as	ADP
cblr-9108	598	40	part	part	NOUN
cblr-9108	598	41	of	of	ADP
cblr-9108	598	42	this	this	PRON
cblr-9108	598	43	,	,	PUNCT
cblr-9108	598	44	they	they	PRON
cblr-9108	598	45	buttress	buttress	VERB
cblr-9108	598	46	the	the	DET
cblr-9108	598	47	central	central	ADJ
cblr-9108	598	48	point	point	NOUN
cblr-9108	598	49	for	for	ADP
cblr-9108	598	50	our	our	PRON
cblr-9108	598	51	argument	argument	NOUN
cblr-9108	598	52	,	,	PUNCT
cblr-9108	598	53	which	which	PRON
cblr-9108	598	54	is	be	AUX
cblr-9108	598	55	that	that	SCONJ
cblr-9108	598	56	the	the	DET
cblr-9108	598	57	size	size	NOUN
cblr-9108	598	58	of	of	ADP
cblr-9108	598	59	founders	founder	NOUN
cblr-9108	598	60	’	’	PART
cblr-9108	598	61	initial	initial	ADJ
cblr-9108	598	62	control	control	NOUN
cblr-9108	598	63	stakes	stake	NOUN
cblr-9108	598	64	differs	differ	VERB
cblr-9108	598	65	considerably	considerably	ADV
cblr-9108	598	66	across	across	ADP
cblr-9108	598	67	late	late	ADJ
cblr-9108	598	68	-	-	PUNCT
cblr-9108	598	69	stage	stage	NOUN
cblr-9108	598	70	startups.168	startups.168	NOUN
cblr-9108	598	71	in	in	ADP
cblr-9108	598	72	a	a	DET
cblr-9108	598	73	vein	vein	NOUN
cblr-9108	598	74	that	that	PRON
cblr-9108	598	75	cleaves	cleave	VERB
cblr-9108	598	76	closer	close	ADV
cblr-9108	598	77	to	to	ADP
cblr-9108	598	78	the	the	DET
cblr-9108	598	79	original	original	ADJ
cblr-9108	598	80	design	design	NOUN
cblr-9108	598	81	of	of	ADP
cblr-9108	598	82	the	the	DET
cblr-9108	598	83	federal	federal	ADJ
cblr-9108	598	84	securities	security	NOUN
cblr-9108	598	85	laws	law	NOUN
cblr-9108	598	86	,	,	PUNCT
cblr-9108	598	87	recent	recent	ADJ
cblr-9108	598	88	empirical	empirical	ADJ
cblr-9108	598	89	evidence	evidence	NOUN
cblr-9108	598	90	suggests	suggest	VERB
cblr-9108	598	91	that	that	SCONJ
cblr-9108	598	92	increasing	increase	VERB
cblr-9108	598	93	the	the	DET
cblr-9108	598	94	disclosure	disclosure	NOUN
cblr-9108	598	95	obligations	obligation	NOUN
cblr-9108	598	96	imposed	impose	VERB
cblr-9108	598	97	on	on	ADP
cblr-9108	598	98	private	private	ADJ
cblr-9108	598	99	companies	company	NOUN
cblr-9108	598	100	increases	increase	VERB
cblr-9108	598	101	their	their	PRON
cblr-9108	598	102	propensity	propensity	NOUN
cblr-9108	598	103	to	to	PART
cblr-9108	598	104	go	go	VERB
cblr-9108	598	105	public.169	public.169	NOUN
cblr-9108	598	106	in	in	ADP
cblr-9108	598	107	2007	2007	NUM
cblr-9108	598	108	,	,	PUNCT
cblr-9108	598	109	congress	congress	PROPN
cblr-9108	598	110	passed	pass	VERB
cblr-9108	598	111	the	the	DET
cblr-9108	598	112	food	food	NOUN
cblr-9108	598	113	and	and	CCONJ
cblr-9108	598	114	drug	drug	PROPN
cblr-9108	598	115	administration	administration	PROPN
cblr-9108	598	116	amendments	amendment	NOUN
cblr-9108	598	117	act	act	VERB
cblr-9108	598	118	(	(	PUNCT
cblr-9108	598	119	fdaaa).170	fdaaa).170	VERB
cblr-9108	598	120	the	the	DET
cblr-9108	598	121	fdaaa	fdaaa	NOUN
cblr-9108	598	122	requires	require	VERB
cblr-9108	598	123	all	all	DET
cblr-9108	598	124	biopharmaceutical	biopharmaceutical	ADJ
cblr-9108	598	125	companies	company	NOUN
cblr-9108	598	126	,	,	PUNCT
cblr-9108	598	127	whether	whether	SCONJ
cblr-9108	598	128	private	private	ADJ
cblr-9108	598	129	or	or	CCONJ
cblr-9108	598	130	public	public	ADJ
cblr-9108	598	131	,	,	PUNCT
cblr-9108	598	132	to	to	PART
cblr-9108	598	133	publicly	publicly	ADV
cblr-9108	598	134	disclose	disclose	VERB
cblr-9108	598	135	material	material	NOUN
cblr-9108	598	136	information	information	NOUN
cblr-9108	598	137	,	,	PUNCT
cblr-9108	598	138	including	include	VERB
cblr-9108	598	139	results	result	NOUN
cblr-9108	598	140	,	,	PUNCT
cblr-9108	598	141	of	of	ADP
cblr-9108	598	142	all	all	DET
cblr-9108	598	143	clinical	clinical	ADJ
cblr-9108	598	144	trials	trial	NOUN
cblr-9108	598	145	in	in	ADP
cblr-9108	598	146	phase	phase	NOUN
cblr-9108	598	147	ii	ii	PROPN
cblr-9108	598	148	or	or	CCONJ
cblr-9108	598	149	further.171	further.171	VERB
cblr-9108	598	150	yet	yet	ADV
cblr-9108	598	151	,	,	PUNCT
cblr-9108	598	152	the	the	DET
cblr-9108	598	153	fdaaa	fdaaa	NOUN
cblr-9108	598	154	does	do	AUX
cblr-9108	598	155	not	not	PART
cblr-9108	598	156	simply	simply	ADV
cblr-9108	598	157	automatically	automatically	ADV
cblr-9108	598	158	induce	induce	VERB
cblr-9108	598	159	firms	firm	NOUN
cblr-9108	598	160	that	that	PRON
cblr-9108	598	161	are	be	AUX
cblr-9108	598	162	subject	subject	ADJ
cblr-9108	598	163	to	to	ADP
cblr-9108	598	164	it	it	PRON
cblr-9108	598	165	to	to	PART
cblr-9108	598	166	go	go	VERB
cblr-9108	598	167	public	public	ADJ
cblr-9108	598	168	,	,	PUNCT
cblr-9108	598	169	nor	nor	CCONJ
cblr-9108	598	170	does	do	AUX
cblr-9108	598	171	it	it	PRON
cblr-9108	598	172	mechanically	mechanically	ADV
cblr-9108	598	173	and	and	CCONJ
cblr-9108	598	174	uniformly	uniformly	ADV
cblr-9108	598	175	increase	increase	VERB
cblr-9108	598	176	the	the	DET
cblr-9108	598	177	likelihood	likelihood	NOUN
cblr-9108	598	178	of	of	ADP
cblr-9108	598	179	subject	subject	ADJ
cblr-9108	598	180	firms	firm	NOUN
cblr-9108	598	181	going	go	VERB
cblr-9108	598	182	public	public	ADJ
cblr-9108	598	183	.	.	PUNCT
cblr-9108	599	1	instead	instead	ADV
cblr-9108	599	2	,	,	PUNCT
cblr-9108	599	3	well	well	ADV
cblr-9108	599	4	-	-	PUNCT
cblr-9108	599	5	designed	design	VERB
cblr-9108	599	6	research	research	NOUN
cblr-9108	599	7	exploring	explore	VERB
cblr-9108	599	8	its	its	PRON
cblr-9108	599	9	effects	effect	NOUN
cblr-9108	599	10	finds	find	VERB
cblr-9108	599	11	that	that	SCONJ
cblr-9108	599	12	the	the	DET
cblr-9108	599	13	fdaaa	fdaaa	NOUN
cblr-9108	599	14	increases	increase	VERB
cblr-9108	599	15	the	the	DET
cblr-9108	599	16	propensity	propensity	NOUN
cblr-9108	599	17	of	of	ADP
cblr-9108	599	18	subject	subject	ADJ
cblr-9108	599	19	firms	firm	NOUN
cblr-9108	599	20	to	to	PART
cblr-9108	599	21	go	go	VERB
cblr-9108	599	22	public	public	ADJ
cblr-9108	599	23	in	in	ADP
cblr-9108	599	24	distinctively	distinctively	ADV
cblr-9108	599	25	asymmetric	asymmetric	ADJ
cblr-9108	599	26	ways	way	NOUN
cblr-9108	599	27	.	.	PUNCT
cblr-9108	600	1	firms	firm	NOUN
cblr-9108	600	2	with	with	ADP
cblr-9108	600	3	an	an	DET
cblr-9108	600	4	extensive	extensive	ADJ
cblr-9108	600	5	drug	drug	NOUN
cblr-9108	600	6	development	development	NOUN
cblr-9108	600	7	portfolio	portfolio	NOUN
cblr-9108	600	8	were	be	AUX
cblr-9108	600	9	significantly	significantly	ADV
cblr-9108	600	10	affected	affect	VERB
cblr-9108	600	11	by	by	ADP
cblr-9108	600	12	the	the	DET
cblr-9108	600	13	law	law	NOUN
cblr-9108	600	14	and	and	CCONJ
cblr-9108	600	15	were	be	AUX
cblr-9108	600	16	much	much	ADV
cblr-9108	600	17	more	more	ADV
cblr-9108	600	18	likely	likely	ADJ
cblr-9108	600	19	to	to	PART
cblr-9108	600	20	go	go	VERB
cblr-9108	600	21	public	public	ADJ
cblr-9108	600	22	,	,	PUNCT
cblr-9108	600	23	and	and	CCONJ
cblr-9108	600	24	firms	firm	NOUN
cblr-9108	600	25	obviously	obviously	ADV
cblr-9108	600	26	differ	differ	VERB
cblr-9108	600	27	significantly	significantly	ADV
cblr-9108	600	28	in	in	ADP
cblr-9108	600	29	this	this	DET
cblr-9108	600	30	respect.172	respect.172	NOUN
cblr-9108	600	31	166	166	NUM
cblr-9108	600	32	ewens	ewen	NOUN
cblr-9108	600	33	&	&	CCONJ
cblr-9108	600	34	farre	farre	PROPN
cblr-9108	600	35	-	-	PUNCT
cblr-9108	600	36	mensa	mensa	ADJ
cblr-9108	600	37	,	,	PUNCT
cblr-9108	600	38	supra	supra	PROPN
cblr-9108	600	39	note	note	NOUN
cblr-9108	600	40	5	5	NUM
cblr-9108	600	41	,	,	PUNCT
cblr-9108	600	42	at	at	ADP
cblr-9108	600	43	5498–500	5498–500	NOUN
cblr-9108	600	44	;	;	PUNCT
cblr-9108	600	45	see	see	VERB
cblr-9108	600	46	also	also	ADV
cblr-9108	600	47	brau	brau	PROPN
cblr-9108	600	48	&	&	CCONJ
cblr-9108	600	49	fawcett	fawcett	PROPN
cblr-9108	600	50	,	,	PUNCT
cblr-9108	600	51	supra	supra	PROPN
cblr-9108	600	52	note	note	PROPN
cblr-9108	600	53	160	160	NUM
cblr-9108	600	54	,	,	PUNCT
cblr-9108	600	55	at	at	ADP
cblr-9108	600	56	403	403	NUM
cblr-9108	600	57	tbl.i	tbl.i	PROPN
cblr-9108	600	58	,	,	PUNCT
cblr-9108	600	59	422	422	NUM
cblr-9108	600	60	,	,	PUNCT
cblr-9108	600	61	423	423	NUM
cblr-9108	600	62	tbl.viii	tbl.viii	NOUN
cblr-9108	600	63	,	,	PUNCT
cblr-9108	600	64	424	424	NUM
cblr-9108	600	65	.	.	PUNCT
cblr-9108	600	66	founders	founder	NOUN
cblr-9108	600	67	’	’	PART
cblr-9108	600	68	initial	initial	ADJ
cblr-9108	600	69	equity	equity	NOUN
cblr-9108	600	70	stakes	stake	NOUN
cblr-9108	600	71	are	be	AUX
cblr-9108	600	72	obviously	obviously	ADV
cblr-9108	600	73	endogenous	endogenous	ADJ
cblr-9108	600	74	,	,	PUNCT
cblr-9108	600	75	but	but	CCONJ
cblr-9108	600	76	ewens	ewen	NOUN
cblr-9108	600	77	and	and	CCONJ
cblr-9108	600	78	farre	farre	PROPN
cblr-9108	600	79	-	-	PUNCT
cblr-9108	600	80	mensa	mensa	NOUN
cblr-9108	600	81	employ	employ	VERB
cblr-9108	600	82	a	a	DET
cblr-9108	600	83	plausible	plausible	ADJ
cblr-9108	600	84	instrumental	instrumental	ADJ
cblr-9108	600	85	variables	variable	NOUN
cblr-9108	600	86	approach	approach	NOUN
cblr-9108	600	87	based	base	VERB
cblr-9108	600	88	on	on	ADP
cblr-9108	600	89	exogeneous	exogeneous	ADJ
cblr-9108	600	90	variation	variation	NOUN
cblr-9108	600	91	in	in	ADP
cblr-9108	600	92	the	the	DET
cblr-9108	600	93	supply	supply	NOUN
cblr-9108	600	94	of	of	ADP
cblr-9108	600	95	financing	financing	NOUN
cblr-9108	600	96	to	to	PART
cblr-9108	600	97	address	address	VERB
cblr-9108	600	98	this	this	DET
cblr-9108	600	99	issue	issue	NOUN
cblr-9108	600	100	.	.	PUNCT
cblr-9108	601	1	ewens	ewen	NOUN
cblr-9108	601	2	&	&	CCONJ
cblr-9108	601	3	farremensa	farremensa	ADJ
cblr-9108	601	4	,	,	PUNCT
cblr-9108	601	5	supra	supra	PROPN
cblr-9108	601	6	note	note	NOUN
cblr-9108	601	7	5	5	NUM
cblr-9108	601	8	,	,	PUNCT
cblr-9108	601	9	at	at	ADP
cblr-9108	601	10	5498–500	5498–500	NOUN
cblr-9108	601	11	.	.	PUNCT
cblr-9108	602	1	167	167	NUM
cblr-9108	603	1	i	i	PRON
cblr-9108	603	2	d.	d.	PROPN
cblr-9108	603	3	at	at	ADP
cblr-9108	603	4	5502	5502	NUM
cblr-9108	603	5	.	.	PUNCT
cblr-9108	604	1	168	168	NUM
cblr-9108	604	2	i	i	PRON
cblr-9108	604	3	d.	d.	PROPN
cblr-9108	604	4	at	at	ADP
cblr-9108	604	5	5494	5494	NUM
cblr-9108	604	6	fig.7	fig.7	ADJ
cblr-9108	604	7	,	,	PUNCT
cblr-9108	604	8	5498–5502	5498–5502	NUM
cblr-9108	604	9	.	.	PUNCT
cblr-9108	604	10	169	169	NUM
cblr-9108	604	11	cyrus	cyrus	PROPN
cblr-9108	604	12	aghamolla	aghamolla	PROPN
cblr-9108	604	13	&	&	CCONJ
cblr-9108	604	14	richard	richard	PROPN
cblr-9108	604	15	t.	t.	PROPN
cblr-9108	604	16	thakor	thakor	PROPN
cblr-9108	604	17	,	,	PUNCT
cblr-9108	604	18	do	do	VERB
cblr-9108	604	19	mandatory	mandatory	ADJ
cblr-9108	604	20	disclosure	disclosure	NOUN
cblr-9108	604	21	requirements	requirement	NOUN
cblr-9108	604	22	for	for	ADP
cblr-9108	604	23	private	private	ADJ
cblr-9108	604	24	firms	firm	NOUN
cblr-9108	604	25	increase	increase	VERB
cblr-9108	604	26	the	the	DET
cblr-9108	604	27	propensity	propensity	NOUN
cblr-9108	604	28	of	of	ADP
cblr-9108	604	29	going	go	VERB
cblr-9108	604	30	public	public	ADJ
cblr-9108	604	31	?	?	PUNCT
cblr-9108	604	32	,	,	PUNCT
cblr-9108	604	33	j.	j.	PROPN
cblr-9108	604	34	acct	acct	PROPN
cblr-9108	604	35	.	.	PUNCT
cblr-9108	605	1	rsch	rsch	PROPN
cblr-9108	605	2	.	.	PUNCT
cblr-9108	605	3	,	,	PUNCT
cblr-9108	605	4	july	july	PROPN
cblr-9108	605	5	2021	2021	NUM
cblr-9108	605	6	,	,	PUNCT
cblr-9108	605	7	at	at	ADP
cblr-9108	605	8	4–5	4–5	PROPN
cblr-9108	605	9	.	.	PROPN
cblr-9108	605	10	170	170	NUM
cblr-9108	605	11	pub	pub	NOUN
cblr-9108	605	12	.	.	PUNCT
cblr-9108	606	1	l.	l.	NOUN
cblr-9108	606	2	100	100	NUM
cblr-9108	606	3	-	-	SYM
cblr-9108	606	4	85	85	NUM
cblr-9108	606	5	,	,	PUNCT
cblr-9108	606	6	121	121	NUM
cblr-9108	606	7	stat	stat	NOUN
cblr-9108	606	8	.	.	PUNCT
cblr-9108	607	1	823	823	NUM
cblr-9108	607	2	(	(	PUNCT
cblr-9108	607	3	2007	2007	NUM
cblr-9108	607	4	)	)	PUNCT
cblr-9108	607	5	171	171	NUM
cblr-9108	608	1	i	i	PROPN
cblr-9108	608	2	d.	d.	PROPN
cblr-9108	608	3	(	(	PUNCT
cblr-9108	608	4	codified	codify	VERB
cblr-9108	608	5	in	in	ADP
cblr-9108	608	6	42	42	NUM
cblr-9108	608	7	u.s.c	u.s.c	ADJ
cblr-9108	608	8	.	.	PUNCT
cblr-9108	609	1	§	§	PROPN
cblr-9108	609	2	282(j)(2)(a	282(j)(2)(a	PROPN
cblr-9108	609	3	)	)	PUNCT
cblr-9108	609	4	)	)	PUNCT
cblr-9108	610	1	aghamolla	aghamolla	NOUN
cblr-9108	610	2	&	&	CCONJ
cblr-9108	610	3	thakor	thakor	PROPN
cblr-9108	610	4	,	,	PUNCT
cblr-9108	610	5	supra	supra	PROPN
cblr-9108	610	6	note	note	PROPN
cblr-9108	610	7	169	169	NUM
cblr-9108	610	8	,	,	PUNCT
cblr-9108	610	9	at	at	ADP
cblr-9108	610	10	3	3	NUM
cblr-9108	610	11	(	(	PUNCT
cblr-9108	610	12	discussing	discuss	VERB
cblr-9108	610	13	details	detail	NOUN
cblr-9108	610	14	of	of	ADP
cblr-9108	610	15	law	law	NOUN
cblr-9108	610	16	)	)	PUNCT
cblr-9108	610	17	.	.	PUNCT
cblr-9108	611	1	172	172	NUM
cblr-9108	611	2	aghamolla	aghamolla	PROPN
cblr-9108	611	3	&	&	CCONJ
cblr-9108	611	4	thakor	thakor	PROPN
cblr-9108	611	5	,	,	PUNCT
cblr-9108	611	6	supra	supra	PROPN
cblr-9108	611	7	note	note	PROPN
cblr-9108	611	8	169	169	NUM
cblr-9108	611	9	,	,	PUNCT
cblr-9108	611	10	at	at	ADP
cblr-9108	611	11	4	4	NUM
cblr-9108	611	12	.	.	PUNCT
cblr-9108	611	13	no	no	INTJ
cblr-9108	611	14	.	.	PUNCT
cblr-9108	612	1	3:1199	3:1199	NUM
cblr-9108	612	2	]	]	X
cblr-9108	612	3	the	the	DET
cblr-9108	612	4	new	new	ADJ
cblr-9108	612	5	public	public	ADJ
cblr-9108	612	6	/	/	SYM
cblr-9108	612	7	private	private	ADJ
cblr-9108	612	8	equilibrium	equilibrium	NOUN
cblr-9108	612	9	1241	1241	NUM
cblr-9108	612	10	v.	v.	ADP
cblr-9108	612	11	implications	implication	NOUN
cblr-9108	612	12	of	of	ADP
cblr-9108	612	13	the	the	DET
cblr-9108	612	14	new	new	ADJ
cblr-9108	612	15	public	public	ADJ
cblr-9108	612	16	/	/	SYM
cblr-9108	612	17	private	private	ADJ
cblr-9108	612	18	equilibrium	equilibrium	NOUN
cblr-9108	612	19	we	we	PRON
cblr-9108	612	20	have	have	AUX
cblr-9108	612	21	argued	argue	VERB
cblr-9108	612	22	that	that	SCONJ
cblr-9108	612	23	two	two	NUM
cblr-9108	612	24	sets	set	NOUN
cblr-9108	612	25	of	of	ADP
cblr-9108	612	26	developments	development	NOUN
cblr-9108	612	27	in	in	ADP
cblr-9108	612	28	capital	capital	NOUN
cblr-9108	612	29	markets	market	NOUN
cblr-9108	612	30	have	have	AUX
cblr-9108	612	31	undermined	undermine	VERB
cblr-9108	612	32	the	the	DET
cblr-9108	612	33	coherency	coherency	NOUN
cblr-9108	612	34	of	of	ADP
cblr-9108	612	35	the	the	DET
cblr-9108	612	36	concept	concept	NOUN
cblr-9108	612	37	of	of	ADP
cblr-9108	612	38	public	public	ADJ
cblr-9108	612	39	companies	company	NOUN
cblr-9108	612	40	.	.	PUNCT
cblr-9108	613	1	one	one	NUM
cblr-9108	613	2	development	development	NOUN
cblr-9108	613	3	has	have	AUX
cblr-9108	613	4	been	be	AUX
cblr-9108	613	5	the	the	DET
cblr-9108	613	6	increasing	increase	VERB
cblr-9108	613	7	complexity	complexity	NOUN
cblr-9108	613	8	of	of	ADP
cblr-9108	613	9	the	the	DET
cblr-9108	613	10	public	public	ADJ
cblr-9108	613	11	and	and	CCONJ
cblr-9108	613	12	private	private	ADJ
cblr-9108	613	13	market	market	NOUN
cblr-9108	613	14	ecologies	ecology	NOUN
cblr-9108	613	15	.	.	PUNCT
cblr-9108	614	1	the	the	DET
cblr-9108	614	2	securities	security	NOUN
cblr-9108	614	3	laws	law	NOUN
cblr-9108	614	4	established	establish	VERB
cblr-9108	614	5	important	important	ADJ
cblr-9108	614	6	differences	difference	NOUN
cblr-9108	614	7	for	for	ADP
cblr-9108	614	8	public	public	ADJ
cblr-9108	614	9	and	and	CCONJ
cblr-9108	614	10	private	private	ADJ
cblr-9108	614	11	issuers	issuer	NOUN
cblr-9108	614	12	,	,	PUNCT
cblr-9108	614	13	but	but	CCONJ
cblr-9108	614	14	alongside	alongside	ADP
cblr-9108	614	15	those	those	PRON
cblr-9108	614	16	necessitated	necessitate	VERB
cblr-9108	614	17	by	by	ADP
cblr-9108	614	18	law	law	NOUN
cblr-9108	614	19	,	,	PUNCT
cblr-9108	614	20	public	public	ADJ
cblr-9108	614	21	and	and	CCONJ
cblr-9108	614	22	private	private	ADJ
cblr-9108	614	23	markets	market	NOUN
cblr-9108	614	24	now	now	ADV
cblr-9108	614	25	differ	differ	VERB
cblr-9108	614	26	along	along	ADP
cblr-9108	614	27	a	a	DET
cblr-9108	614	28	host	host	NOUN
cblr-9108	614	29	of	of	ADP
cblr-9108	614	30	other	other	ADJ
cblr-9108	614	31	important	important	ADJ
cblr-9108	614	32	dimensions	dimension	NOUN
cblr-9108	614	33	as	as	ADV
cblr-9108	614	34	well	well	ADV
cblr-9108	614	35	.	.	PUNCT
cblr-9108	615	1	a	a	DET
cblr-9108	615	2	second	second	ADJ
cblr-9108	615	3	development	development	NOUN
cblr-9108	615	4	has	have	AUX
cblr-9108	615	5	been	be	AUX
cblr-9108	615	6	the	the	DET
cblr-9108	615	7	growth	growth	NOUN
cblr-9108	615	8	of	of	ADP
cblr-9108	615	9	private	private	ADJ
cblr-9108	615	10	capital	capital	NOUN
cblr-9108	615	11	markets	market	NOUN
cblr-9108	615	12	,	,	PUNCT
cblr-9108	615	13	which	which	PRON
cblr-9108	615	14	has	have	AUX
cblr-9108	615	15	led	lead	VERB
cblr-9108	615	16	to	to	ADP
cblr-9108	615	17	an	an	DET
cblr-9108	615	18	issuer	issuer	ADJ
cblr-9108	615	19	choice	choice	NOUN
cblr-9108	615	20	regime	regime	NOUN
cblr-9108	615	21	in	in	ADP
cblr-9108	615	22	which	which	PRON
cblr-9108	615	23	successful	successful	ADJ
cblr-9108	615	24	private	private	ADJ
cblr-9108	615	25	firms	firm	NOUN
cblr-9108	615	26	can	can	AUX
cblr-9108	615	27	remain	remain	VERB
cblr-9108	615	28	private	private	ADJ
cblr-9108	615	29	indefinitely	indefinitely	ADV
cblr-9108	615	30	.	.	PUNCT
cblr-9108	616	1	a	a	DET
cblr-9108	616	2	significant	significant	ADJ
cblr-9108	616	3	result	result	NOUN
cblr-9108	616	4	of	of	ADP
cblr-9108	616	5	these	these	DET
cblr-9108	616	6	changes	change	NOUN
cblr-9108	616	7	is	be	AUX
cblr-9108	616	8	that	that	SCONJ
cblr-9108	616	9	firms	firm	NOUN
cblr-9108	616	10	now	now	ADV
cblr-9108	616	11	face	face	VERB
cblr-9108	616	12	a	a	DET
cblr-9108	616	13	more	more	ADV
cblr-9108	616	14	complex	complex	ADJ
cblr-9108	616	15	calculus	calculus	NOUN
cblr-9108	616	16	between	between	ADP
cblr-9108	616	17	going	go	VERB
cblr-9108	616	18	public	public	ADJ
cblr-9108	616	19	and	and	CCONJ
cblr-9108	616	20	staying	stay	VERB
cblr-9108	616	21	private	private	ADJ
cblr-9108	616	22	that	that	PRON
cblr-9108	616	23	differs	differ	VERB
cblr-9108	616	24	considerably	considerably	ADV
cblr-9108	616	25	from	from	ADP
cblr-9108	616	26	the	the	DET
cblr-9108	616	27	tradeoff	tradeoff	NOUN
cblr-9108	616	28	originally	originally	ADV
cblr-9108	616	29	contemplated	contemplate	VERB
cblr-9108	616	30	by	by	ADP
cblr-9108	616	31	the	the	DET
cblr-9108	616	32	securities	security	NOUN
cblr-9108	616	33	laws.173	laws.173	NOUN
cblr-9108	616	34	this	this	PRON
cblr-9108	616	35	is	be	AUX
cblr-9108	616	36	a	a	DET
cblr-9108	616	37	descriptive	descriptive	ADJ
cblr-9108	616	38	picture	picture	NOUN
cblr-9108	616	39	,	,	PUNCT
cblr-9108	616	40	but	but	CCONJ
cblr-9108	616	41	it	it	PRON
cblr-9108	616	42	has	have	VERB
cblr-9108	616	43	implications	implication	NOUN
cblr-9108	616	44	for	for	ADP
cblr-9108	616	45	policy	policy	NOUN
cblr-9108	616	46	too	too	ADV
cblr-9108	616	47	.	.	PUNCT
cblr-9108	617	1	one	one	NUM
cblr-9108	617	2	implication	implication	NOUN
cblr-9108	617	3	of	of	ADP
cblr-9108	617	4	these	these	DET
cblr-9108	617	5	changes	change	NOUN
cblr-9108	617	6	for	for	ADP
cblr-9108	617	7	securities	security	NOUN
cblr-9108	617	8	law	law	NOUN
cblr-9108	617	9	is	be	AUX
cblr-9108	617	10	that	that	SCONJ
cblr-9108	617	11	the	the	DET
cblr-9108	617	12	category	category	NOUN
cblr-9108	617	13	of	of	ADP
cblr-9108	617	14	public	public	ADJ
cblr-9108	617	15	companies	company	NOUN
cblr-9108	617	16	makes	make	VERB
cblr-9108	617	17	relatively	relatively	ADV
cblr-9108	617	18	less	less	ADJ
cblr-9108	617	19	sense	sense	NOUN
cblr-9108	617	20	.	.	PUNCT
cblr-9108	618	1	the	the	DET
cblr-9108	618	2	reason	reason	NOUN
cblr-9108	618	3	for	for	ADP
cblr-9108	618	4	this	this	PRON
cblr-9108	618	5	lies	lie	NOUN
cblr-9108	618	6	in	in	ADP
cblr-9108	618	7	the	the	DET
cblr-9108	618	8	issuer	issuer	ADJ
cblr-9108	618	9	choice	choice	NOUN
cblr-9108	618	10	regime	regime	NOUN
cblr-9108	618	11	in	in	ADP
cblr-9108	618	12	which	which	PRON
cblr-9108	618	13	firms	firm	NOUN
cblr-9108	618	14	’	’	PART
cblr-9108	618	15	decisions	decision	NOUN
cblr-9108	618	16	regarding	regard	VERB
cblr-9108	618	17	whether	whether	SCONJ
cblr-9108	618	18	to	to	PART
cblr-9108	618	19	be	be	AUX
cblr-9108	618	20	public	public	ADJ
cblr-9108	618	21	or	or	CCONJ
cblr-9108	618	22	private	private	ADJ
cblr-9108	618	23	are	be	AUX
cblr-9108	618	24	driven	drive	VERB
cblr-9108	618	25	by	by	ADP
cblr-9108	618	26	varied	varied	ADJ
cblr-9108	618	27	and	and	CCONJ
cblr-9108	618	28	different	different	ADJ
cblr-9108	618	29	considerations	consideration	NOUN
cblr-9108	618	30	.	.	PUNCT
cblr-9108	619	1	this	this	DET
cblr-9108	619	2	change	change	NOUN
cblr-9108	619	3	matters	matter	VERB
cblr-9108	619	4	to	to	ADP
cblr-9108	619	5	securities	security	NOUN
cblr-9108	619	6	regulation	regulation	NOUN
cblr-9108	619	7	because	because	SCONJ
cblr-9108	619	8	its	its	PRON
cblr-9108	619	9	core	core	NOUN
cblr-9108	619	10	rules	rule	NOUN
cblr-9108	619	11	impose	impose	VERB
cblr-9108	619	12	mandatory	mandatory	ADJ
cblr-9108	619	13	regulations	regulation	NOUN
cblr-9108	619	14	on	on	ADP
cblr-9108	619	15	public	public	ADJ
cblr-9108	619	16	companies	company	NOUN
cblr-9108	619	17	.	.	PUNCT
cblr-9108	620	1	consider	consider	VERB
cblr-9108	620	2	the	the	DET
cblr-9108	620	3	following	follow	VERB
cblr-9108	620	4	way	way	NOUN
cblr-9108	620	5	to	to	PART
cblr-9108	620	6	rationalize	rationalize	VERB
cblr-9108	620	7	the	the	DET
cblr-9108	620	8	mandatory	mandatory	ADJ
cblr-9108	620	9	regulation	regulation	NOUN
cblr-9108	620	10	of	of	ADP
cblr-9108	620	11	public	public	ADJ
cblr-9108	620	12	companies	company	NOUN
cblr-9108	620	13	.	.	PUNCT
cblr-9108	621	1	defenders	defender	NOUN
cblr-9108	621	2	of	of	ADP
cblr-9108	621	3	the	the	DET
cblr-9108	621	4	mandatory	mandatory	ADJ
cblr-9108	621	5	disclosure	disclosure	NOUN
cblr-9108	621	6	system	system	NOUN
cblr-9108	621	7	imposed	impose	VERB
cblr-9108	621	8	on	on	ADP
cblr-9108	621	9	public	public	ADJ
cblr-9108	621	10	companies	company	NOUN
cblr-9108	621	11	have	have	AUX
cblr-9108	621	12	sometimes	sometimes	ADV
cblr-9108	621	13	argued	argue	VERB
cblr-9108	621	14	that	that	SCONJ
cblr-9108	621	15	it	it	PRON
cblr-9108	621	16	mitigates	mitigate	VERB
cblr-9108	621	17	the	the	DET
cblr-9108	621	18	under	under	NOUN
cblr-9108	621	19	-	-	PUNCT
cblr-9108	621	20	production	production	NOUN
cblr-9108	621	21	of	of	ADP
cblr-9108	621	22	socially	socially	ADV
cblr-9108	621	23	useful	useful	ADJ
cblr-9108	621	24	information	information	NOUN
cblr-9108	621	25	by	by	ADP
cblr-9108	621	26	firms.174	firms.174	ADP
cblr-9108	621	27	the	the	DET
cblr-9108	621	28	logic	logic	NOUN
cblr-9108	621	29	runs	run	VERB
cblr-9108	621	30	thus	thus	ADV
cblr-9108	621	31	:	:	PUNCT
cblr-9108	621	32	173	173	NUM
cblr-9108	621	33	see	see	NOUN
cblr-9108	621	34	infra	infra	NOUN
cblr-9108	621	35	section	section	NOUN
cblr-9108	621	36	iv.c	iv.c	VERB
cblr-9108	621	37	.	.	PUNCT
cblr-9108	622	1	174	174	NUM
cblr-9108	622	2	see	see	VERB
cblr-9108	622	3	fox	fox	NOUN
cblr-9108	622	4	,	,	PUNCT
cblr-9108	622	5	issuer	issuer	ADJ
cblr-9108	622	6	choice	choice	NOUN
cblr-9108	622	7	,	,	PUNCT
cblr-9108	622	8	supra	supra	PROPN
cblr-9108	622	9	note	note	PROPN
cblr-9108	622	10	26	26	NUM
cblr-9108	622	11	,	,	PUNCT
cblr-9108	622	12	at	at	ADP
cblr-9108	622	13	568–71	568–71	PROPN
cblr-9108	622	14	,	,	PUNCT
cblr-9108	622	15	585–90	585–90	NUM
cblr-9108	622	16	.	.	PUNCT
cblr-9108	623	1	other	other	ADJ
cblr-9108	623	2	defenders	defender	NOUN
cblr-9108	623	3	of	of	ADP
cblr-9108	623	4	mandatory	mandatory	ADJ
cblr-9108	623	5	disclosure	disclosure	NOUN
cblr-9108	623	6	have	have	AUX
cblr-9108	623	7	focused	focus	VERB
cblr-9108	623	8	on	on	ADP
cblr-9108	623	9	how	how	SCONJ
cblr-9108	623	10	it	it	PRON
cblr-9108	623	11	mitigates	mitigate	VERB
cblr-9108	623	12	a	a	DET
cblr-9108	623	13	specific	specific	ADJ
cblr-9108	623	14	set	set	NOUN
cblr-9108	623	15	of	of	ADP
cblr-9108	623	16	market	market	NOUN
cblr-9108	623	17	failures	failure	NOUN
cblr-9108	623	18	involving	involve	VERB
cblr-9108	623	19	firms	firm	NOUN
cblr-9108	623	20	with	with	ADP
cblr-9108	623	21	dispersed	disperse	VERB
cblr-9108	623	22	ownership	ownership	NOUN
cblr-9108	623	23	.	.	PUNCT
cblr-9108	624	1	this	this	PRON
cblr-9108	624	2	is	be	AUX
cblr-9108	624	3	a	a	DET
cblr-9108	624	4	seemingly	seemingly	ADV
cblr-9108	624	5	plausible	plausible	ADJ
cblr-9108	624	6	way	way	NOUN
cblr-9108	624	7	to	to	PART
cblr-9108	624	8	rationalize	rationalize	VERB
cblr-9108	624	9	the	the	DET
cblr-9108	624	10	operating	operate	VERB
cblr-9108	624	11	company	company	NOUN
cblr-9108	624	12	divide	divide	VERB
cblr-9108	624	13	whose	whose	DET
cblr-9108	624	14	triggers	trigger	NOUN
cblr-9108	624	15	turn	turn	VERB
cblr-9108	624	16	on	on	ADP
cblr-9108	624	17	the	the	DET
cblr-9108	624	18	number	number	NOUN
cblr-9108	624	19	of	of	ADP
cblr-9108	624	20	shareholders	shareholder	NOUN
cblr-9108	624	21	of	of	ADP
cblr-9108	624	22	record	record	NOUN
cblr-9108	624	23	or	or	CCONJ
cblr-9108	624	24	on	on	ADP
cblr-9108	624	25	offering	offer	VERB
cblr-9108	624	26	securities	security	NOUN
cblr-9108	624	27	to	to	ADP
cblr-9108	624	28	the	the	DET
cblr-9108	624	29	general	general	ADJ
cblr-9108	624	30	public	public	NOUN
cblr-9108	624	31	.	.	PUNCT
cblr-9108	625	1	for	for	ADP
cblr-9108	625	2	a	a	DET
cblr-9108	625	3	powerful	powerful	ADJ
cblr-9108	625	4	defense	defense	NOUN
cblr-9108	625	5	of	of	ADP
cblr-9108	625	6	mandatory	mandatory	ADJ
cblr-9108	625	7	disclosure	disclosure	NOUN
cblr-9108	625	8	along	along	ADP
cblr-9108	625	9	functional	functional	ADJ
cblr-9108	625	10	lines	line	NOUN
cblr-9108	625	11	,	,	PUNCT
cblr-9108	625	12	see	see	VERB
cblr-9108	625	13	guttentag	guttentag	NOUN
cblr-9108	625	14	,	,	PUNCT
cblr-9108	625	15	supra	supra	PROPN
cblr-9108	625	16	note	note	PROPN
cblr-9108	625	17	22	22	NUM
cblr-9108	625	18	;	;	PUNCT
cblr-9108	625	19	1242	1242	NUM
cblr-9108	625	20	columbia	columbia	PROPN
cblr-9108	625	21	business	business	NOUN
cblr-9108	625	22	law	law	PROPN
cblr-9108	625	23	review	review	NOUN
cblr-9108	626	1	[	[	X
cblr-9108	626	2	vol	vol	NOUN
cblr-9108	626	3	.	.	PUNCT
cblr-9108	626	4	2021	2021	NUM
cblr-9108	627	1	many	many	ADJ
cblr-9108	627	2	parties	party	NOUN
cblr-9108	627	3	benefit	benefit	VERB
cblr-9108	627	4	from	from	ADP
cblr-9108	627	5	the	the	DET
cblr-9108	627	6	information	information	NOUN
cblr-9108	627	7	revealed	reveal	VERB
cblr-9108	627	8	by	by	ADP
cblr-9108	627	9	firms	firm	NOUN
cblr-9108	627	10	through	through	ADP
cblr-9108	627	11	public	public	ADJ
cblr-9108	627	12	disclosure	disclosure	NOUN
cblr-9108	627	13	,	,	PUNCT
cblr-9108	627	14	including	include	VERB
cblr-9108	627	15	that	that	DET
cblr-9108	627	16	firm	firm	NOUN
cblr-9108	627	17	’s	’s	PART
cblr-9108	627	18	investors	investor	NOUN
cblr-9108	627	19	,	,	PUNCT
cblr-9108	627	20	customers	customer	NOUN
cblr-9108	627	21	,	,	PUNCT
cblr-9108	627	22	suppliers	supplier	NOUN
cblr-9108	627	23	,	,	PUNCT
cblr-9108	627	24	and	and	CCONJ
cblr-9108	627	25	competitors	competitor	NOUN
cblr-9108	627	26	.	.	PUNCT
cblr-9108	628	1	yet	yet	CCONJ
cblr-9108	628	2	the	the	DET
cblr-9108	628	3	firm	firm	NOUN
cblr-9108	628	4	itself	itself	PRON
cblr-9108	628	5	only	only	ADV
cblr-9108	628	6	internalizes	internalize	VERB
cblr-9108	628	7	some	some	PRON
cblr-9108	628	8	of	of	ADP
cblr-9108	628	9	these	these	DET
cblr-9108	628	10	benefits	benefit	NOUN
cblr-9108	628	11	from	from	ADP
cblr-9108	628	12	the	the	DET
cblr-9108	628	13	information	information	NOUN
cblr-9108	628	14	it	it	PRON
cblr-9108	628	15	discloses	disclose	VERB
cblr-9108	628	16	.	.	PUNCT
cblr-9108	629	1	thus	thus	ADV
cblr-9108	629	2	,	,	PUNCT
cblr-9108	629	3	firms	firm	NOUN
cblr-9108	629	4	will	will	AUX
cblr-9108	629	5	under	under	ADV
cblr-9108	629	6	-	-	PUNCT
cblr-9108	629	7	produce	produce	VERB
cblr-9108	629	8	information	information	NOUN
cblr-9108	629	9	from	from	ADP
cblr-9108	629	10	a	a	DET
cblr-9108	629	11	social	social	ADJ
cblr-9108	629	12	perspective	perspective	NOUN
cblr-9108	629	13	,	,	PUNCT
cblr-9108	629	14	if	if	SCONJ
cblr-9108	629	15	left	leave	VERB
cblr-9108	629	16	to	to	ADP
cblr-9108	629	17	their	their	PRON
cblr-9108	629	18	own	own	ADJ
cblr-9108	629	19	devices	device	NOUN
cblr-9108	629	20	.	.	PUNCT
cblr-9108	630	1	the	the	DET
cblr-9108	630	2	magnitude	magnitude	NOUN
cblr-9108	630	3	of	of	ADP
cblr-9108	630	4	these	these	DET
cblr-9108	630	5	spillovers	spillover	NOUN
cblr-9108	630	6	also	also	ADV
cblr-9108	630	7	might	might	AUX
cblr-9108	630	8	be	be	AUX
cblr-9108	630	9	thought	think	VERB
cblr-9108	630	10	to	to	PART
cblr-9108	630	11	roughly	roughly	ADV
cblr-9108	630	12	track	track	VERB
cblr-9108	630	13	the	the	DET
cblr-9108	630	14	size	size	NOUN
cblr-9108	630	15	of	of	ADP
cblr-9108	630	16	a	a	DET
cblr-9108	630	17	firm	firm	NOUN
cblr-9108	630	18	.	.	PUNCT
cblr-9108	631	1	thus	thus	ADV
cblr-9108	631	2	,	,	PUNCT
cblr-9108	631	3	a	a	DET
cblr-9108	631	4	distinct	distinct	ADJ
cblr-9108	631	5	regime	regime	NOUN
cblr-9108	631	6	of	of	ADP
cblr-9108	631	7	regulation	regulation	NOUN
cblr-9108	631	8	should	should	AUX
cblr-9108	631	9	apply	apply	VERB
cblr-9108	631	10	to	to	ADP
cblr-9108	631	11	large	large	ADJ
cblr-9108	631	12	firms	firm	NOUN
cblr-9108	631	13	.	.	PUNCT
cblr-9108	632	1	this	this	DET
cblr-9108	632	2	argument	argument	NOUN
cblr-9108	632	3	rationalizes	rationalize	VERB
cblr-9108	632	4	the	the	DET
cblr-9108	632	5	distinct	distinct	ADJ
cblr-9108	632	6	treatment	treatment	NOUN
cblr-9108	632	7	of	of	ADP
cblr-9108	632	8	“	"	PUNCT
cblr-9108	632	9	private	private	ADJ
cblr-9108	632	10	”	"	PUNCT
cblr-9108	632	11	and	and	CCONJ
cblr-9108	632	12	“	"	PUNCT
cblr-9108	632	13	public	public	ADJ
cblr-9108	632	14	”	"	PUNCT
cblr-9108	632	15	firms.175	firms.175	NOUN
cblr-9108	633	1	but	but	CCONJ
cblr-9108	633	2	the	the	DET
cblr-9108	633	3	changes	change	NOUN
cblr-9108	633	4	in	in	ADP
cblr-9108	633	5	capital	capital	NOUN
cblr-9108	633	6	markets	market	NOUN
cblr-9108	633	7	that	that	PRON
cblr-9108	633	8	we	we	PRON
cblr-9108	633	9	sketch	sketch	VERB
cblr-9108	633	10	weaken	weaken	VERB
cblr-9108	633	11	the	the	DET
cblr-9108	633	12	appeal	appeal	NOUN
cblr-9108	633	13	of	of	ADP
cblr-9108	633	14	this	this	DET
cblr-9108	633	15	view	view	NOUN
cblr-9108	633	16	of	of	ADP
cblr-9108	633	17	the	the	DET
cblr-9108	633	18	public	public	ADJ
cblr-9108	633	19	/	/	SYM
cblr-9108	633	20	private	private	ADJ
cblr-9108	633	21	divide	divide	NOUN
cblr-9108	633	22	.	.	PUNCT
cblr-9108	634	1	why	why	SCONJ
cblr-9108	634	2	?	?	PUNCT
cblr-9108	635	1	because	because	SCONJ
cblr-9108	635	2	as	as	ADP
cblr-9108	635	3	the	the	DET
cblr-9108	635	4	reasons	reason	NOUN
cblr-9108	635	5	for	for	ADP
cblr-9108	635	6	going	go	VERB
cblr-9108	635	7	and	and	CCONJ
cblr-9108	635	8	staying	stay	VERB
cblr-9108	635	9	public	public	ADJ
cblr-9108	635	10	fragment	fragment	NOUN
cblr-9108	635	11	,	,	PUNCT
cblr-9108	635	12	it	it	PRON
cblr-9108	635	13	becomes	become	VERB
cblr-9108	635	14	less	less	ADV
cblr-9108	635	15	likely	likely	ADJ
cblr-9108	635	16	that	that	SCONJ
cblr-9108	635	17	the	the	DET
cblr-9108	635	18	underlying	underlie	VERB
cblr-9108	635	19	market	market	NOUN
cblr-9108	635	20	failure	failure	NOUN
cblr-9108	635	21	targeted	target	VERB
cblr-9108	635	22	by	by	ADP
cblr-9108	635	23	the	the	DET
cblr-9108	635	24	mandatory	mandatory	ADJ
cblr-9108	635	25	treatment	treatment	NOUN
cblr-9108	635	26	is	be	AUX
cblr-9108	635	27	correlated	correlate	VERB
cblr-9108	635	28	with	with	ADP
cblr-9108	635	29	a	a	DET
cblr-9108	635	30	firm	firm	NOUN
cblr-9108	635	31	being	be	AUX
cblr-9108	635	32	public	public	ADJ
cblr-9108	635	33	.	.	PUNCT
cblr-9108	636	1	returning	return	VERB
cblr-9108	636	2	to	to	ADP
cblr-9108	636	3	the	the	DET
cblr-9108	636	4	previous	previous	ADJ
cblr-9108	636	5	paragraph	paragraph	NOUN
cblr-9108	636	6	,	,	PUNCT
cblr-9108	636	7	it	it	PRON
cblr-9108	636	8	becomes	become	VERB
cblr-9108	636	9	less	less	ADV
cblr-9108	636	10	likely	likely	ADJ
cblr-9108	636	11	that	that	SCONJ
cblr-9108	636	12	firms	firm	NOUN
cblr-9108	636	13	that	that	PRON
cblr-9108	636	14	produce	produce	VERB
cblr-9108	636	15	important	important	ADJ
cblr-9108	636	16	informational	informational	ADJ
cblr-9108	636	17	spillovers	spillover	NOUN
cblr-9108	636	18	will	will	AUX
cblr-9108	636	19	happen	happen	VERB
cblr-9108	636	20	to	to	PART
cblr-9108	636	21	be	be	AUX
cblr-9108	636	22	public	public	ADJ
cblr-9108	636	23	,	,	PUNCT
cblr-9108	636	24	rather	rather	ADV
cblr-9108	636	25	than	than	ADP
cblr-9108	636	26	private	private	ADJ
cblr-9108	636	27	.	.	PUNCT
cblr-9108	637	1	of	of	ADP
cblr-9108	637	2	course	course	NOUN
cblr-9108	637	3	,	,	PUNCT
cblr-9108	637	4	an	an	DET
cblr-9108	637	5	issuer	issuer	ADJ
cblr-9108	637	6	choice	choice	NOUN
cblr-9108	637	7	regime	regime	NOUN
cblr-9108	637	8	does	do	AUX
cblr-9108	637	9	not	not	PART
cblr-9108	637	10	completely	completely	ADV
cblr-9108	637	11	undermine	undermine	VERB
cblr-9108	637	12	the	the	DET
cblr-9108	637	13	logic	logic	NOUN
cblr-9108	637	14	of	of	ADP
cblr-9108	637	15	the	the	DET
cblr-9108	637	16	mandatory	mandatory	ADJ
cblr-9108	637	17	interventions	intervention	NOUN
cblr-9108	637	18	imposed	impose	VERB
cblr-9108	637	19	on	on	ADP
cblr-9108	637	20	a	a	DET
cblr-9108	637	21	specific	specific	ADJ
cblr-9108	637	22	set	set	NOUN
cblr-9108	637	23	of	of	ADP
cblr-9108	637	24	public	public	ADJ
cblr-9108	637	25	companies	company	NOUN
cblr-9108	637	26	.	.	PUNCT
cblr-9108	638	1	public	public	ADJ
cblr-9108	638	2	companies	company	NOUN
cblr-9108	638	3	,	,	PUNCT
cblr-9108	638	4	on	on	ADP
cblr-9108	638	5	average	average	ADJ
cblr-9108	638	6	,	,	PUNCT
cblr-9108	638	7	remain	remain	VERB
cblr-9108	638	8	much	much	ADV
cblr-9108	638	9	older	old	ADJ
cblr-9108	638	10	,	,	PUNCT
cblr-9108	638	11	larger	large	ADJ
cblr-9108	638	12	,	,	PUNCT
cblr-9108	638	13	and	and	CCONJ
cblr-9108	638	14	more	more	ADV
cblr-9108	638	15	profitable	profitable	ADJ
cblr-9108	638	16	than	than	ADP
cblr-9108	638	17	private	private	ADJ
cblr-9108	638	18	companies	company	NOUN
cblr-9108	638	19	.	.	PUNCT
cblr-9108	639	1	our	our	PRON
cblr-9108	639	2	point	point	NOUN
cblr-9108	639	3	is	be	AUX
cblr-9108	639	4	simply	simply	ADV
cblr-9108	639	5	that	that	SCONJ
cblr-9108	639	6	an	an	DET
cblr-9108	639	7	issuer	issuer	ADJ
cblr-9108	639	8	choice	choice	NOUN
cblr-9108	639	9	regime	regime	NOUN
cblr-9108	639	10	,	,	PUNCT
cblr-9108	639	11	in	in	ADP
cblr-9108	639	12	which	which	PRON
cblr-9108	639	13	issuer	issuer	ADJ
cblr-9108	639	14	choices	choice	NOUN
cblr-9108	639	15	are	be	AUX
cblr-9108	639	16	motivated	motivate	VERB
cblr-9108	639	17	by	by	ADP
cblr-9108	639	18	many	many	ADJ
cblr-9108	639	19	and	and	CCONJ
cblr-9108	639	20	different	different	ADJ
cblr-9108	639	21	factors	factor	NOUN
cblr-9108	639	22	,	,	PUNCT
cblr-9108	639	23	means	mean	VERB
cblr-9108	639	24	that	that	SCONJ
cblr-9108	639	25	the	the	DET
cblr-9108	639	26	firms	firm	NOUN
cblr-9108	639	27	that	that	PRON
cblr-9108	639	28	ultimately	ultimately	ADV
cblr-9108	639	29	choose	choose	VERB
cblr-9108	639	30	to	to	PART
cblr-9108	639	31	become	become	VERB
cblr-9108	639	32	public	public	ADJ
cblr-9108	639	33	are	be	AUX
cblr-9108	639	34	likely	likely	ADJ
cblr-9108	639	35	to	to	PART
cblr-9108	639	36	have	have	VERB
cblr-9108	639	37	less	less	ADJ
cblr-9108	639	38	in	in	ADP
cblr-9108	639	39	common	common	ADJ
cblr-9108	639	40	.	.	PUNCT
cblr-9108	640	1	as	as	ADP
cblr-9108	640	2	a	a	DET
cblr-9108	640	3	result	result	NOUN
cblr-9108	640	4	,	,	PUNCT
cblr-9108	640	5	if	if	SCONJ
cblr-9108	640	6	we	we	PRON
cblr-9108	640	7	want	want	VERB
cblr-9108	640	8	to	to	PART
cblr-9108	640	9	continue	continue	VERB
cblr-9108	640	10	to	to	PART
cblr-9108	640	11	impose	impose	VERB
cblr-9108	640	12	mandatory	mandatory	ADJ
cblr-9108	640	13	rules	rule	NOUN
cblr-9108	640	14	on	on	ADP
cblr-9108	640	15	public	public	ADJ
cblr-9108	640	16	companies	company	NOUN
cblr-9108	640	17	,	,	PUNCT
cblr-9108	640	18	it	it	PRON
cblr-9108	640	19	is	be	AUX
cblr-9108	640	20	worth	worth	ADJ
cblr-9108	640	21	reconsidering	reconsider	VERB
cblr-9108	640	22	the	the	DET
cblr-9108	640	23	triggers	trigger	NOUN
cblr-9108	640	24	for	for	ADP
cblr-9108	640	25	when	when	SCONJ
cblr-9108	640	26	companies	company	NOUN
cblr-9108	640	27	cross	cross	VERB
cblr-9108	640	28	the	the	DET
cblr-9108	640	29	public	public	ADJ
cblr-9108	640	30	/	/	SYM
cblr-9108	640	31	private	private	ADJ
cblr-9108	640	32	divide	divide	NOUN
cblr-9108	640	33	.	.	PUNCT
cblr-9108	641	1	under	under	ADP
cblr-9108	641	2	the	the	DET
cblr-9108	641	3	status	status	NOUN
cblr-9108	641	4	quo	quo	NOUN
cblr-9108	641	5	—	—	PUNCT
cblr-9108	641	6	where	where	SCONJ
cblr-9108	641	7	the	the	DET
cblr-9108	641	8	fundamental	fundamental	ADJ
cblr-9108	641	9	triggers	trigger	NOUN
cblr-9108	641	10	for	for	ADP
cblr-9108	641	11	being	be	AUX
cblr-9108	641	12	public	public	ADJ
cblr-9108	641	13	have	have	AUX
cblr-9108	641	14	given	give	VERB
cblr-9108	641	15	rise	rise	NOUN
cblr-9108	641	16	to	to	ADP
cblr-9108	641	17	an	an	DET
cblr-9108	641	18	issuer	issuer	ADJ
cblr-9108	641	19	choice	choice	NOUN
cblr-9108	641	20	regime	regime	NOUN
cblr-9108	641	21	,	,	PUNCT
cblr-9108	641	22	and	and	CCONJ
cblr-9108	641	23	where	where	SCONJ
cblr-9108	641	24	issuers	issuer	NOUN
cblr-9108	641	25	’	'	PUNCT
cblr-9108	641	26	choices	choice	NOUN
cblr-9108	641	27	are	be	AUX
cblr-9108	641	28	driven	drive	VERB
cblr-9108	641	29	by	by	ADP
cblr-9108	641	30	complex	complex	ADJ
cblr-9108	641	31	and	and	CCONJ
cblr-9108	641	32	heterogeneous	heterogeneous	ADJ
cblr-9108	641	33	features	feature	NOUN
cblr-9108	641	34	of	of	ADP
cblr-9108	641	35	public	public	ADJ
cblr-9108	641	36	and	and	CCONJ
cblr-9108	641	37	private	private	ADJ
cblr-9108	641	38	markets	market	NOUN
cblr-9108	641	39	—	—	PUNCT
cblr-9108	641	40	the	the	DET
cblr-9108	641	41	case	case	NOUN
cblr-9108	641	42	for	for	ADP
cblr-9108	641	43	mandatory	mandatory	ADJ
cblr-9108	641	44	regulation	regulation	NOUN
cblr-9108	641	45	of	of	ADP
cblr-9108	641	46	public	public	ADJ
cblr-9108	641	47	companies	company	NOUN
cblr-9108	641	48	has	have	AUX
cblr-9108	641	49	weakened	weaken	VERB
cblr-9108	641	50	.	.	PUNCT
cblr-9108	642	1	if	if	SCONJ
cblr-9108	642	2	the	the	DET
cblr-9108	642	3	public	public	ADJ
cblr-9108	642	4	/	/	SYM
cblr-9108	642	5	private	private	ADJ
cblr-9108	642	6	tradeoff	tradeoff	NOUN
cblr-9108	642	7	has	have	AUX
cblr-9108	642	8	become	become	VERB
cblr-9108	642	9	michael	michael	PROPN
cblr-9108	642	10	d.	d.	PROPN
cblr-9108	642	11	guttentag	guttentag	PROPN
cblr-9108	642	12	,	,	PUNCT
cblr-9108	642	13	accuracy	accuracy	NOUN
cblr-9108	642	14	enhancement	enhancement	NOUN
cblr-9108	642	15	,	,	PUNCT
cblr-9108	642	16	agency	agency	NOUN
cblr-9108	642	17	costs	cost	NOUN
cblr-9108	642	18	,	,	PUNCT
cblr-9108	642	19	and	and	CCONJ
cblr-9108	642	20	disclosure	disclosure	NOUN
cblr-9108	642	21	regulation	regulation	NOUN
cblr-9108	642	22	,	,	PUNCT
cblr-9108	642	23	3	3	NUM
cblr-9108	642	24	rev	rev	X
cblr-9108	642	25	.	.	PROPN
cblr-9108	642	26	l.	l.	PROPN
cblr-9108	642	27	&	&	CCONJ
cblr-9108	642	28	econ	econ	PROPN
cblr-9108	642	29	.	.	PUNCT
cblr-9108	643	1	611	611	NUM
cblr-9108	643	2	,	,	PUNCT
cblr-9108	643	3	625–27	625–27	NUM
cblr-9108	643	4	(	(	PUNCT
cblr-9108	643	5	2007	2007	NUM
cblr-9108	643	6	)	)	PUNCT
cblr-9108	643	7	.	.	PUNCT
cblr-9108	644	1	175	175	NUM
cblr-9108	644	2	john	john	PROPN
cblr-9108	644	3	c.	c.	PROPN
cblr-9108	644	4	coffee	coffee	PROPN
cblr-9108	644	5	,	,	PUNCT
cblr-9108	644	6	jr	jr	PROPN
cblr-9108	644	7	.	.	PROPN
cblr-9108	644	8	provided	provide	VERB
cblr-9108	644	9	a	a	DET
cblr-9108	644	10	powerful	powerful	ADJ
cblr-9108	644	11	early	early	ADJ
cblr-9108	644	12	defense	defense	NOUN
cblr-9108	644	13	of	of	ADP
cblr-9108	644	14	the	the	DET
cblr-9108	644	15	united	united	PROPN
cblr-9108	644	16	states	states	PROPN
cblr-9108	644	17	’	'	PUNCT
cblr-9108	644	18	mandatory	mandatory	ADJ
cblr-9108	644	19	disclosure	disclosure	NOUN
cblr-9108	644	20	regime	regime	NOUN
cblr-9108	644	21	.	.	PUNCT
cblr-9108	645	1	coffee	coffee	NOUN
cblr-9108	645	2	,	,	PUNCT
cblr-9108	645	3	supra	supra	PROPN
cblr-9108	645	4	note	note	NOUN
cblr-9108	645	5	26	26	NUM
cblr-9108	645	6	.	.	PUNCT
cblr-9108	646	1	no	no	INTJ
cblr-9108	646	2	.	.	PUNCT
cblr-9108	647	1	3:1199	3:1199	NUM
cblr-9108	647	2	]	]	X
cblr-9108	647	3	the	the	DET
cblr-9108	647	4	new	new	ADJ
cblr-9108	647	5	public	public	ADJ
cblr-9108	647	6	/	/	SYM
cblr-9108	647	7	private	private	ADJ
cblr-9108	647	8	equilibrium	equilibrium	NOUN
cblr-9108	647	9	1243	1243	NUM
cblr-9108	647	10	profoundly	profoundly	ADV
cblr-9108	647	11	idiosyncratic	idiosyncratic	ADJ
cblr-9108	647	12	,	,	PUNCT
cblr-9108	647	13	then	then	ADV
cblr-9108	647	14	it	it	PRON
cblr-9108	647	15	makes	make	VERB
cblr-9108	647	16	mandatory	mandatory	ADJ
cblr-9108	647	17	regulation	regulation	NOUN
cblr-9108	647	18	that	that	PRON
cblr-9108	647	19	turns	turn	VERB
cblr-9108	647	20	on	on	ADP
cblr-9108	647	21	the	the	DET
cblr-9108	647	22	current	current	ADJ
cblr-9108	647	23	public	public	ADJ
cblr-9108	647	24	/	/	SYM
cblr-9108	647	25	private	private	ADJ
cblr-9108	647	26	divide	divide	NOUN
cblr-9108	647	27	less	less	ADV
cblr-9108	647	28	likely	likely	ADJ
cblr-9108	647	29	to	to	PART
cblr-9108	647	30	be	be	AUX
cblr-9108	647	31	apt	apt	ADJ
cblr-9108	647	32	and	and	CCONJ
cblr-9108	647	33	less	less	ADV
cblr-9108	647	34	likely	likely	ADJ
cblr-9108	647	35	to	to	PART
cblr-9108	647	36	be	be	AUX
cblr-9108	647	37	appropriately	appropriately	ADV
cblr-9108	647	38	tailored	tailor	VERB
cblr-9108	647	39	to	to	ADP
cblr-9108	647	40	a	a	DET
cblr-9108	647	41	market	market	NOUN
cblr-9108	647	42	failure	failure	NOUN
cblr-9108	647	43	associated	associate	VERB
cblr-9108	647	44	with	with	ADP
cblr-9108	647	45	that	that	DET
cblr-9108	647	46	divide	divide	NOUN
cblr-9108	647	47	.	.	PUNCT
cblr-9108	648	1	it	it	PRON
cblr-9108	648	2	is	be	AUX
cblr-9108	648	3	worth	worth	ADJ
cblr-9108	648	4	emphasizing	emphasize	VERB
cblr-9108	648	5	that	that	SCONJ
cblr-9108	648	6	we	we	PRON
cblr-9108	648	7	do	do	AUX
cblr-9108	648	8	not	not	PART
cblr-9108	648	9	think	think	VERB
cblr-9108	648	10	this	this	DET
cblr-9108	648	11	problem	problem	NOUN
cblr-9108	648	12	is	be	AUX
cblr-9108	648	13	fatal	fatal	ADJ
cblr-9108	648	14	to	to	ADP
cblr-9108	648	15	the	the	DET
cblr-9108	648	16	basic	basic	ADJ
cblr-9108	648	17	vision	vision	NOUN
cblr-9108	648	18	of	of	ADP
cblr-9108	648	19	public	public	ADJ
cblr-9108	648	20	markets	market	NOUN
cblr-9108	648	21	as	as	ADP
cblr-9108	648	22	subject	subject	ADJ
cblr-9108	648	23	to	to	ADP
cblr-9108	648	24	mandatory	mandatory	ADJ
cblr-9108	648	25	regulation	regulation	NOUN
cblr-9108	648	26	,	,	PUNCT
cblr-9108	648	27	nor	nor	CCONJ
cblr-9108	648	28	do	do	AUX
cblr-9108	648	29	we	we	PRON
cblr-9108	648	30	necessarily	necessarily	ADV
cblr-9108	648	31	favor	favor	VERB
cblr-9108	648	32	eliminating	eliminate	VERB
cblr-9108	648	33	the	the	DET
cblr-9108	648	34	mandatory	mandatory	ADJ
cblr-9108	648	35	regulation	regulation	NOUN
cblr-9108	648	36	imposed	impose	VERB
cblr-9108	648	37	on	on	ADP
cblr-9108	648	38	public	public	ADJ
cblr-9108	648	39	markets	market	NOUN
cblr-9108	648	40	.	.	PUNCT
cblr-9108	649	1	but	but	CCONJ
cblr-9108	649	2	for	for	ADP
cblr-9108	649	3	these	these	DET
cblr-9108	649	4	reasons	reason	NOUN
cblr-9108	649	5	we	we	PRON
cblr-9108	649	6	do	do	AUX
cblr-9108	649	7	conclude	conclude	VERB
cblr-9108	649	8	that	that	SCONJ
cblr-9108	649	9	the	the	DET
cblr-9108	649	10	public	public	ADJ
cblr-9108	649	11	/	/	SYM
cblr-9108	649	12	private	private	ADJ
cblr-9108	649	13	divide	divide	NOUN
cblr-9108	649	14	in	in	ADP
cblr-9108	649	15	securities	security	NOUN
cblr-9108	649	16	regulation	regulation	NOUN
cblr-9108	649	17	is	be	AUX
cblr-9108	649	18	overdue	overdue	ADJ
cblr-9108	649	19	for	for	ADP
cblr-9108	649	20	a	a	DET
cblr-9108	649	21	fundamental	fundamental	ADJ
cblr-9108	649	22	reexamination	reexamination	NOUN
cblr-9108	649	23	.	.	PUNCT
cblr-9108	650	1	this	this	DET
cblr-9108	650	2	rethinking	rethinking	NOUN
cblr-9108	650	3	must	must	AUX
cblr-9108	650	4	address	address	VERB
cblr-9108	650	5	not	not	PART
cblr-9108	650	6	simply	simply	ADV
cblr-9108	650	7	where	where	SCONJ
cblr-9108	650	8	to	to	PART
cblr-9108	650	9	draw	draw	VERB
cblr-9108	650	10	the	the	DET
cblr-9108	650	11	line	line	NOUN
cblr-9108	650	12	between	between	ADP
cblr-9108	650	13	public	public	ADJ
cblr-9108	650	14	and	and	CCONJ
cblr-9108	650	15	private	private	ADJ
cblr-9108	650	16	companies	company	NOUN
cblr-9108	650	17	,	,	PUNCT
cblr-9108	650	18	but	but	CCONJ
cblr-9108	650	19	also	also	ADV
cblr-9108	650	20	whether	whether	SCONJ
cblr-9108	650	21	to	to	PART
cblr-9108	650	22	draw	draw	VERB
cblr-9108	650	23	a	a	DET
cblr-9108	650	24	line	line	NOUN
cblr-9108	650	25	at	at	ADV
cblr-9108	650	26	all	all	ADV
cblr-9108	650	27	—	—	PUNCT
cblr-9108	650	28	and	and	CCONJ
cblr-9108	650	29	if	if	SCONJ
cblr-9108	650	30	so	so	ADV
cblr-9108	650	31	,	,	PUNCT
cblr-9108	650	32	on	on	ADP
cblr-9108	650	33	what	what	DET
cblr-9108	650	34	basis	basis	NOUN
cblr-9108	650	35	—	—	PUNCT
cblr-9108	650	36	and	and	CCONJ
cblr-9108	650	37	how	how	SCONJ
cblr-9108	650	38	to	to	PART
cblr-9108	650	39	regulate	regulate	VERB
cblr-9108	650	40	firms	firm	NOUN
cblr-9108	650	41	on	on	ADP
cblr-9108	650	42	each	each	DET
cblr-9108	650	43	side	side	NOUN
cblr-9108	650	44	of	of	ADP
cblr-9108	650	45	the	the	DET
cblr-9108	650	46	divide	divide	NOUN
cblr-9108	650	47	.	.	PUNCT
cblr-9108	651	1	crucially	crucially	ADV
cblr-9108	651	2	,	,	PUNCT
cblr-9108	651	3	these	these	DET
cblr-9108	651	4	questions	question	NOUN
cblr-9108	651	5	must	must	AUX
cblr-9108	651	6	be	be	AUX
cblr-9108	651	7	answered	answer	VERB
cblr-9108	651	8	simultaneously	simultaneously	ADV
cblr-9108	651	9	—	—	PUNCT
cblr-9108	651	10	rather	rather	ADV
cblr-9108	651	11	than	than	ADP
cblr-9108	651	12	serially	serially	ADV
cblr-9108	651	13	as	as	SCONJ
cblr-9108	651	14	they	they	PRON
cblr-9108	651	15	often	often	ADV
cblr-9108	651	16	have	have	AUX
cblr-9108	651	17	been	be	AUX
cblr-9108	651	18	over	over	ADP
cblr-9108	651	19	the	the	DET
cblr-9108	651	20	last	last	ADJ
cblr-9108	651	21	several	several	ADJ
cblr-9108	651	22	decades	decade	NOUN
cblr-9108	651	23	—	—	PUNCT
cblr-9108	651	24	considering	consider	VERB
cblr-9108	651	25	the	the	DET
cblr-9108	651	26	unavoidable	unavoidable	ADJ
cblr-9108	651	27	connections	connection	NOUN
cblr-9108	651	28	between	between	ADP
cblr-9108	651	29	securities	security	NOUN
cblr-9108	651	30	regulation	regulation	NOUN
cblr-9108	651	31	and	and	CCONJ
cblr-9108	651	32	firms	firm	NOUN
cblr-9108	651	33	’	'	PUNCT
cblr-9108	651	34	governance	governance	NOUN
cblr-9108	651	35	,	,	PUNCT
cblr-9108	651	36	capital	capital	NOUN
cblr-9108	651	37	structure	structure	NOUN
cblr-9108	651	38	,	,	PUNCT
cblr-9108	651	39	trading	trading	NOUN
cblr-9108	651	40	environment	environment	NOUN
cblr-9108	651	41	,	,	PUNCT
cblr-9108	651	42	and	and	CCONJ
cblr-9108	651	43	information	information	NOUN
cblr-9108	651	44	environment	environment	NOUN
cblr-9108	651	45	.	.	PUNCT
cblr-9108	652	1	viewed	view	VERB
cblr-9108	652	2	in	in	ADP
cblr-9108	652	3	that	that	DET
cblr-9108	652	4	light	light	NOUN
cblr-9108	652	5	,	,	PUNCT
cblr-9108	652	6	the	the	DET
cblr-9108	652	7	task	task	NOUN
cblr-9108	652	8	faced	face	VERB
cblr-9108	652	9	by	by	ADP
cblr-9108	652	10	congress	congress	PROPN
cblr-9108	652	11	and	and	CCONJ
cblr-9108	652	12	the	the	DET
cblr-9108	652	13	sec	sec	PROPN
cblr-9108	652	14	in	in	ADP
cblr-9108	652	15	reassessing	reassess	VERB
cblr-9108	652	16	the	the	DET
cblr-9108	652	17	public	public	ADJ
cblr-9108	652	18	/	/	SYM
cblr-9108	652	19	private	private	ADJ
cblr-9108	652	20	divide	divide	NOUN
cblr-9108	652	21	is	be	AUX
cblr-9108	652	22	even	even	ADV
cblr-9108	652	23	more	more	ADV
cblr-9108	652	24	difficult	difficult	ADJ
cblr-9108	652	25	than	than	SCONJ
cblr-9108	652	26	we	we	PRON
cblr-9108	652	27	imagined	imagine	VERB
cblr-9108	652	28	.	.	PUNCT
cblr-9108	653	1	vi	vi	X
cblr-9108	653	2	.	.	NOUN
cblr-9108	653	3	conclusion	conclusion	VERB
cblr-9108	653	4	how	how	SCONJ
cblr-9108	653	5	the	the	DET
cblr-9108	653	6	public	public	ADJ
cblr-9108	653	7	/	/	SYM
cblr-9108	653	8	private	private	ADJ
cblr-9108	653	9	divide	divide	NOUN
cblr-9108	653	10	works	work	VERB
cblr-9108	653	11	shapes	shape	VERB
cblr-9108	653	12	the	the	DET
cblr-9108	653	13	success	success	NOUN
cblr-9108	653	14	of	of	ADP
cblr-9108	653	15	how	how	SCONJ
cblr-9108	653	16	we	we	PRON
cblr-9108	653	17	regulate	regulate	VERB
cblr-9108	653	18	public	public	ADJ
cblr-9108	653	19	and	and	CCONJ
cblr-9108	653	20	private	private	ADJ
cblr-9108	653	21	companies	company	NOUN
cblr-9108	653	22	.	.	PUNCT
cblr-9108	654	1	while	while	SCONJ
cblr-9108	654	2	the	the	DET
cblr-9108	654	3	original	original	ADJ
cblr-9108	654	4	architecture	architecture	NOUN
cblr-9108	654	5	of	of	ADP
cblr-9108	654	6	the	the	DET
cblr-9108	654	7	divide	divide	NOUN
cblr-9108	654	8	was	be	AUX
cblr-9108	654	9	designed	design	VERB
cblr-9108	654	10	by	by	ADP
cblr-9108	654	11	securities	security	NOUN
cblr-9108	654	12	law	law	NOUN
cblr-9108	654	13	,	,	PUNCT
cblr-9108	654	14	two	two	NUM
cblr-9108	654	15	rich	rich	ADJ
cblr-9108	654	16	ecologies	ecology	NOUN
cblr-9108	654	17	have	have	AUX
cblr-9108	654	18	developed	develop	VERB
cblr-9108	654	19	around	around	ADP
cblr-9108	654	20	that	that	DET
cblr-9108	654	21	legal	legal	ADJ
cblr-9108	654	22	design	design	NOUN
cblr-9108	654	23	that	that	PRON
cblr-9108	654	24	cause	cause	VERB
cblr-9108	654	25	public	public	ADJ
cblr-9108	654	26	and	and	CCONJ
cblr-9108	654	27	private	private	ADJ
cblr-9108	654	28	markets	market	NOUN
cblr-9108	654	29	to	to	PART
cblr-9108	654	30	differ	differ	VERB
cblr-9108	654	31	along	along	ADP
cblr-9108	654	32	a	a	DET
cblr-9108	654	33	host	host	NOUN
cblr-9108	654	34	of	of	ADP
cblr-9108	654	35	dimensions	dimension	NOUN
cblr-9108	654	36	.	.	PUNCT
cblr-9108	655	1	the	the	DET
cblr-9108	655	2	broad	broad	ADJ
cblr-9108	655	3	availability	availability	NOUN
cblr-9108	655	4	of	of	ADP
cblr-9108	655	5	capital	capital	NOUN
cblr-9108	655	6	in	in	ADP
cblr-9108	655	7	private	private	ADJ
cblr-9108	655	8	markets	market	NOUN
cblr-9108	655	9	has	have	AUX
cblr-9108	655	10	created	create	VERB
cblr-9108	655	11	an	an	DET
cblr-9108	655	12	issuer	issuer	ADJ
cblr-9108	655	13	choice	choice	NOUN
cblr-9108	655	14	regime	regime	NOUN
cblr-9108	655	15	in	in	ADP
cblr-9108	655	16	which	which	PRON
cblr-9108	655	17	firms	firm	NOUN
cblr-9108	655	18	’	’	PART
cblr-9108	655	19	decisions	decision	NOUN
cblr-9108	655	20	regarding	regard	VERB
cblr-9108	655	21	whether	whether	SCONJ
cblr-9108	655	22	to	to	PART
cblr-9108	655	23	be	be	AUX
cblr-9108	655	24	public	public	ADJ
cblr-9108	655	25	or	or	CCONJ
cblr-9108	655	26	private	private	ADJ
cblr-9108	655	27	are	be	AUX
cblr-9108	655	28	influenced	influence	VERB
cblr-9108	655	29	in	in	ADP
cblr-9108	655	30	idiosyncratic	idiosyncratic	ADJ
cblr-9108	655	31	ways	way	NOUN
cblr-9108	655	32	by	by	ADP
cblr-9108	655	33	different	different	ADJ
cblr-9108	655	34	aspects	aspect	NOUN
cblr-9108	655	35	of	of	ADP
cblr-9108	655	36	these	these	DET
cblr-9108	655	37	ecologies	ecology	NOUN
cblr-9108	655	38	.	.	PUNCT
cblr-9108	656	1	the	the	DET
cblr-9108	656	2	normative	normative	ADJ
cblr-9108	656	3	implication	implication	NOUN
cblr-9108	656	4	of	of	ADP
cblr-9108	656	5	these	these	DET
cblr-9108	656	6	changes	change	NOUN
cblr-9108	656	7	is	be	AUX
cblr-9108	656	8	to	to	PART
cblr-9108	656	9	reduce	reduce	VERB
cblr-9108	656	10	the	the	DET
cblr-9108	656	11	coherency	coherency	NOUN
cblr-9108	656	12	of	of	ADP
cblr-9108	656	13	the	the	DET
cblr-9108	656	14	regulation	regulation	NOUN
cblr-9108	656	15	of	of	ADP
cblr-9108	656	16	public	public	ADJ
cblr-9108	656	17	and	and	CCONJ
cblr-9108	656	18	private	private	ADJ
cblr-9108	656	19	markets	market	NOUN
cblr-9108	656	20	.	.	PUNCT