id	sid	tid	token	lemma	pos
cblr-9112	1	1	risky	risky	ADJ
cblr-9112	1	2	business	business	NOUN
cblr-9112	1	3	:	:	PUNCT
cblr-9112	1	4	portfolio	portfolio	NOUN
cblr-9112	1	5	risk	risk	NOUN
cblr-9112	1	6	,	,	PUNCT
cblr-9112	1	7	institutional	institutional	ADJ
cblr-9112	1	8	investing	investing	NOUN
cblr-9112	1	9	,	,	PUNCT
cblr-9112	1	10	and	and	CCONJ
cblr-9112	1	11	the	the	DET
cblr-9112	1	12	securities	securities	PROPN
cblr-9112	1	13	act	act	PROPN
cblr-9112	1	14	charles	charles	PROPN
cblr-9112	1	15	k.	k.	PROPN
cblr-9112	1	16	whitehead	whitehead	VERB
cblr-9112	1	17	the	the	DET
cblr-9112	1	18	securities	security	NOUN
cblr-9112	1	19	act	act	NOUN
cblr-9112	1	20	of	of	ADP
cblr-9112	1	21	1933	1933	NUM
cblr-9112	1	22	is	be	AUX
cblr-9112	1	23	tied	tie	VERB
cblr-9112	1	24	to	to	ADP
cblr-9112	1	25	transactions	transaction	NOUN
cblr-9112	1	26	in	in	ADP
cblr-9112	1	27	securities	security	NOUN
cblr-9112	1	28	,	,	PUNCT
cblr-9112	1	29	rather	rather	ADV
cblr-9112	1	30	than	than	ADP
cblr-9112	1	31	the	the	DET
cblr-9112	1	32	risk	risk	NOUN
cblr-9112	1	33	of	of	ADP
cblr-9112	1	34	those	those	DET
cblr-9112	1	35	securities	security	NOUN
cblr-9112	1	36	,	,	PUNCT
cblr-9112	1	37	an	an	DET
cblr-9112	1	38	approach	approach	NOUN
cblr-9112	1	39	that	that	PRON
cblr-9112	1	40	reflects	reflect	VERB
cblr-9112	1	41	the	the	DET
cblr-9112	1	42	risk	risk	NOUN
cblr-9112	1	43	management	management	NOUN
cblr-9112	1	44	of	of	ADP
cblr-9112	1	45	the	the	DET
cblr-9112	1	46	times	time	NOUN
cblr-9112	1	47	.	.	PUNCT
cblr-9112	2	1	managing	manage	VERB
cblr-9112	2	2	risk	risk	NOUN
cblr-9112	2	3	through	through	ADP
cblr-9112	2	4	diversification	diversification	NOUN
cblr-9112	2	5	did	do	AUX
cblr-9112	2	6	not	not	PART
cblr-9112	2	7	occur	occur	VERB
cblr-9112	2	8	until	until	ADP
cblr-9112	2	9	twenty	twenty	NUM
cblr-9112	2	10	years	year	NOUN
cblr-9112	2	11	later	later	ADV
cblr-9112	2	12	,	,	PUNCT
cblr-9112	2	13	and	and	CCONJ
cblr-9112	2	14	a	a	DET
cblr-9112	2	15	further	further	ADJ
cblr-9112	2	16	twenty	twenty	NUM
cblr-9112	2	17	years	year	NOUN
cblr-9112	2	18	passed	pass	VERB
cblr-9112	2	19	before	before	SCONJ
cblr-9112	2	20	new	new	ADJ
cblr-9112	2	21	instruments	instrument	NOUN
cblr-9112	2	22	were	be	AUX
cblr-9112	2	23	created	create	VERB
cblr-9112	2	24	to	to	PART
cblr-9112	2	25	facilitate	facilitate	VERB
cblr-9112	2	26	the	the	DET
cblr-9112	2	27	transfer	transfer	NOUN
cblr-9112	2	28	of	of	ADP
cblr-9112	2	29	discrete	discrete	ADJ
cblr-9112	2	30	portions	portion	NOUN
cblr-9112	2	31	of	of	ADP
cblr-9112	2	32	financial	financial	ADJ
cblr-9112	2	33	risk	risk	NOUN
cblr-9112	2	34	.	.	PUNCT
cblr-9112	3	1	for	for	ADP
cblr-9112	3	2	much	much	ADJ
cblr-9112	3	3	of	of	ADP
cblr-9112	3	4	the	the	DET
cblr-9112	3	5	capital	capital	NOUN
cblr-9112	3	6	markets	market	NOUN
cblr-9112	3	7	,	,	PUNCT
cblr-9112	3	8	this	this	DET
cblr-9112	3	9	shift	shift	NOUN
cblr-9112	3	10	resulted	result	VERB
cblr-9112	3	11	in	in	ADP
cblr-9112	3	12	a	a	DET
cblr-9112	3	13	separation	separation	NOUN
cblr-9112	3	14	between	between	ADP
cblr-9112	3	15	the	the	DET
cblr-9112	3	16	risk	risk	NOUN
cblr-9112	3	17	associated	associate	VERB
cblr-9112	3	18	with	with	ADP
cblr-9112	3	19	individual	individual	ADJ
cblr-9112	3	20	securities	security	NOUN
cblr-9112	3	21	and	and	CCONJ
cblr-9112	3	22	the	the	DET
cblr-9112	3	23	securities	security	NOUN
cblr-9112	3	24	themselves	themselves	PRON
cblr-9112	3	25	.	.	PUNCT
cblr-9112	4	1	the	the	DET
cblr-9112	4	2	idiosyncratic	idiosyncratic	ADJ
cblr-9112	4	3	risk	risk	NOUN
cblr-9112	4	4	of	of	ADP
cblr-9112	4	5	individual	individual	ADJ
cblr-9112	4	6	securities	security	NOUN
cblr-9112	4	7	now	now	ADV
cblr-9112	4	8	matters	matter	VERB
cblr-9112	4	9	less	less	ADJ
cblr-9112	4	10	than	than	ADP
cblr-9112	4	11	its	its	PRON
cblr-9112	4	12	impact	impact	NOUN
cblr-9112	4	13	on	on	ADP
cblr-9112	4	14	a	a	DET
cblr-9112	4	15	portfolio	portfolio	NOUN
cblr-9112	4	16	’s	’s	PART
cblr-9112	4	17	total	total	ADJ
cblr-9112	4	18	risk	risk	NOUN
cblr-9112	4	19	.	.	PUNCT
cblr-9112	5	1	in	in	ADP
cblr-9112	5	2	response	response	NOUN
cblr-9112	5	3	,	,	PUNCT
cblr-9112	5	4	sec	sec	PROPN
cblr-9112	5	5	disclosure	disclosure	NOUN
cblr-9112	5	6	requirements	requirement	NOUN
cblr-9112	5	7	increasingly	increasingly	ADV
cblr-9112	5	8	have	have	AUX
cblr-9112	5	9	facilitated	facilitate	VERB
cblr-9112	5	10	cross	cross	ADJ
cblr-9112	5	11	-	-	ADJ
cblr-9112	5	12	company	company	ADJ
cblr-9112	5	13	comparisons	comparison	NOUN
cblr-9112	5	14	and	and	CCONJ
cblr-9112	5	15	portfoliolevel	portfoliolevel	NOUN
cblr-9112	5	16	investment	investment	NOUN
cblr-9112	5	17	decisions	decision	NOUN
cblr-9112	5	18	.	.	PUNCT
cblr-9112	6	1	nevertheless	nevertheless	ADV
cblr-9112	6	2	,	,	PUNCT
cblr-9112	6	3	the	the	DET
cblr-9112	6	4	growing	grow	VERB
cblr-9112	6	5	separation	separation	NOUN
cblr-9112	6	6	between	between	ADP
cblr-9112	6	7	risk	risk	NOUN
cblr-9112	6	8	and	and	CCONJ
cblr-9112	6	9	the	the	DET
cblr-9112	6	10	instruments	instrument	NOUN
cblr-9112	6	11	evidencing	evidence	VERB
cblr-9112	6	12	that	that	DET
cblr-9112	6	13	risk	risk	NOUN
cblr-9112	6	14	,	,	PUNCT
cblr-9112	6	15	and	and	CCONJ
cblr-9112	6	16	the	the	DET
cblr-9112	6	17	ability	ability	NOUN
cblr-9112	6	18	today	today	NOUN
cblr-9112	6	19	to	to	PART
cblr-9112	6	20	manage	manage	VERB
cblr-9112	6	21	and	and	CCONJ
cblr-9112	6	22	transfer	transfer	VERB
cblr-9112	6	23	risk	risk	NOUN
cblr-9112	6	24	by	by	ADP
cblr-9112	6	25	itself	itself	PRON
cblr-9112	6	26	,	,	PUNCT
cblr-9112	6	27	prompts	prompt	VERB
cblr-9112	6	28	a	a	DET
cblr-9112	6	29	question	question	NOUN
cblr-9112	6	30	:	:	PUNCT
cblr-9112	6	31	should	should	AUX
cblr-9112	6	32	we	we	PRON
cblr-9112	6	33	begin	begin	VERB
cblr-9112	6	34	reconsidering	reconsider	VERB
cblr-9112	6	35	the	the	DET
cblr-9112	6	36	securities	security	NOUN
cblr-9112	6	37	act	act	PROPN
cblr-9112	6	38	’s	’s	PART
cblr-9112	6	39	approach	approach	NOUN
cblr-9112	6	40	to	to	ADP
cblr-9112	6	41	regulation	regulation	NOUN
cblr-9112	6	42	,	,	PUNCT
cblr-9112	6	43	moving	move	VERB
cblr-9112	6	44	from	from	ADP
cblr-9112	6	45	requirements	requirement	NOUN
cblr-9112	6	46	tied	tie	VERB
cblr-9112	6	47	to	to	ADP
cblr-9112	6	48	transactions	transaction	NOUN
cblr-9112	6	49	in	in	ADP
cblr-9112	6	50	securities	security	NOUN
cblr-9112	6	51	towards	towards	ADP
cblr-9112	6	52	requirements	requirement	NOUN
cblr-9112	6	53	that	that	PRON
cblr-9112	6	54	reflect	reflect	VERB
cblr-9112	6	55	the	the	DET
cblr-9112	6	56	management	management	NOUN
cblr-9112	6	57	and	and	CCONJ
cblr-9112	6	58	transfer	transfer	NOUN
cblr-9112	6	59	of	of	ADP
cblr-9112	6	60	risk	risk	NOUN
cblr-9112	6	61	?	?	PUNCT
cblr-9112	7	1	there	there	PRON
cblr-9112	7	2	is	be	VERB
cblr-9112	7	3	certainly	certainly	ADV
cblr-9112	7	4	merit	merit	NOUN
cblr-9112	7	5	to	to	ADP
cblr-9112	7	6	doing	do	VERB
cblr-9112	7	7	so	so	ADV
cblr-9112	7	8	,	,	PUNCT
cblr-9112	7	9	but	but	CCONJ
cblr-9112	7	10	we	we	PRON
cblr-9112	7	11	may	may	AUX
cblr-9112	7	12	be	be	AUX
cblr-9112	7	13	limited	limit	VERB
cblr-9112	7	14	by	by	ADP
cblr-9112	7	15	the	the	DET
cblr-9112	7	16	practical	practical	ADJ
cblr-9112	7	17	difficulty	difficulty	NOUN
cblr-9112	7	18	of	of	ADP
cblr-9112	7	19	tracing	trace	VERB
cblr-9112	7	20	risk	risk	NOUN
cblr-9112	7	21	in	in	ADP
cblr-9112	7	22	today	today	NOUN
cblr-9112	7	23	’s	’s	PART
cblr-9112	7	24	capital	capital	NOUN
cblr-9112	7	25	markets	market	NOUN
cblr-9112	7	26	.	.	PUNCT
cblr-9112	8	1	for	for	ADP
cblr-9112	8	2	now	now	ADV
cblr-9112	8	3	,	,	PUNCT
cblr-9112	8	4	regulation	regulation	NOUN
cblr-9112	8	5	’s	’s	PART
cblr-9112	8	6	practical	practical	ADJ
cblr-9112	8	7	reach	reach	NOUN
cblr-9112	8	8	may	may	AUX
cblr-9112	8	9	fall	fall	VERB
cblr-9112	8	10	short	short	ADV
cblr-9112	8	11	of	of	ADP
cblr-9112	8	12	contemporary	contemporary	ADJ
cblr-9112	8	13	investment	investment	NOUN
cblr-9112	8	14	and	and	CCONJ
cblr-9112	8	15	risk	risk	NOUN
cblr-9112	8	16	management	management	NOUN
cblr-9112	8	17	strategies	strategy	NOUN
cblr-9112	8	18	.	.	PUNCT
cblr-9112	9	1	while	while	SCONJ
cblr-9112	9	2	regulatory	regulatory	ADJ
cblr-9112	9	3	responses	response	NOUN
cblr-9112	9	4	are	be	AUX
cblr-9112	9	5	possible	possible	ADJ
cblr-9112	9	6	,	,	PUNCT
cblr-9112	9	7	there	there	PRON
cblr-9112	9	8	is	be	VERB
cblr-9112	9	9	likely	likely	ADJ
cblr-9112	9	10	to	to	ADP
cblr-9112	9	11			PROPN
cblr-9112	9	12	myron	myron	PROPN
cblr-9112	9	13	c.	c.	PROPN
cblr-9112	9	14	taylor	taylor	PROPN
cblr-9112	9	15	alumni	alumnus	NOUN
cblr-9112	9	16	professor	professor	NOUN
cblr-9112	9	17	of	of	ADP
cblr-9112	9	18	business	business	NOUN
cblr-9112	9	19	law	law	NOUN
cblr-9112	9	20	,	,	PUNCT
cblr-9112	9	21	cornell	cornell	PROPN
cblr-9112	9	22	law	law	NOUN
cblr-9112	9	23	school	school	NOUN
cblr-9112	9	24	.	.	PUNCT
cblr-9112	10	1	i	i	PRON
cblr-9112	10	2	appreciate	appreciate	VERB
cblr-9112	10	3	the	the	DET
cblr-9112	10	4	excellent	excellent	ADJ
cblr-9112	10	5	research	research	NOUN
cblr-9112	10	6	assistance	assistance	NOUN
cblr-9112	10	7	provided	provide	VERB
cblr-9112	10	8	by	by	ADP
cblr-9112	10	9	nicholas	nicholas	PROPN
cblr-9112	10	10	dugas	dugas	PROPN
cblr-9112	10	11	,	,	PUNCT
cblr-9112	10	12	h.	h.	PROPN
cblr-9112	10	13	anthony	anthony	PROPN
cblr-9112	10	14	park	park	PROPN
cblr-9112	10	15	,	,	PUNCT
cblr-9112	10	16	and	and	CCONJ
cblr-9112	10	17	junda	junda	PROPN
cblr-9112	10	18	yu	yu	PROPN
cblr-9112	10	19	.	.	PUNCT
cblr-9112	11	1	i	i	PRON
cblr-9112	11	2	also	also	ADV
cblr-9112	11	3	appreciate	appreciate	VERB
cblr-9112	11	4	the	the	DET
cblr-9112	11	5	comments	comment	NOUN
cblr-9112	11	6	and	and	CCONJ
cblr-9112	11	7	feedback	feedback	NOUN
cblr-9112	11	8	from	from	ADP
cblr-9112	11	9	participants	participant	NOUN
cblr-9112	11	10	at	at	ADP
cblr-9112	11	11	the	the	DET
cblr-9112	11	12	columbia	columbia	PROPN
cblr-9112	11	13	law	law	PROPN
cblr-9112	11	14	school	school	NOUN
cblr-9112	11	15	future	future	NOUN
cblr-9112	11	16	of	of	ADP
cblr-9112	11	17	securities	security	NOUN
cblr-9112	11	18	regulation	regulation	NOUN
cblr-9112	11	19	conference	conference	NOUN
cblr-9112	11	20	.	.	PUNCT
cblr-9112	12	1	any	any	DET
cblr-9112	12	2	errors	error	NOUN
cblr-9112	12	3	are	be	AUX
cblr-9112	12	4	the	the	DET
cblr-9112	12	5	author	author	NOUN
cblr-9112	12	6	’s	’s	PART
cblr-9112	12	7	alone	alone	ADV
cblr-9112	12	8	.	.	PUNCT
cblr-9112	13	1	no	no	INTJ
cblr-9112	13	2	.	.	NOUN
cblr-9112	14	1	3:1396	3:1396	NUM
cblr-9112	14	2	]	]	PUNCT
cblr-9112	14	3	risky	risky	ADJ
cblr-9112	14	4	business	business	NOUN
cblr-9112	14	5	1397	1397	NUM
cblr-9112	14	6	continue	continue	VERB
cblr-9112	14	7	to	to	PART
cblr-9112	14	8	be	be	AUX
cblr-9112	14	9	a	a	DET
cblr-9112	14	10	tension	tension	NOUN
cblr-9112	14	11	between	between	ADP
cblr-9112	14	12	the	the	DET
cblr-9112	14	13	requirements	requirement	NOUN
cblr-9112	14	14	of	of	ADP
cblr-9112	14	15	the	the	DET
cblr-9112	14	16	securities	security	NOUN
cblr-9112	14	17	act	act	NOUN
cblr-9112	14	18	and	and	CCONJ
cblr-9112	14	19	the	the	DET
cblr-9112	14	20	risk	risk	NOUN
cblr-9112	14	21	-	-	PUNCT
cblr-9112	14	22	based	base	VERB
cblr-9112	14	23	approach	approach	NOUN
cblr-9112	14	24	to	to	ADP
cblr-9112	14	25	investing	investing	NOUN
cblr-9112	14	26	taken	take	VERB
cblr-9112	14	27	by	by	ADP
cblr-9112	14	28	institutions	institution	NOUN
cblr-9112	14	29	whose	whose	DET
cblr-9112	14	30	investments	investment	NOUN
cblr-9112	14	31	comprise	comprise	VERB
cblr-9112	14	32	most	most	ADJ
cblr-9112	14	33	of	of	ADP
cblr-9112	14	34	the	the	DET
cblr-9112	14	35	transactions	transaction	NOUN
cblr-9112	14	36	subject	subject	ADJ
cblr-9112	14	37	to	to	ADP
cblr-9112	14	38	the	the	DET
cblr-9112	14	39	securities	security	NOUN
cblr-9112	14	40	act	act	PROPN
cblr-9112	14	41	.	.	PUNCT
cblr-9112	15	1	i.	i.	PROPN
cblr-9112	15	2	introduction	introduction	NOUN
cblr-9112	15	3	......................................................................	......................................................................	PUNCT
cblr-9112	15	4	1397	1397	NUM
cblr-9112	15	5	ii	ii	NOUN
cblr-9112	15	6	.	.	PUNCT
cblr-9112	16	1	the	the	DET
cblr-9112	16	2	new	new	ADJ
cblr-9112	16	3	risk	risk	NOUN
cblr-9112	16	4	management	management	NOUN
cblr-9112	16	5	..........................................	..........................................	PUNCT
cblr-9112	16	6	1401	1401	NUM
cblr-9112	16	7	a.	a.	NOUN
cblr-9112	16	8	portfolio	portfolio	NOUN
cblr-9112	16	9	risk	risk	NOUN
cblr-9112	16	10	and	and	CCONJ
cblr-9112	16	11	diversification	diversification	NOUN
cblr-9112	16	12	.......................	.......................	PUNCT
cblr-9112	16	13	1405	1405	NUM
cblr-9112	16	14	b.	b.	PROPN
cblr-9112	16	15	value	value	NOUN
cblr-9112	16	16	-	-	PUNCT
cblr-9112	16	17	at	at	ADP
cblr-9112	16	18	-	-	PUNCT
cblr-9112	16	19	risk	risk	NOUN
cblr-9112	16	20	........................................................	........................................................	PUNCT
cblr-9112	16	21	1411	1411	NUM
cblr-9112	16	22	c.	c.	PROPN
cblr-9112	16	23	new	new	ADJ
cblr-9112	16	24	risk	risk	NOUN
cblr-9112	16	25	instruments	instrument	NOUN
cblr-9112	16	26	.........................................	.........................................	PUNCT
cblr-9112	16	27	1416	1416	NUM
cblr-9112	16	28	iii	iii	NOUN
cblr-9112	16	29	.	.	PUNCT
cblr-9112	16	30	risk	risk	NOUN
cblr-9112	16	31	trading	trading	NOUN
cblr-9112	16	32	..................................................................	..................................................................	PUNCT
cblr-9112	16	33	1420	1420	NUM
cblr-9112	16	34	a.	a.	NOUN
cblr-9112	16	35	ships	ship	NOUN
cblr-9112	16	36	and	and	CCONJ
cblr-9112	16	37	planks	plank	NOUN
cblr-9112	16	38	..................................................	..................................................	PUNCT
cblr-9112	16	39	1420	1420	NUM
cblr-9112	16	40	b.	b.	NOUN
cblr-9112	16	41	distributing	distribute	VERB
cblr-9112	16	42	risk	risk	NOUN
cblr-9112	16	43	..................................................	..................................................	PUNCT
cblr-9112	16	44	1422	1422	NUM
cblr-9112	16	45	iv	iv	NOUN
cblr-9112	16	46	.	.	PUNCT
cblr-9112	17	1	the	the	DET
cblr-9112	17	2	sec	sec	PROPN
cblr-9112	17	3	’s	’s	PART
cblr-9112	17	4	response	response	NOUN
cblr-9112	17	5	to	to	ADP
cblr-9112	17	6	risk	risk	NOUN
cblr-9112	17	7	trading	trading	NOUN
cblr-9112	17	8	..........................	..........................	PUNCT
cblr-9112	17	9	1428	1428	NUM
cblr-9112	17	10	a.	a.	NOUN
cblr-9112	17	11	disclosure	disclosure	NOUN
cblr-9112	17	12	and	and	CCONJ
cblr-9112	17	13	portfolio	portfolio	NOUN
cblr-9112	17	14	risk	risk	NOUN
cblr-9112	17	15	..............................	..............................	PUNCT
cblr-9112	17	16	1428	1428	NUM
cblr-9112	17	17	b.	b.	NOUN
cblr-9112	17	18	risk	risk	NOUN
cblr-9112	17	19	vs.	vs.	ADP
cblr-9112	17	20	instruments	instrument	NOUN
cblr-9112	17	21	?	?	PUNCT
cblr-9112	18	1	...........................................	...........................................	PUNCT
cblr-9112	19	1	1433	1433	NUM
cblr-9112	20	1	v.	v.	ADP
cblr-9112	20	2	conclusion	conclusion	NOUN
cblr-9112	20	3	.......................................................................	.......................................................................	PUNCT
cblr-9112	20	4	1435	1435	NUM
cblr-9112	20	5	i.	i.	PROPN
cblr-9112	20	6	introduction	introduction	NOUN
cblr-9112	20	7	is	be	AUX
cblr-9112	20	8	the	the	DET
cblr-9112	20	9	securities	security	NOUN
cblr-9112	20	10	act	act	NOUN
cblr-9112	20	11	of	of	ADP
cblr-9112	20	12	1933	1933	NUM
cblr-9112	20	13	(	(	PUNCT
cblr-9112	20	14	securities	security	NOUN
cblr-9112	20	15	act	act	PROPN
cblr-9112	20	16	)	)	PUNCT
cblr-9112	20	17	focused	focus	VERB
cblr-9112	20	18	principally	principally	ADV
cblr-9112	20	19	on	on	ADP
cblr-9112	20	20	regulating	regulate	VERB
cblr-9112	20	21	transactions	transaction	NOUN
cblr-9112	20	22	in	in	ADP
cblr-9112	20	23	securities	security	NOUN
cblr-9112	20	24	or	or	CCONJ
cblr-9112	20	25	transactions	transaction	NOUN
cblr-9112	20	26	in	in	ADP
cblr-9112	20	27	the	the	DET
cblr-9112	20	28	risk	risk	NOUN
cblr-9112	20	29	associated	associate	VERB
cblr-9112	20	30	with	with	ADP
cblr-9112	20	31	securities?1	securities?1	PROPN
cblr-9112	20	32	until	until	ADP
cblr-9112	20	33	recently	recently	ADV
cblr-9112	20	34	,	,	PUNCT
cblr-9112	20	35	that	that	DET
cblr-9112	20	36	question	question	NOUN
cblr-9112	20	37	would	would	AUX
cblr-9112	20	38	have	have	AUX
cblr-9112	20	39	posed	pose	VERB
cblr-9112	20	40	a	a	DET
cblr-9112	20	41	distinction	distinction	NOUN
cblr-9112	20	42	with	with	ADP
cblr-9112	20	43	no	no	DET
cblr-9112	20	44	significant	significant	ADJ
cblr-9112	20	45	difference	difference	NOUN
cblr-9112	20	46	.	.	PUNCT
cblr-9112	21	1	historically	historically	ADV
cblr-9112	21	2	,	,	PUNCT
cblr-9112	21	3	the	the	DET
cblr-9112	21	4	risk	risk	NOUN
cblr-9112	21	5	of	of	ADP
cblr-9112	21	6	buying	buy	VERB
cblr-9112	21	7	and	and	CCONJ
cblr-9112	21	8	selling	sell	VERB
cblr-9112	21	9	securities	security	NOUN
cblr-9112	21	10	has	have	AUX
cblr-9112	21	11	run	run	VERB
cblr-9112	21	12	with	with	ADP
cblr-9112	21	13	the	the	DET
cblr-9112	21	14	securities	security	NOUN
cblr-9112	21	15	themselves	themselves	PRON
cblr-9112	21	16	.	.	PUNCT
cblr-9112	22	1	securities	security	NOUN
cblr-9112	22	2	holders	holder	NOUN
cblr-9112	22	3	have	have	AUX
cblr-9112	22	4	been	be	AUX
cblr-9112	22	5	both	both	PRON
cblr-9112	22	6	risk	risk	NOUN
cblr-9112	22	7	takers	taker	NOUN
cblr-9112	22	8	and	and	CCONJ
cblr-9112	22	9	suppliers	supplier	NOUN
cblr-9112	22	10	of	of	ADP
cblr-9112	22	11	capital	capital	NOUN
cblr-9112	22	12	precisely	precisely	ADV
cblr-9112	22	13	because	because	SCONJ
cblr-9112	22	14	the	the	DET
cblr-9112	22	15	instruments	instrument	NOUN
cblr-9112	22	16	evidencing	evidence	VERB
cblr-9112	22	17	their	their	PRON
cblr-9112	22	18	investment	investment	NOUN
cblr-9112	22	19	have	have	AUX
cblr-9112	22	20	included	include	VERB
cblr-9112	22	21	the	the	DET
cblr-9112	22	22	risk	risk	NOUN
cblr-9112	22	23	of	of	ADP
cblr-9112	22	24	that	that	DET
cblr-9112	22	25	investment.2	investment.2	NOUN
cblr-9112	22	26	consequently	consequently	ADV
cblr-9112	22	27	,	,	PUNCT
cblr-9112	22	28	by	by	ADP
cblr-9112	22	29	mandating	mandate	VERB
cblr-9112	22	30	basic	basic	ADJ
cblr-9112	22	31	levels	level	NOUN
cblr-9112	22	32	of	of	ADP
cblr-9112	22	33	disclosure	disclosure	NOUN
cblr-9112	22	34	1	1	NUM
cblr-9112	22	35	risk	risk	NOUN
cblr-9112	22	36	,	,	PUNCT
cblr-9112	22	37	in	in	ADP
cblr-9112	22	38	this	this	DET
cblr-9112	22	39	context	context	NOUN
cblr-9112	22	40	,	,	PUNCT
cblr-9112	22	41	refers	refer	VERB
cblr-9112	22	42	both	both	PRON
cblr-9112	22	43	to	to	ADP
cblr-9112	22	44	uncertainties	uncertainty	NOUN
cblr-9112	22	45	that	that	PRON
cblr-9112	22	46	can	can	AUX
cblr-9112	22	47	harm	harm	VERB
cblr-9112	22	48	value	value	NOUN
cblr-9112	22	49	,	,	PUNCT
cblr-9112	22	50	as	as	ADV
cblr-9112	22	51	well	well	ADV
cblr-9112	22	52	as	as	ADP
cblr-9112	22	53	to	to	ADP
cblr-9112	22	54	uncertainties	uncertainty	NOUN
cblr-9112	22	55	that	that	PRON
cblr-9112	22	56	can	can	AUX
cblr-9112	22	57	be	be	AUX
cblr-9112	22	58	profitable	profitable	ADJ
cblr-9112	22	59	.	.	PUNCT
cblr-9112	23	1	see	see	VERB
cblr-9112	23	2	rené	rené	PROPN
cblr-9112	23	3	m.	m.	PROPN
cblr-9112	23	4	stulz	stulz	PROPN
cblr-9112	23	5	,	,	PUNCT
cblr-9112	23	6	risk	risk	NOUN
cblr-9112	23	7	management	management	NOUN
cblr-9112	23	8	,	,	PUNCT
cblr-9112	23	9	governance	governance	NOUN
cblr-9112	23	10	,	,	PUNCT
cblr-9112	23	11	culture	culture	NOUN
cblr-9112	23	12	,	,	PUNCT
cblr-9112	23	13	and	and	CCONJ
cblr-9112	23	14	risk	risk	NOUN
cblr-9112	23	15	taking	take	VERB
cblr-9112	23	16	in	in	ADP
cblr-9112	23	17	banks	bank	NOUN
cblr-9112	23	18	,	,	PUNCT
cblr-9112	23	19	frbny	frbny	PROPN
cblr-9112	23	20	econ	econ	PROPN
cblr-9112	23	21	.	.	PUNCT
cblr-9112	24	1	pol’y	pol’y	NOUN
cblr-9112	24	2	rev	rev	VERB
cblr-9112	24	3	.	.	PROPN
cblr-9112	24	4	,	,	PUNCT
cblr-9112	24	5	aug	aug	PROPN
cblr-9112	24	6	.	.	PROPN
cblr-9112	24	7	2016	2016	NUM
cblr-9112	24	8	,	,	PUNCT
cblr-9112	24	9	at	at	ADP
cblr-9112	24	10	43	43	NUM
cblr-9112	24	11	,	,	PUNCT
cblr-9112	24	12	43	43	NUM
cblr-9112	24	13	(	(	PUNCT
cblr-9112	24	14	noting	note	VERB
cblr-9112	24	15	that	that	SCONJ
cblr-9112	24	16	“	"	PUNCT
cblr-9112	24	17	any	any	DET
cblr-9112	24	18	firm	firm	NOUN
cblr-9112	24	19	”	"	PUNCT
cblr-9112	24	20	must	must	AUX
cblr-9112	24	21	consider	consider	VERB
cblr-9112	24	22	both	both	DET
cblr-9112	24	23	“	"	PUNCT
cblr-9112	24	24	danger	danger	NOUN
cblr-9112	24	25	”	"	PUNCT
cblr-9112	24	26	and	and	CCONJ
cblr-9112	24	27	“	"	PUNCT
cblr-9112	24	28	ex	ex	X
cblr-9112	24	29	ante	ante	NOUN
cblr-9112	24	30	profitable	profitable	ADJ
cblr-9112	24	31	”	"	PUNCT
cblr-9112	24	32	risks	risk	NOUN
cblr-9112	24	33	)	)	PUNCT
cblr-9112	24	34	.	.	PUNCT
cblr-9112	25	1	2	2	NUM
cblr-9112	25	2	see	see	VERB
cblr-9112	25	3	adolf	adolf	PROPN
cblr-9112	25	4	a.	a.	PROPN
cblr-9112	25	5	berle	berle	PROPN
cblr-9112	25	6	&	&	CCONJ
cblr-9112	25	7	gardiner	gardiner	PROPN
cblr-9112	25	8	c.	c.	PROPN
cblr-9112	25	9	means	mean	VERB
cblr-9112	25	10	,	,	PUNCT
cblr-9112	25	11	the	the	DET
cblr-9112	25	12	modern	modern	ADJ
cblr-9112	25	13	corporation	corporation	NOUN
cblr-9112	25	14	and	and	CCONJ
cblr-9112	25	15	private	private	ADJ
cblr-9112	25	16	property	property	NOUN
cblr-9112	25	17	300–01	300–01	NOUN
cblr-9112	25	18	(	(	PUNCT
cblr-9112	25	19	routledge	routledge	PROPN
cblr-9112	25	20	2017	2017	NUM
cblr-9112	25	21	)	)	PUNCT
cblr-9112	25	22	(	(	PUNCT
cblr-9112	25	23	1932	1932	NUM
cblr-9112	25	24	)	)	PUNCT
cblr-9112	25	25	(	(	PUNCT
cblr-9112	25	26	“	"	PUNCT
cblr-9112	25	27	[	[	X
cblr-9112	25	28	t]he	t]he	ADV
cblr-9112	25	29	security	security	NOUN
cblr-9112	25	30	holders	holder	NOUN
cblr-9112	25	31	and	and	CCONJ
cblr-9112	25	32	in	in	ADP
cblr-9112	25	33	particular	particular	ADJ
cblr-9112	25	34	the	the	DET
cblr-9112	25	35	stockholders	stockholder	NOUN
cblr-9112	25	36	,	,	PUNCT
cblr-9112	25	37	performs	perform	VERB
cblr-9112	25	38	the	the	DET
cblr-9112	25	39	function	function	NOUN
cblr-9112	25	40	of	of	ADP
cblr-9112	25	41	risk	risk	NOUN
cblr-9112	25	42	takers	taker	NOUN
cblr-9112	25	43	and	and	CCONJ
cblr-9112	25	44	suppliers	supplier	NOUN
cblr-9112	25	45	of	of	ADP
cblr-9112	25	46	capital	capital	NOUN
cblr-9112	25	47	[	[	X
cblr-9112	25	48	.	.	X
cblr-9112	25	49	]	]	X
cblr-9112	25	50	”	"	PUNCT
cblr-9112	25	51	)	)	PUNCT
cblr-9112	25	52	.	.	PUNCT
cblr-9112	26	1	1398	1398	NUM
cblr-9112	26	2	columbia	columbia	PROPN
cblr-9112	26	3	business	business	NOUN
cblr-9112	26	4	law	law	PROPN
cblr-9112	26	5	review	review	NOUN
cblr-9112	26	6	[	[	X
cblr-9112	26	7	vol	vol	NOUN
cblr-9112	26	8	.	.	PUNCT
cblr-9112	26	9	2021	2021	NUM
cblr-9112	26	10	regarding	regard	VERB
cblr-9112	26	11	an	an	DET
cblr-9112	26	12	issuer	issuer	NOUN
cblr-9112	26	13	and	and	CCONJ
cblr-9112	26	14	its	its	PRON
cblr-9112	26	15	securities	security	NOUN
cblr-9112	26	16	,	,	PUNCT
cblr-9112	26	17	a	a	DET
cblr-9112	26	18	principal	principal	ADJ
cblr-9112	26	19	effect	effect	NOUN
cblr-9112	26	20	of	of	ADP
cblr-9112	26	21	the	the	DET
cblr-9112	26	22	securities	security	NOUN
cblr-9112	26	23	act	act	NOUN
cblr-9112	26	24	was	be	AUX
cblr-9112	26	25	to	to	PART
cblr-9112	26	26	lower	lower	VERB
cblr-9112	26	27	the	the	DET
cblr-9112	26	28	specific	specific	ADJ
cblr-9112	26	29	(	(	PUNCT
cblr-9112	26	30	or	or	CCONJ
cblr-9112	26	31	“	"	PUNCT
cblr-9112	26	32	idiosyncratic	idiosyncratic	ADJ
cblr-9112	26	33	”	"	PUNCT
cblr-9112	26	34	)	)	PUNCT
cblr-9112	26	35	risk	risk	NOUN
cblr-9112	26	36	associated	associate	VERB
cblr-9112	26	37	with	with	ADP
cblr-9112	26	38	investing	invest	VERB
cblr-9112	26	39	in	in	ADP
cblr-9112	26	40	those	those	DET
cblr-9112	26	41	securities.3	securities.3	PROPN
cblr-9112	26	42	the	the	DET
cblr-9112	26	43	greater	great	ADJ
cblr-9112	26	44	information	information	NOUN
cblr-9112	26	45	required	require	VERB
cblr-9112	26	46	by	by	ADP
cblr-9112	26	47	the	the	DET
cblr-9112	26	48	securities	security	NOUN
cblr-9112	26	49	act	act	NOUN
cblr-9112	26	50	did	do	AUX
cblr-9112	26	51	not	not	PART
cblr-9112	26	52	significantly	significantly	ADV
cblr-9112	26	53	increase	increase	VERB
cblr-9112	26	54	the	the	DET
cblr-9112	26	55	average	average	ADJ
cblr-9112	26	56	returns	return	NOUN
cblr-9112	26	57	earned	earn	VERB
cblr-9112	26	58	by	by	ADP
cblr-9112	26	59	newissue	newissue	NOUN
cblr-9112	26	60	investors	investor	NOUN
cblr-9112	26	61	,	,	PUNCT
cblr-9112	26	62	but	but	CCONJ
cblr-9112	26	63	it	it	PRON
cblr-9112	26	64	did	do	AUX
cblr-9112	26	65	substantially	substantially	ADV
cblr-9112	26	66	lower	lower	VERB
cblr-9112	26	67	the	the	DET
cblr-9112	26	68	dispersion	dispersion	NOUN
cblr-9112	26	69	of	of	ADP
cblr-9112	26	70	excess	excess	ADJ
cblr-9112	26	71	returns.4	returns.4	PROPN
cblr-9112	26	72	that	that	DET
cblr-9112	26	73	approach	approach	NOUN
cblr-9112	26	74	reflected	reflect	VERB
cblr-9112	26	75	the	the	DET
cblr-9112	26	76	risk	risk	NOUN
cblr-9112	26	77	management	management	NOUN
cblr-9112	26	78	of	of	ADP
cblr-9112	26	79	the	the	DET
cblr-9112	26	80	times	time	NOUN
cblr-9112	26	81	.	.	PUNCT
cblr-9112	27	1	the	the	DET
cblr-9112	27	2	standard	standard	ADJ
cblr-9112	27	3	method	method	NOUN
cblr-9112	27	4	of	of	ADP
cblr-9112	27	5	valuing	value	VERB
cblr-9112	27	6	stocks	stock	NOUN
cblr-9112	27	7	(	(	PUNCT
cblr-9112	27	8	and	and	CCONJ
cblr-9112	27	9	stock	stock	NOUN
cblr-9112	27	10	portfolios	portfolio	NOUN
cblr-9112	27	11	)	)	PUNCT
cblr-9112	27	12	was	be	AUX
cblr-9112	27	13	based	base	VERB
cblr-9112	27	14	on	on	ADP
cblr-9112	27	15	the	the	DET
cblr-9112	27	16	expected	expect	VERB
cblr-9112	27	17	present	present	ADJ
cblr-9112	27	18	value	value	NOUN
cblr-9112	27	19	of	of	ADP
cblr-9112	27	20	a	a	DET
cblr-9112	27	21	share	share	NOUN
cblr-9112	27	22	’s	’s	PART
cblr-9112	27	23	future	future	ADJ
cblr-9112	27	24	dividends.5	dividends.5	PROPN
cblr-9112	27	25	greater	great	ADJ
cblr-9112	27	26	disclosure	disclosure	NOUN
cblr-9112	27	27	regarding	regard	VERB
cblr-9112	27	28	an	an	DET
cblr-9112	27	29	issuer	issuer	NOUN
cblr-9112	27	30	and	and	CCONJ
cblr-9112	27	31	its	its	PRON
cblr-9112	27	32	securities	security	NOUN
cblr-9112	27	33	could	could	AUX
cblr-9112	27	34	help	help	VERB
cblr-9112	27	35	in	in	ADP
cblr-9112	27	36	that	that	DET
cblr-9112	27	37	calculation	calculation	NOUN
cblr-9112	27	38	;	;	PUNCT
cblr-9112	27	39	it	it	PRON
cblr-9112	27	40	did	do	AUX
cblr-9112	27	41	not	not	PART
cblr-9112	27	42	,	,	PUNCT
cblr-9112	27	43	however	however	ADV
cblr-9112	27	44	,	,	PUNCT
cblr-9112	27	45	account	account	VERB
cblr-9112	27	46	for	for	ADP
cblr-9112	27	47	the	the	DET
cblr-9112	27	48	risk	risk	NOUN
cblr-9112	27	49	of	of	ADP
cblr-9112	27	50	the	the	DET
cblr-9112	27	51	investment	investment	NOUN
cblr-9112	27	52	and	and	CCONJ
cblr-9112	27	53	the	the	DET
cblr-9112	27	54	benefits	benefit	NOUN
cblr-9112	27	55	of	of	ADP
cblr-9112	27	56	diversification.6	diversification.6	NOUN
cblr-9112	27	57	the	the	DET
cblr-9112	27	58	shift	shift	NOUN
cblr-9112	27	59	toward	toward	ADP
cblr-9112	27	60	managing	manage	VERB
cblr-9112	27	61	risk	risk	NOUN
cblr-9112	27	62	across	across	ADP
cblr-9112	27	63	a	a	DET
cblr-9112	27	64	diversified	diversified	ADJ
cblr-9112	27	65	portfolio	portfolio	NOUN
cblr-9112	27	66	of	of	ADP
cblr-9112	27	67	securities	security	NOUN
cblr-9112	27	68	—	—	PUNCT
cblr-9112	27	69	the	the	DET
cblr-9112	27	70	benefits	benefit	NOUN
cblr-9112	27	71	of	of	ADP
cblr-9112	27	72	which	which	PRON
cblr-9112	27	73	were	be	AUX
cblr-9112	27	74	certainly	certainly	ADV
cblr-9112	27	75	known	know	VERB
cblr-9112	27	76	,	,	PUNCT
cblr-9112	27	77	if	if	SCONJ
cblr-9112	27	78	only	only	ADV
cblr-9112	27	79	intuitively	intuitively	ADV
cblr-9112	27	80	,	,	PUNCT
cblr-9112	27	81	before	before	ADP
cblr-9112	27	82	19337	19337	NUM
cblr-9112	27	83	—	—	PUNCT
cblr-9112	27	84	did	do	AUX
cblr-9112	27	85	not	not	PART
cblr-9112	27	86	occur	occur	VERB
cblr-9112	27	87	until	until	ADP
cblr-9112	27	88	almost	almost	ADV
cblr-9112	27	89	twenty	twenty	NUM
cblr-9112	27	90	years	year	NOUN
cblr-9112	27	91	later	later	ADV
cblr-9112	27	92	when	when	SCONJ
cblr-9112	27	93	harry	harry	PROPN
cblr-9112	27	94	markowitz	markowitz	PROPN
cblr-9112	27	95	’s	’s	PART
cblr-9112	27	96	seminal	seminal	ADJ
cblr-9112	27	97	article	article	NOUN
cblr-9112	27	98	was	be	AUX
cblr-9112	27	99	published	publish	VERB
cblr-9112	27	100	in	in	ADP
cblr-9112	27	101	1952.8	1952.8	NUM
cblr-9112	27	102	more	more	ADV
cblr-9112	27	103	recently	recently	ADV
cblr-9112	27	104	,	,	PUNCT
cblr-9112	27	105	mainly	mainly	ADV
cblr-9112	27	106	in	in	ADP
cblr-9112	27	107	response	response	NOUN
cblr-9112	27	108	to	to	ADP
cblr-9112	27	109	changes	change	NOUN
cblr-9112	27	110	in	in	ADP
cblr-9112	27	111	how	how	SCONJ
cblr-9112	27	112	businesses	business	NOUN
cblr-9112	27	113	manage	manage	VERB
cblr-9112	27	114	risk	risk	NOUN
cblr-9112	27	115	,	,	PUNCT
cblr-9112	27	116	an	an	DET
cblr-9112	27	117	array	array	NOUN
cblr-9112	27	118	of	of	ADP
cblr-9112	27	119	new	new	ADJ
cblr-9112	27	120	derivatives	derivative	NOUN
cblr-9112	27	121	and	and	CCONJ
cblr-9112	27	122	other	other	ADJ
cblr-9112	27	123	capital	capital	NOUN
cblr-9112	27	124	markets	market	NOUN
cblr-9112	27	125	instruments	instrument	NOUN
cblr-9112	27	126	were	be	AUX
cblr-9112	27	127	created	create	VERB
cblr-9112	27	128	to	to	PART
cblr-9112	27	129	facilitate	facilitate	VERB
cblr-9112	27	130	the	the	DET
cblr-9112	27	131	transfer	transfer	NOUN
cblr-9112	27	132	of	of	ADP
cblr-9112	27	133	financial	financial	ADJ
cblr-9112	27	134	risk	risk	NOUN
cblr-9112	27	135	from	from	ADP
cblr-9112	27	136	the	the	DET
cblr-9112	27	137	holders	holder	NOUN
cblr-9112	27	138	of	of	ADP
cblr-9112	27	139	that	that	DET
cblr-9112	27	140	risk	risk	NOUN
cblr-9112	27	141	to	to	ADP
cblr-9112	27	142	those	those	PRON
cblr-9112	27	143	who	who	PRON
cblr-9112	27	144	,	,	PUNCT
cblr-9112	27	145	through	through	ADP
cblr-9112	27	146	3	3	NUM
cblr-9112	27	147	see	see	VERB
cblr-9112	27	148	carol	carol	PROPN
cblr-9112	27	149	j.	j.	PROPN
cblr-9112	27	150	simon	simon	PROPN
cblr-9112	27	151	,	,	PUNCT
cblr-9112	27	152	the	the	DET
cblr-9112	27	153	effect	effect	NOUN
cblr-9112	27	154	of	of	ADP
cblr-9112	27	155	the	the	DET
cblr-9112	27	156	1933	1933	NUM
cblr-9112	27	157	securities	security	NOUN
cblr-9112	27	158	act	act	VERB
cblr-9112	27	159	on	on	ADP
cblr-9112	27	160	investor	investor	NOUN
cblr-9112	27	161	information	information	NOUN
cblr-9112	27	162	and	and	CCONJ
cblr-9112	27	163	the	the	DET
cblr-9112	27	164	performance	performance	NOUN
cblr-9112	27	165	of	of	ADP
cblr-9112	27	166	new	new	ADJ
cblr-9112	27	167	issues	issue	NOUN
cblr-9112	27	168	,	,	PUNCT
cblr-9112	27	169	79	79	NUM
cblr-9112	27	170	am	am	NOUN
cblr-9112	27	171	.	.	PUNCT
cblr-9112	28	1	econ	econ	PROPN
cblr-9112	28	2	.	.	PUNCT
cblr-9112	29	1	rev	rev	PROPN
cblr-9112	29	2	.	.	PROPN
cblr-9112	29	3	295	295	NUM
cblr-9112	29	4	,	,	PUNCT
cblr-9112	29	5	313	313	NUM
cblr-9112	29	6	(	(	PUNCT
cblr-9112	29	7	1989	1989	NUM
cblr-9112	29	8	)	)	PUNCT
cblr-9112	29	9	(	(	PUNCT
cblr-9112	29	10	finding	find	VERB
cblr-9112	29	11	the	the	DET
cblr-9112	29	12	“	"	PUNCT
cblr-9112	29	13	dispersion	dispersion	NOUN
cblr-9112	29	14	of	of	ADP
cblr-9112	29	15	abnormal	abnormal	ADJ
cblr-9112	29	16	returns	return	NOUN
cblr-9112	29	17	.	.	PUNCT
cblr-9112	29	18	.	.	PUNCT
cblr-9112	29	19	.	.	PUNCT
cblr-9112	30	1	[	[	X
cblr-9112	30	2	was	be	AUX
cblr-9112	30	3	]	]	X
cblr-9112	30	4	significantly	significantly	ADV
cblr-9112	30	5	lower	lower	ADV
cblr-9112	30	6	following	follow	VERB
cblr-9112	30	7	the	the	DET
cblr-9112	30	8	securities	security	NOUN
cblr-9112	30	9	act	act	PROPN
cblr-9112	30	10	.	.	PUNCT
cblr-9112	30	11	.	.	PUNCT
cblr-9112	30	12	.	.	PUNCT
cblr-9112	30	13	.	.	PUNCT
cblr-9112	31	1	[	[	X
cblr-9112	31	2	and	and	CCONJ
cblr-9112	31	3	]	]	X
cblr-9112	31	4	[	[	X
cblr-9112	31	5	r]eductions	r]eduction	NOUN
cblr-9112	31	6	in	in	ADP
cblr-9112	31	7	investor	investor	NOUN
cblr-9112	31	8	error	error	NOUN
cblr-9112	31	9	may	may	AUX
cblr-9112	31	10	be	be	AUX
cblr-9112	31	11	linked	link	VERB
cblr-9112	31	12	to	to	ADP
cblr-9112	31	13	post	post	ADJ
cblr-9112	31	14	-	-	ADJ
cblr-9112	31	15	act	act	ADJ
cblr-9112	31	16	improvements	improvement	NOUN
cblr-9112	31	17	in	in	ADP
cblr-9112	31	18	the	the	DET
cblr-9112	31	19	quantity	quantity	NOUN
cblr-9112	31	20	and	and	CCONJ
cblr-9112	31	21	quality	quality	NOUN
cblr-9112	31	22	of	of	ADP
cblr-9112	31	23	available	available	ADJ
cblr-9112	31	24	financial	financial	ADJ
cblr-9112	31	25	information	information	NOUN
cblr-9112	31	26	”	"	PUNCT
cblr-9112	31	27	)	)	PUNCT
cblr-9112	31	28	.	.	PUNCT
cblr-9112	32	1	4	4	NUM
cblr-9112	32	2	i	i	PRON
cblr-9112	32	3	d.	d.	PROPN
cblr-9112	32	4	5	5	NUM
cblr-9112	32	5	see	see	VERB
cblr-9112	32	6	harry	harry	PROPN
cblr-9112	32	7	m.	m.	PROPN
cblr-9112	32	8	markowitz	markowitz	PROPN
cblr-9112	32	9	,	,	PUNCT
cblr-9112	32	10	the	the	DET
cblr-9112	32	11	early	early	ADJ
cblr-9112	32	12	history	history	NOUN
cblr-9112	32	13	of	of	ADP
cblr-9112	32	14	portfolio	portfolio	NOUN
cblr-9112	32	15	theory	theory	NOUN
cblr-9112	32	16	:	:	PUNCT
cblr-9112	32	17	1600	1600	NUM
cblr-9112	32	18	–	–	PUNCT
cblr-9112	32	19	1960	1960	NUM
cblr-9112	32	20	,	,	PUNCT
cblr-9112	32	21	fin	fin	NOUN
cblr-9112	32	22	.	.	PUNCT
cblr-9112	33	1	analysts	analysts	PROPN
cblr-9112	33	2	j.	j.	PROPN
cblr-9112	33	3	,	,	PUNCT
cblr-9112	33	4	july	july	PROPN
cblr-9112	33	5	–	–	PUNCT
cblr-9112	33	6	aug	aug	PROPN
cblr-9112	33	7	.	.	PROPN
cblr-9112	33	8	1999	1999	NUM
cblr-9112	33	9	,	,	PUNCT
cblr-9112	33	10	at	at	ADP
cblr-9112	33	11	5	5	NUM
cblr-9112	33	12	,	,	PUNCT
cblr-9112	33	13	8	8	NUM
cblr-9112	33	14	.	.	NOUN
cblr-9112	33	15	6	6	NUM
cblr-9112	33	16	see	see	VERB
cblr-9112	33	17	i	i	PRON
cblr-9112	33	18	d.	d.	PROPN
cblr-9112	33	19	7	7	NUM
cblr-9112	33	20	for	for	ADP
cblr-9112	33	21	example	example	NOUN
cblr-9112	33	22	,	,	PUNCT
cblr-9112	33	23	as	as	ADV
cblr-9112	33	24	early	early	ADV
cblr-9112	33	25	as	as	ADP
cblr-9112	33	26	in	in	ADP
cblr-9112	33	27	the	the	DET
cblr-9112	33	28	16th	16th	ADJ
cblr-9112	33	29	century	century	NOUN
cblr-9112	33	30	,	,	PUNCT
cblr-9112	33	31	antonio	antonio	PROPN
cblr-9112	33	32	happily	happily	ADV
cblr-9112	33	33	declared	declare	VERB
cblr-9112	33	34	in	in	ADP
cblr-9112	33	35	shakespeare	shakespeare	PROPN
cblr-9112	33	36	’s	’	VERB
cblr-9112	33	37	the	the	DET
cblr-9112	33	38	merchant	merchant	NOUN
cblr-9112	33	39	of	of	ADP
cblr-9112	33	40	venice	venice	PROPN
cblr-9112	33	41	,	,	PUNCT
cblr-9112	33	42	“	"	PUNCT
cblr-9112	33	43	my	my	PRON
cblr-9112	33	44	ventures	venture	NOUN
cblr-9112	33	45	are	be	AUX
cblr-9112	33	46	not	not	PART
cblr-9112	33	47	in	in	ADP
cblr-9112	33	48	one	one	NUM
cblr-9112	33	49	bottom	bottom	NOUN
cblr-9112	33	50	trusted	trust	VERB
cblr-9112	33	51	,	,	PUNCT
cblr-9112	33	52	/	/	PUNCT
cblr-9112	33	53	nor	nor	CCONJ
cblr-9112	33	54	to	to	ADP
cblr-9112	33	55	one	one	NUM
cblr-9112	33	56	place	place	NOUN
cblr-9112	33	57	;	;	PUNCT
cblr-9112	33	58	nor	nor	CCONJ
cblr-9112	33	59	is	be	AUX
cblr-9112	33	60	my	my	PRON
cblr-9112	33	61	whole	whole	ADJ
cblr-9112	33	62	estate	estate	NOUN
cblr-9112	33	63	/	/	PUNCT
cblr-9112	33	64	upon	upon	SCONJ
cblr-9112	33	65	the	the	DET
cblr-9112	33	66	fortune	fortune	NOUN
cblr-9112	33	67	of	of	ADP
cblr-9112	33	68	this	this	DET
cblr-9112	33	69	present	present	ADJ
cblr-9112	33	70	year	year	NOUN
cblr-9112	33	71	;	;	PUNCT
cblr-9112	33	72	/	/	SYM
cblr-9112	33	73	therefore	therefore	ADV
cblr-9112	33	74	my	my	PRON
cblr-9112	33	75	merchandise	merchandise	NOUN
cblr-9112	33	76	makes	make	VERB
cblr-9112	33	77	me	i	PRON
cblr-9112	33	78	not	not	PART
cblr-9112	33	79	sad	sad	ADJ
cblr-9112	33	80	.	.	PUNCT
cblr-9112	33	81	”	"	PUNCT
cblr-9112	34	1	william	william	PROPN
cblr-9112	34	2	shakespeare	shakespeare	PROPN
cblr-9112	34	3	,	,	PUNCT
cblr-9112	34	4	the	the	DET
cblr-9112	34	5	merchant	merchant	NOUN
cblr-9112	34	6	of	of	ADP
cblr-9112	34	7	venice	venice	PROPN
cblr-9112	34	8	,	,	PUNCT
cblr-9112	34	9	act	act	VERB
cblr-9112	34	10	1	1	NUM
cblr-9112	34	11	,	,	PUNCT
cblr-9112	34	12	sc.1	sc.1	PROPN
cblr-9112	34	13	,	,	PUNCT
cblr-9112	34	14	ll	ll	NOUN
cblr-9112	34	15	.	.	PUNCT
cblr-9112	35	1	43–46	43–46	NUM
cblr-9112	35	2	,	,	PUNCT
cblr-9112	35	3	at	at	ADP
cblr-9112	35	4	8	8	NUM
cblr-9112	35	5	(	(	PUNCT
cblr-9112	35	6	the	the	DET
cblr-9112	35	7	floating	float	VERB
cblr-9112	35	8	press	press	NOUN
cblr-9112	35	9	2008	2008	NUM
cblr-9112	35	10	)	)	PUNCT
cblr-9112	35	11	(	(	PUNCT
cblr-9112	35	12	1600	1600	NUM
cblr-9112	35	13	)	)	PUNCT
cblr-9112	35	14	.	.	PUNCT
cblr-9112	36	1	8	8	NUM
cblr-9112	36	2	see	see	VERB
cblr-9112	36	3	infra	infra	NOUN
cblr-9112	36	4	notes	note	VERB
cblr-9112	36	5	35–41	35–41	NUM
cblr-9112	36	6	and	and	CCONJ
cblr-9112	36	7	accompanying	accompany	VERB
cblr-9112	36	8	text	text	NOUN
cblr-9112	36	9	.	.	PUNCT
cblr-9112	37	1	no	no	INTJ
cblr-9112	37	2	.	.	NOUN
cblr-9112	38	1	3:1396	3:1396	NUM
cblr-9112	38	2	]	]	PUNCT
cblr-9112	38	3	risky	risky	ADJ
cblr-9112	38	4	business	business	NOUN
cblr-9112	38	5	1399	1399	NUM
cblr-9112	38	6	diversification	diversification	NOUN
cblr-9112	38	7	or	or	CCONJ
cblr-9112	38	8	otherwise	otherwise	ADV
cblr-9112	38	9	,	,	PUNCT
cblr-9112	38	10	could	could	AUX
cblr-9112	38	11	better	well	ADV
cblr-9112	38	12	manage	manage	VERB
cblr-9112	38	13	it.9	it.9	PROPN
cblr-9112	38	14	the	the	DET
cblr-9112	38	15	result	result	NOUN
cblr-9112	38	16	,	,	PUNCT
cblr-9112	38	17	in	in	ADP
cblr-9112	38	18	both	both	DET
cblr-9112	38	19	cases	case	NOUN
cblr-9112	38	20	,	,	PUNCT
cblr-9112	38	21	was	be	AUX
cblr-9112	38	22	a	a	DET
cblr-9112	38	23	separation	separation	NOUN
cblr-9112	38	24	between	between	ADP
cblr-9112	38	25	the	the	DET
cblr-9112	38	26	risk	risk	NOUN
cblr-9112	38	27	associated	associate	VERB
cblr-9112	38	28	with	with	ADP
cblr-9112	38	29	individual	individual	ADJ
cblr-9112	38	30	securities	security	NOUN
cblr-9112	38	31	and	and	CCONJ
cblr-9112	38	32	the	the	DET
cblr-9112	38	33	securities	security	NOUN
cblr-9112	38	34	themselves	themselves	PRON
cblr-9112	38	35	—	—	PUNCT
cblr-9112	38	36	through	through	ADP
cblr-9112	38	37	a	a	DET
cblr-9112	38	38	growing	grow	VERB
cblr-9112	38	39	reliance	reliance	NOUN
cblr-9112	38	40	on	on	ADP
cblr-9112	38	41	portfolio	portfolio	NOUN
cblr-9112	38	42	-	-	PUNCT
cblr-9112	38	43	level	level	NOUN
cblr-9112	38	44	risk	risk	NOUN
cblr-9112	38	45	management	management	NOUN
cblr-9112	38	46	,	,	PUNCT
cblr-9112	38	47	which	which	PRON
cblr-9112	38	48	emphasizes	emphasize	VERB
cblr-9112	38	49	total	total	ADJ
cblr-9112	38	50	portfolio	portfolio	NOUN
cblr-9112	38	51	risk	risk	NOUN
cblr-9112	38	52	rather	rather	ADV
cblr-9112	38	53	than	than	ADP
cblr-9112	38	54	the	the	DET
cblr-9112	38	55	risk	risk	NOUN
cblr-9112	38	56	of	of	ADP
cblr-9112	38	57	individual	individual	ADJ
cblr-9112	38	58	securities,10	securities,10	NOUN
cblr-9112	38	59	as	as	ADV
cblr-9112	38	60	well	well	ADV
cblr-9112	38	61	as	as	ADP
cblr-9112	38	62	the	the	DET
cblr-9112	38	63	rise	rise	NOUN
cblr-9112	38	64	of	of	ADP
cblr-9112	38	65	new	new	ADJ
cblr-9112	38	66	instruments	instrument	NOUN
cblr-9112	38	67	that	that	PRON
cblr-9112	38	68	facilitate	facilitate	VERB
cblr-9112	38	69	the	the	DET
cblr-9112	38	70	ability	ability	NOUN
cblr-9112	38	71	to	to	PART
cblr-9112	38	72	transfer	transfer	VERB
cblr-9112	38	73	risk	risk	NOUN
cblr-9112	38	74	to	to	ADP
cblr-9112	38	75	someone	someone	PRON
cblr-9112	38	76	else.11	else.11	VERB
cblr-9112	38	77	this	this	DET
cblr-9112	38	78	growing	grow	VERB
cblr-9112	38	79	separation	separation	NOUN
cblr-9112	38	80	was	be	AUX
cblr-9112	38	81	recently	recently	ADV
cblr-9112	38	82	highlighted	highlight	VERB
cblr-9112	38	83	by	by	ADP
cblr-9112	38	84	special	special	ADJ
cblr-9112	38	85	purpose	purpose	NOUN
cblr-9112	38	86	acquisition	acquisition	NOUN
cblr-9112	38	87	company	company	NOUN
cblr-9112	38	88	(	(	PUNCT
cblr-9112	38	89	spac	spac	PROPN
cblr-9112	38	90	)	)	PUNCT
cblr-9112	38	91	transactions	transaction	NOUN
cblr-9112	38	92	.	.	PUNCT
cblr-9112	39	1	in	in	ADP
cblr-9112	39	2	a	a	DET
cblr-9112	39	3	statement	statement	NOUN
cblr-9112	39	4	regarding	regard	VERB
cblr-9112	39	5	potential	potential	ADJ
cblr-9112	39	6	liabilities	liability	NOUN
cblr-9112	39	7	in	in	ADP
cblr-9112	39	8	spac	spac	PROPN
cblr-9112	39	9	and	and	CCONJ
cblr-9112	39	10	despac	despac	ADJ
cblr-9112	39	11	transactions,12	transactions,12	PROPN
cblr-9112	39	12	john	john	PROPN
cblr-9112	39	13	coates	coates	PROPN
cblr-9112	39	14	,	,	PUNCT
cblr-9112	39	15	acting	act	VERB
cblr-9112	39	16	director	director	NOUN
cblr-9112	39	17	of	of	ADP
cblr-9112	39	18	the	the	DET
cblr-9112	39	19	9	9	NUM
cblr-9112	39	20	see	see	NOUN
cblr-9112	39	21	ronald	ronald	PROPN
cblr-9112	39	22	j.	j.	PROPN
cblr-9112	39	23	gilson	gilson	PROPN
cblr-9112	39	24	&	&	CCONJ
cblr-9112	39	25	charles	charles	PROPN
cblr-9112	39	26	k.	k.	PROPN
cblr-9112	39	27	whitehead	whitehead	PROPN
cblr-9112	39	28	,	,	PUNCT
cblr-9112	39	29	deconstructing	deconstruct	VERB
cblr-9112	39	30	equity	equity	NOUN
cblr-9112	39	31	:	:	PUNCT
cblr-9112	39	32	public	public	ADJ
cblr-9112	39	33	ownership	ownership	NOUN
cblr-9112	39	34	,	,	PUNCT
cblr-9112	39	35	agency	agency	NOUN
cblr-9112	39	36	costs	cost	NOUN
cblr-9112	39	37	,	,	PUNCT
cblr-9112	39	38	and	and	CCONJ
cblr-9112	39	39	complete	complete	ADJ
cblr-9112	39	40	capital	capital	NOUN
cblr-9112	39	41	markets	market	NOUN
cblr-9112	39	42	,	,	PUNCT
cblr-9112	39	43	108	108	NUM
cblr-9112	39	44	colum	colum	NOUN
cblr-9112	39	45	.	.	PUNCT
cblr-9112	40	1	l.	l.	PROPN
cblr-9112	40	2	rev	rev	PROPN
cblr-9112	40	3	.	.	PROPN
cblr-9112	40	4	231	231	NUM
cblr-9112	40	5	,	,	PUNCT
cblr-9112	40	6	245–47	245–47	NUM
cblr-9112	40	7	(	(	PUNCT
cblr-9112	40	8	2008	2008	NUM
cblr-9112	40	9	)	)	PUNCT
cblr-9112	40	10	.	.	PUNCT
cblr-9112	41	1	10	10	NUM
cblr-9112	41	2	for	for	ADP
cblr-9112	41	3	discussion	discussion	NOUN
cblr-9112	41	4	,	,	PUNCT
cblr-9112	41	5	see	see	VERB
cblr-9112	41	6	infra	infra	NOUN
cblr-9112	41	7	section	section	NOUN
cblr-9112	41	8	ii.a	ii.a	PROPN
cblr-9112	41	9	.	.	PUNCT
cblr-9112	42	1	11	11	NUM
cblr-9112	42	2	take	take	NOUN
cblr-9112	42	3	,	,	PUNCT
cblr-9112	42	4	for	for	ADP
cblr-9112	42	5	example	example	NOUN
cblr-9112	42	6	,	,	PUNCT
cblr-9112	42	7	total	total	ADJ
cblr-9112	42	8	return	return	NOUN
cblr-9112	42	9	swaps	swap	NOUN
cblr-9112	42	10	(	(	PUNCT
cblr-9112	42	11	trs	trs	PROPN
cblr-9112	42	12	)	)	PUNCT
cblr-9112	42	13	.	.	PUNCT
cblr-9112	43	1	in	in	ADP
cblr-9112	43	2	basic	basic	ADJ
cblr-9112	43	3	terms	term	NOUN
cblr-9112	43	4	,	,	PUNCT
cblr-9112	43	5	a	a	DET
cblr-9112	43	6	trs	trs	PROPN
cblr-9112	43	7	is	be	AUX
cblr-9112	43	8	a	a	DET
cblr-9112	43	9	financial	financial	ADJ
cblr-9112	43	10	contract	contract	NOUN
cblr-9112	43	11	in	in	ADP
cblr-9112	43	12	which	which	PRON
cblr-9112	43	13	one	one	NUM
cblr-9112	43	14	counterparty	counterparty	NOUN
cblr-9112	43	15	pays	pay	VERB
cblr-9112	43	16	the	the	DET
cblr-9112	43	17	other	other	ADJ
cblr-9112	43	18	an	an	DET
cblr-9112	43	19	amount	amount	NOUN
cblr-9112	43	20	equal	equal	ADJ
cblr-9112	43	21	to	to	ADP
cblr-9112	43	22	,	,	PUNCT
cblr-9112	43	23	in	in	ADP
cblr-9112	43	24	the	the	DET
cblr-9112	43	25	case	case	NOUN
cblr-9112	43	26	of	of	ADP
cblr-9112	43	27	a	a	DET
cblr-9112	43	28	trs	trs	PROPN
cblr-9112	43	29	on	on	ADP
cblr-9112	43	30	equities	equity	NOUN
cblr-9112	43	31	,	,	PUNCT
cblr-9112	43	32	the	the	DET
cblr-9112	43	33	total	total	ADJ
cblr-9112	43	34	return	return	NOUN
cblr-9112	43	35	of	of	ADP
cblr-9112	43	36	a	a	DET
cblr-9112	43	37	share	share	NOUN
cblr-9112	43	38	or	or	CCONJ
cblr-9112	43	39	basket	basket	NOUN
cblr-9112	43	40	of	of	ADP
cblr-9112	43	41	shares	share	NOUN
cblr-9112	43	42	,	,	PUNCT
cblr-9112	43	43	including	include	VERB
cblr-9112	43	44	any	any	DET
cblr-9112	43	45	dividends	dividend	NOUN
cblr-9112	43	46	and	and	CCONJ
cblr-9112	43	47	capital	capital	NOUN
cblr-9112	43	48	appreciation	appreciation	NOUN
cblr-9112	43	49	.	.	PUNCT
cblr-9112	44	1	the	the	DET
cblr-9112	44	2	other	other	ADJ
cblr-9112	44	3	counterparty	counterparty	NOUN
cblr-9112	44	4	pays	pay	VERB
cblr-9112	44	5	an	an	DET
cblr-9112	44	6	amount	amount	NOUN
cblr-9112	44	7	equal	equal	ADJ
cblr-9112	44	8	to	to	ADP
cblr-9112	44	9	any	any	DET
cblr-9112	44	10	capital	capital	NOUN
cblr-9112	44	11	depreciation	depreciation	NOUN
cblr-9112	44	12	on	on	ADP
cblr-9112	44	13	the	the	DET
cblr-9112	44	14	share	share	NOUN
cblr-9112	44	15	or	or	CCONJ
cblr-9112	44	16	basket	basket	NOUN
cblr-9112	44	17	,	,	PUNCT
cblr-9112	44	18	plus	plus	CCONJ
cblr-9112	44	19	a	a	DET
cblr-9112	44	20	fixed	fix	VERB
cblr-9112	44	21	or	or	CCONJ
cblr-9112	44	22	floating	float	VERB
cblr-9112	44	23	rate	rate	NOUN
cblr-9112	44	24	payment	payment	NOUN
cblr-9112	44	25	.	.	PUNCT
cblr-9112	45	1	the	the	DET
cblr-9112	45	2	trs	trs	PROPN
cblr-9112	45	3	can	can	AUX
cblr-9112	45	4	be	be	AUX
cblr-9112	45	5	settled	settle	VERB
cblr-9112	45	6	upon	upon	SCONJ
cblr-9112	45	7	termination	termination	NOUN
cblr-9112	45	8	of	of	ADP
cblr-9112	45	9	the	the	DET
cblr-9112	45	10	contract	contract	NOUN
cblr-9112	45	11	or	or	CCONJ
cblr-9112	45	12	periodically	periodically	ADV
cblr-9112	45	13	over	over	ADP
cblr-9112	45	14	its	its	PRON
cblr-9112	45	15	life	life	NOUN
cblr-9112	45	16	.	.	PUNCT
cblr-9112	46	1	the	the	DET
cblr-9112	46	2	trs	trs	PROPN
cblr-9112	46	3	buyer	buyer	NOUN
cblr-9112	46	4	is	be	AUX
cblr-9112	46	5	subject	subject	ADJ
cblr-9112	46	6	to	to	ADP
cblr-9112	46	7	substantially	substantially	ADV
cblr-9112	46	8	the	the	DET
cblr-9112	46	9	same	same	ADJ
cblr-9112	46	10	economic	economic	ADJ
cblr-9112	46	11	risks	risk	NOUN
cblr-9112	46	12	as	as	SCONJ
cblr-9112	46	13	if	if	SCONJ
cblr-9112	46	14	it	it	PRON
cblr-9112	46	15	owned	own	VERB
cblr-9112	46	16	the	the	DET
cblr-9112	46	17	referenced	referenced	ADJ
cblr-9112	46	18	equity	equity	NOUN
cblr-9112	46	19	or	or	CCONJ
cblr-9112	46	20	basket	basket	NOUN
cblr-9112	46	21	,	,	PUNCT
cblr-9112	46	22	but	but	CCONJ
cblr-9112	46	23	without	without	ADP
cblr-9112	46	24	actually	actually	ADV
cblr-9112	46	25	owning	own	VERB
cblr-9112	46	26	those	those	DET
cblr-9112	46	27	instruments	instrument	NOUN
cblr-9112	46	28	.	.	PUNCT
cblr-9112	47	1	the	the	DET
cblr-9112	47	2	trs	trs	PROPN
cblr-9112	47	3	seller	seller	NOUN
cblr-9112	47	4	has	have	AUX
cblr-9112	47	5	transferred	transfer	VERB
cblr-9112	47	6	the	the	DET
cblr-9112	47	7	economic	economic	ADJ
cblr-9112	47	8	risks	risk	NOUN
cblr-9112	47	9	of	of	ADP
cblr-9112	47	10	the	the	DET
cblr-9112	47	11	equity	equity	NOUN
cblr-9112	47	12	or	or	CCONJ
cblr-9112	47	13	basket	basket	NOUN
cblr-9112	47	14	to	to	ADP
cblr-9112	47	15	the	the	DET
cblr-9112	47	16	trs	trs	PROPN
cblr-9112	47	17	buyer	buyer	NOUN
cblr-9112	47	18	.	.	PUNCT
cblr-9112	48	1	if	if	SCONJ
cblr-9112	48	2	the	the	DET
cblr-9112	48	3	trs	trs	PROPN
cblr-9112	48	4	seller	seller	NOUN
cblr-9112	48	5	owns	own	VERB
cblr-9112	48	6	the	the	DET
cblr-9112	48	7	equity	equity	NOUN
cblr-9112	48	8	or	or	CCONJ
cblr-9112	48	9	basket	basket	NOUN
cblr-9112	48	10	,	,	PUNCT
cblr-9112	48	11	it	it	PRON
cblr-9112	48	12	will	will	AUX
cblr-9112	48	13	have	have	AUX
cblr-9112	48	14	reduced	reduce	VERB
cblr-9112	48	15	or	or	CCONJ
cblr-9112	48	16	eliminated	eliminate	VERB
cblr-9112	48	17	the	the	DET
cblr-9112	48	18	risk	risk	NOUN
cblr-9112	48	19	it	it	PRON
cblr-9112	48	20	bears	bear	VERB
cblr-9112	48	21	without	without	ADP
cblr-9112	48	22	selling	sell	VERB
cblr-9112	48	23	the	the	DET
cblr-9112	48	24	corresponding	corresponding	ADJ
cblr-9112	48	25	instruments	instrument	NOUN
cblr-9112	48	26	.	.	PUNCT
cblr-9112	49	1	in	in	ADP
cblr-9112	49	2	effect	effect	NOUN
cblr-9112	49	3	,	,	PUNCT
cblr-9112	49	4	a	a	DET
cblr-9112	49	5	trs	trs	PROPN
cblr-9112	49	6	“	"	PUNCT
cblr-9112	49	7	splits	split	VERB
cblr-9112	49	8	the	the	DET
cblr-9112	49	9	atom	atom	NOUN
cblr-9112	49	10	,	,	PUNCT
cblr-9112	49	11	”	"	PUNCT
cblr-9112	49	12	with	with	ADP
cblr-9112	49	13	the	the	DET
cblr-9112	49	14	economic	economic	ADJ
cblr-9112	49	15	risk	risk	NOUN
cblr-9112	49	16	being	be	AUX
cblr-9112	49	17	transferred	transfer	VERB
cblr-9112	49	18	to	to	ADP
cblr-9112	49	19	the	the	DET
cblr-9112	49	20	trs	trs	PROPN
cblr-9112	49	21	buyer	buyer	NOUN
cblr-9112	49	22	,	,	PUNCT
cblr-9112	49	23	while	while	SCONJ
cblr-9112	49	24	the	the	DET
cblr-9112	49	25	shares	share	NOUN
cblr-9112	49	26	(	(	PUNCT
cblr-9112	49	27	and	and	CCONJ
cblr-9112	49	28	related	related	ADJ
cblr-9112	49	29	voting	voting	NOUN
cblr-9112	49	30	rights	right	NOUN
cblr-9112	49	31	)	)	PUNCT
cblr-9112	49	32	remain	remain	VERB
cblr-9112	49	33	with	with	ADP
cblr-9112	49	34	the	the	DET
cblr-9112	49	35	trs	trs	PROPN
cblr-9112	49	36	seller	seller	NOUN
cblr-9112	49	37	.	.	PUNCT
cblr-9112	50	1	see	see	VERB
cblr-9112	50	2	total	total	ADJ
cblr-9112	50	3	return	return	NOUN
cblr-9112	50	4	swap	swap	NOUN
cblr-9112	50	5	,	,	PUNCT
cblr-9112	50	6	corp	corp	PROPN
cblr-9112	50	7	.	.	PROPN
cblr-9112	50	8	fin	fin	PROPN
cblr-9112	50	9	.	.	PUNCT
cblr-9112	50	10	inst	inst	PROPN
cblr-9112	50	11	.	.	PROPN
cblr-9112	50	12	,	,	PUNCT
cblr-9112	50	13	https://corporatefinanceinstitute.com/resources/knowledge/finance/totalreturn-swap-trs/	https://corporatefinanceinstitute.com/resources/knowledge/finance/totalreturn-swap-trs/	VERB
cblr-9112	51	1	[	[	X
cblr-9112	51	2	https://perma.cc/j9ve-w9gk	https://perma.cc/j9ve-w9gk	X
cblr-9112	51	3	]	]	X
cblr-9112	51	4	(	(	PUNCT
cblr-9112	51	5	last	last	ADV
cblr-9112	51	6	visited	visit	VERB
cblr-9112	51	7	nov	nov	PROPN
cblr-9112	51	8	.	.	PROPN
cblr-9112	51	9	28	28	NUM
cblr-9112	51	10	,	,	PUNCT
cblr-9112	51	11	2021	2021	NUM
cblr-9112	51	12	)	)	PUNCT
cblr-9112	51	13	;	;	PUNCT
cblr-9112	51	14	see	see	VERB
cblr-9112	51	15	also	also	ADV
cblr-9112	51	16	henry	henry	PROPN
cblr-9112	51	17	t.c	t.c	PROPN
cblr-9112	51	18	.	.	PROPN
cblr-9112	51	19	hu	hu	PROPN
cblr-9112	51	20	&	&	CCONJ
cblr-9112	51	21	bernard	bernard	PROPN
cblr-9112	51	22	black	black	PROPN
cblr-9112	51	23	,	,	PUNCT
cblr-9112	51	24	the	the	DET
cblr-9112	51	25	new	new	ADJ
cblr-9112	51	26	vote	vote	NOUN
cblr-9112	51	27	buying	buying	NOUN
cblr-9112	51	28	:	:	PUNCT
cblr-9112	51	29	empty	empty	ADJ
cblr-9112	51	30	voting	voting	NOUN
cblr-9112	51	31	and	and	CCONJ
cblr-9112	51	32	hidden	hide	VERB
cblr-9112	51	33	(	(	PUNCT
cblr-9112	51	34	morphable	morphable	NUM
cblr-9112	51	35	)	)	PUNCT
cblr-9112	51	36	ownership	ownership	NOUN
cblr-9112	51	37	,	,	PUNCT
cblr-9112	51	38	79	79	NUM
cblr-9112	51	39	s.	s.	PROPN
cblr-9112	51	40	cal	cal	PROPN
cblr-9112	51	41	.	.	PUNCT
cblr-9112	52	1	l.	l.	PROPN
cblr-9112	52	2	rev	rev	PROPN
cblr-9112	52	3	.	.	PROPN
cblr-9112	52	4	811	811	NUM
cblr-9112	52	5	,	,	PUNCT
cblr-9112	52	6	816	816	NUM
cblr-9112	52	7	(	(	PUNCT
cblr-9112	52	8	2006	2006	NUM
cblr-9112	52	9	)	)	PUNCT
cblr-9112	52	10	(	(	PUNCT
cblr-9112	52	11	describing	describe	VERB
cblr-9112	52	12	an	an	DET
cblr-9112	52	13	equity	equity	NOUN
cblr-9112	52	14	swap	swap	NOUN
cblr-9112	52	15	)	)	PUNCT
cblr-9112	52	16	.	.	PUNCT
cblr-9112	53	1	12	12	NUM
cblr-9112	53	2	john	john	PROPN
cblr-9112	53	3	coates	coates	PROPN
cblr-9112	53	4	,	,	PUNCT
cblr-9112	53	5	spacs	spac	NOUN
cblr-9112	53	6	,	,	PUNCT
cblr-9112	53	7	ipos	ipos	NOUN
cblr-9112	53	8	and	and	CCONJ
cblr-9112	53	9	liability	liability	NOUN
cblr-9112	53	10	risk	risk	NOUN
cblr-9112	53	11	under	under	ADP
cblr-9112	53	12	the	the	DET
cblr-9112	53	13	securities	security	NOUN
cblr-9112	53	14	laws	law	NOUN
cblr-9112	53	15	,	,	PUNCT
cblr-9112	53	16	sec	sec	PROPN
cblr-9112	53	17	.	.	PROPN
cblr-9112	53	18	&	&	CCONJ
cblr-9112	53	19	exch	exch	PROPN
cblr-9112	53	20	.	.	PUNCT
cblr-9112	53	21	comm’n	comm’n	PROPN
cblr-9112	53	22	(	(	PUNCT
cblr-9112	53	23	apr	apr	NOUN
cblr-9112	53	24	.	.	NOUN
cblr-9112	53	25	8	8	NUM
cblr-9112	53	26	,	,	PUNCT
cblr-9112	53	27	2021	2021	NUM
cblr-9112	53	28	)	)	PUNCT
cblr-9112	53	29	,	,	PUNCT
cblr-9112	53	30	https://www.sec.gov/news/public-statement/spacs-ipos-liability-risk-undersecurities-laws	https://www.sec.gov/news/public-statement/spacs-ipos-liability-risk-undersecurities-law	VERB
cblr-9112	54	1	[	[	X
cblr-9112	54	2	https://perma.cc/e8n7-lez5	https://perma.cc/e8n7-lez5	X
cblr-9112	54	3	]	]	X
cblr-9112	54	4	.	.	PUNCT
cblr-9112	55	1	a	a	DET
cblr-9112	55	2	spac	spac	NOUN
cblr-9112	55	3	is	be	AUX
cblr-9112	55	4	formed	form	VERB
cblr-9112	55	5	to	to	PART
cblr-9112	55	6	raise	raise	VERB
cblr-9112	55	7	capital	capital	NOUN
cblr-9112	55	8	in	in	ADP
cblr-9112	55	9	an	an	DET
cblr-9112	55	10	initial	initial	ADJ
cblr-9112	55	11	public	public	ADJ
cblr-9112	55	12	offering	offering	NOUN
cblr-9112	55	13	(	(	PUNCT
cblr-9112	55	14	ipo	ipo	NOUN
cblr-9112	55	15	)	)	PUNCT
cblr-9112	55	16	with	with	ADP
cblr-9112	55	17	the	the	DET
cblr-9112	55	18	purpose	purpose	NOUN
cblr-9112	55	19	of	of	ADP
cblr-9112	55	20	acquiring	acquire	VERB
cblr-9112	55	21	one	one	NUM
cblr-9112	55	22	or	or	CCONJ
cblr-9112	55	23	more	more	ADV
cblr-9112	55	24	unspecified	unspecified	ADJ
cblr-9112	55	25	private	private	ADJ
cblr-9112	55	26	companies	company	NOUN
cblr-9112	55	27	with	with	ADP
cblr-9112	55	28	which	which	PRON
cblr-9112	55	29	it	it	PRON
cblr-9112	55	30	merges	merge	VERB
cblr-9112	55	31	and	and	CCONJ
cblr-9112	55	32	brings	bring	VERB
cblr-9112	55	33	public	public	ADJ
cblr-9112	55	34	.	.	PUNCT
cblr-9112	56	1	spacs	spacs	PROPN
cblr-9112	56	2	raise	raise	VERB
cblr-9112	56	3	capital	capital	NOUN
cblr-9112	56	4	,	,	PUNCT
cblr-9112	56	5	identify	identify	VERB
cblr-9112	56	6	a	a	DET
cblr-9112	56	7	merger	merger	NOUN
cblr-9112	56	8	target	target	NOUN
cblr-9112	56	9	,	,	PUNCT
cblr-9112	56	10	and	and	CCONJ
cblr-9112	56	11	through	through	ADP
cblr-9112	56	12	the	the	DET
cblr-9112	56	13	1400	1400	NUM
cblr-9112	56	14	columbia	columbia	PROPN
cblr-9112	56	15	business	business	NOUN
cblr-9112	56	16	law	law	PROPN
cblr-9112	56	17	review	review	NOUN
cblr-9112	56	18	[	[	X
cblr-9112	56	19	vol	vol	NOUN
cblr-9112	56	20	.	.	NOUN
cblr-9112	56	21	2021	2021	NUM
cblr-9112	56	22	securities	security	NOUN
cblr-9112	56	23	and	and	CCONJ
cblr-9112	56	24	exchange	exchange	PROPN
cblr-9112	56	25	commission	commission	PROPN
cblr-9112	56	26	(	(	PUNCT
cblr-9112	56	27	sec	sec	PROPN
cblr-9112	56	28	)	)	PUNCT
cblr-9112	56	29	,	,	PUNCT
cblr-9112	56	30	division	division	NOUN
cblr-9112	56	31	of	of	ADP
cblr-9112	56	32	corporation	corporation	NOUN
cblr-9112	56	33	finance	finance	NOUN
cblr-9112	56	34	,	,	PUNCT
cblr-9112	56	35	addressed	address	VERB
cblr-9112	56	36	the	the	DET
cblr-9112	56	37	question	question	NOUN
cblr-9112	56	38	of	of	ADP
cblr-9112	56	39	whether	whether	SCONJ
cblr-9112	56	40	an	an	DET
cblr-9112	56	41	initial	initial	ADJ
cblr-9112	56	42	public	public	ADJ
cblr-9112	56	43	offering	offering	NOUN
cblr-9112	56	44	(	(	PUNCT
cblr-9112	56	45	ipo	ipo	PROPN
cblr-9112	56	46	)	)	PUNCT
cblr-9112	56	47	occurs	occur	VERB
cblr-9112	56	48	at	at	ADP
cblr-9112	56	49	the	the	DET
cblr-9112	56	50	time	time	NOUN
cblr-9112	56	51	a	a	DET
cblr-9112	56	52	spac	spac	NOUN
cblr-9112	56	53	publicly	publicly	ADV
cblr-9112	56	54	issues	issue	VERB
cblr-9112	56	55	shares	share	NOUN
cblr-9112	56	56	or	or	CCONJ
cblr-9112	56	57	later	later	ADV
cblr-9112	56	58	when	when	SCONJ
cblr-9112	56	59	the	the	DET
cblr-9112	56	60	spac	spac	NOUN
cblr-9112	56	61	merges	merge	VERB
cblr-9112	56	62	with	with	ADP
cblr-9112	56	63	a	a	DET
cblr-9112	56	64	private	private	ADJ
cblr-9112	56	65	operating	operate	VERB
cblr-9112	56	66	company	company	NOUN
cblr-9112	56	67	to	to	PART
cblr-9112	56	68	become	become	VERB
cblr-9112	56	69	a	a	DET
cblr-9112	56	70	public	public	ADJ
cblr-9112	56	71	operating	operate	VERB
cblr-9112	56	72	company	company	NOUN
cblr-9112	56	73	.	.	PUNCT
cblr-9112	57	1	director	director	NOUN
cblr-9112	57	2	coates	coates	PROPN
cblr-9112	57	3	noted	note	VERB
cblr-9112	57	4	:	:	PUNCT
cblr-9112	57	5	to	to	PART
cblr-9112	57	6	be	be	AUX
cblr-9112	57	7	sure	sure	ADJ
cblr-9112	57	8	,	,	PUNCT
cblr-9112	57	9	an	an	DET
cblr-9112	57	10	‘	'	PUNCT
cblr-9112	57	11	ipo	ipo	NOUN
cblr-9112	57	12	’	'	PUNCT
cblr-9112	57	13	is	be	AUX
cblr-9112	57	14	generally	generally	ADV
cblr-9112	57	15	understood	understand	VERB
cblr-9112	57	16	to	to	PART
cblr-9112	57	17	be	be	AUX
cblr-9112	57	18	the	the	DET
cblr-9112	57	19	initial	initial	ADJ
cblr-9112	57	20	offering	offering	NOUN
cblr-9112	57	21	of	of	ADP
cblr-9112	57	22	a	a	DET
cblr-9112	57	23	company	company	NOUN
cblr-9112	57	24	’s	’s	PART
cblr-9112	57	25	securities	security	NOUN
cblr-9112	57	26	to	to	ADP
cblr-9112	57	27	the	the	DET
cblr-9112	57	28	public	public	NOUN
cblr-9112	57	29	,	,	PUNCT
cblr-9112	57	30	and	and	CCONJ
cblr-9112	57	31	the	the	DET
cblr-9112	57	32	spac	spac	PROPN
cblr-9112	57	33	shell	shell	PROPN
cblr-9112	57	34	company	company	NOUN
cblr-9112	57	35	initially	initially	ADV
cblr-9112	57	36	offers	offer	VERB
cblr-9112	57	37	redeemable	redeemable	ADJ
cblr-9112	57	38	equity	equity	NOUN
cblr-9112	57	39	securities	security	NOUN
cblr-9112	57	40	to	to	ADP
cblr-9112	57	41	the	the	DET
cblr-9112	57	42	public	public	NOUN
cblr-9112	57	43	when	when	SCONJ
cblr-9112	57	44	it	it	PRON
cblr-9112	57	45	first	first	ADV
cblr-9112	57	46	registers	register	VERB
cblr-9112	57	47	to	to	PART
cblr-9112	57	48	raise	raise	VERB
cblr-9112	57	49	funds	fund	NOUN
cblr-9112	57	50	in	in	ADP
cblr-9112	57	51	order	order	NOUN
cblr-9112	57	52	to	to	PART
cblr-9112	57	53	look	look	VERB
cblr-9112	57	54	for	for	ADP
cblr-9112	57	55	and	and	CCONJ
cblr-9112	57	56	later	later	ADV
cblr-9112	57	57	acquire	acquire	VERB
cblr-9112	57	58	a	a	DET
cblr-9112	57	59	target	target	NOUN
cblr-9112	57	60	.	.	PUNCT
cblr-9112	58	1	however	however	ADV
cblr-9112	58	2	,	,	PUNCT
cblr-9112	58	3	it	it	PRON
cblr-9112	58	4	is	be	AUX
cblr-9112	58	5	also	also	ADV
cblr-9112	58	6	commonly	commonly	ADV
cblr-9112	58	7	understood	understand	VERB
cblr-9112	58	8	that	that	SCONJ
cblr-9112	58	9	it	it	PRON
cblr-9112	58	10	is	be	AUX
cblr-9112	58	11	the	the	DET
cblr-9112	58	12	de	de	PROPN
cblr-9112	58	13	-	-	NOUN
cblr-9112	58	14	spac	spac	NOUN
cblr-9112	58	15	—	—	PUNCT
cblr-9112	58	16	and	and	CCONJ
cblr-9112	58	17	not	not	PART
cblr-9112	58	18	the	the	DET
cblr-9112	58	19	initial	initial	ADJ
cblr-9112	58	20	offering	offering	NOUN
cblr-9112	58	21	by	by	ADP
cblr-9112	58	22	the	the	DET
cblr-9112	58	23	spac	spac	PROPN
cblr-9112	58	24	—	—	PUNCT
cblr-9112	58	25	that	that	PRON
cblr-9112	58	26	is	be	AUX
cblr-9112	58	27	the	the	DET
cblr-9112	58	28	transaction	transaction	NOUN
cblr-9112	58	29	in	in	ADP
cblr-9112	58	30	which	which	PRON
cblr-9112	58	31	a	a	DET
cblr-9112	58	32	private	private	ADJ
cblr-9112	58	33	operating	operate	VERB
cblr-9112	58	34	company	company	NOUN
cblr-9112	58	35	itself	itself	PRON
cblr-9112	58	36	‘	'	PUNCT
cblr-9112	58	37	goes	go	VERB
cblr-9112	58	38	public	public	ADJ
cblr-9112	58	39	,	,	PUNCT
cblr-9112	58	40	’	'	PUNCT
cblr-9112	58	41	i.e.	i.e.	X
cblr-9112	58	42	,	,	PUNCT
cblr-9112	58	43	engages	engage	VERB
cblr-9112	58	44	in	in	ADP
cblr-9112	58	45	its	its	PRON
cblr-9112	58	46	initial	initial	ADJ
cblr-9112	58	47	public	public	ADJ
cblr-9112	58	48	offering	offering	NOUN
cblr-9112	58	49	.	.	PUNCT
cblr-9112	59	1	economically	economically	ADV
cblr-9112	59	2	,	,	PUNCT
cblr-9112	59	3	and	and	CCONJ
cblr-9112	59	4	practically	practically	ADV
cblr-9112	59	5	,	,	PUNCT
cblr-9112	59	6	the	the	DET
cblr-9112	59	7	private	private	ADJ
cblr-9112	59	8	target	target	NOUN
cblr-9112	59	9	of	of	ADP
cblr-9112	59	10	a	a	DET
cblr-9112	59	11	spac	spac	NOUN
cblr-9112	59	12	is	be	AUX
cblr-9112	59	13	a	a	DET
cblr-9112	59	14	different	different	ADJ
cblr-9112	59	15	organization	organization	NOUN
cblr-9112	59	16	than	than	ADP
cblr-9112	59	17	the	the	DET
cblr-9112	59	18	spac	spac	PROPN
cblr-9112	59	19	itself.13	itself.13	PROPN
cblr-9112	59	20	director	director	NOUN
cblr-9112	59	21	coates	coate	NOUN
cblr-9112	59	22	’	'	PUNCT
cblr-9112	59	23	point	point	NOUN
cblr-9112	59	24	was	be	AUX
cblr-9112	59	25	that	that	SCONJ
cblr-9112	59	26	ipos	ipos	NOUN
cblr-9112	59	27	should	should	AUX
cblr-9112	59	28	be	be	AUX
cblr-9112	59	29	understood	understand	VERB
cblr-9112	59	30	in	in	ADP
cblr-9112	59	31	their	their	PRON
cblr-9112	59	32	economic	economic	ADJ
cblr-9112	59	33	sense	sense	NOUN
cblr-9112	59	34	,	,	PUNCT
cblr-9112	59	35	based	base	VERB
cblr-9112	59	36	on	on	ADP
cblr-9112	59	37	changes	change	NOUN
cblr-9112	59	38	in	in	ADP
cblr-9112	59	39	the	the	DET
cblr-9112	59	40	economic	economic	ADJ
cblr-9112	59	41	risk	risk	NOUN
cblr-9112	59	42	borne	bear	VERB
cblr-9112	59	43	by	by	ADP
cblr-9112	59	44	investors	investor	NOUN
cblr-9112	59	45	,	,	PUNCT
cblr-9112	59	46	not	not	PART
cblr-9112	59	47	simply	simply	ADV
cblr-9112	59	48	tied	tie	VERB
cblr-9112	59	49	to	to	ADP
cblr-9112	59	50	the	the	DET
cblr-9112	59	51	spac	spac	PROPN
cblr-9112	59	52	’s	’s	PART
cblr-9112	59	53	issuance	issuance	NOUN
cblr-9112	59	54	of	of	ADP
cblr-9112	59	55	shares	share	NOUN
cblr-9112	59	56	.	.	PUNCT
cblr-9112	60	1	even	even	ADV
cblr-9112	60	2	if	if	SCONJ
cblr-9112	60	3	a	a	DET
cblr-9112	60	4	spac	spac	NOUN
cblr-9112	60	5	raised	raise	VERB
cblr-9112	60	6	capital	capital	NOUN
cblr-9112	60	7	in	in	ADP
cblr-9112	60	8	an	an	DET
cblr-9112	60	9	ipo	ipo	NOUN
cblr-9112	60	10	,	,	PUNCT
cblr-9112	60	11	director	director	NOUN
cblr-9112	60	12	coates	coates	PROPN
cblr-9112	60	13	contended	contend	VERB
cblr-9112	60	14	,	,	PUNCT
cblr-9112	60	15	the	the	DET
cblr-9112	60	16	de	de	PROPN
cblr-9112	60	17	-	-	ADJ
cblr-9112	60	18	spac	spac	PROPN
cblr-9112	60	19	transaction	transaction	NOUN
cblr-9112	60	20	,	,	PUNCT
cblr-9112	60	21	rather	rather	ADV
cblr-9112	60	22	than	than	ADP
cblr-9112	60	23	the	the	DET
cblr-9112	60	24	spac	spac	PROPN
cblr-9112	60	25	’s	’s	PART
cblr-9112	60	26	prior	prior	ADJ
cblr-9112	60	27	public	public	ADJ
cblr-9112	60	28	offering	offering	NOUN
cblr-9112	60	29	of	of	ADP
cblr-9112	60	30	shares	share	NOUN
cblr-9112	60	31	,	,	PUNCT
cblr-9112	60	32	should	should	AUX
cblr-9112	60	33	be	be	AUX
cblr-9112	60	34	treated	treat	VERB
cblr-9112	60	35	in	in	ADP
cblr-9112	60	36	substance	substance	NOUN
cblr-9112	60	37	as	as	ADP
cblr-9112	60	38	the	the	DET
cblr-9112	60	39	ipo	ipo	NOUN
cblr-9112	60	40	,	,	PUNCT
cblr-9112	60	41	since	since	SCONJ
cblr-9112	60	42	that	that	PRON
cblr-9112	60	43	is	be	AUX
cblr-9112	60	44	when	when	SCONJ
cblr-9112	60	45	investors	investor	NOUN
cblr-9112	60	46	first	first	ADV
cblr-9112	60	47	became	become	VERB
cblr-9112	60	48	exposed	expose	VERB
cblr-9112	60	49	to	to	ADP
cblr-9112	60	50	the	the	DET
cblr-9112	60	51	economic	economic	ADJ
cblr-9112	60	52	risk	risk	NOUN
cblr-9112	60	53	of	of	ADP
cblr-9112	60	54	an	an	DET
cblr-9112	60	55	operating	operate	VERB
cblr-9112	60	56	company.14	company.14	PROPN
cblr-9112	60	57	this	this	DET
cblr-9112	60	58	article	article	NOUN
cblr-9112	60	59	argues	argue	VERB
cblr-9112	60	60	that	that	SCONJ
cblr-9112	60	61	director	director	NOUN
cblr-9112	60	62	coates	coate	NOUN
cblr-9112	60	63	’	'	PUNCT
cblr-9112	60	64	focus	focus	NOUN
cblr-9112	60	65	on	on	ADP
cblr-9112	60	66	the	the	DET
cblr-9112	60	67	transfer	transfer	NOUN
cblr-9112	60	68	of	of	ADP
cblr-9112	60	69	economic	economic	ADJ
cblr-9112	60	70	risk	risk	NOUN
cblr-9112	60	71	,	,	PUNCT
cblr-9112	60	72	rather	rather	ADV
cblr-9112	60	73	than	than	ADP
cblr-9112	60	74	instruments	instrument	NOUN
cblr-9112	60	75	that	that	PRON
cblr-9112	60	76	merger	merger	NOUN
cblr-9112	60	77	facilitate	facilitate	VERB
cblr-9112	60	78	the	the	DET
cblr-9112	60	79	target	target	NOUN
cblr-9112	60	80	’s	’s	PART
cblr-9112	60	81	access	access	NOUN
cblr-9112	60	82	to	to	ADP
cblr-9112	60	83	the	the	DET
cblr-9112	60	84	public	public	ADJ
cblr-9112	60	85	capital	capital	NOUN
cblr-9112	60	86	markets	market	NOUN
cblr-9112	60	87	.	.	PUNCT
cblr-9112	61	1	a	a	DET
cblr-9112	61	2	“	"	PUNCT
cblr-9112	61	3	spac	spac	PROPN
cblr-9112	61	4	transaction	transaction	NOUN
cblr-9112	61	5	”	"	PUNCT
cblr-9112	61	6	is	be	AUX
cblr-9112	61	7	when	when	SCONJ
cblr-9112	61	8	the	the	DET
cblr-9112	61	9	spac	spac	NOUN
cblr-9112	61	10	initially	initially	ADV
cblr-9112	61	11	raises	raise	VERB
cblr-9112	61	12	capital	capital	NOUN
cblr-9112	61	13	through	through	ADP
cblr-9112	61	14	an	an	DET
cblr-9112	61	15	ipo	ipo	NOUN
cblr-9112	61	16	,	,	PUNCT
cblr-9112	61	17	and	and	CCONJ
cblr-9112	61	18	a	a	DET
cblr-9112	61	19	“	"	PUNCT
cblr-9112	61	20	de	de	ADJ
cblr-9112	61	21	-	-	ADJ
cblr-9112	61	22	spac	spac	PROPN
cblr-9112	61	23	transaction	transaction	NOUN
cblr-9112	61	24	”	"	PUNCT
cblr-9112	61	25	is	be	AUX
cblr-9112	61	26	when	when	SCONJ
cblr-9112	61	27	the	the	DET
cblr-9112	61	28	spac	spac	PROPN
cblr-9112	61	29	later	later	ADV
cblr-9112	61	30	merges	merge	VERB
cblr-9112	61	31	with	with	ADP
cblr-9112	61	32	a	a	DET
cblr-9112	61	33	target	target	NOUN
cblr-9112	61	34	company	company	NOUN
cblr-9112	61	35	.	.	PUNCT
cblr-9112	62	1	for	for	ADP
cblr-9112	62	2	a	a	DET
cblr-9112	62	3	more	more	ADV
cblr-9112	62	4	detailed	detailed	ADJ
cblr-9112	62	5	description	description	NOUN
cblr-9112	62	6	of	of	ADP
cblr-9112	62	7	spac	spac	PROPN
cblr-9112	62	8	and	and	CCONJ
cblr-9112	62	9	de	de	ADJ
cblr-9112	62	10	-	-	NOUN
cblr-9112	62	11	spac	spac	NOUN
cblr-9112	62	12	transactions	transaction	NOUN
cblr-9112	62	13	,	,	PUNCT
cblr-9112	62	14	see	see	VERB
cblr-9112	62	15	michael	michael	PROPN
cblr-9112	62	16	klausner	klausner	PROPN
cblr-9112	62	17	,	,	PUNCT
cblr-9112	62	18	michael	michael	PROPN
cblr-9112	62	19	ohlrogge	ohlrogge	PROPN
cblr-9112	62	20	&	&	CCONJ
cblr-9112	62	21	emily	emily	PROPN
cblr-9112	62	22	raun	raun	PROPN
cblr-9112	62	23	,	,	PUNCT
cblr-9112	62	24	a	a	DET
cblr-9112	62	25	sober	sober	ADJ
cblr-9112	62	26	look	look	NOUN
cblr-9112	62	27	at	at	ADP
cblr-9112	62	28	spacs	spacs	PROPN
cblr-9112	62	29	6–11	6–11	PROPN
cblr-9112	62	30	(	(	PUNCT
cblr-9112	62	31	eur	eur	PROPN
cblr-9112	62	32	.	.	PROPN
cblr-9112	62	33	corp	corp	PROPN
cblr-9112	62	34	.	.	PROPN
cblr-9112	62	35	governance	governance	PROPN
cblr-9112	62	36	inst	inst	PROPN
cblr-9112	62	37	.	.	PROPN
cblr-9112	62	38	,	,	PUNCT
cblr-9112	62	39	working	work	VERB
cblr-9112	62	40	paper	paper	NOUN
cblr-9112	62	41	fin	fin	NOUN
cblr-9112	62	42	.	.	PUNCT
cblr-9112	63	1	no	no	INTJ
cblr-9112	63	2	.	.	NOUN
cblr-9112	64	1	746/2021	746/2021	NUM
cblr-9112	64	2	,	,	PUNCT
cblr-9112	64	3	apr	apr	NOUN
cblr-9112	64	4	.	.	PROPN
cblr-9112	64	5	2021	2021	NUM
cblr-9112	64	6	)	)	PUNCT
cblr-9112	64	7	,	,	PUNCT
cblr-9112	64	8	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3720919	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3720919	PROPN
cblr-9112	64	9	(	(	PUNCT
cblr-9112	64	10	on	on	ADP
cblr-9112	64	11	file	file	NOUN
cblr-9112	64	12	with	with	ADP
cblr-9112	64	13	the	the	DET
cblr-9112	64	14	columbia	columbia	PROPN
cblr-9112	64	15	business	business	PROPN
cblr-9112	64	16	law	law	PROPN
cblr-9112	64	17	review	review	PROPN
cblr-9112	64	18	)	)	PUNCT
cblr-9112	64	19	.	.	PUNCT
cblr-9112	65	1	13	13	NUM
cblr-9112	65	2	coates	coate	NOUN
cblr-9112	65	3	,	,	PUNCT
cblr-9112	65	4	supra	supra	PROPN
cblr-9112	65	5	note	note	NOUN
cblr-9112	65	6	12	12	NUM
cblr-9112	65	7	(	(	PUNCT
cblr-9112	65	8	emphasis	emphasis	NOUN
cblr-9112	65	9	omitted	omit	VERB
cblr-9112	65	10	)	)	PUNCT
cblr-9112	65	11	.	.	PUNCT
cblr-9112	66	1	14	14	NUM
cblr-9112	67	1	i	i	PRON
cblr-9112	67	2	d.	d.	PROPN
cblr-9112	67	3	no	no	INTJ
cblr-9112	67	4	.	.	PUNCT
cblr-9112	68	1	3:1396	3:1396	NUM
cblr-9112	68	2	]	]	PUNCT
cblr-9112	68	3	risky	risky	ADJ
cblr-9112	68	4	business	business	NOUN
cblr-9112	68	5	1401	1401	NUM
cblr-9112	68	6	historically	historically	ADV
cblr-9112	68	7	evidenced	evidence	VERB
cblr-9112	68	8	that	that	DET
cblr-9112	68	9	risk	risk	NOUN
cblr-9112	68	10	,	,	PUNCT
cblr-9112	68	11	reflects	reflect	VERB
cblr-9112	68	12	a	a	DET
cblr-9112	68	13	division	division	NOUN
cblr-9112	68	14	between	between	ADP
cblr-9112	68	15	“	"	PUNCT
cblr-9112	68	16	risk	risk	NOUN
cblr-9112	68	17	”	"	PUNCT
cblr-9112	68	18	and	and	CCONJ
cblr-9112	68	19	“	"	PUNCT
cblr-9112	68	20	instruments	instrument	NOUN
cblr-9112	68	21	”	"	PUNCT
cblr-9112	68	22	that	that	PRON
cblr-9112	68	23	springs	spring	NOUN
cblr-9112	68	24	from	from	ADP
cblr-9112	68	25	a	a	DET
cblr-9112	68	26	sea	sea	NOUN
cblr-9112	68	27	change	change	NOUN
cblr-9112	68	28	in	in	ADP
cblr-9112	68	29	how	how	SCONJ
cblr-9112	68	30	risk	risk	NOUN
cblr-9112	68	31	is	be	AUX
cblr-9112	68	32	managed	manage	VERB
cblr-9112	68	33	and	and	CCONJ
cblr-9112	68	34	transferred	transfer	VERB
cblr-9112	68	35	in	in	ADP
cblr-9112	68	36	the	the	DET
cblr-9112	68	37	capital	capital	NOUN
cblr-9112	68	38	markets	market	NOUN
cblr-9112	68	39	.	.	PUNCT
cblr-9112	69	1	part	part	NOUN
cblr-9112	69	2	ii	ii	PROPN
cblr-9112	69	3	explains	explain	VERB
cblr-9112	69	4	how	how	SCONJ
cblr-9112	69	5	advances	advance	NOUN
cblr-9112	69	6	in	in	ADP
cblr-9112	69	7	technology	technology	NOUN
cblr-9112	69	8	have	have	AUX
cblr-9112	69	9	changed	change	VERB
cblr-9112	69	10	how	how	SCONJ
cblr-9112	69	11	risk	risk	NOUN
cblr-9112	69	12	is	be	AUX
cblr-9112	69	13	managed	manage	VERB
cblr-9112	69	14	and	and	CCONJ
cblr-9112	69	15	how	how	SCONJ
cblr-9112	69	16	investment	investment	NOUN
cblr-9112	69	17	decisions	decision	NOUN
cblr-9112	69	18	are	be	AUX
cblr-9112	69	19	made	make	VERB
cblr-9112	69	20	.	.	PUNCT
cblr-9112	70	1	the	the	DET
cblr-9112	70	2	approach	approach	NOUN
cblr-9112	70	3	taken	take	VERB
cblr-9112	70	4	at	at	ADP
cblr-9112	70	5	the	the	DET
cblr-9112	70	6	time	time	NOUN
cblr-9112	70	7	the	the	DET
cblr-9112	70	8	securities	security	NOUN
cblr-9112	70	9	act	act	NOUN
cblr-9112	70	10	was	be	AUX
cblr-9112	70	11	adopted	adopt	VERB
cblr-9112	70	12	no	no	ADV
cblr-9112	70	13	longer	long	ADV
cblr-9112	70	14	resembles	resemble	VERB
cblr-9112	70	15	most	most	ADJ
cblr-9112	70	16	of	of	ADP
cblr-9112	70	17	the	the	DET
cblr-9112	70	18	investment	investment	NOUN
cblr-9112	70	19	processes	process	NOUN
cblr-9112	70	20	today	today	NOUN
cblr-9112	70	21	.	.	PUNCT
cblr-9112	71	1	part	part	NOUN
cblr-9112	71	2	iii	iii	PROPN
cblr-9112	71	3	illustrates	illustrate	VERB
cblr-9112	71	4	some	some	DET
cblr-9112	71	5	problems	problem	NOUN
cblr-9112	71	6	that	that	PRON
cblr-9112	71	7	can	can	AUX
cblr-9112	71	8	result	result	VERB
cblr-9112	71	9	—	—	PUNCT
cblr-9112	71	10	in	in	ADP
cblr-9112	71	11	particular	particular	ADJ
cblr-9112	71	12	,	,	PUNCT
cblr-9112	71	13	the	the	DET
cblr-9112	71	14	ability	ability	NOUN
cblr-9112	71	15	to	to	PART
cblr-9112	71	16	transfer	transfer	VERB
cblr-9112	71	17	the	the	DET
cblr-9112	71	18	risk	risk	NOUN
cblr-9112	71	19	of	of	ADP
cblr-9112	71	20	a	a	DET
cblr-9112	71	21	security	security	NOUN
cblr-9112	71	22	without	without	ADP
cblr-9112	71	23	the	the	DET
cblr-9112	71	24	benefit	benefit	NOUN
cblr-9112	71	25	of	of	ADP
cblr-9112	71	26	the	the	DET
cblr-9112	71	27	securities	security	NOUN
cblr-9112	71	28	act	act	PROPN
cblr-9112	71	29	’s	’s	PART
cblr-9112	71	30	protections	protection	NOUN
cblr-9112	71	31	.	.	PUNCT
cblr-9112	72	1	part	part	NOUN
cblr-9112	72	2	iv	iv	NUM
cblr-9112	72	3	then	then	ADV
cblr-9112	72	4	considers	consider	VERB
cblr-9112	72	5	whether	whether	SCONJ
cblr-9112	72	6	and	and	CCONJ
cblr-9112	72	7	how	how	SCONJ
cblr-9112	72	8	the	the	DET
cblr-9112	72	9	sec	sec	PROPN
cblr-9112	72	10	should	should	AUX
cblr-9112	72	11	respond	respond	VERB
cblr-9112	72	12	to	to	ADP
cblr-9112	72	13	those	those	DET
cblr-9112	72	14	changes	change	NOUN
cblr-9112	72	15	.	.	PUNCT
cblr-9112	73	1	here	here	ADV
cblr-9112	73	2	,	,	PUNCT
cblr-9112	73	3	an	an	DET
cblr-9112	73	4	adequate	adequate	ADJ
cblr-9112	73	5	response	response	NOUN
cblr-9112	73	6	may	may	AUX
cblr-9112	73	7	be	be	AUX
cblr-9112	73	8	limited	limit	VERB
cblr-9112	73	9	by	by	ADP
cblr-9112	73	10	the	the	DET
cblr-9112	73	11	practical	practical	ADJ
cblr-9112	73	12	difficulty	difficulty	NOUN
cblr-9112	73	13	of	of	ADP
cblr-9112	73	14	tracing	trace	VERB
cblr-9112	73	15	risk	risk	NOUN
cblr-9112	73	16	in	in	ADP
cblr-9112	73	17	today	today	NOUN
cblr-9112	73	18	’s	’s	PART
cblr-9112	73	19	capital	capital	NOUN
cblr-9112	73	20	markets	market	NOUN
cblr-9112	73	21	.	.	PUNCT
cblr-9112	74	1	for	for	ADP
cblr-9112	74	2	the	the	DET
cblr-9112	74	3	time	time	NOUN
cblr-9112	74	4	being	being	NOUN
cblr-9112	74	5	,	,	PUNCT
cblr-9112	74	6	regulation	regulation	NOUN
cblr-9112	74	7	’s	’s	PART
cblr-9112	74	8	reach	reach	NOUN
cblr-9112	74	9	may	may	AUX
cblr-9112	74	10	fall	fall	VERB
cblr-9112	74	11	short	short	ADV
cblr-9112	74	12	of	of	ADP
cblr-9112	74	13	current	current	ADJ
cblr-9112	74	14	trading	trading	NOUN
cblr-9112	74	15	and	and	CCONJ
cblr-9112	74	16	risk	risk	NOUN
cblr-9112	74	17	management	management	NOUN
cblr-9112	74	18	strategies	strategy	NOUN
cblr-9112	74	19	.	.	PUNCT
cblr-9112	75	1	while	while	SCONJ
cblr-9112	75	2	regulatory	regulatory	ADJ
cblr-9112	75	3	responses	response	NOUN
cblr-9112	75	4	are	be	AUX
cblr-9112	75	5	possible	possible	ADJ
cblr-9112	75	6	,	,	PUNCT
cblr-9112	75	7	and	and	CCONJ
cblr-9112	75	8	some	some	DET
cblr-9112	75	9	proposals	proposal	NOUN
cblr-9112	75	10	are	be	AUX
cblr-9112	75	11	recommended	recommend	VERB
cblr-9112	75	12	,	,	PUNCT
cblr-9112	75	13	the	the	DET
cblr-9112	75	14	result	result	NOUN
cblr-9112	75	15	is	be	AUX
cblr-9112	75	16	likely	likely	ADJ
cblr-9112	75	17	to	to	PART
cblr-9112	75	18	be	be	AUX
cblr-9112	75	19	a	a	DET
cblr-9112	75	20	continued	continue	VERB
cblr-9112	75	21	tension	tension	NOUN
cblr-9112	75	22	between	between	ADP
cblr-9112	75	23	the	the	DET
cblr-9112	75	24	requirements	requirement	NOUN
cblr-9112	75	25	of	of	ADP
cblr-9112	75	26	the	the	DET
cblr-9112	75	27	securities	security	NOUN
cblr-9112	75	28	act	act	NOUN
cblr-9112	75	29	and	and	CCONJ
cblr-9112	75	30	the	the	DET
cblr-9112	75	31	risk	risk	NOUN
cblr-9112	75	32	-	-	PUNCT
cblr-9112	75	33	based	base	VERB
cblr-9112	75	34	approach	approach	NOUN
cblr-9112	75	35	to	to	ADP
cblr-9112	75	36	investing	investing	NOUN
cblr-9112	75	37	taken	take	VERB
cblr-9112	75	38	by	by	ADP
cblr-9112	75	39	institutions	institution	NOUN
cblr-9112	75	40	that	that	PRON
cblr-9112	75	41	enter	enter	VERB
cblr-9112	75	42	into	into	ADP
cblr-9112	75	43	a	a	DET
cblr-9112	75	44	majority	majority	NOUN
cblr-9112	75	45	of	of	ADP
cblr-9112	75	46	the	the	DET
cblr-9112	75	47	transactions	transaction	NOUN
cblr-9112	75	48	that	that	PRON
cblr-9112	75	49	benefit	benefit	VERB
cblr-9112	75	50	from	from	ADP
cblr-9112	75	51	the	the	DET
cblr-9112	75	52	securities	security	NOUN
cblr-9112	75	53	act	act	PROPN
cblr-9112	75	54	’s	’s	PART
cblr-9112	75	55	protections	protection	NOUN
cblr-9112	75	56	.	.	PUNCT
cblr-9112	76	1	ii	ii	X
cblr-9112	76	2	.	.	PUNCT
cblr-9112	77	1	the	the	DET
cblr-9112	77	2	new	new	ADJ
cblr-9112	77	3	risk	risk	NOUN
cblr-9112	77	4	management	management	NOUN
cblr-9112	77	5	a	a	DET
cblr-9112	77	6	principal	principal	ADJ
cblr-9112	77	7	goal	goal	NOUN
cblr-9112	77	8	of	of	ADP
cblr-9112	77	9	the	the	DET
cblr-9112	77	10	securities	security	NOUN
cblr-9112	77	11	act	act	NOUN
cblr-9112	77	12	is	be	AUX
cblr-9112	77	13	minimizing	minimize	VERB
cblr-9112	77	14	investment	investment	NOUN
cblr-9112	77	15	risk	risk	NOUN
cblr-9112	77	16	through	through	ADP
cblr-9112	77	17	accurate	accurate	ADJ
cblr-9112	77	18	and	and	CCONJ
cblr-9112	77	19	meaningful	meaningful	ADJ
cblr-9112	77	20	disclosure.15	disclosure.15	PROPN
cblr-9112	77	21	when	when	SCONJ
cblr-9112	77	22	introduced	introduce	VERB
cblr-9112	77	23	in	in	ADP
cblr-9112	77	24	1933	1933	NUM
cblr-9112	77	25	,	,	PUNCT
cblr-9112	77	26	mandatory	mandatory	ADJ
cblr-9112	77	27	disclosure	disclosure	NOUN
cblr-9112	77	28	requirements	requirement	NOUN
cblr-9112	77	29	increased	increase	VERB
cblr-9112	77	30	share	share	NOUN
cblr-9112	77	31	price	price	NOUN
cblr-9112	77	32	accuracy	accuracy	NOUN
cblr-9112	77	33	,	,	PUNCT
cblr-9112	77	34	lowering	lower	VERB
cblr-9112	77	35	the	the	DET
cblr-9112	77	36	15	15	NUM
cblr-9112	77	37	see	see	NOUN
cblr-9112	77	38	securities	security	NOUN
cblr-9112	77	39	act	act	NOUN
cblr-9112	77	40	of	of	ADP
cblr-9112	77	41	1933	1933	NUM
cblr-9112	77	42	,	,	PUNCT
cblr-9112	77	43	pub	pub	NOUN
cblr-9112	77	44	.	.	PUNCT
cblr-9112	78	1	l.	l.	PROPN
cblr-9112	78	2	no	no	INTJ
cblr-9112	78	3	.	.	PUNCT
cblr-9112	79	1	73	73	NUM
cblr-9112	79	2	-	-	SYM
cblr-9112	79	3	22	22	NUM
cblr-9112	79	4	,	,	PUNCT
cblr-9112	79	5	pmbl	pmbl	NOUN
cblr-9112	79	6	.	.	PUNCT
cblr-9112	79	7	,	,	PUNCT
cblr-9112	79	8	48	48	NUM
cblr-9112	79	9	stat	stat	NOUN
cblr-9112	79	10	.	.	PUNCT
cblr-9112	80	1	74	74	NUM
cblr-9112	80	2	,	,	PUNCT
cblr-9112	80	3	74	74	NUM
cblr-9112	80	4	(	(	PUNCT
cblr-9112	80	5	codified	codify	VERB
cblr-9112	80	6	as	as	SCONJ
cblr-9112	80	7	amended	amend	VERB
cblr-9112	80	8	at	at	ADP
cblr-9112	80	9	15	15	NUM
cblr-9112	80	10	u.s.c	u.s.c	ADJ
cblr-9112	80	11	.	.	PUNCT
cblr-9112	81	1	§	§	PROPN
cblr-9112	81	2	§	§	PROPN
cblr-9112	81	3	77a–77aa	77a–77aa	NUM
cblr-9112	81	4	)	)	PUNCT
cblr-9112	81	5	(	(	PUNCT
cblr-9112	81	6	describing	describe	VERB
cblr-9112	81	7	the	the	DET
cblr-9112	81	8	securities	security	NOUN
cblr-9112	81	9	act	act	NOUN
cblr-9112	81	10	as	as	ADP
cblr-9112	81	11	an	an	DET
cblr-9112	81	12	act	act	NOUN
cblr-9112	81	13	“	"	PUNCT
cblr-9112	81	14	to	to	PART
cblr-9112	81	15	provide	provide	VERB
cblr-9112	81	16	full	full	ADJ
cblr-9112	81	17	and	and	CCONJ
cblr-9112	81	18	fair	fair	ADJ
cblr-9112	81	19	disclosure	disclosure	NOUN
cblr-9112	81	20	of	of	ADP
cblr-9112	81	21	the	the	DET
cblr-9112	81	22	character	character	NOUN
cblr-9112	81	23	of	of	ADP
cblr-9112	81	24	securities	security	NOUN
cblr-9112	81	25	sold	sell	VERB
cblr-9112	81	26	in	in	ADP
cblr-9112	81	27	interstate	interstate	ADJ
cblr-9112	81	28	and	and	CCONJ
cblr-9112	81	29	foreign	foreign	ADJ
cblr-9112	81	30	commerce	commerce	NOUN
cblr-9112	81	31	and	and	CCONJ
cblr-9112	81	32	through	through	ADP
cblr-9112	81	33	the	the	DET
cblr-9112	81	34	mails	mail	NOUN
cblr-9112	81	35	,	,	PUNCT
cblr-9112	81	36	and	and	CCONJ
cblr-9112	81	37	to	to	PART
cblr-9112	81	38	prevent	prevent	VERB
cblr-9112	81	39	frauds	fraud	NOUN
cblr-9112	81	40	in	in	ADP
cblr-9112	81	41	the	the	DET
cblr-9112	81	42	sale	sale	NOUN
cblr-9112	81	43	thereof	thereof	ADV
cblr-9112	81	44	,	,	PUNCT
cblr-9112	81	45	and	and	CCONJ
cblr-9112	81	46	for	for	ADP
cblr-9112	81	47	other	other	ADJ
cblr-9112	81	48	purposes	purpose	NOUN
cblr-9112	81	49	.	.	PUNCT
cblr-9112	81	50	”	"	PUNCT
cblr-9112	81	51	)	)	PUNCT
cblr-9112	81	52	;	;	PUNCT
cblr-9112	81	53	herman	herman	PROPN
cblr-9112	81	54	&	&	CCONJ
cblr-9112	81	55	maclean	maclean	PROPN
cblr-9112	81	56	v.	v.	PROPN
cblr-9112	81	57	huddleston	huddleston	PROPN
cblr-9112	81	58	,	,	PUNCT
cblr-9112	81	59	459	459	NUM
cblr-9112	81	60	u.s	u.s	PROPN
cblr-9112	81	61	.	.	PROPN
cblr-9112	81	62	375	375	NUM
cblr-9112	81	63	,	,	PUNCT
cblr-9112	81	64	383	383	NUM
cblr-9112	81	65	(	(	PUNCT
cblr-9112	81	66	1983	1983	NUM
cblr-9112	81	67	)	)	PUNCT
cblr-9112	81	68	(	(	PUNCT
cblr-9112	81	69	stating	state	VERB
cblr-9112	81	70	one	one	NUM
cblr-9112	81	71	of	of	ADP
cblr-9112	81	72	the	the	DET
cblr-9112	81	73	basic	basic	ADJ
cblr-9112	81	74	purposes	purpose	NOUN
cblr-9112	81	75	of	of	ADP
cblr-9112	81	76	the	the	DET
cblr-9112	81	77	securities	security	NOUN
cblr-9112	81	78	act	act	NOUN
cblr-9112	81	79	is	be	AUX
cblr-9112	81	80	“	"	PUNCT
cblr-9112	81	81	to	to	PART
cblr-9112	81	82	provide	provide	VERB
cblr-9112	81	83	greater	great	ADJ
cblr-9112	81	84	protection	protection	NOUN
cblr-9112	81	85	to	to	ADP
cblr-9112	81	86	purchasers	purchaser	NOUN
cblr-9112	81	87	of	of	ADP
cblr-9112	81	88	registered	registered	ADJ
cblr-9112	81	89	securities	security	NOUN
cblr-9112	81	90	”	"	PUNCT
cblr-9112	81	91	)	)	PUNCT
cblr-9112	81	92	;	;	PUNCT
cblr-9112	81	93	john	john	PROPN
cblr-9112	81	94	c.	c.	PROPN
cblr-9112	81	95	coffee	coffee	PROPN
cblr-9112	81	96	,	,	PUNCT
cblr-9112	81	97	jr	jr	PROPN
cblr-9112	81	98	.	.	PROPN
cblr-9112	81	99	,	,	PUNCT
cblr-9112	81	100	hillary	hillary	PROPN
cblr-9112	81	101	a.	a.	NOUN
cblr-9112	81	102	sale	sale	PROPN
cblr-9112	81	103	&	&	CCONJ
cblr-9112	81	104	charles	charles	PROPN
cblr-9112	81	105	k.	k.	PROPN
cblr-9112	81	106	whitehead	whitehead	PROPN
cblr-9112	81	107	,	,	PUNCT
cblr-9112	81	108	securities	security	NOUN
cblr-9112	81	109	regulation	regulation	NOUN
cblr-9112	81	110	:	:	PUNCT
cblr-9112	81	111	cases	case	NOUN
cblr-9112	81	112	and	and	CCONJ
cblr-9112	81	113	materials	material	NOUN
cblr-9112	81	114	93	93	NUM
cblr-9112	81	115	(	(	PUNCT
cblr-9112	81	116	14th	14th	NOUN
cblr-9112	81	117	ed	ed	NOUN
cblr-9112	81	118	.	.	PROPN
cblr-9112	81	119	2021	2021	NUM
cblr-9112	81	120	)	)	PUNCT
cblr-9112	81	121	(	(	PUNCT
cblr-9112	81	122	stating	state	VERB
cblr-9112	81	123	that	that	SCONJ
cblr-9112	81	124	the	the	DET
cblr-9112	81	125	basic	basic	ADJ
cblr-9112	81	126	objectives	objective	NOUN
cblr-9112	81	127	of	of	ADP
cblr-9112	81	128	the	the	DET
cblr-9112	81	129	securities	security	NOUN
cblr-9112	81	130	act	act	NOUN
cblr-9112	81	131	are	be	AUX
cblr-9112	81	132	“	"	PUNCT
cblr-9112	81	133	to	to	PART
cblr-9112	81	134	provide	provide	VERB
cblr-9112	81	135	investors	investor	NOUN
cblr-9112	81	136	with	with	ADP
cblr-9112	81	137	material	material	NOUN
cblr-9112	81	138	financial	financial	ADJ
cblr-9112	81	139	and	and	CCONJ
cblr-9112	81	140	other	other	ADJ
cblr-9112	81	141	information	information	NOUN
cblr-9112	81	142	concerning	concern	VERB
cblr-9112	81	143	new	new	ADJ
cblr-9112	81	144	issues	issue	NOUN
cblr-9112	81	145	of	of	ADP
cblr-9112	81	146	securities	security	NOUN
cblr-9112	81	147	offered	offer	VERB
cblr-9112	81	148	for	for	ADP
cblr-9112	81	149	sale	sale	NOUN
cblr-9112	81	150	to	to	ADP
cblr-9112	81	151	the	the	DET
cblr-9112	81	152	public	public	NOUN
cblr-9112	81	153	and	and	CCONJ
cblr-9112	81	154	[	[	X
cblr-9112	81	155	]	]	X
cblr-9112	81	156	to	to	PART
cblr-9112	81	157	prohibit	prohibit	VERB
cblr-9112	81	158	fraudulent	fraudulent	ADJ
cblr-9112	81	159	sales	sale	NOUN
cblr-9112	81	160	of	of	ADP
cblr-9112	81	161	securities	security	NOUN
cblr-9112	81	162	.	.	PUNCT
cblr-9112	81	163	”	"	PUNCT
cblr-9112	81	164	)	)	PUNCT
cblr-9112	81	165	.	.	PUNCT
cblr-9112	82	1	1402	1402	NUM
cblr-9112	82	2	columbia	columbia	PROPN
cblr-9112	82	3	business	business	NOUN
cblr-9112	82	4	law	law	PROPN
cblr-9112	82	5	review	review	NOUN
cblr-9112	82	6	[	[	X
cblr-9112	82	7	vol	vol	NOUN
cblr-9112	82	8	.	.	NOUN
cblr-9112	82	9	2021	2021	NUM
cblr-9112	82	10	dispersion	dispersion	NOUN
cblr-9112	82	11	of	of	ADP
cblr-9112	82	12	market	market	NOUN
cblr-9112	82	13	-	-	PUNCT
cblr-9112	82	14	adjusted	adjust	VERB
cblr-9112	82	15	returns	return	NOUN
cblr-9112	82	16	on	on	ADP
cblr-9112	82	17	publicly	publicly	ADV
cblr-9112	82	18	-	-	PUNCT
cblr-9112	82	19	traded	trade	VERB
cblr-9112	82	20	securities,16	securities,16	NOUN
cblr-9112	82	21	perhaps	perhaps	ADV
cblr-9112	82	22	due	due	ADP
cblr-9112	82	23	to	to	ADP
cblr-9112	82	24	the	the	DET
cblr-9112	82	25	increase	increase	NOUN
cblr-9112	82	26	in	in	ADP
cblr-9112	82	27	valuable	valuable	ADJ
cblr-9112	82	28	information	information	NOUN
cblr-9112	82	29	that	that	PRON
cblr-9112	82	30	became	become	VERB
cblr-9112	82	31	available	available	ADJ
cblr-9112	82	32	to	to	ADP
cblr-9112	82	33	investors.17	investors.17	PROPN
cblr-9112	82	34	likewise	likewise	ADV
cblr-9112	82	35	,	,	PUNCT
cblr-9112	82	36	following	follow	VERB
cblr-9112	82	37	adoption	adoption	NOUN
cblr-9112	82	38	of	of	ADP
cblr-9112	82	39	the	the	DET
cblr-9112	82	40	securities	security	NOUN
cblr-9112	82	41	act	act	PROPN
cblr-9112	82	42	,	,	PUNCT
cblr-9112	82	43	the	the	DET
cblr-9112	82	44	risk	risk	NOUN
cblr-9112	82	45	that	that	SCONJ
cblr-9112	82	46	issuers	issuer	NOUN
cblr-9112	82	47	would	would	AUX
cblr-9112	82	48	default	default	VERB
cblr-9112	82	49	declined	decline	VERB
cblr-9112	82	50	across	across	ADP
cblr-9112	82	51	the	the	DET
cblr-9112	82	52	entire	entire	ADJ
cblr-9112	82	53	spectrum	spectrum	NOUN
cblr-9112	82	54	of	of	ADP
cblr-9112	82	55	publiclyissued	publiclyissue	VERB
cblr-9112	82	56	bonds.18	bonds.18	PROPN
cblr-9112	82	57	although	although	SCONJ
cblr-9112	82	58	the	the	DET
cblr-9112	82	59	value	value	NOUN
cblr-9112	82	60	of	of	ADP
cblr-9112	82	61	mandatory	mandatory	ADJ
cblr-9112	82	62	disclosure	disclosure	NOUN
cblr-9112	82	63	has	have	AUX
cblr-9112	82	64	been	be	AUX
cblr-9112	82	65	debated,19	debated,19	PROPN
cblr-9112	82	66	it	it	PRON
cblr-9112	82	67	is	be	AUX
cblr-9112	82	68	generally	generally	ADV
cblr-9112	82	69	agreed	agree	VERB
cblr-9112	82	70	that	that	SCONJ
cblr-9112	82	71	the	the	DET
cblr-9112	82	72	original	original	ADJ
cblr-9112	82	73	effect	effect	NOUN
cblr-9112	82	74	of	of	ADP
cblr-9112	82	75	the	the	DET
cblr-9112	82	76	securities	security	NOUN
cblr-9112	82	77	act	act	NOUN
cblr-9112	82	78	was	be	AUX
cblr-9112	82	79	issue	issue	NOUN
cblr-9112	82	80	-	-	PUNCT
cblr-9112	82	81	specific	specific	ADJ
cblr-9112	82	82	,	,	PUNCT
cblr-9112	82	83	tied	tie	VERB
cblr-9112	82	84	to	to	ADP
cblr-9112	82	85	individual	individual	ADJ
cblr-9112	82	86	securities	security	NOUN
cblr-9112	82	87	and	and	CCONJ
cblr-9112	82	88	issuers.20	issuers.20	PRON
cblr-9112	82	89	my	my	PRON
cblr-9112	82	90	purpose	purpose	NOUN
cblr-9112	82	91	is	be	AUX
cblr-9112	82	92	not	not	PART
cblr-9112	82	93	to	to	PART
cblr-9112	82	94	revisit	revisit	VERB
cblr-9112	82	95	the	the	DET
cblr-9112	82	96	question	question	NOUN
cblr-9112	82	97	of	of	ADP
cblr-9112	82	98	mandatory	mandatory	ADJ
cblr-9112	82	99	disclosure.21	disclosure.21	PROPN
cblr-9112	82	100	rather	rather	ADV
cblr-9112	82	101	,	,	PUNCT
cblr-9112	82	102	it	it	PRON
cblr-9112	82	103	is	be	AUX
cblr-9112	82	104	to	to	PART
cblr-9112	82	105	highlight	highlight	VERB
cblr-9112	82	106	the	the	DET
cblr-9112	82	107	changes	change	NOUN
cblr-9112	82	108	,	,	PUNCT
cblr-9112	82	109	between	between	ADP
cblr-9112	82	110	16	16	NUM
cblr-9112	82	111	see	see	VERB
cblr-9112	82	112	simon	simon	PROPN
cblr-9112	82	113	,	,	PUNCT
cblr-9112	82	114	supra	supra	PROPN
cblr-9112	82	115	note	note	NOUN
cblr-9112	82	116	3	3	NUM
cblr-9112	82	117	,	,	PUNCT
cblr-9112	82	118	at	at	ADP
cblr-9112	82	119	308–10	308–10	NOUN
cblr-9112	82	120	(	(	PUNCT
cblr-9112	82	121	noting	note	VERB
cblr-9112	82	122	that	that	SCONJ
cblr-9112	82	123	,	,	PUNCT
cblr-9112	82	124	following	follow	VERB
cblr-9112	82	125	the	the	DET
cblr-9112	82	126	adoption	adoption	NOUN
cblr-9112	82	127	of	of	ADP
cblr-9112	82	128	the	the	DET
cblr-9112	82	129	securities	security	NOUN
cblr-9112	82	130	act	act	PROPN
cblr-9112	82	131	,	,	PUNCT
cblr-9112	82	132	“	"	PUNCT
cblr-9112	82	133	investors	investor	NOUN
cblr-9112	82	134	enjoyed	enjoy	VERB
cblr-9112	82	135	significantly	significantly	ADV
cblr-9112	82	136	less	less	ADJ
cblr-9112	82	137	exposure	exposure	NOUN
cblr-9112	82	138	to	to	ADP
cblr-9112	82	139	issue	issue	NOUN
cblr-9112	82	140	-	-	PUNCT
cblr-9112	82	141	specific	specific	ADJ
cblr-9112	82	142	risk	risk	NOUN
cblr-9112	82	143	”	"	PUNCT
cblr-9112	82	144	)	)	PUNCT
cblr-9112	82	145	;	;	PUNCT
cblr-9112	82	146	gregg	gregg	PROPN
cblr-9112	82	147	george	george	PROPN
cblr-9112	82	148	j.	j.	PROPN
cblr-9112	82	149	stigler	stigler	PROPN
cblr-9112	82	150	,	,	PUNCT
cblr-9112	82	151	public	public	ADJ
cblr-9112	82	152	regulation	regulation	NOUN
cblr-9112	82	153	of	of	ADP
cblr-9112	82	154	the	the	DET
cblr-9112	82	155	securities	security	NOUN
cblr-9112	82	156	markets	market	NOUN
cblr-9112	82	157	,	,	PUNCT
cblr-9112	82	158	37	37	NUM
cblr-9112	82	159	j.	j.	PROPN
cblr-9112	82	160	bus	bus	PROPN
cblr-9112	82	161	.	.	PUNCT
cblr-9112	83	1	117	117	NUM
cblr-9112	83	2	,	,	PUNCT
cblr-9112	83	3	122	122	NUM
cblr-9112	83	4	(	(	PUNCT
cblr-9112	83	5	1964	1964	NUM
cblr-9112	83	6	)	)	PUNCT
cblr-9112	83	7	(	(	PUNCT
cblr-9112	83	8	finding	find	VERB
cblr-9112	83	9	the	the	DET
cblr-9112	83	10	variance	variance	NOUN
cblr-9112	83	11	of	of	ADP
cblr-9112	83	12	price	price	NOUN
cblr-9112	83	13	ratios	ratio	NOUN
cblr-9112	83	14	to	to	PART
cblr-9112	83	15	be	be	AUX
cblr-9112	83	16	much	much	ADV
cblr-9112	83	17	larger	large	ADJ
cblr-9112	83	18	in	in	ADP
cblr-9112	83	19	the	the	DET
cblr-9112	83	20	1920s	1920s	NUM
cblr-9112	83	21	than	than	ADP
cblr-9112	83	22	the	the	DET
cblr-9112	83	23	1950s	1950s	NUM
cblr-9112	83	24	)	)	PUNCT
cblr-9112	83	25	.	.	PUNCT
cblr-9112	84	1	17	17	NUM
cblr-9112	84	2	see	see	VERB
cblr-9112	84	3	simon	simon	PROPN
cblr-9112	84	4	,	,	PUNCT
cblr-9112	84	5	supra	supra	PROPN
cblr-9112	84	6	note	note	NOUN
cblr-9112	84	7	3	3	NUM
cblr-9112	84	8	,	,	PUNCT
cblr-9112	84	9	at	at	ADP
cblr-9112	84	10	313	313	NUM
cblr-9112	84	11	(	(	PUNCT
cblr-9112	84	12	“	"	PUNCT
cblr-9112	84	13	reductions	reduction	NOUN
cblr-9112	84	14	in	in	ADP
cblr-9112	84	15	investor	investor	NOUN
cblr-9112	84	16	error	error	NOUN
cblr-9112	84	17	may	may	AUX
cblr-9112	84	18	be	be	AUX
cblr-9112	84	19	linked	link	VERB
cblr-9112	84	20	to	to	ADP
cblr-9112	84	21	post-[securities	post-[securitie	NOUN
cblr-9112	84	22	]	]	PUNCT
cblr-9112	84	23	act	act	NOUN
cblr-9112	84	24	improvements	improvement	NOUN
cblr-9112	84	25	in	in	ADP
cblr-9112	84	26	the	the	DET
cblr-9112	84	27	quantity	quantity	NOUN
cblr-9112	84	28	and	and	CCONJ
cblr-9112	84	29	quality	quality	NOUN
cblr-9112	84	30	of	of	ADP
cblr-9112	84	31	available	available	ADJ
cblr-9112	84	32	information	information	NOUN
cblr-9112	84	33	.	.	PUNCT
cblr-9112	84	34	”	"	PUNCT
cblr-9112	84	35	)	)	PUNCT
cblr-9112	84	36	.	.	PUNCT
cblr-9112	85	1	but	but	CCONJ
cblr-9112	85	2	see	see	VERB
cblr-9112	85	3	stigler	stigler	NOUN
cblr-9112	85	4	,	,	PUNCT
cblr-9112	85	5	supra	supra	PROPN
cblr-9112	85	6	note	note	NOUN
cblr-9112	85	7	16	16	NUM
cblr-9112	85	8	,	,	PUNCT
cblr-9112	85	9	at	at	ADP
cblr-9112	85	10	122	122	NUM
cblr-9112	85	11	(	(	PUNCT
cblr-9112	85	12	attributing	attribute	VERB
cblr-9112	85	13	the	the	DET
cblr-9112	85	14	decline	decline	NOUN
cblr-9112	85	15	in	in	ADP
cblr-9112	85	16	variance	variance	NOUN
cblr-9112	85	17	of	of	ADP
cblr-9112	85	18	price	price	NOUN
cblr-9112	85	19	ratios	ratio	NOUN
cblr-9112	85	20	between	between	ADP
cblr-9112	85	21	the	the	DET
cblr-9112	85	22	1920s	1920	NOUN
cblr-9112	85	23	and	and	CCONJ
cblr-9112	85	24	the	the	DET
cblr-9112	85	25	1950s	1950	NOUN
cblr-9112	85	26	to	to	ADP
cblr-9112	85	27	the	the	DET
cblr-9112	85	28	“	"	PUNCT
cblr-9112	85	29	exclu[sion	exclu[sion	NOUN
cblr-9112	85	30	of	of	ADP
cblr-9112	85	31	]	]	PUNCT
cblr-9112	85	32	new	new	ADJ
cblr-9112	85	33	companies	company	NOUN
cblr-9112	85	34	”	"	PUNCT
cblr-9112	85	35	)	)	PUNCT
cblr-9112	85	36	.	.	PUNCT
cblr-9112	86	1	18	18	NUM
cblr-9112	86	2	see	see	VERB
cblr-9112	86	3	gregg	gregg	PROPN
cblr-9112	86	4	a.	a.	PROPN
cblr-9112	86	5	jarrell	jarrell	PROPN
cblr-9112	86	6	,	,	PUNCT
cblr-9112	86	7	the	the	DET
cblr-9112	86	8	economic	economic	ADJ
cblr-9112	86	9	effects	effect	NOUN
cblr-9112	86	10	of	of	ADP
cblr-9112	86	11	federal	federal	ADJ
cblr-9112	86	12	regulation	regulation	NOUN
cblr-9112	86	13	of	of	ADP
cblr-9112	86	14	the	the	DET
cblr-9112	86	15	market	market	NOUN
cblr-9112	86	16	for	for	ADP
cblr-9112	86	17	new	new	ADJ
cblr-9112	86	18	security	security	NOUN
cblr-9112	86	19	issues	issue	NOUN
cblr-9112	86	20	,	,	PUNCT
cblr-9112	86	21	24	24	NUM
cblr-9112	86	22	j.	j.	PROPN
cblr-9112	86	23	l.	l.	PROPN
cblr-9112	86	24	&	&	CCONJ
cblr-9112	86	25	econ	econ	PROPN
cblr-9112	86	26	.	.	PUNCT
cblr-9112	87	1	613	613	NUM
cblr-9112	87	2	,	,	PUNCT
cblr-9112	87	3	658	658	NUM
cblr-9112	87	4	(	(	PUNCT
cblr-9112	87	5	1981	1981	NUM
cblr-9112	87	6	)	)	PUNCT
cblr-9112	87	7	(	(	PUNCT
cblr-9112	87	8	finding	find	VERB
cblr-9112	87	9	that	that	SCONJ
cblr-9112	87	10	“	"	PUNCT
cblr-9112	87	11	bonds	bond	NOUN
cblr-9112	87	12	issued	issue	VERB
cblr-9112	87	13	after	after	ADP
cblr-9112	87	14	1934	1934	NUM
cblr-9112	87	15	and	and	CCONJ
cblr-9112	87	16	registered	register	VERB
cblr-9112	87	17	with	with	ADP
cblr-9112	87	18	the	the	DET
cblr-9112	87	19	sec	sec	PROPN
cblr-9112	87	20	had	have	VERB
cblr-9112	87	21	lower	low	ADJ
cblr-9112	87	22	default	default	NOUN
cblr-9112	87	23	rates	rate	NOUN
cblr-9112	87	24	and	and	CCONJ
cblr-9112	87	25	lower	low	ADJ
cblr-9112	87	26	default	default	NOUN
cblr-9112	87	27	-	-	PUNCT
cblr-9112	87	28	risk	risk	NOUN
cblr-9112	87	29	premia	premia	NOUN
cblr-9112	87	30	than	than	ADP
cblr-9112	87	31	their	their	PRON
cblr-9112	87	32	pre	pre	ADJ
cblr-9112	87	33	-	-	ADJ
cblr-9112	87	34	sec	sec	ADJ
cblr-9112	87	35	counterparts	counterpart	NOUN
cblr-9112	87	36	,	,	PUNCT
cblr-9112	87	37	after	after	ADP
cblr-9112	87	38	accounting	account	VERB
cblr-9112	87	39	for	for	ADP
cblr-9112	87	40	.	.	PUNCT
cblr-9112	87	41	.	.	PUNCT
cblr-9112	87	42	.	.	PUNCT
cblr-9112	88	1	market	market	NOUN
cblr-9112	88	2	variance	variance	NOUN
cblr-9112	88	3	.	.	PUNCT
cblr-9112	88	4	”	"	PUNCT
cblr-9112	88	5	)	)	PUNCT
cblr-9112	88	6	.	.	PUNCT
cblr-9112	89	1	19	19	NUM
cblr-9112	89	2	see	see	VERB
cblr-9112	89	3	,	,	PUNCT
cblr-9112	89	4	e.g.	e.g.	ADV
cblr-9112	89	5	,	,	PUNCT
cblr-9112	89	6	merritt	merritt	PROPN
cblr-9112	89	7	b.	b.	PROPN
cblr-9112	89	8	fox	fox	PROPN
cblr-9112	89	9	,	,	PUNCT
cblr-9112	89	10	retaining	retain	VERB
cblr-9112	89	11	mandatory	mandatory	ADJ
cblr-9112	89	12	securities	security	NOUN
cblr-9112	89	13	disclosure	disclosure	NOUN
cblr-9112	89	14	:	:	PUNCT
cblr-9112	89	15	why	why	SCONJ
cblr-9112	89	16	issuer	issuer	ADJ
cblr-9112	89	17	choice	choice	NOUN
cblr-9112	89	18	is	be	AUX
cblr-9112	89	19	not	not	PART
cblr-9112	89	20	investor	investor	NOUN
cblr-9112	89	21	empowerment	empowerment	NOUN
cblr-9112	89	22	,	,	PUNCT
cblr-9112	89	23	85	85	NUM
cblr-9112	89	24	va	va	NOUN
cblr-9112	89	25	.	.	PUNCT
cblr-9112	90	1	l.	l.	PROPN
cblr-9112	90	2	rev	rev	PROPN
cblr-9112	90	3	.	.	PROPN
cblr-9112	90	4	1335	1335	NUM
cblr-9112	90	5	,	,	PUNCT
cblr-9112	90	6	1418	1418	NUM
cblr-9112	90	7	(	(	PUNCT
cblr-9112	90	8	1999	1999	NUM
cblr-9112	90	9	)	)	PUNCT
cblr-9112	90	10	(	(	PUNCT
cblr-9112	90	11	arguing	argue	VERB
cblr-9112	90	12	that	that	SCONJ
cblr-9112	90	13	a	a	DET
cblr-9112	90	14	mandatory	mandatory	ADJ
cblr-9112	90	15	disclosure	disclosure	NOUN
cblr-9112	90	16	regime	regime	NOUN
cblr-9112	90	17	is	be	AUX
cblr-9112	90	18	“	"	PUNCT
cblr-9112	90	19	the	the	DET
cblr-9112	90	20	best	good	ADJ
cblr-9112	90	21	approach	approach	NOUN
cblr-9112	90	22	for	for	ADP
cblr-9112	90	23	getting	get	VERB
cblr-9112	90	24	issuers	issuer	NOUN
cblr-9112	90	25	to	to	PART
cblr-9112	90	26	disclose	disclose	VERB
cblr-9112	90	27	at	at	ADP
cblr-9112	90	28	the	the	DET
cblr-9112	90	29	socially	socially	ADV
cblr-9112	90	30	optimal	optimal	ADJ
cblr-9112	90	31	level	level	NOUN
cblr-9112	90	32	”	"	PUNCT
cblr-9112	90	33	)	)	PUNCT
cblr-9112	90	34	;	;	PUNCT
cblr-9112	90	35	roberta	roberta	PROPN
cblr-9112	90	36	romano	romano	PROPN
cblr-9112	90	37	,	,	PUNCT
cblr-9112	90	38	empowering	empower	VERB
cblr-9112	90	39	investors	investor	NOUN
cblr-9112	90	40	:	:	PUNCT
cblr-9112	90	41	a	a	DET
cblr-9112	90	42	market	market	NOUN
cblr-9112	90	43	approach	approach	NOUN
cblr-9112	90	44	to	to	ADP
cblr-9112	90	45	securities	security	NOUN
cblr-9112	90	46	regulation	regulation	NOUN
cblr-9112	90	47	,	,	PUNCT
cblr-9112	90	48	107	107	NUM
cblr-9112	90	49	yale	yale	PROPN
cblr-9112	90	50	l.j	l.j	PROPN
cblr-9112	90	51	.	.	PROPN
cblr-9112	90	52	2359	2359	NUM
cblr-9112	90	53	,	,	PUNCT
cblr-9112	90	54	2401	2401	NUM
cblr-9112	90	55	(	(	PUNCT
cblr-9112	90	56	1998	1998	NUM
cblr-9112	90	57	)	)	PUNCT
cblr-9112	90	58	(	(	PUNCT
cblr-9112	90	59	promoting	promote	VERB
cblr-9112	90	60	a	a	DET
cblr-9112	90	61	market	market	NOUN
cblr-9112	90	62	approach	approach	NOUN
cblr-9112	90	63	to	to	ADP
cblr-9112	90	64	securities	security	NOUN
cblr-9112	90	65	regulation	regulation	NOUN
cblr-9112	90	66	)	)	PUNCT
cblr-9112	90	67	;	;	PUNCT
cblr-9112	90	68	john	john	PROPN
cblr-9112	90	69	c.	c.	PROPN
cblr-9112	90	70	coffee	coffee	PROPN
cblr-9112	90	71	,	,	PUNCT
cblr-9112	90	72	jr	jr	PROPN
cblr-9112	90	73	.	.	PROPN
cblr-9112	90	74	,	,	PUNCT
cblr-9112	90	75	market	market	NOUN
cblr-9112	90	76	failure	failure	NOUN
cblr-9112	90	77	and	and	CCONJ
cblr-9112	90	78	the	the	DET
cblr-9112	90	79	economic	economic	ADJ
cblr-9112	90	80	case	case	NOUN
cblr-9112	90	81	for	for	ADP
cblr-9112	90	82	a	a	DET
cblr-9112	90	83	mandatory	mandatory	ADJ
cblr-9112	90	84	disclosure	disclosure	NOUN
cblr-9112	90	85	system	system	NOUN
cblr-9112	90	86	,	,	PUNCT
cblr-9112	90	87	70	70	NUM
cblr-9112	90	88	va	va	NOUN
cblr-9112	90	89	.	.	PUNCT
cblr-9112	91	1	l.	l.	PROPN
cblr-9112	91	2	rev	rev	PROPN
cblr-9112	91	3	.	.	PROPN
cblr-9112	91	4	717	717	NUM
cblr-9112	91	5	,	,	PUNCT
cblr-9112	91	6	721	721	NUM
cblr-9112	91	7	(	(	PUNCT
cblr-9112	91	8	1984	1984	NUM
cblr-9112	91	9	)	)	PUNCT
cblr-9112	91	10	(	(	PUNCT
cblr-9112	91	11	justifying	justify	VERB
cblr-9112	91	12	a	a	DET
cblr-9112	91	13	mandatory	mandatory	ADJ
cblr-9112	91	14	disclosure	disclosure	NOUN
cblr-9112	91	15	regime	regime	NOUN
cblr-9112	91	16	)	)	PUNCT
cblr-9112	91	17	.	.	PUNCT
cblr-9112	92	1	20	20	NUM
cblr-9112	92	2	see	see	VERB
cblr-9112	92	3	simon	simon	PROPN
cblr-9112	92	4	,	,	PUNCT
cblr-9112	92	5	supra	supra	PROPN
cblr-9112	92	6	note	note	NOUN
cblr-9112	92	7	3	3	NUM
cblr-9112	92	8	at	at	ADP
cblr-9112	92	9	310–11	310–11	NUM
cblr-9112	92	10	;	;	PUNCT
cblr-9112	92	11	see	see	VERB
cblr-9112	92	12	also	also	ADV
cblr-9112	92	13	romano	romano	VERB
cblr-9112	92	14	,	,	PUNCT
cblr-9112	92	15	supra	supra	PROPN
cblr-9112	92	16	note	note	PROPN
cblr-9112	92	17	19	19	NUM
cblr-9112	92	18	,	,	PUNCT
cblr-9112	92	19	at	at	ADP
cblr-9112	92	20	2377	2377	NUM
cblr-9112	92	21	;	;	PUNCT
cblr-9112	92	22	fox	fox	PROPN
cblr-9112	92	23	,	,	PUNCT
cblr-9112	92	24	supra	supra	PROPN
cblr-9112	92	25	note	note	PROPN
cblr-9112	92	26	19	19	NUM
cblr-9112	92	27	,	,	PUNCT
cblr-9112	92	28	at	at	ADP
cblr-9112	92	29	1379	1379	NUM
cblr-9112	92	30	n.108	n.108	NOUN
cblr-9112	92	31	(	(	PUNCT
cblr-9112	92	32	quoting	quote	VERB
cblr-9112	92	33	romano	romano	NOUN
cblr-9112	92	34	,	,	PUNCT
cblr-9112	92	35	supra	supra	PROPN
cblr-9112	92	36	note	note	PROPN
cblr-9112	92	37	19	19	NUM
cblr-9112	92	38	,	,	PUNCT
cblr-9112	92	39	at	at	ADP
cblr-9112	92	40	2377	2377	NUM
cblr-9112	92	41	)	)	PUNCT
cblr-9112	92	42	.	.	PUNCT
cblr-9112	93	1	21	21	NUM
cblr-9112	94	1	although	although	SCONJ
cblr-9112	94	2	this	this	DET
cblr-9112	94	3	article	article	NOUN
cblr-9112	94	4	argues	argue	VERB
cblr-9112	94	5	that	that	SCONJ
cblr-9112	94	6	the	the	DET
cblr-9112	94	7	securities	security	NOUN
cblr-9112	94	8	act	act	PROPN
cblr-9112	94	9	increasingly	increasingly	ADV
cblr-9112	94	10	has	have	AUX
cblr-9112	94	11	been	be	AUX
cblr-9112	94	12	eclipsed	eclipse	VERB
cblr-9112	94	13	by	by	ADP
cblr-9112	94	14	a	a	DET
cblr-9112	94	15	sea	sea	NOUN
cblr-9112	94	16	change	change	NOUN
cblr-9112	94	17	in	in	ADP
cblr-9112	94	18	investment	investment	NOUN
cblr-9112	94	19	decision	decision	NOUN
cblr-9112	94	20	making	making	NOUN
cblr-9112	94	21	since	since	SCONJ
cblr-9112	94	22	the	the	DET
cblr-9112	94	23	1930s	1930	NOUN
cblr-9112	94	24	,	,	PUNCT
cblr-9112	94	25	it	it	PRON
cblr-9112	94	26	does	do	AUX
cblr-9112	94	27	not	not	PART
cblr-9112	94	28	necessarily	necessarily	ADV
cblr-9112	94	29	follow	follow	VERB
cblr-9112	94	30	that	that	SCONJ
cblr-9112	94	31	mandatory	mandatory	ADJ
cblr-9112	94	32	disclosure	disclosure	NOUN
cblr-9112	94	33	does	do	AUX
cblr-9112	94	34	not	not	PART
cblr-9112	94	35	have	have	VERB
cblr-9112	94	36	real	real	ADJ
cblr-9112	94	37	social	social	ADJ
cblr-9112	94	38	benefits	benefit	NOUN
cblr-9112	94	39	.	.	PUNCT
cblr-9112	95	1	see	see	VERB
cblr-9112	95	2	fox	fox	PROPN
cblr-9112	95	3	,	,	PUNCT
cblr-9112	95	4	supra	supra	PROPN
cblr-9112	95	5	note	note	PROPN
cblr-9112	95	6	19	19	NUM
cblr-9112	95	7	,	,	PUNCT
cblr-9112	95	8	at	at	ADP
cblr-9112	95	9	1356–68	1356–68	NUM
cblr-9112	95	10	;	;	PUNCT
cblr-9112	95	11	coffee	coffee	NOUN
cblr-9112	95	12	,	,	PUNCT
cblr-9112	95	13	supra	supra	PROPN
cblr-9112	95	14	note	note	PROPN
cblr-9112	95	15	19	19	NUM
cblr-9112	95	16	,	,	PUNCT
cblr-9112	95	17	at	at	ADP
cblr-9112	95	18	722–23	722–23	PROPN
cblr-9112	95	19	.	.	PUNCT
cblr-9112	96	1	the	the	DET
cblr-9112	96	2	question	question	NOUN
cblr-9112	96	3	is	be	AUX
cblr-9112	96	4	whether	whether	SCONJ
cblr-9112	96	5	the	the	DET
cblr-9112	96	6	calculus	calculus	NOUN
cblr-9112	96	7	around	around	ADP
cblr-9112	96	8	those	those	DET
cblr-9112	96	9	no	no	NOUN
cblr-9112	96	10	.	.	PUNCT
cblr-9112	96	11	3:1396	3:1396	NUM
cblr-9112	96	12	]	]	PUNCT
cblr-9112	96	13	risky	risky	ADJ
cblr-9112	96	14	business	business	NOUN
cblr-9112	96	15	1403	1403	NUM
cblr-9112	96	16	1933	1933	NUM
cblr-9112	96	17	and	and	CCONJ
cblr-9112	96	18	today	today	NOUN
cblr-9112	96	19	,	,	PUNCT
cblr-9112	96	20	in	in	ADP
cblr-9112	96	21	how	how	SCONJ
cblr-9112	96	22	the	the	DET
cblr-9112	96	23	vast	vast	ADJ
cblr-9112	96	24	majority	majority	NOUN
cblr-9112	96	25	of	of	ADP
cblr-9112	96	26	investment	investment	NOUN
cblr-9112	96	27	decisions	decision	NOUN
cblr-9112	96	28	are	be	AUX
cblr-9112	96	29	made	make	VERB
cblr-9112	96	30	and	and	CCONJ
cblr-9112	96	31	the	the	DET
cblr-9112	96	32	effect	effect	NOUN
cblr-9112	96	33	of	of	ADP
cblr-9112	96	34	those	those	DET
cblr-9112	96	35	changes	change	NOUN
cblr-9112	96	36	on	on	ADP
cblr-9112	96	37	the	the	DET
cblr-9112	96	38	reach	reach	NOUN
cblr-9112	96	39	of	of	ADP
cblr-9112	96	40	the	the	DET
cblr-9112	96	41	securities	security	NOUN
cblr-9112	96	42	act	act	PROPN
cblr-9112	96	43	.	.	PUNCT
cblr-9112	97	1	since	since	SCONJ
cblr-9112	97	2	the	the	DET
cblr-9112	97	3	1930s	1930	NOUN
cblr-9112	97	4	,	,	PUNCT
cblr-9112	97	5	the	the	DET
cblr-9112	97	6	u.s	u.s	PROPN
cblr-9112	97	7	.	.	PROPN
cblr-9112	97	8	securities	security	NOUN
cblr-9112	97	9	markets	market	NOUN
cblr-9112	97	10	have	have	AUX
cblr-9112	97	11	shifted	shift	VERB
cblr-9112	97	12	from	from	ADP
cblr-9112	97	13	retail	retail	NOUN
cblr-9112	97	14	to	to	PART
cblr-9112	97	15	institutional.22	institutional.22	VERB
cblr-9112	97	16	notwithstanding	notwithstanding	ADP
cblr-9112	97	17	efforts	effort	NOUN
cblr-9112	97	18	to	to	PART
cblr-9112	97	19	democratize	democratize	VERB
cblr-9112	97	20	retail	retail	ADJ
cblr-9112	97	21	investing,23	investing,23	NOUN
cblr-9112	97	22	institutional	institutional	ADJ
cblr-9112	97	23	investors	investor	NOUN
cblr-9112	97	24	now	now	ADV
cblr-9112	97	25	account	account	VERB
cblr-9112	97	26	for	for	ADP
cblr-9112	97	27	approximately	approximately	ADV
cblr-9112	97	28	seventy	seventy	NUM
cblr-9112	97	29	percent	percent	NOUN
cblr-9112	97	30	of	of	ADP
cblr-9112	97	31	total	total	ADJ
cblr-9112	97	32	trading	trading	NOUN
cblr-9112	97	33	in	in	ADP
cblr-9112	97	34	today	today	NOUN
cblr-9112	97	35	’s	’s	PART
cblr-9112	97	36	u.s	u.s	PROPN
cblr-9112	97	37	.	.	PROPN
cblr-9112	97	38	stock	stock	PROPN
cblr-9112	97	39	market.24	market.24	PROPN
cblr-9112	97	40	over	over	ADP
cblr-9112	97	41	the	the	DET
cblr-9112	97	42	same	same	ADJ
cblr-9112	97	43	period	period	NOUN
cblr-9112	97	44	,	,	PUNCT
cblr-9112	97	45	a	a	DET
cblr-9112	97	46	similar	similar	ADJ
cblr-9112	97	47	shift	shift	NOUN
cblr-9112	97	48	toward	toward	ADP
cblr-9112	97	49	institutions	institution	NOUN
cblr-9112	97	50	has	have	VERB
cblr-9112	97	51	benefits	benefit	NOUN
cblr-9112	97	52	,	,	PUNCT
cblr-9112	97	53	in	in	ADP
cblr-9112	97	54	light	light	NOUN
cblr-9112	97	55	of	of	ADP
cblr-9112	97	56	the	the	DET
cblr-9112	97	57	costs	cost	NOUN
cblr-9112	97	58	of	of	ADP
cblr-9112	97	59	complying	comply	VERB
cblr-9112	97	60	with	with	ADP
cblr-9112	97	61	the	the	DET
cblr-9112	97	62	securities	security	NOUN
cblr-9112	97	63	laws	law	NOUN
cblr-9112	97	64	,	,	PUNCT
cblr-9112	97	65	has	have	AUX
cblr-9112	97	66	shifted	shift	VERB
cblr-9112	97	67	as	as	ADP
cblr-9112	97	68	a	a	DET
cblr-9112	97	69	result	result	NOUN
cblr-9112	97	70	of	of	ADP
cblr-9112	97	71	change	change	NOUN
cblr-9112	97	72	in	in	ADP
cblr-9112	97	73	the	the	DET
cblr-9112	97	74	capital	capital	NOUN
cblr-9112	97	75	markets	market	NOUN
cblr-9112	97	76	.	.	PUNCT
cblr-9112	98	1	see	see	VERB
cblr-9112	98	2	coffee	coffee	NOUN
cblr-9112	98	3	,	,	PUNCT
cblr-9112	98	4	supra	supra	PROPN
cblr-9112	98	5	note	note	PROPN
cblr-9112	98	6	19	19	NUM
cblr-9112	98	7	,	,	PUNCT
cblr-9112	98	8	at	at	ADP
cblr-9112	98	9	720	720	NUM
cblr-9112	98	10	n.12	n.12	NOUN
cblr-9112	98	11	(	(	PUNCT
cblr-9112	98	12	noting	note	VERB
cblr-9112	98	13	“	"	PUNCT
cblr-9112	98	14	the	the	DET
cblr-9112	98	15	probability	probability	NOUN
cblr-9112	98	16	that	that	SCONJ
cblr-9112	98	17	the	the	DET
cblr-9112	98	18	securities	security	NOUN
cblr-9112	98	19	markets	market	NOUN
cblr-9112	98	20	have	have	AUX
cblr-9112	98	21	changed	change	VERB
cblr-9112	98	22	dramatically	dramatically	ADV
cblr-9112	98	23	since	since	SCONJ
cblr-9112	98	24	the	the	DET
cblr-9112	98	25	1950	1950	NUM
cblr-9112	98	26	’s	’s	NOUN
cblr-9112	98	27	so	so	SCONJ
cblr-9112	98	28	as	as	SCONJ
cblr-9112	98	29	to	to	PART
cblr-9112	98	30	call	call	VERB
cblr-9112	98	31	into	into	ADP
cblr-9112	98	32	question	question	NOUN
cblr-9112	98	33	the	the	DET
cblr-9112	98	34	relevance	relevance	NOUN
cblr-9112	98	35	of	of	ADP
cblr-9112	98	36	any	any	DET
cblr-9112	98	37	prior	prior	ADJ
cblr-9112	98	38	conclusions	conclusion	NOUN
cblr-9112	98	39	about	about	ADP
cblr-9112	98	40	the	the	DET
cblr-9112	98	41	impact	impact	NOUN
cblr-9112	98	42	of	of	ADP
cblr-9112	98	43	the	the	DET
cblr-9112	98	44	[	[	NOUN
cblr-9112	98	45	securities	security	NOUN
cblr-9112	98	46	exchange	exchange	PROPN
cblr-9112	98	47	act	act	NOUN
cblr-9112	98	48	of	of	ADP
cblr-9112	98	49	1934	1934	NUM
cblr-9112	98	50	]	]	PUNCT
cblr-9112	98	51	.	.	PUNCT
cblr-9112	98	52	”	"	PUNCT
cblr-9112	98	53	)	)	PUNCT
cblr-9112	98	54	.	.	PUNCT
cblr-9112	99	1	that	that	DET
cblr-9112	99	2	calculus	calculus	NOUN
cblr-9112	99	3	should	should	AUX
cblr-9112	99	4	also	also	ADV
cblr-9112	99	5	take	take	VERB
cblr-9112	99	6	into	into	ADP
cblr-9112	99	7	account	account	NOUN
cblr-9112	99	8	the	the	DET
cblr-9112	99	9	value	value	NOUN
cblr-9112	99	10	of	of	ADP
cblr-9112	99	11	disclosure	disclosure	NOUN
cblr-9112	99	12	in	in	ADP
cblr-9112	99	13	calculating	calculate	VERB
cblr-9112	99	14	a	a	DET
cblr-9112	99	15	portfolio	portfolio	NOUN
cblr-9112	99	16	’s	’s	PART
cblr-9112	99	17	risk	risk	NOUN
cblr-9112	99	18	-	-	PUNCT
cblr-9112	99	19	adjusted	adjust	VERB
cblr-9112	99	20	performance	performance	NOUN
cblr-9112	99	21	.	.	PUNCT
cblr-9112	100	1	see	see	VERB
cblr-9112	100	2	infra	infra	NOUN
cblr-9112	100	3	notes	note	VERB
cblr-9112	100	4	155–157	155–157	NUM
cblr-9112	100	5	and	and	CCONJ
cblr-9112	100	6	accompanying	accompany	VERB
cblr-9112	100	7	text	text	NOUN
cblr-9112	100	8	.	.	PUNCT
cblr-9112	101	1	22	22	NUM
cblr-9112	101	2	see	see	VERB
cblr-9112	101	3	coffee	coffee	NOUN
cblr-9112	101	4	,	,	PUNCT
cblr-9112	101	5	sale	sale	NOUN
cblr-9112	101	6	&	&	CCONJ
cblr-9112	101	7	whitehead	whitehead	PROPN
cblr-9112	101	8	,	,	PUNCT
cblr-9112	101	9	supra	supra	PROPN
cblr-9112	101	10	note	note	PROPN
cblr-9112	101	11	15	15	NUM
cblr-9112	101	12	,	,	PUNCT
cblr-9112	101	13	at	at	ADP
cblr-9112	101	14	33	33	NUM
cblr-9112	101	15	(	(	PUNCT
cblr-9112	101	16	documenting	document	VERB
cblr-9112	101	17	the	the	DET
cblr-9112	101	18	rise	rise	NOUN
cblr-9112	101	19	of	of	ADP
cblr-9112	101	20	institutional	institutional	ADJ
cblr-9112	101	21	investors	investor	NOUN
cblr-9112	101	22	)	)	PUNCT
cblr-9112	101	23	.	.	PUNCT
cblr-9112	102	1	23	23	NUM
cblr-9112	102	2	see	see	VERB
cblr-9112	102	3	charlotte	charlotte	PROPN
cblr-9112	102	4	gifford	gifford	PROPN
cblr-9112	102	5	,	,	PUNCT
cblr-9112	102	6	democratising	democratise	VERB
cblr-9112	102	7	finance	finance	NOUN
cblr-9112	102	8	,	,	PUNCT
cblr-9112	102	9	world	world	NOUN
cblr-9112	102	10	fin	fin	NOUN
cblr-9112	102	11	.	.	PUNCT
cblr-9112	103	1	(	(	PUNCT
cblr-9112	103	2	jan	jan	PROPN
cblr-9112	103	3	.	.	PROPN
cblr-9112	103	4	25	25	NUM
cblr-9112	103	5	,	,	PUNCT
cblr-9112	103	6	2021	2021	NUM
cblr-9112	103	7	)	)	PUNCT
cblr-9112	103	8	,	,	PUNCT
cblr-9112	103	9	https://www.worldfinance.com/special-reports/take-from-the-richgive-to-the-poor	https://www.worldfinance.com/special-reports/take-from-the-richgive-to-the-poor	NOUN
cblr-9112	104	1	[	[	X
cblr-9112	104	2	https://perma.cc/2x2g-w5a4	https://perma.cc/2x2g-w5a4	X
cblr-9112	104	3	]	]	X
cblr-9112	104	4	(	(	PUNCT
cblr-9112	104	5	describing	describe	VERB
cblr-9112	104	6	the	the	DET
cblr-9112	104	7	robinhood	robinhood	PROPN
cblr-9112	104	8	platform	platform	PROPN
cblr-9112	104	9	and	and	CCONJ
cblr-9112	104	10	other	other	ADJ
cblr-9112	104	11	efforts	effort	NOUN
cblr-9112	104	12	to	to	PART
cblr-9112	104	13	“	"	PUNCT
cblr-9112	104	14	democratize	democratize	VERB
cblr-9112	104	15	”	"	PUNCT
cblr-9112	104	16	access	access	NOUN
cblr-9112	104	17	to	to	ADP
cblr-9112	104	18	the	the	DET
cblr-9112	104	19	capital	capital	NOUN
cblr-9112	104	20	markets	market	NOUN
cblr-9112	104	21	)	)	PUNCT
cblr-9112	104	22	;	;	PUNCT
cblr-9112	104	23	see	see	VERB
cblr-9112	104	24	also	also	ADV
cblr-9112	104	25	mary	mary	PROPN
cblr-9112	104	26	o’sullivan	o’sullivan	PROPN
cblr-9112	104	27	,	,	PUNCT
cblr-9112	104	28	the	the	DET
cblr-9112	104	29	expansion	expansion	NOUN
cblr-9112	104	30	of	of	ADP
cblr-9112	104	31	the	the	DET
cblr-9112	104	32	u.s	u.s	PROPN
cblr-9112	104	33	.	.	PROPN
cblr-9112	104	34	stock	stock	NOUN
cblr-9112	104	35	market	market	NOUN
cblr-9112	104	36	,	,	PUNCT
cblr-9112	104	37	18851930	18851930	NUM
cblr-9112	104	38	:	:	PUNCT
cblr-9112	104	39	historical	historical	ADJ
cblr-9112	104	40	facts	fact	NOUN
cblr-9112	104	41	and	and	CCONJ
cblr-9112	104	42	theoretical	theoretical	ADJ
cblr-9112	104	43	fashions	fashion	NOUN
cblr-9112	104	44	,	,	PUNCT
cblr-9112	104	45	8	8	NUM
cblr-9112	104	46	enter	enter	VERB
cblr-9112	104	47	.	.	PUNCT
cblr-9112	104	48	&	&	CCONJ
cblr-9112	104	49	soc	soc	PROPN
cblr-9112	104	50	.	.	PUNCT
cblr-9112	105	1	489	489	NUM
cblr-9112	105	2	,	,	PUNCT
cblr-9112	105	3	532	532	NUM
cblr-9112	105	4	–	–	PUNCT
cblr-9112	105	5	34	34	NUM
cblr-9112	105	6	(	(	PUNCT
cblr-9112	105	7	2007	2007	NUM
cblr-9112	105	8	)	)	PUNCT
cblr-9112	105	9	(	(	PUNCT
cblr-9112	105	10	describing	describe	VERB
cblr-9112	105	11	the	the	DET
cblr-9112	105	12	growth	growth	NOUN
cblr-9112	105	13	of	of	ADP
cblr-9112	105	14	retail	retail	ADJ
cblr-9112	105	15	investment	investment	NOUN
cblr-9112	105	16	into	into	ADP
cblr-9112	105	17	stocks	stock	NOUN
cblr-9112	105	18	in	in	ADP
cblr-9112	105	19	the	the	DET
cblr-9112	105	20	1920s	1920s	NUM
cblr-9112	105	21	)	)	PUNCT
cblr-9112	105	22	.	.	PUNCT
cblr-9112	106	1	24	24	NUM
cblr-9112	106	2	see	see	VERB
cblr-9112	106	3	coffee	coffee	NOUN
cblr-9112	106	4	,	,	PUNCT
cblr-9112	106	5	sale	sale	NOUN
cblr-9112	106	6	&	&	CCONJ
cblr-9112	106	7	whitehead	whitehead	PROPN
cblr-9112	106	8	,	,	PUNCT
cblr-9112	106	9	supra	supra	PROPN
cblr-9112	106	10	note	note	PROPN
cblr-9112	106	11	15	15	NUM
cblr-9112	106	12	,	,	PUNCT
cblr-9112	106	13	at	at	ADP
cblr-9112	106	14	33	33	NUM
cblr-9112	106	15	;	;	PUNCT
cblr-9112	106	16	finra	finra	NOUN
cblr-9112	106	17	staff	staff	NOUN
cblr-9112	106	18	,	,	PUNCT
cblr-9112	106	19	institutional	institutional	ADJ
cblr-9112	106	20	investors	investor	NOUN
cblr-9112	106	21	:	:	PUNCT
cblr-9112	106	22	get	get	VERB
cblr-9112	106	23	smart	smart	ADJ
cblr-9112	106	24	about	about	ADP
cblr-9112	106	25	the	the	DET
cblr-9112	106	26	“	"	PUNCT
cblr-9112	106	27	smart	smart	ADJ
cblr-9112	106	28	money	money	NOUN
cblr-9112	106	29	”	"	PUNCT
cblr-9112	106	30	,	,	PUNCT
cblr-9112	106	31	fin	fin	NOUN
cblr-9112	106	32	.	.	PUNCT
cblr-9112	106	33	indus	indus	PROPN
cblr-9112	106	34	.	.	PUNCT
cblr-9112	107	1	regul	regul	NOUN
cblr-9112	107	2	.	.	PUNCT
cblr-9112	108	1	auth	auth	PROPN
cblr-9112	108	2	.	.	PUNCT
cblr-9112	109	1	(	(	PUNCT
cblr-9112	109	2	dec	dec	PROPN
cblr-9112	109	3	.	.	PROPN
cblr-9112	109	4	2	2	NUM
cblr-9112	109	5	,	,	PUNCT
cblr-9112	109	6	2015	2015	NUM
cblr-9112	109	7	)	)	PUNCT
cblr-9112	109	8	,	,	PUNCT
cblr-9112	109	9	http://www.finra.org/investors/institutionalinvestors-get-smart-about-smart-money	http://www.finra.org/investors/institutionalinvestors-get-smart-about-smart-money	PROPN
cblr-9112	110	1	[	[	X
cblr-9112	110	2	https://perma.cc/up2z-5hhh	https://perma.cc/up2z-5hhh	X
cblr-9112	110	3	]	]	PUNCT
cblr-9112	110	4	.	.	PUNCT
cblr-9112	110	5	1404	1404	NUM
cblr-9112	110	6	columbia	columbia	PROPN
cblr-9112	110	7	business	business	NOUN
cblr-9112	110	8	law	law	PROPN
cblr-9112	110	9	review	review	NOUN
cblr-9112	110	10	[	[	X
cblr-9112	110	11	vol	vol	NOUN
cblr-9112	110	12	.	.	PUNCT
cblr-9112	110	13	2021	2021	NUM
cblr-9112	110	14	occurred	occur	VERB
cblr-9112	110	15	in	in	ADP
cblr-9112	110	16	the	the	DET
cblr-9112	110	17	bond	bond	NOUN
cblr-9112	110	18	market,25	market,25	NOUN
cblr-9112	110	19	notwithstanding	notwithstanding	ADP
cblr-9112	110	20	periodic	periodic	ADJ
cblr-9112	110	21	attempts	attempt	NOUN
cblr-9112	110	22	to	to	PART
cblr-9112	110	23	increase	increase	VERB
cblr-9112	110	24	retail	retail	ADJ
cblr-9112	110	25	activity.26	activity.26	NOUN
cblr-9112	110	26	as	as	ADP
cblr-9112	110	27	a	a	DET
cblr-9112	110	28	result	result	NOUN
cblr-9112	110	29	,	,	PUNCT
cblr-9112	110	30	institutional	institutional	ADJ
cblr-9112	110	31	investors	investor	NOUN
cblr-9112	110	32	execute	execute	VERB
cblr-9112	110	33	the	the	DET
cblr-9112	110	34	vast	vast	ADJ
cblr-9112	110	35	majority	majority	NOUN
cblr-9112	110	36	of	of	ADP
cblr-9112	110	37	today	today	NOUN
cblr-9112	110	38	’s	’s	PART
cblr-9112	110	39	securities	security	NOUN
cblr-9112	110	40	transactions	transaction	NOUN
cblr-9112	110	41	.	.	PUNCT
cblr-9112	111	1	mom	mom	NOUN
cblr-9112	111	2	and	and	CCONJ
cblr-9112	111	3	pop	pop	VERB
cblr-9112	111	4	participate	participate	VERB
cblr-9112	111	5	less	less	ADV
cblr-9112	111	6	directly	directly	ADV
cblr-9112	111	7	than	than	SCONJ
cblr-9112	111	8	they	they	PRON
cblr-9112	111	9	did	do	VERB
cblr-9112	111	10	fifty	fifty	NUM
cblr-9112	111	11	or	or	CCONJ
cblr-9112	111	12	more	more	ADJ
cblr-9112	111	13	years	year	NOUN
cblr-9112	111	14	ago	ago	ADV
cblr-9112	111	15	.	.	PUNCT
cblr-9112	112	1	moreover	moreover	ADV
cblr-9112	112	2	,	,	PUNCT
cblr-9112	112	3	institutions	institution	NOUN
cblr-9112	112	4	’	'	PUNCT
cblr-9112	112	5	techniques	technique	NOUN
cblr-9112	112	6	for	for	ADP
cblr-9112	112	7	investing	invest	VERB
cblr-9112	112	8	in	in	ADP
cblr-9112	112	9	securities	security	NOUN
cblr-9112	112	10	today	today	NOUN
cblr-9112	112	11	did	do	AUX
cblr-9112	112	12	not	not	PART
cblr-9112	112	13	exist	exist	VERB
cblr-9112	112	14	when	when	SCONJ
cblr-9112	112	15	the	the	DET
cblr-9112	112	16	securities	security	NOUN
cblr-9112	112	17	act	act	NOUN
cblr-9112	112	18	was	be	AUX
cblr-9112	112	19	adopted	adopt	VERB
cblr-9112	112	20	.	.	PUNCT
cblr-9112	113	1	first	first	ADV
cblr-9112	113	2	,	,	PUNCT
cblr-9112	113	3	the	the	DET
cblr-9112	113	4	management	management	NOUN
cblr-9112	113	5	of	of	ADP
cblr-9112	113	6	portfolio	portfolio	NOUN
cblr-9112	113	7	risk	risk	NOUN
cblr-9112	113	8	(	(	PUNCT
cblr-9112	113	9	rather	rather	ADV
cblr-9112	113	10	than	than	ADP
cblr-9112	113	11	the	the	DET
cblr-9112	113	12	individual	individual	ADJ
cblr-9112	113	13	risk	risk	NOUN
cblr-9112	113	14	of	of	ADP
cblr-9112	113	15	a	a	DET
cblr-9112	113	16	security	security	NOUN
cblr-9112	113	17	)	)	PUNCT
cblr-9112	113	18	developed	develop	VERB
cblr-9112	113	19	in	in	ADP
cblr-9112	113	20	the	the	DET
cblr-9112	113	21	1950s	1950	NOUN
cblr-9112	113	22	and	and	CCONJ
cblr-9112	113	23	1960s.27	1960s.27	NUM
cblr-9112	113	24	second	second	ADJ
cblr-9112	113	25	,	,	PUNCT
cblr-9112	113	26	significant	significant	ADJ
cblr-9112	113	27	growth	growth	NOUN
cblr-9112	113	28	in	in	ADP
cblr-9112	113	29	instruments	instrument	NOUN
cblr-9112	113	30	that	that	PRON
cblr-9112	113	31	permit	permit	VERB
cblr-9112	113	32	the	the	DET
cblr-9112	113	33	buying	buying	NOUN
cblr-9112	113	34	and	and	CCONJ
cblr-9112	113	35	selling	selling	NOUN
cblr-9112	113	36	of	of	ADP
cblr-9112	113	37	risk	risk	NOUN
cblr-9112	113	38	arose	arise	VERB
cblr-9112	113	39	in	in	ADP
cblr-9112	113	40	the	the	DET
cblr-9112	113	41	1970s.28	1970s.28	NUM
cblr-9112	113	42	and	and	CCONJ
cblr-9112	113	43	,	,	PUNCT
cblr-9112	113	44	third	third	ADJ
cblr-9112	113	45	,	,	PUNCT
cblr-9112	113	46	the	the	DET
cblr-9112	113	47	most	most	ADV
cblr-9112	113	48	common	common	ADJ
cblr-9112	113	49	method	method	NOUN
cblr-9112	113	50	of	of	ADP
cblr-9112	113	51	measuring	measure	VERB
cblr-9112	113	52	risk	risk	NOUN
cblr-9112	113	53	,	,	PUNCT
cblr-9112	113	54	known	know	VERB
cblr-9112	113	55	as	as	ADP
cblr-9112	113	56	value	value	NOUN
cblr-9112	113	57	-	-	PUNCT
cblr-9112	113	58	at	at	ADP
cblr-9112	113	59	-	-	PUNCT
cblr-9112	113	60	risk	risk	NOUN
cblr-9112	113	61	(	(	PUNCT
cblr-9112	113	62	var	var	NOUN
cblr-9112	113	63	)	)	PUNCT
cblr-9112	113	64	,	,	PUNCT
cblr-9112	113	65	became	become	VERB
cblr-9112	113	66	popular	popular	ADJ
cblr-9112	113	67	only	only	ADV
cblr-9112	113	68	in	in	ADP
cblr-9112	113	69	the	the	DET
cblr-9112	113	70	1990s.29	1990s.29	NUM
cblr-9112	113	71	consequently	consequently	ADV
cblr-9112	113	72	,	,	PUNCT
cblr-9112	113	73	an	an	DET
cblr-9112	113	74	25	25	NUM
cblr-9112	113	75	see	see	NOUN
cblr-9112	113	76	hendrick	hendrick	PROPN
cblr-9112	113	77	bessembinder	bessembinder	PROPN
cblr-9112	113	78	,	,	PUNCT
cblr-9112	113	79	chester	chester	PROPN
cblr-9112	113	80	spatt	spatt	PROPN
cblr-9112	113	81	&	&	CCONJ
cblr-9112	113	82	kumar	kumar	PROPN
cblr-9112	113	83	venkataraman	venkataraman	PROPN
cblr-9112	113	84	,	,	PUNCT
cblr-9112	113	85	a	a	DET
cblr-9112	113	86	survey	survey	NOUN
cblr-9112	113	87	of	of	ADP
cblr-9112	113	88	the	the	DET
cblr-9112	113	89	microstructure	microstructure	NOUN
cblr-9112	113	90	of	of	ADP
cblr-9112	113	91	fixed	fix	VERB
cblr-9112	113	92	-	-	PUNCT
cblr-9112	113	93	income	income	NOUN
cblr-9112	113	94	markets	market	NOUN
cblr-9112	113	95	,	,	PUNCT
cblr-9112	113	96	55	55	NUM
cblr-9112	113	97	j.	j.	PROPN
cblr-9112	113	98	fin	fin	PROPN
cblr-9112	113	99	.	.	PROPN
cblr-9112	113	100	&	&	CCONJ
cblr-9112	113	101	quant	quant	PROPN
cblr-9112	113	102	.	.	PUNCT
cblr-9112	114	1	anal	anal	ADJ
cblr-9112	114	2	.	.	PUNCT
cblr-9112	115	1	1	1	NUM
cblr-9112	115	2	,	,	PUNCT
cblr-9112	115	3	15	15	NUM
cblr-9112	115	4	(	(	PUNCT
cblr-9112	115	5	2020	2020	NUM
cblr-9112	115	6	)	)	PUNCT
cblr-9112	115	7	(	(	PUNCT
cblr-9112	115	8	“	"	PUNCT
cblr-9112	115	9	institutional	institutional	ADJ
cblr-9112	115	10	-	-	PUNCT
cblr-9112	115	11	sized	sized	ADJ
cblr-9112	115	12	trades	trade	NOUN
cblr-9112	115	13	(	(	PUNCT
cblr-9112	115	14	greater	great	ADJ
cblr-9112	115	15	than	than	ADP
cblr-9112	115	16	$	$	SYM
cblr-9112	115	17	1	1	NUM
cblr-9112	115	18	million	million	NUM
cblr-9112	115	19	)	)	PUNCT
cblr-9112	115	20	account	account	NOUN
cblr-9112	115	21	for	for	ADP
cblr-9112	115	22	most	most	ADJ
cblr-9112	115	23	of	of	ADP
cblr-9112	115	24	the	the	DET
cblr-9112	115	25	dollar	dollar	NOUN
cblr-9112	115	26	volume	volume	NOUN
cblr-9112	115	27	of	of	ADP
cblr-9112	115	28	trades	trade	NOUN
cblr-9112	115	29	,	,	PUNCT
cblr-9112	115	30	in	in	ADP
cblr-9112	115	31	particular	particular	ADJ
cblr-9112	115	32	,	,	PUNCT
cblr-9112	115	33	88	88	NUM
cblr-9112	115	34	%	%	NOUN
cblr-9112	115	35	of	of	ADP
cblr-9112	115	36	customer	customer	NOUN
cblr-9112	115	37	trading	trading	NOUN
cblr-9112	115	38	volume	volume	NOUN
cblr-9112	115	39	between	between	ADP
cblr-9112	115	40	2014	2014	NUM
cblr-9112	115	41	and	and	CCONJ
cblr-9112	115	42	2016	2016	NUM
cblr-9112	115	43	”	"	PUNCT
cblr-9112	115	44	and	and	CCONJ
cblr-9112	115	45	“	"	PUNCT
cblr-9112	115	46	[	[	PUNCT
cblr-9112	115	47	r]etail	r]etail	NOUN
cblr-9112	115	48	-	-	PUNCT
cblr-9112	115	49	size	size	NOUN
cblr-9112	115	50	trades	trade	NOUN
cblr-9112	115	51	(	(	PUNCT
cblr-9112	115	52	less	less	ADJ
cblr-9112	115	53	than	than	ADP
cblr-9112	115	54	$	$	SYM
cblr-9112	115	55	100,000	100,000	NUM
cblr-9112	115	56	)	)	PUNCT
cblr-9112	115	57	account	account	NOUN
cblr-9112	115	58	for	for	ADP
cblr-9112	115	59	between	between	ADP
cblr-9112	115	60	60	60	NUM
cblr-9112	115	61	%	%	NOUN
cblr-9112	115	62	and	and	CCONJ
cblr-9112	115	63	70	70	NUM
cblr-9112	115	64	%	%	NOUN
cblr-9112	115	65	of	of	ADP
cblr-9112	115	66	reported	report	VERB
cblr-9112	115	67	customer	customer	NOUN
cblr-9112	115	68	transactions	transaction	NOUN
cblr-9112	115	69	,	,	PUNCT
cblr-9112	115	70	but	but	CCONJ
cblr-9112	115	71	only	only	ADV
cblr-9112	115	72	2	2	NUM
cblr-9112	115	73	%	%	NOUN
cblr-9112	115	74	of	of	ADP
cblr-9112	115	75	customer	customer	NOUN
cblr-9112	115	76	trading	trading	NOUN
cblr-9112	115	77	volume	volume	NOUN
cblr-9112	115	78	during	during	ADP
cblr-9112	115	79	the	the	DET
cblr-9112	115	80	same	same	ADJ
cblr-9112	115	81	period	period	NOUN
cblr-9112	115	82	”	"	PUNCT
cblr-9112	115	83	)	)	PUNCT
cblr-9112	115	84	;	;	PUNCT
cblr-9112	115	85	bruno	bruno	PROPN
cblr-9112	115	86	biais	biais	PROPN
cblr-9112	115	87	&	&	CCONJ
cblr-9112	115	88	richard	richard	PROPN
cblr-9112	115	89	green	green	PROPN
cblr-9112	115	90	,	,	PUNCT
cblr-9112	115	91	the	the	DET
cblr-9112	115	92	microstructure	microstructure	NOUN
cblr-9112	115	93	of	of	ADP
cblr-9112	115	94	the	the	DET
cblr-9112	115	95	bond	bond	NOUN
cblr-9112	115	96	market	market	NOUN
cblr-9112	115	97	in	in	ADP
cblr-9112	115	98	the	the	DET
cblr-9112	115	99	20th	20th	ADJ
cblr-9112	115	100	century	century	NOUN
cblr-9112	115	101	,	,	PUNCT
cblr-9112	115	102	rev	rev	PROPN
cblr-9112	115	103	.	.	PROPN
cblr-9112	115	104	econ	econ	PROPN
cblr-9112	115	105	.	.	PUNCT
cblr-9112	116	1	dynamics	dynamic	NOUN
cblr-9112	116	2	,	,	PUNCT
cblr-9112	116	3	july	july	PROPN
cblr-9112	116	4	2019	2019	NUM
cblr-9112	116	5	,	,	PUNCT
cblr-9112	116	6	at	at	ADP
cblr-9112	116	7	250	250	NUM
cblr-9112	116	8	,	,	PUNCT
cblr-9112	116	9	260–61	260–61	NUM
cblr-9112	116	10	,	,	PUNCT
cblr-9112	116	11	263–64	263–64	PROPN
cblr-9112	116	12	(	(	PUNCT
cblr-9112	116	13	detailing	detail	VERB
cblr-9112	116	14	the	the	DET
cblr-9112	116	15	shift	shift	NOUN
cblr-9112	116	16	in	in	ADP
cblr-9112	116	17	bond	bond	NOUN
cblr-9112	116	18	trading	trading	NOUN
cblr-9112	116	19	toward	toward	ADP
cblr-9112	116	20	institutional	institutional	ADJ
cblr-9112	116	21	investors	investor	NOUN
cblr-9112	116	22	,	,	PUNCT
cblr-9112	116	23	beginning	begin	VERB
cblr-9112	116	24	in	in	ADP
cblr-9112	116	25	the	the	DET
cblr-9112	116	26	1920s	1920s	NUM
cblr-9112	116	27	)	)	PUNCT
cblr-9112	116	28	.	.	PUNCT
cblr-9112	117	1	26	26	NUM
cblr-9112	117	2	see	see	VERB
cblr-9112	117	3	,	,	PUNCT
cblr-9112	117	4	e.g.	e.g.	ADV
cblr-9112	117	5	,	,	PUNCT
cblr-9112	117	6	o’sullivan	o’sullivan	PROPN
cblr-9112	117	7	,	,	PUNCT
cblr-9112	117	8	supra	supra	PROPN
cblr-9112	117	9	note	note	NOUN
cblr-9112	117	10	23	23	NUM
cblr-9112	117	11	,	,	PUNCT
cblr-9112	117	12	at	at	ADP
cblr-9112	117	13	533	533	NUM
cblr-9112	117	14	(	(	PUNCT
cblr-9112	117	15	describing	describe	VERB
cblr-9112	117	16	u.s	u.s	PROPN
cblr-9112	117	17	.	.	PROPN
cblr-9112	117	18	government	government	NOUN
cblr-9112	117	19	bond	bond	NOUN
cblr-9112	117	20	drives	drive	NOUN
cblr-9112	117	21	during	during	ADP
cblr-9112	117	22	world	world	NOUN
cblr-9112	117	23	war	war	NOUN
cblr-9112	117	24	i	i	PROPN
cblr-9112	117	25	)	)	PUNCT
cblr-9112	117	26	.	.	PUNCT
cblr-9112	118	1	27	27	NUM
cblr-9112	118	2	see	see	VERB
cblr-9112	118	3	betty	betty	PROPN
cblr-9112	118	4	simkins	simkins	PROPN
cblr-9112	118	5	&	&	CCONJ
cblr-9112	118	6	steven	steven	PROPN
cblr-9112	118	7	a.	a.	PROPN
cblr-9112	118	8	ramirez	ramirez	PROPN
cblr-9112	118	9	,	,	PUNCT
cblr-9112	118	10	enterprise	enterprise	NOUN
cblr-9112	118	11	-	-	PUNCT
cblr-9112	118	12	wide	wide	ADJ
cblr-9112	118	13	risk	risk	NOUN
cblr-9112	118	14	management	management	NOUN
cblr-9112	118	15	and	and	CCONJ
cblr-9112	118	16	corporate	corporate	ADJ
cblr-9112	118	17	governance	governance	NOUN
cblr-9112	118	18	,	,	PUNCT
cblr-9112	118	19	39	39	NUM
cblr-9112	118	20	loy	loy	PROPN
cblr-9112	118	21	.	.	PUNCT
cblr-9112	119	1	u.	u.	PROPN
cblr-9112	119	2	chi	chi	PROPN
cblr-9112	119	3	.	.	PUNCT
cblr-9112	120	1	l.j	l.j	PROPN
cblr-9112	120	2	.	.	PROPN
cblr-9112	120	3	571	571	NUM
cblr-9112	120	4	,	,	PUNCT
cblr-9112	120	5	579	579	NUM
cblr-9112	120	6	(	(	PUNCT
cblr-9112	120	7	2008	2008	NUM
cblr-9112	120	8	)	)	PUNCT
cblr-9112	120	9	.	.	PUNCT
cblr-9112	121	1	28	28	NUM
cblr-9112	122	1	i	i	PRON
cblr-9112	122	2	d.	d.	PROPN
cblr-9112	122	3	at	at	ADP
cblr-9112	122	4	580	580	NUM
cblr-9112	122	5	.	.	PUNCT
cblr-9112	123	1	29	29	NUM
cblr-9112	123	2	see	see	VERB
cblr-9112	123	3	james	james	PROPN
cblr-9112	123	4	lam	lam	PROPN
cblr-9112	123	5	,	,	PUNCT
cblr-9112	123	6	enterprise	enterprise	NOUN
cblr-9112	123	7	risk	risk	NOUN
cblr-9112	123	8	management	management	NOUN
cblr-9112	123	9	:	:	PUNCT
cblr-9112	123	10	from	from	ADP
cblr-9112	123	11	incentives	incentive	NOUN
cblr-9112	123	12	to	to	PART
cblr-9112	123	13	controls	control	VERB
cblr-9112	123	14	127	127	NUM
cblr-9112	123	15	(	(	PUNCT
cblr-9112	123	16	2d	2d	NUM
cblr-9112	123	17	ed	ed	NOUN
cblr-9112	123	18	.	.	PROPN
cblr-9112	123	19	2014	2014	NUM
cblr-9112	123	20	)	)	PUNCT
cblr-9112	123	21	;	;	PUNCT
cblr-9112	123	22	although	although	SCONJ
cblr-9112	123	23	it	it	PRON
cblr-9112	123	24	is	be	AUX
cblr-9112	123	25	the	the	DET
cblr-9112	123	26	most	most	ADV
cblr-9112	123	27	common	common	ADJ
cblr-9112	123	28	,	,	PUNCT
cblr-9112	123	29	var	var	NOUN
cblr-9112	123	30	is	be	AUX
cblr-9112	123	31	not	not	PART
cblr-9112	123	32	the	the	DET
cblr-9112	123	33	only	only	ADJ
cblr-9112	123	34	risk	risk	NOUN
cblr-9112	123	35	measure	measure	NOUN
cblr-9112	123	36	that	that	SCONJ
cblr-9112	123	37	institutional	institutional	ADJ
cblr-9112	123	38	investors	investor	NOUN
cblr-9112	123	39	use	use	VERB
cblr-9112	123	40	.	.	PUNCT
cblr-9112	124	1	see	see	VERB
cblr-9112	124	2	charles	charles	PROPN
cblr-9112	124	3	k.	k.	PROPN
cblr-9112	124	4	whitehead	whitehead	PROPN
cblr-9112	124	5	,	,	PUNCT
cblr-9112	124	6	destructive	destructive	ADJ
cblr-9112	124	7	coordination	coordination	NOUN
cblr-9112	124	8	,	,	PUNCT
cblr-9112	124	9	96	96	NUM
cblr-9112	124	10	cornell	cornell	PROPN
cblr-9112	124	11	l.	l.	PROPN
cblr-9112	124	12	rev	rev	PROPN
cblr-9112	124	13	.	.	PROPN
cblr-9112	124	14	323	323	NUM
cblr-9112	124	15	,	,	PUNCT
cblr-9112	124	16	345	345	NUM
cblr-9112	124	17	(	(	PUNCT
cblr-9112	124	18	2011	2011	NUM
cblr-9112	124	19	)	)	PUNCT
cblr-9112	124	20	(	(	PUNCT
cblr-9112	124	21	noting	note	VERB
cblr-9112	124	22	that	that	SCONJ
cblr-9112	124	23	“	"	PUNCT
cblr-9112	124	24	[	[	X
cblr-9112	124	25	f]irms	f]irm	VERB
cblr-9112	124	26	.	.	PUNCT
cblr-9112	124	27	.	.	PUNCT
cblr-9112	124	28	.	.	PUNCT
cblr-9112	125	1	supplement	supplement	VERB
cblr-9112	125	2	var	var	NOUN
cblr-9112	125	3	with	with	ADP
cblr-9112	125	4	simulations	simulation	NOUN
cblr-9112	125	5	(	(	PUNCT
cblr-9112	125	6	‘	'	PUNCT
cblr-9112	125	7	stress	stress	NOUN
cblr-9112	125	8	tests	test	NOUN
cblr-9112	125	9	’	'	PUNCT
cblr-9112	125	10	)	)	PUNCT
cblr-9112	126	1	that	that	SCONJ
cblr-9112	126	2	,	,	PUNCT
cblr-9112	126	3	in	in	ADP
cblr-9112	126	4	theory	theory	NOUN
cblr-9112	126	5	,	,	PUNCT
cblr-9112	126	6	reflect	reflect	VERB
cblr-9112	126	7	a	a	DET
cblr-9112	126	8	portfolio	portfolio	NOUN
cblr-9112	126	9	’s	’s	PART
cblr-9112	126	10	individual	individual	ADJ
cblr-9112	126	11	risks	risk	NOUN
cblr-9112	126	12	.	.	PUNCT
cblr-9112	126	13	”	"	PUNCT
cblr-9112	126	14	)	)	PUNCT
cblr-9112	126	15	;	;	PUNCT
cblr-9112	126	16	arwin	arwin	ADJ
cblr-9112	126	17	g.	g.	NOUN
cblr-9112	126	18	zeissler	zeissler	PROPN
cblr-9112	126	19	&	&	CCONJ
cblr-9112	126	20	andrew	andrew	PROPN
cblr-9112	126	21	metrick	metrick	PROPN
cblr-9112	126	22	,	,	PUNCT
cblr-9112	126	23	jpmorgan	jpmorgan	PROPN
cblr-9112	126	24	chase	chase	PROPN
cblr-9112	126	25	london	london	PROPN
cblr-9112	126	26	whale	whale	NOUN
cblr-9112	126	27	c	c	NOUN
cblr-9112	126	28	:	:	PUNCT
cblr-9112	126	29	risk	risk	NOUN
cblr-9112	126	30	limits	limit	NOUN
cblr-9112	126	31	,	,	PUNCT
cblr-9112	126	32	metrics	metric	NOUN
cblr-9112	126	33	,	,	PUNCT
cblr-9112	126	34	and	and	CCONJ
cblr-9112	126	35	models	model	NOUN
cblr-9112	126	36	,	,	PUNCT
cblr-9112	126	37	1	1	NUM
cblr-9112	126	38	j.	j.	PROPN
cblr-9112	126	39	fin	fin	PROPN
cblr-9112	126	40	.	.	PUNCT
cblr-9112	127	1	crises	crisis	NOUN
cblr-9112	127	2	,	,	PUNCT
cblr-9112	127	3	iss	iss	PROPN
cblr-9112	127	4	.	.	PROPN
cblr-9112	127	5	2	2	NUM
cblr-9112	127	6	,	,	PUNCT
cblr-9112	127	7	2019	2019	NUM
cblr-9112	127	8	,	,	PUNCT
cblr-9112	127	9	at	at	ADP
cblr-9112	127	10	75	75	NUM
cblr-9112	127	11	,	,	PUNCT
cblr-9112	127	12	84–87	84–87	NUM
cblr-9112	127	13	(	(	PUNCT
cblr-9112	127	14	describing	describe	VERB
cblr-9112	127	15	other	other	ADJ
cblr-9112	127	16	risk	risk	NOUN
cblr-9112	127	17	measures	measure	NOUN
cblr-9112	127	18	adopted	adopt	VERB
cblr-9112	127	19	by	by	ADP
cblr-9112	127	20	jpmorgan	jpmorgan	PROPN
cblr-9112	127	21	chase	chase	PROPN
cblr-9112	127	22	)	)	PUNCT
cblr-9112	127	23	.	.	PUNCT
cblr-9112	128	1	more	more	ADV
cblr-9112	128	2	recently	recently	ADV
cblr-9112	128	3	,	,	PUNCT
cblr-9112	128	4	alternative	alternative	ADJ
cblr-9112	128	5	forms	form	NOUN
cblr-9112	128	6	of	of	ADP
cblr-9112	128	7	var	var	NOUN
cblr-9112	128	8	have	have	AUX
cblr-9112	128	9	been	be	AUX
cblr-9112	128	10	developed	develop	VERB
cblr-9112	128	11	to	to	PART
cblr-9112	128	12	address	address	VERB
cblr-9112	128	13	perceived	perceive	VERB
cblr-9112	128	14	shortcomings	shortcoming	NOUN
cblr-9112	128	15	with	with	ADP
cblr-9112	128	16	var	var	NOUN
cblr-9112	128	17	,	,	PUNCT
cblr-9112	128	18	such	such	ADJ
cblr-9112	128	19	as	as	ADP
cblr-9112	128	20	conditional	conditional	ADJ
cblr-9112	128	21	value	value	NOUN
cblr-9112	128	22	-	-	PUNCT
cblr-9112	128	23	at	at	ADP
cblr-9112	128	24	-	-	PUNCT
cblr-9112	128	25	risk	risk	NOUN
cblr-9112	128	26	(	(	PUNCT
cblr-9112	128	27	cvar	cvar	NOUN
cblr-9112	128	28	)	)	PUNCT
cblr-9112	128	29	.	.	PUNCT
cblr-9112	129	1	see	see	VERB
cblr-9112	129	2	r.	r.	PROPN
cblr-9112	129	3	tyrell	tyrell	PROPN
cblr-9112	129	4	rockafellar	rockafellar	PROPN
cblr-9112	129	5	&	&	CCONJ
cblr-9112	129	6	stanislav	stanislav	PROPN
cblr-9112	129	7	uryasev	uryasev	PROPN
cblr-9112	129	8	,	,	PUNCT
cblr-9112	129	9	optimization	optimization	NOUN
cblr-9112	129	10	of	of	ADP
cblr-9112	129	11	conditional	conditional	ADJ
cblr-9112	129	12	value	value	NOUN
cblr-9112	129	13	-	-	PUNCT
cblr-9112	129	14	at	at	ADP
cblr-9112	129	15	-	-	PUNCT
cblr-9112	129	16	risk	risk	NOUN
cblr-9112	129	17	,	,	PUNCT
cblr-9112	129	18	j.	j.	PROPN
cblr-9112	129	19	risk	risk	PROPN
cblr-9112	129	20	,	,	PUNCT
cblr-9112	129	21	spring	spring	NOUN
cblr-9112	129	22	,	,	PUNCT
cblr-9112	129	23	2020	2020	NUM
cblr-9112	129	24	,	,	PUNCT
cblr-9112	129	25	no	no	INTJ
cblr-9112	129	26	.	.	NOUN
cblr-9112	129	27	3:1396	3:1396	NUM
cblr-9112	129	28	]	]	PUNCT
cblr-9112	129	29	risky	risky	ADJ
cblr-9112	129	30	business	business	NOUN
cblr-9112	129	31	1405	1405	NUM
cblr-9112	129	32	institutional	institutional	ADJ
cblr-9112	129	33	investor	investor	NOUN
cblr-9112	129	34	today	today	NOUN
cblr-9112	129	35	is	be	AUX
cblr-9112	129	36	less	less	ADV
cblr-9112	129	37	focused	focused	ADJ
cblr-9112	129	38	on	on	ADP
cblr-9112	129	39	the	the	DET
cblr-9112	129	40	value	value	NOUN
cblr-9112	129	41	of	of	ADP
cblr-9112	129	42	individual	individual	ADJ
cblr-9112	129	43	securities	security	NOUN
cblr-9112	129	44	and	and	CCONJ
cblr-9112	129	45	more	more	ADV
cblr-9112	129	46	focused	focused	ADJ
cblr-9112	129	47	on	on	ADP
cblr-9112	129	48	the	the	DET
cblr-9112	129	49	effect	effect	NOUN
cblr-9112	129	50	of	of	ADP
cblr-9112	129	51	a	a	DET
cblr-9112	129	52	purchase	purchase	NOUN
cblr-9112	129	53	or	or	CCONJ
cblr-9112	129	54	sale	sale	NOUN
cblr-9112	129	55	on	on	ADP
cblr-9112	129	56	the	the	DET
cblr-9112	129	57	aggregate	aggregate	ADJ
cblr-9112	129	58	risk	risk	NOUN
cblr-9112	129	59	and	and	CCONJ
cblr-9112	129	60	returns	return	NOUN
cblr-9112	129	61	of	of	ADP
cblr-9112	129	62	its	its	PRON
cblr-9112	129	63	investment	investment	NOUN
cblr-9112	129	64	portfolio	portfolio	NOUN
cblr-9112	129	65	.	.	PUNCT
cblr-9112	130	1	as	as	ADV
cblr-9112	130	2	far	far	ADV
cblr-9112	130	3	as	as	SCONJ
cblr-9112	130	4	investment	investment	NOUN
cblr-9112	130	5	decisions	decision	NOUN
cblr-9112	130	6	go	go	VERB
cblr-9112	130	7	,	,	PUNCT
cblr-9112	130	8	managing	manage	VERB
cblr-9112	130	9	and	and	CCONJ
cblr-9112	130	10	transferring	transfer	VERB
cblr-9112	130	11	risk	risk	NOUN
cblr-9112	130	12	—	—	PUNCT
cblr-9112	130	13	as	as	SCONJ
cblr-9112	130	14	distinguished	distinguish	VERB
cblr-9112	130	15	from	from	ADP
cblr-9112	130	16	transferring	transfer	VERB
cblr-9112	130	17	a	a	DET
cblr-9112	130	18	security	security	NOUN
cblr-9112	130	19	—	—	PUNCT
cblr-9112	130	20	have	have	AUX
cblr-9112	130	21	become	become	VERB
cblr-9112	130	22	a	a	DET
cblr-9112	130	23	critical	critical	ADJ
cblr-9112	130	24	part	part	NOUN
cblr-9112	130	25	of	of	ADP
cblr-9112	130	26	what	what	PRON
cblr-9112	130	27	investors	investor	NOUN
cblr-9112	130	28	do	do	AUX
cblr-9112	130	29	.	.	PUNCT
cblr-9112	131	1	a.	a.	NOUN
cblr-9112	131	2	portfolio	portfolio	PROPN
cblr-9112	131	3	risk	risk	NOUN
cblr-9112	131	4	and	and	CCONJ
cblr-9112	131	5	diversification	diversification	NOUN
cblr-9112	131	6	institutional	institutional	ADJ
cblr-9112	131	7	investing	investing	NOUN
cblr-9112	131	8	is	be	AUX
cblr-9112	131	9	often	often	ADV
cblr-9112	131	10	categorized	categorize	VERB
cblr-9112	131	11	by	by	ADP
cblr-9112	131	12	the	the	DET
cblr-9112	131	13	types	type	NOUN
cblr-9112	131	14	of	of	ADP
cblr-9112	131	15	instruments	instrument	NOUN
cblr-9112	131	16	that	that	PRON
cblr-9112	131	17	are	be	AUX
cblr-9112	131	18	traded	trade	VERB
cblr-9112	131	19	,	,	PUNCT
cblr-9112	131	20	such	such	ADJ
cblr-9112	131	21	as	as	ADP
cblr-9112	131	22	equities	equity	NOUN
cblr-9112	131	23	(	(	PUNCT
cblr-9112	131	24	for	for	ADP
cblr-9112	131	25	stocks	stock	NOUN
cblr-9112	131	26	)	)	PUNCT
cblr-9112	131	27	,	,	PUNCT
cblr-9112	131	28	fixed	fix	VERB
cblr-9112	131	29	income	income	NOUN
cblr-9112	131	30	(	(	PUNCT
cblr-9112	131	31	for	for	ADP
cblr-9112	131	32	bonds	bond	NOUN
cblr-9112	131	33	)	)	PUNCT
cblr-9112	131	34	,	,	PUNCT
cblr-9112	131	35	and	and	CCONJ
cblr-9112	131	36	derivatives	derivative	NOUN
cblr-9112	131	37	(	(	PUNCT
cblr-9112	131	38	for	for	ADP
cblr-9112	131	39	financial	financial	ADJ
cblr-9112	131	40	products	product	NOUN
cblr-9112	131	41	whose	whose	DET
cblr-9112	131	42	value	value	NOUN
cblr-9112	131	43	is	be	AUX
cblr-9112	131	44	based	base	VERB
cblr-9112	131	45	on	on	ADP
cblr-9112	131	46	the	the	DET
cblr-9112	131	47	value	value	NOUN
cblr-9112	131	48	of	of	ADP
cblr-9112	131	49	an	an	DET
cblr-9112	131	50	underlying	underlie	VERB
cblr-9112	131	51	asset).30	asset).30	PROPN
cblr-9112	131	52	within	within	ADP
cblr-9112	131	53	each	each	DET
cblr-9112	131	54	category	category	NOUN
cblr-9112	131	55	,	,	PUNCT
cblr-9112	131	56	financial	financial	ADJ
cblr-9112	131	57	firms	firm	NOUN
cblr-9112	131	58	are	be	AUX
cblr-9112	131	59	likely	likely	ADJ
cblr-9112	131	60	to	to	PART
cblr-9112	131	61	have	have	VERB
cblr-9112	131	62	numerous	numerous	ADJ
cblr-9112	131	63	“	"	PUNCT
cblr-9112	131	64	trading	trading	NOUN
cblr-9112	131	65	desks	desk	NOUN
cblr-9112	131	66	”	"	PUNCT
cblr-9112	131	67	that	that	PRON
cblr-9112	131	68	buy	buy	VERB
cblr-9112	131	69	and	and	CCONJ
cblr-9112	131	70	sell	sell	VERB
cblr-9112	131	71	a	a	DET
cblr-9112	131	72	single	single	ADJ
cblr-9112	131	73	or	or	CCONJ
cblr-9112	131	74	multiple	multiple	ADJ
cblr-9112	131	75	related	related	ADJ
cblr-9112	131	76	types	type	NOUN
cblr-9112	131	77	of	of	ADP
cblr-9112	131	78	securities	security	NOUN
cblr-9112	131	79	,	,	PUNCT
cblr-9112	131	80	or	or	CCONJ
cblr-9112	131	81	adopt	adopt	VERB
cblr-9112	131	82	particular	particular	ADJ
cblr-9112	131	83	investment	investment	NOUN
cblr-9112	131	84	strategies.31	strategies.31	NOUN
cblr-9112	131	85	typically	typically	ADV
cblr-9112	131	86	,	,	PUNCT
cblr-9112	131	87	one	one	NUM
cblr-9112	131	88	or	or	CCONJ
cblr-9112	131	89	more	more	ADJ
cblr-9112	131	90	trading	trading	NOUN
cblr-9112	131	91	desks	desk	NOUN
cblr-9112	131	92	comprise	comprise	VERB
cblr-9112	131	93	a	a	DET
cblr-9112	131	94	trading	trading	NOUN
cblr-9112	131	95	unit	unit	NOUN
cblr-9112	131	96	(	(	PUNCT
cblr-9112	131	97	such	such	ADJ
cblr-9112	131	98	as	as	ADP
cblr-9112	131	99	equities	equity	NOUN
cblr-9112	131	100	or	or	CCONJ
cblr-9112	131	101	fixed	fix	VERB
cblr-9112	131	102	income	income	NOUN
cblr-9112	131	103	)	)	PUNCT
cblr-9112	131	104	,	,	PUNCT
cblr-9112	131	105	which	which	PRON
cblr-9112	131	106	forms	form	VERB
cblr-9112	131	107	part	part	NOUN
cblr-9112	131	108	of	of	ADP
cblr-9112	131	109	the	the	DET
cblr-9112	131	110	firm	firm	NOUN
cblr-9112	131	111	’s	’s	PART
cblr-9112	131	112	overall	overall	ADJ
cblr-9112	131	113	investment	investment	NOUN
cblr-9112	131	114	business.32	business.32	VERB
cblr-9112	131	115	a	a	DET
cblr-9112	131	116	common	common	ADJ
cblr-9112	131	117	misconception	misconception	NOUN
cblr-9112	131	118	is	be	AUX
cblr-9112	131	119	that	that	SCONJ
cblr-9112	131	120	institutions	institution	NOUN
cblr-9112	131	121	buy	buy	VERB
cblr-9112	131	122	and	and	CCONJ
cblr-9112	131	123	sell	sell	VERB
cblr-9112	131	124	securities	security	NOUN
cblr-9112	131	125	based	base	VERB
cblr-9112	131	126	on	on	ADP
cblr-9112	131	127	assessing	assess	VERB
cblr-9112	131	128	the	the	DET
cblr-9112	131	129	quality	quality	NOUN
cblr-9112	131	130	of	of	ADP
cblr-9112	131	131	each	each	DET
cblr-9112	131	132	security	security	NOUN
cblr-9112	131	133	and	and	CCONJ
cblr-9112	131	134	at	at	ADP
cblr-9112	131	135	21	21	NUM
cblr-9112	131	136	,	,	PUNCT
cblr-9112	131	137	21	21	NUM
cblr-9112	131	138	.	.	PUNCT
cblr-9112	132	1	as	as	SCONJ
cblr-9112	132	2	witnessed	witness	VERB
cblr-9112	132	3	in	in	ADP
cblr-9112	132	4	2008	2008	NUM
cblr-9112	132	5	,	,	PUNCT
cblr-9112	132	6	var	var	NOUN
cblr-9112	132	7	can	can	AUX
cblr-9112	132	8	be	be	AUX
cblr-9112	132	9	misleading	misleading	ADJ
cblr-9112	132	10	if	if	SCONJ
cblr-9112	132	11	it	it	PRON
cblr-9112	132	12	has	have	VERB
cblr-9112	132	13	a	a	DET
cblr-9112	132	14	fat	fat	ADJ
cblr-9112	132	15	tail	tail	NOUN
cblr-9112	132	16	in	in	ADP
cblr-9112	132	17	the	the	DET
cblr-9112	132	18	distribution	distribution	NOUN
cblr-9112	132	19	of	of	ADP
cblr-9112	132	20	expected	expect	VERB
cblr-9112	132	21	losses	loss	NOUN
cblr-9112	132	22	—	—	PUNCT
cblr-9112	132	23	that	that	ADV
cblr-9112	132	24	is	is	ADV
cblr-9112	132	25	,	,	PUNCT
cblr-9112	132	26	if	if	SCONJ
cblr-9112	132	27	the	the	DET
cblr-9112	132	28	largest	large	ADJ
cblr-9112	132	29	losses	loss	NOUN
cblr-9112	132	30	are	be	AUX
cblr-9112	132	31	much	much	ADV
cblr-9112	132	32	larger	large	ADJ
cblr-9112	132	33	than	than	ADP
cblr-9112	132	34	what	what	PRON
cblr-9112	132	35	a	a	DET
cblr-9112	132	36	normal	normal	ADJ
cblr-9112	132	37	distribution	distribution	NOUN
cblr-9112	132	38	would	would	AUX
cblr-9112	132	39	predict	predict	VERB
cblr-9112	132	40	.	.	PUNCT
cblr-9112	133	1	see	see	VERB
cblr-9112	133	2	tobias	tobias	PROPN
cblr-9112	133	3	adrian	adrian	PROPN
cblr-9112	133	4	&	&	CCONJ
cblr-9112	133	5	markus	markus	PROPN
cblr-9112	133	6	k.	k.	PROPN
cblr-9112	133	7	brunnermeier	brunnermeier	PROPN
cblr-9112	133	8	,	,	PUNCT
cblr-9112	133	9	covar	covar	NOUN
cblr-9112	133	10	,	,	PUNCT
cblr-9112	133	11	106	106	NUM
cblr-9112	133	12	am	am	NOUN
cblr-9112	133	13	.	.	PUNCT
cblr-9112	134	1	econ	econ	PROPN
cblr-9112	134	2	.	.	PUNCT
cblr-9112	135	1	rev	rev	PROPN
cblr-9112	135	2	.	.	PROPN
cblr-9112	135	3	1705	1705	NUM
cblr-9112	135	4	,	,	PUNCT
cblr-9112	135	5	1705	1705	NUM
cblr-9112	135	6	(	(	PUNCT
cblr-9112	135	7	2016	2016	NUM
cblr-9112	135	8	)	)	PUNCT
cblr-9112	135	9	.	.	PUNCT
cblr-9112	136	1	to	to	PART
cblr-9112	136	2	mitigate	mitigate	VERB
cblr-9112	136	3	that	that	DET
cblr-9112	136	4	problem	problem	NOUN
cblr-9112	136	5	,	,	PUNCT
cblr-9112	136	6	other	other	ADJ
cblr-9112	136	7	risk	risk	NOUN
cblr-9112	136	8	measures	measure	NOUN
cblr-9112	136	9	,	,	PUNCT
cblr-9112	136	10	such	such	ADJ
cblr-9112	136	11	as	as	ADP
cblr-9112	136	12	conditional	conditional	ADJ
cblr-9112	136	13	-	-	PUNCT
cblr-9112	136	14	valueat	valueat	NOUN
cblr-9112	136	15	-	-	PUNCT
cblr-9112	136	16	risk	risk	NOUN
cblr-9112	136	17	(	(	PUNCT
cblr-9112	136	18	covar	covar	NOUN
cblr-9112	136	19	)	)	PUNCT
cblr-9112	136	20	,	,	PUNCT
cblr-9112	136	21	were	be	AUX
cblr-9112	136	22	created	create	VERB
cblr-9112	136	23	to	to	PART
cblr-9112	136	24	focus	focus	VERB
cblr-9112	136	25	on	on	ADP
cblr-9112	136	26	tail	tail	NOUN
cblr-9112	136	27	risk	risk	NOUN
cblr-9112	136	28	.	.	PUNCT
cblr-9112	137	1	see	see	VERB
cblr-9112	137	2	anna	anna	PROPN
cblr-9112	137	3	chernobai	chernobai	PROPN
cblr-9112	137	4	,	,	PUNCT
cblr-9112	137	5	svetlozar	svetlozar	PROPN
cblr-9112	137	6	t.	t.	PROPN
cblr-9112	137	7	rachev	rachev	PROPN
cblr-9112	137	8	&	&	CCONJ
cblr-9112	137	9	frank	frank	PROPN
cblr-9112	137	10	j.	j.	PROPN
cblr-9112	137	11	fabozzi	fabozzi	PROPN
cblr-9112	137	12	in	in	ADP
cblr-9112	137	13	composite	composite	ADJ
cblr-9112	137	14	goodness	goodness	NOUN
cblr-9112	137	15	-	-	PUNCT
cblr-9112	137	16	of	of	ADP
cblr-9112	137	17	-	-	PUNCT
cblr-9112	137	18	fit	fit	ADJ
cblr-9112	137	19	tests	test	NOUN
cblr-9112	137	20	for	for	ADP
cblr-9112	137	21	left	left	ADV
cblr-9112	137	22	-	-	PUNCT
cblr-9112	137	23	truncated	truncate	VERB
cblr-9112	137	24	loss	loss	NOUN
cblr-9112	137	25	samples	sample	NOUN
cblr-9112	137	26	,	,	PUNCT
cblr-9112	137	27	in	in	ADP
cblr-9112	137	28	handbook	handbook	NOUN
cblr-9112	137	29	of	of	ADP
cblr-9112	137	30	financial	financial	ADJ
cblr-9112	137	31	econometrics	econometric	NOUN
cblr-9112	137	32	and	and	CCONJ
cblr-9112	137	33	statistics	statistic	NOUN
cblr-9112	137	34	576	576	NUM
cblr-9112	137	35	(	(	PUNCT
cblr-9112	137	36	cheng	cheng	PROPN
cblr-9112	137	37	-	-	PUNCT
cblr-9112	137	38	few	few	ADJ
cblr-9112	137	39	lee	lee	PROPN
cblr-9112	137	40	&	&	CCONJ
cblr-9112	137	41	john	john	PROPN
cblr-9112	137	42	c.	c.	PROPN
cblr-9112	137	43	lee	lee	PROPN
cblr-9112	137	44	eds	eds	PROPN
cblr-9112	137	45	.	.	PROPN
cblr-9112	137	46	,	,	PUNCT
cblr-9112	137	47	2015	2015	NUM
cblr-9112	137	48	)	)	PUNCT
cblr-9112	137	49	.	.	PUNCT
cblr-9112	138	1	the	the	DET
cblr-9112	138	2	analyses	analysis	NOUN
cblr-9112	138	3	in	in	ADP
cblr-9112	138	4	this	this	DET
cblr-9112	138	5	article	article	NOUN
cblr-9112	138	6	related	relate	VERB
cblr-9112	138	7	to	to	ADP
cblr-9112	138	8	var	var	VERB
cblr-9112	138	9	also	also	ADV
cblr-9112	138	10	apply	apply	VERB
cblr-9112	138	11	to	to	ADP
cblr-9112	138	12	cvar	cvar	NOUN
cblr-9112	138	13	,	,	PUNCT
cblr-9112	138	14	covar	covar	NOUN
cblr-9112	138	15	,	,	PUNCT
cblr-9112	138	16	and	and	CCONJ
cblr-9112	138	17	other	other	ADJ
cblr-9112	138	18	variations	variation	NOUN
cblr-9112	138	19	of	of	ADP
cblr-9112	138	20	var	var	NOUN
cblr-9112	138	21	that	that	PRON
cblr-9112	138	22	are	be	AUX
cblr-9112	138	23	used	use	VERB
cblr-9112	138	24	to	to	PART
cblr-9112	138	25	optimize	optimize	VERB
cblr-9112	138	26	investment	investment	NOUN
cblr-9112	138	27	portfolios	portfolio	NOUN
cblr-9112	138	28	.	.	PUNCT
cblr-9112	139	1	30	30	NUM
cblr-9112	139	2	see	see	VERB
cblr-9112	139	3	terri	terri	PROPN
cblr-9112	139	4	duhon	duhon	PROPN
cblr-9112	139	5	,	,	PUNCT
cblr-9112	139	6	how	how	SCONJ
cblr-9112	139	7	the	the	DET
cblr-9112	139	8	trading	trading	NOUN
cblr-9112	139	9	floor	floor	NOUN
cblr-9112	139	10	really	really	ADV
cblr-9112	139	11	works	work	VERB
cblr-9112	139	12	66	66	NUM
cblr-9112	139	13	(	(	PUNCT
cblr-9112	139	14	2012	2012	NUM
cblr-9112	139	15	)	)	PUNCT
cblr-9112	139	16	.	.	PUNCT
cblr-9112	140	1	31	31	NUM
cblr-9112	140	2	davis	davis	PROPN
cblr-9112	140	3	w.	w.	PROPN
cblr-9112	140	4	edwards	edwards	PROPN
cblr-9112	140	5	,	,	PUNCT
cblr-9112	140	6	risk	risk	NOUN
cblr-9112	140	7	management	management	NOUN
cblr-9112	140	8	in	in	ADP
cblr-9112	140	9	trading	trading	NOUN
cblr-9112	140	10	:	:	PUNCT
cblr-9112	140	11	techniques	technique	NOUN
cblr-9112	140	12	to	to	PART
cblr-9112	140	13	drive	drive	VERB
cblr-9112	140	14	profitability	profitability	NOUN
cblr-9112	140	15	of	of	ADP
cblr-9112	140	16	hedge	hedge	NOUN
cblr-9112	140	17	funds	fund	NOUN
cblr-9112	140	18	and	and	CCONJ
cblr-9112	140	19	trading	trading	NOUN
cblr-9112	140	20	desks	desk	NOUN
cblr-9112	140	21	2	2	NUM
cblr-9112	140	22	(	(	PUNCT
cblr-9112	140	23	2014	2014	NUM
cblr-9112	140	24	)	)	PUNCT
cblr-9112	140	25	.	.	PUNCT
cblr-9112	141	1	32	32	NUM
cblr-9112	141	2	see	see	VERB
cblr-9112	141	3	prohibitions	prohibition	NOUN
cblr-9112	141	4	and	and	CCONJ
cblr-9112	141	5	restrictions	restriction	NOUN
cblr-9112	141	6	on	on	ADP
cblr-9112	141	7	proprietary	proprietary	ADJ
cblr-9112	141	8	trading	trading	NOUN
cblr-9112	141	9	and	and	CCONJ
cblr-9112	141	10	certain	certain	ADJ
cblr-9112	141	11	interests	interest	NOUN
cblr-9112	141	12	in	in	ADP
cblr-9112	141	13	,	,	PUNCT
cblr-9112	141	14	and	and	CCONJ
cblr-9112	141	15	relationships	relationship	NOUN
cblr-9112	141	16	with	with	ADP
cblr-9112	141	17	,	,	PUNCT
cblr-9112	141	18	hedge	hedge	NOUN
cblr-9112	141	19	funds	fund	NOUN
cblr-9112	141	20	and	and	CCONJ
cblr-9112	141	21	private	private	ADJ
cblr-9112	141	22	equity	equity	NOUN
cblr-9112	141	23	funds	fund	NOUN
cblr-9112	141	24	,	,	PUNCT
cblr-9112	141	25	79	79	NUM
cblr-9112	141	26	fed	feed	VERB
cblr-9112	141	27	.	.	PUNCT
cblr-9112	142	1	reg	reg	PROPN
cblr-9112	142	2	.	.	PUNCT
cblr-9112	143	1	5536	5536	NUM
cblr-9112	143	2	,	,	PUNCT
cblr-9112	143	3	5590	5590	NUM
cblr-9112	143	4	(	(	PUNCT
cblr-9112	143	5	jan	jan	PROPN
cblr-9112	143	6	.	.	PROPN
cblr-9112	143	7	14	14	NUM
cblr-9112	143	8	,	,	PUNCT
cblr-9112	143	9	2014	2014	NUM
cblr-9112	143	10	)	)	PUNCT
cblr-9112	143	11	(	(	PUNCT
cblr-9112	143	12	to	to	PART
cblr-9112	143	13	be	be	AUX
cblr-9112	143	14	codified	codify	VERB
cblr-9112	143	15	at	at	ADP
cblr-9112	143	16	12	12	NUM
cblr-9112	143	17	c.f.r	c.f.r	NOUN
cblr-9112	143	18	.	.	PUNCT
cblr-9112	144	1	pts	pts	PROPN
cblr-9112	144	2	.	.	PROPN
cblr-9112	144	3	44	44	NUM
cblr-9112	144	4	,	,	PUNCT
cblr-9112	144	5	248	248	NUM
cblr-9112	144	6	,	,	PUNCT
cblr-9112	144	7	251	251	NUM
cblr-9112	144	8	,	,	PUNCT
cblr-9112	144	9	351	351	NUM
cblr-9112	144	10	and	and	CCONJ
cblr-9112	144	11	17	17	NUM
cblr-9112	144	12	c.f.r	c.f.r	NOUN
cblr-9112	144	13	.	.	PUNCT
cblr-9112	145	1	pt	pt	PROPN
cblr-9112	145	2	.	.	PROPN
cblr-9112	145	3	255	255	NUM
cblr-9112	145	4	)	)	PUNCT
cblr-9112	145	5	.	.	PUNCT
cblr-9112	146	1	1406	1406	NUM
cblr-9112	146	2	columbia	columbia	PROPN
cblr-9112	146	3	business	business	NOUN
cblr-9112	146	4	law	law	PROPN
cblr-9112	146	5	review	review	NOUN
cblr-9112	146	6	[	[	X
cblr-9112	146	7	vol	vol	NOUN
cblr-9112	146	8	.	.	PUNCT
cblr-9112	146	9	2021	2021	NUM
cblr-9112	146	10	issuer.33	issuer.33	ADJ
cblr-9112	146	11	within	within	ADP
cblr-9112	146	12	that	that	DET
cblr-9112	146	13	framing	framing	NOUN
cblr-9112	146	14	,	,	PUNCT
cblr-9112	146	15	an	an	DET
cblr-9112	146	16	investor	investor	NOUN
cblr-9112	146	17	may	may	AUX
cblr-9112	146	18	decide	decide	VERB
cblr-9112	146	19	that	that	DET
cblr-9112	146	20	company	company	NOUN
cblr-9112	146	21	a	a	DET
cblr-9112	146	22	’s	’s	ADJ
cblr-9112	146	23	stock	stock	NOUN
cblr-9112	146	24	is	be	AUX
cblr-9112	146	25	undervalued	undervalue	VERB
cblr-9112	146	26	,	,	PUNCT
cblr-9112	146	27	so	so	ADV
cblr-9112	146	28	she	she	PRON
cblr-9112	146	29	buys	buy	VERB
cblr-9112	146	30	more	more	ADJ
cblr-9112	146	31	of	of	ADP
cblr-9112	146	32	it	it	PRON
cblr-9112	146	33	,	,	PUNCT
cblr-9112	146	34	or	or	CCONJ
cblr-9112	146	35	she	she	PRON
cblr-9112	146	36	may	may	AUX
cblr-9112	146	37	decide	decide	VERB
cblr-9112	146	38	that	that	DET
cblr-9112	146	39	company	company	NOUN
cblr-9112	146	40	b	b	PROPN
cblr-9112	146	41	’s	’s	PART
cblr-9112	146	42	shares	share	NOUN
cblr-9112	146	43	are	be	AUX
cblr-9112	146	44	overpriced	overprice	VERB
cblr-9112	146	45	,	,	PUNCT
cblr-9112	146	46	so	so	ADV
cblr-9112	146	47	she	she	PRON
cblr-9112	146	48	sells	sell	VERB
cblr-9112	146	49	her	her	PRON
cblr-9112	146	50	holdings	holding	NOUN
cblr-9112	146	51	.	.	PUNCT
cblr-9112	147	1	yet	yet	ADV
cblr-9112	147	2	,	,	PUNCT
cblr-9112	147	3	without	without	ADP
cblr-9112	147	4	more	more	ADJ
cblr-9112	147	5	,	,	PUNCT
cblr-9112	147	6	that	that	SCONJ
cblr-9112	147	7	framing	framing	NOUN
cblr-9112	147	8	is	be	AUX
cblr-9112	147	9	deceptive	deceptive	ADJ
cblr-9112	147	10	.	.	PUNCT
cblr-9112	148	1	it	it	PRON
cblr-9112	148	2	is	be	AUX
cblr-9112	148	3	accurate	accurate	ADJ
cblr-9112	148	4	for	for	ADP
cblr-9112	148	5	mom	mom	NOUN
cblr-9112	148	6	and	and	CCONJ
cblr-9112	148	7	pop	pop	NOUN
cblr-9112	148	8	investors	investor	NOUN
cblr-9112	148	9	,	,	PUNCT
cblr-9112	148	10	and	and	CCONJ
cblr-9112	148	11	it	it	PRON
cblr-9112	148	12	describes	describe	VERB
cblr-9112	148	13	investing	invest	VERB
cblr-9112	148	14	in	in	ADP
cblr-9112	148	15	the	the	DET
cblr-9112	148	16	1930s	1930	NOUN
cblr-9112	148	17	,	,	PUNCT
cblr-9112	148	18	but	but	CCONJ
cblr-9112	148	19	it	it	PRON
cblr-9112	148	20	oversimplifies	oversimplify	VERB
cblr-9112	148	21	what	what	PRON
cblr-9112	148	22	institutions	institution	NOUN
cblr-9112	148	23	do	do	VERB
cblr-9112	148	24	today	today	NOUN
cblr-9112	148	25	.	.	PUNCT
cblr-9112	149	1	instead	instead	ADV
cblr-9112	149	2	,	,	PUNCT
cblr-9112	149	3	financial	financial	ADJ
cblr-9112	149	4	firms	firm	NOUN
cblr-9112	149	5	are	be	AUX
cblr-9112	149	6	more	more	ADV
cblr-9112	149	7	likely	likely	ADJ
cblr-9112	149	8	to	to	PART
cblr-9112	149	9	manage	manage	VERB
cblr-9112	149	10	(	(	PUNCT
cblr-9112	149	11	and	and	CCONJ
cblr-9112	149	12	restrict	restrict	VERB
cblr-9112	149	13	)	)	PUNCT
cblr-9112	149	14	trading	trading	NOUN
cblr-9112	149	15	activity	activity	NOUN
cblr-9112	149	16	based	base	VERB
cblr-9112	149	17	on	on	ADP
cblr-9112	149	18	the	the	DET
cblr-9112	149	19	aggregate	aggregate	ADJ
cblr-9112	149	20	risk	risk	NOUN
cblr-9112	149	21	of	of	ADP
cblr-9112	149	22	a	a	DET
cblr-9112	149	23	portfolio	portfolio	NOUN
cblr-9112	149	24	,	,	PUNCT
cblr-9112	149	25	trading	trading	NOUN
cblr-9112	149	26	desk	desk	NOUN
cblr-9112	149	27	,	,	PUNCT
cblr-9112	149	28	or	or	CCONJ
cblr-9112	149	29	trading	trading	NOUN
cblr-9112	149	30	unit	unit	NOUN
cblr-9112	149	31	,	,	PUNCT
cblr-9112	149	32	as	as	ADV
cblr-9112	149	33	well	well	ADV
cblr-9112	149	34	as	as	ADP
cblr-9112	149	35	at	at	ADP
cblr-9112	149	36	the	the	DET
cblr-9112	149	37	firm	firm	ADJ
cblr-9112	149	38	level.34	level.34	NOUN
cblr-9112	149	39	the	the	DET
cblr-9112	149	40	theoretical	theoretical	ADJ
cblr-9112	149	41	basis	basis	NOUN
cblr-9112	149	42	for	for	ADP
cblr-9112	149	43	this	this	DET
cblr-9112	149	44	approach	approach	NOUN
cblr-9112	149	45	originated	originate	VERB
cblr-9112	149	46	with	with	ADP
cblr-9112	149	47	harry	harry	PROPN
cblr-9112	149	48	markowitz	markowitz	PROPN
cblr-9112	149	49	,	,	PUNCT
cblr-9112	149	50	who	who	PRON
cblr-9112	149	51	received	receive	VERB
cblr-9112	149	52	the	the	DET
cblr-9112	149	53	nobel	nobel	PROPN
cblr-9112	149	54	prize	prize	PROPN
cblr-9112	149	55	in	in	ADP
cblr-9112	149	56	economics	economic	NOUN
cblr-9112	149	57	in	in	ADP
cblr-9112	149	58	1990	1990	NUM
cblr-9112	149	59	for	for	ADP
cblr-9112	149	60	demonstrating	demonstrate	VERB
cblr-9112	149	61	that	that	SCONJ
cblr-9112	149	62	the	the	DET
cblr-9112	149	63	idiosyncratic	idiosyncratic	ADJ
cblr-9112	149	64	risk	risk	NOUN
cblr-9112	149	65	of	of	ADP
cblr-9112	149	66	a	a	DET
cblr-9112	149	67	portfolio	portfolio	NOUN
cblr-9112	149	68	of	of	ADP
cblr-9112	149	69	securities	security	NOUN
cblr-9112	149	70	can	can	AUX
cblr-9112	149	71	be	be	AUX
cblr-9112	149	72	mitigated	mitigate	VERB
cblr-9112	149	73	if	if	SCONJ
cblr-9112	149	74	the	the	DET
cblr-9112	149	75	portfolio	portfolio	NOUN
cblr-9112	149	76	’s	’s	PART
cblr-9112	149	77	holdings	holding	NOUN
cblr-9112	149	78	are	be	AUX
cblr-9112	149	79	diversified	diversify	VERB
cblr-9112	149	80	across	across	ADP
cblr-9112	149	81	securities	security	NOUN
cblr-9112	149	82	whose	whose	DET
cblr-9112	149	83	correlations	correlation	NOUN
cblr-9112	149	84	are	be	AUX
cblr-9112	149	85	low.35	low.35	VERB
cblr-9112	149	86	in	in	ADP
cblr-9112	149	87	that	that	DET
cblr-9112	149	88	case	case	NOUN
cblr-9112	149	89	,	,	PUNCT
cblr-9112	149	90	individual	individual	ADJ
cblr-9112	149	91	variations	variation	NOUN
cblr-9112	149	92	in	in	ADP
cblr-9112	149	93	returns	return	NOUN
cblr-9112	149	94	from	from	ADP
cblr-9112	149	95	one	one	NUM
cblr-9112	149	96	security	security	NOUN
cblr-9112	149	97	will	will	AUX
cblr-9112	149	98	,	,	PUNCT
cblr-9112	149	99	as	as	ADV
cblr-9112	149	100	likely	likely	ADV
cblr-9112	149	101	as	as	ADP
cblr-9112	149	102	not	not	PART
cblr-9112	149	103	,	,	PUNCT
cblr-9112	149	104	be	be	AUX
cblr-9112	149	105	canceled	cancel	VERB
cblr-9112	149	106	by	by	ADP
cblr-9112	149	107	variations	variation	NOUN
cblr-9112	149	108	in	in	ADP
cblr-9112	149	109	the	the	DET
cblr-9112	149	110	returns	return	NOUN
cblr-9112	149	111	of	of	ADP
cblr-9112	149	112	other	other	ADJ
cblr-9112	149	113	securities.36	securities.36	NOUN
cblr-9112	149	114	the	the	DET
cblr-9112	149	115	benefits	benefit	NOUN
cblr-9112	149	116	of	of	ADP
cblr-9112	149	117	diversification	diversification	NOUN
cblr-9112	149	118	are	be	AUX
cblr-9112	149	119	the	the	DET
cblr-9112	149	120	crux	crux	NOUN
cblr-9112	149	121	of	of	ADP
cblr-9112	149	122	modern	modern	ADJ
cblr-9112	149	123	portfolio	portfolio	NOUN
cblr-9112	149	124	theory	theory	NOUN
cblr-9112	149	125	.	.	PUNCT
cblr-9112	150	1	markowitz	markowitz	PROPN
cblr-9112	150	2	’s	’s	PART
cblr-9112	150	3	breakthrough	breakthrough	NOUN
cblr-9112	150	4	laid	lay	VERB
cblr-9112	150	5	the	the	DET
cblr-9112	150	6	groundwork	groundwork	NOUN
cblr-9112	150	7	for	for	ADP
cblr-9112	150	8	fellow	fellow	ADJ
cblr-9112	150	9	nobel	nobel	PROPN
cblr-9112	150	10	prize	prize	PROPN
cblr-9112	150	11	winner	winner	PROPN
cblr-9112	150	12	william	william	PROPN
cblr-9112	150	13	sharpe	sharpe	PROPN
cblr-9112	150	14	,	,	PUNCT
cblr-9112	150	15	who	who	PRON
cblr-9112	150	16	is	be	AUX
cblr-9112	150	17	widely	widely	ADV
cblr-9112	150	18	known	know	VERB
cblr-9112	150	19	for	for	ADP
cblr-9112	150	20	the	the	DET
cblr-9112	150	21	capital	capital	NOUN
cblr-9112	150	22	asset	asset	NOUN
cblr-9112	150	23	pricing	pricing	NOUN
cblr-9112	150	24	model	model	NOUN
cblr-9112	150	25	(	(	PUNCT
cblr-9112	150	26	capm	capm	PROPN
cblr-9112	150	27	)	)	PUNCT
cblr-9112	150	28	of	of	ADP
cblr-9112	150	29	financial	financial	ADJ
cblr-9112	150	30	asset	asset	NOUN
cblr-9112	150	31	price	price	NOUN
cblr-9112	150	32	formation.37	formation.37	PROPN
cblr-9112	150	33	in	in	ADP
cblr-9112	150	34	application	application	NOUN
cblr-9112	150	35	,	,	PUNCT
cblr-9112	150	36	the	the	DET
cblr-9112	150	37	capm	capm	PROPN
cblr-9112	150	38	assists	assist	VERB
cblr-9112	150	39	investors	investor	NOUN
cblr-9112	150	40	in	in	ADP
cblr-9112	150	41	calculating	calculate	VERB
cblr-9112	150	42	portfolio	portfolio	NOUN
cblr-9112	150	43	risk	risk	NOUN
cblr-9112	150	44	and	and	CCONJ
cblr-9112	150	45	33	33	NUM
cblr-9112	150	46	see	see	VERB
cblr-9112	150	47	paul	paul	PROPN
cblr-9112	150	48	mladjenovic	mladjenovic	PROPN
cblr-9112	150	49	,	,	PUNCT
cblr-9112	150	50	stock	stock	NOUN
cblr-9112	150	51	investing	investing	NOUN
cblr-9112	150	52	for	for	ADP
cblr-9112	150	53	dummies	dummy	NOUN
cblr-9112	150	54	95	95	NUM
cblr-9112	150	55	(	(	PUNCT
cblr-9112	150	56	5th	5th	ADJ
cblr-9112	150	57	ed	ed	NOUN
cblr-9112	150	58	.	.	PROPN
cblr-9112	150	59	2016	2016	NUM
cblr-9112	150	60	)	)	PUNCT
cblr-9112	150	61	.	.	PUNCT
cblr-9112	151	1	34	34	NUM
cblr-9112	151	2	see	see	VERB
cblr-9112	151	3	lam	lam	PROPN
cblr-9112	151	4	,	,	PUNCT
cblr-9112	151	5	supra	supra	PROPN
cblr-9112	151	6	note	note	PROPN
cblr-9112	151	7	29	29	NUM
cblr-9112	151	8	,	,	PUNCT
cblr-9112	151	9	at	at	ADP
cblr-9112	151	10	51	51	NUM
cblr-9112	151	11	.	.	PUNCT
cblr-9112	152	1	managing	manage	VERB
cblr-9112	152	2	trading	trading	NOUN
cblr-9112	152	3	activity	activity	NOUN
cblr-9112	152	4	reflects	reflect	VERB
cblr-9112	152	5	the	the	DET
cblr-9112	152	6	agency	agency	NOUN
cblr-9112	152	7	problems	problem	NOUN
cblr-9112	152	8	that	that	SCONJ
cblr-9112	152	9	financial	financial	ADJ
cblr-9112	152	10	firms	firm	NOUN
cblr-9112	152	11	often	often	ADV
cblr-9112	152	12	face	face	VERB
cblr-9112	152	13	from	from	ADP
cblr-9112	152	14	traders	trader	NOUN
cblr-9112	152	15	(	(	PUNCT
cblr-9112	152	16	and	and	CCONJ
cblr-9112	152	17	their	their	PRON
cblr-9112	152	18	managers	manager	NOUN
cblr-9112	152	19	)	)	PUNCT
cblr-9112	152	20	who	who	PRON
cblr-9112	152	21	have	have	VERB
cblr-9112	152	22	personal	personal	ADJ
cblr-9112	152	23	incentives	incentive	NOUN
cblr-9112	152	24	to	to	PART
cblr-9112	152	25	maximize	maximize	VERB
cblr-9112	152	26	risk	risk	NOUN
cblr-9112	152	27	and	and	CCONJ
cblr-9112	152	28	realize	realize	VERB
cblr-9112	152	29	inflated	inflated	ADJ
cblr-9112	152	30	short	short	ADJ
cblr-9112	152	31	-	-	PUNCT
cblr-9112	152	32	term	term	NOUN
cblr-9112	152	33	gains	gain	NOUN
cblr-9112	152	34	potentially	potentially	ADV
cblr-9112	152	35	at	at	ADP
cblr-9112	152	36	the	the	DET
cblr-9112	152	37	cost	cost	NOUN
cblr-9112	152	38	of	of	ADP
cblr-9112	152	39	long	long	ADJ
cblr-9112	152	40	-	-	PUNCT
cblr-9112	152	41	term	term	NOUN
cblr-9112	152	42	losses	loss	NOUN
cblr-9112	152	43	incurred	incur	VERB
cblr-9112	152	44	by	by	ADP
cblr-9112	152	45	the	the	DET
cblr-9112	152	46	firm	firm	NOUN
cblr-9112	152	47	.	.	PUNCT
cblr-9112	153	1	see	see	VERB
cblr-9112	153	2	simone	simone	PROPN
cblr-9112	153	3	m.	m.	PROPN
cblr-9112	153	4	sepe	sepe	PROPN
cblr-9112	153	5	&	&	CCONJ
cblr-9112	153	6	charles	charles	PROPN
cblr-9112	153	7	k.	k.	PROPN
cblr-9112	153	8	whitehead	whitehead	PROPN
cblr-9112	153	9	,	,	PUNCT
cblr-9112	153	10	paying	pay	VERB
cblr-9112	153	11	for	for	ADP
cblr-9112	153	12	risk	risk	NOUN
cblr-9112	153	13	:	:	PUNCT
cblr-9112	153	14	bankers	banker	NOUN
cblr-9112	153	15	,	,	PUNCT
cblr-9112	153	16	compensation	compensation	NOUN
cblr-9112	153	17	,	,	PUNCT
cblr-9112	153	18	and	and	CCONJ
cblr-9112	153	19	competition	competition	NOUN
cblr-9112	153	20	,	,	PUNCT
cblr-9112	153	21	100	100	NUM
cblr-9112	153	22	cornell	cornell	PROPN
cblr-9112	153	23	l.	l.	PROPN
cblr-9112	153	24	rev	rev	PROPN
cblr-9112	153	25	.	.	PROPN
cblr-9112	153	26	655	655	NUM
cblr-9112	153	27	,	,	PUNCT
cblr-9112	153	28	659	659	NUM
cblr-9112	153	29	–	–	PUNCT
cblr-9112	153	30	60	60	NUM
cblr-9112	153	31	(	(	PUNCT
cblr-9112	153	32	2015	2015	NUM
cblr-9112	153	33	)	)	PUNCT
cblr-9112	153	34	.	.	PUNCT
cblr-9112	154	1	35	35	NUM
cblr-9112	154	2	see	see	VERB
cblr-9112	154	3	myles	myles	PROPN
cblr-9112	154	4	e.	e.	PROPN
cblr-9112	154	5	mangram	mangram	PROPN
cblr-9112	154	6	,	,	PUNCT
cblr-9112	154	7	a	a	DET
cblr-9112	154	8	simplified	simplified	ADJ
cblr-9112	154	9	perspective	perspective	NOUN
cblr-9112	154	10	of	of	ADP
cblr-9112	154	11	the	the	DET
cblr-9112	154	12	markowitz	markowitz	PROPN
cblr-9112	154	13	portfolio	portfolio	PROPN
cblr-9112	154	14	theory	theory	NOUN
cblr-9112	154	15	,	,	PUNCT
cblr-9112	154	16	7	7	NUM
cblr-9112	154	17	glob	glob	NOUN
cblr-9112	154	18	.	.	PUNCT
cblr-9112	155	1	j.	j.	PROPN
cblr-9112	155	2	bus	bus	PROPN
cblr-9112	155	3	.	.	PUNCT
cblr-9112	156	1	rsch	rsch	PROPN
cblr-9112	156	2	.	.	PUNCT
cblr-9112	156	3	,	,	PUNCT
cblr-9112	157	1	no	no	INTJ
cblr-9112	157	2	.	.	NOUN
cblr-9112	157	3	1	1	NUM
cblr-9112	157	4	,	,	PUNCT
cblr-9112	157	5	2013	2013	NUM
cblr-9112	157	6	,	,	PUNCT
cblr-9112	157	7	at	at	ADP
cblr-9112	157	8	59	59	NUM
cblr-9112	157	9	,	,	PUNCT
cblr-9112	157	10	59–60	59–60	PROPN
cblr-9112	157	11	.	.	PROPN
cblr-9112	157	12	36	36	NUM
cblr-9112	157	13	see	see	VERB
cblr-9112	157	14	harry	harry	PROPN
cblr-9112	157	15	markowitz	markowitz	PROPN
cblr-9112	157	16	,	,	PUNCT
cblr-9112	157	17	portfolio	portfolio	NOUN
cblr-9112	157	18	selection	selection	NOUN
cblr-9112	157	19	,	,	PUNCT
cblr-9112	157	20	7	7	NUM
cblr-9112	157	21	j.	j.	PROPN
cblr-9112	157	22	fin	fin	PROPN
cblr-9112	157	23	.	.	PUNCT
cblr-9112	158	1	77	77	NUM
cblr-9112	158	2	,	,	PUNCT
cblr-9112	158	3	89	89	NUM
cblr-9112	158	4	(	(	PUNCT
cblr-9112	158	5	1952	1952	NUM
cblr-9112	158	6	)	)	PUNCT
cblr-9112	158	7	.	.	PUNCT
cblr-9112	159	1	37	37	NUM
cblr-9112	159	2	eugene	eugene	PROPN
cblr-9112	159	3	f.	f.	PROPN
cblr-9112	159	4	fama	fama	PROPN
cblr-9112	159	5	&	&	CCONJ
cblr-9112	159	6	kenneth	kenneth	PROPN
cblr-9112	159	7	r.	r.	PROPN
cblr-9112	159	8	french	french	PROPN
cblr-9112	159	9	,	,	PUNCT
cblr-9112	159	10	the	the	DET
cblr-9112	159	11	capital	capital	NOUN
cblr-9112	159	12	asset	asset	NOUN
cblr-9112	159	13	pricing	pricing	NOUN
cblr-9112	159	14	model	model	NOUN
cblr-9112	159	15	:	:	PUNCT
cblr-9112	159	16	theory	theory	NOUN
cblr-9112	159	17	and	and	CCONJ
cblr-9112	159	18	evidence	evidence	NOUN
cblr-9112	159	19	,	,	PUNCT
cblr-9112	159	20	j.	j.	PROPN
cblr-9112	159	21	econ	econ	PROPN
cblr-9112	159	22	.	.	PUNCT
cblr-9112	159	23	perspectives	perspective	NOUN
cblr-9112	159	24	,	,	PUNCT
cblr-9112	159	25	summer	summer	NOUN
cblr-9112	159	26	,	,	PUNCT
cblr-9112	159	27	2004	2004	NUM
cblr-9112	159	28	,	,	PUNCT
cblr-9112	159	29	at	at	ADP
cblr-9112	159	30	25	25	NUM
cblr-9112	159	31	,	,	PUNCT
cblr-9112	159	32	26	26	NUM
cblr-9112	159	33	(	(	PUNCT
cblr-9112	159	34	2004	2004	NUM
cblr-9112	159	35	)	)	PUNCT
cblr-9112	159	36	.	.	PUNCT
cblr-9112	160	1	no	no	INTJ
cblr-9112	160	2	.	.	NOUN
cblr-9112	161	1	3:1396	3:1396	NUM
cblr-9112	161	2	]	]	PUNCT
cblr-9112	161	3	risky	risky	ADJ
cblr-9112	161	4	business	business	NOUN
cblr-9112	161	5	1407	1407	NUM
cblr-9112	161	6	the	the	DET
cblr-9112	161	7	investment	investment	NOUN
cblr-9112	161	8	returns	return	NOUN
cblr-9112	161	9	they	they	PRON
cblr-9112	161	10	should	should	AUX
cblr-9112	161	11	expect.38	expect.38	VERB
cblr-9112	161	12	under	under	ADP
cblr-9112	161	13	the	the	DET
cblr-9112	161	14	capm	capm	NOUN
cblr-9112	161	15	,	,	PUNCT
cblr-9112	161	16	idiosyncratic	idiosyncratic	ADJ
cblr-9112	161	17	risk	risk	NOUN
cblr-9112	161	18	is	be	AUX
cblr-9112	161	19	eliminated	eliminate	VERB
cblr-9112	161	20	through	through	ADP
cblr-9112	161	21	diversification,39	diversification,39	NOUN
cblr-9112	161	22	so	so	SCONJ
cblr-9112	161	23	it	it	PRON
cblr-9112	161	24	is	be	AUX
cblr-9112	161	25	of	of	ADP
cblr-9112	161	26	minimal	minimal	ADJ
cblr-9112	161	27	concern	concern	NOUN
cblr-9112	161	28	to	to	ADP
cblr-9112	161	29	investors	investor	NOUN
cblr-9112	161	30	whose	whose	DET
cblr-9112	161	31	portfolios	portfolio	NOUN
cblr-9112	161	32	are	be	AUX
cblr-9112	161	33	diversified	diversify	VERB
cblr-9112	161	34	and	and	CCONJ
cblr-9112	161	35	who	who	PRON
cblr-9112	161	36	are	be	AUX
cblr-9112	161	37	thus	thus	ADV
cblr-9112	161	38	not	not	PART
cblr-9112	161	39	compensated	compensate	VERB
cblr-9112	161	40	for	for	ADP
cblr-9112	161	41	bearing	bear	VERB
cblr-9112	161	42	such	such	ADJ
cblr-9112	161	43	risk	risk	NOUN
cblr-9112	161	44	.	.	PUNCT
cblr-9112	162	1	rather	rather	ADV
cblr-9112	162	2	,	,	PUNCT
cblr-9112	162	3	a	a	DET
cblr-9112	162	4	portfolio	portfolio	NOUN
cblr-9112	162	5	’s	’s	PART
cblr-9112	162	6	return	return	NOUN
cblr-9112	162	7	is	be	AUX
cblr-9112	162	8	calculated	calculate	VERB
cblr-9112	162	9	based	base	VERB
cblr-9112	162	10	on	on	ADP
cblr-9112	162	11	the	the	DET
cblr-9112	162	12	remaining	remain	VERB
cblr-9112	162	13	systematic	systematic	ADJ
cblr-9112	162	14	risk	risk	NOUN
cblr-9112	162	15	(	(	PUNCT
cblr-9112	162	16	“	"	PUNCT
cblr-9112	162	17	market	market	NOUN
cblr-9112	162	18	risk	risk	NOUN
cblr-9112	162	19	”	"	PUNCT
cblr-9112	162	20	or	or	CCONJ
cblr-9112	162	21	“	"	PUNCT
cblr-9112	162	22	beta	beta	NOUN
cblr-9112	162	23	”	"	PUNCT
cblr-9112	162	24	)	)	PUNCT
cblr-9112	162	25	that	that	SCONJ
cblr-9112	162	26	diversification	diversification	NOUN
cblr-9112	162	27	can	can	AUX
cblr-9112	162	28	not	not	PART
cblr-9112	162	29	mitigate.40	mitigate.40	VERB
cblr-9112	162	30	an	an	DET
cblr-9112	162	31	investor	investor	NOUN
cblr-9112	162	32	who	who	PRON
cblr-9112	162	33	invests	invest	VERB
cblr-9112	162	34	in	in	ADP
cblr-9112	162	35	only	only	ADV
cblr-9112	162	36	one	one	NUM
cblr-9112	162	37	stock	stock	NOUN
cblr-9112	162	38	is	be	AUX
cblr-9112	162	39	still	still	ADV
cblr-9112	162	40	exposed	expose	VERB
cblr-9112	162	41	to	to	ADP
cblr-9112	162	42	systematic	systematic	ADJ
cblr-9112	162	43	and	and	CCONJ
cblr-9112	162	44	idiosyncratic	idiosyncratic	ADJ
cblr-9112	162	45	risk	risk	NOUN
cblr-9112	162	46	.	.	PUNCT
cblr-9112	163	1	yet	yet	ADV
cblr-9112	163	2	,	,	PUNCT
cblr-9112	163	3	her	her	PRON
cblr-9112	163	4	expected	expect	VERB
cblr-9112	163	5	return	return	NOUN
cblr-9112	163	6	reflects	reflect	VERB
cblr-9112	163	7	only	only	ADV
cblr-9112	163	8	the	the	DET
cblr-9112	163	9	systematic	systematic	ADJ
cblr-9112	163	10	risk	risk	NOUN
cblr-9112	163	11	she	she	PRON
cblr-9112	163	12	bears	bear	VERB
cblr-9112	163	13	.	.	PUNCT
cblr-9112	164	1	consequently	consequently	ADV
cblr-9112	164	2	,	,	PUNCT
cblr-9112	164	3	an	an	DET
cblr-9112	164	4	institution	institution	NOUN
cblr-9112	164	5	’s	’s	PART
cblr-9112	164	6	investment	investment	NOUN
cblr-9112	164	7	decision	decision	NOUN
cblr-9112	164	8	typically	typically	ADV
cblr-9112	164	9	rests	rest	VERB
cblr-9112	164	10	on	on	ADP
cblr-9112	164	11	the	the	DET
cblr-9112	164	12	systematic	systematic	ADJ
cblr-9112	164	13	(	(	PUNCT
cblr-9112	164	14	or	or	CCONJ
cblr-9112	164	15	“	"	PUNCT
cblr-9112	164	16	nondiversifiable	nondiversifiable	ADJ
cblr-9112	164	17	”	"	PUNCT
cblr-9112	164	18	)	)	PUNCT
cblr-9112	164	19	risk	risk	NOUN
cblr-9112	164	20	to	to	PART
cblr-9112	164	21	which	which	PRON
cblr-9112	164	22	its	its	PRON
cblr-9112	164	23	portfolio	portfolio	NOUN
cblr-9112	164	24	is	be	AUX
cblr-9112	164	25	exposed.41	exposed.41	ADJ
cblr-9112	164	26	beta	beta	NOUN
cblr-9112	164	27	reflects	reflect	VERB
cblr-9112	164	28	the	the	DET
cblr-9112	164	29	effect	effect	NOUN
cblr-9112	164	30	on	on	ADP
cblr-9112	164	31	the	the	DET
cblr-9112	164	32	value	value	NOUN
cblr-9112	164	33	of	of	ADP
cblr-9112	164	34	a	a	DET
cblr-9112	164	35	diversified	diversified	ADJ
cblr-9112	164	36	portfolio	portfolio	NOUN
cblr-9112	164	37	of	of	ADP
cblr-9112	164	38	market	market	NOUN
cblr-9112	164	39	-	-	PUNCT
cblr-9112	164	40	wide	wide	ADJ
cblr-9112	164	41	events	event	NOUN
cblr-9112	164	42	,	,	PUNCT
cblr-9112	164	43	including	include	VERB
cblr-9112	164	44	changes	change	NOUN
cblr-9112	164	45	in	in	ADP
cblr-9112	164	46	interest	interest	NOUN
cblr-9112	164	47	or	or	CCONJ
cblr-9112	164	48	foreign	foreign	ADJ
cblr-9112	164	49	exchange	exchange	NOUN
cblr-9112	164	50	rates	rate	NOUN
cblr-9112	164	51	,	,	PUNCT
cblr-9112	164	52	political	political	ADJ
cblr-9112	164	53	news	news	NOUN
cblr-9112	164	54	,	,	PUNCT
cblr-9112	164	55	natural	natural	ADJ
cblr-9112	164	56	disasters	disaster	NOUN
cblr-9112	164	57	,	,	PUNCT
cblr-9112	164	58	and	and	CCONJ
cblr-9112	164	59	events	event	NOUN
cblr-9112	164	60	of	of	ADP
cblr-9112	164	61	national	national	ADJ
cblr-9112	164	62	importance.42	importance.42	NOUN
cblr-9112	164	63	a	a	DET
cblr-9112	164	64	beta	beta	NOUN
cblr-9112	164	65	of	of	ADP
cblr-9112	164	66	1	1	NUM
cblr-9112	164	67	means	mean	VERB
cblr-9112	164	68	that	that	SCONJ
cblr-9112	164	69	the	the	DET
cblr-9112	164	70	value	value	NOUN
cblr-9112	164	71	of	of	ADP
cblr-9112	164	72	a	a	DET
cblr-9112	164	73	portfolio	portfolio	NOUN
cblr-9112	164	74	is	be	AUX
cblr-9112	164	75	expected	expect	VERB
cblr-9112	164	76	to	to	PART
cblr-9112	164	77	change	change	VERB
cblr-9112	164	78	in	in	ADP
cblr-9112	164	79	perfect	perfect	ADJ
cblr-9112	164	80	correlation	correlation	NOUN
cblr-9112	164	81	with	with	ADP
cblr-9112	164	82	changes	change	NOUN
cblr-9112	164	83	in	in	ADP
cblr-9112	164	84	overall	overall	ADJ
cblr-9112	164	85	market	market	NOUN
cblr-9112	164	86	value.43	value.43	NOUN
cblr-9112	164	87	a	a	DET
cblr-9112	164	88	portfolio	portfolio	NOUN
cblr-9112	164	89	with	with	ADP
cblr-9112	164	90	a	a	DET
cblr-9112	164	91	beta	beta	NOUN
cblr-9112	164	92	38	38	NUM
cblr-9112	164	93	see	see	VERB
cblr-9112	164	94	william	william	PROPN
cblr-9112	164	95	f.	f.	PROPN
cblr-9112	164	96	sharpe	sharpe	PROPN
cblr-9112	164	97	,	,	PUNCT
cblr-9112	164	98	capital	capital	NOUN
cblr-9112	164	99	asset	asset	NOUN
cblr-9112	164	100	prices	price	NOUN
cblr-9112	164	101	:	:	PUNCT
cblr-9112	164	102	a	a	DET
cblr-9112	164	103	theory	theory	NOUN
cblr-9112	164	104	of	of	ADP
cblr-9112	164	105	market	market	NOUN
cblr-9112	164	106	equilibrium	equilibrium	NOUN
cblr-9112	164	107	under	under	ADP
cblr-9112	164	108	conditions	condition	NOUN
cblr-9112	164	109	of	of	ADP
cblr-9112	164	110	risk	risk	NOUN
cblr-9112	164	111	,	,	PUNCT
cblr-9112	164	112	19	19	NUM
cblr-9112	164	113	j.	j.	PROPN
cblr-9112	164	114	fin	fin	PROPN
cblr-9112	164	115	.	.	PROPN
cblr-9112	164	116	425	425	NUM
cblr-9112	164	117	,	,	PUNCT
cblr-9112	164	118	441–42	441–42	NUM
cblr-9112	164	119	(	(	PUNCT
cblr-9112	164	120	1964	1964	NUM
cblr-9112	164	121	)	)	PUNCT
cblr-9112	164	122	;	;	PUNCT
cblr-9112	164	123	richard	richard	PROPN
cblr-9112	164	124	a.	a.	PROPN
cblr-9112	164	125	brealey	brealey	PROPN
cblr-9112	164	126	,	,	PUNCT
cblr-9112	164	127	stewart	stewart	PROPN
cblr-9112	164	128	c.	c.	PROPN
cblr-9112	164	129	myers	myers	PROPN
cblr-9112	164	130	&	&	CCONJ
cblr-9112	164	131	franklin	franklin	PROPN
cblr-9112	164	132	allen	allen	PROPN
cblr-9112	164	133	,	,	PUNCT
cblr-9112	164	134	principles	principle	NOUN
cblr-9112	164	135	of	of	ADP
cblr-9112	164	136	corporate	corporate	ADJ
cblr-9112	164	137	finance	finance	NOUN
cblr-9112	164	138	205–06	205–06	PROPN
cblr-9112	164	139	(	(	PUNCT
cblr-9112	164	140	13th	13th	NOUN
cblr-9112	164	141	ed	ed	NOUN
cblr-9112	164	142	.	.	PUNCT
cblr-9112	164	143	2020	2020	NUM
cblr-9112	164	144	)	)	PUNCT
cblr-9112	164	145	.	.	PUNCT
cblr-9112	165	1	39	39	NUM
cblr-9112	165	2	see	see	VERB
cblr-9112	165	3	brealey	brealey	PROPN
cblr-9112	165	4	et	et	PROPN
cblr-9112	165	5	al	al	PROPN
cblr-9112	165	6	.	.	PROPN
cblr-9112	165	7	,	,	PUNCT
cblr-9112	165	8	supra	supra	PROPN
cblr-9112	165	9	note	note	VERB
cblr-9112	165	10	38	38	NUM
cblr-9112	165	11	,	,	PUNCT
cblr-9112	165	12	at	at	ADP
cblr-9112	165	13	178–79	178–79	ADV
cblr-9112	165	14	,	,	PUNCT
cblr-9112	165	15	181	181	NUM
cblr-9112	165	16	.	.	PUNCT
cblr-9112	166	1	40	40	NUM
cblr-9112	166	2	see	see	VERB
cblr-9112	166	3	,	,	PUNCT
cblr-9112	166	4	e.g.	e.g.	ADV
cblr-9112	166	5	,	,	PUNCT
cblr-9112	166	6	markowitz	markowitz	PROPN
cblr-9112	166	7	,	,	PUNCT
cblr-9112	166	8	supra	supra	PROPN
cblr-9112	166	9	note	note	PROPN
cblr-9112	166	10	36	36	NUM
cblr-9112	166	11	,	,	PUNCT
cblr-9112	166	12	at	at	ADP
cblr-9112	166	13	89	89	NUM
cblr-9112	166	14	;	;	PUNCT
cblr-9112	166	15	christian	christian	ADJ
cblr-9112	166	16	szylar	szylar	NOUN
cblr-9112	166	17	,	,	PUNCT
cblr-9112	166	18	handbook	handbook	NOUN
cblr-9112	166	19	of	of	ADP
cblr-9112	166	20	market	market	NOUN
cblr-9112	166	21	risk	risk	NOUN
cblr-9112	166	22	110	110	NUM
cblr-9112	166	23	(	(	PUNCT
cblr-9112	166	24	2013	2013	NUM
cblr-9112	166	25	)	)	PUNCT
cblr-9112	166	26	;	;	PUNCT
cblr-9112	166	27	brealey	brealey	PROPN
cblr-9112	166	28	et	et	PROPN
cblr-9112	166	29	al	al	PROPN
cblr-9112	166	30	.	.	PROPN
cblr-9112	166	31	,	,	PUNCT
cblr-9112	166	32	supra	supra	PROPN
cblr-9112	166	33	note	note	VERB
cblr-9112	166	34	38	38	NUM
cblr-9112	166	35	,	,	PUNCT
cblr-9112	166	36	at	at	ADP
cblr-9112	166	37	181	181	NUM
cblr-9112	166	38	(	(	PUNCT
cblr-9112	166	39	describing	describe	VERB
cblr-9112	166	40	“	"	PUNCT
cblr-9112	166	41	market	market	NOUN
cblr-9112	166	42	risk	risk	NOUN
cblr-9112	166	43	”	"	PUNCT
cblr-9112	166	44	)	)	PUNCT
cblr-9112	166	45	.	.	PUNCT
cblr-9112	167	1	notwithstanding	notwithstanding	ADP
cblr-9112	167	2	questions	question	NOUN
cblr-9112	167	3	that	that	PRON
cblr-9112	167	4	have	have	AUX
cblr-9112	167	5	been	be	AUX
cblr-9112	167	6	raised	raise	VERB
cblr-9112	167	7	about	about	ADP
cblr-9112	167	8	the	the	DET
cblr-9112	167	9	reliability	reliability	NOUN
cblr-9112	167	10	of	of	ADP
cblr-9112	167	11	the	the	DET
cblr-9112	167	12	capm	capm	NOUN
cblr-9112	167	13	,	,	PUNCT
cblr-9112	167	14	see	see	VERB
cblr-9112	167	15	,	,	PUNCT
cblr-9112	167	16	e.g.	e.g.	ADV
cblr-9112	167	17	,	,	PUNCT
cblr-9112	167	18	halliburton	halliburton	PROPN
cblr-9112	167	19	v.	v.	PROPN
cblr-9112	167	20	erica	erica	PROPN
cblr-9112	167	21	p.	p.	PROPN
cblr-9112	167	22	john	john	PROPN
cblr-9112	167	23	fund	fund	PROPN
cblr-9112	167	24	,	,	PUNCT
cblr-9112	167	25	inc	inc	PROPN
cblr-9112	167	26	.	.	PROPN
cblr-9112	167	27	,	,	PUNCT
cblr-9112	167	28	573	573	NUM
cblr-9112	167	29	u.s	u.s	PROPN
cblr-9112	167	30	.	.	PROPN
cblr-9112	167	31	258	258	NUM
cblr-9112	167	32	,	,	PUNCT
cblr-9112	167	33	288–92	288–92	NUM
cblr-9112	167	34	(	(	PUNCT
cblr-9112	167	35	2014	2014	NUM
cblr-9112	167	36	)	)	PUNCT
cblr-9112	167	37	(	(	PUNCT
cblr-9112	167	38	thomas	thomas	PROPN
cblr-9112	167	39	,	,	PUNCT
cblr-9112	167	40	j.	j.	PROPN
cblr-9112	167	41	,	,	PUNCT
cblr-9112	167	42	concurring	concur	VERB
cblr-9112	167	43	)	)	PUNCT
cblr-9112	167	44	,	,	PUNCT
cblr-9112	167	45	and	and	CCONJ
cblr-9112	167	46	significant	significant	ADJ
cblr-9112	167	47	variations	variation	NOUN
cblr-9112	167	48	in	in	ADP
cblr-9112	167	49	how	how	SCONJ
cblr-9112	167	50	beta	beta	NOUN
cblr-9112	167	51	is	be	AUX
cblr-9112	167	52	calculated	calculate	VERB
cblr-9112	167	53	,	,	PUNCT
cblr-9112	167	54	see	see	VERB
cblr-9112	167	55	,	,	PUNCT
cblr-9112	167	56	e.g.	e.g.	ADV
cblr-9112	167	57	,	,	PUNCT
cblr-9112	167	58	paul	paul	PROPN
cblr-9112	167	59	draper	draper	PROPN
cblr-9112	167	60	&	&	CCONJ
cblr-9112	167	61	krishna	krishna	PROPN
cblr-9112	167	62	paudyal	paudyal	PROPN
cblr-9112	167	63	,	,	PUNCT
cblr-9112	167	64	empirical	empirical	ADJ
cblr-9112	167	65	irregularities	irregularity	NOUN
cblr-9112	167	66	in	in	ADP
cblr-9112	167	67	the	the	DET
cblr-9112	167	68	estimation	estimation	NOUN
cblr-9112	167	69	of	of	ADP
cblr-9112	167	70	beta	beta	NOUN
cblr-9112	167	71	:	:	PUNCT
cblr-9112	167	72	the	the	DET
cblr-9112	167	73	impact	impact	NOUN
cblr-9112	167	74	of	of	ADP
cblr-9112	167	75	alternative	alternative	ADJ
cblr-9112	167	76	estimation	estimation	NOUN
cblr-9112	167	77	assumptions	assumption	NOUN
cblr-9112	167	78	and	and	CCONJ
cblr-9112	167	79	procedures	procedure	NOUN
cblr-9112	167	80	,	,	PUNCT
cblr-9112	167	81	22	22	NUM
cblr-9112	167	82	j.	j.	PROPN
cblr-9112	167	83	bus	bus	PROPN
cblr-9112	167	84	.	.	PUNCT
cblr-9112	168	1	fin	fin	PROPN
cblr-9112	168	2	.	.	PUNCT
cblr-9112	168	3	&	&	CCONJ
cblr-9112	168	4	acct	acct	PROPN
cblr-9112	168	5	.	.	PUNCT
cblr-9112	169	1	157	157	NUM
cblr-9112	169	2	,	,	PUNCT
cblr-9112	169	3	157–58	157–58	NUM
cblr-9112	169	4	,	,	PUNCT
cblr-9112	169	5	175	175	NUM
cblr-9112	169	6	(	(	PUNCT
cblr-9112	169	7	1995	1995	NUM
cblr-9112	169	8	)	)	PUNCT
cblr-9112	169	9	;	;	PUNCT
cblr-9112	169	10	diana	diana	PROPN
cblr-9112	169	11	r.	r.	PROPN
cblr-9112	169	12	harrington	harrington	PROPN
cblr-9112	169	13	,	,	PUNCT
cblr-9112	169	14	whose	whose	DET
cblr-9112	169	15	beta	beta	NOUN
cblr-9112	169	16	is	be	AUX
cblr-9112	169	17	best	good	ADJ
cblr-9112	169	18	?	?	PUNCT
cblr-9112	169	19	,	,	PUNCT
cblr-9112	169	20	39	39	NUM
cblr-9112	169	21	fin	fin	NOUN
cblr-9112	169	22	.	.	PUNCT
cblr-9112	170	1	analysts	analyst	NOUN
cblr-9112	170	2	j.	j.	PROPN
cblr-9112	170	3	,	,	PUNCT
cblr-9112	170	4	july	july	PROPN
cblr-9112	170	5	–	–	PUNCT
cblr-9112	170	6	august	august	PROPN
cblr-9112	170	7	1983	1983	NUM
cblr-9112	170	8	,	,	PUNCT
cblr-9112	170	9	at	at	ADP
cblr-9112	170	10	67	67	NUM
cblr-9112	170	11	,	,	PUNCT
cblr-9112	170	12	67–68	67–68	NUM
cblr-9112	170	13	,	,	PUNCT
cblr-9112	170	14	beta	beta	NOUN
cblr-9112	170	15	remains	remain	VERB
cblr-9112	170	16	the	the	DET
cblr-9112	170	17	standard	standard	NOUN
cblr-9112	170	18	that	that	SCONJ
cblr-9112	170	19	investors	investor	NOUN
cblr-9112	170	20	use	use	VERB
cblr-9112	170	21	to	to	PART
cblr-9112	170	22	calculate	calculate	VERB
cblr-9112	170	23	market	market	NOUN
cblr-9112	170	24	risk	risk	NOUN
cblr-9112	170	25	.	.	PUNCT
cblr-9112	171	1	see	see	VERB
cblr-9112	171	2	eugene	eugene	PROPN
cblr-9112	171	3	f.	f.	PROPN
cblr-9112	171	4	fama	fama	PROPN
cblr-9112	171	5	,	,	PUNCT
cblr-9112	171	6	efficient	efficient	ADJ
cblr-9112	171	7	capital	capital	NOUN
cblr-9112	171	8	markets	market	NOUN
cblr-9112	171	9	:	:	PUNCT
cblr-9112	171	10	ii	ii	PROPN
cblr-9112	171	11	,	,	PUNCT
cblr-9112	171	12	46	46	NUM
cblr-9112	171	13	j.	j.	PROPN
cblr-9112	171	14	fin	fin	PROPN
cblr-9112	171	15	.	.	PUNCT
cblr-9112	172	1	1575	1575	NUM
cblr-9112	172	2	,	,	PUNCT
cblr-9112	172	3	1593	1593	NUM
cblr-9112	172	4	(	(	PUNCT
cblr-9112	172	5	1991	1991	NUM
cblr-9112	172	6	)	)	PUNCT
cblr-9112	172	7	(	(	PUNCT
cblr-9112	172	8	noting	note	VERB
cblr-9112	172	9	that	that	SCONJ
cblr-9112	172	10	“	"	PUNCT
cblr-9112	172	11	market	market	NOUN
cblr-9112	172	12	professionals	professional	NOUN
cblr-9112	172	13	(	(	PUNCT
cblr-9112	172	14	and	and	CCONJ
cblr-9112	172	15	academics	academic	NOUN
cblr-9112	172	16	)	)	PUNCT
cblr-9112	172	17	still	still	ADV
cblr-9112	172	18	think	think	VERB
cblr-9112	172	19	about	about	ADP
cblr-9112	172	20	risk	risk	NOUN
cblr-9112	172	21	in	in	ADP
cblr-9112	172	22	terms	term	NOUN
cblr-9112	172	23	of	of	ADP
cblr-9112	172	24	market	market	NOUN
cblr-9112	172	25	β	β	NOUN
cblr-9112	172	26	.	.	PUNCT
cblr-9112	172	27	”	"	PUNCT
cblr-9112	172	28	)	)	PUNCT
cblr-9112	172	29	.	.	PUNCT
cblr-9112	173	1	41	41	NUM
cblr-9112	173	2	see	see	VERB
cblr-9112	173	3	szylar	szylar	ADJ
cblr-9112	173	4	,	,	PUNCT
cblr-9112	173	5	supra	supra	ADJ
cblr-9112	173	6	note	note	NOUN
cblr-9112	173	7	40	40	NUM
cblr-9112	173	8	,	,	PUNCT
cblr-9112	173	9	at	at	ADP
cblr-9112	173	10	111–12	111–12	NUM
cblr-9112	173	11	(	(	PUNCT
cblr-9112	173	12	describing	describe	VERB
cblr-9112	173	13	why	why	SCONJ
cblr-9112	173	14	there	there	PRON
cblr-9112	173	15	is	be	VERB
cblr-9112	173	16	“	"	PUNCT
cblr-9112	173	17	reward	reward	NOUN
cblr-9112	173	18	for	for	ADP
cblr-9112	173	19	bearing	bear	VERB
cblr-9112	173	20	market	market	NOUN
cblr-9112	173	21	risk	risk	NOUN
cblr-9112	173	22	but	but	CCONJ
cblr-9112	173	23	not	not	PART
cblr-9112	173	24	for	for	ADP
cblr-9112	173	25	taking	take	VERB
cblr-9112	173	26	additional	additional	ADJ
cblr-9112	173	27	unique	unique	ADJ
cblr-9112	173	28	risk	risk	NOUN
cblr-9112	173	29	”	"	PUNCT
cblr-9112	173	30	)	)	PUNCT
cblr-9112	173	31	.	.	PUNCT
cblr-9112	174	1	42	42	NUM
cblr-9112	175	1	i	i	PRON
cblr-9112	175	2	d.	d.	VERB
cblr-9112	175	3	at	at	ADP
cblr-9112	175	4	xxv	xxv	PROPN
cblr-9112	175	5	–	–	PUNCT
cblr-9112	175	6	xxvi	xxvi	NOUN
cblr-9112	175	7	,	,	PUNCT
cblr-9112	175	8	110	110	NUM
cblr-9112	175	9	.	.	X
cblr-9112	175	10	43	43	NUM
cblr-9112	176	1	i	i	PRON
cblr-9112	176	2	d.	d.	PROPN
cblr-9112	176	3	at	at	ADP
cblr-9112	176	4	110	110	NUM
cblr-9112	176	5	.	.	PUNCT
cblr-9112	177	1	1408	1408	NUM
cblr-9112	177	2	columbia	columbia	PROPN
cblr-9112	177	3	business	business	NOUN
cblr-9112	177	4	law	law	PROPN
cblr-9112	177	5	review	review	NOUN
cblr-9112	177	6	[	[	X
cblr-9112	177	7	vol	vol	NOUN
cblr-9112	177	8	.	.	PUNCT
cblr-9112	177	9	2021	2021	NUM
cblr-9112	177	10	greater	great	ADJ
cblr-9112	177	11	than	than	ADP
cblr-9112	177	12	1	1	NUM
cblr-9112	177	13	is	be	AUX
cblr-9112	177	14	more	more	ADV
cblr-9112	177	15	volatile	volatile	ADJ
cblr-9112	177	16	than	than	ADP
cblr-9112	177	17	the	the	DET
cblr-9112	177	18	market	market	NOUN
cblr-9112	177	19	,	,	PUNCT
cblr-9112	177	20	and	and	CCONJ
cblr-9112	177	21	a	a	DET
cblr-9112	177	22	portfolio	portfolio	NOUN
cblr-9112	177	23	with	with	ADP
cblr-9112	177	24	a	a	DET
cblr-9112	177	25	beta	beta	NOUN
cblr-9112	177	26	less	less	ADJ
cblr-9112	177	27	than	than	ADP
cblr-9112	177	28	1	1	NUM
cblr-9112	177	29	is	be	AUX
cblr-9112	177	30	less	less	ADJ
cblr-9112	177	31	volatile.44	volatile.44	NOUN
cblr-9112	177	32	according	accord	VERB
cblr-9112	177	33	to	to	ADP
cblr-9112	177	34	the	the	DET
cblr-9112	177	35	capm	capm	NOUN
cblr-9112	177	36	,	,	PUNCT
cblr-9112	177	37	in	in	ADP
cblr-9112	177	38	an	an	DET
cblr-9112	177	39	efficient	efficient	ADJ
cblr-9112	177	40	capital	capital	NOUN
cblr-9112	177	41	market	market	NOUN
cblr-9112	177	42	,	,	PUNCT
cblr-9112	177	43	the	the	DET
cblr-9112	177	44	risk	risk	NOUN
cblr-9112	177	45	premium	premium	NOUN
cblr-9112	177	46	and	and	CCONJ
cblr-9112	177	47	the	the	DET
cblr-9112	177	48	expected	expect	VERB
cblr-9112	177	49	return	return	NOUN
cblr-9112	177	50	on	on	ADP
cblr-9112	177	51	a	a	DET
cblr-9112	177	52	portfolio	portfolio	NOUN
cblr-9112	177	53	will	will	AUX
cblr-9112	177	54	vary	vary	VERB
cblr-9112	177	55	in	in	ADP
cblr-9112	177	56	proportion	proportion	NOUN
cblr-9112	177	57	to	to	ADP
cblr-9112	177	58	its	its	PRON
cblr-9112	177	59	beta	beta	NOUN
cblr-9112	177	60	value	value	NOUN
cblr-9112	177	61	.	.	PUNCT
cblr-9112	178	1	the	the	DET
cblr-9112	178	2	relations	relation	NOUN
cblr-9112	178	3	are	be	AUX
cblr-9112	178	4	generated	generate	VERB
cblr-9112	178	5	by	by	ADP
cblr-9112	178	6	equilibrium	equilibrium	NOUN
cblr-9112	178	7	price	price	NOUN
cblr-9112	178	8	formation	formation	NOUN
cblr-9112	178	9	within	within	ADP
cblr-9112	178	10	an	an	DET
cblr-9112	178	11	efficient	efficient	ADJ
cblr-9112	178	12	capital	capital	NOUN
cblr-9112	178	13	market.45	market.45	ADJ
cblr-9112	178	14	institutional	institutional	ADJ
cblr-9112	178	15	investors	investor	NOUN
cblr-9112	178	16	,	,	PUNCT
cblr-9112	178	17	however	however	ADV
cblr-9112	178	18	,	,	PUNCT
cblr-9112	178	19	seek	seek	VERB
cblr-9112	178	20	to	to	PART
cblr-9112	178	21	maximize	maximize	VERB
cblr-9112	178	22	their	their	PRON
cblr-9112	178	23	portfolio	portfolio	NOUN
cblr-9112	178	24	’s	’s	PART
cblr-9112	178	25	returns	return	NOUN
cblr-9112	178	26	relative	relative	ADJ
cblr-9112	178	27	to	to	ADP
cblr-9112	178	28	the	the	DET
cblr-9112	178	29	risks	risk	NOUN
cblr-9112	178	30	they	they	PRON
cblr-9112	178	31	bear	bear	VERB
cblr-9112	178	32	.	.	PUNCT
cblr-9112	179	1	a	a	DET
cblr-9112	179	2	common	common	ADJ
cblr-9112	179	3	measure	measure	NOUN
cblr-9112	179	4	is	be	AUX
cblr-9112	179	5	the	the	DET
cblr-9112	179	6	sharpe	sharpe	PROPN
cblr-9112	179	7	ratio.46	ratio.46	PROPN
cblr-9112	179	8	that	that	PRON
cblr-9112	179	9	measure	measure	NOUN
cblr-9112	179	10	enables	enable	VERB
cblr-9112	179	11	a	a	DET
cblr-9112	179	12	comparison	comparison	NOUN
cblr-9112	179	13	of	of	ADP
cblr-9112	179	14	returns	return	NOUN
cblr-9112	179	15	across	across	ADP
cblr-9112	179	16	portfolios	portfolio	NOUN
cblr-9112	179	17	relative	relative	ADJ
cblr-9112	179	18	to	to	ADP
cblr-9112	179	19	different	different	ADJ
cblr-9112	179	20	levels	level	NOUN
cblr-9112	179	21	of	of	ADP
cblr-9112	179	22	systematic	systematic	ADJ
cblr-9112	179	23	risk.47	risk.47	PROPN
cblr-9112	179	24	the	the	DET
cblr-9112	179	25	sharpe	sharpe	PROPN
cblr-9112	179	26	ratio	ratio	NOUN
cblr-9112	179	27	helps	help	VERB
cblr-9112	179	28	assess	assess	VERB
cblr-9112	179	29	whether	whether	SCONJ
cblr-9112	179	30	a	a	DET
cblr-9112	179	31	portfolio	portfolio	NOUN
cblr-9112	179	32	’s	’s	PART
cblr-9112	179	33	returns	return	NOUN
cblr-9112	179	34	are	be	AUX
cblr-9112	179	35	due	due	ADJ
cblr-9112	179	36	to	to	ADP
cblr-9112	179	37	investment	investment	NOUN
cblr-9112	179	38	decisions	decision	NOUN
cblr-9112	179	39	or	or	CCONJ
cblr-9112	179	40	result	result	VERB
cblr-9112	179	41	from	from	ADP
cblr-9112	179	42	exposure	exposure	NOUN
cblr-9112	179	43	to	to	ADP
cblr-9112	179	44	excessive	excessive	ADJ
cblr-9112	179	45	risk.48	risk.48	PROPN
cblr-9112	179	46	it	it	PRON
cblr-9112	179	47	can	can	AUX
cblr-9112	179	48	be	be	AUX
cblr-9112	179	49	used	use	VERB
cblr-9112	179	50	to	to	PART
cblr-9112	179	51	evaluate	evaluate	VERB
cblr-9112	179	52	past	past	ADJ
cblr-9112	179	53	performance	performance	NOUN
cblr-9112	179	54	based	base	VERB
cblr-9112	179	55	on	on	ADP
cblr-9112	179	56	actual	actual	ADJ
cblr-9112	179	57	returns	return	NOUN
cblr-9112	179	58	,	,	PUNCT
cblr-9112	179	59	or	or	CCONJ
cblr-9112	179	60	it	it	PRON
cblr-9112	179	61	can	can	AUX
cblr-9112	179	62	act	act	VERB
cblr-9112	179	63	as	as	ADP
cblr-9112	179	64	a	a	DET
cblr-9112	179	65	measure	measure	NOUN
cblr-9112	179	66	of	of	ADP
cblr-9112	179	67	future	future	ADJ
cblr-9112	179	68	performance	performance	NOUN
cblr-9112	179	69	based	base	VERB
cblr-9112	179	70	on	on	ADP
cblr-9112	179	71	projected	project	VERB
cblr-9112	179	72	returns.49	returns.49	VERB
cblr-9112	179	73	the	the	PRON
cblr-9112	179	74	greater	great	ADJ
cblr-9112	179	75	an	an	DET
cblr-9112	179	76	investment	investment	NOUN
cblr-9112	179	77	’s	’s	PART
cblr-9112	179	78	sharpe	sharpe	PROPN
cblr-9112	179	79	ratio	ratio	PROPN
cblr-9112	179	80	,	,	PUNCT
cblr-9112	179	81	the	the	DET
cblr-9112	179	82	better	well	ADJ
cblr-9112	179	83	its	its	PRON
cblr-9112	179	84	risk	risk	NOUN
cblr-9112	179	85	-	-	PUNCT
cblr-9112	179	86	adjusted	adjust	VERB
cblr-9112	179	87	performance.50	performance.50	PROPN
cblr-9112	179	88	thus	thus	ADV
cblr-9112	179	89	,	,	PUNCT
cblr-9112	179	90	because	because	SCONJ
cblr-9112	179	91	greater	great	ADJ
cblr-9112	179	92	diversification	diversification	NOUN
cblr-9112	179	93	decreases	decrease	VERB
cblr-9112	179	94	portfolio	portfolio	NOUN
cblr-9112	179	95	risk	risk	NOUN
cblr-9112	179	96	without	without	ADP
cblr-9112	179	97	sacrificing	sacrifice	VERB
cblr-9112	179	98	returns	return	NOUN
cblr-9112	179	99	,	,	PUNCT
cblr-9112	179	100	it	it	PRON
cblr-9112	179	101	is	be	AUX
cblr-9112	179	102	likely	likely	ADJ
cblr-9112	179	103	to	to	PART
cblr-9112	179	104	increase	increase	VERB
cblr-9112	179	105	a	a	DET
cblr-9112	179	106	portfolio	portfolio	NOUN
cblr-9112	179	107	’s	’s	PART
cblr-9112	179	108	sharpe	sharpe	PROPN
cblr-9112	179	109	ratio.51	ratio.51	PROPN
cblr-9112	179	110	consequently	consequently	ADV
cblr-9112	179	111	,	,	PUNCT
cblr-9112	179	112	rather	rather	ADV
cblr-9112	179	113	than	than	ADP
cblr-9112	179	114	investing	invest	VERB
cblr-9112	179	115	based	base	VERB
cblr-9112	179	116	on	on	ADP
cblr-9112	179	117	the	the	DET
cblr-9112	179	118	value	value	NOUN
cblr-9112	179	119	of	of	ADP
cblr-9112	179	120	an	an	DET
cblr-9112	179	121	individual	individual	ADJ
cblr-9112	179	122	security	security	NOUN
cblr-9112	179	123	,	,	PUNCT
cblr-9112	179	124	institutional	institutional	ADJ
cblr-9112	179	125	investors	investor	NOUN
cblr-9112	179	126	often	often	ADV
cblr-9112	179	127	buy	buy	VERB
cblr-9112	179	128	and	and	CCONJ
cblr-9112	179	129	44	44	NUM
cblr-9112	179	130	i	i	NOUN
cblr-9112	179	131	d.	d.	PROPN
cblr-9112	179	132	45	45	NUM
cblr-9112	179	133	see	see	VERB
cblr-9112	179	134	sharpe	sharpe	PROPN
cblr-9112	179	135	,	,	PUNCT
cblr-9112	179	136	supra	supra	PROPN
cblr-9112	179	137	note	note	PROPN
cblr-9112	179	138	38	38	NUM
cblr-9112	179	139	,	,	PUNCT
cblr-9112	179	140	at	at	ADP
cblr-9112	179	141	441–42	441–42	PROPN
cblr-9112	179	142	.	.	PROPN
cblr-9112	179	143	46	46	NUM
cblr-9112	179	144	developed	develop	VERB
cblr-9112	179	145	by	by	ADP
cblr-9112	179	146	william	william	PROPN
cblr-9112	179	147	sharpe	sharpe	PROPN
cblr-9112	179	148	,	,	PUNCT
cblr-9112	179	149	the	the	DET
cblr-9112	179	150	sharpe	sharpe	PROPN
cblr-9112	179	151	ratio	ratio	NOUN
cblr-9112	179	152	measures	measure	NOUN
cblr-9112	179	153	riskadjusted	riskadjuste	VERB
cblr-9112	179	154	performance	performance	NOUN
cblr-9112	179	155	by	by	ADP
cblr-9112	179	156	subtracting	subtract	VERB
cblr-9112	179	157	the	the	DET
cblr-9112	179	158	risk	risk	NOUN
cblr-9112	179	159	-	-	PUNCT
cblr-9112	179	160	free	free	ADJ
cblr-9112	179	161	rate	rate	NOUN
cblr-9112	179	162	of	of	ADP
cblr-9112	179	163	return	return	NOUN
cblr-9112	179	164	(	(	PUNCT
cblr-9112	179	165	typically	typically	ADV
cblr-9112	179	166	,	,	PUNCT
cblr-9112	179	167	u.s	u.s	PROPN
cblr-9112	179	168	.	.	PROPN
cblr-9112	179	169	treasuries	treasury	NOUN
cblr-9112	179	170	)	)	PUNCT
cblr-9112	179	171	from	from	ADP
cblr-9112	179	172	the	the	DET
cblr-9112	179	173	rate	rate	NOUN
cblr-9112	179	174	of	of	ADP
cblr-9112	179	175	return	return	NOUN
cblr-9112	179	176	for	for	ADP
cblr-9112	179	177	an	an	DET
cblr-9112	179	178	investment	investment	NOUN
cblr-9112	179	179	and	and	CCONJ
cblr-9112	179	180	dividing	divide	VERB
cblr-9112	179	181	the	the	DET
cblr-9112	179	182	result	result	NOUN
cblr-9112	179	183	by	by	ADP
cblr-9112	179	184	the	the	DET
cblr-9112	179	185	standard	standard	ADJ
cblr-9112	179	186	deviation	deviation	NOUN
cblr-9112	179	187	of	of	ADP
cblr-9112	179	188	the	the	DET
cblr-9112	179	189	investment	investment	NOUN
cblr-9112	179	190	’s	’s	PART
cblr-9112	179	191	return	return	NOUN
cblr-9112	179	192	.	.	PUNCT
cblr-9112	180	1	see	see	VERB
cblr-9112	180	2	szylar	szylar	ADJ
cblr-9112	180	3	,	,	PUNCT
cblr-9112	180	4	supra	supra	ADJ
cblr-9112	180	5	note	note	NOUN
cblr-9112	180	6	40	40	NUM
cblr-9112	180	7	,	,	PUNCT
cblr-9112	180	8	at	at	ADP
cblr-9112	180	9	275	275	NUM
cblr-9112	180	10	;	;	PUNCT
cblr-9112	180	11	william	william	PROPN
cblr-9112	180	12	f.	f.	PROPN
cblr-9112	180	13	sharpe	sharpe	PROPN
cblr-9112	180	14	,	,	PUNCT
cblr-9112	180	15	the	the	DET
cblr-9112	180	16	sharpe	sharpe	PROPN
cblr-9112	180	17	ratio	ratio	PROPN
cblr-9112	180	18	,	,	PUNCT
cblr-9112	180	19	j.	j.	PROPN
cblr-9112	180	20	portfolio	portfolio	PROPN
cblr-9112	180	21	mgmt	mgmt	PROPN
cblr-9112	180	22	.	.	PROPN
cblr-9112	180	23	,	,	PUNCT
cblr-9112	180	24	fall	fall	VERB
cblr-9112	180	25	,	,	PUNCT
cblr-9112	180	26	1994	1994	NUM
cblr-9112	180	27	,	,	PUNCT
cblr-9112	180	28	at	at	ADP
cblr-9112	180	29	49	49	NUM
cblr-9112	180	30	,	,	PUNCT
cblr-9112	180	31	50	50	NUM
cblr-9112	180	32	.	.	PUNCT
cblr-9112	181	1	a	a	DET
cblr-9112	181	2	similar	similar	ADJ
cblr-9112	181	3	measure	measure	NOUN
cblr-9112	181	4	of	of	ADP
cblr-9112	181	5	risk	risk	NOUN
cblr-9112	181	6	-	-	PUNCT
cblr-9112	181	7	adjusted	adjust	VERB
cblr-9112	181	8	returns	return	NOUN
cblr-9112	181	9	,	,	PUNCT
cblr-9112	181	10	known	know	VERB
cblr-9112	181	11	as	as	ADP
cblr-9112	181	12	the	the	DET
cblr-9112	181	13	treynor	treynor	NOUN
cblr-9112	181	14	ratio	ratio	NOUN
cblr-9112	181	15	,	,	PUNCT
cblr-9112	181	16	had	have	AUX
cblr-9112	181	17	been	be	AUX
cblr-9112	181	18	developed	develop	VERB
cblr-9112	181	19	the	the	DET
cblr-9112	181	20	prior	prior	ADJ
cblr-9112	181	21	year	year	NOUN
cblr-9112	181	22	by	by	ADP
cblr-9112	181	23	jack	jack	PROPN
cblr-9112	181	24	treynor	treynor	PROPN
cblr-9112	181	25	.	.	PUNCT
cblr-9112	182	1	it	it	PRON
cblr-9112	182	2	uses	use	VERB
cblr-9112	182	3	a	a	DET
cblr-9112	182	4	portfolio	portfolio	NOUN
cblr-9112	182	5	’s	’s	PART
cblr-9112	182	6	beta	beta	NOUN
cblr-9112	182	7	to	to	PART
cblr-9112	182	8	measure	measure	VERB
cblr-9112	182	9	risk	risk	NOUN
cblr-9112	182	10	.	.	PUNCT
cblr-9112	183	1	see	see	VERB
cblr-9112	183	2	,	,	PUNCT
cblr-9112	183	3	e.g.	e.g.	ADV
cblr-9112	183	4	,	,	PUNCT
cblr-9112	183	5	saeid	saeid	PROPN
cblr-9112	183	6	tajdini	tajdini	PROPN
cblr-9112	183	7	,	,	PUNCT
cblr-9112	183	8	mohsen	mohsen	PROPN
cblr-9112	183	9	mehrara	mehrara	PROPN
cblr-9112	183	10	&	&	CCONJ
cblr-9112	183	11	reza	reza	PROPN
cblr-9112	183	12	tehrani	tehrani	PROPN
cblr-9112	183	13	,	,	PUNCT
cblr-9112	183	14	hybrid	hybrid	ADJ
cblr-9112	183	15	balanced	balanced	ADJ
cblr-9112	183	16	justified	justify	VERB
cblr-9112	183	17	treynor	treynor	NOUN
cblr-9112	183	18	ratio	ratio	NOUN
cblr-9112	183	19	,	,	PUNCT
cblr-9112	183	20	47	47	NUM
cblr-9112	183	21	managerial	managerial	ADJ
cblr-9112	183	22	fin	fin	NOUN
cblr-9112	183	23	.	.	PUNCT
cblr-9112	184	1	86	86	NUM
cblr-9112	184	2	,	,	PUNCT
cblr-9112	184	3	87–88	87–88	NUM
cblr-9112	184	4	(	(	PUNCT
cblr-9112	184	5	2020	2020	NUM
cblr-9112	184	6	)	)	PUNCT
cblr-9112	184	7	;	;	PUNCT
cblr-9112	185	1	jack	jack	PROPN
cblr-9112	185	2	l.	l.	PROPN
cblr-9112	185	3	treynor	treynor	PROPN
cblr-9112	185	4	,	,	PUNCT
cblr-9112	185	5	how	how	SCONJ
cblr-9112	185	6	to	to	PART
cblr-9112	185	7	rate	rate	VERB
cblr-9112	185	8	management	management	NOUN
cblr-9112	185	9	of	of	ADP
cblr-9112	185	10	investment	investment	NOUN
cblr-9112	185	11	funds	fund	NOUN
cblr-9112	185	12	,	,	PUNCT
cblr-9112	185	13	43	43	NUM
cblr-9112	185	14	harv	harv	NOUN
cblr-9112	185	15	.	.	PUNCT
cblr-9112	186	1	bus	bus	NOUN
cblr-9112	186	2	.	.	PUNCT
cblr-9112	187	1	rev	rev	PROPN
cblr-9112	187	2	.	.	PROPN
cblr-9112	187	3	63	63	NUM
cblr-9112	187	4	(	(	PUNCT
cblr-9112	187	5	1965	1965	NUM
cblr-9112	187	6	)	)	PUNCT
cblr-9112	187	7	.	.	PUNCT
cblr-9112	188	1	47	47	NUM
cblr-9112	188	2	szylar	szylar	ADJ
cblr-9112	188	3	,	,	PUNCT
cblr-9112	188	4	supra	supra	ADJ
cblr-9112	188	5	note	note	NOUN
cblr-9112	188	6	40	40	NUM
cblr-9112	188	7	,	,	PUNCT
cblr-9112	188	8	at	at	ADP
cblr-9112	188	9	275	275	NUM
cblr-9112	188	10	.	.	PUNCT
cblr-9112	189	1	48	48	NUM
cblr-9112	190	1	i	i	PRON
cblr-9112	190	2	d.	d.	PROPN
cblr-9112	190	3	49	49	NUM
cblr-9112	190	4	see	see	VERB
cblr-9112	190	5	,	,	PUNCT
cblr-9112	190	6	e.g.	e.g.	ADV
cblr-9112	190	7	,	,	PUNCT
cblr-9112	190	8	sharpe	sharpe	PROPN
cblr-9112	190	9	,	,	PUNCT
cblr-9112	190	10	supra	supra	PROPN
cblr-9112	190	11	note	note	NOUN
cblr-9112	190	12	46	46	NUM
cblr-9112	190	13	.	.	PUNCT
cblr-9112	190	14	50	50	NUM
cblr-9112	190	15	szylar	szylar	ADJ
cblr-9112	190	16	,	,	PUNCT
cblr-9112	190	17	supra	supra	ADJ
cblr-9112	190	18	note	note	NOUN
cblr-9112	190	19	40	40	NUM
cblr-9112	190	20	,	,	PUNCT
cblr-9112	190	21	at	at	ADP
cblr-9112	190	22	275	275	NUM
cblr-9112	190	23	.	.	PUNCT
cblr-9112	191	1	51	51	NUM
cblr-9112	191	2	risk	risk	NOUN
cblr-9112	191	3	-	-	PUNCT
cblr-9112	191	4	adjusted	adjust	VERB
cblr-9112	191	5	performance	performance	NOUN
cblr-9112	191	6	may	may	AUX
cblr-9112	191	7	also	also	ADV
cblr-9112	191	8	be	be	AUX
cblr-9112	191	9	assessed	assess	VERB
cblr-9112	191	10	using	use	VERB
cblr-9112	191	11	a	a	DET
cblr-9112	191	12	portfolio	portfolio	NOUN
cblr-9112	191	13	’s	’s	PART
cblr-9112	191	14	value	value	NOUN
cblr-9112	191	15	-	-	PUNCT
cblr-9112	191	16	at	at	ADP
cblr-9112	191	17	-	-	PUNCT
cblr-9112	191	18	risk	risk	NOUN
cblr-9112	191	19	measure	measure	NOUN
cblr-9112	191	20	.	.	PUNCT
cblr-9112	192	1	see	see	VERB
cblr-9112	192	2	infra	infra	NOUN
cblr-9112	192	3	notes	note	VERB
cblr-9112	192	4	67–70	67–70	NUM
cblr-9112	192	5	and	and	CCONJ
cblr-9112	192	6	accompanying	accompany	VERB
cblr-9112	192	7	text	text	NOUN
cblr-9112	192	8	.	.	PUNCT
cblr-9112	193	1	https://www.investopedia.com/articles/07/sharperatio.asp	https://www.investopedia.com/articles/07/sharperatio.asp	ADJ
cblr-9112	193	2	no	no	INTJ
cblr-9112	193	3	.	.	NOUN
cblr-9112	193	4	3:1396	3:1396	NUM
cblr-9112	193	5	]	]	PUNCT
cblr-9112	193	6	risky	risky	ADJ
cblr-9112	193	7	business	business	NOUN
cblr-9112	193	8	1409	1409	NUM
cblr-9112	193	9	sell	sell	VERB
cblr-9112	193	10	securities	security	NOUN
cblr-9112	193	11	based	base	VERB
cblr-9112	193	12	on	on	ADP
cblr-9112	193	13	their	their	PRON
cblr-9112	193	14	marginal	marginal	ADJ
cblr-9112	193	15	contribution	contribution	NOUN
cblr-9112	193	16	to	to	ADP
cblr-9112	193	17	the	the	DET
cblr-9112	193	18	risk	risk	NOUN
cblr-9112	193	19	and	and	CCONJ
cblr-9112	193	20	return	return	NOUN
cblr-9112	193	21	of	of	ADP
cblr-9112	193	22	the	the	DET
cblr-9112	193	23	portfolio.52	portfolio.52	NOUN
cblr-9112	193	24	of	of	ADP
cblr-9112	193	25	course	course	NOUN
cblr-9112	193	26	,	,	PUNCT
cblr-9112	193	27	institutions	institution	NOUN
cblr-9112	193	28	—	—	PUNCT
cblr-9112	193	29	similar	similar	ADJ
cblr-9112	193	30	to	to	ADP
cblr-9112	193	31	mom	mom	NOUN
cblr-9112	193	32	and	and	CCONJ
cblr-9112	193	33	pop	pop	NOUN
cblr-9112	193	34	—	—	PUNCT
cblr-9112	193	35	may	may	AUX
cblr-9112	193	36	trade	trade	VERB
cblr-9112	193	37	based	base	VERB
cblr-9112	193	38	on	on	ADP
cblr-9112	193	39	individual	individual	ADJ
cblr-9112	193	40	,	,	PUNCT
cblr-9112	193	41	expected	expect	VERB
cblr-9112	193	42	returns	return	NOUN
cblr-9112	193	43	,	,	PUNCT
cblr-9112	193	44	and	and	CCONJ
cblr-9112	193	45	some	some	DET
cblr-9112	193	46	institutional	institutional	ADJ
cblr-9112	193	47	traders	trader	NOUN
cblr-9112	193	48	(	(	PUNCT
cblr-9112	193	49	such	such	ADJ
cblr-9112	193	50	as	as	ADP
cblr-9112	193	51	event	event	NOUN
cblr-9112	193	52	arbitrageurs	arbitrageur	NOUN
cblr-9112	193	53	)	)	PUNCT
cblr-9112	193	54	may	may	AUX
cblr-9112	193	55	buy	buy	VERB
cblr-9112	193	56	and	and	CCONJ
cblr-9112	193	57	sell	sell	VERB
cblr-9112	193	58	securities	security	NOUN
cblr-9112	193	59	based	base	VERB
cblr-9112	193	60	on	on	ADP
cblr-9112	193	61	a	a	DET
cblr-9112	193	62	particular	particular	ADJ
cblr-9112	193	63	company	company	NOUN
cblr-9112	193	64	’s	’s	PART
cblr-9112	193	65	circumstances.53	circumstances.53	NOUN
cblr-9112	193	66	we	we	PRON
cblr-9112	193	67	can	can	AUX
cblr-9112	193	68	characterize	characterize	VERB
cblr-9112	193	69	this	this	PRON
cblr-9112	193	70	as	as	ADP
cblr-9112	193	71	a	a	DET
cblr-9112	193	72	“	"	PUNCT
cblr-9112	193	73	bottom	bottom	ADJ
cblr-9112	193	74	-	-	PUNCT
cblr-9112	193	75	up	up	NOUN
cblr-9112	193	76	”	"	PUNCT
cblr-9112	193	77	approach	approach	NOUN
cblr-9112	193	78	to	to	ADP
cblr-9112	193	79	investing	investing	NOUN
cblr-9112	193	80	,	,	PUNCT
cblr-9112	193	81	where	where	SCONJ
cblr-9112	193	82	the	the	DET
cblr-9112	193	83	risk	risk	NOUN
cblr-9112	193	84	and	and	CCONJ
cblr-9112	193	85	return	return	NOUN
cblr-9112	193	86	of	of	ADP
cblr-9112	193	87	each	each	DET
cblr-9112	193	88	investment	investment	NOUN
cblr-9112	193	89	are	be	AUX
cblr-9112	193	90	considered	consider	VERB
cblr-9112	193	91	separately	separately	ADV
cblr-9112	193	92	on	on	ADP
cblr-9112	193	93	their	their	PRON
cblr-9112	193	94	own	own	ADJ
cblr-9112	193	95	merits	merit	NOUN
cblr-9112	193	96	,	,	PUNCT
cblr-9112	193	97	totaling	total	VERB
cblr-9112	193	98	an	an	DET
cblr-9112	193	99	aggregate	aggregate	ADJ
cblr-9112	193	100	portfolio	portfolio	NOUN
cblr-9112	193	101	of	of	ADP
cblr-9112	193	102	securities.54	securities.54	PROPN
cblr-9112	193	103	but	but	CCONJ
cblr-9112	193	104	for	for	ADP
cblr-9112	193	105	most	most	ADJ
cblr-9112	193	106	institutions	institution	NOUN
cblr-9112	193	107	,	,	PUNCT
cblr-9112	193	108	the	the	DET
cblr-9112	193	109	greater	great	ADJ
cblr-9112	193	110	focus	focus	NOUN
cblr-9112	193	111	is	be	AUX
cblr-9112	193	112	on	on	ADP
cblr-9112	193	113	portfolio	portfolio	NOUN
cblr-9112	193	114	risk	risk	NOUN
cblr-9112	193	115	—	—	PUNCT
cblr-9112	193	116	managing	manage	VERB
cblr-9112	193	117	the	the	DET
cblr-9112	193	118	aggregate	aggregate	ADJ
cblr-9112	193	119	risk	risk	NOUN
cblr-9112	193	120	and	and	CCONJ
cblr-9112	193	121	return	return	NOUN
cblr-9112	193	122	of	of	ADP
cblr-9112	193	123	a	a	DET
cblr-9112	193	124	portfolio	portfolio	NOUN
cblr-9112	193	125	of	of	ADP
cblr-9112	193	126	securities	security	NOUN
cblr-9112	193	127	,	,	PUNCT
cblr-9112	193	128	rather	rather	ADV
cblr-9112	193	129	than	than	ADP
cblr-9112	193	130	focusing	focus	VERB
cblr-9112	193	131	on	on	ADP
cblr-9112	193	132	individual	individual	ADJ
cblr-9112	193	133	investments	investment	NOUN
cblr-9112	193	134	.	.	PUNCT
cblr-9112	194	1	firms	firm	NOUN
cblr-9112	194	2	segment	segment	VERB
cblr-9112	194	3	risk	risk	NOUN
cblr-9112	194	4	by	by	ADP
cblr-9112	194	5	portfolio	portfolio	NOUN
cblr-9112	194	6	and	and	CCONJ
cblr-9112	194	7	trading	trading	NOUN
cblr-9112	194	8	division	division	NOUN
cblr-9112	194	9	,	,	PUNCT
cblr-9112	194	10	with	with	ADP
cblr-9112	194	11	a	a	DET
cblr-9112	194	12	hierarchy	hierarchy	NOUN
cblr-9112	194	13	of	of	ADP
cblr-9112	194	14	risk	risk	NOUN
cblr-9112	194	15	limits	limit	NOUN
cblr-9112	194	16	extending	extend	VERB
cblr-9112	194	17	from	from	ADP
cblr-9112	194	18	the	the	DET
cblr-9112	194	19	entire	entire	ADJ
cblr-9112	194	20	firm	firm	NOUN
cblr-9112	194	21	to	to	ADP
cblr-9112	194	22	each	each	DET
cblr-9112	194	23	trading	trading	NOUN
cblr-9112	194	24	unit	unit	NOUN
cblr-9112	194	25	,	,	PUNCT
cblr-9112	194	26	trading	trading	NOUN
cblr-9112	194	27	desk	desk	NOUN
cblr-9112	194	28	,	,	PUNCT
cblr-9112	194	29	and	and	CCONJ
cblr-9112	194	30	trader.55	trader.55	VERB
cblr-9112	194	31	compliance	compliance	NOUN
cblr-9112	194	32	with	with	ADP
cblr-9112	194	33	those	those	DET
cblr-9112	194	34	limits	limit	NOUN
cblr-9112	194	35	rests	rest	VERB
cblr-9112	194	36	with	with	ADP
cblr-9112	194	37	a	a	DET
cblr-9112	194	38	risk	risk	NOUN
cblr-9112	194	39	management	management	NOUN
cblr-9112	194	40	function	function	NOUN
cblr-9112	194	41	,	,	PUNCT
cblr-9112	194	42	often	often	ADV
cblr-9112	194	43	an	an	DET
cblr-9112	194	44	entire	entire	ADJ
cblr-9112	194	45	department	department	NOUN
cblr-9112	194	46	that	that	PRON
cblr-9112	194	47	monitors	monitor	VERB
cblr-9112	194	48	aggregate	aggregate	VERB
cblr-9112	194	49	risk	risk	NOUN
cblr-9112	194	50	across	across	ADP
cblr-9112	194	51	the	the	DET
cblr-9112	194	52	firm	firm	NOUN
cblr-9112	194	53	.	.	PUNCT
cblr-9112	195	1	this	this	PRON
cblr-9112	195	2	is	be	AUX
cblr-9112	195	3	a	a	DET
cblr-9112	195	4	“	"	PUNCT
cblr-9112	195	5	top	top	ADJ
cblr-9112	195	6	-	-	PUNCT
cblr-9112	195	7	down	down	NOUN
cblr-9112	195	8	”	"	PUNCT
cblr-9112	195	9	approach	approach	NOUN
cblr-9112	195	10	to	to	ADP
cblr-9112	195	11	investing	investing	NOUN
cblr-9112	195	12	,	,	PUNCT
cblr-9112	195	13	where	where	SCONJ
cblr-9112	195	14	a	a	DET
cblr-9112	195	15	portfolio	portfolio	NOUN
cblr-9112	195	16	’s	’s	PART
cblr-9112	195	17	aggregate	aggregate	ADJ
cblr-9112	195	18	risk	risk	NOUN
cblr-9112	195	19	and	and	CCONJ
cblr-9112	195	20	return	return	VERB
cblr-9112	195	21	52	52	NUM
cblr-9112	195	22	see	see	NOUN
cblr-9112	195	23	francisco	francisco	PROPN
cblr-9112	195	24	javier	javier	PROPN
cblr-9112	195	25	población	población	PROPN
cblr-9112	195	26	garcía	garcía	PROPN
cblr-9112	195	27	,	,	PUNCT
cblr-9112	195	28	financial	financial	ADJ
cblr-9112	195	29	risk	risk	NOUN
cblr-9112	195	30	management	management	NOUN
cblr-9112	195	31	69	69	NUM
cblr-9112	195	32	(	(	PUNCT
cblr-9112	195	33	2017	2017	NUM
cblr-9112	195	34	)	)	PUNCT
cblr-9112	195	35	;	;	PUNCT
cblr-9112	195	36	frank	frank	PROPN
cblr-9112	195	37	j.	j.	PROPN
cblr-9112	195	38	fabozzi	fabozzi	PROPN
cblr-9112	195	39	,	,	PUNCT
cblr-9112	195	40	francis	francis	PROPN
cblr-9112	195	41	gupta	gupta	PROPN
cblr-9112	195	42	&	&	CCONJ
cblr-9112	195	43	harry	harry	PROPN
cblr-9112	195	44	m.	m.	PROPN
cblr-9112	195	45	markowitz	markowitz	PROPN
cblr-9112	195	46	,	,	PUNCT
cblr-9112	195	47	the	the	DET
cblr-9112	195	48	legacy	legacy	NOUN
cblr-9112	195	49	of	of	ADP
cblr-9112	195	50	modern	modern	ADJ
cblr-9112	195	51	portfolio	portfolio	NOUN
cblr-9112	195	52	theory	theory	NOUN
cblr-9112	195	53	,	,	PUNCT
cblr-9112	195	54	j.	j.	PROPN
cblr-9112	195	55	investing	investing	PROPN
cblr-9112	195	56	,	,	PUNCT
cblr-9112	195	57	fall	fall	NOUN
cblr-9112	195	58	,	,	PUNCT
cblr-9112	195	59	2002	2002	NUM
cblr-9112	195	60	,	,	PUNCT
cblr-9112	195	61	at	at	ADP
cblr-9112	195	62	7	7	NUM
cblr-9112	195	63	,	,	PUNCT
cblr-9112	195	64	7	7	NUM
cblr-9112	195	65	.	.	NOUN
cblr-9112	195	66	53	53	NUM
cblr-9112	195	67	an	an	DET
cblr-9112	195	68	“	"	PUNCT
cblr-9112	195	69	event	event	NOUN
cblr-9112	195	70	arbitrageur	arbitrageur	NOUN
cblr-9112	195	71	”	"	PUNCT
cblr-9112	195	72	profits	profit	NOUN
cblr-9112	195	73	from	from	ADP
cblr-9112	195	74	specific	specific	ADJ
cblr-9112	195	75	events	event	NOUN
cblr-9112	195	76	—	—	PUNCT
cblr-9112	195	77	such	such	ADJ
cblr-9112	195	78	as	as	ADP
cblr-9112	195	79	merger	merger	NOUN
cblr-9112	195	80	&	&	CCONJ
cblr-9112	195	81	acquisition	acquisition	PROPN
cblr-9112	195	82	(	(	PUNCT
cblr-9112	195	83	m&a	m&a	PROPN
cblr-9112	195	84	)	)	PUNCT
cblr-9112	195	85	deals	deal	NOUN
cblr-9112	195	86	or	or	CCONJ
cblr-9112	195	87	natural	natural	ADJ
cblr-9112	195	88	disasters	disaster	NOUN
cblr-9112	195	89	—	—	PUNCT
cblr-9112	195	90	that	that	PRON
cblr-9112	195	91	can	can	AUX
cblr-9112	195	92	create	create	VERB
cblr-9112	195	93	a	a	DET
cblr-9112	195	94	profitable	profitable	ADJ
cblr-9112	195	95	arbitrage	arbitrage	NOUN
cblr-9112	195	96	in	in	ADP
cblr-9112	195	97	the	the	DET
cblr-9112	195	98	market	market	NOUN
cblr-9112	195	99	.	.	PUNCT
cblr-9112	196	1	for	for	ADP
cblr-9112	196	2	example	example	NOUN
cblr-9112	196	3	,	,	PUNCT
cblr-9112	196	4	merger	merger	NOUN
cblr-9112	196	5	arbitrage	arbitrage	NOUN
cblr-9112	196	6	is	be	AUX
cblr-9112	196	7	driven	drive	VERB
cblr-9112	196	8	by	by	ADP
cblr-9112	196	9	the	the	DET
cblr-9112	196	10	event	event	NOUN
cblr-9112	196	11	risk	risk	NOUN
cblr-9112	196	12	that	that	SCONJ
cblr-9112	196	13	a	a	DET
cblr-9112	196	14	merger	merger	NOUN
cblr-9112	196	15	may	may	AUX
cblr-9112	196	16	not	not	PART
cblr-9112	196	17	be	be	AUX
cblr-9112	196	18	completed	complete	VERB
cblr-9112	196	19	successfully	successfully	ADV
cblr-9112	196	20	.	.	PUNCT
cblr-9112	197	1	see	see	VERB
cblr-9112	197	2	thomas	thomas	PROPN
cblr-9112	197	3	kirchner	kirchner	PROPN
cblr-9112	197	4	,	,	PUNCT
cblr-9112	197	5	merger	merger	NOUN
cblr-9112	197	6	arbitrage	arbitrage	NOUN
cblr-9112	197	7	:	:	PUNCT
cblr-9112	197	8	how	how	SCONJ
cblr-9112	197	9	to	to	PART
cblr-9112	197	10	profit	profit	VERB
cblr-9112	197	11	from	from	ADP
cblr-9112	197	12	global	global	ADJ
cblr-9112	197	13	event	event	NOUN
cblr-9112	197	14	-	-	PUNCT
cblr-9112	197	15	driven	drive	VERB
cblr-9112	197	16	arbitrage	arbitrage	NOUN
cblr-9112	197	17	10	10	NUM
cblr-9112	197	18	(	(	PUNCT
cblr-9112	197	19	2d	2d	NUM
cblr-9112	197	20	ed	ed	NOUN
cblr-9112	197	21	.	.	PROPN
cblr-9112	197	22	2016	2016	NUM
cblr-9112	197	23	)	)	PUNCT
cblr-9112	197	24	.	.	PUNCT
cblr-9112	198	1	54	54	NUM
cblr-9112	198	2	see	see	VERB
cblr-9112	198	3	a	a	DET
cblr-9112	198	4	top	top	NOUN
cblr-9112	198	5	down	down	ADJ
cblr-9112	198	6	investment	investment	NOUN
cblr-9112	198	7	approach	approach	NOUN
cblr-9112	198	8	,	,	PUNCT
cblr-9112	198	9	fisher	fisher	PROPN
cblr-9112	198	10	invs	invs	PROPN
cblr-9112	198	11	.	.	PROPN
cblr-9112	198	12	,	,	PUNCT
cblr-9112	198	13	https://www.fisherinvestments.com/en-us/services/investmentapproach/top-down	https://www.fisherinvestments.com/en-us/services/investmentapproach/top-down	PROPN
cblr-9112	199	1	[	[	X
cblr-9112	199	2	https://perma.cc/ph3x-tkuk	https://perma.cc/ph3x-tkuk	X
cblr-9112	199	3	]	]	X
cblr-9112	199	4	(	(	PUNCT
cblr-9112	199	5	last	last	ADV
cblr-9112	199	6	visited	visit	VERB
cblr-9112	199	7	nov	nov	PROPN
cblr-9112	199	8	.	.	PROPN
cblr-9112	199	9	28	28	NUM
cblr-9112	199	10	,	,	PUNCT
cblr-9112	199	11	2021	2021	NUM
cblr-9112	199	12	)	)	PUNCT
cblr-9112	199	13	.	.	PUNCT
cblr-9112	200	1	55	55	NUM
cblr-9112	200	2	see	see	VERB
cblr-9112	200	3	glyn	glyn	PROPN
cblr-9112	200	4	a.	a.	PROPN
cblr-9112	200	5	holton	holton	PROPN
cblr-9112	200	6	,	,	PUNCT
cblr-9112	200	7	value	value	NOUN
cblr-9112	200	8	-	-	PUNCT
cblr-9112	200	9	at	at	ADP
cblr-9112	200	10	-	-	PUNCT
cblr-9112	200	11	risk	risk	NOUN
cblr-9112	200	12	:	:	PUNCT
cblr-9112	200	13	theory	theory	NOUN
cblr-9112	200	14	and	and	CCONJ
cblr-9112	200	15	practice	practice	VERB
cblr-9112	200	16	§	§	NOUN
cblr-9112	200	17	1.5	1.5	NUM
cblr-9112	200	18	(	(	PUNCT
cblr-9112	200	19	2d	2d	NUM
cblr-9112	200	20	ed	ed	NOUN
cblr-9112	200	21	.	.	PROPN
cblr-9112	200	22	2014	2014	NUM
cblr-9112	200	23	)	)	PUNCT
cblr-9112	200	24	(	(	PUNCT
cblr-9112	200	25	ebook	ebook	NOUN
cblr-9112	200	26	)	)	PUNCT
cblr-9112	200	27	;	;	PUNCT
cblr-9112	200	28	see	see	VERB
cblr-9112	200	29	also	also	ADV
cblr-9112	200	30	robert	robert	PROPN
cblr-9112	200	31	litterman	litterman	PROPN
cblr-9112	200	32	,	,	PUNCT
cblr-9112	200	33	hot	hot	ADJ
cblr-9112	200	34	spotstm	spotstm	NOUN
cblr-9112	200	35	and	and	CCONJ
cblr-9112	200	36	hedges	hedge	NOUN
cblr-9112	200	37	,	,	PUNCT
cblr-9112	200	38	23	23	NUM
cblr-9112	200	39	j.	j.	PROPN
cblr-9112	200	40	portfolio	portfolio	PROPN
cblr-9112	200	41	mgmt	mgmt	PROPN
cblr-9112	200	42	.	.	PUNCT
cblr-9112	200	43	1996	1996	NUM
cblr-9112	200	44	,	,	PUNCT
cblr-9112	200	45	at	at	ADP
cblr-9112	200	46	52	52	NUM
cblr-9112	200	47	,	,	PUNCT
cblr-9112	200	48	65	65	NUM
cblr-9112	200	49	(	(	PUNCT
cblr-9112	200	50	“	"	PUNCT
cblr-9112	200	51	[	[	X
cblr-9112	200	52	w]e	w]e	NOUN
cblr-9112	200	53	find	find	VERB
cblr-9112	200	54	it	it	PRON
cblr-9112	200	55	useful	useful	ADJ
cblr-9112	200	56	to	to	PART
cblr-9112	200	57	decompose	decompose	VERB
cblr-9112	200	58	the	the	DET
cblr-9112	200	59	firmwide	firmwide	ADJ
cblr-9112	200	60	risk	risk	NOUN
cblr-9112	200	61	of	of	ADP
cblr-9112	200	62	goldman	goldman	NOUN
cblr-9112	200	63	sachs	sach	VERB
cblr-9112	200	64	into	into	ADP
cblr-9112	200	65	that	that	PRON
cblr-9112	200	66	contributed	contribute	VERB
cblr-9112	200	67	by	by	ADP
cblr-9112	200	68	the	the	DET
cblr-9112	200	69	divisions	division	NOUN
cblr-9112	200	70	,	,	PUNCT
cblr-9112	200	71	the	the	DET
cblr-9112	200	72	divisional	divisional	ADJ
cblr-9112	200	73	risk	risk	NOUN
cblr-9112	200	74	into	into	ADP
cblr-9112	200	75	that	that	PRON
cblr-9112	200	76	contributed	contribute	VERB
cblr-9112	200	77	by	by	ADP
cblr-9112	200	78	business	business	NOUN
cblr-9112	200	79	units	unit	NOUN
cblr-9112	200	80	,	,	PUNCT
cblr-9112	200	81	and	and	CCONJ
cblr-9112	200	82	so	so	ADV
cblr-9112	200	83	on	on	ADV
cblr-9112	200	84	.	.	PUNCT
cblr-9112	200	85	”	"	PUNCT
cblr-9112	200	86	)	)	PUNCT
cblr-9112	200	87	.	.	PUNCT
cblr-9112	201	1	1410	1410	NUM
cblr-9112	201	2	columbia	columbia	PROPN
cblr-9112	201	3	business	business	NOUN
cblr-9112	201	4	law	law	PROPN
cblr-9112	201	5	review	review	NOUN
cblr-9112	201	6	[	[	X
cblr-9112	201	7	vol	vol	NOUN
cblr-9112	201	8	.	.	PUNCT
cblr-9112	201	9	2021	2021	NUM
cblr-9112	201	10	characteristics	characteristic	NOUN
cblr-9112	201	11	affect	affect	VERB
cblr-9112	201	12	the	the	DET
cblr-9112	201	13	particular	particular	ADJ
cblr-9112	201	14	securities	security	NOUN
cblr-9112	201	15	an	an	DET
cblr-9112	201	16	investor	investor	NOUN
cblr-9112	201	17	will	will	AUX
cblr-9112	201	18	buy	buy	VERB
cblr-9112	201	19	and	and	CCONJ
cblr-9112	201	20	sell.56	sell.56	VERB
cblr-9112	201	21	for	for	ADP
cblr-9112	201	22	example	example	NOUN
cblr-9112	201	23	,	,	PUNCT
cblr-9112	201	24	to	to	ADP
cblr-9112	201	25	mom	mom	NOUN
cblr-9112	201	26	and	and	CCONJ
cblr-9112	201	27	pop	pop	VERB
cblr-9112	201	28	,	,	PUNCT
cblr-9112	201	29	“	"	PUNCT
cblr-9112	201	30	equity	equity	NOUN
cblr-9112	201	31	risk	risk	NOUN
cblr-9112	201	32	”	"	PUNCT
cblr-9112	201	33	relates	relate	VERB
cblr-9112	201	34	to	to	ADP
cblr-9112	201	35	the	the	DET
cblr-9112	201	36	uncertainty	uncertainty	NOUN
cblr-9112	201	37	around	around	ADP
cblr-9112	201	38	a	a	DET
cblr-9112	201	39	particular	particular	ADJ
cblr-9112	201	40	stock	stock	NOUN
cblr-9112	201	41	’s	’s	PART
cblr-9112	201	42	returns	return	NOUN
cblr-9112	201	43	due	due	ADJ
cblr-9112	201	44	to	to	ADP
cblr-9112	201	45	potential	potential	ADJ
cblr-9112	201	46	changes	change	NOUN
cblr-9112	201	47	in	in	ADP
cblr-9112	201	48	share	share	NOUN
cblr-9112	201	49	price	price	NOUN
cblr-9112	201	50	and	and	CCONJ
cblr-9112	201	51	dividends	dividend	NOUN
cblr-9112	201	52	on	on	ADP
cblr-9112	201	53	the	the	DET
cblr-9112	201	54	shares	share	NOUN
cblr-9112	201	55	they	they	PRON
cblr-9112	201	56	buy	buy	VERB
cblr-9112	201	57	and	and	CCONJ
cblr-9112	201	58	sell.57	sell.57	VERB
cblr-9112	201	59	the	the	DET
cblr-9112	201	60	bottom	bottom	ADJ
cblr-9112	201	61	-	-	PUNCT
cblr-9112	201	62	up	up	ADP
cblr-9112	201	63	approach	approach	NOUN
cblr-9112	201	64	explains	explain	VERB
cblr-9112	201	65	that	that	SCONJ
cblr-9112	201	66	they	they	PRON
cblr-9112	201	67	may	may	AUX
cblr-9112	201	68	choose	choose	VERB
cblr-9112	201	69	to	to	PART
cblr-9112	201	70	diversify	diversify	VERB
cblr-9112	201	71	as	as	ADP
cblr-9112	201	72	part	part	NOUN
cblr-9112	201	73	of	of	ADP
cblr-9112	201	74	their	their	PRON
cblr-9112	201	75	trading	trading	NOUN
cblr-9112	201	76	strategy	strategy	NOUN
cblr-9112	201	77	to	to	PART
cblr-9112	201	78	reap	reap	VERB
cblr-9112	201	79	the	the	DET
cblr-9112	201	80	benefits	benefit	NOUN
cblr-9112	201	81	of	of	ADP
cblr-9112	201	82	diversification.58	diversification.58	NOUN
cblr-9112	201	83	by	by	ADP
cblr-9112	201	84	contrast	contrast	NOUN
cblr-9112	201	85	,	,	PUNCT
cblr-9112	201	86	top	top	ADJ
cblr-9112	201	87	-	-	PUNCT
cblr-9112	201	88	down	down	ADP
cblr-9112	201	89	investors	investor	NOUN
cblr-9112	201	90	are	be	AUX
cblr-9112	201	91	required	require	VERB
cblr-9112	201	92	to	to	PART
cblr-9112	201	93	diversify	diversify	VERB
cblr-9112	201	94	as	as	ADP
cblr-9112	201	95	a	a	DET
cblr-9112	201	96	result	result	NOUN
cblr-9112	201	97	of	of	ADP
cblr-9112	201	98	enterpriselevel	enterpriselevel	NOUN
cblr-9112	201	99	decisions	decision	NOUN
cblr-9112	201	100	and	and	CCONJ
cblr-9112	201	101	limits.59	limits.59	AUX
cblr-9112	201	102	not	not	PART
cblr-9112	201	103	doing	do	VERB
cblr-9112	201	104	so	so	ADV
cblr-9112	201	105	means	mean	VERB
cblr-9112	201	106	the	the	DET
cblr-9112	201	107	investor	investor	NOUN
cblr-9112	201	108	will	will	AUX
cblr-9112	201	109	fail	fail	VERB
cblr-9112	201	110	to	to	PART
cblr-9112	201	111	maximize	maximize	VERB
cblr-9112	201	112	her	her	PRON
cblr-9112	201	113	profits	profit	NOUN
cblr-9112	201	114	at	at	ADP
cblr-9112	201	115	a	a	DET
cblr-9112	201	116	given	give	VERB
cblr-9112	201	117	level	level	NOUN
cblr-9112	201	118	of	of	ADP
cblr-9112	201	119	risk	risk	NOUN
cblr-9112	201	120	.	.	PUNCT
cblr-9112	202	1	in	in	ADP
cblr-9112	202	2	other	other	ADJ
cblr-9112	202	3	words	word	NOUN
cblr-9112	202	4	,	,	PUNCT
cblr-9112	202	5	diversification	diversification	NOUN
cblr-9112	202	6	’s	’s	PART
cblr-9112	202	7	ability	ability	NOUN
cblr-9112	202	8	to	to	PART
cblr-9112	202	9	lower	lower	VERB
cblr-9112	202	10	risk	risk	NOUN
cblr-9112	202	11	is	be	AUX
cblr-9112	202	12	so	so	ADV
cblr-9112	202	13	significant60	significant60	VERB
cblr-9112	202	14	that	that	SCONJ
cblr-9112	202	15	an	an	DET
cblr-9112	202	16	investor	investor	NOUN
cblr-9112	202	17	who	who	PRON
cblr-9112	202	18	chooses	choose	VERB
cblr-9112	202	19	not	not	PART
cblr-9112	202	20	to	to	PART
cblr-9112	202	21	diversify	diversify	VERB
cblr-9112	202	22	is	be	AUX
cblr-9112	202	23	unlikely	unlikely	ADJ
cblr-9112	202	24	to	to	PART
cblr-9112	202	25	invest	invest	VERB
cblr-9112	202	26	in	in	ADP
cblr-9112	202	27	a	a	DET
cblr-9112	202	28	portfolio	portfolio	NOUN
cblr-9112	202	29	that	that	PRON
cblr-9112	202	30	will	will	AUX
cblr-9112	202	31	yield	yield	VERB
cblr-9112	202	32	an	an	DET
cblr-9112	202	33	optimal	optimal	ADJ
cblr-9112	202	34	return.61	return.61	NOUN
cblr-9112	202	35	56	56	NUM
cblr-9112	202	36	see	see	VERB
cblr-9112	202	37	a	a	DET
cblr-9112	202	38	top	top	NOUN
cblr-9112	202	39	down	down	ADJ
cblr-9112	202	40	investment	investment	NOUN
cblr-9112	202	41	approach	approach	NOUN
cblr-9112	202	42	,	,	PUNCT
cblr-9112	202	43	fisher	fisher	PROPN
cblr-9112	202	44	invs	invs	PROPN
cblr-9112	202	45	.	.	PROPN
cblr-9112	202	46	,	,	PUNCT
cblr-9112	202	47	supra	supra	PROPN
cblr-9112	202	48	note	note	PROPN
cblr-9112	202	49	54	54	NUM
cblr-9112	202	50	;	;	PUNCT
cblr-9112	202	51	see	see	VERB
cblr-9112	202	52	also	also	ADV
cblr-9112	202	53	john	john	PROPN
cblr-9112	202	54	c.	c.	PROPN
cblr-9112	202	55	coffee	coffee	PROPN
cblr-9112	202	56	,	,	PUNCT
cblr-9112	202	57	jr	jr	PROPN
cblr-9112	202	58	.	.	PROPN
cblr-9112	202	59	,	,	PUNCT
cblr-9112	202	60	the	the	DET
cblr-9112	202	61	future	future	NOUN
cblr-9112	202	62	of	of	ADP
cblr-9112	202	63	disclosure	disclosure	NOUN
cblr-9112	202	64	:	:	PUNCT
cblr-9112	202	65	esg	esg	PROPN
cblr-9112	202	66	,	,	PUNCT
cblr-9112	202	67	common	common	ADJ
cblr-9112	202	68	ownership	ownership	NOUN
cblr-9112	202	69	,	,	PUNCT
cblr-9112	202	70	and	and	CCONJ
cblr-9112	202	71	systematic	systematic	ADJ
cblr-9112	202	72	risk	risk	NOUN
cblr-9112	202	73	,	,	PUNCT
cblr-9112	202	74	2021	2021	NUM
cblr-9112	202	75	colum	colum	NOUN
cblr-9112	202	76	.	.	PUNCT
cblr-9112	203	1	bus	bus	NOUN
cblr-9112	203	2	.	.	PUNCT
cblr-9112	204	1	l.	l.	PROPN
cblr-9112	204	2	rev	rev	AUX
cblr-9112	204	3	.	.	PROPN
cblr-9112	204	4	602	602	NUM
cblr-9112	204	5	,	,	PUNCT
cblr-9112	204	6	615–30	615–30	NUM
cblr-9112	204	7	(	(	PUNCT
cblr-9112	204	8	2021	2021	NUM
cblr-9112	204	9	)	)	PUNCT
cblr-9112	204	10	10–26	10–26	NUM
cblr-9112	204	11	(	(	PUNCT
cblr-9112	204	12	eur	eur	PROPN
cblr-9112	204	13	.	.	PROPN
cblr-9112	204	14	corp	corp	PROPN
cblr-9112	204	15	.	.	PROPN
cblr-9112	204	16	governance	governance	PROPN
cblr-9112	204	17	inst	inst	PROPN
cblr-9112	204	18	.	.	PROPN
cblr-9112	204	19	,	,	PUNCT
cblr-9112	204	20	working	work	VERB
cblr-9112	204	21	paper	paper	NOUN
cblr-9112	204	22	no	no	INTJ
cblr-9112	204	23	.	.	PROPN
cblr-9112	204	24	541/2020	541/2020	NUM
cblr-9112	204	25	,	,	PUNCT
cblr-9112	204	26	2021	2021	NUM
cblr-9112	204	27	)	)	PUNCT
cblr-9112	204	28	(	(	PUNCT
cblr-9112	204	29	describing	describe	VERB
cblr-9112	204	30	a	a	DET
cblr-9112	204	31	similar	similar	ADJ
cblr-9112	204	32	divergence	divergence	NOUN
cblr-9112	204	33	between	between	ADP
cblr-9112	204	34	institutional	institutional	ADJ
cblr-9112	204	35	and	and	CCONJ
cblr-9112	204	36	retail	retail	ADJ
cblr-9112	204	37	investors	investor	NOUN
cblr-9112	204	38	)	)	PUNCT
cblr-9112	204	39	.	.	PUNCT
cblr-9112	205	1	57	57	NUM
cblr-9112	205	2	see	see	VERB
cblr-9112	205	3	garcía	garcía	ADJ
cblr-9112	205	4	,	,	PUNCT
cblr-9112	205	5	supra	supra	PROPN
cblr-9112	205	6	note	note	NOUN
cblr-9112	205	7	52	52	NUM
cblr-9112	205	8	,	,	PUNCT
cblr-9112	205	9	at	at	ADP
cblr-9112	205	10	41–42	41–42	NUM
cblr-9112	205	11	.	.	PUNCT
cblr-9112	206	1	58	58	NUM
cblr-9112	206	2	see	see	NOUN
cblr-9112	206	3	,	,	PUNCT
cblr-9112	206	4	e.g.	e.g.	ADV
cblr-9112	206	5	,	,	PUNCT
cblr-9112	206	6	peter	peter	PROPN
cblr-9112	206	7	v.	v.	PROPN
cblr-9112	206	8	letsou	letsou	PROPN
cblr-9112	206	9	,	,	PUNCT
cblr-9112	206	10	implications	implication	NOUN
cblr-9112	206	11	of	of	ADP
cblr-9112	206	12	shareholder	shareholder	NOUN
cblr-9112	206	13	diversification	diversification	NOUN
cblr-9112	206	14	on	on	ADP
cblr-9112	206	15	corporate	corporate	ADJ
cblr-9112	206	16	law	law	NOUN
cblr-9112	206	17	and	and	CCONJ
cblr-9112	206	18	organization	organization	NOUN
cblr-9112	206	19	:	:	PUNCT
cblr-9112	206	20	the	the	DET
cblr-9112	206	21	case	case	NOUN
cblr-9112	206	22	of	of	ADP
cblr-9112	206	23	the	the	DET
cblr-9112	206	24	business	business	NOUN
cblr-9112	206	25	judgment	judgment	NOUN
cblr-9112	206	26	rule	rule	NOUN
cblr-9112	206	27	,	,	PUNCT
cblr-9112	206	28	77	77	NUM
cblr-9112	206	29	chi.-kent	chi.-kent	PROPN
cblr-9112	206	30	l.	l.	PROPN
cblr-9112	206	31	rev	rev	PROPN
cblr-9112	206	32	.	.	PROPN
cblr-9112	206	33	179	179	NUM
cblr-9112	206	34	,	,	PUNCT
cblr-9112	206	35	186	186	NUM
cblr-9112	206	36	(	(	PUNCT
cblr-9112	206	37	2001	2001	NUM
cblr-9112	206	38	)	)	PUNCT
cblr-9112	206	39	(	(	PUNCT
cblr-9112	206	40	“	"	PUNCT
cblr-9112	206	41	[	[	X
cblr-9112	206	42	d]iversification	d]iversification	NOUN
cblr-9112	206	43	allows	allow	VERB
cblr-9112	206	44	the	the	DET
cblr-9112	206	45	investor	investor	NOUN
cblr-9112	206	46	to	to	PART
cblr-9112	206	47	eliminate	eliminate	VERB
cblr-9112	206	48	risk	risk	NOUN
cblr-9112	206	49	without	without	ADP
cblr-9112	206	50	sacrificing	sacrifice	VERB
cblr-9112	206	51	financial	financial	ADJ
cblr-9112	206	52	return	return	NOUN
cblr-9112	206	53	.	.	PUNCT
cblr-9112	206	54	.	.	PUNCT
cblr-9112	206	55	.	.	PUNCT
cblr-9112	207	1	.	.	PUNCT
cblr-9112	208	1	and	and	CCONJ
cblr-9112	208	2	indeed	indeed	ADV
cblr-9112	208	3	,	,	PUNCT
cblr-9112	208	4	diversification	diversification	NOUN
cblr-9112	208	5	appears	appear	VERB
cblr-9112	208	6	to	to	PART
cblr-9112	208	7	be	be	AUX
cblr-9112	208	8	the	the	DET
cblr-9112	208	9	strategy	strategy	NOUN
cblr-9112	208	10	that	that	PRON
cblr-9112	208	11	most	most	ADJ
cblr-9112	208	12	investors	investor	NOUN
cblr-9112	208	13	follow	follow	VERB
cblr-9112	208	14	,	,	PUNCT
cblr-9112	208	15	as	as	SCONJ
cblr-9112	208	16	illustrated	illustrate	VERB
cblr-9112	208	17	by	by	ADP
cblr-9112	208	18	the	the	DET
cblr-9112	208	19	present	present	ADJ
cblr-9112	208	20	-	-	PUNCT
cblr-9112	208	21	day	day	NOUN
cblr-9112	208	22	popularity	popularity	NOUN
cblr-9112	208	23	of	of	ADP
cblr-9112	208	24	mutual	mutual	ADJ
cblr-9112	208	25	funds	fund	NOUN
cblr-9112	208	26	.	.	PUNCT
cblr-9112	208	27	”	"	PUNCT
cblr-9112	208	28	)	)	PUNCT
cblr-9112	208	29	;	;	PUNCT
cblr-9112	208	30	herbert	herbert	PROPN
cblr-9112	208	31	a.	a.	NOUN
cblr-9112	208	32	whitehouse	whitehouse	PROPN
cblr-9112	208	33	,	,	PUNCT
cblr-9112	208	34	diversification	diversification	NOUN
cblr-9112	208	35	into	into	ADP
cblr-9112	208	36	the	the	DET
cblr-9112	208	37	entire	entire	ADJ
cblr-9112	208	38	economy	economy	NOUN
cblr-9112	208	39	:	:	PUNCT
cblr-9112	208	40	the	the	DET
cblr-9112	208	41	moral	moral	ADJ
cblr-9112	208	42	imperative	imperative	NOUN
cblr-9112	208	43	of	of	ADP
cblr-9112	208	44	the	the	DET
cblr-9112	208	45	super	super	ADV
cblr-9112	208	46	efficient	efficient	ADJ
cblr-9112	208	47	portfolio	portfolio	NOUN
cblr-9112	208	48	on	on	ADP
cblr-9112	208	49	the	the	DET
cblr-9112	208	50	efficient	efficient	ADJ
cblr-9112	208	51	frontier	frontier	NOUN
cblr-9112	208	52	,	,	PUNCT
cblr-9112	208	53	22	22	NUM
cblr-9112	208	54	ann	ann	PROPN
cblr-9112	208	55	.	.	PUNCT
cblr-9112	209	1	rev	rev	PROPN
cblr-9112	209	2	.	.	PROPN
cblr-9112	209	3	banking	banking	PROPN
cblr-9112	209	4	&	&	CCONJ
cblr-9112	209	5	fin	fin	PROPN
cblr-9112	209	6	.	.	PUNCT
cblr-9112	210	1	l.	l.	PROPN
cblr-9112	210	2	443	443	NUM
cblr-9112	210	3	,	,	PUNCT
cblr-9112	210	4	453	453	NUM
cblr-9112	210	5	(	(	PUNCT
cblr-9112	210	6	2003	2003	NUM
cblr-9112	210	7	)	)	PUNCT
cblr-9112	210	8	(	(	PUNCT
cblr-9112	210	9	fiduciaries	fiduciary	NOUN
cblr-9112	210	10	may	may	AUX
cblr-9112	210	11	“	"	PUNCT
cblr-9112	210	12	decide	decide	VERB
cblr-9112	210	13	to	to	PART
cblr-9112	210	14	diversify	diversify	VERB
cblr-9112	210	15	”	"	PUNCT
cblr-9112	210	16	for	for	ADP
cblr-9112	210	17	various	various	ADJ
cblr-9112	210	18	reasons	reason	NOUN
cblr-9112	210	19	)	)	PUNCT
cblr-9112	210	20	.	.	PUNCT
cblr-9112	211	1	59	59	NUM
cblr-9112	211	2	see	see	VERB
cblr-9112	211	3	whitehead	whitehead	PROPN
cblr-9112	211	4	,	,	PUNCT
cblr-9112	211	5	supra	supra	PROPN
cblr-9112	211	6	note	note	PROPN
cblr-9112	211	7	29	29	NUM
cblr-9112	211	8	,	,	PUNCT
cblr-9112	211	9	at	at	ADP
cblr-9112	211	10	342	342	NUM
cblr-9112	211	11	(	(	PUNCT
cblr-9112	211	12	2011	2011	NUM
cblr-9112	211	13	)	)	PUNCT
cblr-9112	211	14	(	(	PUNCT
cblr-9112	211	15	“	"	PUNCT
cblr-9112	211	16	financial	financial	ADJ
cblr-9112	211	17	firms	firm	NOUN
cblr-9112	211	18	regularly	regularly	ADV
cblr-9112	211	19	impose	impose	VERB
cblr-9112	211	20	var	var	NOUN
cblr-9112	211	21	limits	limit	NOUN
cblr-9112	211	22	on	on	ADP
cblr-9112	211	23	managers	manager	NOUN
cblr-9112	211	24	and	and	CCONJ
cblr-9112	211	25	portfolios	portfolio	NOUN
cblr-9112	211	26	.	.	PUNCT
cblr-9112	212	1	before	before	ADP
cblr-9112	212	2	exceeding	exceed	VERB
cblr-9112	212	3	a	a	DET
cblr-9112	212	4	limit	limit	NOUN
cblr-9112	212	5	,	,	PUNCT
cblr-9112	212	6	the	the	DET
cblr-9112	212	7	manager	manager	NOUN
cblr-9112	212	8	must	must	AUX
cblr-9112	212	9	obtain	obtain	VERB
cblr-9112	212	10	approval	approval	NOUN
cblr-9112	212	11	or	or	CCONJ
cblr-9112	212	12	reduce	reduce	VERB
cblr-9112	212	13	the	the	DET
cblr-9112	212	14	portfolio	portfolio	NOUN
cblr-9112	212	15	’s	’s	PART
cblr-9112	212	16	exposure	exposure	NOUN
cblr-9112	212	17	,	,	PUNCT
cblr-9112	212	18	typically	typically	ADV
cblr-9112	212	19	by	by	ADP
cblr-9112	212	20	diversifying	diversify	VERB
cblr-9112	212	21	its	its	PRON
cblr-9112	212	22	holdings	holding	NOUN
cblr-9112	212	23	or	or	CCONJ
cblr-9112	212	24	reducing	reduce	VERB
cblr-9112	212	25	their	their	PRON
cblr-9112	212	26	size	size	NOUN
cblr-9112	212	27	.	.	PUNCT
cblr-9112	212	28	”	"	PUNCT
cblr-9112	212	29	)	)	PUNCT
cblr-9112	212	30	.	.	PUNCT
cblr-9112	213	1	60	60	NUM
cblr-9112	213	2	see	see	VERB
cblr-9112	213	3	andré	andré	PROPN
cblr-9112	213	4	f.	f.	PROPN
cblr-9112	213	5	perold	perold	PROPN
cblr-9112	213	6	,	,	PUNCT
cblr-9112	213	7	capital	capital	NOUN
cblr-9112	213	8	allocation	allocation	NOUN
cblr-9112	213	9	in	in	ADP
cblr-9112	213	10	financial	financial	ADJ
cblr-9112	213	11	firms	firm	NOUN
cblr-9112	213	12	,	,	PUNCT
cblr-9112	213	13	17	17	NUM
cblr-9112	213	14	j.	j.	PROPN
cblr-9112	213	15	applied	applied	PROPN
cblr-9112	213	16	corp	corp	PROPN
cblr-9112	213	17	.	.	PROPN
cblr-9112	213	18	fin	fin	PROPN
cblr-9112	213	19	.	.	PUNCT
cblr-9112	213	20	,	,	PUNCT
cblr-9112	213	21	spring	spring	NOUN
cblr-9112	213	22	,	,	PUNCT
cblr-9112	213	23	2005	2005	NUM
cblr-9112	213	24	,	,	PUNCT
cblr-9112	213	25	at	at	ADP
cblr-9112	213	26	110	110	NUM
cblr-9112	213	27	,	,	PUNCT
cblr-9112	213	28	113	113	NUM
cblr-9112	213	29	.	.	NOUN
cblr-9112	213	30	61	61	NUM
cblr-9112	213	31	in	in	ADP
cblr-9112	213	32	one	one	NUM
cblr-9112	213	33	instance	instance	NOUN
cblr-9112	213	34	,	,	PUNCT
cblr-9112	213	35	a	a	DET
cblr-9112	213	36	new	new	PROPN
cblr-9112	213	37	york	york	PROPN
cblr-9112	213	38	-	-	PUNCT
cblr-9112	213	39	based	base	VERB
cblr-9112	213	40	dealer	dealer	NOUN
cblr-9112	213	41	’s	’s	PART
cblr-9112	213	42	failure	failure	NOUN
cblr-9112	213	43	to	to	PART
cblr-9112	213	44	take	take	VERB
cblr-9112	213	45	account	account	NOUN
cblr-9112	213	46	of	of	ADP
cblr-9112	213	47	diversification	diversification	NOUN
cblr-9112	213	48	resulted	result	VERB
cblr-9112	213	49	in	in	ADP
cblr-9112	213	50	its	its	PRON
cblr-9112	213	51	failure	failure	NOUN
cblr-9112	213	52	as	as	ADP
cblr-9112	213	53	a	a	DET
cblr-9112	213	54	firm	firm	NOUN
cblr-9112	213	55	to	to	PART
cblr-9112	213	56	utilize	utilize	VERB
cblr-9112	213	57	more	more	ADJ
cblr-9112	213	58	than	than	ADP
cblr-9112	213	59	seventy	seventy	NUM
cblr-9112	213	60	percent	percent	NOUN
cblr-9112	213	61	of	of	ADP
cblr-9112	213	62	its	its	PRON
cblr-9112	213	63	total	total	ADJ
cblr-9112	213	64	risk	risk	NOUN
cblr-9112	213	65	capital	capital	NOUN
cblr-9112	213	66	.	.	PUNCT
cblr-9112	214	1	see	see	VERB
cblr-9112	214	2	tanja	tanja	PROPN
cblr-9112	214	3	dresel	dresel	VERB
cblr-9112	214	4	,	,	PUNCT
cblr-9112	214	5	robert	robert	PROPN
cblr-9112	214	6	härtl	härtl	PROPN
cblr-9112	214	7	&	&	CCONJ
cblr-9112	214	8	lutz	lutz	PROPN
cblr-9112	214	9	johanning	johanning	PROPN
cblr-9112	214	10	,	,	PUNCT
cblr-9112	214	11	risk	risk	NOUN
cblr-9112	214	12	capital	capital	NOUN
cblr-9112	214	13	allocation	allocation	NOUN
cblr-9112	214	14	using	use	VERB
cblr-9112	214	15	value	value	NOUN
cblr-9112	214	16	at	at	ADP
cblr-9112	214	17	risk	risk	NOUN
cblr-9112	214	18	limits	limit	NOUN
cblr-9112	214	19	:	:	PUNCT
cblr-9112	214	20	no	no	INTJ
cblr-9112	214	21	.	.	NOUN
cblr-9112	214	22	3:1396	3:1396	NUM
cblr-9112	214	23	]	]	PUNCT
cblr-9112	214	24	risky	risky	ADJ
cblr-9112	214	25	business	business	NOUN
cblr-9112	214	26	1411	1411	NUM
cblr-9112	214	27	b.	b.	PROPN
cblr-9112	214	28	value	value	NOUN
cblr-9112	214	29	-	-	PUNCT
cblr-9112	214	30	at	at	ADP
cblr-9112	214	31	-	-	PUNCT
cblr-9112	214	32	risk	risk	NOUN
cblr-9112	214	33	since	since	SCONJ
cblr-9112	214	34	the	the	DET
cblr-9112	214	35	early	early	ADJ
cblr-9112	214	36	1990s	1990	NOUN
cblr-9112	214	37	,	,	PUNCT
cblr-9112	214	38	most	most	ADJ
cblr-9112	214	39	institutions	institution	NOUN
cblr-9112	214	40	have	have	AUX
cblr-9112	214	41	relied	rely	VERB
cblr-9112	214	42	on	on	ADP
cblr-9112	214	43	a	a	DET
cblr-9112	214	44	volatility	volatility	NOUN
cblr-9112	214	45	-	-	PUNCT
cblr-9112	214	46	based	base	VERB
cblr-9112	214	47	risk	risk	NOUN
cblr-9112	214	48	measure	measure	NOUN
cblr-9112	214	49	,	,	PUNCT
cblr-9112	214	50	known	know	VERB
cblr-9112	214	51	as	as	ADP
cblr-9112	214	52	value	value	NOUN
cblr-9112	214	53	-	-	PUNCT
cblr-9112	214	54	at	at	ADP
cblr-9112	214	55	-	-	PUNCT
cblr-9112	214	56	risk	risk	NOUN
cblr-9112	214	57	(	(	PUNCT
cblr-9112	214	58	var	var	NOUN
cblr-9112	214	59	)	)	PUNCT
cblr-9112	214	60	,	,	PUNCT
cblr-9112	214	61	to	to	PART
cblr-9112	214	62	manage	manage	VERB
cblr-9112	214	63	risk.62	risk.62	NOUN
cblr-9112	214	64	var	var	NOUN
cblr-9112	214	65	was	be	AUX
cblr-9112	214	66	widely	widely	ADV
cblr-9112	214	67	adopted	adopt	VERB
cblr-9112	214	68	due	due	ADP
cblr-9112	214	69	to	to	ADP
cblr-9112	214	70	its	its	PRON
cblr-9112	214	71	ability	ability	NOUN
cblr-9112	214	72	to	to	PART
cblr-9112	214	73	sum	sum	VERB
cblr-9112	214	74	up	up	ADP
cblr-9112	214	75	risk	risk	NOUN
cblr-9112	214	76	correlations	correlation	NOUN
cblr-9112	214	77	across	across	ADP
cblr-9112	214	78	different	different	ADJ
cblr-9112	214	79	asset	asset	NOUN
cblr-9112	214	80	classes	class	NOUN
cblr-9112	214	81	(	(	PUNCT
cblr-9112	214	82	including	include	VERB
cblr-9112	214	83	equity	equity	NOUN
cblr-9112	214	84	and	and	CCONJ
cblr-9112	214	85	fixed	fix	VERB
cblr-9112	214	86	income	income	NOUN
cblr-9112	214	87	assets	asset	NOUN
cblr-9112	214	88	)	)	PUNCT
cblr-9112	214	89	and	and	CCONJ
cblr-9112	214	90	integrate	integrate	VERB
cblr-9112	214	91	different	different	ADJ
cblr-9112	214	92	market	market	NOUN
cblr-9112	214	93	risk	risk	NOUN
cblr-9112	214	94	types	type	NOUN
cblr-9112	214	95	into	into	ADP
cblr-9112	214	96	a	a	DET
cblr-9112	214	97	single	single	ADJ
cblr-9112	214	98	snapshot	snapshot	NOUN
cblr-9112	214	99	view	view	NOUN
cblr-9112	214	100	of	of	ADP
cblr-9112	214	101	a	a	DET
cblr-9112	214	102	portfolio	portfolio	NOUN
cblr-9112	214	103	’s	’s	PART
cblr-9112	214	104	(	(	PUNCT
cblr-9112	214	105	or	or	CCONJ
cblr-9112	214	106	firm	firm	NOUN
cblr-9112	214	107	’s	’s	PART
cblr-9112	214	108	)	)	PUNCT
cblr-9112	214	109	aggregate	aggregate	ADJ
cblr-9112	214	110	risk	risk	NOUN
cblr-9112	214	111	exposure.63	exposure.63	ADJ
cblr-9112	214	112	var	var	NOUN
cblr-9112	214	113	measures	measure	NOUN
cblr-9112	214	114	incorporating	incorporate	VERB
cblr-9112	214	115	unpredictable	unpredictable	ADJ
cblr-9112	214	116	correlations	correlation	NOUN
cblr-9112	214	117	between	between	ADP
cblr-9112	214	118	traders	trader	NOUN
cblr-9112	214	119	’	'	PUNCT
cblr-9112	214	120	exposures	exposure	VERB
cblr-9112	214	121	2	2	NUM
cblr-9112	214	122	(	(	PUNCT
cblr-9112	214	123	2003	2003	NUM
cblr-9112	214	124	)	)	PUNCT
cblr-9112	214	125	(	(	PUNCT
cblr-9112	214	126	unpublished	unpublished	ADJ
cblr-9112	214	127	manuscript	manuscript	NOUN
cblr-9112	214	128	)	)	PUNCT
cblr-9112	214	129	,	,	PUNCT
cblr-9112	215	1	https://www.cofar.unimainz.de/dgf2003/paper/paper143.pdf	https://www.cofar.unimainz.de/dgf2003/paper/paper143.pdf	PROPN
cblr-9112	215	2	[	[	X
cblr-9112	215	3	https://perma.cc/3srw-de7n	https://perma.cc/3srw-de7n	X
cblr-9112	215	4	]	]	PUNCT
cblr-9112	215	5	.	.	PUNCT
cblr-9112	216	1	managing	manage	VERB
cblr-9112	216	2	a	a	DET
cblr-9112	216	3	fixed	fix	VERB
cblr-9112	216	4	income	income	NOUN
cblr-9112	216	5	portfolio	portfolio	NOUN
cblr-9112	216	6	is	be	AUX
cblr-9112	216	7	more	more	ADV
cblr-9112	216	8	complex	complex	ADJ
cblr-9112	216	9	.	.	PUNCT
cblr-9112	217	1	among	among	ADP
cblr-9112	217	2	the	the	DET
cblr-9112	217	3	additional	additional	ADJ
cblr-9112	217	4	risks	risk	NOUN
cblr-9112	217	5	,	,	PUNCT
cblr-9112	217	6	fixed	fix	VERB
cblr-9112	217	7	income	income	NOUN
cblr-9112	217	8	investors	investor	NOUN
cblr-9112	217	9	are	be	AUX
cblr-9112	217	10	subject	subject	ADJ
cblr-9112	217	11	to	to	ADP
cblr-9112	217	12	the	the	DET
cblr-9112	217	13	risk	risk	NOUN
cblr-9112	217	14	that	that	SCONJ
cblr-9112	217	15	a	a	DET
cblr-9112	217	16	borrower	borrower	NOUN
cblr-9112	217	17	’s	’s	PART
cblr-9112	217	18	credit	credit	NOUN
cblr-9112	217	19	quality	quality	NOUN
cblr-9112	217	20	will	will	AUX
cblr-9112	217	21	decline	decline	VERB
cblr-9112	217	22	.	.	PUNCT
cblr-9112	218	1	for	for	ADP
cblr-9112	218	2	corporate	corporate	ADJ
cblr-9112	218	3	bonds	bond	NOUN
cblr-9112	218	4	,	,	PUNCT
cblr-9112	218	5	this	this	PRON
cblr-9112	218	6	is	be	AUX
cblr-9112	218	7	referred	refer	VERB
cblr-9112	218	8	to	to	ADP
cblr-9112	218	9	as	as	ADP
cblr-9112	218	10	“	"	PUNCT
cblr-9112	218	11	credit	credit	NOUN
cblr-9112	218	12	spread	spread	NOUN
cblr-9112	218	13	risk	risk	NOUN
cblr-9112	218	14	.	.	PUNCT
cblr-9112	218	15	”	"	PUNCT
cblr-9112	219	1	the	the	DET
cblr-9112	219	2	“	"	PUNCT
cblr-9112	219	3	credit	credit	NOUN
cblr-9112	219	4	spread	spread	NOUN
cblr-9112	219	5	”	"	PUNCT
cblr-9112	219	6	is	be	AUX
cblr-9112	219	7	reflected	reflect	VERB
cblr-9112	219	8	in	in	ADP
cblr-9112	219	9	the	the	DET
cblr-9112	219	10	difference	difference	NOUN
cblr-9112	219	11	between	between	ADP
cblr-9112	219	12	the	the	DET
cblr-9112	219	13	interest	interest	NOUN
cblr-9112	219	14	rate	rate	NOUN
cblr-9112	219	15	of	of	ADP
cblr-9112	219	16	a	a	DET
cblr-9112	219	17	corporate	corporate	ADJ
cblr-9112	219	18	bond	bond	NOUN
cblr-9112	219	19	and	and	CCONJ
cblr-9112	219	20	a	a	DET
cblr-9112	219	21	government	government	NOUN
cblr-9112	219	22	bond	bond	NOUN
cblr-9112	219	23	with	with	ADP
cblr-9112	219	24	the	the	DET
cblr-9112	219	25	same	same	ADJ
cblr-9112	219	26	maturity	maturity	NOUN
cblr-9112	219	27	.	.	PUNCT
cblr-9112	220	1	it	it	PRON
cblr-9112	220	2	evidences	evidence	VERB
cblr-9112	220	3	the	the	DET
cblr-9112	220	4	market	market	NOUN
cblr-9112	220	5	’s	’s	PART
cblr-9112	220	6	perception	perception	NOUN
cblr-9112	220	7	of	of	ADP
cblr-9112	220	8	the	the	DET
cblr-9112	220	9	likelihood	likelihood	NOUN
cblr-9112	220	10	the	the	DET
cblr-9112	220	11	corporate	corporate	ADJ
cblr-9112	220	12	issuer	issuer	NOUN
cblr-9112	220	13	will	will	AUX
cblr-9112	220	14	default	default	VERB
cblr-9112	220	15	.	.	PUNCT
cblr-9112	221	1	a	a	DET
cblr-9112	221	2	corporate	corporate	ADJ
cblr-9112	221	3	bond	bond	NOUN
cblr-9112	221	4	,	,	PUNCT
cblr-9112	221	5	therefore	therefore	ADV
cblr-9112	221	6	,	,	PUNCT
cblr-9112	221	7	declines	decline	VERB
cblr-9112	221	8	in	in	ADP
cblr-9112	221	9	value	value	NOUN
cblr-9112	221	10	as	as	SCONJ
cblr-9112	221	11	its	its	PRON
cblr-9112	221	12	credit	credit	NOUN
cblr-9112	221	13	spread	spread	NOUN
cblr-9112	221	14	widens	widen	VERB
cblr-9112	221	15	.	.	PUNCT
cblr-9112	222	1	thus	thus	ADV
cblr-9112	222	2	,	,	PUNCT
cblr-9112	222	3	credit	credit	NOUN
cblr-9112	222	4	spread	spread	NOUN
cblr-9112	222	5	risk	risk	NOUN
cblr-9112	222	6	is	be	AUX
cblr-9112	222	7	the	the	DET
cblr-9112	222	8	risk	risk	NOUN
cblr-9112	222	9	a	a	DET
cblr-9112	222	10	corporate	corporate	ADJ
cblr-9112	222	11	bond	bond	NOUN
cblr-9112	222	12	portfolio	portfolio	NOUN
cblr-9112	222	13	will	will	AUX
cblr-9112	222	14	decline	decline	VERB
cblr-9112	222	15	in	in	ADP
cblr-9112	222	16	value	value	NOUN
cblr-9112	222	17	due	due	ADJ
cblr-9112	222	18	to	to	ADP
cblr-9112	222	19	widening	widen	VERB
cblr-9112	222	20	credit	credit	NOUN
cblr-9112	222	21	spreads	spread	NOUN
cblr-9112	222	22	.	.	PUNCT
cblr-9112	223	1	see	see	VERB
cblr-9112	223	2	szylar	szylar	ADJ
cblr-9112	223	3	,	,	PUNCT
cblr-9112	223	4	supra	supra	PROPN
cblr-9112	223	5	note	note	NOUN
cblr-9112	223	6	41	41	NUM
cblr-9112	223	7	,	,	PUNCT
cblr-9112	223	8	at	at	ADP
cblr-9112	223	9	xxv	xxv	PROPN
cblr-9112	223	10	.	.	PUNCT
cblr-9112	224	1	like	like	ADP
cblr-9112	224	2	with	with	ADP
cblr-9112	224	3	stocks	stock	NOUN
cblr-9112	224	4	,	,	PUNCT
cblr-9112	224	5	however	however	ADV
cblr-9112	224	6	,	,	PUNCT
cblr-9112	224	7	investors	investor	NOUN
cblr-9112	224	8	can	can	AUX
cblr-9112	224	9	rely	rely	VERB
cblr-9112	224	10	on	on	ADP
cblr-9112	224	11	diversification	diversification	NOUN
cblr-9112	224	12	as	as	SCONJ
cblr-9112	224	13	one	one	NUM
cblr-9112	224	14	means	mean	VERB
cblr-9112	224	15	to	to	PART
cblr-9112	224	16	manage	manage	VERB
cblr-9112	224	17	the	the	DET
cblr-9112	224	18	credit	credit	NOUN
cblr-9112	224	19	spread	spread	VERB
cblr-9112	224	20	risk	risk	NOUN
cblr-9112	224	21	of	of	ADP
cblr-9112	224	22	the	the	DET
cblr-9112	224	23	bonds	bond	NOUN
cblr-9112	224	24	they	they	PRON
cblr-9112	224	25	hold	hold	VERB
cblr-9112	224	26	.	.	PUNCT
cblr-9112	225	1	see	see	VERB
cblr-9112	225	2	charles	charles	PROPN
cblr-9112	225	3	k.	k.	PROPN
cblr-9112	225	4	whitehead	whitehead	PROPN
cblr-9112	225	5	,	,	PUNCT
cblr-9112	225	6	the	the	DET
cblr-9112	225	7	evolution	evolution	NOUN
cblr-9112	225	8	of	of	ADP
cblr-9112	225	9	debt	debt	NOUN
cblr-9112	225	10	:	:	PUNCT
cblr-9112	225	11	covenants	covenant	NOUN
cblr-9112	225	12	,	,	PUNCT
cblr-9112	225	13	the	the	DET
cblr-9112	225	14	credit	credit	NOUN
cblr-9112	225	15	market	market	NOUN
cblr-9112	225	16	,	,	PUNCT
cblr-9112	225	17	and	and	CCONJ
cblr-9112	225	18	corporate	corporate	ADJ
cblr-9112	225	19	governance	governance	NOUN
cblr-9112	225	20	,	,	PUNCT
cblr-9112	225	21	34	34	NUM
cblr-9112	225	22	j.	j.	PROPN
cblr-9112	225	23	corp	corp	PROPN
cblr-9112	225	24	.	.	PROPN
cblr-9112	225	25	l.	l.	PROPN
cblr-9112	225	26	641	641	NUM
cblr-9112	225	27	,	,	PUNCT
cblr-9112	225	28	655–56	655–56	NUM
cblr-9112	225	29	(	(	PUNCT
cblr-9112	225	30	2009	2009	NUM
cblr-9112	225	31	)	)	PUNCT
cblr-9112	225	32	.	.	PUNCT
cblr-9112	226	1	fixed	fix	VERB
cblr-9112	226	2	income	income	NOUN
cblr-9112	226	3	portfolios	portfolio	NOUN
cblr-9112	226	4	are	be	AUX
cblr-9112	226	5	also	also	ADV
cblr-9112	226	6	subject	subject	ADJ
cblr-9112	226	7	to	to	ADP
cblr-9112	226	8	interest	interest	NOUN
cblr-9112	226	9	rate	rate	NOUN
cblr-9112	226	10	risk	risk	NOUN
cblr-9112	226	11	,	,	PUNCT
cblr-9112	226	12	namely	namely	ADV
cblr-9112	226	13	,	,	PUNCT
cblr-9112	226	14	the	the	DET
cblr-9112	226	15	uncertainty	uncertainty	NOUN
cblr-9112	226	16	around	around	ADP
cblr-9112	226	17	future	future	ADJ
cblr-9112	226	18	changes	change	NOUN
cblr-9112	226	19	in	in	ADP
cblr-9112	226	20	interest	interest	NOUN
cblr-9112	226	21	rates	rate	NOUN
cblr-9112	226	22	that	that	PRON
cblr-9112	226	23	may	may	AUX
cblr-9112	226	24	raise	raise	VERB
cblr-9112	226	25	or	or	CCONJ
cblr-9112	226	26	lower	lower	VERB
cblr-9112	226	27	the	the	DET
cblr-9112	226	28	value	value	NOUN
cblr-9112	226	29	of	of	ADP
cblr-9112	226	30	an	an	DET
cblr-9112	226	31	instrument	instrument	NOUN
cblr-9112	226	32	.	.	PUNCT
cblr-9112	227	1	see	see	VERB
cblr-9112	227	2	donald	donald	PROPN
cblr-9112	227	3	r.	r.	PROPN
cblr-9112	227	4	van	van	PROPN
cblr-9112	227	5	deventer	deventer	PROPN
cblr-9112	227	6	,	,	PUNCT
cblr-9112	227	7	kenji	kenji	PROPN
cblr-9112	227	8	imai	imai	PROPN
cblr-9112	227	9	&	&	CCONJ
cblr-9112	227	10	mark	mark	PROPN
cblr-9112	227	11	mesler	mesler	PROPN
cblr-9112	227	12	,	,	PUNCT
cblr-9112	227	13	advanced	advanced	ADJ
cblr-9112	227	14	financial	financial	ADJ
cblr-9112	227	15	risk	risk	NOUN
cblr-9112	227	16	management	management	NOUN
cblr-9112	227	17	27	27	NUM
cblr-9112	227	18	(	(	PUNCT
cblr-9112	227	19	2d	2d	NUM
cblr-9112	227	20	ed	ed	NOUN
cblr-9112	227	21	.	.	PROPN
cblr-9112	227	22	2013	2013	NUM
cblr-9112	227	23	)	)	PUNCT
cblr-9112	227	24	.	.	PUNCT
cblr-9112	228	1	duration	duration	NOUN
cblr-9112	228	2	is	be	AUX
cblr-9112	228	3	the	the	DET
cblr-9112	228	4	most	most	ADV
cblr-9112	228	5	common	common	ADJ
cblr-9112	228	6	measure	measure	NOUN
cblr-9112	228	7	of	of	ADP
cblr-9112	228	8	interest	interest	NOUN
cblr-9112	228	9	rate	rate	NOUN
cblr-9112	228	10	risk	risk	NOUN
cblr-9112	228	11	.	.	PUNCT
cblr-9112	229	1	see	see	VERB
cblr-9112	229	2	leland	leland	PROPN
cblr-9112	229	3	e.	e.	PROPN
cblr-9112	229	4	crabbe	crabbe	PROPN
cblr-9112	229	5	&	&	CCONJ
cblr-9112	229	6	frank	frank	PROPN
cblr-9112	229	7	j.	j.	PROPN
cblr-9112	229	8	fabozzi	fabozzi	PROPN
cblr-9112	229	9	,	,	PUNCT
cblr-9112	229	10	managing	manage	VERB
cblr-9112	229	11	a	a	DET
cblr-9112	229	12	corporate	corporate	ADJ
cblr-9112	229	13	bond	bond	NOUN
cblr-9112	229	14	portfolio	portfolio	NOUN
cblr-9112	229	15	79	79	NUM
cblr-9112	229	16	(	(	PUNCT
cblr-9112	229	17	2002	2002	NUM
cblr-9112	229	18	)	)	PUNCT
cblr-9112	229	19	.	.	PUNCT
cblr-9112	230	1	it	it	PRON
cblr-9112	230	2	incorporates	incorporate	VERB
cblr-9112	230	3	an	an	DET
cblr-9112	230	4	asset	asset	NOUN
cblr-9112	230	5	’s	’s	PART
cblr-9112	230	6	yield	yield	NOUN
cblr-9112	230	7	,	,	PUNCT
cblr-9112	230	8	interest	interest	NOUN
cblr-9112	230	9	rate	rate	NOUN
cblr-9112	230	10	,	,	PUNCT
cblr-9112	230	11	and	and	CCONJ
cblr-9112	230	12	maturity	maturity	NOUN
cblr-9112	230	13	into	into	ADP
cblr-9112	230	14	a	a	DET
cblr-9112	230	15	single	single	ADJ
cblr-9112	230	16	number	number	NOUN
cblr-9112	230	17	that	that	PRON
cblr-9112	230	18	indicates	indicate	VERB
cblr-9112	230	19	how	how	SCONJ
cblr-9112	230	20	sensitive	sensitive	ADJ
cblr-9112	230	21	its	its	PRON
cblr-9112	230	22	value	value	NOUN
cblr-9112	230	23	is	be	AUX
cblr-9112	230	24	to	to	ADP
cblr-9112	230	25	changes	change	NOUN
cblr-9112	230	26	in	in	ADP
cblr-9112	230	27	interest	interest	NOUN
cblr-9112	230	28	rates	rate	NOUN
cblr-9112	230	29	.	.	PUNCT
cblr-9112	231	1	id.at	id.at	PROPN
cblr-9112	231	2	79–82	79–82	PROPN
cblr-9112	231	3	.	.	PUNCT
cblr-9112	232	1	the	the	PRON
cblr-9112	232	2	higher	high	ADJ
cblr-9112	232	3	the	the	DET
cblr-9112	232	4	duration	duration	NOUN
cblr-9112	232	5	,	,	PUNCT
cblr-9112	232	6	the	the	DET
cblr-9112	232	7	more	more	ADV
cblr-9112	232	8	responsive	responsive	ADJ
cblr-9112	232	9	the	the	DET
cblr-9112	232	10	value	value	NOUN
cblr-9112	232	11	is	be	AUX
cblr-9112	232	12	to	to	ADP
cblr-9112	232	13	interest	interest	NOUN
cblr-9112	232	14	rate	rate	NOUN
cblr-9112	232	15	movements	movement	NOUN
cblr-9112	232	16	.	.	PUNCT
cblr-9112	233	1	see	see	VERB
cblr-9112	233	2	esmé	esmé	NOUN
cblr-9112	233	3	faerber	faerber	PROPN
cblr-9112	233	4	,	,	PUNCT
cblr-9112	233	5	all	all	ADV
cblr-9112	233	6	about	about	ADP
cblr-9112	233	7	bonds	bond	NOUN
cblr-9112	233	8	and	and	CCONJ
cblr-9112	233	9	bond	bond	NOUN
cblr-9112	233	10	mutual	mutual	ADJ
cblr-9112	233	11	funds	fund	NOUN
cblr-9112	233	12	39–40	39–40	NUM
cblr-9112	233	13	(	(	PUNCT
cblr-9112	233	14	2d	2d	NUM
cblr-9112	233	15	ed	ed	NOUN
cblr-9112	233	16	.	.	PROPN
cblr-9112	233	17	2000	2000	NUM
cblr-9112	233	18	)	)	PUNCT
cblr-9112	233	19	.	.	PUNCT
cblr-9112	234	1	in	in	ADP
cblr-9112	234	2	that	that	DET
cblr-9112	234	3	light	light	NOUN
cblr-9112	234	4	,	,	PUNCT
cblr-9112	234	5	duration	duration	NOUN
cblr-9112	234	6	is	be	AUX
cblr-9112	234	7	similar	similar	ADJ
cblr-9112	234	8	to	to	ADP
cblr-9112	234	9	beta	beta	NOUN
cblr-9112	234	10	—	—	PUNCT
cblr-9112	234	11	it	it	PRON
cblr-9112	234	12	reflects	reflect	VERB
cblr-9112	234	13	changes	change	NOUN
cblr-9112	234	14	in	in	ADP
cblr-9112	234	15	the	the	DET
cblr-9112	234	16	market	market	NOUN
cblr-9112	234	17	that	that	PRON
cblr-9112	234	18	affect	affect	VERB
cblr-9112	234	19	a	a	DET
cblr-9112	234	20	fixed	fix	VERB
cblr-9112	234	21	income	income	NOUN
cblr-9112	234	22	asset	asset	NOUN
cblr-9112	234	23	’s	’s	PART
cblr-9112	234	24	value	value	NOUN
cblr-9112	234	25	,	,	PUNCT
cblr-9112	234	26	rather	rather	ADV
cblr-9112	234	27	than	than	ADP
cblr-9112	234	28	individual	individual	ADJ
cblr-9112	234	29	changes	change	NOUN
cblr-9112	234	30	in	in	ADP
cblr-9112	234	31	the	the	DET
cblr-9112	234	32	assets	asset	NOUN
cblr-9112	234	33	or	or	CCONJ
cblr-9112	234	34	borrowers	borrower	NOUN
cblr-9112	234	35	themselves	themselves	PRON
cblr-9112	234	36	.	.	PUNCT
cblr-9112	235	1	62	62	NUM
cblr-9112	235	2	see	see	VERB
cblr-9112	235	3	supra	supra	PROPN
cblr-9112	235	4	note	note	PROPN
cblr-9112	235	5	29	29	NUM
cblr-9112	235	6	and	and	CCONJ
cblr-9112	235	7	accompanying	accompany	VERB
cblr-9112	235	8	text	text	NOUN
cblr-9112	235	9	.	.	PUNCT
cblr-9112	236	1	63	63	NUM
cblr-9112	236	2	see	see	VERB
cblr-9112	236	3	whitehead	whitehead	PROPN
cblr-9112	236	4	,	,	PUNCT
cblr-9112	236	5	supra	supra	PROPN
cblr-9112	236	6	note	note	NOUN
cblr-9112	236	7	59	59	NUM
cblr-9112	236	8	,	,	PUNCT
cblr-9112	236	9	at	at	ADP
cblr-9112	236	10	341	341	NUM
cblr-9112	236	11	.	.	PUNCT
cblr-9112	237	1	in	in	ADP
cblr-9112	237	2	addition	addition	NOUN
cblr-9112	237	3	,	,	PUNCT
cblr-9112	237	4	institutional	institutional	ADJ
cblr-9112	237	5	investors	investor	NOUN
cblr-9112	237	6	must	must	AUX
cblr-9112	237	7	calculate	calculate	VERB
cblr-9112	237	8	and	and	CCONJ
cblr-9112	237	9	report	report	VERB
cblr-9112	237	10	var	var	NOUN
cblr-9112	237	11	in	in	ADP
cblr-9112	237	12	response	response	NOUN
cblr-9112	237	13	to	to	ADP
cblr-9112	237	14	regulatory	regulatory	ADJ
cblr-9112	237	15	requirements	requirement	NOUN
cblr-9112	237	16	.	.	PUNCT
cblr-9112	238	1	var	var	PROPN
cblr-9112	238	2	is	be	AUX
cblr-9112	238	3	a	a	DET
cblr-9112	238	4	cornerstone	cornerstone	NOUN
cblr-9112	238	5	of	of	ADP
cblr-9112	238	6	financial	financial	ADJ
cblr-9112	238	7	regulation	regulation	NOUN
cblr-9112	238	8	due	due	ADP
cblr-9112	238	9	to	to	ADP
cblr-9112	238	10	its	its	PRON
cblr-9112	238	11	endorsement	endorsement	NOUN
cblr-9112	238	12	by	by	ADP
cblr-9112	238	13	regulators	regulator	NOUN
cblr-9112	238	14	.	.	PUNCT
cblr-9112	239	1	i	i	PRON
cblr-9112	239	2	d.	d.	PROPN
cblr-9112	239	3	at	at	ADP
cblr-9112	239	4	342	342	NUM
cblr-9112	239	5	.	.	PUNCT
cblr-9112	240	1	1412	1412	NUM
cblr-9112	240	2	columbia	columbia	PROPN
cblr-9112	240	3	business	business	PROPN
cblr-9112	240	4	law	law	PROPN
cblr-9112	240	5	review	review	NOUN
cblr-9112	240	6	[	[	X
cblr-9112	240	7	vol	vol	NOUN
cblr-9112	240	8	.	.	NOUN
cblr-9112	240	9	2021	2021	NUM
cblr-9112	240	10	the	the	DET
cblr-9112	240	11	maximum	maximum	ADJ
cblr-9112	240	12	expected	expect	VERB
cblr-9112	240	13	loss	loss	NOUN
cblr-9112	240	14	of	of	ADP
cblr-9112	240	15	a	a	DET
cblr-9112	240	16	portfolio	portfolio	NOUN
cblr-9112	240	17	of	of	ADP
cblr-9112	240	18	assets	asset	NOUN
cblr-9112	240	19	at	at	ADP
cblr-9112	240	20	a	a	DET
cblr-9112	240	21	specified	specified	ADJ
cblr-9112	240	22	probability	probability	NOUN
cblr-9112	240	23	during	during	ADP
cblr-9112	240	24	a	a	DET
cblr-9112	240	25	defined	define	VERB
cblr-9112	240	26	period	period	NOUN
cblr-9112	240	27	of	of	ADP
cblr-9112	240	28	time.64	time.64	NOUN
cblr-9112	240	29	for	for	ADP
cblr-9112	240	30	example	example	NOUN
cblr-9112	240	31	,	,	PUNCT
cblr-9112	240	32	suppose	suppose	VERB
cblr-9112	240	33	a	a	DET
cblr-9112	240	34	firm	firm	NOUN
cblr-9112	240	35	’s	’s	PART
cblr-9112	240	36	one	one	NUM
cblr-9112	240	37	-	-	PUNCT
cblr-9112	240	38	day	day	NOUN
cblr-9112	240	39	95	95	NUM
cblr-9112	240	40	%	%	NOUN
cblr-9112	240	41	var	var	NOUN
cblr-9112	240	42	is	be	AUX
cblr-9112	240	43	$	$	SYM
cblr-9112	240	44	10	10	NUM
cblr-9112	240	45	million	million	NUM
cblr-9112	240	46	.	.	PUNCT
cblr-9112	241	1	this	this	PRON
cblr-9112	241	2	means	mean	VERB
cblr-9112	241	3	,	,	PUNCT
cblr-9112	241	4	at	at	ADP
cblr-9112	241	5	the	the	DET
cblr-9112	241	6	time	time	NOUN
cblr-9112	241	7	var	var	NOUN
cblr-9112	241	8	was	be	AUX
cblr-9112	241	9	calculated	calculate	VERB
cblr-9112	241	10	,	,	PUNCT
cblr-9112	241	11	the	the	DET
cblr-9112	241	12	firm	firm	NOUN
cblr-9112	241	13	could	could	AUX
cblr-9112	241	14	expect	expect	VERB
cblr-9112	241	15	to	to	PART
cblr-9112	241	16	lose	lose	VERB
cblr-9112	241	17	a	a	DET
cblr-9112	241	18	maximum	maximum	NOUN
cblr-9112	241	19	of	of	ADP
cblr-9112	241	20	$	$	SYM
cblr-9112	241	21	10	10	NUM
cblr-9112	241	22	million	million	NUM
cblr-9112	241	23	in	in	ADP
cblr-9112	241	24	one	one	NUM
cblr-9112	241	25	day	day	NOUN
cblr-9112	241	26	95	95	NUM
cblr-9112	241	27	%	%	NOUN
cblr-9112	241	28	of	of	ADP
cblr-9112	241	29	the	the	DET
cblr-9112	241	30	time.65	time.65	NOUN
cblr-9112	241	31	if	if	SCONJ
cblr-9112	241	32	var	var	NOUN
cblr-9112	241	33	is	be	AUX
cblr-9112	241	34	too	too	ADV
cblr-9112	241	35	high	high	ADJ
cblr-9112	241	36	,	,	PUNCT
cblr-9112	241	37	a	a	DET
cblr-9112	241	38	firm	firm	NOUN
cblr-9112	241	39	can	can	AUX
cblr-9112	241	40	adjust	adjust	VERB
cblr-9112	241	41	what	what	PRON
cblr-9112	241	42	it	it	PRON
cblr-9112	241	43	buys	buy	VERB
cblr-9112	241	44	and	and	CCONJ
cblr-9112	241	45	sells	sell	VERB
cblr-9112	241	46	to	to	PART
cblr-9112	241	47	lower	lower	VERB
cblr-9112	241	48	its	its	PRON
cblr-9112	241	49	risk.66	risk.66	NOUN
cblr-9112	241	50	the	the	DET
cblr-9112	241	51	ability	ability	NOUN
cblr-9112	241	52	to	to	PART
cblr-9112	241	53	aggregate	aggregate	VERB
cblr-9112	241	54	and	and	CCONJ
cblr-9112	241	55	disaggregate	disaggregate	ADJ
cblr-9112	241	56	var	var	NOUN
cblr-9112	241	57	is	be	AUX
cblr-9112	241	58	an	an	DET
cblr-9112	241	59	essential	essential	ADJ
cblr-9112	241	60	risk	risk	NOUN
cblr-9112	241	61	management	management	NOUN
cblr-9112	241	62	tool	tool	NOUN
cblr-9112	241	63	.	.	PUNCT
cblr-9112	242	1	at	at	ADP
cblr-9112	242	2	the	the	DET
cblr-9112	242	3	aggregate	aggregate	ADJ
cblr-9112	242	4	level	level	NOUN
cblr-9112	242	5	,	,	PUNCT
cblr-9112	242	6	var	var	NOUN
cblr-9112	242	7	permits	permit	VERB
cblr-9112	242	8	a	a	DET
cblr-9112	242	9	firm	firm	NOUN
cblr-9112	242	10	to	to	PART
cblr-9112	242	11	allocate	allocate	VERB
cblr-9112	242	12	risk	risk	NOUN
cblr-9112	242	13	to	to	ADP
cblr-9112	242	14	different	different	ADJ
cblr-9112	242	15	investment	investment	NOUN
cblr-9112	242	16	activities	activity	NOUN
cblr-9112	242	17	.	.	PUNCT
cblr-9112	243	1	financial	financial	ADJ
cblr-9112	243	2	firms	firm	NOUN
cblr-9112	243	3	impose	impose	VERB
cblr-9112	243	4	var	var	NOUN
cblr-9112	243	5	limits	limit	NOUN
cblr-9112	243	6	at	at	ADP
cblr-9112	243	7	the	the	DET
cblr-9112	243	8	trading	trading	NOUN
cblr-9112	243	9	desk	desk	NOUN
cblr-9112	243	10	,	,	PUNCT
cblr-9112	243	11	trading	trading	NOUN
cblr-9112	243	12	unit	unit	NOUN
cblr-9112	243	13	,	,	PUNCT
cblr-9112	243	14	and	and	CCONJ
cblr-9112	243	15	firm	firm	ADJ
cblr-9112	243	16	levels	level	NOUN
cblr-9112	243	17	as	as	SCONJ
cblr-9112	243	18	one	one	NUM
cblr-9112	243	19	means	mean	VERB
cblr-9112	243	20	to	to	PART
cblr-9112	243	21	manage	manage	VERB
cblr-9112	243	22	aggregate	aggregate	ADJ
cblr-9112	243	23	risk	risk	NOUN
cblr-9112	243	24	exposure.67	exposure.67	VERB
cblr-9112	243	25	one	one	NUM
cblr-9112	243	26	limit	limit	NOUN
cblr-9112	243	27	(	(	PUNCT
cblr-9112	243	28	a	a	DET
cblr-9112	243	29	“	"	PUNCT
cblr-9112	243	30	soft	soft	ADJ
cblr-9112	243	31	”	"	PUNCT
cblr-9112	243	32	limit	limit	NOUN
cblr-9112	243	33	)	)	PUNCT
cblr-9112	243	34	indicates	indicate	VERB
cblr-9112	243	35	the	the	DET
cblr-9112	243	36	target	target	NOUN
cblr-9112	243	37	size	size	NOUN
cblr-9112	243	38	of	of	ADP
cblr-9112	243	39	an	an	DET
cblr-9112	243	40	investment	investment	NOUN
cblr-9112	243	41	portfolio	portfolio	NOUN
cblr-9112	243	42	;	;	PUNCT
cblr-9112	243	43	another	another	DET
cblr-9112	243	44	limit	limit	NOUN
cblr-9112	243	45	(	(	PUNCT
cblr-9112	243	46	a	a	DET
cblr-9112	243	47	64	64	NUM
cblr-9112	243	48	see	see	NOUN
cblr-9112	243	49	szylar	szylar	ADJ
cblr-9112	243	50	,	,	PUNCT
cblr-9112	243	51	supra	supra	PROPN
cblr-9112	243	52	note	note	NOUN
cblr-9112	243	53	41	41	NUM
cblr-9112	243	54	,	,	PUNCT
cblr-9112	243	55	at	at	ADP
cblr-9112	243	56	169	169	NUM
cblr-9112	243	57	.	.	PUNCT
cblr-9112	244	1	65	65	NUM
cblr-9112	244	2	see	see	VERB
cblr-9112	244	3	simon	simon	PROPN
cblr-9112	244	4	hubbert	hubbert	PROPN
cblr-9112	244	5	,	,	PUNCT
cblr-9112	244	6	essential	essential	ADJ
cblr-9112	244	7	mathematics	mathematic	NOUN
cblr-9112	244	8	for	for	ADP
cblr-9112	244	9	market	market	NOUN
cblr-9112	244	10	risk	risk	NOUN
cblr-9112	244	11	management	management	NOUN
cblr-9112	244	12	4	4	NUM
cblr-9112	244	13	(	(	PUNCT
cblr-9112	244	14	2012	2012	NUM
cblr-9112	244	15	)	)	PUNCT
cblr-9112	244	16	.	.	PUNCT
cblr-9112	245	1	66	66	NUM
cblr-9112	245	2	see	see	VERB
cblr-9112	245	3	charles	charles	PROPN
cblr-9112	245	4	k.	k.	PROPN
cblr-9112	245	5	whitehead	whitehead	PROPN
cblr-9112	245	6	,	,	PUNCT
cblr-9112	245	7	size	size	NOUN
cblr-9112	245	8	matters	matter	NOUN
cblr-9112	245	9	:	:	PUNCT
cblr-9112	245	10	commercial	commercial	ADJ
cblr-9112	245	11	banks	bank	NOUN
cblr-9112	245	12	and	and	CCONJ
cblr-9112	245	13	the	the	DET
cblr-9112	245	14	capital	capital	NOUN
cblr-9112	245	15	markets	market	NOUN
cblr-9112	245	16	,	,	PUNCT
cblr-9112	245	17	76	76	NUM
cblr-9112	245	18	ohio	ohio	PROPN
cblr-9112	245	19	st	st	PROPN
cblr-9112	245	20	.	.	PROPN
cblr-9112	245	21	l.j	l.j	PROPN
cblr-9112	245	22	.	.	PROPN
cblr-9112	245	23	765	765	NUM
cblr-9112	245	24	,	,	PUNCT
cblr-9112	245	25	786–87	786–87	NUM
cblr-9112	245	26	(	(	PUNCT
cblr-9112	245	27	2015	2015	NUM
cblr-9112	245	28	)	)	PUNCT
cblr-9112	245	29	.	.	PUNCT
cblr-9112	246	1	67	67	NUM
cblr-9112	246	2	see	see	VERB
cblr-9112	246	3	whitehead	whitehead	PROPN
cblr-9112	246	4	,	,	PUNCT
cblr-9112	246	5	supra	supra	PROPN
cblr-9112	246	6	note	note	NOUN
cblr-9112	246	7	59	59	NUM
cblr-9112	246	8	,	,	PUNCT
cblr-9112	246	9	at	at	ADP
cblr-9112	246	10	341–42	341–42	PROPN
cblr-9112	246	11	.	.	PUNCT
cblr-9112	247	1	banks	bank	NOUN
cblr-9112	247	2	set	set	VERB
cblr-9112	247	3	var	var	NOUN
cblr-9112	247	4	limits	limit	NOUN
cblr-9112	247	5	to	to	PART
cblr-9112	247	6	comply	comply	VERB
cblr-9112	247	7	with	with	ADP
cblr-9112	247	8	basel	basel	PROPN
cblr-9112	247	9	accord	accord	NOUN
cblr-9112	247	10	standards	standard	NOUN
cblr-9112	247	11	.	.	PUNCT
cblr-9112	248	1	portfolio	portfolio	NOUN
cblr-9112	248	2	managers	manager	NOUN
cblr-9112	248	3	must	must	AUX
cblr-9112	248	4	not	not	PART
cblr-9112	248	5	exceed	exceed	VERB
cblr-9112	248	6	these	these	DET
cblr-9112	248	7	limits	limit	NOUN
cblr-9112	248	8	.	.	PUNCT
cblr-9112	249	1	see	see	VERB
cblr-9112	249	2	basel	basel	PROPN
cblr-9112	249	3	cmt	cmt	PROPN
cblr-9112	249	4	.	.	PUNCT
cblr-9112	250	1	on	on	ADP
cblr-9112	250	2	banking	banking	NOUN
cblr-9112	250	3	supervision	supervision	NOUN
cblr-9112	250	4	,	,	PUNCT
cblr-9112	250	5	revisions	revision	NOUN
cblr-9112	250	6	to	to	ADP
cblr-9112	250	7	the	the	DET
cblr-9112	250	8	minimum	minimum	ADJ
cblr-9112	250	9	capital	capital	NOUN
cblr-9112	250	10	requirements	requirement	NOUN
cblr-9112	250	11	for	for	ADP
cblr-9112	250	12	market	market	NOUN
cblr-9112	250	13	risk	risk	NOUN
cblr-9112	250	14	1	1	NUM
cblr-9112	250	15	(	(	PUNCT
cblr-9112	250	16	2019	2019	NUM
cblr-9112	250	17	)	)	PUNCT
cblr-9112	250	18	,	,	PUNCT
cblr-9112	250	19	https://www.bis.org/bcbs/publ/d457.pdf	https://www.bis.org/bcbs/publ/d457.pdf	PUNCT
cblr-9112	251	1	[	[	X
cblr-9112	251	2	https://perma.cc/9n7w-tdv9	https://perma.cc/9n7w-tdv9	X
cblr-9112	251	3	]	]	PUNCT
cblr-9112	251	4	;	;	PUNCT
cblr-9112	251	5	see	see	VERB
cblr-9112	251	6	also	also	ADV
cblr-9112	251	7	charles	charles	PROPN
cblr-9112	251	8	k.	k.	PROPN
cblr-9112	251	9	whitehead	whitehead	PROPN
cblr-9112	251	10	,	,	PUNCT
cblr-9112	251	11	what	what	PRON
cblr-9112	251	12	’s	’	VERB
cblr-9112	251	13	your	your	PRON
cblr-9112	251	14	sign?—international	sign?—international	ADJ
cblr-9112	251	15	norms	norm	NOUN
cblr-9112	251	16	,	,	PUNCT
cblr-9112	251	17	signals	signal	NOUN
cblr-9112	251	18	,	,	PUNCT
cblr-9112	251	19	and	and	CCONJ
cblr-9112	251	20	compliance	compliance	NOUN
cblr-9112	251	21	,	,	PUNCT
cblr-9112	251	22	27	27	NUM
cblr-9112	251	23	mich	mich	X
cblr-9112	251	24	.	.	PUNCT
cblr-9112	252	1	j.	j.	PROPN
cblr-9112	252	2	int’l	int’l	PROPN
cblr-9112	252	3	l.	l.	PROPN
cblr-9112	252	4	695	695	NUM
cblr-9112	252	5	,	,	PUNCT
cblr-9112	252	6	709–10	709–10	NUM
cblr-9112	252	7	,	,	PUNCT
cblr-9112	252	8	722–724	722–724	NUM
cblr-9112	252	9	(	(	PUNCT
cblr-9112	252	10	2006	2006	NUM
cblr-9112	252	11	)	)	PUNCT
cblr-9112	252	12	(	(	PUNCT
cblr-9112	252	13	explaining	explain	VERB
cblr-9112	252	14	that	that	SCONJ
cblr-9112	252	15	,	,	PUNCT
cblr-9112	252	16	even	even	ADV
cblr-9112	252	17	though	though	SCONJ
cblr-9112	252	18	basel	basel	PROPN
cblr-9112	252	19	accord	accord	NOUN
cblr-9112	252	20	standards	standard	NOUN
cblr-9112	252	21	do	do	AUX
cblr-9112	252	22	not	not	PART
cblr-9112	252	23	legally	legally	ADV
cblr-9112	252	24	bind	bind	VERB
cblr-9112	252	25	governments	government	NOUN
cblr-9112	252	26	outside	outside	ADP
cblr-9112	252	27	local	local	ADJ
cblr-9112	252	28	legislation	legislation	NOUN
cblr-9112	252	29	,	,	PUNCT
cblr-9112	252	30	a	a	DET
cblr-9112	252	31	number	number	NOUN
cblr-9112	252	32	of	of	ADP
cblr-9112	252	33	factors	factor	NOUN
cblr-9112	252	34	,	,	PUNCT
cblr-9112	252	35	including	include	VERB
cblr-9112	252	36	peer	peer	NOUN
cblr-9112	252	37	pressure	pressure	NOUN
cblr-9112	252	38	and	and	CCONJ
cblr-9112	252	39	threat	threat	NOUN
cblr-9112	252	40	of	of	ADP
cblr-9112	252	41	reputational	reputational	ADJ
cblr-9112	252	42	loss	loss	NOUN
cblr-9112	252	43	,	,	PUNCT
cblr-9112	252	44	cause	cause	VERB
cblr-9112	252	45	banks	bank	NOUN
cblr-9112	252	46	and	and	CCONJ
cblr-9112	252	47	regulators	regulator	NOUN
cblr-9112	252	48	to	to	PART
cblr-9112	252	49	comply	comply	VERB
cblr-9112	252	50	with	with	ADP
cblr-9112	252	51	those	those	DET
cblr-9112	252	52	standards	standard	NOUN
cblr-9112	252	53	)	)	PUNCT
cblr-9112	252	54	.	.	PUNCT
cblr-9112	253	1	pension	pension	NOUN
cblr-9112	253	2	plans	plan	NOUN
cblr-9112	253	3	and	and	CCONJ
cblr-9112	253	4	mutual	mutual	ADJ
cblr-9112	253	5	funds	fund	NOUN
cblr-9112	253	6	may	may	AUX
cblr-9112	253	7	use	use	VERB
cblr-9112	253	8	var	var	NOUN
cblr-9112	253	9	measures	measure	NOUN
cblr-9112	253	10	somewhat	somewhat	ADV
cblr-9112	253	11	differently	differently	ADV
cblr-9112	253	12	.	.	PUNCT
cblr-9112	254	1	investment	investment	NOUN
cblr-9112	254	2	managers	manager	NOUN
cblr-9112	254	3	are	be	AUX
cblr-9112	254	4	concerned	concerned	ADJ
cblr-9112	254	5	they	they	PRON
cblr-9112	254	6	will	will	AUX
cblr-9112	254	7	underperform	underperform	VERB
cblr-9112	254	8	the	the	DET
cblr-9112	254	9	benchmark	benchmark	NOUN
cblr-9112	254	10	against	against	ADP
cblr-9112	254	11	which	which	PRON
cblr-9112	254	12	their	their	PRON
cblr-9112	254	13	returns	return	NOUN
cblr-9112	254	14	are	be	AUX
cblr-9112	254	15	measured	measure	VERB
cblr-9112	254	16	.	.	PUNCT
cblr-9112	255	1	at	at	ADP
cblr-9112	255	2	the	the	DET
cblr-9112	255	3	same	same	ADJ
cblr-9112	255	4	time	time	NOUN
cblr-9112	255	5	,	,	PUNCT
cblr-9112	255	6	they	they	PRON
cblr-9112	255	7	may	may	AUX
cblr-9112	255	8	decide	decide	VERB
cblr-9112	255	9	to	to	PART
cblr-9112	255	10	invest	invest	VERB
cblr-9112	255	11	in	in	ADP
cblr-9112	255	12	a	a	DET
cblr-9112	255	13	portfolio	portfolio	NOUN
cblr-9112	255	14	whose	whose	DET
cblr-9112	255	15	composition	composition	NOUN
cblr-9112	255	16	differs	differ	VERB
cblr-9112	255	17	from	from	ADP
cblr-9112	255	18	the	the	DET
cblr-9112	255	19	benchmark	benchmark	NOUN
cblr-9112	255	20	as	as	SCONJ
cblr-9112	255	21	one	one	NUM
cblr-9112	255	22	means	mean	VERB
cblr-9112	255	23	to	to	PART
cblr-9112	255	24	outperform	outperform	VERB
cblr-9112	255	25	the	the	DET
cblr-9112	255	26	benchmark	benchmark	NOUN
cblr-9112	255	27	.	.	PUNCT
cblr-9112	256	1	since	since	SCONJ
cblr-9112	256	2	performance	performance	NOUN
cblr-9112	256	3	is	be	AUX
cblr-9112	256	4	tied	tie	VERB
cblr-9112	256	5	to	to	ADP
cblr-9112	256	6	the	the	DET
cblr-9112	256	7	benchmark	benchmark	NOUN
cblr-9112	256	8	,	,	PUNCT
cblr-9112	256	9	investment	investment	NOUN
cblr-9112	256	10	managers	manager	NOUN
cblr-9112	256	11	may	may	AUX
cblr-9112	256	12	also	also	ADV
cblr-9112	256	13	measure	measure	VERB
cblr-9112	256	14	a	a	DET
cblr-9112	256	15	portfolio	portfolio	NOUN
cblr-9112	256	16	’s	’s	PART
cblr-9112	256	17	risk	risk	NOUN
cblr-9112	256	18	against	against	ADP
cblr-9112	256	19	the	the	DET
cblr-9112	256	20	risk	risk	NOUN
cblr-9112	256	21	represented	represent	VERB
cblr-9112	256	22	by	by	ADP
cblr-9112	256	23	the	the	DET
cblr-9112	256	24	benchmark	benchmark	NOUN
cblr-9112	256	25	.	.	PUNCT
cblr-9112	257	1	see	see	VERB
cblr-9112	257	2	katerina	katerina	PROPN
cblr-9112	257	3	simons	simons	PROPN
cblr-9112	257	4	,	,	PUNCT
cblr-9112	257	5	the	the	DET
cblr-9112	257	6	use	use	NOUN
cblr-9112	257	7	of	of	ADP
cblr-9112	257	8	value	value	NOUN
cblr-9112	257	9	at	at	ADP
cblr-9112	257	10	risk	risk	NOUN
cblr-9112	257	11	by	by	ADP
cblr-9112	257	12	institutional	institutional	ADJ
cblr-9112	257	13	investors	investor	NOUN
cblr-9112	257	14	,	,	PUNCT
cblr-9112	258	1	new	new	PROPN
cblr-9112	258	2	eng	eng	PROPN
cblr-9112	258	3	.	.	PROPN
cblr-9112	258	4	econ	econ	PROPN
cblr-9112	258	5	.	.	PUNCT
cblr-9112	259	1	rev	rev	PROPN
cblr-9112	259	2	.	.	PROPN
cblr-9112	259	3	,	,	PUNCT
cblr-9112	259	4	nov.–dec	nov.–dec	PROPN
cblr-9112	259	5	.	.	PUNCT
cblr-9112	260	1	2020	2020	NUM
cblr-9112	260	2	,	,	PUNCT
cblr-9112	260	3	at	at	ADP
cblr-9112	260	4	21	21	NUM
cblr-9112	260	5	,	,	PUNCT
cblr-9112	260	6	22	22	NUM
cblr-9112	260	7	;	;	PUNCT
cblr-9112	260	8	katerina	katerina	PROPN
cblr-9112	260	9	simons	simon	NOUN
cblr-9112	260	10	,	,	PUNCT
cblr-9112	260	11	risk	risk	NOUN
cblr-9112	260	12	-	-	PUNCT
cblr-9112	260	13	adjusted	adjust	VERB
cblr-9112	260	14	performance	performance	NOUN
cblr-9112	260	15	of	of	ADP
cblr-9112	260	16	mutual	mutual	ADJ
cblr-9112	260	17	funds	fund	NOUN
cblr-9112	260	18	,	,	PUNCT
cblr-9112	260	19	new	new	ADJ
cblr-9112	260	20	eng	eng	PROPN
cblr-9112	260	21	.	.	PROPN
cblr-9112	260	22	econ	econ	PROPN
cblr-9112	260	23	.	.	PUNCT
cblr-9112	260	24	rev	rev	PROPN
cblr-9112	260	25	.	.	PROPN
cblr-9112	260	26	,	,	PUNCT
cblr-9112	260	27	sept.–oct	sept.–oct	PROPN
cblr-9112	260	28	.	.	PUNCT
cblr-9112	261	1	1998	1998	NUM
cblr-9112	261	2	,	,	PUNCT
cblr-9112	261	3	at	at	ADP
cblr-9112	261	4	33	33	NUM
cblr-9112	261	5	,	,	PUNCT
cblr-9112	261	6	37	37	NUM
cblr-9112	261	7	.	.	PUNCT
cblr-9112	262	1	using	use	VERB
cblr-9112	262	2	var	var	NOUN
cblr-9112	262	3	to	to	PART
cblr-9112	262	4	assess	assess	VERB
cblr-9112	262	5	the	the	DET
cblr-9112	262	6	riskadjusted	riskadjuste	VERB
cblr-9112	262	7	returns	return	NOUN
cblr-9112	262	8	on	on	ADP
cblr-9112	262	9	multiple	multiple	ADJ
cblr-9112	262	10	portfolios	portfolio	NOUN
cblr-9112	262	11	is	be	AUX
cblr-9112	262	12	consistent	consistent	ADJ
cblr-9112	262	13	with	with	ADP
cblr-9112	262	14	the	the	DET
cblr-9112	262	15	use	use	NOUN
cblr-9112	262	16	of	of	ADP
cblr-9112	262	17	the	the	DET
cblr-9112	262	18	sharpe	sharpe	PROPN
cblr-9112	262	19	ratio	ratio	NOUN
cblr-9112	262	20	.	.	PUNCT
cblr-9112	263	1	see	see	VERB
cblr-9112	263	2	supra	supra	PROPN
cblr-9112	263	3	notes	note	VERB
cblr-9112	263	4	46–51	46–51	NUM
cblr-9112	263	5	and	and	CCONJ
cblr-9112	263	6	accompanying	accompany	VERB
cblr-9112	263	7	text	text	NOUN
cblr-9112	263	8	.	.	PUNCT
cblr-9112	264	1	no	no	INTJ
cblr-9112	264	2	.	.	NOUN
cblr-9112	265	1	3:1396	3:1396	NUM
cblr-9112	265	2	]	]	PUNCT
cblr-9112	265	3	risky	risky	ADJ
cblr-9112	265	4	business	business	NOUN
cblr-9112	265	5	1413	1413	NUM
cblr-9112	265	6	“	"	PUNCT
cblr-9112	265	7	hard	hard	ADJ
cblr-9112	265	8	”	"	PUNCT
cblr-9112	265	9	limit	limit	NOUN
cblr-9112	265	10	)	)	PUNCT
cblr-9112	265	11	indicates	indicate	VERB
cblr-9112	265	12	the	the	DET
cblr-9112	265	13	maximum	maximum	ADJ
cblr-9112	265	14	var	var	NOUN
cblr-9112	265	15	the	the	DET
cblr-9112	265	16	portfolio	portfolio	NOUN
cblr-9112	265	17	can	can	AUX
cblr-9112	265	18	contain.68	contain.68	VERB
cblr-9112	265	19	disaggregation	disaggregation	NOUN
cblr-9112	265	20	permits	permit	VERB
cblr-9112	265	21	a	a	DET
cblr-9112	265	22	firm	firm	NOUN
cblr-9112	265	23	to	to	PART
cblr-9112	265	24	understand	understand	VERB
cblr-9112	265	25	the	the	DET
cblr-9112	265	26	main	main	ADJ
cblr-9112	265	27	sources	source	NOUN
cblr-9112	265	28	of	of	ADP
cblr-9112	265	29	risk	risk	NOUN
cblr-9112	265	30	and	and	CCONJ
cblr-9112	265	31	the	the	DET
cblr-9112	265	32	marginal	marginal	ADJ
cblr-9112	265	33	increases	increase	NOUN
cblr-9112	265	34	in	in	ADP
cblr-9112	265	35	risk	risk	NOUN
cblr-9112	265	36	that	that	PRON
cblr-9112	265	37	may	may	AUX
cblr-9112	265	38	arise	arise	VERB
cblr-9112	265	39	from	from	ADP
cblr-9112	265	40	different	different	ADJ
cblr-9112	265	41	investment	investment	NOUN
cblr-9112	265	42	activities.69	activities.69	NOUN
cblr-9112	265	43	doing	do	VERB
cblr-9112	265	44	so	so	ADV
cblr-9112	265	45	also	also	ADV
cblr-9112	265	46	permits	permit	VERB
cblr-9112	265	47	investors	investor	NOUN
cblr-9112	265	48	(	(	PUNCT
cblr-9112	265	49	and	and	CCONJ
cblr-9112	265	50	risk	risk	NOUN
cblr-9112	265	51	managers	manager	NOUN
cblr-9112	265	52	)	)	PUNCT
cblr-9112	265	53	to	to	PART
cblr-9112	265	54	understand	understand	VERB
cblr-9112	265	55	the	the	DET
cblr-9112	265	56	risks	risk	NOUN
cblr-9112	265	57	to	to	PART
cblr-9112	265	58	which	which	PRON
cblr-9112	265	59	the	the	DET
cblr-9112	265	60	firm	firm	NOUN
cblr-9112	265	61	is	be	AUX
cblr-9112	265	62	exposed	expose	VERB
cblr-9112	265	63	,	,	PUNCT
cblr-9112	265	64	the	the	DET
cblr-9112	265	65	risks	risk	NOUN
cblr-9112	265	66	that	that	PRON
cblr-9112	265	67	should	should	AUX
cblr-9112	265	68	be	be	AUX
cblr-9112	265	69	managed	manage	VERB
cblr-9112	265	70	(	(	PUNCT
cblr-9112	265	71	for	for	ADP
cblr-9112	265	72	example	example	NOUN
cblr-9112	265	73	,	,	PUNCT
cblr-9112	265	74	by	by	ADP
cblr-9112	265	75	transferring	transfer	VERB
cblr-9112	265	76	them	they	PRON
cblr-9112	265	77	to	to	ADP
cblr-9112	265	78	a	a	DET
cblr-9112	265	79	third	third	ADJ
cblr-9112	265	80	party	party	NOUN
cblr-9112	265	81	)	)	PUNCT
cblr-9112	265	82	,	,	PUNCT
cblr-9112	265	83	and	and	CCONJ
cblr-9112	265	84	the	the	DET
cblr-9112	265	85	incremental	incremental	ADJ
cblr-9112	265	86	change	change	NOUN
cblr-9112	265	87	in	in	ADP
cblr-9112	265	88	potential	potential	ADJ
cblr-9112	265	89	losses	loss	NOUN
cblr-9112	265	90	from	from	ADP
cblr-9112	265	91	adding	add	VERB
cblr-9112	265	92	or	or	CCONJ
cblr-9112	265	93	removing	remove	VERB
cblr-9112	265	94	a	a	DET
cblr-9112	265	95	particular	particular	ADJ
cblr-9112	265	96	investment.70	investment.70	NOUN
cblr-9112	265	97	var	var	NOUN
cblr-9112	265	98	also	also	ADV
cblr-9112	265	99	takes	take	VERB
cblr-9112	265	100	account	account	NOUN
cblr-9112	265	101	of	of	ADP
cblr-9112	265	102	the	the	DET
cblr-9112	265	103	diversification	diversification	NOUN
cblr-9112	265	104	benefits	benefit	NOUN
cblr-9112	265	105	of	of	ADP
cblr-9112	265	106	multiple	multiple	ADJ
cblr-9112	265	107	assets	asset	NOUN
cblr-9112	265	108	and	and	CCONJ
cblr-9112	265	109	portfolios	portfolio	NOUN
cblr-9112	265	110	.	.	PUNCT
cblr-9112	266	1	an	an	DET
cblr-9112	266	2	individual	individual	ADJ
cblr-9112	266	3	investment	investment	NOUN
cblr-9112	266	4	may	may	AUX
cblr-9112	266	5	have	have	VERB
cblr-9112	266	6	a	a	DET
cblr-9112	266	7	high	high	ADJ
cblr-9112	266	8	var	var	NOUN
cblr-9112	266	9	,	,	PUNCT
cblr-9112	266	10	but	but	CCONJ
cblr-9112	266	11	if	if	SCONJ
cblr-9112	266	12	its	its	PRON
cblr-9112	266	13	var	var	NOUN
cblr-9112	266	14	is	be	AUX
cblr-9112	266	15	negatively	negatively	ADV
cblr-9112	266	16	correlated	correlate	VERB
cblr-9112	266	17	with	with	ADP
cblr-9112	266	18	the	the	DET
cblr-9112	266	19	portfolio	portfolio	NOUN
cblr-9112	266	20	,	,	PUNCT
cblr-9112	266	21	it	it	PRON
cblr-9112	266	22	may	may	AUX
cblr-9112	266	23	contribute	contribute	VERB
cblr-9112	266	24	a	a	DET
cblr-9112	266	25	much	much	ADV
cblr-9112	266	26	lower	low	ADJ
cblr-9112	266	27	level	level	NOUN
cblr-9112	266	28	of	of	ADP
cblr-9112	266	29	risk	risk	NOUN
cblr-9112	266	30	than	than	SCONJ
cblr-9112	266	31	it	it	PRON
cblr-9112	266	32	would	would	AUX
cblr-9112	266	33	if	if	SCONJ
cblr-9112	266	34	measured	measure	VERB
cblr-9112	266	35	by	by	ADP
cblr-9112	266	36	itself.71	itself.71	NOUN
cblr-9112	266	37	assume	assume	VERB
cblr-9112	266	38	,	,	PUNCT
cblr-9112	266	39	for	for	ADP
cblr-9112	266	40	example	example	NOUN
cblr-9112	266	41	,	,	PUNCT
cblr-9112	266	42	a	a	DET
cblr-9112	266	43	hypothetical	hypothetical	ADJ
cblr-9112	266	44	portfolio	portfolio	NOUN
cblr-9112	266	45	with	with	ADP
cblr-9112	266	46	only	only	ADV
cblr-9112	266	47	two	two	NUM
cblr-9112	266	48	investments	investment	NOUN
cblr-9112	266	49	.	.	PUNCT
cblr-9112	267	1	each	each	PRON
cblr-9112	267	2	of	of	ADP
cblr-9112	267	3	potential	potential	ADJ
cblr-9112	267	4	investments	investment	NOUN
cblr-9112	267	5	a	a	DET
cblr-9112	267	6	,	,	PUNCT
cblr-9112	267	7	b	b	NOUN
cblr-9112	267	8	,	,	PUNCT
cblr-9112	267	9	and	and	CCONJ
cblr-9112	267	10	c	c	PROPN
cblr-9112	267	11	has	have	VERB
cblr-9112	267	12	a	a	DET
cblr-9112	267	13	var	var	NOUN
cblr-9112	267	14	of	of	ADP
cblr-9112	267	15	$	$	SYM
cblr-9112	267	16	500	500	NUM
cblr-9112	267	17	,	,	PUNCT
cblr-9112	267	18	and	and	CCONJ
cblr-9112	267	19	each	each	PRON
cblr-9112	267	20	has	have	VERB
cblr-9112	267	21	an	an	DET
cblr-9112	267	22	expected	expect	VERB
cblr-9112	267	23	return	return	NOUN
cblr-9112	267	24	of	of	ADP
cblr-9112	267	25	20	20	NUM
cblr-9112	267	26	%	%	NOUN
cblr-9112	267	27	on	on	ADP
cblr-9112	267	28	the	the	DET
cblr-9112	267	29	principal	principal	NOUN
cblr-9112	267	30	of	of	ADP
cblr-9112	267	31	$	$	SYM
cblr-9112	267	32	1,000	1,000	NUM
cblr-9112	267	33	(	(	PUNCT
cblr-9112	267	34	equal	equal	ADJ
cblr-9112	267	35	to	to	ADP
cblr-9112	267	36	$	$	SYM
cblr-9112	267	37	200	200	NUM
cblr-9112	267	38	over	over	ADP
cblr-9112	267	39	the	the	DET
cblr-9112	267	40	year	year	NOUN
cblr-9112	267	41	)	)	PUNCT
cblr-9112	267	42	.	.	PUNCT
cblr-9112	268	1	if	if	SCONJ
cblr-9112	268	2	the	the	DET
cblr-9112	268	3	portfolio	portfolio	NOUN
cblr-9112	268	4	’s	’s	PART
cblr-9112	268	5	manager	manager	NOUN
cblr-9112	268	6	selects	select	VERB
cblr-9112	268	7	any	any	DET
cblr-9112	268	8	two	two	NUM
cblr-9112	268	9	of	of	ADP
cblr-9112	268	10	them	they	PRON
cblr-9112	268	11	,	,	PUNCT
cblr-9112	268	12	the	the	DET
cblr-9112	268	13	total	total	ADJ
cblr-9112	268	14	annual	annual	ADJ
cblr-9112	268	15	return	return	NOUN
cblr-9112	268	16	will	will	AUX
cblr-9112	268	17	be	be	AUX
cblr-9112	268	18	$	$	SYM
cblr-9112	268	19	400	400	NUM
cblr-9112	268	20	,	,	PUNCT
cblr-9112	268	21	and	and	CCONJ
cblr-9112	268	22	the	the	DET
cblr-9112	268	23	aggregate	aggregate	NOUN
cblr-9112	268	24	of	of	ADP
cblr-9112	268	25	the	the	DET
cblr-9112	268	26	vars	var	NOUN
cblr-9112	268	27	,	,	PUNCT
cblr-9112	268	28	$	$	SYM
cblr-9112	268	29	1,000	1,000	NUM
cblr-9112	268	30	,	,	PUNCT
cblr-9112	268	31	will	will	AUX
cblr-9112	268	32	reflect	reflect	VERB
cblr-9112	268	33	the	the	DET
cblr-9112	268	34	portfolio	portfolio	NOUN
cblr-9112	268	35	’s	’s	PART
cblr-9112	268	36	aggregate	aggregate	ADJ
cblr-9112	268	37	risk	risk	NOUN
cblr-9112	268	38	but	but	CCONJ
cblr-9112	268	39	without	without	ADP
cblr-9112	268	40	taking	take	VERB
cblr-9112	268	41	account	account	NOUN
cblr-9112	268	42	of	of	ADP
cblr-9112	268	43	any	any	DET
cblr-9112	268	44	benefit	benefit	NOUN
cblr-9112	268	45	from	from	ADP
cblr-9112	268	46	diversification	diversification	NOUN
cblr-9112	268	47	.	.	PUNCT
cblr-9112	269	1	depending	depend	VERB
cblr-9112	269	2	on	on	ADP
cblr-9112	269	3	the	the	DET
cblr-9112	269	4	correlation	correlation	NOUN
cblr-9112	269	5	among	among	ADP
cblr-9112	269	6	a	a	DET
cblr-9112	269	7	,	,	PUNCT
cblr-9112	269	8	b	b	NOUN
cblr-9112	269	9	,	,	PUNCT
cblr-9112	269	10	and	and	CCONJ
cblr-9112	269	11	c	c	X
cblr-9112	269	12	—	—	PUNCT
cblr-9112	269	13	that	that	PRON
cblr-9112	269	14	is	is	ADV
cblr-9112	269	15	,	,	PUNCT
cblr-9112	269	16	how	how	SCONJ
cblr-9112	269	17	much	much	ADJ
cblr-9112	269	18	each	each	PRON
cblr-9112	269	19	of	of	ADP
cblr-9112	269	20	a	a	DET
cblr-9112	269	21	,	,	PUNCT
cblr-9112	269	22	b	b	NOUN
cblr-9112	269	23	,	,	PUNCT
cblr-9112	269	24	and	and	CCONJ
cblr-9112	269	25	c	c	NOUN
cblr-9112	269	26	changes	change	NOUN
cblr-9112	269	27	in	in	ADP
cblr-9112	269	28	value	value	NOUN
cblr-9112	269	29	relative	relative	ADJ
cblr-9112	269	30	to	to	ADP
cblr-9112	269	31	changes	change	NOUN
cblr-9112	269	32	in	in	ADP
cblr-9112	269	33	the	the	DET
cblr-9112	269	34	other	other	ADJ
cblr-9112	269	35	two	two	NUM
cblr-9112	269	36	investments	investment	NOUN
cblr-9112	269	37	—	—	PUNCT
cblr-9112	269	38	the	the	DET
cblr-9112	269	39	total	total	ADJ
cblr-9112	269	40	var	var	NOUN
cblr-9112	269	41	,	,	PUNCT
cblr-9112	269	42	for	for	ADP
cblr-9112	269	43	example	example	NOUN
cblr-9112	269	44	,	,	PUNCT
cblr-9112	269	45	of	of	ADP
cblr-9112	269	46	a	a	DET
cblr-9112	269	47	and	and	CCONJ
cblr-9112	269	48	b	b	NOUN
cblr-9112	269	49	together	together	ADV
cblr-9112	269	50	may	may	AUX
cblr-9112	269	51	be	be	AUX
cblr-9112	269	52	$	$	SYM
cblr-9112	269	53	750	750	NUM
cblr-9112	269	54	while	while	SCONJ
cblr-9112	269	55	that	that	PRON
cblr-9112	269	56	of	of	ADP
cblr-9112	269	57	b	b	PROPN
cblr-9112	269	58	and	and	CCONJ
cblr-9112	269	59	c	c	PROPN
cblr-9112	269	60	may	may	AUX
cblr-9112	269	61	be	be	AUX
cblr-9112	269	62	only	only	ADV
cblr-9112	269	63	$	$	SYM
cblr-9112	269	64	650	650	NUM
cblr-9112	269	65	.	.	PUNCT
cblr-9112	270	1	the	the	DET
cblr-9112	270	2	decline	decline	NOUN
cblr-9112	270	3	in	in	ADP
cblr-9112	270	4	aggregate	aggregate	ADJ
cblr-9112	270	5	var	var	NOUN
cblr-9112	270	6	below	below	ADP
cblr-9112	270	7	$	$	SYM
cblr-9112	270	8	1,000	1,000	NUM
cblr-9112	270	9	reflects	reflect	VERB
cblr-9112	270	10	the	the	DET
cblr-9112	270	11	benefits	benefit	NOUN
cblr-9112	270	12	of	of	ADP
cblr-9112	270	13	diversification.72	diversification.72	PROPN
cblr-9112	270	14	all	all	PRON
cblr-9112	270	15	else	else	ADV
cblr-9112	270	16	68	68	NUM
cblr-9112	270	17	see	see	VERB
cblr-9112	270	18	davis	davis	PROPN
cblr-9112	270	19	w.	w.	PROPN
cblr-9112	270	20	edwards	edwards	PROPN
cblr-9112	270	21	,	,	PUNCT
cblr-9112	270	22	risk	risk	NOUN
cblr-9112	270	23	management	management	NOUN
cblr-9112	270	24	in	in	ADP
cblr-9112	270	25	trading	trading	NOUN
cblr-9112	270	26	:	:	PUNCT
cblr-9112	270	27	techniques	technique	NOUN
cblr-9112	270	28	to	to	PART
cblr-9112	270	29	drive	drive	VERB
cblr-9112	270	30	profitability	profitability	NOUN
cblr-9112	270	31	of	of	ADP
cblr-9112	270	32	hedge	hedge	NOUN
cblr-9112	270	33	funds	fund	NOUN
cblr-9112	270	34	and	and	CCONJ
cblr-9112	270	35	trading	trading	NOUN
cblr-9112	270	36	desks	desk	NOUN
cblr-9112	270	37	141	141	NUM
cblr-9112	270	38	(	(	PUNCT
cblr-9112	270	39	2014	2014	NUM
cblr-9112	270	40	)	)	PUNCT
cblr-9112	270	41	.	.	PUNCT
cblr-9112	271	1	69	69	NUM
cblr-9112	271	2	see	see	VERB
cblr-9112	271	3	riskmetrics	riskmetric	NOUN
cblr-9112	271	4	group	group	NOUN
cblr-9112	271	5	,	,	PUNCT
cblr-9112	271	6	risk	risk	NOUN
cblr-9112	271	7	management	management	NOUN
cblr-9112	271	8	:	:	PUNCT
cblr-9112	271	9	a	a	DET
cblr-9112	271	10	practical	practical	ADJ
cblr-9112	271	11	guide	guide	NOUN
cblr-9112	271	12	6	6	NUM
cblr-9112	271	13	,	,	PUNCT
cblr-9112	271	14	https://www.msci.com/documents/10199/3c2dcea9-97be-4fb4-befea03b75c885aa	https://www.msci.com/documents/10199/3c2dcea9-97be-4fb4-befea03b75c885aa	CCONJ
cblr-9112	271	15	[	[	X
cblr-9112	271	16	https://perma.cc/h6wl-vl2q	https://perma.cc/h6wl-vl2q	NOUN
cblr-9112	271	17	]	]	X
cblr-9112	271	18	.	.	PUNCT
cblr-9112	272	1	70	70	NUM
cblr-9112	272	2	see	see	VERB
cblr-9112	272	3	i	i	PRON
cblr-9112	272	4	d.	d.	PROPN
cblr-9112	272	5	71	71	NUM
cblr-9112	272	6	see	see	VERB
cblr-9112	272	7	i	i	PRON
cblr-9112	272	8	d.	d.	PROPN
cblr-9112	272	9	at	at	ADP
cblr-9112	272	10	14	14	NUM
cblr-9112	272	11	.	.	PUNCT
cblr-9112	272	12	72	72	NUM
cblr-9112	272	13	see	see	NOUN
cblr-9112	272	14	perold	perold	NOUN
cblr-9112	272	15	,	,	PUNCT
cblr-9112	272	16	supra	supra	PROPN
cblr-9112	272	17	note	note	NOUN
cblr-9112	272	18	60	60	NUM
cblr-9112	272	19	,	,	PUNCT
cblr-9112	272	20	at	at	ADP
cblr-9112	272	21	112–13	112–13	NUM
cblr-9112	272	22	.	.	PUNCT
cblr-9112	273	1	aggregate	aggregate	ADJ
cblr-9112	273	2	var	var	NOUN
cblr-9112	273	3	usually	usually	ADV
cblr-9112	273	4	is	be	AUX
cblr-9112	273	5	less	less	ADJ
cblr-9112	273	6	than	than	ADP
cblr-9112	273	7	the	the	DET
cblr-9112	273	8	sum	sum	NOUN
cblr-9112	273	9	of	of	ADP
cblr-9112	273	10	var	var	NOUN
cblr-9112	273	11	due	due	ADP
cblr-9112	273	12	to	to	ADP
cblr-9112	273	13	the	the	DET
cblr-9112	273	14	benefits	benefit	NOUN
cblr-9112	273	15	of	of	ADP
cblr-9112	273	16	diversification	diversification	NOUN
cblr-9112	273	17	.	.	PUNCT
cblr-9112	274	1	see	see	VERB
cblr-9112	274	2	linda	linda	PROPN
cblr-9112	274	3	allen	allen	PROPN
cblr-9112	274	4	,	,	PUNCT
cblr-9112	274	5	jacob	jacob	PROPN
cblr-9112	274	6	boudoukh	boudoukh	PROPN
cblr-9112	274	7	&	&	CCONJ
cblr-9112	274	8	anthony	anthony	PROPN
cblr-9112	274	9	saunders	saunders	PROPN
cblr-9112	274	10	.	.	PUNCT
cblr-9112	274	11	,	,	PUNCT
cblr-9112	274	12	understanding	understand	VERB
cblr-9112	274	13	market	market	NOUN
cblr-9112	274	14	,	,	PUNCT
cblr-9112	274	15	credit	credit	NOUN
cblr-9112	274	16	,	,	PUNCT
cblr-9112	274	17	and	and	CCONJ
cblr-9112	274	18	operational	operational	ADJ
cblr-9112	274	19	risk	risk	NOUN
cblr-9112	274	20	:	:	PUNCT
cblr-9112	274	21	the	the	DET
cblr-9112	274	22	value	value	NOUN
cblr-9112	274	23	at	at	ADP
cblr-9112	274	24	risk	risk	NOUN
cblr-9112	274	25	approach	approach	NOUN
cblr-9112	274	26	13–16	13–16	NUM
cblr-9112	274	27	(	(	PUNCT
cblr-9112	274	28	2004	2004	NUM
cblr-9112	274	29	)	)	PUNCT
cblr-9112	274	30	;	;	PUNCT
cblr-9112	274	31	litterman	litterman	NOUN
cblr-9112	274	32	,	,	PUNCT
cblr-9112	274	33	supra	supra	PROPN
cblr-9112	274	34	note	note	NOUN
cblr-9112	274	35	55	55	NUM
cblr-9112	274	36	,	,	PUNCT
cblr-9112	274	37	at	at	ADP
cblr-9112	274	38	61–62	61–62	NUM
cblr-9112	274	39	(	(	PUNCT
cblr-9112	274	40	describing	describe	VERB
cblr-9112	274	41	how	how	SCONJ
cblr-9112	274	42	the	the	DET
cblr-9112	274	43	addition	addition	NOUN
cblr-9112	274	44	of	of	ADP
cblr-9112	274	45	a	a	DET
cblr-9112	274	46	noncorrelated	noncorrelate	VERB
cblr-9112	274	47	investment	investment	NOUN
cblr-9112	274	48	to	to	ADP
cblr-9112	274	49	a	a	DET
cblr-9112	274	50	portfolio	portfolio	NOUN
cblr-9112	274	51	tends	tend	VERB
cblr-9112	274	52	to	to	PART
cblr-9112	274	53	reduce	reduce	VERB
cblr-9112	274	54	portfolio	portfolio	NOUN
cblr-9112	274	55	risk	risk	NOUN
cblr-9112	274	56	)	)	PUNCT
cblr-9112	274	57	.	.	PUNCT
cblr-9112	275	1	1414	1414	NUM
cblr-9112	275	2	columbia	columbia	PROPN
cblr-9112	275	3	business	business	NOUN
cblr-9112	275	4	law	law	PROPN
cblr-9112	275	5	review	review	NOUN
cblr-9112	275	6	[	[	X
cblr-9112	275	7	vol	vol	NOUN
cblr-9112	275	8	.	.	PUNCT
cblr-9112	275	9	2021	2021	NUM
cblr-9112	275	10	being	be	AUX
cblr-9112	275	11	equal	equal	ADJ
cblr-9112	275	12	,	,	PUNCT
cblr-9112	275	13	the	the	DET
cblr-9112	275	14	manager	manager	NOUN
cblr-9112	275	15	will	will	AUX
cblr-9112	275	16	favor	favor	VERB
cblr-9112	275	17	a	a	DET
cblr-9112	275	18	portfolio	portfolio	NOUN
cblr-9112	275	19	of	of	ADP
cblr-9112	275	20	b	b	PROPN
cblr-9112	275	21	and	and	CCONJ
cblr-9112	275	22	c	c	NOUN
cblr-9112	275	23	due	due	ADP
cblr-9112	275	24	to	to	ADP
cblr-9112	275	25	the	the	DET
cblr-9112	275	26	lower	low	ADJ
cblr-9112	275	27	incremental	incremental	ADJ
cblr-9112	275	28	increase	increase	NOUN
cblr-9112	275	29	in	in	ADP
cblr-9112	275	30	var	var	NOUN
cblr-9112	275	31	.	.	PUNCT
cblr-9112	276	1	critical	critical	ADJ
cblr-9112	276	2	,	,	PUNCT
cblr-9112	276	3	however	however	ADV
cblr-9112	276	4	,	,	PUNCT
cblr-9112	276	5	is	be	AUX
cblr-9112	276	6	that	that	SCONJ
cblr-9112	276	7	,	,	PUNCT
cblr-9112	276	8	even	even	ADV
cblr-9112	276	9	though	though	SCONJ
cblr-9112	276	10	risk	risk	NOUN
cblr-9112	276	11	has	have	AUX
cblr-9112	276	12	declined	decline	VERB
cblr-9112	276	13	,	,	PUNCT
cblr-9112	276	14	the	the	DET
cblr-9112	276	15	total	total	ADJ
cblr-9112	276	16	expected	expect	VERB
cblr-9112	276	17	return	return	NOUN
cblr-9112	276	18	of	of	ADP
cblr-9112	276	19	b	b	NOUN
cblr-9112	276	20	and	and	CCONJ
cblr-9112	276	21	c	c	NOUN
cblr-9112	276	22	,	,	PUNCT
cblr-9112	276	23	which	which	PRON
cblr-9112	276	24	is	be	AUX
cblr-9112	276	25	$	$	SYM
cblr-9112	276	26	400	400	NUM
cblr-9112	276	27	,	,	PUNCT
cblr-9112	276	28	remains	remain	VERB
cblr-9112	276	29	unchanged.73	unchanged.73	ADP
cblr-9112	276	30	this	this	PRON
cblr-9112	276	31	is	be	AUX
cblr-9112	276	32	consistent	consistent	ADJ
cblr-9112	276	33	with	with	ADP
cblr-9112	276	34	the	the	DET
cblr-9112	276	35	earlier	early	ADV
cblr-9112	276	36	-	-	PUNCT
cblr-9112	276	37	described	describe	VERB
cblr-9112	276	38	approaches	approach	NOUN
cblr-9112	276	39	taken	take	VERB
cblr-9112	276	40	by	by	ADP
cblr-9112	276	41	markowitz	markowitz	PROPN
cblr-9112	276	42	and	and	CCONJ
cblr-9112	276	43	sharpe74	sharpe74	ADV
cblr-9112	276	44	—	—	PUNCT
cblr-9112	276	45	namely	namely	ADV
cblr-9112	276	46	,	,	PUNCT
cblr-9112	276	47	that	that	DET
cblr-9112	276	48	optimal	optimal	ADJ
cblr-9112	276	49	portfolio	portfolio	NOUN
cblr-9112	276	50	selection	selection	NOUN
cblr-9112	276	51	is	be	AUX
cblr-9112	276	52	based	base	VERB
cblr-9112	276	53	on	on	ADP
cblr-9112	276	54	the	the	DET
cblr-9112	276	55	portfolio	portfolio	NOUN
cblr-9112	276	56	’s	’s	PART
cblr-9112	276	57	overall	overall	ADJ
cblr-9112	276	58	risk	risk	NOUN
cblr-9112	276	59	-	-	PUNCT
cblr-9112	276	60	reward	reward	NOUN
cblr-9112	276	61	characteristics	characteristic	NOUN
cblr-9112	276	62	,	,	PUNCT
cblr-9112	276	63	rather	rather	ADV
cblr-9112	276	64	than	than	ADP
cblr-9112	276	65	simply	simply	ADV
cblr-9112	276	66	aggregating	aggregate	VERB
cblr-9112	276	67	the	the	DET
cblr-9112	276	68	individual	individual	ADJ
cblr-9112	276	69	characteristics	characteristic	NOUN
cblr-9112	276	70	of	of	ADP
cblr-9112	276	71	different	different	ADJ
cblr-9112	276	72	securities.75	securities.75	NOUN
cblr-9112	276	73	for	for	ADP
cblr-9112	276	74	an	an	DET
cblr-9112	276	75	institutional	institutional	ADJ
cblr-9112	276	76	investor	investor	NOUN
cblr-9112	276	77	,	,	PUNCT
cblr-9112	276	78	what	what	PRON
cblr-9112	276	79	matters	matter	VERB
cblr-9112	276	80	more	more	ADV
cblr-9112	276	81	is	be	AUX
cblr-9112	276	82	how	how	SCONJ
cblr-9112	276	83	much	much	ADJ
cblr-9112	276	84	assets	asset	NOUN
cblr-9112	276	85	within	within	ADP
cblr-9112	276	86	a	a	DET
cblr-9112	276	87	portfolio	portfolio	NOUN
cblr-9112	276	88	move	move	NOUN
cblr-9112	276	89	in	in	ADP
cblr-9112	276	90	relation	relation	NOUN
cblr-9112	276	91	to	to	ADP
cblr-9112	276	92	each	each	DET
cblr-9112	276	93	other	other	ADJ
cblr-9112	276	94	,	,	PUNCT
cblr-9112	276	95	not	not	PART
cblr-9112	276	96	how	how	SCONJ
cblr-9112	276	97	much	much	ADJ
cblr-9112	276	98	each	each	DET
cblr-9112	276	99	individual	individual	ADJ
cblr-9112	276	100	asset	asset	NOUN
cblr-9112	276	101	fluctuates	fluctuate	NOUN
cblr-9112	276	102	on	on	ADP
cblr-9112	276	103	its	its	PRON
cblr-9112	276	104	own.76	own.76	PROPN
cblr-9112	276	105	in	in	ADP
cblr-9112	276	106	that	that	DET
cblr-9112	276	107	light	light	NOUN
cblr-9112	276	108	,	,	PUNCT
cblr-9112	276	109	suppose	suppose	VERB
cblr-9112	276	110	a	a	DET
cblr-9112	276	111	portfolio	portfolio	NOUN
cblr-9112	276	112	manager	manager	NOUN
cblr-9112	276	113	wishes	wish	VERB
cblr-9112	276	114	to	to	PART
cblr-9112	276	115	invest	invest	VERB
cblr-9112	276	116	in	in	ADP
cblr-9112	276	117	equities	equity	NOUN
cblr-9112	276	118	to	to	PART
cblr-9112	276	119	generate	generate	VERB
cblr-9112	276	120	a	a	DET
cblr-9112	276	121	higher	high	ADJ
cblr-9112	276	122	return	return	NOUN
cblr-9112	276	123	.	.	PUNCT
cblr-9112	277	1	typically	typically	ADV
cblr-9112	277	2	,	,	PUNCT
cblr-9112	277	3	to	to	PART
cblr-9112	277	4	increase	increase	VERB
cblr-9112	277	5	returns	return	NOUN
cblr-9112	277	6	,	,	PUNCT
cblr-9112	277	7	the	the	DET
cblr-9112	277	8	manager	manager	NOUN
cblr-9112	277	9	must	must	AUX
cblr-9112	277	10	assume	assume	VERB
cblr-9112	277	11	greater	great	ADJ
cblr-9112	277	12	risk.77	risk.77	NOUN
cblr-9112	277	13	the	the	DET
cblr-9112	277	14	identity	identity	NOUN
cblr-9112	277	15	of	of	ADP
cblr-9112	277	16	the	the	DET
cblr-9112	277	17	particular	particular	ADJ
cblr-9112	277	18	stocks	stock	NOUN
cblr-9112	277	19	will	will	AUX
cblr-9112	277	20	be	be	AUX
cblr-9112	277	21	important	important	ADJ
cblr-9112	277	22	,	,	PUNCT
cblr-9112	277	23	but	but	CCONJ
cblr-9112	277	24	the	the	DET
cblr-9112	277	25	aggregate	aggregate	ADJ
cblr-9112	277	26	risk	risk	NOUN
cblr-9112	277	27	of	of	ADP
cblr-9112	277	28	the	the	DET
cblr-9112	277	29	portfolio	portfolio	NOUN
cblr-9112	277	30	and	and	CCONJ
cblr-9112	277	31	the	the	DET
cblr-9112	277	32	marginal	marginal	ADJ
cblr-9112	277	33	effect	effect	NOUN
cblr-9112	277	34	on	on	ADP
cblr-9112	277	35	that	that	DET
cblr-9112	277	36	risk	risk	NOUN
cblr-9112	277	37	of	of	ADP
cblr-9112	277	38	buying	buy	VERB
cblr-9112	277	39	or	or	CCONJ
cblr-9112	277	40	selling	sell	VERB
cblr-9112	277	41	shares	share	NOUN
cblr-9112	277	42	will	will	AUX
cblr-9112	277	43	be	be	AUX
cblr-9112	277	44	critical.78	critical.78	VERB
cblr-9112	277	45	depending	depend	VERB
cblr-9112	277	46	on	on	ADP
cblr-9112	277	47	investments	investment	NOUN
cblr-9112	277	48	made	make	VERB
cblr-9112	277	49	by	by	ADP
cblr-9112	277	50	other	other	ADJ
cblr-9112	277	51	managers	manager	NOUN
cblr-9112	277	52	in	in	ADP
cblr-9112	277	53	the	the	DET
cblr-9112	277	54	firm	firm	NOUN
cblr-9112	277	55	,	,	PUNCT
cblr-9112	277	56	the	the	DET
cblr-9112	277	57	decision	decision	NOUN
cblr-9112	277	58	to	to	PART
cblr-9112	277	59	buy	buy	VERB
cblr-9112	277	60	or	or	CCONJ
cblr-9112	277	61	sell	sell	VERB
cblr-9112	277	62	a	a	DET
cblr-9112	277	63	particular	particular	ADJ
cblr-9112	277	64	stock	stock	NOUN
cblr-9112	277	65	may	may	AUX
cblr-9112	277	66	cause	cause	VERB
cblr-9112	277	67	a	a	DET
cblr-9112	277	68	spike	spike	NOUN
cblr-9112	277	69	in	in	ADP
cblr-9112	277	70	total	total	ADJ
cblr-9112	277	71	var	var	NOUN
cblr-9112	277	72	73	73	NUM
cblr-9112	277	73	see	see	NOUN
cblr-9112	277	74	mangram	mangram	NOUN
cblr-9112	277	75	,	,	PUNCT
cblr-9112	277	76	supra	supra	PROPN
cblr-9112	277	77	note	note	NOUN
cblr-9112	277	78	35	35	NUM
cblr-9112	277	79	,	,	PUNCT
cblr-9112	277	80	at	at	ADP
cblr-9112	277	81	66	66	NUM
cblr-9112	277	82	(	(	PUNCT
cblr-9112	277	83	“	"	PUNCT
cblr-9112	277	84	risk	risk	NOUN
cblr-9112	277	85	reduction	reduction	NOUN
cblr-9112	277	86	can	can	AUX
cblr-9112	277	87	be	be	AUX
cblr-9112	277	88	achieved	achieve	VERB
cblr-9112	277	89	without	without	ADP
cblr-9112	277	90	compromising	compromise	VERB
cblr-9112	277	91	returns	return	NOUN
cblr-9112	277	92	.	.	PUNCT
cblr-9112	277	93	”	"	PUNCT
cblr-9112	277	94	)	)	PUNCT
cblr-9112	277	95	.	.	PUNCT
cblr-9112	278	1	74	74	NUM
cblr-9112	278	2	see	see	VERB
cblr-9112	278	3	supra	supra	ADJ
cblr-9112	278	4	text	text	NOUN
cblr-9112	278	5	accompanying	accompany	VERB
cblr-9112	278	6	notes	note	NOUN
cblr-9112	278	7	35–51	35–51	NUM
cblr-9112	278	8	;	;	PUNCT
cblr-9112	278	9	see	see	AUX
cblr-9112	278	10	also	also	ADV
cblr-9112	278	11	fabozzi	fabozzi	VERB
cblr-9112	278	12	et	et	PROPN
cblr-9112	278	13	al	al	PROPN
cblr-9112	278	14	.	.	PROPN
cblr-9112	278	15	,	,	PUNCT
cblr-9112	278	16	supra	supra	PROPN
cblr-9112	278	17	note	note	PROPN
cblr-9112	278	18	52	52	NUM
cblr-9112	278	19	,	,	PUNCT
cblr-9112	278	20	at	at	ADP
cblr-9112	278	21	19	19	NUM
cblr-9112	278	22	(	(	PUNCT
cblr-9112	278	23	“	"	PUNCT
cblr-9112	278	24	the	the	DET
cblr-9112	278	25	now	now	ADV
cblr-9112	278	26	widely	widely	ADV
cblr-9112	278	27	used	use	VERB
cblr-9112	278	28	value	value	NOUN
cblr-9112	278	29	-	-	PUNCT
cblr-9112	278	30	at	at	ADP
cblr-9112	278	31	-	-	PUNCT
cblr-9112	278	32	risk	risk	NOUN
cblr-9112	278	33	framework	framework	NOUN
cblr-9112	278	34	(	(	PUNCT
cblr-9112	278	35	var	var	NOUN
cblr-9112	278	36	)	)	PUNCT
cblr-9112	278	37	for	for	SCONJ
cblr-9112	278	38	the	the	DET
cblr-9112	278	39	measurement	measurement	NOUN
cblr-9112	278	40	and	and	CCONJ
cblr-9112	278	41	management	management	NOUN
cblr-9112	278	42	of	of	ADP
cblr-9112	278	43	market	market	NOUN
cblr-9112	278	44	risk	risk	NOUN
cblr-9112	278	45	for	for	ADP
cblr-9112	278	46	financial	financial	ADJ
cblr-9112	278	47	markets	market	NOUN
cblr-9112	278	48	is	be	AUX
cblr-9112	278	49	based	base	VERB
cblr-9112	278	50	on	on	ADP
cblr-9112	278	51	the	the	DET
cblr-9112	278	52	concepts	concept	NOUN
cblr-9112	278	53	first	first	ADV
cblr-9112	278	54	formalized	formalize	VERB
cblr-9112	278	55	in	in	ADP
cblr-9112	278	56	[	[	PUNCT
cblr-9112	278	57	modern	modern	ADJ
cblr-9112	278	58	portfolio	portfolio	NOUN
cblr-9112	278	59	theory	theory	NOUN
cblr-9112	278	60	]	]	X
cblr-9112	278	61	.	.	PUNCT
cblr-9112	278	62	”	"	PUNCT
cblr-9112	278	63	)	)	PUNCT
cblr-9112	278	64	.	.	PUNCT
cblr-9112	279	1	75	75	NUM
cblr-9112	279	2	see	see	VERB
cblr-9112	279	3	markowitz	markowitz	PROPN
cblr-9112	279	4	,	,	PUNCT
cblr-9112	279	5	supra	supra	PROPN
cblr-9112	279	6	note	note	PROPN
cblr-9112	279	7	36	36	NUM
cblr-9112	279	8	,	,	PUNCT
cblr-9112	279	9	at	at	ADP
cblr-9112	279	10	89	89	NUM
cblr-9112	279	11	.	.	PUNCT
cblr-9112	280	1	“	"	PUNCT
cblr-9112	280	2	hence	hence	ADV
cblr-9112	280	3	,	,	PUNCT
cblr-9112	280	4	the	the	DET
cblr-9112	280	5	essential	essential	ADJ
cblr-9112	280	6	aspect	aspect	NOUN
cblr-9112	280	7	pertaining	pertain	VERB
cblr-9112	280	8	to	to	ADP
cblr-9112	280	9	the	the	DET
cblr-9112	280	10	risk	risk	NOUN
cblr-9112	280	11	of	of	ADP
cblr-9112	280	12	an	an	DET
cblr-9112	280	13	asset	asset	NOUN
cblr-9112	280	14	is	be	AUX
cblr-9112	280	15	not	not	PART
cblr-9112	280	16	the	the	DET
cblr-9112	280	17	risk	risk	NOUN
cblr-9112	280	18	of	of	ADP
cblr-9112	280	19	each	each	DET
cblr-9112	280	20	asset	asset	NOUN
cblr-9112	280	21	in	in	ADP
cblr-9112	280	22	isolation	isolation	NOUN
cblr-9112	280	23	,	,	PUNCT
cblr-9112	280	24	but	but	CCONJ
cblr-9112	280	25	the	the	DET
cblr-9112	280	26	contribution	contribution	NOUN
cblr-9112	280	27	of	of	ADP
cblr-9112	280	28	each	each	DET
cblr-9112	280	29	asset	asset	NOUN
cblr-9112	280	30	to	to	ADP
cblr-9112	280	31	the	the	DET
cblr-9112	280	32	risk	risk	NOUN
cblr-9112	280	33	of	of	ADP
cblr-9112	280	34	the	the	DET
cblr-9112	280	35	aggregate	aggregate	ADJ
cblr-9112	280	36	portfolio	portfolio	NOUN
cblr-9112	280	37	.	.	PUNCT
cblr-9112	280	38	”	"	PUNCT
cblr-9112	281	1	press	press	NOUN
cblr-9112	281	2	release	release	NOUN
cblr-9112	281	3	,	,	PUNCT
cblr-9112	281	4	royal	royal	PROPN
cblr-9112	281	5	swedish	swedish	PROPN
cblr-9112	281	6	academy	academy	PROPN
cblr-9112	281	7	of	of	ADP
cblr-9112	281	8	sciences	sciences	PROPN
cblr-9112	281	9	,	,	PUNCT
cblr-9112	281	10	the	the	DET
cblr-9112	281	11	1990	1990	NUM
cblr-9112	281	12	alfred	alfred	PROPN
cblr-9112	281	13	nobel	nobel	PROPN
cblr-9112	281	14	memorial	memorial	PROPN
cblr-9112	281	15	prize	prize	PROPN
cblr-9112	281	16	in	in	ADP
cblr-9112	281	17	economic	economic	ADJ
cblr-9112	281	18	sciences	sciences	PROPN
cblr-9112	281	19	(	(	PUNCT
cblr-9112	281	20	oct	oct	PROPN
cblr-9112	281	21	.	.	PROPN
cblr-9112	281	22	16	16	NUM
cblr-9112	281	23	,	,	PUNCT
cblr-9112	281	24	1990	1990	NUM
cblr-9112	281	25	)	)	PUNCT
cblr-9112	281	26	,	,	PUNCT
cblr-9112	281	27	https://www.nobelprize.org/prizes/economic-sciences/1990/press-release/	https://www.nobelprize.org/prizes/economic-sciences/1990/press-release/	NOUN
cblr-9112	282	1	[	[	X
cblr-9112	282	2	https://perma.cc/k9xk-n8mj	https://perma.cc/k9xk-n8mj	X
cblr-9112	282	3	]	]	PUNCT
cblr-9112	282	4	.	.	PUNCT
cblr-9112	283	1	76	76	NUM
cblr-9112	283	2	see	see	VERB
cblr-9112	283	3	mangram	mangram	NOUN
cblr-9112	283	4	,	,	PUNCT
cblr-9112	283	5	supra	supra	PROPN
cblr-9112	283	6	note	note	NOUN
cblr-9112	283	7	35	35	NUM
cblr-9112	283	8	,	,	PUNCT
cblr-9112	283	9	at	at	ADP
cblr-9112	283	10	64–65	64–65	NUM
cblr-9112	283	11	.	.	PUNCT
cblr-9112	284	1	77	77	NUM
cblr-9112	284	2	see	see	VERB
cblr-9112	284	3	eric	eric	PROPN
cblr-9112	284	4	ghysels	ghysels	PROPN
cblr-9112	284	5	,	,	PUNCT
cblr-9112	284	6	pedro	pedro	PROPN
cblr-9112	284	7	santa	santa	PROPN
cblr-9112	284	8	-	-	PUNCT
cblr-9112	284	9	clara	clara	PROPN
cblr-9112	284	10	&	&	CCONJ
cblr-9112	284	11	rossen	rossen	PROPN
cblr-9112	284	12	valkanov	valkanov	PROPN
cblr-9112	284	13	,	,	PUNCT
cblr-9112	284	14	there	there	PRON
cblr-9112	284	15	is	be	VERB
cblr-9112	284	16	a	a	DET
cblr-9112	284	17	risk	risk	NOUN
cblr-9112	284	18	-	-	PUNCT
cblr-9112	284	19	return	return	NOUN
cblr-9112	284	20	trade	trade	NOUN
cblr-9112	284	21	-	-	PUNCT
cblr-9112	284	22	off	off	NOUN
cblr-9112	284	23	after	after	ADV
cblr-9112	284	24	all	all	ADV
cblr-9112	284	25	,	,	PUNCT
cblr-9112	284	26	76	76	NUM
cblr-9112	284	27	j.	j.	PROPN
cblr-9112	284	28	fin	fin	PROPN
cblr-9112	284	29	.	.	PUNCT
cblr-9112	284	30	econ	econ	PROPN
cblr-9112	284	31	.	.	PUNCT
cblr-9112	284	32	509	509	NUM
cblr-9112	284	33	,	,	PUNCT
cblr-9112	284	34	511	511	NUM
cblr-9112	284	35	(	(	PUNCT
cblr-9112	284	36	2005	2005	NUM
cblr-9112	284	37	)	)	PUNCT
cblr-9112	284	38	(	(	PUNCT
cblr-9112	284	39	finding	find	VERB
cblr-9112	284	40	a	a	DET
cblr-9112	284	41	“	"	PUNCT
cblr-9112	284	42	positive	positive	ADJ
cblr-9112	284	43	and	and	CCONJ
cblr-9112	284	44	statistically	statistically	ADV
cblr-9112	284	45	significant	significant	ADJ
cblr-9112	284	46	relation	relation	NOUN
cblr-9112	284	47	between	between	ADP
cblr-9112	284	48	risk	risk	NOUN
cblr-9112	284	49	and	and	CCONJ
cblr-9112	284	50	return	return	NOUN
cblr-9112	284	51	.	.	PUNCT
cblr-9112	284	52	”	"	PUNCT
cblr-9112	284	53	)	)	PUNCT
cblr-9112	284	54	.	.	PUNCT
cblr-9112	285	1	78	78	NUM
cblr-9112	285	2	see	see	VERB
cblr-9112	285	3	litterman	litterman	NOUN
cblr-9112	285	4	,	,	PUNCT
cblr-9112	285	5	supra	supra	PROPN
cblr-9112	285	6	note	note	NOUN
cblr-9112	285	7	55	55	NUM
cblr-9112	285	8	,	,	PUNCT
cblr-9112	285	9	at	at	ADP
cblr-9112	285	10	59	59	NUM
cblr-9112	285	11	(	(	PUNCT
cblr-9112	285	12	“	"	PUNCT
cblr-9112	285	13	[	[	X
cblr-9112	285	14	t]he	t]he	ADV
cblr-9112	285	15	total	total	ADJ
cblr-9112	285	16	risk	risk	NOUN
cblr-9112	285	17	of	of	ADP
cblr-9112	285	18	the	the	DET
cblr-9112	285	19	portfolio	portfolio	NOUN
cblr-9112	285	20	is	be	AUX
cblr-9112	285	21	not	not	PART
cblr-9112	285	22	the	the	DET
cblr-9112	285	23	sum	sum	NOUN
cblr-9112	285	24	of	of	ADP
cblr-9112	285	25	the	the	DET
cblr-9112	285	26	risk	risk	NOUN
cblr-9112	285	27	of	of	ADP
cblr-9112	285	28	individual	individual	ADJ
cblr-9112	285	29	positions	position	NOUN
cblr-9112	285	30	[	[	X
cblr-9112	285	31	;	;	PUNCT
cblr-9112	285	32	]	]	PUNCT
cblr-9112	285	33	it	it	PRON
cblr-9112	285	34	is	be	AUX
cblr-9112	285	35	in	in	ADP
cblr-9112	285	36	fact	fact	NOUN
cblr-9112	285	37	the	the	DET
cblr-9112	285	38	sum	sum	NOUN
cblr-9112	285	39	of	of	ADP
cblr-9112	285	40	the	the	DET
cblr-9112	285	41	marginal	marginal	ADJ
cblr-9112	285	42	impacts	impact	NOUN
cblr-9112	285	43	on	on	ADP
cblr-9112	285	44	portfolio	portfolio	NOUN
cblr-9112	285	45	risk	risk	NOUN
cblr-9112	285	46	from	from	ADP
cblr-9112	285	47	small	small	ADJ
cblr-9112	285	48	percentage	percentage	NOUN
cblr-9112	285	49	increases	increase	NOUN
cblr-9112	285	50	in	in	ADP
cblr-9112	285	51	each	each	PRON
cblr-9112	285	52	of	of	ADP
cblr-9112	285	53	the	the	DET
cblr-9112	285	54	portfolio	portfolio	NOUN
cblr-9112	285	55	positions	position	NOUN
cblr-9112	285	56	.	.	PUNCT
cblr-9112	285	57	”	"	PUNCT
cblr-9112	285	58	)	)	PUNCT
cblr-9112	285	59	.	.	PUNCT
cblr-9112	286	1	no	no	INTJ
cblr-9112	286	2	.	.	NOUN
cblr-9112	287	1	3:1396	3:1396	NUM
cblr-9112	287	2	]	]	PUNCT
cblr-9112	287	3	risky	risky	ADJ
cblr-9112	287	4	business	business	NOUN
cblr-9112	287	5	1415	1415	NUM
cblr-9112	287	6	of	of	ADP
cblr-9112	287	7	which	which	PRON
cblr-9112	287	8	the	the	DET
cblr-9112	287	9	manager	manager	NOUN
cblr-9112	287	10	is	be	AUX
cblr-9112	287	11	not	not	PART
cblr-9112	287	12	immediately	immediately	ADV
cblr-9112	287	13	aware.79	aware.79	ADV
cblr-9112	287	14	consequently	consequently	ADV
cblr-9112	287	15	,	,	PUNCT
cblr-9112	287	16	aggregate	aggregate	ADJ
cblr-9112	287	17	firm	firm	ADJ
cblr-9112	287	18	risk	risk	NOUN
cblr-9112	287	19	—	—	PUNCT
cblr-9112	287	20	beyond	beyond	ADP
cblr-9112	287	21	an	an	DET
cblr-9112	287	22	individual	individual	ADJ
cblr-9112	287	23	manager	manager	NOUN
cblr-9112	287	24	’s	’s	PART
cblr-9112	287	25	assessment	assessment	NOUN
cblr-9112	287	26	of	of	ADP
cblr-9112	287	27	the	the	DET
cblr-9112	287	28	quality	quality	NOUN
cblr-9112	287	29	of	of	ADP
cblr-9112	287	30	a	a	DET
cblr-9112	287	31	particular	particular	ADJ
cblr-9112	287	32	security	security	NOUN
cblr-9112	287	33	or	or	CCONJ
cblr-9112	287	34	issuer	issuer	NOUN
cblr-9112	287	35	—	—	PUNCT
cblr-9112	287	36	may	may	AUX
cblr-9112	287	37	affect	affect	VERB
cblr-9112	287	38	the	the	DET
cblr-9112	287	39	decision	decision	NOUN
cblr-9112	287	40	to	to	PART
cblr-9112	287	41	buy	buy	VERB
cblr-9112	287	42	or	or	CCONJ
cblr-9112	287	43	sell	sell	VERB
cblr-9112	287	44	a	a	DET
cblr-9112	287	45	security.80	security.80	NOUN
cblr-9112	287	46	that	that	DET
cblr-9112	287	47	decision	decision	NOUN
cblr-9112	287	48	may	may	AUX
cblr-9112	287	49	be	be	AUX
cblr-9112	287	50	tied	tie	VERB
cblr-9112	287	51	less	less	ADJ
cblr-9112	287	52	to	to	ADP
cblr-9112	287	53	the	the	DET
cblr-9112	287	54	manager	manager	NOUN
cblr-9112	287	55	’s	’s	PART
cblr-9112	287	56	view	view	NOUN
cblr-9112	287	57	of	of	ADP
cblr-9112	287	58	the	the	DET
cblr-9112	287	59	value	value	NOUN
cblr-9112	287	60	of	of	ADP
cblr-9112	287	61	a	a	DET
cblr-9112	287	62	security	security	NOUN
cblr-9112	287	63	and	and	CCONJ
cblr-9112	287	64	more	more	ADJ
cblr-9112	287	65	to	to	ADP
cblr-9112	287	66	the	the	DET
cblr-9112	287	67	risk	risk	NOUN
cblr-9112	287	68	correlation	correlation	NOUN
cblr-9112	287	69	between	between	ADP
cblr-9112	287	70	that	that	DET
cblr-9112	287	71	security	security	NOUN
cblr-9112	287	72	and	and	CCONJ
cblr-9112	287	73	her	her	PRON
cblr-9112	287	74	other	other	ADJ
cblr-9112	287	75	investments	investment	NOUN
cblr-9112	287	76	or	or	CCONJ
cblr-9112	287	77	other	other	ADJ
cblr-9112	287	78	investments	investment	NOUN
cblr-9112	287	79	made	make	VERB
cblr-9112	287	80	within	within	ADP
cblr-9112	287	81	the	the	DET
cblr-9112	287	82	firm	firm	NOUN
cblr-9112	287	83	.	.	PUNCT
cblr-9112	288	1	the	the	PRON
cblr-9112	288	2	higher	high	ADJ
cblr-9112	288	3	the	the	DET
cblr-9112	288	4	correlation	correlation	NOUN
cblr-9112	288	5	between	between	ADP
cblr-9112	288	6	the	the	DET
cblr-9112	288	7	vars	var	NOUN
cblr-9112	288	8	of	of	ADP
cblr-9112	288	9	two	two	NUM
cblr-9112	288	10	portfolios	portfolio	NOUN
cblr-9112	288	11	(	(	PUNCT
cblr-9112	288	12	such	such	ADJ
cblr-9112	288	13	as	as	ADP
cblr-9112	288	14	between	between	ADP
cblr-9112	288	15	two	two	NUM
cblr-9112	288	16	trading	trading	NOUN
cblr-9112	288	17	desks	desk	NOUN
cblr-9112	288	18	)	)	PUNCT
cblr-9112	288	19	,	,	PUNCT
cblr-9112	288	20	the	the	DET
cblr-9112	288	21	more	more	ADV
cblr-9112	288	22	likely	likely	ADJ
cblr-9112	288	23	a	a	DET
cblr-9112	288	24	transaction	transaction	NOUN
cblr-9112	288	25	will	will	AUX
cblr-9112	288	26	affect	affect	VERB
cblr-9112	288	27	the	the	DET
cblr-9112	288	28	firm	firm	NOUN
cblr-9112	288	29	’s	’s	PART
cblr-9112	288	30	overall	overall	ADJ
cblr-9112	288	31	var	var	NOUN
cblr-9112	288	32	due	due	ADP
cblr-9112	288	33	to	to	ADP
cblr-9112	288	34	the	the	DET
cblr-9112	288	35	lower	low	ADJ
cblr-9112	288	36	diversification	diversification	NOUN
cblr-9112	288	37	benefits.81	benefits.81	NOUN
cblr-9112	288	38	conversely	conversely	ADV
cblr-9112	288	39	,	,	PUNCT
cblr-9112	288	40	the	the	PRON
cblr-9112	288	41	lower	low	ADJ
cblr-9112	288	42	the	the	DET
cblr-9112	288	43	correlation	correlation	NOUN
cblr-9112	288	44	between	between	ADP
cblr-9112	288	45	the	the	DET
cblr-9112	288	46	two	two	NUM
cblr-9112	288	47	vars	var	NOUN
cblr-9112	288	48	,	,	PUNCT
cblr-9112	288	49	the	the	PRON
cblr-9112	288	50	more	more	ADV
cblr-9112	288	51	likely	likely	ADJ
cblr-9112	288	52	the	the	DET
cblr-9112	288	53	transaction	transaction	NOUN
cblr-9112	288	54	will	will	AUX
cblr-9112	288	55	lower	lower	VERB
cblr-9112	288	56	the	the	DET
cblr-9112	288	57	firm	firm	NOUN
cblr-9112	288	58	’s	’s	PART
cblr-9112	288	59	aggregate	aggregate	NOUN
cblr-9112	288	60	var.82	var.82	NOUN
cblr-9112	288	61	in	in	ADP
cblr-9112	288	62	short	short	ADJ
cblr-9112	288	63	,	,	PUNCT
cblr-9112	288	64	the	the	DET
cblr-9112	288	65	standalone	standalone	ADJ
cblr-9112	288	66	characteristics	characteristic	NOUN
cblr-9112	288	67	of	of	ADP
cblr-9112	288	68	a	a	DET
cblr-9112	288	69	security	security	NOUN
cblr-9112	288	70	often	often	ADV
cblr-9112	288	71	matter	matter	VERB
cblr-9112	288	72	less	less	ADJ
cblr-9112	288	73	than	than	ADP
cblr-9112	288	74	the	the	DET
cblr-9112	288	75	effect	effect	NOUN
cblr-9112	288	76	of	of	ADP
cblr-9112	288	77	buying	buy	VERB
cblr-9112	288	78	or	or	CCONJ
cblr-9112	288	79	selling	sell	VERB
cblr-9112	288	80	that	that	DET
cblr-9112	288	81	security	security	NOUN
cblr-9112	288	82	on	on	ADP
cblr-9112	288	83	a	a	DET
cblr-9112	288	84	portfolio	portfolio	NOUN
cblr-9112	288	85	’s	’s	PART
cblr-9112	288	86	or	or	CCONJ
cblr-9112	288	87	firm	firm	NOUN
cblr-9112	288	88	’s	’s	PART
cblr-9112	288	89	risks	risk	NOUN
cblr-9112	288	90	.	.	PUNCT
cblr-9112	289	1	the	the	DET
cblr-9112	289	2	manager	manager	NOUN
cblr-9112	289	3	is	be	AUX
cblr-9112	289	4	likely	likely	ADJ
cblr-9112	289	5	to	to	PART
cblr-9112	289	6	be	be	AUX
cblr-9112	289	7	as	as	ADV
cblr-9112	289	8	concerned	concern	VERB
cblr-9112	289	9	with	with	ADP
cblr-9112	289	10	a	a	DET
cblr-9112	289	11	stock	stock	NOUN
cblr-9112	289	12	’s	’s	PART
cblr-9112	289	13	impact	impact	NOUN
cblr-9112	289	14	on	on	ADP
cblr-9112	289	15	var	var	NOUN
cblr-9112	289	16	as	as	SCONJ
cblr-9112	289	17	she	she	PRON
cblr-9112	289	18	is	be	AUX
cblr-9112	289	19	with	with	ADP
cblr-9112	289	20	whether	whether	SCONJ
cblr-9112	289	21	the	the	DET
cblr-9112	289	22	particular	particular	ADJ
cblr-9112	289	23	stock	stock	NOUN
cblr-9112	289	24	is	be	AUX
cblr-9112	289	25	ibm	ibm	PROPN
cblr-9112	289	26	or	or	CCONJ
cblr-9112	289	27	microsoft	microsoft	PROPN
cblr-9112	289	28	and	and	CCONJ
cblr-9112	289	29	the	the	DET
cblr-9112	289	30	number	number	NOUN
cblr-9112	289	31	of	of	ADP
cblr-9112	289	32	shares	share	NOUN
cblr-9112	289	33	she	she	PRON
cblr-9112	289	34	buys.83	buys.83	VERB
cblr-9112	289	35	79	79	NUM
cblr-9112	289	36	see	see	VERB
cblr-9112	289	37	philippe	philippe	PROPN
cblr-9112	289	38	jorion	jorion	PROPN
cblr-9112	289	39	,	,	PUNCT
cblr-9112	289	40	in	in	ADP
cblr-9112	289	41	defense	defense	NOUN
cblr-9112	289	42	of	of	ADP
cblr-9112	289	43	var	var	NOUN
cblr-9112	289	44	,	,	PUNCT
cblr-9112	289	45	derivatives	derivative	NOUN
cblr-9112	289	46	strategy	strategy	NOUN
cblr-9112	289	47	(	(	PUNCT
cblr-9112	289	48	1997	1997	NUM
cblr-9112	289	49	)	)	PUNCT
cblr-9112	289	50	,	,	PUNCT
cblr-9112	289	51	https://merage.uci.edu/~jorion/oc/ntalib2.html	https://merage.uci.edu/~jorion/oc/ntalib2.html	PROPN
cblr-9112	289	52	[	[	X
cblr-9112	289	53	https://perma.cc/q43l2ge6	https://perma.cc/q43l2ge6	X
cblr-9112	289	54	]	]	X
cblr-9112	289	55	(	(	PUNCT
cblr-9112	289	56	“	"	PUNCT
cblr-9112	289	57	suppose	suppose	VERB
cblr-9112	289	58	a	a	DET
cblr-9112	289	59	portfolio	portfolio	NOUN
cblr-9112	289	60	var	var	NOUN
cblr-9112	289	61	suddenly	suddenly	ADV
cblr-9112	289	62	increases	increase	VERB
cblr-9112	289	63	by	by	ADP
cblr-9112	289	64	50	50	NUM
cblr-9112	289	65	%	%	NOUN
cblr-9112	289	66	.	.	PUNCT
cblr-9112	290	1	this	this	PRON
cblr-9112	290	2	could	could	AUX
cblr-9112	290	3	be	be	AUX
cblr-9112	290	4	due	due	ADJ
cblr-9112	290	5	to	to	ADP
cblr-9112	290	6	a	a	DET
cblr-9112	290	7	variety	variety	NOUN
cblr-9112	290	8	of	of	ADP
cblr-9112	290	9	factors	factor	NOUN
cblr-9112	290	10	.	.	PUNCT
cblr-9112	291	1	market	market	NOUN
cblr-9112	291	2	volatility	volatility	NOUN
cblr-9112	291	3	could	could	AUX
cblr-9112	291	4	have	have	AUX
cblr-9112	291	5	increased	increase	VERB
cblr-9112	291	6	overnight	overnight	ADV
cblr-9112	291	7	.	.	PUNCT
cblr-9112	292	1	or	or	CCONJ
cblr-9112	292	2	,	,	PUNCT
cblr-9112	292	3	a	a	DET
cblr-9112	292	4	trader	trader	NOUN
cblr-9112	292	5	could	could	AUX
cblr-9112	292	6	be	be	AUX
cblr-9112	292	7	taking	take	VERB
cblr-9112	292	8	inordinate	inordinate	ADJ
cblr-9112	292	9	risks	risk	NOUN
cblr-9112	292	10	.	.	PUNCT
cblr-9112	293	1	or	or	CCONJ
cblr-9112	293	2	,	,	PUNCT
cblr-9112	293	3	a	a	DET
cblr-9112	293	4	number	number	NOUN
cblr-9112	293	5	of	of	ADP
cblr-9112	293	6	desks	desk	NOUN
cblr-9112	293	7	could	could	AUX
cblr-9112	293	8	be	be	AUX
cblr-9112	293	9	positioned	position	VERB
cblr-9112	293	10	on	on	ADP
cblr-9112	293	11	the	the	DET
cblr-9112	293	12	same	same	ADJ
cblr-9112	293	13	side	side	NOUN
cblr-9112	293	14	of	of	ADP
cblr-9112	293	15	a	a	DET
cblr-9112	293	16	looming	loom	VERB
cblr-9112	293	17	news	news	NOUN
cblr-9112	293	18	announcement	announcement	NOUN
cblr-9112	293	19	.	.	PUNCT
cblr-9112	293	20	.	.	PUNCT
cblr-9112	294	1	.	.	PUNCT
cblr-9112	294	2	.	.	PUNCT
cblr-9112	295	1	any	any	PRON
cblr-9112	295	2	of	of	ADP
cblr-9112	295	3	these	these	DET
cblr-9112	295	4	factors	factor	NOUN
cblr-9112	295	5	should	should	AUX
cblr-9112	295	6	be	be	AUX
cblr-9112	295	7	cause	cause	NOUN
cblr-9112	295	8	for	for	ADP
cblr-9112	295	9	further	further	ADJ
cblr-9112	295	10	investigation	investigation	NOUN
cblr-9112	295	11	,	,	PUNCT
cblr-9112	295	12	which	which	PRON
cblr-9112	295	13	can	can	AUX
cblr-9112	295	14	be	be	AUX
cblr-9112	295	15	performed	perform	VERB
cblr-9112	295	16	by	by	ADP
cblr-9112	295	17	reverse	reverse	ADJ
cblr-9112	295	18	engineering	engineer	VERB
cblr-9112	295	19	the	the	DET
cblr-9112	295	20	final	final	ADJ
cblr-9112	295	21	var	var	NOUN
cblr-9112	295	22	number	number	NOUN
cblr-9112	295	23	.	.	PUNCT
cblr-9112	295	24	”	"	PUNCT
cblr-9112	295	25	)	)	PUNCT
cblr-9112	295	26	.	.	PUNCT
cblr-9112	296	1	80	80	NUM
cblr-9112	296	2	for	for	ADP
cblr-9112	296	3	a	a	DET
cblr-9112	296	4	model	model	NOUN
cblr-9112	296	5	of	of	ADP
cblr-9112	296	6	how	how	SCONJ
cblr-9112	296	7	var	var	NOUN
cblr-9112	296	8	limits	limit	NOUN
cblr-9112	296	9	are	be	AUX
cblr-9112	296	10	budgeted	budget	VERB
cblr-9112	296	11	and	and	CCONJ
cblr-9112	296	12	aggregated	aggregate	VERB
cblr-9112	296	13	across	across	ADP
cblr-9112	296	14	thirty	thirty	NUM
cblr-9112	296	15	independent	independent	ADJ
cblr-9112	296	16	traders	trader	NOUN
cblr-9112	296	17	,	,	PUNCT
cblr-9112	296	18	see	see	VERB
cblr-9112	296	19	robert	robert	PROPN
cblr-9112	296	20	härtl	härtl	PROPN
cblr-9112	296	21	&	&	CCONJ
cblr-9112	296	22	lutz	lutz	PROPN
cblr-9112	296	23	johanning	johanning	PROPN
cblr-9112	296	24	,	,	PUNCT
cblr-9112	296	25	risk	risk	NOUN
cblr-9112	296	26	budgeting	budget	VERB
cblr-9112	296	27	with	with	ADP
cblr-9112	296	28	value	value	NOUN
cblr-9112	296	29	at	at	ADP
cblr-9112	296	30	risk	risk	NOUN
cblr-9112	296	31	limits	limit	NOUN
cblr-9112	296	32	,	,	PUNCT
cblr-9112	296	33	in	in	ADP
cblr-9112	296	34	risk	risk	NOUN
cblr-9112	296	35	management	management	NOUN
cblr-9112	296	36	:	:	PUNCT
cblr-9112	296	37	challenge	challenge	NOUN
cblr-9112	296	38	and	and	CCONJ
cblr-9112	296	39	opportunity	opportunity	NOUN
cblr-9112	296	40	143	143	NUM
cblr-9112	296	41	,	,	PUNCT
cblr-9112	296	42	150–53	150–53	PROPN
cblr-9112	296	43	(	(	PUNCT
cblr-9112	296	44	michael	michael	PROPN
cblr-9112	296	45	frenkel	frenkel	PROPN
cblr-9112	296	46	,	,	PUNCT
cblr-9112	296	47	ulrich	ulrich	PROPN
cblr-9112	296	48	hommel	hommel	PROPN
cblr-9112	296	49	&	&	CCONJ
cblr-9112	296	50	markus	markus	PROPN
cblr-9112	296	51	rudolph	rudolph	PROPN
cblr-9112	296	52	eds	eds	PROPN
cblr-9112	296	53	.	.	PROPN
cblr-9112	296	54	,	,	PUNCT
cblr-9112	296	55	2d	2d	PROPN
cblr-9112	296	56	ed	ed	NOUN
cblr-9112	296	57	.	.	PROPN
cblr-9112	296	58	2005	2005	NUM
cblr-9112	296	59	)	)	PUNCT
cblr-9112	296	60	.	.	PUNCT
cblr-9112	297	1	81	81	NUM
cblr-9112	297	2	see	see	VERB
cblr-9112	297	3	riskmetrics	riskmetric	NOUN
cblr-9112	297	4	group	group	NOUN
cblr-9112	297	5	,	,	PUNCT
cblr-9112	297	6	supra	supra	PROPN
cblr-9112	297	7	note	note	NOUN
cblr-9112	297	8	69	69	NUM
cblr-9112	297	9	,	,	PUNCT
cblr-9112	297	10	at	at	ADP
cblr-9112	297	11	14	14	NUM
cblr-9112	297	12	.	.	PUNCT
cblr-9112	298	1	82	82	NUM
cblr-9112	298	2	see	see	VERB
cblr-9112	298	3	i	i	PRON
cblr-9112	298	4	d.	d.	PROPN
cblr-9112	298	5	83	83	NUM
cblr-9112	298	6	cf	cf	NOUN
cblr-9112	298	7	.	.	PUNCT
cblr-9112	299	1	edwards	edwards	PROPN
cblr-9112	299	2	,	,	PUNCT
cblr-9112	299	3	supra	supra	PROPN
cblr-9112	299	4	note	note	PROPN
cblr-9112	299	5	68	68	NUM
cblr-9112	299	6	,	,	PUNCT
cblr-9112	299	7	at	at	ADP
cblr-9112	299	8	142–148	142–148	NUM
cblr-9112	299	9	(	(	PUNCT
cblr-9112	299	10	“	"	PUNCT
cblr-9112	299	11	on	on	ADP
cblr-9112	299	12	a	a	DET
cblr-9112	299	13	trading	trading	NOUN
cblr-9112	299	14	desk	desk	NOUN
cblr-9112	299	15	,	,	PUNCT
cblr-9112	299	16	a	a	DET
cblr-9112	299	17	common	common	ADJ
cblr-9112	299	18	use	use	NOUN
cblr-9112	299	19	for	for	ADP
cblr-9112	299	20	var	var	NOUN
cblr-9112	299	21	is	be	AUX
cblr-9112	299	22	to	to	PART
cblr-9112	299	23	describe	describe	VERB
cblr-9112	299	24	the	the	DET
cblr-9112	299	25	size	size	NOUN
cblr-9112	299	26	of	of	ADP
cblr-9112	299	27	investments	investment	NOUN
cblr-9112	299	28	.	.	PUNCT
cblr-9112	299	29	.	.	PUNCT
cblr-9112	299	30	.	.	PUNCT
cblr-9112	300	1	.	.	PUNCT
cblr-9112	301	1	var	var	PROPN
cblr-9112	301	2	has	have	AUX
cblr-9112	301	3	largely	largely	ADV
cblr-9112	301	4	replaced	replace	VERB
cblr-9112	301	5	position	position	NOUN
cblr-9112	301	6	limits	limit	NOUN
cblr-9112	301	7	and	and	CCONJ
cblr-9112	301	8	capital	capital	NOUN
cblr-9112	301	9	requirements	requirement	NOUN
cblr-9112	301	10	based	base	VERB
cblr-9112	301	11	on	on	ADP
cblr-9112	301	12	the	the	DET
cblr-9112	301	13	concept	concept	NOUN
cblr-9112	301	14	of	of	ADP
cblr-9112	301	15	number	number	NOUN
cblr-9112	301	16	of	of	ADP
cblr-9112	301	17	shares	share	NOUN
cblr-9112	301	18	,	,	PUNCT
cblr-9112	301	19	number	number	NOUN
cblr-9112	301	20	of	of	ADP
cblr-9112	301	21	contracts	contract	NOUN
cblr-9112	301	22	,	,	PUNCT
cblr-9112	301	23	and	and	CCONJ
cblr-9112	301	24	other	other	ADJ
cblr-9112	301	25	measures	measure	NOUN
cblr-9112	301	26	of	of	ADP
cblr-9112	301	27	size	size	NOUN
cblr-9112	301	28	.	.	PUNCT
cblr-9112	301	29	”	"	PUNCT
cblr-9112	301	30	)	)	PUNCT
cblr-9112	301	31	.	.	PUNCT
cblr-9112	302	1	1416	1416	NUM
cblr-9112	302	2	columbia	columbia	PROPN
cblr-9112	302	3	business	business	NOUN
cblr-9112	302	4	law	law	PROPN
cblr-9112	302	5	review	review	NOUN
cblr-9112	302	6	[	[	X
cblr-9112	302	7	vol	vol	NOUN
cblr-9112	302	8	.	.	NOUN
cblr-9112	302	9	2021	2021	NUM
cblr-9112	302	10	c.	c.	PROPN
cblr-9112	302	11	new	new	ADJ
cblr-9112	302	12	risk	risk	NOUN
cblr-9112	302	13	instruments	instrument	NOUN
cblr-9112	302	14	beginning	begin	VERB
cblr-9112	302	15	in	in	ADP
cblr-9112	302	16	the	the	DET
cblr-9112	302	17	1970s	1970	NOUN
cblr-9112	302	18	,	,	PUNCT
cblr-9112	302	19	capital	capital	NOUN
cblr-9112	302	20	markets	market	NOUN
cblr-9112	302	21	participants	participant	NOUN
cblr-9112	302	22	(	(	PUNCT
cblr-9112	302	23	including	include	VERB
cblr-9112	302	24	banks	bank	NOUN
cblr-9112	302	25	,	,	PUNCT
cblr-9112	302	26	broker	broker	NOUN
cblr-9112	302	27	-	-	PUNCT
cblr-9112	302	28	dealers	dealer	NOUN
cblr-9112	302	29	,	,	PUNCT
cblr-9112	302	30	and	and	CCONJ
cblr-9112	302	31	insurance	insurance	NOUN
cblr-9112	302	32	companies	company	NOUN
cblr-9112	302	33	)	)	PUNCT
cblr-9112	302	34	saw	see	VERB
cblr-9112	302	35	an	an	DET
cblr-9112	302	36	opportunity	opportunity	NOUN
cblr-9112	302	37	to	to	PART
cblr-9112	302	38	promote	promote	VERB
cblr-9112	302	39	new	new	ADJ
cblr-9112	302	40	financial	financial	ADJ
cblr-9112	302	41	instruments	instrument	NOUN
cblr-9112	302	42	in	in	ADP
cblr-9112	302	43	response	response	NOUN
cblr-9112	302	44	to	to	ADP
cblr-9112	302	45	a	a	DET
cblr-9112	302	46	growing	grow	VERB
cblr-9112	302	47	demand	demand	NOUN
cblr-9112	302	48	for	for	ADP
cblr-9112	302	49	tools	tool	NOUN
cblr-9112	302	50	to	to	PART
cblr-9112	302	51	assist	assist	VERB
cblr-9112	302	52	businesses	business	NOUN
cblr-9112	302	53	in	in	ADP
cblr-9112	302	54	managing	manage	VERB
cblr-9112	302	55	and	and	CCONJ
cblr-9112	302	56	sharing	share	VERB
cblr-9112	302	57	risk.84	risk.84	NOUN
cblr-9112	302	58	over	over	ADP
cblr-9112	302	59	time	time	NOUN
cblr-9112	302	60	,	,	PUNCT
cblr-9112	302	61	instruments	instrument	NOUN
cblr-9112	302	62	covering	cover	VERB
cblr-9112	302	63	new	new	ADJ
cblr-9112	302	64	types	type	NOUN
cblr-9112	302	65	of	of	ADP
cblr-9112	302	66	financial	financial	ADJ
cblr-9112	302	67	risk	risk	NOUN
cblr-9112	302	68	were	be	AUX
cblr-9112	302	69	developed	develop	VERB
cblr-9112	302	70	and	and	CCONJ
cblr-9112	302	71	marketed	market	VERB
cblr-9112	302	72	as	as	ADP
cblr-9112	302	73	one	one	NUM
cblr-9112	302	74	way	way	NOUN
cblr-9112	302	75	to	to	PART
cblr-9112	302	76	manage	manage	VERB
cblr-9112	302	77	risks	risk	NOUN
cblr-9112	302	78	that	that	PRON
cblr-9112	302	79	could	could	AUX
cblr-9112	302	80	not	not	PART
cblr-9112	302	81	be	be	AUX
cblr-9112	302	82	addressed	address	VERB
cblr-9112	302	83	through	through	ADP
cblr-9112	302	84	diversification.85	diversification.85	NOUN
cblr-9112	302	85	the	the	DET
cblr-9112	302	86	result	result	NOUN
cblr-9112	302	87	was	be	AUX
cblr-9112	302	88	a	a	DET
cblr-9112	302	89	menu	menu	NOUN
cblr-9112	302	90	of	of	ADP
cblr-9112	302	91	new	new	ADJ
cblr-9112	302	92	instruments	instrument	NOUN
cblr-9112	302	93	to	to	PART
cblr-9112	302	94	transfer	transfer	VERB
cblr-9112	302	95	beta	beta	ADJ
cblr-9112	302	96	risk	risk	NOUN
cblr-9112	302	97	,	,	PUNCT
cblr-9112	302	98	including	include	VERB
cblr-9112	302	99	swaps	swap	NOUN
cblr-9112	302	100	,	,	PUNCT
cblr-9112	302	101	options	option	NOUN
cblr-9112	302	102	,	,	PUNCT
cblr-9112	302	103	financial	financial	ADJ
cblr-9112	302	104	futures	future	NOUN
cblr-9112	302	105	,	,	PUNCT
cblr-9112	302	106	and	and	CCONJ
cblr-9112	302	107	securitized	securitized	ADJ
cblr-9112	302	108	assets,86	assets,86	NOUN
cblr-9112	302	109	later	later	ADV
cblr-9112	302	110	extended	extend	VERB
cblr-9112	302	111	to	to	ADP
cblr-9112	302	112	other	other	ADJ
cblr-9112	302	113	types	type	NOUN
cblr-9112	302	114	of	of	ADP
cblr-9112	302	115	risk	risk	NOUN
cblr-9112	302	116	,	,	PUNCT
cblr-9112	302	117	including	include	VERB
cblr-9112	302	118	weather	weather	NOUN
cblr-9112	302	119	and	and	CCONJ
cblr-9112	302	120	natural	natural	ADJ
cblr-9112	302	121	disaster	disaster	NOUN
cblr-9112	302	122	risk.87	risk.87	VERB
cblr-9112	302	123	84	84	NUM
cblr-9112	302	124	see	see	VERB
cblr-9112	302	125	gilson	gilson	PROPN
cblr-9112	302	126	&	&	CCONJ
cblr-9112	302	127	whitehead	whitehead	PROPN
cblr-9112	302	128	,	,	PUNCT
cblr-9112	302	129	supra	supra	PROPN
cblr-9112	302	130	note	note	NOUN
cblr-9112	302	131	9	9	NUM
cblr-9112	302	132	,	,	PUNCT
cblr-9112	302	133	at	at	ADP
cblr-9112	302	134	245–46	245–46	NUM
cblr-9112	302	135	;	;	PUNCT
cblr-9112	302	136	kevin	kevin	PROPN
cblr-9112	302	137	buehler	buehler	PROPN
cblr-9112	302	138	,	,	PUNCT
cblr-9112	302	139	andrew	andrew	PROPN
cblr-9112	302	140	freeman	freeman	PROPN
cblr-9112	302	141	&	&	CCONJ
cblr-9112	302	142	ron	ron	PROPN
cblr-9112	302	143	hulme	hulme	PROPN
cblr-9112	302	144	,	,	PUNCT
cblr-9112	302	145	the	the	DET
cblr-9112	302	146	risk	risk	NOUN
cblr-9112	302	147	revolution	revolution	NOUN
cblr-9112	302	148	6	6	NUM
cblr-9112	302	149	(	(	PUNCT
cblr-9112	302	150	mckinsey	mckinsey	NOUN
cblr-9112	302	151	,	,	PUNCT
cblr-9112	302	152	working	work	VERB
cblr-9112	302	153	paper	paper	NOUN
cblr-9112	302	154	on	on	ADP
cblr-9112	302	155	risk	risk	NOUN
cblr-9112	302	156	no	no	INTJ
cblr-9112	302	157	.	.	NOUN
cblr-9112	302	158	1	1	NUM
cblr-9112	302	159	,	,	PUNCT
cblr-9112	302	160	2008	2008	NUM
cblr-9112	302	161	)	)	PUNCT
cblr-9112	302	162	,	,	PUNCT
cblr-9112	302	163	https://www.mckinsey.com/~/media/mckinsey/dotcom/client_service/	https://www.mckinsey.com/~/media/mckinsey/dotcom/client_service/	VERB
cblr-9112	302	164	risk	risk	NOUN
cblr-9112	302	165	/	/	SYM
cblr-9112	302	166	working%20papers/1_the_risk_revolution.pdf	working%20papers/1_the_risk_revolution.pdf	PROPN
cblr-9112	303	1	[	[	X
cblr-9112	303	2	https://perma.cc/z22njmux	https://perma.cc/z22njmux	X
cblr-9112	303	3	]	]	X
cblr-9112	303	4	.	.	PUNCT
cblr-9112	304	1	the	the	DET
cblr-9112	304	2	growth	growth	NOUN
cblr-9112	304	3	in	in	ADP
cblr-9112	304	4	new	new	ADJ
cblr-9112	304	5	financial	financial	ADJ
cblr-9112	304	6	instruments	instrument	NOUN
cblr-9112	304	7	partly	partly	ADV
cblr-9112	304	8	reflected	reflect	VERB
cblr-9112	304	9	managers	manager	NOUN
cblr-9112	304	10	’	’	PART
cblr-9112	304	11	interests	interest	NOUN
cblr-9112	304	12	in	in	ADP
cblr-9112	304	13	transferring	transfer	VERB
cblr-9112	304	14	risks	risk	NOUN
cblr-9112	304	15	they	they	PRON
cblr-9112	304	16	could	could	AUX
cblr-9112	304	17	not	not	PART
cblr-9112	304	18	manage	manage	VERB
cblr-9112	304	19	directly	directly	ADV
cblr-9112	304	20	.	.	PUNCT
cblr-9112	305	1	among	among	ADP
cblr-9112	305	2	other	other	ADJ
cblr-9112	305	3	reasons	reason	NOUN
cblr-9112	305	4	,	,	PUNCT
cblr-9112	305	5	firms	firm	NOUN
cblr-9112	305	6	were	be	AUX
cblr-9112	305	7	concerned	concerned	ADJ
cblr-9112	305	8	about	about	ADP
cblr-9112	305	9	costs	cost	NOUN
cblr-9112	305	10	arising	arise	VERB
cblr-9112	305	11	from	from	ADP
cblr-9112	305	12	bankruptcy	bankruptcy	NOUN
cblr-9112	305	13	risk	risk	NOUN
cblr-9112	305	14	.	.	PUNCT
cblr-9112	306	1	by	by	ADP
cblr-9112	306	2	transferring	transfer	VERB
cblr-9112	306	3	financial	financial	ADJ
cblr-9112	306	4	risk	risk	NOUN
cblr-9112	306	5	to	to	ADP
cblr-9112	306	6	others	other	NOUN
cblr-9112	306	7	who	who	PRON
cblr-9112	306	8	were	be	AUX
cblr-9112	306	9	better	well	ADJ
cblr-9112	306	10	able	able	ADJ
cblr-9112	306	11	to	to	PART
cblr-9112	306	12	manage	manage	VERB
cblr-9112	306	13	it	it	PRON
cblr-9112	306	14	,	,	PUNCT
cblr-9112	306	15	a	a	DET
cblr-9112	306	16	firm	firm	NOUN
cblr-9112	306	17	was	be	AUX
cblr-9112	306	18	less	less	ADV
cblr-9112	306	19	likely	likely	ADJ
cblr-9112	306	20	to	to	PART
cblr-9112	306	21	fall	fall	VERB
cblr-9112	306	22	into	into	ADP
cblr-9112	306	23	financial	financial	ADJ
cblr-9112	306	24	distress	distress	NOUN
cblr-9112	306	25	.	.	PUNCT
cblr-9112	307	1	see	see	VERB
cblr-9112	307	2	gilson	gilson	PROPN
cblr-9112	307	3	&	&	CCONJ
cblr-9112	307	4	whitehead	whitehead	PROPN
cblr-9112	307	5	,	,	PUNCT
cblr-9112	307	6	supra	supra	PROPN
cblr-9112	307	7	note	note	NOUN
cblr-9112	307	8	9	9	NUM
cblr-9112	307	9	,	,	PUNCT
cblr-9112	307	10	at	at	ADP
cblr-9112	307	11	250	250	NUM
cblr-9112	307	12	;	;	PUNCT
cblr-9112	307	13	franklin	franklin	PROPN
cblr-9112	307	14	allen	allen	PROPN
cblr-9112	307	15	&	&	CCONJ
cblr-9112	307	16	anthony	anthony	PROPN
cblr-9112	307	17	m.	m.	PROPN
cblr-9112	307	18	santomero	santomero	PROPN
cblr-9112	307	19	,	,	PUNCT
cblr-9112	307	20	the	the	DET
cblr-9112	307	21	theory	theory	NOUN
cblr-9112	307	22	of	of	ADP
cblr-9112	307	23	financial	financial	ADJ
cblr-9112	307	24	intermediation	intermediation	NOUN
cblr-9112	307	25	,	,	PUNCT
cblr-9112	307	26	21	21	NUM
cblr-9112	307	27	j.	j.	PROPN
cblr-9112	307	28	banking	banking	PROPN
cblr-9112	307	29	&	&	CCONJ
cblr-9112	307	30	fin	fin	PROPN
cblr-9112	307	31	.	.	PUNCT
cblr-9112	308	1	1461	1461	NUM
cblr-9112	308	2	,	,	PUNCT
cblr-9112	308	3	1475–76	1475–76	NUM
cblr-9112	308	4	,	,	PUNCT
cblr-9112	308	5	1479	1479	NUM
cblr-9112	308	6	(	(	PUNCT
cblr-9112	308	7	1998	1998	NUM
cblr-9112	308	8	)	)	PUNCT
cblr-9112	308	9	.	.	PUNCT
cblr-9112	309	1	in	in	ADP
cblr-9112	309	2	addition	addition	NOUN
cblr-9112	309	3	,	,	PUNCT
cblr-9112	309	4	new	new	ADJ
cblr-9112	309	5	financial	financial	ADJ
cblr-9112	309	6	instruments	instrument	NOUN
cblr-9112	309	7	lowered	lower	VERB
cblr-9112	309	8	earnings	earning	NOUN
cblr-9112	309	9	volatility	volatility	NOUN
cblr-9112	309	10	,	,	PUNCT
cblr-9112	309	11	which	which	PRON
cblr-9112	309	12	permitted	permit	VERB
cblr-9112	309	13	firms	firm	NOUN
cblr-9112	309	14	to	to	PART
cblr-9112	309	15	rely	rely	VERB
cblr-9112	309	16	on	on	ADP
cblr-9112	309	17	internally	internally	ADV
cblr-9112	309	18	generated	generate	VERB
cblr-9112	309	19	funds	fund	NOUN
cblr-9112	309	20	rather	rather	ADV
cblr-9112	309	21	than	than	ADP
cblr-9112	309	22	more	more	ADV
cblr-9112	309	23	costly	costly	ADJ
cblr-9112	309	24	external	external	ADJ
cblr-9112	309	25	funding	funding	NOUN
cblr-9112	309	26	.	.	PUNCT
cblr-9112	310	1	see	see	VERB
cblr-9112	310	2	gilson	gilson	PROPN
cblr-9112	310	3	&	&	CCONJ
cblr-9112	310	4	whitehead	whitehead	PROPN
cblr-9112	310	5	,	,	PUNCT
cblr-9112	310	6	supra	supra	PROPN
cblr-9112	310	7	note	note	NOUN
cblr-9112	310	8	9	9	NUM
cblr-9112	310	9	,	,	PUNCT
cblr-9112	310	10	at	at	ADP
cblr-9112	310	11	249–50	249–50	NUM
cblr-9112	310	12	;	;	PUNCT
cblr-9112	310	13	allen	allen	PROPN
cblr-9112	310	14	&	&	CCONJ
cblr-9112	310	15	santomero	santomero	PROPN
cblr-9112	310	16	,	,	PUNCT
cblr-9112	310	17	supra	supra	NOUN
cblr-9112	310	18	,	,	PUNCT
cblr-9112	310	19	at	at	ADP
cblr-9112	310	20	1476–77	1476–77	NUM
cblr-9112	310	21	;	;	PUNCT
cblr-9112	310	22	kenneth	kenneth	PROPN
cblr-9112	310	23	a.	a.	PROPN
cblr-9112	310	24	froot	froot	PROPN
cblr-9112	310	25	,	,	PUNCT
cblr-9112	310	26	david	david	PROPN
cblr-9112	310	27	s.	s.	PROPN
cblr-9112	310	28	scharfstein	scharfstein	PROPN
cblr-9112	310	29	&	&	CCONJ
cblr-9112	310	30	jeremy	jeremy	PROPN
cblr-9112	310	31	c.	c.	PROPN
cblr-9112	310	32	stein	stein	PROPN
cblr-9112	310	33	.	.	PROPN
cblr-9112	310	34	,	,	PUNCT
cblr-9112	310	35	risk	risk	NOUN
cblr-9112	310	36	management	management	NOUN
cblr-9112	310	37	:	:	PUNCT
cblr-9112	310	38	coordinating	coordinate	VERB
cblr-9112	310	39	corporate	corporate	ADJ
cblr-9112	310	40	investment	investment	NOUN
cblr-9112	310	41	and	and	CCONJ
cblr-9112	310	42	financing	financing	NOUN
cblr-9112	310	43	policies	policy	NOUN
cblr-9112	310	44	,	,	PUNCT
cblr-9112	310	45	48	48	NUM
cblr-9112	310	46	j.	j.	PROPN
cblr-9112	310	47	fin	fin	PROPN
cblr-9112	310	48	.	.	PUNCT
cblr-9112	310	49	1629	1629	NUM
cblr-9112	310	50	,	,	PUNCT
cblr-9112	310	51	1630–31	1630–31	NUM
cblr-9112	310	52	(	(	PUNCT
cblr-9112	310	53	1993	1993	NUM
cblr-9112	310	54	)	)	PUNCT
cblr-9112	310	55	.	.	PUNCT
cblr-9112	311	1	85	85	NUM
cblr-9112	311	2	see	see	VERB
cblr-9112	311	3	gilson	gilson	PROPN
cblr-9112	311	4	&	&	CCONJ
cblr-9112	311	5	whitehead	whitehead	PROPN
cblr-9112	311	6	,	,	PUNCT
cblr-9112	311	7	supra	supra	PROPN
cblr-9112	311	8	note	note	NOUN
cblr-9112	311	9	9	9	NUM
cblr-9112	311	10	,	,	PUNCT
cblr-9112	311	11	at	at	ADP
cblr-9112	311	12	245–46	245–46	NUM
cblr-9112	311	13	;	;	PUNCT
cblr-9112	311	14	see	see	VERB
cblr-9112	311	15	also	also	ADV
cblr-9112	311	16	franklin	franklin	PROPN
cblr-9112	311	17	allen	allen	PROPN
cblr-9112	311	18	&	&	CCONJ
cblr-9112	311	19	anthony	anthony	PROPN
cblr-9112	311	20	m.	m.	PROPN
cblr-9112	311	21	santomero	santomero	PROPN
cblr-9112	311	22	,	,	PUNCT
cblr-9112	311	23	what	what	PRON
cblr-9112	311	24	do	do	AUX
cblr-9112	311	25	financial	financial	ADJ
cblr-9112	311	26	intermediaries	intermediary	NOUN
cblr-9112	311	27	do	do	VERB
cblr-9112	311	28	?	?	PUNCT
cblr-9112	311	29	,	,	PUNCT
cblr-9112	311	30	25	25	NUM
cblr-9112	311	31	j.	j.	PROPN
cblr-9112	311	32	banking	banking	PROPN
cblr-9112	311	33	&	&	CCONJ
cblr-9112	311	34	fin	fin	PROPN
cblr-9112	311	35	.	.	PUNCT
cblr-9112	312	1	271	271	NUM
cblr-9112	312	2	,	,	PUNCT
cblr-9112	312	3	286	286	NUM
cblr-9112	312	4	(	(	PUNCT
cblr-9112	312	5	2001	2001	NUM
cblr-9112	312	6	)	)	PUNCT
cblr-9112	312	7	.	.	PUNCT
cblr-9112	313	1	86	86	NUM
cblr-9112	313	2	see	see	VERB
cblr-9112	313	3	allen	allen	PROPN
cblr-9112	313	4	&	&	CCONJ
cblr-9112	313	5	santomero	santomero	PROPN
cblr-9112	313	6	,	,	PUNCT
cblr-9112	313	7	supra	supra	PROPN
cblr-9112	313	8	note	note	NOUN
cblr-9112	313	9	84	84	NUM
cblr-9112	313	10	,	,	PUNCT
cblr-9112	313	11	at	at	ADP
cblr-9112	313	12	1467	1467	NUM
cblr-9112	313	13	,	,	PUNCT
cblr-9112	313	14	1471	1471	NUM
cblr-9112	313	15	;	;	PUNCT
cblr-9112	313	16	buehler	buehler	PROPN
cblr-9112	313	17	et	et	PROPN
cblr-9112	313	18	al	al	PROPN
cblr-9112	313	19	.	.	PROPN
cblr-9112	313	20	,	,	PUNCT
cblr-9112	313	21	supra	supra	PROPN
cblr-9112	313	22	note	note	PROPN
cblr-9112	313	23	84	84	NUM
cblr-9112	313	24	,	,	PUNCT
cblr-9112	313	25	at	at	ADP
cblr-9112	313	26	7	7	NUM
cblr-9112	313	27	.	.	X
cblr-9112	313	28	87	87	NUM
cblr-9112	313	29	see	see	VERB
cblr-9112	313	30	gilson	gilson	PROPN
cblr-9112	313	31	&	&	CCONJ
cblr-9112	313	32	whitehead	whitehead	PROPN
cblr-9112	313	33	,	,	PUNCT
cblr-9112	313	34	supra	supra	PROPN
cblr-9112	313	35	note	note	NOUN
cblr-9112	313	36	9	9	NUM
cblr-9112	313	37	,	,	PUNCT
cblr-9112	313	38	at	at	ADP
cblr-9112	313	39	246–47	246–47	NUM
cblr-9112	313	40	.	.	PUNCT
cblr-9112	314	1	no	no	INTJ
cblr-9112	314	2	.	.	NOUN
cblr-9112	315	1	3:1396	3:1396	NUM
cblr-9112	315	2	]	]	PUNCT
cblr-9112	315	3	risky	risky	ADJ
cblr-9112	315	4	business	business	NOUN
cblr-9112	315	5	1417	1417	NUM
cblr-9112	315	6	financial	financial	ADJ
cblr-9112	315	7	institutions	institution	NOUN
cblr-9112	315	8	drew	draw	VERB
cblr-9112	315	9	on	on	ADP
cblr-9112	315	10	their	their	PRON
cblr-9112	315	11	risk	risk	NOUN
cblr-9112	315	12	management	management	NOUN
cblr-9112	315	13	skills	skill	NOUN
cblr-9112	315	14	to	to	PART
cblr-9112	315	15	support	support	VERB
cblr-9112	315	16	this	this	DET
cblr-9112	315	17	new	new	ADJ
cblr-9112	315	18	business,88	business,88	NOUN
cblr-9112	315	19	trading	trading	NOUN
cblr-9112	315	20	risk	risk	NOUN
cblr-9112	315	21	to	to	PART
cblr-9112	315	22	facilitate	facilitate	VERB
cblr-9112	315	23	their	their	PRON
cblr-9112	315	24	clients	client	NOUN
cblr-9112	315	25	’	’	PART
cblr-9112	315	26	risk	risk	NOUN
cblr-9112	315	27	management	management	NOUN
cblr-9112	315	28	efforts.89	efforts.89	PROPN
cblr-9112	315	29	the	the	DET
cblr-9112	315	30	financial	financial	ADJ
cblr-9112	315	31	markets	market	NOUN
cblr-9112	315	32	had	have	AUX
cblr-9112	315	33	always	always	ADV
cblr-9112	315	34	provided	provide	VERB
cblr-9112	315	35	a	a	DET
cblr-9112	315	36	means	means	NOUN
cblr-9112	315	37	to	to	PART
cblr-9112	315	38	transfer	transfer	VERB
cblr-9112	315	39	risk	risk	NOUN
cblr-9112	315	40	,	,	PUNCT
cblr-9112	315	41	such	such	ADJ
cblr-9112	315	42	as	as	ADP
cblr-9112	315	43	the	the	DET
cblr-9112	315	44	credit	credit	NOUN
cblr-9112	315	45	risk	risk	NOUN
cblr-9112	315	46	of	of	ADP
cblr-9112	315	47	a	a	DET
cblr-9112	315	48	stock	stock	NOUN
cblr-9112	315	49	or	or	CCONJ
cblr-9112	315	50	bond	bond	NOUN
cblr-9112	315	51	,	,	PUNCT
cblr-9112	315	52	but	but	CCONJ
cblr-9112	315	53	new	new	ADJ
cblr-9112	315	54	instruments	instrument	NOUN
cblr-9112	315	55	enabled	enable	VERB
cblr-9112	315	56	the	the	DET
cblr-9112	315	57	transfer	transfer	NOUN
cblr-9112	315	58	of	of	ADP
cblr-9112	315	59	discrete	discrete	ADJ
cblr-9112	315	60	risks	risk	NOUN
cblr-9112	315	61	,	,	PUNCT
cblr-9112	315	62	separate	separate	ADJ
cblr-9112	315	63	from	from	ADP
cblr-9112	315	64	the	the	DET
cblr-9112	315	65	securities	security	NOUN
cblr-9112	315	66	to	to	PART
cblr-9112	315	67	which	which	PRON
cblr-9112	315	68	they	they	PRON
cblr-9112	315	69	traditionally	traditionally	ADV
cblr-9112	315	70	were	be	AUX
cblr-9112	315	71	tied	tie	VERB
cblr-9112	315	72	.	.	PUNCT
cblr-9112	316	1	in	in	ADP
cblr-9112	316	2	the	the	DET
cblr-9112	316	3	case	case	NOUN
cblr-9112	316	4	of	of	ADP
cblr-9112	316	5	common	common	ADJ
cblr-9112	316	6	stock	stock	NOUN
cblr-9112	316	7	,	,	PUNCT
cblr-9112	316	8	for	for	ADP
cblr-9112	316	9	example	example	NOUN
cblr-9112	316	10	:	:	PUNCT
cblr-9112	316	11	[	[	X
cblr-9112	316	12	a	a	X
cblr-9112	316	13	]	]	X
cblr-9112	316	14	company	company	NOUN
cblr-9112	316	15	’s	’s	PART
cblr-9112	316	16	equity	equity	NOUN
cblr-9112	316	17	is	be	AUX
cblr-9112	316	18	a	a	DET
cblr-9112	316	19	basket	basket	NOUN
cblr-9112	316	20	option	option	NOUN
cblr-9112	316	21	in	in	ADP
cblr-9112	316	22	which	which	PRON
cblr-9112	316	23	its	its	PRON
cblr-9112	316	24	various	various	ADJ
cblr-9112	316	25	risks	risk	NOUN
cblr-9112	316	26	are	be	AUX
cblr-9112	316	27	pooled	pool	VERB
cblr-9112	316	28	:	:	PUNCT
cblr-9112	316	29	each	each	DET
cblr-9112	316	30	shareholder	shareholder	NOUN
cblr-9112	316	31	is	be	AUX
cblr-9112	316	32	exposed	expose	VERB
cblr-9112	316	33	to	to	ADP
cblr-9112	316	34	a	a	DET
cblr-9112	316	35	tiny	tiny	ADJ
cblr-9112	316	36	fraction	fraction	NOUN
cblr-9112	316	37	of	of	ADP
cblr-9112	316	38	the	the	DET
cblr-9112	316	39	risk	risk	NOUN
cblr-9112	316	40	to	to	PART
cblr-9112	316	41	which	which	PRON
cblr-9112	316	42	the	the	DET
cblr-9112	316	43	company	company	NOUN
cblr-9112	316	44	is	be	AUX
cblr-9112	316	45	subject	subject	ADJ
cblr-9112	316	46	.	.	PUNCT
cblr-9112	317	1	a	a	DET
cblr-9112	317	2	simple	simple	ADJ
cblr-9112	317	3	,	,	PUNCT
cblr-9112	317	4	but	but	CCONJ
cblr-9112	317	5	useful	useful	ADJ
cblr-9112	317	6	way	way	NOUN
cblr-9112	317	7	to	to	PART
cblr-9112	317	8	think	think	VERB
cblr-9112	317	9	about	about	ADP
cblr-9112	317	10	a	a	DET
cblr-9112	317	11	company	company	NOUN
cblr-9112	317	12	’s	’s	PART
cblr-9112	317	13	balance	balance	NOUN
cblr-9112	317	14	sheet	sheet	NOUN
cblr-9112	317	15	,	,	PUNCT
cblr-9112	317	16	therefore	therefore	ADV
cblr-9112	317	17	,	,	PUNCT
cblr-9112	317	18	is	be	AUX
cblr-9112	317	19	to	to	PART
cblr-9112	317	20	see	see	VERB
cblr-9112	317	21	its	its	PRON
cblr-9112	317	22	equity	equity	NOUN
cblr-9112	317	23	as	as	ADP
cblr-9112	317	24	a	a	DET
cblr-9112	317	25	cushion	cushion	NOUN
cblr-9112	317	26	against	against	ADP
cblr-9112	317	27	the	the	DET
cblr-9112	317	28	risk	risk	NOUN
cblr-9112	317	29	of	of	ADP
cblr-9112	317	30	performing	perform	VERB
cblr-9112	317	31	badly	badly	ADV
cblr-9112	317	32	.	.	PUNCT
cblr-9112	318	1	the	the	DET
cblr-9112	318	2	risk	risk	NOUN
cblr-9112	318	3	that	that	SCONJ
cblr-9112	318	4	its	its	PRON
cblr-9112	318	5	market	market	NOUN
cblr-9112	318	6	value	value	NOUN
cblr-9112	318	7	will	will	AUX
cblr-9112	318	8	go	go	VERB
cblr-9112	318	9	down	down	ADP
cblr-9112	318	10	is	be	AUX
cblr-9112	318	11	borne	bear	VERB
cblr-9112	318	12	by	by	ADP
cblr-9112	318	13	the	the	DET
cblr-9112	318	14	shareholders	shareholder	NOUN
cblr-9112	318	15	.	.	PUNCT
cblr-9112	318	16	.	.	PUNCT
cblr-9112	318	17	.	.	PUNCT
cblr-9112	318	18	.	.	PUNCT
cblr-9112	319	1	managers	manager	NOUN
cblr-9112	319	2	can	can	AUX
cblr-9112	319	3	therefore	therefore	ADV
cblr-9112	319	4	add	add	VERB
cblr-9112	319	5	value	value	NOUN
cblr-9112	319	6	by	by	ADP
cblr-9112	319	7	separately	separately	ADV
cblr-9112	319	8	and	and	CCONJ
cblr-9112	319	9	more	more	ADV
cblr-9112	319	10	cheaply	cheaply	ADV
cblr-9112	319	11	hedging	hedge	VERB
cblr-9112	319	12	some	some	PRON
cblr-9112	319	13	of	of	ADP
cblr-9112	319	14	the	the	DET
cblr-9112	319	15	risks	risk	NOUN
cblr-9112	319	16	ordinarily	ordinarily	ADV
cblr-9112	319	17	managed	manage	VERB
cblr-9112	319	18	by	by	ADP
cblr-9112	319	19	the	the	DET
cblr-9112	319	20	equity	equity	NOUN
cblr-9112	319	21	cushion	cushion	NOUN
cblr-9112	319	22	.	.	PUNCT
cblr-9112	319	23	.	.	PUNCT
cblr-9112	319	24	.	.	PUNCT
cblr-9112	319	25	.	.	PUNCT
cblr-9112	320	1	[	[	X
cblr-9112	320	2	s]ome	s]ome	NOUN
cblr-9112	320	3	companies	company	NOUN
cblr-9112	320	4	are	be	AUX
cblr-9112	320	5	better	well	ADJ
cblr-9112	320	6	than	than	ADP
cblr-9112	320	7	others	other	NOUN
cblr-9112	320	8	at	at	ADP
cblr-9112	320	9	managing	manage	VERB
cblr-9112	320	10	particular	particular	ADJ
cblr-9112	320	11	risks	risk	NOUN
cblr-9112	320	12	.	.	PUNCT
cblr-9112	321	1	if	if	SCONJ
cblr-9112	321	2	risks	risk	NOUN
cblr-9112	321	3	can	can	AUX
cblr-9112	321	4	be	be	AUX
cblr-9112	321	5	priced	price	VERB
cblr-9112	321	6	and	and	CCONJ
cblr-9112	321	7	traded	trade	VERB
cblr-9112	321	8	it	it	PRON
cblr-9112	321	9	makes	make	VERB
cblr-9112	321	10	sense	sense	NOUN
cblr-9112	321	11	for	for	SCONJ
cblr-9112	321	12	companies	company	NOUN
cblr-9112	321	13	to	to	PART
cblr-9112	321	14	try	try	VERB
cblr-9112	321	15	to	to	PART
cblr-9112	321	16	lay	lay	VERB
cblr-9112	321	17	off	off	ADP
cblr-9112	321	18	the	the	DET
cblr-9112	321	19	categories	category	NOUN
cblr-9112	321	20	of	of	ADP
cblr-9112	321	21	risk	risk	NOUN
cblr-9112	321	22	in	in	ADP
cblr-9112	321	23	which	which	PRON
cblr-9112	321	24	they	they	PRON
cblr-9112	321	25	have	have	VERB
cblr-9112	321	26	no	no	DET
cblr-9112	321	27	comparative	comparative	ADJ
cblr-9112	321	28	advantage	advantage	NOUN
cblr-9112	321	29	.	.	PUNCT
cblr-9112	322	1	this	this	DET
cblr-9112	322	2	approach	approach	NOUN
cblr-9112	322	3	allows	allow	VERB
cblr-9112	322	4	them	they	PRON
cblr-9112	322	5	to	to	PART
cblr-9112	322	6	reserve	reserve	VERB
cblr-9112	322	7	their	their	PRON
cblr-9112	322	8	(	(	PUNCT
cblr-9112	322	9	expensive	expensive	ADJ
cblr-9112	322	10	)	)	PUNCT
cblr-9112	322	11	equity	equity	NOUN
cblr-9112	322	12	capital	capital	NOUN
cblr-9112	322	13	for	for	ADP
cblr-9112	322	14	risks	risk	NOUN
cblr-9112	322	15	that	that	PRON
cblr-9112	322	16	would	would	AUX
cblr-9112	322	17	cost	cost	VERB
cblr-9112	322	18	more	more	ADJ
cblr-9112	322	19	to	to	PART
cblr-9112	322	20	transfer	transfer	VERB
cblr-9112	322	21	than	than	SCONJ
cblr-9112	322	22	to	to	PART
cblr-9112	322	23	manage	manage	VERB
cblr-9112	322	24	directly.90	directly.90	NOUN
cblr-9112	322	25	as	as	ADP
cblr-9112	322	26	a	a	DET
cblr-9112	322	27	result	result	NOUN
cblr-9112	322	28	,	,	PUNCT
cblr-9112	322	29	the	the	DET
cblr-9112	322	30	financial	financial	ADJ
cblr-9112	322	31	markets	market	NOUN
cblr-9112	322	32	evolved	evolve	VERB
cblr-9112	322	33	into	into	ADP
cblr-9112	322	34	a	a	DET
cblr-9112	322	35	risk	risk	NOUN
cblr-9112	322	36	clearinghouse,91	clearinghouse,91	NOUN
cblr-9112	322	37	enabling	enable	VERB
cblr-9112	322	38	business	business	NOUN
cblr-9112	322	39	originators	originator	NOUN
cblr-9112	322	40	to	to	PART
cblr-9112	322	41	transfer	transfer	VERB
cblr-9112	322	42	risk	risk	NOUN
cblr-9112	322	43	to	to	ADP
cblr-9112	322	44	holders	holder	NOUN
cblr-9112	322	45	who	who	PRON
cblr-9112	322	46	could	could	AUX
cblr-9112	322	47	manage	manage	VERB
cblr-9112	322	48	that	that	DET
cblr-9112	322	49	risk	risk	NOUN
cblr-9112	322	50	at	at	ADP
cblr-9112	322	51	lower	low	ADJ
cblr-9112	322	52	cost.92	cost.92	PROPN
cblr-9112	322	53	new	new	ADJ
cblr-9112	322	54	risk	risk	NOUN
cblr-9112	322	55	transfer	transfer	NOUN
cblr-9112	322	56	instruments	instrument	NOUN
cblr-9112	322	57	assisted	assist	VERB
cblr-9112	322	58	in	in	ADP
cblr-9112	322	59	unbundling	unbundle	VERB
cblr-9112	322	60	a	a	DET
cblr-9112	322	61	portfolio	portfolio	NOUN
cblr-9112	322	62	’s	’s	PART
cblr-9112	322	63	88	88	NUM
cblr-9112	322	64	see	see	NOUN
cblr-9112	322	65	buehler	buehler	NOUN
cblr-9112	322	66	et	et	PROPN
cblr-9112	322	67	al	al	PROPN
cblr-9112	322	68	.	.	PROPN
cblr-9112	322	69	,	,	PUNCT
cblr-9112	322	70	supra	supra	PROPN
cblr-9112	322	71	note	note	PROPN
cblr-9112	322	72	84	84	NUM
cblr-9112	322	73	,	,	PUNCT
cblr-9112	322	74	at	at	ADP
cblr-9112	322	75	8–9	8–9	PROPN
cblr-9112	322	76	(	(	PUNCT
cblr-9112	322	77	“	"	PUNCT
cblr-9112	322	78	many	many	ADJ
cblr-9112	322	79	of	of	ADP
cblr-9112	322	80	the	the	DET
cblr-9112	322	81	more	more	ADV
cblr-9112	322	82	sophisticated	sophisticated	ADJ
cblr-9112	322	83	[	[	X
cblr-9112	322	84	financial	financial	ADJ
cblr-9112	322	85	]	]	X
cblr-9112	322	86	players	player	NOUN
cblr-9112	322	87	(	(	PUNCT
cblr-9112	322	88	generally	generally	ADV
cblr-9112	322	89	securities	security	NOUN
cblr-9112	322	90	houses	house	NOUN
cblr-9112	322	91	and	and	CCONJ
cblr-9112	322	92	investment	investment	NOUN
cblr-9112	322	93	banks	bank	NOUN
cblr-9112	322	94	)	)	PUNCT
cblr-9112	322	95	realized	realize	VERB
cblr-9112	322	96	that	that	SCONJ
cblr-9112	322	97	their	their	PRON
cblr-9112	322	98	ability	ability	NOUN
cblr-9112	322	99	to	to	PART
cblr-9112	322	100	describe	describe	VERB
cblr-9112	322	101	and	and	CCONJ
cblr-9112	322	102	manage	manage	VERB
cblr-9112	322	103	risk	risk	NOUN
cblr-9112	322	104	was	be	AUX
cblr-9112	322	105	a	a	DET
cblr-9112	322	106	core	core	ADJ
cblr-9112	322	107	competence	competence	NOUN
cblr-9112	322	108	[	[	X
cblr-9112	322	109	.	.	X
cblr-9112	322	110	]	]	X
cblr-9112	322	111	”	"	PUNCT
cblr-9112	322	112	)	)	PUNCT
cblr-9112	322	113	.	.	PUNCT
cblr-9112	323	1	89	89	NUM
cblr-9112	323	2	allen	allen	PROPN
cblr-9112	323	3	&	&	CCONJ
cblr-9112	323	4	santomero	santomero	PROPN
cblr-9112	323	5	,	,	PUNCT
cblr-9112	323	6	supra	supra	PROPN
cblr-9112	323	7	note	note	NOUN
cblr-9112	323	8	84	84	NUM
cblr-9112	323	9	,	,	PUNCT
cblr-9112	323	10	at	at	ADP
cblr-9112	323	11	1470	1470	NUM
cblr-9112	323	12	.	.	PUNCT
cblr-9112	324	1	90	90	NUM
cblr-9112	324	2	kevin	kevin	PROPN
cblr-9112	324	3	buehler	buehler	PROPN
cblr-9112	324	4	,	,	PUNCT
cblr-9112	324	5	andrew	andrew	PROPN
cblr-9112	324	6	freeman	freeman	PROPN
cblr-9112	324	7	&	&	CCONJ
cblr-9112	324	8	ron	ron	PROPN
cblr-9112	324	9	hulme	hulme	PROPN
cblr-9112	324	10	,	,	PUNCT
cblr-9112	324	11	the	the	DET
cblr-9112	324	12	new	new	ADJ
cblr-9112	324	13	arsenal	arsenal	NOUN
cblr-9112	324	14	of	of	ADP
cblr-9112	324	15	risk	risk	NOUN
cblr-9112	324	16	management	management	NOUN
cblr-9112	324	17	,	,	PUNCT
cblr-9112	324	18	harv	harv	PROPN
cblr-9112	324	19	.	.	PUNCT
cblr-9112	325	1	bus	bus	NOUN
cblr-9112	325	2	.	.	PUNCT
cblr-9112	326	1	rev	rev	PROPN
cblr-9112	326	2	.	.	PROPN
cblr-9112	326	3	,	,	PUNCT
cblr-9112	326	4	sept	sept	PROPN
cblr-9112	326	5	.	.	PROPN
cblr-9112	326	6	2008	2008	NUM
cblr-9112	326	7	,	,	PUNCT
cblr-9112	326	8	at	at	ADP
cblr-9112	326	9	93	93	NUM
cblr-9112	326	10	,	,	PUNCT
cblr-9112	326	11	96	96	NUM
cblr-9112	326	12	;	;	PUNCT
cblr-9112	326	13	see	see	VERB
cblr-9112	326	14	also	also	ADV
cblr-9112	326	15	gilson	gilson	PROPN
cblr-9112	326	16	&	&	CCONJ
cblr-9112	326	17	whitehead	whitehead	PROPN
cblr-9112	326	18	,	,	PUNCT
cblr-9112	326	19	supra	supra	PROPN
cblr-9112	326	20	note	note	NOUN
cblr-9112	326	21	9	9	NUM
cblr-9112	326	22	,	,	PUNCT
cblr-9112	326	23	at	at	ADP
cblr-9112	326	24	247–51	247–51	NOUN
cblr-9112	326	25	.	.	PUNCT
cblr-9112	327	1	91	91	NUM
cblr-9112	327	2	buehler	buehler	NOUN
cblr-9112	327	3	et	et	PROPN
cblr-9112	327	4	al	al	PROPN
cblr-9112	327	5	.	.	PROPN
cblr-9112	327	6	,	,	PUNCT
cblr-9112	327	7	supra	supra	PROPN
cblr-9112	327	8	note	note	PROPN
cblr-9112	327	9	84	84	NUM
cblr-9112	327	10	,	,	PUNCT
cblr-9112	327	11	at	at	ADP
cblr-9112	327	12	8–9	8–9	PROPN
cblr-9112	327	13	.	.	PROPN
cblr-9112	327	14	92	92	NUM
cblr-9112	327	15	see	see	VERB
cblr-9112	327	16	gilson	gilson	PROPN
cblr-9112	327	17	&	&	CCONJ
cblr-9112	327	18	whitehead	whitehead	PROPN
cblr-9112	327	19	,	,	PUNCT
cblr-9112	327	20	supra	supra	PROPN
cblr-9112	327	21	note	note	NOUN
cblr-9112	327	22	9	9	NUM
cblr-9112	327	23	,	,	PUNCT
cblr-9112	327	24	at	at	ADP
cblr-9112	327	25	245	245	NUM
cblr-9112	327	26	.	.	PUNCT
cblr-9112	327	27	1418	1418	NUM
cblr-9112	327	28	columbia	columbia	PROPN
cblr-9112	327	29	business	business	NOUN
cblr-9112	327	30	law	law	PROPN
cblr-9112	327	31	review	review	NOUN
cblr-9112	328	1	[	[	X
cblr-9112	328	2	vol	vol	NOUN
cblr-9112	328	3	.	.	NOUN
cblr-9112	328	4	2021	2021	NUM
cblr-9112	328	5	risk	risk	NOUN
cblr-9112	328	6	profile,93	profile,93	NOUN
cblr-9112	328	7	with	with	ADP
cblr-9112	328	8	the	the	DET
cblr-9112	328	9	ability	ability	NOUN
cblr-9112	328	10	to	to	PART
cblr-9112	328	11	lower	lower	VERB
cblr-9112	328	12	its	its	PRON
cblr-9112	328	13	systematic	systematic	ADJ
cblr-9112	328	14	risk94	risk94	NOUN
cblr-9112	328	15	and	and	CCONJ
cblr-9112	328	16	its	its	PRON
cblr-9112	328	17	risk	risk	NOUN
cblr-9112	328	18	as	as	SCONJ
cblr-9112	328	19	measured	measure	VERB
cblr-9112	328	20	by	by	ADP
cblr-9112	328	21	var.95	var.95	NOUN
cblr-9112	328	22	institutions	institution	NOUN
cblr-9112	328	23	could	could	AUX
cblr-9112	328	24	target	target	VERB
cblr-9112	328	25	different	different	ADJ
cblr-9112	328	26	risk	risk	NOUN
cblr-9112	328	27	levels	level	NOUN
cblr-9112	328	28	with	with	ADP
cblr-9112	328	29	derivatives	derivative	NOUN
cblr-9112	328	30	,	,	PUNCT
cblr-9112	328	31	often	often	ADV
cblr-9112	328	32	at	at	ADP
cblr-9112	328	33	a	a	DET
cblr-9112	328	34	lower	low	ADJ
cblr-9112	328	35	cost	cost	NOUN
cblr-9112	328	36	than	than	ADP
cblr-9112	328	37	buying	buy	VERB
cblr-9112	328	38	and	and	CCONJ
cblr-9112	328	39	selling	sell	VERB
cblr-9112	328	40	the	the	DET
cblr-9112	328	41	underlying	underlie	VERB
cblr-9112	328	42	securities	security	NOUN
cblr-9112	328	43	themselves.96	themselves.96	PROPN
cblr-9112	328	44	for	for	ADP
cblr-9112	328	45	example	example	NOUN
cblr-9112	328	46	,	,	PUNCT
cblr-9112	328	47	the	the	DET
cblr-9112	328	48	manager	manager	NOUN
cblr-9112	328	49	of	of	ADP
cblr-9112	328	50	a	a	DET
cblr-9112	328	51	fixed	fix	VERB
cblr-9112	328	52	income	income	NOUN
cblr-9112	328	53	portfolio	portfolio	NOUN
cblr-9112	328	54	could	could	AUX
cblr-9112	328	55	decide	decide	VERB
cblr-9112	328	56	what	what	DET
cblr-9112	328	57	amount	amount	NOUN
cblr-9112	328	58	of	of	ADP
cblr-9112	328	59	credit	credit	NOUN
cblr-9112	328	60	risk	risk	NOUN
cblr-9112	328	61	to	to	PART
cblr-9112	328	62	retain	retain	VERB
cblr-9112	328	63	and	and	CCONJ
cblr-9112	328	64	what	what	DET
cblr-9112	328	65	amount	amount	NOUN
cblr-9112	328	66	to	to	PART
cblr-9112	328	67	transfer	transfer	VERB
cblr-9112	328	68	using	use	VERB
cblr-9112	328	69	credit	credit	NOUN
cblr-9112	328	70	default	default	NOUN
cblr-9112	328	71	swaps	swap	NOUN
cblr-9112	328	72	(	(	PUNCT
cblr-9112	328	73	cds)97	cds)97	NOUN
cblr-9112	328	74	as	as	SCONJ
cblr-9112	328	75	one	one	NUM
cblr-9112	328	76	means	mean	VERB
cblr-9112	328	77	to	to	ADP
cblr-9112	328	78	93	93	NUM
cblr-9112	328	79	see	see	VERB
cblr-9112	328	80	,	,	PUNCT
cblr-9112	328	81	e.g.	e.g.	ADV
cblr-9112	328	82	,	,	PUNCT
cblr-9112	328	83	daniel	daniel	PROPN
cblr-9112	328	84	n.	n.	PROPN
cblr-9112	328	85	deli	deli	PROPN
cblr-9112	328	86	&	&	CCONJ
cblr-9112	328	87	raj	raj	PROPN
cblr-9112	328	88	varma	varma	PROPN
cblr-9112	328	89	,	,	PUNCT
cblr-9112	328	90	contracting	contracting	NOUN
cblr-9112	328	91	in	in	ADP
cblr-9112	328	92	the	the	DET
cblr-9112	328	93	investment	investment	NOUN
cblr-9112	328	94	management	management	NOUN
cblr-9112	328	95	industry	industry	NOUN
cblr-9112	328	96	:	:	PUNCT
cblr-9112	328	97	evidence	evidence	NOUN
cblr-9112	328	98	from	from	ADP
cblr-9112	328	99	mutual	mutual	ADJ
cblr-9112	328	100	funds	fund	NOUN
cblr-9112	328	101	,	,	PUNCT
cblr-9112	328	102	63	63	NUM
cblr-9112	328	103	j.	j.	PROPN
cblr-9112	328	104	fin	fin	PROPN
cblr-9112	328	105	.	.	PUNCT
cblr-9112	328	106	econ	econ	PROPN
cblr-9112	328	107	.	.	PUNCT
cblr-9112	329	1	79	79	NUM
cblr-9112	329	2	,	,	PUNCT
cblr-9112	329	3	80	80	NUM
cblr-9112	329	4	(	(	PUNCT
cblr-9112	329	5	2002	2002	NUM
cblr-9112	329	6	)	)	PUNCT
cblr-9112	329	7	(	(	PUNCT
cblr-9112	329	8	concluding	conclude	VERB
cblr-9112	329	9	that	that	SCONJ
cblr-9112	329	10	funds	fund	NOUN
cblr-9112	329	11	that	that	PRON
cblr-9112	329	12	use	use	VERB
cblr-9112	329	13	derivatives	derivative	NOUN
cblr-9112	329	14	“	"	PUNCT
cblr-9112	329	15	do	do	VERB
cblr-9112	329	16	so	so	ADV
cblr-9112	329	17	to	to	PART
cblr-9112	329	18	reduce	reduce	VERB
cblr-9112	329	19	the	the	DET
cblr-9112	329	20	cost	cost	NOUN
cblr-9112	329	21	of	of	ADP
cblr-9112	329	22	maintaining	maintain	VERB
cblr-9112	329	23	a	a	DET
cblr-9112	329	24	certain	certain	ADJ
cblr-9112	329	25	risk	risk	NOUN
cblr-9112	329	26	exposure	exposure	NOUN
cblr-9112	329	27	”	"	PUNCT
cblr-9112	329	28	)	)	PUNCT
cblr-9112	329	29	;	;	PUNCT
cblr-9112	329	30	joseph	joseph	PROPN
cblr-9112	329	31	f.	f.	PROPN
cblr-9112	329	32	sinkey	sinkey	PROPN
cblr-9112	329	33	,	,	PUNCT
cblr-9112	329	34	jr	jr	PROPN
cblr-9112	329	35	.	.	PROPN
cblr-9112	329	36	&	&	CCONJ
cblr-9112	329	37	david	david	PROPN
cblr-9112	329	38	a.	a.	PROPN
cblr-9112	329	39	carter	carter	PROPN
cblr-9112	329	40	,	,	PUNCT
cblr-9112	329	41	evidence	evidence	NOUN
cblr-9112	329	42	on	on	ADP
cblr-9112	329	43	the	the	DET
cblr-9112	329	44	financial	financial	ADJ
cblr-9112	329	45	characteristics	characteristic	NOUN
cblr-9112	329	46	of	of	ADP
cblr-9112	329	47	banks	bank	NOUN
cblr-9112	329	48	that	that	PRON
cblr-9112	329	49	do	do	VERB
cblr-9112	329	50	and	and	CCONJ
cblr-9112	329	51	do	do	AUX
cblr-9112	329	52	not	not	PART
cblr-9112	329	53	use	use	VERB
cblr-9112	329	54	derivatives	derivative	NOUN
cblr-9112	329	55	,	,	PUNCT
cblr-9112	329	56	40	40	NUM
cblr-9112	329	57	q.	q.	PROPN
cblr-9112	329	58	rev	rev	PROPN
cblr-9112	329	59	.	.	PROPN
cblr-9112	329	60	econ	econ	PROPN
cblr-9112	329	61	.	.	PROPN
cblr-9112	329	62	&	&	CCONJ
cblr-9112	329	63	fin	fin	PROPN
cblr-9112	329	64	.	.	PUNCT
cblr-9112	330	1	431	431	NUM
cblr-9112	330	2	,	,	PUNCT
cblr-9112	330	3	446	446	NUM
cblr-9112	330	4	(	(	PUNCT
cblr-9112	330	5	2000	2000	NUM
cblr-9112	330	6	)	)	PUNCT
cblr-9112	330	7	(	(	PUNCT
cblr-9112	330	8	finding	find	VERB
cblr-9112	330	9	that	that	SCONJ
cblr-9112	330	10	“	"	PUNCT
cblr-9112	330	11	banks	bank	NOUN
cblr-9112	330	12	with	with	ADP
cblr-9112	330	13	a	a	DET
cblr-9112	330	14	higher	high	ADJ
cblr-9112	330	15	probability	probability	NOUN
cblr-9112	330	16	of	of	ADP
cblr-9112	330	17	financial	financial	ADJ
cblr-9112	330	18	distress	distress	NOUN
cblr-9112	330	19	are	be	AUX
cblr-9112	330	20	using	use	VERB
cblr-9112	330	21	derivatives	derivative	NOUN
cblr-9112	330	22	to	to	PART
cblr-9112	330	23	hedge	hedge	VERB
cblr-9112	330	24	risk	risk	NOUN
cblr-9112	330	25	.	.	PUNCT
cblr-9112	330	26	”	"	PUNCT
cblr-9112	330	27	)	)	PUNCT
cblr-9112	330	28	.	.	PUNCT
cblr-9112	331	1	94	94	NUM
cblr-9112	331	2	see	see	VERB
cblr-9112	331	3	,	,	PUNCT
cblr-9112	331	4	e.g.	e.g.	ADV
cblr-9112	331	5	,	,	PUNCT
cblr-9112	331	6	yong	yong	PROPN
cblr-9112	331	7	chen	chen	PROPN
cblr-9112	331	8	,	,	PUNCT
cblr-9112	331	9	derivatives	derivative	NOUN
cblr-9112	331	10	use	use	VERB
cblr-9112	331	11	and	and	CCONJ
cblr-9112	331	12	risk	risk	NOUN
cblr-9112	331	13	taking	taking	NOUN
cblr-9112	331	14	:	:	PUNCT
cblr-9112	331	15	evidence	evidence	NOUN
cblr-9112	331	16	from	from	ADP
cblr-9112	331	17	the	the	DET
cblr-9112	331	18	hedge	hedge	NOUN
cblr-9112	331	19	fund	fund	NOUN
cblr-9112	331	20	industry	industry	NOUN
cblr-9112	331	21	,	,	PUNCT
cblr-9112	331	22	46	46	NUM
cblr-9112	331	23	j.	j.	PROPN
cblr-9112	331	24	fin	fin	PROPN
cblr-9112	331	25	.	.	PUNCT
cblr-9112	331	26	&	&	CCONJ
cblr-9112	331	27	quantitative	quantitative	ADJ
cblr-9112	331	28	analysis	analysis	NOUN
cblr-9112	331	29	1073	1073	NUM
cblr-9112	331	30	,	,	PUNCT
cblr-9112	331	31	1075	1075	NUM
cblr-9112	331	32	(	(	PUNCT
cblr-9112	331	33	2011	2011	NUM
cblr-9112	331	34	)	)	PUNCT
cblr-9112	331	35	(	(	PUNCT
cblr-9112	331	36	noting	note	VERB
cblr-9112	331	37	for	for	ADP
cblr-9112	331	38	hedge	hedge	NOUN
cblr-9112	331	39	funds	fund	NOUN
cblr-9112	331	40	that	that	SCONJ
cblr-9112	331	41	“	"	PUNCT
cblr-9112	331	42	fund	fund	NOUN
cblr-9112	331	43	risks	risk	NOUN
cblr-9112	331	44	between	between	ADP
cblr-9112	331	45	derivative	derivative	ADJ
cblr-9112	331	46	users	user	NOUN
cblr-9112	331	47	and	and	CCONJ
cblr-9112	331	48	nonusers	nonuser	NOUN
cblr-9112	331	49	is	be	AUX
cblr-9112	331	50	more	more	ADV
cblr-9112	331	51	substantial	substantial	ADJ
cblr-9112	331	52	for	for	ADP
cblr-9112	331	53	market	market	NOUN
cblr-9112	331	54	-	-	PUNCT
cblr-9112	331	55	related	relate	VERB
cblr-9112	331	56	systematic	systematic	ADJ
cblr-9112	331	57	risk	risk	NOUN
cblr-9112	331	58	than	than	ADP
cblr-9112	331	59	for	for	ADP
cblr-9112	331	60	idiosyncratic	idiosyncratic	ADJ
cblr-9112	331	61	risk	risk	NOUN
cblr-9112	331	62	”	"	PUNCT
cblr-9112	331	63	)	)	PUNCT
cblr-9112	331	64	;	;	PUNCT
cblr-9112	331	65	buehler	buehler	PROPN
cblr-9112	331	66	et	et	PROPN
cblr-9112	331	67	al	al	PROPN
cblr-9112	331	68	.	.	PROPN
cblr-9112	331	69	,	,	PUNCT
cblr-9112	331	70	supra	supra	PROPN
cblr-9112	331	71	note	note	PROPN
cblr-9112	331	72	84	84	NUM
cblr-9112	331	73	,	,	PUNCT
cblr-9112	331	74	at	at	ADP
cblr-9112	331	75	11	11	NUM
cblr-9112	331	76	(	(	PUNCT
cblr-9112	331	77	“	"	PUNCT
cblr-9112	331	78	the	the	DET
cblr-9112	331	79	growth	growth	NOUN
cblr-9112	331	80	in	in	ADP
cblr-9112	331	81	credit	credit	NOUN
cblr-9112	331	82	derivatives	derivative	NOUN
cblr-9112	331	83	,	,	PUNCT
cblr-9112	331	84	greater	great	ADJ
cblr-9112	331	85	depth	depth	NOUN
cblr-9112	331	86	and	and	CCONJ
cblr-9112	331	87	liquidity	liquidity	NOUN
cblr-9112	331	88	in	in	ADP
cblr-9112	331	89	the	the	DET
cblr-9112	331	90	secondary	secondary	ADJ
cblr-9112	331	91	market	market	NOUN
cblr-9112	331	92	for	for	ADP
cblr-9112	331	93	corporate	corporate	ADJ
cblr-9112	331	94	loans	loan	NOUN
cblr-9112	331	95	,	,	PUNCT
cblr-9112	331	96	and	and	CCONJ
cblr-9112	331	97	securitization	securitization	NOUN
cblr-9112	331	98	have	have	AUX
cblr-9112	331	99	transformed	transform	VERB
cblr-9112	331	100	the	the	DET
cblr-9112	331	101	management	management	NOUN
cblr-9112	331	102	of	of	ADP
cblr-9112	331	103	credit	credit	NOUN
cblr-9112	331	104	risk	risk	NOUN
cblr-9112	331	105	by	by	ADP
cblr-9112	331	106	hugely	hugely	ADV
cblr-9112	331	107	expanding	expand	VERB
cblr-9112	331	108	the	the	DET
cblr-9112	331	109	scope	scope	NOUN
cblr-9112	331	110	for	for	ADP
cblr-9112	331	111	risk	risk	NOUN
cblr-9112	331	112	transfer	transfer	NOUN
cblr-9112	331	113	.	.	PUNCT
cblr-9112	331	114	”	"	PUNCT
cblr-9112	331	115	)	)	PUNCT
cblr-9112	331	116	;	;	PUNCT
cblr-9112	331	117	mukesh	mukesh	PROPN
cblr-9112	331	118	k.	k.	PROPN
cblr-9112	331	119	chaudhry	chaudhry	PROPN
cblr-9112	331	120	et	et	PROPN
cblr-9112	331	121	al	al	PROPN
cblr-9112	331	122	.	.	PROPN
cblr-9112	331	123	,	,	PUNCT
cblr-9112	331	124	the	the	DET
cblr-9112	331	125	risk	risk	NOUN
cblr-9112	331	126	of	of	ADP
cblr-9112	331	127	foreign	foreign	ADJ
cblr-9112	331	128	currency	currency	NOUN
cblr-9112	331	129	contingent	contingent	NOUN
cblr-9112	331	130	claims	claim	NOUN
cblr-9112	331	131	at	at	ADP
cblr-9112	331	132	us	us	PROPN
cblr-9112	331	133	commercial	commercial	ADJ
cblr-9112	331	134	banks	bank	NOUN
cblr-9112	331	135	,	,	PUNCT
cblr-9112	331	136	24	24	NUM
cblr-9112	331	137	j.	j.	PROPN
cblr-9112	331	138	banking	banking	PROPN
cblr-9112	331	139	&	&	CCONJ
cblr-9112	331	140	fin	fin	PROPN
cblr-9112	331	141	.	.	PUNCT
cblr-9112	332	1	1399	1399	NUM
cblr-9112	332	2	,	,	PUNCT
cblr-9112	332	3	1415	1415	NUM
cblr-9112	332	4	(	(	PUNCT
cblr-9112	332	5	2000	2000	NUM
cblr-9112	332	6	)	)	PUNCT
cblr-9112	333	1	(	(	PUNCT
cblr-9112	333	2	finding	find	VERB
cblr-9112	333	3	that	that	SCONJ
cblr-9112	333	4	banks	bank	NOUN
cblr-9112	333	5	use	use	VERB
cblr-9112	333	6	currency	currency	NOUN
cblr-9112	333	7	swaps	swap	NOUN
cblr-9112	333	8	as	as	ADP
cblr-9112	333	9	a	a	DET
cblr-9112	333	10	tool	tool	NOUN
cblr-9112	333	11	to	to	PART
cblr-9112	333	12	hedge	hedge	VERB
cblr-9112	333	13	against	against	ADP
cblr-9112	333	14	foreign	foreign	ADJ
cblr-9112	333	15	exchange	exchange	NOUN
cblr-9112	333	16	fluctuations	fluctuation	NOUN
cblr-9112	333	17	)	)	PUNCT
cblr-9112	333	18	.	.	PUNCT
cblr-9112	334	1	95	95	NUM
cblr-9112	334	2	see	see	VERB
cblr-9112	334	3	,	,	PUNCT
cblr-9112	334	4	e.g.	e.g.	ADV
cblr-9112	334	5	,	,	PUNCT
cblr-9112	334	6	dong	dong	PROPN
cblr-9112	334	7	-	-	PUNCT
cblr-9112	334	8	hyun	hyun	PROPN
cblr-9112	334	9	ahn	ahn	PROPN
cblr-9112	334	10	et	et	PROPN
cblr-9112	334	11	al	al	PROPN
cblr-9112	334	12	.	.	PROPN
cblr-9112	334	13	,	,	PUNCT
cblr-9112	334	14	optimal	optimal	ADJ
cblr-9112	334	15	risk	risk	NOUN
cblr-9112	334	16	management	management	NOUN
cblr-9112	334	17	using	use	VERB
cblr-9112	334	18	options	option	NOUN
cblr-9112	334	19	,	,	PUNCT
cblr-9112	334	20	54	54	NUM
cblr-9112	334	21	j.	j.	PROPN
cblr-9112	334	22	fin	fin	PROPN
cblr-9112	334	23	.	.	PUNCT
cblr-9112	335	1	359	359	NUM
cblr-9112	335	2	,	,	PUNCT
cblr-9112	335	3	374	374	NUM
cblr-9112	335	4	(	(	PUNCT
cblr-9112	335	5	1999	1999	NUM
cblr-9112	335	6	)	)	PUNCT
cblr-9112	335	7	(	(	PUNCT
cblr-9112	335	8	demonstrating	demonstrate	VERB
cblr-9112	335	9	a	a	DET
cblr-9112	335	10	put	put	NOUN
cblr-9112	335	11	option	option	NOUN
cblr-9112	335	12	strategy	strategy	NOUN
cblr-9112	335	13	that	that	PRON
cblr-9112	335	14	reduces	reduce	VERB
cblr-9112	335	15	var	var	NOUN
cblr-9112	335	16	)	)	PUNCT
cblr-9112	335	17	.	.	PUNCT
cblr-9112	336	1	96	96	NUM
cblr-9112	336	2	jennifer	jennifer	PROPN
cblr-9112	336	3	lynch	lynch	PROPN
cblr-9112	336	4	koski	koski	PROPN
cblr-9112	336	5	&	&	CCONJ
cblr-9112	336	6	jeffrey	jeffrey	PROPN
cblr-9112	336	7	pontiff	pontiff	PROPN
cblr-9112	336	8	,	,	PUNCT
cblr-9112	336	9	how	how	SCONJ
cblr-9112	336	10	are	be	AUX
cblr-9112	336	11	derivatives	derivative	NOUN
cblr-9112	336	12	used	use	VERB
cblr-9112	336	13	?	?	PUNCT
cblr-9112	337	1	evidence	evidence	NOUN
cblr-9112	337	2	from	from	ADP
cblr-9112	337	3	the	the	DET
cblr-9112	337	4	mutual	mutual	ADJ
cblr-9112	337	5	fund	fund	NOUN
cblr-9112	337	6	industry	industry	NOUN
cblr-9112	337	7	,	,	PUNCT
cblr-9112	337	8	54	54	NUM
cblr-9112	337	9	j.	j.	PROPN
cblr-9112	337	10	fin	fin	PROPN
cblr-9112	337	11	.	.	PUNCT
cblr-9112	338	1	791	791	NUM
cblr-9112	338	2	,	,	PUNCT
cblr-9112	338	3	805	805	NUM
cblr-9112	338	4	(	(	PUNCT
cblr-9112	338	5	1999	1999	NUM
cblr-9112	338	6	)	)	PUNCT
cblr-9112	338	7	(	(	PUNCT
cblr-9112	338	8	arguing	argue	VERB
cblr-9112	338	9	that	that	SCONJ
cblr-9112	338	10	the	the	DET
cblr-9112	338	11	use	use	NOUN
cblr-9112	338	12	of	of	ADP
cblr-9112	338	13	derivatives	derivative	NOUN
cblr-9112	338	14	permits	permit	VERB
cblr-9112	338	15	a	a	DET
cblr-9112	338	16	fund	fund	NOUN
cblr-9112	338	17	manager	manager	NOUN
cblr-9112	338	18	to	to	PART
cblr-9112	338	19	implement	implement	VERB
cblr-9112	338	20	trades	trade	NOUN
cblr-9112	338	21	at	at	ADP
cblr-9112	338	22	lower	low	ADJ
cblr-9112	338	23	cost	cost	NOUN
cblr-9112	338	24	)	)	PUNCT
cblr-9112	338	25	.	.	PUNCT
cblr-9112	339	1	97	97	NUM
cblr-9112	339	2	a	a	DET
cblr-9112	339	3	cds	cds	NOUN
cblr-9112	339	4	enables	enable	VERB
cblr-9112	339	5	a	a	DET
cblr-9112	339	6	bondholder	bondholder	NOUN
cblr-9112	339	7	to	to	PART
cblr-9112	339	8	hedge	hedge	VERB
cblr-9112	339	9	its	its	PRON
cblr-9112	339	10	exposure	exposure	NOUN
cblr-9112	339	11	to	to	ADP
cblr-9112	339	12	the	the	DET
cblr-9112	339	13	issuer	issuer	NOUN
cblr-9112	339	14	.	.	PUNCT
cblr-9112	340	1	by	by	ADP
cblr-9112	340	2	entering	enter	VERB
cblr-9112	340	3	into	into	ADP
cblr-9112	340	4	a	a	DET
cblr-9112	340	5	swap	swap	NOUN
cblr-9112	340	6	contract	contract	NOUN
cblr-9112	340	7	,	,	PUNCT
cblr-9112	340	8	and	and	CCONJ
cblr-9112	340	9	paying	pay	VERB
cblr-9112	340	10	a	a	DET
cblr-9112	340	11	premium	premium	NOUN
cblr-9112	340	12	for	for	ADP
cblr-9112	340	13	credit	credit	NOUN
cblr-9112	340	14	default	default	NOUN
cblr-9112	340	15	protection	protection	NOUN
cblr-9112	340	16	to	to	ADP
cblr-9112	340	17	the	the	DET
cblr-9112	340	18	swap	swap	NOUN
cblr-9112	340	19	counterparty	counterparty	NOUN
cblr-9112	340	20	,	,	PUNCT
cblr-9112	340	21	the	the	DET
cblr-9112	340	22	swap	swap	NOUN
cblr-9112	340	23	counterparty	counterparty	NOUN
cblr-9112	340	24	becomes	become	VERB
cblr-9112	340	25	obligated	obligate	VERB
cblr-9112	340	26	to	to	PART
cblr-9112	340	27	pay	pay	VERB
cblr-9112	340	28	the	the	DET
cblr-9112	340	29	bondholder	bondholder	NOUN
cblr-9112	340	30	the	the	DET
cblr-9112	340	31	value	value	NOUN
cblr-9112	340	32	of	of	ADP
cblr-9112	340	33	the	the	DET
cblr-9112	340	34	bond	bond	NOUN
cblr-9112	340	35	in	in	ADP
cblr-9112	340	36	the	the	DET
cblr-9112	340	37	event	event	NOUN
cblr-9112	340	38	of	of	ADP
cblr-9112	340	39	a	a	DET
cblr-9112	340	40	credit	credit	NOUN
cblr-9112	340	41	event	event	NOUN
cblr-9112	340	42	(	(	PUNCT
cblr-9112	340	43	typically	typically	ADV
cblr-9112	340	44	,	,	PUNCT
cblr-9112	340	45	the	the	DET
cblr-9112	340	46	issuer	issuer	NOUN
cblr-9112	340	47	’s	’s	PART
cblr-9112	340	48	bankruptcy	bankruptcy	NOUN
cblr-9112	340	49	or	or	CCONJ
cblr-9112	340	50	a	a	DET
cblr-9112	340	51	default	default	NOUN
cblr-9112	340	52	on	on	ADP
cblr-9112	340	53	the	the	DET
cblr-9112	340	54	bond	bond	NOUN
cblr-9112	340	55	)	)	PUNCT
cblr-9112	340	56	.	.	PUNCT
cblr-9112	341	1	depending	depend	VERB
cblr-9112	341	2	on	on	ADP
cblr-9112	341	3	the	the	DET
cblr-9112	341	4	cds	cd	NOUN
cblr-9112	341	5	’s	’s	PART
cblr-9112	341	6	terms	term	NOUN
cblr-9112	341	7	,	,	PUNCT
cblr-9112	341	8	the	the	DET
cblr-9112	341	9	cds	cds	PROPN
cblr-9112	341	10	counterparty	counterparty	NOUN
cblr-9112	341	11	will	will	AUX
cblr-9112	341	12	pay	pay	VERB
cblr-9112	341	13	the	the	DET
cblr-9112	341	14	bondholder	bondholder	NOUN
cblr-9112	341	15	an	an	DET
cblr-9112	341	16	amount	amount	NOUN
cblr-9112	341	17	equal	equal	ADJ
cblr-9112	341	18	to	to	ADP
cblr-9112	341	19	the	the	DET
cblr-9112	341	20	decline	decline	NOUN
cblr-9112	341	21	in	in	ADP
cblr-9112	341	22	value	value	NOUN
cblr-9112	341	23	of	of	ADP
cblr-9112	341	24	the	the	DET
cblr-9112	341	25	bond	bond	NOUN
cblr-9112	341	26	or	or	CCONJ
cblr-9112	341	27	it	it	PRON
cblr-9112	341	28	will	will	AUX
cblr-9112	341	29	buy	buy	VERB
cblr-9112	341	30	the	the	DET
cblr-9112	341	31	bond	bond	NOUN
cblr-9112	341	32	at	at	ADP
cblr-9112	341	33	full	full	ADJ
cblr-9112	341	34	value	value	NOUN
cblr-9112	341	35	from	from	ADP
cblr-9112	341	36	the	the	DET
cblr-9112	341	37	bondholder	bondholder	NOUN
cblr-9112	341	38	.	.	PUNCT
cblr-9112	342	1	see	see	VERB
cblr-9112	342	2	credit	credit	NOUN
cblr-9112	342	3	default	default	NOUN
cblr-9112	342	4	swap	swap	NOUN
cblr-9112	342	5	,	,	PUNCT
cblr-9112	342	6	corp	corp	PROPN
cblr-9112	342	7	.	.	PROPN
cblr-9112	342	8	fin	fin	PROPN
cblr-9112	342	9	.	.	PUNCT
cblr-9112	342	10	inst	inst	PROPN
cblr-9112	342	11	.	.	PROPN
cblr-9112	342	12	,	,	PUNCT
cblr-9112	342	13	no	no	INTJ
cblr-9112	342	14	.	.	NOUN
cblr-9112	342	15	3:1396	3:1396	NUM
cblr-9112	342	16	]	]	PUNCT
cblr-9112	342	17	risky	risky	ADJ
cblr-9112	342	18	business	business	NOUN
cblr-9112	342	19	1419	1419	NUM
cblr-9112	342	20	manage	manage	NOUN
cblr-9112	342	21	portfolio	portfolio	NOUN
cblr-9112	342	22	exposures.98	exposures.98	NOUN
cblr-9112	342	23	by	by	ADP
cblr-9112	342	24	separating	separate	VERB
cblr-9112	342	25	a	a	DET
cblr-9112	342	26	bond	bond	NOUN
cblr-9112	342	27	’s	’s	PART
cblr-9112	342	28	funding	funding	NOUN
cblr-9112	342	29	obligation	obligation	NOUN
cblr-9112	342	30	from	from	ADP
cblr-9112	342	31	its	its	PRON
cblr-9112	342	32	credit	credit	NOUN
cblr-9112	342	33	risk	risk	NOUN
cblr-9112	342	34	,	,	PUNCT
cblr-9112	342	35	a	a	DET
cblr-9112	342	36	cds	cd	NOUN
cblr-9112	342	37	could	could	AUX
cblr-9112	342	38	permit	permit	VERB
cblr-9112	342	39	the	the	DET
cblr-9112	342	40	transfer	transfer	NOUN
cblr-9112	342	41	of	of	ADP
cblr-9112	342	42	all	all	PRON
cblr-9112	342	43	,	,	PUNCT
cblr-9112	342	44	or	or	CCONJ
cblr-9112	342	45	only	only	ADV
cblr-9112	342	46	a	a	DET
cblr-9112	342	47	part	part	NOUN
cblr-9112	342	48	,	,	PUNCT
cblr-9112	342	49	of	of	ADP
cblr-9112	342	50	a	a	DET
cblr-9112	342	51	bond	bond	NOUN
cblr-9112	342	52	’s	’s	PART
cblr-9112	342	53	credit	credit	NOUN
cblr-9112	342	54	risk	risk	NOUN
cblr-9112	342	55	without	without	ADP
cblr-9112	342	56	transferring	transfer	VERB
cblr-9112	342	57	the	the	DET
cblr-9112	342	58	bond	bond	NOUN
cblr-9112	342	59	itself.99	itself.99	NOUN
cblr-9112	342	60	the	the	DET
cblr-9112	342	61	greater	great	ADJ
cblr-9112	342	62	ability	ability	NOUN
cblr-9112	342	63	to	to	PART
cblr-9112	342	64	transfer	transfer	VERB
cblr-9112	342	65	risk	risk	NOUN
cblr-9112	342	66	meant	mean	VERB
cblr-9112	342	67	investors	investor	NOUN
cblr-9112	342	68	could	could	AUX
cblr-9112	342	69	more	more	ADV
cblr-9112	342	70	easily	easily	ADV
cblr-9112	342	71	diversify	diversify	VERB
cblr-9112	342	72	the	the	DET
cblr-9112	342	73	risks	risk	NOUN
cblr-9112	342	74	to	to	PART
cblr-9112	342	75	which	which	PRON
cblr-9112	342	76	their	their	PRON
cblr-9112	342	77	portfolios	portfolio	NOUN
cblr-9112	342	78	were	be	AUX
cblr-9112	342	79	exposed.100	exposed.100	PROPN
cblr-9112	342	80	similarly	similarly	ADV
cblr-9112	342	81	,	,	PUNCT
cblr-9112	342	82	portfolio	portfolio	NOUN
cblr-9112	342	83	managers	manager	NOUN
cblr-9112	342	84	began	begin	VERB
cblr-9112	342	85	to	to	PART
cblr-9112	342	86	use	use	VERB
cblr-9112	342	87	interest	interest	NOUN
cblr-9112	342	88	rate	rate	NOUN
cblr-9112	342	89	derivatives	derivative	NOUN
cblr-9112	342	90	to	to	PART
cblr-9112	342	91	manage	manage	VERB
cblr-9112	342	92	their	their	PRON
cblr-9112	342	93	exposure	exposure	NOUN
cblr-9112	342	94	to	to	ADP
cblr-9112	342	95	interest	interest	NOUN
cblr-9112	342	96	rate	rate	NOUN
cblr-9112	342	97	fluctuations	fluctuation	NOUN
cblr-9112	342	98	as	as	SCONJ
cblr-9112	342	99	one	one	NUM
cblr-9112	342	100	means	mean	VERB
cblr-9112	342	101	to	to	PART
cblr-9112	342	102	lower	lower	VERB
cblr-9112	342	103	systematic	systematic	ADJ
cblr-9112	342	104	risk.101	risk.101	NOUN
cblr-9112	342	105	*	*	PUNCT
cblr-9112	343	1	*	*	PUNCT
cblr-9112	343	2	*	*	PUNCT
cblr-9112	343	3	a	a	DET
cblr-9112	343	4	principal	principal	ADJ
cblr-9112	343	5	goal	goal	NOUN
cblr-9112	343	6	of	of	ADP
cblr-9112	343	7	the	the	DET
cblr-9112	343	8	securities	security	NOUN
cblr-9112	343	9	act	act	NOUN
cblr-9112	343	10	has	have	AUX
cblr-9112	343	11	been	be	AUX
cblr-9112	343	12	to	to	PART
cblr-9112	343	13	assist	assist	VERB
cblr-9112	343	14	investors	investor	NOUN
cblr-9112	343	15	in	in	ADP
cblr-9112	343	16	managing	manage	VERB
cblr-9112	343	17	the	the	DET
cblr-9112	343	18	idiosyncratic	idiosyncratic	ADJ
cblr-9112	343	19	risk	risk	NOUN
cblr-9112	343	20	of	of	ADP
cblr-9112	343	21	the	the	DET
cblr-9112	343	22	individual	individual	ADJ
cblr-9112	343	23	securities	security	NOUN
cblr-9112	343	24	they	they	PRON
cblr-9112	343	25	purchase	purchase	VERB
cblr-9112	343	26	.	.	PUNCT
cblr-9112	344	1	managing	manage	VERB
cblr-9112	344	2	risk	risk	NOUN
cblr-9112	344	3	through	through	ADP
cblr-9112	344	4	a	a	DET
cblr-9112	344	5	diversified	diversified	ADJ
cblr-9112	344	6	portfolio	portfolio	NOUN
cblr-9112	344	7	did	do	AUX
cblr-9112	344	8	not	not	PART
cblr-9112	344	9	occur	occur	VERB
cblr-9112	344	10	until	until	SCONJ
cblr-9112	344	11	almost	almost	ADV
cblr-9112	344	12	twenty	twenty	NUM
cblr-9112	344	13	years	year	NOUN
cblr-9112	344	14	after	after	SCONJ
cblr-9112	344	15	the	the	DET
cblr-9112	344	16	securities	security	NOUN
cblr-9112	344	17	act	act	NOUN
cblr-9112	344	18	was	be	AUX
cblr-9112	344	19	passed.102	passed.102	NUM
cblr-9112	344	20	it	it	PRON
cblr-9112	344	21	took	take	VERB
cblr-9112	344	22	another	another	DET
cblr-9112	344	23	twenty	twenty	NUM
cblr-9112	344	24	years	year	NOUN
cblr-9112	344	25	until	until	SCONJ
cblr-9112	344	26	new	new	ADJ
cblr-9112	344	27	capital	capital	NOUN
cblr-9112	344	28	markets	market	NOUN
cblr-9112	344	29	instruments	instrument	NOUN
cblr-9112	344	30	were	be	AUX
cblr-9112	344	31	introduced	introduce	VERB
cblr-9112	344	32	to	to	PART
cblr-9112	344	33	facilitate	facilitate	VERB
cblr-9112	344	34	the	the	DET
cblr-9112	344	35	management	management	NOUN
cblr-9112	344	36	and	and	CCONJ
cblr-9112	344	37	transfer	transfer	NOUN
cblr-9112	344	38	of	of	ADP
cblr-9112	344	39	discrete	discrete	ADJ
cblr-9112	344	40	portions	portion	NOUN
cblr-9112	344	41	of	of	ADP
cblr-9112	344	42	financial	financial	ADJ
cblr-9112	344	43	risk	risk	NOUN
cblr-9112	344	44	.	.	PUNCT
cblr-9112	345	1	this	this	DET
cblr-9112	345	2	shift	shift	NOUN
cblr-9112	345	3	in	in	ADP
cblr-9112	345	4	risk	risk	NOUN
cblr-9112	345	5	management	management	NOUN
cblr-9112	345	6	resulted	result	VERB
cblr-9112	345	7	in	in	ADP
cblr-9112	345	8	a	a	DET
cblr-9112	345	9	separation	separation	NOUN
cblr-9112	345	10	between	between	ADP
cblr-9112	345	11	the	the	DET
cblr-9112	345	12	risk	risk	NOUN
cblr-9112	345	13	associated	associate	VERB
cblr-9112	345	14	with	with	ADP
cblr-9112	345	15	an	an	DET
cblr-9112	345	16	individual	individual	ADJ
cblr-9112	345	17	security	security	NOUN
cblr-9112	345	18	and	and	CCONJ
cblr-9112	345	19	the	the	DET
cblr-9112	345	20	security	security	NOUN
cblr-9112	345	21	itself	itself	PRON
cblr-9112	345	22	.	.	PUNCT
cblr-9112	346	1	the	the	DET
cblr-9112	346	2	idiosyncratic	idiosyncratic	ADJ
cblr-9112	346	3	risk	risk	NOUN
cblr-9112	346	4	of	of	ADP
cblr-9112	346	5	https://corporatefinanceinstitute.com/resources/knowledge/finance/creditdefault-swap-cds/	https://corporatefinanceinstitute.com/resources/knowledge/finance/creditdefault-swap-cds/	NOUN
cblr-9112	346	6	[	[	X
cblr-9112	346	7	https://perma.cc/eds2-l9c2	https://perma.cc/eds2-l9c2	X
cblr-9112	346	8	]	]	X
cblr-9112	346	9	(	(	PUNCT
cblr-9112	346	10	last	last	ADV
cblr-9112	346	11	visited	visit	VERB
cblr-9112	346	12	nov	nov	PROPN
cblr-9112	346	13	.	.	PROPN
cblr-9112	346	14	29	29	NUM
cblr-9112	346	15	,	,	PUNCT
cblr-9112	346	16	2021	2021	NUM
cblr-9112	346	17	)	)	PUNCT
cblr-9112	346	18	.	.	PUNCT
cblr-9112	347	1	98	98	NUM
cblr-9112	347	2	see	see	VERB
cblr-9112	347	3	buehler	buehler	PROPN
cblr-9112	347	4	et	et	PROPN
cblr-9112	347	5	al	al	PROPN
cblr-9112	347	6	.	.	PROPN
cblr-9112	347	7	,	,	PUNCT
cblr-9112	347	8	supra	supra	PROPN
cblr-9112	347	9	note	note	PROPN
cblr-9112	347	10	84	84	NUM
cblr-9112	347	11	,	,	PUNCT
cblr-9112	347	12	at	at	ADP
cblr-9112	347	13	11	11	NUM
cblr-9112	347	14	.	.	PUNCT
cblr-9112	348	1	99	99	NUM
cblr-9112	348	2	whitehead	whitehead	PROPN
cblr-9112	348	3	,	,	PUNCT
cblr-9112	348	4	supra	supra	PROPN
cblr-9112	348	5	note	note	PROPN
cblr-9112	348	6	34	34	NUM
cblr-9112	348	7	,	,	PUNCT
cblr-9112	348	8	at	at	ADP
cblr-9112	348	9	657	657	NUM
cblr-9112	348	10	;	;	PUNCT
cblr-9112	348	11	see	see	VERB
cblr-9112	348	12	also	also	ADV
cblr-9112	348	13	in	in	ADP
cblr-9112	348	14	re	re	PROPN
cblr-9112	348	15	worldcom	worldcom	PROPN
cblr-9112	348	16	,	,	PUNCT
cblr-9112	348	17	inc	inc	PROPN
cblr-9112	348	18	.	.	PROPN
cblr-9112	349	1	sec	sec	PROPN
cblr-9112	349	2	.	.	PUNCT
cblr-9112	349	3	litig	litig	PROPN
cblr-9112	349	4	.	.	PUNCT
cblr-9112	350	1	,	,	PUNCT
cblr-9112	350	2	346	346	NUM
cblr-9112	350	3	f.	f.	PROPN
cblr-9112	350	4	supp	supp	PROPN
cblr-9112	350	5	.	.	PUNCT
cblr-9112	351	1	2d	2d	NOUN
cblr-9112	351	2	628	628	NUM
cblr-9112	351	3	,	,	PUNCT
cblr-9112	351	4	651	651	NUM
cblr-9112	351	5	(	(	PUNCT
cblr-9112	351	6	s.d.n.y	s.d.n.y	PROPN
cblr-9112	351	7	.	.	NOUN
cblr-9112	351	8	2004	2004	NUM
cblr-9112	351	9	)	)	PUNCT
cblr-9112	352	1	(	(	PUNCT
cblr-9112	352	2	noting	note	VERB
cblr-9112	352	3	that	that	SCONJ
cblr-9112	352	4	the	the	DET
cblr-9112	352	5	defendant	defendant	NOUN
cblr-9112	352	6	underwriters	underwriter	NOUN
cblr-9112	352	7	had	have	AUX
cblr-9112	352	8	tried	try	VERB
cblr-9112	352	9	to	to	PART
cblr-9112	352	10	reduce	reduce	VERB
cblr-9112	352	11	their	their	PRON
cblr-9112	352	12	exposure	exposure	NOUN
cblr-9112	352	13	to	to	ADP
cblr-9112	352	14	risk	risk	NOUN
cblr-9112	352	15	from	from	ADP
cblr-9112	352	16	holding	hold	VERB
cblr-9112	352	17	worldcom	worldcom	PROPN
cblr-9112	352	18	debt	debt	NOUN
cblr-9112	352	19	“	"	PUNCT
cblr-9112	352	20	by	by	ADP
cblr-9112	352	21	engaging	engage	VERB
cblr-9112	352	22	in	in	ADP
cblr-9112	352	23	hedging	hedging	NOUN
cblr-9112	352	24	strategies	strategy	NOUN
cblr-9112	352	25	,	,	PUNCT
cblr-9112	352	26	such	such	ADJ
cblr-9112	352	27	as	as	ADP
cblr-9112	352	28	credit	credit	NOUN
cblr-9112	352	29	default	default	NOUN
cblr-9112	352	30	swaps	swap	NOUN
cblr-9112	352	31	”	"	PUNCT
cblr-9112	352	32	)	)	PUNCT
cblr-9112	352	33	.	.	PUNCT
cblr-9112	353	1	100	100	NUM
cblr-9112	353	2	see	see	VERB
cblr-9112	353	3	credit	credit	NOUN
cblr-9112	353	4	risk	risk	NOUN
cblr-9112	353	5	transfer	transfer	NOUN
cblr-9112	353	6	instruments	instrument	NOUN
cblr-9112	353	7	:	:	PUNCT
cblr-9112	353	8	their	their	PRON
cblr-9112	353	9	use	use	NOUN
cblr-9112	353	10	by	by	ADP
cblr-9112	353	11	german	german	ADJ
cblr-9112	353	12	banks	bank	NOUN
cblr-9112	353	13	and	and	CCONJ
cblr-9112	353	14	aspects	aspect	NOUN
cblr-9112	353	15	of	of	ADP
cblr-9112	353	16	financial	financial	ADJ
cblr-9112	353	17	stability	stability	NOUN
cblr-9112	353	18	,	,	PUNCT
cblr-9112	353	19	deutsche	deutsche	PROPN
cblr-9112	353	20	bundesbank	bundesbank	PROPN
cblr-9112	353	21	monthly	monthly	ADJ
cblr-9112	353	22	report	report	NOUN
cblr-9112	353	23	,	,	PUNCT
cblr-9112	353	24	apr	apr	PROPN
cblr-9112	353	25	.	.	PROPN
cblr-9112	353	26	2004	2004	NUM
cblr-9112	353	27	,	,	PUNCT
cblr-9112	353	28	at	at	ADP
cblr-9112	353	29	27	27	NUM
cblr-9112	353	30	,	,	PUNCT
cblr-9112	353	31	36	36	NUM
cblr-9112	353	32	,	,	PUNCT
cblr-9112	353	33	https://www.bundesbank.de/resource/blob/706424/b8fdca684d6b47	https://www.bundesbank.de/resource/blob/706424/b8fdca684d6b47	PROPN
cblr-9112	353	34	db536944204a7ca8be	db536944204a7ca8be	NOUN
cblr-9112	353	35	/	/	SYM
cblr-9112	353	36	ml/2004	ml/2004	ADJ
cblr-9112	353	37	-	-	PUNCT
cblr-9112	353	38	04	04	NUM
cblr-9112	353	39	-	-	PUNCT
cblr-9112	353	40	credit	credit	NOUN
cblr-9112	353	41	-	-	PUNCT
cblr-9112	353	42	risk	risk	NOUN
cblr-9112	353	43	-	-	PUNCT
cblr-9112	353	44	transfer	transfer	NOUN
cblr-9112	353	45	-	-	PUNCT
cblr-9112	353	46	data.pdf	data.pdf	NOUN
cblr-9112	353	47	[	[	X
cblr-9112	353	48	https://perma.cc/wy3p-7shn	https://perma.cc/wy3p-7shn	X
cblr-9112	353	49	]	]	X
cblr-9112	353	50	(	(	PUNCT
cblr-9112	353	51	“	"	PUNCT
cblr-9112	353	52	separating	separate	VERB
cblr-9112	353	53	credit	credit	NOUN
cblr-9112	353	54	risk	risk	NOUN
cblr-9112	353	55	off	off	ADP
cblr-9112	353	56	from	from	ADP
cblr-9112	353	57	loans	loan	NOUN
cblr-9112	353	58	makes	make	VERB
cblr-9112	353	59	diversification	diversification	NOUN
cblr-9112	353	60	much	much	ADV
cblr-9112	353	61	easier	easy	ADJ
cblr-9112	353	62	.	.	PUNCT
cblr-9112	353	63	”	"	PUNCT
cblr-9112	353	64	)	)	PUNCT
cblr-9112	353	65	.	.	PUNCT
cblr-9112	354	1	101	101	NUM
cblr-9112	354	2	see	see	VERB
cblr-9112	354	3	elijah	elijah	PROPN
cblr-9112	354	4	brewer	brewer	PROPN
cblr-9112	354	5	iii	iii	PROPN
cblr-9112	354	6	,	,	PUNCT
cblr-9112	354	7	bernadette	bernadette	PROPN
cblr-9112	354	8	a.	a.	PROPN
cblr-9112	354	9	minton	minton	PROPN
cblr-9112	354	10	&	&	CCONJ
cblr-9112	354	11	james	james	PROPN
cblr-9112	354	12	t.	t.	PROPN
cblr-9112	354	13	moser	moser	PROPN
cblr-9112	354	14	,	,	PUNCT
cblr-9112	354	15	interest	interest	NOUN
cblr-9112	354	16	-	-	PUNCT
cblr-9112	354	17	rate	rate	NOUN
cblr-9112	354	18	derivatives	derivative	NOUN
cblr-9112	354	19	and	and	CCONJ
cblr-9112	354	20	bank	bank	NOUN
cblr-9112	354	21	lending	lending	NOUN
cblr-9112	354	22	,	,	PUNCT
cblr-9112	354	23	24	24	NUM
cblr-9112	354	24	j.	j.	PROPN
cblr-9112	354	25	banking	banking	PROPN
cblr-9112	354	26	&	&	CCONJ
cblr-9112	354	27	fin	fin	PROPN
cblr-9112	354	28	.	.	PUNCT
cblr-9112	355	1	353	353	NUM
cblr-9112	355	2	,	,	PUNCT
cblr-9112	355	3	354	354	NUM
cblr-9112	355	4	(	(	PUNCT
cblr-9112	355	5	2000	2000	NUM
cblr-9112	355	6	)	)	PUNCT
cblr-9112	355	7	.	.	PUNCT
cblr-9112	356	1	for	for	ADP
cblr-9112	356	2	an	an	DET
cblr-9112	356	3	example	example	NOUN
cblr-9112	356	4	of	of	ADP
cblr-9112	356	5	a	a	DET
cblr-9112	356	6	fixed	fix	VERB
cblr-9112	356	7	-	-	PUNCT
cblr-9112	356	8	for	for	ADP
cblr-9112	356	9	-	-	PUNCT
cblr-9112	356	10	floating	float	VERB
cblr-9112	356	11	interest	interest	NOUN
cblr-9112	356	12	rate	rate	NOUN
cblr-9112	356	13	swap	swap	NOUN
cblr-9112	356	14	,	,	PUNCT
cblr-9112	356	15	see	see	VERB
cblr-9112	356	16	coffee	coffee	NOUN
cblr-9112	356	17	,	,	PUNCT
cblr-9112	356	18	sale	sale	NOUN
cblr-9112	356	19	&	&	CCONJ
cblr-9112	356	20	whitehead	whitehead	PROPN
cblr-9112	356	21	,	,	PUNCT
cblr-9112	356	22	supra	supra	PROPN
cblr-9112	356	23	note	note	PROPN
cblr-9112	356	24	15	15	NUM
cblr-9112	356	25	,	,	PUNCT
cblr-9112	356	26	at	at	ADP
cblr-9112	356	27	353–54	353–54	PROPN
cblr-9112	356	28	.	.	PUNCT
cblr-9112	357	1	102	102	NUM
cblr-9112	357	2	see	see	NOUN
cblr-9112	357	3	markowitz	markowitz	PROPN
cblr-9112	357	4	,	,	PUNCT
cblr-9112	357	5	supra	supra	PROPN
cblr-9112	357	6	note	note	PROPN
cblr-9112	357	7	5	5	NUM
cblr-9112	357	8	,	,	PUNCT
cblr-9112	357	9	at	at	ADP
cblr-9112	357	10	5	5	NUM
cblr-9112	357	11	.	.	SYM
cblr-9112	357	12	1420	1420	NUM
cblr-9112	357	13	columbia	columbia	PROPN
cblr-9112	357	14	business	business	NOUN
cblr-9112	357	15	law	law	PROPN
cblr-9112	357	16	review	review	NOUN
cblr-9112	357	17	[	[	X
cblr-9112	357	18	vol	vol	NOUN
cblr-9112	357	19	.	.	NOUN
cblr-9112	357	20	2021	2021	NUM
cblr-9112	357	21	individual	individual	ADJ
cblr-9112	357	22	instruments	instrument	NOUN
cblr-9112	357	23	began	begin	VERB
cblr-9112	357	24	to	to	PART
cblr-9112	357	25	be	be	AUX
cblr-9112	357	26	less	less	ADV
cblr-9112	357	27	relevant	relevant	ADJ
cblr-9112	357	28	for	for	ADP
cblr-9112	357	29	investors	investor	NOUN
cblr-9112	357	30	than	than	ADP
cblr-9112	357	31	their	their	PRON
cblr-9112	357	32	contribution	contribution	NOUN
cblr-9112	357	33	to	to	ADP
cblr-9112	357	34	a	a	DET
cblr-9112	357	35	portfolio	portfolio	NOUN
cblr-9112	357	36	’s	’s	PART
cblr-9112	357	37	overall	overall	ADJ
cblr-9112	357	38	risk	risk	NOUN
cblr-9112	357	39	.	.	PUNCT
cblr-9112	358	1	likewise	likewise	ADV
cblr-9112	358	2	,	,	PUNCT
cblr-9112	358	3	the	the	DET
cblr-9112	358	4	growth	growth	NOUN
cblr-9112	358	5	of	of	ADP
cblr-9112	358	6	new	new	ADJ
cblr-9112	358	7	instruments	instrument	NOUN
cblr-9112	358	8	to	to	PART
cblr-9112	358	9	transfer	transfer	VERB
cblr-9112	358	10	risk	risk	NOUN
cblr-9112	358	11	reflected	reflect	VERB
cblr-9112	358	12	a	a	DET
cblr-9112	358	13	growing	grow	VERB
cblr-9112	358	14	interest	interest	NOUN
cblr-9112	358	15	in	in	ADP
cblr-9112	358	16	buying	buy	VERB
cblr-9112	358	17	and	and	CCONJ
cblr-9112	358	18	selling	sell	VERB
cblr-9112	358	19	specific	specific	ADJ
cblr-9112	358	20	types	type	NOUN
cblr-9112	358	21	of	of	ADP
cblr-9112	358	22	risk	risk	NOUN
cblr-9112	358	23	,	,	PUNCT
cblr-9112	358	24	rather	rather	ADV
cblr-9112	358	25	than	than	ADP
cblr-9112	358	26	transacting	transact	VERB
cblr-9112	358	27	in	in	ADP
cblr-9112	358	28	a	a	DET
cblr-9112	358	29	security	security	NOUN
cblr-9112	358	30	as	as	ADP
cblr-9112	358	31	a	a	DET
cblr-9112	358	32	whole	whole	NOUN
cblr-9112	358	33	.	.	PUNCT
cblr-9112	359	1	consequently	consequently	ADV
cblr-9112	359	2	,	,	PUNCT
cblr-9112	359	3	the	the	DET
cblr-9112	359	4	traditional	traditional	ADJ
cblr-9112	359	5	approach	approach	NOUN
cblr-9112	359	6	to	to	ADP
cblr-9112	359	7	regulating	regulate	VERB
cblr-9112	359	8	transactions	transaction	NOUN
cblr-9112	359	9	in	in	ADP
cblr-9112	359	10	securities	security	NOUN
cblr-9112	359	11	may	may	AUX
cblr-9112	359	12	matter	matter	VERB
cblr-9112	359	13	less	less	ADV
cblr-9112	359	14	today	today	NOUN
cblr-9112	359	15	than	than	ADP
cblr-9112	359	16	regulating	regulate	VERB
cblr-9112	359	17	the	the	DET
cblr-9112	359	18	risk	risk	NOUN
cblr-9112	359	19	associated	associate	VERB
cblr-9112	359	20	with	with	ADP
cblr-9112	359	21	those	those	DET
cblr-9112	359	22	securities	security	NOUN
cblr-9112	359	23	.	.	PUNCT
cblr-9112	360	1	the	the	DET
cblr-9112	360	2	“	"	PUNCT
cblr-9112	360	3	topdown	topdown	ADJ
cblr-9112	360	4	”	"	PUNCT
cblr-9112	360	5	process	process	NOUN
cblr-9112	360	6	of	of	ADP
cblr-9112	360	7	managing	manage	VERB
cblr-9112	360	8	and	and	CCONJ
cblr-9112	360	9	transferring	transfer	VERB
cblr-9112	360	10	risk	risk	NOUN
cblr-9112	360	11	means	mean	VERB
cblr-9112	360	12	that	that	SCONJ
cblr-9112	360	13	the	the	DET
cblr-9112	360	14	decision	decision	NOUN
cblr-9112	360	15	to	to	PART
cblr-9112	360	16	buy	buy	VERB
cblr-9112	360	17	or	or	CCONJ
cblr-9112	360	18	sell	sell	VERB
cblr-9112	360	19	a	a	DET
cblr-9112	360	20	security	security	NOUN
cblr-9112	360	21	is	be	AUX
cblr-9112	360	22	typically	typically	ADV
cblr-9112	360	23	tied	tie	VERB
cblr-9112	360	24	less	less	ADJ
cblr-9112	360	25	to	to	ADP
cblr-9112	360	26	an	an	DET
cblr-9112	360	27	investor	investor	NOUN
cblr-9112	360	28	’s	’s	PART
cblr-9112	360	29	view	view	NOUN
cblr-9112	360	30	of	of	ADP
cblr-9112	360	31	the	the	DET
cblr-9112	360	32	merits	merit	NOUN
cblr-9112	360	33	of	of	ADP
cblr-9112	360	34	an	an	DET
cblr-9112	360	35	individual	individual	ADJ
cblr-9112	360	36	security	security	NOUN
cblr-9112	360	37	and	and	CCONJ
cblr-9112	360	38	more	more	ADJ
cblr-9112	360	39	to	to	ADP
cblr-9112	360	40	the	the	DET
cblr-9112	360	41	risk	risk	NOUN
cblr-9112	360	42	correlation	correlation	NOUN
cblr-9112	360	43	between	between	ADP
cblr-9112	360	44	that	that	DET
cblr-9112	360	45	security	security	NOUN
cblr-9112	360	46	and	and	CCONJ
cblr-9112	360	47	other	other	ADJ
cblr-9112	360	48	investments	investment	NOUN
cblr-9112	360	49	in	in	ADP
cblr-9112	360	50	a	a	DET
cblr-9112	360	51	portfolio	portfolio	NOUN
cblr-9112	360	52	.	.	PUNCT
cblr-9112	361	1	no	no	ADV
cblr-9112	361	2	doubt	doubt	ADV
cblr-9112	361	3	,	,	PUNCT
cblr-9112	361	4	this	this	DET
cblr-9112	361	5	shift	shift	NOUN
cblr-9112	361	6	in	in	ADP
cblr-9112	361	7	trading	trading	NOUN
cblr-9112	361	8	activity	activity	NOUN
cblr-9112	361	9	has	have	AUX
cblr-9112	361	10	made	make	VERB
cblr-9112	361	11	its	its	PRON
cblr-9112	361	12	way	way	NOUN
cblr-9112	361	13	into	into	ADP
cblr-9112	361	14	the	the	DET
cblr-9112	361	15	public	public	ADJ
cblr-9112	361	16	disclosures	disclosure	NOUN
cblr-9112	361	17	published	publish	VERB
cblr-9112	361	18	under	under	ADP
cblr-9112	361	19	the	the	DET
cblr-9112	361	20	securities	security	NOUN
cblr-9112	361	21	act	act	PROPN
cblr-9112	361	22	.	.	PUNCT
cblr-9112	362	1	increasingly	increasingly	ADV
cblr-9112	362	2	,	,	PUNCT
cblr-9112	362	3	sec	sec	PROPN
cblr-9112	362	4	disclosure	disclosure	NOUN
cblr-9112	362	5	requirements	requirement	NOUN
cblr-9112	362	6	are	be	AUX
cblr-9112	362	7	tied	tie	VERB
cblr-9112	362	8	to	to	ADP
cblr-9112	362	9	cross	cross	ADJ
cblr-9112	362	10	-	-	ADJ
cblr-9112	362	11	company	company	ADJ
cblr-9112	362	12	comparisons	comparison	NOUN
cblr-9112	362	13	,	,	PUNCT
cblr-9112	362	14	perhaps	perhaps	ADV
cblr-9112	362	15	as	as	ADP
cblr-9112	362	16	one	one	NUM
cblr-9112	362	17	way	way	NOUN
cblr-9112	362	18	to	to	PART
cblr-9112	362	19	assist	assist	VERB
cblr-9112	362	20	in	in	ADP
cblr-9112	362	21	assessing	assess	VERB
cblr-9112	362	22	the	the	DET
cblr-9112	362	23	risk	risk	NOUN
cblr-9112	362	24	of	of	ADP
cblr-9112	362	25	an	an	DET
cblr-9112	362	26	individual	individual	ADJ
cblr-9112	362	27	investment	investment	NOUN
cblr-9112	362	28	within	within	ADP
cblr-9112	362	29	a	a	DET
cblr-9112	362	30	portfolio	portfolio	NOUN
cblr-9112	362	31	of	of	ADP
cblr-9112	362	32	investments.103	investments.103	PROPN
cblr-9112	362	33	however	however	ADV
cblr-9112	362	34	,	,	PUNCT
cblr-9112	362	35	this	this	DET
cblr-9112	362	36	shift	shift	NOUN
cblr-9112	362	37	in	in	ADP
cblr-9112	362	38	risk	risk	NOUN
cblr-9112	362	39	management	management	NOUN
cblr-9112	362	40	,	,	PUNCT
cblr-9112	362	41	for	for	ADP
cblr-9112	362	42	a	a	DET
cblr-9112	362	43	majority	majority	NOUN
cblr-9112	362	44	of	of	ADP
cblr-9112	362	45	trading	trading	NOUN
cblr-9112	362	46	in	in	ADP
cblr-9112	362	47	the	the	DET
cblr-9112	362	48	capital	capital	NOUN
cblr-9112	362	49	markets	market	NOUN
cblr-9112	362	50	,	,	PUNCT
cblr-9112	362	51	still	still	ADV
cblr-9112	362	52	raises	raise	VERB
cblr-9112	362	53	a	a	DET
cblr-9112	362	54	basic	basic	ADJ
cblr-9112	362	55	question	question	NOUN
cblr-9112	362	56	:	:	PUNCT
cblr-9112	362	57	should	should	AUX
cblr-9112	362	58	regulators	regulator	NOUN
cblr-9112	362	59	begin	begin	VERB
cblr-9112	362	60	to	to	PART
cblr-9112	362	61	reconsider	reconsider	VERB
cblr-9112	362	62	the	the	DET
cblr-9112	362	63	focus	focus	NOUN
cblr-9112	362	64	of	of	ADP
cblr-9112	362	65	the	the	DET
cblr-9112	362	66	securities	security	NOUN
cblr-9112	362	67	act	act	PROPN
cblr-9112	362	68	,	,	PUNCT
cblr-9112	362	69	moving	move	VERB
cblr-9112	362	70	from	from	ADP
cblr-9112	362	71	requirements	requirement	NOUN
cblr-9112	362	72	tied	tie	VERB
cblr-9112	362	73	to	to	ADP
cblr-9112	362	74	transactions	transaction	NOUN
cblr-9112	362	75	in	in	ADP
cblr-9112	362	76	individual	individual	ADJ
cblr-9112	362	77	securities	security	NOUN
cblr-9112	362	78	towards	towards	ADP
cblr-9112	362	79	requirements	requirement	NOUN
cblr-9112	362	80	addressing	address	VERB
cblr-9112	362	81	the	the	DET
cblr-9112	362	82	transfer	transfer	NOUN
cblr-9112	362	83	of	of	ADP
cblr-9112	362	84	risk	risk	NOUN
cblr-9112	362	85	relating	relate	VERB
cblr-9112	362	86	to	to	ADP
cblr-9112	362	87	those	those	DET
cblr-9112	362	88	securities	security	NOUN
cblr-9112	362	89	?	?	PUNCT
cblr-9112	363	1	iii	iii	X
cblr-9112	363	2	.	.	PUNCT
cblr-9112	363	3	risk	risk	NOUN
cblr-9112	363	4	trading	trading	NOUN
cblr-9112	363	5	a.	a.	NOUN
cblr-9112	363	6	ships	ship	NOUN
cblr-9112	363	7	and	and	CCONJ
cblr-9112	363	8	planks	plank	NOUN
cblr-9112	363	9	some	some	DET
cblr-9112	363	10	readers	reader	NOUN
cblr-9112	363	11	may	may	AUX
cblr-9112	363	12	recall	recall	VERB
cblr-9112	363	13	the	the	DET
cblr-9112	363	14	story	story	NOUN
cblr-9112	363	15	of	of	ADP
cblr-9112	363	16	theseus	theseus	NOUN
cblr-9112	363	17	,	,	PUNCT
cblr-9112	363	18	the	the	DET
cblr-9112	363	19	mythical	mythical	ADJ
cblr-9112	363	20	king	king	NOUN
cblr-9112	363	21	of	of	ADP
cblr-9112	363	22	athens.104	athens.104	NOUN
cblr-9112	363	23	for	for	ADP
cblr-9112	363	24	many	many	ADJ
cblr-9112	363	25	,	,	PUNCT
cblr-9112	363	26	theseus	theseus	NOUN
cblr-9112	363	27	is	be	AUX
cblr-9112	363	28	best	well	ADV
cblr-9112	363	29	known	know	VERB
cblr-9112	363	30	for	for	ADP
cblr-9112	363	31	slaying	slay	VERB
cblr-9112	363	32	the	the	DET
cblr-9112	363	33	minotaur	minotaur	NOUN
cblr-9112	363	34	,	,	PUNCT
cblr-9112	363	35	a	a	DET
cblr-9112	363	36	half	half	ADJ
cblr-9112	363	37	-	-	PUNCT
cblr-9112	363	38	man	man	NOUN
cblr-9112	363	39	,	,	PUNCT
cblr-9112	363	40	half	half	ADJ
cblr-9112	363	41	-	-	PUNCT
cblr-9112	363	42	bull	bull	NOUN
cblr-9112	363	43	who	who	PRON
cblr-9112	363	44	devoured	devour	VERB
cblr-9112	363	45	children	child	NOUN
cblr-9112	363	46	sent	send	VERB
cblr-9112	363	47	to	to	ADP
cblr-9112	363	48	crete	crete	PROPN
cblr-9112	363	49	in	in	ADP
cblr-9112	363	50	tribute	tribute	NOUN
cblr-9112	363	51	to	to	ADP
cblr-9112	363	52	king	king	PROPN
cblr-9112	363	53	minos.105	minos.105	PROPN
cblr-9112	363	54	according	accord	VERB
cblr-9112	363	55	to	to	ADP
cblr-9112	363	56	the	the	DET
cblr-9112	363	57	historian	historian	ADJ
cblr-9112	363	58	plutarch	plutarch	PROPN
cblr-9112	363	59	,	,	PUNCT
cblr-9112	363	60	theseus	theseus	NOUN
cblr-9112	363	61	’s	’s	PART
cblr-9112	363	62	ship	ship	NOUN
cblr-9112	363	63	remained	remain	VERB
cblr-9112	363	64	in	in	ADP
cblr-9112	363	65	athens	athens	PROPN
cblr-9112	363	66	103	103	NUM
cblr-9112	363	67	see	see	NOUN
cblr-9112	363	68	discussion	discussion	NOUN
cblr-9112	363	69	infra	infra	NOUN
cblr-9112	363	70	section	section	NOUN
cblr-9112	363	71	iv.a	iv.a	VERB
cblr-9112	363	72	.	.	PUNCT
cblr-9112	364	1	104	104	NUM
cblr-9112	364	2	see	see	VERB
cblr-9112	364	3	plutarch	plutarch	NOUN
cblr-9112	364	4	,	,	PUNCT
cblr-9112	364	5	life	life	NOUN
cblr-9112	364	6	of	of	ADP
cblr-9112	364	7	theseus	theseus	NOUN
cblr-9112	364	8	in	in	ADP
cblr-9112	364	9	1	1	NUM
cblr-9112	364	10	plutarch	plutarch	PROPN
cblr-9112	364	11	’s	’s	PART
cblr-9112	364	12	lives	life	NOUN
cblr-9112	364	13	(	(	PUNCT
cblr-9112	364	14	bernadotte	bernadotte	PROPN
cblr-9112	364	15	perrin	perrin	PROPN
cblr-9112	364	16	trans	trans	PROPN
cblr-9112	364	17	.	.	PROPN
cblr-9112	364	18	,	,	PUNCT
cblr-9112	364	19	william	william	PROPN
cblr-9112	364	20	heinemann	heinemann	PROPN
cblr-9112	364	21	1914	1914	NUM
cblr-9112	364	22	)	)	PUNCT
cblr-9112	364	23	.	.	PUNCT
cblr-9112	365	1	105	105	NUM
cblr-9112	366	1	i	i	PRON
cblr-9112	366	2	d.	d.	PROPN
cblr-9112	366	3	at	at	ADP
cblr-9112	366	4	37	37	NUM
cblr-9112	366	5	.	.	PUNCT
cblr-9112	367	1	no	no	INTJ
cblr-9112	367	2	.	.	NOUN
cblr-9112	368	1	3:1396	3:1396	NUM
cblr-9112	368	2	]	]	PUNCT
cblr-9112	368	3	risky	risky	ADJ
cblr-9112	368	4	business	business	NOUN
cblr-9112	368	5	1421	1421	NUM
cblr-9112	368	6	harbor	harbor	NOUN
cblr-9112	368	7	as	as	ADP
cblr-9112	368	8	a	a	DET
cblr-9112	368	9	memorial	memorial	NOUN
cblr-9112	368	10	to	to	ADP
cblr-9112	368	11	his	his	PRON
cblr-9112	368	12	bravery	bravery	NOUN
cblr-9112	368	13	for	for	ADP
cblr-9112	368	14	centuries	century	NOUN
cblr-9112	368	15	after	after	SCONJ
cblr-9112	368	16	his	his	PRON
cblr-9112	368	17	return.106	return.106	NOUN
cblr-9112	368	18	to	to	PART
cblr-9112	368	19	preserve	preserve	VERB
cblr-9112	368	20	the	the	DET
cblr-9112	368	21	ship	ship	NOUN
cblr-9112	368	22	,	,	PUNCT
cblr-9112	368	23	caretakers	caretaker	NOUN
cblr-9112	368	24	replaced	replace	VERB
cblr-9112	368	25	old	old	ADJ
cblr-9112	368	26	planks	plank	NOUN
cblr-9112	368	27	,	,	PUNCT
cblr-9112	368	28	sails	sail	NOUN
cblr-9112	368	29	,	,	PUNCT
cblr-9112	368	30	and	and	CCONJ
cblr-9112	368	31	ropes	rope	NOUN
cblr-9112	368	32	with	with	ADP
cblr-9112	368	33	new	new	ADJ
cblr-9112	368	34	ones	one	NOUN
cblr-9112	368	35	when	when	SCONJ
cblr-9112	368	36	the	the	DET
cblr-9112	368	37	originals	original	NOUN
cblr-9112	368	38	rotted	rot	VERB
cblr-9112	368	39	or	or	CCONJ
cblr-9112	368	40	wore	wear	VERB
cblr-9112	368	41	away.107	away.107	ADJ
cblr-9112	368	42	little	little	ADJ
cblr-9112	368	43	by	by	ADP
cblr-9112	368	44	little	little	ADJ
cblr-9112	368	45	,	,	PUNCT
cblr-9112	368	46	new	new	ADJ
cblr-9112	368	47	materials	material	NOUN
cblr-9112	368	48	were	be	AUX
cblr-9112	368	49	substituted	substitute	VERB
cblr-9112	368	50	for	for	ADP
cblr-9112	368	51	old	old	ADJ
cblr-9112	368	52	.	.	PUNCT
cblr-9112	369	1	over	over	ADP
cblr-9112	369	2	the	the	DET
cblr-9112	369	3	years	year	NOUN
cblr-9112	369	4	,	,	PUNCT
cblr-9112	369	5	it	it	PRON
cblr-9112	369	6	became	become	VERB
cblr-9112	369	7	unclear	unclear	ADJ
cblr-9112	369	8	how	how	SCONJ
cblr-9112	369	9	many	many	ADJ
cblr-9112	369	10	of	of	ADP
cblr-9112	369	11	the	the	DET
cblr-9112	369	12	ship	ship	NOUN
cblr-9112	369	13	’s	’s	PART
cblr-9112	369	14	original	original	ADJ
cblr-9112	369	15	components	component	NOUN
cblr-9112	369	16	remained	remain	VERB
cblr-9112	369	17	,	,	PUNCT
cblr-9112	369	18	prompting	prompt	VERB
cblr-9112	369	19	plutarch	plutarch	NOUN
cblr-9112	369	20	to	to	PART
cblr-9112	369	21	ask	ask	VERB
cblr-9112	369	22	,	,	PUNCT
cblr-9112	369	23	was	be	AUX
cblr-9112	369	24	the	the	DET
cblr-9112	369	25	ship	ship	NOUN
cblr-9112	369	26	in	in	ADP
cblr-9112	369	27	athens	athens	PROPN
cblr-9112	369	28	’s	’s	PART
cblr-9112	369	29	harbor	harbor	NOUN
cblr-9112	369	30	still	still	ADV
cblr-9112	369	31	theseus	theseus	NOUN
cblr-9112	369	32	’s	’s	PART
cblr-9112	370	1	ship?108	ship?108	PROPN
cblr-9112	370	2	writing	write	VERB
cblr-9112	370	3	centuries	century	NOUN
cblr-9112	370	4	later	later	ADV
cblr-9112	370	5	,	,	PUNCT
cblr-9112	370	6	the	the	DET
cblr-9112	370	7	philosopher	philosopher	NOUN
cblr-9112	370	8	thomas	thomas	PROPN
cblr-9112	370	9	hobbes	hobbes	PROPN
cblr-9112	370	10	added	add	VERB
cblr-9112	370	11	a	a	DET
cblr-9112	370	12	further	further	ADJ
cblr-9112	370	13	wrinkle	wrinkle	NOUN
cblr-9112	370	14	to	to	ADP
cblr-9112	370	15	the	the	DET
cblr-9112	370	16	question	question	NOUN
cblr-9112	370	17	.	.	PUNCT
cblr-9112	371	1	he	he	PRON
cblr-9112	371	2	asked	ask	VERB
cblr-9112	371	3	what	what	PRON
cblr-9112	371	4	would	would	AUX
cblr-9112	371	5	happen	happen	VERB
cblr-9112	371	6	if	if	SCONJ
cblr-9112	371	7	the	the	DET
cblr-9112	371	8	original	original	ADJ
cblr-9112	371	9	materials	material	NOUN
cblr-9112	371	10	were	be	AUX
cblr-9112	371	11	stored	store	VERB
cblr-9112	371	12	as	as	SCONJ
cblr-9112	371	13	they	they	PRON
cblr-9112	371	14	were	be	AUX
cblr-9112	371	15	replaced	replace	VERB
cblr-9112	371	16	and	and	CCONJ
cblr-9112	371	17	then	then	ADV
cblr-9112	371	18	,	,	PUNCT
cblr-9112	371	19	years	year	NOUN
cblr-9112	371	20	later	later	ADV
cblr-9112	371	21	,	,	PUNCT
cblr-9112	371	22	used	use	VERB
cblr-9112	371	23	to	to	PART
cblr-9112	371	24	build	build	VERB
cblr-9112	371	25	a	a	DET
cblr-9112	371	26	second	second	ADJ
cblr-9112	371	27	ship.109	ship.109	ADJ
cblr-9112	371	28	in	in	ADP
cblr-9112	371	29	that	that	DET
cblr-9112	371	30	case	case	NOUN
cblr-9112	371	31	,	,	PUNCT
cblr-9112	371	32	which	which	DET
cblr-9112	371	33	ship	ship	NOUN
cblr-9112	371	34	—	—	PUNCT
cblr-9112	371	35	the	the	DET
cblr-9112	371	36	first	first	ADJ
cblr-9112	371	37	or	or	CCONJ
cblr-9112	371	38	the	the	DET
cblr-9112	371	39	second	second	ADJ
cblr-9112	371	40	—	—	PUNCT
cblr-9112	371	41	would	would	AUX
cblr-9112	371	42	be	be	AUX
cblr-9112	371	43	theseus’s?110	theseus’s?110	PROPN
cblr-9112	371	44	theseus	theseus	NOUN
cblr-9112	371	45	’s	’s	PART
cblr-9112	371	46	story	story	NOUN
cblr-9112	371	47	helps	help	VERB
cblr-9112	371	48	frame	frame	VERB
cblr-9112	371	49	the	the	DET
cblr-9112	371	50	change	change	NOUN
cblr-9112	371	51	in	in	ADP
cblr-9112	371	52	today	today	NOUN
cblr-9112	371	53	’s	’s	PART
cblr-9112	371	54	capital	capital	NOUN
cblr-9112	371	55	markets	market	NOUN
cblr-9112	371	56	.	.	PUNCT
cblr-9112	372	1	recall	recall	VERB
cblr-9112	372	2	that	that	SCONJ
cblr-9112	372	3	the	the	DET
cblr-9112	372	4	securities	security	NOUN
cblr-9112	372	5	act	act	NOUN
cblr-9112	372	6	was	be	AUX
cblr-9112	372	7	drafted	draft	VERB
cblr-9112	372	8	when	when	SCONJ
cblr-9112	372	9	investing	invest	VERB
cblr-9112	372	10	typically	typically	ADV
cblr-9112	372	11	involved	involve	VERB
cblr-9112	372	12	an	an	DET
cblr-9112	372	13	assessment	assessment	NOUN
cblr-9112	372	14	of	of	ADP
cblr-9112	372	15	each	each	DET
cblr-9112	372	16	security	security	NOUN
cblr-9112	372	17	and	and	CCONJ
cblr-9112	372	18	issuer,111	issuer,111	PROPN
cblr-9112	372	19	and	and	CCONJ
cblr-9112	372	20	measuring	measure	VERB
cblr-9112	372	21	and	and	CCONJ
cblr-9112	372	22	managing	manage	VERB
cblr-9112	372	23	risk	risk	NOUN
cblr-9112	372	24	through	through	ADP
cblr-9112	372	25	diversification	diversification	NOUN
cblr-9112	372	26	was	be	AUX
cblr-9112	372	27	in	in	ADP
cblr-9112	372	28	its	its	PRON
cblr-9112	372	29	infancy.112	infancy.112	ADJ
cblr-9112	372	30	investing	investing	NOUN
cblr-9112	372	31	,	,	PUNCT
cblr-9112	372	32	however	however	ADV
cblr-9112	372	33	,	,	PUNCT
cblr-9112	372	34	has	have	AUX
cblr-9112	372	35	evolved	evolve	VERB
cblr-9112	372	36	since	since	SCONJ
cblr-9112	372	37	the	the	DET
cblr-9112	372	38	1930s.113	1930s.113	NUM
cblr-9112	372	39	institutions	institution	NOUN
cblr-9112	372	40	now	now	ADV
cblr-9112	372	41	manage	manage	VERB
cblr-9112	372	42	investment	investment	NOUN
cblr-9112	372	43	activity	activity	NOUN
cblr-9112	372	44	based	base	VERB
cblr-9112	372	45	on	on	ADP
cblr-9112	372	46	aggregate	aggregate	ADJ
cblr-9112	372	47	risks	risk	NOUN
cblr-9112	372	48	and	and	CCONJ
cblr-9112	372	49	returns.114	returns.114	NOUN
cblr-9112	372	50	to	to	PART
cblr-9112	372	51	increase	increase	VERB
cblr-9112	372	52	returns	return	NOUN
cblr-9112	372	53	,	,	PUNCT
cblr-9112	372	54	an	an	DET
cblr-9112	372	55	investor	investor	NOUN
cblr-9112	372	56	is	be	AUX
cblr-9112	372	57	more	more	ADV
cblr-9112	372	58	likely	likely	ADJ
cblr-9112	372	59	to	to	PART
cblr-9112	372	60	manage	manage	VERB
cblr-9112	372	61	the	the	DET
cblr-9112	372	62	risk	risk	NOUN
cblr-9112	372	63	of	of	ADP
cblr-9112	372	64	her	her	PRON
cblr-9112	372	65	entire	entire	ADJ
cblr-9112	372	66	portfolio	portfolio	NOUN
cblr-9112	372	67	,	,	PUNCT
cblr-9112	372	68	not	not	PART
cblr-9112	372	69	just	just	ADV
cblr-9112	372	70	the	the	DET
cblr-9112	372	71	returns	return	NOUN
cblr-9112	372	72	on	on	ADP
cblr-9112	372	73	an	an	DET
cblr-9112	372	74	individual	individual	ADJ
cblr-9112	372	75	stock	stock	NOUN
cblr-9112	372	76	or	or	CCONJ
cblr-9112	372	77	bond	bond	NOUN
cblr-9112	372	78	.	.	PUNCT
cblr-9112	373	1	she	she	PRON
cblr-9112	373	2	can	can	AUX
cblr-9112	373	3	adjust	adjust	VERB
cblr-9112	373	4	portfolio	portfolio	NOUN
cblr-9112	373	5	risk	risk	NOUN
cblr-9112	373	6	and	and	CCONJ
cblr-9112	373	7	return	return	VERB
cblr-9112	373	8	by	by	ADP
cblr-9112	373	9	buying	buy	VERB
cblr-9112	373	10	and	and	CCONJ
cblr-9112	373	11	selling	sell	VERB
cblr-9112	373	12	securities	security	NOUN
cblr-9112	373	13	or	or	CCONJ
cblr-9112	373	14	,	,	PUNCT
cblr-9112	373	15	more	more	ADV
cblr-9112	373	16	recently	recently	ADV
cblr-9112	373	17	,	,	PUNCT
cblr-9112	373	18	by	by	ADP
cblr-9112	373	19	trading	trade	VERB
cblr-9112	373	20	more	more	ADV
cblr-9112	373	21	-	-	PUNCT
cblr-9112	373	22	targeted	target	VERB
cblr-9112	373	23	instruments	instrument	NOUN
cblr-9112	373	24	that	that	PRON
cblr-9112	373	25	permit	permit	VERB
cblr-9112	373	26	her	she	PRON
cblr-9112	373	27	to	to	PART
cblr-9112	373	28	transfer	transfer	VERB
cblr-9112	373	29	some	some	PRON
cblr-9112	373	30	or	or	CCONJ
cblr-9112	373	31	all	all	PRON
cblr-9112	373	32	of	of	ADP
cblr-9112	373	33	the	the	DET
cblr-9112	373	34	discrete	discrete	ADJ
cblr-9112	373	35	risks	risk	NOUN
cblr-9112	373	36	that	that	PRON
cblr-9112	373	37	comprise	comprise	VERB
cblr-9112	373	38	a	a	DET
cblr-9112	373	39	security	security	NOUN
cblr-9112	373	40	without	without	ADP
cblr-9112	373	41	transferring	transfer	VERB
cblr-9112	373	42	the	the	DET
cblr-9112	373	43	security	security	NOUN
cblr-9112	373	44	itself.115	itself.115	PROPN
cblr-9112	373	45	stated	state	VERB
cblr-9112	373	46	106	106	NUM
cblr-9112	374	1	i	i	PRON
cblr-9112	374	2	d.	d.	NOUN
cblr-9112	374	3	at	at	ADP
cblr-9112	374	4	49	49	NUM
cblr-9112	374	5	.	.	PUNCT
cblr-9112	375	1	107	107	NUM
cblr-9112	376	1	i	i	PRON
cblr-9112	376	2	d.	d.	PROPN
cblr-9112	376	3	108	108	NUM
cblr-9112	377	1	i	i	PRON
cblr-9112	377	2	d.	d.	PROPN
cblr-9112	377	3	109	109	NUM
cblr-9112	377	4	robert	robert	PROPN
cblr-9112	377	5	m.	m.	PROPN
cblr-9112	377	6	chisholm	chisholm	PROPN
cblr-9112	377	7	,	,	PUNCT
cblr-9112	377	8	person	person	NOUN
cblr-9112	377	9	and	and	CCONJ
cblr-9112	377	10	object	object	VERB
cblr-9112	377	11	:	:	PUNCT
cblr-9112	377	12	a	a	DET
cblr-9112	377	13	metaphysical	metaphysical	ADJ
cblr-9112	377	14	study	study	NOUN
cblr-9112	377	15	89–90	89–90	NUM
cblr-9112	377	16	(	(	PUNCT
cblr-9112	377	17	routledge	routledge	PROPN
cblr-9112	377	18	,	,	PUNCT
cblr-9112	377	19	2013	2013	NUM
cblr-9112	377	20	)	)	PUNCT
cblr-9112	377	21	(	(	PUNCT
cblr-9112	377	22	quoting	quote	VERB
cblr-9112	377	23	thomas	thomas	PROPN
cblr-9112	377	24	hobbes	hobbe	NOUN
cblr-9112	377	25	,	,	PUNCT
cblr-9112	377	26	elements	element	NOUN
cblr-9112	377	27	of	of	ADP
cblr-9112	377	28	philosophy	philosophy	NOUN
cblr-9112	377	29	,	,	PUNCT
cblr-9112	377	30	the	the	DET
cblr-9112	377	31	first	first	ADJ
cblr-9112	377	32	section	section	NOUN
cblr-9112	377	33	,	,	PUNCT
cblr-9112	377	34	concerning	concern	VERB
cblr-9112	377	35	body	body	NOUN
cblr-9112	377	36	100	100	NUM
cblr-9112	377	37	(	(	PUNCT
cblr-9112	377	38	1656	1656	NUM
cblr-9112	377	39	)	)	PUNCT
cblr-9112	377	40	)	)	PUNCT
cblr-9112	377	41	.	.	PUNCT
cblr-9112	378	1	110	110	NUM
cblr-9112	378	2	i	i	PRON
cblr-9112	378	3	d.	d.	PROPN
cblr-9112	378	4	111	111	NUM
cblr-9112	378	5	see	see	VERB
cblr-9112	378	6	supra	supra	PROPN
cblr-9112	378	7	note	note	NOUN
cblr-9112	378	8	20	20	NUM
cblr-9112	378	9	and	and	CCONJ
cblr-9112	378	10	accompanying	accompany	VERB
cblr-9112	378	11	text	text	NOUN
cblr-9112	378	12	.	.	PUNCT
cblr-9112	379	1	112	112	NUM
cblr-9112	379	2	see	see	VERB
cblr-9112	379	3	supra	supra	PROPN
cblr-9112	379	4	notes	note	VERB
cblr-9112	379	5	7–8	7–8	NUM
cblr-9112	379	6	and	and	CCONJ
cblr-9112	379	7	accompanying	accompany	VERB
cblr-9112	379	8	text	text	NOUN
cblr-9112	379	9	.	.	PUNCT
cblr-9112	380	1	113	113	NUM
cblr-9112	380	2	see	see	VERB
cblr-9112	380	3	supra	supra	PROPN
cblr-9112	380	4	part	part	PROPN
cblr-9112	380	5	ii	ii	PROPN
cblr-9112	380	6	.	.	PROPN
cblr-9112	380	7	114	114	NUM
cblr-9112	380	8	see	see	VERB
cblr-9112	380	9	supra	supra	PROPN
cblr-9112	380	10	note	note	PROPN
cblr-9112	380	11	34	34	NUM
cblr-9112	380	12	and	and	CCONJ
cblr-9112	380	13	accompanying	accompany	VERB
cblr-9112	380	14	text	text	NOUN
cblr-9112	380	15	.	.	PUNCT
cblr-9112	381	1	115	115	NUM
cblr-9112	381	2	see	see	VERB
cblr-9112	381	3	supra	supra	PROPN
cblr-9112	381	4	part	part	PROPN
cblr-9112	381	5	ii	ii	PROPN
cblr-9112	381	6	.	.	PROPN
cblr-9112	381	7	http://en.wikipedia.org/wiki/thomas_hobbes	http://en.wikipedia.org/wiki/thomas_hobbes	PROPN
cblr-9112	381	8	1422	1422	NUM
cblr-9112	381	9	columbia	columbia	PROPN
cblr-9112	381	10	business	business	NOUN
cblr-9112	381	11	law	law	PROPN
cblr-9112	381	12	review	review	NOUN
cblr-9112	381	13	[	[	X
cblr-9112	381	14	vol	vol	NOUN
cblr-9112	381	15	.	.	PUNCT
cblr-9112	381	16	2021	2021	NUM
cblr-9112	381	17	differently	differently	ADV
cblr-9112	381	18	,	,	PUNCT
cblr-9112	381	19	an	an	DET
cblr-9112	381	20	investor	investor	NOUN
cblr-9112	381	21	today	today	NOUN
cblr-9112	381	22	is	be	AUX
cblr-9112	381	23	less	less	ADV
cblr-9112	381	24	concerned	concerned	ADJ
cblr-9112	381	25	with	with	ADP
cblr-9112	381	26	the	the	DET
cblr-9112	381	27	merits	merit	NOUN
cblr-9112	381	28	of	of	ADP
cblr-9112	381	29	an	an	DET
cblr-9112	381	30	individual	individual	ADJ
cblr-9112	381	31	security	security	NOUN
cblr-9112	381	32	—	—	PUNCT
cblr-9112	381	33	the	the	DET
cblr-9112	381	34	“	"	PUNCT
cblr-9112	381	35	ship	ship	NOUN
cblr-9112	381	36	”	"	PUNCT
cblr-9112	381	37	in	in	ADP
cblr-9112	381	38	plutarch	plutarch	PROPN
cblr-9112	381	39	’s	’s	PART
cblr-9112	381	40	story	story	NOUN
cblr-9112	381	41	—	—	PUNCT
cblr-9112	381	42	and	and	CCONJ
cblr-9112	381	43	more	more	ADV
cblr-9112	381	44	concerned	concerned	ADJ
cblr-9112	381	45	with	with	ADP
cblr-9112	381	46	managing	manage	VERB
cblr-9112	381	47	the	the	DET
cblr-9112	381	48	risks	risk	NOUN
cblr-9112	381	49	comprising	comprise	VERB
cblr-9112	381	50	that	that	DET
cblr-9112	381	51	security	security	NOUN
cblr-9112	381	52	—	—	PUNCT
cblr-9112	381	53	the	the	DET
cblr-9112	381	54	“	"	PUNCT
cblr-9112	381	55	planks	plank	NOUN
cblr-9112	381	56	.	.	PUNCT
cblr-9112	381	57	”	"	PUNCT
cblr-9112	382	1	the	the	DET
cblr-9112	382	2	question	question	NOUN
cblr-9112	382	3	is	be	AUX
cblr-9112	382	4	whether	whether	SCONJ
cblr-9112	382	5	(	(	PUNCT
cblr-9112	382	6	if	if	SCONJ
cblr-9112	382	7	at	at	ADV
cblr-9112	382	8	all	all	ADV
cblr-9112	382	9	)	)	PUNCT
cblr-9112	382	10	to	to	PART
cblr-9112	382	11	address	address	VERB
cblr-9112	382	12	that	that	DET
cblr-9112	382	13	change	change	NOUN
cblr-9112	382	14	in	in	ADP
cblr-9112	382	15	the	the	DET
cblr-9112	382	16	securities	security	NOUN
cblr-9112	382	17	act	act	PROPN
cblr-9112	382	18	.	.	PUNCT
cblr-9112	383	1	b.	b.	PROPN
cblr-9112	383	2	distributing	distribute	VERB
cblr-9112	383	3	risk	risk	NOUN
cblr-9112	383	4	the	the	DET
cblr-9112	383	5	tension	tension	NOUN
cblr-9112	383	6	between	between	ADP
cblr-9112	383	7	“	"	PUNCT
cblr-9112	383	8	ships	ship	NOUN
cblr-9112	383	9	”	"	PUNCT
cblr-9112	383	10	and	and	CCONJ
cblr-9112	383	11	“	"	PUNCT
cblr-9112	383	12	planks	plank	NOUN
cblr-9112	383	13	”	"	PUNCT
cblr-9112	383	14	was	be	AUX
cblr-9112	383	15	highlighted	highlight	VERB
cblr-9112	383	16	in	in	ADP
cblr-9112	383	17	a	a	DET
cblr-9112	383	18	series	series	NOUN
cblr-9112	383	19	of	of	ADP
cblr-9112	383	20	sec	sec	PROPN
cblr-9112	383	21	actions	action	NOUN
cblr-9112	383	22	brought	bring	VERB
cblr-9112	383	23	against	against	ADP
cblr-9112	383	24	short	short	ADJ
cblr-9112	383	25	sellers	seller	NOUN
cblr-9112	383	26	in	in	ADP
cblr-9112	383	27	2008	2008	NUM
cblr-9112	383	28	.	.	PUNCT
cblr-9112	384	1	in	in	ADP
cblr-9112	384	2	general	general	ADJ
cblr-9112	384	3	,	,	PUNCT
cblr-9112	384	4	under	under	ADP
cblr-9112	384	5	the	the	DET
cblr-9112	384	6	securities	security	NOUN
cblr-9112	384	7	act	act	PROPN
cblr-9112	384	8	,	,	PUNCT
cblr-9112	384	9	every	every	DET
cblr-9112	384	10	sale	sale	NOUN
cblr-9112	384	11	of	of	ADP
cblr-9112	384	12	a	a	DET
cblr-9112	384	13	security	security	NOUN
cblr-9112	384	14	in	in	ADP
cblr-9112	384	15	the	the	DET
cblr-9112	384	16	united	united	PROPN
cblr-9112	384	17	states	states	PROPN
cblr-9112	384	18	must	must	AUX
cblr-9112	384	19	be	be	AUX
cblr-9112	384	20	registered	register	VERB
cblr-9112	384	21	with	with	ADP
cblr-9112	384	22	the	the	DET
cblr-9112	384	23	sec	sec	PROPN
cblr-9112	384	24	or	or	CCONJ
cblr-9112	384	25	exempt	exempt	ADJ
cblr-9112	384	26	from	from	ADP
cblr-9112	384	27	registration.116	registration.116	PROPN
cblr-9112	384	28	the	the	DET
cblr-9112	384	29	securities	security	NOUN
cblr-9112	384	30	act	act	NOUN
cblr-9112	384	31	does	do	AUX
cblr-9112	384	32	not	not	PART
cblr-9112	384	33	provide	provide	VERB
cblr-9112	384	34	a	a	DET
cblr-9112	384	35	transactional	transactional	ADJ
cblr-9112	384	36	exemption	exemption	NOUN
cblr-9112	384	37	for	for	ADP
cblr-9112	384	38	the	the	DET
cblr-9112	384	39	offer	offer	NOUN
cblr-9112	384	40	or	or	CCONJ
cblr-9112	384	41	sale	sale	NOUN
cblr-9112	384	42	of	of	ADP
cblr-9112	384	43	a	a	DET
cblr-9112	384	44	security	security	NOUN
cblr-9112	384	45	by	by	ADP
cblr-9112	384	46	an	an	DET
cblr-9112	384	47	“	"	PUNCT
cblr-9112	384	48	underwriter	underwriter	NOUN
cblr-9112	384	49	.	.	PUNCT
cblr-9112	384	50	”117	”117	PUNCT
cblr-9112	385	1	therefore	therefore	ADV
cblr-9112	385	2	,	,	PUNCT
cblr-9112	385	3	whether	whether	SCONJ
cblr-9112	385	4	or	or	CCONJ
cblr-9112	385	5	not	not	PART
cblr-9112	385	6	a	a	DET
cblr-9112	385	7	transaction	transaction	NOUN
cblr-9112	385	8	is	be	AUX
cblr-9112	385	9	by	by	ADP
cblr-9112	385	10	an	an	DET
cblr-9112	385	11	underwriter	underwriter	NOUN
cblr-9112	385	12	is	be	AUX
cblr-9112	385	13	critical	critical	ADJ
cblr-9112	385	14	in	in	ADP
cblr-9112	385	15	determining	determine	VERB
cblr-9112	385	16	whether	whether	SCONJ
cblr-9112	385	17	sec	sec	PROPN
cblr-9112	385	18	registration	registration	NOUN
cblr-9112	385	19	is	be	AUX
cblr-9112	385	20	required	require	VERB
cblr-9112	385	21	.	.	PUNCT
cblr-9112	386	1	the	the	DET
cblr-9112	386	2	term	term	NOUN
cblr-9112	386	3	“	"	PUNCT
cblr-9112	386	4	underwriter	underwriter	NOUN
cblr-9112	386	5	”	"	PUNCT
cblr-9112	386	6	includes	include	VERB
cblr-9112	386	7	“	"	PUNCT
cblr-9112	386	8	any	any	DET
cblr-9112	386	9	person	person	NOUN
cblr-9112	386	10	who	who	PRON
cblr-9112	386	11	has	have	AUX
cblr-9112	386	12	purchased	purchase	VERB
cblr-9112	386	13	[	[	X
cblr-9112	386	14	securities	security	NOUN
cblr-9112	386	15	]	]	PUNCT
cblr-9112	386	16	from	from	ADP
cblr-9112	386	17	an	an	DET
cblr-9112	386	18	issuer	issuer	NOUN
cblr-9112	386	19	with	with	ADP
cblr-9112	386	20	a	a	DET
cblr-9112	386	21	view	view	NOUN
cblr-9112	386	22	to	to	ADP
cblr-9112	386	23	.	.	PUNCT
cblr-9112	386	24	.	.	PUNCT
cblr-9112	386	25	.	.	PUNCT
cblr-9112	387	1	the	the	DET
cblr-9112	387	2	distribution	distribution	NOUN
cblr-9112	387	3	of	of	ADP
cblr-9112	387	4	”	"	PUNCT
cblr-9112	387	5	those	those	DET
cblr-9112	387	6	securities.118	securities.118	NOUN
cblr-9112	387	7	“	"	PUNCT
cblr-9112	387	8	distribution	distribution	NOUN
cblr-9112	387	9	,	,	PUNCT
cblr-9112	387	10	”	"	PUNCT
cblr-9112	387	11	however	however	ADV
cblr-9112	387	12	,	,	PUNCT
cblr-9112	387	13	is	be	AUX
cblr-9112	387	14	not	not	PART
cblr-9112	387	15	defined	define	VERB
cblr-9112	387	16	in	in	ADP
cblr-9112	387	17	the	the	DET
cblr-9112	387	18	securities	security	NOUN
cblr-9112	387	19	act,119	act,119	PROPN
cblr-9112	387	20	although	although	SCONJ
cblr-9112	387	21	it	it	PRON
cblr-9112	387	22	is	be	AUX
cblr-9112	387	23	understood	understand	VERB
cblr-9112	387	24	to	to	PART
cblr-9112	387	25	be	be	AUX
cblr-9112	387	26	analogous	analogous	ADJ
cblr-9112	387	27	to	to	ADP
cblr-9112	387	28	116	116	NUM
cblr-9112	387	29	coffee	coffee	NOUN
cblr-9112	387	30	,	,	PUNCT
cblr-9112	387	31	sale	sale	NOUN
cblr-9112	387	32	&	&	CCONJ
cblr-9112	387	33	whitehead	whitehead	PROPN
cblr-9112	387	34	,	,	PUNCT
cblr-9112	387	35	supra	supra	PROPN
cblr-9112	387	36	note	note	PROPN
cblr-9112	387	37	15	15	NUM
cblr-9112	387	38	,	,	PUNCT
cblr-9112	387	39	at	at	ADP
cblr-9112	387	40	93–94	93–94	NUM
cblr-9112	387	41	.	.	PUNCT
cblr-9112	388	1	the	the	DET
cblr-9112	388	2	sale	sale	NOUN
cblr-9112	388	3	must	must	AUX
cblr-9112	388	4	be	be	AUX
cblr-9112	388	5	by	by	ADP
cblr-9112	388	6	“	"	PUNCT
cblr-9112	388	7	means	mean	NOUN
cblr-9112	388	8	or	or	CCONJ
cblr-9112	388	9	instruments	instrument	NOUN
cblr-9112	388	10	of	of	ADP
cblr-9112	388	11	transportation	transportation	NOUN
cblr-9112	388	12	or	or	CCONJ
cblr-9112	388	13	communication	communication	NOUN
cblr-9112	388	14	in	in	ADP
cblr-9112	388	15	interstate	interstate	ADJ
cblr-9112	388	16	commerce	commerce	NOUN
cblr-9112	388	17	or	or	CCONJ
cblr-9112	388	18	of	of	ADP
cblr-9112	388	19	the	the	DET
cblr-9112	388	20	mails	mail	NOUN
cblr-9112	388	21	.	.	PUNCT
cblr-9112	388	22	”	"	PUNCT
cblr-9112	389	1	securities	security	NOUN
cblr-9112	389	2	act	act	NOUN
cblr-9112	389	3	of	of	ADP
cblr-9112	389	4	1933	1933	NUM
cblr-9112	389	5	§	§	PROPN
cblr-9112	389	6	5(a)(1	5(a)(1	NUM
cblr-9112	389	7	)	)	PUNCT
cblr-9112	389	8	,	,	PUNCT
cblr-9112	389	9	15	15	NUM
cblr-9112	389	10	u.s.c	u.s.c	ADJ
cblr-9112	389	11	.	.	PUNCT
cblr-9112	390	1	§	§	PROPN
cblr-9112	390	2	77e(a)(1	77e(a)(1	NUM
cblr-9112	390	3	)	)	PUNCT
cblr-9112	390	4	(	(	PUNCT
cblr-9112	390	5	2018	2018	NUM
cblr-9112	390	6	)	)	PUNCT
cblr-9112	390	7	.	.	PUNCT
cblr-9112	391	1	117	117	NUM
cblr-9112	391	2	see	see	VERB
cblr-9112	391	3	securities	security	NOUN
cblr-9112	391	4	act	act	NOUN
cblr-9112	391	5	of	of	ADP
cblr-9112	391	6	1933	1933	NUM
cblr-9112	391	7	§	§	PROPN
cblr-9112	391	8	4(a)(1	4(a)(1	NUM
cblr-9112	391	9	)	)	PUNCT
cblr-9112	391	10	,	,	PUNCT
cblr-9112	391	11	15	15	NUM
cblr-9112	391	12	u.s.c	u.s.c	ADJ
cblr-9112	391	13	.	.	PUNCT
cblr-9112	392	1	§	§	PROPN
cblr-9112	392	2	77d(a)(1	77d(a)(1	NOUN
cblr-9112	392	3	)	)	PUNCT
cblr-9112	392	4	.	.	PUNCT
cblr-9112	393	1	118	118	NUM
cblr-9112	393	2	securities	security	NOUN
cblr-9112	393	3	act	act	NOUN
cblr-9112	393	4	of	of	ADP
cblr-9112	393	5	1933	1933	NUM
cblr-9112	393	6	§	§	PROPN
cblr-9112	393	7	2(a)(11	2(a)(11	NUM
cblr-9112	393	8	)	)	PUNCT
cblr-9112	393	9	,	,	PUNCT
cblr-9112	393	10	15	15	NUM
cblr-9112	393	11	u.s.c	u.s.c	ADJ
cblr-9112	393	12	.	.	PUNCT
cblr-9112	394	1	§	§	PROPN
cblr-9112	394	2	77b(a)(11	77b(a)(11	NUM
cblr-9112	394	3	)	)	PUNCT
cblr-9112	394	4	.	.	PUNCT
cblr-9112	395	1	an	an	DET
cblr-9112	395	2	“	"	PUNCT
cblr-9112	395	3	underwriter	underwriter	NOUN
cblr-9112	395	4	”	"	PUNCT
cblr-9112	395	5	is	be	AUX
cblr-9112	395	6	also	also	ADV
cblr-9112	395	7	defined	define	VERB
cblr-9112	395	8	as	as	ADP
cblr-9112	395	9	“	"	PUNCT
cblr-9112	395	10	any	any	DET
cblr-9112	395	11	person	person	NOUN
cblr-9112	395	12	who	who	PRON
cblr-9112	395	13	.	.	PUNCT
cblr-9112	395	14	.	.	PUNCT
cblr-9112	395	15	.	.	PUNCT
cblr-9112	396	1	offers	offer	VERB
cblr-9112	396	2	or	or	CCONJ
cblr-9112	396	3	sells	sell	VERB
cblr-9112	396	4	for	for	ADP
cblr-9112	396	5	an	an	DET
cblr-9112	396	6	issuer	issuer	NOUN
cblr-9112	396	7	in	in	ADP
cblr-9112	396	8	connection	connection	NOUN
cblr-9112	396	9	with	with	ADP
cblr-9112	396	10	[	[	X
cblr-9112	396	11	a	a	X
cblr-9112	396	12	]	]	X
cblr-9112	396	13	distribution	distribution	NOUN
cblr-9112	396	14	.	.	PUNCT
cblr-9112	396	15	.	.	PUNCT
cblr-9112	397	1	.	.	PUNCT
cblr-9112	398	1	or	or	CCONJ
cblr-9112	398	2	participates	participate	VERB
cblr-9112	398	3	or	or	CCONJ
cblr-9112	398	4	has	have	VERB
cblr-9112	398	5	a	a	DET
cblr-9112	398	6	direct	direct	ADJ
cblr-9112	398	7	or	or	CCONJ
cblr-9112	398	8	indirect	indirect	ADJ
cblr-9112	398	9	participation	participation	NOUN
cblr-9112	398	10	in	in	ADP
cblr-9112	398	11	any	any	DET
cblr-9112	398	12	[	[	NOUN
cblr-9112	398	13	distribution	distribution	NOUN
cblr-9112	398	14	]	]	PUNCT
cblr-9112	398	15	;	;	PUNCT
cblr-9112	398	16	”	"	PUNCT
cblr-9112	398	17	or	or	CCONJ
cblr-9112	398	18	“	"	PUNCT
cblr-9112	398	19	any	any	DET
cblr-9112	398	20	person	person	NOUN
cblr-9112	398	21	who	who	PRON
cblr-9112	398	22	.	.	PUNCT
cblr-9112	398	23	.	.	PUNCT
cblr-9112	399	1	.	.	PUNCT
cblr-9112	400	1	participates	participate	VERB
cblr-9112	400	2	or	or	CCONJ
cblr-9112	400	3	has	have	VERB
cblr-9112	400	4	a	a	DET
cblr-9112	400	5	participation	participation	NOUN
cblr-9112	400	6	in	in	ADP
cblr-9112	400	7	the	the	DET
cblr-9112	400	8	direct	direct	ADJ
cblr-9112	400	9	or	or	CCONJ
cblr-9112	400	10	indirect	indirect	ADJ
cblr-9112	400	11	underwriting	underwriting	NOUN
cblr-9112	400	12	of	of	ADP
cblr-9112	400	13	any	any	PRON
cblr-9112	400	14	[	[	NOUN
cblr-9112	400	15	distribution	distribution	NOUN
cblr-9112	400	16	]	]	PUNCT
cblr-9112	400	17	.	.	PUNCT
cblr-9112	400	18	”	"	PUNCT
cblr-9112	401	1	i	i	PRON
cblr-9112	401	2	d.	d.	PROPN
cblr-9112	401	3	119	119	NUM
cblr-9112	401	4	see	see	VERB
cblr-9112	401	5	securities	security	NOUN
cblr-9112	401	6	act	act	NOUN
cblr-9112	401	7	of	of	ADP
cblr-9112	401	8	1933	1933	NUM
cblr-9112	401	9	§	§	PROPN
cblr-9112	401	10	2	2	NUM
cblr-9112	401	11	,	,	PUNCT
cblr-9112	401	12	15	15	NUM
cblr-9112	401	13	u.s.c	u.s.c	ADJ
cblr-9112	401	14	.	.	PUNCT
cblr-9112	402	1	§	§	PROPN
cblr-9112	402	2	77b	77b	NUM
cblr-9112	402	3	.	.	PUNCT
cblr-9112	403	1	no	no	INTJ
cblr-9112	403	2	.	.	NOUN
cblr-9112	404	1	3:1396	3:1396	NUM
cblr-9112	404	2	]	]	PUNCT
cblr-9112	404	3	risky	risky	ADJ
cblr-9112	404	4	business	business	NOUN
cblr-9112	404	5	1423	1423	NUM
cblr-9112	404	6	“	"	PUNCT
cblr-9112	404	7	public	public	ADJ
cblr-9112	404	8	offering,”120	offering,”120	ADV
cblr-9112	404	9	as	as	SCONJ
cblr-9112	404	10	that	that	DET
cblr-9112	404	11	term	term	NOUN
cblr-9112	404	12	is	be	AUX
cblr-9112	404	13	interpreted	interpret	VERB
cblr-9112	404	14	in	in	ADP
cblr-9112	404	15	the	the	DET
cblr-9112	404	16	securities	security	NOUN
cblr-9112	404	17	act	act	PROPN
cblr-9112	404	18	’s	’s	PART
cblr-9112	404	19	private	private	ADJ
cblr-9112	404	20	placement	placement	NOUN
cblr-9112	404	21	exemption.121	exemption.121	VERB
cblr-9112	404	22	the	the	DET
cblr-9112	404	23	sec	sec	PROPN
cblr-9112	404	24	has	have	AUX
cblr-9112	404	25	struggled	struggle	VERB
cblr-9112	404	26	to	to	PART
cblr-9112	404	27	apply	apply	VERB
cblr-9112	404	28	these	these	DET
cblr-9112	404	29	underwriter	underwriter	NOUN
cblr-9112	404	30	requirements	requirement	NOUN
cblr-9112	404	31	to	to	ADP
cblr-9112	404	32	funds	fund	NOUN
cblr-9112	404	33	that	that	DET
cblr-9112	404	34	transact	transact	NOUN
cblr-9112	404	35	in	in	ADP
cblr-9112	404	36	the	the	DET
cblr-9112	404	37	risk	risk	NOUN
cblr-9112	404	38	associated	associate	VERB
cblr-9112	404	39	with	with	ADP
cblr-9112	404	40	securities	security	NOUN
cblr-9112	404	41	,	,	PUNCT
cblr-9112	404	42	rather	rather	ADV
cblr-9112	404	43	than	than	ADP
cblr-9112	404	44	the	the	DET
cblr-9112	404	45	securities	security	NOUN
cblr-9112	404	46	themselves	themselves	PRON
cblr-9112	404	47	.	.	PUNCT
cblr-9112	405	1	consider	consider	VERB
cblr-9112	405	2	a	a	DET
cblr-9112	405	3	series	series	NOUN
cblr-9112	405	4	of	of	ADP
cblr-9112	405	5	sec	sec	PROPN
cblr-9112	405	6	actions	action	NOUN
cblr-9112	405	7	in	in	ADP
cblr-9112	405	8	which	which	PRON
cblr-9112	405	9	a	a	DET
cblr-9112	405	10	short	short	ADJ
cblr-9112	405	11	sale	sale	NOUN
cblr-9112	405	12	of	of	ADP
cblr-9112	405	13	publicly	publicly	ADV
cblr-9112	405	14	-	-	PUNCT
cblr-9112	405	15	traded	trade	VERB
cblr-9112	405	16	shares	share	NOUN
cblr-9112	405	17	took	take	VERB
cblr-9112	405	18	place	place	NOUN
cblr-9112	405	19	contemporaneously	contemporaneously	ADV
cblr-9112	405	20	with	with	ADP
cblr-9112	405	21	the	the	DET
cblr-9112	405	22	short	short	ADJ
cblr-9112	405	23	seller	seller	NOUN
cblr-9112	405	24	purchasing	purchase	VERB
cblr-9112	405	25	an	an	DET
cblr-9112	405	26	equal	equal	ADJ
cblr-9112	405	27	number	number	NOUN
cblr-9112	405	28	of	of	ADP
cblr-9112	405	29	restricted	restricted	ADJ
cblr-9112	405	30	shares	share	NOUN
cblr-9112	405	31	in	in	ADP
cblr-9112	405	32	a	a	DET
cblr-9112	405	33	private	private	ADJ
cblr-9112	405	34	placement	placement	NOUN
cblr-9112	405	35	by	by	ADP
cblr-9112	405	36	the	the	DET
cblr-9112	405	37	issuer.122	issuer.122	NOUN
cblr-9112	405	38	a	a	DET
cblr-9112	405	39	simplified	simplified	ADJ
cblr-9112	405	40	version	version	NOUN
cblr-9112	405	41	of	of	ADP
cblr-9112	405	42	these	these	DET
cblr-9112	405	43	facts	fact	NOUN
cblr-9112	405	44	appears	appear	VERB
cblr-9112	405	45	in	in	ADP
cblr-9112	405	46	figure	figure	NOUN
cblr-9112	405	47	1	1	NUM
cblr-9112	405	48	below	below	ADV
cblr-9112	405	49	.	.	PUNCT
cblr-9112	406	1	“	"	PUNCT
cblr-9112	406	2	issuer	issuer	NOUN
cblr-9112	406	3	”	"	PUNCT
cblr-9112	406	4	is	be	AUX
cblr-9112	406	5	a	a	DET
cblr-9112	406	6	public	public	ADJ
cblr-9112	406	7	company	company	NOUN
cblr-9112	406	8	whose	whose	DET
cblr-9112	406	9	outstanding	outstanding	ADJ
cblr-9112	406	10	shares	share	NOUN
cblr-9112	406	11	trade	trade	VERB
cblr-9112	406	12	freely	freely	ADV
cblr-9112	406	13	on	on	ADP
cblr-9112	406	14	the	the	DET
cblr-9112	406	15	stock	stock	NOUN
cblr-9112	406	16	exchange	exchange	NOUN
cblr-9112	406	17	,	,	PUNCT
cblr-9112	406	18	and	and	CCONJ
cblr-9112	406	19	“	"	PUNCT
cblr-9112	406	20	fund	fund	NOUN
cblr-9112	406	21	”	"	PUNCT
cblr-9112	406	22	is	be	AUX
cblr-9112	406	23	a	a	DET
cblr-9112	406	24	hedge	hedge	NOUN
cblr-9112	406	25	fund	fund	NOUN
cblr-9112	406	26	that	that	PRON
cblr-9112	406	27	invests	invest	VERB
cblr-9112	406	28	in	in	ADP
cblr-9112	406	29	common	common	ADJ
cblr-9112	406	30	stock.123	stock.123	NOUN
cblr-9112	406	31	in	in	ADP
cblr-9112	406	32	(	(	PUNCT
cblr-9112	406	33	1	1	NUM
cblr-9112	406	34	)	)	PUNCT
cblr-9112	406	35	,	,	PUNCT
cblr-9112	406	36	issuer	issuer	NOUN
cblr-9112	406	37	privately	privately	ADV
cblr-9112	406	38	issues	issue	NOUN
cblr-9112	406	39	restricted	restrict	VERB
cblr-9112	406	40	shares	share	NOUN
cblr-9112	406	41	to	to	ADP
cblr-9112	406	42	fund	fund	NOUN
cblr-9112	406	43	.	.	PUNCT
cblr-9112	407	1	fund	fund	PROPN
cblr-9112	407	2	can	can	AUX
cblr-9112	407	3	not	not	PART
cblr-9112	407	4	resell	resell	VERB
cblr-9112	407	5	the	the	DET
cblr-9112	407	6	restricted	restricted	ADJ
cblr-9112	407	7	shares	share	NOUN
cblr-9112	407	8	on	on	ADP
cblr-9112	407	9	the	the	DET
cblr-9112	407	10	stock	stock	NOUN
cblr-9112	407	11	exchange	exchange	NOUN
cblr-9112	407	12	unless	unless	SCONJ
cblr-9112	407	13	an	an	DET
cblr-9112	407	14	exemption	exemption	NOUN
cblr-9112	407	15	from	from	ADP
cblr-9112	407	16	sec	sec	PROPN
cblr-9112	407	17	registration	registration	NOUN
cblr-9112	407	18	is	be	AUX
cblr-9112	407	19	120	120	NUM
cblr-9112	407	20	see	see	NOUN
cblr-9112	407	21	rutherford	rutherford	PROPN
cblr-9112	407	22	b.	b.	PROPN
cblr-9112	407	23	campbell	campbell	PROPN
cblr-9112	407	24	,	,	PUNCT
cblr-9112	407	25	jr	jr	PROPN
cblr-9112	407	26	.	.	PROPN
cblr-9112	407	27	,	,	PUNCT
cblr-9112	407	28	resales	resale	NOUN
cblr-9112	407	29	of	of	ADP
cblr-9112	407	30	securities	security	NOUN
cblr-9112	407	31	under	under	ADP
cblr-9112	407	32	the	the	DET
cblr-9112	407	33	securities	security	NOUN
cblr-9112	407	34	act	act	NOUN
cblr-9112	407	35	of	of	ADP
cblr-9112	407	36	1933	1933	NUM
cblr-9112	407	37	,	,	PUNCT
cblr-9112	407	38	52	52	NUM
cblr-9112	407	39	wash	wash	NOUN
cblr-9112	407	40	.	.	PUNCT
cblr-9112	407	41	&	&	CCONJ
cblr-9112	407	42	lee	lee	PROPN
cblr-9112	407	43	l.	l.	PROPN
cblr-9112	407	44	rev	rev	PROPN
cblr-9112	407	45	.	.	PROPN
cblr-9112	407	46	1333	1333	NUM
cblr-9112	407	47	,	,	PUNCT
cblr-9112	407	48	1338	1338	NUM
cblr-9112	407	49	(	(	PUNCT
cblr-9112	407	50	1995	1995	NUM
cblr-9112	407	51	)	)	PUNCT
cblr-9112	407	52	;	;	PUNCT
cblr-9112	407	53	carl	carl	PROPN
cblr-9112	407	54	w.	w.	PROPN
cblr-9112	407	55	schneider	schneider	PROPN
cblr-9112	407	56	,	,	PUNCT
cblr-9112	407	57	section	section	NOUN
cblr-9112	407	58	4(1	4(1	NOUN
cblr-9112	407	59	-	-	PUNCT
cblr-9112	407	60	1/2)—private	1/2)—private	NUM
cblr-9112	407	61	resales	resale	NOUN
cblr-9112	407	62	of	of	ADP
cblr-9112	407	63	restricted	restrict	VERB
cblr-9112	407	64	on	on	ADP
cblr-9112	407	65	control	control	NOUN
cblr-9112	407	66	securities	security	NOUN
cblr-9112	407	67	,	,	PUNCT
cblr-9112	407	68	49	49	NUM
cblr-9112	407	69	ohio	ohio	PROPN
cblr-9112	407	70	st	st	PROPN
cblr-9112	407	71	.	.	PROPN
cblr-9112	407	72	l.j	l.j	PROPN
cblr-9112	407	73	.	.	PROPN
cblr-9112	407	74	501	501	NUM
cblr-9112	407	75	,	,	PUNCT
cblr-9112	407	76	503–04	503–04	NUM
cblr-9112	407	77	(	(	PUNCT
cblr-9112	407	78	1988	1988	NUM
cblr-9112	407	79	)	)	PUNCT
cblr-9112	407	80	.	.	PUNCT
cblr-9112	408	1	certain	certain	ADJ
cblr-9112	408	2	transactions	transaction	NOUN
cblr-9112	408	3	,	,	PUNCT
cblr-9112	408	4	however	however	ADV
cblr-9112	408	5	,	,	PUNCT
cblr-9112	408	6	are	be	AUX
cblr-9112	408	7	not	not	PART
cblr-9112	408	8	considered	consider	VERB
cblr-9112	408	9	to	to	PART
cblr-9112	408	10	be	be	AUX
cblr-9112	408	11	a	a	DET
cblr-9112	408	12	distribution	distribution	NOUN
cblr-9112	408	13	.	.	PUNCT
cblr-9112	409	1	see	see	VERB
cblr-9112	409	2	,	,	PUNCT
cblr-9112	409	3	e.g.	e.g.	ADV
cblr-9112	409	4	,	,	PUNCT
cblr-9112	409	5	sec	sec	PROPN
cblr-9112	409	6	rules	rule	VERB
cblr-9112	409	7	133	133	NUM
cblr-9112	409	8	,	,	PUNCT
cblr-9112	409	9	144	144	NUM
cblr-9112	409	10	,	,	PUNCT
cblr-9112	409	11	17	17	NUM
cblr-9112	409	12	c.f.r	c.f.r	NOUN
cblr-9112	409	13	.	.	PUNCT
cblr-9112	410	1	§	§	PROPN
cblr-9112	410	2	§	§	PROPN
cblr-9112	410	3	230.133	230.133	NUM
cblr-9112	410	4	,	,	PUNCT
cblr-9112	410	5	230.144	230.144	NUM
cblr-9112	410	6	(	(	PUNCT
cblr-9112	410	7	2021	2021	NUM
cblr-9112	410	8	)	)	PUNCT
cblr-9112	410	9	.	.	PUNCT
cblr-9112	411	1	121	121	NUM
cblr-9112	411	2	securities	security	NOUN
cblr-9112	411	3	act	act	NOUN
cblr-9112	411	4	of	of	ADP
cblr-9112	411	5	1933	1933	NUM
cblr-9112	411	6	§	§	PROPN
cblr-9112	411	7	4(a)(2	4(a)(2	PROPN
cblr-9112	411	8	)	)	PUNCT
cblr-9112	411	9	,	,	PUNCT
cblr-9112	411	10	15	15	NUM
cblr-9112	411	11	u.s.c	u.s.c	ADJ
cblr-9112	411	12	.	.	PUNCT
cblr-9112	412	1	§	§	PROPN
cblr-9112	412	2	77d(a)(2	77d(a)(2	PROPN
cblr-9112	412	3	)	)	PUNCT
cblr-9112	412	4	.	.	PUNCT
cblr-9112	413	1	for	for	ADP
cblr-9112	413	2	a	a	DET
cblr-9112	413	3	discussion	discussion	NOUN
cblr-9112	413	4	of	of	ADP
cblr-9112	413	5	related	related	ADJ
cblr-9112	413	6	concepts	concept	NOUN
cblr-9112	413	7	that	that	PRON
cblr-9112	413	8	have	have	AUX
cblr-9112	413	9	grown	grow	VERB
cblr-9112	413	10	out	out	ADP
cblr-9112	413	11	of	of	ADP
cblr-9112	413	12	the	the	DET
cblr-9112	413	13	private	private	ADJ
cblr-9112	413	14	placement	placement	NOUN
cblr-9112	413	15	jurisprudence	jurisprudence	NOUN
cblr-9112	413	16	,	,	PUNCT
cblr-9112	413	17	see	see	VERB
cblr-9112	413	18	coffee	coffee	NOUN
cblr-9112	413	19	,	,	PUNCT
cblr-9112	413	20	sale	sale	NOUN
cblr-9112	413	21	&	&	CCONJ
cblr-9112	413	22	whitehead	whitehead	PROPN
cblr-9112	413	23	,	,	PUNCT
cblr-9112	413	24	supra	supra	PROPN
cblr-9112	413	25	note	note	PROPN
cblr-9112	413	26	15	15	NUM
cblr-9112	413	27	,	,	PUNCT
cblr-9112	413	28	at	at	ADP
cblr-9112	413	29	377–78	377–78	NUM
cblr-9112	413	30	,	,	PUNCT
cblr-9112	413	31	383–86	383–86	NUM
cblr-9112	413	32	.	.	X
cblr-9112	414	1	122	122	NUM
cblr-9112	414	2	“	"	PUNCT
cblr-9112	414	3	restricted	restricted	ADJ
cblr-9112	414	4	securities	security	NOUN
cblr-9112	414	5	”	"	PUNCT
cblr-9112	414	6	are	be	AUX
cblr-9112	414	7	securities	security	NOUN
cblr-9112	414	8	acquired	acquire	VERB
cblr-9112	414	9	in	in	ADP
cblr-9112	414	10	an	an	DET
cblr-9112	414	11	unregistered	unregistered	ADJ
cblr-9112	414	12	,	,	PUNCT
cblr-9112	414	13	private	private	ADJ
cblr-9112	414	14	sale	sale	NOUN
cblr-9112	414	15	from	from	ADP
cblr-9112	414	16	the	the	DET
cblr-9112	414	17	issuer	issuer	NOUN
cblr-9112	414	18	or	or	CCONJ
cblr-9112	414	19	an	an	DET
cblr-9112	414	20	affiliate	affiliate	NOUN
cblr-9112	414	21	of	of	ADP
cblr-9112	414	22	the	the	DET
cblr-9112	414	23	issuer	issuer	NOUN
cblr-9112	414	24	.	.	PUNCT
cblr-9112	415	1	the	the	DET
cblr-9112	415	2	securities	security	NOUN
cblr-9112	415	3	may	may	AUX
cblr-9112	415	4	not	not	PART
cblr-9112	415	5	be	be	AUX
cblr-9112	415	6	resold	resold	VERB
cblr-9112	415	7	in	in	ADP
cblr-9112	415	8	the	the	DET
cblr-9112	415	9	public	public	ADJ
cblr-9112	415	10	markets	market	NOUN
cblr-9112	415	11	unless	unless	SCONJ
cblr-9112	415	12	they	they	PRON
cblr-9112	415	13	are	be	AUX
cblr-9112	415	14	registered	register	VERB
cblr-9112	415	15	with	with	ADP
cblr-9112	415	16	the	the	DET
cblr-9112	415	17	sec	sec	PROPN
cblr-9112	415	18	or	or	CCONJ
cblr-9112	415	19	exempt	exempt	ADJ
cblr-9112	415	20	from	from	ADP
cblr-9112	415	21	registration	registration	NOUN
cblr-9112	415	22	.	.	PUNCT
cblr-9112	416	1	see	see	VERB
cblr-9112	416	2	rule	rule	NOUN
cblr-9112	416	3	144	144	NUM
cblr-9112	416	4	:	:	PUNCT
cblr-9112	416	5	selling	sell	VERB
cblr-9112	416	6	restricted	restrict	VERB
cblr-9112	416	7	and	and	CCONJ
cblr-9112	416	8	control	control	NOUN
cblr-9112	416	9	securities	security	NOUN
cblr-9112	416	10	,	,	PUNCT
cblr-9112	416	11	u.s	u.s	PROPN
cblr-9112	416	12	.	.	PROPN
cblr-9112	416	13	sec	sec	PROPN
cblr-9112	416	14	.	.	PROPN
cblr-9112	416	15	&	&	CCONJ
cblr-9112	416	16	exch	exch	PROPN
cblr-9112	416	17	.	.	PUNCT
cblr-9112	417	1	comm’n	comm’n	PROPN
cblr-9112	417	2	(	(	PUNCT
cblr-9112	417	3	jan	jan	PROPN
cblr-9112	417	4	.	.	PROPN
cblr-9112	417	5	16	16	NUM
cblr-9112	417	6	,	,	PUNCT
cblr-9112	417	7	2013	2013	NUM
cblr-9112	417	8	)	)	PUNCT
cblr-9112	417	9	,	,	PUNCT
cblr-9112	418	1	https://www	https://www	PROPN
cblr-9112	418	2	.	.	PUNCT
cblr-9112	419	1	sec.gov/reportspubs/investor-publications/investorpubsrule144htm.html	sec.gov/reportspubs/investor-publications/investorpubsrule144htm.html	NOUN
cblr-9112	419	2	[	[	X
cblr-9112	419	3	https://perma.cc/kyx6-dl6a	https://perma.cc/kyx6-dl6a	X
cblr-9112	419	4	]	]	PUNCT
cblr-9112	419	5	;	;	PUNCT
cblr-9112	419	6	see	see	VERB
cblr-9112	419	7	also	also	ADV
cblr-9112	419	8	sec	sec	PROPN
cblr-9112	419	9	rule	rule	NOUN
cblr-9112	419	10	144	144	NUM
cblr-9112	419	11	,	,	PUNCT
cblr-9112	419	12	17	17	NUM
cblr-9112	419	13	c.f.r	c.f.r	NOUN
cblr-9112	419	14	.	.	PUNCT
cblr-9112	420	1	§	§	PROPN
cblr-9112	420	2	230.144(a)(3	230.144(a)(3	NUM
cblr-9112	420	3	)	)	PUNCT
cblr-9112	420	4	.	.	PUNCT
cblr-9112	421	1	123	123	NUM
cblr-9112	421	2	this	this	DET
cblr-9112	421	3	summary	summary	NOUN
cblr-9112	421	4	is	be	AUX
cblr-9112	421	5	derived	derive	VERB
cblr-9112	421	6	from	from	ADP
cblr-9112	421	7	several	several	ADJ
cblr-9112	421	8	u.s	u.s	PROPN
cblr-9112	421	9	.	.	PROPN
cblr-9112	421	10	district	district	PROPN
cblr-9112	421	11	court	court	NOUN
cblr-9112	421	12	cases	case	NOUN
cblr-9112	421	13	.	.	PUNCT
cblr-9112	422	1	see	see	VERB
cblr-9112	422	2	sec	sec	PROPN
cblr-9112	422	3	v.	v.	ADP
cblr-9112	422	4	berlacher	berlacher	PROPN
cblr-9112	422	5	,	,	PUNCT
cblr-9112	422	6	no	no	INTJ
cblr-9112	422	7	.	.	NOUN
cblr-9112	422	8	07	07	NUM
cblr-9112	422	9	civ	civ	NOUN
cblr-9112	422	10	.	.	PROPN
cblr-9112	422	11	3800	3800	NUM
cblr-9112	422	12	,	,	PUNCT
cblr-9112	422	13	2010	2010	NUM
cblr-9112	422	14	wl	wl	NOUN
cblr-9112	422	15	3566790	3566790	NUM
cblr-9112	422	16	(	(	PUNCT
cblr-9112	422	17	e.d	e.d	PROPN
cblr-9112	422	18	.	.	PROPN
cblr-9112	422	19	pa	pa	PROPN
cblr-9112	422	20	.	.	PUNCT
cblr-9112	423	1	sep	sep	PROPN
cblr-9112	423	2	.	.	PROPN
cblr-9112	424	1	13	13	NUM
cblr-9112	424	2	,	,	PUNCT
cblr-9112	424	3	2010	2010	NUM
cblr-9112	424	4	)	)	PUNCT
cblr-9112	425	1	;	;	PUNCT
cblr-9112	425	2	sec	sec	PROPN
cblr-9112	425	3	v.	v.	PROPN
cblr-9112	425	4	lyon	lyon	PROPN
cblr-9112	425	5	,	,	PUNCT
cblr-9112	425	6	529	529	NUM
cblr-9112	425	7	f.	f.	PROPN
cblr-9112	425	8	supp	supp	PROPN
cblr-9112	425	9	.	.	PUNCT
cblr-9112	426	1	2d	2d	NOUN
cblr-9112	426	2	444	444	NUM
cblr-9112	426	3	(	(	PUNCT
cblr-9112	426	4	s.d.n.y	s.d.n.y	PROPN
cblr-9112	426	5	.	.	PROPN
cblr-9112	426	6	2008	2008	NUM
cblr-9112	426	7	)	)	PUNCT
cblr-9112	426	8	;	;	PUNCT
cblr-9112	426	9	sec	sec	PROPN
cblr-9112	426	10	v.	v.	PROPN
cblr-9112	426	11	mangan	mangan	PROPN
cblr-9112	426	12	,	,	PUNCT
cblr-9112	426	13	no	no	INTJ
cblr-9112	426	14	.	.	PUNCT
cblr-9112	427	1	3:06	3:06	NUM
cblr-9112	427	2	-	-	PUNCT
cblr-9112	427	3	cv-531	cv-531	PROPN
cblr-9112	427	4	2007	2007	NUM
cblr-9112	427	5	wl	wl	NOUN
cblr-9112	427	6	4102743	4102743	NUM
cblr-9112	427	7	(	(	PUNCT
cblr-9112	427	8	w.d.n.c	w.d.n.c	PROPN
cblr-9112	427	9	.	.	PROPN
cblr-9112	427	10	oct	oct	PROPN
cblr-9112	427	11	.	.	PROPN
cblr-9112	427	12	24	24	NUM
cblr-9112	427	13	,	,	PUNCT
cblr-9112	427	14	2007	2007	NUM
cblr-9112	427	15	)	)	PUNCT
cblr-9112	427	16	.	.	PUNCT
cblr-9112	428	1	in	in	ADP
cblr-9112	428	2	each	each	DET
cblr-9112	428	3	case	case	NOUN
cblr-9112	428	4	,	,	PUNCT
cblr-9112	428	5	the	the	DET
cblr-9112	428	6	court	court	NOUN
cblr-9112	428	7	granted	grant	VERB
cblr-9112	428	8	the	the	DET
cblr-9112	428	9	defendants	defendant	NOUN
cblr-9112	428	10	’	'	PUNCT
cblr-9112	428	11	motion	motion	NOUN
cblr-9112	428	12	to	to	PART
cblr-9112	428	13	dismiss	dismiss	VERB
cblr-9112	428	14	sec	sec	PROPN
cblr-9112	428	15	claims	claim	NOUN
cblr-9112	428	16	that	that	SCONJ
cblr-9112	428	17	section	section	NOUN
cblr-9112	428	18	5	5	NUM
cblr-9112	428	19	of	of	ADP
cblr-9112	428	20	the	the	DET
cblr-9112	428	21	securities	security	NOUN
cblr-9112	428	22	act	act	NOUN
cblr-9112	428	23	had	have	AUX
cblr-9112	428	24	been	be	AUX
cblr-9112	428	25	violated	violate	VERB
cblr-9112	428	26	.	.	PUNCT
cblr-9112	429	1	but	but	CCONJ
cblr-9112	429	2	see	see	VERB
cblr-9112	429	3	zacharias	zacharias	PROPN
cblr-9112	429	4	v.	v.	ADP
cblr-9112	429	5	sec	sec	PROPN
cblr-9112	429	6	,	,	PUNCT
cblr-9112	429	7	569	569	NUM
cblr-9112	429	8	f.3d	f.3d	NUM
cblr-9112	429	9	458	458	NUM
cblr-9112	429	10	,	,	PUNCT
cblr-9112	429	11	463–68	463–68	NUM
cblr-9112	429	12	(	(	PUNCT
cblr-9112	429	13	d.c	d.c	PROPN
cblr-9112	429	14	.	.	PROPN
cblr-9112	429	15	cir	cir	PROPN
cblr-9112	429	16	.	.	PROPN
cblr-9112	429	17	2009	2009	NUM
cblr-9112	429	18	)	)	PUNCT
cblr-9112	429	19	(	(	PUNCT
cblr-9112	429	20	per	per	ADP
cblr-9112	429	21	curiam	curiam	NOUN
cblr-9112	429	22	)	)	PUNCT
cblr-9112	429	23	,	,	PUNCT
cblr-9112	429	24	whose	whose	DET
cblr-9112	429	25	facts	fact	NOUN
cblr-9112	429	26	are	be	AUX
cblr-9112	429	27	described	describe	VERB
cblr-9112	429	28	infra	infra	NOUN
cblr-9112	429	29	note	note	VERB
cblr-9112	429	30	129	129	NUM
cblr-9112	429	31	.	.	SYM
cblr-9112	429	32	1424	1424	NUM
cblr-9112	430	1	columbia	columbia	PROPN
cblr-9112	430	2	business	business	NOUN
cblr-9112	430	3	law	law	PROPN
cblr-9112	430	4	review	review	NOUN
cblr-9112	430	5	[	[	X
cblr-9112	430	6	vol	vol	NOUN
cblr-9112	430	7	.	.	PUNCT
cblr-9112	430	8	2021	2021	NUM
cblr-9112	430	9	available	available	ADJ
cblr-9112	430	10	or	or	CCONJ
cblr-9112	430	11	issuer	issuer	ADJ
cblr-9112	430	12	files	file	NOUN
cblr-9112	430	13	a	a	DET
cblr-9112	430	14	registration	registration	NOUN
cblr-9112	430	15	statement	statement	NOUN
cblr-9112	430	16	with	with	ADP
cblr-9112	430	17	the	the	DET
cblr-9112	430	18	sec	sec	PROPN
cblr-9112	430	19	that	that	PRON
cblr-9112	430	20	is	be	AUX
cblr-9112	430	21	declared	declare	VERB
cblr-9112	430	22	effective	effective	ADJ
cblr-9112	430	23	.	.	PUNCT
cblr-9112	431	1	figure	figure	NOUN
cblr-9112	431	2	1	1	NUM
cblr-9112	431	3	:	:	PUNCT
cblr-9112	431	4	purchase	purchase	NOUN
cblr-9112	431	5	of	of	ADP
cblr-9112	431	6	restricted	restricted	ADJ
cblr-9112	431	7	shares	share	NOUN
cblr-9112	431	8	and	and	CCONJ
cblr-9112	431	9	contemporaneous	contemporaneous	ADJ
cblr-9112	431	10	sale	sale	NOUN
cblr-9112	431	11	of	of	ADP
cblr-9112	431	12	freely	freely	ADV
cblr-9112	431	13	-	-	PUNCT
cblr-9112	431	14	tradable	tradable	ADJ
cblr-9112	431	15	shares	share	NOUN
cblr-9112	431	16	due	due	ADP
cblr-9112	431	17	to	to	ADP
cblr-9112	431	18	their	their	PRON
cblr-9112	431	19	limited	limited	ADJ
cblr-9112	431	20	liquidity	liquidity	NOUN
cblr-9112	431	21	,	,	PUNCT
cblr-9112	431	22	fund	fund	NOUN
cblr-9112	431	23	buys	buy	VERB
cblr-9112	431	24	the	the	DET
cblr-9112	431	25	restricted	restricted	ADJ
cblr-9112	431	26	shares	share	NOUN
cblr-9112	431	27	at	at	ADP
cblr-9112	431	28	a	a	DET
cblr-9112	431	29	discount	discount	NOUN
cblr-9112	431	30	below	below	ADP
cblr-9112	431	31	the	the	DET
cblr-9112	431	32	price	price	NOUN
cblr-9112	431	33	at	at	ADP
cblr-9112	431	34	which	which	PRON
cblr-9112	431	35	the	the	DET
cblr-9112	431	36	freelytradable	freelytradable	ADJ
cblr-9112	431	37	shares	share	NOUN
cblr-9112	431	38	trade	trade	VERB
cblr-9112	431	39	on	on	ADP
cblr-9112	431	40	the	the	DET
cblr-9112	431	41	stock	stock	NOUN
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cblr-9112	431	43	if	if	SCONJ
cblr-9112	431	44	fund	fund	NOUN
cblr-9112	431	45	had	have	AUX
cblr-9112	431	46	contemporaneously	contemporaneously	ADV
cblr-9112	431	47	resold	resold	VERB
cblr-9112	431	48	the	the	DET
cblr-9112	431	49	restricted	restrict	VERB
cblr-9112	431	50	shares	share	NOUN
cblr-9112	431	51	on	on	ADP
cblr-9112	431	52	the	the	DET
cblr-9112	431	53	stock	stock	NOUN
cblr-9112	431	54	exchange	exchange	NOUN
cblr-9112	431	55	,	,	PUNCT
cblr-9112	431	56	it	it	PRON
cblr-9112	431	57	would	would	AUX
cblr-9112	431	58	have	have	AUX
cblr-9112	431	59	engaged	engage	VERB
cblr-9112	431	60	in	in	ADP
cblr-9112	431	61	a	a	DET
cblr-9112	431	62	“	"	PUNCT
cblr-9112	431	63	distribution	distribution	NOUN
cblr-9112	431	64	”	"	PUNCT
cblr-9112	431	65	of	of	ADP
cblr-9112	431	66	shares	share	NOUN
cblr-9112	431	67	as	as	ADP
cblr-9112	431	68	an	an	DET
cblr-9112	431	69	“	"	PUNCT
cblr-9112	431	70	underwriter	underwriter	NOUN
cblr-9112	431	71	”	"	PUNCT
cblr-9112	431	72	in	in	ADP
cblr-9112	431	73	violation	violation	NOUN
cblr-9112	431	74	of	of	ADP
cblr-9112	431	75	the	the	DET
cblr-9112	431	76	securities	security	NOUN
cblr-9112	431	77	act	act	PROPN
cblr-9112	431	78	.	.	PUNCT
cblr-9112	432	1	in	in	ADP
cblr-9112	432	2	(	(	PUNCT
cblr-9112	432	3	2	2	NUM
cblr-9112	432	4	)	)	PUNCT
cblr-9112	432	5	,	,	PUNCT
cblr-9112	432	6	fund	fund	NOUN
cblr-9112	432	7	short	short	ADJ
cblr-9112	432	8	sells	sell	VERB
cblr-9112	432	9	freely	freely	ADV
cblr-9112	432	10	-	-	PUNCT
cblr-9112	432	11	tradable	tradable	ADJ
cblr-9112	432	12	shares	share	NOUN
cblr-9112	432	13	on	on	ADP
cblr-9112	432	14	the	the	DET
cblr-9112	432	15	stock	stock	NOUN
cblr-9112	432	16	exchange	exchange	NOUN
cblr-9112	432	17	,	,	PUNCT
cblr-9112	432	18	and	and	CCONJ
cblr-9112	432	19	then	then	ADV
cblr-9112	432	20	in	in	ADP
cblr-9112	432	21	(	(	PUNCT
cblr-9112	432	22	3	3	NUM
cblr-9112	432	23	)	)	PUNCT
cblr-9112	432	24	,	,	PUNCT
cblr-9112	432	25	it	it	PRON
cblr-9112	432	26	borrows	borrow	VERB
cblr-9112	432	27	freely	freely	ADV
cblr-9112	432	28	-	-	PUNCT
cblr-9112	432	29	tradable	tradable	ADJ
cblr-9112	432	30	shares	share	NOUN
cblr-9112	432	31	from	from	ADP
cblr-9112	432	32	custodian	custodian	NOUN
cblr-9112	432	33	to	to	PART
cblr-9112	432	34	settle	settle	VERB
cblr-9112	432	35	its	its	PRON
cblr-9112	432	36	short	short	ADJ
cblr-9112	432	37	sales	sale	NOUN
cblr-9112	432	38	.	.	PUNCT
cblr-9112	433	1	custodian	custodian	PROPN
cblr-9112	433	2	held	hold	VERB
cblr-9112	433	3	those	those	DET
cblr-9112	433	4	shares	share	NOUN
cblr-9112	433	5	for	for	ADP
cblr-9112	433	6	third	third	ADJ
cblr-9112	433	7	-	-	PUNCT
cblr-9112	433	8	party	party	NOUN
cblr-9112	433	9	clients	client	NOUN
cblr-9112	433	10	and	and	CCONJ
cblr-9112	433	11	,	,	PUNCT
cblr-9112	433	12	as	as	ADP
cblr-9112	433	13	part	part	NOUN
cblr-9112	433	14	of	of	ADP
cblr-9112	433	15	its	its	PRON
cblr-9112	433	16	stock	stock	NOUN
cblr-9112	433	17	lending	lending	NOUN
cblr-9112	433	18	business	business	NOUN
cblr-9112	433	19	,	,	PUNCT
cblr-9112	433	20	was	be	AUX
cblr-9112	433	21	authorized	authorize	VERB
cblr-9112	433	22	to	to	PART
cblr-9112	433	23	loan	loan	VERB
cblr-9112	433	24	shares	share	NOUN
cblr-9112	433	25	to	to	ADP
cblr-9112	433	26	others	other	NOUN
cblr-9112	433	27	against	against	ADP
cblr-9112	433	28	the	the	DET
cblr-9112	433	29	deposit	deposit	NOUN
cblr-9112	433	30	of	of	ADP
cblr-9112	433	31	collateral.125	collateral.125	NOUN
cblr-9112	433	32	matching	match	VERB
cblr-9112	433	33	the	the	DET
cblr-9112	433	34	sale	sale	NOUN
cblr-9112	433	35	of	of	ADP
cblr-9112	433	36	the	the	DET
cblr-9112	433	37	freelytradable	freelytradable	ADJ
cblr-9112	433	38	shares	share	NOUN
cblr-9112	433	39	with	with	ADP
cblr-9112	433	40	the	the	DET
cblr-9112	433	41	restricted	restricted	ADJ
cblr-9112	433	42	shares	share	NOUN
cblr-9112	433	43	permits	permit	VERB
cblr-9112	433	44	fund	fund	NOUN
cblr-9112	433	45	to	to	PART
cblr-9112	433	46	minimize	minimize	VERB
cblr-9112	433	47	the	the	DET
cblr-9112	433	48	portfolio	portfolio	NOUN
cblr-9112	433	49	risk	risk	NOUN
cblr-9112	433	50	of	of	ADP
cblr-9112	433	51	holding	hold	VERB
cblr-9112	433	52	the	the	DET
cblr-9112	433	53	restricted	restricted	ADJ
cblr-9112	433	54	shares	share	NOUN
cblr-9112	433	55	and	and	CCONJ
cblr-9112	433	56	lock	lock	NOUN
cblr-9112	433	57	-	-	PUNCT
cblr-9112	433	58	in	in	ADP
cblr-9112	433	59	a	a	DET
cblr-9112	433	60	profit	profit	NOUN
cblr-9112	433	61	—	—	PUNCT
cblr-9112	433	62	the	the	DET
cblr-9112	433	63	difference	difference	NOUN
cblr-9112	433	64	between	between	ADP
cblr-9112	433	65	the	the	DET
cblr-9112	433	66	stock	stock	NOUN
cblr-9112	433	67	124	124	NUM
cblr-9112	433	68	for	for	ADP
cblr-9112	433	69	an	an	DET
cblr-9112	433	70	explanation	explanation	NOUN
cblr-9112	433	71	of	of	ADP
cblr-9112	433	72	the	the	DET
cblr-9112	433	73	discount	discount	NOUN
cblr-9112	433	74	in	in	ADP
cblr-9112	433	75	pipe	pipe	NOUN
cblr-9112	433	76	transactions	transaction	NOUN
cblr-9112	433	77	,	,	PUNCT
cblr-9112	433	78	see	see	VERB
cblr-9112	433	79	richard	richard	PROPN
cblr-9112	433	80	e.	e.	PROPN
cblr-9112	433	81	gormley	gormley	PROPN
cblr-9112	433	82	,	,	PUNCT
cblr-9112	433	83	overview	overview	VERB
cblr-9112	433	84	:	:	PUNCT
cblr-9112	433	85	an	an	DET
cblr-9112	433	86	emerging	emerge	VERB
cblr-9112	433	87	market	market	NOUN
cblr-9112	433	88	,	,	PUNCT
cblr-9112	433	89	in	in	ADP
cblr-9112	433	90	pipes	pipe	NOUN
cblr-9112	433	91	revised	revise	VERB
cblr-9112	433	92	and	and	CCONJ
cblr-9112	433	93	updated	update	VERB
cblr-9112	433	94	edition	edition	NOUN
cblr-9112	433	95	:	:	PUNCT
cblr-9112	433	96	a	a	DET
cblr-9112	433	97	guide	guide	NOUN
cblr-9112	433	98	to	to	ADP
cblr-9112	433	99	private	private	ADJ
cblr-9112	433	100	investments	investment	NOUN
cblr-9112	433	101	in	in	ADP
cblr-9112	433	102	public	public	ADJ
cblr-9112	433	103	equity	equity	NOUN
cblr-9112	433	104	22	22	NUM
cblr-9112	433	105	(	(	PUNCT
cblr-9112	433	106	steven	steven	PROPN
cblr-9112	433	107	dresner	dresner	PROPN
cblr-9112	433	108	&	&	CCONJ
cblr-9112	433	109	e.	e.	PROPN
cblr-9112	433	110	kurt	kurt	PROPN
cblr-9112	433	111	kim	kim	PROPN
cblr-9112	433	112	eds	eds	PROPN
cblr-9112	433	113	.	.	PROPN
cblr-9112	433	114	,	,	PUNCT
cblr-9112	433	115	2d	2d	PROPN
cblr-9112	433	116	ed	ed	NOUN
cblr-9112	433	117	.	.	PUNCT
cblr-9112	433	118	2006	2006	NUM
cblr-9112	433	119	)	)	PUNCT
cblr-9112	433	120	.	.	PUNCT
cblr-9112	434	1	125	125	NUM
cblr-9112	434	2	a	a	DET
cblr-9112	434	3	description	description	NOUN
cblr-9112	434	4	of	of	ADP
cblr-9112	434	5	the	the	DET
cblr-9112	434	6	mechanics	mechanic	NOUN
cblr-9112	434	7	of	of	ADP
cblr-9112	434	8	securities	security	NOUN
cblr-9112	434	9	lending	lending	NOUN
cblr-9112	434	10	appears	appear	VERB
cblr-9112	434	11	in	in	ADP
cblr-9112	434	12	mark	mark	PROPN
cblr-9112	434	13	c.	c.	PROPN
cblr-9112	434	14	faulkner	faulkner	PROPN
cblr-9112	434	15	,	,	PUNCT
cblr-9112	434	16	an	an	DET
cblr-9112	434	17	introduction	introduction	NOUN
cblr-9112	434	18	of	of	ADP
cblr-9112	434	19	securities	security	NOUN
cblr-9112	434	20	lending	lending	NOUN
cblr-9112	434	21	13–18	13–18	NUM
cblr-9112	434	22	(	(	PUNCT
cblr-9112	434	23	4th	4th	ADJ
cblr-9112	434	24	ed	ed	NOUN
cblr-9112	434	25	.	.	PROPN
cblr-9112	434	26	2007	2007	NUM
cblr-9112	434	27	)	)	PUNCT
cblr-9112	434	28	.	.	PUNCT
cblr-9112	435	1	freely	freely	ADV
cblr-9112	435	2	-	-	PUNCT
cblr-9112	435	3	tradable	tradable	ADJ
cblr-9112	435	4	shares	share	NOUN
cblr-9112	435	5	restricted	restrict	VERB
cblr-9112	435	6	shares	share	NOUN
cblr-9112	435	7	(	(	PUNCT
cblr-9112	435	8	2	2	NUM
cblr-9112	435	9	)	)	PUNCT
cblr-9112	435	10	(	(	PUNCT
cblr-9112	435	11	4	4	X
cblr-9112	435	12	)	)	PUNCT
cblr-9112	435	13	issuer	issuer	NOUN
cblr-9112	435	14	fund	fund	NOUN
cblr-9112	435	15	stock	stock	PROPN
cblr-9112	435	16	exchange	exchange	PROPN
cblr-9112	435	17	bank	bank	PROPN
cblr-9112	435	18	depositary	depositary	NOUN
cblr-9112	435	19	c	c	PROPN
cblr-9112	435	20	3	3	NUM
cblr-9112	435	21	newly	newly	ADV
cblr-9112	435	22	-	-	PUNCT
cblr-9112	435	23	registered	register	VERB
cblr-9112	435	24	shares	share	NOUN
cblr-9112	435	25	freely	freely	ADV
cblr-9112	435	26	-	-	PUNCT
cblr-9112	435	27	tradable	tradable	ADJ
cblr-9112	435	28	shares	share	NOUN
cblr-9112	435	29	(	(	PUNCT
cblr-9112	435	30	3	3	NUM
cblr-9112	435	31	)	)	PUNCT
cblr-9112	435	32	custodian	custodian	NOUN
cblr-9112	435	33	(	(	PUNCT
cblr-9112	435	34	1	1	NUM
cblr-9112	435	35	)	)	PUNCT
cblr-9112	435	36	no	no	NOUN
cblr-9112	435	37	.	.	NOUN
cblr-9112	436	1	3:1396	3:1396	NUM
cblr-9112	436	2	]	]	PUNCT
cblr-9112	436	3	risky	risky	ADJ
cblr-9112	436	4	business	business	NOUN
cblr-9112	436	5	1425	1425	NUM
cblr-9112	436	6	exchange	exchange	NOUN
cblr-9112	436	7	price	price	NOUN
cblr-9112	436	8	and	and	CCONJ
cblr-9112	436	9	the	the	DET
cblr-9112	436	10	restricted	restricted	ADJ
cblr-9112	436	11	share	share	NOUN
cblr-9112	436	12	price	price	NOUN
cblr-9112	436	13	.	.	PUNCT
cblr-9112	437	1	absent	absent	ADJ
cblr-9112	437	2	an	an	DET
cblr-9112	437	3	effective	effective	ADJ
cblr-9112	437	4	registration	registration	NOUN
cblr-9112	437	5	statement	statement	NOUN
cblr-9112	437	6	,	,	PUNCT
cblr-9112	437	7	fund	fund	NOUN
cblr-9112	437	8	still	still	ADV
cblr-9112	437	9	can	can	AUX
cblr-9112	437	10	not	not	PART
cblr-9112	437	11	sell	sell	VERB
cblr-9112	437	12	the	the	DET
cblr-9112	437	13	restricted	restricted	ADJ
cblr-9112	437	14	shares	share	NOUN
cblr-9112	437	15	on	on	ADP
cblr-9112	437	16	the	the	DET
cblr-9112	437	17	stock	stock	NOUN
cblr-9112	437	18	exchange	exchange	NOUN
cblr-9112	437	19	or	or	CCONJ
cblr-9112	437	20	use	use	VERB
cblr-9112	437	21	those	those	DET
cblr-9112	437	22	shares	share	NOUN
cblr-9112	437	23	to	to	PART
cblr-9112	437	24	settle	settle	VERB
cblr-9112	437	25	its	its	PRON
cblr-9112	437	26	short	short	ADJ
cblr-9112	437	27	sales	sale	NOUN
cblr-9112	437	28	.	.	PUNCT
cblr-9112	438	1	in	in	ADP
cblr-9112	438	2	(	(	PUNCT
cblr-9112	438	3	4	4	NUM
cblr-9112	438	4	)	)	PUNCT
cblr-9112	438	5	,	,	PUNCT
cblr-9112	438	6	issuer	issuer	NOUN
cblr-9112	438	7	files	file	VERB
cblr-9112	438	8	a	a	DET
cblr-9112	438	9	registration	registration	NOUN
cblr-9112	438	10	statement	statement	NOUN
cblr-9112	438	11	with	with	ADP
cblr-9112	438	12	the	the	DET
cblr-9112	438	13	sec	sec	PROPN
cblr-9112	438	14	,	,	PUNCT
cblr-9112	438	15	and	and	CCONJ
cblr-9112	438	16	the	the	DET
cblr-9112	438	17	sec	sec	PROPN
cblr-9112	438	18	declares	declare	VERB
cblr-9112	438	19	the	the	DET
cblr-9112	438	20	registration	registration	NOUN
cblr-9112	438	21	statement	statement	NOUN
cblr-9112	438	22	effective	effective	ADJ
cblr-9112	438	23	.	.	PUNCT
cblr-9112	439	1	since	since	SCONJ
cblr-9112	439	2	the	the	DET
cblr-9112	439	3	shares	share	NOUN
cblr-9112	439	4	that	that	PRON
cblr-9112	439	5	fund	fund	NOUN
cblr-9112	439	6	bought	buy	VERB
cblr-9112	439	7	from	from	ADP
cblr-9112	439	8	issuer	issuer	NOUN
cblr-9112	439	9	are	be	AUX
cblr-9112	439	10	now	now	ADV
cblr-9112	439	11	covered	cover	VERB
cblr-9112	439	12	by	by	ADP
cblr-9112	439	13	an	an	DET
cblr-9112	439	14	effective	effective	ADJ
cblr-9112	439	15	registration	registration	NOUN
cblr-9112	439	16	statement	statement	NOUN
cblr-9112	439	17	,	,	PUNCT
cblr-9112	439	18	fund	fund	NOUN
cblr-9112	439	19	can	can	AUX
cblr-9112	439	20	return	return	VERB
cblr-9112	439	21	freely	freely	ADV
cblr-9112	439	22	-	-	PUNCT
cblr-9112	439	23	tradable	tradable	ADJ
cblr-9112	439	24	shares	share	NOUN
cblr-9112	439	25	to	to	ADP
cblr-9112	439	26	custodian	custodian	NOUN
cblr-9112	439	27	and	and	CCONJ
cblr-9112	439	28	terminate	terminate	VERB
cblr-9112	439	29	the	the	DET
cblr-9112	439	30	lending	lending	NOUN
cblr-9112	439	31	relationship	relationship	NOUN
cblr-9112	439	32	.	.	PUNCT
cblr-9112	440	1	focusing	focus	VERB
cblr-9112	440	2	on	on	ADP
cblr-9112	440	3	the	the	DET
cblr-9112	440	4	substance	substance	NOUN
cblr-9112	440	5	of	of	ADP
cblr-9112	440	6	the	the	DET
cblr-9112	440	7	transactions	transaction	NOUN
cblr-9112	440	8	,	,	PUNCT
cblr-9112	440	9	the	the	DET
cblr-9112	440	10	sec	sec	PROPN
cblr-9112	440	11	argued	argue	VERB
cblr-9112	440	12	that	that	SCONJ
cblr-9112	440	13	a	a	DET
cblr-9112	440	14	distribution	distribution	NOUN
cblr-9112	440	15	of	of	ADP
cblr-9112	440	16	the	the	DET
cblr-9112	440	17	restricted	restricted	ADJ
cblr-9112	440	18	shares	share	NOUN
cblr-9112	440	19	began	begin	VERB
cblr-9112	440	20	with	with	ADP
cblr-9112	440	21	the	the	DET
cblr-9112	440	22	fund	fund	NOUN
cblr-9112	440	23	’s	’s	PART
cblr-9112	440	24	short	short	ADJ
cblr-9112	440	25	sale	sale	NOUN
cblr-9112	440	26	of	of	ADP
cblr-9112	440	27	publicly	publicly	ADV
cblr-9112	440	28	-	-	PUNCT
cblr-9112	440	29	traded	trade	VERB
cblr-9112	440	30	shares	share	NOUN
cblr-9112	440	31	and	and	CCONJ
cblr-9112	440	32	,	,	PUNCT
cblr-9112	440	33	therefore	therefore	ADV
cblr-9112	440	34	,	,	PUNCT
cblr-9112	440	35	the	the	DET
cblr-9112	440	36	restricted	restricted	ADJ
cblr-9112	440	37	shares	share	NOUN
cblr-9112	440	38	should	should	AUX
cblr-9112	440	39	have	have	AUX
cblr-9112	440	40	been	be	AUX
cblr-9112	440	41	registered.126	registered.126	NOUN
cblr-9112	440	42	according	accord	VERB
cblr-9112	440	43	to	to	ADP
cblr-9112	440	44	the	the	DET
cblr-9112	440	45	sec	sec	PROPN
cblr-9112	440	46	,	,	PUNCT
cblr-9112	440	47	issuer	issuer	NOUN
cblr-9112	440	48	’s	’s	PART
cblr-9112	440	49	sale	sale	NOUN
cblr-9112	440	50	to	to	ADP
cblr-9112	440	51	fund	fund	NOUN
cblr-9112	440	52	was	be	AUX
cblr-9112	440	53	no	no	ADV
cblr-9112	440	54	longer	long	ADV
cblr-9112	440	55	“	"	PUNCT
cblr-9112	440	56	private	private	ADJ
cblr-9112	440	57	”	"	PUNCT
cblr-9112	440	58	but	but	CCONJ
cblr-9112	440	59	rather	rather	ADV
cblr-9112	440	60	was	be	AUX
cblr-9112	440	61	the	the	DET
cblr-9112	440	62	first	first	ADJ
cblr-9112	440	63	step	step	NOUN
cblr-9112	440	64	in	in	ADP
cblr-9112	440	65	a	a	DET
cblr-9112	440	66	public	public	ADJ
cblr-9112	440	67	distribution	distribution	NOUN
cblr-9112	440	68	,	,	PUNCT
cblr-9112	440	69	causing	cause	VERB
cblr-9112	440	70	fund	fund	NOUN
cblr-9112	440	71	to	to	PART
cblr-9112	440	72	be	be	AUX
cblr-9112	440	73	engaged	engage	VERB
cblr-9112	440	74	in	in	ADP
cblr-9112	440	75	an	an	DET
cblr-9112	440	76	underwriting	underwriting	NOUN
cblr-9112	440	77	that	that	PRON
cblr-9112	440	78	required	require	VERB
cblr-9112	440	79	an	an	DET
cblr-9112	440	80	effective	effective	ADJ
cblr-9112	440	81	registration	registration	NOUN
cblr-9112	440	82	statement.127	statement.127	NOUN
cblr-9112	440	83	in	in	ADP
cblr-9112	440	84	effect	effect	NOUN
cblr-9112	440	85	,	,	PUNCT
cblr-9112	440	86	the	the	DET
cblr-9112	440	87	sec	sec	PROPN
cblr-9112	440	88	attempted	attempt	VERB
cblr-9112	440	89	to	to	PART
cblr-9112	440	90	expand	expand	VERB
cblr-9112	440	91	the	the	DET
cblr-9112	440	92	concept	concept	NOUN
cblr-9112	440	93	of	of	ADP
cblr-9112	440	94	“	"	PUNCT
cblr-9112	440	95	underwriter	underwriter	NOUN
cblr-9112	440	96	”	"	PUNCT
cblr-9112	440	97	on	on	ADP
cblr-9112	440	98	the	the	DET
cblr-9112	440	99	basis	basis	NOUN
cblr-9112	440	100	that	that	SCONJ
cblr-9112	440	101	fund	fund	NOUN
cblr-9112	440	102	had	have	AUX
cblr-9112	440	103	begun	begin	VERB
cblr-9112	440	104	to	to	PART
cblr-9112	440	105	participate	participate	VERB
cblr-9112	440	106	in	in	ADP
cblr-9112	440	107	a	a	DET
cblr-9112	440	108	distribution	distribution	NOUN
cblr-9112	440	109	of	of	ADP
cblr-9112	440	110	shares128	shares128	PROPN
cblr-9112	440	111	—	—	PUNCT
cblr-9112	440	112	shares	share	NOUN
cblr-9112	440	113	that	that	PRON
cblr-9112	440	114	,	,	PUNCT
cblr-9112	440	115	at	at	ADP
cblr-9112	440	116	the	the	DET
cblr-9112	440	117	time	time	NOUN
cblr-9112	440	118	of	of	ADP
cblr-9112	440	119	the	the	DET
cblr-9112	440	120	fund	fund	NOUN
cblr-9112	440	121	’s	’s	PART
cblr-9112	440	122	short	short	ADJ
cblr-9112	440	123	sales	sale	NOUN
cblr-9112	440	124	,	,	PUNCT
cblr-9112	440	125	126	126	NUM
cblr-9112	440	126	see	see	VERB
cblr-9112	440	127	complaint	complaint	NOUN
cblr-9112	440	128	at	at	ADP
cblr-9112	440	129	15–16	15–16	NUM
cblr-9112	440	130	,	,	PUNCT
cblr-9112	440	131	sec	sec	PROPN
cblr-9112	440	132	v.	v.	PROPN
cblr-9112	440	133	mangan	mangan	PROPN
cblr-9112	440	134	,	,	PUNCT
cblr-9112	440	135	598	598	NUM
cblr-9112	440	136	f.supp	f.supp	ADJ
cblr-9112	440	137	2d	2d	NOUN
cblr-9112	440	138	.	.	PUNCT
cblr-9112	441	1	731	731	NUM
cblr-9112	441	2	(	(	PUNCT
cblr-9112	441	3	w.d.n.c	w.d.n.c	PROPN
cblr-9112	441	4	.	.	PROPN
cblr-9112	441	5	2008	2008	NUM
cblr-9112	441	6	)	)	PUNCT
cblr-9112	441	7	.	.	PUNCT
cblr-9112	442	1	127	127	NUM
cblr-9112	442	2	see	see	VERB
cblr-9112	442	3	i	i	PROPN
cblr-9112	442	4	d.	d.	PROPN
cblr-9112	442	5	;	;	PUNCT
cblr-9112	442	6	anna	anna	PROPN
cblr-9112	442	7	t.	t.	PROPN
cblr-9112	442	8	pinedo	pinedo	PROPN
cblr-9112	442	9	&	&	CCONJ
cblr-9112	442	10	james	james	PROPN
cblr-9112	442	11	r.	r.	PROPN
cblr-9112	442	12	tanenbaum	tanenbaum	PROPN
cblr-9112	442	13	,	,	PUNCT
cblr-9112	442	14	over	over	ADP
cblr-9112	442	15	the	the	DET
cblr-9112	442	16	worst	bad	ADJ
cblr-9112	442	17	of	of	ADP
cblr-9112	442	18	it	it	PRON
cblr-9112	442	19	,	,	PUNCT
cblr-9112	442	20	int’l	int’l	PRON
cblr-9112	442	21	.	.	PUNCT
cblr-9112	443	1	fin	fin	NOUN
cblr-9112	443	2	.	.	PUNCT
cblr-9112	444	1	l.	l.	PROPN
cblr-9112	444	2	rev	rev	PROPN
cblr-9112	444	3	.	.	PROPN
cblr-9112	444	4	,	,	PUNCT
cblr-9112	444	5	june	june	PROPN
cblr-9112	444	6	2008	2008	NUM
cblr-9112	444	7	,	,	PUNCT
cblr-9112	444	8	at	at	ADP
cblr-9112	444	9	2	2	NUM
cblr-9112	444	10	,	,	PUNCT
cblr-9112	444	11	4	4	NUM
cblr-9112	444	12	.	.	NOUN
cblr-9112	444	13	128	128	NUM
cblr-9112	444	14	in	in	ADP
cblr-9112	444	15	that	that	DET
cblr-9112	444	16	respect	respect	NOUN
cblr-9112	444	17	,	,	PUNCT
cblr-9112	444	18	the	the	DET
cblr-9112	444	19	courts	court	NOUN
cblr-9112	444	20	have	have	AUX
cblr-9112	444	21	construed	construe	VERB
cblr-9112	444	22	what	what	PRON
cblr-9112	444	23	constitutes	constitute	VERB
cblr-9112	444	24	an	an	DET
cblr-9112	444	25	“	"	PUNCT
cblr-9112	444	26	underwriter	underwriter	NOUN
cblr-9112	444	27	”	"	PUNCT
cblr-9112	444	28	in	in	ADP
cblr-9112	444	29	broad	broad	ADJ
cblr-9112	444	30	terms	term	NOUN
cblr-9112	444	31	.	.	PUNCT
cblr-9112	445	1	in	in	ADP
cblr-9112	445	2	sec	sec	PROPN
cblr-9112	445	3	v.	v.	ADP
cblr-9112	445	4	chinese	chinese	PROPN
cblr-9112	445	5	consol	consol	NOUN
cblr-9112	445	6	.	.	PUNCT
cblr-9112	446	1	benevolent	benevolent	ADJ
cblr-9112	446	2	ass’n	ass’n	NOUN
cblr-9112	446	3	,	,	PUNCT
cblr-9112	446	4	120	120	NUM
cblr-9112	446	5	f.2d	f.2d	NOUN
cblr-9112	446	6	738	738	NUM
cblr-9112	446	7	(	(	PUNCT
cblr-9112	446	8	2d	2d	NUM
cblr-9112	446	9	cir	cir	NOUN
cblr-9112	446	10	.	.	PROPN
cblr-9112	447	1	1941	1941	NUM
cblr-9112	447	2	)	)	PUNCT
cblr-9112	447	3	,	,	PUNCT
cblr-9112	447	4	for	for	ADP
cblr-9112	447	5	example	example	NOUN
cblr-9112	447	6	,	,	PUNCT
cblr-9112	447	7	the	the	DET
cblr-9112	447	8	defendant	defendant	NOUN
cblr-9112	447	9	violated	violate	VERB
cblr-9112	447	10	the	the	DET
cblr-9112	447	11	securities	security	NOUN
cblr-9112	447	12	act	act	NOUN
cblr-9112	447	13	simply	simply	ADV
cblr-9112	447	14	by	by	ADP
cblr-9112	447	15	soliciting	solicit	VERB
cblr-9112	447	16	offers	offer	NOUN
cblr-9112	447	17	to	to	PART
cblr-9112	447	18	buy	buy	VERB
cblr-9112	447	19	securities	security	NOUN
cblr-9112	447	20	.	.	PUNCT
cblr-9112	448	1	even	even	ADV
cblr-9112	448	2	though	though	SCONJ
cblr-9112	448	3	the	the	DET
cblr-9112	448	4	defendant	defendant	NOUN
cblr-9112	448	5	did	do	AUX
cblr-9112	448	6	not	not	PART
cblr-9112	448	7	own	own	VERB
cblr-9112	448	8	the	the	DET
cblr-9112	448	9	securities	security	NOUN
cblr-9112	448	10	and	and	CCONJ
cblr-9112	448	11	was	be	AUX
cblr-9112	448	12	not	not	PART
cblr-9112	448	13	compensated	compensate	VERB
cblr-9112	448	14	for	for	ADP
cblr-9112	448	15	its	its	PRON
cblr-9112	448	16	solicitation	solicitation	NOUN
cblr-9112	448	17	,	,	PUNCT
cblr-9112	448	18	the	the	DET
cblr-9112	448	19	court	court	NOUN
cblr-9112	448	20	held	hold	VERB
cblr-9112	448	21	that	that	SCONJ
cblr-9112	448	22	whether	whether	SCONJ
cblr-9112	448	23	the	the	DET
cblr-9112	448	24	“	"	PUNCT
cblr-9112	448	25	issuer	issuer	NOUN
cblr-9112	448	26	authorized	authorize	VERB
cblr-9112	448	27	the	the	DET
cblr-9112	448	28	solicitation	solicitation	NOUN
cblr-9112	448	29	,	,	PUNCT
cblr-9112	448	30	or	or	CCONJ
cblr-9112	448	31	merely	merely	ADV
cblr-9112	448	32	availed	avail	VERB
cblr-9112	448	33	itself	itself	PRON
cblr-9112	448	34	of	of	ADP
cblr-9112	448	35	gratuitous	gratuitous	ADJ
cblr-9112	448	36	and	and	CCONJ
cblr-9112	448	37	even	even	ADV
cblr-9112	448	38	unknown	unknown	ADJ
cblr-9112	448	39	acts	act	NOUN
cblr-9112	448	40	on	on	ADP
cblr-9112	448	41	the	the	DET
cblr-9112	448	42	part	part	NOUN
cblr-9112	448	43	of	of	ADP
cblr-9112	448	44	the	the	DET
cblr-9112	448	45	defendant	defendant	NOUN
cblr-9112	448	46	”	"	PUNCT
cblr-9112	448	47	was	be	AUX
cblr-9112	448	48	irrelevant	irrelevant	ADJ
cblr-9112	448	49	to	to	ADP
cblr-9112	448	50	the	the	DET
cblr-9112	448	51	securities	security	NOUN
cblr-9112	448	52	act	act	PROPN
cblr-9112	448	53	analysis	analysis	NOUN
cblr-9112	448	54	.	.	PUNCT
cblr-9112	449	1	i	i	PRON
cblr-9112	449	2	d.	d.	PROPN
cblr-9112	449	3	at	at	ADP
cblr-9112	449	4	740	740	NUM
cblr-9112	449	5	.	.	PUNCT
cblr-9112	450	1	“	"	PUNCT
cblr-9112	450	2	in	in	ADP
cblr-9112	450	3	either	either	DET
cblr-9112	450	4	case	case	NOUN
cblr-9112	450	5	,	,	PUNCT
cblr-9112	450	6	”	"	PUNCT
cblr-9112	450	7	the	the	DET
cblr-9112	450	8	court	court	NOUN
cblr-9112	450	9	concluded	conclude	VERB
cblr-9112	450	10	,	,	PUNCT
cblr-9112	450	11	“	"	PUNCT
cblr-9112	450	12	the	the	DET
cblr-9112	450	13	solicitation	solicitation	NOUN
cblr-9112	450	14	was	be	AUX
cblr-9112	450	15	equally	equally	ADV
cblr-9112	450	16	for	for	ADP
cblr-9112	450	17	the	the	DET
cblr-9112	450	18	benefit	benefit	NOUN
cblr-9112	450	19	of	of	ADP
cblr-9112	450	20	the	the	DET
cblr-9112	450	21	[	[	X
cblr-9112	450	22	issuer	issuer	NOUN
cblr-9112	450	23	]	]	PUNCT
cblr-9112	450	24	and	and	CCONJ
cblr-9112	450	25	broadly	broadly	ADV
cblr-9112	450	26	speaking	speak	VERB
cblr-9112	450	27	was	be	AUX
cblr-9112	450	28	for	for	ADP
cblr-9112	450	29	the	the	DET
cblr-9112	450	30	issuer	issuer	NOUN
cblr-9112	450	31	in	in	ADP
cblr-9112	450	32	connection	connection	NOUN
cblr-9112	450	33	with	with	ADP
cblr-9112	450	34	the	the	DET
cblr-9112	450	35	distribution	distribution	NOUN
cblr-9112	450	36	of	of	ADP
cblr-9112	450	37	the	the	DET
cblr-9112	450	38	[	[	X
cblr-9112	450	39	securities	security	NOUN
cblr-9112	450	40	]	]	PUNCT
cblr-9112	450	41	.	.	PUNCT
cblr-9112	450	42	”	"	PUNCT
cblr-9112	451	1	i	i	PRON
cblr-9112	451	2	d.	d.	PROPN
cblr-9112	451	3	the	the	DET
cblr-9112	451	4	defendant	defendant	NOUN
cblr-9112	451	5	,	,	PUNCT
cblr-9112	451	6	therefore	therefore	ADV
cblr-9112	451	7	,	,	PUNCT
cblr-9112	451	8	was	be	AUX
cblr-9112	451	9	an	an	DET
cblr-9112	451	10	underwriter	underwriter	NOUN
cblr-9112	451	11	.	.	PUNCT
cblr-9112	452	1	i	i	PRON
cblr-9112	452	2	d.	d.	PROPN
cblr-9112	452	3	at	at	ADP
cblr-9112	452	4	741	741	NUM
cblr-9112	452	5	.	.	PUNCT
cblr-9112	453	1	nevertheless	nevertheless	ADV
cblr-9112	453	2	,	,	PUNCT
cblr-9112	453	3	even	even	ADV
cblr-9112	453	4	under	under	ADP
cblr-9112	453	5	this	this	DET
cblr-9112	453	6	broad	broad	ADJ
cblr-9112	453	7	reading	reading	NOUN
cblr-9112	453	8	,	,	PUNCT
cblr-9112	453	9	it	it	PRON
cblr-9112	453	10	would	would	AUX
cblr-9112	453	11	be	be	AUX
cblr-9112	453	12	difficult	difficult	ADJ
cblr-9112	453	13	to	to	PART
cblr-9112	453	14	find	find	VERB
cblr-9112	453	15	that	that	DET
cblr-9112	453	16	fund	fund	NOUN
cblr-9112	453	17	’s	’s	PART
cblr-9112	453	18	return	return	NOUN
cblr-9112	453	19	of	of	ADP
cblr-9112	453	20	borrowed	borrow	VERB
cblr-9112	453	21	shares	share	NOUN
cblr-9112	453	22	to	to	ADP
cblr-9112	453	23	custodian	custodian	PROPN
cblr-9112	453	24	was	be	AUX
cblr-9112	453	25	a	a	DET
cblr-9112	453	26	distribution	distribution	NOUN
cblr-9112	453	27	of	of	ADP
cblr-9112	453	28	those	those	DET
cblr-9112	453	29	shares	share	NOUN
cblr-9112	453	30	and	and	CCONJ
cblr-9112	453	31	,	,	PUNCT
cblr-9112	453	32	therefore	therefore	ADV
cblr-9112	453	33	,	,	PUNCT
cblr-9112	453	34	that	that	DET
cblr-9112	453	35	fund	fund	NOUN
cblr-9112	453	36	was	be	AUX
cblr-9112	453	37	an	an	DET
cblr-9112	453	38	underwriter	underwriter	NOUN
cblr-9112	453	39	.	.	PUNCT
cblr-9112	454	1	but	but	CCONJ
cblr-9112	454	2	see	see	VERB
cblr-9112	454	3	zacharias	zacharias	PROPN
cblr-9112	454	4	,	,	PUNCT
cblr-9112	454	5	569	569	NUM
cblr-9112	454	6	f.3d	f.3d	NUM
cblr-9112	454	7	at	at	ADP
cblr-9112	454	8	458	458	NUM
cblr-9112	454	9	,	,	PUNCT
cblr-9112	454	10	described	describe	VERB
cblr-9112	454	11	infra	infra	NOUN
cblr-9112	454	12	note	note	VERB
cblr-9112	454	13	129	129	NUM
cblr-9112	454	14	.	.	PUNCT
cblr-9112	455	1	1426	1426	NUM
cblr-9112	455	2	columbia	columbia	PROPN
cblr-9112	455	3	business	business	PROPN
cblr-9112	455	4	law	law	PROPN
cblr-9112	455	5	review	review	NOUN
cblr-9112	455	6	[	[	X
cblr-9112	455	7	vol	vol	NOUN
cblr-9112	455	8	.	.	PUNCT
cblr-9112	455	9	2021	2021	NUM
cblr-9112	455	10	were	be	AUX
cblr-9112	455	11	restricted	restrict	VERB
cblr-9112	455	12	even	even	ADV
cblr-9112	455	13	though	though	SCONJ
cblr-9112	455	14	they	they	PRON
cblr-9112	455	15	were	be	AUX
cblr-9112	455	16	fully	fully	ADV
cblr-9112	455	17	-	-	PUNCT
cblr-9112	455	18	registered	register	VERB
cblr-9112	455	19	when	when	SCONJ
cblr-9112	455	20	fund	fund	NOUN
cblr-9112	455	21	later	later	ADV
cblr-9112	455	22	returned	return	VERB
cblr-9112	455	23	shares	share	NOUN
cblr-9112	455	24	to	to	ADP
cblr-9112	455	25	custodian	custodian	NOUN
cblr-9112	455	26	.	.	PUNCT
cblr-9112	456	1	the	the	DET
cblr-9112	456	2	district	district	NOUN
cblr-9112	456	3	courts	court	NOUN
cblr-9112	456	4	disagreed.129	disagreed.129	VERB
cblr-9112	456	5	they	they	PRON
cblr-9112	456	6	concluded	conclude	VERB
cblr-9112	456	7	that	that	SCONJ
cblr-9112	456	8	the	the	DET
cblr-9112	456	9	restricted	restricted	ADJ
cblr-9112	456	10	shares	share	NOUN
cblr-9112	456	11	were	be	AUX
cblr-9112	456	12	different	different	ADJ
cblr-9112	456	13	instruments	instrument	NOUN
cblr-9112	456	14	from	from	ADP
cblr-9112	456	15	the	the	DET
cblr-9112	456	16	shares	share	NOUN
cblr-9112	456	17	that	that	PRON
cblr-9112	456	18	fund	fund	VERB
cblr-9112	456	19	short	short	ADV
cblr-9112	456	20	-	-	PUNCT
cblr-9112	456	21	sold	sell	VERB
cblr-9112	456	22	on	on	ADP
cblr-9112	456	23	the	the	DET
cblr-9112	456	24	stock	stock	NOUN
cblr-9112	456	25	exchange	exchange	NOUN
cblr-9112	456	26	,	,	PUNCT
cblr-9112	456	27	and	and	CCONJ
cblr-9112	456	28	this	this	DET
cblr-9112	456	29	difference	difference	NOUN
cblr-9112	456	30	should	should	AUX
cblr-9112	456	31	be	be	AUX
cblr-9112	456	32	reflected	reflect	VERB
cblr-9112	456	33	in	in	ADP
cblr-9112	456	34	their	their	PRON
cblr-9112	456	35	regulatory	regulatory	ADJ
cblr-9112	456	36	treatment.130	treatment.130	NOUN
cblr-9112	456	37	in	in	ADP
cblr-9112	456	38	other	other	ADJ
cblr-9112	456	39	words	word	NOUN
cblr-9112	456	40	,	,	PUNCT
cblr-9112	456	41	what	what	PRON
cblr-9112	456	42	triggered	trigger	VERB
cblr-9112	456	43	the	the	DET
cblr-9112	456	44	securities	security	NOUN
cblr-9112	456	45	act	act	NOUN
cblr-9112	456	46	was	be	AUX
cblr-9112	456	47	the	the	DET
cblr-9112	456	48	129	129	NUM
cblr-9112	456	49	contrast	contrast	NOUN
cblr-9112	456	50	zacharias	zacharia	NOUN
cblr-9112	456	51	,	,	PUNCT
cblr-9112	456	52	where	where	SCONJ
cblr-9112	456	53	the	the	DET
cblr-9112	456	54	d.c	d.c	PROPN
cblr-9112	456	55	.	.	PROPN
cblr-9112	456	56	circuit	circuit	PROPN
cblr-9112	456	57	affirmed	affirm	VERB
cblr-9112	456	58	an	an	DET
cblr-9112	456	59	sec	sec	PROPN
cblr-9112	456	60	order	order	NOUN
cblr-9112	456	61	that	that	PRON
cblr-9112	456	62	found	find	VERB
cblr-9112	456	63	two	two	NUM
cblr-9112	456	64	officers	officer	NOUN
cblr-9112	456	65	and	and	CCONJ
cblr-9112	456	66	directors	director	NOUN
cblr-9112	456	67	(	(	PUNCT
cblr-9112	456	68	zacharias	zacharias	PROPN
cblr-9112	456	69	and	and	CCONJ
cblr-9112	456	70	carley	carley	PROPN
cblr-9112	456	71	)	)	PUNCT
cblr-9112	456	72	of	of	ADP
cblr-9112	456	73	starnet	starnet	ADJ
cblr-9112	456	74	communications	communication	NOUN
cblr-9112	456	75	,	,	PUNCT
cblr-9112	456	76	and	and	CCONJ
cblr-9112	456	77	a	a	DET
cblr-9112	456	78	group	group	NOUN
cblr-9112	456	79	of	of	ADP
cblr-9112	456	80	unaffiliated	unaffiliated	ADJ
cblr-9112	456	81	third	third	ADJ
cblr-9112	456	82	parties	party	NOUN
cblr-9112	456	83	(	(	PUNCT
cblr-9112	456	84	the	the	DET
cblr-9112	456	85	“	"	PUNCT
cblr-9112	456	86	peeper	peeper	NOUN
cblr-9112	456	87	entities	entity	NOUN
cblr-9112	456	88	”	"	PUNCT
cblr-9112	456	89	)	)	PUNCT
cblr-9112	456	90	,	,	PUNCT
cblr-9112	456	91	to	to	PART
cblr-9112	456	92	be	be	AUX
cblr-9112	456	93	engaged	engage	VERB
cblr-9112	456	94	in	in	ADP
cblr-9112	456	95	a	a	DET
cblr-9112	456	96	scheme	scheme	NOUN
cblr-9112	456	97	to	to	PART
cblr-9112	456	98	sell	sell	VERB
cblr-9112	456	99	unregistered	unregistered	ADJ
cblr-9112	456	100	starnet	starnet	ADJ
cblr-9112	456	101	shares	share	NOUN
cblr-9112	456	102	in	in	ADP
cblr-9112	456	103	violation	violation	NOUN
cblr-9112	456	104	of	of	ADP
cblr-9112	456	105	the	the	DET
cblr-9112	456	106	securities	securities	PROPN
cblr-9112	456	107	act	act	PROPN
cblr-9112	456	108	.	.	PUNCT
cblr-9112	457	1	zacharias	zacharias	PROPN
cblr-9112	457	2	,	,	PUNCT
cblr-9112	457	3	569	569	NUM
cblr-9112	457	4	f.3d	f.3d	NUM
cblr-9112	457	5	at	at	ADP
cblr-9112	457	6	462	462	NUM
cblr-9112	457	7	.	.	PUNCT
cblr-9112	458	1	zacharias	zacharias	PROPN
cblr-9112	458	2	and	and	CCONJ
cblr-9112	458	3	carley	carley	PROPN
cblr-9112	458	4	held	hold	VERB
cblr-9112	458	5	options	option	NOUN
cblr-9112	458	6	to	to	PART
cblr-9112	458	7	purchase	purchase	VERB
cblr-9112	458	8	starnet	starnet	ADJ
cblr-9112	458	9	stock	stock	NOUN
cblr-9112	458	10	.	.	PUNCT
cblr-9112	459	1	i	i	PRON
cblr-9112	459	2	d.	d.	PROPN
cblr-9112	459	3	at	at	ADP
cblr-9112	459	4	463	463	NUM
cblr-9112	459	5	.	.	PUNCT
cblr-9112	460	1	the	the	DET
cblr-9112	460	2	options	option	NOUN
cblr-9112	460	3	were	be	AUX
cblr-9112	460	4	registered	register	VERB
cblr-9112	460	5	with	with	ADP
cblr-9112	460	6	the	the	DET
cblr-9112	460	7	sec	sec	PROPN
cblr-9112	460	8	,	,	PUNCT
cblr-9112	460	9	but	but	CCONJ
cblr-9112	460	10	not	not	PART
cblr-9112	460	11	the	the	DET
cblr-9112	460	12	underlying	underlie	VERB
cblr-9112	460	13	shares	share	NOUN
cblr-9112	460	14	.	.	PUNCT
cblr-9112	461	1	i	i	PRON
cblr-9112	461	2	d.	d.	PROPN
cblr-9112	461	3	as	as	ADP
cblr-9112	461	4	a	a	DET
cblr-9112	461	5	result	result	NOUN
cblr-9112	461	6	,	,	PUNCT
cblr-9112	461	7	the	the	DET
cblr-9112	461	8	court	court	NOUN
cblr-9112	461	9	noted	note	VERB
cblr-9112	461	10	,	,	PUNCT
cblr-9112	461	11	resales	resale	NOUN
cblr-9112	461	12	by	by	ADP
cblr-9112	461	13	zacharias	zacharias	PROPN
cblr-9112	461	14	or	or	CCONJ
cblr-9112	461	15	carley	carley	PROPN
cblr-9112	461	16	“	"	PUNCT
cblr-9112	461	17	would	would	AUX
cblr-9112	461	18	have	have	AUX
cblr-9112	461	19	been	be	AUX
cblr-9112	461	20	illegal	illegal	ADJ
cblr-9112	461	21	”	"	PUNCT
cblr-9112	461	22	without	without	ADP
cblr-9112	461	23	a	a	DET
cblr-9112	461	24	separate	separate	ADJ
cblr-9112	461	25	,	,	PUNCT
cblr-9112	461	26	effective	effective	ADJ
cblr-9112	461	27	registration	registration	NOUN
cblr-9112	461	28	statement	statement	NOUN
cblr-9112	461	29	covering	cover	VERB
cblr-9112	461	30	those	those	DET
cblr-9112	461	31	resales	resale	NOUN
cblr-9112	461	32	.	.	PUNCT
cblr-9112	462	1	i	i	PRON
cblr-9112	462	2	d.	d.	PROPN
cblr-9112	462	3	the	the	DET
cblr-9112	462	4	peeper	peeper	PROPN
cblr-9112	462	5	entities	entity	NOUN
cblr-9112	462	6	,	,	PUNCT
cblr-9112	462	7	however	however	ADV
cblr-9112	462	8	,	,	PUNCT
cblr-9112	462	9	owned	own	VERB
cblr-9112	462	10	millions	million	NOUN
cblr-9112	462	11	of	of	ADP
cblr-9112	462	12	starnet	starnet	ADJ
cblr-9112	462	13	shares	share	NOUN
cblr-9112	462	14	that	that	SCONJ
cblr-9112	462	15	“	"	PUNCT
cblr-9112	462	16	they	they	PRON
cblr-9112	462	17	could	could	AUX
cblr-9112	462	18	lawfully	lawfully	ADV
cblr-9112	462	19	resell	resell	VERB
cblr-9112	462	20	to	to	ADP
cblr-9112	462	21	the	the	DET
cblr-9112	462	22	public	public	NOUN
cblr-9112	462	23	”	"	PUNCT
cblr-9112	462	24	without	without	ADP
cblr-9112	462	25	a	a	DET
cblr-9112	462	26	registration	registration	NOUN
cblr-9112	462	27	statement	statement	NOUN
cblr-9112	462	28	.	.	PUNCT
cblr-9112	463	1	i	i	PRON
cblr-9112	463	2	d.	d.	PROPN
cblr-9112	463	3	at	at	ADP
cblr-9112	463	4	462–63	462–63	NUM
cblr-9112	463	5	.	.	PUNCT
cblr-9112	464	1	they	they	PRON
cblr-9112	464	2	also	also	ADV
cblr-9112	464	3	held	hold	VERB
cblr-9112	464	4	warrants	warrant	NOUN
cblr-9112	464	5	to	to	PART
cblr-9112	464	6	purchase	purchase	VERB
cblr-9112	464	7	several	several	ADJ
cblr-9112	464	8	more	more	ADJ
cblr-9112	464	9	millions	million	NOUN
cblr-9112	464	10	of	of	ADP
cblr-9112	464	11	shares	share	NOUN
cblr-9112	464	12	.	.	PUNCT
cblr-9112	465	1	i	i	PRON
cblr-9112	465	2	d.	d.	PROPN
cblr-9112	465	3	in	in	ADP
cblr-9112	465	4	the	the	DET
cblr-9112	465	5	first	first	ADJ
cblr-9112	465	6	step	step	NOUN
cblr-9112	465	7	,	,	PUNCT
cblr-9112	465	8	the	the	DET
cblr-9112	465	9	peeper	peeper	NOUN
cblr-9112	465	10	entities	entity	NOUN
cblr-9112	465	11	sold	sell	VERB
cblr-9112	465	12	their	their	PRON
cblr-9112	465	13	starnet	starnet	ADJ
cblr-9112	465	14	shares	share	NOUN
cblr-9112	465	15	to	to	ADP
cblr-9112	465	16	the	the	DET
cblr-9112	465	17	public	public	NOUN
cblr-9112	465	18	(	(	PUNCT
cblr-9112	465	19	including	include	VERB
cblr-9112	465	20	shares	share	NOUN
cblr-9112	465	21	received	receive	VERB
cblr-9112	465	22	upon	upon	SCONJ
cblr-9112	465	23	exercise	exercise	NOUN
cblr-9112	465	24	of	of	ADP
cblr-9112	465	25	the	the	DET
cblr-9112	465	26	warrants	warrant	NOUN
cblr-9112	465	27	)	)	PUNCT
cblr-9112	465	28	.	.	PUNCT
cblr-9112	466	1	i	i	PRON
cblr-9112	466	2	d.	d.	PROPN
cblr-9112	466	3	at	at	ADP
cblr-9112	466	4	462	462	NUM
cblr-9112	466	5	.	.	PUNCT
cblr-9112	467	1	the	the	DET
cblr-9112	467	2	court	court	NOUN
cblr-9112	467	3	concluded	conclude	VERB
cblr-9112	467	4	that	that	SCONJ
cblr-9112	467	5	,	,	PUNCT
cblr-9112	467	6	absent	absent	ADJ
cblr-9112	467	7	any	any	DET
cblr-9112	467	8	other	other	ADJ
cblr-9112	467	9	facts	fact	NOUN
cblr-9112	467	10	,	,	PUNCT
cblr-9112	467	11	the	the	DET
cblr-9112	467	12	sales	sale	NOUN
cblr-9112	467	13	by	by	ADP
cblr-9112	467	14	the	the	DET
cblr-9112	467	15	peeper	peeper	NOUN
cblr-9112	467	16	entities	entity	NOUN
cblr-9112	467	17	would	would	AUX
cblr-9112	467	18	have	have	AUX
cblr-9112	467	19	been	be	AUX
cblr-9112	467	20	legal	legal	ADJ
cblr-9112	467	21	.	.	PUNCT
cblr-9112	468	1	i	i	PRON
cblr-9112	468	2	d.	d.	PROPN
cblr-9112	468	3	as	as	ADP
cblr-9112	468	4	part	part	NOUN
cblr-9112	468	5	of	of	ADP
cblr-9112	468	6	the	the	DET
cblr-9112	468	7	second	second	ADJ
cblr-9112	468	8	step	step	NOUN
cblr-9112	468	9	,	,	PUNCT
cblr-9112	468	10	zacharias	zacharias	PROPN
cblr-9112	468	11	and	and	CCONJ
cblr-9112	468	12	carley	carley	PROPN
cblr-9112	468	13	exercised	exercise	VERB
cblr-9112	468	14	their	their	PRON
cblr-9112	468	15	options	option	NOUN
cblr-9112	468	16	and	and	CCONJ
cblr-9112	468	17	privately	privately	ADV
cblr-9112	468	18	sold	sell	VERB
cblr-9112	468	19	shares	share	NOUN
cblr-9112	468	20	to	to	ADP
cblr-9112	468	21	the	the	DET
cblr-9112	468	22	peeper	peeper	NOUN
cblr-9112	468	23	entities	entity	NOUN
cblr-9112	468	24	shortly	shortly	ADV
cblr-9112	468	25	after	after	SCONJ
cblr-9112	468	26	the	the	DET
cblr-9112	468	27	first	first	ADJ
cblr-9112	468	28	step	step	NOUN
cblr-9112	468	29	was	be	AUX
cblr-9112	468	30	completed	complete	VERB
cblr-9112	468	31	.	.	PUNCT
cblr-9112	469	1	i	i	PRON
cblr-9112	469	2	d.	d.	PROPN
cblr-9112	469	3	at	at	ADP
cblr-9112	469	4	463	463	NUM
cblr-9112	469	5	.	.	PUNCT
cblr-9112	470	1	the	the	DET
cblr-9112	470	2	shares	share	NOUN
cblr-9112	470	3	that	that	PRON
cblr-9112	470	4	zacharias	zacharias	PROPN
cblr-9112	470	5	and	and	CCONJ
cblr-9112	470	6	carley	carley	PROPN
cblr-9112	470	7	sold	sell	VERB
cblr-9112	470	8	to	to	ADP
cblr-9112	470	9	the	the	DET
cblr-9112	470	10	peeper	peeper	NOUN
cblr-9112	470	11	entities	entity	NOUN
cblr-9112	470	12	equaled	equal	VERB
cblr-9112	470	13	the	the	DET
cblr-9112	470	14	number	number	NOUN
cblr-9112	470	15	of	of	ADP
cblr-9112	470	16	shares	share	NOUN
cblr-9112	470	17	the	the	DET
cblr-9112	470	18	peeper	peeper	NOUN
cblr-9112	470	19	entities	entity	NOUN
cblr-9112	470	20	sold	sell	VERB
cblr-9112	470	21	publicly	publicly	ADV
cblr-9112	470	22	.	.	PUNCT
cblr-9112	471	1	i	i	PRON
cblr-9112	471	2	d.	d.	PROPN
cblr-9112	471	3	the	the	DET
cblr-9112	471	4	court	court	NOUN
cblr-9112	471	5	concluded	conclude	VERB
cblr-9112	471	6	that	that	SCONJ
cblr-9112	471	7	,	,	PUNCT
cblr-9112	471	8	by	by	ADP
cblr-9112	471	9	itself	itself	PRON
cblr-9112	471	10	,	,	PUNCT
cblr-9112	471	11	the	the	DET
cblr-9112	471	12	second	second	ADJ
cblr-9112	471	13	step	step	NOUN
cblr-9112	471	14	was	be	AUX
cblr-9112	471	15	also	also	ADV
cblr-9112	471	16	legal	legal	ADJ
cblr-9112	471	17	.	.	PUNCT
cblr-9112	472	1	i	i	PRON
cblr-9112	472	2	d.	d.	VERB
cblr-9112	472	3	the	the	DET
cblr-9112	472	4	purpose	purpose	NOUN
cblr-9112	472	5	of	of	ADP
cblr-9112	472	6	the	the	DET
cblr-9112	472	7	two	two	NUM
cblr-9112	472	8	transactions	transaction	NOUN
cblr-9112	472	9	was	be	AUX
cblr-9112	472	10	to	to	PART
cblr-9112	472	11	enable	enable	VERB
cblr-9112	472	12	zacharias	zacharias	PROPN
cblr-9112	472	13	and	and	CCONJ
cblr-9112	472	14	carley	carley	PROPN
cblr-9112	472	15	to	to	PART
cblr-9112	472	16	sell	sell	VERB
cblr-9112	472	17	their	their	PRON
cblr-9112	472	18	shares	share	NOUN
cblr-9112	472	19	without	without	ADP
cblr-9112	472	20	an	an	DET
cblr-9112	472	21	effective	effective	ADJ
cblr-9112	472	22	registration	registration	NOUN
cblr-9112	472	23	statement	statement	NOUN
cblr-9112	472	24	,	,	PUNCT
cblr-9112	472	25	but	but	CCONJ
cblr-9112	472	26	at	at	ADP
cblr-9112	472	27	little	little	ADJ
cblr-9112	472	28	or	or	CCONJ
cblr-9112	472	29	no	no	PRON
cblr-9112	472	30	liquidity	liquidity	NOUN
cblr-9112	472	31	discount	discount	NOUN
cblr-9112	472	32	.	.	PUNCT
cblr-9112	473	1	i	i	PRON
cblr-9112	473	2	d.	d.	PROPN
cblr-9112	473	3	at	at	ADP
cblr-9112	473	4	462–63	462–63	NUM
cblr-9112	473	5	.	.	PUNCT
cblr-9112	474	1	in	in	ADP
cblr-9112	474	2	the	the	DET
cblr-9112	474	3	original	original	ADJ
cblr-9112	474	4	proceeding	proceeding	NOUN
cblr-9112	474	5	,	,	PUNCT
cblr-9112	474	6	the	the	DET
cblr-9112	474	7	sec	sec	PROPN
cblr-9112	474	8	concluded	conclude	VERB
cblr-9112	474	9	that	that	SCONJ
cblr-9112	474	10	the	the	DET
cblr-9112	474	11	two	two	NUM
cblr-9112	474	12	transactions	transaction	NOUN
cblr-9112	474	13	should	should	AUX
cblr-9112	474	14	be	be	AUX
cblr-9112	474	15	collapsed	collapse	VERB
cblr-9112	474	16	into	into	ADP
cblr-9112	474	17	one	one	NUM
cblr-9112	474	18	.	.	PUNCT
cblr-9112	475	1	as	as	ADP
cblr-9112	475	2	a	a	DET
cblr-9112	475	3	result	result	NOUN
cblr-9112	475	4	,	,	PUNCT
cblr-9112	475	5	zacharias	zacharias	PROPN
cblr-9112	475	6	,	,	PUNCT
cblr-9112	475	7	carley	carley	PROPN
cblr-9112	475	8	,	,	PUNCT
cblr-9112	475	9	and	and	CCONJ
cblr-9112	475	10	the	the	DET
cblr-9112	475	11	peeper	peeper	NOUN
cblr-9112	475	12	entities	entity	NOUN
cblr-9112	475	13	were	be	AUX
cblr-9112	475	14	found	find	VERB
cblr-9112	475	15	to	to	PART
cblr-9112	475	16	be	be	AUX
cblr-9112	475	17	underwriters	underwriter	NOUN
cblr-9112	475	18	that	that	PRON
cblr-9112	475	19	had	have	AUX
cblr-9112	475	20	engaged	engage	VERB
cblr-9112	475	21	in	in	ADP
cblr-9112	475	22	a	a	DET
cblr-9112	475	23	distribution	distribution	NOUN
cblr-9112	475	24	of	of	ADP
cblr-9112	475	25	starnet	starnet	ADJ
cblr-9112	475	26	shares	share	NOUN
cblr-9112	475	27	without	without	ADP
cblr-9112	475	28	an	an	DET
cblr-9112	475	29	effective	effective	ADJ
cblr-9112	475	30	registration	registration	NOUN
cblr-9112	475	31	statement	statement	NOUN
cblr-9112	475	32	in	in	ADP
cblr-9112	475	33	violation	violation	NOUN
cblr-9112	475	34	of	of	ADP
cblr-9112	475	35	the	the	DET
cblr-9112	475	36	securities	securities	PROPN
cblr-9112	475	37	act	act	PROPN
cblr-9112	475	38	.	.	PUNCT
cblr-9112	476	1	i	i	PRON
cblr-9112	476	2	d.	d.	PROPN
cblr-9112	476	3	the	the	DET
cblr-9112	476	4	court	court	NOUN
cblr-9112	476	5	agreed	agree	VERB
cblr-9112	476	6	with	with	ADP
cblr-9112	476	7	the	the	DET
cblr-9112	476	8	sec	sec	PROPN
cblr-9112	476	9	that	that	SCONJ
cblr-9112	476	10	a	a	DET
cblr-9112	476	11	person	person	NOUN
cblr-9112	476	12	does	do	AUX
cblr-9112	476	13	“	"	PUNCT
cblr-9112	476	14	not	not	PART
cblr-9112	476	15	have	have	VERB
cblr-9112	476	16	to	to	PART
cblr-9112	476	17	be	be	AUX
cblr-9112	476	18	involved	involve	VERB
cblr-9112	476	19	in	in	ADP
cblr-9112	476	20	the	the	DET
cblr-9112	476	21	final	final	ADJ
cblr-9112	476	22	step	step	NOUN
cblr-9112	476	23	of	of	ADP
cblr-9112	476	24	the	the	DET
cblr-9112	476	25	distribution	distribution	NOUN
cblr-9112	476	26	to	to	PART
cblr-9112	476	27	have	have	AUX
cblr-9112	476	28	participated	participate	VERB
cblr-9112	476	29	in	in	ADP
cblr-9112	476	30	it	it	PRON
cblr-9112	476	31	,	,	PUNCT
cblr-9112	476	32	”	"	PUNCT
cblr-9112	476	33	but	but	CCONJ
cblr-9112	476	34	rather	rather	ADV
cblr-9112	476	35	that	that	SCONJ
cblr-9112	476	36	a	a	DET
cblr-9112	476	37	person	person	NOUN
cblr-9112	476	38	who	who	PRON
cblr-9112	476	39	is	be	AUX
cblr-9112	476	40	a	a	DET
cblr-9112	476	41	“	"	PUNCT
cblr-9112	476	42	necessary	necessary	ADJ
cblr-9112	476	43	participant	participant	NOUN
cblr-9112	476	44	”	"	PUNCT
cblr-9112	476	45	or	or	CCONJ
cblr-9112	476	46	“	"	PUNCT
cblr-9112	476	47	substantial	substantial	ADJ
cblr-9112	476	48	factor	factor	NOUN
cblr-9112	476	49	”	"	PUNCT
cblr-9112	476	50	in	in	ADP
cblr-9112	476	51	a	a	DET
cblr-9112	476	52	distribution	distribution	NOUN
cblr-9112	476	53	is	be	AUX
cblr-9112	476	54	an	an	DET
cblr-9112	476	55	underwriter	underwriter	NOUN
cblr-9112	476	56	.	.	PUNCT
cblr-9112	477	1	i	i	PRON
cblr-9112	477	2	d.	d.	PROPN
cblr-9112	477	3	at	at	ADP
cblr-9112	477	4	464	464	NUM
cblr-9112	477	5	.	.	PUNCT
cblr-9112	478	1	praising	praise	VERB
cblr-9112	478	2	the	the	DET
cblr-9112	478	3	sec	sec	PROPN
cblr-9112	478	4	’s	’s	PART
cblr-9112	478	5	decision	decision	NOUN
cblr-9112	478	6	as	as	ADP
cblr-9112	478	7	“	"	PUNCT
cblr-9112	478	8	a	a	DET
cblr-9112	478	9	triumph	triumph	NOUN
cblr-9112	478	10	of	of	ADP
cblr-9112	478	11	substance	substance	NOUN
cblr-9112	478	12	over	over	ADP
cblr-9112	478	13	form	form	NOUN
cblr-9112	478	14	,	,	PUNCT
cblr-9112	478	15	”	"	PUNCT
cblr-9112	478	16	the	the	DET
cblr-9112	478	17	court	court	NOUN
cblr-9112	478	18	affirmed	affirm	VERB
cblr-9112	478	19	the	the	DET
cblr-9112	478	20	sec	sec	PROPN
cblr-9112	478	21	order	order	NOUN
cblr-9112	478	22	that	that	PRON
cblr-9112	478	23	found	find	VERB
cblr-9112	478	24	the	the	DET
cblr-9112	478	25	two	two	NUM
cblr-9112	478	26	steps	step	NOUN
cblr-9112	478	27	of	of	ADP
cblr-9112	478	28	the	the	DET
cblr-9112	478	29	transaction	transaction	NOUN
cblr-9112	478	30	—	—	PUNCT
cblr-9112	478	31	even	even	ADV
cblr-9112	478	32	though	though	SCONJ
cblr-9112	478	33	they	they	PRON
cblr-9112	478	34	would	would	AUX
cblr-9112	478	35	have	have	AUX
cblr-9112	478	36	been	be	AUX
cblr-9112	478	37	legal	legal	ADJ
cblr-9112	478	38	if	if	SCONJ
cblr-9112	478	39	considered	consider	VERB
cblr-9112	478	40	by	by	ADP
cblr-9112	478	41	themselves	themselves	PRON
cblr-9112	478	42	—	—	PUNCT
cblr-9112	478	43	to	to	PART
cblr-9112	478	44	have	have	AUX
cblr-9112	478	45	violated	violate	VERB
cblr-9112	478	46	the	the	DET
cblr-9112	478	47	securities	security	NOUN
cblr-9112	478	48	act	act	PROPN
cblr-9112	478	49	.	.	PUNCT
cblr-9112	479	1	i	i	PRON
cblr-9112	479	2	d.	d.	PROPN
cblr-9112	479	3	at	at	ADP
cblr-9112	479	4	463	463	NUM
cblr-9112	479	5	,	,	PUNCT
cblr-9112	479	6	469	469	NUM
cblr-9112	479	7	.	.	NOUN
cblr-9112	479	8	130	130	NUM
cblr-9112	479	9	see	see	VERB
cblr-9112	479	10	supra	supra	PROPN
cblr-9112	479	11	note	note	NOUN
cblr-9112	479	12	123	123	NUM
cblr-9112	479	13	.	.	PUNCT
cblr-9112	480	1	no	no	INTJ
cblr-9112	480	2	.	.	NOUN
cblr-9112	481	1	3:1396	3:1396	NUM
cblr-9112	481	2	]	]	PUNCT
cblr-9112	481	3	risky	risky	ADJ
cblr-9112	481	4	business	business	NOUN
cblr-9112	481	5	1427	1427	NUM
cblr-9112	481	6	transfer	transfer	NOUN
cblr-9112	481	7	of	of	ADP
cblr-9112	481	8	shares	share	NOUN
cblr-9112	481	9	,	,	PUNCT
cblr-9112	481	10	not	not	PART
cblr-9112	481	11	the	the	DET
cblr-9112	481	12	transfer	transfer	NOUN
cblr-9112	481	13	of	of	ADP
cblr-9112	481	14	their	their	PRON
cblr-9112	481	15	risk	risk	NOUN
cblr-9112	481	16	.	.	PUNCT
cblr-9112	482	1	no	no	DET
cblr-9112	482	2	interest	interest	NOUN
cblr-9112	482	3	in	in	ADP
cblr-9112	482	4	the	the	DET
cblr-9112	482	5	restricted	restricted	ADJ
cblr-9112	482	6	shares	share	NOUN
cblr-9112	482	7	was	be	AUX
cblr-9112	482	8	transferred	transfer	VERB
cblr-9112	482	9	when	when	SCONJ
cblr-9112	482	10	fund	fund	NOUN
cblr-9112	482	11	short	short	ADJ
cblr-9112	482	12	sold	sell	VERB
cblr-9112	482	13	shares	share	NOUN
cblr-9112	482	14	,	,	PUNCT
cblr-9112	482	15	and	and	CCONJ
cblr-9112	482	16	how	how	SCONJ
cblr-9112	482	17	fund	fund	NOUN
cblr-9112	482	18	chose	choose	VERB
cblr-9112	482	19	to	to	PART
cblr-9112	482	20	cover	cover	VERB
cblr-9112	482	21	its	its	PRON
cblr-9112	482	22	short	short	ADJ
cblr-9112	482	23	sales	sale	NOUN
cblr-9112	482	24	did	do	AUX
cblr-9112	482	25	not	not	PART
cblr-9112	482	26	alter	alter	VERB
cblr-9112	482	27	the	the	DET
cblr-9112	482	28	nature	nature	NOUN
cblr-9112	482	29	of	of	ADP
cblr-9112	482	30	the	the	DET
cblr-9112	482	31	short	short	ADJ
cblr-9112	482	32	sales	sale	NOUN
cblr-9112	483	1	themselves.131	themselves.131	INTJ
cblr-9112	483	2	yet	yet	ADV
cblr-9112	483	3	,	,	PUNCT
cblr-9112	483	4	what	what	PRON
cblr-9112	483	5	was	be	AUX
cblr-9112	483	6	fundamentally	fundamentally	ADV
cblr-9112	483	7	troubling	troubling	ADJ
cblr-9112	483	8	about	about	ADP
cblr-9112	483	9	fund	fund	NOUN
cblr-9112	483	10	’s	’s	PART
cblr-9112	483	11	short	short	ADJ
cblr-9112	483	12	sales	sale	NOUN
cblr-9112	483	13	was	be	AUX
cblr-9112	483	14	that	that	SCONJ
cblr-9112	483	15	they	they	PRON
cblr-9112	483	16	were	be	AUX
cblr-9112	483	17	intended	intend	VERB
cblr-9112	483	18	to	to	PART
cblr-9112	483	19	transfer	transfer	VERB
cblr-9112	483	20	the	the	DET
cblr-9112	483	21	economic	economic	ADJ
cblr-9112	483	22	risk	risk	NOUN
cblr-9112	483	23	of	of	ADP
cblr-9112	483	24	the	the	DET
cblr-9112	483	25	restricted	restricted	ADJ
cblr-9112	483	26	shares	share	NOUN
cblr-9112	483	27	to	to	ADP
cblr-9112	483	28	the	the	DET
cblr-9112	483	29	general	general	ADJ
cblr-9112	483	30	public	public	NOUN
cblr-9112	483	31	.	.	PUNCT
cblr-9112	484	1	the	the	DET
cblr-9112	484	2	sale	sale	NOUN
cblr-9112	484	3	of	of	ADP
cblr-9112	484	4	restricted	restricted	ADJ
cblr-9112	484	5	shares	share	NOUN
cblr-9112	484	6	to	to	ADP
cblr-9112	484	7	fund	fund	NOUN
cblr-9112	484	8	would	would	AUX
cblr-9112	484	9	not	not	PART
cblr-9112	484	10	have	have	AUX
cblr-9112	484	11	occurred	occur	VERB
cblr-9112	484	12	unless	unless	SCONJ
cblr-9112	484	13	fund	fund	NOUN
cblr-9112	484	14	could	could	AUX
cblr-9112	484	15	short	short	ADV
cblr-9112	484	16	sell	sell	VERB
cblr-9112	484	17	the	the	DET
cblr-9112	484	18	publicly	publicly	ADV
cblr-9112	484	19	-	-	PUNCT
cblr-9112	484	20	traded	trade	VERB
cblr-9112	484	21	shares	share	NOUN
cblr-9112	484	22	on	on	ADP
cblr-9112	484	23	the	the	DET
cblr-9112	484	24	stock	stock	NOUN
cblr-9112	484	25	exchange	exchange	NOUN
cblr-9112	484	26	;	;	PUNCT
cblr-9112	484	27	both	both	PRON
cblr-9112	484	28	were	be	AUX
cblr-9112	484	29	integral	integral	ADJ
cblr-9112	484	30	to	to	ADP
cblr-9112	484	31	the	the	DET
cblr-9112	484	32	total	total	ADJ
cblr-9112	484	33	transaction	transaction	NOUN
cblr-9112	484	34	.	.	PUNCT
cblr-9112	485	1	fund	fund	NOUN
cblr-9112	485	2	was	be	AUX
cblr-9112	485	3	interested	interested	ADJ
cblr-9112	485	4	in	in	ADP
cblr-9112	485	5	enhancing	enhance	VERB
cblr-9112	485	6	its	its	PRON
cblr-9112	485	7	returns	return	NOUN
cblr-9112	485	8	on	on	ADP
cblr-9112	485	9	the	the	DET
cblr-9112	485	10	restricted	restrict	VERB
cblr-9112	485	11	shares	share	NOUN
cblr-9112	485	12	while	while	SCONJ
cblr-9112	485	13	minimizing	minimize	VERB
cblr-9112	485	14	the	the	DET
cblr-9112	485	15	risk	risk	NOUN
cblr-9112	485	16	of	of	ADP
cblr-9112	485	17	holding	hold	VERB
cblr-9112	485	18	them	they	PRON
cblr-9112	485	19	.	.	PUNCT
cblr-9112	486	1	combining	combine	VERB
cblr-9112	486	2	the	the	DET
cblr-9112	486	3	two	two	NUM
cblr-9112	486	4	permitted	permit	VERB
cblr-9112	486	5	fund	fund	NOUN
cblr-9112	486	6	to	to	PART
cblr-9112	486	7	transfer	transfer	VERB
cblr-9112	486	8	its	its	PRON
cblr-9112	486	9	economic	economic	ADJ
cblr-9112	486	10	risk	risk	NOUN
cblr-9112	486	11	—	—	PUNCT
cblr-9112	486	12	the	the	DET
cblr-9112	486	13	“	"	PUNCT
cblr-9112	486	14	planks”—to	planks”—to	PROPN
cblr-9112	486	15	the	the	DET
cblr-9112	486	16	general	general	ADJ
cblr-9112	486	17	public	public	NOUN
cblr-9112	486	18	,	,	PUNCT
cblr-9112	486	19	while	while	SCONJ
cblr-9112	486	20	continuing	continue	VERB
cblr-9112	486	21	to	to	PART
cblr-9112	486	22	own	own	VERB
cblr-9112	486	23	the	the	DET
cblr-9112	486	24	restricted	restricted	ADJ
cblr-9112	486	25	instruments	instrument	NOUN
cblr-9112	486	26	—	—	PUNCT
cblr-9112	486	27	the	the	DET
cblr-9112	486	28	“	"	PUNCT
cblr-9112	486	29	ships	ship	NOUN
cblr-9112	486	30	.	.	PUNCT
cblr-9112	486	31	”	"	PUNCT
cblr-9112	487	1	from	from	ADP
cblr-9112	487	2	an	an	DET
cblr-9112	487	3	aggregate	aggregate	ADJ
cblr-9112	487	4	risk	risk	NOUN
cblr-9112	487	5	perspective	perspective	NOUN
cblr-9112	487	6	—	—	PUNCT
cblr-9112	487	7	which	which	PRON
cblr-9112	487	8	is	be	AUX
cblr-9112	487	9	likely	likely	ADJ
cblr-9112	487	10	how	how	SCONJ
cblr-9112	487	11	fund	fund	NOUN
cblr-9112	487	12	assessed	assess	VERB
cblr-9112	487	13	the	the	DET
cblr-9112	487	14	transaction132	transaction132	PROPN
cblr-9112	487	15	—	—	PUNCT
cblr-9112	487	16	fund	fund	NOUN
cblr-9112	487	17	’s	’s	PART
cblr-9112	487	18	short	short	ADJ
cblr-9112	487	19	sales	sale	NOUN
cblr-9112	487	20	on	on	ADP
cblr-9112	487	21	the	the	DET
cblr-9112	487	22	stock	stock	NOUN
cblr-9112	487	23	exchange	exchange	NOUN
cblr-9112	487	24	were	be	AUX
cblr-9112	487	25	economically	economically	ADV
cblr-9112	487	26	the	the	DET
cblr-9112	487	27	same	same	ADJ
cblr-9112	487	28	as	as	SCONJ
cblr-9112	487	29	if	if	SCONJ
cblr-9112	487	30	the	the	DET
cblr-9112	487	31	restricted	restricted	ADJ
cblr-9112	487	32	shares	share	NOUN
cblr-9112	487	33	were	be	AUX
cblr-9112	487	34	sold	sell	VERB
cblr-9112	487	35	directly	directly	ADV
cblr-9112	487	36	to	to	ADP
cblr-9112	487	37	the	the	DET
cblr-9112	487	38	public	public	NOUN
cblr-9112	487	39	.	.	PUNCT
cblr-9112	488	1	131	131	NUM
cblr-9112	488	2	see	see	VERB
cblr-9112	488	3	,	,	PUNCT
cblr-9112	488	4	e.g.	e.g.	ADV
cblr-9112	488	5	,	,	PUNCT
cblr-9112	488	6	sec	sec	PROPN
cblr-9112	488	7	v.	v.	PROPN
cblr-9112	488	8	lyon	lyon	PROPN
cblr-9112	488	9	,	,	PUNCT
cblr-9112	488	10	529	529	NUM
cblr-9112	488	11	f.	f.	PROPN
cblr-9112	488	12	supp	supp	PROPN
cblr-9112	488	13	.	.	PUNCT
cblr-9112	489	1	2d	2d	PROPN
cblr-9112	489	2	444	444	NUM
cblr-9112	489	3	,	,	PUNCT
cblr-9112	489	4	455	455	NUM
cblr-9112	489	5	(	(	PUNCT
cblr-9112	489	6	s.d.n.y	s.d.n.y	PROPN
cblr-9112	489	7	.	.	NOUN
cblr-9112	489	8	2008	2008	NUM
cblr-9112	489	9	)	)	PUNCT
cblr-9112	489	10	(	(	PUNCT
cblr-9112	489	11	“	"	PUNCT
cblr-9112	489	12	consider	consider	VERB
cblr-9112	489	13	an	an	DET
cblr-9112	489	14	investor	investor	NOUN
cblr-9112	489	15	who	who	PRON
cblr-9112	489	16	shorts	short	VERB
cblr-9112	489	17	the	the	DET
cblr-9112	489	18	common	common	ADJ
cblr-9112	489	19	stock	stock	NOUN
cblr-9112	489	20	of	of	ADP
cblr-9112	489	21	a	a	DET
cblr-9112	489	22	company	company	NOUN
cblr-9112	489	23	and	and	CCONJ
cblr-9112	489	24	then	then	ADV
cblr-9112	489	25	covers	cover	VERB
cblr-9112	489	26	his	his	PRON
cblr-9112	489	27	short	short	ADJ
cblr-9112	489	28	position	position	NOUN
cblr-9112	489	29	by	by	ADP
cblr-9112	489	30	converting	convert	VERB
cblr-9112	489	31	convertible	convertible	ADJ
cblr-9112	489	32	bonds	bond	NOUN
cblr-9112	489	33	into	into	ADP
cblr-9112	489	34	the	the	DET
cblr-9112	489	35	common	common	ADJ
cblr-9112	489	36	stock	stock	NOUN
cblr-9112	489	37	owed	owe	VERB
cblr-9112	489	38	.	.	PUNCT
cblr-9112	489	39	.	.	PUNCT
cblr-9112	489	40	.	.	PUNCT
cblr-9112	489	41	.	.	PUNCT
cblr-9112	490	1	[	[	X
cblr-9112	490	2	f]rom	f]rom	ADP
cblr-9112	490	3	the	the	DET
cblr-9112	490	4	court	court	NOUN
cblr-9112	490	5	’s	’s	PART
cblr-9112	490	6	perspective	perspective	NOUN
cblr-9112	490	7	,	,	PUNCT
cblr-9112	490	8	a	a	DET
cblr-9112	490	9	short	short	ADJ
cblr-9112	490	10	sale	sale	NOUN
cblr-9112	490	11	of	of	ADP
cblr-9112	490	12	a	a	DET
cblr-9112	490	13	security	security	NOUN
cblr-9112	490	14	constitutes	constitute	VERB
cblr-9112	490	15	a	a	DET
cblr-9112	490	16	sale	sale	NOUN
cblr-9112	490	17	of	of	ADP
cblr-9112	490	18	that	that	DET
cblr-9112	490	19	security	security	NOUN
cblr-9112	490	20	.	.	PUNCT
cblr-9112	491	1	how	how	SCONJ
cblr-9112	491	2	an	an	DET
cblr-9112	491	3	investor	investor	NOUN
cblr-9112	491	4	subsequently	subsequently	ADV
cblr-9112	491	5	chooses	choose	VERB
cblr-9112	491	6	to	to	PART
cblr-9112	491	7	satisfy	satisfy	VERB
cblr-9112	491	8	the	the	DET
cblr-9112	491	9	corresponding	correspond	VERB
cblr-9112	491	10	deficit	deficit	NOUN
cblr-9112	491	11	in	in	ADP
cblr-9112	491	12	his	his	PRON
cblr-9112	491	13	trading	trading	NOUN
cblr-9112	491	14	account	account	NOUN
cblr-9112	491	15	does	do	AUX
cblr-9112	491	16	not	not	PART
cblr-9112	491	17	alter	alter	VERB
cblr-9112	491	18	the	the	DET
cblr-9112	491	19	nature	nature	NOUN
cblr-9112	491	20	of	of	ADP
cblr-9112	491	21	that	that	DET
cblr-9112	491	22	sale	sale	NOUN
cblr-9112	491	23	.	.	PUNCT
cblr-9112	491	24	”	"	PUNCT
cblr-9112	491	25	)	)	PUNCT
cblr-9112	491	26	.	.	PUNCT
cblr-9112	492	1	the	the	DET
cblr-9112	492	2	sec	sec	PROPN
cblr-9112	492	3	also	also	ADV
cblr-9112	492	4	argued	argue	VERB
cblr-9112	492	5	that	that	SCONJ
cblr-9112	492	6	fund	fund	NOUN
cblr-9112	492	7	materially	materially	ADV
cblr-9112	492	8	misrepresented	misrepresent	VERB
cblr-9112	492	9	to	to	PART
cblr-9112	492	10	issuer	issuer	VERB
cblr-9112	492	11	that	that	SCONJ
cblr-9112	492	12	it	it	PRON
cblr-9112	492	13	intended	intend	VERB
cblr-9112	492	14	to	to	PART
cblr-9112	492	15	hold	hold	VERB
cblr-9112	492	16	the	the	DET
cblr-9112	492	17	shares	share	NOUN
cblr-9112	492	18	and	and	CCONJ
cblr-9112	492	19	engaged	engage	VERB
cblr-9112	492	20	in	in	ADP
cblr-9112	492	21	insider	insider	NOUN
cblr-9112	492	22	trading	trading	NOUN
cblr-9112	492	23	by	by	ADP
cblr-9112	492	24	short	short	ADJ
cblr-9112	492	25	selling	selling	NOUN
cblr-9112	492	26	shares	share	NOUN
cblr-9112	492	27	before	before	SCONJ
cblr-9112	492	28	issuer	issuer	NOUN
cblr-9112	492	29	’s	’s	PART
cblr-9112	492	30	private	private	ADJ
cblr-9112	492	31	placement	placement	NOUN
cblr-9112	492	32	was	be	AUX
cblr-9112	492	33	publicly	publicly	ADV
cblr-9112	492	34	announced	announce	VERB
cblr-9112	492	35	,	,	PUNCT
cblr-9112	492	36	in	in	ADP
cblr-9112	492	37	each	each	DET
cblr-9112	492	38	case	case	NOUN
cblr-9112	492	39	in	in	ADP
cblr-9112	492	40	violation	violation	NOUN
cblr-9112	492	41	of	of	ADP
cblr-9112	492	42	section	section	NOUN
cblr-9112	492	43	10(b	10(b	NUM
cblr-9112	492	44	)	)	PUNCT
cblr-9112	492	45	of	of	ADP
cblr-9112	492	46	,	,	PUNCT
cblr-9112	492	47	and	and	CCONJ
cblr-9112	492	48	rule	rule	VERB
cblr-9112	492	49	10b-5	10b-5	NUM
cblr-9112	492	50	under	under	ADP
cblr-9112	492	51	,	,	PUNCT
cblr-9112	492	52	the	the	DET
cblr-9112	492	53	securities	securities	PROPN
cblr-9112	492	54	exchange	exchange	PROPN
cblr-9112	492	55	act	act	NOUN
cblr-9112	492	56	of	of	ADP
cblr-9112	492	57	1934	1934	NUM
cblr-9112	492	58	.	.	PUNCT
cblr-9112	493	1	i	i	PRON
cblr-9112	493	2	d.	d.	PROPN
cblr-9112	493	3	at	at	ADP
cblr-9112	493	4	448	448	NUM
cblr-9112	493	5	.	.	PUNCT
cblr-9112	494	1	the	the	DET
cblr-9112	494	2	sec	sec	PROPN
cblr-9112	494	3	’s	’s	PART
cblr-9112	494	4	alternative	alternative	ADJ
cblr-9112	494	5	theories	theory	NOUN
cblr-9112	494	6	had	have	VERB
cblr-9112	494	7	limited	limited	ADJ
cblr-9112	494	8	success	success	NOUN
cblr-9112	494	9	.	.	PUNCT
cblr-9112	495	1	see	see	VERB
cblr-9112	495	2	,	,	PUNCT
cblr-9112	495	3	e.g.	e.g.	ADV
cblr-9112	495	4	,	,	PUNCT
cblr-9112	495	5	sec	sec	PROPN
cblr-9112	495	6	v.	v.	CCONJ
cblr-9112	495	7	berlacher	berlacher	NOUN
cblr-9112	495	8	,	,	PUNCT
cblr-9112	495	9	civ	civ	NOUN
cblr-9112	495	10	.	.	PUNCT
cblr-9112	496	1	no	no	INTJ
cblr-9112	496	2	.	.	NOUN
cblr-9112	497	1	07	07	NUM
cblr-9112	497	2	-	-	SYM
cblr-9112	497	3	3800	3800	NUM
cblr-9112	497	4	,	,	PUNCT
cblr-9112	497	5	2010	2010	NUM
cblr-9112	497	6	wl	wl	NOUN
cblr-9112	497	7	3566790	3566790	NUM
cblr-9112	497	8	,	,	PUNCT
cblr-9112	497	9	at	at	ADP
cblr-9112	497	10	*	*	PROPN
cblr-9112	497	11	16	16	NUM
cblr-9112	497	12	(	(	PUNCT
cblr-9112	497	13	e.d	e.d	PROPN
cblr-9112	497	14	.	.	PROPN
cblr-9112	498	1	pa	pa	PROPN
cblr-9112	498	2	.	.	PROPN
cblr-9112	498	3	sept	sept	PROPN
cblr-9112	498	4	.	.	PROPN
cblr-9112	498	5	13	13	NUM
cblr-9112	498	6	,	,	PUNCT
cblr-9112	498	7	2010	2010	NUM
cblr-9112	498	8	)	)	PUNCT
cblr-9112	498	9	(	(	PUNCT
cblr-9112	498	10	finding	find	VERB
cblr-9112	498	11	that	that	SCONJ
cblr-9112	498	12	the	the	DET
cblr-9112	498	13	sec	sec	PROPN
cblr-9112	498	14	,	,	PUNCT
cblr-9112	498	15	in	in	ADP
cblr-9112	498	16	some	some	DET
cblr-9112	498	17	transactions	transaction	NOUN
cblr-9112	498	18	but	but	CCONJ
cblr-9112	498	19	not	not	PART
cblr-9112	498	20	in	in	ADP
cblr-9112	498	21	others	other	NOUN
cblr-9112	498	22	,	,	PUNCT
cblr-9112	498	23	established	establish	VERB
cblr-9112	498	24	that	that	SCONJ
cblr-9112	498	25	the	the	DET
cblr-9112	498	26	defendants	defendant	NOUN
cblr-9112	498	27	made	make	VERB
cblr-9112	498	28	material	material	NOUN
cblr-9112	498	29	misrepresentations	misrepresentation	NOUN
cblr-9112	498	30	amounting	amount	VERB
cblr-9112	498	31	to	to	ADP
cblr-9112	498	32	fraud	fraud	NOUN
cblr-9112	498	33	)	)	PUNCT
cblr-9112	498	34	;	;	PUNCT
cblr-9112	498	35	lyon	lyon	PROPN
cblr-9112	498	36	,	,	PUNCT
cblr-9112	498	37	529	529	NUM
cblr-9112	498	38	f.	f.	PROPN
cblr-9112	498	39	supp	supp	PROPN
cblr-9112	498	40	.	.	PUNCT
cblr-9112	499	1	2d	2d	NOUN
cblr-9112	499	2	at	at	ADP
cblr-9112	499	3	453	453	NUM
cblr-9112	499	4	(	(	PUNCT
cblr-9112	499	5	denying	deny	VERB
cblr-9112	499	6	defendants	defendant	NOUN
cblr-9112	499	7	’	'	PUNCT
cblr-9112	499	8	motion	motion	NOUN
cblr-9112	499	9	to	to	PART
cblr-9112	499	10	dismiss	dismiss	VERB
cblr-9112	499	11	insider	insider	NOUN
cblr-9112	499	12	trading	trading	NOUN
cblr-9112	499	13	claims	claim	NOUN
cblr-9112	499	14	)	)	PUNCT
cblr-9112	499	15	;	;	PUNCT
cblr-9112	499	16	see	see	VERB
cblr-9112	499	17	also	also	ADV
cblr-9112	499	18	jeffrey	jeffrey	PROPN
cblr-9112	499	19	t.	t.	PROPN
cblr-9112	499	20	hartlin	hartlin	PROPN
cblr-9112	499	21	,	,	PUNCT
cblr-9112	499	22	despite	despite	SCONJ
cblr-9112	499	23	recent	recent	ADJ
cblr-9112	499	24	setbacks	setback	NOUN
cblr-9112	499	25	in	in	ADP
cblr-9112	499	26	the	the	DET
cblr-9112	499	27	courts	court	NOUN
cblr-9112	499	28	,	,	PUNCT
cblr-9112	499	29	the	the	DET
cblr-9112	499	30	sec	sec	PROPN
cblr-9112	499	31	remains	remain	VERB
cblr-9112	499	32	focused	focused	ADJ
cblr-9112	499	33	on	on	ADP
cblr-9112	499	34	short	short	ADJ
cblr-9112	499	35	sales	sale	NOUN
cblr-9112	499	36	in	in	ADP
cblr-9112	499	37	pipe	pipe	NOUN
cblr-9112	499	38	transactions	transaction	NOUN
cblr-9112	499	39	,	,	PUNCT
cblr-9112	499	40	37	37	NUM
cblr-9112	499	41	sec	sec	PROPN
cblr-9112	499	42	.	.	PUNCT
cblr-9112	499	43	regul	regul	NOUN
cblr-9112	499	44	.	.	PUNCT
cblr-9112	500	1	l.j	l.j	AUX
cblr-9112	500	2	.	.	PROPN
cblr-9112	500	3	162	162	NUM
cblr-9112	500	4	,	,	PUNCT
cblr-9112	500	5	169–72	169–72	NUM
cblr-9112	500	6	(	(	PUNCT
cblr-9112	500	7	2009	2009	NUM
cblr-9112	500	8	)	)	PUNCT
cblr-9112	500	9	(	(	PUNCT
cblr-9112	500	10	describing	describe	VERB
cblr-9112	500	11	the	the	DET
cblr-9112	500	12	sec	sec	PROPN
cblr-9112	500	13	’s	’s	PART
cblr-9112	500	14	limited	limited	ADJ
cblr-9112	500	15	success	success	NOUN
cblr-9112	500	16	in	in	ADP
cblr-9112	500	17	challenging	challenge	VERB
cblr-9112	500	18	these	these	DET
cblr-9112	500	19	transactions	transaction	NOUN
cblr-9112	500	20	)	)	PUNCT
cblr-9112	500	21	.	.	PUNCT
cblr-9112	501	1	132	132	NUM
cblr-9112	501	2	see	see	VERB
cblr-9112	501	3	supra	supra	PROPN
cblr-9112	501	4	notes	note	VERB
cblr-9112	501	5	59–61	59–61	NUM
cblr-9112	501	6	and	and	CCONJ
cblr-9112	501	7	accompanying	accompany	VERB
cblr-9112	501	8	text	text	NOUN
cblr-9112	501	9	.	.	PUNCT
cblr-9112	502	1	1428	1428	NUM
cblr-9112	502	2	columbia	columbia	PROPN
cblr-9112	502	3	business	business	NOUN
cblr-9112	502	4	law	law	PROPN
cblr-9112	502	5	review	review	NOUN
cblr-9112	502	6	[	[	X
cblr-9112	502	7	vol	vol	NOUN
cblr-9112	502	8	.	.	NOUN
cblr-9112	502	9	2021	2021	NUM
cblr-9112	502	10	the	the	DET
cblr-9112	502	11	courts	court	NOUN
cblr-9112	502	12	’	’	PART
cblr-9112	502	13	decisions	decision	NOUN
cblr-9112	502	14	raise	raise	VERB
cblr-9112	502	15	a	a	DET
cblr-9112	502	16	basic	basic	ADJ
cblr-9112	502	17	concern	concern	NOUN
cblr-9112	502	18	.	.	PUNCT
cblr-9112	503	1	if	if	SCONJ
cblr-9112	503	2	a	a	DET
cblr-9112	503	3	primary	primary	ADJ
cblr-9112	503	4	purpose	purpose	NOUN
cblr-9112	503	5	of	of	ADP
cblr-9112	503	6	the	the	DET
cblr-9112	503	7	securities	security	NOUN
cblr-9112	503	8	act	act	NOUN
cblr-9112	503	9	is	be	AUX
cblr-9112	503	10	to	to	PART
cblr-9112	503	11	ensure	ensure	VERB
cblr-9112	503	12	proper	proper	ADJ
cblr-9112	503	13	disclosure	disclosure	NOUN
cblr-9112	503	14	to	to	ADP
cblr-9112	503	15	investors,133	investors,133	NOUN
cblr-9112	503	16	what	what	PRON
cblr-9112	503	17	should	should	AUX
cblr-9112	503	18	trigger	trigger	VERB
cblr-9112	503	19	that	that	DET
cblr-9112	503	20	obligation	obligation	NOUN
cblr-9112	503	21	—	—	PUNCT
cblr-9112	503	22	the	the	DET
cblr-9112	503	23	transfer	transfer	NOUN
cblr-9112	503	24	of	of	ADP
cblr-9112	503	25	an	an	DET
cblr-9112	503	26	instrument	instrument	NOUN
cblr-9112	503	27	(	(	PUNCT
cblr-9112	503	28	such	such	ADJ
cblr-9112	503	29	as	as	ADP
cblr-9112	503	30	a	a	DET
cblr-9112	503	31	share	share	NOUN
cblr-9112	503	32	of	of	ADP
cblr-9112	503	33	stock	stock	NOUN
cblr-9112	503	34	)	)	PUNCT
cblr-9112	503	35	or	or	CCONJ
cblr-9112	503	36	the	the	DET
cblr-9112	503	37	transfer	transfer	NOUN
cblr-9112	503	38	of	of	ADP
cblr-9112	503	39	the	the	DET
cblr-9112	503	40	economic	economic	ADJ
cblr-9112	503	41	risk	risk	NOUN
cblr-9112	503	42	of	of	ADP
cblr-9112	503	43	that	that	DET
cblr-9112	503	44	instrument	instrument	NOUN
cblr-9112	503	45	?	?	PUNCT
cblr-9112	504	1	clearly	clearly	ADV
cblr-9112	504	2	,	,	PUNCT
cblr-9112	504	3	the	the	DET
cblr-9112	504	4	short	short	ADV
cblr-9112	504	5	-	-	PUNCT
cblr-9112	504	6	sold	sell	VERB
cblr-9112	504	7	freely	freely	ADV
cblr-9112	504	8	-	-	PUNCT
cblr-9112	504	9	tradable	tradable	ADJ
cblr-9112	504	10	shares	share	NOUN
cblr-9112	504	11	were	be	AUX
cblr-9112	504	12	different	different	ADJ
cblr-9112	504	13	instruments	instrument	NOUN
cblr-9112	504	14	from	from	ADP
cblr-9112	504	15	the	the	DET
cblr-9112	504	16	restricted	restrict	VERB
cblr-9112	504	17	shares	share	NOUN
cblr-9112	504	18	fund	fund	NOUN
cblr-9112	504	19	had	have	AUX
cblr-9112	504	20	purchased	purchase	VERB
cblr-9112	504	21	.	.	PUNCT
cblr-9112	505	1	permitting	permit	VERB
cblr-9112	505	2	fund	fund	NOUN
cblr-9112	505	3	,	,	PUNCT
cblr-9112	505	4	however	however	ADV
cblr-9112	505	5	,	,	PUNCT
cblr-9112	505	6	to	to	PART
cblr-9112	505	7	transfer	transfer	VERB
cblr-9112	505	8	the	the	DET
cblr-9112	505	9	economic	economic	ADJ
cblr-9112	505	10	risk	risk	NOUN
cblr-9112	505	11	of	of	ADP
cblr-9112	505	12	the	the	DET
cblr-9112	505	13	restricted	restricted	ADJ
cblr-9112	505	14	shares	share	NOUN
cblr-9112	505	15	to	to	ADP
cblr-9112	505	16	the	the	DET
cblr-9112	505	17	public	public	NOUN
cblr-9112	505	18	before	before	SCONJ
cblr-9112	505	19	a	a	DET
cblr-9112	505	20	registration	registration	NOUN
cblr-9112	505	21	statement	statement	NOUN
cblr-9112	505	22	was	be	AUX
cblr-9112	505	23	effective	effective	ADJ
cblr-9112	505	24	arguably	arguably	ADV
cblr-9112	505	25	robbed	rob	VERB
cblr-9112	505	26	the	the	DET
cblr-9112	505	27	later	later	ADJ
cblr-9112	505	28	disclosure	disclosure	NOUN
cblr-9112	505	29	of	of	ADP
cblr-9112	505	30	its	its	PRON
cblr-9112	505	31	value.134	value.134	PROPN
cblr-9112	505	32	after	after	SCONJ
cblr-9112	505	33	the	the	DET
cblr-9112	505	34	registration	registration	NOUN
cblr-9112	505	35	statement	statement	NOUN
cblr-9112	505	36	became	become	VERB
cblr-9112	505	37	effective	effective	ADJ
cblr-9112	505	38	,	,	PUNCT
cblr-9112	505	39	some	some	DET
cblr-9112	505	40	months	month	NOUN
cblr-9112	505	41	after	after	ADP
cblr-9112	505	42	the	the	DET
cblr-9112	505	43	short	short	ADJ
cblr-9112	505	44	sale	sale	NOUN
cblr-9112	505	45	of	of	ADP
cblr-9112	505	46	the	the	DET
cblr-9112	505	47	shares	share	NOUN
cblr-9112	505	48	,	,	PUNCT
cblr-9112	505	49	the	the	DET
cblr-9112	505	50	now	now	ADV
cblr-9112	505	51	-	-	PUNCT
cblr-9112	505	52	registered	register	VERB
cblr-9112	505	53	instruments	instrument	NOUN
cblr-9112	505	54	were	be	AUX
cblr-9112	505	55	simply	simply	ADV
cblr-9112	505	56	returned	return	VERB
cblr-9112	505	57	to	to	ADP
cblr-9112	505	58	custodian.135	custodian.135	NUM
cblr-9112	505	59	iv	iv	NUM
cblr-9112	505	60	.	.	PUNCT
cblr-9112	506	1	the	the	DET
cblr-9112	506	2	sec	sec	PROPN
cblr-9112	506	3	’s	’s	PART
cblr-9112	506	4	response	response	NOUN
cblr-9112	506	5	to	to	PART
cblr-9112	506	6	risk	risk	VERB
cblr-9112	506	7	trading	trading	NOUN
cblr-9112	506	8	a.	a.	NOUN
cblr-9112	506	9	disclosure	disclosure	NOUN
cblr-9112	506	10	and	and	CCONJ
cblr-9112	506	11	portfolio	portfolio	NOUN
cblr-9112	506	12	risk	risk	VERB
cblr-9112	506	13	the	the	DET
cblr-9112	506	14	“	"	PUNCT
cblr-9112	506	15	top	top	ADJ
cblr-9112	506	16	-	-	PUNCT
cblr-9112	506	17	down	down	NOUN
cblr-9112	506	18	”	"	PUNCT
cblr-9112	506	19	process	process	NOUN
cblr-9112	506	20	of	of	ADP
cblr-9112	506	21	managing	manage	VERB
cblr-9112	506	22	and	and	CCONJ
cblr-9112	506	23	transferring	transfer	VERB
cblr-9112	506	24	risk	risk	NOUN
cblr-9112	506	25	suggests	suggest	VERB
cblr-9112	506	26	that	that	SCONJ
cblr-9112	506	27	the	the	DET
cblr-9112	506	28	idiosyncratic	idiosyncratic	ADJ
cblr-9112	506	29	risk	risk	NOUN
cblr-9112	506	30	of	of	ADP
cblr-9112	506	31	an	an	DET
cblr-9112	506	32	individual	individual	ADJ
cblr-9112	506	33	instrument	instrument	NOUN
cblr-9112	506	34	now	now	ADV
cblr-9112	506	35	matters	matter	VERB
cblr-9112	506	36	less	less	ADJ
cblr-9112	506	37	than	than	ADP
cblr-9112	506	38	its	its	PRON
cblr-9112	506	39	contribution	contribution	NOUN
cblr-9112	506	40	to	to	ADP
cblr-9112	506	41	a	a	DET
cblr-9112	506	42	133	133	NUM
cblr-9112	506	43	see	see	NOUN
cblr-9112	506	44	coffee	coffee	NOUN
cblr-9112	506	45	,	,	PUNCT
cblr-9112	506	46	sale	sale	NOUN
cblr-9112	506	47	&	&	CCONJ
cblr-9112	506	48	whitehead	whitehead	PROPN
cblr-9112	506	49	,	,	PUNCT
cblr-9112	506	50	supra	supra	PROPN
cblr-9112	506	51	note	note	NOUN
cblr-9112	506	52	15	15	NUM
cblr-9112	506	53	and	and	CCONJ
cblr-9112	506	54	accompanying	accompany	VERB
cblr-9112	506	55	text	text	NOUN
cblr-9112	506	56	.	.	PUNCT
cblr-9112	507	1	134	134	NUM
cblr-9112	507	2	this	this	DET
cblr-9112	507	3	concern	concern	NOUN
cblr-9112	507	4	is	be	AUX
cblr-9112	507	5	analogous	analogous	ADJ
cblr-9112	507	6	to	to	ADP
cblr-9112	507	7	what	what	PRON
cblr-9112	507	8	director	director	NOUN
cblr-9112	507	9	coates	coate	NOUN
cblr-9112	507	10	highlighted	highlight	VERB
cblr-9112	507	11	in	in	ADP
cblr-9112	507	12	connection	connection	NOUN
cblr-9112	507	13	with	with	ADP
cblr-9112	507	14	spac	spac	PROPN
cblr-9112	507	15	and	and	CCONJ
cblr-9112	507	16	de	de	ADJ
cblr-9112	507	17	-	-	NOUN
cblr-9112	507	18	spac	spac	NOUN
cblr-9112	507	19	transactions	transaction	NOUN
cblr-9112	507	20	.	.	PUNCT
cblr-9112	508	1	see	see	VERB
cblr-9112	508	2	supra	supra	PROPN
cblr-9112	508	3	notes	note	VERB
cblr-9112	508	4	12–14	12–14	NUM
cblr-9112	508	5	and	and	CCONJ
cblr-9112	508	6	accompanying	accompany	VERB
cblr-9112	508	7	text	text	NOUN
cblr-9112	508	8	.	.	PUNCT
cblr-9112	509	1	135	135	NUM
cblr-9112	509	2	one	one	PRON
cblr-9112	509	3	could	could	AUX
cblr-9112	509	4	argue	argue	VERB
cblr-9112	509	5	that	that	SCONJ
cblr-9112	509	6	the	the	DET
cblr-9112	509	7	result	result	NOUN
cblr-9112	509	8	is	be	AUX
cblr-9112	509	9	a	a	DET
cblr-9112	509	10	distinction	distinction	NOUN
cblr-9112	509	11	without	without	ADP
cblr-9112	509	12	a	a	DET
cblr-9112	509	13	difference	difference	NOUN
cblr-9112	509	14	.	.	PUNCT
cblr-9112	510	1	since	since	SCONJ
cblr-9112	510	2	issuer	issuer	NOUN
cblr-9112	510	3	was	be	AUX
cblr-9112	510	4	already	already	ADV
cblr-9112	510	5	a	a	DET
cblr-9112	510	6	public	public	ADJ
cblr-9112	510	7	company	company	NOUN
cblr-9112	510	8	,	,	PUNCT
cblr-9112	510	9	information	information	NOUN
cblr-9112	510	10	about	about	ADP
cblr-9112	510	11	issuer	issuer	NOUN
cblr-9112	510	12	was	be	AUX
cblr-9112	510	13	publicly	publicly	ADV
cblr-9112	510	14	available	available	ADJ
cblr-9112	510	15	,	,	PUNCT
cblr-9112	510	16	and	and	CCONJ
cblr-9112	510	17	the	the	DET
cblr-9112	510	18	purchasers	purchaser	NOUN
cblr-9112	510	19	of	of	ADP
cblr-9112	510	20	the	the	DET
cblr-9112	510	21	publicly	publicly	ADV
cblr-9112	510	22	-	-	PUNCT
cblr-9112	510	23	tradable	tradable	ADJ
cblr-9112	510	24	shares	share	NOUN
cblr-9112	510	25	had	have	VERB
cblr-9112	510	26	access	access	NOUN
cblr-9112	510	27	to	to	ADP
cblr-9112	510	28	that	that	DET
cblr-9112	510	29	information	information	NOUN
cblr-9112	510	30	.	.	PUNCT
cblr-9112	511	1	that	that	DET
cblr-9112	511	2	critique	critique	NOUN
cblr-9112	511	3	,	,	PUNCT
cblr-9112	511	4	while	while	SCONJ
cblr-9112	511	5	not	not	PART
cblr-9112	511	6	without	without	ADP
cblr-9112	511	7	merit	merit	NOUN
cblr-9112	511	8	,	,	PUNCT
cblr-9112	511	9	is	be	AUX
cblr-9112	511	10	more	more	ADV
cblr-9112	511	11	properly	properly	ADV
cblr-9112	511	12	aimed	aim	VERB
cblr-9112	511	13	at	at	ADP
cblr-9112	511	14	the	the	DET
cblr-9112	511	15	registration	registration	NOUN
cblr-9112	511	16	process	process	NOUN
cblr-9112	511	17	in	in	ADP
cblr-9112	511	18	general	general	ADJ
cblr-9112	511	19	,	,	PUNCT
cblr-9112	511	20	not	not	PART
cblr-9112	511	21	this	this	DET
cblr-9112	511	22	particular	particular	ADJ
cblr-9112	511	23	situation	situation	NOUN
cblr-9112	511	24	.	.	PUNCT
cblr-9112	512	1	the	the	DET
cblr-9112	512	2	same	same	ADJ
cblr-9112	512	3	point	point	NOUN
cblr-9112	512	4	would	would	AUX
cblr-9112	512	5	apply	apply	VERB
cblr-9112	512	6	,	,	PUNCT
cblr-9112	512	7	as	as	ADV
cblr-9112	512	8	well	well	ADV
cblr-9112	512	9	,	,	PUNCT
cblr-9112	512	10	to	to	ADP
cblr-9112	512	11	a	a	DET
cblr-9112	512	12	regular	regular	ADJ
cblr-9112	512	13	registered	register	VERB
cblr-9112	512	14	distribution	distribution	NOUN
cblr-9112	512	15	of	of	ADP
cblr-9112	512	16	the	the	DET
cblr-9112	512	17	securities	security	NOUN
cblr-9112	512	18	of	of	ADP
cblr-9112	512	19	a	a	DET
cblr-9112	512	20	public	public	ADJ
cblr-9112	512	21	company	company	NOUN
cblr-9112	512	22	.	.	PUNCT
cblr-9112	513	1	see	see	VERB
cblr-9112	513	2	generally	generally	ADV
cblr-9112	513	3	robert	robert	PROPN
cblr-9112	513	4	b.	b.	PROPN
cblr-9112	513	5	thompson	thompson	PROPN
cblr-9112	513	6	&	&	CCONJ
cblr-9112	513	7	donald	donald	PROPN
cblr-9112	513	8	c.	c.	PROPN
cblr-9112	513	9	langevoort	langevoort	PROPN
cblr-9112	513	10	,	,	PUNCT
cblr-9112	513	11	redrawing	redrawe	VERB
cblr-9112	513	12	the	the	DET
cblr-9112	513	13	public	public	ADJ
cblr-9112	513	14	-	-	PUNCT
cblr-9112	513	15	private	private	ADJ
cblr-9112	513	16	boundaries	boundary	NOUN
cblr-9112	513	17	in	in	ADP
cblr-9112	513	18	entrepreneurial	entrepreneurial	ADJ
cblr-9112	513	19	capital	capital	NOUN
cblr-9112	513	20	-	-	PUNCT
cblr-9112	513	21	raising	raising	NOUN
cblr-9112	513	22	,	,	PUNCT
cblr-9112	513	23	98	98	NUM
cblr-9112	513	24	cornell	cornell	PROPN
cblr-9112	513	25	l.	l.	PROPN
cblr-9112	513	26	rev	rev	PROPN
cblr-9112	513	27	.	.	PROPN
cblr-9112	513	28	1573	1573	NUM
cblr-9112	513	29	,	,	PUNCT
cblr-9112	513	30	1585–86	1585–86	NUM
cblr-9112	513	31	(	(	PUNCT
cblr-9112	513	32	2013	2013	NUM
cblr-9112	513	33	)	)	PUNCT
cblr-9112	513	34	(	(	PUNCT
cblr-9112	513	35	critiquing	critique	VERB
cblr-9112	513	36	the	the	DET
cblr-9112	513	37	gaps	gap	NOUN
cblr-9112	513	38	and	and	CCONJ
cblr-9112	513	39	pitfalls	pitfall	NOUN
cblr-9112	513	40	in	in	ADP
cblr-9112	513	41	the	the	DET
cblr-9112	513	42	registration	registration	NOUN
cblr-9112	513	43	process	process	NOUN
cblr-9112	513	44	under	under	ADP
cblr-9112	513	45	the	the	DET
cblr-9112	513	46	securities	security	NOUN
cblr-9112	513	47	act	act	PROPN
cblr-9112	513	48	)	)	PUNCT
cblr-9112	513	49	.	.	PUNCT
cblr-9112	514	1	so	so	ADV
cblr-9112	514	2	long	long	ADV
cblr-9112	514	3	as	as	SCONJ
cblr-9112	514	4	the	the	DET
cblr-9112	514	5	current	current	ADJ
cblr-9112	514	6	process	process	NOUN
cblr-9112	514	7	remains	remain	VERB
cblr-9112	514	8	,	,	PUNCT
cblr-9112	514	9	the	the	DET
cblr-9112	514	10	distribution	distribution	NOUN
cblr-9112	514	11	of	of	ADP
cblr-9112	514	12	securities	security	NOUN
cblr-9112	514	13	—	—	PUNCT
cblr-9112	514	14	of	of	ADP
cblr-9112	514	15	a	a	DET
cblr-9112	514	16	newly	newly	ADV
cblr-9112	514	17	public	public	ADJ
cblr-9112	514	18	or	or	CCONJ
cblr-9112	514	19	currently	currently	ADV
cblr-9112	514	20	public	public	ADJ
cblr-9112	514	21	company	company	NOUN
cblr-9112	514	22	—	—	PUNCT
cblr-9112	514	23	triggers	trigger	VERB
cblr-9112	514	24	the	the	DET
cblr-9112	514	25	sec	sec	PROPN
cblr-9112	514	26	registration	registration	NOUN
cblr-9112	514	27	requirements	requirement	NOUN
cblr-9112	514	28	.	.	PUNCT
cblr-9112	515	1	see	see	VERB
cblr-9112	515	2	securities	security	NOUN
cblr-9112	515	3	act	act	NOUN
cblr-9112	515	4	of	of	ADP
cblr-9112	515	5	1933	1933	NUM
cblr-9112	515	6	§	§	NOUN
cblr-9112	515	7	5(a	5(a	NUM
cblr-9112	515	8	)	)	PUNCT
cblr-9112	515	9	,	,	PUNCT
cblr-9112	515	10	15	15	NUM
cblr-9112	515	11	u.s.c	u.s.c	ADJ
cblr-9112	515	12	.	.	PUNCT
cblr-9112	516	1	§	§	PROPN
cblr-9112	516	2	77e	77e	PROPN
cblr-9112	516	3	(	(	PUNCT
cblr-9112	516	4	2018	2018	NUM
cblr-9112	516	5	)	)	PUNCT
cblr-9112	516	6	.	.	PUNCT
cblr-9112	517	1	this	this	PRON
cblr-9112	517	2	includes	include	VERB
cblr-9112	517	3	liability	liability	NOUN
cblr-9112	517	4	for	for	ADP
cblr-9112	517	5	material	material	NOUN
cblr-9112	517	6	misstatements	misstatement	NOUN
cblr-9112	517	7	or	or	CCONJ
cblr-9112	517	8	omissions	omission	NOUN
cblr-9112	517	9	.	.	PUNCT
cblr-9112	518	1	see	see	VERB
cblr-9112	518	2	securities	security	NOUN
cblr-9112	518	3	act	act	PROPN
cblr-9112	518	4	of	of	ADP
cblr-9112	518	5	1933	1933	NUM
cblr-9112	518	6	§	§	PROPN
cblr-9112	518	7	11	11	NUM
cblr-9112	518	8	,	,	PUNCT
cblr-9112	518	9	15	15	NUM
cblr-9112	518	10	u.s.c	u.s.c	ADJ
cblr-9112	518	11	.	.	PUNCT
cblr-9112	519	1	§	§	PROPN
cblr-9112	519	2	77k	77k	NOUN
cblr-9112	519	3	(	(	PUNCT
cblr-9112	519	4	2018	2018	NUM
cblr-9112	519	5	)	)	PUNCT
cblr-9112	519	6	.	.	PUNCT
cblr-9112	520	1	no	no	INTJ
cblr-9112	520	2	.	.	NOUN
cblr-9112	521	1	3:1396	3:1396	NUM
cblr-9112	521	2	]	]	PUNCT
cblr-9112	521	3	risky	risky	ADJ
cblr-9112	521	4	business	business	NOUN
cblr-9112	521	5	1429	1429	NUM
cblr-9112	521	6	portfolio	portfolio	NOUN
cblr-9112	521	7	’s	’s	PART
cblr-9112	521	8	overall	overall	ADJ
cblr-9112	521	9	risk	risk	NOUN
cblr-9112	521	10	.	.	PUNCT
cblr-9112	522	1	from	from	ADP
cblr-9112	522	2	that	that	DET
cblr-9112	522	3	perspective	perspective	NOUN
cblr-9112	522	4	,	,	PUNCT
cblr-9112	522	5	the	the	DET
cblr-9112	522	6	decision	decision	NOUN
cblr-9112	522	7	to	to	PART
cblr-9112	522	8	buy	buy	VERB
cblr-9112	522	9	or	or	CCONJ
cblr-9112	522	10	sell	sell	VERB
cblr-9112	522	11	a	a	DET
cblr-9112	522	12	security	security	NOUN
cblr-9112	522	13	is	be	AUX
cblr-9112	522	14	tied	tie	VERB
cblr-9112	522	15	less	less	ADJ
cblr-9112	522	16	to	to	ADP
cblr-9112	522	17	the	the	DET
cblr-9112	522	18	unique	unique	ADJ
cblr-9112	522	19	merits	merit	NOUN
cblr-9112	522	20	of	of	ADP
cblr-9112	522	21	that	that	DET
cblr-9112	522	22	security	security	NOUN
cblr-9112	522	23	and	and	CCONJ
cblr-9112	522	24	more	more	ADJ
cblr-9112	522	25	to	to	ADP
cblr-9112	522	26	its	its	PRON
cblr-9112	522	27	correlation	correlation	NOUN
cblr-9112	522	28	with	with	ADP
cblr-9112	522	29	other	other	ADJ
cblr-9112	522	30	investments	investment	NOUN
cblr-9112	522	31	in	in	ADP
cblr-9112	522	32	the	the	DET
cblr-9112	522	33	portfolio	portfolio	NOUN
cblr-9112	522	34	.	.	PUNCT
cblr-9112	523	1	institutional	institutional	ADJ
cblr-9112	523	2	investors	investor	NOUN
cblr-9112	523	3	applying	apply	VERB
cblr-9112	523	4	this	this	DET
cblr-9112	523	5	portfoliolevel	portfoliolevel	NOUN
cblr-9112	523	6	approach	approach	NOUN
cblr-9112	523	7	must	must	AUX
cblr-9112	523	8	assess	assess	VERB
cblr-9112	523	9	issuers	issuer	NOUN
cblr-9112	523	10	and	and	CCONJ
cblr-9112	523	11	securities	security	NOUN
cblr-9112	523	12	against	against	ADP
cblr-9112	523	13	each	each	DET
cblr-9112	523	14	other	other	ADJ
cblr-9112	523	15	.	.	PUNCT
cblr-9112	524	1	perhaps	perhaps	ADV
cblr-9112	524	2	for	for	ADP
cblr-9112	524	3	that	that	DET
cblr-9112	524	4	reason	reason	NOUN
cblr-9112	524	5	,	,	PUNCT
cblr-9112	524	6	the	the	DET
cblr-9112	524	7	sec	sec	PROPN
cblr-9112	524	8	has	have	AUX
cblr-9112	524	9	increasingly	increasingly	ADV
cblr-9112	524	10	encouraged	encourage	VERB
cblr-9112	524	11	disclosures	disclosure	NOUN
cblr-9112	524	12	that	that	PRON
cblr-9112	524	13	permit	permit	VERB
cblr-9112	524	14	cross	cross	ADJ
cblr-9112	524	15	-	-	ADJ
cblr-9112	524	16	company	company	ADJ
cblr-9112	524	17	comparisons	comparison	NOUN
cblr-9112	524	18	,	,	PUNCT
cblr-9112	524	19	facilitating	facilitate	VERB
cblr-9112	524	20	a	a	DET
cblr-9112	524	21	portfolio	portfolio	NOUN
cblr-9112	524	22	-	-	PUNCT
cblr-9112	524	23	level	level	NOUN
cblr-9112	524	24	assessment	assessment	NOUN
cblr-9112	524	25	of	of	ADP
cblr-9112	524	26	risk	risk	NOUN
cblr-9112	524	27	across	across	ADP
cblr-9112	524	28	issuers	issuer	NOUN
cblr-9112	524	29	and	and	CCONJ
cblr-9112	524	30	industries.136	industries.136	NOUN
cblr-9112	524	31	providing	provide	VERB
cblr-9112	524	32	greater	great	ADJ
cblr-9112	524	33	and	and	CCONJ
cblr-9112	524	34	more	more	ADV
cblr-9112	524	35	consistent	consistent	ADJ
cblr-9112	524	36	financial	financial	ADJ
cblr-9112	524	37	information	information	NOUN
cblr-9112	524	38	,	,	PUNCT
cblr-9112	524	39	and	and	CCONJ
cblr-9112	524	40	enhancing	enhance	VERB
cblr-9112	524	41	comparability	comparability	NOUN
cblr-9112	524	42	,	,	PUNCT
cblr-9112	524	43	limits	limit	VERB
cblr-9112	524	44	the	the	DET
cblr-9112	524	45	risk	risk	NOUN
cblr-9112	524	46	to	to	PART
cblr-9112	524	47	which	which	PRON
cblr-9112	524	48	investors	investor	NOUN
cblr-9112	524	49	would	would	AUX
cblr-9112	524	50	otherwise	otherwise	ADV
cblr-9112	524	51	be	be	AUX
cblr-9112	524	52	exposed	expose	VERB
cblr-9112	524	53	if	if	SCONJ
cblr-9112	524	54	information	information	NOUN
cblr-9112	524	55	were	be	AUX
cblr-9112	524	56	limited	limit	VERB
cblr-9112	524	57	or	or	CCONJ
cblr-9112	524	58	more	more	ADV
cblr-9112	524	59	costly	costly	ADJ
cblr-9112	524	60	to	to	PART
cblr-9112	524	61	obtain	obtain	VERB
cblr-9112	524	62	or	or	CCONJ
cblr-9112	524	63	process	process	NOUN
cblr-9112	524	64	.	.	PUNCT
cblr-9112	525	1	the	the	DET
cblr-9112	525	2	risks	risk	NOUN
cblr-9112	525	3	arising	arise	VERB
cblr-9112	525	4	from	from	ADP
cblr-9112	525	5	lesscomplete	lesscomplete	ADJ
cblr-9112	525	6	disclosure	disclosure	NOUN
cblr-9112	525	7	can	can	AUX
cblr-9112	525	8	not	not	PART
cblr-9112	525	9	be	be	AUX
cblr-9112	525	10	diversified	diversify	VERB
cblr-9112	525	11	by	by	ADP
cblr-9112	525	12	a	a	DET
cblr-9112	525	13	portfolio	portfolio	NOUN
cblr-9112	525	14	of	of	ADP
cblr-9112	525	15	securities	security	NOUN
cblr-9112	525	16	that	that	PRON
cblr-9112	525	17	raise	raise	VERB
cblr-9112	525	18	the	the	DET
cblr-9112	525	19	same	same	ADJ
cblr-9112	525	20	informational	informational	ADJ
cblr-9112	525	21	barriers.137	barriers.137	NOUN
cblr-9112	525	22	in	in	ADP
cblr-9112	525	23	fact	fact	NOUN
cblr-9112	525	24	,	,	PUNCT
cblr-9112	525	25	the	the	DET
cblr-9112	525	26	quality	quality	NOUN
cblr-9112	525	27	of	of	ADP
cblr-9112	525	28	a	a	DET
cblr-9112	525	29	firm	firm	NOUN
cblr-9112	525	30	’s	’s	PART
cblr-9112	525	31	disclosures	disclosure	NOUN
cblr-9112	525	32	affects	affect	VERB
cblr-9112	525	33	how	how	SCONJ
cblr-9112	525	34	the	the	DET
cblr-9112	525	35	market	market	NOUN
cblr-9112	525	36	assesses	assess	VERB
cblr-9112	525	37	its	its	PRON
cblr-9112	525	38	future	future	ADJ
cblr-9112	525	39	cash	cash	NOUN
cblr-9112	525	40	flows	flow	NOUN
cblr-9112	525	41	relative	relative	ADJ
cblr-9112	525	42	to	to	ADP
cblr-9112	525	43	those	those	PRON
cblr-9112	525	44	of	of	ADP
cblr-9112	525	45	other	other	ADJ
cblr-9112	525	46	firms.138	firms.138	VERB
cblr-9112	525	47	if	if	SCONJ
cblr-9112	525	48	disclosure	disclosure	NOUN
cblr-9112	525	49	is	be	AUX
cblr-9112	525	50	incomplete	incomplete	ADJ
cblr-9112	525	51	,	,	PUNCT
cblr-9112	525	52	the	the	DET
cblr-9112	525	53	risks	risk	NOUN
cblr-9112	525	54	borne	bear	VERB
cblr-9112	525	55	by	by	ADP
cblr-9112	525	56	lessinformed	lessinforme	VERB
cblr-9112	525	57	investors	investor	NOUN
cblr-9112	525	58	,	,	PUNCT
cblr-9112	525	59	who	who	PRON
cblr-9112	525	60	may	may	AUX
cblr-9112	525	61	not	not	PART
cblr-9112	525	62	properly	properly	ADV
cblr-9112	525	63	assess	assess	VERB
cblr-9112	525	64	the	the	DET
cblr-9112	525	65	value	value	NOUN
cblr-9112	525	66	of	of	ADP
cblr-9112	525	67	one	one	NUM
cblr-9112	525	68	security	security	NOUN
cblr-9112	525	69	against	against	ADP
cblr-9112	525	70	another	another	PRON
cblr-9112	525	71	,	,	PUNCT
cblr-9112	525	72	become	become	VERB
cblr-9112	525	73	non	non	ADJ
cblr-9112	525	74	-	-	ADJ
cblr-9112	525	75	diversifiable.139	diversifiable.139	ADJ
cblr-9112	525	76	136	136	NUM
cblr-9112	525	77	see	see	NOUN
cblr-9112	525	78	,	,	PUNCT
cblr-9112	525	79	e.g.	e.g.	ADV
cblr-9112	525	80	,	,	PUNCT
cblr-9112	525	81	sec	sec	PROPN
cblr-9112	525	82	,	,	PUNCT
cblr-9112	525	83	business	business	NOUN
cblr-9112	525	84	and	and	CCONJ
cblr-9112	525	85	financial	financial	ADJ
cblr-9112	525	86	disclosure	disclosure	NOUN
cblr-9112	525	87	required	require	VERB
cblr-9112	525	88	by	by	ADP
cblr-9112	525	89	regulation	regulation	NOUN
cblr-9112	525	90	s	s	PROPN
cblr-9112	525	91	-	-	PROPN
cblr-9112	525	92	k	k	ADJ
cblr-9112	525	93	327	327	NUM
cblr-9112	525	94	-	-	SYM
cblr-9112	525	95	30	30	NUM
cblr-9112	525	96	,	,	PUNCT
cblr-9112	525	97	securities	security	NOUN
cblr-9112	525	98	act	act	NOUN
cblr-9112	525	99	release	release	VERB
cblr-9112	525	100	no	no	DET
cblr-9112	525	101	.	.	NOUN
cblr-9112	525	102	10,064	10,064	NUM
cblr-9112	525	103	,	,	PUNCT
cblr-9112	525	104	exchange	exchange	NOUN
cblr-9112	525	105	act	act	NOUN
cblr-9112	525	106	release	release	VERB
cblr-9112	525	107	no	no	NOUN
cblr-9112	525	108	.	.	NOUN
cblr-9112	525	109	77,599	77,599	NUM
cblr-9112	525	110	,	,	PUNCT
cblr-9112	525	111	81	81	NUM
cblr-9112	525	112	fed	feed	VERB
cblr-9112	525	113	.	.	PUNCT
cblr-9112	526	1	reg	reg	PROPN
cblr-9112	526	2	.	.	PUNCT
cblr-9112	527	1	23,916	23,916	NUM
cblr-9112	527	2	,	,	PUNCT
cblr-9112	527	3	24,006	24,006	NUM
cblr-9112	527	4	(	(	PUNCT
cblr-9112	527	5	apr	apr	PROPN
cblr-9112	527	6	.	.	PROPN
cblr-9112	527	7	26	26	NUM
cblr-9112	527	8	,	,	PUNCT
cblr-9112	527	9	2016	2016	NUM
cblr-9112	527	10	)	)	PUNCT
cblr-9112	527	11	(	(	PUNCT
cblr-9112	527	12	“	"	PUNCT
cblr-9112	527	13	by	by	ADP
cblr-9112	527	14	requiring	require	VERB
cblr-9112	527	15	structured	structured	ADJ
cblr-9112	527	16	data	datum	NOUN
cblr-9112	527	17	,	,	PUNCT
cblr-9112	527	18	the	the	DET
cblr-9112	527	19	commission	commission	NOUN
cblr-9112	527	20	has	have	AUX
cblr-9112	527	21	sought	seek	VERB
cblr-9112	527	22	to	to	PART
cblr-9112	527	23	make	make	VERB
cblr-9112	527	24	disclosure	disclosure	NOUN
cblr-9112	527	25	easier	easy	ADJ
cblr-9112	527	26	for	for	SCONJ
cblr-9112	527	27	investors	investor	NOUN
cblr-9112	527	28	to	to	PART
cblr-9112	527	29	access	access	VERB
cblr-9112	527	30	,	,	PUNCT
cblr-9112	527	31	analyze	analyze	VERB
cblr-9112	527	32	and	and	CCONJ
cblr-9112	527	33	compare	compare	VERB
cblr-9112	527	34	across	across	ADP
cblr-9112	527	35	reporting	reporting	NOUN
cblr-9112	527	36	periods	period	NOUN
cblr-9112	527	37	,	,	PUNCT
cblr-9112	527	38	registrants	registrant	NOUN
cblr-9112	527	39	,	,	PUNCT
cblr-9112	527	40	and	and	CCONJ
cblr-9112	527	41	industries	industry	NOUN
cblr-9112	527	42	.	.	PUNCT
cblr-9112	527	43	”	"	PUNCT
cblr-9112	528	1	(	(	PUNCT
cblr-9112	528	2	footnote	footnote	NOUN
cblr-9112	528	3	omitted	omit	VERB
cblr-9112	528	4	)	)	PUNCT
cblr-9112	528	5	)	)	PUNCT
cblr-9112	528	6	;	;	PUNCT
cblr-9112	528	7	see	see	VERB
cblr-9112	528	8	also	also	ADV
cblr-9112	528	9	amir	amir	PROPN
cblr-9112	528	10	amel	amel	PROPN
cblr-9112	528	11	-	-	PUNCT
cblr-9112	528	12	zadeh	zadeh	PROPN
cblr-9112	528	13	&	&	CCONJ
cblr-9112	528	14	george	george	PROPN
cblr-9112	528	15	serafeim	serafeim	PROPN
cblr-9112	528	16	,	,	PUNCT
cblr-9112	528	17	why	why	SCONJ
cblr-9112	528	18	and	and	CCONJ
cblr-9112	528	19	how	how	SCONJ
cblr-9112	528	20	investors	investor	NOUN
cblr-9112	528	21	use	use	VERB
cblr-9112	528	22	esg	esg	PROPN
cblr-9112	528	23	information	information	NOUN
cblr-9112	528	24	:	:	PUNCT
cblr-9112	528	25	evidence	evidence	NOUN
cblr-9112	528	26	from	from	ADP
cblr-9112	528	27	a	a	DET
cblr-9112	528	28	global	global	ADJ
cblr-9112	528	29	survey	survey	NOUN
cblr-9112	528	30	,	,	PUNCT
cblr-9112	528	31	fin	fin	NOUN
cblr-9112	528	32	.	.	PUNCT
cblr-9112	529	1	analysts	analysts	PROPN
cblr-9112	529	2	j.	j.	PROPN
cblr-9112	529	3	,	,	PUNCT
cblr-9112	529	4	dec	dec	PROPN
cblr-9112	529	5	.	.	PROPN
cblr-9112	529	6	,	,	PUNCT
cblr-9112	529	7	2018	2018	NUM
cblr-9112	529	8	,	,	PUNCT
cblr-9112	529	9	at	at	ADP
cblr-9112	529	10	87	87	NUM
cblr-9112	529	11	,	,	PUNCT
cblr-9112	529	12	92–93	92–93	NUM
cblr-9112	529	13	(	(	PUNCT
cblr-9112	529	14	“	"	PUNCT
cblr-9112	529	15	the	the	DET
cblr-9112	529	16	reliability	reliability	NOUN
cblr-9112	529	17	and	and	CCONJ
cblr-9112	529	18	lack	lack	NOUN
cblr-9112	529	19	of	of	ADP
cblr-9112	529	20	audit	audit	NOUN
cblr-9112	529	21	of	of	ADP
cblr-9112	529	22	esg	esg	PROPN
cblr-9112	529	23	data	datum	NOUN
cblr-9112	529	24	also	also	ADV
cblr-9112	529	25	concern	concern	VERB
cblr-9112	529	26	large	large	ADJ
cblr-9112	529	27	investors	investor	NOUN
cblr-9112	529	28	significantly	significantly	ADV
cblr-9112	529	29	more	more	ADV
cblr-9112	529	30	than	than	ADP
cblr-9112	529	31	small	small	ADJ
cblr-9112	529	32	investors	investor	NOUN
cblr-9112	529	33	(	(	PUNCT
cblr-9112	529	34	47	47	NUM
cblr-9112	529	35	%	%	NOUN
cblr-9112	529	36	versus	versus	ADP
cblr-9112	529	37	16	16	NUM
cblr-9112	529	38	%	%	NOUN
cblr-9112	529	39	,	,	PUNCT
cblr-9112	529	40	p	p	NOUN
cblr-9112	529	41	-	-	PUNCT
cblr-9112	529	42	value	value	NOUN
cblr-9112	529	43	<	<	X
cblr-9112	529	44	0.01	0.01	NUM
cblr-9112	529	45	)	)	PUNCT
cblr-9112	529	46	,	,	PUNCT
cblr-9112	529	47	and	and	CCONJ
cblr-9112	529	48	consistent	consistent	ADJ
cblr-9112	529	49	with	with	ADP
cblr-9112	529	50	this	this	DET
cblr-9112	529	51	finding	finding	NOUN
cblr-9112	529	52	,	,	PUNCT
cblr-9112	529	53	so	so	ADV
cblr-9112	529	54	does	do	VERB
cblr-9112	529	55	the	the	DET
cblr-9112	529	56	lack	lack	NOUN
cblr-9112	529	57	of	of	ADP
cblr-9112	529	58	reporting	reporting	NOUN
cblr-9112	529	59	standards	standard	NOUN
cblr-9112	529	60	(	(	PUNCT
cblr-9112	529	61	52	52	NUM
cblr-9112	529	62	%	%	NOUN
cblr-9112	529	63	versus	versus	ADP
cblr-9112	529	64	39	39	NUM
cblr-9112	529	65	%	%	NOUN
cblr-9112	529	66	,	,	PUNCT
cblr-9112	529	67	p	p	NOUN
cblr-9112	529	68	-	-	PUNCT
cblr-9112	529	69	value	value	NOUN
cblr-9112	529	70	<	<	NOUN
cblr-9112	529	71	0.05	0.05	NUM
cblr-9112	529	72	)	)	PUNCT
cblr-9112	529	73	.	.	PUNCT
cblr-9112	529	74	”	"	PUNCT
cblr-9112	529	75	)	)	PUNCT
cblr-9112	529	76	.	.	PUNCT
cblr-9112	530	1	137	137	NUM
cblr-9112	530	2	see	see	VERB
cblr-9112	530	3	gus	gus	PROPN
cblr-9112	530	4	de	de	PROPN
cblr-9112	530	5	franco	franco	PROPN
cblr-9112	530	6	,	,	PUNCT
cblr-9112	530	7	s.p	s.p	PROPN
cblr-9112	530	8	.	.	PROPN
cblr-9112	530	9	kothari	kothari	PROPN
cblr-9112	530	10	&	&	CCONJ
cblr-9112	530	11	rodrigo	rodrigo	PROPN
cblr-9112	530	12	s.	s.	PROPN
cblr-9112	530	13	verdi	verdi	PROPN
cblr-9112	530	14	,	,	PUNCT
cblr-9112	530	15	the	the	DET
cblr-9112	530	16	benefits	benefit	NOUN
cblr-9112	530	17	of	of	ADP
cblr-9112	530	18	financial	financial	ADJ
cblr-9112	530	19	statement	statement	NOUN
cblr-9112	530	20	comparability	comparability	NOUN
cblr-9112	530	21	,	,	PUNCT
cblr-9112	530	22	49	49	NUM
cblr-9112	530	23	j.	j.	PROPN
cblr-9112	530	24	acct	acct	PROPN
cblr-9112	530	25	.	.	PUNCT
cblr-9112	531	1	rsch	rsch	PROPN
cblr-9112	531	2	.	.	PUNCT
cblr-9112	532	1	895	895	NUM
cblr-9112	532	2	,	,	PUNCT
cblr-9112	532	3	897	897	NUM
cblr-9112	532	4	(	(	PUNCT
cblr-9112	532	5	2011	2011	NUM
cblr-9112	532	6	)	)	PUNCT
cblr-9112	532	7	.	.	PUNCT
cblr-9112	533	1	138	138	NUM
cblr-9112	533	2	richard	richard	PROPN
cblr-9112	533	3	lambert	lambert	PROPN
cblr-9112	533	4	,	,	PUNCT
cblr-9112	533	5	christian	christian	PROPN
cblr-9112	533	6	leuz	leuz	PROPN
cblr-9112	533	7	&	&	CCONJ
cblr-9112	533	8	robert	robert	PROPN
cblr-9112	533	9	e.	e.	PROPN
cblr-9112	533	10	verrecchia	verrecchia	PROPN
cblr-9112	533	11	,	,	PUNCT
cblr-9112	533	12	accounting	accounting	NOUN
cblr-9112	533	13	information	information	NOUN
cblr-9112	533	14	,	,	PUNCT
cblr-9112	533	15	disclosure	disclosure	NOUN
cblr-9112	533	16	and	and	CCONJ
cblr-9112	533	17	the	the	DET
cblr-9112	533	18	cost	cost	NOUN
cblr-9112	533	19	of	of	ADP
cblr-9112	533	20	capital	capital	NOUN
cblr-9112	533	21	,	,	PUNCT
cblr-9112	533	22	45	45	NUM
cblr-9112	533	23	j.	j.	PROPN
cblr-9112	533	24	acct	acct	PROPN
cblr-9112	533	25	.	.	PUNCT
cblr-9112	534	1	rsch	rsch	PROPN
cblr-9112	534	2	.	.	PUNCT
cblr-9112	535	1	385	385	NUM
cblr-9112	535	2	,	,	PUNCT
cblr-9112	535	3	410	410	NUM
cblr-9112	535	4	(	(	PUNCT
cblr-9112	535	5	2007	2007	NUM
cblr-9112	535	6	)	)	PUNCT
cblr-9112	535	7	.	.	PUNCT
cblr-9112	536	1	139	139	NUM
cblr-9112	536	2	see	see	VERB
cblr-9112	536	3	i	i	PRON
cblr-9112	536	4	d.	d.	PROPN
cblr-9112	536	5	at	at	ADP
cblr-9112	536	6	410–11	410–11	PROPN
cblr-9112	536	7	;	;	PUNCT
cblr-9112	536	8	david	david	PROPN
cblr-9112	536	9	easley	easley	PROPN
cblr-9112	536	10	&	&	CCONJ
cblr-9112	536	11	maureen	maureen	PROPN
cblr-9112	536	12	o’hara	o’hara	PROPN
cblr-9112	536	13	,	,	PUNCT
cblr-9112	536	14	information	information	NOUN
cblr-9112	536	15	and	and	CCONJ
cblr-9112	536	16	the	the	DET
cblr-9112	536	17	cost	cost	NOUN
cblr-9112	536	18	of	of	ADP
cblr-9112	536	19	capital	capital	NOUN
cblr-9112	536	20	,	,	PUNCT
cblr-9112	536	21	59	59	NUM
cblr-9112	536	22	j.	j.	PROPN
cblr-9112	536	23	fin	fin	PROPN
cblr-9112	536	24	.	.	PUNCT
cblr-9112	537	1	1553	1553	NUM
cblr-9112	537	2	,	,	PUNCT
cblr-9112	537	3	1554	1554	NUM
cblr-9112	537	4	(	(	PUNCT
cblr-9112	537	5	2004	2004	NUM
cblr-9112	537	6	)	)	PUNCT
cblr-9112	538	1	(	(	PUNCT
cblr-9112	538	2	“	"	PUNCT
cblr-9112	538	3	this	this	DET
cblr-9112	538	4	higher	high	ADJ
cblr-9112	538	5	return	return	NOUN
cblr-9112	538	6	reflects	reflect	VERB
cblr-9112	538	7	the	the	DET
cblr-9112	538	8	fact	fact	NOUN
cblr-9112	538	9	that	that	SCONJ
cblr-9112	538	10	private	private	ADJ
cblr-9112	538	11	information	information	NOUN
cblr-9112	538	12	increases	increase	VERB
cblr-9112	538	13	the	the	DET
cblr-9112	538	14	risk	risk	NOUN
cblr-9112	538	15	to	to	ADP
cblr-9112	538	16	uninformed	uninformed	ADJ
cblr-9112	538	17	1430	1430	NUM
cblr-9112	538	18	columbia	columbia	PROPN
cblr-9112	538	19	business	business	NOUN
cblr-9112	538	20	law	law	PROPN
cblr-9112	538	21	review	review	NOUN
cblr-9112	538	22	[	[	X
cblr-9112	538	23	vol	vol	NOUN
cblr-9112	538	24	.	.	NOUN
cblr-9112	538	25	2021	2021	NUM
cblr-9112	538	26	institutional	institutional	ADJ
cblr-9112	538	27	investors	investor	NOUN
cblr-9112	538	28	also	also	ADV
cblr-9112	538	29	regularly	regularly	ADV
cblr-9112	538	30	rebalance	rebalance	VERB
cblr-9112	538	31	their	their	PRON
cblr-9112	538	32	portfolios	portfolio	NOUN
cblr-9112	538	33	.	.	PUNCT
cblr-9112	539	1	doing	do	VERB
cblr-9112	539	2	so	so	ADV
cblr-9112	539	3	,	,	PUNCT
cblr-9112	539	4	within	within	ADP
cblr-9112	539	5	var	var	NOUN
cblr-9112	539	6	limits	limit	NOUN
cblr-9112	539	7	,	,	PUNCT
cblr-9112	539	8	requires	require	VERB
cblr-9112	539	9	an	an	DET
cblr-9112	539	10	ability	ability	NOUN
cblr-9112	539	11	to	to	PART
cblr-9112	539	12	estimate	estimate	VERB
cblr-9112	539	13	the	the	DET
cblr-9112	539	14	effect	effect	NOUN
cblr-9112	539	15	of	of	ADP
cblr-9112	539	16	a	a	DET
cblr-9112	539	17	purchase	purchase	NOUN
cblr-9112	539	18	or	or	CCONJ
cblr-9112	539	19	sale	sale	NOUN
cblr-9112	539	20	on	on	ADP
cblr-9112	539	21	portfolio	portfolio	NOUN
cblr-9112	539	22	value	value	NOUN
cblr-9112	539	23	relative	relative	ADJ
cblr-9112	539	24	to	to	ADP
cblr-9112	539	25	future	future	ADJ
cblr-9112	539	26	changes	change	NOUN
cblr-9112	539	27	in	in	ADP
cblr-9112	539	28	total	total	ADJ
cblr-9112	539	29	market	market	NOUN
cblr-9112	539	30	value.140	value.140	NOUN
cblr-9112	539	31	moreover	moreover	ADV
cblr-9112	539	32	,	,	PUNCT
cblr-9112	539	33	because	because	SCONJ
cblr-9112	539	34	investors	investor	NOUN
cblr-9112	539	35	are	be	AUX
cblr-9112	539	36	focused	focus	VERB
cblr-9112	539	37	on	on	ADP
cblr-9112	539	38	risk	risk	NOUN
cblr-9112	539	39	-	-	PUNCT
cblr-9112	539	40	adjusted	adjust	VERB
cblr-9112	539	41	returns,141	returns,141	NOUN
cblr-9112	539	42	financial	financial	ADJ
cblr-9112	539	43	and	and	CCONJ
cblr-9112	539	44	business	business	NOUN
cblr-9112	539	45	information	information	NOUN
cblr-9112	539	46	is	be	AUX
cblr-9112	539	47	relevant	relevant	ADJ
cblr-9112	539	48	to	to	ADP
cblr-9112	539	49	the	the	DET
cblr-9112	539	50	investor	investor	NOUN
cblr-9112	539	51	’s	’s	PART
cblr-9112	539	52	decision	decision	NOUN
cblr-9112	539	53	to	to	PART
cblr-9112	539	54	buy	buy	VERB
cblr-9112	539	55	or	or	CCONJ
cblr-9112	539	56	sell	sell	VERB
cblr-9112	539	57	a	a	DET
cblr-9112	539	58	security.142	security.142	NOUN
cblr-9112	539	59	for	for	ADP
cblr-9112	539	60	that	that	DET
cblr-9112	539	61	reason	reason	NOUN
cblr-9112	539	62	,	,	PUNCT
cblr-9112	539	63	as	as	SCONJ
cblr-9112	539	64	additional	additional	ADJ
cblr-9112	539	65	firm	firm	ADJ
cblr-9112	539	66	-	-	PUNCT
cblr-9112	539	67	specific	specific	ADJ
cblr-9112	539	68	information	information	NOUN
cblr-9112	539	69	becomes	become	VERB
cblr-9112	539	70	available	available	ADJ
cblr-9112	539	71	at	at	ADP
cblr-9112	539	72	lower	low	ADJ
cblr-9112	539	73	cost	cost	NOUN
cblr-9112	539	74	,	,	PUNCT
cblr-9112	539	75	investors	investor	NOUN
cblr-9112	539	76	can	can	AUX
cblr-9112	539	77	use	use	VERB
cblr-9112	539	78	that	that	DET
cblr-9112	539	79	information	information	NOUN
cblr-9112	539	80	to	to	AUX
cblr-9112	539	81	more	more	ADV
cblr-9112	539	82	precisely	precisely	ADV
cblr-9112	539	83	manage	manage	VERB
cblr-9112	539	84	portfolio	portfolio	NOUN
cblr-9112	539	85	risk	risk	NOUN
cblr-9112	539	86	through	through	ADP
cblr-9112	539	87	diversification,143	diversification,143	NOUN
cblr-9112	539	88	which	which	PRON
cblr-9112	539	89	,	,	PUNCT
cblr-9112	539	90	in	in	ADP
cblr-9112	539	91	turn	turn	NOUN
cblr-9112	539	92	,	,	PUNCT
cblr-9112	539	93	translates	translate	VERB
cblr-9112	539	94	into	into	ADP
cblr-9112	539	95	a	a	DET
cblr-9112	539	96	drop	drop	NOUN
cblr-9112	539	97	in	in	ADP
cblr-9112	539	98	the	the	DET
cblr-9112	539	99	cost	cost	NOUN
cblr-9112	539	100	of	of	ADP
cblr-9112	539	101	equity144	equity144	PROPN
cblr-9112	539	102	and	and	CCONJ
cblr-9112	539	103	the	the	DET
cblr-9112	539	104	pricing	pricing	NOUN
cblr-9112	539	105	of	of	ADP
cblr-9112	539	106	credit	credit	NOUN
cblr-9112	539	107	risk.145	risk.145	NOUN
cblr-9112	539	108	the	the	DET
cblr-9112	539	109	sec	sec	PROPN
cblr-9112	539	110	’s	’s	PART
cblr-9112	539	111	focus	focus	NOUN
cblr-9112	539	112	on	on	ADP
cblr-9112	539	113	comparability	comparability	NOUN
cblr-9112	539	114	is	be	AUX
cblr-9112	539	115	perhaps	perhaps	ADV
cblr-9112	539	116	best	well	ADV
cblr-9112	539	117	evidenced	evidence	VERB
cblr-9112	539	118	by	by	ADP
cblr-9112	539	119	its	its	PRON
cblr-9112	539	120	april	april	PROPN
cblr-9112	539	121	2009	2009	NUM
cblr-9112	539	122	requirement	requirement	NOUN
cblr-9112	539	123	that	that	SCONJ
cblr-9112	539	124	public	public	ADJ
cblr-9112	539	125	investors	investor	NOUN
cblr-9112	539	126	of	of	ADP
cblr-9112	539	127	holding	hold	VERB
cblr-9112	539	128	the	the	DET
cblr-9112	539	129	stock	stock	NOUN
cblr-9112	539	130	because	because	SCONJ
cblr-9112	539	131	informed	informed	ADJ
cblr-9112	539	132	investors	investor	NOUN
cblr-9112	539	133	are	be	AUX
cblr-9112	539	134	better	well	ADJ
cblr-9112	539	135	able	able	ADJ
cblr-9112	539	136	to	to	PART
cblr-9112	539	137	shift	shift	VERB
cblr-9112	539	138	their	their	PRON
cblr-9112	539	139	portfolio	portfolio	NOUN
cblr-9112	539	140	weights	weight	NOUN
cblr-9112	539	141	to	to	PART
cblr-9112	539	142	incorporate	incorporate	VERB
cblr-9112	539	143	new	new	ADJ
cblr-9112	539	144	information	information	NOUN
cblr-9112	539	145	.	.	PUNCT
cblr-9112	539	146	”	"	PUNCT
cblr-9112	539	147	)	)	PUNCT
cblr-9112	539	148	.	.	PUNCT
cblr-9112	540	1	140	140	NUM
cblr-9112	540	2	see	see	VERB
cblr-9112	540	3	section	section	NOUN
cblr-9112	540	4	ii.b	ii.b	NOUN
cblr-9112	540	5	;	;	PUNCT
cblr-9112	540	6	see	see	VERB
cblr-9112	540	7	also	also	ADV
cblr-9112	540	8	coffee	coffee	NOUN
cblr-9112	540	9	,	,	PUNCT
cblr-9112	540	10	supra	supra	PROPN
cblr-9112	540	11	note	note	PROPN
cblr-9112	540	12	19	19	NUM
cblr-9112	540	13	,	,	PUNCT
cblr-9112	540	14	at	at	ADP
cblr-9112	540	15	750	750	NUM
cblr-9112	540	16	(	(	PUNCT
cblr-9112	540	17	“	"	PUNCT
cblr-9112	540	18	[	[	X
cblr-9112	540	19	i]nvestors	i]nvestor	NOUN
cblr-9112	540	20	are	be	AUX
cblr-9112	540	21	constantly	constantly	ADV
cblr-9112	540	22	confronted	confront	VERB
cblr-9112	540	23	with	with	ADP
cblr-9112	540	24	the	the	DET
cblr-9112	540	25	need	need	NOUN
cblr-9112	540	26	to	to	PART
cblr-9112	540	27	revise	revise	VERB
cblr-9112	540	28	their	their	PRON
cblr-9112	540	29	portfolios	portfolio	NOUN
cblr-9112	540	30	.	.	PUNCT
cblr-9112	540	31	.	.	PUNCT
cblr-9112	540	32	.	.	PUNCT
cblr-9112	540	33	.	.	PUNCT
cblr-9112	541	1	[	[	X
cblr-9112	541	2	and	and	CCONJ
cblr-9112	541	3	]	]	PUNCT
cblr-9112	541	4	they	they	PRON
cblr-9112	541	5	must	must	AUX
cblr-9112	541	6	estimate	estimate	VERB
cblr-9112	541	7	the	the	DET
cblr-9112	541	8	impact	impact	NOUN
cblr-9112	541	9	of	of	ADP
cblr-9112	541	10	a	a	DET
cblr-9112	541	11	new	new	ADJ
cblr-9112	541	12	individual	individual	ADJ
cblr-9112	541	13	security	security	NOUN
cblr-9112	541	14	upon	upon	SCONJ
cblr-9112	541	15	the	the	DET
cblr-9112	541	16	overall	overall	ADJ
cblr-9112	541	17	beta	beta	NOUN
cblr-9112	541	18	of	of	ADP
cblr-9112	541	19	their	their	PRON
cblr-9112	541	20	portfolio	portfolio	NOUN
cblr-9112	541	21	.	.	PUNCT
cblr-9112	541	22	”	"	PUNCT
cblr-9112	541	23	)	)	PUNCT
cblr-9112	541	24	.	.	PUNCT
cblr-9112	542	1	141	141	NUM
cblr-9112	542	2	see	see	VERB
cblr-9112	542	3	supra	supra	PROPN
cblr-9112	542	4	notes	note	VERB
cblr-9112	542	5	46–51	46–51	NUM
cblr-9112	542	6	and	and	CCONJ
cblr-9112	542	7	accompanying	accompany	VERB
cblr-9112	542	8	text	text	NOUN
cblr-9112	542	9	.	.	PUNCT
cblr-9112	543	1	142	142	NUM
cblr-9112	543	2	see	see	VERB
cblr-9112	543	3	,	,	PUNCT
cblr-9112	543	4	e.g.	e.g.	ADV
cblr-9112	543	5	,	,	PUNCT
cblr-9112	543	6	khrystyna	khrystyna	PROPN
cblr-9112	543	7	bochkay	bochkay	PROPN
cblr-9112	543	8	&	&	CCONJ
cblr-9112	543	9	carolyn	carolyn	PROPN
cblr-9112	543	10	b.	b.	PROPN
cblr-9112	543	11	levine	levine	PROPN
cblr-9112	543	12	,	,	PUNCT
cblr-9112	543	13	using	use	VERB
cblr-9112	543	14	md&a	md&a	PROPN
cblr-9112	543	15	to	to	PART
cblr-9112	543	16	improve	improve	VERB
cblr-9112	543	17	earnings	earning	NOUN
cblr-9112	543	18	forecasts	forecast	NOUN
cblr-9112	543	19	,	,	PUNCT
cblr-9112	543	20	34	34	NUM
cblr-9112	543	21	j.	j.	PROPN
cblr-9112	543	22	acct	acct	PROPN
cblr-9112	543	23	.	.	PUNCT
cblr-9112	544	1	458	458	NUM
cblr-9112	544	2	,	,	PUNCT
cblr-9112	544	3	460	460	NUM
cblr-9112	544	4	(	(	PUNCT
cblr-9112	544	5	2019	2019	NUM
cblr-9112	544	6	)	)	PUNCT
cblr-9112	544	7	(	(	PUNCT
cblr-9112	544	8	finding	find	VERB
cblr-9112	544	9	that	that	DET
cblr-9112	544	10	disclosure	disclosure	NOUN
cblr-9112	544	11	in	in	ADP
cblr-9112	544	12	the	the	DET
cblr-9112	544	13	md&a	md&a	PROPN
cblr-9112	544	14	portion	portion	NOUN
cblr-9112	544	15	of	of	ADP
cblr-9112	544	16	a	a	DET
cblr-9112	544	17	registration	registration	NOUN
cblr-9112	544	18	statement	statement	NOUN
cblr-9112	544	19	improves	improve	VERB
cblr-9112	544	20	the	the	DET
cblr-9112	544	21	accuracy	accuracy	NOUN
cblr-9112	544	22	of	of	ADP
cblr-9112	544	23	earnings	earning	NOUN
cblr-9112	544	24	forecasts	forecast	NOUN
cblr-9112	544	25	beyond	beyond	ADP
cblr-9112	544	26	traditional	traditional	ADJ
cblr-9112	544	27	financial	financial	ADJ
cblr-9112	544	28	variables	variable	NOUN
cblr-9112	544	29	)	)	PUNCT
cblr-9112	544	30	;	;	PUNCT
cblr-9112	545	1	cathy	cathy	PROPN
cblr-9112	545	2	j.	j.	PROPN
cblr-9112	545	3	cole	cole	PROPN
cblr-9112	545	4	&	&	CCONJ
cblr-9112	545	5	christopher	christopher	PROPN
cblr-9112	545	6	l.	l.	PROPN
cblr-9112	545	7	jones	jones	PROPN
cblr-9112	545	8	,	,	PUNCT
cblr-9112	545	9	the	the	DET
cblr-9112	545	10	usefulness	usefulness	NOUN
cblr-9112	545	11	of	of	ADP
cblr-9112	545	12	md&a	md&a	PROPN
cblr-9112	545	13	disclosures	disclosure	NOUN
cblr-9112	545	14	in	in	ADP
cblr-9112	545	15	the	the	DET
cblr-9112	545	16	retail	retail	ADJ
cblr-9112	545	17	industry	industry	NOUN
cblr-9112	545	18	,	,	PUNCT
cblr-9112	545	19	19	19	NUM
cblr-9112	545	20	j.	j.	PROPN
cblr-9112	545	21	acct	acct	PROPN
cblr-9112	545	22	.	.	PUNCT
cblr-9112	545	23	,	,	PUNCT
cblr-9112	545	24	auditing	auditing	NOUN
cblr-9112	545	25	&	&	CCONJ
cblr-9112	545	26	fin	fin	PROPN
cblr-9112	545	27	.	.	PUNCT
cblr-9112	546	1	361	361	NUM
cblr-9112	546	2	,	,	PUNCT
cblr-9112	546	3	363	363	NUM
cblr-9112	546	4	(	(	PUNCT
cblr-9112	546	5	2004	2004	NUM
cblr-9112	546	6	)	)	PUNCT
cblr-9112	546	7	(	(	PUNCT
cblr-9112	546	8	finding	find	VERB
cblr-9112	546	9	that	that	SCONJ
cblr-9112	546	10	md&a	md&a	PROPN
cblr-9112	546	11	disclosure	disclosure	NOUN
cblr-9112	546	12	is	be	AUX
cblr-9112	546	13	significantly	significantly	ADV
cblr-9112	546	14	and	and	CCONJ
cblr-9112	546	15	positively	positively	ADV
cblr-9112	546	16	associated	associate	VERB
cblr-9112	546	17	with	with	ADP
cblr-9112	546	18	future	future	ADJ
cblr-9112	546	19	revenue	revenue	NOUN
cblr-9112	546	20	and	and	CCONJ
cblr-9112	546	21	earnings	earning	NOUN
cblr-9112	546	22	growth	growth	NOUN
cblr-9112	546	23	and	and	CCONJ
cblr-9112	546	24	contemporaneous	contemporaneous	ADJ
cblr-9112	546	25	stock	stock	NOUN
cblr-9112	546	26	returns	return	NOUN
cblr-9112	546	27	)	)	PUNCT
cblr-9112	546	28	.	.	PUNCT
cblr-9112	547	1	143	143	NUM
cblr-9112	547	2	see	see	VERB
cblr-9112	547	3	yi	yi	PROPN
cblr-9112	547	4	dong	dong	PROPN
cblr-9112	547	5	et	et	PROPN
cblr-9112	547	6	al	al	PROPN
cblr-9112	547	7	.	.	PROPN
cblr-9112	547	8	,	,	PUNCT
cblr-9112	547	9	does	do	AUX
cblr-9112	547	10	information	information	NOUN
cblr-9112	547	11	-	-	PUNCT
cblr-9112	547	12	processing	processing	NOUN
cblr-9112	547	13	cost	cost	NOUN
cblr-9112	547	14	affect	affect	VERB
cblr-9112	547	15	firmspecific	firmspecific	VERB
cblr-9112	547	16	information	information	NOUN
cblr-9112	547	17	acquisition	acquisition	NOUN
cblr-9112	547	18	?	?	PUNCT
cblr-9112	548	1	evidence	evidence	NOUN
cblr-9112	548	2	from	from	ADP
cblr-9112	548	3	xbrl	xbrl	PROPN
cblr-9112	548	4	adoption	adoption	PROPN
cblr-9112	548	5	,	,	PUNCT
cblr-9112	548	6	51	51	NUM
cblr-9112	548	7	j.	j.	PROPN
cblr-9112	548	8	fin	fin	PROPN
cblr-9112	548	9	.	.	PUNCT
cblr-9112	548	10	&	&	CCONJ
cblr-9112	548	11	quantitative	quantitative	ADJ
cblr-9112	548	12	.	.	PUNCT
cblr-9112	549	1	analysis	analysis	NOUN
cblr-9112	549	2	435	435	NUM
cblr-9112	549	3	,	,	PUNCT
cblr-9112	549	4	441	441	NUM
cblr-9112	549	5	(	(	PUNCT
cblr-9112	549	6	2016	2016	NUM
cblr-9112	549	7	)	)	PUNCT
cblr-9112	549	8	(	(	PUNCT
cblr-9112	549	9	“	"	PUNCT
cblr-9112	549	10	given	give	VERB
cblr-9112	549	11	the	the	DET
cblr-9112	549	12	potential	potential	NOUN
cblr-9112	549	13	that	that	SCONJ
cblr-9112	549	14	xbrl	xbrl	PROPN
cblr-9112	549	15	adoption	adoption	NOUN
cblr-9112	549	16	reduces	reduce	VERB
cblr-9112	549	17	information	information	NOUN
cblr-9112	549	18	-	-	PUNCT
cblr-9112	549	19	processing	processing	NOUN
cblr-9112	549	20	cost	cost	NOUN
cblr-9112	549	21	.	.	PUNCT
cblr-9112	549	22	.	.	PUNCT
cblr-9112	550	1	.	.	PUNCT
cblr-9112	551	1	and	and	CCONJ
cblr-9112	551	2	thereby	thereby	ADV
cblr-9112	551	3	enhances	enhance	VERB
cblr-9112	551	4	the	the	DET
cblr-9112	551	5	incorporation	incorporation	NOUN
cblr-9112	551	6	of	of	ADP
cblr-9112	551	7	firm	firm	ADJ
cblr-9112	551	8	-	-	PUNCT
cblr-9112	551	9	specific	specific	ADJ
cblr-9112	551	10	information	information	NOUN
cblr-9112	551	11	into	into	ADP
cblr-9112	551	12	stock	stock	NOUN
cblr-9112	551	13	prices	price	NOUN
cblr-9112	551	14	.	.	PUNCT
cblr-9112	551	15	.	.	PUNCT
cblr-9112	551	16	.	.	PUNCT
cblr-9112	552	1	an	an	DET
cblr-9112	552	2	important	important	ADJ
cblr-9112	552	3	implication	implication	NOUN
cblr-9112	552	4	is	be	AUX
cblr-9112	552	5	that	that	SCONJ
cblr-9112	552	6	xbrl	xbrl	PROPN
cblr-9112	552	7	adoption	adoption	PROPN
cblr-9112	552	8	facilitates	facilitate	VERB
cblr-9112	552	9	firm	firm	ADJ
cblr-9112	552	10	-	-	PUNCT
cblr-9112	552	11	specific	specific	ADJ
cblr-9112	552	12	information	information	NOUN
cblr-9112	552	13	production	production	NOUN
cblr-9112	552	14	and	and	CCONJ
cblr-9112	552	15	thus	thus	ADV
cblr-9112	552	16	reduces	reduce	VERB
cblr-9112	552	17	stock	stock	NOUN
cblr-9112	552	18	return	return	NOUN
cblr-9112	552	19	synchronicity	synchronicity	NOUN
cblr-9112	552	20	.	.	PUNCT
cblr-9112	552	21	”	"	PUNCT
cblr-9112	552	22	)	)	PUNCT
cblr-9112	552	23	.	.	PUNCT
cblr-9112	553	1	144	144	NUM
cblr-9112	553	2	see	see	VERB
cblr-9112	553	3	oliver	oliver	PROPN
cblr-9112	553	4	zhen	zhen	PROPN
cblr-9112	553	5	li	li	PROPN
cblr-9112	553	6	,	,	PUNCT
cblr-9112	553	7	yupeng	yupeng	PROPN
cblr-9112	553	8	lin	lin	PROPN
cblr-9112	553	9	&	&	CCONJ
cblr-9112	553	10	chenkai	chenkai	PROPN
cblr-9112	553	11	ni	ni	PROPN
cblr-9112	553	12	,	,	PUNCT
cblr-9112	553	13	does	do	AUX
cblr-9112	553	14	xbrl	xbrl	PROPN
cblr-9112	553	15	adoption	adoption	NOUN
cblr-9112	553	16	reduce	reduce	VERB
cblr-9112	553	17	the	the	DET
cblr-9112	553	18	cost	cost	NOUN
cblr-9112	553	19	of	of	ADP
cblr-9112	553	20	equity	equity	NOUN
cblr-9112	553	21	capital	capital	NOUN
cblr-9112	553	22	?	?	PUNCT
cblr-9112	554	1	29–30	29–30	NUM
cblr-9112	554	2	(	(	PUNCT
cblr-9112	554	3	aug	aug	PROPN
cblr-9112	554	4	.	.	PROPN
cblr-9112	554	5	17	17	NUM
cblr-9112	554	6	2012	2012	NUM
cblr-9112	554	7	)	)	PUNCT
cblr-9112	554	8	(	(	PUNCT
cblr-9112	554	9	unpublished	unpublished	ADJ
cblr-9112	554	10	manuscript	manuscript	NOUN
cblr-9112	554	11	)	)	PUNCT
cblr-9112	554	12	,	,	PUNCT
cblr-9112	554	13	https://ssrn.com/abstract=2131001	https://ssrn.com/abstract=2131001	PROPN
cblr-9112	554	14	(	(	PUNCT
cblr-9112	554	15	on	on	ADP
cblr-9112	554	16	file	file	NOUN
cblr-9112	554	17	with	with	ADP
cblr-9112	554	18	the	the	DET
cblr-9112	554	19	columbia	columbia	PROPN
cblr-9112	554	20	business	business	PROPN
cblr-9112	554	21	law	law	PROPN
cblr-9112	554	22	review	review	PROPN
cblr-9112	554	23	)	)	PUNCT
cblr-9112	554	24	.	.	PUNCT
cblr-9112	555	1	145	145	NUM
cblr-9112	555	2	see	see	VERB
cblr-9112	555	3	seil	seil	NOUN
cblr-9112	555	4	kim	kim	PROPN
cblr-9112	555	5	,	,	PUNCT
cblr-9112	555	6	pepa	pepa	NOUN
cblr-9112	555	7	kraft	kraft	PROPN
cblr-9112	555	8	&	&	CCONJ
cblr-9112	555	9	stephen	stephen	PROPN
cblr-9112	555	10	g.	g.	PROPN
cblr-9112	555	11	ryan	ryan	PROPN
cblr-9112	555	12	,	,	PUNCT
cblr-9112	555	13	financial	financial	ADJ
cblr-9112	555	14	statement	statement	NOUN
cblr-9112	555	15	comparability	comparability	NOUN
cblr-9112	555	16	and	and	CCONJ
cblr-9112	555	17	credit	credit	NOUN
cblr-9112	555	18	risk	risk	NOUN
cblr-9112	555	19	,	,	PUNCT
cblr-9112	555	20	18	18	NUM
cblr-9112	555	21	rev	rev	X
cblr-9112	555	22	.	.	PROPN
cblr-9112	556	1	acct	acct	NOUN
cblr-9112	556	2	.	.	PUNCT
cblr-9112	556	3	stud	stud	PROPN
cblr-9112	556	4	.	.	PUNCT
cblr-9112	557	1	783	783	NUM
cblr-9112	557	2	,	,	PUNCT
cblr-9112	557	3	785–86	785–86	NUM
cblr-9112	557	4	(	(	PUNCT
cblr-9112	557	5	2013	2013	NUM
cblr-9112	557	6	)	)	PUNCT
cblr-9112	557	7	.	.	PUNCT
cblr-9112	558	1	no	no	INTJ
cblr-9112	558	2	.	.	NOUN
cblr-9112	559	1	3:1396	3:1396	NUM
cblr-9112	559	2	]	]	PUNCT
cblr-9112	559	3	risky	risky	ADJ
cblr-9112	559	4	business	business	NOUN
cblr-9112	559	5	1431	1431	NUM
cblr-9112	559	6	companies	company	NOUN
cblr-9112	559	7	report	report	VERB
cblr-9112	559	8	their	their	PRON
cblr-9112	559	9	financial	financial	ADJ
cblr-9112	559	10	statement	statement	NOUN
cblr-9112	559	11	data	datum	NOUN
cblr-9112	559	12	using	use	VERB
cblr-9112	559	13	extensible	extensible	ADJ
cblr-9112	559	14	business	business	NOUN
cblr-9112	559	15	reporting	reporting	NOUN
cblr-9112	559	16	language	language	NOUN
cblr-9112	559	17	(	(	PUNCT
cblr-9112	559	18	xbrl).146	xbrl).146	ADV
cblr-9112	559	19	the	the	DET
cblr-9112	559	20	final	final	ADJ
cblr-9112	559	21	rules	rule	NOUN
cblr-9112	559	22	were	be	AUX
cblr-9112	559	23	the	the	DET
cblr-9112	559	24	culmination	culmination	NOUN
cblr-9112	559	25	of	of	ADP
cblr-9112	559	26	a	a	DET
cblr-9112	559	27	multi	multi	ADJ
cblr-9112	559	28	-	-	ADJ
cblr-9112	559	29	year	year	ADJ
cblr-9112	559	30	evaluative	evaluative	ADJ
cblr-9112	559	31	process	process	NOUN
cblr-9112	559	32	to	to	PART
cblr-9112	559	33	promote	promote	VERB
cblr-9112	559	34	the	the	DET
cblr-9112	559	35	use	use	NOUN
cblr-9112	559	36	of	of	ADP
cblr-9112	559	37	interactive	interactive	ADJ
cblr-9112	559	38	data	datum	NOUN
cblr-9112	559	39	,	,	PUNCT
cblr-9112	559	40	in	in	ADP
cblr-9112	559	41	line	line	NOUN
cblr-9112	559	42	with	with	ADP
cblr-9112	559	43	other	other	ADJ
cblr-9112	559	44	u.s	u.s	PROPN
cblr-9112	559	45	.	.	PROPN
cblr-9112	559	46	and	and	CCONJ
cblr-9112	559	47	foreign	foreign	ADJ
cblr-9112	559	48	regulators.147	regulators.147	NOUN
cblr-9112	559	49	interactive	interactive	ADJ
cblr-9112	559	50	data	data	NOUN
cblr-9112	559	51	files	file	NOUN
cblr-9112	559	52	are	be	AUX
cblr-9112	559	53	included	include	VERB
cblr-9112	559	54	as	as	ADP
cblr-9112	559	55	exhibits	exhibit	NOUN
cblr-9112	559	56	that	that	PRON
cblr-9112	559	57	supplement	supplement	NOUN
cblr-9112	559	58	,	,	PUNCT
cblr-9112	559	59	but	but	CCONJ
cblr-9112	559	60	do	do	AUX
cblr-9112	559	61	not	not	PART
cblr-9112	559	62	replace	replace	VERB
cblr-9112	559	63	,	,	PUNCT
cblr-9112	559	64	the	the	DET
cblr-9112	559	65	financial	financial	ADJ
cblr-9112	559	66	statements	statement	NOUN
cblr-9112	559	67	required	require	VERB
cblr-9112	559	68	to	to	PART
cblr-9112	559	69	be	be	AUX
cblr-9112	559	70	filed	file	VERB
cblr-9112	559	71	with	with	ADP
cblr-9112	559	72	the	the	DET
cblr-9112	559	73	sec.148	sec.148	NOUN
cblr-9112	559	74	in	in	ADP
cblr-9112	559	75	that	that	DET
cblr-9112	559	76	format	format	NOUN
cblr-9112	559	77	,	,	PUNCT
cblr-9112	559	78	financial	financial	ADJ
cblr-9112	559	79	statement	statement	NOUN
cblr-9112	559	80	information	information	NOUN
cblr-9112	559	81	can	can	AUX
cblr-9112	559	82	be	be	AUX
cblr-9112	559	83	downloaded	download	VERB
cblr-9112	559	84	directly	directly	ADV
cblr-9112	559	85	into	into	ADP
cblr-9112	559	86	spreadsheets	spreadsheet	NOUN
cblr-9112	559	87	,	,	PUNCT
cblr-9112	559	88	analyzed	analyze	VERB
cblr-9112	559	89	using	use	VERB
cblr-9112	559	90	commercial	commercial	ADJ
cblr-9112	559	91	off	off	ADP
cblr-9112	559	92	-	-	PUNCT
cblr-9112	559	93	theshelf	theshelf	NOUN
cblr-9112	559	94	software	software	NOUN
cblr-9112	559	95	,	,	PUNCT
cblr-9112	559	96	and	and	CCONJ
cblr-9112	559	97	used	use	VERB
cblr-9112	559	98	within	within	ADP
cblr-9112	559	99	investment	investment	NOUN
cblr-9112	559	100	models	model	NOUN
cblr-9112	559	101	in	in	ADP
cblr-9112	559	102	other	other	ADJ
cblr-9112	559	103	software	software	NOUN
cblr-9112	559	104	formats.149	formats.149	NOUN
cblr-9112	559	105	a	a	DET
cblr-9112	559	106	stated	stated	ADJ
cblr-9112	559	107	purpose	purpose	NOUN
cblr-9112	559	108	of	of	ADP
cblr-9112	559	109	xbrl	xbrl	PROPN
cblr-9112	559	110	is	be	AUX
cblr-9112	559	111	to	to	PART
cblr-9112	559	112	reduce	reduce	VERB
cblr-9112	559	113	the	the	DET
cblr-9112	559	114	informational	informational	ADJ
cblr-9112	559	115	divide	divide	NOUN
cblr-9112	559	116	between	between	ADP
cblr-9112	559	117	smaller	small	ADJ
cblr-9112	559	118	and	and	CCONJ
cblr-9112	559	119	larger	large	ADJ
cblr-9112	559	120	investors	investor	NOUN
cblr-9112	559	121	“	"	PUNCT
cblr-9112	559	122	with	with	ADP
cblr-9112	559	123	greater	great	ADJ
cblr-9112	559	124	financial	financial	ADJ
cblr-9112	559	125	resources	resource	NOUN
cblr-9112	559	126	.	.	PUNCT
cblr-9112	560	1	”150	”150	PROPN
cblr-9112	560	2	institutional	institutional	ADJ
cblr-9112	560	3	investors	investor	NOUN
cblr-9112	560	4	,	,	PUNCT
cblr-9112	560	5	however	however	ADV
cblr-9112	560	6	,	,	PUNCT
cblr-9112	560	7	also	also	ADV
cblr-9112	560	8	benefit	benefit	VERB
cblr-9112	560	9	from	from	ADP
cblr-9112	560	10	the	the	DET
cblr-9112	560	11	reduced	reduce	VERB
cblr-9112	560	12	cost	cost	NOUN
cblr-9112	560	13	of	of	ADP
cblr-9112	560	14	collecting	collect	VERB
cblr-9112	560	15	data.151	data.151	NOUN
cblr-9112	560	16	one	one	NUM
cblr-9112	560	17	concern	concern	NOUN
cblr-9112	560	18	with	with	ADP
cblr-9112	560	19	xbrl	xbrl	PROPN
cblr-9112	560	20	has	have	AUX
cblr-9112	560	21	been	be	AUX
cblr-9112	560	22	in	in	ADP
cblr-9112	560	23	the	the	DET
cblr-9112	560	24	comparability	comparability	NOUN
cblr-9112	560	25	of	of	ADP
cblr-9112	560	26	“	"	PUNCT
cblr-9112	560	27	tags	tag	NOUN
cblr-9112	560	28	”	"	PUNCT
cblr-9112	560	29	used	use	VERB
cblr-9112	560	30	by	by	ADP
cblr-9112	560	31	issuers	issuer	NOUN
cblr-9112	560	32	to	to	PART
cblr-9112	560	33	identify	identify	VERB
cblr-9112	560	34	similar	similar	ADJ
cblr-9112	560	35	types	type	NOUN
cblr-9112	560	36	of	of	ADP
cblr-9112	560	37	financial	financial	ADJ
cblr-9112	560	38	information	information	NOUN
cblr-9112	560	39	and	and	CCONJ
cblr-9112	560	40	the	the	DET
cblr-9112	560	41	ability	ability	NOUN
cblr-9112	560	42	to	to	PART
cblr-9112	560	43	customize	customize	VERB
cblr-9112	560	44	tags	tag	NOUN
cblr-9112	560	45	(	(	PUNCT
cblr-9112	560	46	referred	refer	VERB
cblr-9112	560	47	to	to	ADP
cblr-9112	560	48	as	as	ADP
cblr-9112	560	49	“	"	PUNCT
cblr-9112	560	50	extensions	extension	NOUN
cblr-9112	560	51	”	"	PUNCT
cblr-9112	560	52	)	)	PUNCT
cblr-9112	560	53	to	to	PART
cblr-9112	560	54	meet	meet	VERB
cblr-9112	560	55	the	the	DET
cblr-9112	560	56	needs	need	NOUN
cblr-9112	560	57	of	of	ADP
cblr-9112	560	58	particular	particular	ADJ
cblr-9112	560	59	issuers.152	issuers.152	ADJ
cblr-9112	560	60	inconsistent	inconsistent	ADJ
cblr-9112	560	61	tagging	tagging	NOUN
cblr-9112	560	62	may	may	AUX
cblr-9112	560	63	result	result	VERB
cblr-9112	560	64	in	in	ADP
cblr-9112	560	65	a	a	DET
cblr-9112	560	66	decline	decline	NOUN
cblr-9112	560	67	in	in	ADP
cblr-9112	560	68	comparability	comparability	NOUN
cblr-9112	560	69	.	.	PUNCT
cblr-9112	561	1	146	146	NUM
cblr-9112	561	2	interactive	interactive	ADJ
cblr-9112	561	3	data	datum	NOUN
cblr-9112	561	4	to	to	PART
cblr-9112	561	5	improve	improve	VERB
cblr-9112	561	6	financial	financial	ADJ
cblr-9112	561	7	reporting	reporting	NOUN
cblr-9112	561	8	,	,	PUNCT
cblr-9112	561	9	securities	security	NOUN
cblr-9112	561	10	act	act	NOUN
cblr-9112	561	11	release	release	VERB
cblr-9112	561	12	no	no	DET
cblr-9112	561	13	.	.	NOUN
cblr-9112	561	14	9002	9002	NUM
cblr-9112	561	15	,	,	PUNCT
cblr-9112	561	16	exchange	exchange	NOUN
cblr-9112	561	17	act	act	NOUN
cblr-9112	561	18	release	release	VERB
cblr-9112	561	19	no	no	NOUN
cblr-9112	561	20	.	.	NOUN
cblr-9112	561	21	59,324	59,324	NUM
cblr-9112	561	22	,	,	PUNCT
cblr-9112	561	23	investment	investment	NOUN
cblr-9112	561	24	company	company	NOUN
cblr-9112	561	25	act	act	AUX
cblr-9112	561	26	release	release	VERB
cblr-9112	561	27	no	no	PRON
cblr-9112	561	28	.	.	NOUN
cblr-9112	561	29	28,609	28,609	NUM
cblr-9112	561	30	,	,	PUNCT
cblr-9112	561	31	74	74	NUM
cblr-9112	561	32	fed	feed	VERB
cblr-9112	561	33	.	.	PUNCT
cblr-9112	562	1	reg	reg	NOUN
cblr-9112	562	2	.	.	PUNCT
cblr-9112	563	1	6776	6776	NUM
cblr-9112	563	2	(	(	PUNCT
cblr-9112	563	3	feb	feb	PROPN
cblr-9112	563	4	.	.	PROPN
cblr-9112	563	5	10	10	NUM
cblr-9112	563	6	,	,	PUNCT
cblr-9112	563	7	2009	2009	NUM
cblr-9112	563	8	)	)	PUNCT
cblr-9112	563	9	(	(	PUNCT
cblr-9112	563	10	to	to	PART
cblr-9112	563	11	be	be	AUX
cblr-9112	563	12	codified	codify	VERB
cblr-9112	563	13	in	in	ADP
cblr-9112	563	14	17	17	NUM
cblr-9112	563	15	c.f.r	c.f.r	NOUN
cblr-9112	563	16	.	.	PUNCT
cblr-9112	564	1	pts	pts	PROPN
cblr-9112	564	2	.	.	PROPN
cblr-9112	564	3	229	229	NUM
cblr-9112	564	4	,	,	PUNCT
cblr-9112	564	5	230	230	NUM
cblr-9112	564	6	,	,	PUNCT
cblr-9112	564	7	232	232	NUM
cblr-9112	564	8	,	,	PUNCT
cblr-9112	564	9	239	239	NUM
cblr-9112	564	10	,	,	PUNCT
cblr-9112	564	11	240	240	NUM
cblr-9112	564	12	,	,	PUNCT
cblr-9112	564	13	249	249	NUM
cblr-9112	564	14	)	)	PUNCT
cblr-9112	564	15	.	.	PUNCT
cblr-9112	565	1	147	147	NUM
cblr-9112	566	1	i	i	PRON
cblr-9112	566	2	d.	d.	PROPN
cblr-9112	566	3	at	at	ADP
cblr-9112	566	4	6779–80	6779–80	PROPN
cblr-9112	566	5	.	.	PUNCT
cblr-9112	567	1	148	148	NUM
cblr-9112	567	2	i	i	PRON
cblr-9112	567	3	d.	d.	PROPN
cblr-9112	567	4	at	at	ADP
cblr-9112	567	5	6777	6777	NUM
cblr-9112	567	6	149	149	NUM
cblr-9112	567	7	i	i	PRON
cblr-9112	567	8	d.	d.	NOUN
cblr-9112	567	9	at	at	ADP
cblr-9112	567	10	6778–79	6778–79	ADV
cblr-9112	567	11	.	.	PUNCT
cblr-9112	568	1	150	150	NUM
cblr-9112	569	1	i	i	PRON
cblr-9112	569	2	d.	d.	PROPN
cblr-9112	569	3	at	at	ADP
cblr-9112	569	4	6803	6803	NUM
cblr-9112	569	5	.	.	PUNCT
cblr-9112	570	1	151	151	NUM
cblr-9112	570	2	see	see	VERB
cblr-9112	570	3	elizabeth	elizabeth	PROPN
cblr-9112	570	4	blankespoor	blankespoor	PROPN
cblr-9112	570	5	,	,	PUNCT
cblr-9112	570	6	brian	brian	PROPN
cblr-9112	570	7	p.	p.	PROPN
cblr-9112	570	8	miller	miller	PROPN
cblr-9112	570	9	&	&	CCONJ
cblr-9112	570	10	hal	hal	PROPN
cblr-9112	570	11	d.	d.	PROPN
cblr-9112	570	12	white	white	PROPN
cblr-9112	570	13	,	,	PUNCT
cblr-9112	570	14	initial	initial	ADJ
cblr-9112	570	15	evidence	evidence	NOUN
cblr-9112	570	16	on	on	ADP
cblr-9112	570	17	the	the	DET
cblr-9112	570	18	market	market	NOUN
cblr-9112	570	19	impact	impact	NOUN
cblr-9112	570	20	of	of	ADP
cblr-9112	570	21	the	the	DET
cblr-9112	570	22	xbrl	xbrl	PROPN
cblr-9112	570	23	mandate	mandate	NOUN
cblr-9112	570	24	,	,	PUNCT
cblr-9112	570	25	19	19	NUM
cblr-9112	570	26	rev	rev	X
cblr-9112	570	27	.	.	PROPN
cblr-9112	571	1	acct	acct	NOUN
cblr-9112	571	2	.	.	PUNCT
cblr-9112	571	3	stud	stud	PROPN
cblr-9112	571	4	.	.	PUNCT
cblr-9112	572	1	1468	1468	NUM
cblr-9112	572	2	,	,	PUNCT
cblr-9112	572	3	1470	1470	NUM
cblr-9112	572	4	,	,	PUNCT
cblr-9112	572	5	1497	1497	NUM
cblr-9112	572	6	(	(	PUNCT
cblr-9112	572	7	2014	2014	NUM
cblr-9112	572	8	)	)	PUNCT
cblr-9112	572	9	(	(	PUNCT
cblr-9112	572	10	“	"	PUNCT
cblr-9112	572	11	although	although	SCONJ
cblr-9112	572	12	the	the	DET
cblr-9112	572	13	sec	sec	PROPN
cblr-9112	572	14	argues	argue	VERB
cblr-9112	572	15	that	that	SCONJ
cblr-9112	572	16	xbrl	xbrl	PROPN
cblr-9112	572	17	provides	provide	VERB
cblr-9112	572	18	more	more	ADJ
cblr-9112	572	19	benefits	benefit	NOUN
cblr-9112	572	20	to	to	ADP
cblr-9112	572	21	small	small	ADJ
cblr-9112	572	22	investors	investor	NOUN
cblr-9112	572	23	than	than	SCONJ
cblr-9112	572	24	it	it	PRON
cblr-9112	572	25	does	do	AUX
cblr-9112	572	26	to	to	ADP
cblr-9112	572	27	large	large	ADJ
cblr-9112	572	28	investors	investor	NOUN
cblr-9112	572	29	,	,	PUNCT
cblr-9112	572	30	the	the	DET
cblr-9112	572	31	potential	potential	NOUN
cblr-9112	572	32	for	for	ADP
cblr-9112	572	33	large	large	ADJ
cblr-9112	572	34	traders	trader	NOUN
cblr-9112	572	35	to	to	PART
cblr-9112	572	36	use	use	VERB
cblr-9112	572	37	their	their	PRON
cblr-9112	572	38	superior	superior	ADJ
cblr-9112	572	39	processing	processing	NOUN
cblr-9112	572	40	capabilities	capability	NOUN
cblr-9112	572	41	to	to	PART
cblr-9112	572	42	leverage	leverage	VERB
cblr-9112	572	43	the	the	DET
cblr-9112	572	44	new	new	ADJ
cblr-9112	572	45	technology	technology	NOUN
cblr-9112	572	46	for	for	ADP
cblr-9112	572	47	informational	informational	ADJ
cblr-9112	572	48	gains	gain	NOUN
cblr-9112	572	49	may	may	AUX
cblr-9112	572	50	actually	actually	ADV
cblr-9112	572	51	disadvantage	disadvantage	VERB
cblr-9112	572	52	small	small	ADJ
cblr-9112	572	53	investors	investor	NOUN
cblr-9112	572	54	.	.	PUNCT
cblr-9112	572	55	”	"	PUNCT
cblr-9112	572	56	)	)	PUNCT
cblr-9112	572	57	.	.	PUNCT
cblr-9112	573	1	152	152	NUM
cblr-9112	573	2	see	see	NOUN
cblr-9112	573	3	,	,	PUNCT
cblr-9112	573	4	e.g.	e.g.	ADV
cblr-9112	573	5	,	,	PUNCT
cblr-9112	573	6	cleary	cleary	PROPN
cblr-9112	573	7	gottlieb	gottlieb	PROPN
cblr-9112	573	8	,	,	PUNCT
cblr-9112	573	9	sec	sec	PROPN
cblr-9112	573	10	adopts	adopt	VERB
cblr-9112	573	11	rules	rule	NOUN
cblr-9112	573	12	requiring	require	VERB
cblr-9112	573	13	filing	filing	NOUN
cblr-9112	573	14	of	of	ADP
cblr-9112	573	15	financial	financial	ADJ
cblr-9112	573	16	statements	statement	NOUN
cblr-9112	573	17	in	in	ADP
cblr-9112	573	18	interactive	interactive	ADJ
cblr-9112	573	19	xbrl	xbrl	PROPN
cblr-9112	573	20	format	format	NOUN
cblr-9112	573	21	2–3	2–3	NUM
cblr-9112	573	22	(	(	PUNCT
cblr-9112	573	23	2009	2009	NUM
cblr-9112	573	24	)	)	PUNCT
cblr-9112	573	25	,	,	PUNCT
cblr-9112	573	26	https://www.clearygottlieb.com/-/media/organizearchive/cgsh/files/publication-pdfs/sec-adopts-rules-requiring-filing-offinancial-statements-in-interactive-xbrl-format.pdf	https://www.clearygottlieb.com/-/media/organizearchive/cgsh/files/publication-pdfs/sec-adopts-rules-requiring-filing-offinancial-statements-in-interactive-xbrl-format.pdf	NOUN
cblr-9112	574	1	[	[	X
cblr-9112	574	2	https://perma.cc/pq5a-tknm	https://perma.cc/pq5a-tknm	X
cblr-9112	574	3	]	]	PUNCT
cblr-9112	574	4	.	.	PUNCT
cblr-9112	575	1	1432	1432	NUM
cblr-9112	575	2	columbia	columbia	PROPN
cblr-9112	575	3	business	business	NOUN
cblr-9112	575	4	law	law	PROPN
cblr-9112	575	5	review	review	NOUN
cblr-9112	575	6	[	[	X
cblr-9112	575	7	vol	vol	NOUN
cblr-9112	575	8	.	.	NOUN
cblr-9112	575	9	2021	2021	NUM
cblr-9112	575	10	to	to	ADP
cblr-9112	575	11	date	date	NOUN
cblr-9112	575	12	,	,	PUNCT
cblr-9112	575	13	the	the	DET
cblr-9112	575	14	sec	sec	PROPN
cblr-9112	575	15	has	have	AUX
cblr-9112	575	16	not	not	PART
cblr-9112	575	17	required	require	VERB
cblr-9112	575	18	a	a	DET
cblr-9112	575	19	formal	formal	ADJ
cblr-9112	575	20	audit	audit	NOUN
cblr-9112	575	21	or	or	CCONJ
cblr-9112	575	22	review	review	NOUN
cblr-9112	575	23	of	of	ADP
cblr-9112	575	24	an	an	DET
cblr-9112	575	25	issuer	issuer	NOUN
cblr-9112	575	26	’s	’s	PART
cblr-9112	575	27	interactive	interactive	ADJ
cblr-9112	575	28	data	datum	NOUN
cblr-9112	575	29	file	file	NOUN
cblr-9112	575	30	,	,	PUNCT
cblr-9112	575	31	raising	raise	VERB
cblr-9112	575	32	the	the	DET
cblr-9112	575	33	possibility	possibility	NOUN
cblr-9112	575	34	of	of	ADP
cblr-9112	575	35	inconsistency	inconsistency	NOUN
cblr-9112	575	36	across	across	ADP
cblr-9112	575	37	issuers.153	issuers.153	NOUN
cblr-9112	575	38	nevertheless	nevertheless	ADV
cblr-9112	575	39	,	,	PUNCT
cblr-9112	575	40	the	the	DET
cblr-9112	575	41	adoption	adoption	NOUN
cblr-9112	575	42	of	of	ADP
cblr-9112	575	43	xbrl	xbrl	PROPN
cblr-9112	575	44	has	have	AUX
cblr-9112	575	45	enabled	enable	VERB
cblr-9112	575	46	investors	investor	NOUN
cblr-9112	575	47	to	to	PART
cblr-9112	575	48	acquire	acquire	VERB
cblr-9112	575	49	and	and	CCONJ
cblr-9112	575	50	compare	compare	VERB
cblr-9112	575	51	more	more	ADJ
cblr-9112	575	52	data	datum	NOUN
cblr-9112	575	53	,	,	PUNCT
cblr-9112	575	54	including	include	VERB
cblr-9112	575	55	risk	risk	NOUN
cblr-9112	575	56	-	-	PUNCT
cblr-9112	575	57	related	relate	VERB
cblr-9112	575	58	information	information	NOUN
cblr-9112	575	59	,	,	PUNCT
cblr-9112	575	60	at	at	ADP
cblr-9112	575	61	lower	low	ADJ
cblr-9112	575	62	cost.154	cost.154	NOUN
cblr-9112	575	63	153	153	NUM
cblr-9112	575	64	see	see	VERB
cblr-9112	575	65	interactive	interactive	ADJ
cblr-9112	575	66	data	datum	NOUN
cblr-9112	575	67	to	to	PART
cblr-9112	575	68	improve	improve	VERB
cblr-9112	575	69	financial	financial	ADJ
cblr-9112	575	70	reporting	reporting	NOUN
cblr-9112	575	71	,	,	PUNCT
cblr-9112	575	72	74	74	NUM
cblr-9112	575	73	fed	feed	VERB
cblr-9112	575	74	.	.	PUNCT
cblr-9112	576	1	reg	reg	PROPN
cblr-9112	576	2	.	.	PUNCT
cblr-9112	577	1	at	at	ADP
cblr-9112	577	2	6796	6796	NUM
cblr-9112	577	3	.	.	PUNCT
cblr-9112	578	1	154	154	NUM
cblr-9112	578	2	see	see	VERB
cblr-9112	578	3	vicky	vicky	PROPN
cblr-9112	578	4	arnold	arnold	PROPN
cblr-9112	578	5	et	et	PROPN
cblr-9112	578	6	al	al	PROPN
cblr-9112	578	7	.	.	PROPN
cblr-9112	578	8	,	,	PUNCT
cblr-9112	578	9	the	the	DET
cblr-9112	578	10	impact	impact	NOUN
cblr-9112	578	11	of	of	ADP
cblr-9112	578	12	tagging	tag	VERB
cblr-9112	578	13	qualitative	qualitative	ADJ
cblr-9112	578	14	financial	financial	ADJ
cblr-9112	578	15	information	information	NOUN
cblr-9112	578	16	on	on	ADP
cblr-9112	578	17	investor	investor	NOUN
cblr-9112	578	18	decision	decision	NOUN
cblr-9112	578	19	making	making	NOUN
cblr-9112	578	20	:	:	PUNCT
cblr-9112	578	21	implications	implication	NOUN
cblr-9112	578	22	for	for	ADP
cblr-9112	578	23	xbrl	xbrl	PROPN
cblr-9112	578	24	,	,	PUNCT
cblr-9112	578	25	13	13	NUM
cblr-9112	578	26	int’l	int’l	NUM
cblr-9112	578	27	j.	j.	PROPN
cblr-9112	578	28	acct	acct	PROPN
cblr-9112	578	29	.	.	PUNCT
cblr-9112	578	30	info	info	PROPN
cblr-9112	578	31	.	.	PUNCT
cblr-9112	579	1	sys	sys	PROPN
cblr-9112	579	2	.	.	PROPN
cblr-9112	579	3	2	2	NUM
cblr-9112	579	4	,	,	PUNCT
cblr-9112	579	5	17–19	17–19	NUM
cblr-9112	579	6	(	(	PUNCT
cblr-9112	579	7	2012	2012	NUM
cblr-9112	579	8	)	)	PUNCT
cblr-9112	579	9	.	.	PUNCT
cblr-9112	580	1	more	more	ADV
cblr-9112	580	2	recently	recently	ADV
cblr-9112	580	3	,	,	PUNCT
cblr-9112	580	4	the	the	DET
cblr-9112	580	5	sec	sec	PROPN
cblr-9112	580	6	has	have	AUX
cblr-9112	580	7	increased	increase	VERB
cblr-9112	580	8	attention	attention	NOUN
cblr-9112	580	9	on	on	ADP
cblr-9112	580	10	climate	climate	NOUN
cblr-9112	580	11	-	-	PUNCT
cblr-9112	580	12	related	relate	VERB
cblr-9112	580	13	disclosure	disclosure	NOUN
cblr-9112	580	14	,	,	PUNCT
cblr-9112	580	15	with	with	ADP
cblr-9112	580	16	a	a	DET
cblr-9112	580	17	view	view	NOUN
cblr-9112	580	18	to	to	ADP
cblr-9112	580	19	providing	provide	VERB
cblr-9112	580	20	new	new	ADJ
cblr-9112	580	21	guidance	guidance	NOUN
cblr-9112	580	22	as	as	ADP
cblr-9112	580	23	part	part	NOUN
cblr-9112	580	24	of	of	ADP
cblr-9112	580	25	a	a	DET
cblr-9112	580	26	growing	grow	VERB
cblr-9112	580	27	focus	focus	NOUN
cblr-9112	580	28	on	on	ADP
cblr-9112	580	29	environmental	environmental	ADJ
cblr-9112	580	30	,	,	PUNCT
cblr-9112	580	31	social	social	ADJ
cblr-9112	580	32	,	,	PUNCT
cblr-9112	580	33	and	and	CCONJ
cblr-9112	580	34	governance	governance	NOUN
cblr-9112	580	35	(	(	PUNCT
cblr-9112	580	36	esg	esg	NOUN
cblr-9112	580	37	)	)	PUNCT
cblr-9112	580	38	metrics	metric	NOUN
cblr-9112	580	39	.	.	PUNCT
cblr-9112	581	1	see	see	VERB
cblr-9112	581	2	allison	allison	PROPN
cblr-9112	581	3	herren	herren	PROPN
cblr-9112	581	4	lee	lee	PROPN
cblr-9112	581	5	,	,	PUNCT
cblr-9112	581	6	statement	statement	NOUN
cblr-9112	581	7	on	on	ADP
cblr-9112	581	8	the	the	DET
cblr-9112	581	9	review	review	NOUN
cblr-9112	581	10	of	of	ADP
cblr-9112	581	11	climate	climate	NOUN
cblr-9112	581	12	-	-	PUNCT
cblr-9112	581	13	related	relate	VERB
cblr-9112	581	14	disclosure	disclosure	NOUN
cblr-9112	581	15	,	,	PUNCT
cblr-9112	581	16	sec	sec	PROPN
cblr-9112	581	17	.	.	PROPN
cblr-9112	581	18	&	&	CCONJ
cblr-9112	581	19	exch	exch	PROPN
cblr-9112	581	20	.	.	PUNCT
cblr-9112	582	1	comm’n	comm’n	PROPN
cblr-9112	582	2	(	(	PUNCT
cblr-9112	582	3	feb	feb	X
cblr-9112	582	4	.	.	PROPN
cblr-9112	582	5	24	24	NUM
cblr-9112	582	6	,	,	PUNCT
cblr-9112	582	7	2021	2021	NUM
cblr-9112	582	8	)	)	PUNCT
cblr-9112	582	9	,	,	PUNCT
cblr-9112	583	1	https://www.sec.gov/news/public-statement/lee-statement-review-climaterelated-disclosure	https://www.sec.gov/news/public-statement/lee-statement-review-climaterelated-disclosure	VERB
cblr-9112	583	2	[	[	X
cblr-9112	583	3	https://perma.cc/kqz2-jmuy	https://perma.cc/kqz2-jmuy	X
cblr-9112	583	4	]	]	PUNCT
cblr-9112	583	5	.	.	PUNCT
cblr-9112	584	1	these	these	PRON
cblr-9112	584	2	calls	call	VERB
cblr-9112	584	3	for	for	ADP
cblr-9112	584	4	greater	great	ADJ
cblr-9112	584	5	esg	esg	NOUN
cblr-9112	584	6	disclosure	disclosure	NOUN
cblr-9112	584	7	reflect	reflect	VERB
cblr-9112	584	8	concerns	concern	NOUN
cblr-9112	584	9	that	that	SCONJ
cblr-9112	584	10	the	the	DET
cblr-9112	584	11	existing	exist	VERB
cblr-9112	584	12	guidance	guidance	NOUN
cblr-9112	584	13	is	be	AUX
cblr-9112	584	14	too	too	ADV
cblr-9112	584	15	general	general	ADJ
cblr-9112	584	16	and	and	CCONJ
cblr-9112	584	17	does	do	AUX
cblr-9112	584	18	not	not	PART
cblr-9112	584	19	permit	permit	VERB
cblr-9112	584	20	a	a	DET
cblr-9112	584	21	level	level	NOUN
cblr-9112	584	22	of	of	ADP
cblr-9112	584	23	comparability	comparability	NOUN
cblr-9112	584	24	across	across	ADP
cblr-9112	584	25	disclosures	disclosure	NOUN
cblr-9112	584	26	that	that	PRON
cblr-9112	584	27	investors	investor	NOUN
cblr-9112	584	28	require	require	VERB
cblr-9112	584	29	.	.	PUNCT
cblr-9112	585	1	see	see	VERB
cblr-9112	585	2	sec	sec	PROPN
cblr-9112	585	3	.	.	PROPN
cblr-9112	585	4	&	&	CCONJ
cblr-9112	585	5	exch	exch	PROPN
cblr-9112	585	6	.	.	PUNCT
cblr-9112	586	1	comm’n	comm’n	PROPN
cblr-9112	586	2	,	,	PUNCT
cblr-9112	586	3	commission	commission	NOUN
cblr-9112	586	4	guidance	guidance	NOUN
cblr-9112	586	5	regarding	regard	VERB
cblr-9112	586	6	disclosure	disclosure	NOUN
cblr-9112	586	7	related	relate	VERB
cblr-9112	586	8	to	to	ADP
cblr-9112	586	9	climate	climate	NOUN
cblr-9112	586	10	change	change	NOUN
cblr-9112	586	11	,	,	PUNCT
cblr-9112	586	12	securities	security	NOUN
cblr-9112	586	13	act	act	NOUN
cblr-9112	586	14	release	release	VERB
cblr-9112	586	15	no	no	PRON
cblr-9112	586	16	.	.	NOUN
cblr-9112	586	17	9106	9106	NUM
cblr-9112	586	18	,	,	PUNCT
cblr-9112	586	19	exchange	exchange	NOUN
cblr-9112	586	20	act	act	NOUN
cblr-9112	586	21	release	release	VERB
cblr-9112	586	22	no	no	NOUN
cblr-9112	586	23	.	.	NOUN
cblr-9112	586	24	61,469	61,469	NUM
cblr-9112	586	25	,	,	PUNCT
cblr-9112	586	26	75	75	NUM
cblr-9112	586	27	fed	feed	VERB
cblr-9112	586	28	.	.	PUNCT
cblr-9112	587	1	reg	reg	PROPN
cblr-9112	587	2	.	.	PUNCT
cblr-9112	588	1	6290	6290	NUM
cblr-9112	588	2	(	(	PUNCT
cblr-9112	588	3	feb	feb	PROPN
cblr-9112	588	4	.	.	PROPN
cblr-9112	588	5	8	8	NUM
cblr-9112	588	6	,	,	PUNCT
cblr-9112	588	7	2010	2010	NUM
cblr-9112	588	8	)	)	PUNCT
cblr-9112	589	1	(	(	PUNCT
cblr-9112	589	2	to	to	PART
cblr-9112	589	3	be	be	AUX
cblr-9112	589	4	codified	codify	VERB
cblr-9112	589	5	at	at	ADP
cblr-9112	589	6	17	17	NUM
cblr-9112	589	7	c.f.r	c.f.r	NOUN
cblr-9112	589	8	.	.	PUNCT
cblr-9112	590	1	pts	pts	PROPN
cblr-9112	590	2	.	.	PROPN
cblr-9112	590	3	211	211	NUM
cblr-9112	590	4	,	,	PUNCT
cblr-9112	590	5	231	231	NUM
cblr-9112	590	6	,	,	PUNCT
cblr-9112	590	7	241	241	NUM
cblr-9112	590	8	)	)	PUNCT
cblr-9112	590	9	;	;	PUNCT
cblr-9112	590	10	sec	sec	PROPN
cblr-9112	590	11	.	.	PROPN
cblr-9112	590	12	&	&	CCONJ
cblr-9112	590	13	exch	exch	PROPN
cblr-9112	590	14	.	.	PUNCT
cblr-9112	591	1	comm’n	comm’n	PROPN
cblr-9112	591	2	,	,	PUNCT
cblr-9112	592	1	inv	inv	ADJ
cblr-9112	592	2	.	.	PUNCT
cblr-9112	593	1	advisory	advisory	ADJ
cblr-9112	593	2	comm	comm	NOUN
cblr-9112	593	3	.	.	PUNCT
cblr-9112	594	1	,	,	PUNCT
cblr-9112	594	2	recommendation	recommendation	NOUN
cblr-9112	594	3	from	from	ADP
cblr-9112	594	4	the	the	DET
cblr-9112	594	5	investor	investor	NOUN
cblr-9112	594	6	-	-	PUNCT
cblr-9112	594	7	as	as	ADP
cblr-9112	594	8	-	-	PUNCT
cblr-9112	594	9	owner	owner	NOUN
cblr-9112	594	10	subcommittee	subcommittee	NOUN
cblr-9112	594	11	of	of	ADP
cblr-9112	594	12	the	the	DET
cblr-9112	594	13	sec	sec	PROPN
cblr-9112	594	14	investor	investor	NOUN
cblr-9112	594	15	advisory	advisory	NOUN
cblr-9112	594	16	committee	committee	NOUN
cblr-9112	594	17	relating	relate	VERB
cblr-9112	594	18	to	to	ADP
cblr-9112	594	19	esg	esg	PROPN
cblr-9112	594	20	disclosure	disclosure	NOUN
cblr-9112	594	21	(	(	PUNCT
cblr-9112	594	22	2020	2020	NUM
cblr-9112	594	23	)	)	PUNCT
cblr-9112	594	24	,	,	PUNCT
cblr-9112	594	25	https://www.sec.gov/spotlight/investor-advisorycommittee-2012/recommendation-of-the-investor-as-owner-subcommitteeon-esg-disclosure.pdf	https://www.sec.gov/spotlight/investor-advisorycommittee-2012/recommendation-of-the-investor-as-owner-subcommitteeon-esg-disclosure.pdf	NOUN
cblr-9112	595	1	[	[	X
cblr-9112	595	2	https://perma.cc/f959-ddly	https://perma.cc/f959-ddly	X
cblr-9112	595	3	]	]	X
cblr-9112	595	4	(	(	PUNCT
cblr-9112	595	5	recommending	recommend	VERB
cblr-9112	595	6	that	that	SCONJ
cblr-9112	595	7	the	the	DET
cblr-9112	595	8	sec	sec	PROPN
cblr-9112	595	9	require	require	NOUN
cblr-9112	595	10	“	"	PUNCT
cblr-9112	595	11	material	material	ADJ
cblr-9112	595	12	,	,	PUNCT
cblr-9112	595	13	comparable	comparable	ADJ
cblr-9112	595	14	,	,	PUNCT
cblr-9112	595	15	consistent	consistent	ADJ
cblr-9112	595	16	”	"	PUNCT
cblr-9112	595	17	esg	esg	PROPN
cblr-9112	595	18	disclosure	disclosure	NOUN
cblr-9112	595	19	)	)	PUNCT
cblr-9112	595	20	.	.	PUNCT
cblr-9112	596	1	there	there	PRON
cblr-9112	596	2	have	have	AUX
cblr-9112	596	3	also	also	ADV
cblr-9112	596	4	been	be	AUX
cblr-9112	596	5	proposals	proposal	NOUN
cblr-9112	596	6	to	to	PART
cblr-9112	596	7	tag	tag	VERB
cblr-9112	596	8	new	new	ADJ
cblr-9112	596	9	esg	esg	PROPN
cblr-9112	596	10	disclosures	disclosure	NOUN
cblr-9112	596	11	using	use	VERB
cblr-9112	596	12	xbrl	xbrl	PROPN
cblr-9112	596	13	technology	technology	PROPN
cblr-9112	596	14	.	.	PUNCT
cblr-9112	597	1	see	see	VERB
cblr-9112	597	2	,	,	PUNCT
cblr-9112	597	3	e.g.	e.g.	ADV
cblr-9112	597	4	,	,	PUNCT
cblr-9112	597	5	allison	allison	PROPN
cblr-9112	597	6	herren	herren	PROPN
cblr-9112	597	7	lee	lee	PROPN
cblr-9112	597	8	,	,	PUNCT
cblr-9112	597	9	remarks	remark	VERB
cblr-9112	597	10	at	at	ADP
cblr-9112	597	11	the	the	DET
cblr-9112	597	12	xbrl	xbrl	PROPN
cblr-9112	597	13	us	us	PROPN
cblr-9112	597	14	investor	investor	PROPN
cblr-9112	597	15	forum	forum	PROPN
cblr-9112	597	16	:	:	PUNCT
cblr-9112	597	17	the	the	DET
cblr-9112	597	18	promise	promise	NOUN
cblr-9112	597	19	of	of	ADP
cblr-9112	597	20	structured	structured	ADJ
cblr-9112	597	21	data	datum	NOUN
cblr-9112	597	22	:	:	PUNCT
cblr-9112	597	23	true	true	ADJ
cblr-9112	597	24	modernization	modernization	NOUN
cblr-9112	597	25	of	of	ADP
cblr-9112	597	26	disclosure	disclosure	NOUN
cblr-9112	597	27	effectiveness	effectiveness	NOUN
cblr-9112	597	28	,	,	PUNCT
cblr-9112	597	29	sec	sec	PROPN
cblr-9112	597	30	.	.	PROPN
cblr-9112	597	31	&	&	CCONJ
cblr-9112	597	32	exch	exch	PROPN
cblr-9112	597	33	.	.	PUNCT
cblr-9112	598	1	comm’n	comm’n	PROPN
cblr-9112	598	2	(	(	PUNCT
cblr-9112	598	3	nov	nov	PROPN
cblr-9112	598	4	.	.	PROPN
cblr-9112	598	5	17	17	NUM
cblr-9112	598	6	,	,	PUNCT
cblr-9112	598	7	2020	2020	NUM
cblr-9112	598	8	)	)	PUNCT
cblr-9112	598	9	,	,	PUNCT
cblr-9112	599	1	https://www.sec.gov/news/speech/lee-structured-data-2020-11-17	https://www.sec.gov/news/speech/lee-structured-data-2020-11-17	PROPN
cblr-9112	600	1	[	[	X
cblr-9112	600	2	https://perma.cc/nu6m-gdq4	https://perma.cc/nu6m-gdq4	NOUN
cblr-9112	600	3	]	]	X
cblr-9112	600	4	.	.	PUNCT
cblr-9112	601	1	from	from	ADP
cblr-9112	601	2	a	a	DET
cblr-9112	601	3	portfolio	portfolio	NOUN
cblr-9112	601	4	perspective	perspective	NOUN
cblr-9112	601	5	,	,	PUNCT
cblr-9112	601	6	this	this	PRON
cblr-9112	601	7	makes	make	VERB
cblr-9112	601	8	sense	sense	NOUN
cblr-9112	601	9	.	.	PUNCT
cblr-9112	602	1	some	some	DET
cblr-9112	602	2	financial	financial	ADJ
cblr-9112	602	3	risks	risk	NOUN
cblr-9112	602	4	arising	arise	VERB
cblr-9112	602	5	from	from	ADP
cblr-9112	602	6	climate	climate	NOUN
cblr-9112	602	7	change	change	NOUN
cblr-9112	602	8	are	be	AUX
cblr-9112	602	9	broadly	broadly	ADV
cblr-9112	602	10	systematic	systematic	ADJ
cblr-9112	602	11	and	and	CCONJ
cblr-9112	602	12	will	will	AUX
cblr-9112	602	13	affect	affect	VERB
cblr-9112	602	14	the	the	DET
cblr-9112	602	15	undiversifiable	undiversifiable	ADJ
cblr-9112	602	16	risk	risk	NOUN
cblr-9112	602	17	an	an	DET
cblr-9112	602	18	investor	investor	NOUN
cblr-9112	602	19	must	must	AUX
cblr-9112	602	20	manage	manage	VERB
cblr-9112	602	21	or	or	CCONJ
cblr-9112	602	22	transfer	transfer	VERB
cblr-9112	602	23	from	from	ADP
cblr-9112	602	24	her	her	PRON
cblr-9112	602	25	portfolio	portfolio	NOUN
cblr-9112	602	26	.	.	PUNCT
cblr-9112	603	1	see	see	VERB
cblr-9112	603	2	allison	allison	PROPN
cblr-9112	603	3	herren	herren	PROPN
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cblr-9112	603	5	,	,	PUNCT
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cblr-9112	603	7	s	s	PROPN
cblr-9112	603	8	-	-	PROPN
cblr-9112	603	9	k	k	PROPN
cblr-9112	603	10	and	and	CCONJ
cblr-9112	603	11	esg	esg	PROPN
cblr-9112	603	12	disclosures	disclosure	NOUN
cblr-9112	603	13	:	:	PUNCT
cblr-9112	603	14	an	an	DET
cblr-9112	603	15	unsustainable	unsustainable	ADJ
cblr-9112	603	16	silence	silence	NOUN
cblr-9112	603	17	,	,	PUNCT
cblr-9112	603	18	sec	sec	PROPN
cblr-9112	603	19	.	.	PROPN
cblr-9112	603	20	&	&	CCONJ
cblr-9112	603	21	exch	exch	PROPN
cblr-9112	603	22	.	.	PUNCT
cblr-9112	604	1	comm’n	comm’n	PROPN
cblr-9112	604	2	(	(	PUNCT
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cblr-9112	604	4	.	.	PROPN
cblr-9112	604	5	26	26	NUM
cblr-9112	604	6	,	,	PUNCT
cblr-9112	604	7	2020	2020	NUM
cblr-9112	604	8	)	)	PUNCT
cblr-9112	604	9	,	,	PUNCT
cblr-9112	605	1	https://www.sec.gov/news/public-statement/lee-regulation-s-k-202008-26	https://www.sec.gov/news/public-statement/lee-regulation-s-k-202008-26	PROPN
cblr-9112	606	1	[	[	X
cblr-9112	606	2	https://perma.cc/n244-tuw5	https://perma.cc/n244-tuw5	X
cblr-9112	606	3	]	]	X
cblr-9112	606	4	(	(	PUNCT
cblr-9112	606	5	stating	state	VERB
cblr-9112	606	6	that	that	SCONJ
cblr-9112	606	7	“	"	PUNCT
cblr-9112	606	8	[	[	X
cblr-9112	606	9	c]limate	c]limate	ADP
cblr-9112	606	10	risk	risk	NOUN
cblr-9112	606	11	,	,	PUNCT
cblr-9112	606	12	writ	writ	VERB
cblr-9112	606	13	large	large	ADJ
cblr-9112	606	14	,	,	PUNCT
cblr-9112	606	15	can	can	AUX
cblr-9112	606	16	not	not	PART
cblr-9112	606	17	be	be	AUX
cblr-9112	606	18	diversified	diversify	VERB
cblr-9112	606	19	away	away	ADV
cblr-9112	606	20	[	[	X
cblr-9112	606	21	.	.	X
cblr-9112	606	22	]	]	X
cblr-9112	606	23	”	"	PUNCT
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cblr-9112	606	25	.	.	PUNCT
cblr-9112	607	1	others	other	NOUN
cblr-9112	607	2	are	be	AUX
cblr-9112	607	3	idiosyncratic	idiosyncratic	ADJ
cblr-9112	607	4	risks	risk	NOUN
cblr-9112	607	5	,	,	PUNCT
cblr-9112	607	6	tied	tie	VERB
cblr-9112	607	7	to	to	ADP
cblr-9112	607	8	an	an	DET
cblr-9112	607	9	individual	individual	ADJ
cblr-9112	607	10	firm	firm	NOUN
cblr-9112	607	11	’s	’s	PART
cblr-9112	607	12	profitability	profitability	NOUN
cblr-9112	607	13	and	and	CCONJ
cblr-9112	607	14	credit	credit	NOUN
cblr-9112	607	15	risk	risk	NOUN
cblr-9112	607	16	,	,	PUNCT
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cblr-9112	607	18	an	an	DET
cblr-9112	607	19	investor	investor	NOUN
cblr-9112	607	20	must	must	AUX
cblr-9112	607	21	consider	consider	VERB
cblr-9112	607	22	when	when	SCONJ
cblr-9112	607	23	deciding	decide	VERB
cblr-9112	607	24	a	a	DET
cblr-9112	607	25	portfolio	portfolio	NOUN
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cblr-9112	607	29	-	-	PUNCT
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cblr-9112	607	32	return	return	NOUN
cblr-9112	607	33	tradeoff	tradeoff	NOUN
cblr-9112	607	34	.	.	PUNCT
cblr-9112	608	1	see	see	VERB
cblr-9112	608	2	,	,	PUNCT
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cblr-9112	608	4	,	,	PUNCT
cblr-9112	608	5	larry	larry	PROPN
cblr-9112	608	6	fink	fink	PROPN
cblr-9112	608	7	,	,	PUNCT
cblr-9112	608	8	larry	larry	PROPN
cblr-9112	608	9	fink	fink	PROPN
cblr-9112	608	10	’s	’s	PART
cblr-9112	608	11	2021	2021	NUM
cblr-9112	608	12	letter	letter	NOUN
cblr-9112	608	13	to	to	ADP
cblr-9112	608	14	ceos	ceos	PROPN
cblr-9112	608	15	,	,	PUNCT
cblr-9112	608	16	blackrock	blackrock	NOUN
cblr-9112	608	17	(	(	PUNCT
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cblr-9112	608	27	business	business	NOUN
cblr-9112	608	28	1433	1433	NUM
cblr-9112	608	29	b.	b.	PROPN
cblr-9112	608	30	risk	risk	NOUN
cblr-9112	608	31	vs.	vs.	ADP
cblr-9112	608	32	instruments	instrument	NOUN
cblr-9112	608	33	?	?	PUNCT
cblr-9112	609	1	greater	great	ADJ
cblr-9112	609	2	comparability	comparability	NOUN
cblr-9112	609	3	supports	support	VERB
cblr-9112	609	4	portfolio	portfolio	NOUN
cblr-9112	609	5	-	-	PUNCT
cblr-9112	609	6	level	level	NOUN
cblr-9112	609	7	risk	risk	NOUN
cblr-9112	609	8	management	management	NOUN
cblr-9112	609	9	,	,	PUNCT
cblr-9112	609	10	but	but	CCONJ
cblr-9112	609	11	it	it	PRON
cblr-9112	609	12	does	do	AUX
cblr-9112	609	13	not	not	PART
cblr-9112	609	14	address	address	VERB
cblr-9112	609	15	the	the	DET
cblr-9112	609	16	more	more	ADV
cblr-9112	609	17	fundamental	fundamental	ADJ
cblr-9112	609	18	question	question	NOUN
cblr-9112	609	19	of	of	ADP
cblr-9112	609	20	what	what	PRON
cblr-9112	609	21	should	should	AUX
cblr-9112	609	22	trigger	trigger	VERB
cblr-9112	609	23	securities	security	NOUN
cblr-9112	609	24	act	act	PROPN
cblr-9112	609	25	disclosure	disclosure	NOUN
cblr-9112	609	26	.	.	PUNCT
cblr-9112	610	1	adopting	adopt	VERB
cblr-9112	610	2	an	an	DET
cblr-9112	610	3	analysis	analysis	NOUN
cblr-9112	610	4	that	that	PRON
cblr-9112	610	5	looks	look	VERB
cblr-9112	610	6	through	through	ADP
cblr-9112	610	7	the	the	DET
cblr-9112	610	8	instruments	instrument	NOUN
cblr-9112	610	9	to	to	ADP
cblr-9112	610	10	the	the	DET
cblr-9112	610	11	economic	economic	ADJ
cblr-9112	610	12	risks	risk	NOUN
cblr-9112	610	13	of	of	ADP
cblr-9112	610	14	the	the	DET
cblr-9112	610	15	transaction	transaction	NOUN
cblr-9112	610	16	would	would	AUX
cblr-9112	610	17	be	be	AUX
cblr-9112	610	18	consistent	consistent	ADJ
cblr-9112	610	19	with	with	ADP
cblr-9112	610	20	the	the	DET
cblr-9112	610	21	approach	approach	NOUN
cblr-9112	610	22	reflected	reflect	VERB
cblr-9112	610	23	in	in	ADP
cblr-9112	610	24	the	the	DET
cblr-9112	610	25	vast	vast	ADJ
cblr-9112	610	26	majority	majority	NOUN
cblr-9112	610	27	of	of	ADP
cblr-9112	610	28	investment	investment	NOUN
cblr-9112	610	29	activity	activity	NOUN
cblr-9112	610	30	today.155	today.155	INTJ
cblr-9112	610	31	it	it	PRON
cblr-9112	610	32	would	would	AUX
cblr-9112	610	33	also	also	ADV
cblr-9112	610	34	be	be	AUX
cblr-9112	610	35	consistent	consistent	ADJ
cblr-9112	610	36	with	with	ADP
cblr-9112	610	37	a	a	DET
cblr-9112	610	38	core	core	ADJ
cblr-9112	610	39	purpose	purpose	NOUN
cblr-9112	610	40	of	of	ADP
cblr-9112	610	41	the	the	DET
cblr-9112	610	42	securities	security	NOUN
cblr-9112	610	43	act	act	NOUN
cblr-9112	610	44	—	—	PUNCT
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cblr-9112	610	50	means	mean	NOUN
cblr-9112	610	51	for	for	SCONJ
cblr-9112	610	52	investors	investor	NOUN
cblr-9112	610	53	to	to	PART
cblr-9112	610	54	assess	assess	VERB
cblr-9112	610	55	and	and	CCONJ
cblr-9112	610	56	manage	manage	VERB
cblr-9112	610	57	the	the	DET
cblr-9112	610	58	risk	risk	NOUN
cblr-9112	610	59	of	of	ADP
cblr-9112	610	60	their	their	PRON
cblr-9112	610	61	investments.156	investments.156	NOUN
cblr-9112	610	62	this	this	PRON
cblr-9112	610	63	remains	remain	VERB
cblr-9112	610	64	true	true	ADJ
cblr-9112	610	65	even	even	ADV
cblr-9112	610	66	in	in	ADP
cblr-9112	610	67	light	light	NOUN
cblr-9112	610	68	of	of	ADP
cblr-9112	610	69	the	the	DET
cblr-9112	610	70	benefits	benefit	NOUN
cblr-9112	610	71	of	of	ADP
cblr-9112	610	72	portfolio	portfolio	NOUN
cblr-9112	610	73	-	-	PUNCT
cblr-9112	610	74	level	level	NOUN
cblr-9112	610	75	diversification.157	diversification.157	NOUN
cblr-9112	610	76	on	on	ADP
cblr-9112	610	77	that	that	DET
cblr-9112	610	78	basis	basis	NOUN
cblr-9112	610	79	,	,	PUNCT
cblr-9112	610	80	tying	tie	VERB
cblr-9112	610	81	securities	security	NOUN
cblr-9112	610	82	act	act	VERB
cblr-9112	610	83	disclosure	disclosure	NOUN
cblr-9112	610	84	to	to	ADP
cblr-9112	610	85	transfers	transfer	NOUN
cblr-9112	610	86	of	of	ADP
cblr-9112	610	87	risk	risk	NOUN
cblr-9112	610	88	—	—	PUNCT
cblr-9112	610	89	rather	rather	ADV
cblr-9112	610	90	than	than	ADP
cblr-9112	610	91	transfers	transfer	NOUN
cblr-9112	610	92	of	of	ADP
cblr-9112	610	93	instruments	instrument	NOUN
cblr-9112	610	94	—	—	PUNCT
cblr-9112	610	95	may	may	AUX
cblr-9112	610	96	more	more	ADV
cblr-9112	610	97	accurately	accurately	ADV
cblr-9112	610	98	reflect	reflect	VERB
cblr-9112	610	99	how	how	SCONJ
cblr-9112	610	100	most	most	ADJ
cblr-9112	610	101	investors	investor	NOUN
cblr-9112	610	102	rely	rely	VERB
cblr-9112	610	103	on	on	ADP
cblr-9112	610	104	securities	security	NOUN
cblr-9112	610	105	act	act	NOUN
cblr-9112	610	106	disclosures	disclosure	NOUN
cblr-9112	610	107	today	today	NOUN
cblr-9112	610	108	.	.	PUNCT
cblr-9112	611	1	as	as	ADV
cblr-9112	611	2	appealing	appealing	ADJ
cblr-9112	611	3	as	as	ADP
cblr-9112	611	4	this	this	PRON
cblr-9112	611	5	sounds	sound	VERB
cblr-9112	611	6	,	,	PUNCT
cblr-9112	611	7	tying	tie	VERB
cblr-9112	611	8	the	the	DET
cblr-9112	611	9	securities	security	NOUN
cblr-9112	611	10	act	act	NOUN
cblr-9112	611	11	to	to	ADP
cblr-9112	611	12	transfers	transfer	NOUN
cblr-9112	611	13	of	of	ADP
cblr-9112	611	14	risk	risk	NOUN
cblr-9112	611	15	raises	raise	VERB
cblr-9112	611	16	practical	practical	ADJ
cblr-9112	611	17	concerns	concern	NOUN
cblr-9112	611	18	.	.	PUNCT
cblr-9112	612	1	the	the	DET
cblr-9112	612	2	transactions	transaction	NOUN
cblr-9112	612	3	in	in	ADP
cblr-9112	612	4	figure	figure	NOUN
cblr-9112	612	5	1	1	NUM
cblr-9112	612	6	were	be	AUX
cblr-9112	612	7	fairly	fairly	ADV
cblr-9112	612	8	straightforward	straightforward	ADJ
cblr-9112	612	9	.	.	PUNCT
cblr-9112	613	1	fund	fund	NOUN
cblr-9112	613	2	transferred	transfer	VERB
cblr-9112	613	3	the	the	DET
cblr-9112	613	4	economic	economic	ADJ
cblr-9112	613	5	risk	risk	NOUN
cblr-9112	613	6	of	of	ADP
cblr-9112	613	7	restricted	restricted	ADJ
cblr-9112	613	8	shares	share	NOUN
cblr-9112	613	9	to	to	ADP
cblr-9112	613	10	the	the	DET
cblr-9112	613	11	general	general	ADJ
cblr-9112	613	12	public	public	NOUN
cblr-9112	613	13	.	.	PUNCT
cblr-9112	614	1	it	it	PRON
cblr-9112	614	2	would	would	AUX
cblr-9112	614	3	not	not	PART
cblr-9112	614	4	have	have	AUX
cblr-9112	614	5	purchased	purchase	VERB
cblr-9112	614	6	the	the	DET
cblr-9112	614	7	restricted	restrict	VERB
cblr-9112	614	8	shares	share	NOUN
cblr-9112	614	9	unless	unless	SCONJ
cblr-9112	614	10	it	it	PRON
cblr-9112	614	11	could	could	AUX
cblr-9112	614	12	short	short	ADV
cblr-9112	614	13	sell	sell	VERB
cblr-9112	614	14	the	the	DET
cblr-9112	614	15	freely	freely	ADV
cblr-9112	614	16	-	-	PUNCT
cblr-9112	614	17	tradable	tradable	ADJ
cblr-9112	614	18	shares	share	NOUN
cblr-9112	614	19	on	on	ADP
cblr-9112	614	20	the	the	DET
cblr-9112	614	21	stock	stock	NOUN
cblr-9112	614	22	exchange	exchange	NOUN
cblr-9112	614	23	.	.	PUNCT
cblr-9112	615	1	both	both	PRON
cblr-9112	615	2	were	be	AUX
cblr-9112	615	3	integral	integral	ADJ
cblr-9112	615	4	to	to	ADP
cblr-9112	615	5	the	the	DET
cblr-9112	615	6	total	total	ADJ
cblr-9112	615	7	transaction	transaction	NOUN
cblr-9112	615	8	,	,	PUNCT
cblr-9112	615	9	and	and	CCONJ
cblr-9112	615	10	their	their	PRON
cblr-9112	615	11	combination	combination	NOUN
cblr-9112	615	12	replicated	replicate	VERB
cblr-9112	615	13	the	the	DET
cblr-9112	615	14	substance	substance	NOUN
cblr-9112	615	15	of	of	ADP
cblr-9112	615	16	a	a	DET
cblr-9112	615	17	public	public	ADJ
cblr-9112	615	18	distribution	distribution	NOUN
cblr-9112	615	19	of	of	ADP
cblr-9112	615	20	securities	security	NOUN
cblr-9112	615	21	that	that	PRON
cblr-9112	615	22	would	would	AUX
cblr-9112	615	23	have	have	AUX
cblr-9112	615	24	required	require	VERB
cblr-9112	615	25	sec	sec	PROPN
cblr-9112	615	26	registration	registration	NOUN
cblr-9112	615	27	.	.	PUNCT
cblr-9112	616	1	but	but	CCONJ
cblr-9112	616	2	what	what	PRON
cblr-9112	616	3	if	if	SCONJ
cblr-9112	616	4	we	we	PRON
cblr-9112	616	5	changed	change	VERB
cblr-9112	616	6	the	the	DET
cblr-9112	616	7	facts	fact	NOUN
cblr-9112	616	8	?	?	PUNCT
cblr-9112	617	1	for	for	ADP
cblr-9112	617	2	example	example	NOUN
cblr-9112	617	3	,	,	PUNCT
cblr-9112	617	4	assume	assume	VERB
cblr-9112	617	5	that	that	SCONJ
cblr-9112	617	6	fund	fund	NOUN
cblr-9112	617	7	had	have	AUX
cblr-9112	617	8	short	short	ADV
cblr-9112	617	9	sold	sell	VERB
cblr-9112	617	10	publicly	publicly	ADV
cblr-9112	617	11	-	-	PUNCT
cblr-9112	617	12	tradable	tradable	ADJ
cblr-9112	617	13	shares	share	NOUN
cblr-9112	617	14	equal	equal	ADJ
cblr-9112	617	15	to	to	ADP
cblr-9112	617	16	110	110	NUM
cblr-9112	617	17	%	%	NOUN
cblr-9112	617	18	of	of	ADP
cblr-9112	617	19	the	the	DET
cblr-9112	617	20	restricted	restricted	ADJ
cblr-9112	617	21	stock	stock	NOUN
cblr-9112	617	22	it	it	PRON
cblr-9112	617	23	purchased	purchase	VERB
cblr-9112	617	24	.	.	PUNCT
cblr-9112	618	1	would	would	AUX
cblr-9112	618	2	it	it	PRON
cblr-9112	618	3	make	make	VERB
cblr-9112	618	4	sense	sense	NOUN
cblr-9112	618	5	to	to	PART
cblr-9112	618	6	treat	treat	VERB
cblr-9112	618	7	an	an	DET
cblr-9112	618	8	amount	amount	NOUN
cblr-9112	618	9	equal	equal	ADJ
cblr-9112	618	10	to	to	ADP
cblr-9112	618	11	100	100	NUM
cblr-9112	618	12	%	%	NOUN
cblr-9112	618	13	of	of	ADP
cblr-9112	618	14	the	the	DET
cblr-9112	618	15	restricted	restricted	ADJ
cblr-9112	618	16	stock	stock	NOUN
cblr-9112	618	17	as	as	ADP
cblr-9112	618	18	part	part	NOUN
cblr-9112	618	19	of	of	ADP
cblr-9112	618	20	a	a	DET
cblr-9112	618	21	distribution	distribution	NOUN
cblr-9112	618	22	(	(	PUNCT
cblr-9112	618	23	requiring	require	VERB
cblr-9112	618	24	sec	sec	PROPN
cblr-9112	618	25	registration	registration	NOUN
cblr-9112	618	26	)	)	PUNCT
cblr-9112	618	27	and	and	CCONJ
cblr-9112	618	28	the	the	DET
cblr-9112	618	29	remaining	remain	VERB
cblr-9112	618	30	10	10	NUM
cblr-9112	618	31	%	%	NOUN
cblr-9112	618	32	as	as	ADP
cblr-9112	618	33	secondary	secondary	ADJ
cblr-9112	618	34	trading	trading	NOUN
cblr-9112	618	35	(	(	PUNCT
cblr-9112	618	36	exempt	exempt	ADJ
cblr-9112	618	37	from	from	ADP
cblr-9112	618	38	registration	registration	NOUN
cblr-9112	618	39	)	)	PUNCT
cblr-9112	618	40	,	,	PUNCT
cblr-9112	618	41	and	and	CCONJ
cblr-9112	618	42	if	if	SCONJ
cblr-9112	618	43	so	so	ADV
cblr-9112	618	44	,	,	PUNCT
cblr-9112	618	45	which	which	DET
cblr-9112	618	46	shares	share	NOUN
cblr-9112	618	47	should	should	AUX
cblr-9112	618	48	receive	receive	VERB
cblr-9112	618	49	which	which	DET
cblr-9112	618	50	treatment	treatment	NOUN
cblr-9112	618	51	?	?	PUNCT
cblr-9112	618	52	2021	2021	NUM
cblr-9112	618	53	)	)	PUNCT
cblr-9112	618	54	,	,	PUNCT
cblr-9112	618	55	https://www.blackrock.com/us/individual/2021-larry-fink-ceo-letter	https://www.blackrock.com/us/individual/2021-larry-fink-ceo-letter	PROPN
cblr-9112	619	1	[	[	X
cblr-9112	619	2	https://perma.cc/8d8w-qfa3	https://perma.cc/8d8w-qfa3	X
cblr-9112	619	3	]	]	X
cblr-9112	619	4	(	(	PUNCT
cblr-9112	619	5	stating	state	VERB
cblr-9112	619	6	that	that	SCONJ
cblr-9112	619	7	“	"	PUNCT
cblr-9112	619	8	climate	climate	NOUN
cblr-9112	619	9	risk	risk	NOUN
cblr-9112	619	10	is	be	AUX
cblr-9112	619	11	investment	investment	NOUN
cblr-9112	619	12	risk	risk	NOUN
cblr-9112	619	13	”	"	PUNCT
cblr-9112	619	14	and	and	CCONJ
cblr-9112	619	15	that	that	SCONJ
cblr-9112	619	16	the	the	DET
cblr-9112	619	17	market	market	NOUN
cblr-9112	619	18	will	will	AUX
cblr-9112	619	19	price	price	VERB
cblr-9112	619	20	climate	climate	NOUN
cblr-9112	619	21	risk	risk	NOUN
cblr-9112	619	22	into	into	ADP
cblr-9112	619	23	securities	security	NOUN
cblr-9112	619	24	values	value	NOUN
cblr-9112	619	25	)	)	PUNCT
cblr-9112	619	26	.	.	PUNCT
cblr-9112	620	1	155	155	NUM
cblr-9112	620	2	see	see	VERB
cblr-9112	620	3	supra	supra	PROPN
cblr-9112	620	4	notes	note	NOUN
cblr-9112	620	5	23–29	23–29	NUM
cblr-9112	620	6	,	,	PUNCT
cblr-9112	620	7	77–83	77–83	NUM
cblr-9112	620	8	and	and	CCONJ
cblr-9112	620	9	accompanying	accompany	VERB
cblr-9112	620	10	text	text	NOUN
cblr-9112	620	11	156	156	NUM
cblr-9112	620	12	see	see	VERB
cblr-9112	620	13	supra	supra	PROPN
cblr-9112	620	14	notes	note	NOUN
cblr-9112	620	15	15–20	15–20	NUM
cblr-9112	620	16	and	and	CCONJ
cblr-9112	620	17	accompanying	accompany	VERB
cblr-9112	620	18	text	text	NOUN
cblr-9112	620	19	.	.	PUNCT
cblr-9112	621	1	157	157	NUM
cblr-9112	621	2	see	see	VERB
cblr-9112	621	3	supra	supra	PROPN
cblr-9112	621	4	notes	note	VERB
cblr-9112	621	5	137–145	137–145	NUM
cblr-9112	621	6	and	and	CCONJ
cblr-9112	621	7	accompanying	accompany	VERB
cblr-9112	621	8	text	text	NOUN
cblr-9112	621	9	.	.	PUNCT
cblr-9112	622	1	1434	1434	NUM
cblr-9112	622	2	columbia	columbia	PROPN
cblr-9112	622	3	business	business	NOUN
cblr-9112	622	4	law	law	PROPN
cblr-9112	622	5	review	review	NOUN
cblr-9112	622	6	[	[	X
cblr-9112	622	7	vol	vol	NOUN
cblr-9112	622	8	.	.	PUNCT
cblr-9112	622	9	2021	2021	NUM
cblr-9112	622	10	alternatively	alternatively	ADV
cblr-9112	622	11	,	,	PUNCT
cblr-9112	622	12	what	what	PRON
cblr-9112	622	13	if	if	SCONJ
cblr-9112	622	14	fund	fund	NOUN
cblr-9112	622	15	had	have	AUX
cblr-9112	622	16	purchased	purchase	VERB
cblr-9112	622	17	restricted	restrict	VERB
cblr-9112	622	18	highyield	highyield	NOUN
cblr-9112	622	19	bonds	bond	NOUN
cblr-9112	622	20	from	from	ADP
cblr-9112	622	21	issuer	issuer	NOUN
cblr-9112	622	22	,	,	PUNCT
cblr-9112	622	23	but	but	CCONJ
cblr-9112	622	24	(	(	PUNCT
cblr-9112	622	25	as	as	ADP
cblr-9112	622	26	in	in	ADP
cblr-9112	622	27	figure	figure	NOUN
cblr-9112	622	28	1	1	NUM
cblr-9112	622	29	)	)	PUNCT
cblr-9112	622	30	contemporaneously	contemporaneously	ADV
cblr-9112	622	31	short	short	ADV
cblr-9112	622	32	sold	sell	VERB
cblr-9112	622	33	freely	freely	ADV
cblr-9112	622	34	-	-	PUNCT
cblr-9112	622	35	tradable	tradable	ADJ
cblr-9112	622	36	issuer	issuer	NOUN
cblr-9112	622	37	shares	share	NOUN
cblr-9112	622	38	on	on	ADP
cblr-9112	622	39	the	the	DET
cblr-9112	622	40	stock	stock	NOUN
cblr-9112	622	41	exchange	exchange	NOUN
cblr-9112	622	42	?	?	PUNCT
cblr-9112	623	1	in	in	ADP
cblr-9112	623	2	general	general	ADJ
cblr-9112	623	3	,	,	PUNCT
cblr-9112	623	4	the	the	DET
cblr-9112	623	5	prices	price	NOUN
cblr-9112	623	6	of	of	ADP
cblr-9112	623	7	high	high	ADJ
cblr-9112	623	8	-	-	PUNCT
cblr-9112	623	9	yield	yield	NOUN
cblr-9112	623	10	instruments	instrument	NOUN
cblr-9112	623	11	move	move	VERB
cblr-9112	623	12	in	in	ADP
cblr-9112	623	13	tandem	tandem	NOUN
cblr-9112	623	14	with	with	ADP
cblr-9112	623	15	the	the	DET
cblr-9112	623	16	share	share	NOUN
cblr-9112	623	17	prices	price	NOUN
cblr-9112	623	18	of	of	ADP
cblr-9112	623	19	the	the	DET
cblr-9112	623	20	same	same	ADJ
cblr-9112	623	21	issuer.158	issuer.158	NOUN
cblr-9112	623	22	as	as	ADP
cblr-9112	623	23	before	before	ADV
cblr-9112	623	24	,	,	PUNCT
cblr-9112	623	25	fund	fund	NOUN
cblr-9112	623	26	’s	’s	PART
cblr-9112	623	27	motivation	motivation	NOUN
cblr-9112	623	28	to	to	ADP
cblr-9112	623	29	short	short	ADJ
cblr-9112	623	30	sell	sell	NOUN
cblr-9112	623	31	issuer	issuer	NOUN
cblr-9112	623	32	shares	share	NOUN
cblr-9112	623	33	would	would	AUX
cblr-9112	623	34	be	be	AUX
cblr-9112	623	35	to	to	PART
cblr-9112	623	36	transfer	transfer	VERB
cblr-9112	623	37	the	the	DET
cblr-9112	623	38	economic	economic	ADJ
cblr-9112	623	39	risk	risk	NOUN
cblr-9112	623	40	of	of	ADP
cblr-9112	623	41	the	the	DET
cblr-9112	623	42	restricted	restrict	VERB
cblr-9112	623	43	high	high	ADJ
cblr-9112	623	44	-	-	PUNCT
cblr-9112	623	45	yield	yield	NOUN
cblr-9112	623	46	bonds	bond	NOUN
cblr-9112	623	47	to	to	ADP
cblr-9112	623	48	the	the	DET
cblr-9112	623	49	general	general	ADJ
cblr-9112	623	50	public	public	NOUN
cblr-9112	623	51	before	before	SCONJ
cblr-9112	623	52	a	a	DET
cblr-9112	623	53	registration	registration	NOUN
cblr-9112	623	54	statement	statement	NOUN
cblr-9112	623	55	was	be	AUX
cblr-9112	623	56	effective	effective	ADJ
cblr-9112	623	57	.	.	PUNCT
cblr-9112	624	1	considering	consider	VERB
cblr-9112	624	2	the	the	DET
cblr-9112	624	3	economic	economic	ADJ
cblr-9112	624	4	substance	substance	NOUN
cblr-9112	624	5	of	of	ADP
cblr-9112	624	6	the	the	DET
cblr-9112	624	7	transaction	transaction	NOUN
cblr-9112	624	8	,	,	PUNCT
cblr-9112	624	9	should	should	AUX
cblr-9112	624	10	fund	fund	VERB
cblr-9112	624	11	’s	’s	PART
cblr-9112	624	12	short	short	ADJ
cblr-9112	624	13	sale	sale	NOUN
cblr-9112	624	14	of	of	ADP
cblr-9112	624	15	publicly	publicly	ADV
cblr-9112	624	16	-	-	PUNCT
cblr-9112	624	17	traded	trade	VERB
cblr-9112	624	18	shares	share	NOUN
cblr-9112	624	19	be	be	AUX
cblr-9112	624	20	treated	treat	VERB
cblr-9112	624	21	as	as	ADP
cblr-9112	624	22	part	part	NOUN
cblr-9112	624	23	of	of	ADP
cblr-9112	624	24	a	a	DET
cblr-9112	624	25	plan	plan	NOUN
cblr-9112	624	26	to	to	PART
cblr-9112	624	27	distribute	distribute	VERB
cblr-9112	624	28	the	the	DET
cblr-9112	624	29	restricted	restrict	VERB
cblr-9112	624	30	high	high	ADJ
cblr-9112	624	31	-	-	PUNCT
cblr-9112	624	32	yield	yield	NOUN
cblr-9112	624	33	bonds	bond	NOUN
cblr-9112	624	34	?	?	PUNCT
cblr-9112	625	1	should	should	AUX
cblr-9112	625	2	it	it	PRON
cblr-9112	625	3	matter	matter	VERB
cblr-9112	625	4	(	(	PUNCT
cblr-9112	625	5	as	as	SCONJ
cblr-9112	625	6	was	be	AUX
cblr-9112	625	7	the	the	DET
cblr-9112	625	8	sec	sec	PROPN
cblr-9112	625	9	’s	’s	PART
cblr-9112	625	10	position	position	NOUN
cblr-9112	625	11	in	in	ADP
cblr-9112	625	12	figure	figure	NOUN
cblr-9112	625	13	1	1	NUM
cblr-9112	625	14	)	)	PUNCT
cblr-9112	625	15	that	that	PRON
cblr-9112	625	16	,	,	PUNCT
cblr-9112	625	17	instead	instead	ADV
cblr-9112	625	18	of	of	ADP
cblr-9112	625	19	covering	cover	VERB
cblr-9112	625	20	the	the	DET
cblr-9112	625	21	short	short	ADJ
cblr-9112	625	22	with	with	ADP
cblr-9112	625	23	registered	register	VERB
cblr-9112	625	24	issuer	issuer	NOUN
cblr-9112	625	25	shares	share	NOUN
cblr-9112	625	26	,	,	PUNCT
cblr-9112	625	27	the	the	DET
cblr-9112	625	28	proceeds	proceed	NOUN
cblr-9112	625	29	from	from	ADP
cblr-9112	625	30	selling	sell	VERB
cblr-9112	625	31	the	the	DET
cblr-9112	625	32	issuer	issuer	ADJ
cblr-9112	625	33	high	high	ADJ
cblr-9112	625	34	-	-	PUNCT
cblr-9112	625	35	yield	yield	NOUN
cblr-9112	625	36	bonds	bond	NOUN
cblr-9112	625	37	,	,	PUNCT
cblr-9112	625	38	after	after	SCONJ
cblr-9112	625	39	the	the	DET
cblr-9112	625	40	bonds	bond	NOUN
cblr-9112	625	41	are	be	AUX
cblr-9112	625	42	registered	register	VERB
cblr-9112	625	43	,	,	PUNCT
cblr-9112	625	44	are	be	AUX
cblr-9112	625	45	used	use	VERB
cblr-9112	625	46	to	to	PART
cblr-9112	625	47	buy	buy	VERB
cblr-9112	625	48	freelytradable	freelytradable	ADJ
cblr-9112	625	49	issuer	issuer	NOUN
cblr-9112	625	50	shares	share	NOUN
cblr-9112	625	51	to	to	PART
cblr-9112	625	52	cover	cover	VERB
cblr-9112	625	53	the	the	DET
cblr-9112	625	54	short	short	NOUN
cblr-9112	625	55	?	?	PUNCT
cblr-9112	626	1	finally	finally	ADV
cblr-9112	626	2	,	,	PUNCT
cblr-9112	626	3	how	how	SCONJ
cblr-9112	626	4	would	would	AUX
cblr-9112	626	5	a	a	DET
cblr-9112	626	6	risk	risk	NOUN
cblr-9112	626	7	-	-	PUNCT
cblr-9112	626	8	based	base	VERB
cblr-9112	626	9	approach	approach	NOUN
cblr-9112	626	10	to	to	ADP
cblr-9112	626	11	regulation	regulation	NOUN
cblr-9112	626	12	address	address	NOUN
cblr-9112	626	13	a	a	DET
cblr-9112	626	14	traditional	traditional	ADJ
cblr-9112	626	15	“	"	PUNCT
cblr-9112	626	16	pairs	pair	NOUN
cblr-9112	626	17	trade	trade	NOUN
cblr-9112	626	18	”	"	PUNCT
cblr-9112	626	19	?	?	PUNCT
cblr-9112	627	1	at	at	ADP
cblr-9112	627	2	its	its	PRON
cblr-9112	627	3	basic	basic	NOUN
cblr-9112	627	4	,	,	PUNCT
cblr-9112	627	5	a	a	DET
cblr-9112	627	6	pairs	pair	NOUN
cblr-9112	627	7	trade	trade	NOUN
cblr-9112	627	8	involves	involve	VERB
cblr-9112	627	9	two	two	NUM
cblr-9112	627	10	stocks	stock	NOUN
cblr-9112	627	11	whose	whose	DET
cblr-9112	627	12	prices	price	NOUN
cblr-9112	627	13	are	be	AUX
cblr-9112	627	14	historically	historically	ADV
cblr-9112	627	15	correlated.159	correlated.159	NOUN
cblr-9112	627	16	when	when	SCONJ
cblr-9112	627	17	the	the	DET
cblr-9112	627	18	difference	difference	NOUN
cblr-9112	627	19	in	in	ADP
cblr-9112	627	20	prices	price	NOUN
cblr-9112	627	21	widens	widen	VERB
cblr-9112	627	22	,	,	PUNCT
cblr-9112	627	23	an	an	DET
cblr-9112	627	24	investor	investor	NOUN
cblr-9112	627	25	will	will	AUX
cblr-9112	627	26	short	short	VERB
cblr-9112	627	27	the	the	DET
cblr-9112	627	28	stock	stock	NOUN
cblr-9112	627	29	whose	whose	DET
cblr-9112	627	30	price	price	NOUN
cblr-9112	627	31	has	have	AUX
cblr-9112	627	32	gone	go	VERB
cblr-9112	627	33	up	up	ADP
cblr-9112	627	34	and	and	CCONJ
cblr-9112	627	35	buy	buy	VERB
cblr-9112	627	36	the	the	DET
cblr-9112	627	37	stock	stock	NOUN
cblr-9112	627	38	whose	whose	DET
cblr-9112	627	39	price	price	NOUN
cblr-9112	627	40	has	have	AUX
cblr-9112	627	41	dropped.160	dropped.160	VERB
cblr-9112	627	42	over	over	ADP
cblr-9112	627	43	time	time	NOUN
cblr-9112	627	44	,	,	PUNCT
cblr-9112	627	45	the	the	DET
cblr-9112	627	46	prices	price	NOUN
cblr-9112	627	47	of	of	ADP
cblr-9112	627	48	the	the	DET
cblr-9112	627	49	two	two	NUM
cblr-9112	627	50	stocks	stock	NOUN
cblr-9112	627	51	are	be	AUX
cblr-9112	627	52	expected	expect	VERB
cblr-9112	627	53	to	to	PART
cblr-9112	627	54	converge	converge	VERB
cblr-9112	627	55	,	,	PUNCT
cblr-9112	627	56	and	and	CCONJ
cblr-9112	627	57	in	in	ADP
cblr-9112	627	58	that	that	DET
cblr-9112	627	59	case	case	NOUN
cblr-9112	627	60	,	,	PUNCT
cblr-9112	627	61	the	the	DET
cblr-9112	627	62	investor	investor	NOUN
cblr-9112	627	63	will	will	AUX
cblr-9112	627	64	earn	earn	VERB
cblr-9112	627	65	a	a	DET
cblr-9112	627	66	profit.161	profit.161	VERB
cblr-9112	627	67	such	such	DET
cblr-9112	627	68	a	a	DET
cblr-9112	627	69	strategy	strategy	NOUN
cblr-9112	627	70	,	,	PUNCT
cblr-9112	627	71	based	base	VERB
cblr-9112	627	72	on	on	ADP
cblr-9112	627	73	price	price	NOUN
cblr-9112	627	74	dynamics	dynamic	NOUN
cblr-9112	627	75	and	and	CCONJ
cblr-9112	627	76	simple	simple	ADJ
cblr-9112	627	77	contrarian	contrarian	ADJ
cblr-9112	627	78	principles	principle	NOUN
cblr-9112	627	79	,	,	PUNCT
cblr-9112	627	80	has	have	AUX
cblr-9112	627	81	been	be	AUX
cblr-9112	627	82	a	a	DET
cblr-9112	627	83	standard	standard	NOUN
cblr-9112	627	84	of	of	ADP
cblr-9112	627	85	large	large	ADJ
cblr-9112	627	86	wall	wall	PROPN
cblr-9112	627	87	street	street	PROPN
cblr-9112	627	88	investors	investor	NOUN
cblr-9112	627	89	for	for	ADP
cblr-9112	627	90	some	some	DET
cblr-9112	627	91	time.162	time.162	NOUN
cblr-9112	627	92	note	note	NOUN
cblr-9112	627	93	that	that	SCONJ
cblr-9112	627	94	,	,	PUNCT
cblr-9112	627	95	in	in	ADP
cblr-9112	627	96	a	a	DET
cblr-9112	627	97	pairs	pair	NOUN
cblr-9112	627	98	trade	trade	NOUN
cblr-9112	627	99	,	,	PUNCT
cblr-9112	627	100	the	the	DET
cblr-9112	627	101	identity	identity	NOUN
cblr-9112	627	102	of	of	ADP
cblr-9112	627	103	the	the	DET
cblr-9112	627	104	two	two	NUM
cblr-9112	627	105	stocks	stock	NOUN
cblr-9112	627	106	is	be	AUX
cblr-9112	627	107	largely	largely	ADV
cblr-9112	627	108	irrelevant	irrelevant	ADJ
cblr-9112	627	109	;	;	PUNCT
cblr-9112	627	110	only	only	ADV
cblr-9112	627	111	their	their	PRON
cblr-9112	627	112	relative	relative	ADJ
cblr-9112	627	113	value	value	NOUN
cblr-9112	627	114	is	be	AUX
cblr-9112	627	115	important	important	ADJ
cblr-9112	627	116	to	to	ADP
cblr-9112	627	117	an	an	DET
cblr-9112	627	118	investor	investor	NOUN
cblr-9112	627	119	.	.	PUNCT
cblr-9112	628	1	if	if	SCONJ
cblr-9112	628	2	fund	fund	NOUN
cblr-9112	628	3	buys	buy	VERB
cblr-9112	628	4	gm	gm	PROPN
cblr-9112	628	5	and	and	CCONJ
cblr-9112	628	6	shorts	short	NOUN
cblr-9112	628	7	ford	ford	NOUN
cblr-9112	628	8	(	(	PUNCT
cblr-9112	628	9	or	or	CCONJ
cblr-9112	628	10	buys	buy	VERB
cblr-9112	628	11	netflix	netflix	NOUN
cblr-9112	628	12	and	and	CCONJ
cblr-9112	628	13	shorts	short	NOUN
cblr-9112	628	14	amazon),163	amazon),163	CCONJ
cblr-9112	628	15	158	158	NUM
cblr-9112	628	16	see	see	VERB
cblr-9112	628	17	david	david	PROPN
cblr-9112	628	18	v.	v.	ADP
cblr-9112	628	19	ceryak	ceryak	PROPN
cblr-9112	628	20	,	,	PUNCT
cblr-9112	628	21	using	use	VERB
cblr-9112	628	22	risk	risk	NOUN
cblr-9112	628	23	analysis	analysis	NOUN
cblr-9112	628	24	to	to	PART
cblr-9112	628	25	classify	classify	VERB
cblr-9112	628	26	junk	junk	NOUN
cblr-9112	628	27	bonds	bond	NOUN
cblr-9112	628	28	as	as	ADP
cblr-9112	628	29	equity	equity	NOUN
cblr-9112	628	30	for	for	ADP
cblr-9112	628	31	federal	federal	ADJ
cblr-9112	628	32	income	income	NOUN
cblr-9112	628	33	tax	tax	NOUN
cblr-9112	628	34	purposes	purpose	NOUN
cblr-9112	628	35	,	,	PUNCT
cblr-9112	628	36	66	66	NUM
cblr-9112	628	37	ind	ind	NOUN
cblr-9112	628	38	.	.	PUNCT
cblr-9112	629	1	l.j	l.j	PROPN
cblr-9112	629	2	.	.	PROPN
cblr-9112	629	3	273	273	NUM
cblr-9112	629	4	,	,	PUNCT
cblr-9112	629	5	287	287	NUM
cblr-9112	629	6	(	(	PUNCT
cblr-9112	629	7	1990	1990	NUM
cblr-9112	629	8	)	)	PUNCT
cblr-9112	629	9	.	.	PUNCT
cblr-9112	630	1	159	159	NUM
cblr-9112	630	2	evan	evan	NOUN
cblr-9112	630	3	gatev	gatev	PROPN
cblr-9112	630	4	,	,	PUNCT
cblr-9112	630	5	william	william	PROPN
cblr-9112	630	6	n.	n.	PROPN
cblr-9112	630	7	goetzmann	goetzmann	PROPN
cblr-9112	630	8	&	&	CCONJ
cblr-9112	630	9	k.	k.	PROPN
cblr-9112	630	10	geert	geert	PROPN
cblr-9112	630	11	rouwenhorst	rouwenhorst	PROPN
cblr-9112	630	12	,	,	PUNCT
cblr-9112	630	13	pairs	pair	NOUN
cblr-9112	630	14	trading	trading	NOUN
cblr-9112	630	15	:	:	PUNCT
cblr-9112	630	16	performance	performance	NOUN
cblr-9112	630	17	of	of	ADP
cblr-9112	630	18	a	a	DET
cblr-9112	630	19	relative	relative	ADJ
cblr-9112	630	20	-	-	PUNCT
cblr-9112	630	21	value	value	NOUN
cblr-9112	630	22	arbitrage	arbitrage	NOUN
cblr-9112	630	23	rule	rule	NOUN
cblr-9112	630	24	,	,	PUNCT
cblr-9112	630	25	19	19	NUM
cblr-9112	630	26	rev	rev	X
cblr-9112	630	27	.	.	PROPN
cblr-9112	630	28	fin	fin	NOUN
cblr-9112	630	29	.	.	PUNCT
cblr-9112	630	30	stud	stud	PROPN
cblr-9112	630	31	.	.	PUNCT
cblr-9112	631	1	797	797	NUM
cblr-9112	631	2	,	,	PUNCT
cblr-9112	631	3	797	797	NUM
cblr-9112	631	4	(	(	PUNCT
cblr-9112	631	5	2006	2006	NUM
cblr-9112	631	6	)	)	PUNCT
cblr-9112	631	7	.	.	PUNCT
cblr-9112	632	1	160	160	NUM
cblr-9112	633	1	i	i	PRON
cblr-9112	633	2	d.	d.	PROPN
cblr-9112	633	3	161	161	NUM
cblr-9112	634	1	i	i	PRON
cblr-9112	634	2	d.	d.	PROPN
cblr-9112	634	3	162	162	NUM
cblr-9112	635	1	i	i	PRON
cblr-9112	635	2	d.	d.	PROPN
cblr-9112	635	3	at	at	ADP
cblr-9112	635	4	797	797	NUM
cblr-9112	635	5	,	,	PUNCT
cblr-9112	635	6	799	799	NUM
cblr-9112	635	7	.	.	PUNCT
cblr-9112	636	1	163	163	NUM
cblr-9112	636	2	see	see	VERB
cblr-9112	636	3	george	george	PROPN
cblr-9112	636	4	pipis	pipis	PROPN
cblr-9112	636	5	,	,	PUNCT
cblr-9112	636	6	example	example	NOUN
cblr-9112	636	7	of	of	ADP
cblr-9112	636	8	pairs	pair	NOUN
cblr-9112	636	9	trading	trading	NOUN
cblr-9112	636	10	,	,	PUNCT
cblr-9112	636	11	predictive	predictive	ADJ
cblr-9112	636	12	hacks	hack	NOUN
cblr-9112	636	13	(	(	PUNCT
cblr-9112	636	14	jan	jan	PROPN
cblr-9112	636	15	30	30	NUM
cblr-9112	636	16	,	,	PUNCT
cblr-9112	636	17	2021	2021	NUM
cblr-9112	636	18	)	)	PUNCT
cblr-9112	636	19	,	,	PUNCT
cblr-9112	636	20	https://predictivehacks.com/example-of-pairs-trading	https://predictivehacks.com/example-of-pairs-trading	NOUN
cblr-9112	636	21	/	/	SYM
cblr-9112	636	22	no	no	INTJ
cblr-9112	636	23	.	.	NOUN
cblr-9112	637	1	3:1396	3:1396	NUM
cblr-9112	637	2	]	]	PUNCT
cblr-9112	637	3	risky	risky	ADJ
cblr-9112	637	4	business	business	NOUN
cblr-9112	637	5	1435	1435	NUM
cblr-9112	637	6	much	much	ADJ
cblr-9112	637	7	of	of	ADP
cblr-9112	637	8	the	the	DET
cblr-9112	637	9	idiosyncratic	idiosyncratic	ADJ
cblr-9112	637	10	risk	risk	NOUN
cblr-9112	637	11	will	will	AUX
cblr-9112	637	12	be	be	AUX
cblr-9112	637	13	eliminated	eliminate	VERB
cblr-9112	637	14	(	(	PUNCT
cblr-9112	637	15	since	since	SCONJ
cblr-9112	637	16	the	the	DET
cblr-9112	637	17	two	two	NUM
cblr-9112	637	18	stocks	stock	NOUN
cblr-9112	637	19	historically	historically	ADV
cblr-9112	637	20	trade	trade	VERB
cblr-9112	637	21	in	in	ADP
cblr-9112	637	22	tandem	tandem	PROPN
cblr-9112	637	23	)	)	PUNCT
cblr-9112	637	24	,	,	PUNCT
cblr-9112	637	25	with	with	ADP
cblr-9112	637	26	fund	fund	NOUN
cblr-9112	637	27	managing	manage	VERB
cblr-9112	637	28	a	a	DET
cblr-9112	637	29	portion	portion	NOUN
cblr-9112	637	30	of	of	ADP
cblr-9112	637	31	the	the	DET
cblr-9112	637	32	gm	gm	PROPN
cblr-9112	637	33	risk	risk	NOUN
cblr-9112	637	34	to	to	PART
cblr-9112	637	35	which	which	PRON
cblr-9112	637	36	it	it	PRON
cblr-9112	637	37	is	be	AUX
cblr-9112	637	38	exposed	expose	VERB
cblr-9112	637	39	through	through	ADP
cblr-9112	637	40	its	its	PRON
cblr-9112	637	41	short	short	ADJ
cblr-9112	637	42	sale	sale	NOUN
cblr-9112	637	43	of	of	ADP
cblr-9112	637	44	ford	ford	NOUN
cblr-9112	637	45	.	.	PUNCT
cblr-9112	638	1	clearly	clearly	ADV
cblr-9112	638	2	,	,	PUNCT
cblr-9112	638	3	the	the	DET
cblr-9112	638	4	transaction	transaction	NOUN
cblr-9112	638	5	was	be	AUX
cblr-9112	638	6	entered	enter	VERB
cblr-9112	638	7	into	into	ADP
cblr-9112	638	8	solely	solely	ADV
cblr-9112	638	9	for	for	SCONJ
cblr-9112	638	10	fund	fund	NOUN
cblr-9112	638	11	to	to	PART
cblr-9112	638	12	take	take	VERB
cblr-9112	638	13	advantage	advantage	NOUN
cblr-9112	638	14	of	of	ADP
cblr-9112	638	15	differences	difference	NOUN
cblr-9112	638	16	in	in	ADP
cblr-9112	638	17	the	the	DET
cblr-9112	638	18	gm	gm	PROPN
cblr-9112	638	19	and	and	CCONJ
cblr-9112	638	20	ford	ford	PROPN
cblr-9112	638	21	share	share	NOUN
cblr-9112	638	22	prices	price	NOUN
cblr-9112	638	23	.	.	PUNCT
cblr-9112	639	1	should	should	AUX
cblr-9112	639	2	the	the	DET
cblr-9112	639	3	securities	security	NOUN
cblr-9112	639	4	act	act	PROPN
cblr-9112	639	5	integrate	integrate	VERB
cblr-9112	639	6	the	the	DET
cblr-9112	639	7	purchase	purchase	NOUN
cblr-9112	639	8	of	of	ADP
cblr-9112	639	9	gm	gm	PROPN
cblr-9112	639	10	stock	stock	NOUN
cblr-9112	639	11	with	with	ADP
cblr-9112	639	12	the	the	DET
cblr-9112	639	13	transfer	transfer	NOUN
cblr-9112	639	14	of	of	ADP
cblr-9112	639	15	gm	gm	PROPN
cblr-9112	639	16	risk	risk	NOUN
cblr-9112	639	17	through	through	ADP
cblr-9112	639	18	the	the	DET
cblr-9112	639	19	short	short	ADJ
cblr-9112	639	20	sale	sale	NOUN
cblr-9112	639	21	of	of	ADP
cblr-9112	639	22	ford	ford	PROPN
cblr-9112	639	23	stock	stock	NOUN
cblr-9112	639	24	?	?	PUNCT
cblr-9112	640	1	here	here	ADV
cblr-9112	640	2	,	,	PUNCT
cblr-9112	640	3	we	we	PRON
cblr-9112	640	4	may	may	AUX
cblr-9112	640	5	be	be	AUX
cblr-9112	640	6	reaching	reach	VERB
cblr-9112	640	7	the	the	DET
cblr-9112	640	8	practical	practical	ADJ
cblr-9112	640	9	limitations	limitation	NOUN
cblr-9112	640	10	of	of	ADP
cblr-9112	640	11	a	a	DET
cblr-9112	640	12	risk	risk	NOUN
cblr-9112	640	13	-	-	PUNCT
cblr-9112	640	14	based	base	VERB
cblr-9112	640	15	approach	approach	NOUN
cblr-9112	640	16	to	to	ADP
cblr-9112	640	17	the	the	DET
cblr-9112	640	18	securities	security	NOUN
cblr-9112	640	19	act	act	PROPN
cblr-9112	640	20	.	.	PUNCT
cblr-9112	641	1	with	with	ADP
cblr-9112	641	2	theseus	theseus	NOUN
cblr-9112	641	3	,	,	PUNCT
cblr-9112	641	4	we	we	PRON
cblr-9112	641	5	could	could	AUX
cblr-9112	641	6	trace	trace	VERB
cblr-9112	641	7	each	each	DET
cblr-9112	641	8	plank	plank	NOUN
cblr-9112	641	9	to	to	ADP
cblr-9112	641	10	the	the	DET
cblr-9112	641	11	original	original	ADJ
cblr-9112	641	12	ship.164	ship.164	NOUN
cblr-9112	641	13	in	in	ADP
cblr-9112	641	14	today	today	NOUN
cblr-9112	641	15	’s	’s	PART
cblr-9112	641	16	capital	capital	NOUN
cblr-9112	641	17	markets	market	NOUN
cblr-9112	641	18	,	,	PUNCT
cblr-9112	641	19	the	the	DET
cblr-9112	641	20	problem	problem	NOUN
cblr-9112	641	21	is	be	AUX
cblr-9112	641	22	that	that	SCONJ
cblr-9112	641	23	tracing	trace	VERB
cblr-9112	641	24	planks	plank	NOUN
cblr-9112	641	25	—	—	PUNCT
cblr-9112	641	26	tying	tie	VERB
cblr-9112	641	27	a	a	DET
cblr-9112	641	28	transfer	transfer	NOUN
cblr-9112	641	29	of	of	ADP
cblr-9112	641	30	risk	risk	NOUN
cblr-9112	641	31	to	to	ADP
cblr-9112	641	32	a	a	DET
cblr-9112	641	33	decision	decision	NOUN
cblr-9112	641	34	to	to	PART
cblr-9112	641	35	assume	assume	VERB
cblr-9112	641	36	risk	risk	NOUN
cblr-9112	641	37	—	—	PUNCT
cblr-9112	641	38	may	may	AUX
cblr-9112	641	39	not	not	PART
cblr-9112	641	40	always	always	ADV
cblr-9112	641	41	be	be	AUX
cblr-9112	641	42	possible	possible	ADJ
cblr-9112	641	43	.	.	PUNCT
cblr-9112	642	1	and	and	CCONJ
cblr-9112	642	2	,	,	PUNCT
cblr-9112	642	3	since	since	SCONJ
cblr-9112	642	4	risk	risk	NOUN
cblr-9112	642	5	taking	taking	NOUN
cblr-9112	642	6	is	be	AUX
cblr-9112	642	7	often	often	ADV
cblr-9112	642	8	managed	manage	VERB
cblr-9112	642	9	at	at	ADP
cblr-9112	642	10	the	the	DET
cblr-9112	642	11	portfolio	portfolio	NOUN
cblr-9112	642	12	level	level	NOUN
cblr-9112	642	13	,	,	PUNCT
cblr-9112	642	14	it	it	PRON
cblr-9112	642	15	may	may	AUX
cblr-9112	642	16	be	be	AUX
cblr-9112	642	17	difficult	difficult	ADJ
cblr-9112	642	18	to	to	PART
cblr-9112	642	19	tie	tie	VERB
cblr-9112	642	20	any	any	DET
cblr-9112	642	21	one	one	NUM
cblr-9112	642	22	transfer	transfer	NOUN
cblr-9112	642	23	of	of	ADP
cblr-9112	642	24	risk	risk	NOUN
cblr-9112	642	25	to	to	ADP
cblr-9112	642	26	a	a	DET
cblr-9112	642	27	particular	particular	ADJ
cblr-9112	642	28	instrument	instrument	NOUN
cblr-9112	642	29	.	.	PUNCT
cblr-9112	643	1	so	so	ADV
cblr-9112	643	2	,	,	PUNCT
cblr-9112	643	3	for	for	ADP
cblr-9112	643	4	the	the	DET
cblr-9112	643	5	time	time	NOUN
cblr-9112	643	6	being	being	NOUN
cblr-9112	643	7	,	,	PUNCT
cblr-9112	643	8	regulation	regulation	NOUN
cblr-9112	643	9	’s	’s	PART
cblr-9112	643	10	reach	reach	NOUN
cblr-9112	643	11	may	may	AUX
cblr-9112	643	12	fall	fall	VERB
cblr-9112	643	13	short	short	ADV
cblr-9112	643	14	of	of	ADP
cblr-9112	643	15	today	today	NOUN
cblr-9112	643	16	’s	’s	PART
cblr-9112	643	17	trading	trading	NOUN
cblr-9112	643	18	and	and	CCONJ
cblr-9112	643	19	risk	risk	NOUN
cblr-9112	643	20	management	management	NOUN
cblr-9112	643	21	strategies	strategy	NOUN
cblr-9112	643	22	.	.	PUNCT
cblr-9112	644	1	in	in	ADP
cblr-9112	644	2	other	other	ADJ
cblr-9112	644	3	words	word	NOUN
cblr-9112	644	4	,	,	PUNCT
cblr-9112	644	5	although	although	SCONJ
cblr-9112	644	6	most	most	ADJ
cblr-9112	644	7	trading	trading	NOUN
cblr-9112	644	8	is	be	AUX
cblr-9112	644	9	tied	tie	VERB
cblr-9112	644	10	to	to	ADP
cblr-9112	644	11	portfolio	portfolio	NOUN
cblr-9112	644	12	risk	risk	NOUN
cblr-9112	644	13	,	,	PUNCT
cblr-9112	644	14	for	for	ADP
cblr-9112	644	15	the	the	DET
cblr-9112	644	16	moment	moment	NOUN
cblr-9112	644	17	,	,	PUNCT
cblr-9112	644	18	the	the	DET
cblr-9112	644	19	securities	security	NOUN
cblr-9112	644	20	act	act	PROPN
cblr-9112	644	21	’s	’s	PART
cblr-9112	644	22	architecture	architecture	NOUN
cblr-9112	644	23	must	must	AUX
cblr-9112	644	24	remain	remain	VERB
cblr-9112	644	25	tied	tie	VERB
cblr-9112	644	26	to	to	ADP
cblr-9112	644	27	individual	individual	ADJ
cblr-9112	644	28	securities	security	NOUN
cblr-9112	644	29	,	,	PUNCT
cblr-9112	644	30	and	and	CCONJ
cblr-9112	644	31	its	its	PRON
cblr-9112	644	32	application	application	NOUN
cblr-9112	644	33	must	must	AUX
cblr-9112	644	34	be	be	AUX
cblr-9112	644	35	triggered	trigger	VERB
cblr-9112	644	36	by	by	ADP
cblr-9112	644	37	the	the	DET
cblr-9112	644	38	transfer	transfer	NOUN
cblr-9112	644	39	of	of	ADP
cblr-9112	644	40	instruments	instrument	NOUN
cblr-9112	644	41	rather	rather	ADV
cblr-9112	644	42	than	than	ADP
cblr-9112	644	43	their	their	PRON
cblr-9112	644	44	risk	risk	NOUN
cblr-9112	644	45	.	.	PUNCT
cblr-9112	645	1	the	the	DET
cblr-9112	645	2	result	result	NOUN
cblr-9112	645	3	is	be	AUX
cblr-9112	645	4	likely	likely	ADJ
cblr-9112	645	5	to	to	PART
cblr-9112	645	6	be	be	AUX
cblr-9112	645	7	a	a	DET
cblr-9112	645	8	continued	continue	VERB
cblr-9112	645	9	tension	tension	NOUN
cblr-9112	645	10	between	between	ADP
cblr-9112	645	11	the	the	DET
cblr-9112	645	12	requirements	requirement	NOUN
cblr-9112	645	13	of	of	ADP
cblr-9112	645	14	the	the	DET
cblr-9112	645	15	securities	security	NOUN
cblr-9112	645	16	act	act	NOUN
cblr-9112	645	17	and	and	CCONJ
cblr-9112	645	18	the	the	DET
cblr-9112	645	19	risk	risk	NOUN
cblr-9112	645	20	-	-	PUNCT
cblr-9112	645	21	based	base	VERB
cblr-9112	645	22	approach	approach	NOUN
cblr-9112	645	23	to	to	ADP
cblr-9112	645	24	investing	investing	NOUN
cblr-9112	645	25	taken	take	VERB
cblr-9112	645	26	by	by	ADP
cblr-9112	645	27	the	the	DET
cblr-9112	645	28	majority	majority	NOUN
cblr-9112	645	29	of	of	ADP
cblr-9112	645	30	those	those	PRON
cblr-9112	645	31	who	who	PRON
cblr-9112	645	32	benefit	benefit	VERB
cblr-9112	645	33	from	from	ADP
cblr-9112	645	34	the	the	DET
cblr-9112	645	35	securities	security	NOUN
cblr-9112	645	36	act	act	PROPN
cblr-9112	645	37	’s	’s	PART
cblr-9112	645	38	protections.165	protections.165	PROPN
cblr-9112	645	39	v.	v.	CCONJ
cblr-9112	645	40	conclusion	conclusion	NOUN
cblr-9112	645	41	director	director	NOUN
cblr-9112	645	42	coates	coate	NOUN
cblr-9112	645	43	’	'	PUNCT
cblr-9112	645	44	analysis	analysis	NOUN
cblr-9112	645	45	of	of	ADP
cblr-9112	645	46	spacs	spac	NOUN
cblr-9112	645	47	and	and	CCONJ
cblr-9112	645	48	de	de	NOUN
cblr-9112	645	49	-	-	NOUN
cblr-9112	645	50	spacs	spac	NOUN
cblr-9112	645	51	reflects	reflect	VERB
cblr-9112	645	52	a	a	DET
cblr-9112	645	53	basic	basic	ADJ
cblr-9112	645	54	tension	tension	NOUN
cblr-9112	645	55	within	within	ADP
cblr-9112	645	56	the	the	DET
cblr-9112	645	57	federal	federal	ADJ
cblr-9112	645	58	securities	security	NOUN
cblr-9112	645	59	laws	law	NOUN
cblr-9112	645	60	.	.	PUNCT
cblr-9112	646	1	before	before	ADP
cblr-9112	646	2	widespread	widespread	ADJ
cblr-9112	646	3	adoption	adoption	NOUN
cblr-9112	646	4	of	of	ADP
cblr-9112	646	5	portfolio	portfolio	NOUN
cblr-9112	646	6	risk	risk	NOUN
cblr-9112	646	7	management	management	NOUN
cblr-9112	646	8	,	,	PUNCT
cblr-9112	646	9	investors	investor	NOUN
cblr-9112	646	10	principally	principally	ADV
cblr-9112	646	11	focused	focus	VERB
cblr-9112	646	12	on	on	ADP
cblr-9112	646	13	the	the	DET
cblr-9112	646	14	individual	individual	ADJ
cblr-9112	646	15	instruments	instrument	NOUN
cblr-9112	646	16	they	they	PRON
cblr-9112	646	17	bought	buy	VERB
cblr-9112	646	18	and	and	CCONJ
cblr-9112	646	19	sold	sell	VERB
cblr-9112	646	20	.	.	PUNCT
cblr-9112	647	1	that	that	PRON
cblr-9112	647	2	is	be	AUX
cblr-9112	647	3	no	no	ADV
cblr-9112	647	4	longer	long	ADV
cblr-9112	647	5	true	true	ADJ
cblr-9112	647	6	today	today	NOUN
cblr-9112	647	7	for	for	ADP
cblr-9112	647	8	much	much	ADJ
cblr-9112	647	9	of	of	ADP
cblr-9112	647	10	the	the	DET
cblr-9112	647	11	capital	capital	NOUN
cblr-9112	647	12	markets	market	NOUN
cblr-9112	647	13	.	.	PUNCT
cblr-9112	648	1	consequently	consequently	ADV
cblr-9112	648	2	,	,	PUNCT
cblr-9112	648	3	like	like	ADP
cblr-9112	648	4	in	in	ADP
cblr-9112	648	5	director	director	NOUN
cblr-9112	648	6	coates	coate	NOUN
cblr-9112	648	7	’	'	PUNCT
cblr-9112	648	8	analysis	analysis	NOUN
cblr-9112	648	9	,	,	PUNCT
cblr-9112	648	10	it	it	PRON
cblr-9112	648	11	[	[	X
cblr-9112	648	12	https://perma.cc/g9yf-t9lj	https://perma.cc/g9yf-t9lj	X
cblr-9112	648	13	]	]	X
cblr-9112	648	14	(	(	PUNCT
cblr-9112	648	15	using	use	VERB
cblr-9112	648	16	netflix	netflix	NOUN
cblr-9112	648	17	and	and	CCONJ
cblr-9112	648	18	amazon	amazon	NOUN
cblr-9112	648	19	in	in	ADP
cblr-9112	648	20	an	an	DET
cblr-9112	648	21	example	example	NOUN
cblr-9112	648	22	of	of	ADP
cblr-9112	648	23	pairs	pair	NOUN
cblr-9112	648	24	trading	trading	NOUN
cblr-9112	648	25	)	)	PUNCT
cblr-9112	648	26	.	.	PUNCT
cblr-9112	649	1	164	164	NUM
cblr-9112	649	2	see	see	VERB
cblr-9112	649	3	supra	supra	PROPN
cblr-9112	649	4	section	section	PROPN
cblr-9112	649	5	iii.a	iii.a	PROPN
cblr-9112	649	6	.	.	PUNCT
cblr-9112	650	1	165	165	NUM
cblr-9112	650	2	see	see	VERB
cblr-9112	650	3	coffee	coffee	NOUN
cblr-9112	650	4	,	,	PUNCT
cblr-9112	650	5	supra	supra	PROPN
cblr-9112	650	6	note	note	PROPN
cblr-9112	650	7	56	56	NUM
cblr-9112	650	8	,	,	PUNCT
cblr-9112	650	9	at	at	ADP
cblr-9112	650	10	41	41	NUM
cblr-9112	650	11	(	(	PUNCT
cblr-9112	650	12	noting	note	VERB
cblr-9112	650	13	the	the	DET
cblr-9112	650	14	divergent	divergent	ADJ
cblr-9112	650	15	interests	interest	NOUN
cblr-9112	650	16	of	of	ADP
cblr-9112	650	17	institutional	institutional	ADJ
cblr-9112	650	18	and	and	CCONJ
cblr-9112	650	19	retail	retail	ADJ
cblr-9112	650	20	investors	investor	NOUN
cblr-9112	650	21	regarding	regard	VERB
cblr-9112	650	22	securities	security	NOUN
cblr-9112	650	23	act	act	PROPN
cblr-9112	650	24	disclosures	disclosure	NOUN
cblr-9112	650	25	)	)	PUNCT
cblr-9112	650	26	.	.	PUNCT
cblr-9112	651	1	1436	1436	NUM
cblr-9112	651	2	columbia	columbia	PROPN
cblr-9112	651	3	business	business	NOUN
cblr-9112	651	4	law	law	PROPN
cblr-9112	651	5	review	review	NOUN
cblr-9112	651	6	[	[	X
cblr-9112	651	7	vol	vol	NOUN
cblr-9112	651	8	.	.	PUNCT
cblr-9112	651	9	2021	2021	NUM
cblr-9112	651	10	may	may	AUX
cblr-9112	651	11	make	make	VERB
cblr-9112	651	12	increasing	increase	VERB
cblr-9112	651	13	sense	sense	NOUN
cblr-9112	651	14	for	for	ADP
cblr-9112	651	15	the	the	DET
cblr-9112	651	16	protections	protection	NOUN
cblr-9112	651	17	of	of	ADP
cblr-9112	651	18	the	the	DET
cblr-9112	651	19	securities	security	NOUN
cblr-9112	651	20	act	act	VERB
cblr-9112	651	21	to	to	PART
cblr-9112	651	22	be	be	AUX
cblr-9112	651	23	tied	tie	VERB
cblr-9112	651	24	to	to	ADP
cblr-9112	651	25	the	the	DET
cblr-9112	651	26	economic	economic	ADJ
cblr-9112	651	27	risk	risk	NOUN
cblr-9112	651	28	of	of	ADP
cblr-9112	651	29	a	a	DET
cblr-9112	651	30	transaction	transaction	NOUN
cblr-9112	651	31	rather	rather	ADV
cblr-9112	651	32	than	than	ADP
cblr-9112	651	33	to	to	ADP
cblr-9112	651	34	the	the	DET
cblr-9112	651	35	instruments	instrument	NOUN
cblr-9112	651	36	.	.	PUNCT
cblr-9112	652	1	166	166	NUM
cblr-9112	652	2	for	for	ADP
cblr-9112	652	3	now	now	ADV
cblr-9112	652	4	,	,	PUNCT
cblr-9112	652	5	as	as	ADP
cblr-9112	652	6	a	a	DET
cblr-9112	652	7	first	first	ADJ
cblr-9112	652	8	step	step	NOUN
cblr-9112	652	9	,	,	PUNCT
cblr-9112	652	10	and	and	CCONJ
cblr-9112	652	11	in	in	ADP
cblr-9112	652	12	light	light	NOUN
cblr-9112	652	13	of	of	ADP
cblr-9112	652	14	the	the	DET
cblr-9112	652	15	practical	practical	ADJ
cblr-9112	652	16	limitations	limitation	NOUN
cblr-9112	652	17	of	of	ADP
cblr-9112	652	18	risk	risk	NOUN
cblr-9112	652	19	-	-	PUNCT
cblr-9112	652	20	based	base	VERB
cblr-9112	652	21	regulation	regulation	NOUN
cblr-9112	652	22	,	,	PUNCT
cblr-9112	652	23	the	the	DET
cblr-9112	652	24	sec	sec	PROPN
cblr-9112	652	25	should	should	AUX
cblr-9112	652	26	adopt	adopt	VERB
cblr-9112	652	27	a	a	DET
cblr-9112	652	28	concept	concept	NOUN
cblr-9112	652	29	release	release	NOUN
cblr-9112	652	30	that	that	PRON
cblr-9112	652	31	begins	begin	VERB
cblr-9112	652	32	to	to	PART
cblr-9112	652	33	analyze	analyze	VERB
cblr-9112	652	34	and	and	CCONJ
cblr-9112	652	35	take	take	VERB
cblr-9112	652	36	account	account	NOUN
cblr-9112	652	37	of	of	ADP
cblr-9112	652	38	changes	change	NOUN
cblr-9112	652	39	in	in	ADP
cblr-9112	652	40	how	how	SCONJ
cblr-9112	652	41	risk	risk	NOUN
cblr-9112	652	42	is	be	AUX
cblr-9112	652	43	managed	manage	VERB
cblr-9112	652	44	and	and	CCONJ
cblr-9112	652	45	their	their	PRON
cblr-9112	652	46	impact	impact	NOUN
cblr-9112	652	47	on	on	ADP
cblr-9112	652	48	securities	security	NOUN
cblr-9112	652	49	regulation	regulation	NOUN
cblr-9112	652	50	.	.	PUNCT
cblr-9112	653	1	as	as	SCONJ
cblr-9112	653	2	this	this	DET
cblr-9112	653	3	article	article	NOUN
cblr-9112	653	4	has	have	AUX
cblr-9112	653	5	illustrated	illustrate	VERB
cblr-9112	653	6	,	,	PUNCT
cblr-9112	653	7	some	some	DET
cblr-9112	653	8	aspects	aspect	NOUN
cblr-9112	653	9	of	of	ADP
cblr-9112	653	10	a	a	DET
cblr-9112	653	11	regulatory	regulatory	ADJ
cblr-9112	653	12	approach	approach	NOUN
cblr-9112	653	13	based	base	VERB
cblr-9112	653	14	on	on	ADP
cblr-9112	653	15	economic	economic	ADJ
cblr-9112	653	16	substance	substance	NOUN
cblr-9112	653	17	may	may	AUX
cblr-9112	653	18	be	be	AUX
cblr-9112	653	19	easier	easy	ADJ
cblr-9112	653	20	to	to	PART
cblr-9112	653	21	justify	justify	VERB
cblr-9112	653	22	than	than	ADP
cblr-9112	653	23	others	other	NOUN
cblr-9112	653	24	,	,	PUNCT
cblr-9112	653	25	at	at	ADP
cblr-9112	653	26	least	least	ADJ
cblr-9112	653	27	based	base	VERB
cblr-9112	653	28	on	on	ADP
cblr-9112	653	29	existing	exist	VERB
cblr-9112	653	30	limitations	limitation	NOUN
cblr-9112	653	31	on	on	ADP
cblr-9112	653	32	the	the	DET
cblr-9112	653	33	ability	ability	NOUN
cblr-9112	653	34	to	to	PART
cblr-9112	653	35	trace	trace	VERB
cblr-9112	653	36	risk	risk	NOUN
cblr-9112	653	37	.	.	PUNCT
cblr-9112	654	1	at	at	ADP
cblr-9112	654	2	the	the	DET
cblr-9112	654	3	very	very	ADV
cblr-9112	654	4	least	least	ADJ
cblr-9112	654	5	,	,	PUNCT
cblr-9112	654	6	such	such	DET
cblr-9112	654	7	a	a	DET
cblr-9112	654	8	release	release	NOUN
cblr-9112	654	9	would	would	AUX
cblr-9112	654	10	help	help	VERB
cblr-9112	654	11	support	support	VERB
cblr-9112	654	12	an	an	DET
cblr-9112	654	13	analysis	analysis	NOUN
cblr-9112	654	14	based	base	VERB
cblr-9112	654	15	on	on	ADP
cblr-9112	654	16	the	the	DET
cblr-9112	654	17	economic	economic	ADJ
cblr-9112	654	18	substance	substance	NOUN
cblr-9112	654	19	of	of	ADP
cblr-9112	654	20	the	the	DET
cblr-9112	654	21	transaction	transaction	NOUN
cblr-9112	654	22	,	,	PUNCT
cblr-9112	654	23	as	as	SCONJ
cblr-9112	654	24	director	director	NOUN
cblr-9112	654	25	coates	coate	NOUN
cblr-9112	654	26	urged	urge	VERB
cblr-9112	654	27	.	.	PUNCT
cblr-9112	655	1	it	it	PRON
cblr-9112	655	2	would	would	AUX
cblr-9112	655	3	also	also	ADV
cblr-9112	655	4	provide	provide	VERB
cblr-9112	655	5	support	support	NOUN
cblr-9112	655	6	for	for	ADP
cblr-9112	655	7	enforcement	enforcement	NOUN
cblr-9112	655	8	against	against	ADP
cblr-9112	655	9	clear	clear	ADJ
cblr-9112	655	10	abuses	abuse	NOUN
cblr-9112	655	11	,	,	PUNCT
cblr-9112	655	12	as	as	ADP
cblr-9112	655	13	in	in	ADP
cblr-9112	655	14	the	the	DET
cblr-9112	655	15	short	short	ADJ
cblr-9112	655	16	-	-	PUNCT
cblr-9112	655	17	sale	sale	NOUN
cblr-9112	655	18	cases	case	NOUN
cblr-9112	655	19	,	,	PUNCT
cblr-9112	655	20	where	where	SCONJ
cblr-9112	655	21	the	the	DET
cblr-9112	655	22	transaction	transaction	NOUN
cblr-9112	655	23	was	be	AUX
cblr-9112	655	24	able	able	ADJ
cblr-9112	655	25	to	to	PART
cblr-9112	655	26	arbitrage	arbitrage	VERB
cblr-9112	655	27	differences	difference	NOUN
cblr-9112	655	28	between	between	ADP
cblr-9112	655	29	how	how	SCONJ
cblr-9112	655	30	the	the	DET
cblr-9112	655	31	securities	security	NOUN
cblr-9112	655	32	act	act	NOUN
cblr-9112	655	33	was	be	AUX
cblr-9112	655	34	drafted	draft	VERB
cblr-9112	655	35	and	and	CCONJ
cblr-9112	655	36	how	how	SCONJ
cblr-9112	655	37	investors	investor	NOUN
cblr-9112	655	38	manage	manage	VERB
cblr-9112	655	39	and	and	CCONJ
cblr-9112	655	40	transfer	transfer	VERB
cblr-9112	655	41	risk	risk	NOUN
cblr-9112	655	42	today	today	NOUN
cblr-9112	655	43	.	.	PUNCT
cblr-9112	656	1	over	over	ADP
cblr-9112	656	2	the	the	DET
cblr-9112	656	3	longer	long	ADJ
cblr-9112	656	4	term	term	NOUN
cblr-9112	656	5	,	,	PUNCT
cblr-9112	656	6	the	the	DET
cblr-9112	656	7	shift	shift	NOUN
cblr-9112	656	8	in	in	ADP
cblr-9112	656	9	risk	risk	NOUN
cblr-9112	656	10	management	management	NOUN
cblr-9112	656	11	may	may	AUX
cblr-9112	656	12	argue	argue	VERB
cblr-9112	656	13	in	in	ADP
cblr-9112	656	14	favor	favor	NOUN
cblr-9112	656	15	of	of	ADP
cblr-9112	656	16	a	a	DET
cblr-9112	656	17	more	more	ADV
cblr-9112	656	18	fundamental	fundamental	ADJ
cblr-9112	656	19	change	change	NOUN
cblr-9112	656	20	in	in	ADP
cblr-9112	656	21	the	the	DET
cblr-9112	656	22	securities	security	NOUN
cblr-9112	656	23	act	act	PROPN
cblr-9112	656	24	’s	’s	PART
cblr-9112	656	25	approach	approach	NOUN
cblr-9112	656	26	to	to	ADP
cblr-9112	656	27	regulation	regulation	NOUN
cblr-9112	656	28	.	.	PUNCT
cblr-9112	657	1	writing	write	VERB
cblr-9112	657	2	over	over	ADP
cblr-9112	657	3	fifty	fifty	NUM
cblr-9112	657	4	years	year	NOUN
cblr-9112	657	5	ago	ago	ADV
cblr-9112	657	6	,	,	PUNCT
cblr-9112	657	7	milton	milton	PROPN
cblr-9112	657	8	cohen	cohen	PROPN
cblr-9112	657	9	,	,	PUNCT
cblr-9112	657	10	in	in	ADP
cblr-9112	657	11	“	"	PUNCT
cblr-9112	657	12	truth	truth	NOUN
cblr-9112	657	13	in	in	ADP
cblr-9112	657	14	securities	security	NOUN
cblr-9112	657	15	”	"	PUNCT
cblr-9112	657	16	revisited,167	revisited,167	PROPN
cblr-9112	657	17	an	an	DET
cblr-9112	657	18	article	article	NOUN
cblr-9112	657	19	that	that	PRON
cblr-9112	657	20	set	set	VERB
cblr-9112	657	21	the	the	DET
cblr-9112	657	22	path	path	NOUN
cblr-9112	657	23	for	for	ADP
cblr-9112	657	24	modern	modern	ADJ
cblr-9112	657	25	disclosure	disclosure	NOUN
cblr-9112	657	26	requirements	requirement	NOUN
cblr-9112	657	27	,	,	PUNCT
cblr-9112	657	28	noted	note	VERB
cblr-9112	657	29	that	that	SCONJ
cblr-9112	657	30	if	if	SCONJ
cblr-9112	657	31	the	the	DET
cblr-9112	657	32	securities	security	NOUN
cblr-9112	657	33	act	act	PROPN
cblr-9112	657	34	had	have	AUX
cblr-9112	657	35	been	be	AUX
cblr-9112	657	36	adopted	adopt	VERB
cblr-9112	657	37	at	at	ADP
cblr-9112	657	38	the	the	DET
cblr-9112	657	39	same	same	ADJ
cblr-9112	657	40	time	time	NOUN
cblr-9112	657	41	as	as	ADP
cblr-9112	657	42	or	or	CCONJ
cblr-9112	657	43	before	before	ADP
cblr-9112	657	44	the	the	DET
cblr-9112	657	45	securities	securities	PROPN
cblr-9112	657	46	exchange	exchange	PROPN
cblr-9112	657	47	act	act	NOUN
cblr-9112	657	48	of	of	ADP
cblr-9112	657	49	1934	1934	NUM
cblr-9112	657	50	,	,	PUNCT
cblr-9112	657	51	which	which	PRON
cblr-9112	657	52	regulates	regulate	VERB
cblr-9112	657	53	the	the	DET
cblr-9112	657	54	disclosure	disclosure	NOUN
cblr-9112	657	55	obligations	obligation	NOUN
cblr-9112	657	56	of	of	ADP
cblr-9112	657	57	public	public	ADJ
cblr-9112	657	58	companies	company	NOUN
cblr-9112	657	59	,	,	PUNCT
cblr-9112	657	60	then	then	ADV
cblr-9112	657	61	166	166	NUM
cblr-9112	657	62	new	new	ADJ
cblr-9112	657	63	technology	technology	NOUN
cblr-9112	657	64	may	may	AUX
cblr-9112	657	65	offer	offer	VERB
cblr-9112	657	66	one	one	NUM
cblr-9112	657	67	solution	solution	NOUN
cblr-9112	657	68	.	.	PUNCT
cblr-9112	658	1	as	as	SCONJ
cblr-9112	658	2	the	the	DET
cblr-9112	658	3	individual	individual	ADJ
cblr-9112	658	4	risks	risk	NOUN
cblr-9112	658	5	that	that	PRON
cblr-9112	658	6	comprise	comprise	VERB
cblr-9112	658	7	a	a	DET
cblr-9112	658	8	security	security	NOUN
cblr-9112	658	9	are	be	AUX
cblr-9112	658	10	identified	identify	VERB
cblr-9112	658	11	and	and	CCONJ
cblr-9112	658	12	transferred	transfer	VERB
cblr-9112	658	13	,	,	PUNCT
cblr-9112	658	14	blockchain	blockchain	PROPN
cblr-9112	658	15	may	may	AUX
cblr-9112	658	16	provide	provide	VERB
cblr-9112	658	17	one	one	NUM
cblr-9112	658	18	means	mean	NOUN
cblr-9112	658	19	to	to	PART
cblr-9112	658	20	track	track	VERB
cblr-9112	658	21	and	and	CCONJ
cblr-9112	658	22	record	record	VERB
cblr-9112	658	23	that	that	DET
cblr-9112	658	24	transfer	transfer	NOUN
cblr-9112	658	25	.	.	PUNCT
cblr-9112	659	1	a	a	DET
cblr-9112	659	2	blockchain	blockchain	PROPN
cblr-9112	659	3	is	be	AUX
cblr-9112	659	4	a	a	DET
cblr-9112	659	5	system	system	NOUN
cblr-9112	659	6	for	for	ADP
cblr-9112	659	7	validating	validate	VERB
cblr-9112	659	8	,	,	PUNCT
cblr-9112	659	9	clearing	clearing	NOUN
cblr-9112	659	10	,	,	PUNCT
cblr-9112	659	11	settling	settling	NOUN
cblr-9112	659	12	,	,	PUNCT
cblr-9112	659	13	tracking	tracking	NOUN
cblr-9112	659	14	,	,	PUNCT
cblr-9112	659	15	and	and	CCONJ
cblr-9112	659	16	recording	record	VERB
cblr-9112	659	17	the	the	DET
cblr-9112	659	18	ownership	ownership	NOUN
cblr-9112	659	19	of	of	ADP
cblr-9112	659	20	assets	asset	NOUN
cblr-9112	659	21	as	as	SCONJ
cblr-9112	659	22	they	they	PRON
cblr-9112	659	23	are	be	AUX
cblr-9112	659	24	traded	trade	VERB
cblr-9112	659	25	in	in	ADP
cblr-9112	659	26	each	each	DET
cblr-9112	659	27	block	block	NOUN
cblr-9112	659	28	.	.	PUNCT
cblr-9112	660	1	see	see	VERB
cblr-9112	660	2	william	william	PROPN
cblr-9112	660	3	mougayar	mougayar	PROPN
cblr-9112	660	4	,	,	PUNCT
cblr-9112	660	5	the	the	DET
cblr-9112	660	6	blockchain	blockchain	PROPN
cblr-9112	660	7	is	be	AUX
cblr-9112	660	8	the	the	DET
cblr-9112	660	9	new	new	ADJ
cblr-9112	660	10	google	google	NOUN
cblr-9112	660	11	,	,	PUNCT
cblr-9112	660	12	techcrunch	techcrunch	NOUN
cblr-9112	660	13	(	(	PUNCT
cblr-9112	660	14	may	may	PROPN
cblr-9112	660	15	11	11	NUM
cblr-9112	660	16	,	,	PUNCT
cblr-9112	660	17	2016	2016	NUM
cblr-9112	660	18	)	)	PUNCT
cblr-9112	660	19	,	,	PUNCT
cblr-9112	660	20	https://techcrunch.com/2016/05/11/the-blockchain-is-the-new-google/	https://techcrunch.com/2016/05/11/the-blockchain-is-the-new-google/	PUNCT
cblr-9112	661	1	[	[	X
cblr-9112	661	2	https://perma.cc/6z2v-2a9q	https://perma.cc/6z2v-2a9q	PROPN
cblr-9112	661	3	]	]	X
cblr-9112	661	4	;	;	PUNCT
cblr-9112	661	5	craig	craig	PROPN
cblr-9112	661	6	a.	a.	PROPN
cblr-9112	661	7	de	de	PROPN
cblr-9112	661	8	ridder	ridder	PROPN
cblr-9112	661	9	,	,	PUNCT
cblr-9112	661	10	james	james	PROPN
cblr-9112	661	11	m.	m.	PROPN
cblr-9112	661	12	grosser	gross	ADJ
cblr-9112	661	13	&	&	CCONJ
cblr-9112	661	14	marco	marco	PROPN
cblr-9112	661	15	a.	a.	PROPN
cblr-9112	661	16	santori	santori	PROPN
cblr-9112	661	17	,	,	PUNCT
cblr-9112	661	18	blockchain	blockchain	PROPN
cblr-9112	661	19	basics	basic	NOUN
cblr-9112	661	20	:	:	PUNCT
cblr-9112	661	21	a	a	DET
cblr-9112	661	22	primer	primer	NOUN
cblr-9112	661	23	,	,	PUNCT
cblr-9112	661	24	pillsbury	pillsbury	PROPN
cblr-9112	661	25	winthrop	winthrop	PROPN
cblr-9112	661	26	shaw	shaw	PROPN
cblr-9112	661	27	pittman	pittman	PROPN
cblr-9112	661	28	llp	llp	PROPN
cblr-9112	661	29	(	(	PUNCT
cblr-9112	661	30	may	may	PROPN
cblr-9112	661	31	2	2	NUM
cblr-9112	661	32	,	,	PUNCT
cblr-9112	661	33	2016	2016	NUM
cblr-9112	661	34	)	)	PUNCT
cblr-9112	661	35	,	,	PUNCT
cblr-9112	661	36	http://www.pillsburylaw.com/publications/blockchain-basics-a-primer	http://www.pillsburylaw.com/publications/blockchain-basics-a-primer	PROPN
cblr-9112	662	1	[	[	X
cblr-9112	662	2	https://perma.cc/h7cm-ekmb	https://perma.cc/h7cm-ekmb	X
cblr-9112	662	3	]	]	X
cblr-9112	662	4	.	.	PUNCT
cblr-9112	663	1	167	167	NUM
cblr-9112	663	2	milton	milton	PROPN
cblr-9112	663	3	h.	h.	PROPN
cblr-9112	663	4	cohen	cohen	PROPN
cblr-9112	663	5	,	,	PUNCT
cblr-9112	663	6	“	"	PUNCT
cblr-9112	663	7	truth	truth	NOUN
cblr-9112	663	8	in	in	ADP
cblr-9112	663	9	securities	security	NOUN
cblr-9112	663	10	”	"	PUNCT
cblr-9112	663	11	revisited	revisit	VERB
cblr-9112	663	12	,	,	PUNCT
cblr-9112	663	13	79	79	NUM
cblr-9112	663	14	harv	harv	NOUN
cblr-9112	663	15	.	.	PUNCT
cblr-9112	664	1	l.	l.	PROPN
cblr-9112	664	2	rev	rev	PROPN
cblr-9112	664	3	.	.	PROPN
cblr-9112	664	4	1340	1340	NUM
cblr-9112	664	5	,	,	PUNCT
cblr-9112	664	6	1340	1340	NUM
cblr-9112	664	7	(	(	PUNCT
cblr-9112	664	8	1966	1966	NUM
cblr-9112	664	9	)	)	PUNCT
cblr-9112	664	10	.	.	PUNCT
cblr-9112	665	1	no	no	INTJ
cblr-9112	665	2	.	.	NOUN
cblr-9112	666	1	3:1396	3:1396	NUM
cblr-9112	666	2	]	]	PUNCT
cblr-9112	666	3	risky	risky	ADJ
cblr-9112	666	4	business	business	NOUN
cblr-9112	666	5	1437	1437	NUM
cblr-9112	666	6	public	public	ADJ
cblr-9112	666	7	-	-	PUNCT
cblr-9112	666	8	offering	offer	VERB
cblr-9112	666	9	disclosures	disclosure	NOUN
cblr-9112	666	10	under	under	ADP
cblr-9112	666	11	the	the	DET
cblr-9112	666	12	securities	security	NOUN
cblr-9112	666	13	act	act	NOUN
cblr-9112	666	14	would	would	AUX
cblr-9112	666	15	be	be	AUX
cblr-9112	666	16	based	base	VERB
cblr-9112	666	17	on	on	ADP
cblr-9112	666	18	the	the	DET
cblr-9112	666	19	periodic	periodic	ADJ
cblr-9112	666	20	disclosures	disclosure	NOUN
cblr-9112	666	21	mandated	mandate	VERB
cblr-9112	666	22	for	for	ADP
cblr-9112	666	23	public	public	ADJ
cblr-9112	666	24	companies.168	companies.168	NOUN
cblr-9112	666	25	perhaps	perhaps	ADV
cblr-9112	666	26	,	,	PUNCT
cblr-9112	666	27	in	in	ADP
cblr-9112	666	28	light	light	NOUN
cblr-9112	666	29	of	of	ADP
cblr-9112	666	30	changes	change	NOUN
cblr-9112	666	31	in	in	ADP
cblr-9112	666	32	risk	risk	NOUN
cblr-9112	666	33	management	management	NOUN
cblr-9112	666	34	,	,	PUNCT
cblr-9112	666	35	it	it	PRON
cblr-9112	666	36	is	be	AUX
cblr-9112	666	37	time	time	NOUN
cblr-9112	666	38	to	to	PART
cblr-9112	666	39	pick	pick	VERB
cblr-9112	666	40	up	up	ADP
cblr-9112	666	41	where	where	SCONJ
cblr-9112	666	42	mr	mr	PROPN
cblr-9112	666	43	.	.	PROPN
cblr-9112	666	44	cohen	cohen	PROPN
cblr-9112	666	45	left	leave	VERB
cblr-9112	666	46	off	off	ADP
cblr-9112	666	47	and	and	CCONJ
cblr-9112	666	48	offer	offer	VERB
cblr-9112	666	49	one	one	NUM
cblr-9112	666	50	more	more	ADJ
cblr-9112	666	51	reason	reason	NOUN
cblr-9112	666	52	to	to	PART
cblr-9112	666	53	revisit	revisit	VERB
cblr-9112	666	54	the	the	DET
cblr-9112	666	55	creation	creation	NOUN
cblr-9112	666	56	of	of	ADP
cblr-9112	666	57	a	a	DET
cblr-9112	666	58	reporting	reporting	NOUN
cblr-9112	666	59	system	system	NOUN
cblr-9112	666	60	whose	whose	DET
cblr-9112	666	61	obligations	obligation	NOUN
cblr-9112	666	62	are	be	AUX
cblr-9112	666	63	not	not	PART
cblr-9112	666	64	triggered	trigger	VERB
cblr-9112	666	65	by	by	ADP
cblr-9112	666	66	transactions	transaction	NOUN
cblr-9112	666	67	in	in	ADP
cblr-9112	666	68	securities	security	NOUN
cblr-9112	666	69	,	,	PUNCT
cblr-9112	666	70	but	but	CCONJ
cblr-9112	666	71	instead	instead	ADV
cblr-9112	666	72	is	be	AUX
cblr-9112	666	73	based	base	VERB
cblr-9112	666	74	on	on	ADP
cblr-9112	666	75	company	company	NOUN
cblr-9112	666	76	registration	registration	NOUN
cblr-9112	666	77	and	and	CCONJ
cblr-9112	666	78	periodic	periodic	ADJ
cblr-9112	666	79	disclosures	disclosure	NOUN
cblr-9112	666	80	(	(	PUNCT
cblr-9112	666	81	except	except	SCONJ
cblr-9112	666	82	an	an	DET
cblr-9112	666	83	issuer	issuer	NOUN
cblr-9112	666	84	’s	’s	PART
cblr-9112	666	85	initial	initial	ADJ
cblr-9112	666	86	offering	offering	NOUN
cblr-9112	666	87	into	into	ADP
cblr-9112	666	88	the	the	DET
cblr-9112	666	89	public	public	ADJ
cblr-9112	666	90	capital	capital	NOUN
cblr-9112	666	91	markets).169	markets).169	PROPN
cblr-9112	666	92	doing	do	VERB
cblr-9112	666	93	so	so	ADV
cblr-9112	667	1	would	would	AUX
cblr-9112	667	2	sidestep	sidestep	VERB
cblr-9112	667	3	the	the	DET
cblr-9112	667	4	“	"	PUNCT
cblr-9112	667	5	instrument	instrument	NOUN
cblr-9112	667	6	versus	versus	ADP
cblr-9112	667	7	risk	risk	NOUN
cblr-9112	667	8	”	"	PUNCT
cblr-9112	667	9	tension	tension	NOUN
cblr-9112	667	10	that	that	SCONJ
cblr-9112	667	11	this	this	DET
cblr-9112	667	12	article	article	NOUN
cblr-9112	667	13	illustrates	illustrate	VERB
cblr-9112	667	14	,	,	PUNCT
cblr-9112	667	15	although	although	SCONJ
cblr-9112	667	16	other	other	ADJ
cblr-9112	667	17	issues	issue	NOUN
cblr-9112	667	18	that	that	PRON
cblr-9112	667	19	have	have	AUX
cblr-9112	667	20	traditionally	traditionally	ADV
cblr-9112	667	21	accompanied	accompany	VERB
cblr-9112	667	22	the	the	DET
cblr-9112	667	23	capital	capital	NOUN
cblr-9112	667	24	-	-	PUNCT
cblr-9112	667	25	raising	raise	VERB
cblr-9112	667	26	process	process	NOUN
cblr-9112	667	27	would	would	AUX
cblr-9112	667	28	remain	remain	VERB
cblr-9112	667	29	unresolved.170	unresolved.170	PRON
cblr-9112	667	30	168	168	NUM
cblr-9112	667	31	i	i	PRON
cblr-9112	667	32	d.	d.	PROPN
cblr-9112	667	33	at	at	ADP
cblr-9112	667	34	1341–42	1341–42	PROPN
cblr-9112	667	35	.	.	PUNCT
cblr-9112	668	1	169	169	NUM
cblr-9112	668	2	see	see	VERB
cblr-9112	668	3	john	john	PROPN
cblr-9112	668	4	c.	c.	PROPN
cblr-9112	668	5	coffee	coffee	PROPN
cblr-9112	668	6	,	,	PUNCT
cblr-9112	668	7	jr	jr	PROPN
cblr-9112	668	8	.	.	PROPN
cblr-9112	668	9	,	,	PUNCT
cblr-9112	668	10	re	re	ADJ
cblr-9112	668	11	-	-	NOUN
cblr-9112	668	12	engineering	engineering	ADJ
cblr-9112	668	13	corporate	corporate	ADJ
cblr-9112	668	14	disclosure	disclosure	NOUN
cblr-9112	668	15	:	:	PUNCT
cblr-9112	668	16	the	the	DET
cblr-9112	668	17	coming	come	VERB
cblr-9112	668	18	debate	debate	NOUN
cblr-9112	668	19	over	over	ADP
cblr-9112	668	20	company	company	NOUN
cblr-9112	668	21	registration	registration	NOUN
cblr-9112	668	22	,	,	PUNCT
cblr-9112	668	23	52	52	NUM
cblr-9112	668	24	wash	wash	NOUN
cblr-9112	668	25	.	.	PUNCT
cblr-9112	668	26	&	&	CCONJ
cblr-9112	668	27	lee	lee	PROPN
cblr-9112	668	28	l.	l.	PROPN
cblr-9112	668	29	rev	rev	PROPN
cblr-9112	668	30	.	.	PROPN
cblr-9112	668	31	1143	1143	NUM
cblr-9112	668	32	,	,	PUNCT
cblr-9112	668	33	1155–58	1155–58	NUM
cblr-9112	668	34	(	(	PUNCT
cblr-9112	668	35	1995	1995	NUM
cblr-9112	668	36	)	)	PUNCT
cblr-9112	668	37	.	.	PUNCT
cblr-9112	669	1	170	170	NUM
cblr-9112	670	1	i	i	PRON
cblr-9112	670	2	d.	d.	VERB
cblr-9112	670	3	at	at	ADP
cblr-9112	670	4	1156–57	1156–57	NUM
cblr-9112	670	5	;	;	PUNCT
cblr-9112	670	6	see	see	VERB
cblr-9112	670	7	also	also	ADV
cblr-9112	670	8	thompson	thompson	PROPN
cblr-9112	670	9	&	&	CCONJ
cblr-9112	670	10	langevoort	langevoort	PROPN
cblr-9112	670	11	,	,	PUNCT
cblr-9112	670	12	supra	supra	PROPN
cblr-9112	670	13	note	note	NOUN
cblr-9112	670	14	135	135	NUM
cblr-9112	670	15	,	,	PUNCT
cblr-9112	670	16	at	at	ADP
cblr-9112	670	17	1580	1580	NUM
cblr-9112	670	18	,	,	PUNCT
cblr-9112	670	19	1585	1585	NUM
cblr-9112	670	20	.	.	PUNCT